HOW FAR MIGHT KENNETH DART THE INVESTOR AND FOAMCUP TYCOON GO TO AVOID
PAYING HEFTY US TAXES ON HIS PERSONAL INCOME

ALL THE WAY TO BELIZE IT SEEMS

ACCORDING TO PEOPLE FAMILIAR WITH MR DART'S DEALINGS THE SECRETIVE
BILLIONAIRE HAS FORSAKEN HIS US CITIZENSHIP AND BECOME A CITIZEN OF
BELIZE THE TINY CARIBBEAN COUNTRY THAT IS KNOWN FOR ITS SCUBA DIVING AND
ITS STATUS AS A TAX HAVEN

THE 38YEAROLD MR DART HAS LONG HAD A PENCHANT FOR PRIVACY BUT HE CAME TO
THE ATTENTION OF WALL STREET AND THE MEDIA IN RECENT MONTHS BY DELAYING A
35 BILLION BRAZILIAN DEBT RESTRUCTURING INFURIATING BOTH BRAZIL AND A
GROUP OF THE WORLD'S LARGEST COMMERCIAL BANKS MR DART AND HIS FAMILY WHO
HOLD A LARGE CHUNK OF BRAZIL'S DEBT ARE ALSO SALOMON INC'S SECONDLARGEST
SHAREHOLDER

MR DART HAS ALSO LATELY BEEN OUT SHOPPING FOR BODYGUARDS IN FACT VANCE
INTERNATIONAL A SECURITY COMPANY WHOSE CUSTOMERS HAVE INCLUDED IMELDA
MARCOS GEN NORMAN SCHWARZKOPF AND BARBRA STREISAND SAYS MR DART AND HIS
FAMILY HAVE BEEN HIRING AWAY SOME OF THE FIRM'S BEST EMPLOYEES DAVE P
JOHNSON AN EXECUTIVE VICE PRESIDENT OF VANCE OF OAKTON VA WON'T SAY HOW
MANY EMPLOYEES HAVE LEFT VANCE TO WORK FOR MR DART AND HIS COMPANY BUT HE
ACKNOWLEDGES VANCE IS UNHAPPY AND IS IN DISCUSSIONS WITH DART CONTAINER
CORP TO WORK THE ISSUE THROUGH

A SPOKESWOMAN FOR MR DART WHO IS PRESIDENT OF DART CONTAINER BASED IN
SARASOTA FLA DECLINED TO COMMENT ON MR DART'S MOVE TO BELIZE OR ON DART
CONTAINER'S DISPUTE WITH VANCE

DART CONTAINER FOUNDED IN MASON MICH IN 1960 MAKES MORE THAN HALF OF
THE 30 BILLION POLYSTYRENE CUPS SOLD ANNUALLY IN THE US MR DART AND HIS
FATHER WA DART ACKNOWLEDGED IN AN INTERVIEW LATE LAST YEAR THAT BETTER
TAX RATES LED THEM TO RELOCATE TO SARASOTA IN 1989 WHERE THEY OPERATE OUT
OF AN UNMARKED SPARTAN OFFICE TUCKED BEHIND A SPORTINGGOODS STORE

ONE INDIVIDUAL WITH KNOWLEDGE OF MR DART'S RECENT MOVE TO BELIZE SAYS THAT
HE WAS ATTRACTED TO THAT COUNTRY BECAUSE IT IS A TAX HAVEN INDEED A
SPOKESWOMAN FOR THE EMBASSY OF BELIZE IN WASHINGTON SAYS THAT BELIZE DOESN'T
TAX ANY INCOME GENERATED OUTSIDE OF THAT COUNTRY

TAX EXPERTS SAY THAT MR DART'S MOVE WOULD AFFECT ONLY HIS PERSONAL INCOME
TAXES AND NOT THOSE OF HIS COMPANIES HERE WHICH ALSO INCLUDE DART
FINANCIAL CORP

PEOPLE WHO ARE CLOSE TO MR DART SAY HIS WIFE AND CHILDREN REMAIN IN THE
SARASOTA AREA MR DART HOWEVER HAS RECENTLY SPENT MUCH OF HIS TIME IN THE
CAYMAN ISLANDS WHERE THE FAMILY HAS SET UP AN OFFICE TO MANAGE ITS
INVESTMENTS IN DEVELOPINGNATION DEBT MARKETS AND OTHER VENTURES THE DARTS
ARE SAID TO HAVE ALSO BOUGHT DEBT OF POLAND AND ECUADOR MR DART RECENTLY
SET UP DART ASIA LTD A COMPANY THAT WILL INVEST IN CHINA

TAX LAWYERS WHO DON'T REPRESENT MR DART OR HIS COMPANIES SAY THAT BEYOND
WANTING TO AVOID US TAXES INDIVIDUALS MIGHT TAKE UP CITIZENSHIP ELSEWHERE
TO AVOID HAVING TO POTENTIALLY PAY JUDGMENTS ON LAWSUITS MR DART ISN'T
KNOWN TO BE FACING ANY JUDGMENTS

HOWEVER HE IS BEING SUED BY HIS BROTHER THOMAS IN BOTH MICHIGAN AND
FLORIDA THOMAS DART IS CLAIMING THAT KEN AND HIS FATHER CONSPIRED TO CUT
HIM OUT OF THE FAMILY FORTUNE THOMAS DART SEEKS HUNDREDS OF MILLIONS OF
DOLLARS IN THE SUITS WHICH ARE STILL PENDING KEN DART AND HIS FATHER HAVE
SAID THE LAWSUITS ARE WITHOUT MERIT

MICHAEL SALTZMAN A TAX LAWYER AT THE LAW FIRM OF BAKER & MCKENZIE SAYS
THAT ACCORDING TO US LAWS AN EXPATRIATE LIKE MR DART CAN STAY IN THE
US FOR 31 DAYS A YEAR WITHOUT ANY TAX CONSEQUENCE IF HE SPENDS MORE THAN
183 DAYS HERE HE IS CONSIDERED A STATUTORY RESIDENT AND MUST PAY US
TAXES THE US UNLIKE BELIZE AND SOME OTHER COUNTRIES EXACTS TAXES ON AN
INDIVIDUAL'S WORLDWIDE INCOME IF MR DART SPENDS BETWEEN 31 AND 183 DAYS
IN THE US HE MAY HAVE TO PAY LIMITED US TAXES

IN AN INTERVIEW LAST YEAR KEN DART WOULDN'T ELABORATE ON THE SIZE OF THE
FAMILY FORTUNE WHICH THOMAS DART SAYS TOTALS MORE THAN 3 BILLION KEN DART
REPEATEDLY MENTIONED THE FAMILY'S CONCERNS ABOUT SECURITY AND POSSIBLE
KIDNAPPINGS

AN INDIVIDUAL CLOSE TO KEN DART SAYS HIS SECURITY STAFF HAS GROWN MARKEDLY
IN RECENT MONTHS THE SECURITY FORCE NOW PROTECTS HIM AND HIS FAMILY AS
WELL AS THE COMPANY'S OFFICES

WE HAVE DONE SOME WORK FOR DART CONTAINER IN THE LAST YEAR IN VARIOUS
LOCATIONS SAYS MR JOHNSON OF VANCE INTERNATIONAL THEY WERE A GOOD
CLIENT HE SAYS THAT DART IS NO LONGER A CLIENT WE DO WANT TO MAINTAIN A
GOOD RELATIONSHIP WITH THEM HE SAID BUT ADDED THAT VANCE IS FRUSTRATED
WITH THE CIRCUMSTANCES SURROUNDING THE DECISION BY DART TO HIRE SOME OF
VANCE'S EMPLOYEES MR JOHNSON SAYS THAT MR DART'S CURRENT SECURITY NEEDS
ARE SORT OF A CHANGING LANDSCAPE HE DECLINES TO ELABORATE

THE DARTS ARE SO SECURITY CONSCIOUS THAT THEY WON'T LET THEIR OWN CUP
SALESPEOPLE ENTER COMPANY PLANTS IN LAST YEAR'S INTERVIEW WHICH WAS THE
ONLY ONE HE EVER GAVE WA DART SAID WE STARTED WITH A POLICY THAT THE
ONLY PEOPLE WE'D LET INTO PLANTS ARE THOSE THAT NEEDED TO BE THERE THE
COMPANY HE SAID FEARED THE THEFT OF PROPRIETARY INFORMATION ABOUT ITS
EQUIPMENT 9403280099 940328 MARTIN MARIETTA FTC REACH PACT ON
ACQUISITION  BY JOE DAVIDSON STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON MARTIN MARIETTA CORP WILL PROHIBIT TWO OF ITS SATELLITE
DIVISIONS FROM SHARING INFORMATION UNDER AN AGREEMENT THAT WILL ALLOW THE
COMPANY'S ACQUISITION OF A GENERAL DYNAMICS CORP UNIT

THE AGREEMENT WITH THE FEDERAL TRADE COMMISSION SAID MARTIN MARIETTA'S
EXPANDING SATELLITE LAUNCHVEHICLE DIVISION WON'T SHARE SENSITIVE
COMPETITIVE DATA WITH ITS EXISTING SATELLITE DEVELOPMENT DIVISION

A SPOKESMAN FOR MARTIN MARIETTA WHICH IS BASED IN BETHESDA MD SAID THE
COMPANY ALREADY HAD PRACTICES AND PROCEDURES IN PLACE TO PREVENT
COMPETITIONRELATED PROBLEMS FROM THE ACQUISITION OF GENERAL DYNAMICS'
SPACESYSTEMS UNIT THE SPOKESMAN WHO SAID HIS COMPANY WAS IMPRESSED WITH
THE PROMPTNESS AND THOROUGHNESS OF THE FTC REVIEW ALSO SAID MARTIN
MARIETTA STILL EXPECTS TO COMPLETE THE ACQUISITION NEXT MONTH

MARTIN MARIETTA AGREED LAST DECEMBER TO PAY 2085 MILLION FOR THE GENERAL
DYNAMICS UNIT WHICH PRODUCES THE MEDIUMLIFT ATLASCENTAUR SPACELAUNCH
SYSTEM THE BUSINESSES OF MARTIN MARIETTA AN AEROSPACE AND DEFENSE CONCERN
INCLUDE THE TITAN IV HEAVYLAUNCH SYSTEM

THE UNIT OF GENERAL DYNAMICS WHICH IS BASED IN FALLS CHURCH VA IS THE
ONLY US SUPPLIER OF AN EXPENDABLE LAUNCH VEHICLE FOR INTERMEDIATEWEIGHT
SATELLITES AND SATELLITE MAKERS MUST PROVIDE VEHICLE MANUFACTURERS WITH
COMPETITIVELY SENSITIVE NONPUBLIC INFORMATION ABOUT THEIR SATELLITES
ACCORDING TO AN FTC STATEMENT

AS A RESULT OF THE ACQUISITION THEN MARTIN MARIETTA'S EXPENDABLE LAUNCH
VEHICLE DIVISION WILL GAIN ACCESS TO SUCH INFORMATION AND COULD SHARE THE
DATA WITH ITS SATELLITE DIVISION THE STATEMENT CONTINUED THUS THE
ACQUISITION INCREASES THE LIKELIHOOD THAT COMPETITION BETWEEN SATELLITE
SUPPLIERS WOULD DECREASE AND THAT ADVANCEMENTS IN SATELLITE RESEARCH
INNOVATION AND QUALITY COULD BE REDUCED

THE FTC WILL DECIDE WHETHER TO MAKE THE PROPOSED CONSENT AGREEMENT WHICH
WOULD SETTLE THOSE ALLEGATIONS FINAL AFTER A 60DAY COMMENT PERIOD

ROY J HARRIS JR IN LOS ANGELES CONTRIBUTED TO THIS ARTICLE 9403280098
940328 INTERNATIONAL CHINA FACES DIFFICULTIES IN BID TO HELP DEFUSE
NORTH KOREAN NUCLEAR TENSION  BY KATHY CHEN STAFF REPORTER OF THE
WALL STREET JOURNAL

BEIJING SOUTH KOREAN PRESIDENT KIM YOUNG SAM HAS COME TO CHINA WITH HOPE
THAT BEIJING WILL HELP DEFUSE THE TENSION OVER INSPECTION OF NORTH KOREA'S
NUCLEAR SITES BUT HE IS LIKELY TO BE DISAPPOINTED

CHINA IS CONCERNED ABOUT THE PROSPECT OF A NUCLEAR KOREAN PENINSULA BUT IT
IS PERHAPS MORE WORRIED ABOUT THE POSSIBLE EFFECTS OF SANCTIONS AGAINST
NORTH KOREA AS SUGGESTED BY THE US SUCH ACTION CHINA FEARS COULD DRIVE
PYONGYANG TO TAKE DESPERATE ACTION OR ITS LEADERSHIP TO FALL

IN ADDITION BEIJING'S INFLUENCE OVER THE ISOLATED SOCIALIST REGIME ISN'T
WHAT IT USED TO BE CHINESE AND OTHER ANALYSTS SAY

AFTER CHINA ESTABLISHED DIPLOMATIC TIES WITH SOUTH KOREA IN 1992 ITS
INFLUENCE WITH NORTH KOREA BECAME LIMITED SAYS ONE ASIAN ANALYST BASED IN
BEIJING

WHILE CHINA IS BELIEVED TO BE HOLDING DISCUSSIONS WITH NORTH KOREAN
OFFICIALS THROUGH ITS EMBASSY IN PYONGYANG IT ISN'T PRESSURING THEM
CHINESE OFFICIALS AND SCHOLARS SAY PRESSURE WOULD ONLY ADD TO THE TENSION
WHICH ROSE AFTER NORTH KOREA BLOCKED AN INTERNATIONAL ATOMIC ENERGY AGENCY
TEAM FROM COMPLETING AN INSPECTION OF NUCLEAR SITES WE CAN TELL NORTH
KOREA WE DON'T SUPPORT NUCLEAR WEAPONS  BUT WE'RE BROTHER COUNTRIES WE
CAN'T TELL ONE ANOTHER WHAT TO DO SAYS LI XIANGWEN A RESEARCHER AT THE
CHINESE ACADEMY OF SOCIAL SCIENCES

IT REMAINS UNCLEAR WHETHER BEIJING WOULD VETO OR ABSTAIN IF A PROPOSAL TO
IMPOSE TRADE SANCTIONS ON NORTH KOREA WERE PUT BEFORE THE UNITED NATIONS
SECURITY COUNCIL CHINESE OFFICIALS HAVE EXPRESSED DISAPPROVAL OF SUCH A
MOVE BUT HAVE STOPPED SHORT OF SAYING CHINA WOULD CAST A VETO

ON FRIDAY CHINA INSISTED THAT A UNSPONSORED RESOLUTION ON THE NUCLEAR
CONTROVERSY BE DOWNGRADED TO A STATEMENT A PROPOSAL FOR SANCTIONS PROBABLY
WON'T COME AT LEAST UNTIL AFTER THE IAEA REPORTS TO THE SECURITY COUNCIL
WITHIN A MONTH AS STIPULATED BY THE RESOLUTION

SOME ANALYSTS BELIEVE CHINA'S STANCE COULD BE INFLUENCED BY ITS RELATIONS
WITH THE US ESPECIALLY DEVELOPMENTS IN THE ACRIMONIOUS CONTINUING
DISCUSSIONS OVER WHETHER WASHINGTON WILL RENEW ITS MOST FAVORED NATION
TRADING PRIVILEGES IN JUNE

CHINA DOESN'T SEE THE BENEFITS OR NECESSITY OF RESORTING TO SANCTIONS
WHO IS NORTH KOREA A DANGER TO I JUST CAN'T SEE IT AS ONE OF ASIA'S
BIGGEST PROBLEMS SAYS MR LI ECHOING WHAT CHINESE OFFICIALS HAVE TOLD
WESTERN DIPLOMATS HE ADDS THAT HE BELIEVES NORTH KOREA IS MOST LIKELY
BLUFFING ON THE NUCLEARWEAPONS ISSUE

IT WANTS TO USE NUCLEAR WEAPONS AS A BARGAINING CHIP SO THAT IT CAN
NEGOTIATE AND BARGAIN WITH THE US SAYS HAN ZHENSHE A DIRECTOR AT THE
CHINESE ACADEMY OF SOCIAL SCIENCE'S INSTITUTE IN CHINA'S VIEW NORTH
KOREA'S MAIN GOAL IS TO SECURE DIPLOMATIC RECOGNITION FROM WASHINGTON WHICH
WOULD THEN PAVE THE WAY FOR RECOGNITION AND MORE IMPORTANTLY DESPERATELY
NEEDED FINANCIAL ASSISTANCE FROM JAPAN

A MAJOR FEAR SHARED BY CHINA AND OTHER ASIAN COUNTRIES IS A POTENTIAL
COLLAPSE OF THE NORTH KOREAN REGIME ALTHOUGH PYONGYANG HAS ALWAYS STRESSED
SELFRELIANCE AND IMPORTS FEW GOODS ANY FURTHER ECONOMIC HARDSHIPS COULD BE
HARD TO BEAR FOR A POPULATION THAT IS ALREADY SURVIVING ON THE EDGE OF
POVERTY

BESIDES POSSIBLY LOSING ITS OLD FRIEND KIM IL SUNG NORTH KOREA'S PRESIDENT
AND ONE OF ITS TWO SOCIALIST ALLIES IN THE REGION CHINA LIKE SOUTH KOREA
AND JAPAN COULD FACE A WAVE OF REFUGEES IF NORTH KOREA'S GOVERNMENT WERE
TO COLLAPSE

CHINA'S INFLUENCE OVER NORTH KOREA IS MOSTLY ECONOMIC ITS SALES OF OIL AND
GRAIN TO PYONGYANG ACCOUNT FOR MORE THAN 80 OF THE COUNTRY'S TRADE IN THESE
STAPLES SAYS ONE ANALYST CHINA ALSO EXPORTS COAL AND LIGHTINDUSTRY
PRODUCTS SUCH AS GARMENTS TO NORTH KOREA WHILE IMPORTING RAW MATERIALS
AND MACHINERY FROM THERE

BILATERAL TRADE WAS 8996 MILLION LAST YEAR BUT CHINA'S EXPORTS TO NORTH
KOREA HAVE GENERALLY SLOWED IN RECENT YEARS AS CHINA HAS REPLACED BARTER
TRADE WITH CASH SALES 9403280097 940328 LETTERS TO THE EDITOR 
MASSAGING THE STATS ON IMMIGRANT CRIME

THE MARCH 8 EDITORIALPAGE PIECE BY JOHN J MILLER IMMIGRANTBASHING'S
LATEST FALSEHOOD EMPLOYS NOTSOSUBTLE STATISTICAL MANIPULATION TO TRY TO
CONVINCE US THAT IMMIGRANTS ARE NO MORE PRONE TO CRIMINAL BEHAVIOR THAN
ANYBODY ELSE

TO BUTTRESS THIS POINT MR MILLER RELIES UPON STATEPRISON DATA ON THE
PERCENT OF FOREIGNBORN TO TRY TO PROVE THAT IN GENERAL ALIENS ARE LESS
LIKELY TO BE IN THE SLAMMER THAN NATIVES IF MR MILLER KNEW ANYTHING AT ALL
ABOUT THE NATION'S IMMIGRANT PROBLEMS HE WOULD RECOGNIZE THAT THESE DATA
ARE INHERENTLY FLAWED BECAUSE STATES HAVE NO MEANINGFUL WAY TO DETERMINE
ALIENAGE DURING PRETRIAL SCREENING OR PROSECUTION ALIENAGE DATA NORMALLY
COME FROM SELFREPORT INFORMATION PRIOR TO ARRAIGNMENT IF AN ALIEN MAKES A
FALSE CLAIM TO US CITIZENSHIP STATE AGENCIES USUALLY DO NOT CHALLENGE
THAT ASSERTION AND TO AVOID DEPORTATION ALIENS HAVE A STRONG INCENTIVE TO
LIE ABOUT ALIENAGE THEREFORE THE FREQUENCY OF FOREIGNBORN IN STATE
PRISONS IS LIKELY TO BE GROSSLY UNDERREPORTED

THE HIGH RATE OF CRIMINAL ACTIVITY AMONG SOME IMMIGRANTNATIONALITY GROUPS
DOES REFLECT THE INTERNATIONALIZATION OF MIGRANTRELATED ORGANIZED CRIME
BUT WITHOUT A HEAVY LEVEL OF IMMIGRATION SINCE 1975 THIS CRIME PROBLEM
WOULD BE MUCH REDUCED AND IF YOU INCLUDED THE RARELY PROSECUTED CRIME OF
ENTRY WITHOUT INSPECTION ACROSS THE NATION'S BORDERS MR MILLER'S
ARGUMENT WOULD NATURALLY FALL TO PIECES

IF IMMIGRATION CONTINUES AT ITS PRESENT EXTRAORDINARILY HIGH UNCONTROLLED
RATES THE IMMIGRANT POPULATION WILL SOON BE MUCH YOUNGER THAN THE
NATIVEBORN POPULATION THAT FACT OF ITSELF IS LIKELY TO PRODUCE HIGHER
CRIME RATES AMONG THE FOREIGNBORN

IT ISN'T ENOUGH TO CLAIM THAT IMMIGRANTS ARE NO MORE PRONE TO CRIMINAL
BEHAVIOR THAN ANYBODY ELSE IMMIGRANTS ARE GUESTS OF THE NATION THEY ARE
PROPERLY HELD TO A HIGHER STANDARD OF CONDUCT THAN NATIVEBORN AND CAN BE
DEPORTED IF THEY COMMIT A RANGE OF ILLEGAL AND EVEN LEGAL ACTIVITIES
OF THE HUNDREDS OF MILLIONS WHO'D LIKE TO MOVE HERE THOSE FEW WHO DO MAKE
IT ARE AND SHOULD BE HELD TO MUCH HIGHER STANDARDS OF BEHAVIOR THAN THE
NATIVEBORN POPULATION THAT'S PART OF THE DEAL 9403280096 940328
BUSINESS BRIEF HERSHEY FOODS CORP FIRM'S OPERATING EARNINGS TO BE
DOWN IN FIRST QUARTER

HERSHEY FOODS CORP SAID IT EXPECTS OPERATING EARNINGS FOR THE FIRST QUARTER
TO FALL BELOW THE 645 MILLION OR 71 CENTS A SHARE OF THE 1993 FIRST
QUARTER

THE HERSHEY PA CHOCOLATE FOOD PRODUCTS AND RESTAURANT CONCERN SAID AN
EARLY EASTER HOLIDAY AND THE TIMING OF SOME YEAREND PROMOTIONS SHIFTED
SALES BACK TO THE 1993 FOURTH QUARTER BAD WEATHER ALSO HAMPERED SALES IN
THE 1994 FIRST QUARTER THE 1993 FIRSTQUARTER NET INCOME OF 11 MILLION
OR ONE CENT A SHARE INCLUDED ACCOUNTING CHANGES AND A GAIN ON THE SALE OF
THE COMPANY'S FREIA MARABOU INVESTMENT

THE COMPANY SAID THERE ARE SIGNS THE CONFECTIONARY MARKET IS RESUMING
STRONGER GROWTH ABOUT 90 OF HERSHEY'S WORLDWIDE SALES RELATE TO THE
CONFECTIONARY BUSINESS WHILE EARNINGS MAY SHIFT ON A QUARTERLY BASIS
HERSHEY EXPECTS ANOTHER GOOD YEAR IN 1994 9403280095 940328 BUSINESS
BRIEF VERYFINE PRODUCTS INC BALSAMS SPRING WATER CO IS PURCHASED
BY COMPANY

VERYFINE PRODUCTS INC SAID IT BOUGHT BALSAMS SPRING WATER CO A DIXVILLE
NOTCH NH BOTTLING COMPANY

TERMS WEREN'T DISCLOSED

IN A NEWS RELEASE VERYFINE SAID BALSAMS SPRING WILL INITIALLY OPERATE AS A
VERYFINE UNIT AND WILL RETAIN THE BALSAMS SPRING BRAND NAME

THE BALSAMS LINE IS DISTRIBUTED IN NEW ENGLAND THROUGH GROCERY AND DRUGSTORE
CHAINS

VERYFINE SAID THE MOVE ALLOWS IT TO BROADEN ITS PRODUCT LINE AND USE ITS
EXISTING RELATIONSHIPS TO WIDELY DISTRIBUTE BALSAMS PRODUCTS

VERYFINE OF WESTFORD MASS MAKES AND DISTRIBUTES JUICE JUICE COCKTAILS
ICED TEAS LEMONADES AND OTHER SOFT DRINKS 9403280094 940328 LETTERS TO
THE EDITOR FOUR NEEDLESS ECONOMIC FEARS

TEACHING COLLEGE STUDENTS ABOUT THE POWER OF OPEN MARKETS IS NOT EASY
UNFORTUNATELY PRESIDENT CLINTON'S COUNCIL OF ECONOMIC ADVISERS SEEMS BENT
ON MAKING OUR JOB EVEN MORE DIFFICULT WIDENING RICHPOOR GAP IS A THREAT
TO SOCIAL FABRIC WHITE HOUSE SAYS FEB 15 ACCORDING TO THE COUNCIL
AMERICA'S SOCIAL FABRIC IS THREATENED BY TECHNOLOGY THE DECLINE OF UNIONS
A LAGGING MINIMUM WAGE AND IMMIGRATION

THE COUNCIL OF ECONOMIC ADVISERS IS UNCANNY IT IDENTIFIES FOUR THINGS THAT
MAKE AMERICA WEALTHIER ONLY TO CONDEMN ALL FOUR DOESN'T THE CEA REALIZE
THAT NATIONAL POVERTY NEVER PROMOTES SOCIAL HARMONY

NEW TECHNOLOGIES INCREASE WEALTH MINDLESS JOB COUNTING CONCEALS THIS FROM
STUDENTS BUT ALL EVENTUALLY SEE THAT THE WHEEL THE PRINTING PRESS THE
AUTOMOBILE ETC ETC HELP AMERICANS IN ALL WALKS OF LIFE DOES THE CEA
REALLY THINK THAT OUR SOCIAL FABRIC WOULD BE STRONGER WITHOUT SUCH ADVANCES

DECLINING UNIONS AND A LAGGING MINIMUM WAGE ALSO MAKE AMERICA WEALTHIER
UNIONS AND THE MINIMUM WAGE DISTORT EMPLOYMENT OPPORTUNITIES IN AMERICA
BEYOND THE DOLLARS AND CENTS GAINS OF HAVING MORE OPEN LABOR MARKETS HOW
COULD EQUALIZING OPPORTUNITY EVER JEOPARDIZE THE SOCIAL FABRIC

FINALLY WORKING IMMIGRANTS HOLD OUT THE SAME PROMISE FOR AMERICA AS NEW
TECHNOLOGIES THEY HELP THEMSELVES AND THE AMERICANS WHO BUY WHAT IMMIGRANTS
PRODUCE MUTUALLY BENEFICIAL ARRANGEMENTS LIKE THIS BUILD THE SOCIAL FABRIC
IT'S THE MODERN WELFARE STATE THAT HAS UNDERCUT IMMIGRANTS' CAPACITY TO
STRENGTHEN THE SOCIAL FABRIC

THROUGHOUT OUR HISTORY THE SOCIAL FABRIC HAS BEEN BOLSTERED BY THE POWER OF
OPEN MARKETS THIS IS WHY THE LAND OF OPPORTUNITY HAS BEEN A SUCCESSFUL
MELTING POT 9403280093 940328 BUSINESS BRIEF FANUC LTD PACT
REACHED TO SUPPLY GEAR TO CHINA'S NANJING MACHINE

FANUC LTD TOKYO A LEADING JAPANESE MAKER OF NUMERICALLY CONTROLLED
MACHINE TOOLS REACHED AN AGREEMENT UNDER WHICH THE COMPANY WILL PROVIDE
MACHINETOOLMAKING TECHNOLOGY TO CHINA'S NANJING MACHINE TOOL WORKS A
FANUC SPOKESMAN SAID TERMS WEREN'T DISCLOSED

WITH FANUC'S TECHNOLOGICAL SUPPORT NANJING MACHINE TOOL WORKS WILL START
MANUFACTURING ELECTRICDISCHARGE MACHINES THAT MAKE DIES FOR PRECISION
MACHINERY PARTS THE CHINESE COMPANY WILL USE PARTS PROVIDED BY FANUC'S
BEIJINGBASED VENTURE BEIJINGFANUC MECHATRONICS CO TO MAKE THE
ELECTRICDISCHARGE MACHINES THE COMPANY SPOKESMAN SAID 9403280092 940328
POLITICS & POLICY FLORIDA'S EXPERIMENT IN TIME LIMIT FOR WELFARE 
UNDERSCORES SNARES FACING CLINTON'S PROPOSAL  BY RON SUSKIND STAFF
REPORTER OF THE WALL STREET JOURNAL

PENSACOLA FLA MARIE MCGILL WITH A 10THGRADE EDUCATION A
FOURYEAROLD DAUGHTER AN EXHUSBAND SHE JUST RACED ACROSS TWO STATES TO
ESCAPE NO JOB AND NO MONEY FIDGETS IN HER FADED JEANS AS SHE PERUSES
AMERICA'S FASTCHANGING SOCIAL CONTRACT

THIS IS GREAT I'LL GET ALL THIS JOB TRAINING AND CHILD CARE SAYS THE
23YEAROLD WELFARE MOTHER BEFORE READING DOWN A FEW PARAGRAPHS OF SMALL
PRINT HEY WHAT'S THIS ABOUT 24 MONTHS ABOUT THIS BEING ONLY FOR TWO
YEARS WHAT'S GOING ON

HER CASE WORKER EXPLAINS IN A MEASURED CADENCE THAT WE'LL JUST HAVE TO
FIGURE A WAY TO MAKE YOU SELFSUFFICIENT BEFORE WE HIT THAT DEADLINE

MS MCGILL SMILES WANLY THEY DON'T REALIZE HOW HARD IT IS THESE DAYS TO
GET OFF WELFARE SHE SAYS I KNOW I DONE TRIED

SETTING A TWOYEAR LIMIT ON BENEFITS A MANTRA NOW HUMMED BY PRESIDENT
CLINTON AND ALMOST EVERY US GOVERNOR WAS THE EASY PART BUT A MONTH
INTO FLORIDA'S PIONEERING REFORM PROGRAM THE WORD FROM PENSACOLA WELFARE
WORKERS IS THAT ENDING DECADES OF DEPENDENCY WILL BE MORE PAINFUL AND
EXPENSIVE THAN POLITICIANS ARE WILLING TO ACKNOWLEDGE

WE'RE LOOKING AT AN AVALANCHE OF NEEDS PEOPLE WHO'VE BEEN NEGLECTED FOR SO
LONG SAYS SHIRLEY JACQUES WHO'S HELPING RUN THIS PILOT PROGRAM IN
NORTHERN FLORIDA THE FIRST MANDATORY PROGRAM THAT COMBINES A TWOYEAR TIME
LIMIT WITH ALMOST ALL THE FEATURES IN A WELFAREREFORM PROPOSAL PRESIDENT
CLINTON IS PREPARING TO SEND TO CONGRESS OUR CASE WORKERS CAN'T BELIEVE
THE DEPTH AND ARRAY OF THE PROBLEMS TWO YEARS AND OFF I WOULDN'T BET ON
IT

WHILE POLICIES ARE BEING MAPPED OUT IN WASHINGTON STATES ARE RACING AHEAD
NEXT UP IS VERMONT WHERE ABOUT 60 OF THE STATE'S RECIPIENTS WILL START
SIGNING ONTO A 30MONTH TIME LIMIT IN JULY IN ALL 19 STATES HAVE RECEIVED
FEDERAL WAIVERS TO TRY THEIR OWN WELFARE PLANS AND WILL SOON WALK THE SAME
PATH FLORIDA IS NOW TREADING

IN TRAILER PARKS AND PUBLICHOUSING PROJECTS ON THE GRITTY PANHANDLE WHERE
FLORIDA MEETS ALABAMA ABSTRACTIONS FOUND IN THE CLINTON PROPOSAL LIKE
CHANGING THE CULTURE OF WELFARE OFFICES PROMOTING PARENTAL
RESPONSIBILITY AND MAKING WORK PAY MEET FLESH AND ARE OFTEN FOUND
WANTING

THERE'S NO MAGIC BULLET SAYS RON MINCY A FORD FOUNDATION PROGRAM MANAGER
WHO WORKED WITH THE PRESIDENT'S WELFAREREFORM TASK FORCE UNTIL A FEW MONTHS
AGO TO REDUCE THE WELFARE POPULATION NOW AT 14 MILLION A DAUNTING 5 OF
THE US POPULATION MEANS INVENTING A WAY TO ATTACK UNDERLYING CAUSES
HE ASSERTS SUCH AS CRIME DRUGS AND ILLEGITIMACY ALONG WITH THE INADEQUATE
EDUCATION AND SKILLS OF 70 OF RECIPIENTS WHO GET OFF PUBLIC ASSISTANCE IN
THEIR FIRST TWO YEARS GENERALLY INTO LOWRUNG SERVICESECTOR JOBS 
ONLY TO HAVE MOST SLIP BACK ONTO WELFARE OVER THE NEXT THREE YEARS

THOSE WHO HAVE STUDIED STATE EXPERIMENTS THAT HAVE ROADTESTED PARTS OF WHAT
THE PRESIDENT IS NOW PROPOSING SAY THE CLINTON PLAN OVERSTATES
EFFECTIVENESS AND UNDERSTATES COSTS OF MANY WELFAREREFORM PROGRAMS

I WISH HE HADN'T PROMISED SO MUCH SAYS JUDITH GUERON PRESIDENT OF
MANPOWER DEMONSTRATION RESEARCH CORP A FIRM WHOSE STUDIES OF STATE
PROGRAMS ARE RELIED UPON BY CLINTON AIDES BECAUSE WE'RE SURE TO END UP
WITH A PLAN THAT SPREADS LIMITED RESOURCES THINLY ACROSS THE WHOLE COUNTRY
AND WON'T END UP DOING MUCH OR EVEN TEACHING US MUCH ABOUT WHAT WORKS

IN PENSACOLA THE TWOYEAR CLOCKS BEGAN TICKING FEB 11 WITH ABOUT ONE IN
FOUR OF THOSE APPLYING FOR WELFARE BENEFITS BEING RANDOMLY SELECTED IN
ALL NOW ABOUT 60 PARTICIPANTS ONE MORNING LAST WEEK AT A MAKESHIFT
FAMILY TRANSITION OFFICE NORTH OF TOWN THE NEW DIALOGUE BETWEEN WELFARE
CASEWORKERS AND RECIPIENTS WITH INCREASED OBLIGATIONS ON BOTH SIDES IS
BEGINNING

CASEWORKER WOULD YOU BE INTERESTED IN SEEING A COUNSELOR TO TALK ABOUT
SOME OF YOUR PROBLEMS

RECIPIENT FORGET IT COUNSELORS DON'T DO NO DAMN GOOD

CASEWORKER WELL CAN WE HELP YOU GET A DRESS YOU CAN WEAR TO A JOB
INTERVIEW

RECIPIENT GOT ONE A CHURCH DRESS I'LL BE FINE

THE RECIPIENT THREASA SLEDGE A PUDGY 19YEAROLD SPORTING SNEAKERS A
BASEBALL CAP AND A DON'TMESS ATTITUDE SOFTENS A BIT WHEN TALK TURNS TO HER
FOURYEAROLD SON AND HOW THEY'LL MANAGE IF SHE IS STILL JOBLESS 24 MONTHS
FROM NOW WHEN HER WELFARE RUNS OUT I HAVE TO MAKE MY OWN SAFETY NET SHE
SAYS QUIETLY I DON'T KNOW I GUESS I HAVE TO START SOME KIND OF SAVINGS
ACCOUNT AND PUT MONEY IN IT

MS SLEDGE WHO LIKE MANY RECIPIENTS WORKS PERIODICALLY IN LOCAL
FASTFOOD RESTAURANTS SIGNS A COMMITMENT CONTRACT OFFICIALLY ENTERING A
PROGRAM THAT MAY SOON BE COMMONPLACE ACROSS THE COUNTRY SHE'LL GET ASSESSED
AS TO HER EDUCATIONAL LEVEL TAKE SOME BASIC EDUCATION CLASSES MAYBE WORK
PARTTIME GET JOB TRAINING AND EVENTUALLY BE ASSISTED IN FINDING A SECURE
JOB IF ONE ISN'T FOUND AFTER TWO YEARS SHE PROBABLY WILL BE PUT INTO A
COMMUNITY WORK PROGRAM IN EXCHANGE FOR CONTINUING BENEFITS

OF COURSE THE TROUBLED LIVES OF MANY WELFARE RECIPIENTS TEND TO RESIST SUCH
NEAT PROGRESSIONS JOB TRAINING YOU'VE GOT TO BE KIDDING SAYS
SUPERVISOR LINDA JENKINS WHOSE CASEWORKERS HAVE FOUND THEMSELVES NECKDEEP
IN ISSUES SUCH AS DOMESTIC VIOLENCE AND DRUG ADDICTION FIRST THEY NEED
THEIR ELECTRIC BILLS PAID THEY NEED TO LEARN HOW TO BE PARENTS HOW TO
BUDGET MONEY

SUCH REALIZATIONS HAVE HELPED TRANSFORM THE TURNSTILE CULTURE THAT HAS
DEFINED OFFICES LIKE THIS ONE IN THE PAST FEW YEARS AS CASELOADS GREW AND
RESOURCES SHRANK

THE IDEA WAS TO MAKE SURE THEY WERE ELIGIBLE FOR CONTINUED BENEFITS AND
THEN GET THEM OUT AS FAST AS YOU COULD SAYS LORI TAYLOR WHO WORKED IN A
NEARBY WELFARE OFFICE BEFORE BECOMING ONE OF A FEW DOZEN CASEWORKERS
SELECTED FOR THE PILOT SOMETIMES WHEN THEY'D WANT TO TALK ABOUT THEIR
PROBLEMS YOU'D TRY TO CUT THEM OFF BEFORE IT GOT TOO FAR YOU DIDN'T EVEN
LOOK AT THEM

TWO MONTHS AGO MS TAYLOR HAD 200 WELFARE CASES SEEING EACH RECIPIENT AT
SIXMONTH INTERVALS NOW SHE HANDLES HALF A DOZEN RECIPIENTS AND IS WORKING
HARDER THAN EVER RUNNING INTO THE COMPLACENCY AND SCARCE RESOURCES OF STATE
AGENCIES WHERE ATTITUDES HAVEN'T CHANGED SUCCESS IS OFTEN IN SIMPLE ACTS
SHE BUYS A ROCKING CHAIR FOR ONE WELFARE MOTHER SO SHE CAN ROCK HER BABY TO
SLEEP HELPS ANOTHER MOVE FROM A CINDERBLOCK SHACK TO ADEQUATE HOUSING
CASELOADS WILL RISE TO A STILLMODEST 80 PER CASEWORKER AS THE PROGRAM
EXPANDS TO 2500 PARTICIPANTS OVER THE COMING YEAR A RATIO PROBABLY TOO
COSTLY TO REPLICATE NATIONALLY WITH THE ADMINISTRATION ANTICIPATING 16
MILLION RECIPIENTS IN ITS PROPOSED PROGRAM BY 1999

YET WELFARE ADMINISTRATORS HERE ARE QUIETLY TALKING ABOUT LOOPHOLES
FIGURING THAT EVEN THEIR INTENSIVE PROGRAM WILL LEAVE MANY RECIPIENTS
WITHOUT SECURE WORK WHEN THE TWOYEAR CLOCKS RUN OUT

IF WE CAN'T FIND THEM A JOB AT THE END OF TWO YEARS WE HAVEN'T HELD UP OUR
END SAYS MAMUN RASHIED AREA SOCIALSERVICES ADMINISTRATOR AND
WELFAREREFORM ADVOCATE SPEAKING OF HOW FRAGILE A NEW SOCIAL CONTRACT MAY
PROVE THEN THE CONTRACT IS BROKEN

SOURCE DEPARTMENT OF HEALTH AND HUMAN SERVICES 9403280091 940328 ANDREW
CORP EXPECTS ITS 2NDQUARTER PROFIT TO MEET EXPECTATIONS

ORLAND PARK ILL ANDREW CORP PRESIDENT FLOYD ENGLISH SAID IT LOOKS
LIKE WE CAN MAKE THE 28 CENTS A SHARE EARNINGS ANALYSTS ARE PROJECTING FOR
THE SECOND QUARTER ENDING THURSDAY AND ADDED THAT WE HAVE A GOOD CHANCE OF
BEATING THAT FIGURE

REVENUE IS EXPECTED TO BE UP ABOUT 35 FROM A YEAR EARLIER TO ABOUT 135
MILLION MR ENGLISH SAID IN AN INTERVIEW

THOSE RESULTS WOULD SOLIDLY TOP EARNINGS IN THE PRIOR YEAR'S SECOND QUARTER
OF 45 MILLION OR 18 CENTS A SHARE ON REVENUE OF 999 MILLION PERSHARE
FIGURES REFLECT A 3FOR2 STOCK SPLIT PAID EARLIER THIS MONTH

ASKED IF THE COMPANY EXPECTS TO HIT ANALYSTS' MEAN ESTIMATE OF 139 A SHARE
FOR FISCAL 1994 MR ENGLISH SAID I THINK WE'VE GOT A CHANCE OF EXCEEDING
THAT

ANDREW WHICH MAKES COMMUNICATIONS EQUIPMENT IS RIDING A WAVE OF BUSINESS
GENERATED BY THE EXPANSION OF WIRELESS COMMUNICATION MORE THAN HALF OF THE
COMPANY'S REVENUE THIS YEAR WILL COME FROM INTERNATIONAL SALES INCLUDING
PROJECTS UNDER WAY IN RUSSIA AND HONG KONG ABOUT 60 OF THE LATEST
QUARTER'S REVENUE JUMP IS ATTRIBUTABLE TO A BIG SOUTH AMERICAN CONTRACT MR
ENGLISH NOTED

ANDREW IS A MAJOR SUPPLIER TO A CONSORTIUM COMPANIA DE TELEFONOS DEL
INTERIOR WHICH INCLUDES GTE CORP AMERICAN TELEPHONE & TELEGRAPH CO AND
SOME ARGENTINE INTERESTS WHICH IS INSTALLING CELLULAR FACILITIES IN
ARGENTINA REVENUE FROM THAT CONTRACT WILL TOTAL ABOUT 30 MILLION IN THE
CURRENT FISCAL YEAR MR ENGLISH SAID WITH THE BULK OF THE BUSINESS HAVING
BEEN RECEIVED IN THE FIRST AND SECOND QUARTERS

ORDERS IN THE SECOND QUARTER HE SAID WILL HIT 115 MILLION TO 120
MILLION COMPARED WITH 1016 MILLION A YEAR EARLIER

THE ONE TREND THAT STANDS OUT AND IS FUELING OUR GROWTH IS WIRELESS
COMMUNICATION MR ENGLISH SAID ANDREW SELLS COAXIAL CABLE AND OTHER
PRODUCTS USED IN WIRELESS APPLICATIONS SUCH AS CELLULAR TELEPHONE SYSTEMS
AND TWOWAY RADIO COMMUNICATIONS

THE GROWTH OF CELLULAR SYSTEMS IN THE US HAS SLOWED SOMEWHAT AFTER FURIOUS
GROWTH EARLIER BUT REMAINS STRONG IN MANY OVERSEAS MARKETS 9403280090
940328 LEISURE & ARTS THEATER THE MUSIC MAKES IT SOAR  BY
EDWIN WILSON

NEW YORK CAROUSEL IS REVIVED LESS OFTEN THAN ALL OF THE RODGERS AND
HAMMERSTEIN MAJOR MUSICALS ONE REASON IS ITS DARKER THEMES ANOTHER IS ITS
MUSICAL DEMANDS LAST SEASON HOWEVER DIRECTOR NICHOLAS HYTNER MOUNTED A
HIGHLY ACCLAIMED PRODUCTION AT BRITAIN'S ROYAL NATIONAL THEATRE DESPITE THE
SUCCESS OF THIS EARLIER PRODUCTION THE NEW ONE AT LINCOLN CENTER ALSO
DIRECTED BY MR HYTNER IS A DISTINCT IMPROVEMENT ON ITS BRITISH
COUNTERPART

IN THE FIRST PLACE THE STRIKING SCENIC DESIGNS OF BOB CROWLEY COME MUCH
MORE INTO PLAY ON THE THRUST STAGE AT THE VIVIAN BEAUMONT THAN THEY DID SET
BEHIND THE PICTUREFRAME STAGE OF THE LYTTELTON THEATRE IN LONDON MR
CROWLEY HAS CREATED A SERIES OF EVOCATIVE SET PIECES SOME OF THEM ALMOST
SURREALISTIC THAT BRING TO LIFE A SMALL NEW ENGLAND TOWN AT THE TURN OF THE
CENTURY A WHITE CHURCH ON A HILL IN THE DISTANCE A LIGHTHOUSE FLASHING
ACROSS THE WATER A FRAME HOUSE THAT HAS THE FORESHORTENED ROOFS OF OTHER
HOUSES SPROUTING LIKE MUSHROOMS ON ITS MAIN ROOF

BY BRINGING BOTH THE VISUAL WORLD OF MR CROWLEY AND THE ACTION OF THE
PLAYERS NEARER THE AUDIENCE MR HYTNER HAS MADE THE WHOLE AFFAIR MORE
INTIMATE AND APPEALING ON BALANCE MOREOVER THE VOICES ARE STRONGER IN NEW
YORK THAN THEY WERE IN LONDON AND FOR CAROUSEL THIS MAKES ALL THE
DIFFERENCE TO A GREATER DEGREE THAN IN ANY OTHER RODGERS AND HAMMERSTEIN
SHOW MUSIC IS THE KEY TO ITS STORY AND EMOTIONS THE OPENING NUMBER IS NOT
AN OVERTURE BUT A SIXANDAHALF MINUTE PANTOMIME SET TO MUSIC

MR HYTNER OPENS WITH YOUNG WOMEN OPERATING A LOOM IN THE MILL WHERE THE
HEROINE JULIE SALLY MURPHY AND HER FRIEND CARRIE AUDRA ANN MCDONALD
WORK IT SHOWS US THE DRUDGERY OF THE LIFE THEY LIVE BUT SOON WE ARE
TRANSPORTED TO A FAR HAPPIER SCENE A FAIRGROUND COMPLETE WITH A DANCING
BEAR BEARDED LADIES AND A CAROUSEL WITH ITS SWAGGERING BARKER BILLY
BIGELOW MICHAEL HAYDEN THE BLOSSOMING OF THE CAROUSEL THE HORSES
APPEARING THE REVOLVING CENTER COLUMN AND THE BRIGHT LIGHTS DROPPING FROM
ABOVE IS A MAGICAL CONTRAST TO THE MILL

LATER WHEN JULIE AND BILLY GET TOGETHER WE HAVE 12 MINUTES OF SOLID MUSIC
AS THESE TWO MEETING FOR THE FIRST TIME FRIGHTENED AND ALONE REACH OUT TO
EACH OTHER THEY EXPRESS IN SONGS WHAT THEY COULD NEVER SAY IN WORDS THE
SCENE REACHES ITS CULMINATION WITH THE HAUNTING IF I LOVED YOU

BILLY AND JULIE MARRY BUT HE LOSES HIS JOB AT THE CAROUSEL AND TAKES UP WITH
A RUTHLESS GANGSTER JIGGER FISHER STEVENS JIGGER GETS BILLY TO JOIN HIM
IN ROBBING THE OWNER OF THE MILL BUT THEY BOTCH IT AFTER WHICH BILLY IS
TRAPPED AND KILLS HIMSELF IT'S A MELODRAMATIC SCENE JULIE KNEELS BESIDE
HIS BODY AS HE DIES THE MUSIC RAISES THIS OUT OF THE MAUDLIN AND ONTO A
NOBLER LEVEL WITH THE ANTHEM YOU'LL NEVER WALK ALONE BY THEMSELVES THE
HAMMERSTEIN LYRICS ARE SACCHARINE BUT THE RODGERS MUSIC SAVES THEM
ESPECIALLY WHEN DELIVERED BY A GLORIOUS SINGER SHIRLEY VERRETT COMES TO THE
ROLE FROM OPERA AND SHE KNOWS HOW TO MAKE THE SONG SOAR AS NELLIE THE
OLDER WOMAN WHO BEFRIENDS JULIE CARRIE AND ALL THE GIRLS AT THE MILL MS
VERRETT DELIVERS NOT ONLY ON THAT NUMBER BUT ALSO ON THE BOISTEROUS JUNE IS
BUSTIN' OUT ALL OVER

THE MAIN STORYLINE OF CAROUSEL COMES FROM A PLAY WRITTEN IN 1909 THE
HUNGARIAN POPULAR DRAMATIST FERENC MOLNAR'S LILIOM EVEN TRANSFERRED TO
NEW ENGLAND BY RODGERS AND HAMMERSTEIN AND UPDATED IN ITS IMAGINATIVE NEW
STAGING IT STILL HAS THE BASIC PROBLEM IT STARTED OUT WITH THE HUSBAND
BILLY IS A SPINELESS DRIFTER AND HE BEATS HIS WIFE THE ONE DAY HE COMES
BACK TO EARTH WITH A CHANCE TO REDEEM HIMSELF HE ALSO STRIKES HIS
DAUGHTER THERE IS A MOMENT IN THE PLAY WHEN HE CAN EXPLAIN HIMSELF HEARING
THAT HIS WIFE IS PREGNANT HE SINGS A LENGTHY SOLILOQUY IMAGINING WHAT IT
WILL BE LIKE TO HAVE A BOY OR A GIRL IT'S A MASTERFUL NUMBER BUT IT
MUST BE SUNG FULLVOICED MR HAYDEN IS AN IMPRESSIVE ACTOR BUT HE DOES NOT
HAVE THE VOICE TO PERSUADE US HE WOULD BE RIGHT TO STEAL OR KILL IN ORDER TO
SUPPORT HIS CHILD HE LACKS THE VOCAL POWER THAT OVERRIDES ALL ELSE
INCLUDING GOOD SENSE NOTHING CAN REALLY EXCUSE BILLY'S BRUTAL BEHAVIOR
TOWARD THE WOMEN IN HIS LIFE YET THE MOLNAR PLOT ATTEMPTS TO MAKE US
BELIEVE IN HIM JUST AS JULIE DOES BLINDLY SHE NEVER GIVES UP ON HIM BUT
IT IS ULTIMATELY IMPOSSIBLE FOR US TO FOLLOW HER LEAD IN THE END IT IS NOT
JULIE WHO CAN REDEEM BILLY BUT THE MUSICAL ALCHEMY OF RICHARD RODGERS'S
SCORE FOR THOSE WHO HAVE NEVER HEARD IT OR HAVE FORGOTTEN HOW INCANDESCENT
IT CAN BE THIS IS AN OPPORTUNITY NOT TO BE MISSED

LIKE ONE OF HIS BEST KNOWN PLAYS CLIFFORD ODETS WAS A GOLDEN BOY IN THE
FIVE YEARS BETWEEN 1935 AND 1940 THE GROUP THEATRE PRODUCED SEVEN OF HIS
PLAYS BUT THEN HE WENT TO HOLLYWOOD IN THE REMAINING 23 YEARS OF HIS LIFE
HE WROTE ONLY FOUR MORE PLAYS OF WHICH THE FLOWERING PEACH WAS THE LAST
FIRST PRODUCED IN 1954 IT WAS UNLIKE ALL THE OTHERS WHICH HAD BEEN NOTED
FOR THEIR GRITTY CONTEMPORARY REALISM BASED ON THE BIBLICAL STORY OF NOAH
AND THE FLOOD IT IS SET AS THE STAGE DIRECTIONS INDICATE THEN NOT NOW
BUT THOUGH THE TIME AND SETTING ARE ANCIENT THE CHARACTERS ARE A
20THCENTURY JEWISH FAMILY THE JUXTAPOSITION WORKS SURPRISINGLY WELL NOAH
ELI WALLACH AND HIS WIFE ANNE JACKSON ARE A BICKERING BUT AFFECTIONATE
COUPLE THEIR THREE SONS ARE MARKEDLY DIFFERENT FROM ONE ANOTHER SHEM JOSH
MOSTEL IS THE MATERIALIST HAM STEVE HOFVENDAHL IS A NE'ERDOWELL WHO
DRINKS TOO MUCH AND JAPHETH DAVID AARON BAKER IS AN IDEALIST WHO ALSO
HAPPENS TO BE HANDY WITH TOOLS A GREAT HELP WHEN THE TIME COMES TO BUILD
THE ARK

ODETS MOVES JUST FAR ENOUGH FROM SCRIPTURE TO MAKE THE ACTION INTERESTING
ESPECIALLY THE BYPLAY BETWEEN THE AGNOSTIC JAPHETH AND HIS PIOUS FATHER AT
THE CONCLUSION IT IS AGREED THAT EVERYONE HAS CHANGED INCLUDING GOD THE
REVIVAL AT THE LYCEUM THEATRE HAS THE CHARM OF A WELLTOLD FABLE ESPECIALLY
IN THE ENERGETIC PERFORMANCES DIRECTED BY MARTIN CHARNIN 9403280089
940328 THE OUTLOOK WORLDTRADE STATISTICS TELL CONFLICTING STORIES 
 BY BOB DAVIS

WASHINGTON IF YOU WANT TO FIGURE OUT HOW THE US IS FARING IN ITS TRADE
BATTLES AROUND THE WORLD DON'T LOOK TO THOSE MUCHPUBLICIZED MONTHLY TRADE
NUMBERS EVERYONE RAILS ABOUT THEY MAY NOT BE GETTING THE PICTURE EVEN HALF
RIGHT

THAT IS A LESSON POLITICIANS HERE USUALLY FORGET PRESIDENT CLINTON LECTURED
JAPAN'S PRIME MINISTER THAT THAT COUNTRY'S TRADE SURPLUS PUTS OUR PEOPLE
HERE AND OUR ECONOMY HERE IN A VERY DIFFICULT SITUATION

BUT IT ISN'T SO SIMPLE

FIRST SOMETIMES US EXPORTS ARE SIMPLY UNDERCOUNTED SAYS ALLAN
MENDELOWITZ A GENERAL ACCOUNTING OFFICE ECONOMIST FOR YEARS HE SAYS
CANADA RECORDED GREATER IMPORTS FROM THE US THAN SHOWED UP IN US EXPORT
DATA THE REASON US CUSTOMS AGENTS ARE MORE METICULOUS IN COUNTING
IMPORTS ON WHICH THEY MUST COLLECT DUTIES THAN IN KEEPING TRACK OF
EXPORTS

THEN THERE IS THE MATTER OF MIDDLEMEN US FIGURES SHOW CHINA RACKING UP A
228 BILLION TRADE SURPLUS LAST YEAR WITH THE US BUT CHINA SAYS THOSE
NUMBERS ARE WAY OFF BECAUSE MANY OF THE EXPORTS THE US CREDITS TO CHINA
REALLY ARE SHIPPED FROM HONG KONG BUT THE US SAYS SOME HONG KONG SHIPPERS
ARE JUST FRONTS FOR THE CHINESE

BOTH HAVE A POINT MAKING THE FIGURES SUSPECT IN SOUTHERN CHINA IT IS
ROUTINE FOR GARMENT AND ELECTRONICS FACTORIES TO SELL GOODS AT LOW PRICES TO
HONG KONG AFFILIATES THOSE ARE THE EXPORT NUMBERS CHINA RECORDS THE UNITS
THEN SELL THE PRODUCTS ABROAD FOR FAT PROFITS THAT MONEY GOES TO HONG KONG
 AND CHINA VIEWS THE HIGHVALUE EXPORTS AS HONG KONG'S SOMETIMES US
TRADE TRACKERS AGREE SOMETIMES THEY DON'T MUDDLING THE NUMBERS FURTHER

AND FINALLY THERE IS THE QUESTION OF USING OTHER NATIONS AS PRODUCTION
PLATFORMS GENERALLY THE TRADE STATISTICS RECORD EXPORTS AND IMPORTS
ACCORDING TO THE COUNTRIES THAT SHIP OR RECEIVE THE GOODS BUT THAT IGNORES
OFFSHORE PRODUCTION FOR INSTANCE SALES IN EUROPE OF OPELS PRODUCED BY
GENERAL MOTORS CORP'S GERMAN PLANTS DON'T SHOW UP IN THE US TRADE
BALANCE

THE US AND JAPAN HAVE MANY OVERSEAS FACTORIES SO THE TRADE STATS DON'T
ACCURATELY REFLECT TRADE BETWEEN THEM MATSUSHITA ELECTRIC INDUSTRIAL CO
MAKES MOST OF ITS STEREO EQUIPMENT IN SINGAPORE FOR SHIPMENT TO THE US
TEXAS INSTRUMENTS INC MAKES SEMICONDUCTORS IN JAPAN FOR THE LOCAL MARKET
THOSE SALES WOULDN'T SHOW UP AS JAPANESE OR US EXPORTS BUT THEY CLEARLY
STRENGTHEN THE PARENT COMPANY BACK HOME

THE TRACKING PROBLEM WILL WORSEN BECAUSE THE STRONG YEN IS MAKING IT MORE
ATTRACTIVE FOR JAPAN TO MANUFACTURE OFFSHORE BY THE END OF 1992 JAPANESE
INVESTMENT IN EAST ASIA HAD MORE THAN DOUBLED IN SIX YEARS TO 543 BILLION
SAYS EDWARD GRAHAM OF THE INSTITUTE FOR INTERNATIONAL ECONOMICS IF EXPORTS
FROM JAPAN SIMPLY SHIFT ABROAD ITS TRADE RELATIONS WITH THE US WON'T
CHANGE MUCH EVEN THOUGH THE US TRADE DEFICIT WITH JAPAN WILL SHRINK

THE TRADE NUMBERS ALSO DON'T CLEARLY INDICATE WHICH NATION IS WINNING THE
MORE IMPORTANT COMPETITION THE ONE FOR JOBS

JAGDISH BHAGWATI A COLUMBIA UNIVERSITY ECONOMIST PUTS IT THIS WAY IF
SALES OF US CARS TO JAPAN SOMEDAY SURGE US CAR MAKERS WILL BE ABLE TO
HIRE MORE WORKERS BUT AS THE POOL OF SKILLED WORKERS DIMINISHES HE NOTES
THE WAGES REQUIRED TO HIRE THEM RISE THAT LEADS TO HIGHER PRICES FOR CARS
AND OTHER GOODS REDUCING THEIR COMPETITIVE ADVANTAGE AND APPEAL OVERSEAS
OVERALL HE SAYS IT'S A MYSTERY HOW MANY ADDITIONAL JOBS IF ANY WOULD
BE CREATED

A FEW YEARS AGO COMMERCE DEPARTMENT ECONOMISTS CALCULATED THAT ON AVERAGE
1 BILLION IN EXPORTS SUPPORTED 20000 JOBS IN 1990 BUT THAT FIGURE WAS
WIDELY USED DURING THE NAFTA DEBATE TO PREDICT HOW MANY NEW JOBS WOULD BE
CREATED BY INCREASED EXPORTS A USE FOR WHICH IT ISN'T SUITED WE WON'T
PUT OUT THAT KIND OF NUMBER AGAIN A COMMERCE ECONOMIST VOWS

TO TRY TO FIX SOME OF THE BROADER PROBLEMS IN THE TRADE NUMBERS THE
NATIONAL ACADEMY OF SCIENCES SUGGESTED TOTING UP COMPANIES' TOTAL SALES NO
MATTER WHERE THEIR FACTORIES ARE THAT CALCULATION BETTER REFLECTS THE
COMPETITIVENESS OF COMPANIES WORLDWIDE AND SHOWS THE US A LOT STRONGER
THAN COMMONLY RECOGNIZED

USING THAT METHOD COMMERCE DEPARTMENT ECONOMISTS CALCULATED THAT THE US
WOULD HAVE POSTED AN OVERALL TRADE SURPLUS IN GOODS AND SERVICES OF 164
BILLION IN 1991 RATHER THAN A 28 BILLION DEFICIT

BUT THE NATIONAL ACADEMY REPORT DOESN'T DISTINGUISH HOW MUCH OF THE ACTIVITY
BY OVERSEAS US AFFILIATES HELPS WORKERS AT HOME AS AN ALTERNATIVE A TRIO
OF COMMERCE ECONOMISTS PROPOSE COUNTING A ROUGH ESTIMATE OF PROFITS BY US
COMPANIES ABROAD AS US EXPORTS FIGURING THAT THOSE FUNDS OFTEN BENEFIT
COMPANIES DOMESTICALLY THROUGH GREATER INVESTMENT AND R&D UNDER THAT
ACCOUNTING THE 28 BILLION TRADE DEFICIT IN 1991 TURNS INTO A 24 BILLION
SURPLUS

WE'RE TRYING TO PRESENT A COMPREHENSIVE PICTURE SAYS STEVEN LANDEFELD A
COMMERCE ECONOMIST MAYBE THEN THE TRADE STATS WILL ACTUALLY MEAN SOMETHING
TOO 9403280088 940328 TECHNOLOGY & HEALTH NORRIS PLANS TO LAUNCH
DIGITAL RECORDER USING FLASH MEMORY CHIPS FROM INTEL  BY DON CLARK
 STAFF REPORTER OF THE WALL STREET JOURNAL

POWAY CALIF MICROCHIPS ARE TAKING THE TAPE AND THE MOVING PARTS OUT
OF RECORDING

NORRIS COMMUNICATIONS CORP A SMALL COMPANY BASED IN THIS SAN DIEGO SUBURB
IN JULY PLANS TO BEGIN SELLING A THREEOUNCE 200 DEVICE THAT STORES 30
MINUTES OF COMPUTERIZED SOUND ON A REMOVABLE CARTRIDGE ABOUT THE SIZE OF TWO
POSTAGE STAMPS

THE RECORDER CALLED FLASHBACK IS THE FIRST TO USE FLASH MEMORY CHIPS TO
STORE SPEECH IN DIGITAL FORM FLASH CHIPS RETAIN DATA EVEN WHEN ELECTRICAL
CURRENT IS TURNED OFF

THE DEVICE SMALL ENOUGH TO FIT IN A SHIRT POCKET IS DESIGNED TO REPLACE
BULKIER CASSETTE RECORDERS FOR PEOPLE WHO WANT TO RECORD THEIR THOUGHTS OR
DICTATE DOCUMENTS AND MESSAGES THOUGH THE SOUND QUALITY ISN'T SUITED FOR
MUSIC THE DIGITAL FORMAT OFFERS NEARLY INSTANT REWIND AND FAST FORWARD
PLAYBACK AT HIGH OR LOW SPEED WITH NO CHANGE IN PITCH AND THE ABILITY TO
INSERT NEW MATERIAL WITHIN EXISTING MESSAGES WITHOUT ERASING

SOUND CARTRIDGES WILL FIT INTO SLOTS IN PORTABLE AND DESKTOP COMPUTERS
ALLOWING USERS TO STORE MESSAGES OR TRANSFER THEM TO OTHER PCS OR VOICEMAIL
SYSTEMS THE COMPANY SAYS EXTRA CARTRIDGES WILL START AT 50 EACH THOUGH
NORRIS EXPECTS THE PRICE TO DECLINE RAPIDLY

USING CHIPS TO STORE SOUND IS NOT A NEW IDEA BUT MOST SUCH DEVICES NOW ONLY
STORE A FEW MINUTES WORTH OF SOUND NORRIS'S FLASHBACK MAY BE THE FIRST OF
MANY PRODUCTS TO GO FOR GREATER CAPACITY WITH FLASH MEMORY AND DATA
COMPRESSION TECHNIQUES FOR SQUEEZING MORE SOUND ON EACH CHIP

THERE ARE A LOT OF PEOPLE LOOKING INTO IT SAID BRUCE MCCORMICK DIRECTOR
OF MARKETING FOR THE MEMORY COMPONENTS DIVISION OF INTEL CORP WHICH
SUPPLIED FLASH CHIPS TO NORRIS

I DON'T BELIEVE THE REST OF THE WORLD IS GOING TO SIT AROUND AND WATCH US
SAID ELWOOD NORRIS THE COMPANY'S CHIEF EXECUTIVE AND FOUNDER THIS IS JUST
TOO GOOD AN IDEA

MAGNETIC MEDIA SUCH AS TAPE AND DISK DRIVES AREN'T LIKELY TO BE TOPPED
SOON FOR HIGH CAPACITY AT LOW COST BUT FLASH CHIPS OFFER LOWER POWER
CONSUMPTION AND GREATER DURABILITY THAN THE MOTORS USED IN CONVENTIONAL
RECORDERS AND FLASH PRICES ARE FALLING RAPIDLY THE INTEL EIGHTMEGABIT
CHIP SELECTED BY NORRIS NOW CARRIES A LIST PRICE OF 29 IN LARGE QUANTITIES
AND IS EXPECTED TO FALL BELOW 20 BY YEAR END

VOICE POWERED TECHNOLOGY INTERNATIONAL INC BASED IN CANOGA PARK CALIF
SELLS A 199 DEVICE THAT USES STANDARD MEMORY CHIPS CALLED DRAMS TO STORE UP
TO FOUR MINUTES OF MESSAGES THAT CAN BE CALLED UP USING SPEECH RECOGNITION
TECHNOLOGY VOICE IT TECHNOLOGIES INC BASED IN FORT COLLINS COLO SELLS
AN EVEN SMALLER 79 DEVICE THAT STORES UP TO 75 SECONDS OF SPEECH USING A
SPECIALIZED SOUND CHIP FROM INFORMATION STORAGE DEVICES INC

ISD A PRIVATELY HELD COMPANY IN SAN JOSE CALIF NOW SPECIALIZES IN ANALOG
SOUND STORAGE FOR CELLULAR PHONES ANSWERING MACHINES AND TALKING GREETING
CARDS BUT IT ALSO IS CONSIDERING VERSIONS THAT CAN STORE UP TO 30 MINUTES
OF SOUND IN DIGITAL FORM FOR RECORDER APPLICATIONS

MR NORRIS EXPECTS TO GET PATENT PROTECTION ON HIS FLASHBASED VOICE
RECORDER AND IS ALREADY TALKING TO COMPANIES ABOUT LICENSING THE
TECHNOLOGY OTHER OBSERVERS MEANWHILE BELIEVE VOICE MESSAGES STORED IN
DIGITAL FORM WILL EVENTUALLY BE COMBINED WITH RECOGNITION TECHNOLOGY TO
TRANSLATE SPEECH INTO DIGITAL TEXT ON PCS 9403280087 940328 BUSINESS
BRIEF COMPUTER SCIENCES CORP PACT IS REACHED TO BUY UNIT OF BRITISH
AEROSPACE PLC

COMPUTER SCIENCES CORP SAID IT SIGNED AN AGREEMENT WITH BRITISH AEROSPACE
PLC TO BUY BRITISH AEROSPACE'S INTERNAL INFORMATIONTECHNOLOGY SYSTEMS FOR
ABOUT 112 MILLION AND TO PROVIDE SERVICES BACK TO THE BRITISH COMPANY FOR
10 YEARS

TERMS OF THE SOCALLED OUTSOURCING ARRANGEMENT HAVE BEEN SWEETENED SINCE
LAST NOVEMBER WHEN BRITISH AEROSPACE ANNOUNCED ITS PRELIMINARY AGREEMENT
WITH COMPUTER SCIENCES COMPUTER SCIENCES EL SEGUNDO CALIF EARLIER SAID
IT WOULD PROVIDE SERVICES BACK TO BRITISH AEROSPACE FOR 134 MILLION
ANNUALLY IT SAID THAT THE CONTRACT VALUE IN THE FIRST YEAR HAS RISEN TO
ABOUT 149 MILLION

COMPUTER SCIENCES WILL BUY BRITISH AEROSPACE'S EXISTING FACILITIES AND
EQUIPMENT AND EMPLOY SOME 1500 BRITISH AEROSPACE INFORMATIONTECHNOLOGY
WORKERS COMPUTER SCIENCES WILL PROVIDE TO BRITISH AEROSPACE SERVICES THAT
THE LONDON DEFENSE AND COMMERCIAL AEROSPACE MANUFACTURER PREVIOUSLY SUPPLIED
INTERNALLY INCLUDING MANAGING DATA CENTERS COMMUNICATIONS NETWORKS AND
DATA PROCESSING FOR MORE THAN A DOZEN BUSINESS UNITS 9403280086 940328
ECONOMY TRACKING THE ECONOMY

KEY STATISTICS SCHEDULED TO BE RELEASED THIS WEEK 9403280085 940328 WHO'S
NEWS WARNER INSURANCE SERVICES INC

WARNER INSURANCE SERVICES INC FAIR LAWN NJ MICHAEL G REPOLI 46
YEARS OLD WAS NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER AT THE COVERALL
SYSTEMS INC UNIT OF THIS PROVIDER OF SERVICES TO THE AUTOMOBILE INSURANCE
INDUSTRY THE POSITION IS NEW MR REPOLI WAS MOST RECENTLY PRESIDENT AND
CHIEF EXECUTIVE OFFICER OF MARYLAND INSURANCE GROUP A PROPERTY/CASUALTY
INSURER 9403280084 940328 WHAT'S NEWS  WORLDWIDE

BOSNIA'S GOVERNMENT APPROVED CREATION OF A MUSLIMCROAT FEDERATION

THE CABINET ALSO RECOMMENDED ADOPTION OF THE USBROKERED ACCORD BY THE
MUSLIMDOMINATED PARLIAMENT TODAY ON SATURDAY PRESIDENT IZETBEGOVIC
REASSUMED LEADERSHIP OF BOSNIA'S MAIN MUSLIM PARTY A MOVE BOSNIAN RADIO
SAID COULD LEAD TO HIS BEING REPLACED POSSIBLY BY A CROAT AS HEAD OF
STATE MEANWHILE BOSNIAN SERB LEADER KARADZIC ACCUSED THE BOSNIAN
GOVERNMENT OF LAUNCHING A MILITARY OFFENSIVE BUT UN OFFICIALS CAST DOUBT
ON THE CLAIM

THE US AMBASSADOR TO CROATIA SAID THE ZAGREB GOVERNMENT AND REBEL SERB
LEADERS ARE CLOSE TO AGREEING ON A CEASEFIRE IN THE BREAKAWAY KRAJINA
REGION

ARMED INKATHA SUPPORTERS OCCUPIED A NATAL STADIUM TO BLOCK AN AFRICAN
NATIONAL CONGRESS RALLY THE ACTION TOOK PLACE A DAY AFTER DE KLERK MET WITH
THE HEAD OF INKATHA TO STEP UP PRESSURE ON THE ZULU LEADERSHIP TO END
VIOLENCE AND ALLOW CAMPAIGNING IN THE ZULU HEARTLAND IN ADVANCE OF NEXT
MONTH'S FIRST ALLRACE ELECTIONS IN SOUTH AFRICA

ISRAELI SETTLERS SAID THEY WOULD DEFY A GOVERNMENT BAN AND HOLD A RALLY THIS
WEEK IN HEBRON SITE OF A MASSACRE OF PALESTINIANS BY A SETTLER LAST MONTH
FOREIGN MINISTER PERES INDICATED MEANWHILE THAT THE GOVERNMENT IS
CONSIDERING REMOVING SETTLERS FROM HEBRON A PLO DEMAND AT NEGOTIATIONS
AIMED AT REVIVING STALLED PEACE TALKS

A CHURCH ROOF COLLAPSED DURING A TORNADO IN ALABAMA KILLING 17 PEOPLE AND
INJURING AT LEAST 90 POLICE IN PIEDMONT ABOUT 72 MILES WEST OF ATLANTA
SAID THE BUILDING COLLAPSED WITH ABOUT 140 PALM SUNDAY WORSHIPERS INSIDE
THE STORM PART OF A SERIES THAT KILLED 18 OTHERS IN THE REGION KNOCKED OUT
POWER FURTHER HAMPERING RESCUE EFFORTS

THE CLINTONS MAY OWE BACK TAXES DESPITE WHITE HOUSE EFFORTS TO DISPEL THE
CONTROVERSY OVER THEIR WHITEWATER LOSSES AND TAX DEDUCTIONS SOME
ACCOUNTANTS CONTEND MEANWHILE THE WHITEWATER COUNSEL IS INVESTIGATING
WHETHER TWO CLINTON AIDES IMPROPERLY SOUGHT TO REMOVE A FOE FROM AN RTC
INQUIRY

MEXICAN OFFICIALS AVERTED A POSSIBLE PANIC IN ITS MARKETS FOLLOWING THE
ASSASSINATION OF THE RULING PARTY'S PRESIDENTIAL CANDIDATE LAST WEEK THROUGH
A ONCESECRET AGREEMENT WITH THE US TREASURY AND A COMPLEX MIX OF MORAL
SUASION AND VAGUE THREATS MEANWHILE A FULLER PORTRAIT OF THE CONFESSED
ASSASSIN EMERGED

FEDERAL INVESTIGATORS FOCUSED ON THE BUILDING OF A NEARBY ASPHALT PLANT IN
THEIR HUNT FOR THE CAUSE OF THE RUPTURE OF A GAS PIPELINE THAT TOUCHED OFF A
MASSIVE EXPLOSION AND FIRE IN CENTRAL NEW JERSEY LAST WEEK INVESTIGATORS
SAID CONSTRUCTION EQUIPMENT MAY HAVE GOUGED THE PIPE ONE WOMAN DIED OF A
HEART ATTACK AS A RESULT OF THE BLAST

ITALIANS BEGAN TWO DAYS OF VOTING IN NATIONAL ELECTIONS BUT TURNOUT WAS
LIGHT WITH THE CENTRIST COALITION THAT RULED SINCE 1948 DISCREDITED BY A
CORRUPTION SCANDAL THE MAIN CONTENDERS ARE A CONSERVATIVE GROUP HEADED BY
ONE OF ITALY'S RICHEST MEN AND A LEFTIST COALITION LED BY FORMER COMMUNISTS
FINAL RETURNS AREN'T DUE UNTIL TOMORROW

SOUTH KOREA'S PRESIDENT ARRIVED IN BEIJING FOR TALKS WITH CHINESE LEADERS
THAT ARE EXPECTED TO FOCUS ON TENSIONS CAUSED BY NORTH KOREA'S REFUSAL TO
ALLOW INSPECTIONS OF SUSPECTED NUCLEAR WEAPONS SITES BUT CHINESE LEADERS
FEAR SANCTIONS COULD DRIVE PYONGYANG TO TAKE DESPERATE ACTION OR ITS
LEADERSHIP TO FALL

A BIG TURNOUT IN UKRAINE ENSURED THAT THE RESULTS OF THE FIRST PARLIAMENTARY
ELECTIONS SINCE INDEPENDENCE FROM THE FORMER SOVIET UNION WOULD MEET
REQUIREMENTS TO BE DECLARED VALID AN EMERGING CONFLICT BETWEEN THE
EXECUTIVE AND LEGISLATIVE BRANCHES HOWEVER COULD FURTHER DESTABILIZE A
TENSE POLITICAL SITUATION

THE ADMINISTRATION WILL PRESS HOUSE DEMOCRATIC LEADERS TO WATER DOWN
SPENDING CUTS TOTALING 26 BILLION OVER FIVE YEARS THAT WERE APPROVED BY THE
SENATE LAST WEEK THE SENATE FRIDAY PASSED CLINTON'S 15 TRILLION BUDGET
FOR FISCAL 1995 BUT CUT MORE SPENDING THAN THE WHITE HOUSE WANTED THE
5740 VOTE WAS ALMOST STRICTLY ALONG PARTY LINES

YELTSIN RETURNED TO MOSCOW AFTER A TWOWEEK BLACK SEA VACATION THAT SET OFF
A RASH OF SPECULATION ABOUT COUP PLOTS AND FAILING HEALTH THE RUSSIAN
PRESIDENT IN AN INTERVIEW IN IZVESTIA CONDEMNED THE RUMORS AS A RICH BREW
OF LIES MEANNESS AND GREED 9403280083 940328 SALOMON'S FATTEST PAY
DIDN'T GO TO CEO  BY MICHAEL SICONOLFI STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK WALL STREET'S CHIEF EXECUTIVES GET THE CORPORATE PERKS BUT
NOT ALWAYS THE BIGGEST PAYCHECKS

CONSIDER SALOMON BROTHERS INC THE SALOMON INC UNIT PAID DERYCK C MAUGHAN
ITS CHAIRMAN AND CHIEF EXECUTIVE OFFICER A 1993 PAY PACKAGE OF 7 MILLION
AMID RECORD PROFIT AT THE BIG INVESTMENT BANK ACCORDING TO THE FIRM'S PROXY
STATEMENT

BUT SALOMON'S FATTEST 1993 PAY PACKAGE WENT TO ITS FOREIGNEXCHANGE HEAD
PEOPLE FAMILIAR WITH THE FIRM SAID HANS U HUFSCHMID 38 YEARS OLD
RECEIVED 28 MILLION IN SALARY BONUS AND OTHER COMPENSATION AMID RECORD
CURRENCYTRADING REVENUE AT SALOMON THE PEOPLE SAID

MR HUFSCHMID DIDN'T TAKE HOME THE ENTIRE PAYCHECK LAST YEAR AS MUCH AS
HALF HIS 1993 PAY PACKAGE IS IN THE FORM OF SALOMON COMMON STOCK THAT CAN'T
BE CASHED IN FOR FIVE YEARS STILL TO PUT IT IN PERSPECTIVE HIS PAY RIVALS
THE 342 MILLION SALARY CAP FOR AN ENTIRE NATIONAL FOOTBALL LEAGUE TEAM
NEXT SEASON

MR HUFSCHMID'S PAY WASN'T DISCLOSED IN SALOMON'S PROXY STATEMENT THAT IS
RESERVED FOR THE FIRM'S TOP FIVE EXECUTIVES BUT HIS COMPENSATION IS AMONG
THE HIGHEST ANNUAL PAY PACKAGES EVER DOLED OUT BY A PUBLICLY TRADED WALL
STREET FIRM IT REFLECTS THE RISE OF FOREIGNEXCHANGE TRADERS ON WALL STREET
IN RECENT YEARS AND IT ALSO SUGGESTS THAT THE ERA OF HIGHLY PAID TRADERS AT
SALOMON DIDN'T DIE WITH THE FIRM'S 1991 TREASURYAUCTION SCANDAL

SALOMON FOR ITS PART TOOK ISSUE WITH THE 28 MILLION PAY FIGURE THAT
NUMBER IS WRONG WE DON'T LIE SAID ROBERT BAKER A SALOMON SPOKESMAN
MR HUFSCHMID SAID IN AN INTERVIEW THAT HE WAS GENEROUSLY COMPENSATED LAST
YEAR BUT ADDED THAT PAY IS SOMETHING I DON'T REALLY WANT TO TALK ABOUT
BOTH MESSRS BAKER AND HUFSCHMID REFUSED TO ELABORATE

SUCH LOFTY PAYCHECKS CAN BE NETTLESOME FOR WALL STREET FIRMS FOR INSTANCE
SOON AFTER SALOMON PAID ITS FORMER BONDARBITRAGE TRADING STAR LAWRENCE
HILIBRAND 23 MILLION IN 1990 THE PROFIT FROM MR HILIBRAND'S
BONDARBITRAGE GROUP SLIPPED SALOMON'S FOREIGNEXCHANGE TRADING UNIT THIS
YEAR HAS STUMBLED A BIT AS HAVE MANY OTHER INVESTMENT COMPANIES AMID
ROCKY CURRENCY MARKETS WORLDWIDE

MR HUFSCHMID DECLINED TO COMMENT ON ANY SALOMON CURRENCY LOSSES THOUGH HE
SAID RECENT MONTHS CERTAINLY HAVE BEEN HECTIC HE NOTED THAT SALOMON'S
FOREIGNEXCHANGE GROUP TENDS TO TRADE BASED ON FUNDAMENTAL FACTORS AFFECTING
CURRENCY MARKETS BUT THAT A LOT OF TRADES WENT AGAINST FUNDAMENTALS MR
HUFSCHMID ADDED THAT HIS UNIT TRIES TO DIVERSIFY THE RISK AND KEEP WHAT'S
GOOD

WHATEVER THE TRADING POSITION THE LACONIC MR HUFSCHMID TENDS TO KEEP HIS
COOL ASSOCIATES SAID WHEN POSITIONS WERE AGAINST HIM AND AWAY FROM HIM
THERE WAS NO CHANGE AT ALL IN HIS EMOTIONAL STATUS SAID JAMES L MASSEY
AN HONORARY SALOMON BROTHERS MANAGING DIRECTOR AND MR HUFSCHMID'S FORMER
BOSS IN EUROPE THE BLONDHAIRED MR HUFSCHMID WHO REMINDS SOME
COLLEAGUES OF AN AUSTRIAN SKI INSTRUCTOR HAS A FIRSTCLASS TRADING
MIND SAID MR MASSEY HE'S VERY CAPABLE VERY BRIGHT VERY CONTROLLED

MR HUFSCHMID HAS RUN SALOMON'S FOREIGNEXCHANGE DESK SINCE 1991 THE UNIT
HAS 35 PROFESSIONALS WORLDWIDE AMONG MR HUFSCHMID'S PROFITABLE TRADES
LAST YEAR INVOLVED WELLTIMED BETS ON THE VALUE OF THE US DOLLAR AGAINST
THE MARK SPECIFICALLY SALOMON SOLD HUGE AMOUNTS OF DOLLARS AGAINST THE
MARK AT 170 AND BOUGHT BACK DOLLARS AT 160 WE GOT LUCKY AND CAUGHT THE
BREAK AND THEN CAUGHT THE RETRACEMENT OF THE DOLLAR MR HUFSCHMID SAID
SALOMON ALSO PROSPERED ON SEVERAL EUROPEAN CROSSCURRENCY TRADES INCLUDING
STERLINGMARK MARKPESETA AND MARKSWEDISH KRONA MR HUFSCHMID ADDED

IN ITS PROXY DATA SALOMON SAID MR MAUGHAN 46 RECEIVED A BONUS OF 26
MILLION 57 HIGHER THAN 17 MILLION A YEAR EARLIER HE ALSO RECEIVED A
RESTRICTED STOCK AWARD OF 39 MILLION A SALARY OF 400000 AND OTHER
PAYOUTS TOTALING 106127 IN ADDITION MR MAUGHAN HOLDS NEARLY 16
MILLION IN OPTIONS ON SALOMON STOCK AS OF THE END OF 1993 THE PROXY
MATERIALS SAID

MR MAUGHAN'S 1993 PAY PACKAGE WAS DOWN FROM 84 MILLION IN 1992 WHEN HE
WAS PAID 34 MILLION FROM A DEFERREDPAY PLAN THAT VESTED THROUGH DEC 31
1991 MR MAUGHAN'S 1992 PAY ALSO WAS BOLSTERED BY 283854 FOR A TEMPORARY
RESIDENCE AND OTHER RELATED EXPENSES IN CONNECTION WITH MR MAUGHAN'S
RELOCATION TO NEW YORK FROM JAPAN HIS 1993 PAY WAS LOWER THAN THAT RECEIVED
BY CHAIRMEN AT RIVALS BEAR STEARNS COS MERRILL LYNCH & CO AND PAINEWEBBER
GROUP INC

IN FUTURE YEARS HOWEVER MR MAUGHAN'S PAY MAY WELL OUTPACE THAT OF HIS
SALOMON ASSOCIATES AS WELL AS BROKERAGEFIRM PEERS THAT'S BECAUSE A PAY
CHANGE PROPOSED BY SALOMON IN ITS PROXY DATA WOULD GRANT MR MAUGHAN AN
ANNUAL EXECUTIVE OFFICER PERFORMANCE BONUS THAT COULD TOTAL AS MUCH AS 24
MILLION IF SALOMON BROTHERS' RETURN ON EQUITY REACHES 30 OR MORE AND IS
10 OR MORE ABOVE THAT OF MAJOR RIVALS BANKERS TRUST CO BEAR STEARNS
MERRILL MORGAN GUARANTY AND MORGAN STANLEY GROUP INC THE PROXY DATA SAID

IF SALOMON'S PERFORMANCE LAGS FOR INSTANCE ITS ANNUAL RETURN ON EQUITY
IS 5 AND IS EQUAL TO ITS RIVALS THEN MR MAUGHAN WILL RECEIVE NO
PERFORMANCE BONUS BUT MR MAUGHAN IS ENSURED AN ANNUAL SALARY AND
NONPERFORMANCE BONUS OF 1 MILLION THE PROXY STATEMENT SAID

THUS FOR EXAMPLE IF A RISING TIDE OF INDUSTRY PROFITS RAISES ALL BOATS
EXCEPT SALOMON BROTHERS' HE IS PENALIZED IF SALOMON BROTHERS' PERFORMANCE
OUTPACES A RISING TIDE HE WILL BE REWARDED THE PROXY MATERIALS SAID

SALOMON EARNED RECORD NET INCOME OF 827 MILLION IN 1993 UP 50 FROM THE
550 MILLION IN 1992 SINCE 1988 HOWEVER ITS STOCK HAS LAGGED BEHIND AN
INDEX OF RIVAL BROKERAGE FIRMS INCLUDING BEAR MERRILL AND MORGAN STANLEY
THE PROXY DATA SAID SALOMON'S STOCK CLOSED FRIDAY AT 50625 DOWN 625
CENTS IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING 9403280082 940328
WHO'S NEWS UDC HOMES INC

UDC HOMES INC TEMPE ARIZ JACQUES C LAZARD WAS NAMED EXECUTIVE VICE
PRESIDENT AND CHIEF FINANCIAL OFFICER OF THIS BUILDER OF FAMILY AND ADULT
RESIDENTIAL COMMUNITIES MR LAZARD 42 YEARS OLD HAD BEEN VICE PRESIDENT
AND CONTROLLER OF MAXXAM INC HE SUCCEEDS ROBERT H DASKAL 52 WHO RESIGNED
TO PURSUE OTHER BUSINESS OPPORTUNITIES 9403280081 940328 WASHINGTON
DEBATES HEALTH CARE FOR ALL DR HAHN DELIVERS  WEST VIRGINIA
OBSTETRICIAN HELPS MOTHERS AND BABIES IN FIVE RURAL COUNTIES  BY
ALECIA SWASY STAFF REPORTER OF THE WALL STREET JOURNAL

PETERSBURG WVA GRANT MEMORIAL HOSPITAL IS NEARLY PARALYZED BY A
BLIZZARD THE LIGHTS ARE OFF TO CONSERVE POWER AND THE OPERATING ROOM HAS
NO HEAT BUT PENNY STEWART HAS TRAVELED TWO HOURS OVER STORMSWEPT MOUNTAIN
ROADS SO JOHN HAHN CAN DELIVER HER BABY

OUT OF A DARKENED HALLWAY APPEARS THE 37YEAROLD OBSTETRICIAN CLAD IN BLUE
HOSPITAL SCRUBS THE LABOR IS LONG AND DIFFICULT JUST PUSH AND BREATHE
HE TELLS THE MOTHER TEN DAYS PAST HER DUE DATE ANGEL DAWN WEIGHS IN AT
FIVE POUNDS THIS PROVES IT'S NEVER TOO COLD TO HAVE YOUNG'UNS JOKES DR
HAHN HIMSELF THE FATHER OF FIVE

DR HAHN WHO GREW UP IN NEARBY WARDENSVILLE RIDES A CIRCUIT OF FIVE RURAL
COUNTIES TO CARE FOR THE PREGNANT WOMEN OF WEST VIRGINIA'S PANHANDLE WITH A
PATIENT LOAD OF ABOUT 4000 WOMEN HIS RECORD IS DELIVERING EIGHT BABIES
IN ONE DAY DR HAHN BARELY HAS TIME TO SCAN THE DAILY HEADLINES WHEN
ASKED HIS OPINION OF THE NATIONAL HEALTHCARE DEBATE HE HAS TO STOP AND
CONSIDER DR HAHN WORKS ABOUT 180 MILES AND DEGREES FROM WASHINGTON

DR HAHN THINKS PRESIDENT CLINTON'S VOW TO PROVIDE EVERYONE WITH HEALTH CARE
SHOWS HE IS A GOODHEARTED PERSON BUT IN RURAL WEST VIRGINIA MOST
PATIENTS ARE COVERED BY MEDICAID THE FEDERALLY FUNDED HEALTHCARE PROGRAM
FOR THE POOR DR HAHN DOESN'T WANT ANY MORE GOVERNMENT BUREAUCRACY
AFFECTING HIS PRACTICE

THE PANHANDLE'S DENSE FORESTS AND STEEP HILLS AREN'T INVITING SITES FOR
INDUSTRY IN DR HAHN'S TERRITORY SOME WOMEN FIND JOBS AS WAITRESSES AT THE
DAIRY QUEEN OR CLERKS AT THE 7ELEVEN OTHERS LIKE MRS STEWART WORK AT
SEASONAL JOBS LIKE THOSE AT AN APPLEPACKING PLANT EARNING LITTLE MORE THAN
MINIMUM WAGE THEY DEPEND ON FOOD STAMPS FOR GROCERIES AND CAN FIND
THEMSELVES REBUFFED BY HOSPITALS AND DOCTORS UNWILLING TO ACCEPT MEDICAID
PAYMENT ALONE FOR THEIR SERVICES

PART OF THE PROBLEM IS WEST VIRGINIA'S TROUBLED ECONOMY INDEED DR HAHN
WAS AMONG THE STATE'S PHYSICIANS WHOSE PAYMENTS WERE HELD UP FROM 1987 TO
1989 FOR MEDICAID PATIENT CARE BECAUSE WEST VIRGINIA COULDN'T MUSTER ITS
SHARE OF THE MATCHING FUNDS FOR THE GOVERNMENT PROGRAM BUT DR HAHN
CONTINUED TO CARE FOR HIS PATIENTS DURING THAT TIME AND HE BRISTLES AT THE
ACCUSATION THAT DOCTORS ARE THE CULPRITS IN THE HIGH COST OF HEALTH CARE I
GET PAID GOOD BUT I'M NOT GREEDY SAYS THE OBSTETRICIAN WHO IS ON SALARY
AT GRANT MEMORIAL IF SOMEBODY IS HURTING I HELP THEM AT TIMES HE HAS
DELIVERED SECOND CHILDREN TO MOTHERS WHO HAVEN'T PAID THE BILL FOR THEIR
FIRST AND HE HAS PERFORMED FREE HYSTERECTOMIES FOR WOMEN WHO CAN'T AFFORD A
FEE I KNOW WHAT IT'S LIKE TO BE POOR HE SAYS THESE WOMEN COULD BE MY
MOTHER OR SISTER

THE SON OF A SAWMILL OPERATOR AND A SEAMSTRESS DR HAHN REMEMBERS HOW HIS
PARENTS STRUGGLED TO PAY THEIR BILLS FOR YEARS THEY LIVED RENTFREE IN AN
ABANDONED SHACK THAT LACKED INDOOR PLUMBING WE DIDN'T GO UPSTAIRS BECAUSE
IT WAS DARK AND COLD UP THERE WE DIDN'T EVEN HAVE A BARE LIGHT BULB UP
THERE HE SAYS TO HEAT THE DOWNSTAIRS THE FAMILY BURNED WOOD THAT HIS DAD
BROUGHT HOME FROM THE SAWMILL COAL COST MONEY HE SAYS

SO DID HEALTH CARE BUT THE LOCAL PHYSICIAN JD MATHIAS LIMITED HIS FEES
TO 1 TO 3 FOR THOSE IN NEED WHEN HE RETIRED THE HAHN FAMILY PAID THE 70
DR MATHIAS'S TATTERED LEDGER SHOWED THEY OWED FOR A LIFETIME OF CARE HE
NEVER TURNED US DOWN DR HAHN SAYS

THAT MADE A BIG IMPRESSION ON BOTH JOHN AND HIS OLDER BROTHER JERRY THEY
GREW UP WANTING TO BE DOCTORS TOO STRIVING FOR GOOD GRADES AND
SCHOLARSHIPS THEY ALSO EARNED MONEY FOR COLLEGE BY WORKING ALONGSIDE THEIR
FATHER AT THE MILL FEEDING TREES THROUGH A SAW POWERED BY AN OLD BUICK
ENGINE BOTH MADE IT TO MARSHALL UNIVERSITY MEDICAL SCHOOL IN HUNTINGTON
WVA AND JOHN SIGNED UP WITH THE NATIONAL HEALTH SERVICE IN EXCHANGE FOR
THE PROMISE OF FOUR YEARS' SERVICE IN A RURAL AREA THE NHS HELPED PAY FOR
JOHN'S MEDICAL EDUCATION HE CHOSE TO SPECIALIZE IN OBSTETRICS TO GUARANTEE
AN ASSIGNMENT NEAR HIS HOMETOWN BESIDES DELIVERING BABIES IS WONDERFUL
HE SAYS

MANY DOCTORS HAVE GOTTEN OUT OF THE BABY BUSINESS BECAUSE OF HIGH
MALPRACTICE PREMIUMS AND EVEN HIGHER AWARDS AGAINST DOCTORS MADE BY JURIES
IN BIRTHINJURY CASES IN 1987 DR HAHN JOINED THE GRANT MEMORIAL HOSPITAL
STAFF AND HANDLED OBSTETRICS WORK ONCE SHARED AMONG SIX OTHER PHYSICIANS AT
THAT TIME THERE WERE ABOUT 300 DOCTORS IN WEST VIRGINIA PRACTICING
OBSTETRICS NOW THERE ARE ABOUT 130 OF THOSE REMAINING ONLY HALF ACCEPT
MEDICAID PATIENTS ON AN UNRESTRICTED BASIS

THE SHORTAGE OF OBSTETRICIANS NOT TO MENTION DOCTORS IN GENERAL IS SO
SEVERE IN IMPOVERISHED RURAL AREAS THAT IT ISN'T UNCOMMON FOR STATES LIKE
TENNESSEE NORTH CAROLINA VIRGINIA AND WEST VIRGINIA TO PROSPECT FOR
PHYSICIANS AND EVEN TRY TO LURE DOCTORS AWAY FROM ONE ANOTHER

DR HAHN DOESN'T WANT TO PRACTICE ANYWHERE ELSE NOR DOES HE WANT TO GIVE UP
HIS SPECIALTY HIS PERSISTENCE HAS BEEN GOOD FOR THE REGION'S WOMEN AND
BABIES AND IT HAS TURNED HIM INTO SOMETHING OF AN ENTREPRENEUR

TO EXPAND AREA DOCTORS' TRAVELING RANGE DR HAHN PERSUADED SOME COLLEAGUES
AT THE HOSPITAL TO POOL THEIR MONEY AND BUILD A 45000 RADIO TOWER HIGH
ATOP NEARBY CHARLEY'S KNOB SO BEEPERS AND MOBILE TELEPHONES WOULD WORK IN
THE DEEP VALLEYS OF THE SHENANDOAH MOUNTAINS

WITH HIS BROTHER JERRY WHO SPECIALIZES IN FAMILY PRACTICE AND DERMATOLOGY
DR HAHN HAS OPENED REGIONAL DOC IN A BOX CLINICS IN THREE SURROUNDING
TOWNS DR HAHN FIGURES IT TAKES AT LEAST 500000 AND TWO YEARS TO
ESTABLISH AND MAINTAIN A CLINIC UNTIL IT IS SELFSUPPORTING BUT THE SYSTEM
BRINGS PATIENTS TO HIS OBSTETRICS PRACTICE AT THE HOSPITAL HIS 80000
SALARY WHEN HE STARTED AT GRANT MEMORIAL SEVEN YEARS AGO HAS TRIPLED THANKS
TO PATIENTS COMING TO HIS HOSPITAL PRACTICE FROM THE CLINICS HE SAYS
PERMITTING HIM AND HIS BROTHER TO CONTINUE UNDERWRITING THE CLINIC
FACILITIES HE STILL NEEDS TO FINANCE ULTRASOUND MACHINES FOR EACH OFFICE
AND THE HAHN BROTHERS DREAM OF EVENTUALLY OPENING A CLINIC IN WARDENSVILLE
TO CARE FOR THEIR OLD NEIGHBORS

THESE DAYS DR HAHN GETS SOME HELP FROM A MIDWIFE AND A PARTTIME DOCTOR AT
THE HOSPITAL BUT MANY WOMEN WON'T SCHEDULE THEIR APPOINTMENTS WITH ANYONE
BUT DR HAHN

SOME SHOW UP IN THE DELIVERY ROOM AT THE TENDER AGE OF 12 OR 13 DENYING
THEY ARE PREGNANT UNTIL THEY GO INTO LABOR I'VE HAD THEM IN HERE WITH
CRAYONS AND COLORING BOOKS HE SAYS ONE GIRL CARRIED A DOLL FOR HERSELF
NOT THE BABY BUT HE SAYS HE TREATS EACH MOTHER AND CHILD AS IF THEY WERE
MEMBERS OF HIS OWN FAMILY

I WAS SO SCARED SAYS SUSAN STOKES WHO WAS 15 YEARS OLD AND A HIGHSCHOOL
DROPOUT WHEN DR HAHN DELIVERED HER FIRST CHILD BUT DR HAHN TOLD ME NOT
TO WORRY HE MADE ME FEEL LIKE EVERYTHING WOULD BE OK I HOPE HE STAYS IN
THIS BUSINESS FOR A LONG TIME WE NEED HIM 9403280080 940328 NEW STOCK
LISTINGS

NEW YORK THE NEW YORK STOCK EXCHANGE ANNOUNCED SIX NEW LISTINGS INCLUDING
TWO INITIAL PUBLIC OFFERINGS AND THE NATIONAL ASSOCIATION OF SECURITIES
DEALERS ANNOUNCED NINE LISTINGS INCLUDING SEVEN INITIAL OFFERINGS THE
AMERICAN STOCK EXCHANGE ANNOUNCED THREE LISTINGS INCLUDING TWO INITIAL
OFFERINGS

THE BIG BOARD BEGAN TRADING THE INITIAL OFFERINGS OF COLD METAL PRODUCTS
INC YOUNGSTOWN OHIO A STEEL PRODUCTS MAKER UNDER CLQ AND JDN REALTY
CORP ATLANTA AN INVESTMENT TRUST JDN

ALSO TITAN HOLDINGS INC SAN ANTONIO AN INSURANCE HOLDING COMPANY TH
TITAN WHEEL INTERNATIONAL INC QUINCY ILL A MANUFACTURER OF STEEL WHEELS
AND RIMS TWI AND RHODES INC ATLANTA A FURNITURE RETAILER RHD THESE
THREE COMPANIES PREVIOUSLY TRADED OVERTHECOUNTER

THE OTHER NYSE NEW LISTING IS INTERNATIONAL COLIN ENERGY CORP CALGARY
BC CANADA A WESTERN CANADA OIL AND GAS COMPANY KCN

THE NASDAQ ADDED THE FOLLOWING INITIAL OFFERINGS TO ITS NATIONAL MARKET
SYSTEM CAREER HORIZONS INC WOODBURY NY A PROVIDER OF TEMPORARY
PERSONNEL CARH DAKOTAH INC WEBSTER SD A MANUFACTURER OF HOME
FURNISHINGS DKTH GULF SOUTH MEDICAL SUPPLY INC RIDGELAND MISS A
DISTRIBUTOR OF MEDICAL SUPPLIES AND RELATED PRODUCTS GSMS GASONICS
INTERNATIONAL CORP SAN JOSE CALIF A DEVELOPER AND SUPPLIER OF EQUIPMENT
USED TO MAKE INTEGRATED CIRCUITS GSNX AND MFB CORP MISHAWAKA IND A
BANK HOLDING MFBC

ALSO MOTORCAR PARTS & ACCESSORIES INC TORRANCE CALIF A MAKER OF
REPLACEMENT ALTERNATORS AND STARTERS MPAA VECTRA BANKING CORP DENVER A
BANK HOLDING COMPANY VTRA AND PREFERRED STOCK UNDER VTRAP

INTEGRATED MICRO PRODUCTS PLC COUNTY DURHAM UK A COMPUTER SYSTEMS
SUPPLIER IMPTY AND NEW WORLD COMMUNICATIONS GROUP INC MARIETTA GA A
BROADCAST TELEVISION HOLDING COMPANY NWCG

THE AMEX BEGAN TRADING THE INITIAL OFFERINGS OF HISHEAR TECHNOLOGY CORP
TORRANCE CALIF A MANUFACTURER OF PRODUCTS FOR THE DEFENSE INDUSTRY HSR
AND HIGHLANDER INCOME FUND INC MINNEAPOLIS A CLOSEDEND FUND HLA

THE AMEX ALSO ADDED FRONTIER ADJUSTERS OF AMERICA INC PHOENIX A LICENSER
AND FRANCHISER OF INDEPENDENT INSURANCE ADJUSTORS FAJ PREVIOUSLY TRADED
OVERTHECOUNTER

THE AMEX BEGAN TRADING OPTIONS ON CYTEC INDUSTRIES INC AND STOCK MARKET
ANNUAL RESET TERM NOTES ISSUED BY MERRILL LYNCH & CO A DEBT SECURITY TIED
TO THE MOVEMENT OF THE EXCHANGE'S OIL INDEX

THE PHILADELPHIA STOCK EXCHANGE BEGAN TRADING OPTIONS ON SOVEREIGN BANCORP
INC AND TESORO PETROLEUM CORP 9403280079 940328 US CLEARS THE AIR WITH
INDIA RESTATES POLICY ON HUMAN RIGHTS AND PAKISTAN  BY SUMAN
DUBEY STAFF REPORTER OF THE WALL STREET JOURNAL

NEW DELHI BOWING TO INDIAN SENSITIVITIES THE US HAS CHANGED THE TENOR
 THOUGH NOT THE CONTENT OF ITS DIPLOMACY IN SOUTH ASIA

THE CHANGED TONE WAS EVIDENT LAST WEEK DURING THREE DAYS OF TALKS HERE
BETWEEN INDIAN LEADERS AND ROBIN RAPHEL THE US ASSISTANT SECRETARY OF
STATE FOR SOUTH ASIAN AFFAIRS THE TRIP SEEMS TO HAVE CALMED SOME OF THE
ANGER THAT HAS BEEN BUILDING UP HERE RECENTLY OVER US CRITICISM OF INDIA'S
HUMANRIGHTS RECORD AND A PERCEIVED TILT BY THE CLINTON ADMINISTRATION
TOWARD PAKISTAN IT ALSO PROBABLY HAS CLEARED THE WAY FOR AN EARLY VISIT TO
WASHINGTON BY PRIME MINISTER PV NARASIMHA RAO

MS RAPHEL WHOSE PREVIOUS REMARKS ABOUT US POLICY TOWARD INDIA DREW THE
IRE OF THE COUNTRY'S MEDIA SAID SHE HAD SUCCEEDED IN CLARIFYING SOME
MISUNDERSTANDINGS

IN A SPEECH FRIDAY AT THE AMERICAN CENTRE IN NEW DELHI MS RAPHEL FOCUSED
MAINLY ON BUSINESS DECLARING THAT AN ECONOMIC PARTNERSHIP BETWEEN THE TWO
NATIONS IS GROWING AT A BREATHTAKING PACE

IN DISCUSSING THE STATE OF JAMMU AND KASHMIR TERRITORY CLAIMED BY BOTH
INDIA AND PAKISTAN MS RAPHEL SAID US POLICY HAD BEEN MISREPRESENTED AND
TERRIBLY DISTORTED HAVING BEEN ACCUSED IN THE INDIAN MEDIA OF QUESTIONING
THE BASIS OF KASHMIR'S ACCESSION TO INDIA MS RAPHEL SKIPPED OVER THE
DISPUTE'S PAST WHICH INCLUDES THREE WARS AND COUNTLESS BORDER SKIRMISHES
BETWEEN INDIA AND PAKISTAN SINCE 1947

THE US SHE SAID WANTS TO FOCUS ON HOW THE KASHMIR DISPUTE COULD BE
ENDED NOT ON HOW IT STARTED RATHER THAN REITERATING THE US POSITION THAT
ANY SETTLEMENT MUST TAKE INTO ACCOUNT THE LOCAL PEOPLE'S WISHES SHE PRAISED
PRIME MINISTER RAO'S EFFORTS TO PURSUE A POLITICAL PROCESS THAT WILL BRING
AN END TO FIGHTING IN KASHMIR THAT WAS A REFERENCE TO EFFORTS BY THE
INDIAN GOVERNMENT TO ORGANIZE ASSEMBLY ELECTIONS PAVING THE WAY FOR
KASHMIR'S FIRST ELECTED GOVERNMENT SINCE EARLY 1990

MS RAPHEL ADVISED INDIA TO CURB HUMANRIGHTS ABUSES BY ITS SECURITY FORCES
BUT ACKNOWLEDGED MOVES BEING MADE TOWARD THAT END SHE ALSO CRITICIZED
SIMILAR VIOLATIONS BY SEPARATIST MILITANTS IN THE STATE IN ADDITION MS
RAPHEL DEPLORED OUTSIDE AID TO THE MILITANTS A REFERENCE TO HELP FROM
PAKISTAN AND THE PRESENCE IN KASHMIR OF MILITANTS FROM SEVERAL COUNTRIES
INCLUDING PAKISTAN AND AFGHANISTAN THE US SHE ADDED HAS MADE ITS
POSITION CLEAR IN CAPITALS WHERE IT NEEDS TO BE HEARD AND WILL CONTINUE TO
PURSUE THE ISSUE

SPEAKING PRIVATELY INDIAN DIPLOMATIC OFFICIALS SAID NEW DELHI WELCOMES MS
RAPHEL'S NEW ENUNCIATION OF US POLICY TOWARD KASHMIR BUT WOULD BE MORE
CONVINCED IF THESE VIEWS WERE STATED IN APPROPRIATE US FORUMS SUCH AS
CONGRESSIONAL TESTIMONY

INDIAN OFFICIALS AND POLITICAL LEADERS SAY THEY TOLD MS RAPHEL THAT THE
CLINTON ADMINISTRATION'S PROPOSAL TO SUPPLY F16 FIGHTER JETS TO PAKISTAN
WOULD ADD TO INDIA'S SECURITY PROBLEMS ASKED ABOUT THIS COMPLAINT AFTER HER
SPEECH MS RAPHEL SAID THAT PREVENTING THE SPREAD OF NUCLEAR WEAPONS IS ONE
OF THE CLINTON ADMINISTRATION'S TOP POLICY GOALS AND THAT THE FIGHTERS ARE
LINKED TO ASKING PAKISTAN TO TAKE A MAJOR NONPROLIFERATION STEP

INDIAN OFFICIALS ARE GEARING UP TO FACE PRESSURE ON THE NUCLEAR ISSUE EARLY
NEXT MONTH WHEN THE DEPUTY US SECRETARY OF STATE STROBE TALBOTT IS TO
VISIT INDIA

INDIA EXPLODED A NUCLEAR DEVICE IN 1974 AND REFUSES TO SIGN THE NUCLEAR
NONPROLIFERATION TREATY ON THE GROUND THAT IT DISCRIMINATES BETWEEN NUCLEAR
HAVES AND HAVENOTS AND DOESN'T COMMIT THE FORMER TO DESTROYING THEIR
ARSENALS INDIA DOES INSIST HOWEVER THAT IT HAS NEITHER NUCLEAR WEAPONS
NOR A PROGRAM TO BUILD THEM MR TALBOTT IS EXPECTED TO PRESS FOR INDIAN
CONCESSIONS ON THE NUCLEAR ISSUE IN LINE WITH US FEARS THAT INSTABILITY OR
DISPUTES IN SOUTH ASIA COULD LEAD TO A NUCLEAR WAR BETWEEN INDIA AND
PAKISTAN HE IS ALSO EXPECTED TO DISCUSS MR RAO'S LIKELY VISIT TO
WASHINGTON 9403280078 940328 BUSINESS BRIEF TODAY'S MAN INC 
MENSWEAR FIRM MAY OPEN ADDITIONAL MANHATTAN STORES

TODAY'S MAN INC PLEASED WITH RECORD VOLUME AT ITS FIRST MANHATTAN STORE
SAID IT IS CONSIDERING OPENING TWO TO THREE ADDITIONAL STORES IN NEW YORK
CITY

SHARES OF THE COMPANY WHICH OPERATES LOWPRICED MENSWEAR STORES JUMPED
125 TO 1575 IN NASDAQ STOCK MARKET TRADING FRIDAY

THE ADDITIONAL MANHATTAN LOCATIONS WOULD INCREASE THE COMPANY'S PRESENCE IN
THE NEW YORK METROPOLITAN AREA TO 20 STORES TODAY'S MAN SAID THREE NEWLY
OPENED STORES IN CHICAGO WERE PERFORMING WELL AND A FOURTH CHICAGO STORE IS
EXPECTED TO OPEN IN THE THIRD QUARTER

THE COMPANY WHICH IS BASED IN MOORESTOWN NJ PLANS TO OPEN A FIFTH
CHICAGO STORE IN EARLY 1995 AND TO EVENTUALLY OPERATE EIGHT TO 10 STORES IN
THE CHICAGO MARKET 9403280076 940309 SPEAKING OF BUSINESS BALANCED
BUDGET POST MORTEM  BY LINDLEY H CLARK JR

CONGRESS HAS ONCE AGAIN TURNED DOWN THE IDEA OF A BALANCEDBUDGET AMENDMENT
TO THE CONSTITUTION BUT AS FAR AS I'M CONCERNED IF AT FIRST SECOND AND
THIRD YOU DON'T SUCCEED TRY TRY AGAIN

THE OPPONENTS OF A BALANCEDBUDGET AMENDMENT WOULD HAVE US BELIEVE THAT IT
IS SOME SORT OF WEIRD IDEA WE'RE ALL IN FAVOR OF BALANCED BUDGETS MANY OF
THEM MAINTAIN BUT AN AMENDMENT IS NOT THE WAY TO GET THERE SEN NANCY
KASSEBAUM R KAN WHO HAS VOTED FOR THE AMENDMENT IN THE PAST OPPOSED
IT THIS TIME

WHY SHE HAS CONCLUDED THAT AN AMENDMENT WILL PROVE AN EMBARRASSMENT TO OUR
NATION BUT ANY NATION THAT THROUGH ITS ELECTED REPRESENTATIVES HAS
PERFORMED AS OURS HAS OVER THE PAST DECADE AND A HALF DESERVES A LITTLE
EMBARRASSMENT

AS A REPORTER I REMEMBER THAT IN THE POSTWORLD WAR II YEARS WE OFTEN
WONDERED WHETHER THE GOVERNMENT WAS GOING TO ANNOUNCE A SURPLUS OR A
DEFICIT IN EIGHT OF THOSE YEARS THERE WAS A SURPLUS AND IN MANY OTHERS THE
DEFICIT WAS RELATIVELY SMALL KOREA VIETNAM AND THE 1970S' INFLATION PUT
HEAVY UPWARD PRESSURE ON THE DEFICIT BUT THE MAJOR TROUBLES CAME IN THE
1980S WHEN DEFICITS FOR THE FIRST TIME SOARED TO OVER 200 BILLION

CRITICS OF PRESIDENT REAGAN TEND TO PUT THE BLAME ON HIS TAX CUTS BUT I
THINK A MORE IMPORTANT PROBLEM WAS THE PRESIDENT'S INABILITY TO SELL
CONGRESS ON THE SPENDING CUTS HE WANTED

DEFICITS ARE NOW HEADED DOWNWARD IT ISN'T TOO DIFFICULT TO MAKE REDUCTIONS
FROM THE 2904 BILLION PEAK REACHED IN 1992 BUT THERE IS STILL A LONG WAY
TO GO

AS PRESIDENT CLINTON'S ECONOMIC ADVISERS SAY IN THE LATEST ECONOMIC REPORT
DEFICITS OF THIS SIZE WOULD BE LESS OF A PROBLEM IF NATIONAL SAVINGS WERE
LARGE ENOUGH TO FINANCE BOTH THE DEFICITS AND PRIVATE BUSINESS INVESTMENT
IT'S PAINFUL TO RECALL THAT AN IMPORTANT CONTRIBUTOR TO NATIONAL SAVINGS
USED TO BE GOVERNMENT SURPLUSES ACTUALLY US PRIVATE SAVINGS ARE AMONG
THE LOWEST IN THE WORLD AND FELL IN THE 1980S

THE BEST WAY TO CUT THE BUDGET DEFICITS OF COURSE IS FOR THE
ADMINISTRATION AND CONGRESS TO CUT SPENDING AND IF NECESSARY RAISE TAXES
THE BIGGEST PROBLEM WAS AND IS ENTITLEMENT PROGRAMS THE PUBLIC HAS BEEN
SOLD ON THE IDEA THAT THE GOVERNMENT MUST HELP EVERYBODY WHETHER THEY NEED
IT OR NOT THE PRIME EXAMPLES ARE SOCIAL SECURITY AND MEDICARE

A PERSONAL EXPERIENCE LAST YEAR BROUGHT THIS HOME TO ME AS A RESULT OF A
SWIMMING POOL ACCIDENT I SPENT TWO WEEKS IN A HOSPITAL AND THE BILL CAME
CLOSE TO 70000 WITH COMPANY INSURANCE AND HUGE HELP FROM MEDICARE ONLY A
FEW DOLLARS REMAINED UNPAID I TOOK THE MONEY AND RAN BUT NOT WITHOUT A
TINGE OF THE EMBARRASSMENT THAT SEN KASSEBAUM MENTIONS

THE BALANCEDBUDGET AMENDMENT WOULD NOT BE THE STRAITJACKET SOME OPPONENTS
CLAIM IF 60 OF THE LAWMAKERS CHOSE TO OVERRIDE IT THEY COULD DO SO IT'S
HARD TO IMAGINE A CLAIM ON THE NATIONAL PURSE THAT WAS REALLY IMPORTANT AND
YET COULD NOT MUSTER THAT MUCH OF A MAJORITY

THE AMENDMENT ALONE WOULD NOT SOLVE OUR PROBLEMS BUT THE PROCESS OF
RATIFICATION BY THE STATES WOULD PROVIDE AN OPPORTUNITY FOR GRASSROOTS
DISCUSSION OF THE ENORMOUS FINANCING BURDEN THAT AMERICANS SEEM ON THE BRINK
OF PASSING ON TO THEIR CHILDREN

THE PUBLIC MIGHT NOT BE AS SOLD ON THE ARGUMENTS FOR A FREE LUNCH AS THE
LAWMAKERS THINK A BALANCEDBUDGET AMENDMENT WOULD GIVE US A CHANCE TO FIND
OUT SEE RELATED LETTER LETTERS TO THE EDITOR IT'S NOT AN ENTITLEMENT
IT'S MONEY OWED TO US WSJ MARCH 28 1994 9403090048 YY94 MM03
9403280075 940328 KOLL REAL ESTATE GROUP LIABILITY

NEWPORT BEACH CALIF KOLL REAL ESTATE GROUP INC SAID IT HAS BEEN TOLD
BY THE US TAX COURT THAT IT MUST PAY ABOUT 21 MILLION TO SETTLE WHAT THE
COMPANY CALLED AN ALLEGED TAX DEFICIENCY

A KOLL SPOKESMAN SAID THE LIABILITY WAS INCURRED BY A SUBSIDIARY THAT WAS
SOLD BY A PREDECESSOR COMPANY TO KOLL WE HAVE CARRIED THE LIABILITY ON OUR
BOOKS SINCE 1989 HE SAID ADDING THAT IT IS THE SUBJECT OF VARIOUS
TAXSHARING AGREEMENTS TO WHICH KOLL AND OTHERS ARE PARTIES

KOLL A REALESTATE INVESTMENT AND PROPERTY MANAGEMENT COMPANY IS
EVALUATING THE SETTLEMENT AND POTENTIAL SOURCES OF FINANCING THE SPOKESMAN
SAID 9403280074 940328 ILC SETS 47 MILLION IN CHARGES

SUNNYVALE CALIF ILC TECHNOLOGY INC SAID IT WILL TAKE CHARGES IN ITS
FISCAL SECOND QUARTER TOTALING 47 MILLION OR 93 CENTS A SHARE RELATED TO
POOR PERFORMANCE IN ITS PRECISION LAMP INC UNIT

ABOUT 34 MILLION OF THE TOTAL IS RELATED TO WRITING DOWN GOODWILL IN
PRECISION LAMP ABOUT 500000 IS FOR WRITING DOWN INVENTORY THE REST IS
FOR EARLYRETIREMENT PAYMENTS FOR VARIOUS WORKERS WHO ARE LEAVING THE
COMPANY THE QUARTER ENDS SATURDAY

IN THE YEAREARLIER PERIOD ILC HAD NET INCOME OF 24 MILLION OR 48 CENTS
A SHARE ON SALES OF 122 MILLION ILC DEVELOPS MAKES AND DISTRIBUTES
LIGHT PRODUCTS FOR SEVERAL MARKETS 9403280073 940328 WHO'S NEWS 
ROCKWELL INTERNATIONAL CORP

ROCKWELL INTERNATIONAL CORP SEAL BEACH CALIF ROBERT L SWIFT WAS
APPOINTED PRESIDENT OF THE COMPANY'S ROCKWELL GRAPHICS SYSTEMS BUSINESS
BASED IN WESTMONT ILL HE SUCCEEDS FRANK J MCKAY 48 YEARS OLD WHO LEFT
THE COMPANY TO RETURN TO EUROPE TO PURSUE PERSONAL BUSINESS INTERESTS MR
SWIFT 65 HAD BEEN SENIOR VICE PRESIDENT OF ROCKWELL AUTOMATION'S
ALLENBRADLEY APPLIED SYSTEMS GROUP ROCKWELL INTERNATIONAL IS A DIVERSIFIED
HIGHTECHNOLOGY CONCERN WITH INTERESTS IN THE ELECTRONICS AEROSPACE
AUTOMOTIVE AND GRAPHICS BUSINESSES 9403280072 940328 WHO'S NEWS 
SOUTHWESTERN BELL CORP

SOUTHWESTERN BELL CORP SAN ANTONIO ROYCE S CALDWELL 55 YEARS OLD
HAS BEEN NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF SOUTHWESTERN BELL
TELEPHONE CO THE TELEPHONE UNIT OF THIS TELECOMMUNICATIONS COMPANY MR
CALDWELL WILL BE RESPONSIBLE FOR LOCAL OPERATIONS INCLUDING LONGTERM
BUSINESS STRATEGIES AND FINANCIAL OPERATIONS CURRENTLY PRESIDENT CUSTOMER
SERVICES FOR THE UNIT HE WILL SUCCEED ROBERT G POPE 58 WHO IS RETIRING
THURSDAY EDWARD MUELLER 46 A SENIOR VICE PRESIDENT WILL SUCCEED MR
CALDWELL WHO ASSUMES HIS NEW POSITION FRIDAY 9403280071 940328 BUSINESS
BRIEF KEYCORP FIRM COMPLETES PURCHASE OF COMMERCIAL BANCORP

KEYCORP CLEVELAND SAID IT COMPLETED ITS ACQUISITION OF COMMERCIAL BANCORP
OF COLORADO

UNDER THE TERMS OF THE TRANSACTION CBC SHAREHOLDERS WILL RECEIVE 0899
SHARE OF KEYCORP COMMON STOCK FOR EACH SHARE OF CBC COMMON STOCK ANY
FRACTIONAL SHARES DUE CBC SHAREHOLDERS WILL BE PAID IN CASH AT THE RATE OF
3135 A SHARE THIS ACQUISITION WILL RESULT IN THE ISSUANCE OF ABOUT 27
MILLION COMMON SHARES OF KEYCORP

CBC WAS THE HOLDING COMPANY FOR 11 COLORADO CENTURY BANKS WITH 3973
MILLION IN ASSETS AND 3535 MILLION IN DEPOSITS AS OF DEC

KEYCORP HAS ASSETS OF NEARLY 60 BILLION 9403280070 940328 ECONOMY 
OPEC PARLEY FAILS TO YIELD CUTS IN OUTPUT  MAJORITY GOAL IS
REJECTED BY SAUDIS SETTING STAGE FOR FURTHER PRICE DROPS  BY
BHUSHAN BAHREE AND JAMES TANNER STAFF REPORTERS OF THE WALL STREET JOURNAL

GENEVA THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES WON'T REDUCE
CRUDEOIL OUTPUT SETTING THE STAGE FOR AT LEAST A SMALL DROP IN ALREADY
WEAK OIL PRICES

A MOVE BY A MAJORITY OF THE OIL MINISTERS TO CUT PRODUCTION SIGNIFICANTLY TO
STOP THE FALL IN OIL PRICES FAILED AFTER TWO DAYS OF TALKS AT THEIR MEETING
HERE SAUDI ARABIA WHICH ACCOUNTS FOR NEARLY ONETHIRD OF OPEC'S
PRODUCTION REJECTED ANY CUTS IN ITS OUTPUT OF EIGHT MILLION BARRELS A DAY

THE OIL MINISTERS DID AGREE THAT PRICES ARE LIKELY TO FALL FURTHER AS A
CONSEQUENCE AT LEAST IN THE SECOND QUARTER BEFORE THEY BEGIN RECOVERING
LATER THIS YEAR

I SUSPECT THAT FOR THE FIRST FEW MONTHS WE WILL SEE A DECLINE GHOLAMREZA
AGHAZADEH IRAN'S OIL MINISTER SAID

UNHAPPY WITH THE OUTCOME MR AGHAZADEH BLAMED HIS SAUDI ARABIAN
COUNTERPART HISHAM NAZER FOR BLOCKING PROPOSALS TO CUT OPEC'S OUTPUT OF
NEARLY 25 MILLION BARRELS A DAY BY AS MUCH AS 6 HE AND OTHERS SAID THAT
MR NAZER INSISTED DURING THE TALKS WHICH ENDED SATURDAY NIGHT THAT THE
KINGDOM WOULDN'T GIVE UP A SINGLE BARREL OF ITS VOLUMES

MR NAZER HAS MADE CLEAR REPEATEDLY HE WOULD LIKE HIGHER OIL PRICES BUT
NOT AT THE EXPENSE OF GIVING UP TO OTHERS WHAT SAUDI ARABIA REGARDS AS ITS
RIGHTFUL SHARE OF THE WORLD'S OIL MARKET HE SUGGESTED HERE THAT IF THE
OTHERS WANTED TO CUT THEIR OWN PRODUCTION TO LIFT OIL PRICES THEY SHOULD DO
SO

MR AGHAZADEH HASN'T GIVEN UP HOPE ALTOGETHER WE'LL TALK WITH SAUDI ARABIA
TO CHANGE THEIR MIND MR AGHAZADEH SAID YESTERDAY JUST BEFORE LEAVING
GENEVA THE IRANIAN MINISTER SAID HE WOULD PROPOSE A CUT IN OPEC'S OUTPUT AT
THE NEXT MINISTERIAL MEETING JUNE 15 IN VIENNA IF PRICES HAVEN'T IMPROVED BY
THEN

STILL BY FAILING TO AGREE ON ANY IMMEDIATE REDUCTIONS IN OPEC'S OUTPUT THE
MINISTERS WERE FORCED TO REJECT AN OFFER BY SEVEN OTHER OIL EXPORTERS
OUTSIDE THE ORGANIZATION THESE COUNTRIES RANGING FROM OMAN TO RUSSIA HAD
OFFERED TO CUT THEIR OIL EXPORTS BY 5 OR AS MUCH AS 250000 BARRELS A DAY
IN RETURN FOR OPEC REDUCTIONS THE OPEC MINISTERS WILL ASK HOWEVER THAT
THE NONOPEC COUNTRIES FREEZE THEIR OIL EXPORTS AT CURRENT LEVELS FOR THE
YEAR

OPEC HAS BLAMED A RISE IN OIL PRODUCTION ELSEWHERE PARTICULARLY IN THE
NORTH SEA FOR THE PAST YEAR'S DROP OF SOME 5 A BARREL IN OIL PRICES TO
FIVEYEAR LOWS BUT MUCH OF THAT PLUNGE CAME LATE LAST YEAR AFTER OPEC HAD
BEEN UNABLE TO AGREE ON OUTPUT CUTS AT ITS NOVEMBER MEETING

THE EXPECTED NEW DECLINES ARE LIKELY TO BE MUCH SMALLER AND POSSIBLY
TEMPORARY ANALYSTS AND OIL TRADERS HERE TO MONITOR THE OPEC MEETING SAID
THEY EXPECT PRICES TO FALL AS LITTLE AS 50 CENTS A BARREL WE WILL GET A
LITTLE QUIVERING WHEN THE MARKET OPENS TODAY SAID JACK W WILKINSON SUN
CO'S CHIEF ECONOMIST

PRICES RECENTLY HAD STRENGTHENED SOME AS THEY OFTEN DO IN ADVANCE OF AN
OPEC MEETING IN THE US WHERE THE PRICES OF THE BENCHMARK CRUDE RECENTLY
HAD RANGED BETWEEN 14 AND 15 A BARREL THE FUTURES CONTRACT FOR MAY
DELIVERY SETTLED AT 1513 FRIDAY UP FIVE CENTS FOR THAT DAY ON LONDON'S
INTERNATIONAL PETROLEUM EXCHANGE NORTH SEA BRENT CRUDE FOR MAY DELIVERY
ROSE 22 CENTS TO 1411 A BARREL

PRICES HAD BEEN EXPECTED TO PLUNGE WELL BELOW THESE LEVELS AGAIN IF THE OIL
MINISTERS HAD KEPT THEIR PRODUCTION UNCHANGED FOR ONLY THE SECOND QUARTER
WHEN OIL DEMAND IS AT A SEASONAL LOW MOST OIL ANALYSTS HAD BEEN
RECOMMENDING OPEC EXTEND CURRENT PRODUCTION QUOTAS FOR AT LEAST SIX MONTHS
THROUGH THE THIRD QUARTER WHEN THERE IS A SEASONAL UPTURN IN DEMAND BUT
THE MINISTERS WENT ONE BETTER THEY AGREED TO HOLD THE CURRENT QUOTAS
THROUGH THE FOURTH QUARTER WHEN OIL USE MOVES TOWARD ITS ANNUAL PEAK

GOING OUT TO NINE MONTHS IS A POSITIVE DEVELOPMENT FOR THE OIL MARKET
SAID CONSTANTINE S NICANDROS PRESIDENT OF CONOCO INC WHO WAS IN GENEVA
DEALING WITH MATTERS UNRELATED TO OPEC

MANY OIL ECONOMISTS EXPECT IN FACT THAT PRICES SHOULD BEGIN RISING BY
MIDYEAR IF THE OPEC MEMBERS DO NOT EXCEED THEIR QUOTAS OIL PRICES PRICES
CAN BE EXPECTED TO RISE SIGNIFICANTLY IN THE SECOND HALF OF THE YEAR SAID
JOHN LICHTBLAU CHAIRMAN OF THE PETROLEUM INDUSTRY RESEARCH FOUNDATION
9403280069 940328 FOREIGN EXCHANGE ANTAGONISM TOWARD DOLLAR MAY BE DUE
 TO FUNDAMENTALS NOT FLEETING FACTORS  BY DIANE DIMOND SPECIAL
TO THE WALL STREET JOURNAL

NEW YORK THE PREVAILING ANTAGONISM TOWARD THE DOLLAR WHICH HAS FALLEN 5
AGAINST THE MARK SINCE FEB 4 DEFIES REASON AND FUNDAMENTALS MARKET
PLAYERS SAID LATE LAST WEEK AS THEY KEPT SELLING

MAYBE NOT

TRUE THE DOLLAR HAS LOST GROUND AS THE FEDERAL FUNDS TARGET RATE ROSE AND
THE RATE ON THE BUNDESBANK'S SECURITIES REPURCHASE AGREEMENTS THE
BUNDESBANK'S MAIN INSTRUMENT FOR INFLUENCING THE MONEY MARKET FELL THE
FEDERAL FUNDS RATE IS THE RATE AT WHICH COMMERCIAL BANKS CHARGE EACH OTHER
FOR OVERNIGHT LOANS

BUT THE DOLLAR MAY NOT GET AS MUCH MILEAGE FROM INTERESTRATE CONVERGENCE AS
SOME MARKET PLAYERS HAD THOUGHT IF THAT'S SO THE DOLLAR'S UNPOPULARITY
DOESN'T LOOK SO UNREASONABLE BECAUSE DEALERS WILL CONTINUE TO SELL ON
IMPATIENCE THAT THE DOLLAR ISN'T RISING FURTHER FASTER

LATE FRIDAY IN NEW YORK THE DOLLAR TRADED AT 16643 MARKS LITTLE CHANGED
FROM THURSDAY AND DOWN FROM 16960 MARKS AT THE END OF THE PREVIOUS WEEK
AGAINST THE YEN THE DOLLAR TRADED FRIDAY AT 10480 COMPARED WITH 10455
THURSDAY AND 10610 A WEEK EARLIER ABOUT NOON MONDAY IN TOKYO THE DOLLAR
WAS TRADING AT 10475 YEN AND AT 16663 MARKS

CONVERGENCE IN US AND GERMAN INTEREST RATES BOOSTS THE DOLLAR BY MAKING
DOLLARDENOMINATED ASSETS MORE ATTRACTIVE COMPARED WITH MARKDENOMINATED
ASSETS CURRENCYMARKET PARTICIPANTS HAVE BEEN BETTING ON THAT TREND FOR
MORE THAN A YEAR AND MOST ANALYSTS STILL EXPECT THE DOLLAR TO RISE OVER THE
NEXT FEW WEEKS

BY CONTRAST ANXIETY ABOUT THE ASSASSINATION OF A MEXICAN PRESIDENTIAL
CANDIDATE CONCERN OVER THE IMPACT OF THE WHITEWATER AFFAIR ON THE
EFFECTIVENESS OF THE CLINTON PRESIDENCY BONDMARKET TURMOIL AND DOLLAR
LIQUIDATION BY HEDGE FUNDS ALL BLAMED FOR THE DOLLAR SELLOFF ARE
TRANSITORY THEY SAY

BUT LONGTERM ECONOMIC FUNDAMENTALS SHOULD CENTER THE DOLLAR AT 171 MARKS
TO 172 MARKS OVER THE 19931995 PERIOD ACCORDING TO DAVID ROLLEY SENIOR
FINANCIAL ECONOMIST AT DRI/MCGRAW HILL INC

THE DRI MODEL FACTORS IN RELATIVE RATES OF ECONOMIC GROWTH AND INFLATION IN
THE TWO COUNTRIES CURRENT ACCOUNT AS A SHARE OF GROSS DOMESTIC PRODUCT AND
DIFFERENTIALS IN SHORTTERM AND LONGTERM INTEREST RATES

IF YOU THROW IT INTO THE ECONOMETRIC POT AND STIR YOU GET 171 OR 172
MARKS MR ROLLEY SAYS

THAT DOESN'T MEAN THE DOLLAR WILL BE CAPPED THERE COULD WE SEE 175 HE
ASKS EASILY COULD WE VISIT 180 WE COULD BUT THEY'RE NOT THE CENTER OF
THE MARKET

CURRENCY PLAYERS MAY HAVE OVERSTATED THE LIKELY IMPACT OF RATE CONVERGENCE
BY RECALLING THE 1980S SAYS LISA FINSTROM SENIOR CURRENCY ANALYST AT SMITH
BARNEY SHEARSON

BUT THE GRADUAL TIGHTENING IN PROGRESS TODAY IS A FAR CRY FROM SHARP
TIGHTENING IMPOSED A DECADE AGO TO FIGHT HIGH INFLATION DURING A TIME OF AN
EXPANSIVE FISCAL POLICY SHE SAYS THE UPWARD PRESSURE ON RATES WON'T BE AS
DOLLARSUPPORTIVE AS IN PRIOR TIMES SHE SAYS

MEANWHILE GERMAN RATES ARE FALLING MORE SLOWLY THAN MARKET PLAYERS HAD
EXPECTED IN FORECASTING A DRAMATIC MOVE IN FAVOR OF THE DOLLAR THE MARKET
WAS REALLY ANTICIPATING A MORE RAPID DECLINE IN RATES SHE SAYS
EXPECTATIONS WERE AHEAD OF THE GAME

FALLING GERMAN RATES WILL HELP THE DOLLAR MS FINSTROM SAYS BUT SHE
PREDICTS THAT IT HAS SEEN ITS HIGHS FOR THE YEAR AT 17680 MARKS

FOR THIS WEEK THE DOLLAR REMAINS VULNERABLE ANALYSTS SAY TECHNICALLY
THE DOLLAR REMAINS WEAK IN A MAJOR SENSE SAYS EARL JOHNSON FOREIGN
EXCHANGE ADVISER AT HARRIS TRUST & SAVINGS BANK IN CHICAGO

MR JOHNSON EXPECTS THE DOLLAR TO RISE TO 175 TO 180 MARKS EVENTUALLY BUT
HE DOESN'T EXPECT DEALERS TO START BUYING UNTIL THE BUNDESBANK REDUCES
INTEREST RATES THAT WOULD SIGNAL THAT THE CENTRAL BANK IS PICKING UP THE
PACE OF MONETARY EASING ANALYSTS SAY BUT IT WON'T HAPPEN UNTIL APRIL 14 AT
THE EARLIEST WHEN THE POLICYMAKING CENTRAL BANK COUNCIL NEXT MEETS

A STRONG US JOBS DATA COULD HELP LATER IN THE WEEK HE SAYS 9403280067
940328 LETTERS TO THE EDITOR CARTHEFT FIGURES DISTORTED FOR CITY

IN YOUR FEB 2 ARTICLE CAR THIEVES SCORE BIG IN SMALLER CITIES YOU DEPICT
COMMERCE CALIF AS A SMALL CITY WITH A TREMENDOUS VEHICLETHEFT PROBLEM BY
FACTORING 636 VEHICLE THEFTS INTO OUR SMALL RESIDENTIAL POPULATION OF
12586 THE RESULTING FIGURE IS COMPLETELY DISTORTED

COMMERCE IS AN INDUSTRIAL COMMUNITY IN FACT THE 1800 BUSINESSES LOCATED
HERE COVER 80 OF ITS 66 SQUARE MILES WHILE ITS RESIDENTIAL AREA COVERS
ONLY 20 THEREFORE WHEN EVALUATING THE NUMBER OF VEHICLE THEFTS OR OTHER
CRIMES IT IS IMPERATIVE TO FACTOR IN OUR LARGE INDUSTRIAL POPULATION 
WHICH INCREASES OUR TOTAL POPULATION TO 75000 WHEN WE FACTOR OUR
INDUSTRIAL POPULATION RATE QUOTIENT WE ARRIVE AT A MUCH MORE REALISTIC RATE
OF ONLY 848 VEHICLES STOLEN PER 100000 RESIDENTS ALSO MOST OF THE CAR
THEFTS OCCUR AT A SHOPPING CENTER ADJACENT TO AN UNINCORPORATED AREA OF EAST
LOS ANGELES 9403280066 940328 NOTABLE & QUOTABLE

FROM THE GREEN CRUSADE BY CHARLES RUBIN FREE PRESS

ONE CRITIC HAS CALLED ENVIRONMENTALISM AN ESSENTIALLY MEANINGLESS TERM
BECAUSE IT DOES NOT DISTINGUISH ANY DISTINCT CONCERN OR POINT OF VIEW WHO
DOES NOT WANT CLEAN AIR AND WATER OR A VARIETY OF WILDLIFE AND BEAUTIFUL
PLACES BUT A SYMPATHETIC STUDENT OF ENVIRONMENTALISM IS CLOSER TO THE MARK
WHEN HE SUGGESTS THAT ENVIRONMENTALISTS ARE THE VANGUARD OF A NEW SOCIETY
BEING AN ENVIRONMENTALIST IN OTHER WORDS MEANS BEING PART OF A POLITICAL
OR MORAL CRUSADE FOR A BETTER WORLD

ENVIRONMENTALISM IS HEIR TO THE ANTISLAVERY AND TEMPERANCE MOVEMENTS AND
THUS A PART OF THE ONGOING SAGA OF EVANGELICAL REFORM THAT HAS CHARACTERIZED
AMERICAN HISTORY INDEED IT IS NOT SO FAR OFF THE MARK TO SAY THAT
ENVIRONMENTALISM IS THE TEMPERANCE MOVEMENT OF OUR TIME WE KNOW IT WANTS TO
SAVE THE EARTH BUT WE FORGET JUST HOW MUCH IN THE SPIRIT OF ITS
PREDECESSOR IT SEEKS TO SAVE US FROM OURSELVES 9403280065 940328 FIRST
COUPLE MAY STILL OWE BACK TAXES SOME EXPERTS SAY AFTER ANALYZING DATA 
 BY PAULETTE THOMAS AND BRUCE INGERSOLL STAFF REPORTERS OF THE WALL
STREET JOURNAL

WASHINGTON DESPITE WHITE HOUSE EFFORTS TO DISPEL THE CONTROVERSY OVER THE
CLINTONS' WHITEWATER LOSSES AND TAX DEDUCTIONS SOME ACCOUNTANTS CONTEND
THAT THE FIRST COUPLE STILL MAY OWE BACK TAXES

PRESIDENT CLINTON WHILE ASSERTING AT LAST WEEK'S NEWS CONFERENCE HE
DOESN'T THINK HE AND HIS WIFE OWE ANY BACK TAXES RELATED TO WHITEWATER
DEVELOPMENT CO HASN'T YET MANAGED TO PUT TO REST QUESTIONS REGARDING A
VARIETY OF TAX WRITEOFFS ON FRIDAY THE CLINTONS RELEASED THEIR TAX
RETURNS AND OTHER DOCUMENTS FROM THE LATE 1970S TO BOLSTER THEIR CONTENTION
THAT WHITEWATER WAS A MONEYLOSER

STEVEN BANKLER A CERTIFIED PUBLIC ACCOUNTANT FROM SAN ANTONIO TEXAS SAID
HE IS ABSOLUTELY CONVINCED THAT THE CLINTONS UNDERPAID THEIR TAXES SINCE
1978 PRIMARILY BECAUSE OF IMPROPER PERSONAL AND WHITEWATERRELATED
DEDUCTIONS

THE CLINTONS FOR EXAMPLE MADE A 1978 INTEREST PAYMENT OF 10130 TO A
COMPANY OWNED BY THEIR WHITEWATER PARTNER JAMES MCDOUGAL RATHER THAN TO
THE BANK THAT HELD A WHITEWATER NOTE SAID MR BANKLER BECAUSE THE PAYMENT
WASN'T MADE DIRECTLY TO THE BANK HE SAID IT WASN'T DEDUCTIBLE UNDER
INTERNAL REVENUE SERVICE RULES MR BANKLER WHO IS THE TEXAS CPA
ASSOCIATION'S LIAISON TO THE IRS WAS ASKED BY THIS NEWSPAPER TO REVIEW THE
CLINTONS' TAX RETURNS

RONALD PEARLMAN A COVINGTON & BURLING TAX LAWYER WHO WAS ASKED BY THE
CLINTONS' PERSONAL LAWYER DAVID KENDALL TO REVIEW THEIR RETURNS DISAGREED
THE MERE FACT THAT THE COMPANY WAS A FUNNEL FOR THE INTEREST PAYMENT
DOESN'T MEAN IT ISN'T DEDUCTIBLE HE SAID PROVIDED THERE'S ADEQUATE
DOCUMENTATION THAT THE CLINTONS WERE REIMBURSING THE COMPANY FOR MAKING THE
PAYMENT BUT MR PEARLMAN SAID HE HADN'T SEEN SUCH DOCUMENTATION

AS REPORTED THE CLINTONS IN THE 1980S TOOK AN ADDITIONAL 19598 IN
QUESTIONABLE INTEREST DEDUCTIONS ON WHITEWATERRELATED LOANS THAT SEVERAL
TAX EXPERTS SAID COULD BE CHALLENGED BY IRS AUDITORS BY ONE EXPERT'S
CALCULATION THOSE DEDUCTIONS ALONE SAVED THEM MORE THAN 8700 IN TAXES

BUT YESTERDAY MARVIN CHIRELSTEIN A COLUMBIA UNIVERSITY TAX LAW PROFESSOR
MAINTAINED THAT THE CLINTONS AS PERSONAL OBLIGORS OF THE
WHITEWATERRELATED LOANS WERE ENTITLED TO THE INTEREST DEDUCTIONS WHAT'S
MORE HE DISPUTED THE CONCLUSION OF THE OTHER EXPERTS THAT WHITEWATER HAD
ASSUMED LIABILITY FOR THE LOANS

WHAT STRIKES SOME TAX ACCOUNTANTS AS REMARKABLE ABOUT THE CLINTON TAX
RETURNS IS HOW AGGRESSIVELY THE TAX PREPARERS CLAIMED A VARIETY OF
DEDUCTIONS DURING MOST OF THE 1980S MRS CLINTON REPORTED THAT SHE DROVE
HER AUTO FOR BUSINESS 40 OF THE TIME IN 1986 A TAX CODE CHANGE REQUIRED
USING A CAR ON BUSINESS 50 OF THE TIME TO QUALIFY FOR THE MOST FAVORABLE
TAX TREATMENT FOR THE NEXT THREE YEARS MRS CLINTON REPORTED DRIVING FOR
BUSINESS PRECISELY 52 OF THE TIME

MR BANKLER SAID HE FOUND SEVERAL MISTAKES IN TAX PREPARATION ONE INVOLVED
THE CLINTONS' FAILURE TO REPORT ABOUT 800 IN 1987 INTEREST INCOME FROM THE
SALE OF THEIR LITTLE ROCK HOUSE IN DECEMBER 1983 THE OWNER RAYMOND
WHITTIER SAID HE MADE THREE MORTGAGE PAYMENTS TOTALING 825 MOST OF WHICH
WAS INTEREST TO THENGOV CLINTON BEFORE PAYING OFF A SECOND MORTGAGE IN
APRIL 1987

THE CLINTONS' TAX PREPARER IN THE MEANTIME USED THE WRONG DEPRECIATION
RATE ON A HOUSE THEY OWNED IN FAYETTEVILLE ARK FROM 1975 TO 1983
ACCORDING TO MR BANKLER AS A RESULT THEY SAVED A TOTAL OF 2216 IN TAXES
ON THEIR 1981 AND 1982 RETURNS HE SAID THE ERROR WAS PARTLY RECTIFIED IN
1983 MR BANKLER ADDED

ONE WHITE HOUSE EXPLANATION FOR MISTAKES IS THE WHITEWATER VENTURE'S DEGREE
OF INFORMALITY WHICH RESULTED IN POOR RECORDKEEPING

THE TAX RETURNS APPEAR TO BEAR OUT AS TECHNICALLY TRUE THE CLINTONS' CLAIMS
THAT THEY LOST MONEY ON WHITEWATER BUT UPON FURTHER EXAMINATION THE SIZE
OF THE LOSS SHRINKS FIRST THEIR INVESTMENT WAS 46635 NOT THE 68900
THE CLINTON CAMPAIGN REPORTED IN 1992 PRESIDENT CLINTON SAID THAT MOST OF
THE DIFFERENCE REPRESENTS A LOAN HE OBTAINED FOR HIS MOTHER ACCOUNTANTS
RECONSTRUCTING THE HISTORY OF WHITEWATER DURING THE CAMPAIGN OBSERVED THAT
THE CHECKS ON THE LOAN FOR HIS MOTHER'S HOUSE SAID REPAYMENT OF NOTE AND
WRONGLY ASSUMED THAT THEY WERE FOR A WHITEWATER LOAN

SECOND OF THE 46635 THE CLINTONS PUT INTO WHITEWATER ALMOST ALL WAS FOR
INTEREST PAYMENTS THAT MEANS FULLY 43452 OF HIS INVESTMENT WAS
DEDUCTIBLE FROM THEIR INCOME TAXES

THE RETURNS RELEASED ON FRIDAY ARE ALSO NOTEWORTHY FOR WHAT THEY SHOW AND
WHAT THEY DON'T OF MRS CLINTON'S SPECTACULARLY SUCCESSFUL TRADING IN
RISKY CATTLE FUTURES THE 1978 TAX RETURN FOR INSTANCE LISTS THE DATES AND
PRICES OF THE PURCHASE AND SALE OF FIVE ACRES THAT NETTED THE CLINTONS A
2150 GAIN BUT THE SAME SCHEDULE IS BLANK IN THE SPACES FOR THE DATES AS
WELL AS THE PURCHASE AND SALES PRICES OF HER COMMODITIES TRADES MERELY
LISTING GAINS OF 26541 IN 1978 AND 72436 IN 1979

WHILE PRESIDENT CLINTON LIKES TO NOTE THAT HE WAS THE NATION'S LOWEST PAID
GOVERNOR THE CLINTONS' COMBINED SALARIES IN 1979 WAS 74236 WHICH WOULD
BE ABOUT TWICE THAT AMOUNT IN 1994 DOLLARS 9403280064 940328 PEPPERAND
SALT

ANY OTHER WAY

A JUDGMENT CALL

HAVE IT AT ALL

BUT I DON'T SIT I LEAVE 9403280063 940328 CUC INTERNATIONAL TO REPORT
INCREASE IN FISCAL 1994 NET  BY ROBIN GOLDWYN BLUMENTHAL STAFF
REPORTER OF THE WALL STREET JOURNAL

STAMFORD CONN CUC INTERNATIONAL INC ENJOYING STRENGTH IN ITS CORE
BUSINESS EXPECTS TO REPORT FISCAL 1994 EARNINGS AT THE HIGHER END OF
ANALYSTS' ESTIMATES OF 75 CENTS TO 77 CENTS A SHARE

THOSE ESTIMATES WOULD MEAN NET INCOME FOR THE YEAR ENDED JAN 31 OF 85
MILLION TO 86 MILLION A YEAR EARLIER CUC EARNED A RESTATED 56 CENTS A
SHARE OR 588 MILLION PERSHARE PROFIT WAS RESTATED FOR A 3FOR2 STOCK
SPLIT LAST APRIL

IN AN INTERVIEW WALTER FORBES CHAIRMAN AND CHIEF EXECUTIVE OF THE
DISCOUNTBUYING SERVICE ALSO SAID THE COMPANY WILL BE AT THE HIGHER END OF
ANALYSTS' REVENUE ESTIMATES OF 850 MILLION TO 875 MILLION FOR THE YEAR
THAT WOULD BE A 15 TO 18 INCREASE FROM THE YEARBEFORE 7423 MILLION

THE ANALYSTS' ESTIMATES FOR THE YEAR PUT FOURTHQUARTER NET AT 21 CENTS TO
22 CENTS A SHARE OR A TOTAL OF ABOUT 24 MILLION IN THE YEAREARLIER
QUARTER CUC HAD NET OF 16 CENTS A SHARE RESTATED OR A TOTAL OF 178
MILLION ANALYSTS ARE ESTIMATING FOURTHQUARTER REVENUE AT 225 MILLION TO
230 MILLION YEAREARLIER REVENUE WAS 1984 MILLION MR FORBES IS
COMFORTABLE WITH THE ANALYSTS' ESTIMATES FOR THE QUARTER

ONE OF CUC'S MAIN BUSINESSES IS A MEMBERSHIP DISCOUNT BUYING SERVICE WHERE
CONSUMERS PAY AN ANNUAL FEE FOR DISCOUNTS ON SHOPPING TRAVEL RESTAURANT
DINING AND OTHER ITEMS MEMBERSHIP IN THE PAST FISCAL YEAR ROSE TO MORE THAN
30 MILLION FROM 276 MILLION A MORE THAN 87 GAIN UNIT SALES FOR TRAVEL
AND SHOPPING SERVICES WERE UP 15 AND 25 RESPECTIVELY CONTINUING A TREND
OF THE PAST THREE OR FOUR YEARS CUC ADVERTISES AND MARKETS ITS SERVICES
THROUGH CREDITCARD ISSUERS FUNDRAISERS COMMUNITY BANKS AND CREDIT
UNIONS

PEOPLE ARE GETTING MORE AND MORE COMFORTABLE WITH BASICALLY SHOPPING OVER
THE PHONE AND WE THINK IT AUGURS WELL FOR INTERACTIVE SHOPPING SERVICES
MR FORBES SAID CUC IS POISED TO EMBARK ON TWO PREVIOUSLY REPORTED TEST
PROGRAMS THIS FALL FOR INTERACTIVE TELEVISION SHOPPING WITH TIME WARNER
INC AS WELL AS AN AMERICAN TELEPHONE & TELEGRAPH INC VIACOM INC
PARTNERSHIP

CUC ALREADY HAS SOME EXPERIENCE WITH INTERACTIVE SHOPPING WITH ITS ONLINE
SALES THROUGH SUCH SERVICES AS COMPUSERVE AND AMERICA ONLINE MR FORBES
SAID HE SAID THOSE MEMBERS ALREADY BUY MORE PRODUCTS PER MEMBER THAN PHONE
MEMBERS

MR FORBES SAID HE EXPECTS THE TELEVISION MEMBERS PROGRAM WILL GROW RAPIDLY
AND EXPECTS TO SEE SIGNIFICANT EARNINGS IMPACT FROM INTERACTIVE TELEVISION
SHOPPING WITHIN TWO TO FOUR YEARS 9403280062 940328 KENDALL SQUARE'S
LOSSES FOR 1992 1993 EXCEED ESTIMATES VIABILITY QUESTIONED  BY
WILLIAM M BULKELEY STAFF REPORTER OF THE WALL STREET JOURNAL

WALTHAM MASS KENDALL SQUARE RESEARCH CORP REPORTED AUDITED RESULTS FOR
THE PAST TWO YEARS THAT SHOWED MUCH BIGGER LOSSES AND LOWER REVENUE THAN
PREVIOUSLY ESTIMATED

KENDALL SQUARE A SEVENYEAROLD MAKER OF SUPERCOMPUTERS HAS BEEN WRACKED
BY AN ACCOUNTING SCANDAL THAT LED TO DISMISSAL OF SEVERAL TOP EXECUTIVES
LATE LAST YEAR THE COMPANY HADN'T PREVIOUSLY ANNOUNCED ITS 1993 RESULTS BUT
HAD WARNED THEY WOULD BE WORSE THAN ONCE EXPECTED

IN KENDALL SQUARE'S 10K FILED LATE FRIDAY WITH THE SECURITIES AND EXCHANGE
COMMISSION ITS NEW AUDITORS COOPERS & LYBRAND WARNED THAT RECURRING
LOSSES AND LEGAL PROBLEMS RAISE SUBSTANTIAL DOUBT ABOUT THE COMPANY'S
ABILITY TO CONTINUE AS A GOING CONCERN

KENDALL SQUARE SAID IT DOESN'T EXPECT TO BE PROFITABLE FOR THE CURRENT YEAR
HOWEVER WILLIAM KOCH WHO IS CHAIRMAN CHIEF EXECUTIVE AND THE COMPANY'S
LARGEST INVESTOR SAID IN AN INTERVIEW WE HAVE THE COMPANY ON A GOOD
COURSE FOR A TURNAROUND

THE STOCK CLOSED UNCHANGED ON FRIDAY AT 475 IN NASDAQ STOCK MARKET
TRADING THE FINANCIAL RESULTS WERE ANNOUNCED AFTER THE CLOSE OF TRADING

KENDALL SQUARE SAID THAT FOR THE FISCAL YEAR ENDED DEC 25 1993 IT HAD A
NET LOSS OF 671 MILLION OR 503 A SHARE INCLUDING 456 MILLION IN
ONETIME CHARGES THAT LOSS WAS WIDENED FROM A RESTATED NET LOSS OF 216
MILLION OR 210 A SHARE IN 1992 THE 1992 LOSS WAS ALMOST TWICE AS LARGE
AS PREVIOUSLY REPORTED

REVENUE FOR FISCAL 1993 ROSE 79 TO 181 MILLION FROM A RESTATED 101
MILLION REVENUE FOR 1993 INCLUDES 71 MILLION THAT PREVIOUSLY HAD BEEN
IMPROPERLY BOOKED IN 1992 KENDALL'S ACCOUNTING PROBLEM INVOLVED COUNTING AS
SALES SUPERCOMPUTERS THAT UNIVERSITY USERS DIDN'T HAVE ANY WAY TO PAY FOR
KENDALL'S 1993 REVENUE WAS LOWER THAN THE 207 MILLION PREVIOUSLY REPORTED
FOR 1992 AT ONE TIME KENDALL HAD PREDICTED 1993 REVENUE OF AROUND 60
MILLION

MR KOCH SAID THAT KENDALL IS NEGOTIATING WITH VARIOUS UNIVERSITIES FOR
PAYMENT FOR COMPUTERS VALUED AT 20 MILLION HE SAID THE COMPANY DOESN'T
HAVE ANY ASSURANCE OF RECEIVING CASH FOR THE MACHINES

KENDALL ALSO DISCLOSED THAT LAST DEC 8 THE SEC ENTERED A FORMAL ORDER
DIRECTING AN INVESTIGATION OF THE COMPANY AND ITS CURRENT AND FORMER
OFFICERS AND DIRECTORS THE INVESTIGATION COVERS BOTH PUBLIC REPORTS AND
TRADING IN KENDALL STOCK AS REPORTED FORMER PRESIDENT AND FOUNDER HENRY
BURKHARDT SOLD 50000 SHARES LAST SUMMER WHEN THE STOCK WAS AROUND 25 A
SHARE KENDALL SAID PREVIOUSLY THAT THE SEC HAD REQUESTED INFORMATION

MR KOCH THE MULTIMILLIONAIRE INDUSTRIALIST AND YACHTSMAN WHO STEPPED IN AS
CHIEF EXECUTIVE IN DECEMBER AS THE SCANDAL BROKE SAID WE HAVE ADDRESSED
MANY OF THE PROBLEMS THAT HAVE PLAGUED THE COMPANY AND ARE WORKING ON ANY
THAT REMAIN

HE SAID THAT SALES HAD GROUND TO A HALT BECAUSE OF CUSTOMER CONCERNS ABOUT
THE ACCOUNTING SCANDAL AND THE FACT THAT THE KSR2 COMPUTER UNVEILED LAST
FALL WASN'T REALLY READY TO SHIP UNTIL LATE FEBRUARY HE DECLINED TO BREAK
OUT QUARTERLY RESULTS

AS PREVIOUSLY ANNOUNCED KENDALL SQUARE RECENTLY REACHED AN AGREEMENT TO
SETTLE 11 CLASSACTION LAWSUITS BROUGHT BY SHAREHOLDERS OVER THE MISLEADING
FINANCIAL REPORTS UNDER THE AGREEMENT PLAINTIFFS WILL RECEIVE 54 MILLION
IN CASH 35 MILLION COMMON SHARES AND WARRANTS TO BUY AN ADDITIONAL 14
MILLION SHARES THE 1993 NET LOSS INCLUDES A ONETIME CHARGE OF 255
MILLION FOR THE SETTLEMENT ALTHOUGH 219 MILLION OF IT IS NONCASH STOCK
AND WARRANTS

SETTLING THE SUITS WAS CRUCIAL TO KENDALL SQUARE BECAUSE IT WAS RUNNING OUT
OF MONEY AND MR KOCH SAID HE WOULDN'T INVEST MORE WITHOUT A SETTLEMENT HE
HAS PROMISED A 25 MILLION INVESTMENT WHEN THE SETTLEMENT IS COMPLETE AND A
BRIDGE LOAN IN THE MEANTIME THE INVESTMENT WILL BE USED TO BUY A NEW ISSUE
OF PREFERRED STOCK THAT WILL GIVE MR KOCH THE RIGHT TO ELECT A MAJORITY OF
THE BOARD

IN ITS 10K KENDALL DISCLOSED THAT AN ADDITIONAL CLASSACTION SUIT WAS
FILED RECENTLY BY OTHER SHAREHOLDERS THE COMPANY SAID IT CAN'T DETERMINE
WHETHER THAT SUIT WILL BE CONSOLIDATED WITH THE OTHERS IN THE SETTLEMENT
MR KOCH CHARACTERIZED IT AS A NUISANCE SUIT DESIGNED TO TRY TO EXTORT A
LITTLE MORE MONEY

BESIDES THE SUIT SETTLEMENT ONETIME CHARGES FOR 1993 INCLUDE AN 11
MILLION WRITEDOWN OF INVENTORY A 65 MILLION WRITEDOWN OF CAPITALIZED
SOFTWARE AND A 26 MILLION CHARGE TO TERMINATE A LEASE ON A NEW LARGER
FACILITY THAT KENDALL HAS DECIDED IT DOESN'T NEED 9403280061 940328
GLOBAL VIEW AMERICA THE FEEBLE YOU AIN'T SEEN NOTHING YET  BY
GEORGE MELLOAN

ONE OF MY FAVORITE CAUTIONARY TALES IS ABOUT THE OLD SAILING SHIP CAPTAIN
WHO WAS ASKED WHAT YOU DO WHEN THERE'S A TYPHOON BLOWING AND A REEF TO
LEEWARD HIS ANSWER WHAT YOU DO IS NOT GET YOURSELF IN THAT POSITION

PRESIDENT CLINTON WOULD BE DOING THE NATION A BIG FAVOR IF HE PONDERED THAT
ADVICE RIGHT NOW THE NORTH KOREAN TYRANT KIM IL SUNG IS TEACHING HIM HOW
YOU PLAY HIDEANDGOSEEK NO DOUBT SMIRKING ALL THE WHILE AT WHITE HOUSE
FRUSTRATIONS BUT THIS IS NOTHING COMPARED TO WHAT MR CLINTON AND THE US
MAY FACE A FEW YEARS DOWN THE ROAD IF THE PRESIDENT PERSISTS IN HIS PRESENT
NEGLECT OF FOREIGN POLICY AND NATIONAL SECURITY WHICH SHOULD BE A
PRESIDENT'S MOST IMPORTANT CONCERNS

ESSENTIALLY THE CLINTON FOREIGN POLICY IS REACTIVE AND DISORGANIZED TROOPS
ARE DISPATCHED TO SOMALIA AND PLACED UNDER UNITED NATIONS COMMAND EXCEPT NO
REAL COMMAND EXISTS BOSNIA IS TURNED OVER TO THE UN AND FESTERS UNTIL THE
RUSSIANS STEP IN TO TAKE CHARGE THERE'S BIG HOOPLA ABOUT AN ARAFATRABIN
AGREEMENT BUT MIDEAST POLITICS ONLY GROW MESSIER DURING THE RAPID DRAWDOWN
OF US TROOPS IN EUROPE GI COMFORTS ARE GETTING PRIORITY OVER TRAINING AND
READINESS THE US DEFENSE BUDGET IS BEING HACKED TO PIECES BY A PRESIDENT
WITH BIG IDEAS ABOUT USING THE MONEY TO NATIONALIZE HEALTH CARE

THE US ABILITY TO DEAL WITH THREATS TO ITSELF AND ITS ALLIES IS GETTING
WEAKER NOT STRONGER ITS ALLIES ARE BEGINNING TO SENSE THIS AND THAT
FURTHER LESSENS US ABILITY TO EXERCISE INFLUENCE OVER EVENTS ABROAD KOREA
IS A CASE IN POINT

THERE IS NO PLACE WHERE THE US HAS MADE A STRONGER COMMITMENT TO AN ALLY
THAN IN SOUTH KOREA IN THE CURRENT FLAP OVER NORTH KOREA'S REFUSAL TO ALLOW
UN INSPECTION OF ITS NUCLEAR FACILITIES PRESIDENT CLINTON REAFFIRMED THAT
PROMISE BY SAYING AN ATTACK ON SOUTH KOREA WOULD BE REGARDED AS AN ATTACK ON
THE US

BUT AMERICA'S ASIAN ALLIES SOUTH KOREA AND JAPAN IN PARTICULAR ARE FINDING
IT HARDER TO BELIEVE THESE PROTESTATIONS OF SUPPORT THE REASON IS SIMPLE
NORTH KOREA AND CHINA ARE STEADILY IMPROVING THEIR ABILITY TO DELIVER DEATH
WITH BALLISTIC MISSILES THE US ON THE OTHER HAND IS DAWDLING ABOUT
EFFECTIVE MISSILE DEFENSE EVEN THOUGH IN THE 1980S IT DEVELOPED HIGHLY
PROMISING TECHNOLOGIES FOR THAT PURPOSE THIS IS PARTLY BECAUSE OF DEFENSE
BUDGET CUTS AND PARTLY BECAUSE OF A PSYCHOLOGY OF DENIAL THAT AMERICAN
LIBERALS EMBRACED IN THE 1980S WHEN THEY TOLD THEMSELVES THAT SPACE MUST
NEVER BE USED FOR WAR

BUT SPACE WILL BE USED FOR WAR THERE'S NO AVOIDING IT SPACE IS THE ONLY
PLACE WHERE A TRULY EFFECTIVE DEFENSE AGAINST MISSILES CAN BE DEPLOYED

NORTH KOREA IS NOT ONLY DEVELOPING NUCLEAR WARHEADS IT CLAIMS TO HAVE
CHEMICAL AND BIOLOGICAL WARHEADS AS WELL BUT MORE POWERFUL MISSILES TO
DELIVER THEM IT ALSO IS WILLING TO SELL THEM TO OTHER ROGUE NATIONS SUCH
AS IRAN FOR USE IN THREATENING THEIR NEIGHBORS THE NO DONG 1 MISSILE HAS A
RANGE OF SOME 600 MILES THE KOREANS NOW ARE TRYING TO ADD A SECOND STAGE TO
CREATE A MISSILE CALLED TAEPO DONG THAT MIGHT BE ABLE WITH SMALL PAYLOADS
TO TRAVEL NEARLY 6000 MILES ACCORDING TO JANE'S DEFENSE WEEKLY

MR CLINTON'S RESPONSE TO NORTH KOREA'S THREAT TO TURN SEOUL INTO A SEA OF
FIRE HAS BEEN TO PROMISE SOUTH KOREA A BATTALION OF PATRIOT ANTIMISSILE
SYSTEMS BUT ASIDE FROM THE QUESTION OF THE EFFECTIVENESS OF SUCH A DEFENSE
AGAINST NORTH KOREAN WEAPONS POSITIONED LESS THAN 50 MILES FROM SEOUL THERE
ALSO SEEMS TO BE NO HURRY ABOUT GETTING THEM THERE THEY WILL TRAVEL BY BOAT
AND THUS WILL NOT BE OPERATIONAL FOR AT LEAST A MONTH

JAPAN ALSO IS WORRIED ABOUT INTIMIDATION FROM NORTH KOREA NOT TO MENTION
POSSIBLE SUBVERSION IN JAPAN ITSELF FROM AGENTS KIM MAY HAVE INSERTED INTO
THE LARGE KOREAN IMMIGRANT POPULATION IN JAPAN NORTH KOREA HAS FIRED ONE OF
ITS TEST NO DONGS SOME 500 MILES INTO THE SEA OF JAPAN NO DOUBT WITH THE
IDEA OF SENDING JAPAN A MESSAGE STAY FRIENDLY AND DO NOTHING TO STOP THE
FLOW OF REMITTANCES TO THE HOMELAND FROM NORTH KOREANS IN JAPAN THESE ARE
AMONG NORTH KOREA'S FEW SOURCES OF FOREIGN EXCHANGE

JAPAN INSISTS THAT IT DOES NOT WANT TO GO NUCLEAR AND FEW DOUBT THAT WISH
BUT IT DOES WANT A MISSILE DEFENSE THE US HAS PROMISED TO PROVIDE IT WITH
ITS MOST EFFECTIVE SYSTEM THAT IS ANYWHERE NEAR BEING OPERATIONAL IT IS
CALLED THAAD THEATER HIGHALTITUDE AREA DEFENSE BUT THE DISCUSSIONS HAVE
BOGGED DOWN BECAUSE OF US INSISTENCE ON COMPENSATION IN THE FORM OF
JAPANESE COMMERCIAL TECHNOLOGY IN SHORT BUILDING A STRATEGIC CORDON AROUND
NORTH KOREA HAS RUN AFOUL OF THE CLINTON ADMINISTRATION'S TRADE WAR
MENTALITY

THE US HOPES TO DEPLOY THAAD PROTOTYPES BY 1996 THEY PRESUMABLY WILL BE
MORE EFFECTIVE THAN PATRIOTS BUT THE ONLY TRULY EFFECTIVE MISSILE DEFENSE
SYSTEM WILL BE ONE THAT PUTS SENSORS AND INTERCEPTORS IN SPACE TO KILL
OFFENSIVE MISSILES ON LAUNCH OR SHORTLY THEREAFTER THAT WOULD PROTECT
ALLIES AND WOULD NOT NEED TO BE AIRLIFTED TO TROUBLE SPOTS AN INCREASING
PROBLEM AS THE ADMINISTRATION CUTS ITS AIRLIFT BUDGET MOST IMPORTANT IT
WOULD GIVE THE US ITS FIRST MISSILE DEFENSE NORTH KOREA IS GETTING
PERILOUSLY CLOSE TO THE POINT OF BUILDING A MISSILE WITH THE RANGE TO REACH
THE US WEST COAST

WHY DON'T WE JUST ATTACK THEM AND WIPE OUT THEIR WEAPONS GRADE NUCLEAR
REACTOR SOME HAVE ASKED THE ANSWER IS THAT THE US HAS 36000 TROOPS IN
SOUTH KOREA WHO WOULD BE VULNERABLE TO SCUD MISSILE RETALIATION IN THE
ABSENCE OF ANY EFFECTIVE DEFENSE THE US COMMANDER IN SOUTH KOREA GEN
GARY LUCK ASKED FOR THE PATRIOTS THREE MONTHS AGO BUT WON'T HAVE THEM FOR
ANOTHER MONTH

WHAT PRESIDENT CLINTON SHOULD BE THINKING ABOUT IS THE REEF THAT MAY SOMEDAY
BE ON HIS LEEWARD IN A TYPHOON AND HOW TO AVOID GETTING HIMSELF IN THAT
POSITION HE IS DOING NO SUCH THING THE MILITARY'S RESEARCH AND DEVELOPMENT
BUDGET IS GOING DOWN EVEN FASTER THAN SPENDING FOR OPERATIONS AND TRAINING
GIVEN THE ADMINISTRATION'S POLICY OF OPENING UP DEFENSERELATED TECHNOLOGY
FOR EXPORT IT MAY WELL BE THAT SOME OF THE TECHNOLOGY THE US DEVELOPED IN
THE 1980S FOR MISSILE TRACKING SYSTEMS FOR EXAMPLE WILL FIND ITS
FIRST USE NOT TO DEFEND THE US BUT TO IMPROVE SOME OTHER NATION'S MILITARY
ARSENAL

FOR THE MOMENT THE PRESIDENT IS STEWING ABOUT A TROUBLING BUT NOT VERY
IMMEDIATE DANGER HE IS TRYING TO REPAIR BRIDGES TO JAPAN AND CHINA TO TRY
TO MOUNT A UN ECONOMIC EMBARGO AGAINST KIM IL SUNG FOR WHATEVER GOOD THAT
MIGHT DO BUT IT IS THE FUTURE HE SHOULD WORRY MOST ABOUT AS HE DRIFTS
TOWARD THE SHOAL THAT AWAITS ANY NATION THAT DOESN'T KEEP UP WITH THE
WORLD'S ADVANCES IN MILITARY TECHNOLOGY 9403280059 940328 AMERICAN REAL
ESTATE PARTNERS

MT KISCO NY AMERICAN REAL ESTATE PARTNERS A REAL ESTATE PARTNERSHIP
SAID IT WOULD NOT MAKE A CASH DISTRIBUTION IN THE FOURTH QUARTER ENDED MARCH
31 DUE TO CASH DEMANDS AND REQUIRED DEBT PAYMENTS

THE COMPANY HAD DECLARED A DISTRIBUTION OF 125 CENTS PER DEPOSITORY UNIT IN
EACH OF THE PRIOR FOUR QUARTERS

AMERICAN REAL ESTATE PARTNERS SAID IT EXPECTS NET OPERATING CASH FLOW TO BE
SLIGHTLY ABOVE BREAK EVEN FOR 1994 DUE TO ABOUT 20 MILLION IN CERTAIN
PAYMENTS COMING DUE DURING THE YEAR 9403280058 940328 LEISURE & ARTS 
BUSINESS BOOKSHELF A BEDTIME TALE OF TARIFFS AND TRADE  BY SUSAN
LEE

GATHER AROUND ALL YOU WHO HAVE BEEN FLUMMOXED BY CONCEPTS LIKE COMPARATIVE
ADVANTAGE AND PURCHASING POWER PARITY PUZZLED ABOUT THE DIFFERENCE BETWEEN
A TARIFF AND A QUOTA OR CONFUSED ABOUT WHICH IS BETTER FAIR TRADE OR
FREE TRADE GATHER AROUND BECAUSE IN JUST 114 PAGES RUSSELL ROBERTS A
PROFESSOR OF ECONOMICS AT WASHINGTON UNIVERSITY EXPLAINS THESE MYSTERIES OF
GLOBAL LIFE IN A HEARTWARMING TALE YOU WON'T SOON FORGET

AN ODDBALL PARODY OF IT'S A WONDERFUL LIFE THE CHOICE A FABLE OF FREE
TRADE AND PROTECTIONISM PRENTICE HALL 1195 CONCERNS THE EARLY
19THCENTURY BRITISH TRADE ECONOMIST DAVID RICARDO WHOSE SOUL HAS BEEN
SENTENCED TO WANDER UNTIL HE CAN PROVE TO THE HEAVENLY AUTHORITIES THAT HIS
THEORIES OF COMPARATIVE ADVANTAGE ARE CORRECT

WHEN THE FABLE BEGINS IN 1960 DAVE HAS BEEN DRIFTING SINCE 1823 HE HAS
JUST REQUESTED PERMISSION TO TOUCH DOWN ON EARTH AND PROVE HIS WORTH AND
TOUCH DOWN HE DOES IN STAR ILL IN THE HOUSE OF ED JOHNSON HIS WIFE AND
TWO CHILDREN

ED IS THE PRESIDENT OF THE STELLAR TELEVISION CO HIS COMPANY IS SUCCESSFUL
BUT THAT'S BECAUSE ED HAS CONVINCED HIS CONGRESSMAN FRANK BATES TO PASS A
LAW BANNING JAPANESE TELEVISIONS BATES NOW HOPES TO GET HIS PARTY'S
NOMINATION FOR PRESIDENT ON A PROTECTIONIST PLATFORM IN THE MORNING ED IS
FLYING TO LOS ANGELES TO GIVE ONE OF THE NOMINATING SPEECHES FOR BATES AT
THE NATIONAL CONVENTION

ED WHO IS EATING CHOCOLATE CAKE AND DRINKING MILK WHILE HIS FAMILY SLEEPS
IS ANXIOUS BECAUSE ALTHOUGH PROTECTIONISM HAS BEEN GOOD FOR HIM HE'S NOT
SURE IF IT'S GOOD FOR THE COUNTRY

ENTER DAVE RICARDO ED IS SUSPICIOUS IS DAVE RELATED TO RICKY BUT HE
AGREES TO LET DAVE SHOW HIM HOW THE WORLD LOOKS IN 1995 WITH FREE TRADE

AND IT'S A GREAT WORLD FILLED WITH THINGS ED HAS NEVER HEARD OF SUSHI AIR
BAGS FROZEN YOGURT HONDAS NINTENDO WALMART ONE PROBLEM HOWEVER THE
STELLAR TELEVISION COMPANY HAS DISAPPEARED REPLACED BY A CINEPLEX WITH AN
ENORMOUS PARKING LOT ED IS UPSET WHO IS MAKING TVS HE WONDERS SO DAVE
TAKES HIM TO RAHWAY NJ TO MERCK AND CO DAVE EXPLAINS THAT MERCK MAKES
DRUGS AND SENDS THEM TO JAPAN THE JAPANESE BUY THE DRUGS WITH YEN AND
AMERICANS EXCHANGE THE YEN FOR DOLLARS TO BUY JAPANESE TVS WHICH THE
JAPANESE THEN EXCHANGE FOR YEN TO BUY MORE DRUGS

DAVE CALLS THIS THE ROUNDABOUT WAY TO WEALTH HE TELLS ED THAT THIS
ROUNDABOUT WAY RESULTS IN CHEAPER BETTER TVS FOR AMERICANS

ED IS NOT IMPRESSED SO DAVE TAKES HIM TO VISIT HIS SON STEVEN WHO HEADS
UP A PALO ALTO CALIF COMPUTER COMPANY ED'S GRANDSON JUSTIN IS DOING HIS
MATH HOMEWORK IN THREE DIMENSIONS ON A COMPUTER SCREEN THEN IT'S OFF TO
BOSTON WHERE ED'S DAUGHTER SUSAN WORKS FOR AN INTERNATIONAL RETAIL COMPANY
IT'S NOT CLEAR WHETHER ED IS MORE SURPRISED TO SEE HIS GRANDDAUGHTER PLAYING
IN THE LITTLE LEAGUE OR THAT SHE IS PLAYING WITH A METAL BAT

YET DAVE HAS NOT MANAGED TO CONVINCE ED SO DAVE SHOWS HIM WHAT THE COUNTRY
WOULD LOOK LIKE IN 1995 UNDER PROTECTIONISM BACK IN ILLINOIS THE FIRST
THING THAT ED NOTICES IS THAT EVERYONE IS DRIVING A FORD FAIRLANE OR CHEVY
IMPALA SUSAN NEVER WENT TO GRADUATE SCHOOL BUT HAS BECOME A HOMEMAKER WITH
THREE CHILDREN INSTEAD STEVEN TOO LIVES IN STAR WHERE HE IS SELLING
EXPENSIVE TVS JUSTIN IS DOING MATH HOMEWORK ON A YELLOW PAD RAHWAY STILL
HAS A CORN FIELD BECAUSE THE MERCK PLANT NEVER GOT BUILT

ED PEPPERS DAVE WITH QUESTIONS WHY NOT PROTECT INDUSTRIES IMPORTANT TO
NATIONAL SECURITY WHAT ABOUT SHIELDING INDUSTRIES THAT ARE IN THEIR
INFANCY WHAT ABOUT FORCING COMPETITORS TO PLAY ON AN EVEN FIELD

ED AND DAVE HAVE PHILOSOPHICAL DISCUSSIONS ABOUT OPPORTUNITY AND HAPPINESS
DAVE ADMITS THAT WITH OR WITHOUT FREE TRADE ED'S CHILDREN AND GRANDCHILDREN
SEEM HAPPY SAYING MONEY IS NOT EVERYTHING WEALTH IS NOT EVERYTHING NOR
IS AMERICA WITH FREE TRADE A PARADISE FREE TRADE LEADS TO MORE OPPORTUNITY
MORE WEALTH AND A MORE DYNAMIC WORLD BUT A MORE DYNAMIC WORLD DOES NOT
BENEFIT EVERYONE

DAVE IS EVENHANDED ALL RIGHT AND HE REFUSES TO TELL ED WHAT TO DO HIS
FINAL WORDS ARE I HOPE YOU HAVE LEARNED TONIGHT THAT THE CHOICE AMERICA
FACES IS NOT BETWEEN MORE JOBS OR FEWER JOBS THE REAL CHOICE IS BETWEEN A
STATIC WORLD AND A DYNAMIC WORLD A WORLD OF ENCOURAGING PEOPLE TO DREAM AND
ENCOURAGING THEM TO ACQUIRE THE SKILLS TO MAKE THOSE DREAMS COME TRUE AND A
WORLD OF ENCOURAGING PEOPLE TO BE CONTENT WITH WHAT THEY HAVE AND TO DREAM
LESS

THEN DAVE DISAPPEARS ED SPENDS A RESTLESS FEW HOURS ON THE SOFA HE FLIES
TO LOS ANGELES STILL TROUBLED HE MOUNTS THE PODIUM AND BEGINS READING HIS
SPEECH WILL ED MAKE THE SPEECH FAVORING PROTECTIONISM THEREBY CONSIGNING
THE US TO FORD FAIRLANES OR IMPROVISE A DIFFERENT ONE

IN ADDITION TO THIS EMOTIONALLY CHARGED SOULSEARCHING CONCLUSION MR
ROBERTS'S LITTLE BOOK HAS TWO WONDERFUL PICTURES ONE OF DAVE AS A DANDY AND
ANOTHER OF ED LOOKING AT DAVE WITH HIS EYEBROWS RAISED

MS LEE IS AN ECONOMIST 9403280057 940328 LETTERS TO THE EDITOR IT'S
NOT AN ENTITLEMENT IT'S MONEY OWED TO US

THIS IS IN RESPONSE TO THE FOLLOWING STATEMENT IN LINDLEY H CLARK'S
SPEAKING OF BUSINESS BALANCED BUDGET POST MORTEM EDITORIAL PAGE MARCH
9 THE BIGGEST PROBLEM WAS AND IS ENTITLEMENT PROGRAMS THE PUBLIC HAS
BEEN SOLD ON THE IDEA THAT THE GOVERNMENT MUST HELP EVERYBODY WHETHER THEY
NEED IT OR NOT THE PRIME EXAMPLES ARE SOCIAL SECURITY AND MEDICARE I
WOULD LIKE TO REMIND MR CLARK THAT SOCIAL SECURITY PAYMENTS ARE NOT THE
GOVERNMENT HELPING EVERYBODY SOCIAL SECURITY IS NOT AN ENTITLEMENT
PROGRAM BUT A SAVINGS SYSTEM

WHEN THE GOVERNMENT SENDS A SOCIAL SECURITY CHECK TO AN INDIVIDUAL IT IS
NOT GIVING HIM ANYTHING IT IS PAYING HIM BACK A PORTION OF THE MONEY HE HAS
SAVED FOR HIS RETIREMENT THROUGH A SPECIAL GOVERNMENT PLAN THE MONEY
BELONGS TO THE INDIVIDUAL MONEY OWED TO HIM MONEY SYSTEMATICALLY AND
FORCIBLY TAKEN FROM HIS PAYCHECK AS SECURITY AGAINST A TIME WHEN HE WILL BE
TOO OLD TO WORK 9403280056 940328 INTERNATIONAL MICHELIN TO CLOSE A
PLANT

