WASHINGTON AFTER MONTHS OF NEGOTIATIONS HOUSE CHAIRMEN JOHN DINGELL AND
JACK BROOKS LATE LAST YEAR REACHED A TENTATIVE COMPROMISE ON A SWEEPING NEW
TELECOMMUNICATIONS POLICY BUT ONE KEY PLAYER HADN'T SIGNED OFF

AS CONGRESS RACED TOWARD ADJOURNMENT MR DINGELL TRACKED DOWN RAYMOND L
MICKEY MCGUIRE THE BLUNTSPOKEN LOBBYIST FOR THE BABY BELL TELEPHONE
COMPANIES AS HE WAS HAVING A DRINK AT MARROCCO'S RESTAURANT ABOUT 4 PM
MR MCGUIRE REJECTED THE DEAL SEEKING BETTER TERMS FOR THE BELLS' ENTRY
INTO NEW MARKETS AND AFTER MIDNIGHT WHEN A NEW COMPROMISE EMERGED HE HAD
THEM

MORE THAN ANY OTHER PLAYER IN THE TELECOMMUNICATIONS BATTLE BEFORE CONGRESS
THE BELLS HAVE CLOUT AND NOW THEY ARE ON THE VERGE OF MAKING IT PAY OFF
BIG

RESPONDING TO VICE PRESIDENT AL GORE'S CALL FOR AN INFORMATION
SUPERHIGHWAY THE HOUSE COMMERCE AND JUDICIARY COMMITTEES ARE EXPECTED THIS
WEEK TO SEND TO THE FLOOR TWO BILLS THAT WOULD BE A GIANT STEP TOWARD THE
BELLS' FONDEST DREAM LOOSENING THE COURTIMPOSED SHACKLES THAT HAVE
CURBED THEIR BUSINESS MOVES SINCE THE OLD BELL SYSTEM BROKE UP A DECADE AGO

EVERYONE NEEDS TO UNDERSTAND SAYS MR MCGUIRE THAT THIS IS ABOUT
MARKETS AND WHO'S GOING TO BE IN 'EM BUT IT'S ALSO ABOUT POLITICAL POWER
THE SEVEN COMPANIES AMERITECH CORP BELL ATLANTIC CORP BELLSOUTH
CORP NYNEX CORP PACIFIC TELESIS GROUP SOUTHWESTERN BELL CORP AND U S
WEST INC FIELD A LOBBYING ARMY AS PERVASIVE AS THE DIAL TONE ON EVERY
TELEPHONE IN 1992 ALONE FEDERAL COMMUNICATIONS COMMISSION RECORDS SHOW
THE BELLS' TELEPHONE OPERATIONS POURED 40 MILLION INTO LOBBYING A SUM THAT
THE BELLS' LONGDISTANCE RIVALS CLAIM IS TWO TO THREE TIMES AS MUCH AS THEY
COLLECTIVELY SPEND

TO WIN FRIENDS ON CAPITOL HILL THE BELLS' POLITICAL ACTION COMMITTEES HAVE
HANDED OUT 97 MILLION IN THE PAST DECADE OVERSHADOWING EVERY OTHER PART
OF THE INDUSTRY ACCORDING TO AN ANALYSIS BY COMMON CAUSE THE BELLS HAVE
HIRED SCORES OF FORMER FEDERAL OFFICIALS INCLUDING TWO LIKELY CANDIDATES
FOR THE 1996 REPUBLICAN PRESIDENTIAL NOMINATION

THEY DON'T MIND SLAPPING THOSE WHO CROSS THEM EITHER AFTER DEMOCRATIC REP
MIKE SYNAR OF OKLAHOMA BACKED RESTRICTIONS ON THE BELLS' ENTRY INTO NEW
BUSINESSES SOUTHWESTERN BELL EXECUTIVES SOUGHT TO RALLY LOCAL OPPOSITION
AND PUMPED TENS OF THOUSANDS OF DOLLARS INTO HIS CHALLENGER'S UNSUCCESSFUL
1992 CAMPAIGN

THESE GUYS WILL GO TO ANY LENGTHS TO WIN SAYS MR SYNAR A MEMBER OF TWO
TELECOMMUNICATIONS SUBCOMMITTEES

THE BELLS DON'T JUST WORK WASHINGTON WITH A PRESENCE IN NEARLY EVERY MAJOR
COMMUNITY AND SOME 95 MILLION TO BESTOW UPON GRASSROOTS CAUSES IN
1992 ALONE ACCORDING TO FCC RECORDS THEY HAVE WIRED THE SYSTEM FROM TOP
TO BOTTOM

COMPETITORS ALSO CAN'T HELP BUT WORRY ABOUT THE PHONE COMPANIES' TIES TO
STATE UTILITY REGULATORS WHEN A MEMBER OF THE FLORIDA PUBLIC SERVICE
COMMISSION REPORTED A BURGLARY LAST YEAR THE MISSING ITEMS INCLUDED THE
CLOTHES OF HIS GIRLFRIEND AN EMPLOYEE OF A BELLSOUTH SUBSIDIARY WHOM HE
MET THROUGH A COMPANY LOBBYIST AT A CONFERENCE IN THE FLORIDA KEYS THOUGH
THE COMMISSIONER SAID THEY DIDN'T DISCUSS REGULATORY MATTERS HE RESIGNED
UNDER A CLOUD THE TWO HAVE SINCE MARRIED

OF COURSE FORCES BEYOND POLITICS ARE PUSHING THE NATION TO OVERHAUL A
TELECOMMUNICATIONS POLICY DESIGNED MORE THAN HALF A CENTURY AGO
TECHNOLOGICAL CHANGES EXTEND THE PROMISE OF TANTALIZING NEW SERVICES FOR
CONSUMERS AND BUSINESS ALIKE LOBBYING DOESN'T SHAPE THE FUNDAMENTALS OF
THE DEBATE ASSERTS RONALD STOWE PACIFIC TELESIS' WASHINGTON VICE
PRESIDENT ALL OF THESE EFFORTS INFLUENCE ON THE MARGINS

MOREOVER THE PENDING LEGISLATION CONTAINS BENEFITS FOR THE BELLS' RIVALS AS
WELL WHILE THE PHONE COMPANIES ARE SLATED TO WIN PERMISSION TO MOVE INTO
CABLE TV MANUFACTURING AND LONGDISTANCE SERVICES THEIR LOCAL NETWORKS
WOULD BE OPENED TO COMPETITION AND IN MANY CASES THEY WOULD STILL HAVE TO
SHOW THE JUSTICE DEPARTMENT IF NOT THE COURTS THAT THEY WEREN'T
VIOLATING ANTITRUST GUIDELINES

STILL THE BELLS MAKE A HUGE TARGET FOR THEIR CRITICS INCLUDING CONSUMER
GROUPS FEARFUL THAT THE BELLS WILL RETAIN THE ECONOMIC LEVERAGE TO CRUSH
COMPETITORS AND EVENTUALLY GOUGE THE PUBLIC

LEADING THIS CHORUS IS THEIR FORMER PARENT AMERICAN TELEPHONE & TELEGRAPH
CO AT&T CONTROLS 60 OF THE LONGDISTANCE MARKET BOASTING ITS OWN
BLUECHIP LOBBYING FORCE AND RUNNING THE NATION'S WEALTHIEST CORPORATE PAC
THIS IS A QUARREL BETWEEN THE VERY WEALTHY AND THE VERY RICH REP DINGELL
SAYS

BUT AT&T HAS GOTTEN POORER IN THE PAST YEAR IN POLITICAL TERMS AFTER THE
COURTS LIFTED BANS ON THE BELLS OFFERING INFORMATION SERVICES THEY PICKED
OFF CRUCIAL AT&T ALLIES BY NEGOTIATING SEPARATE COMPROMISES WITH NEWSPAPER
PUBLISHERS AND BURGLARALARM COMPANIES OF COURSE AT&T FELT LIKE THEY GOT
LEFT OUT CROWS REP BILLY TAUZIN A LOUISIANA DEMOCRAT WHO IS A CHAMPION
OF THE BELLS THAT'S PRECISELY WHAT THE STRATEGY WAS

THE PHONE COMPANIES DON'T APOLOGIZE FOR THEIR MUSCLE YOU CAN'T BE A
SHRINKING VIOLET IN THIS TOWN IT JUST DOESN'T WORK SAYS ROY NEEL A
FORMER TOP AIDE TO BOTH PRESIDENT CLINTON AND VICE PRESIDENT GORE WHO
RECENTLY TOOK A REPORTED 500000AYEAR POST AS HEAD OF THE US TELEPHONE
ASSOCIATION WHICH REPRESENTS THE BELLS GTE CORP AND SMALLER INDEPENDENTS

AFTER DEMOCRAT JIM COOPER OF TENNESSEE PROPOSED RESTRICTIONS ON THE PHONE
COMPANIES' ENTRY INTO INFORMATION SERVICES IN 1991 HE AND HIS COSPONSORS
WERE HIT BY A MULTIMEDIA LOBBYING BARRAGE SOUTHWESTERN BELL RAN RADIO ADS
IN REP JOHN BRYANT'S TEXAS DISTRICT CASTING HIM AS A TOOL OF BIGCITY
PUBLISHERS U S WEST USED A TOLLFREE LINE TO STEER PROTESTING CALLS TO THE
OFFICE OF REP DAN SCHAEFER

BUT THE PHONE COMPANIES DON'T ALWAYS PLAY HARDBALL THE TELEPHONE
ASSOCIATION WHICH GETS MORE THAN HALF OF ITS 8 MILLION IN DUES FROM THE
SEVEN BELLS HOSTS LAWMAKERS AT CONFERENCES IN SUCH WARMWEATHER SITES AS
KEY WEST AND ORLANDO FLA

DURING WASHINGTON'S STEAMY SUMMER RECESS SAN FRANCISCOBASED PACIFIC
TELESIS FLIES CONGRESSIONAL STAFFERS TO THE WEST COAST FOR A CONFERENCE THAT
TYPICALLY INCLUDES A TOUR OF WINE COUNTRY PARTICIPANTS ATTEND TWO DAYS OF
SEMINARS THEN IT IS OFF TO THE NAPA VALLEY IT WOULD BE KIND OF PHILISTINE
NOT TO OFFER SOME REWARD FOR THE WORK SAYS PACTEL'S MR STOWE HE NOTES
THAT AT&T INVITES LAWMAKERS TO AN ANNUAL GOLF TOURNAMENT AT PEBBLE BEACH
CALIF

THE BELLS' POLITICAL TALENTS HAVEN'T BEEN LOST ON OTHER MULTIMEDIA
TRAILBLAZERS BEFORE TELECOMMUNICATIONS INC'S MERGER WITH BELL ATLANTIC
COLLAPSED TCI'S JOHN MALONE CONFESSED THAT HE SOUGHT THE DEAL PARTLY
BECAUSE WE DON'T HAVE THE POLITICAL SKILLS NECESSARY  TO PURSUE THIS
FUTURE ON OUR OWN

THE BELLS AREN'T MONOLITHIC THE PHONE COMPANIES VOW TO COMPETE WITH ONE
ANOTHER FOR LOCAL CUSTOMERS AND SOME OF THE BELLS DISAGREE OVER PROVISIONS
OF THE LEGISLATION BEFORE CONGRESS BUT IN THEIR ATTEMPT TO CAST OFF THE
LINEOFBUSINESS RESTRICTIONS THEY SPEAK WITH ONE VOICE MICKEY MCGUIRE'S
MISSISSIPPI DRAWL

BEFORE GOING TO WORK LAST YEAR FOR ALL SEVEN BELLS MR MCGUIRE WAS A
BELLSOUTH EXECUTIVE MAKING MORE THAN 450000 A YEAR HE OWNS A 185ACRE
SPREAD IN VIRGINIA HAS AN OFFICE CAR AND DRIVER AT HIS DISPOSAL AND
OPERATES FROM BEHIND A BEAUTIFUL DESK THAT WAS A GIFT FROM HIS PREVIOUS
EMPLOYER AND CURRENT NEMESIS AT&T

AWAY FROM CAPITOL HILL THE BEEFY FORMER COLLEGE BASKETBALL PLAYER SCHMOOZES
WITH LAWMAKERS AT VARIOUS EVENTS WHETHER IT'S JOINING DEMOCRATIC SEN JOHN
BREAUX OF LOUISIANA AT MARDI GRAS OR TAKING IN A REDSKINS GAME WITH REP
MICHAEL OXLEY AN OHIO REPUBLICAN HE ALSO HAS A GOOD RELATIONSHIP WITH MR
GORE

BUT ABOVE ALL HE TALKS TOUGH EVEN TO FRIENDS WHEN REP TAUZIN HOSTED A
CAJUN CRAWFISH BOIL LAST YEAR MR MCGUIRE PRESSED HIM TO WRITE LEGISLATION
UNCHAINING THE BELLS AFTER HE DEMURRED IN DEFERENCE TO THE BROOKSDINGELL
NEGOTIATIONS HIS OFFICE WAS PEPPERED WITH CALLS FROM BELL OFFICIALS
QUESTIONING HIS ALLEGIANCE HE'S GOT A HARD EDGE MR TAUZIN SAYS OF MR
MCGUIRE

ONE SUBJECT OF FIERCE DISPUTE IS WHO WILL REGULATE THE BELLS' ENTRY INTO THE
15 BILLION LONGDISTANCE MARKET WITHIN INDIVIDUAL STATES THE BELLS WANT
STATE REGULATION THE LONGDISTANCE COMPANIES FEAR THE BELLS HOLD TOO MUCH
SWAY IN THE STATES BESIDES THE FLORIDA SCANDAL THE ANTIBELL COALITION
POINTS TO AN OKLAHOMA REGULATOR WHO LAST YEAR WAS CHARGED WITH ACCEPTING A
BRIBE FROM A SOUTHWESTERN BELL LOBBYIST TO INFLUENCE A 1989 RATE CASE THE
COMPANY WHICH HASN'T BEEN CHARGED DENIES ANY WRONGDOING

MR MCGUIRE'S TAKENOPRISONERS ATTITUDE MAY ALREADY HAVE BACKFIRED ON THE
ISSUE SENATE COMMERCE COMMITTEE CHAIRMAN ERNEST HOLLINGS WAS AN ALLY OF THE
BELLS BACKING LEGISLATION TO LET THEM MANUFACTURE EQUIPMENT BELLSOUTH
EXECUTIVES HAVE BEEN KIND TO HIM TOO SENDING THOUSANDS OF DOLLARS IN
CAMPAIGN CONTRIBUTIONS BUT A FEW WEEKS AGO THE SOUTH CAROLINA DEMOCRAT
PROPOSED A BILL TO REQUIRE THE BELLS TO GET FEDERAL APPROVAL TO OFFER
INSTATE LONG DISTANCE

I HAVE BEEN THEIR BOY  AND THEY HAD ME COACHED PRETTY GOOD MR
HOLLINGS SAID RECENTLY BUT HE EXPRESSED IMPATIENCE THAT THE BELLS HAVE
PRESSED TOO HARD

THE LONGDISTANCE COMPANIES RECENTLY STARTED THEIR OWN COALITION WHICH HAS
SIGNED UP ROBERT BECKEL ONCE WALTER MONDALE'S PRESIDENTIAL CAMPAIGN
MANAGER TO RUSTLE THE GRASS ROOTS BUT THEY CAN'T HOPE TO MATCH THE
BELLS' REACH AT THE LOCAL LEVEL AN ALLIANCE WITH THE INFLUENTIAL
COMMUNICATIONS WORKERS OF AMERICA 450000 EMPLOYEES SPREAD ACROSS THE
COUNTRY AND ONTHEGROUND PRESENCE IN VIRTUALLY EVERY CONGRESSIONAL
DISTRICT

EACH YEAR THE BELLS HAND OUT TENS OF MILLIONS OF DOLLARS TO CHAMBERS OF
COMMERCE ROTARY CLUBS AND THE LIKE IN TURN THE PHONE COMPANIES OFTEN FIND
SUPPORT FOR THEIR LEGISLATIVE AGENDA IN THE FORM OF RESOLUTIONS LETTERS AND
PHONE CALLS TO CAPITOL HILL THEY NURTURE THE GRASS ROOTS ONE BLADE AT A
TIME SAYS AN ADMIRING AT&T LOBBYIST MIKE BAUDHUIN

THE BELLS' MESSAGE OFTEN DIRECTED AT MINORITY EDUCATION ELDERLY AND
DISABLED GROUPS IS APPEALING LIFTING LINEOFBUSINESS RESTRICTIONS WOULD
USHER IN AN AGE IN WHICH INNERCITY RESIDENTS RECEIVE MULTIMEDIA JOB
TRAINING RURAL SCHOOLCHILDREN CAN TAP INTO THE LIBRARY OF CONGRESS AND THE
INFIRM ARE DIAGNOSED THROUGH HOME HEALTHMONITORING SYSTEMS

ONE GROUP THAT BACKS THE BELLS' VISION IS THE ALLIANCE FOR PUBLIC
TECHNOLOGY AN UMBRELLA ORGANIZATION THAT INCLUDES THE NATIONAL ASSOCIATION
FOR THE ADVANCEMENT OF COLORED PEOPLE THE NATIONAL EDUCATION ASSOCIATION
AND THE WORLD INSTITUTE ON DISABILITY WE'RE TALKING ABOUT THE COLLECTIVE
SOCIAL GOOD SAYS BARBARA O'CONNOR A COMMUNICATIONS PROFESSOR WHO RUNS APT
WITH FORMER FEDERAL TRADE COMMISSION MEMBER MARY GARDINER JONES

APT ACKNOWLEDGES GETTING 40 OF ITS 500000 BUDGET FROM THE BELLS AND
CRITICS CONTEND THAT AS A RESULT APT ISN'T ASKING THE TOUGH QUESTIONS HOW
COSTLY ARE THESE NEW SERVICES THE BELLS TRUMPET WHO WILL PAY FOR THEM DOES
ANYBODY NEED THEM IN THE FIRST PLACE

APT IS KIND OF IRRESPONSIBLE FOR A SOCALLED PUBLICINTEREST ORGANIZATION
ASSERTS TONY PHARR OF THE UNITED CHURCH OF CHRIST AN ADVOCATE FOR THE
POOR RALPH NADER FEARS THAT APT WON'T ADDRESS THE GRIM REALITIES OF
OLIGOPOLIES AND GREED AND CONCENTRATIONS OF POWER

BUT THE BELLS KNOW HOW TO FIGHT SUCH ARGUMENTS THEY RECENTLY ENLISTED A
FORMER NADER PROTEGE SAM SIMON TO HELP WHIP UP SUPPORT THROUGH A NEW
CAMPAIGN TO ADVANCE AMERICA'S TELECOMMUNICATIONS FUTURE THE CAMPAIGN IS
URGING COMMUNITY GROUPS TO PRESS THE BELLS' CASE ON CAPITOL HILL
9403150080 940315 COMPUWARE COMPLETES MERGER

FARMINGTON HILLS MICH COMPUWARE CORP A SOFTWARE DEVELOPER SAID IT
COMPLETED A MERGER WITH COMPUTER PEOPLE UNLIMITED INC AN
INFORMATIONTECHNOLOGY SERVICES COMPANY HEADQUARTERED IN MILWAUKEE TERMS
WEREN'T DISCLOSED 9403150079 940315 RECENT SEC FILINGS

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

CAMPO ELECTRONICS APPLIANCES & COMPUTERS INC A PROPOSED OFFERING OF 15
MILLION COMMON SHARES WITH AN ALLOTMENT OPTION FOR AN ADDITIONAL 225000
SHARES VIA EPPLER GUERIN & TURNER INC RAYMOND JAMES & ASSOCIATES INC
AND KEMPER SECURITIES INC

HARVARD INDUSTRIES INC AN OFFERING OF UP TO 125 MILLION OF SENIOR NOTES
DUE 2004 VIA CS FIRST BOSTON AND SALOMON BROTHERS INC

IT NETWORK INC AN INITIAL OFFERING OF 32 MILLION COMMON SHARES AT AN
ESTIMATED 1012 A SHARE VIA ROBERTSON STEPHENS & CO AND PIPER JAFFRAY
INC

PANAMERICAN BEVERAGES INC AN OFFERING OF UP TO NINE MILLION CLASS A COMMON
SHARES WITH AN OVERALLOTMENT OPTION FOR 1350000 SHARES VIA LAZARD FRERES
& CO GOLDMAN SACHS & CO AND SMITH BARNEY SHEARSON INC

SAFEGUARD BUSINESS SYSTEMS INC A UNIT OF SAN JACINTO HOLDINGS INC AN
OFFERING OF UP TO 110 MILLION OF SENIOR NOTES DUE 2004 WITH AN
UNCONDITIONAL GUARANTEE FROM SAN JACINTO VIA BEAR STEARNS & CO AND
JEFFERIES & CO 9403150078 940315 REGULATORS PROPOSE SHUTTING DOWN 
SALMON FISHING  BY CHARLES MCCOY STAFF REPORTER OF THE WALL STREET
JOURNAL

FEDERAL REGULATORS PROPOSED PRACTICALLY SHUTTING DOWN SALMON FISHING IN THE
PACIFIC OCEAN THIS YEAR CITING A DISASTROUS COLLAPSE IN THE FISH'S
POPULATION

THE PACIFIC FISHERY MANAGEMENT COUNCIL A QUASIGOVERNMENTAL AGENCY THAT
SETS FISHING POLICIES FOR US WATERS FROM MEXICO TO CANADA HAD BEEN
EXPECTED TO PROPOSE TOUGH LIMITS ON THIS YEAR'S SALMON CATCH BUT THE
COUNCIL'S THREE PROPOSALS ARE MORE DIRE THAN MANY ENVIRONMENTALISTS AND
FISHERMEN HAD EXPECTED AND FAR OUTSTRIP LAST YEAR'S HIGHLY RESTRICTIVE
LIMITS

THE NEW LIMITS ARE THE MOST RESTRICTIVE EVER PLACED ON SALMON AND A
GLOOMY REMINDER OF THE FAILURE TO HALT THE SALMON'S RAPID DECLINE EVEN
UNDER THE MOST GENEROUS OF THE COUNCIL'S THREE OPTIONS FISHING FOR COHO
SALMON ONCE A MAINSTAY OF WESTERN FISHERIES IS BANNED COMPLETELY FOR SPORT
AND COMMERCIAL FISHERMEN OTHER THAN INDIAN TRIBES

THE THREE OPTIONS ALSO SEVERELY LIMIT CATCHING OTHER ONCENUMEROUS SPECIES
SUCH AS MANY RUNS OF CHINOOK ALTHOUGH CATCHING SOME SPECIES OF CHINOOK WILL
BE ALLOWED IN CERTAIN AREAS THE COUNCIL WILL HOLD PUBLIC MEETINGS BEFORE
DECIDING ON WHICH OPTION IT WILL FORWARD TO THE US COMMERCE DEPARTMENT
WHICH ROUTINELY APPROVES THE COUNCIL'S RECOMMENDATIONS

LARRY SIX EXECUTIVE DIRECTOR OF THE COUNCIL SAID THE PROPOSALS REFLECT
VERY SEVERELY DEPRESSED POPULATIONS THE WORST WE'VE EVER SEEN FOR
EXAMPLE HE SAID COUNTS OF OREGON COHO SALMON WHICH TWO YEARS AGO TOTALED
ABOUT THREE MILLION NOW HOVER AROUND 240000

THE FISHING RESTRICTIONS AREN'T LIKELY TO AFFECT PRICES CONSUMERS PAY FOR
SALMON AS MOST SALMON COMES FROM ALASKA OR FOREIGN WATERS STILL THEY
UNDERSCORE THE DOWNFALL OF A ONCE MIGHTY AND STILL SYMBOLIC RESOURCE A
DECADE AGO SALMON STILL SUPPORTED A MULTIBILLION DOLLAR INDUSTRY IN THE
WEST BUT SALMON NUMBERS HAVE BEEN RAPIDLY SLIDING FOR YEARS LARGELY AS A
RESULT OF LOGGING IRRIGATION POLLUTION HYDROELECTRIC DAMS AND
OVERFISHING

FEDERAL REGULATORS HAVE BEEN UNABLE TO SIGNIFICANTLY ALTER THE HUMAN
ACTIVITIES DRIVING THE FISH'S DECLINE DESPITE YEARS OF HAGGLING
NEGOTIATING AND LEGAL SKIRMISHING SALMON POPULATIONS WHICH A FEW DECADES
AGO WERE ESTIMATED AT 16 MILLION LAST YEAR WERE ESTIMATED AT TWO MILLION

THIS YEAR EARLY COUNTS OF THE NUMBER OF SALMON MAKING IT BACK TO SPAWNING
GROUNDS HAVE TAKEN AN EVEN STEEPER DIVE ALARMING SCIENTISTS SOME BLAME
UNUSUALLY WARM OCEAN TEMPERATURES BUT OTHERS THINK THE CUMULATIVE TOLL OF
ENVIRONMENTALLY DAMAGING HUMAN ACTIVITIES MAY HAVE DRIVEN THE FISH OVER SOME
SOCALLED EXTINCTION THRESHOLD FROM WHICH THEY MAY NEVER RECOVER
9403150077 940315 CREDIT MARKETS YIELD ON 30YEAR TREASURY RISES TOWARD
7 AMID WORRIES OVER COMING INFLATION FIGURES  BY THOMAS D
LAURICELLA SPECIAL TO THE WALL STREET JOURNAL

NEW YORK AMID CONCERNS OVER INFLATION FIGURES TO BE RELEASED THIS WEEK
TRADERS PUSHED THE YIELD ON THE BENCHMARK 30YEAR TREASURY PERILOUSLY CLOSE
TO 7

SENTIMENT IN THE BOND MARKET REMAINED OVERWHELMINGLY BEARISH PUSHING PRICES
LOWER ON MOST BENCHMARK TREASURYS THE MARKET IS STILL SCARED TO DEATH OF
ANOTHER PIECE OF BAD NEWS THAT WOULD SEND THE BOND DOWN INTO ANOTHER
SPIRAL SAID VAN SILER A MANAGING PARTNER AT RJ WALLS & CO

THAT FEAR HAS GONE BEYOND WHAT THE FUNDAMENTALS OF ECONOMIC GROWTH AND
INFLATION WOULD SUGGEST MR SILER SAID IT'S NOT THIS FIGURE OR THAT
FIGURE IT'S THE FACT THAT THE MARKET HAS PROBLEMS HOLDING GAINS FOR MORE
THAN HALF A DAY HE SAID BUT AT SOME POINT WE'VE GOT TO HAVE A REALITY
CHECK AND FIGURE OUT IF THIS IS THE END OF THE WORLD OR IF THERE IS SOME
VALUE IN THE MARKET

THERE IS SIMPLY NO FOLLOWTHROUGH BUYING THAT CAN SUSTAIN ANY GAINS FOR
MORE THAN A FEW HOURS SAID ANTHONY KARYDAKIS SENIOR FINANCIAL ECONOMIST
AT FIRST CHICAGO CAPITAL MARKETS

AMONG SHORTER MATURITIES THE BENCHMARK 10YEAR NOTE FELL 17/32 TO 95 7/32
TO YIELD 652

BESIDES NERVOUSNESS ABOUT THIS WEEK'S INFLATION DATA BOND INVESTORS FRETTED
ABOUT GAINS IN SOME COMMODITY MARKETS TRADERS ALSO REPORTED CONCERN OVER A
REPORT YESTERDAY FROM THE FEDERAL RESERVE BANK OF ATLANTA SHOWING AN
ACCELERATION OF ECONOMIC ACTIVITY IN THE SOUTHEAST DURING FEBRUARY

MEANWHILE A SPOKESMAN FOR THE FEDERAL RESERVE BANK OF NEW YORK YESTERDAY
DENIED A RUMOR THAT THE FED HAD HELPED PUSH DOWN BOND YIELDS ON FRIDAY BY
BUYING LONGTERM TREASURY SECURITIES WE HAVE NOT DIRECTLY INTERVENED IN
THE LONGTERM MARKET TO HOLD RATES AT A PARTICULAR POINT THE SPOKESMAN
SAID ON FRIDAY THE BENCHMARK 30YEAR TREASURY FLIRTED WITH 7 IN THE
MORNING BEFORE POSTING PRICE GAINS FOR THE DAY RAISING SPECULATION OF FED
INVOLVEMENT BOND PRICES AND YIELDS MOVE IN OPPOSITE DIRECTIONS

THE FED FREQUENTLY CONDUCTS TRANSACTIONS ON BEHALF OF CUSTOMERS SUCH AS
OTHER CENTRAL BANKS THE SPOKESMAN CONTENDED SUCH OPERATIONS AREN'T FOR
PURPOSES OF INTERVENTION

THE FEBRUARY PRODUCER PRICE INDEX REPORT IS DUE OUT TODAY ANALYSTS ARE
CALLING FOR A 04 RISE IN THE OVERALL PPI AND A 02 GAIN EXCLUDING FOOD
AND ENERGY COMPONENTS THE FEBRUARY CONSUMER PRICE INDEX REPORT IS TO BE
RELEASED TOMORROW AN OVERALL GAIN OF 03 AND A 02 INCREASE WITHOUT FOOD
AND ENERGY ARE FORECAST

DESPITE MARKET JITTERS OVER THIS WEEK'S DATA SOME ANALYSTS SAID FEARS OF
SURGING INFLATION ARE OVERBLOWN ALTHOUGH SOME COMMODITY PRICES AS WELL AS
CERTAIN BIGTICKET CONSUMER ITEMS HAVE HAD INCREASES THERE ARE FEW SIGNS OF
WIDESPREAD PRICE RISES ANALYSTS SAY THEY ALSO CONTEND THAT WAGE PRESSURES
ARE WELL UNDER CONTROL

BY DEFINITION INFLATION IS AN INCREASE IN THE GENERAL LEVEL OF PRICES
SAID JOSEPH LIRO CHIEF ECONOMIST AT SG WARBURG TO GET A SUSTAINED
INCREASE IN INFLATION YOU HAVE TO HAVE BROADBASED PRICE INCREASES AND TO
ME WE'RE JUST NOT THERE YET

FOR THOSE ARGUING THAT YIELDS HAVE RISEN MORE THAN THE ECONOMIC BACKDROP
WOULD WARRANT THE MARKET HAS BEGUN TO LOOK ATTRACTIVE BUT WITH SENTIMENT
SO BEARISH THERE IS LITTLE REASON TO BUY WHEN THE SAME SECURITIES CAN BE
BOUGHT MORE CHEAPLY LATER

PEOPLE ARE WHISPERING THAT THESE LEVELS MIGHT REPRESENT VALUE BUT NOBODY
IS PREPARED TO TAKE ANY ACTION SAID FIRST CHICAGO'S MR KARYDAKIS

ONE MAJOR REASON WHY INVESTORS REMAIN RELUCTANT BUYERS IS UNCERTAINTY OVER
WHEN THE FED WILL NEXT RAISE INTEREST RATES AND BY HOW MUCH FOR LACK OF
ANOTHER TRIGGER POINT MOST ANALYSTS HAVE CHOSEN THE MARCH 22 MEETING OF THE
POLICYMAKING FEDERAL OPEN MARKET COMMITTEE AS THE LIKELY DATE FOR
TIGHTENING

WHAT HAPPENS ONCE THE FED DOES MOVE MANY IN THE MARKET ARGUE THAT PRICES
WILL STABILIZE BECAUSE INVESTORS WILL HAVE A BETTER READ ON HOW AGGRESSIVE
THE FED PLANS TO BE IN PREVENTING A FLAREUP IN INFLATION BUT OTHERS ARGUE
IT WON'T BE THAT SIMPLE

IT WILL BE A VERY DICEY SITUATION SAID SAMUEL KAHAN CHIEF ECONOMIST AT
FUJI SECURITIES INC YOU'RE NOT IN A SITUATION WHERE CONCRETE FACTS WILL
DRIVE ANYTHING IT WILL BE MORE THE MOOD OF THE MARKET THAT'S IMPORTANT

HERE ARE THE RESULTS OF YESTERDAY'S TREASURY AUCTION

RATES ARE DETERMINED BY THE DIFFERENCE BETWEEN THE PURCHASE PRICE AND FACE
VALUE THUS HIGHER BIDDING NARROWS THE INVESTOR'S RETURN WHILE LOWER
BIDDING WIDENS IT THE PERCENTAGE RATES ARE CALCULATED ON A 360DAY YEAR
WHILE THE COUPON EQUIVALENT YIELD IS BASED ON A 365DAY YEAR

BOTH ISSUES ARE DATED MARCH 17 THE 13WEEK BILLS MATURE JUNE 16 1994 AND
THE 26WEEK BILLS MATURE SEPT 15 1994

THE CORPORATEBOND MARKET WAS QUIET AMID THIN TRADING AND FEW NEW ISSUES

NEARLY 900 MILLION OF DEBT WAS SOLD DURING THE SESSION MAINLY BY
GOVERNMENT AGENCIES THE DAY'S SCANT CORPORATE ISSUES INCLUDED 100 MILLION
OF SENIOR NOTES FROM CIT GROUP HOLDINGS INC WHICH IS OWNED BY CHEMICAL
BANKING CORP AND DAIICHI KANGYO BANK LTD

SEPARATELY DEEPTECH INTERNATIONAL INC A HOUSTON GAS EXPLORATION
PRODUCTION AND PIPELINE CONCERN SOLD 82 MILLION OF SENIOR SECURED NOTES
MATURING IN 2000

THE STATE OF ISRAEL IS EXPECTED TO SELL 1 BILLION OF DEBT TODAY THE
OFFERING WOULD BE PART OF AN AGENCY FOR INTERNATIONAL DEVELOPMENT PROGRAM TO
RESETTLE AND ABSORB IMMIGRANTS TO ISRAEL FROM THE REPUBLICS OF THE FORMER
SOVIET UNION ETHIOPIA AND ELSEWHERE THE DEBT WOULD BE GUARANTEED BY THE
US GOVERNMENT

TRADING WAS VERY LIGHT IN SECONDARY MARKETS MARGINS OF INVESTMENTGRADE
BOND YIELDS TO THOSE OF US TREASURYS WERE UNCHANGED AND PRICES FOLLOWED
TREASURYS DOWN IN THE JUNKBOND MARKET PRICES WERE UNCHANGED

NEW ISSUE ACTIVITY IN THE HIGHYIELD MARKET IS EXPECTED TO BE LIGHT THIS
WEEK AS MERRILL LYNCH & CO AND DILLON READ & CO BOTH HOLD
HIGHYIELDINVESTOR CONFERENCES IN PUERTO RICO ONE 275 MILLION DEAL FROM
LONG JOHN SILVER'S RESTAURANTS INC WAS POSTPONED DUE TO MARKET CONDITIONS
A SYNDICATE OFFICIAL SAID PRICE TALK BEGAN AS LOW AS 1025 AND ROSE TO
1125 BEFORE THE DEAL WAS YANKED

CIT'S 575 COUPON NOTES MATURING IN 1997 WERE PRICED AT 99878 TO YIELD
5795 ACCORDING TO A SYNDICATE OFFICIAL AT LEAD MANAGER MORGAN STANLEY &
CO

MUNICIPAL BONDS DRIFTED IN QUIET TRADING YESTERDAY AND WERE GENERALLY 1/8 TO
3/8 POINT LOWER AT THE CLOSE

LIKE TREASURYS MUNIS LOST GROUND AS TRADERS AWAITED THE RELEASE OF THE
FEBRUARY INFLATION REPORTS

AMONG THE MUNI ISSUES THAT REGISTERED DECLINES THIS SESSION WAS THE NEW YORK
TRIBOROUGH BRIDGE & TUNNEL AUTHORITY'S 500 OF 2024 BONDS THEY WERE ABOUT
1/4 LOWER AT 86 IN LATE TRADING YIELDING 602 ACCORDING TO A NEW YORK
MUNI SPECIALIST

THERE IS COMPETITIVE BIDDING THIS MORNING FOR CONNECTICUT'S 205 MILLION
GENERAL OBLIGATION BONDS THE MECKLENBURG COUNTY NC 1972 MILLION
PUBLICIMPROVEMENT BONDS AND TENNESSEE'S 1612 MILLION GENERAL OBLIGATION
BONDS