PARIS FRENCH TIRE AND RUBBER GROUP MICHELIN SA SAID IT PLANS TO SHUT DOWN
ITS TRUCK TIREMANUFACTURING FACILITY AT HERTOGENBOSCH IN THE NETHERLANDS
CITING OVERCAPACITY CAUSED BY THE SLUMP IN EUROPEAN TRUCK SALES

THE PLANT EMPLOYS 432 WORKERS

THE EUROPEAN TRUCK MARKET HAS BEEN HIT BY THE SLUMP IN ECONOMIC ACTIVITY
OVER THE PAST TWO YEARS AND MICHELIN SAID IT DOESN'T SEE ANY PROSPECT OF A
RECOVERY IN THE NEAR FUTURE 9403280055 940328 BUSINESS BRIEFS

LONE STAR INDUSTRIES INC SAID IT EXPECTS TO EMERGE FROM BANKRUPTCY
PROCEEDINGS NO LATER THAN APRIL 15 PARTLY DUE TO A REGULATORY DELAY THE
CEMENT MAKER HAD EXPECTED TO EMERGE FROM CHAPTER 11 BY MARCH 29

UNION PACIFIC CORP'S UNION PACIFIC RAILROAD REACHED A FOURYEAR 300
MILLION AGREEMENT TO PURCHASE AT LEAST 140 OF GENERAL ELECTRIC CO'S
4400HORSEPOWER ALTERNATINGCURRENT TRACTION LOCOMOTIVES BEGINNING IN 1995

PENNFIRST BANCORP INC COMPLETED ITS ACQUISITION OF ESB BANCORP INC IN A
TRANSACTION VALUED AT ABOUT 25 MILLION

YORK INTERNATIONAL CORP SAID ITS ITALIAN SUBSIDIARY YORK INTERNATIONAL
SRL HAS AGREED TO PURCHASE THE ASSETS OF ITALIAN AIRCONDITIONING EQUIPMENT
MAKER SEVESO CLIMA

PRICE WATERHOUSE HAS BEEN AWARDED AN 11 MILLION CONTRACT TO AUTOMATE THE
ALAMEDA COUNTY COURT SYSTEM IN CALIFORNIA 9403280054 940328 JOHN H
HARLAND CO'S PURCHASE

ATLANTA JOHN H HARLAND CO SIGNED A DEFINITIVE AGREEMENT TO PURCHASE THE
NET ASSETS OF FORMATION TECHNOLOGIES INC TERMS WEREN'T DISCLOSED

DENVERBASED FORMATION WHICH DEVELOPS MARKETS AND SUPPORTS LENDING AND
PLATFORM AUTOMATION HAD REVENUE OF 12 MILLION IN 1993 HARLAND PRINTS
CHECKS AND PROVIDES RELATED PRODUCTS AND SERVICES TO THE FINANCIAL
COMMUNITY 9403280053 940328 REVIEW & OUTLOOK EDITORIAL THE OTHER
DECEITS

IN REFLECTING ON PRESIDENT CLINTON'S MARVELOUSLY BEGUILING PERFORMANCE THE
OTHER NIGHT WE'D LIKE TO LAY WHITEWATER MOMENTARILY ASIDE THERE WILL BE
PLENTY OF TIME TO PLUMB WHETHER HILLARY REALLY DREW THE WINNING NUMBER IN
THE COMMODITIES LOTTO TO PONDER WHETHER THE PRESIDENT REALLY FORGOT A
20000 CHECK FOR HIS MOTHER TO EXPLORE WHAT THE PRESIDENT KNEW ABOUT THE
NEWLY REVEALED INTERVENTIONS BY GEORGE STEPHANOPOULOS AND HAROLD ICKES

INSTEAD WE'D LIKE TO DWELL A BIT ON WHAT THE PRESIDENT CALLED THE REAL
WORK WE ARE GETTING DONE ON BEHALF OF THE AMERICAN PEOPLE ON THE
PRESIDENT'S ASSERTION THAT BY COMMON CONSENSUS WE HAD THE MOST PRODUCTIVE
FIRST YEAR OF A PRESIDENCY LAST YEAR OF ANYONE IN A GENERATION CONSENSUS
IT SEEMS CAN FIND VICTORY IN EVERY STUMBLE

IT'S TRUE OF COURSE THAT TO THIS MOMENT THE ECONOMY HAS OVERCOME THE
BURDENS MR CLINTON PILED ON IT IT IS A VICTORY OF SORTS THAT HIS TAX
INCREASES OFFSET BY AN EXPANSIVE MONETARY POLICY DID NOT CAUSE AN
IMMEDIATE RECESSION MR CLINTON DID NOT BROWBEAT THE FEDERAL RESERVE ON
INTEREST RATES UNTIL JUST RECENTLY WHICH IS TO SAY THE FIRST TIME THE FED
ACTED AGAINST IMPENDING INFLATION BUT THE REAL ECONOMIC TEST WILL COME OVER
A LONGER TIME DID THE TAX INCREASES UNDERMINE THE ECONOMY'S POTENTIAL TO
GROW WITHOUT HANDING THE FED AN INFLATIONARY DILEMMA

THE COMMON CONSENSUS THE PRESIDENT DETAILED ALSO LISTS A CURIOUS SET OF
FOREIGN POLICY SUCCESSES BOSNIA IS NOW A VICTORY FOR EXAMPLE THOUGH WHAT
CALM EXISTS RESULTS MAINLY FROM THE ARRIVAL OF RUSSIAN TROOPS TO DEFEND
SERBIAN CONQUESTS OTHER VICTORIES INCLUDE THE RENEWAL OF YET MORE TALKS IN
THE MIDDLE EAST AFTER THE PREVIOUSLY ADVERTISED PEACE WAS INTERRUPTED BY
ANOTHER MASSACRE THIS TIME FROM EXTREMISTS ON THE ISRAELI SIDE MR
CLINTON'S PROMISE TO SEEK HUMAN RIGHTS IN CHINA IS A LAUDABLE EFFORT BUT
CAN'T BE COUNTED A BIG SUCCESS AFTER THE CHINESE SNUB OF SECRETARY OF STATE
CHRISTOPHER

THE EFFORTS TO STOP NORTH KOREA'S NUCLEAR PROGRAM IS A HOWLER EVEN IF
NORTH KOREA GAVE THE STATE DEPARTMENT AND THE INTERNATIONAL INSPECTORS
EVERYTHING THEY DEMAND IT WOULD STILL BE BUILDING A BOMB THE ONLY SENSIBLE
REACTION TO THE DEMONSTRATED THREAT OF ROGUE STATES WITH NUCLEAR WEAPONS IS
NOT MERELY TO SEND PATRIOT MISSILES TO SOUTH KOREA BUT FINALLY TO START
BUILDING A MISSILE DEFENSE FOR THE UNITED STATES BUT UNDER THE COMMON
CONSENSUS OF COURSE ANYTHING RESEMBLING STAR WARS IS UNTHINKABLE

SIMILARLY THE PRESIDENT ALSO CELEBRATED THE RETURN OF US TROOPS FROM
SOMALIA A WEEK AHEAD OF SCHEDULE BUT THEN HE CELEBRATED THAT ONCE
BEFORE HOLDING A PARADE ON THE WHITE HOUSE LAWN LAST MAY THAT WAS BEFORE
HIS ADMINISTRATION LOST ENOUGH RANGERS TO DISCOVER ITS NOTION OF A SOLUTION
NAMELY TO STOP FIGHTING GENERAL AIDID AND TURN THE PLACE OVER TO HIS TENDER
MERCIES UNDER A FACESAVING AGREEMENT

TURNING TO THE DOMESTIC FRONT MR CLINTON BRAGGED THAT THE HOUSE PASSED
LEGISLATION TO LIMIT LOBBYISTS LEAVING THE FAVORS OF A BLOATED GOVERNMENT
TO BE DISPENSED BY CONGRESSMEN ALL ON THEIR OWN REAL POLITICAL REFORM
NAMELY TERM LIMITS IS OUTSIDE OF THE COMMON CONSENSUS THOUGH IT WINS
OVERWHELMINGLY WHENEVER TESTED IN A PUBLIC OPINION POLL OR MORE
IMPORTANTLY A REFERENDUM

THE ADMINISTRATION IS COMPLETING WORK ON WELFARE REFORM THAT WILL PRETEND
TO CUT OFF PAYMENTS AFTER TWO YEARS ON WELFARE AND ALSO A REEMPLOYMENT
PROPOSAL THAT WILL PRETEND TO TRAIN WORKERS FOR PRETEND JOBS BOTH WILL OF
COURSE REQUIRE THE SERVICES OF MORE GOVERNMENT WORKERS WHO WILL VOTE FOR
MORE GOVERNMENT THERE IS ALSO SOMETHING ABOUT NEW EDUCATIONAL STANDARDS FOR
SCHOOLS THOUGH OF COURSE NOTHING TO DIMINISH THE INFLUENCE OF THE TEACHERS'
UNION ESTABLISHMENT

WHICH BRINGS US TO THE CRIME BILL THE PRETENSES OF WHICH LED TO THE
RESIGNATION OF DEPUTY ATTORNEY GENERAL PHILIP HEYMANN WHATEVER HIS VIEWS
ONE OF THE FEW SERIOUS PEOPLE IN THE JUSTICE DEPARTMENT THE
THREESTRIKESANDOUT PROPOSAL LOOKS GOOD ONLY BECAUSE THE COMMON
CONSENSUS PRECLUDES REAL REFORM SUCH AS REPEALING THE EXCLUSIONARY RULE
SUPPORTING POLICE IN STREET CONFRONTATIONS WITH SUSPECTS OF WHATEVER COLOR
AND REFORMING THE JUVENILE JUSTICE SYSTEM

FINALLY THE CLINTON ADMINISTRATION IS MOVING TO REFORM THE HEALTH CARE
SYSTEM PROOF BEING THAT A HOUSE SUBCOMMITTEE JUST PASSED A BILL SO EXTREME
THE ADMINISTRATION USED TO OPPOSE IT FOR OUR PART WE SENSE A BUDDING IF
NOT YET COMMON CONSENSUS THAT TRYING TO REFORM 14 OF GDP AT A STROKE IS A
FRIVOLOUS EXERCISE AND ALWAYS WAS THE SUBCOMMITTEE BILL WILL NOT PASS BUT
SOME SENSIBLE INCREMENTAL REFORMS MIGHT WHITEWATER SHOULD NOT BE AN EXCUSE
FOR THE FAILURE OF THE CLINTON HEALTH PROPOSAL WHICH IS FALLING APART ALL
ON ITS OWN

ADMITTEDLY MOST OF THESE ISSUES ARE MORE COMPLICATED SOLUTIONS ARE SELDOM
COMPLETE THE CLINTON ADMINISTRATION INHERITED MANY PROBLEMS ETC ETC OF
COURSE OUR ASSESSMENT PAINTS WITH BROAD STROKES BUT SURELY NO BROADER THAN
THE GRANDIOSE CLAIM MR CLINTON OFFERED IN DEPICTING HIS BUMBLING PRESIDENCY
AS A TRIUMPH IN ALL FAIRNESS WE SHOULD NOTE THAT HIS FIRST YEAR DID
INCLUDE ONE HISTORIC SUCCESS THE PASSAGE OF THE NORTH AMERICAN FREE TRADE
AGREEMENT TOO BAD HE DIDN'T INCLUDE IT ON HIS PRESS CONFERENCE LIST
9403280052 940328 WHO'S NEWS SEARS CEO RECEIVED BONUS OF 21 MILLION
IN 1993

CHICAGO SEARS ROEBUCK & CO WHICH HADN'T PAID CHAIRMAN AND CHIEF
EXECUTIVE OFFICER EDWARD A BRENNAN A BONUS FOR THREE YEARS BECAUSE OF POOR
RESULTS AWARDED HIM A 21 MILLION BONUS IN 1993 WHEN THE GIANT RETAILER
AND INSURER POSTED RECORD EARNINGS

MR BRENNAN WHOSE BASE SALARY LAST YEAR WAS 1 MILLION ALSO RECEIVED
212897 STOCK OPTIONS AND RESTRICTED STOCK AWARDS VALUED AT 500250
ACCORDING TO THE COMPANY'S PROXY STATEMENT SEARS SAID THE STOCK OPTIONS
HAVE A POTENTIAL VALUE OF 61 MILLION ASSUMING A 5 ANNUAL STOCKPRICE
APPRECIATION OVER THE TERM OF THE OPTIONS MR BRENNAN ALSO REALIZED A
PROFIT OF MORE THAN 1 MILLION ON THE EXERCISE OF OPTIONS IN 1992 HE
RECEIVED ONLY 14 MILLION IN SALARY AND OTHER COMPENSATION

THE EXECUTIVE CREDITED BY MANY FOR REVERSING SEARS'S RECORD 1992 LOSS OF
393 BILLION ARTHUR MARTINEZ CHAIRMAN AND CHIEF EXECUTIVE OF SEARS
MERCHANDISE GROUP ALSO WAS REWARDED LAST YEAR WITH A BONUS OF 11
MILLION IN ADDITION TO HIS BASE SALARY OF 900000 HE ALSO RECEIVED STOCK
OPTIONS AND OTHER COMPENSATION THAT BROUGHT HIS TOTAL COMPENSATION TO 57
MILLION 9403280051 940328 CANADIAN BANKS RATE BOOST

TORONTO CANADA'S MAJOR BANKS RAISED THEIR PRIME LENDING RATES IN RESPONSE
TO AN UPSWING IN SHORTTERM INTEREST RATES

MOST BANKS RAISED THEIR PRIME RATES TO 625 EFFECTIVE TODAY FROM 55
BANK OF MONTREAL RAISED ITS PRIME RATE TO 6 FROM 55

THE PRIME RATE IS A BENCHMARK FOR VARIOUS LENDING CHARGES 9403280050
940328 LETTERS TO THE EDITOR GENERIC DRUG PROFITS

THE MARCH 16 LETTER FROM RONALD L ZIEGLER OF THE NATIONAL ASSOCIATION OF
CHAIN DRUG STORES UNSUCCESSFULLY TRIED TO DISPROVE THE ARTICLE KILLING DRUG
RESEARCH KILLS PEOPLE WITH THE STATEMENT THERE IS INSUFFICIENT RETURN ON
INVESTMENT FOR A MANUFACTURER TO BECOME A PRODUCER OF ONLY INTERCHANGEABLE
COMMODITIES IT IS PRECISELY THE PROFITABILITY OF PRODUCING INTERCHANGEABLE
COMMODITIES THAT HAS PRODUCED THE SUCCESS OF THE GENERIC DRUG MANUFACTURING
INDUSTRY AND THE INCREASE IN USE OF STORE LABELS BY HIS ORGANIZATION'S
MEMBERS 9403280049 940328 NEW SECURITIES ISSUES

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

AK STEEL HOLDING CORP PLANNED INITIAL PUBLIC OFFERING INCREASED IN SIZE
AND EXPECTED OFFERING PRICE TO 176 MILLION COMMON SHARES AT 21 TO 24 A
SHARE ACCORDING TO A PRELIMINARY PROSPECTUS THE IPO WAS INITIALLY PLANNED
TO BE 158 MILLION SHARES PRICED AT 20 A SHARE

KLM ROYAL DUTCH AIRLINES 185 MILLION NEW SHARES PRICED AT 23375 EACH
FOR THE US MARKET BASED ON THURSDAY'S CLOSING PRICE ON THE NEW YORK STOCK
EXCHANGE

OMEGA HEALTHCARE INVESTORS INC THREE MILLION COMMON SHARES PRICED AT
2425 EACH THROUGH UNDERWRITERS LED BY BEAR STEARNS & CO

ANNE ARUNDEL COUNTY MD 75 MILLION OF COUNTY POLLUTIONCONTROL REVENUE
REFUNDING BONDS SOLD WITH BALTIMORE GAS & ELECTRIC CO TO UNDERWRITERS LED
BY GOLDMAN SACHS & CO THE COMPANY SAID THE BONDS DUE APRIL 1 2024 WERE
PRICED FOR REOFFERING AT 98628 TO YIELD 61

FEDERAL HOME LOAN MORTGAGE CORP 3003 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY GOLDMAN SACHS & CO THE
OFFERING SERIES 1720 IS BACKED BY THE AGENCY'S 30YEAR 75 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 795 AND
WEIGHTED AVERAGE MATURITY OF 350 MONTHS

FEDERAL HOME LOAN MORTGAGE CORP 200 MILLION OF REMIC SECURITIES OFFERED
BY KIDDER PEABODY & CO THE OFFERING SERIES 1719 IS BACKED BY THE
AGENCY'S FIVEYEAR BALLOON MORTGAGE SECURITIES THE COLLATERAL HAS A
WEIGHTED AVERAGE COUPON RATE OF 605 AND WEIGHTED AVERAGE MATURITY OF 58
MONTHS

CITICORP 1 BILLION OF CITIBANK NA CREDITCARD ASSETBACKED CERTIFICATES
PRICED IN TWO PARTS ACCORDING TO MCM CORPORATEWATCH THE CERTIFICATES WERE
SOLD GLOBALLY THROUGH STANDARD CREDIT CARD MASTER TRUST 19942 A
SPECIALPURPOSE VEHICLE AND WERE BACKED BY VISA AND MASTERCARD RECEIVABLES
THE 940 MILLION SENIOR CLASS A CERTIFICATES WERE PRICED AS 725S AT 99681
TO YIELD 729 A 70BASISPOINT SPREAD ABOVE THE TREASURY'S 5875S OF
FEBRUARY 2004 THE CERTIFICATES WITH AN AVERAGE LIFE OF 12 YEARS WERE
RATED TRIPLEA BY MOODY'S INVESTORS SERVICE INC STANDARD & POOR'S CORP
DUFF & PHELPS CREDIT RATING CO AND FITCH INVESTORS SERVICE INC
UNDERWRITERS WERE LED BY MERRILL LYNCH & CO THE 60 MILLION SUBORDINATE
CLASS B CERTIFICATES WERE PRICED AS 75S AT 99829 TO YIELD 752 A
93BASISPOINT SPREAD ABOVE THE TREASURY'S 5875 NOTES OF FEBRUARY 2004
THE CERTIFICATES WITH AN AVERAGE LIFE OF 12 YEARS WERE RATED SINGLEA2 BY
MOODY'S AND SINGLEA BY S&P UNDERWRITERS WERE LED BY CITICORP SECURITIES
MARKETS INC CREDIT SUPPORT IN THE DEAL CONSISTED OF THE 6 SUBORDINATE
CLASS AND A 7 CASHCOLLATERAL ACCOUNT OF WHICH 5 WAS SHARED BETWEEN THE
TWO CLASSES AND 2 WAS DEDICATED SOLELY TO THE SUBORDINATE CLASS

ABBEY NATIONAL TREASURY SERVICES PLC UK PARENT 100 MILLION EURPEAN
CURRENCY UNITS OF 625 EUROBONDS DUE APRIL 26 1999 AT ISSUE PRICE 10012
VIA SOCIETE GENERALE REOFFERED AT 98545 TO YIELD 660 A MARGIN OF 25
BASIS POINTS OVER COMPARABLE ECU FRENCH TREASURY GUARANTOR ABBEY NATIONAL
PLC FEES 1875

LANDESBANK SCHLESWIGHOLSTEIN GIROZENTRALE GERMANY 100 MILLION MARKS OF
BONDS DUE APRIL 26 2004 AT ISSUE PRICE 999 FOR OWN ACCOUNT BONDS KNOWN
AS KOMMUNALOBLIGATIONEN COMMUNAL BONDS BACKED BY MORTGAGES COUPON 625
FIRST YEAR YEARS TWO TO SIX COUPON FLAT AT SIXMONTH MARK LONDON INTERBANK
OFFERED RATE THEREAFTER COUPON 7 FEES UNDISCLOSED

NISSHO IWAI AMERICAN CORP JAPANESE PARENT 10 BILLION YEN OF
FLOATINGRATE EURONOTES DUE JUNE 30 1996 AT ISSUE PRICE 1002 VIA SANWA
INTERNATIONAL PLC PAYABLE QUARTERLY AT THREEMONTH YEN LIBOR PLUS 275
BASIS POINTS COUPON COLLARED FROM JUNE 30 TO JUNE 30 1995 AT 27 AND 3
THEREAFTER NO MINIMUM COUPON MAXIMUM 35 KEEPWELL AGREEMENT WITH NISSHO
IWAI CORP FEES 02

SWEDISH EXPORT CREDIT LTD SWEDISH AGENCY 75 MILLION OF ZEROCOUPON
COMMODITYLINKED EUROBONDS DUE APRIL 14 1997 AT ISSUE PRICE 100875 VIA
GOLDMAN SACHS INTERNATIONAL LTD REOFFERED AT 9975 MINIMUM REDEMPTION AT
PAR ADDITIONAL PAYMENT BASED ON PERFORMANCE AND EXCESS RETURNS OF GOLDMAN
SACHS COMMODITY INDEX FEES 1375 9403280048 940328 MARKETING & MEDIA 
JONES INTERCABLE BCE RENEGOTIATE TERMS OF ALLIANCE  BY MARK
ROBICHAUX STAFF REPORTER OF THE WALL STREET JOURNAL

CABLE COMPANY JONES INTERCABLE INC AND CANADIAN TELECOMMUNICATIONS GIANT
BCE INC HAVE RENEGOTIATED TERMS OF THEIR ALLIANCE CUTTING THE PRICE BCE
WILL PAY FOR A 30 STAKE IN JONES PEOPLE CLOSE TO THE DEAL SAID

THE TWO COMPANIES ARE EXPECTED TO ANNOUNCE TODAY CHANGES IN THE CONTRACT
THAT REDUCE BY 5 THE LION'S SHARE OF A PLANNED 400 MILLION INVESTMENT THE
CHANGES REFLECT A NEW ROUND OF FEDERAL CABLERATE CUTS THAT DENVERBASED
JONES INTERCABLE SAYS WILL CRIMP ITS CASH FLOW

AN OFFICIAL AT THE BCE UNIT INVOLVED IN THE DEAL CONFIRMED THE NEW TERMS
JONES INTERCABLE RUN BY CABLE PIONEER GLENN JONES DECLINED TO COMMENT

JONES INTERCABLE WHICH SERVES 16 MILLION US CABLE SUBSCRIBERS AND BCE'S
BELL CANADA INTERNATIONAL UNIT ARE THE LATEST CABLETELEPHONE PARTNERS TO
RENEGOTIATE THE VALUE OF AN AGREEMENT IN THE FACE OF ADDITIONAL CABLERATE
CUTS THE FEDERAL COMMUNICATIONS COMMISSION EXPECTS TO RELEASE FURTHER
DETAILS OF NEW RATE RESTRICTIONS THIS WEEK CABLE OPERATORS SAY THE RULES
PUT PRESSURE ON CASH FLOW A KEY INDICATOR OF HOW CABLE SYSTEMS ARE PRICED

BELL ATLANTIC CORP AND TELECOMMUNICATIONS INC CITED THE FCC RULES IN THE
COLLAPSE OF BELL ATLANTIC'S RECENT MULTIBILLIONDOLLAR PROPOSED TCI
ACQUISITION AND SOUTHWESTERN BELL CORP IS RENEGOTIATING THE FINANCIAL
TERMS OF ITS 49 BILLION CABLE VENTURE WITH COX ENTERPRISES INC

UNDER THE NEW TERMS OF THE JONESBCE DEAL INSTEAD OF PAYING AN INITIAL 275
MILLION FOR 10 MILLION CLASS A SHARES OR 2750 APIECE BCE WILL NOW PAY
261 MILLION IN TWO STAGES

THE FIRST WILL BE TO BUY A 13 INTEREST OR 25 MILLION NEWLY ISSUED SHARES
AT 22 A SHARE STILL A PREMIUM OVER THE CURRENT PRICE OF ABOUT 15 A
SHARE THE SECOND STEP WILL BE TO BUY THE REMAINING SHARES NEEDED TO REACH A
30 STAKE AT 2750 APIECE

BCE WILL STILL INVEST 400 MILLION OVER TIME BUT INSTEAD OF COMMITTING TO
PAY AN ADDITIONAL 125 MILLION IN THE FUTURE FOR NEWLY ISSUED SHARES TO
FINANCE THE COMPANY AND MAINTAIN A 30 INTEREST BCE IS EXPECTED TO COMMIT
TO 139 MILLION

THE NEW TERMS ALSO REDUCE THE PRICE OF BCE'S OPTION TO BUY CONTROL OF THE
COMPANY FROM JONES INTERNATIONAL INC TO 52 MILLION FROM 55 MILLION JONES
INTERCABLE IS A SUBSIDIARY OF JONES INTERNATIONAL WHICH IS WHOLLY OWNED BY
MR JONES

A BELL CANADA INTERNATIONAL OFFICIAL SAID THE COMPANIES EXPECT TO SIGN
DEFINITIVE AGREEMENTS WITHIN THE NEXT THREE WEEKS THE DEAL WHICH IS
SUBJECT TO OTHER CONDITIONS IS EXPECTED TO CLOSE BY MIDSUMMER

CHRISTOPHER J CHIPELLO CONTRIBUTED TO THIS ARTICLE 9403280047 940328
FIRST BANK SYSTEM'S ACQUISITION

MINNEAPOLIS FIRST BANK SYSTEM INC SAID IT COMPLETED THE ACQUISITION OF
BOULEVARD BANCORP INC OF CHICAGO FOR 200 MILLION IN STOCK

FIRST BANK SAID BOULEVARD BRANCHES AND PRODUCTS WOULD BE CONVERTED TO FIRST
BANK BY LATE APRIL 9403280046 940328 TECHNOLOGY & HEALTH COMMODORE
SAYS IT FACES POSSIBILITY OF LIQUIDATION

WEST CHESTER PA COMMODORE INTERNATIONAL LTD A ONCE HIGHFLYING
PERSONAL COMPUTER MAKER WARNED THAT IT IS ON THE VERGE OF COLLAPSE AND
COULD BE LIQUIDATED UNLESS IT SECURES NEW FUNDING

IN RELEASING A QUARTERLY EARNINGS REPORT THE MAKER OF THE AMIGA COMPUTER
SAID IT IS ATTEMPTING TO NEGOTIATE A RESTRUCTURING PLAN WITH CREDITORS
INCLUDING SUPPLIERS THAT HAVE SUED THE COMPANY THE RELEASE DID NOT DESCRIBE
THE NATURE OF THE LAWSUITS AND THE COMPANY DID NOT MAKE A SPOKESMAN
AVAILABLE

IN ITS EARNINGS REPORT COMMODORE SAID IN THE ABSENCE OF ADDITIONAL
RESOURCES AND A RESTRUCTURING THE COMPANY MAY BECOME SUBJECT TO
REORGANIZATION OR OTHER LIQUIDATION PROCEEDINGS

COMMODORE'S AMIGA PC FIRST RELEASED IN THE MID 1980S NEVER CAUGHT ON AMONG
MAINSTREAM COMPUTER USERS THOUGH IT WAS PRAISED BY COMPUTER MAGAZINES FOR
ITS EASYTOUSE FEATURES

FOR THE SECOND QUARTER ENDED DEC 31 COMMODORE HAD A LOSS OF 82 MILLION
OR 25 CENTS A SHARE COMPARED WITH A LOSS OF 772 MILLION OR 233 A
SHARE A YEAR EARLIER REVENUE FELL TO 701 MILLION FROM 2377 MILLION

COMMODORE STOCK FELL 125 CENTS TO 3 IN NEW YORK STOCK EXCHANGE TRADING
9403280045 940328 WHO'S NEWS KLA INSTRUMENTS CORP

KLA INSTRUMENTS CORP SAN JOSE CALIF ROBERT R ANDERSON COFOUNDER
AND VICE CHAIRMAN OF THIS SEMICONDUCTOR MANUFACTURING EQUIPMENT CONCERN
RESIGNED FROM THE BOARD HE WILL CONTINUE TO WORK WITH THE COMPANY PART TIME
AS A MANAGEMENT CONSULTANT 9403280044 940328 POLITICS & POLICY SENATE
APPROVES BUDGET IN NEAR PARTYLINE VOTE

WASHINGTON THE SENATE APPROVED PRESIDENT CLINTON'S 15 TRILLION FISCAL
1995 BUDGET BUT ONLY AFTER SQUEEZING SPENDING MORE THAN THE WHITE HOUSE
WANTED

THE ADMINISTRATION AND DEMOCRATIC LEADERS WILL NOW TRY TO WATER DOWN THE
CUTS 26 BILLION OVER FIVE YEARS FROM PROGRAMS YET TO BE IDENTIFIED IN
COMPROMISE NEGOTIATIONS WITH THE HOUSE NEXT MONTH THEY PROBABLY CAN'T
RESTORE ALL OF THE MONEY HOWEVER

IT'S GOING TO BE DIFFICULT TO TOTALLY ELIMINATE THE REDUCTIONS BUDGET
DIRECTOR LEON PANETTA SAID THAT MEANS DEFENSE AND DOMESTIC SPENDING 
ALREADY SUBJECT TO STRINGENT CAPS AS A RESULT OF LAST YEAR'S
DEFICITREDUCTION PROGRAM MUST BE PARED EVEN FURTHER

THE SENATE APPROVED THE BUDGET RESOLUTION ON A NEAR PARTYLINE VOTE OF
5740 NO DEMOCRATS DEFECTED WHILE REPUBLICANS MARK HATFIELD OF OREGON AND
JAMES JEFFORDS OF VERMONT BACKED THE SPENDING BLUEPRINT FOR THE YEAR THAT
STARTS OCT 1

WHILE THE EXTRA BUDGET CUTS WOULD COME FROM DISCRETIONARY SPENDING PROGRAMS
 THOSE SUBJECT TO ANNUAL APPROPRIATIONS THE SENATE ALSO SIGNALED IT MAY
SEEK FORMALLY TO RESTRAIN THE GROWTH IN MANDATORY BENEFIT PROGRAMS ONCE
CONGRESS OVERHAULS THE HEALTHCARE SYSTEM BY VOICE VOTE THE SENATE ADOPTED
A BIPARTISAN RESOLUTION CALLING FOR CAPS ON ENTITLEMENT SPENDING BEGINNING
IN 1996 9403280042 940328 MANAGER'S JOURNAL PHARMOR A LESSON IN
FRAUD  BY STEPHEN D WILLIGER

THE EXAMINER'S REPORT IN THE PHARMOR INC BANKRUPTCY CASE FILED JAN 19 IN
YOUNGSTOWN OHIO EXPOSED A COMPELLING TALE OF FRAUD AND CORRUPTION IN MY
ROLE AS ATTORNEY FOR JAY ALIX EXAMINER IN THE CASE I HAD A BIRD'SEYE VIEW
OF ONE OF THE LARGEST CASES OF FINANCIAL FRAUD IN US BANKRUPTCY COURT
HISTORY IT LED NOT ONLY TO PHARMOR'S BANKRUPTCY BUT ULTIMATELY RESULTED IN
A 1 BILLION EQUITY LOSS TO PHARMOR'S SHAREHOLDERS PHARMOR THE
MIDWESTERN DISCOUNT RETAILER WAS FORCED TO LAY OFF THOUSANDS OF EMPLOYEES
AND CLOSE NEARLY HALF OF ITS 300 STORES

THE PRICE TAG IN THE PHARMOR CASE BROUGHT IT INTO THE SPOTLIGHT BUT MANY
LESS DRAMATIC CASES OF CORPORATE FRAUD NEVER MAKE IT INTO THE HEADLINES IN
A 1993 KPMG PEAT MARWICK SURVEY OF THE NATION'S TOP COMPANIES 76 OF THE
RESPONDENTS SAID THEY HAD EXPERIENCED FRAUD DURING THE PAST YEAR NEARLY A
FOURTH OF THE RESPONDENTS CLAIMED LOSSES OF AT LEAST 1 MILLION AND ALMOST
TWOTHIRDS REPORTED ACTUAL OR POTENTIAL LOSSES OF MORE THAN 100000 EVEN
MORE STRIKING WAS THE REVELATION THAT NEARLY HALF OF THE COMPANIES SURVEYED
CONCEDED THAT THE FRAUD COULD HAVE BEEN DISCOVERED EARLIER IF WARNING SIGNS
HAD NOT BEEN IGNORED

FRAUD COMES IN MANY GUISES AMONG THEM FINANCIAL STATEMENT MANIPULATION
MISAPPROPRIATION OF FUNDS CHECK FORGERY FALSE INVOICES THEFT PURCHASES
FOR PERSONAL USE KICKBACKS CREDIT CARD MISUSE AND MANIPULATION OF CHECKS
EXPENSE ACCOUNTS AND ACCOUNTS RECEIVABLE ANNUAL AUDITS RARELY EXPOSE SUCH
FRAUDULENT ACTIVITIES IN PART BECAUSE AUDITS ARE NOT DESIGNED FOR THAT
PURPOSE BUT ALSO BECAUSE THE PERPETRATORS OF FRAUD ANTICIPATE AUDITS AND
COVER THEIR TRACKS ACCORDINGLY

HERE ARE SOME PREVENTIVE MEASURES RECOMMENDED BY THE EXAMINER IN THE
PHARMOR CASE AND RESPONDENTS TO THE PEAT MARWICK SURVEY

 TRAIN ALL EMPLOYEES TO DETECT FRAUD DIRECTORS OFFICERS MANAGERS AND
OTHERS MUST ALL ASSUME RESPONSIBILITY FOR UNDERSTANDING HOW FRAUD OCCURS AND
BE ABLE TO IDENTIFY THE WARNING SIGNS SOME RED FLAGS INCLUDE FAILURE OF
CERTAIN DEPARTMENTS TO PAY BILLS WHEN DUE DIMINISHING INCOME OR SALES
GROWING INVENTORIES ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE THAT ARE
INCONSISTENT WITH THE BUSINESS'S REVENUE SIZE AND DIRECTION AND LATE OR
INCOMPLETE MONTHLY FINANCIAL REPORTING

DECLINING PROFITS OR CASHFLOW PROBLEMS PARTICULARLY AS COMPARED WITH PAST
RESULTS OR COMPETITORS' RESULTS COULD ALSO INDICATE PROBLEMS IN SOME
CASES THEY MAY EVEN TRIGGER FRAUD THIS WAS THE CASE AT PHARMOR WHERE
FRAUD ORIGINATED WITH ATTEMPTS BY CERTAIN OFFICERS TO MATCH THE COMPANY'S
ACTUAL RESULTS WITH TARGETED RESULTS AS ACTUAL RESULTS DETERIORATED
COMPARED WITH TARGETED RESULTS THE MAGNITUDE OF THE FRAUD INCREASED

 ESTABLISH AND MAINTAIN AN APPROPRIATE MANAGEMENT INFORMATION SYSTEM
MIS APPROPRIATE MIS SYSTEMS ARE NOT ONLY CRITICAL TO THE EFFICIENT
MANAGEMENT OF A COMPANY BUT ALSO SERVE AS A DETERRENT TO GENERATING FALSE
OR MISLEADING INFORMATION ACCORDING TO THE EXAMINER'S REPORT PHARMOR'S
MIS WAS INADEQUATE ON MANY LEVELS INCLUDING WAREHOUSE MANAGEMENT AND
INVENTORY CONTROL PURCHASING ACCOUNTING AND HUMAN RESOURCE MANAGEMENT AT
ONE POINT A PHARMOR VICE PRESIDENT RAISED CONCERNS ABOUT THE COMPANY'S MIS
SYSTEMS AND ORGANIZED A COMMITTEE TO ADDRESS THE PROBLEM HOWEVER SENIOR
OFFICIALS INVOLVED IN THE SCHEME TO DEFRAUD PHARMOR DISMISSED THE VICE
PRESIDENT'S CONCERNS AND ORDERED THE COMMITTEE DISBANDED

 ESTABLISH APPROPRIATE INTERNAL CONTROLS FOR ALL ACCOUNTING PROCEDURES
AVOID AN ACCOUNTING SYSTEM THAT ALLOWS FOR THE CIRCUMVENTION OF THE NORMAL
ACCOUNTS PAYABLE AUDITING AND APPROVAL SYSTEM PHARMOR'S ACCOUNTING
DEPARTMENT BYPASSED THE SYSTEM IN NUMEROUS WAYS INCLUDING THROUGH ITS
MAINTENANCE OF A SUPPLY OF BLANK CHECKS ON TWO BANK ACCOUNTS IRREGULAR
PAYMENTS WERE MADE ON TYPED CHECKS DRAWN FROM ONE OF THE ACCOUNTS

 HIRE AN INTERNAL AUDITOR ONE EFFECTIVE SAFEGUARD AGAINST FRAUD IS THE
USE OF AN INTERNAL AUDITOR AN INDIVIDUAL WHO REPORTS TO AN AUDIT
COMMITTEE OF THE BOARD RATHER THAN TO MANAGEMENT IN MID1991 SEVERAL
YEARS INTO THE FRAUDULENT ACTIVITIES AT PHARMOR THE RETAILER HIRED AN
INTERNAL AUDITOR HOWEVER THE AUDITOR WAS REQUIRED TO REPORT TO ONE OF THE
OFFICERS INVOLVED IN THE FRAUDULENT ACTIVITY WHO WAS ALSO A MEMBER OF THE
AUDIT COMMITTEE ACCORDING TO THE EXAMINER'S REPORT EFFORTS ON THE PART OF
THE AUDITOR TO PERFORM HIS JOB WERE THWARTED BY MANAGEMENT HOWEVER HE DID
RAISE QUESTIONS AND MAY WELL HAVE BEEN ON HIS WAY TO EXPOSING THE FRAUD
WHEN IN JULY 1992 AN ANONYMOUS TIP TRIGGERED THE DISCOVERY

 RECOGNIZE WARNING SIGNALS WITHIN EMPLOYEE RANKS FAMILIARIZE YOURSELF
WITH YOUR EMPLOYEES' PERSONAL GOALS SUCH AS HIGHER SALARIES BONUSES AND
PROMOTIONS AS WELL AS THEIR PERSONAL PROBLEMS INCLUDING DRUG USE AND
GAMBLING AMBITION AND/OR FINANCIAL NEEDS CAN MOTIVATE EMPLOYEES TO RISK
THEIR REPUTATION IN EXCHANGE FOR QUICK CASH BE PARTICULARLY WARY OF THE
EMPLOYEE WHO WORKS EXCESSIVELY LONG HOURS WITH LITTLE OR NO TIME FOR
VACATIONS AND VERY LITTLE TO SHOW FOR THE EXTRA WORK TIME FRAUDULENT
ACTIVITY CAN BE TEDIOUS REQUIRING DILIGENT MONITORING

ALSO BE SENSITIVE TO CHANGES IN THE BEHAVIOR OF YOUR EMPLOYEES INCLUDING
CHANGES IN PERSONALITY AND ATTITUDE ONE WAY TO STAY IN TUNE WITH EMPLOYEE
ATTITUDES IS TO CULTIVATE AN OPEN ATMOSPHERE AND PROVIDE A FORUM FOR
GRIEVANCES EMPLOYEES WHO PERCEIVE THAT THEY ARE BEING TREATED UNFAIRLY MAY
FIND IT EASIER TO STEAL FROM THE COMPANY

 CONSIDER ESTABLISHING THEN PUBLICIZING AND ENFORCING A CORPORATE
CODE OF ETHICS PHARMOR ADOPTED A BUSINESS ETHICS POLICY IN 1989 THAT
RECOMMENDED THAT THE COMPANY MAINTAIN A SYSTEM OF INTERNAL CONTROLS AND
COMPLY WITH LEGAL STANDARDS AND GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
HOWEVER OFFICERS QUESTIONED BY THE EXAMINER SAID THEY WERE NOT AWARE OF ITS
EXISTENCE

IF DESPITE TAKING PRECAUTIONS YOUR COMPANY FINDS ITSELF THE VICTIM OF FRAUD
YOU SHOULD REACT SWIFTLY AND LEAVE NO DOUBT AS TO YOUR INTENTIONS BEGIN BY
LAUNCHING AN EXTENSIVE INHOUSE INVESTIGATION FOLLOWED BY THE DISMISSAL OF
THE RESPONSIBLE PARTIES REPORTING OF THE FRAUD TO AUTHORITIES AND THE
INSTITUTION OF CIVIL OR CRIMINAL ACTIONS IF APPROPRIATE

PHARMOR'S BITTER LESSON SHOULD SERVE AS A WARNING OR AT THE VERY LEAST
A REMINDER TO INDIVIDUALS INVOLVED IN CORPORATE MANAGEMENT OF THE
DESTRUCTION THAT CAN BE WROUGHT BY DISINGENUOUS ILLINTENTIONED INDIVIDUALS
DRIVEN BY GREED OR NEED DIRECTORS OFFICERS AND MANAGERS ALIKE WOULD DO
WELL TO REEXAMINE THEIR OWN OPERATIONS FOR WARNING SIGNS AND TO ADOPT 
AND ENFORCE STRINGENT MEASURES TO PREVENT FRAUD IN THE WORKPLACE

MR WILLIGER IS A PARTNER IN THE CLEVELAND OFFICE OF THE LAW FIRM THAT
SERVED AS COUNSEL TO THE EXAMINER IN THE PHARMOR BANKRUPTCY CASE
9403280041 940328 TWODAY PRIORITY MAIL HAS PROBLEMS US SAYS

WASHINGTON AN INADEQUATE TRACKING AND TRACING SYSTEM AND AN ILLEQUIPPED
TRANSPORTATION SYSTEM ARE PREVENTING THE US POSTAL SERVICE FROM DELIVERING
PRIORITY MAIL IN TWO DAYS

MARVIN RUNYON US POSTMASTER GENERAL TOLD A SENATE SUBCOMMITTEE LAST WEEK
THAT THE POSTAL SERVICE IS CONTINUING TO ELIMINATE TRACES OF ITS ADVERTISING
CAMPAIGN WHICH MISLED CUSTOMERS INTO BELIEVING PRIORITY MAIL WAS GUARANTEED
TO BE DELIVERED IN TWO DAYS WHEN IT WASN'T

MR RUNYON ADDED THAT DURING THE PAST YEAR THE AGENCY FAILED TO DELIVER
PRIORITY MAIL WITHIN TWO DAYS CURRENTLY ONLY 84 OF PRIORITY MAIL REACHES
ITS DESTINATION ON THE SECOND DAY

RIGHT NOW PRIORITY MAIL IS JUST HEAVIER WEIGHT FIRSTCLASS MAIL SAID
JAMES VAN LOOZEN SPOKESMAN FOR THE POSTAL SERVICE WE CAN'T CALL IT
GUARANTEE SERVICE UNTIL WE CAN GET THE DELIVERY NUMBERS INTO THE HIGH 90S

MR RUNYON HAS ORDERED THAT PRIORITY MAIL ENVELOPES THAT CARRY A TWODAY
MESSAGE BE DESTROYED AND SIGNS AND POSTERS BE REMOVED MR VAN LOOZEN SAID
CLERKS HAVE BEEN INSTRUCTED TO TELL CUSTOMERS THERE IS NO GUARANTEE
9403280040 940328 FIRST ALABAMA BANCSHARES UNIT

BIRMINGHAM ALA FIRST ALABAMA BANCSHARES INC REACHED AGREEMENT FOR ITS
SECOR BANK UNIT TO SELL ITS FOUR SOUTH FLORIDA OFFICES TO CHASE FEDERAL BANK
IN MIAMI

TERMS WEREN'T DISCLOSED 9403280039 940328 BUSINESS BRIEF AIR CANADA 
DATA SYSTEMS BUSINESS TO GO TO NEW UNIT OF IBM CANADA

AIR CANADA SAID IT WILL CONTRACT OUT ITS INFORMATION SYSTEMS ACTIVITIES TO A
NEWLY CREATED UNIT OF IBM CANADA LTD

IBM CANADA IS A UNIT OF INTERNATIONAL BUSINESS MACHINES CORP

UNDER THE SOCALLED OUTSOURCING AGREEMENT AIR CANADA WILL AWARD CONTRACTS
TOTALING 800 MILLION CANADIAN DOLLARS US5829 MILLION OVER SEVEN YEARS TO
THE IBM CANADA UNIT AIR CANADA IN TURN WILL RECEIVE C50 MILLION FOR
ASSETS AND BUSINESS TO BE TRANSFERRED TO THE NEW COMPANY THE MONTREALBASED
AIRLINE EXPECTS THE ARRANGEMENT TO RESULT IN SAVINGS OF ABOUT 10 COMPARED
WITH THE COST OF PROVIDING THE DATA SERVICES INTERNALLY

AIR CANADA ALSO SAID IT IS SETTING UP A NEW UNIT GALILEO CANADA INC TO
HANDLE ITS COMPUTER RESERVATION BUSINESS 9403280038 940328 WHAT'S NEWS 
 BUSINESS AND FINANCE

OPEC MINISTERS FAILED TO AGREE TO REDUCE CRUDEOIL OUTPUT SETTING THE STAGE
FOR AT LEAST A SMALL DROP IN ALREADY WEAK OIL PRICES

A MOVE BY A MAJORITY OF THE OIL MINISTERS TO CUT PRODUCTION SIGNIFICANTLY TO
STOP THE FALL IN OIL PRICES FAILED AFTER TWO DAYS OF TALKS ANALYSTS AND OIL
TRADERS EXPECT PRICES TO FALL AS LITTLE AS 50 CENTS A BARREL

ACCOUNTING RULE MAKERS WILL LOOK AT PROPOSALS THAT COULD LEAD TO A
COMPROMISE OVER THE FASB'S EFFORTS TO REQUIRE COMPANIES TO DEDUCT THE COST
OF EMPLOYEE STOCK OPTIONS FROM EARNINGS A COMPROMISE PLAN WOULD CONSIDER
STOCK THAT IS HELD AND NOT SOLD QUICKLY AN EQUITY STAKE AND NOT DEDUCTIBLE

PAUL ALLEN IS BELIEVED TO BE CONSIDERING PULLING OUT OF HIS INVESTMENT IN
AMERICA ONLINE OF WHICH THE BILLIONAIRE MICROSOFT COFOUNDER OWNS 18

THE WHITE HOUSE PROPOSAL TO BAN SMOKING AT WORK HAS OWNERS OF BUSINESSES
ESPECIALLY RESTAURANTS AND BARS SCRAMBLING TO FIGURE OUT HOW THE PLAN WOULD
CHANGE THEIR OPERATIONS CLINTON AIDES ESTIMATE THAT US BUSINESSES WILL
REAP AN 84 BILLION ANNUAL WINDFALL FROM INCREASED PRODUCTIVITY

THE FDA IS GATHERING EVIDENCE THAT TOBACCO FIRMS INTENTIONALLY SELL
CIGARETTES WITH AN ADDICTIVE LEVEL OF NICOTINE AS THE AGENCY SEEKS TO SHOW
THAT CIGARETTES SHOULD BE REGULATED

BANKS AND INSURERS ARE FLOODING THE MARKET WITH POOLS OF SOURED REALESTATE
LOANS AND PROPERTIES AFTER YEARS OF WAITING FOR PRICES TO RISE MANY SAY IT
IS NOW A SELLER'S MARKET

EXISTINGHOME SALES SLOWED IN FEBRUARY FROM JANUARY'S BOOM PARTLY AS A
RESULT OF BAD WEATHER BUT THE PACE WAS STILL HEALTHY A SURVEY SHOWED

MAJOR INSURERS ARE ENDING THE USE OF UNISEX RATES FOR INDIVIDUAL
DISABILITYINCOME POLICIES A DECISION THAT WILL SHARPLY BOOST PRICES FOR
WOMEN

SALOMON BROTHERS PAID ITS FOREIGNEXCHANGE HEAD 28 MILLION IN 1993 PEOPLE
FAMILIAR WITH THE FIRM SAID COMPARED WITH A PAY PACKAGE OF 7 MILLION FOR
ITS CHAIRMAN AND CEO AMID RECORD PROFIT AT THE INVESTMENT BANK

GENERAL MOTORS' BOARD FORMALIZED THE STRONGER CONTROL OVER MANAGEMENT THAT
THE BOARD BEGAN SEIZING IN MARCH 1992 PROVIDING A POTENTIAL ROADMAP FOR
DIRECTORS AT OTHER COMPANIES

BILLIONAIRE KENNETH DART HAS BECOME A CITIZEN OF BELIZE WHICH IS KNOWN FOR
ITS TAXHAVEN STATUS

MACHINETOOL ORDERS FELL 22 IN FEBRUARY FROM JANUARY BUT ANALYSTS SAID
ORDERS REMAINED RELATIVELY HIGH

JONES INTERCABLE AND A UNIT OF CANADA'S BCE ARE CUTTING THE PRICE BCE IS
PAYING FOR A 30 STAKE IN JONES

NISSAN PLANS TO INCREASE PURCHASES OF USMADE AUTO PARTS 75 TO 34
BILLION BY THE YEAR ENDING MARCH 1998

MARTIN MARIETTA WILL PROHIBIT TWO OF ITS SATELLITE DIVISIONS FROM SHARING
DATA UNDER AN FTC PACT TO ALLOW MARIETTA TO BUY A GENERAL DYNAMICS UNIT
MARIETTA PLANS TO COMPLETE THE SPACESYSTEM UNIT'S ACQUISITION NEXT MONTH

UAL AND TWO OF ITS UNIONS SIGNED A DEFINITIVE PACT THAT CALLS FOR A 5
BILLION BUYOUT BY THE AIRLINE'S EMPLOYEES THE AGREEMENT MUST STILL BE
APPROVED BY STOCKHOLDERS OF UNITED AIR'S PARENT

AMERITECH PLANS TO TAKE A 335 MILLION CHARGE AGAINST FIRSTQUARTER
EARNINGS OR ABOUT 60 CENTS A SHARE TO SWEETEN SEVERANCE TERMS FOR CUTTING
6000 JOBS BY THE END OF 1995 THE COMPANY HAS BEEN QUIETLY CUTTING
MANAGEMENT RANKS FOR OVER TWO YEARS

BONDS LEHMAN BROTHERS TREASURY INDEX 523385 OFF 3583

COMMODITIES OIL 1513 A BARREL UP FIVE CENTS DOW JONES FUTURES INDEX
14516 OFF 012 SPOT INDEX 13262 UP 002

DOLLAR 10480 YEN UP 025 16643 MARKS OFF 00012 9403280037 940328
SENATE WORKS LATE TO PASS EDUCATION OVERHAUL BILL

WASHINGTON AP STRUGGLING PAST MIDNIGHT THE SENATE PASSED PRESIDENT
CLINTON'S EDUCATION OVERHAUL BILL IN TIME TO SAVE STATES AND SCHOOLS 105
MILLION THIS YEAR

THE GOALS 2000 BILL PASSED 6322 EARLY SATURDAY AUTHORIZES 647 MILLION
FOR SCHOOL PROGRAMS NATIONWIDE INCLUDING 400 MILLION IN GRANTS TO STATES
AND LOCAL SCHOOL AGENCIES

THE VOTE CAME AFTER SEN JESSE HELMS R NC ORGANIZED A FILIBUSTER OVER
THE REWORDING OF A SCHOOL PRAYER PROVISION BUT THE TACTIC WHICH DELAYED
THE START OF A TWOWEEK EASTER RECESS ENDED AFTER SENATE MAJORITY LEADER
GEORGE MITCHELL D MAINE THREATENED TO BRING SENATORS BACK AFTER THE
WEEKEND IF NECESSARY TO VOTE ON THE BILL SEN HELMS DIDN'T SHOW UP FOR THE
FINAL HOURS OF TALK OR THE VOTE

THE URGENCY TO PASS THE BILL WAS THE RESULT OF A PROVISION THAT WOULD HAVE
SUBTRACTED 105 MILLION IN FUNDING FOR STATES AND LOCAL SCHOOL DISTRICTS
THIS YEAR IF THE MEASURE DIDN'T BECOME LAW BY APRIL 1 CONGRESS DOESN'T
RETURN FROM VACATION UNTIL APRIL 11 9403280036 940328 BUSINESS BRIEF 
GARNET RESOURCES CORP RUSSIAN COMPANY TO DRILL OIL WELL ON LICENSED
LAND

GARNET RESOURCES CORP HOUSTON SAID A RUSSIAN OIL COMPANY AGREED TO DRILL
AN EXPLORATORY WELL ON LAND LICENSED TO GARNET IN SOUTHWESTERN TURKEY

GARNET AN OIL AND NATURALGAS EXPLORATION COMPANY SAID IT AGREED NOT TO
IDENTIFY THE RUSSIAN COMPANY THAT WILL START DRILLING BY AUG 20 GARNET SAID
THE WELL SITE IS ON A 17MILLIONACRE BLOCK 65 MILES NORTH OF ANTALYA ON
TURKEY'S MEDITERRANEAN COAST

DRILLING THE WELL WILL INCREASE THE RUSSIAN COMPANY'S 20 INTEREST IN THE
BLOCK TO 40 AND THAT INTEREST WILL INCREASE TO 65 IF THE RUSSIAN COMPANY
DRILLS A SECOND WELL GARNET SAID GARNET'S INTEREST WILL BE 2778 AFTER
THE FIRST WELL AND 1389 IF BOTH WELLS ARE DRILLED THE COMPANY SAID

AFTER BOTH WELLS ARE DRILLED GLOBAL NATURAL RESOURCES CORP WILL HAVE AN
1111 INTEREST IN THE BLOCK AND A MULTICOMPANY JOINT VENTURE WHICH GARNET
DID NOT IDENTIFY WILL HOLD THE REMAINING 10 9403280035 940328 WHO'S
NEWS ON ASSIGNMENT INC

ON ASSIGNMENT INC CALABASAS CALIF JONATHAN S HOLMAN WAS ELECTED A
DIRECTOR OF THIS PROVIDER OF TEMPORARY SCIENTIFIC PROFESSIONALS FILLING THE
VACANCY CREATED BY THE RESIGNATION OF JAMES M SCHLATER 57 YEARS OLD MR
HOLMAN 48 IS PRESIDENT OF HOLMAN GROUP INC 9403280034 940328 WHO'S
NEWS SANTA ANITA REALTY ENTERPRISES INC

SANTA ANITA REALTY ENTERPRISES INC ARCADIA CALIF SHERWOOD C
CHILLINGWORTH WAS NAMED VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND
CHRISTOPHER T STIRLING WAS APPOINTED PRESIDENT AND CHIEF OPERATING OFFICER
AS CHIEF EXECUTIVE MR CHILLINGWORTH SUCCEEDS GLENN L CARPENTER WHO
RECENTLY TRANSFERRED TO PACIFIC GULF PROPERTIES INC A NEWLY FORMED REAL
ESTATE INVESTMENT TRUST SET UP TO MANAGE SANTA ANITA REALTY'S MULTIFAMILY
AND INDUSTRAL PROPERTIES MR CARPENTER 51 YEARS OLD HAS ALSO BEEN
PRESIDENT OF SANTA ANITA REALTY THE VICE CHAIRMAN AND CHIEF OPERATING
OFFICER POSTS ARE NEW MR CHILLINGWORTH 67 HAD BEEN EXECUTIVE VICE
PRESIDENT OF OAK TREE RACING ASSOCIATION THE LESSEE AT SANTA ANITA PARK IN
ARCADIA MR STIRLING 37 HAD BEEN VICE PRESIDENT OF THE OFFICE AND
MULTIUSE DIVISION OF HOMART A UNIT OF SEARS ROEBUCK & CO SANTA ANITA
REALTY ENTERPRISES IS PAIRED FOR TRADING WITH SANTA ANITA OPERATING CO
9403280033 940328 BUSINESS BRIEF SFFED CORP COMPANY TO POST
DEFICIT LOANLOSS PROVISIONS CITED

SFFED CORP SAID IT EXPECTS TO POST A NET LOSS FOR THE FIRST QUARTER AFTER
REAL ESTATE LOSSES AND LOANLOSS PROVISIONS OF ABOUT 16 MILLION

IN THE YEAREARLIER QUARTER THE SAN FRANCISCO SAVINGS AND LOAN EARNED 32
MILLION OR 41 CENTS A SHARE

OF THE 16 MILLION ABOUT HALF IS RELATED TO THREE MAJOR NONRESIDENTIAL REAL
ESTATE LOANS AND ONE FORECLOSED COMMERCIAL REAL ESTATE PROPERTY MOST OF THE
BALANCE REFLECTS THE COMPANY'S DECISION TO INCREASE ITS RESERVES IN LIGHT
OF CONTINUED WEAK MARKETS FOR COMMERCIAL AND FORECLOSED REAL ESTATE LOANS
SFFED SAID

SFFED EXPECTS THE LOSS PROVISIONS WILL INCREASE ITS RATIO OF LOSS RESERVES
TO GROSS NONPERFORMING ASSETS TO 50 AS OF MARCH 31 UP FROM 38 AT YEAR
END 9403280032 940328 BUSINESS BRIEF DELTA AIR LINES PROPOSAL TO
PROVIDE SERVICE WITH BRAZIL'S VARIG CLEARED

DELTA AIR LINES SAID IT AND VARIG BRAZILIAN AIRLINES RECEIVED DEPARTMENT OF
TRANSPORTATION APPROVAL TO BEGIN SERVICE BETWEEN THE US AND BRAZIL

A DELTA SPOKESMAN SAID FLIGHTS WILL OPERATE FROM ATLANTA CHICAGO LOS
ANGELES MIAMI AND NEW YORK TO SAO PAULO AND RIO DE JANEIRO

NORTHBOUND SERVICE FROM RIO DE JANEIRO TO ATLANTA WITH A STOP IN SAO PAULO
WILL BEGIN JUNE 15 AND SOUTHBOUND SERVICE FROM ATLANTA WILL START JUNE 16
DELTA SAID

THE SPOKESMAN SAID VARIG WILL PROVIDE AIRCRAFT FOR THE SERVICE BETWEEN THE
US AND BRAZIL AND BOTH AIRLINES WILL PROVIDE CREWS FOR THE SERVICE
9403280031 940328 BUSINESS BRIEF MESA AIRLINES BID VALUED AT 32
MILLION IS ACCEPTED BY CCAIR INC

MESA AIRLINES SAID ITS PREVIOUS BID FOR CCAIR INC CONSISTING OF STOCK
VALUED AT 32 MILLION HAS BEEN ACCEPTED

MESA A REGIONAL CARRIER BASED IN FARMINGTON NM SAID ITS BID VALUES THE
ROUGHLY SEVEN MILLION CCAIR SHARES OUTSTANDING AT ABOUT 450 APIECE AT
CURRENT STOCK PRICES MESA WOULD SWAP ABOUT 02 SHARE OF ITS STOCK FOR EACH
SHARE OF CCAIR

CCAIR IS A COMMUTER CARRIER BASED IN CHARLOTTE NC

EARLIER LAST WEEK MESA REFUSED TO SWEETEN THE VALUE OF ITS BID TO ABOUT
374 MILLION AS SUGGESTED BY CCAIR DIRECTORS

ON THE NASDAQ STOCK MARKET FRIDAY MESA CLOSED AT 22 A SHARE DOWN 125
CENTS CCAIR CLOSED AT 4125 A SHARE ALSO DOWN 125 CENTS 9403280030
940328 TECHNOLOGY BRIEF INTERNATIONAL BUSINESS MACHINES NEW PERSONAL
COMMUNICATOR IS DELAYED BY CIRCUITRY SNAG

INTERNATIONAL BUSINESS MACHINES CORP SAID IN NEW YORK THAT IT WOULD DELAY
BY SEVERAL WEEKS THE INTRODUCTION OF THE SIMON PERSONAL COMMUNICATOR
WHICH COMBINES A CELLULAR PHONE FAX AND COMPUTER

IBM SAID IT ENCOUNTERED TROUBLE WITH SIMON'S WIRELESS FAXING CAPABILITY THE
DEVICE SOMETIMES CUTS OFF FAX TRANSMISSION WHEN THE CELLULAR PHONE SIGNAL IT
USES WEAKENS OR IS TEMPORARILY INTERRUPTED IBM SAID SUCH SPLITSECOND
INTERRUPTIONS AREN'T A PROBLEM WITH VOICE CALLS

IBM SAID IT WILL MODIFY SIMON'S CIRCUITRY TO BETTER DEAL WITH VAGARIES IN
THE CELLULAR SIGNAL

IBM ORIGINALLY PLANNED TO RELEASE SIMON BY THE END OF MARCH THE ONEPOUND
DEVICE WHICH RESEMBLES A HANDHELD CELLULAR PHONE WAS DESIGNED BY IBM BUT
WILL BE ASSEMBLED BY MITSUBISHI CORP AND SOLD BY BELLSOUTH CORP
9403280029 940328 BUSINESS BRIEF ROGERS COMMUNICATIONS INC COMPANY
MOVES TO ENSURE BID DOESN'T AFFECT DIVIDEND

ROGERS COMMUNICATIONS INC SAID IT WON'T TAKE UP ANY SHARES OF MACLEAN
HUNTER LTD BEFORE MARCH 31 UNDER ROGERS' BID FOR MACLEAN HUNTER'S SHARES

A ROGERS SPOKESWOMAN SAID MACLEAN HUNTER SHAREHOLDERS ARE HOLDING BACK ON
DEPOSITING THEIR MACLEAN HUNTER SHARES UNDER THE BID BECAUSE THEY'RE
UNCERTAIN THAT THEY WILL RECEIVE A MACLEAN HUNTER DIVIDEND OF 625 CANADIAN
CENTS US455 CENTS THE DIVIDEND IS PAYABLE TO SHAREHOLDERS OF RECORD
MARCH 31 ROGERS PREVIOUSLY HAD THE RIGHT TO TAKE UP DEPOSITED SHARES AT ANY
TIME BY NOT TAKING UP ANY SHARES UNTIL MARCH 31 ROGERS IS ENSURING THAT
ALL MACLEAN HUNTER SHAREHOLDERS WILL RECEIVE THE DIVIDEND THE SPOKESWOMAN
SAID

ROGERS A TORONTO TELECOMMUNICATIONS AND CABLE TELEVISION CONCERN IS MAKING
A C279 BILLION US203 BILLION BID FOR THE SHARES OF MACLEAN HUNTER A
TORONTO CABLE TELEVISION AND PUBLISHING CONCERN THE BID EXPIRES MARCH 31
9403280028 940328 BUSINESS BRIEF CENTERIOR ENERGY CORP CLEVELAND
ELECTRIC TO MERGE WITH TOLEDO EDISON CO

CENTERIOR ENERGY CORP CLEVELAND SAID ITS OPERATING UTILITY SUBSIDIARIES
CLEVELAND ELECTRIC ILLUMINATING CO AND TOLEDO EDISON CO WILL FILE TO MERGE
INTO A SINGLE OPERATING ENTITY

UNDER THE TERMS OF THE AGREEMENT SHAREHOLDERS OF TOLEDO EDISON WILL
EXCHANGE THEIR SHARES FOR PREFERRED SHARES OF THE SUCCESSOR COMPANY WHILE
CLEVELAND ELECTRIC PREFERRED SHARES WILL AUTOMATICALLY BECOME SHARES OF THE
SUCCESSOR DEBT HOLDERS OF THE TWO UTILITIES WILL BECOME DEBT HOLDERS OF THE
SUCCESSOR CORPORATION WHICH HASN'T YET BEEN NAMED THE COMPANY SAID

THE MERGER IS EXPECTED TO BE EFFECTIVE LATE THIS YEAR THE COMPANY SAID
9403280027 940328 BUSINESS BRIEF PARK COMMUNICATIONS INC DIRECTORS
VOTE TO SEEK BUYER FOR TV AND NEWSPAPER FIRM

PARK COMMUNICATIONS INC A TELEVISION/RADIOSTATION AND NEWSPAPER CONCERN
SAID DIRECTORS VOTED TO SEEK THE SALE OF THE COMPANY

THE MOVE REFLECTS THE RECENT DECISION BY THE ESTATE OF THE COMPANY'S
FOUNDER ROY H PARK TO DISPOSE OF AN 896 STAKE IN THE COMPANY MR
PARK'S WIFE DOROTHY WAS NAMED TO SUCCEED MR PARK AS CHAIRMAN AFTER HIS
DEATH

PARK COMMUNICATIONS ITHACA NY OWNS NINE TV STATIONS 22 RADIO STATIONS
30 DAILY NEWSPAPERS 29 NONDAILY NEWSPAPERS AND 48 CONTROLLEDDISTRIBUTION
PUBLICATIONS

IN 1993 PARK HAD NET INCOME OF 188 MILLION OR 91 CENTS A SHARE ON
REVENUE OF 172 MILLION 9403280026 940328 BUSINESS BRIEF CHEMICAL
BANKING CORP COMPANY PLANS TO ELIMINATE 50 OFFICES IN NEW YORK AREA

CHEMICAL BANKING CORP SAID IT WILL CLOSE 50 BRANCH OFFICES AND CUT 650
CONSUMERBANKING JOBS IN THE NEW YORK METROPOLITAN AREA AS PART OF THE
COMPANY'S CONTINUING PRODUCTIVITY EFFORTS

A CHEMICAL SPOKESMAN SAID THAT 450 JOBS WOULD BE CUT THROUGH LAYOFFS
EFFECTIVE TUESDAY AND 200 THROUGH ATTRITION THE CLOSINGS WILL OCCUR
THROUGH THE YEAR THOUGH HE DECLINED TO GIVE FIGURES THE SPOKESMAN SAID THE
SAVINGS AND COSTS ASSOCIATED WITH THE CUTS WILL BE REFLECTED IN THE
COMPANY'S FIRSTQUARTER RESULTS

THE MOVE IS PART OF THE COSTCONTROL EFFORTS MADE AFTER CHEMICAL'S
ACQUISITION OF MANUFACTURERS TRUST CORP IN 1991 THE SPOKESMAN SAID THE
CUTS WERE ALSO IN PART CUSTOMERDRIVEN BECAUSE MORE CUSTOMERS ARE BANKING
WITH ATM MACHINES AND THROUGH THE COMPANY'S NEW PHONE SERVICES 9403280025
940328 BUSINESS BRIEF VARIAN ASSOCIATES INC CHIP ORDERS FOR FISCAL
1994 ARE EXPECTED TO POST SURGE

VARIAN ASSOCIATES INC SAID BECAUSE OF A CHIP SHORTAGE COMBINED WITH
CONSUMER DEMAND FOR COMPUTERS WITH MORE POWERFUL MEMORIES ITS FISCAL
SECONDQUARTER CHIP ORDERS COULD TOP 100 MILLION

ORDERS FOR THE FISCAL FIRST HALF WHICH ENDS APRIL 1 MAY TOP 300 MILLION
THE PALO ALTO CALIF COMPANY ESTIMATED IN A STATEMENT THAT'S MORE THAN
VARIAN'S CHIP SALES FOR ALL OF FISCAL 1993 WHICH TOTALED 286 MILLION
VARIAN'S CHIP BUSINESS ACCOUNTED FOR ABOUT 20 OF FISCAL 1993 SALES OF 13
BILLION

SECONDQUARTER RESULTS WILL BE RELEASED APRIL 21 IN THE YEAREARLIER
PERIOD VARIAN EARNED 93 MILLION OR 51 CENTS A SHARE ON SALES OF 3253
MILLION

VARIAN SAID THAT DURING THE PAST FEW MONTHS IT HAS EXPERIENCED NEARFRANTIC
ORDER RATES FOR MEMORY CHIPS THE COMPANY ADDED THAT IT EXPECTS THE RATE TO
SLOW A BIT BUT PREDICTED THAT DEMAND SHOULD REMAIN REASONABLY SOLID FOR
THE FORSEEABLE FUTURE

VARIAN ASSOCIATES INC SUPPLIES EQUIPMENT USED TO MAKE SEMICONDUCTORS AN
ARTICLE MONDAY INCORRECTLY STATED THAT VARIAN IS A SEMICONDUCTOR MAKER
9403280024 940328 TECHNOLOGY BRIEF CONVEX COMPUTER CORP SETTLEMENT
OF LAWSUIT BRINGS RESTATEMENT OF 1993 RESULTS

CONVEX COMPUTER CORP RICHARDSON TEXAS SAID IT AGREED IN PRINCIPLE TO
SETTLE A CLASSACTION LAWSUIT FILED IN AUGUST 1991

AS A RESULT OF THE SETTLEMENT THE SUPERCOMPUTER MAKER SAID IT RESTATED ITS
1993 FOURTHQUARTER AND FULLYEAR RESULTS FOR AN ADDITIONAL CHARGE OF 25
MILLION OR 10 CENTS A SHARE

FOURTHQUARTER RESULTS WERE RESTATED TO A LOSS OF 157 MILLION OR 62 CENTS
A SHARE ON FEB 4 THE LOSS WAS REPORTED AS 132 MILLION OR 52 CENTS A
SHARE FULLYEAR RESULTS WERE RESTATED TO A LOSS OF 638 MILLION OR 253
A SHARE FROM 613 MILLION OR 243 A SHARE

THE COMPANY SAID IT VIGOROUSLY DENIES ANY VIOLATION OF STATE OR FEDERAL
LAWS IN RELATION TO THE SETTLEMENT THE SUIT ALLEGED CONVEX MISLED INVESTORS
ABOUT LOW DEMAND FOR ITS C3 COMPUTER LINE 9403280023 940328 BUSINESS
BRIEF WESTCOTT COMMUNICATIONS INC COMPANY SWEETENS PROPOSAL TO
PURCHASE SANDY CORP

WESTCOTT COMMUNICATIONS INC SWEETENED ITS PREVIOUSLY SPURNED OFFER TO
ACQUIRE SANDY CORP

WESTCOTT CARROLLTON TEXAS AN OPERATOR OF SPECIALIZED SATELLITETELEVISION
NETWORKS SAID IT OFFERED TO EXCHANGE ONE SHARE OF ITS STOCK FOR EACH 1896
SHARES OF SANDY STOCK WESTCOTT HAD PREVIOUSLY OFFERED TO EXCHANGE ONE SHARE
FOR EACH 281 SHARES OF SANDY STOCK A BID THAT HAD BEEN VALUED AT ABOUT 19
MILLION SANDY REJECTED THE OFFER AS UNDERVALUED

WESTCOTT HAS BEEN EYEING A POSSIBLE ACQUISITION OF SANDY CORP SINCE IT
FIRST ACQUIRED A 6 STAKE IN THE PROVIDER OF CORPORATE TRAINING PROGRAMS IN
1990 9403280022 940328 BUSINESS BRIEF HEALTH CARE REIT INC COMPANY
BUYS AN INTEREST IN MEDICAL FACILITY MORTGAGE

HEALTH CARE REIT INC SAID IT SIGNED AN AGREEMENT TO PURCHASE A 10 MILLION
PARTICIPATION IN AN 86 MILLION FIRST MORTGAGE LOAN FOR A MEDICAL FACILITY
UNDER CONSTRUCTION IN AUSTIN TEXAS

THE LOAN WAS ORIGINATED BY NATIONAL HEALTH INVESTORS INC OF MURFREESBORO
TENN HEALTH CARE REIT HAS FUNDED ABOUT 36 MILLION OF ITS 10 MILLION
COMMITMENT TO NHI AND WILL FUND THE BALANCE THROUGH EXISTING CREDIT LINES
OVER THE REMAINDER OF THE CONSTRUCTION PERIOD WHICH IS SCHEDULED TO END IN
JUNE 1995

HEALTH CARE REIT A REAL ESTATE INVESTMENT TRUST BASED IN TOLEDO OHIO HAD
NET INCOME OF 201 MILLION OR 215 A SHARE IN 1993 9403280021 940328
BUSINESS BRIEF ALC COMMUNICATIONS CORP FIRSTQUARTER PROFIT SEEN 
RISING ON OPERATING BASIS

ALC COMMUNICATIONS CORP BINGHAM FARMS MICH SAID IT BACKS FORECASTS OF A
35 TO 50 INCREASE IN FIRSTQUARTER OPERATING PROFIT AND A 26 TO 36 RISE
FOR 1994

THE COMPANY CITED ECONOMIC RECOVERY AND A RISE IN LONGDISTANCE CALLING BY
SMALL AND MIDSIZE BUSINESSES

CHIEF FINANCIAL OFFICER MARVIN C MOSES SAID ALC IS COMFORTABLE WITH
FIRSTQUARTER EARNINGS ESTIMATES OF 31 CENTS TO 35 CENTS A SHARE THE
COMPANY EARNED 215 MILLION OR 61 CENTS A SHARE ON REVENUE OF 1018
MILLION IN THE YEAREARLIER QUARTER INCLUDING A GAIN OF 38 CENTS A SHARE
FOR THE ADOPTION OF NEW ACCOUNTING STANDARDS

ON AN OPERATING BASIS ALC HAD PROFIT OF 8 MILLION OR 23 CENTS A SHARE IN
THE 1993 FIRST QUARTER ALC BUYS ACCESS TO NATIONWIDE AND REGIONAL
LONGDISTANCE NETWORKS IN BULK AND SELLS TIME TO SUBSCRIBERS AT A DISCOUNT

THERE'S THE PROSPECT THE COMPANY CAN EXCEED PROFIT PROJECTIONS OF 135 TO
145 A SHARE FOR 1994 WITH REVENUE GROWTH AND SALES COMFORTABLY IN EXCESS
OF 500 MILLION WITHOUT ANY ACQUISITIONS MR MOSES SAID 9403280020
940328 BUSINESS BRIEF ABEX INC HOLDER LIBRA INVEST & TRADE MAY SEEK
TO BUY COMPANY

LIBRA INVEST & TRADE LTD A ZURICH INVESTMENT CONCERN AND ABEX INC'S
LARGEST SHAREHOLDER SAID IT MAY SEEK TO BUY THE MAKER OF AIRCRAFT PARTS AND
SYSTEMS

IN A BRIEF SECURITIES AND EXCHANGE COMMISSION FILING LIBRA SAID THAT ANY
MERGER PROPOSAL WOULD BE PRESENTED TO ABEX'S BOARD IT ALSO SAID THERE
COULDN'T BE ANY ASSURANCE A PROPOSAL WILL BE MADE OR THAT ANY TRANSACTION
WOULD BE COMPLETED

AN ABEX EXECUTIVE SAID THE HAMPTON NH COMPANY HAS NO COMMENT ON THE
FILING ABEX SHARES ROSE 175 TO 5875 IN COMPOSITE NEW YORK STOCK
EXCHANGE COMPOSITE TRADING FRIDAY

LIBRA OWNED BY INVESTOR TOUFIC ABOUKHATER HELD ABOUT 594 MILLION ABEX
SHARES AS OF LAST AUGUST WITH 1976 MILLION SHARES OUTSTANDING AS OF LAST
OCT 31 LIBRA'S STAKE WOULD BE ABOUT 30 THE LIBRA FILING HAD NO OTHER
DETAILS AND AN ATTORNEY FOR LIBRA SAID FRIDAY THAT THE FIRM HAD NO COMMENT

ABEX POSTED 1993 PROFIT RESTATED FOR A TAX GAIN OF 394 MILLION OR 199
A SHARE ON REVENUE OF 451 MILLION 9403280019 940328 SMALL STOCK FOCUS
 MEDIA VISION'S STOCK PLUNGE SHOWS FATE OF HIGHFLIERS POSTING DISTRESSING
DATA  BY WARREN GETLER STAFF REPORTER OF THE WALL STREET JOURNAL

CALL IT THE HUMPTYDUMPTY EFFECT

IN TODAY'S CHOPPY MARKET HIGHFLYING ISSUES THAT REPORT DISAPPOINTING
EARNINGS GET CHOPPED TO PIECES AND IT MAY TAKE A VERY LONG TIME FOR THOSE
BEATENDOWN STOCKS TO PULL THEMSELVES TOGETHER AGAIN

TAKE MEDIA VISION TECHNOLOGY INC IT GOT CLOBBERED THURSDAY FALLING 49 TO
11 A SHARE IN HEAVY NASDAQ TRADING THE FREEMONT CALIF MULTIMEDIA
COMPUTERACCESSORY COMPANY SAID EARLY IN THE DAY THAT IT EXPECTS A
FIRSTQUARTER LOSS BECAUSE OF LOWER REVENUE CAUSED BY A PRODUCT SHIPMENT
DELAY AND PRICE CUTS

FASTER THAN INVESTORS COULD HOLLER OUCH LEHMAN BROTHERS INC COWEN & CO
AND MONTGOMERY SECURITIES ALL JUMPED IN AND DOWNGRADED THE STOCK ADDING
POWER TO THE DOWN DRAFT PUMMELING THE ISSUE ON FRIDAY THE STOCK DRIFTED
LOWER STILL CLOSING AT 1075 THE STOCK IN FACT HAD SLID 17 ON
WEDNESDAY PROMPTING SOME ANALYSTS TO BELIEVE WORD OF THE PENDING
ANNOUNCEMENT HAD LEAKED

THE STOCK WAS A DISASTER WAITING TO HAPPEN SAYS MARY LISANTI SENIOR
SMALLSTOCK PORTFOLIO MANAGER AT BANKERS TRUST CO IN NEW YORK

MS LISANTI WHO BOUGHT THE STOCK AT AROUND 27 IN MIDOCTOBER AND RODE IT
HIGHER TO AROUND 42 IN EARLY JANUARY DUMPED IT AS SOON AS SHE HEARD FROM
THE COMPANY'S DISTRIBUTORS THAT THERE COULD BE A RED FLAG IN THE COMPANY'S
BALANCE SHEET GROWING INVENTORIES AT A TIME WHEN THE COMPANY WAS COMING
OFF A VERY STRONG FOURTH QUARTER

WE SUSPECTED THERE WERE GOING TO BE EARNINGS PROBLEMS THE GROWING
INVENTORIES JUST DIDN'T MAKE SENSE SO WE SOLD THE STOCK OVER TWO MONTHS
AGO SHE SAYS

THESE DAYS MS LISANTI EMPHASIZES SHE'S EXTREMELY SENSITIVE TO SIGNS OF
EARNINGS TROUBLE AMONG HIGHPROFILE OFTENHYPED COMPANIES IN THE VOLATILE
SMALLSTOCK MARKET

IF SMALL CAPS DON'T MEET EARNINGS EXPECTATIONS IN THIS EARNINGSDRIVEN
MARKET THEY GET CREAMED SHE ADDS

THERE'S CERTAINLY MORE RISK IN THIS MARKET WHAT'S DIFFERENT BETWEEN NOW
AND TWO YEARS AGO IS THAT BACK THEN A STOCK WOULD GET KNOCKED DOWN AND THEN
RECOVER PEOPLE WOULD FORGIVE TODAY IT'S MORE LIKE DOWN AND OUT FOR THE
COUNT SHE SAYS

SO WHAT CAN ONE DO TO DETECT AND MORE IMPORTANTLY AVOID DISASTERS WAITING
TO HAPPEN

IT ISN'T EASY ESPECIALLY WHEN COMPANIES TELL ANALYSTS THAT BOTH
FUNDAMENTALS AND FINANCIAL HEALTH REMAIN SOLID AS WAS THE CASE WITH MEDIA
VISION UNTIL THURSDAY MARKET PROS SAY FOR A START MS LISANTI RECOMMENDS
THAT INVESTORS DO THEIR HOMEWORK AND OBTAIN THE ANNUAL 10KS OR BETTER
QUARTERLY REPORTS 10QS FROM COMPANIES TO REVIEW BALANCE SHEETS

COMPANIES REALLY CAN'T PLAY GAMES WITH BALANCE SHEETS BUT THEY HAVE SOME
LEEWAY IN THE PROFIT AND LOSS STATEMENT SHE SAYS LOOK FOR ANYTHING THAT
COULD PUT A DRAG ON CONTINUING EARNINGS GAINS SUCH AS BIG BORROWINGS OR
INVENTORIES OR RECEIVABLES GROWING FASTER THAN SALES

YOU'VE GOT TO KNOW YOUR COMPANIES KNOW YOUR MANAGEMENT AND YES KNOW THE
NITTYGRITTY SHE SAYS

DAVID KLASKIN PRESIDENT OF OAK RIDGE INVESTMENTS IN CHICAGO GOT BURNED ON
MEDIA VISION BUT HE BLAMES THE COMPANY FOR NOT BEING FORTHCOMING ABOUT
THEIR FINANCIALS ON A BROAD BASIS SOME OF THE PROBLEM WAS IN
INVENTORIES SOME OF IT WAS IN RECEIVABLES

MEDIA VISION OFFICIALS SAID THEY DIDN'T DELIBERATELY HOLD BACK INFORMATION
BUT WERE THEMSELVES SURPRISED AT THE SUDDEN DETERIORATION OF THE COMPANY'S
MARKET POSITION THE COMPANY MAKES PRODUCTS DESIGNED TO ENHANCE THE SOUND
CAPABILITIES OF PERSONAL COMPUTERS AND USES DIGITAL TECHNOLOGY TO INTEGRATE
AUDIO TEXT GRAPHICS ANIMATION AND VIDEO

COMPETITIVE PRICE PRESSURES WERE SLOWLY BUILDING UP AND WE DID NOT
ANTICIPATE THAT THEY WOULD BECOME SO STEEP SO QUICKLY SAID PAUL JAIN
MEDIA VISION'S CHIEF EXECUTIVE OFFICER HE ADDED THAT THE COMPANY WAS
SEVERELY RESTRICTED BY WHAT IT CAN SAY BECAUSE WE ARE IN THE QUIET PERIOD
BEFORE THE ANNOUNCEMENT OF QUARTERLY EARNINGS

DAVID DIAMOND MANAGER OF BOSTON CO'S SMALLSTOCK FUND SAYS HIS FORMULA
FOR AVOIDING EARNINGSSHORTFALL DISASTERS IS SIMPLY TO ESCHEW STOCKS WITH
HIGH PRICEEARNINGS RATIOS THE HIGHER THE P/E THE HIGHER THE EXPECTATIONS
IN TERMS OF EARNINGS GROWTH HE SAYS HIS FUND OF 150 SMALLCAP ISSUES IS
UP 75 SO FAR THIS YEAR AFTER A GAIN OF 416 LAST YEAR

NOTING THAT THE AVERAGE P/E FOR THE BROADER MARKET IS AROUND 19 OR 20 MR
DIAMOND NOTES TO THE EXTENT YOU BUY A 10 OR 12 MULTIPLE STOCK EARNINGS
EXPECTATIONS WILL BE FAIRLY LOW SO IF THE COMPANY DISAPPOINTS PEOPLE ARE
NOT AS CONCERNED AS THEY WOULD BE FOR A COMPANY WITH A P/E OF 30 TO 40

FOR THOSE COMPANIES IN HIS PORTFOLIO HE LOOKS FOR SEVERAL RED FLAGS IN THE
BALANCE SHEET I LOOK FOR CLUES THAT WOULD SUGGEST A SLOWDOWN IN BUSINESS
SUCH AS A DECREASE IN SALES AS A PERCENTAGE OF ASSETS IN THE BUSINESS HE
SAYS IN THE PROFIT AND LOSS STATEMENT HE SEARCHES FOR ANY MARKED DECLINE
IN PRETAX PROFIT MARGINS AND HE KEEPS AN EYE ON INSIDER ACTIVITY WHEN I
START TO SEE A HEAVY SELLING PATTERN IT ALWAYS MAKES ME SKEPTICAL HE
SAYS

FOR EXAMPLE MR DIAMOND SAYS HE RECENTLY SOLD HIS POSITION IN RASTEROPS A
SMALL TECHNOLOGY COMPANY TRADED ON NASDAQ AT A LOSS BECAUSE HEAVY INSIDER
SELLING WAS TAKING PLACE AND THE COMPETITION SIGNALED THAT BUSINESS WAS
BECOMING MORE INTENSE

HEAVY SELLING AT THE CLOSE SENT SMALLCAP STOCK PRICES LOWER

THE NASDAQ COMPOSITE INDEX DROPPED 323 OR 041 TO 78345

ADVANCING NASDAQ ISSUES OUTPACED DECLINERS 1610 TO 1458 ON NASDAQ
NATIONAL MARKET VOLUME OF 241817000 SHARES AND TOTAL VOLUME OF
281286000

FOR THE WEEK THE RUSSELL 2000 FELL 463 OR 170 AFTER SETTING RECORDS
THREE DAYS IN THE PRIOR WEEK AND THE NASDAQ COMPOSITE DROPPED 2048 OR
255 AFTER CLIMBING TO TWO ALLTIME HIGHS IN THE PRIOR WEEK

COMPUTER NETWORKING STOCKS WERE WEAK PROTEON LOST 1/2 TO 6 1/2 DATA
GENERAL FELL 3/8 TO 7 3/8 ON THE BIG BOARD AND CROSSCOMM DROPPED 2 1/8 TO
13 7/8

ALSO IN THE TECHNOLOGY SECTOR AMERICA ONLINE'S WEEKLONG SURGE CAME TO A
CLOSE WITH ITS STOCK PRICE DOWN 6 7/8 TO 84 5/8 AFTER REACHING AN ALLTIME
HIGH THURSDAY THE WALL STREET JOURNAL REPORTED THAT THE PROVIDER OF ONLINE
SERVICES SAID ANY TAKEOVER TALK IS MISGUIDED

NEWS THAT PACO PHARMACEUTICAL SERVICES SEES FOURTHQUARTER SALES AND FISCAL
1994 EARNINGS BELOW ANALYSTS' ESTIMATES PULLED ITS STOCK PRICE DOWN 1 1/4
TO 7 3/4 THE COMPANY SAID IT SEES SALES FOR THE QUARTER OF 15 MILLION TO
16 MILLION BELOW FORECASTS OF 17 MILLION PACO EXPECTS YEAREND EARNINGS
TO BE BELOW THE 88 CENTS A SHARE PROJECTED BY ANALYSTS

CAITLIN MOLLISON CONTRIBUTED TO THIS ARTICLE 9403280018 940328 BUSINESS
BRIEF MAGNA INTERNATIONAL INC STAKE IN ATOMA IS INCREASED DUE TO
DEAL WITH MITSUBISHI

MAGNA INTERNATIONAL INC SAID IT PURCHASED AN 11 STAKE IN ATOMA
INTERNATIONAL INC FROM MITSUBISHI CORP RAISING MAGNA'S STAKE IN ATOMA TO
83

MAGNA WILL ISSUE ONE MILLION CLASS A SHARES TO MITSUBISHI CLASS A SHARES OF
MAGNA AN AUTOPARTS CONCERN BASED IN MARKHAM ONTARIO CLOSED AT 52375 IN
NEW YORK STOCK EXCHANGE COMPOSITE TRADING FRIDAY ATOMA IS MAGNA'S
INTERIORAUTOPARTS SUBSIDIARY

SEPARATELY MAGNA SAID IT WILL REDEEM ITS 10 CONVERTIBLE DEBENTURES DUE
2001 AT A PRICE OF 104028 PER 1000 PRINCIPAL AMOUNT INCLUDING ACCRUED
INTEREST AND PREMIUM DEBENTURE HOLDERS HAVE THE OPTION TO CONVERT EACH
1000 PRINCIPAL AMOUNT INTO 1173 CLASS A SHARES OF MAGNA THE COMPANY
ORIGINALLY ISSUED 100 MILLION OF THE DEBENTURES SOME HAVE BEEN CONVERTED
LEAVING ABOUT 326 MILLION OF DEBENTURES CURRENTLY OUTSTANDING

MAGNA HAS ABOUT 547 MILLION SHARES OUTSTANDING 9403280016 940328
PROPOSED SMOKING RESTRICTIONS WORRY SOME BUSINESSES OTHERS COMPLY NOW 
 A WALL STREET JOURNAL NEWS ROUNDUP

IN WINSTONSALEM NC THE 700 OR SO WORKERS IN THE HEADQUARTERS OF RJR
NABISCO INC ARE PONDERING A NEW IRONY IF THE FEDERAL GOVERNMENT GETS ITS
WAY THE CIGARETTE MAKER'S EMPLOYEES NO LONGER WILL HAVE THE FREEDOM TO
SMOKE AT WORK

OBVIOUSLY IT SEEMS STRANGE SAYS DAVID FISCHEL A SPOKESMAN FOR THE UNIT
OF RJR NABISCO HOLDINGS CORP WE'RE THE OWNER OF A BUILDING  AND WE'RE
LIVING IN AMERICA AND NOW WE HAVE PEOPLE TELLING US WHAT TO DO WITH OUR OWN
PROPERTY LET'S FACE IT I DON'T THINK ANYBODY WOULD BE WORKING IN THIS
BUILDING IF THEY HAD A PROBLEM WITH TOBACCO SMOKE

SINCE FRIDAY WHEN THE CLINTON ADMINISTRATION ANNOUNCED A SWEEPING PROPOSAL
FOR RESTRICTING TOBACCO SMOKE AT WORK BUSINESS OWNERS AND OTHERS HAVE BEGUN
MULLING HOW THE NEW RULE WOULD AFFECT THEM

OWNERS OF RESTAURANTS AND BARS WHO PROBABLY HAVE THE MOST AT STAKE WORRY
THAT CUSTOMERS WILL SIMPLY STAY HOME MANAGERS OF OFFICE BUILDINGS
MEANWHILE SEE LITTLE MORE THAN A CONTINUED RACHETING UP OF ANTISMOKING
STEPS AND MANY WON'T HAVE TO CHANGE POLICIES AT ALL AND FOR THE 26 OF
AMERICANS WHO ARE SMOKERS WELL THEY MOSTLY GRUMBLED AND PLANNED TO HEAD
OUTDOORS WHERE FOR NOW AT LEAST SMOKING WILL REMAIN UNTOUCHED

THE ADMINISTRATION'S PROPOSAL WOULD BLOCK SMOKING FROM SIX MILLION INDOOR
WORK SITES EXCEPT THOSE WITH DESIGNATED SMOKING ROOMS VENTED TO THE
OUTSIDE AND INTO WHICH EMPLOYEES NEEDN'T GO TO WORK THE RULE ISN'T LIKELY
TO GO INTO EFFECT UNTIL 1996 AND NOT BEFORE AN EXTENSIVE COMMENT PERIOD
THAT WOULD ALLOW FOR CHANGES

BUT IF IT BECOMES LAW AS WRITTEN THE PROPOSAL WOULD DRASTICALLY ALTER
EVERYDAY BUSINESS SETTINGS A BOSS'S OFFICE COULDN'T BE A SMOKING ZONE
UNLESS NO COWORKERS EVER WERE REQUIRED TO GO IN CORPORATE DINING ROOMS
WOULD HAVE TO BE SMOKEFREE COMPANY CAFETERIAS IN ORDER TO BE AUTHORIZED
AS SMOKING AREAS WOULD BE FORCED TO HAVE SEPARATE VENTING AND NO CLEANUP
SERVICE AND BUSINESS TRAVELERS ACCUSTOMED TO LIGHTING UP IN HOTEL LOBBIES
WOULD HAVE TO FIND ANOTHER SITE POSSIBLY THEIR ROOMS

FOR THE TOBACCO INDUSTRY THE MOVE IS ANOTHER BROADSIDE THIS WOULD BE A
SUBSTANTIAL BLOW TO THE INDUSTRY SAID A BLAKE BROWN A NORTH CAROLINA
STATE UNIVERSITY ECONOMICS PROFESSOR WHO FOLLOWS THE TOBACCO BUSINESS
CIGARETTE COMPANIES FOR THEIR PART CITE STUDIES THAT SAY MOST AMERICANS
DON'T WANT AN OUTRIGHT BAN OF SMOKING AT WORK AND WILL ARGUE LIKELY IN
COURT THAT THE FEDERAL GOVERNMENT CAN'T PROVE SCIENTIFICALLY THAT TOBACCO
SMOKE IN THE AIR IS A HEALTH HAZARD

SMOKERS ALREADY OSTRACIZED BY THE NONSMOKING PUBLIC ARE GIRDING FOR MORE
TIME AND MORE COMPANY ON THE SIDEWALK IN FRONT OF THEIR OFFICES IT REALLY
GETS COLD STANDING OUTSIDE IN THE WINTER LAMENTS MARLENE CERINA A SMOKER
FOR 40 YEARS AND AN EMPLOYEE OF MELLON BANK IN PITTSBURGH

JOSEPH DEAR THE CLINTON ADMINISTRATION'S CHIEF OF OCCUPATIONAL SAFETY AND
HEALTH CALLED THE PROPOSAL ONE OF THE MOST EXTENSIVE EVER PROPOSED BY HIS
AGENCY THE SMOKING BAN IS PART OF A BROADER SET OF INDOORAIR QUALITY
REGULATIONS THAT THE AGENCY WILL FORMALLY PROPOSE TODAY THE BROADER
PROPOSAL WHICH WOULD FOCUS ON SOCALLED SICK BUILDINGS WOULD REQUIRE
EMPLOYERS TO SHIELD WORKERS FROM A VARIETY OF AIR CONTAMINANTS BY MORE
CLOSELY MAINTAINING HEATING AND AIRCONDITIONING SYSTEMS TRAINING WORKERS
HOW TO IMPROVE INDOOR AIR QUALITY AND KEEPING RECORDS OF WORKER COMPLAINTS
ABOUT HEALTH ISSUES

THE PUBLIC WILL HAVE THREE MONTHS TO COMMENT ON THE RULE THE ADMINISTRATION
IS LIKELY TO MAKE CHANGES AND REPROPOSE THE REGULATION MR DEAR SAID A
FINAL RULE ISN'T EXPECTED FOR A YEAR OR SO HE ESTIMATED AFTER WHICH
COMPANIES WOULD HAVE A YEAR TO COMPLY VIOLATORS WOULD BE SUBJECT TO THE
STANDARD HEALTH AND SAFETY PENALTIES A 70000 MAXIMUM FINE FOR EACH
WILLFUL VIOLATION AND 7000 FOR A LESSER MISSTEP

BUSINESS OWNERS SCRAMBLED TO FIGURE OUT HOW THE NEW RULE WOULD CHANGE THE
WAY THEY OPERATE ALREADY MANY CORPORATIONS ACROSS THE COUNTRY HAVE
ACTIVELY BANNED SMOKING IN OFFICES AND MOST COMMUNITY SPACES SUCH AS
CAFETERIAS FOR INSTANCE HALLMARK CARDS INC OF KANSAS CITY MO
RESTRICTED SMOKING TO SEPARATE SMOKING LOUNGES IN 1990 AFTER AN EMPLOYEE
SURVEY FOUND THAT 80 OF ITS WORKERS DIDN'T SMOKE AND IN JANUARY DEERE &
CO OF MOLINE ILL BANNED SMOKING COMPLETELY IN ITS OFFICES AND COMPANY
CARS

MOST OF THE COMPANIES THAT HAVE TAKEN SUCH STEPS HAVE OFFERED EMPLOYEES
PROGRAMS TO HELP THEM STOP SMOKING

BUT MANY OWNERS OF BARS AND RESTAURANTS AND THE PEOPLE WHO LIKE TO SMOKE
IN THEM SHUDDER AT THE CHANGES THE NEW RULE WOULD BRING TO THEIR
BUSINESSES THE VAST MAJORITY OF RESTAURANTS NATIONWIDE ALREADY HAVE SET UP
SMOKING AND NONSMOKING AREAS BUT UNDER THE PROPOSED RULE EMPLOYEES AT
THOSE ESTABLISHMENTS WOULD RECEIVE THE SAME PROTECTIONS AS WORKERS AT OTHER
SITES

IN SHORT RESTAURANTS OR BARS WOULD HAVE TO SET ASIDE ROOMS WITH NO FOOD OR
DRINK SERVICE TO ACCOMMODATE SMOKERS EMPLOYEES COULDN'T BE ASKED TO GO IN
THOSE BUSINESSES WOULD BE IN THE POSITION OF HAVING TO CREATE A
NONREVENUEPRODUCING PART OF THEIR ESTABLISHMENTS

THAT'S A PROBLEM IT'S NOT LIKELY WE'LL BUILD LITERAL SMOKING TANKS WITHOUT
THE OPPORTUNITY TO GENERATE REVENUE SAYS CARI PIRELLO DIRECTOR OF
MARKETING AT INNOVATIVE RESTAURANTS CONCEPTS AN ATLANTABASED OWNER OF 15
SOUTHWESTERNTHEMED AND SEAFOOD EATERIES EVERY SQUARE FOOT OF OUR
RESTAURANTS IS DESIGNED TO GENERATE REVENUES

AT ST ELMO'S STEAK HOUSE IN INDIANAPOLIS OWNER JEFF DUNAWAY SAYS HE WOULD
HATE TO THINK HOW MUCH BUSINESS HE WOULD LOSE AS A RESULT OF A NATIONWIDE
SMOKING BAN HIS RESTAURANT WHICH HAD 32 MILLION IN SALES LAST YEAR
DOESN'T HAVE A NOSMOKING SECTION HE RECENTLY LIMITED CIGARSMOKING TO THE
BAR OF HIS RESTAURANT BUT HE SAYS A COMPLETE SMOKING BAN COULD CUT THE
BAR'S NIGHTLY SALES OF 3000 BY A THIRD

IT WOULD DEPEND ON HOW YOU HANDLED IT SAYS MR DUNAWAY WHO STARTED WITH
THE RESTAURANT IN 1976 AS A WAITER A LOYAL CUSTOMER COULD COME IN AND SAY
SURELY YOU'LL LET ME SMOKE' IF YOU'RE NOT DIPLOMATIC ABOUT IT YOU COULD
LOSE THAT CUSTOMER FOREVER

OWNERS OF FULLSERVICE RESTAURANTS SAY SMOKERS MAKE UP OVER A QUARTER OF
THEIR CUSTOMER BASE AND SMOKING SECTIONS OFTEN COVER HALF OF THEIR
AVAILABLE SEATING FOR BARS SMOKERS ARE EVEN MORE CRUCIAL SOME BAR OWNERS
CONTEND THAT 80 OF THEIR CUSTOMERS LIGHT UP

SEVERAL RESTAURANT OWNERS ACTUALLY SEE THAT AS A BLESSING A NATIONAL BAN
THEY CONTEND WOULD LET THEM APPEAR LESS ARBITRARY AND FACE LESS PRESSURE
FROM SMOKERS IF THEY CAN'T GO ACROSS THE STREET THEY'LL JUST HAVE TO
CONFORM SAYS AINE O'BRIEN MANAGER OF THE AVENUE CAFE AND RESTAURANT IN
CHICAGO'S ALLERTON HOTEL

RESTAURANT INDUSTRY OFFICIALS SAY THEY HAVEN'T YET DECIDED HOW TO REACT TO
THE ADMINISTRATION'S PROPOSAL BUT JEFF PRINCE AN OFFICIAL AT THE NATIONAL
RESTAURANT ASSOCIATION SAYS THE CONCEPT MAY BE A BIT OF OCCUPATIONAL
SAFETY AND HEALTH ADMINISTRATION OVERKILL

INDEED THE REACTION OF RESTAURANTS AND BARS APPEARS DEEPLY DIVIDED FOOD
AND SMOKE DON'T REALLY FIT SAYS OTTO SVENSSON VICE PRESIDENT OF FOOD AND
BEVERAGE FOR RITZCARLTON HOTEL CO A UNIT OF WB JOHNSON PROPERTY INC
ATLANTA BUT WHEN YOU GET INTO A BARTYPE SITUATION THE PROPOSAL MAKES
LESS SENSE TO ME

SOME WHO WORK AT BARS AGREE NOBODY WHO GOES INTO A BAR TO DRINK GOES IN
WITHOUT THEIR CIGARETTES SAYS 28YEAROLD SUSAN LICHLITER A WAITRESS AT
MCGUIRE'S MANHATTAN GRILL IN ARDEN HILLS MINN I MEAN IT'S A BAR YOU
KNOW

INSURANCE ADJUSTER JUDY BENNETT OF ATLANTA OFFERS THE KIND OF ANALYSIS SURE
TO BRING WIDESPREAD PROTEST FROM BARS AND OTHER PLACES THAT MAKE MUCH OF
THEIR MONEY FROM ALCOHOL SALES SMOKERS SHE ARGUES WILL HAVE TO START
DRINKING AT HOME OR OUTSIDE IT'S ALL PART OF THE TREND SMOKERS WILL HAVE TO
ACCEPT SHE SAYS WE'VE ADAPTED SO FAR SHE SHRUGS STANDING OUTSIDE HER
OFFICE BUILDING SMOKING

AT HOUSTON'S RESTAURANTS INC THE COMPANY'S DALLAS ATLANTA AND MEMPHIS
RESTAURANTS HAVE SMOKEFREE DINING ROOMS BUT ALLOW SMOKING AT THE BARS
COMPANY OFFICIALS ARE ANNOYED THAT THE GOVERNMENT WOULD DETERMINE WHERE
EMPLOYEES WORK IF AN EMPLOYEE DIDN'T WANT TO WORK IN A SECTION WHERE THERE
WAS SMOKING WE WOULDN'T PUT THEM THERE SAYS GLENN VIERS VICE PRESIDENT
AND GENERAL COUNSEL I JUST THINK THAT TYPE OF FLEXIBILITY IN THOSE TYPE OF
DECISIONS ARE BEST MADE BY THE BUSINESSES THEMSELVES AS OPPOSED TO
GOVERNMENT FIAT

THAT TYPE OF MANDATE ALREADY HAS TRANSFORMED THE BUSINESS ENVIRONMENT IN
MANY CITIES SUCH AS SAN FRANCISCO THAT HAVE BARRED SMOKING IN WORKPLACES
THAT CALIFORNIA CITY WILL EXTEND ITS WORKSITE BAN TO RESTAURANTS WITHOUT
BARS NEXT YEAR

THE PURGE OF SMOKING HASN'T CAUSED MANY PROBLEMS CITY OFFICIALS SAY PARTLY
BECAUSE SAN FRANCISCO'S TOBACCO FREE PROJECT WHICH ENFORCES THE LAW USES
AN ANONYMOUS HOT LINE TO ENCOURAGE WORKERS TO REPORT VIOLATIONS THE HOT
LINE AVERAGES EIGHT CALLS A DAY MOSTLY FROM PEOPLE WHO WORK IN LAW OFFICES
SAYS PROJECT DIRECTOR ALYONIK HRUSHOW

THE EXPANSION OF SAN FRANCISCO'S LAW TO RESTAURANTS WILL MAKE FOR A TEST
CASE CERTAIN TO BE WATCHED BY FEDERAL OFFICIALS AN ESTIMATED 10 TO 20 OF
SAN FRANCISCO'S FULLSERVICE RESTAURANTS ALREADY ARE SMOKEFREE ESTIMATES
THE GOLDEN GATE RESTAURANT ASSOCIATION AND THE GROUP EXPECTS THE CHANGEOVER
TO GO EASILY THIS IS ONE THAT'S WORKING ITSELF OUT WITHOUT CITY
INTERVENTION SAYS SPOKESWOMAN KATHLEEN HARRINGTON 9403280015 940328
INTERNATIONAL UKRAINE VOTERS VALIDATE ELECTION WITH 67 TURNOUT 
 BY NATALIA A FEDUSCHAK SPECIAL TO THE WALL STREET JOURNAL

KIEV UKRAINE MORE THAN 67 OF UKRAINE'S VOTERS WENT TO THE POLLS
YESTERDAY RENDERING THE COUNTRY'S FIRST DEMOCRATIC PARLIAMENTARY ELECTIONS
SINCE INDEPENDENCE VALID PRELIMINARY RESULTS SHOWED A 50 TURNOUT WAS
REQUIRED

BUT AN EMERGING CONFLICT BETWEEN THE EXECUTIVE AND LEGISLATIVE BRANCHES OF
POWER THREATENS TO FURTHER DESTABILIZE THE TENSE POLITICAL SITUATION HERE
WHICH COULD DELAY THE IMPLEMENTATION OF ECONOMIC REFORMS AND UNDERMINE
COMING PRESIDENTIAL ELECTIONS

I WOULD LIKE TO SEE A NEW PARLIAMENT THAT IS ETHICAL REFORMMINDED AND
PROFESSIONAL SO IT COULD LEAD THE COUNTRY TOWARD DEMOCRACY UKRAINIAN
PRESIDENT LEONID KRAVCHUK SAID AFTER VOTING BUT HE REITERATED HIS FEAR THAT
THE PEOPLE WOULDN'T ELECT ENOUGH CANDIDATES TO FILL THE 450MEMBER
PARLIAMENT

TO WIN A SEAT A CANDIDATE MUST RECEIVE MORE THAN 50 OF THE BALLOTS CAST
WITH 5833 REGISTERED CANDIDATES NATIONWIDE SOME REGIONS HAVE MORE THAN 30
CANDIDATES ON THE BALLOTS AND FEW RACES WERE EXPECTED TO BE DECIDED
YESTERDAY RUNOFFS BETWEEN THE TOP TWO CANDIDATES IN ANY GIVEN DISTRICT ARE
TO BE HELD BY APRIL 10 BUT SOME OFFICIALS IN KIEV FEAR NOT ENOUGH PEOPLE
WILL VOTE IN RUNOFFS LEAVING PARLIAMENTARY SEATS VACANT

MR KRAVCHUK ALSO REAFFIRMED HIS THREAT ORIGINALLY VOICED ON NATIONAL
TELEVISION FRIDAY EVENING TO POSTPONE THE JUNE 26 PRESIDENTIAL ELECTIONS IF
HE FELT THEY WOULD BE A DESTABILIZING FORCE

IVAN PLIUSCH THE POWERFUL CHAIRMAN OF UKRAINE'S PARLIAMENT SOUNDLY
CRITICIZED MR KRAVCHUK FOR HIS PESSIMISM OVER THE PARLIAMENTARY ELECTIONS
AND HIS THREAT TO DELAY THE PRESIDENTIAL BALLOT

THERE'S NO REASON TO BE MAKING ALL THIS NEGATIVE NOISE I AM DEEPLY
CONVINCED THERE WILL BE A FULL PARLIAMENT SAID MR PLIUSCH AFTER VOTING
YESTERDAY

MR KRAVCHUK HAS THREATENED THAT THE COUNTRY'S OLD PARLIAMENT WOULD CONTINUE
TO WORK IF VOTERS FAILED TO ELECT ENOUGH NEW LAWMAKERS TO CONSTITUTE A
QUORUM IF THE PRESIDENT CARRIES OUT THAT THREAT UKRAINE WOULD BE FACED
WITH THE SAME POLITICAL DEADLOCK THAT LED TO YESTERDAY'S ELECTION THE
PREVIOUS PARLIAMENT WHICH TWO YEARS AGO WAS CLEARLY LED BY CONSERVATIVES
HAS BECOME SEVERELY SPLINTERED AND UNABLE TO PASS ANY EFFECTIVE LEGISLATION
INCLUDING LAWS THAT WOULD PUSH THE COUNTRY TO A MARKET ECONOMY 9403280014
940328 RECENT SEC FILINGS

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

AETNA CAPITAL LLC A UNIT OF AETNA LIFE & CASUALTY CO A SHELF OFFERING
OF UP TO 20 MILLION OF PREFERRED SECURITIES 12 MILLION OF WHICH ARE
REGISTERED AS CUMULATIVE MONTHLY INCOME PREFERRED SECURITIES OR MIPS AS
SERIES A AND WITH A LIQUIDATION PREFERENCE OF 25 A SHARE VIA GOLDMAN
SACHS & CO

ATRIA SOFTWARE INC AN INITIAL OFFERING OF 18 MILLION COMMON SHARES AT AN
EXPECTED 1012 A SHARE WITH AN OVERALLOTMENT OPTION FOR 270000 SHARES
VIA ALEX BROWN & SONS INC AND WESSELS ARNOLD & HENDERSON LP

FARAH INC AN OFFERING OF UP TO 26 MILLION COMMON SHARES VIA BEAR
STEARNS & CO

MICRO WAREHOUSE INC A PROPOSED OFFERING OF 44 MILLION COMMON SHARES
AFTER GIVING EFFECT TO THE PREVIOUSLY ANNOUNCED 2FOR1 STOCK SPLIT PAYABLE
APRIL 15 TO HOLDERS OF RECORD APRIL 4 VIA MONTGOMERY SECURITIES ALEX
BROWN & SONS AND LOEB PARTNERS CORP

NATIONWIDE CARE INC A PROPOSED INITIAL OFFERING OF TWO MILLION COMMON
SHARES AT 1214 A SHARE VIA MCDONALD & CO SECURITIES AND JC BRADFORD
& CO 9403280013 940328 NPS POSTPONES STOCK OFFERING

SALT LAKE CITY NPS PHARMACEUTICALS INC SAID IT POSTPONED ITS INITIAL
PUBLIC OFFERING OF 25 MILLION COMMON SHARES BECAUSE OF CURRENT UNFAVORABLE
FINANCIAL MARKET CONDITIONS

NPS IS DEVELOPING DRUGS TO TREAT HYPERPARATHYROIDISM OSTEOPOROSIS AND
CENTRAL NERVOUS SYSTEM DISORDERS 9403280012 940328 COMMODITIES IF
HILLARY CLINTON MADE MONEY IN COMMODITIES WHY CAN'T YOU WELL LET'S
COUNT THE REASONS  BY EARL C GOTTSCHALK JR STAFF REPORTER OF
THE WALL STREET JOURNAL

LOOKING FOR A WAY TO MAKE SOME MONEY IN A HURRY

YOU COULD ALWAYS HIT THE LOTTERY OR GO TO LAS VEGAS AND BET ON RED SEVEN

OR YOU MIGHT PLAY THE COMMODITY MARKETS

THAT'S WHAT HILLARY RODHAM CLINTON DID BACK IN THE LATE 1970S MUCH OF THE
MONEY SHE AND BILL CLINTON USED TO BUY A HOME AND INVEST IN SECURITIES AND
REAL ESTATE CAME FROM COMMODITY SPECULATION IT WAS RECENTLY REPORTED

ACCORDING TO AN ACCOUNT IN THE NEW YORK TIMES MRS CLINTON BEGAN TRADING
LIVE CATTLE FUTURES IN MIDOCTOBER 1978 AND GENERATED PROFITS OF 100000
OVER THE NEXT 12 MONTHS

IF MRS CLINTON CAN DO IT WHY NOT YOU

WELL FOR A START YOU COULD EASILY LOSE YOUR SHIRT DURING ANY ONE YEAR
THREE OF EVERY FOUR INDIVIDUAL INVESTORS WHO TRADE COMMODITIES LOSE MONEY
SAYS CHARLES K LEVITT SENIOR MEAT ANALYST AT ALARON TRADING CORP A
CHICAGO COMMODITIES BROKER

AND OVER THE LONG RUN AN ESTIMATED 95 OF INDIVIDUALS WHO SPECULATE IN
COMMODITIES FUTURES LOSE MONEY ACCORDING TO BRUCE BABCOCK EDITOR OF
COMMODITY TRADERS CONSUMER REPORT A SACRAMENTO CALIF NEWSLETTER

THE LOUSY ODDS COME FROM THE NATURE OF COMMODITIES FUTURES THEMSELVES AND
THE FIERCE COMPETITION THAT THE INDIVIDUAL TRADER IS UP AGAINST A FUTURES
CONTRACT IS AN OBLIGATION TO BUY OR SELL A SPECIFIC QUANTITY OF A COMMODITY
 IN MRS CLINTON'S CASE LIVE CATTLE AT A FIXED PRICE AT A PARTICULAR
DATE IN THE FUTURE

FOR EXAMPLE WHEN MRS CLINTON BOUGHT CATTLE FUTURES EACH CONTRACT SHE
BOUGHT CALLED FOR THE DELIVERY OF 40000 POUNDS OF LIVE CATTLE OR ONE TRUCK
LOAD OBVIOUSLY SHE DIDN'T DO THAT THE DELIVERY OF EVEN ONE CONTRACT WOULD
PRODUCE THE RAW MATERIAL FOR A LIFETIME SUPPLY OF BIG MACS ONE OF PRESIDENT
CLINTON'S FASTFOOD FAVORITES

RATHER THAN ACTUALLY TAKE DELIVERY OF THE UNDERLYING COMMODITY MOST
INVESTORS HOPE TO MAKE MONEY BY SELLING THE CONTRACT AT A HIGHER PRICE THAN
THEY BOUGHT IT

THE POTENTIAL FOR HUGE PROFITS AND DEVASTATING LOSSES COMES FROM THE
FACT THAT TRADERS ONLY HAVE TO PUT UP A SMALL PERCENTAGE USUALLY BETWEEN 5
AND 10 OF THE CONTRACT'S VALUE TO PLAY THE GAME AS THE PRICE OF THE
UNDERLYING COMMODITY RISES OR FALLS THE VALUE OF THE CONTRACT SURGES OR
PLUNGES MAGNIFIED BY THE LEVERAGE INVOLVED

IT WASN'T REPORTED HOW MUCH MONEY MRS CLINTON STARTED WITH BUT MR LEVITT
A PRO WHO HAS BEEN TRADING AND STUDYING CATTLE FUTURES FOR 30 YEARS
SPECULATES THAT A BEGINNING STAKE OF 10000 COULD HAVE PRODUCED PROFITS OF
100000 DURING THE PERIOD SHE WAS IN THE MARKET

SMALL INVESTORS LIKE MRS CLINTON ARE COMPETING AGAINST PROS FROM GIANT
AGRICULTURAL AND FOOD COMPANIES TRYING TO HEDGE THEIR FIRMS' FOOD COSTS AND
PRICE RISKS AS WELL AS AGAINST INSTITUTIONAL TRADERS AND INVESTMENT BANKS
THESE PROS HAVE ACCESS TO EVEN THE MOST ARCANE INFORMATION ABOUT
FUNDAMENTALS THAT MIGHT AFFECT PRICES

SO IF YOU PLAN TO TAKE A FLIER IN COMMODITIES FUTURES YOU BETTER KNOW WHAT
YOU ARE DOING A SPOKESMAN FOR MRS CLINTON WAS QUOTED AS SAYING SHE
CONSULTED WITH NUMEROUS PEOPLE AND SHE DID HER OWN RESEARCH INCLUDING
READING THE WALL STREET JOURNAL ACCORDING TO PUBLISHED ACCOUNTS SHE ALSO
HAD A VERY GOOD ADVISER JAMES B BLAIR A FRIEND WHO AT THE TIME WAS THE
PRIMARY OUTSIDE ATTORNEY FOR TYSON FOODS INC OF SPRINGDALE ARK ONE OF
THE NATION'S LARGEST POULTRY COMPANIES

MR BLAIR TOLD REPORTERS THAT HE HAD MADE MILLIONS OF DOLLARS TRADING
COMMODITIES FOR HIS ACCOUNT AND THAT HE HAD ADVISED MRS CLINTON TO GET
INTO CATTLE FUTURES BECAUSE I THOUGHT I KNEW WHAT I WAS DOING

IT ALSO HELPS TO BE LUCKY MY GUESS IS THAT AN AWFUL LOT OF HER SUCCESS WAS
LUCK SAYS MR BABCOCK THE SACRAMENTO NEWSLETTER EDITOR SHE HAPPENED TO
GET INTO A GOOD TRENDING SITUATION AT THE RIGHT TIME

MRS CLINTON DID HER TRADING DURING ONE OF THE GREAT CATTLE BULL MARKETS
IT WAS RELATIVELY EASY TO MAKE MONEY IN CATTLE FUTURES SAYS MR LEVITT
YOU DIDN'T HAVE TO DO A LOT OF TRADING ALL YOU HAD TO DO WAS HOLD YOUR
POSITION

MRS CLINTON WAS ALSO LUCKY THAT SHE STOPPED MR BABCOCK SAYS IF SHE
HAD CONTINUED TO TRADE CATTLE FUTURES AFTER OCTOBER 1979 THE CHANCES ARE
SHE WOULDN'T HAVE DONE SO WELL

A CLEAR TREND SUCH AS THE BIG 197879 CATTLE RALLY GIVES A TRADER A
STATISTICAL ADVANTAGE THE SAME KIND OF THING YOU NEED IN PLAYING BLACK
JACK IN LAS VEGAS MR BABCOCK EXPLAINS IF YOU PLAY BLACK JACK YOU MUST
BE A CARD COUNTER OTHERWISE THE LONGER YOU GAMBLE THE MORE YOU LOSE
9403280011 940328 INSURERS END UNISEX RATES ON DISABILITY  
CLAIMS DISCREPANCY IS CITED INDIVIDUALPOLICY PRICES FOR WOMEN WILL
RISE  BY LESLIE SCISM STAFF REPORTER OF THE WALL STREET JOURNAL

MAJOR INSURANCE COMPANIES ARE ENDING THE USE OF UNISEX RATES FOR INDIVIDUAL
DISABILITYINCOME POLICIES A DECISION THAT WILL SHARPLY BOOST PRICES FOR
WOMEN

THESE POLICIES REPLACE LOST INCOME IN THE CASE OF ACCIDENTS OR ILLNESS
PAYING FIXED AMOUNTS FOR A FIXED TIME PERIOD TYPICAL BUYERS OF
DISABILITYINCOME POLICIES ARE DOCTORS LAWYERS ACCOUNTANTS AND
SMALLBUSINESS OWNERS SOME BUY TO SUPPLEMENT EMPLOYER PLANS THE VAST
MAJORITY OF THE BUYERS OF THESE POLICIES ARE MEN

THE RETURN TO SEXBASED PREMIUMS AFTER NEARLY A DECADE OF ONEPRICEFITSALL
IS A BLOW TO WOMEN'S GROUPS AND CONSUMER ADVOCATES WHO FOUGHT TO END SEX
DISCRIMINATION IN INSURANCE PRICING SOME OF THE INSURERS HAD OFFERED THE
UNISEX RATES IN RESPONSE TO THE POLITICAL PRESSURE BUT FOR MANY THE PRIMARY
MOTIVATION WAS TO SNARE A BIGGER SHARE OF BUSINESS FROM THE GROWING RANKS OF
PROFESSIONAL WOMEN NOW THE INSURERS SAY THAT UNISEX PRICING DOESN'T WORK
FOR THEIR BOTTOM LINES

THE PROBLEM ACCORDING TO INSURERS IS THAT WOMEN ON AVERAGE ARE DISABLED
FOR LONGER PERIODS OF TIME THAN THEIR MALE COUNTERPARTS MAKING THEM
COSTLIER CUSTOMERS MILLIMAN & ROBERTSON INC AN ACTUARIAL CONSULTING FIRM
SAYS A 1985 REPORT SHOWED THAT 35YEAROLD MEN ON AVERAGE FILED 1071 CLAIMS
PER 1000 COMPARED WITH 3096 FOR WOMEN OF THE SAME AGE

THE DISCREPANCY IN DISABILITY PERIODS OCCURS EVEN AFTER TAKING PREGNANCY
INTO ACCOUNT A NUMBER OF INSURERS QUERIED ABOUT THE DISCREPANCY DECLINED
TO PROVIDE THEORIES TO EXPLAIN IT THE RETURN TO THE OLD SYSTEM COMES AS THE
PRESSURE FOR UNISEX RATES HAS LESSENED

SEXDISTINCT RATES ARE FAIRER BECAUSE THEY MORE ACCURATELY REFLECT THE RISK
INVOLVED MAINTAINS MICHAEL SCHIFFMAN VICE PRESIDENT OF DISABILITY
INSURANCE AT GUARDIAN LIFE INSURANCE CO OF AMERICA WHICH IS BASED IN NEW
YORK GUARDIAN A BIG SELLER OF THE DISABILITY INSURANCE ANNOUNCED LAST
MONTH THAT IT WAS SEEKING STATE REGULATORY APPROVAL FOR SEXBASED RATES

DISABILITYINCOME INSURANCE REPRESENTS A TINY SLIVER OF THE LIFEINSURANCE
AND HEALTHINSURANCE WORLD INDUSTRY EXPERTS SAY THAT IN 1992 PREMIUMS FOR
INDIVIDUAL DISABILITYINCOME POLICIES TOTALED ABOUT 31 BILLION A SLIGHTLY
LARGER AMOUNT IS SOLD THROUGH GROUP POLICIES INSURERS SAY THEY'LL CONTINUE
TO OFFER UNISEX RATES IN THAT MARKET BECAUSE EMPLOYERS FEEL LEGALLY
COMPELLED TO PROVIDE EQUALPRICED BENEFITS TO EMPLOYEES

FOR WOMEN BUYING POLICIES INDIVIDUALLY THE NEW RATES WILL STING PAUL
REVERE CORP WORCESTER MASS ONE OF THE NATION'S TOP SELLERS OF
INDIVIDUAL DISABILITY POLICIES HAS FILED FOR NEW RATES THAT WILL RAISE A
WOMAN'S PREMIUMS ON A TYPICAL POLICY 5 TO 35 DEPENDING ON AGE FOR A
SIMILAR MALE CUSTOMER RATES WILL FALL 2 TO 10 UNDER GUARDIAN'S PROPOSED
RATES WOMEN WILL PAY ON AVERAGE 20 MORE WHILE MEN WILL PAY UP TO 15
LESS

NORTHWESTERN MUTUAL LIFE INSURANCE CO OF MILWAUKEE ONE OF THE TOP FOUR
INDIVIDUALDISABILITY INSURERS INTRODUCED A SEXDISTINCT POLICY SERIES
MARCH 1 PROVIDENT LIFE & ACCIDENT INSURANCE CO OF AMERICA OF CHATTANOOGA
TENN ANOTHER OF THE TOP SELLERS OF INDIVIDUAL DISABILITY INSURANCE BEGAN
SELLING SEXBASED POLICIES LAST AUGUST RALPH CHRISTIANA PROVIDENT'S VICE
PRESIDENT OF MARKETING SAID 42 STATES HAVE SO FAR APPROVED THE NEW RATE
STRUCTURE APPLICATIONS ARE PENDING IN SEVEN STATES WHILE MONTANA REQUIRES
UNISEX RATES IN ALL INSURANCE LINES

UNISEX RATES GENERALLY ARE BASED ON AN ASSUMPTION ABOUT THE PERCENTAGE OF
MALES AND FEMALES WHO WILL BUY THE POLICIES INSURERS SAY SUCH BLENDED RATES
PINCH THEM WHEN THE ASSUMPTION PROVES WRONG SAID GUARDIAN'S MR SCHIFFMAN
WE'RE TRYING TO GET ON A MORE ACTUARIALLY SOUND BASIS

SANDRA WARD CONTRIBUTED TO THIS ARTICLE 9403280010 940328 HEALTH
INTERESTS INCREASED CAMPAIGN DONATIONS 23

WASHINGTON HEALTH INTERESTS' CAMPAIGN CONTRIBUTIONS IN THE FIRST 13
MONTHS OF THE CURRENT ELECTION CYCLE GREW NEARLY 23 FROM THE SAME PERIOD OF
THE 199192 CYCLE ACCORDING TO AN ANALYSIS BY CITIZEN ACTION

CITIZEN ACTION A CONSUMER GROUP THAT WANTS A CANADIANSTYLE SINGLE PAYER
HEALTH SYSTEM FOUND THAT CONTRIBUTIONS FROM THE HEALTH AND INSURANCE
INDUSTRIES FOR THE PERIOD JAN 1 1993 THROUGH JAN 31 1994 CLIMBED TO
113 MILLION FROM 92 MILLION IN THE 199192 PERIOD

THE ANALYSIS OF FEDERAL ELECTION COMMISSION RECORDS FOUND THAT CONTRIBUTIONS
BY POLITICAL ACTION COMMITTEES FOR DOCTORS AND HEALTHCARE PROVIDERS ROSE BY
39 HOSPITAL HEALTH MAINTENANCE ORGANIZATION AND NURSING HOME PACS BY 29
PHARMACEUTICAL AND EQUIPMENT PACS BY 21 AND INSURANCE PACS BY 7 OVER THE
SAME SPAN CONTRIBUTIONS BY NONHEALTH PACS ROSE 2 ACCORDING TO THE GROUP

LEADING SENATE RECIPIENTS OF HEALTH AND INSURANCE CONTRIBUTIONS DURING THE
13MONTH PERIOD WERE KAY BAILEY HUTCHISON R TEXAS WITH 406184 DANIEL
MOYNIHAN D NY WITH 200370 ORRIN HATCH R UTAH WITH 179700
JOSEPH LIEBERMAN D CONN WITH 174150 AND JOHN CHAFEE R RI WITH
169375

LEADING HOUSE RECIPIENTS WERE JIM COOPER D TENN WITH 163846 PETE
STARK D CALIF WITH 130270 RICHARD GEPHARDT D MO WITH 125901
DAN ROSTENKOWSKI D ILL WITH 117000 AND JON KYL R ARIZ WITH
95000

IN ADDITION CITIZEN ACTION SAID HEALTH AND INSURANCE COMPANIES HAVE AMASSED
A 158 MILLION WAR CHEST FUNDS IN THE BANK WHICH IS AVAILABLE FOR
CAMPAIGN CONTRIBUTIONS THAT'S AN INCREASE OF 40 FROM JAN 1 1993 THE
GROUP SAID 9403280009 940328 SECURITIES OFFERING CALENDAR

THE FOLLOWING US TREASURY CORPORATE AND MUNICIPAL OFFERINGS ARE
TENTATIVELY SCHEDULED FOR SALE THIS WEEK ACCORDING TO DOW JONES CAPITAL
MARKETS REPORT AND DOW JONES NEWS SERVICE

AK STEEL HOLDING CORP 325 MILLION OF 10YEAR SENIOR NOTES AND INITIAL
158 MILLION SHARES VIA CS FIRST BOSTON INC

ANALYTICAL TECHNOLOGY INC INITIAL 15 MILLION SHARES VIA ALEX BROWN &
SONS CO

APPLIED DIGITAL ACCESS INC INITIAL 26 MILLION SHARES VIA ALEX BROWN &
SONS AND HAMBRECHT & QUIST INC

CAMERON ASHLEY INC INITIAL TWO MILLION SHARES VIA ROBINSONHUMPHREY CO

CERPLEX GROUP INC INITIAL 32 MILLION SHARES VIA DONALDSON LUFKIN &
JENRETTE SECURITIES CORP

CREDENCE SYSTEMS CORP 25 MILLION SHARES VIA SMITH BARNEY SHEARSON INC
AND COWEN & CO

DPL INC 35 MILLION SHARES VIA CS FIRST BOSTON

DUKE POWER CO 14 MILLION SHARES VIA GOLDMAN SACHS & CO

FEDERAL REALTY INVESTMENT TRUST 25 MILLION SHARES VIA MERRILL LYNCH &
CO ALEX BROWN & SONS INC DEAN WITTER REYNOLDS INC AND KIDDER PEABODY &
CO

FIRST ALERT INC INITIAL 57 SHARES VIA SMITH BARNEY SHEARSON INC AND
MORGAN STANLEY & CO

EMPRESS RIVER CASINO FINANCE CORP 150 MILLION OF EIGHTYEAR SENIOR
NOTES VIA DONALDSON LUFKIN & JENRETTE

EXPRESS AMERICA HOLDINGS CORP 100 MILLION OF 10YEAR SENIOR NOTES VIA
MERRILL LYNCH

GRUPO EMBOTELLADOR DE MEXICO SA INITIAL 59 MILLION GLOBAL DEPOSITARY
SHARES VIA GOLDMAN SACHS

HANOVER DIRECT INC 10 MILLION SHARES VIA MERRILL LYNCH

HUNTSMAN CORP 575 MILLION OF 10YEAR FIRST MORTGAGE BONDS VIA BT
SECURITIES INC

MILES HOMES SERVICES INC 50 MILLION OF EIGHTYEAR SENIOR NOTES VIA BT
SECURITIES

MORGAN STANLEY EUROPEAN EMERGING MARKETS FUND INC INITIAL FOUR MILLION
SHARES VIA MORGAN STANLEY & CO

MTI TECHNOLOGY CORP INITIAL 57 MILLION SHARES VIA PRUDENTIAL
SECURITIES INC

NORTHWEST AIRLINES CORP 400 MILLION OF 10YEAR SENIOR DISCOUNT NOTES
VIA LEHMAN BROTHERS INC

PGS INTERNATIONAL NV INITIAL THREE MILLION SHARES VIA MERRILL LYNCH &
CO

RECOTON CORP 16 MILLION SHARES VIA MONTGOMERY SECURITIES

REPTRON ELECTRONICS INC INITIAL 2250000 SHARES VIA PRUDENTIAL
SECURITIES

ROUGE STEEL CO INITIAL SEVEN MILLION SHARES VIA MORGAN STANLEY

SMITH'S FOOD & DRUG CENTERS INC AMORTIZING DEBT VIA MORGAN STANLEY

SPECTRUM HOLOBYTE INC TWO MILLION SHARES VIA ROBERTSON STEPHENS & CO

SUNBEAMOSTER CO 10 MILLION SHARES VIA MERRILL LYNCH

THRIFTY PAYLESS INC 400 MILLION OF 10YEAR SENIOR SUBORDINATED NOTES
AND 200 MILLION OF NINEYEAR SENIOR NOTES VIA DONALDSON LUFKIN & JENRETTE

TRANSAMERICA FINANCE CORP 400 MILLION TO 500 MILLION OF DEBT IN TWO
PARTS VIA GOLDMAN SACHS

XENOVA GROUP PLC INITIAL THREE MILION AMERICA DEPOSITARY SHARES VIA
PAINEWEBBER INC

HONOLULU CITY & COUNTY HAWAII 150 MILLION OF GENERAL OBLIGATION BONDS
VIA A MERRILL LYNCH GROUP

MICHIGAN MUNICIPAL BOND AUTHORITY 109 MILLION OF REFUNDING BONDS
INSURED BY THE FINANCIAL GUARANTY INSURANCE CO VIA A GOLDMAN SACHS
GROUP

NEW YORK STATE ENVIRONMENTAL FACILITIES CORP 775 MILLION OF STATE WATER
POLLUTION CONTROL REVOLVINGFUND REVENUE BONDS VIA A GOLDMAN SACHS GROUP

OHIO BUILDING AUTHORITY 125 MILLION OF 1994 SERIES A BONDS VIA A BEAR
STEARNS & CO GROUP

SAN MATEO COUNTY JOINT POWER FINANCE AUTHORITY CALIF 1219 MILLION OF
LEASE REVENUE BONDS VIA A PAINEWEBBER GROUP 9403280007 940328 LETTERS TO
THE EDITOR CHRISTIANS ALSO WANT A LEVEL PLAYING FIELD

IN REFERENCE TO YOUR FEB 17 MARKETPLACE ARTICLE WITH FREE HELP THE
RELIGIOUS TURN LITIGIOUS I BELIEVE THAT THE ARTICLE WAS SLANTED QUITE
HEAVILY AGAINST THE RUTHERFORD INSTITUTE

YOU NEVER ONCE MENTION THE MAJOR REASON FOR THE NEED FOR ORGANIZATIONS SUCH
AS THE RUTHERFORD INSTITUTE THE RISE OF ORGANIZATIONS SUCH AS THE ACLU
WHICH THEMSELVES PROVIDE FREE LITIGATION TO PURSUE THEIR OWN HUMANISTIC
AGENDA TIME AND TIME AGAIN I HAVE HEARD ABOUT ACLU SUITS THAT ARE BROUGHT
AGAINST THOSE WHO ARE ATTEMPTING TO EXERCISE THEIR RELIGIOUS FREEDOMS
WITHOUT FREE LEGAL REPRESENTATION CHRISTIANS WHO FACE THE ACLU ARE SOON
FORCED TO ACCEDE TO THE ACLU'S WISHES OR PAY ASTRONOMICAL LEGAL FEES WHILE
FRIENDS OF THE ACLU PAY NOTHING FOR LEGAL EXPENSES ORGANIZATIONS SUCH AS
THE RUTHERFORD INSTITUTE ARE MERELY SERVING TO KEEP THE PLAYING FIELD EQUAL

WHILE YOU DON'T ACTUALLY STATE THAT CHRISTIANS ARE GENERALLY POOR
UNEDUCATED AND EASILY LED AS ANOTHER WELLKNOWN PAPER RECENTLY DID YOU
INFER THAT WE'RE REALLY QUITE A MISDIRECTED LOT FOR EXAMPLE YOU
CHARACTERIZE OPERATION RESCUE AS A MILITANT ANTIABORTION GROUP WHILE THIS
MAY BE TRUE TO SOME IT IS ALSO TRUE THAT THE ACLU HAS STOOD WITH
INDIVIDUALS AND ORGANIZATIONS FAR MORE MILITANT THAN OPERATION RESCUE
MOREOVER YOU QUOTE ONE INDIVIDUAL AS INDICATING THAT THE RUTHERFORD
INSTITUTE IS ONE OF THE SCARIEST PHENOMENA THAT I'VE SEEN IN MY 30 YEARS OF
EDUCATION I COULD SAY MUCH THE SAME FOR THE ACLU WHICH HAS NOT CEASED TO
PROMOTE ITS HUMANISTIC OBJECTIVES THROUGH AGGRESSIVE LITIGATION OVER MORE
THAN 30 YEARS

IT'S OBVIOUS THAT YOU ARE USING THIS ARTICLE TO ONCE AGAIN PAINT THE
RELIGIOUS RIGHT AS SOME MILITANT ILLINFORMED GROUP THAT DOESN'T
REPRESENT THE MAINSTREAM IN THE US TODAY 9403280006 940328 REVIEW &
OUTLOOK EDITORIAL THE 64 QUESTION

AS EARLY AS TODAY A FEDERAL MAGISTRATE IN NEW JERSEY IS EXPECTED TO DECIDE
ON THE FIRST PRETRIAL ORDER IN A CASE THAT MAY DETERMINE THE DIRECTION OF
WELFARE REFORM ACROSS THE COUNTRY

THE PLAINTIFFS ARE A HANDFUL OF WELFARE MOTHERS ROUNDED UP BY ATTORNEYS FROM
THE NATIONAL ORGANIZATION OF WOMEN AMERICAN CIVIL LIBERTIES UNION AND LEGAL
SERVICES CORP THEY CHARGE THAT THE COURTS SHOULD ROLL BACK NEW JERSEY'S
1992 WELFARE OVERHAUL THE FAMILY DEVELOPMENT ACT

SPECIFICALLY THEY OBJECT TO A PROVISION THAT CUTS OFF EXTRA BENEFITS TO
MOTHERS WHO HAVE CHILDREN WHILE RECEIVING AID TO FAMILIES WITH DEPENDENT
CHILDREN UNTIL NOW AFDC MOTHERS COULD COLLECT 64 A MONTH FOR EVERY
ADDITIONAL BABY THUS THE 64 QUESTION IS SHOULD THE GOVERNMENT CREATE
INCENTIVES THAT KEEP THE CYCLE OF DEPENDENCY SPINNING

THE ANSWER FROM STATE ASSEMBLYMAN WAYNE R BRYANT IS A RESOUNDING NO HE
AUTHORED THE CHILD EXCLUSION LAW AND WILL NOW HAVE TO DEFEND IT IN COURT
IT WILL BE AN INTERESTING AND TELLING JUXTAPOSITION ON ONE SIDE
LIBERAL LITIGATORS HIGH ON SELFRIGHTEOUSNESS BUT LOW ON ANY MANDATE TO
SPEAK ON BEHALF OF WELFARE MOTHERS ON THE OTHER SIDE MR BRYANT AN
ELECTED DEMOCRAT WHO REPRESENTS CAMDEN ONE OF THE POOREST COUNTIES IN THE
STATE

MR BRYANT SAYS HE ISN'T AMUSED BY THE ARROGANCE OF LAWYERS TELLING HIM
WHAT'S GOOD FOR HIS CONSTITUENTS SHOW ME ONE COMPANY THAT GIVES EMPLOYEES
A PAY RAISE FOR GETTING PREGNANT MR BRYANT SAYS SO WHY DO WE TEACH
WELFARE MOTHERS A VALUE THAT WON'T SERVE THEM WELL IN WORKING AMERICA

SINCE GOING INTO EFFECT LAST YEAR BIRTHS TO AFDC MOTHERS ARE DOWN A MONTHLY
AVERAGE OF 104 FROM THE SAME PERIOD THE YEAR BEFORE THERE IS SOME DISPUTE
OVER HOW MUCH OF THIS CAN BE TRACED DIRECTLY TO THE NEW LAW BUT OTHER
STATES HAVE NOTED THE RESULTS WISCONSIN ALREADY HAS A CHILD EXCLUSION
PROVISION THE VIRGINIA LEGISLATURE JUST PASSED ITS OWN VERSION AND OTHER
STATES ARE CONSIDERING SIMILAR MEASURES A CHILD EXCLUSION MEASURE ISN'T
PART OF PRESIDENT CLINTON'S WELFAREREFORM PACKAGE BUT HILL REPUBLICANS MAY
PUSH FOR IT

WHEN THE TIDES OF POLITICS START RUNNING AGAINST THEM LIBERALS HAVE A
FAILSAFE RESPONSE THEY GO LOOKING FOR A JUDGE IN THIS CASE THE BRIEF
CLAIMS THE STATE IS INTERFERING WITH WELFARE MOTHERS' FUNDAMENTAL RIGHTS TO
MAKE DECISIONS ABOUT FAMILY COMPOSITION CONCEPTION AND CHILDBIRTH WITHOUT
UNDUE GOVERNMENT INTRUSION

LEAVE ASIDE FOR A MOMENT THE HIGHLY DEBATABLE PROPOSITION THAT ANY SUCH
RIGHT EXISTS YOU'RE STILL LEFT WITH THE FACT THAT NEW JERSEY DOESN'T
PREVENT ANYONE FROM HAVING CHILDREN THE STATE SIMPLY REFUSES TO GIVE AFDC
MOTHERS A FINANCIAL BONUS FOR GETTING PREGNANT IT'S A SIMPLE DISTINCTION
BUT ONE THAT GETS LOST A LOT NOWADAYS THE SUBSIDYDEPENDENT ARTS LOBBY IN
BELLYACHING ABOUT GRANT CUTBACKS ALSO DIDN'T DISTINGUISH BETWEEN THE
GOVERNMENT OUTLAWING AN ACTIVITY AND REFUSING TO SUBSIDIZE IT

TWO GROUPS OF STATE LEGISLATORS ARE TAKING IT SERIOUSLY ENOUGH TO ASK THE
INSTITUTE FOR JUSTICE A CONSERVATIVE LEGAL OUTFIT IN WASHINGTON TO ENTER
THE CASE ON THE SIDE OF THE STATE A RULING ON THEIR REQUEST MAY COME TODAY
DIRK ROGGEVEEN AN INSTITUTE FOR JUSTICE ATTORNEY POINTS OUT THAT THE
SUPREME COURT HAS PREVIOUSLY HELD THAT PREGNANT WOMEN HAVE NO RIGHT TO
MEDICAIDFUNDED ABORTIONS BUT HE NOTES NEW JERSEY COURTS RULED THE OTHER
WAY IN THE MEDICAID DISPUTE THUS A FEDERAL JUDGE COULD EASILY FIND A
RIGHT TO HIGHER AFDC PAYMENTS UNDER THE STATE CONSTITUTION

IF THAT HAPPENS LOOK FOR A SPATE OF COPYCAT SUITS ELSEWHERE THAT WOULD
SEND A CLEAR AND TRAGIC ANSWER TO THE 64 QUESTION DON'T BOTHER
TRYING TO FIX A SYSTEM THAT EVERYONE AGREES IS BROKEN OTHERWISE YOU'LL BE
SUED 9403280005 940328 BUSINESS BRIEF PREPAID LEGAL SERVICES INC 
SEC REVIEWS OFFERING PLAN ASKS FOR ACCOUNTING CHANGE

PREPAID LEGAL SERVICES INC SAID THE SECURITIES AND EXCHANGE COMMISSION HAS
ASKED THE COMPANY TO CHANGE ITS ACCOUNTING METHODS AS PART OF A REVIEW OF A
PLANNED 75 MILLION STOCK OFFERING

THOUGH THE ADA OKLA COMPANY SAID IT BELIEVES ITS ACCOUNTING PRACTICES ARE
PROPER IT SAID THE COMMISSION'S QUESTIONS LIKELY WILL DELAY THE OFFERING
INDEFINITELY IN AMERICAN STOCK EXCHANGE TRADING FRIDAY PREPAID FELL 4375
CENTS TO 15625 A SHARE

AT ISSUE IS THE WAY THE COMPANY WHICH MARKETS LEGALSERVICE PLANS ACCOUNTS
FOR COMMISSIONS AND OTHER COSTS INVOLVED IN CLOSING CONTRACTS THE COMPANY
SINCE 1975 HAS AMORTIZED COSTS OVER THE EXPECTED LIFE OF SERVICE CONTRACTS
THE SEC ACCORDING TO PREPAID HAS SUGGESTED THAT THE COMPANY EXPENSE THOSE
COSTS AS THEY ARE INCURRED

PREPAID SAID THE CHANGES IF ADOPTED WOULD FORCE THE COMPANY TO RESTATE
ITS OPERATING RESULTS UPWARD FOR 1991 AND 1992 HOWEVER EARNINGS BEFORE
TAXES FOR 1993 WOULD FALL FROM 516000 TO A PRETAX LOSS OF 569000
9403280004 940328 POLITICAL CRISES ARE TAKING TOLL ON EQUITIES AND DEBT 
 ABREAST OF THE MARKET INVESTORS ARE TOLD TO BE SELECTIVE IN
EVALUATING WOES  BY ANITA RAGHAVAN STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK FORGET THE FUNDAMENTALS POLITICS IS DRIVING THE STOCK MARKET
THESE DAYS

AS STOCK INVESTORS UNHAPPILY DISCOVERED LAST WEEK THEIR USUAL CONCERNS
ABOUT SUCH THINGS AS THE ECONOMY AND EARNINGS CAN PALE TO INSIGNIFICANCE
WHEN A POLITICAL LEADER IS SUDDENLY ASSASSINATED OR WHEN TENSIONS FLARE UP
BETWEEN TWO NATIONS INSTEAD OF FOCUSING ON THE BASICS INVESTORS ZERO IN ON
THE CRISIS DU JOUR AND IN A PANICKED MOMENT DUMP STOCKS

THAT'S WHY HOURS AFTER MEXICO'S LEADING PRESIDENTIAL CANDIDATE WAS MURDERED
STOCK AND BOND PRICES PLUNGED WITH THE DOW JONES INDUSTRIAL AVERAGE
TUMBLING 4837 POINTS TO 382109 IN THE WORST ONEDAY SELLOFF IN ALMOST A
MONTH THE SELLING CONTINUED FRIDAY TAKING THE INDUSTRIAL AVERAGE DOWN
4636 POINTS TO 377473 ITS FIRST CLOSE BELOW 3800 SINCE JAN 5

CERTAINLY THERE ARE PLENTY OF POLITICAL CONCERNS TO WORRY INVESTORS HERE AT
HOME WHITEWATER PLAGUES THE CLINTON ADMINISTRATION OUTSIDE OUR OWN
BORDERS MEXICO FACES A POTENTIAL CRISIS RUSSIA SEEMS LEADERLESS NORTH
KOREA IS RATTLING SABERS AND CHINA IS EXCHANGING HARSH WORDS WITH THE US
OVER HUMAN RIGHTS TRADE AND THE KOREAN PROBLEM BUT ANALYSTS ARGUE THAT
JUST BECAUSE THERE'S A LOT OF TENSION IN THE WORLD THESE DAYS DOESN'T MEAN
INVESTORS SHOULD NECESSARILY AVOID STOCKS

JUST LIKE WITH STOCKS ONE HAS TO BE SELECTIVE WITH ONE'S CRISES SAYS
THOMAS MCMANUS A STOCK STRATEGIST AT MORGAN STANLEY

STOCK ANALYSTS SAY THAT ALTHOUGH STOCKS DIVED LAST WEEK ON NEWS OF THE
ASSASSINATION IN MEXICO THEY BELIEVE THAT THE MEXICAN SITUATION IS EASILY
ONE OF THE MOST MANAGEABLE CRISES LURKING ON THE LANDSCAPE

IT'S AN UNSPEAKABLY AWFUL TRAGEDY BUT THE MEXICAN POLITICAL AND ECONOMIC
INFRASTRUCTURE WILL WITHSTAND THIS SAYS STEFAN ABRAMS DIRECTOR OF EQUITY
STRATEGY OF TRUST CO OF THE WEST FRIDAY REBOUND INDEED AFTER PLUNGING
THURSDAY ON NEWS OF THE MURDER AMERICAN DEPOSITARY RECEIPTS OF MEXICAN
COMPANIES BOUNCED BACK FRIDAY WITH TELEFONOS DE MEXICO THE BELLWETHER
MEXICAN TELEPHONE STOCK LEADING THE WAY IT GAINED 2 3/8 TO 62 1/2 GRUPO
FINANCIERO SERFIN A FINANCIAL SERVICES CONCERN 1 1/4 TO 26 1/4 AND GRUPO
TRIBASA A CONSTRUCTION COMPANY 1 5/8 TO 29

RATHER THAN GETTING NERVOUS ABOUT A COUNTRY JUST SOUTH OF THE BORDER STOCK
ANALYSTS SAY INVESTORS WOULD BE BETTER OFF FRETTING ABOUT FARFLUNG NATIONS
SUCH AS RUSSIA AND NORTH KOREA THEY ALSO OUGHT TO SPEND SOME TIME BEING
MINDFUL OF A HOMEGROWN TINDERBOX THE WHITEWATER AFFAIR

THE IMPLOSION OF THE FORMER SOVIET UNION AND A WATERGATETYPE SCANDAL WOULD
BE VERY BAD FOR US STOCKS SAYS SCOTT BLACK PRESIDENT OF DELPHI
MANAGEMENT A BOSTONBASED MONEY MANAGEMENT FIRM

MR BLACK SAYS THE MAIN REASON RUSSIA IS SO WORRISOME IS THAT IT STILL HAS A
SIZABLE NUCLEARWEAPONS ARSENAL SHOULD THE OLD GUARD RETURN TO POWER MANY
OF THE ASSUMPTIONS THAT THE US HAS MADE ABOUT THE PEACE DIVIDEND WILL BE
SWEPT OUT THE DOOR HINDERING AMERICA'S BUDGETDEFICITCUTTING PROCESS AND
PROBABLY PRESSURING THE BOND MARKET HIGHER INTEREST RATES IN TURN WILL
MAKE STOCKS LESS ATTRACTIVE

OF COURSE SERIOUS TROUBLES IN RUSSIA WILL LIKELY HURT THE EUROPEAN STOCK
AND BOND MARKETS EVEN WORSE AND MAY EVEN PROVIDE A LITTLE SUPPORT TO US
FINANCIAL MARKETS AS INVESTORS SEEK THE SHELTER OF THE US DOLLAR

NO DOUBT ONE ATTRACTIVE AREA OF INVESTMENT WILL BE DEFENSE STOCKS MR BLACK
THINKS STOCKS LIKE LORAL RAYTHEON AND LOCKHEED PROBABLY WILL RISE IF
RUSSIA'S TROUBLES START MOUNTING AND INVESTORS BEGIN TO FEAR THAT THE US
WILL HAVE TO REV UP ITS DEFENSE CAPABILITIES

WHITEWATER IS ANOTHER MATTER ALTOGETHER SAYS MR BLACK IF PRESIDENT
CLINTON'S TROUBLES WORSEN MR BLACK AND OTHER ANALYSTS SUGGEST THAT THERE
ISN'T ANY HAVEN FOR INVESTORS IN THE US STOCK MARKET

IF THERE REALLY IS CREDIBILITY TO REP LEACH'S CLAIMS ERODING CONFIDENCE
IN THE ADMINISTRATION AND THE PRESIDENT WILL NOT BE GOOD FOR STOCK PRICES
SAYS MR MCMANUS OF MORGAN STANLEY STUDIES HAVE SHOWN THAT THE PRESIDENT'S
APPROVAL RATING AND THE PERFORMANCE OF THE STOCK MARKET ARE POSITIVELY
CORRELATED SO THAT WHEN CONFIDENCE IN THE PRESIDENT WANES STOCK PRICES ALSO
WEAKEN

MR MCMANUS CAUTIONS HOWEVER THAT INVESTORS SHOULDN'T BE SINGLEMINDED
ABOUT DODGING POLITICAL CRISES

IF YOU ARE ALWAYS WORRIED ABOUT THESE POTENTIAL HOT SPOTS THE RISK IS THAT
YOU WILL NEVER BE FULLY INVESTED HE SAYS

OF COURSE THERE ARE SOME STOCK ANALYSTS LIKE CHARLES CLOUGH AT MERRILL
LYNCH WHO THINK THAT POTENTIALLY GRAVE PROBLEMS EVEN IN IMPORTANT NATIONS
LIKE RUSSIA ULTIMATELY DON'T MATTER TO US INVESTORS

WE LOST GORBACHEV OVER A WEEKEND ONCE AND THAT DIDN'T HURT STOCKS MR
CLOUGH SAYS

RUSSIA TODAY IS AN ECONOMY THAT ISN'T IN ANY POSITION TO SUPPORT ANY KIND
OF MILITARY ADVENTURISM HE ADDS THE IDEA OF REESTABLISHING THE COLD WAR
BORDERS ON ABSURDITY

MR CLOUGH CONTENDS THAT INTERNATIONAL CRISES ARE SIMPLY AN EXCUSE TO SELL
STOCKS HE ARGUES THAT WHAT HAS REALLY BEEN HURTING THE STOCK MARKET LATELY
IS THE SHARP RISE IN INTEREST RATES INDEED FRIDAY'S BIG DROP IN THE
INDUSTRIAL AVERAGE WAS ACCOMPANIED BY HEAVY SELLING IN THE BOND MARKET
WHICH DROVE THE YIELD ON THE TREASURY'S 30YEAR BOND TO 701 FROM 695
THURSDAY

FOR THE SAVVY INVESTORS TURMOIL IN THE MARKETS CAN CREATE BUYING
OPPORTUNITIES FOR INSTANCE LAST WEEK AS LATIN AMERICAN MARKETS RETREATED
ON THE NEWS FROM MEXICO MR CLOUGH WAS ADVISING INVESTORS TO POUR MONEY
INTO THOSE MARKETS PARTICULARLY BRAZIL ARGENTINA AND MEXICO

HE ALSO IS HIGH ON ECONOMICALLY SENSITIVE STOCKS THAT HAVE LOST SOME OF
THEIR VALUE IN THE PAST FEW DAYS TOPPING HIS BUYING LIST AT THE MOMENT ARE
STOCKS AS DEERE THE MACHINERY CONCERN FORD THE CAR MAKER AND LAFARGE AND
SOUTHDOWN TWO CEMENT PRODUCERS

STOCKS PLUNGED FOR THE SECOND STRAIGHT DAY AS LONGTERM BOND YIELDS TOPPED
7 FOR THE FIRST TIME IN 10 MONTHS

THE DOW JONES INDUSTRIAL AVERAGE SKIDDED 4636 OR 12 TO 377473ITS
LOWEST CLOSE SINCE JAN 3 THE FIRST TRADING DAY OF THIS YEAR THE
INDUSTRIAL AVERAGE HAD LOST 48 POINTS ON THURSDAY

STANDARD & POOR'S 500STOCK LOST 377 TO 46058 AND THE NASDAQ COMPOSITE
INDEX SLID 323 TO 78345

VOLUME ON THE NEW YORK STOCK EXCHANGE DWINDLED TO 249533000 SHARES FROM
303742000 SHARES THURSDAY

FOR THE SECOND CONSECUTIVE DAY ECONOMICALLY SENSITIVE STOCKS WERE AMONG THE
HARDEST HIT BIG LOSERS IN THE INDUSTRIAL AVERAGE INCLUDED ALUMINUM CO OF
AMERICA DOWN 2 TO 76 1/4 GENERAL MOTORS 1 1/2 TO 56 7/8 AND INTERNATIONAL
PAPER 1 1/8 TO 68 3/8

INTERNATIONAL BUSINESS MACHINES WAS ANOTHER MAJOR DEPRESSANT ON THE
INDUSTRIALS IT WAS WEAK FOR A FOURTH STRAIGHT DAY LOSING 2 3/8 TO 54 BIG
BLUE'S CHAIRMAN LOUIS V GERSTNER OFFERED A SOBER FORECAST FOR THE
COMPUTER MAKER AT A STRATEGY BRIEFING LATE THURSDAY FOR WALL STREET
ANALYSTS

UAL THE PARENT OF UNITED AIRLINES SURGED 7 3/4 TO 131 1/2 THE COMPANY
AGREED TO TERMS OF AN EMPLOYEELED BUYOUT

UAL'S JUMP WAS ENOUGH TO LIFT THE DOW JONES TRANSPORTATION AVERAGE WHICH
RALLIED 883 OR 052 TO 171486 THE DOW JONES UTILITIES AVERAGE THOUGH
SKIDDED 191 OR 094 TO 20215 A 23MONTH LOW

BLOCKBUSTER ENTERTAINMENT GAINED 1 1/8 TO 27 1/4 PAINEWEBBER RAISED ITS
INVESTMENT RATING ON THE SHARES TO BUY THE SECURITIES CONCERN HAD RATED
BLOCKBUSTER ATTRACTIVE

TOBACCO STOCKS WERE MIXED AFTER THE WALL STREET JOURNAL REPORTED THAT THE
CLINTON ADMINISTRATION IS SET TO PROPOSE AIRQUALITY RULES THAT WOULD
SEVERELY LIMIT SMOKING AT WORK AND AT BARS AND RESTAURANTS PHILIP MORRIS
SLIPPED 3/4 TO 51 1/2 AMERICAN BRANDS EASED 1/8 TO 30 7/8 AND RJR NABISCO
ADDED 1/8 TO 6 3/8

HERSHEY FOODS DROPPED 1 TO 46 THE CONFECTIONARY CONCERN SAID THAT IT
EXPECTS NET INCOME FOR THE FIRST QUARTER TO BE BELOW THE 71 CENTSASHARE
OPERATING EARNINGS OF A YEAR AGO

DAVE PETTIT CONTRIBUTED TO THIS ARTICLE SEE RELATED ARTICLE CREDIT
MARKETS BOND ANALYSTS SEE FEW EVENTS HAVING LONGTERM EFFECTS WSJ MARCH
28 1994 9403280003 940328 GM DIRECTORS ARE FORMALIZING STRONGER ROLE
  MOVE TO SOLIDIFY CONTROL OVER MANAGERS IS SEEN AS PATH FOR OTHER
FIRMS  BY ROBERT L SIMISON STAFF REPORTER OF THE WALL STREET
JOURNAL

DETROIT GENERAL MOTORS CORP'S BOARD IS MAKING PERMANENT THE REVOLUTION
IN THE ROLE OF CORPORATE DIRECTORS THAT THE BOARD LAUNCHED TWO YEARS AGO
PROVIDING A POTENTIAL ROADMAP FOR DIRECTORS AT OTHER COMPANIES

A NEWLY ISSUED SET OF 28 GUIDELINES ON SIGNIFICANT CORPORATE GOVERNANCE
ISSUES FORMALIZES THE STRONGER CONTROL OVER MANAGEMENT THAT THE GM BOARD
BEGAN SEIZING IN MARCH 1992 THE GUIDELINES EMBRACE THE CONCEPT OF A LEAD
OUTSIDE DIRECTOR CALL FOR THRICEYEARLY EXECUTIVE SESSIONS OF OUTSIDE
DIRECTORS AND DECLARE THAT BOARD MEMBERS SHALL HAVE COMPLETE ACCESS TO
GM'S MANAGEMENT RATHER THAN BEING LIMITED TO FUNNELING QUERIES THROUGH THE
CHIEF EXECUTIVE OFFICER

INSTITUTIONAL INVESTORS AND EXPERTS ON CORPORATE GOVERNANCE INCLUDING IRA
MILLSTEIN THE GM BOARD'S ATTORNEY HAVE LONG PRESSED FOR SUCH STEPS WHILE
THE BOARDS OF GM AND OTHER US CORPORATIONS HAVE COME TO ACT MORE AND MORE
INDEPENDENTLY OF MANAGEMENT IN RECENT YEARS GM'S BOARD IS ONE OF THE FIRST
TO GO SO FAR IN SETTING FORTH FORMAL GUIDELINES ON CORPORATE GOVERNANCE

OTHERS ARE SURE TO FOLLOW SAYS SARAH TESLIK THE DIRECTOR OF THE COUNCIL OF
INSTITUTIONAL INVESTORS SHE CALLED THE GUIDELINES VERY COMMENDABLE AND
ADDED THEY'VE INSTITUTED MANY OF THE THINGS WE'VE ADVOCATED

THIS IS A VERY IMPORTANT DOCUMENT DECLARED JAY W LORSCH A HARVARD
UNIVERSITY BUSINESSSCHOOL PROFESSOR WHO IS A PROMINENT THINKER ON CORPORATE
GOVERNANCE THEY ARE ATTACKING SOME FUNDAMENTAL ISSUES HERE

A LACK OF LEADERSHIP HAS BEEN OUTSIDE DIRECTORS' BIGGEST HANDICAP THE GM
GUIDELINES FIRST REPORTED BY THE DETROIT NEWS MAKE IT A BOARD POLICY TO
DESIGNATE AN OUTSIDE DIRECTOR TO CHAIR THE THREETIMESAYEAR MEETINGS OF
INDEPENDENT DIRECTORS JOHN G SMALE GM'S NONEXECUTIVE CHAIRMAN CURRENTLY
FILLS THAT ROLE IF A FUTURE CHAIRMAN SHOULD AGAIN ALSO BE CHIEF EXECUTIVE
OFFICER THEN THE OUTSIDE DIRECTORS WOULD ELECT A LEAD DIRECTOR

MR MILLSTEIN AND SOME OTHERS HAVE ARGUED IN FAVOR OF KEEPING THE JOBS OF
CHAIRMAN AND CHIEF EXECUTIVE OFFICER SEPARATE AS UNDER THE CURRENT GM
SCHEME BUT THE NEW GUIDELINES DECLARE THAT THE BOARD SHOULD BE FREE TO
MAKE THIS CHOICE ANY WAY THAT SEEMS BEST FOR THE COMPANY

JOHN F SMITH JR GM'S PRESIDENT CURRENTLY IS THE CHIEF EXECUTIVE OFFICER
IT IS UNDERSTOOD THAT THE BOARD DRAFTED THE GUIDELINES ITSELF WITH MR
SMITH'S ACTIVE PARTICIPATION

THE GUIDELINES SPECIFY THAT THE OUTSIDE DIRECTORS HOLD A DISCUSSION WITH THE
CHIEF EXECUTIVE DURING EACH OF THEIR EXECUTIVE SESSIONS AND THAT THE BOARD
MAKE A FORMAL EVALUATION OF THE CHIEF EXECUTIVE EACH YEAR THE NONEXECUTIVE
CHAIRMAN OR THE LEAD DIRECTOR IS TO HANDLE THE PERFORMANCE REVIEW WHICH IS
TO BE BASED ON OBJECTIVE CRITERIA INCLUDING PERFORMANCE OF THE BUSINESS
ACCOMPLISHMENT OF LONGTERM STRATEGIC OBJECTIVES DEVELOPMENT OF MANAGEMENT
ETC

OTHER GUIDELINES INCLUDE THE FOLLOWING

 ON MATTERS OF CORPORATE GOVERNANCE THE BOARD ASSUMES DECISIONS WILL BE
MADE BY THE OUTSIDE DIRECTORS

 THE BOARD DECIDED AGAINST ESTABLISHING TERM LIMITS FOR DIRECTORS AS SOME
HAVE ADVOCATED AND INSTEAD INSTRUCTED THE COMMITTEE ON DIRECTOR AFFAIRS TO
REVIEW EACH DIRECTOR'S CONTINUATION EVERY FIVE YEARS MOREOVER THE
GUIDELINES CALL FOR DIRECTORS TO OFFER THEIR RESIGNATIONS IF THEIR OUTSIDE
DUTIES CHANGE GIVING THE BOARD ANOTHER OPPORTUNITY TO EVALUATE INDIVIDUAL
DIRECTORS' CONTRIBUITIONS

 CHIEF EXECUTIVES ARE EXPECTED TO OFFER THEIR RESIGNATION FROM THE BOARD
WHEN THEY RETIRE OR RESIGN FROM THAT POSITION GIVING THE BOARD THE OPTION
TO DECIDE WHETHER THE FORMER MANAGER SHOULD CONTINUE AS A DIRECTOR

 THE BOARD IS TO SELECT AND NOMINATE NEW DIRECTORS IN FACT AS WELL AS
PROCEDURE AND INVITATIONS TO NOMINEES ARE TO COME FROM THE BOARD RATHER
THAN JUST THE CHIEF EXECUTIVE CRITICS HAVE LONG COMPLAINED THAT TOO MANY
CHIEF EXECUTIVES INCLUDING GM'S HAVE BEEN ABLE TO HANDPICK COMPLIANT
BOARDS 9403280002 940328 LAW LEGAL BEAT IRS AND PLAINTIFFS CLASH
OVER ISSUE OF TAXABILITY OF PUNITIVE DAMAGES  BY WADE LAMBERT 
STAFF REPORTER OF THE WALL STREET JOURNAL

THE INTERNAL REVENUE SERVICE IS BATTLING PERSONALINJURY PLAINTIFFS OVER A
MULTIMILLIONDOLLAR QUESTION ARE PUNITIVE DAMAGES TAXABLE

THE ISSUE HAS DIVIDED FEDERAL COURTS AROUND THE COUNTRY DESPITE A SETBACK
LAST YEAR IN THE US TAX COURT THE IRS HAS MOUNTED A VIGOROUS ATTACK IN
SEVERAL CASES IN WHICH TAXPAYERS ARE SEEKING REFUNDS FOR TAXES THEY HAVE
PAID ON SUCH DAMAGES

THE IRS MAINTAINS THAT PUNITIVE DAMAGES ARE A WINDFALL AND SHOULD BE TAXED
AS IF THEY WERE INCOME MUCH LIKE GAMBLING EARNINGS BUT TAXPAYERS ARGUE
THAT THE DAMAGES ARE EXCLUDED UNDER ONE HOTLY CONTESTED SENTENCE IN THE US
TAX CODE KNOWN AS SECTION 104 A 2 THAT SECTION SAYS INCOME TAXES
AREN'T OWED ON THE AMOUNT OF ANY DAMAGES RECEIVED  ON ACCOUNT OF
PERSONAL INJURIES OR SICKNESS

IN ONE OF THE LATEST RULINGS ON THE ISSUE A FEDERAL COURT IN GULFPORT
MISS SAID LAST MONTH THAT PUNITIVE DAMAGES IN PHYSICAL INJURY CASES ARE
INDEED TAXABLE THE COURT SAID THE TAX CODE'S EXCLUSION APPLIES ONLY TO
COMPENSATORY DAMAGE AWARDS WHICH ARE THOSE THAT SERVE TO REIMBURSE
PLAINTIFFS FOR INJURIES ACTUALLY INCURRED

UNDER MISSISSIPPI STATE LAW PUNITIVE DAMAGES ARE AWARDED NOT TO RECOMPENSE
FOR LOSS DUE TO A PERSONAL INJURY RATHER THEY ARE AWARDED TO PUNISH AND
DETER JUDGE DAN M RUSSELL JR SAID

AS JUDGE RUSSELL NOTED IN HIS OPINION HOWEVER A CONSENSUS ON THIS ISSUE
WITHIN THE FEDERAL JUDICIARY IS NONEXISTENT AT LEAST THREE OTHER FEDERAL
DISTRICT COURTS HAVE RULED IN FAVOR OF THE IRS SINCE 1991 BUT THE US TAX
COURT A SPECIAL COURT THAT HEARS CASES BROUGHT BY THE IRS AGAINST
TAXPAYERS HAS RULED TWICE THAT PUNITIVE DAMAGES IN SUCH CASES AREN'T
TAXABLE

THE SPLIT IN THE COURTS HAS CREATED AN ODD SITUATION FOR TAXPAYERS THOSE
WHO DON'T REPORT THE DAMAGES AS INCOME ARE LIKELY TO FACE A CLAIM BROUGHT BY
THE IRS AND UNDER COURT PROCEDURES SUCH CASES GO BEFORE THE TAX COURT
WHICH HAS REBUFFED THE IRS'S POSITION BUT IF THE INDIVIDUAL PAYS THE TAX
AND THEN SEEKS A REFUND THE CASE WOULD HAVE TO BE PURSUED IN FEDERAL
DISTRICT COURT WHERE THE IRS HAS HAD BETTER LUCK

BOTH THE LATEST TAX COURT DECISION AND THE MISSISSIPPI RULING HAVE BEEN
APPEALED TO FEDERAL APPEALS COURTS BECAUSE SO MANY CASES ARE PENDING IN
DIFFERENT JURISDICTIONS DOWN THE ROAD EITHER CONGRESS WILL HAVE TO CLARIFY
THE LAW OR THE SUPREME COURT WILL DECIDE IT SAID LJUBOMIR NACEV A
PROFESSOR AT NORTHERN KENTUCKY UNIVERSITY CHASE COLLEGE OF LAW IN HIGHLAND
HEIGHTS KY

PROF NACEV WHO REPRESENTED THE TAXPAYER WHO WON IN THE PUNITIVEDAMAGES
CASE BEFORE THE TAX COURT LAST YEAR SAID THE IRS IS TRYING TO GET A
RESULT FROM SECTION 104 A THAT ISN'T JUSTIFIED BY THE LAW CONGRESS
AMENDED THE SECTION IN 1989 TO SAY THAT PUNITIVE DAMAGES ARE TAXABLE IN
CASES THAT DON'T INVOLVE PHYSICAL INJURY SUCH AS LIBEL SUITS OR COMMERCIAL
LITIGATION PROF NACEV MAINTAINS THAT IF CONGRESS HAD INTENDED TO TAX
PUNITIVE DAMAGES IN ALL CASES IT WOULDN'T HAVE WRITTEN THE AMENDMENT ONLY
FOR NONPHYSICALINJURY AWARDS

PROF NACEV SAID CONFUSION ABOUT THE ISSUE HAS AFFECTED THE WAY SETTLEMENTS
ARE STRUCTURED AS WINNING PARTIES TRY TO ARRANGE THE PAYMENTS UNDER
CATEGORIES THAT AREN'T TAXABLE HE SAID THE IRS'S POSITION ALSO MAY LEAD
TRIAL ATTORNEYS TO DECIDE THAT THE TAXABILITY OF JURY AWARDS SHOULD BE
BROUGHT TO THE ATTENTION OF JURORS

IN THE MISSISSIPPI CASE PUNITIVE DAMAGES OF 15 MILLION WERE PAID IN A
LIFEINSURANCE DISPUTE INVOLVING THE DEATH OF A PROMINENT BILOXI SURGEON
THE ESTATE PAID 300465 IN INCOME TAXES ON THE AWARD IN 1988 BUT THEN
SOUGHT A REFUND CLYDE H GUNN III AN ATTORNEY FOR THE ESTATE SAID THE
PUNITIVE DAMAGES SHOULD BE EXCLUDED BECAUSE THEY AROSE OUT OF A PHYSICAL
INJURY THE DEATH OF THE SURGEON IN A PLANE CRASH

MR GUNN OF BILOXI LAW FIRM CORBAN & GUNN SAID THE THREAT OF STIFF IRS
PENALTIES MADE IT NECESSARY TO PAY TAXES AND LATER SEEK A REFUND RATHER
THAN REFUSE UNTIL THE IRS CAME TO COLLECT WE COULDN'T AFFORD NOT TO PAY
THE TAX ON THE HOPE THAT WE WERE RIGHT HE SAID

A 32 MILLION FEE AWARD TO ATTORNEYS FOR BONDHOLDERS HURT BY THE COLLAPSE OF
THE WASHINGTON PUBLIC POWER SUPPLY SYSTEM MAY HAVE BEEN INADEQUATE A
FEDERAL APPEALS COURT RULED

THE DECISION STEMS FROM A 687 MILLION SETTLEMENT THAT THE ATTORNEYS WON TO
COVER BONDHOLDER LOSSES INCURRED IN THE WAKE OF THE 1983 COLLAPSE OF WPPSS
THE BIGGEST MUNICIPALBOND DEFAULT EVER

THE APPEAL WAS BROUGHT BY 25 LAW FIRMS FOR PLAINTIFFS IN THE CASE THE
LAWYERS HAD SOUGHT FEES TOTALING 103 MILLION ROUGHLY THREE TIMES THEIR
NORMAL HOURLY RATES TO REFLECT THE YEARS OF LITIGATION AND THE RISK OF
NONPAYMENT IF THEY HAD LOST SUCH MULTIPLIER AWARDS ARE FAIRLY ROUTINE IN
CLASSACTION LAWSUITS BUT A US DISTRICT JUDGE IN ARIZONA HAD DENIED THE
REQUEST

IN A RULING LAST WEEK THE NINTH US CIRCUIT COURT OF APPEALS IN SAN
FRANCISCO SAID THE LOWER COURT ABUSED ITS DISCRETION IN REFUSING TO
ENHANCE THE FEE BECAUSE OF THE RISKS ASSOCIATED WITH THE CASE THE APPELLATE
PANEL ORDERED THE LOWER COURT TO RECOMPUTE THE ATTORNEYS' AWARD

THE CASE HAD BEEN CLOSELY WATCHED BY SECURITIES LAWYERS WHO WERE CONCERNED
THAT THE LOWER AWARD WOULD BE UPHELD ON APPEAL IT WOULD HAVE DISCOURAGED
LAWYERS FROM TAKING CONTINGENT CASES SAID MELVYN WEISS A NEW YORK
SECURITIES LAWYER AND LEAD ATTORNEY IN THE BONDHOLDER CASE WE ARE PLEASED
THAT THE NINTH CIRCUIT HAS SEEN FIT TO GIVE US ANOTHER OPPORTUNITY TO
DEMONSTRATE THE VALUE OF OUR SERVICES INCLUDING INTEREST THE WPPSS
SETTLEMENT IS VALUED AT ABOUT 800 MILLION HE SAID

RICHARD B SCHMITT IN WASHINGTON CONTRIBUTED TO THIS ARTICLE 9403280001
940328 UAL SIGNS PACT WITH ITS 2 UNIONS CALLING FOR BUYOUT  BY
JAMES P MILLER STAFF REPORTER OF THE WALL STREET JOURNAL

CHICAGO UAL CORP AND TWO OF ITS UNIONS SIGNED A DEFINITIVE PACT THAT
CALLS FOR THE AIRLINE'S EMPLOYEES TO BUY THE COMPANY FOR ABOUT 5 BILLION

THE FRIDAY AGREEMENT BETWEEN THE PARENT OF UNITED AIRLINES AND THE PILOTS
AND MACHINISTS UNIONS MUST STILL BE APPROVED BY UAL STOCKHOLDERS IF THE
PROPOSED BUYOUT GOES THROUGH UAL WOULD BECOME THE LARGEST COMPANY IN THE
US TO BE MAJORITYOWNED BY ITS WORKERS

NEGOTIATORS FOR THE AIRLINE AND THE UNIONS HAD REACHED AGREEMENT IN
PRINCIPLE ON THE ARRANGEMENT IN DECEMBER AND SET MARCH 15 AS THE DEADLINE
FOR COMING TO FINAL TERMS BECAUSE OF LASTMINUTE HITCHES HOWEVER THE
TALKS HAD TO BE EXTENDED UNTIL LATE LAST WEEK

UNDER THE BUYOUT OFFER MEMBERS OF UNITED'S PILOTS' AND MACHINISTS' UNIONS
AS WELL AS THE COMPANY'S NONUNION EMPLOYEES WILL ACQUIRE AT LEAST A 53
STAKE IN UAL IN EXCHANGE THEY AGREE TO MORE THAN FIVE YEARS OF WAGE AND
WORKRULE CONCESSIONS UAL ALSO GETS THE RIGHT TO FORM A LOWCOST SHORTHAUL
CARRIER WHICH WOULD IMPROVE ITS COMPETITIVE POSTURE AND UAL SHAREHOLDERS
WILL RECEIVE A PACKAGE OF CASH PREFERRED STOCK AND NOTES THE UNIONS HAVE
VALUED AT 173 A SHARE

THE CARRIER'S FLIGHT ATTENDANTS WEREN'T A PARTY TO THE AGREEMENT BUT HAVE
EXPRESSED INTEREST IN PARTICIPATING OFFICIALS COULDN'T BE REACHED FOR
COMMENT LATE FRIDAY THE TRANSACTION DOESN'T HINGE ON THEIR PARTICIPATION

UAL SAID SHAREHOLDERS WILL VOTE ON THE PROPOSAL AFTER PROXY MATERIALS HAVE
BEEN REVIEWED BY THE SECURITIES AND EXCHANGE COMMISSION THE AIRLINE SAID IT
WILL FILE THOSE DOCUMENTS WITH THE SEC SHORTLY AMONG OTHER THINGS UAL
WILL PROPOSE A NEW BOARD OF 12 DIRECTORS INCLUDING FOUR INDEPENDENT
CANDIDATES PAUL VOLCKER THE FORMER CHAIRMAN OF THE FEDERAL RESERVE BOARD
AND JOHN VAN DE KAMP A FORMER CALIFORNIA STATE ATTORNEY GENERAL HAVE BEEN
DISCUSSED BY UNION MEMBERS AS POTENTIAL DIRECTORS

UAL'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER STEPHEN M WOLF CALLED THE
AGREEMENT THE BEST PATH TO A COMPETITIVE AND SUCCESSFUL FUTURE FOR UNITED
AIRLINES

IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING FRIDAY UAL SHARES ROSE 775
 ON A DAY WHEN THE OVERALL MARKET TOOK A TUMBLE TO CLOSE AT 13150 A
SHARE 9403280077 940215 ECONOMY WIDENING RICHPOOR GAP IS A THREAT 
TO THE SOCIAL FABRIC' WHITE HOUSE SAYS  BY PAULETTE THOMAS STAFF
REPORTER OF THE WALL STREET JOURNAL

WASHINGTON PRESIDENT CLINTON'S COUNCIL OF ECONOMIC ADVISERS SAID THE
WIDENING GAP BETWEEN RICH AND POOR IS A THREAT TO THE SOCIAL FABRIC AND
BLAMED IT ON TECHNOLOGY THE DECLINE OF UNIONS A LAGGING MINIMUM WAGE AND
TO A LESSER DEGREE IMMIGRATION

PRESIDENT CLINTON DECRIED GROWING INCOME INEQUALITY DURING HIS CAMPAIGN AND
THE ISSUE HAS INFLUENCED ADMINISTRATION POLICIES AFFECTING EVERYTHING FROM
TAXES TO WELFARE REFORM AND JOB TRAINING RAISING THE LIVING STANDARDS OF
ALL AMERICANS IS THE FUNDAMENTAL ECONOMIC GOAL OF MY ADMINISTRATION MR
CLINTON SAID IN THE INTRODUCTION OF THE 398PAGE REPORT

THE WIDERANGING REPORT ALSO DESCRIBES THE ADMINISTRATION'S PHILOSOPHY THAT
THE GOVERNMENT SHOULD PLAY A BIG ROLE IN PROMOTING ECONOMIC EXPANSION IT
SPECIFICALLY URGES SHRINKING THE DEFICIT INVESTING IN INFRASTRUCTURE
TECHNOLOGY AND JOB TRAINING REDUCING TRADE BARRIERS AND RESTRUCTURING THE
HEALTHCARE SYSTEM THE ECONOMIC REPORT REPRESENTS A CONTRAST FROM COUNCIL
REPORTS FOR THE PREVIOUS 12 YEARS IN WHICH THE REAGAN AND BUSH COUNCILS
WARNED OF THE DANGERS OF HIGH TAXES AND EXCESSIVE GOVERNMENT INTERVENTION IN
THE ECONOMY

FROM THE POSTWAR PERIOD UNTIL THE EARLY 1970S THE REPORT SAYS INCOME
GROWTH AVERAGED BETWEEN 25 AND 3 A YEAR AND OCCURRED MORE OR LESS EVENLY
AMONG INCOME GROUPS BUT THAT CHANGED IN THE 1970S AND 1980S WHEN THE
WEALTHIEST AMERICANS SAW THEIR INCOME INCREASE ABOUT 09 ANNUALLY WHILE
THE POOREST SAW THEIR INCOMES DROP AN AVERAGE OF 07 ANNUALLY THAT
DISPARITY THE REPORT SAYS IS A THREAT TO THE SOCIAL FABRIC THAT HAS LONG
BOUND AMERICANS TOGETHER AND MADE OURS A SOCIETY WITH MINIMAL CLASS
DISTINCTIONS

SHRINKING UNION MEMBERSHIP OVER THE PAST 20 YEARS PARTICULARLY AMONG
LOWWAGE WORKERS MAY BE ONE FACTOR BEHIND THE GAP SAYS THE COUNCIL WHICH
IS HEADED BY LAURA D'ANDREA TYSON IN THE EARLY 1970S 27 OF THE WORK FORCE
BELONGED TO UNIONS BUT THAT RATE FELL TO 16 BY 1990 SEVERAL STUDIES HAVE
CONCLUDED THAT THE MEMBERSHIP DECLINE ACCOUNTS FOR ABOUT ONEFIFTH OF THE
SPREAD OF THE INCOME GAP

MEANWHILE DURING THE SAME PERIOD THE MINIMUM WAGE ERODED AFTER TAKING
ACCOUNT FOR INFLATION THE MINIMUM WAGE REPRESENTED ABOUT 50 OF THE AVERAGE
HOURLY WAGES OF NONSUPERVISORY WORKERS IN 1970 BY 1992 IT HAD SLIPPED TO
40 OF THAT MEASURE THE ADMINISTRATION HASN'T DISCUSSED SEEKING AN INCREASE
IN THE MINIMUM WAGE IN THE NEAR TERM DR TYSON SAID IN AN INTERVIEW

OTHER CHANGES IN THE WORKPLACE ALSO HAVE CONTRIBUTED TO THE WIDENING GAP
ACCORDING TO THE COUNCIL REPORT ONE STUDY SUGGESTS THAT PEOPLE WHO WORK
WITH PERSONAL COMPUTERS EARN FAR MORE THAN THOSE WHO DON'T ACCOUNTING FOR
ABOUT HALF THE INCREASING GAP BETWEEN THE WAGES OF HIGH SCHOOL AND COLLEGE
GRADUATES AND IMMIGRATION WHICH HAS EXPANDED THE POOL OF LOWINCOME
WORKERS IN THE US MAY BE RESPONSIBLE FOR ABOUT 1 OF THE DISPARITY THE
REPORT SAYS

THE REPORT PLAYS DOWN THE NOTION THAT MORE COMPETITION WITH LOWWAGE WORKERS
ABROAD HAS ACCELERATED THE DISPARITY BETWEEN RICH AND POOR IT SAYS THAT UP
TO NOW THE AVAILABILITY OF FOREIGN LOWWAGE WORKERS HASN'T REDUCED DEMAND
FOR THOSE WORKERS AT HOME BUT THAT MAY CHANGE TRADE COULD BECOME A MORE
IMPORTANT FACTOR IN BRINGING DOWN THE WAGES OF LESS EDUCATED WORKERS IN THE
FUTURE THE REPORT SAYS

THE REPORT ALSO ASSERTS THAT IT'S REASONABLE TO EXPECT LONGTERM INTEREST
RATES TO CONTINUE TO FALL WHEN ADJUSTED FOR INFLATION IT SAYS THE RATES
NOW ABOUT 6 STILL HAVE ROOM TO DECLINE BASED ON HISTORIC AVERAGES

IN ADDITION THE REPORT SAYS THE CREDIT CRUNCH FADED LAST YEAR 
PARTICULARLY AS BANKS FREED UP FUNDS THEY HAD PARKED IN GOVERNMENT BONDS
WHICH HAD BEEN YIELDING HIGH RATES

ALTHOUGH MOST SECTIONS OF THE THE REPORT SPECULATE ABOUT ECONOMIC VARIABLES
BROADLY THE CHAPTER ON THE PRESIDENT'S HEALTHCAREREFORM PLAN DOESN'T
AFTER LENGTHY DISCUSSIONS THE COUNCIL DECIDED NOT TO RISK GIVING CRITICS OF
THE PLAN ANY AMMUNITION WITH WHICH TO ATTACK IT

SEPARATELY THE WHITE HOUSE TURNED UP THE HEAT IN ITS BATTLE TO DEFEAT A
PROPOSAL ON CAPITOL HILL TO PASS A CONSTITUTIONAL AMENDMENT THAT WOULD
REQUIRE A BALANCED FEDERAL BUDGET WHITE HOUSE AIDE ROBERT RUBIN CALLED THE
AMENDMENT A TRULY HORRIBLE ECONOMIC IDEA AND DEPUTY TREASURY SECRETARY
ROGER ALTMAN SAID WE NEED TO SAVE THE COUNTRY FROM THIS DISASTER

TO PROVE ITS CASE THE TREASURY RELEASED AN ANALYSIS OF HOW A
BALANCEDBUDGET AMENDMENT MIGHT AFFECT INDIVIDUAL STATES THE ANALYSIS
ASSERTS THAT THE AMENDMENT WOULD COST ALASKA 511 MILLION TO 820 MILLION A
YEAR FOR INSTANCE

ADMINISTRATION OFFICIALS SAID THEY BELIEVED THEY WOULD BE ABLE TO PREVENT
THE AMENDMENT FROM ATTRACTING THE 67 VOTES NEEDED FOR IT TO BE APPROVED BY
THE SENATE SEE RELATED LETTER LETTERS TO THE EDITOR FOUR NEEDLESS
ECONOMIC FEARS WSJ MARCH 28 1994 9402150029 YY94 MM03 9403280068
940202 AUTOS CAR THIEVES SCORE BIG IN SMALLER CITIES  BY
JACQUELINE MITCHELL STAFF REPORTER OF THE WALL STREET JOURNAL

COMMERCE CALIF HAS A MESSAGE FOR AMERICA'S SMALL CITIES LOCK YOUR CAR
DOORS

IN THE LATEST VEHICLETHEFT STATISTICS COMMERCE POPULATION 12585 MANAGED
TO TOP DETROIT NEW YORK AND LOS ANGELES IN VEHICLETHEFT RATE THIS
REFLECTS A CURIOUS TREND CAR THEFTS ARE DECLINING IN BIG CITIES WHILE
RISING IN SMALLER PLACES THE INCREASE IS PARTICULARLY NOTABLE IN
MEDIUMSIZED CITIES WITH POPULATIONS BETWEEN 100000 AND 200000

THE FIGURES COME FROM A STUDY BY THE NATIONAL INSURANCE CRIME BUREAU THAT
MEASURE 1992 STATISTICS AS REPORTED BY THE FEDERAL BUREAU OF INVESTIGATION
AGAINST THOSE OF 1991

ACCORDING TO THE INSURANCE CRIME BUREAU COMMERCE HAD 636 VEHICLE THEFTS IN
1992 THAT'S THE EQUIVALENT OF 5053 CAR THEFTS FOR EACH 100000 RESIDENTS
EVEN THAT IS AN IMPROVEMENT OVER THE 1991 RATE OF 5449 THEFTS PER 100000
INHABITANTS

NATIONWIDE ACCORDING TO THE BUREAU THE BOTTOM LINE FOR 1992 WAS THAT
VEHICLE THEFTS DECLINED 31 FROM 1991 THE FIRST DECREASE IN TOTAL THEFTS
IN NINE YEARS STILL DESPITE THE GOOD NEWS THE BUREAU NOTES VEHICLE THEFT
REMAINS A SERIOUS PROBLEM IN THE US WHERE A THEFT OCCURS ONCE EVERY 20
SECONDS IN 1992 1610834 VEHICLES WERE STOLEN WITH AN ESTIMATED TOTAL
VALUE OF NEARLY 76 BILLION

THE INSURANCE CRIME BUREAU CREDITS THE DROP IN BIGCITY THEFTS TO A
SIGNIFICANT INCREASE IN THE USE OF ANTITHEFT DEVICES AND MORE CAUTIOUS CAR
OWNERS IN SMALLER CITIES THOUGH IT'S A DIFFERENT STORY

VEHICLE THEFT IN SMALLER CITIES AND SUBURBAN COMMUNITIES HASN'T BEEN
PERCEIVED AS A LARGE PROBLEM IN THE PAST AND THERE'S AN ATTITUDE THAT IT
CAN'T HAPPEN TO ME SAYS STEVE CINDRICH A BUREAU SPOKESMAN

A POLL BY THE GALLUP ORGANIZATION REVEALED THAT 14 OF THOSE SURVEYED DON'T
ALWAYS REMOVE THEIR IGNITION KEYS WHEN LEAVING A VEHICLE UNATTENDED AND 31
SAID THEY DON'T ALWAYS LOCK THEIR VEHICLE DOORS THAT IS AN OPEN INVITATION
FOR A THIEF TO TAKE THE VEHICLE MR CINDRICH SAYS

PLACES LIKE COMMERCE THOUGH HAVE ANOTHER EXPLANATION FOR THEIR RISING
CARTHEFT PROBLEMS NEARBY BIG CITIES WE'RE SURROUNDED BY DENSELY POPULATED
CITIES AND A LOT OF THEIR RESIDENTS COME IN TO WORK IN COMMERCE SAYS SGT
MICHAEL HEREK OF THE EAST LOS ANGELES SHERIFF'S DEPARTMENT WHICH PROVIDES
POLICE SERVICES UNDER CONTRACT FOR COMMERCE

LIKE COMMERCE THE SIX OTHER SMALL CITIES THAT RANKED IN THE TOP 10 FOR
VEHICLE THEFT RATES ARE LOCATED NEXT TO MAJOR URBAN CENTERS ONLY THREE
CITIES WITH POPULATIONS OVER 100000 RANKED IN THE TOP 10 NEWARK NJ NO
2 FRESNO CALIF NO 5 AND BRIDGEPORT CONN NO 10

IN COMMERCE SGT HEREK SAYS THAT OVER THE PAST YEAR THE DEPARTMENT HAS
TAKEN AGGRESSIVE STEPS TO CURTAIL VEHICLE THEFTS CABLE TV PROGRAMS
ENCOURAGE RESIDENTS TO LOCK THEIR VEHICLE DOORS AND BUY ANTITHEFT DEVICES
AND BUSINESSES HAVE INCREASED LIGHTING AND HIRED SECURITY IN HIGH
VEHICLETHEFT AREAS

HARVEY ILL WITH A POPULATION OF 30292 RANKED THIRD WITH 4350 VEHICLE
THEFTS PER 100000 INHABITANTS DOWN 17 FROM 5229 IN 1991 THE HARVEY
POLICE BELIEVES THE TOWN IS GETTING A BUM RAP

HARVEY POLICE SGT LAWRENCE PATTERSON SAYS ABOUT 45 OF THE CITY'S VEHICLE
THEFTS ARE DRUGRELATED DRUG USERS RENT THEIR VEHICLES TO DRUG DEALERS IN
EXCHANGE FOR COCAINE IF THE VEHICLES AREN'T RETURNED THE OWNERS REPORT
THEM STOLEN HE SAYS

WE KNOW WHO THE PLAYERS ARE BUT OUR MANPOWER SHORTAGE IS A PROBLEM SGT
PATTERSON SAYS WE DON'T HAVE A STOLENAUTO DIVISION IN THE DEPARTMENT

HARVEY HAS ALSO EXPERIENCED A SURGE IN HOMICIDES AND OTHER VIOLENT CRIMES
WHICH HAS LEFT THE DEPARTMENT WITH EVEN FEWER RESOURCES TO TRACK CAR
THIEVES SEE RELATED LETTER LETTERS TO THE EDITOR CARTHEFT FIGURES
DISTORTED FOR CITY WSJ MARCH 28 1994 9402020054 YY94 MM03
9403280008 940217 WITH FREE HELP THE RELIGIOUS TURN LITIGIOUS  BY
ANDREA GERLIN STAFF REPORTER OF THE WALL STREET JOURNAL

DALLAS ATTORNEY W CHARLES BUNDREN WAS RAISED A SOUTHERN BAPTIST AND
CURRENTLY ATTENDS AN EVANGELICAL CHURCH THAT INTERPRETS THE BIBLE LITERALLY

WHICH MAKES HIM THE RUTHERFORD INSTITUTE'S KIND OF GUY

SINCE 1982 MR BUNDREN HAS ASSISTED ON MORE THAN 100 CASES INVOLVING
CLIENTS OF THE INSTITUTE A LEGAL ORGANIZATION SPECIALIZING IN RELIGIOUS
CASES HIS MOST NOTABLE CLIENTS HAVE BEEN ANTIABORTION PROTESTORS WHO HE
SAYS WERE SUED BY A WEALTHY DOCTOR WHO MADE HIS MONEY FROM ABORTION AFTER
THEY REPEATEDLY PICKETED HIS HOME IF THESE PEOPLE DON'T GET
REPRESENTATION HE SAYS THEY'RE GOING TO GET ROLLED OVER BY THE SHEER
WEIGHT OF THE PLEADINGS

BUT WINDLE TURLEY THE DALLAS LAWYER FOR THE DOCTOR SAYS MR BUNDREN AND
THE RUTHERFORD INSTITUTE ARE SUPPORTING RELIGIOUS TERRORISM THEY CONTINUE
TO SAY THEY'RE EXERCISING THEIR FIRST AMENDMENT RIGHTS BUT IT'S HOGWASH
HE SAYS

THE CONTINUING STRUGGLE FOR AMERICA'S SOUL HAS TAKEN A DECIDEDLY LITIGIOUS
TURN IN RECENT YEARS ANGERED BY THE ROUT OF PRAYER FROM SCHOOLS THE
ADVANCE OF RIGHTS FOR GAY PEOPLE AND THE LEGALIZATION OF ABORTION
CONSERVATIVE CHRISTIANS WHO ONCE DISDAINED LEGAL REMEDIES AS TOO WORLDLY
HAVE DECIDED TO FIGHT FROM THE BAR AS WELL AS THE PULPIT

IN DOING SO THEY ARGUE THEY ARE PROTECTING THE RIGHTS OF RELIGIOUS PEOPLE
AND CREATING A LEVEL PLAYING FIELD FOR RELIGIOUS IDEAS BUT CRITICS CONTEND
THAT THE REAL GOAL IS TO IMPOSE THEIR RELIGIOUS AND MORAL BELIEFS ON THE
REST OF AMERICA THEY WANT TO BREAK DOWN THE WALLS OF SEPARATION BETWEEN
CHURCH AND STATE SAYS THE REV ROBERT DRINAN A JESUIT PRIEST AND FORMER
DEMOCRATIC CONGRESSMAN WHO NOW TEACHES AT GEORGETOWN UNIVERSITY LAW CENTER

THIS CONTROVERSY HAS GROWN ALONG WITH THE NUMBER OF CHRISTIANORIENTED
LEGALAID GROUPS THE NATIONAL LEGAL FOUNDATION VIRGINIA BEACH VA
DRAFTED COLORADO'S CONTROVERSIAL STATE AMENDMENT OPPOSING GAY RIGHTS IN
1992 THE AMERICAN FAMILY ASSOCIATION LAW CENTER TUPELO MISS HAS SOUGHT
TO BAN SPIRITUALLY INCORRECT TEXTBOOKS LAST YEAR THE WESTERN CENTER FOR
LAW AND RELIGIOUS FREEDOM FAIR OAKS CALIF DRAFTED A POLICY SUPPORTING
THE TEACHING OF CREATIONISM FOR A CALIFORNIA SCHOOL DISTRICT WHOSE BOARD IS
DOMINATED BY CONSERVATIVE CHRISTIANS THE AMERICAN CENTER FOR LAW AND
JUSTICE VIRGINIA BEACH VA FOUNDED IN 1990 BY TELEVANGELIST PAT ROBERTSON
AND FREQUENTLY FEATURED ON HIS 700 CLUB TV SHOW HAS ALREADY REPRESENTED
CLIENTS IN NINE CASES BEFORE THE SUPREME COURT AND BOASTS IN A NEWS
RELEASE OF LEGAL SWAT TEAMS READY TO DESCEND ON SCHOOLS THAT DENY
STUDENTS THE RIGHT TO PRAY AT HIGH SCHOOL GRADUATIONS

BUT RUTHERFORD WITH ABOUT 230 CURRENT CASES IS THE MOST ACTIVE CHRISTIAN
LEGAL GROUP THESE DAYS REPRESENTING CLIENTS THAT HAVE INCLUDED JERRY
FALWELL'S LIBERTY UNIVERSITY AND MEMBERS OF THE MILITANT ANTIABORTION GROUP
OPERATION RESCUE RUTHERFORD WENT BEFORE THE US SUPREME COURT RECENTLY ON
BEHALF OF AN ANTIABORTION ACTIVIST WHO WAS ACCUSED OF CONSPIRING TO
UNDERMINE THE OPERATION OF A CHAIN OF ABORTION CLINICS AMONG OTHER THINGS
THE ACTIVIST FORAGED THROUGH STORAGE DRUMS BEHIND A PATHOLOGY LAB IN SEARCH
OF ABORTED FETUSES THE HIGH COURT RULED AGAINST THE ACTIVIST AND HER
CODEFENDANTS BUT RUTHERFORD FILED A PETITION FOR REHEARING

FOUNDED BY ATTORNEY JOHN W WHITEHEAD A ONETIME AGNOSTIC WHO EXPERIENCED A
SUDDEN RELIGIOUS CONVERSION IN 1974 AFTER READING A BOOK ON BIBLICAL
PROPHECY THE INSTITUTE OFFERS ITS SERVICES FREE OF CHARGE TO ALL WHO COME
TO IT AN ESTIMATED 2000 A MONTH WITH PROBLEMS RELATED TO RELIGIOUS
FREEDOM STARTING IN 1982 WITH 200 OF HIS OWN MONEY AND THE FAMILY ADDRESS
BOOK MR WHITEHEAD AND HIS GROUP NOW OPERATE OUT OF A SMALL BRICK BUILDING
IN CHARLOTTESVILLE VA AN ANNUAL BUDGET OF 8 MILLION FROM DONORS FUNDS A
NETWORK OF SIX US AND THREE OVERSEAS OFFICES MANNED BY 10 PAID STAFF
ATTORNEYS

THE BULK OF THE LEGAL WORK HOWEVER IS DONE BY A NATIONWIDE NETWORK OF MORE
THAN 500 LEGAL VOLUNTEERS MOSTLY CONSERVATIVE CHRISTIAN MEN WHO SHARE A
BELIEF THAT MODERN SOCIETY HAS GROWN INCREASINGLY HOSTILE TO RELIGIOUS
PEOPLE RANDAL SHAHEEN A 33YEAROLD EVANGELICAL PRESBYTERIAN AND SPECIAL
COUNSEL AT THE ARNOLD & PORTER LAW FIRM IN WASHINGTON RECENTLY REPRESENTED
PARENTS IN FALMOUTH MASS WHO OPPOSED A PUBLIC SCHOOL'S EFFORTS TO SUPPLY
CONDOMS TO THEIR CHILDREN THAT SIDE OF THE SPECTRUM TENDS TO BE
UNDERREPRESENTED BY LARGE LAW FIRMS HE SAYS

AS FOR MR BUNDREN HE SAYS HE ABANDONED A PARTNERSHIP AT A LARGE DALLAS
FIRM IN PART BECAUSE OF HIS WORK WITH THE INSTITUTE I WAS TAKING
PHILOSOPHICAL POSITIONS THAT PEOPLE FLAT OUT DIDN'T LIKE HE SAYS NOW I
DON'T HAVE TO WORRY ABOUT SOME PARTNER WALKING INTO MY OFFICE AND CHEWING ME
OUT

MR BUNDREN STARTED REPRESENTING RUTHERFORD CLIENTS IN ABOUT 1982 HE SAYS
AS HE SAW PEOPLE WITH TRADITIONAL RELIGIOUS VIEWS BEING HARASSED HE SAYS
THE BIGGEST CASES HE HAS HANDLED INVOLVED SUPPORTING THE CONSTITUTIONALITY
OF TEXAS' SODOMY LAWS IN 1983 AND MORE RECENTLY THE DEFENSE OF
ANTIABORTION ACTIVISTS

ALTHOUGH MOST OF RUTHERFORD'S CASES REVOLVE AROUND SUCH BREADANDBUTTER
CHRISTIAN ISSUES MR WHITEHEAD REJECTS CHARACTERIZATIONS OF THE INSTITUTE
AS A FUNDAMENTALIST GROUP HE CITES ITS REPRESENTATION OF HARE KRISHNAS
SEEKING A VEGETARIAN ALTERNATIVE AT A SCHOOL CAFETERIA AND ORTHODOX JEWS IN
AIRMONT NY WHOSE HOME SYNAGOGUES WERE BANNED BY ZONING RESTRICTIONS

AND WHILE THE GROUP DOESN'T ALWAYS WIN IT USUALLY HAS AN IMPACT
RUTHERFORD'S CASE INVOLVING A BIOLOGY TEACHER IN THE CAPISTRANO UNIFIED
SCHOOL DISTRICT WHO WANTED TO TEACH CREATIONISM INSTEAD OF EVOLUTION WAS
DISMISSED BY A FEDERAL JUDGE BUT WITH AN APPEAL PENDING THE SCHOOL
DISTRICT ESTIMATES THAT IT WILL SPEND 100000 DEFENDING ITSELF THIS IS
ONE OF THE SCARIEST PHENOMENA I'VE SEEN IN MY 30 YEARS OF EDUCATION SAYS
JAMES FLEMING SUPERINTENDENT OF THE DISTRICT

OPPOSING LAWYERS COMPLAIN THAT RUTHERFORD ATTORNEYS FUELED BY RELIGIOUS
FERVOR CONTINUE TO LITIGATE CASES MOST OTHER ATTORNEYS WOULD HAVE DROPPED
ONCE IT'S APPARENT THEY HAVE NO BASIS THEY WILL APPEAL NONETHELESS SAYS
MARSHA WENK THE ACLU LEGAL DIRECTOR IN NEWARK MR WHITEHEAD CONCEDES THAT
SOME OF HIS ATTORNEYS ARE PRETTY ZEALOUS

WHILE MR WHITEHEAD INSISTS THAT THE TAXEXEMPT GROUP IS APOLITICAL IT
CERTAINLY SKATES CLOSE TO THE EDGE ON POLITICAL ISSUES WHY DID IT SEND
PETITIONS SIGNED BY 74000 PEOPLE TO THE WHITE HOUSE AND THE JOINT CHIEFS OF
STAFF LAST YEAR URGING THEM TO GO SLOW ON THE POLITICALLY SENSITIVE ISSUE
OF GAYS IN THE MILITARY RUTHERFORD DOESN'T HAVE AN OPINION ON THE ISSUE
MR WHITEHEAD SAYS BUT WAS AIDING MILITARY OFFICERS WORRIED THAT SERVING
ALONGSIDE GAYS MIGHT COMPROMISE THEIR RELIGIOUS BELIEFS THE INSTITUTE ALSO
FILED A BRIEF ON BEHALF OF ABOUT 30 STATE LEGISLATORS IN THE TEXAS SUPREME
COURT OPPOSING A PROPOSED REPEAL OF THE STATE'S SODOMY LAWS THE COURT
EVENTUALLY THREW OUT A LOWER COURT RULING THAT THE LAW WAS UNCONSTITUTIONAL

DESPITE THE CRITICISM MR WHITEHEAD IS PUSHING AHEAD WITH GROWTH PLANS THAT
INCLUDE A PUBLICRELATIONS CAMPAIGN FEATURING A MONTHLY MAGAZINE AND A
THREEMINUTE DAILY SPOT ON 942 RADIO STATIONS HE PLANS TO DOUBLE THE NUMBER
OF REGIONAL OFFICES IN THE NEXT FEW YEARS AND EXPAND OVERSEAS WITH THE
CLINTON ADMINISTRATION SUPPORTING GAYS IN THE MILITARY AND RENEWED FEDERAL
FUNDING FOR ABORTION CLINICS HE EXPECTS DEMAND FOR THE GROUP'S SERVICES TO
GROW THAT'S GOING TO GET PEOPLE REALLY CONCERNED HE SAYS WE'LL BE
BUSIER SEE RELATED LETTER LETTERS TO THE EDITOR CHRISTIANS ALSO WANT A
LEVEL PLAYING FIELD WSJ MARCH 28 1994 9402170036 YY94 MM03
9403250186 940325 TECHNOLOGY CHIPS & TECHNOLOGIES INC

SAN JOSE CALIF CHIPS & TECHNOLOGIES INC SAID ITS 65530 VSA FLAT PANEL
CONTROLLER WILL BE INCLUDED IN A LINE OF NOTEBOOK COMPUTERS FROM
INTERNATIONAL BUSINESS MACHINES CORP'S AMBRA COMPUTER CORP UNIT CHIPS &
TECHNOLOGIES SUPPLIES SEMICONDUCTOR PRODUCTS TO THE PERSONAL COMPUTER
INDUSTRY 9403250185 940325 APPLIED DATA'S NAVY CONTRACT

SAN DIEGO APPLIED DATA TECHNOLOGY INC RECEIVED A 29 MILLION CONTRACT
FROM THE NAVY TO EXPAND THE TACTICAL AIRCREW COMBAT TRAINING SYSTEM RANGE AT
FALLON NEV THE CONTRACT INCLUDES 2 MILLION OF OPTIONS

THE COMPANY SAID THE RANGES ARE DESIGNED TO PROVIDE REALISTIC TRAINING FOR
TACTICAL AIRCREWS BY USING ELECTRONICALLY SIMULATED WEAPONS FIRINGS

APPLIED DATA IS A RESEARCH AND DEVELOPMENT FIRM IN ADVANCED ELECTRONICS
TRAINING AND AVIONICS SYSTEMS 9403250184 940325 COMMODITIES GOLD
PRICES SOAR IN REACTION TO ASSASSINATION IN MEXICO AND ON A BREAK IN BOND
STOCK MARKETS  BY JEFFREY TAYLOR STAFF REPORTER OF THE WALL STREET
JOURNAL

GOLD FUTURES PRICES LEAPED HIGHER ON A SHARP BREAK IN BOND AND STOCK MARKETS
AND IN REACTION TO THE ASSASSINATION OF MEXICO'S LEADING PRESIDENTIAL
CANDIDATE

AT NEW YORK'S COMMODITY EXCHANGE GOLD FOR APRIL DELIVERY WAS UP 450 TO
39190 AN OUNCE WHILE THE ACTIVELY TRADED MAY SILVER FUTURES CONTRACT ROSE
93 CENTS TO 5745 AN OUNCE AT THE NEW YORK MERCANTILE EXCHANGE PLATINUM
FOR APRIL DELIVERY WAS UP 4 TO 40810 AN OUNCE

GOLD HAD BEEN THE LAGGARD IN A RECENT PRECIOUSMETALS MARKET RALLY LED BY
THE STRENGTH OF SILVER PRICES BUT POLITICAL AND FINANCIAL TURMOIL YESTERDAY
SERVED TO BRING NEW LIFE TO THE GOLD MARKET ANALYSTS SAID

THE ASSASSINATION OF LUIS DONALDO COLOSIO THE RULING PARTY'S PRESIDENTIAL
CANDIDATE IN MEXICO SET THE TONE FOR GOLD'S STRONG PERFORMANCE SPARKING A
WAVE OF BUYING IN OVERSEAS MARKETS WHILE US MARKETS WERE CLOSED WEDNESDAY
NIGHT IN THIS KIND OF POLITICAL CHAOS SCENARIO THERE SEEMS TO BE A LOT OF
MOVEMENT AWAY FROM NORTH AMERICAN ASSETS SAYS WILLIAM O'NEILL CHIEF
FUTURES STRATEGIST FOR MERRILL LYNCH THAT TYPE OF ENVIRONMENT WORKS IN
FAVOR OF GOLD

WHEN US FINANCIAL MARKETS OPENED YESTERDAY BOND PRICES FELL
PRECIPITOUSLY AS DID THE DOW JONES INDUSTRIAL AVERAGE PROMPTING A MOVEMENT
OF SOME INVESTOR MONEY INTO GOLD FUTURES ANALYSTS SAID AS THE GOLDTRADING
SESSION WORE ON THE APRIL CONTRACT PRICE ROSE ABOVE THE 390ANOUNCE LEVEL
AND REMAINED THERE GOLD HAD TRIED AND FAILED IN RECENT WEEKS TO PENETRATE
THE 390 BARRIER

THAT 390 LEVEL IS A KEY CHART POINT SAID FRED DEMLER METALS ECONOMIST
FOR ED & F MAN STAYING ABOVE IT ALLOWED GOLD TO PROVIDE PRICE LEADERSHIP
AFTER BEING THE LAGGARD FOR THE PAST THREE MONTHS THE KNIGHT
RIDDERCOMMODITY RESEARCH BUREAU INDEX OF COMMODITY PRICES REMAINED ABOVE
THE PSYCHOLOGICALLY IMPORTANT 230 LEVEL YESTERDAY ALSO ADDING SUPPORT TO
PRECIOUSMETALS PRICES MR DEMLER SAID

SILVER HAS BEEN STRONGEST AMONG PRECIOUS METALS LATELY BECAUSE OF STRONG
OPTIONSRELATED BUYING MR O'NEILL SAID IT'S CALLED DELTA HEDGING' HE
SAID OPTIONS WRITERS ARE HEDGING THEIR OWN RISKS AS SILVER PRICES RISE
BY BUYING FUTURES CONTRACTS

SUCH BUYING MR O'NEILL SAID MAY NOT LAST I THINK WE HAVE SOME MORE
UPSIDE POTENTIAL IN SILVER HE ADDED BUT I THINK THE MARKET WILL BE
SUBJECT TO A VERY LARGE CORRECTION WHEN THE AGGRESSIVE OPTIONSRELATED
BUYING SLOWS DOWN

IN OTHER COMMODITY MARKETS YESTERDAY

ENERGY CRUDE OIL AND PRODUCT FUTURES PRICES ENDED HIGHER YESTERDAY ON
SLIGHTLY INCREASED HOPES THAT THE ORGANIZATION OF PETROLEUM EXPORTING
COUNTRIES WOULD CUT ITS SECONDQUARTER PRODUCTION QUOTAS BUT THE GAINS WERE
RELATIVELY MODEST AS MOST PLAYERS REMAINED SKEPTICAL THAT THE GROUP WOULD
BE ABLE TO MAKE THE TOUGH DECISIONS NEEDED TO LOWER OUTPUT

TRADERS SAID SEVERAL OPEC DELEGATIONS EXPRESSED SUPPORT FOR A PRODUCTION CUT
AS THEY ARRIVED FOR THE OPEC MEETING IN GENEVA WHICH OFFICIALLY STARTS
TODAY BUT THE MARKET IS AWAITING WORD FROM THE SAUDIS WHO ARE SEEN AS
OPPOSING A MOVE TO REDUCE OUTPUT TRADERS PREDICTED THAT UNTIL THE SAUDIS
REVEAL THEIR POSITION ON WHETHER OR NOT TO CUT OPEC'S CURRENT OUTPUT CEILING
OF 2452 MILLION BARRELS A DAY PRICES WILL CONTINUE TO TRADE WITHIN A TIGHT
RANGE

TRADERS GENERALLY BELIEVE THAT IF OPEC FAILS TO LOWER ITS QUOTA PRICES ARE
LIKELY TO FALL AS SUPPLIES OF CRUDE OUTPACE DEMAND DURING THE SECOND
QUARTER

LIVESTOCK & MEATS PORKBELLY FUTURES PRICES ROSE ON STRENGTH IN THE CASH
MARKET AT THE CHICAGO MERCANTILE EXCHANGE PORK BELLIES FOR MAY DELIVERY
WERE UP 80 CENT TO 5840 CENTS A POUND SEASONALLY CASH BELLY PRICES TEND
TO RISE AT THIS TIME OF YEAR SAID DAN VAUGHT LIVESTOCK ANALYST FOR AG
EDWARDS & SONS ST LOUIS THEY HAVE RISEN THIS WEEK TO THE LOWER 50S FROM
THE UPPER 40S LAST WEEK TRADERS ALSO ARE AWAITING THE CONTENTS OF A US
AGRICULTURE DEPARTMENT HOGSANDPIGS REPORT WHICH IS SCHEDULED TO BE
RELEASED AFTER TRADING TODAY AMONG OTHER THINGS THE REPORT WILL ESTIMATE
PROBABLE SUPPLIES OF PORK BELLIES AND OTHER PORK PRODUCTS IN THE IMMEDIATE
FUTURE AND OVER THE LONGTERM MR VAUGHT SAID PORK BELLIES ARE UNCURED
BACON 9403250183 940325 INTERNATIONAL BRAZILIAN INFLATION WORSENS

RIO DE JANEIRO THE RATE OF INFLATION IN BRAZIL'S MAJOR METROPOLITAN AREAS
WAS 452 FROM FEB 12 TO MARCH 15 ACCORDING TO A GOVERNMENT REPORT

INFLATION MEASURED IN BRAZIL'S 11 MAJOR CITIES BY THE GOVERNMENT'S NATIONAL
INSTITUTE OF GEOGRAPHY AND STATISTICS WAS 57 PERCENTAGE POINTS HIGHER THAN
THE 395 REGISTERED DURING THE PREVIOUS REPORTING PERIOD FROM JAN 29 TO
MARCH 1 9403250182 940325 BIG THREE CONTINUE TO TRAIL JAPAN IN
CARQUALITY RACE

DETROIT THE BIG THREE US AUTO MAKERS HAVE BEEN SAYING THAT THE QUALITY
GAP BETWEEN US AND JAPANESE CARS HAS NARROWED SO MUCH IT'S HARD TO SPOT
BUT IN THE CURRENT CONSUMER REPORTS THE GAP IS ABOUT AS VISIBLE AS A
STALLED SEDAN ON AN EMPTY HIGHWAY

NISSAN AND TOYOTA DOMINATE THE MAGAZINE'S ANNUAL RELIABILITY SURVEY WHILE
SUCH US NAMEPLATES AS JEEP CADILLAC AND DODGE ROUND OUT THE BOTTOM

INDEED AN ANALYSIS OF CONSUMER REPORTS SURVEYS OVER THE PAST FOUR YEARS
SHOWS THE QUALITY GAP BETWEEN THE BIG THREE AND THE TOP JAPANESE MAKERS
HASN'T NARROWED AT ALL SAYS GEORGE HOFFER AN ECONOMICS PROFESSOR AT
VIRGINIA COMMONWEALTH UNIVERSITY

MR HOFFER'S ANALYSIS SHOWED THAT OVER THE PAST FOUR YEARS THE BIG THREE
CONSISTENTLY HAVE SCORED BETWEEN AVERAGE AND WORSE THAN AVERAGE WHILE THE
TOPFIVE JAPANESE AUTO MAKERS HAVE CONSISTENTLY SCORED BETWEEN BETTER THAN
AVERAGE AND MUCH BETTER THAN AVERAGE IN THE MAGAZINE'S SURVEYS THAT'S ON A
SCALE THAT INCLUDES FIVE GRADES MUCH WORSE THAN AVERAGE WORSE THAN
AVERAGE AVERAGE BETTER THAN AVERAGE AND MUCH BETTER THAN AVERAGE

THE BIG THREE POINT TO JD POWER & ASSOCIATES SURVEYS TO BUTTRESS THEIR
CLAIMS THAT THE GAP BETWEEN DOMESTIC AND ASIAN AUTO MAKERS HAS NARROWED
CONSIDERABLY OVER THE PAST SEVERAL YEARS BUT THE POWER SURVEY GROUPS TOYOTA
MOTOR CO WITH SUCH POORLY PERFORMING BRANDS AS THE KOREAN AUTO MAKER
HYUNDAI AND SMALLER JAPANESE MAKERS SUCH AS SUBARU LOWERING WHAT IT REPORTS
AS AN AVERAGE FOR ASIAN NAMEPLATES

ROBERT KNOLL DIRECTOR OF AUTOMOTIVE TESTING AT CONSUMER REPORTS SAYS THE
GAP IS WIDE AND EVIDENT IN HIS MAGAZINE'S SURVEYS OF OWNERS OF 468000
VEHICLES EVEN TOPPERFORMING US CARS SUCH AS THE DODGE INTREPID WHICH
CONSUMER REPORTS SAYS HAS ABOUT A 20 BETTER THAN AVERAGE RELIABILITY
RATING SIMPLY DO NOT STAND OUT AS MUCH AS SUCH HIGHQUALITY JAPANESE CARS
AS THE TOYOTA TERCEL WHICH GETS A 70 BETTERTHANAVERAGE RATING MR KNOLL
SAID 9403250181 940325 OHM CORP GETS CONTRACT

FINDLAY OHIO OHM CORP SAID IT WAS AWARDED A HAZARDOUSWASTECLEANUP
CONTRACT BY THE NAVY DEPARTMENT WITH A POTENTIAL VALUE OF 250 MILLION OVER
FIVE YEARS

THE CONTRACT SPECIFIES THAT THE ENVIRONMENTAL REMEDIATION COMPANY WILL CLEAN
UP CONTAMINATED SITES AT NAVY MARINE CORPS AND OTHER GOVERNMENT
INSTALLATIONS IN SOUTHERN CALIFORNIA ARIZONA NEW MEXICO AND NEVADA UNDER
THE ADMINISTRATION OF THE SOUTHWEST DIVISION NAVAL FACILITIES ENGINEERING
COMMAND

OHM HAD REVENUE OF 2424 MILLION IN 1993 9403250180 940325 HARVARD
INTERNATIONAL TO MERGE

VANCOUVER CANADA HARVARD INTERNATIONAL TECHNOLOGIES LTD SAID IT SIGNED
A LETTER OF INTENT WITH SEDONA INDUSTRIES LTD TO ACQUIRE ALL SEDONA COMMON
SHARES OUTSTANDING FOR TWO MILLION HARVARD COMMON SHARES AND 500000
WARRANTS

THE WARRANTS WILL BE PRICED AT PREMIUM TO MARKET ON THE DATE THE MERGER IS
COMPLETED AND WILL BE EXERCISABLE FOR A TWOYEAR PERIOD HARVARD
INTERNATIONAL ADDED

THE COMPANY SAID SEDONA WILL ALSO DISTRIBUTE ITS 25 STAKE CONSISTING OF
COMMON SHARES AND WARRANTS IN SORANZO INTERNATIONAL SPIRITS INC TO SEDONA
SHAREHOLDERS AT THE TIME OF THE MERGER

HARVARD INTERNATIONAL SAID THE MERGER ELIMINATES ITS OBLIGATION TO PAY
ROYALTIES TO SEDONA IN THE FUTURE 9403250179 940325 CANADIAN STEEL OUTPUT
DECLINES

OTTAWA CANADIAN PRIMARY STEEL PRODUCTION DECLINED TO 274364 METRIC TONS
IN THE WEEK ENDED MARCH 19 A 4 DROP FROM 285697 TONS THE PREVIOUS WEEK
AND A 2 DROP FROM 279842 TONS A YEAR EARLIER SAID STATISTICS CANADA A
GOVERNMENT AGENCY

A METRIC TON IS EQUAL TO 220462 POUNDS

YEARTODATE PRODUCTION TOTALED 2865784 TONS A 59 DECLINE FROM
3046329 TONS A YEAR EARLIER 9403250178 940325 THE BUSINESS OF LAW 
LAWYERS AND CLIENTS  BY AMY STEVENS

THE LLOYD'S OF LONDON CRISIS HAS CROSSED THE ATLANTIC AND WASHED UP ON THE
DOORSTEP OF A PRESTIGIOUS NEW YORK LAW FIRM

FIRST A GROUP OF AMERICAN UNDERWRITERS OF THE GIANT BRITISH INSURER SUED
LEBOEUF LAMB GREENE & MACRAE CLAIMING THE LAW FIRM BETRAYED THEIR
INTERESTS BECAUSE IT WAS REPRESENTING THEM AND LLOYD'S WITHOUT DISCLOSING
CONFLICTS OF INTEREST NOW A FEDERAL JUDGE HAS RULED THAT THE CASE CAN
PROCEED IN A US COURT

APART FROM POTENTIALLY FORCING OPEN A NEW WINDOW INTO LLOYD'S FINANCIAL
WOES THE CASE SHOWS THE POSSIBLE PERILS FOR A LAW FIRM THAT MAKES USE OF A
RELATIONSHIP WITH A BIG CLIENT TO REACH OUT TO OTHERS CONNECTED WITH IT FOR
YEARS LEBOEUF HAD A GOOD THING GOING WITH LLOYD'S AS ITS US GENERAL
COUNSEL THE FIRM NOT ONLY HANDLED A VARIETY OF MATTERS FOR THE INSURER BUT
IT ALSO OFFERED TAX ADVICE TO LLOYD'S INDIVIDUAL US UNDERWRITERS KNOWN IN
LLOYD'S PARLANCE AS NAMES

THERE WASN'T ANY TROUBLE WITH THIS ARRANGEMENT UNTIL THE INSURANCE
CONSORTIUM RAN INTO FINANCIAL TROUBLE A FEW YEARS AGO AFTER LLOYD'S STARTED
TO PURSUE SOME OF ITS INDIVIDUAL UNDERWRITERS TO RECOUP ITS MASSIVE LOSSES
FROM RISKY ASBESTOS AND POLLUTION POLICIES SOME HAVE SOUGHT TO SUE THE
INSURER EVEN THOUGH PARLIAMENT HAS GRANTED IT IMMUNITY FROM LAWSUITS
EVIDENCE IS EMERGING FROM INVESTOR GROUPS THAT NEWER LLOYD'S NAMES 
INCLUDING THOSE IN THE US WHO WERE BARRED FROM THE CONSORTIUM UNTIL 1969
 WERE PURPOSELY KEPT IN THE DARK ABOUT THE RISKS THEY WERE ASSUMING
LLOYD'S SAYS THE NAMES WERE AWARE OF THE EXTRA RISKS AND ACCEPTED UNLIMITED
LIABILITY

MEANWHILE A NUMBER OF US NAMES TURNED THEIR ATTENTION TO LLOYD'S US LAW
FIRM TWENTYSIX OF THEM SUED LEBOEUF AND FIVE OF ITS PARTNERS IN CINCINNATI
FEDERAL COURT IN 1992 ALLEGING THAT THE FIRM WAS PRIVY TO AUDITORS' REPORTS
AND OTHER DOCUMENTS INDICATING THAT LOSSES WERE IMMINENT BUT DIDN'T INFORM
THE NAMES ABOUT TWO DOZEN OTHER NAMES THEN SUED THE FIRM IN OTHER STATE AND
FEDERAL COURTS ALL ARE SEEKING TO ESCAPE LIABILITY FOR LLOYD'S LOSSES OR AT
LEAST TO HAVE LEBOEUF COVER THEIR LOSSES FOR AMOUNTS THAT COULD RUN INTO
THE MILLIONS OF DOLLARS

CASES AGAINST LLOYD'S ITSELF HAVEN'T GOTTEN VERY FAR IN THIS COUNTRY AT
LEAST FOUR HAVE BEEN TOSSED OUT OF US COURTS ON THE GROUNDS THAT NAMES HAD
AGREED THAT THE INSURER MUST BE SUED ON ITS BRITISH TURF ONE CASE HOWEVER
HAS BEEN ALLOWED TO PROCEED AGAINST LLOYD'S IN HOUSTON FEDERAL COURT

THE LAW FIRM IS ANOTHER MATTER DESPITE LEBOEUF'S PROTESTATIONS THAT THE
CASES AGAINST IT WERE SHAM SUITS REALLY AIMED AT LLOYD'S JUDGE HERMAN
WEBER OF CINCINNATI RULED LAST MONTH THAT LEBOEUF COULDN'T HIDE UNDER THE
LLOYD'S UMBRELLA AND MUST FACE TRIAL HERE THE OPINION IS LIKELY TO BE
INFLUENTIAL IN THE OTHER CASES AGAINST LEBOEUF IN OTHER COURTS

THIS IS A SIMPLE BASIC RUNOFTHEMILL LEGAL MALPRACTICE CASE SAYS PAUL
DEMARCO A LAWYER AT CINCINNATI'S WAITE SCHNEIDER BAYLESS & CHESLEY WHICH
REPRESENTS THE NAMES SUING LEBOEUF IN CINCINNATI IN DISMISSING THE NOTION
THAT SUITS BY US CITIZENS AGAINST A US LAW FIRM BELONG IN BRITISH
COURTS HE ADDS WHAT LAWYER WOULDN'T WANT TO CONSIGN A CLIENT TO A FOREIGN
FORUM FOR PURPOSES OF LITIGATING HOW CONVENIENT TO SAY FEEL FREE TO SUE
ME FOR MALPRACTICE BUT YOU HAVE TO SUE ME IN MOGADISHU' LEBOEUF DECLINES
TO COMMENT ON THE CASE

THE LAWSUIT IS STILL AT A VERY EARLY STAGE AND PROVING CLAIMS THAT LEBOEUF
HAD DAMAGING INFORMATION MAY BE VERY DIFFICULT FOR ONE THING THE LAW FIRM
IS REFUSING TO PROVIDE THE NAMES WITH COMMUNICATIONS BETWEEN IT AND THE
INSURER

STILL LAWYERS FOR THE UNDERWRITERS CLAIM THEY HAVE GATHERED SOME EVIDENCE
THAT LEBOEUF WAS TRYING TO PROTECT LLOYD'S WITHOUT REGARD FOR THEM THIS IS
A SITUATION WHERE A LAW FIRM ATTEMPTED TO REPRESENT TWO CLIENTS WHOSE
INTERESTS AT SOME POINT DIVERGED MR DEMARCO SAYS ONE OF THE CLIENTS
LLOYD'S KNEW THINGS THAT THAT THE OTHER CLIENTS DIDN'T WHEN PUSH CAME TO
SHOVE LEBOEUF HONORED LLOYD'S REQUESTS AND SERVED ITS INTERESTS TO THE
DETRIMENT OF THE NAMES

IN ITS COURT PAPERS THE LAW FIRM HAS ARGUED THAT SUCH A CONFLICT NEVER
AROSE BECAUSE IT DIDN'T SERVE AS THE NAMES' LEGAL COUNSEL IT CALLED ANY
SUGGESTION OTHERWISE A FECKLESS CONTENTION

BUT JUDGE WEBER IN LETTING THE SUIT GO FORWARD CITED EVIDENCE THAT THE LAW
FIRM LED THE NAMES TO BELIEVE THEY HAD LAWYERS AT LEBOEUF FOR EXAMPLE A
TAX MANUAL DRAFTED BY LEBOEUF FOR US NAMES SAID THE FIRM'S LAWYERS ARE
AVAILABLE TO  UNITED STATES NAMES  FOR ADVICE AND ASSISTANCE AS
NEEDED AND THAT THE RESOURCES OF LEBOEUF INCLUDING ADVICE ASSISTANCE IN
DEALING WITH REVENUE AGENTS AND LEGAL MEMORANDA PREPARED ON MANY
LLOYD'SRELATED ISSUES ARE AVAILABLE TO ALL UNITED STATES NAMES MOREOVER
IN A TRANSCRIPT OF A MEETING AT THE CINCINNATI COUNTRY CLUB IN MAY 1990
LEBOEUF PARTNER JEFFREY MACE TOLD A GROUP OF NAMES IF YOU DO GET PICKED UP
BY A LOCAL AGENT ON A LLOYD'S QUESTION I STRONGLY ADVISE YOU TO GIVE US A
CALL RIGHT AWAY  WE'VE BEEN VERY SUCCESSFUL LEBOEUF ALSO LISTS
UNDERWRITERS AT LLOYD'S AMONG ITS REPRESENTATIVE CLIENTS IN BROCHURES
DESIGNED TO ATTRACT NEW CLIENTS

THE COURT RULING SERVES AS A REMINDER TO FIRMS THAT MIGHT SOLICIT CLIENTS
AND LIVE TO REGRET IT FORMAL CONTRACTS AND THE PAYMENT OF FEES AREN'T
REQUIRED FOR THE ESTABLISHMENT OF A LAWYERCLIENT RELATIONSHIP THOUGH ONE
US NAME SAYS LEBOEUF CHARGED HIM FOR SOME TAX WORK AFTER THE CASE WAS
FILED MONROE FREEDMAN A HOFSTRA UNIVERSITY LAW SCHOOL ETHICS EXPERT
RETAINED BY THE NAMES IN THE CINCINNATI CASE SAYS THE KEY IS WHETHER THE
LAWYERS LED THE CLIENTS TO REASONABLY BELIEVE SUCH A RELATIONSHIP EXISTED
THERE IS OVERWHELMING EVIDENCE HERE THAT THE LAWYERS CAUSED THE NAMES TO
UNDERSTAND THAT LEBOEUF WAS REPRESENTING THEM AS THEIR LAWYERS AND THAT'S
WHAT COUNTS HE SAYS 9403250177 940325 INITIAL JOBLESS CLAIMS FALL

WASHINGTON INITIAL CLAIMS FOR STATE UNEMPLOYMENT BENEFITS FELL 5000 LAST
WEEK TO 340000 FROM A REVISED 345000 THE PREVIOUS WEEK THE LABOR
DEPARTMENT SAID

THE FOURWEEK AVERAGE WHICH IS CONSIDERED A BETTER BAROMETER OF THE LABOR
MARKET THAN THE ONEWEEK FIGURE DECLINED 8750 TO 337250 FROM A REVISED
346000 IN THE PREVIOUS WEEK

THE FIGURES ARE ADJUSTED FOR SEASONAL CHANGES 9403250175 940325 ABEX INC
SETTLEMENT OF TAX DISPUTE RESULTS IN 4THQUARTER GAIN

HAMPTON NH ABEX INC SAID IT SETTLED A TAX DISPUTE WITH THE INTERNAL
REVENUE SERVICE FOR THE 19861988 TAX YEARS RESULTING IN A 94 MILLION
GAIN

THE GAIN REFLECTS THE DIFFERENCE BETWEEN THE AMOUNT OF THE SETTLEMENT AND
THE RESERVE THE COMPANY HAD INCLUDED ON ITS BALANCE SHEET WHILE THE MATTER
WAS UNRESOLVED

THE AEROSPACE AND INDUSTRIALPRODUCTS CONCERN RECORDED THE GAIN IN ITS 1993
FOURTH QUARTER RESTATING PREVIOUSLY ANNOUNCED RESULTS FOR THAT QUARTER AND
THE YEAR

FOR THE RESTATED FOURTH QUARTER OF 1993 THE COMPANY REPORTED NET INCOME OF
923 MILLION OR 468 A SHARE FOR THE YEAR THE COMPANY REPORTED NET
INCOME OF 394 MILLION OR 199 A SHARE

PREVIOUSLY THE COMPANY HAD REPORTED A NET LOSS FOR THE FOURTH QUARTER OF
17 MILLION OR EIGHT CENTS A SHARE AND A NET LOSS OF 546 MILLION OR
277 A SHARE FOR THE YEAR

A SPOKESMAN SAID THE DISPUTE UNRESOLVED FOR FIVE YEARS RELATED TO THE COST
BASIS OF STOCK SOLD BY ABEX IN 1988 9403250174 940325 INTERNATIONAL 
VW'S LOPEZ SAYS GERMAN AUTO MAKER IS MOVING QUICKLY TO REVITALIZE ITSELF 
 BY AUDREY CHOI STAFF REPORTER OF THE WALL STREET JOURNAL

WOLFSBURG GERMANY JUST ONE YEAR AFTER HIS SPECTACULAR JUMP FROM GENERAL
MOTORS CORP VOLKSWAGEN AG'S J IGNACIO LOPEZ DE ARRIORTUA SAID THE
STRUGGLING GERMAN AUTO GIANT IS MOVING FASTER THAN YOU EXPECT IN ITS
TURNAROUND EFFORT

EVEN AS EUROPE'S LARGEST CAR MAKER OFFICIALLY ANNOUNCED A STAGGERING 194
BILLION MARK 115 BILLION LOSS FOR 1993 AND PREDICTED SHARPLY NARROWED
LOSSES FOR THE FIRST QUARTER OF THIS YEAR A RELAXED ENERGETIC MR LOPEZ
CHIEF OF VW'S PRODUCTION AND PURCHASING GAVE AN UPBEAT ACCOUNT OF THE
COMPANY'S PROSPECTS DURING A RARE BRIEFING FOR REPORTERS WEDNESDAY NIGHT

MR LOPEZ ASSERTED THAT VW CURRENTLY SADDLED WITH A BOXY UNINSPIRED LINE
OF CARS IS PINNING ITS RECOVERY HOPES ON MAGICAL YETTOBELAUNCHED NEW
PRODUCTS LIKE AN UPDATED VW BEETLE PATTERNED ON A WELLRECEIVED CONCEPT CAR
SHOWN AT AUTO SHOWS IN THE US EARLIER THIS YEAR

WE WILL BE IN VERY GOOD SHAPE WE WILL BE AS COMPETITIVE AS ANYONE MR
LOPEZ SAID NORTH AMERICAN LATIN AMERICAN AND ASIAN MARKETS WILL OFFER VW
STEADY GROWTH EVEN IF EUROPEAN MARKETS STAGNATE HE ADDED

SEPARATELY VW CHAIRMAN FERDINAND PIECH REITERATED HIS PLEDGE TO RETURN VW
TO BREAKEVEN PERFORMANCE THIS YEAR AND SAID THE COMPANY DOESN'T EXPECT ANY
MORE SURPRISES LIKE THE DISCOVERY IN SEPTEMBER OF A GAPING
184BILLIONMARK LOSS AT VW'S SPANISH UNIT SEAT SA

MR LOPEZ'S WIDERANGING COMMENTS COME AFTER NEARLY A YEAR DURING WHICH HE
LARGELY STAYED OUT OF PUBLIC VIEW AMID ACCUSATIONS BY GM THAT HE AND SEVERAL
ASSOCIATES TOOK BOXES FULL OF SENSITIVE GM PURCHASING AND PRODUCT DATA THE
US JUSTICE DEPARTMENT AND GERMAN AUTHORITIES ARE INVESTIGATING MR LOPEZ'S
ACTIVITIES DURING AND AFTER HIS DEPARTURE FROM GM IN MARCH 1993

NO CHARGES HAVE BEEN FILED A SPOKESMAN FOR THE DARMSTADT PUBLIC
PROSECUTOR'S OFFICE SAID WEDNESDAY IF WE DIDN'T HAVE CLEAR GROUNDS FOR
SUSPICION WE WOULD HAVE DISCONTINUED THE INVESTIGATION LONG AGO

MR LOPEZ AND VW HAVE ACKNOWLEDGED THAT HE OR CERTAIN ASSOCIATES MAY HAVE
HAD SECRET GM MATERIALS IN THEIR POSSESSION WHEN THEY SWITCHED TO VW FROM
GM MR LOPEZ SAYS HE DESTROYED THE GM INFORMATION TO PREVENT IT FROM
GETTING INTO VW HANDS

MR LOPEZ SAID THE CONTROVERSY SURROUNDING HIM HASN'T DISTRACTED HIM FROM
THE JOB HE WAS WOOED FROM GM TO DO MAKE MASSIVE IMPROVEMENTS IN VW'S
PRODUCTIVITY AND COSTS

NEGATIVE ARTICLES ABOUT ME EVERY DAY IN THE PRESS LAST SUMMER WERE VERY
DIFFICULT BUT THE WORST FOR ME PERSONALLY IS OVER NOW MR LOPEZ SAID

ALREADY HE SAID VW HAS LOWERED ITS BREAKEVEN POINT FROM 108 OF CAPACITY
UTILIZATION TO 79 LAST YEAR NOW VW IS AIMING FOR BREAKEVEN RATES OF 74
OF CAPACITY THIS YEAR AND 65 IN THE NEAR FUTURE MR LOPEZ DECLARED

FOR THE FIRST QUARTER OF THIS YEAR VW PREDICTED THAT IT WOULD BE
UNPROFITABLE AS A GROUP ALTHOUGH THE LOSSES WOULD BE ABOUT ONE THIRD AS BAD
AS THE 125BILLIONMARK LOSS IN THE YEAREARLIER FIRST QUARTER FOR THE VW
GERMAN PARENT COMPANY FIRSTQUARTER RESULTS WILL LIKELY BE AROUND
BREAKEVEN COMPARED WITH A 917MILLIONMARK LOSS IN THE PREVIOUS YEAR

STILL VW HAS PLENTY OF HILL LEFT TO CLIMB PARTICULARLY AS THE EUROPEAN
VEHICLE MARKET HEADS INTO A SECOND WEAK YEAR IN A EUROPEAN MARKET THAT
CONTRACTED 15 LAST YEAR VW GROUP SALES PLUNGED 20 TO 19 MILLION VEHICLES
FROM 24 MILLION VEHICLES IN 1992 ITS MARKET SHARE MEANWHILE SLIPPED TO
164 FROM 175 ACCORDING TO FIGURES PROVIDED BY THE EUROPEAN AUTOMOBILE
MANUFACTURERS' ASSOCIATION

CHIEF FINANCIAL OFFICER WERNER P SCHMIDT ALSO CONFIRMED THAT SEAT THE
SPANISH UNIT WON'T GET OUT OF THE RED THIS YEAR DESPITE THE MASSIVE DEBT
FORGIVENESS AND LIQUIDITY INJECTION PACKAGE FROM THE PARENT COMPANY BUT
LOSSES AT SEAT WILL BE MORE THAN HALVED FROM LAST YEAR'S LEVELS AND
HOPEFULLY WILL BE BALANCED OUT BY IMPROVING RESULTS AT VW'S AUDI AG UNIT AND
A TURNAROUND IN VW'S NORTH AMERICAN OPERATIONS HE SAID

LAST YEAR VW OF AMERICA LOST 388 MILLION MARKS COMPARED WITH 100 MILLION
MARKS IN 1992 AS VW SALES SHRIVELED TO 50000 UNITS BUT A BUOYANT MR
LOPEZ INSISTED THAT VW COULD EXPAND US SALES TO AROUND 500000 VEHICLES A
YEAR OR ABOUT 5 OF THE CAR MARKET IN FIVE YEARS TIME

SEPARATELY MR LOPEZ SAID A TURNAROUND IN THE EUROPEAN CAR MARKET COULD
COME BY SPRING OF 1995 EVEN WITHOUT A SIZEABLE UPTURN IN EUROPE MR LOPEZ
SAID THAT BY 1996 VW WOULD BE ABLE TO OFFER FULL EMPLOYMENT TO THE 100000
GERMAN WORKERS IT PUT ON A FOURDAY WORK WEEK FOR 1994 AND 1995 HOWEVER
MR LOPEZ'S BOSS MR PIECH TOOK A MORE CAUTIOUS LINE HE SAID HE WOULD
CONSIDER CONTINUING THE FOURDAY WORK WEEK BEYOND 1996 9403250173 940325
WHO'S NEWS WR GRACE & CO

WR GRACE & CO BOCA RATON FLA PETER D HOUCHIN 46 YEARS OLD A
VICE PRESIDENT AND TREASURER WAS NAMED A SENIOR VICE PRESIDENT OF THIS
SPECIALTY CHEMICALS CONCERN HE CONTINUES AS TREASURER 9403250172 940325
TED TURNER TAKES CAUTIOUS APPROACH ON ASIAN PLANS  BY SALLY D
GOLL STAFF REPORTER OF THE WALL STREET JOURNAL

HONG KONG TED TURNER WANTS ASIAN POLITICAL LEADERS TO RELAX DESPITE HIS
REPUTATION FOR MAKING OUTRAGEOUS REMARKS THE TELEVISION ENTREPRENEUR SAYS
HE DOESN'T EXPECT TO STIR UP TROUBLE IN ASIA

I COME FROM A COUNTRY THAT WANTS TO TELL OTHER COUNTRIES WHAT TO DO MR
TURNER TOLD WESTERN AND ASIAN TV EXECUTIVES DURING A SPEECH AT A CONFERENCE
HERE BUT I PERSONALLY DON'T BELIEVE THAT ANY COUNTRY IS IN A POSITION TO
TELL ANY OTHER COUNTRY WHAT TO DO

COMING FROM A MAN WHOSE PROCLAMATIONS ONCE EARNED HIM THE NICKNAME THE
MOUTH OF THE SOUTH IT WAS AN ARTFUL EXAMPLE OF DIPLOMACY MR TURNER
CHAIRMAN OF ATLANTABASED TURNER BROADCASTING SYSTEM INC MAY HAVE LEARNED
FROM THE EXPERIENCE OF ANOTHER MEDIA BARON RUPERT MURDOCH

SOON AFTER MR MURDOCH'S NEWS CORP ACQUIRED CONTROL OF THE ASIAN SATELLITE
TV BROADCASTER STAR TV LAST AUGUST HE DELIVERED A SPEECH WARNING THAT
SATELLITE TELEVISION POSED A THREAT TO TOTALITARIAN REGIMES EVERYWHERE THAT
IDEA APPARENTLY SET OFF ALARM BELLS IN SOME ASIAN COUNTRIES PARTICULARLY
CHINA WHOSE LEADERS DON'T RELISH THE IDEA OF ALLOWING FOREIGN TV
BROADCASTERS TO EGG ON LOCAL DISSIDENTS EVER SINCE THEN NEWS CORP HAS
BEEN STRUGGLING TO REASSURE CHINA THAT STAR TV ISN'T IN THE BUSINESS OF
EXPORTING REVOLUTION

LIKE MR MURDOCH MR TURNER HAS BIG AMBITIONS IN ASIA HE IS TOURING THE
REGION WITH HIS WIFE JANE FONDA AS TURNER BROADCASTING PREPARES TO EXPAND
THE INTERNATIONAL REACH OF ITS CABLE NEWS NETWORK IT ALSO IS ABOUT TO
LAUNCH A CARTOON AND MOVIE SERVICE IN ASIA DRAWING ON THE COMPANY'S MGM
FILM AND HANNABARBERA CARTOON LIBRARIES

CNN'S EXPANSION IN THE REGION COMES AS ITS CHIEF RIVAL BRITAIN'S BBC WORLD
SERVICE TELEVISION IS IN RETREAT EARLIER THIS WEEK STAR TV ANNOUNCED THAT
IT WOULD STOP BROADCASTING THE BBC TO CHINA TAIWAN SOUTH KOREA AND HONG
KONG NEXT MONTH REPLACING IT WITH A MOVIE CHANNEL BY DROPPING THE BBC MR
MURDOCH MAY BE ABLE TO MOLLIFY BEIJING WHICH IS FURIOUS OVER A RECENT BBC
DOCUMENTARY THAT MADE UNFLATTERING SUGGESTIONS ABOUT THE SEX LIFE OF
CHAIRMAN MAO BUT AT THE SAME TIME HE IS HANDING MR TURNER'S CNN AN
OPPORTUNITY TO DRAW MORE VIEWERS IN THE REGION AT PRESENT CNN CAN BE
RECEIVED IN ABOUT NINE MILLION HOMES AND 677 HOTELS ACROSS ASIA

MEANWHILE TURNER EXECUTIVES ARE SEEKING INDIAN GOVERNMENT APPROVAL FOR A
PLAN UNDER WHICH DOORDARSHAN INDIA'S STATEOWNED BROADCASTER WOULD
COOPERATE WITH TURNER IN BROADCASTING CNN PROGRAMMING AND PRODUCING NEWS
PROGRAMS TO BE SHOWN BY BOTH ORGANIZATIONS CNN ALREADY HAS A LESSEXTENSIVE
COOPERATION ACCORD WITH BEIJING'S CHINA CENTRAL TELEVISION

BY THIS YEAR'S FOURTH QUARTER THE LAUNCH OF THREE SATELLITES WILL EXPAND
THE REACH OF BOTH CNN AND THE CARTOON AND MOVIE CHANNEL TURNER EXECUTIVES
ALSO ARE CONSIDERING ACQUIRING CAPACITY ON OTHER SATELLITES TO INCREASE
THEIR COVERAGE OF SOUTHEAST ASIA AND INDIA CURRENTLY OUR SATELLITE
NETWORK IN ASIA IS INFERIOR TO STAR MR TURNER CONCEDED IN HIS SPEECH BY
YEAR END HOWEVER HE PREDICTED TURNER AND FOUR ALLIED BROADCASTERS WILL
GIVE STAR A REAL RUN FOR THEIR MONEY

TO SOME EXTENT TURNER BROADCASTING'S FUTURE IS IN THE HANDS OF ITS TWO
LARGEST SHAREHOLDERS TELECOMMUNICATIONS INC AND TIME WARNER INC IN AN
INTERVIEW MR TURNER DUCKED THE QUESTION OF WHICH SHAREHOLDER WILL PLAY A
BIGGER ROLE IN SHAPING THAT FUTURE IT'S LIKE IF YOU'RE DATING TWO
DIFFERENT GIRLS HE SAID YOU DON'T WANT TO TALK ABOUT HOW YOU FEEL ABOUT
EITHER ONE IN THE PAGES OF A NEWSPAPER

DESPITE HIS COMPANY'S AMBITIONS IN THE REGION MR TURNER PRONOUNCED HIMSELF
CAUTIOUS ABOUT PROSPECTS FOR WESTERN MEDIA COMPANIES HOPING TO MESMERIZE
ASIAN TV AUDIENCES HE SAID CNN'S INTERNATIONAL SERVICE IS PROFITABLE
THANKS PARTLY TO SYNERGIES WITH THE US ARM BUT MR TURNER ADDED THAT HE
DOESN'T KNOW WHEN OR IF THE NEW CARTOON AND MOVIE CHANNEL WILL SHOW A
PROFIT

REFERRING TO THE PROFUSION OF COMPETING CHANNELS HE SLIPPED BACK INTO THE
KIND OF FRANK TALK THAT HELPED MAKE HIM FAMOUS THE MORE OF THEM THERE ARE
THE HARDER IT WILL BE TO MAKE MONEY WE COULD ALL LOSE OUR BUNS OUT HERE
9403250171 940325 HOMEOFFICE DEDUCTIONS ARE POSSIBLE  BY TOM
HERMAN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW INTERNAL REVENUE SERVICE RULES SHOW THAT WHILE IT MAY BE VERY TOUGH TO
CONVINCE THE IRS TO LET YOU DEDUCT THE COSTS OF YOUR OFFICE AT HOME IT MAY
NOT BE QUITE AS HOPELESS AS YOU FEAR

BUT IT CAN BE DEVILISHLY COMPLICATED

AN ADVANCE COPY OF THE RULING CONFIRMS THAT IF THE MOST IMPORTANT PART OF
YOUR BUSINESS IS MEETING AND GREETING CLIENTS OR CUSTOMERS FACETOFACE AND
DELIVERING PERSONAL SERVICES OUTSIDE THE HOME THE LIKELIHOOD YOU WILL BE
ABLE TO GET A HOMEOFFICE DEDUCTION IS SLIGHT TO NIL SAYS STEPHEN R
CORRICK TAX PARTNER AT ARTHUR ANDERSEN IN WASHINGTON

BUT IF YOU'RE IN RETAIL OR MANUFACTURING OR CREATIVE BUSINESSES THEN AT
LEAST YOU HAVE A CHANCE MR CORRICK ADDS

THE NEW IRS RULES ARE DESIGNED TO INTERPRET A CONTROVERSIAL SUPREME COURT
DECISION HANDED DOWN MORE THAN A YEAR AGO THAT DECISION MADE IT MUCH
TOUGHER FOR MANY PEOPLE TO QUALIFY FOR THE HOMEOFFICE DEDUCTION

THE COURT'S 1993 DECISION MAINLY AFFECTED SALESPEOPLE CONSULTANTS TEACHERS
AND OTHERS WHO DO SOME WORK AT HOME BUT ALSO PROVIDE SERVICES OR SEE
CUSTOMERS ELSEWHERE OTHER EXAMPLES FREELANCE WRITERS LAWYERS HOME
DECORATORS CATERERS COMPUTER REPAIRERS HOUSE PAINTERS PERSONAL TRAINERS
 AND EVEN SOME DOCTORS

THE COURT REJECTED AN ANESTHESIOLOGIST'S ATTEMPT TO DEDUCT THE COSTS OF
USING THE SPARE BEDROOM OF HIS HOME AS AN OFFICE TO KEEP RECORDS AND TO
TELEPHONE PATIENTS AND COLLEAGUES EVEN THOUGH HE ARGUED HIS HOME OFFICE WAS
HIS ONLY OFFICE THE COURT DECIDED HIS PRINCIPAL PLACE OF BUSINESS WAS AT
THE HOSPITALS THE COURT CITED TWO MAIN FACTORS THE RELATIVE IMPORTANCE OF
WORK DONE AT EACH LOCATION AND THE AMOUNT OF TIME SPENT AT EACH PLACE

THAT DECISION RAISED MANY QUESTIONS IN REPLY THE IRS NOW SAYS TAXPAYERS
MUST FIRST COMPARE THE RELATIVE IMPORTANCE OF THE WORK DONE AT EACH
BUSINESS LOCATION CONSIDERING THE PARTICULAR CHARACTERISTICS OF THE
BUSINESS IT ALSO SAYS GREAT WEIGHT MUST BE GIVEN TO SUCH FACTORS AS
WHERE YOU DELIVER GOODS OR SERVICES TO CUSTOMERS AND ANY SPECIAL
FACILITIES REQUIRED BY THE JOB IF ALL THIS DOESN'T TURN UP A PRINCIPAL
PLACE OF BUSINESS THEN COMPARE THE AMOUNT OF TIME SPENT AT EACH BUSINESS
LOCATION

IN ITS EIGHTPAGE RULING THE IRS PROVIDES FOUR NEW HYPOTHETICAL EXAMPLES
HERE ARE THE TWO CASES FROM REVENUE RULING 9424 IN WHICH THE IRS OFFICIALLY
BLESSES A HOMEOFFICE DEDUCTION

 A SELFEMPLOYED AUTHOR SPENDS 30 TO 35 HOURS EACH WEEK WRITING IN HIS
HOME OFFICE HE SPENDS ANOTHER 10 TO 15 HOURS AT OTHER LOCATIONS DOING
RESEARCH MEETING WITH PUBLISHERS AND ATTENDING PROMOTIONAL EVENTS THE IRS
SAYS THE ESSENCE OF HIS WORK IS WRITING RESEARCH AND OTHER ACTIVITIES
THOUGH ESSENTIAL ARE LESS IMPORTANT AND TAKE LESS TIME THAN HIS WRITING
THUS THE HOME OFFICE REALLY IS HIS PRINCIPAL PLACE OF BUSINESS AND HE
MAY DEDUCT COSTS OF BUSINESS USE OF HIS HOME

THE IRS EXAMPLE DOESN'T SPECIFICALLY ADDRESS WHAT HAPPENS WITH AUTHORS WHO
SPEND FAR MORE TIME ON RESEARCH AWAY FROM HOME THAN ON WRITING AT HOME BUT
MR CORRICK OF ARTHUR ANDERSEN AND SIDNEY KESS A NEW YORK LAWYER AND
ACCOUNTANT AGREE THE DEDUCTION GENERALLY SHOULD BE ALLOWABLE AN IRS
SPOKESMAN CONCURS NOTING THAT THE RULING CONSIDERS THE ESSENCE OF THE
AUTHOR'S WORK TO BE WRITING

 A SELFEMPLOYED RETAILER OF COSTUME JEWELRY ORDERS THE JEWELRY FROM
WHOLESALERS AND SELLS IT AT CRAFT SHOWS ON CONSIGNMENT AND THROUGH MAIL
ORDERS SHE SPENDS ABOUT 25 HOURS A WEEK AT HOME FILLING AND SHIPPING
ORDERS ORDERING SUPPLIES AND KEEPING THE BUSINESS'S BOOKS SHE ALSO SPENDS
ABOUT 15 HOURS OF WORK TIME EACH WEEK AT CRAFT SHOWS AND CONSIGNMENTSALE
LOCATIONS SHE GETS A SUBSTANTIAL AMOUNT OF INCOME FROM EACH TYPE OF SALES
ACTIVITY

THIS IS A TRICKY ONE BECAUSE THE RETAILER'S MOST IMPORTANT ACTIVITIES
SELLING TO CUSTOMERS ARE DONE IN MORE THAN ONE PLACE HER PRINCIPAL PLACE
OF BUSINESS CAN'T BE DETERMINED SOLELY ON THE RELATIVE IMPORTANCE OF THE
WORK DONE AT HOME COMPARED WITH OTHER PLACES THUS THE IRS CONCLUDES THE
AMOUNTS OF TIME SPENT AT VARIOUS PLACES ASSUMES PARTICULAR SIGNIFICANCE
AND ALLOWS THE DEDUCTION

REMEMBER THOUGH THAT TAKING A HOMEOFFICE DEDUCTION IS A RED FLAG THAT
HAS OFTEN LED TO AN AUDIT BY THE IRS WARNS DONALD ALEXANDER A FORMER IRS
COMMISSIONER AND A LAWYER AT AKIN GUMP STRAUSS HAUER & FELD IN WASHINGTON
DC

THE IRS RULING INCLUDES TWO CASES IN WHICH THE AGENCY WON'T ALLOW THE
DEDUCTION

 A TEACHER IS REQUIRED TO TEACH AND MEET WITH STUDENTS AT SCHOOL AS WELL
AS GRADE PAPERS AND TESTS HE HAS AN OFFICE AT HOME AS WELL AS A SMALL
SHARED OFFICE AT SCHOOL THE TEACHER SPENDS ABOUT 25 HOURS A WEEK AT SCHOOL
AND AN ADDITIONAL 30 TO 35 HOURS WORKING AT HOME THE IRS SAYS THE ESSENCE
OF THE JOB IS TEACHING AND MEETING WITH STUDENTS AT SCHOOL THE OTHER WORK
ALTHOUGH ESSENTIAL AND MORE TIMECONSUMING IS LESS IMPORTANT THAN THE
WORK AT SCHOOL THUS THE HOME OFFICE DOESN'T COUNT AS THE PRINCIPAL PLACE
OF BUSINESS

 A SELFEMPLOYED PLUMBER INSTALLS AND REPAIRS PLUMBING IN CUSTOMERS' HOMES
AND OFFICES HE SPENDS ABOUT 40 HOURS A WEEK THERE AND ABOUT 10 HOURS AT HIS
HOME OFFICE TALKING TO CUSTOMERS ON THE PHONE DECIDING WHAT SUPPLIES TO
ORDER AND REVIEWING THE BUSINESS'S BOOKS HE ALSO EMPLOYS A FULLTIME
UNRELATED WORKER IN HIS HOME OFFICE TO DO SUCH JOBS AS ANSWER THE PHONE
SCHEDULE APPOINTMENTS ORDER SUPPLIES AND BOOKKEEPING SORRY THE IRS SAYS
THE ESSENCE OF THE PLUMBER'S WORK IS PERFORMING SERVICES AND DELIVERING
GOODS AT THE HOMES OR OFFICES OF HIS CUSTOMERS THE OTHER ACTIVITIES ARE
LESS IMPORTANT AND TAKE LESS TIME THAN SERVICE CALLS TO CUSTOMERS THUS NO
HOMEOFFICE DEDUCTION

THESE COMPLEXITIES DON'T APPLY TO MANY OTHER PEOPLE SUCH AS THOSE FORTUNATE
ENOUGH TO HAVE THEIR HOME OFFICE IN A SEPARATE STRUCTURE NOT ATTACHED TO
THEIR HOME SUCH AS A GARAGE NOTES MR CORRICK OF ARTHUR ANDERSEN

FOR MANY PEOPLE THOUGH THE SUBJECT NOW IS SO COMPLICATED AND CONTROVERSIAL
THAT IT MAY SPUR MORE EFFORTS IN CONGRESS TO REWRITE THE LAW COMPLETELY
SEVERAL LAWMAKERS HAVE PROPOSED LEGISLATION TO OVERTURN THE SUPREME COURT
RULING

THE RULING IS TO BE PUBLISHED IN INTERNAL REVENUE BULLETIN 199315 DATED
APRIL 11 9403250170 940325 MARKETING P&G HOPES KAPLAN CAN BRING SOME
ZIP TO ITS COSMETICS AND PERFUME BUSINESS  BY GABRIELLA STERN 
STAFF REPORTER OF THE WALL STREET JOURNAL

PROCTER & GAMBLE CO WANTS TO PUT A NEW FACE ON ITS COSMETICS BUSINESS AND
BETH J KAPLAN HAS BEEN APPOINTED TO DO THE MAKEOVER

P&G HAS DEMONSTRATED ITS MIGHT IN LAUNDRY DETERGENTS DIAPERS AND
TOOTHPASTE CHURNING OUT NEW AND IMPROVED PRODUCTS LIKE BLEACHENHANCED
TIDE AND THINNER PAMPERS BUT ITS PERFORMANCE IN COSMETICS AND PERFUMES
WHERE FRESH IMAGES ARE MORE IMPORTANT THAN NEW TECHNOLOGY IS SPOTTY ITS
REVAMPED MAX FACTOR BRAND STILL HASN'T TAKEN OFF ITS INCOGNITO LE JARDIN
AND TOUJOURS MOI FRAGRANCES ARE LOSING GROUND AND THERE IS AN INTERNAL
DEBATE OVER WHETHER TO INTRODUCE AN OIL OF OLAY COSMETICS LINE

MS KAPLAN WHO WAS NAMED VICE PRESIDENT IN CHARGE OF COSMETICS AND
FRAGRANCES IS KNOWN AS A NONONSENSE FASTTRACK MANAGER SHE HELPED BUILD
P&G'S ALWAYS FEMININE PROTECTION BRAND AND MOST RECENTLY WAS THE GENERAL
MANAGER OF SHORTENING COOKING OIL AND OLESTRA A FAT SUBSTITUTE P&G WANTS
TO MARKET AS A COOKING INGREDIENT

BUT MS KAPLAN'S NEW JOB WON'T BE EASY COVER GIRL WHICH P&G ACQUIRED WHEN
IT BOUGHT NOXELL REMAINS A POWERHOUSE CONSISTENTLY ATTRACTING WOMEN IN
THEIR TEENS AND 20S RETAILERS SAY THAT'S PARTLY BECAUSE P&G HAS ALLOWED
FORMER NOXELL EXECUTIVES TO CONTINUE MANAGING THE BRAND AND RUNNING ADS
FEATURING HIGHFASHION MODELS P&G HAS ALSO INTRODUCED SOME VERY SUCCESSFUL
BRAND VARIETIES SUCH AS ETHNIC SHADES

BUT THAT'S THE ONLY GOOD NEWS IN JANUARY P&G ELIMINATED ITS UNPROFITABLE
CLARION BRAND ACQUIRED AS PART OF NOXELL AFTER DECIDING IT WOULD COST
TOO MUCH TO REVIVE IT MAX FACTOR PURCHASED FROM REVLON INC IN 1991
HASN'T PICKED UP MUCH IF ANY DOMESTIC MARKET SHARE DESPITE A COSTLY
RELAUNCH LAST YEAR AIMED AT TRANSFORMING IT INTO AN UPSCALE INTERNATIONAL
BRAND THE COMPANY SPENT MILLIONS ON FANCY NEW COMPACTS BOTTLES AND
LIPSTICK TUBES AND AN ESTIMATED 20 MILLION IN THE US ALONE ON
ADVERTISING BUT INDUSTRY SOURCES SAY THE BRAND HAS PERFORMED FAR BELOW
P&G'S PROJECTIONS IN THE US AND JAPAN THOUGH SALES IN EUROPE HAVE BEEN
SATISFACTORY

THERE'S ONE TINY PROBLEM WITH MAX FACTOR THE PRODUCT ISN'T SELLING SAYS
CAROL ALLMAN DIRECTOR OF MERCHANDISING FOR ECKERD CORP A DRUG CHAIN BASED
IN FLORIDA THEY WERE QUIET FOR SO LONG WHILE THEY WERE GOING THROUGH THE
RELAUNCH THAT A LOT OF CUSTOMERS GOT LURED AWAY INTO RIVAL LINES SHE SAYS

BUT MS KAPLAN 36 YEARS OLD SAYS IT'S TOO SOON TO PRONOUNCE MAX FACTOR A
FAILURE ONLY HALF OF THE NEW MAX FACTOR PRODUCTS HAVE BEEN SHIPPED TO
STORES SHE SAYS AND THE COMPANY IS ENCOURAGED BY IMPROVED SALES IN
RECENT WEEKS

P&G IS NOW CONSIDERING STARTING A NEW COSMETICS LINE THAT WOULD BE AN
EXTENSION OF ITS OIL OF OLAY SKIN CARE BRAND ACCORDING TO RETAILERS AND
FORMER P&G MANAGERS AND WHILE IT NEARS A FINAL DECISION INCLUDING
WHETHER TO TARGET YOUNGER OR OLDER WOMEN THE COMPANY IS TRYING TO HANG ON
TO STORE SHELF SPACE PREVIOUSLY OCCUPIED BY CLARION RETAILERS SAY P&G IS
OFFERING THEM INCENTIVES TO RESERVE THE SPACE FOR ITS BRANDS

BUT THE BROAD QUESTION IS WHETHER P&G SHOULD BE IN COSMETICS AND PERFUMES AT
ALL SUCCESSFUL COSMETICS COMPANIES KNOW HOW TO PACKAGE ROMANCE AND DREAMS
WHILE P&G HAS A PACKAGEDGOODS MENTALITY AND EMPHASIZES TECHNOLOGY AND
DURABILITY SAYS ALLAN MOTTUS A MARKETING CONSULTANT SELLING COSMETICS
ALSO MEANS MANAGING MANY MORE VARIETIES OF A SINGLE BRAND NEW SHADES OF
EYESHADOW LIPSTICK WITH OR WITHOUT MOISTURIZER A FORMER P&G EXECUTIVE
RECALLS WE USED TO LAUGH THAT IF PROCTER EVER GOT INTO COSMETICS THEY'D
WANT TO SELL ONE SHADE OF LIPSTICK IN THREE SIZES

IF P&G DOESN'T TURN MAX FACTOR AROUND SOME BELIEVE IT MAY DECIDE TO SELL
ITS COSMETICS BUSINESS THEY WANT TWO TO THREE COSMETICS LINES THEY
WOULDN'T BE HAPPY WITH JUST ONE SAYS ECKERD CORP'S MS ALLMAN

THE COMPANY HASN'T DONE MUCH TO BUILD THE MASSMARKET PERFUME BRANDS IT
ACQUIRED IN THE NOXELL AND MAX FACTOR TRANSACTIONS RETAILERS COMPLAIN THAT
IT HAS CURTAILED THE NUMBER OF FANCY FRAGRANCE GIFT SETS IT MAKES FOR
HOLIDAYS OFFERING INSTEAD A LIMITED SELECTION THROUGHOUT THE YEAR
MEANWHILE RIVALS LIKE COTY KNOW HOW TO MANAGE THE GIFT SET BUSINESS SAYS
THE FORMER P&G MANAGER

BUT SOME P&G WATCHERS BELIEVE THAT THE COMPANY WHICH HAS SPENT MORE THAN 2
BILLION ACQUIRING COSMETICS AND PERFUME BUSINESSES SINCE 1989 WANTS TO SHOW
THAT IT CAN SELL MAKEUP AND SCENTS AS WELL AS MOUTHWASH AND IS WILLING TO
CHANGE P&G WILL FOCUS ON COSMETICS SAYS BURT FLICKINGER III A
CONSULTANT THEY SEE AN OPPORTUNITY IN THE MASS CONSUMER MARKET WHERE
REVLON AND LANCOME ARE STRONG PLAYERS BUT MAY BE VULNERABLE

NAVY P&G'S BIGGEST BRAND REMAINS A STRONG SELLER IN DRUG AND
MASSMERCHANDISE STORES AND P&G RECENTLY INTRODUCED A MOISTURIZING VERSION
NAVY WHITE THE COMPANY HAS ALSO STARTED AN AD CAMPAIGN TO PUMP LIFE INTO
INCOGNITO

BOB BLANCHARD A SENIOR EXECUTIVE IN CHARGE OF GLOBAL COSMETICS AND
FRAGRANCES SAYS THAT WE ARE GROWING OUR COSMETICS AND FRAGRANCES BUSINESS
WORLDWIDE AT ABOUT THE SAME RATE WE'RE GROWING THE TOTAL CORPORATE
BUSINESS

AND MS KAPLAN MAINTAINS THAT P&G HAS NO PLANS TO GET OUT OF COSMETICS AND
FRAGRANCES WE'RE NOT SELLING THE BUSINESS SHE SAYS BECAUSE SHE WOULDN'T
MOVE FROM P&G'S CINCINNATI HEADQUARTERS TO MARYLAND WHERE THE UNIT IS
BASED IF P&G WERE ABOUT TO DUMP IT

MS KAPLAN IS SUCCEEDING JOHN SAXTON A MANUFACTURING EXPERT WHO SPENT FOUR
YEARS TRYING TO INTEGRATE THE COMPANY'S TWO HUGE COSMETICS ACQUISITIONS
NOXELL IN 1989 AND MAX FACTOR IN 1991 MR SAXTON HAS BEEN NAMED VICE
PRESIDENT OF NATIONAL GOVERNMENT RELATIONS

MS KAPLAN JOINED P&G IN 1981 FRESH OUT OF THE UNIVERSITY OF PENNSYLVANIA'S
WHARTON BUSINESS SCHOOL THREE YEARS AGO SHE WAS INVOLVED IN P&G'S DECISION
TO FOLD ITS PURITAN COOKING OIL BRAND INTO CRISCO SHE ALSO OVERSAW THE
INTRODUCTION OF ONECUP TUBS OF CRISCO AND WAS INSTRUMENTAL IN THE BRAND'S
BUTTERFLAVORED CRISCO AND COOKS WHO KNOW AD CAMPAIGNS

MS KAPLAN SAYS SHE'S TOO NEW AT THE COSMETICS JOB TO DISCUSS SPECIFIC
PLANS I DON'T FEEL THAT I'M WALKING INTO SOME TOUGH CHALLENGING
IMPOSSIBLE ASSIGNMENT SHE ADDS WE FEEL REALLY ENCOURAGED BY WHAT WE'VE
DONE AND THE INROADS WE'VE MADE AND THE COMPANY IS VERY COMMITTED
9403250169 940325 INTERNATIONAL ALLIEDLYONS AGREES TO BUY PEDRO
DOMECQ  BY DANA MILBANK AND CARLTA VITZTHUM STAFF REPORTERS OF THE
WALL STREET JOURNAL

ALLIEDLYONS PLC AGREED TO ACQUIRE CONTROL OF SPAIN'S PEDRO DOMECQ GROUP IN
A TRANSACTION VALUED AT AS MUCH AS 739 MILLION 111 BILLION CREATING
THE WORLD'S SECONDLARGEST SPIRITS MAKER AFTER GRAND METROPOLITAN PLC

THE PURCHASE OF CLOSELY HELD DOMECQ WILL MAKE ALLIED THE LEADING PRODUCER OF
BRANDY AND THE SECONDLARGEST TEQUILA PRODUCER AND GIVE THE BRITISH COMPANY
TOP MARKET SHARES IN SPAIN AND MEXICO THE COMBINED COMPANY ALSO SHOULD BE
ABLE TO TAKE ADVANTAGE OF THE NORTH AMERICAN FREE TRADE AGREEMENT TO BUILD
ITS US BUSINESS

CURRENTLY THE FIFTHLARGEST DISTILLER ALLIED OWNS KAHLUA BEEFEATER GIN
COURVOISIER COGNAC AND HIRAM WALKER CORDIALS DOMECQ NO 8 IN THE WORLD
PRODUCES PRESIDENTE BRANDY AND SAUZA TEQUILA THE COMBINED COMPANY WOULD
HAVE REVENUE OF ABOUT 6 BILLION

ALLIED WHICH ALREADY OWNS 5 OF PEDRO DOMECQ AND CONTROLS AN ADDITIONAL 27
THROUGH ITS HIRAM WALKER EUROPA JOINT VENTURE WILL BUY ANOTHER 41 OF THE
COMPANY FOR 459 MILLION PEDRO DOMECQ MANAGING DIRECTOR RAMON MORAFIGUEROA
AND HIS FAMILY WHO CONTROL THE OTHER 27 OF THE SPANISH COMPANY HAVE A
SIXYEAR OPTION TO SELL THEIR STAKE TO ALLIED FOR AN ADDITIONAL 280
MILLION

DAVID THOMPSON AN ANALYST WITH KLEINWORT BENSON SECURITIES IN LONDON
CALLED THE PURCHASE A GOOD MOVE STRATEGICALLY AND SAID THE PRICE WAS
FAIR WITH A PRICETOEARNINGS RATIO OF 151 TO 1

THE TRANSACTION ALSO RENEWED SPECULATION THAT ALLIED WOULD SEEK TO UNLOAD
ITS FOOD OPERATIONS WHICH INCLUDE TETLEY TEA AND VARIOUS BAKERY PRODUCTS
ALLIED CHAIRMAN MICHAEL JACKAMAN SAID THAT THE COMPANY WOULD CONTINUE AN
ACTIVE DISPOSAL PROGRAM OUTSIDE ITS CORE SPIRITS AND RETAIL BUSINESSES AS
PART OF THE SPANISH PURCHASE ALLIEDLYONS WILL CHANGE ITS NAME TO ALLIED
DOMECQ DROPPING THE FOOD BUSINESS FROM ITS CORPORATE NAME

HIGHLY LEVERAGED ALLIED WILL FUND THE PURCHASE THROUGH A PUBLIC OFFERING OF
137 MILLION SHARES EXPECTED TO RAISE 651 MILLION IT HAS 890 MILLION
SHARES OUTSTANDING NOW THE COMPANY ALSO FORECAST PRETAX PROFITS OF NOT
LESS THAN 604 MILLION FOR THE YEAR ENDED MARCH 5 LOWER THAN ANALYSTS HAD
EXPECTED THE YEAREARLIER PRETAX PROFIT WAS 505 MILLION

ALLIEDLYONS WHICH HAD A PARTNERSHIP WITH DOMECQ FOR A QUARTER CENTURY
SAID THE ACQUISITION WOULD GIVE IT MORE CONTROL OVER ITS DISTRIBUTION AND
BOOST EFFICIENCY WITHOUT MUCH JOB LOSS THE COMPANY EXPECTS RESTRUCTURING
COSTS OF 75 MILLION BUT SAID DOMECQ WOULD IMPROVE EARNINGS PER SHARE IN
ITS FIRST YEAR ALLIED EXPECTS PROMPT APPROVAL OF THE TRANSACTION FROM THE
EUROPEAN UNION 9403250168 940325 DEAR DIARY I'M RICH BUT NOT RICH 
ENOUGH YOUR PAL J PAUL GETTY  BY ANN PODD STAFF REPORTER OF THE
WALL STREET JOURNAL

WHEN YOU'RE THE RICHEST MAN IN THE WORLD THERE'S PLENTY TO WRITE ABOUT 
LIKE THE 6 YOU SPENT ON AN AUTO MUFFLER PIPE THE TIME THE SUN SET WHETHER
OR NOT YOU ATE DINNER ALONE AND WHAT THE DOCTOR SAID ABOUT YOUR LEFT
INGUINAL REGION

THE LATE BILLIONAIRE J PAUL GETTY WIDELY KNOWN AS A GREAT PENNY PINCHER
ALSO HAPPENED TO HAVE BEEN AN OBSESSIVE DIARY KEEPER SINCE HE WAS ABOUT 11
YEARS OLD MR GETTY KEPT A NEARLY DAILY RECORD STRIVING HE WROTE TO BE
AN OBJECTIVE REPORTER ON HIS OWN LIFE NOW 29 VOLUMES OF HIS DIARIES FROM
1938 UNTIL HIS DEATH AT THE AGE OF 83 IN 1976 ARE UP FOR SALE

THE COLLECTION OF BLACK LOOSELEAF BINDERS HAS BEEN VALUED AT 500000 OR
MORE IN A PROSPECTUS FOR AN AUCTION A PRIVATE PARTY IS NOW NEGOTIATING TO
BUY THE DIARIES

MANY OF THE DIARIES' BIGGEST REVELATIONS ABOUT MR GETTY ALREADY HAVE
APPEARED IN BIOGRAPHIES INCLUDING MR GETTY'S APPARENT ADMIRATION OF ADOLF
HITLER FUHRER MAKES A GREAT MANLY SPEECH HE WROTE IN 1938 WHILE IN
GERMANY CROWD GREETS HIM UPROARIOUSLY

BUT THE SAMPLING OF DIARY PAGES IN THE PROSPECTUS PROVIDES A FASCINATING
GLIMPSE OF MR GETTY'S DAYTODAY LIFE OR AT LEAST WHAT HE CHOSE TO RECORD

MR GETTY WHO ONCE PUT A PAY PHONE IN HIS LONDON MANSION FOR GUESTS WRITES
WITH EQUAL DELIGHT ABOUT SPENDING HUNDREDS OF THOUSANDS OF DOLLARS ON A
PAINTING IN THE MORNING AND SAVING 10 IN THE RUNNING OF HIS HOUSEHOLD LATER
IN THE DAY HE FREQUENTLY SEEMED TO ENJOY COMPARING HIMSELF TO OTHER RICH
MEN LIKE WILLIAM RANDOLPH HEARST I ADMIRE SPLENDOR HE WROTE I LIKE A
PALATIAL ATMOSPHERE NOBLE ROOMS LONG TABLES OLD SILVER FINE FURNITURE
PRINCELY SWIMMING POOLS

AND SOME DAYS WERE NOTABLE FOR OTHER REASONS

I HEARD A SHORT THUD IT WAS A SONIC BOOM MY FIRST

HAD DINNER WITH A NICE YOUNG BILLIONAIRE ROSS PEROT AND HIS WIFE  I
LIKE HIM

AND AT 12 A MAN CAME TO BACK DOOR WAS TOLD TO RETURN AT 10 AM DID SO
WAS INTERVIEWED AND ESCORTED OFF THE PROPERTY CLAIMED HE WAS MY SON AND MY
NAME WAS OSBORNE EVIDENTLY HALLUCINATIONS

FINALLY THE WORLD'S WEALTHIEST MAN PONDERED CAPITALISM MANY SAY IT IS
DISAPPEARING AND I TEND TO AGREE CAPITALISTS DON'T CONTROL ANYTHING TODAY
NOT EVEN THEIR OWN BUSINESSES 9403250167 940325 BUSINESS BRIEFS

STANT CORP'S IDEAL DIVISION SIGNED A PACT TO BUY THE CLAMP MANUFACTURING
BUSINESS OF JONES MANUFACTURING CO OF BIRMINGHAM ALA TERMS WEREN'T
DISCLOSED

FIRST SECURITY PROCESSING SERVICES INC SIGNED A LETTER OF INTENT TO SELL
ITS CREDITUNION SERVICES ASSETS TO EQUIFAX INC'S EQUIFAX FINANCIAL
INFORMATION SERVICES GROUP TERMS WEREN'T DISCLOSED

AMERICAN BUILDING MAINTENANCE INDUSTRIES INC CHANGED ITS NAME TO ABM
INDUSTRIES INC ITS TICKER SYMBOL ON THE NEW YORK AND PACIFIC STOCK
EXCHANGES WILL REMAIN ABM

WATKINSJOHNSON CO COMPLETED ITS PREVIOUSLY ANNOUNCED 15 MILLION SHARE
BUYBACK PLAN THIS YEAR IT NOW HAS 72 MILLION SHARES OUTSTANDING
9403250166 940325 WHO'S NEWS MORTON INTERNATIONAL INC

MORTON INTERNATIONAL INC CHICAGO S JAY STEWART WAS NAMED CHAIRMAN AND
CHIEF EXECUTIVE OFFICER EFFECTIVE APRIL 1 AT THIS MAKER OF SPECIALTY
CHEMICALS AIRBAGS FOR AUTOS AND SALT MR STEWART 55 YEARS OLD IS
CURRENTLY PRESIDENT AND CHIEF OPERATING OFFICER HE WILL SUCCEED CHARLES S
LOCKE 65 WHO WILL RETIRE MR STEWART WILL RETAIN THE POST OF PRESIDENT
THE POST OF CHIEF OPERATING OFFICER WON'T BE IMMEDIATELY FILLED A
SPOKESWOMAN SAID 9403250165 940325 WHO'S NEWS WASHINGTON TRUST BANCORP
INC

WASHINGTON TRUST BANCORP INC WESTERLY RI THIS BANK HOLDING COMPANY
ELECTED THREE NEW DIRECTORS EXPANDING THE BOARD'S SIZE TO SIXTEEN MEMBERS
ELECTED WERE GARY P BENNETT PRESIDENT AND CHIEF EXECUTIVE OFFICER OF
ANALYSIS & TECHNOLOGY INC NORTH STONINGTON CONN LARRY J HIRSCH
PRESIDENT OF WESTERLY JEWELRY INC WESTERLY RI AND MARY E KENNARD
VICE PRESIDENT GENERAL COUNSEL FOR THE UNIVERSITY OF RHODE ISLAND KINGSTON
RI 9403250164 940325 WHO'S NEWS SEQUOIA SYSTEMS INC

SEQUOIA SYSTEMS INC MARLBOROUGH MASS THIS MAKER OF FAULTTOLERANT
COMPUTERS SAID IT NAMED A THEODORE ENGKVIST A DIRECTOR INCREASING BOARD
MEMBERSHIP TO FIVE MR ENGKVIST 59 YEARS OLD IS PRESIDENT OF ENJO
CONSULTING A FINANCIALPLANNING CONSULTING FIRM IN NAPLES FLA
9403250163 940325 WHO'S NEWS PERSEPTIVE TECHNOLOGIES II CORP

PERSEPTIVE TECHNOLOGIES II CORP CAMBRIDGE MASS GARO ARMEN AND
WILLIAM O FLANNERY WERE NAMED DIRECTORS THEY SUCCEED INSIDE DIRECTORS
ROBERT FEIN SENIOR VICE PRESIDENT OF FINANCE AND ROBERT ANACONE SENIOR
VICE PRESIDENT OF SALES AND MARKETING MR ARMEN 41 YEARS OLD IS GENERAL
PARTNER OF ARMEN PARTNERS LP AND SEPARATELY ORACLE HEALTH INVESTORS LP
TWO INVESTMENT MANAGEMENT FIRMS MR FLANNERY 48 IS THE FORMER GENERAL
COUNSEL FOR THERMO ELECTRON CORP PERSEPTIVE TECHNOLOGIES II IS A RESEARCH
AND DEVELOPMENT CONCERN THAT DEVELOPS PRODUCTS FOR HUMAN CLINICAL DIAGNOSTIC
TESTING AND THERAPEUTIC DRUG SCREENING 9403250162 940325 GE UNIT GETS
CONTRACT

FAIRFIELD CONN GENERAL ELECTRIC CO'S GE INDUSTRIAL POWER & SYSTEMS
UNIT WAS AWARDED A 24 MILLION CONTRACT FROM NIAGARA MOHAWK POWER CORP
SYRACUSE NY TO SUPPLY NUCLEAR POWER STATION EQUIPMENT

GE INDUSTRIAL & POWER SYSTEMS WILL PROVIDE REPLACEMENT ROTORS FOR THE GE
NUCLEAR STEAM TURBINE AT NIAGARA MOHAWK'S NINE MILE POINT 2 NUCLEAR PLANT
IN SCRIBA NY 9403250161 940325 MONEYMARKET ASSETS DECLINED 486
BILLION IN MOST RECENT WEEK

WASHINGTON MONEYMARKET MUTUAL FUND ASSETS FELL 486 BILLION TO 59335
BILLION FROM A REVISED 59821 BILLION FOR THE WEEK ENDED WEDNESDAY THE
INVESTMENT COMPANY INSTITUTE SAID

ASSETS OF 661 RETAIL MONEYMARKET MUTUAL FUNDS DECREASED BY 4362 MILLION
TO 4128 BILLION

AMONG RETAIL FUNDS ASSETS OF 411 TAXABLE MONEYMARKET FUNDS SLIPPED 1133
MILLION TO 31901 BILLION ASSETS OF 250 TAXEXEMPT FUNDS FELL BY 3229
MILLION TO 9378 BILLION

ASSETS OF 285 INSTITUTIONAL MONEYMARKET FUNDS DECREASED BY 442 BILLION TO
18056 BILLION AMONG INSTITUTIONAL FUNDS 231 TAXABLE MONEYMARKET FUND
ASSETS FELL BY 421 BILLION TO 15685 BILLION ASSETS OF THE 54 TAXEXEMPT
FUNDS DECREASED BY 2036 MILLION TO 2370 BILLION 9403250160 940325
BUSINESS BRIEF RATINGS ON 29 BILLION OF USAIR DEBT ARE CUT BY S&P
CITING LOWCOST RIVALS

STANDARD & POOR'S CORP CITING INCREASED COMPETITION THAT USAIR GROUP INC
FACES FROM LOWCOST RIVALS CUT ITS RATINGS ON 29 BILLION OF THE CARRIER'S
LONGTERM DEBT

S&P LOWERED ITS RATING OF USAIR'S PREFERRED STOCK TO TRIPLECPLUS FROM
SINGLEBMINUS PUSHING THE AIRLINE'S PREFERRED STOCK FURTHER INTO
SPECULATIVEINVESTMENT STATUS

S&P ALSO LOWERED RATINGS OF USAIR GROUP'S SUBSIDIARY USAIR INC AS
FOLLOWS SENIOR UNSECURED DEBT TO SINGLEB FROM SINGLEBPLUS AIRPORT
REVENUE BONDS TO SINGLEBPLUS FROM DOUBLEBMINUS AND EQUIPMENT TRUST
CERTIFICATES TO DOUBLEB FROM DOUBLEBPLUS

THE RATING CONCERN SAID USAIR'S DECISION LAST MONTH TO LOWER FARES SHARPLY
HAS PUT ADDED PRESSURE ON THE AIRLINE TO GAIN SUBSTANTIAL PAY AND
PRODUCTIVITY CONCESSIONS FROM ITS UNIONS THE AIRLINE DOESN'T FACE AN
IMMEDIATE LIQUIDITY PROBLEM BUT MUST ADDRESS ITS HIGH COSTS THIS YEAR IN
ORDER TO STABILIZE ITS FINANCES SAID PHILIP BAGGALEY VICE PRESIDENT OF
S&P'S TRANSPORTATIONRATINGS GROUP

USAIR APPROACHED ITS UNIONS FOR CONCESSIONS THIS MONTH BUT BECAUSE OF THE
UNCERTAINTY OF THOSE NEGOTIATIONS S&P SAID IT WOULD KEEP THE AIRLINE'S DEBT
ON CREDITWATCH FOR FURTHER POSSIBLE DOWNGRADES TYPICALLY A COMPANY IS
REMOVED FROM CREDITWATCH FOLLOWING A DOWNGRADE THE RESULT OF THOSE TALKS
WILL BE CRUCIAL IN AVOIDING LOWER RATINGS MR BAGGALEY SAID

STILL S&P REMAINED SOMEWHAT OPTIMISTIC GIVEN THAT THE COMPANY HAS
RELATIVELY STABLE LABOR RELATIONS THEREFORE MAY MORE EASILY NEGOTIATE
CONCESSIONS GIVEN THE THREAT OF NEW LOWCOST COMPETITION A USAIR SPOKESMAN
SAID THE UNION DISCUSSIONS ARE PROGRESSING BUT HE DIDN'T OFFER SPECIFICS

USAIR BASED IN ARLINGTON VA SLASHED FARES LAST MONTH AS MUCH AS 70 ON
MANY OF ITS ROUTES TO FEND OFF LOWCOST RIVALS CONTINENTAL AIRLINES AND
SOUTHWEST AIRLINES THE FARE CUTS WERE MEANT TO MINIMIZE THE DAMAGE MR
BAGGALEY SAID BUT IT WAS CLEAR THEY WERE GOING TO LOSE A FAIR AMOUNT OF
MONEY EITHER WAY

A USAIR SPOKESMAN SAID THE LOWER RATINGS FROM S&P WERE NOT UNEXPECTED HE
ADDED S&P POINTED OUT THINGS WE ARE ALREADY DOING WE AGREE ON WHAT HAS TO
BE DONE

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE USAIR'S CLASS
B PREFERRED STOCK CLOSED AT 37 A SHARE DOWN 1875 CENTS USAIR'S COMMON
STOCK CLOSED AT 850 A SHARE DOWN 125 CENTS 9403250159 940325
CALIFORNIA SEEKS MORE DISCLOSURE IN LIFE POLICIES  FIGURES
DETAILING RETURNS FROM CASHVALUE PLANS WOULD BE MORE SPECIFIC  
BY GREG STEINMETZ STAFF REPORTER OF THE WALL STREET JOURNAL

THE CALIFORNIA INSURANCE DEPARTMENT IS PRESSING FOR REGULATION THAT FOR THE
FIRST TIME WOULD SHOW PROSPECTIVE INVESTMENT RETURNS TO BUYERS OF LIFE
INSURANCE

THE DEPARTMENT TOOK ITS PROPOSAL TO STATE ADMINISTRATIVE AGENCY THE OFFICE
OF ADMINISTRATIVE LAW FOR APPROVAL IF THE AGENCY APPROVES THE PLAN OTHER
STATES ARE LIKELY TO FOLLOW

CONSUMER ADVOCATES SAY THE REGULATION WOULD TAKE SOME OF THE MYSTERY OUT OF
LIFE INSURANCE BUT THEY WORRY THAT INSURANCE COMPANIES WILL LOBBY TO GET
THE PROPOSAL KILLED

IF THERE IS ANY INDUSTRY INFLUENCE THIS MIGHT NOT GET THROUGH SAID JOHN
MONTGOMERY CHIEF ACTUARY FOR THE CALIFORNIA INSURANCE DEPARTMENT THE
COMPANIES FEEL THIS WON'T HELP THEIR COMPETITIVE POSITION IT COULD TAKE
SEVERAL MONTHS FOR THE LAW OFFICE TO MAKE UP ITS MIND ON THE DEPARTMENT'S
PLAN

THE PROPOSAL WOULD STRIKE AT THE HEART OF HOW CASHVALUE INSURANCE IS SOLD
CASHVALUE INSURANCE SUCH AS WHOLE OR UNIVERSAL LIFE COMES WITH AN
INVESTMENT FEATURE AS WELL AS A DEATH BENEFIT

CURRENTLY LIFEINSURANCE AGENTS TYPICALLY SHOW PROSPECTIVE CUSTOMERS CHARTS
THAT ILLUSTRATE HOW MUCH CASH VALUE THEIR POLICY BUILDS UP OVER TIME BUT
THE CHARTS DON'T EXPLICITLY REVEAL A RATE OF RETURN INSTEAD THEY SHOW THE
DOLLAR AMOUNT AND MAKE NO ALLOWANCES FOR THE COST FOR BUYING THE DEATH
BENEFIT

WITH ITS PROPOSAL CALIFORNIA IS SAYING THAT IF A COMPANY WANTS TO SHOW A
POLICY'S GROWTH IT MUST ALSO SHOW THE POTENTIAL RETURN ON THE INVESTMENT
COMPONENT SPECIFICALLY COMPANIES WOULD HAVE TO DISCLOSE THE AVERAGE ANNUAL
RATE OF RETURN EARNED ON A POLICY AFTER ITS FIFTH 10TH AND 15TH YEARS FOR
MOST POLICIES THE RETURNS ARE SMALL AFTER THE FIFTH YEAR BUT COMPETITIVE
WITH RIVAL INVESTMENTS BY THE 15TH YEAR

THE DEPARTMENT'S ACTION COMES AT A TIME WHEN THE ORGANIZATION REPRESENTING
STATE INSURANCE REGULATORS THE NATIONAL ASSOCIATION OF INSURANCE
COMMISSIONERS IS CONSIDERING RULES TO PROHIBIT THE USE OF ANY INVESTMENT
PROJECTIONS IN LIFEINSURANCE SALES ALTHOUGH THE CALIFORNIA PROPOSAL IS
LESS SEVERE THAN THAT IT HAS NEVERTHELESS IRRITATED INSURANCE COMPANIES

THIS HAS VERY LITTLE BENEFIT SAID WALT MILLER SENIOR VICE PRESIDENT AND
CHIEF ACTUARY FOR PRUDENTIAL INSURANCE CO OF AMERICA THE CALIFORNIA
DEPARTMENT IS JUST TRYING TO RAM THIS DOWN EVERYONE'S THROAT

HE SAID THE PROPOSAL TELLS THE CONSUMER NOTHING NEW AND THAT IT HAS SEVERAL
TECHNICAL FLAWS HE ADDED THAT THE PROPOSAL WOULD BE COSTLY TO IMPLEMENT
PARTICULARLY FOR SMALL LIFEINSURANCE COMPANIES

BUT CONSUMER ADVOCATES SAY THE COMPANIES' UNSPOKEN OBJECTION IS THAT BY
SHOWING INVESTMENT RETURNS POLICYHOLDERS WOULD REALIZE THAT THEIR POLICIES
EARN VERY LITTLE IN THE EARLY YEARS THAT'S BECAUSE AGENT COMMISSIONS AND
ADMINISTRATIVE COSTS EAT UP THE PREMIUMS

JAMES HUNT AN ACTUARY WITH THE NATIONAL INSURANCE CONSUMER ORGANIZATION
BELIEVES THE CALIFORNIA PROPOSAL WOULD HELP DISCOURAGE CONSUMERS FROM
TRADING IN OLD POLICIES FOR NEW ONES AN EVENT KNOWN AS REPLACEMENT WHEN
REPLACEMENT IS ENCOURAGED BY UNSCRUPULOUS AGENTS WHO STAND TO BENEFIT
FROM SALES COMMISSIONS ON THE REPLACEMENT POLICY IT IS CALLED CHURNING
CHURNING WAS AT THE CENTER OF A RECENT PENNSYLVANIA INVESTIGATION INTO SALES
PRACTICES OF METROPOLITAN LIFE INSURANCE CO EARLIER THIS MONTH THAT
COMPANY SETTLED THE ALLEGATIONS BY PAYING A 15 MILLION FINE TO THE STATE
AND BY MAKING AMENDS TO POLICYHOLDERS

BECAUSE OF THE EXPENSES REPLACEMENT RARELY MAKES SENSE IN THE EARLY YEARS
THIS APPROACH WOULD HELP THE REPLACEMENT MESS MR HUNT SAID THE
POLICYHOLDERS WOULD SEE LOW RETURN ON THE NEW POLICY AND RETURNS ON
EXISTING POLICIES ARE EXCELLENT

THE CALIFORNIA PROPOSAL USES WHAT IS CALLED THE YIELD COMPARISON INDEX THE
INDEX SHOWS HOW MUCH THE POLICY EARNS ON AN ANNUAL BASIS OVER TIME AFTER
SUBTRACTING THE COSTS OF THE DEATH BENEFIT FOR INSTANCE SUPPOSE A CONSUMER
BOUGHT A TERMLIFE INSURANCE POLICY WHICH OFFERS NO INVESTMENT FEATURE AND
IS LESS EXPENSIVE THAN CASHVALUE INSURANCE AND INVESTED THE DIFFERENCE
THE RETURN EARNED ON THE DIFFERENCE WOULD BE THE RATE OF RETURN THAT
INSURERS IN CALIFORNIA WOULD HAVE TO DISCLOSE 9403250158 940325 WHO'S
NEWS CROWN AMERICAN REALTY TRUST

CROWN AMERICAN REALTY TRUST JOHNSTOWN PA TOM STEPHENSON 52 YEARS
OLD WAS NAMED EXECUTIVE VICE PRESIDENT OF ASSET MANAGEMENT OF THIS
REALESTATE INVESTMENT TRUST MR STEPHENSON PREVIOUSLY SENIOR VICE
PRESIDENT OF OPERATIONS AT HAHN CO SUCCEEDS FRANK LAZORCHAK 46 WHO
RESIGNED AT THE END OF 1993 9403250157 940325 WHO'S NEWS TEREX CORP

TEREX CORP WESTPORT CONN RICHARD E CLEMENS 44 YEARS OLD WAS NAMED
PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE CLARK MATERIAL HANDLING CO
UNIT OF THIS EQUIPMENT MAKER FOR THE MINING CONSTRUCTION AND LOGGING
INDUSTRIES TEREX PRESIDENT RONALD M DEFEO 41 PREVIOUSLY HELD THESE
POSITIONS ON A TEMPORARY BASIS MR CLEMENS MOST RECENTLY WAS PRESIDENT OF
HARSCO CORP'S BMY DIVISION 9403250156 940325 GE UNIT BEGINS PROXY
BATTLE AGAINST KEMPER  GE CAPITAL SEEKS TO REPLACE FOUR DIRECTORS
IN BID TO ACQUIRE COMPANY  BY STEVEN LIPIN STAFF REPORTER OF THE
WALL STREET JOURNAL

GE CAPITAL CORP LAUNCHED A PROXY BATTLE AGAINST KEMPER CORP SEEKING TO
REPLACE FOUR KEMPER DIRECTORS AND PRESSURE THE COMPANY TO ACCEPT A 22
BILLION TAKEOVER BID

ACCORDING TO THE PROXY STATEMENT FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION THE GENERAL ELECTRIC CO FINANCE UNIT WILL NOMINATE FOUR RETIRED
GE OR GE CAPITAL EXECUTIVES TO REPLACE THE KEMPER DIRECTORS UP FOR
REELECTION AT THE COMPANY'S MAY 11 ANNUAL MEETING AMONG THE FOUR DIRECTORS
UP FOR REELECTION ON THE 13MEMBER BOARD IS KEMPER CHAIRMAN DAVID MATHIS
THE GE NOMINEES' GOAL IF ELECTED IS TO PUSH FOR THE SALE OF KEMPER FOR AT
LEAST 55 PER SHARE IN CASH THE PROXY FILING SAID

GE CAPITAL'S MOVE PUTS KEMPER'S FATE IN THE HANDS OF ITS SHAREHOLDERS MANY
OF WHOM HAVE ALREADY INDICATED THAT THEY BELIEVE THE COMPANY SHOULD BE SOLD
ALBEIT AT A HIGHER PRICE AS A RESULT KEMPER FACES AN UPHILL BATTLE TRYING
TO CONVINCE HOLDERS THAT THE COMPANY IS BETTER OFF REMAINING INDEPENDENT
SEVERAL BIG KEMPER SHAREHOLDERS SAID

GE CAPITAL DISCLOSED ITS UNSOLICITED OFFER LAST WEEK ONLY THE SECOND TIME
IN GE'S HISTORY THAT IT HAS MADE UNFRIENDLY OVERTURES FOR A COMPANY IT
ACQUIRED RORER CORP IN A HOSTILE TAKEOVER IN 1988 KEMPER'S BOARD QUICKLY
REJECTED GE'S BID CALLING IT A LOWBALL PROPOSAL THAT WAS AIMED AT
STEALING THE COMPANY MR MATHIS WROTE TO GE CHAIRMAN JOHN WELCH THAT
WHEN MOST PEOPLE THOUGHT OF CORPORATE RAIDERS GENERAL ELECTRIC DID NOT
COME TO MIND HE TOLD MR WELCH TO ATTEND YOUR OWN BUSINESS

THOUGH A PROXY FIGHT IS CLEARLY UNFRIENDLY GE CAPITAL IS RELUCTANT TO
ACTUALLY LAUNCH A HOSTILE TENDER OFFER FOR KEMPER'S SHARES GE ALSO HAS
RULED OUT A HIGHER OFFER FOR NOW BECAUSE NO RIVAL BIDDER HAS APPEARED AND GE
CAPITAL SEES LITTLE REASON TO BID AGAINST ITSELF PEOPLE CLOSE TO THE
COMPANY SAID

GE DISCLOSED IN THE PROXY HOWEVER THAT ALTHOUGH IT DOESN'T PLAN TO CHANGE
THE TERMS OF ITS PROPOSAL IT COULD OFFER SHAREHOLDERS STOCK IN GE A PERSON
CLOSE TO GE SAID THE COMPANY WOULD CONSIDER CHANGING THE TERMS ONLY IF
REQUESTED BY KEMPER MANAGEMENT

GE'S PROXY FILING WAS EXPECTED THOUGH THE COMPANY DIDN'T ANNOUNCE THE MOVE
UNTIL AFTER THE MARKETS HAD CLOSED KEMPER SHARES ROSE 875 CENTS TO 6175
IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING IN A DAY WHERE THE BROADER
MARKET WAS DOWN SHARPLY KEMPER SHARES HAVE SOARED 50 SINCE GE CAPITAL
ANNOUNCED ITS BID LAST WEEK

GE CAPITAL A FINANCIALSERVICES COMPANY BASED IN STAMFORD CONN IS
SEEKING KEMPER TO EXPAND ITS PRESENCE IN PERSONAL FINANCIAL SERVICES KEMPER
IS A MONEY MANAGEMENT MUTUAL FUND AND INSURANCE COMPANY BASED IN LONG
GROVE ILL

THE PROXY FILING CAME AS KEMPER BEGAN CALLING ITS BIG INSTITUTIONAL
SHAREHOLDERS TO LOBBY AGAINST GE CAPITAL'S BID ACCORDING TO ONE LARGE
SHAREHOLDER KEMPER WHICH HAS BEEN UNDER PRESSURE FROM STOCKHOLDERS TO
BEGAN DISCUSSIONS WITH GE CAPITAL GAVE NO INDICATION OF WHAT IT WOULD DO TO
COUNTER GE'S PROPOSAL LAST NIGHT KEMPER SAID IT WOULD RESPOND TO THE PROXY
FILING IN DUE COURSE

ONE LARGE SHAREHOLDER CONTACTED BY KEMPER SAID THE COMPANY MAINTAINED THAT
ITS STOCK WOULD STAY AT ABOUT 60 A SHARE EVEN IF GE CAPITAL WITHDREW ITS
BID THE SHAREHOLDER SAID HE DISAGREED WITH THAT CONTENTION AND TOLD KEMPER
IT NEEDED TO COME UP WITH AN ALTERNATIVE FOR INVESTORS

THEY'RE TRYING TO TAKE PEOPLE'S TEMPERATURE TO SEE WHAT KIND OF SUPPORT
THEY HAVE FROM SHAREHOLDERS THIS INVESTOR SAID HE QUOTED A KEMPER
EXECUTIVE AS SAYING WE FEEL YOU SHOULD PUT YOUR TRUST IN THE BOARD

GE CAPITAL'S PROXY SAID THAT KEMPER DIRECTORS HAVE REPEATEDLY REJECTED
GEC'S ACQUISITION PROPOSALS BUT HAVE NOT PRESENTED YOU WITH ANY ALTERNATIVE
OTHER THAN KEMPER REMAINING INDEPENDENT

INVESTORS WILL BE RECEIVING THE PROPOSAL ONCE GE OBTAINS A LIST OF
SHAREHOLDERS FROM KEMPER AND GETS CLEARANCE FROM THE SEC WHICH CAN TAKE AS
MANY AS 10 DAYS KEMPER SAID IT WOULD PROVIDE THE SHAREHOLDER LIST TO GE
WITHIN THE LEGALLY ESTABLISHED GUIDELINES WHICH WILL LIKELY BE BY MONDAY
GE RECENTLY BOUGHT 100 SHARES OF KEMPER SO THAT IT COULD INITIATE THE PROXY
BATTLE

GREG STEINMETZ CONTRIBUTED TO THIS ARTICLE 9403250155 940325 TECHNOLOGY
 MEDIA VISION STOCK PLUMMETS AS FIRM SEES 1STPERIOD LOSS  BY
JIM CARLTON STAFF REPORTER OF THE WALL STREET JOURNAL

SHARES OF MEDIA VISION TECHNOLOGY INC A ONCEHIGHFLYING MAKER OF VIDEO AND
SOUND ACCESSORIES FOR COMPUTERS FELL 488 AFTER THE COMPANY SAID IT
EXPECTS TO POST A SUBSTANTIAL LOSS FOR THE FIRST QUARTER

THE LOSS WILL STEM PARTLY FROM REDUCING PRICES ON CERTAIN OF ITS RETAIL
PRODUCTS IN RESPONSE TO AGGRESSIVE PRICECUTTING BY THE COMPETITION

THE FREMONT CALIF COMPANY ALSO SAID SHIPMENT OF ONE OF ITS NEW MULTIMEDIA
PRODUCTS WOULD BE DELAYED INTO THE SECOND QUARTER RESULTING IN A
SIGNIFICANT DROP IN REVENUE FOR THE FIRST QUARTER

THE COMPANY WOULD NOT COMMENT BEYOND A TERSE NEWS RELEASE WHICH PROVIDED NO
DETAILS ON WHICH PRODUCTS WERE INVOLVED IN THE PRICE CUTS OR SHIPMENT DELAY
PAUL JAIN PRESIDENT AND CHIEF EXECUTIVE OFFICER WAS NOT AVAILABLE FOR
COMMENT

THE SLIDE TO 11 A SHARE DOWN 1050 NASDAQ STOCK MARKET TRADING CAME
AFTER MEDIA VISION SHARES HAD ALREADY TUMBLED PRECIPITOUSLY IN RECENT WEEKS
FOLLOWING THE RELEASE OF FOURTHQUARTER RESULTS SHOWING A GROWING BACKLOG OF
UNSOLD PRODUCTS THE ONETIME WALL STREET DARLING HAD SEEN ITS SHARE VALUE
ROCKET TO A DECEMBER HIGH OF 4375 FROM 2025 WHEN IT FIRST WENT PUBLIC IN
1992 FROM ITS ZENITH MEDIA VISION HAS LOST ABOUT 500 MILLION IN MARKET
CAPITALIZATION

AS A RESULT A NUMBER OF STOCK ANALYSTS ARE CHOPPING THEIR RATINGS FOR MEDIA
VISION COWEN & CO DOWNGRADED ITS RECOMMENDATION TO HOLD FROM BUY
ACCORDING TO A CONTACT AT THE FIRM LEHMAN BROTHERS REDUCED TO NEUTRAL
FROM BUY ITS RECOMMENDATION FOR THE STOCK A MARKET SOURCE SAID ANALYSTS
AT BOTH FIRMS COULDN'T BE REACHED FOR COMMENT

UNTIL THIS QUARTER MEDIA VISION'S GROWTH HAD BURGEONED IN CONJUNCTION WITH
THE RAPIDLY GROWING MARKET FOR PERSONAL COMPUTERS OUTFITTED WITH NEW
MULTIMEDIA CAPABILITIES FOR VIDEO MOTION AND SOUND A PROVIDER OF
MULTIMEDIA SOUND CARDS AS WELL AS MULTIMEDIA UPGRADE KITS AND VIDEO GAMES
MEDIA VISION POSTED 1993 NET INCOME OF 20 MILLION OR 140 A SHARE ON
REVENUE OF 241 MILLION COMPARED WITH 1992 PROFIT OF ABOUT 1 MILLION OR
SIX CENTS A SHARE ON 69 MILLION IN REVENUE

DESPITE MEDIA VISION'S CONTINUED STRONG PERFORMANCE IN THE FOURTH QUARTER
WHEN PROFIT SURGED MORE THAN FOURFOLD TO 9 MILLION FROM THE YEAREARLIER
PERIOD ANALYSTS EXPRESSED ALARM LAST MONTH AT A JUMP IN UNSOLD INVENTORY
TO 809 MILLION FROM 221 MILLION THE COMPANY'S STOCK DROPPED BY 7625
OR 82 TO 3525 ON FEB 18 THE DAY AFTER THE RESULTS WERE RELEASED
9403250154 940325 US TREASURY FED CREATE FACILITY TO SUPPORT PESO 
 BY THOMAS T VOGEL JR STAFF REPORTER OF THE WALL STREET JOURNAL

THE US TREASURY DEPARTMENT AND THE FEDERAL RESERVE YESTERDAY ANNOUNCED
THEY HAD JOINTLY ESTABLISHED A 6 BILLION SWAP FACILITY WITH THE MEXICAN
GOVERNMENT GIVING MEXICO THE WHEREWITHAL TO SUPPORT THE PESO WHEN ITS
CURRENCY MARKETS REOPEN TODAY 

MEXICAN FINANCIAL INSTITUTIONS WERE CLOSED FOR A DAY FOLLOWING THE WEDNESDAY
NIGHT ASSASSINATION OF THE COUNTRY'S LEADING PRESIDENTIAL CANDIDATE LUIS
DONALDO COLOSIO

THIS AGREEMENT DEMONSTRATES CONTINUED STRONG SUPPORT FOR MEXICO'S ECONOMIC
POLICIES SAID TREASURY SECRETARY LLOYD BENTSEN AND FED CHAIRMAN ALAN
GREENSPAN IN A JOINT STATEMENT

MEXICO'S CURRENCY HARDLY MOVED AT ALL YESTERDAY BECAUSE BANKS IN MEXICO
WERE CLOSED AND BECAUSE THE PESO ISN'T WIDELY TRADED INTERNATIONALLY

CURRENCY EXPERTS SAID THEY WEREN'T WORRIED ABOUT A RUN ON THE PESO UNLIKE
THE CURRENCIES OF MANY INDUSTRIALIZED NATIONS IT'S DIFFICULT TO SHORT THE
PESO OR BET IT WILL DROP AS HEDGE FUNDS DID WITH EUROPEAN CURRENCIES
LAST YEAR BECAUSE MANY OF INSTRUMENTS USED FOR SUCH AN OPERATION DON'T
EXIST IN MEXICO

ONE WAY A RUN COULD START IS IF MANY HOLDERS OF MEXICAN TREASURY BILLS
DECIDED TO SELL AT ONCE THE ASSASSINATION OF MR COLOSIO WHILE TRAUMATIC
ISN'T ENOUGH TO CONVINCE THESE INVESTORS THAT MEXICO'S ECONOMIC REFORMS WILL
BE THROWN OFF TRACK ACCORDING TO ONE CURRENCY EXPERT

THOUGH OPTIMISTIC ABOUT MEXICO'S ECONOMIC FUTURE FUND MANAGERS WOULD HAVE
TO SELL ASSETS IF THERE WERE A RUSH OF REDEMPTION ORDERS FROM INVESTORS
SPOOKED BY THE ASSASSINATION ACCORDING TO ANOTHER CURRENCY EXPERT IF THERE
IS A RUSH OF REDEMPTION ORDERS DEVELOPINGNATION FUND MANAGERS WOULD MOVE
TO SELL THE MOST LIQUID ASSETS THEY HOLD AND MEXICAN TREASURY BILLS WOULD
TOP THE LIST 9403250153 940325 INTERNATIONAL PAPER TO SHUT MILL

PURCHASE NY INTERNATIONAL PAPER CO SAID IT WOULD SHUT DOWN A PRINTING
AND WRITING PAPER MILL IN OSWEGO NY ON APRIL 4 BECAUSE OF WEAK MARKET
CONDITIONS

THE PAPER COMPANY ADDED THAT IT IS CURTAILING PRINTING AND WRITING GRADE
PAPER CAPACITY AT SEVERAL OTHER MILLS THE COMPANY SAID INDUSTRY
OVERCAPACITY CONTINUES TO CONTRIBUTE TO POOR MARKET CONDITIONS 9403250152
940325 CORPORATE FOCUS STAID EDS CUTS LOOSE WITH INTERACTIVE MULTIMEDIA
PUSH  GM UNIT'S STRATEGY SHIFT INVOLVES DIVERSE VENTURES TIED TO
DATA HIGHWAY  BY KYLE POPE STAFF REPORTER OF THE WALL STREET
JOURNAL

DALLAS AFTER TOILING FOR DECADES IN THE GLASSEDIN COMPUTER ROOMS OF
CORPORATE AMERICA BUTTONEDDOWN ELECTRONIC DATA SYSTEMS CORP IS CUTTING
LOOSE

IN RECENT MONTHS THE DALLASBASED UNIT OF GENERAL MOTORS CORP ONCE SO
CONSERVATIVE THAT IT BANNED BLUE SHIRTS AND BEARDS HAS EMBARKED ON SOME
DISTINCTLY UNEDSLIKE PROJECTS A HOMESHOPPING BUSINESS WITH APPLE
COMPUTER INC A HOTELMOVIE VENTURE WITH SPECTRADYNE INC AND A GAMBLING
VENTURE WITH VIDEO LOTTERY TECHNOLOGIES INC

THE HOPE SAY THE EXECUTIVES SPEARHEADING THE NEW WORK IS THAT THE COMPANY
FOUNDED BY ROSS PEROT CAN BE AS SUCCESSFUL LINKING UP TO THE MUCHDISCUSSED
INFORMATION SUPERHIGHWAY AS IT HAS BEEN RUNNING DATA CENTERS AND COMPUTER
NETWORKS FOR MANY OF THE WORLD'S BIGGEST COMPANIES WE ARE UNDERGOING A
BASIC STRATEGY SHIFT SAYS JOHN R HARRIS A 20YEAR EDS VETERAN
COORDINATING WHAT THE COMPANY IS CALLING ITS INTERACTIVE MULTIMEDIA PUSH

WILLIAM D RABIN A FORMER EDS EMPLOYEE WHO NOW FOLLOWS THE COMPANY AS AN
ANALYST FOR JP MORGAN SECURITIES INC IN NEW YORK SAYS THE COMPANY LIKE
MANY OF ITS PEERS IS ANGLING FOR THE NEW BUSINESS OUT OF FEAR THAT IT COULD
MISS SOMETHING BIG ONCE THE INFORMATION HIGHWAY FINALLY DEVELOPS THEY'RE
PUTTING A LOT OF FINGERS INTO A LOT OF DIFFERENT PIES MR RABIN SAYS EDS
DOES NOT WANT TO BE LEFT OUT

HOWEVER GIVEN THE STRONG CONSERVATIVE BENT THAT REMAINS AT EDS MR RABIN
SAYS HE'S CONVINCED THE COMPANY WOULDN'T BE CUTTING THESE DEALS IF IT DIDN'T
BELIEVE THE BUSINESS WAS GOING TO BLOSSOM I DON'T THINK THIS IS GOING TO
BE A SIDELIGHT HE SAYS IF IT WERE THEY WOULDN'T BE INTERESTED

THE NEW DIRECTION ISN'T THE RESULT OF A FALTERING CORE BUSINESS EDS REMAINS
THE INDUSTRY LEADER IN COMPUTER OUTSOURCING IN WHICH COMPANIES CUT COSTS
BY TURNING OVER THEIR DATAPROCESSING OPERATIONS TO OUTSIDE EXPERTS AND
THAT BUSINESS IS ONE OF THE FASTESTGROWING AND MOST PROFITABLE NICHES OF
THE INFORMATION TECHNOLOGY GAME EARLIER THIS WEEK EDS LANDED THE LARGEST
OUTSOURCING CONTRACT EVER AN ESTIMATED 3 BILLION DEAL TO RUN XEROX
CORP'S COMPUTER SYSTEMS FOR THE NEXT EIGHT TO 10 YEARS

THANKS PRIMARILY TO THE COMPANY'S OUTSOURCING WORK ANALYSTS EXPECT EDS TO
REPORT RECORD SALES OF ABOUT 95 BILLION THIS YEAR AND NET INCOME OF 8399
MILLION A 16 JUMP OVER THE 724 MILLION REPORTED FOR 1993

THIS YEAR'S EXPECTED STRONG SHOWING FOLLOWS A SLOWDOWN LAST FALL WHEN
ANALYSTS BEGAN TO GRUMBLE ABOUT A SHORTAGE OF NEW CONTRACTS AND EDS
EXECUTIVES WERE FRETTING INTERNALLY ABOUT THE COMPANY'S INABILITY TO STRIKE
AN ALLIANCE WITH A TELECOMMUNICATIONSINDUSTRY PARTNER

EDS HAS BEEN WINNING CONTRACTS LEFT AND RIGHT SAYS SUSAN SRUPSKI EDITOR
OF THE INTEGRATOR AN INDUSTRY NEWSLETTER IN BARNEGAT NJ THEY'RE ON A
ROLL

MANY OF THESE NEW CONTRACTS HAVE BEEN COMING OUT OF MR HARRIS'S OPERATION
RUN FROM A WING OF THE COMPANY'S BUNKERSTYLE HEADQUARTERS IN A SUBURB NORTH
OF DALLAS EMPLOYMENT AT THE UNIT CALLED THE EDS COMMUNICATIONS INDUSTRY
GROUP HAS INCREASED TENFOLD IN THE PAST FOUR YEARS TO ABOUT 4000 PEOPLE
ANALYSTS ESTIMATE THE GROUP THIS YEAR WILL GENERATE SALES OF ABOUT 500
MILLION

ACCORDING TO MR HARRIS WHO EARNED HIS STRIPES AT EDS BY LEADING THE
COMPANY'S PUSH INTO EUROPE THE COMPANY IS INTERESTED IN EVERY FACET OF THE
DIGITAL HIGHWAY FROM THE TELECOMMUNICATIONS AND SATELLITE BYWAYS TO
HANDLING THE CONTENT THAT WILL PIQUE PEOPLE'S INTEREST WE WOULD NOT BE
LOOKING TO OWN FILM LIBRARIES AND WE'RE NOT INTERESTED IN OWNING THE PIPES
IN THE GROUND HE SAYS BUT ANYWHERE IN BETWEEN YOU COULD SEE US
PLAYING

TYPICAL IS EDS'S CONTRACT WITH SPECTRADYNE THE RICHARDSON TEXAS PROVIDER
OF SPECTRAVISION INROOM MOVIES UNDER A DEAL REACHED BY THE TWO COMPANIES
IN NOVEMBER EDS WILL HELP CONVERT THE COMPANY'S CURRENT SYSTEM WHICH
USES ROBOTICS AT EACH HOTEL TO INSERT TAPES INTO VIDEO PLAYERSINTO A
DIGITAL VIDEO SERVER THAT WILL STORE INFORMATION PULLED OFF A SATELLITE
ONCE THE SYSTEM IS IN PLACE IN THE HOTELS EDS ENVISIONS BROADENING THE
APPLICATIONS TO INCLUDE CORPORATE TRAINING OR SALES PROGRAMS THAT COULD BE
PLAYED IN HOTEL MEETING ROOMS

AND MR HARRIS NOTES IT'S NOT MUCH OF A LEAP TO GO FROM VIDEO SERVERS FOR
HOTEL ROOMS TO MOVIES OR EDUCATIONAL PROGRAMS AT HOME HOWEVER NO SPECIFIC
HOMEVIDEO PLAN IS NOW IN THE WORKS

EVEN MORE TO THE POINT IS A PROJECT CALLED INTERACTIVE TRANSACTION PARTNERS
A VENTURE BETWEEN EDS U S WEST AND FRANCE TELECOM THAT PROMISES INTERACTIVE
HOME BANKING UNDER THE PLAN CUSTOMERS WILL BE ABLE TO PAY BILLS WITHDRAW
MONEY EVEN MOVE MONEY BETWEEN INVESTMENT FUNDS THROUGH A HOME TELEPHONE OR
PERSONAL COMPUTER A SEPARATE EDS CONTRACT WITH USTRAVEL OF ROCKVILLE MD
IS LOOKING AT THE POSSIBILITY OF AUTOMATEDTELLERSTYLE MACHINES FROM WHICH
PEOPLE COULD BUY AIRLINE TICKETS OR A SEAT AT A BROADWAY SHOW SAYS RALPH
MANAKER USTRAVEL'S PRESIDENT

THE AGREEMENT WITH VIDEO LOTTERY MEANTIME CENTERS ON ONLINE AND VIDEO
GAMBLING EDS HAS VOWED TO HELP THE COMPANY TO DEVELOP FUTURE PRODUCTS AND
SERVICE ENHANCEMENTS

EDS'S DEAL WITH APPLE PROMISES A CDROM HOMESHOPPING SERVICE FEATURING 21
CATALOGS FROM MANUFACTURERS SUCH AS LL BEAN AND TIFFANY & CO CUSTOMERS
CAN BROWSE THROUGH THE CATALOGS INTERACT BY TAPPING INTO PICTURES AND
VIDEOS THEN ORDER WHAT THEY WANT THROUGH A SINGLE PHONE CALL

MR HARRIS CONCEDES THAT EDS IS ALL OVER THE MAP WITH THESE NEW VENTURES
YOU'RE GOING TO SEE US EXPERIMENT FAIRLY BROADLY HE SAYS WE'RE ALL
SEARCHING FOR THE RIGHT NICHES THIS IS A NEW MARKET

MR HARRIS SAYS HE'S CONVINCED MOST COMPANIES ARE STILL FAIRLY CLUELESS
ABOUT HOW THEY WILL PLUG INTO THE HIGHWAY EDS'S JOB HE SAYS IS TO GIVE
THEM THE TOOLS TO HELP NAVIGATE THE NETWORK AND USE THE INFORMATION THEY
FIND TO IMPROVE THEIR BUSINESS

THE CHALLENGE FOR THE COMPANY ANALYSTS SAY IS GOING TO BE EXPANDING ITS
REACH WITHOUT MOVING INTO AREAS THAT COULD FORCE IT TO STUMBLE AND HOW DOES
EDS PROTECT ITSELF AGAINST NEW COMPETITION OR DWINDLING RETURNS IN
BUSINESSES THAT ARE STILL LARGELY UNTESTED

IN MOST CASES THE RISK IS ASSUMED BY EDS'S CUSTOMERS THE COMPUTERSERVICES
CONCERN ACTS LARGELY AS A SUBCONTRACTOR AND USUALLY LOCKS IN GUARANTEED
MULTIYEAR DEALS TO PROTECT IT FROM HICCUPS

AS TO EDS'S EXPERTISE IN MANY OF THE NEW AREAS MR HARRIS NOTES THAT BOTH
CORPORATE COMPUTER WORK AND INTERACTIVE SERVICES INVOLVE LOTS OF DIGITAL
TRANSACTIONS AS WELL AS EXTENSIVE NETWORKING BETWEEN HOST AND CLIENT
COMPUTERS

WHAT YOU'RE TALKING ABOUT IS A DIGITAL WORLD AND WE KNOW DATA MR HARRIS
SAYS WE UNDERSTAND TECHNOLOGY AS WELL OR BETTER THAN ANYBODY
9403250151 940325 CHEMTRAK WIDENS DISTRIBUTION

SUNNYVALE CALIF CHEMTRAK INC WHICH SAYS IT IS THE ONLY MAKER OF A
HOME CHOLESTEROL TEST SIGNED AGREEMENTS WITH TWO CLOSELY HELD COMPANIES TO
WIDEN ITS DISTRIBUTION ALLSCRIPS PHARMACEUTICALS INC OF VERNON HILLS
ILL WILL DISTRIBUTE THE PRODUCT TO DOCTORS SUBURBAN OSTOMY CO INC OF
HOLLISTON MASS IS A WHOLESALER WITH FIVE DISTRIBUTION CENTERS NATIONWIDE
AND WILL SUPPLY THE TESTS TO THE HOME HEALTH MARKET 9403250150 940325
BUSINESS BRIEF AMGEN INC JUDGE REJECTS SUIT CHARGING VIOLATIONS OF
SECURITIES LAWS

A FEDERAL COURT JUDGE IN LOS ANGELES DISMISSED A LAWSUIT AGAINST AMGEN INC
THAT ACCUSED THE BIOTECHNOLOGY CONCERN AND TWO OF ITS OFFICERS OF VARIOUS
SECURITIESLAW VIOLATIONS

PLAINTIFFS FILED NINE SEPARATE LAWSUITS AGAINST AMGEN AFTER THE COMPANY IN
FEBRUARY 1993 DISCLOSED AN EXPECTED EARNINGS DISAPPOINTMENT TRIGGERING A
SHARP DROP IN ITS STOCK PRICE THE SUITS WHICH ACCUSED AMGEN OF MISLEADING
INVESTORS ABOUT ITS PROSPECTS WERE LATER CONSOLIDATED

THE JUDGE DISMISSED THE CASE AFTER THE PLAINTIFFS' LAWYERS DECIDED THAT IT
WAS NOT APPROPRIATE TO PURSUE THE CASE AMGEN SAID

THE DISMISSAL CONFIRMS THE POSITION THAT WE HAVE TAKEN FROM THE BEGINNING
 THAT THE CASE HAD NO MERIT SAID THOMAS E WORKMAN JR AMGEN GENERAL
COUNSEL 9403250149 940325 WHIRLPOOL RAISES VENTURE STAKE

BENTON HARBOR MICH WHIRLPOOL CORP SAID IT RAISED TO 72 FROM 49 ITS
STAKE IN WHIRLPOOL TATRAMAT ITS POPRAD SLOVAKIA JOINTVENTURE WITH
TATRAMAT AS

WHIRLPOOL TATRAMAT MAKES AND SELLS WASHING MACHINES AND MARKETS OTHER MAJOR
HOME APPLIANCES IN THE CZECH AND SLOVAK REPUBLICS THE JOINT VENTURE WAS
FORMED IN NOVEMBER 1991 AND WAS WHIRLPOOL'S FIRST SIGNIFICANT INDUSTRIAL
MOVE INTO CENTRAL EUROPE IT SAID

THE MAJORITY STAKE THE COMPANY SAID WILL ENABLE IT TO PLAY A GREATER ROLE
IN DEVELOPING AND SUPPLYING ITS MARKETS IN CENTRAL AND EASTERN EUROPE
WHIRLPOOL A HOMEAPPLIANCE MAKER ADDED THAT THE INCREASED INVESTMENT WILL
ALLOW IT TO CONSIDER EXPANDING ITS MANUFACTURING BASE INTO OTHER PRODUCTS
AND TO ENHANCE ITS PRESENCE IN EASTERN AND CENTRAL EUROPE 9403250148
940325 TIMES MIRROR BUYS MEDIA FIRM

LOS ANGELES TIMES MIRROR CO ACQUIRED EHRLICH MULTIMEDIA A PARK RIDGE
NJ DEVELOPER OF CUSTOMDESIGNED MULTIMEDIA SOFTWARE

TERMS WERE NOT DISCLOSED

IN A STATEMENT TIMES MIRROR SAID THE TRANSACTION IS THE LATEST IN A SERIES
OF DEALS TO EXTEND ITS EDITORIAL PRODUCT INTO DIGITAL MEDIA 9403250147
940325 SPI PHARMACEUTICALS GETS STAKE IN RUSSIAN CONCERN

COSTA MESA CALIF SPI PHARMACEUTICALS INC SAID IT ISSUED 30000 OF ITS
SHARES TO THE CITY OF ST PETERSBURG FOR A 15 STAKE IN ONE OF RUSSIA'S
OLDEST AND LARGEST DRUG COMPANIES

THE COMPANY LENINGRAD INDUSTRIAL CHEMICAL & PHARMACEUTICAL ASSOCIATION
OKTYABR FORMED A JOINT VENTURE WITH SPI LAST YEAR TO BUILD A NEW 40
MILLION PLANT IN ST PETERSBURG

SPI SHARES CLOSED AT 16625 DOWN 25 CENTS IN AMERICAN STOCK EXCHANGE
COMPOSITE TRADING SPI IS 42OWNED BY ICN PHARMACEUTICALS INC

SPI SAID IT ALSO OFFERED TO PURCHASE THE CITY'S REMAINING 33 OKTYABR STAKE
IN EXCHANGE FOR VARIOUS MARKETING TRAINING AND OTHER SERVICES SPI ALSO
OFFERED TO ACQUIRE THE ESTIMATED 40 STAKE OWNED BY OKTYABR'S 2175 WORKERS
IN EXCHANGE FOR UP TO 137000 SPI SHARES SPI HAS ABOUT 18 MILLION SHARES
OUTSTANDING

WHEN THE RUSSIAN COMPANY WAS PRIVATIZED LAST YEAR ITS WORKERS RECEIVED
VOUCHERS EQUAL TO ABOUT A 51 STAKE BUT THAT HAS SINCE FALLEN TO ABOUT 40
BECAUSE SOME WORKERS HAVE SOLD VOUCHERS IN INFORMAL MARKETS SPI SAID
9403250146 940325 LAC TO BUY REFIMET STAKE

TORONTO LAC MINERALS LTD SAID IT PLANS TO PAY 22 MILLION US TO
REFIMET SA FOR A 334 STAKE IN THE CHILEAN COPPER TREATMENT CONCERN

COPPER CONCENTRATES FROM LAC'S EL INDIO MINE IN CHILE ARE TREATED AT
FACILITIES OWNED BY REFIMET LAC SAID THE INVESTMENT WILL SECURE TREATMENT
FACILITIES FOR PLANNED EXPANSIONS AT THE EL INDIO MINE 9403250145 940325
TECHNOLOGY BELL ATLANTIC PLANS LINKUP OF INSTITUTIONS IN DELAWARE

BELL ATLANTIC CORP SAID IT WILL INVEST AT LEAST 250 MILLION OVER FIVE
YEARS TO LINK PUBLIC SCHOOLS MEDICAL FACILITIES AND GOVERNMENT OFFICES IN
DELAWARE USING A SOPHISTICATED FIBEROPTIC NETWORK

THE PHILADELPHIABASED REGIONAL PHONE COMPANY'S ANNOUNCEMENT COMES AT A TIME
WHEN LEGISLATION IS MOVING THROUGH CONGRESS THAT WOULD REQUIRE COMPANIES TO
PROVIDE INEXPENSIVE COMPUTER LINKUPS TO SCHOOLS MEDICAL INSTITUTIONS
LIBRARIES AND SOME PUBLIC BUILDINGS ALTHOUGH SOME TELEPHONE AND CABLE
COMPANIES HAVE BALKED AT PROVIDING SUCH SERVICES FREE A FEW COMPANIES
INCLUDING BELL ATLANTIC HAVE GENERALLY SUPPORTED THE IDEA

IN RETURN FOR CONNECTING VARIOUS INSTITUTIONS DELAWARE HAS GRANTED BELL
ATLANTIC THE RIGHT TO PROVIDE FLEXIBLE AND MORE COMPETITIVE PRICING
FOR CERTAIN TELECOMMUNICATIONS SERVICES LIKE YELLOW PAGES ACCORDING TO A
COMPANY SPOKESMAN BELL ATLANTIC'S EFFORTS ARE PART OF A LARGER PLAN TO
DIVERSIFY AND PROVIDE SIMULTANEOUS VOICE DATA AND VIDEO SERVICES OVER
REGULAR TELEPHONE LINES TO CUSTOMERS IN DELAWARE BY 1996 9403250144
940325 GENERAL ELECTRIC UNIT IN PROJECT

ERIE PA GENERAL ELECTRIC CORP'S GE TRANSPORTATION SYSTEMS UNIT WILL
JOINTLY DEVELOP AND BUILD A NEW DIESEL LOCOMOTIVE ENGINE WITH DEUTZ MWM OF
MANNHEIM GERMANY

IN A STATEMENT THE COMPANY SAID THE 6000 HORSEPOWER GE 7HDL DIESEL ENGINE
IS PART OF A SERIES OF ENGINES THAT WILL BE USED FOR LOCOMOTIVE MARINE AND
INDUSTRIAL APPLICATIONS

A PROTOTYPE ENGINE WILL BE BUILT LATER THIS YEAR AND COMMERCIAL PRODUCTION
IS SCHEDULED FOR 1995 THE COMPANY SAID

DEUTZ MWM IS A UNIT OF KLOCKNERHUMBOLDTDEUTZ AG OF COLOGNE GERMANY
9403250143 940325 INTERNATIONAL JAPANESE AUTO GROUP TO SEEK
COOPERATION WITH US EXECUTIVES  SPECIAL TO THE WALL STREET
JOURNAL

TOKYO JAPAN'S MAJOR AUTO MAKER GROUP SAID IT WILL SEEK MORE COOPERATION
WITH FOREIGN AUTO AND AUTO PARTS MAKERS IN AN EFFORT TO EASE TRADE FRICTIONS
WITH THE US AND OTHER COUNTRIES

THE JAPAN AUTOMOBILE MANUFACTURERS ASSOCIATION SAID IT WILL CALL ON ITS US
COUNTERPART TO REOPEN MEETINGS BETWEEN THE TWO GROUPS THE LAST MEETING
BETWEEN JAMA AND THE AMERICAN AUTO MANUFACTURERS ASSOCIATION WAS IN 1992

JAMA CHAIRMAN YUTAKA KUME WHO IS ALSO CHAIRMAN OF NISSAN MOTOR CO SAID
LAST WEEK JAMA WILL ANNOUNCE ITS OWN PLANS TO HELP REDUCE THE INDUSTRY'S
TRADE SURPLUS WITH ITS TRADING PARTNERS HE SAID THE PLAN WOULD BE ANNOUNCED
BEFORE INDIVIDUAL AUTO COMPANIES START RELEASING THEIR FOREIGN AUTO PARTS
PURCHASE PLANS WHICH ARE EXPECTED BY THE END OF MARCH

IN ADDITION TO THE TALKS WITH ITS US COUNTERPART JAMA ALSO PROPOSED
HOLDING REGULAR MEETINGS BETWEEN JAPANESE AND EUROPEAN AUTO EXECUTIVES

THE AUTO AND AUTO PARTS SECTOR IS A MAJOR STUMBLING BLOCK IN FRAMEWORK
NEGOTIATIONS BETWEEN THE US AND JAPAN WHICH HAVE BEEN SUSPENDED SINCE
LAST MONTH DUE TO DISCORD OVER SETTING OF NUMERICAL TARGETS TO MEASURE THE
IMPROVEMENT IN THE BILATERAL TRADE IMBALANCE

THE JAPANESE GOVERNMENT IS SCHEDULED TO RELEASE A PACKAGE OF VOLUNTARY
MARKETOPENING MEASURES NEXT TUESDAY HOPING IT WILL PAVE THE WAY FOR THE
RESUMPTION OF THE STALLED TRADE TALKS

AS PART OF ITS VOLUNTARY MEASURES JAMA ALSO PLANS TO BROADEN THE
PARTICIPATION OF NEW AUTO PARTS SUPPLIERS IN BUSINESS MEETINGS WHERE JAMA
MEMBERS AND US PARTS MAKERS WORK TOGETHER TO EXPAND BUSINESS THE INDUSTRY
GROUP WILL ALSO SEEK TO INCREASE THE NUMBER OF SEMINARS AND OTHER EVENTS
WITH AUTO MAKERS FROM EUROPE CANADA AUSTRALIA AND ASIA 9403250142
940325 INTERNATIONAL YELTSIN'S OUT OF SIGHT BUT STILL IN THE MINDS OF
CREATIVE RUSSIANS  COUNTRY'S RUMOR MILL GRINDS ON THE PRESIDENT'S
HEALTH AS HE VANISHES' TO RESORT  BY ADI IGNATIUS STAFF
REPORTER OF THE WALL STREET JOURNAL

MOSCOW BORIS YELTSIN SHOULD KNOW BETTER THAN TO TAKE VACATIONS

THE LAST TIME HE TOOK A BREAK IN THE SUMMER OF 1993 RUMORS FIRST BEGAN TO
SURFACE THAT HE HAD A LIFETHREATENING LIVER CONDITION HIS FRAILTY WAS
FORGOTTEN BY OCTOBER OF COURSE WHEN THE PRESIDENT SENT TANKS AND TROOPS TO
STORM PARLIAMENT INTO SUBMISSION

NOW THAT MR YELTSIN IS AWAY FROM MOSCOW AGAIN THE RUMOR CIRCUIT IS WORKING
OVERTIME

THIS WEEK ALONE MR YELTSIN HAS BEEN REPORTED TO BE THE VICTIM OF A COUP
PLOT PREPARING TO RESIGN AND DYING FROM HIS NOW RAPIDLY WORSENING LIVER
CONDITION

UNBECOMING A MAN SAID TO BE ON HIS DEATH BED MR YELTSIN WHO IS STILL ON A
WORKING VACATION IN THE BLACK SEA RESORT OF SOCHI ANNOUNCED PLANS TO
TRAVEL IN THE COMING MONTHS TO SPAIN AND GERMANY HE OBVIOUSLY HASN'T HEARD
THE RUMORS

WE'RE STILL MAKING LONGTERM PLANS GEORGI SATAROV ONE OF MR YELTSIN'S
CLOSEST ADVISERS SAYS WITH A PLAYFUL SMILE MR SATAROV LAST SAW MR
YELTSIN JUST BEFORE THE PRESIDENT LEFT FOR SOCHI ON MARCH 14 HE SAYS THE
PRESIDENT SEEMED FINE PHYSICALLY THOUGH HE HAS BEEN TIRED IN RECENT WEEKS
FROM EIGHT MONTHS OF WORK WITHOUT A BREAK CHRONIC REPORTS ON THE LIVER WHAT
IS KNOWN FOR SURE ABOUT MR YELTSIN'S HEALTH

VERY LITTLE IT TURNS OUT

MR YELTSIN IS KNOWN TO HAVE BACK PROBLEMS AND HE OFTEN MOVES STIFFLY HIS
OCCASIONAL PUFFINESS IS THOUGHT TO RESULT FROM MEDICATION FOR BACK PAIN THE
PRESIDENT'S OFFICE HAS CONFIRMED THAT HE HAD A CARDIAC CONDITION A FEW YEARS
AGO THAT WAS SERIOUS ENOUGH TO REQUIRE HOSPITALIZATION

MR YELTSIN IS ALSO THOUGHT TO OCCASIONALLY DRINK TOO MUCH THOUGH THERE IS
LITTLE CONCRETE EVIDENCE TO PROVE THAT IT AFFECTS HIS ABILITY TO WORK THE
DRINKING INEVITABLY PROMPTS SPECULATION ABOUT THE STATE OF HIS LIVER
WESTERN AND RUSSIAN DIPLOMATIC SOURCES REPORTEDLY TOLD US TELEVISION
NETWORKS THIS WEEK THAT MR YELTSIN HAS AN ADVANCED CASE OF CIRRHOSIS OF THE
LIVER A LIFETHREATENING DISEASE IT ISN'T CLEAR IF THE DIPLOMATS HAVE
ACCESS TO MR YELTSIN'S MEDICAL RECORDS WHICH THE PRESIDENT DOESN'T MAKE
PUBLIC

THE LAST TIME MR YELTSIN HAD TO FEND OFF RUMORS THAT HE WAS GRAVELY ILL WAS
DURING AN ABORTED HOLIDAY LAST JULY HE RETURNED TO WORK AND MEETING WITH
JOURNALISTS PROCLAIMED HIS FITNESS AND SAID I DON'T KNOW WHERE THESE
RUMORS ARE COMING FROM THAT MY HEALTH IS WANING THE RUMOR THAT TIME AS
WELL WAS LIVER DISEASE

NOW AS THEN MR YELTSIN'S SUPPORTERS ARE DISMISSING THE RUMORS AS
INTENTIONAL DISINFORMATION THAT TRACES ULTIMATELY TO THE PRESIDENT'S
OPPONENTS THAT TOO CAN'T BE PROVEN BUT SURELY THE OPPOSITION WHICH IS
DEMANDING EARLY PRESIDENTIAL ELECTIONS THIS YEAR STANDS TO GAIN FROM
REPORTS THAT MR YELTSIN IS GRAVELY ILL OR FACING AN IMMINENT COUP

I ASSUME ALL OF THIS IS A PROVOCATION SAYS MR SATAROV

RUMORMONGERING IN RUSSIA HAS ALWAYS CARRIED SPECIAL POLITICAL SIGNIFICANCE
IN SOVIET TIMES ALL OFFICIAL INFORMATION WAS SUSPECT SO THE RUMOR CIRCUIT
WAS BELIEVED TO BE THE CLOSEST AVENUE TO THE TRUTH

IN MANY WAYS THAT ATTITUDE STILL PERSISTS FUELED PARTLY BY MR YELTSIN'S
STYLE OF RULING THE PRESIDENT HAS A PENCHANT FOR SECRECY AND AN ALARMING
TENDENCY FOR SUDDEN UNEXPLAINED ABSENCES FROM PUBLIC VIEW THE PRESIDENT'S
INABILITY TO APPEAR ON TELEVISION FROM SOCHI TO REFUTE THE CURRENT RUMORS
ONLY ADDS TO THE SENSE THAT SOMETHING ISN'T RIGHT SAYS MR SATAROV I'VE
GOT TO TALK TO YELTSIN ABOUT HIS PR WHEN HE GETS BACK

IN THE ABSENCE OF RELIABLE NEWS COMMENTATORS HAVE TO READ BETWEEN THE
LINES ABC NEWS NOTED THIS WEEK THAT A RUSSIAN TV REPORT ON THE STATE OF MR
YELTSIN'S HEALTH WHILE SHOWING FOOTAGE OF THE PRESIDENT AT SOCHI ALSO
INCLUDED SOME ARCHIVAL MATERIAL FILMED MONTHS EARLIER HOWEVER OBSERVERS
HERE THINK INCLUSION OF THE OLDER FOOTAGE APPEARS TO HAVE RESULTED FROM
SLOPPY NEWS JUDGMENT AND NOT FROM ANY STATEORCHESTRATED PLOT TO MAKE THE
PRESIDENT LOOK HEALTHIER THAN HE REALLY IS

THE RUMOR MILL HAS BUILT UP MOMENTUM EVER SINCE AN APPARENTLY BOGUS
ANTIYELTSIN COUP SCENARIO BEGAN TO CIRCULATE IN PARLIAMENT AND IN
GOVERNMENT CIRCLES LATE LAST WEEK SEVERAL RUSSIAN JOURNALISTS SAW THE
DOCUMENT AND INITIALLY DISCARDED IT DEEMING IT FAR TOO CLUMSY TO BE TAKEN
SERIOUSLY ONLY WHEN A SMALLCIRCULATION RUSSIAN WEEKLY PUBLISHED THE
DOCUMENT WITH A DISCLAIMER CASTING DOUBT ON ITS AUTHENTICITY DID IT
BLOW UP INTO A POLITICAL ISSUE

I HAD TO SPEND VIRTUALLY A WHOLE DAY TELLING MY GOVERNMENT BACK HOME THAT
THIS WASN'T ANYTHING TO WORRY ABOUT SAYS A WESTERN DIPLOMAT IN MOSCOW

AS THE RUMORS MULTIPLIED AN ASIAN MILITARY ATTACHE PHONED AN AMERICAN
CORRESPONDENT WITH THE LATEST MR YELTSIN HE HAD HEARD HAD BEEN SHOT

DO YOU ACTUALLY BELIEVE THE REPORT THE CORRESPONDENT ASKED

WELL NO THE ATTACHE RESPONDED STILL IN THE CURRENT CLIMATE THE URGE
TO SPREAD THE LATEST GEM IS HARD TO RESIST AND MUCH OF IT GETS INTO PRINT

WHAT IS THIS DOING TO MR YELTSIN'S PUBLIC IMAGE AS USUAL THERE IS
PROBABLY FAR MORE CONCERN ABOUT KREMLIN AFFAIRS INSIDE THE BELTWAY THAN
THERE IS ON THE STREETS OF MOSCOW STILL THERE ARE OPINIONS

YELTSIN'S A CORPSE SAYS A MOSCOW TAXI DRIVER HE QUICKLY CORRECTS
HIMSELF YELTSIN'S A POLITICAL CORPSE HE SAYS 9403250141 940325
OUTCOME OF UKRAINIAN ELECTIONS SUNDAY COULD DETERMINE STATE'S FUTURE
COURSE  BY NATALIA A FEDUSCHAK SPECIAL TO THE WALL STREET JOURNAL

KIEV UKRAINE UKRAINIANS WILL GO TO THE POLLS SUNDAY IN THE COUNTRY'S
FIRST DEMOCRATIC ELECTIONS SINCE VOTING FOR INDEPENDENCE IN 1991 BUT THE
CHOICE VOTERS MAKE THIS TIME MAY DETERMINE IF UKRAINE REMAINS A VIABLE
INDEPENDENT STATE OR IF IT REMAINS SOVEREIGN IN NAME ONLY

THE RESULTS OF THIS CAMPAIGN IS A TELLING SIGN OF WHERE UKRAINE WILL GO IN
THE FUTURE SAYS MYRON WASYLYK EXECUTIVE DIRECTOR OF THE COUNCIL OF
ADVISERS TO THE UKRAINIAN PARLIAMENT THE ELECTIONS WILL TEST THE COUNTRY'S
ABILITY TO REMAIN AN ETHNICALLY TRANQUIL AND REGIONALLY COHESIVE STATE  
THAT IS A STABILIZING FACTOR IN EAST CENTRAL EUROPE OR IF IT MERELY EBBS
BACK INTO THE ARMS OF RUSSIA HE SAYS

THE ELECTION PROCESS SO FAR HAS SHED LITTLE LIGHT IN WHICH DIRECTION UKRAINE
IS HEADED SOME 5833 CANDIDATES REPRESENTING THE EXTREME LEFT TO THE
EXTREME RIGHT ARE VYING FOR 450 SEATS IN THE COUNTRY'S LEGISLATURE BUT NO
POLITICAL PARTY OR BLOCK HAS EMERGED AS THE CLEAR LEADER IN THE ELECTIONS
INSTEAD THE ELECTIONS HAVE BECOME A HODGEPODGE OF CONFLICTING IDEAS AND
OPINIONS BLATANT VIOLATIONS BY A NUMBER OF CANDIDATES HAVE HAMPERED THE
ELECTION PROCESS LEAVING MANY CITIZENS DISGUSTED AND CONFUSED ABOUT WHO
THEY SHOULD VOTE FOR

ADDING TO UKRAINE'S TROUBLES ARE TWO REGIONAL OPINION POLLS ALSO TO BE HELD
ON SUNDAY BOTH POLLS HAVE BEEN DECLARED UNCONSTITUTIONAL BY THE AUTHORITIES
HERE BUT WESTERN AND UKRAINIAN OBSERVERS SAY THE RESULTS WILL BE IMPORTANT
IN DETERMINING THE COUNTRY'S FUTURE

IN THE CRIMEA RESIDENTS OF THE AUTONOMOUS REGION WILL BE ASKED ABOUT THEIR
ATTITUDES TOWARDS DUAL CITIZENSHIP AND THE RELATIONSHIP WITH UKRAINE IN THE
EASTERN UKRAINIAN COALMINING DONETSK REGION VOTERS WILL BE POLLED ON
WHETHER OR NOT THEY FAVOR HAVING TWO STATE LANGUAGES WHETHER OR NOT UKRAINE
SHOULD SIGN ON TO THE ECONOMIC UNION OF THE COMMONWEALTH OF INDEPENDENT
STATES AS A FULL MEMBER UKRAINE HAS ASSOCIATE MEMBER STATUS NOW AND
WHETHER THE COUNTRY SHOULD BE A UNITARY OR FEDERAL STATE

WHAT WE HAVE RIGHT NOW IS A MESS SAYS SERHEI HOLOWATY A PARLIAMENTARIAN
FROM KIEV WHO IS RUNNING FOR REELECTION BUT A LOT DEPENDS ON THESE
ELECTIONS  WILL WE LOSE EVERYTHING OR NOT

UKRAINIAN AND WESTERN ANALYSTS GENERALLY AGREE IF PROREFORMERS LIKE MR
HOLOWATY OR FORMER DEPUTY PRIME MINISTERS VICTOR PYNZENYK AND VOLODYMYR
LANOVIY CONSIDERED TO BE PART OF A CENTERRIGHT UKRAINIA DEMOCRATIC
COALITION HAVE A HEALTHY SHOWING IN THE ELECTIONS AND GAIN AT LEAST 100
SEATS UKRAINE'S TERRITORIAL INTEGRITY WILL BE MAINTAINED AND ECONOMIC
REFORMS WILL BEGIN THE WEST CAN ALSO EXPECT TO SEE A CONTINUED MOVEMENT BY
KIEV TOWARDS INTEGRATION INTO EUROPE

IF HOWEVER CANDIDATES FROM THE INTERREGIONAL BLOCK OF REFORMS A COALITION
FOUNDED BY FORMER PRIME MINISTER LEONID KUCHMA AND THE FORMER FIRST DEPUTY
CHAIRMAN OF PARLIAMENT VOLODYMYR HRYNEV WIN THE MAJORITY IT WOULD BE THE
FIRST STEP IN A SLOW MOVEMENT BACK TOWARDS RUSSIA THE ANALYSTS SAY THE
BLOCK FAVORS ECONOMIC INTEGRATION WITH RUSSIA UKRAINE'S FULL MEMBERSHIP IN
THE CIS AND THE LIQUIDATION OF CUSTOMS BARRIERS BETWEEN KIEV AND MOSCOW

WE'VE NEVER SAID WE WANT TO RETURN TO THE SOVIET UNION MR KUCHMA SAID AT
A RECENT NEWS CONFERENCE UKRAINE CANNOT EXIST WITHOUT RUSSIA

BUT SAYS VOLODYMYR CHERNIAK AN ECONOMIST FOR THE PRODEMOCRACY MOVEMENT
RUKH UKRAINE'S ALREADY HEAVY DEPENDENCY ON RUSSIA IS PART OF THE COUNTRY'S
PROBLEM THE PRORUSSIAN BIAS OF BOTH THESE CANDIDATES ARE DANGEROUS FOR
OUR COUNTRY AND ITS STATEHOOD  I'M ALSO FOR NORMAL RELATIONS WITH
RUSSIA  BUT YOU CAN'T RENEW ALL THE ECONOMIC TIES LIKE THEY'RE
PROPAGATING YOU HAVE TO FIND NEW ECONOMIC PARTNERS THAT'S THE ONLY WAY A
NATION CAN GROW HE SAYS

UKRAINIAN PRESIDENT LEONID KRAVCHUK HAS SAID HE HOPES THE ELECTORATE WILL
USE COMMON SENSE ON SUNDAY AND HE HAS BEEN URGING PEOPLE TO VOTE FOR
CANDIDATES WHO FAVOR ECONOMIC REFORM IN CREATING A NATION YOU HAVE TO
HAVE A HOT HEART AND A COOL HEAD HE TOLD A NEWS CONFERENCE THIS WEEK

BUT MANY HERE SAY THAT DESPITE HIS IMPROVED INTERNATIONAL IMAGE MR
KRAVCHUK IS PART OF UKRAINE'S POLITICAL PROBLEMS CRITICS SAY HIS LACK OF
VISION HAS PUSHED UKRAINE TO THE BRINK OF ECONOMIC RUIN AND IS UNDERMINING
ITS SOVEREIGNTY KRAVCHUK AND HIS NOMENKLATURA HAVE BEEN THE DESTABILIZING
FORCE IN UKRAINE HE'S MADE NO ATTEMPT TO INITIATE REFORMS OUR ABYSS IS
KRAVCHUK'S FAULT SAYS MR HOLOWATY

SOME POLITICIANS SPECULATE THAT MR KRAVCHUK IS SILENTLY PRAYING SUNDAY'S
ELECTIONS ARE INVALID SO HE CAN LATER DECLARE A LEGISLATIVE CRISIS
INTRODUCE PRESIDENTIAL RULE AND THEREFORE NOT FACE PRESIDENTIAL ELECTIONS
WHICH ARE SCHEDULED FOR JUNE MR KRAVCHUK DENIED THAT HE HAD ANY SUCH
AMBITION AND REAFFIRMED HE WON'T RUN FOR REELECTION

THE ONE THING THAT IS LIKELY AT THIS POINT IS THAT SUNDAY'S ELECTION WILL
RESULT IN FEW WINNERS UNDER THE CURRENT ELECTION LAW 50 OF THE REGISTERED
VOTERS MUST VOTE FOR THE ELECTION TO BE VALID THE GOOD NEWS IS THAT A
NUMBER OF INDEPENDENT SURVEYS SHOW THAT AS MANY AS 70 OF THE ELECTORATE
NATIONWIDE WILL GO TO THE POLLS

TO WIN A PARLIAMENTARY SEAT HOWEVER A CANDIDATE MUST RECEIVE 50 PLUS ONE
VOTE THERE ARE TOO MANY CANDIDATES FOR THAT TO HAPPEN ON SUNDAY SAYS A
WESTERN OBSERVER WHO ASKED TO REMAIN ANONYMOUS WE'LL HAVE A BETTER IDEA
OF WHERE UKRAINE IS HEADED AFTER APRIL 10 THAT'S THE DAY OF THE
PARLIAMENTARY RUNOFFS 9403250140 940325 SHILOH INDUSTRIES HAS PLANTS
AT CAPACITY TO MEET BIG DEMAND

MANSFIELD OHIO SHILOH INDUSTRIES INC IS OPERATING MOST OF ITS PLANTS AT
CAPACITY BECAUSE OF BOOMING DEMAND FOR ITS STEEL PRODUCTS BUT DIFFICULTY IN
PASSING THROUGH COST INCREASES IS PINCHING PROFIT SAID ROBERT L
GRISSINGER PRESIDENT AND CHIEF OPERATING OFFICER

AUTO AND TRUCK MANUFACTURERS AND THEIR MAJOR SUPPLIERS ARE EAGER TO GET THE
STEEL SHAPES THE COMPANY PRODUCES BUT SOME ARE BALKING AT PAYING HIGHER
PRICES MR GRISSINGER SAID

AS A RESULT SHILOH HAS YET TO PASS THROUGH THE FULL AMOUNT OF LAST JULY'S
STEEL INDUSTRY PRICE INCREASE TO SAY NOTHING OF A SMALLER INCREASE EARLY
THIS YEAR HE SAID MEANWHILE THE COMPANY IS INCURRING OVERTIME WAGE COSTS
TO MEET THE STRONG DEMAND

AND A SMALLER SHILOH BUSINESS THAT PRODUCES VALVE ACTUATORS IS OPERATING AT
A LOSS BECAUSE OF DEPRESSED DEMAND FROM THE OIL INDUSTRY HE SAID

MR GRISSINGER SAID PROFIT FOR THE SECOND QUARTER ENDING APRIL 30 WILL BE
HIGHER THAN THE DISAPPOINTING NINE CENTS A SHARE THE COMPANY EARNED FROM
OPERATIONS IN THE FIRST PERIOD BUT WON'T EQUAL THE 32 CENTS EARNED IN THE
1993 SECOND QUARTER

BECAUSE OF A PUBLIC OFFERING LAST JULY THE COMPANY HAS NEARLY 13 MILLION
SHARES OUTSTANDING UP FROM 92 MILLION IN THE 1993 SECOND QUARTER

STRONG ORDER BOOKS SIGNAL EXCELLENT DEMAND AT LEAST THROUGH THE END OF THE
1994 AUTOMODEL YEAR HE SAID AND INDUSTRY FORECASTS INDICATE STRONG SALES
THROUGH 1995 AUTO AND TRUCK PARTS CONSUME 65 TO 70 OF THE COMPANY'S
STEEL

HOWEVER PROFITS FOR THE FISCAL 1994 SECOND HALF WILL DEPEND HEAVILY ON THE
COMPANY'S SUCCESS IN OBTAINING HIGHER PRICES MR GRISSINGER SAID PROFIT
FOR THE OCT 31 FISCAL YEAR IS LIKELY TO BE FLAT TO DOWN FROM THE 89
MILLION OR 86 CENTS A SHARE EARNED IN FISCAL 1993 WHEN REVENUE WAS 1841
MILLION

SHILOH'S PRIMARY BUSINESS IS STAMPING OUT STEEL BLANKS FLAT STEEL SHAPES
THAT CUSTOMERS FORM INTO PARTS RANGING FROM TRUCK WHEELS TO AUTO MUFFLERS
9403250139 940325 REGULATORS OF CPAS FORM PANEL TO CHECK WORK OF
AUDITORS

NEW YORK THE PUBLIC OVERSIGHT BOARD AN INDEPENDENT SELFREGULATORY BODY
HAS FORMED A BLUERIBBON PANEL TO SEE WHETHER AUDITORS REALLY STAND UP TO
THEIR CLIENTS

THE BOARD ACTION FOLLOWS CRITICISM OF OUTSIDE AUDITORS BY WALTER P
SCHUETZE CHIEF ACCOUNTANT OF THE SECURITIES AND EXCHANGE COMMISSION LAST
JANUARY MR SCHUETZE SAID THAT ACCOUNTANTS HAVE BECOME CHEERLEADERS FOR
THEIR CLIENTS MR SCHUETZE CITED RECENT AUDIT FAILURES AND BIG ACCOUNTING
FIRMS' EFFORTS TO STOP ACCOUNTING PROFESSION RULEMAKERS FROM FORCING THEIR
CORPORATE CLIENTS TO DEDUCT EMPLOYEE STOCKOPTION COSTS FROM PROFITS

AA SOMMER JR THE OVERSIGHT BOARD'S CHAIRMAN AND A FORMER SEC
COMMISSIONER SAID IT APPEARS THAT EVENTS HAVE ERODED PUBLIC CONFIDENCE IN
THE ACCOUNTING PROFESSION THE PANEL WILL REPORT ITS FINDINGS TO THE SEC
AND THE PUBLIC IN LATE SPRING

PANEL MEMBERS ARE DONALD J KIRK FORMER CHAIRMAN OF THE FINANCIAL
ACCOUNTING STANDARDS BOARD THE CHIEF RULEMAKING BODY FOR ACCOUNTANTS
RALPH S SAUL FORMER PRESIDENT OF THE AMERICAN STOCK EXCHANGE AND GEORGE
D ANDERSON FORMER CHAIRMAN OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC
ACCOUNTANTS THE OVERSIGHT BOARD CREATED BY THE INSTITUTE INDEPENDENTLY
MONITORS ACCOUNTING FIRMS WITH PUBLIC CORPORATIONS AS CLIENTS 9403250138
940325 ECONOMY OPEC FEARS FURTHER DROP IN OIL PRICE UNLESS 2NDQUARTER
OUTPUT IS CURBED  BY JAMES TANNER AND BHUSHAN BAHREE STAFF
REPORTERS OF THE WALL STREET JOURNAL

GENEVA OPEC'S OIL MINISTERS OPENED CRUCIAL TALKS ON THEIR PRODUCTION
LEVELS WITH A NEAR CONSENSUS THAT THE PRICE OF CRUDE OIL WILL FALL FURTHER
IF THEY DON'T REDUCE SECONDQUARTER OUTPUT

IN A REPORT TO BE DELIVERED TO THE MINISTERS TODAY ECONOMISTS WITH THE
ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES WARN THAT OIL PRICES COULD
PLUNGE TO SINGLE DIGITS IF OPEC PRODUCTION CONTINUES AT A RATE OF NEARLY
25 MILLION BARRELS A DAY

AFTER FALLING SOME 25 OR 5 A BARREL IN THE PAST YEAR HOWEVER PRICES
RECENTLY HAVE STEADIED

YESTERDAY THE FUTURES PRICE OF THE US BENCHMARK CRUDE FOR MAY DELIVERY
ROSE 18 CENTS ON THE NEW YORK MERCANTILE EXCHANGE TO SETTLE AT 1508 A
BARREL ON LONDON'S INTERNATIONAL PETROLEUM EXCHANGE NORTH SEA BRENT CRUDE
FOR MAY DELIVERY WAS UP NINE CENTS TO 1389 A BARREL

BUOYED BY THE RECENT STRENGTHENING IN THE OIL MARKET SEVERAL SENIOR
DELEGATES ATTENDING THE MEETING HERE SAID PREDICTIONS OF A SHARP DROP IN
PRICES WERE TOO PESSIMISTIC THIS IS A VIEW APPARENTLY SHARED BY SAUDI
ARABIAN DELEGATES ACCORDING TO OPEC SOURCES FAMILIAR WITH THE KINGDOM'S OIL
POLICIES SAUDI ARABIA WHICH ACCOUNTS FOR NEARLY ONETHIRD OF OPEC'S
OUTPUT PREVIOUSLY HAS ARGUED THAT IT WOULDN'T REDUCE OUTPUT UNLESS THERE
WERE GUARANTEES OTHER PRODUCERS WOULD SHARE THE CUTS

BUT SAUDI ARABIA'S INFLUENTIAL OIL MINISTER HISHAM NAZER WHO ARRIVED LATE
YESTERDAY HAS YET TO TIP HIS HAND OTHER OPEC DELEGATES SUGGESTED HOWEVER
THAT EVEN THOUGH THE KINGDOM ALSO WANTS HIGHER OIL PRICES IT STILL IS
RELUCTANT TO TRIM ITS OWN OUTPUT OF EIGHT MILLION BARRELS A DAY

I DON'T THINK THE SAUDIS ARE INTERESTED IN CUTTING THEIR PRODUCTION PETER
BOGIN ASSOCIATE DIRECTOR OF CAMBRIDGE ENERGY RESEARCH ASSOCIATES SAID IN
PARIS IT'S NOT WORTH THE TROUBLE TO CUT OUTPUT FOR ONE QUARTER HE ADDED
IMPLYING THAT DEMAND AFTER THE SECOND PERIOD WILL START RISING IF ONLY FOR
SEASONAL REASONS

SOME ANALYSTS HERE TO MONITOR THE OPEC MEETING ALSO SUGGESTED THAT ANY PRICE
DECLINE COULD BE BRIEF PRICES WON'T COLLAPSE BUT WILL ERODE FROM THE 15
LEVEL SAID PAUL MLOTOK AN OIL ECONOMIST WITH MORGAN STANLEY & CO BUT IF
THEY MAKE A MAJOR OUTPUT CUT HERE THE PRICE COULD POP UP 1 OR 2 A
BARREL HE SAID

STILL MOST OF THE OIL MINISTERS ARE WORRIED ABOUT THE PRICE OUTLOOK THE
SITUATION IS CRITICAL SAID ABDALLA SALEM ELBADRI LIBYA'S OIL MINISTER
WE HAVE TO DO SOMETHING HE SAID

ONE REASON FOR THE CONCERN IS THAT MUCH OF THE PLUNGE IN PRICES HAS COME
SINCE THE OIL MINISTERS LAST MET IN LATE NOVEMBER AND CHOSE NOT TO CUT
OUTPUT DESPITE A WEAK OIL MARKET 9403250137 940325 ROHR SIGNS 117
MILLION PACT TO SETTLE CHARGES OF FRAUD IN MILITARY CONTRACTS  BY
ANDY PASZTOR STAFF REPORTER OF THE WALL STREET JOURNAL

LOS ANGELES ROHR INC SIGNED AN 117 MILLION AGREEMENT SETTLING CRIMINAL
AND CIVIL CHARGES OF DEFRAUDING THE GOVERNMENT BY FALSIFYING TESTS OF
MILITARY AIRCRAFT EQUIPMENT

THE SETTLEMENT WHICH HAD BEEN EXPECTED ENDS A NEARLY FOURYEAR CRIMINAL
PROBE BY THE JUSTICE DEPARTMENT THE FEDERAL BUREAU OF INVESTIGATION AND THE
DEFENSE DEPARTMENT ADMITTING THAT EMPLOYEES FALSIFIED TESTS ON PARTS FOR
THE AIR FORCE'S C5 TRANSPORT PLANES AND THE NAVY'S F14 FIGHTER JETS ROHR
AGREED TO PLEAD GUILTY TO FELONY CHARGES OF SUBMITTING FALSE STATEMENTS AND
PAY 37 MILLION IN CRIMINAL FINES

THE MOVE ALSO RESOLVES CIVIL CLAIMS BY THE GOVERNMENT AGAINST ROHR ALLOWING
THE CHULA VISTA CALIF MANUFACTURER OF AIRCRAFT AND ROCKET PARTS TO REMAIN
ELIGIBLE FOR NEW PENTAGON CONTRACTS THE COMPANY WILL PAY 4 MILLION TO
SETTLE A PENDING CIVIL SUIT AND PROVIDE AT LEAST ANOTHER 4 MILLION WORTH OF
SPARE PARTS AND EXTENDED WARRANTIES TO THE AIR FORCE AS PART OF A SEPARATE
ADMINISTRATIVE SETTLEMENT THE CIVIL SETTLEMENT DOESN'T REQUIRE ROHR TO
ADMIT WRONGDOING

BUT FEDERAL PROSECUTORS CONTINUE TO INVESTIGATE INDIVIDUALS WHO KNEW ABOUT
OR PARTICIPATED IN THE ILLEGAL ACTIVITIES DURING THE LATE 1980S NO
INDIVIDUALS ARE GETTING A PASS SAID PROSECUTOR DAN GOODMAN DECLINING TO
COMMENT FURTHER