MORTGAGES ENDED THE SESSION LOWER AMID THIN TRADING

OVER THE LAST SEVERAL SESSIONS THE MARKET HAS BEEN HIT WITH HUGE BID LISTS
FROM INSTITUTIONAL INVESTORS SEEKING TO GET OUT OF WEAKENING POSITIONS THE
SELLING SLOWED YESTERDAY

IN SECONDARY TRADING GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7 ISSUES
ENDED DOWN 7/32 AT 97 13/32 FEDERAL HOME LOAN MORTGAGE CORP GOLD 7 ISSUES
WERE DOWN 8/32 AT 97 25/32 AND FEDERAL NATIONAL MORTGAGE ASSOCIATION 7
ISSUES WERE DOWN 8/32 AT 97 19/32

IN PRIMARY DEALINGS THE FEDERAL HOME LOAN MORTGAGE CORP ANNOUNCED A 300
MILLION REALESTATE MORTGAGE INVESTMENT CONDUIT BACKED BY 15YEAR 65
SECURITIES AND THE FEDERAL NATIONAL MORTGAGE ASSOCIATION ANNOUNCED A 500
MILLION ISSUE BACKED BY 30YEAR 7 SECURITIES

LAUREN YOUNG CONTRIBUTED TO THIS ARTICLE 9403150076 940315 TECHNOLOGY 
CONVEX IN LONGAWAITED MOVE UNVEILS SUPERCOMPUTER IN BID TO REVIVE
GROWTH  BY WILLIAM M BULKELEY STAFF REPORTER OF THE WALL STREET
JOURNAL

CONVEX COMPUTER CORP PLANS TO UNVEIL TODAY A LONGAWAITED SUPERCOMPUTER
BASED ON MASSIVELY PARALLEL PROCESSING IN A BID TO REVIVE ITS GROWTH
PROSPECTS AND RETURN TO PROFITABILITY

ALTHOUGH THE SUPERCOMPUTER INDUSTRY IS OVERCROWDED WITH COMPETITION CONVEX
SAID ITS NEW SYSTEM OUTPERFORMS OTHERS AND ANALYSTS SAY ITS PROSPECTS WILL
BE AIDED BY FEATURES THAT EASE DEVELOPMENT OF APPLICATIONS SOFTWARE
HEWLETTPACKARD CO WHICH OWNS A 5 STAKE IN CONVEX AND MAKES KEY PARTS OF
THE NEW COMPUTER SAID IT WILL HELP SELL THE NEW MACHINE WHICH COULD BE A
SIGNIFICANT BOOST

ROBERT J PALUCK CONVEX'S CHIEF EXECUTIVE OFFICER SAID THE COMPANY HAS
ALREADY SOLD ONE COMPUTER IN THE NEW EXEMPLAR SERIES AND EXPECTS MORE SALES
IN COMING MONTHS BUT QUANTITIES IN THE FIRST HALF WILL BE SMALL WITH
FULL AVAILABILITY AND MEANINGFUL PRODUCT REVENUE BEGINNING IN THE SECOND
HALF MR PALUCK SAID HE IS COMFORTABLE WITH ANALYSTS' PROJECTIONS THAT
THE COMPANY WILL CONTINUE TO REPORT LOSSES UNTIL LATE THIS YEAR THE BALANCE
SHEET REMAINS STRONG WITH MORE THAN 70 MILLION IN CASH MR PALUCK SAID

THE NEW COMPUTER IS KEY TO THE FUTURE OF CONVEX RICHARDSON TEXAS WHICH
REPORTED A NET LOSS OF 613 MILLION OR 243 A SHARE ON A 17 REVENUE
DECLINE TO 1931 MILLION LAST YEAR IT WAS THE COMPANY'S THIRD STRAIGHT
QUARTERLY LOSS

THE NEW EXEMPLAR SCALABLE PARALLEL PROCESSOR SYSTEMS CONTAIN FROM TWO TO 128
OF HEWLETTPACKARD'S PARISC MICROPROCESSORS THE SMALLEST SYSTEMS CAN COST
AS LITTLE AS 145000 AND A LARGE SYSTEM CAN COST AS MUCH AS 8 MILLION

EXEMPLAR MAKES CONVEX THE LATEST ENTRANT INTO MASSIVELY PARALLEL
SUPERCOMPUTING A TECHNOLOGY THAT GANGS TOGETHER LARGE NUMBERS OF
MICROPROCESSORS TO WORK AS A SINGLE MACHINE MR PALUCK SAID THAT EXEMPLAR
PROVIDES ABOUT THREE TIMES THE PERFORMANCE OF COMPARABLY PRICED VERSIONS OF
CONVEX'S TRADITIONAL VECTOR SUPERCOMPUTERS

JEFFRY CANIN AN ANALYST WITH SALOMON BROTHERS INC IN SAN FRANCISCO SAID
IT'S A VERY KEY PRODUCT AND ON THE POSITIVE SIDE I THINK IT'S A VERY
WELLTHOUGHTOUT DESIGN BUT SALOMON ISN'T RECOMMENDING THE STOCK MR
CANIN SAID BECAUSE WE SEE THE NORMAL PRODUCT TRANSITION RISK CONVEX IS
EXPECTED TO INTRODUCE A NEW VERSION OF ITS C3 LINE LATER THIS YEAR BUT
SALES WILL PROBABLY BE LIMITED TO EXISTING CUSTOMERS MR CANIN SAID

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY CONVEX SHARES ROSE
25 CENTS TO 7125

BY USING HEWLETTPACKARD'S CHIPS IN EXEMPLAR CONVEX ENGINEERS ARE TRYING TO
SOLVE ONE OF THE BIGGEST HURDLES FOR ANY NEW COMPUTER DESIGN GETTING
APPLICATIONS SOFTWARE EXEMPLAR CAN RUN SOFTWARE ALREADY WRITTEN FOR THE
PARISC CHIP WHICH HAS ABOUT ONETHIRD OF THE MARKET FOR WORKSTATIONS BASED
ON REDUCED INSTRUCTIONSET COMPUTING OR RISC IF DEVELOPERS REWRITE AS
LITTLE AS 10 OF THE CODE IN AN APPLICATION TO RUN IN PARALLEL THE PROGRAM
WILL RUN FAR FASTER ON EXEMPLAR THAN IT CAN ON THE WORKSTATIONS CONVEX
SAYS

HEWLETTPACKARD SAYS IT WILL HELP SELL EXEMPLAR AS A COMPUTESERVER THAT
WORKS WITH WORKSTATIONS TO PERFORM DIFFICULT COMPUTATIONS JOINT SELLING
MAKES A TREMENDOUS AMOUNT OF SENSE SAID GARY EICHORN HEWLETTPACKARD'S
VICE PRESIDENT WORKSTATION SYSTEMS GROUP EVERY TIME A LARGE CONVEX SYSTEM
GETS SOLD A WHOLE PILE OF WORKSTATIONS GETS SOLD WITH IT HE SAID
9403150075 940315 BUSINESS WORLD TALKING A NEW LANGUAGE IN LA 
 BY TIM W FERGUSON

LINDA GRIEGO EXDEPUTY MAYOR OF LOS ANGELES AND NEW CHIEF EXECUTIVE OF THE
CITY'S ECONOMICRECOVERY OPERATION IS FULL OF STORIES ABOUT INERT
BUREAUCRACY BUT SHE ALSO REMEMBERS THE EXCEPTIONS THE HUSTLERS WHOM SHE
WILL NEED IN HER DAUNTING TASK IMAGINE SHE SAYS IF THOSE UNSUNG SOLDIERS
OF PROMPT PERMITTING COULD ALL BE ASSEMBLED IN ONE SUPERAGENCY ASSIGNED TO
GET THINGS DONE

ALTHOUGH NOT ADDING STAFF AT STRAPPED RLA NEE REBUILD LA MS GRIEGO MUST
GET IT DONE SHE AND CHAIRMAN LODWRICK COOK OF ARCO ARE TRYING TO REVIVE A
UNIT CREATED WITH PRIVATE FUNDS AND GREAT FANFARE UNDER PETER UEBERROTH
AFTER THE 1992 RIOT IT SANK INTO A MIASMA OF URBAN POLITICS AND DISPUTED
MISSIONS THE ORGANIZATION WAS SEEN TO BE VAINLY INTENT ON BRINGING MAJOR
CORPORATIONS INTO THE CENTRAL CITY

TODAY I WOULDN'T BE HERE IF THAT WAS THE GOAL BECAUSE I DON'T KNOW HOW TO
DO THAT SHE SAYS HER BRIEF INSTEAD IS FOR SMALL TO MIDSIZED
BUSINESSES OF WHICH LOS ANGELES HAS AN ABUNDANCE IT NEEDS TO KEEP THEM
FROM LEAVING OR FAILING IN THE FACE OF REGULATORY INDIFFERENCE ON TOP OF
CRIME TAXES LINGERING RECESSION AND A DISASTER OR TWO

MS GRIEGO 46 CAN TALK TO SMALLBUSINESS PEOPLE BECAUSE SHE IS ONE IN THE
MIDST OF IMMERSING HERSELF IN CIVIC AFFAIRS OVER THE PAST TWO DECADES SHE
HAS OPENED TWO EATERIES AND CONTENDED WITH MANY OF THE HASSLES THAT PLAGUE
AN OWNEROPERATOR IN THE NATION'S NO 2 METROPOLIS SHE GOT ANOTHER
PERSPECTIVE AS FORMER MAYOR TOM BRADLEY'S DEVELOPMENT DEPUTY FOR 15 MONTHS

THAT HAS HONED HER ECONOMIC SENSES BUT OUTSIDERS SHOULD FIRST APPRECIATE
MS GRIEGO'S POLITICAL STANDING SHE IS OF MEXICANAMERICAN HERITAGE IN A
CITY WHERE THAT ETHNIC GROUP IS THE LARGEST SINGLE ELEMENT OF THE
POPULATION SHE MADE A BELATED BID TO SUCCEED MR BRADLEY AND WAS NEXT TO
NEW MAYOR RICHARD RIORDAN THE BIGGEST WINNER OF THE CAMPAIGN FINISHING A
SURPRISINGLY STRONG FIFTH IN A HUGE FIELD SHE IS THUS POSITIONED IF SHE
EXCELS AT RLA TO BE AT THE HEADWATERS OF WHAT SOME BELIEVE WILL BE A STREAM
OF ETHNIC LEADERS OF LA AFTER MR RIORDAN

FOR ALL OF HER BUSINESS AFFINITY MS GRIEGO IS DECIDEDLY A DEMOCRAT SHE
SPENT SEVEN YEARS ON SEN ALAN CRANSTON'S STAFF IN THE 1970S AND HER
MAYORAL CAMPAIGN RECEIVED ITS BIGGEST BOOST FROM FEMINIST GROUPS SHE WAS
THE ONLY WOMAN WHO FIGURED IN THE RACE MOREOVER ALTHOUGH SHE HAS RISEN
RAPIDLY IN THE DOWNTOWN ESTABLISHMENT HER UPBRINGING WAS MORE IN LINE WITH
LA'S WORKING CLASS SHE WAS THE FIRST IN HER SMALLTOWN NEW MEXICAN FAMILY
TO BE GRADUATED FROM HIGH SCHOOL SHE LATER GOT A UCLA DEGREE WHILE TOILING
FOR SEN CRANSTON

HELPING AN IMMIGRANTBASED WORK FORCE FILL THE NEEDS OF EMPLOYERS IN THE
CITY'S OLD INDUSTRIAL CORE IS ONE OF RLA'S PRIMARY TASKS THESE
MANUFACTURERS DON'T NEED LAIDOFF AEROSPACE EMPLOYEES BUT THEY DESPAIR OF
PEOPLE WHO STOPPED SCHOOL AT EIGHTH GRADE OR CAN'T SPEAK ENGLISH

MS GRIEGO SEES THE AREA'S DEMOGRAPHIC UPHEAVAL AS TEMPORARY ONCE YOU GET
PAST THE LEVEL OF ABSORPTION WHICH IS WHAT WE'RE DEALING WITH YOU HAVE ALL
THE PIECES FOR A VERY DYNAMIC ECONOMY SHE SAYS SYSTEMS AREN'T SET UP TO
TAKE 80 LANGUAGES

SOME NEWCOMERS GAIN FOOTHOLDS IN WHOLESALE AND RETAIL TRADE BUT FOR MANY
STRUGGLING TO BREAK IN THE BEST HOPE IS THE COMMUNITY TWOYEAR COLLEGES
SHE'S WORKING WITH ONE IN EAST LA LONG A LATINO BASTION THAT SHEPHERDS
FULLTIME WORKERS THROUGH A DEGREE PROGRAM WITH SESSIONS ON SATURDAYS AND ONE
NIGHT A WEEK

A SOMEWHAT DIFFERENT REALITY APPLIES IN KOREATOWN WHERE THE OLD RLA WITH
ITS HEAVY FOCUS ON THE BLACK POOR NEVER QUITE ENGAGED KOREANAMERICANS ARE
BITTER THAT THEY RECEIVED LITTLE COMPENSATION IN THE WAKE OF THE RIOT MS
GRIEGO SAYS SHE KNEW FROM THE OUTSET THAT MERCHANTS TRANSACTING IN CASH
WOULDN'T FARE WELL WITH GOVERNMENT RELIEF PROGRAMS SHE'S STILL TRYING TO
WANGLE HELP FROM THE SMALL BUSINESS ADMINISTRATION BUT A MORE FRUITFUL IDEA
MAY BE TO LINK TRADERS IN THE KOREAN COMMUNITY WITH MARKETS IN OTHER REGIONS
OR MEXICO

NETWORKING IS INTEGRAL TO RLA'S NEW STRATEGY STEMMING FROM A BELIEF THAT
LA'S STARTUP AND SUBCONTRACTOR ENTERPRISES NEED TO CONNECT MORE FOR ONE
THING THAT COULD PROVIDE CRITICAL MASS FOR BIDDING ON MAJOR CONTRACTS SUCH
AS THOSE LET BY SOUTHERN CALIFORNIA TRANSIT AGENCIES

DEFENSE CONVERSION IS LARGELY A FALSE HOPE IN THIS VEIN WORK EXISTS
INCLUDING THAT BEING LET BY PENTAGON CONTRACTORS BUT NO ONE WANTS TO PAY
FOR OVERHEAD MS GRIEGO'S DESCRIPTION OF A TYPICAL SUBCONTRACTOR 
HIGHTECH SHOP LOWTECH BACK OFFICES SHOWS SHE'S SEEN A FEW THE BOSS IS
USUALLY MORE CONCERNED WITH BRINGING IN ORDERS THAN IN HIRING AN AEROSPACE
CASTOFF TO DESIGN A SOPHISTICATED SUPPORT SYSTEM

AS METALBENDER ENTERPRISES DIVERSIFY INTO NEW PROCESSES AND DISTRIBUTION
CHANNELS THEY AND OTHER BUSINESSES NEED RLA TO RELIEVE AS MANY OUTSIDE
AGGRAVATIONS AS POSSIBLE SOMETIMES IT'S SIMPLY BETTER STREET LIGHTS OFTEN
IT'S BEEN OFFICIALS' ATTITUDE PROBLEMS WHICH BRINGS US BACK TO BANEFUL
BUREAUCRACY

HARD TIMES HAVE BEEN A HEADS UP MS GRIEGO BELIEVES SALES TAX REVENUE HAS
DROPPED FOUR STRAIGHT YEARS IN LOS ANGELES DOWN A TOTAL OF 13 INSPECTORS
WHO WORRY ABOUT THEIR OWN JOBS BEGIN TO CARE WHETHER AND WHEN A
REVENUEPRODUCING VENTURE CAN OPEN

MS GRIEGO HOPES THAT IN THIS NEW CLIMATE LA WILL BE CONSCIOUS OF THE
FINANCIAL STRAIN IT IMPOSES IN OTHER WAYS CASHFLOW SHOCKS LIKE SEWER OR
HAZARDOUSMATERIAL SURCHARGES DUE IN 30 DAYS SHOULD BE MADE FINANCEABLE 
AND FOR ALL BUSINESSES SHE SUGGESTS NOT JUST FOR ONES THAT KNOW HOW TO
LOBBY THE PERSON OUT THERE WITH A MILLIONDOLLAR BUSINESS PROBABLY DOESN'T
HAVE A CLUE AS TO WHERE YOU EVEN CALL TO COMPLAIN OTHER THAN THE NUMBER AT
THE BOTTOM OF THE BILL WHICH IS PROBABLY A RECORDING WHEN YOU CALL

IN ADDITION TO SAVING EXISTING COMMERCE AND INDUSTRY RLA NEEDS TO BRING NEW
BUSINESS IN THE AREA'S PORTS WHOSE TRAFFIC STEADILY INCREASED THROUGH THE
RECESSION ARE A SELLING POINT MS GRIEGO SAYS A LUMBER PROCESSOR HAS
CALLED WANTING TO OPEN A PLANT WITH 300 GOOD JOBS SO AS TO BE CLOSE TO
THE REGION'S BIG MARKET HER FIRST CONCERN IS THE ENVIRONMENTAL FLAK

SHE HAS A PITCH FOR OVERCOMING RESIDENTIAL RESISTANCE TO MAJOR DEVELOPMENTS
IT STRESSES THE SAME FISCAL IMPERATIVES THAT HELP TO MOTIVATE SLUGGISH
BUREAUCRATS IT'S THE DIFFERENCE BETWEEN THE FIRE DEPARTMENT ARRIVING IN
FIVE MINUTES OR 10 MINUTES THE POLICE RESPONDING IN 15 MINUTES OR TWO
HOURS SHE MIGHT TELL A NEIGHBORHOOD GROUP IT'S ONE BIG CITY ON THE
ROPES AND EVERYONE IS IN ONE OF HER BUZZWORDS A STAKEHOLDER

FEW PERSONAL STAKES EXCEED MS GRIEGO'S RIGHT NOW 9403150074 940315
DIGITAL EQUIPMENT HAS PLANS TO SELL PREFERRED TOTALING 500 MILLION

MAYNARD MASS DIGITAL EQUIPMENT CORP BOOSTING ITS LEVERAGE IN THE FACE
OF CONTINUING LOSSES SAID IT PLANS TO OFFER 500 MILLION OF PREFERRED STOCK
IN THE FORM OF DEPOSITARY SHARES

THE COMPUTER MAKER WILL OFFER 20 MILLION OF THE DEPOSITARY SHARES AT 25
APIECE EACH WITH A ONEFOURTH INTEREST IN A NEW SERIES A CUMULATIVE
PREFERRED STOCK IT WILL BE DIGITAL'S FIRST PREFERREDSTOCK ISSUE

THE DIVIDEND RATE REDEMPTION PROVISIONS AND DIVIDEND PAYMENT DATES WILL BE
ESTABLISHED AT THE TIME OF SALE EXPECTED TO TAKE PLACE LATER THIS WEEK THE
ISSUE WON'T BE CONVERTIBLE DIGITAL SAID

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE DIGITAL
COMMON SHARES CLOSED AT 32375 UP 1375 OR 44 IN HEAVY TRADING

DIGITAL WHICH UNTIL LAST YEAR HAD VIRTUALLY NO LONGTERM DEBT NOW HAS 1
BILLION OF DEBT WITH 12 BILLION OF CASH ON HAND IT HAS CUT ITS WORK FORCE
AND EXPENSES SHARPLY AND REPORTED STEEP LOSSES IN THE RECENT YEARS
STRUGGLING WITH A DIFFICULT PRODUCT TRANSITION

SOME ANALYSTS INTERPRETED THE OFFERING AS BOOSTING THE CHANCES OF A NEW
CHARGE AGAINST EARNINGS NOTING THAT DIGITAL'S LAST MAJOR FINANCING CAME
SHORTLY AFTER A 15 BILLION CHARGE FOR LAYOFFS AND PLANT CLOSINGS BARRY
WILLMAN OF GOLDMAN SACHS & CO SAID HE EXPECTS A NEW CHARGE FOR STILL MORE
CUTS TO COME SOMETIME LATER THIS YEAR

A DIGITAL SPOKESMAN DECLINED COMMENT EXCEPT TO SAY THAT THE NEW FINANCING
WOULD OBVIOUSLY GIVE THE COMPANY MORE FLEXIBILITY 9403150073 940315
MORGAN IS EXPECTED TO BACK A REVAMP OF SPAIN'S BANESTO  BY
STEVEN LIPIN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK JP MORGAN & CO THE LARGEST SHAREHOLDER OF BANCO ESPANOL DE
CREDITO THE MADRID BANK SEIZED BY SPANISH REGULATORS WILL BACK A
RESTRUCTURING PLAN DRAFTED BY BANESTO'S NEW MANAGEMENT PEOPLE FAMILIAR WITH
THE SITUATION SAID

FURTHER THE BANKING COMPANY IS WEIGHING WHETHER TO MAKE AN ADDITIONAL
INVESTMENT IN BANESTO TO MAINTAIN ITS 79 STAKE IN SPAIN'S FOURTHLARGEST
BANK THESE PEOPLE SAID BANESTO'S NEW MANAGEMENT IS PLANNING TO SELL FRESH
EQUITY IN THE BANK TO REBUILD ITS TATTERED BALANCE SHEET BANESTO'S ASSETS
WILL BE WRITTEN DOWN SHARPLY AND NEW CAPITAL WILL BE INJECTED INTO THE
BANK WHICH COULD ULTIMATELY BE SOLD TO ANOTHER SPANISH BANK A MORGAN
SPOKESMAN DECLINED COMMENT ON THE BANK'S PLANS

LAST YEAR JP MORGAN'S CORSAIR PARTNERSHIP A 1 BILLION FUND ESTABLISHED
TO INVEST IN AILING BANKS INVESTED 162 MILLION IN BANESTO AS PART OF A
CAPITALRAISING PLAN BUT RUMORS OF LARGE WITHDRAWALS FROM THE BANK FORCED
THE BANK OF SPAIN TO SEIZE BANESTO AND GUARANTEE ITS DEPOSITS FIRE ITS
MANAGEMENT AND INTRODUCE NEW MANAGEMENT TO SALVAGE THE INSTITUTION UNTIL
THE SEIZURE MORGAN HAD ALSO BEEN BANESTO'S FINANCIAL ADVISER

THERE WAS SOME CONCERN IN SPANISH FINANCIAL CIRCLES THAT JP MORGAN WOULD
TRY TO BLOCK THE PLAN PERHAPS THROUGH LEGAL MEANS BECAUSE THE PLAN
WOULD DILUTE ITS CURRENT STAKE TO ABOUT 25 ULTIMATELY THOUGH MORGAN WAS
WARY OF SUCH AGGRESSIVE LEGAL ACTION ESPECIALLY SINCE THE PLAN HAD THE
BACKING OF FEDERAL AUTHORITIES IN SPAIN MORGAN IS CONCERNED THAT BLOCKING
THE DEAL COULD FRAY OTHER CORPORATE RELATIONSHIPS IN SPAIN PEOPLE CLOSE TO
THE BANK SAID

STILL ONE OF MORGAN'S CLIENTS NORTHWEST MUTUAL LIFE INSURANCE CO COULD
FILE A LAWSUIT IN MADRID RELATING TO ITS PURCHASE OF AN EQUITY STAKE IN
BANESTO A SPOKESMAN FOR THE MILWAUKEE INSURER WHICH PURCHASED 17 MILLION
SHARES OF BANESTO LAST SUMMER WOULD SAY ONLY WE ARE CONSIDERING A WHOLE
RANGE OF OPTIONS AND OUR RIGHTS AS A SHAREHOLDER

THAT JP MORGAN IS EVEN CONSIDERING AN ADDITIONAL INVESTMENT IS REMARKABLE
GIVEN THAT IT HAS ALREADY LOST 60 OF ITS INVESTMENT BASED ON THE MARKET
VALUE OF BANESTO'S STOCK HOWEVER MORGAN OFFICIALS ARE SAID BY PEOPLE CLOSE
TO THE FIRM TO BELIEVE THAT BANESTO COULD STILL BE A MONEYMAKING VENTURE
CHAIRMAN DENNIS WEATHERSTONE TOLD A CONGRESSIONAL INQUIRY LAST MONTH THAT
MORGAN CONTINUES TO VIEW ITS STAKE IN BANESTO AS A LONGTERM INVESTMENT

MEANWHILE THE FEDERAL RESERVE BOARD NOTIFIED THE HOUSE BANKING COMMITTEE
THAT BANESTO'S PROBLEMS DIDN'T HAVE ANY IMPACT ON THE US FINANCIAL SYSTEM
OR INSTITUTIONS THAT HELD DEPOSITS IN BANESTO THE FED SAID 32 US BANKS
HAD CLAIMS TOTALING 15 BILLION IN BANKS LOCATED IN SPAIN

THE FED ALSO SAID THAT BASED ON A PRELIMINARY REVIEW OF MORGAN'S
TRANSACTIONS WITH BANESTO IT DIDN'T APPEAR THAT THE US BANK WAS INVOLVED
IN ANY UNSOUND TRANSACTIONS WITH THE SPANISH CONCERN

CORSAIR PARTNERSHIP AN AFFILIATE OF JP MORGAN & CO OWNS A 79 STAKE IN
BANCO ESPANOL DE CREDITO AN ARTICLE YESTERDAY INCORRECTLY REPORTED THAT
JP MORGAN OWNED A 79 STAKE 9403150071 940315 PEPSICO'S TACO BELL BANS
 SMOKING IN ITS RESTAURANTS

IRVINE CALIF TACO BELL CORP SAID SMOKING WILL BE BANNED IN ALL 3300
COMPANYOWNED RESTAURANTS EFFECTIVE MARCH 28

THE FASTFOOD CHAIN A UNIT OF PEPSICO INC IN PURCHASE NY SAID IT
EXPECTS ITS 1000 FRANCHISE STORES TO FOLLOW

TACO BELL JOINS A GROWING NUMBER OF RESTAURANT COMPANIES TO ADOPT A
NOSMOKING POLICY IN FEBRUARY MCDONALD'S CORP SAID IT WOULD BAN SMOKING
IN ITS 1400 COMPANYOWNED RESTAURANTS IN THE US THE CHAIN BASED IN OAK
BROOK ILL ADDED THAT IT PLANNED TO ENCOURAGE FRANCHISEES WHO OPERATE A
MAJORITY OF THE 9100 DOMESTIC MCDONALD'S TO FOLLOW SUIT

OVERALL ONETHIRD OF THE MEMBERS OF THE NATIONAL COUNCIL OF CHAIN
RESTAURANTS WHOSE MEMBERS OPERATE NEARLY 90000 ESTABLISHMENTS HAVE
ALREADY BANNED SMOKING

TACO BELL SAID ITS DECISION WAS BASED IN PART ON A YEARLONG CUSTOMER
SURVEY IN THAT STUDY ACCORDING TO THE COMPANY 70 OF SMOKERS AND 84 OF
NONSMOKERS SAID THEY FOUND SMOKING IN FASTFOOD RESTAURANTS TO BE OFFENSIVE
9403150070 940315 LEISURE & ARTS BUSINESS BOOKSHELF THE ULTIMATE
ROLE MODEL  BY URBAN C LEHNER

THIS MAY SEEM LIKE A STRANGE TIME FOR ANOTHER BOOK ON THE JAPANESE ECONOMIC
MIRACLE MIRACLES ARE IN SHORT SUPPLY IN JAPAN JUST NOW

BUT STRATEGIC CAPITALISM PRIVATE BUSINESS AND PUBLIC PURPOSE IN JAPAN
PRINCETON UNIVERSITY PRESS 373 PAGES 35 IS TIMELY NONETHELESS INTEREST
IN SUCCESSFUL ECONOMIES RUNS HIGH IN WANNABE ECONOMIC MIRACLES SUCH AS
CHINA INDIA AND VIETNAM AND WHATEVER JAPAN'S PROBLEMS OF THE MOMENT IT IS
STILL THE ULTIMATE ROLE MODEL THE ONLY NEW COUNTRY IN THE PAST 100 YEARS TO
MAKE THE FINAL BIG JUMP INTO THE ADVANCEDNATION CLUB

KENT CALDER'S EXPLANATION OF HOW JAPAN DID IT WILL DISPLEASE BOTH
INDUSTRIALPOLICY GURUS AND FREEMARKET MAVENS MR CALDER AN ASSOCIATE
PROFESSOR AT PRINCETON UNIVERSITY ARGUES THAT JAPAN'S POSTWAR CAPITALISM
WAS NEITHER STATE DOMINATED NOR LAISSEZFAIRE HE'S UNFORTUNATELY MORE
PERSUASIVE WHEN DESCRIBING WHAT JAPANESE CAPITALISM HASN'T BEEN THAN WHAT IT
HAS

THE BOOK FOCUSES ON HOW SCARCE CAPITAL WAS ALLOCATED TO INDUSTRIES IN THE
YEARS AFTER WORLD WAR II WHO ENSURED THAT LOANS FLOWED TO JAPAN'S WINNER
INDUSTRIES SUCH AS AUTOMOBILES AND CONSUMER ELECTRONICS IT WASN'T
BRILLIANT BUREAUCRATS MR CALDER ARGUES WITH CONSIDERABLE FORCE THE BOOK
MARSHALS PLENTY OF EVIDENCE OF HOW PASSIVE AND REGULATORY THE JAPANESE
STATE FREQUENTLY WAS AND HOW POWERLESS ITS INDUSTRIAL STRATEGISTS WERE
AGAINST BUREAUCRATIC BUSINESS AND POLITICAL FOES

BUT IT ALSO WASN'T THE INVISIBLE HAND OF THE FREE MARKET MR CALDER
MAINTAINS THE PRIVATE SECTOR LED JAPAN'S INDUSTRIAL DEVELOPMENT BUT
STRATEGICALLY WHAT HE MEANS BY THAT GETS FUZZY HOWEVER SOMETIMES IT'S A
PLURALISTIC BARGAINING PROCESS A HYBRID PUBLICPRIVATE SYSTEM DRIVEN
PREEMINENTLY BY MARKETORIENTED PRIVATESECTOR CALCULATIONS BUT WITH ACTIVE
PUBLICSECTOR INVOLVEMENT TO ENCOURAGE PUBLIC SPIRITEDNESS AND LONGRANGE
VISION

OTHER TIMES MR CALDER PORTRAYS PRIVATE LENDERS PLAYING THE PARAPUBLIC
ROLE OF INDUSTRIAL PLANNER THE HEROES OF HIS STORY ARE GENERAL TRADING
COMPANIES AND BANKS IN PARTICULAR THE LONGTERM CREDIT BANKS AND MOST
PROMINENTLY THE INDUSTRIAL BANK OF JAPAN WHICH MR CALDER SAYS HAS
CONSISTENTLY LENT MUCH MORE AGGRESSIVELY TO EMERGING SECTORS THAN HAS THE
GOVERNMENT'S OWN JAPAN DEVELOPMENT BANK

FOR EXAMPLE MR CALDER SAYS JAPAN'S PRIVATE SECTOR WAS ABLE ESPECIALLY
DURING THE HIGHGROWTH PERIOD TO IDENTIFY PROMISING SECTORS AND FIRMS IN
THE CAPITALINTENSIVE PORTION OF THE ECONOMY AND AGGRESSIVELY TO MOBILIZE
THE FINANCIAL RESOURCES THE MARKETING SKILLS AND THE TECHNOLOGY TO FOSTER
INTERNATIONAL COMPETITIVE SUCCESS THROUGH LARGE CAPACITY INCREASES AND
MARKETSHARE GAINS AT KEY MOMENTS IN THE INDUSTRIAL LIFE CYCLE

THE PROBLEM IS THAT THE BOOK NEVER CLEARLY DEFINES STRATEGIC OR EXPLAINS
HOW STRATEGIC CAPITALISM DIFFERS FROM ANY OTHER CAPITALISM HOW CAN WE TELL
WHEN A BANK IS MAKING LOANS WITH AN EYE TO THE NATION'S LONGTERM
COMPETITIVENESS AND WHEN IT IS SIMPLY PICKING A GOOD CREDIT RISK THAT WILL
MAKE IT SOME MONEY

THE BOOK DOESN'T CONFRONT THIS QUESTION DIRECTLY BUT IT IMPLIES THAT LOANS
ARE STRATEGIC IF MADE TO ESPECIALLY PROMISING INDUSTRIES MR CALDER CITES
COMPELLING EVIDENCE THAT PRIVATE BANKS MADE CRITICAL LOANS TO JAPANESE
MANUFACTURERS OF AUTOS AND CONSUMER ELECTRONICS LONG BEFORE ANYONE KNEW THEY
WOULD BECOME WORLD BEATERS AND AT A TIME WHEN GOVERNMENT PLANNERS HAD
OTHER PRIORITIES

BUT WHILE DEMONSTRATING THAT THE PRIVATE SECTOR LED THIS EVIDENCE BEGS THE
QUESTION OF WHETHER IT DID SO AS PART OF ANY VISION DID BANKS LEND TO THE
AUTO AND ELECTRONICS INDUSTRIES BECAUSE THEY WERE STRATEGIC OR DID THESE
INDUSTRIES BECOME STRATEGIC BECAUSE BANKS LENT TO THEM MR CALDER NEVER
INQUIRES IN ANY DETAIL WHAT THE PRIVATE LENDERS THOUGHT THEY WERE DOING AS
THEY MADE THESE LOANS

THE JAPANESE MODEL MR CALDER SKETCHES WOULD BE HARD FOR OTHERS TO FOLLOW
EVEN IF IT WERE SOMEHOW MORE STRATEGIC THE LONGTERM CREDIT BANKS
GENERAL TRADING COMPANIES AND INTERLINKED CORPORATE GROUPINGS GREW
ORGANICALLY OUT OF JAPAN'S ECONOMIC HISTORY AND COULD NOT EASILY BE
DUPLICATED TO THE SAME EFFECT ELSEWHERE

IN THE END THE BOOK'S REAL MESSAGE IS NOT HOW MUCH JAPAN WAS LIKE GERMANY
BUT HOW LITTLE IT WAS LIKE DIRIGISTE FRANCE STRATEGIC CAPITALISM IS FULL
OF INTERESTING CASE STUDIES AND STATISTICS QUESTIONING CONVENTIONAL WISDOM
ABOUT THE ROLE THE JAPANESE GOVERNMENT PLAYED IN CHANNELING LOANS TO
INDUSTRIES IT SHOWS HOW SUCCESSFUL COMPANIES WERE ABLE TO OBTAIN LOANS IN
DEFIANCE OF GOVERNMENT WISHES BY LINING UP POPULAR AND POLITICAL SUPPORT AND
HOW GOVERNMENTCHANNELED LENDING OFTEN WENT TO LOSER INDUSTRIES SUCH AS
MINING AND SHIPPING

ONE OF THE MOST TELLING EPISODES IN CHALMERS JOHNSON'S MITI AND THE
JAPANESE MIRACLE IS MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY MANDARIN
SHIGERU SAHASHI WRESTING TECHNOLOGY FROM AMERICAN COMPUTER MAKERS IN THE
EARLY 1960S AS THE PRICE OF PERMISSION TO MANUFACTURE IN JAPAN STRATEGIC
CAPITALISM DETAILS THE SAME MR SAHASHI'S FAILURE IN THE '60S TO GET THE
DIET TO GIVE MITI THE KIND OF SWEEPING POWERS OVER INDUSTRIAL LENDING THAT
FRENCH BUREAUCRATS ENJOYED AT THE TIME TODAY'S POTENTIAL ECONOMIC MIRACLES
WILL FIND MUCH TO CONTEMPLATE IN THESE DIFFERING PORTRAITS OF MR SAHASHI

MR LEHNER IS EDITOR OF THE ASIAN WALL STREET JOURNAL 9403150069 940315
LAW DELOITTE TO PAY 312 MILLION TO SETTLE US CLAIMS RELATED TO S&L
FAILURES  BY RICHARD B SCHMITT AND LEE BERTON STAFF REPORTERS OF
THE WALL STREET JOURNAL

DELOITTE & TOUCHE AGREED TO PAY 312 MILLION TO SETTLE GOVERNMENT CLAIMS
LINKING THE GIANT ACCOUNTING FIRM TO A NUMBER OF COSTLY THRIFT FAILURES

THE SETTLEMENT WHICH HAD BEEN EXPECTED IS THE SECONDLARGEST THAT
REGULATORS HAVE MADE IN THEIR BID TO HOLD PROFESSIONALS LIABLE FOR
THRIFTRELATED WORK IN THE 1980S THE LARGEST WAS A 400 MILLION ACCORD
REACHED IN NOVEMBER 1992 WITH ERNST & YOUNG

THE SOCALLED GLOBAL AGREEMENT RESOLVES 18 PENDING LAWSUITS AGAINST
DELOITTE SEEKING DAMAGES IN EXCESS OF 14 BILLION AND POTENTIAL CLAIMS
THAT REGULATORS COULD HAVE BROUGHT AGAINST THE FIRM STEMMING FROM BANKS AND
THRIFTS THAT FAILED BEFORE LAST NOVEMBER 1

IN ADDITION THE OFFICE OF THRIFT SUPERVISION DIRECTED HENRY FORER THE
NOWRETIRED NATIONAL DIRECTOR OF DELOITTE'S SAVINGSANDLOAN PRACTICE NOT TO
PERFORM ANY ACCOUNTING SERVICES FOR THRIFTS FOR FIVE YEARS AN ATTORNEY FOR
MR FORER SAID HIS CLIENT AGREED TO SEEK PERMISSION FROM REGULATORS BEFORE
WORKING FOR THRIFTS DURING THAT PERIOD BUT DIDN'T ACCEPT AN ABSOLUTE
PROHIBITION

DELOITTE ALSO AGREED TO AN ORDER FROM THE OTS THAT REQUIRES IT TO MAINTAIN
CERTAIN TRAINING AND SUPERVISION FOR PARTNERS THAT AUDIT FINANCIAL
INSTITUTIONS

THE AGREEMENT REMOVES A CLOUD THAT HAS BEEN HANGING OVER THE PRACTICE OF THE
NATION'S THIRDLARGEST ACCOUNTING FIRM IT IS A FAIR SETTLEMENT THAT FREES
US FROM THE PROSPECT OF PROLONGED COSTLY LITIGATION WITH AN UNCERTAIN
OUTCOME SAID J MICHAEL COOK THE CHIEF EXECUTIVE OFFICER OF DELOITTE IN
A STATEMENT MR COOK ADDED IN AN INTERVIEW THAT A VERY SUBSTANTIAL PART
OF THE SETTLEMENT WAS COVERED BY INSURANCE THE FIRM PREVIOUSLY HAD DENIED
ANY IMPROPRIETIES IN RESPONSE TO THE VARIOUS LAWSUITS AND AGREED TO THE OTS
ORDER YESTERDAY WITHOUT ADMITTING OR DENYING WRONGDOING

STILL THE PAYMENT COULD BE COSTLY TO DELOITTE'S MORE THAN 1400 PARTNERS
ARTHUR BOWMAN PUBLISHER OF BOWMAN'S ACCOUNTING REPORT AN INDUSTRY
NEWSLETTER SAID THE SETTLEMENT AFTER INSURANCE DEDUCTIBLES WOULD COST
EACH DELOITTE PARTNER ABOUT 60000 THOUGH NOT ALL IN ONE YEAR

DELOITTE THE PRODUCT OF A MERGER BETWEEN THE FORMER DELOITTE HASKINS &
SELLS AND TOUCHE ROSS & CO HAD BEEN CHARGED WITH VARIOUS ACTS OF
PROFESSIONAL NEGLIGENCE INCLUDING ISSUING CLEAN AUDIT OPINIONS FOR
INSTITUTIONS THAT PROVED TO BE INSOLVENT THE FIRM SERVED ROUGHLY 20 OF THE
TOP 300 S&LS IN THE 1980S AND SOME OF ITS CLIENTS WERE AMONG THE MOST
NOTORIOUS INSTITUTIONS TO FAIL AMONG THEM WESTERN SAVINGS & LOAN
ASSOCIATION OF PHOENIX AND CENTRUST BANK OF MIAMI WHICH ADDED 24 BILLION
AND 16 BILLION RESPECTIVELY TO THE TAXPAYERFINANCED S&L BAILOUT

THE OTS CITED ACCOUNTING BREAKDOWNS BY DELOITTE IN THE HANDLING OF AUDITS
FOR FIVE INSTITUTIONS THEY INCLUDED FRANKLIN SAVINGS & LOAN ASSOCIATION
OTTAWA KAN COLUMBIA SAVINGS & LOAN ASSOCIATION BEVERLY HILLS CALIF
CITY FEDERAL SAVINGS BANK PISCATAWAY NJ SUN SAVINGS & LOAN ASSOCIATION
PARKER COLO AND FIRST AMERICA SAVINGS BANK LONGMONT COLO

AMONG OTHER PROBLEMS THE OTS CHARGED THAT DELOITTE TACITLY APPROVED OF CITY
FEDERAL'S MAINTAINING INADEQUATE RESERVES FOR LOAN LOSSES AND COLUMBIA
SAVINGS' OVERVALUING ITS TRADING PORTFOLIO WHICH INCLUDED HUGE JUNKBOND
HOLDINGS 9403150068 940315 LEISURE & ARTS TIME OFF DIVERSIONS AND
EXCURSIONS MARCH 1528

THIS SURVEY OF THE WORK OF ONE OF AMERICA'S MOST IMPORTANT LANDSCAPE
PAINTERS HIGHLIGHTS ALL THE FORMATS DEVELOPED BY COLE FROM WILDERNESS VIEWS
AND PASTORAL SCENES TO IMAGINARY COMPOSITIONS AND ALLEGORICAL HISTORY
PAINTINGS THIS EXHIBIT ALSO EXAMINES THE JACKSONIAN ERA CONNECTING COLE'S
WORK WITH THE SOCIAL AND POLITICAL UNREST OF THE TIME DISPLAYED FOR THE
FIRST TIME TOGETHER WILL BE THE TWO ALLEGORICAL SERIES THE COURSE OF
EMPIRE AND THE VOYAGE OF LIFE

 NATIONAL MUSEUM OF AMERICAN ART SMITHSONIAN INSTITUTION OLD PATENT
OFFICE BUILDING AT EIGHTH AND G STREETS NW MARCH 18AUG 7

THIS SHOW FOCUSING ON AFRICAN CRAFT TRADITIONS IN THE US FEATURES MORE
THAN 100 OBJECTS CERAMICS FURNITURE TEXTILES BASKETS QUILTS
GLASSWORK AND JEWELRY BY MORE THAN 70 CONTEMPORARY ARTISTS MANY OF THESE
ART FORMS WERE FIRST BROUGHT TO THIS COUNTRY FROM AFRICA MORE THAN 200 YEARS
AGO

GIANT BEETLES ANTS AND OTHER INSECTS ARE THE SUBJECTS OF THIS EXHIBITION OF
THE UNUSUAL WORKS OF ENTOMOLOGIST THOMAS EISNER USING AN ELECTRONSCANNING
MICROSCOPE MR EISNER WAITS FOR HIS SUBJECTS TO STRIKE A POSE FREEZES THEM
IN NITROGEN AND THEN PHOTOGRAPHS THEM

 HERBERT F JOHNSON MUSEUM OF ART AT CORNELL UNIVERSITY THROUGH APRIL 24
607 2556464

VERSATILE BRITISH DIVA JANE EAGLEN WHO RECENTLY SWUNG NORMA'S GONG IN
SEATTLE NOW DONS BRUNNHILDE'S BREASTPLATE IN WAGNER'S DIE WALKURE
SOPRANO MECHTHILD GESSENDORF COOKS UP A WINTER STORM FOR JOHN KEYES AS THE
HUNGRY SIEGMUND KEVIN MAYNOR IS HER STONE AGE HUSBAND HUNDING ROGER
ROLOFF SINGS WOTAN JOHN MAUCERI CONDUCTS THE HOLLYWOOD BOWL ORCHESTRA
ROBERTO OSWALD DIRECTS INSIDE THE SET HE DESIGNED FOR THE DALLAS OPERA IN
1981

 ORANGE COUNTY PERFORMING ARTS CENTER 600 TOWN CENTER DR MARCH 18 AND
20 714 9797000

ELIJAH MOSHINSKY'S NEW PRODUCTION OF VERDI'S OTELLO DEBUTS MARCH 21 WITH
PLACIDO DOMINGO UNSURPRISINGLY CAST IN THE TITLE ROLE CAROL VANESS SINGS
DESDEMONA FOR THE FIRST TIME WITH THE COMPANY AND SERGEI LEIFERKUS APPEARS
AS IAGO RUSSIAN VALERY GERGIEV OF THE KIROV OPERA MAKES HIS CONDUCTING
DEBUT THE SETS ARE BY MICHAEL YEARGAN WITH COSTUMES DESIGNED BY PETER J
HALL ALSO LA BOHEME RETURNS FOR TWO FINAL PERFORMANCES MARCH 22 AND 26
WITH ANGELA GHEORGHIU AS MIMI RICHARD LEECH AS RUDOLFO AND TIMOTHY NOBLE AS
MARCELLO

 LINCOLN CENTER 66TH STREET AT BROADWAY OTELLO ALSO ON MARCH 25 AND
29 APRIL 2 6 9 14 19 AND 22 212 3626000

THE COMPANY MAKES ITS AMERICAN DEBUT WITH FOUR PERFORMANCES OF VERDI'S DON
CARLOS ANDERS LUNDSTROM AND LARS CLEVEMAN ALTERNATE IN THE TITLE ROLE
WITH AMELIE FLEETWOOD AND EVA OSTERBERG SHARING THE DUTIES AS ELISABETH WHO
ENDS UP MARRYING THE KING OF SPAIN EVEN THOUGH SHE'D RATHER BE HAVING A GOOD
TIME WITH HIS DEMENTED SON THIS PRODUCTION BY FOLKOPERA FOUNDER CLAES
FELLBOM TAKES AN INTIMATE APPROACH DRAWING INSPIRATION FROM FRIEDRICH
SCHILLER'S ORIGINAL PLAY ABOUT THE CROWN PRINCE KIRSTEN NERBE CONDUCTS

 BROOKLYN ACADEMY OF MUSIC'S MAJESTIC THEATER 651 FULTON MARCH 16 18
19 AND 20 718 6364100 9403150067 940303 REVIEW & OUTLOOK EDITORIAL
 BEFORE BRADY

THE BRADY BILL BECAME THE BRADY LAW PARTLY ON THE NOTION THAT IT WOULD HELP
KEEP GUNS OUT OF THE HANDS OF DANGEROUS CRIMINALS THE FIVEDAY WAITING
PERIOD PORTION OF THE LAW WENT INTO EFFECT MONDAY ON FEB 17 MARINE LANCE
CORPORAL RAYNA ROSS WENT BEFORE A MILITARY TRIBUNAL IN QUANTICO VA
INVESTIGATING HER KILLING OF HER FORMER LOVER AFTER HE BROKE INTO HER
APARTMENT BUT MORE IMPORTANT THE CASE IS AN OBJECT LESSON IN GUN CONTROL
AND THE OTHER SIDE OF THE BRADY LAW

ON JUNE 12 1993 MS ROSS BROKE OFF A RELATIONSHIP WITH CORPORAL ANTHONY
GOREE MR GOREE DISTRAUGHT OVER THE BREAKUP BEGAN HARASSING HER THE
HARASSMENT LED TO MANY PHYSICAL ASSAULTS INCLUDING ONE AT KNIFEPOINT AND
ONE AT GUNPOINT THE LATTER HAVING OCCURRED IN MS ROSS'S OFFICE ON BASE
ENOUGH WAS ENOUGH AND MS ROSS SWORE OUT A WARRANT FOR HIS ARREST WITH THE
PRINCE WILLIAM COUNTY VA POLICE AND MADE A FORMAL COMPLAINT WITH THE
MARINE CORPS THROUGH HER BATTALION COMMAND CHARGES WERE FILED AGAINST MR
GOREE IN BOTH JURISDICTIONS AND A WARRANT WAS ISSUED FOR HIS ARREST BY
CIVILIAN AUTHORITIES

THE MARINES GOT TO HIM FIRST AND UNDER THE UNIFORM CODE OF MILITARY JUSTICE
HE WAS CHARGED WITH ASSAULT WITH A FIREARM AND WRONGFUL CARRYING OF A
FIREARM BOTH IMPRISONABLE OFFENSES MR GOREE DID A SHORT STINT IN THE
QUANTICO BRIG BUT AT AN ADMINISTRATIVE HEARING WAS RELEASED FROM
CONFINEMENT AND PUT ON BASE RESTRICTION WITH THE STIPULATION THAT HE AVOID
ALL CONTACT WITH MS ROSS

SHORTLY AFTER BEING PUT ON RESTRICTION MR GOREE WENT AWOL HE SUBSEQUENTLY
STOLE A CAR AND RESUMED HIS STALKING FORCING MS ROSS TO FLEE HER APARTMENT
WITH HER ONEYEAROLD DAUGHTER AND STAY WITH FRIENDS OFTEN MOVING TO A
DIFFERENT PLACE EVERY NIGHT

ON JUNE 26 MS ROSS DECIDED TO PURCHASE A HANDGUN FORTUNATELY FOR HER
PRINCE WILLIAM COUNTY HAS NO FIVEDAY WAITING PERIOD BECAUSE IT HAS AN
AUTOMATED FELON DATABASE MUCH LIKE THE SYSTEM PROPOSED BY THE NATIONAL
RIFLE ASSOCIATION AND MUCHMALIGNED BY SUPPORTERS OF THE BRADY LAW WE SAY
FORTUNATELY BECAUSE THREE DAYS LATER MR GOREE ENTERED HER APARTMENT AT 3
AM IN A BLACK JUMPSUIT AFTER HAVING DISMANTLED THE SLIDING GLASS DOOR ON
HER PATIO

ACCORDING TO MS ROSS HE CAME AT HER WITH HIS MARINEISSUE BAYONET SHE
SHOT HIM DEAD WITH THE 380 SEMIAUTOMATIC HANDGUN SHE HAD PURCHASED JUST
THREE DAYS BEFORE UNDER THE BRADY LAW SHE WOULD HAVE HAD TO WAIT ANOTHER
TWO DAYS BEFORE TAKING POSSESSION OF THE GUN

THE PRINCE WILLIAM COUNTY COMMONWEALTH'S ATTORNEY PASSED ON FILING CHARGES
AGAINST HER SAYING IT WAS JUSTIFIABLE HOMICIDE MS ROSS IS NOW IN THE
MIDST OF RESOLVING A MARINE CORPS INQUIRY INTO THE CASE

WE SUPPOSE THE LAW'S DEFENDERS WILL SAY THIS IS A RARE INCIDENT OR LOOPHOLE
WE WONDER PEOPLE CALL THE POLICE ALL THE TIME FOR PROTECTION FROM REAL
THREATS AND INVARIABLY ARE TOLD THERE'S NOT MUCH THAT CAN BE DONE UNTIL AN
OVERT ACT IS COMMITTED THE FACT IS THAT IF THE BRADY LAW HAD BEEN IN EFFECT
IN PRINCE WILLIAM COUNTY ON JUNE 26 1993 IT CERTAINLY WOULD HAVE KEPT A
GUN OUT OF THE HAND OF RAYNA ROSS WE SUSPECT THIS STORY WOULD HAVE ENDED
DIFFERENTLY SEE RELATED LETTERS LETTERS TO THE EDITOR BRADY HANDGUN LAW
HAS A VITAL WAIVER WSJ MARCH 15 1994 9403030045 YY94 MM03
9403150066 940315 LABOR LETTER A SPECIAL NEWS REPORT ON PEOPLE AND
THEIR JOBS IN OFFICES FIELDS AND FACTORIES  BY ALBERT R KARR

COLLEGE RECRUITING BEGINS SURGING AFTER A LONG DROUGHT

IT FEELS LIKE WE'RE COMING OUT OF A MAJOR DEPRESSION SAYS BARBARA
EURESTI A UNIVERSITY OF TEXAS PLACEMENT OFFICIAL THE NUMBER OF FIRMS
RECRUITING ON CAMPUS IS UP 11 AND MORE JOBS ARE BEING OFFERED ALTHOUGH IT
IS STILL AN EMPLOYERS' MARKET SHE SAYS COLLEGES SAY MODEST SIGNS OF
IMPROVED EMPLOYER INTEREST LAST YEAR HAVE GIVEN WAY TO A SOLID HIRING
REBOUND ESPECIALLY BY SMALL COMPANIES

STUDENTS ARE GETTING MORE OFFERS AT RICE AND THE UNIVERSITY OF CALIFORNIA
WHERE THE JOBHUNTING SEASON WILL BE LONGER THIS YEAR EMPLOYERS PLAN MORE
INTERVIEWS AT MICHIGAN STATE UNIVERSITY THE FIRST EMPLOYER INTEREST IN
PETROLEUM ENGINEERS IN SEVERAL YEARS HAS UNIVERSITY OF OKLAHOMA OFFICIALS
REAL EXCITED SAYS ONE

SCHOOLS SAY EMPLOYERS WAIT LONGER TO FILL STAFFING NEEDS BECAUSE THEY CAN'T
ANTICIPATE THEM FAR AHEAD ANYMORE

HISPANIC BASEBALL PLAYERS LOSE OUT IN SALARY ARBITRATION

JOHN FIZEL ASSOCIATE PROFESSOR OF ECONOMICS AT PENN STATE UNIVERSITY AT
ERIE ANALYZED ARBITERS' DECISIONS FOR 121 MAJORLEAGUE PLAYERS AND FOUND
THAT HISPANIC PLAYERS HAD A 33 LESS CHANCE OF WINNING CASES ANY BIAS IS
ALL THE MORE STRIKING BECAUSE PROFESSIONAL BASEBALL IS OTHERWISE FREE OF
SALARY DISCRIMINATION HE SAYS

ARBITRATION WINNERS HAD AN AVERAGE 138 SALARY BOOST AND EVEN LOSERS GOT AN
AVERAGE 59 INCREASE WHILE OWNERS COMPLAIN THAT ARBITRATION FAVORS PLAYERS
MR FIZEL SAYS 77 OF THE PLAYERS WHO WENT TO ARBITRATION GOT LESS THAN
THEIR MARKET VALUE FIGURED BY MULTIPLYING PLAYERS' CONTRIBUTIONS TO THEIR
TEAMS TIMES THE TEAM'S GATE REVENUE

SMOKING BANS MANY EMPLOYERS IMPOSE THEM CAREFULLY TO LESSEN PROTESTS

NATIONAL CITY CORP REIMBURSED WORKERS TO TAKE QUITSMOKING CLASSES NYNEX
EXPANDED SUCH CLASSES TO INCLUDE SMOKING SPOUSES CITICORP AND CINCINNATI
GAS & ELECTRIC STILL ALLOW SMOKING IN SOME DESIGNATED AREAS AND IN PRIVATE
OFFICES CG&E SAYS SMOKERS BLAME THE CRACKDOWN ON THE TIMES NOT THE
COMPANY ROCHESTER TELEPHONE TRIED SMOKING AREAS AND SMOKINGCESSATION
TRAINING BEFORE BANNING SMOKING OUTRIGHT SOME SMOKERS SUPPORTED THE BAN

CODDLING SMOKERS IS THE BEST WAY TO MAKE BANS SUCCEED SAYS JERALD
GREENBERG BUSINESS ETHICS PROFESSOR AT OHIO STATE UNIVERSITY HE STUDIED
ATTITUDES OF 732 CLERICAL WORKERS AT A BIG FINANCIALSERVICES FIRM SMOKERS
WHILE NOT EAGER TO ACCEPT A BAN WERE MORE AGREEABLE WHEN THE PRESIDENT GAVE
DETAILED REASONS AND SHOWED HE CARED THAT SMOKERS MIGHT SUFFER THE STUDY
WILL APPEAR IN THE JOURNAL OF APPLIED PSYCHOLOGY IN APRIL

SOME NYNEX SMOKERS GROUSE THEY WILL GET PNEUMONIA FROM HAVING TO SMOKE
OUTSIDE ESTHERANN GRAYZEL A NYNEX DOCTOR TELLS THEM SMOKING IS A BIGGER
HEALTH HAZARD

DEFENSE CONVERSION IN RUSSIA GETS OUTSIDE HELP THE EUROPEAN UNION IS
SPENDING 136 MILLION TO RETRAIN 16000 FORMER MILITARY OFFICERS TO BE
BUSINESS EXECUTIVES UNDER AN OLIVETTIRUN PROGRAM MEANTIME THE WORLD BANK
APPROVES 300 MILLION TO HELP RUSSIA REPAIR 11500 KILOMETERS OF CRUMBLING
ROADS AND BRIDGES

THE WINDY CITY HAS AVID SPORTS FANS IN CASE YOU DIDN'T NOTICE IN A POLL AT
100 LARGE COMPANIES BY REPLICA CORP WHICH SELLS SPORTS AND INVESTMENT
GAMES 55 OF CHICAGO EMPLOYEES JOIN IN OFFICE FANTASY LEAGUES COMPARED
WITH 30 IN NEW YORK AND 32 IN LOS ANGELES CHICAGOANS SPEND AN AVERAGE 14
MINUTES OF COMPANY TIME A WEEK ON SUCH GAMES

DOES HE DO WINDOWS WILTON CONNOR PACKAGING IN CHARLOTTE NC EMPLOYS
LEROY HENDERSON TO FIX FAUCETS PAINT WALLS PATCH CEILINGS REPAIR FLOORS
AND DO OTHER ODD JOBS AT EMPLOYEES' HOMES EMPLOYEES BUY PARTS BUT THE
COMPANY PAYS MR HENDERSON'S WAGES AND TRANSPORTATION AND BUYS HIS TOOLS
HE HAS MORE THAN 40 HOURS A WEEK OF WORK SAYS WILTON CONNOR THE
COMPANY'S OWNER

JOBS RESURRECTION EMPLOYERS TAKE ON EXWORKERS AS CONTRACTORS

AT&T USES FORMER EMPLOYEES FOR CLERICAL COMPUTER PROGRAMMING AND
SUPERVISORY JOBS FORMER STAFFERS KNOW THE LINGO AND NEED LESS
HANDHOLDING A SPOKESMAN SAYS AMERICAN EXPRESS BRINGS BACK EMPLOYEES FOR
TASKS LIKE PUBLICRELATIONS PROJECTS COMPAQ COMPUTER SOMETIMES TAPS PARED
STAFF WORKERS TARGETING ONES WITH SPECIALIZED SKILLS

BUT BECHTEL SIGNED UP ONLY EIGHT FORMER WORKERS AT ITS 2000PERSON HOUSTON
UNIT LAST YEAR IT PREFERS FULLTIME HIRES IBM SAYS IT EXPECTS THE NUMBER
OF REDRAFTED EMPLOYEES TO DECLINE AMID COST TRIMMING AT&T FORESEES A
CONTRACTOR DROP TOO A RESULT OF ITS WORKFORCE CUTS AND TONS OF
AVAILABLE TALENTED UNEMPLOYED COLLEGE STUDENTS

SOME FIRMS LET WORKERS LEAVE TO JOIN CONSULTING FIRMS AND THEN CONTRACT WITH
THEM TO WORK ON THEIR ACCOUNTS ARTHUR ANDERSEN'S STEVE SAMEK SAYS HIS FIRM
HIRED 30 OF AN AUDIT CLIENT'S STAFFERS

THE CHECKOFF MEMBERS OF THE COMPOSTING COUNCIL AN INDUSTRY GROUP ARE
OFFERED FOUR FREE ISSUES OF THE SLUDGE NEWSLETTER  REP JAMES
TRAFICANT D OHIO INTRODUCES A BILL TO CLOSE A LOOPHOLE LETTING SOME
EMPLOYERS PAY BLIND WORKERS A SUBMINIMUM WAGE AS LOW AS 275 AN HOUR  
TACO BELL THE MEXICANFOOD CHAIN EXPECTS TO RECRUIT 150 MBA GRADS THIS
YEAR TO BE RESTAURANT MANAGERS DOUBLE THE NUMBER LAST YEAR AND TRIPLE THE
1992 TOTAL 9403150065 940315 LETTERS TO THE EDITOR CLINTON PLAN
VIOLATES BASIC ECONOMICS

THE FEB 24 LETTER TO THE EDITOR FROM DONNA SHALALA SECRETARY OF HEALTH AND
HUMAN SERVICES REVEALED BOTH THE NAIVETE AND ARROGANCE OF THE PEOPLE IN
BILL CLINTON'S ADMINISTRATION NAIVETE IS REPRESENTED BY SECRETARY SHALALA'S
EXAMPLE OF THE ATM CARD THIS SERVICE WAS NOT DREAMED UP BY SOME POLITICAL
APPOINTEE WHO THEN IMPOSED IT BY FORCE ON THE AMERICAN PEOPLE BUT BY
INDEPENDENT BUSINESSES SEEKING TO MEET CUSTOMERS' NEEDS A NUMBER OF THE
EARLY SYSTEMS FAILED AND THE OVERALL SYSTEM WENT THROUGH AN EVOLUTIONARY
PROCESS UNTIL IT BECAME THE MOSTLY OPEN EXTREMELY USEFUL SYSTEM WE SEE
TODAY THAT EVOLUTION WAS MADE POSSIBLE THROUGH A SERIES OF TRIAL AND
ERROR EFFORTS BY ENTREPRENEUR/BUSINESSES RISKING THEIR OWN CAPITAL IN
SHORT IT WAS THE MARKET THAT MADE SUCH A SERVICE POSSIBLE

THE GOVERNMENT ON THE OTHER HAND HAS CONSISTENTLY HAMPERED THE BANKING
INDUSTRY'S NATURAL EVOLUTION TO SUCH CONSUMERFRIENDLY SERVICES AS
NATIONWIDE EVEN IN SOME CASES STATEWIDE BANKING INDEED THE ATM CARDS
HAVE BECOME A TECHNOLOGY DRIVEN ENDAROUND BY BANKS AND CONSUMERS SEEKING
TO CIRCUMVENT THOSE BARRIERS THROUGH THE VARIOUS NETWORKS THAT NOW EXIST

IF SUCH A CARD WERE OF VALUE TO CONSUMERS IN THE MEDICALCARE INDUSTRY ONE
WOULD REASONABLY EXPECT THE MARKET TO CREATE SUCH A DEVICE I SUSPECT THAT A
SIGNIFICANT REASON IT DOES NOT YET EXIST IS THE WEB OF GOVERNMENT REGULATION
AND RESTRICTIONS INCLUDING PRIVACY TAX AND ANTITRUST LAWS

ARROGANCE IS EVIDENT IN MS SHALALA'S ASSUMPTION THAT HILLARY RODHAM CLINTON
KNOWS BEST WHAT HEALTH PLAN IS RIGHT FOR 250 MILLION AMERICANS ONE REASON
SO MANY ALTERNATIVES EXIST TODAY IS THAT CONSUMERS ARE DEMANDING CHOICES
VIRTUALLY EVERY OTHER INDUSTRY EVOLVES TOWARD OFFERING MORE CHOICES NOT
LESS

THIS ADMINISTRATION IS THE FIRST I CAN RECALL THAT THINKS THE BEST WAY TO
IMPROVE MARKET EFFICIENCY IS TO ELIMINATE COMPETITION WHEN I WAS IN SCHOOL
IT WAS TAUGHT THAT THE MORE FIRMS SERVING A MARKET THE MORE INTENSE THE
COMPETITION AND THE BETTER THE PRICES TO CONSUMERS BEYOND THE FEEL GOOD
BABBLE THE CLINTON PLAN VIOLATES THE FUNDAMENTAL LAWS OF ECONOMICS AND
SEEKS TO TREAT AMERICANS AS A MONOLITHIC GROUP OF MORONS SURELY WE WON'T
ACCEPT THAT

UNLIKE THE HEALTH CARE REFORM SCHEME BEING PUSHED BY THE WHITE HOUSE WHICH
SEEKS GOVERNMENT CONTROL OF EVEN THE SIMPLEST MEDICAL TASKS CONSUMER
SERVICES IN BANKING HAVE VASTLY IMPROVED AS THE RESULT OF PRIVATESECTOR
COMPETITION THE DEVELOPMENT AND GROWING USE OF ATM CARDS IS ONE SUCH
EXAMPLE

THE SAME WILL NOT BE SAID OF GOVERNMENTRUN HEALTH CARE ANY TIME CONSUMER
CHOICE IS LIMITED AND PRICES ARE ARTIFICIALLY SET QUALITY SOON SUFFERS
JUST ASK THE PEOPLE OF THE FORMER EASTERN BLOC NATIONS

IF POLITICIANS IN WASHINGTON ARE TRULY INTERESTED IN MAKING OUR MEDICALCARE
SYSTEM BETTER THEY SHOULD SEEK WAYS TO INCREASE COMPETITION NOT STIFLE
IT OTHERWISE THE PRESIDENT'S HEALTH CARD IS ONLY A SYMBOL NOT A SOLUTION
9403150064 940315 SMALL STOCK FOCUS BUYERS PUSH SMALL STOCK PRICES
HIGHER NEARING A RECORD MARK FOR THE GROUP  BY CAITLIN MOLLISON 
SPECIAL TO THE WALL STREET JOURNAL

NEW YORK BUYERS PUSHED SMALLCOMPANY STOCK PRICES HIGHER FOR A SECOND DAY
BRINGING THE GROUP BACK TOWARD ITS RECORD HIGH

THE RUSSELL 2000 INDEX WHICH CHARTS THE PERFORMANCE OF SMALLCAPITALIZATION
STOCKS TRADED ON THE NASDAQ STOCK MARKET AND THE MAJOR EXCHANGES GAINED
070 POINT OR 026 TO 26619 AS IT NEARED ITS CLOSING RECORD OF 26762
SET FEB 2

ON NASDAQ STRONG TECHNOLOGY ISSUES TOOK THE NASDAQ COMPOSITE INDEX 359
POINTS OR 045 HIGHER TO 79279 THE MEASUREMENT LAST SET A RECORD OF
80047 ON JAN 31

ADVANCING NASDAQ ISSUES BOOSTED BY FIRM TECH ISSUES NARROWLY OUTDID
DECLINERS 1623 TO 1503 ON NASDAQ NATIONAL MARKET VOLUME OF 224339900
SHARES AND TOTAL VOLUME OF 265502000 ON FRIDAY NATIONAL MARKET TURNOVER
TOTALED 238699500 SHARES WHILE OVERALL VOLUME STOOD AT 279253000

LAST WEEK MARKET WATCHERS EXPRESSED CONFIDENCE THAT SMALL STOCKS COULD
BREAK THROUGH OLD CLOSING RECORDS BUT OBSERVERS WERE UNPREPARED FOR A
CONTINUED CHOPPINESS IN THE BOND MARKET WHICH DROVE THE LONG BOND'S YIELD
CLOSE TO THE 7 MARK

THOUGH BONDS LOST GROUND YESTERDAY SOME ANALYSTS BELIEVE INVESTORS ARE
STARTING TO BELIEVE THE FEDERAL RESERVE WON'T TIGHTEN CREDIT ANYTIME SOON
THE TREASURY'S LONG BOND DECLINED NEARLY 1/2 A POINT YESTERDAY FORCING ITS
YIELD UP TO 694

WHILE SMALL STOCKS SHOWED DECENT GAINS ON THE DAY LARGECAP ECONOMICALLY
SENSITIVE ISSUES LAGGED BEHIND CAUTION WAS THE WATCHWORD IN THAT GROUP AND
MARKET PLAYERS HELD BACK AHEAD OF TODAY'S RELEASE OF FEBRUARY PRODUCER
PRICES AND TOMORROW'S CONSUMER PRICE INDEX REPORT

THE DOW JONES INDUSTRIAL AVERAGE POSTED A MODEST 028POINT GAIN AFTER
BOBBING AND WEAVING THROUGHOUT THE SESSION

HEDI REYNOLDS MANAGING DIRECTOR OF NASDAQ TRADING AT MORGAN KEEGAN & CO
SAID SHE SENSES SOME NERVOUSNESS AHEAD OF THIS WEEK'S INFLATION REPORTS
EVEN AMONG SMALLCAP PLAYERS

EVERYTHING WAS EITHER FLAT OR UP FRACTIONALLY TODAY SHE SAID PEOPLE ARE
WATCHING FOR THAT CPI DATA

SOFTWARE MAKERS ROSE ON NEWS THAT SEVERAL COMPANIES INTRODUCED SOFTWARE
APPLICATIONS THAT WILL WORK WITH THE NEW APPLE COMPUTER POWER MACINTOSH
PRODUCT

ALDUS SEATTLE JUMPED 1 TO 25 1/2 THE COMPANY SAID IT CREATED VERSIONS OF
ALDUS PAGEMAKER 50 AND ALDUS FREEHAND 40 FOR THE POWER MACINTOSH
COMPUTER BOTH PRODUCTS WILL BE SHIPPED IN THE NEXT 30 TO 60 DAYS

SYMANTEC CUPERTINO CALIF IMPROVED 3/8 TO 15 3/4 THE COMPANY SAID IT
WILL DEVELOP SOFTWARE PROGRAMS TO WORK WITH THE POWERPC

APPLE ADDED 7/8 TO 38 1/8

EUGENE E PERONI JR DIRECTOR OF TECHNICAL RESEARCH AT JANNEY MONTGOMERY
SCOTT SAID THAT ALTHOUGH THE MARKET IS GENERALLY OVERSOLD A
STOCKPICKING ENVIRONMENT EXISTS

THE MOVE HIGHER BY TECHNOLOGY ISSUES UNDERSCORES THE FACT THAT THAT'S WHERE
THE ONGOING APPETITE IS MR PERONI SAID

OTHER SOFTWARE STOCKS THAT GAINED GROUND INCLUDED BURLINGTON MASSBASED
EASEL WHICH ROSE 3/4 TO 6 1/2 AND EMULEX COSTA MESA CALIF WHICH
ADVANCED 3/8 TO 4

IN OTHER NEWS LASERSCOPE GOT A 1POINT BOOST TO 6 3/4 AFTER A POSITIVE
MENTION IN THIS WEEK'S ISSUE OF BARRON'S

AGOURON PHARMACEUTICALS LA JOLLA CALIF JUMPED ANOTHER 1 TO 15 3/4 AFTER
SURGING 2 1/4 FRIDAY THE COMPANY'S STOCK PRICE IS RIDING HIGH ON NEWS THAT
ONE OF ITS RESEARCH TEAMS HAS DISCOVERED THE THREEDIMENSIONAL ATOMIC
STRUCTURE OF A KEY ENZYME LINKED TO THE COMMON COLD

FIBREBOARD SOARED 2 5/8 TO 37 1/8 ON THE AMERICAN STOCK EXCHANGE THE WALNUT
CREEK CALIF INSULATION COMPANY SAID IT REJECTED AN UNSOLICITED TAKEOVER
PROPOSAL BY CARL POHLAD THE OWNER OF THE MINNESOTA TWINS MAJOR LEAGUE
BASEBALL TEAM

ORBITAL SCIENCES ZOOMED UP 2 TO 20 3/4 THE DULLES VA SPACE PRODUCTS
CONCERN SAID IT SUCCESSFULLY LAUNCHED ITS FIRST TAURUS ROCKET FROM
VANDENBERG AIR FORCE BASE CALIF SUNDAY

WATKINSJOHNSON GLIDED 1 1/2 HIGHER TO 26 7/8 AFTER MORGAN STANLEY UPGRADED
ITS SHARES TO BUY FROM HOLD THE NEW YORK STOCK EXCHANGETRADED MAKER OF
ADVANCED ELECTRONIC SYSTEMS IS BASED IN PALO ALTO CALIF

IN THE COMMUNICATIONS GROUP CELLSTAR PLUNGED 4 TO 12 3/4 THE CARROLLTON
TEXAS CELLULAR PRODUCTS COMPANY SAID THAT BASED ON PRELIMINARY DATA IT
DOESN'T EXPECT TO MEET ANALYSTS' FIRSTQUARTER EARNINGS PROJECTIONS OF 148
MILLION TO 157 MILLION OR 80 CENTS TO 85 CENTS A SHARE THE COMPANY WENT
PUBLIC IN DECEMBER

A DISAPPOINTING FISCAL FIRSTQUARTER CORPORATE PROFIT REPORT CHOPPED 13/16
OR 41 OFF MICROLOG'S STOCK PRICE SENDING IT DOWN TO 1 3/16 LATE FRIDAY
THE GERMANTOWN MD VOICE PROCESSING SYSTEMS CONCERN REPORTED A LOSS OF 25
CENTS A SHARE FOR THE PERIOD COMPARED WITH NET INCOME OF EIGHT CENTS A YEAR
EARLIER