THE PLEA AGREEMENT SPECIFICALLY SAYS THAT A GUILTY PLEA BY ROHR WON'T BLOCK
THE GOVERNMENT FROM PROSECUTING INDIVIDUALS FOR THE SAME OFFENSES THE
COMPANY ALSO PLEDGED TO COOPERATE WITH THE INVESTIGATION BY HELPING
PROSECUTORS IDENTIFY AND LOCATE INDIVIDUALS WHO MAY HAVE INFORMATION ABOUT
TESTING VIOLATIONS

COURT DOCUMENTS FILED BY PROSECUTORS INDICATE THAT EMPLOYEES AT THE FIRM'S
RIVERSIDE CALIF PLANT AMONG OTHER THINGS FAILED TO PROPERLY TEST
CERTAIN PARTS THAT ATTACH THE ENGINES TO THE WINGS OF C5 AIRCRAFT AS PART
OF ITS AGREEMENT TO PLEAD GUILTY THE COMPANY ALSO ADMITTED HIDING THE FACT
THAT CERTAIN F14 PARTS FAILED HIGHTEMPERATURE STRENGTH TESTS BY FALSIFYING
TEST RESULTS

THE AGREEMENT IS SUBJECT TO APPROVAL BY THE FEDERAL DISTRICT COURT HERE
THOUGH A HEARING SCHEDULED FOR MONDAY IS EXPECTED TO BE LARGELY A FORMALITY
CHIEF EXECUTIVE OFFICER ROBERT RAU SAID THE COMPANY WOULDN'T HAVE ANY
COMMENT UNTIL THE AGREEMENT GOES INTO EFFECT ROHR PREVIOUSLY SAID THAT IT
PUT ASIDE RESERVES FOR BOTH CRIMINAL AND CIVIL INVESTIGATIONS 9403250136
940325 LLOYD'S OF LONDON SEES A TURNAROUND  MOVES BY ITS CHIEF
EXECUTIVE AIM AT ERASING RED INK  BY NICHOLAS BRAY STAFF
REPORTER OF THE WALL STREET JOURNAL

LONDON CLENCHING HIS FIST PETER MIDDLETON CHIEF EXECUTIVE OFFICER OF
LLOYD'S OF LONDON GIVES VENT TO A SENSE OF FRUSTRATION

THE PEOPLE WHO ARE SAYING LLOYD'S IS FINISHED ARE WRONG HE SAYS JUST
WRONG

LLOYD'S WHICH ISN'T A COMPANY BUT A 306YEAROLD INSURANCE MARKET HAS
BEEN WALLOWING IN RED INK ITS MEMBERS INVESTORS KNOWN AS NAMES ARE
LOCKED IN LEGAL BATTLES WITH THEIR AGENTS AND THE MARKET'S CENTRAL
ORGANIZATION EARLIER THIS WEEK A CORONER'S COURT IN SOUTHERN ENGLAND HEARD
ACCUSATIONS THAT LOSSES AT LLOYD'S WERE RESPONSIBLE FOR THE SUICIDE OF A
64YEAROLD FORMER ADMIRAL AMID TOUGHENING WORLDWIDE COMPETITION
DOOMSAYERS ARE RAISING DOUBTS WHETHER LLOYD'S CAN SURVIVE

BUT MR MIDDLETON A GRITTY 54YEAROLD FORMER MONK WHO CAME TO LLOYD'S FROM
RUNNING THE THOMAS COOK TRAVEL AGENCY WILL HAVE NONE OF SUCH PESSIMISM IN
JUST OVER A YEAR AT THE MARKET'S HELM IN TANDEM WITH ITS CHAIRMAN DAVID
ROWLAND HE HAS PILOTED MAJOR CHANGES FROM TIGHTER ACCOUNTING PRACTICES
TO THE INTRODUCTION OF LIMITEDLIABILITY INVESTMENT FUNDS TO BACK LLOYD'S
INSURANCE POLICIES AND HE PLANS PLENTY MORE

WE HAVE ALREADY QUITE SIGNIFICANTLY TRANSFORMED THIS MARKET HE ASSERTS
WE KNOW IT WILL COME THROUGH

FOLLOWING A RUN OF HEAVY LOSSES LLOYD'S APPEARS AT LAST TO HAVE RETURNED TO
PROFITABILITY IN 1993 IN THE THIRD QUARTER OF LAST YEAR MR MIDDLETON
SAYS INCOME FROM PREMIUMS BOOKED AT LLOYD'S EXCEEDED PAYMENTS MADE ON
CLAIMS FOR THE FIRST TIME IN 2 1/2 YEARS FOR THE MARKET AS A WHOLE HE
ADDS ON ALL THE EVIDENCE AVAILABLE THERE IS A BELIEF THAT 1993 WAS
PROFITABLE

THE IMPROVEMENT TO A LARGE EXTENT REFLECTS A WORLDWIDE UPTURN IN THE
CYCLICAL INSURANCE MARKET REACTING TO THEIR HEAVY LOSSES OF THE PAST FEW
YEARS LLOYD'S UNDERWRITERS LIKE INSURANCE COMPANIES HAVE BEGUN CHARGING
HIGHER PREMIUMS

BUT THE UPTURN ALSO REFLECTS THE IMPACT OF A DRIVE TO REVAMP THE MARKET'S
OLDFASHIONED CLUBLIKE MILIEU CHORES SUCH AS THE CALCULATION OF
INVESTORS' TRADING RESULTS AND TAX OBLIGATIONS PREVIOUSLY CARRIED OUT IN A
DECENTRALIZED MANNER BY MEMBERS' AGENTS ARE NOW BEING CENTRALIZED CUTTING
COSTS AND IMPROVING EFFICIENCY LATER THIS YEAR FOR THE FIRST TIME NAMES
WILL GET UNIFIED STATEMENTS RELATING TO ALL THEIR LLOYD'S BUSINESS

AT UNDERWRITING FIRMS INCREASINGLY SOPHISTICATED TECHNOLOGY IS PRODUCING
SOME SURPRISING INNOVATIONS ONE FIRM FOR EXAMPLE HAS DEVELOPED A
COMPUTERIZED MAP OF BRITAIN PROVIDING GEOLOGICAL AND OTHER DATA USEFUL FOR
MAPPING SUBSIDENCE RISKS FOR HOUSEHOLD INSURANCE ANOTHER USES A
COMPUTERISED ROAD MAP COMPLETE WITH DETAILS OF GARAGEREPAIR FACILITIES TO
ASSIST CAR DRIVERS IN THE EVENT OF ACCIDENTS OR BREAKDOWNS

SUCH CHANGES MR MIDDLETON SAYS ARE PART OF A PROCESS OF BRINGING GREATER
PROFESSIONALISM TO THE MARKET THOUGH LLOYD'S STILL EMPLOYS A DOORMAN IN A
TOP HAT AND A SCARLET COAT AT THE FRONT ENTRANCE TO ITS TRADING FLOOR MOST
OF THE FROCKCOATED USHERS KNOWN AS WAITERS WHO FORMERLY PRESIDED OVER
THE INTERIOR OF ITS HEADQUARTERS HAVE GONE

AS PART OF AN AUSTERITY DRIVE SPENDING BY THE CORPORATION OF LLOYD'S THE
MARKET'S CENTRAL BODY FELL LAST YEAR TO 120 MILLION 1786 MILLION FROM
152 MILLION IN 1992 THE CORPORATION'S PAYROLL MEANWHILE SHRANK TO 1800
EMPLOYEES FROM 2200

IN PARALLEL THE ARRIVAL OF CORPORATE CAPITAL AT THE START OF THIS YEAR IN
THE FORM OF LIMITEDLIABILITY INVESTMENT FUNDS HAS HELPED TO REVERSE
SEVERAL YEARS OF DECLINES IN LLOYD'S' CAPACITY FOR TAKING ON NEW BUSINESS
THOUGH MANY NAMES HAVE BEEN FORCED BY THEIR LOSSES TO WITHDRAW FROM THE
MARKET THOSE THAT REMAIN HAVE INCREASED THEIR PARTICIPATION RAISING TO
560000 FROM 480000 THE AVERAGE VALUE CALCULATED IN TERMS OF PREMIUM
INCOME OF THE BUSINESS THEY UNDERWRITE

SUCH POSITIVE DEVELOPMENTS MARK A WELCOME CHANGE TO THREE YEARS OF DEEPENING
GLOOM IN ITS THREE MOST RECENTLY CLOSED REPORTING YEARS 1988 1989 AND
1990 LLOYD'S RAN UP LOSSES TOTALING 6 BILLION UNDER THE MARKET'S SYSTEM
OF DRAWING UP ACCOUNTS THREE YEARS IN ARREARS TO GIVE TIME FOR CLAIMS TO
COME IN IT'S SET TO UNVEIL ANOTHER HEAVY DEFICIT FOR 1991 POSSIBLY OF AS
MUCH AS 25 BILLION RESULTS FOR 1992 AREN'T DUE OUT UNTIL NEXT YEAR BUT
THEY ARE EXPECTED TO BE BAD AS WELL SOME COMMENTATORS ARE ESTIMATING A 1992
DEFICIT OF AROUND 1 BILLION

IRONICALLY THE SIZE OF THE LOSSES HAS BEEN EXAGGERATED BY AN ACCOUNTING
PROCESS INTRODUCED 10 YEARS AGO AS PART OF A PROMOTIONAL DRIVE A PROCESS OF
DOUBLE COUNTING HELPED TO MAGNIFY PROFITS WHEN LLOYD'S WAS EARNING MONEY
BUT IT HAS HAD THE OPPOSITE EFFECT AMID THE RECENT LOSSES DOUBLE COUNTING
OCCURS FOR EXAMPLE WHEN A SYNDICATE OR AN INDIVIDUAL LOSES MONEY ON A
GIVEN INSURANCE TRANSACTION BUT THEN TRANSFERS PART OF THAT LOSS ELSEWHERE
BY CLAIMING ON A STOPLOSS INSURANCE POLICY ACCORDING TO MR MIDDLETON
LLOYD'S' 1990 LOSS OF 29 BILLION PROBABLY INCLUDED 600 MILLION OF LOSSES
THAT HAD BEEN COUNTED TWICE

IN A BID FOR GREATER CLARITY MR MIDDLETON SAYS HE IS TRYING TO SWITCH TO A
SYSTEM THAT WILL REFLECT THE MARKET'S ACTUAL CASH FLOW AS PREMIUMS COME IN
AND CLAIMS ARE PAID OUT WITH THAT IN VIEW LLOYD'S UNDERWRITERS ARE NOW
BEING ASKED TO PROVIDE QUARTERLY FIGURES STARTING WITH THE FIRST QUARTER OF
THIS YEAR

IN PARALLEL LLOYD'S IS DEVELOPING A SCREENBASED COMPUTERIZED TRADING
SYSTEM TO REPLACE THE PRESENT PAPERBASED SYSTEM OF UNDERWRITING INSURANCE
BUSINESS DUE TO BECOME OPERATIONAL BY THE END OF 1995 THE NEW SYSTEM
COUPLED WITH THE CHANGES IN ACCOUNTING PROCEDURES SHOULD GIVE BOTH TRADERS
AND LLOYD'S CENTRAL AUTHORITIES A MUCH BETTER OVERVIEW OF MARKET
DEVELOPMENTS

TO BE SURE THERE ARE PLENTY OF HURDLES STILL TO BE OVERCOME ON THE LEGAL
FRONT CONTINUED SKIRMISHING BETWEEN NAMES AND THEIR AGENTS AND LLOYD'S
ITSELF POSES A WORRISOME THREAT TO THE MARKET'S CREDIBILITY MORE THAN 30
ACTION GROUPS REPRESENTING 17000 OF LLOYD'S 32000 INVESTORS ARE SUING
THEIR AGENTS FOR ALLEGED NEGLIGENCE AND MISMANAGEMENT A 900 MILLION
SETTLEMENT PLAN OFFERED BY LLOYD'S IN A BID TO END THE WRANGLING AND PARTLY
FINANCED BY MONEY FROM ITS CENTRAL FUND WAS REBUFFED LAST MONTH BY A
MAJORITY OF NAMES WHO APPARENTLY THOUGHT THEY COULD GET A BETTER DEAL IN
COURT

HEARINGS IN THE FIRST OF THE SUITS RELATING TO THE GOODA WALKER GROUP OF
SYNDICATES ARE DUE TO OPEN NEXT MONTH LLOYD'S MEANWHILE HAS MADE IT
CLEAR THAT IT WON'T MAKE AN IMPROVED SETTLEMENT OFFER BUT MR MIDDLETON
SAYS HE ISN'T PESSIMISTIC ABOUT THE CHANCES OF SOME SORT OF OUTOFCOURT
SETTLEMENT BETWEEN NAMES AND THEIR AGENTS IN THE NOTTOODISTANT FUTURE

SOME ACTION GROUPS CLEARLY WANT TO TEST THEIR CLAIMS IN COURT HE SAYS BUT
I DON'T DETECT ANY APPETITE AMONG THE ACTION GROUPS FOR THREE TO FOUR YEARS
OF LITIGATION ONCE THERE HAVE BEEN A COUPLE OF RULINGS ON LIABILITY
ACTION GROUPS THAT ARE STILL WAITING FOR THEIR TURN IN COURT MAY BE TEMPTED
TO SEEK OUTOFCOURT SETTLEMENTS TO THEIR SUITS HE PREDICTS AT THAT POINT
IF THEY NEED HELP FROM THE CENTER TO BRING THAT ABOUT WE'LL BE VERY HAPPY
TO HELP HE SAYS THOUGH I CAN'T SAY WE WOULD BE HAPPY TO SUPPLY MONEY
FROM THE CENTRAL FUND 9403250135 940325 FINANCING BUSINESS TOTAL
ENERGY SERVICES CO

TOTAL ENERGY SERVICES CO HOUSTON SAID IT FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION FOR AN INITIAL PUBLIC OFFERING OF 34 MILLION SHARES OF
COMMON STOCK PLUS 510000 SHARES FOR OVERALLOTMENTS A SPOKESMAN FOR THE
OILFIELD EQUIPMENT AND SERVICES COMPANY SAID THE PERSHARE PRICE WOULD BE
ANNOUNCED LATER HE SAID PROCEEDS WOULD BE USED TO PAY 27 MILLION OF ITS
58 MILLION IN LONGTERM DEBT TO PURCHASE A 20 MINORITY INTEREST IN A
UNIT AND FOR GENERAL CORPORATE PURPOSES CS FIRST BOSTON WILL MANAGE THE
OFFERING 9403250134 940325 SLOVAKIAN CITY PINS HOPES FOR PROSPERITY 
ON CENTRAL LOCATION  BUT POLITICAL TURMOIL STIFLES KOSICE'S GREAT
AMBITIONS BUSINESS LOOKS TO THE EAST  BY NEIL KING JR SPECIAL
TO THE WALL STREET JOURNAL

KOSICE SLOVAKIA PEOPLE IN THIS CITY OF 260000 LIKE TO SIT VISITORS DOWN
AND SHOW THEM A THING OR TWO ON A MAP OF EUROPE

THEY TRACE A LINE SAY FROM BERLIN TO BUCHAREST ANOTHER FROM VIENNA TO
KIEV AND A THIRD FROM BELGRADE TO RIGA THEN THEY GRIN THE THREE LINES
CROSS EACH OTHER WITHIN A SHORT HOP OF KOSICE OTHERS TAKE A MORE LOCAL VIEW
AND POINT OUT THE CITY SITS JUST AN HOUR'S DRIVE FROM UKRAINE POLAND AND
HUNGARY

IN GOOD TIMES KOSICE'S LOCATION AND ZESTFUL SPIRIT COULD MAKE IT ONE OF
CENTRAL EUROPE'S GREAT BOOMTOWNS

FOR CENTURIES PEOPLE HAVE FOUGHT FOR CONTROL OF THIS CITY BECAUSE IT IS
TRULY AT THE CROSSROADS OF EUROPE SAID JAN FRAJT DIRECTOR OF ONE OF THE
REGION'S LARGEST CONSTRUCTION COMPANIES HUTNE STAVBY

TODAY SLOVAKIA'S SECONDLARGEST CITY BOASTS A BROADGAUGE RAILWAY THAT
CONNECTS THE NEARBY EAST SLOVAK STEEL WORKS KNOWN AS VSZ TO UKRAINE AND
THE WHOLE OF THE FORMER SOVIET REALM NOT FAR FROM ITS TERMINUS LIES THE
COUNTRY'S ONLY DUTYFREE ZONE OPENED IN 1991 TO FOSTER TRADE THERE ARE
EVEN PLANS TO BUILD AN INTERNATIONAL CARGO AIRPORT NEARBY

YET FOR ALL THE PROMISE AND ALL THE AMBITION MANY HERE ARE FRUSTRATED EVEN
THE CITY'S MOST BULLISH PROMOTERS QUALIFY THEIR ENTHUSIASM WITH SENTENCES
USUALLY STARTING IF ONLY  IF ONLY THE GOVERNMENT WERE LESS CONSUMED
BY INTERNAL SQUABBLES AND MORE COMMITTED TO PRIVATIZATION AND FOREIGN
INVESTMENT IF ONLY INVESTORS HAD MORE FAITH IN SLOVAKIA'S STABILITY IF
ONLY UKRAINE WEREN'T IN SUCH TERRIBLE STRAITS

I CAN GUARANTEE YOU THAT IF SOME OF THESE CONDITIONS WERE DIFFERENT KOSICE
WOULD BE AN INCREDIBLE SUCCESS STORY SAYS ALFONZ LUKACIN DIRECTOR OF
SLOVAKIA'S FOURTHLARGEST INVESTMENT FUND KOSICEBASED CASSOVIAINVEST

WHILE THE MASSIVE STEEL WORKS WITH ITS 27000 EMPLOYEES AND NEARLY 900
MILLION IN ANNUAL SALES HAS YET TO SLASH ITS WORK FORCE OTHERS HAVEN'T
BEEN SO LUCKY THE CITY'S THREE BIG CONSTRUCTION COMPANIES HAVE HAD TO
DISMISS UP TO HALF THEIR WORKERS EMPLOYMENT IN THE CITY NOW RUNS AT ABOUT
10 BUT THE RATE IN OUTLYING AREAS IS TWICE AS HIGH

MR LUKACIN AND OTHERS HOWEVER DON'T PLAN JUST TO SIT AROUND AND WAIT FOR
THINGS TO CHANGE PEOPLE HERE CARE LITTLE FOR THE NATIONALISM THAT IS
BUBBLING UP ELSEWHERE IN THE COUNTRY JUST AS IRRELEVANT TO THEM IS THE
POLITICAL SCAPEGOATING SO WIDESPREAD IN SLOVAKIAN CAPITAL BRATISLAVA WHAT
MATTERS TO THE LOCALS IS BUSINESS PURE AND SIMPLE

THE STEEL WORKS VSZ IS INVESTING 780 MILLION IN A HUGE IRONORE
PROCESSING PLANT IN UKRAINE LOCAL ENGINEERING FIRMS ARE ALSO BUSY
CANVASSING THE FORMER SOVIET REPUBLICS AS ARE DOZENS OF PRIVATE TRADERS IN
EVERYTHING FROM HOUSEHOLD GOODS TO FOOD

OUR FUTURE IS CLEARLY IN THE EAST SAYS STANISLAV PANKO DIRECTOR OF
KOSICE'S SOLE FLOUR MILL SET OUTSIDE TOWN AMONG A SEA OF HIGHRISE
APARTMENT TOWERS UP TO A FOURTH OF THE MILL'S 145000 METRICTON PRODUCTION
NOW GOES ABROAD INCLUDING A LARGE ORDER LAST YEAR TO KAZAKHSTAN HUNGARY
POLAND UKRAINE YUGOSLAVIA MR PANKO SAYS WE CONSIDER ALL OF THESE OUR
MARKETS THOUGH WE'RE ALSO SELLING AS FAR AWAY AS BRAZIL

SO WHILE THESE MAY NOT BE THE BEST OF TIMES KOSICE IS STILL MAKING DO WITH
AN OPTIMISTIC HUSTLE RARE THESE DAYS IN GLOOMY SLOVAKIA MAZDA MOTOR CORP
FORD MOTOR CO MERCEDESBENZ AG HYUNDAI MOTOR CO AND VOLKSWAGEN AG HAVE
ALL OPENED SHINY NEW CAR DEALERSHIPS HERE AND THEIR MODELS ARE A COMMON
SIGHT AROUND TOWN NEW RESTAURANTS HAVE SPRUNG UP ACROSS THE CITY CENTER AS
HAVE CLOTHING SHOPS AND COMPUTER STORES A TRAVELER COMING WEST FROM UKRAINE
WOULD BE STUNNED BY THE SHEER ABUNDANCE IN SHOPS

IN ITS AMBITIOUS CONQUEST OF EASTERN EUROPE AMSTERDAMBASED INTERNATIONALE
NEDERLANDEN GROEP'S ING BANK HAS OPENED A TWOPERSON BRANCH OFFICE IN KOSICE
TO EXTEND A NETWORK THAT ALSO INCLUDES PRAGUE BRATISLAVA BUDAPEST WARSAW
AND MOSCOW BY OFFERING FOREIGNPAYMENT SERVICES LETTERS OF CREDIT AND
EXPORT FINANCING THE BANK HAS ATTRACTED MANY OF EASTERN SLOVAKIA'S LARGEST
COMPANIES BUT THERE'S MORE TO IT THAN THAT

WE CAME HERE TO BE CLOSE TO OUR CLIENTS BUT ALSO BECAUSE WE SEE THIS AS AN
IMPORTANT BASE FOR UKRAINE AND OTHER MARKETS TO THE EAST SAYS ALEXANDER
HUDAK ING'S MANAGER IN KOSICE

INDEED KOSICE AS FAR BACK AS THE 14TH CENTURY HELD A MONOPOLY OVER
HUNGARY'S TRADE WITH THE BALTICS AND WITH ALL POINTS EAST THROUGH THE CITY
ONCE SECOND ONLY TO BUDA IN THE HUNGARIAN KINGDOM PASSED HUGE CARAVANS
CARRYING SALT HIDES SILVER AND IRON TWICE KOSICE FIGURED AS A NATIONAL
CAPITAL ONCE WHEN THE TURKS WERE BESIEGING BUDA AND MUCH LATER IN 1945
WHEN IT SERVED BRIEFLY AS HEADQUARTERS FOR THE NEW CZECHOSLOVAK GOVERNMENT

EVEN KOSICE'S ARCHITECTURAL HERITAGE SPEAKS VOLUMES ABOUT ITS POSITION IN
EUROPEAN CULTURE IT IS HERE LITERALLY IN THE CITY'S SPRAWLING MAIN SQUARE
THAT THE EASTERNMOST WAVE OF THE GOTHIC ARCHITECTURAL STYLE CRESTED AND DIED
OUT IN ST ELIZABETH'S CATHEDRAL WAYFARERS HEADED TO UKRAINE WILL SEE
EUROPE'S LAST GARGOYLES AND POINTED SPIRES BLOCKS AWAY ONE FINDS A MONUMENT
TO THE OTHER SIDE OF EUROPE THE DUSTY DOME OF THE GREEK ORTHODOX CHURCH

FEWER THAN 50000 PEOPLE LIVED HERE JUST 30 YEARS AGO THEN THE COMMUNIST
GOVERNMENT BUILT VSZ IN THE MID1960S SPARKING AN INDUSTRIAL AND POPULATION
EXPLOSION BEYOND THE BAROQUE PALACES THE OPERA HOUSE AND THE GRACEFUL
CHURCHES OF OLD TOWN A MAZE OF HOUSING BLOCKS AND FACTORIES NOW SPREADS FOR
MILES ACROSS WHAT NOT LONG BEFORE WERE JUST POTATO AND GRAIN FIELDS

THIS WILD GROWTH IN TURN LURED PEOPLE FROM ACROSS THE REGION CZECHS
HUNGARIANS RUTHENIANS UKRAINIANS AND REINFORCED THE CITY'S REPUTATION
AS ONE OF SLOVAKIA'S MOST COSMOPOLITAN AND TOLERANT CITIES NOWHERE ELSE DID
PEOPLE OPPOSE THE SPLIT OF CZECHOSLOVAKIA MORE VEHEMENTLY AS ONE LONGTIME
RESIDENT HERE PUT IT ON THE NIGHT OF THE SPLIT WHEN BRATISLAVA WAS FILLED
WITH FIREWORKS AND SPEECHES ONLY A COLD WIND BLEW THROUGH THE STREETS OF
KOSICE

COMPARED WITH THE CAPITAL WHERE EVEN MANY GOVERNMENT MINISTERS SPEAK ONLY
SLOVAK KOSICE IS AN AMAZINGLY POLYGLOT CITY IN THE FOREIGN AFFAIRS SECTION
AT CITY HALL FOR INSTANCE THE THREEPERSON STAFF SPEAKS A TOTAL OF SEVEN
LANGUAGES

ONE OF ITS STAFF ANNA KOVACOVA SAYS ONE DAY KOSICE WILL REGAIN ITS
POSITION AS A REGIONAL FORCE TICKING OFF ITS ATTRACTIONS KOSICE HAS FOUR
UNIVERSITIES INCLUDING A LIBERALARTS COLLEGE AND A TECHNICAL SCHOOL
NEARBY IT HAS THE SKI RESORTS OF THE TATRA MOUNTAINS REALLY SHE ADDS I
THINK THE ONLY THING MISSING IS THE SEA 9403250133 940325 LEISURE & ARTS
 THE GALLERY A CAREER BEHIND THE CAMERA  BY DEBORAH SOLOMON

NEW YORK THE RICHARD AVEDON SHOW AT THE WHITNEY MUSEUM OF AMERICAN ART
OPENS ON A DEFENSIVE NOTE BEFORE WE EVEN STEP INSIDE WE'VE BEEN PRIMED BY
POSTERS AND SIGNAGE TO THINK OF THE PHOTOGRAPHS IN THIS RETROSPECTIVE OF A
50YEAR CAREER AS EVIDENCE THE FULL TITLE OF THE EXHIBITION IS RICHARD
AVEDON EVIDENCE 19441994 THE WORD IS RIFE WITH ASSOCIATIONS AND WE MAY
FIND OURSELVES ENVISAGING A TENSE COURTROOM DRAMA MR AVEDON INDEED HAS A
CASE TO MAKE HE SEES HIS PHOTOGRAPHS AS INCONTROVERTIBLE PROOF OF HIS
ARTISTRY AND BELIEVES IF WE JUST PAUSED LONG ENOUGH TO LOOK WE'D REVERSE
THE VERDICT THAT LONG AGO JUDGED HIM A LIGHTWEIGHT

WHAT DOES MR AVEDON WANT YOU MIGHT THINK HE'D BE CONTENT TO BE A
WORLDCLASS FASHION PHOTOGRAPHER WHO HAS SOCIALIZED WITH MARILYN MONROE
AUDREY HEPBURN AND CHARLIE CHAPLIN YOU MIGHT THINK HE'D BE TICKLED TO BE
THE FIRST AND ONLY PHOTOGRAPHER FOR THE NEW YORKER WHERE HIS CONTRIBUTIONS
ARE LISTED IN THE MAGAZINE'S TABLE OF CONTENTS UNDER THE BOLDFACED HEADING
AVEDON NOT EVEN JOHN UPDIKE GETS SUCH TREATMENT BUT NO MR AVEDON IS
NOT HAPPY HE DOESN'T WANT TO BE JUST ONE MORE STAR IN A CROWDED GALAXY
RATHER HE WANTS TO BE RECOGNIZED AS A MAJOR FIGURE IN POSTWAR AMERICAN
ART AS A WHITNEY PRESS RELEASE OPTIMISTICALLY IDENTIFIES HIM

TO BE SURE MR AVEDON WHO'S 70 IS ONE OF THE MOST INFLUENTIAL MAGAZINE
PHOTOGRAPHERS OF HIS GENERATION WHILE HE BEGAN HIS CAREER IN FASHION
PHOTOGRAPHY AT HARPER'S BAZAAR AND WENT ON TO DEFINE THE LOOK OF
ADVERTISEMENTS FOR COMPANIES SUCH AS REVLON AND CALVIN KLEIN HE REMAINS
BESTKNOWN AS A KIND OF COURT PHOTOGRAPHER TO AMERICA'S ONLY ROYALTY THE
FAMOUS HIS PORTRAITS ARE EASY TO RECOGNIZE AND CAN BE AS ARRESTING AS A
SHRIEK TYPICALLY THEY'RE DONE IN ARTY BLACK AND WHITE AND CROPPED TO SHOW
A FACE IN DRAMATIC CLOSEUP THE BACKGROUNDS ARE BLANK AN UNINFLECTED WHITE
SQUARE THAT SIMULTANEOUSLY EMITS AN ETHEREAL LIGHT AND THE LOWGRADE GLARE
OF A TELEVISION SCREEN

MR AVEDON'S PORTRAITS CAPTURE SOMETHING BASIC ABOUT OUR INCREASINGLY
INTIMATE RELATIONSHIP TO CELEBRITY BY PURGING HIS PICTURES OF THE
FURNISHINGS THAT CLUTTER MORE CONVENTIONAL PORTRAITS THE BOOKSHELVES AND
BARCELONA CHAIRS LOOMING IN THE BACKGROUND HE REMOVES HIS SITTERS FROM
THEIR NATURAL HABITATS AND THRUSTS THEM INTO OUR SPACE HIS MAGNIFIED HEADS
CONVEY A SENSE OF INSTANT FAMILIARITY LIKE A GUEST ON A TALK SHOW IN
REALITY OF COURSE THE CONFESSIONAL AIR IS JUST A SLEEKLY CALCULATED
STRATEGY AND THE HEADS REVEAL NOTHING FLAT AND GRAY WITH AN INSISTENT
FRONTALITY THEY AT TIMES MAKE ME THINK OF TOMBSTONES

THE WHITNEY SHOW WHICH WAS ORGANIZED BY JANE LIVINGSTON IT REMAINS UP
THROUGH JUNE 26 BEFORE TRAVELING TO MUSEUMS IN COLOGNE MILAN LONDON
MINNEAPOLIS AND LOS ANGELES HAS LITTLE TO RECOMMEND IT TO THE SERIOUS EYE
STILL IT'S FUN A YUPPIE NOSTALGIA FEST OFFERING UP FACES FROM OUR COMMUNAL
PAST THE SHOW IS INFUSED WITH THE SPIRIT OF THE '60S IN PART BECAUSE MANY
OF THE PHOTOGRAPHS ARE TACKED UNFRAMED TO THE WALL LIKE POSTERS IN A COLLEGE
DORMITORY OR BANNERS COMMEMORATING A REVOLUTION AND ALL THE HEROES OF THE
COUNTERCULTURE ARE HERE ALONG WITH THEIR OPPOSITE NUMBERS FROM THE RULING
CLASS

IT'S AS IF THE HUMAN RACE COULD BE NEATLY DIVIDED INTO HIPSTERS AND SQUARES
A PORTRAIT OF GEORGE WALLACE SHOWS THE ALABAMA GOVERNOR WITH HIS HAIR
SLICKED BACK AND HIS LIPS CURLED INTO A DISPARAGING FROWN A SQUARE THE
YOUNG BOB DYLAN POSES IN KNEEHIGH BOOTS A HIPSTER IN A ROOM RESERVED FOR
MURALSIZE PHOTOGRAPHS THE BEARDED BEATNIK ALLEN GINSBERG PRESIDES OVER A
FAMILY GATHERING IN NEW JERSEY SURROUNDED BY HIS AUNT HANNAH UNCLE LEO AND
A DOZEN OTHER RELATIVES HE'S HIP THEY'RE UNREDEEMABLY SQUARE

FOR ALL HIS LOVE OF THE SHAGGYHAIRED '60S MR AVEDON CAME OF AGE IN THE
LATE '40S AND HAS OFTEN SAID THAT HIS WORK REMAINS ROOTED IN THE EXISTENTIAL
ETHIC OF THAT ERA THERE MAY BE SOME PICTORIAL TRUTH TO THIS HIS SUBJECTS
ARE USUALLY POSED ALONE SOLITARY ACTORS FLUNG AGAINST A WHITE VOID STILL
SOMEHOW IT'S HARD TO IMAGINE MODELS LIKE TWIGGY AND VERUSCHKA OR THE
FASHION DESIGNER JAMES GALANOS AS DOWNANDOUT EXISTENTIALIST HEROES
CONSUMED WITH DREAD AND ANGST OVER SOMETHING BESIDES THE COLOR OF THEIR
SHOES

IN AN EFFORT TO ESCAPE THE IMPLICIT LIGHTNESS OF CELEBRITY PORTRAITURE MR
AVEDON HAS OCCASIONALLY VENTURED INTO LESS GLITTERY REALMS A LARGE GALLERY
OF THE WHITNEY EXHIBITION IS TURNED OVER TO HIS WESTERN PORTRAITS FROM THE
EARLY '80S WHEN HE LEFT MANHATTAN TO IMMORTALIZE MINERS WAITRESSES AND
OTHER WORKINGCLASS PEOPLE WITH HIS SIGNATURE WHITEGROUND STYLE THE PHOTOS
DWELL ON THE PHYSICAL SCRUFFINESS OF THEIR SUBJECTS WITH STUBBLE ON CHINS
AND STAINS ON TSHIRTS OFFERING LESS A CHARACTERIZATION THAN A CARICATURE OF
THE AMERICAN LOWLIFE BUT PERHAPS THERE IS SOME VERACITY TO THE IMAGES FOR
WALKING BY THEM I THOUGHT MOST EVERYONE LOOKED LIKE A FRIEND OF TONYA
HARDING

MR AVEDON AGAIN EXPRESSES VISIBLE PANGS OF SOCIAL CONSCIENCE IN A SERIES OF
PHOTOGRAPHS TAKEN IN A LOUISIANA MENTAL HOSPITAL IN 1963 HERE HE STRIVES
FOR THE CASUAL UNSTAGED LOOK OF PHOTOJOURNALISM PRESENTING PALE BONY
WOMEN IN THEIR HOSPITAL GOWNS A COSTUME LIKE ANY OTHER THE PATIENTS
VARIOUSLY CURL ON THE FLOOR LIE IN BED OR STARE BENUMBED INTO SPACE
LACKING ANY TRACE OF SELFREGARD THE SERIES IS MIRED IN A BANAL REALISM
AND REMAINS BLIND TO THE POETIC CAPACITIES OF THE ART SNAPSHOT MEDIUM

BUT THEN MR AVEDON IS NOT AN ARTIST WHO SEEMS FIERCELY CONCERNED WITH
UNDERSTANDING HIS OWN LIMITATIONS THE CATALOGUE ACCOMPANYING THE WHITNEY
EXHIBITION MAY BE THE MOST SELFLOVING PUBLICATION EVER ISSUED BY A MUSEUM
THERE'S A 50PAGE TIMELINE DEVOTED TO KEY MOMENTS IN MR AVEDON'S PERSONAL
LIFE IT BRIMS WITH SNAPSHOTS OF HIS FAMILY FRIENDS AND OWN IRREPRESSIBLE
SELF TURN TO PAGE 157 FOR INSTANCE AND SEE A PICTURE OF HIM IN 1974
DIRECTING A PHOTO SHOOT FOR A BLOOMINGDALE'S CATALOGUE FROM A COT IN HIS
STUDIO YES VALIANTLY ADVANCING THE CAUSE OF COUTURE EVEN ON A DAY WHEN
ILLNESS CONFINED HIM TO BED HEROISM KNOWS NO BOUNDS 9403250132 940325
INTERNATIONAL BOSNIAN REFUGEES EMBRACE FAINT HOPE  WAR'S DISPLACED
LOOK FOR US TO LEAD THEM HOME  BY ROGER THUROW STAFF REPORTER
OF THE WALL STREET JOURNAL

ZAGREB CROATIA FOR TWO RESTLESS YEARS MUHAMED HODJIC HAS STARED AT THE
RAINSTAINED WALLS OF HIS TEMPORARY HOME A ONEROOM REFUGEE APARTMENT
SLIGHTLY BIGGER THAN A WALKIN CLOSET TRYING TO ENVISION THE DAY WHEN HE
CAN RETURN TO HIS REAL HOME IN BOSNIAHERZEGOVINA

NOW AS A US VISITOR APPEARS AT THE DOOR HE SEES A GLIMMER OF HOPE THAT
THE DAY MAY COME SOONER RATHER THAN LATER

AMERICA AMERICA HE SHOUTS STUMBLING OVER THE CHAIRS IN HIS ROOM TO
GREET THE STRANGER WITH A TIGHT BEAR HUG AND KISSES ON BOTH CHEEKS MAY GOD
BE WITH CLINTON AND AMERICA

MR HODJIC A 73YEAROLD MUSLIM FARMER WEARING SECONDHAND CLOTHES AND A
SCRUBBY GRAY BEARD BELIEVES THAT THE US'S RECENT STEPPEDUP INVOLVEMENT
IN THE SEARCH FOR PEACE WILL SOON CARRY HIM BACK TO HIS PRECIOUS FIELDS
AMERICA WANTS TO SOLVE THIS PROBLEM HE SAYS FERVENTLY ONLY AMERICA
CAN

THE REFUGEE'S ENTHUSIASM FOLLOWING A LONG SPELL OF DESPAIR SEEMINGLY KNOWS
NO BOUNDS BUT IT ALSO SEEMS TO BE TRAGICALLY MISPLACED FOR IT IS LIKELY
THAT THE US INITIATIVE STARTING WITH AN AGREEMENT BETWEEN MUSLIM AND
CROATIAN FORCES TO FORM A FEDERATION IN THEIR PARTS OF BOSNIA WILL ONLY ADD
ANOTHER CRUELTY TO THIS WAR A PEACE THAT BRINGS A CEASEFIRE BUT LITTLE
JUSTICE

MR HODJIC'S HOME NEAR THE NORTHCENTRAL BOSNIAN CITY OF DOBOJ CLEANSED OF
ITS MUSLIM RESIDENTS IS NOW IN SERBIAN HANDS HIS HOMECOMING CAN HAPPEN
ONLY IF THE SERBS ARE PERSUADED TO LEAVE OR ARE FORCIBLY PUSHED BACK

AND THEN HE SAYS WE'LL NEED AMERICAN SOLDIERS TO PROTECT US

THOSE ARE ALL DISTANT PROSPECTS NEITHER THE US NOR ITS EUROPEAN PARTNERS
ARE INCLINED TO USE FORCE TO PUSH BACK THE SERBS FROM THE 70 OF BOSNIA THEY
NOW CONTROL AND WITH THE SERBS UNWILLING TO RETREAT IT IS LIKELY THAT ALL
SIDES WILL SETTLE FOR A TWOWAY PARTITION OF THE COUNTRY

THE VIOLENT BREAKUP OF THE FORMER YUGOSLAVIA HAS CREATED SOME TWO MILLION
REFUGEES MUSLIM CROAT AND SERB WHO ARE SCATTERED ACROSS THE WORLD
FROM NORTH AMERICA THROUGH EUROPE TO THE MIDDLE EAST A PARTITION OF BOSNIA
WILL MEAN THAT MANY OF THEM WON'T BE ABLE TO RETURN TO THEIR HOMES LEAVING
AN IMPOVERISHED AND BITTER DIASPORA THAT WILL BE A CONSTANT REMINDER OF THE
UNFINISHED PEACE AS WELL AS A SOURCE OF INSTABILITY IN THEIR HOST
COUNTRIES

SOME OF THE REFUGEES HAVE SETTLED IN WITH RELATIVES OR FRIENDS AND HAVE
BEGUN MAKING NEW HOMES BUT MOST ARE CONFINED IN MAKESHIFT CAMPS HUMILIATED
TO BE USING COMMUNAL TOILETS AND WOODBURNING STOVES AND HAVING TO DEPEND ON
AID ORGANIZATIONS FOR CLOTHES AND FOOD THERE THEY WAIT SEETHING WITH ANGER
AND DISAPPOINTMENT OF THE WESTERN DEMOCRACIES' INABILITY TO END THE WAR

THIS HAS BEEN A HORRIBLE HORRIBLE TRAGEDY WE'RE VERY WEAK WE MUST WAIT
UNTIL SOMEONE OPENS THE WAY FOR US TO GO BACK SAYS MR HODJIC WHO LIVES
WITH HIS WIFE AND TEENAGE NEPHEW IN DRAFTY WOODEN BARRACKS THAT ONCE HOUSED
CONSTRUCTION WORKERS WE'VE BEEN REALLY PATIENT BUT OUR PATIENCE IS COMING
TO AN END PUT YOURSELF IN OUR POSITION WOULDN'T YOU WANT TO GO HOME
TODAY

YESTERDAY SIGHS SALIM MUJKANOVIC A 44YEAROLD TRUCK DRIVER FROM THE
SAME VILLAGE WE'D RATHER HAVE GONE HOME YESTERDAY

MR MUJKANOVIC HASN'T HAD A DECENT PAIR OF SHOES SINCE HE AND HIS FAMILY
WERE FORCED TO FLEE IN THE SPRING OF 1992 NOW HE PADS AROUND IN FLIMSY
TENNIS SHOES MINUS THE LACES AS HE COMMISERATES WITH HIS FELLOW 300 REFUGEES
STUFFED INTO THE BARRACKS AND SURROUNDED BY A WIRE FENCE

WE WERE ONCE 900 MUSLIMS IN MY VILLAGE HE SAYS UNTIL WE GO HOME AND GET
TO THE GRAVEYARDS WE WON'T KNOW WHAT'S BECOME OF EVERYONE

GIVEN THEIR DESPERATION THEY EMBRACE ANY WISP OF HOPE WE COULDN'T GO ON
LIVING IF WE DIDN'T HAVE SOME HOPE SAYS MR MUJKANOVIC THUS THE REFUGEES
DRAW ENCOURAGEMENT FROM THE NORTH ATLANTIC TREATY ORGANIZATION ULTIMATUM
THAT FORCED THE SERBS TO WITHDRAW THEIR HEAVY WEAPONS FROM AROUND SARAJEVO
AND THEY TRY TO CONVINCE THEMSELVES THAT SIMILAR TOUGH ACTION WILL MAKE THE
SERBS BACK DOWN IN OTHER PARTS OF BOSNIA AS WELL WE'RE PUTTING OURSELVES
IN CLINTON'S HANDS NOW MR MUJKANOVIC SAYS

YOU WRITE THIS DOWN FOR CLINTON SAYS MR HODJIC THERE'S NO WAY DOBOJ
CAN REMAIN ON THE SERBIAN SIDE THE OZREN MOUNTAINS NEAR DOBOJ ARE THE
STRONGHOLD OF THE SERBS IF YOU CAN DESTROY THEM THERE THE WAR IS OVER

AT ANOTHER BARRACKS NEAR ZAGREB ANOTHER GROUP OF REFUGEES SUGGESTS MORE
BOMBING TARGETS THEY ARE CROATS FROM THE CROATIAN TOWN OF GLINA THAT WAS
OVERRUN AND OCCUPIED BY SERBS IN JUNE 1991 AMERICA JUST NEEDS TO GIVE THE
SERBS AN ULTIMATUM TO GET OUT AND THEY'LL GET OUT INSISTS NIKOLA TOMCIC A
39YEAROLD FARMER THIS IS OUR THIRD SPRING HERE WE KNOW THAT WITHOUT
MILITARY FORCE NOTHING WILL CHANGE

AN OLD FRIEND OF HIS FROM GLINA THE NEIGHBORHOOD MAILMAN DELIVERS THIS
ASSESSMENT UNTIL AMERICA GOT INVOLVED THINGS WEREN'T MOVING NOW THEY
ARE AMERICA SHOULD JUST BOMB THE STUFFINGS OUT OF THE SERBS AND WE'LL GO
HOME

FOR MOST REFUGEES THOUGH THAT WOULDN'T BE ENOUGH THE LIBERATORS WOULD
HAVE TO STAY AND GUARANTEE THE PEACE ANYONE WHO HAS LIVED THROUGH THE WAR
CERTAINLY WOULDN'T GO BACK JUST LIKE THAT SAYS MUBINA HUSAKOVIC SNAPPING
HER FINGERS IT WOULD BE TOO DANGEROUS

SHE IS A 29YEAROLD SEAMSTRESS WHO FLED THE DOBOJ AREA WITH HER
TWOYEAROLD DAUGHTER AFTER HER BROTHER WAS KILLED IN THE FIGHTING AND HER
HUSBAND DISAPPEARED SHE LEFT WITH ONLY THE CLOTHES SHE WAS WEARING AND A
BOTTLE OF MILK FOR HER CHILD I DON'T KNOW ANYTHING ABOUT POLITICS I JUST
WANT TO GO HOME SHE SAYS BUT I DON'T WANT THEM THE SERBS ANYWHERE NEAR
ME I'D GO BACK ONLY IF SOMEONE WAS THERE TO WATCH OVER US

NATO SHE SAYS

LET NATO OPEN A BASE IN BOSNIA ADDS MR MUJKANOVIC

THE AMERICANS INSISTS MR HODJIC I JUST WANT THE AMERICANS NOBODY
ELSE

WHAT IF THE AMERICANS DON'T COME

THEY'LL COME HE SAYS OR THERE WILL BE NO PEACE 9403250131 940325
WHO'S NEWS SHURGARD STORAGE CENTERS INC

SHURGARD STORAGE CENTERS INC SEATTLE THIS SELFSTORAGE REAL ESTATE
INVESTMENT TRUST NAMED THREE NEW DIRECTORS EXPANDING THE SIZE OF THE BOARD
TO FOUR MEMBERS FROM ONE DAN KOURKOUMELIS 43 YEARS OLD IS PRESIDENT OF
QUALITY FOOD CENTERS A CLOSELY HELD SUPERMARKET CHAIN IN SEATTLE DONALD W
LUSK 66 IS A MANAGEMENT CONSULTANT WJ JIM SMITH 61 RETIRED IN 1991
FROM THE CALIFORNIA PUBLIC EMPLOYEE RETIREMENT SYSTEM WHERE HE WAS
RESPONSIBLE FOR 8 BILLION IN REAL ESTATE EQUITY AND MORTGAGE ACQUISITIONS
9403250130 940325 DODGING GOSSIP TIME WARNER'S LEVIN TRIES TO RISE
ABOVE THE TAKEOVER TALK  HE IGNORES SEAGRAM RUMORS AND SEEKS
HIGHER PROFILE TENSION AT FIRM MOUNTS  CHATTING WITH NEIL YOUNG 
 BY LAURA LANDRO AND JOHNNIE L ROBERTS STAFF REPORTERS OF THE WALL
STREET JOURNAL

NEW YORK TRIM AND GRAYING GERALD M LEVIN CUT AN UNLIKELY FIGURE AMID
THE ROWDY CRUSH OF POP ROCK AND RAP STARS AT WARNER MUSIC GROUP'S GRAMMY
AWARDS BASH YET THE BOOKISH CHAIRMAN OF PARENT TIME WARNER INC SCHMOOZED
HIS WAY THROUGH THE 1800STRONG THRONG THAT PACKED INTO THE MUSEUM OF
NATURAL HISTORY EARLIER THIS MONTH

HE SHOOK HANDS WITH ONE WARNERLABEL RAPPER DR DRE AS HE NODDED
ACKNOWLEDGMENT TOWARD ANOTHER SNOOP DOGGY DOGG HE EAGERLY FIELDED COUNTRY
SINGER KD LANG'S QUERIES ABOUT THE SILO AT HIS VERMONT RETREAT CHATTED
AMIABLY WITH NEIL YOUNG AND FINALLY HEADED HOME AT ABOUT 2 AM TO CATCH A
FEW HOURS OF SLEEP BEFORE RISING FOR HIS DAILY 6 AM JOG

THE 54YEAROLD MR LEVIN HAS BEEN MAKING A CALCULATED EFFORT LATELY TO
PROVE HIS METTLE AT THE SHOWBIZ ASPECTS OF RUNNING TIME WARNER IN LARGE
PART TO ANSWER CRITICS WHO SAY HE JUST DOESN'T MEASURE UP TO HIS FLAMBOYANT
PREDECESSOR STEVEN J ROSS THE CHARISMATIC WARNER COMMUNICATIONS FOUNDER
WHO DIED OF CANCER MORE THAN A YEAR AGO WAS WELLKNOWN FOR HOBNOBBING WITH
PALS LIKE STEVEN SPIELBERG AND BARBRA STREISAND WHIZZING STARS AROUND ON
CORPORATE JETS AND TREATING THEM TO VACATIONS AT HOMES IN ASPEN AND
ACAPULCO

MR LEVIN WHO CAME UP THROUGH THE CABLETV INDUSTRY AND ONLY RECENTLY MOVED
TO NEW YORK CITY FROM UNGLAMOROUS PORT WASHINGTON NY IS STILL NO STEVE
ROSS BUT THESE DAYS HE HAS GOOD REASON TO RAISE HIS PROFILE AS CHIEF
EXECUTIVE OF THE WORLD'S LARGEST ENTERTAINMENT COMPANY LAST MAY BEVERAGE
GIANT SEAGRAM CO BEGAN ACCUMULATING TIME WARNER SHARES AND ANNOUNCED THAT
IT WOULD GO UP TO 15 TIME WARNER RESPONDED BY REINSTATING A POISON PILL
ANTITAKEOVER DEVICE LAST MONTH THOUGH SEAGRAM OFFICIALS INSIST THEY SUPPORT
MR LEVIN MANY OBSERVERS BELIEVE OTHERWISE THE INVESTMENT HAS HEIGHTENED
TENSION AT TIME WARNER TO A FEVER PITCH AND SPECULATION IS MOUNTING THAT
MR LEVIN'S JOB MAY BE IN JEOPARDY

LAST WEEK TIME WARNER STOCK ROSE 15 OVER A FOURDAY PERIOD AS RUMORS
SWIRLED THAT SEAGRAM MIGHT TAKE A RUN AT TIME WARNER SPECULATION THAT
SEAGRAM STRONGLY DENIES THE HOLLYWOOD RUMOR MILL IS ALREADY BUZZING WITH
TALK THAT CREATIVE ARTISTS AGENCY CHIEF MICHAEL OVITZ WHO HAS BEEN
CRITICAL OF MR LEVIN IN THE PAST AND WHO IS A FRIEND AND ADVISER TO SEAGRAM
CHIEF EXECUTIVE EDGAR BRONFMAN JR IS ANGLING FOR MR LEVIN'S JOB SOME
INDUSTRY EXECUTIVES BELIEVE ANOTHER OF MR BRONFMAN'S FRIENDS QVC INC
CHAIRMAN BARRY DILLER MAY TAKE A RUN AT TIME WARNER FOLLOWING HIS FAILED
BID FOR PARAMOUNT COMMUNICATIONS INC

MEANWHILE PEOPLE CLOSE TO KOHLBERG KRAVIS ROBERTS & CO SAY THAT THE
INVESTMENT FIRM IS INTERESTED IN SOME OF TIME WARNER'S MAGAZINES AND A NEW
BOOK ABOUT MR ROSS CONNIE BRUCK'S MASTER OF THE GAME PORTRAYS MR LEVIN
AS ILLEQUIPPED TO MANAGE HIS EXECUTIVES

WHILE MUCH OF THE GOSSIP IS PROBABLY UNFOUNDED AND THERE APPEARS TO BE NO
IMMINENT THREAT TO MR LEVIN'S JOB THE RUMORS HAVE PROVED A DESTABILIZING
FORCE AT THE COMPANY MR LEVIN NOW FINDS HIMSELF DEFENDING TIME WARNER
AGAINST A MAELSTROM OF INNUENDO AND SPECULATION AT A TIME WHEN HE BADLY
NEEDS TO CONCENTRATE ON MELDING THE CLASHING CULTURES OF THE FORMER TIME
INC AND WARNER COMMUNICATIONS INC AND ON POSITIONING THE MERGED COMPANY
FOR THE FUTURE

BOTH MESSRS OVITZ AND DILLER DENY THE REPORTS OF THEIR SUPPOSED INTEREST IN
TIME WARNER THOSE THAT KNOW KNOW THAT I HAVE CONSISTENTLY SUPPORTED JERRY
LEVIN THOSE THAT DON'T GET HEARD FROM A WHOLE LOT MORE THAN THEY SHOULD
MR DILLER SAYS MR OVITZ WHO HAS ADVISED SONY CORP AND OTHERS ON STUDIO
ACQUISITIONS SAYS RUMORS FLY EVERY TIME HE GETS INVOLVED IN DEALS BECAUSE
OF MY FRIENDSHIP WITH THE BRONFMAN FAMILY NOW THERE IS SPECULATION THAT I'M
GOING TO TIME WARNER HE SAYS I HAVEN'T BEEN ASKED AND I HAVE NO
INTENTION OF LEAVING CAA IN THE LAST FIVE YEARS THE PRESS HAS HAD ME OUT
OF HERE SO OFTEN THEY OUGHT TO PUT A TURNSTILE AT THE DOOR

TIME WARNER'S TOP EXECUTIVES REMAIN FIERCELY LOYAL TO MR LEVIN IN NO SMALL
MEASURE BECAUSE HE LEAVES THEM ALONE TO RUN THE CONGLOMERATE'S VARIOUS
UNITS HE ALSO RETAINS THE SUPPORT OF HIS BOARD AND OF LARGE INSTITUTIONAL
INVESTORS WHO DON'T WANT TO SEE SEAGRAM GET CONTROL WITHOUT PAYING A
PREMIUM A RUN AT TIME WARNER WOULD BE TOUGH IN ANY CASE THE COMPANY HAS A
TOTAL MARKET VALUE OF ABOUT 25 BILLION INCLUDING DEBT TIME WARNER SHARES
CLOSED YESTERDAY AT 4175 DOWN 125 CENTS IN BIG BOARD TRADING

OVER BREAKFAST AT THE COMPANY'S MIDTOWN HEADQUARTERS MR LEVIN INSISTS THAT
HE ISN'T CONCERNED ABOUT THE SEAGRAM CAMP THE MILDMANNERED EXECUTIVE WHO
STARTED HIS CAREER AS A LAWYER SPEAKS ALMOST IN A MONOTONE EVEN LONGTIME
ASSOCIATES SAY THEY HAVE NEVER HEARD HIM RAISE HIS VOICE HE REMAINS
STUDIOUSLY UNRUFFLED EVEN AS HE DEFENDS HIS RECORD AND DISCUSSES HIS
ADVERSARIES

MR LEVIN SAYS HE RECENTLY TOLD SEAGRAM'S MR BRONFMAN THAT HE HAS NO
INTENTION OF ASKING HIM TO JOIN TIME WARNER'S BOARD WHICH HE REDUCED IN
SIZE AFTER MR ROSS'S DEATH SEAGRAM SAYS MR BRONFMAN DIDN'T ASK FOR A
BOARD SEAT AND DOESN'T PLAN TO MR LEVIN HAS BEGUN MEETING WITH MR
BRONFMAN ABOUT ONCE EVERY MONTH BUT SAYS HE WOULD DO THAT WITH ANY
STOCKHOLDER OF SUCH SIZE SEAGRAM'S STAKE IS CURRENTLY 136

THE TIME WARNER CHIEF SAYS THAT NOW HE IS FOCUSED ON MARSHALING ALL OF TIME
WARNER'S ENTERTAINMENT AND INFORMATION BUSINESSES FOR THE ELECTRONIC HIGHWAY
OF THE FUTURE HE IS BETTING 3 BILLION TO 5 BILLION IN NEW INVESTMENT OVER
THE NEXT SEVERAL YEARS ON THIS SOCALLED FULLSERVICE NETWORK THOSE GRAND
PLANS ARE ADMITTEDLY RISKY AS BECAME CLEAR LAST MONTH WHEN THE COMPANY WAS
FORCED INTO AN EMBARRASSING DELAY OF THE STARTUP OF ITS PILOT ELECTRONIC
HIGHWAY IN ORLANDO FLA BUT MR LEVIN REMAINS UNDETERRED I'VE STAKED MY
CAREER ON IT HE SAYS

HE SEEMS TO BE WORKING JUST AS DILIGENTLY ON POLISHING HIS PUBLIC PERSONA 
AND ON RAISING HIS PROFILE IN THE ENTERTAINMENT WORLD MR OVITZ'S TURF
UNTIL NOW HE SPENT MOST OF HIS CAREER AS A BEHINDTHESCENES DEALMAKER 
AND ONE NOTABLY LACKING IN CHARISMA THE FATHER OF FIVE HE FIRST JOINED
TIME INC'S HOME BOX OFFICE UNIT IN 1972 ULTIMATELY RISING TO BECOME HBO'S
CHAIRMAN IN 1976 HE SHUNNED THE SOCIAL SCENE AND OFTEN WORKED UNTIL
MIDNIGHT

THESE DAYS THOUGH HE GOES OUT ALMOST EVERY NIGHT OF THE WEEK MONDAY FOR
EXAMPLE HE RUBBED SHOULDERS WITH TOM BROKAW AND DONALD TRUMP AT THE ANNUAL
NEW YORK OSCAR PARTY HOSTED BY HBO CHIEF MICHAEL FUCHS HE ALSO MAKES
FREQUENT TRIPS TO THE WARNER BROS STUDIO LOT IN BURBANK CALIF STOPPING
IN AT THE COMMISSARY TO CHAT WITH TALENT LIKE JOEL SCHUMACHER PRODUCER OF
LAST YEAR'S MICHAEL DOUGLAS FILM FALLING DOWN RECENTLY HE FLEW TO SANTA
FE NM TO DROP IN ON ACTOR KEVIN COSTNER ON THE SET OF WYATT EARP A
SUMMER RELEASE HE PENS NOTES TO WARNER STARS SUCH AS CLINT EASTWOOD

THOUGH HE REMAINS INTROVERTED AND AT TIMES SOCIALLY AWKWARD ESPECIALLY IN
CONTRAST TO THE PERSONABLE MR ROSS HE HAS FOUND HIS OWN CEREBRAL STYLE
CAREFULLY CULTIVATING AN IMAGE AS A DEEPTHINKER HE DESCRIBES HIMSELF AS A
MORALIST AND SAYS HE TRIES TO CONNECT WITH CREATIVE TYPES ON AN
INTELLECTUAL LEVEL YOU AREN'T GOING TO SEE HIM IN A CONVERTIBLE WITH
MADONNA AS WALTER ISAACSON HEAD OF NEW MEDIA FOR TIME INC'S MAGAZINES
GROUP PUTS IT

MR LEVIN SAYS HE BELIEVES HIS APPROACH IS WORKING HE ACKNOWLEDGES THAT IT
HAS TAKEN LONGER THAN IT SHOULD HAVE TO MELD THE FORMER TIME INC A
BUTTONDOWN PUBLISHING EMPIRE WITH WARNER COMMUNICATIONS A
FREEWHEELING ENTERTAINMENT GIANT BUT HE DESCRIBES HIMSELF AS THE FIRST TRUE
TIME WARNER CREATION AN EXECUTIVE WHOSE FIRST ALLEGIANCE IS TO THE WHOLE
COMPANY NOT ONE SIDE OF IT

THERE IS SOME MANIFEST DESTINY TO THE FACT THAT I'M RUNNING THE COMPANY
MR LEVIN SAYS NO ONE COULD HAVE MELDED THESE TWO COMPANIES BUT ME

STILL RIVALS ARGUE THAT THE TWO COMPANIES HAVEN'T BEEN SUCCESSFULLY MELDED
AT ALL AND THAT MR LEVIN DOESN'T HAVE THE DYNAMISM AND LEADERSHIP SKILLS
TO PULL THE TWO TOGETHER TIME WARNER'S FIVE BUSINESSES TIME INC
MAGAZINES HBO WARNER BROS WARNER MUSIC AND TIME WARNER CABLE ARE
LEADERS IN THEIR INDUSTRIES BUT THE MUCHBALLYHOOED SYNERGY PROMISED IN THE
MERGER REMAINS ELUSIVE MOST OF THE UNITS OPERATE AS INDEPENDENT FIEFS WITH
LITTLE COORDINATION OR DIRECTION FROM ABOVE THERE IS LITTLE INCENTIVE FOR
THEM TO SEEK BUSINESS OPPORTUNITIES TOGETHER

THE DIVISIONAL FIEFS MOREOVER OCCASIONALLY END UP FEUDING WITH ONE
ANOTHER ROBERT DALY HEAD OF THE WARNER BROS STUDIO UNIT AND MICHAEL
FUCHS CHAIRMAN OF HBO BATTLED FOR MORE THAN A YEAR OVER SUCH ISSUES AS
HBO'S BANKROLLING OF MOVIES MADE BY A STARTUP STUDIO SAVOY PICTURES WHICH
MR DALY VIEWED AS PUTTING A COMPETITOR IN BUSINESS HBO MEANWHILE
RESISTED WARNER'S DEMANDS FOR STIFF FEES TO AIR WARNER MOVIES

MR LEVIN FINALLY PERSUADED THE EXECUTIVES TO RESOLVE THEIR DIFFERENCES BUT
DIDN'T DEMAND THAT THEY DO SO MR DALY SAYS THAT BECAUSE HE AND MR FUCHS
WERE ABLE TO SETTLE MATTERS THEMSELVES WE ACTUALLY GET ALONG PRETTY WELL
IF SOMEONE HAD DICTATED IT WE PROBABLY WOULDN'T BE GETTING ALONG MR
FUCHS AGREES

MR LEVIN SAYS HE DOESN'T MIND SOME JOSTLING AT THE DIVISIONAL LEVEL THESE
ARE FIERCELY AGGRESSIVE AND COMPETITIVE BUSINESSES AND SOMETIMES THEY CRAWL
ALL OVER EACH OTHER HE SAYS WHERE IT MAKES SENSE THEY DO THINGS
TOGETHER PEOPLE ARE ENCOURAGED TO BE FIERCE IF ELBOWS COLLIDE AT CERTAIN
TIMES I LIKE THAT TOO

THE DIVISION CHIEFS SAY THAT INDEPENDENCE CAN PAY OFF WARNER BROS FOR
EXAMPLE MADE THE BODYGUARD WITH WHITNEY HOUSTON EVEN THOUGH SHE RECORDS
FOR A WARNER MUSIC RIVAL SONY CORP'S ARISTA RECORDS AND SO WARNER
COULDN'T MARKET THE SOUNDTRACK WE CLEARLY WON'T DAMAGE THE CREATIVE
ELEMENT OF THE MOVIE FOR SYNERGY SAYS WARNER'S MR DALY

MR LEVIN SAYS THAT IN ANY CASE THERE IS COOPERATION BETWEEN THE DIVISIONS
WHEN NECESSARY SEVERAL UNITS FOR EXAMPLE ARE WORKING TOGETHER TO EXPAND
IN ASIA AND THE TIME MAGAZINE GROUP AND WARNER BROS STUDIO ARE COOPERATING
IN A VENTURE CALLED TIME TELEPICTURES WHICH PLUMBS THE MAGAZINES FOR
TVSHOW IDEAS ONE RECENT EFFORT A TV SPECIAL ON SPORTS ILLUSTRATED'S
SWIMSUIT EDITION

MR LEVIN HAS ENCOURAGED SUCH COOPERATION BY STANDING ASIDE SAYS REGINALD
K BRACK JR CHAIRMAN AND CHIEF EXECUTIVE OF THE PUBLISHING UNIT HE
STAYED OUT OF THE WAY AND LET IT HAPPEN WHERE IT'S NATURAL MR BRACK
SAYS

TO MR LEVIN'S CREDIT HE HAS BEEN ABLE TO RETAIN TALENTED MANAGERS WHO HAD
EVERY INCENTIVE TO LEAVE AFTER MR ROSS'S DEATH WARNER BROS CHIEF MR DALY
AND PRESIDENT TERRY SEMEL ARE THE LONGESTRUNNING MANAGEMENT TEAM IN
HOLLYWOOD WHEN TIME ACQUIRED WARNER THEY BOTH POCKETED MORE THAN 50
MILLION AND RECEIVED OTHER JOB OFFERS

A LOSS OF EITHER EXECUTIVE MIGHT HAVE BEEN DEVASTATING SO WHEN MR SEMEL
CONSIDERED A MUCH MORE LUCRATIVE OFFER BROUGHT TO HIM BY MR OVITZ TO
RUN MGM/UA ENTERTAINMENT AND RECEIVE AN EQUITY STAKE MR LEVIN DILIGENTLY
WOOED HIM TO STAY HE CALLED MR SEMEL DAILY FLEW OUT TO THE WEST COAST TO
SEE HIM AND EVEN LET HIM USE A WARNER JET FOR OUTSIDE MEETINGS MR SEMEL
ULTIMATELY WAS CONVINCED HE RECEIVED A SWEETENED FINANCIAL PACKAGE BUT
MONEY WASN'T THE ISSUE HE SAYS IT WAS VERY IMPORTANT TO ME THAT WARNER
BECOME AN EVEN LARGER SUPPLIER OF PROGRAMMING AND A MORE DIVERSIFIED COMPANY
  AND JERRY CONVINCED ME THAT WE WERE ON COMMON GROUND

YET WHILE TIME WARNER'S SENIOR EXECUTIVES SUPPORT MR LEVIN THE TAKEOVER
RUMORS HAVE PROVED A MAJOR DISTRACTION AT SOME DIVISIONS AT WARNER BROS
FOR EXAMPLE MR DALY AND MR SEMEL WHO HAVE A STRONG TRACK RECORD
WONDERED WHAT MR OVITZ COULD POSSIBLY ADD TO THE STUDIO CONCERNED THAT THE
CAA CHIEF A PERSONAL FRIEND WHO ALSO DEPENDS ON THEM FOR BUSINESS MIGHT BE
INVOLVED IN A SEAGRAM BID THEY CONFRONTED HIM DIRECTLY THE CREATIVE
ARTISTS CHIEF ASSURED THEM THE RUMORS WERE FALSE THEY SAY

MESSRS DALY AND SEMEL ALSO TOLD MR LEVIN THAT THEY WERE CONCERNED ABOUT
THE IMPACT OF THE RUMORS IN HOLLYWOOD A STUDIO'S STABILITY IS CRUCIAL
BECAUSE FILM PROJECTS CAN REQUIRE YEARS OF LEAD TIME THE LAST THING
CREATIVE TYPES WANT NOTES ONE HOLLYWOOD EXECUTIVE IS TO HAVE WARNER'S TOP
BRASS WORRYING ABOUT WHETHER  OVITZ OR SOMEONE ELSE IS GOING TO BE
THEIR BOSS

EVEN WITHOUT THE DISRUPTIVE SPECULATION SOME TIME WARNER EXECUTIVES SAY
THE CHIEF EXECUTIVE OFFICER MAY BE SPREADING HIMSELF TOO THIN HE HAS
DECIDED NOT TO NAME A CHIEF OPERATING OFFICER TO HELP HIM RUN THE COMPANY
SO IN ADDITION TO CONCENTRATING ON LONGTERM STRATEGIES AND CREATING
SYNERGY HE IS CHARGED WITH OVERSEEING TIME WARNER'S UNITS A JOB THAT SOME
SAY IS TOO MUCH FOR ANY ONE PERSON TO HANDLE BUT MR LEVIN SAYS HE COULDN'T
PROMOTE ONE UNIT HEAD WITHOUT ALIENATING THE OTHERS AND THAT HE DOESN'T
NEED A NO 2 BECAUSE THE DIVISION CHIEFS ARE SO STRONG

INSIDE TIME WARNER MEANWHILE EXECUTIVES CAST A NERVOUS EYE ON MR LEVIN'S
UNUSUAL RELIANCE ON ONE ADVISER ALPINE CAPITAL FOUNDER ODED ED ABOODI
WHO HAD BEEN ONE OF MR ROSS'S CLOSEST AIDES WHILE MR ROSS WAS ALIVE
ALPINE CAPITAL SERVED AS TIME WARNER'S INHOUSE INVESTMENT ADVISER THOUGH
MR LEVIN HAS SINCE SEVERED FORMAL CORPORATE TIES WITH ALPINE HE
ACKNOWLEDGES THAT MR ABOODI HELPS ON DEALS AND STRATEGIC MATTERS THE
SECURITIES & EXCHANGE COMMISSION IS INVESTIGATING TRADING IN TIME WARNER
STOCK BY THE ABOODI FAMILY IN 1991 PEOPLE FAMILIAR WITH THE SITUATION SAY
MR ABOODI IS NEGOTIATING A POSSIBLE SETTLEMENT WITH THE SEC MR ABOODI
COULDN'T BE REACHED AND TIME WARNER DECLINED COMMENT

MR ABOODI HAD HELPED BOTH MR ROSS AND MR LEVIN SEARCH FOR PARTNERS TO
HELP PAY DOWN DEBT FROM THE MERGER AND PROVIDE CAPITAL FOR EXPANSION RATHER
THAN SELL ASSETS TIME WARNER HAS SOLD AN 116 STAKE IN ITS MOVIE AND CABLE
OPERATIONS FOR 1 BILLION TO JAPANESE GIANTS TOSHIBA CORP AND ITOCHU CORP
U S WEST INC PAID 25 BILLION FOR A 255 STAKE

WITH THE RECENT FEVERISH BIDDING FOR PARAMOUNT COMMUNICATIONS WHICH SOLD
FOR A WHOPPING 96 BILLION MR LEVIN HAS DRAWN FIRE FROM SOME WALL STREET
BANKERS FOR SELLING TIME WARNER'S ASSETS FAR TOO CHEAP BUT TIME WARNER
COUNTERS THAT IT HAS ONLY SOLD INTERESTS NOT CONTROL AND WITH THE COLLAPSE
OF THE PROPOSED MERGER OF TELECOMMUNICATIONS INC AND BELL ATLANTIC CORP
SOME ANALYSTS SAY THAT THE TIME WARNERU S WEST PARTIAL INVESTMENT DEAL NOW
LOOKS LIKE THE BETTER MODEL FOR TELEPHONECABLE COOPERATION

PERHAPS MORE SIGNIFICANTLY U S WEST HAS AN OPTION TO INCREASE ITS STAKE
THE TWO FIRMS HAVE DISCUSSED POSSIBLY MERGING IN THE FUTURE AND U S WEST
COULD END UP AS A WHITE KNIGHT IF TIME WARNER NEEDS ONE

FOR NOW THOUGH WALL STREET EXECUTIVES SAY THAT MR LEVIN APPEARS
RELATIVELY SECURE THEY NOTE THAT SEAGRAM HAS HELD ONTO A 243 INVESTMENT
IN DUPONT CO FOR NEARLY A DECADE AND MR BRONFMAN CLAIMS THAT IT VIEWS
TIME WARNER AS A SIMILAR LONGTERM PLAY UNLESS SEAGRAM SOLD THE DUPONT
STAKE TO RAISE CASH OR MADE A RADICAL MOVE SUCH AS OFFERING DUPONT
SECURITIES AS PART OF AN OFFER SEAGRAM WOULD BE HARDPRESSED TO COME UP
WITH THE FUNDS FOR A FULLSCALE BID

STILL THE SKITTISHNESS AT TIME WARNER IS UNDERSTANDABLE GIVEN THE
OVERHEATED CLIMATE FOR MEDIA ASSETS AND SEAGRAM'S POSITION COULD CHANGE OR
ANOTHER INTERESTED PLAYER COULD COME ALONG

THE BIGGEST MISTAKE JERRY LEVIN COULD MAKE NOW IS TO PANIC SAYS AN
INVESTMENT BANKER WHO HANDLES MEDIA DEALS BUT HE ADDS THE SECOND BIGGEST
MISTAKE WOULD BE TO BE TOO COMPLACENT

ARISTA RECORDS IS A LABEL OWNED BY BERTELSMANN MUSIC GROUP A UNIT OF
GERMANY'S BERTELSMANN AG A PAGEONE ARTICLE FRIDAY ABOUT TIME WARNER INC'S
CHAIRMAN INCORRECTLY IDENTIFIED ARISTA AS A LABEL OWNED BY SONY CORP
9403250129 940325 POLITICS & POLICY HOUSE PASSES BILL TIGHTENING THE
RULES FOR LOBBYISTS BY A MARGIN OF 315110  BY JACKIE CALMES 
STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE HOUSE OVERWHELMINGLY PASSED A CENTERPIECE OF ITS REFORM
AGENDA A BILL TIGHTENING LOBBYISTS' DISCLOSURE REQUIREMENTS AND CURTAILING
GIFTS MEALS ENTERTAINMENT AND TRIPS THAT THEY PROVIDE TO LAWMAKERS

THE 315110 VOTE FOR THE BILL SURPRISED SOME SUPPORTERS WHO HAD BRACED FOR
DEFEAT A TWOTHIRDS MARGIN WAS NEEDED BECAUSE DEMOCRATIC LEADERS ANXIOUS
TO PASS THE BILL BEFORE LAWMAKERS DEPART FOR A TWOWEEK RECESS BROUGHT THE
BILL TO THE HOUSE UNDER EXPEDITED PROCEDURES PROPONENTS FEARED THAT THE
MEASURE WOULD FALL TO A COMBINATION OF FOES WHO SAID THE MEASURE WENT TOO
FAR AND OTHERS WHO GROUSED IT DIDN'T GO FAR ENOUGH

BUT THE POLITICAL APPEAL OF THE MEASURE GIVEN ANTILOBBYING RHETORIC OF
1992 CANDIDATES FROM BILL CLINTON ON DOWN AND RECENT TELEVISION EXPOSES OF
LOBBYISTPAID TRIPS FOR LAWMAKERS PROVED TOO GREAT FOR MANY WOULDBE
OPPONENTS THE MEASURE NOW GOES TO A CONFERENCE WITH THE SENATE WHICH
PASSED ITS OWN BILL LAST YEAR

HOUSE SPEAKER THOMAS FOLEY D WASH MADE A RARE FLOOR SPEECH TO PRESS FOR
APPROVAL SAYING THE BILL WAS NECESSARY TO COUNTER A WRONG BELIEF THAT
LAWMAKERS CAN BE BOUGHT OTHER PROPONENTS ALSO STRESSED THAT THE BILL WAS
AIMED NOT AT ACTUAL ETHICS OR LEGAL PROBLEMS BUT AT THE PUBLIC PERCEPTION
THAT HIGHPAID LOBBYISTS WINE AND DINE MEMBERS OF CONGRESS INTO SUPPORTING
THEIR CAUSES AS REP JOHN BRYANT D TEXAS THE CHIEF SPONSOR SAID NO
ONE NO ONE CAME HERE FOR A FREE LUNCH HE SAID

UNDER CURRENT LAW ROUGHLY 7000 INDIVIDUALS AND FIRMS REGISTER AS
LOBBYISTS THOUGH THE ACTUAL NUMBER WHO COMMONLY WOULD BE CONSIDERED
LOBBYISTS IS THOUGHT TO BE SEVERAL TIMES HIGHER THE BILL WOULD CHANGE THE
LEGAL DEFINITION OF LOBBYING SO THAT MANY MORE PEOPLE HAVE TO REGISTER
ALSO IT WOULD REQUIRE THEM TO PROVIDE MORE DETAILS IN SEMIANNUAL REPORTS
ABOUT CONTACTS WITH LAWMAKERS AND STAFF THE ISSUES DISCUSSED AND ANY
LOBBYING EXPENSES

THE CHIEF CONTROVERSY SURROUNDING THE BILL INVOLVED PROVISIONS TO BAN WITH
SIGNIFICANT EXCEPTIONS ANY MEALS ENTERTAINMENT TRAVEL AND GIFTS FOR
LAWMAKERS AND STAFF THOSE WHO ARGUED THE BILL WASN'T SUFFICIENT REFORM
INCLUDING THE SELFSTYLED CITIZENS' GROUP COMMON CAUSE CITED TWO EXCEPTIONS
AS LOOPHOLES ONE WOULD ALLOW CORPORATE FOUNDATIONS TO BANKROLL CHARITY
EVENTS SUCH AS GOLF TOURNAMENTS TO WHICH LAWMAKERS ARE INVITED ANOTHER
WOULD PERMIT LOBBYISTS TO BUY LAWMAKERS DINNER IF THE LOBBYISTS' CLIENTS 
CORPORATE EXECUTIVES FOR EXAMPLE ARE PRESENT

BEHIND THE SCENES ACCORDING TO LAWMAKERS IN BOTH PARTIES THE CHIEF
OPPOSITION WASN'T FROM THOSE WHO WANTED MORE REFORM BUT FROM WHAT CAME TO
BE DUBBED AS THE GOLF AND TENNIS CAUCUS MEMBERS WHO FREQUENTLY ACCEPT
LOBBYISTS' INVITATIONS TO SUNNY RESORTS OR HUNTING GROUNDS WANT TO CONTINUE
TO DO SO AND RESENT WHAT THEY CONSIDER TO BE THE BILL'S IMPLICATION OF
GUILT

YOU ARE SETTING UP NEW CRITERIA NEW RESTRICTIONS NEW RULES BY WHICH WE
CAN BE CAUGHT IN A VERY INNOCENT MOMENT AND BE CHARGED AND DRAGGED THROUGH
THE MUD SAID REP THOMAS DELAY R TEXAS

MOST FRESHMEN HOUSE MEMBERS VOTED FOR THE BILL AS WAS EXPECTED GIVEN THE
EMPHASIS MANY OF THEM PUT ON REFORM IN THEIR CAMPAIGNS REP KAREN SHEPHERD
D UTAH A LEADER IN THE BILL'S DRAFTING SAID SHE HAS BEEN SHOCKED SINCE
SHE ARRIVED LAST YEAR BY HOW HARD MEMBERS OF CONGRESS WORK BUT SHE SAID
THAT HARD WORK DOES NOT ENTITLE ME TO EXTRAORDINARY PRIVILEGES PERIOD
9403250128 940325 ECONOMY TEAMSTERS CHIEF IS FACING THREAT TO
REFORM BID  CAREY'S ATTEMPT TO INCREASE DUES 25 IS REJECTED 
FOES SCHEDULE MEETINGS  BY KEVIN G SALWEN STAFF REPORTER OF THE
WALL STREET JOURNAL

WASHINGTON CIVIL WAR HAS BROKEN OUT AT THE TEAMSTERS UNION AND IS
THREATENING TO END RON CAREY'S BID TO REFORM THE ORGANIZATION

IN A FLURRY OF ACTIVITY OVER THE PAST DAY OR SO

 THE MEMBERSHIP OVERWHELMINGLY REJECTED MR CAREY'S ATTEMPT TO RAISE 100
MILLION A YEAR THROUGH A 25 DUES INCREASE ALTHOUGH THE COUNT ISN'T YET
COMPLETE FINAL MARGINS ARE EXPECTED TO BE AS HIGH AS 31 DESPITE THE
TROUNCING MR CAREY IN AN ODD INTERPRETATION OF THE OUTCOME CALLED THE
DUES VOTE A STRONG MANDATE FOR MAJOR CHANGES

 A CAREY LOYALIST FILED CHARGES AGAINST MR CAREY'S TWO OPPONENTS FOR
PRESIDENT IN THE LAST ELECTION RV DURHAM AND WALTER SHEA THE GENERAL
EXECUTIVE BOARD WHICH IS CONTROLLED BY CAREY SUPPORTERS COULD EXPEL THEM
FROM THE UNION

 LEADERS OF THE FOUR REGIONAL CONFERENCES THE AREA BODIES THAT SUPPORT
LOCALS' BARGAINING AND CONTRACT OPERATIONS SET UP A SERIES OF MEETINGS TO
BE HELD TUESDAY TO FIGHT MR CAREY'S EFFORTS TO CONSOLIDATE HIS POWER BY
ELIMINATING THE CONFERENCES

AT STAKE IS MR CAREY'S BID TO REFORM A ONCEMOBCONTROLLED UNION VOTED
INTO OFFICE IN 1991 AS THE HEAD OF THE REFORM TICKET MR CAREY HAS MOVED TO
BECOME A NATIONAL SPOKESMAN FOR ORGANIZED LABOR HE WAS AN OUTSPOKEN
OPPONENT OF THE NORTH AMERICAN FREE TRADE AGREEMENT AND HAS BEEN MORE ACTIVE
THAN HIS PREDECESSORS IN TRYING TO STEM MEMBERSHIP LOSSES AT THE 14
MILLIONMEMBER UNION THE LARGEST OF ANY NONGOVERNMENT UNION

THE LATEST STRING OF EVENTS COMES AT A TIME WHEN MR CAREY IS NEGOTIATING A
NATIONAL CONTRACT COVERING 110000 TEAMSTERS MEMBERS AT TRUCKING COMPANIES
PEOPLE CLOSE TO THE TALKS SAID MR CAREY'S TROUBLES MAKE HIM MORE LIKELY TO
CALL A STRIKE IN THE NATIONAL MASTER FREIGHT AGREEMENT TO SHOW THAT HE
RETAINS CONTROL OVER THE UNION BUT IT IS UNCLEAR WHETHER MANY LOCALS WOULD
GO ALONG WITH SUCH A CALL GIVEN THE DISPUTES WITHIN THE UNION

WHILE THE MASTERFREIGHT ACCORD WHICH EXPIRES THURSDAY IS MR CAREY'S MOST
IMMEDIATE PROBLEM HE HAS MORE SERIOUS LONGTERM DIFFICULTIES IN
PARTICULAR HE MUST DETERMINE HOW TO MAINTAIN CREDIBILITY AS THE TEAMSTERS'
GENERAL PRESIDENT AT A TIME WHEN OPPONENTS ARE FIGHTING HARD TO LINK HIM TO
ORGANIZED CRIME CANDIDATES FOR THE NEXT UNION ELECTION SET FOR 1996
ALREADY HAVE BEGUN POSITIONING THEMSELVES WITH THE MOST PROMINENT BEING
JAMES HOFFA THE SON OF THE ONETIME TEAMSTERS BOSS AND NOW A LAWYER FOR A
TEAMSTERS LOCAL IN DETROIT

IN ADDITION MR CAREY MUST DETERMINE HOW TO KEEP THE INTERNATIONAL RUNNING
FINANCIALLY THE DUES INCREASE WOULD HAVE RAISED 50 MILLION A YEAR FOR THE
DWINDLING STRIKE FUND WHICH IS LIKELY TO RUN OUT OF MONEY BY THE END OF THE
SUMMER

OPPONENTS LASHED OUT AT MR CAREY YOU'D LIKE TO THINK YOU CAN HAVE
DISSENSION IN THE UNION WITHOUT THIS GESTAPOTYPE APPROACH OF BRINGING
CHARGES SAID MR DURHAM A 43YEAR TEAMSTERS VETERAN WHO HEADS A NORTH
CAROLINA LOCAL AS A RESULT OF THE CHARGES FOR ALLEGED VIOLATIONS OF THE
UNION CONSTITUTION MR DURHAM COULD BE FINED SUSPENDED BARRED FROM
HOLDING OFFICE OR EXPELLED MR CAREY TOLD TEAMSTER OFFICIALS IN AN INTERNAL
MEMO

THE CHARGES WERE FILED BY AN AIDE TO INTERNATIONAL BOARD MEMBER JOHN MORRIS
WHO HEADS A PHILADELPHIA LOCAL AND IS AN ARDENT SUPPORTER OF MR CAREY AND
THE REFORM MOVEMENT MR DURHAM CONTENDS THAT MR CAREY ORCHESTRATED THE
CHARGES IN A BID TO RETALIATE AGAINST THOSE WHO FOUGHT THE DUES INCREASE
BUT MR CAREY'S SPOKESWOMAN COUNTERS THAT HE HAD NOTHING TO DO WITH THE
CHARGES

CONFERENCE LEADERS WILL BE TRYING TO RALLY LOCAL UNIONS AGAINST MR CAREY
AND THE INTERNATIONAL

DESPITE ITS REPUTATION AS THE UNION OF JIMMY HOFFA AND JACKIE PRESSER THE
TEAMSTERS HAS TRADITIONALLY BEEN RUN BY THE LOCALS AND CONFERENCES RATHER
THAN BY A STRONG CENTRALIZED WASHINGTON OPERATION MR CAREY HAS BEEN TRYING
TO CHANGE THAT CULTURE BY BRINGING MORE POWER INTO THE INTERNATIONAL AS A
WAY HE CONTENDS OF WEEDING OUT SOME OF THE INFLUENCE OF ORGANIZED CRIME
AND STREAMLINING THE BUREAUCRACY

BUT THAT HAS ANGERED NUMEROUS CONFERENCE LEADERS AND LOCAL OFFICIALS MANY
OF WHOM ARE PAID WELL OVER 100000 A YEAR IN THEIR POSTS

DANIEL MACHALABA IN NEW YORK CONTRIBUTED TO THIS ARTICLE 9403250127
940325 TURKEY'S MILITANT ISLAMIC PARTY SEEN GAINING POPULARITY ON EVE OF
ELECTIONS  BY JAMES M DORSEY SPECIAL TO THE WALL STREET JOURNAL

KONYA TURKEY HERE IN THIS STRONGHOLD OF MILITANT TURKISH ISLAM
RELIGIOUS FERVOR STOPS AT THE ENTRANCE TO REFIK DEMIRLAK'S CINEMA

HIDDEN BEHIND NONDESCRIPT WOODEN DOORS POSTERS WITH HALFNUDE STARLETS
ILLUSTRATE MR DEMIRLAK'S DAILY FILM MENU ALL MY MOVIES HAVE BEEN
AUTHORIZED BY THE CULTURE MINISTRY INSISTS MR DEMIRLAK WHO LIKE MOST OF
KONYA'S ENTREPRENEURS IN TOURISM AND ENTERTAINMENT RELIES ON THE CENTRAL
GOVERNMENT IN ANKARA TO GUARANTEE THE CONTINUED OPERATION OF HIS BUSINESS

IF THE MUNICIPALITY HAD ITS WAY THERE WOULD BE NO MOVIE HOUSES NO
THEATERS NO NOTHING IN THIS TOWN HE SAYS NOTING THAT SEVEN OF KONYA'S 10
CINEMAS HAVE CLOSED SINCE THE MILITANT ISLAMIC REFAH PARTY WON MUNICIPAL
ELECTIONS HERE FIVE YEARS AGO

WITH OPINION POLLS PREDICTING SIGNIFICANT GAINS FOR REFAH IN SUNDAY'S
MUNICIPAL ELECTIONS AROUND TURKEY THE SITUATION IN KONYA FAMOUS FOR ITS
WHIRLING DERVISHES SENDS CHILLS DOWN THE SPINES OF TURKEY'S ELITE WITH
ITS FIVEYEAROLD REFAH ADMINISTRATION THIS TRADITIONALLY CONSERVATIVE
ISLAMIC STRONGHOLD IN A COUNTRY WHOSE NATIONAL ETHOS EYES ISLAM WITH
SUSPICION PROVIDES A WINDOW ON WHAT ISLAMIC CENTRAL GOVERNMENT WOULD
ENTAIL

TWICE IN RECENT MONTHS MUNICIPAL AUTHORITIES FORCED MR DEMIRLAK TO CLOSE
HIS MOVIE HOUSE FOR TWO WEEKS CLAIMING THAT HE HAD VIOLATED PUBLIC HEALTH
AND SAFETY STANDARDS

A FEW SHOPS DOWN THE STREET FROM THE CINEMA IS ONE OF ONLY SIX LIQUOR STORES
LEFT IN THIS CITY OF 600000 DURING THE RECENTLY ENDED RAMADAN HASSAN
YILMAZ COVERED HIS SHELVES WITH CARDBOARD SO THAT SHOPPERS COULDN'T SEE HIS
MERCHANDISE I RESPECT THOSE WHO FAST DURING RAMADAN SAYS MR YILMAZ WHO
HAS NO DOUBT REFAH WOULD CLOSE HIM DOWN IF IT COULD

BUSINESS IS BOOMING DESPITE THE CLOSURE OF MOST CASINOS AND ENTERTAINMENT
HALLS OVER THE PAST FIVE YEARS BUT MR YILMAZ'S REQUEST FOR A MUNICIPAL
LICENSE TO OPEN A SECOND STORE HAS REPEATEDLY BEEN REJECTED INSTEAD THE
CITY GOVERNMENT HAS SLAPPED A TAX OF 12 MILLION TURKISH LIRAS 55300 ON
HIM FOR EVERY SUNDAY THAT HE OPENS HIS SHOP FOR BUSINESS

MR YILMAZ A MUSTACHIOED BLUEEYED DEVIL IN THE EYES OF TURKEY'S MILITANT
ISLAMICISTS FEARS THAT THE COMING ELECTIONS COULD SERVE AS A STEPPING STONE
FOR REFAH ON ITS WAY TO GAINING CONTROL OF TURKEY'S CENTRAL GOVERNMENT
THIS COUNTRY WILL BECOME ANOTHER IRAN IF REFAH TAKES OVER TURKEY HE
WARNS ECHOING WIDESPREAD ANXIETY AMONG TURKEY'S SECULAR POLITICAL AND
ECONOMIC ELITE

AT DINNER TABLES IN ISTANBUL BUSINESSMEN COMPARE NOTES ON CONTINGENCY PLANS
TO INCREASE THEIR RELIANCE ON BUSINESS OUTSIDE TURKEY AND WONDER WHETHER THE
TIME MAY BE NEARING THAT THEY LIKE THEIR COLLEAGUES A DECADE AGO IN
NEIGHBORING IRAN MAY FEEL FORCED TO GO INTO EXILE IN THE WEST SOME HAVE
ALREADY BEGUN MOVING FUNDS OUT OF THE COUNTRY LEILA ALATON OWNER OF A
PUBLICRELATIONS COMPANY RECENTLY STARTED HER OWN CAMPAIGN TO PERSUADE
TURKS TO TURN OUT AT THE POLLS IN VAST NUMBERS IN THE HOPE THAT THIS WILL
UNDERCUT REFAH DURING POLLING

PROMINENT TURKISH LEADERS HAVE PUBLICLY HINTED THAT A REFAH VICTORY IN THE
LOCAL ELECTIONS COULD LEAD TO A BREAKDOWN IN TURKEY'S COUPPUNCTUATED
DEMOCRACY IF THE COUNTRY LOSES ITS DEMOCRATIC CALM THE PEOPLE WILL SEEK
CALM THROUGH THE FIST WARNED PRESIDENT SULEYMAN DEMIREL

IF WE LOSE TO REFAH WE WILL NEVER BE ABLE TO RETURN TO THE WAY THINGS ARE
NOW WE IN THE SECULAR ELITE HAVE ONLY 10 OF THE VOTE WE'LL NEVER GET
POWER BACK SAYS GAZI GAZIOGLU ONE OF TURKEY'S MAJOR HEATINGEQUIPMENT
MANUFACTURERS

LAST YEAR'S DEFEAT OF REFORMIST TRENDS WITHIN REFAH SERVED TO STRENGTHEN
SECULARIST FEARS REFORMISTS HAD FAVORED REACHING OUT TO SECULAR WOMEN AND
ETHNIC AND RELIGIOUS MINORITIES TO POSITION REFAH AS A POLITICAL MOVEMENT
WITH MASS APPEAL

YET THE INABILITY OF TURKEY'S MAINSTREAM PARTIES TO RESOLVE SERIOUS ECONOMIC
PROBLEMS OR TO REDUCE WIDESPREAD CORRUPTION WITHIN THEIR OWN RANKS HAS
WORKED IN REFAH'S FAVOR INFLATION IS GALLOPING AT 71 AND PRIME MINISTER
TANSU CILLER'S ECONOMIC POLICIES HAVE PROVOKED A RADICAL SLIDE IN THE LIRA
IN THE PAST THREE MONTHS

MORE FUNDAMENTALLY MRS CILLER HAS FAILED TO GIVE TURKS A SENSE OF
DIRECTION AT A TIME THAT THEY FEEL REJECTED IN THEIR QUEST TO JOIN THE
EUROPEAN UNION MANY ALSO VIEW THE WEST'S APATHY TOWARD THE SUFFERING OF
THEIR MUSLIM BRETHREN IN BOSNIA AS ADDING INSULT TO INJURY AS A RESULT THE
MASSES MAY GO TO REFAH THIS SUNDAY EVEN IF REFAH DOESN'T GO TO THE MASSES

BESIDES PREACHING THE ESTABLISHMENT OF A JUST SOCIETY BASED ON ISLAMIC
PRINCIPLES REFAH WANTS TO TAKE TURKEY OUT OF THE NORTH ATLANTIC TREATY
ORGANIZATION AND INTO AN ISLAMIC COMMON MARKET REFAH WHICH HAS 40 SEATS IN
TURKEY'S 450SEAT PARLIAMENT IS LIKELY TO BE SEEN AS THE ONLY ALTERNATIVE
TO KURDISH SEPARATISM IN WARTORN SOUTHEASTERN TURKEY BUT REFAH IS ALSO
GAINING POPULARITY IN TURKEY'S STEADILY GROWING URBAN SHANTYTOWNS SOME
350000 UNEDUCATED RELIGIOUS MIGRANTS FROM ANATOLIA HAVE POURED INTO
ISTANBUL EACH YEAR IN RECENT YEARS

MUCH OF REFAH'S APPEAL LIES IN ITS DILIGENT ATTEMPTS TO LESSEN THE ECONOMIC
BURDEN OF LOWERCLASS TURKS IN KONYA WHERE SALARIES AVERAGE 35 MILLION
TURKISH LIRAS A MONTH THE REFAHCONTROLLED MUNICIPALITY HAS OPENED TWO
SHOPS WHERE FOODSTUFFS AND OTHER BASICS ARE SOLD AT SUBSIDIZED PRICES WOMEN
LINE UP IN THE LOBBY OF THE CITY HALL TO BUY BREAD AT A PRICE THAT IS A
THIRD BELOW THE MARKET PRICE

ONETHIRD OF ALL BREAD SOLD IN KONYA OR 150000 LOAVES A DAY IS PRODUCED
IN A BAKERY OPENED BY THE MUNICIPALITY SAYS TAHIR ERBIL A SENIOR AIDE TO
KONYA MAYOR HALIK URUN MR ERBIL A BEARDED ISLAMIC TECHNOCRAT DENIES
ALLEGATIONS THAT THE REFAH ADMINISTRATION OPPOSES THE SALE OF ALCOHOL OR THE
DEVELOPMENT OF TOURISM

TURKEY'S SECULAR ELITE HOPES THAT RECENT SETBACKS MAY NONETHELESS STOP REFAH
IN ITS TRACKS THE PROBLEM IS THAT REFAH IS NOT CREATING THE SENSE THAT IT
IS RELIABLE THINGS WOULD HAVE BEEN MUCH EASIER HAD REFAH EMBARKED ON
REFORMIST CHANGES SAYS FEHMI KORU A HARVARD UNIVERSITYEDUCATED COLUMNIST
FOR THE ISLAMICIST ZAMAN NEWSPAPER

REFAH'S SEEMINGLY UNBLEMISHED RECORD HAS TAKEN A BEATING RECENTLY TURKISH
NEWSPAPERS REVEALED LAST MONTH THAT TAYIPP ERDOGAN REFAH'S MAYORAL
CANDIDATE FOR ISTANBUL WHO IS FIGHTING A TIGHT RACE WITH MAINSTREAM
CONTENDERS HAS TWICE BEEN CONVICTED ON CRIMINAL CHARGES IN 1989 FOR
INSULTING A STATE OFFICIAL AND THREE YEARS EARLIER FOR BUILDING SIX HOUSES
ON STATE LAND WITHOUT PERMISSION

ACCUSATIONS THAT REFAH HAD DIVERTED BILLIONS OF TURKISH LIRA COLLECTED FOR
BOSNIA FOLLOWED HOT ON THE HEELS OF THE REVELATIONS ABOUT MR ERDOGAN REFAH
HAS DENIED THE ALLEGATIONS

FINALLY REFAH WAS FORCED TO DISTANCE ITSELF FROM HASAN MERZACI A REFAH
DEPUTY WHO CHARGED THAT THE MOTHER OF KEMAL ATATURK HAD WORKED IN A BROTHEL
MR ATATURK WHO IS STILL REVERED IN TURKEY AS A DEMIGOD CARVED MODERN
TURKEY OUT OF THE RUINS OF THE OTTOMAN EMPIRE AND IMPOSED THE SEPARATION OF
STATE AND CHURCH MR MERZACI'S PARLIAMENTARY IMMUNITY HAS SINCE BEEN
LIFTED

OPINION POLLS INDICATE NONETHELESS THAT THESE INCIDENTS HAVE DONE LITTLE TO
DENT REFAH'S POPULAR APPEAL REFAH OFFERS CRISISSTRICKEN TURKISH SOCIETY
SOMETHING NEW SOMETHING IT HASN'T TRIED YET REFAH MAY GAIN POWER  IF
THE OTHER PARTIES FAIL TO PUT THEIR OWN HOUSES IN ORDER WARNS PROMINENT
TURKISH COLUMNIST MEHMET ALI BIRAND

YET AT KONYA'S 1500MEMBER STRONG CHAMBER OF COMMERCE ACROSS THE STREET
FROM THE REFAHCONTROLLED CITY HALL BUSINESSMEN PRAY FOR A CHANGING OF THE
GUARD THEIR LIST OF COMPLAINTS IS LONG THE MUNICIPALITY WORKS ONLY WITH
BUSINESSES ASSOCIATED WITH REFAH IT ATTEMPTS TO DISCREDIT OTHER BUSINESSES
BY ACCUSING THEM OF BEING ANTIISLAMIC MAYOR URUN HAS RESISTED THE BUILDING
OF A BADLY NEEDED CULTURAL CENTER AS WELL AS NEW HOTELS

IN KONYA THE LAST FIVE YEARS HAVE BEEN WASTED SAYS CHAMBER OF COMMERCE
PRESIDENT RAHIM OZKAYMAK ECONOMIC GROWTH DEPENDS ON THE MUNICIPALITY 
 BUT THE MUNICIPALITY SAYS IT CAN'T BEAR THE RESPONSIBILITY FOR ALLOWING
COMPANIES THAT OPERATE IN SIN

BACK IN ISTANBUL ISLAMIC COLUMNIST FEHMI KORU ARGUES THAT TURKISH DEMOCRACY
WOULD BENEFIT FROM A REFAH VICTORY BY SHOWING THAT IT RESPECTS THE WILL OF
THE PEOPLE UNDER ALL CIRCUMSTANCES ECHOING OPINIONS BY WESTERN LIBERALS
TOWARD AN ISLAMIC VICTORY IN DEMOCRATIC ELECTIONS HE ADDS THAT ALLOWING
REFAH TO TAKE RESPONSIBILITY MAY BE THE PARTY'S ULTIMATE DEFEAT
9403250126 940325 SPRING ART AUCTIONS OFFER MILLIONDOLLAR PAINTINGS

NEW YORK IN A SIGN OF THE ART MARKET'S RECOVERY THE TWO MAJOR
ARTAUCTION HOUSES ANNOUNCED THEY WILL OFFER SEVERAL MILLIONDOLLAR
PAINTINGS AT THEIR ANNUAL SPRING ART SALES

THESE AUCTIONS HELD IN THE FIRST TWO WEEKS OF MAY NORMALLY SET THE TONE
FOR THE BROADER ART MARKET THE ARTWORKS THAT SOTHEBY'S HOLDINGS INC AND
CHRISTIE'S INTERNATIONAL PLC WILL SELL ARE OF HIGHER QUALITY THAN THOSE PUT
ON THE AUCTION BLOCK IN RECENT YEARS OFFICIALS OF THE COMPANIES SAID THEY
ALSO CARRY HIGHER PRESALE PRICE ESTIMATES SEVERAL PAINTINGS ARE EXPECTED TO
BRING MORE THAN 3 MILLION EACH

THE AUCTIONS WHICH BEGIN MAY 3 WILL FEATURE A JASPER JOHNS ABSTRACT
PAINTING HIGHWAY ESTIMATED TO SELL FOR ABOUT 8 MILLION AT SOTHEBY'S AND
PAINTINGS FROM THE ESTATES OF HOLLYWOOD AGENT IRVING SWIFTY LAZAR AND
VENTURE CAPITALIST NEIL A MCCONNELL

MR MCCONNELL'S ESTATE WHICH WILL BE OFFERED AT CHRISTIE'S IS VALUED AT
ABOUT 13 MILLION AND INCLUDES PAINTINGS BY CLAUDE MONET AND PIERRE
AUGUSTERENOIR MR LAZAR'S ESTATE TO BE SOLD AT SOTHEBY'S IS VALUED AT 2
MILLION AND INCLUDES WORK OF PAUL DELVAUX

FOLLOWING THE COLLAPSE OF THE ART MARKET IN FALL 1990 IT WAS UNCOMMON FOR
COLLECTORS OR THEIR HEIRS TO CONSIGN MAJOR WORKS TO THE AUCTION BLOCK BUT
STRONG ART SALES IN 1993 LED MORE COLLECTORS TO TEST THE MARKET FOR MAJOR
WORKS 9403250125 940325 FINANCING BUSINESS SNYDER OIL CORP

SNYDER OIL CORP FORT WORTH TEXAS SAID IT FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION TO OFFER 100 MILLION OF CONVERTIBLE SUBORDINATED NOTES
PROCEEDS WILL BE USED TO REPAY CERTAIN BANK DEBT TO EXPAND DRILLING
OPERATIONS AND FOR POSSIBLE ACQUISITIONS FIRST BOSTON CORP WILL MANAGE THE
OFFERING 9403250124 940325 TECHNOLOGY ZENITH LABS CLEARED TO SELL
ITS VERSION OF BRISTOLMYERS DRUG

NORTHVALE NJ ZENITH LABORATORIES INC SAID A FEDERAL APPEALS COURT
CLEARED THE WAY FOR THE COMPANY TO SELL A GENERIC VERSION OF BRISTOLMYERS
SQUIBB CO'S ANTIBIOTIC DURICEF

ZENITH'S PRESIDENT JOHN H KLEIN SAID THE COMPANY PLANS TO LAUNCH THE
GENERIC VERSION CEFADROXIL IN THE NEAR FUTURE AND NOTED THAT MOST OF
ZENITH'S GENERIC DRUGS ARE PRICED 30 TO 40 BELOW THE BRANDED DRUG US
SALES OF DURICEF WERE MORE THAN 150 MILLION IN 1993

A SPOKESMAN FOR BRISTOLMYERS SAID THE COMPANY IS STUDYING THE COURT OPINION
AND CONSIDERING ITS LEGAL OPTIONS

ZENITH RECEIVED FOOD AND DRUG ADMINISTRATION APPROVAL FOR CEFADROXIL IN
APRIL 1992 BUT US DISTRICT JUDGE ALFRED M WOLIN IN NEWARK NJ RULED
IN JULY 1992 THAT THE ZENITH PRODUCT INFRINGED A BRISTOLMYERS PATENT
BRISTOLMYERS CONTENDED THAT DURING DIGESTION THE ZENITH DRUG IS CONVERTED
TO A MOLECULE PATENTED BY BRISTOLMYERS ZENITH SAID THE US CIRCUIT COURT
OF APPEALS IN WASHINGTON REVERSED THE LOWER COURT'S DECISION THUS ALLOWING
THE COMPANY TO BEGIN MAKING AND SELLING CEFADROXIL

BEFORE THE APRIL 1992 DECISION THREE GENERIC VERSIONS OF THE DRUG HAD
GARNERED 55 OF THE MARKET IN JUST 10 MONTHS MR KLEIN SAID 9403250123
940325 MACY GETS BREATHING ROOM TO PITCH PLAN TO CREDITORS

CYRUS R VANCE THE COURTAPPOINTED MEDIATOR IN THE RH MACY & CO
BANKRUPTCY PROCEEDING HAS GIVEN THE RETAILER TIME TO SELL ITS PROPOSED
REORGANIZATION PLAN TO ITS CREDITORS

AFTER MEETING WITH MR VANCE YESTERDAY FEDERATED DEPARTMENT STORES INC
MACY'S SUITOR AND ONE OF ITS SENIOR CREDITORS SAID IT WAS ASKED BY MR
VANCE TO REFRAIN FROM SUBMITTING TERMS OF A PROPOSED REORGANIZATION PLAN
SO MACY CAN TALK WITH OTHER CREDITORS EARLIER THIS WEEK MACY UNVEILED
TERMS OF ITS PLAN UNDER WHICH CREDITORS GET CASH AND SECURITIES VALUED AT
36 BILLION WHEN THE COMPANY EMERGES FROM BANKRUPTCY COURT PROTECTION IN
1995 AND POSSIBLY 500 MILLION MORE IN SECURITIES LATER

CINCINNATIBASED FEDERATED WHICH WANTS TO MERGE THE TWO DEPARTMENT STORE
CHAINS SAID IN A STATEMENT YESTERDAY IT WAS COMMITTED TO WORKING WITHIN
THE MEDIATION PROCESS AND WOULD ABIDE BY MR VANCE'S REQUEST

BUT IT APPEARS MR VANCE A PARTNER IN SIMPSON THACHER & BARTLETT WILL GIVE
FEDERATED AMPLE TIME TO PRESENT ITS CASE MR VANCE PLANS TO MEET WITH
MACY'S CREDITORS INCLUDING FEDERATED DURING THE WEEK OF APRIL 11 AFTER
THOSE MEETINGS FEDERATED SAID MR VANCE WILL PROVIDE DIRECTION TO
FEDERATED REGARDING ITS DESIRE TO INITIATE DISCUSSIONS WITH OTHER MACY
CREDITORS ON FEDERATED'S PROPOSAL FOR A PLAN OF REORGANIZATION FOR MACY
SIMPSON THACHER CONFIRMED FEDERATED'S STATEMENT 9403250122 940325 ITALY'S
PRIME MINISTER WARNS OF HURDLES AS HE PASSES BATON IN HISTORIC ELECTION 
 BY LISA BANNON STAFF REPORTER OF THE WALL STREET JOURNAL

ROME ON THE EVE OF HISTORIC ITALIAN PARLIAMENTARY ELECTIONS OUTGOING
PRIME MINISTER CARLO CIAMPI SAYS THE COUNTRY HAS MOVED AWAY FROM THE ABYSS
OF ECONOMIC CRISIS BUT HE WARNS THAT THE NEXT GOVERNMENT WILL HAVE TO
TACKLE A LONG LIST OF ECONOMIC AND INSTITUTIONAL AILMENTS IF ITALY IS TO
PROCEED ALONG ITS BUMPY ROAD TO RECOVERY

IN A RARE INTERVIEW THE FORMER CENTRAL BANK CHIEF SAID HE WILL TURN OVER
THE REINS OF POWER WITH TRANQUIL SERENITY AFTER ELECTIONS THIS WEEKEND
BUT HE LEAVES OPEN THE POSSIBILITY OF RETURNING TO POWER AS A CONTINUING
CARETAKER PRIME MINISTER IF ASKED SOMETHING THAT MIGHT ARISE IF NO CLEAR
WINNER EMERGES IN SUNDAY'S VOTING THE LAST POLLS CONDUCTED BEFORE THE
ELECTIONS SHOWED NONE OF THE THREE ALLIANCES WITH AN ABSOLUTE MAJORITY

WHAT I SEE NEGATIVELY IS THAT THE NEXT LEGISLATURE IS ALREADY BEING
DISCUSSED AS A BRIEF LEGISLATURE SAYS MR CIAMPI IT'S LIKE A SICK
PATIENT THAT'S PASSED FROM ONE DOCTOR TO ANOTHER HE CHANGES POSITION IN
THE BED BECAUSE HE HOPES TO HAVE RELIEF BUT INSTEAD HE SHOULD FACE THE
ILLNESS

WHEN PRESSED ABOUT THE CONDITIONS UNDER WHICH HE WOULD ACCEPT ANOTHER
MANDATE AS THE HOUSE PHYSICIAN HE SMILES MAN PROPOSES AND GOD DISPOSES
HE SAYS WITH THE WAVE OF A HAND ALTHOUGH THE CONFUSING ITALIAN POLITICAL
PICTURE MAKES HIS RETURN ONLY ONE OF SEVERAL SCENARIOS HIS GOOD AND
RELATIVELY APOLITICAL STANDING HAS PROMPTED SPECULATION THAT HE MAY RETURN
AS PRIME MINISTER OF ANOTHER COALITION GOVERNMENT IF GIVEN A STRONG MANDATE
TO CONTINUE HIS ORIGINAL GOALS

BUT HE PLAYS DOWN SUCH SPECULATION AND ARGUES THAT THERE ARE LIMITS TO A
CARETAKER GOVERNMENT I HOPE THE NEW LEGISLATURE IS ONE THAT LASTS BECAUSE
ONLY IN THAT WAY CAN YOU FACE THE ECONOMIC INSTITUTIONAL AND POLITICAL
THEMES WELL HE SAYS

YET MR CIAMPI DOESN'T SHY AWAY FROM DISCUSSING THE MOST PRESSING ISSUES FOR
ANY NEW LEADER HE LISTS THE NEED FOR IMPLEMENTING FURTHER CUTS TO THE
COUNTRY'S MASSIVE PUBLIC DEBT NURSING THE NASCENT ECONOMIC RECOVERY WHILE
SAFEGUARDING EMPLOYMENT CONTINUING THE COUNTRY'S AMBITIOUS PRIVATIZATION
PROGRAM AND PROCEEDING WITH INSTITUTIONAL REFORM

THIS GOVERNMENT DEFINED AND BEGAN A LOT OF THINGS BUT I SEE A LOT LEFT TO
DO HE SAYS WHATEVER GOVERNMENT COMES IN I SEE THE NECESSITY FOR A
CONTINUITY OF OBJECTIVES THE INSTRUMENTS CAN BE MODIFIED BUT THE OBJECTIVES
CANNOT BE CHANGED

CALLED IN LAST APRIL BY PRESIDENT OSCAR LUIGI SCALFARO AS A CRISIS MANAGER
AFTER AN EPIC CORRUPTION SCANDAL DECIMATED PARLIAMENT THE 73YEAROLD MR
CIAMPI'S MANDATE HAS BEEN TRANSITORY FROM THE START HE WAS CHARGED WITH
OVERSEEING ITALY'S NEW ELECTORAL LAW DRAWING UP A 1994 BUDGET AND
FINALIZING A REVOLUTIONARY WAGE ACCORD BEFORE ELECTIONS COULD BE CALLED
UNDER THE NEW VOTING SYSTEM

IN A LOOK BACK OVER HIS BRIEF TERM MR CIAMPI SEES HIS GOVERNMENT'S ROLE AS
THAT OF A FERRYBOAT LEADING ITALY FROM ITS FIRST POSTWAR REPUBLIC TO A NEW
DEMOCRATIC ORDER NEVERTHELESS HE WILL BE REMEMBERED FOR INITIATING SEVERAL
LASTING MEASURES IN ADDITION TO JUMPSTARTING THE COUNTRY'S LONGSTALLED
PRIVATIZATION PROGRAM ROME POLITICAL WATCHERS SAY MR CIAMPI ALSO CHANGED
THE STYLE OF ITALIAN GOVERNMENT FROM THAT OF A COZY POLITICAL CLUB TO A MORE
INFORMAL AND OPENDOOR BUSINESS ATMOSPHERE

AND WHILE THE REST OF ITALY'S INSTITUTIONS WERE DISCREDITED BY THE
CORRUPTION SCANDAL MR CIAMPI GAINED THE CONFIDENCE OF INTERNATIONAL
FINANCIAL MARKETS HELPING TO BOOST CREDIBILITY IN THE LIRA ALLOW A
DESPERATELY NEEDED DROP IN INTEREST RATES AND STAVE OFF ANOTHER CURRENCY
CRISIS

OBSERVERS SAY MR CIAMPI'S BRIEF MANDATE AND TENUOUS POLITICAL SUPPORT
HAMPERED HIS ABILITY TO MAKE EVEN GREATER BUDGET CUTS OR FURTHER STRUCTURAL
REFORM HE FACED A HOSTILE PARLIAMENT IN APPROVING THE 1994 BUDGET AND
THERE WERE SEVERAL TIMES THE FOURPARTY COALITION WOULD HAVE LOVED TO SINK
HIM SAYS ONE ROME OBSERVER INDEED HIS TERM WAS MARKED BY A SERIES OF
POTENTIAL LAND MINES INCLUDING A RASH OF MAFIALED BOMBINGS IN ROME
FLORENCE AND MILAN SERIOUS LABOR UNREST A DEEPER RECESSION THAN
ANTICIPATED AND A DISCREDITED PARLIAMENTARY MAJORITY FIGHTING AGAINST
REFORM

THE PAST YEAR WAS VERY DIFFICULT AND IT COULD'VE GONE VERY BADLY SAYS
STEFANO MICOSSI CHIEF ECONOMIST AT CONFINDUSTRIA ITALY'S INDUSTRIALISTS
ASSOCIATION THE FACT THAT WE MANAGED TO GET THROUGH IT WAS AN IMPRESSIVE
POLITICAL RESULT

MR CIAMPI'S FIRST CONTRIBUTION WAS TO RESTORE INTERNATIONAL INVESTOR
CONFIDENCE IN THE ECONOMY AFTER A SEVERE ECONOMIC CRISIS FORCED ITALY OUT OF
THE EUROPEAN MONETARY SYSTEM IN 1992 AUSTERITY BUDGETS BY MR CIAMPI AND
FORMER PRIME MINISTER GIULIANO AMATO HAVE BEGUN THE PAINFUL PROCESS OF
REVERSING ITALY'S DANGEROUS SPIRAL OF DEBT WHICH NOW AMOUNTS TO ABOUT 114
OF GROSS DOMESTIC PRODUCT GDP IS THE TOTAL VALUE OF GOODS AND SERVICES
PRODUCED IN A NATION

IN 1993 ITALY REDUCED ITS ANNUAL BUDGET DEFICIT IN NOMINAL TERMS TO 153
BILLION LIRE 9195 BILLION ACCORDING TO YESTERDAY'S CURRENCYEXCHANGE
RATE OR JUST UNDER 10 OF GDP FOR THE FIRST TIME IN MORE THAN A DECADE
AS A RESULT INTEREST RATES HAVE EASED IN LINE WITH OTHER EUROPEAN RATE CUTS
TO 75 FROM 125 IN APRIL 1993 INFLATION DESPITE A 30 DEVALUATION OF
THE LIRA IN AUTUMN OF 1992 HAS FALLEN TO 42 FROM 53 A YEAR AGO
MEANWHILE EXPORTS HAVE SURGED ON THE BACK OF THE DEVALUATION GIVING ITALY
A NET TRADE SURPLUS OF 13 TRILLION LIRE IN 1993 AND HELPING LEAD IT OUT OF
RECESSION

IF THE CURRENT DEFICITCUTTING TREND IS SUSTAINED ECONOMISTS SAY THE
COUNTRY SHOULD BE ABLE TO REVERSE THE PUBLIC DEBT RATIO BY 1995 OR 1996

BUT ECONOMISTS WARN THAT MARKETS FORGAVE THE MODERATE CUTS IN MR CIAMPI'S
1994 BUDGET DUE TO THE RECESSION BUT THAT FURTHER CUTS WILL BE NECESSARY IN
1995 THE BUDGET WAS NOT AS AMBITIOUS THIS YEAR AS PERHAPS MARKETS WOULD
HAVE LIKED BUT I DON'T THINK CIAMPI COULD HAVE DONE BETTER BECAUSE OF THE
RECESSION SAYS CARMEN NUZZO ITALY ECONOMIST AT SALOMON BROTHERS IN
LONDON NOW THE REAL TEST WILL COME WITH THE BUDGET IN 1995

THE PRIME MINISTER HAS COME UNDER FIRE RECENTLY FOR A 10 TRILLION LIRE TO 16
TRILLION LIRE BUDGET SHORTFALL IN 1994 THAT WILL HAVE TO BE CORRECTED BY THE
INCOMING GOVERNMENT IF INTEREST RATES DON'T FALL FURTHER ALSO SOME
ANALYSTS HAVE CRITICIZED COSTLY RESTRUCTURING AGREEMENTS THAT THE GOVERNMENT
RECENTLY NEGOTIATED WITH FIAT SPA AND STATE STEEL GROUP ILVA SPA WHICH WILL
AGGRAVATE PUBLIC FINANCES OF 42 TRILLION LIRE BUDGETED TO COMBAT
UNEMPLOYMENT BETWEEN 1994 AND 1996 SOME 27 TRILLION LIRE ALREADY HAS BEEN
ALLOCATED TO FINANCE EARLY RETIREMENTS OTHERS ARE DISAPPOINTED THAT MR
CIAMPI WAS UNABLE TO BEGIN REFORM OF THE COUNTRY'S BLOATED PENSION BILL
WHICH HAS CLIMBED TO NEARLY 15 OF GDP

MR CIAMPI ARGUES THAT THE BUDGET SHORTFALL IS DUE TO A MORE SEVERE
RECESSION LAST YEAR THAN ORIGINALLY FORECAST WHEN THE PLAN WAS DRAWN UP LAST
SEPTEMBER ANY TOUGHER CUTS OR HIGHER TAXES HE ARGUES COULD HAVE
JEOPARDIZED ITALY'S FRAGILE ECONOMIC RECOVERY

NO DOUBT WITHOUT RECESSION WE COULD HAVE MADE MORE INCISIVE CUTS HE
SAYS BUT IN A PERIOD OF RECESSION WHEN OTHER COUNTRIES NORMALLY INCREASE
THE DEFICIT WE CONTINUED GOING AHEAD WITH CUTS AND REDUCTION OF THE DEFICIT
WHILE TAKING INTO ACCOUNT THE MINIMUM HOPES OF AN ECONOMIC RECOVERY

AS FOR THE RESTRUCTURING AGREEMENTS MR CIAMPI ARGUES THAT AGREEMENTS AT
BOTH FIAT AND ILVA WENT BEYOND COSTLY SUBSIDIZATION OF LAYOFFS AND PROVIDED
INCENTIVES FOR RETRAINING AND REINVESTMENT IF WE HADN'T SIGNED THE
AGREEMENTS WE WOULD HAVE HAD CLASHES IN THE STREETS IT WAS A VERY
DANGEROUS SITUATION HE SAYS HE NOTES THAT UNLIKE IN FRANCE GERMANY AND
SPAIN ITALY HAS HAD NO SERIOUS LABOR RIOTS AS IT FACES RESTRUCTURING AND
UNEMPLOYMENT CLIMBS TO OVER 11 FROM 97 A YEAR EARLIER

WE KNEW FROM THE START THAT OUR HORIZONS WERE LIMITED HE SAYS BUT I
LIKE TO THINK WE OPERATED LOOKING BEYOND THE HORIZON TO THE LONG TERM
9403250121 940325 ABREAST OF THE MARKET INDUSTRIALS SLIDE 4837
ACTIVATING UPTICK RULE' SHORTLY BEFORE NOON  BY ANITA RAGHAVAN
AND DAVE PETTIT STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK RISING INTEREST RATES AT HOME AND POLITICAL INSTABILITY ABROAD
SENT THE STOCK MARKET INTO A TAILSPIN

AFTER TUMBLING AS MUCH AS 66 POINTS DURING THE DAY THE DOW JONES INDUSTRIAL
AVERAGE ENDED 4837 POINTS LOWER AT 382109 ITS LOWEST CLOSING LEVEL SINCE
MARCH 1 THE SELLING WAS SO INTENSE THAT THE NEW YORK STOCK EXCHANGE
ACTIVATED ITS 50POINT UPTICK RULE SHORTLY BEFORE NOON THUS CURTAILING
MOST TYPES OF PROGRAM TRADING

STANDARD & POOR'S 500STOCK INDEX SLID 419 TO 46435 AND THE NASDAQ
COMPOSITE INDEX SANK 1083 POINTS TO 78668 ITS LOWEST CLOSE SINCE MARCH 3

STOCKS STARTED THE DAY LOWER AS BOND PRICES SANK AFTER SEVERAL MAJOR BANKS
RAISED THEIR PRIME LENDING RATES LATE WEDNESDAY TO 625 FROM 6

ALSO SHAKING INVESTOR CONFIDENCE WAS THE ASSASSINATION OF MEXICAN
PRESIDENTIAL CANDIDATE LUIS DONALDO COLOSIO MR COLOSIO WHO WAS PERCEIVED
AS A SURE WINNER IN THE PRESIDENTIAL ELECTION WAS EXPECTED TO CONTINUE THE
MODERNIZATION POLICIES OF THE CARLOS SALINAS DE GORTARI ADMINISTRATION

BUT EVEN THOUGH MR COLOSIO'S DEATH WAS MOURNED WORLDWIDE FEW ANALYSTS
BELIEVED THAT IT WOULD DERAIL MEXICO FROM THE PATH OF MODERNIZATION

THE INFLATION WORRIES ABOUT THE BOND MARKET ARE MORE IMAGINED THAN REAL
AND SECONDLY WHILE THE EPISODE IN MEXICO IS TERRIBLY UNFORTUNATE IN HUMAN
TERMS I DON'T THINK IT WILL BE SIGNIFICANT ENOUGH TO DETER INVESTORS FROM
INVESTING IN US STOCKS OVER THE LONG TERM SAID STEVEN EINHORN STOCK
STRATEGIST AT GOLDMAN SACHS

MR EINHORN EXPLAINED THAT THERE WAS SOME FEAR INITIALLY THAT US STOCK
INVESTORS WHO HAVE ALSO BEEN EAGER INVESTORS IN LATIN AMERICA MIGHT PULL
BACK FROM THE US MARKET WHEN THEY DISCOVER CAPITAL LOSSES IN THEIR LATIN
AMERICAN INVESTMENTS

BUT WHILE MR EINHORN THINKS US STOCKS COULD FALL A FEW PERCENT MORE HE
BELIEVES THE PROSPECT OF LOW INFLATION AND IMPROVING CORPORATE PROFITS WILL
LURE INVESTORS BACK TO THE MARKET

AMERICAN DEPOSITARY RECEIPTS REPRESENTING SHARES IN MEXICAN COMPANIES WERE
HIT HARD ON NEWS OF MR COLOSIO'S MURDER

TELEFONOS DE MEXICO A BELLWETHER STOCK LOST 3 5/8 TO 60 1/8 GRUPO
TELEVISA 2 3/8 TO 56 3/8 AND GRUPO TRIBASA 2 1/8 TO 27 3/8 THE NEW YORK
STOCK EXCHANGE DELAYED THE OPENING OF THESE AND 15 OTHER MEXICAN ISSUES SO
THAT INVESTORS WOULD HAVE A CHANCE TO DIGEST THE NEWS FROM MEXICO

DECLINING ISSUES OUTPACED ADVANCERS ON THE NEW YORK STOCK EXCHANGE BY 1739
TO 520 VOLUME ON THE BIG BOARD WAS 303740000 SHARES COMPARED WITH
281420000 SHARES ON WEDNESDAY

THE BIG THREE US AUTO MAKERS WERE AMONG WEAK CYCLICALS HURT IN PART BY AN
INVESTMENT RATING DOWNGRADE AT SANFORD C BERNSTEIN & CO FORD MOTOR SLUMPED
2 TO 61 3/8 CHRYSLER LOST 2 TO 56 1/8 AND GENERAL MOTORS DROPPED 2 1/8 TO
58 3/8

TRANSPORTATION STOCKS MOVED ALONG WITH THE ECONOMICALLY SENSITIVE GROUP THE
DOW JONES TRANSPORTATION AVERAGE SKIDDED 1898 OR 110 TO 170603

UTILITY STOCKS RESUMED THEIR MONTHS LONG SLUMP THE DOW JONES UTILITIES
AVERAGE LOST 244 OR 118 TO 20406 ITS LOWEST CLOSING LEVEL SINCE APRIL
1992

CABLETRON SYSTEMS LOST 8 TO 115 1/8 EVEN THOUGH THE ROCHESTER NH
COMPUTERNETWORKING PRODUCTS COMPANY REPORTED FOURTHQUARTER EARNINGS OF
118 A SHARE UP FROM 87 CENTS A YEAR AGO AND ABOVE THE 116 MEAN
ESTIMATE OF ANALYSTS SURVEYED BY INSTITUTIONAL BROKERS ESTIMATE SYSTEM
NONETHELESS SOME INVESTORS WERE SAID TO BE CONCERNED CABLETRON'S GROWTH IS
SLOWING

SYNOPTICS COMMUNICATIONS ANOTHER NETWORKING STOCK LOST 1 5/8 TO 21 1/2 ON
THE NASDAQ STOCK MARKET AFTER SEVERAL ANALYSTS MADE NEGATIVE COMMENTS
ELSEWHERE IN THE NETWORKING GROUP 3COM FELL 3/8 TO 60 1/2 AND WELLFLEET
COMMUNICATIONS TUMBLED 7 1/2 TO 73 1/4

SEMICONDUCTOR STOCKS WERE ALSO A SORE SPOT IN THE TECHNOLOGY AREA MICRON
TECHNOLOGY LOST 3 1/2 TO 90 MOTOROLA DROPPED 1 3/8 TO 105 1/8 TEXAS
INSTRUMENTS FELL 2 3/4 TO 83 3/8 NATIONAL SEMICONDUCTOR SHED 1 1/4 TO 22
3/8 AND ON NASDAQ INTEL FELL 1 1/4 TO 70 1/4

CAPITAL CITIES/ABC DROPPED 16 TO 702 3/4 AFTER PHILIP MORRIS FILED SUIT
AGAINST THE NEW YORK BROADCASTER SEEKING 10 BILLION IN DAMAGES FOR LIBEL
THE ACTION WAS TAKEN IN RESPONSE TO ABC TELEVISION NEWS REPORTS THAT
SUGGESTED TOBACCO COMPANIES ADD NICOTINE TO CIGARETTES TO MAKE THEM MORE
ADDICTIVE PHILIP MORRIS CALLED THAT REPORT FALSE AND INFLAMMATORY SHARES
OF THE NEW YORK FOOD AND TOBACCO COMPANY SLIPPED 5/8 TO 52 1/4

INTERNATIONAL BUSINESS MACHINES CONTINUED TO FALL LOSING 7/8 TO 56 3/8
AFTER SLIPPING 1 WEDNESDAY INVESTORS HAVE BEEN ANXIOUS AHEAD OF A BRIEFING
ON ITS TURNAROUND STRATEGY THAT THE COMPANY HOSTED AFTER THE CLOSE OF
TRADING

LIMITED ADDED 1 5/8 TO 22 1/4 MABON SECURITIES UPGRADED THE STOCK TO BUY
FROM NEUTRAL MABON SAID IT EXPECTS THE COLUMBUS OHIO APPAREL COMPANY TO
POST STRONG SALES FOR THIS MONTH AND INCREASED ITS FISCAL 1995 EARNINGS
FORECAST

DRUG STOCKS BUCKED THE DOWNWARD TREND THE WALL STREET JOURNAL'S HEARD ON
THE STREET COLUMN REPORTED THAT SOME MONEY MANAGERS THINK IT IS TIME TO
START BUYING SHARES IN THE BELEAGUERED GROUP MERCK ADDED 1/8 TO 30 1/4
PFIZER GAINED 1/4 TO 55 3/4 AND JOHNSON & JOHNSON ROSE 1/8 TO 38 5/8

AMGEN CLIMBED 1/2 TO 38 1/4 ON NASDAQ AFTER GOLDMAN SACHS & CO ADDED THE
STOCK TO ITS RECOMMENDED LIST SHARES OF THE THOUSAND OAKS CALIF
BIOTECHNOLOGY COMPANY HAD BEEN RATED MODERATE OUTPERFORMER

CREATIVE TECHNOLOGY LOST 3 1/8 TO 25 5/8 ON NASDAQ ONE TRADER TIED THE LOSS
TO SELLING IN MEDIA VISION MEDIA VISION PLUNGED 10 1/2 TO 11 AFTER
FORECASTING A SUBSTANTIAL FIRSTQUARTER LOSS BOTH COMPANIES MAKE PRODUCTS
DESIGNED TO ENHANCE THE SOUND CAPABILITIES OF PERSONAL COMPUTERS CREATIVE
TECHNOLOGY IS BASED IN SINGAPORE 9403250120 940325 BUSINESS BRIEF KN
ENERGY TO BUY AMERICAN OIL & GAS IN 285 MILLION DEAL

LAKEWOOD COLO KN ENERGY INC SAID IT SIGNED A DEFINITIVE AGREEMENT TO
ACQUIRE AMERICAN OIL & GAS CORP IN A STOCK SWAP WITH AN INDICATED VALUE OF
ABOUT 285 MILLION

UNDER TERMS OF THE PROPOSED TRANSACTION A TAXFREE EXCHANGE OF COMMON
SHARES 047 SHARES OF KN ENERGY WILL BE SWAPPED FOR EACH SHARE OF AMERICAN
OIL & GAS THUS ABOUT 122 MILLION KN SHARES WOULD BE INVOLVED

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE KN CLOSED AT
23375 DOWN 125 CENTS WHILE AMERICAN OIL & GAS CLOSED AT 1050 DOWN
125 CENTS

IF COMPLETED AMERICAN OIL & GAS'S CURRENT HOLDERS WOULD OWN ABOUT 45 OF
THE SURVIVING COMPANY

AMERICAN OIL & GAS BASED IN HOUSTON REPORTED 1993 NET INCOME OF 66
MILLION OR 25 CENTS A SHARE INCLUDING NONRECURRING ITEMS REVENUE WAS
5393 MILLION

KN ENERGY HAD 1993 NET INCOME OF 243 MILLION OR 157 A SHARE ON REVENUE
OF 4933 MILLION

THE PROPOSED TRANSACTION IS SUBJECT TO SHAREHOLDER REGULATORY AND LENDER
APPROVAL 9403250119 940325 MEDIA HARVARD REVIEW NEW STRUCTURE TIED
TO TURMOIL  BY GARY PUTKA STAFF REPORTER OF THE WALL STREET
JOURNAL

THE HARVARD BUSINESS REVIEW IS FAST BECOMING A CASE STUDY IN MANAGEMENT
TURMOIL

MUCH OF THE PROBLEM APPEARS TO BE THE NEW STRUCTURE GOVERNING THE BIBLE OF
MANAGEMENT THEORY THERE HAS BEEN DISENCHANTMENT AMONG THE BUSINESSSCHOOL
FACULTY WITH THE REVIEW'S NEW HOLDING COMPANY WHICH WAS SET UP IN 1993 TO
EXPAND THE REACH AND REVENUE OF THE SCHOOL THE COMPANY CALLED
HARVARD BUSINESS SCHOOL PUBLISHING CORP HAS ITS OWN TOP EXECUTIVES AND A
BOARD MADE UP OF BUSINESSMEN HARVARD ADMINISTRATORS AND FACULTY IN THE
PAST THE REVIEW WAS MORE CLOSELY TIED TO THE BUSINESS SCHOOL

THE TOP EDITORIAL POSITION AT THE REVIEW HAS CHANGED HANDS THREE TIMES IN
THE PAST 22 MONTHS AND A NUMBER OF OTHER EDITORS AND STAFFERS HAVE LEFT IN
A SERIES OF INTERNAL CLASHES BUT THE RESIGNATION EARLIER THIS WEEK OF RUTH
M MCMULLIN THE CHIEF EXECUTIVE OF THE REVIEW'S HOLDING COMPANY SIGNIFIES
DEEPER PROBLEMS

ACCORDING TO A TOP HARVARD ADMINISTRATOR MS MCMULLIN'S RESIGNATION
RESULTED FROM THE BOARD'S DISSATISFACTION WITH THE HOLDING COMPANY'S
PROGRESS DURING HER TENURE MS MCMULLIN HAS BEEN PRESIDENT AND CHIEF
EXECUTIVE SINCE THE COMPANY WAS STARTED A YEAR AGO

THIS WHOLE THING STRIKES ME AS A CULTURE CLASH BETWEEN A PROFIT CENTER AND
THE ACADEMY SAYS DAVID VOGEL EDITOR OF THE CALIFORNIA MANAGEMENT REVIEW
WHICH COMPETES WITH THE HARVARD BUSINESS REVIEW AT THE UNIVERSITY OF
CALIFORNIA BERKELEY

THE BOARD'S IMMEDIATE WORRY IS THAT THE BUSINESS REVIEW WHOSE CIRCULATION
HAS BEEN DROPPING IS ATTRACTING FEWER BIGNAME BUSINESS WRITERS AND
GROUNDBREAKING ARTICLES IN ADDITION THE PUBLISHING COMPANY'S VIDEO
DIVISION DESPITE SOME RECENT SUCCESSES HAS ISSUED A NUMBER OF DUDS

IN A STATEMENT ISSUED YESTERDAY MS MCMULLIN SAYS SHE RESIGNED BECAUSE HER
VIEWS ON RUNNING A PROFESSIONAL PUBLISHING ORGANIZATION  BEGAN TO
DIVERGE AND COULDN'T BE RECONCILED WITH THOSE OF WILLIAM A SAHLMAN A
HARVARD PROFESSOR WHO IS THE HOLDING COMPANY'S CHAIRMAN SHE ADDED THAT SHE
TOOK AN UNDERSTAFFED RESOURCESTARVED ENTERPRISE AND ADDED TALENT AND
SUPPORTING INFRASTRUCTURE TO ACHIEVE GREATNESS

UNDER MS MCMULLIN THE BUSINESS REVIEW DIDN'T PRINT AS MANY ARTICLES BY
HARVARD PROFESSORS AS THE UNIVERSITY'S ADMINISTRATION WANTED AND THE
SALARIES OF TOP REVIEW STAFFERS EXCEEDED THOSE OF MANY PROFESSORS CAUSING
FRICTION MS MCMULLIN'S PAY ABOUT 400000 WAS PARTICULARLY RANKLING

THE RELATIONSHIP WITH THE FACULTY HAS NOT BEEN WHAT WE WOULD HAVE LIKED
SAYS A DIRECTOR OF THE PUBLISHING COMPANY

IN ADDITION TO THE BUSINESS REVIEW THE PUBLISHING COMPANY SELLS CASE
STUDIES PUBLISHES BOOKS MARKETS VIDEOTAPES AND CONDUCTS TELECONFERENCES IN
WHICH HARVARD PROFESSORS SUCH AS TRADE EXPERT MICHAEL PORTER FIELD QUESTIONS
FROM BUSINESSMEN VIA SATELLITE

UNDER THE NEW STRUCTURE THESE OPERATIONS WERE MOVED OFF CAMPUS TO CREATE A
MORE ENTREPRENEURIAL BUSINESS ENVIRONMENT THAT WOULD INCREASE REVENUE FOR
THE SCHOOL EVEN THOUGH THE COMPANY IS NONPROFIT

MR VOGEL OF THE UNIVERSITY OF CALIFORNIA SAYS HE ADMIRES HARVARD'S AMBITION
IN CREATING THE NEW COMPANY BUT ADDS WE'VE BENEFITED FROM THE PROBLEMS IN
THAT HARVARD FACULTY ARE SUBMITTING MORE AND MORE STORIES TO US MR VOGEL
SAYS HE HAS ARTICLES BY TWO HARVARD PROFESSORS DAVID UPTON AND PHILIP
ROSENZWEIG SCHEDULED FOR HIS NEXT TWO ISSUES

THE STAFF TURMOIL OVER THE LAST TWO YEARS HAS HURT BOTH THE QUALITY AND
EFFICIENCY OF THE BUSINESS REVIEW ACCORDING TO SOME CONTRIBUTORS A NUMBER
OF THE BEST PEOPLE HAVE LEFT OVER THE LAST FEW YEARS SAYS CHARLES
FERGUSON A CAMBRIDGE MASS AUTHOR WHO HAS WRITTEN SEVERAL ARTICLES FOR
THE BUSINESS REVIEW

LEN SCHLESINGER A HARVARD BUSINESS PROFESSOR INSISTS THAT THE REVIEW
REMAINS THE BEST PLACE TO PUBLISH ON MANAGEMENT THERE'S NO WAY TO ACCESS
AS BROAD A MANAGEMENT AUDIENCE AS YOU CAN GET THROUGH THE HARVARD BUSINESS
REVIEW HE SAYS

BUT HIS ARTICLE ON MAXIMIZING PROFITABILITY IN THE SERVICE INDUSTRY WHICH
APPEARS IN THE LATEST ISSUE TOOK MORE THAN A YEAR TO EDIT HE SAYS BECAUSE
IT WAS SHIFTED TO THREE SEPARATE EDITORS BECAUSE OF STAFF CHANGES THE STAFF
TURNOVER HAS CLEARLY HAD AN IMPACT HE SAYS

HARVARD WAS DISAPPOINTED BY THE NEW COMPANY'S GROWTH LAST YEAR LARGELY
BECAUSE OF POOR RESULTS IN THE VIDEO AREA PEOPLE FAMILIAR WITH THE FIGURES
SAY REVENUE FOR THE YEAR ENDED JUNE 30 1993 WAS 413 MILLION UP ABOUT 9
FROM 38 MILLION THE PRIOR YEAR BUSINESS PLANS HAD CALLED FOR GROWTH OF
CLOSER TO 20 FORMER REVIEW STAFFERS SAY

IN THE CURRENT FISCAL YEAR REVENUE FOR THE EIGHT MONTHS THROUGH FEB 28 WAS
308 MILLION UP ABOUT 13 FROM A YEAR EARLIER ACCORDING TO ONE PERSON WHO
HAS REVIEWED IT THIS YEAR'S PROJECTED ANNUAL REVENUE CALLS FOR A 16
INCREASE TO 48 MILLION

ONE PROBLEM LAST YEAR SOME VIDEO OFFERINGS WERE OVERPRICED AND SOLD POORLY
SALES OF A SEVENTAPE SET ACHIEVING BREAKTHROUGH SERVICE WHICH WAS
PRICED AT 10000 JUST COVERED THE PRODUCTION COSTS THE COMPANY HAS
RELEASED A NUMBER OF LOWERPRICED VIDEOS THIS YEAR THAT ARE SELLING WELL A
SPOKESWOMAN SAYS 9403250118 940325 ADVANTA UNIT MAY SELL ASSETS

HORSHAM PA ADVANTA CORP SAID ITS COLONIAL NATIONAL BANK USA UNIT IS
EXPLORING SELLING AS MUCH AS 150 MILLION OR 4 OF ITS CREDITCARD
RECEIVABLES

ADVANTA SAID SIMILAR SALES HAVE RESULTED IN PREMIUM TRANSACTIONS CS FIRST
BOSTON INC IS ADVISING THE COMPANY ON POSSIBLE OFFERS ADVANTA SAID ANY
GAIN FROM A SALE WOULD BE DEDICATED TO ADDITIONAL MARKETING ADVANTA A
CONSUMER FINANCIALSERVICES COMPANY HAD MANAGED ASSETS OF 61 BILLION AT
DEC 31 9403250117 940325 DRINKINGWATER BILL WINS 170 APPROVAL OF
SENATE COMMITTEE

WASHINGTON THE SENATE ENVIRONMENT AND PUBLIC WORKS COMMITTEE APPROVED A
BILL GIVING LOANS TO STATE AND LOCAL GOVERNMENTS TO CLEAN UP DRINKING WATER
WHILE EASING THE IMPACT OF FEDERALWATER RULES ON SMALL COMMUNITIES

THE BILL CLEARED BY A 170 VOTE WOULD CREATE A 66 BILLION LOAN FUND TO
HELP STATES FINANCE IMPROVEMENTS IN WATER SYSTEMS THAT ARE REQUIRED TO
COMPLY WITH FEDERAL DRINKINGWATER STANDARDS THE FUND IS MODELED AFTER ONE
ESTABLISHED BY THE CLEAN WATER ACT WHICH APPLIES TO RIVERS AND STREAMS THE
BILL WOULDN'T REQUIRE UTILITIES SERVING 10000 PEOPLE OR FEWER TO COMPLY
WITH STANDARDS SET BY 1986 AMENDMENTS TO THE SAFE DRINKING WATER ACT WHICH
SMALL COMMUNITIES HAVE COMPLAINED ARE TOO STRICT

THE BILL DOESN'T GO AS FAR IN RELAXING THE FEDERALWATER RULES AS THE
CLINTON ADMINISTRATION HAD PROPOSED A COALITION OF LOCAL GOVERNMENTS AND
WATER UTILITIES SAID YESTERDAY THAT IT DOESN'T OFFER THE ENVIRONMENTAL
PROTECTION AGENCY ENOUGH FLEXIBILITY IN CONSIDERING THE RISK OF VARIOUS
CONTAMINANTS

BUT ENVIRONMENTAL GROUPS SAID IT WEAKENS PROTECTION AGAINST CANCERCAUSING
CHEMICALS AND OTHER CONTAMINANTS FOR WATER SYSTEMS SERVING AS MANY AS 40
MILLION PEOPLE THE SIERRA CLUB AN ENVIRONMENTAL GROUP SAID THE BILL PUTS
AMERICANS AT RISK ESPECIALLY PREGNANT WOMEN INFANTS AND CHILDREN THE
ELDERLY AND CHRONICALLY ILL

THE BILL NOW GOES TO THE FULL SENATE FOR APPROVAL SIMILAR LEGISLATION HAS
BEEN INTRODUCED IN THE HOUSE BUT THERE HASN'T YET BEEN ANY COMMITTEE
ACTION 9403250116 940325 JACOBS SACMAG IN MEXICO PACT

PASADENA CALIF JACOBS ENGINEERING GROUP INC SAID IT ENTERED AN
AGREEMENT WITH GRUPO SACMAG MEXICO CITY TO JOINTLY PROVIDE ENGINEERING
PROCUREMENT AND CONSTRUCTIONMANAGEMENT SERVICES FOR PROJECTS IN MEXICO
TERMS WEREN'T DISCLOSED

IN A NEWS RELEASE JACOBS SAID THE COMPANIES WILL JOINTLY SERVE THE FOOD
PHARMACEUTICAL BIOTECHNOLOGICAL AND MEDICALPRODUCTS INDUSTRIES

GRUPO SACMAG AN ENGINEERING ARCHITECTURAL AND ENVIRONMENTALSERVICES UNIT
OF SACMAG DE MEXICO HAS SIX COMPANIES IN MEXICO ONE IN PUERTO RICO AND ONE
IN COSTA RICA 9403250115 940325 CMS ENERGY CHIEF EXPECTS TO ACHIEVE 
'94 PROFIT ESTIMATES  BY DAVE KANSAS STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK CMS ENERGY CORP SAID BITTERLY COLD WEATHER AS WELL AS STRONG
NONUTILITY OPERATIONS WILL ENABLE THE COMPANY TO AT LEAST MEET ANALYSTS
EXPECTATIONS FOR THE YEAR

WILLIAM T MCCORMICK JR CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF CMS
ENERGY SAID HE WAS COMFORTABLE THE COMPANY WOULD ACHIEVE CONSENSUS 1994
PROFIT ESTIMATES OF 211 A SHARE FOR THE FULL YEAR 1993 CMS REPORTED NET
INCOME OF 155 MILLION OR 190 A SHARE ON REVENUE OF 348 BILLION

HE ALSO SAID CMS ENERGY SHOULD TOP ANALYSTS CONSENSUS EARNINGS ESTIMATES FOR
THE FIRST QUARTER OF 80 CENTS A SHARE THE CONSENSUS HOWEVER IS BELOW LAST
YEAR'S PERFORMANCE FOR THE QUARTER IN THE 1993 FIRST QUARTER CMS REPORTED
NET OF 719 MILLION OR 90 CENTS A SHARE ON REVENUE OF 101 BILLION

CMS OF DEARBORN MICH LIKE MOST UTILITIES HAS SPENT THE PAST SEVERAL
MONTHS ATTEMPTING TO DECIPHER THE QUICKLY CHANGING ELECTRIC UTILITY MARKET
INCLUDING RAPID DEREGULATION INCREASING COMPETITION AND A TOUGHER RATE
ENVIRONMENT

IN ORDER TO TAKE ADVANTAGE OF THE EASING REGULATORY ENVIRONMENT CMS
ESTABLISHED NONREGULATED BUSINESSES IN INDEPENDENT POWER GAS AND OIL
EXPLORATION AND NATURAL GAS SERVICES WE DECIDED FOUR OR FIVE YEARS AGO
THAT WE NEEDED TO CHANGE OUR APPROACH AND GET INVOLVED IN NONREGULATED
BUSINESSES ESPECIALLY IN THE POWER GENERATION SIDE MR MCCORMICK SAID

MR MCCORMICK NOTED THAT ALMOST ALL POWER GENERATION IS NOW UNREGULATED IN
FACT MOST STATES REQUIRE UTILITIES TO PUT NEW POWER PROJECTS UP FOR
COMPETITIVE BID AS A RESULT MORE THAN HALF OF ALL POWER PROJECTS IN THE
US ARE NOW BEING BUILT BY INDEPENDENT POWER COMPANIES

CMS'S INDEPENDENT POWER PRODUCTION UNIT HAS ESTABLISHED ITSELF NOT ONLY
DOMESTICALLY WITH THE LARGEST GASFIRED COGENERATION PROJECT IN THE US
IN MIDLAND MICH BUT ALSO IN THE INTERNATIONAL MARKET CMS HAS INDEPENDENT
PROJECTS OPERATING IN ARGENTINA IN THE NEXT YEAR IT PLANS MORE THAN 12
BILLION IN CONSTRUCTION PROJECTS IN INDIA AND THE PHILIPPINES

IN 1993 CMS DERIVED MORE THAN 334 MILLION IN REVENUE FROM ITS
SEVENYEAROLD INDEPENDENT POWER PROJECT UNIT BY FAR ITS LARGEST
UNREGULATED BUSINESS ANOTHER 149 MILLION CAME FROM ITS NONUTILITY NATURAL
GAS SERVICES FORMED IN THE LATE 1980S AND 80 MILLION FROM ITS EXPLORATION
OPERATIONS

MR MCCORMICK SAID GROWTH IN THESE NONUTILITY ENTERPRISES IS CRUCIAL FOR THE
COMPANY'S FUTURE SUCCESS UTILITIES THAT STICK STRICTLY TO THE TRADITIONAL
TACTICS OF BUILDING CAPACITY AND INCREASING THEIR RATES ARE DESTINED FOR
LONGTERM DECLINE HE SAID WE'RE NOT PLAYING THAT GAME

STILL CMS'S UTILITY BUSINESSES WILL REMAIN AS THE IMPORTANT CORE FOR ITS
NEARTERM SUCCESS IN 1993 CMS HAD MORE THAN 2 BILLION IN ELECTRIC REVENUE
AND MORE THAN 1 BILLION IN NATURAL GAS REVENUE 9403250114 940325 WORLD
MARKETS TOKYO STOCKS ADVANCE LIFTED BY WEAKER YEN LONDON SHARES FALL
AS BEARS MOVE TO FOREFRONT  A WALL STREET JOURNAL NEWS ROUNDUP

TOKYO STOCKS ROSE THURSDAY HALTING A FOURSESSION LOSING STREAK AS
INVESTORS WERE HEARTENED BY THE CONTINUED WEAKENING OF THE YEN AND A FIRMING
OF THE BOND MARKET

LONDON SHARES SANK 11 ON WORRIES THAT BRITISH INTEREST RATES WON'T BE CUT
AS SOON AS HOPED AND NERVOUSNESS ABOUT LOSSES IN BRITISH GOVERNMENT BOND AND
FUTURES MARKETS

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11493 DOWN 002 REFLECTING LOWER AMERICAN AND EUROPEAN
MARKETS AND HIGHER ASIA/PACIFIC MARKETS

APPAREL RETAILERS STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD
INDUSTRY GROUPS CLOSING AT 9896 UP 240 OR 25 WITH LIMITED OF THE
US POSTING A 79 GAIN IN ITS LOCAL CURRENCY PLANTATIONS STOCKS TRAILED
AT 19652 DOWN 925 OR 45 WITH INDUSTRIAL OXYGEN OF MALAYSIA SLIDING
92 IN LOCAL CURRENCY

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH FELL 29143 POINTS ON WEDNESDAY
ROSE 7580 TO 2003790 IN TRADING FRIDAY THE NIKKEI FELL 16631 POINTS TO
CLOSE THE MORNING SESSION AT 1987159 THURSDAY'S FIRSTSECTION VOLUME WAS
ESTIMATED AT 360 MILLION SHARES COMPARED WITH 4257 MILLION SHARES
WEDNESDAY GAINERS OUTNUMBERED LOSERS 553467 THE TOKYO STOCK PRICE INDEX
OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH LOST 1359 POINTS WEDNESDAY
EDGED UP 049 POINT TO 161491

MANY INSTITUTIONAL AND CORPORATE INVESTORS WERE QUIET CLOSING THEIR BOOKS
BY FRIDAY THE LAST DAY FOR SETTLEMENT IN THE FISCAL YEAR ENDING MARCH 31
NONBANK FINANCIAL AND RETAIL ISSUES WHICH HAVE BEEN LAGGARDS RECENTLY WERE
AMONG THE TOP PERFORMERS

THE NIKKEI OPENED DOWN SHARPLY PULLED AS LOW AS 1987009 BY A PLUNGE IN
JUNE INDEXLINKED FUTURES OVERNIGHT IN CHICAGO BUT RECOVERING LATER IN THE
SESSION THE BENCHMARK INDEX PEAKED AT 2007581 IN MIDAFTERNOON INVESTMENT
TRUST FUNDS AND FOREIGN INVESTORS LED THE BUYING

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX TUMBLED 336
POINTS TO 31217 THE FT 30STOCK INDEX SLUMPED 254 POINTS OR 1 TO
24685 VOLUME WAS 7029 MILLION SHARES COMPARED WITH 7149 MILLION SHARES
A DAY EARLIER

A FLURRY OF GOOD EARNINGS REPORTS AND DIVIDEND INCREASES BY BRITISH
COMPANIES HAS FAILED TO OFFSET CONCERNS ABOUT GLOBAL INTEREST RATES COMING
BRITISH LOCAL ELECTIONS AND THE START OF THE COUNTRY'S TAX PACKAGE IN APRIL

IN FRANKFURT PRICES WERE MIXED BONDS RALLIED AND STOCKS FOLLOWED ON NEWS
THAT GERMANY'S M3 MONEY SUPPLY EXPANDED LESS THAN FEARED IN FEBRUARY BUT
INVESTORS LATER REALIZED THAT THE DATA STILL WASN'T FAVORABLE THE DAX
30STOCK INDEX ROSE 055 POINT TO 216168 AFTER JUMPING NEARLY 20 POINTS
WEDNESDAY

THE GERMAN CENTRAL BANK SAID THE COUNTRY'S M3 MONEY SUPPLY WHICH COMPRISES
CASH PLUS ALL PRIVATE DEPOSITS AND CERTAIN FINANCIAL ASSETS SUCH AS
MONEYMARKET FUNDS GREW 176 LAST MONTH THE BUNDESBANK HAD WARNED THE
MARKETS WEDNESDAY THAT M3 MIGHT HAVE EXPANDED MORE THAN 15 AND INVESTORS
WORRIED THE GROWTH MIGHT HAVE BEEN AS HIGH AS 30 PARTICIPANTS' INITIAL
RELIEF ON RELEASE OF THE ACTUAL FIGURE GAVE WAY TO THE REALIZATION THAT EVEN
A 176 RATE HOLDS OMINOUS IMPLICATIONS FOR INFLATION

IN PARIS SHARES PLUNGED 22 AFTER INVESTORS SHOWED DISAPPOINTMENT THAT
FRENCH MONETARY AUTHORITIES EASED THE BENCHMARK INTERVENTION RATE BY A TIMID
010 PERCENTAGE POINT TO 6 IN ADDITION THE WEAKNESS OF THE FRENCH FRANC
PROMPTED SOME FOREIGN PARTICIPANTS TO PULL OUT OF FRENCH EQUITIES

IN AMSTERDAM STOCKS FELL IN BUSY TRADING VOLATILITY IN THE GERMAN
BONDFUTURE MARKET LED TO SELLING IN THE DUTCH OPTIONS EXCHANGE DRAGGING
DOWN EQUITIES IN MILAN SHARES SLIPPED SLIGHTLY IN LIGHT TRADING INVESTORS
CLUNG TO THE SIDELINES AHEAD OF ITALIAN GENERAL ELECTIONS IN MADRID STOCKS
SANK 14 IN THIN TRADING CONFIDENCE WAS SHAKEN BY DECLINES ON MOST OTHER
EUROPEAN MARKETS AND A WEAK SPANISH BOND MARKET

IN STOCKHOLM PRICES FELL AS LATE SELLING WIPED OUT EARLY GAINS INVESTORS
WERE UNSETTLED BY AFTERNOON DROPS ON OTHER EUROPEAN BOURSES AND BY RISING
SWEDISH INTEREST RATES IN ZURICH STOCKS WERE MIXED IN THIN TRADING
SENTIMENT WAS DAMPED BY LACKLUSTER PERFORMANCES ON OTHER EUROPEAN MARKETS
AND UNCERTAINTY ABOUT SWISS INTEREST RATES IN BRUSSELS EQUITIES FELL
SLIGHTLY MIRRORING DECLINES ELSEWHERE IN EUROPE

IN SYDNEY SHARES SLIPPED ON A WEAK AUSTRALIAN BOND MARKET AND SUBDUED STOCK
MARKETS OVERSEAS INVESTORS GREW CAUTIOUS AFTER STOCKS' 19 JUMP ON
WEDNESDAY IN HONG KONG PRICES SANK 15 AMID PROFITTAKING AFTER TWO
SESSIONS OF INCREASES INVESTORS WERE RELUCTANT TO CHASE SHARES AHEAD OF AN
EXPECTED INCREASE IN HONG KONG INTEREST RATES ON FRIDAY IN SINGAPORE
EQUITIES EASED AS STRONG OPENING LEVELS WERE ERODED BY PROFITTAKING AND
SELLING BY HONG KONG FUNDS BUYING BY US AND EUROPEAN FUNDS HELPED RESTORE
GAINS IN KUALA LUMPUR PRICES TUMBLED 16 ON PROFITTAKING AFTER THE
MARKET'S TWODAY SURGE

IN SEOUL STOCKS WERE MIXED ON ACTIVE TRADING ADVANCING ISSUES OUTNUMBERED
DECLINERS BY MORE THAN 21 BUT A KEY INDEX FELL 16 AS
LARGECAPITALIZATION SHARES SLUMPED IN TAIPEI PRICES ENDED MIXED IN
SUBDUED TRADING AS INVESTORS TOOK PROFITS AFTER GAINS IN THE PAST THREE
SESSIONS IN MANILA EQUITIES WERE MIXED IN BUSY TRADING IN WELLINGTON
SHARES SANK 15 IN ACTIVE TRADING AS INVESTORS LURED BY RISING SHORTTERM
DEBT YIELDS DUMPED STOCKS IN BANGKOK PRICES INCHED UP DESPITE
PROFITTAKING IN KEY SECTORS

AMONG CORPORATE DEVELOPMENTS IN LONDON WELLCOME PLUNGED 52 PENCE OR 86
TO 551 PENCE 825 ON HEAVY VOLUME THE DRUG MAKER REPORTED THAT ITS
FISCAL FIRSTHALF PRETAX PROFIT ROSE 12 TO 3647 MILLION 5458 MILLION
FROM 325 MILLION IN 1992 BUT SALES GREW ONLY 5 AND THE COMPANY'S RETROVIR
DRUG A MUCHHAILED TREATMENT FOR HIV PATIENTS MARKETED AS AZT SAW US
SALES PLUMMET 25 AND OVERALL SALES DECLINE 15

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
9403250113 940325 FHA TO CUT PREMIUM ON MORTGAGE INSURANCE TO 225
NEXT MONTH

WASHINGTON THE MORTGAGEINSURANCE PREMIUM CHARGED TO FHAASSISTED
HOMEBUYERS WILL BE CUT TO 225 FROM 3 NEXT MONTH THE DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT SAID

CURRENTLY THE FEDERAL HOUSING ADMINISTRATION CHARGES HOMEBUYERS AN UPFRONT
MORTGAGE INSURANCE PREMIUM OF 3 OF THE MORTGAGE AMOUNT HUD CITED THE FHA'S
DESIRE TO INCREASE THE AFFORDABILITY OF FHA FINANCING FOR FIRSTTIME AND
LOWERINCOME HOMEBUYERS AS THE CHIEF REASON FOR THE CUT WHICH WILL OCCUR
APRIL 17

HUD ALSO ANNOUNCED CHANGES IN ITS SOCALLED 203K HOMEREHABILITATION LOAN
PROGRAM TO MAKE IT MORE USER FRIENDLY FOR BOTH LENDERS AND CONSUMERS AND
SAID THE SECONDARY MARKET FOR THESE LOANS WILL BE EXPANDED TO INCLUDE THE
FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORP

SEPARATELY HUD NAMED FOUR TRUSTEE BANKS CHASE MANHATTAN BANKERS TRUST
FIRST CHICAGO AND FIRST TRUST AND TWO ACCOUNTING FIRMS DELOITTE &
TOUCHE AND ARTHUR ANDERSEN TO WORK WITH THE GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION IN THE INITIAL PHASE OF ITS REMIC PROGRAM REMICS OR
REALESTATE MORTGAGE INVESTMENT CONDUITS PROVIDE A METHOD OF DIVIDING UP
THE INCOME FLOWS FROM MANY MORTGAGES INTO NEW SECURITIES WITH VARIOUS
INTEREST RATES AND MATURITIES GNMA IS A CORPORATION WITHIN HUD THAT
GUARANTEES PRIVATELY OWNED SECURITIES BACKED BY POOLS OF FEDERALLY INSURED
OR GUARANTEED MORTGAGES 9403250112 940325 WHO'S NEWS LIFETIME PRODUCTS
TAPS HERMAN FOR CEO POST UNDER RECAPITALIZATION

DALLAS LIFETIME PRODUCTS INC A STRUGGLING MARKETER OF WINDSHIELD
WIPERS SAID ITS BOARD APPROVED A RECAPITALIZATION PLAN THAT INCLUDES THE
RESIGNATION OF MOST OF THE COMPANY'S DIRECTORS AND MANAGEMENT

UNDER THE PLAN THE BOARD NAMED MICHAEL D HERMAN WHO IS LEADING THE
RECAPITALIZATION EFFORT CHAIRMAN AND CHIEF EXECUTIVE OFFICER MR HERMAN
CURRENTLY PRESIDENT OF CLOSELY HELD TELECONCEPTS INTERNATIONAL INC IN CORAL
SPRINGS FLA SUCCEEDS LIFETIME CHIEF EXECUTIVE JENNIFER RUNYEON AND
CHARLES C FICHTNER THE COMPANY'S CHAIRMAN

NO EXECUTIVES AT LIFETIME'S HEADQUARTERS HERE COULD BE REACHED FOR COMMENT

A STATEMENT BY THE COMPANY SAID MR HERMAN PLANS TO EXCHANGE OUTSTANDING
WARRANTS AND SECURED AND UNSECURED NOTES FOR NEWLY ISSUED SHARES OF LIFETIME
COMMON STOCK ONCE THE TRANSACTIONS ARE COMPLETE MR HERMAN WILL OWN 21 OF
THE 53 MILLION SHARES OUTSTANDING ONCE THE RECAPITALIZATION PLAN IS
COMPLETE

THE STATEMENT SAID THE BOARD EXPECTS TO PROPOSE A NAME CHANGE AND A 1FOR3
REVERSE STOCK SPLIT AT THE COMPANY'S ANNUAL MEETING SCHEDULED FOR MAY OR
JUNE

LIFETIME ALSO SAID IT EXPECTS TO REPORT A LOSS FOR THE FOURTH QUARTER OF
1993 COMPARABLE TO THE 379000 LOSS IT POSTED FOR THE THIRD QUARTER OF
1993 FURTHER FINANCIAL DETAILS WEREN'T DISCLOSED 9403250110 940325
TECHNOLOGY AMERICA ONLINE SHARES CLIMB BY 11 TO RECORD

NEW YORK AMERICA ONLINE INC ALREADY THE DARLING OF WALL STREET FOR ITS
ROLE IN THE BURGEONING COMPUTER ONLINE SERVICE MARKET REACHED A RECORD
HIGH YESTERDAY

WHILE THE DOW JONES INDUSTRIAL AVERAGE LOST 4837 POINTS THE SHARE PRICE
FOR THE VIENNA VA COMPANY ROSE 875 OR 11 TO 9150 ON THE NASDAQ
STOCK MARKET ON WEDNESDAY THE STOCK JUMPED 350 AFTER JUMPING 475 ON
TUESDAY SINCE FRIDAY THE SHARES HAVE JUMPED A STAGGERING 25 UP 1850

THE STOCK IS TRADING AT ABOUT 130 TIMES ITS EARNINGS COMPARED TO 165 TIMES
FOR THE STANDARD AND POOR'S 500STOCK INDEX AND 255 TIMES FOR SOFTWARE
GIANT MICROSOFT CORP

REPORTS THAT THE COMPANY MIGHT BE TAKEN OVER DROVE THE SHARE PRICE UP
EARLIER IN THE WEEK

BUT STEVE CASE PRESIDENT AND CHIEF EXECUTIVE SAID ANY TAKEOVER SPECULATION
IS MISGUIDED WE'VE HAD NO RECENT DISCUSSIONS WITH ANYBODY ABOUT POTENTIAL
MERGERS SAID MR CASE 9403250109 940325 FLOW INTERNATIONAL ACQUISITION

KENT WASH FLOW INTERNATIONAL CORP SAID IT HASN'T DECIDED HOW TO
PROCEED FOLLOWING THE DEPARTMENT OF JUSTICE'S DECISION WEDNESDAY TO OPPOSE
FLOW'S PROPOSED ACQUISITION OF THE WATERJET CUTTING SYSTEMS DIVISION OF
INGERSOLLRAND CO

THE DEPARTMENT SAID IT OPPOSED THE COMBINATION OF THE COMPANIES BECAUSE IT
WOULD CREATE A SINGLE DOMINANT FIRM WITH ALMOST 90 OF ALL WATERJETPUMP
SALES IN THE UNITED STATES FLOW SAYS THE DEPARTMENT'S REASONS ARE WITHOUT
MERIT

FLOW ANNOUNCED THE ACQUISITION IN NOVEMBER SAYING IT WOULD DIVERSIFY AND
STRENGTHEN ITS MATERIALSSEPARATION DIVISION DETAILS WEREN'T DISCLOSED
9403250108 940325 SANDOZ'S 1993 PROFIT ROSE 14 COMPANY APPOINTS NEW
CEO

ZURICH SANDOZ AG ANNOUNCED A 14 JUMP IN 1993 NET INCOME AND INCREASED
ITS DIVIDEND THE SWISS CHEMICAL AND PHARMACEUTICAL GROUP ALSO APPOINTED
ROLF W SCHWEIZER CHIEF EXECUTIVE OFFICER

ALTHOUGH ANALYSTS WIDELY EXPECTED A DOUBLEDIGIT RISE IN EARNINGS THEY SAID
A DIVIDEND IMPROVEMENT OF 23 TO 58 SWISS FRANCS 4062 A SHARE FROM 47
FRANCS WAS GREATER THAN EXPECTED

SANDOZ ALSO SAID ITS SHARE CAPITAL WOULD BE SIMPLIFIED BY CONVERTING
NONVOTING PARTICIPATION CERTIFICATES INTO REGISTERED SHARES THE REMAINING
TWO CATEGORIES OF REGISTERED AND BEARER SHARES WOULD BE SPLIT IN A RATIO OF
1 TO 5

SANDOZ'S PROFIT ROSE TO 171 BILLION FRANCS IN 1993 FROM 15 BILLION FRANCS
A YEAR EARLIER THE COMPANY SAID THE GROWTH WAS AIDED BY INCREASED DRUG
SALES AND IMPROVED MARGINS IN THE CHEMICALSANDENVIRONMENT SECTOR

THE APPOINTMENT OF THE 63YEAROLD MR SCHWEIZER AS CHIEF EXECUTIVE ALSO WAS
UNEXPECTED HE WILL SUCCEED MARC MORET 70 WHO KEPT THE CHAIRMAN AND CHIEF
EXECUTIVE POSITIONS AFTER DANIEL C WAGNIERE 57 BECAME CHIEF OPERATING
OFFICER LAST YEAR UP UNTIL THEN MR MORET HAD HELD ALL THREE POSITIONS
MR MORET WILL CONTINUE AS CHAIRMAN 9403250107 940325 ENTERPRISE 
GOVERNMENT WATCH POLLUTION BILL BLASTED LIMO FIRMS FEEL TAKEN FOR RIDE 
 BY BRENT BOWERS STAFF REPORTER OF THE WALL STREET JOURNAL

SMALL OHIO FIRMS PUT AN ENVIRONMENTAL CRUSADER ON THE DEFENSIVE

LAST AUGUST STATE ATTORNEY GENERAL LEE FISHER UNVEILED AN ENVIRONMENTAL
CRIMES BILL THAT WOULD HAVE TOUGHENED PENALTIES FOR POLLUTERS

BUT FURIOUS OPPOSITION FROM SMALL BUSINESSES AND FARMERS FORCED MR FISHER
AND HIS LEGISLATIVE ALLIES TO WATER DOWN THEIR PROPOSAL THE WEAKENED
VERSION EXPECTED TO BE INTRODUCED EARLY NEXT WEEK WOULD SHARPLY NARROW THE
BASIS FOR PROSECUTION AND GIVE COMPANIES AN AUDIT PRIVILEGE THAT REWARDS
THEM FOR GOODFAITH REVIEWS OF THEIR ENVIRONMENTAL PRACTICES

CRITICS AREN'T MOLLIFIED THEY CLAIM THAT EVEN THE REVISED MEASURE WOULD
TURN MINOR ENVIRONMENTAL INFRACTIONS INTO FELONIES IT BASICALLY
CRIMINALIZES EVERY ENVIRONMENTAL OFFENSE FROM LITTERING TO IMPROPER WASTE
DISPOSAL SAYS ROGER GEIGER STATE DIRECTOR FOR THE NATIONAL FEDERATION OF
INDEPENDENT BUSINESS HE SAYS A COALITION OF MOSTLY SMALLBUSINESS
ASSOCIATIONS WILL CONTINUE TO LOBBY AGAINST THE REVISED INITIATIVE

FRED CIRCLE OWNER OF BLACKHORSE SERVICES CO IN SPRINGFIELD FRETS THAT THE
LATEST BILL WOULD INCREASE THE PAPERWORK AT HIS SMALL COMPANY WHICH SPRAYS
HERBICIDES ALONG ROADS AND UNDER POWER LINES HE SAYS EACH OF HIS CREW
LEADERS CURRENTLY SPENDS AN AVERAGE OF ONE AND ONEHALF HOURS A DAY FILLING
OUT GOVERNMENT REGULATORY FORMS THERE ARE ALREADY ADEQUATE LAWS AND
ADEQUATE ENFORCEMENT OF POLLUTERS MR CIRCLE SAYS

NOT SO THE BILL'S BACKERS CONTEND THE PROPOSAL IS AIMED AT THE 'MIDNIGHT
DUMPERS' WHO DUMP ARSENIC INTO A WATER SUPPLY OR COMMIT OTHER ENVIRONMENTAL
ATROCITIES RATHER THAN AT BUSINESS OWNERS WHO MAKE HONEST MISTAKES
ASSERTS KATE O'MALLEY MR FISHER'S CHIEF OF STAFF SHE SAYS THE ATTORNEY
GENERAL HAS CONSULTED WITH BUSINESS INTERESTS IN REWRITING THE BILL

JERRY TINIANOW A COLUMBUS LAWYER ACTIVE IN OHIO'S ENVIRONMENTAL MOVEMENT
SAYS THAT HONEST BUSINESSMEN HAVE NOTHING TO FEAR FROM MR FISHER'S
REVAMPED BILL HE SAYS OPPONENTS HAVE DECIDED TO MAKE THIS A CAMPAIGN
ISSUE TO UNSEAT MR FISHER NEXT FALL AND REPLACE HIM WITH REPUBLICAN SEN
BETTY MONTGOMERY OF PERRYSBURG

SEN MONTGOMERY SAYS I'M AS OPPOSED TO THIS AS I'VE EVER BEEN OPPOSED TO
ANY LEGISLATION

ATLANTA'S LIMOUSINE FEES WERE A STRETCH THE LEGISLATURE DECIDES

SUBURBAN LIMOUSINESERVICE COMPANIES WERE OUTRAGED BY A DECEMBER CITY
ORDINANCE IMPOSING ANNUAL FEES OF MORE THAN 600 ON EACH OF THEIR VEHICLES
OPERATING IN ATLANTA THAT COMPARED WITH A 30 A CAR RENEWAL FEE FOR ATLANTA
CONCERNS SEVERAL NEARBY TOWNS AND COUNTIES THREATENED TO RETALIATE BY
IMPOSING SIMILAR LEVIES ON ATLANTA LIMOUSINES

BUT THE SUBURBAN LIMOUSINE OWNERS FOUND THEIR SOLUTION IN THE STATE
LEGISLATURE UNDER A LAW PASSED OVERWHELMINGLY THIS MONTH THE STATE PUBLIC
SERVICE COMMISSION WILL TAKE OVER REGULATION OF THE LIMOUSINE INDUSTRY FROM
LOCALITIES STARTING MAY 1 WE ENCIRCLED ATLANTA BOASTS JON HARRER OWNER
OF THE VIP LIMOUSINE SERVICE IN ROSWELL GA AND PRESIDENT OF THE GEORGIA
LIMOUSINE ASSOCIATION

ATLANTA OFFICIALS DEFEND THEIR ORDINANCE AS A WAY TO FORCE OUTSIDE FIRMS TO
PAY THEIR FAIR SHARE FOR ACCESS TO ONE OF THE NATION'S RICHEST TOURIST
MARKETS THE CITY CONTENDS THE FEES ALSO PERMIT MONITORING OF AN INDUSTRY
RIFE WITH ABUSES SUCH AS PRICE GOUGING AND THE USE OF VEHICLES FOR
QUESTIONABLE PURPOSES BUT NEY LAWSON DIRECTOR OF THE ATLANTA BUREAU OF
TAXICABS AND VEHICLES FOR HIRE CONCEDES THE LEGISLATURE HAS SPOKEN

ATLANTA IS THE LATEST BATTLEGROUND IN A WAR BETWEEN CITIES AND THEIR SUBURBS
FOR MORE REVENUE SAYS WAYNE SMITH EXECUTIVE DIRECTOR OF THE NATIONAL
LIMOUSINE ASSOCIATION IN WASHINGTON DC REVENUEHUNGRY BIG CITIES FIND IT
EASY TO TAX GROUND TRANSPORTATION WHERE THE PEOPLE INVOLVED THE DRIVERS
AND THEIR RIDERS DON'T VOTE HE SAYS

OTHER STATES INCLUDING ILLINOIS AND WASHINGTON ALSO HAVE RECENTLY TAKEN
OVER THE REGULATION OF LIMOUSINES TO SETTLE SIMILAR DISPUTES MR SMITH
SAYS

BUT HE BELIEVES MORE SKIRMISHES ARE INEVITABLE IN THE FASTGROWING INDUSTRY
THE NUMBER OF FULLTIME LIMOUSINE COMPANIES TRIPLED TO 1800 IN 1992 FROM
600 A DECADE EARLIER HE SAYS

ACT NOW TO CONVINCE UNCLE SAM YOU'RE SERIOUS ABOUT YOUR BASEBALL CARDS

IF YOU KEPT THE RIGHT RECORDS YOU HAVE UNTIL APRIL 15 TO PROVE THAT YOUR
HOBBY HAS BECOME A PARTTIME BUSINESS AND THEREFORE ELIGIBLE FOR
IMPORTANT TAX ADVANTAGES IF YOU DIDN'T KEEP THE RIGHT RECORDS BEFORE IT
ISN'T TOO LATE TO START BEHAVING LIKE AN ENTREPRENEUR THIS YEAR

BUT THE INTERNAL REVENUE SERVICE OFTEN QUESTIONS WHETHER A HOBBY REALLY IS A
BUSINESS AND HAS SET STRICT STANDARDS TO TEST SUCH CLAIMS TAX SPECIALISTS
SAY THE QUESTION IS WHETHER AN ACTIVITY IS BEING CONDUCTED WITH THE INTENT
OF MAKING A PROFIT SAYS JACOB WEICHHOLZ A TAX PARTNER AT ACCOUNTING FIRM
ERNST & YOUNG

AN ENTERPRISE ALMOST ALWAYS PASSES THAT TEST IF IT HAS BEEN PROFITABLE IN
THREE OF THE PAST FIVE YEARS MR WEICHHOLZ SAYS SO IT MAKES SENSE TO HOLD
DOWN YOUR PASTIME'S EXPENSES AND SELL INVENTORY TOWARD YEAR END IF SUCH
MOVES WILL TURN A LOSING YEAR INTO THE BLACK HE SAYS

AN ACTIVITY THAT DOESN'T MEET THE PROFITABILITY TEST STILL CAN BE CONSIDERED
A BUSINESS IF IT MEETS CERTAIN CRITERIA FOR ONE THING IT SHOULD CONDUCT
ITSELF AS A BUSINESS ESPECIALLY BY KEEPING APPROPRIATE BOOKS AND
RECORDS MR WEICHHOLZ SAYS

HE SAYS THE IRS ALSO CONSIDERS A RANGE OF OTHER FACTORS INCLUDING THE
ELEMENT OF PERSONAL PLEASURE OF RECREATION IN OTHER WORDS YOU SHOULDN'T
APPEAR TO ENJOY THE ACTIVITY TOO MUCH

SOME POPULAR HOBBIES WHOSE PRACTITIONERS HAVE ATTEMPTED TO RECLASSIFY AS
BUSINESSES INCLUDE COLLECTING EVERYTHING FROM ANTIQUES TO FARM TRACTORS
CAR RACING SEWING AND EMBROIDERY BOATING FARMING AND GREYHOUND RACING
SAYS MARK BATTERSBY PUBLISHER OF HOBBY/BUSINESS WORLD A NEWSLETTER IN
ARDMORE PA

BUT FORGET ABOUT LUXURY YACHTS MR BATTERSBY ADVISES YOU CAN'T BUY A
100000 BOAT AND HOPE TO MAKE SOME MONEY CHARTERING IT HE SAYS THE IRS
GOT WISE TO THAT LONG AGO

SMALL TALK REGULATIONS STILL RANK NO 1 ON THE ENTREPRENEURIAL HATE PARADE
OF 100 MEDIUMSIZED COMPANIES SURVEYED BY CONSULTANTS ARTHUR ANDERSEN LAST
MONTH 52 CITED GOVERNMENT REGULATIONS AS THEIR BIGGEST CHALLENGE  
A NEW FEDERAL REGULATION WAS TOO MUCH FOR DAVID FUSCO OF SCHENECTADY NY
POLICE IN GUILDERLAND NY OUTSIDE ALBANY SAY THEY ARRESTED MR FUSCO
WEDNESDAY AFTER HE RAMMED A TOWN HALL BUILDING WITH A BACK HOE THE ATTACK
CULMINATED A DISPUTE WITH THE TOWN SUPERVISOR OVER HER DEMAND THAT HE WIDEN
SIDEWALKS AT A LOCAL BUSINESS DEVELOPMENT TO COMPLY WITH THE AMERICANS WITH
DISABILITIES ACT 9403250106 940325 INTERNATIONAL WORLD WIRE  
COMPILED BY CATHERINE BOLGAR

THE EUROPEAN UNION COMMISSION SAID A PLAN TO RESTRUCTURE THE STEEL INDUSTRY
OF MEMBER NATIONS IS BACK ON TRACK AFTER STEELMAKERS INDICATED THEY WOULD
MAKE NEW CUTS IN CAPACITY

CHIEFS OF LEADING PRIVATE STEEL COMPANIES SKETCHED OUT CUTS AIMED AT MEETING
A TARGET OF REDUCING CRUDE STEEL CAPACITY BY A MINIMUM OF 21 MILLION TONS

IN EXCHANGE THE COMMISSION SAID IT NOW HOPES TO LAUNCH BY NOVEMBER A
PROMISED 2749 MILLION RESCUE PACKAGE AIMED AT HELPING THE INDUSTRY MEET
RESTRUCTURING COSTS INCLUDING SEVERANCE PACKAGES TO LAIDOFF WORKERS THE
PLAN ORIGINALLY WAS TO BE COMPLETED LAST SEPTEMBER BUT THE TIMETABLE HAS
SLIPPED BECAUSE OF DISAGREEMENTS AMONG EU COUNTRIES OVER SUBSIDIES AND OTHER
MATTERS

ITALY IS EXPECTED TO SHOULDER MUCH OF THE REDUCTION GERMANY WHERE A NUMBER
OF STEEL COMPANIES ARE CONSIDERING LINKUPS IS ALSO EXPECTED TO PROVIDE
SIGNIFICANT CUTS

PERCAPITA INVESTMENT WAS 140 HIGHER IN EASTERN GERMANY THAN IN WESTERN
GERMANY IN 1993 THE FIRST TIME FIGURES FOR THE FORMER COMMUNIST COUNTRY
OUTPACED ITS WESTERN COUNTERPART FROM 1991 TO 1993 203 BILLION WAS
INVESTED IN EASTERN GERMANY 171 BILLION BY THE PRIVATE SECTOR AND 32
BILLION BY THE GOVERNMENT FOLLOWING EASTERN GERMANY'S UNIFICATION WITH THE
WEST IN 1990 THE REGION'S ECONOMY COLLAPSED AND MORE THAN A THIRD OF ITS
JOBS DISAPPEARED EASTERN GERMANY'S GROSS DOMESTIC PRODUCT GREW AN
INFLATIONADJUSTED 97 IN 1992 AND 71 IN 1993 MONTHLY DISPOSABLE INCOME
IN EASTERN GERMANY WAS 862 A PERSON OR ABOUT 62 OF THE WESTERN GERMAN
LEVEL IN THE SECOND HALF OF 1993 COMPARED WITH ABOUT 41 OF THE WESTERN
STANDARD THREE YEARS EARLIER

UP TO 4 BILLION A YEAR IN DRUG MONEY FLOODS INTO COLOMBIA'S ECONOMY
ACCORDING TO A NEW REPORT BY THE INDEPENDENT FOUNDATION FOR HIGHER EDUCATION
AND DEVELOPMENT MUCH OF THE PROFIT FROM ILLEGAL DRUG TRADE IS LAUNDERED
THROUGH CONSTRUCTION PROJECTS OR THE IMPORT OF GOODS SUCH AS LUXURY CARS
DRUGMONEY LAUNDERING ARTIFICIALLY MAKES VARIOUS IMPORTS CHEAPER AND RAISES
DEMAND FOR PROPERTY AND DURABLE GOODS