SODAK GAMING A RAPID CITY SD ELECTRONIC SLOT MACHINE MAKER PLUMMETED 5
3/4 OR 21 TO 21 3/4 A NEWSWIRE REPORTED THAT THE COMPANY EXPECTS TO
REPORT ITS FIRSTQUARTER EARNINGS FELL BELOW THE 31 CENTS A SHARE FORECAST
BY RAYMOND JAMES ANALYST JANICE FARMER SODAK WENT PUBLIC LAST JUNE

A HAMBRECHT & QUIST RATING CUT FROM ANALYST STEVEN D LEVY SENT MADGE'S
STOCK PRICE DOWN 1 1/2 TO 18 MR LEVY DOWNGRADED THE DUTCH DESIGNER OF
TOKEN RING PRODUCTS' SHARES TO HOLD FROM BUY CITING VALUATION

SOME SMALLER WIRELESS STOCKS WERE HURT BY A NEGATIVE ARTICLE IN THE WALL
STREET JOURNAL ACCORDING TO YESTERDAY'S SMALLSTOCK FOCUS COLUMN SMALLCAP
ISSUES ARE HAVING A HARD TIME COMPETING WITH THE LARGER STOCKS IN THE GROUP
NOW THAT MCI COMMUNICATIONS INC HAS BACKED NEXTEL COMMUNICATIONS INC
9403150063 940315 TWO CALIFORNIA PENSION FUNDS LAUNCH INITIATIVE TO
BUILD AFFORDABLE HOUSING  BY MICHAEL J YBARRA STAFF REPORTER OF
THE WALL STREET JOURNAL

SAN FRANCISCO TWO OF THE NATION'S LARGEST PENSION FUNDS HAVE JOINED A
NONPROFIT BUILDER AND THREE OF CALIFORNIA'S BIGGEST FINANCIAL INSTITUTIONS
TO LAUNCH AN AFFORDABLEHOUSING INITIATIVE THAT ITS BACKERS TOUT AS A MODEL
FOR THE COUNTRY

THE EFFORT WHICH IS EXPECTED TO PROVIDE 340 MILLION OF CONSTRUCTION LOANS
TO FINANCE BUILDING UP TO 5000 HOUSING UNITS IN CALIFORNIA OVER THE NEXT
THREE YEARS REPRESENTS THE FIRST FORAY BY PENSION FUNDS INTO AFFORDABLE
HOUSING LENDING

SPEARHEADED BY BRIDGE HOUSING CORP A NONPROFIT BUILDER OF LOWINCOME
HOUSING BASED HERE AND WORLD SAVINGS & LOAN ASSOCIATION OF OAKLAND CALIF
THE DEAL PROVIDES A REVOLVING LINE OF CREDIT THAT ITS SUPPORTERS SAY COULD
INSPIRE OTHER SUCH UNDERTAKINGS BETWEEN NONPROFIT AGENCIES AND THE PRIVATE
SECTOR

IT MIGHT DEVELOP INTO BILLIONS AND MORE BILLIONS AND WE CAN BEGIN TO MAKE
A DENT IN THE NEED FOR AFFORDABLE HOUSING SAID HERBERT M SANDLER
CHAIRMAN AND CHIEF EXECUTIVE OF WORLD SAVINGS A UNIT OF GOLDEN WEST
FINANCIAL CORP

HENRY G CISNEROS SECRETARY OF HOUSING AND URBAN DEVELOPMENT WHO
PARTICIPATED IN A NEWS CONFERENCE VIA SATELLITE CALLED THE PROJECT AN
HISTORIC INNOVATION AND ADDED THE MODEL HAS TREMENDOUS APPLICATION ACROSS
THE COUNTRY

MR CISNEROS SAID HUD IS ASKING FOR 500 MILLION IN FEDERAL FUNDS TO EXPAND
A PILOT PROGRAM IN WHICH 100 MILLION OF GOVERNMENT MONEY WAS LEVERAGED INTO
A 12 BILLION FUND TO BUILD LOWINCOME HOUSING IN 25 CITIES ABOUT HALF THE
MONEY CAME FROM AN AFLCIO PENSION TRUST EARMARKED FOR AFFORDABLE HOUSING

UNTIL RECENTLY PENSION FUNDS HAVE BEEN VERY SKITTISH ABOUT WADING INTO
RESIDENTIAL CONSTRUCTION LENDING ESPECIALLY MULTIFAMILY OR LOWINCOME
DWELLINGS THE NEW INITIATIVE IS HAILED AS THE LARGEST PRIVATESECTOR DEAL
OF ITS KIND

THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM KNOWN AS CALPERS IS
FOOTING 150 MILLION FOR CONSTRUCTION LOANS AND TAKING A 60 INTEREST IN
EACH PROJECT THE CALIFORNIA TEACHERS' RETIREMENT SYSTEM OR CALSTERS IS
PUTTING UP 75 MILLION IN CREDIT ENHANCEMENTS

IN THE PAST 18 MONTHS CALPERS HAS VENTURED INTO LENDING MONEY AND TAKING AN
EQUITY INTEREST IN SINGLEFAMILY HOME CONSTRUCTION IN CALIFORNIA BUT THAT
FINANCING HAS BEEN TARGETED AT SELECTED BUILDERS AND BRINGS 20 OR BETTER
RETURNS HIGH RATES REFLECTIVE OF THE CREDIT SCARCITY FOR THE HOMEBUILDING
INDUSTRY IN A STATE THAT'S SLOWLY CLIMBING OUT OF A RECESSIONARY HOLE

BY CONTRAST THE CALPERS AFFORDABLEHOUSING LOANS FETCH PRIME INTEREST RATES
PLUS ONE PERCENTAGE POINT OR ABOUT 7 CALPERS WAS WILLING TO ACCEPT LOWER
RETURNS BECAUSE THE PROJECT OFFERED MUCH LESS RISK MR SANDLER SAID

WORLD SAVINGS STARTED THE BALL ROLLING A YEAR AGO WITH A NOINTEREST 15
MILLION CONTRIBUTION MR SANDLER SAID HE HAD BEEN MOVED TO TEARS AT THE
RIBBONCUTTING CEREMONY FOR A BRIDGE HOUSING PROJECT WHERE 3000 APPLICANTS
DREW LOTS FOR 108 APARTMENTS ON SAN FRANCISCO'S WATERFRONT THE REALITY HIT
ME OF HOW MUCH NEEDED TO BE DONE MR SANDLER SAID

BRIDGE HOUSING ONE OF THE NATION'S BIGGEST BUILDERS OF LOWINCOME HOUSING
HAS PUT UP 5000 UNITS IN THE PAST DECADE ABOUT AS MANY AS IT EXPECTS TO
BUILD UNDER THE NEW DEAL IN A THIRD OF THE TIME

THE INITIATIVE ALSO INVOLVES WELLS FARGO & CO AND BANKAMERICA CORP WHICH
ARE UNDERWRITING THE LOANS AND TOGETHER KICKING IN MORE THAN 100 MILLION
FOR THE SAME RETURNS AS THE PENSION FUNDS THE FORD FOUNDATION IS ADDING
GRANTS AND LOANS THAT WORK OUT TO AN INTERESTFREE COMMITMENT OF 375
MILLION

THE FIRST TWO PROJECTS TO BREAK GROUND WILL BE 344 FAMILY APARTMENTS IN
CARLSBAD NEAR SAN DIEGO AND 34 TOWNHOMES FOR FIRSTTIME HOMEBUYERS IN
RICHMOND ACROSS THE BAY FROM SAN FRANCISCO THE RICHMOND HOMES WHICH WILL
SELL FOR ABOUT 83000 ARE AIMED AT FAMILIES EARNING 25000 TO 29000

IN THE BAY AREA GENERALLY PEOPLE IN THAT INCOME RANGE ARE RENTERS FOR
LIFE SAID DONALD TERNER PRESIDENT OF BRIDGE HOUSING 9403150062 940315
BUSINESS BRIEF USAIR GROUP INC CARRIER REQUESTS A WAIVER OF
VIOLATION IN LOAN TERM

USAIR GROUP INC SAID IT IS IN VIOLATION OF A NET WORTH COVENANT RELATED TO
A LOAN AGREEMENT AND IS SEEKING A WAIVER THE AIRLINE SAID IT HAD 300
MILLION AVAILABLE IN LOAN COMMITMENTS UNDER THE BANK CREDIT AGREEMENT

USAIR OR ARLINGTON VA ALSO SAID IT IS SEEKING A WAIVER ON A SIMILAR
VIOLATION OF AN AGREEMENT TO SELL AS MUCH AS 140 MILLION IN ACCOUNTS
RECEIVABLES

USAIR SAID NONE OF THE MONEY HAS BEEN BORROWED AND UNTIL WAIVERS ARE
OBTAINED IT WON'T BE ABLE TO GET FUNDS UNDER THE BANK CREDIT OR RECEIVABLE
AGREEMENTS IN THE PAST WE'VE ALWAYS RECEIVED WAIVERS SAID A USAIR
SPOKESMAN

THE DISCLOSURE COMES AS USAIR IS TRYING TO PERSUADE ITS UNIONS TO AGREE TO
BIG WAGE AND WORKRULE CONCESSIONS THOSE TALKS BEGAN LAST WEEK AFTER USAIR
FACING GROWING COMPETITION FROM LOWERCOST AIRLINES PROJECTED A WIDER LOSS
FOR 1994 THE COMPANY TURNED TO THE UNIONS FOR HELP IN A PLAN TO SLASH
OPERATING COSTS BY AS MUCH AS 9 OR ROUGHLY 608 MILLION A YEAR

THE UNIONS PLAN TO MEET TODAY IN WASHINGTON TO DISCUSS THE REQUEST
9403150061 940315 REDEMPTION NOTICES

THE FOLLOWING IS A LISTING OF SECURITIES CALLED FOR PARTIAL OR COMPLETE
REDEMPTION DURING THE WEEK ENDED MARCH 11 1994 THE NOTICES ARE TAKEN FROM
ADVERTISEMENTS APPEARING IN EDITIONS OF THE WALL STREET JOURNAL AND ARE NOT
MEANT TO BE DEFINITIVE INQUIRIES REGARDING SPECIFIC ISSUES SHOULD BE
DIRECTED TO THE PAYING AGENT OR IF NONE IS LISTED THE ISSUER

WESTCHESTER COUNTY INDUSTRIAL DEVELOPMENT AGENCY WILL REDEEM ON APRIL 11
1994 THE FOLLOWING RESOURCE RECOVERY REVENUE BONDS SERIES A DUE JAN 1
OF THE INDICATED YEARS ITS 1050 BONDS DUE 2000 AND ITS 1025 BONDS
DUE 2005 STATE STREET BANK & TRUST COMPANY NEW YORK IS PAYING AGENT

FEDERAL NATIONAL MORTGAGE ASSOCIATION WILL REDEEM ON MARCH 11 1994 THE
FOLLOWING DEBENTURE ISSUES DUE APRIL 10 OF THE INDICATED YEARS ITS 800
DEBENTURES SERIES SM1996M DUE 1996 AND ITS 925 DEBENTURES SERIES
SM1997H DUE 1997 FEDERAL NATIONAL MORTGAGE ASSOCIATION WASHINGTON IS
PAYING AGENT 9403150059 940315 LETTERS TO THE EDITOR THE UNCOUNTED
LEGIONS OF HOMELESS

IN HIS MARCH 1 EDITORIALPAGE COMMENTARY HUD'S BIG LEAP HOUSING POLICY AND
THE HOMELESS' HOWARD HUSOCK ACCUSES LIBERAL HUD SECRETARY CISNEROS OF
OVERSTATING THE SIZE OF THE HOMELESS POPULATION BY INCLUDING FAMILIES WHO
ARE DOUBLED UP' WITH TWO OR THREE CHILDREN SHARING A BEDROOM MR HUSOCK
CLAIMS THIS SUPPOSED OVERSTATEMENT IS POLITICALLY CALCULATED TO SUPPORT
INCREASED SPENDING ON FEDERAL HOUSING PROGRAMS FOR THE POOR

THE HUD DOCUMENT ON WHICH MR HUSOCK BASES HIS ARGUMENT REFERS TO A COLUMBIA
UNIVERSITY SURVEY THAT SUGGESTS THAT 3 OF THE POPULATION MORE THAN SEVEN
MILLION PEOPLE HAD BEEN LITERALLY HOMELESS IE LIVING ON THE STREET
OR IN A SHELTER AT SOME POINT BETWEEN 1985 TO 1990 BUT CONTRARY TO MR
HUSOCK'S ASSERTION AND AS IS CLEAR FROM THE FACE OF THE DOCUMENT THIS
ESTIMATE INCLUDES ONLY THOSE LIVING ON THE STREETS OR IN SHELTERS IT DOES
NOT INCLUDE PEOPLE WHO ARE DOUBLED UP OR OTHERWISE ILLHOUSED NOR IS IT
INCONSISTENT WITH A 1987 ESTIMATE OF 600000 HOMELESS ON A SINGLE NIGHT
RATHER THE COLUMBIA STUDY ILLUSTRATES THE WELLKNOWN FACT THAT MANY MORE
PEOPLE EXPERIENCE HOMELESSNESS OVER A PERIOD OF TIME SUCH AS A YEAR OR FIVE
YEARS THAN ARE HOMELESS ON ANY PARTICULAR NIGHT

THIS MEANS THAT MANY MORE PEOPLE ARE AT RISK OF HOMELESSNESS WHETHER
BECAUSE OF LOSS OF JOB HEALTH FAMILY CRISIS OR OTHER PRECIPITATING EVENT
 THAN ARE ACTUALLY ON THE STREETS OR IN A SHELTER AT ANY GIVE MOMENT
THOSE MOST AT RISK ARE THOSE WITH FEWEST RESOURCES TO SURVIVE SUCH CRISES
GENERALLY THE POOREST THE POLICY IMPLICATIONS ARE THAT LONGTERM
SOLUTIONS INCLUDING AFFORDABLE HOUSING JOBS AND SOCIAL SERVICES ARE
NEEDED TO REALLY SOLVE THE PROBLEM OF HOMELESSNESS THE CURRENT HUD BUDGET
INCLUDES NOTHING LIKE THE MAJOR INCREASES MR HUSOCK DECRIES AND IN
FACT PROPOSES CUTTING HOUSING PROGRAMS FOR POOR PEOPLE

IT IS IMPORTANT TO NOTE THAT THE CENSUS BUREAU THE FEDERAL AGENCY
RESPONSIBLE FOR POPULATION DATA HAS NOT ATTEMPTED TO ENUMERATE THE NATION'S
HOMELESS PEOPLE A 1992 LAWSUIT BY THE NATIONAL LAW CENTER AND OTHERS
CHALLENGED THAT FAILURE ON CONSTITUTIONAL GROUNDS THE SUIT IS STILL
PENDING

MR HUSOCK'S COMMENTS SHOW A LACK OF UNDERSTANDING OF BOTH THE SOCIAL AND
FINANCIAL ISSUES INVOLVED IN LOWINCOME HOUSING HIS ARGUMENT AGAINST
INCREASED HUD SUBSIDIES SEEMS TO BE A VARIATION OF THE JEREMIAD THERE GOES
THE NEIGHBORHOOD SUBSIDIES WILL ENCOURAGE POOR PEOPLE TO REPRODUCE AND
EXPAND THEIR DISRUPTIVE ACTIVITIES TO STABLE NEIGHBORHOODS AS EVIDENCE THAT
THE PRIVATE MARKET CAN PROVIDE ADEQUATE LOWINCOME HOUSING WITH MINIMAL
GOVERNMENT SUBSIDY HE USES A SPECIOUS COMPARISON BETWEEN TWO VERY DIFFERENT
TYPES OF SUBSIDIZED HOUSING IN NEW YORK CITY

AS A PRIVATE DEVELOPER OF SUBSIDIZED MIXEDINCOME HOUSING I CAN ASSURE MR
HUSOCK'S THAT LOW AND MIDDLEINCOME PEOPLE CAN LIVE TOGETHER IN HARMONY I
CAN ALSO ASSURE HIM THAT IF WE IN THE PRIVATE SECTOR COULD HOUSE LOWINCOME
PEOPLE WITHOUT SUBSTANTIAL GOVERNMENT ASSISTANCE WE WOULD SUBSIDIES FOR
DECENT HOUSING WITH A MODICUM OF PRIVACY SUCH AS A BEDROOM WHERE A POOR
CHILD CAN DO HIS HOMEWORK WITHOUT INTERRUPTION SHOULD NOT BE CONSIDERED A
LUXURY BUT RATHER AN INVESTMENT 9403150058 940315 BUSINESS BRIEF PS
GROUP INC FIRM POSTS 4THPERIOD LOSS AND SELLS USTRAVEL UNIT

PS GROUP INC BASED IN SAN DIEGO REPORTED A FOURTHQUARTER LOSS OF 146
MILLION AND SAID IT SOLD ITS 85OWNED USTRAVEL SYSTEMS INC SUBSIDIARY FOR
ABOUT 40 MILLION AFTER CERTAIN ADJUSTMENTS

THE TRAVELMANAGEMENT CONCERN IN A SEPARATE STATEMENT SAID IT WAS
PURCHASED BY A CLOSELY HELD COMPANY OWNED BY DALLAS INVESTOR MURRAY HOLLAND
USTRAVEL SAID ITS MANAGEMENT WON'T BE AFFECTED BY THE OWNERSHIP CHANGE

PS GROUP'S SHARES ROSE 19 OR 2125 TO 1325 IN NEW YORK STOCK EXCHANGE
COMPOSITE TRADING ON THE SALE NEWS

PS GROUP AN AIRCRAFT LEASING AND HOLDING COMPANY SAID THE FOURTHQUARTER
LOSS WAS EQUAL TO 241 A SHARE THE LOSS INCLUDED A 10 MILLION WRITEDOWN
ON TWO FREIGHTER AIRCRAFT AND A 42 MILLION LOSS RELATED TO THE TRAVEL
OPERATION

IN THE YEAREARLIER QUARTER THE COMPANY HAD A NET LOSS OF 561 MILLION OR
929 A SHARE AFTER SEVERAL WRITEDOWNS

PROCEEDS FROM THE USTRAVEL SALE WERE USED TO RETIRE REMAINING BANK DEBT OF
ABOUT 211 MILLION AND TO MEET CERTAIN OTHER OBLIGATIONS PS GROUP SAID THE
SALE WILL RESULT IN A FIRSTQUARTER GAIN OF ABOUT 15 MILLION OR 247 A
SHARE 9403150057 940315 BUSINESS BRIEF FIRST COMMONWEALTH FINANCIAL
CORP PACT SET TO ACQUIRE RELIABLE IN STOCK SWAP FOR 40 MILLION

FIRST COMMONWEALTH FINANCIAL CORP SAID IT AGREED TO ACQUIRE RELIABLE
FINANCIAL CORP IN A STOCK TRANSACTION WITH AN INDICATED VALUE OF 40
MILLION OR ABOUT 2850 FOR EACH RELIABLE SHARE

UNDER THE AGREEMENT 16 SHARES OF FIRST COMMONWEALTH FINANCIAL COMMON STOCK
WILL BE ISSUED FOR EACH RELIABLE FINANCIAL SHARE THE TRANSACTION HAS BEEN
STRUCTURED AS A TAXFREE POOLING OF INTERESTS FIRST COMMONWEALTH FINANCIAL
SAID THERE WILL BE NO DILUTION OF PERSHARE EARNINGS FOR ITS STOCK

IN NASDAQ STOCK MARKET TRADING RELIABLE CLOSED AT 26 DOWN 50 CENTS FIRST
COMMONWEALTH FINANCIAL CLOSED UNCHANGED AT 1775 ON THE NEW YORK STOCK
EXCHANGE

E JAMES TRIMARCHI CHAIRMAN OF FIRST COMMONWEALTH FINANCIAL SAID THE
ACQUISITION WILL ALLOW IT TO BEGIN TO BUILD A PRESENCE IN SUBURBAN
PITTSBURGH

RELIABLE A STATECHARTERED SAVINGS ASSOCIATION BASED IN BRIDGEVILLE PA
HAS 146 MILLION IN ASSETS FIRST COMMONWEALTH FINANCIAL A BANK HOLDING
COMPANY IN INDIANA PA HAS 2 BILLION IN ASSETS 9403150056 940315
LETTERS TO THE EDITOR BRADY HANDGUN LAW HAS A VITAL WAIVER

IN RESPONSE TO YOUR MARCH 3 EDITORIAL BEFORE BRADY IN CRITICIZING THE
BRADY LAW YOU RELATED THE STORY OF A MARINE CORPORAL WHO USED A HANDGUN TO
PROTECT HERSELF FROM AN EXLOVER WHO ATTACKED HER WITH A BAYONET THIS
PERPETUATES MISINFORMATION THE BRADY LAW INCLUDES A CLAUSE THAT WAIVES THE
FIVEDAY WAIT FOR AN INDIVIDUAL WHO BELIEVES HIS/HER LIFE IS IN DANGER THE
HORRIFYING DETAILS OF THE CORPORAL'S STORY CLEARLY INDICATE THE NEED FOR A
WAIVER THE STORY WOULD HAVE HAD THE SAME ENDING POSTBRADY

THE BRADY LAW WILL PREVENT GUN CRIMES AND VIOLENCE THE BUREAU OF ALCOHOL
TOBACCO AND FIREARMS REPORTS THAT IN THE FIRST DAYS OF THE LAW'S
IMPLEMENTATION NEARLY 10 OF THE ATTEMPTED HANDGUN PURCHASES WERE BY
PROHIBITED PEOPLE INCLUDING CONVICTED FELONS AND WERE DENIED ALREADY
THE LAW HAS PROVEN SUCCESSFUL AT KEEPING GUNS OUT OF THE HANDS OF CRIMINALS

YOU QUESTION THE BRADY BILL JUST BECAUSE YOU CAN CITE AN INSTANCE WHERE THE
FIVEDAY WAITING PERIOD WOULD HAVE PRECLUDED A WOMAN FROM BUYING A HANDGUN
THAT SAVED HER LIFE DO YOU ALSO QUESTION THE VALUE OF SEAT BELTS INASMUCH
AS THERE ARE RARE INSTANCES WHERE THEY HAVE TRAPPED AN ACCIDENT VICTIM
RESULTING IN GREATER INJURY OR EVEN DEATH CLEARLY LAWS PASSED FOR THE
GREATER GOOD OF SOCIETY WILL OCCASIONALLY PRODUCE A RESULT OPPOSITE TO THAT
INTENDED 9403150055 940315 TECHNOLOGY APPLE EXPECTS
MACINTOSHLICENSING DEAL  BY JIM CARLTON STAFF REPORTER OF THE
WALL STREET JOURNAL

NEW YORK APPLE COMPUTER INC EXPECTS TO ANNOUNCE A DEAL THIS YEAR
LICENSING ITS MACINTOSH OPERATING SYSTEM TO ANOTHER COMPUTER MAKER AS PART
OF ITS STRATEGY TO MORE THAN DOUBLE THE MACINTOSH SYSTEM'S PERSONALCOMPUTER
MARKET SHARE TO 25

MICHAEL SPINDLER PRESIDENT AND CHIEF EXECUTIVE OF THE CUPERTINO
CALIFBASED COMPANY MADE THESE COMMENTS IN AN INTERVIEW FOLLOWING
YESTERDAY'S LAUNCH OF A LINE OF MACINTOSHES BASED ON A MICROPROCESSOR CALLED
POWERPC MR SPINDLER WHO HAD TOLD SHAREHOLDERS APPLE HAD AGREED TO LICENSE
ITS SYSTEM 7 OPERATING SYSTEM FOR THE FIRST TIME SAID THE COMPANY IS IN
DISCUSSIONS TO DO SO WITH A NUMBER OF COMPANIES HE DECLINED TO IDENTIFY

SEVERAL INDUSTRY SOURCES HAVE SAID APPLE HAS APPROACHED SUCH RIVAL PC MAKERS
AS COMPAQ COMPUTER CORP AND DELL COMPUTER CORP ABOUT LICENSING SYSTEM 7
BUT THAT THE COMPANIES DEEMED TERMS TOO RESTRICTIVE IT ALSO ISN'T CLEAR
WHETHER COMPUTER MAKERS CAN MAKE APPLE CLONES CHEAPLY ENOUGH TO MAKE THEM
PROFITABLE APPLE HASN'T COMMENTED ON ANY SUCH NEGOTIATIONS

MR SPINDLER SAID APPLE NEEDS TO LICENSE ITS OPERATING SYSTEM TO BOOST THE
MACINTOSH MARKET SHARE FROM ITS CURRENT WORLDWIDE LEVEL OF ABOUT 11 THOUGH
APPLE OFFICIALS LAST WEEK PREDICTED THE MACINTOSH SHARE ITSELF WOULD GROW TO
ABOUT 20 IN THE NEXT TWO YEARS MR SPINDLER SAID HE WOULD LIKE THE
MACINTOSH'S SYSTEM SHARE TO GROW TO 25 THROUGH LICENSING PCS RUNNING ON
OPERATING SOFTWARE BY MICROSOFT CORP AND CHIPS BY INTEL CORP NOW
CONSTITUTE ABOUT 85 OF THE MARKET

ANALYSTS SAY APPLE NEEDS TO LICENSE ITS OPERATING SYSTEM SO THE VOLUME WOULD
INCREASE AND MORE SOFTWARE DEVELOPERS WOULD WRITE PROGRAMS FOR THE MACINTOSH
SYSTEM THUS ENHANCING THE APPEAL FOR CUSTOMERS CURRENTLY NINE OUT OF 10
PROGRAMS ARE WRITTEN FOR MICROSOFT'S DOS AND WINDOWS PC SYSTEMS

BUT THEY QUESTION WHETHER APPLE CAN SIGNIFICANTLY BOOST ITS MARKET SHARE
ANYTIME SOON GIVEN THE MICROSOFTINTEL HEGEMONY THEY SAY AT BEST APPLE
MAY BOOST ITS SHARE BY FIVE PERCENTAGE POINTS OVER THE NEXT FIVE YEARS
THEY HAVE A JOB AHEAD OF THEM SAID MICHAEL K KWATINETZ ANALYST WITH
PAINEWEBBER INC

BESIDES LICENSING ITS SOFTWARE APPLE IS COUNTING ON THE GREATLY ENHANCED
PERFORMANCE OF ITS NEW LINE OF SOCALLED POWER MACINTOSHES TO LURE MORE
PROGRAMS AND CUSTOMERS TODAY WE MAKE A QUANTUM LEAP FORWARD IAN W
DIERY EXECUTIVE VICE PRESIDENT OF APPLE'S PERSONAL COMPUTER DIVISION TOLD
ABOUT 700 INDUSTRY SUPPORTERS AT A THEATRICAL UNVEILING OF THE LINE AT THE
LINCOLN CENTER

MR DIERY SAID APPLE HAD ALREADY BOOKED ORDERS FOR 150000 OF THE MACHINES
FROM RESELLERS AND THAT HE ANTICIPATED THE COMPANY WOULD SHIP ONE MILLION
OVER THE NEXT 12 MONTHS BUT MR SPINDLER SAID INVENTORIES OF POWER
MACINTOSHES AT THE RESELLER LEVEL ARE VERY LOW BECAUSE WE DIDN'T WANT TO
STUFF THE CHANNEL HE SAID SHIPMENTS WOULD INCREASE AS DEMAND BUILDS
THROUGH THE SUMMER

DESPITE THE LOW MANUFACTURING COST OF POWERPC WHICH WAS DEVELOPED BY APPLE
INTERNATIONAL BUSINESS MACHINES CORP AND MOTOROLA INC MR SPINDLER SAID
THE NEW CHIP WON'T NECESSARILY SPELL AN END TO APPLE'S DIMINISHING PROFIT
MARGINS WHICH HAVE PLUNGED TO ABOUT 25 FROM 40 AMID AN INDUSTRY PRICING
WAR

MR SPINDLER SAID HE HOPES TO IMPROVE APPLE'S MARGINS THROUGH SALES OF
ANCILLARY PRODUCTS SUCH AS HANDHELD NEWTON MESSAGEPADS THAT CAN GET DATA
OUT OF A MACINTOSH AND A RECENTLY INTRODUCED ONLINE SERVICE 9403150054
940315 BUSINESS BRIEF CHECKERS DRIVEIN RESTAURANTS INC FIRSTQUARTER
LOSS IS SEEN PACE OF EXPANSION TO SLOW

CHECKERS DRIVEIN RESTAURANTS INC CLEARWATER FLA SAID IT EXPECTS TO
REPORT A FIRSTQUARTER LOSS AND WILL SCALE BACK ITS EXPANSION PLANS FOR
1994

THE FASTFOOD CHAIN CITED SIGNIFICANT SALES PRESSURE FROM COMPETITORS AS A
PRIMARY REASON FOR THE DROP IN EARNINGS OTHER FACTORS INCLUDE A DECLINE IN
TOURISM IN PARTS OF FLORIDA AND BAD WEATHER IN OTHER EAST COAST MARKETS

CHECKERS SAID IT WILL ALSO RECORD A RESERVE IN THE FIRST QUARTER OF
APPROXIMATELY 45 MILLION OR SIX CENTS A SHARE FOR EXPANSION COSTS
INCLUDING THE RESERVE THE COMPANY EXPECTS TO REPORT A FIRSTQUARTER LOSS OF
THREE CENTS TO FOUR CENTS A SHARE EXCLUDING THE RESERVE CHECKERS SAID IT
WOULD HAVE POSTED A PROFIT OF TWO CENTS TO THREE CENTS A SHARE

IN THE FIRST QUARTER OF 1992 THE COMPANY POSTED NET INCOME OF 32 MILLION
OR 11 CENTS A SHARE ON REVENUE OF 336 MILLION

CHECKERS SAID IT PLANS TO OPEN 110 COMPANYOPERATED RESTAURANTS IN 1994
DOWN FROM 150 ORIGINALLY AND 90 FRANCHISED OPERATIONS DOWN FROM 100 ON
THE NASDAQ STOCK MARKET YESTERDAY THE STOCK CLOSED AT 7375 DOWN 625
CENTS 9403150053 940315 WORLD MARKETS AS BOURSES POWER UP WORLDWIDE
STOCKS RALLY 2 IN TOKYO AND IN FRANKFURT 13 IN LONDON  A WALL
STREET JOURNAL NEWS ROUNDUP

AS MOST MAJOR GLOBAL BOURSES POWERED TO SOLID GAINS MONDAY TOKYO EQUITIES
RALLIED 2 MARKING THEIR THIRD GAIN IN A ROW AND PUSHING THE MAIN INDEX TO
ITS HIGHEST FINISH IN SIX MONTHS LONDON STOCKS SURGED 13 HELPED BY
STRONG STOCKINDEX FUTURES AND BOND PRICES FRANKFURT SHARES JUMPED 2
PARTLY ON A GERMAN WAGE SETTLEMENT WITH A LABOR UNION THAT FUELED HOPES FOR
REDUCED INTEREST RATES

WORLDWIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11590 UP 043 REFLECTING HIGHER MARKETS IN ALL REGIONS

AIR FREIGHT STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 15287 UP 426 OR 29 WITH FEDERAL EXPRESS OF THE
US POSTING A 44 GAIN IN ITS LOCAL CURRENCY ADVANCED TECHNOLOGY/MEDICAL
DEVICES STOCKS TRAILED AT 6950 DOWN 132 OR 19 WITH STRYKER OF THE
US SLIDING 6 IN LOCAL CURRENCY

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH ROSE 2460 POINTS FRIDAY JUMPED
41084 TO 2052615 THE HIGHEST CLOSE SINCE SEPT 14 ON TUESDAY THE NIKKEI
INDEX ROSE 5801 POINTS TO CLOSE THE MORNING SESSION AT 2058416 MONDAY'S
FIRSTSECTION VOLUME WAS ESTIMATED AT 480 MILLION SHARES DOWN FROM 738
MILLION SHARES FRIDAY WHEN TURNOVER WAS EXAGGERATED BY A FUTURES AND
OPTIONS DEADLINE GAINERS CLOBBERED LOSERS 882194 THE TOKYO STOCK PRICE
INDEX OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH EDGED UP 339 POINTS
FRIDAY CLIMBED 1997 OR 12 TO 163987

SENTIMENT THAT THE MARKET IS HEADING HIGHER IMPROVED MARKEDLY FOLLOWING THE
USJAPAN WEEKEND ACCORD ON IMPROVING FOREIGN ACCESS TO JAPAN'S
CELLULARTELEPHONE MARKET WHICH AVERTED A POTENTIAL TRADE CONFLICT AS WELL
AS WALL STREET'S CLIMB FRIDAY SOME INVESTORS ARE INCREASINGLY OPTIMISTIC
ABOUT A JAPANESE ECONOMIC RECOVERY STRONG BUYING BY OVERSEAS INVESTORS
DEALERS AND INDIVIDUAL INVESTORS MONDAY COMBINED TO OVERWHELM CORPORATE
INVESTORS' SALES OF STOCKHOLDINGS TO DRESS UP PROFITS AHEAD OF MARCH 31 THE
END OF THE FISCAL YEAR AS FUTURES PRICES SURGED INDEXLINKED ARBITRAGE
BUYING OF STOCKS ALSO GAVE A BROAD BOOST TO NIKKEI ISSUES

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX ADVANCED 415
POINTS TO 32334 BREAKING ABOVE A PERCEIVED BARRIER OF 3200 AND FINISHING
NEAR THE SESSION PEAK OF 32361 THE FT 30STOCK INDEX RACED UP 265 POINTS
OR 11 TO 25462 VOLUME WAS 5563 MILLION SHARES COMPARED WITH 7765
MILLION SHARES IN THE PREVIOUS SESSION

DESPITE THE SHARP GAINS STRATEGISTS SAID THE LONDON MARKET STILL IS BEING
STRONGLY INFLUENCED BY THE BOND MARKET'S DIRECTION SEVERAL BRITISH ECONOMIC
INDICATORS TO BE RELEASED TOMORROW WILL BE SCRUTINIZED FOR SIGNS OF
INFLATION BRITISH PRODUCERPRICE DATA YESTERDAY MORNING SHOWED FEBRUARY
INCREASES WERE SMALLER THAN EXPECTED AND INDICATED INFLATION WOULDN'T
PREVENT FURTHER CUTS IN BRITAIN'S BASE LENDING RATE YESTERDAY'S STOCK RALLY
WAS DRIVEN BY A SOARING STOCKINDEX FUTURES MARKET AND AIDED BY GAINS ON
OVERSEAS BOURSES LATE FRIDAY AND YESTERDAY THIS HELPED THE LONDON MARKET
SHRUG OFF A 127POINT HIT ON THE 100STOCK INDEX FROM ISSUES FROM GOING
EXDIVIDEND AT THE START OF A TWOWEEK TRADING ACCOUNT

IN FRANKFURT THE DAX 30STOCK INDEX WHICH SLID 3761 POINTS FRIDAY SOARED
4168 TO 214517 NEAR THE INTRADAY HIGH OF 215083 INVESTORS WERE CHEERED
BY FRIDAY EVENTS INCLUDING WALL STREET'S GAINS AND THE SETTLEMENT WITH
GERMANY'S OETV PUBLICSECTOR AND TRANSPORTATION UNION THE LOWWAGE ACCORD
THE THIRD REACHED RECENTLY INVOLVING MAJOR UNIONS AS WELL AS THE GERMAN
MARK'S STRENGTH IN CURRENCY DEALINGS SIGNALED FURTHER EASINGS IN GERMANY'S
BENCHMARK INTEREST RATES

IN PARIS PRICES WERE PROPELLED TO A 18 GAIN FOLLOWING FOUR LOSING
SESSIONS IN A ROW DEALINGS WERE DOMINATED BY EURO DISNEY WHICH GYRATED ON
NEWS OF A SETTLEMENT TO KEEP THE COMPANY'S FINANCIALLY AILING FRENCH THEME
PARK IN BUSINESS IN AMSTERDAM STOCKS ROSE SHARPLY ON HIGHER DUTCH AND
GERMAN BOND MARKETS AND IN LINE WITH OTHER EUROPEAN BOURSES CYCLICAL
SHARES' STRENGTH CONTINUED AND FINANCIAL ISSUES BEGAN TO REBOUND ON HOPES
FOR LOWER GERMAN AND DUTCH LENDING RATES IN MILAN THE INDEX INCLUDING
ELECTRONICALLY TRADED SHARES CHALKED UP A 13 GAIN AFTER ITALY'S PRIME
MINISTER SAID EUROPE NOT ONLY DIDN'T NEED TO FOLLOW US MONETARY POLICIES
BUT SHOULD STAKE OUT INDEPENDENT POSITIONS THIS WAS VIEWED AS A SUGGESTION
THAT EUROPEAN INTEREST RATES WOULD CONTINUE TO DECLINE

IN STOCKHOLM PRICES CLIMBED 16 SUPPORTED BY A DROP IN BOND YIELDS AND
ADVANCES IN MAJOR BOURSES ABROAD BUT TRADING WAS THIN TO MODERATE AND A
DEFINING TREND WASN'T EVIDENT IN ZURICH EQUITIES SURGED 14 IN MODERATE
TRADING AS INVESTORS WHO DUMPED STOCKS LAST WEEK ON WEAKNESS IN THE SWISS
BOND MARKET WHICH SHOWED SIGNS OF STABILIZING YESTERDAY SCRAMBLED TO BUY
BACK POSITIONS WITH BANKING SHARES LEADING THE ADVANCE

IN SYDNEY SHARES RALLIED 12 TAKING THE MARKET TO ITS HIGHEST LEVEL SINCE
MARCH 1 THE GAINS WERE SPURRED BY STRENGTH IN US STOCK AND BOND PRICES
FRIDAY A STRONGER AUSTRALIAN BOND MARKET MONDAY AND AN EASING OF WORRIES
ABOUT POSSIBLE INTERESTRATE INCREASES

IN HONG KONG STOCKS REBOUNDED POWERFULLY IN AFTERNOON DEALINGS TO END WITH
THEIR FIRST GAIN IN FOUR SESSIONS INITIALLY INVESTMENT SENTIMENT WAS HURT
BY SINOUS FRICTION LAST WEEKEND ABOUT LINKING CHINA'S HUMAN RIGHTS TO
TRADE PUSHING THE MAIN INDEX DOWN AS MUCH AS 27 TO LEVELS LAST SEEN IN
MIDDECEMBER BUT THE MARKET PICKED UP AND POPPED INTO POSITIVE TERRITORY ON
A SLIGHTLY MORE POSITIVE TONE IN BEIJING TALKS MONDAY AS OFFICIALS
MENTIONED SOME COMMON GROUND BETWEEN THE US AND CHINA AND ANNOUNCED A FEW
HUMAN RIGHTSRELATED AGREEMENTS SUCH AS ON PRISONERMADE PRODUCTS AND
EMIGRATION

IN TAIPEI PRICES SURGED 12 RECOUPING SATURDAY'S 1 LOSS BUT TURNOVER
WAS LOW AND STOCKS WERE IN NEGATIVE TERRITORY UNTIL A RALLY EMERGED IN THE
FINAL HALFHOUR TO RESCUE THE MARKET FROM A THREEMONTH LOW FINANCIAL
ISSUES CONTINUED TO BE THE CENTER OF ATTENTION IN SEOUL STOCKS GAINED 1
PARTLY ON SPECULATIVE BUYING LED BY INDIVIDUAL INVESTORS AS SOME MARKET
FUNDAMENTALS REMAINED VULNERABLE THE ADVANCE WAS HELPED BY THE SOUTH KOREAN
GOVERNMENT'S REMOVAL OF SOME MARKETCOOLING MEASURES EFFECTIVE MONDAY BUT
IN BANGKOK SHARES DIVED 17 AS PARTICIPANTS BECAME JITTERY ABOUT RENEWED
TALK THAT A MAJOR POLITICAL PARTY MIGHT PULL OUT OF THE THAI GOVERNING
COALITION

AND IN MEXICO CITY STOCKS TUMBLED 32 AMID LOW VOLUME AS INVESTORS
CONTINUED TO SEE DANGERS IN THE AUGUST PRESIDENTIAL ELECTION AND THE PESO
CURRENCY'S VOLATILITY AGAINST THE US DOLLAR THE MARKET HAS RETREATED 15
FROM ITS RECORD SET FEB 8 BUT IS STILL UP 15 FROM MIDNOVEMBER AFTER
US LEGISLATORS PASSED THE NORTH AMERICAN FREE TRADE AGREEMENT

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
9403150052 940315 GE SUBSIDIARY SEEKING KEMPER FOR 22 BILLION 
 ILLINOIS CONCERN REJECTS BID BUT SUITOR SEEMS READY TO PRESS FOR AN
ACCORD  BY STEVEN LIPIN AND JAMES P MILLER STAFF REPORTERS OF THE
WALL STREET JOURNAL

GE CAPITAL CORP IN A BID TO SHARPLY EXPAND ITS BUSINESS CATERING TO
INDIVIDUAL INVESTORS ANNOUNCED A 22 BILLION TAKEOVER BID FOR KEMPER
CORP A MONEY MANAGEMENT BROKERAGE AND INSURANCE COMPANY BUT KEMPER
REJECTED THE 55ASHARE PROPOSAL

NEVERTHELESS GE CAPITAL THE HUGE AND HIGHLY PROFITABLE FINANCIAL SERVICES
UNIT OF GENERAL ELECTRIC CO APPEARS TO BE MOVING FORWARD WITH WHAT COULD
BECOME AN OUTRIGHT HOSTILE BID GE SAID IT COULD SWEETEN ITS OFFER IF IT
OBTAINED ADDITIONAL INFORMATION ABOUT KEMPER'S TROUBLED REAL ESTATE
HOLDINGS

KEMPER SHARES SOARED ON THE NEWS CLIMBING 16125 OR 39 TO 57 IN NEW
YORK STOCK EXCHANGE COMPOSITE TRADING

KEMPER'S CHAIRMAN DAVID MATHIS SAID IN A MARCH 2 LETTER TO GE CHAIRMAN
JOHN F WELCH THAT WE STRONGLY BELIEVE THAT A SALE OF THE COMPANY AT THIS
TIME IS NOT IN THE BEST INTEREST OF OUR STOCKHOLDERS HOWEVER HE SAID THE
PROPOSAL WILL BE REVIEWED THURSDAY BY KEMPER'S DIRECTORS AT A REGULARLY
SCHEDULED BOARD MEETING MR MATHIS SAID IN THE LETTER WHICH WAS RELEASED
BY GE THAT HE DISCUSSED GE'S PROPOSAL WITH BOARD MEMBERS BUT INDICATED
THAT THE FULL BOARD DIDN'T MEET TO FORMALLY REVIEW THE PROPOSAL

THE GE CAPITAL BID FOR KEMPER IS WHAT WALL STREET TAKEOVER SPECIALISTS CALL
A BEAR HUG AN UNSOLICITED BID THAT IS MADE PUBLIC TO PUT PRESSURE ON THE
TARGET COMPANY'S DIRECTORS TO CONSIDER THE PROPOSAL SERIOUSLY TYPICALLY
THIS MANEUVER STOPS SHORT OF A FORMAL HOSTILE TENDER OFFER FOR THE TARGET'S
SHARES THIS IS THE SECOND MAJOR PROPOSED TAKEOVER IN THE PAST WEEK LAST
WEEK MARTIN MARIETTA CORP AGREED TO PURCHASE GRUMMAN CORP FOR 193
BILLION ONLY TO SEE NORTHROP CORP LAUNCH A 204 BILLION COUNTERBID

WHILE UNFRIENDLY ACQUISITIONS ARE RARE IN THE FINANCIALSERVICES INDUSTRY
GE CAPITAL APPEARS READY TO TAKE THAT ROUTE BECAUSE OF ITS DESIRE TO
STRENGTHEN ITS MUTUAL FUND AND MONEY MANAGEMENT BUSINESSES GE CAPITAL IS
ONE OF THE LARGEST FINANCE COMPANIES IN THE US AND HAS BEEN TRYING TO
BUILD ITS SERVICES TO INDIVIDUAL INVESTORS WITH A SPATE OF RECENT
ACQUISITIONS KEMPER BASED IN LONG GROVE ILL HAS 70 BILLION IN ASSETS
UNDER MANAGEMENT

KEMPER WOULD BE THE FLAGSHIP OF OUR MAJOR THRUST IN THE ASSET MANAGEMENT
BUSINESS MR WELCH SAID IN A LETTER TO MR MATHIS

CLEARLY GE WANTS TO KEEP THE PRESSURE ON KEMPER'S MANAGEMENT GE WENT
PUBLIC WITH ITS REJECTED OFFER BECAUSE WE BELIEVE IT WOULD BE HELPFUL FOR
ALL OF US TO HEAR THE VIEWS OF YOUR SHAREHOLDERS SAID GARY WENDT CHIEF
EXECUTIVE OF GE CAPITAL IN A LETTER TO MR MATHIS DATED YESTERDAY HE ADDED
POINTEDLY LET ME REITERATE OUR SINCERE INTENTION TO ACCOMPLISH THIS
TRANSACTION WITH YOU YOUR COLLEAGUES IN MANAGEMENT AND KEMPER'S BOARD OF
DIRECTORS

PEOPLE ON WALL STREET SAY PART OF GE'S STRATEGY IS TO DRUM UP SUPPORT IN
ADVANCE OF KEMPER'S ANNUAL MEETING ON MAY 11 AND THERE IS ACTUALLY STILL
TIME TO RECOMMEND A SLATE OF NEW DIRECTORS KEMPER COULD FIND IT A TOUGH TO
CONVINCE SHAREHOLDERS THAT THE BID ISN'T IN THEIR BEST INTEREST ABOUT 70
OF THE COMPANY'S STOCK IS HELD BY INSTITUTIONS WHICH ARE MORE LIKELY TO
SIDE WITH A BIDDER WHO OFFERS A PREMIUM FOR THE COMPANY'S SHARES TAKEOVER
EXPERTS SAY

AND THE MAKEUP OF THE COMPANY'S OWNERS COULD MAKE KEMPER'S DEFENSE
DIFFICULT STOCKHOLDERS INCLUDE WELLKNOWN HEDGE FUND MANAGERS SUCH AS
GEORGE SOROS AND MICHAEL STEINHARDT AND OTHER SMARTMONEY INVESTORS SUCH AS
LEON COOPERMAN OF OMEGA ADVISERS ACCORDING TO REGULATORY FILINGS THEY
COULDN'T BE REACHED FOR COMMENT LAST NIGHT

ONE PERSON CLOSE TO THE SITUATION SAID GE IS MAKING THE BID PRINCIPALLY TO
GET IN ON THE BOOM IN MUTUAL FUNDS JOINING A SCRAMBLE THAT LAST YEAR SAW
PITTSBURGH'S MELLON BANK CORP AGREE TO ACQUIRE DREYFUS CORP FOR NEARLY
19 BILLION

THIS PERSON SAID THE KEMPER ASSET THAT MOST INTERESTS GE IS ITS 70 BILLION
IN MONEY MANAGEMENT ASSETS INCLUDING 48 BILLION IN MUTUAL FUNDS KEMPER'S
MUTUAL FUNDS COULD BE SOLD THROUGH GE'S EXISTING BROKERAGE UNIT KIDDER
PEABODY & CO BUT DESPITE A BOOMING MARKET FOR MUTUAL FUNDS KEMPER HAS
ACTUALLY BEEN RUNNING IN PLACE IT DIDN'T INCREASE ITS ASSETS UNDER
MANAGEMENT LAST YEAR AND LOST 16 BILLION IN MUTUAL FUNDS ASSETS
ACCORDING TO DALBAR FINANCIAL SERVICES A BOSTON CONSULTING FIRM OUTFLOWS
OF MONEYMARKET FUNDS EXCEEDED THE GROWTH OF OTHER FUNDS

STILL MR MATHIS HAS RECEIVED GOOD MARKS FOR PARING THE COMPANY'S
OPERATIONS LAST YEAR KEMPER SHED ITS PROPERTY AND CASUALTY INSURANCE
OPERATIONS TO CONCENTRATE ON RUNNING ITS MONEY MANAGEMENT LIFE INSURANCE
AND SECURITIESBROKERAGE BUSINESSES THE LARGEST TRANSACTION INVOLVED
TRADING ITS REINSURANCE AND RISKMANAGEMENT OPERATION BACK TO ITS FORMER
PARENT LUMBERSMENS MUTUAL CASUALTY CO FOR STOCK VALUED AT MORE THAN 600
MILLION

KEMPER REPORTED 1993 NET INCOME OF 2355 MILLION INCLUDING LOSSES ON
DISCONTINUED OPERATIONS IN CONTRAST TO A 1992 LOSS OF 2034 MILLION BUT
ITS STOCK HAS LAGGED BEHIND THOSE OF MANY OTHER FINANCIAL SERVICES CONCERNS

THE COMPANY HAS BEEN HOBBLED FOR SEVERAL YEARS BY SERIOUS PROBLEMS WITH ITS
REAL ESTATE PORTFOLIO AND BY LONGRUNNING DIFFICULTIES WITH ITS BROKERAGE
OPERATION THERE HAVE BEEN RECENT INDICATIONS HOWEVER THAT KEMPER MAY HAVE
PUT THE WORST OF ITS PROBLEMS BEHIND IT BETTERTHANEXPECTED RESULTS FOR
THE FOURTH QUARTER OF 1993 SEEMED TO CONFIRM THAT KEMPER WAS MOUNTING A
COMEBACK

A RESTRUCTURING THAT GOT UNDER WAY IN 1992 HAS CHANGED THE COMPANY
DRASTICALLY CONCENTRATING ITS FOCUS ON WHAT IT CONSIDERS ITS CORE
BUSINESSES AND REDUCING EARNINGS VOLATILITY IN ADDITION THE REAL ESTATE
PROBLEMS WHICH REPEATEDLY DISMAYED INVESTORS IN RECENT YEARS BY REQUIRING
BIG WRITEDOWNS APPEAR TO HAVE COME UNDER CONTROL

THE KEMPER SECURITIES BROKERAGE BUSINESS WHICH KEMPER UNSUCCESSFULLY PUT ON
THE BLOCK LAST SUMMER REMAINS LACKLUSTER HOWEVER

THE COMPANY'S TWO LIFE INSURANCE COMPANIES FEDERAL KEMPER LIFE ASSURANCE
CO A TERMLIFE INSURANCE AND ANNUITY COMPANY AND KEMPER INVESTORS LIFE
INSURANCE CO AN ANNUITY COMPANY TOGETHER REPORTED 8298 MILLION IN LIFE
INSURANCE AND ANNUITY PREMIUMS LAST YEAR ACCORDING TO AM BEST CO

LAST YEAR LIFE INSURANCE CONTRIBUTED 902 MILLION TO KEMPER'S OPERATING
PROFIT WHILE ASSET MANAGEMENT CONTRIBUTED 991 MILLION ITS BROKERAGE FIRMS
HAD A LOSS OF 37 MILLION WHILE THE COMPANY'S REAL ESTATE OPERATIONS
SHOWED A LOSS OF 2577 MILLION

FOR GE CAPITAL THE ACQUISITION WOULD REPRESENT ANOTHER STEP TOWARD
EXPANDING ITS ANNUITY BUSINESS LAST YEAR GE CAPITAL BOUGHT UNITED PACIFIC
LIFE INSURANCE CO ANOTHER ANNUITY COMPANY FROM RELIANCE GROUP HOLDINGS
INC FOR 550 MILLION IT ALSO BOUGHT GREAT NORTHERN INSURED ANNUITY CORP
A MAJOR SELLER OF ANNUITIES THROUGH COMMERCIAL BANKS FROM WEYERHAUSER CORP
FOR ABOUT 525 MILLION

THEY SEE GROWTH IN THE ANNUITY MARKET SAID LARRY MAYEWSKI SENIOR VICE
PRESIDENT AT AM BEST THEY WANT TO MOVE IN WITH COMPANIES THAT HAVE A
PRESENCE AND SUPPORT THEM WITH CAPITAL AS THE BABY BOOM GENERATION
MATURES ITS MEMBERS ARE EXPECTED TO BUY MORE ANNUITIES AND OTHER SAVINGS
VEHICLES CREATING OPPORTUNITIES FOR LIFE INSURERS

RANDALL SMITH CONTRIBUTED TO THIS ARTICLE 9403150051 940315 MONEY RATES

THE KEY US AND FOREIGN ANNUAL INTEREST RATES BELOW ARE A GUIDE TO GENERAL
LEVELS BUT DON'T ALWAYS REPRESENT ACTUAL TRANSACTIONS

PRIME RATE 6 THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75 OF
THE NATION'S 30 LARGEST BANKS

FEDERAL FUNDS 3 3/8 HIGH 3 1/4 LOW 3 5/16 NEAR CLOSING BID 3 5/16
OFFERED RESERVES TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS
OF 1 MILLION OR MORE SOURCE PREBON YAMANE USA INC

DISCOUNT RATE 3 THE CHARGE ON LOANS TO DEPOSITORY INSTITUTIONS BY THE
FEDERAL RESERVE BANKS

CALL MONEY 5 THE CHARGE ON LOANS TO BROKERS ON STOCK EXCHANGE COLLATERAL
SOURCE DOW JONES TELERATE INC

COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 350 30
TO 44 DAYS 353 45 TO 59 DAYS 365 60 TO 69 DAYS 370 70 TO 89 DAYS
375 90 TO 119 DAYS 380 120 TO 149 DAYS 385 150 TO 209 DAYS 4 210
TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 361 30 DAYS 374 60 DAYS 384 90 DAYS

CERTIFICATES OF DEPOSIT 293 ONE MONTH 301 TWO MONTHS 317 THREE
MONTHS 341 SIX MONTHS 364 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 353 ONE MONTH 375 THREE MONTHS 403 SIX MONTHS

BANKERS ACCEPTANCES 351 30 DAYS 360 60 DAYS 372 90 DAYS 380 120
DAYS 390 150 DAYS 395 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 9/16 3 7/16 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 1/16 3
15/16 FIVE MONTHS 4 1/8 4 SIX MONTHS

LONDON INTERBANK OFFERED RATES LIBOR 3 9/16 ONE MONTH 3 7/8 THREE
MONTHS 4 1/8 SIX MONTHS 4 9/16 ONE YEAR THE AVERAGE OF INTERBANK
OFFERED RATES FOR DOLLAR DEPOSITS IN THE LONDON MARKET BASED ON QUOTATIONS
AT FIVE MAJOR BANKS EFFECTIVE RATE FOR CONTRACTS ENTERED INTO TWO DAYS FROM
DATE APPEARING AT TOP OF THIS COLUMN

FOREIGN PRIME RATES CANADA 550 GERMANY 586 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 14 1994 AUCTION OF SHORTTERM
US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF
10000 TO 1 MILLION 357 13 WEEKS 385 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 774 60 DAYS 779 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 3875 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 773 60
DAYS 782 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 575 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE DOW JONES TELERATE INC

MERRILL LYNCH READY ASSETS TRUST 278 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9403150050 940315 BUSINESS BRIEF GENERAL MOTORS CORP HUGHES AWARDED
23 MILLION IN CASE AGAINST BRITISH GE

THE HUGHES AIRCRAFT CO UNIT OF GENERAL MOTORS CORP SAID AN INTERNATIONAL
ARBITRATION PANEL AWARDED IT MORE THAN 23 MILLION TO SETTLE DAMAGE CLAIMS
FILED AGAINST GENERAL ELECTRIC CO OF BRITAIN AND SEVERAL SUBSIDIARIES

HUGHES SAID THAT THE LONDON COURT OF INTERNATIONAL ARBITRATION UPHELD
ALLEGATIONS OF A BREACH OF CONTRACT AND INAPPROPRIATE BUSINESS PRACTICES
BY BRITISH GE BRITISH GE ISN'T RELATED TO GENERAL ELECTRIC CO OF
FAIRFIELD CONN

HUGHES BASED IN LOS ANGELES INITIALLY FILED A LAWSUIT IN WASHINGTON DC
AT THE END OF 1990 SEEKING AT LEAST 600 MILLION FROM BRITISH GE AND FOUR
RELATED COMPANIES THE SUIT ACCUSED THE DEFENDANTS OF SABOTAGING A BID TO
PROVIDE RADARS FOR THE EUROPEAN FIGHTER AIRCRAFT PROGRAM

IN THE LATE 1980S HUGHES AND BRITISH GE WERE PART OF A TEAM COMPETING TO
SUPPLY THE RADARS BUT AFTER BRITISH GE ACQUIRED A DIVISION OF FERRANTI
INTERNATIONAL PLC BRITISH GE TERMINATED ITS RELATIONSHIP WITH HUGHES THE
TEAM LED BY FERRANTI INTERNATIONAL EVENTUALLY WON THE RADAR CONTRACT HUGHES
ALLEGED THAT BRITISH GE VIOLATED CONFIDENTIALITY AND OTHER AGREEMENTS
9403150048 940315 COMMODITIES GRAIN MARKET JUMPS AS ANALYSTS TRIM
FORECASTS GAINS COULD MARK START OF EXPECTED SPRING RALLY  BY
SCOTT KILMAN STAFF REPORTER OF THE WALL STREET JOURNAL

CHICAGO THE GRAIN MARKET STAGED ITS BIGGEST RALLY SINCE JANUARY AS
ANALYSTS TRIMMED THEIR FORECASTS OF BOTH THE SOUTH AMERICAN SOYBEAN HARVEST
AND US CORN ACREAGE

IN TRADING AT THE CHICAGO BOARD OF TRADE THE CORN CONTRACT FOR MAY DELIVERY
JUMPED FIVE CENTS A BUSHEL TO SETTLE AT 287 A BUSHEL THE SOYBEAN CONTRACT
FOR MAY DELIVERY JUMPED 15 CENTS A BUSHEL TO SETTLE AT 69025 A BUSHEL

SOME TRADERS SAID YESTERDAY'S MOVE WHICH FOLLOWED SEVERAL WEEKS OF SLUMPING
PRICES COULD SIGNAL THE START OF A WIDELY FORECAST SPRING RALLY DESPITE
TIGHT STOCKPILES IN THE WAKE OF LAST YEAR'S MIDWEST CROP DISASTER GRAIN
PRICES HAVE DRIFTED MOSTLY LOWER SINCE JANUARY AMID WEAK US EXPORTS AND
PROJECTIONS FOR A RECORD SOYBEAN CROP IN SOUTH AMERICA

WET WEATHER IN NORTHERN BRAZIL IS NOW SLOWING THE HARVEST THERE WHILE DRY
WEATHER IN ARGENTINA IS REDUCING THE CROP'S POTENTIAL SIZE AS A RESULT
AGRESOURCE CO CHICAGO IS TRIMMING ITS FORECAST OF THE SOUTH AMERICAN
SOYBEAN CROP TO ABOUT 138 BILLION BUSHELS FROM ITS EARLIER FORECAST OF 143
BILLION BUSHELS

SOUTH AMERICA IS A MAJOR COMPETITOR OF THE US IN THE WORLD SOYBEAN MARKET
BECAUSE OF THE DISRUPTIONS IN SOUTH AMERICA EUROPEAN PROCESSORS ARE ALREADY
SHIFTING SOME PURCHASES TO THE US TRADERS SAID

CORN PRICES CLIMBED BECAUSE SPARKS COS A WIDELY WATCHED FORECASTING FIRM
IN MEMPHIS TENN REPORTEDLY TOLD CLIENTS ON FRIDAY IT EXPECTS US CORN
FARMERS TO PLANT ABOUT 788 MILLION ACRES THIS SPRING THE FORECAST IS LOWER
THAN THE CONSENSUS FOR FARMERS TO PLANT BETWEEN 80 MILLION ACRES AND 81
MILLION ACRES

SPARKS IS ALSO FORECASTING THAT US SOYBEAN FARMERS WILL PLANT 596 MILLION
ACRES UP ABOUT 200000 ACRES FROM LAST YEAR

ALTHOUGH THE MIDWEST PLANTING SEASON WON'T START FOR ANOTHER MONTH TRADERS
ARE PARTICULARLY SENSITIVE TO PLANTING FORECASTS THIS YEAR STOCKPILES ARE
SO TIGHT THAT PROSPECTS FOR ANYTHING LESS THAN A BUMPER CORN CROP YEAR WOULD
FORCE GRAIN PRICES HIGHER THE AGRICULTURE DEPARTMENT IS SLATED TO RELEASE
ITS FORECAST OF PROSPECTIVE PLANTINGS ON MARCH 31

TRADERS HAVE BEEN EXPECTING GRAIN PRICES TO RALLY THIS SPRING THE US
MIGHT HAVE TO IMPORT CORN IF SOMETHING DOESN'T HAPPEN SOON TO COOL THE
STRONG DEMAND FOR THE CROP ANOTHER GOVERNMENT REPORT SLATED FOR RELEASE AT
THE END OF THE MONTH IS EXPECTED TO SHOW THE US SUPPLY HAS ALREADY FALLEN
TO THE LOWEST LEVEL FOR THIS TIME OF YEAR SINCE THE 1983 DROUGHT

CORN CONSUMPTION IS STRONG IN PART BECAUSE LAST YEAR'S RECORD RAINFALL IN
THE MIDWEST REDUCED THE QUALITY OF THE CROP AS WELL AS QUANTITY THE LOWER
STARCH CONTENT OF THE CROP IS FORCING PROCESSORS TO USE MORE CORN TO PRODUCE
ETHANOL FUEL AND SWEETENER THE HARSH WINTER ACROSS THE MIDWEST ALSO FORCED
LIVESTOCK TO CONSUME GRAIN AT A FASTERTHANNORMAL PACE

JOE VICTOR DIRECTOR OF MARKETING AT ALLENDALE INC CRYSTAL LAKE ILL
SAID HE EXPECTS THE CORN CONTRACT FOR JULY DELIVERY TO HIT 318 A BUSHEL BY
EARLY JUNE YESTERDAY THAT CONTRACT ROSE 55 CENTS TO 29050

WHEAT PRICES SETTLED MIXED

IN OTHER COMMODITY MARKETS YESTERDAY

ENERGY APRIL CRUDE OIL FUTURES PRICES GAINED A NICKEL A BARREL IN TRADING
ON THE NEW YORK MERCANTILE EXCHANGE TO END AT 1449 WITH LITTLE IN THE WAY
OF NEWS DEVELOPMENTS TO INFLUENCE THEM TRADERS WERE DISINCLINED TO MAKE ANY
RASH MOVES AHEAD OF NEXT WEEK'S MEETING OF THE ORGANIZATION OF PETROLEUM
EXPORTING COUNTRIES THAT GROUP IS WIDELY EXPECTED TO LEAVE ITS CURRENT
OUTPUT CEILING IN PLACE FOR THE SECOND QUARTER BUT THAT EXPECTATION MAY
WELL ALREADY BE REFLECTED IN CRUDE OIL FUTURES PRICES SOME ANALYSTS SAY
YESTERDAY'S SLIGHT GAIN MAY HAVE BEEN A BYPRODUCT OF STRONG NORTH SEA BRENT
CRUDE PRICES WHICH WERE HIGHER ON PERCEPTIONS OF TIGHT SUPPLIES TRADING
WAS EQUALLY HOHUM IN PETROLEUM PRODUCTS WITH APRIL HEATING OIL LOSING 034
CENT TO SETTLE AT 4336 CENTS A GALLON AND APRIL GASOLINE DRIFTING 001 CENT
LOWER TO SETTLE AT 4488 CENTS A GALLON

PRECIOUS METALS SILVER FUTURES PRICES CLIMBED 68 CENTS TO 5473 AN OUNCE
ON THE ACTIVE MAY CONTRACT THE HIGHEST LEVEL ACHIEVED SINCE FEB 4 IN
TRADING ON NEW YORK'S COMMODITY EXCHANGE ANALYSTS SAID THAT SILVER
CONTINUES TO ATTRACT STRONG SPECULATIVE DEMAND SILVER FUTURES ARE ALSO
BEING SUPPORTED THEY SAID BY PERCEPTIONS OF GROWING INDUSTRIAL DEMAND
THE MARKET GOT A BOOST FROM THE FEDERAL RESERVE BANK OF ATLANTA'S MONTHLY
SURVEY OF SOUTHEASTERN MANUFACTURING COMPANIES WHICH SHOWED A JUMP IN
PRODUCTION SAID WILLIAM O'NEILL CHIEF FUTURES STRATEGIST AT MERRILL LYNCH
IN NEW YORK THE MERRILL STRATEGIST SAID THE SILVER MARKET HAS BEEN
UNQUESTIONABLY THE STRONGEST PERFORMER AMONG THE GOLD SILVER AND PLATINUM
TRIUMVIRATE OF PRECIOUS METALS OVER THE LAST SIX MONTHS THE ACTIVE APRIL
GOLD FUTURES CONTRACT CLIMBED 110 TO CLOSE AT 38720 AN OUNCE ON THE
COMDEX 9403150047 940315 PRICING HEALTH CARE CLINTON PLAN'S PERVERSE
INCENTIVES  BY CRAIG RICHARDSON

THE YEAR IS 1995 PRESIDENT CLINTON'S HEALTH CARE PLAN WAS RECENTLY PASSED
MAKING IT MANDATORY FOR ALL BUSINESSES LARGE AND SMALL TO PROVIDE HEALTH
CARE TO THEIR EMPLOYEES

THE OWNER OF COMPANY A IS TRYING TO DECIDE WHETHER TO HIRE AN ADDITIONAL
WORKER INCREASING THE TOTAL NUMBER OF EMPLOYEES TO 50 UPON EXAMINING THE
MATTER MORE CLOSELY SHE DECIDES AGAINST THE HIRE BECAUSE OF A QUIRK IN THE
HEALTH PLAN ANNUAL HEALTH CARE COSTS WILL ZOOM BY 7545 UPON HIRING THE
50TH EMPLOYEE ASSUMING THE EMPLOYEES EARN 15000 A YEAR ON AVERAGE GIVEN
THE TRUE COST OF THE 50TH EMPLOYEE IS NOW 22545 RATHER THAN 15000 THE
OWNER BUYS ANOTHER COMPUTER INSTEAD

MEANWHILE THE OWNER OF COMPANY B EMPLOYING 76 EMPLOYEES AND PAYING AN
AVERAGE SALARY OF 17000 DOES SOME INVESTIGATION OF HIS OWN INTO THE
DETAILS OF THE CLINTON HEALTH PLAN HE CONCLUDES THAT HE SHOULD FIRE AN
EMPLOYEE UPON DOING SO HE NOW QUALIFIES AS A FEDERALLY APPROVED SMALL
BUSINESS AND THUS IS ELIGIBLE FOR AN 11543 SUBSIDY

THESE EXAMPLES DEMONSTRATE SOME OF THE BIZARRE ECONOMIC INCENTIVES HIDDEN IN
THE CLINTON ADMINISTRATION'S HEALTH CARE PLAN IRONICALLY THESE HIRING
HAZARDS ARE A DIRECT RESULT OF THE ADMINISTRATION'S BENIGN ATTEMPT TO MAKE
HEALTH CARE PREMIUMS MORE AFFORDABLE FOR SMALL BUSINESSES

AS MOST READERS KNOW THE KEYSTONE OF THE CLINTON PLAN IS THE REQUIREMENT
THAT ALL BUSINESSES PAY 80 OF THEIR EMPLOYEES' HEALTH INSURANCE PREMIUMS
THIS IS UNPOPULAR WITH MOST SMALL BUSINESS OWNERS WHO FEAR THESE MANDATED
COSTS WILL DRIVE THEM OUT OF BUSINESS TO WIN THEM OVER THE CLINTON HEALTH
PLAN LATER INCLUDED A SERIES OF ESCAPE VALVES DEPENDING ON THE AVERAGE
SALARY AND THE NUMBER OF EMPLOYEES OWNERS ARE GUARANTEED NEVER TO PAY MORE
THAN A GIVEN PERCENTAGE OF THEIR PAYROLL IF THE PREMIUMS EXCEED THIS
PERCENTAGE THE GOVERNMENT KICKS IN THE DIFFERENCE

MOST ANALYSTS AGREE THAT SMALL LOWPAYING BUSINESSES STAND TO GAIN THE MOST
UNDER THIS PLAN SINCE THEY RECEIVE THE LARGEST SUBSIDIES IN FACT COVERAGE
IN THE PRESS HAS FOCUSED ON COMPARING THE DIFFERENCES IN THE BENEFITS
RATHER THAN A CLOSER EXAMINATION OF THE COSTS FOR EXAMPLE AN ARTICLE IN
THIS NEWSPAPER ANALYZED FOUR HYPOTHETICAL FIRMS AND SHOWED THAT THE SIZE OF
THE HEALTH CARE SUBSIDY COULD VARY TREMENDOUSLY RANGING FROM 159 TO 1706
PER WORKER PER YEAR

WHAT HAS BEEN OVERLOOKED HOWEVER IS A CRUCIAL FACT BUSINESSES ARE NOT
STATIC ENTITIES RATHER THEY GROW AND SHRINK AND AS THEY HIRE THE 25TH
50TH OR 75TH WORKER THE PAYROLL CAPS ABRUPTLY CHANGE THE RESULT EMPLOYEE
HEALTH CARE COSTS SPIKE DRAMATICALLY UPWARD AS SEEN IN THE ACCOMPANYING
CHART IF A COMPANY IS TO THE LEFT OF A COST SPIKE THERE IS A SIZABLE
HURDLE IN HIRING THE NEXT WORKER TO THE RIGHT OF A SPIKE THE FIRM STANDS
TO GAIN A LARGE AMOUNT OF MONEY IN FEDERAL SUBSIDIES BY FIRING WORKERS

THE REASON FOR THESE COSTS SPIKES IS THAT THE PAYROLL PERCENTAGE CAPS ARE
CONSTRUCTED DIFFERENTLY FROM SAY INCOMETAX RATES WHEN A PERSON EARNS
MORE MONEY AND THEREBY ENTERS A HIGHER INCOMETAX BRACKET THE INCREASED
TAX RATE FALLS ONLY ON THOSE DOLLARS EARNED IN THE HIGHER BRACKET IF THE
HIGHER INCOMETAX RATE WERE APPLIED TO ALL EARNED DOLLARS THE PERSON MIGHT
ACTUALLY TAKE HOME LESS MONEY AFTER TAXES CAUSING OBVIOUS WORK
DISINCENTIVES

THE SAME PERVERSE INCENTIVES OPERATE HERE THAT IS THE PERCENTAGE PAYROLL
CAPS OPERATE AT AVERAGE RATHER THAN MARGINAL LEVELS SO WHEN A COMPANY
CROSSES INTO A HIGHER CATEGORY IT IS RESPONSIBLE FOR PAYING A HIGHER
PERCENTAGE OF ITS PAYROLL ON HEALTH COSTS FOR ALL ITS EMPLOYEES NOT JUST
THE ADDITIONAL HIRE PAY RAISES CAN PRODUCE THE SAME RESULT SINCE THE
SUBSIDIES OPERATE ON THIS DIMENSION AS WELL

FOR EXAMPLE COMPANY A USED IN THE INTRODUCTION PAYS A FLAT HEALTH CARE
FEE OF 795 FOR EACH OF ITS 49 WORKERS SINCE THE COMPANY PAYS A CONSTANT
53 OF ITS TOTAL PAYROLL DURING THIS INTERVAL BUT HIRING THE 50TH WORKER
CAUSES HEALTH CARE COSTS TO SUDDENLY BALLOON BY 7545 SINCE MANDATED
HEALTH CARE COSTS NOW CLIMB TO 62 OF TOTAL PAYROLL RATHER THAN 62 OF
THE ADDITIONAL WORKER'S SALARY ON THE OTHER SIDE OF THE COIN IF COMPANY A
EMPLOYED 50 WORKERS IT WOULD GAIN 7545 IN FEDERAL SUBSIDIES BY FIRING A
WORKER AND THUS FALLING INTO A LOWER PAYROLL CAP CATEGORY

IT GETS WORSE AS THE COMPANY EXPANDS AND EVENTUALLY MOVES INTO THE NEXT
PAYROLL CAP CATEGORY AFTER PAYING 930 FOR THE 51ST THROUGH THE 75TH WORKER
THAT IS 62 OF 15000 THE ADDITIONAL COST OF HIRING THE 76TH WORKER
SKYROCKETS BY A STAGGERING 20310 SINCE HEALTH COSTS SUDDENLY JUMP TO 79
OF TOTAL PAYROLL