RUSSIA MAY EASE NEW HIGH IMPORT TARIFFS FOR COMPANIES THAT INVEST IN THE
COUNTRY ECONOMICS MINISTER ALEXANDER SHOKHIN SAID FOREIGN COMPANIES THAT
INVEST HEAVILY IN RUSSIAN INDUSTRY COULD BE GRANTED EXEMPTIONS FROM LEVIES
OF UP TO 50 ON IMPORTED VEHICLES FOR EXAMPLE THE MINIMUM FOR SUCH
INVESTMENTS WASN'T SPECIFIED ON MARCH 15 RUSSIA RAISED TARIFFS ON A BROAD
RANGE OF IMPORTED FOOD AND INDUSTRIAL PRODUCTS IN AN EFFORT TO PROTECT
STRUGGLING DOMESTIC PRODUCERS THE TARIFFS MIGHT NOT CAUSE A JUMP IN PRICES
BECAUSE THEY ALREADY ARE AT THE LIMIT OF WHAT MOST CONSUMERS CAN PAY

DRINKERS IN THE DUSTY AUSTRALIAN OUTBACK TOWN OF TENNANT CREEK STOCKPILED
BEER WINE AND HARD LIQUOR TO GET THROUGH YESTERDAY'S GROGFREE DAY THE
JULALIKARI ABORIGINAL COUNCIL DESIGNATED A DAY WITHOUT DRINK IN AN EFFORT TO
COMBAT THE ALCOHOLRELATED PROBLEMS IN THIS TOWN WHICH FOLKLORE SAYS WAS
ESTABLISHED ON THE SPOT WHERE A BEER CART BROKE DOWN THE TOWN'S 14 LIQUOR
OUTLETS BACKED THE DRY DAY BUT RESIDENTS MOSTLY VOICED COMPLAINTS

MAJOR JAPANESE CORPORATIONS OFFERED THEIR EMPLOYEES THE SMALLEST WAGE
INCREASES SINCE WORLD WAR II

THE OFFERS WERE MADE TO MEMBERS OF THE JAPAN COUNCIL OF METAL WORKERS'
UNIONS COVERING THE STEEL ELECTRICAL APPLIANCE AUTOMOTIVE AND
SHIPBUILDING INDUSTRIES WHILE THE COMPANIES EMPLOY ONLY 54 OF JAPAN'S
WORK FORCE THEIR WAGE OFFERS TEND TO SET THE TONE FOR REMAINING
NEGOTIATIONS

LABOR UNIONS REPRESENTING THE EMPLOYEES OF ELECTRICAL APPLIANCE MAKERS HAVE
REJECTED OFFERS OF 3 WAGE INCREASES LAST YEAR THEIR WORKERS GOT RAISES OF
36 THE SMALLEST WAGEINCREASE OFFERS CAME FROM THE LOSSPLAGUED STEEL
INDUSTRY THE BIG FIVE STEELMAKERS JOINTLY PROPOSED A RISE OF 16 DOWN
FROM 27 LAST YEAR SHIPBUILDERS PROPOSED INCREASING WAGES BY 33
WAGEINCREASE OFFERS AT AUTO MAKERS HOVERED AROUND 3

ECONOMISTS FEAR THE LOW LEVEL OF WAGE INCREASES COULD HAMPER JAPAN'S
ECONOMIC RECOVERY BY REINING IN CONSUMER SPENDING PERSONAL CONSUMPTION
ACCOUNTS FOR ROUGHLY 60 OF THE JAPANESE ECONOMY

AN AGREEMENT ALLOWING JAPAN'S VEHICLE EXPORTS TO THE EU TO RISE BY 04 THIS
YEAR HAS RAISED HACKLES IN ITALY WHERE CAR MAKERS SAY JAPANESE PRODUCERS
WOULD GET A BIG INCREASE IN THEIR SHARE OF THE ITALIAN MARKET  BLACK
AND ASIAN WORKERS IN BRITAIN LOST THEIR JOBS AT A RATE SEVEN TIMES AS HIGH
AS WHITE WORKERS FROM MID1992 TO MID1993 A LABOR GROUP SAID 9403250105
940325 TECHNOLOGY IBM CHAIRMAN OFFERS ANALYSTS SOBER FORECAST 
 BY LAURIE HAYS AND BART ZIEGLER STAFF REPORTERS OF THE WALL STREET
JOURNAL

NEW YORK AFTER A YEAR IN THE TRENCHES AT INTERNATIONAL BUSINESS MACHINES
CORP CHAIRMAN LOUIS V GERSTNER JR SURFACED TO OFFER WALL STREET A
REMARKABLY SOBER ASSESSMENT OF IBM'S FUTURE

MR GERSTNER SPEAKING IN TERMS THAT RANGED FROM BLUNTLY REALISTIC TO ALMOST
PESSIMISTIC PAINTED IBM AS A PROFITABLE SUPPLIER OF TECHNOLOGY RATHER THAN
AS A COMPANY THAT WOULD RETURN TO THE GLORY DAYS OF FAT MARGINS AND MARKET
DOMINANCE

I DON'T THINK WE SHOULD PLAN ON RETURNING TO THE OLD IBM HE TOLD
JOURNALISTS SHORTLY BEFORE DELIVERING HIS FIRST MAJOR WALL STREET ADDRESS
SINCE BECOMING THE FIRST OUTSIDER TO RUN IBM A YEAR AGO I DON'T THINK WE
SHOULD PLAN ON OWNING HUGE SEGMENTS OF THE ECONOMIC VALUE IN THE INDUSTRY
WE'RE GOING TO TRY BUT WE'RE NOT GOING TO SET OUR MENTAL ATTITUDE OR
ECONOMIC STRUCTURE ON THE ASSUMPTION WE'RE GOING TO DO IT

INSTEAD MR GERSTNER HAS DEVELOPED A MULTIFRONT PLAN TO CAPITALIZE ON IBM
TECHNOLOGY DEVELOP IT FASTER AND MARKET IT BETTER HE DEEMPHASIZED IBM'S
AILING MAINFRAME BUSINESS NOTING A MASSIVE REDEPLOYMENT OF RESEARCH FUNDS
AWAY FROM THE BIG MACHINES TO WORK ON THE FASTGROWING CLIENT/SERVER
MARKET OF LINKEDUP PCS THE COMPANY'S FAILURE IN THE PAST TO CAPITALIZE ON
THIS SEA CHANGE HE SAID WAS THE SINGLE MOST IMPORTANT MISTAKE IBM HAS
MADE IN THE LAST DECADE

IN ADDITION IBM WILL REMOVE THE TAINT OF BEING A MAKER OF CLOSED OR
PROPRIETARY GEAR THAT WORKS ONLY WITH OTHER IBM PRODUCTS BY BECOMING AN
OPEN MANUFACTURER THAT LICENSES ITS TECHNOLOGIES AND DESIGNS TO RIVALS
IBM ALSO WANTS TO MAKE COMPUTER CHIPS AND OTHER EQUIPMENT FOR OTHER COMPUTER
MAKERS

WE'VE DRAWN UP A BLUEPRINT SO WE KNOW WHERE WE'RE GOING MR GERSTNER TOLD
WALL STREET ANALYSTS WHO HAVE QUESTIONED HIS PREVIOUS RETICENCE IN
ARTICULATING A STRATEGIC VISION THE CANDIDNESS OF MR GERSTNER'S ASSESSMENT
CAUSED IBM'S STOCK TO DROP 875 CENTS TO CLOSE AT 56375 CENTS IN NEW YORK
STOCK EXCHANGE COMPOSITE TRADING AS WORD OF THE SPEECH DELIVERED AFTER THE
MARKETS CLOSED YESTERDAY LEAKED OUT EARLY

INDEED MR GERSTNER'S ANSWERS TO ANALYSTS' QUESTIONS WERE EVEN BLEAKER THAN
HIS PREPARED REMARKS QUERIED ABOUT IBM'S LONGTERM OPERATING PROFIT
MARGINS THE CEO SAID HE SIMPLY COULDN'T TELL THEM WE'RE DRAINING A SWAMP
AND WE'RE NOT FOCUSED ON THE PICNIC GROUNDS ACROSS THE WAY MR GERSTNER
TOLD HIS AUDIENCE I DON'T KNOW WHAT OUR OPERATING MARGINS ARE GOING TO
BE

SOME OBSERVERS FOUND MR GERSTNER'S BLUNTNESS A DEPARTURE FROM THE PAST HE
UNDERSTANDS THE CHALLENGE HE'S GOT AND IT'S NOT TRIVIAL SAID JAMES CASSELL
OF THE GARTNER GROUP CONSULTING FIRM HE'S PAINTING A MUCH MORE REALISTIC
PICTURE THAN HIS PREDECESSOR

SAM ALBERT A SCARSDALE NYBASED CONSULTANT AND FORMER IBMER SAID MR
GERSTNER'S OUTLOOK WAS MATURE BECAUSE CLEARLY A PAT ANSWER DOESN'T
EXIST

BUT WHILE MOST ANALYSTS SEEMED TO APPRECIATE THE FRANK TONE MR GERSTNER
DISAPPOINTED SOME BY FAILING TO PROVIDE A FINANCIAL FRAMEWORK FOR HIS
STRATEGIC GOALS HIS TONE WAS RIGHT BECAUSE THE WORST THING HE COULD DO
WOULD BE TO SET EXPECTATIONS TOO HIGH SAID DON YOUNG OF LEHMAN BROS WHO
HAS STRONGLY RECOMMENDED IBM SHARES BUT A STRATEGY WITHOUT FINANCIAL GOALS
IS DEFICIENT

ANOTHER ANALYST SAID LATER THAT HE WASN'T LOOKING FOR HARD PREDICTIONS FROM
MR GERSTNER JUST SOME YARDSTICK FOR MEASURING MR GERSTNER'S PROGRESS 
OR LACK OF IT A YEAR FROM NOW THE ABSENCE OF EVEN THAT KIND OF VAGUE
GUIDANCE WAS DISAPPOINTING THE ANALYST SAID

WHEN STILL ANOTHER ANALYST QUESTIONED THE LACK OF FINANCIAL PROJECTIONS MR
GERSTNER COUNTERED THAT WE'RE WORKING ON IT BUT THAT HE WASN'T READY TO
TALK ABOUT THE TOPIC YET THE IBM CHAIRMAN RESPONDED TO OTHER CRITICISM
ESSENTIALLY BY CONCEDING THERE HAVE BEEN MISTAKES DANIEL MANDRESH OF
MERRILL LYNCH & CO CITED SHORTCOMINGS IN IBM'S DISKDRIVE BUSINESS AND
MR GERSTNER CANDIDLY AGREED NOTING THE SEGMENT NOW HAS A NEW CHIEF AND IS
WORKING ON ITS WEAKNESSES

IF ANYTHING MR MANDRESH SAID LATER THE NEW CEO SEEMED MORE IN COMMAND OF
HIS JOB AND THE CHALLENGE AHEAD THAN HE DID LAST JULY WHEN HE DISCUSSED
IBM'S BIG CHARGE

ON THE SIDE OF GOOD NEWS MR GERSTNER SAID HE BELIEVES FINANCIAL TRENDS AND
THE COSTCUTTING PROGRAM ARE ON TRACK HAVING FORCED HIMSELF TO TAKE A
PESSIMISTIC VIEW FOR IBM BACK IN JULY WHEN THE COMPANY TOOK A 89
BILLION RESTRUCTURING CHARGE MR GERSTNER SAID THAT ASSESSMENT IS HOLDING
UP SO FAR FURTHER RESTRUCTURING CHARGES WON'T BE NECESSARY AS LONG AS THAT
OUTLOOK HOLDS UP

BUT MR GERSTNER SAID NUMEROUS AREAS WILL TAKE A LOT OF TIME TO CHANGE A
BIG PROBLEM HE NOTED IS IBM'S CULTURE WHICH HAD A REPUTATION FOR BEING
SLOW TO RESPOND AND ARROGANT MR GERSTNER SAID HE'S GONE THROUGH OLD IBM
STRATEGY PLANS DATING BACK TO 1980 IN WHICH COMPANY OFFICIALS CLEARLY SAW
THE MARKET'S SHIFT AWAY FROM COSTLY MAINFRAME COMPUTERS BUT THEY FAILED
TO EXECUTE

MR GERSTNER SAID HE HASN'T FIGURED OUT WHY THEY FAILED YET LATER HE TOLD
ANALYSTS THAT I'M NOT TELLING YOU ITS CULTURE IS GOING TO CHANGE IN A
YEAR HE SAID

ANOTHER CHALLENGE IS THE ORGANIZATION OF IBM WHILE HE DOESN'T WANT TO
CENTRALIZE IBM HE ALSO WANTS TO AVOID ANARCHY THE CEO SAID A MAJOR
EFFORT IS UNDER WAY TO STOP DUPLICATION OF DEVELOPMENT EFFORTS AIMING TO
CUT COSTS AND DEVELOP MORE OF A TEAM SPIRIT WITHIN THE COMPANY HE SAID

MR GERSTNER ALSO SAID HE HOPES TO ACCELERATE THE IBM SALES FORCE'S
EVOLUTION AWAY FROM ITS TRADITIONAL APPROACH OF ONE FACE TO THE
CUSTOMER INSTEAD OF RELYING MAINLY ON ACCOUNT REPS HE HOPES TO MOVE
TOWARD EXPERTS MORE SPECIALIZED IN INDUSTRIES AND PRODUCTS THE OLD CONCEPT
OF ONE PERSON DELIVERING IBM PRODUCTS TO A BIG ACCOUNT WAS DEAD AND BURIED
YEARS AGO MR GERSTNER SAID

IN ANOTHER BLUNT ASSESSMENT MR GERSTNER SAID THE MUCHVAUNTED INTERACTIVE
AGE WON'T DEVELOP AS A CONSUMER MARKET AS FAST AS SOME EXPERTS BELIEVE IBM
WILL EXPLORE SMALLER MARKET OPPORTUNITIES HE ADDED AND WON'T NEED A
MEGADEAL WITH ANY ONE COMPANY TO SUCCEED IN BECOMING AN INFRASTRUCTURE
SUPPLIER OF PRODUCTS 9403250104 940325 CREDIT MARKETS BOND PRICES
PLUNGE ON HOST OF NEGATIVE FACTORS BUT TREASURY BILLS REMAIN RELATIVELY
STABLE  BY THOMAS D LAURICELLA AND LAUREN YOUNG SPECIAL TO THE
WALL STREET JOURNAL

NEW YORK IT SEEMED THAT EVERYWHERE BOND TRADERS LOOKED YESTERDAY THEY
FOUND REASONS TO SELL TURMOIL IN THE MEXICAN BOND MARKETS RISING COMMODITY
PRICES FALLING AMERICAN STOCK PRICES AND A REPORT SUGGESTING SOLID US
ECONOMIC GROWTH

YOU HAD A WHOLE SERIES OF THINGS TAKING PLACE THAT ROCKED THE MARKET SAID
JAMES KENNEY HEAD TRADER AT PRUDENTIAL SECURITIES INC

BY THE TIME THE SESSION WAS OVER PRICES OF US TREASURY SECURITIES WERE
POSTING BIG LOSSES AND THE YIELD ON THE 30YEAR BOND ONCE AGAIN THREATENED
TO BREAK THROUGH 7 THE PRICE OF THE BENCHMARK 30YEAR BOND DROPPED NEARLY
3/4 POINT OR NEARLY 750 FOR A BOND WITH A 1000 FACE VALUE TO 91 5/32
ITS YIELD WHICH MOVES IN THE OPPOSITE DIRECTION FROM THE PRICE ROSE TO
695 FROM 689 ON WEDNESDAY

THE TREASURY BILL SECTOR SURVIVED RELATIVELY UNSCATHED THAT'S BECAUSE
INVESTORS HEADED INTO THE RELATIVE SAFETY OF SHORTTERM TREASURYS YESTERDAY
AND PULLED CASH OUT OF THE BATTERED US STOCK MARKET WHERE THE DOW JONES
INDUSTRIAL AVERAGE DROPPED 4837 POINTS TO 382109 AND OUT OF THE
TROUBLED DEVELOPINGNATION DEBT MARKETS BUT THE CHANGES IN THE
COUPONEQUIVALENT YIELDS FOR TREASURY BILLS IN RESPONSE TO THE INCREASED
DEMAND WERE MODEST THE YIELD OF THE THREEMONTH BILL FOR EXAMPLE DROPPED
TO 351 FROM 353 ON WEDNESDAY WHILE THE YIELD OF THE SIXMONTH BILL WAS
UNCHANGED AND THE YIELD OF THE ONEYEAR BILL ACTUALLY ROSE TO 432 FROM
430

TRADERS TRACED THE BOND MARKET'S TROUBLES BACK TO WEDNESDAY'S SESSION WHEN
THEY SAID THEY BID TOO AGGRESSIVELY AT THE TREASURY DEPARTMENT'S AUCTION OF
11 BILLION FIVEYEAR NOTES TRADERS AWASH WITH THE SECURITIES FOUND
THEMSELVES HAVING TO REPEATEDLY MARK THE ISSUES DOWN IN PRICE IN ATTEMPTS TO
ATTRACT INVESTORS

MEANWHILE NEWS OVERNIGHT OF THE ASSASSINATION OF MEXICO'S LEADING
PRESIDENTIAL CANDIDATE LUIS DONALDO COLOSIO ONLY WORSENED THE SITUATION
INVESTORS AND DEALERS WHO WERE CONFRONTED WITH A PLUNGE IN THE PRICES OF
DEVELOPINGNATION BONDS HAD TO TURN TO THE TREASURY MARKET IN ORDER TO
OFFSET THOSE LOSSES THERE WERE AN AWFUL LOT OF PEOPLE THAT WERE SELLING
US TREASURYS AGAINST DEVELOPINGNATION BONDS SAID MR KENNEY OF
PRUDENTIAL

MEANWHILE THE REST OF THE BANKING INDUSTRY FOLLOWED A MOVE BY A HANDFUL OF
BANKS WEDNESDAY TO RAISE THEIR BENCHMARK PRIME LENDING RATE 025 PERCENTAGE
POINT TO 625 BANKS THAT RAISED THEIR RATES YESTERDAY INCLUDED JP MORGAN
& CO BANK OF BOSTON CORP AND WELLS FARGO & CO

THE PRIME IS A BENCHMARK USED BY BANKS TO PEG RATES FOR CONSUMER PRODUCTS
SUCH AS CREDIT CARDS AND HOMEEQUITY LOANS AS WELL AS SMALLBUSINESS LOANS

IN THE US TREASURY MARKET SELLING WAS CONCENTRATED AMONG LONGER
SECURITIES TRADERS SAID BUT THE HAVOC IN THE LATIN AMERICAN DEBT MARKETS
GAVE A LITTLE BOOST TO SHORTTERM TREASURYS INVESTORS SEEKING A SAFE
HARBOR FROM THE UNCERTAINTY OF LATIN BOND MARKETS AS WELL FROM THE DROP IN
THE US STOCK MARKET MOVED CASH INTO THE BILL MARKET

AS IF THIS WEREN'T ENOUGH NEWS TO DIGEST TRADERS WERE UNNERVED BY RISING
COMMODITY PRICES THE WIDELY WATCHED KRCRB INDEX BROKE TO A RECENT HIGH
YESTERDAY GAINING 074 POINT TO SETTLE AT 23084 GOLD PRICES ALSO
SURGEDPARTLY IN RESPONSE TO EVENTS IN MEXICORISING 450 PER OUNCE

THE VALUE OF THE DOLLAR IN THE FOREIGNEXCHANGE MARKETS ALSO DROPPED
YESTERDAY SPARKING CONCERNS OF A FLIGHT OUT OF US ASSETS AND FURTHER
UNDERMINING THE WILLINGNESS OF TRADERS TO HOLD LONGERTERM TREASURYS

TO CAP IT ALL OFF THE WHITEWATER AFFAIR RETURNED TO HAUNT THE MARKET
TRADERS SPOKE OF A CRISIS OF CONFIDENCE IN THE US GOVERNMENT ADDING TO
THE BOND MARKET'S WOES

WITH ALL THE SELLING AMONG LONGERTERM TREASURYS AND BUYING OF BILLS
TRADERS WERE FORCED TO REVERSE ARBITRAGE TRADES WHERE THEY HAD PREVIOUSLY
BOUGHT BONDS AND SOLD SHORTERMATURITIES KNOWN AS CURVEFLATTENING
TRADES THESE BETS PAY OFF WHEN THE GAP BETWEEN SHORTTERM AND LONGTERM
INTEREST RATES NARROWS

THE WHOLE SEQUENCE OF EVENTS JUST STARTED FEEDING ON ITSELF SAID PAUL
MCCULLEY CHIEF ECONOMIST AT UBS SECURITIES INC THIS STUFF HAPPENS IN A
BEAR MARKET HE SAID

WHEN PEOPLE COME IN TO SELL IT STARTS TO CASCADE AND ENDS UP WITH A LIFE
OF ITS OWN AGREED STEVE NOTHERN A PORTFOLIO MANAGER AT MASSACHUSETTS
FINANCIAL SERVICES CO

TRADERS STRESSED THAT BENEATH THE JUMBLE OF FACTORS PRESSURING THE BOND
MARKET WAS ONE CONCERN THAT MADE SUCH A SELLOFF POSSIBLE INVESTORS REMAIN
UNWILLING TO AGGRESSIVELY COMMIT NEW CASH TO THE BOND MARKET AGAINST A
BACKDROP OF FROTHY ECONOMIC GROWTH

THE BOND MARKET HAS EVERY RIGHT TO BE CONCERNED ABOUT AN ECONOMY THAT IS
CRANKING ALONG AT OVER A 4 RATE UNTIL THERE IS CONCLUSIVE EVIDENCE THAT
GROWTH IS GOING TO SLOW TO 3 SAID JOSEPH LIRO CHIEF ECONOMIST AT SG
WARBURG & CO

UNTIL GROWTH SLOWS INVESTORS WILL NOT BE COMPLETELY CONVINCED THAT
INFLATION WILL NOT BE A THREAT DOWN THE ROAD AND IT COULD TAKE SOME TIME
BEFORE INVESTORS COME AROUND TO THAT VIEW PARTICIPANTS SAID BOND INVESTORS
FEAR INFLATION BECAUSE IT REDUCES THE VALUE OF INVESTMENTS WITH A FIXED RATE
OF RETURN

PLAYING IN THE BOND MARKET LATELY HAS BEEN LIKE ICE FISHING IN THE SPRING
SAID BRIAN WESBURY ECONOMIST AT GRIFFIN KUBIK STEPHENS & THOMPSON EVERY
TIME YOU THINK YOU'VE FOUND SOME SUPPORT IT CAVES IN

PRICES ON BONDS SOLD BY MEXICAN CORPORATE ISSUERS PLUNGED SHARPLY EARLY IN
YESTERDAY'S TRADING SESSION NEWS OF MR COLOSIO'S ASSASSINATION BUT THE
ISSUES REGAINED SOME OF THEIR LOSSES BY THE END OF THE DAY

NEW CORPORATE ISSUERS MEANWHILE STAYED CLEAR OF THE MARKET FOLLOWING
VOLATILITY IN THE US TREASURY MARKET

EARLY IN THE SESSION YIELDS ON THE BONDS OF THE MEXICAN GOVERNMENT AND
STATEOWNED TRADE BANK BANCO NACIONAL DE COMERCIO EXTERIOR SNC ROSE BY 020
TO 040 PERCENTAGE POINT IN RESPONSE TO THE NEWS OF THE ASSASSINATION

IN HEAVY TRADING BANCO NACIONAL DE COMERCIO EXTERIOR'S 725 COUPON GLOBAL
BONDS MATURING IN 2004 FELL FOUR POINTS OR 40 FOR A BOND WITH A 1000
FACE VALUE BUT BY THE END OF THE DAY THE PAPER REGAINED TWO POINTS OR
20 TO CLOSE AT 8625 THE YIELD ROSE TO 930 FROM 895

GLOBAL BONDS ARE SECURITIES SIMULTANEOUSLY OFFERED IN MAJOR FINANCIAL
CENTERS AND DESIGNED TO BE EASILY TRADED

THE VOLATILITY ALSO SPILLED OVER TO OTHER LATIN AMERICAN ISSUES REPUBLIC OF
ARGENTINA 8375 GLOBAL BONDS MATURING IN 2003 FELL 15 POINTS OR 15 FOR A
BOND WITH A 1000 FACE VALUE BUT THEN REGAINED MORE THAN A HALF POINT TO
END AT 90375 THE YIELD ROSE TO 993 FROM TO 978

IT WAS OUR BUSIEST DAY ALL YEAR SAID ONE TRADER ADDING THAT HIS FIRM
SOLD MORE THAN 200 MILLION OF CORPORATE AND SOVEREIGN LATIN AMERICAN DEBT
YESTERDAY TO A RANGE OF CLIENTS

SOME US MONEY MANAGERS SAW THE DROP IN LATIN AMERICAN DEBT AFTER THE
ASSASSINATION AS A BUYING OPPORTUNITY BUT OTHERS SAID THEY ARE WAITING FOR
MORE NEWS BEFORE BUYING OR SELLING

BILL KOHLI A PORTFOLIO MANAGER AT FRANKLIN/TEMPLETON GROUP SAYS THE
PLUNGING MARKET MAKES FOR OPPORTUNITIES IN OTHER LATIN AMERICAN DEBT
PARTICULARLY IN ARGENTINA'S GOVERNMENT ISSUES ARGENTINA'S DEBT IS A GOOD
VALUE NOW AND IT WILL BE A BETTER VALUE LATER MR KOHLI SAYS THE
FUNDAMENTAL MARKETS WE ARE STILL MOST COMFORTABLE WITH ARE MEXICO AND
ARGENTINA

MEXICAN ISSUES COMPRISE MORE THAN 10 OF SUN AMERICA'S DIVERSIFIED INCOME
FUND AFTER LENGTHY CONSIDERATION YESTERDAY PORTFOLIO MANAGER CHARLES
DUDLEY SAID HE ISN'T CHANGING HIS POSITION

IN THIS MARKET THE TRADITION WAS THAT YOU BUY ON THE COUP AND THE
ASSASSINATION MR DUDLEY SAID IT'S BETTER JUST TO WATCH AND WAIT THIS
TIME AROUND MOST OF THE MEXICAN DEBT IN SUN AMERICA'S 180 MILLION
HIGHYIELD PORTFOLIO IS DOLLARDENOMINATED CORPORATE DEBT SUCH AS THAT OF
BANCO NACIONAL DE COMERICO EXTERIOR HE SAID

PRICES OF MUNICIPAL BONDS TUMBLED AS MUCH AS ONE POINT

AMONG SECONDARY ISSUES THE YIELD OF THE FLORIDA BOARD OF EDUCATION'S 5125
CAPACITY OUTLAY REFUNDING BONDS OF 2022 SHOT UP TO 6 FROM 589 LATE
WEDNESDAY

NO NEW MUNICIPAL OFFERINGS OF 100 MILLION OR MORE WERE PRICED YESTERDAY

MEANWHILE NEW YORK CITY COMPTROLLER ALAN HEVESI SAID THE CITY COULD SHARPLY
REDUCE SHORTTERM BORROWINGS BY COLLECTING 11 BILLION IT IS OWED IN STATE
AND FEDERAL AID MR HEVESI SAID HE EXPECTS TO COLLECT MOST OF THOSE
UNPAID FUNDS A LARGE PORTION OF WHICH WERE NEVER FORMALLY SOUGHT BY CITY
AGENCIES FOR VARIOUS REASONS

ALTHOUGH THE UNPAID FUNDS CAN'T BE USED TO CLOSE THE CITY'S HUGE BUDGET GAP
COLLECTION WOULD OBVIATE THE NEED FOR US TO DO AS MUCH SHORTTERM
BORROWING MR HEVESI SAID THE CITY COULD SLASH ITS 17 BILLION OF
SHORTTERM BORROWING PLANNED IN FISCAL 1994 TO 600 MILLION OR 700 MILLION
SAVE ON DEBT EXPENSES AND EARN INTEREST ON THE ADDED CASH HE SAID

PRICES OF MORTGAGE SECURITIES FELL AMID YESTERDAY'S GENERAL SELLOFF

AMONG PRICES OF 7 SECURITIES FOR APRIL DELIVERY GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION ISSUES ENDED 19/32 LOWER AT 97 3/32 FEDERAL HOME LOAN
MORTGAGE CORP GOLD ISSUES AND FEDERAL NATIONAL MORTGAGE ASSOCIATION ISSUES
WERE BOTH OFF 15/32 AT 97 21/32 AND 97 14/32 RESPECTIVELY

THERE WAS MORTGAGEBANKER SELLING THROUGHOUT THE EARLY MORNING AND INTO THE
EARLY AFTERNOON SAID CRAIG LIPKA HEAD OF MORTGAGE PRODUCTS AT CS FIRST
BOSTON INC ALSO HE SAID A NUMBER OF LARGE RETAIL CUSTOMERS PLACED LARGE
SELL ORDERS OF MORTGAGEBACKED ISSUES 9403250103 940325 MARKETING &
MEDIA CAROLCO PICTURES INC LIVE ENTERTAINMENT AGREE TO MERGER PLAN

LOS ANGELES CAROLCO PICTURES INC AND LIVE ENTERTAINMENT INC SAID THEY
AGREED IN PRINCIPAL TO MERGE THROUGH AN EXCHANGE OF COMMON STOCK

IT IS THE SECOND TIME THE TWO ENTERTAINMENT COMPANIES WHICH ARE RELATED
HAVE AGREED TO COMBINE THE COMPANIES SAID THAT UNDER THE CURRENT PROPOSED
AGREEMENT CAROLCO HOLDERS WILL RECEIVE ONE SHARE OF NEWLY ISSUED LIVE
COMMON STOCK FOR EACH 55 SHARES OF CAROLCO STOCK CURRENTLY HELD

THE RATIO MAY BE ADJUSTED UNDER CERTAIN CONDITIONS THE EXCHANGE WOULD
RESULT IN LIVE SHAREHOLDERS OWNING BETWEEN 22 AND 29 OF THE CONTINUING
CORPORATION WHICH WOULD BE CALLED CAROLCO ENTERTAINMENT INC AND WOULD BE
HEADED BY MARIO KASSAR CHAIRMAN OF CAROLCO

THE TRANSACTION IS SUBJECT TO A NUMBER OF CONDITIONS CAROLCO AND LIVE SAID
THEY PLAN TO SIGN A FINAL AGREEMENT WITHIN 30 DAYS CAROLCO BASED IN LOS
ANGELES IS A PRODUCER OF VARIOUS BIGBUDGET MOVIES INCLUDING TERMINATOR
AND MORE RECENTLY BASIC INSTINCT LIVE IS A HOMEVIDEO CONCERN WITH
DISTRIBUTION AND RETAILING INTERESTS

THE TWO COMPANIES PREVIOUSLY PROPOSED A MERGER IN 1991 WHEN CAROLCO HELD
MORE THAN A 50 STAKE IN LIVE THOSE PLANS WERE CALLED OFF AS FINANCIAL
CONDITIONS DETERIORATED AT BOTH COMPANIES

CAROLCO LAST OCTOBER AVERTED THREATENED BANKRUPTCYLAW REORGANIZATION BY
COMPLETING A FINANCIAL RESTRUCTURING THAT INCLUDED ABOUT 1125 MILLION IN
NEW CAPITAL BEFORE RESTRUCTURING CAROLCO HELD A 367 STAKE IN LIVE
HOWEVER MUCH OF THAT STAKE WAS DISTRIBUTED TO CREDITORS 9403250102
940325 INTERNATIONAL NORTH KOREA MAY HAVE CROSSED THE LINE IN
SABOTAGING TALKS WITH FIERY THREATS  BY STEVE GLAIN STAFF REPORTER
OF THE WALL STREET JOURNAL

SEOUL SOUTH KOREA BY VEERING FROM OBSTINACY TO CONCILIATION TO
BELLIGERENCE OVER ITS NUCLEAR WEAPONS PROGRAM NORTH KOREA MAY HAVE FINALLY
OVERPLAYED ITS HAND

IN SABOTAGING INTERKOREAN TALKS SATURDAY WITH FIERY THREATS OF DOOMSDAY
ATTACKS ON SEOUL PYONGYANG HAS GALVANIZED SOUTH KOREAN CITIZENS AND HANDED
PRESIDENT KIM YOUNG SAM AN OPPORTUNITY TO ASSUME A TOUGH POSTURE COUNSELED
BY SEVERAL CABINET MEMBERS AND US MILITARY OFFICIALS

DIPLOMATS AND POLICY MAKERS SAY THEY EXPECT MR KIM UPON HIS RETURN FROM
SUMMIT MEETINGS IN TOKYO AND BEIJING TO APPROVE THE REVIVAL OF JOINT
USSOUTH KOREAN MILITARY EXERCISES KNOWN AS TEAM SPIRIT AND TO ENDORSE
THE DEPLOYMENT OF PATRIOT MISSILES

HE HAS YET TO COMMENT CONCLUSIVELY ON EITHER ISSUE ANALYSTS SAY FOR FEAR
OF BEING CRITICIZED AS A LACKEY OF THE US SOME GROUPS HERE HAVE ASSAILED
THE PROPOSED PATRIOT MOBILIZATION AND TEAM SPIRIT AS A PROVOCATION AGAINST
NORTH KOREA BUT SUCH DISSENT HAS BEEN DROWNED OUT BY NORTH KOREA'S RECENT
VITRIOL

CLEARLY THE PENDULUM HAS SHIFTED TO A HARDER LINE SAYS A US DIPLOMAT
THERE COMES A TIME WHEN THE KOREANS DECIDE IT'S BEST TO MATCH FIRMNESS WITH
FIRMNESS

SO RESOLUTE IS SOUTH KOREA'S ADMINISTRATION THAT ON MONDAY IT QUASHED AN
INTERNATIONAL PEACE MISSION TO PYONGYANG THAT WOULD HAVE HAD UNPRECEDENTED
SCOPE THE MOVE COMES AT A TIME WHEN MANY DIPLOMATS FEAR ECONOMICALLY
STRAPPED NORTH KOREA IS ON THE VERGE OF RETREATING INTO AN ISOLATION THAT
COULD EVENTUALLY MUTATE INTO A LASTDITCH MILITARY STRIKE

BUT GOVERNMENT OFFICIALS STRESS THEIR OBJECTIVE IS TO SQUEEZE NORTH KOREA
BACK TO THE NEGOTIATING TABLE ONLY WHEN WE TAKE A FIRM HAND DO WE HELP THE
MODERATES IN NORTH KOREA WHO FAVOR TALKING OVER SABERRATTLING SAYS LEE
HONG KOO SENIOR VICE CHAIRMAN OF THE GOVERNMENT'S ADVISORY COUNCIL ON
UNIFICATION

NORTH KOREA HAS BEEN LOCKED IN NEGOTIATIONS WITH SEOUL AND WASHINGTON SINCE
IT ANNOUNCED IT WOULD BOLT FROM THE NUCLEAR NONPROLIFERATION TREATY LAST
MARCH THE SURPRISE MOVE STOKED SUSPICION PYONGYANG WAS DEVELOPING NUCLEAR
WEAPONS WHICH THE STALINIST REGIME DENIES

SEVERAL TIMES NORTH KOREA HAS AGREED TO ONSITE CHECKS ONLY TO RENEGE AT
THE LAST MINUTE THE LAST TIME CAME JUST A WEEK AGO WHEN NORTH KOREAN
OFFICIALS INTERFERED WITH AN INTERNATIONAL INSPECTION TEAM A FEW DAYS
LATER A DELEGATION OF NORTH KOREAN OFFICIALS ABRUPTLY HALTED INTERKOREAN
TALKS AMID THREATS THAT SEOUL WOULD BECOME A SEA OF FIRE IF SOUTH KOREA
DID NOT BACK OFF FROM WHAT THE NORTH KOREANS SAID WERE UNREASONABLE DEMANDS
DIALOGUE BETWEEN THE TWO GOVERNMENTS IS A PRECONDITION FOR A RESUMPTION OF
TALKS BETWEEN PYONGYANG AND WASHINGTON

IT WAS THE FIRST TIME SUCH THREATS HAVE BEEN MADE AT FORMAL TALKS BETWEEN
THE TWO GOVERNMENTS AND THE THREATS GAVE HARDLINERS IN MR KIM'S CABINET
AN OPENING THEY WERE QUICK TO SEIZE ALMOST IMMEDIATELY AFTER THE BREAKDOWN
THE TAPE OF NORTH KOREA'S OUTBURST WAS BROADCAST ON ALL FOUR KOREAN
NETWORKS FOLLOWED BY FILE FOOTAGE OF LAST YEAR'S TEAM SPIRIT MANEUVERS
THE GOVERNMENT MAINTAINS CONSIDERABLE INFLUENCE OVER KOREA'S ELECTRONIC
MEDIA WHICH WAS ONCE STATERUN

SOUTH KOREANS WHO HAVE REGARDED THE STANDOFF WITH NORTH KOREA WITH A MIX OF
COMPLACENCY AND RESIGNATION WERE ANGERED BY THE FOOTAGE

NORTH KOREA IS ENGAGING IN A COMMON COMMUNIST TACTIC SAYS KANG CHAN A
46YEAROLD COMICSTRIP CREATOR THEY ARE STRONG WHEN WE SHOW WEAKNESS SO
IT IS TIME TO STRENGTHEN

CABINET OFFICIALS HUDDLED THROUGHOUT THE WEEKEND TO PLOT A PROPER RESPONSE
TO THE NORTH AT ONE POINT MR KIM'S NATIONAL SECURITY ADVISER CHUNG CHONG
WOOK A HAWK TOOK ASIDE FOREIGN MINISTER HAN SUNG JOO A MODERATE AND
SUGGESTED HE KEEP A LOW PROFILE MR HAN RECENTLY CONDEMNED BY THE LOCAL
MEDIA AS TOO SOFT ON NORTH KOREA HAS OBLIGED

MR HAN IS IN AN AWKWARD POSITION SAYS AN OFFICIAL AT THE MINISTRY OF
NATIONAL UNIFICATION BUT HE IS SMART ENOUGH NOT TO BE OUTSPOKEN RIGHT
NOW

ON MONDAY DEPUTY PRIME MINISTER LEE YUNG DUK ANOTHER HARDLINER CANCELED
AN INTERNATIONAL PEACE MISSION TO NORTH KOREA SPONSORED BY THE
WASHINGTONBASED FEDERATION FOR WORLD PEACE A SPOKESMAN FOR THE FEDERATION
SAID IT HAD RECENTLY RECEIVED AN OPEN INVITATION FROM NORTH KOREA FOR AN
UNLIMITED NUMBER OF VISITORS TO PYONGYANG

THE MISSION WOULD HAVE INCLUDED ABOUT 60 FORMER HEADS OF STATE SCHOLARS
AND POLICY MAKERS AND WAS TO BEGIN WITH THE DELEGATION WALKING NORTH ACROSS
THE HEAVILY FORTIFIED BORDER ALONG THE KOREAN PENINSULA'S 38TH PARALLEL
NORTH AND SOUTH KOREA HAVE YET TO NEGOTIATE A PEACE TREATY FROM THEIR
19501953 CIVIL WAR

AT FIRST THE SOUTH KOREAN GOVERNMENT WAS QUITE EXCITED ABOUT THE MISSION
SAID ANTONIO BETANCOURT THE FEDERATION'S DEPUTY SECRETARY GENERAL BUT
AFTER THE TALKS COLLAPSED THE DEPUTY PRIME MINISTER TOLD US THERE WOULD BE
NO EXCHANGES FOR THE TIME BEING

SAYS A NORTH KOREA WATCHER WHO WOULD HAVE BEEN AMONG THE DELEGATES
APPARENTLY THE GOVERNMENT HAS DECIDED IT WON'T BE FAZED BY NORTH KOREA'S
BARK 9403250101 940325 SMALL STOCK FOCUS PRICES FINISH BROADLY LOWER
ON WORRY OVER MEXICO HIGHER US INTEREST RATES  BY CAITLIN
MOLLISON SPECIAL TO THE WALL STREET JOURNAL

NEW YORK POLITICAL UNREST IN MEXICO AND HIGHER INTEREST RATES DROVE
SMALLCOMPANY STOCKS SHARPLY LOWER BUT THEY MANAGED TO FINISH ABOVE THEIR
LOWS FOR THE SESSION

THE RUSSELL 2000 INDEX OF SMALLCAPITALIZATION ISSUES SANK 313 OR 116
TO 26707 NASDAQ ISSUES AS MEASURED BY THE NASDAQ COMPOSITE INDEX DROPPED
1083 OR 136 TO 78668

BOTH INDEXES POSTED THEIR BIGGEST ONEDAY DECLINES SINCE FEB 4 WHEN PRICES
SLID SHARPLY FOLLOWING A MOVE BY THE FEDERAL RESERVE TO TIGHTEN CREDIT

NASDAQ DECLINERS EASILY TOPPED ADVANCERS 2037 TO 1039 ON NASDAQ NATIONAL
MARKET VOLUME OF 318577100 SHARES AND TOTAL VOLUME OF 373500500 SHARES
THE FIFTH HIGHEST EVER NATIONAL MARKET TURNOVER WEDNESDAY HIT 286129900
SHARES WHILE TOTAL VOLUME WAS 334155000 SHARES

THE NEW YORK STOCK EXCHANGE MOVED TO SLOW COMPUTERAIDED PROGRAM SELLING
SHORTLY BEFORE NOON WHEN THE DOW JONES INDUSTRIAL AVERAGE WAS OFF MORE THAN
50 POINTS THE DOW INDUSTRIALS FINISHED THE SESSION DOWN MORE THAN 48
POINTS

TODAY WAS A CONFLUENCE OF NEGATIVES AND A HIGH LEVEL OF NERVOUSNESS
ABOUNDS SAID ALAN ACKERMAN EXECUTIVE VICE PRESIDENT AT REICH & CO
INVESTORS REMAIN SPOOKED BY RISING RATES THE POSSIBILITY OF HIGHER
INFLATION CONCERN ABOUT THE CLINTON PRESIDENCY AND THE POLITICAL SITUATION
IN NORTH KOREA HE SAID

MARKETS WERE HIT HARD BY NEWS FROM MEXICO THAT AN ASSASSIN KILLED LUIS
DONALDO COLOSIO THE LEADING PRESIDENTIAL CANDIDATE AT A RALLY IN TIJUANA
WEDNESDAY THE MEXICAN STOCK MARKET WAS CLOSED YESTERDAY

AMERICAN DEPOSITARY RECEIPTS OF MEXICAN COMPANIES FARED POORLY EMPRESAS LA
MODERNA A CIGARETTE COMPANY FELL 2 1/4 TO 25 7/8 BUFETE INDUSTRIAL A
CONSTRUCTION CONCERN SLIPPED 1 1/4 TO 35 3/4 AND GRUPO MEXICANO DE
DESAROLLO DROPPED 1 5/8 TO 19 7/8 ALL THREE ARE TRADED ON THE BIG BOARD

THE SELLING SPILLED OVER INTO OTHER ADR DEALINGS SOME CHILEAN ISSUES FOR
EXAMPLE WERE ALSO HURT

WHEN SOMETHING LIKE THIS HAPPENS EVERYBODY GETS HIT SAID JUAN MESA A
VICE PRESIDENT AND HEAD OF LATIN AMERICAN EQUITY RESEARCH AT JP MORGAN
SECURITIES THIS WAS NOT A GOOD DAY FOR EQUITIES IN GENERAL BUT OUR SENSE
IS THAT THE GOVERNMENT OF MEXICO WILL COME OUT STRONGLY TOMORROW TO REDUCE
UNCERTAINTY AND THERE WILL BE LIMITED FURTHER DOWNWARD PRESSURE

AMONG BIG BOARDLISTED CHILEAN ISSUES ADRS OF COMPANIA DE TELEFONOS DE
CHILE LOST 3 TO 91 AND MADERAS Y SINTETICOS SA MASISA FELL 1 1/8 TO 25 3/4

ALTHOUGH THE RUSSELL 2000 DOESN'T INCLUDE ANY ADRS TRADERS SAID WEAKNESS IN
THOSE ISSUES HELPED BATTER OTHER EQUITIES

BUT SOME SMALL STOCKS HAD PLENTY OF BAD NEWS OF THEIR OWN TO PAVE THE WAY
FOR STEEP LOSSES

THE DAY'S BIG LOSER MEDIA VISION TECHNOLOGY PLUNGED 10 1/2 OR 49 TO 11
IN ACTIVE TRADING THE FREMONT CALIF MULTIMEDIA COMPUTER COMPANY SAID IT
EXPECTS A SUBSTANTIAL FIRSTQUARTER LOSS BECAUSE OF LOWER REVENUES CAUSED BY
A PRODUCT SHIPMENT DELAY AND PRICE CUTS LEHMAN BROTHERS INC COWEN & CO
AND MONTGOMERY SECURITIES INC ALL DOWNGRADED MEDIA VISION'S STOCK

SLM INTERNATIONAL FELL 2 1/4 TO 14 1/4 AFTER REPORTING A FOURTHQUARTER LOSS
OF 50 CENTS A SHARE LATE WEDNESDAY IN THE YEAREARLIER PERIOD THE NEW YORK
TOY COMPANY EARNED 25 CENTS KIDDER PEABODY & CO CUT ITS RATING ON SLM TO
OUTPERFORM FROM STRONG BUY AND REDUCED ITS 1994 EARNINGS ESTIMATE TO
130 A SHARE FROM 185

WATERHOUSE INVESTOR SERVICES NEW YORK SAGGED 2 3/8 TO 21 1/4 ON THE BIG
BOARD THE COMPANY'S FISCAL SECONDQUARTER EARNINGS OF 55 CENTS A SHARE SET
A RECORD BUT ONLY BY ONE CENT A SHARE WHICH APPARENTLY DISAPPOINTED
INVESTORS WHO RAN UP THE STOCK PRICE LAST WEEK

GULF SOUTH MEDICAL SUPPLY A NEW ISSUE JUMPED TO 23 FROM ITS INITIAL
OFFERING PRICE OF 16 THE RIDGELAND MISS COMPANY DISTRIBUTES MEDICAL
SUPPLIES

CAREER HORIZONS A WOODBURY NY PROVIDER OF TEMPORARY PERSONNEL ROSE TO
19 1/2 FROM ITS OFFERING PRICE OF 17 1/2 SET AFTER THE CLOSE ON WEDNESDAY

AMONG OTHER GAINERS AMERICA ONLINE JUMPED TO A RECORD CLOSING HIGH OF 91
1/2 UP 8 3/4 CHICAGO CORP CALCULATED THE TAKEOVER VALUE OF THE VIENNA
VA PROVIDER OF ONLINE SERVICES AT 160 TO MORE THAN 200 A SHARE

MERGER NEWS SENT AMERIFED FINANCIAL CORP OF JOLIET ILL RACING 8 1/2
HIGHER TO 41 1/4 THE COMPANY SIGNED A DEFINITIVE MERGER AGREEMENT VALUED
AT ABOUT 149 MILLION WITH NBD BANCORP WHICH EASED 1/4 TO 28 3/4 ON THE
BIG BOARD

MOBILE TELECOMMUNICATIONS TECHNOLOGIES JACKSON MISS JUMPED 4 5/8 TO 20
1/2 THE WALL STREET JOURNAL REPORTED THAT MICROSOFT CORP UP 1 TO 87 1/4
IS JOINING MOBILE TO BUILD AN ADVANCED WIRELESS NETWORK FOR SENDING AND
RECEIVING DATA 9403250100 940325 WHO'S NEWS DEAN WITTER DISCOVER 
AWARDS ITS CHAIRMAN 67 MILLION PACKAGE

NEW YORK DEAN WITTER DISCOVER & CO ONE OF LAST YEAR'S HOTTEST INITIAL
PUBLIC STOCK OFFERINGS HAS ENRICHED INVESTORS

NOW THE COMPANY IS SPREADING THE GOOD CHEER WITH ITS CHAIRMAN

DEAN WITTER DISCOVER PARENT OF BROKERAGE FIRM DEAN WITTER REYNOLDS INC AND
THE DISCOVER CREDIT CARD PAID CHAIRMAN PHILIP PURCELL A 1993 PAY PACKAGE OF
67 MILLION ACCORDING TO ITS PROXY

THAT'S DOUBLE THE 33 MILLION MR PURCELL WAS PAID IN 1992 WHEN THE
COMPANY WAS A UNIT OF GIANT SEARS ROEBUCK & CO

MR PURCELL 50 YEARS OLD RECEIVED A 1993 BONUS OF 25 MILLION UP 56
FROM THE 16 MILLION BONUS HE RECEIVED IN 1992 HIS SALARY WAS UNCHANGED
AT 650000

AS PART OF HIS PAY PACKAGE MR PURCELL ALSO RECEIVED 16 MILLION IN STOCK
AWARDS AND 2 MILLION FROM A LONGTERM PERFORMANCE PLAN OTHER
COMPENSATION TOTALED AN ADDITIONAL 3739

THOUGH MR PURCELL'S 1993 PAY IS A RECORD FOR DEAN WITTER IT LAGS BEHIND
LAST YEAR'S COMPENSATION OF CHAIRMEN AT BEAR STEARNS COS MERRILL LYNCH &
CO AND PAINEWEBBER GROUP INC

DEAN WITTER HAD RECORD EARNINGS LAST YEAR AMID STRONG TRADING BY INDIVIDUAL
INVESTORS AND A SURGE IN NEW STOCK AND BOND OFFERINGS INCLUDING THE
COMPANY'S OWN 800 MILLION IPO IN FEBRUARY

DEAN WITTER'S STOCK HAS SOARED 33 SINCE THEN FAR OUTDISTANCING THE GAINS
IN MAJOR STOCK INDEXES ITS SHARES CLOSED YESTERDAY AT 36 DOWN 625 CENTS
IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING 9403250099 940325 BUSINESS
BRIEF AIR FRANCE CASE AGAINST EU OVER PROBE OF MERGER REJECTED BY
COURT

THE EUROPEAN COURT OF JUSTICE REJECTED A CASE BROUGHT BY FRENCH STATE
AIRLINE AIR FRANCE AGAINST THE EUROPEAN UNION FOR NOT PROBING UNDER ITS
MERGER RULES BRITISH AIRWAYS PLC'S 1992 TAKEOVER OF UNPROFITABLE UK
CARRIER DAN AIR SERVICES LTD

THE COURT UPHELD A RULING BY THE EU COMMISSION THAT THE DAN AIR BUSINESSES
BRITISH AIRWAYS ACQUIRED DIDN'T HAVE REVENUE EXCEEDING THE 250 MILLION
EUROPEAN CURRENCY UNITS THRESHOLD FOR AN INVESTIGATION FIXED IN EU MERGER
RULES

THE COURT HAS YET TO RULE IN A SEPARATE AIR FRANCE CASE BROUGHT AGAINST THE
EU FOR APPROVING BRITISH AIRWAYS' NOVEMBER 1992 TAKEOVER OF FRENCH REGIONAL
AIRLINE TRANSPORT AERIEN TRANSREGIONAL 9403250098 940325 CLINTON OFFERS 
CALM DEFENSE ON WHITEWATER  NEWS CONFERENCE FOLLOWS MISCONDUCT
ACCUSATION MADE BY GOP'S LEACH  BY JEFFREY H BIRNBAUM AND KENNETH
H BACON STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON PRESIDENT CLINTON CALMLY DEFENDED THE PROPRIETY OF HIS CONDUCT
IN THE WHITEWATER REALESTATE INVESTMENT

THE PRESIDENT'S DEFENSE MADE DURING A TELEVISED NEWS CONFERENCE LAST
EVENING CAME JUST HOURS AFTER A REPUBLICAN CONGRESSMAN MADE THE HARSHEST
CHARGE YET IN THE WHITEWATER AFFAIR THAT FEDERAL OFFICIALS TRIED TO COVER
UP EVIDENCE SUGGESTING THAT THE CLINTONS' WHITEWATER INVESTMENT HAD
BENEFITED FROM SAVINGSANDLOAN FRAUD

MR CLINTON SAID HE KNEW NOTHING ABOUT THE CHARGES BY REP JIM LEACH OF
IOWA AND DENIED IN GREAT DETAIL THAT HE AND HIS WIFE HAD DONE ANYTHING
WRONG SPECIFICALLY HE SAID HE DIDN'T THINK HE OWED ANY MORE TAXES AND THAT
HE WAS UNAWARE OF ANY DIVERSION OF FUNDS TO HIM OR HIS CAMPAIGNS BY THE
SAVINGS AND LOAN

THE ONLY CONCESSION HE MADE WAS THAT THE NEARLY 69000 LOSS THAT AN AIDE OF
HIS ONCE SAID HE INCURRED IN THE INVESTMENT WAS OVERSTATED BY 22200
MAKING THE ACTUAL LOSS 46800 HE SAID HE WOULD PROVE THE POINT BY
RELEASING HIS TAX RETURNS TODAY GOING BACK TO 1977 AND ASKING HIS PERSONAL
ATTORNEY DAVID KENDALL TO BRIEF REPORTERS ABOUT THEM

MR CLINTON'S WILLINGNESS LAST NIGHT TO ANSWER A BARRAGE OF QUESTIONS ABOUT
WHITEWATER AND ITS TIES TO MADISON GUARANTY SAVINGS & LOAN CONTRASTED WITH
HIS TESTY REACTION IN PREVIOUS WEEKS TO REPORTERS' QUERIES ABOUT THE
INVESTMENT

MR CLINTON SAID HE HOPED THE NEWS CONFERENCE AND ADDITIONAL DISCLOSURES
WOULD HELP PUT WHITEWATER BEHIND HIM AND ALLOW HIM AND HIS ADMINISTRATION TO
MOVE FORWARD WITH ITS MANY POLICY INITIATIVES RANGING FROM HEALTH CARE TO
ANTICRIME LEGISLATION WHAT MATTERS IS WE'RE CHANGING PEOPLE'S LIVES HE
ASSERTED

BUT THE QUESTIONS AT THE SESSION REPEATEDLY RETURNED TO WHITEWATER A FAILED
REALESTATE DEVELOPMENT IN NORTHERN ARKANSAS DESPITE THE SWIRLING
CONTROVERSY MR CLINTON REFUSED TO SAY IT WAS A MISTAKE TO GO INTO A 5050
INVESTMENT WITH JAMES MCDOUGAL WHO LATER OWNED MADISON EVEN THOUGH MR
MCDOUGAL PUT UP MOST OF THE MONEY HE CALLED IT A PERFECTLY HONORABLE THING
TO DO

IN OTHER WHITEWATERRELATED REMARKS HE SAID

 HILLARY RODHAM CLINTON HAS BEEN WRONGLY ACCUSED OF A CONFLICT OF INTEREST
WHEN SHE REPRESENTED MADISON BEFORE AN ARKANSAS STATE REGULATOR SHE
BELIEVED THERE WAS NOTHING UNETHICAL ABOUT IT HE SAID AND ALSO CITED
EXPERT TESTIMONY SAYING SHE IS GETTING A BUM RAP

 DEPUTY TREASURY SECRETARY ROGER ALTMAN CHECKED WITH HIS AGENCY'S COUNSEL
BEFORE BRIEFING WHITE HOUSE AIDES ABOUT THE INVESTIGATION BY THE RESOLUTION
TRUST CORP INTO WHITEWATER AND MADISON GUARANTY BUT HE ADDED I THINK
THAT WE WEREN'T AS SENSITIVE AS WE SHOULD HAVE BEEN TO THE APPEARANCE OF
MEDDLING INTO THE ACTIONS OF AN INDEPENDENT AGENCY

 ASSOCIATE WHITE HOUSE COUNSEL WILLIAM KENNEDY HAD MADE A MISTAKE WHEN HE
FAILED TO PAY SOCIAL SECURITY TAXES ON A NANNY AND HAS BEEN REASSIGNED AS A
RESULT BUT HE ALSO PRAISED HIS FRIEND FROM ARKANSAS FOR BEING A VALUABLE
EMPLOYEE

DURING THE 38MINUTE NEWS CONFERENCE MR CLINTON FIELDED 17 QUESTIONS ONLY
THREE OF WHICH WEREN'T ABOUT MATTERS RELATED TO WHITEWATER THE EVENT WHICH
WAS ONLY THE PRESIDENT'S SECOND PRIMETIME NEWS CONFERENCE CAME AFTER REP
LEACH TOOK TO THE HOUSE FLOOR FOR NEARLY AN HOUR

MR LEACH CHARGED THAT SENIOR REGULATORY OFFICIALS EARLIER THIS YEAR URGED
INVESTIGATORS TO SOFTEN A CASE ASSERTING THAT THE CLINTONS' WHITEWATER
PARTNERSHIP CONTRIBUTED TO THE INSOLVENCY OF MADISON GUARANTY

BUT LATER ONE OF THE PRIMARY PEOPLE MR LEACH SAID HAD PRESSURED THE
INVESTIGATORS CATEGORICALLY DENIED THE CHARGE

THE LAWMAKER SAID OFFICIALS IN RTC HEADQUARTERS HERE TOOK STEPS TO INFLUENCE
THE INVESTIGATION BEING CONDUCTED IN THE RTC'S KANSAS CITY OFFICE HE
HIGHLIGHTED ONE CONVERSATION BETWEEN WASHINGTON AND THE FIELD OFFICE THAT
OCCURRED LAST FEB 2 THE SAME DAY THAT DEPUTY TREASURY SECRETARY ALTMAN
WHO IS THE ACTING RTC CHIEF BRIEFED WHITE HOUSE OFFICIALS ABOUT THE CASE
INVOLVING THE LITTLE ROCK THRIFT

TO SUPPORT HIS CHARGES MR LEACH RELEASED NOTES MADE BY JEAN LEWIS A
SENIOR CRIMINAL INVESTIGATOR IN THE RTC'S KANSAS CITY OFFICE OF A FEB 2
CONVERSATION WITH APRIL BRESLAW AN RTC ATTORNEY FROM WASHINGTON

APRIL STATED VERY CLEARLY THAT DEPUTY RTC CEO JACK RYAN AND RTC GENERAL
COUNSEL ELLEN KULKA THE 'HEAD PEOPLE' WOULD LIKE TO BE ABLE TO SAY THAT
WHITEWATER DID NOT CAUSE A LOSS TO MADISON BUT THE PROBLEM IS THAT SO FAR
NO ONE HAS BEEN ABLE TO SAY THAT TO THEM ACCORDING TO THE MEMO SHE FELT
LIKE THEY WANTED TO BE ABLE TO PROVIDE AN HONEST ANSWER' BUT THAT THERE
WERE CERTAIN ANSWERS THAT THEY WOULD BE HAPPIER ABOUT BECAUSE IT WOULD GET
THEM OFF THE HOOK

REACHED LAST NIGHT MS BRESLAW SAID I CATEGORICALLY DENY THE STATEMENTS
THAT I AM ACCUSED OF MAKING I NEVER SAID TO ANYONE IN KANSAS CITY THAT
WASHINGTON WOULD LIKE ANY PARTICULAR FACTUAL OR LEGAL RESULT SHE DISMISSED
MS LEWIS'S ACCOUNT AS A COMPLETE FABRICATION MS LEWIS COULDN'T BE
REACHED FOR COMMENT LAST NIGHT

IN HIS SPEECH MR LEACH SAID THAT WHITEWATER WAS USED TO SKIM DIRECTLY OR
INDIRECTLY FEDERAL INSURED DEPOSITS FROM MADISON IN HER NOTES ON THE
CONVERSATION MS LEWIS SAID THAT IT IS MY BELIEF THAT THE LOSSES TO
MADISON FROM THE WHITEWATER ACCOUNT ALONE WOULD EASILY EXCEED 100000
BECAUSE SHE HAD BEEN ABLE TO DOCUMENT 70000 OF LOSSES DURING JUST ONE
SIXMONTH PERIOD

MR CLINTON GOT MOST ANIMATED WHEN HE WAS ASKED IF THE WHITEWATER
CONTROVERSY WAS ERODING THE MORAL AUTHORITY OF HIMSELF AND HIS WIFE
ABSOLUTELY NOT ABSOLUTELY NOT HE INSISTED PEOPLE SHOULD NOT BE ABLE TO
RAISE QUESTIONS AND ERODE PEOPLE'S MORAL AUTHORITY IN THIS COUNTRY  I
KNOW WHAT THE FACTS ARE AND I'M GIVING YOU THE FACTS ON THIS 9403250097
940325 BUSINESS BRIEF BLACKSTONE GROUP INVESTMENT VENTURE CREATED 
WITH INTERSTATE HOTELS CORP

BLACKSTONE GROUP HAS FORMED A JOINT VENTURE WITH INTERSTATE HOTELS CORP TO
INVEST 200 MILLION IN HOTEL ASSETS

BLACKSTONE A PRIVATE MERCHANT BANK THAT HAS BEEN ACTIVE IN THE DISTRESSED
REALESTATE MARKET WILL SERVE AS MANAGING PARTNER OF THE VENTURE AND
INTERSTATE A PITTSBURGHBASED HOTEL MANAGEMENT COMPANY WILL RUN THE
PROPERTIES BLACKSTONE WILL INVEST 150 MILLION WITH THE BALANCE COMING
FROM INTERSTATE

THE VENTURE CALLED INTERSTONE HAS ALREADY ACQUIRED THE 391ROOM
GREENSPOINT MARRIOTT IN HOUSTON FROM CIGNA CORP FOR AN UNDISCLOSED SUM AND
HAS AGREED TO BUY THE COLORADO SPRINGS MARRIOTT FROM PNC BANK CORP
9403250096 940325 BUSINESS BRIEF TRANSISCO INDUSTRIES INC PARTNER
IN RUSSIAN VENTURE MAKES BANKRUPTCY FILING

TRANSISCO INDUSTRIES INC SAN FRANCISCO SAID HAKA STROI A 15 PARTNER IN
ITS RUSSIAN RAILCARLEASING JOINT VENTURE SOVFINAMTRANS MADE A
BANKRUPTCYLAW FILING IN FINLAND

UNDER FINNISH LAW TRANSISCO SAID HAKA STROI'S FILING IS AKIN TO FILING
UNDER CHAPTER 7 OF THE US BANKRUPTCY CODE WHICH COVERS LIQUIDATION
TRANSISCO HAS A 20 STAKE IN THE VENTURE THE REMAINING 65 IS HELD BY
RUSSIAN CONCERNS

TRANSISCO SAID IT HAS NOT YET DETERMINED WHETHER THE FILING WILL HAVE AN
EFFECT ON SOVFINAMTRANS TRANSISCO IS A RAILCAR MAINTENANCE OPERATION AND
LEASING CONCERN 9403250095 940325 BUSINESS BRIEF DANA CORP GM
AWARDS TWO CONTRACTS TO FIRM'S CANADIAN UNIT

HAYESDANA INC SAID IT RECEIVED TWO AUTOPARTS CONTRACTS FROM GENERAL
MOTORS CORP VALUED AT ABOUT 60 MILLION CANADIAN DOLLARS US44 MILLION
ANNUALLY

HAYESDANA AN AUTOPARTS CONCERN BASED IN ST CATHARINES ONTARIO IS
57OWNED BY DANA CORP TOLEDO OHIO

HAYESDANA SAID IT WILL SUPPLY FRAME ASSEMBLIES FOR GM'S GMT600 VAN
STARTING IN THE 1996 MODEL YEAR THAT CONTRACT WILL BE WORTH ABOUT C40
MILLION ANNUALLY FOR AN INDEFINITE PERIOD

HAYESDANA WAS ALSO AWARDED A THREEYEAR CONTRACT WORTH ABOUT C20 MILLION
ANNUALLY TO SUPPLY DRIVE LINES FOR GM'S SIERRA AND SILVERADO TRUCKS FOR THE
1995 MODEL YEAR 9403250094 940325 INTERNATIONAL BRIEF VEBA AG 
GERMAN GROUP CONFIRMS WEIGHING NEW YORK LISTING

GERMAN TRADING CHEMICALS AND ENERGY GROUP VEBA AG CONFIRMED THAT IT WAS
CONSIDERING A LISTING ON THE NEW YORK STOCK EXCHANGE BUT DENIED THAT ANY
DECISION ON THE MATTER HAD YET BEEN MADE AND WOULD SAY WHEN A DECISION WOULD
COME

AT A NEWS CONFERENCE VEBA'S CHIEF FINANCIAL OFFICER KURT LAUK SAID THAT
THERE WAS NEITHER TIME PRESSURE NOR A TIMETABLE FOR VEBA'S CONSIDERATION
OF A LISTING 9403250093 940325 BUSINESS BRIEF CHEVRON CORP TALKS
BEGUN TO SELL REFINERY TO HORSHAM'S CLARK UNIT

CHEVRON CORP SAID IT STARTED EXCLUSIVE NEGOTIATIONS WITH CLARK REFINING &
MARKETING INC FOR THE SALE OF CHEVRON'S PORT ARTHUR TEXAS REFINERY

TERMS OF THE PROSPECTIVE SALE WEREN'T DISCLOSED CHEVRON SAID ITS CHEVRON
USA PRODUCTS CO UNIT WILL CONTINUE TO OWN AND OPERATE A PETROCHEMICAL
PLANT THAT IS CLOSELY INTEGRATED WITH THE 177000 BARRELPERDAY REFINERY
DEPENDING ON SUCCESSFUL CONCLUSION OF NEGOTIATIONS COMPLETION OF THE SALE
IS EXPECTED SOMETIME IN THE FOURTH QUARTER CHEVRON SAID

CLARK REFINING IS A ST LOUISBASED UNIT OF TORONTOBASED HORSHAM CORP
WHICH ALSO HAS INVESTMENTS IN GOLD MINING AND REAL ESTATE

CHEVRON ANNOUNCED LAST MAY THAT IT PLANNED TO SELL THE REFINERY AS PART OF A
BROAD PLAN TO PRUNE NEARLY ONETHIRD OF ITS DOMESTIC REFINING AND MARKETING
CAPACITY AND TOOK A 550 MILLION CHARGE AT THE TIME RELATED ALL OF ITS
DISPOSALS AND CLOSURES 9403250092 940325 CREDIT RATINGS

BELL CANADA INC MOODY'S INVESTORS SERVICE SAID IT LOWERED ITS RATINGS ON
THIS TELEPHONE COMPANY'S UNSECURED DEBT TO SINGLEA1 FROM DOUBLEA3 AND
REDUCED ITS RATINGS ON THE COMPANY'S SENIOR SECURED DEBT TO DOUBLEA3 FROM
DOUBLEA2 ABOUT 44 BILLION OF DEBT IS AFFECTED MOODY'S SAID IT EXPECTS
BELL CANADA TO CONTINUE TO LOSE MARKET SHARE DUE TO INTENSIFYING
LONGDISTANCE COMPETITION PLACING FURTHER STRAIN ON THE COMPANY'S FINANCIAL
PERFORMANCE OVER THE INTERMEDIATE TERM THE COMPANY'S LONGTERM RATINGS WERE
PLACED UNDER REVIEW IN SEPTEMBER FOLLOWING A DECISION BY CANADIAN
REGULATORS TO DENY BELL CANADA'S APPLICATION FOR RATE RELIEF AND TO LOWER
ITS RATE OF RETURN SINCE ITS APPLICATION WAS DENIED BELL CANADA HAS
STEADILY LOST MARKET SHARE TO COMPETITORS OFFERING LOWER PRICES MOODY'S
SAID STRATEGIC INITIATIVES BY BELL CANADA ARE LIKELY TO YIELD BENEFITS BUT
THEY ALSO INVOLVE POTENTIAL RISKS THE RATINGS AGENCY SAID A BELL CANADA
SPOKESWOMAN SAID THE COMPANY ISN'T SURPRISED BY MOODY'S ACTION SINCE OTHER
AGENCIES LOWERED THE COMPANY'S RATINGS LAST YEAR BELL CANADA BELIEVES THE
MARKET ALREADY REFLECTS THE PREVIOUS DOWNGRADES SHE SAID THE HOLDING
COMPANY FOR BELL CANADA IS BCE INC MONTREAL

PNC BANK CORP PITTSBURGH MOODY'S INVESTORS SERVICE INC SAID IT RAISED
ITS RATINGS ON 25 BILLION IN LONGTERM DEBT OF THIS BANK HOLDING COMPANY
AND TWO SUBSIDIARIES THE RATING AGENCY SAID THE MOVE REFLECTS PNC'S
STRENGTHENED CORE PROFITABILITY AND IMPROVED ASSET QUALITY AS WELL AS
FRANCHISE ENHANCEMENTS OVER THE LAST FEW YEARS FOR PNC BANK THE RATING ON
SUBORDINATED DEBT WAS RAISED TO A2 FROM A3 RATINGS ON SENIOR DEBT FOR PNC
BANK'S PNC FUNDING CORP WERE RAISED TO A1 FROM A2 WHILE SUBORDINATED
DEBT RATINGS WERE LIFTED TO A2 FROM A3 RATINGS FOR LONGTERM DEPOSITS AND
OTHER SENIOR OBLIGATIONS AT PNC BANK'S MASSACHUSETTS CO WERE RAISED TO A1
FROM A2

SHERRITT INC MOODY'S INVESTORS SERVICE INC SAID IT LOWERED ITS RATING
ON US200 MILLION OF SHERRITT SENIOR NOTES TO SINGLEB1 FROM BA3 MOODY'S
CITED CONTINUED LOSSES AND THE VOLATILITY OF THE FERTILIZER OIL AND NATURAL
GAS BUSINESSES IN WHICH SHERRITT IS INVOLVED MOODY'S ALSO ASSIGNED A
SINGLEB1 RATING TO SHERRITT'S RECENT ISSUE OF ABOUT 200 MILLION OF NOTES
AND DEBENTURES SHERRITT BASED IN FORT SASKATCHEWAN ALBERTA WILL USE THE
FUNDS TO ACQUIRE FERTILIZER ASSETS FROM IMPERIAL OIL LTD OF CALGARY
ALBERTA 9403250091 940325 CALIFORNIANS CLAIM TO UNEARTH SECRET OF
RAISING TRUFFLES  SKEPTICAL EUROPEANS SUSPECT IT IS AN AMERICAN
SCAM COMING SOON TO SAFEWAY  BY JOAN E RIGDON STAFF REPORTER
OF THE WALL STREET JOURNAL

MENDOCINO COUNTY CALIF WILLIAM GRINER ROOTS AROUND THE BASE OF A YOUNG
HAZELNUT TREE AND UNCOVERS THE FRUIT OF A DECADE OF SECRETIVE LABOR A WARTY
BLACK GLOB

THIS LOWLY LUMP IS NONE OTHER THAN THE BLACK DIAMOND TRUFFLE AN ALLEGEDLY
APHRODISIAC FUNGUS THAT IS CREDITED WITH REVVING UP THE SEX DRIVES OF KING
HENRY IV AND EMPEROR CLAUDIUS OF ROME BUT IT IS BEST KNOWN FOR THE WAY ITS
PUNGENT AROMA BOOSTS THE NATURAL FLAVORS OF OTHER FOODS CONVERTING ORDINARY
MEALS INTO GOURMET FEASTS THE BLACK TRUFFLE IS SO PRIZED SO DIFFICULT TO
CULTIVATE AND SO INCREASINGLY RARE THAT IT FETCHES 350 TO 500 A POUND

MR GRINER A 44YEAROLD HANDYMAN WITH A BLOND PONYTAIL PLANS TO CHANGE
ALL THAT

IN A SECLUDED SPOT IN THESE MOUNTAINS WHERE HELICOPTERS HOVER IN SEARCH OF
ILLEGAL MARIJUANA CROPS MR GRINER SAYS HE AND TWO PARTNERS DON READING
AND BRUCE HATCH HAVE PERFECTED A METHOD THAT PRODUCES HIGH YIELDS OF
TRUFFLES THIS GROWING SEASON IT ENDS IN MARCH THEY SAY THEY HARVESTED 12
POUNDS OF TRUFFLES FROM 39 TREES WHOSE ROOTS HAD BEEN TREATED WITH TRUFFLE
FUNGUS BEFORE THEY WERE PLANTED 12 YEARS AGO THE TUBERS GROW ON THE ROOTS
ACROSS THE ATLANTIC TRUFFLE FARMERS SWEAR IT TAKES ABOUT 400 TREES TO
PRODUCE THAT MUCH

MR GRINER PLANS TO LICENSE MORE FARMERS PLANT THOUSANDS MORE TREES AND
BUST THE EUROPEAN STRANGLEHOLD ON THE TRUFFLE MARKET WITHIN FIVE YEARS THE
MORE THE MERRIER HE SAYS WITH A GRIN

MR READING A 49YEAROLD GEM CUTTER HAS A BIGGER DREAM HE WOULD LIKE TO
SEE TRUFFLES FOR THE MASSES STOCKED EVEN IN SUPERMARKET CHAINS IF YOU
COULD PUT A BILLION TREES IN THE GROUND SAFEWAY MIGHT SEE ONE HE SAYS

ONLY ONE OTHER AMERICAN FRANKLIN GARLAND OF HILLSBOROUGH NC CLAIMS
SUCCESS RAISING TRUFFLES BUT HIS 500 TREES HAVE YIELDED ONLY FIVE POUNDS SO
FAR

TRUFFLE PROPAGATION IS A MYSTERIOUS BUSINESS THE TASTY FUNGUS GROWS IN A
DECIDEDLY HITORMISS RELATIONSHIP WITH THE ROOTS OF CERTAIN TREES AND SO
FAR HAS RESISTED BEING CULTIVATED TO PRODUCE RELIABLE HIGH YIELDS WORLD
PRODUCTION OF THE BLACK DIAMOND TRUFFLE HAS DWINDLED TO A MERE FIVE TO SIX
TONS LAST YEAR FROM 2000 TONS IN THE 1910S THANKS TO TARGETED BOMBINGS OF
TRUFFLE FIELDS DURING BOTH WORLD WARS AND OTHER REASONS NO ONE COMPLETELY
UNDERSTANDS

AGAINST THIS BACKDROP THE EUROPEANS DARKLY SUSPECT THAT THESE CALIFORNIANS
ARE TRYING TO PULL OFF SOME KIND OF VOL A L'AMERICAINE OR CON GAME
TRUFFLES CULTIVATED BY THE BUSHEL IN AMERICA IMPOSSIBLE SAYS ROSARIO
SAFINA THE NATIVE ITALIAN PRESIDENT OF URBANI TRUFFLES USA A UNIT OF
URBANI SNC OF ITALY WHICH DESCRIBES ITSELF AS THE BIGGEST TRUFFLE COMPANY
IN THE WORLD THREE YEARS AGO MR SAFINA VERIFIED THAT A TRUFFLE HE
RECEIVED FROM MR GRINER WAS THE REAL THING BUT HE DOESN'T BELIEVE AMERICA
CAN PRODUCE A COMMERCIAL CROP

IF SOMEONE IS TELLING YOU THAT IT'S NOT TRUE IT CAN'T BE DONE MR
SAFINA SAYS HE ADDS IF NO BIG TRUFFLE COMPANIES IN EUROPE HAVE THE
SECRET I CAN'T IMAGINE WHY SOMEONE IN CALIFORNIA WHO IS NOT IN THE BUSINESS
WOULD DO IT

ONE OF THE WORLD'S MOST ESTEEMED TRUFFIERS 67YEAROLD JACQUES PEBEYRE OF
CAHORS FRANCE SUSPECTS THAT THE CALIFORNIA TRUFFLE IS NOT WHAT IS CALLED
THE TRUFFLE IN FRANCE MR PEBEYRE THE GRANDSON SON AND FATHER OF
TRUFFIERS HASN'T ACTUALLY SEEN ONE OF MR GRINER'S TRUFFLES AND SAYS HE
WILL WITHHOLD FINAL JUDGMENT UNTIL HE HAS IN THE MEANTIME MR GRINER HAS
WON OVER SOME LEADING CHEFS TO HIS PRODUCT INCLUDING A PERSONAL FRIEND OF
MR PEBEYRE'S JACKY ROBERT THE FRENCHBORN OWNER OF AMELIO'S A RESTAURANT
IN SAN FRANCISCO

MR ROBERT SERVED HIS CUSTOMERS MR GRINER'S TRUFFLES ALONGSIDE FRENCH
TRUFFLES IN A BLIND TASTE TEST ONE DAY LAST YEAR THE VERDICT MR GRINER'S
TRUFFLES WERE AS GOOD AS THE FRENCH MR ROBERT SAYS IF THE FRENCH CLAIM
OTHERWISE THAT'S BECAUSE MOST FRENCH ARE CHAUVINISTS HE SAYS

THE EUROPEANS HAVE REASON TO BE SUSPICIOUS HOWEVER TRUFFLE LORE IS FULL OF
TALES OF CON ARTISTS WHO BILKED BUYERS BY DYEING A LESSFLAVORFUL BREED OF
TRUFFLE BLACK OR BY PACKING WORM HOLES IN THE TUBERS WITH DIRT TO MAKE THEM
WEIGH AND COST MORE

THERE ALSO HAS BEEN TALK BEFORE OF SUPPLYING TRUFFLES TO THE MASSES AROTZ
SA OF MADRID PLANTED SOME 300000 FUNGUSTREATED TREES IN THE 1970S BUT 20
YEARS LATER REMAINS A MINOR PLAYER IN THE MARKET

IN CALIFORNIA A MICROBIOLOGY PROFESSOR ONCE CLAIMED HE COULD GROW TRUFFLES
IN TEST TUBES BUT IN 1991 HIS CALIFORNIA TRUFFLE CO FILED FOR BANKRUPTCY
AFTER ONLY A YEAR

MR GRINER ADMITS THAT GROWING TRUFFLES IS TRICKY HE BOUGHT 100 SAPLINGS
TREATED WITH TRUFFLE FUNGUS IN THE EARLY 1980S AND PLANTED THEM IN HOPES OF
ONE DAY HAVING MONEY TO RETIRE ON FOR THE NEXT SEVERAL YEARS HE AND HIS
PARTNERS READ REAMS OF TRUFFLE LITERATURE AND FIGURING ALL THE PRINTED
METHODS HAD FAILED AVOIDED TRYING ANY INSTEAD THEY DEVISED THEIR OWN
TECHNIQUES ONE YEAR THEY SPREAD RABBIT MANURE ON THE TREE ROOTS ANOTHER
YEAR THEY SET NEW AGE CRYSTALS OUT IN THE FIELD BUT THE FINAL SECRET IS NO
HOCUSPOCUS BUT THE MOST OBVIOUS THING IN THE WORLD MR READING SAYS
CRYPTICALLY

MR GRINER FINALLY DUG UP THE ORCHARD'S FIRST TRUFFLE IN 1987 FIVE YEARS
AFTER THE TREES WERE PLANTED HE SAYS HE SCREAMED SO LOUD THAT TENANTS IN A
HOUSE 100 YARDS AWAY CAME OUT TO SEE IF HE WAS ALL RIGHT CONFIDENT IT WAS
THE FIRST OF MANY MR GRINER ATE THE TRUFFLE ON THE SPOT AS SOON AS I
CHASED THE WORMS OUT OF IT

HE WAS RIGHT THE NEXT YEAR HE FOUND SEVERAL AND TRIED TO SELL THEM CALLING
MORE THAN 30 CHEFS IN THE SAN FRANCISCO AREA BUT THEY ALL POLITELY DECLINED
TO BUY THEN WORD GOT BACK TO ME THAT THEY THOUGHT I WAS GETTING THEM FROM
FRANCE AND TRYING TO RESELL THEM AT HIGHER PRICES MR GRINER SAYS
FIGURING HIS TRUFFLES RETAINED THEIR FLAVOR LONGER THAN FRENCH ONES MR
GRINER WAS CHARGING 900 A POUND NEARLY TRIPLE THE GOING RATE

THE BIG BREAK CAME LAST YEAR WHEN MR GRINER AND HIS PARTNERS CAUGHT THE
ATTENTION OF DAFNE AND MATS ENGSTROM OWNERS OF CALIFORNIA SUNSHINE FINE
FOODS INC A SAN FRANCISCO CAVIAR SUPPLIER MS ENGSTROM WAS BUYING STONES
TO BE MADE INTO JEWELRY AND HAPPENED ON MR READING THE GEM CUTTER

THE ENGSTROMS NEVER BEFORE HAD SEEN A TRUFFLE FARM BUT THEY HAVE EATEN AND
STUDIED MR GRINER'S TUBERS THEY ARE CONVINCED THAT HIS CLAIMS ARE TRUE
INDEED THEY HAVE STAKED THEIR REPUTATION ON IT BY SELLING THE TRUFFLES TO
PRIZED CUSTOMERS INCLUDING STARS RESTAURANT IN SAN FRANCISCO AND THE FOUR
SEASONS IN NEW YORK

MR GRINER CONCEDES HIS CURRENTLY TINY TRUFFLE ORCHARD ISN'T MUCH OF A
THREAT TO THE EUROPEANS YET HE MAINTAINS HIS TRUFFLES ARE SUPERIOR IN
MANY WAYS TO THE COMPETITION BUT HE WON'T GIVE DETAILS I DON'T WANT TO
SCARE THE FRENCH TOO MUCH HE SAYS 9403250090 940325 BUSINESS BRIEF 
RARITAN BANCORP COMPANY AGREES TO ACQUIRE SAVINGS BANK IN NEW JERSEY

RARITAN BANCORP SAID IT AGREED TO ACQUIRE MANVILLE SAVINGS BANK TERMS
WEREN'T DISCLOSED

THE TRANSACTION PENDING THE APPROVAL OF MANVILLE'S DEPOSITORS AND
REGULATORY AUTHORITIES IS EXPECTED TO CLOSE IN THE FOURTH QUARTER RARITAN
BANCORP IS BASED IN RARITAN NJ

MANVILLE ALSO BASED IN NEW JERSEY HAS ASSETS OF ABOUT 144 MILLION
RARITAN'S MAIN SUBSIDIARY BANK RARITAN SAVINGS BANK HAS TOTAL ASSETS OF
ABOUT 3073 MILLION 9403250089 940325 FRUIT OF THE LOOM PACT

CHICAGO FRUIT OF THE LOOM INC SAID IT REACHED A LICENSING AGREEMENT WITH
AMERICAL CORP TO PRODUCE LADIES SHEER HOSIERY UNDER THE FRUIT OF THE LOOM
LABEL

FRUIT OF THE LOOM SAID IT ADDS SHEER HOSIERY TO ITS EXISTING LADIES
OFFERINGS OF PANTIES BRAS SLIPS AND SOCKS

AMERICAL THE THIRD LARGEST PRODUCER OF LADIES' SHEER HOSIERY IN THE US
IS BASED IN HENDERSON NC 9403250088 940325 BUSINESS BRIEF FIRST
PACIFIC NETWORKS INC DEAL IS PLANNED WITH A UNIT OF CENTRAL & SOUTH
WEST

FIRST PACIFIC NETWORKS INC SAN JOSE CALIF SAID IT SIGNED A NONBINDING
LETTER OF INTENT WITH CENTRAL & SOUTH WEST CORP OF DALLAS TO PROVIDE ENERGY
MANAGEMENT SERVICES TO 2500 LAREDO TEXAS RESIDENTS

UNDER PROPOSED TERMS CENTRAL & SOUTH WEST'S UTILITY UNIT CENTRAL POWER &
LIGHT CO WOULD USE A COMBINATION OF FIBER AND COAXIAL CABLE TO SEND
RESIDENTS INFORMATION ABOUT POWER RATES AT DIFFERENT TIMES OF THE DAY
RESIDENTS WOULD PROGRAM IN WHICH RATES THEY WANT TO USE SIMILAR TO THE WAY
PEOPLE PLACE PHONE CALLS DURING OFFPEAK TIMES TO GET LOWER RATES RESIDENTS
WOULD ALSO GET ITEMIZED BILLS SHOWING HOW MUCH ENERGY WAS USED BY THEIR
LARGER APPLIANCES SUCH AS REFRIGERATORS

THE PILOT PROJECT IS SCHEDULED TO LAST 18 MONTHS FIRST PACIFIC DEVELOPS AND
MARKETS PRODUCTS FOR TELEPHONE DATA AND ENERGY MANAGEMENT COMMUNICATIONS
9403250087 940325 SHORT INTEREST IN NASDAQ STOCKS SETS NEW HIGH 
 INCREASE IS 14TH IN A ROW SNAPPLE BEVERAGE TOPS LIST IN LATEST MONTH
  BY WARREN GETLER STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK SHORT INTEREST ON THE NASDAQ STOCK MARKET CONTINUED ITS
SEEMINGLY INEXORABLE CLIMB SETTING A RECORD FOR THE 14TH CONSECUTIVE MONTH
IN MARCH ACCORDING TO THE NATIONAL ASSOCIATION OF SECURITIES DEALERS

NASDAQ SHORT INTEREST FOR THE PERIOD FEB 9 THROUGH MARCH 8 AND SETTLED AS
OF MARCH 15 GREW 22 TO 7173 MILLION SHARES FROM MIDFEBRUARY'S 7018
MILLION

SHORT INTEREST IS VIEWED AS A GENERALLY BEARISH INDICATOR THIS MONTH'S
CLIMB IN SHORT INTEREST COMES AMID A CORRECTION IN MOST BROADBASED STOCK
INDEXES

TOPPING THE LIST OF COMPANIES WITH THE LARGEST SHORTINTEREST POSITIONS WAS
HIGHFLIER SNAPPLE BEVERAGE CORP FOLLOWED BY MOBILE TELECOMMUNICATIONS
TECHNOLOGIES CORP AND DELL COMPUTER CORP DELL HAS SEEN ITS STOCK SLIDE
SHARPLY IN RECENT MONTHS RISING SHORT INTEREST IN A STOCK SUGGESTS
INVESTORS SEE FURTHER DECLINES AHEAD

A SHORT SALE IS A BET THAT A STOCK WILL TUMBLE AN INVESTOR SELLS BORROWED
SHARES KNOWING THAT THEY MUST EVENTUALLY BE REPLACED FOR RETURN TO THE
LENDER IF THE REPLACEMENT SHARES COST LESS THAN THOSE SOLD EARLIER THE
SHORT SELLER MAKES A PROFIT SHORT INTEREST IS THE TOTAL OF SHARES SOLD
SHORT AT ANY GIVEN TIME AND NOT YET COVERED

SHORT INTEREST ON THE NASDAQ NATIONAL MARKET COMPRISING THE
LARGERCAPITALIZATION ISSUES CLIMBED 19 TO 665 MILLION SHARES FROM 6525
MILLION A MONTH EARLIER

AMONG THE SMALLCAP STOCKS WHICH MAKE UP A THIRD OF THE NASDAQ MARKET
SHORT INTEREST JUMPED 6 TO 523 MILLION SHARES FROM 493 MILLION A MONTH
EARLIER

THE NATIONAL MARKET'S SHORT INTEREST RATIO AS OF MIDMARCH ROSE TO 256 FROM
239 THE SHORT INTEREST RATIO FOR THE SMALLEST NASDAQ STOCKS ROSE TO 114
FROM 094 THE RATIO THE NUMBER OF TRADING DAYS THAT WOULD BE REQUIRED TO
CLOSE OUT THE TOTAL SHORT POSITION THROUGH SHARE PURCHASES IS VIEWED AS A
MEASURE OF TRADER SENTIMENT

AMONG THE COMPANIES WITH THE LARGEST SHORT INTEREST POSITIONS SNAPPLE'S
GREW NEARLY 3 TO 96 MILLION SHARES MOBILE TELECOMM CLIMBED ABOUT 2 TO
87 MILLION SHARES AND DELL COMPUTER SURGED MORE THAN 10 TO 84 MILLION

THE NASDAQ STOCKS WITH THE LARGEST VOLUME INCREASES IN SHORT INTEREST WERE
GREAT AMERICAN RECREATION INC ELECTRONIC ARTS INC SITE HOLDINGS INC
PRICE/COSTCO INC AND INTEL CORP

THOSE WITH THE LARGEST VOLUME DECREASES WERE COMCAST CORP'S CLASS A SPECIAL
SHARES MCI COMMUNICATIONS CORP AMERICAN POWER CONVERSION CORP AND
WESTWOOD ONE INC

THE FOLLOWING TABLE SHOWS THE NASDAQ ISSUES IN WHICH A SHORT INTEREST
POSITION OF AT LEAST 100000 SHARES EXISTED AT MIDMARCH OR IN WHICH THE
SHORT POSITION HAD CHANGED BY AT LEAST 50000 SHARES SINCE MIDFEBRUARY
SEE ACCOMPANYING TABLES WSJ MARCH 25 1994 9403250086 940325 BUSINESS
BRIEF BAKER HUGHES INC COMPANY TO SELL ENVIROTECH BEFORE END OF
FISCAL 1994

BAKER HUGHES INC HOUSTON SAID IT PLANS TO SELL ITS ENVIROTECH PUMPSYSTEMS
UNIT

A COMPANY SPOKESMAN WOULDN'T COMMENT ON THE SELLING PRICE BUT HE SAID THE
UNIT WHICH HAD FISCAL 1993 REVENUE OF 220 MILLION HAD PRETAX PROFIT
BETWEEN 176 MILLION AND 22 MILLION

THE SPOKESMAN SAID MORE THAN A DOZEN COMPANIES HAVE EXPRESSED AN INTEREST IN
BUYING THE UNIT AND BAKER HUGHES HOPES TO COMPLETE A SALE BEFORE THE END OF
ITS FISCAL YEAR ENDING SEPT 30 BAKER HUGHES PROVIDES SERVICES AND PRODUCTS
FOR THE OIL AND NATURALGAS INDUSTRY

THE COMPANY SAID SALE OF THE UNIT WHICH PROVIDES SPECIALIZED PUMPS TO THE
MINERAL MINING CHEMICAL PETROCHEMICAL AND MUNICIPAL MARKETS IS PART OF A
DECISION TO CONCENTRATE ON CORE BUSINESSES IN THE OIL GAS AND PROCESS
INDUSTRIES 9403250085 940325 BUSINESS BRIEF AMERICAN GREETINGS CORP
 LAWYERS' SUIT SEEKS ORDER TO BLOCK PROSPORTS CARDS

THREE SPORTS LAWYERS CHARGED AMERICAN GREETINGS CORP WITH AGREEING TO SELL
SPORTS GREETING CARDS JOINTLY BUT THEN SECRETLY DEVELOPING THE CARDS ON
ITS OWN

IN A LAWSUIT FILED IN US DISTRICT COURT IN CHICAGO THE LAWYERS SEEK 10
MILLION IN COMPENSATORY DAMAGES AND 30 MILLION IN PUNITIVE DAMAGES PLUS A
PERMANENT INJUNCTION TO STOP AMERICAN GREETINGS FROM SELLING PROFESSIONAL
SPORTS GREETING CARDS

A SPOKESMAN FOR CLEVELANDBASED AMERICAN GREETINGS SAID COMPANY OFFICIALS
HADN'T SEEN THE LAWSUIT BUT BASED ON A NEWS RELEASE THE PLAINTIFFS ISSUED
THE SPOKESMAN SAID WE SEE ABSOLUTELY NO MERIT IN ANY OF THEIR CLAIMS

ACCORDING TO THE SUIT THE PLAINTIFFS STEPHEN W ZUCKER ELDON L HAM AND
STEVEN T MANDELL IN EARLY 1992 CONCEIVED A PLAN TO DEVELOP AND SELL
GREETING CARDS FEATURING THE LOGOS OF PROFESSIONAL SPORTS TEAMS AND LEAGUES
LATER THAT YEAR THE PLAINTIFFS APPROACHED AMERICAN GREETINGS ABOUT A JOINT
VENTURE AMERICAN GREETINGS SAID IT WOULD GO FORWARD WITH THE JOINT VENTURE
BUT THEN SET UP ITS OWN SPORTS GREETINGCARD PROGRAM THE SUIT SAID
9403250083 940325 BUSINESS BRIEF JAMESWAY CORP NARROWER LOSS IS
REPORTED FOR FISCAL FOURTH QUARTER

JAMESWAY CORP WHICH HAS BEEN OPERATING UNDER BANKRUPTCYCOURT PROTECTION
SINCE JULY REPORTED A NARROWER LOSS FOR ITS FISCAL FOURTH QUARTER

FOR THE QUARTER ENDED JAN 29 THE SECAUCUS NJBASED RETAILER REPORTED A
NET LOSS OF 197 MILLION OR 142 A SHARE COMPARED WITH A NET LOSS OF
432 MILLION OR 311 A SHARE REVENUE DECLINED 13 TO 2191 MILLION FROM
2526 MILLION

THE COMPANY SAID COSTCUTTING AND LOWER EXPENSES HELPED NARROW THE
FOURTHQUARTER LOSS THE RECENT QUARTER INCLUDED PRETAX CHARGES OF 223
MILLION THE YEAREARLIER QUARTER INCLUDED A PRETAX CHARGE OF 481 MILLION
MAINLY RELATED TO STORE CLOSINGS AND RESTRUCTURING

JAMESWAY SAID SALES DECLINES IN THE FOURTH QUARTER STEM FROM FEWER STORES IN
OPERATIONS AND HARSH WEATHER IN ITS MIDDLE ATLANTIC MARKET IT REPORTED A 6
DROP IN SALES AT STORES OPEN MORE THAN ONE YEAR 9403250082 940325
BUSINESS BRIEF SPIEGEL INC CATALOG FIRM PLANS TO HIRE AT LEAST 500
FOR NEW FACILITY

SPIEGEL INC SAID IT WILL HIRE 500 TO 600 PEOPLE AND TAKE OVER A WICHITA
KAN TELEPHONEORDER FACILITY CLOSED LAST YEAR BY SEARS ROEBUCK & CO

SEARS CLOSED THE 50000 SQUARE FOOT FACILITY LAST YEAR IN CONJUNCTION WITH
THE CLOSING OF ITS BIG BOOK CATALOG OPERATIONS SPIEGEL SAID THE JOBS
CREATED IN ITS NEW CATALOG ORDER CENTER WON'T BE OFFSET BY LAYOFFS AT ITS
THREE OTHER TELEPHONE ORDER CENTERS SEARS HAD EMPLOYED UP TO 1600 PEOPLE
AT THE WICHITA FACILITY DURING PEAK HOLIDAY SHOPPING

THE DOWNERS GROVE ILL CATALOG COMPANY HAS REPORTED STRONG SALES GROWTH IN
RECENT MONTHS THE TRANSACTION INCLUDES THE ASSUMPTION OF THE SEARS LEASE AT
THE FACILITY AND THE PURCHASE OF THE CENTER'S TELECOMMUNICATIONS EQUIPMENT
THE CENTER WILL PROVIDE ORDERTAKING SERVICES FOR THE SPIEGEL CATALOG AND
ITS EDDIE BAUER AND NEW HAMPTON CATALOG UNITS AS WELL AS FOR CATALOG 1 ITS
CABLETELEVISION SHOPPING SERVICE 9403250081 940325 BUSINESS BRIEF 
FARRAGUT MORTGAGE CO SUBSTANTIAL DOUBT' STATED ABOUT COMPANY'S
SURVIVAL

FARRAGUT MORTGAGE CO MANSFIELD MASS REPORTED IN ITS 10K FILING WITH THE
SECURITIES AND EXCHANGE COMMISSION THAT ITS MANAGEMENT AND OUTSIDE
ACCOUNTANTS HAVE SUBSTANTIAL DOUBT ABOUT ITS ABILITY TO CONTINUE AS A
GOING CONCERN

THE COMPANY SAID IT IS IN DEFAULT ON A 40 MILLION LINE OF CREDIT SIGNED
LAST MONTH IT SAID IT CONTINUES TO HAVE CASH SHORTAGES BECAUSE OF A DECLINE
IN SERVICE FEES FARRAGUT AGREED TO SELL ALMOST ALL OF ITS 1 BILLION
SERVICING PORTFOLIO LAST DECEMBER FOR AN UNDISCLOSED AMOUNT

WHILE THE SALE HAS CLOSED THE COMPANY SAID IT DIDN'T GET THE PROCEEDS IT
ORIGINALLY PLANNED FOR BECAUSE IT WAS FORCED TO USE SOME OF THE MONEY TO
REPURCHASE LOANS FROM FANNIE MAE THAT HAD DEFAULTED

FARRAGUT SAID IN THE FILING THAT IT DEFAULTED ON A 40 MILLION CREDIT
AGREEMENT SIGNED LAST MONTH WITH TWO LENDING BANKS IN PART BECAUSE IT'S NOT
IN COMPLIANCE WITH A 2 MILLION NETWORTH COVENANT

ARTHUR ANDERSEN & CO FARRAGUT'S ACCOUNTANT SAID IN THE 10K FILING THAT
THE COMPANY IS A DEFENDANT IN A SUIT FILED IN 1993 RELATED TO LOANSERVICING
RIGHTS THAT WERE SOLD WITH RECOURSE UPON DEFAULT 9403250080 940325
BUSINESS BRIEF MOBIL CORP STATE JURY ADDS TO AWARD IN
WRONGFULDISCHARGE CASE

A STATECOURT JURY IN NEWARK NJ ADDED 35 MILLION IN PUNITIVE DAMAGES
TO ITS AWARD TO A FORMER MOBIL OIL EXECUTIVE WHO HAD FILED A
WRONGFULDISCHARGE SUIT BRINGING THE TOTAL AWARD TO NEARLY 7 MILLION

PLAINTIFF MYRON A MEHLMAN ALLEGED HE WAS FIRED AFTER DISCLOSING HEALTH
PROBLEMS ASSOCIATED WITH MOBIL PRODUCTS THE MOBIL CORP UNIT SAYS MR
MEHLMAN WAS DISMISSED FOR LEGITIMATE REASONS

WE ARE CONFIDENT THE VERDICTS WILL BE VACATED EITHER BY THE TRIAL JUDGE OR
ON APPEAL J E FOWLER GENERAL COUNSEL OF THE PARENT COMPANY SAID IN A
STATEMENT ISSUED FROM COMPANY HEADQUARTERS IN FAIRFAX VA A HEARING ON
WHETHER THE VERDICT SHOULD BE VACATED IS SCHEDULED FOR APRIL 15 A LAWYER
FOR THE PLAINTIFF HAS SAID HE EXPECTS HIS CLIENT TO WIN THE CASE ON APPEAL
IF NECESSARY 9403250079 940325 BUSINESS BRIEF AMERICA WEST AIRLINES 
CARRIER AFFIRMS SELECTION OF BONDERMAN COULTER BID

AMERICA WEST AIRLINES AFFIRMED ITS PREVIOUS SELECTION OF A 220 MILLION BID
LED BY DAVID BONDERMAN AND JAMES COULTER FORT WORTH TEXAS INVESTORS WHO
ARE MAJOR SHAREHOLDERS IN CONTINENTAL AIRLINES

THE DECISION WHICH WAS EXPECTED EFFECTIVELY REJECTS A RECENTLY SWEETENED
OFFER OF EQUAL VALUE FROM AN INVESTMENT GROUP LED BY NEW YORK MONEY MANAGER
MICHAEL STEINHARDT

AMERICA WEST OF PHOENIX HAS BEEN OPERATING UNDER CHAPTER 11 BANKRUPTCYLAW
PROTECTION FOR TWO AND A HALF YEARS 9403250078 940325 BUSINESS BRIEF 
TRW INC SALES OF AIRBAG UNITS SEEN INCREASING IN 1994 AND 1995

TRW INC SAID IT EXPECTS ITS WORLDWIDE SALES OF AIRBAG MODULES TO REACH
91 MILLION UNITS IN 1994 AND 136 MILLION IN 1995 COMPARED WITH 1993 SALES
OF 46 MILLION UNITS

ADOLF MUELLER EXECUTIVE VICE PRESIDENT OF THE COMPANY'S OCCUPANT RESTRAINTS
AND CONTROLS GROUP TOLD THE MCDONALD & CO INVESTMENTS INC AUTOMOBILE
CONFERENCE IN NEW YORK THAT TRW EXPECTS SALES OF ITS AUTOMOTIVE PRODUCTS TO
JAPANESE CUSTOMERS TO RISE TO 12 BILLION TO 15 BILLION BY 1997 COMPARED
WITH SALES OF SLIGHTLY MORE THAN 600 MILLION IN 1993 IN 1993 SALES TO
JAPANESE CUSTOMERS ACCOUNTED FOR ABOUT 13 OF THE COMPANY'S AUTOMOTIVE
BUSINESS MR MUELLER SAID

TRW'S AUTOMOTIVE BUSINESS ACCOUNTS FOR ABOUT 57 OF ITS SALES WITH SPACE
AND DEFENSE ACCOUNTING FOR ABOUT 35 AND INFORMATION SERVICES ABOUT 8

THE CLEVELANDBASED COMPANY PROVIDES HIGHTECH PRODUCTS AND SERVICES TO THE
AUTOMOTIVE AEROSPACE DEFENSEINDUSTRY AND INFORMATIONSERVICES MARKETS
9403250077 940325 PROGRAM TRADING

NEW YORK PROGRAM TRADING FOR THE WEEK ENDED MARCH 18 ACCOUNTED FOR 304
OR AN AVERAGE 1007 MILLION DAILY SHARES OF NEW YORK STOCK EXCHANGE VOLUME
THIS INCLUDED PROGRAM TRADING RELATED TO THE MARCH 18 QUARTERLY EXPIRATION
OF STOCKINDEX OPTIONS AND FUTURES

BROKERAGE FIRMS EXECUTED AN ADDITIONAL 518 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 385 INVOLVED STOCKINDEX ARBITRAGE
UP FROM 263 FOR THE PRIOR WEEK IN THIS STRATEGY TRADERS DART BETWEEN
STOCKS AND STOCKINDEX OPTIONS AND FUTURES TO CAPTURE FLEETING PRICE
DIFFERENCES

SOME 509 OF PROGRAM TRADING WAS EXECUTED BY FIRMS FOR THEIR OWN ACCOUNTS
OR PRINCIPAL TRADING AND 289 WAS FOR THEIR CUSTOMERS AN ADDITIONAL 202
WAS CUSTOMER FACILITATION IN WHICH FIRMS USE PRINCIPAL POSITIONS TO
FACILITATE CUSTOMER TRADES

OF THE FIVE MOSTACTIVE FIRMS NOMURA SECURITIES SUSQUEHANNA AND UBS
SECURITIES EXECUTED ALL OR MOST OF THEIR PROGRAM TRADING FOR THEIR OWN
ACCOUNTS WHILE MORGAN STANLEY DID MOST OF ITS TRADING FOR ITS CUSTOMERS AND
FIRST BOSTON SPLIT ITS PROGRAM ACTIVITY BETWEEN ITS OWN ACCOUNTS AND THOSE
OF ITS CUSTOMERS 9403250076 940325 LEISURE & ARTS BUSINESS BOOKSHELF
 TOPIC DU JOUR TOTAL QUALITY MANAGEMENT  BY STANLEY W ANGRIST

IF THE US EVER ENDS UP LOOKING LIKE THE SAHARA DESERT I AM SURE THE CAUSE
WILL BE THE CEASELESS PUBLICATION OF MANAGEMENT BOOKS EVERY YEAR THERE'S
ANOTHER FEW DOZEN BRIGHTLY PACKAGED AND BRIMMING OF COURSE WITH NEW
IDEAS THESE DAYS THE MANAGEMENT TOPIC DU JOUR SEEMS TO BE TOTAL QUALITY
MANAGEMENT

TOTAL QUALITY MANAGEMENT IS A WAY OF MANAGING BUILT AROUND CUSTOMER
SATISFACTION HOW RADICAL WHAT A CONCEPT NOT THAT YOU MIGHT INSTANTLY
UNDERSTAND THE ESSENCE OF TQM SHOULD YOU PICK UP TOTAL QUALITY MANAGEMENT
WILEY 286 PAGES 2795 BY STEPHEN GEORGE AND ARNOLD WEIMERSKIRCH TQM
THEY WRITE MEANS INTEGRATING INITIATIVES INTO A SYSTEMATIC QUALITY
IMPROVEMENT PROCESS

CLEAR COMMUNICATION DOES NOT SEEM PART OF THESE GOALS CONSIDER PEOPLE
WORRY THAT A CORPORATE MEASUREMENT SYSTEM WILL IMPEDE OWNERSHIP BY AND
EMPOWERMENT OF OPERATING UNITS OR RATHER THAN FALL INTO THE TRAP OF
ASSUMING IT KNOWS WHO ITS CUSTOMERS ARE IT SEARCHES FOR NEEDS THAT IT IS
WELLSUITED TO MEET THEN VERIFIES THE VALIDITY OF THOSE NEEDS AND THE
PROMISE OF THE MARKET AS IT TALKS AND LISTENS TO ITS POTENTIAL CUSTOMERS

MANAGEMENT BOOKS WRITTEN WITHOUT EITHER MANAGEMENT OR PSYCHOBABBLE ARE RARE
BUT I FOUND A FEW TAKING THE MYSTERY OUT OF TQM CAREER PRESS 290 PAGES
1695 BY PETER CAPEZIO AND DEBRA MOREHOUSE GENERALLY AVOIDS THE GENRE'S
PITFALLS PARTICULARLY IN THE CHAPTER CALLED THE QUALITY GURUS THE SHORT
PORTRAITS OF FOUR AMERICANS AND TWO JAPANESE BEGIN WITH W EDWARD DEMING
WHO TOOK HIS MANAGEMENT CONCEPTS TO JAPAN IN THE 1950S HE PROMISED THE
JAPANESE THE METHODS HE TAUGHT WOULD NOT ONLY HELP IT REBUILD ITS
INDUSTRIES AT HOME AFTER THE WAR BUT WOULD ENABLE IT TO COMPETE IN WORLD
MARKETS IN THE FUTURE

I AM SURE THAT SOME OF MR DEMING'S IDEAS WILL STILL SOUND REVOLUTIONARY TO
THOSE WHO ARE MANAGING IN THE TRADITIONAL WAYS FOR EXAMPLE HE SUGGESTED
THAT MANUFACTURERS SHOULD ABANDON MASS INSPECTION BECAUSE IT HAS NEGATIVE
OVERTONES AND OCCURS IN ISOLATION AFTER THE WORK IS DONE INSTEAD MR
DEMING ADVISED COMPANIES TO ELIMINATE INSPECTORS AND REWARD EMPLOYEES FOR
FINDING ERRORS

BUT ARE ERRORS EVEN INEVITABLE ANOTHER ONE OF THE SIX GURUS PHILIP CROSBY
INSISTED THAT ZERO DEFECTS COULD BE ACHIEVED REJECTING MR DEMING'S NOTION
THAT DEFECTS ARE INEVITABLE BECAUSE SOMETHING WILL ALWAYS GO WRONG IN A
HEROIC REFUTATION OF MURPHY'S LAW CROSBY SPEARHEADED THE ZERO DEFECT
MOVEMENT AT MARTIN MARIETTA CORP IN THE '60S

THE FIVE PILLARS OF TQM DUTTON 549 PAGES 2695 BY BILL CREECH MAKES
THE POINT REPEATEDLY THAT GETTING AMERICAN INDUSTRY TO CHANGE FROM
AUTOCRATIC MANAGEMENT TO DECENTRALIZED LEADERSHIP AS TQM REQUIRES ISN'T
EASY HE NOTES THAT THE TWOSIDED CLASS SYSTEM THAT EVOLVED IN THIS COUNTRY
LEAD TO A MANAGEMENT STYLE BASED ON ISOLATION AND CONFRONTATION RATHER THAN
INTEGRATION AND COOPERATION

ONE UNION LEADER SAID WHAT THE COMPANY WANTS IS FOR US TO WORK LIKE THE
JAPANESE  YOU WORK AS A TEAM RAT ON EACH OTHER AND LOSE CONTROL OF
YOUR DESTINY THAT'S NOT GOING TO WORK IN THIS COUNTRY BUT MANAGEMENT'S
DETERMINATION TO EFFECT CHANGE HAS OFTEN BEEN LAGGING AS WELL

GENERAL MOTORS CORP FOR INSTANCE SUFFERED A STRIKE AT ITS LORDSTOWN
ASSEMBLY PLANT OVER JOB SECURITY ISSUES IMMEDIATELY IDLING NINE OTHER
PLANTS THAT WERE DEPENDENT ON LORDSTOWN FOR JUSTINTIME SUPPLY THE
STRIKE WAS SETTLED WHEN GM AGREED TO ADD NEW WORKERS CANCEL SOME LAYOFFS
AND PROMISED NOT TO USE OUTSOURCING AS A MEANS OF GETTING WORK DONE
OUTSIDE THE PLANT BY CAVING IN GM GAVE UP THE BENEFITS OF CONTINUING
COMPETITION ON QUALITY AND VALUE SOMETHING A COMPANY THAT WAS LOSING MONEY
HAND OVER FIST COULD ILL AFFORD TO DO AND THE WORKERS MAY HAVE HELPED DOOM
LORDSTOWN

THE WAY THE AUTHOR SEES IT IF THE BALANCE OF AMERICAN INDUSTRY DOESN'T
EMBRACE TQM PRINCIPLES SOON THE REST OF THE WORLD WILL SIMPLY EAT OUR
LUNCH

BUT HOW MUCH SUCCESS HAVE COMPANIES ACTUALLY HAD WITH TQM QUALITY WARS
FREE PRESS 363 PAGES 2995 BY JEREMY MAINS REPORTS THAT THE EUPHORIA
ABOUT TQM IS BEING REPLACED WITH A CERTAIN DEGREE OF DISENCHANTMENT ONE
REASON HE SUGGESTS IS THAT IT DOES NOT GUARANTEE IMMEDIATE AND EVERLASTING
SUCCESS

BUT MR MAINS DOES DETAIL SOME SUCCESS STORIES AMONG THE MOST NOTABLE IS
MOTOROLA INC WITH ITS SIX SIGMA PROGRAM AFTER THE STATISTICAL SYMBOL
WHICH PROCLAIMED THAT BY 1992 WHATEVER IT DID WHETHER IT WAS MAKING PAGERS
OR WRITING INVOICES THE COMPANY WOULD HAVE A RATE OF DEFECTS NOT EXCEEDING
34 PER MILLION BY WAY OF COMPARISON THE AVERAGE LARGE CORPORATION
OPERATES TODAY IN THE VICINITY OF FOUR SIGMAS OR 3000 DEFECTS PER MILLION
OPPORTUNITIES MOTOROLA DID GET DEFECTS DOWN TO ABOUT 150 PER MILLION
WHICH IS SOMEWHERE BETWEEN FIVE AND SIX SIGMAS

MR MAINS KNOWS HOW TO KEEP THE READER INTERESTED IN A SUBJECT AS INHERENTLY
BORING AS QUALITY PROGRAMS HE BEGINS THIS BOOK WITH THE STORY OF A SOUTHERN
PACIFIC RAIL CORP TRAIN THAT LOST ITS BRAKES RESULTING IN A FATAL
ACCIDENT IT WAS CAUSED BY A NUMBER OF FAILURES IN QUALITY 9403250075
940325 LEISURE & ARTS ON SPORTS FOR SEASON II BAYLOR LOOKS TO BIG
BATS  BY FREDERICK C KLEIN

TUCSON ARIZ DON BAYLOR PUT IN 22 YEARS AS A MAJOR LEAGUE BASEBALL
PLAYER AND COACH BUT HE GOT AN INKLING THAT MANAGING THE FLEDGLING COLORADO
ROCKIES WOULD BE A QUITE DIFFERENT EXPERIENCE WELL BEFORE THAT TEAM FIRST
TOOK THE FIELD LAST SEASON

THE PREMONITION PROVED CORRECT THE ROCKIES' INAUGURAL CAMPAIGN WAS
SOMETHING NEW UNDER THE BASEBALL SUN THE TEAM DREW 4485350 FANS AT HOME
FAR AND AWAY A RECORD BASEBALLS ZINGED LIKE RIFLE BULLETS THROUGH THE RARE
AIR OF DENVER'S MILE HIGH STADIUM CREATING CAROUSELS OF BASE RUNNERS FOR
ALL CONCERNED THE ROCKIES LOST 13 GAMES IN A ROW IN ONE JULYAUGUST
STRETCH THEN IMMEDIATELY BOUNCED BACK WITH SIX STRAIGHT VICTORIES THEY WON
31 OF THEIR LAST 52 OUTINGS AND BY SEASON'S END HAD WON 67 TIMES THAT WAS
THE MOST FOR ANY FIRSTYEAR NATIONAL LEAGUE EXPANSION CLUB AND MORE THAN
THREE ESTABLISHED TEAMS IN THE CIRCUIT

SEASON II NOW APPROACHES AND BAYLOR A MANAGERIAL ROOKIE NO MORE IS
DOWNRIGHT ANXIOUS FOR THE FORREAL GAMES TO BEGIN I THINK WE ALL LEARNED A
LOT OVER THE PAST YEAR AND THAT CAN ONLY HELP US THIS TIME SAYS HE

WHAT THE ROCKIES LEARNED LAST SEASON AND AFTERWARD WAS THAT IN THEIR AERIE
THEY WOULD LIVE AND DIE BY THE BAT AT LEAST FOR THE NEAR TERM THE 1993
ROCKIES HIT 273 AS A TEAM AND SCORED 758 RUNS BOTH THIRDHIGHEST IN THEIR
LEAGUE TROUBLE WAS THE OPPOSITION WHACKED THEIR PITCHERS TO THE TUNE OF
294 AND SCORED 967 TIMES TOTALS THAT WERE THROWBACKS TO THE HITHAPPY
1930S IN 41 OF THEIR 162 GAMES ONE TEAM OR THE OTHER SCORED 10 RUNS OR
MORE

ONE WOULD THINK THAT BETTER PITCHING WOULD HAVE BEEN COLORADO'S PRIMARY
OBJECTIVE IN THE RECENT OFFSEASON ONE WOULD HAVE BEEN CORRECT
PREDICTABLY HOWEVER HITTERS RELISHED THE PROSPECT OF MAKING THE CLIMB TO
DENVER FAR MORE THAN PROSPECTIVE PITCHERS DID SO THE ROCKIES WOUND UP
INVESTING MUCH OF THEIR '93 BOXOFFICE BONANZA IN ELLIS BURKS AND HOWARD
JOHNSON A COUPLE OF VETERAN FREEAGENT OUTFIELDERS AND WALT WEISS A
SEASONED SHORTSTOP

IF ALL THREE OF THOSE RECRUITS STAY HEALTHY A BIG IF GIVEN THEIR
INJURYMARRED PASTS IT SHOULD MAKE A BEEFY BATTING ORDER BEEFIER THEY'LL
BE JOINING DENVER'S REIGNING MR BEEF ANDRES GALARRAGA THE 250POUND
REFUGEE FROM THE ST LOUIS CARDINALS AND MONTREAL EXPOS HAD BEEN MORE
SLUGGISH THAN SLUGGER IN SEVEN PREVIOUS BIGLEAGUE SEASONS SPORTING BUT A
267 LIFETIME BATTING AVERAGE BEFORE ACCOMPLISHING A BASEBALL MIRACLE BY
TACKING 103 POINTS TO THAT MARK LAST SEASON AND LEADING THE MAJORS BAYLOR
AN ACCOMPLISHED BATSMAN HIMSELF IN HIS NOTSODISTANT HEYDAY GOT SOME
CREDIT FOR THAT BY PERSUADING GALARRAGA TO OPEN HIS RIGHTHANDED STANCE THE
BETTER TO SEE THE BALL

ALSO RETURNING FROM CAREERBEST YEARS WILL BE CHARLEY HAYES THE CHEERFUL
THIRD BASEMAN WHO HIT 305 WITH 25 HOME RUNS AND 98 RUNS BATTED IN AND
OUTFIELDER DANTE BICHETTE 310 21 AND 89 JOE GIRARDI IS A DECENT HITTER
290 LAST SEASON AND PRETTY GOOD DEFENSIVE CATCHER ROOKIE ROBERTO MEJIA
AT AGE 21 THE SORT OF YOUNGSTER ONE EXPECTS TO SEE ON AN EXPANSION TEAM
SHOULD START THE SEASON AT SECOND BASE EVERY DAY ROBERTO DOES SOMETHING
BETTER HIS MANAGER SAYS

AND THE PITCHING SURE NOBODY BUT THE ATLANTA BRAVES HAS ENOUGH BUT THAT
DOESN'T MAKE THE ROCKIES' ANY BETTER THE TEAM DID LURE TWO FREEAGENT
HURLERS IN THE OFFSEASON TALL 6FOOT5 MIKE HARKEY FROM THE CHICAGO
CUBS AND TALLER 67 MARVIN FREEMAN FROM ATLANTA BUT THEIR PRIMARY ASSET
SEEMS TO BE BRAVERY BOTH COME FROM LAUNCHINGPADTYPE BALLPARKS AND THUS
WON'T BE SURPRISED TO SEE THEIR DELIVERIES LEAVING MILE HIGH

THE PRIMARY MOUND INCUMBENTS ARE STARTER ARMANDO REYNOSO WHO HAS A NICE
ARRAY OF PITCHES AND WON A STAFFHIGH 12 GAMES LAST YEAR AND RELIEVERS
DARREN HOLMES 25 SAVES AND BRUCE RUFFIN THE LATTER A SIXYEAR MAJOR
LEAGUE VET WAS HAVING A TYPICAL MEDIOCRE SEASON UNTIL HE SUFFERED A BROKEN
TOE FROM BEING HIT BY A LINE DRIVE ON AUG 18 HE WAS ALL BUT UNHITTABLE
THEREAFTER POSTING A 125 EARNED RUN AVERAGE AND STRIKING OUT 43 IN HIS
LAST 36 INNINGS

BAYLOR HAS NO PLANS TO REBREAK RUFFIN'S TOE BUT SAYS THAT OTHER LESSONS
FROM THE SEASON PAST MIGHT HELP IMPROVE ALL HIS PITCHERS ONE WAS HIS
DISCOVERY NEAR MIDSEASON THAT BUNCHING HIS OUTFIELDERS TOWARD CENTER FIELD
TOOK AWAY SOME OF THE POWERALLEY DOUBLES AND TRIPLES OPPOSING BATTERS WERE
PILING UP ANOTHER WAS THE ADVENT OF HIS DICTUM THAT THIGHHIGH IS TOO HIGH
IN MILE HIGH HE EXPLAINS GOOD SINKERSLIDER PITCHERS LIKE BILL SWIFT OF
THE SAN FRANCISCO GIANTS AND TERRY MULHOLLAND PHILADELPHIA PHILLIES CAME
IN HERE AND DID JUST FINE THERE'S NO REASON OUR GUYS CAN'T DO AS WELL BY
KEEPING THE BALL DOWN

AND THE 44YEAROLD SKIPPER SAYS HE'LL CONTINUE TO CONFOUND THE EXPERTS WITH
HIS PRACTICE OF MOVING IN HIS INFIELDERS IN EARLY INNING RUNSCORING
SITUATIONS AT HOME ON THE CHANCE THAT'D CHOKE OFF RUNS THAT COULD TELL
LATER SUCH MOVES OF COURSE CARRY THE RISK OF MAKING BAD INNINGS WORSE

LAST YEAR I'D PULL IN THE INFIELD WITH RUNNERS ON THIRD IN THE SECOND OR
THIRD INNINGS OF GAMES AND THE WRITERS LATER'D BE ASKING WHY' HE SAYS
THE ANSWER WAS THAT I WANTED TO GIVE OUR PITCHERS THE IDEA THAT WE WEREN'T
GOING TO CONCEDE A THING IF WE SAVED A RUN EARLY AND IT HELPED KEEP US
CLOSE I FIGURED WE COULD GET IT BACK LATER IN OUR PARK THE FANS NEVER
LEAVE UNTIL THE GAME IS OVER AND WE ALWAYS BAT LAST 9403250073 940325
ADVERTISING TOWN & COUNTRY LOWERS ITS BROW A NOTCH  BY MEG COX 
STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK AFTER DECADES OF GLORIFYING CONSUMPTION TOWN & COUNTRY IS
GRAPPLING WITH WHAT THE WEALTHY WANT FROM A MAGAZINE IN THE '90S

HAVING SEEN A STAGGERING 66 PLUNGE IN ADVERTISING OVER THE PAST DECADE 
FROM MORE THAN 1900 PAGES IN 1984 TO FEWER THAN 650 PAGES IN 1993 THE
CURRENT SOUL SEARCHING AT THE 148YEAROLD HEARST CORP PUBLICATION SHOWS
HOW HARD IT IS TO MAINTAIN A MAGAZINE'S FRANCHISE OVER A VERY LONG TIME AS
WELL AS HOW COMPETITIVE THE MAGAZINE MARKET HAS BECOME FOR AFFLUENT READERS
AND LUXURY ADVERTISERS SUCH TITLES AS THE NEW YORKER VANITY FAIR AND
GOURMET HAVE BECOME MORE FORMIDABLE COMPETITORS WHILE SALES OF LUXURY GOODS
HAVE PLUMMETED AND CUT INTO MARKETERS' AD BUDGETS

SOME READERS FELT TOWN & COUNTRY LONG FAMOUS FOR ITS GUSHING DESCRIPTIONS
OF DOWAGERS AND ITS DEBUTANTEOFTHEMONTH COVERS DIDN'T CHANGE WITH THE
TIMES AS THEY DID BUT THE DEEPEST DISCONTENT CAME FROM ADVERTISERS IT GOT
TO BE A PLACE YOU WERE AFRAID TO BE SEEN AS AN ADVERTISER BECAUSE IT HAD
SUCH A NARROW '80S FOCUS ON CONSUMPTION ABOVE ALL SAYS CINDY MALLIN
DIRECTOR OF ADVERTISING FOR LOUIS VUITTON THE MAKER OF LUXURY LUGGAGE AND
HANDBAGS

ALL THAT IS CHANGING UNDER THE DIRECTION OF PAMELA FIORI WHO WAS INSTALLED
AS EDITOR OF TOWN & COUNTRY LAST FALL THE MAGAZINE'S FOURTH EDITOR IN
FOUR YEARS MS FIORI WHO IS 50 YEARS OLD VOWS THAT AS LONG AS SHE IS IN
THE JOB TOWN & COUNTRY WILL NEVER AGAIN CARRY PHOTOS OF DIAMONDBEDECKED
SOCIALITES POSING IN THEIR SWIMMING POOLS IN THE PAST FEW MONTHS SHE HAS
OVERHAULED THE COUNTRY'S SECONDOLDEST MAGAZINE THE OLDEST IS SCIENTIFIC
AMERICAN SQUEEZING PAGES OF NATIONWIDE SOCIAL EVENTS INTO A SMALL BOX
ADDING A PERSONALFINANCE COLUMN AND PUBLISHING SERIOUS ARTICLES LIKE A
FIRSTPERSON ACCOUNT OF HEROIN ADDICTION

I WANT THE MAGAZINE TO BE LESS SNOBBY MORE ABOUT WHAT PEOPLE ACCOMPLISH
INSTEAD OF WHAT FAMILY THEY WERE BORN INTO SAYS MS FIORI A ONETIME
HIGHSCHOOL ENGLISH TEACHER WHOSE MAGAZINE BACKGROUND INCLUDES A LONG STINT
AS EDITOR OF TRAVEL & LEISURE

EVEN SOME HOLDOVERS FROM FORMER TOWN & COUNTRY REGIMES ADMIT THAT THE
MAGAZINE HAD TO CHANGE OR DIE BUT QUESTIONS REMAIN ABOUT WHETHER MS
FIORI'S APPROACH IS THE ANSWER I DON'T THINK ADVERTISERS GET PAMELA'S
EDITORIAL MISSION EVEN AFTER FIVE ISSUES SAYS ROBERTA GARFINKLE DIRECTOR
OF PRINT MEDIA FOR MCCANN ERICKSON THERE ARE SO MANY MORE MAGAZINES NOW
AND LESS ADVERTISING MONEY TOWN & COUNTRY NO LONGER GOES TO THE TOP OF YOUR
LIST FOR THINGS LIKE MAKEUP LIQUOR AND CARS

LOUIS VUITTON IS ONE OF A HANDFUL OF DISGRUNTLED FORMER ADVERTISERS WHO
RECENTLY RETURNED TO TOWN & COUNTRY'S PAGES BECAUSE THEY THINK THE MAGAZINE
IS IMPROVING BUT THEY AREN'T EXACTLY PART OF A STAMPEDE IN THE FIRST FIVE
MONTHS OF 1994 ADVERTISING PAGES ROSE A MODEST 52 THAT IS A MARKED
CONTRAST TO ANOTHER RETOOLED HEARST PUBLICATION HARPER'S BAZAAR WHICH
NEARLY DOUBLED ITS ADVERTISING REVENUE LAST YEAR AFTER LIZ TILBERIS TOOK
OVER AS EDITOR IN LATE 1992

TOWN & COUNTRY'S CIRCULATION AT THE END OF 1993 WAS BELOW 500000 DOWN
ABOUT 13 FROM THE YEAR BEFORE BUT ACTUALLY HIGHER THAN IT WAS IN THE EARLY
1980S WHEN IT WAS STUCK BELOW 425000 IT'S TOO EARLY TO JUDGE MS FIORI'S
IMPACT ON SUBSCRIPTIONS BUT SHE SAYS THAT NEWSSTAND SALES ARE UP 10 AND
THAT SHE HAS RECEIVED MOSTLY SUPPORTIVE MAIL FROM SUBSCRIBERS STILL SHE
HAS CLEARLY MIFFED SOME

IT LOOKS HANDSOME BUT I THINK IT'S TRYING TOO HARD TO BE POLITICALLY
CORRECT SAYS SUGAR RAUTBORD A CHICAGO SOCIALITE WHO USED TO OCCASIONALLY
CONTRIBUTE ARTICLES AND ONCE POSED IN TOWN & COUNTRY WEARING LEOTARDS AND
JEWELS PRETENDING TO SPAR WITH AN OLYMPIC BOXER IT USED TO BE LIKE AN
EXCLUSIVE CLUB YOU BELONGED TO A SEAL OF APPROVAL FOR A LIFESTYLE

TOWN & COUNTRY IS TOO FOCUSED ON NEW YORK NOW AND TOO LITTLE ABOUT REAL
PEOPLE GRUMBLES NEW YORK DECORATOR MARIO BUATTA IT USED TO BE ABOUT
SOCIETY PEOPLE IN TULSA AND HOUSTON AND ST LOUIS IT USED TO BE GREAT

BUT HEARST'S TOP MAGAZINE EXECUTIVE D CLAEYS BAHRENBURG INSISTS HE IS
PLEASED I THINK PAMELA HAS A STRONG SENSE OF STYLE AND KNOWS HOW TO BUILD
A SERVICE MAGAZINE MR BAHRENBURG SAYS HE WON'T COMMENT ON SPECULATION
THAT THE MAGAZINE CONTINUES TO LOSE MONEY BUT CONCEDES HE DOESN'T THINK IT
WILL MATCH THE HIGH OF 1984 I DO THINK WE COULD CLIMB BACK UP TO 1500
PAGES HE ADDS

MS FIORI INSISTS SHE IS ON THE RIGHT TRACK TO GETTING THERE THE RICH ARE
A LOT MORE ACTIVE AND CONCERNED ABOUT ISSUES THAN THEY'RE GIVEN CREDIT FOR
SHE SAYS ADDING THAT A YEARLONG ROPER POLL JUST COMPLETED FOR THE MAGAZINE
CONFIRMS HER VIEWS ACCORDING TO THE POLL THE MEDIAN AGE FOR THE WEALTHY
HOUSEHOLD INCOME OF MORE THAN 100000 IS 425 YEARS AND THREE TIMES AS
MANY OF THE RICH RUN THEIR OWN BUSINESSES AS THE GENERAL POPULACE ROPER
DIDN'T FIND MANY SILVERHAIRED COUPONCLIPPERS

WHILE THE MAGAZINE STILL CARRIES ARTICLES ABOUT EXTRAVAGANT ITEMS LIKE A
4000 CANOPY BED FOR DOGS MS FIORI SAYS IT WILL SHOWCASE THE MEANINGFUL
AS WELL AS THE BEAUTIFUL THE JANUARY ISSUE FEATURED ENVIRONMENTAL LAWYER
LARRY ROCKEFELLER GRANDSON OF JOHN D IN KHAKIS INSTEAD OF A TUX CLEARING
TRAILS BY HAND IN A WILDERNESS PRESERVE

MS FIORI'S BIGGEST REGRET IS THAT MOST PEOPLE DON'T REALIZE THE MAGAZINE
HAS CHANGED BUT HEARST PROMISES THAT IT WILL SOON START AN AD CAMPAIGN TO
SPREAD THE WORD ABOUT THE REVAMPED TOWN & COUNTRY AND TWO YEARS FROM NOW
WHEN THE MAGAZINE TURNS 150 YEARS OLD HEARST'S MR BAHRENBURG PROMISES A
BIG CELEBRATION WE'RE WORKING ON A TELEVISION SPECIAL A BOOK AND OTHER
PROJECTS HE SAYS THIS MAGAZINE HAS SURVIVED WARS AND DEPRESSIONS IT
STILL HAS A ROLE TO FILL AS THE CHRONICLE OF SOCIETY

SHIN'S A TRENDY JAPANESE FUSION EATERY IN MANHATTAN RECEIVED SUCH A
SCATHING REVIEW LAST MONTH IN THE NEW YORK TIMES THAT THE RESTAURANT IS
RUNNING ADS TO BRAG ABOUT IT

TIMES REVIEWER RUTH REICHL DEEMED THE RESTAURANT POOR IN HER REVIEW LAST
MONTH SHE WROTE DETAILED DESCRIPTIONS OF UNAPPEALING ATMOSPHERE AND
UNAPPETIZING FARE SUCH AS ASPARAGUSRAISIN SORBET AND A HALFORANGE
FILLED WITH CRABMEAT HERRING ROE MAYONAISE AND GREEN OLIVES ONE OF THE
LEAST APPEALING DISHES I'VE EVER STRUGGLED TO EAT THE CROWNING MOMENT CAME
WHEN AN INEPT BUSBOY SPILLED ICE WATER AND SAKE INTO MS REICHL'S LAP

NOW SHIN'S AND AD AGENCY WEISS WHITTEN STAGLIANO ARE TRYING TO CAPITALIZE
ON THE BAD PRESS IN THE TIMES THIS SUNDAY THEY PLAN TO RUN A FULLPAGE AD
IN THE GUISE OF A HELP WANTED NOTICE UNDER THE HEADLINE EXPRNCD AGILE
BUSBOY THE AD PAIRS TWO OF THE REVIEW'S ONLY COMPLIMENTARY REMARKS ABOUT
SHIN'S FOOD WITH AN ACCOUNT OF THE BUSBOY INCIDENT THE TAGLINE A DINING
EXPERIENCE YOU WON'T SOON FORGET

A SPOKESMAN FOR SHIN'S SAYS BUSINESS HAS HELD STEADY SINCE THE REVIEW RAN
FOR HER PART MS REICHL OBSERVES MY BASIC FEELING IS THAT GOOD REVIEWS
ARE GOOD FOR RESTAURANTS AND TERRIBLE ONES ARE TOO IT'S THE ONES IN
BETWEEN THAT GET OVERLOOKED

THE NEW YORK ATTORNEY GENERAL'S OFFICE ATTACKED NEW YORK TELEPHONE CO FOR
CLAIMING CREDIT FOR RATE CUTS THAT THE COMPANY HAD OPPOSED

THE ATTORNEY GENERAL'S OFFICE SAID THE RATE CUTS THIS YEAR CAME ABOUT ONLY
AFTER STRONG PRESSURE FROM ITSELF AND CONSUMER GROUPS BUT IT SAYS NEW YORK
TELEPHONE'S PRINT AD WHICH ADVERTISES THE LOWER RATES AND ITS NAME CHANGE
TO NYNEX MISLEADS CONSUMERS INTO BELIEVING THE NAME CHANGE IS RELATED TO
THE RATE CUT

THE AD CREATED BY YOUNG & RUBICAM'S CHAPMAN DIRECT ADVERTISING SHOWS THE
OLD AND NEW NAMES SIDE BY SIDE NEXT TO THE CAPTION NEW IDENTITY NEW
COMMITMENT AND NEW SAVINGS TO PROVE IT

LIKE THEY WERE BRINGING IN THE SAVINGS SAYS CHARLIE DONALDSON AN
ATTORNEY IN THE ATTORNEY GENERAL'S OFFICE THE RATES WERE REDUCED HE SAYS
ONLY BECAUSE PEOPLE LIKE US MADE THEM DO IT

A NEW YORK TELEPHONE SPOKESMAN ACKNOWLEDGES THE COMPANY OPPOSED THE RATE
CUTS BUT SAYS THE AD IS MERELY TRYING TO INFORM CONSUMERS OF BOTH THE NAME
CHANGE AND THE RATE CUTS

THE ATTORNEY GENERAL'S OFFICE IS ALSO COMPLAINING THAT NEW YORK TELEPHONE
ASKED THE PUBLIC SERVICE COMMISSION LAST WEEK TO RESTORE SOME OF THE RATE
CUTS WHAT'S MORE THE OFFICE SAYS IT'S TRYING TO DETERMINE WHETHER THE
COMPANY IS MAKING CONSUMERS PAY FOR ITS ADS

AFTER A THREEMONTH EVALUATION SPRINT CORP SELECTED GREY ADVERTISING IN
NEW YORK AS ITS SECOND AGENCY TO HANDLE ITS BUSINESS SERVICES GROUP A PART
OF ITS LONGDISTANCE DIVISION THE COMPANY DIDN'T DISCLOSE BILLINGS WHICH
HAVE BEEN ESTIMATED AT MORE THAN 30 MILLION

SPRINT SAID IT NEEDED A NEW AGENCY TO FOCUS SPECIFICALLY ON ITS FASTGROWING
BUSINESS LONG DISTANCE OPERATION THE APPOINTMENT DOESN'T AFFECT SPRINT'S
RELATIONSHIP WITH WPP GROUP'S J WALTER THOMPSON WHOSE SAN FRANCISCO OFFICE
WILL CONTINUE TO HANDLE SPRINT'S OTHER BUSINESSES INCLUDING CONSUMER
LONGDISTANCE SERVICE

GREY WAS AMONG THREE FINALISTS THE OTHERS WERE WELLS RICH GREENE BDDP AND
INTERPUBLIC GROUP'S LINTAS BOTH OF NEW YORK

WELLS RICH WELLS RICH GREENE BDDP NEW YORK SAID IT WAS FOLDING THE LOCAL
TV MEDIABUYING PORTION OF ITS INHOUSE MEDIA DEPARTMENT AND MOVING THOSE
DUTIES TO A JOINT VENTURE FORMED WITH INDEPENDENT MEDIA FIRM KSL MEDIA NEW
YORK ESTIMATED BILLINGS ACCORDING TO THE TRADE PUBLICATION INSIDE MEDIA
ARE 30 MILLION TO 45 MILLION

AIRWICK RECKITT & COLMAN MOVED ITS 5 MILLION TO 7 MILLION AIRWICK AIR
FRESHENER ACCOUNT FROM WELLS RICH GREENE BDDP TO OMNICOM GROUP'S TBWA
ADVERTISING WHICH ALSO HANDLES RECKITT'S WOOLITE BRAND WELLS RICH SAID IT
RESIGNED FROM THE ACCOUNT TBWA PRESIDENT DICK COSTELLO SAID HIS AGENCY WON
THE ASSIGNMENT THANKS TO OUR GOOD WORK FOR WOOLITE RECKITT OFFICIALS
COULDN'T BE REACHED

OGILVY AUTOMATIC DATA PROCESSING SELECTED OGILVY & MATHER DIRECT THE
DIRECT MARKETING DIVISION OF WPP GROUP'S OGILVY & MATHER AS AGENCY OF
RECORD FOR ITS 6 MILLION ACCOUNT

FINALISTS SHAWMUT NATIONAL CORP A FINANCIALSERVICES COMPANY SAID IT
NAMED THREE AGENCIES AS FINALISTS FOR ITS 12 MILLION ACCOUNT ROTANDO
PARTNERS OF STAMFORD CONN AND TWO BOSTON COMPANIES HOUSTON EFFLER &
PARTNERS AND INGALLS QUINN & JOHNSON

ACCOUNT HARRIS DRURY COHEN OF FORT LAUDERDALE FLA WAS AWARDED CREATIVE
RESPONSIBILITY FOR COUNTRY WEEKLY A NEW SUPERMARKET TABLOID ABOUT COUNTRY
MUSIC PUBLISHED BY THE ENQUIRER/STAR GROUP INC BILLINGS COULDN'T BE
DETERMINED

YOUNG & RUBICAM NEW YORK CREATED A PRINT AD FOR NEW YORK TELEPHONE CO THAT
HAS COME UNDER ATTACK BY THE NEW YORK ATTORNEY GENERAL'S OFFICE FRIDAY'S
ADVERTISING COLUMN LISTED THE INCORRECT ADVERTISING AGENCY BECAUSE OF
INACCURATE INFORMATION FROM NEW YORK TELEPHONE 9403250072 940325 WHAT'S
NEWS  WORLDWIDE

MEXICO MOURNED COLOSIO WHOSE ASSASSINATION TOUCHED OFF A POLITICAL CRISIS

THE SLAYING OF THE RULING PARTY'S PRESIDENTIAL CANDIDATE WHO WAS FAVORED TO
WIN AUGUST ELECTIONS WAS AN ADDED BLOW TO A GOVERNMENT ROCKED BY A PEASANT
REVOLT AND THE KIDNAPPING OF A PROMINENT BUSINESSMAN A SPOKESMAN STRONGLY
DENIED THERE HAD BEEN ANY DISCUSSION ABOUT A NEW CANDIDATE OR ABOUT
PRESIDENT SALINAS POSSIBLY POSTPONING THE ELECTION A PROVISION IN THE
CONSTITUTION EXCLUDES MANY POSSIBLE CANDIDATES AND OTHERS ARE FLAWED

POLICE SAID A MAN DETAINED AFTER THE TIJUANA SLAYING HAS CONFESSED BUT GAVE
NO INDICATION OF HIS MOTIVE HIS GUN WAS ORIGINALLY PURCHASED IN THE US

CLINTON PRESENTED HIS WHITEWATER DEFENSE IN A TELEVISED NEWS CONFERENCE

THE PRESIDENT CALMLY ARGUED THAT THERE WAS NOTHING IMPROPER ABOUT HIS
CONDUCT IN THE REALESTATE INVESTMENT AND SAID HE WOULD RELEASE TAX RETURNS
GOING BACK TO 1977 TO PROVE HIS POINT EARLIER GOP REP LEACH CHARGED THAT
FEDERAL OFFICIALS TRIED TO COVER UP EVIDENCE SUGGESTING THE CLINTONS'
INVESTMENT HAD BENEFITED FROM SAVINGSANDLOAN FRAUD CLINTON SAID HE KNEW
NOTHING ABOUT THE CHARGES

CLINTON CONCEDED THAT AN AIDE HAD OVERESTIMATED BY 22200 THE SIZE OF THE
LOSS HE AND HILLARY RODHAM CLINTON INCURRED ON THEIR WHITEWATER INVESTMENT

ISRAELI AND PLO NEGOTIATORS SAID THEY WERE CLOSE TO AN ACCORD ON PALESTINIAN
SECURITY IN THE WEST BANK AND GAZA STRIP RAISING HOPES THAT STALLED PEACE
TALKS MAY SOON RESUME MEANWHILE AT LEAST 41 PEOPLE WERE INJURED AS
PALESTINIANS FOUGHT ISRAELI TROOPS IN PROTESTS OVER AN ISRAELI SIEGE OF A
HAMAS HIDEOUT IN HEBRON THIS WEEK

THE US PULLOUT FROM SOMALIA IS SET TO BE COMPLETED TODAY THE FINAL 120
ARMY TROOPS ARE TO FLY OUT OF MOGADISHU AND 1100 MARINES ARE TO FOLLOW BY
SHIP UN NEGOTIATORS PRESSURED LEADERS OF SOMALIA'S WARRING FACTIONS TO
AGREE TO A RECONCILIATION MEETING NEXT MONTH BUT DIPLOMATS WERE PESSIMISTIC
ABOUT PROSPECTS FOR ENDING CLAN FIGHTING

DE KLERK SAID SOUTH AFRICA COULD TAKE STEPS WHICH MAY INCLUDE SENDING IN
TROOPS TO ENSURE FAIR VOTING NEXT MONTH IN THE ZULU HOMELAND OF KWAZULU DE
KLERK SPOKE FOLLOWING A MEETING WITH MANDELA ON KWAZULU SOUTH AFRICA HAS
ALREADY SEIZED TWO OF THE APARTHEIDERA BLACK HOMELANDS THAT RESISTED TAKING
PART IN THE FIRST ALLRACE VOTE

THE HOUSE PASSED A BILL TIGHTENING DISCLOSURE REQUIREMENTS FOR LOBBYISTS AND
CURTAILING THE GIFTS MEALS ENTERTAINMENT AND TRIPS THEY PROVIDE LAWMAKERS
THE BIG MARGIN OF VICTORY IN THE 315110 VOTE SURPRISED SUPPORTERS THE
MEASURE NOW GOES TO A CONFERENCE WITH THE SENATE WHICH PASSED ITS OWN BILL
LAST YEAR

US FORCES IN KOREA MAY BE REINFORCED IF THE UN IMPOSES SANCTIONS ON
NORTH KOREA DEFENSE SECRETARY PERRY SAID A PENTAGON OFFICIAL SAID EARLIER
THE US COMMANDER IN KOREA WAS PREPARING RECOMMENDATIONS MEANWHILE NORTH
KOREAN RESISTANCE TO NUCLEAR INSPECTIONS IS MAKING SOUTH KOREA MORE HAWKISH

A GAS PIPELINE EXPLODED IN NORTHERN NEW JERSEY DESTROYING EIGHT APARTMENT
BUILDINGS AND SENDING 2000 PEOPLE FLEEING POLICE SAID A WOMAN DIED OF A
HEART ATTACK FOLLOWING THE BLAST EARLY YESTERDAY AND 58 PEOPLE WERE HURT
FIFTY REMAINED UNACCOUNTED FOR YESTERDAY AFTERNOON BUT POLICE SAID NO
MISSINGPERSON REPORTS HAD BEEN FILED

THE SENATE DEFEATED A PROPOSAL THAT WOULD HAVE MADE MEDICARE BEAR THE BRUNT
OF PROPOSED NEW BUDGET CUTS TOTALING 26 BILLION OVER FIVE YEARS THE 6335
VOTE MEANS THE PENTAGON AND CLINTON'S DOMESTIC INITIATIVES MAY BE SQUEEZED
BUT DEMOCRATS WARNED THE MEDICARE CUTS WOULD HURT HEALTHCARE REFORM
PROSPECTS

BOSNIAN SERBS REJECTED A US PLAN CALLING FOR THEM TO JOIN WITH MUSLIMS AND
CROATS IN A BOSNIAN FEDERATION SAYING THEY WOULD TRY TO UNITE WITH SERBIA
SEPARATELY UN OFFICIALS SAID SERB FORCES WHO HIJACKED A CONVOY OF AID
SUPPLIES NEAR MAGLAJ WEDNESDAY FORCED UN TRUCK DRIVERS TO WALK ACROSS A
FIELD THEY HAD BEEN TOLD WAS MINED

THOUSANDS IN BURUNDI FLED THE CAPITAL AS ETHNIC FIGHTING INTENSIFIED AMID
REPORTS OF A COUP BY THE TUTSIDOMINATED MILITARY MILITARY AND GOVERNMENT
OFFICIALS DENIED THE REPORTS AS MANY AS 1000 PEOPLE MOSTLY MEMBERS OF THE
MAJORITY HUTU TRIBE HAVE DIED IN FIGHTING OVER THE PAST SEVERAL DAYS
9403250071 940325 GERMAN FIRM MAKES ACQUISITION

FRANKFURT GERMAN CHEMICALS AND PLASTICS COMPANY RUETGERSWERKE AG SAID IT
ACQUIRED PLASTICS PROCESSOR HEULS TROISDORF AG

RUETGERSWERKE MAJORITY OWNED BY GERMAN COAL GROUP RUHRKOHLE AG SAID IT
HOPES TO EXPAND ITS PLASTICS ACTIVITIES WITH THE ACQUISITION DETAILS
WEREN'T DISCLOSED 9403250070 940325 ECONOMY SENATE REJECTS 
BIPARTISAN PLAN TO CUT MEDICARE  VOTE LIKELY TO ADD PRESSURE ON
PENTAGON'S BUDGET AND DOMESTIC SPENDING  BY JOHN HARWOOD STAFF
REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE SENATE DEFEATED A PROPOSAL TO MAKE MEDICARE BEAR THE BRUNT
OF NEW BUDGET CUTS RAISING THE PROSPECT OF A TIGHTER SQUEEZE ON THE DEFENSE
BUDGET AND PRESIDENT CLINTON'S DOMESTIC SPENDING INITIATIVES

THE PROPOSAL OFFERED BY A BIPARTISAN GROUP OF SENATORS HOPING TO PROTECT
THE PENTAGON LOST 6335 AFTER TOP DEMOCRATS WARNED THAT ITS MEDICARE
REDUCTIONS WOULD DAMAGE PROSPECTS FOR HEALTHCARE REFORM EVEN SO THE
SENATE'S VERSION OF A 1995 BUDGET RESOLUTION WHICH THE LAWMAKERS ARE
EXPECTED TO PASS TODAY WOULD STILL LEAVE CONGRESS AND THE ADMINISTRATION
WITH THE TASK OF IDENTIFYING OTHER PROGRAMS TO ABSORB 26 BILLION IN
ADDITIONAL CUTS OVER THE NEXT FIVE YEARS

THE EXTRA CUTS WHICH DEFICITMINDED SENATORS MADE IN THE BUDGET COMMITTEE
LAST WEEK AND ADMINISTRATION ALLIES COULDN'T OVERTURN ON THE FLOOR WERE THE
MOST SIGNIFICANT CHANGE THAT EITHER HOUSE OF CONGRESS HAS MADE IN MR
CLINTON'S 15 TRILLION SPENDING PLAN FOR THE FISCAL YEAR THAT BEGINS OCT
1 DEMOCRATIC LEADERS STILL HOPE TO SCUTTLE OR DILUTE THE CUTS IN COMPROMISE
NEGOTIATIONS WITH THE HOUSE WHICH DIDN'T INCLUDE THEM IN THE VERSION IT
PASSED EARLIER THIS MONTH

WE'RE GOING TO HAVE TO FIGHT TO MAINTAIN THE CUTS SAID SEN CHARLES
GRASSLEY R IOWA WHO PUSHED FOR THE ADDITIONAL DEFICIT REDUCTION ALONG
WITH SEN JAMES EXON D NEB THE TWO MIDWESTERNERS HOPE ELECTIONYEAR
PRESSURES WILL HELP A SIMILAR BIPARTISAN GROUP IN THE HOUSE OVERCOME
OBJECTIONS OF DEMOCRATIC LEADERS THERE AS WELL

THE SENATE VERSION OF THE BUDGET RESOLUTION ENVISIONS A 1995 DEFICIT OF 174
BILLION SOME 52 BILLION LESS THAN THE CURRENT FISCAL YEAR AS A RESULT OF
THE IMPROVING ECONOMY AND LAST YEAR'S DEFICITREDUCTION PROGRAM DEMOCRATIC
LEADERS HAVE WARNED THAT ADDITIONAL AUSTERITY MEASURES THIS YEAR COULD DAMP
THE ECONOMIC RECOVERY

DECISIONS ON SPECIFIC PROGRAMS TO BE CUT WOULD COME LATER THIS YEAR AS
CONGRESS PASSES ANNUAL APPROPRIATIONS BILLS SENATE APPROPRIATIONS CHAIRMAN
ROBERT BYRD D WVA HAS WARNED THAT MUCH OF THE MONEY WOULD COME FROM
DEFENSE BUT ANY EXTRA CUTS ARE CERTAIN TO INCREASE PRESSURE ON THE
EDUCATION INFRASTRUCTURE AND JOBTRAINING INVESTMENTS THAT MR CLINTON
SAYS ARE ESSENTIAL FOR LONGTERM ECONOMIC GROWTH THE TOUGHEST CHOICES
WOULDN'T COME IMMEDIATELY HOWEVER SINCE ONLY 16 BILLION OF THE EXTRA
CUTS ARE SLATED FOR THE 1995 BUDGET

ALREADY SPENDING CAPS IN THE 500 BILLION DEFICITREDUCTION PROGRAM
CONGRESS PASSED LAST YEAR PROHIBIT INCREASES IN OVERALL DISCRETIONARY
SPENDING EVEN FOR INFLATION FOR THE NEXT FIVE YEARS THAT HAS TOUCHED OFF
INTENSE COMPETITION FOR FUNDS AMONG DEFENSE MR CLINTON'S INVESTMENTS AND
EXISTING DOMESTIC PROGRAMS WITH POWERFUL DEFENDERS ON CAPITOL HILL

THAT SQUEEZE ON DISCRETIONARY PROGRAMS THE ONES FOR WHICH CONGRESS SETS
SPENDING LEVELS EACH YEAR LED TO YESTERDAY'S PROPOSAL TO SHIFT 184
BILLION OF THE EXTRA CUTS TO MEDICARE ONE OF THE SOCALLED ENTITLEMENT
PROGRAMS FOR WHICH THE GOVERNMENT MUST PROVIDE BENEFITS TO ANYONE WHO
QUALIFIES REPUBLICAN PETE DOMENICI OF NEW MEXICO AND DEMOCRAT SAM NUNN OF
GEORGIA WHO HEADS THE ARMED SERVICES COMMITTEE ARGUED THAT ENTITLEMENTS
WERE A BETTER TARGET FOR CUTS BECAUSE THEY'RE THE PRINCIPAL REASON THE
BUDGET DEFICIT IS PROJECTED TO SHOOT UP AGAIN BY THE END OF THE DECADE

BUT SENATE FINANCE COMMITTEE CHAIRMAN DANIEL PATRICK MOYNIHAN CAST THE
CHOICE AS A FATEFUL DECISION FOR MR CLINTON'S TROUBLED HEALTHCARE PLAN
WHICH DEPENDS ON MEDICARE SAVINGS FOR ITS FINANCING SCHEME THAT ARGUMENT
HELPED MR DOMENICI'S OPPONENTS PATCH TOGETHER AN ODD COALITION INCLUDING
DEMOCRATIC LIBERALS CONCERNED WITH HEALTH CARE AND REPUBLICAN CONSERVATIVES
EAGER TO LOCK IN CUTS IN OTHER DOMESTIC PROGRAMS 9403250069 940325 WHO'S
NEWS HUGHES SUPPLY INC

HUGHES SUPPLY INCORLANDO FLA A STEWART HALL JR WAS ELECTED
PRESIDENT AND CHIEF OPERATING OFFICER AS WELL AS A DIRECTOR OF THIS
DISTRIBUTOR OF ELECTRICAL PLUMBING AND BUILDING MATERIALS MR HALL 51
YEARS OLD WHO WAS EXECUTIVE VICE PRESIDENT SUCCEEDS DAVID HUGHES 50 WHO
REMAINS CHAIRMAN AND CHIEF EXECUTIVE OFFICER MR HUGHES SAID THE MOVES WERE
PART OF AN ORDERLY TRANSITION THE COMPANY ALSO NAMED JOHN D BAKER II A
DIRECTOR MR BAKER 45 IS PRESIDENT OF FLORIDA ROCK INDUSTRIES INC
JACKSONVILLE FLA MESSRS BAKER AND HALL INCREASE THE SIZE OF THE BOARD TO
10 MEMBERS 9403250068 940325 TECHNOLOGY SOFTWARE PATENT GIVEN TRIBUNE
CO UNIT IS OVERTURNED BY US IN WAKE OF PROTESTS  BY G PASCAL
ZACHARY STAFF REPORTER OF THE WALL STREET JOURNAL

THE US PATENT AND TRADEMARK OFFICE HAS OVERTURNED A SOFTWARE PATENT THAT
APPEARED TO GIVE A SUBSIDIARY OF TRIBUNE CO A SWEEPING MONOPOLY OVER A
TECHNIQUE ESSENTIAL TO COMBINING SOUND IMAGES AND TEXT WITH A COMPUTER

THE PATENT AWARDED LAST AUGUST TO COMPTON NEW MEDIA A UNIT OF TRIBUNE HAD
SPARKED INTENSE PROTESTS BY LARGE AND SMALL SOFTWARE AND COMPUTER COMPANIES
ALIKE THEY CONTENDED THAT THE TECHNIQUE WAS IN COMMON COMMERCIAL USE THEIR
PROTESTS PROMPTED AN EXTREMELY RARE REVIEW OF THE PATENT BY PATENT
COMMISSIONER BRUCE LEHMAN WHICH CULMINATED IN A DECISION THIS WEEK TO
REVERSE THE PATENT

THE PATENT OFFICE HASN'T PUBLICLY ANNOUNCED ITS DECISION BUT A TRIBUNE CO
SPOKESMAN CONFIRMED THAT THE GOVERNMENT HAD REJECTED THE PATENT THE COMPANY
SAID IT HAS TWO MONTHS TO DECIDE WHETHER TO CONTEST THE REJECTION OR FILE AN
APPLICATION FOR A NARROWER PATENT

THE SPOKESMAN DECLINED TO COMMENT ON HOW TRIBUNE CO WOULD PROCEED

OBSERVERS HAILED THE DECISION SAYING THE GOVERNMENT HAD TAKEN A BIG STEP
TOWARD ESTABLISHING A SANE POLICY TOWARD SOFTWARE PATENTS THIS IS THE
PATENT OFFICE'S WAY OF SAYING THAT THE SYSTEM ISN'T TOTALLY BROKEN SAID
RONALD LAURIE A MENLO PARK CALIF ATTORNEY WHO SPECIALIZES IN SOFTWARE
ISSUES IT'S SAYING THAT THERE ARE WAYS TO GET BAD PATENTS TAKEN CARE OF

UNTIL THE EARLY 1980S THE GOVERNMENT NEVER AWARDED PATENTS ON THE CODE THAT
DIRECTS THE COMPUTER'S ACTIONS ON THE GROUND THAT SUCH PROGRAMS COULD ONLY
BE PROTECTED BY COPYRIGHT LAW WHICH COVERS THE EXPRESSION OF IDEAS BUT NOT
THE IDEAS THEMSELVES SINCE THEN HOWEVER THE GOVERNMENT HAS ISSUED A
GROWING NUMBER OF PATENTS TO INVENTORS OF COMPUTER CODE

CODEWRITERS AND SOFTWARE COMPANIES HAVE INCREASINGLY COMPLAINED ABOUT THE
GOVERNMENT'S SEEMINGLY LIBERAL ATTITUDE TOWARD SOFTWARE PATENTS ASSERTING
THAT TOO MANY OBVIOUS TECHNIQUES HAD BEEN GRANTED PATENT PROTECTION THIS
THE CRITICS SAID HAD STIFLED INNOVATION BECAUSE PROGRAMMERS SPENT TOO MUCH
TIME WORRYING ABOUT HOW TO AVOID INFRINGING ON DUBIOUS PATENTS OR FIGHTING
OFF ALLEGATIONS

THE COMPTON PATENT SEEMED TO SUBSTANTIATE THESE CRITICISMS BECAUSE IT
COVERED A COMMONPLACE WAY OF STORING AND RETRIEVING TEXT AUDIO AND IMAGES
STORED ON COMPACT DISKS THAT WERE FORMATED TO BE UNDERSTOOD BY A COMPUTER

THE PATENT WAS SO BREATHTAKING IN ITS SWEEP THAT FOR PEOPLE IN THE INDUSTRY
IT WAS LIKE TRYING TO PATENT SUNLIGHT SAID PAUL SAFFO WHO FOLLOWS TRENDS
IN INFORMATION TECHNOLOGY FOR THE INSTITUTE OF THE FUTURE MENLO PARK
CALIF

WITH HUNDREDS OF COMPANIES DEVELOPING PROGRAMS THAT TAKE ADVANTAGE OF THE
COMPUTER'S ABILITY TO MIX AND MATCH MEDIA FORMS MANY PEOPLE WORRIED THAT
THE COMPTON PATENT ESSENTIALLY MIGHT PLACE A TAX ON ALL MAKERS OF THESE
EMERGING PRODUCTS WHILE ASSERTING THAT THE PATENT OFFICE HADN'T ANY CHOICE
BUT TO REVERSE ITS DECISION IT IS ASTOUNDING THAT THE REVERSAL HAS COME
SO QUICKLY SAID CHRISTOPHER SHERMAN EDITOR OF MULTIMEDIA WEEK A
NEWSLETTER 9403250067 940325 UAL CORP UNIONS REACH AGREEMENT ON
PROPOSED PLAN FOR EMPLOYEE BUYOUT  BY MICHAEL J MCCARTHY STAFF
REPORTER OF THE WALL STREET JOURNAL

CHICAGO AFTER A TENSE AND UNCERTAIN NINE DAYS OF TALKS UAL CORP AND ITS
UNIONS HAVE NEGOTIATED AN AGREEMENT ON A PROPOSED 5 BILLION BUYOUT BY
EMPLOYEES ACCORDING TO INDIVIDUALS FAMILIAR WITH THE DEAL

THE PARTIES ARE SET TO SIGN A DEFINITIVE ACCORD PERHAPS IN A MATTER OF
DAYS THE INDIVIDUALS ADDED THE UNIONS AND UAL DECLINED TO COMMENT

GIVEN THE HISTORICAL VOLATILITY OF THE BUYOUT THE DEFINITIVE AGREEMENT
ISN'T A CERTAINTY UNTIL FORMALLY SIGNED HOWEVER ONCE THAT HAPPENS THE
BUYOUT TRANSACTION WHICH WOULD CREATE THE NATION'S LARGEST COMPANY
MAJORITYOWNED BY EMPLOYEES WILL GO BEFORE THE SECURITIES AND EXCHANGE
COMMISSION

AFTER THE AGENCY APPROVES THE PROSPECTUS FOR THE TRANSACTION UAL THE
PARENT OF UNITED AIRLINES WILL PUT THE MATTER TO A SHAREHOLDER VOTE

UNTIL TWO WEEKS AGO FINALIZING THE DETAILS OF DECEMBER'S AGREEMENT IN
PRINCIPLE HAD BEEN EXPECTED TO BE A ROUTINE STEP BUT THE BUYOUT HIT A SNAG
WHEN THE COMPANY AND TWO MAJOR UNIONS FAILED TO MEET A MARCH 15 DEADLINE ON
THE CONCESSIONFOREQUITY TRANSACTION THE MACHINISTS UNION BALKED AT THE
11TH HOUR CLAIMING THAT UNITED AIRLINES' MANAGEMENT AND NONCONTRACT
EMPLOYEES WEREN'T EQUITABLY CONTRIBUTING CONCESSIONS

THE LATEST ACCORD ISN'T SUBSTANTIALLY DIFFERENT FROM THE AGREEMENT IN
PRINCIPLE ACCORDING TO UNION NEGOTIATORS UAL'S NONCONTRACT EMPLOYEES
ALONG WITH ITS MACHINISTS AND PILOTS UNION MEMBERS WILL STILL EXCHANGE WAGE
REDUCTIONS AND WORKRULE CONCESSIONS FOR A STAKE OF AT LEAST 53 IN UAL THEY
ALSO AGREE TO FORM A SHORTFLIGHT LOWCOST CARRIER THE UNIONS HAVE VALUED
THEIR OFFER WHICH CONSISTS OF STOCK AND SECURITIES AT 173 A SHARE

UAL CLOSED YESTERDAY AT 12375 DOWN 175 IN NEW YORK STOCK EXCHANGE
COMPOSITE TRADING

IN THE PAST FEW DAYS UNITED AND ITS MACHINISTS UNION HAVE BEEN NEGOTIATING
INTENSELY TO IRON OUT THEIR DIFFERENCES THE MACHINISTS UNITED'S LARGEST
UNION WANTED UNITED'S CURRENT EMPLOYEES TO TAKE BIGGER PAYCUTS AND TO RELY
LESS ON A NEW PROGRAM THAT PAYS NEW HIRES LOWER WAGES AND BENEFITS UNDER
ONE CHANGE IN THE NEW AGREEMENT NONCONTRACT EMPLOYEES ARE EXPECTED TO TAKE
PAY REDUCTIONS OF ABOUT 8 COMPARED WITH A PREVIOUS PLAN TO OFFER ABOUT 5
ACCORDING TO UNION SOURCES

THAT CHANGE ALTERS THE MIXTURE OF THE WAGE CONCESSIONS BUT DOESN'T CHANGE
THE NONUNION EMPLOYEES' PLEDGE TO PROVIDE 509 MILLION IN CONCESSIONS IN THE
BUYOUT IN THE PAST FEW DAYS UAL CHAIRMAN STEPHEN M WOLF HAS PERSONALLY
TAKEN A HAND IN NEGOTIATIONS TRYING TO CONCLUDE THE DEAL

UNION NEGOTIATORS WERE PLEASED WITH THE RESOLUTION OF ISSUES WITH ONE
NOTING THAT THERE WAS A HANDSHAKE ON TERMS HOWEVER AS ANOTHER UNION
OFFICIAL SAID UNTIL THE PAPERS ARE SIGNED NO ONE IS TAKING A VICTORY
LAP 9403250066 940325 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 HOME LOAN BANK SYSTEM 130 MILLION OF NOTES DUE APRIL 5 2004
PRICED INITIALLY AT PAR TO YIELD 675 ACCORDING TO MCM CORPORATEWATCH THE
NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 21 BASIS POINTS ABOVE TREASURYS
THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN SACHS & CO

FEDERAL HOME LOAN BANK SYSTEM 100 MILLION OF MULTIPLE STEPUP NOTES DUE
APRIL 7 1997 PRICED AT PAR TO YIELD 5 FOR THE FIRST YEAR ACCORDING TO
MCM CORPORATEWATCH THEREAFTER THE COUPON RISES ANNUALLY TO 565 THEN TO
67 THE NOTES NONCALLABLE FOR ONE YEAR WERE PRICED AT A SPREAD OF 32
BASIS POINTS ABOVE TREASURYS AND WILL BE SOLD THROUGH UNDERWRITERS LED BY
MERRILL LYNCH & CO

HERTZ CORP 150 MILLION OF SENIOR NOTES DUE APRIL 15 2001 PRICED AS 7S
AT 99777 TO YIELD 704 ACCORDING TO MCM CORPORATEWATCH THE NONCALLABLE
ISSUE WAS PRICED AT A SPREAD OF 70 BASIS POINTS ABOVE SEVENYEAR TREASURYS
RATED BAA1 BY MOODY'S INVESTORS SERVICE INC AND TRIPLEBPLUS BY STANDARD
& POOR'S CORP THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY LEHMAN
BROTHERS INC HERTZ IS A UNIT OF FORD MOTOR CO

INTERNATIONAL LEASE FINANCE CORP 100 MILLION OF NOTES DUE APRIL 1
1999 PRICED AS 6625S AT 99809 TO YIELD 667 ACCORDING TO MCM
CORPORATEWATCH THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 60 BASIS
POINTS ABOVE TREASURYS RATED SINGLEA2 BY MOODY'S AND SINGLEAPLUS BY
S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MORGAN STANLEY & CO
INTERNATIONAL LEASE FINANCE IS A UNIT OF AMERICAN INTERNATIONAL GROUP INC

PITNEY BOWES CREDIT CORP 200 MILLION OF NOTES DUE FEB 15 1997 PRICED
AS 5625S AT 99663 TO YIELD 5751 ACCORDING TO MCM CORPORATEWATCH THE
NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 30 BASIS POINTS ABOVE TREASURYS
RATED DOUBLEA3 BY MOODY'S AND DOUBLEA BY S&P THE ISSUE WILL BE SOLD
THROUGH UNDERWRITERS LED BY CS FIRST BOSTON INC PITNEY BOWES CREDIT IS A
UNIT OF PITNEY BOWES INC

CRYSTALLUME ONE MILLION COMMON SHARES PRICED WEDNESDAY AT 540 EACH AND
ONE MILLION REDEEMABLE WARRANTS PRICED AT 10 CENTS EACH MANAGED BY
DICKINSON & CO ACCORDING TO THE COMPANY

GULF SOUTH MEDICAL SUPPLY INC INITIAL OFFERING OF 19 MILLION COMMON
SHARES PRICED AT 16 EACH THROUGH UNDERWRITERS WILLIAM BLAIR & CO AND
MONTGOMERY SECURITIES

ALABAMA HIGHER EDUCATION LOAN CORP 978 MILLION OF STUDENTLOAN REVENUE
REFUNDING BONDS PRICED BY A LEHMAN BROTHERS INC GROUP THE 877 MILLION OF
SERIES 1994A BONDS YIELD FROM 31 IN 1994 TO 525 IN 2000 THESE BONDS
AREN'T SUBJECT TO THE ALTERNATIVEMINIMUM TAX THE 196 MILLION OF SERIES
B1994 BONDS WHICH ARE SUBJECT TO THE ALTERNATIVEMINIMUM TAX YIELD FROM
33 IN 1994 TO 565 IN 2002 THE 344 MILLION OF SERIES 1994C BONDS
ALSO SUBJECT TO THE ALTERNATIVEMINIMUM TAX YIELD FROM 33 IN 1994 TO
545 AND 585 IN 2004 6 IN 2007 AND 61 IN 2009 CALL FEATURES FOR THIS
SERIES ARE AT 2004 AND 2006 THE 35 MILLION OF SERIES 1994D BONDS SUBJECT
TO THE ALTERNATIVEMINIMUM TAX AS WELL YIELD FROM 33 IN 1994 TO 545 IN
2000 WITH TERM BONDS AT 585 IN 2004 6 IN 2007 AND 615 IN 2010 ITS
CALL FEATURES ARE ALSO AT 2004 AND 2006 ALL BONDS ARE RATED TRIPLEA BY
MOODY'S AND S&P

MICHIGAN TRUNK LINE FUND 92 MILLION OF REFUNDING BONDS SERIES 1994B
PRICED BY A GOLDMAN SACHS & CO GROUP YIELDS RANGE FROM 275 IN 1994 TO
51 IN 2002 BONDS DUE IN 2001 AND 1998 CARRY A RATING OF SINGLEA FROM
MOODY'S AND DOUBLEAMINUS FROM S&P THE REMAINDER OF THE BONDS ARE INSURED
BY THE FINANCIAL GUARANTY INSURANCE CO AND ARE RATED TRIPLEA BY MOODY'S
AND S&P

FEDERAL NATIONAL MORTGAGE ASSOCIATION 325 MILLION OF STRIPPED
MORTGAGEBACKED SECURITIES PRICED THROUGH UNDEWRITER KIDDER PEABODY & CO
STRIPS TRUST 261 IS BACKED BY THE AGENCY'S 30YEAR 85 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 912 AND
WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 303 MONTHS

EUROPEAN INVESTMENT BANK SUPRANATIONAL ONE BILLION MARKS OF 65
EUROBONDS DUE APRIL 21 2004 AT ISSUE PRICE 10165 VIA DEUTSCHE BANK AG
BONDS YIELD 651 AFTER FEES OF 175 A MARGIN OF 15 BASIS POINTS OVER
GERMAN TREUHAND OF MARCH 1999

GENERAL ELECTRIC CAPITAL CORP US PARENT 100 MILLION EURPEAN CURRENCY
UNITS OF 6125 EUROBONDS DUE APRIL 13 1999 AT ISSUE PRICE 101215 VIA
CREDIT COMMERCIAL DE FRANCE AND MERRILL LYNCH INTERNATIONAL LTD REOFFERED
AT 9959 TO YIELD 622 A MARGIN FLAT WITH COMPARABLE ECU FRENCH TREASURY
FEES 1875

KFW INTERNATIONAL FINANCE INC GERMAN PARENT 200 BILLION ITALIAN LIRE
OF 8375 EUROBONDS DUE APRIL 28 1999 AT ISSUE PRICE 1008 VIA DEUTSCHE
BANK AG LONDON BONDS YIELD 865 AFTER FULL FEES OF 1875 GUARANTOR
KREDITANSTALT FUER WIEDERAUFBAU 9403250065 940325 DOMESTIC CAR MAKERS 
TO BOOST OUTPUT 21

DETROIT THE 10 DOMESTIC AUTO MAKERS SAID THEY PLAN TO BUILD 263721 CARS
AND TRUCKS THIS WEEK UP 21 FROM THE 218622 VEHICLES BUILT IN THE SAME
WEEK LAST YEAR

GENERAL MOTORS CORP SAID STRIKES AT TWO OHIO BRAKE PLANTS CAUSED PARTS
SHORTAGES AT SEVERAL GM ASSEMBLY PLANTS SEVERAL PLANTS WERE FORCED TO CLOSE
AS A RESULT HOWEVER ALL OF AFFECTED ASSEMBLY PLANTS HAVE RESUMED NORMAL
OPERATIONS

FORD MOTOR CO CHRYSLER CORP TOYOTA MOTOR CORP AND GM SAID THEY PLANNED
OVERTIME THIS WEEK AT US ASSEMBLY PLANTS THE BIG THREE AUTO MAKERS HAVE
STEADILY RUN ASSEMBLY PLANTS ON OVERTIME THIS YEAR TO KEEP UP WITH DEMAND
FOR VEHICLES

TOYOTA SAID IT SCHEDULED OVERTIME TOMORROW TO COMPENSATE FOR PRODUCTION LOST
EARLIER THIS YEAR DUE TO SEVERE WEATHER 9403250064 940325 YOUR MONEY
MATTERS WEEKEND REPORT HOW TO DO GOOD DO WELL AND CUT YOUR TAX 
 BY GEORGETTE JASEN STAFF REPORTER OF THE WALL STREET JOURNAL

TIRED OF INVESTMENT SCAMS AND PROMISES OF HIGH RETURNS THAT CAN'T BE
ACHIEVED HERE'S SOMETHING THAT IS ALMOST TOO GOOD TO BE TRUE A WAY TO SAVE
ON TAXES BOOST YOUR RETURN ON ASSETS AND DO A GOOD DEED ALL AT THE SAME
TIME

CHARITABLE GIFT ANNUITIES OFFERED BY MANY RELIGIOUS GROUPS COLLEGES
UNIVERSITIES AND PHILANTHROPIC ORGANIZATIONS PROVIDE DONORS WITH INCOME
FOR LIFE IN EXCHANGE FOR A CONTRIBUTION ALTHOUGH IT'S TOO LATE TO SAVE ON
YOUR TAX BILL DUE APRIL 15 IT MAY BE SOMETHING TO CONSIDER FOR NEXT YEAR

WE CAN OFFER A GOOD RATE AND STABILITY AND THE ABILITY TO MAKE A GIFT THAT
WILL DO SOME GOOD SAYS NEAL P MYERBERG HEAD OF THE OFFICE OF PLANNED
GIVING AND ENDOWMENTS FOR UNITED JEWISH APPEALFEDERATION OF JEWISH
PHILANTHROPIES IN NEW YORK

IT'S A FAIRLY SIMPLE PROCESS USUALLY REQUIRING JUST A ONEPAGE CONTRACT
BETWEEN A CHARITY AND A DONOR THE CONTRIBUTION GENERATES A TAX DEDUCTION
PART OF THE INCOME IS TAXEXEMPT AND THE RATE OF RETURN IS HIGHER THAN
WHAT'S AVAILABLE ON MANY CONSERVATIVE INVESTMENTS SUCH AS TREASURY BILLS
AND CERTIFICATES OF DEPOSIT

YOU AGREE TO MAKE A DONATION OF X AND THE CHARITY SAYS IT AGREES TO PAY
YOU Y FOR THE REST OF YOUR LIFE PERIOD PARAGRAPH SAYS TAL ROBERTS
CHAIRMAN OF THE AMERICAN COUNCIL ON GIFT ANNUITIES A VOLUNTEER ORGANIZATION
OF FUNDRAISERS THAT SETS RATES FOR GIFT ANNUITIES THERE'S SOMETHING TO BE
SAID FOR THAT

TO BE SURE YOU REALLY DO HAVE TO GIVE THE MONEY AWAY AND THERE ARE
INVESTMENTS THAT PAY MORE BUT THE RATES WHICH RISE WITH THE DONOR'S AGE
ARE NOTHING TO SCOFF AT

THAT'S ESPECIALLY TRUE FOR THE MANY ELDERLY INVESTORS WHO STICK TO
CONSERVATIVE FIXEDINCOME INVESTMENTS LIKE CDS AND TBILLS A 75YEAROLD
DONOR FOR EXAMPLE WOULD GET THE EQUIVALENT OF A 77 YIELD ON A CHARITABLE
GIFT ANNUITY MORE THAN TWICE WHAT'S AVAILABLE THESE DAYS ON MOST CDS AND
TBILLS SOMEONE WHO'S 85 YEARS OLD WOULD GET 98

YOUNGER FOLKS DON'T DO TOO BADLY EITHER THE RATE OF RETURN FOR A
55YEAROLD IS 59 THE COUNCIL ON GIFT ANNUITIES BASED IN DALLAS REVIEWS
RATES AT LEAST EVERY THREE YEARS

RATES ARE EVEN HIGHER FOR DONORS WHO DEFER INCOME PAYMENTS FOR A NUMBER OF
YEARS LET'S SAY UNTIL RETIREMENT BECAUSE OF THE EFFECTS OF COMPOUNDING A
35YEAROLD COULD MAKE A 10000 DONATION AND GET A TAX DEDUCTION NOW THEN
GET BACK 1560 A YEAR AFTER RETIREMENT IN 20 YEARS AN ANNUITY RATE OF
156

IT'S A WAY OF MAKING A CHARITABLE CONTRIBUTION NOW GETTING A TAX DEDUCTION
WHILE YOU'RE IN A HIGH BRACKET AND HAVING INCOME LATER ON SAYS CONRAD
TEITELL A WHITE PLAINS NY TAX ATTORNEY

GIFT ANNUITIES AREN'T FOR EVERYONE HOWEVER INVESTORS WHO ARE INTERESTED
ONLY IN THE MONEY MIGHT CONSIDER A DIVERSIFIED STOCK PORTFOLIO IF THEY
HAVE THE TIME TO RIDE OUT THE MARKET'S UPS AND DOWNS OVER A DECADE OR SO
HISTORY SUGGESTS THAT THEIR RETURNS COULD AVERAGE 10 ANNUALLY

SOME PEOPLE MIGHT BE BETTER OFF WITH A FIXEDRATE ANNUITY FROM AN INSURANCE
COMPANY A 75YEAROLD MAN FOR INSTANCE COULD EXPECT AN ANNUAL PAYOUT
EQUIVALENT TO 12 OR SO ON CERTAIN KINDS OF COMMERCIAL ANNUITIES
CHARITABLE GIFT ANNUITIES OFFER THE SAME RATES TO MEN AND WOMEN

WHAT'S MORE CHARITABLE GIFT ANNUITIES LIKE OTHER FIXEDRATE INVESTMENTS
DON'T PROVIDE ANY SORT OF HEDGE AGAINST INFLATION A RATE OF 59 MAY LOOK
GOOD NOW WHEN INTEREST RATES ARE LOW BUT WOULDN'T BE NEARLY SO ATTRACTIVE
IF RATES RISE INTO THE DOUBLE DIGITS

PEOPLE CONSIDERING CHARITABLE GIFT ANNUITIES SHOULD KEEP IN MIND THAT THEIR
GIFT IS IRREVOCABLE IF YOU NEED THE MONEY LATER YOU'RE OUT OF LUCK NO
MATTER HOW BADLY YOU NEED IT YOU ALSO WON'T HAVE IT TO LEAVE TO CHILDREN OR
GRANDCHILDREN FINANCIAL PROFESSIONALS AND THE CHARITIES THEMSELVES
USUALLY CAUTION DONORS NOT TO GIVE AWAY MORE THAN THEY CAN COMFORTABLY DO
WITHOUT

IT'S ALSO IMPORTANT TO KNOW SOMETHING ABOUT THE ORGANIZATION OFFERING THE
ANNUITY SINCE DONORS ARE DEPENDENT ON THE CHARITY TO KEEP ITS END OF THE
BARGAIN AND MAKE THE INCOME PAYMENTS BE CAREFUL ABOUT GIVING BIG SUMS TO A
GROUP THAT MAY NOT BE AROUND TO MAKE THE PAYMENTS

AS FOR TAXES BECAUSE THE DONATION IS USED TO FUND AN ANNUITY ONLY A
PORTION IS CONSIDERED A TAXDEDUCTIBLE GIFT IN THE YEAR OF THE DONATION
BASED ON INTERNAL REVENUE SERVICE TABLES TIED TO THE DONOR'S AGE A
55YEAROLD WOULD BE ABLE TO DEDUCT 3262 OF A 10000 GIFT THE
75YEAROLD WOULD GET A 4627 TAX DEDUCTION THE 35YEAROLD WHO TAKES A
DEFERRED PAYOUT WOULD GET AN IMMEDIATE 5145 DEDUCTION AS WITH ALL
CHARITABLE CONTRIBUTIONS THE AMOUNT YOU CAN DEDUCT FOR THE YEAR IN WHICH
YOU MAKE THE GIFT IS LIMITED TO 50 OF ADJUSTED GROSS INCOME IN THE CASE OF
CASH DONATIONS AND 30 IN THE CASE OF APPRECIATED SECURITIES THE
REMAINDER MAY BE DEDUCTIBLE IN FUTURE YEARS

THE PORTION OF INCOME THAT IS TAXEXEMPT IS CONSIDERED A TAXFREE RETURN OF
PRINCIPAL AND IS BASED ON THE DONOR'S LIFE EXPECTANCY THE 75YEAROLD WHO
DONATED 10000 TO A FAVORITE CHARITY WOULD GET 770 A YEAR OF WHICH
43351 WOULD BE TAXFREE FOR 124 YEARS A 55YEAROLD WOULD RECEIVE
23659 FREE OF TAXES FOR 285 YEARS OF A 590 A YEAR PAYOUT THE FULL
PAYOUT IS TAXED AT ORDINARY INCOME RATES ONCE THE DONOR LIVES BEYOND HIS
LIFE EXPECTANCY