ONE ANSWER IS TO MODEL THE PAYROLL CAPS AFTER INCOMETAX BRACKETS THAT IS
AS A COMPANY INCREASES THE NUMBER OF EMPLOYEES AND ENTERS A HIGHER PAYROLL
CAP THE HIGHER CAP SHOULD APPLY ONLY TO ADDITIONAL EMPLOYEES RATHER THAN
TO ALL OF THEM THE ONLY PROBLEM HERE IS THAT ALL COMPANIES WOULD THEN
RECEIVE SOME SUBSIDIES FROM THE GOVERNMENT JUST LIKE ALL WORKERS PAY INCOME
TAX

YOU MAY ASK IF THIS ISSUE IS REALLY SUCH A BIG DEAL THE SPIKES OCCUR ONLY
AT CERTAIN INTERVALS AND HOW MANY COMPANIES ARE EVEN NEAR THESE INTERVALS

THE ANSWER IS THAT DANGLING 20000 OF SUBSIDIES IN FRONT OF SMALLBUSINESS
OWNERS WILL MAKE THEM STAND UP AND TAKE NOTICE EVEN IF THEY AREN'T
INITIALLY AFFECTED COMPANIES WITH MORE THAN 75 EMPLOYEES MAY SPLIT INTO TWO
SMALLER COMPANIES FIRE EMPLOYEES OR EXPLORE OTHER CREATIVE OPTIONS AND
SMALLER COMPANIES WILL THINK TWICE ABOUT TAKING OUT LOANS FOR BUSINESS
EXPANSION IF THEY SEE ENORMOUS HEALTH COST SPIKES LOOMING DOWN THE ROAD

SINCE THE BEGINNING OF THE HEALTH CARE DEBATE THE QUESTION HAS BEEN WHO
WILL PAY FOR THE HEALTH CARE PLAN OF COURSE WE ALL WILL IN ONE WAY OR
ANOTHER BUT INSTITUTING A COMPLICATED SET OF REGULATIONS THAT CREATE
PERVERSE INCENTIVES FOR SMALL BUSINESSES IS NOT THE PATH WE SHOULD TAKE IN
DOING SO WE MAKE AN EXPENSIVE PROPOSITION EVEN COSTLIER IN TERMS OF LOST
JOBS LOWER OUTPUT AND WAGES AND MORE TIME SPENT BY BUSINESS OWNERS ON
OUTMANEUVERING THE GOVERNMENT'S ILLOGICAL REGULATIONS

MR RICHARDSON IS AN ASSISTANT PROFESSOR OF ECONOMICS AT SALEM COLLEGE
WINSTONSALEM NC 9403150046 940315 BUSINESS BRIEF EMERSON RADIO
CORP REORGANIZATION PLAN CLEARS FEDERAL BANKRUPTCY COURT

EMERSON RADIO CORP THE CONSUMERELECTRONICS MAKER SAID A FEDERAL
BANKRUPTCY COURT APPROVED ITS REORGANIZATION PLAN AND THAT THE COMPANY PLANS
TO EMERGE FROM BANKRUPTCY PROCEEDINGS BY THE END OF THE MONTH

PARSIPPANY NJBASED EMERSON WHICH FILED FOR BANKRUPTCY PROTECTION LAST
SEPTEMBER SAID THE PLAN INCLUDES A RIGHTS OFFERING GIVING SHAREHOLDERS THE
RIGHT TO PURCHASE AS MUCH AS 30 OF THE REORGANIZED COMPANY'S STOCK JUDGE
NOVALYN L WINFIELD IN NEW JERSEY ON FRIDAY CONFIRMED THE PLAN WHICH WAS
PREVIOUSLY AGREED TO BY THE COMPANY AND ITS PRINCIPAL CREDITORS

UNDER THE PLAN EMERSON FOUNDED IN 1947 WILL RECEIVE 75 MILLION FROM
FIDENAS INVESTMENTS LTD IN NASSAU BAHAMAS THAT STAKE WILL CONSIST OF 30
MILLION IN EQUITY AND 45 MILLION IN LONGTERM DEBT FIDENAS WHICH
CURRENTLY OWNS 20 OF EMERSON'S EQUITY PROVIDED 15 MILLION IN
DEBTORINPOSSESSION FINANCING TO EMERSON IN RETURN FIDENAS WILL OWN 60
OF NEWLY ISSUED COMMON SHARES 9403150045 940315 BUSINESS BRIEF 
SOUTHERN PACIFIC RAIL CORP UNIT SET TO PAY 30 MILLION TIED TO TOXIC
RAILCAR SPILL

SOUTHERN PACIFIC LINES SAN FRANCISCO AND THREE OTHER COMPANIES AGREED TO
PAY 38 MILLION FOR COSTS RELATED TO A 1991 TANKCAR DERAILMENT THAT
CONTAMINATED THE UPPER SACRAMENTO RIVER WITH WEED KILLER

AS PART OF A CONSENT DEGREE FILED IN FEDERAL COURT IN SACRAMENTO CALIF
THE SOUTHERN PACIFIC RAIL CORP UNIT WILL PAY 30 MILLION IN THE NEXT FIVE
YEARS GATX CORP THE CHICAGO OWNER OF THE TANKER WILL PAY 5 MILLION AND
JM HUBER CORP THE EDISON NJ COMPANY THAT LEASED THE TANKER WILL PAY
1 MILLION

IN A SEPARATE SETTLEMENT THE MAKER OF THE WEED KILLER AMVAC CHEMICAL
CORP A UNIT OF AMERICAN VANGUARD CORP OF LOS ANGELES AGREED TO PAY 2
MILLION

WHEN THE SOUTHERN PACIFIC TANK CAR DERAILED IN JULY 1991 IT SPLIT OPEN AND
SPILLED A WEED KILLER THAT POISONED MOST AQUATIC LIFE IN A 42MILE STRETCH
OF THE UPPER SACRAMENTO RIVER NEAR DUNSMUIR CALIF

THE MONEY WILL GO TO TEN CALIFORNIA AND FEDERAL ENVIRONMENTAL WILDLIFE AND
JUDICIAL AGENCIES FOR LEGAL EXPENSES AND COSTS RELATED TO CLEANING UP THE
SPILL ASSESSING ITS DAMAGE RESTORING THE RIVER AND SETTING UP A FUND FOR
THE COSTS OF FUTURE INCIDENTS 9403150043 940315 BUSINESS BRIEF 
CELLSTAR CORP EARNINGS EXPECTED TO FALL BELOW FORECASTS STOCK SKIDS

CELLSTAR CORP SAID IT DOESN'T EXPECT TO MEET ANALYSTS' PROJECTIONS FOR
EARNINGS OF 148 MILLION TO 157 MILLION OR 80 CENTS TO 85 CENTS A SHARE
FOR ITS FISCAL YEAR ENDING NOV 30 1994

THE COMPANY'S STOCK SKIDDED SHARPLY ON THE NEWS CLOSING AT 1275 A SHARE
DOWN 4 OR 24 IN TRADING ON THE NASDAQ STOCK MARKET YESTERDAY

CELLSTAR DALLAS SAID IT BASED THE GLOOMIER OUTLOOK ON PRELIMINARY RESULTS
FOR ITS FIRST QUARTER ENDED FEB 28 THE CELLULARTELEPHONE CONCERN SAID
THAT WHILE REVENUE FOR THE QUARTER GREW ABOUT 50 TO JUST OVER 90 MILLION
FROM ABOUT 60 MILLION A YEAR EARLIER IT EXPECTS FLAT EARNINGS

CELLSTAR WHICH ONLY RECENTLY BECAME PUBLICLY HELD HASN'T RELEASED
QUARTERLY RESULTS FOR 1993 THE COMPANY SAID IT WILL RELEASE THOSE WHEN IT
REPORTS FINAL OPERATING RESULTS FOR THE 1994 FIRST QUARTER IN EARLY APRIL
9403150042 940315 BUSINESS BRIEF CRANE CO OFFER TO BUY MARK
CONTROLS SWEETENED TO 1550 A SHARE

CRANE CO A STAMFORD CONN MAKER OF INDUSTRIAL PRODUCTS FOR THE AEROSPACE
AND CONSTRUCTION INDUSTRIES SAID IT INCREASED ITS OFFER TO ACQUIRE MARK
CONTROLS CORP TO 1550 A SHARE FROM 13 A SHARE

MARK CONTROLS A SKOKIE ILL INDUSTRIALVALVE MANUFACTURER SAID IT IS
REVIEWING THE REVISED BID ALTHOUGH IT CAME OUTSIDE THE PROCESS ESTABLISHED
BY MARK CONTROLS' BOARD THE COMPANY SAID IT ALSO HAS HAD INTEREST
EXPRESSED BY OTHER COMPANIES

THE SWEETENED OFFER TOTALING 78 MILLION IN CASH REFLECTS A 74 PREMIUM
OVER THE TRADING VALUE OF MARK CONTROLS' STOCK PRIOR TO THE TIME CRANE
ANNOUNCED ITS INITIAL 132 STAKE IN THE COMPANY IN JANUARY

YESTERDAY IN TRADING ON THE NASDAQ STOCK MARKET MARK CONTROLS' SHARES
CLOSED AT 16 UP 125 ON VOLUME OF 182000 SHARES 9403150041 940315
BUSINESS BRIEF MEMOREX TELEX NV BANKRUPTCY COURT APPROVES PROPOSAL
FOR REORGANIZATION

MEMOREX TELEX NV SAID THE US BANKRUPTCY COURT IN WILMINGTON DEL
CONFIRMED ITS PREPACKAGED PLAN OF REORGANIZATION EFFECTIVE MARCH 24

THE MAKER OF COMPUTERSTORAGE AND NETWORKING SYSTEMS SAID ITS REORGANIZATION
PLAN HAD SUPPORT FROM HOLDERS OF ALL CLASSES OF CLAIMS THE PLAN PROPOSED
FEB 11 GIVES SENIOR BANK CREDITORS AND BONDHOLDERS SUBSTANTIALLY ALL OF
THE REORGANIZED COMPANY'S EQUITY

THE DUTCH COMPANY HAS EXECUTIVE OFFICES IN IRVING TEXAS AND BOTH THE PARENT
AND ITS US UNIT IN IRVING TEXAS HAD FILED IN BANKRUPTCY COURT

DAVID FAULKNER VICE CHAIRMAN SAID THE REORGANIZATION LEAVES THE COMPANY
WITH A STRONG CAPITAL STRUCTURE WITH 100 MILLION OF DEBT DOWN FROM 950
MILLION NINE MONTHS AGO BEFORE REORGANIZATION

WHEN THE PLAN BECOMES EFFECTIVE NEW SECURITIES INTENDED IN THE PLAN WILL BE
ISSUED IN EXCHANGE FOR DEBT AND EQUITY SECURITIES CURRENTLY OUTSTANDING THE
COMPANY SAID 9403150040 940315 BUSINESS BRIEF TEJAS POWER CORP CMS
ENERGY UNIT WILL BUY STAKE IN GASSTORAGE FACILITY

TEJAS POWER CORP SAID IT AGREED TO SELL A 50 STAKE IN A NATURALGAS
STORAGE FACILITY TO A UNIT OF CMS ENERGY CORP DEARBORN MICH

TERMS WEREN'T DISCLOSED FOR THE SALE WHICH IS RETROACTIVE TO JAN 1 TEJAS
A HOUSTON NATURALGAS CONCERN SAID IT IS SELLING HALFOWNERSHIP IN ITS MOSS
BLUFF GAS STORAGE SYSTEMS OPERATIONS TO CMS ENERGY'S NATURALGAS PIPELINE
UNIT CMS GAS TRANSMISSION & STORAGE CO

THE MOSS BLUFF FACILITY 60 MILES EAST OF HOUSTON PROVIDES 49 BILLION
CUBIC FEET OF NATURALGAS STORAGE IN TWO UNDERGROUND CAVERNS THE TWO
COMPANIES ALSO AGREED TO DEVELOP AN ADDITIONAL FOUR BILLION CUBIC FEET OF
STORAGE CAPACITY IN A THIRD CAVERN AT MOSS BLUFF 9403150039 940315 A ROSE
LAW FIRM DEAL REVISITED  BY JONATHAN ROOS

THE FOLLOWING IS REPRINTED WITH PERMISSION FROM THE DES MOINES REGISTER OF
JUNE 13 1993 A RELATED EDITORIAL APPEARS NEARBY SEE RELATED EDITORIAL
REVIEW & OUTLOOK EDITORIAL WHO WAS WEBSTER HUBBELL I WSJ MARCH
15 1994

WHEN HILLARY RODHAM CLINTON COMPLAINED IN A RECENT SPEECH ABOUT PROFITEERING
IN THE HEALTH CARE INDUSTRY SHE COULD HAVE FOUND A READY EXAMPLE IN THE
ROLE ONE OF HER FORMER ARKANSAS LAW PARTNERS PLAYED IN AN IOWA NURSINGHOMES
DEAL THAT MADE MILLIONS FOR THE DEALMAKERS

WILLIAM H KENNEDY III A PARTNER IN THE ROSE LAW FIRM OF LITTLE ROCK AND
NOW ASSOCIATE COUNSEL TO PRESIDENT CLINTON SHEPHERDED THE DEAL FOR BEVERLY
ENTERPRISES A GIANT NURSINGHOME COMPANY THAT PAIRED UP WITH A TEXAS BANKER
TO SELL ITS IOWA AND ARKANSAS NURSING HOMES

FORTYONE IOWA HOMES WERE ACQUIRED FOUR YEARS AGO BY A NONPROFIT
CORPORATION NOW KNOWN AS CARE INITIATIVES THAT WAS EFFECTIVELY CONTROLLED
BY THE BANKER BRUCE WHITEHEAD THE DEAL WAS FINANCED BY 86 MILLION IN
TAXEXEMPT REVENUE BONDS

WHITEHEAD AND THE BOND UNDERWRITERS TOOK UPFRONT PROFITS EXCEEDING 15
MILLION

BEVERLY WHICH NEEDED CASH TO REDUCE ITS CRIPPLING DEBT MADE ABOUT 10
MILLION

KENNEDY WAS INVOLVED IN THE WHOLE THING PERIOD HE WAS THE POINT MAN FOR
BEVERLY SAYS FRANK PECHACEK A COUNCIL BLUFFS LAWYER WHO INVESTIGATED THE
DEAL FOR COUNTY ASSESSORS THE ASSESSORS WERE CONTESTING CARE INITIATIVES'
CLAIM TO PROPERTYTAX EXEMPTIONS FOR ITS NURSING HOMES IN ABOUT 30 COUNTIES

KENNEDY COULD NOT BE REACHED FOR COMMENT

OTHER ROSE LAW FIRM PARTNERS WHO NOW WORK IN THE CLINTON ADMINISTRATION MAY
HAVE BEEN INVOLVED TOO WEBSTER HUBBELL WHO HOLDS THE NO 3 SLOT IN THE
JUSTICE DEPARTMENT MR HUBBELL RESIGNED YESTERDAY LISTED BEVERLY
ENTERPRISES AMONG HIS 26 ROSE LAW FIRM CLIENTS

VINCENT FOSTER JR DEPUTY COUNSEL TO THE PRESIDENT REPRESENTED STEPHENS
INC A LITTLE ROCK INVESTMENTBANKING FIRM THAT OWNS 10 OF BEVERLY'S
STOCK BEVERLY HIRED STEPHENS TO FIND A BUYER FOR MANY OF ITS NURSING HOMES
THE SEARCH LED BEVERLY TO WHITEHEAD

THERE WAS ABSOLUTELY NO WAY THAT THESE PEOPLE DIDN'T KNOW WHAT WAS GOING
ON SAID ROY DREW A FORMER STEPHENS BROKER AND AN INDEPENDENT INVESTMENT
ADVISER WHOSE CRITICISM OF A SIMILAR NURSINGHOME TRANSACTION IN ARKANSAS
INVOLVING BEVERLY WHITEHEAD AND A NONPROFIT CORPORATION HELPED TOUCH OFF A
POLITICAL FUROR THAT SCUTTLED THE DEAL

NO ONE IS SAYING THAT NURSINGHOME COMPANY EXECUTIVES LAWYERS BANKERS OR
OTHERS INVOLVED IN THE IOWA HOMES' SALE ACTED ILLEGALLY IN FACT GREAT CARE
WAS TAKEN TO DOT THE I'S AND CROSS THE T'S ON THE CONTRACTS

BUT CRITICS OF THE TRANSACTION HAVE COMPLAINED OF PROFITEERING

SAID DREW ROSE LAW FIRM MADE IT LEGAL BUT IT DIDN'T HAVE ANYTHING TO DO
WITH WHAT WAS RIGHT OR FAIR TO TAXPAYERS OR PEOPLE IN NURSING HOMES IT HAD
ONLY TO DO WITH GETTING BEVERLY AND STEPHENS INC OFF THE HOOK

LAST MONTH THE IOWA SUPREME COURT UPHELD DISTRICT JUDGE GENE NEEDLES'S
DENIAL OF CARE INITIATIVES' REQUEST FOR AN EXEMPTION FROM PAYING PROPERTY
TAXES ON ITS NURSING HOMES TOTAL TAXES ON THE HOMES EXCEED 800000 A YEAR

NEEDLES AND THE SUPREME COURT SIDED WITH COUNTY ASSESSORS IN CONCLUDING THAT
CARE INITIATIVES DID NOT MEET THE TESTS OF A CHARITABLE INSTITUTION

SAID NEEDLES CARE INITIATIVES IS A SHELL' NONPROFIT CORPORATION USED BY
BRUCE H WHITEHEAD AND THE BOND UNDERWRITERS TO OBTAIN THE FINANCING
NECESSARY TO ENABLE THEM TO MAKE MILLIONS OF DOLLARS OF EXCESSIVE PROFITS

WHITEHEAD AND LAWYERS FOR CARE INITIATIVES CONTENDED THAT THE PROFITS WERE
REASONABLE GIVEN THE SIZE OF THE DEAL AND THE FINANCIAL RISK INVOLVED

COURT RECORDS AND TRANSCRIPTS OF TESTIMONY BY WHITEHEAD AND HIS LAWYER SHOW
THAT KENNEDY LOOKED AFTER THE INTERESTS OF BEVERLY ENTERPRISES HE PREPARED
THE FINANCIAL DOCUMENTS AND NEGOTIATED WITH WHITEHEAD AND OTHER PARTIES TO
THE IOWA AND ARKANSAS NURSINGHOME DEALS

WHITEHEAD TESTIFIED THAT THE NATION'S LARGEST OPERATOR OF NURSING HOMES WAS
HAVING SEVERE FINANCIAL DIFFICULTY THEY NEEDED TO RAISE CASH DESPERATELY
BECAUSE OF THE FINANCIAL PROBLEMS THEY WERE HAVING

IN 1988 BEVERLY SOUGHT TO SELL OFF ITS NURSING HOMES IN IOWA SOUTH DAKOTA
NEBRASKA AND ARKANSAS BUT FINDING A BUYER AND CONVENTIONAL FINANCING FOR
THE SALE WOULD BE DIFFICULT

WHITEHEAD THE TEXAS BANKER WAS INTERESTED IN ONLY THE IOWA AND ARKANSAS
HOMES A PROPOSED SALE AGREEMENT PREPARED BY KENNEDY CALLED FOR A COMPANY
CONTROLLED BY WHITEHEAD TO BUY BEVERLY'S IOWA AND ARKANSAS HOMES FOR ABOUT
115 MILLION

THE IOWA PORTION OF THE DEAL WAS SEALED IN THE SUMMER OF 1989 WHITEHEAD'S
VENTANA INVESTMENTS BOUGHT THE IOWA NURSING HOMES FOR 57 MILLION AS PART OF
A TWOSTEP TRANSACTION THAT LEFT WHITEHEAD A HEFTY PROFIT THE HOMES WERE
THEN SOLD TO NONPROFIT CARE INITIATIVES KNOWN THEN AS MERCY HEALTH
INITIATIVES FOR 635 MILLION

THE MONEY WAS BORROWED THROUGH THE SALE OF 86 MILLION IN TAXEXEMPT REVENUE
BONDS THAT THE IOWA FINANCE AUTHORITY A PUBLIC AGENCY AGREED TO ISSUE

THE IOWA FINANCE AUTHORITY SERVED AS A CONDUIT NO STATE MONEY WAS LOANED
NURSINGHOME REVENUE IS USED TO REPAY INVESTORS WHO PURCHASED THE BONDS

THE IOWA TRANSACTION CAUSED NO RIPPLES AT A PUBLIC HEARING WHITEHEAD
ASSURED THE IOWA FINANCE AUTHORITY BOARD THAT THE BEVERLY EMPLOYEES IN IOWA
WOULD KEEP THEIR JOBS AT A FOLLOWUP MEETING CONDUCTED OVER THE TELEPHONE
THE BOARD VOTED UNANIMOUSLY TO AUTHORIZE THE BOND SALE

THERE WAS THE BELIEF THAT THERE WAS A DANGER THAT SOME OF THOSE NURSING
HOMES COULD HAVE CLOSED SAID TED CHAPLER EXECUTIVE DIRECTOR OF THE IOWA
FINANCE AUTHORITY

THE LOST JOBS WOULD HAVE DEALT AN ECONOMIC BLOW TO THE RURAL COMMUNITIES
WHERE THE NURSING HOMES ARE LOCATED SAID CHAPLER WHO WAS THE FINANCE
AUTHORITY'S GENERAL COUNSEL WHEN THE BOND SALE WAS APPROVED BY THE GROUP'S
BOARD AND GOV TERRY BRANSTAD

CARE INITIATIVES EMPLOYS 2800 WORKERS IN IOWA ITS NURSING HOMES HAVE 3200
RESIDENTS

THE SALE OF 36 NURSING HOMES IN ARKANSAS WAS TO BE FINANCED IN THE SAME WAY
USING 81 MILLION IN REVENUE BONDS AND ANOTHER NONPROFIT CORPORATION THAT
HAD BEEN SET UP FOR WHITEHEAD HE STOOD TO GAIN 4 MILLION FROM THE
TRANSACTION BUT DURING THE FALL OF 1989 THE DEAL UNRAVELED

THE ARKANSAS DEVELOPMENT FINANCE AUTHORITY WHICH HAD BECOME AN IMPORTANT
ECONOMIC TOOL FOR THENGOV BILL CLINTON INITIALLY SUPPORTED THE PROPOSED
BOND SALE BUT BACKED AWAY AS CRITICISM OF THE DEAL MOUNTED WHEN BOB NASH
PRESIDENT OF THE ARKANSAS AGENCY RECOMMENDED REJECTING THE DEAL WHITEHEAD
CHALLENGED HIM TO A FIST FIGHT ACCORDING TO LITTLE ROCK NEWS ACCOUNTS
WHITEHEAD LATER TESTIFIED IN THE IOWA PROPERTYTAX CASE THAT HE LOST OVER 2
MILLION IN ARKANSAS

CLINTON WHO HAD THE LAST WORD IN KILLING THE DEAL WAS BRUSHED BY THE
CONTROVERSY BUT SUFFERED NO LASTING POLITICAL DAMAGE HE WAS REELECTED
GOVERNOR IN 1990

THERE HAVE BEEN CHANGES IN IOWA SINCE THE DEAL LAST YEAR CARE INITIATIVES
SEVERED ITS TIES WITH WHITEHEAD AND HIS NURSINGHOME MANAGEMENT COMPANY
DUNCAN GRAHAM THE FIRM'S PRESIDENT SAYS CARE INITIATIVES NOW IS MANAGING
THE NURSING HOMES ITSELF

HE SAYS THE MOVE SHOULD STRENGTHEN THE FIRM'S NEW BID FOR PROPERTYTAX
EXEMPTIONS FOR ITS IOWA HOMES THAT'S EXPECTED TO TOUCH OFF ANOTHER COURT
BATTLE 9403150038 940315 INTERNATIONAL BRIEF SOCIETA ITALIANA PER
L'ESERCIZIO AVIS AWARDS 2YEAR CONTRACT TO COVER ITALIAN DATA NEEDS

ITALY'S SOCIETA ITALIANA PER L'ESERCIZIO DELLE TELECOMUNICAZIONI SPA SAID
AVIS INC AWARDED IT A TWOYEAR CONTRACT TO MANAGE THE CARRENTAL COMPANY'S
DATATELECOMMUNICATIONS NEEDS IN ITALY TERMS WEREN'T DISCLOSED

THE AGREEMENT CALLS FOR SIP TO GIVE AVIS TECHNICAL ASSISTANCE AND HELP IN
THE DEVELOPMENT OF A TELECOMMUNICATIONS NETWORK

SIP IS 60OWNED BY SOCIETA FINANZIARIA TELEFONICA PER AZIONI OR STET
ITALY'S TELECOMMUNICATIONS HOLDING COMPANY STET WHICH IS SCHEDULED TO BE
PRIVATIZED LATER THIS YEAR IS 53OWNED BY STATE INDUSTRIAL HOLDING GROUP
ISTITUTO PER LA RICOSTRUZIONE INDUSTRIALE 9403150037 940315 REVIEW &
OUTLOOK EDITORIAL WHO WAS WEBSTER HUBBELL I

NEEDLESS TO SAY WE DON'T THINK WEBSTER HUBBELL'S RESIGNATION CLOSES THE
BOOK ON ANY ASPECT OF THIS AFFAIR AN ANONYMOUS WHITE HOUSE OFFICIAL TRIED
TO SPIN THE STORY TOWARD CLOSURE WHEN NEWS WAS DRIBBLING OUT YESTERDAY
AFTERNOON ABOUT A RESIGNATION BY THE PRESIDENTIAL GOLFING PARTNERROSE LAW
FIRM PARTNERASSOCIATE ATTORNEY GENERAL IT'S A PRIVATE INDIVIDUAL'S
PROBLEMS THAT AROSE PRIOR TO HIS GOVERNMENT SERVICE PROBLEMS WITH HIS PRIOR
LAW FIRM SAID THE OFFICIAL THAT WON'T WASH

IT WAS JUST OVER A YEAR AGO THAT WE FIRST RAISED A FLAG IN AN EDITORIAL
TITLED WHO IS WEBSTER HUBBELL MARCH 2 1993 THE CLINTON ADMINISTRATION
WAS LESS THAN TWO MONTHS OLD IT HAD NO ATTORNEY GENERAL OF ITS OWN NO
DEPUTY ATTORNEY GENERAL AND FEW QUALITY PEOPLE IN TOP POSITIONS INSTEAD IT
STUFFED THE WHITE HOUSE WITH CRONIES FROM LITTLE ROCK NOTABLY PUTTING TWO
OF HILLARY'S ROSE LAW FIRM PARTNERS IN THE GENERAL COUNSEL'S OFFICE AND
SENDING A THIRD ROSE PARTNER NAMED WEBSTER HUBBELL TO BE THEIR LIAISON AT
THE JUSTICE DEPARTMENT

THE ISSUE THEN WAS WEBSTER HUBBELL'S INTERVENTIONS INTO JUSTICE DEPARTMENT
POLICY TOWARD THE FEDERAL LEGAL TROUBLES OF REP HAROLD FORD A PROMINENT
MEMBER OF THE BLACK CAUCUS WE WROTE AT THE TIME WE SEEM TO HAVE THE
SPECTACLE OF HILLARY CLINTON'S FORMER LAW PARTNER FIXING MEETINGS BETWEEN
JUSTICE OFFICIALS AND DEMANDWAVING POLS WITH THE POLS GETTING JUSTICE TO
DO THEIR BIDDING AND CONCLUDED WE ARE LEFT TO WONDER WHAT KIND OF
JUSTICE DEPARTMENT THIS WILL BE AND WHAT KIND OF ADMINISTRATION

WE HAVE PURSUED THIS INITIAL QUESTION FOR 12 MONTHS NOW SO WE WERE NOT
SHOCKED WHEN IT CAME OUT THAT THE TREASURY AND WHITE HOUSE COUNSEL'S OFFICE
WERE HOLDING HEADS UP MEETINGS OVER BILL AND HILLARY'S POTENTIAL PROBLEMS
WITH RESOLUTION TRUST INVESTIGATIONS THE PARTIES TO WHICH ARE NOW SUBJECT
TO SPECIAL SUBPOENAS

NOMINALLY MR HUBBELL'S RESIGNATION HAS TO DO WITH ALLEGEDLY UNETHICAL
BILLING PRACTICES WHILE BACK AT THE ROSE FIRM BUT WE DRAW YOUR ATTENTION TO
THE NEARBY ARTICLE PUBLISHED LAST SUMMER BY THE DES MOINES REGISTER SEE
RELATED ARTICLE A ROSE LAW FIRM DEAL REVISITED WSJ MARCH 15 1994
IT'S A FASCINATING TALE OF TRANSACTIONS INVOLVING A STRING OF IOWA NURSING
HOMES AN EFFORT THAT WAS BROKERED BY THENROSE PARTNER WILLIAM KENNEDY III
WHO IS NOW ASSOCIATE WHITE HOUSE COUNSEL TWO IOWA COURT RULINGS REFUSED TO
ALLOW WHAT THE DISTRICT JUDGE CALLED THE DEAL'S EXCESS PROFITS THOUGH THE
ROSE FIRM'S EFFORTS KEPT ITS CLIENTS SKATING ALONG THE DEFENSIBLE SIDE OF
THE LAW ONCE IN THE WHITE HOUSE WILLIAM KENNEDY'S NAME SURFACED FOR
PLAYING FAST AND LOOSE WITH THE FBI AND IRS OVER TRAVELGATE

JANET RENO ANNOUNCING THE HUBBELL RESIGNATION YESTERDAY SAID HE HAS BEEN
A TIRELESS CRUSADER FOR DOING JUSTICE FOR DOING THE RIGHT THING
INCREDIBLY SHE THEN ADDED WEBB WAS DIRECTLY RESPONSIBLE FOR CHANGES IN
THE JUSTICE DEPARTMENT'S INFORMATION POLICY WHICH HAD MADE THE JUSTICE
DEPARTMENT AND GOVERNMENT MORE OPEN AND ACCOUNTABLE

THIS IS ORWELLIAN DOUBLESPEAK OR PERHAPS MS RENO HAS JUST BEEN OUT OF THE
LOOP AFTER MS RENO LOOSENED THE RULES GOVERNING REQUESTS UNDER THE FREEDOM
OF INFORMATION ACT LAST OCTOBER MR HUBBELL TIGHTENED THE RULES THE
FOLLOWING MONTH FOR WHITE HOUSERELATED REQUESTS MOST POINTEDLY HIS ORDER
EXPANDED THE ACT'S COVERAGE TO INCLUDE THE ACTIVITIES OF THE FIRST LADY
SPECIFICALLY HER TOPSECRET HEALTHCARE TASK FORCE

MS RENO'S EUPHORIA OVER WEBSTER HUBBELL LEAVING A LEGACY OF MORE OPEN AND
ACCOUNTABLE GOVERNMENT IS SO MUCH BLATHER WITH INTEREST IN WHITEWATER NOW
RUNNING AT FULL TIDE WE HAVE A PUBLIC INFORMATION BLACKOUT THAT HAS TURNED
INTO AN UNBRIDGEABLE MOAT AROUND THE CLINTON PRESIDENCY AS WE EDITORIALIZED
YESTERDAY OUR OWN FOIA REQUEST FOR THE PARK POLICE REPORT ON THE SUICIDE OF
FORMER ROSE PARTNER VINCENT FOSTER HAS NOW HIT THE ULTIMATE CONTRACTION WITH
SPECIAL COUNSEL ROBERT FISKE'S BLANKET SUPPRESSION OF ALL DOCUMENTS AND
INFORMATION RELATING TO WHITEWATER/MADISON

ROSE PARTNER NO 1 HILLARY CLINTON IS NOW APPEARING IN NEWSMAGAZINE
INTERVIEWS TO ANNOUNCE THAT WHITEWATER HAS BEEN BLOWN OUT OF PROPORTION
THAT SCRIPT MAY STILL PLAY IN VARIOUS JOURNALISTIC BACKWATERS BUT THE MORE
LIKELY SCENARIO IS THAT THERE WILL BE GROWING PRESSURE TO EXPOSE ARKANSAS
MORES TO MORE PUBLIC SCRUTINY

MOREOVER SOMEONE SHOULD PUT OUT A PROTECTIVE ORDER FOR THE JUSTICE
DEPARTMENT AFTER FORMER DEPUTY PHILIP HEYMANN THREW IN THE TOWEL THE WHITE
HOUSE NOMINATED AS HIS REPLACEMENT DEFENSE DEPARTMENT GENERAL COUNSEL JAMIE
GORELICK A BELTWAY CRIMINAL LAWYER WHOSE CLIENT LIST INCLUDED BCCI
CELEBRITIES CLARK CLIFFORD AND ROBERT A ALTMAN INDIANA BASKETBALL COACH
BOBBY KNIGHT DREW BOOS FOR BENCHING HIS FIRSTSTRING FOR A WHOLE HALF THIS
YEAR BUT BILL AND HILLARY CLINTON SEEM INTENT ON KEEPING THEIR PARTY'S BEST
PEOPLE ON THE BENCH FOR THE ENTIRE PRESIDENCY WHY ARE THEY DOING THIS

WITH WEBSTER HUBBELL'S RESIGNATION THIS ADMINISTRATION HAS LOST ITS BERT
LANCE THE JIMMY CARTER CONFIDANTE WHO AT LEAST BROUGHT ANIMAL SURVIVAL
SKILLS TO A FLOUNDERING ADMINISTRATION THERE'S AN IMPORTANT DIFFERENCE
THOUGH JIMMY CARTER AND BERT LANCE WERE ON DIFFERENT PLANETS THE LITTLE
ROCK CROWD TRAVELS IN A FIXED ORBIT AROUND THE SAME SUN WEBSTER HUBBELL'S
SAYING HE QUITS DOESN'T CHANGE THAT WE STILL WANT TO KNOW WHO THESE PEOPLE
ARE SEE RELATED LETTER LETTERS TO THE EDITOR A STRAIGHT SHOOTER GIVE
HER A CHANCE WSJ MARCH 17 1994 9403150036 940315 DETROIT SUMMIT 
PERPETUATES MYTHS ABOUT EMPLOYMENT  BY AMY KASLOW

BY HOSTING REPRESENTATIVES FROM THE GROUP OF SEVEN LEADING INDUSTRIALIZED
COUNTRIES AT A JOBS CONFERENCE IN DETROIT THAT ENDS TODAY PRESIDENT CLINTON
RUNS THE RISK OF PROMOTING THREE MYTHS ABOUT THE NATURE OF THE GLOBAL
EMPLOYMENT PROBLEM AND HOW TO RESPOND TO IT

THE FIRST MYTH IS THAT ALL OF THE G7 MEMBERS FACE THE SAME PROBLEM THERE
ARE CERTAINLY PARALLELS DOWNSIZING OF PUBLIC AND PRIVATE WORK FORCES
DEFENSE CUTS TECHNOLOGICAL INNOVATION THAT BOOSTS PRODUCTIVITY AT THE
EXPENSE OF JOBS

BUT AT A PRIVATE FORUM OF INTERNATIONAL POLITICAL AND BUSINESS LEADERS JOHN
YOCHELSON OF THE CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES AND I FOUND
A CLEAR CONSENSUS THAT THERE ARE OVERWHELMING DIVERGENCES IN THE
ORGANIZATION AND FLEXIBILITY OF THESE COUNTRIES' LABOR MARKETS THE
BRIGHTENING PICTURE IN THE US FOR EXAMPLE STRIKES A VIVID CONTRAST TO
THE BLEAK OUTLOOK IN EUROPE WHERE A 12 JOBLESS RATE AND MARGINAL ECONOMIC
GROWTH IS FORECAST THE MORE FLEXIBLE ENTREPRENEURIAL US ECONOMY HAS BEEN
THE WORLD'S TOP JOB PRODUCER FOR THE PAST TWO DECADES ABSORBING 20
MILLION ADDITIONAL WORKERS AND THE US ECONOMIC RECOVERY HAS RENEWED
CONFIDENCE IN THE MARKET'S CAPACITY TO CREATE MORE JOBS