THE PAYOUT ON CERTAIN COMMERCIAL ANNUITIES ALSO INCLUDES SOME TAXEXEMPT
INCOME A 75YEAROLD MAN WHO PUTS 10000 INTO A LIFEONLY NOREFUND
ANNUITY FOR INSTANCE WOULD RECEIVE ABOUT 1200 A YEAR FOR LIFE ABOUT
TWOTHIRDS OF IT WOULD BE FREE OF TAXES WITH NO RETURN OF PRINCIPLE WHEN HE
DIES INSURANCE COMPANIES OFFER OTHER ANNUITIES USUALLY WITH SMALLER
PAYOUTS THAT LEAVE SOMETHING FOR HEIRS AT THE END

CHARITIES THEMSELVES EMPHASIZE THE DOINGGOOD ANGLE I ASK PEOPLE WOULD
YOU RATHER HAVE YOUR MONEY USED FOR CHARITABLE GOOD OR FOR INSURANCECOMPANY
PROFITS SAYS MR MYERBERG OF UJAFEDERATION YOU MIGHT CALL IT EATING
YOUR CAKE AND DONATING IT TOO PROCLAIMS A LEAFLET FROM THE UJA

AN OUTRIGHT GIFT NOW WOULD PROVIDE A BIGGER TAX DEDUCTION BUT NO INCOME
INVESTING THE MONEY YOURSELF AND LEAVING A SUM TO CHARITY IN YOUR WILL MIGHT
GIVE YOU MORE INCOME IN YOUR LIFETIME BUT NO INCOMETAX DEDUCTION FROM THE
CHARITY'S POINT OF VIEW ALTHOUGH MOST DON'T ACTUALLY USE THE ANNUITY
PRINCIPAL UNTIL THE DONOR'S DEATH THEY LIKE KNOWING IT'S IN THE PIPELINE

MOST CHARITIES OFFER CHARITABLE REMAINDER TRUSTS TOO WHICH ALSO PROMISE
INCOME FOR LIFE IN RETURN FOR A CONTRIBUTION THESE HOWEVER TYPICALLY
REQUIRE A LARGER DONATION TO COMPENSATE FOR THE COSTS OF SETTING UP THE
TRUST AND THE PAYOUT RATES ARE USUALLY LOWER THE NEW YORK PUBLIC LIBRARY
FOR INSTANCE REQUIRES A 50000 MINIMUM DONATION TO ESTABLISH A TRUST
COMPARED WITH 5000 FOR AN ANNUITY

FOR EITHER ONE THE DONATION CAN BE CASH OR SECURITIES THERE'S NO
CAPITALGAINS TAX AT ALL ON APPRECIATED SECURITIES USED TO FUND CHARITABLE
REMAINDER TRUSTS WITH ANNUITIES CAPITALGAINS TAX IS DUE ONLY ON PART OF
THE DONATION AND IS PRORATED OVER THE LIFE EXPECTANCY OF THE DONOR

THERE MAY ALSO BE ESTATETAX SAVINGS SINCE THE SIZE OF THE ESTATE IS
DIMINISHED BY THE VALUE OF THE DONATION AND WHILE FUNDRAISERS DON'T LIKE TO
TALK ABOUT IT PUBLICLY CHARITABLE DONATIONS MAY HELP THE ELDERLY QUALIFY
FOR GOVERNMENT ASSISTANCE FOR NURSING HOME CARE BY REDUCING THEIR ASSETS
UNCLE SAM IS SHARING IN YOUR GENEROSITY SAYS MR TEITELL THE WHITE
PLAINS ATTORNEY YOU CAN BE A PHILANTHROPIST AT WHOLESALE COSTS
9403250063 940325 NORSK HYDRO PART OF CARGILL SALE

STOCKHOLM NORWEGIAN ENERGY CHEMICALS AND METALS GROUP NORSK HYDRO AS
SAID IT SIGNED A LETTER OF INTENT WITH CARGILL FERTILIZER INC OF THE US
ON THE SALE OF CARGILL'S ASSETS AT ITS PORT SUTTON TERMINAL IN TAMPA FLA

THE SALE INCLUDES TWO AMMONIA STORAGE TANKS WITH A TOTAL CAPACITY OF 49000
TONS AND CARGILL'S 50 STAKE IN AMMTRANS A JOINT VENTURE WITH CF INDUSTRIES
INC THAT LEASES AN AMMONIA PIPELINE FROM TAMPA BAY PIPELINE CO

FINANCIAL DETAILS WEREN'T DISCLOSED BY THE COMPANIES 9403250062 940325
TOUGH NEW ANTISMOKING RULES TO BE UNVEILED TODAY  BY KEVIN G SALWEN
 STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE CLINTON ADMINISTRATION IS SET TO PROPOSE TOUGH NEW RULES
REGULATING INDOOR AIR QUALITY SEVERELY LIMITING SMOKING AT WORK

THE PROPOSAL SCHEDULED TO BE ANNOUNCED THIS MORNING BY LABOR SECRETARY
ROBERT REICH WOULD ALSO ELIMINATE SMOKING IN RESTAURANTS AND BARS EXCEPT IN
DESIGNATED AREAS WHERE FOOD AND DRINK AREN'T SERVED ACCORDING TO A COPY OF
THE PROPOSAL OBTAINED BY THIS NEWSPAPER

THE RULE ALSO WOULD HAVE BROADER IMPLICATIONS REGULATING SUCH AIR
CONTAMINANTS AS MOLDS AND POLLENS THROUGH AIRCONDITIONING SYSTEMS

THE PROPOSAL TO BE ISSUED TODAY BY THE LABOR DEPARTMENT'S OCCUPATIONAL
SAFETY AND HEALTH ADMINISTRATION WOULD BE ANOTHER HUGE SETBACK FOR THE
TOBACCO INDUSTRY A NUMBER OF STATE LEGISLATURES IN RECENT YEARS HAVE
ADOPTED LAWS BARRING SMOKING IN OFFICES CONGRESS IS CLOSE TO APPROVING
LEGISLATION THAT WOULD BAN SMOKING IN ALL FEDERAL BUILDINGS AND LAST YEAR
AN ENVIRONMENTAL PROTECTION AGENCY STUDY DETERMINED THAT TOBACCO SMOKE IS A
CARCINOGEN

ONCE THE PROPOSAL IS ISSUED HEARINGS WILL BE HELD TO ALLOW PUBLIC COMMENT
THEN THE AGENCY WILL PUBLISH A FINAL STANDARD IN THE FEDERAL REGISTER
AFTER WHICH THE PUBLIC WILL HAVE 60 DAYS TO PROPOSE CHANGES IF OSHA DOESN'T
CHANGE THE STANDARD WITHIN THAT 60DAY PERIOD EMPLOYERS WOULD HAVE A YEAR
TO MAKE THE REQUIRED CHANGES IN THEIR WORKPLACES

THE CHANGES WOULD BE SWEEPING THE TOBACCOSMOKE STANDARD WOULD APPLY TO ALL
INDOOR OR ENCLOSED WORKPLACES UNDER OSHA JURISDICTION ROUGHLY SIX MILLION
BUSINESS SITES ONE PERSON FAMILIAR WITH THE PLAN SAID THE TOBACCO STANDARD
MAY BE EXPANDED TO COVER EVEN THOSE WORKPLACES THAT AREN'T SUBJECT TO THE
AGENCY'S RULES GENERALLY THOSE WITH FEWER THAN 10 WORKERS

THE MORE GENERAL INDOOR AIRQUALITY STANDARD WOULD APPLY TO WHAT OSHA CALLS
NONINDUSTRIAL WORK ENVIRONMENTS OFFICES SCHOOLS COMMERCIAL
ESTABLISHMENTS HEALTHCARE FACILITIES CAFETERIAS AND BREAK ROOMS LOCATED
IN MANUFACTURING OR PRODUCTION FACILITIES OSHA ESTIMATES THE BROADER RULE
WOULD COVER 45 MILLION WORK SITES

UNDER THE PROPOSAL EMPLOYERS WOULD BE FORCED TO SET ASIDE SPECIFIC ROOMS
FOR SMOKING AND MAKE SURE THAT EMPLOYEES ARE NOT REQUIRED TO ENTER
DESIGNATED SMOKING AREAS IN THE PERFORMANCE OF NORMAL WORK ACTIVITIES
EMPLOYERS WOULD BE FORCED TO POST SIGNS CLEARLY INFORMING ANYONE ENTERING
THE WORKPLACE THAT SMOKING IS RESTRICTED TO DESIGNATED AREAS

THOSE DESIGNATED SMOKING AREAS WILL HAVE TO BE EXHAUSTED DIRECTLY TO THE
OUTSIDE AND BE SUFFICIENT TO CONTAIN SMOKE ONLY IN THE AREA

BECAUSE RESTAURANTS AND BARS ARE WORKPLACES THEY WOULD BE SUBJECT TO THE
STANDARD LIKE OTHER WORK SITES THEY COULD SET ASIDE AREAS FOR SMOKING BUT
SERVERS COULDN'T BE FORCED TO ENTER THOSE WORKPLACES AS A RESULT PEOPLE
FAMILIAR WITH THE PROPOSAL SAID CUSTOMERS COULDN'T BE SERVED THERE

THE RESTAURANT INDUSTRY IS EXPECTED TO BE A MAIN OPPONENT OF THE PROPOSAL

OSHA HAS BEEN WORKING ON A NOSMOKING RULE FOR YEARS BUT HASN'T BEEN ABLE
TO GET THE SUPPORT OF OTHER ADMINISTRATION OFFICIALS LATE YESTERDAY THE
PROPOSAL RECEIVED THE BACKING OF THE OFFICE OF MANAGEMENT AND BUDGET
CLEARING THE LABOR DEPARTMENT TO MOVE FORWARD

MORE BROADLY THE PROPOSAL WOULD REQUIRE EMPLOYERS TO DESIGNATE A PERSON IN
CHARGE OF INDOOR AIR QUALITY AND PUT IN WRITING AN AIRQUALITY COMPLIANCE
STANDARD EMPLOYERS WOULD ALSO HAVE TO ESTABLISH A WRITTEN RECORD OF
EMPLOYEE COMPLAINTS RELATED TO BUILDINGRELATED ILLNESS EMPLOYEES WOULD
HAVE ACCESS TO THOSE RECORDS AND COULD COPY THEM

MAINTENANCE WORKERS MUST BE TRAINED HOW TO USE PROTECTIVE EQUIPMENT AND HOW
TO KEEP ADEQUATE VENTILATION OF AIR CONTAMINANTS

EMPLOYERS ALSO WOULD BE REQUIRED TO KEEP RECORDS FOR THE PREVIOUS THREE
YEARS

EMPLOYERS ALSO WOULD BE FORCED TO

 ALERT EMPLOYEES WORKING IN AREAS TO BE TREATED WITH POTENTIALLY HAZARDOUS
CHEMICALS AT LEAST 24 HOURS BEFORE APPLICATION 9403250061 940325 LEGAL
BEAT COURTS ORDER MORE OPENNESS IN DISCOVERY  BY RICHARD B
SCHMITT STAFF REPORTER OF THE WALL STREET JOURNAL

LAWYERS AND CLIENTS WHO TRY TO KEEP SMOKING GUN DOCUMENTS FROM SURFACING
IN LAWSUITS ARE GETTING SINGED IN COURT

WHEN FISONS CORP A UNIT OF FISONS PLC WAS SUED IN WASHINGTON STATE
SUPERIOR COURT THE PLAINTIFFS REQUESTED THAT THE DRUG MAKER TURN OVER ANY
INFORMATION IT HAD ON THE HARMFUL SIDE EFFECTS OF ONE OF ITS TREATMENTS
COMPANY LAWYERS LED BY BOGLE & GATES OF SEATTLE VIGOROUSLY RESISTED THE
HARDLINE APPROACH SEEMED CONSISTENT WITH THE WAY ETHICAL HONORABLE
LAWYERS IN THIS COMMUNITY PRACTICE RECALLS FREDRIC TAUSEND A SEATTLE
LAWYER AND FORMER LAW SCHOOL DEAN WHO FOLLOWED THE CASE

BUT THE WASHINGTON SUPREME COURT DIDN'T SEE IT THAT WAY IN SEPTEMBER IT
FOUND THAT THE COMPANY'S LAWYERS HAD VIOLATED THEIR ETHICAL DUTY TO PRODUCE
FULL AND ACCURATE INFORMATION FISONS AND THE LAW FIRM AGREED TO PAY
SANCTIONS OF 325000 ONE OF THE LARGEST PENALTIES EVER INCURRED BY A LAW
FIRM IN THE STATE

THE FISONS CASE AND OTHERS LIKE IT ARE CHANGING THE WAY LAWYERS AND CLIENTS
APPROACH THE CRUCIAL FACTFINDING STAGES OF LAWSUITS SINCE THE MID1970S
THE PROCESS KNOWN AS DISCOVERY HAS EVOLVED INTO AN INCREASINGLY BRUISING
BUSINESS WHERE EACH SIDE TYPICALLY DOES ALL IT CAN TO KEEP DAMAGING OR
EMBARRASSING EVIDENCE FROM THE OTHER

BUT A GROWING NUMBER OF COURTS HAVE FOUND THAT LITIGANTS HAVE GONE
OVERBOARD AND THEY'RE CRACKING DOWN THE TREND IS AFFECTING SOME BIG CASES
AND PROVING COSTLY TO SOME BIG LAW FIRMS AND CORPORATIONS

THERE IS AN ACCELERATING INCIDENCE OF JUDICIAL INTOLERANCE FOR
OBSTRUCTIONIST CONDUCT SAYS STEPHEN GILLERS A PROFESSOR OF LEGAL ETHICS
AT NEW YORK UNIVERSITY LAW SCHOOL THE COURTS ARE RECOGNIZING THAT THE
DEMANDS ON LIMITED JUDICIAL RESOURCES INCREASE EXPONENTIALLY WITH DISCOVERY
ABUSE AND THAT THAT IS UNFAIR TO OTHER LITIGANTS JUDGES AND SOCIETY IN
GENERAL

EARLIER THIS MONTH FOR EXAMPLE ADVANCED MICRO DEVICES INC SUCCESSFULLY
DEFENDED THE RETRIAL OF A MAJOR COPYRIGHT SUIT BROUGHT BY CHIP RIVAL INTEL
CORP A JUDGE HAD DISMISSED A JURY VERDICT IN INTEL'S FAVOR AFTER FINDING
THAT INTEL HAD FAILED TO PRODUCE INTERNAL DOCUMENTS THAT AMD FELT SUPPORTED
ITS CASE

IN JANUARY SUZUKI MOTOR CO WAS FORCED TO SETTLE A PERSONALINJURY SUIT
STEMMING FROM A CRASH OF ITS SAMURAI SPORTUTILITY VEHICLE AFTER A FEDERAL
APPEALS COURT FOUND THAT SUZUKI LAWYERS WITHHELD SAFETYRELATED DATA FROM
THE PLAINTIFFS THE COURT RULED THAT THE CONDUCT WARRANTED HOLDING SUZUKI
LIABLE WITHOUT A TRIAL

LYING IS LYING THAT IS NOT ADVERSARIAL SAYS JAMES BUTLER A COLUMBUS
GA ATTORNEY WHO REPRESENTED THE PLAINTIFF THE COURT HELD THAT SUZUKI HAD
GIVEN IF NOT COMPLETELY FALSE AT LEAST MISLEADING ANSWERS TO QUESTIONS
ABOUT A FAILED EFFORT BY SUZUKI TO HAVE GENERAL MOTORS CORP MARKET THE
VEHICLES SUZUKI SAYS THE RULING WAS BASED ON A MISUNDERSTANDING OF FACTS

GM MEANWHILE HAS FEUDED FOR TWO YEARS WITH PLAINTIFFS' LAWYERS OVER ACCESS
TO DOCUMENTS IN CONNECTION WITH SUITS ALLEGING SAFETY PROBLEMS IN GM TRUCKS
WITH SIDEMOUNTED GAS TANKS A GROUP OF ATTORNEYS RECENTLY FILED A 100
MILLION SUIT IN DETROIT CHARGING THAT THE AUTO MAKER CONSPIRED TO SUPPRESS
EVIDENCE AND DESTROY TEST DATA IN AN EFFORT TO KEEP PLAINTIFFS IN THE DARK
ABOUT THE TRUCKS' ALLEGED DANGERS GM VIGOROUSLY DENIES THE CHARGE

SOME LAWYERS AND ACADEMICS BELIEVE THE PATTERN OF DECISIONS HAS DISTURBING
CONSEQUENCES THEY NOTE THAT LAWYERS FACE A SERIOUS CONFLICT WHENEVER THEY
COME ACROSS POTENTIALLY INCRIMINATING EVIDENCE IN A CLIENT'S FILES WHILE
THEIR PRIMARY LOYALTY IS SUPPOSED TO BE TO THE CLIENT ATTORNEYS FACE
SOMETIMES AMBIGUOUS COURT RULES ON TURNING OVER SUCH MATERIALS IN
SITUATIONS INVOLVING ANY AMBIGUITY IT'S NOT SURPRISING THAT THEY MAY ERR ON
THE SIDE OF THE CLIENT

ALSO SELFINCRIMINATING EVIDENCE ISN'T ALWAYS EASILY OBTAINED AND MAY
INVOLVE SEARCHING THROUGH MILLIONS OF DOCUMENTS AND FILES RAISING QUESTIONS
ABOUT TO WHAT EXTENT LAWYERS SHOULD BE OBLIGATED TO FERRET OUT SUCH
EVIDENCE

THEN THERE ARE WORRIES ABOUT THE EFFECT OF DISCLOSURE PRESSURES ON CORPORATE
RECORDKEEPING THE POSSIBILITY THAT POTENTIALLY DAMAGING EVIDENCE WILL HAVE
TO BE DISCLOSED LEADS TO TERRIFIC INCENTIVES NOT TO HAVE FILES IN THE FIRST
PLACE SAYS GEOFFREY HAZARD JR A YALE LAW SCHOOL ETHICS PROFESSOR WHAT
DOES THAT MEAN FOR RESPONSIBLE INTERNAL CONTROLS MESSRS HAZARD AND
TAUSEND WERE AMONG MORE THAN A DOZEN PROMINENT LAWYERS AND ETHICS
SPECIALISTS WHO FILED AFFIDAVITS IN THE FISONS CASE IN SUPPORT OF BOGLE &
GATES

THE FISONS MATTER IS A GOOD EXAMPLE OF THE NUANCES THAT CAN ENTER INTO THE
DISCLOSURE QUESTION THE CASE INVOLVED A TWOYEAROLD GIRL WHO SUFFERED
PERMANENT BRAIN DAMAGE AFTER TAKING A DOSE OF AN ANTIASTHMA DRUG
SOMOPHYLLIN ORAL LIQUID

THE DRUG MAKER AND ITS LAW FIRM RESISTED FOR MANY MONTHS ON A VARIETY OF
GROUNDS PLAINTIFFS' REQUESTS FOR ANY INFORMATION SHOWING THE TREATMENT
COULD BE TOXIC THE PLAINTIFFS EVENTUALLY LEARNED FROM AN ANONYMOUS SOURCE
THAT FISONS HAD SENT WARNINGS TO SELECTED DOCTORS THAT THE DRUG'S ACTIVE
INGREDIENT HAD SOME LETHAL SIDE EFFECTS FOR CERTAIN PATIENTS

IN EFFECT ARGUES STEPHEN SALTZBURG A GEORGE WASHINGTON UNIVERSITY LAW
PROFESSOR AND A PLAINTIFFS ATTORNEY IN THE CASE FISONS'S LAWYERS WERE
GIVING MISLEADING RESPONSES THAT WERE INTENDED TO COVER UP INFORMATION
WITHOUT REVEALING THAT THEY WERE ACTUALLY COVERING UP

FISONS AND THE LAW FIRM SAID THEY DIDN'T TURN OVER THE INFORMATION ON
GROUNDS THAT THE EVIDENCE OF HARMFUL SIDE EFFECTS WAS CONTAINED IN FILES
REGARDING A SEPARATE PRODUCT AND THAT THE COMPANY HAD INDICATED TO THE
PLAINTIFFS ALL ALONG THAT ITS RESPONSES WOULD BE LIMITED TO THE ORAL LIQUID
BUT THE STATE SUPREME COURT DIDN'T BUY THE ARGUMENT SAYING THE COMPANY AND
LAW FIRM HAD CONSTRUCTED A DEFENSE THAT MADE IT IMPOSSIBLE TO UNCOVER THE
CRITICAL INFORMATION

IT WAS OUR VIEW THAT WE WERE OPERATING IN A GRAY AREA AND THAT THE SUPREME
COURT CLARIFIED THAT SAYS RICHARD WALLIS MANAGING PARTNER OF BOGLE &
GATES HE SAYS THAT IN RESPONSE TO THE RULING THE FIRM HAS CONDUCTED
EMPLOYEE SEMINARS ON RESPONDING TO DOCUMENT REQUESTS

OUR FIRM HAS NOT HAD ANYTHING OF THIS NATURE HAPPEN BEFOREAND HAS NOT
SINCE HE ADDS

BILINGUAL PEOPLE CAN BE EXCLUDED FROM A JURY IF TESTIMONY IN THE FOREIGN
LANGUAGE THAT THEY SPEAK WILL BE TRANSLATED INTO ENGLISH DURING THE TRIAL A
FEDERAL APPEALS COURT RULED

THE DECISION IN A CASE IN WHICH FIVE PEOPLE WHO SPOKE SPANISH WERE REMOVED
FROM A JURY APPARENTLY IS THE FIRST AT THE APPELLATE LEVEL ON THE ISSUE
THE US SUPREME COURT DECLINED TO ADDRESS THE QUESTION IN A 1991 RULING
INVOLVING BILINGUAL JURORS

THE RECENT CASE INVOLVED A CRIMINAL DEFENDANT WHOSE SPANISH TELEPHONE
CONVERSATIONS WERE WIRETAPPED BY PROSECUTORS THE MAN SAID GOVERNMENT
TRANSLATIONS OF THE CONVERSATIONS WERE WRONG

PROSECUTORS USED PEREMPTORY STRIKES UNDER WHICH LAWYERS CAN REMOVE A
CERTAIN NUMBER OF JURORS WITHOUT STATING A REASON TO ELIMINATE THREE
LATINO JURORS A FORMER SPANISH TEACHER AND A NONLATINO WHO SPOKE SOME
SPANISH A LOWER COURT SAID THE PROSECUTORS' STRIKES ESSENTIALLY ELIMINATED
PEOPLE BECAUSE OF THEIR RACE A PRACTICE THAT THE SUPREME COURT HAS DECLARED
UNCONSTITUTIONAL

BUT A THREEJUDGE APPEALS PANEL IN PHILADELPHIA DISAGREED SAYING COURTS
CAN'T EXPECT BILINGUAL JURORS TO FORGET WHAT THEY KNOW AND TO ACCEPT A
TRANSLATION THEY BELIEVE IS WRONG FOR THAT REASON THE APPEALS COURT SAID
DISMISSING BILINGUAL JURORS BECAUSE THEY HAVE SPECIALIZED INFORMATION IS
NO DIFFERENT FROM ELIMINATING ACCOUNTANTS IN A TAX CASE

THE COURT ADDED THAT ALTHOUGH LANGUAGE IS A COMPONENT OF ETHNICITY IT ISN'T
THE ONLY ONE SO THAT REMOVING ALL SPANISHSPEAKING JURORS ISN'T NECESSARILY
A RACEBASED MANEUVER 9403250060 940325 INTERNATIONAL VW'S LOPEZ SAYS
GERMAN AUTO MAKER IS MOVING QUICKLY TO REVITALIZE ITSELF  BY
AUDREY CHOI STAFF REPORTER OF THE WALL STREET JOURNAL

WOLFSBURG GERMANY JUST ONE YEAR AFTER HIS SPECTACULAR JUMP FROM GENERAL
MOTORS CORP VOLKSWAGEN AG'S J IGNACIO LOPEZ DE ARRIORTUA SAID THE
STRUGGLING GERMAN AUTO GIANT IS MOVING FASTER THAN YOU EXPECT IN ITS
TURNAROUND EFFORT

EVEN AS EUROPE'S LARGEST CAR MAKER OFFICIALLY ANNOUNCED A STAGGERING 194
BILLION MARK 115 BILLION LOSS FOR 1993 AND PREDICTED SHARPLY NARROWED
LOSSES FOR THE FIRST QUARTER OF THIS YEAR A RELAXED ENERGETIC MR LOPEZ
CHIEF OF VW'S PRODUCTION AND PURCHASING GAVE AN UPBEAT ACCOUNT OF THE
COMPANY'S PROSPECTS DURING A RARE BRIEFING FOR REPORTERS WEDNESDAY NIGHT

MR LOPEZ ASSERTED THAT VW CURRENTLY SADDLED WITH A BOXY UNINSPIRED LINE
OF CARS IS PINNING ITS RECOVERY HOPES ON MAGICAL YETTOBELAUNCHED NEW
PRODUCTS LIKE AN UPDATED VW BEETLE PATTERNED ON A WELLRECEIVED CONCEPT CAR
SHOWN AT AUTO SHOWS IN THE US EARLIER THIS YEAR

WE WILL BE IN VERY GOOD SHAPE WE WILL BE AS COMPETITIVE AS ANYONE MR
LOPEZ SAID NORTH AMERICAN LATIN AMERICAN AND ASIAN MARKETS WILL OFFER VW
STEADY GROWTH EVEN IF EUROPEAN MARKETS STAGNATE HE ADDED

SEPARATELY VW CHAIRMAN FERDINAND PIECH REITERATED HIS PLEDGE TO RETURN VW
TO BREAKEVEN PERFORMANCE THIS YEAR AND SAID THE COMPANY DOESN'T EXPECT ANY
MORE SURPRISES LIKE THE DISCOVERY IN SEPTEMBER OF A GAPING
184BILLIONMARK LOSS AT VW'S SPANISH UNIT SEAT SA

MR LOPEZ'S WIDERANGING COMMENTS COME AFTER NEARLY A YEAR DURING WHICH HE
LARGELY STAYED OUT OF PUBLIC VIEW AMID ACCUSATIONS BY GM THAT HE AND SEVERAL
ASSOCIATES TOOK BOXES FULL OF SENSITIVE GM PURCHASING AND PRODUCT DATA THE
US JUSTICE DEPARTMENT AND GERMAN AUTHORITIES ARE INVESTIGATING MR LOPEZ'S
ACTIVITIES DURING AND AFTER HIS DEPARTURE FROM GM IN MARCH 1993

NO CHARGES HAVE BEEN FILED A SPOKESMAN FOR THE DARMSTADT PUBLIC
PROSECUTOR'S OFFICE SAID WEDNESDAY IF WE DIDN'T HAVE CLEAR GROUNDS FOR
SUSPICION WE WOULD HAVE DISCONTINUED THE INVESTIGATION LONG AGO

MR LOPEZ AND VW HAVE ACKNOWLEDGED THAT HE OR CERTAIN ASSOCIATES MAY HAVE
HAD SECRET GM MATERIALS IN THEIR POSSESSION WHEN THEY SWITCHED TO VW FROM
GM MR LOPEZ SAYS HE DESTROYED THE GM INFORMATION TO PREVENT IT FROM
GETTING INTO VW HANDS

MR LOPEZ SAID THE CONTROVERSY SURROUNDING HIM HASN'T DISTRACTED HIM FROM
THE JOB HE WAS WOOED FROM GM TO DO MAKE MASSIVE IMPROVEMENTS IN VW'S
PRODUCTIVITY AND COSTS

NEGATIVE ARTICLES ABOUT ME EVERY DAY IN THE PRESS LAST SUMMER WERE VERY
DIFFICULT BUT THE WORST FOR ME PERSONALLY IS OVER NOW MR LOPEZ SAID

ALREADY HE SAID VW HAS LOWERED ITS BREAKEVEN POINT FROM 108 OF CAPACITY
UTILIZATION TO 79 LAST YEAR NOW VW IS AIMING FOR BREAKEVEN RATES OF 74
OF CAPACITY THIS YEAR AND 65 IN THE NEAR FUTURE MR LOPEZ DECLARED

FOR THE FIRST QUARTER OF THIS YEAR VW PREDICTED THAT IT WOULD BE
UNPROFITABLE AS A GROUP ALTHOUGH THE LOSSES WOULD BE ABOUT ONETHIRD AS BAD
AS THE 125BILLIONMARK LOSS IN THE YEAREARLIER FIRST QUARTER FOR THE VW
GERMAN PARENT COMPANY FIRSTQUARTER RESULTS WILL LIKELY BE AROUND
BREAKEVEN COMPARED WITH A 917MILLIONMARK LOSS IN THE PREVIOUS YEAR

STILL VW HAS PLENTY OF HILL LEFT TO CLIMB PARTICULARLY AS THE EUROPEAN
VEHICLE MARKET HEADS INTO A SECOND WEAK YEAR IN A EUROPEAN MARKET THAT
CONTRACTED 15 LAST YEAR VW GROUP SALES PLUNGED 20 TO 19 MILLION VEHICLES
FROM 24 MILLION VEHICLES IN 1992 ITS MARKET SHARE MEANWHILE SLIPPED TO
164 FROM 175 ACCORDING TO FIGURES PROVIDED BY THE EUROPEAN AUTOMOBILE
MANUFACTURERS' ASSOCIATION

CHIEF FINANCIAL OFFICER WERNER P SCHMIDT ALSO CONFIRMED THAT SEAT THE
SPANISH UNIT WON'T GET OUT OF THE RED THIS YEAR DESPITE THE MASSIVE DEBT
FORGIVENESS AND LIQUIDITY INJECTION PACKAGE FROM THE PARENT COMPANY BUT
LOSSES AT SEAT WILL BE MORE THAN HALVED FROM LAST YEAR'S LEVELS AND
HOPEFULLY WILL BE BALANCED OUT BY IMPROVING RESULTS AT VW'S AUDI AG UNIT AND
A TURNAROUND IN VW'S NORTH AMERICAN OPERATIONS HE SAID

LAST YEAR VW OF AMERICA LOST 388 MILLION MARKS COMPARED WITH 100 MILLION
MARKS IN 1992 AS VW SALES SHRIVELED TO 50000 UNITS BUT A BUOYANT MR
LOPEZ INSISTED THAT VW COULD EXPAND US SALES TO AROUND 500000 VEHICLES A
YEAR OR ABOUT 5 OF THE CAR MARKET IN FIVE YEARS' TIME

SEPARATELY MR LOPEZ SAID A TURNAROUND IN THE EUROPEAN CAR MARKET COULD
COME BY SPRING OF 1995 EVEN WITHOUT A SIZABLE UPTURN IN EUROPE MR LOPEZ
SAID THAT BY 1996 VW WOULD BE ABLE TO OFFER FULL EMPLOYMENT TO THE 100000
GERMAN WORKERS IT PUT ON A FOURDAY WORKWEEK FOR 1994 AND 1995 HOWEVER MR
LOPEZ'S BOSS MR PIECH TOOK A MORE CAUTIOUS LINE HE SAID HE WOULD
CONSIDER CONTINUING THE FOURDAY WORKWEEK BEYOND 1996 9403250059 940325
RECENT SEC FILINGS

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

MIKASA INC AN INITIAL OFFERING OF 3125000 COMMON SHARES WITH AN
OVERALLOTMENT OPTION FOR 468750 ADDITIONAL SHARES VIA DEAN WITTER REYNOLDS
INC AND DILLON READ & CO

KELLEY OIL CORP A PROPOSED OFFERING OF TWO MILLION PREFERRED SHARES TO BE
PRICED AT 25 A SHARE VIA SMITH BARNEY SHEARSON INC BEAR STEARNS & CO
AND KEMPER SECURITIES INC

LOUIS DREYFUS NATURAL GAS CORP A PROPOSED OFFERING OF 200 MILLION OF
SENIOR SUBORDINATED NOTES VIA DONALDSON LUFKIN & JENRETTE SECURITIES
CORP CITICORP SECURITIES INC AND MORGAN STANLEY & CO

PRIME HOSPITALITY CORP AN OFFERING OF UP TO 100 MILLION OF SENIOR
SUBORDINATED NOTES VIA KIDDER PEABODY & CO AND MONTGOMERY SECURITIES

SNYDER OIL CORP AN OFFERING OF 100 MILLION OF STEPUP CONVERTIBLE
SUBORDINATED NOTES WITH AN OVERALLOTMENT OPTION FOR 15 MILLION OF
ADDITIONAL NOTES VIA CS FIRST BOSTON PAINEWEBBER INC PETRIE PARKMAN &
CO AND SMITH BARNEY SHEARSON 9403250058 940325 REVIEW & OUTLOOK
EDITORIAL MEXICO'S TOUGH TEST

THERE IS NO DOUBTING THAT THE ASSASSINATION IN MEXICO WEDNESDAY OF
PRESIDENTIAL CANDIDATE LUIS DONALDO COLOSIO COMES AT A BAD TIME FOR THE
COUNTRY MEXICO'S POLITICS AND ITS FINANCIAL MARKETS WERE ALREADY REELING
FROM THE CHIAPAS UPRISING THE PEEKABOO CANDIDACY OF MANUEL CAMACHO THE
RECENT KIDNAPPING OF BANKER ALFREDO HARP AND A NASCENT RECESSION NOW THIS
WHATEVER FORCES MAY HAVE BEEN RESPONSIBLE FOR MR COLOSIO'S ASSASSINATION
THEY WERE NO FRIEND OF MEXICO'S FUTURE

BUT WHILE THERE IS A SENSE OF DEEP MOURNING AND CHAOS IN THE RULING
POLITICAL PARTY AT THE MOMENT MEXICO NOT SURPRISINGLY IS HOLDING TOGETHER
MARKETS IN MEXICO WERE CLOSED YESTERDAY BUT THE MEXICO FUNDS AT PLAY IN
US MARKETS WERE SURPRISINGLY STABLE CONSIDERING PREDICTIONS MADE
IMMEDIATELY AFTER MR COLOSIO'S DEATH THAT THEY WOULD PLUMMET WHILE THE
PESO IS TRADING AT THE TOP OF THE BAND WITHIN WHICH IT CAN TRADE WITHOUT A
DEVALUATION IT HASN'T BROKEN THE BAND AND PRESIDENT CLINTON SUGGESTED THAT
THE US WOULD HELP SECURE THE VALUE OF THE PESO IF NECESSARY NOTHING
RESEMBLING PANIC HAS APPEARED YET

MEXICO IN FACT IS A FUNDAMENTALLY STABLE COUNTRY AND IT'S NOT MAINLY
BECAUSE OF THE RULING INSTITUTIONAL REVOLUTIONARY PARTY PRI WHICH MR
COLOSIO REPRESENTED AS MUCH AS PRI ACTIVISTS WOULD LIKE TO TAKE CREDIT FOR
65 YEARS OF RELATIVE POLITICAL SOCIAL AND ECONOMIC STABILITY LATIN AMERICA
IS FULL OF SIMILARLY POWERFUL PARTIES THAT HAVEN'T BEEN ABLE TO PREVENT
POLITICAL AND ECONOMIC CHAOS THE SECRET TO MEXICO'S SUCCESS LIES PRIMARILY
WITH THE MEXICAN PEOPLE AND THEIR DESIRE TO BECOME PART OF THE GLOBAL
ECONOMY PARTICULARLY THE ECONOMY OF THE UNITED STATES ACROSS THE BORDER

INTEGRATING A FORMERLY HIGHLY SUBSIDIZED ECONOMIC SYSTEM INTO A FASTMOVING
WORLD TRADING SYSTEM WAS NO SMALL MATTER BUT HAD THE PRI NOT BEGUN TO
ENDORSE THE DIFFICULT PROCESS OF ECONOMIC AND POLITICAL OPENING IT SURELY
WOULDN'T HAVE SURVIVED THE TURMOIL OF STAGFLATION IN THE 1980S PRESIDENT
MIGUEL DE LA MADRID FIRST RESPONDED TO THIS CALL BY PLACING MEXICO'S ECONOMY
INTO GATT AND WHEN PRESIDENT SALINAS AND HIS ECONOMIC TEAM BEGAN TO OPEN
THE SPIGOTS OF ECONOMIC GROWTH THROUGH DRAMATIC SUPPLYSIDE INCENTIVES
CULMINATING WITH NAFTA THE MEXICAN MARKET BEGAN TO BLOOM

INFLATION CAME DOWN TO LESS THAN 10 FROM MORE THAN 150 AND GROWTH
WENT UP FOREIGN INVESTMENT SKYROCKETED THE STOCK MARKET THRIVED AND
DOMESTIC INDUSTRIES WERE RESTRUCTURED AND MODERNIZED MEXICO TURNED THE HARD
CORNER FROM A THIRD WORLD COUNTRY DEPENDENT ON OIL EXPORTS TO A MODERN
NATION OF DIVERSIFIED EXPORTS AND A GROWING INTERNAL MARKET

THE RAMIFICATIONS OF THE COLOSIO ASSASSINATION HAVE TO BE CONSIDERED WITHIN
THIS WIDER CONTEXT IN THE AMERICAS COLUMN ON THE PAGE OPPOSITE SERGIO
SARMIENTO DISCUSSES MR COLOSIO'S POSSIBLE REPLACEMENTS SEE MEXICAN
ASSASSINATION AT A POLITICAL CROSSROADS WSJ MARCH 25 1994 THERE IS NO
DEMAND PARTICULARLY IN THE WAKE OF THE NATION'S COLLECTIVE MOURNING OF
MR COLOSIO FOR A GENERAL UPRISING OR REVERSAL OF THE POLICIES PIONEERED
BY PRESIDENT SALINAS EVEN THE MOST POPULIST POLITICIANS IN MEXICO SUCH AS
LEFTIST PRESIDENTIAL CANDIDATE CUAUHTEMOC CARDENAS NOW ADMIT THAT ECONOMIC
INCENTIVES ARE MORE IMPORTANT THAN ECONOMIC CONTROLS IN DEVELOPMENT

OF COURSE MEXICO'S ECONOMY HAS BEEN LANGUISHING FOR ABOUT A YEAR AS HIGH
INTEREST RATES PUT A DAMPER ON ECONOMIC GROWTH THIS FOUGHT INFLATION BUT
AT THE COST OF AN INCREASINGLY RECESSIONARY ENVIRONMENT PARTICULARLY HARD
HIT HAVE BEEN SMALL AND MEDIUMSIZE BUSINESSES THAT MUST BORROW AT 35
INTEREST RATES WITH AN INFLATION RATE OF WELL UNDER 10 GOOD NEWS FOR
FOREIGN INVESTORS NO DOUBT BUT HARDER FOR UNEMPLOYED MEXICANS TO
UNDERSTAND

THIS STAGNANT ECONOMY HOWEVER WAS JUST BEGINNING TO TURN AROUND INTEREST
RATES HAD DROPPED ALMOST 10 POINTS AND THE ELECTIONJITTERY MARKET WAS
BEGINNING TO CALM PARTICULARLY AFTER PRESIDENTIAL WANNABE CAMACHO ANNOUNCED
TUESDAY THAT HE WOULDN'T RUN FOR PRESIDENT THEN THE ASSASSINATION HIT

IF FOREIGN INVESTORS DO PULL OUT OF THE PESODENOMINATED MARKETS CENTRAL
BANK PRESIDENT MIGUEL MANCERA WOULD LIKELY BE FORCED TO RAISE INTEREST RATES
TO PREVENT A RUN ON THE PESO THIS WOULD FORESTALL RECOVERY AND PROBABLY
WORSEN THE POLITICAL CLIMATE BUT WITH ABOUT 27 BILLION IN RESERVES AND
THE SUPPORT OF THE US TREASURY THE GOVERNMENT HAS MANEUVERING ROOM

IT'S ALSO IMPORTANT TO REMEMBER THAT THE LAST TIME ANYTHING LIKE THIS
HAPPENED IN MEXICO WAS IN 1928 WHEN PRESIDENTELECT ALVARO OBREGON WAS
ASSASSINATED THE US HAS EXPERIENCED MORE ASSASSINATIONS IF MEXICO
MANAGES THESE STORMY POLITICAL WATERS ITS ECONOMY WILL LIKELY PROVE THAT IT
HAS ACHIEVED RESILIENCE

NO DOUBT A MAJOR POLITICAL ASSASSINATION PUTS A NATION TO AN ENORMOUS TEST
MEXICANS HAVE WORKED HARD TO ACHIEVE THE STRENGTH TO SURVIVE SOMETHING LIKE
THIS AND IT IS TO BE GENUINELY HOPED THAT THEY WILL BE ABLE TO CONTINUE
FORWARD FROM MR COLOSIO'S DEATH 9403250057 940325 LETTERS TO THE EDITOR
 WHERE WOULD WE BE WITHOUT TRIAL LAWYERS

YOUR RECENT STORY ON TRIAL LAWYERS SLICK TACTICS TRIAL LAWYERS GLIDE PAST
CRITICS WITH AID OF POTENT TRADE GROUP FEB 17 BLATANTLY OVERLOOKED THE
COMPELLING HEALTH AND SAFETY ISSUES AND CONSTITUTIONAL ARGUMENTS THAT THE
MAJORITY OF TRIAL LAWYERS GRAPPLE WITH EACH DAY ON BEHALF OF THEIR
CLIENTS AND ULTIMATELY ALL OF US

MILLIONS OF AMERICANS ARE INJURED EACH YEAR DUE TO OTHERS' NEGLIGENCE DO
THEY NOT DESERVE SOME SEMBLANCE OF JUSTICE AND SHOULDN'T THEY RECEIVE THE
STRONGEST BACKING POSSIBLE WHEN THEY FACE OFF WITH POWERFUL
WELLREPRESENTED CONGLOMERATES WHOSE BOTTOMLINE IS SIMPLY TO MAXIMIZE
PROFITS

BEFORE NITPICKING THE TRIAL BAR YOU MIGHT CHECK WITH THOSE AMERICANS WHO
HAVE BEEN TRAGICALLY AND NEGLIGENTLY INJURED

YOU SEEM TO HAVE RESERVED USE OF THE TERM TRIAL LAWYER TO REFER
EXCLUSIVELY TO LAWYERS WHO REPRESENT PERSONALINJURY CLAIMANTS IF NOT BY
DESIGN YOU APPEAR TO HAVE SWALLOWED AT LEAST PART OF THE BAIT THAT THE
ASSOCIATION OF TRIAL LAWYERS OF AMERICA SO EXPERTLY TROLLS THE NOTION THAT
ATLA'S MEMBERS AND OTHER PERSONALINJURY LAWYERS ARE THE ONLY TRUE TRIAL
LAWYERS

THIS DOES A DISSERVICE TO LAWYERS ON THE OTHER SIDE THOSE TRIAL LAWYERS WHO
REPRESENT DEFENDANTS AGAINST THE WELLOILED ATLA JUGGERNAUT MUCH OF THE
WORK OF WHICH MIGHT WELL BE TAXPAYERSUBSIDIZED CLOAKED AS IT IS IN THE
FRAMEWORK OF PURPORTEDLY CONSUMERORIENTED AND OFTEN TAXEXEMPT
ORGANIZATIONS

YOU WOULD DO WELL TO PROVIDE MINIMAL RECOGNITION THAT DEFENSE LAWYERS ARE
IN EVERY SENSE TRIAL LAWYERS TOO INDEED IT IS MORE THAN PLAUSIBLE TO
SUGGEST THAT GIVEN THE PLAINTIFF BAR'S HYPERSUCCESSFUL RECORD OF STACKING
THE DECK OF OUR LEGAL SYSTEM AGAINST TARGETED DEFENDANTS AND INDUSTRIES IT
IS IN NO SMALL MEASURE DUE TO THE ACCOMPLISHMENTS OF DEFENSE TRIAL LAWYERS
THAT THE TRANSFERS OF WEALTH SO UNABASHEDLY A PART OF THE PERSONAL INJURY
BAR'S AGENDA ARE NOT EVEN MORE REMARKABLE 9403250056 940325 LETTERS TO
THE EDITOR JUST FOLKS HERE HIGHQUALITY FOLKS

AFTER READING THE FEB 15 PAGEONE ARTICLE ABOUT THE NEW PRESSURES OF
ACADEMIA I WAS INCENSED IT WAS NOT HOWEVER BECAUSE I AM A FRUSTRATED
PROFESSOR TRYING TO FIND A JOB IT WAS BECAUSE I ATTEND THE UNHERALDED
SCHOOL YOU REFER TO WESTERN CAROLINA UNIVERSITY ASIDE FROM WHAT PROF
JAMES REYNOLDS MAY HAVE TOLD YOU ABOUT OUR UNSOPHISTICATED STUDENT
POPULATION AND LACK OF FUNDING THERE ARE SOME OTHER FACTS ABOUT THIS
UNIVERSITY THAT SHOULD BE CLARIFIED

SINCE WE LIVE IN SUCH A RURAL AREA THERE ARE NOT MANY CULTURAL ACTIVITIES
TO ENHANCE OUR HORIZONS HOWEVER WE ALSO DO NOT HAVE TO DEAL WITH STREET
GANGS DAILY MURDERS AND OTHER HEINOUS CRIMES THAT GO ON IN THE LARGER
METROPOLITAN AREAS IN FACT ACCORDING TO THE FBI WCU HAS THE LOWEST CRIME
RATE OF ANY UNIVERSITY IN THE NORTH CAROLINA SYSTEM

THE TUITION IS LOW BUT THE QUALITY IS HIGH WE HAVE A STAGGERING RATIO OF
PROFESSORS WITH DOCTORAL AND TERMINAL DEGREES ABOUT 275 COMPARED WITH THE
UNDERGRADUATE AND GRADUATE STUDENT POPULATION 5900 THERE ARE FEW ENOUGH
PEOPLE IN CLASS THAT THE PROFESSOR COMES TO KNOW EACH STUDENT BY NAME AND
HAS TIME TO CONSULT WITH EACH STUDENT WHO WANTS EXTRA ATTENTION OUT OF
CLASS AT WCU WE ARE NOT NUMBERS WE COUNT AS PEOPLE AND I THINK THAT
LEADS US TO BE MORE CARING RELIABLE HUMAN BEINGS

YOUR ARTICLE ENTITLED YOUNG PROFESSORS FIND LIFE IN ACADEMIA ISN'T WHAT IT
USED TO BE DESCRIBES WESTERN CAROLINA UNIVERSITY AS UNHERALDED

ANYONE WHO HAS OBSERVED THE SERVICE OF THIS UNIVERSITY TO THE COMMUNITY OF
SOUTHERN ATLANTIC STATES COULD NOT CONCLUDE THAT WESTERN CAROLINA UNIVERSITY
IS UNHERALDED ITS CONTRIBUTIONS IN A VARIETY OF FIELDS FROM AGRIBUSINESS
TO EDUCATION ARE EXCEPTIONAL AS A CENTER OF LEARNING WESTERN CAROLINA HAS
FORMED A TRUE PARTNERSHIP WITH THE REGION AND HELPED LIFT INTO ECONOMIC
VIABILITY AN AREA NOT BLESSED WITH ABUNDANT SALABLE RESOURCES FOR ITS
TEACHERS ALONE THE SCHOOL IS PRIZED 9403250055 940325 GRUMMAN DIRECTORS
BACK LIMITED TALKS WITH HOSTILE SUITOR NORTHROP OVER OFFER  BY
JEFF COLE AND GREG STEINMETZ STAFF REPORTERS OF THE WALL STREET JOURNAL

DIRECTORS OF GRUMMAN CORP AFTER REVIEWING COMPETING TAKEOVER BIDS
AUTHORIZED THE DEFENSEELECTRONICS COMPANY'S MANAGEMENT TO ENTER INTO
LIMITED DISCUSSIONS WITH NORTHROP CORP WHICH MADE A HOSTILE OFFER EARLIER
THIS MONTH

WHILE THE GRUMMAN BOARD SEEMED TO BE WARMING A BIT TO NORTHROP'S ADVANCES
THE NEWLY AUTHORIZED TALKS SEEK ONLY TO CLARIFY THE NORTHROP OFFER STOPPING
SHORT OF MERGER NEGOTIATIONS

HOWEVER MORE SUBSTANTIVE GRUMMAN VIEWS OF THE COMPETING BUYOUT OFFERS ARE
LIKELY TO COME TODAY UNDER SECURITIES REGULATIONS BETHPAGE NYBASED
GRUMMAN OWES NORTHROP A FORMAL RESPONSE TO ITS OFFER BY THE END OF THE DAY

NORTHROP MEANWHILE INDICATED THAT IT MIGHT BE PREPARED TO INCREASE ITS BID
FOR GRUMMAN IF COMPETING SUITOR MARTIN MARIETTA CORP SHOULD RAISE ITS
OFFER NORTHROP BASED IN LOS ANGELES MADE ITS SURPRISE MOVE TO BUY GRUMMAN
FOR 60 A SHARE OR 204 BILLION ONLY DAYS AFTER GRUMMAN AGREED TO BE
PURCHASED BY MARTIN MARIETTA FOR 55 A SHARE OR 193 BILLION

SOME INVESTMENT BANKERS AND OTHERS FAMILIAR WITH THE SITUATION CAUTIONED
AGAINST READING TOO MUCH INTO GRUMMAN'S WILLINGNESS TO EXPLORE NORTHROP'S
OFFER SINCE DIRECTORS HAVE A DUTY TO DO SO GIVEN THE OFFER'S 5 PREMIUM
OVER MARTIN MARIETTA'S BID

THESE PEOPLE ADDED THAT WHAT'S MORE IMPORTANT IS GRUMMAN'S IMPENDING
DECISION TO REJECT OR ACCEPT EACH OFFER REMAIN NEUTRAL ON BOTH OFFERS OR
LAY OUT BIDDING RULES FOR ANY BUYER

IT LOOKS LIKE GRUMMAN IS DOING THE EXACT RIGHT THING TO MAXIMIZE
SHAREHOLDER VALUE SAID ONE TRADER THEY'RE BASICALLY SAYING IT'S OPEN
SEASON THE BALL IS IN MARTIN MARIETTA'S COURT BECAUSE CLEARLY 60 A SHARE
IS BETTER THAN 55

SAID ANOTHER TRADER MY FEELING IS GRUMMAN IS DOING EVERYTHING TO CONDUCT
AN AUCTION HERE THEY ARE DOING NOTHING TO IMPEDE AN AUCTION THERE'S NO
SIGN OF ENTRENCHMENT HERE NOW IT'S ALL A MATTER OF WHAT MARTIN MARIETTA
DOES

OFFICIALS OF MARTIN MARIETTA BASED IN BETHESDA MD DIDN'T HAVE ANY
IMMEDIATE COMMENT

IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE GRUMMAN CLOSED AT 63
DOWN 375 CENTS NORTHROP CLOSED AT 45375 UP 125 AND MARTIN MARIETTA
SHARES CLOSED AT 45 DOWN 375

ONE ADVISER TO TRUSTEES OF GRUMMAN'S EMPLOYEEINVESTMENT PLAN WHICH OWNS
NEARLY 33 OF GRUMMAN STOCK APPLAUDED THE GRUMMAN BOARD'S APPROACH THIS
IS A VERY POSITIVE DEVELOPMENT SAID WILBUR ROSS THE ADVISER MARTIN
MARIETTA HAS INSISTED THAT GRUMMAN HOLD NORTHROP TO A STANDSTILL AGREEMENT
IT SIGNED DURING THE YEAR THAT NORTHROP QUIETLY PURSUED SOME SORT OF
COMBINATION WITH GRUMMAN BUT GRUMMAN HAS DEMURRED MR ROSS SAID THAT THE
ISSUE HERE SHOULD BE DECIDED ON AN ECONOMIC BASIS RATHER THAN WHO MADE WHAT
CONTRACT WHEN

THE LATEST MOVES IN THE BATTLE FOR GRUMMAN WERE DETAILED IN AN EXCHANGE OF
LETTERS BETWEEN THE CHIEF FINANCIAL OFFICERS OF NORTHROP AND GRUMMAN THEY
WERE FILED LATE YESTERDAY WITH THE SECURITIES AND EXCHANGE COMMISSION AFTER
THE MARKET CLOSED

GRUMMAN DIRECTORS MET YESTERDAY INTO THE EVENING HASHING OVER THEIR
CHOICES BUT A GRUMMAN SPOKEMAN HAD NO COMMENT ON THEIR DISCUSSIONS
SHAREHOLDERS' INTERESTS IN HIS LETTER TO GRUMMAN TWO DAYS AGO RICHARD B
WAUGH JR NORTHROP'S FINANCE CHIEF SAID THAT THE COMPANY HAS NO KNOWLEDGE
WHETHER MARTIN MARIETTA IS CONSIDERING RAISING ITS OFFER PRICE BUT IN SUCH
AN EVENT HE SAID THAT NORTHROP WOULD STRENUOUSLY OBJECT TO ANY AMENDMENT OF
THE EXISTING GRUMMANMARTIN MARIETTA ACQUISITION AGREEMENT THAT WOULD HAVE
THE EFFECT OF ERECTING STILL FURTHER BARRIERS TO FREE AND OPEN COMPETITIVE
BIDDING OPPORTUNITY FOR NORTHROP UNDER THE EXISTING AGREEMENT GRUMMAN HAS
AGREED TO PAY MARTIN MARIETTA 50 MILLION IF THE ACQUISITION ISN'T
COMPLETED

IN RESPONSE MR WAUGH'S COUNTERPART AT GRUMMAN JR ANDERSON SAID GRUMMAN
WOULD ONLY TAKE ACTIONS THAT BENEFIT SHAREHOLDERS MR ANDERSON ALSO SAID
THAT PURSUANT TO A CLAUSE IN THE AGREEMENT WITH MARTIN MARIETTA GRUMMAN
DIRECTORS HAD AUTHORIZED ENTERING INTO DISCUSSIONS WITH NORTHROP GRUMMAN
LATER ISSUED A STATEMENT CLARIFYING THE LIMITATIONS ON THOSE TALKS

A SPOKESMAN FOR NORTHROP SAID MANAGERS THERE ARE PLEASED WITH THE GRUMMAN
DECISION AND LOOK FORWARD TO FURTHER DISCUSSIONS

SOME ANALYSTS AND OTHERS HAD EXPECTED MARTIN MARIETTA TO TOP NORTHROP'S
OFFER BY NOW BUT OTHERS SAYS THAT MARTIN MARIETTA COULD DECIDE TO WALK AWAY
FROM A BIDDING WAR FOR GRUMMAN AND CHOOSE INSTEAD TO WAIT UNTIL WELL AFTER
NORTHROP HAS SWALLOWED GRUMMAN BEFORE DECIDING WHETHER TO TRY A TAKEOVER OF
THE COMBINED COMPANIES

THE OFFER FROM MARTIN MARIETTA EXPIRES APRIL 4 WHILE THE TENDER OFFER FROM
NORTHROP EXPIRES APRIL 8

THE DEFENSE INDUSTRY FACES MORE SUCH EFFORTS AT MERGERS AND CONSOLIDATION
BECAUSE OF SHRINKING BUDGETS THE RESULTING CUTBACKS ALSO HAVE FORCED THE
INDUSTRY TO CUT 440000 JOBS DURING THE LAST FOUR YEARS

NORTHROP CHAIRMAN KENT KRESA SAID IN THE COMPANY'S ANNUAL REPORT RELEASED
YESTERDAY THAT CONTINUING STRUCTURAL PROBLEMS IN THE AEROSPACE INDUSTRY
WILL REQUIRE THE COMPANY TO CUT ABOUT 3000 MORE JOBS THIS YEAR FROM ITS
WORK FORCE OF ABOUT 30000 PEOPLE EMPLOYMENT AT NORTHROP THE MAKER OF THE
B2 BOMBER AND COMMERCIALJETLINER COMPONENTS PEAKED IN EARLY 1988 AT ABOUT
48200 JOBS

GRUMMAN WHICH EMPLOYED 33700 PEOPLE AT THE END OF 1987 EMPLOYS JUST UNDER
17900 WORKERS AND HAD SAID IT EXPECTED WELL OVER 1000 JOBS TO BE
ELIMINATED THIS YEAR AN ACQUISITION WOULD PROBABLY LEAD TO THE ELIMINATION
OF EVEN MORE JOBS 9403250054 940325 WORLD ECONOMY TACT ABOUT VOICE OF
AMERICA MAY SHOW HOW TO EASE CHINAUS TARIFF TENSION  BY ROBERT
KEATLEY STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON WHAT TO DO BEIJING WANTS LOW TARIFFS ON ALL THOSE GOODS IT
SHIPS TO THE US WHILE THE CLINTON ADMINISTRATION WANTS MORE HUMANRIGHTS
PROGRESS IN CHINA HOW TO HAVE BOTH

PERHAPS THE VOICE OF AMERICA AND A POTENTIAL FACESAVING SETTLEMENT OVER
LONGSTANDING US CLAIMS THAT THE CHINESE ARE JAMMING VOA TRANSMISSIONS CAN
SHOW THE WAY

AND WHAT WORKS FOR THE VOA AMERICA'S OFFICIAL PROPAGANDA RADIO COULD BE
APPLIED ELSEWHERE IN THE DISPUTE IF BOTH SIDES WILL TRY THAT WOULD AVERT A
TRADE WAR OF GLOBAL CONSEQUENCES AND BRING RELIEF TO BOTH A WORRIED US
BUSINESS COMMUNITY AND A FRAZZLED CLINTON ADMINISTRATION

ALL THIS SUGGESTS THE WORST WON'T HAPPEN IN LATE MAY WHEN MR CLINTON MUST
EITHER EXTEND PRESENT DUTIES OR IMPOSE PUNITIVE RATES DATING FROM THE 1930S
BECAUSE BEIJING TREATS SOME CITIZENS SO HARSHLY INSTEAD HE MAY BE ABLE TO
DECLARE VICTORY AND MOVE ON LEAVING NORMAL CONFUSINGLY CALLED MOST FAVORED
NATION TARIFFS IN FORCE

THEN HE COULD TRY TO HALT THESE DIVISIVE ANNUAL MFN SHOWDOWNS THAT BRING THE
US AND CHINA SUCH GRIEF THAT ALSO WOULD END SQUABBLES BETWEEN BUSINESSMEN
WHO FEAR THEY'LL LOSE THE RICH CHINA MARKET AND POLITICIANS WHO FEAR THE
US WILL BETRAY ITS BASIC IDEALS THAT'S WHY MANY IN BOTH CONGRESS AND
ADMINISTRATION WANT TO PROMOTE HUMAN RIGHTS IN LESS FRENZIED FASHION

THERE'S A BLOC OF CONGRESSIONAL MEMBERS WHO WOULD LIKE TO SEE EXACTLY THAT
 A WAY TO GET BEYOND THIS ANNUAL AGONY SAYS A CAPITOL HILL STAFFER THE
BUSTLE OF CHINESE MARKETS IS A SOUND NONE OF US WANTS TO DIM NOT EXTENDING
MOST FAVORED NATION STATUS WOULD CERTAINLY MUTE THOSE NOISES WARNS SEN
CLAIBORNE PELL CHAIRMAN OF THE SENATE FOREIGN RELATIONS COMMITTEE

THUS THE VOA EXAMPLE SEEMS RELEVANT

BEIJING BEGAN INTERFERING WITH VOA NEWSCASTS AFTER THE TIANANMEN RIOTS OF
1989 WASHINGTON SAYS THIS HELPS PUT MFN RENEWAL AT RISK BEIJING FLATLY
DENIES THAT JAMMING OCCURS AND INSISTS CORRECTLY THAT MANY CHINESE DO HEAR
VOA PROGRAMS INCLUDING THOSE WHO NEGOTIATE WITH AMERICANS

BUT HAVING SAID THAT CHINA SUDDENLY SEEMS READY TO FIX A PROBLEM THAT
OFFICIALLY DOESN'T EXIST OFFICIALS ASKED SECRETARY OF STATE WARREN
CHRISTOPHER DURING HIS HARRIED RECENT VISIT TO SUBMIT TECHNICAL
BROADCASTING DATA ABOUT THE MATTER THEY SUGGESTED REGULAR CHINESE STATIONS
MAY BE CROWDING VOA FREQUENCIES WHICH THEY PROBABLY DO ON PURPOSE THE
CHINESE LEFT A DISTINCT FEELING THAT CHINA WILL ACT WITHOUT CONCEDING THAT
ITS POLICY HAS CHANGED

WE'RE WILLING TO TREAT THIS AS A TECHNICAL ISSUE IF THAT MAKES IT EASIER
SAYS WINSTON LORD THE STATE DEPARTMENT'S SENIOR ASIAN HAND

SO TOO WITH OTHER ITEMS ON THE US LIST OF SEVEN HUMANRIGHTS GRIEVANCES
CHINA COULD RELEASE POLITICAL PRISONERS OR BE LESS TOUGH ON TIBET WITHOUT
ACKNOWLEDGING ANYTHING NEW IT'S ALREADY TAKING STEPS TO PROVE THAT
PRISONMADE PRODUCTS AREN'T EXPORTED AND SEEMS WILLING TO LET FAMILIES OF
POLITICAL DISSIDENTS EMIGRATE

THIS MEANS CHINA COULD MEET US CRITERIA WITHOUT ADMITTING PAST SINS OR
ENDANGERING ITS AUTOCRATIC SYSTEM AS LONG AS WASHINGTON DOESN'T DEMAND
MORE THEN MR CLINTON COULD SLIP BY THE JUNE MFN DEADLINE NEITHER
CONFRONTING NOR CODDLING THE CHINESE DICTATORS HE LAMBASTED WHILE RUNNING
FOR OFFICE AND CLAIM VICTORY ON THE WAY

BUT WHAT HAPPENS NEXT IS THE KEY QUESTION

MANY IN WASHINGTON WANT TO DECOUPLE HUMAN RIGHTS FROM TARIFF RATES BUT NOT
DROP THE ISSUE ALTOGETHER SO THEY SEEK LESSABRASIVE WAYS TO KEEP UP
PRESSURE WITHOUT RISKING MAJOR ECONOMIC INTERESTS OR DAMAGING OVERALL TIES
GIVEN BEIJING'S POTENTIAL ROLE IN THE NORTH KOREAN NUCLEAR DISPUTE THE
LATTER POINT IS GAINING IMPORTANCE AS SEN SAM NUNN SAID

ONE PROPOSAL IS TO GIVE CHINA ANOTHER YEAR OF MFN AND PROMISE FURTHER
EXTENSIONS IF THINGS DON'T GET WORSE ANOTHER WOULD EXTEND PRESENT TARIFFS
FOR SEVERAL YEARS AVOIDING ANNUAL REVIEWS THEN THERE'S TALK ABOUT FORMING
A QUASIOFFICIAL JOINT COMMISSION TO DISCUSS HUMAN RIGHTS PROBLEMS DISCREETLY
AND WITHOUT FIRM DEADLINES OR A NEW UNITED NATIONS HUMANRIGHTS OFFICE
COULD DEAL WITH THEM IN AN INTERNATIONAL CONTEXT MANY BELIEVE THE EXPLICIT
LINK BETWEEN HUMAN RIGHTS AND MFN IS BAD FOREIGN POLICY

ALL THESE IDEAS HAVE CRITICS AND THEY NEED COOPERATION FROM CHINA BUT THAT
SEEMS POSSIBLE AS ONE CHINESE ANALYST NOTED RECENTLY I THINK THAT AFTER
MUCH PUBLIC POSTURING BY BOTH SIDES BEIJING WILL CUT A DEAL WITH THE
AMERICANS AND RETAIN ITS MFN STATUS 9403250053 940325 INTERNATIONAL
BRIEF NESTLE SA EARNINGS GREW 7 IN 1993 ANALYSTS SEE GAINS IN 1994

SWISS FOOD CONCERN NESTLE SA SAID ITS GROUP NET PROFIT GREW 7 TO 289
BILLION SWISS FRANCS 202 BILLION LAST YEAR FROM 270 BILLION FRANCS IN
1992 THE RESULT WAS IN LINE WITH EXPECTATIONS

CONSUMER CAUTION IN EUROPE AND AN UNUSUALLY HIGH RESTRUCTURING CHARGE OF 611
MILLION SWISS FRANCS DAMPED LAST YEAR'S EARNINGS BUT ANALYSTS FORECAST
STRONGER PROFIT GROWTH IN 1994 THE COMPANY WHOSE BRANDS INCLUDE LIBBY'S
AND BUITONI SAID SALES ROSE 55 TO 5749 BILLION FRANCS HURT BY THE
RECESSION IN EUROPE WHERE NESTLE GENERATES ALMOST HALF OF ITS BUSINESS
VOLUME SALES INCREASED BY ONLY 17 IN VIEW OF THE ECONOMIC CIRCUMSTANCES
MAINTAINING VOLUME GROWTH AT THIS RATE IS NEVERTHELESS CONSIDERED
SATISFACTORY AND WAS LARGELY ATTRIBUTABLE TO THE STRONG DEVELOPMENT OF THE
GROUP'S BUSINESS IN ASIA AND LATIN AMERICA THE COMPANY SAID 9403250052
940325 CORRECTIONS & AMPLIFICATIONS

GENERAL ELECTRIC CO'S GE CAPITAL UNIT IN THE PAST HAS OWNED SOME RH MACY
& CO BONDS AN ARTICLE WEDNESDAY INCORRECTLY SAID THAT GARY WENDT GE
CAPITAL'S CHAIRMAN HAD OWNED THE BONDS 9403250051 940325 THE AMERICAS 
MEXICAN ASSASSINATION AT A POLITICAL CROSSROADS  BY SERGIO SARMIENTO

MEXICO CITY IT'S NOT A SHOT AT COLOSIO'S HEAD IT'S A SHOT AT THE
COUNTRY'S HEAD

THE CHOKING VOICE ON THE TELEPHONE WAS THAT OF AN OLD FRIEND OF MINE WHO HAD
JUST HEARD ABOUT THE SHOOTING OF LUIS DONALDO COLOSIO PRESIDENTIAL
CANDIDATE OF THE RULING INSTITUTIONAL REVOLUTIONARY PARTY PRI THIS FRIEND
HADN'T BEEN A COLOSIO ENTHUSIAST IN FACT HE IS A FORMER LEFTIST POLITICAL
ACTIVIST WHO STRONGLY OPPOSES THE POLICIES OF THE MEXICAN GOVERNMENT BUT
THE SHOCK OF MR COLOSIO'S ASSASSINATION HAS CUT ACROSS PARTY AND POLITICAL
LINES

MEXICO'S POLITICAL SYSTEM HAS BEEN CRITICIZED OFTEN FOR NOT BEING TRULY
DEMOCRATIC AND THERE ARE GOOD REASONS FOR THIS CRITICISM BUT IT HAS AT
LEAST BEEN SUCCESSFUL AT OVERCOMING CRISES THE DEATH OF MR COLOSIO
HOWEVER HAS TAKEN PLACE AT A CRUCIAL TIME IN MEXICO'S HISTORY PRECISELY
WHEN THE SYSTEM IS BEING FORCED TO OPEN UP IN ORDER TO BECOME MORE
DEMOCRATIC

MR COLOSIO 44 YEARS OLD WHEN HE DIED WEDNESDAY HAD BEEN SELECTED AS THE
PRI'S CANDIDATE ON NOV 28 IN THE PAST THE NOMINATION WOULD HAVE ENSURED
HIM THE PRESIDENCY THE PRI HAS NEVER LOST A PRESIDENTIAL ELECTION SINCE
IT WAS CREATED 65 YEARS AGO THIS MONTH BUT MR COLOSIO VOWED FROM HIS FIRST
SPEECH THAT HE WOULD NOT ACCEPT A SINGLE ILLEGAL VOTE

FROM THE START MR COLOSIO FACED THE TOUGHEST CAMPAIGN EVER ENCOUNTERED BY
A PRESIDENTIAL CANDIDATE FROM MEXICO'S RULING PARTY MANUEL CAMACHO SOLIS
UNTIL THEN MAYOR OF MEXICO CITY AND A CLOSE FRIEND AND ADVISER TO PRESIDENT
CARLOS SALINAS DE GORTARI BALKED AT THE PARTY'S CHOICE MOREOVER THE
SOCALLED ZAPATISTA REBELLION IN CHIAPAS WHICH BEGAN ON JAN 1 SHOOK THE
POLITICAL SYSTEM

MR CAMACHO WAS CHOSEN BY THE PRESIDENT TO NEGOTIATE WITH THE CHIAPAS
REBELS A SURPRISING DECISION THAT GAVE MR CAMACHO NATIONAL EXPOSURE AND
GENERATED RUMORS ABOUT A POSSIBLE INDEPENDENT CANDIDACY HE DIDN'T OPENLY
DISAVOW HIS ALLEGED INTENTIONS TO RUN FOR THE PRESIDENCY UNTIL TUESDAY ONE
DAY BEFORE THE ASSASSINATION OF HIS POLITICAL RIVAL

MR COLOSIO HAD A DIFFICULT TIME PUTTING HIS CAMPAIGN TOGETHER PRESS
REPORTS CLAIM THAT HIS FIRST RALLIES WERE POORLY ATTENDED AND
UNENTHUSIASTIC A WEEKLY PUBLIC OPINION POLL CONDUCTED BY THE MAGAZINE ESTE
PAIS SHOWED HIS SUPPORT RANGING BETWEEN 27 AND 40 HE WAS AHEAD OF HIS
RIVALS BUT NOT BY MUCH THAT WAS CAUSE FOR SERIOUS CONCERN IN A PARTY THAT
HAS NEVER GOTTEN LESS THAN 50 IN THE OFFICIAL RETURNS OF A PRESIDENTIAL
ELECTION

THE DEATH OF THE PRESIDENTIAL CANDIDATE HOWEVER MAKES THE PARTY'S PROBLEMS
MUCH MORE COMPLEX THE PRI WILL HAVE TO GO THROUGH THE UNNERVING PROCESS OF
CHOOSING A PRESIDENTIAL CANDIDATE ONCE AGAIN AND IT WILL BE EXTREMELY
DIFFICULT TO MAINTAIN DISCIPLINE IN THE RANKS THIS TIME

WHILE THE DEATH OF MR COLOSIO COULD CYNICALLY BE VIEWED AS A BOOST FOR
SUPPORTERS OF MR CAMACHO IT IS MORE LIKELY THAT THE ASSASSINATION WILL
WORK AGAINST THEM MR CAMACHO IS BITTERLY OPPOSED BY THE COLOSIO SUPPORTERS
AND BY MANY PARTY OFFICIALS WHO FEEL THAT HE BETRAYED THEM DURING THE
CAMPAIGN BY REFUSING TO ENDORSE MR COLOSIO THAT SENTIMENT IS LIKELY TO
INCREASE IN LIGHT OF MR COLOSIO'S DEATH

PRESIDENT SALINAS CLEARLY STILL HAS CONFIDENCE IN MR CAMACHO WHOM HE HAS
USED MANY TIMES FOR DELICATE POLITICAL NEGOTIATIONS BUT IT MAY BE MORE
DIFFICULT FOR HIM AT THIS POINT TO PUSH A CANDIDATE WITHOUT WIDESPREAD
SUPPORT MANY COLOSIO SUPPORTERS AS WELL AS OUTSIDERS FEEL THAT MR
SALINAS HAD ALLOWED MR CAMACHO TO KEEP HIS PRESIDENTIAL HOPES ALIVE
PERHAPS TO KEEP A POLITICAL OPTION OPEN IF THE PRESIDENT ATTEMPTS TO CHOOSE
MR CAMACHO THE COLOSISTAS WHO ARE CLEARLY A MAJORITY WITHIN THE PARTY
NOW WOULD PROBABLY REBEL THIS BECAME CLEAR THE NIGHT OF MR COLOSIO'S
MURDER WHEN A CROWD OF THOUSANDS GATHERED OUTSIDE THE PRI'S MEXICO CITY
HEADQUARTERS AND BEGAN TO CHANT COLOSIO SI CAMACHO NO

WHAT ARE THE ALTERNATIVES AMONG OTHER PREVIOUS PRESIDENTIAL HOPEFULS THE
NAMES OF PEDRO ASPE THE FINANCE SECRETARY AND JESUS SILVA HERZOG A
CHARISMATIC POLITICIAN WHO WAS HEAD OF THE SAME MINISTRY DURING THE
ADMINISTRATION OF PRESIDENT MIGUEL DE LA MADRID AND IS NOW TOURISM
SECRETARY HAVE BEEN MENTIONED HOWEVER ARTICLE 82 OF THE FEDERAL
CONSTITUTION MAKES THEIR CANDIDACIES IMPOSSIBLE A PRESIDENT MUST HAVE
RESIGNED ANY TOP GOVERNMENT POSITION EITHER IN THE FEDERAL ADMINISTRATION
OR AT THE STATE LEVEL SIX MONTHS BEFORE THE ELECTION THIS MEANS THAT ANY
PRESIDENTIAL HOPEFUL MUST HAVE LEFT THE GOVERNMENT ON OR BEFORE FEB 20

OF THE VARIOUS PEOPLE WHO WERE INITIALLY MENTIONED AS POSSIBLE SUBSTITUTES
FOR MR COLOSIO AS THE CANDIDATE OF THE RULING PARTY ONLY MR CAMACHO AND
ERNESTO ZEDILLO THE FORMER EDUCATION MINISTER WHO BECAME MR COLOSIO'S
CAMPAIGN MANAGER WOULD BE ELIGIBLE SOME PEOPLE IN THE OPPOSITION MAY ARGUE
THAT MR ZEDILLO'S POSITION AS CAMPAIGN MANAGER SHOULD EXCLUDE HIM FROM
RUNNING BY CONTRAST MR CAMACHO HAD THE FORESIGHT WHEN APPOINTED PEACE
COMMISSIONER TO INSIST ON NOT HAVING AN OFFICIAL GOVERNMENT POST AND ON NOT
DRAWING A SALARY FROM THE ADMINISTRATION

THE RULING PARTY CLEARLY IS GOING TO HAVE TO ABANDON ITS ESTABLISHED
PROCEDURES TO CHOOSE A NEW CANDIDATE IT WILL HAVE TO DO SO WHEN THE HARDEST
PRESIDENTIAL CAMPAIGN IN ITS HISTORY IS ALREADY WELL UNDER WAY AND IT WILL
HAVE TO DO SO WHEN THE PARTY IS PUBLICLY COMMITTED TO HAVING A CLEAN
ELECTION EVEN WITH THE PRESENCE OF FOREIGN POLITICAL OBSERVERS

WITH THIS BLEAK PROSPECT ONLY ONE HISTORICAL PRECEDENT OFFERS A REASON FOR
HOPE AND NOT SO MUCH FOR THE RULING PARTY BUT FOR THE COUNTRY AS A WHOLE
ON JULY 17 1928 GEN ALVARO OBREGON THE COUNTRY'S PRESIDENTELECT WAS
KILLED BY A RELIGIOUS FANATIC IN A SOUTHERN SUBURB OF MEXICO CITY OBREGON
WAS ONLY THE LAST OF DOZENS OF REVOLUTIONARY LEADERS WHO HAD BEEN MURDERED
OVER THE PREVIOUS YEARS

IT WAS ASSUMED AFTER THE OBREGON ASSASSINATION THAT THE LAMEDUCK PRESIDENT
PLUTARCO ELIAS CALLES WOULD PROLONG HIS MANDATE OR ASSUME DICTATORIAL
POWERS INSTEAD OF DOING THAT CALLES STEPPED DOWN GATHERED THE COUNTRY'S
VARIOUS REVOLUTIONARY LEADERS AND ARGUED WITH THEM THAT THEY COULDN'T KEEP
KILLING EACH OTHER EVERY TIME THERE WAS A PRESIDENTIAL ELECTION FROM THOSE
MEETINGS EMERGED ON MARCH 4 1929 THE NATIONAL REVOLUTIONARY PARTY THE
PRI'S FORERUNNER

CLEARLY THE NEW PARTY WAS NEVER AN EXAMPLE OF DEMOCRACY BUT IT DID MANAGE
TO OFFER PEACE AND LATER ECONOMIC DEVELOPMENT TO A COUNTRY THAT HAD LIVED
UNDER WAR AND UNCERTAINTY SINCE 1910 PERHAPS THIS NEW ASSASSINATION WILL
HELP THE COUNTRY MOVE TO THE NEXT STAGE TO THAT OPEN DEMOCRATIC SYSTEM
THAT LUIS DONALDO COLOSIO CLAIMED HE WAS SEEKING THAT WOULD BE HIS MOST
IMPORTANT LEGACY

MR SARMIENTO EDITOR IN CHIEF OF ENCYCLOPAEDIA BRITANNICA PUBLISHERS INC
LATIN AMERICA IS ALSO A COLUMNIST FOR THE MEXICAN NEWSPAPER EL
FINANCIERO 9403250050 940325 PEPPERAND SALT

OF A MOST PERSISTENT GUEST

AND YOU'LL GET IT FIXED IN A HURRY 9403250049 940325 LETTERS TO THE
EDITOR MOSCOW DIARY ALL WORK AND NO PLAY

THIS IS TO EXPRESS MY OUTRAGE AT YOUR FEB 24 PAGEONE ARTICLE HELPING
OURSELVES US AID TO RUSSIA IS QUITE A WINDFALL FOR CONSULTANTS

MY HUSBAND AND I HAVE BEEN IN MOSCOW SINCE LAST SUMMER WHEN THE PROGRAM HE
HEADS TO ESTABLISH SECURITY MARKET INFRASTRUCTURE FOR RUSSIANS TO TRADE
THEIR SHARE HOLDINGS GOT STARTED HALF OF HIS TEAM OF 25 IS MADE UP OF
WESTERN INDUSTRY SPECIALISTS RUSSIANS MAKE UP THE OTHER HALF

WE DO NOT FLY IN AND OUT OF THE COUNTRY IN MY HUSBAND'S CONTRACT AGREEMENT
THERE IS NO PROVISION FOR TRAVEL BACK HOME AFTER LENGTHY NEGOTIATIONS HE
SUCCEEDED IN GETTING AIR FARE FOR CONSULTANTS TO RETURN HOME FOR CHRISTMAS
BEING A SPOUSE I WASN'T INCLUDED IN THE PACKAGE WE PERSONALLY HAD TO PAY
FOR MY FARE

SINCE OUR ARRIVAL HERE MY HUSBAND HAS BEEN WORKING SEVEN DAYS A WEEK OFTEN
UNTIL LATE AT NIGHT TO ACCOMMODATE THE TIME LAPSE WITH WASHINGTON WITH THE
FAX MACHINE RINGING PAST MIDNIGHT BECAUSE OF LACK OF OFFICE SPACE OUR
APARTMENT DOUBLES AS HIS OFFICE I HAVE BEEN FOR ALL INTENTS AND PURPOSES
HIS SECRETARY FOR SEVEN MONTHS AT NO PAY

WE LIVE ON THE FIFTH FLOOR OF A BETTER APARTMENT BUILDING WHICH BY ANY
STRETCH OF THE IMAGINATION CANNOT BE CONSIDERED LUXURIOUS HALLWAYS ARE
FILTHY MICE HAVE A FIELD DAY IN THE KITCHEN AND IT'S A GOOD DAY WHEN THE
KITCHEN SINK IS NOT CLOGGED OR THE APPLIANCES ARE NOT BURSTING IN FLAMES
OUTSIDE OUR APARTMENT BUILDING IN WHAT IS CONSIDERED A GOOD MOSCOW
NEIGHBORHOOD THE COURTYARD IS LITTERED WITH GARBAGE RUSTING CAR SKELETONS
WILD DOGS AND CATS AND LAST WEEK A DEAD MAN

SOCIAL LIFE THERE IS NONE BECAUSE FOR THE MOST PART PEOPLE WE KNOW ARE LIKE
MY HUSBAND WORKING ALL THE TIME THERE IS NO BUDGET FOR ENTERTAINING IN
RESTAURANTS OR AT HOME THIS IS A CITY WHERE A WESTERNSTYLE DINNER FOR TWO
COSTS WELL OVER 100 AND WHERE A SMALL ICEBERG LETTUCE AT THE SUPERMARKET
COSTS 5

AFTER A SUCCESSFUL CAREER IN WALL STREET MY HUSBAND'S CURRENT COMPENSATION
IS LESS IN ADJUSTEDINFATION DOLLARS THEN HE WAS MAKING 20 YEARS AGO MONEY
IS NOT THE MOTIVATION THAT BROUGHT US HERE

YOUR ARTICLE IS DOWNRIGHT HARMFUL TO ME TO MY HUSBAND AND TO THE MANY
PEOPLE I SEE EVERYDAY WHO ARE MOST DEDICATED TO THEIR TASKS

YOU ARGUE THAT AMERICAN AID TO RUSSIA HAS BENEFITED AMERICAN CONSULTANTS
MORE THAN IT HAS BENEFITED RUSSIA AND CITES THE SAWYER MILLER GROUP AND
MYSELF AS A PRIME EXAMPLE OF THAT CONVEYERS OF AMERICANSTYLE ADVERTISING
ABOUT RUSSIAN PRIVATIZATION TO SKEPTICAL RUSSIAN CITIZENS WHO WOULD HAVE
PREFERRED TO GET AMERICAN HELP IN THE FORM OF AID DOLLARS RATHER THAN CLUMSY
ADS

HOWEVER PRIVATIZATION PROGRAMS HAVE NEARLY ALWAYS BEEN HANDICAPPED BY THE
FAILURE TO SUSTAIN POLITICAL SUPPORT THE THATCHER GOVERNMENT IN BRITAIN WAS
FOR A LONG TIME THE ONLY GOVERNMENT TO HAVE UNDERSTOOD THE NEED FOR A
PERMANENT CAMPAIGN TO MARKET THE LONGTERM BENEFITS OF PRIVATIZATION SHARE
OWNERSHIP CREATES NEW CLASSES OF WINNERS AND LOSERS IN SOCIETY AND NOWHERE
IS THE RISK OF BACKLASH GREATER THAN IN FORMERLY COMMUNIST RUSSIA AS THE
VOUCHERBASED PRIVATIZATION PROGRAM BEGAN POPULAR INTEREST LET ALONE
SUPPORT PLUNGED

WE WERE INVITED BY THE YELTSIN GOVERNMENT TO DESIGN AND IMPLEMENT A MAJOR
PROGRAM TO REVERSE THIS AND PROMOTE PRIVATIZATION WE ASSEMBLED A TEAM OF
NEARLY 70 RUSSIAN NATIONALS AND SEVEN WESTERN COMMUNICATIONS SPECIALISTS
RESPONSIBLE FOR IMPLEMENTING THE FIRST NATIONWIDE COMMUNICATIONS CAMPAIGN IN
POSTCOMMUNIST RUSSIA OUR EFFORTS FOR PRIVATIZATION INCLUDED IN ADDITION TO
INTENSIVE ADVERTISING DISTRIBUTING 16 MILLION EDUCATIONAL BROCHURES
CONDUCTING 35 EDUCATIONAL/TRAINING SEMINARS PUBLISHING A NATIONAL NEWSPAPER
SUPPLEMENT PLACING AUCTION INFORMATION ACROSS RUSSIA AND FORMING
FUNCTIONING SHAREHOLDERS' RIGHTS ASSOCIATIONS IT WAS THIS PROGRAM NOT OUR
SALARIES THAT CONSUMED THE MAJORITY OF THE FUNDING

USAID'S GOOD SENSE IN FINANCING A COMMUNICATIONS EFFORT INVOLVING A
TINY FRACTION OF ITS FUNDS HELPED SALVAGE THE RUSSIAN PRIVATIZATION
PROGRAM WHEN OUR FIRST TEAM MEMBERS ARRIVED IN MOSCOW VOUCHERS WERE
LITERALLY BEING EXCHANGED ON THE STREET FOR VODKA MONEY NOW THE
PRIVATIZATION SHARE VOUCHER DESPITE ITS VERY LIMITED REAL VALUE IS
REGARDED WITH SOME RESPECT A SUCCESS AMIDST THE GENERAL FAILURE OF RUSSIA
REFORM

FROM OUR PERSPECTIVE THE PROBLEM OF THE AID PROGRAM IS NOT REALLY AMERICAN
CONSULTANTS OR USAID BUT FRANKLY THE RUSSIAN GOVERNMENT THE MORE
THE US IS ABLE TO DIRECT ITS FUNDING DIRECTLY TOWARDS THE EMERGING RUSSIAN
PRIVATE AND NONPROFIT SECTORS AND AWAY FROM MOSCOW MINISTRIES THE MORE THE
ASSISTANCE WILL REACH THOSE FOR WHOM IT IS INTENDED 9403250048 940325
REVIEW & OUTLOOK EDITORIAL ASIDES CLINTON AND LEACH

YESTERDAY CONGRESSMAN JIM LEACH TOOK TO THE FLOOR OF THE HOUSE OF
REPRESENTATIVES TO LAY OUT IN DETAIL HIS COMPLAINT AGAINST THE CLINTON
PRESIDENCY AS EMBODIED IN THE EVENTS THAT NOW RUN UNDER THE GENERAL BANNER
OF WHITEWATER MR LEACH'S SPEECH OFFERED TO A GREAT EXTENT THE ROAD MAP
THAT SO MANY PEOPLE INTERESTED IN THIS ISSUE HAVE BEEN ASKING FOR THEN AS
WE WENT TO PRESS LAST EVENING PRESIDENT CLINTON WAS SCHEDULED TO APPEAR IN
A NEWS CONFERENCE PERHAPS TO ADDRESS THESE ISSUES AND HIS OWN POLITICAL
AGENDA WITH MUCH OF THE PUBLIC NOW TRYING TO COME TO GRIPS WITH THE DETAILS
OF THIS STORY CSPAN WILL LIKELY BROADCAST AROUND 1 PM THIS SUNDAY BOTH
MR CLINTON'S NEWS CONFERENCE AND REP LEACH'S FLOOR SPEECH IN THE END IT
IS A PUBLIC IN POSSESSION OF LARGE AMOUNTS OF PUBLIC INFORMATION THAT SHOULD
RENDER SOME POLITICAL JUDGMENT ABOUT THIS MATTER 9403250047 940325 REVIEW
& OUTLOOK EDITORIAL RUSSIA'S UPFRONT MONEY

THE DEAL BETWEEN THE WEST AND RUSSIA THESE DAYS GOES LIKE THIS THE WEST
GENEROUSLY SENDS MONEY AND THE RUSSIANS WITH EQUAL GENEROSITY ACCEPT IT
SO DON'T EXPECT MUCH THANKS OR ECONOMIC REFORM FROM THE LATEST
INTERNATIONAL MONETARY FUND LOAN

THE DEAL FOR 15 BILLION WAS STRUCK BETWEEN IMF MANAGING DIRECTOR MICHEL
CAMDESSUS AND RUSSIAN PRIME MINISTER VIKTOR CHERNOMYRDIN LATE TUESDAY THE
IMF HAD BEEN HOLDING OUT EITHER BECAUSE IT WAS SERIOUS ABOUT CONDITIONS IT
HAD SET OR BECAUSE IT WAS SERIOUS ABOUT SEEMING SERIOUS BUT MR CAMDESSUS
ULTIMATELY AGREED THAT THE RUSSIANS HAVE A BUDGETARY AND ANTIINFLATION PLAN
THE IMF CAN LIVE WITH

OF COURSE THE IMF HAS COHABITED WITH A LOT OF FLABBY BUDGETS EVEN IF
THINGS GO ACCORDING TO PLAN RUSSIA'S 1994 DEFICIT WILL BE 359 BILLION OR
9 OF GROSS DOMESTIC PRODUCT OUR ELISABETH RUBINFIEN REPORTS FROM MOSCOW
BUT MR CAMDESSUS CALLED THAT DEFICIT COMPATIBLE WITH SUSTAINING THE
INFLATION PACE IT IS NOT CLEAR WHAT THE CURRENT INFLATION PACE REALLY
IS BUT SOME MIGHT THINK IT HIGHER THAN A PRUDENT LENDER WOULD DESIRE

THE ISSUE ON LOANS TO RUSSIA HOWEVER ISN'T PRUDENCE BUT WHAT HAS DRIVEN
WESTERN POLITICS TOWARD RUSSIA FOR 45 YEARS FEAR OF RUSSIAN MILITARISM IF
YOU COUNT OFFICIAL AND UNOFFICIAL DEBT RELIEF AND GERMANY'S 4 BILLION BRIBE
TO RID ITSELF OF RUSSIAN TROOPS THE WEST HAS FORKED UP SOME 58 BILLION TO
RUSSIA OVER THE PAST TWO YEARS A FURTHER 17 BILLION IS PROMISED SOME OF
IT CONTINGENT ON RUSSIA MEETING CERTAIN CONDITIONS BY ANY STANDARD 58
BILLION IS NOT LOOSE CHANGE MR CAMDESSUS SUGGESTED RECENTLY WHEN A
REPORTER IMPLIED THAT WESTERN SUPPORT WAS NIGGARDLY

BUT AS A PROUD NATION RUSSIA DOESN'T LIKE TO ACCEPT CHARITY OR AT LEAST
NOT IF IT IS EXPECTED TO OFFER SOMETHING IN RETURN FOR THAT REASON IT IS
NOT AT ALL CLEAR THAT THE NEW RUSSIAN PARLIAMENT OR STATE DUMA WILL FORGO
THE TEMPTATION TO EXPAND MR CHERNOMYRDIN'S DEFICIT STILL FURTHER AFTER
WATCHING THE PERFORMANCE OF THE US CONGRESS FOR THE PAST 12 YEARS HOW
COULD ANY SELFRESPECTING PARLIAMENT APPROVE A BUDGET WITHOUT ADDING
BILLIONS MORE THE AMERICANS HAVE DEMONSTRATED AFTER ALL THAT IT'S JUST
MONEY

MR CAMDESSUS DESERVES CREDIT FOR AT LEAST ATTEMPTING TO INSERT A MATTER OF
PRINCIPLE INTO THE RUSSIAN ECONOMIC DEBATE VENTURING INTO THE REALM OF
SOCIAL POLICY THE IMF HAS TRIED TO ENCOURAGE THE RUSSIANS TO SET UP A
SYSTEM OF UNEMPLOYMENT INSURANCE THE IDEA SO THE MANAGING DIRECTOR SAYS
IS TO WEAN THE RUSSIANS AWAY FROM A MORE COSTLY AND WASTEFUL POLICY OF
SIMPLY SUBSIDIZING FACTORIES AND FARMS TO KEEP PEOPLE EMPLOYED THE DUMA
RESISTS THAT CHANGE BECAUSE MANY OF ITS MEMBERS AS MANAGERS DRAW THEIR
STATUS AND POWER FROM THOSE SAME SUBSIDIES

THE IMF WENT AHEAD WITH THE 15 BILLION WITHOUT ANY ASSURANCES THAT THE
DUMA WILL ACCEPT SERIOUS REFORMS TO ITS CREDIT IT HAS BEEN RELATIVELY
TIGHT SO FAR IN AN EFFORT TO ENCOURAGE SOME SERIOUSNESS OTHER LENDERS SUCH
AS THE EUROPEAN UNION MIGHT DO WELL TO FOLLOW THAT LEAD ONE THING IS
CERTAIN IF THE WEST KEEPS OFFERING MONEY WITHOUT SEEING REAL REFORM
POLICIES IN PLACE FIRST THE RUSSIANS WILL SOMEHOW SWALLOW THEIR PRIDE AND
KEEP ON ACCEPTING IT 9403250046 940325 POTOMAC WATCH EVEN DEMS 
WONDER WHO WE ELECTED  BY PAUL A GIGOT

BREAUX SAID  MRS CLINTON WILL BE AS POPULAR AS EVER WHEN THEY FIND
OUT WHAT REALLY HAPPENED IF NOTHING HAPPENED

MR BREAUX KEEP IN MIND WAS TRYING TO DEFEND PRESIDENT AND MRS CLINTON ON
WHITEWATER YET EVEN HE COULDN'T RESIST ADDING A CAVEAT JUST IN CASE

THAT ABOUT SUMS UP WHAT WHITEWATER HAS DONE TO THE DEMOCRATIC MOOD WHICH
RANGES FROM TERROR TO MERE ANXIETY REPUBLICANS ARE HOGGING THE MICROPHONES
IN PUBLIC BUT WHAT'S MORE REVEALING IS WHAT DEMOCRATS ARE WHISPERING IN
PRIVATE THEY'RE AS JUMPY AS DEFENDANTS BEFORE A MERCURIAL JUDGE WHAT'LL
HAPPEN NEXT WHAT LINE WILL THEY HAVE TO DEFEND PRESS CONFERENCES
NOTWITHSTANDING THIS COLUMN WAS WRITTEN BEFORE LAST NIGHT'S IT SAYS
SOMETHING ABOUT THIS PRESIDENT'S CHARACTER WHEN EVEN DEMOCRATS AREN'T SURE
HOW MUCH TO BELIEVE HIM

A VANISHING SPECIES HERE IS A DEMOCRAT WHO WILL FLATOUT DEFEND THE
CLINTONS SURE EVERY DEMOCRAT WILL REPEAT THE BYNOWCLICHED IRONY ABOUT AL
D'AMATO AS GOP ETHICS CZAR OR RIP THE BLOODTHIRSTY PRESS BUT ONE PROMINENT
DEMOCRAT CLAIMS TO BE THE 25TH CALLED BY A TV NETWORK TO TALK ABOUT
WHITEWATER EVERYONE ELSE HAVING DECLINED

FRIENDS OF BILL ONCE TREATED AS CELEBRITIES ON CAPITOL HILL ARE NOW
GETTING THE TREATMENT WHEN PATSY THOMASSON CHARTER FOB TESTIFIED ABOUT
THE MANY WHITE HOUSE AIDES WITHOUT SECURITY CLEARANCES NO DEMOCRATS CAME TO
HER DEFENSE TWO WEEKS AGO THE PARTY LINE WAS NO WHITEWATER HEARINGS THIS
WEEK THE HOUSE AGREED TO THEM AFTER ONE OF ITS GROWNUPS INDIANA'S LEE
HAMILTON SAID THEY WERE A GOOD IDEA HILL DEMOCRATS HATE THE IDEA OF
HEARINGS BUT THEY FEAR THE GOP TAUNT OF COVERUP CONGRESS EVEN MORE

TED VAN DYK ANOTHER DEMOCRATIC GROWNUP SAYS THAT PEOPLE LIKE ME WHO CARE
ABOUT THE PARTY ARE BESIDE OURSELVES BECAUSE YOU CAN'T HAVE A FAILED
PRESIDENCY IN THE MIDDLE OF THE SECOND YEAR HE WORRIES THIS WILL BE THE
OUTCOME WITHOUT FULL DISCLOSURE BY THE WHITE HOUSE

THAT FEAR MAY BE OVERDRAWN BUT IT DOES ILLUSTRATE HOW LITTLE RESIDUAL TRUST
THIS PRESIDENT CAN NOW COUNT ON WHEN RONALD REAGAN STUMBLED OVER
IRANCONTRA HE HAD HIS POLITICAL BASE TO CUSHION THE FALL MR CLINTON IS
INSTEAD A HIGHWIRE ACT SAYS A DEMOCRAT WHO WORKED ON HIS CAMPAIGN
THERE IS NO SAFETY NET IF HE SLIPS OVER WHITEWATER HE'LL HIT THE BOTTOM
OF THE POOL

ONE EXPLANATION FOR THIS SAYS ICONOCLAST REP TIM PENNY D MINN IS
THE OLD ADAGE HE'S NEITHER FISH NOR FOWL NEITHER PARTY LIBERALS NOR
MODERATES AS WRITER JOE KLEIN HAS ALSO OBSERVED FEEL HE IS COMPLETELY
THEIRS HE SEEMS TO EXPRESS SOLID AND ADMIRABLE PRINCIPLES SAYS MR
PENNY ADDING THAT HE SEES NO EVIDENCE THAT WHITEWATER WILL AMOUNT TO MUCH
BUT THERE ARE SO MANY CONTRADICTIONS AND AS A CONSEQUENCE IT ISN'T EASY
FOR DEMOCRATIC LEGISLATORS TO STICK THEIR NECKS OUT FOR HIM

CONGRESSIONAL DEMOCRATS HAVE ALSO LEARNED THAT THE REAL POWERS IN THE
CLINTON WORLD ARE THE LONGTIME FOBS THE ARKANSANS AND OXFORDYALE
CROWD SAYS ONE CLINTON ADVISER LEADING DEMOCRATS ARE CONSULTED BUT THEY
AREN'T CONFIDANTS AND GOP REP JIM LIGHTFOOT AN IOWAN OF MODERATE BENT
SAYS HE DOESN'T KNOW EVEN A SINGLE REPUBLICAN IN CONGRESS WHOM MR CLINTON
IS FRIENDLY WITH THE RESULT IS WHAT ANOTHER DEMOCRAT CALLS A MARRIAGE OF
CONVENIENCE BETWEEN MR CLINTON AND CAPITOL HILL NOT OF PASSION

BUT THE DEEPEST CAUSE FOR UNEASE IS THE MYSTERY OF THIS PRESIDENT'S
ACHILLES' HEEL HIS CHARACTER WHO IS THIS FELLOW WE ELECTED ANYWAY IN
1992 WE DISCOVERED THE POLICY WONK THE GIFTED POL AND EVEN HIS FRIENDS
NOW CONCEDE THE PHILANDERER BUT THE MULTITUDE OF STORIES WE NOW CALL
WHITEWATER IS REVEALING ANOTHER SIDE THE FAVORITE SON OF AN ARKANSAS
BUSINESSPOLITICAL OLIGARCHY THE PAL OF SUCH UNSAVORY TYPES AS DRUG CONVICT
DAN LASATER

EVEN MORE SO IN THE CASE OF HILLARY RODHAM CLINTON WHO WE NOW KNOW WAS
DOING MORE IN THE 1980S THAN RAISING MONEY FOR THE CHILDREN'S DEFENSE FUND
WHITEWATER HAS SHOWN SHE IS ALSO A POWER POLITICIAN A LAWYER WHO OVERLOOKS
CONFLICTS OF INTEREST AND EVEN A HIGHFLIER IN CATTLE FUTURES MAYBE HER
100000 PROFIT IS WHAT MR CLINTON MEANT WHEN HE CALLED WHITEWATER CHARGES
BULL

PERHAPS NONE OF THIS WOULD MATTER IF THE CLINTONS HAD LEFT IT ALL BEHIND IN
LITTLE ROCK HARRY TRUMAN MANAGED TO SHED THE BAGGAGE OF THE ST LOUIS
PENDERGAST MACHINE AS PRESIDENT AFTER ALL BUT FAR FROM SHEDDING THE
ARKANSAS POLITICAL CULTURE THE CLINTONS HAVE BROUGHT IT WITH THEM COMPLETE
WITH CRONIES A MINDSET FOR CUTTING ETHICAL CORNERS AND THE ARROGANCE THAT
OFTEN COMES FROM GOVERNING A ONEPARTY STATE

JUST AS WATERGATE BECAME MORE THAN A THIRDRATE BURGLARY WHITEWATER HAS
BECOME MORE THAN A TWOBIT LAND DEAL IT'S NOW A METAPHOR FOR THIS
PRESIDENT'S CHARACTER AND FAR FROM BEING OVERZEALOUS THE MEDIA ME
INCLUDED THAT FELL TOO EASILY FOR WHITEWATER STONEWALLING IN 1992 HAVE A
DUTY NOT TO BE FOOLED AGAIN EVEN MANY DEMOCRATS SEEM TO UNDERSTAND THAT
WHITEWATER IS ABOUT DISCOVERING WHO WE REALLY ELECTED SEE RELATED LETTER
LETTERS TO THE EDITOR PENDERGAST AND TRUMAN WSJ MARCH 31 1994
9403250044 940325 INVESTORS TO GIVE CREDIT LYONNAIS 8523 MILLION 
 INFUSION FROM STATE FIRMS TO HELP BANK MAINTAIN CAPITAL ADEQUACY
RATIO  BY NICHOLAS BRAY STAFF REPORTER OF THE WALL STREET JOURNAL

PARIS CREDIT LYONNAIS SA IS TO GET A CASH INJECTION OF 49 BILLION FRENCH
FRANCS 8523 MILLION FROM THE FRENCH GOVERNMENT AND ITS TWO OTHER
PRINCIPAL SHAREHOLDERS THE THOMSONCSF SA DEFENSE ELECTRONICS GROUP AND
CAISSE DES DEPOTS & CONSIGNATIONS FOLLOWING A LOSS OF 69 BILLION FRANCS
LAST YEAR

THE 1993 LOSS WHICH WAS WELL IN EXCESS OF MOST ANALYSTS' PREDICTIONS WAS
CALCULATED ONLY AFTER THE EXCLUSION FROM THE BANK'S 1993 ACCOUNTS OF 40
BILLION FRANCS OF PROPERTY LOANS OF DOUBTFUL STATUS THESE ARE TO BE
TRANSFERRED TO A WORKOUT FUND BACKED BY THE STATE EFFECTIVELY ISOLATING THE
BANK FROM ANY FUTURE LOSSES IN CONNECTION WITH THEM

AS A RESULT OF BOTH THESE MOVES CREDIT LYONNAIS SAID IT WOULD STILL BE ABLE
TO MAINTAIN A CAPITAL ADEQUACY RATIO OF 83 JUST ABOVE THE INTERNATIONALLY
ACCEPTED 8 MINIMUM RATIO CREDIT LYONNAIS ENDED 1992 WITH A CAPITAL
ADEQUACY RATIO OF 82 AFTER REPORTING A LOSS FOR THE YEAR OF 185 BILLION
FRANCS

CREDIT LYONNAIS CHAIRMAN JEAN PEYRELEVADE SAID HOWEVER THAT AN 83 RATIO
WAS BARELY SUFFICIENT IN TODAY'S COMPETITIVE BANKING ENVIRONMENT MEANING
THAT FURTHER FUNDS WOULD BE NEEDED

SUBJECT TO AN IMPROVEMENT IN ITS PROSPECTS DURING THE COURSE OF THIS YEAR
HE SAID THE BANK PLANS TO RAISE POSSIBLY AS MUCH AS FIVE BILLION FRANCS
THROUGH A RIGHTS ISSUE LATER THIS YEAR IN WHICH PRIVATE INVESTORS WILL BE
INVITED TO PARTICIPATE HE SAID THAT HE WOULD ALSO PROPOSE TRANSFORMING THE
BANK'S NONVOTING INVESTMENT CERTIFICATES INTO VOTING SHARES AS A FIRST STEP
TOWARDS ITS EVENTUAL PRIVATIZATION

GIVEN THE BANK'S POOR TRACK RECORD OVER THE PAST FEW YEARS IT WILL NEED TO
PRODUCE SOME SOLID EVIDENCE OF FUTURE RECOVERY PROSPECTS TO MAKE THE RIGHTS
ISSUE PLAN A SUCCESS

EVEN UNDER THE BEST SCENARIOS OFFICIALS EXPECT CREDIT LYONNAIS TO BARELY
BREAK EVEN THIS YEAR AND TO MAKE ONLY A SMALL PROFIT NEXT YEAR PAYING
NOTHING MORE THAN A TOKEN DIVIDEND FOR 1995

AS A SELLING POINT HOWEVER CREDIT LYONNAIS EXECUTIVES HOPE THAT THE
COMPETITIVE ADVANTAGE POSED BY THAT BANK'S EXTENSIVE EUROPEAN NETWORK WILL
PROVE ATTRACTIVE ENOUGH TO ENTICE INVESTORS TO PARTICIPATE IN THE RIGHTS
ISSUE CREDIT LYONNAIS HAS BRANCHES OR SUBSIDIARIES IN ALMOST EVERY COUNTRY
IN EUROPE AND MR PEYRELEVADE ANNOUNCED A DRIVE TO TAKE ADVANTAGE OF THE
SYNERGIES AVAILABLE THROUGH THIS NETWORK

ALTHOUGH THE BANK'S OPERATING PROFITS ROSE SLIGHTLY IN 1993 TO 132 BILLION
FRANCS FROM 121 BILLION FRANCS IN 1992 PROVISIONS FOR LOAN LOSSES ROSE
EVEN MORE TO 178 BILLION FRANCS FROM 144 BILLION FRANCS

MR PEYRELEVADE SAID IT WAS IMPOSSIBLE AT THIS STAGE TO CALCULATE THE
POTENTIAL FOR FUTURE LOSSES ON THESE LOANS

MR PEYRELEVADE THE FORMER HEAD OF FRENCH INSURANCE GROUP UNION DES
ASSURANCES DE PARIS WAS APPOINTED TO RUN CREDIT LYONNAIS LAST NOVEMBER IN
PLACE OF JEANYVES HABERER ITS CHAIRMAN SINCE 1988

MR HABERER A FORMER DIRECTOR OF THE FRENCH TREASURY WHO PREVIOUSLY WAS
CHAIRMAN OF PARIBAS THE INVESTMENT BANKING GROUP LED CREDIT LYONNAIS ON A
SPECTACULAR EXPANSION STRATEGY BUT HE ALSO PRESIDED OVER A RUN OF HEAVY
LOSSES CAUSED BY IMPRUDENT LENDING NOTABLY TO THE MOVIE INDUSTRY AND
PROBLEM INDUSTRIAL INVESTMENTS INCLUDING THE ACQUISITION OF A STAKE IN
USINORSACILOR THE LOSSPLAGUED STATECONTROLLED STEEL GROUP

PRESENTING CREDIT LYONNAIS'S RESULTS FOR 1993 MR PEYRELEVADE REFUSED TO
MAKE ANY COMMENT ON THE BANK'S MANAGEMENT UNDER HIS PREDECESSOR LOOKING
SOMBER AND STRAINED FOLLOWING LONG AND DIFFICULT NEGOTIATIONS WITH THE
GOVERNMENT OVER THE EXTENT OF THE FINANCIAL PACKAGE NEEDED TO SUPPORT CREDIT
LYONNAIS HE RESTRICTED HIMSELF TO STATING THAT TO THE BEST OF HIS
KNOWLEDGE THE ACCOUNTS AS NOW PRESENTED GAVE A FAIR PICTURE OF THE BANK'S
SITUATION

EVEN SO HE WARNED THAT HE COULDN'T EXCLUDE THE POSSIBILITY THAT FURTHER
LOANLOSS PROVISIONS WOULD BE NEEDED IN THE FORM OF MOPPINGUP OPERATIONS
DURING 1994

ONE OF THE BIZARREST LEGACIES FROM THE HABERER YEARS IS CREDIT LYONNAIS'S
OWNERSHIP OF METROGOLDWYNMAYER INC THE HOLLYWOOD MOVIE PRODUCER MR
PEYRELEVADE SAID THIS IS NOW BEING MANAGED BY A TEAM OF CINEMA
PROFESSIONALS WITH A VIEW TO ITS EVENTUAL SALE TO AN OUTSIDE BUYER

MEANWHILE AS PART OF A DRIVE TO SHORE UP THE BANK'S BALANCE SHEET MR
PEYRELEVADE SAID HE PLANS TO RAISE AT LEAST 20 BILLION FRANCS BY MEANS OF
ASSET SALES BETWEEN NOW AND THE END OF 1995 CREDIT LYONNAIS HAS A PORTFOLIO
OF INDUSTRIAL AND FINANCIAL SHAREHOLDINGS VALUED AT 494 BILLION FRANCS
INCLUDING PARTICIPATIONS IN SUCH FIRMS AS BOUYGUES SA LYONNAISE DES EAUX SA
AND PECHINEY SA AS WELL AS A 20 STAKE IN AEROSPATIALE THE AILING
STATEOWNED AIRCRAFT AND DEFENSE GROUP

IN ADDITION TO ASSET SALES HOWEVER MR PEYRELEVADE SAID CREDIT LYONNAIS
WILL NEED TO MAKE A MAJOR BELTTIGHTENING EFFORT IN ORDER TO RETURN TO
PROFITABILITY

SETTING A TARGET OF ZERO GROWTH IN CURRENT SPENDING FOR 1994 TO BE FOLLOWED
BY A REDUCTION IN SPENDING NEXT YEAR HE ANNOUNCED PLANS TO REDUCE THE
BANK'S WORK FORCE BY AROUND 10 IN FRANCE OVER THE NEXT THREE YEARS
SHEDDING 3500 JOBS HE ALSO CONFIRMED PLANS FOR SOME 900 JOB CUTS IN
GERMANY SPAIN AND THE NETHERLANDS THIS YEAR REDUCING THE GROUP'S EUROPEAN
WORK FORCE OUTSIDE FRANCE BY 4

AMID THE GENERALLY GLOOMY PANORAMA THERE WERE ONLY A FEW BRIGHT SPOTS IN
BRITAIN CREDIT LYONNAIS MADE A PROFIT FOR THE FIRST TIME IN SEVERAL YEARS
IN GERMANY BFG BANK ACQUIRED JUST OVER A YEAR AGO ACCOUNTED FOR A 16
INCREASE IN CREDIT LYONNAIS GROUP REVENUES TO 536 BILLION FRANCS BFG
TURNED IN A NET 1993 PROFIT OF 259 MILLION MARKS AGAINST A LOSS OF 114
BILLION MARKS THE YEAR EARLIER AFTER DIVIDEND PAYMENTS TO OTHER BFG
SHAREHOLDERS THAT RESULTED IN A POSITIVE CONTRIBUTION OF 50 MILLION FRANCS
TO CREDIT LYONNAIS'S BOTTOM LINE

SEPARATELY THOMSONCSF SAID IT WILL POST A NET LOSS FOR 1993 BECAUSE OF ITS
2156 STAKE IN CREDIT LYONNAIS

IN A STATEMENT THOMSONCSF NOTED THAT ITS EXECUTIVE BOARD WILL DECIDE APRIL
21 ON THE POSSIBILITY OF PAYING A DIVIDEND THIS YEAR

OF CREDIT LYONNAIS'S 69 BILLION FRANC LOSS IN 1993 THOMSONCSF'S PART IS
THUS ABOUT 148 BILLION FRANCS 9403250043 940325 INTERNATIONAL BRIEF 
FUJITSU LTD COMPANY FIRMS IN INDIA SET JOINTVENTURE PROJECT THERE

FUJITSU LTD ONE OF JAPAN'S LEADING ELECTRONIC EQUIPMENT MAKERS SAID IT
SIGNED AN AGREEMENT WITH THREE INDIAN COMPANIES TO CREATE A JOINT VENTURE
THAT WILL DEVELOP MAKE AND SELL TRANSMISSION AND RADIO COMMUNICATIONS
SYSTEMS IN INDIA

THE AGREEMENT WITH MADHYA PARDESH STATE ELECTRONICS DEVELOPMENT CORP
OPTEL ITS SUBSIDIARY OPTEL TELECOMMUNICATIONS LTD OTL AND VIRGO
MARKETING PRIVATE LTD WILL ESTABLISH A JOINT VENTURE COMPANY CALLED FUJITSU
OPTEL LTD

THE NEW ENTERPRISE WILL BE CAPITALIZED AT 520 MILLION RUPEES 167 MILLION
AND WILL BE 61OWNED BY FUJITSU 17 EACH BY OPTEL AND OTL AND 5 BY
VIRGO THE JAPANESE COMPANY SAID

SALES ARE EXPECTED TO BEGIN AROUND JUNE 1995 IT SAID 9403250042 940325
WASHINGTON WIRE A SPECIAL WEEKLY REPORT FROM THE WALL STREET JOURNAL'S
 CAPITAL BUREAU  BY RONALD G SHAFER

HEALTHCARE LOBBYISTS MOVE TO DELUGE LAWMAKERS DURING THE EASTER RECESS

THE HEALTH CARE REFORM PROJECT INCLUDING BACKERS OF BOTH THE CLINTON PLAN
AND A GOVERNMENTPAID SYSTEM SENDS A MILLIONPIECE MAILING TO 16
CONGRESSIONAL DISTRICTS THAT DECLARES INSURANCE COMPANIES ARE SPENDING
MILLIONS TO KILL HEALTHCARE REFORM THE CAMPAIGN FOR HEALTH SECURITY A
30MEMBER COALITION FOR UNIVERSAL COVERAGE PRODUCES TV AND RADIO ADS THAT
WILL FIRST AIR IN FIVE CONGRESSIONAL DISTRICTS

THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS IS HEADING TO FLORIDA TO
STIR SMALLBUSINESS OWNERS' COMPLAINTS ABOUT THE CLINTON PLAN THE ONE THAT
REALLY GETS THEM IS THE PAPERWORK SAYS LOBBYIST JOHN MOTLEY MEANTIME AN
ASSOCIATION REPRESENTING BIG COMPANIES ON BENEFIT MATTERS BEGINS PLOTTING
HOW TO COMBAT THE PAYROLL TAXES IN TWO HOUSE COMMITTEES' PLANS

THE CAMPAIGN FOR HEALTH SECURITY URGES LEGISLATION THAT GUARANTEES EVERY
AMERICAN QUALITY HEALTHCARE COVERAGE LIKE EVERY MEMBER OF CONGRESS HAS

A NEW SHOWDOWN LOOMS WITH NORTH KOREA OVER ITS NUCLEAR ARSENAL

SPENT FUEL FROM A NUCLEAR REACTOR EXPECTED TO BE SHUT DOWN TEMPORARILY THIS
SUMMER COULD ENABLE THE NORTH KOREANS TO MAKE TWO OR THREE MORE BOMBS
POSSIBLY DOUBLING ITS ARSENAL INTELLIGENCE ANALYSTS WARN THE INTERNATIONAL
ATOMIC ENERGY AGENCY WANTS ITS INSPECTORS TO BE THERE FOR THE CLOSEDOWN

SOME IN THE PENTAGON SUGGEST THAT ATTACKING THE PLANT DURING THE SHUTDOWN
WOULD BE ONE WAY TO DESTROY IT WITHOUT CREATING A RADIOACTIVE PLUME THE
MERE THREAT COULD FORCE NORTH KOREA TO KEEP THE PLANT RUNNING WHICH WOULD
EVENTUALLY OVERCOOK THE PLUTONIUM AND MAKE IT UNUSABLE FOR BOMBMAKING BUT
SOME WARN THAT LOOSE TALK ABOUT RAIDS IS DANGEROUSLY PROVOCATIVE

WHITE HOUSE WOMEN GRUMBLE THAT THEY DON'T HAVE EQUAL CLOUT ON THE JOB

POLITICAL DIRECTOR JOAN BAGGETT AFTER A MATERNITY LEAVE UNHAPPILY FINDS
MUCH OF HER WORK IS HANDLED BY MALE AIDES WHO ARE CLOSER TO CLINTON WHITE
HOUSE AIDE ANN WALKER GETS A NEW BOSS DONALD BAER WHOSE POST INCLUDES
OVERSEEING THE RESEARCH OPERATION SHE HEADS OTHER FEMALE AIDES PRIVATELY
COMPLAIN THAT WOMEN HOLD POSITIONS OF REAL INFLUENCE ONLY ON THE FIRST
LADY'S STAFF

WOMEN'S GROUPS COMPLAIN TOO THOUGH PRESIDENT CLINTON HAS MORE FEMALE AIDES
THAN PAST PRESIDENTS DID THERE ARE NOT MANY WOMEN IN HIS MOST IMMEDIATE
INNER CIRCLE SAYS THE NATIONAL ORGANIZATION OF WOMEN'S KIM GANDY
PRESIDENTS SURROUND THEMSELVES STILL WITH THEIR BUDDIES ADDS HARRIETT
WOODS OF THE NATIONAL WOMEN'S POLITICAL CAUCUS

BUT RICKI SEIDMAN THE PRESIDENT'S SCHEDULER RISES SHE SUGGESTED THE
CLINTONS' GRIDIRON DINNER LAMPOON OF THE HARRY AND LOUISE HEALTHINSURANCE
COMMERCIAL

NOW PITCHING HILLARY RODHAM CLINTON AGREES TO THROW OUT THE FIRST BALL AT
THE CHICAGO CUBS OPENINGDAY GAME APRIL 4 AGAINST THE NEW YORK METS THE
FIRST LADY HAD ACCEPTED THE HONOR LAST YEAR BUT WITHDREW WHEN HER FATHER
BECAME FATALLY ILL

FIRSTBROTHERINLAW HUGH RODHAM'S CAMPAIGN MANAGER MICHAEL COPPERTHITE
ANGERS DEMOCRATIC LEADERS IN A PRIVATE MEETING BY ALLEGEDLY CALLING PARTY
OFFICIALS HACKS AND SAYING HE DOESN'T NEED THEIR HELP COPPERTHITE DENIES
THE STATEMENTS BUT WASHINGTON OPERATIVES WANT HIM REMOVED FROM RODHAM'S
FLORIDA SENATE CAMPAIGN

BABY BELL PHONE COMPANIES PREPARE AN AD CAMPAIGN URGING CHANGES IN THE
SENATE TELECOMMUNICATIONS BILL TO GIVE THEM A FREE HAND TO OFFER
LONGDISTANCE SERVICE THE BELLS ARE STILL DECIDING WHETHER TO USE THE AD IN
KEY SENATORS' STATES OVER THE EASTER RECESS AT&T CHAIRMAN ROBERT ALLEN
PERSONALLY LOBBIES AGAINST SUCH CHANGES

CHURCH AND STATE JUSTICE GINSBURG MAY BE THE DECIDING VOTE IN A RULING ON
NEW YORK STATE'S CREATION OF A PUBLIC SCHOOL DISTRICT FOR A HASIDIC
COMMUNITY SEVERAL JUSTICES MAY TRY TO OVERTURN A 1971 PRECEDENT AND LET
GOVERNMENT ACCOMMODATE RELIGION IN SUCH CASES GINSBURG HAS INDICATED A
RELUCTANCE TO DUMP PRECEDENT

WELFARE OVERHAUL FACES DELAY AS CLINTON SEARCHES FOR WAYS TO PAY FOR IT

THE PRESIDENT'S WELFARE PROPOSAL ISN'T LIKELY TO REACH CONGRESS BY LATE
APRIL AS WAS ORIGINALLY EXPECTED CLINTON SENDS CABINET OFFICIALS AND AIDES
BACK TO WORK ON FUNDING IDEAS A GAMBLING TAX IS STILL CONSIDERED AS A
LESSER OF EVILS BUT A FEW SMALLER LEVIES ARE ALSO EXAMINED

THE OVERHAUL PLAN IS STILL AT LEAST 2 BILLION SHORT OF THE 74 BILLION
NEEDED TO FUND FULL IMPLEMENTATION BY 1999 IN 2001 THE PRICE MAY RISE
ABOVE 8 BILLION ANNUALLY THE INDELICATE CHOICE ADOPT ONLY A MODEST
PROGRAM OR RAISE TAXES

REPUBLICAN WILLIAM BENNETT SAYS HE WOULD PREFER NO REFORM AT ALL THIS YEAR
IF THE BILL DOESN'T FOCUS MORE ON THE PROBLEM OF FAMILY BREAKDOWN

MINOR MEMOS AL GORE SAYS IT WAS SO COLD IN WASHINGTON THIS WINTER THAT
PEOPLE WERE HUDDLING AROUND BOB DOLE FOR WARMTH  AT THE SENATE
FINANCE COMMITTEE'S HEALTHCARE RETREAT THIS WEEK LAWMAKERS AND STAFF
DIVIDED INTO TWO TEAMS THE MANDATES AND THE NONMANDATES TO PLAY DARTS
THE WINNER THE MANDATES  DEPUTY TREASURY CHIEF ALTMAN'S ADMISSIONS OF
ADDITIONAL WHITE HOUSE MEETINGS ON MADISON GUARANTY WERE WRITTEN ON RTC
STATIONERY WITH THE MOTTO RESOLVING THE CRISIS RESTORING THE CONFIDENCE
9403250041 940325 US TO ROGUE STATES BUY AMERICAN  BY KENNETH
R TIMMERMAN

THE CLINTON ADMINISTRATION HAS ANNOUNCED SWEEPING CHANGES TO AMERICA'S
STRATEGIC EXPORT CONTROL PROCEDURES UNFORTUNATELY IF ENACTED THEY WOULD
DIRECTLY BENEFIT THE COUNTRIES THAT WORRY US THE MOST IRAQ IRAN AND 
MOST IMPORTANT AT THE MOMENT NORTH KOREA

NEW LEGISLATION PROPOSED ON FEB 24 WAS HAILED BY COMMERCE SECRETARY RON
BROWN AS THE FIRST COMPREHENSIVE CHANGE IN THE EXPORT ADMINISTRATION ACT IN
15 YEARS A PARALLEL DISCUSSION DRAFT INTRODUCED BY REP SAM GEJDENSON
D CONN WOULD GO EVEN FURTHER IN GUTTING OUR NATIONAL SECURITY
CONTROLS

WHILE THE ADMINISTRATION RIGHTLY SEEKS TO ADAPT US EXPORT CONTROLS TO THE
POSTCOLD WAR ERA IT HAS MISTAKEN THE ABSENCE OF THE SOVIET THREAT FOR THE
ABSENCE OF ANY THREAT TO OUR NATIONAL SECURITY

IF THE NEW EXPORT ADMINISTRATION ACT OR THE GEJDENSON DRAFT BECOMES LAW IT
WOULD RESULT IN A DRAMATIC ESCALATION OF THE THREAT TO US INTERESTS
WORLDWIDE THROUGH THE PROLIFERATION OF ADVANCED TECHNOLOGIES TO HOSTILE
REGIMES SOPHISTICATED COMPUTERS SOFTWARE COMMUNICATIONS GEAR ELECTRONIC
TEST EQUIPMENT AND SCIENTIFIC INSTRUMENTS JUST TO NAME A FEW WOULD
BECOME WIDELY AVAILABLE FOR EXPORT WITHOUT A LICENSE THEY WOULD INEVITABLY
WIND UP IN NATIONS EAGER TO DEVELOP WEAPONS OF MASS DESTRUCTION EITHER
THROUGH DIRECT SALES OR THROUGH MIDDLEMEN IN THIRD COUNTRIES

IN THE PAST WE WERE CONCERNED THAT THE SOVIET UNION WOULD USE WESTERN
TECHNOLOGY TO STRENGTHEN ITS MILITARYINDUSTRIAL ESTABLISHMENT BUT AS
DESERT STORM SHOULD HAVE DEMONSTRATED DEFEATING THREATS FROM EVEN A
NONNUCLEAR NATION OF THE DEVELOPING WORLD CAN REQUIRE A MAJOR COMMITMENT OF
US FORCE THINK OF THE COST IN BOTH MEN AND MONEY IF SADDAM HUSSEIN HAD
POSSESSED THE BOMB

THE LOGIC FOR RETAINING EXPORT CONTROLS TODAY IS TO PREVENT SENSITIVE AND
MILITARILY USEFUL TECHNOLOGIES FROM FUELING THE UNCONVENTIONAL WEAPONS
PROGRAMS IN ROGUE STATES THE PROLIFERATION OF SUCH TECHNOLOGIES AND THE
AVIDITY TO ACQUIRE THEM OF DICTATORS LIKE KIM IL SUNG HAS CREATED AN
INTERNATIONAL SECURITY ENVIRONMENT THAT BEARS MANY SIMILARITIES TO THE COLD
WAR BUT INSTEAD OF RALLYING OUR ALLIES IN A COLLECTIVE SECURITY EFFORT
THIS ADMINISTRATION HAS CHOSEN TO PURSUE SELFISH COMMERCIAL GOALS

MOST DRAMATICALLY LAST AUTUMN THE ADMINISTRATION MOVED TO ABOLISH THE
COORDINATING COMMITTEE ON MULTILATERAL EXPORT CONTROLS OR COCOM BEFORE
NEGOTIATING AN EFFECTIVE SUBSTITUTE NORTH KOREA WAS ONE OF THE PRIMARY
TARGETS OF COCOM CONTROLS AS OF APRIL 1 NORTH KOREA CAN BUY ALL THE
HIGHTECH IT NEEDS FOR ITS MISSILE AND NUCLEAR PROGRAMS

IN A HARBINGER OF THE EXPORT BILL THE COMMERCE DEPARTMENT ANNOUNCED IN
OCTOBER A DRAMATIC LOOSENING OF US REGULATIONS ON THE EXPORT OF ADVANCED
COMPUTERS ABANDONING 45 YEARS OF MULTILATERAL EFFORTS WITH OUR ALLIES THE
US TOOK THIS STEP WITHOUT CONSULTATION AND WITH NO REGARD FOR THE
STRATEGIC OR POLITICAL CONSEQUENCES WHEN OUR NEGOTIATORS INFORMED OUR COCOM
PARTNERS AFTER THE FACT THEY WERE GREETED WITH SHOCK AND DISMAY LICENSING
CRITERIA ON COMPUTERS WERE FURTHER RELAXED BY ADDITIONAL COMMERCE DEPARTMENT
REGULATIONS ISSUED FEB 24

AS FAR AS I KNOW THIS IS THE FIRST TIME IN THE HISTORY OF COCOM THAT THE
US HAS UNABASHEDLY ATTEMPTED TO USE EXPORTCONTROL FORUMS TO SEEK A
UNILATERAL COMMERCIAL ADVANTAGE IN THIS CASE FOR THE US COMPUTER
INDUSTRY WHICH THE INDUSTRY'S OWN LOBBYISTS SAY CURRENTLY CONTROLS ABOUT
80 OF THE WORLD MARKET IT IS NO WONDER OUR ALLIES ARE STILL REELING FROM
THE SHOCK

ONCE THE US HAS SHOWN THAT IT WILL NOT HESITATE TO BREAK THE EXISTING
RULES IN PURSUIT OF ITS OWN COMMERCIAL INTERESTS THERE WILL BE NO HOLDING
OTHERS BACK EVEN UNDER TODAY'S RULES AN EXPORT POWERHOUSE SUCH AS GERMANY
IS DOING A BRISK 5 BILLION A YEAR IN TRADE WITH IRAN THE VAST MAJORITY OF
IT IN HIGHTECHNOLOGY ITEMS JUST THINK WHAT WILL HAPPEN IF THE GERMAN
GOVERNMENT CONCLUDES THAT IT NEED NO LONGER SCRUTINIZE EXPORTS TO DETERMINE
WHETHER THEY COULD CONTRIBUTE TO IRAN'S NUCLEAR WEAPONS BALLISTIC MISSILES
OR BIOLOGICAL WEAPONS PROGRAMS

WHILE NO LEVEL OF EXPORT RESTRICTION CAN PREVENT HIGHTECH SMUGGLERS FROM
OBTAINING SMALL QUANTITIES OF SENSITIVE TECHNOLOGIES INTELLIGENT CONTROLS
DO PREVENT THE RAPID OPEN TRANSFER OF MILITARY CAPABILITIES TO NATIONS THAT
WE AND OUR ALLIES BELIEVE POSE A THREAT TO OUR COLLECTIVE SECURITY BY
REMOVING CONTROLS UNILATERALLY THE CLINTON ADMINISTRATION HAS IN EFFECT
ISSUED AN OPEN INVITATION TO PROLIFERATORS EVERYWHERE TO BUY AMERICAN

THE COST OF KEEPING CONTROLS IN PLACE IS NOT PROHIBITIVELY HIGH EXPORT
LICENSING REQUIREMENTS UNDER THE PREVIOUS REGULATIONS AFFECTED ONLY 34 OF
US EXPORTS INDEED LESS THAN 780 MILLION OF PROPOSED SALES WERE ACTUALLY
TURNED DOWN BECAUSE OF CONCERNS THAT THEY MIGHT BE USED FOR NEFARIOUS
PURPOSES THAT IS A VERY SMALL PRICE INDEED TO PAY FOR OUR SECURITY FAR
SMALLER THAN THE COST OF ANOTHER DESERT STORM

US FOREIGN POLICY AND ITS NATIONAL SECURITY POLICY SHOULD NOT BE DRIVEN
BY THE COMMERCIAL DESIRES OF A SINGLE INDUSTRY IN ITS DELIBERATIONS ON THE
ADMINISTRATION'S NEW EXPORT ADMINISTRATION ACT CONGRESS SHOULD GIVE A
CAREFUL HEARING TO THE NONPROLIFERATION AND NATIONAL SECURITY COMMUNITIES
INSTEAD OF ENGAGING IN A LOVE FEST WITH THE COMPUTER INDUSTRY

MR TIMMERMAN IS THE AUTHOR OF THE DEATH LOBBY HOW THE WEST ARMED IRAQ
HOUGHTON MIFFLIN 1991 9403250040 940325 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 9/16 HIGH 3 3/8 LOW 3 3/8 NEAR CLOSING BID 3 7/16
OFFERED RESERVES TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS
OF 1 MILLION OR MORE SOURCE PREBON YAMANE USA INC

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

CALL MONEY 5 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 365 60 TO 89 DAYS 375 90 TO 119 DAYS 385 120 TO 149
DAYS 395 150 TO 179 DAYS 4 180 TO 239 DAYS 412 240 TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 367 30 DAYS 376 60 DAYS 386 90 DAYS

CERTIFICATES OF DEPOSIT 297 ONE MONTH 304 TWO MONTHS 328 THREE
MONTHS 355 SIX MONTHS 388 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 362 ONE MONTH 377 THREE MONTHS 405 SIX MONTHS

BANKERS ACCEPTANCES 361 30 DAYS 365 60 DAYS 375 90 DAYS 388 120
DAYS 397 150 DAYS 403 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 11/16 3 9/16 ONE MONTH 3 3/4 3 5/8 TWO
MONTHS 3 7/8 3 3/4 THREE MONTHS 4 3 7/8 FOUR MONTHS 4 1/8 4
FIVE MONTHS 4 3/16 4 1/16 SIX MONTHS

LONDON INTERBANK OFFERED RATES LIBOR 3 11/16 ONE MONTH 3 7/8 THREE
MONTHS 4 3/16 SIX MONTHS 4 5/8 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 550 GERMANY 580 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 MARCH 21 1994 AUCTION OF SHORTTERM
US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF
10000 TO 1 MILLION 361 13 WEEKS 390 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 788 60 DAYS 794 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 785 60
DAYS 792 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 585 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE DOW JONES TELERATE INC

MERRILL LYNCH READY ASSETS TRUST 282 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9403250039 940325 INTERNATIONAL BRIEF POLYGRAM NV AGREEMENT REACHED
TO BUY RUSSIAN FIRM'S BUSINESSES

POLYGRAM NV SAID IT AGREED TO BUY THE RECORDING AND MUSIC PUBLISHING
BUSINESS LINES OF RUSSIAN MULTIMEDIA ENTERTAINMENT GROUP BIZ ENTERPRISES

THE DUTCH RECORDED MUSIC AND FILMED ENTERTAINMENT CONCERN ALSO SAID IT HAS
AN OPTION TO ACQUIRE BIZ'S DIRECTMAIL BUSINESS

THE NEW BUSINESSES WILL OPERATE AS POLYGRAM AO AND BE HEADED BY BIZ'S
FOUNDER AND CHAIRMAN BORIS ZOSIMOV

POLYGRAM A LEADING MUSIC RECORDING COMPANY IS 75OWNED BY PHILIPS
ELECTRONICS NV OF THE NETHERLANDS

A SPOKESWOMAN FOR LONDONBASED POLYGRAM WOULDN'T DISCLOSE THE COST OF THE
RUSSIAN ACQUISITION NOR WOULD SHE SAY WHETHER POLYGRAM IS INTERESTED IN ANY
OF BIZ'S OTHER ACTIVITIES

IN ADDITION TO MUSIC RECORDING PUBLISHING AND DIRECTMAIL MERCHANDISING
BIZ PROMOTES CONCERTS PUBLISHES NEWSPAPERS AND MAGAZINES PRODUCES
TELEVISION PROGRAMS AND IS ACTIVE IN ADVERTISING 9403250038 940325
TECHNOLOGY BRIEF ZILOG INC WORKERS FILE SUIT CLAIMING EXPOSURE TO
TOXIC CHEMICALS

A GROUP OF CURRENT AND FORMER ZILOG INC WORKERS SUED THE COMPANY FOR 77
MILLION IN US DISTRICT COURT IN BOISE IDAHO THIS WEEK ALLEGING THAT
ZILOG EXPOSED THEM TO TOXIC CHEMICALS AT A WAFER FABRICATION PLANT IN NAMPA
IDAHO

THE SUIT CHARGES THAT AT LEAST 200 WORKERS WERE EXPOSED TO TOXIC COMPOUNDS
THAT MADE THEM ILL THE SUIT ALSO CLAIMS THAT ZILOG DISCRIMINATED AGAINST
EMPLOYEES WHO WERE ALLEGEDLY DISABLED FOLLOWING EXPOSURE TO THE CHEMICALS

A ZILOG SPOKESWOMAN SAID THE INTEGRATEDCIRCUITS COMPANY DENIES THE
ALLEGATIONS WE BELIEVE OUR FACTORY IS SAFE FOR EMPLOYEES AND THAT THE
COMPANY PROCEDURES COMPLY WITH THE BEST INDUSTRY PRACTICE SHE SAID
9403250037 940325 ABOODI MAY PAY FINE TO SETTLE TRADING INQUIRY 
 TIME WARNER ADVISER SAID TO TALK WITH THE SEC ON SALES OF FIRM'S STOCK
  BY LAURIE P COHEN AND JOHNNIE L ROBERTS STAFF REPORTERS OF THE
WALL STREET JOURNAL

ODED ED ABOODI THE DEALMAKING ADVISER TO TIME WARNER INC IS
NEGOTIATING WITH THE SECURITIES AND EXCHANGE COMMISSION TO AVERT POSSIBLE
CHARGES OF INSIDER TRADING IN THE COMPANY'S STOCK ACCORDING TO PEOPLE
FAMILIAR WITH THE INVESTIGATION

MR ABOODI'S ATTORNEYS ARE DISCUSSING A DEAL THAT WOULD REQUIRE MR ABOODI
TO PAY AS MUCH AS 800000 IN FINES TO SETTLE AN INSIDERTRADING
INVESTIGATION AGAINST HIM AND HIS SON DAVID IF THE DEAL WERE TO BE
CONCLUDED MR ABOODI WOULD NEITHER ADMIT NOR DENY GUILT

WHETHER DAVID ABOODI WILL FACE ANY SEC OR CRIMINAL CHARGES REMAINS
UNCERTAIN HE COULDN'T BE REACHED FOR COMMENT

AN SEC OFFICIAL DECLINED TO COMMENT THE ELDER MR ABOODI WHO ADVISES TIME
WARNER THROUGH HIS ALPINE CAPITAL GROUP INVESTMENTBANKING FIRM WAS
TRAVELING HIS OFFICE SAID AND COULDN'T BE REACHED AND DENNIS BLOCK ONE
OF HIS ATTORNEYS DIDN'T RETURN CALLS SEEKING COMMENT TIME WARNER ALSO
DECLINED TO COMMENT

A PERSON CLOSE TO THE SENIOR MR ABOODI SAID THAT HIS POSITION IS THAT HE
DID NOTHING WRONG BUT IS WILLING TO SETTLE THE MATTER TO SHIELD HIS SON
FROM POSSIBLE CHARGES HOWEVER INDIVIDUALS FAMILIAR WITH THE INVESTIGATION
SAID THAT GOVERNMENT LAWYERS BELIEVE THE ELDER MR ABOODI MAY HAVE BEEN
RESPONSIBLE FOR QUESTIONABLE TRADES WHICH WERE EXECUTED FOR THE ABOODI
FAMILY'S PERSONAL ACCOUNT

SEVERAL PEOPLE FAMILIAR WITH THE INVESTIGATION SAID IT IS FOCUSED ON
SUSPICIOUS TRADING IN TIME WARNER SHARES BEFORE THE COMPANY ANNOUNCED A
STOCKRIGHTS OFFERING IN 1991 AS TIME WARNER'S PRINCIPAL FINANCIAL ADVISER
MR ABOODI HELPED STRUCTURE THE OFFERING

ACCORDING TO THESE PEOPLE DAVID ABOODI ALLEGEDLY SOLD TIME WARNER COMMON
SHARES SEVERAL DAYS BEFORE THE COMPANY ANNOUNCED THE OFFER WHICH WAS
INTENDED TO RAISE 35 BILLION FROM CURRENT SHAREHOLDERS THE ANNOUNCEMENT
OF THE OFFER INSTEAD SPARKED A STEEP WEEKLONG DECLINE IN TIME WARNER'S
SHARE PRICE AS HOLDERS REBELLED AGAINST A PRICING FEATURE IN THE WAKE OF
THE SHAREHOLDER PROTEST THE SEC EVENTUALLY BLOCKED THE TIME WARNER OFFER AS
IT WAS THEN STRUCTURED

AT THE SAME TIME THAT HE SOLD COMMON SHARES THE YOUNGER MR ABOODI
PURCHASED TIME WARNER CONVERTIBLE PREFERRED SHARES ACCORDING TO PEOPLE
FAMILIAR WITH THE INVESTIGATION THE PREFERRED SHARES WERE DEEMED MORE
ATTRACTIVE BECAUSE TIME WARNER IN ANNOUNCING THE STOCKRIGHTS OFFER ALSO
SAID IT WOULD REPURCHASE AS MUCH AS 10 MILLION SHARES OF THE PREFERRED
ISSUE

NEGOTIATIONS WITH THE SEC ARE CONTINUING INDIVIDUALS WITH KNOWLEDGE OF THE
MATTER SAY AND ANY POSSIBLE SETTLEMENT IS NOW MORE THAN TWO WEEKS AWAY
9403250035 940325 WHO'S NEWS AZTEC NAMES SUCCESSOR TO CEO

DALLAS AZTEC ENERGY CORP SAID JAMES H DORMAN 61 YEARS OLD WAS NAMED
PRESIDENT AND CHIEF EXECUTIVE OFFICER SUCCEEDING EUGENE A SOLTERO 51 WHO
RESIGNED

THE OIL AND NATURALGAS COMPANY WOULDN'T ELABORATE ON THE RESIGNATION OF MR
SOLTERO AN AZTEC COFOUNDER WHO REMAINS ONE OF THREE DIRECTORS

MR DORMAN WAS PRESIDENT OF AZTEC'S INTERNATIONAL SUBSIDIARY 9403250034
940325 BUSINESS BRIEF SEQUA CORP LOSSES WIDENED SALES FELL IN
FOURTH PERIOD AND YEAR

SEQUA CORP POSTED A WIDER LOSS ON LOWER SALES FOR BOTH THE FOURTH QUARTER
AND THE YEAR REFLECTING RESTRUCTURING CHARGES AND OPERATING LOSSES AT A
UNIT

SEQUA POSTED A FOURTHQUARTER LOSS OF 188 MILLION OR 203 A SHARE
COMPARED WITH A LOSS OF 177 MILLION OR 193 CENTS A SHARE FOR THE
YEARAGO PERIOD REVENUE DECLINED 3 TO 4501 MILLION

FOR THE YEAR THE NEW YORK COMPANY REPORTED A LOSS OF 64 MILLION OR 695
A SHARE COMPARED WITH A LOSS OF 111 MILLION OR 149 A SHARE SEQUA'S
SALES FOR 1993 FELL TO 17 BILLION FROM 187 BILLION

THE AEROSPACE AND CHEMICAL CONCERN SAID RESULTS REFLECT A FEDERAL
INVESTIGATION AND SUBSEQUENT RESTRICTIONS THAT HALTED JET ENGINE REPAIR
OPERATIONS AT CHROMALLOY GAS TURBINE SEQUA'S LARGEST UNIT IN ORANGEBURG
NY AND BY A 256 MILLION RESTRUCTURING CHARGE AT THAT UNIT 9403250033
940325 BUSINESS BRIEF CHIQUITA BRANDS INTERNATIONAL INC FOOD CONCERN
WILL REDEEM TWO ISSUES OF DEBENTURES

CHIQUITA BRANDS INTERNATIONAL INC SAID IT WILL REDEEM ALL 42 MILLION OF
ITS 10 1/4 SUBORDINATED DEBENTURES DUE AUG 1 2005

THE MARKETER PROCESSOR AND PRODUCER OF FOOD PRODUCTS SAID IN CINCINNATI
THAT THE DEBENTURES WILL BE REDEEMED APRIL 25 AT 100 OF PAR VALUE PLUS
ACCRUED INTEREST THROUGH THE REDEMPTION DATE FOR A TOTAL PAYMENT OF
102331 PER 1000 PRINCIPAL AMOUNT OF DEBENTURES REDEEMED SECURITIES
TRANSFER CO CINCINNATI IS THE REDEMPTION AGENT CHIQUITA SAID

CHIQUITA IS ALSO CALLING FOR REDEMPTION 45 MILLION PRINCIPAL AMOUNT OF ITS
10 1/2 SUBORDINATED DEBENTURES DUE AUG 1 2004 THE COMPANY CURRENTLY HAS
ABOUT 111 MILLION OF THESE DEBENTURES OUTSTANDING THEY WILL BE REDEEMED
APRIL 28 AT 100 OF PAR VALUE PLUS ACCRUED INTEREST THROUGH APRIL 28 FOR A
TOTAL PAYMENT OF 102474 PER 1000 PRINCIPAL AMOUNT

THE COMPANY SAID THE 10 1/2 DEBENTURES TO BE REDEEMED WILL BE SELECTED BY
LOT BY THE TRUSTEE STAR BANK OF CINCINNATI SECURITIES TRANSFER IS THE
REDEMPTION AGENT 9403250032 940325 BUSINESS BRIEF INTERNATIONAL
STANDARDS GROUP LTD UMI MAKES TENDER OFFER VALUED AT ABOUT 53 MILLION

INTERNATIONAL STANDARDS GROUP LTD SAID IT RECEIVED AN UNSOLICITED TENDER
OFFER FROM UMI INC A MORTGAGE BANKING COMPANY FOR CONTROLLING INTEREST IN
THE COMPANY IN A TRANSACTION VALUED AT APPROXIMATELY 53 MILLION

UMI OFFERED TO PAY 6625 FOR EACH SHARE OF INTERNATIONAL STANDARDS A BOCA
RATON FLA COMPANY THAT PROVIDES AUDITING AND ACCOUNTING SERVICES FOR
CREDIT UNIONS ACCORDING TO INTERNATIONAL STANDARDS UMI BASED IN CORAL
GABLES FLA INTENDS TO ACQUIRE AT LEAST 80 OF THE COMPANY

INTERNATIONAL STANDARDS AND UMI EXECUTIVES COULDN'T BE REACHED FOR COMMENT

INTERNATIONAL STANDARDS IN A PREPARED STATEMENT SAID IT CALLED A BOARD
MEETING FOR TODAY TO CAREFULLY REVIEW THE OFFER AND MAKE A RECOMMENDATION
TO STOCKHOLDERS IN NASDAQ STOCK MARKET TRADING YESTERDAY INTERNATIONAL
STANDARDS SHARES JUMPED 65625 CENTS OR 194 TO 403125 9403250031
940325 TECHNOLOGY AIDS STUDY SPARKS MOVE TO PREVIEW SUCH REPORTS

SAN FRANCISCO CITY LAWMAKERS RESPONDING TO A STUDY PROJECTING A DECLINE
IN THIS CITY'S AIDS CASES ARE DRAFTING A MEASURE ASKING SCIENTISTS TO GIVE
COMMUNITY GROUPS THE RIGHT TO PRIOR REVIEW OF SCIENTIFIC REPORTS

IT WASN'T CLEAR HOW STRONG THE MEASURE WOULD BE BUT THE EFFORT SIGNIFIES
HOW INTENSELY POLITICAL INFORMATION ABOUT AIDS HAS BECOME ESPECIALLY IN
THIS CITY WITH THE HIGHEST CONCENTRATION OF PEOPLE WITH THE AIDS VIRUS IN
THE COUNTRY

JERRY WINDLEY LEGISLATIVE AIDE TO SAN FRANCISCO SUPERVISOR ANGELA ALIOTO
WHO WILL PRESENT THE DRAFT RESOLUTION IN CITY HALL ON MONDAY SAID CITY
OFFICIALS GREW WORRIED AFTER BANNER HEADLINES IN LOCAL NEWSPAPERS SEEMED TO
PROCLAIM THE EPIDEMIC OVER THEY WORRIED THE NEWS MAY ENCOURAGE UNPROTECTED
SEX

MOREOVER HE ADDED THE CITY IS WORRIED CONGRESS COULD REDUCE THE CITY'S
SHARE OF FEDERAL FUNDING FOR AIDS PATIENTS CASES MAY BE IN DECLINE BUT
THE COST OF AIDS IS INCREASING BECAUSE PEOPLE ARE LIVING LONGER HE SAID

AUTHOR OF THE STUDY EPIDEMIOLOGIST GEORGE LEMP INITIALLY SAID HE WAS
SOMEWHAT CONCERNED ABOUT PRIOR REVIEW OR CONTROL OF SCIENTIFIC DATA BUT
HE ADDED WE WANT TO WORK WITH THE COMMUNITY AS WE'VE DONE IN THE PAST

AT THE CENTERS FOR DISEASE CONTROL AND PREVENTION IN ATLANTA AIDS CHIEF
JAMES CURRAN SAID PEOPLE IN PUBLIC HEALTH ARE CRITICIZED FOR EITHER
OVERINTERPRETING OR UNDERINTERPRETING DATA EITHER BLOWING IT UP OR FAILING
TO PROMOTE IMPORTANT PUBLICHEALTH INFORMATION 9403250030 940325 WHAT'S
NEWS  BUSINESS AND FINANCE

THE WHITE HOUSE IS SET TO PROPOSE TOUGH RULES REGULATING INDOOR AIR QUALITY
SEVERELY LIMITING SMOKING AT WORK THE PLAN TO BE UNVEILED TODAY BY LABOR
SECRETARY REICH WOULD ALSO ELIMINATE SMOKING IN RESTAURANTS AND BARS EXCEPT
IN DESIGNATED AREAS WHERE FOOD AND DRINK AREN'T SERVED THE PROPOSAL IS
ANOTHER HUGE SETBACK FOR TOBACCO COMPANIES

STOCKS AND BONDS WERE BATTERED BY DOMESTIC AND GLOBAL POLITICAL WORRIES THE
DOW INDUSTRIALS TUMBLED 4837 TO 382109 AS INVESTORS AWAITED CLINTON'S NEWS
CONFERENCE AND REACTED TO THE ASSASSINATION OF A MEXICAN PRESIDENTIAL
CANDIDATE AND TENSIONS IN KOREA THE DOLLAR FELL THE 30YEAR TREASURY BOND
LOST NEARLY 3/4 POINT TO YIELD 695

THE US ESTABLISHED A 6 BILLION SWAP FACILITY WITH MEXICO GIVING THE
COUNTRY THE ABILITY TO SUPPORT THE PESO WHEN ITS CURRENCY MARKETS REOPEN
TODAY MEXICO CLOSED FINANCIAL MARKETS IN THE WAKE OF THE ASSASSINATION ITS
STOCKS AND BONDS FELL SHARPLY IN GLOBAL TRADING BEFORE RECOVERING SOMEWHAT

GRUMMAN DIRECTORS AUTHORIZED THE DEFENSEELECTRONICS COMPANY'S MANAGEMENT TO
ENTER INTO LIMITED DISCUSSIONS WITH NORTHROP WHICH MADE A HOSTILE OFFER
EARLIER THIS MONTH

GE CAPITAL LAUNCHED A PROXY BATTLE AGAINST KEMPER SEEKING TO REPLACE FOUR
KEMPER DIRECTORS AND PRESSURE THE FIRM TO ACCEPT A 22 BILLION TAKEOVER
BID GE'S MOVE PUTS KEMPER'S FATE IN THE HANDS OF SHAREHOLDERS MANY OF THEM
BELIEVE KEMPER SHOULD BE SOLD ALBEIT AT A HIGHER PRICE

NYNEX AGREED TO UNION DEMANDS THAT WILL FORCE IT TO TAKE ADDITIONAL CHARGES
OF 13 BILLION TO SWEETEN SEVERANCE TERMS FOR CUTTING 16800 JOBS THE MOVE
COMES ON TOP OF 700 MILLION IN CHARGES THE REGIONAL BELL COMPANY HAS TAKEN
TO MAKE THOSE JOB CUTS

TIME WARNER ADVISER ABOODI IS IN TALKS WITH THE SEC TO AVERT CHARGES OF
INSIDER TRADING IN TIME STOCK PEOPLE FAMILIAR WITH THE INVESTIGATION SAID

UAL AND ITS UNIONS NEGOTIATED AN AGREEMENT ON A PROPOSED 5 BILLION BUYOUT
BY EMPLOYEES ACCORDING TO INDIVIDUALS FAMILIAR WITH THE DEAL

US OFFICIALS OVERTURNED A SOFTWARE PATENT THAT APPEARED TO GIVE A TRIBUNE
UNIT A MONOPOLY OVER A TECHNIQUE USED IN MULTIMEDIA PROGRAMS

USAIR'S RATINGS ON 29 BILLION OF LONGTERM DEBT WERE CUT BY S&P WHICH
CITED COMPETITION BY LOWCOST RIVALS

PHILIP MORRIS FILED A 10 BILLION LAWSUIT AGAINST CAPITAL CITIES/ABC AND TWO
EMPLOYEES ESCALATING THE CORPORATE BACKLASH AGAINST INVESTIGATIVE REPORTING
BY TELEVISION NEWSMAGAZINES

OPEC'S OIL MINISTERS OPENED CRUCIAL TALKS ON PRODUCTION LEVELS WITH A NEAR
CONSENSUS THAT OIL PRICES WILL FALL FURTHER IF THEY DON'T REDUCE OUTPUT

SHORT INTEREST ON NASDAQ CLIMBED 22 THIS MONTH TO 7173 MILLION SHARES
ITS 14TH CONSECUTIVE RECORD THE LARGEST SHORT INTEREST POSITIONS WERE HELD
IN SNAPPLE BEVERAGE FOLLOWED BY MOBILE TELECOMMUNICATIONS TECHNOLOGIES AND
DELL COMPUTER

ALLIEDLYONS AGREED TO ACQUIRE CONTROL OF A SPANISH SPIRITS MAKER IN A DEAL
VALUED AT UP TO 111 BILLION THE PURCHASE WILL MAKE ALLIED THE LEADING
PRODUCER OF BRANDY AND THE SECONDLARGEST TEQUILA PRODUCER

BONDS LEHMAN BROTHERS TREASURY INDEX 526968 OFF 3662

COMMODITIES OIL 1508 A BARREL UP 18 CENTS DOW JONES FUTURES INDEX
14528 UP 058 SPOT INDEX 13260 UP 007

DOLLAR 10455 YEN OFF 170 16655 MARKS OFF 00147 9403250029 940325
BUSINESS BRIEF CCX INC COMPANY CREDITORS APPROVE CHAPTER 11
BANKRUPTCY PLAN

CCX INC CHARLOTTE NC SAID ITS CREDITORS APPROVED ITS PREPACKAGED
CHAPTER 11 BANKRUPTCY PLAN

THE MAKER OF MESHES FOR SCREENING AND FILTRATION SAID THE PLAN PROVIDES FOR
A MULTIYEAR BANKING AGREEMENT THE CONVERSION OF THE COMPANY'S SUBORDINATED
DEBT TO EQUITY AND THE CANCELLATION OF ALL THE COMPANY'S PREFERRED AND
COMMON STOCK LAST WEEK THE COMPANY SAID IT WAS SEEKING A BANKING AGREEMENT
FOR 24 MILLION AND HAD 137 MILLION IN SUBORDINATED DEBT

WITH THE APPROVAL CCX WAS ABLE TO FILE A CHAPTER 11 BANKRUPTCY PETITION
WITH THE US BANKRUPTCY COURT YESTERDAY

UNDER CHAPTER 11 OF THE BANKRUPTCY CODE A COMPANY IS PROTECTED FROM
CREDITORS WHILE IT REORGANIZES ITS FINANCES A PREPACKAGED PLAN GENERALLY
PERMITS A COMPANY TO EMERGE FROM CHAPTER 11 FASTER THAN IT WOULD OTHERWISE

IN EARLY MARCH THE NEW YORK STOCK EXCHANGE SAID TRADING IN CCX'S COMMON AND
5 CUMULATIVE PREFERRED STOCK WAS SUSPENDED THE BIG BOARD SAID IT WOULD
APPLY TO THE SECURITIES AND EXCHANGE COMMISSION TO DELIST THE STOCK CITING
A FAILURE TO MEET CERTAIN FINANCIAL CRITERIA 9403250028 940325 GLOBAL
TRADES SINK ISSUES FROM MEXICO  BY MICHAEL R SESIT AND JEFFREY
TAYLOR STAFF REPORTERS OF THE WALL STREET JOURNAL

MEXICO CLOSED ITS BANKS AND SECURITIES MARKETS FOR A DAY IN THE WAKE OF THE
WEDNESDAY NIGHT ASSASSINATION OF THE COUNTRY'S LEADING PRESIDENTIAL
CANDIDATE BUT PRICES OF MEXICAN STOCKS AND BONDS FELL SHARPLY IN TRADING IN
LONDON NEW YORK AND CHICAGO

AFTER TUMBLING IN EARLY LONDON TRADING FOLLOWING NEWS OF THE DEATH OF LUIS
DONALDO COLOSIO MEXICAN SECURITIES RECOVERED TO WHAT MONEY MANAGERS SAID
WERE RESPECTABLE LEVELS CONSIDERING THE SERIOUSNESS OF THE COUNTRY'S
POLITICAL SITUATION

YOU HAVE MIXED SIGNALS FROM MEXICO SAID PAUL WARGNIER A PORTFOLIO
MANAGER AT TRUST CO OF THE WEST IN LOS ANGELES BUT THIS EVENT HASN'T
CHANGED OUR OUTLOOK FOR MEXICO WHICH IS ONE OF CONTINUED SUCCESS FROM THE
ECONOMIC MEASURES THE GOVERNMENT HAS ENACTED AND ACCELERATED ECONOMIC
ACTIVITY WHICH WE BELIEVE RESULTS IN STOCKMARKET APPRECIATION

THE TRADING ACTIVITY IN MARKETS OUTSIDE OF MEXICO DEMONSTRATED THE GROWING
GLOBAL SCOPE OF FINANCIAL MARKETS A DECADE AGO INVESTORS HOLDING MEXICAN
SECURITIES WOULD HAVE BEEN STUCK WITH THEIR POSITIONS IN THE MIDST OF A
SIMILAR CRISIS

NONETHELESS HE ADDED THAT THE ASSASSINATION OF A VERY TALENTED GUY WHO WAS
LIKELY TO BE THE NEXT PRESIDENT WAS SO SAD AND TRAUMATIC TO MEXICANS THAT
HAVING A DAY OFF AND CLOSING THE FINANCIAL SYSTEM ISN'T SUCH A BAD THING

AMONG BIG MEXICAN STOCKS THAT TRADE IN THE FORM OF AMERICAN DEPOSITARY
RECEIPTS WHICH REPRESENT A SET NUMBER OF UNDERLYING SHARES TELEPHONE
COMPANY TELEFONOS DE MEXICO SA TELMEX FELL 3 5/8 OR 57 TO 60 1/8 AND
GRUPO TELEVISA SA A TELEVISION AND FILM PRODUCTION COMPANY FELL 2 3/8 OR
4 TO 56 3/8 MEXICO FUND INC A CLOSEDEND MUTUAL FUND FELL 1 3/8 OR
43 TO 30 5/8 AND MEXICO EQUITY & INCOME FUND WAS DOWN 1 OR 46 AT 20
3/4

THE ADR MARKET IN MEXICAN STOCKS HASN'T BEEN CAUSE FOR GREAT CONCERN SAID
MR WATKINS TRADERS MARKED THE PRICES DOWN BUT IT WASN'T A GREAT BLOOD
BATH

BUT THAT WASN'T THE CASE WITH MORE SPECULATIVE MEXICAN INVESTMENTS SUCH AS
TELMEX OPTIONS THAT TRADE ON THE CHICAGO BOARD OPTIONS EXCHANGE WHERE THE
PRICE OF THE APRIL 65 TELMEX CALL OPTIONS CONTRACT PLUNGED ABOUT 50
RECORD SET THE ESTIMATED 100000 CONTRACTS THAT CHANGED HANDS WERE MORE THAN
TWICE THIS YEAR'S DAILY AVERAGE OF ABOUT 45000 CONTRACTS AND SET A RECORD
FOR TELMEX OPTIONS FOR A SINGLE DAY'S TRADING

WE DO A LOT OF BUSINESS IN THE TELMEX OPTIONS BUT NOT LIKE THIS SAYS
HENRY NOTHNAGEL SENIOR VICE PRESIDENT FOR DERIVATIVE PRODUCTS AT KEMPER
SECURITIES THE ASSASSINATION ADDS TO THE POLITICAL UNCERTAINTY IN MEXICO
WHICH CAUSES PEOPLE TO TURN TO OPTIONS BOTH AS PROTECTION FOR THEIR STOCK
HOLDINGS AND TO SPECULATE

MEANWHILE DOLLARDENOMINATED MEXICAN PARS BONDS ONE OF THE BRADY BONDS
THAT ARE WIDELY HELD BY US AND OTHER FOREIGN INVESTORS FELL TO 70 FROM 72
1/4 WEDNESDAY MICHAEL MARSHALL A DIRECTOR AT SALOMON BROTHERS INC IN NEW
YORK SAID THAT AT ONE POINT THEY TRADED AS LOW AS 67 THE SELLOFF ALSO
SPREAD TO ARGENTINE VENEZUELAN AND BRAZILIAN BRADY BONDS

EVEN BEFORE WEDNESDAY'S ASSASSINATION DEVELOPING COUNTRY DEBT HAD BEEN
SELLING OFF SAID VICTOR MILLER A MONEY MANAGER AT GLOBAL ADVISORS A
FIXEDINCOME UNIT OF PRUDENTIAL INSURANCE CO OF AMERICA IN NEWARK NJ
TODAY WAS JUST ANOTHER LOUSY DAY FOR EMERGING MARKET DEBT

BY CONTRAST MEXICO'S CURRENCY THE PESO HARDLY MOVED AT ALL ONE REASON
WAS BECAUSE BANKS IN MEXICO WERE CLOSED AND THE PESO ISN'T WIDELY TRADED
INTERNATIONALLY TRADERS ALSO SAID MEXICAN OFFICIALS HAVE MADE IT BROADLY
KNOWN THAT THEY HAVE RESERVES IN EXCESS OF THE MONEY SUPPLY AND ARE PREPARED
TO DEFEND THE PESO WITHIN ITS PRESCRIBED TRADING BAND AGAINST THE DOLLAR

INITIALLY MEXICAN STOCK AND BOND PRICES WERE MARKED SHARPLY DOWN IN LONDON
TRADING WITH SOME STOCKS BEING PRICED 10 TO 15 BELOW THEIR WEDNESDAY
CLOSING PRICES BUT BY THE TIME TRADING BEGAN IN NEW YORK SENTIMENTS HAD
CALMED PARTLY BECAUSE OF SECURITIES AND EXCHANGE COMMISSION ACTIONS TO
DELAY TRADING IN TELMEX'S ADRS MEXICO'S BIGGEST STOCK AND ONE HEAVILY OWNED
BY US AND OTHER NONMEXICAN INVESTORS AND PARTLY BECAUSE OF REMARKS BY
PRESIDENT CLINTON

AT THE SEC'S REQUEST TRADING IN TELMEX ADRS ON THE NASDAQ STOCK MARKET WAS
SUSPENDED FOR ROUGHLY 30 MINUTES TO GIVE INVESTORS THE OPPORTUNITY TO FIND
OUT THE FACTS IN THE HOPE THAT WE WOULD AVOID ANY UNDUE MOVEMENT IN
MEXICAN SECURITIES SAID MR CLINTON THE PRESIDENT ALSO SAID THAT MEXICAN
INSTITUTIONS WERE FUNDAMENTALLY STRONG AND THAT HE HAD SPOKEN WITH
TREASURY SECRETARY LLOYD BENTSEN TO MAKE SURE THAT IF THERE WAS SERIOUS
TRADING IN MEXICAN CURRENCY WE COULD TRY TO HELP STABILIZE THAT

THERE IS A QUESTION MARK ASSOCIATED WITH THE PESO SAID JAIME DE PINIES
MADRIDBASED DIRECTOR OF RESEARCH AT SANTANDER INVESTMENT THE INVESTMENT
BANK OF GRUPO SANTANDER THAT HAS A LARGE OPERATION IN MEXICO BUT GIVEN
THAT THE US TREASURY WILL BACK THE PESO I RULE OUT ANY MAJOR CHANGE IN
MEXICAN EXCHANGERATE POLICY

IN FACT THE US TREASURY DEPARTMENT AND THE FEDERAL RESERVE JOINTLY
ESTABLISHED A 6 BILLION SWAP FACILITY WITH THE MEXICAN GOVERNMENT TO
SUPPORT THE PESO WHEN CURRENCY MARKETS REOPEN TODAY

TRACY GORDON A SPOKESWOMAN FOR FIDELITY INVESTMENTS IN BOSTON SAID THE BIG
US MUTUALFUND COMPANY HAD NOT SEEN MUCH IN THE WAY OF REDEMPTIONS

MR WARGNIER OF TRUST CO OF THE WEST IN LOS ANGELES SAID THAT IN
YESTERDAY'S HECTIC ENVIRONMENT I'VE BEEN A LITTLE MORE AGGRESSIVE
PURCHASING SECURITIES THAT I'VE WANTED AND I'VE SLOWED DOWN SELLING SHARES
THAT I'VE INTENDED TO SELL

MONEY MANAGERS NOTED THAT WITH THE INCREASING GLOBALIZATION OF SECURITIES
MARKETS AND THE GROWING INVESTMENT IN ONE COUNTRY'S SECURITIES BY RESIDENTS
IN OTHER COUNTRIES IT IS HARDER FOR A NATION TO CLOSET ITS MARKETS 
UNLESS IT WANTS TO DO WITHOUT FOREIGN INVESTMENT ENTIRELY

IN A MODERN GLOBAL ENVIRONMENT IT'S IMPOSSIBLE FOR A COUNTRY TO SHUT DOWN
ITS SECURITIES MARKETS SAID ROBERT PENNELLS HEAD OF EQUITIES AT LEHMAN
GLOBAL ASSET MANAGEMENT LTD LONDON WE CAN TRADE HONG KONG STOCKS IN
LONDON AND NEW YORK STOCKS IN LONDON BEFORE THEY OPEN

BUT HE SAID SHARE PRICES QUOTED OUTSIDE OF A STOCK'S HOME ARE OFTEN AT
DISTRESSED LEVELS BECAUSE THE TRADERS ARE ASSUMING A LARGE RISK IN
MAINTAINING A HOME MARKET AWAY FROM THE SECURITY

FACED WITH THE OPTION OF HOLDING ONTO MEXICAN STOCKS OR DUMPING THEM AT UP
TO 15 BELOW WHERE THEY TRADED A DAY EARLIER HE SAYS WE'VE DECIDED TO
TAKE A WAITANDSEE ATTITUDE AND NOT GET CAUGHT UP IN THE HYSTERIA OF THE
MOMENT

BY THE END OF LAST YEAR FOREIGNERS OWNED 219 BILLION OR ROUGHLY 40 OF
ALL MEXICAN TREASURY SECURITIES AND OTHER GOVERNMENT OBLIGATIONS ROBERT
MEYER A PORTFOLIO MANAGER AT MORGAN STANLEY ASSET MANAGEMENT IN NEW YORK
ESTIMATED THAT FOREIGNERS GENERALLY ACCOUNT FOR AT LEAST HALF OF THE TRADING
IN MEXICAN SHARES

CLOSING MEXICAN MARKETS DOESN'T STOP THE TRADING SAID JOHN PURCELL
DIRECTOR OF EMERGING MARKETS RESEARCH AT SALOMON BROTHERS INC IN NEW YORK
VIRTUALLY ALL TRADING IN MEXICAN BRADY BONDS IS DONE OUTSIDE MEXICO IN
MAJOR FINANCIAL CENTERS LIKE NEW YORK LONDON AND TOKYO

OF COURSE SOME MEXICAN STOCKS AND BONDS DON'T TRADE OUTSIDE THE COUNTRY
ALTHOUGH INVESTORS WERE ABLE TO BUY AND SELL SHARES IN COMPANIES LIKE TELMEX
AND GRUPO TELEVISA WITH MEXICO'S STOCK MARKET CLOSED YOU'RE STUCK IF YOU
OWN A STOCK THAT ISN'T TRADED IN ADR FORM SAID A TRADER AT A BIG NEW YORK
INVESTMENT BANK

YESTERDAY INVESTORS ALSO FOUND SOME OF THE BIGGEST MEXICAN STOCKS THEY
OWNED SUCH AS CEMEX SA GRUPO FINANCIERO BANCOMER SA AND GRUPO CARSO SA
 WERE RELATIVELY ILLIQUID AND COULD ONLY BE UNLOADED AT A SIGNIFICANT
LOSS THOUGH THESE COMPANIES HAVE ISSUED ADRS IN THE US THE RECEIPTS ARE
UNLISTED AND MUST TRADE EITHER OVERTHECOUNTER OR ONLY BETWEEN LARGE
QUALIFIED INSTITUTIONAL INVESTORS

TRADERS SAID THAT YESTERDAY THE SPREAD BETWEEN WHAT DEALERS WERE WILLING TO
BUY AND SELL ADRS IN CEMENT GIANT CEMEX WAS ATAN EXTREMELY WIDE 3 TO 4 ON
WEDNESDAY CEMEX CLOSED AT 49 3/8 TO 49 7/8 AT ONE POINT THE BID OFFER
SPREAD FOR GRUPO BANCOMER WAS BETWEEN 31 AND 34 THE DAY BEFORE A BANK
HOLDING COMPANY'S ADRS CLOSED AT 33 1/2 TO 34

WITH SUCH WIDE SPREADS THERE WAS RELATIVELY LITTLE BUSINESS SAID ONE
TRADER THAT'S BECAUSE BROKERS WHO USUALLY MAKE A MARKET IN THESE STOCKS
OFTEN USE THE LOCAL MEXICAN MARKET TO LAY OFF THEIR TRADES OR ARBITRAGE
BETWEEN THE ADRS AND THE UNDERLYING SHARES THAT TRADE IN MEXICO CITY

BUT WITH MEXICAN MARKETS CLOSED THEY WON'T STICK THEIR NECK OUT AND THEY
WON'T DO ANYTHING IN SIZE SAID THE TRADER 9403250027 940325 BUSINESS
BRIEF ELECTRIC LIGHTWAVE INC WASHINGTON STATE APPROVES BID FOR
LOCAL PHONE SERVICE

ELECTRIC LIGHTWAVE INC VANCOUVER WASH SAID IT WON THE RIGHT TO OPERATE
THE FIRST LOCAL PHONE SERVICE IN WASHINGTON STATE

A UNIT OF CLOSELY HELD CITIZENS UTILITIES OF STAMFORD CONN ELECTRIC
LIGHTWAVE WILL SET UP A SWITCH SERVICE FOR BUSINESSES IN THE SEATTLE
METROPOLITAN AREA

THE MOVE COMES AFTER THE WASHINGTON UTILITIES AND TRANSPORTATION COMMISSION
VOTED 30 TO APPROVE THE BID LAST WEEK THE STATE SUPREME COURT RULED 80
THAT LOCAL TELEPHONE COMPANIES IN THE STATE DO NOT HAVE A LEGAL RIGHT TO BE
THE EXCLUSIVE PROVIDER OF COMMUNICATIONS SERVICES IN THEIR TERRITORIES THE
CASE STEMMED FROM ELECTRIC LIGHTWAVE'S EARLIER EFFORTS TO PROVIDE
DATATRANSMISSION SERVICES

ELECTRIC LIGHTWAVE BUILDS AND OPERATES DIGITAL FIBEROPTIC
TELECOMMUNICATIONS NETWORKS IN THE WESTERN US 9403250026 940325 BUSINESS
BRIEF RELIANCE ELECTRIC CO INTERACTIVE MULTIMEDIA MOVE IS PLANNED
WITH ORACLE CORP

RELIANCE ELECTRIC CO'S RELIANCE COMM/TEC CORP SUBSIDIARY SAID IN CLEVELAND
THAT IT ENTERED INTO A COOPERATIVE AGREEMENT WITH ORACLE CORP TO DEVELOP
AND MARKET INTERACTIVE MULTIMEDIA SYSTEMS TO COMPUTER NETWORK PROVIDERS

ORACLE BASED IN REDWOOD SHORES CALIF SUPPLIES INFORMATION MANAGEMENT
SYSTEMS FOR THE DELIVERY OF INTERACTIVE SERVICES THE VENTURE WILL COMBINE
RELIANCE'S MATRIX SYSTEM AND ORACLE'S MEDIA NET AND MEDIA SERVER PRODUCTS TO
TELEPHONE CABLE TELEVISION AND WIRELESS OPERATORS FOR UPGRADING NETWORKS TO
TRANSPORT NEW MULTIMEDIA VOICE VIDEO AND DATA SERVICES

THE MATRIX SYSTEM WILL PROVIDE TRANSMISSION OF VOICE VIDEO DATA AND
WIRELESS COMMUNICATIONS OVER ALL DISTRIBUTION MEDIA INCLUDING COPPER WIRE
FIBEROPTIC CABLE COAXIAL CABLE AND FIBERCOAX NETWORKS THE COMPANY SAID

MEDIA NET IS AN OPEN HIGHLEVEL PROTOCOL THAT WILL BE USED TO CONNECT USERS
REQUESTING ONDEMAND SERVICES THROUGH TELEVISION SETS TO THE MEDIA SERVER A
DIGITAL MULTIMEDIA LIBRARY THAT DELIVERS THE REQUESTED SERVICES TO THE USER
9403250025 940325 BUSINESS BRIEF GENTNER COMMUNICATIONS CORP 
COMPANY TO POST A DEFICIT CITES A CHARGE OF 400000

GENTNER COMMUNICATIONS CORP SAID IT EXPECTS TO POST A LOSS FOR ITS THIRD
QUARTER AFTER A 400000 CHARGE RELATED TO THE RECENT SALE OF ITS
UNPROFITABLE AUDISK PRODUCT LINE

A COMPANY SPOKESMAN SAID IN SALT LAKE CITY THAT WITHOUT THE CHARGE IT'S
UNCLEAR WHETHER GENTNER WOULD HAVE A GAIN OR LOSS FOR THE QUARTER IN THE
YEARAGO THIRD QUARTER ENDED MARCH 31 GENTNER EARNED 31805 OR LESS THAN
A CENT A SHARE ON REVENUE OF 24 MILLION

GENTNER AGREED LATE LAST YEAR TO SELL AUDISK TO CLOSELY HELD DHK GROUP OF
CAMBRIA CALIF THE PRICE WASN'T DISCLOSED

AUDISK IS A HARD DISKDRIVE SYSTEM FOR STORING AND RETRIEVING COMMERCIALS
AND SPOTS FOR RADIO STATIONS

GENTNER SAID IT IS ENCOURAGED ABOUT BEING ABLE TO MOVE FORWARD WITHOUT THE
DISTRACTION OF AUDISK AND ITS HISTORICALLY NEGATIVE IMPACT ON EARNINGS
9403250024 940325 POLITICAL TRAUMA MEXICANS STRUGGLE TO COPE WITH
SHOCK OF CANDIDATE'S KILLING  SLAYING OF COLOSIO IN TIJUANA COMES
IN A YEAR PLAGUED BY UPRISING KIDNAPPING  US OFFERS AID TO BACK
PESO  BY WALL STREET JOURNAL STAFF REPORTERS PAUL B CARROLL AND
CRAIG TORRES IN MEXICO CITY AND DIANNE SOLIS IN TIJUANA

THE ASSASSINATION OF PRESIDENTIAL CANDIDATE LUIS DONALDO COLOSIO HAS PUSHED
MEXICO INTO ITS WORST POLITICAL CRISIS IN YEARS IF NOT HANDLED SKILLFULLY
BY PRESIDENT CARLOS SALINAS DE GORTARI IT HOLDS THE POTENTIAL TO UNDERMINE
THE REMARKABLE ECONOMIC PROGRESS MR SALINAS HAS MADE IN HIS FIVEPLUS YEARS
IN OFFICE

THE THREAT ARISES BECAUSE MEXICO DOESN'T HAVE ENOUGH SAVINGS TO FINANCE THE
PRESIDENT'S AMBITIOUS ECONOMIC PLANS AND NEEDS TO ATTRACT HUGE AMOUNTS OF
FOREIGN INVESTMENT BUT FOREIGNERS ONLY PUT MONEY IN COUNTRIES WHERE THEY
ARE CONFIDENT ABOUT THE FUTURE SO IF PRESIDENT SALINAS CAN'T RESTORE
CONFIDENCE QUICKLY WELL INVESTORS HAVE LOTS OF OTHER EMERGING MARKETS
WHERE THEY CAN SEND THEIR FUNDS

SO FAR THE BETTING IS THAT MR SALINAS WILL MANAGE THIS CRISIS AS
SKILLFULLY AS HE HANDLED THE ECONOMIC PROBLEMS HE INHERITED IN 1988 AND THE
REBELLION IN THE SOUTHERN STATE OF CHIAPAS ON JAN 1

INVESTORS AND OTHERS WANT ASSURANCES THAT WHOEVER BECOMES THE NEW
PRESIDENTIAL CANDIDATE OF THE INSTITUTIONAL REVOLUTIONARY PARTY OR PRI
WILL SUPPORT THE SALINAS FREEMARKET ECONOMIC POLICIES AS WHOLEHEARTEDLY AS
MR COLOSIO DID GIVEN THE IMPORTANCE OF DISPELLING UNCERTAINTY SOME WERE
SPECULATING THAT A CANDIDATE FOR THE AUGUST ELECTION MIGHT BE NAMED SWIFTLY
YET ACCORDING TO ONE WELLINFORMED SOURCE THE PRI IN DEFERENCE TO THE
MEMORY OF MR COLOSIO MAY NOT NAME A NEW CANDIDATE UNTIL AFTER EASTER
APRIL 3

MEXICAN OFFICIALS CALLED FINANCIAL ORGANIZATIONS AND TRADERS THROUGHOUT THE
DAY YESTERDAY WARNING THEM AGAINST TRYING TO PROFIT BY STARTING A RUN
AGAINST THE PESO THE OFFICIALS NOTED THAT MEXICO HAS UNUSUALLY HIGH
FOREIGNCURRENCY RESERVES OF 30 BILLION AND IS PREPARED TO USE THEM TO BUY
PESOS SUPPORTING THE CURRENCY'S VALUE

IN WASHINGTON CLINTON ADMINISTRATION OFFICIALS PREPARED TO HELP MEXICO
BRACE FOR A POSSIBLE RUN ON THE PESO WHEN THE MARKETS REOPEN AFTER BEING
CLOSED YESTERDAY AS PART OF A DAY OF MOURNING

THE US TREASURY AND THE FEDERAL RESERVE BOARD SAID LATE YESTERDAY THAT
THEY WERE ESTABLISHING A TEMPORARY 6 BILLION SWAP FACILITY WITH MEXICO
ESSENTIALLY GIVING MEXICO A LINE OF CREDIT THAT ALLOWS IT TO BORROW DOLLARS
TO BUY PESOS THIS AGREEMENT DEMONSTRATES CONTINUED STRONG SUPPORT FOR
MEXICO'S ECONOMIC POLICIES TREASURY SECRETARY LLOYD BENTSEN AND FEDERAL
RESERVE BOARD CHAIRMAN ALAN GREENSPAN SAID IN A JOINT STATEMENT THE US
HAS PROVIDED SHORTTERM FINANCIAL SUPPORT TO MEXICO SEVERAL TIMES IN THE
PAST IN 1976 IN 198283 IN 1986 AND MOST RECENTLY IN 1988

I THINK THINGS WILL SETTLE DOWN PRESIDENT CLINTON TOLD REPORTERS AND I
THINK FUNDAMENTALLY THEY ARE IN SOUND SHAPE WE'LL HAVE TO WAIT AND SEE WHAT
HAPPENS TOMORROW

MR BENTSEN SAID HE WAS IN TOUCH WITH MEXICAN GOVERNMENT OFFICIALS WEDNESDAY
NIGHT AND THROUGHOUT THE DAY YESTERDAY WE CONTINUE TO HAVE EVERY
CONFIDENCE MEXICO IS ON THE RIGHT ECONOMIC PATH THE SECRETARY SAID THE
FUNDAMENTAL REFORMS IT HAS UNDERTAKEN IN RECENT YEARS HAVE LAID A VERY
STRONG FOUNDATION FOR STABLE NONINFLATIONARY ECONOMIC GROWTH

CONFIDENCE IN MEXICAN STOCKS TRADED IN FOREIGN MARKETS HELD UP SURPRISINGLY
WELL TELEFONOS DE MEXICO THE BELLWETHER ISSUE THAT MAKES UP ALMOST A THIRD
OF THE MEXICAN STOCK MARKET'S VALUE DROPPED 3625 TO 60125 IN TRADING ON
THE NEW YORK STOCK EXCHANGE MEXICAN BRADY BONDS COMMERCIAL BANK LOANS
TO THE GOVERNMENT REPACKAGED INTO BONDS FELL JUST OVER TWO POINTS OR 20
FOR EACH 1000 FACE AMOUNT

BUT MEXICAN MARKETS HAVE SEEN GREAT VOLATILITY THIS YEAR AND THAT WILL
PROBABLY CONTINUE AT LEAST UNTIL A NEW PRI CANDIDATE IS NAMED THE MEXICAN
STOCK MARKET FOR INSTANCE WAS UP MORE THAN 10 EARLIER IN THE YEAR THEN
QUICKLY FELL TO THE POINT WHERE IT WAS DOWN 10 ON THE YEAR IT SPIKED UP
TUESDAY AND WEDNESDAY ON THE NEWS THAT FORMER MEXICO CITY MAYOR MANUEL
CAMACHO SOLIS WOULDN'T LAUNCH A MAVERICK PRESIDENTIAL BID