THE CHIEF US PROBLEM IS QUALITATIVE UNDEREMPLOYMENT CAUSED BY CORPORATE
LAYOFFS AND BIG INCREASES IN THE NUMBER OF PEOPLE WORKING LESS THAN THEY
WOULD LIKE MR CLINTON IS CORRECTLY CONCERNED ABOUT A GROWING DIFFERENTIAL
IN INCOME AND SKILLS AND THE DISPROPORTIONATE NUMBER OF LARGELY URBAN
MINORITY YOUTH WHO ARE UNABLE TO COMPETE FOR FULLTIME BETTERPAYING JOBS

ACROSS THE ATLANTIC THE PRINCIPAL CONCERN IS QUANTITATIVE MASSIVE
LONGTERM UNEMPLOYMENT EUROPE'S HEAVILY UNIONIZED AND RIGIDLY REGULATED
ECONOMY HAS REALIZED SCANT JOB GROWTH DURING THE PAST 20 YEARS GOVERNMENTS
THERE HAVE SLOWED THE DEPARTURE OF AILING INDUSTRIES BY THROWING GOVERNMENT
FUNDS AT THEM AND EUROPEAN ECONOMIES HAVE UNDERPERFORMED AND VISIBLY LOST
COMPETITIVENESS IN KEY SECTORS MANY EUROPEAN GOVERNMENTS HAVE EMBARKED ON
AMBITIOUS PRIVATIZATION PLANS DESIGNED TO STIMULATE GROWTH BUT TO SELL
STATEOWNED ENTERPRISES GOVERNMENTS MUST SLASH EMPLOYMENT ROLLS WHICH
ONLY ADDS TO COSTLY WELFARE PAYMENTS THAT ARE ALREADY STRANGLING JOB
CREATION

JAPAN MEANWHILE CONFRONTS PROBLEMS DIFFERENT FROM BOTH EUROPE AND THE
US PRINCIPALLY AN AGING POPULATION AND AN APPRECIATING CURRENCY BUT
JAPAN ALSO HAS KEY ADVANTAGES NOT ENJOYED BY THE REST OF THE G7 FIRST IT
REMAINS LARGELY INSULATED FROM A HEAVY INFLUX OF FOREIGN WORKERS SECOND IT
HAS A VERY LOW JOBLESS RATE 25 AND THIRD THE JAPANESE GOVERNMENT HAS
MORE MONEY TO SPEND ON FISCAL STIMULUS THAN ANY OTHER MAJOR NATION

A SECOND FLAWED PREMISE OF THE DETROIT CONFERENCE IS THAT GOVERNMENTS ARE
CENTRAL TO SOLVING THE UNEMPLOYMENT PROBLEM THIS TETEATETE AMONG SENIOR
G7 OFFICIALS SENDS A SIGNAL THAT THEY CAN AND SHOULD ASSUME THE ROLE OF JOB
CREATORS

THAT COULDN'T BE MORE OFFBASE EVEN MR CLINTON AFTER FAILING TO PUSH
THROUGH A FISCAL STIMULUS PLAN SEES THE LIMITS OF THE FEDERAL BUDGET AND
RECOGNIZES THAT A VITAL PRIVATE SECTOR IS CRITICAL IN MEETING THE JOBS
CHALLENGE BUT THIS FUNDAMENTAL POINT IS LIKELY TO BE LOST IN WHITE HOUSE
EFFORTS TO MELD MICROPOLICIES AFFECTING EMPLOYMENT WITH MACROTOOLS OF
FISCAL ADJUSTMENT INTO A GRAND STRATEGY TO COMBAT JOBLESSNESS

AS EUROPE HAS CLEARLY SHOWN GOVERNMENT IS THE PROBLEM NOT THE SOLUTION
WHILE THE EUROPEAN PRIVATE SECTOR WOULD LIKE TO PUSH GOVERNMENT OUT OF THE
WAY BOTH NATIONAL AUTHORITIES AND THE BRUSSELSBASED BUREAUCRACY OF THE
EUROPEAN UNION ARE ONLY GRUDGINGLY ATTEMPTING TO DO SO THE EUROPEAN
COMMISSION'S RECENT BLUEPRINT FOR STIMULATING GROWTH AND JOBS FOR EXAMPLE
BALANCED ITS CALL FOR PRIVATIZATION AND DEREGULATION WITH A PROPOSAL FOR
VAST NEW GOVERNMENT EXPENDITURES ON TRANSPORTATION AND INFORMATION SERVICES

FURTHERMORE IN GERMANY WHICH REPRESENTS MORE THAN 30 OF THE EU'S GROSS
DOMESTIC PRODUCT THE BUNDESBANK HAS NARROWED OPTIONS FOR ECONOMIC EXPANSION
THROUGHOUT EUROPE IT RIGIDLY ADHERES TO ITS OWN ANTIINFLATIONARY
PRIORITIES EASING MONETARY POLICY AT A PACE THAT ITS EUROPEAN PARTNERS FIND
DAMAGING SO MUCH FOR DETROIT'S RELIANCE ON GOVERNMENT COOPERATION

THE THIRD MISCONCEPTION IS THAT EACH OF THE PARTICIPATING NATIONS BRINGS
SOME SUCCESS ON THE JOBS FRONT THAT THE OTHERS SHOULD EMULATE MR CLINTON
FOR EXAMPLE IS CONSIDERING THE GERMAN MODEL FOR JOB TRAINING AND HEALTH
CARE WITHOUT TAKING ACCOUNT OF THE LARGER GOVERNMENTINDUSTRY
RELATIONSHIP IN WHICH GERMANY'S DISTINCTIVE PROGRAMS FUNCTION THEY CANNOT
BE DUPLICATED IN THE US WITHOUT FUNDAMENTALLY INCREASING GOVERNMENT
INTERVENTION IN THE ECONOMY BUT IT IS PRECISELY THIS INTRUSIVE GOVERNMENT
ROLE THAT INHIBITS GROWTH IN EUROPE

WHEN IT COMES TO MEETING THE JOBS CHALLENGE THE PROPER PRESCRIPTION FOR
CHANGE IS NOT CONVERGENCE RATHER THE G7 OFFICIALS SHOULD DISTINGUISH
BETWEEN CONSTRUCTIVE AND DESTRUCTIVE POLICIES THE DETROIT SUMMIT SHOULD
POINT THE WAY TOWARD AN ESCAPE FROM SOME OF THE STIFLING MANDATES OF
GOVERNMENTS AND UNIONS THIS WOULD INCREASE THE MOBILITY OF THE WORK FORCE
AND BE A TRUE ELIXIR FOR JOB GROWTH

MS KASLOW COVERS ECONOMICS FOR THE CHRISTIAN SCIENCE MONITOR IN WASHINGTON
9403150035 940315 CREDIT RATINGS

USG CORP CHICAGO STANDARD & POOR'S CORP RAISED ITS RATINGS ON THE
ABOUT 1 BILLION OF DEBT ISSUED BY USG AND ITS US GYPSUM UNIT CITING THE
WALLBOARD INDUSTRY'S CONTINUING CYCLICAL UPTURN AS WELL AS THE COMPANY'S
STRENGTHENED FINANCIAL CONDITION THE RATING CONCERN BOOSTED ITS RATING ON
USG'S 10 1/4 SENIOR NOTES TO DOUBLEBMINUS FROM SINGLEBPLUS AND RAISED
THE PARENT COMPANY'S SENIOR NOTES AND DEBENTURES TO SINGLEB FROM
SINGLEBMINUS RATINGS ON US GYPSUM'S DEBENTURES AND INDUSTRIAL REVENUE
BONDS WERE INCREASED TO DOUBLEBMINUS FROM SINGLEBPLUS S&P SAID THE
PROSPECTS FOR MAINTENANCE OF USG'S LEADING POSITION IN THE DOMESTIC GYPSUM
WALLBOARD INDUSTRY ARE ENHANCED BY THE COMPANY'S LOWCOST OPERATIONS ITS
RELATIVELY HIGH UTILIZATION OF PLANT CAPACITY AND BY ITS DISTRIBUTION
NETWORK ECONOMIC INDICATORS SUGGEST HOUSING STARTS THE BIGGEST MARKET
FOR USG WILL BE UP IN THE NEXT FEW YEARS S&P NOTED WHILE THE LARGE
REMODELING MARKET CONTINUES TO GROW AND THE LONGTROUBLED COMMERCIAL SECTOR
IS BOTTOMING OUT THE COMPANY'S LIQUIDITY AND PROSPECTS FOR FURTHER DEBT
REDUCTION ARE IMPROVED THE RATING CONCERN SAID BY USG'S RECENTLY
COMPLETED STOCK OFFERING 9403150034 940315 BUSINESS BRIEF COSTAIN
GROUP PLC FIRM REPORTS PRETAX PROFIT OF 1031 MILLION FOR 1993

COSTAIN GROUP PLC SAID THAT IT SWUNG TO A 687 MILLION 1031 MILLION
PRETAX PROFIT IN 1993 FROM A 2046 MILLION PRETAX LOSS THE YEAR BEFORE
HELPED BY A STRONG PERFORMANCE BY THE OVERSEAS BRANCH OF ITS ENGINEERING AND
CONSTRUCTION BUSINESS

THE LONDONBASED BUILDING AND ENGINEERING COMPANY SAID PRETAX PROFIT BEFORE
EXCEPTIONAL ITEMS WAS 200000 POUNDS A SWING FROM A 16 MILLION LOSS THE
MAIN EXCEPTIONAL ITEM WAS THE SALE OF ITS AUSTRALIAN COALMINING BUSINESS

COSTAIN SAID ITS ENGINEERING AND CONSTRUCTION UNIT ACHIEVED A SATISFACTORY
PROFIT MARGIN OF 18 INCLUDING INTEREST RECEIVABLE IN DIFFICULT MARKET
CONDITIONS

THE COMPANY SAID OVERSEAS SALES IN THAT UNIT CONSTITUTE 29 OF TOTAL SALES
UP FROM 16 9403150033 940315 BUSINESS BRIEF NISSAN MOTOR CORP 
AUTO MAKER RECALLS 218000 OF '93 AND '94 ALTIMA MODELS

NISSAN MOTOR CORP OF JAPAN SAID IT IS RECALLING 218000 OF ITS 1993 AND
1994 ALTIMA MIDSIZE SEDANS BECAUSE OF A FAULTY THROTTLE CABLE THAT MAY STICK
IN SEVERELY COLD WEATHER

IF THE THROTTLE CABLE STICKS THE ENGINE WILL RUN AT MIDRANGE SPEEDS AND
NOT RETURN TO NORMAL IDLE SPEEDS NISSAN SAID THE RECALL INVOLVES 206000
ALTIMA MODELS IN THE US AND 12000 IN CANADA

NISSAN SAID FIVE MINOR ACCIDENTS HAVE OCCURRED IN CANADA AS A RESULT OF THE
PROBLEM BUT NO INJURIES THE AUTO MAKER IS NOTIFYING OWNERS BY MAIL TO TAKE
THEIR VEHICLES TO DEALERS FOR FREE REPAIRS NISSAN'S US UNIT IS BASED IN
CARSON CALIF 9403150032 940315 BUSINESS BRIEF FIRST SECURITY CORP 
COMPANY TO BUY CROSSLAND IN 112 MILLION TRANSACTION

FIRST SECURITY CORP ANNOUNCED A DEFINITIVE AGREEMENT TO BUY CROSSLAND
MORTGAGE ACQUISITION CORP THE PARENT COMPANY OF CROSSLAND MORTGAGE CORP
FOR ABOUT 112 MILLION

FIRST SECURITY A SALT LAKE CITY BANK HOLDING COMPANY WITH OPERATIONS IN SIX
STATES SAID IT WILL OPERATE CROSSLAND MORTGAGE AS A SEPARATE SUBSIDIARY OF
FIRST SECURITY BANK OF UTAH

CROSSLAND MORTGAGE A PRIVATELY HELD COMPANY BASED IN MURRAY UTAH ISSUES
MORTGAGES THROUGH 60 OFFICES IN 18 STATES

FIRST SECURITY WHICH GENERATED 21 BILLION IN RESIDENTIAL MORTGAGE LOANS
LAST YEAR SAID THE ACQUISITION WAS DESIGNED TO GENERATE MORE INCOME FROM
SERVICE FEES AND TO EXPAND THE REACH OF ITS MORTGAGE LENDING TO OTHER
STATES

FIRST SECURITY'S STOCK CLOSED UNCHANGED AT 2875 YESTERDAY IN LATE NASDAQ
STOCK MARKET TRADING 9403150031 940315 POLITICS & POLICY HUBBELL
RESIGNS KEY JUSTICE POST IN SURPRISE MOVE  PUBLIC SPECULATION'
IS CITED A PLANNED VOTE AT ROSE ALSO BELIEVED INFLUENTIAL  BY
JOE DAVIDSON AND ELLEN JOAN POLLOCK STAFF REPORTERS OF THE WALL STREET
JOURNAL

WASHINGTON ASSOCIATE ATTORNEY GENERAL WEBSTER HUBBELL LOCKED IN A FEUD
WITH HIS FORMER LAW FIRM ABRUPTLY RESIGNED ADDING TO THE CHAOS IN A
CLINTON ADMINISTRATION BESET WITH WHITEWATER TROUBLES

THE RESIGNATION WHICH SURPRISED EVEN SENIOR JUSTICE DEPARTMENT OFFICIALS
LEAVES THE LEADERSHIP OF THE DEPARTMENT REELING FROM THE SECOND TOPLEVEL
RESIGNATION IN RECENT WEEKS IN JANUARY PHILIP HEYMANN QUIT AS DEPUTY
ATTORNEY GENERAL CITING BAD CHEMISTRY WITH ATTORNEY GENERAL JANET RENO

AN ADMINISTRATION OFFICIAL SAID MR HUBBELL'S DECISION WAS INFLUENCED BY THE
KNOWLEDGE THAT HIS FORMER PARTNERS AT THE ROSE LAW FIRM LITTLE ROCK ARK
WOULD MEET LAST NIGHT TO VOTE ON WHETHER TO REFER THE DISPUTE TO THE
ARKANSAS BAR ASSOCIATION THE ESCALATING FEUD INVOLVES MR HUBBELL'S
EXPENSES AND BILLING PRACTICES AT THE FIRM AND HIS REPRESENTATION OF A
COMPANY OWNED BY HIS BROTHERINLAW

IN HIS RESIGNATION LETTER TO PRESIDENT CLINTON MR HUBBELL SAID
UNFORTUNATELY BECAUSE OF PUBLIC SPECULATION ABOUT ME AND MY FORMER LAW
FIRM I WILL HAVE TO SPEND A SIGNIFICANT AMOUNT OF MY PERSONAL TIME ON AN
INTERNAL MATTER WITH MY FORMER PARTNERS THE PUBLICITY DIMINISHES HIS
EFFECTIVENESS HE SAID AND DISTRACTS FROM YOUR AGENDA

IN A LETTER TO MR HUBBELL MR CLINTON SAID I KNOW YOUR ACCOMPLISHMENTS
IN OFFICE WILL OUTLAST ANY INTEREST IN THE PRIVATE MATTERS THAT HAVE ARISEN
FROM YOUR PRIOR LAW PRACTICE THE PRESIDENT LATER TOLD REPORTERS IN BOSTON
THAT MR HUBBELL DID THE RIGHT THING IN RESIGNING BUT ADDED THAT HE FOUND
IT HARD TO BELIEVE THAT HIS LONGTIME FRIEND HAD DONE ANYTHING WRONG

WHILE MR HUBBELL'S RESIGNATION STEMMED FROM THE DISPUTE WITH HIS LAW FIRM
HIS ANNOUNCEMENT DREW ATTENTION YESTERDAY TO WHITEWATER MR HUBBELL'S NAME
HAS BEEN LINKED TO THE WHITEWATER CONTROVERSY WHICH HAS ENGULFED THE
ADMINISTRATION AND LED TO THE RECENT RESIGNATION OF WHITE HOUSE COUNSEL
BERNARD NUSSBAUM

WHITE HOUSE AIDES SAID US TRADE REPRESENTATIVE MICKEY KANTOR A FRIEND OF
MR HUBBELL TALKED WITH CHIEF OF STAFF THOMAS MCLARTY ON SUNDAY TO ALERT
HIM THAT MR HUBBELL WAS SERIOUSLY CONSIDERING RESIGNING MR HUBBELL FELT
THAT HE NEEDED TIME TO DEAL WITH THE ROSE CONFLICT MR MCLARTY INFORMED THE
PRESIDENT BUT MR CLINTON DIDN'T TALK WITH MR HUBBELL YESTERDAY MORNING
MR KANTOR CALLED MR MCLARTY TO TELL HIM THAT MR HUBBELL WOULD INDEED
RESIGN

ROSE HAS ASKED MR HUBBELL TO TURN OVER BACKUP DOCUMENTATION FOR HIS EXPENSE
REPORTS IN AN EFFORT TO DISCOVER IF HE BILLED PERSONAL CHARGES TO THE FIRM
OR ITS CLIENTS MR HUBBELL WROTE HIMSELF CHECKS ON A FIRM BANK ACCOUNT
WITHOUT SUFFICIENT DOCUMENTATION A PERSON AT ROSE HAS SAID

ROSE PARTNERS ARE ALSO UNHAPPY ABOUT MR HUBBELL'S UNSUCCESSFUL
REPRESENTATION OF POM INC OWNED BY HIS BROTHERINLAW SETH SKEETER
WARD THE FIRM HAS HAD TO ABSORB ABOUT 500000 IN LITIGATION COSTS THAT
POM SAID IT COULDN'T PAY ACCORDING TO A PERSON AT THE FIRM AND BECAUSE
MR HUBBELL AGREED TO TAKE THE CASE ON A CONTINGENCYFEE BASIS THE FIRM WAS
FORCED TO SWALLOW ROUGHLY ANOTHER 500000 IN UNBILLED TIME

ROSE'S MANAGING PARTNER RONALD CLARK DIDN'T RETURN PHONE CALLS YESTERDAY
BUT PREVIOUSLY SAID THE FIRM HADN'T CONCLUDED ANYTHING AS A RESULT OF ITS
REVIEW A PERSON AT THE FIRM YESTERDAY SAID WE DO NOT CONTEMPLATE MR
HUBBELL'S RETURN TO THE FIRM

MR HUBBELL HAS ALSO COME UNDER FIRE FOR HIS REPRESENTATION OF THE
RESOLUTION TRUST CORP AFTER IT TOOK OVER MADISON GUARANTY SAVINGS & LOAN
WHICH WAS OWNED BY JAMES MCDOUGAL BILL AND HILLARY RODHAM CLINTON WERE
PARTNERS WITH MR MCDOUGAL AND HIS EXWIFE SUSAN IN WHITEWATER DEVELOPMENT
CO MR HUBBELL AND THE ROSE LAW FIRM REPRESENTED THE RTC IN A SUIT AGAINST
MADISON'S AUDITOR

THERE HAVE BEEN ALLEGATIONS THAT MR HUBBELL AND THE FIRM FAILED TO REVEAL
TO THE RTC THAT THE FIRM HAD REPRESENTED MADISON AND THAT MR HUBBELL'S
FATHERINLAW HAD BEEN INVOLVED IN TANGLED LITIGATION WITH THE THRIFT IN
ADDITION RTC AUDITORS ARE IN LITTLE ROCK REVIEWING THE FIRM'S BILLS TO MAKE
SURE THAT ALL CHARGES HAVE BEEN DOCUMENTED

A SUBDUED MS RENO HIGHLY PRAISED MR HUBBELL AT A NEWS CONFERENCE CALLED TO
ANNOUNCE HIS RESIGNATION WHICH HE DIDN'T ATTEND THERE ARE NO WORDS
CAPABLE OF FULLY CONVEYING TO YOU MY DEEP RESPECT AND ADMIRATION FOR WEBB
HUBBELL OR HOW SAD THIS EVENT MAKES ME SHE SAID HE HAS BEEN A TIRELESS
CRUSADER FOR DOING JUSTICE FOR DOING THE RIGHT THING SHE ADDED I DON'T
BELIEVE HE DID A THING WRONG

SHE CREDITED HIM WITH OPENING UP THE DEPARTMENT'S INFORMATION POLICY
INCREASING THE STAFFS OF THE CIVIL RIGHTS AND ANTITRUST DIVISIONS AND
PUSHING MAJOR ISSUES IN IMMIGRATION AND ENVIRONMENTAL ENFORCEMENT AND
EQUALITY FOR THE DISABLED

MR HUBBELL'S ROLE HAS LONG BEEN THE TARGET OF SPECULATION A CLOSE FRIEND
OF MR CLINTON AND FORMER LAW PARTNER OF MRS CLINTON MR HUBBELL WAS
ASSIGNED TO THE DEPARTMENT FROM THE FIRST DAYS OF THE ADMINISTRATION WELL
BEFORE MS RENO TOOK OFFICE IN MARCH LAST YEAR SEVERAL CRITICS SPECULATED
THAT HE RAN THE DEPARTMENT BEFORE MS RENO TOOK OFFICE AND HAS SINCE BEEN
THE REAL POWER BECAUSE OF HIS TIES TO THE WHITE HOUSE BUT MR HUBBELL MR
HEYMANN AND OTHER DEPARTMENT OFFICIALS HAVE INSISTED MS RENO IS THE REAL
BOSS

SEPARATELY A LAWYER FOR SUSAN MCDOUGAL SAID SHE NO LONGER HAD ANY
WHITEWATER OR MADISON RECORDS IN HER POSSESSION BOBBY MCDANIEL THE LAWYER
SAID AT A NEWS CONFERENCE IN LITTLE ROCK YESTERDAY THAT MS MCDOUGAL HAD ONE
OF HER BROTHERS DELIVER A BOX OF WHITEWATER DOCUMENTS TO THE GUARD HOUSE AT
THE ARKANSAS GOVERNOR'S MANSION IN 1991 AT THE REQUEST OF THENGOV CLINTON
SHE ALSO TURNED OVER FIVE FULL BOXES OF DOCUMENTS TO THE FEDERAL HOME LOAN
BANK BOARD IN THE LATE 1980S MR MCDANIEL SAID HE SAID THE CLINTONS HAD
NEVER RETURNED HER DOCUMENTS AND THAT SHE HAD NO COPIES 9403150030 940315
INTERNATIONAL BRIEF METALLGESELLSCHAFT AG PACT SET TO SELL 47 STAKE 
IN KOLBENSCHMIDT TO DANA

METALLGESELLSCHAFT AG SAID IT HAS REACHED AN AGREEMENT TO SELL ITS 47 STAKE
IN KOLBENSCHMIDT TO DANA CORP OF THE US

THE FRANKFURT COMPANY WOULDN'T RELEASE PRICE OR TIMING DETAILS AND SAID THE
SALE IS CONTINGENT UPON APPROVAL OF ANTITRUST AUTHORITIES AND THE COMPANIES'
SUPERVISORY BOARDS

THE COMPANIES INTEND TO CLOSE THIS TRANSACTION IN SHORT ORDER
METALLGESELLSCHAFT SAID IN A PRESS RELEASE A SPOKESMAN FOR THE COMPANY
COULDN'T BE REACHED

KOLBENSCHMIDT A GERMAN AUTOPARTS MAKING SUBSIDIARY OF METALLGESELLSCHAFT
FORECASTS SALES OF 11 BILLION MARKS 6532 MILLION IN THE YEAR ENDING
SEPT 30 1994 AND EMPLOYS 7600 WORKERS WORLDWIDE METALLGESELLSCHAFT SAID

DANA CORP ALSO A MAKER OF AUTOMOBILE PARTS HAS ANNUAL SALES OF 86
BILLION MARKS AND 35000 EMPLOYEES 9403150029 940315 BUSINESS BRIEF 
TANDEM COMPUTERS INC FOUR NEW SOFTWARE PRODUCTS TO BE SHIPPED IN 4TH
QUARTER

TANDEM COMPUTERS INC CUPERTINO CALIF SAID IT WILL SHIP FOUR NEW
SOFTWARE PRODUCTS IN THE FOURTH QUARTER FOR ITS HIGHPOWERED HIMALAYA
COMPUTERS

THE MOST SIGNIFICANT PRODUCT IS A NEW VERSION OF TANDEM'S NONSTOP SOFTWARE
TO BE DEVELOPED BY MICRO FOCUS INC PALO ALTO CALIF THE SOFTWARE WILL
ALLOW HIMALAYA COMPUTERS TO RUN INTERNATIONAL BUSINESS MACHINES CORP'S
POPULAR CUSTOMER INFORMATION CONTROL SYSTEM SOFTWARE WHICH PROCESSES
TRANSACTIONS SUCH AS CREDIT CARD VERIFICATIONS

TANDEM HOPES THAT CORPORATE CUSTOMERS WHO LIKE THE IBM SOFTWARE WILL NOW
CONSIDER BUYING HIMALAYAS TO RUN IT HIMALAYAS ARE MASSIVELY PARALLEL
COMPUTERS WHICH SPEED UP CALCULATIONS BY STRINGING TOGETHER POWERFUL CHIPS
9403150028 940315 KEEP OUT COMMUNITIES FEARFUL OF IMPORTING CRIME 
BAR ROUTINE BUSINESSES  MOVIES ARCADES CAR WASHES DRAW TOO MANY
YOUTHS SAY WORRIED RESIDENTS  NORTH DALLAS SPURNS CINEMA  
BY SCOTT MCCARTNEY STAFF REPORTER OF THE WALL STREET JOURNAL

DALLAS WHEN KATHY COFFMAN HEARD OF PLANS TO REDEVELOP THE SITE OF A
LONGABANDONED KMART IN HER NEIGHBORHOOD THE HOUSEWIFE AND MOTHER OF FOUR
TEENAGERS HIT THE WARPATH

JOINING SEVERAL HUNDRED OTHER RESIDENTS OF THE NEAT WELLTODO SECTION OF
NORTH DALLAS MRS COFFMAN HELPED ORGANIZE PICKETS DISTRIBUTE LEAFLETS AND
POST SIGNS TO PROTEST THE PROJECT THE GROUP COLLECTED 26000 TO HIRE
ATTORNEYS FOR THE CAUSE AND LAUNCHED AN INTENSE LOBBYING CAMPAIGN AT CITY
HALL THEY WANT TO SACRIFICE THE NEIGHBORHOOD MRS COFFMAN SAYS

SACRIFICE IT FOR WHAT MOVIE THEATERS

MOVIES MRS COFFMAN ARGUES ARE NOT FAMILY ENTERTAINMENT MOVIES DEPEND
ON TEENAGERS FOR REVENUE ADDS COMRADE SUSAN PARDO MOTHER OF TWO WE'RE
AFRAID OF GANGS

THE REACTION SURPRISED CITY OFFICIALS AND CINEMARK USA INC THE
DALLASBASED NATIONAL THEATER CHAIN THAT WANTS TO BUILD A 30 MILLION
18SCREEN TINSELTOWN COMPLEX ON THE SITE BUT ZONING EXPERTS SAY THIS IS
PART OF A PATTERN ACROSS THE NATION THEY SAY A NEW ISOLATIONISM IS
EMERGING AS SEEMINGLY INNOCUOUS DEVELOPMENTS LIKE PARKS AND FOOTPATHS AND
THEATERS PROMPT ANGRY NOTINMYBACKYARD OR NIMBY RESPONSES

OF COURSE NEIGHBORHOOD ACTIVISM ISN'T NEW AND AS HAS LONG BEEN THE CASE
PLANS FOR A PRISON OR A TRASH INCINERATOR STILL CAN ROUSE COMMUNITIES TO
ARMS BUT NOW DRIVEN BY PERCEPTIONS OF A RISING TIDE OF CRIME AND GANG
VIOLENCE SOME NEIGHBORHOODS ARE RESISTING ANY CHANGE THAT THEY THINK MIGHT
EXPOSE THEM TO FEARED OUTSIDERS AND THAT OFTEN PUTS THEM IN DIRECT CONFLICT
WITH CITY PLANNERS SPARKING ZONING DEBATES THAT RESEMBLE PITCHED BATTLES

IT USED TO BE PEOPLE JUST PROTESTED AGAINST NOXIOUSTYPE THINGS SAYS JON
PERICA A CITY PLANNER IN LOS ANGELES FOR 25 YEARS BUT WE'RE SEEING
SOCIALLY POSITIVE THINGS NOW TARGETED BY NEIGHBORHOOD OPPOSITION

IN DURHAM NC NEIGHBORHOOD OPPOSITION LAST YEAR FORCED THE REROUTING OF A
GREENBELT WITH A JOGGING PATH AND NATURE TRAIL I'VE GOT NOTHING AGAINST
NATURE SAYS ONE HOMEOWNER GUY GENTRY I JUST DON'T WANT THESE TWOLEGGED
NATURE FOLKS WANTING TO COME THROUGH

IN OVERLAND PARK KAN PROTESTS LED TO THE REMOVAL OF BASKETBALL AND
VOLLEYBALL COURTS FROM A PARK UNDER DEVELOPMENT IN 1992 RESIDENTS OF THE
KANSAS CITY SUBURB ARGUED THAT SUCH FACILITIES WOULD ATTRACT UNWANTED
YOUTHS

IN THE QUEENS BOROUGH OF NEW YORK CITY RESIDENTS OF ONE NEIGHBORHOOD
DEFEATED A PLAN IN JANUARY TO CONVERT AN ABANDONED CINEMA INTO A LASERGUN
GAMES CENTER THAT'S WHAT WE'RE AFRAID OFTRIGGERHAPPY KIDS SAYS WENDY
MARSH OWNER OF AN OPTICAL SHOP AND PRESIDENT OF THE UNION TURNPIKE
MERCHANTS ASSOCIATION WHICH WAS INSTRUMENTAL IN KILLING THE PLAN WE
DIDN'T KNOW IF THEY WOULD TAKE IT OUTSIDE AFTER THE GAME

POLICE GENERALLY DISCOUNT SUCH EFFECTS THEY AND URBAN PLANNERS EVEN ARGUE
THAT PARKS GREENBELTS AND MIXEDUSE DEVELOPMENTS THE COMBINED
OFFICERETAILRESIDENTIAL PROPERTIES NOW POPULAR IN MANY CITIES MAY HELP
DETER CRIME BY GETTING PEOPLE OUT AND ABOUT IN A NEIGHBORHOOD

IF YOU'RE TRYING TO CREATE MORE LIVABLE COHESIVE CITIES YOU WANT TO
CONNECT COMPLEMENTARY USES SAYS PAUL NORVY DURHAM'S PLANNING DIRECTOR
WE'RE TRYING TO GET BACK TO WHAT MADE CITIES MORE LIVABLE CREATING
COMMUNITIES WHERE PEOPLE INTERACT WILL ALSO BE SAFER

TRY TELLING THAT TO NORTH MIAMI BEACH FLA THE MIAMI SUBURB LAST MONTH
ASKED THE CHICAGOBASED AMERICAN PLANNING ASSOCIATION A SUBSCRIPTION
RESEARCH SERVICE FOR COMMUNITY PLANNERS TO SEND IT EXAMPLES OF ESPECIALLY
RESTRICTIVE ZONING ORDINANCES FROM OTHER CITIES THE REASON IT SAID WAS TO
HELP IT FIND WAYS TO BAN LAUNDROMATS TELEGRAM OFFICES CAR WASHES PAWN
SHOPS AND OTHER BUSINESSES THAT MIGHT DRAW OUTSIDERS TO THE AREA

PLANNING ASSOCIATION STAFFERS HOWEVER SOON FOUND THAT MOST OF THE EXAMPLES
THEY CAME UP WITH WERE FROM NORTH MIAMI BEACH WE CALLED BACK AND SAID
YOU ALREADY HAVE SOME OF THE MOST RESTRICTIVE ZONING IN THE COUNTRY' SAYS
MARYA MORRIS SENIOR RESEARCH ASSOCIATE SHE SAYS THE ASSOCIATION DOESN'T
ENCOURAGE SUCH ZONING ADDING THAT MOST CITIES DON'T HAVE THE LUXURY OF
TURNING EVERYTHING DOWN

THAT IS BECAUSE NEW BUSINESSES MEAN MORE TAX REVENUE IRONICALLY CITY
OFFICIALS SAY NIMBYMOVEMENT LEADERS OFTEN ALSO COMPLAIN ABOUT HIGHER TAXES
AND LACK OF POLICE PROTECTION BOTH OF WHICH CAN BE LINKED TO INSUFFICIENT
GROWTH IN THE LOCAL TAX BASE PEOPLE RIGHT NOW ARE OPPOSED TO ANY CHANGE
AND THAT CREATES ABSOLUTE INSTABILITY AS WE GO OUT AND TRY TO PROMOTE
ECONOMIC DEVELOPMENT IN THE CITY SAYS DALLAS CITY COUNCILOR CHRIS LUNA

IN MANY CITIES THE NEW ISOLATIONISTS HAVE RECOURSE TO LAWS AND REGULATIONS
BORN OF PAST NIMBY SUCCESSES IN LOS ANGELES AN ORDINANCE PERMITS THE CITY
TO ACT ON ZONING COMPLAINTS BY SHUTTING DOWN TARGETED BUSINESSES EVEN IF
THEY ARE IN COMPLIANCE WITH EXISTING CODES

ZONING EXPERTS SAY OPPOSITION TO A COMMUNITY PROJECT OFTEN IS FUELED BY A
RECENT HIGHLY PUBLICIZED CRIME IN QUEENS THE PLAN FOR A LASERGUN GAMES
CENTER CAME JUST AFTER A GUNMAN KILLED SIX PEOPLE AND WOUNDED 19 ON THE LONG
ISLAND RAILROAD COMMUTER TRAIN

PEOPLE ARE AFRAID AND THEY ARE GETTING PARANOID SAYS ALVIN LUBOV
LANDLORD OF THE PROPERTY THAT WAS TO HOUSE THE QZAR LASER CENTER IT WAS
NOT THE RIGHT TIME FOR THIS DEVELOPMENT

IN DALLAS PROPONENTS OF TINSELTOWN THOUGHT THEIR TIMING WAS PERFECT THE
DERELICT SITE POSITIONED AMID THE AREA'S COMMERCIAL DISTRICT IS INDEED
RIPE FOR REDEVELOPMENT JUST A QUARTER OF A MILE AWAY SITS THE GIANT
GALLERIA MALL AND OFFICE TOWER ALSO CLOSE BY IS A STRIP MALL A MAJOR
TOLLWAY GASOLINE STATIONS MORE SHOPS AND AN INDOOR AMUSEMENT PARK IN
1985 THE SURROUNDING NEIGHBORHOOD AGREED TO PLANS TO BUILD THREE 18STORY
OFFICE TOWERS ON THE SITE BUT THE CRASH OF THE TEXAS ECONOMY SANK THAT
PROJECT

EIGHT YEARS LATER CINEMARK CAME ALONG THE NATION'S SIXTHLARGEST THEATER
CHAIN WITH 157 THEATERS IN 27 STATES STILL HAD ONLY SUBURBAN OUTLETS IN
ITS HOMETOWN WHILE TRAVELING TO MEXICO WITH A GROUP OF BUSINESSPEOPLE LAST
JULY MAYOR STEVE BARTLETT HEARD OF CINEMARK'S SEARCH FOR A CITY SITE AND
OFFERED HIS HELP

CINEMARK TOLD THE MAYOR A FEW WEEKS LATER THAT IT WANTED TO USE THE KMART
SITE JUST BLOCKS FROM THE MAYOR'S HOUSE AND ROUNDLY SCORNED AS AN EYESORE
THE MAYOR SAYS RANDY HESTER CINEMARK'S HEAD OF CORPORATE DEVELOPMENT WAS
THRILLED WITH THE COMPANY'S INTEREST

BUT AS WORD SPREAD MRS COFFMAN AND HER NEIGHBORS BEGAN TO WORRY THAT
TINSELTOWN WOULD BECOME A REGIONAL DRAW PARTICULARLY FOR TEENAGERS UP TO NO
GOOD GANGS COME TO MOVIES TOGETHER AND RUN INTO ANOTHER GANG THEN DO THEY
SHOOT UP THE NEIGHBORHOOD ASKS DM BLAND A RETIRED AIRCRAFT ENGINEER WHO
LIVES 12 BLOCKS FROM THE KMART SITE