EVEN AFTER A CANDIDATE IS NAMED THE RULING PARTY MAY FIND ITSELF IN THE
KIND OF FIX IT HASN'T BEEN IN DURING ALMOST SEVEN DECADES IN POWER AND
INVESTORS HOPE THAT THE RULING PARTY WILL WIN BECAUSE IT REPRESENTS
CONTINUITY THE REASON IS THAT THE PRI ONCE BRIMMING WITH PRESIDENTIAL
POSSIBILITIES SUDDENLY FINDS ITSELF WITH A PAUCITY

THE OBVIOUS CHOICE WOULD BE MR CAMACHO THE RUNNERUP TO MR COLOSIO AS THE
ORIGINAL SELECTION BUT MR CAMACHO GOT A HORRIBLY ROUGH RECEPTION BY THE
CROWD WHEN HE ARRIVED FOR MR COLOSIO'S WAKE BECAUSE MANY MEXICANS SUSPECT
 WITHOUT FOUNDATION THAT MR CAMACHO WHO STOOD TO BENEFIT MUST HAVE
SOMEHOW BEEN INVOLVED IN THE ASSASSINATION YESTERDAY OUTSIDE PRI
HEADQUARTERS WHERE MR COLOSIO'S CASKET WAS TAKEN BEFORE HIS BODY WAS
CREMATED A WOMAN WHOSE EYES WERE GLASSY FROM TEARS SPOTTED A TELEVISION
CAMERA AND YELLED INTO IT CAMACHO ARRANGED IT CAMACHO ARRANGED IT
OTHERS SHOUTED COLOSIO YES CAMACHO NO SO MR CAMACHO CALLED AN
EMOTIONAL IMPROMPTU PRESS CONFERENCE AFTER THE WAKE AND DECLARED THAT HE
ISN'T INTERESTED IN THE PRI CANDIDACY

THE OTHER NAME MENTIONED MOST OFTEN AS A POSSIBLE CANDIDATE IS ERNESTO
ZEDILLO THE COLOSIO CAMPAIGN MANAGER BUT THE 42YEAROLD IS INEXPERIENCED
AS A POLITICIAN AND HAS BEEN CAUGHT UP IN A COUPLE OF WELLPUBLICIZED
PROBLEMS PRI CHAIRMAN FERNANDO ORTIZ ARANA HAS ALSO EMERGED AS A DARK
HORSE BUT HE IS LITTLEKNOWN AND WAS THOUGHT BY MANY TO BE IN DANGER OF
LOSING HIS JOB UNTIL RECENT MONTHS NUMEROUS OTHER POSSIBLE CANDIDATES SUCH
AS FINANCE MINISTER PEDRO ASPE ARE AT LEAST CURRENTLY EXCLUDED FROM
CONSIDERATION A CONSTITUTIONAL PROVISION STATES THAT CANDIDATES CAN'T
OCCUPY ANY OF A LARGE NUMBER OF SENIOR GOVERNMENT POSITIONS FOR 180 DAYS
BEFORE THE PRESIDENTIAL ELECTIONS WHICH COME ON AUG 21 IN LESS THAN 150
DAYS

A GOVERNMENT SPOKESMAN STRONGLY DENIED THAT ANY DISCUSSION OF A POSSIBLE
SUCCESSOR HAS EVEN TAKEN PLACE OR THAT THERE HAS BEEN ANY TALK ABOUT
POSTPONING THE ELECTIONS AND HAVING PRESIDENT SALINAS STAY IN OFFICE UNTIL
THINGS CALM DOWN PEOPLE IN CONTACT WITH GOVERNMENT MINISTRIES HAD SAID THAT
SUCH TALKS WERE GOING ON AS PART OF CONTINGENCY PLANNING WEDNESDAY NIGHT

UNCERTAINTY ALSO CONTINUED YESTERDAY ABOUT THE MOTIVES OF THE MAIN SUSPECT
HELD IN THE ASSASSINATION THE ASSUMPTION IS THAT HE HAD SOME POLITICAL
MOTIVES BUT IT WASN'T CLEAR WHETHER HE MIGHT HAVE BEEN PART OF SOME
ORGANIZED POLITICAL MOVEMENT OR WAS JUST TRYING TO FIND A WAY TO PROTEST THE
POVERTY IN WHICH HE LIVED

THE SUSPECT MARIO ABURTO MARTINEZ 23 YEARS OLD REPORTEDLY SHOUTED I
SAVED MEXICO AFTER SHOOTING MR COLOSIO WITH A 38CALIBER HANDGUN FROM A
DISTANCE THAT MAY HAVE BEEN AS LITTLE AS A FOOT THE SLAYING TOOK PLACE IN A
DESPERATELY POOR NEIGHBORHOOD RIGHT IN FRONT OF A TWOSTORY BRICK MEETING
HOUSE BUILT BY THE SOLIDARITY ANTIPOVERTY PROGRAM THAT MR COLOSIO RAN UNTIL
BECOMING THE CANDIDATE SOLIDARITY WAS DESIGNED TO MOLLIFY THE POOR WHILE
THE GOVERNMENT TRIED TO STRAIGHTEN OUT ITS MACROECONOMIC PROBLEMS

MEXICO'S ATTORNEY GENERAL DIEGO VALADEZ WHO FLEW TO TIJUANA TO COORDINATE
THE INVESTIGATION ANNOUNCED ONLY THAT MR ABURTO HAD CONFESSED TO SHOOTING
MR COLOSIO A CONFESSION THAT MR VALADEZ SAID WAS MADE WILLINGLY IN
FRONT OF TWO WITNESSES INCLUDING THE HEAD OF A LAW SCHOOL THE ATTORNEY
GENERAL SAID THAT TWO OTHER MEN WERE IN CUSTODY BUT HE SAID THEY MIGHT JUST
BE WITNESSES HE DIDN'T IDENTIFY THEM AND ASKED ABOUT A MOTIVE SAID
CRYPTICALLY THAT HE WOULDN'T ENGAGE IN ADVENTURESOME POLITICS

MR ABURTO WAS A 100AWEEK WORKER IN A FACTORY ASSEMBLING AUDIO CASSETTES
IN TIJUANA MARCO ANTONIO OVIEDO THE MANAGER OF THE FACTORY SAID THAT MR
ABURTO READ A LOT BUT SEEMED TO BE TOTALLY NORMAL HE AND OTHERS SAID MR
ABURTO WAS A HARD WORKER WHO WAS TRYING TO GET AHEAD EVEN THOUGH HE HAD ONLY
BEEN IN HIS JOB FOR FIVE WEEKS MR OVIEDO SAID THAT MR ABURTO COMPLETED
HIS SHIFT WEDNESDAY THREE HOURS BEFORE ALLEGEDLY KILLING MR COLOSIO

NEIGHBORS SAID MR ABURTO WAS ALSO TRYING TO FIX UP HIS HOME WHICH SITS
RIGHT NEAR A HUGE COLOSIO BILLBOARD THE HOME HAS AN OUTHOUSE IN BACK AND
SITS IN A NEIGHBORHOOD WITH UNPAVED STREETS WHERE THE ONLY ELECTRICITY IS
TAPPED ILLEGALLY OFF UTILITY LINES THE NEIGHBORHOOD IS FULL OF TRANSIENTS
WHO GATHER THERE BEFORE TRYING TO JUMP ACROSS THE BORDER INTO THE US

NEIGHBORS DESCRIBED MR ABURTO AS A LONER ONE MIGUEL JIMENEZ SAID HE'S
SICK IN THE HEAD

THE HANDGUN THAT KILLED MR COLOSIO REPORTEDLY WAS INITIALLY PURCHASED IN
CALIFORNIA YEARS AGO BUT AUTHORITIES DIDN'T KNOW HOW IT HAD MADE ITS WAY TO
MEXICO OR WHETHER ITS US ORIGINS WOULD BECOME AN ISSUE IN MEXICO

WITH SO MUCH STILL UNKNOWN MEXICANS YESTERDAY NURSED THEIR GRIEF VENTED
THEIR ANGER AND QUIETLY ACKNOWLEDGED THEIR FEARS

IN TIJUANA A MAKESHIFT ALTAR OF WHITE CANDLES AND ICONS OF MEXICO'S PATRON
SAINT OUR LADY OF GUADALUPE WENT UP QUICKLY OUTSIDE THE HOSPITAL RIGHT
AFTER MR COLOSIO DIED WEDNESDAY NIGHT RAFAEL CARMONA 22 YEARS OLD
WORRIED THAT THE ASSASSINATION WILL HAVE SUCH AN IMPACT ON MEXICO
POLITICALLY SOCIALLY IN EVERY SENSE THERE ARE NO WORDS TO DESCRIBE THIS

MARTIN FERNANDO GARCIA 18 SHOOK HIS HEAD SAYING IN MEXICO WE DON'T
KILL EACH OTHER WE DON'T DO THIS KIND OF THING

PEOPLE IN TIJUANA COMPLAINED BITTERLY THAT SECURITY AROUND MR COLOSIO
WASN'T TIGHTER AS HE CAMPAIGNED THERE WASN'T ONE POLICEMAN SAID LUPITA
MONTOYA WHO WAS CLOSE TO MR COLOSIO WHEN HE WAS SHOT AT THE MOMENT IT
HAPPENED NO ONE WAS HERE FROM THE GOVERNMENT NO ONE WAS HERE

IN FACT THERE WERE MANY MORE SECURITY FORCES AVAILABLE TO MR COLOSIO THAN
NORMAL INCLUDING TWO TRUCKLOADS OF POLICE AND FORCES FROM THE PRESIDENTIAL
BODYGUARDS THE ESTADO MAYOR A GOVERNMENT SPOKESMAN SAID THE BODYGUARDS
WERE OFFERED TO ALL THE PRESIDENTIAL CANDIDATES

BUT IN THE WEE HOURS OF THURSDAY MORNING COLOSIO AIDES GATHERED IN A
TIJUANA HOTEL ROOM FOR SOME SOULSEARCHING DISCUSSIONS AND BLAMED THEMSELVES
FOR NOT FORCING HIM TO USE THE POLICE MORE FOR NOT CURTAILING HIS HABIT OF
PLUNGING INTO CROWDS WHERE HE SEEMED TO DRAW ENERGY BY SHAKING AS MANY
HANDS AS POSSIBLE

WE WERE HARDLY USING SECURITY ONE AIDE SAID HE WASN'T
SECURITYCONSCIOUS HE DIDN'T ACTIVATE HIS SECURITY

WE ALL NEED A DRINK HE ADDED AS HE SIPPED BRANDY I'M IN PAIN I
HAVEN'T CRIED SINCE MY MOTHER DIED

IN MEXICO CITY AN EMOTIONAL CROWD OF THOUSANDS GATHERED OUTSIDE THE
HEADQUARTERS OF THE RULING PARTY WHERE MR COLOSIO'S BODY HAD BEEN BROUGHT
AND CRUSHED THEIR WAY INTO THE AUDITORIUM TO FILE PAST HIS PLAIN STEEL
CASKET AND PAY THEIR RESPECTS BEFORE HIS BODY WAS CREMATED AN OLD WOMAN
WAILED UNCONTROLLABLY AS A YOUNGER WOMAN HELPED HER PAST THE CASKET IN THE
FRONT ROW A GRIEFSTRICKEN WOMAN HAD A SEIZURE THAT WENT UNNOTICED IN THE
BEDLAM BEFORE SOMEONE FINALLY GOT AN AMBULANCE TO TAKE HER AWAY

NOT ONLY DID PRESIDENT SALINAS CALL FOR CALM BUT EVEN THE NORMAL CRITICS OF
HIS ADMINISTRATION STAYED QUIET THE OPPOSITION PRESIDENTIAL CANDIDATES
SUSPENDED THEIR CAMPAIGNS THE NORMALLY VOLUBLE ZAPATISTA REBELS IN CHIAPAS
STAYED QUIET RADIO STATIONS EDITORIALIZED THAT WHILE INVESTORS NEEDED TO
DO WHAT WAS RIGHT FOR THEMSELVES THEY SHOULD ALSO REMEMBER THEIR
RESPONSIBILITIES TO SOCIETY

UNTIL THINGS SETTLE DOWN ANALYSTS AND CORPORATE EXECUTIVES SAID FOREIGN
MONEY WILL SIT ON THE SIDELINES

FOREIGN INVESTORS ARE CONCERNED SAID ROBERTO BATRES MANAGING DIRECTOR IN
MEXICO FOR ARTHUR D LITTLE THE CONSULTING FIRM THEY'LL WAIT TO SEE WHAT
THE REACTION OF MEXICAN LEADERSHIP IS TO SEE HOW QUICKLY HOW DECISIVELY
AND HOW WISELY THEY MOVE A LOT DEPENDS ON WHAT HAPPENS IN THE NEXT FEW
DAYS

WHETHER COINCIDENTALLY OR NOT MEXICO YESTERDAY ANNOUNCED IT HAD JOINED THE
ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT A PARISBASED
THINKTANK THAT INCLUDES THE WORLD'S RICHEST NATIONS

THERE IS A LOT OF CONFIDENCE IN PRESIDENT SALINAS BUT THERE ARE THE
BEGINNINGS OF DOUBTS TOO

WHILE MR SALINAS WAS EXPECTED TO SOMEHOW AVOID THE TRADITIONAL JINX DURING
THE LAST YEAR OF A PRESIDENCY SINCE JAN 1 HE HAS HAD TO CONFRONT THE
CHIAPAS UPRISING WHICH KILLED AT LEAST 145 PEOPLE AND WAS THE FIRST
SIGNIFICANT GUERRILLA ACTIVITY IN MEXICO IN TWO DECADES THE PROBLEM
DEVELOPED INTO A BROAD POLITICAL ISSUE AS THE POOR AND POLITICALLY
DISPOSSESSED THROUGHOUT THE COUNTRY USED THE BARGAINING TABLE IN CHIAPAS AS
A WAY TO GET THEIR ISSUES NOTICED IN A COUNTRY WHOSE CLOSED POLITICAL
SYSTEM RARELY ALLOWS PEOPLE TO PUSH GOVERNMENT TO ACT ON THEIR PROBLEMS MR
SALINAS HAD TO DRASTICALLY STEP UP SOCIAL SPENDING AND INSTITUTE A BROAD
SERIES OF ELECTORAL REFORMS

THEN A WEEK AND A HALF AGO KIDNAPPERS SEIZED ONE OF MEXICO'S MOST
PROMINENT BUSINESSMEN ALFREDO HARP HELU THE BILLIONAIRE PRESIDENT OF GRUPO
FINANCIERO BANAMEXACCIVAL AGAIN THAT WASN'T SUPPOSED TO HAPPEN NO ONE OF
HIS PROMINENCE HAD BEEN SEIZED IN MORE THAN 20 YEARS THE RESULTING
PUBLICITY UNSETTLED THE BUSINESS COMMUNITY AND EXPOSED THE FACT THAT MEXICO
HAD QUIETLY BECOME ONE OF THE MOST DANGEROUS SPOTS IN LATIN AMERICA FOR
POTENTIAL KIDNAPPING VICTIMS

THEN MR COLOSIO WAS SHOT DEAD THIS WAS THE FIRST TIME A POLITICAL FIGURE
OF HIS MAGNITUDE HAD BEEN ASSASSINATED SINCE ALVARO OBREGON WAS SHOT IN 1928
SHORTLY AFTER BEING ELECTED PRESIDENT MEXICO DOESN'T HAVE A HISTORY OF
ASSASSINATIONS AND THERE IS NO EVIDENCE THUS FAR THAT THIS WILL START A
WAVE BUT IN THE CRAZY WORLD OF 1994 MEXICAN POLITICS NO ONE SEEMS TO WANT
TO DECLARE THAT THIS IS THE END OF THE VIOLENCE

GIVEN THAT THE AUTHORITIES DIDN'T IMMEDIATELY PROVIDE AN EXPLANATION FOR THE
ASSASSINATION AND THAT IT MAY BE A WHILE BEFORE A NEW PRI PRESIDENTIAL
CANDIDATE IS NAMED SOME FINANCIAL EXECUTIVES SAID IT WAS PROBABLY A GOOD
IDEA FOR THE MARKETS TO BE CLOSED YESTERDAY THE MEXICAN AUTHORITIES HAVE
DONE THE RIGHT THING BY DECLARING A HOLIDAY IN THE LOCAL MARKET SAID JORGE
JASSON SENIOR VICE PRESIDENT OF INTERNATIONAL CAPITAL MARKETS AT CHASE
MANHATTAN CORP IT IS VERY PRUDENT AND ADEQUATE TO GIVE EVERYBODY THE
OPPORTUNITY TO DIGEST THESE PAINFUL EVENTS

ASSUMING NOTHING MORE HAPPENS FINANCIAL EXPERTS HOPE MEXICO WILL BE ABLE TO
PICK UP WHERE IT LEFT OFF

THE ONLY ISSUE PEOPLE WORRY ABOUT IS SOCIAL INEQUALITY WILL THAT TRANSLATE
INTO DESTABILIZATION WONDERED NORA LUSTIG AN ECONOMIST WORKING AT THE
BROOKINGS INSTITUTION BUT WE SEE SIGNS FROM ALL THE MAJOR FORCES IN THE
COUNTRY THAT THEY ARE WILLING TO SOLVE THINGS PEACEFULLY  I THINK THE
FOREIGN MONEY WILL CONTINUE TO FLOW IN

ONE SIGN OF THAT CAME FROM DETROIT YESTERDAY WHERE MAJOR AUTO MAKERS SAID
THEIR BUSINESS PLANS INVOLVING MEXICO WOULD BE UNAFFECTED BY THE
DEVELOPMENTS THERE EXPORTS OF US VEHICLES TO MEXICO ARE ALREADY SURGING
BECAUSE OF THE NORTH AMERICAN FREE TRADE AGREEMENT

IN THE FIRST TWO MONTHS OF 1994 THE BIG THREE AUTO MAKERS SHIPPED 5811
CARS MINIVANS AND TRUCKS FROM THE US AND CANADA TO MEXICO MORE THAN A
FIVEFOLD INCREASE FROM A YEAR AGO BY THE END OF THIS YEAR DETROIT EXPECTS
TO EXPORT 55000 TO 60000 VEHICLES TO MEXICO AFTER SHIPPING ONLY ABOUT
9500 LAST YEAR

AUTO EXECUTIVES SAID THEIR GROWING INVESTMENT IN MEXICO IS UNLIKELY TO
CHANGE IN THE WAKE OF MR COLOSIO'S SLAYING

WHILE EXPRESSING SORROW OVER THE KILLING JOHN T EBY FORD MOTOR CO'S
EXECUTIVE DIRECTOR OF CORPORATE STRATEGY SAID THERE'S BEEN PUT IN PLACE
IN MEXICO A PROCESS AND A SHARED VISION OF WHERE THEY WANT TO GO THAT IS NOT
DEPENDENT ON ANY SINGLE INDIVIDUAL

DAVID WESSEL IN WASHINGTON AND NEAL TEMPLIN IN DETROIT CONTRIBUTED TO THIS
ARTICLE 9403250023 940325 HARLYN EXPANDS JEWELRY OUTLETS

LOS ANGELES HARLYN PRODUCTS INC SAID IT REACHED AGREEMENTS TO MARKET ITS
JEWELRY PRODUCTS AT SEVERAL DEPARTMENT STORE CHAINS AND CATALOG SHOWROOMS

IT SAID THE NEW ACCOUNTS REPRESENT A TOTAL OF 1500 OUTLETS AND ARE
EXPECTED TO BOOST THIRD AND FOURTHQUARTER BUSINESS A SPOKESMAN DECLINED TO
GIVE EARNINGS ESTIMATES FOR THE THIRD AND FOURTH QUARTERS

HARLYN ALSO SAID IT REACHED AN AGREEMENT WITH A MEXICAN DISTRIBUTOR TO TEST
MARKET ITS FAMILY JEWELRY LINES IN MEXICO THE PROGRAM WILL BE IMPLEMENTED
IN APRIL FOR MOTHER'S DAY SALES IT SAID 9403250022 940325 NORWEGIAN
JOBLESS RATE DROPS

COPENHAGEN NORWAY'S MARCH UNEMPLOYMENT RATE FELL TO 54 OF THE WORK
FORCE FROM 56 THE MONTH BEFORE ACCORDING TO THE NORWEGIAN LABOR
DIRECTORATE HOWEVER THE DIRECTORATE SAID IT WAS TOO SOON AND THE DROP WAS
TOO SMALL TO BE INTERPRETED AS A TREND

THE NUMBER OF PEOPLE IN STATE LABOR MARKET EMPLOYMENT PROGRAMS ROSE TO 39
OF THE WORK FORCE OR 65500 NORWEGIANS IN MARCH COMPARED WITH FEBRUARY
WHEN 29 OR THE WORK FORCE OR 62200 PEOPLE WERE INVOLVED IN SUCH
PROGRAMS 9403250021 940325 GENPHARM UNIT GETS LOAN

MOUNTAIN VIEW CALIF GENPHARM INTERNATIONAL INC SAID ITS EUROPEAN
OPERATION BASED IN THE NETHERLANDS RECEIVED AN 115 MILLION LOAN TO
ACCELERATE DEVELOPMENT OF ITS TRANSGENIC DAIRY CATTLE TECHNOLOGY

THE TECHNOLOGY PRODUCES CERTAIN BIOMEDICAL PROTEINS IN COWS' MILK THE LOAN
WAS FROM THE NETHERLANDS MINISTRY OF ECONOMIC AFFAIRS 9403250020 940325
TECHNOLOGY NYNEX BOWING TO UNION SLATES CHARGE OF 13 BILLION FOR
SEVERANCE SWEETENER  BY LESLIE CAULEY STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK NYNEX CORP AGREED TO UNION DEMANDS THAT WILL FORCE IT TO TAKE
ADDITIONAL CHARGES OF 13 BILLION AS IT SWEETENS THE SEVERANCE TERMS FOR
CUTTING 16800 JOBS ON TOP OF 700 MILLION IN CHARGES IT HAS ALREADY
TAKEN TO MAKE THOSE CUTS

THE NEW CONTRACT WITH THE COMMUNICATIONS WORKERS OF AMERICA MOREOVER
PRACTICALLY ELIMINATES THE REGIONAL BELL TELEPHONE COMPANY'S ABILITY TO
IMPOSE OUTRIGHT LAYOFFS OF UNIONIZED WORKERS AND IT CALLS FOR NYNEX WHICH
HAS A REPUTATION IN SOME MARKETS FOR POOR CUSTOMER SERVICE TO PAY ANNUAL
STOCK BONUSES VALUED AT AS MUCH AS 700 APIECE TO EMPLOYEES WHO MEET CERTAIN
SERVICE REQUIREMENTS

NYNEX IN JANUARY TOOK A CHARGE OF 16 BILLION FOR RESTRUCTURING INCLUDING
A 700 MILLION CHARGE TO CUT 16800 JOBS BY 1996 BUT THE NEW UNION CONTRACT
FORCES NYNEX TO ADD 13 BILLION FOR EARLYRETIREMENT BENEFITS AS IT MAKES
THE CUTBACKS

HAD THE BABY BELL WANTED TO DIG IN ITS HEELS AND REFUSE TO SWEETEN THE
SEVERANCE PLAN IT COULD HAVE RESORTED TO OUTRIGHT LAYOFFS UNDER THE
EXISTING CONTRACT BUT THAT REQUIRES AN EXHAUSTIVE PROCESS AND TOUGH UNION
NEGOTIATIONS IN A COMPANY LIKE OURS IF WE TRY TO RAMROD SOMETHING LIKE
THAT THROUGH THE REPERCUSSIONS WOULD BE SO GREAT AND SO SEVERE THAT IN THE
END YOU REALLY HAVEN'T SAVED ANYTHING SAID ONE NYNEX EXECUTIVE

BY SWEETENING THE JOBCUTTING TERMS NYNEX HAS ESSENTIALLY RAISED THE COST
OF GETTING RID OF WORKERS BY AN EXTRA 77000 A PERSON ABOVE AND BEYOND THE
ALMOST 42000APERSON COST OF THE ORIGINAL PLAN

NYNEX HAS AT TIMES CITED UNION RULES AS A HURDLE AS THE COMPANY WHICH
PROVIDES LOCAL PHONE SERVICE TO THE NORTHEAST TRIES TO RESHAPE ITSELF FOR
THE COMPETITIVE MULTIMEDIA FUTURE BUT THE ACCORD UNVEILED YESTERDAY
ENSURES THAT THE UNION WILL GROW ALONG WITH NYNEX AS IT ENTERS NEW
BUSINESSES NYNEX AGREED THAT ANY NEW BUSINESSES IT MOVES INTO WILL START
OUT WITH UNION WORKERS

DOWNSIZING HAS BECOME A CRITICAL ISSUE FOR NYNEX WHOSE NEW YORK MARKET IS
ONE OF THE MOST ATTRACTIVE IN THE NATION AT LEAST A HALF DOZEN CABLE
COMPANIES HAVE ASKED STATE REGULATORS FOR PERMISSION TO PROVIDE TELEPHONE
SERVICE IN NEW YORK PUTTING PRESSURE ON NYNEX TO SHORE UP ITS COMPETITIVE
DEFENSES

IT IS ONE OF THE FLABBIER OF THE SEVEN BABY BELLS EMPLOYING 45 PEOPLE FOR
EVERY 10000 PHONE LINES COMPARED WITH 35 AT LEAN POTENTIAL RIVAL BELL
ATLANTIC CORP

IF THEY DON'T GET LEAN AND MEAN COMPETITION IS GOING TO TAKE SHARE AWAY
FROM THEM THEY HAD TO DO THIS SAID ANALYST STEVEN R YANIS OF KIDDER
PEABODY & CO

THE NEW CONTRACT WHICH BASICALLY EXTENDS THE CURRENT PACT BY THREE YEARS
PAYS THE UNION EMPLOYEES A BASEWAGE INCREASE OF 105 OVER THE THREEYEAR
PERIOD IT ALSO OFFERS NYNEX EMPLOYEES WITH AT LEAST FIVE YEARS OF SERVICE
THE CHANCE TO TAKE A TWOYEAR EDUCATIONAL LEAVE AND RECEIVE 10000 A YEAR
FOR EDUCATION EXPENSES RETAINING FULL BENEFITS SENIORITY AND THE GUARANTY
OF A JOB WHEN THEY RETURN

THE NEW 13 BILLION CHARGE WILL BE SPREAD IN VARYING CHUNKS OVER THE NEXT
12 QUARTERS WITH EACH QUARTERLY SUM REFLECTING THE NUMBER OF PEOPLE WHO
DECIDE TO LEAVE DURING THE PERIOD SAID JEFFREY S RUBIN NYNEX'S CHIEF
FINANCIAL OFFICER LIKE THE 16 BILLION CHARGE THE LATEST CHARGE WILL BE
FINANCED OUT OF NYNEX'S PENSION PLAN RATHER THAN COMING OUT OF OPERATING
RESULTS THEREFORE IT WON'T AFFECT ANNUAL CASH FLOW MR RUBIN SAID

THE AGREEMENT SUBJECT TO RATIFICATION BY UNION MEMBERSHIP NEXT MONTH
OFFERS A RETIREMENT INCENTIVE DUBBED 66 AND 30 THAT ADDS SIX YEARS TO
THE AGE AND SERVICE OF WORKERS WHO TAKE EARLY RETIREMENT TO BOOST THEIR
BENEFITS IT FURTHER PROVIDES A 30 SOCIAL SECURITY PENSION SUPPLEMENT OR
500 PER MONTH UNTIL AGE 62

NYNEX SHARES CLOSED YESTERDAY AT 36625 UP 75 CENTS IN NEW YORK STOCK
EXCHANGE COMPOSITE TRADING 9403250019 940325 DIVIDEND NEWS PRIME
BANCORP INC

PRIME BANCORP INC PHILADELPHIA INCREASED ITS QUARTERLY DIVIDEND 15 TO
15 CENTS A SHARE FROM 13 CENTS A SHARE PAYABLE MAY 1 TO SHAREHOLDERS OF
RECORD APRIL 3 PRIME IS THE HOLDING COMPANY OF PRIME BANK 9403250018
940325 WHO'S NEWS ICF KAISER INTERNATIONAL INC

ICF KAISER INTERNATIONAL INC FAIRFAX VA MICHAEL WRIGHT 46 YEARS
OLD WAS NAMED A VICE PRESIDENT AT THIS ENGINEERING CONSTRUCTION AND
CONSULTING SERVICES CONCERN'S ENVIRONMENT AND ENERGY GROUP MR WRIGHT WAS
FORMERLY PRESIDENT AND CHIEF OPERATING OFFICER OF RESNA INDUSTRIES INC A
SAN FRANCISCO ENVIRONMENTAL REMEDIATION COMPANY ALSO H HOLLISTER CANTUS
56 WAS NAMED SENIOR VICE PRESIDENT FOR GOVERNMENT RELATIONS THE POSITION
IS A CONSOLIDATION OF TWO POSTS 9403250017 940325 FOREIGN EXCHANGE 
DOLLAR IS DRAGGED DOWN BY SELLOFFS OF STOCKS AND BONDS AS CONFIDENCE EBBS
  BY GARY ROSENBERGER SPECIAL TO THE WALL STREET JOURNAL

NEW YORK THE DOLLAR WAS PUSHED OVER A PRECIPICE YESTERDAY BY LIQUIDATIONS
IN THE US STOCK AND BOND MARKETS AND THE PLUNGE WAS ACCELERATED BY
INSTABILITY IN THE NORTH AMERICAN POLITICAL AND ECONOMIC ARENAS

THE US CURRENCY POSTED ITS BIGGEST DROPS AGAINST THE MARK AND YEN IT HIT
A FIVEMONTH LOW OF 16650 MARKS A LEVEL LAST REACHED OCT 22 WHEN IT WAS
AT A LOW OF 16635 MARKS AND WAS NEVER ABLE TO REBOUND MUCH THE DOLLAR
ALSO LOST ABOUT TWO YEN AS IT BROKE INTO LOW RANGES IT WAS IN EARLY THIS
MONTH

AS DOLLARDENOMINATED ASSETS FELL TRADERS GRAPPLED FOR EXPLANATIONS AND
CAME UP WITH A VARIETY OF FACTORS EVERYTHING FROM THE FEAR OF FRESH
REVELATIONS IN THE WHITEWATER AFFAIR TO THE ASSASSINATION OF MEXICAN
PRESIDENTIAL CANDIDATE LUIS DONALDO COLOSIO TO POINTS ON ANALYSTS' CHARTS
SEEMED TO PLAY SOME ROLE IN THE DOLLAR'S DOWNWARD SPIRAL

BUT THE BIGGEST FACTOR MAY HAVE BEEN YET ANOTHER OUTFLOW OF INVESTOR
CONFIDENCE THAT WANED GREATLY WITH THE TUMBLES IN THE US STOCK AND BOND
MARKETS

THE DOW JONES INDUSTRIAL AVERAGE ENDED DOWN 4837 POINTS TO 382109 ITS
50POINT PLUNGE EARLIER IN THE DAY TRIGGERED THE UPTICK RULE THAT PLACES
STRICT RESTRICTIONS ON PROGRAM TRADING AND TENDS TO SHAKE INVESTOR
CONFIDENCE

LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 16655 MARKS DOWN SHARPLY FROM
16802 MARKS LATE WEDNESDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING
HANDS AT 10455 YEN DOWN FROM 10625 YEN STERLING WAS TRADING AT 14975
OFF A BIT FROM 14984

ABOUT NOON FRIDAY IN TOKYO THE DOLLAR WAS TRADING AT 10520 YEN AND AT
16696 MARKS

ANALYSTS SAID THE FALL IN THE STOCK MARKET AND THUS IN THE DOLLAR WAS
LARGELY PROPELLED BY TIGHTENING CREDIT CONDITIONS IN THE US WHICH MAY
SLOW THE PACE OF ECONOMIC RECOVERY

MAJOR US BANKS ANNOUNCED A RISE IN THEIR PRIME LENDING RATES TO 625
FROM 6 CITING TUESDAY'S MOVE BY THE FEDERAL RESERVE TO RAISE SHORTTERM
CREDIT RATES 25 BASIS POINTS

IT'S LIKE A SNOWBALL SAID BERND BECKER ASSISTANT VICE PRESIDENT AT BANK
JULIUS BAER IN NEW YORK AS BONDS GO DOWN AND STOCKS GO DOWN THE DOLLAR
GOES DOWN

MEANWHILE POLITICAL FACTORS ALSO PLAYED A PART IN UNCERTAINTY WITH
PRESIDENT CLINTON DUE TO ANSWER QUESTIONS ABOUT THE WHITEWATER ISSUE IN A
NEWS CONFERENCE SCHEDULED LAST EVENING

THE ASSASSINATION OF THE PRESIDENTIAL CANDIDATE IN MEXICO THE PRESIDENT'S
ADDRESS ON WHITEWATER POLITICAL INSTABILITY IN KOREA AND RUSSIA ALL
THESE THINGS ADD TO THE PUZZLE AND ARE PERCEIVED BY THE MARKET AS DOLLAR
NEGATIVE MR BECKER SAID

TECHNICAL FACTORS WERE ALSO AN ISSUE SAID JOSEPH FRANCOMANO A TRADER AT
DAIICHI KANGYO BANK LTD IN NEW YORK NOTING THE DOLLAR HAD BEEN SOLD OFF
HEAVILY DURING THE PAST TWO DAYS AS TRADERS BAILED OUT TO PLAY THE VOLATILE
MARKYEN CROSS

AS THE MARK HIT A WALL OF RESISTANCE AT ABOUT 6350 YEN IT SANK TO AROUND
6250 YEN CARRYING THE DOLLAR DOWN WITH IT

IRONICALLY TRADERS NOTED THAT THE OPPOSITE PLAY ON WEDNESDAY WHEN THE
MARK BLEW ABOVE THE CRITICAL 63YEN LEVEL TO REACH 6350 YEN ALSO BADLY
HURT THE US CURRENCY YESTERDAY THE MARK WAS TRADING AT 6271 YEN IN LATE
NEW YORK TRADING COMPARED WITH 6322 LATE WEDNESDAY

TRADERS NOTED THE MARK'S DROP AGAINST THE YEN APPEARED TO BE A PURELY
TECHNICAL MOVE BECAUSE FUNDAMENTAL FACTORS APPEARED TO FAVOR THE MARK

ELSEWHERE THE THE CANADIAN DOLLAR MADE NO STRIDES AGAINST A WEAKER US
CURRENCY AS IT TOOK MORE LOSSES ON THE BACK OF SOME APPARENT JAPANESE
DISINVESTMENT FROM CANADA

AS THE US DOLLAR BROKE ABOVE A MAJOR TREND LINE OF 13705 CANADIAN DOLLARS
IN ASIAN TRADING IT SOARED TO ABOUT 13750 CANADIAN DOLLARS A MOVE THAT
WAS STEMMED SOMEWHAT BY REPEATED BANK OF CANADA INTERVENTION 9403250016
940325 MARKETING  BY JACQUELINE SIMMONS

MANY FOOD MARKETERS GRUMBLED ABOUT REDESIGNING PACKAGES TO MEET THE FEDERAL
GOVERNMENT'S NEW LABELING RULES BUT A FEW COMPANIES ARE TURNING THE RULES
TO THEIR ADVANTAGE

WHILE THE DEADLINE FOR RELABELING IS MAY 8 PACKAGES THAT MEET THE FOOD AND
DRUG ADMINISTRATION'S RULES ON NUTRITIONAL LABELING ARE ALREADY HITTING
STORE SHELVES

CELENTANO A VERONA NJ MAKER OF ITALIAN FROZEN FOODS USES ITS PACKAGES
TO TELL CUSTOMERS THAT AS ALWAYS ITS PRODUCTS DON'T CONTAIN ADDITIVES
CHEMICALS PRESERVATIVES OR ARTIFICIAL INGREDIENTS AND WHILE INGREDIENTS
ARE LISTED ON THE BACK OF THE BOX MEETING FDA REQUIREMENTS THE COMPANY
USES GRAPHICS ON THE FRONT PICTURES OF TOMATOES PARSLEY ONIONS AND
OTHER INGREDIENTS

COMPANIES ALSO ARE EXPLOITING THE FDA'S ALLOWING STATEMENTS LINKING CERTAIN
NUTRIENTS TO HEALTH BENEFITS LAST FALL QUAKER OATS BEGAN PUTTING
STATEMENTS ON SOME OATMEAL BOXES THAT DIETS LOW IN SATURATED FATS AND
CHOLESTEROL AND HIGH IN FIBER CAN PREVENT HEART DISEASE

PILLSBURY'S GREEN GIANT VEGETABLE PACKAGES SHOW THE LITTLE SPROUT CARTOON
FIGURE ATOP THE GOVERNMENT'S FOOD PYRAMID WHICH URGES PEOPLE TO EAT THREE
TO FIVE SERVINGS OF VEGETABLES A DAY VEGETABLES MAY HELP PREVENT CANCER
THE LABEL STATES

JOHN LISTER CHIEF EXECUTIVE OF LISTER BUTLER A NEW YORK BRANDIDENTITY
CONSULTANT ADVISES MARKETERS OF FOODS LIKE CEREAL AND VEGETABLES IF
YOU'VE GOT IT TO THE LEGAL EXTENT POSSIBLE FLAUNT IT

TAINTED BY SCANDAL IN THE 1980S THE BEECHNUT BABYFOOD BRAND IS MOVING
AGGRESSIVELY TO TRY TO RECOUP LOST MARKET SHARE

IN AN UNUSUAL MARKETING PLOY RALSTON PURINA'S BEECHNUT DIVISION IS
PROPOSING TO TURN RIVAL GERBER PRODUCTS' BABY FOOD COUPONS INTO EVEN
SWEETER DEALS

BEECHNUT SAYS IT WILL GIVE SHOPPERS 1 IN BEECHNUT BABYFOOD PRODUCTS UP
TO 10 FOR EVERY GERBER BABY FOOD JUICE CEREAL OR GRADUATES TODDLERLINE
COUPON MAILED TO IT BY MAY 31 IT DOESN'T SPECIFY A FACEVALUE LIMIT ON THE
GERBER COUPONS

BEECHNUT DECLINES TO DISCUSS ITS STRATEGY BUT LAURIE PETERSEN EDITOR OF
THE COWLES REPORT ON DATABASE MARKETING CALLS THE DEAL A SMART MARKETING
TOOL FOR BEECHNUT BECAUSE IT ALLOWS THE COMPANY TO RAPIDLY LOCATE GERBER
CUSTOMERS AND WOO THEM WITH COUPONS DISCOUNTS AND PROMOTIONAL MATERIAL IT
INVOLVES THE WHOLE FEELING OF MAKING PEOPLE FEEL WARM AND MUSHY ABOUT
BEECHNUT SHE SAYS THIS STRATEGY IS MORE FOCUSED THAN JUST RUNNING AN AD
AND SAYING BUY OUR STUFF' BEECHNUT IS ADDING TO ITS DATABASE BY POACHING
GERBER USERS

BEECHNUT HAD MORE THAN 20 OF THE BABYFOOD MARKET IN THE MID1980S BUT
ITS REPUTATION TOOK A HIT FROM THE PUBLICITY OVER THE SALE OF FAKE APPLE
JUICE FOR INFANTS AND ITS SALES SLID THE COMPANY THEN OWNED BY NESTLE SA
EVENTUALLY PLEADED GUILTY TO FEDERAL CHARGES AND AGREED TO PAY A 2 MILLION
FINE

IN THE YEAR ENDED JAN 30 BEECHNUT'S MARKET SHARE HAD RECOVERED A BIT TO
146 FROM 137 A YEAR EARLIER GERBER'S 716 SHARE WAS DOWN SLIGHTLY FROM
72 ACCORDING TO INFORMATION RESOURCES INC

NEXT MONTH GERBER SAYS IT WILL TURN UP THE HEAT WITH A NEW 15 MILLION
ADVERTISING CAMPAIGN ABOUT FOUR TIMES LAST YEAR'S AD BUDGET THE CAMPAIGN
WILL PLACE GREATER EMPHASIS ON PRINT AND TELEVISION ADVERTISING

WHY DID YOU GO TO SEE THE PAPER INSTEAD OF THE GETAWAY LAST WEEKEND
PERHAPS BECAUSE OF THE REVIEWS

ABOUT A THIRD OF MOVIEGOERS SURVEYED CHOSE FILMS BECAUSE OF A FAVORABLE
REVIEW ACCORDING TO A DECEMBER TELEPHONE STUDY OF 928 PEOPLE BY MARKET
RESEARCH FIRM BRUSKIN/GOLDRING RESEARCH

OF THE 305 WHO CITED A REVIEW 20 WERE INFLUENCED BY A NEWSPAPER REVIEW
WHILE 18 WERE INSPIRED BY A TELEVISION CRITIQUE

TELEVISION ADS STIRRED 20 OF THOSE QUESTIONED TO SEE A MOVIE NEWSPAPER ADS
WERE LESS EFFECTIVE PROMPTING 10 TO GO TO THE MOVIES

THE EDISON NJ FIRM MEASURED RESPONDENTS' ANSWERS OVER THE COURSE OF A
FILM'S LIFE RATHER THAN ITS DEBUT WEEK THIS IS A KEY DISTINCTION WHEN
DETERMINING HOW PEOPLE MAKE THEIR MOVIE PICKS SAYS CHRIS PULA DIRECTOR OF
THEATRICAL MARKETING AT NEW LINE CINEMA ALTHOUGH REVIEWS MAY INCREASE A
MOVIE'S RUN HE NOTES TELEVISION ADVERTISING IS THE BACKBONE OF A MOVIE
MARKETING CAMPAIGN

ADVERTISING COMPLETELY OPENS THE MOVIE MR PULA SAYS ONE OF THE
CHALLENGES IS TO CREATE BRAND AWARENESS VERY QUICKLY IF WE DON'T HIT AFTER
THE FIRST WEEKEND WE'RE LIKE SPAGHETTI SAUCE THAT WILL BE ON THE SHELF FOR
A LONG TIME

OTHER INFLUENCES ON MOVIEGOING INCLUDE WORDOFMOUTH RECOMMENDATIONS AND
BIGNAME STARS IN THE BRUSKIN/GOLDRING SURVEY ABOUT 20 SAY THEY GO TO A
MOVIE BASED ON A FRIEND'S SUGGESTION A WELLKNOWN ACTOR OR ACTRESS STIRS
INTEREST 10 OF THE TIME TRAILERS INFLUENCED ABOUT 5 TO GO TO THE MOVIES
WHILE CONVENIENCE OF SHOW TIMES BROUGHT IN JUST OVER 1 OF RESPONDENTS

HUNGRY GAMBLERS ARE SURE WINNERS IN THE WHOLE LOTTA SCRATCHIN' GOING GAME
CREATED BY THE LOUISIANA LOTTERY AND POPEYES CHICKEN & BISCUITS RESTAURANTS
ANY WINNING OR LOSING LOTTERY TICKET QUALIFIES FOR 1 OFF A FAMILY BOX OF
CHICKEN PIECES AT POPEYES  FORMER AIRLINE EMPLOYEE STELLA SEITZ
MARKETS STELLAIR SHOES NONSCUFF HYPOALLERGENIC ANTIBACTERIAL
FOAMPADDED SHOES FOR WOMEN ON THEIR FEET 10 HOURS A DAY OR LONGER SHE SAYS
THEY WERE DEVELOPED OVER NINE YEARS BASED ON COMMENTS FROM FLIGHT ATTENDANTS
ON THEIR FOOTWEAR NEEDS

CHRIS PULA IS PRESIDENT OF THEATRICAL MARKETING AT NEW LINE CINEMA CORP A
MARKETING COLUMN FRIDAY INCORRECTLY IDENTIFIED HIM AS DIRECTOR OF THEATRICAL
MARKETING 9403250015 940325 MARKETING & MEDIA PHILIP MORRIS SUIT
AGAINST ABC NEWS SEEKS 10 BILLION ALLEGES DEFAMATION  BY
ELIZABETH JENSEN AND EBEN SHAPIRO STAFF REPORTERS OF THE WALL STREET
JOURNAL

NEW YORK PHILIP MORRIS COS FILED A 10 BILLION LAWSUIT AGAINST CAPITAL
CITIES/ABC INC AND TWO EMPLOYEES ESCALATING THE CORPORATE BACKLASH AGAINST
INVESTIGATIVE REPORTING BY NETWORK NEWSMAGAZINES

IN A SUIT FILED IN RICHMOND VA CIRCUIT COURT THE COMPANY CHARGED ABC
WITH DEFAMATION FOR THE FEB 28 AND MARCH 7 REPORTS ON ITS DAY ONE
NEWSMAGAZINE PHILIP MORRIS SAID THE ABC REPORTS ALLEGED THAT THE TOBACCO
INDUSTRY ARTIFICIALLY SPIKES ITS CIGARETTES WITH NICOTINE TO MAKE THEM MORE
ADDICTIVE

PHILIP MORRIS DOES NOT IN ANY WAY SHAPE OR FORM SPIKE ITS CIGARETTES WITH
NICOTINE SAID MURRAY BRING SENIOR VICE PRESIDENT AND GENERAL COUNSEL OF
PHILIP MORRIS THESE ALLEGATIONS ARE NOT TRUE AND ABC KNOWS THAT THEY ARE
NOT TRUE AN ABC NEWS SPOKESMAN SAID THE NETWORK WAS REVIEWING THE LAWSUIT
BUT ABC NEWS STANDS BY ITS REPORTING ON THIS ISSUE THE TWO EMPLOYEES
NAMED IN THE SUIT ARE CORRESPONDENT JOHN MARTIN AND PRODUCER WALT BOGDANICH

LEGAL EXPERTS SAID THEY BELIEVE THE SUIT IS THE LARGEST DEFAMATION ACTION
EVER HIGHLY PUBLICIZED LAWSUITS HAVE PROLIFERATED IN THE PAST YEAR ALONG
WITH NETWORK NEWSMAGAZINES WHICH HAVE USED INVESTIGATIVE REPORTS AS A WAY
TO MAKE A RATINGS SPLASH IN THE COMPETITIVE FORMAT THE FOUR BROADCAST
NETWORKS AIR 10 NEWSMAGAZINES A WEEK FIVE OF WHICH WERE LAUNCHED IN THE
LAST YEAR

SINCE GENERAL MOTORS CORP USED A LAWSUIT TO SUCCESSFULLY COUNTER A DAMAGING
REPORT ON NBC NEWS'S DATELINE A YEAR AGO NUMEROUS COMPANIES HAVE TRIED A
SIMILAR TACTIC IN A FEBRUARY 1993 NEWS CONFERENCE GM METHODICALLY SHOWED
HOW NBC A UNIT OF GENERAL ELECTRIC CO STAGED A TEST CRASH TO BUTTRESS A
REPORT THAT FUEL TANKS IN GM PICKUP TRUCKS WERE PRONE TO EXPLODE ON IMPACT
NBC SETTLED THE LAWSUIT THE NEXT DAY MAKING AN ONAIR APOLOGY AND AGREEING
TO PAY ABOUT 2 MILLION TO COVER GM'S INVESTIGATION COSTS

LEGAL EXPERTS CALLED PHILIP MORRIS'S 10 BILLION LAWSUIT A SHREWDLY
CALCULATED PUBLIC RELATIONS MOVE BUT ONE THAT COULD BACKFIRE IF DEFENSE
LAWYERS ARE SUCCESSFUL IN UNCOVERING COMPANY SECRETS AS PART OF THE LAWSUIT
THE RELEASE OF TOBACCO COMPANY DOCUMENTS IN THE DISCOVERY PHASE OF THE
LAWSUIT COULD BE VALUABLE IN HEALTHRELATED SUITS AGAINST CIGARETTE
COMPANIES

THE SUIT WAS ANNOUNCED THE DAY BEFORE FOOD AND DRUG ADMINISTRATION
COMMISSIONER DAVID A KESSLER IS SET TO TESTIFY BEFORE A CONGRESSIONAL
SUBCOMMITTEE ON WHETHER CIGARETTES SHOULD BE REGULATED AS A DRUG IT'S A
CAREFULLY ORCHESTRATED PUBLIC RELATIONS MANEUVER SAYS BRUCE SANFORD A
PROMINENT WASHINGTON LIBEL DEFENSE LAWYER HE CALLED THE SUIT A PREEMPTIVE
STRIKE DESIGNED TO BEAT BACK THE PROSPECT OF FDA REGULATION THE AUDIENCE
IS CLEARLY THE WASHINGTON LEGISLATIVE AND REGULATORY COMMUNITY HE SAID A
SENTIMENT THAT WAS ECHOED BY ABC EXECUTIVES PHILIP MORRIS DENIED THAT THE
TIMING OF ITS LAWSUIT WAS MEANT TO DEFLECT ATTENTION FROM TODAY'S HEARINGS

PHILIP MORRIS WAS NOT THE FOCUS OF THE ABC REPORTS ALTHOUGH IT WAS
MENTIONED THE COMPANY NEVER ASKED ABC FOR A RETRACTION OR AGREED TO
INTERVIEW REQUESTS ALTHOUGH IT DID SEND ABC A STATEMENT BEFORE AND AFTER
THE FIRST BROADCAST

ABC'S BROADCASTS LOOKED AT A DECADESOLD PROCESS OF MAKING CIGARETTES OUT OF
RECONSTITUTED TOBACCO IN WHICH THE INDUSTRY GRINDS UP SCRAP TOBACCO
EXTRACTING THE NICOTINE AND WATER TO MAKE A SHEET OF TOBACCO AND THEN ADDS
BACK THE NICOTINE

THE PROCESS RESULTS IN 20 TO 25 LESS NICOTINE IN THE FINISHED CIGARETTE
THAN WAS THERE BEFORE THE PROCESS AND NO NICOTINE IS ADDED IN THE
RECONSTITUTION PROCESS PHILIP MORRIS SAID IN ITS COMPLAINT

PHILIP MORRIS SAID THAT CONTRARY TO THE CLAIM BY DAY ONE NO POWERFUL
EXTRACT CONTAINING NICOTINE AND FLAVOR IS ADDED IN THE CIGARETTE
MANUFACTURING PROCESS THE COMPANY ALSO SAID THAT THE DENATURED ALCOHOL USED
IN THE CIGARETTE MANUFACTURING PROCESS DOESN'T ADD MEASURABLE AMOUNTS OF
NICOTINE AS ABC INFERRED

ABC'S REPORTS CAUSED LEGISLATORS TO CALL FOR INQUIRIES CAUSED THE COMPANY'S
STOCK PRICE TO FALL AND POISONED THE WELL OF PUBLIC OPINION SAID MR
BRING THE SUIT SEEKS 5 BILLION IN COMPENSATORY DAMAGES AND 5 BILLION IN
PUNITIVE DAMAGES

MOST OF THE POSTGM LAWSUITS HAVE HAD MORE PUBLIC RELATIONS VALUE THAN
ECONOMIC SUCCESS SOUTHEASTERN EYE CENTER OF GREENSBORO NC WHICH
FILED A SUIT AGAINST NBC'S DATELINE LAST SUMMER GOT NEWS ORGANIZATIONS
TO EXAMINE NBC'S REPORTING AND SOME CONCLUDED THE CLINIC WAS TREATED
UNFAIRLY BUT THE CLINIC DROPPED THE SUIT IN OCTOBER NBC PAID NOTHING AND
STRONGLY DEFENDED THE REPORT

IN NOVEMBER HIGH TECHNOLOGY ELECTRONIC SERVICES A REPAIR COMPANY IN FALLS
CHURCH VA WON ITS DEFAMATION CASE AGAINST ABC'S PRIMETIME LIVE WHICH
INCLUDED THE COMPANY IN A REPORT ON FRAUDULENT REPAIRS BUT HIGH TECH WAS
AWARDED A MERE 1 IN DAMAGES

LAWYERS THAT SUE TOBACCO COMPANIES WERE GLEEFUL AT THE PROSPECT OF GETTING
THEIR HANDS ON PHILIP MORRIS DOCUMENTS IN THE DISCOVERY PROCESS I WOULD
HAVE A FIELD DAY WITH PHILIP MORRIS SAYS JD LEE A KNOXVILLE TENN
LAWYER MR LEE WHO HAS FILED A DOZEN UNSUCCESSFUL SUITS AGAINST CIGARETTE
COMPANIES SAID THE SUIT WILL PROBABLY RESULT IN A FRESH BATCH OF CLAIMS
ADDICTION IS GOING TO BE ON THE CUTTING EDGE OF FUTURE CASES HE SAID

AN ATTORNEY FOR PHILIP MORRIS HERBERT M WACHTELL OF WACHTELL LIPTON
ROSEN & KATZ INDICATED THAT THE COMPANY WOULD FIGHT TO KEEP FROM RELEASING
A LIST OF INGREDIENTS IN CIGARETTES A CLOSELY GUARDED SECRET MR WACHTELL
SAID THE COMPLAINT FOCUSES ON THE SPIKING CHARGES NOT ON THE QUESTIONS OF
INGREDIENTS 9403250014 940325 THURSDAY'S MARKETS STOCKS BONDS STUMBLE
 AMID POLITICAL JITTERS  BY STEVEN E LEVINGSTON STAFF REPORTER
OF THE WALL STREET JOURNAL

DOMESTIC AND INTERNATIONAL POLITICAL WORRIES CONSPIRED TO BATTER BOTH THE
STOCK AND BOND MARKETS THE DOLLAR FELL

THE DOW JONES INDUSTRIAL AVERAGE TUMBLED 4837 POINTS TO 382109 STANDARD &
POOR'S 500STOCK INDEX FELL 419 TO 46435 AND THE NASDAQ COMPOSITE INDEX
SANK 1083 TO 78668

ANALYSTS SAID UNCERTAINTY THE BANE OF THE FINANCIAL MARKETS WAS KING
YESTERDAY IT SWEPT IN FROM NEARLY EVERY CORNER INVESTORS WARILY AWAITED
PRESIDENT CLINTON'S PLANNED NEWS CONFERENCE LAST NIGHT AT WHICH THE
WHITEWATER ISSUE WAS EXPECTED TO TAKE CENTER STAGE

ON TOP OF THAT FINANCIAL MARKETS SHUDDERED IN THE WAKE OF POLITICAL
UNCERTAINTY IN MEXICO FOLLOWING THE ASSASSINATION OF THE RULING PARTY'S
CANDIDATE IN COMING PRESIDENTIAL ELECTIONS GROWING TENSIONS ON THE KOREAN
PENINSULA FURTHER BURDENED INVESTORS ADD A SHARP RISE IN GOLD PRICES 
460 AN OUNCE TO 39160 FOR APRIL DELIVERY AND ALL THE INGREDIENTS WERE
PRESENT FOR FINANCIAL MARKET DISTRESS

WITH BOND MARKET INVESTORS ALREADY JITTERY FROM THE RECENT RISE IN INTEREST
RATES THE FLOOD OF UNCERTAINTIES FURTHER UNDERMINED CONFIDENCE ANALYSTS
SAID THE TREASURY'S BENCHMARK 30YEAR BOND FELL NEARLY 3/4 POINT OR NEARLY
750 FOR EACH 1000 FACE AMOUNT WITH THE YIELD RISING TO 695 FROM 689
WEDNESDAY

IT'S JUST AN EMOTIONAL REACTION RIGHT NOW SAID DONALD MAUDE CHIEF US
FIXEDINCOME STRATEGIST AT SCOTIA MCLEOD USA

SOME BOND INVESTORS SWOOPED IN TO BUY WHAT THEY BELIEVE ARE UNDERVALUED LONG
BONDS ROBERT M BALENTINE JR PRESIDENT OF INVESTMENT ADVISORY FIRM
BALENTINE & CO SAID HE FOUND PARTICULAR VALUE IN BONDS WITH 20YEAR
MATURITIES

EVER SINCE THE FEDERAL RESERVE RAISED RATES SEVEN WEEKS AGO THE LONG END
HAS OVERREACTED SAID MR BALENTINE BY SUMMER WE'LL SEE LONG RATES BACK
DOWN AGAIN BECAUSE INFLATION IS NOT MUCH OF A PROBLEM EITHER IN THE US OR
ABROAD

NOT SO SAID DAVID SHULMAN CHIEF EQUITY STRATEGIST AT SALOMON BROTHERS WHO
CONTENDED THAT THE BOND MARKET IS RESPONDING TO FEARS OF A STRONGER ECONOMY
AHEAD AND GROWING INFLATIONARY PRESSURES HE CITED A RECENT RISE TO A 3
1/2YEAR HIGH IN THE KNIGHT RIDDER COMMODITY RESEARCH BUREAU INDEX OF THE 21
MOST WIDELY FOLLOWED COMMODITIES THIS IS THE BEGINNING OF A FURTHER MOVE
UP IN COMMODITY PRICES MR SHULMAN SAID

BOND MARKET WOES HELPED CLOBBER STOCK PRICES BY LATE MORNING THE
INDUSTRIAL AVERAGE HAD FALLEN 50 POINTS SETTING OFF THE NEW YORK STOCK
EXCHANGE COLLAR WHICH SLOWS COMPUTERAIDED PROGRAM TRADING WHENEVER THE
AVERAGE MOVES UP OR DOWN 50 POINTS FROM THE PREVIOUS DAY'S CLOSE THE
INDUSTRIALS HOVERED AROUND THAT LEVEL FOR THE REST OF THE DAY

THE TURMOIL IN MEXICO JOLTED THE AMERICAN DEPOSITARY RECEIPTS OF MEXICAN
COMPANIES AND AMONG US COMPANIES ECONOMICALLY SENSITIVE STOCKS TOOK A
BEATING THE MORGAN STANLEY CYCLICAL STOCK INDEX SLUMPED 1

ECONOMICALLY SENSITIVE STOCKS ARE LIKELY TO BE MORE NEGATIVELY AFFECTED BY
A CHANGE IN THE POLITICAL SCENE SOUTH OF THE BORDER SAID THOMAS MCMANUS A
US MARKET STRATEGIST AT MORGAN STANLEY

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX LOST 002 TO 11493

IN MAJOR MARKET ACTION

STOCK PRICES TUMBLED VOLUME TOTALED 3037 MILLION SHARES ON THE BIG BOARD
WHERE 1739 ISSUES FELL AND 520 ROSE

BOND PRICES SANK THE TREASURY'S 10YEAR BOND LOST 1/2 POINT OR 5 FOR EACH
1000 FACE AMOUNT TO YIELD 6551

THE DOLLAR FELL IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT 16655
MARKS AND 10455 YEN COMPARED WITH 16802 MARKS AND 10625 YEN WEDNESDAY
9403250013 940325 LAW ALABAMA MUNI DEALER SUES SEC TO BLOCK 
CONTRIBUTIONS RULE

WASHINGTON AN ALABAMA MUNICIPALBOND DEALER FILED SUIT AGAINST THE
SECURITIES AND EXCHANGE COMMISSION CHALLENGING THE CONSTITUTIONALITY OF A
PROPOSED RULE THAT WOULD PUT RESTRICTIONS ON POLITICAL CAMPAIGN
CONTRIBUTIONS MADE BY DEALERS

WILLIAM BLOUNT WHO IS ALSO CHAIRMAN OF THE ALABAMA DEMOCRATIC PARTY AND
HIS SECURITIES FIRM BLOUNT PARRISH & ROTON INC FILED SUIT AGAINST THE
SEC IN FEDERAL COURT IN MONTGOMERY ALA SEEKING TO BLOCK THE RULE FROM
TAKING EFFECT AND TO HAVE IT DECLARED UNCONSTITUTIONAL ON FIRST AMENDMENT
GROUNDS

THE PROPOSAL WOULD BAR A DEALER FROM DOING BUSINESS WITH A STATE OR LOCALITY
WITHIN TWO YEARS OF MAKING A CONTRIBUTION TO AN OFFICIAL OF THE
JURISDICTION THE RULE WHICH WOULD APPLY TO CONTRIBUTIONS MADE ON OR AFTER
APRIL 1 WAS PROPOSED BY THE MUNICIPAL SECURITIES RULEMAKING BOARD A
SELFREGULATORY BODY THAT IS OVERSEEN BY THE SEC THE BOARD IS ALSO NAMED IN
THE SUIT

SEC CHAIRMAN ARTHUR LEVITT HAS SAID HE BELIEVES THE RULE WHICH HAS ALSO
BEEN ASSAILED BY STATE AND LOCAL OFFICIALS WILL PASS CONSTITUTIONAL MUSTER
NEITHER THE SEC NOR THE MSRB HAD ANY OFFICIAL COMMENT ON THE LAWSUIT

THE RULE WAS PROPOSED IN JANUARY IN RESPONSE TO WHAT OFFICIALS CALLED
WIDESPREAD LINKAGE BETWEEN POLITICAL CONTRIBUTIONS BY BOND DEALERS TO STATE
AND LOCAL OFFICIALS AND THE OBTAINING OF BONDUNDERWRITING BUSINESS

THE LAWSUIT SEEKS A PRELIMINARY INJUNCTION TO BLOCK THE RULE'S ENFORCEMENT
AS WELL AS A RULING THAT IT IS UNCONSTITUTIONAL BECAUSE IT SUBSTANTIALLY
BURDENS AND RESTRICTS PLAINTIFFS' EXERCISE OF THEIR FIRST AMENDMENT RIGHTS
TO FREEDOM OF SPEECH 9403250012 940325 BUSINESS BRIEF RALSTON PURINA
CO DIRECTORS AGREE TO SPINOFF TO COMPLETE RESTRUCTURING

RALSTON PURINA CO DIRECTORS APPROVED THE SPINOFF OF THE COMPANY'S CEREAL
BABY FOOD CRACKERS AND SKI RESORTS BUSINESSES APPARENTLY THE LAST STEP
IN A RADICAL DOWNSIZING EFFORT

APPROVAL OF THE NEW COMPANY TO BE KNOWN AS RALCORP HOLDINGS INC CAME
AFTER THE SECURITIES AND EXCHANGE COMMISSION ACCEPTED REGISTRATION OF THE
CONCERN'S COMMON STOCK AFTER MARCH 31 RALSTON AND RALCORP HOLDINGS WILL BE
SEPARATE AND INDEPENDENT CONCERNS WITH SHARES TRADED ON THE NEW YORK STOCK
EXCHANGE

HOLDERS OF RALSTONRALSTON PURINA GROUP COMMON STOCK WILL RECEIVE ONE SHARE
OF RALCORP COMMON FOR EVERY THREE SHARES OF RPG GROUP COMMON THEY OWN
HOLDERS OF RALSTONCONTINENTAL BAKING GROUP COMMON AREN'T ENTITLED TO THE
DISTRIBUTION AS A RESULT RALSTON PURINA WILL BE LEFT WITH JUST TWO
BUSINESSES PET FOODS AND BATTERIES 9403250010 940325 POLITICS &
POLICY PANEL'S VOTE GIVES HEALTHCARE BILL MOMENTUM BUT DELIBERATIONS
REVEAL DIFFICULT TASK AHEAD  BY HILARY STOUT AND DAVID ROGERS 
STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON THE HOUSE WAYS AND MEANS HEALTH SUBCOMMITTEE'S NARROW APPROVAL
OF A HEALTHCARE BILL WEDNESDAY INJECTED CRITICALLY NEEDED MOMENTUM INTO THE
MOVEMENT TO OVERHAUL THE US MEDICAL SYSTEM

BUT THE PANEL'S DELIBERATIONS SERVE AS A COLD LESSON IN THE POLITICAL
REALITIES LAWMAKERS FACE AS THEY WORK ON HEALTHCARE LEGISLATION

TO GET A BILL THROUGH EVEN THE LIBERALLEANING SUBCOMMITTEE LAWMAKERS HAD
TO TRIM BENEFITS PROPOSED BY PRESIDENT CLINTON THEY ALSO HAD TO PUSH BACK
THEIR CHAIRMAN'S PROPOSED EFFECTIVE DATE FOR REQUIRING THAT ALL EMPLOYERS
PAY PART OF THEIR WORKERS' HEALTH INSURANCE EVEN THEN THE PACKAGE NEARLY
FELL APART IN A FRACTIOUS DEBATE OVER FINANCING

THE PANEL'S 65 VOTE WAS BUT ONE STEP IN A LONG AND ARDUOUS PROCESS BUT IT
SEEMS INCREASINGLY CLEAR JUDGING FROM THE SUBCOMMITTEE'S DELIBERATIONS AND
THE CLOSEDDOOR DISCUSSIONS OF OTHER CONGRESSIONAL PANELS THAT CONGRESS IS
MOVING TOWARD A LESS AMBITIOUS SCHEME THAN THE PRESIDENT'S PACKAGE
SPECIFICALLY IT APPEARS THAT

 PRESIDENT CLINTON'S BOTTOM LINE HEALTH INSURANCE FOR ALL AMERICANS
STILL APPEARS ON TRACK BUT THE GUARANTEED BENEFITS PACKAGE ALMOST CERTAINLY
WILL BE SCALED BACK IT'S POSSIBLE THAT MORE BENEFITS COULD BE PHASED IN
OVER TIME

 THE LARGE MANDATORY HEALTH INSURANCE PURCHASING COOPERATIVES THAT MR
CLINTON WOULD REQUIRE ALL EMPLOYERS WITH FEWER THAN 5000 WORKERS TO JOIN
WON'T SURVIVE INSTEAD A SYSTEM OF VOLUNTARY HEALTH ALLIANCES TO HELP
GIVE SMALL BUSINESSES CLOUT IN THE HEALTHCARE MARKET IS LIKELY TO BE
ADOPTED STATES ARE LIKELY TO BE GIVEN THE OPTION OF SETTING UP A MANDATORY
ALLIANCE SYSTEM IF THEY WISH HOWEVER

 THE CLINTON EMPLOYER MANDATE REQUIRING ALL COMPANIES GENERALLY TO PAY
80 OF THEIR WORKERS' HEALTH INSURANCE PREMIUMS WILL BE REWRITTEN TO IMPOSE
LESS STRINGENT REQUIREMENTS ON SMALL BUSINESSES THAN LARGE COMPANIES A
POSSIBLE ALTERNATIVE IS A HYBRID SYSTEM IN WHICH THE EMPLOYER MANDATE WILL
APPLY TO LARGER COMPANIES WHILE WORKERS IN SMALLER COMPANIES WOULD HAVE TO
ACQUIRE INSURANCE ON THEIR OWN WITH HELP FROM THE GOVERNMENT

 THE IDEA OF ESTABLISHING SOME GOVERNMENTRUN OPTION FOR UNEMPLOYED AND
LOWERWAGE WORKERS THE WAYS AND MEANS SUBCOMMITTEE PROPOSED A NEW ARM OF
MEDICARE MAY BE GAINING SUPPORT

 TO GRAPPLE WITH THE GNAWING ISSUES OF COST CHANGES IN THE HEALTH SYSTEM
WILL LIKELY BE PHASED IN OVER A LONGER PERIOD THAN PRESIDENT CLINTON
SUGGESTED THE WAYS AND MEANS SUBCOMMITTEE'S DELIBERATIONS THIS WEEK SHOWED
THERE IS A STRONG DISTASTE IN BOTH PARTIES FOR BROADBASED TAXES THE
SUBCOMMITTEE'S WORKING MAJORITY OF SIX DEMOCRATS ALMOST FELL APART WHEN REP
SANDER LEVIN D MICH REFUSED TO VOTE FOR A NEW 08 PAYROLL TAX TO PAY
FOR THE BILL TO KEEP THEIR DELIBERATIONS FROM BREAKING DOWN THE DEMOCRATS
ULTIMATELY AGREED TO A 1 PAYROLL LEVY ONLY FOR COMPANIES WITH MORE THAN
1000 WORKERS

AN ISSUE SURE TO COME UP AGAIN AND AGAIN IS THE IDEA OF CAPPING THE TAX
BENEFITS GRANTED EMPLOYERPAID HEALTH BENEFITS THIS CONCEPT IS EMBRACED BY
NUMEROUS REPUBLICANS AND CONSERVATIVE DEMOCRATS BECAUSE IT AIMS TO MAKE
CONSUMERS OF MEDICAL SERVICES MORE PRICECONSCIOUS THEREBY HELPING TO
STABILIZE PRICES IT ALSO IS ATTRACTIVE TO SOME DEMOCRATS BECAUSE IT COULD
YIELD A LOT OF REVENUE TO COVER THE UNINSURED

LABOR GROUPS FIERCELY OPPOSE THE IDEA AND MANY LIBERAL DEMOCRATS DENOUNCE
IT AS A TAX ON WORKING AMERICANS BUT EVEN SOME WHO HAVE OPPOSED IT IN THE
PAST SAY IT SHOULD BE REVISITED REP PETE STARK D CALIF THE CHAIRMAN
OF THE WAYS AND MEANS HEALTH SUBCOMMITTEE AND THE PRIMARY AUTHOR OF THE BILL
THAT PASSED THE PANEL THIS WEEK HAS DISCUSSED THE IDEA OF PHASING OUT THE
TAX BENEFITS AT HIGHER INCOME LEVELS WHILE KEEPING IT FOR MOST BLUECOLLAR
AND MIDDLECLASS PEOPLE

THE WHITE HOUSE WAS EAGER TO FORTIFY SUPPORT FOR HEALTHCARE OVERHAUL AND
GIVE LAWMAKERS A SENSE OF MOMENTUM BEFORE THEY RETURN TO THEIR HOME
DISTRICTS THIS WEEKEND FOR A TWOWEEK RECESS PRESIDENT CLINTON VICE
PRESIDENT AL GORE AND HILLARY RODHAM CLINTON ALL ATTENDED A SENATE
DEMOCRATIC LUNCHEON ON CAPITOL HILL YESTERDAY WHERE SEN BOB KERREY D
NEB BLUNTLY WARNED THAT THE ADMINISTRATION'S BILL DIDN'T HAVE 35 VOTES IN
THE SENATE AND TOLD THEM THEY MUST BEGIN TO SEEK SOME COMPROMISE

I'M STILL OPTIMISTIC BUT WE HAVE GOT TO START WRITING SAID MR KERREY
LATER THE TIME FOR GENERALIZED ARGUMENTS IS OVER

SHORTLY AFTER LAWMAKERS RETURN TO WASHINGTON IN MIDAPRIL THE FIVE
PRINCIPAL COMMITTEES WITH JURISDICTION OVER HEALTH LEGISLATION HOPE TO BEGIN
DRAFTING BILLS WHILE PRESIDENT CLINTON'S 1342PAGE PROPOSAL HAS BEEN
SERVING AS A FRAMEWORK FOR COMMITTEE DISCUSSIONS ONLY TWO PANELS THE
SENATE LABOR AND HUMAN RESOURCES COMMITTEE HEADED BY SEN EDWARD KENNEDY
D MASS AND THE HOUSE EDUCATION AND LABOR COMMITTEE RUN BY REP
WILLIAM FORD D MICH ARE LIKELY TO APPROVE A BILL THAT BEARS STRONG
RESEMBLANCE TO THE WHITE HOUSE PLAN

IN THE FULL WAYS AND MEANS COMMITTEE DEMOCRATS HAVE A 2414 MAJORITY WITH
NO REPUBLICAN SUPPORT LIKELY THEY CAN AFFORD TO LOSE ONLY FOUR OF THEIR
MEMBERS AND FOUR ALREADY LOOK DOUBTFUL REP MIKE ANDREWS OF TEXAS OPPOSED
THE STARK BILL IN THE SUBCOMMITTEE VOTE REP LF PAYNE A VIRGINIA
DEMOCRAT WILL HAVE TROUBLE WITH ITS PROPOSAL TO RAISE CIGARETTE TAXES 125
A PACK REP BILL BREWSTER OF OKLAHOMA IS A CONSERVATIVE AND NEBRASKA REP
PETER HOAGLAND HAS BIG INSURANCE COMPANIES IN HIS DISTRICT MR HOAGLAND HAS
ORGANIZED A GROUP OF UNDECIDED DEMOCRATS ON THE WAYS AND MEANS PANEL WHICH
IS CIRCULATING A COMPROMISE PROPOSAL THAT INCLUDES AMONG OTHER THINGS
VOLUNTARY ALLIANCES AND AN 80 EMPLOYER MANDATE WITH BOTH A FOURYEAR
PHASEIN PERIOD AND SUBSIDIES FOR SMALL BUSINESSES

PRESIDENT CLINTON FOR ONE SAID THE STARK SUBCOMMITTEE'S BILL WOULD MEET
HIS MINIMUM REQUIREMENTS CERTAINLY IF IT WERE TO BE ENACTED BY THE US
CONGRESS I WOULD SIGN IT BECAUSE IT MEETS THE FUNDAMENTAL CRITERIA I LAID
OUT OF COVERING ALL AMERICANS WITH HEALTH CARE HE SAID IN A NATIONALLY
TELEVISED PRESS CONFERENCE BUT MR CLINTON SAID HE DOUBTED THE BILL WOULD
BE AS SUCCESSFUL AS HIS PLAN IN CONTROLLING MEDICAL COSTS

FOR ALL OF REP STARK'S LIBERAL CREDENTIALS HIS BILL IS MORE CONSERVATIVE
THAN A PLAN INTRODUCED BY WAYS AND MEANS COMMITTEE CHAIRMAN DAN ROSTENKOWSKI
D ILL IN 1991 THE FACT THAT THE CHICAGO DEMOCRAT IS NOW SAYING THE
SUBCOMMITTEE BILL MUST BE SCALED BACK SHOWS HOW HE AND OTHER DEMOCRATS ARE
TRIMMING THEIR SAILS THIS YEAR

I'M LIKE A PALM TREE THESE DAYS SWINGING BACK AND FORTH SAID MR
ROSTENKOWSKI MAKING LIGHT OF ASSORTED STATEMENTS HE HAS MADE ON THE
PROSPECTS FOR HEALTHCARE LEGISLATION THE CHICAGO DEMOCRAT AGREED THAT THE
SUBCOMMITTEE BILL DRAWS ON MAJOR PORTIONS OF HIS OWN PAST PROPOSALS HE
SEEMS DRIVEN BY AN ALMOST TERRITORIAL IMPERATIVE TO KEEP THE WHITE HOUSE
AWAY WHILE HE WORKS HIS PANEL I DON'T WANT THEM COMMENTING ON EVERYTHING
HE SAID

MEANWHILE IN THE HOUSE ENERGY AND COMMERCE COMMITTEE CHAIRMAN JOHN DINGELL
D MICH AND HEALTH SUBCOMMITTEE CHAIRMAN HENRY WAXMAN D CALIF HAVE
BEEN WORKING ON A COMPROMISE THAT WOULD RETAIN AN EMPLOYER MANDATE BUT
PLACE LESS OF A BURDEN ON SMALL FIRMS WE'RE GETTING CLOSER MR DINGELL
SAID YESTERDAY OF HIS EFFORTS TO GET VOTES

MR DINGELL ASSERTED THAT BUSINESS INTERESTS FIND THE COMPROMISE PLAN'S
PROPOSED 1 PAYROLL TAX ON FIRMS WITH MORE THAN 1000 WORKERS ACCEPTABLE
GIVEN WHAT IS IN THE BILL AS A WHOLE WE'RE GOING TO SAVE THEM MONEY BY
THE REFORMS HE SAID

IN THE SENATE FINANCE COMMITTEE CHAIRMAN DANIEL PATRICK MOYNIHAN HAS
ACKNOWLEDGED THAT CHANGES MUST BE MADE IN THE ADMINISTRATION'S PACKAGE BUT
HE TOOK HEART FROM A 6335 SENATE VOTE YESTERDAY KILLING A BUDGET PROPOSAL
THAT WOULD HAVE PREVENTED THE USE OF PROPOSED SAVINGS IN MEDICARE FOR THE
HEALTHCARE INITIATIVE GOOD SAID THE NEW YORKER WE HAVE 63 VOTES FOR
HEALTH REFORM

MANY OBSERVERS ARE COUNTING ON THE FINANCE COMMITTEE WHOSE MEMBERSHIP
INCLUDES THE LEADERS OF BOTH PARTIES AND HAS AN 119 DEMOCRATIC MAJORITY TO
DRAFT THE COMPROMISE THAT CAN ULTIMATELY CLEAR CONGRESS IN A SPEECH
YESTERDAY SEN JOHN CHAFEE R RI A FINANCE COMMITTEE MEMBER AND THE
AUTHOR OF A LEADING REPUBLICAN ALTERNATIVE BILL PREDICTED IN APRIL THE
SENATE FINANCE COMMITTEE AND I BELIEVE WE ARE THE CENTRISTS WILL BE
GETTING TOGETHER WITH THE LEADERSHIP AND DRAFTING A BIPARTISAN BILL
9403250008 940325 ECONOMY FALLOFF IN HOME SALES REFINANCINGS WILL
HAVE RIPPLE EFFECT ON ECONOMY  BY FRED R BLEAKLEY STAFF REPORTER
OF THE WALL STREET JOURNAL

NEW YORK CHANCES THAT HOME SALES AND MORTGAGE REFINANCINGS WILL PUT
ADDITIONAL ZIP INTO THE ECONOMY THIS YEAR ARE FADING IN THE WAKE OF HIGHER
INTEREST RATES

DATA RELEASED YESTERDAY BY THE MORTGAGE BANKERS ASSOCIATION SHOW THAT
APPLICATIONS FOR MORTGAGES ON NEW AND EXISTING HOMES DROPPED SHARPLY FOR THE
SECOND WEEK IN A ROW AND THAT MORTGAGE REFINANCINGS ARE RUNNING AT ONLY HALF
THE LEVEL SEEN LAST FALL LAST WEEK THE COMMERCE DEPARTMENT SAID NEW
SINGLEHOME BUILDING PERMITS FELL IN FEBRUARY THE SECOND DECLINE IN A ROW

HIGHER INTEREST RATES ARE TAKING A BITE OUT OF HOUSING SAYS MICHAEL EVANS
OF THE EVANS GROUP THE BOCA RATON FLA ECONOMIST IS LOWERING HIS ESTIMATE
FOR GROWTH LATER THIS YEAR BECAUSE OF THE RIPPLE EFFECT HE SEES COMING FROM
THE FALLOFF IN MORTGAGE REFINANCING AND HOME SALES

THE FEDERAL RESERVE BOARD'S MOVE THIS WEEK TO RAISE SHORTTERM RATES FOR THE
SECOND TIME IN TWO MONTHS WILL NOT RESTART THE HOUSING MARKET SAYS MR
EVANS DAVID LEREAH CHIEF ECONOMIST OF THE MORTGAGE BANKERS GROUP HAS HIS
DOUBTS AS WELL ALTHOUGH THE FED'S LATEST MOVE CAUSED LONGTERM RATES TO
DROP SLIGHTLY INITIALLY MR LEREAH EXPECTS THE STRONG ECONOMY TO PUSH
MORTGAGE RATES ABOVE 8 LATER THIS YEAR

THE RISE IN RATES HAS TAKEN CONVENTIONAL 30YEAR MORTGAGES TO NEARLY 77
COMPARED WITH 67 LAST OCTOBER EVEN AT THE NEW LEVELS THOUGH RATES ARE
STILL RELATIVELY LOW AND HOME SALES ARE STILL EXPECTED TO TOP LAST YEAR'S
LEVEL HOUSING AND MORTGAGE FINANCING JUST WON'T BE AS MUCH OF A CATALYST
FOR GROWTH AS THEY WERE

REFINANCING AND LOWER RATES ON ADJUSTABLERATE MORTGAGES LAST YEAR SAVED
HOMEOWNERS MORE THAN 1 BILLION A MONTH WHICH THEY USED FOR TRAVEL
CLOTHES NEW CARS AND ENTERTAINMENT SHELIA RUNKLE OF BAHAMA NC SAW HER
MONTHLY MORTGAGE PAYMENTS DROP TO 580 FROM 860 LAST YEAR AFTER SHE
REFINANCED HER HOME SHE SAID SHE USED THE SAVINGS TO FIX UP ANTIQUE CARS
DINE OUT OCCASIONALLY AND PLAN FOR A TRIP TO EUROPE THIS YEAR WITH HER
FAMILY IT GAVE US EXTRA BREATHING ROOM SHE SAYS

THE 20YEAR LOWS THAT MORTGAGE RATES HIT LAST YEAR ALSO HELPED CONSUMERS BUY
LARGER HOMES AND STILL HAVE ENOUGH LEFT OVER TO BUY APPLIANCES RUGS AND
OTHER FURNISHINGS SUCH DURABLE GOODS SPENDING WAS ONE OF THE PRINCIPAL
REASONS THE ECONOMY PERKED UP LAST YEAR

TODAY'S INTEREST RATES HOWEVER WOULD MAKE BRYAN NICKEL THINK TWICE ABOUT
TAKING OUT A NEW MORTGAGE THE COSTA MESA CALIF RESIDENT HAD LOCKED IN A
MORTGAGE IN JANUARY TO BUY A NEW HOME BUT IF HE WERE FACED WITH THAT
DECISION TODAY THE MORTGAGE WOULD COST AN EXTRA 200 A MONTH I DON'T KNOW
IF WE'D GO AHEAD HE SAYS MY WIFE WOULD HAVE TO GO BACK TO WORK

MR LEREAH OF THE MORTGAGE BANKERS GROUP CONSIDERS THE RECENT DROPOFF IN
MORTGAGES TO BE A YELLOW WARNING FLAG THAT INTEREST RATES MAY NOW BE HIGH
ENOUGH TO HAVE A NEGATIVE IMPACT AFTER THE FEDERAL RESERVE BOARD RAISED
RATES IN EARLY FEBRUARY MANY PROSPECTIVE HOMEOWNERS RUSHED TO LOCK IN
MORTGAGES HE NOTED MR LEREAH SAID HE ALSO IS NERVOUS ABOUT COMING
MONTHS BECAUSE OF THE DROP IN BUILDING PERMITS

CONTRACTORS USUALLY TAKE OUT PERMITS FOR NEW HOMES WITHIN A MONTH OR TWO OF
BREAKING GROUND THUS BAD WEATHER IN FEBRUARY SHOULD NOT HAVE HAD MUCH OF
AN IMPACT ON THEIR DECISIONS ANOTHER SIGN THAT BUILDERS HAVE BECOME LESS
BULLISH SHOWED UP IN A NATIONAL ASSOCIATION OF HOME BUILDERS SURVEY LAST
WEEK OF THE MORE THAN 400 BUILDERS RESPONDING ONLY 48 FELT THE OUTLOOK IS
GOOD FOR SEASONALLY ADJUSTED SALES OF NEW SINGLEFAMILY HOMES IN THE NEXT
SIX MONTHS DOWN FROM 72 IN NOVEMBER

MICHAEL CARLINER AN ECONOMIST WITH THE ASSOCIATION REMAINS OPTIMISTIC
HOWEVER BUILDERS' COMMENTS DO NOT INDICATE WIDESPREAD ALARM ABOUT HIGHER
RATES HE SAYS AND BUILDING PERMITS HE BELIEVES WILL PICK UP WHEN THE
UNUSUALLY HARSH WINTER IS OVER

HIGHER RATES ARE HAVING A BIGGER IMPACT ON REFINANCING ACTIVITY REFINANCING
VOLUME AT COUNTRYWIDE FUNDING CORP THE NATION'S LARGEST MORTGAGE BANKING
COMPANY IS DOWN TO 20 OF MORTGAGE ACTIVITY FROM 50 LATE LAST YEAR MR
LEREAH SEES THE POSSIBILITY THAT ANY MONEY THAT WOULD FLOW INTO THE ECONOMY
AS A RESULT OF CONSUMERS REFINANCING THEIR MORTGAGES THIS YEAR MIGHT WELL BE
OFFSET BY THE EXTRA COST OF ADJUSTABLERATE MORTGAGES RESULTING FROM THE
RISE IN RATES

SIMILARLY NANCY LAZAAR AN ECONOMIST WITH INTERNATIONAL STRATEGY &
INVESTMENT GROUP SAID IN A COMMENTARY LAST WEEK THAT BECAUSE REFINANCINGS
ARE OFF RETAIL SALES GROWTH IS LIKELY TO SLOW FURTHER BECAUSE CONSUMERS
WON'T BE ENJOYING ADDITIONAL WINDFALLS ON THEIR MORTGAGES 9403250007
940325 WHO'S NEWS REPUBLIC NEW YORK CORP

REPUBLIC NEW YORK CORP NEW YORK PAUL L LEE 48 YEARS OLD WAS NAMED
EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL OF THIS BANKING CONCERN AND
EXECUTIVE VICE PRESIDENT OF ITS REPUBLIC NATIONAL BANK OF NEW YORK
SUBSIDIARY MR LEE SUCCEEDS REPUBLIC VICE CHAIRMAN ERNEST GINSBERG 63 AS
GENERAL COUNSEL MR LEE HAS BEEN A PARTNER AT THE NEW YORK LAW FIRM
SHEARMAN & STERLING SINCE 1981 9403250006 940325 BUSINESS BRIEF ADIA
SERVICES INC ADIA SA PROPOSES TO ACQUIRE REST OF FIRM FOR STOCK CASH

ADIA SERVICES INC MENLO PARK CALIF SAID ITS LARGEST SHAREHOLDER ADIA
SA PROPOSED TO ACQUIRE ALL OF ADIA SERVICES' COMMON SHARES OUTSTANDING THAT
IT DOESN'T ALREADY OWN FOR STOCK AND CASH VALUED AT A TOTAL OF ABOUT 80
MILLION

ADIA SA OWNS 102 MILLION OR ABOUT 81 OF ADIA SERVICES' 126 MILLION
SHARES BOTH COMPANIES ARE PERSONNEL SERVICES COMPANIES

UNDER PROPOSED TERMS EIGHT SHARES OF ADIA SERVICES WOULD BE EXCHANGED FOR
ONE SHARE OF ADIA SA STOCK PLUS 112 IN CASH

ADIA SERVICES SAID IT APPOINTED A SPECIAL BOARD COMMITTEE TO EVALUATE THE
PROPOSAL THE PROPOSAL WILL BE SUBMITTED TO ADIA SERVICES SHAREHOLDERS FOR
APPROVAL AT THE ANNUAL MEETING SCHEDULED FOR JULY 14 9403250005 940325
HEARD ON THE STREET US SURGICAL'S 200 MILLION SALE OF PREFERRED MAY
BE PAINFUL FOR ITS COMMON STOCKHOLDERS  BY SUSAN PULLIAM AND WILLIAM
POWER STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK IT HAS BEEN HARD FOR HOLDERS OF US SURGICAL TO BE CHEERFUL AS
THE STOCK PLUNGED FROM NEARLY 80 IN EARLY 1993 TO THE TEENS LATELY IT'S
ABOUT TO GET EVEN HARDER

EARLIER THIS WEEK US SURGICAL ANNOUNCED THAT IT HAD ARRANGED TO RAISE
200 MILLION IN A PRIVATE DEAL SAYING IT WOULD DIVULGE THE DETAILS MONDAY
AT FIRST BLUSH THAT SOUNDED LIKE ENCOURAGING NEWS FOR INVESTORS IN THE
COMMON STOCK OF THE AILING MEDICALEQUIPMENT MAKER BASED IN NORWALK CONN

BUT CONSIDER THE BIG INVESTORS WOUND UP BUYING SECURITIES PRICED TO YIELD A
MOUTHWATERING 976 IN A DEAL THAT COULDN'T HELP BUT UNDERMINE THE PRICE
OF THE EXISTING COMMON STOCK IN ESSENCE THE BIG GUYS GOT A CRACK AT THE
TEMPTING NEW SECURITIES WHILE THE LITTLE GUYS WERE LEFT HOLDING THEIR COMMON
WITH ITS SKISLOPELIKE CHART

THE 200 MILLION PRIVATE OFFERING WAS MADE UNDER THE SECURITIES AND EXCHANGE
COMMISSION'S RULE 144A A RELATIVELY NEW PROVISION THAT LETS COMPANIES SKIRT
THE TIMECONSUMING REGISTRATION PROCESS WHEN SELLING SECURITIES PRIVATELY TO
BIG PRESUMABLY SOPHISTICATED INVESTORS THE RULE IS SUPPOSED TO PROTECT
LITTLE INVESTORS FROM BUYING COMPLEX AND RISKY INVESTMENTS MORE SUITED TO
INSTITUTIONS IN THIS CASE THOUGH SMALL INVESTORS MIGHT HAVE FARED BETTER
WITHOUT SUCH A SAFEGUARD

THE PRIVATE OFFERING CONSISTED OF DIVIDENDENHANCED CONVERTIBLE PREFERRED
STOCK A NEWFANGLED SECURITY THAT ALLOWS HOLDERS TO CONVERT THEIR HOLDINGS
INTO COMMON STOCK AFTER FOUR YEARS THE RUB IS THAT US SURGICAL AND ITS
UNDERWRITER SALOMON BROTHERS CRAFTED SUCH A SWEET DEAL TO WOO SKEPTICAL
INSTITUTIONS THAT SOME OF THEM HAVE BEEN SELLING OFF COMMON AND SWITCHING
INTO THE NEW SECURITIES PRICED TO YIELD 976 WHICH SALOMON CALLS DECS
MOREOVER THE DECS WILL DILUTE COMMON STOCKHOLDERS' EQUITY IN THE COMPANY BY
15 WHEN THE SECURITIES ARE CONVERTED TO COMMON IN FOUR YEARS

THAT IN PART MAY EXPLAIN WHY US SURGICAL SHARES TUMBLED 1 1/4 POINTS
TUESDAY LOST 1/2 WEDNESDAY AND SLID 1/8 MORE YESTERDAY TO FINISH AT 19
1/8

I'D RATHER HAVE THE NEW SECURITIES THAN THE COMMON STOCK TOO SAYS
KENNETH ABRAMOWITZ AN ANALYST AT SANFORD C BERNSTEIN BUT THE COMPANY
NEEDED TO DO THIS TO RAISE MONEY AS FOR THE FATE OF THE LITTLE GUY WHOSE
ALREADY BATTERED INVESTMENT IS TAKING ANOTHER KNOCK THAT'S JUST THE WAY IT
GOES MR ABRAMOWITZ SAYS IN THE END HE THINKS COMMON HOLDERS WILL
BENEFIT BECAUSE THEY WILL HOLD STOCK IN A MORE FINANCIALLY VIABLE COMPANY

US SURGICAL AND SALOMON BROTHERS DECLINED TO COMMENT ON THE DECS OFFERING

BUT MORE CONVERTIBLEPREFERRED DEALS LIKE THIS COULD BE ON THE HORIZON IN
FACT WALL STREET TRADERS SAY NOT ALWAYS ADMIRINGLY THAT SALOMON
APPEARS TO BE CARVING OUT A NICHE FOR ITSELF IN THE UNDERWRITING OF
CONVERTIBLE SECURITIES FOR STRUGGLING COMPANIES US SURGICAL'S OFFERING IS
THE LATEST OF AT LEAST FOUR SIMILAR DEALS FROM SALOMON OTHERS IN THE PAST
YEAR HAVE INCLUDED UNDERWRITINGS FOR STONE CONTAINER STORAGE TECHNOLOGY AND
CARTER HAWLEY HALE STORES

WHY WOULD EVEN A WELLHEELED INVESTOR WANT TO INVEST THIS WEEK IN US
SURGICAL AFTER ALL THE COMPANY HAS WITHERED AMID COMPETITION FROM JOHNSON
& JOHNSON'S ETHICON UNIT AND FROM WHAT SOME THINK IS A STAGNATING MARKET FOR
ITS DISPOSABLE SURGICAL INSTRUMENTS TRADERS SAY INVESTORS WERE MAINLY
GROWTHANDINCOME FUNDS THAT WILL FLIP OR SELL QUICKLY THE SECURITIES
YOU COULD SHORT THE COMMON STOCK AND BUY THE DECS ALL DAY LONG SAYS ONE
US SURGICAL'S SHORT POSITION STOCK THAT WAS BORROWED AND THEN SOLD 
IS ALREADY THE 11TH HIGHEST ON THE BIG BOARD AT NEARLY 12 MILLION SHARES

BIG INVESTORS WERE GIVEN MANY ENTICEMENTS THE DECS PRICING CREATED A 220
DIVIDEND YIELD EQUALING 976 ANNUALLY FAR ABOVE THE MORETYPICAL 6 IN
FOUR YEARS HOLDERS FACE A MANDATORY CONVERSION INTO COMMON STOCK FOR
HOLDERS TO BREAK EVEN UPON CONVERSION US SURGICAL COMMON STOCK NEEDS TO
RISE ONLY 15 FROM WHEN DECS HOLDERS BOUGHT IT COMPARED WITH THE TYPICAL
20 PREMIUM FOR MANY CONVERTIBLE OFFERINGS US SURGICAL NEEDED THE MONEY
AND WAS WILLING TO PAY A HIGH PRICE FOR IT SAYS A TRADER IN THE COMMON
STOCK

MR ABRAMOWITZ SAYS HE BELIEVES THE COMPANY IS TRYING TO HURRY TO GET THE
DEAL IN HAND BY THE END OF THE FIRST QUARTER BUT IN ANY CASE THE OFFERING
DOESN'T DO MUCH TO ADDRESS THE FUNDAMENTAL PROBLEMS IN US SURGICAL'S
BUSINESS THAT STARTED THE SLIDE IN THE STOCK IN THE FIRST PLACE

YEAR ENDED DEC 31 1993

NET LOSS 1387 MILLION 248 A SHARE VS 9403250004 940325 MARKETING &
MEDIA VIRGIN INTERACTIVE'S IPO IS PUT ON HOLD OFFERS FOR FIRM CITED

LOS ANGELES A PROPOSED INITIAL PUBLIC OFFERING OF VIRGIN INTERACTIVE
ENTERTAINMENT PLC HAS BEEN DELAYED INDEFINITELY FOLLOWING SUDDEN PROPOSALS
FOR THE COMPANY BY OUTSIDE BIDDERS ACCORDING TO PEOPLE CLOSE TO THE
TRANSACTION

THE NEW BIDDERS AREN'T PUBLICLY KNOWN BUT ARE BELIEVED TO BE MAJOR
ENTERTAINMENT COMPANIES AND THEIR SUDDEN APPEARANCE SUGGESTS THAT VIRGIN'S
EFFORT TO SELL ABOUT A 10 STAKE TO THE PUBLIC HAS BEEN SUPERCEDED BY
RELATIVELY LAVISH OFFERS FOR THE WHOLE COMPANY

CURRENTLY VIRGIN INTERACTIVE IS ABOUT 64OWNED BY BRITISH INVESTOR RICHARD
BRANSON TRUSTS HELD BY HIS FAMILY AND HIS ASSOCIATES VIDEO RETAILER
BLOCKBUSTER ENTERTAINMENT CORP ACQUIRED A 20 STAKE IN VIRGIN INTERACTIVE
IN JANUARY WITH OPTIONS TO EXPAND THAT STAKE TO ABOUT 33 AND TOY MAKER
HASBRO INC BOUGHT A 16 STAKE LAST SEPTEMBER

BASED IN IRVINE CALIF VIRGIN INTERACTIVE HAS BEEN PART OF MR BRANSON'S
STABLE OF ENTERTAINMENT OPERATIONS ITS ROLE AS THE PUBLISHER AND
DISTRIBUTOR OF A NUMBER OF SUCCESSFUL COMPUTERGAME TITLES INCLUDING GAMES
BASED ON WALT DISNEY CO'S FILMS ALADDIN AND THE JUNGLE BOOK AS WELL AS
A WIDELY DISTRIBUTED MYSTERY GAME THE 7TH GUEST HAS MADE IT A WIDELY
ANTICIPATED INITIAL PUBLIC OFFERING

PEOPLE CLOSE TO VIRGIN INTERACTIVE SAID THAT NEGOTIATIONS WITH TWO OR MORE
BIDDERS FOR THE COMPANY WERE INTENSE AND THAT SOME INDICATION OF THE
COMPANY'S FUTURE PROBABLY WILL EMERGE SOON

THE PROPOSED INITIAL PUBLIC OFFERING OF AMERICAN DEPOSITARY SHARES WAS TO
HAVE INCLUDED ONE MILLION SHARES NEWLY ISSUED BY THE COMPANY AND 850000
SHARES OFFERED BY MR BRANSON'S INTERESTS AND ASSOCIATES A PRICE OF 20 A
SHARE HAD BEEN EXPECTED 9403250003 940325 WHO'S NEWS ROBERTS
PHARMACEUTICAL CORP

ROBERTS PHARMACEUTICAL CORP EATONTOWN NJ DIGBY W BARRIOS 56 YEARS
OLD WAS NAMED A DIRECTOR OF THIS PHARMACEUTICAL COMPANY FILLING A VACANCY
MR BARRIOS IS A FORMER PRESIDENT AND CHIEF EXECUTIVE OFFICER OF BOEHRINGER
INGELHEIMUSA 9403250002 940325 CALIFORNIA FEDERAL OFFERING

LOS ANGELES CALIFORNIA FEDERAL BANK SAID THE FINAL EXERCISE PRICE OF ITS
COMMON STOCK WARRANTS HAS BEEN ADJUSTED TO FIVE WARRANTS PLUS 9 TO PURCHASE
ONE SHARE OF THE BANK'S COMMON STOCK BETWEEN JUNE 1 AND JUNE 30 THE
PREVIOUS ESTIMATED EXERCISE PRICE WAS FIVE WARRANTS PLUS 8

THE BANK ALSO SAID THE CONVERSION PRICE OF ITS 775 NONCUMULATIVE
CONVERTIBLE PREFERRED STOCK SERIES A INTO SHARES OF ITS COMMON HAS BEEN
ADJUSTED TO 2090 A SHARE THE PREVIOUS ESTIMATED CONVERSION PRICE WAS
2167 A SHARE

THE RIGHTS OFFERING WAS USED TO RAISE 195 MILLION IN EQUITY IT IS PART OF
THE BANK'S STRATEGY TO HOLD AND FIX ITSELF RATHER THAN SELLING TO A
BIDDER 9403250001 940325 BUSINESS BRIEF MORRISON KNUDSEN CORP 
KENNECOTT 5YEAR CONTRACT IS VALUED AT 500 MILLION

MORRISON KNUDSEN CORP SAID IT WON A 500 MILLION FIVEYEAR CONTRACT TO
PROVIDE ENGINEERING PROCUREMENT AND CONSTRUCTION MANAGEMENT SERVICES TO
KENNECOTT UTAH COPPER CORP'S BINGHAM CANYON COPPER MINE NEAR SALT LAKE
CITY

WORK BEGAN IN OCTOBER 1993 AND IS SCHEDULED TO BE COMPLETE IN 1998 THE
CONSTRUCTION PROJECT IS PART OF CLOSELY HELD KENNECOTT'S MINE AND PLANT
MODERNIZATION PROGRAM MORRISON KNUDSEN IS AN ENGINEERING CONTRACTOR AND
MANUFACTURING CONCERN BASED IN BOISE IDAHO 9403250176 940224 HELPING
OURSELVES US AID TO RUSSIA IS QUITE A WINDFALL  FOR US
CONSULTANTS  WHILE THEY REAP MILLIONS SOWING CAPITALIST SEEDS 
RUSSIANS FEEL LEFT OUT  A TARGET OF IRE OVER SPYING  BY JOHN
J FIALKA STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE US HAS PLEDGED 58 BILLION IN AID TO THE FORMER SOVIET
UNION MOST OF IT DESTINED FOR RUSSIA THERE IS DANCING IN THE STREETS 
THOUGH NOT THE STREETS OF RUSSIA THE CHIEF CELEBRANTS HORDES OF US
CONSULTANTS WHO ARE GOBBLING UP MUCH OF THE US AID PIE

CONSIDER ONE EXAMPLE OF HOW THE MONEY IS BEING SPENT LAST YEAR ABOUT 95
OF RUSSIAN TELEVISION VIEWERS SAW THIS FLASH OF CAPITALIST ENTHUSIASM A
CAMERA CLOSES IN ON A CLUSTER OF SCHOOLCHILDREN IN A PLAYGROUND MY DAD IS
A SHAREHOLDER IN A WHOLE BISCUIT FACTORY TRUMPETS A YOUNG BOY SO THERE

FOR MOST RUSSIANS COMMERCIALS LIKE THIS PRODUCED BY SAWYER/MILLER GROUP A
WASHINGTON CONSULTING CONCERN WERE THE FIRST VISIBLE EVIDENCE OF THE US
BILLIONS THAT HAVE BEGUN TO FLOW TO RUSSIA AS PART OF A THREEYEAR AID
PACKAGE APPROVED LAST YEAR AND FOR MANY THE EXPENSIVE FLASHY TV CAMPAIGN
COULD BE THE LAST

FOR THOUGH THE PACKAGE IS OUTWARDLY GENEROUS IN REALITY LITTLE OF THE MONEY
IS TARGETED TOWARD EASING THE ECONOMIC STRAINS OF ORDINARY RUSSIANS
INSTEAD REFLECTING NOTIONS THAT RUSSIA NEEDS EXPERTISE NOT HANDOUTS THE
PROGRAM SEEKS TO STRETCH AID DOLLARS BY TEACHING RUSSIANS HOW TO PRIVATIZE
THEIR INDUSTRIES AND COBBLE TOGETHER A FREEMARKET ECONOMY

THIS MAY WORK IN THE LONG RUN BUT SHORTTERM IT IS GALLING TO MANY
RUSSIANS WHO FIND THE US ATTITUDE BOTH PATRONIZING AND STINGY WHILE
ENRICHING SCORES OF US CONSULTANTS WHO ARE POCKETING BETWEEN 50 AND 90
OF THE MONEY IN A GIVEN AID CONTRACT WITH CASHSTARVED RUSSIANS TRYING TO
JUMPSTART THEIR FLEDGLING BUSINESSES AND ECONOMY AND ANTIREFORM
POLITICIANS GAINING GROUND WE DON'T NEED 90 OF TECHNICALASSISTANCE
MONEY GOING TO AMERICAN EXPERTS SAYS ALEKSANDR A JITNIKOV HEAD OF A
RUSSIAN COMMISSION COORDINATING FOREIGN AID

SOME US POLICY EXPERTS SHARE THOSE CONCERNS MARSHALL GOLDMAN A RUSSIA
SPECIALIST AND PROFESSOR AT WELLESLEY COLLEGE RECENTLY TOLD THE SENATE
BANKING COMMITTEE THAT RUSSIAN AID IN THE HANDS OF US CONSULTANTS AND
BELTWAY BANDITS BENEFITS RUSSIANS MINIMALLY IF AT ALL HE ADDED I
LOOK FOR A SCANDAL DOWN THE ROAD THAT'S GOING TO UPSET THE AMERICAN
TAXPAYER

AID TO RUSSIA ALREADY UNDER CRITICISM BECAUSE OF WASTE AND MEAGER RESULTS
FACES NEW PRESSURES IN THE WAKE OF THIS WEEK'S SPY SCANDAL IN WHICH MOSCOW
IS ALLEGED TO HAVE PAID A US INTELLIGENCE OFFICIAL FOR SECRETS YESTERDAY
LAWMAKERS CALLED FOR A FREEZE IN US AID TO RUSSIA UNTIL MOSCOW COOPERATES
WITH THE US IN ASSESSING THE DAMAGE FROM THE AFFAIR INCLUDING WITHDRAWING
FROM WASHINGTON A NUMBER OF RUSSIAN DIPLOMATS SAID TO HAVE BEEN INVOLVED
IRONICALLY THOUGH ANY ATTEMPT TO PUNISH MOSCOW BY FREEZING THE AID
PIPELINE WOULD MAINLY HURT THE DROVES OF US CONSULTANTS WHO ARE DELIVERING
THE ASSISTANCE

WITH SO MUCH AID MONEY INVOLVED THERE HAS ALREADY BEEN A VERITABLE FEEDING
FRENZY IN THE WASHINGTON THE AGENCY FOR INTERNATIONAL DEVELOPMENT OR AID
WHICH IS OVERSEEING THE BULK OF THE US PACKAGE SAYS 1200 CONSULTANTS
APPLIED TO GET INTO THE PROGRAM A RECORD FOR THE 33YEAROLD AGENCY

THE AMERICAN HELPERS DON'T COME CHEAP SAWYER/MILLER GOT 7 MILLION TO PUT
TOGETHER ITS AD CAMPAIGN PROMOTING PRIVATIZATION ON RUSSIAN TELEVISION MARK
MALLOCH BROWN WHO OVERSAW THE EFFORT IN MOSCOW ALSO DID SOME
SELFPROMOTION IN WASHINGTON HE REQUESTED THAT AID PAY HIM 1150 A DAY
NOT THE 320 THAT HE WAS GETTING ACCORDING TO DOCUMENTS OBTAINED UNDER THE
FREEDOM OF INFORMATION ACT AID REFUSED IT ALLOWS CONSULTANTS IN RUSSIA NO
MORE THAN 380 A DAY WHICH RISES TO ABOUT 800 BY FIGURING IN PENSION
BENEFITS AND OVERHEAD

A LOOK AT OTHER CONTRACTS GIVES AN INDICATION OF WHY LITTLE OF THE PROGRAM
HAS FILTERED DOWN TO AVERAGE RUSSIANS

 KPMG PEAT MARWICK ASSEMBLED AND MANAGES FIVE HUGE CLUSTERS OF CONSULTANTS
THAT GARNERED 98 MILLION IN CONTRACTS TO HELP PRIVATIZED BUSINESSES

 BURSONMARSTELLER THE PUBLICRELATIONS GIANT IS GETTING UP TO 15
MILLION FOR VARIOUS SCHEMES TO PROMOTE PRIVATE ENTERPRISE ONE OF ITS JOBS
INVOLVED SENDING TEAMS ON PREDAWN TREKS TO COLLECTIVE FARMS NEAR NIZHNI
NOVGOROD IN CENTRAL RUSSIA TO PRESS THE BENEFITS OF PRIVATIZATION TO
MILKMAID BRIGADES

 HAGLAR BAILLY AN ARLINGTON VA CONSULTING FIRM WON A 20 MILLION
CONTRACT BY LASHING TOGETHER 34 SUBCONTRACTORS INCLUDING FOUR DIFFERENT LAW
FIRMS WE NEED A LOT OF REDUNDANT CAPABILITY BECAUSE EXACT TASKS HAVEN'T
BEEN WORKED OUT YET EXPLAINS NEILS DETERRA A VICE PRESIDENT THE FIRM
PLANS TO HELP PRIVATIZE RUSSIAN UTILITIES AND ENCOURAGE THEM TO INSTALL
USMADE EQUIPMENT AT THE SAME TIME IT HOPES TO SPAWN A VIABLE RUSSIAN
PRIVATESECTOR CONSULTING OPERATION THAT CAN THEN WIN CONTRACTS FROM OTHER
FOREIGN AID PROVIDERS SUCH AS THE WORLD BANK

 CITIZENS NETWORK FOR FOREIGN AFFAIRS AN AGRIBUSINESS TRADE ASSOCIATION
WAS HIRED BY AID TO HELP PICK FIRMS TO ADVISE RUSSIA'S FARM SECTOR IT WENT
ON TO PICK EIGHT OF ITS OWN MEMBERS TO RECEIVE 234 MILLION IN AID MONEY
AID QUICKLY RATIFIED THE GROUP'S CHOICES WHICH INCLUDED MONSANTO CO GRAND
METROPOLITAN PLC'S PILLSBURY CO UNIT CONAGRA INC WR GRACE & CO AND
CARGILL INC

THE RUSSIAN BACKLASH IS PREDICTABLE SOME RUSSIAN OFFICIALS ARE BEGINNING TO
FLEX THEIR AUTHORITY BY EXERCISING VETO POWER OVER CONTRACTS AWARDED TO US
CONCERNS RUSSIA'S PRIVATIZATION CENTER FOR EXAMPLE SCALED BACK THE AID
CONTRACTS AWARDED TO SAWYER/MILLER AFTER RUSSIANS BEGAN QUESTIONING THE
WISDOM OF ITS TVADVERTISING CAMPAIGN

ALL OF MY FRIENDS WERE SAYING WHY ARE YOU PUTTING THOSE STUPID ADS ON
TV' EXPLAINS MAXIM BOYCKO THE 34YEAROLD ECONOMIST WHO RUNS THE CENTER
MR BOYCKO ALSO WAS UPSET THAT THE US FIRM HADN'T HIRED RUSSIAN EXPERTS TO
HELP PLAN THE PROJECT SAWYER/MILLER SAYS IT BELIEVES IT LIVED UP TO ITS
CONTRACTS BUT THE MATTER HAS RAISED EYEBROWS AMONG OTHER US CONSULTANTS
WHO RECOGNIZE THAT THE RUSSIAN AGENCY IS THE FUNNEL FOR ABOUT 90 MILLION OF
AID MONEY EACH YEAR

THE CONTRAST OF STRUGGLING RUSSIANS AND WELLPAID US CONSULTANTS IS
SHARPEST AT MOSCOW'S RADISSONSLAVIANSKAYA HOTEL ONE RECENT EVENING A
STRING QUARTET WAS PERFORMING IN THE MARBLEFLOORED LOBBY AS A CROWD OF
AMERICAN BUSINESSPEOPLE MANY OF THEM AID CONSULTANTS DINED AND DRANK
IN PAMPERED SPLENDOR IN THE FREEZING DARKNESS NEARBY A HUNDRED OR SO
ELDERLY MEN AND WOMEN MILLED ABOUT IN DIRTY SLUSH EACH TRYING TO SELL
PASSERSBY A PRIZED BELONGING A BOTTLE OF VODKA OR PERHAPS A FAVORITE PAIR
OF SHOES

THIS IS EXACTLY THE KIND OF DICHOTOMY THAT ARCHITECTS OF THE MARSHALL PLAN
THE POSTWAR PROJECT THAT REBUILT EUROPE AVOIDED BY DELIBERATELY PLAYING
DOWN THE ROLE OF US CONSULTANTS JAMES M SILBERMAN AN 80YEAROLD WORLD
BANK CONSULTANT AND ARCHITECT OF THE MARSHALL PLAN'S TECHNICALAID PACKAGE
RECALLS THAT PLANNERS FOUND IT MORE EFFECTIVE AND CHEAPER TO BRING 26000
EUROPEAN BUSINESS AND SOCIAL LEADERS TO THE US TO LEARN REBUILDING SKILLS
WHICH THEY THEN BROUGHT BACK TO EUROPE THE NOTION OF BIGSPENDING
WELLPAID US CONSULTANTS RAKING IN AID WAS RESENTED THEN AND IT IS
RESENTED EVEN MORE NOW MR SILBERMAN SAYS

AID'S TILT TOWARD AMERICAN CONSULTANTS IS ROOTED IN THE AGENCY'S BELIEF THAT
AMERICANS CAN BEST DELIVER CAPITALIST EXPERTISE TO A COUNTRY WITH FEW NATIVE
NOTIONS OF FREE ENTERPRISE BUT THERE IS ALSO A POLITICAL COMPONENT BACKERS
OF A GENEROUS RUSSIAN AID PACKAGE FOUND IT EASIER TO WIN VOTES FOR THE PLAN
BY CONVINCING CONGRESS THAT BY BEING GENEROUS TO THE RUSSIANS IT WOULD BE
HELPING AMERICAN BUSINESS TOO

ONE OF THE WAYS WE GET CONGRESSIONAL SUPPORT FOR THE PROGRAM IS THAT IT
DOES HELP AMERICAN JOBS AND AMERICAN BUSINESSES SAYS AMBASSADOR THOMAS W
SIMONS JR WHO OVERSEES AID'S RUSSIA PROGRAM FOR THE STATE DEPARTMENT HE
PLAYS DOWN THE RESENTMENT AND THE STRENGTH OF ANTIREFORM COMMUNIST AND
FASCIST MOVEMENTS IN RUSSIA EVERYONE IN MOSCOW THESE DAYS IS ALARMIST HE
SAYS ADDING THAT THE RUSSIA AID PROGRAM IS DELIVERING AID FIVE TIMES FASTER
THAN A NORMAL ONE

WHAT IS INDISPUTABLE IS THAT THE US CONSULTANTS SEEM TO COME IN LAYERS
WORLD LEARNING INC A BRATTLEBORO VT FIRM THAT HAS WORKED ON AID'S
AFRICA PROGRAMS FOR 20 YEARS WAS HIRED WITH AID MONEY TO TEACH THE
ART OF WRITING AID GRANT PROPOSALS TO 200 US VOLUNTEER GROUPS EAGER TO
PROVIDE HELP TO THE FORMER SOVIET UNION IN ADDITION THE FIRM WON A
CONTRACT TO VET PROPOSALS ON BUILDING A SOCIAL SAFETY NET FOR THE NEWLY
UNEMPLOYED PEOPLE WERE CALLING SAYING WHERE'S THE MONEY HOW CAN WE GET
INTO IT RECALLS MARGO MINNINI THE FIRM'S SENIOR PROGRAM OFFICER

ALTHOUGH RUSSIAN VOLUNTEER GROUPS WANTED TO PARTICIPATE WORLD LEARNING
PICKED ONLY AMERICAN CONCERNS WITH MUCH OF THE MONEY GOING TO BIG NAME
ENTERPRISES LIKE THE UNITED WAY THE US RED CROSS AND THE YMCA MOST TOOK
ON RUSSIAN PARTNERS BUT RUSSIAN GROUPS LACKING AMERICAN PARTNERS DIDN'T
MAKE THE CUT

SIZE AND CLOUT MATTER EVEN AMONG THE US BIDDERS TAKE CITIZENS NETWORK
FOR FOREIGN AFFAIRS THE AGRIBUSINESS ASSOCIATION WHICH LISTS FORMER
DEFENSE SECRETARY FRANK CARLUCCI AS CHAIRMAN OF ITS EXECUTIVE COMMITTEE BY
LETTING THE TRADE GROUP INCLUDE SOME OF ITS LARGEST MEMBERS IN THE PROGRAM
AID FIGURED IT COULD MAKE ITS MONEY GO FURTHER WE'RE LEVERAGING OVER 100
MILLION EXPLAINS ONE AID OFFICIAL NOTING THAT THE COMPANIES HAD ALREADY
SUNK THAT MUCH IN VARIOUS RUSSIAN PRIVATE VENTURES

THE TRADE GROUP'S PRESIDENT JOHN H COSTELLO DECLARED RECENTLY THAT THE
FORMER SOVIET UNION DOES NOT NEED FOREIGN AID THE WAY WE DELIVERED IT IN THE
PAST THEY WANT PARTNERS WHO CAN WORK WITH THEM IN A SUSTAINABLE FASHION TO
IMPROVE THE FOOD SYSTEM AND CREATE ECONOMIC OPPORTUNITY

WHILE THESE PARTNERSHIPS ARE DESIGNED TO CREATE POCKETS OF EFFICIENCY
AMONG EMERGING RUSSIAN COMPANIES THEY ALSO USE TAXPAYER FUNDS TO HELP
AMERICAN BUSINESSES EXPAND IN RUSSIA ONE OF THE POCKETS GETTING THE MONEY
BELONGS TO PILLSBURY'S GREEN GIANT UNIT WHICH ALREADY HAD INVESTED IN A
PROJECT TO GROW CAN AND SELL ITS PEAS IN RUSSIA UNDER ITS 3 MILLION AID
GRANT PILLSBURY WILL TEACH A RUSSIAN COOPERATIVE HOW TO GROW PEAS TO GREEN
GIANT SPECIFICATIONS WHILE ENLARGING ITS PRESENCE IN THE POTENTIALLY HUGE
RUSSIAN CANNEDFOOD MARKET

NO ONE HAS GOTTEN A BIGGER SLICE OF THE PROGRAM THAN KPMG PEAT MARWICK TO
HELP NEWLY PRIVATE FIRMS MANAGE THE VARIOUS CHALLENGES OF FREE ENTERPRISE
KPMG WIRED TOGETHER JP MORGAN & CO BAIN & CO BECHTEL CORP LAND O'
LAKES INC AND YOUNG & RUBICAM'S BURSONMARSTELLER UNIT AMONG OTHERS

EXACTLY WHAT THIS ALLSTAR AGGLOMERATION WILL DO FOR RUSSIA HASN'T BEEN
FULLY SPECIFIED AND THAT SHOWS ANOTHER PECULIARITY OF THE US AID
PROGRAM IN TRYING TO COMMIT MONEY QUICKLY AID USES A DEVICE KNOWN AS AN
INDEFINITEQUANTITY CONTRACT WHICH LEAVES THE DETAILS OF A PARTICULAR
PROJECT TO BE DETERMINED LATER BY MR BOYCKO ON THE RUSSIAN SIDE AND AID
OFFICIALS IN WASHINGTON IQCS AS THEY ARE CALLED REQUIRE AN OMNIBUS
CONTRACTOR A FIRM LIKE KPMG THAT CAN HANDLE THE HEAVY ACCOUNTING
REQUIREMENTS THAT COME WITH AID MONEY LAYERS OF SUBCONTRACTORS ARE THEN
FOLDED IN

KPMG'S EXPANDING MOSCOW OPERATION IS HOUSED IN TASTEFULLY REFURBISHED
OFFICES IN A FORMER COMMUNIST PARTY OFFICE THE FIRM FIGURES THAT AFTER THE
AID FUNDS RUN OUT IT WILL HAVE A STRONG CLIENT BASE HERE THIS IS A HUGE
MARKET EXPLAINS PETER JOVIC THE PARTNER IN CHARGE THE ACCOUNTING FIRM
HAS TRAINED MORE THAN 200 RUSSIANS TO DO THE BOOKS FOR BANKS AND BIG
GOVERNMENTRUN COMPANIES

BUT RUSSIANS WON'T SEE MUCH OF THE AID MONEY THAT FLOWS THROUGH THE FIRM
MR JOVIC ADDS THE AID MONEY IS ALMOST EXCLUSIVELY FOR CONSULTANTS WHO FLY
IN AND OUT

STILL THE RUSSIANS HAVE FIGURED OUT HOW TO REDIRECT SOME AID TO SOCIAL
NEEDS MR JITNIKOV FOR EXAMPLE SOLD DONATED US EQUIPMENT AND FOOD FOR
RUBLES THAT HE USED TO COMPLETE RUSSIA'S FIRST GERMFREE MATERNITY HOSPITAL
IN SARATOV 200 MILES SOUTHEAST OF MOSCOW PEOPLE IN RUSSIA KNOW ABOUT THIS
PROGRAM HE SAYS IT IS NOT EXPERTS COMING FROM THE US TO INVESTIGATE
WHAT IS GOING ON HERE IT IS REAL SUPPORT

SUPPORTERS OF THE AID PACKAGE AS DESIGNED CONTEND THAT SOME AID PROJECTS ARE
ALREADY PRODUCING TANGIBLE RESULTS AS WELL PRICE WATERHOUSE WHICH SNAGGED
34 MILLION IN CONTRACTS SET UP A SYSTEM TO SELL RUSSIANS SHARES IN SEVERAL
THOUSAND NEWLY PRIVATIZED COMPANIES NOW THE RUSSIANS ARE PRESSING THE FIRM
TO DESIGN A REGISTRY SYSTEM AND A RUSSIAN SECURITIES AND EXCHANGE
COMMISSION

AND A 10MAN TEAM FROM BOSTON CONSULTING GROUP SPENT THREE MONTHS STRUGGLING
TO HELP A PRIVATIZED VEGETABLE WHOLESALER IN PERM MANAGE ITS MARKETS AND
INVENTORIES THEY FOUND STORES IN THE GRITTY INDUSTRIAL CITY IN THE URALS
STARVED FOR VEGETABLES YET THE WHOLESALER WAS FLOUNDERING IN ROTTING PILES
OF BEETS AND CABBAGES EVEN AFTER THE CONSULTANTS INTRODUCED SALES
COMMISSIONS AND OTHER WESTERN INCENTIVES NOT MUCH CHANGED THEY BOUGHT
INTO EVERYTHING WE SAID ON A THEORETICAL LEVEL BUT THERE WAS STILL A
PSYCHOLOGICAL BARRIER EXPLAINS MARTIN REEVES THE BCG TEAM LEADER

THEN BCG WHICH AID IS PAYING 17 MILLION FOR THIS AND OTHER PRIVATIZATION
MISSIONS DISCOVERED IT HAD BROUGHT ONE OF THE PROBLEMS WITH IT THE WORKERS
SUSPECTED THE CONSULTANTS WERE FIXING UP THE BUSINESS TO BUY IT AND BECOME
ABSENTEE BOSSES SO THE BCG TEAM PUT ON OLD CLOTHES AND LED THE RUSSIANS ON
A DAYLONG CLEANUP OF A STINKING WAREHOUSE THAT SEEMED TO DO IT EXPLAINS
MR REEVES NOW FRESH CABBAGES EVEN KIWI FRUIT ARE SHOWING UP ON THE
SHELVES IN PERM

THESE BRIGHT SPOTS DON'T OFFSET THE DISILLUSIONMENT FELT IN RUSSIA WHOSE
COMPANIES ARE ELIGIBLE TO BID ON US AID CONTRACTS BUT ARE CONSISTENTLY
SHUT OUT MOST HAVE LITTLE EXPERIENCE IN GRANT WRITING AND FIND THEMSELVES
UNABLE TO COMPLY WITH ARCANE ACCOUNTING REGULATIONS OR TO MEET AID'S
UNPRECEDENTEDLY TIGHT 30DAY DEADLINE FOR FILING GRANT APPLICATIONS

NOWHERE IS THE DISAPPOINTMENT MORE ACUTE THAN IN THE AID TARGETED FOR
NUCLEAR DISARMAMENT A FIELD WHERE RUSSIANS HAVE CONSIDERABLE UNEMPLOYED
EXPERTISE THERE WAS MUCH EXCITEMENT IN RUSSIA WHEN WASHINGTON UNVEILED A
12 BILLION PROGRAM TO HELP DISMANTLE RUSSIA'S AGING NUCLEAR ARSENAL AND
REEMPLOY ITS SCIENTISTS IN CIVILIAN RESEARCH

THE RUSSIANS THOUGHT MUCH OF THE MONEY WAS COMING TO THEM BUT IT HASN'T SO
FAR THE PENTAGON WHICH RUNS THE PROGRAM HAS CONTRACTED FOR 754 MILLION
OF US GOODS AND EXPERTS DEFENSE OFFICIALS SAY IT WAS CONGRESS'S
SUGGESTION TO USE AMERICANS WHERE FEASIBLE THEY HAVE TAKEN THE ADMONITION
A STEP FURTHER BY MAKING IT A GUIDING TENET

JOHN H BIRELY ASSISTANT SECRETARY OF DEFENSE FOR ATOMIC ENERGY RECENTLY
TOLD A GROUP OF CHEERING DEFENSE CONTRACTORS THAT ONE OF THE PROGRAM'S GOALS
WAS TO SHOW RUSSIANS THE SPIRIT OF FREE ENTERPRISE ONE PROPOSAL GETTING
SERIOUS CONSIDERATION SPENDING 60 MILLION TO BUILD COPIES OF RUSSIAN
RAILWAY TANK CARS IN A US PLANT FOR EXPORT TO RUSSIA NEARLY EVERYONE
AGREES THAT THE CARS NEEDED TO HAUL CORROSIVE ROCKET FUEL COULD BE BUILT
MUCH MORE CHEAPLY IN RUSSIA

VADIM A SIMONENKO A SHY SMILING MAN WHO HEADS THE THEORETICAL DIVISION AT
CHELYABINSK70 A FORMERLY SECRET RUSSIAN BASE WHERE NUCLEAR WARHEADS ARE
DESIGNED SEEMS RESIGNED WHAT WE HAVE LEARNED IS THAT THE AMERICANS HAVE A
GREAT TENDENCY TO KEEP THIS MONEY IN THEIR OWN COUNTRY HE SAYS SEE
RELATED LETTER LETTERS TO THE EDITOR MOSCOW DIARY ALL WORK AND NO PLAY
 WSJ MARCH 25 1994 9402240162 YY94 MM03 9403250074 940215 CLASS
STRUGGLE YOUNG PROFESSORS FIND LIFE IN ACADEMIA ISN'T WHAT IT USED TO
BE  JOB COMPETITION IS FIERCE TENURE AN ELUSIVE GOAL AS TEACHING
LOADS RISE  ONE OPENING 700 APPLICANTS  BY TONY HORWITZ 
STAFF REPORTER OF THE WALL STREET JOURNAL

HAMILTON NY SIPPING A MARTINI BESIDE THE SYLVAN CAMPUS OF COLGATE
UNIVERSITY JAMES REYNOLDS RECALLS SEARCHING FOR JOBS FROM HIS KITCHEN TABLE
30 YEARS AGO

I SAT DOWN AND CALLED A FEW SCHOOLS THAT I'D SENT LETTERS TO SAYS THE
63YEAROLD PSYCHOLOGY PROFESSOR COLGATE OFFERED ME A JOB OVER THE
TELEPHONE SIGHT UNSEEN

HIS ELDEST SON JAMES REMEMBERS THE SCENE JUST AS VIVIDLY THEN AGED 11 HE
LOVED LECTURING HIS SIBLINGS ABOUT ROCKS AND DINOSAURS IT SEEMED ONLY
NATURAL WHEN HE WENT ON TO DARTMOUTH A FULBRIGHT FELLOWSHIP AND A CAREER AS
A GEOLOGY PROFESSOR

LIKE FATHER LIKE SON EXCEPT THAT AT 41 THE YOUNGER MR REYNOLDS HAS
LOGGED 200 REJECTION LETTERS AFTER A RECENT STINT COLLECTING UNEMPLOYMENT
HE NOW TEACHES AT AN UNHERALDED SCHOOL IN THE APPALACHIAN FOOTHILLS HE
EARNS 32000 A YEAR LACKS THE LABORATORY HE NEEDS FOR HIS RESEARCH AND
LIVES IN A MODEST HOUSE HE BOUGHT WITH HELP FROM HIS PARENTS

WHEN I WAS GROWING UP BEING A PROFESSOR LOOKED LIKE A HAVEN FROM THE REAL
WORLD' SAYS MR REYNOLDS WHOSE OFFICE AT WESTERN CAROLINA UNIVERSITY IS
CLUTTERED WITH VOLCANIC ASH AND FOSSILIZED DINOSAUR DROPPINGS NOW IT'S
PRETTY MUCH LIKE ANY OTHER JOB WHICH MEANS YOU'RE LUCKY JUST TO HAVE STEADY
WORK

THE REYNOLDS'S FAMILY SAGA AND DOZENS LIKE IT SHOW HOW PRECARIOUS ONE OF
AMERICA'S MOST ENVIABLE PROFESSIONS HAS BECOME IN THE SPACE OF A GENERATION
WHILE NEVER WELL PAID ACADEMICS COULD ONCE LOOK FORWARD TO EXCEPTIONAL JOB
SECURITY GENEROUS BENEFITS AND LONG HOLIDAYS

TODAY THEY STILL EARN FAR LESS THAN MOST OTHER PROFESSIONALS YET CONFRONT
THE SAME GRINDING PRESSURES AFFLICTING THE WORLD OUTSIDE THE IVORY TOWER
DOWNSIZING DWINDLING BENEFITS PARTTIME WORK AND EVERRATCHETING
PRESSURE ON PRODUCTIVITY

THE SENIOR FACULTY AT 90 OF INSTITUTIONS ARE FAR MORE ADVANTAGED THAN
YOUNGER FACULTY ARE EVER GOING TO BE SAYS ROBERT ZEMSKY DIRECTOR OF THE
UNIVERSITY OF PENNSYLVANIA'S INSTITUTE FOR RESEARCH ON HIGHER EDUCATION

THIS GENERATIONAL CHASM CARRIES AN ADDED STING THE YOUNG ARE PAYING IN
PART FOR THE UNINTENDED SINS OF THEIR FATHERS AND LESS OFTEN MOTHERS
TENURED FACULTY LIKE SUPREME COURT JUSTICES ENJOY LIFETIME JOBS WITH
COMFORTABLE BENEFITS ACCRUED DURING DECADES OF EDUCATIONAL EXPANSION

NOW IN HARD TIMES SCHOOLS MUST LOOK ELSEWHERE FOR CUTS USUALLY PUNISHING
NEWCOMERS THEY ALSO ARE RAISING TEACHING LOADS LARGELY IN RESPONSE TO
PUBLIC PRESSURE THIS CREATES CONTRADICTORY PRESSURES FOR YOUNG PROFESSORS
WHOSE ADVANCEMENT DEPENDS ON PUBLISHED RESEARCH RATHER THAN CLASSROOM SKILL

THE PUBLIC AND THE JOB MARKET ARE PULLING IN DIFFERENT DIRECTIONS AND
WE'RE STRETCHED ON THE RACK IN BETWEEN SAYS KEVIN RASK A
SECONDGENERATION ECONOMIST WHO SPENDS SIX NIGHTS A WEEK WRITING IN HIS
COLGATE OFFICE LIKE OTHERS SEEKING TENURE HE CAN'T HELP HEARING FOOTSTEPS
HIS DEPARTMENT RECEIVED 700 APPLICANTS FOR A SINGLE OPENING LAST YEAR

THE POSTWAR PERIOD WHEN THE OLDER GENERATION CAME OF AGE ALSO REPRESENTED
A TIME OF EXPLOSIVE GROWTH IN ACADEMIA AS IN SO MANY AREAS OF AMERICAN LIFE
JAMES REYNOLDS THE PSYCHOLOGY PROFESSOR AT COLGATE TELLS A TYPICAL STORY
EDUCATED ON THE GI BILL HE EARNED HIS PHD IN 1960 AT THE START OF A
DECADE WHEN THE BABY BOOM AND FASTGROWING UNIVERSITIES HELPED TO MORE THAN
DOUBLE THE NUMBER OF FULLTIME FACULTY IN AMERICA

THERE WAS A FEELING THAT YOU COULD DO WHATEVER YOU WANTED PRETTY MUCH
WHEREVER YOU WANTED TO DO IT HE SAYS SEATED BENEATH A BOOKSHELF CLUTTERED
WITH TEXTS ON ANIMAL BEHAVIOR AND A BASEBALL CAP LABELED FREUD HE CHOSE
COLGATE OVER TWO OTHER OFFERS AND THOUGH PAID ONLY 8000 HIS FIRST YEAR
HE SOON FELT SECURE ENOUGH TO BUY A RAMBLING HOME ON A SHADY STREET NEAR
CAMPUS

MOST OTHER FACULTY LIVED IN SIMILAR FASHION CREATING A STABLE TIGHTKNIT
COMMUNITY THERE WERE FACULTY COCKTAIL PARTIES ALMOST EVERY WEEKEND
RECALLS SHIRLEY REYNOLDS WHO ALSO JOINED BOOK AND COOKING GROUPS WITH OTHER
FACULTY WIVES WHILE RAISING THREE CHILDREN

COLGATE PAID HALF THE COLLEGE TUITION OF FACULTY CHILDREN AT SCHOOLS OF
THEIR CHOOSING ALLOWING THE REYNOLDSES TO SEND THEIR TWO SONS TO DARTMOUTH
AND THEIR DAUGHTER TO TUFTS THEIR ELDEST SON JAMES WENT ON FOR A PHD AT
DARTMOUTH REASSURED BY PREDICTIONS THAT THE MARKET WOULD OPEN WIDE AS HIS
FATHER'S GENERATION NEARED RETIREMENT

UNFORTUNATELY THIS ANTICIPATED RETIREMENT BULGE HAS BEEN PREEMPTED BY
SEVERE RETRENCHMENT AT MOST SCHOOLS BECAUSE OF FALLING ENROLLMENT AND STATE
GRANTS SOARING FINANCIALAID COSTS AND OTHER FACTORS ALSO THE END OF
MANDATORY RETIREMENT RULES ALLOWS PROFESSORS TO KEEP TEACHING INTO THEIR
70S

THE RESULT SAYS DANIEL LITTLE A COLGATE ADMINISTRATOR FOR EVERY THREE
RETIREMENTS ONLY ONE TYPICALLY LEADS TO A TENURETRACK HIRE THE SECOND
POSITION IS ELIMINATED AND THE THIRD IS PLUGGED WITH A PROFESSOR ON A
TERM SHORT FOR TERMINAL APPOINTMENT OF A YEAR OR TWO OR BY A
PARTTIMER HIRED FOR A SPECIFIC COURSE

THE MIGRANT WORKERS OF ACADEMIA PARTTIMERS ARE PAID AS LITTLE AS 1000
PER COURSE GIVEN FEW IF ANY BENEFITS AND LET GO AS SOON AS THEIR
USEFULNESS EXPIRES THEIR RANKS GREW RAPIDLY IN THE 1980S AND THEY NOW
ACCOUNT FOR 38 OF THE NATION'S 800000 FACULTY MANY MUST COMMUTE BETWEEN
SEVERAL PARTTIME JOBS TO SURVIVE IN CALIFORNIA THESE PERIPATETIC SCHOLARS
ARE CALLED FREEWAY FLYERS

ADMINISTRATORS COMPLAIN THAT SENIOR FACULTY ALSO CONTINUE TO CLOG THE JOB
PIPELINE WITH NEW PHDS BOTH AS A MARK OF THEIR PRESTIGE AND AS A SOURCE
OF CHEAP RESEARCH LABOR THE REPRODUCTIVE ROLE OF A PROFESSOR SHOULD BE TO
PRODUCE ONE NEW PROFESSOR FOR THE NEXT GENERATION NOT 15 SAYS DAVID
GOODSTEIN VICE PROVOST OF CALIFORNIA INSTITUTE OF TECHNOLOGY

THIS LOGJAM HAS TURNED JUNIOR FACULTY SUCH AS THE YOUNGER MR REYNOLDS INTO
LIVING JOB APPLICATIONS AN INITIAL VOLLEY OF 100 OR SO APPLICATIONS YIELDED
ONE OFFER FROM NORWICH UNIVERSITY A SMALL MILITARY SCHOOL IN VERMONT

I DIDN'T REALLY WANT TO WEAR A UNIFORM AND SALUTE STUDENTS HE SAYS BUT
WHEN THE WOLF'S AT THE DOOR YOU DO WHAT YOU HAVE TO THEN IN MR
REYNOLDS'S FIFTH YEAR NORWICH FACED A BUDGET CRUNCH AND ABRUPTLY CUT ALL
NONTENURED POSITIONS INCLUDING HIS HE HAD JUST WON AN AWARD FOR
OUTSTANDING TEACHER AND WAS ABOUT TO APPLY FOR TENURE

INSTEAD AT 39 HE BEGAN COLLECTING UNEMPLOYMENT CHECKS AND CARING FOR HIS
TWO CHILDREN WHILE HIS WIFE WORKED AS A NURSE LAST YEAR AFTER ANOTHER 100
JOB LETTERS HE BEAT OUT SOME 90 APPLICANTS FOR HIS CURRENT POST IN
CULLOWHEE NC

WHILE HAPPY TO BE WORKING HE RECOGNIZES THE SCHOOL'S LIMITATIONS AN
UNSOPHISTICATED STUDENT BODY OUTDATED EQUIPMENT AND LIMITED FUNDING FOR
RESEARCH HE SPENDS HIS SUMMERS ON SMALL GRANTS DOING FIELD WORK AND
VISITING DISTANT UNIVERSITIES THAT HAVE THE TOOLS HE NEEDS TO PROCESS HIS
ROCK SAMPLES HE AND HIS WIFE HAVE NO SAVINGS AND LITTLE SECURITY AS LONG AS
MR REYNOLDS REMAINS UNTENURED

EVEN SO MR REYNOLDS DOESN'T REGRET HIS CAREER CHOICE HE LOVES TEACHING
AND THE CHANCE TO PURSUE HIS CHILDHOOD PASSION FOR DINOSAURS AND ROCKS THE
WORLD HAS CHANGED AND I CAN'T DO ANYTHING ABOUT THAT HE SAYS BUT IN
DARK MOMENTS I CAN'T HELP WISHING THAT THE CHANGE HAD COME ON SOMEONE
ELSE'S WATCH

THE TRANSFORMATION OF ACADEMIA BEWILDERS HIS PARENTS BACK AT COLGATE

DURING A RECENT STINT AS DEPARTMENT HEAD THERE MR REYNOLDS DREAMED OF
GATHERING FACULTY IN MUCH THE WAY HE HAD BEEN WELCOMED 30 YEARS BEFORE BUT
THESE DAYS YOUNG FACULTY AT COLGATE TEND TO LIVE FAR FROM CAMPUS WHERE
HOUSING IS CHEAPER AND WORKING SPOUSES CAN MORE EASILY COMMUTE TO CITY JOBS
BETWEEN SHARED CHILDREARING PUBLISHING AND OTHER PRESSURES YOUNG
PROFESSORS HAVE LITTLE SPARE TIME

THE FEW YOUNGER FACULTY WHO DID SHOW FOR PARTIES WOULD STAY FOR 15 MINUTES
THEN SAY MY WIFE'S WORKING SO I HAVE TO GO PICK UP THE KIDS' HE SAYS HE
FINDS THE SAME IS TRUE AT MEETINGS OF MANY UNIVERSITY COMMITTEES IT'S JUST
A BUNCH OF OLD GUYS LIKE ME

NOT ALL THE CHANGES IN ACADEMIA ARE UNIVERSALLY MOURNED WHILE FACULTIES MAY
ONCE HAVE BEEN MORE CLOSEKNIT THEY ALSO WERE EXTREMELY HOMOGENEOUS NOW
SCHOOLS ARE KEEN TO REDRESS THEIR HISTORIC NEGLECT OF WOMEN AND MINORITIES
BUT HERE TOO YOUNG ACADEMICS OFTEN CARRY EXPECTATIONS THAT THE MARKET CAN
NO LONGER FULFILL

CAROLINE MCALISTER IS IN MANY WAYS REPRESENTATIVE THE 33YEAROLD DAUGHTER
OF AN ENGLISH PROFESSOR AT CALIFORNIA STATE UNIVERSITY IN SACRAMENTO SHE
FONDLY RECALLS HER FATHER QUOTING HAMLET AT THE DINNER TABLE AND TAKING HER
ALONG WITH STUDENTS TO SHAKESPEARE FESTIVALS AT HER HIGHSCHOOL GRADUATION
THE BOOKISH MS MCALISTER WAS VOTED MOST LIKELY TO BECOME A TEACHER I WAS
THE CLASS NERD SHE SAYS WITH A LAUGH

LATER AT YALE SHE FOUND A PASSION FOR HER FATHER'S FAVORITE WRITER JOHN
MILTON SHE ALSO FELT THAT THE SORT OF FLEXIBLE SCHEDULE AND LONG HOLIDAYS
HER FATHER ENJOYED WOULD ALLOW ME TO BE A NURTURING PARENT LIKE HE WAS

SO SHE WENT TO EMORY UNIVERSITY FOR A PHD AND A DISSERTATION ON MILTON 
JUST LIKE DAD EVER SINCE SHE SAYS A COMPARISON OF THEIR CAREERS BEARS AN
UNCOMFORTABLE RESEMBLANCE TO THE TITLE OF MILTON'S MOST FAMOUS WORK
PARADISE LOST

LIKE MR REYNOLDS MS MCALISTER SOON FOUND THAT 10 YEARS OF COSTLY HIGHER
EDUCATION DIDN'T YIELD MUCH IN THE JOB MARKET A 22000AYEAR JOB AT SALEM
COLLEGE A SMALL WOMEN'S SCHOOL IN WINSTONSALEM NC

HER ARRIVAL AT SALEM ALSO COINCIDED WITH A FINANCIAL CRUNCH AT THE SCHOOL
HER TEACHING LOAD QUICKLY INCREASED WITH NO RISE IN PAY AND SHE FOUND
HERSELF WITH OTHER FACULTY BEING ASKED TO STAFF A PHONE BANK IN THE
BASEMENT OF THE COLLEGE LIBRARY CALLING HIGHSCHOOL STUDENTS IN HOPES OF
COAXING MORE APPLICANTS I FELT LIKE A TELEMARKETER SHE SAYS

SALEM'S PRESIDENT JULIANNE STILL THRIFT EXPLAINS SUCH MEASURES WITH THE
BUSINESSWORLD LANGUAGE THAT HAS BECOME COMMON AMONG COLLEGE ADMINISTRATORS
IT'S THE SAME HERE AS AT IBM OR AT&T SHE SAYS I'VE GOT TO HAVE A
SLIMMER STAFF I'VE GOT TO PRODUCE MORE WITH WHAT I HAVE AND I'VE GOT TO
MARKET AGGRESSIVELY

INDEED OVER A PERIOD OF JUST THREE YEARS SHE HAS DOUBLED ENROLLMENT AND
BALANCED A BUDGET THAT WAS 11 MILLION IN THE RED SHE HOPES NOW TO BOOST
FACULTY SALARIES WHICH SHE SAYS ARE AWFUL AN EMBARRASSMENT AND WELL
BELOW THOSE OF OTHER WOMEN'S SCHOOLS IN THE SOUTH BUT LIKE OTHER
ADMINISTRATORS SHE DOESN'T SEE A SWIFT CHANGE IN THE FORTUNES FOR YOUNG
FACULTY THEY'RE AN UNLUCKY GENERATION SHE SAYS I JUST HOPE THEIR
PASSION EXCEEDS THEIR NEEDS

IN MS MCALISTER'S CASE THIS IS SO EXCEPT THAT HER PASSION FOR RENAISSANCE
LITERATURE ISN'T OFTEN SHARED BY HER STUDENTS EVEN FELLOW FACULTY HAVE
STEERED HER AWAY FROM HER FAVORITE SUBJECT WHY HAVE YOU GOT ALL THAT OLD
STUFF ON THERE MS MCALISTER RECALLS ONE COLLEAGUE COMMENTING ON HER
READING LIST IT ISN'T JUST MILTON I'VE GOTTEN A LOT OF GRIEF FOR TEACHING
HOMER TOO

NOW IN HER FIFTH YEAR AT SALEM MS MCALISTER IS EAGER TO WIN TENURE AND HAS
TAKEN HER COLLEAGUES' HINTS SHE HAS FOR INSTANCE NUDGED BOTH HER RESEARCH
AND HER COURSES TOWARD MORE POPULAR MODERN AND WOMEN'S LITERATURE SHE
RECENTLY ATTRACTED HUGE ENROLLMENT FOR A CLASS ON CROSSDRESSING IN FILM AND
LITERATURE

BUT FEELING A BIT ISOLATED FROM OTHERS IN HER FIELD AND NOW PAID 25000 A
YEAR SHE CAN'T AVOID A GNAWING SENSE OF INADEQUACY EVEN DOWNWARD MOBILITY
WHEN SHE COMPARES HER CAREER WITH HER FATHER'S

HE GREW UP IN A SMALL TOWN IN ARKANSAS IN A HOUSE THAT DIDN'T EVEN HAVE A
PHONE SHE SAYS EDUCATED AT PUBLIC SCHOOLS HE WAS THE FIRST IN HIS FAMILY
TO GO TO COLLEGE SHE BY CONTRAST ENJOYED A COMFORTABLE UPBRINGING AND THE
BEST PRIVATE SCHOOLS I HAD SO MANY ADVANTAGES THAT HE DIDN'T HAVE SHE
SAYS I FEEL I SHOULD HAVE DONE MORE WITH THEM

MS MCALISTER HAS AN ADDED STRIKE AGAINST HER LIKE MANY STRUGGLING
ACADEMICS SHE IS MARRIED TO ANOTHER CLINT CORCORAN WHOM SHE MET IN THE
LIBRARY AT EMORY WITH A PHD IN PHILOSOPHY AND A SPECIALTY IN ARISTOTLE
MR CORCORAN OCCUPIES A FIELD WHERE JOBS ARE PERHAPS EVEN SCARCER THAN IN
ENGLISH AT ONE POINT HE FOUND HIMSELF COMMUTING TO PARTTIME JOBS ON THREE
SEPARATE CAMPUSES OFTEN IN THE SAME DAY

PROFESSORS ARE PAID TO THINK AND TEACH IDEAS MR CORCORAN SAYS BUT ON
THAT SCHEDULE THE DEEPEST THOUGHT YOU CAN MUSTER IS WHETHER YOU HAVE TIME
FOR A DRIVETHROUGH BURGER BETWEEN CLASSES

MR CORCORAN NOW HAS A FULLTIME JOB AT A SMALL COLLEGE NEAR WINSTONSALEM
THOUGH LIKE HIS WIFE HE HAS LITTLE CHANCE TO TEACH THE SUBJECT HE SPENT THE
BETTER PART OF A DECADE STUDYING ALSO HE AND HIS WIFE NOW RECOGNIZE THAT
IT WILL BE VERY HARD FOR THEM TO EVER MOVE FINDING TWO JOBS WITHIN
COMMUTING DISTANCE IS RARE AND SOME OF THEIR FORMER CLASSMATES TRAVEL ACROSS
TIME ZONES TO SEE EACH OTHER ONLY DURING HOLIDAYS OTHERS SPLIT JOBS SO
THEY CAN RESIDE IN THE SAME TOWN

SO THE COUPLE HAVE SETTLED IN BUYING A HOUSE BESIDE A TEXTILE MILL IN A
TRANSITIONAL NEIGHBORHOOD MS MCALISTER DOUBTS SHE WILL EVER DUPLICATE HER
PARENTS' LIFESTYLE WHICH INCLUDES A SWIMMING POOL AND TENNIS COURT BUT
WHAT CONCERNS HER MORE IS THAT SHE MAY NEVER BE ABLE TO SAY TO HER CHILDREN
AS HER FATHER SAID TO HER GO TO THE BEST SCHOOLS YOU CAN

NOR IS SHE OPTIMISTIC THAT SHE CAN ONE DAY BE AS ATTENTIVE A PARENT AS HER
FATHER WHO OFTEN MOLDED HIS SCHEDULE AROUND THAT OF HIS WIFE AN
ELEMENTARYSCHOOL TEACHER HE WAS A SUPERDAD TAKING TIME OUT OF HIS DAY
TO DRIVE ME TO TENNIS LESSONS AND LECTURING ME ABOUT LITERATURE ON THE
WAY SHE SAYS

AT SALEM BY CONTRAST MS MCALISTER HAS A HEAVY TEACHING LOAD AND FEELS
PRESSURED TO PUBLISH AS MUCH AS SHE CAN TO WIN TENURE HER FATHER WROTE A
FEW ARTICLES BEFORE GOING TO SACRAMENTO BUT HASN'T PUBLISHED IN THE 32 YEARS
SINCE ALSO SALEM DOESN'T GIVE PAID MATERNITY LEAVE

IN SACRAMENTO HER 66YEAROLD FATHER FLOYD MCALISTER FACES A MORE SECURE
FUTURE AS PART OF AN INCENTIVE PROGRAM IN CALIFORNIA TO ENCOURAGE
PROFESSORS TO RETIRE HE IS TEACHING EVERY OTHER SEMESTER FOR FOUR YEARS
WHILE RECEIVING BOTH FULL RETIREMENT BENEFITS AND PARTIAL PAY IN EFFECT HE
GETS A 20 BONUS FOR TEACHING HALFTIME

BUT EXTRA MONEY AND LEISURE AREN'T THE ONLY REASONS HE IS SLOWING DOWN
THOUGH HE STILL LOVES TEACHING HE WONDERS IF HIS GENERATION SHOULDN'T STEP
ASIDE TO MAKE ROOM FOR STRUGGLING YOUNG ACADEMICS

MY EGO DOESN'T DEMAND THAT I STAY ON HE SAYS AFTER A MORNING OF TEACHING
MEDIEVAL LITERATURE MAYBE IT'S TIME NOW FOR LESS BEOWULF AND MORE TENNIS
SEE RELATED LETTER LETTERS TO THE EDITOR JUST FOLKS HERE HIGHQUALITY
FOLKS WSJ MARCH 25 1994 9402150067 YY94 MM03 9403250009 940217
SLICK TACTICS TRIAL LAWYERS GLIDE PAST CRITICS WITH AID OF POTENT
TRADE GROUP  IT BLOCKS BILLS THAT THREATEN PERSONALINJURY
PRACTICE HELPS EXPAND LITIGATION  HOLDING SEMINARS FOR JUDGES 
 BY RICHARD B SCHMITT STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON BY RIGHTS PERSONALINJURY LAWYERS SHOULD BE QUAKING MANY
PEOPLE DETEST THEM POLITICIANS THREATEN THEM AND EVERYONE MAKES FUN OF
THEM

YET TRIAL LAWYERS CONTINUE TO WIN GIANT DAMAGE AWARDS REAP BIG FEES AND LET
THE STREAM OF CRITICISM SLIDE OFF THEIR BACKS THEIR SECRET AN
EXTRAORDINARY OCTOPUS OF A PROFESSIONAL GROUP THE ASSOCIATION OF TRIAL
LAWYERS OF AMERICA

ATLA OFFICIALS DESCRIBE THE GROUP AS A MISUNDERSTOOD EVEN BELEAGUERED
CONSUMERACTIVIST BODY WE'RE THE GOOD GUYS SAYS PAST PRESIDENT ROXANNE
BARTON CONLIN THOUGH PLAINTIFFS' LAWYERS SCORE BARELY 20 IN
PUBLICAPPROVAL SURVEYS WE AREN'T SO CONCERNED ABOUT IMAGE SHE ADDS WE
KNOW OUR MISSION IS TO BE THE BURR UNDER THE SADDLE OF MANUFACTURERS OF
DEFECTIVE PRODUCTS

BUT THE PUBLICINTEREST PERSONA ATLA FOR THE PEOPLE IS A CURRENT SLOGAN
 IS A WORLD AWAY FROM THE ORGANIZATION'S NITTYGRITTY WORK OF
SELFPRESERVATION ATLA OFFICIALS WON'T COMMENT ON THEIR POLITICAL
OPERATION AND MUCH OF THEIR IMPORTANT WORK GOES ON BEHIND CLOSED DOORS
HOWEVER FEDERAL ELECTION COMMISSION DATA AND TAX RECORDS ALONG WITH
INTERVIEWS WITH DOZENS OF LAWYERS HELP EXPLAIN THE NEARINVINCIBILITY IN
WASHINGTON OF THE PLAINTIFFS' BAR

ATLA IS SO EFFECTIVE BECAUSE IT DOES SO MANY THINGS SO WELL ITS CLOUT
STARTS WITH MONEY TRIAL LAWYERS HAVE PLENTY AND ARE UNUSUALLY WILLING TO
USE IT TO PROMOTE THEIR PROFESSIONAL INTERESTS IN FACT ATLA RAISES MUCH OF
ITS MONEY BY TAPPING MEMBERS' CHECKING ACCOUNTS FOR AUTOMATIC MONTHLY
CONTRIBUTIONS

SO ATLA SPENDS MORE PER MEMBER ON POLITICAL DONATIONS THAN ALMOST ANY OTHER
MAJOR LOBBYING GROUP INCLUDING THE AMERICAN MEDICAL ASSOCIATION ATLA WITH
60000 MEMBERS LAVISHED 24 MILLION ON CONGRESSIONAL CANDIDATES IN THE
199192 CAMPAIGN THOUSANDS OF INDIVIDUAL LAWYERS GIVE AS WELL ATLA ALSO
HIRES TOPDRAWER LOBBYISTS IT UNDERWRITES SEEMINGLY INDEPENDENT CONSUMER
ORGANIZATIONS WITH PARALLEL AGENDAS AND IT USES NATIONWIDE COMPUTERIZED
WORKING GROUPS TO EXPAND LUCRATIVE FIELDS OF LITIGATION

LED BY AN AFFABLE AND HIGHLY SUCCESSFUL WASHINGTON TRIAL LAWYER BARRY J
NACE ATLA ALSO BRINGS INGENUITY TO POLITICS A MONTH BEFORE THE 1992
ELECTIONS FOR EXAMPLE THE GROUP FOUND IT DIDN'T HAVE ENOUGH CASH TO MAKE
GOOD ON ALL ITS PLEDGES TO CANDIDATES BUT TO KEEP THE MONEY FLOWING AN
ATLA REPRESENTATIVE WHOM OFFICIALS WON'T IDENTIFY ARRANGED A 400000
BRIDGE LOAN FROM THE PRIVATE BANK A CHICAGO LENDER SPECIALIZING IN SERVING
THE RICH

THE IDEA OF SUCH A LOAN SURPRISED THE FEC I'VE NEVER HEARD OF A PAC
POLITICAL ACTION COMMITTEE DOING THAT BEFORE SAYS THE AGENCY'S CHAIRMAN
TREVOR POTTER WHO ADDS THAT THE MANEUVER WASN'T ILLEGAL

NOW THE ATLA'S MAIN TESTS WILL BE WHETHER IT CAN PROTECT MEMBERS FROM ANY
MEDICALMALPRACTICE PROPOSALS THAT WOULD CUT INTO THEIR FEES AND CAN DEFEAT
A BILL THAT WOULD PUT SOME LIMITS ON PRODUCTLIABILITY AWARDS JUDGING FROM
PAST EXPERIENCE CARDOZO SCHOOL OF LAW PROFESSOR LESTER BRICKMAN SAYS HE IS
SKEPTICAL ABOUT ANY BILL PASSING THAT THE TRIAL BAR IS OPPOSED TO PROF
BRICKMAN IS ONE OF THE CONSERVATIVE SCHOLARS WHO LAST WEEK PROPOSED A WAY
FOR COURTS TO LIMIT PERSONALINJURYLAWYER FEES IN CERTAIN CASES

A FEW MONTHS LATER WHEN THE CLINTON PROPOSAL WAS ANNOUNCED ATLA LEADERS
LOOKED PRESCIENT THE ADMINISTRATION SAID SACRIFICES WOULD BE REQUIRED OF
EVERYONE INCLUDING LAWYERS WHOSE FEES WOULD BE CAPPED AT ONETHIRD OF ANY
DAMAGE AWARD ALTHOUGH SOME LAWYERS DUTIFULLY PROTESTED THE PROPOSAL
PROTECTS THEM IT LEFT THE LITIGATIONBASED MALPRACTICE SYSTEM INTACT
INSTEAD OF MANDATING ARBITRATION AND PUT THE FEE CAP AT PRECISELY THE LEVEL
THAT MOST LAWYERS CHARGE ANYWAY

ROBERT BERENSON A WASHINGTON INTERNIST WHO COCHAIRED THE ADMINISTRATION'S
WORKING GROUP ON MEDICALMALPRACTICE REFORM SAYS HE WONDERED WHETHER THE
TRIAL LAWYERS' STRONG SUPPORT FOR FELLOW LAWYERS BILL AND HILLARY CLINTON
DURING THE CAMPAIGN ATLA MEMBERS CONTRIBUTED ABOUT 500000 JUST MIGHT
HAVE PLAYED A ROLE DR BERENSON SAYS HE AND SOME OTHERS IN THE WORKING
GROUP SOUGHT MUCH TOUGHER CHANGES SUCH AS A GRADUATED SYSTEM FOR LIMITING
PAINANDSUFFERING DAMAGES BUT WERE IGNORED BY THE WHITE HOUSE

ROBERT BOORSTIN AN ADMINISTRATION HEALTHCARE SPOKESMAN RESPONDS THAT THE
TRIAL LAWYERS GOT NO FAVORS AND THAT WE THINK THAT THE MALPRACTICE REFORMS
INCLUDED IN THE CLINTON APPROACH WILL GO A LONG WAY TOWARDS PROTECTING
CONSUMERS AND REDUCING THE BURDEN ON DOCTORS OF THE CAP ON FEES HE SAYS
WE DON'T SEE IT AS FICTITIOUS AND NOTES THAT A FEW STATES ALLOW ATTORNEYS
TO CHARGE MORE THAN A THIRD OF AN AWARD HE ADDS THAT A CAP ON DAMAGES WAS
OBVIOUSLY DISCUSSED BUT THAT ADMINISTRATION OFFICIALS BELIEVED THAT THE
ISSUE SHOULD BE LEFT TO STATE GOVERNMENTS WE WANT THE STATES TO RETAIN AS
MUCH FLEXIBILITY AND POWER AS POSSIBLE WHILE SETTING NATIONAL STANDARDS HE
EXPLAINS

MS CONLIN SAYS SHE DIDN'T MEAN TO IMPLY AT THE CHICAGO MEETING THAT TRIAL
LAWYERS HAD STRUCK A DEAL WITH THE ADMINISTRATION INDEED SHE CONSIDERS THE
RESULTING PROPOSALS AWFUL

SINCE ATLA WAS FOUNDED IN THE LATE 1940S BY A HARVARD LAW SCHOOL GRADUATE
NAMED SAMUEL HOROVITZ IT HAS ALWAYS SOUGHT TO PROMOTE THE INTERESTS OF A
BREED OF LAWYERS WIDELY VILIFIED AS AMBULANCE CHASERS BUT THE GROUP'S
TACTICS HAVE CHANGED AT FIRST IT PROVIDED MEMBERS WITH A JOURNAL EDITED BY
FORMER HARVARD LAW DEAN ROSCOE POUND AND HELPED DISSEMINATE COURT OPINIONS
AND PRACTICAL INFORMATION IT DIDN'T EVEN ESTABLISH A PRESENCE IN WASHINGTON
UNTIL THE EARLY 1970S

THEN CAME A PROPOSAL FOR NATIONWIDE NOFAULT AUTO INSURANCE THAT TO THE
TRIAL BAR TRANSLATED INTO NOLAWYERS ATLA'S THENPRESIDENT MARVIN E
LEWIS WHO HAD ONCE SUCCESSFULLY REPRESENTED A WOMAN WHO CLAIMED THAT A FALL
FROM A SAN FRANCISCO CABLE CAR HAD LEFT HER A NYMPHOMANIAC DECIDED THE
ORGANIZATION NEEDED TO HIRE A LOBBYIST BY THE TIME ATLA KILLED THE PROPOSAL
AT THE END OF THE 1970S THE GROUP HAD BECOME A POLITICAL POWERHOUSE

NOW ITS CHIEF OUTSIDE CONSULTANT IS THOMAS H BOGGS JR ONE OF THE MOST
INFLUENTIAL LOBBYISTS IN WASHINGTON ITS TOP INHOUSE LOBBYIST ALAN PARKER
IS A FORMER CHIEF COUNSEL OF THE HOUSE JUDICIARY COMMITTEE EXECUTIVE
DIRECTOR THOMAS H HENDERSON JR IS A FORMER HEAD OF THE JUSTICE DEPARTMENT
PUBLICINTEGRITY SECTION THE CURRENT PRESIDENT MR NACE IS A KIND OF ATLA
HERO FOR SHEPHERDING THE JUNK SCIENCE CASE THAT LAST YEAR RESULTED IN A
SUPREME COURT DECISION LIBERALIZING THE USE OF SCIENTIFIC EVIDENCE IN COURT

THESE LEADERS DON'T LIKE TO COMPROMISE AND SELDOM DO YOU HELP YOUR FRIENDS
AND KILL YOUR ENEMIES SUMS UP LEONARD RING A FORMER ATLA PRESIDENT WHO
STARTED THE ATLA PAC AND REMAINS VERY INFLUENTIAL IN THE ORGANIZATION
ROBERT JOOST A WASHINGTON LAWYER WHO WORKED FOR ATLA IN THE 1960S SAYS HE
HAD A CHANGE OF HEART ABOUT THE ORGANIZATION AFTER SITTING IN ON MEETINGS
WITH TRIALLAWYER LOBBYISTS THESE GUYS HAVE IT ALL PROGRAMMED HE SAYS
DEMOCRACY DOESN'T HAVE A CHANCE

HIGH ON ATLA'S LEGISLATIVE HIT LIST SINCE 1982 HAS BEEN THE
PRODUCTLIABILITY BILL WHICH INDUSTRY GROUPS WANT AND THIS YEAR IS
COSPONSORED BY 45 SENATORS AND 138 HOUSE MEMBERS THE EARLIEST TOUGHEST
VERSION OF THE BILL WOULD HAVE ELIMINATED STRICT LIABILITY WHICH ALLOWS
PLAINTIFFS TO WIN DEFECTIVEPRODUCT CASES WITHOUT PROVING NEGLIGENCE THE
LAWYERS' LOBBY KNOCKED THAT OUT IN AN EARLY ROUND A LATER VERSION WOULD
HAVE REQUIRED A LITIGANT TO PAY BOTH SIDES' LEGAL COSTS IF THE PARTY REFUSED
A SETTLEMENT OFFER AND THEN RECOVERED LESS AT TRIAL THAT IDEA INTENDED TO
DETER FRIVOLOUS LITIGATION WAS KILLED TOO

THE LATEST DRAFT SUPPORTERS OF THE CURRENT BILL HOPE THAT IT WILL GET ITS
FIRSTEVER VOTE IN THE SENATE THIS SPRING THIS WATEREDDOWN DRAFT HAS THE
NARROW AIM OF LIMITING PUNITIVE DAMAGES IN CASES OF PRODUCTS CLEARED BY
FEDERAL REGULATORS BUT IT STILL DRAWS FIRE FROM LAWYERS AND CONSUMER
GROUPS WHICH CONTEND THAT MANUFACTURERS EXAGGERATE THE COSTS OF
PRODUCTLIABILITY SUITS AND THAT PROTECTING THEM FROM PUNITIVE DAMAGES WOULD
ENCOURAGE RECKLESS CONDUCT EVEN IF THE BILL PASSES IN THE SENATE IT
PROBABLY IS DOOMED FOR ANOTHER YEAR IN THE HOUSE

LIKELY TO BE INSTRUMENTAL IN BLOCKING IT IS THE HOUSE JUDICIARY COMMITTEE
WHICH IN 12 YEARS HAS YET TO HOLD A HEARING ON THE ISSUE COMMITTEE CHAIRMAN
JACK BROOKS ALWAYS STRONGLY BACKS THE TRIAL LAWYERS THE TEXAS DEMOCRAT ALSO
IS THE BIGGEST RECIPIENT OF ATLA PAC MONEY AMONG HOUSE DEMOCRATS HE DIDN'T
RETURN PHONE CALLS SEEKING COMMENT

ANOTHER BILL THE TRIAL LAWYERS WANT TO BLOCK THIS YEAR AS THEY HAVE EACH
YEAR SINCE 1987 WOULD PREVENT LAWSUITS AGAINST MANUFACTURERS OF
GENERALAVIATION PLANES PRIVATE AIRCRAFT MORE THAN 15 YEARS OLD SUCH
SUITS HAVE NEARLY DESTROYED THE INDUSTRY AVIATION LOBBYISTS SAY TRIAL
LAWYERS COUNTER THAT THE SUITS ENHANCE SAFETY BUT A BROOKINGS INSTITUTION
REPORT HAS FOUND THAT EVEN AS THE NUMBER OF SUCH SUITS WAS RISING IN THE
1970S AND '80S A TREND TOWARD FEWER GENERALAVIATION ACCIDENTS WAS SLOWING

THIS IS NOT SOME KOOKY PROPOSAL SAYS EDWARD STIMPSON OF THE GENERAL
AVIATION MANUFACTURERS ASSOCIATION ONE LOBBYIST FOR THE TRIAL LAWYERS TOLD
ME IF YOU EVER GET THIS THING ON THE FLOOR YOU ARE GOING TO PASS IT WE
ARE GOING TO KEEP YOU FROM GETTING IT ON THE FLOOR' THE BILL HAS 317
COSPONSORS IN CONGRESS

ATLA'S LOBBYING SUCCESSES TEND TO OVERSHADOW ITS OTHER WORK BUT FOR
PRACTICING TRIAL LAWYERS WHAT MATTERS MOST DAYTODAY IS ITS
BEYONDTHEBELTWAY OPERATIONS ONE PROMINENT PERSONALINJURY LAWYER PAUL
RHEINGOLD OF NEW YORK DESCRIBES ATLA AS A BIG HOUSE WHERE YOU COME TO GET
STUFF TO HELP IN SUING PEOPLE

IN ONE ROOM IS THE COMPUTERIZED ATLA EXCHANGE A COOPERATIVE DATABASE
WITH INFORMATION ABOUT 6000 CASES ON SUBJECTS RANGING FROM AIR RIFLES TO
ZOOS ATTORNEYS CAN GAIN ACCESS VIA A TOLLFREE NUMBER AND THE EXCHANGE
OPERATING FROM ATLA HEADQUARTERS HERE RECEIVES MORE THAN 10000 INQUIRIES A
YEAR

THE INFORMATION IS ESPECIALLY HELPFUL BECAUSE MOST CASES HAVEN'T BEEN
PUBLISHED IN LAW BOOKS BESIDES COPIES OF SUITS THE EXCHANGE OFFERS
DEPOSITIONS AND NAMES OF EXPERT DEFENSE WITNESSES WHO ALLEGEDLY HAVE GIVEN
INCONSISTENT TESTIMONY OTHER INFORMATION INCLUDES THE GOING RATES FOR
CERTAIN KINDS OF INJURIES INDEXED BY BODY PART AND THE NAMES AND PHONE
NUMBERS OF ATTORNEYS WILLING TO SHARE THEIR EXPERTISE

DAVID BAUM AN ATLA MEMBER IN SAN FRANCISCO SAYS THE EXCHANGE HELPS HIM
FIND PRECEDENTS TO LAWSUITS INCLUDING WHETHER A POTENTIAL DEFENDANT HAS HAD
OTHER TROUBLES WITH A PRODUCT RECENTLY HE SAYS HE CAUGHT A MAKER OF LAWN
MOWERS LYING ABOUT THE LITIGATION HISTORY OF A PRODUCT THAT HAD CUT OFF A
CLIENT'S HAND THE CASE WAS SETTLED HE SAYS AFTER HE DISCLOSED WHAT HE
KNEW

IN ANOTHER ROOM ARE ROUGHLY 80 LITIGATION GROUPS THROUGH WHICH ATTORNEYS
HANDLING SPECIFIC TYPES OF CASES COMPILE A VAST ARRAY OF LEGAL THEORIES ONE
GROUP PIONEERED IN COORDINATING CASES INVOLVING THE DALKON SHIELD
CONTRACEPTIVE DEVICE OTHERS ARE BREAKING NEW GROUND IN SUCH AREAS AS
ELECTROMAGNETIC RADIATION PENILE IMPLANTS AND AUTOMATIC DOORS

THE SUBJECTAREA GROUPS ARE THE SINGLE BIGGEST DRAW AT ATLA MEETINGS IT IS
ONE OF THE MOST VALUABLE ASPECTS OF BEING A MEMBER OF ATLA SAYS GARY C
ROBB A KANSAS CITY ATTORNEY WHO HEADS THE VENDING MACHINE TIPOVER
LITIGATION GROUP IT INCLUDES ABOUT 35 LAWYERS WHO HAVE REPRESENTED PEOPLE
ALLEGEDLY INJURED OR KILLED BY UNSTABLE VENDING MACHINES WHICH HE SAYS
CAN WEIGH UP TO A TON

LAST AUGUST MORE THAN 500 MEMBERS OF THE LARGEST SUCH GROUP THE ATLA
BREAST IMPLANT LITIGATION GROUP JAMMED A SAN FRANCISCO HOTEL TO SHARE
INTERNAL CORPORATE DOCUMENTS THAT SEEMED TO SHOW THAT MANUFACTURERS OF THE
IMPLANTS KNEW THAT THEY WERE IMPURE CONTAMINATED AND POSSIBLY CARCINOGENIC
BUT HAD A WELLDESIGNED SYSTEM TO HIDE THIS FROM DOCTORS THE LAWYERS
WATCHED WITH ANTICIPATION AS ONE DOCUMENT AFTER ANOTHER SHOWN WITH A
PROJECTOR INDICATED APPARENT DISREGARD FOR PATIENT SAFETY IT WAS GETTING
EVERYBODY HOPPED UP MR RHEINGOLD RECALLS THE ATMOSPHERE WAS YOU GO OUT
AND GET THOSE CASES A 4 BILLION CLASSACTION SETTLEMENT IS EXPECTED TO
BE SUBMITTED SOON FOR COURT APPROVAL

TRIAL LAWYERS SAY LITIGATION GROUPS ESPECIALLY HELP ATTORNEYS PRACTICING
OUTSIDE MAJOR METROPOLITAN AREAS AND BATTLING OFTENBETTERFUNDED CORPORATE
ADVERSARIES THE DECK HAS BEEN STACKED AGAINST US CONTENDS MICHAEL HUGO
A BOSTON LAWYER THIS IS OUR WAY OF GETTING EVEN

IT'S ONLY ONE OF THE WAYS THE ROSCOE POUND FOUNDATION A TAXEXEMPT
RESEARCH GROUP IS LEGALLY DISTINCT FROM ATLA BUT GETS MOST OF ITS 1
MILLION ENDOWMENT FROM TRIAL LAWYERS OVER THE YEARS SCORES OF ATLA MEMBERS
HAVE PAID UP TO 25000 FOR THE PRIVILEGE OF BECOMING FELLOWS OF THE
FOUNDATION AND MEETING PROMINENT JUDGES AND ACADEMICIANS AT ITS FUNCTIONS

IN EACH OF THE PAST TWO YEARS THE FOUNDATION HAS SPONSORED SEMINARS IN
CONNECTION WITH THE ATLA CONVENTION FOR STATE JUDGES ON SUCH ISSUES AS HOW
TO USE STATE CONSTITUTIONS TO EXPAND INDIVIDUAL RIGHTS TO SUE IT SPENT
120000 TO FLY 120 STATE APPELLATECOURT JUSTICES FROM MORE THAN 40 STATES
TO SUCH A FORUM IN SAN FRANCISCO LAST AUGUST IT ALSO DOES BASIC RESEARCH
THE PAPERS OF THE ROSCOE POUND FOUNDATION INVESTIGATE FOR EXAMPLE THE
EXPANDING LIABILITY OF BLOOD BANKS TO PATIENTS CONTRACTING THE AIDS VIRUS
AND JURIES' SURPRISING DISINCLINATION TO AWARD PUNITIVE DAMAGES IN
DEFECTIVEPRODUCT CASES

ANOTHER ATLA TAXEXEMPT AFFILIATE THE CIVIL JUSTICE FOUNDATION HAS
CONTRIBUTED 600000 SINCE 1986 TO SOME 75 CONSUMER GROUPS WITH MISSIONS
RANGING FROM RESEARCHING CHILDHOOD LEAD POISONING TO LOBBYING FOR FEDERAL
LEGISLATION TO IMPROVE AIRPORT SECURITY SOME ARE AMONG THE TRIAL LAWYERS'
MOST EFFECTIVE SPOKESMEN BEFORE LEGISLATORS PARTLY BECAUSE SUCH CONSUMER
GROUPS DON'T CARRY VISIBLE TRIALLAWYER FINGERPRINTS WHEN PEOPLE LIKE THE
ACTUAL VICTIMS COME AND TELL THEIR STORIES PEOPLE LISTEN SAYS ABRAHAM
FUCHSBERG A NEW YORK LAWYER AND PRESIDENT OF THE CIVIL JUSTICE FOUNDATION

THE CENTER FOR PATIENTS RIGHTS WHICH IN 1992 GOT HALF ITS 21000 BUDGET
FROM THE FOUNDATION HELPED LAST SPRING TO KILL A MEDICALNEGLIGENCE MEASURE
THAT THE BAR OPPOSED IN NEW YORK STATE ANOTHER RECIPIENT DES ACTION USA A
SUPPORT GROUP FOR WOMEN WHOSE CANCER IS BELIEVED LINKED TO THE
ANTIMISCARRIAGE DRUG HAS PROVIDED TESTIMONY BEFORE CONGRESS AGAINST THE
DEFECTIVEPRODUCTS BILL

IN ADDITION GROUPS SUCH AS THE CENTER FOR AUTO SAFETY FOUNDED BY RALPH
NADER REGULARLY LOOK TO ATLA FOR INFORMATION TO USE TO PUT PRESSURE ON
FEDERAL AGENCIES WE MINE THEM ALL THE TIME FOR NUGGETS SAYS CLARENCE
DITLOW THE CONSUMER GROUP'S EXECUTIVE DIRECTOR MOREOVER MR NADER'S
PUBLIC CITIZEN LOBBYING GROUP TESTIFIES ON POSITIONS SYMPATHETIC TO TRIAL
LAWYERS SENDS REPRESENTATIVES TO THEIR CONVENTIONS AND HELPS ATLA DIRECT
SOME OF ITS PUBLICINTEREST GRANTS

DENNIS ECKART A FORMER TRIALLAWYERBACKED CONGRESSMAN FROM OHIO AND NOW A
WASHINGTON ATTORNEY SAYS HE CONSIDERS ATLA'S CONSUMER MESSAGE GROSSLY
MISLEADING HE SAYS SELDOM WOULD YOU HEAR THE DEBATE CORRECTLY CENTERED
AROUND THE ISSUE OF EXCESSIVE LITIGATION YOU WOULD ALWAYS HEAR THEM FOCUS
THE DEBATE ON THE CITIZENS' RIGHT TO SUE HE ULTIMATELY DECIDED THAT THE
RIGHT TO SUE WAS GETTING OUT OF HAND AND THREW HIS SUPPORT BEHIND THE
DEFECTIVEPRODUCTS REFORM MEASURE

LEONARD RING OF CHICAGO A FORMER PRESIDENT OF THE ASSOCIATION OF TRIAL
LAWYERS OF AMERICA WHO WAS QUOTED IN A PAGEONE ARTICLE ABOUT THAT
ORGANIZATION THURSDAY HAD BEEN INTERVIEWED JAN 11 THE ARTICLE FAILED TO
NOTE THAT MR RING DIED OF A HEART ATTACK FEB 4 SEE RELATED LETTER
LETTERS TO THE EDITOR WHERE WOULD WE BE WITHOUT TRIAL LAWYERS WSJ
MARCH 25 1994 9402170021 YY94 MM03 9403240169 940324 WHO'S NEWS 
SILICON VALLEY BANCSHARES

SILICON VALLEY BANCSHARES SAN JOSE CALIF JAMES F BURNS JR AND
MICHAEL ROSTER WERE NAMED TO THE BOARD OF DIRECTORS OF THIS HOLDING COMPANY
FOR SILICON VALLEY BANK EXPANDING THE SIZE OF THE BOARD TO 13 FROM 11 MR
BURNS 56 YEARS OLD IS VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF CBR
INFORMATION GROUP INC A CREDIT BUREAU REPORTING COMPANY BASED IN HOUSTON
MR ROSTER 48 YEARS OLD IS GENERAL COUNSEL OF STANFORD UNIVERSITY
9403240168 940324 SEQUOIA SYSTEMS CREDIT LINE

MARLBORO MASS SEQUOIA SYSTEMS INC SAID IT RECEIVED A 10 MILLION LINE
OF CREDIT FROM STATE STREET BANK & TRUST CO A UNIT OF STATE STREET BOSTON
CORP

SEQUOIA A MAKER OF FAULTTOLERANT COMPUTER SYSTEMS SAID IT EXPECTS TO USE
THE FUNDS PRIMARILY FOR SHORTTERM WORKING CAPITAL REQUIREMENTS
9403240167 940324 OCTAGON ACQUIRES ABB POWER

RESTON VA OCTAGON INC SAID IT COMPLETED THE ACQUISITION OF ABB POWER
SYSTEMS ENERGY SERVICES INC A SUBSIDIARY OF ASEA BROWN BOVERI INC'S
COMBUSTION ENGINEERING INC UNIT FOR 23 MILLION 9403240166 940324
TRANSTEXAS COMPLETES A WELL

HOUSTON TRANSTEXAS GAS CORP SAID IT COMPLETED A NATURALGAS EXPLORATION
WELL IN TEXAS

THE NATURALGAS COMPANY SAID ITS MARIA CUELLAR NO 4 WELL FLOWED AT A DAILY
RATE OF 59 MILLION CUBIC FEET OF NATURAL GAS FROM DEPTHS BETWEEN 8918 FEET
AND 9118 FEET THE WELL IS IN ZAPATA COUNTY NEAR LAREDO

TRANSTEXAS SAID THE WELL WHICH IT OWNS AND OPERATES WAS PLACED ON
PRODUCTION FEB 14 9403240165 940324 LEISURE & ARTS TV BAD CHICKEN
ATTICA RIOTERS STANFORD HOOPSTERS  BY DOROTHY RABINOWITZ

WE HAVE HERE A REPORT BY CORRESPONDENT JOHN STOSSEL ON REGULATION OR
LACK THEREOF OF THE CHICKEN INDUSTRY MR STOSSEL POINTS OUT THAT THE
FEVER CHILLS VOMITING AND NAUSEA THAT PASSES FOR THE STOMACH FLU IN A
GOOD QUARTER OF THE POPULATION IS ACCORDING TO EPIDEMIOLOGISTS VERY OFTEN
A CASE OF FOOD POISONING FROM BACTERIA FOUND IN CHICKEN THIS 20/20
SEGMENT WHICH DISPENSES SOME SAGE ADVICE ON WAYS TO EAT CHICKEN WITHOUT
BEING POISONED TELLS AN INSTRUCTIVE STORY OF BUREACRATIC BUNGLING IF NOT
WORSE WOULD THAT THE GREAT SJ PERELMAN AUTHOR OF THE IMMORTAL COMIC WORK
CHICKEN INSPECTOR NO 23 WERE HERE TO TELL US WHAT TO DO

THE 1971 ATTICA PRISON RIOT COMES TO THE SCREEN VIA A JOHN FRANKENHEIMER
SEVEN DAYS IN MAY THE MANCHURIAN CANDIDATE MADEFORTV MOVIE THERE
ARE NO SUBTLETIES IN THIS SUPERHEATED AND UNRELENTING BRIEF IN CELEBRATION
OF THE ATTICA RIOTERS AND THEIR CAUSE IT IS TOLD FROM THE POINT OF VIEW OF
FORMER GUARD MICHAEL SMITH KYLE MACLACHLAN WHO EMERGES BECAUSE FILMS
MUST HAVE HEROES AS THE SOLE REPRESENTATIVE OF HUMANITY AND GOODNESS WITHIN
THE RANKS OF A BRUTAL AND SADISTIC PACK OF ATTICA GUARDS FREDERIC FORREST
FOR EXAMPLE PORTRAYS GUARD LT WEISBAD SOMETHING OF A CROSS BETWEEN AN
AUSCHWITZ COMMANDANT AND CHARLES MANSON ALL THAT SAID THIS IS ONE
POLISHED TAUT AND THOROUGHLY ABSORBING MOVIE THRILLER WHOSE RIOT SCENES
ALONE ARE WORTH THE PRICE OF ADMISSION SO ARE THE PERFORMANCES BY PHILIP
BOSCO AND HARRY DEAN STANTON ALSO WORTH THE PRICE OF ADMISSION 
ESPECIALLY FOR ANYONE NOSTALGIC FOR THE GLORY DAYS OF '70S RADICALISM IS
THE BIZARRE SCENE IN WHICH THE WORLD FAMOUS TRIBUNE FOR OPPRESSED CRIMINALS
EVERYWHERE ATTORNEY WILLIAM KUNSTLER DAVID ACKROYD STANDS AMID THE
THRONG OF RIOTING PRISONERS SHOUTING POWER TO THE PEOPLE

A MOTHER WHO IS AS THE SCRIPT DESCRIBES HER DEVELOPMENTALLY SLOW FIGHTS
TO MAINTAIN CUSTODY OF HER SIX SONS IN THIS FILM SAID TO BE INSPIRED BY
ACTUAL EVENTS THIS IS THE SORT OF MADEFORTV THEME THAT CAUSES THE
LEVELHEADED TO REACH FOR THE REMOTE AN IMPULSE PERFECTLY JUSTIFIED MOST
OF THE TIME NOT HOWEVER IN THIS CASE A PRODUCTION BOLSTERED BY A
SUPERIOR CAST LED BY JEAN SMART AND ROBERT PASTORELLI DRENCHED THOUGH THIS
FILM MAY BE IN SENTIMENTALITY AND IT IS POSITIVELY DRENCHED THERE'S
NO DENYING ITS DRAMATIC FORCE A WATCHABLE WORK INDEED

THIS IS THE HISTORY OF THE SEASON THE STANFORD WOMEN'S BASKETBALL TEAM SET
OUT TO WIN A NATIONAL CHAMPIONSHIP AND A HIGHFLYING CHRONICLE IT IS AS IT
DETAILS NEWLY ARRIVED COACH TARA VANDERVEER'S EFFORTS TO TURN A LOSING TEAM
INTO A WINNING ONE BY THE TIME SHE IS DONE THE STANFORD WOMEN'S TEAM IS
PLAYING TO PACKED HOUSES OUTDRAWING THE MEN'S TEAM NOT THAT THIS IMPRESSES
THE UNIVERSITY ADMINISTRATORS WHO THE FILM POINTS OUT CONTINUE TILL SHE
THREATENS A SUIT TO PAY COACH VANDERVEER HALF THE SALARY OF THE MEN'S
COACH GENEROUSLY PACKED WITH LOCKERROOM DRAMA AS WELL AS THE KIND PLAYED
OUT ON THE BASKETBALL COURT THIS IS A TALE OF TRUE GRIT ALL RIGHT AND A
SIZZLING ONE AT THAT

ROBBIE COLTRANE PLAYS DR EDDIE FITZGERALD SLEUTH ABOUT TOWN AND QUITE A
CHANGE HE IS FROM THE MOODY DETECTIVEAESTHETES PEOPLING ALL THE BRITISH
MYSTERIES ON OUR TV SCREENS A GRUBBY FAT FORENSIC PSYCHOLOGIST WITH A
GENUINELY NASTY MOUTH AND EVEN NASTIER SOCIAL OUTLOOK EDDIE IS A FAR CRY
FROM INSPECTOR MORSE ETC IN THE FIRST EPISODE OF THIS SERIES THE
PSYCHOLOGIST SETS ABOUT TRYING TO FIND OUT WHO KILLED A YOUNG WOMAN ON A
TRAIN IF THIS IS A PLOT WITHOUT ANY REAL SUSPENSE WHICH IT IS AND ONE
ALSO ENCUMBERED BY A PRETENTIOUS MUSICAL SOUNDTRACK THERE IS NONETHELESS
SOMETHING ABOUT THE CHARACTER OF THE BRUTISH EDDIE LIKELY TO KEEP A VIEWER
WATCHING 9403240164 940324 ST FRANCIS CAPITAL BUYS SHARES

MILWAUKEE ST FRANCIS CAPITAL CORP COMPLETED THE REPURCHASE OF 346259
SHARES OR 5 OF ITS COMMON STOCK OUTSTANDING AT AN AVERAGE OF 1590 A
SHARE

IN NASDAQ STOCK MARKET TRADING YESTERDAY ST FRANCIS CAPITAL EASED 25 CENTS
TO 15625

THE COMPANY SAID IT CURRENTLY HAS 6578961 SHARES OUTSTANDING 9403240163
940324 ICF KAISER PACT IN NEW JERSEY

FAIRFAX VA ICF KAISER INTERNATIONAL INC SAID IT SIGNED A 17 MILLION
CONTRACT WITH THE NEW JERSEY TRANSIT AUTHORITY FOR PREPARATION OF AN
ENVIRONMENTAL IMPACT STATEMENT

THE COMPANY SAID THE STATEMENT IS FOR A 153 MILE LIGHTRAIL SYSTEM IN NEW
JERSEY THAT WILL EXTEND ALONG A CORRIDOR FROM RIDGEFIELD TO JERSEY CITY

ICF KAISER SAID IT WILL PREPARE A DRAFT ENVIRONMENTAL IMPACT STATEMENT FOR
AN EXTENSION OF THE LINE INTO SOUTHERN BAYONNE NJ

ICF KAISER'S ENGINEERING & CONSTRUCTION GROUP WILL SERVE AS PRIME
CONTRACTOR 9403240162 940324 CANADA SELLS BONDS AT AUCTION

OTTAWA THE CANADIAN GOVERNMENT SOLD AT AN AUCTION YESTERDAY 19 BILLION
CANADIAN DOLLARS US139 BILLION OF 65 BONDS DUE JUNE 1 2004 AT AN
AVERAGE YIELD OF 7544

THE PROCEEDS WILL BE USED TO REDEEM C103 BILLION OF MATURING GOVERNMENT
BONDS AND FOR GENERAL GOVERNMENT PURPOSES 9403240161 940324 WHO'S NEWS 
HEALTHCHEM CORP

HEALTHCHEM CORP NEW YORK ROBERT D SPEISER 40YEAROLD SENIOR VICE
PRESIDENT WAS NAMED EXECUTIVE VICE PRESIDENT AT THIS MAKER OF SYNTHETIC
FABRICS AND CONTROLLEDRELEASE PHARMACEUTICAL AND CHEMICAL PRODUCTS STEVEN
BERNSTEIN 37 WHO HAD BEEN VICE PRESIDENT OF OPERATIONS BECOMES SENIOR
VICE PRESIDENT ALSO MATTHEW GOLDSTEIN 52 PRESIDENT OF BERNARD M BARUCH
COLLEGE WAS ELECTED A DIRECTOR EXPANDING THE BOARD TO 10 MEMBERS
9403240160 940324 WHO'S NEWS CADENCE DESIGN SYSTEMS INC

CADENCE DESIGN SYSTEMS INC SAN JOSE CALIF CAROL BARTZ THE
45YEAROLD CHIEF EXECUTIVE OFFICER OF AUTODESK INC WAS NAMED TO THE BOARD
OF THE DESIGNAUTOMATION SOFTWARE CONCERN THE APPOINTMENT EXPANDS THE SIZE
OF THE BOARD TO 10 MEMBERS 9403240159 940324 WHO'S NEWS SOUTHWEST
AIRLINES

SOUTHWEST AIRLINES DALLAS C WEBB CROCKETT WAS NAMED TO THE BOARD OF
THIS AIRLINE INCREASING THE NUMBER OF MEMBERS TO NINE MR CROCKETT 60
YEARS OLD IS A PARTNER AND DIRECTOR IN THE PHOENIX LAW FIRM OF FENNEMORE
CRAIG 9403240158 940324 BUSINESS BRIEFS

COLUMBIA/HCA HEALTHCARE CORP AGREED TO SELL A 323BED HOSPITAL IN
HUNTSVILLE ALA TO THE CITY'S HEALTHCARE AUTHORITY TERMS WEREN'T
DISCLOSED

FOURTH FINANCIAL CORP AGREED IN PRINCIPLE TO ACQUIRE SECURITY BANK & TRUST
CO OF BLACKWELL OKLA TERMS WEREN'T DISCLOSED

SOUTH WEST PROPERTY TRUST WILL BEGIN CONSTRUCTION IN MAY OR JUNE OF 876
APARTMENTS AT SITES IN ATLANTA SAN ANTONIO AND LEWISVILLE TEXAS

HARRIS CORP RECEIVED A 30 MILLION CONTRACT TO UPGRADE TELEVISION STATIONS
FOR PRIVATELY HELD TV AZTECA SA DE CV OF MEXICO

TUSCARORA INC REACHED AN AGREEMENT TO ACQUIRE THE COLORADO SPRINGS COLO
PLANT OF STYROMOLDERS CORP A MANUFACTURER OF INTERIOR PROTECTIVE
PACKAGING TERMS WEREN'T DISCLOSED 9403240157 940324 INTERNATIONAL 
TAIWAN'S JOBLESS RATE ROSE

TAIPEI TAIWAN'S UNEMPLOYMENT RATE STOOD AT 17 IN FEBRUARY RISING 034
PERCENTAGE POINT FROM THE YEAREARLIER MONTH AND UP 046 PERCENTAGE POINT
FROM JANUARY THE DIRECTORATE GENERAL OF BUDGET ACCOUNTING AND STATISTICS
SAID WEDNESDAY

THIS COMPARES WITH JANUARY'S JOBLESS RATE OF 12 A 12YEAR LOW DECEMBER'S
13 AND NOVEMBER'S 14

THE NUMBER OF UNEMPLOYED WORKERS IN FEBRUARY STOOD AT 147000 UP 31000 OR
27 FROM A YEAR EARLIER AND UP 39000 OR 37 FROM THE PREVIOUS MONTH

OFFICIALS ATTRIBUTED THE HIGHER UNEMPLOYMENT RATE IN FEBRUARY TO MANY
EMPLOYEES WHO QUIT AFTER RECEIVING BONUSES BEFORE CHINESE NEW YEAR
9403240156 940324 WHO'S NEWS WINNEBAGO INDUSTRIES INC

WINNEBAGO INDUSTRIES INC FOREST CITY IOWA JAMES P JASKOVIAK 41
YEARS OLD FORMERLY DIRECTOR OF QUALITY AND SERVICE WAS NAMED VICE
PRESIDENT SALES AND MARKETING OF THIS MOTOR HOME MAKER SUCCEEDING GREGORY
M BOMAN WHO RESIGNED 9403240155 940324 TECHNOLOGY SALIVA DIAGNOSTIC
SYSTEMS INC

VANCOUVER WASH SALIVA DIAGNOSTIC SYSTEMS INC SAID IT WILL BECOME THE
EXCLUSIVE SUPPLIER OF SALIVA COLLECTION DEVICES TO THE AMERICAN INSURANCE
GROUP

THE GROUP WILL USE THE DEVICES TO TEST PEOPLE IN THAILAND FOR HIV WHEN THEY
APPLY FOR LIFE INSURANCE 9403240154 940324 STEEL IMPORTS SURGED BY
205 IN JANUARY 446 FROM YEAR AGO

WASHINGTON US STEEL IMPORTS IN JANUARY INCREASED 205 FROM DECEMBER
AND 446 FROM JANUARY 1993

JANUARY IMPORTS TOTALED 2219602 TONS COMPARED WITH 1841557 TONS IN
DECEMBER AND 1535147 TONS A YEAR EARLIER ACCORDING TO THE AMERICAN IRON
AND STEEL INSTITUTE'S COMPILATION OF COMMERCE DEPARTMENT STATISTICS

HOWEVER THE WASHINGTONBASED AMERICAN INSTITUTE FOR INTERNATIONAL STEEL
INC NOTED THAT PURCHASES OF SEMIFINISHED STEEL BY US MILLS MADE UP MUCH
OF THE INCREASE JANUARY IMPORTS OF SEMIFINISHED STEEL INCREASED AN
ASTONISHING 245 OVER 169600 TONS OF THESE IMPORTS A YEAR EARLIER BUT
FINISHEDSTEEL IMPORTS INCREASED ONLY 198 TO 16 MILLION TONS FROM 14
MILLION TONS IN JANUARY 1993 THE INSTITUTE SAID IN A NEWS RELEASE THE
SHARE OF SEMIFINISHED STEEL IN TOTAL STEEL IMPORTS ROSE TO 263 IN JANUARY
FROM 11 A YEAR AGO ONE OUT OF FOUR TONS OF TOTAL IMPORT VOLUME IS NOW
BROUGHT IN BY US STEEL MILLS THEMSELVES THE RELEASE ADDED

JANUARY IMPORTS REPRESENTED 247 OF CONSUMPTION UP FROM 206 IN DECEMBER
1993 AND UP FROM 188 IN JANUARY 1993 THE INSTITUTE'S RELEASE SAID

US STEEL EXPORTS IN JANUARY TOTALED 277060 TONS DOWN 37 FROM
DECEMBER'S EXPORTS OF 287712 TONS AND DOWN 218 FROM 354320 TONS A YEAR
EARLIER 9403240153 940324 INTERNATIONAL JAPAN VEHICLE OUTPUT PLUNGES

TOKYO JAPAN'S PRODUCTION OF CARS TRUCKS AND BUSES PLUMMETED 14 IN
FEBRUARY FROM A YEAR EARLIER TO 896097 UNITS THE JAPAN AUTOMOBILE
MANUFACTURERS ASSOCIATION SAID

FEBRUARY MARKED THE 17TH CONSECUTIVE MONTH OF DECLINE IN JAPAN'S AUTO
PRODUCTION AND THE SIXTH MONTH THAT OUTPUT PLUMMETED BY MORE THAN 10

AN ASSOCIATION SPOKESMAN SAID THE SLUMP IN DOMESTIC PRODUCTION IS LIKELY TO
CONTINUE IN THE COMING MONTHS DEMAND IS EXPECTED TO START PICKING UP IN THE
LATTER HALF OF THE YEAR 9403240151 940324 INTERNATIONAL SWEDISH
INDUSTRIAL OUTPUT RISES

STOCKHOLM SWEDEN'S INDUSTRIAL PRODUCTION ROSE 08 IN JANUARY FROM
DECEMBER AFTER A 03 ADVANCE THE MONTH EARLIER ACCORDING TO PRELIMINARY
FIGURES RELEASED BY SCB THE NATIONAL STATISTICS AGENCY

A SECTOR BREAKDOWN SHOWED PRODUCTION GAINS IN MOST SECTORS THE SHARPEST
INCREASE 8 WAS REPORTED BY THE MINING AND MINERAL SECTOR PRODUCTION WAS
UP 4 IN THE IRON STEEL AND METAL SECTOR WHILE THE MANUFACTURING
ENGINEERING SECTOR ADVANCED 2 SAID SCB

DECLINING PRODUCTION WAS REPORTED IN THE PULP AND PAPER INDUSTRY WHICH WAS
DOWN 3 9403240150 940324 INTERNATIONAL FOR RED ARMY A SAD FAREWELL
TO GERMANY  SOME SOLDIERS HAVE SECOND THOUGHTS AS PULLOUT NEARS 
 BY BARRY NEWMAN STAFF REPORTER OF THE WALL STREET JOURNAL

BERLIN THE FOUR ARMIES THAT HAVE OCCUPIED THIS CITY SINCE 1945 ALL GO
HOME THIS YEAR THE SOVIETS WHO RAISED THE HAMMER AND SICKLE ON THE
REICHSTAG'S ROOF MARCH AWAY IN AUGUST UNDER THE FLAG OF RUSSIA THE FRENCH
THE BRITISH AND THE AMERICANS WHO FLEW THE BERLIN AIRLIFT AND KEPT VIGIL AT
THE BERLIN WALL FOLLOW IN SEPTEMBER

LIFE WAS COZY HERE IN THE EYE OF THE COLD WAR'S STORM IT'S HARD TO FIND A
SOLDIER IN TOWN EAST SIDE OR WEST WHO IS HAPPY TO LEAVE A FEW WANT TO
STAY FOR AMERICANS NEVER NUMBERING MORE THAN 10000 IN DEMOCRACY'S
CELEBRATED REDOUBT THIS IS A QUESTION OF CHOICE FOR EXSOVIETS IT CAN BE
A MATTER OF DESPERATION

WE HAVE A RULE AN OFFICER SAYS AT THE GATE OF THE RUSSIAN COMPOUND IN THE
DISTRICT OF KARLSHORST YOU MUST GO BACK DOWN THE ROAD TENEMENTS WHERE
SOVIET FAMILIES ONCE LIVED ARE BOARDED UP WITH 1990'S UNIFICATION ALL
FOREIGNERS AGREED TO WITHDRAW FROM GERMANY'S EAST THE NATO ALLIES WILL
REMAIN IN WESTERN GERMANY BUT THE 550000 SOVIETS WERE ORDERED OUT TO
THE LAST MAN

EVERYBODY HAS DIFFERENT PLANS SAYS AN OFFICER ON HIS WAY HOME FOR LUNCH
THERE IS NO CHANCE TO STAY

BUT GRIGORI DID HAVE A CHANCE AND HE IS STAYING

IN MY SOUL I DON'T CONSIDER MYSELF A MILITARY MAN HE SAYS IN
PRINCIPLE YES I WAS A PATRIOT BUT I NEVER THOUGHT OF THE OTHER SIDE AS
THE ENEMY THE COLD WAR WAS SOMEPLACE ELSE MAYBE IF WE GOT THE ORDER I'D
HAVE FOLLOWED IT BUT WE DIDN'T GET THE ORDER

HE IS 37 DARK AND SQUARELY BUILT A NATIVE OF A VILLAGE IN WHAT IS NOW
BELARUS EDUCATED IN WHAT IS NOW LATVIA GRIGORI IS HERE LEGALLY BUT FEAR
NAGS HIM HE PREFERS TO TELL HIS STORY ON A LATE NIGHT IN A WESTSIDE
RESTAURANT AND TO LEAVE HIS LAST NAME OUT

HE WAS DRAFTED IN 1977 AND TRAINED IN THE BALTICS TO FIX TANKS IN 1988 AS
A SERGEANT HE GOT THE TRANSFER OF A LIFETIME TO WHAT WAS THEN THE EAST
BLOC'S RICHEST COUNTRY IT WAS PRESTIGIOUS TO SERVE IN GERMANY HE SAYS
EVERYONE TRIED TO GET HERE

BASED NEAR POTSDAM HE HAD A NICE APARTMENT AND FREEDOM TO ROAM EAST BERLIN
HIS WIFE AND DAUGHTER JOINED HIM A SON WAS BORN HERE THEY HAD SOVIET
TELEVISION VISITS FROM SINGERS AND DANCERS SHOPS FULL OF CAVIAR AND VODKA
AFTER A WHILE HE SAYS I GOT THE FEELING I WANTED TO STAY

BEFORE HE COULD EXTEND HIS TOUR REVOLUTION SPOILED THE FUN WHEN THE WALL
CAME DOWN GRIGORI SAYS THEY BUILT A WALL FOR US HIS COMMANDERS
DECLARED ALL BERLIN OFF LIMITS HE COULDN'T MIX WITH GERMAN FRIENDS THE
WIFE OF ONE SOLDIER HE KNEW WAS CAUGHT IN AN EAST BERLIN SHOP AND SENT BACK
TO RUSSIA IN 24 HOURS THEN IN 1991 GRIGORI'S WHOLE UNIT WAS SENT BACKTO
SIBERIA HE WOULDN'T GO

AFTER 14 YEARS NOT LONG ENOUGH TO RATE A PENSION HE QUIT THE ARMY GERMANY
HAS SPENT BILLIONS TO HOUSE RETURNING EXSOVIETS YET MANY STILL END UP IN
TENTS FOR GRIGORI THOUGH COMFORT WAS ONLY ONE REASON I DIDN'T LIKE THE
DESTRUCTION OF THE SOVIET UNION HE SAYS I KNEW THERE WOULD BE FIGHTING
MY INTUITION DIDN'T FAIL ME

WITH HIS WIFE AND CHILDREN HE TRAVELED TO RIGA LATVIA WAS FREE BY THEN
TRYING TO EXPEL RUSSIAN TROOPS OF ITS OWN IN TWO WEEKS GRIGORI SAW THAT NO
RETURNING RED ARMY OFFICER WOULD FIND AN APARTMENT THERE OR A JOB BUT AT
THE GERMAN CONSULATE HE LEARNED THAT BY THE GRACE OF A STAMP IN HIS PAPERS
THAT IDENTIFIED HIM AS A JEW BERLIN WOULD HAVE HIM BACK

FOR A SECOND TIME GRIGORI AND HIS FAMILY ARE BENEFICIARIES OF THIS CITY'S
TORTURED HISTORY THEY LIVE ON THE WEST SIDE NOW THE STATE PAYS FOR AN
APARTMENT THE CHILDREN'S SCHOOL GERMAN LESSONS WITHOUT WORK GRIGORI
WORKS ON HIS CHESS

UNLESS A RUSSIAN SOLDIER IS JEWISH AND FEW ARE HE MUST MARRY A GERMAN TO
STAY LEGALLY AND FEW DO HIS ONE OTHER CHANCE IS TO DESERT AND CLAIM
ASYLUM RISKING DEPORTATION AND ARREST AT HOME THE HEAD OF BERLIN'S
FOREIGNER'S OFFICE BARBARA JOHN FIGURES A HUNDRED EXSOVIETS HAVE TRIED
THAT MOST HAVE FAILED I DON'T KNOW WHAT HAPPENS TO THEM SHE SAYS I
RECKON NOBODY CARES

GENNADI FEDOROV CARES PLENTY HE'S ONE OF THEM

JUST AS BERLIN IS KICKING HIS COMRADES OUT HE IS TRYING TO KICK HIS WAY IN
ON A COOL AFTERNOON HE STANDS OPPOSITE AN ASYLUM OFFICE IN SPANDAU TRIM
AND TENSE HE HAS AN UGLY SCAR ON HIS RIGHT TEMPLE HIS WIFE ELENA HAS
GONE INSIDE THEIR VISAS ARE EXPIRING THEY MUST EXTEND THEM BUT HE DOESN'T
DARE GO IN WITH HER HE HAS HAD A MINOR BRUSH WITH THE POLICE AND IS SURE
HE COULD BE HANDCUFFED AND PUT ON A PLANE TO MOSCOW

MR FEDOROV HAS NOTHING MORE TO LOSE BY GIVING HIS FULL NAME HE NEVER KNEW
THE LUXURY OF A POSTING TO BERLIN AS GRIGORI DID AND IS ANYTHING BUT A
BENEFICIARY OF THE COLD WAR'S END

THERE'S NO ESCAPE HE SAYS IF I GO BACK THEY'LL GET ME AT THE AIRPORT
FOR SURE I'LL BE IN PRISON

IN A TURKISH TAKEOUT PLACE HE ORDERS A BLACK COFFEE HE IS 25 A
PROFESSIONAL SOLDIER I SERVED IN A SPECIAL DIVISION HE SAYS WHEN
ANYTHING HAPPENED WE WERE BROUGHT THERE BY PLANE IN 1990 AS THE SOVIET
UNION CAME UNGLUED HE WAS FLOWN TO MOLDOVA AND ON TO AZERBAIJAN FIGHTING
WILDCAT WARS ON THE IRAQI BORDER HIS TANK WAS AMBUSHED IT FLIPPED AND
BURNED HE WAS SHOT IN THE LEG

THE FIRST CHANCE HE GOT MR FEDOROV QUIT ACTIVE DUTY HE FOUND WORK AS A
BODYGUARD FOR A GEORGIAN BUSINESSMAN ORDINARY MAFIA AS HE PUTS IT BUT
THE MAFIA WAS NO HELP WHEN THE ARMY CALLED HIM UP AGAIN I DIDN'T WANT TO
FIGHT ANYMORE MR FEDOROV SAYS SO HE BOLTED WITH HIS WIFE AND BABY SON
CLOSE BEHIND HE FLED TO POLAND CROSSED ILLEGALLY INTO GERMANY AND HOMED IN
ON HIS CITY OF HOPE IN SEPTEMBER 1992 THE FEDOROVS APPLIED FOR ASYLUM IN
BERLIN

THE DOOR OF THE TAKEOUT PLACE OPENS AND ELENA APPEARS SHE HAS NO VISAS
THE OFFICIALS HAVE KEPT THEIR PAPERS THEY WOULDN'T TALK TO ME SHE TELLS
HER HUSBAND THEY NEED YOU

SHE IS ALSO 25 AN ARMY KID LIKE HER HUSBAND SHE WAS RAISED ON BASES FROM
LEIPZIG TO SAKHALIN HER SKIN IS PALE HER HAIR THIN AT A BERLIN HOSPITAL
SHE RECEIVES CHEMOTHERAPY FOR HODGKIN'S DISEASE SHE HAS HIDDEN HER SON WITH
A FRIEND BELIEVING THE GERMANS WOULDN'T DEPORT A HUSBAND AND WIFE WHILE
LEAVING THEIR BABY BEHIND

I'VE GOT TO GO IN MR FEDOROV SAYS BUT ELENA WON'T LET HIM SHE RUNS
BACK TO THE OFFICE TO TRY ONCE MORE

HE RETREATS TO A CORNER BAR AND RECOUNTS THE STORY OF HIS BATTLES HIS
ESCAPE AND THAT SCAR ON HIS TEMPLE A MEMENTO FROM A NEONAZI WHO ASKED FOR
A MATCH NEAR A BERLIN BUILDING SITE BETWEEN COKES MR FEDOROV JUMPS UP AND
GOES OUTSIDE TO LOOK FOR HIS WIFE I'VE LOST HER HE SAYS AFTER AN HOUR

BUT THEN SHE'S BACK SMILING SHE LAYS THEIR PAPERS ON THE TABLE THE
FRESHLY INKED STAMPS ARE GOOD UNTIL SEPTEMBER

YES YES YES HER HUSBAND SHOUTS

IF THEIR CLAIM FOR ASYLUM IS FINALLY REJECTED THE SOLDIER AND HIS FAMILY
MAY YET BE SENT BACK TO RUSSIA FOR THE MOMENT THOUGH THEY HAVE FOUND A
SANCTUARY IN THE PEACEFULNESS OF BERLIN 9403240149 940324 COMMODITIES 
WHILE OTHER METALS FALL BACK SILVER SURGES UP DRIVEN BY STRONG DEMAND
AMONG BIG INVESTORS  BY JEFFREY TAYLOR STAFF REPORTER OF THE WALL
STREET JOURNAL

SILVER FUTURES PRICES CONTINUED THEIR UPWARD MARCH DRIVEN BY STRONG DEMAND
FOR THE METAL AMONG BIG INVESTORS BUT OTHER PRECIOUS METALS PRICES WERE
LACKLUSTER

AT NEW YORK'S COMMODITY EXCHANGE SILVER FOR MAY DELIVERY WAS UP 37 CENTS
TO 5652 AN OUNCE EARLIER IN YESTERDAY'S SESSION THE MAY SILVER CONTRACT
PRICE HAD REACHED A FOURYEAR HIGH OF 572 AN OUNCE BEFORE TAPERING OFF
THE PRICE OF GOLD FOR APRIL DELIVERY MEANWHILE FELL 230 TO 38740 AN
OUNCE

THE RATIO OF GOLD'S PRICE TO SILVER'S HAS BEEN FALLING RAPIDLY OVER THE PAST
FEW MONTHS AS SILVER'S PRICE HAS RISEN ABOUT 40 THE RATIO WHICH WAS
ABOUT 88 TO 1 IN SEPTEMBER HAS NOW SLIPPED TO 691 TO 1 SAID WILLIAM
O'NEILL CHIEF FUTURES STRATEGIST FOR MERRILL LYNCH

THE RECENT ADVANCE HAS BEEN MOSTLY RELATED TO STRONG OPTIONS BUYING AND
MANAGED FUND BUYING MR O'NEILL SAID WE HAVE ALSO SEEN GOOD FUND DEMAND
FROM INDIA FROM MIDDLE EASTERN SYNDICATES AND EUROPEAN MERCHANTS THE GOLD
MARKET HAS NOT EXPERIENCED A SIMILAR PHYSICAL DEMAND WHICH IS WHY ITS PRICE
IS LAGGING

THE RELATIVE WEAKNESS OF GOLD WAS UNDERSCORED YESTERDAY BY ITS DECLINE ON A
DAY THAT THE KNIGHT RIDDERCOMMODITY RESEARCH BUREAU INDEX OF COMMODITY
PRICES REACHED 23046 ITS HIGHEST LEVEL SINCE NOVEMBER 1990

THE INDEX TENDS TO MOVE IN TANDEM WITH GOLD PRICES BECAUSE BOTH GOLD AND
THE CRB ARE SEEN AS BEING SENSITIVE TO INFLATION LATELY HOWEVER THE CRB
HAS RISEN DRIVEN BY STRENGTH IN AGRICULTURAL COMMODITIES SUCH AS COCOA
SUGAR AND GRAINS WHILE GOLD'S PERFORMANCE HAS BEEN WEAK

ANOTHER CAUTIONARY SIGN IS THE FACT THAT OF THE MAJOR PRECIOUS METALS
FUTURES CONTRACTS ONLY SILVER'S PRICE HAS CONSISTENTLY BEEN MOVING HIGHER
AS FAR AS PRECIOUS METALS ARE CONCERNED THEY ONLY HAVE ONE STRONG LINK AND
THAT'S SILVER SAID BERNARD SAVAIKO SENIOR ANALYST FOR PAINEWEBBER INC
PLATINUM IS ACTING WEAKEST WHICH SUGGESTS THE RALLY WE'RE SEEING IN SILVER
IS MAINLY A TECHNICAL RALLY AND MAKES SILVER'S GAINS SUSPECT IF WE HAD A
TRULY INFLATIONARY CLIMATE GOLD AND PLATINUM SHOULD BE MOVING UP AS WELL

MR O'NEILL CONCURRED SAYING GOLD IS DEFINITELY NOT IMPRESSED BY THE
THREAT OF INFLATION

IN OTHER COMMODITY MARKETS YESTERDAY

GRAINS AND SOYBEANS SOYBEAN FUTURES PRICES ROSE AFTER A MONTHLY CRUSH
REPORT SHOWED STRONGERTHANEXPECTED US DEMAND FOR SOYBEAN BYPRODUCTS AT
THE CHICAGO BOARD OF TRADE SOYBEANS FOR JULY DELIVERY WERE UP 775 CENTS TO
69450 A BUSHEL SOYBEANS ARE CRUSHED TO PRODUCE TWO MAIN BYPRODUCTS
SOYBEAN MEAL AND OIL ACCORDING TO THE REPORT RELEASED YESTERDAY SOYBEAN
CRUSH DURING FEBRUARY WAS A RECORD 1028 MILLION BUSHELS SURPASSING THE
PREVIOUS FEBRUARY RECORD OF 1021 MILLION BUSHELS LAST YEAR WHEN SOYBEAN
PRICES WERE ABOUT 1 A BUSHEL LOWER THAN THEY ARE NOW SAID DANIEL W BASSE
MARKET RESEARCH DIRECTOR FOR AGRESOURCE CO CHICAGO THE HIGH CRUSH LEVEL
IS AN INDICATION THAT DEMAND FOR SOYBEAN BYPRODUCTS IS STRONG MR BASSE
SAID ANOTHER SUCH INDICATION WAS THE CRUSH REPORT'S ESTIMATE OF DOMESTIC
DEMAND FOR SOYBEAN OIL PLACED AT 105 BILLION POUNDS UP FROM 985 MILLION
POUNDS A YEAR AGO

ENERGY CRUDE OIL AND PRODUCT FUTURES PRICES ENDED LOWER YESTERDAY MAINLY
IN RESPONSE TO A SURPRISINGLY LARGE INCREASE IN US CRUDE OIL INVENTORIES
TRADING WAS RELATIVELY QUIET AND CAUTIOUS AS PLAYERS AWAITED NEWS FROM
GENEVA WHERE OIL MINISTERS BEGAN TO ARRIVE FOR TOMORROW'S MEETING OF THE
ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES

PRICES FELL JUST AFTER THE OPENING BELL WHEN PLAYERS SOLD CRUDE FUTURES
CONTRACTS IN REACTION TO NEWS THAT US CRUDE SUPPLIES LAST WEEK GREW BY
MORE THAN 12 MILLION BARRELS THE INCREASE REPORTED BY THE AMERICAN
PETROLEUM INSTITUTE LATE TUESDAY WAS UNEXPECTED

TRADERS WERE RELUCTANT TO PLACE TOO MUCH SIGNIFICANCE ON THE DAY'S TRADING
ACTION HOWEVER NOTING THAT THE MARKET'S DIRECTION IN COMING DAYS IS LIKELY
TO BE SOLELY DETERMINED BY EVENTS IN GENEVA MARKET PARTICIPANTS ARE WAITING
TO SEE WHETHER OPEC WILL MAKE ANY REDUCTION IN ITS PRODUCTION CEILING FOR
THE SECOND QUARTER TO TRY TO MOP UP AN EXPECTED OVERSUPPLY OF CRUDE
9403240148 940324 UNION BOSSES ONCE DROVE IN STYLE BUT CARS NOW GO TO
RANK AND FILE  BY ROBERT L ROSE STAFF REPORTER OF THE WALL STREET
JOURNAL

WHEN THE EXECUTIVE BOARD OF TEAMSTERS LOCAL 705 IN CHICAGO WAS OUSTED LAST
YEAR THE OFFICIALS LOST WHAT MAY HAVE BEEN THEIR BIGGEST PERKS

NOT ONE BUT EIGHT LINCOLN TOWN CARS PAID FOR WITH MEMBERSHIP DUES HAD TO
BE LEFT BEHIND ALL WERE 1991 OR 1992 MODELS WITH LEATHER SEATS ALARMS AND
VARIOUS OTHER GOODIES EACH BOARD MEMBER IT TURNS OUT HAD ONE

ED BURKE WHO WITH A TEAM OF ASSISTANTS TOOK CHARGE AFTER THE OUSTER PARKED
THE CARS IN A BRICK GARAGE NEAR THE TEAMSTER OFFICES

I DON'T SEE DRIVING UP IN A TOWN CAR TO SOME PICKET LINE WHERE THE GUY IS
MAKING TWELVE BUCKS AN HOUR AND SAYING HEY I'M YOUR REPRESENTATIVE'
SAYS GERALD ZERO ASSISTANT TRUSTEE

MR BURKE GETS A 300AMONTH CAR AND LOCALTRAVEL ALLOWANCE FROM THE
INTERNATIONAL UNION BUT NOTES THAT HE RODE INTO TOWN IN MY OWN PICKUP
TRUCK HE SAW THE LUXURY CARS AS PARTICULARLY OFFENSIVE GIVEN THE
ALLEGATIONS BY THE INTERNATIONAL UNION'S INDEPENDENT REVIEW BOARD THAT LOCAL
705'S EXECUTIVE BOARD ENGAGED IN A PATTERN OF FINANCIAL MALPRACTICE THE
FORMER EXECUTIVE BOARD MEMBERS DENIED THE CHARGES AND ARE FIGHTING THEIR
OUSTER

EVEN THOUGH UNION MEMBERS HAD ALREADY PAID FOR THE CARS MR BURKE DECIDED
TO GIVE THEM A CHANCE TO SIT IN THE DRIVER'S SEAT HE'S AUCTIONING OFF ALL
EIGHT TO THE RANK AND FILE WITH PROCEEDS GOING TO EDUCATIONAL PROGRAMS AT
THE LOCAL THE CARS HAD COST UP TO 38000 EACH BUT BIDDERS HAD TO START AT
MINIMUMS RANGING FROM 10000 TO 17000

THE RESULTS INDICATE THAT SOME OF THE LOCAL'S 14000 MEMBERS AREN'T AVERSE
TO LUXURY AT LEAST AT SECONDHAND PRICES WHEN A LOCAL ACCOUNTANT OPENED
THE BIDS MEMBERS HAD MET THE MINIMUM BIDS ON SEVEN OF THE EIGHT CARS A
CHARCOAL GRAY SIGNATURE MODEL HAD FIVE BIDDERS TOPPING OUT AT 18500

THE EVENTUAL SALE OF ALL EIGHT CARS COULD NET THE LOCAL SOME 115000 THAT
PLUS PAYROLL SAVINGS FROM THE OUSTED AND RETIRED OFFICIALS SHOULD HELP THE
LOCAL BALANCE ITS BUDGET THIS YEAR AFTER WHAT MR BURKE SAYS WERE SEVEN
YEARS OF DEFICIT SPENDING

MR BURKE WHO MANAGED TEAMSTER INTERNATIONAL PRESIDENT RON CAREY'S
SUCCESSFUL REFORM CAMPAIGN IN 1991 ACKNOWLEDGES THAT AFTER THE TRUSTEESHIP
ENDS A NEW EXECUTIVE BOARD COULD ORDER ANOTHER BATCH OF LUXURY AUTOS BUT
HE SAYS HE HOPES THEY'LL GO FOR BLUECOLLAR CARS 9403240147 940324
MONEYMARKET FUND YIELDS ROSE SLIGHTLY IN THE LATEST WEEK

NEW YORK YIELDS ON TAXABLE MONEYMARKET FUNDS ROSE WHILE INDIVIDUAL
INVESTORS ADDED TO ASSETS IN THE WEEK ENDED TUESDAY

IBC/DONOGHUE'S AVERAGE SEVENDAY COMPOUND YIELD ON TAXABLE FUNDS INCHED UP
TO 290 FROM 287 ACCORDING TO MONEY FUND REPORT AN ASHLAND MASS
NEWSLETTER COMPOUND YIELDS ASSUME REINVESTMENT OF DIVIDENDS

THE SEVENDAY SIMPLE YIELD ON TAXABLE FUNDS ROSE TO 286 FROM 283 WHILE
THE 30DAY SIMPLE YIELD CREPT TO 282 FROM 280 THE 30DAY COMPOUND YIELD
ROSE TO 286 FROM 284

ASSETS OF 646 TAXABLE FUNDS ONE MORE THAN THE PREVIOUS WEEK ROSE BY 206
BILLION TO 48085 BILLION THE NEWSLETTER SAID INDIVIDUAL INVESTORS
ACCOUNTED FOR 131 BILLION OF THE INFLOW WHILE INSTITUTIONAL INVESTORS PUT
IN THE REMAINING 7492 MILLION

AVERAGE MATURITY OF THE TAXABLE FUNDS' INVESTMENTS WHICH INCLUDE COMMERCIAL
PAPER SHORTTERM CORPORATE IOUS AND TREASURY BILLS SHORTENED BY ONE DAY
TO 49 DAYS

THE AVERAGE TAXEXEMPT SEVENDAY COMPOUND YIELD SLID TO 182 FROM 189 IN
THE LATEST WEEK

THE LATEST TAXFREE YIELD IS EQUIVALENT TO A TAXABLE 284 FOR SOMEONE
PAYING 36 IN TAXES AND TO 301 FOR THOSE WHO PAY 396

ASSETS OF 348 TAXEXEMPT FUNDS TWO MORE THAN LAST WEEK ROSE BY 251
MILLION TO 11650 BILLION ACCORDING TO THE NEWSLETTER THE TAXFREE
FUNDS' AVERAGE PORTFOLIO MATURITY SHORTENED BY ONE DAY TO 53 DAYS

MONEY FUND REPORT IS PUBLISHED BY IBC/DONOGHUE INC A SUBSIDIARY OF IBC USA
PUBLICATIONS INC 9403240146 940324 FUELTECH VENTURE'S DIVISION

STAMFORD CONN FUELTECH NV SAID ITS NALCO FUEL TECH JOINT VENTURE
FORMED A DIVISION TO MARKET NEW AIRPOLLUTIONCONTROL TECHNOLOGIES
9403240145 940324 VALLEY NATIONAL BUYS BANK STAKE

WAYNE NJ VALLEY NATIONAL BANCORP SAID IT HAS ACQUIRED A 49 STAKE IN
URBAN NATIONAL BANK FRANKLIN LAKES NJ AND HAS ASKED THE FEDERAL RESERVE
BOARD FOR CLEARANCE TO BUY UP TO 249

VALLEY PARENT OF VALLEY NATIONAL BANK SAID IT BOUGHT 48500 URBAN SHARES
FROM A FAMILY THAT OWNED 118 OF URBAN AND SUBJECT TO FED CLEARANCE PLANS
TO PURCHASE THE REST OF THE FAMILY'S SHARES

PETER SOUTHWAY PRESIDENT OF VALLEY SAID THE COMPANY VALUES URBAN AT
APPROXIMATELY 20 A SHARE ABOUT TWICE WHAT THE THINLY TRADED STOCK HAD BEEN
QUOTED AT RECENTLY VALLEY SAID IT EVENTUALLY MIGHT CONSIDER ACQUIRING
URBAN WHICH HAS ABOUT 227 MILLION IN ASSETS VALLEY NATIONAL IS A REGIONAL
BANK HOLDING COMPANY WHOSE PRINCIPAL UNIT HAS 34 BILLION IN ASSETS
9403240143 940324 INTERNATIONAL USXLED GROUP RUSSIA REACH PACT ON
BIG OIL PROJECT  BY BHUSHAN BAHREE STAFF REPORTER OF THE WALL
STREET JOURNAL

GENEVA RUSSIA AND AN INTERNATIONAL CONSORTIUM OF COMPANIES LED BY
MARATHON OIL CO A UNIT OF USX CORP HAVE AGREED TO THE TERMS OF A
PRODUCTIONSHARING CONTRACT FOR A HUGE OIL AND GAS PROJECT OFF SAKHALIN
ISLAND

THE PROJECT RELATES TO TWO OFFSHORE FIELDS PILTUNASTOKHSKOYE AND
LUNSKOYE THAT ARE ESTIMATED TO HOLD ONE BILLION BARRELS OF OIL AND 13
TRILLION CUBIC FEET OF GAS DEVELOPMENT COSTS ARE ESTIMATED AT MORE THAN 9
BILLION

SAKHALIN ISLAND IS ABOUT FIVE MILES OFF THE COAST OF SIBERIA AND ABOUT 18
MILES NORTH OF HOKKAIDO JAPAN'S NORTHERNMOST ISLAND

THE CONSORTIUM SAID A PROTOCOL WAS SIGNED BY ITS REPRESENTATIVE AND RUSSIA'S
DEPUTY MINISTER FOR FUELS AND ENERGY V DVURECHENSKY IN MOSCOW ON TUESDAY

BUT A SIGNING OF THE PROPOSED PRODUCTIONSHARING CONTRACT IS SUBJECT TO
APPROVAL OF THE NEGOTIATED TERMS BY BOTH THE RUSSIAN GOVERNMENT AND BY
MEMBERS OF THE CONSORTIUM MOREOVER THE CONSORTIUM SAID WORK ON THE
PROJECT WOULD COMMENCE ONLY AFTER RUSSIA'S PARLIAMENT HAD TAKEN APPROPRIATE
ACTION

THE MARATHON OILLED GROUP'S BID FOR THE SAKHALIN2 PROJECT IN RUSSIA'S
REMOTE EAST BEGAN IN MAY 1991 WHEN IT AND OTHERS WERE INVITED TO TENDER
PROPOSALS BY SAKHALINMORNEFTEGAS THE LOCAL RUSSIAN PRODUCTION ASSOCIATION
AT THAT TIME THE GROUP COMPRISED MARATHON OIL MCDERMOTT INTERNATIONAL INC
AND MITSUI & CO

THE RUSSIAN GOVERNMENT DECLARED THE GROUP THE WINNER EARLY IN 1992 LATER
THAT YEAR ROYAL DUTCH/SHELL GROUP AND MITSUBISHI CORP JOINED THE GROUP
NOW KNOWN AS THE MMMMS CONSORTIUM MARATHON OIL HAS A 30 INTEREST IN THE
GROUP MCDERMOTT MITSUI AND SHELL EACH HAVE 20 MITSUBISHI HOLDS THE
REMAINING 10

THE GROUP DIDN'T DISCLOSE DETAILS OF THE TERMS NEGOTIATED WITH RUSSIA
HOWEVER WESTERN OIL INDUSTRY OFFICIALS SAY TERMS FOR SUCH PROJECTS
TYPICALLY ARE BASED ON A 15 TO 20 RETURN ON INVESTMENT OVER THE LIFE OF
THE CONTRACTS 9403240142 940324 TECHNOLOGY & HEALTH GERSTNER'S
BLUEPRINT FOR IBM WILL CUT DEPENDENCE ON MAINFRAME COMPUTERS  BY
BART ZIEGLER STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK IBM CHAIRMAN LOUIS V GERSTNER UNVEILS HIS LONGAWAITED
TURNAROUND STRATEGY TODAY OUTLINING A BLUEPRINT THAT WOULD REDUCE IBM'S
DEPENDENCE ON THE MAINFRAME BUSINESS THAT HAS BEEN THE COMPANY'S LIFEBLOOD
FOR NEARLY 40 YEARS

MR GERSTNER WHO MAKES HIS FIRST MAJOR ADDRESS TO WALL STREET ANALYSTS
TODAY IS EXPECTED TO OUTLINE A BROAD FRAMEWORK THAT AMOUNTS TO HAVING
INTERNATIONAL BUSINESS MACHINES CORP REACH OUTSIDE INSTEAD OF INSIDE TO
SOLVE ITS PROBLEMS AMONG THE TARGETS PUSHING CLIENTSERVER COMPUTING
THAT RELIES ON CHEAPER SMALLER MACHINES INCREASING SALES OF IBM TECHNOLOGY
TO INDUSTRY RIVALS AND TAILORING COMPUTER SYSTEMS TO SPECIFIC INDUSTRIES
EVEN WHEN IT MEANS INCORPORATING RIVAL BRANDS

BUT MR GERSTNER'S MESSAGE MAY BE MORE NOTEWORTHY FOR WHAT IT LEAVES OUT IT
WILL BE SHORT ON SPECIFICS WILL CONTAIN FEW MAJOR NEW INITIATIVES AND
WON'T CALL FOR ANY NEW COSTCUTTING STEPS OR PROVIDE MUCH DETAIL ON IBM'S
FINANCES ACCORDING TO INDUSTRY EXECUTIVES FAMILIAR WITH THE TALK AN IBM
SPOKESMAN HAD NO COMMENT

THE PLAN ISN'T THE ENDALL IT'S THE BEGINNING SAID ONE EXECUTIVE
WHAT'S IMPORTANT IS THAT HE SHOWS HE'S FOCUSED ON STRATEGY

THE EAGERLY AWAITED TALK IS AIMED AT SHOWING WALL STREET AND CUSTOMERS
AND EMPLOYEES THAT MR GERSTNER HAS A DISTINCT VISION FOR IBM'S FUTURE
LAST JULY THE FORMER RJR NABISCO HOLDINGS CORP CHIEF EXECUTIVE WAS CHIDED
FOR SAYING THAT THE LAST THING IBM NEEDS RIGHT NOW IS A VISION HE LATER
EXPLAINED THAT THE COMPANY WHICH WAS FINANCIALLY HEMORRHAGING HAD TO BE
STABILIZED BEFORE HE COULD CONSIDER WHAT ITS OVERARCHING STRATEGY SHOULD BE

MR GERSTNER MAY USE TWO FORUMS NEXT MONTH A SESSION WITH INDUSTRY
CONSULTANTS AND IBM'S ANNUAL MEETING OF SHAREHOLDERS TO FLESH OUT THE
PLAN

WALL STREET IS WAITING TO HEAR WHAT MR GERSTNER HAS TO SAY IN COMPOSITE
TRADING ON THE NEW YORK STOCK EXCHANGE IBM SHARES FELL 1 TO 5725 IN
ABOVEAVERAGE VOLUME

VERSIONS OF HIS INITIATIVES HAVE BEEN DISCUSSED BY TOP IBM EXECUTIVES FOR
MONTHS OR IN SOME CASES EVEN YEARS BUT THE EMPHASIS BY IBM'S NEW CEO
REPRESENTS A NEW DETERMINATION TO SHED THE OLDLINE PROPRIETARY BUSINESS OF
MAINFRAMES AND EMBRACE OPENSYSTEMS COMPUTERS CUSTOMERS INCREASINGLY
DEMAND THESE SETUPS WHICH CAN BE MIXED AND MATCHED WITH OTHER BRANDS BUT
ARE LESS PROFITABLE AND FACE STRONG COMPETITION

IBM IS TALKING MORE ABOUT THE OPENSYSTEMS APPROACH BUT THEY HAVEN'T
DELIVERED YET SAID HENRY HOLLAND PRESIDENT OF DUN & BRADSTREET CORP'S
SOFTWARE SUBSIDIARY WHICH SELLS TO A LARGE IBM CUSTOMER BASE IBM HAS GOT
TO QUIT PUTTING OUT SO MANY DIFFERENT INTEGRATING VISIONS AND START PUTTING
OUT A STRATEGY THAT SPEAKS TO CUSTOMERS

AMONG THE AREAS MR GERSTNER WILL HIGHLIGHT

 CLIENTSERVER AS PART OF THE MOVE FROM COSTLY MAINFRAMES TO MORE
FLEXIBLE PC NETWORKS IBM IS DEVISING A PLAN CALLED OPEN BLUEPRINT IT SEEKS
TO LINK BIG BLUE'S MYRIAD INCOMPATIBLE PRODUCT LINES AS WELL AS RIVAL
COMPUTERS AND SOFTWARE BY FOLLOWING INDUSTRY STANDARDS

 SALES AND SERVICES MR GERSTNER MAY OUTLINE CHANGES IN IBM'S SALES FORCE
TO HAVE MARKETERS ACT AS TECHNOLOGY CONSULTANTS INSTEAD OF SALESPEOPLE
PUSHING PARTICULAR PRODUCTS THEY WOULD HELP CUSTOMERS SORT THROUGH THE
BEWILDERING ARRAY OF PRODUCTS AND TAILOR SYSTEMS TO SPECIFIC INDUSTRIES
SUCH AS BANKING

 TECHNOLOGY IBM WILL INCREASE EFFORTS TO SELL ITS OWN COMPUTER CHIPS
INCLUDING THE NEW POWERPC MICROPROCESSOR AND OTHER HIGHTECH PRODUCTS TO
RIVALS IT PREVIOUSLY HAD HOARDED WHAT IT CLAIMS IS THE WORLD'S BEST
CHIPMAKING TECHNOLOGY MOSTLY FOR ITS OWN WARES

 NETWORK SERVICES IBM HOPES TO BETTER EXPLOIT WHAT IT BELIEVES TO BE AN
UNDERUTILIZED ASSET A BROAD LINE OF HARDWARE AND SOFTWARE THAT COULD HELP
TELEPHONE AND CABLE COMPANIES BUILD INFOHIGHWAY SYSTEMS ONE IBM PLAN
UNDER DEVELOPMENT WOULD LINK TRAVELING EXECUTIVES ALMOST ANYWHERE VIA
HANDHELD DEVICES AND NETWORKING TECHNOLOGY THAT WORKS OVER WIRE OR THE
AIRWAVES 9403240141 940324 PERSONAL TECHNOLOGY  BY WALTER S
MOSSBERG

THESE WORDS ARE BEING WRITTEN ON A COMPUTER RUNNING MICROSOFT'S DOS AND
WINDOWS SOFTWARE THE UNDERLYING PROGRAMS THAT CONTROL NEARLY ALL
IBMCOMPATIBLE PCS

BIG DEAL YOU SAY THAT'S A PRETTY COMMON SETUP BUT THE COMPUTER IN FRONT
OF ME ISN'T AN IBMCOMPATIBLE MODEL IT'S AN APPLE MACINTOSH WHICH EVERYONE
KNOWS CAN'T RUN DOS WINDOWS OR APPLICATION PROGRAMS THAT REQUIRE THEM MACS
ARE NATURALLY INCOMPATIBLE WITH THAT SOFTWARE WHICH IS ONE REASON MANY
FOLKS HESITATE TO BUY THEM

I'M COMPOSING THIS COLUMN HOWEVER ON A NEW KIND OF MAC ONE OF APPLE
COMPUTER'S GROUNDBREAKING LINE OF ULTRAFAST POWER MACINTOSH MODELS THAT'S
EQUIPPED WITH A SOFTWARE PROGRAM CALLED SOFTWINDOWS THAT PACKAGE FROM
INSIGNIA SOLUTIONS OF MOUNTAIN VIEW CALIF INGENIOUSLY MIMICS AN
IBMCOMPATIBLE RUNNING DOS AND WINDOWS ON THE POWER MAC WITHOUT ANY
SPECIAL HARDWARE APPLICATIONS MEANT FOR WINDOWS COMPUTERS THEN RUN ON THE
MAC BECAUSE IT APPEARS TO THEM TO BE AN IBMCOMPATIBLE APPLE IS INSTALLING
SOFTWINDOWS ON CERTAIN POWER MAC MODELS

WHY IS APPLE DOING THIS TO SOME EXTENT IT'S A MATTER OF SURVIVAL WHILE
THE MAC'S SYSTEM SOFTWARE AND USER INTERFACE ARE SUPERIOR TO THE DOSWINDOWS
COMBINATION MOST NEW PROGRAMS ARE ISSUED FIRST IN WINDOWS VERSIONS AND
SOMETIMES NEVER APPEAR IN A MAC VERSION AND MANY PEOPLE BUYING A COMPUTER
FOR HOME OR SMALL BUSINESS USE FEEL UNCOMFORTABLE WITH MACHINES INCAPABLE OF
RUNNING THE DOS AND WINDOWS SOFTWARE USED BY THEIR EMPLOYERS SUPPLIERS OR
CUSTOMERS EVEN THOUGH MAC SOFTWARE USUALLY CAN HANDLE THE FILES CREATED
BY MANY OF THESE PROGRAMS

SO APPLE IS HOPING THAT SOFTWINDOWS WILL SELL MACS TO FENCESITTERS 
PEOPLE WHO GENERALLY WOULD PREFER A MAC BUT WANT THE SECURITY OF BUYING A
MACHINE THAT CAN RUN DOS AND WINDOWS IN FACT APPLE HAS A SECOND MODEL
LESS PUBLICIZED THAN THE POWER MAC AIMED AT SUCH FENCESITTERS

IT'S A 1500 QUADRA MODEL STILL QUITE FAST THAT ALSO CAN RUN DOS AND
WINDOWS THE QUADRA 610 DOS COMPATIBLE DOESN'T USE OR NEED THE INSIGNIA
SOFTWARE BECAUSE IT HAS THE GUTS OF AN IBMCOMPATIBLE BUILT IN INCLUDING
AN INTEL 486SX/25 MICROPROCESSOR AS WELL AS NORMAL MACINTOSH CIRCUITRY
IT'S TWO COMPUTERS IN ONE WHICH CAN OPERATE INDEPENDENTLY AND
SIMULTANEOUSLY YOU CAN SWITCH BETWEEN THE PC AND MAC PARTS OF THE MACHINE
BY JUST HITTING A COUPLE OF KEYS

AFTER USING BOTH MACHINES FOR A FEW WEEKS I FOUND THEY DO WORK LARGELY AS
ADVERTISED BUT BOTH HAVE SIGNIFICANT LIMITATIONS AND NEITHER REPLACES AN
IBMCOMPATIBLE COMPUTER THEY ARE STRICTLY FOR PEOPLE WHO MAINLY INTEND TO
USE MAC SOFTWARE AND WANT ONLY OCCASIONALLY TO RUN A COUPLE OF DOS AND
WINDOWS PROGRAMS LIKE ALL ATTEMPTS TO EMULATE ONE COMPUTER OR ANOTHER
THEY'RE NOT IDEAL

SOFTWINDOWS ADDS AT LEAST 500 TO THE COST OF A POWER MAC THE SOFTWARE IS
COSTLY WITH A LIST PRICE OF 499 IF BOUGHT SEPARATELY AND IT REQUIRES YOUR
MAC TO HAVE A WHOPPING 16 MEGABYTES OF MEMORY AND EXTRA HARD DISK SPACE IN
ORDER TO SIMULATE A FOURMEGABYTE PC AS A RESULT THE CHEAPEST MODEL APPLE
OFFERS WITH SOFTWINDOWS INCLUDED IS ABOUT 3000 WITH A MONITOR AND
KEYBOARD

IN ADDITION SOFTWINDOWS ONLY RUNS ABOUT AS FAST AS A 386 CHIP NOW
OBSOLETE OR A SLOW VERSION OF THE 486 DEPENDING ON WHICH PROGRAMS YOU USE
WORSE SOFTWINDOWS LOOKS TO YOUR SOFTWARE LIKE AN OLD PC WITH AN ANCIENT 286
CHIP SO SOME NEWER PROGRAMS WON'T RUN ON IT FOR INSTANCE I COULDN'T
INSTALL VISIO THE BUSINESS GRAPHICS PACKAGE WHICH IS A CLASSIC EXAMPLE OF
A WINDOWS PROGRAM THAT'S UNAVAILABLE IN A MAC VERSION

INSIGNIA PROMISES A VERSION LATE THIS YEAR THAT WILL APPEAR TO BE A TRUE
486 BUT SOFTWINDOWS CAN'T HANDLE PC MULTIMEDIA SOFTWARE BECAUSE IT DOESN'T
EMULATE SOUND CARDS

THE MORE OBSCURE DOSCOMPATIBLE QUADRA WITH REAL PC HARDWARE IS A BETTER WAY
TO GO IT'S LESS EXPENSIVE AND FASTER AND BECAUSE IT USES A TRUE 486 CHIP
CURRENT WINDOWS PROGRAMS REACT WELL TO IT BUT LIKE SOFTWINDOWS IT DOESN'T
HANDLE PC SOUND OR MUSIC TO GET THE BEST SPEED YOU MUST ADD MEMORY TO THE
PC PART OF THE MACHINE RAISING THE 1500 PRICE WHICH DOESN'T INCLUDE A
MONITOR OR KEYBOARD EVEN THEN YOU'VE GOT ONLY AN ENTRYLEVEL 486 AND ONLY
DOS IS INCLUDED YOU MUST BUY AND INSTALL WINDOWS SEPARATELY

MACINTOSH OWNERS CAN UPGRADE TO EITHER TYPE OF MACHINE APPLE OFFERS A
VARIETY OF UPGRADES FROM 700 TO 1900 THAT TURN MANY QUADRA MODELS AND A
FEW OTHER RECENT MACS INTO POWER MACS CHECK YOUR DEALER TO SEE IF YOUR
MODEL IS ELIGIBLE ADD AT LEAST 700 ON TOP OF THAT FOR SOFTWARE AND EXTRA
MEMORY IF YOU WANT TO RUN SOFTWINDOWS ON YOUR NEWLY UPGRADED MACHINE

IT'S CHEAPER AND EASIER TO TURN A QUADRA 610 OR A CENTRIS 610 INTO A
PARTTIME IBMCOMPATIBLE YOU JUST BUY A SPECIAL 399 APPLE DOS
COMPATIBILITY CARD WITH THE GUTS OF A PC ON IT BEAR IN MIND THAT THIS
OPTION ONLY ADDS IBM COMPATIBILITY IT WON'T TURN YOUR MACHINE INTO A POWER
MAC AND WON'T RUN MAC SOFTWARE ANY FASTER OR BETTER SO FAR APPLE ISN'T
SELLING AN IBMONACARD FOR THE POWER MACS

CURRENT AND PROSPECTIVE MAC OWNERS LIKELY WILL WELCOME THESE
IBMCOMPATIBILITY FEATURES BUT THEY HOLD A DANGER FOR APPLE ITSELF IF MAC
USERS START DISCOVERING AND RELYING UPON MORE AND MORE WINDOWS PROGRAMS THAT
AREN'T AVAILABLE IN MAC VERSIONS THEY MAY DECIDE THAT THEIR NEXT COMPUTER
SHOULD BE A REAL IBMCOMPATIBLE 9403240140 940324 FINANCING BUSINESS 
CALIFORNIA FEDERAL BANK

CALIFORNIA FEDERAL BANK LOS ANGELES SAID IT RAISED 1725 MILLION THROUGH
ITS PUBLIC OFFERING OF 10 5/8 NONCUMULATIVE PERPETUAL PREFERRED STOCK
SERIES B THE BANK SOLD A TOTAL OF 1725000 SHARES INCLUDING 225000
ISSUED UNDER AN OVERALLOTMENT OPTION COMBINED WITH 195 MILLION RAISED
EARLIER THIS YEAR THROUGH A RIGHTS OFFERING THE BANK HAS RAISED ABOUT
3675 MILLION IN NEW EQUITY 9403240139 940324 BILL TO REFORM HEALTH
SYSTEM GAINS IN HOUSE  PANEL VOTES APPROVAL 65 FUNDING TO
INCLUDE TAX OF 1 ON BIG PAYROLLS  BY DAVID ROGERS STAFF
REPORTER OF THE WALL STREET JOURNAL

WASHINGTON LANDMARK LEGISLATION TO OVERHAUL THE NATION'S HEALTHCARE
SYSTEM WON APPROVAL FROM A HOUSE WAYS AND MEANS SUBCOMMITTEE AFTER
DEMOCRATS COBBLED TOGETHER A FRAGILE FINANCING PACKAGE THAT INCLUDES A 1
PAYROLL TAX ON LARGE SELFINSURED COMPANIES

THE 65 VOTE UNDERSCORES THE PARTISAN DIFFERENCES STILL FACING HEALTHCARE
REFORM BUT THE SUBCOMMITTEE'S ACTION RESTORES PRECIOUS MOMENTUM TO THE
CLINTON ADMINISTRATION'S EFFORTS TO ACHIEVE HEALTH COVERAGE FOR ALL
AMERICANS

IT ISN'T A PERFECT BILL BY ANYONE'S ESTIMATION SAID REP PETE STARK D
CALIF CHAIRMAN OF THE HEALTH PANEL BUT WE HAVE GIVEN THE AMERICAN
PEOPLE REASON TO BELIEVE THAT CONGRESS WILL AND CAN ACT

MAJOR ELEMENTS OF THE ADMINISTRATION'S OWN PLAN WERE STREAMLINED OR
ABANDONED IN THE DEMOCRATICBACKED ALTERNATIVE APPROVED BY THE SUBCOMMITTEE
CONCESSIONS MADE LAST NIGHT WOULD FURTHER DELAY REQUIREMENTS THAT ALL
EMPLOYERS HELP PAY FOR THEIR EMPLOYEES' INSURANCE COMPANIES WITH MORE THAN
100 EMPLOYEES WOULD HAVE UNTIL JANUARY 1996 BEFORE HAVING TO MEET THE
REQUIREMENT EMPLOYERS WITH 100 OR FEWER WORKERS WON'T BE SUBJECT TO THE
SOCALLED EMPLOYER MANDATE UNTIL TWO YEARS AFTER THAT

THE MOST FRACTIOUS DEBATE INVOLVED FINANCING INCLUDING PROVISIONS THAT GO
SIGNIFICANTLY BEYOND THE PRESIDENT'S PLAN DEMOCRATS FINALLY DROPPED A 08
GENERAL PAYROLL TAX IN FAVOR OF A 1 LEVY THAT WOULD BE LIMITED TO
SELFINSURING COMPANIES WITH 1000 OR MORE WORKERS BUT REDUCING THE PAYROLL
LEVY LEFT A BUDGET GAP SO THE LAWMAKERS AGREED TO REQUIRE A 20 COPAYMENT
ON MEDICARE HOME HEALTH SERVICES FOR THE ELDERLY AND TO FORCE STATES TO
MAINTAIN THEIR FULL CURRENT PAYMENTS UNDER THE MEDICAID PROGRAM FOR THE
POOR

THE CLINTON PLAN PROPOSED A 10 COPAYMENT ON MEDICARE AND WOULD HAVE
ALLOWED STATES TO REDUCE THEIR MEDICAID EFFORT TO 95 OF THE CURRENT PAYMENT
LEVEL

ALL OF THE REVENUE PROVISIONS INCLUDING A 125APACK INCREASE IN
CIGARETTE TAXES ARE SUBJECT TO REVIEW BY THE FULL WAYS AND MEANS COMMITTEE
WHEN WE COME TO FINANCING WE'LL BEGIN AT THE BEGINNING SAID CHAIRMAN DAN
ROSTENKOWSKI D ILL BUT THE IDEA OF FOCUSING ON LARGE SELFINSURED
COMPANIES HAS WON ACCEPTANCE ELSEWHERE IN THE HOUSE AS PART OF A TRADEOFF
BETWEEN BIG AND SMALL BUSINESS

JOHN DINGELL D MICH CHAIRMAN OF THE HOUSE ENERGY AND COMMERCE
COMMITTEE HAS PROPOSED A SIMILAR 1 PAYROLL LEVY EVEN AS HE HAS MADE
CONCESSIONS TO AGRICULTURAL AND SMALLBUSINESS INTERESTS IMPORTANT TO
DEMOCRATIC LAWMAKERS FROM RURAL DISTRICTS WHILE CHANGES WILL BE MADE IN THE
FORMULA ADOPTED LAST NIGHT DEMOCRATS ARGUE THAT MANY OF THE LARGE COMPANIES
THAT WOULD HAVE TO PAY THE NEW PAYROLL TAX STAND TO BENEFIT FROM REFORMS
DESIGNED TO LIMIT THE CURRENT SHIFTING OF HEALTH COSTS TO LARGER BUSINESSES
FROM SMALL ONES

SUCH TRADEOFFS ARE AN INHERENT PART OF THE LEGISLATIVE PROCESS THE TRUE
SIGNIFICANCE OF THE CURRENT MANEUVERING IN THE HOUSE IS THAT IT DEFINES A
NEW STARTING POINT BEYOND THE CLINTON PLAN FOR DEBATE THIS SPRING
MANDATORY INSURANCEBUYING POOLS A CENTRAL ELEMENT IN THE
ADMINISTRATION'S PROPOSAL HAVE BEEN DROPPED BY BOTH THE WAYS AND MEANS
AND THE ENERGY AND COMMERCE LEADERSHIP AND THERE IS GENERAL AGREEMENT THAT
THE BASIC BENEFITS PACKAGE THAT WOULD BE GUARANTEED TO ALL AMERICANS SHOULD
BE SCALED BACK TO REDUCE COSTS AND THE BURDEN ON SMALL BUSINESS

PEOPLE HAVE TO BE REALISTIC BUT I'M GOING TO GET HIM MR CLINTON A
BILL SAID MR ROSTENKOWSKI LAST NIGHT THE ADMINISTRATION HAS DELIBERATELY
STEPPED BACK AS LAWMAKERS HAVE BEGUN TO INVEST MORE OF THEMSELVES IN THE
REFORM EFFORT

ALL FOUR REPUBLICANS ON THE WAYS AND MEANS SUBCOMMITTEE OPPOSED THE BILL
LAST NIGHT IT WAS FINALLY APPROVED FOLLOWING A DAY IN WHICH A RANGE OF
ALTERNATIVE MEASURES ALL FAILED FOR LACK OF A MAJORITY MOST OF THE
COMPETING PLANS ESPOUSED A MORE MARKETORIENTED APPROACH TO HEALTH REFORM
BUT THE GOP ALSO FORCED A ROLL CALL ON THE INITIAL CLINTON PLAN WHICH ALSO
FAILED 40 WITH ALL OF THE SEVEN DEMOCRATS MERELY VOTING PRESENT

IF THE PRESIDENT'S PLAN IS THE BEGINNING THE VOTE TODAY IS TO CERTIFY THE
END OF THE BEGINNING SAID REP WILLIAM THOMAS THE SUBCOMMITTEE'S RANKING
REPUBLICAN HOURS LATER THE CONSERVATIVE CALIFORNIAN RETURNED TO THE SAME
THEME AS THE DEMOCRATICBACKED ALTERNATIVE NARROWLY WON APPROVAL IT ISN'T
THE END BUT THE BEGINNING SAID MR THOMAS WE MAY NOT HAVE WON THIS
PARTICULAR BATTLE BUT WE HAVE NOT LOST THE WAR

REP MICHAEL ANDREWS OF TEXAS THE SOLE DEMOCRAT TO OPPOSE THE SUBCOMMITTEE
BILL APPEALED FOR MORE COOPERATION BETWEEN THE PARTIES BUT THE HOUSE
CLEARLY WILL BE A MORE PARTISAN BATTLEGROUND THAN THE SENATE

THIS PARTISANSHIP CAN RESULT IN SOME DISTORTIONS AS CHAIRMEN UNABLE TO WIN
REPUBLICAN VOTES ARE FORCED TO TRY TO WIN OVER DIFFERENT DEMOCRATIC CAMPS
THE WAYS AND MEANS SUBCOMMITTEE BILL INCLUDES AN EXPANDED MEDICARELIKE
PROGRAM TO APPEAL TO LIBERALS WHO FAVOR A GOVERNMENTRUN ALTERNATIVE TO
PRIVATE HEALTH INSURANCE BY THE SAME TOKEN THE ENERGY AND COMMERCE
COMMITTEE LEADERSHIP IS FOCUSING ON SWING DEMOCRATIC LAWMAKERS MANY FROM
RURAL DISTRICTS WHO ARE SENSITIVE TO SMALL EMPLOYERS AND AGRICULTURAL
INTERESTS

SUCH MANEUVERING OFTEN MEANS MOVING COSTS FROM ONE GROUP TO ANOTHER IT WAS
A MEMBER OF MR DINGELL'S OWN MICHIGAN DELEGATION REP SANDER LEVIN WHO
WAS THE FINAL PIVOTAL VOTE FOR DEMOCRATS IN THE WAYS AND MEANS SUBCOMMITTEE
LAST NIGHT MR LEVIN HAD OPPOSED THE MORE GENERAL PAYROLL TAX FIRST
PROPOSED BY MR STARK BUT THE MEDICAID SAVINGS IN THE FINAL COMPROMISE
INFURIATED SOME OF HIS COLLEAGUES BECAUSE OF THE IMPACT IT WOULD HAVE ON
THEIR STATES 9403240138 940324 WHO'S NEWS MENTOR GRAPHICS INC

MENTOR GRAPHICS INC WILSONVILLE ORE THOMAS H BRUGGERE 48 YEARS
OLD SAID HE IS RETIRING AS CHAIRMAN EFFECTIVE APRIL 26 MR BRUGGERE SAID
HE DECIDED TO RETIRE WELL OVER A YEAR AGO BECAUSE AFTER 13 YEARS WITH THE
COMPANY I DON'T THINK YOU CAN DO HIGHTECH ALL YOUR LIFE MENTOR MAKES
SOFTWARE USED IN ELECTRONIC CIRCUIT DESIGNS MR BRUGGERE SAID HE IS
CONSIDERING STARTING A NEW COMPANY GETTING INVOLVED IN EDUCATION OR RUNNING
FOR STATE OR NATIONAL OFFICE MENTOR IS SEARCHING OUTSIDE THE COMPANY FOR A
SUCCESSOR TO MR BRUGGERE WALDEN RHINE WILL REMAIN AS MENTOR'S CHIEF
EXECUTIVE 9403240137 940324 BUSINESS BRIEF SEAGRAM CO REPORTS SURGE
IN PROFIT TO 147 MILLION FOR FISCAL 4TH QUARTER

SEAGRAM CO REPORTED A SHARP INCREASE IN FISCAL FOURTHQUARTER NET INCOME
COMPARED WITH YEAREARLIER EARNINGS WHICH WERE REDUCED MAINLY DUE TO LARGE
ONETIME CHARGES IN THE RESULTS OF DUPONT CO IN WHICH SEAGRAM HOLDS A
SUBSTANTIAL STAKE

FOR ITS QUARTER ENDED JAN 31 MONTREALBASED SEAGRAM REPORTED A PROFIT OF
147 MILLION OR 40 CENTS A SHARE UP FROM 46 MILLION OR 12 CENTS A SHARE
A YEAR EARLIER SALES FELL 11 TO 199 BILLION FROM 201 BILLION PARTLY
REFLECTING CURRENCYTRANSLATION EFFECTS

SEAGRAM'S PRETAX OPERATING PROFIT FROM ITS DISTILLED SPIRITS WINES FRUIT
JUICES AND OTHER BUSINESSES WAS ABOUT FLAT AT 251 MILLION COMPARED WITH
248 MILLION A YEAR EARLIER

SEAGRAM HOLDS A 24 INTEREST IN DUPONT AND INCLUDES ITS EQUITY INTEREST IN
DUPONT'S EARNINGS IN ITS OWN FINANCIAL STATEMENTS ALTHOUGH IT DOESN'T
ACTUALLY RECEIVE THE FUNDS ITS FOURTHQUARTER EQUITY IN UNREMITTED DUPONT
EARNINGS BEFORE ONETIME ITEMS WAS 6 MILLION IN ITS LATEST QUARTER
COMPARED WITH A 25 MILLION LOSS A YEAR EARLIER IN ADDITION NONRECURRING
AND EXTRAORDINARY ITEMS OF DUPONT REDUCED SEAGRAM'S EARNINGS BY 25 MILLION
OR SEVEN CENTS A SHARE IN THE LATEST QUARTER AND BY 104 MILLION OR 28
CENTS A SHARE A YEAR EARLIER

FOR THE YEAR SEAGRAM'S PRETAX OPERATING PROFIT FELL TO 754 MILLION FROM
762 MILLION DUE TO 40 MILLION IN ADVERSE CURRENCY TRANSLATION EFFECTS
MOSTLY IN THE SPIRITS AND WINE OPERATIONS

SEAGRAM SAID ITS SPIRITS AND WINE GROUP HAD RECORD PROFITS IN THE US LAST
YEAR SALES AND PROFIT GAINS IN GERMANY STRONG GROWTH IN ASIAN MARKETS AND
A 10 JUMP IN WORLDWIDE SHIPMENTS OF CHIVAS REGAL SCOTCH WHISKY

OPERATING PROFIT AT TROPICANA PRODUCTS ROSE 19 TO 102 MILLION

FOR THE YEAR SEAGRAM REPORTED NET OF 379 MILLION OR 102 A SHARE
REVERSING A YEAREARLIER LOSS OF 900 MILLION OR 238 A SHARE WHILE SALES
FELL SLIGHTLY TO 604 BILLION FROM 610 BILLION EQUITY IN DUPONT EARNINGS
INCREASED NET BY 111 MILLION COMPARED WITH 59 MILLION A YEAR EARLIER
WHILE NONRECURRING AND EXTRAORDINARY ITEMS AT DUPONT REDUCED EARNINGS FOR
THE YEAR BY 271 MILLION AND YEAREARLIER EARNINGS BY 131 MILLION AND
BOTH COMPANIES HAD SIZABLE ACCOUNTING CHANGES THAT REDUCED PROFIT A YEAR
EARLIER 9403240136 940324 FORD AND CHINESE SUPPLIER REACH PACT TO BUILD
PLASTIC AUTO PARTS TOGETHER

DEARBORN MICH FORD MOTOR CO BROADENING ITS EFFORT TO PENETRATE
CHINA'S AUTO MARKET SAID IT REACHED A PRELIMINARY AGREEMENT WITH A CHINESE
PARTS SUPPLIER TO JOINTLY PRODUCE PLASTIC PARTS FOR AUTOS

THE AGREEMENT IS A FIRST FOR FORD WHICH HAS BEEN ENGAGED IN NEGOTIATIONS
WITH SEVERAL PARTS SUPPLIERS IN CHINA FOR MORE THAN A YEAR FORD SAID IT'S
INVOLVED IN DISCUSSIONS WITH SEVERAL CHINESE MANUFACTURERS THAT COULD LEAD
TO JOINT VENTURES IN OTHER AREAS SUCH AS GLASS ELECTRONICS ENGINE
MANAGEMENT AND AIR CONDITIONING

FORD'S MOVE COMES AT A TIME WHEN ALL OF THE WESTERN AUTO MAKERS ARE
SCRAMBLING TO GET A STRONGHOLD IN THE CHINESE AUTO MARKET FORD IS COMPETING
WITH OTHER AUTO COMPANIES FOR A PLANNED JOINT VENTURE TO BUILD MULTIPURPOSE
VEHICLES AND FORD ALSO HAS EXPRESSED INTEREST IN BUILDING VEHICLES IN
CHINA FORD ALREADY EXPORTS NORTH AMERICANBUILT VEHICLES TO CHINA

WE RECOGNIZE THE IMPORTANCE OF ESTABLISHING LONG AND SOLID PARTNERSHIPS IN
CHINA IN ORDER TO PARTICIPATE IN THE GROWTH OF THE CHINESE AUTOMOTIVE
INDUSTRY SAID ALEX TROTMAN FORD'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER
WHAT FORD BRINGS TO THESE PARTNERSHIPS IS OUR INTERNATIONAL EXPERTISE IN
QUALITY TECHNOLOGY PRODUCT DEVELOPMENT MANUFACTURING AND MANAGEMENT
PRACTICES

DETAILS OF THE PLASTICS JOINT VENTURE WITH SHANGHAI AUTOMOTIVE INDUSTRY
CORP HAVE YET TO BE WORKED OUT BUT A FORD SPOKESMAN SAID THE DEAL IS WORTH
TENS OF MILLIONS OF DOLLARS THE AGREEMENT SHOULD BE FINALIZED WITHIN A
FEW WEEKS AND THEN SUBMITTED TO CHINESE GOVERNMENT OFFICIALS FOR APPROVAL

UNDER TERMS OF THE AGREEMENT SHANGHAI AUTOMOTIVE INDUSTRY'S YAN FENG
DIVISION AND FORD'S PLASTIC AND TRIM PRODUCTS DIVISION WILL COLLABORATE TO
PRODUCE AUTOMOTIVE PARTS INCLUDING INTERIOR TRIM SEATS INSTRUMENT PANELS
AND OTHER PLASTIC PARTS FOR THE CHINESE AUTO MARKET

THE FORD SPOKESMAN SAID FORD IS ALREADY TRAINING YAN FENG ENGINEERS IN
COMPUTERDESIGN TECHNOLOGY 9403240135 940324 MEDICINE PRICE WARS
PATENT EXPIRATIONS PROMISE CHEAPER DRUGS  BY ELYSE TANOUYE STAFF
REPORTER OF THE WALL STREET JOURNAL

MILLIONS OF PATIENTS SUFFERING ILLS RANGING FROM ALLERGIES TO ARTHRITIS
COULD SEE THEIR DRUG COSTS DROP SHARPLY IN THE NEXT YEAR

THIS YEAR AND NEXT SOME OF THE COUNTRY'S BIGGESTSELLING DRUGS WILL LOSE
PATENT PROTECTION AND FACE COMPETITION FROM CHEAPER GENERIC VERSIONS AT THE
SAME TIME THERE ARE HINTS THAT A PRICE WAR MAY BE BREAKING OUT IN THE
BRANDED PRESCRIPTIONPHARMACEUTICAL BUSINESS

SANDOZ PHARMACEUTICALS CORP A UNIT OF SANDOZ AG EARLIER THIS WEEK SAID IT
WOULD INTRODUCE ITS NEW CHOLESTEROLREDUCING DRUG LESCOL AT HALF THE PRICE
COMMANDED BY BRANDS OF SIMILAR CHOLESTEROLREDUCING DRUGS ALREADY ON THE
MARKET HISTORICALLY NEW BRANDED PRESCRIPTION DRUGS WERE MARKETED AT
COMPETING OR HIGHER PRICES THAN OLDER SIMILAR DRUGS ON THE GROUND THAT THE
NEW VERSION WAS MORE EFFECTIVE OR SAFER

STEEP PRICE DEFLATION OF DRUGS WILL RESULT IN THE FIRST YEARLY DECLINE OF
US DRUGINDUSTRY REVENUE PREDICTS HEMANT SHAH AN INDEPENDENT ANALYST
BUT THE INDUSTRY'S WOES COULD MEAN HUGE SAVINGS FOR PATIENTS WHO PAY FOR
PRESCRIPTIONS OUT OF POCKET AND FOR MANAGEDCARE ORGANIZATIONS WHICH PAY
FOR ABOUT HALF OF PRESCRIPTIONS

BECAUSE MANAGEDCARE PLANS ARE LOOKING FOR WAYS TO CUT THEIR DRUG COSTS THE
CHEAPER GENERIC VERSIONS OF WIDELY USED DRUGS ARE QUICKLY TAKING HUGE CHUNKS
OF SALES FROM BRANDED PHARMACEUTICALS A RECENT EXAMPLE IS SYNTEX CORP'S
ANTIARTHRITIS DRUGS NAPROSYN AND ANAPROX WHICH TOGETHER HAD ABOUT 700
MILLION IN US SALES IN DECEMBER PATENTS ON THE DRUGS EXPIRED WITHIN A
MONTH TWOTHIRDS OF THE PRESCRIPTIONS WERE FILLED WITH GENERIC VERSIONS
AND THE PRICE OF A PRESCRIPTION PLUNGED MORE THAN 80 AS A RESULT A BOSTON
HEALTHMAINTENANCE ORGANIZATION OPERATED BY BLUE CROSS BLUE SHIELD OF
MASSACHUSETTS EXPECTS ITS SPENDING ON NAPROSYN WILL FALL TO 66700 THIS
YEAR FROM 344000 LAST YEAR SAYS EDWARD S CURRAN JR DIRECTOR OF THE
HMO'S PHARMACY

PATIENTS AND OTHER DRUG BUYERS CAN EXPECT BIG SAVINGS WHEN SMITHKLINE
BEECHAM'S TAGAMET BRAND OF THE ANTIULCER DRUG CIMETIDINE LOSES ITS PATENT
PROTECTION IN MAY MYLAN LABORATORIES INC PLANS TO INTRODUCE A GENERIC
VERSION OF CIMETIDINE ON MAY 18 AT A 30 DISCOUNT FROM THE PRICE OF THE
BRANDED DRUG A MYLAN SPOKESWOMAN SAYS THAT EVEN BIGGER DISCOUNTS COULD BE
NEGOTIATED WITH MANAGEDCARE BUYERS AS COMPETITION GROWS THE PRICE COULD
DROP BY AS MUCH AS 80 MR CURRAN PREDICTS

BUT THE IMPACT OF A LOWCOST GENERIC CIMETIDINE LIKELY WILL BENEFIT PATIENTS
USING OTHER ULCER MEDICATIONS MANY MANAGEDCARE BUYERS CONSIDER ALL DRUGS
THAT HEAL ULCERS IN THE SAME WAY AS CIMETIDINE TO BE INTERCHANGEABLE AND
THEY HAVE A BIG INCENTIVE TO CUT THOSE COSTS BECAUSE ULCER DRUGS ARE USUALLY
THEIR SINGLE BIGGEST DRUG EXPENSE THUS MANY DOCTORS AND MANAGED CARE PLANS
MAY SUGGEST THAT ULCER PATIENTS ABANDON THEIR CURRENT MEDICATION IN FAVOR OF
THE CHEAPER GENERIC CIMETIDINE

THIS IS THE THREAT FACING GLAXO HOLDINGS PLC'S POPULAR ZANTAC MERCK & CO'S
PEPCID AND ELI LILLY & CO'S AXID MR SHAH ESTIMATES THAT THE COLLECTIVE
US SALES OF THESE SOCALLED H2 BLOCKERS COULD DROP BY A BILLION DOLLARS
OR MORE THIS YEAR FROM 41 BILLION LAST YEAR

ONE MANAGED HEALTHCARE DRUG PURCHASER NATHAN J SCHULTZ HEAD OF
PHARMACEUTICAL CONTRACTING AT DIVERSIFIED PHARMACEUTICAL SERVICES INC SAYS
HE IS WAITING TO SEE THE PRICE OF GENERIC CIMETIDINE BEFORE DECIDING WHETHER
TO SWITCH TO CIMETIDINE FROM ZANTAC DIVERSIFIED A UNIT OF UNITED
HEALTHCARE CORP MANAGES THE PRESCRIPTIONDRUG BENEFITS FOR 14 MILLION
PEOPLE IN HEALTH PLANS

MR CURRAN IN BOSTON SAYS THE AVAILABILITY OF A GENERIC CIMETIDINE WILL
ALLOW THE ORGANIZATION TO REDUCE ITS OUTLAY FOR ANTIULCER DRUGS BY A MINIMUM
OF 30 OR 300000 A YEAR MASSACHUSETTS STATE LAW REQUIRES AUTOMATIC
GENERIC SUBSTITUTION UNLESS THE PHYSICIAN INDICATES OTHERWISE HE NOTES
WHILE THE ORGANIZATION WON'T AUTOMATICALLY SWITCH ZANTAC PATIENTS TO
CIMETIDINE IT WILL STRONGLY URGE PHYSICIANS TO PRESCRIBE THE GENERIC HE
SAYS

ALLERGY SUFFERERS AND HEART PATIENTS MAY SEE SIMILAR COST CUTS SOON PATENTS
ARE EXPIRING ON MARION MERRELL DOW INC'S ANTIALLERGY MEDICATION SELDANE AND
ITS HEART DRUG CARDIZEM CD

THE THREAT OF GENERIC COMPETITION IS PRODDING MANY MAKERS OF BRANDED DRUGS
TO DECIDE THAT IF THEY CAN'T BEAT THEM JOIN THEM SYNTEX OFFERED ITS OWN
GENERIC VERSIONS OF NAPROSYN AND ANAPROX GARNERING A CONSIDERABLE SHARE OF
THE GENERIC SALES ALBEIT AT A FRACTION OF THE PRICE OF THE BRANDED DRUGS
IT ALSO SELLS BULK NAPROSYN TO MOST OF ITS COMPETITORS

GLAXO'S ZANTAC HAS ALWAYS BEEN PRICED AT A PREMIUM OVER TAGAMET BUT HAS DONE
WELL ANYWAY EVEN IN THE MOST COSTSENSITIVE MARKET SEGMENTS SAYS GEORGE
ABERCROMBIE VICE PRESIDENT AND GENERAL MANAGER OF GLAXO'S US DRUG
BUSINESS HE ADDS WE BELIEVE ZANTAC WILL REMAIN A VIGOROUS PRODUCT

IN SOME CASES THE IMPACT OF A CHEAP GENERIC VERSION OF A DRUG MAY BE
SOFTENED BY BRAND LOYALTY OF THE PATIENT OR PHYSICIAN OFTEN DOCTORS WON'T
SUGGEST CHANGING A PATIENT'S PRESCRIPTION AS LONG AS THE PATIENT SEEMS
SATISFIED WITH THE BRANDED DRUG

MR SHAH NOTES THAT EVEN IN THE CASE OF SYNTEX'S NAPROSYN WHERE THE GENERIC
IS MADE BY THE SAME MANUFACTURER AS THE BRANDED VERSION 25 OF
PRESCRIPTIONS ARE STILL FOR THE BRANDED DRUG WHICH COSTS FIVE TIMES MORE
HE SAYS ADDING THE QUESTION IS WHY

MEANWHILE THE INTENSE COMPETITION TO SELL TO THE BIG MANAGEDCARE PLANS IS
SPAWNING THREATS OF PRICE WARS EVEN ON DRUGS THAT ARE STILL PROTECTED BY
PATENTS

SOME COMPANIES ARE SELLING BLOODPRESSURE DRUGS CALLED ACE INHIBITORS TO
MANAGEDCARE BUYERS AT A 50 DISCOUNT UNDER MERCK'S VASOTEC SAYS MR
SCHULTZ OF DIVERSIFIED NEXT YEAR THE PRESSURE ON PRICES OF ACE INHIBITORS
WILL BE INTENSE WHEN THE PATENT ON BRISTOLMYERS SQUIBB CO'S CAPOTEN
EXPIRES OPENING THE 2 BILLION ACEINHIBITOR MARKET TO GENERIC COMPETITION

SANDOZ'S IMMINENT LAUNCH OF ITS CHOLESTEROLLOWERING DRUG AT HALF THE PRICE
OF MARKET LEADERS IS ALREADY PUTTING PRESSURE ON MERCK TO LOWER THE PRICES
OF ITS MEVACOR AND ZOCOR AND ON BRISTOLMYERS SQUIBB TO CUT THE PRICE OF ITS
PRAVACHOL FOR EXAMPLE UPON LEARNING OF LESCOL'S SHARPLY LOWER PRICE MR
CURRAN IMMEDIATELY CALLED BRISTOLMYERS TO ASK FOR A LOWER PRICE ON
PRAVACHOL HIS ORGANIZATION'S PREFERRED DRUG THEY SEEM WILLING TO TALK
MR CURRAN SAYS 9403240134 940324 MARKETING & MEDIA ADVERTISING 
REVITALIZED NATIONAL CAR RENTAL STRESSES SPEED CHALLENGES BUDGET  
BY ROBERT L SIMISON

AFTER ALMOST BEING GIVEN UP FOR DEAD NATIONAL CAR RENTAL SYSTEMS IS USING A
NEW BROADCAST AND PRINT CAMPAIGN TO SIGNAL THAT IT IS HEALTHY AGAIN AND
SPOILING FOR MORE MARKET SHARE

THE ADS CREATED BY WB DONER & CO OF SOUTHFIELD MICH DEBUT THIS
WEEKEND AND ARE PART OF A BID BY NATIONAL TO ZOOM PAST BEECH HOLDINGS UNIT
BUDGET RENT A CAR AND TAKE A SOLID HOLD ON NO 3 THE INDUSTRY LEADERS ARE
HERTZ OF WHICH FORD MOTOR OWNS A MAJORITY STAKE AND AVIS INC THE CAMPAIGN
PORTRAYS NATIONAL AS OFFERING MOMENTUM TO BUSINESS AIR TRAVELERS

NATIONAL IS TRYING TO REGAIN SOME MOMENTUM OF ITS OWN AS RECENTLY AS A YEAR
AGO NATIONAL WAS HEMORRHAGING SO BADLY THAT PARENT COMPANY GENERAL MOTORS
CONSIDERED LIQUIDATING IT BUT NOW ACCORDING TO NATIONAL'S NEW PRESIDENT
LAWRENCE J RAMAEKERS PART OF THE JAY ALIX & ASSOCIATES TURNAROUND TEAM
THAT GM HIRED THE UNIT HAS STOPPED BLEEDING AND IS READY TO MAKE ITS MOVE
ON BUDGET

NATIONAL'S EFFORT FOCUSES ON ELIMINATING ONE OF BUSINESS TRAVELERS' LEADING
CONCERNS DELAYS AT THE CARRENTAL COUNTER THE NEW AD CAMPAIGN HITS THAT
THEME HARD OF COURSE THE COMPETITION INCLUDING BUDGET HAS LONG
FIGURED THIS OUT TOO REMEMBER OJ SIMPSON RUNNING THROUGH AIRPORTS FOR
HERTZ

NATIONAL'S NEW VIDEO SPOTS WHICH ARE TO APPEAR THIS WEEKEND DURING NCAA
REGIONAL BASKETBALL TOURNAMENTS SHOW FASTMOVING BUSINESSTRAVEL SCENES SET
TO MATTHEW WILDER'S UPTEMPO SONG AIN'T NOTHIN' GONNA BREAK MY STRIDE
THE MESSAGE IS THAT NATIONAL RENTERS GET THROUGH THE AIRPORT QUICKLY AT THE
END A DRIVER ACCELERATES THROUGH A GREEN TRAFFIC LIGHT TO THE PUNCH LINE
GREEN MEANS GO A PLAY ON NATIONAL'S IDENTIFYING COLOR

PRINT ADS STARTING MONDAY WILL CONTINUE THAT THEME ONE DOUBLEPAGE SPREAD
DECLARES IN GREEN INK ONLY ONE CAR RENTAL COMPANY MAKES ALL THE LIGHTS
GREEN A SERIES OF GREEN TRAFFIC LIGHTS UNDERNEATH HIGHLIGHTS SELLING
POINTS SUCH AS AUTOMATED RENTALAGREEMENT MACHINES AN OPTION ALLOWING
FREQUENT TRAVELERS TO SKIP THE RENTAL COUNTER AND THE LACK OF DROPOFF
CHARGES FOR ONEWAY RENTALS

THE INTERESTING THING ABOUT THE CAMPAIGN IS THAT NATIONAL HAD TO
RESTRUCTURE BUT NOW THERE IS A SENSE OF LET'S GET ON WITH IT LET'S GET
MOVING' AND THAT'S HOW BUSINESS TRAVELERS ARE SAYS ALAN KALTER THE
PRESIDENT OF DONER

HIS AGENCY WON THE 20 MILLION YEARLONG CAMPAIGN IN A COMPETITION WITH A
HANDFUL OF OTHER AGENCIES NATIONAL HAS BEEN MOSTLY ABSENT FROM THE AIRWAVES
FOR SEVERAL YEARS IT HAD BEEN WITHOUT A NATIONAL AGENCY SINCE THE END OF
1992 WHEN IT DROPPED CHIAT/DAY

NATIONAL ARGUES THAT THE AD CAMPAIGN SHOULD PUSH ITS MARKET SHARE
SIGNIFICANTLY AHEAD SAYS MICHAEL OLSEN VICE PRESIDENT FOR COMMUNICATIONS
DURING THE PAST COUPLE OF YEARS HE SAYS WE WENT BLACK ADVERTISING AND
MARKETINGWISE AND STILL MANAGED TO HOLD ROUGHLY 14 TO 15 OF THE AIRPORT
RENTAL MARKET

THERE AREN'T ANY RELIABLE INDUSTRY MARKETSHARE FIGURES BUT NATIONAL
BELIEVES IT HAS EDGED SLIGHTLY AHEAD OF BUDGET IN AIRPORT RENTALS 144 TO
14 BUDGET ON THE OTHER HAND BELIEVES IT HAS A SOLID 15TO13 LEAD AND
PLENTY OF MOMENTUM OF ITS OWN

WE AREN'T QUAKING IN OUR BOOTS SAYS WILLIAM N PLAMONDON PRESIDENT AND
CHIEF EXECUTIVE OFFICER OF BUDGET HE OBSERVES THAT BUDGET'S ROAD WARRIOR
AD CAMPAIGN LAUNCHED IN JANUARY VIA TRACY LOCKE/DDB NEEDHAM ADDRESSES SOME
OF THE SAME QUICKAIRPORTEXIT CONCERNS ON WHICH NATIONAL IS FOCUSING
INCLUDING AN OPTION TO BYPASS THE RENTAL COUNTER

TO GET NATIONAL READY FOR ITS RELAUNCH THE JAY ALIX TURNAROUND CREW FOCUSED
ON A NUMBER OF NUTSANDBOLTS ISSUES FOR EXAMPLE TO CUT COSTS THE COMPANY
GRADUALLY DOWNSIZED ITS FLEET TURNING THE EMERALD AISLE FROM WHICH
FREQUENT CUSTOMERS MAY CHOOSE THEIR OWN CAR INTO WHAT SOME DERISIVELY BEGAN
TO CALL CORSICA ALLEY NAMED FOR THE CHEVROLET VEHICLE THAT MADE UP MANY
OF THE OFFERINGS NOW NATIONAL IS BACK TO ITS OLD IDEA OF OFFERING
FULLSIZED CARS FOR REASONABLE PRICES

THE NEW MANAGEMENT ALSO STOPPED GRADING RESERVATIONS AGENTS ON SECONDS PER
CALL AND STARTED REWARDING THEM FOR CLOSING DEALS NATIONAL BOOSTED MORALE
BY SPENDING 95000 ON MORECOMFORTABLE CHAIRS FOR AGENTS AND AFTER PAYING
FOR 25000 HOURS OF COMPUTER PROGRAMMING NATIONAL'S MANAGEMENT NOW HAS
COMPUTERIZED CARRESERVATION AND CARMANAGEMENT SYSTEMS THAT TALK TO EACH
OTHER

AND ADDS GEOFF CORBETT NATIONAL'S EXECUTIVE VICE PRESIDENT FOR MARKETING
AND SALES TO DELIVER ON OUR PROMISES OUR PEOPLE HAVE BEEN EMPOWERED TO
DELIVER A NOHASSLE EXPERIENCE TO THE TRAVELER

THE SOONER ALL OF THAT ADDS UP TO MORE MARKET SHARE THE THINKING GOES THE
SOONER GM MAY BE ABLE TO EXTRICATE ITSELF FROM THE RENTALCAR BUSINESS GM
IS UNDERSTOOD TO BE HOPING TO CLOSE A SALE THIS YEAR ALTHOUGH THERE IS SOME
SPECULATION THAT WITH NATIONAL BACK IN THE BLACK THE AUTO MAKER MAY HOLD
OUT FOR TOP DOLLAR

REEBOK INTERNATIONAL LTD JOINS THE GANG OF MARKETERS TRYING TO CAPITALIZE
ON THE NEW MOVIE THE FLINTSTONES

THIS WEEK THE ATHLETICGOODS MAKER STARTS AIRING ADS FOR ITS CLIFFHANGER
OUTDOOR SHOES SHOWING YOUNG MEN AND WOMEN CLIMBING RUGGED ROCKS AND
MOUNTAIN BIKING IN TUNE TO THE FLINTSTONE THEME SONG THE CONNECTION
PEOPLE PARTICIPATING IN OUTDOOR SPORTS ARE IN MANY RESPECTS THE STONE AGE
FAMILY OF THE 1990S THE COMPANY SAYS THE ADS WILL AIR ON NETWORK AND
CABLE

REEBOK JOINS SUCH COMPANIES AS MCDONALD'S MATTEL AND VF'S LEE APPAREL
WHICH ARE FLOODING THE MARKET WITH FLINTSTONES PROMOTIONS BEFORE THE MOVIE
IS RELEASED IN MAY

SWITCH KMART'S WALDENBOOKS MOVED ITS ESTIMATED 2 MILLION ACCOUNT FROM
DEUTSCH/DWORIN NEW YORK AND AWARDED IT WITHOUT A REVIEW TO STAMFORD
CONN AGENCY SCAROS & CASSELMAN WALDENBOOKS AND DEUTSCH/DWORIN COULDN'T BE
REACHED FOR COMMENT

SHOE ACCOUNT TBWA ADVERTISING OF NEW YORK SAID IT WAS AWARDED TIMBERLAND
CO'S ACCOUNTS IN BRITAIN FRANCE AND GERMANY PREVIOUSLY THE SHOE MAKER
SHOWED CUSTOMIZED VERSIONS OF ITS AMERICAN ADS IN EUROPE WHICH WERE CREATED
BY MULLEN ADVERTISING OF WENHAM MASS 9403240133 940324 ALLEGHENY LUDLUM
UNION AGREE TO RESUME TALKS

PITTSBURGH THE UNITED STEELWORKERS AND ALLEGHENY LUDLUM CORP SAID THEY
WOULD RESUME LABOR CONTRACT NEGOTIATIONS TODAY A WEEK AFTER THE TALKS BROKE
OFF

THE UNION ENDED TALKS WITH THE SPECIALTY STEELMAKER MARCH 17 AFTER THE TWO
SIDES FAILED TO AGREE ON VARIOUS ISSUES AFFECTING INDIVIDUAL PLANTS BUT
YESTERDAY THE UNION SAID THESE LOCAL ISSUES HAVE BEEN SETTLED TO THE
SATISFACTION OF OUR NEGOTIATING COMMITTEE ADDING THAT IT WAS READY TO
RESUME BARGAINING ON LARGER CONTRACT ISSUES INCLUDING ECONOMIC ISSUES

THE CONTRACT WHICH COVERS 3500 WORKERS AT SIX PLANTS EXPIRES MARCH 31
9403240132 940324 WHO'S NEWS URS CORP

URS CORP SAN FRANCISCO ADMIRAL S ROBERT FOLEY JR AND ARMEN DER
MARDEROSIAN WERE ELECTED TO THIS CONSTRUCTION COMPANY'S BOARD EXPANDING THE
NUMBER OF MEMBERS TO NINE FROM SEVEN MR FOLEY 65 YEARS OLD RETIRED LAST
JUNE FROM RAYTHEON CO AS VICE PRESIDENT OF COMMERCIAL MARKETING AND
PLANNING MR DER MARDEROSIAN 56 IS EXECUTIVE VICE PRESIDENT AND GENERAL
MANAGER OF GTE CORP'S GOVERNMENT SYSTEMS CORP UNIT NEEDHAM HEIGHTS MASS
9403240131 940324 FINANCING BUSINESS AMERICAN RESOURCE CO

AMERICAN RESOURCE CO GREENBRAE CALIF ISSUED IN A PRIVATE PLACEMENT 46
MILLION OF UNSECURED FIVEYEAR 10 CONVERTIBLE PROMISSORY NOTES DUE MARCH
31 1999 PROCEEDS WILL BE USED TO DEVELOP THE GOLD AND COPPERMINING
COMPANY'S PROPERTIES AND MINES IN URUGUAY AND ARGENTINA 9403240130 940324
ECONOMY DURABLEGOODS ORDERS DECLINED 25 IN FEBRUARY BUT THE SECTOR
LOOKS SOLID  BY PAULETTE THOMAS STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON A DROP IN AIRCRAFT SALES LED TO A 25 DROP IN ORDERS FOR
BIGTICKET FACTORY ITEMS IN FEBRUARY THE COMMERCE DEPARTMENT SAID BUT
OTHER DURABLEGOODS MANUFACTURERS LOOKED SOLID

THE DECLINE TO 14501 BILLION FROM A REVISED 14878 BILLION IN JANUARY
WAS THE FIRST SINCE JULY BUT EXCLUDING VOLATILE TRANSPORTATION AND DEFENSE
SPENDING FACTORY ORDERS FOR DURABLE GOODS THOSE INTENDED TO LAST THREE
YEARS OR LONGER ACTUALLY ROSE 53 IN FEBRUARY THE SECTOR REPRESENTS
ABOUT THREEQUARTERS OF ALL CAPITAL SPENDING

THE JUMP IN NONDEFENSE NONTRANSPORTATION ORDERS WAS ESPECIALLY WELCOME AS
IT FOLLOWED A DIP OF 69 IN JANUARY FOR THAT SECTOR THAT NUMBER GAVE ME A
BAD FEELING IN THE PIT OF MY STOMACH SAID PAUL MCCULLEY CHIEF ECONOMIST
FOR UBS SECURITIES I WANTED TO SEE THAT NUMBER BACK UP THIS WAS A MAJOR
SOURCE OF STRENGTH FOR 1993 THOSE ORDERS ARE UP 202 FROM A YEAR AGO

JANUARY'S OVERALL ORDERS FOR DURABLE GOODS WERE REVISED UPWARD TO A 44
RISE FROM A PREVIOUSLY ESTIMATED 37 INCREASE

UNFILLED ORDERS A BAROMETER OF FUTURE FACTORY OUTPUT FELL 03 IN
FEBRUARY THE 11TH DECLINE IN 12 MONTHS THAT COULD MEAN THAT FACTORIES ARE
HAVING LITTLE TROUBLE MEETING DEMAND WITH THEIR CURRENT WORK FORCE BUT
EXCLUDING DEFENSE AND AIRCRAFT UNFILLED ORDERS ROSE FOR THE PAST NINE
MONTHS

ORDERS FOR ELECTRONIC EQUIPMENT WERE OFF FALLING 56

ECONOMISTS DIDN'T EXPECT MUCH MARKET REACTION TO THE GENERALLY UPBEAT
REPORT THE FEDERAL RESERVE ACTED TUESDAY TO RAISE THE SHORTTERM RATES THAT
BANKS CHARGE EACH OTHER IN AN EFFORT TO HEAD OFF INFLATION SPARKED BY
STRONG ECONOMIC GROWTH INTERESTSENSITIVE SECTORS SUCH AS HOME CONSTRUCTION
AND THE MANUFACTURING OF HOUSEHOLD APPLIANCES AND CAPITAL EQUIPMENT HAVE
PROPELLED THE CURRENT RECOVERY

HERE ARE THE COMMERCE DEPARTMENT'S LATEST FIGURES ON NEW ORDERS FOR DURABLE
GOODS SEASONALLY ADJUSTED IN BILLIONS 9403240129 940324 INTERNATIONAL
 SUPERMARKET GIANT ITOYOKADO PLANS VENTURE TO IMPORT GOODS OF WALMART 
 BY JENNIFER CODY STAFF REPORTER OF THE WALL STREET JOURNAL

TOKYO JAPAN SUPERMARKET GIANT ITOYOKADO CO IS JOINING FORCES WITH US
RETAIL CONGLOMERATE WALMART STORES INC IN A COSTCUTTING MOVE THAT
HIGHLIGHTS AMERICA'S EVERINCREASING PRESENCE IN THE JAPANESE MARKET

THE VENTURE BETWEEN THE TWO HEAVYWEIGHTS WHICH AN ITOYOKADO SPOKESMAN SAID
WILL BE OFFICIALLY SIGNED INTO BEING THIS AUGUST WILL ALLOW ITOYOKADO TO
SLASH ITS COSTS BY IMPORTING LOWCOST WALMART GOODS

THE JAPANESE COMPANY HAS ALREADY TESTIMPORTED WALMART PRODUCTS TOTALING
ABOUT 200 MILLION YEN 19 MILLION SINCE LAST YEAR A SPOKESMAN SAID IT
HAS SINCE PLACED ORDERS FOR ABOUT FIVE BILLION YEN OF SPRING AND SUMMER
GOODS AND WILL LIKELY INCREASE THAT SIGNIFICANTLY ALTHOUGH THE COMPANY
WOULDN'T PROVIDE DETAILS

ITOYOKADO ALSO WOULD NOT CONFIRM WHICH WALMART PRODUCTS IT HAS ON ORDER
BUT ANALYSTS SAID THAT THEY WILL PROBABLY INCLUDE A WIDE RANGE OF BASIC
CLOTHING TOYS PET FOOD AND SOME GLASS TABLEWARE WHICH THE COMPANY HAS
BEEN IMPORTING UNDER THE TEST AGREEMENT AND IS SAID TO BE SELLING WELL HERE

WALMART BASED IN BENTONVILLE ARK DECLINED TO CONFIRM OR DENY THE
ARRANGEMENT ITS FIRST RETAILING VENTURE OUTSIDE NORTH AMERICA HOWEVER
WILLIAM W WHYTE A RETAIL ANALYST FOR STEPHENS INC SAID THE COMPANY TOLD
HIM THAT IT IS SHIPPING TO ITOYOKADO ITS OWN PRIVATELABEL GOODS THROUGH
ITS SAM'S CLUB WAREHOUSE CLUB DIVISION HE SAID THE COMPANIES INITIALLY MADE
CONTACT THROUGH WALMART'S MCLANE DISTRIBUTION DIVISION THE PRIMARY
SUPPLIER OF GOODS TO SOUTHLAND CORP DALLAS WHICH OPERATES THE 7ELEVEN
CHAIN AND IS 64OWNED BY ITOYOKADO

IT'S A LITTLE ANNOUNCEMENT THAT COULD HAVE A MAJOR IMPACT FOR WALMART DOWN
THE ROAD SAID JANET MANGANO AN ANALYST FOR BURNHAM SECURITIES INC IT
CERTAINLY UNDERSCORES WALMART'S RENOWN FOR BUYING AND SOURCING

ITOYOKADO'S TIGHTENING RELATIONSHIP WITH THE WORLD'S LARGEST RETAILER HELPS
IT COMPETE IN JAPAN'S RAPIDLY CHANGING RETAIL MARKET PUMMELED BY A SOARING
YEN FLAGGING CONSUMER DEMAND AND THE HIGH COST OF DOMESTIC MANUFACTURING
JAPAN'S RETAILERS ARE INCREASINGLY LOOKING ABROAD TO CUT COSTS ARCHRIVAL
DAIEI INC FOR EXAMPLE RECENTLY ROILED JAPAN'S ORANGEJUICE AND FILM
MARKETS BY IMPORTING PRODUCTS FROM SOUTH AMERICA AND EUROPE AND SELLING THEM
AS ROCKBOTTOMPRICED PRIVATE BRANDS WHICH HAVE SINCE DEVELOPED A STRONG
FOLLOWING AMONG JAPANESE CONSUMERS

BOTH DAIEI AND ITOYOKADO CURRENTLY IMPORT BETWEEN 12 AND 14 OF THEIR
PRODUCTS AT THE PARENT LEVEL AND ARE PREDICTING THAT FIGURE WILL GROW
ANALYSTS EXPECT OTHER COMPANIES TO FOLLOW SUIT IMPORTS ARE GOING TO
GRADUALLY INCREASE ITS JUST REALLY UNECONOMIC TO BUY TSHIRTS THAT ARE MADE
IN JAPAN SAYS VICTORIA MELENDEZ VICE PRESIDENT OF RESEARCH AT MORGAN
STANLEY JAPAN LTD

THAT TREND CREATES A UNIQUE OPPORTUNITY FOR US COMPANIES FOR ITS PART
WALMART WILL GAIN ACCESS TO ONE OF JAPAN'S MOST ENTRENCHED AND
SOPHISTICATED RETAIL NETWORKS ASIDE FROM THE 143 GENERALMERCHANDISE STORES
ITOYOKADO RUNS UNDER ITS OWN NAME THE COMPANY ALSO CONTROLS SEVENELEVEN
JAPAN ONE OF JAPAN'S MOST SUCCESSFUL CONVENIENCESTORE CHAINS WALMART
WILL ALSO BE ABLE TO TAP ITOYOKADO'S STATEOFTHEART PRODUCT ORDERING
DELIVERY AND INVENTORY MANAGEMENT TECHNIQUES ITOYOKADO SAID

AND THE OPPORTUNITIES ARE NOT LIMITED TO JAPAN ANOTHER BIG JAPANESE
RETAILER HONG KONGBASED YAOHAN INTERNATIONAL GROUP SAID IT HAS AGREED IN
PRINCIPLE TO SELL WALMART PRODUCTS AT ITS REGIONAL DEPARTMENT OUTLETS
THROUGHOUT ASIA SPOKESMAN MASANORI KOIKE SAID YESTERDAY DETAILS OF THAT
AGREEMENT WERE NOT IMMEDIATELY AVAILABLE WALMART DECLINED TO COMMENT ON
THAT ACCORD

AND IN A SEPARATE DEVELOPMENT THAT UNDERSCORES THE POTENTIAL IMPACT OUTSIDE
PLAYERS CAN HAVE ON THE MARKET HERE A SURVEY BY JAPAN'S FAIR TRADE
COMMISSION SHOWED THAT AN OVERWHELMING 826 OF JAPAN'S TOY MAKERS
ATTRIBUTED A TREND OF PLUNGING PRICES TO THE INTRODUCTION OF MASSSCALE
DISCOUNT SHOPS IN JAPAN BY TOY CONCERN TOYS R US INC OF PARAMUS NJ
WHILE THE MARKET SHARE OF TOYS R US IN THE INDUSTRY IS SLIGHT IT HAS
LED TO DRASTIC CHANGES IN THE OVERALL STRUCTURE OF DISTRIBUTION NETWORKS
RESPONDENTS SAID

BOB ORTEGA IN DALLAS CONTRIBUTED TO THIS ARTICLE 9403240128 940324
POLITICS & POLICY OBEY IS CHOSEN AS NEXT CHAIRMAN OF HOUSE PANEL 
 BY DAVID ROGERS STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON DAVID OBEY A PROLABOR WISCONSIN DEMOCRAT AND PROTEGE OF THE
LEGENDARY RULES COMMITTEE CHAIRMAN RICHARD BOLLING WAS CHOSEN BY HIS PARTY
CAUCUS TO BE THE NEXT CHAIRMAN OF THE HOUSE APPROPRIATIONS COMMITTEE

THE 55YEAROLD MR OBEY WON HANDILY OVER THE MORESENIOR REP NEAL SMITH OF
IOWA THE 152106 VOTE SYMBOLIZED A GENERATIONAL CHANGE BOTH IN THE HOUSE
AND THE APPROPRIATIONS COMMITTEE WHICH WIELDS IMMENSE POWER OVER FEDERAL
SPENDING

FIRST ELECTED TO CONGRESS IN 1969 MR OBEY WAS A YOUNG ALLY TO MR BOLLING
A MAJOR ARCHITECT OF HOUSE REFORMS IN THE 1970S MR OBEY'S OWN ROLE IN
PROMOTING TOUGHER ETHICS RULES COST HIM VOTES AND THE CHAIRMANSHIP OF THE
BUDGET COMMITTEE IN THE EARLY 1980S BUT HIS CAREER HAS PROSPERED AS HE HAS
RISEN IN THE APPROPRIATIONS PANEL AND FORGED A CLOSE RELATIONSHIP WITH
ANOTHER BOLLING PROTEGE MAJORITY LEADER RICHARD GEPHARDT D MO

I BELIEVE A COMMITTEE IS A TOOL OF THE HOUSE NOT THE OTHER WAY AROUND
SAID MR OBEY IN REMARKS YESTERDAY ECHOING MR BOLLING'S OF YEARS AGO THE
NEW CHAIRMAN'S TIES TO THE HOUSE LEADERSHIP WILL BRING A NEW DIMENSION TO
THE APPROPRIATIONS PANEL WHICH IS THE MOST INSULAR AND LEAST UNDERSTOOD OF
THE MAJOR HOUSE COMMITTEES

MR OBEY WILL HAVE THE TITLE OF ASSOCIATE OR ACTING CHAIRMAN IN DEFERENCE
TO THE PANEL'S AILING 84YEAROLD CHAIRMAN REP WILLIAM NATCHER OF
KENTUCKY BUT YESTERDAY'S VOTING WAS TANTAMOUNT TO THE SELECTION OF A NEW
CHAIRMAN AND IT GAVE MR OBEY ALL THE POWERS OF THAT OFFICE

FIERCELY COMBATIVE MR OBEY HAS A TEMPESTUOUS SOMETIMES RUDE STYLE THAT
CAN BE HIS UNDOING BUT HE DRAWS ON A WIDE KNOWLEDGE OF DOMESTIC POLICY AND
FINANCE BUILT UP OVER YEARS ON THE JOINT ECONOMIC COMMITTEE WHICH HE
CURRENTLY HEADS

HIS LIBERAL CREDENTIALS CONTRAST WITH MORE MODERATETOCONSERVATIVE CHAIRMEN
OF THE PAST WHO LIKE MR NATCHER WERE ROOTED IN THE SOUTH OR BORDER
STATES MR OBEY WON BY APPEALING TO YOUNGER SOUTHERN LAWMAKERS SUCH AS
REP JOHN SPRATT D SC WHO ARE LESS ATTUNED THAN OLDER MEMBERS TO THE
PORKBARREL STYLE OF POLITICS SO IDENTIFIED WITH THE APPROPRIATIONS PANEL
9403240127 940324 FINANCING BUSINESS SPARTA SURGICAL CORP

SPARTA SURGICAL CORP PLEASANTON CALIF SAID IT FILED A STATEMENT WITH
THE SECURITIES AND EXCHANGE COMMISSION TO OFFER 750000 UNITS AT 10 PER
UNIT EACH UNIT WOULD INCLUDE ONE SHARE OF SERIES A CONVERTIBLE PREFERRED
STOCK AND A CURRENTLY UNDETERMINED NUMBER OF COMMONSTOCK PURCHASE WARRANTS
THE MANAGING UNDERWRITER IS PAULSON INVESTMENT CO OF PORTLAND ORE
PROCEEDS WILL BE USED FOR REPAYMENT OF DEBT PURCHASE OF EQUIPMENT
RESEARCHANDDEVELOPMENT AND MARKETING COSTS AND WORKING CAPITAL SPARTA
DEVELOPS MAKES DISTRIBUTES AND MARKETS MEDICAL SURGICAL AND
ELECTROTHERAPY PRODUCTS 9403240126 940324 FINANCING BUSINESS CAPITAL
HOLDING CORP

CAPITAL HOLDING CORP LOUISVILLE KY SAID CAPITAL HOLDING LLC FILED A
REGISTRATION STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION FOR A
PUBLIC OFFERING OF FOUR MILLION SHARES OF CUMULATIVE MONTHLY INCOME
PREFERRED STOCK CAPITAL HOLDING LLC IS A LIMITED LIFE COMPANY AND IS A
NEWLY FORMED WHOLLY OWNED FINANCE SUBSIDIARY OF CAPITAL HOLDING CORP LEAD
MANAGER OF THE OFFERING WILL BE GOLDMAN SACHS & CO THE COMPANY SAID THE
PROJECTED INITIAL PURCHASE PRICE OF THE SHARES WHICH WILL PAY DIVIDENDS
MONTHLY WILL BE 25 EACH NET PROCEEDS OF THE OFFERING WILL BE LENT TO
CAPITAL HOLDING CORP AND WILL BE USED TO PROVIDE FUNDING FOR THE REDEMPTION
OF CAPITAL HOLDING'S ADJUSTABLERATE PREFERRED STOCK SERIES F CAPITAL
HOLDING SAID THE NEW UNIT WAS FORMED PRIMARILY TO ISSUE THE PREFERRED STOCK
CAPITAL HOLDING CORP WITH ABOUT 229 BILLION IN ASSETS IS AN INSURANCE
AND FINANCIALSERVICES COMPANY 9403240125 940324 FINANCING BUSINESS 
BROWNFORMAN CORP

BROWNFORMAN CORP LOUISVILLE KY SAID IT FILED A MEDIUMTERM NOTE
PROGRAM UNDER ITS EXISTING 250 MILLION SHELF REGISTRATION WITH THE
SECURITIES AND EXCHANGE COMMISSION UNDER A MEDIUMTERM NOTE PROGRAM THE
COMPANY MAY SELL PERIODICALLY UP TO 250 MILLION OF DEBT SECURITIES WITH
MATURITIES OF NINE MONTHS OR GREATER OR THROUGH AGENTS OR DIRECTLY TO
PURCHASERS BROWNFORMAN WHISKEY AND DISTILLEDSPIRITS MARKETER SAID IT
MAY ALSO SELL DEBT SECURITIES ON AN UNDERWRITTEN BASIS 9403240124 940324
AT&T VOICEMESSAGE SERVICE

NEW YORK AMERICAN TELEPHONE & TELEGRAPH CO SAID IT EXPANDED AND RENAMED
A VOICEMESSAGE SERVICE

THE SERVICE NOW CALLED AT&T TRUE MESSAGES ENABLES PHONE CALLERS WHO GET NO
ANSWER OR A BUSY SIGNAL TO LEAVE BRIEF SPOKEN MESSAGES WHICH AT&T STORES
ELECTRONICALLY AND FORWARDS LATER

THE SERVICE PREVIOUSLY AVAILABLE ONLY WITH CREDITCARD OR CALLINGCARD
CALLS IS NOW AVAILABLE WITH DIRECT PHONE AND COLLECT CALLS AT&T SAID
9403240123 940324 WVS FINANCIAL FACES CLASS ACTION FILED BY TWO
SHAREHOLDERS

PITTSBURGH WVS FINANCIAL CORP SAID TWO SHAREHOLDERS FILED A CLASSACTION
LAWSUIT MARCH 10 AGAINST IT AND ITS WHOLLY OWNED SUBSIDIARY WEST VIEW
SAVINGS BANK AND CERTAIN OFFICERS AND DIRECTORS OF THE SAVINGS BANK

THE LAWSUIT FILED BY JEFFREY G CARBERRY AND ROBERT C BITTNER OF SOMERSET
PA IN PITTSBURGH'S US DISTRICT COURT ALLEGES AMONG OTHER THINGS THAT
THE COMPANY VIOLATED FEDERAL SECURITIES LAWS IN CONNECTION WITH ITS NOV 29
1993 MUTUALTOSTOCK CONVERSION OF THE SAVINGS BANK WVS SAID

AMONG THE 10 DEFENDANTS NAMED IN THE SUIT ARE CHIEF EXECUTIVE OFFICER ROBERT
C SINEWE AND DAVID J BURSIC CHIEF FINANCIAL OFFICER AND TREASURER

THE SUIT CLAIMS THAT THE NAMED OFFICERS AND DIRECTORS RECEIVED A
DISPROPORTIONATE SHARE OF THE OFFERING IN RELATION TO THE DEPOSITORS IT
ALSO CLAIMS THAT THE PURCHASES BY THE DEFENDANTS EXCEEDED WHAT THEY
DISCLOSED IN THE PROSPECTUS BY ABOUT 72000 SHARES AND THAT NOT ALL OF THE
SHARES WERE OFFERED WHILE ABOUT 115200 SHARES WERE DEREGISTERED EVEN
THOUGH THERE WERE NUMEROUS UNFULFILLED SUBSCRIPTIONS

WVS SAID IT BELIEVED THE SUIT WAS WITHOUT MERIT AND PLANNED TO CONTEST IT
9403240122 940324 WEDNESDAY'S MARKETS BOND PRICES FALL ON MOVE BY
BANKS  PRIME RATE IS RAISED FOLLOWING FED ACTION STOCKS FINISH
MIXED  BY STEVEN E LEVINGSTON AND MICHAEL R SESIT STAFF
REPORTERS OF THE WALL STREET JOURNAL

A BOOST IN THE PRIME RATE BY SEVERAL LARGE BANKS HELPED DRIVE BOND PRICES
LOWER STOCK PRICES AND THE DOLLAR WERE MIXED

THE DOW JONES INDUSTRIAL AVERAGE ROSE 691 POINTS TO 386946 STANDARD &
POOR'S 500STOCK INDEX EDGED DOWN 026 TO 46854 AND THE NASDAQ COMPOSITE
INDEX GAINED 117 TO 79751

BOND PRICES TRADED IN A NARROW RANGE UNTIL THE AFTERNOON WHEN THEY SLUMPED
AFTER SEVERAL BANKS RAISED THE PRIME RATE TO 625 FROM 6 THE PRIME RATE
IS THE RATE COMMERCIAL BANKS CHARGE ON LOANS TO THEIR BIGGEST BORROWERS
TUESDAY THE FEDERAL RESERVE DECIDED TO RAISE SHORTTERM INTEREST RATES

THIS MEANS INTEREST RATES FROM THE FEDERAL FUNDS RATE TO THE PRIME RATE
 ARE TRENDING UPWARD SAID SUNG WON SOHN CHIEF ECONOMIST AT NORWEST
CORP IN MINNEAPOLIS THOUGH THE RISE IN THE PRIME RATE WAS EXPECTED THE
BOND MARKET WAS SOMEWHAT DISCOURAGED HE ADDED THAT THE BOND MARKET'S
DECLINE WAS ALSO DUE TO PROFITTAKING AFTER TUESDAY'S SURGE

STOCK PRICES WERE BOOSTED BY ECONOMICALLY SENSITIVE STOCKS AS INVESTORS BET
THAT THE RECOVERY REMAINS ON TRACK DESPITE RISING INTEREST RATES BUT
INVESTORS ARE STILL WORRIED ABOUT FURTHER FED RATE INCREASES SAID RALPH
BLOCH MARKET STRATEGIST AT RAYMOND JAMES & ASSOCIATES IN ST PETERSBURG
FLA THERE'S A THIRD SHOE OUT THERE STILL TO DROP HE SAID

OVERSEAS SOME ASIA/PACIFIC MARKETS SOARED THE HONG KONG STOCK MARKET
JUMPED 5 SINGAPORE 32 THAILAND 4 AND MALAYSIA 34 MARKETS IN
AUSTRALIA TAIWAN AND THE PHILIPPINES ALSO RALLIED WILLIAM MURRAY A
DIRECTOR AT BARING SECURITIES LTD IN LONDON SAID ASIAN INVESTORS WERE
RELIEVED BY THE FED'S MODEST MOVE ON RATES ALSO THE FLOW OF FUNDS TO THE
JAPANESE MARKET FROM SMALLER SOUTHEAST ASIAN MARKETS HAS SLOWED FROM ITS
VIGOROUS PACE EARLIER IN THE YEAR

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX LOST 009 TO 11495

IN MAJOR MARKET ACTION

STOCK PRICES WERE MIXED VOLUME TOTALED 2814 MILLION SHARES ON THE NEW YORK
STOCK EXCHANGE WHERE 1159 ISSUES ROSE AND 945 FELL

BOND PRICES FELL THE TREASURY'S BENCHMARK 30YEAR ISSUE LOST MORE THAN 1/2
POINT OR MORE THAN 5 FOR EACH 1000 FACE AMOUNT TO YIELD 689

THE DOLLAR WAS MIXED IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT
16802 MARKS AND 10625 YEN COMPARED WITH 16885 MARKS AND 10600 YEN
TUESDAY 9403240121 940324 OPEN MARKET A GROWING GLASNOST AT THE FED
IS DISPELLING A LOT OF ITS MYSTIQUE  RECORDS OF MEETINGS SHOW 
BOARD AT SENSITIVE TIME AS IT TRACKS INFLATION  WHY HE'S NO WIZARD
AT ALL  BY DAVID WESSEL AND ANITA RAGHAVAN STAFF REPORTERS OF THE
WALL STREET JOURNAL

THE TEMPLE DOESN'T HAVE QUITE SO MANY SECRETS ANY MORE

THE FEDERAL RESERVE BOARD PUSHED UP A KEY SHORTTERM INTEREST RATE YESTERDAY
MORNING BUT NO ONE WAS SURPRISED THE FED HAD ANNOUNCED THAT IT WAS GOING
TO DO SO THE DAY BEFORE IT WAS THE END OF AN ERA WHEN ONLY WALL STREET
PROFESSIONALS COULD SURMISE WHAT THE FED WAS DOING AND EVEN THEY COULDN'T
ALWAYS BE SURE

THE CHANGE IS SMALL AND THE FED WON'T PLEDGE TO DO IT AGAIN BUT IT IS A
MANIFESTATION OF A MORE SIGNIFICANT SHIFT AT THE WORLD'S MOST IMPORTANT
CENTRAL BANK UNDER PRESSURE FROM CONGRESS THE FED IS GRADUALLY BECOMING
MORE OPEN ANNOUNCING RATE MOVES TALKING MORE FREELY ABOUT ITS ACTIONS AND
EVEN RELEASING TRANSCRIPTS OF ITS CLOSEDDOOR MEETINGS ALBEIT FIVE YEARS
AFTER THEY HAVE OCCURRED

THE RESULT IS A SLOW LIFTING OF THE VEIL AT A PARTICULARLY VULNERABLE
MOMENT THE FED IS NOW IN THE PROCESS OF INCREASING INTEREST RATES NEVER A
POPULAR COURSE AND IT DOESN'T HAVE A CLEAR COMPASS TO RELY ON THE UPS AND
DOWNS OF THE MONEY SUPPLY ARE NO LONGER RELIABLE AS A GUIDE TO FUTURE
INFLATION AND NEITHER GOLD COMMODITY PRICES NOR ANYTHING ELSE HAS EMERGED
AS AN ACCEPTABLE SUBSTITUTE AS A RESULT THE ONCESECRETIVE FED IS BEING
FORCED TO ACKNOWLEDGE THAT ITS POLICY MEETINGS ARE LITTLE MORE MYSTERIOUS
THAN A BUNCH OF PEOPLE SITTING AROUND TALKING ABOUT THE ECONOMY AND THE
LESS INSCRUTABLE THOSE MEETINGS ARE THE MORE OPEN THEY BECOME TO CRITICISM

IT IS AKIN TO THE WIZARD OF OZ WHEN THE CURTAIN IS PULLED AND DOROTHY
SEES THAT THERE IS NO WIZARD JUST A MAN FRANTICALLY YANKING ON THE LEVERS

AS RECENTLY AS FIVE YEARS AGO FED CHAIRMAN ALAN GREENSPAN COULD TALK
SOBERLY IN CONGRESSIONAL TESTIMONY ABOUT THE GROWTH OF THE MONEY SUPPLY AS
IF THAT WERE THE PREEMINENT GUIDE TO MONETARY POLICY IT WASN'T REALLY AND
RECENTLY RELEASED TRANSCRIPTS OF FED MEETINGS SHOW THAT BUT AT LEAST THE
MONEY SUPPLY PROVIDED CONVENIENT COVER FOR FED OFFICIALS IT ENABLED THEM TO
TELL THE PUBLIC THAT THEY WERE DOING WHAT THEIR ANALYSIS OF THIS ARCANE
STATISTIC TOLD THEM THEY MUST DO

IN DECEMBER 1988 AS FED OFFICIALS DICKERED OVER A LARGELY TECHNICAL ISSUE
INVOLVING WHETHER TO MANIPULATE INTEREST RATES DIRECTLY OR TO MOVE THEM
INDIRECTLY BY TARGETING THE AMOUNT OF MONEY BANKS BORROW FROM THE FED THE
PRESIDENT OF THE CHICAGO FEDERAL RESERVE BANK SILAS KEEHN SUGGESTED THAT
MR GREENSPAN TELL CONGRESS WHAT THE BOARD HAD DECIDED

MR GREENSPAN BALKED WE'VE STAYED WITHIN OUR MONEY SUPPLY TARGET RANGES
WHICH WE HAVE DEFINED TO THE CONGRESS  WE DON'T HAVE ANYTHING TO
EXPLAIN HE SAID

AN OFFICIAL UNIDENTIFIED IN THE TRANSCRIPT EXPLAINED THAT IT WAS MERE
HAPPENSTANCE THAT THE MONEYSUPPLY NUMBERS WERE BEHAVING SO WELL WE ARE
HERE BY ACCIDENT MR CHAIRMAN THE OFFICIAL SAID MR GREENSPAN DIDN'T
RESPOND

THE FED ALWAYS GOT PEOPLE INCLUDING BOND TRADERS AND FINANCIAL REPORTERS
TO FOCUS OBSESSIVELY ON THE INTERMEDIATE TARGETS' LIKE M2 A MONEYSUPPLY
MEASURE THEY GOT VERY ESOTERIC SAYS JOURNALIST WILLIAM GREIDER AUTHOR OF
A BOOK ABOUT THE FED TITLED THE SECRETS OF THE TEMPLE THERE IS A NEED TO
BELIEVE IN THE TECHNICAL RATIONALITY RATHER THAT SAYING THAT THIS IS A BUNCH
OF PEOPLE WITH DIFFERENT BIASES MAKING JUDGMENTS ABOUT THE ECONOMY

IN SUCH AN ENVIRONMENT WHERE NUMBER CRUNCHING ISN'T A USEFUL WAY TO PREDICT
WHAT THE FED WILL DO NEXT THERE IS AN EVEN GREATER PREMIUM ON THE MOST
TRIVIAL BITS OF INSIGHT INTO THE THINKING OF FED OFFICIALS AFTER ALL A
WALL STREET INVESTMENT HOUSE CAN MAKE OR LOSE MILLIONS OF DOLLARS WHEN
THE FED MOVES SHORTTERM INTEREST RATES BY A MERE 1/4 PERCENTAGE POINT AS
IT DID YESTERDAY WITH THE BENCHMARK FEDERALFUNDS RATE

SO FORMER FED GOVERNOR WAYNE ANGELL WHO LEFT THE FED BOARD EARLIER THIS
YEAR HAS BEEN IN HOT DEMAND ON WALL STREET SO HOT THAT HE IS ACTUALLY
CHARGING SOME ANALYSTS 100 A MINUTE FOR ADVICE A WALL STREET STOCK ANALYST
SAID SHE RECENTLY TALKED TO MR ANGELL FOR 13 MINUTES TO GET HIS VIEWS ON
INTEREST RATES A DAY LATER SHE RECEIVED A BILL FOR 1300

I WOULD PROBABLY SAY HE'S WORTH 100 A MINUTE RIGHT NOW SAYS EDWARD
YARDENI CHIEF ECONOMIST FOR CJ LAWRENCE & CO BUT HE IS GOING TO DECAY
PRETTY QUICKLY

HOWEVER ELAINE GARZARELLI LEHMAN BROTHERS INC'S INFLUENTIAL STOCK
STRATEGIST SAYS SHE WOULD HAPPILY PAY MR ANGELL 100 A MINUTE SHE SAYS
THE FORMER FED GOVERNOR GAVE HER SOME LUCRATIVE ADVICE FOR FREE WHEN
HE APPEARED WITH HER AT A SEMINAR IN CHICAGO HE TOLD ME THREE DAYS BEFORE
THE FED WAS GOING TO RAISE RATES IN EARLY FEBRUARY THAT HE THOUGHT THEY WERE
GOING TO SHE SAYS I DIDN'T BELIEVE HIM BUT HE WAS RIGHT

IMPRESSED BY THAT MS GARZARELLI DECIDED TO TALK TO HIM ONE ON ONE SHE
WON'T SAY WHAT SHE PAID BUT SHE SAYS IT WAS WORTH IT HE TOLD ME THE FED
WOULD PROBABLY TIGHTEN AGAIN SHE SAYS AND HE PREDICTED THAT THE BOND
MARKET WOULD REACT POSITIVELY AND THAT'S EXACTLY WHAT HAPPENED MS
GARZARELLI SAYS

OF COURSE IF THE FED ISN'T WATCHING ANYTHING IN PARTICULAR THEN THERE ISN'T
ANY POINT IN PAYING SMART ECONOMISTS AND TECHNICIANS TO PREDICT WHAT IS
GOING TO HAPPEN TO WHATEVER IT IS THE FED IS SUPPOSEDLY WATCHING

BACK IN THE EARLY 1980S WHEN THE FED RELIED HEAVILY ON CHANGES IN THE MONEY
SUPPLY WILLIAM JORDAN OF RIED THUNBERG & CO LIVED FOR THURSDAY AFTERNOONS
AT 430 WHEN THE FED ANNOUNCED THE LATEST DATA

IN THOSE DAYS BEING ACCURATE ON MONEYSUPPLY FORECASTS WAS ENOUGH TO MAKE
A LIVING RECALLS MR JORDAN NOWADAYS IT ISN'T ENOUGH TO BUY A CUP OF
COFFEE

BASED IN CONNECTICUT RIED THUNBERG WHICH BUILT ITS REPUTATION ON
INTERPRETING CENTRALBANK POLICY HAS HAD TO BRANCH OUT TO OTHER AREAS OF
ECONOMIC ANALYSIS TO STAY IN BUSINESS

IT'S FRUSTRATING TO PREDICT FED POLICY LAMENTS MR JORDAN BASICALLY
THEY CAN PICK AN ECONOMIC INDICATOR THAT SUPPORTS WHAT THEY WANT TO AND
FOCUS ON THAT HE SAYS BUT BY LOOKING AT EVERYTHING THEY'RE NOT LOOKING
AT ANYTHING AND THAT MAKES IT SOMEWHAT FRUSTRATING TO OPERATE UNDER SUCH A
REGIME

UNTIL NOW FED WATCHERS AS THEY ARE KNOWN STILL PERFORMED THE SOMEWHAT
VALUABLE FUNCTION OF KEEPING AN EYE ON THE NEW YORK FEDERAL RESERVE BANK'S
BUYING AND SELLING OF TREASURY SECURITIES WHICH IS THE WAY THE FED ACTUALLY
IMPLEMENTS ITS INTERESTRATE DECISIONS BY DISTINGUISHING BETWEEN
TRANSACTIONS THAT WERE SIMPLY AIMED AT KEEPING INTEREST RATES STEADY AND
THOSE DESIGNED TO MOVE THEM FED WATCHERS TOLD THE WORLD WHETHER THE BOARD
HAD MADE A DECISION TO ALTER RATES

AND UNTIL THE LATE 1980S SAYS KATHLEEN CAMILLI CHIEF ECONOMIST AT MARIA
FIORINI RAMIREZ INC WE ACTUALLY HAD TO SIFT THROUGH THE TEA LEAVES AND
FIGURE OUT BY LOOKING AT THE DAILY OPENMARKET OPERATIONS AND BANK RESERVE
FLOWS  IF THEY HAD CHANGED POLICY IT WASN'T UNUSUAL FOR THE OPEN
MARKET COMMITTEE TO VOTE TO CHANGE RATES ON A TUESDAY AND FED WATCHERS TO
TAKE UNTIL FRIDAY TO FIGURE OUT WHAT HAD HAPPENED SHE SAYS

IN THE PAST SEVERAL YEARS THE FED HAS MADE IT EASY FOR FED WATCHERS AND
THE MEDIA TO DISCERN SUCH DECISIONS BUT UNTIL LAST MONTH IT REFUSED TO
SAY SO IN PUBLIC SO THERE WAS ALWAYS SOME DOUBT

NO LONGER ALTHOUGH FED SPOKESMAN JOSEPH COYNE SAYS THAT POLICY MAKERS
HAVEN'T MADE A DECISION TO DISCLOSE ALL FUTURE INTERESTRATE MOVES IT WILL
BE DIFFICULT FOR THE FED TO JUSTIFY KEEPING MUM IF THE TWO ANNOUNCEMENTS
THIS YEAR ARE ANY GUIDE THE FED APPEARS TO BE DOING WHAT THE GERMAN CENTRAL
BANK DOES ANNOUNCING AFTER EACH COMMITTEE MEETING WHETHER IT HAS DECIDED TO
CHANGE RATES BUT BUNDESBANK OFFICIALS MEET EVERY OTHER WEEK THOSE AT THE
FED MEET EVERY SIX WEEKS OR SO AND TO THE FRUSTRATION OF THE FED WATCHERS
THE FED HASN'T SAID WHAT IT WILL DO IF MR GREENSPAN MAKES AN INTERESTRATE
MOVE BEFORE THE NEXT MEETING SCHEDULED FOR MAY 17

THE CHANGE EVEN IF PERMANENT PROBABLY WON'T EASE CONGRESSIONAL PRESSURE ON
THE FED TO DISCLOSE STILL MORE ABOUT WHAT GOES ON BEHIND THE CLOSED DOORS
IT HAS MERELY WHETTED THE APPETITE OF HOUSE BANKING COMMITTEE CHAIRMAN HENRY
GONZALEZ WHO HAS PROPOSED LEGISLATION THAT WOULD FORCE A VARIETY OF
CHANGES INCLUDING THE VIDEOTAPING OF FED POLICY MEETINGS

NEXT I WANT THE OPEN MARKET COMMITTEE TO AGREE TO A TIMELY RELEASE OF THE
COMPLETE MINUTES OF EACH OF ITS  MEETINGS SO THAT THE AMERICAN PUBLIC
CAN HAVE A FULL ACCOUNTING OF THE DECISIONS OF THE INDIVIDUALS WHO RUN THIS
POWERFUL DECISIONMAKING COMMITTEE THE TEXAS DEMOCRAT SAID TUESDAY

UNABLE TO APPEASE MR GONZALEZ MR GREENSPAN CLEARLY IS TRYING TO UNDERMINE
SUPPORT FOR THE FEISTY CONGRESSMAN BY MAKING MODEST MOVES IN HIS DIRECTION
INCLUDING THE RECENT DECISION TO RELEASE TRANSCRIPTS OF OLD FED MEETINGS
MR GREENSPAN HAS TOLD LEGISLATORS THAT HE WORRIES THAT IF CONGRESS EVER
TAKES UP SEEMINGLY INNOCUOUS PROPOSALS TO REQUIRE MORE DISCLOSURE IT COULD
END UP COMPROMISING THE FED'S INDEPENDENCE

BUT SOME FRIENDS OF THE FED ARE LESS WORRIED ABOUT THAT AND ARGUE INSTEAD
THAT OPENNESS WILL YIELD FAVORABLE EFFECTS IF THE FED ROUTINELY ANNOUNCES
THE DECISIONS OF ITS POLICYMAKING COMMITTEE SAYS ALLAN MELTZER A MONETARY
ECONOMIST AT CARNEGIE MELLON UNIVERSITY IT IS GOING TO BE VERY HARD FOR
THEM TO GIVE DISCRETION TO THE CHAIRMAN WHICH MEANS THAT THE COMMITTEE IS
GOING TO HAVE TO MAKE THE DECISIONS PEOPLE WILL COME TO THE MEETINGS MUCH
BETTER PREPARED I HOPE IT'LL FORCE THEM TO FOCUS MORE ON WHAT IS THEIR
OBJECTIVE AND HOW ARE THEY GOING TO GET THERE

IT ALSO MEANS THAT THE FED CAN SPEND LESS TIME TALKING ABOUT THE GONG
TRANSCRIPTS OF THE FED'S 1988 MEETINGS RECORD SEVERAL DISCUSSIONS ABOUT THE
RELATIVE MERITS OF RAISING THE FEDERALFUNDS RATE AT WHICH BANKS LEND TO
EACH OTHER VS THE DISCOUNT RATE AT WHICH THE FED ITSELF LENDS TO BANKS
THE FEDERALFUNDS RATE IS MORE IMPORTANT ECONOMICALLY BUT CHANGES IN THE
DISCOUNT RATE HAVE BEEN MORE VISIBLE UNTIL NOW BECAUSE THEY WERE
ANNOUNCED IMMEDIATELY

AMONG THE FED MEMBERS RAISING THE DISCOUNT RATE IS KNOWN AS RINGING THE
GONG SO JUST BEFORE CHRISTMAS 1988 FED GOVERNOR JOHN LAWARE SAID LET ME
JUST SUGGEST THAT INSTEAD OF RINGING THE GONG THAT  WE MIGHT JUST
JINGLE THE BELL THAT'S A SEASONAL PUN AND PERHAPS NOT MOVE THE
DISCOUNT RATE A FULL HALF POINT BUT RATHER MOVE IT A QUARTER POINT

THOMAS T VOGEL JR CONTRIBUTED TO THIS ARTICLE 9403240120 940324 NOVELL
PACT WITH WORDPERFECT FOLLOWED A SECRET BIDDING WAR INITIATED BY LOTUS 
 BY G PASCAL ZACHARY STAFF REPORTER OF THE WALL STREET JOURNAL

NOVELL INC WHICH AGREED ON MONDAY TO PURCHASE WORDPERFECT CORP WAS THE
WINNER OF A SECRET BIDDING WAR FOR THE COMPANY WITH RIVAL LOTUS DEVELOPMENT
CORP ACCORDING TO PEOPLE INVOLVED IN THE NEGOTIATIONS

LOTUS THE WORLD'S THIRDLARGEST SUPPLIER OF SOFTWARE FOR PERSONAL
COMPUTERS INITIALLY OFFERED TO PAY AS LITTLE AS 700 MILLION IN STOCK FOR
WORDPERFECT THE WORLD'S LARGEST CLOSELY HELD PC SOFTWARE COMPANY LEARNING
OF THE OFFER NOVELL WHICH UNSUCCESSFULLY SOUGHT TO MERGE WITH LOTUS FOUR
YEARS AGO GREW INTERESTED IN WORDPERFECT AND ULTIMATELY EDGED OUT LOTUS
WITH A BID OF 14 BILLION IN STOCK MADE JUST HOURS BEFORE THE DEAL WAS
ANNOUNCED ACCORDING TO THE PARTICIPANTS

NONE OF THE COMPANIES INVOLVED WILL PUBLICLY ACKNOWLEDGE THE SECRET BIDDING
WAR FOR WORDPERFECT BUT THE BATTLE AND THE RESULTING PRICE MAY EXPLAIN WHY
ANALYSTS QUESTION THE FINANCIAL VALUE OF THE DEAL CONCERNS ABOUT THE PRICE
PAID BY NOVELL HAS SENT THE COMPANY'S SHARES SLIDING 20 IN THE LAST TWO
DAYS IN HEAVY TRADING

IN NASDAQ STOCK MARKET TRADING YESTERDAY NOVELL SHARES FELL 1 TO 19
AFTER PLUMMETING 375 ON TUESDAY THE STEEP DROP HAS ALREADY LOWERED THE
VALUE OF THE DEAL FOR 59 MILLION SHARES OF NOVELL STOCK TO 112 BILLION

SOME ANALYSTS HAVE DOWNGRADED THEIR RECOMMENDATIONS ON THE COMPANY WITH A
FEW EVEN SUGGESTING THAT INVESTOR DISCONTENT MIGHT SCUTTLE THE DEAL

INSTITUTIONAL INVESTORS ARE VOTING AGAINST THE DEAL BY SWAPPING MONEY OUT
OF NOVELL AND PUTTING MONEY INTO LOTUS AND MICROSOFT CORP SAID DAVID
READERMAN A LEHMAN BROTHERS INC ANALYST

THE BIDDING FOR WORDPERFECT WHICH IS BEST KNOWN FOR ITS WORDPROCESSING
SOFTWARE BEGAN ABOUT THREE TO FOUR WEEKS AGO WHEN LOTUS MADE AN OFFER TO
BUY THE COMPANY AFTER DISCUSSIONS WITH ITS CHIEF EXECUTIVE OFFICER ADRIAN
RIETVELD THE PLAN WAS FOR LOTUS TO INCORPORATE WORDPERFECT'S FLAGSHIP
PRODUCT INTO A BUNDLE OF APPLICATIONS CALLED A SUITE THAT IT SELLS MAINLY
TO CORPORATIONS MICROSOFT IS THE OVERWHELMING LEADER IN SALES OF
APPLICATIONS SUITES AND LOTUS FELT ITS SUITE WHICH IS ANCHORED BY ITS
BESTSELLING SPREADSHEET COULD BENEFIT FROM A TOP WORDPROCESSING PROGRAM

WHEN RAYMOND NOORDA NOVELL'S CEO FOUND OUT ABOUT THE NEGOTIATIONS BETWEEN
LOTUS AND WORDPERFECT HE QUICKLY DECIDED TO BID HIMSELF NOVELL WHICH IS
BASED IN PROVO UTAH JUST A FEW MILES SOUTH OF WORDPERFECT IN OREM UTAH
SEEMED LIKE A GOOD FIT WITH WORDPERFECT BECAUSE THE TWO COMPANIES ARE NEAR
EACH OTHER AND LARGELY RUN BY MEMBERS OF THE MORMON CHURCH

AFTER NOVELL'S STOCK BID REACHED IN EXCESS OF 13 BILLION LOTUS'S CEO JIM
MANZI DECIDED TO PULL OUT CONVINCED THAT THE TWO COMPANIES WOULDN'T
NECESSARILY MESH THAT WELL AND THAT THE DEAL WASN'T WORTH THE PRICE
ACCORDING TO A PERSON CLOSE TO THE DEAL

LOTUS DISCUSSED PURCHASING WORDPERFECT UNTIL JUST BEFORE THE NOVELL DEAL
WAS ANNOUNCED SAID ROBERT WEILER A LOTUS SENIOR VICE PRESIDENT BUT HE
SAID THERE WAS NO BIDDING WAR PERIOD BECAUSE LOTUS NEVER MADE ANY
FORMAL OFFER

LOTUS ALSO HAD DOUBTS ABOUT THE VALUE OF WORDPERFECT'S FRANCHISE A PERSON
CLOSE TO THE DEAL SAID THE LONGTIME LEADER IN THE PC WORDPROCESSING
MARKET WORDPERFECT HAS SEEN ITS POSITION SHARPLY ERODE IN THE FACE OF AN
ONSLAUGHT BY MICROSOFT PEOPLE FAMILIAR WITH WORDPERFECT'S FINANCES SAID
THAT LAST YEAR'S RECORD REVENUE OF 700 MILLION IS UNLIKELY TO BE REPEATED
IN 1994 BECAUSE OF LOWER PRICES ON ITS PRODUCTS AND THE LIKELIHOOD OF FEWER
MAJOR UPGRADES TO EXISTING PRODUCTS WORDPERFECT'S REVENUE COULD FALL IN THE
RANGE OF 550 MILLION TO 600 MILLION THEY SAID

NOVELL'S SIMULTANEOUS AGREEMENT TO PURCHASE BORLAND INTERNATIONAL INC'S
QUATRO PRO LINE OF SPREADSHEETS IS ANOTHER FACTOR BEHIND THE STEEP DECLINE
IN NOVELL'S STOCK HERE AGAIN ANALYSTS FEAR THAT IN ACQUIRING THE
THIRDRANKED SPREADSHEET A 50 PRODUCT THAT ACCOUNTED FOR ABOUT 75 MILLION
IN REVENUE LAST YEAR NOVELL MAY HAVE OVERPAID

WHILE THE ACQUISITION OF QUATTRO PRO BOLSTERS A SUITE OF APPLICATIONS
OFFERED BY WORDPERFECT IT ALSO HELPS KEEP CASHSTRAPPED BORLAND BLOODIED
FROM ITS EFFORT TO COMPETE AGAINST MICROSOFT ALIVE IN AN INTERVIEW ON
MONDAY MR NOORDA ACKNOWLEDGED THAT PART OF HIS INTENTION WAS TO HELP
BORLAND STAY COMPETITIVE IN DATABASE SOFTWARE WHERE THE COMPANY HOLDS A
DECIDED EDGE OVER MICROSOFT A RISING SECOND IN THE MARKET

INDEED MR NOORDA'S CONCERN ABOUT THE FATE OF BORLAND MAY HAVE DRAWN HIM
INTO WORDPERFECT'S ORBIT IN THE FIRST PLACE PEOPLE FAMILIAR WITH THE DEAL
SAY THAT WORDPERFECT TURNED TO MR NOORDA FOR HELP WITH FINANCING THE
PURCHASE BY WORDPERFECT OF BORLAND'S QUATTRO PRO WORDPERFECT WHICH UNTIL
RECENTLY WAS A SUBCHAPTER S PARTNERSHIP OWNED BY TWO EXECUTIVES OF THE
COMPANY EITHER DID NOT HAVE ENOUGH CASH ON HAND OR COULD NOT RAISE IT BY
OTHER MEANS ACCORDING TO KNOWLEDGEABLE PEOPLE

ONE REASON FOR THE CASH SHORTAGE ABOUT 15 MONTHS AGO ALAN ASHTON AND BRUCE
BASTIAN THE OWNERS OF WORDPERFECT HAD TAKEN FROM THE COMPANY ABOUT 180
MILLION IN PROFITS OWED TO THEM PERSONALLY AT THE TIME MESSRS ASHTON AND
BASTIAN AMONG THE RICHEST MEN IN AMERICA HAD EXPECTED TO REPLACE THE CASH
WITH PROCEEDS FROM AN INITIAL PUBLIC OFFERING BUT PLANS FOR THE OFFERING
WERE SCRAPPED LAST FALL AS WORDPERFECT'S PROFITABILITY DETERIORATED

AS MR NOORDA STUDIED THE POSSIBILITY OF FINANCING A DEAL FOR WORDPERFECT
HE LEARNED ABOUT NEGOTIATIONS BETWEEN LOTUS AND WORDPERFECT OVER A SALE MR
NOORDA DECIDED THEN TO BID FOR WORDPERFECT AT THE SAME TIME LARRY SONSINI
A PROMINENT SILICON VALLEY ATTORNEY AND A MEMBER OF THE BOARDS OF BOTH
NOVELL AND WORDPERFECT RESIGNED FROM WORDPERFECT'S BOARD TO AVOID WHAT HE
DESCRIBED IN AN INTERVIEW AS A POTENTIAL CONFLICT OF INTEREST

INVESTORS ALSO WORRY ABOUT WHO WILL LEAD NOVELL WHEN MR NOORDA APPROACHING
70 YEARS OF AGE RETIRES AS CEO THIS SUMMER AS EXPECTED NOVELL IS
CURRENTLY SEARCHING FOR A SUCCESSOR BUT NO OBVIOUS CANDIDATES HAVE
SURFACED

THERE IS POSSIBLY SOMEONE INSIDE NOVELL THAT COULD DO THE JOB BUT I DON'T
KNOW WHO IT IS SAYS CRAIG BURTON A FORMER EXECUTIVE WITH THE COMPANY AND
NOW A CONSULTANT IN SALT LAKE CITY

THESE WORRIES MAKE SOME ANALYSTS PESSIMISTIC THAT NOVELL'S ACQUISITION OF
WORDPERFECT CAN SURVIVE A FURTHER FALL IN ITS SHARE PRICE IF THE STOCK
FALLS FURTHER THE CHANCES INCREASE THAT THE DEAL WON'T GO THROUGH SAID
PAUL JOHNSON AN ANALYST WITH CS FIRST BOSTON

JOHN R WILKE CONTRIBUTED TO THIS ARTICLE 9403240119 940324 BEARISH FUNDS
REVEAL OVERSEAS SHELTERS  BY MICHAEL R SESIT STAFF REPORTER OF
THE WALL STREET JOURNAL

LONDON LIKE VOLCANOLOGISTS ANTICIPATING THE NEXT ERUPTION GLOBAL MONEY
MANAGERS ARE TRYING TO ADD UP THE POTENTIAL FALLOUT FROM A 10 OR SO DECLINE
IN US SHARE PRICES

THEIR ADVICE STOCK UP ON JAPANESE SHARES STICK WITH EUROPE BUT WATCH OUT
FOR EMERGING STOCK MARKETS

NO ONE KNOWS FOR SURE WHEN A US CORRECTION WILL OCCUR OR EVEN IF ONE
IS STILL UNDER WAY BUT MANY PROFESSIONAL INVESTORS BELIEVE ONE IS
INEVITABLE THE US MARKET IS IN A BEAR PHASE RIGHT NOW CONTENDS MICHAEL
HOWELL HEAD GLOBAL STRATEGIST AT BARING SECURITIES LTD IN LONDON

AT FIRST THE PSYCHOLOGICAL IMPACT OF A FALL IN THE WORLD'S BIGGEST STOCK
MARKET COULD SET OFF DECLINES IN MARKETS AROUND THE WORLD BUT MR HOWELL
PREDICTS THAT AFTER INITIALLY BEING CAUGHT IN THE HEADLIGHTS SOME MARKETS
WILL HAVE THE STRENGTH TO JUMP OUT OF THE WAY OF THE BEAR MARKET TRAIN
HIGH ON HIS LIST ARE JAPAN GERMANY BRITAIN HOLLAND IRELAND AND DENMARK
ALL OF WHICH SHOULD BENEFIT FROM RISING COMPANY EARNINGS AND FALLING
INTEREST RATES

LEAST AFFECTED BY A DECLINE IN US SHARE PRICES WILL BE JAPAN PREDICT MOST
MONEY MANAGERS JAPAN IS A PILLAR OF STABILITY IN A SEA OF VOLATILITY
SAYS JOHN HICKLING OF FIDELITY INVESTMENTS IN BOSTON IF THE US CORRECTS
AND A LOT OF THE SPECULATIVE MONEY IS RUNG OUT OF THE ASIAN MARKETS THE
NATURAL PLACE FOR IT TO GO IS JAPAN A LOWEXPECTATION GOOD RISKREWARD
TYPE OF ENVIRONMENT

THE RECENT WORLDWIDE DECLINE IN BOND PRICES PUMMELED MANY GLOBAL STOCK
MARKETS BUT NOT TOKYO'S WHICH ROSE ESPECIALLY IN US DOLLAR TERMS
JAPAN GETS HIT LEAST BECAUSE IT'S HAD A VERY VERY LOW CORRELATION WITH
THE US SAYS NICHOLAS CARN CHIEF INVESTMENT OFFICER AT DRAYCOTT PARTNERS
IN LONDON THAT MEANS IT TENDS NOT TO RISE OR FALL IN LINE WITH US STOCKS

IN JAPAN FIDUCIARY TRUST CO INTERNATIONAL IS BETTING ON COMPANIES THAT
STAND TO BENEFIT FROM DOMESTIC INFRASTRUCTURE SPENDING AND THOSE THAT ARE
RESTRUCTURING TO BECOME MORE COMPETITIVE SAYS ANNE M TATLOCK THE FIRM'S
PRESIDENT IN NEW YORK HER HOLDINGS INCLUDE OPTICALEQUIPMENT MAKER CANON
INC MITSUBISHI HEAVY INDUSTRIES LTD NIPPON TELEGRAPH & TELEPHONE CORP
ELECTRIC CABLE AND WIRE MAKER SUMITOMO ELECTRIC INDUSTRIES LTD AND SUZUKI
MOTOR CORP

AFTER TOKYO MONEY MANAGERS FAVOR EUROPE'S STOCK MARKETS WHICH THEY FEEL
STILL STAND TO BENEFIT FROM LOWER INTEREST RATES RENEWED ECONOMIC GROWTH
AND EVENTUALLY FATTER CORPORATE PROFITS BASED ON THIS LOGIC ALLAN
MCKENZIE AN INVESTMENT DIRECTOR AT SCOTTISH WIDOWS INVESTMENT MANAGEMENT
LTD IN EDINBURGH SAYS THAT 37 OF HIS FIRM'S DOLLARDENOMINATED
INTERNATIONAL PORTFOLIOS ARE INVESTED IN CONTINENTAL EUROPEAN STOCK MARKETS
THAT'S ROUGHLY A THIRD MORE THAN SUGGESTED BY MAJOR STOCK INDEXES

IN EUROPE MARGARET LINDSAY A PORTFOLIO MANAGER AT FIDUCIARY TRUST IS
MOSTLY STEERING CLEAR OF BIG BLUECHIP COMPANIES WHICH ARE OFTEN THE FIRST
TO BE SOLD IN A SHAKEOUT PEOPLE TEND TO MOVE MONEY OUT OF THE LARGE
CAPITALIZATION STOCKS BECAUSE OF THEIR NAMES IF THEY HAVE TO MOVE IN A
HURRY SHE SAYS THAT'S NOT HOWEVER THE BASIS BEHIND OUR STRATEGY

INSTEAD SHE IS DRAWN TO EUROPE'S SMALLER STOCK MARKETS SUCH AS SWEDEN AND
AUSTRIA ALONG WITH SMALLER SWISS AND DUTCH COMPANIES TWO SWEDISH COMPANIES
SHE LIKES ARE SVEDALA INDUSTRIES AB A MAKER OF MACHINERY USED TO CRUSH
STONES AND BYLOCK & NORDSJOFRAKT AB A SHIPPING COMPANY BENEFITING FROM THE
EXPORT BOOM SET OFF BY THE FALL IN SWEDEN AND FINLAND'S CURRENCIES MS
LINDSAY ALSO OWNS AUSTRIA'S VOESTALPINE EISENBAHNSYSTEME AG WHICH MAKES
COMPONENTS FOR EUROPEAN HIGHSPEED TRAIN SYSTEMS

MR HICKLING OF FIDELITY IS CHASING CYCLICAL COMPANIES THAT HAVE BEEN
CUTTING COSTS RESTRUCTURING AND GENERALLY PREPARING FOR A SLOWER GROWTH
ENVIRONMENT THREE BRITISH INDUSTRIALS HE LIKES ARE VICKERS PLC BRITISH
STEEL PLC AND ROLLSROYCE PLC HE'S ALSO HIGH ON AKTIEBOLAGET SKF A SWEDISH
BALLBEARING MAKER

LOOKING TO THEIR EARNINGS POTENTIAL IN 1995 MR HICKLING IS BUYING AUTO
MAKERS VOLVO AB AND PEUGEOT SA OTHER FAVORITES ARE AUSTRIAN AIRLINES
SCANDINAVIAN AIRLINES SYSTEM AND ALITALIALINEE AEREE ITALIENE SPA THREE
AIRLINES WHICH HAVE TRAILED SOME OF THEIR BIGGER BRETHREN

IN CHEMICALS HE OWNS SWITZERLAND'S CIBAGEIGY AG AND TWO GERMAN COMPANIES
 HOECHST AG AND BAYER AG PARTIALLY BECAUSE OF THE LOWER COSTS THAT WILL
COME FROM RECENT BELOWINFLATION WAGE SETTLEMENTS UNIONS IN GERMANY HAVE
SEEN THE LIGHT THEY REALIZE THAT IT ISN'T IN THEIR INTEREST TO SEE
COMPANIES GO BANKRUPT SAYS MR HICKLING

THIS YEAR DOESN'T HAVE TO BE BETTER THAN 1993 ONLY LESS BAD FOR MANY OF
THESE COMPANIES TO GO FROM BIG LOSSES TO ROUGHLY BREAKEVEN HE SAYS AND
IT WON'T BE TOO MANY MONTHS UNTIL THESE MARKETS LOOK TO 1995 FOR PEAK
PROFITS

DESPITE THEIR PREFERENCES MONEY MANAGERS STRESS THAT WHICH OVERSEAS STOCK
MARKETS ESCAPE A DROP IN US SHARES AND BY HOW MUCH DEPENDS ON THE
CIRCUMSTANCES OF THE DECLINE IF THE US MARKET FELL IN ONE CRASH YOU'D
GET A GLOBAL SHAKEOUT SAYS MR MCKENZIE

ON THE OTHER HAND IF OVERSEAS BOND MARKETS HAVE SUFFICIENTLY DECOUPLED
FROM THE US BOND MARKET HIGHER US INTEREST RATES WHICH MIGHT HURT
US STOCKS COULD SIGNAL BUOYANT US GROWTH AND A STRONGER DOLLAR

PLAYING THIS THEME MICHAEL COWAN A PRINCIPAL AT MORGAN STANLEY ASSET
MANAGEMENT IN LONDON OWNS ROLLSROYCE BAYER AND SWISS CEMENT GIANT
HOLDERBANK FINANCIERE GLARIS LTD

HE ALSO LIKES UNDERVALUED STOCKS INCLUDING DUTCH SHIPPING AND TRANSPORT
COMPANY NEDLLOYD KONINKLIJKE GROEP NV AND TWO JAPANESE COMPANIES NICHIDO
FIRE & MARINE INSURANCE CO AND ELECTRONICCOMPONENT MAKER TDK CORP

THE PLACE NOT TO BE WHEN US SHARES TUMBLE ARE THE WORLD'S EMERGING STOCK
MARKETS WARN MANY MONEY MANAGERS SEVERAL SUCH AS HONG KONG WHICH IS
CONSIDERED PLAY ON CHINESE STOCKS WOULD BE VERY SUSCEPTIBLE TO A RISE IN
US INTEREST RATES BECAUSE THEY HAVE MONETARY POLICIES DIRECTLY OR
INDIRECTLY TIED TO THAT OF THE US

A US STOCKMARKET DECLINE WOULD PROBABLY AFFECT THE MORE SPECULATIVE
LIQUIDITYBASED HIGHER EXPECTATION MARKETS IN THE WORLD THOSE ARE MOSTLY
THE EMERGING MARKETS SAYS MR HICKLING OF FIDELITY IN HONG KONG YOU'D
BE GOING OUT OF THE FRYING PAN AND INTO THE FIRE

FROM THEIR RECORD HIGHS IN THE FIRST WEEK OF JANUARY THE HONG KONG AND
SMALLER MALAYSIAN AND THAI STOCK MARKETS ARE DOWN 25 23 AND 29
RESPECTIVELY

ANOTHER CONCERN IS THAT MANY STOCK MARKETS IN SOUTHEAST ASIA AND LATIN
AMERICA HAVE BECOME DEPENDENT ON US AND JAPAN INVESTMENT WHICH COULD
QUICKLY DISAPPEAR AND EVEN REVERSE

LAST YEAR WE SAW THE CHINA STORY AND US INVESTORS WENT FOR HONG KONG
MALAYSIA AND OTHER SMALLER MARKETS AND NOW THEY ARE GOING FOR INDIA SAYS
MR MCKENZIE OF SCOTTISH WIDOWS THEY DISCOVERED A GOOD THING BUT THE
BUYING WAS VERY INDISCRIMINATE I DON'T BELIEVE INDIVIDUAL INVESTORS REALLY
UNDERSTAND WHAT THEY ARE BUYING

BECAUSE HE THINKS DEVELOPING COUNTRIES' LARGE POPULATIONS FAST GROWTH AND
RISING MIDDLE CLASSES MAKE MARKETS IN LATIN AMERICA SOUTHEAST ASIA AND
INDIA VERY GOOD LONGTERM BETS HE ADVISES INVESTORS TO USE SHARP
CORRECTIONS AS A BUYING OPPORTUNITY TO DOLLARCOST AVERAGE BUT MR
MCKENZIE SAYS MY FEAR IS IF THEY SAW A 10 OR 20 FALL ON WALL STREET
THEY WILL BE PANICKED OUT 9403240118 940324 REVIEW & OUTLOOK
EDITORIAL THE UN GOES RETRO

IF THERE WERE ANY DOUBTS THAT THE 1970S ARE BECOMING CHIC AGAIN THEY WERE
ERASED RECENTLY WHEN THE UNITED NATIONS SECURITY COUNCIL PASSED A VINTAGE
ISRAELBASHING RESOLUTION THE RESOLUTION CONDEMNING THE HEBRON MASSACRE IS
STRAIGHT OUT OF THE OLD ZIONISMISRACISM SONG BOOK

SINCE WHEN FIRST OF ALL DOES THE UN GO AROUND CONDEMNING THE ACTIONS OF
PRIVATE INDIVIDUALS LAST YEAR'S MASSACRE ON THE LONG ISLAND RAIL ROAD WAS
SURELY HORRIFIC AND RACIST YET SOMEHOW THE UN DIDN'T FEEL CALLED UPON TO
PASS RESOLUTIONS YET BARUCH GOLDSTEIN BECOMES A CHANCE TO BASH AN ENTIRE
NATION

NOWHERE DOES THE RESOLUTION ACKNOWLEDGE THAT GOLDSTEIN HAS BEEN CONDEMNED
ACROSS THE ISRAELI POLITICAL SPECTRUM ON THE CONTRARY THE SECURITY COUNCIL
RESOLUTION STUDIOUSLY LUMPS TOGETHER GOLDSTEIN AND THE ISRAELI GOVERNMENT
THE RESOLUTION THEN TRIES TO BIAS THE CURRENT NEGOTIATIONS THE FATE OF
JERUSALEM IS ONE OF THE CENTRAL SUBJECTS OF THE CURRENT TALKS BUT THE
RESOLUTION IS ARTFULLY WORDED TO CALL FOR ISRAEL'S WITHDRAWAL FROM THE CITY

SINCE ISRAEL IS THE ONLY NATION IN THE WORLD THAT IS FORBIDDEN A TURN ON THE
SECURITY COUNCIL IT IS UP TO PERMANENT MEMBERS SUCH AS THE US TO ASSURE
SOME SORT OF BALANCE DESPITE THE REQUEST OF 60 US SENATORS THOUGH THIS
RESOLUTION WAS NOT VETOED SYRIA LEBANON AND JORDAN SAID THEY WOULD NOT
RETURN TO THE PEACE TALKS UNLESS THE RESOLUTION WAS PASSED AS IF IT WERE A
FAVOR THEY WERE DOING FOR THE US SO US SECRETARY OF STATE WARREN
CHRISTOPHER FOUND A WAY TO ABSTAIN FROM TWO OF THE MOST EGREGIOUS PARAGRAPHS
WHILE APPROVING THE REST

WE NEED TO SEND A STRONG SIGNAL TO THE EXTREMISTS IN ANY QUARTER MR
CHRISTOPHER RATIONALIZED BUT THIS IS EXACTLY WHAT THE RESOLUTION DOES NOT
DO THIS EPISODE DEMONSTRATES THAT THE UN IS HOPELESSLY BIASED IN THE
MIDDLE EAST CAN IT POSSIBLY PLAY A CONSTRUCTIVE ROLE 9403240117 940324
LAW LEGAL BEAT COUPLE WONDER IF THEY WILL SEE END TO LAWSUIT FILED
15 YEARS AGO  BY JUNDA WOO STAFF REPORTER OF THE WALL STREET
JOURNAL

IRENE M GESCHKE WAS ONLY 55 YEARS OLD WHEN SHE FILED A LAWSUIT IN A
CHICAGOAREA COURT NOW SHE WONDERS WHETHER SHE WILL OUTLIVE IT

IN 1979 MRS GESCHKE SUED A MORTGAGE COMPANY THAT SHE CLAIMS HAD WRONGFULLY
FORCED HER OUT OF HER REALESTATE BUSINESS SINCE THEN AT LEAST NINE
SCHEDULED TRIAL DATES HAVE COME AND GONE AND STILL NO TRIAL AND NO
RESOLUTION ARE IN SIGHT THE CASE REMAINS MIRED IN ITS SEEMINGLY
INTERMINABLE PRETRIAL STAGE

MEANWHILE THE MORTGAGE COMPANY HAS STOPPED OPERATING AND ITS PARENT
COMPANY A CHIEF DEFENDANT IN THE CASE HAS LONG AGO CHANGED OWNERS AND
NAMES MRS GESCHKE HAS RUN THROUGH TWO LAWYERS AND IS NOW HANDLING THE CASE
HERSELF SHE CLAIMS SHE IS OWED MORE THAN 1 MILLION FOR LOSSES INCLUDING
HER BUSINESS AND HER HOME

SOMEBODY PLEASE TELL ME WHAT IT IS I SHOULD DO TO GO TO TRIAL SAID MRS
GESCHKE I HAVE DONE EVERYTHING THAT THE RULES PERMIT ME TO DO TO BRING
THIS CASE TO TRIAL

EVEN CRITICS OF THE FEDERAL JUDICIAL SYSTEM SAY THE CASE HAS HAD AN
EXTRAORDINARY LIFESPAN MOST CIVIL CASES THAT REACH TRIAL DO SO WITHIN EIGHT
MONTHS ACCORDING TO THE ADMINISTRATIVE OFFICE OF THE US COURTS
NONETHELESS 18500 FEDERAL LAWSUITS HAVE BEEN PENDING AT LEAST THREE YEARS
THE OFFICE REPORTED IN SEPTEMBER

ANALYSTS BLAME MOST DELAYS ON UNFILLED JUDICIAL VACANCIES AND URGENT
CRIMINALCOURT DOCKETS THAT KEEP JUDGES PREOCCUPIED IN THE GESCHKE
LITIGATION IT APPEARS THAT BOTH THE JUDGE'S BEHAVIOR AND THE CONDUCT OF THE
PARTIES INVOLVED CONSPIRED TO ADD YEARS TO THE PROCEEDINGS

THE PAST 15 YEARS ARE FILLED WITH EVERY VARIETY OF DELAY IN MAY 1988 FOR
EXAMPLE MRS GESCHKE AND HER HUSBAND AND COPLAINTIFF CLARENCE REQUESTED
SOME DOCUMENTS FROM THE DEFENDANT THE COMPANY DIDN'T DELIVER VARIOUS
MOTIONS WERE FILED A MAGISTRATE GOT INVOLVED TO LITTLE EFFECT AND
THREE YEARS LATER US DISTRICT JUDGE JOHN F GRADY FINALLY HELD SEVERAL
HEARINGS ON THE ISSUE HE THEN ISSUED A PARTIAL SUMMARY JUDGMENT AGAINST THE
GESCHKES

THEY APPEALED AND A YEAR LATER THE FEDERAL APPEALS COURT IN CHICAGO SAID
THE LOWERCOURT RECORDS WERE SO CONFUSING THAT IT WAS UNCLEAR WHAT THE JUDGE
HAD RULED ABOUT THE DOCUMENT REQUEST THE APPEALS COURT ALSO SAID JUDGE
GRADY HAD ACTED TOO HASTILY IN MAKING HIS RULING

THE CASE WENT BACK TO JUDGE GRADY WHO RULED LAST SUMMER FIVE YEARS AFTER
THE ORIGINAL REQUEST FOR THE DOCUMENTS THAT THE COMPANY DIDN'T HAVE TO
PRODUCE ANY MORE PAPERS TODAY AFTER MORE THAN 530 MOTIONS HEARINGS
MEMORANDA AND ORDERS PRETRIAL WRANGLING CONTINUES OVER WITNESS AND EXHIBIT
LISTS FOR TRIAL

JUDGE GRADY DIDN'T RETURN PHONE CALLS SEEKING COMMENT ON THE CASE IN COURT
PROCEEDINGS HOWEVER HE HAS CHIDED THE GESCHKES FOR UNREASONABLENESS
DURING PRETRIAL DISCOVERY AND IN A RECENT ORDER HE WROTE THAT HE IS EAGER
TO BRING THE CASE TO TRIAL BUT IT WOULD HAVE ACCOMPLISHED NOTHING TO TRY
THE CASE ONLY TO HAVE THE PLAINTIFFS IF DISSATISFIED WITH THE RESULT
SUCCESSFULLY ASSERT ON APPEAL THAT THEY HAD NOT RECEIVED ALL OF THE
DOCUMENTS

MRS GESCHKE A REALESTATE DEVELOPER IN CRYSTAL LAKE ILL NONETHELESS
BLAMES JUDGE GRADY FOR FAILING TO SPEED UP THE PROCESS BUT HER OWN VARIOUS
APPEALS AND MOTIONS CERTAINLY HAVE DONE NOTHING TO EXPEDITE THE CASE EITHER
NOR HAS THE FACT THAT THE GESCHKES TWICE SWITCHED LAW FIRMS ONCE FOR
ALLEGED CONFLICT OF INTEREST

LAST AUGUST MRS GESCHKE ASKED THE JUDGE TO REMOVE HIMSELF FROM THE CASE
BECAUSE OF HIS SLOW PACE AMONG OTHER REASONS WHEN THE JUDGE DECLINED SHE
SOUGHT A REVIEW FROM THE US SUPREME COURT ON THE GROUNDS THAT SHE WAS
BEING DENIED HER RIGHT TO DUE PROCESS AND A JURY TRIAL THE HIGH COURT LAST
WEEK DECLINED TO HEAR THE CASE THE LAWSUIT IS NOW BACK BEFORE JUDGE GRADY
WHO HASN'T SET A NEW TRIAL DATE

MRS GESCHKE WHO HAS SO IMMERSED HERSELF IN THE LITIGATION THAT SHE CAN
RECITE FEDERALCOURT RULES OFF THE CUFF SAID THEY WOULD NEVER WIN THE
CASE IF I COULD EVER GET BEFORE A JURY

STEPHEN B DIAMOND AN ATTORNEY FOR THE MORTGAGE COMPANY'S PARENT LASALLE
NATIONAL BANCORP AN AFFILIATE OF LASALLE NATIONAL CORP CALLS THE
ALLEGATIONS AGAINST THE COMPANY COMPLETELY WRONG LASALLE NATIONAL CORP
IS A SUBSIDIARY OF ABN AMRO HOLDINGS NV OF THE NETHERLANDS MR DIAMOND HAS
HANDLED THE LITIGATION FROM THE START AND HAS NO OLDER CASE IN HIS LAW
PRACTICE

WE WELCOME TRIAL THE CHICAGO LAWYER SAID

CBS INC HAS FILED A TRADEMARKINFRINGEMENT LAWSUIT AGAINST TWO BROTHERS WHO
PLAN TO OPEN A CHAIN OF TELEVISION THEME RESTAURANTS CALLED TELEVISION
CITY

IN A LAWSUIT FILED IN FEDERAL DISTRICT COURT IN NEW YORK THE NEW YORKBASED
TELEVISION NETWORK CONTENDS THAT THE PROPOSED RESTAURANTS WHICH ARE BEING
PLANNED BY DAVID LIEDERMAN THE FOUNDER OF DAVID'S COOKIES AND HIS BROTHER
WILLIAM WILL INFRINGE ON ITS REGISTERED TRADEMARK IN THE NAME TELEVISION
CITY AND CONSTITUTE UNFAIR COMPETITION

CBS SAYS IT HAS USED THE TELEVISION CITY NAME CONTINUOUSLY SINCE 1952
WHEN IT OPENED THE FIRST FACILITY DESIGNED FOR PRODUCING TELEVISION SHOWS
AND THAT IT ADVERTISES AND PROMOTES SERVICES AND MERCHANDISE UNDER THE NAME
WHICH IT REGISTERED WITH THE US PATENT AND TRADEMARK OFFICE IN 1988

THE TWO BROTHERS WHO OWN A NUMBER OF OTHER NEW YORK RESTAURANTS INTEND TO
OPEN THE FIRST TELEVISION CITY RESTAURANT AND ACCOMPANYING RETAIL STORE
ACROSS FROM ROCKEFELLER CENTER LATE THIS YEAR OR EARLY NEXT YEAR ADDITIONAL
SITES ARE PLANNED FOR LAS VEGAS AND LOS ANGELES

RONALD H SHECHTMAN AN ATTORNEY FOR THE LIEDERMANS SAID THE CBS SUIT WAS
UNWARRANTED SINCE CBS POSSESSED THE TELEVISION CITY TRADEMARK FOR THE
LIMITED PURPOSE OF TELEVISION PRODUCTION HE SAID HIS CLIENTS ARE CURRENTLY
APPLYING TO THE PATENT AND TRADEMARK OFFICE TO USE THE NAME FOR RESTAURANT
AND RETAIL SERVICES

NEGOTIATIONS BETWEEN THE TWO PARTIES ABOUT A FEE ARRANGEMENT WERE
UNSUCCESSFUL IN PART BECAUSE CBS MAY WANT TO OPEN ITS OWN TELEVISIONTHEME
RESTAURANT SAID MR SHECHTMAN DOUGLAS JACOBS DEPUTY GENERAL COUNSEL FOR
CBS CONFIRMED THAT NEGOTIATIONS HAD FAILED BUT SAID THAT HE WAS NOT AWARE
OF ANY PLANS FOR A RESTAURANT

THE PRESIDENT OF A PAYROLL CHECKCASHING COMPANY THAT COLLAPSED IN 1992
AFTER ALLEGATIONS THAT IT STOLE 25 MILLION FROM CLIENTS WAS SENTENCED TO
SIX AND A HALF YEARS IN PRISON FOR FRAUD AND OTHER CRIMES

ROBERT FELZENBERG WHO WITH HIS WIFE OWNED THE NOWDEFUNCT PAYROLL EXPRESS
CORP PLEADED GUILTY LAST JULY TO CHARGES THAT HE DIVERTED MONEY THAT
CORPORATE CLIENTS GAVE PAYROLL EXPRESS TO PERFORM ONSITE CHECKCASHING INTO
HIS PERSONAL ACCOUNTS OR THOSE OF OTHER COMPANIES HE CONTROLLED AMONG
PAYROLL EXPRESS'S CLIENTS WERE LOCAL GOVERNMENT AGENCIES NEW YORK HOSPITALS
AND THE NEW YORK STOCK EXCHANGE

JUDGE SONIA SOTOMAYOR IN FEDERAL DISTRICT COURT IN NEW YORK CITY ALSO
ORDERED MR FELZENBERG TO MAKE FULL RESTITUTION TO HIS VICTIMS AND PAY A
12500 FINE