THE COMMUNITY IS ONE OF THE SAFEST IN A CITY WHERE STATISTICS SHOW THAT
VIOLENT CRIME HAS DECLINED FOR FIVE CONSECUTIVE YEARS CITY OFFICIALS HAVE
INSISTED THAT THE PREDOMINANTLY WHITE NEIGHBORHOOD'S FEAR OF TEEN GANGS IS
ILLOGICAL AND LOCAL TALKRADIO HOSTS HAVE SUGGESTED THAT THEIR RESISTANCE
IS ROOTED IN RACISM

RESIDENTS SCOFF AT SUCH CRITICISM WHEN EXPLAINING THEIR STANCE THEY
READILY TICK OFF EXAMPLES OF VIOLENCE IN OTHER PARTS OF THE CITY THAT THEY
THINK THE CINEMARK COMPLEX WOULD EXPOSE THEM TO A MAN SHOT IN THE NECK AT
AN AUTOMATIC TELLER MACHINE A YOUNG GIRL ABDUCTED FROM A SOCCER FIELD IN
SUBURBAN PLANO AND THEN MURDERED PATRONS OF A GROCERY STORE ROBBED IN THE
PARKING LOT A BYSTANDER KILLED IN A GANG SHOOTING AT A SUBURBAN MALL

I COULD SEE A YOUNG GIRL OR BOY DISAPPEARING JUST AS EASILY THERE AS AT
THAT PLANO SOCCER FIELD SAYS MRS COFFMAN WHO NOW WATCHES FROM HER DOOR
WHEN HER TEENAGE CHILDREN PLAY OUTSIDE IF I CAN'T SEE MY DAUGHTER I GET
NERVOUS

IN NOVEMBER RESIDENTS OF THE CONSERVATIVE NEIGHBORHOOD WHICH IS DOMINATED
BY RAMBLING 200000 AND 250000 HOMES BUILT IN THE 1960S AND 1970S FORMED
A GROUP CALLED CITIZENS AGAINST TINSELTOWN AND BEGAN MARSHALING THEIR
RESOURCES TO FIGHT THE PROJECT THEY SAID THE COMPLEX WOULD CREATE LOTS OF
NOISE AND TRAFFIC AT NIGHT THEY OFFERED DATA FROM MARKETING STUDIES SHOWING
THAT THE AVERAGE MOVIEGOER SPENDS 90 MINUTES NEAR A THEATER IN ADDITION TO
THE TIME SPENT IN THE THEATER TIME ENOUGH FOR YOUTHS TO MAKE TROUBLE IN
ADJACENT RESIDENTIAL AREAS THEY ENLISTED REALESTATE EXPERTS TO PREDICT A
DECLINE IN PROPERTY VALUES MRS COFFMAN CLAIMED THAT BASED ON HER OWN
SURVEY OF MOVIE LISTINGS CINEMARK THEATERS WERE MORE LIKELY THAN OTHERS TO
RUN RRATED FILMS CINEMARK WHICH SAYS IT HAD NEVER BEFORE BEEN THE FOCUS
OF FEARS OVER PLANS FOR A THEATER DENIES THAT

CINEMARK SAYS THE CITY ATTORNEY'S OFFICE ASSURED IT THAT THE THEATER COMPLEX
AND FOUR RESTAURANTS MET THE CRITERIA OF A PLANNEDDEVELOPMENT ORDINANCE
APPROVED FOR THE 1985 PROJECT AND THAT THE CITY COUNCIL'S APPROVAL WAS ONLY
A FORMALITY

SOON THE BATTLE WAS ENGAGED RESIDENTS SHOUTED DOWN CINEMARK OFFICIALS
DURING A COMPANY NEWS CONFERENCE AT THE KMART SITE PLAYING TIT FOR TAT
CINEMARK THEN FILLED CITY COUNCIL CHAMBERS WITH ITS SUPPORTERS BEFORE THE
START OF A JAN 12 MEETING CALLED TO HEAR BOTH SIDES OF THE CONFLICT FOES
OF THE THEATER WERE ABLE TO TAKE THEIR SEATS ONLY AFTER A TRUCE WAS
NEGOTIATED BY THE MAYOR WHO BY THIS TIME HAD SWITCHED TO SUPPORT HIS
NEIGHBORS

THE NEIGHBORHOOD'S FEARS ARE PROBABLY SOMEWHAT OVERBLOWN MAYOR BARTLETT
SAYS BUT THERE ARE LEGITIMATE QUESTIONS

CINEMARK PRESENTED A LETTER IN WHICH POLICE OFFICIALS TESTIFIED THAT ITS
EXISTING THEATERS WEREN'T CRIME CENTERS THE COMPANY ALSO GOT A FORMER MAYOR
OF NEARBY GARLAND TO STUMP FOR ITS CAUSE PRAISING A CINEMARK MEGATHEATER IN
HIS TOWN

BEYOND CITY HALL THE NEIGHBORHOOD GROUP CONTINUED PICKETING AND POSTING
SIGNS INCLUDING A STOP CINEMARK CHRISTMASLIGHT DISPLAY ON THE ROOF OF
ONE HOME CINEMARK MAILED SLICK PROMOTIONAL FLIERS TO THE NEIGHBORHOOD TO
ANNOUNCE WE'RE COMING IT SAID IT HAD CONDUCTED A MAILIN POLL IN WHICH
AREA RESIDENTS APPROVED OF ITS PLAN 40671

THE COMPANY SAYING IT HAD ALL THE NEEDED ADMINISTRATIVE APPROVALS ISSUED A
VEILED THREAT THAT IF THE CITY COUNCIL DIDN'T SIGN OFF ON THE PROJECT
MEMBERS COULD BE HELD PERSONALLY LIABLE AND IN AN 11THHOUR ATTEMPT TO WOO
COUNCILORS BEFORE A VOTE CINEMARK SAID IT WOULD BUILD A THEATER IN
ECONOMICALLY DEPRESSED SOUTH DALLAS IF ITS NORTH DALLAS PLAN WAS APPROVED

THE NEIGHBORHOOD GROUP COUNTING ONLY SEVEN VOTES ON ITS SIDE AMONG THE 15
COUNCIL MEMBERS WENT TO THE MEETING PREPARED FOR DEFEAT IT BROUGHT ALONG
AN ATTORNEY WHO CARRIED A LAWSUIT TO BE FILED IMMEDIATELY AFTER THE VOTE
BUT AT THE LAST MINUTE A COUNCILOR SWITCHED SIDES GIVING MRS COFFMAN AND
HER COHORTS AN 87 VICTORY

I DON'T THINK THE NEIGHBORHOOD SHOULD ONLY BE ALLOWED TO SPEAK OUT IF IT'S
A PRISON OR A LEAD SMELTER COMING IN AN EXUBERANT MRS COFFMAN SAID SOON
AFTER THE VOTE

SINCE THE LATEJANUARY VOTE CINEMARK HAS TAKEN ITS CASE TO COURT IT IS
ASKING A TEXAS COURT TO ORDER THE CITY TO APPROVE THE TINSELTOWN PLAN AND
IT HAS FILED SUIT IN FEDERAL COURT IN DALLAS AGAINST THE CITY THE MAYOR AND
THE SEVEN CITY COUNCILORS WHO VOTED AGAINST IT ASKING MILLIONS IN DAMAGES
CITY ATTORNEY SAM LINDSAY SAYS THE CITY WILL BE VIGOROUSLY DEFENDING BOTH
LAWSUITS

CINEMARK'S SUPPORTERS INCLUDING A FEW LOCAL MERCHANTS AND EVEN SOME OF MRS
COFFMAN'S NEIGHBORS WORRY THAT THE COUNCIL'S DECISION BODES ILL FOR
DALLAS'S FUTURE IF WE ARE AT THE POINT WHERE WE ARE AFRAID OF A FAMILY
ENTERTAINMENT CENTER THEN WE ALL BETTER LIVE IN A STEEL BOX SAYS RICHARD
JAFFE OWNER AND MANAGER OF THE STRIP MALL NEAR THE SITE

COMPLAINS COUNCILOR LUNA CHAIRMAN OF THE COUNCIL'S ECONOMICDEVELOPMENT
COMMITTEE AND A CINEMARK SUPPORTER THE PUBLIC IS SAYING DO SOMETHING
ABOUT THE CITY' AND WHEN YOU DO THEY SAY DON'T DO IT HERE' THIS IS
CLASSIC NIMBY TAKEN TO AN EXTREME 9403150027 940315 BUSINESS BRIEF 
IRG TECHNOLOGIES INC LENDERS EXTEND CREDIT LINE POSTPONING DATE OF
MATURITY

IRG TECHNOLOGIES INC CARROLLTON TEXAS SAID ITS BANK LENDERS COMPASS
BANK AND NATIONAL BANK OF CANADA AGREED TO AMEND AND EXTEND ITS CREDIT
FACILITY

THE AMENDED AGREEMENT EXTENDS THE MATURITY DATE OF THE FACILITY TO JUNE 1
FROM MARCH 1 AND ALLOWS THE COMPANY TO BORROW AS MUCH AS 25 MILLION
HOWEVER IRG TECHNOLOGIES MUST GET ITS LENDERS' CONSENT BEFORE DRAWING MORE
THAN 20 MILLION

LAST WEEK THE COMPUTERPRODUCTS DISTRIBUTOR ANNOUNCED THE RESIGNATION OF
ERNST & YOUNG AS ITS AUDITOR AND HAD SAID THE LINE OF CREDIT EXPIRED MARCH 1
BECAUSE OF DISAGREEMENTS OVER THE TERMS OF AN EXTENSION AS PART OF THE PACT
TO EXTEND THE FACILITY THE COMPANY SAID IT AGREED TO ENGAGE A NEW AUDITOR
BY APRIL 15

THE COMPANY SAID THAT AS OF FRIDAY ABOUT 196 MILLION WAS AVAILABLE FOR
BORROWING 176 MILLION OF WHICH WAS OUTSTANDING ON THAT DATE THE COMPANY
IS NEGOTIATING WITH OTHER LENDERS REGARDING A FACILITY TO REPLACE ITS
EXTENDED LINE OF CREDIT 9403150026 940315 ECONOMY GROUP OF SEVEN LED
BY CLINTON HUDDLE TO DISCUSS VARIOUS EMPLOYMENT ISSUES  BY KEVIN
G SALWEN STAFF REPORTER OF THE WALL STREET JOURNAL

DETROIT THE GROUP OF SEVEN INDUSTRIALIZED NATIONS HUDDLED TO HASH OUT
EMPLOYMENT ISSUES SHIFTING THEIR FOCUS FROM THE MACROECONOMIC TOPICS THAT
HAVE DOMINATED PAST DISCUSSIONS

PRESIDENT CLINTON THE ONLY HEAD OF STATE TO ATTEND THE MEETING HERE URGED
FOREIGN OFFICIALS TO SUMMON THEIR COLLECTIVE ENERGY AND INTELLECT TO FOCUS
ON WAYS TO CREATE JOBS

AFTER THE FIRST DAY OF TALKS US OFFICIALS WERE EFFUSIVE THIS WILL BE
LOOKED BACK UPON I AM CONVINCED AS ONE OF THE MOST IMPORTANT TURNING
POINTS IN THE POSTWAR DIALOGUE VICE PRESIDENT AL GORE SAID LAST NIGHT WE
ARE NOW OPENING A BRANDNEW CHAPTER BY FOCUSING ON THE ONE ISSUE OF THE MOST
IMPORTANCE TO THE G7

LABOR ECONOMIC COMMERCE AND FINANCE MINISTERS DEBATED JOB FLEXIBILITY
ENTREPRENEURIAL OPPORTUNITIES TRAINING AND UNEMPLOYMENT WHILE THERE WAS
MUCH AGREEMENT ON THE CAUSES OF JOB PROBLEMSMOST COUNTRIES AGREED THEY WERE
PRIMARILY THE RESULT OF SLOW ECONOMIC GROWTH THERE WAS LITTLE AGREEMENT
ON HOW TO RESOLVE THOSE DIFFICULTIES

HIGH UNEMPLOYMENT RATES IN EUROPE AND CANADA IN MANY CASES OVER 10 
WORRY GOVERNMENT LEADERS THROUGHOUT THE INDUSTRIALIZED NATIONS MANY CAME
HERE LOOKING FOR SOLUTIONS THE GROUP OF SEVEN IS MADE UP OF THE US
CANADA JAPAN BRITAIN FRANCE GERMANY AND ITALY THERE IS A REAL
CONNECTION BETWEEN A HIGHLY SKILLED WORK FORCE AND CREATING JOBS SAID
LLOYD AXWORTHY THE CANADIAN MINISTER OF HUMAN RESOURCES DEVELOPMENT
CHANGE IS THERE AND WE CAN EITHER GUIDE IT HELP IT AND SHAPE IT OR WE CAN
BE INTIMIDATED BY IT

EVEN OFFICIALS FROM JAPAN WHERE UNEMPLOYMENT IS A SKIMPY 25 SEE LESSONS
TO BE LEARNED FROM DIALOGUE WITH THEIR COUNTERPARTS FROM OTHER COUNTRIES
THE JAPANESE UNEMPLOYMENT RATE IS LOW THAT'S TRUE SAID KENJI NAKANO A
SPOKESMAN FOR THE JAPANESE EMBASSY IN THE US BUT JAPAN CAN LEARN FROM
OTHER COUNTRIES' EXPERIENCE AND INSIGHT PARTICULARLY AS THE JAPANESE
SYSTEM OF LIFELONG EMPLOYMENT IS BEGINNING TO FADE

US OFFICIALS ARE PROUD THAT THE UNEMPLOYMENT RATE HERE HAS DROPPED TO
65 BUT THEY FRET THAT HIGH WAGES ARE INCREASINGLY THE DOMAIN OF THE
COLLEGEEDUCATED AND THAT INFLATIONADJUSTED WAGES FOR THOSE WITHOUT
DEGREES HAVE DECLINED THERE'S LOTS OF LITTLE SUGGESTIONS THAT CAN HELP
US LABOR SECRETARY ROBERT REICH SAID FOR EXAMPLE HE WAS IMPRESSED BY A
BRITISH PROGRAM OF JOBS CLUBS IN WHICH THE LONGTERM UNEMPLOYED FORM
NETWORKS TO HELP EACH OTHER FIND JOBS OFTEN WITH GREAT SUCCESS

THE CONFERENCE COULD CHANGE THE TONE OF FUTURE G7 DIALOGUES DELEGATES
SAID MY INSTINCT IS THAT THE STRUCTURAL ISSUES SUCH AS EMPLOYMENT AND JOB
TRAINING WILL BE VERY MUCH ON THE AGENDA IN NAPLES THE ITALIAN CITY WHERE
THE NEXT G7 SUMMIT MEETING WILL BE HELD SAID ROBERT RUBIN PRESIDENT
CLINTON'S ECONOMIC ADVISER

STILL MACROECONOMIC POLICIES WEREN'T FAR OUT OF MIND THE US AND JAPAN
FRESH FROM THEIR RECENTLY RESOLVED DISPUTE OVER CELLULAR PHONES TRADED
BARBS OVER JAPAN'S BURGEONING TRADE SURPLUS WHICH WAS PEGGED AT 1314
BILLION WORLDWIDE LAST YEAR THE JAPANESE MUST STIMULATE THEIR ECONOMY TO
INCREASE CONSUMPTION OF IMPORTS PRESIDENT CLINTON SAID BUT THE JAPANESE
WHO UNVEILED A 1403BILLION STIMULUS PACKAGE IN FEBRUARY PREFER TO WAIT
TO SEE WHETHER THAT HAS ENOUGH OF AN IMPACT

MR CLINTON CLEARLY TARGETING GERMANY ALSO URGED EUROPEAN NATIONS TO CUT
INTEREST RATES BUT GERMAN SPOKESWOMAN HELGA SCHMID PRAISED THE GERMAN
CENTRAL BANK AS DOING A PRETTY GOOD JOB

THE CONFERENCE WAS DESIGNED IN PART AS A FORUM FOR MR CLINTON TO LAY OUT
HIS BROAD VISION FOR ECONOMIC GROWTH IN HIS SPEECH DELIVERED AT THE
LAVISHLY REFURBISHED FOX THEATRE IN DOWNTOWN DETROIT MR CLINTON URGED
AMERICAN WORKERS TO EMBRACE PRODUCTIVITY GAINS THAT OFTEN REQUIRE JOB CUTS

WE CANNOT TURN AWAY FROM THE NOTION THAT MODERNIZATION IS THE KEY TO
EMPLOYMENT MR CLINTON SAID THE CLINTON ADMINISTRATION IS PUSHING SEVERAL
LEGISLATIVE PROPOSALS THAT IT SEES AS HELPING WORKERS EMBRACE TECHNOLOGICAL
AND PRODUCTIVITY GAINS A REEMPLOYMENT PLAN THAT WOULD HELP MOVE PEOPLE
BETWEEN JOBS A HEALTHCARE PLAN THAT WOULDN'T TIE PEOPLE'S INSURANCE TO
SPECIFIC JOBS AND A STREAMLINED JOBTRAINING SYSTEM THAT WOULD ENHANCE
SKILLS

FEW EXPECT THE CONFERENCE HERE TO PRODUCE TANGIBLE SHIFTS IN THE WORLD'S
ECONOMIES THERE WON'T BE ANY FORMAL COMMUNIQUE BUT INSTEAD A GENERAL
SUMMARY AT THE END OF THE MEETING TODAY BUT BY PUTTING THE ISSUE ON THE
FRONT BURNER ADMINISTRATION OFFICIALS HOPE TO SHOW THE AMERICAN PUBLIC THAT
THEY STILL CARE ABOUT JOBS THE CORNERSTONE ISSUE OF THE 1992 ELECTION AND
THEY HOPE TO SHOW THE WORLD THAT FOCUSING ON JOBS CAN LEAD TO BROADER
ECONOMIC CHANGES

THAT THEORY APPEARS TO BE CATCHING ON THE G7 TALKS MAY MOVE FROM JUST
TALKING ABOUT BROAD MACROECONOMIC ISSUES TO SUCH TOPICS AS HOW TO CREATE
JOBS AND TRAIN WORKERS CANADA'S MR AXWORTHY SAID 9403150025 940315
WHO'S NEWS LYNTON GROUP INC

LYNTON GROUP INC MORRISTOWN NJ JAMES G NIVEN 48 YEARS OLD WAS
NAMED TO THE NEWLY CREATED POSITION OF COCHAIRMAN AT THIS AIRCRAFT CHARTER
AND MANAGEMENT COMPANY MR NIVEN IS A DIRECTOR AT LYNTON CHAIRMAN OF
GLOBAL NATURAL RESOURCES INC HOUSTON AND GENERAL PARTNER OF PIONEER
ASSOCIATES CO A NEW YORK VENTURE CAPITAL COMPANY 9403150024 940315
BUSINESS BRIEF BALTIMORE BANCORP REGULATORS ARE EXPECTED TO LIFT
RESTRICTIONS ON UNIT

BALTIMORE BANCORP SAID FEDERAL AND STATE REGULATORS ARE EXPECTED TO LIFT
CERTAIN FINANCIAL RESTRICTIONS AND REQUIREMENTS FROM ITS PRINCIPAL
SUBSIDIARY THE BANK OF BALTIMORE

THE BALTIMORE BANKHOLDING COMPANY SAID THE FEDERAL DEPOSIT INSURANCE CORP
IS EXPECTED TO CANCEL A CEASEANDDESIST ORDER SIGNED IN JULY 1992 IN A
RELATED ACTION THE FEDERAL RESERVE BANK OF RICHMOND AND THE MARYLAND BANK
COMMISSIONER ARE EXPECTED TO TERMINATE AN AGREEMENT THAT RESTRICTED PAYMENT
OF DIVIDENDS AND REQUIRED PERIODIC REPORTS OF THE BANK'S CAPITAL AND
LIQUIDITY AMONG OTHER THINGS

A BANK SPOKESMAN SAID THE TWO AGREEMENTS WILL END BECAUSE THE COMPANY HAS
IMPROVED CAPITAL RATIOS AND LOWERED THE AMOUNT OF SUBSTANDARD ASSETS
9403150023 940315 BUSINESS BRIEF MCKESSON CORP UNIT SIGNS FIVEYEAR
PACT WITH DRUG EMPORIUM INC

A UNIT OF MCKESSON CORP WILL SUPPLY DRUG EMPORIUM INC WITH PHARMACEUTICALS
AND OTHER PRODUCTS IN A FIVEYEAR CONTRACT EXPECTED TO BE VALUED AT ABOUT
1 BILLION TO MCKESSON

MCKESSON DRUG CO WILL INITIALLY SUPPLY 77 DRUG EMPORIUM STORES AND SEVERAL
OF ITS FRANCHISE STORES WITH DRUGS OVERTHECOUNTER MEDICINES HEALTH AND
BEAUTYCARE ITEMS THE COMPANIES WILL WORK TOGETHER TO INTEGRATE COMPUTER
SYSTEMS TO IMPROVE PRODUCT ORDERING AND INVENTORY MANAGEMENT

DRUG EMPORIUM BASED IN COLUMBUS OHIO HAS 133 COMPANYOWNED STORES AND 102
FRANCHISE STORES THE COMPANY WILL BECOME MCKESSON'S FIFTHLARGEST CUSTOMER
A MCKESSON SPOKESMAN SAID

SEPARATELY MCKESSON BASED IN SAN FRANCISCO SAID IT COMPLETED THE SALE OF
180 MILLION IN SUBORDINATED DEBENTURES CONVERTIBLE INTO SHARES OF
APPROXIMATELY 6940000 SHARES OF ARMOR ALL PRODUCTS CORP STOCK OWNED BY
MCKESSON 9403150022 940315 BUSINESS BRIEF CITIZENS INC FIRM
EXPECTS TO REPORT NET OF 16 MILLION FOR 4TH PERIOD

CITIZENS INC SAID IT EXPECTS TODAY TO POST FOURTHQUARTER NET INCOME OF
16 MILLION OR 10 CENTS A SHARE EXCEEDING ANALYSTS' ESTIMATES

A YEAR EARLIER THE COMPANY EARNED 563000 OR THREE CENTS A SHARE AFTER A
CHARGE OF 264000 OR TWO CENTS A SHARE ON AN ACCOUNTING CHANGE

IN AN INTERVIEW HAROLD E RILEY CHAIRMAN AND CHIEF EXECUTIVE OF THE
AUSTIN TEXAS LIFEINSURANCE HOLDING COMPANY SAID REVENUE ROSE 32 TO
135 MILLION FROM 102 MILLION

ANALYSTS EXPECTED CITIZENS TO POST NET INCOME OF ABOUT SEVEN CENTS A SHARE
SAID MARK OLIVER THE COMPANY'S CHIEF FINANCIAL OFFICER

MR RILEY ATTRIBUTED THE IMPROVED RESULTS TO CONTINUED GROWTH IN SALES OF
ITS ORDINARY WHOLELIFE INSURANCE POLICIES TO CUSTOMERS IN DEVELOPING
COUNTRIES WHO HAVE HIGH NET WORTH HE PREDICTED REVENUE WILL GROW 20 TO 30
IN 1994

CITIZENS INC SAID IT EARNED 809000 OR FIVE CENTS A SHARE FOR THE FOURTH
QUARTER OF 1992 AFTER A CHARGE OF 23000 OR ONE CENT A SHARE FOR AN
ACCOUNTING CHANGE THE COMPANY REVISED THE FIGURES IT HAD SUPPLIED FOR AN
ARTICLE TUESDAY AFTER CONSULTING WITH ITS ACCOUNTANTS ON HOW TO BOOK THE
ACCOUNTING CHANGE 9403150021 940315 BUSINESS BRIEF DIBRELL BROTHERS
INC STANDARD COMMERCIAL STAKE IS ACQUIRED FOR 7 MILLION

DIBRELL BROTHERS INC DANVILLE VA SAID IT ACQUIRED 62 OF THE COMMON
STOCK IN STANDARD COMMERCIAL CORP FOR A TOTAL OF ABOUT 7 MILLION IN
OPENMARKET PURCHASES OVER SEVERAL MONTHS

DIBRELL AND STANDARD HAD AGREED IN PRINCIPLE TO COMBINE THE COMPANIES IN
MARCH 1993 BUT STANDARD'S BOARD TERMINATED THE AGREEMENT A MONTH LATER

BOTH COMPANIES ARE INTERNATIONAL LEAFTOBACCO PROCESSERS AND DEALERS
DIBRELL IS ALSO A DEALER OF FRESHCUT FLOWERS AND STANDARD BASED IN
WILSON NC ALSO PROCESSES AND DEALS IN WOOL CLAUDE B OWEN JR
DIBRELL'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID HIS COMPANY CONTINUES
TO BELIEVE THAT A COMBINATION OF THE TWO WOULD CREATE OPPORTUNITIES TO
IMPROVE CUSTOMER SERVICE AND ASSET UTILIZATION REDUCE COSTS AND INCREASE
SHAREHOLDER VALUE

DIBRELL SAID THAT IT MAY EXPAND ITS INVESTMENT IN STANDARD FROM TIME TO TIME
THROUGH OPENMARKET OR PRIVATE PURCHASES BUT THAT IT DOESN'T CURRENTLY
ANTICIPATE AN UNFRIENDLY BID FOR STANDARD 9403150020 940315 INTERNATIONAL
BRIEF SIEMENS AG COMPANY WINS CONTRACT FOR COMMUNICATIONS SETUP

GERMAN ELECTRONICS GROUP SIEMENS AG MUNICH ANNOUNCED IT HAD RECEIVED A
CONTRACT FROM RUSSIAN NATURAL GAS PRODUCER GAZPROM FOR A COMMUNICATIONS
NETWORK WORTH 22 MILLION MARKS 13 MILLION

THE CONTRACT INCLUDES A PRIVATE COMMUNICATIONS SYSTEM FOR 14000
PARTICIPANTS AND A PUBLIC TELEPHONE OFFICE FOR 4000 PARTICIPANTS SIEMENS
SAID IN A STATEMENT AS WELL AS A 155MEGABITPERSECOND DATA COMMUNICATIONS
SYSTEM AND A MOBILE PAGING SYSTEM FOR 1000 PARTICIPANTS

THE NETWORKS WILL BE INSTALLED IN GAZPROM'S MOSCOW HEADQUARTERS WHICH IS
SPREAD OVER SEVERAL CITY DISTRICTS AND WHICH WILL BE LINKED BY AROUND 100
KILOMETERS 62 MILES OF GLASSFIBER CABLE SIEMENS SAID 9403150019
940315 INTERNATIONAL BRIEF HANSON PLC TWO SENIOR DEBT FINANCINGS ARE
COMPLETED AT SUBSIDIARY

HANSON PLC SAID HANSON AMERICA INC AN INDIRECT SUBSIDIARY COMPLETED TWO
NEW SENIOR DEBT FINANCINGS WITH THE CLOSING OF A NEW 35 BILLION BANK
FACILITY AND THE ISSUANCE OF 125 BILLION NOMINAL OF SENIOR EXCHANGEABLE
DISCOUNT NOTES DUE MARCH 1 2001

THE 35 BILLION BANK FACILITY WAS SUBSTANTIALLY OVERSUBSCRIBED WITH TOTAL
COMMITMENTS OF 86 BILLION RECEIVED FROM A CONSORTIUM OF 60 BANKS
9403150018 940315 WHO'S NEWS MAXUS RESTRUCTURES TO ELIMINATE SEVERAL
 MANAGEMENT POSITIONS

DALLAS MAXUS ENERGY CORP IN A RESPONSE TO LOW CRUDEOIL PRICES SAID IT
RESTRUCTURED ITS CORPORATE STAFF TO ELIMINATE SEVERAL MANAGEMENT POSITIONS
EFFECTIVE MARCH 31

THE OIL AND NATURAL GAS COMPANY SAID THE STAFF REDUCTION WAS PART OF AN
OVERALL COSTCUTTING STRATEGY THAT INCLUDES REDUCING OPERATING EXPENSES AND
OVERHEAD BY 35 MILLION IN 1994 IN 1993 THOSE EXPENSES WERE ABOUT 2904
MILLION

ELIMINATED WERE THE POSITIONS OF VICE CHAIRMAN AND CHIEF OPERATING OFFICER
ONE SENIOR VICE PRESIDENT AND FIVE CORPORATE VICE PRESIDENTS UNDER THE NEW
STRUCTURE FOUR SENIOR OFFICERS REPORT DIRECTLY TO CHIEF EXECUTIVE OFFICER
CHARLES L BLACKBURN SENIOR VICE PRESIDENT STEVEN G CROWELL ASSUMES
RESPONSIBILITY FOR PRODUCING OPERATIONS SENIOR VICE PRESIDENT GEORGE W
PASLEY BECOMES CHIEF FINANCIAL OFFICER RESPONSIBLE FOR FINANCE AND
ADMINISTRA TION AND MICHAEL C FORREST FORMERLY VICE CHAIRMAN AND CHIEF
OPERATING OFFICER WAS NAMED SENIOR VICE PRESIDENT BUSINESS DEVELOPMENT
MCCARTER MIDDLEBROOK REMAINS VICE PRESIDENT AND GENERAL COUNSEL

NOEL D RIETMAN WHO IS RETIRING AS SENIOR VICE PRESIDENT PRODUCTION WILL
NOT BE SUCCEEDED

A SPOKESMAN FOR MAXUS ENERGY SAID THE FIVE VICE PRESIDENTS WHOSE POSITIONS
WERE ELIMINATED HAVE ACCEPTED SEVERANCE PACKAGES OFFERED BY THE COMPANY
9403150017 940315 ACS BUYS WIRELESS TV SYSTEMS

TREVOSE PA ACS ENTERPRISES COMPLETED ITS ACQUISITIONS OF THE CLEVELAND
AND BAKERSFIELD CALIF WIRELESS CABLETELEVISION SYSTEMS FOR A TOTAL OF
28 MILLION

THE DEALS WERE FUNDED WITH PROCEEDS FROM THE COMPANY'S PUBLIC OFFERING OF
COMMON SHARES IN JANUARY

THE CLEVELAND WIRELESS CABLE SYSTEM HAS ABOUT 13000 SUBSCRIBERS AND THE
BAKERSFIELD SYSTEM HAS ABOUT 2500 SUBSCRIBERS BRINGING THE COMPANY'S TOTAL
NUMBER OF SUBSCRIBERS TO 42000 9403150016 940315 ENTERPRISE FRANCHISE
MARKETERS FACE ANOTHER NETTLESOME ISSUE  REGULATORS ARE TURNING A
CRITICAL EYE TO FEES TIED TO PROMISED REVENUE  BY JEFFREY A
TANNENBAUM STAFF REPORTER OF THE WALL STREET JOURNAL

FEDERAL REGULATORS ARE RAISING ANOTHER ISSUE FOR FRANCHISE MARKETERS TO
WORRY ABOUT THEY ARE TURNING A CRITICAL EYE TO FRANCHISE FEES THAT ARE
ADJUSTED ACCORDING TO THE AMOUNT OF BUSINESS FRANCHISEES ARE EXPECTED TO
HANDLE

FOR THE FIRST TIME THE FEDERAL TRADE COMMISSION HAS MAINTAINED IN AN
ENFORCEMENT ACTION THAT A FRANCHISER CHARGING SUCH ADJUSTABLE FEES WAS
IMPLICITLY MAKING A FORMAL CLAIM ABOUT FRANCHISEE EARNINGS SUCH CLAIMS ARE
SUBJECT TO SUBSTANTIATION UNDER FEDERAL DISCLOSURE RULES

TO AVOID RUNNING AFOUL OF THE FTC FRANCHISERS THAT LINK FEES TO PROMISED
REVENUE NOW MAY HAVE TO DISCLOSE MUCH MORE INFORMATION TO PROSPECTIVE
FRANCHISEES SAYS MARK FORSETH A DALLAS FRANCHISING LAWYER IF THEY WISH TO
AVOID DISCLOSURES HE ADDS THESE FRANCHISERS MAY HAVE TO STOP BASING FEES
ON PROMISED REVENUE

THE FTC ACTION ALSO COULD HAVE BROADER SIGNIFICANCE BECAUSE GROWING NUMBERS
OF FRANCHISERS ARE MAKING CLAIMS TO PROSPECTIVE FRANCHISEES ABOUT HOW MUCH
MONEY THEY CAN EARN THE CASE SUGGESTS THAT THE FTC PLANS TO MONITOR THESE
CLAIMS CAREFULLY

THE ADJUSTABLEFEES ISSUE WAS RAISED LAST MONTH IN FEDERAL COURT IN CHICAGO
WHEN THE FTC FILED A LAWSUIT AGAINST COVERALL NORTH AMERICA INC A SAN
DIEGO FRANCHISER OF A JANITORIAL SERVICE LAST WEEK THE FTC SAID COVERALL
HAS AGREED TO SETTLE THE ACTION BY PAYING A 100000 CIVIL PENALTY

AS A FRANCHISER COVERALL LINES UP CUSTOMERS SUCH AS COMMERCIAL BUILDINGS
FOR LONGTERM CLEANING SERVICES COVERALL FRANCHISEES WHO SERVICE THE
CUSTOMERS PAY INITIAL FRANCHISE FEES BASED ON THE GROSS YEARLY INCOME THAT
THE ACCOUNTS ARE SUPPOSED TO PROVIDE ACCORDING TO THE FTC FOR EXAMPLE
COVERALL PROMISED 12000 A YEAR IN REVENUE FOR FRANCHISEES WHO PAID 6200
14000 IN REVENUE FOR FRANCHISEES WHO INVESTED 7000 AND SO FORTH

THE FTC CHARGED THAT COVERALL HAD FAILED TO PROVIDE REQUIRED DOCUMENTATION
AND FAILED TO STATE A REASONABLE BASIS FOR SUCH CLAIMS AT THE TIMES THEY
WERE MADE

THE PROPOSED SETTLEMENT WHICH THE COURT IS EXPECTED TO APPROVE FRIDAY
DOESN'T CONSTITUTE ANY ADMISSION OF A LAW VIOLATION BY COVERALL BUT THE
COMPANY WOULD BE PROHIBITED FROM ENGAGING IN ANY FUTURE VIOLATIONS OF
FRANCHISEDISCLOSURE RULES THE FTC SAYS

IN SAN DIEGO ALEX ROUDI PRESIDENT OF COVERALL SAYS THE COMPANY AGREED TO
THE SETTLEMENT TO AVOID THE COSTS OF FIGHTING THE FTC HE SAYS THE COMPANY
HAS ALREADY CHANGED ITS DOCUMENTS FOR PROSPECTIVE FRANCHISEES TO
DISCLOSE AMONG OTHER THINGS THAT SOME FRANCHISEES FAIL TO ACHIEVE THE
PROMISED LEVELS OF BUSINESS ONE REASON HE EXPLAINS IS THAT SOME
CUSTOMERS DISSATISFIED WITH INITIAL SERVICE DON'T STAY A FULL YEAR

NOBODY SEEMS TO KNOW EXACTLY HOW MANY FRANCHISERS LINK THEIR FEES TO
PROMISED LEVELS OF BUSINESS BUT THE PRACTICE APPEARS TO BE COMMON IN
CERTAIN FIELDS SUCH AS JANITORIAL SERVICES MR ROUDI SAYS HE EXPECTS THE
FTC TO TREAT THE COVERALL CASE AS A PRECEDENT FOR DEALING WITH AT LEAST 15
OTHER JANITORIALSERVICE FRANCHISERS WITH SIMILAR FEE SCHEDULES

EFFORTS TO ENFORCE DISCLOSE RULES ARE AIMED AT INCREASING FRANCHISEE
PROTECTION ANDREW C SELDEN A FRANCHISING LAWYER IN MINNEAPOLIS SAYS THE
FTC STANCE ON ADJUSTABLE FEES IS GOOD FOR INVESTORS BECAUSE IT REINFORCES
THE INTEGRITY OF THE IDEA OF PRESALE DISCLOSURE

BUT FRANCHISERS' ATTORNEYS SEE THE FTC'S MOVE AS NEEDLESS MEDDLING INTO THE
CONTRACTUAL RELATIONSHIP BETWEEN FRANCHISER AND FRANCHISEE DAVID J
KAUFMANN A NEW YORK ATTORNEY FOR FRANCHISERS SAYS THE EARNINGSCLAIM
RULE EXISTS TO BLOCK PHONY PROMISES OF FUTURE REVENUES NOT TO BAR
LEGITIMATE CONTRACTUAL OBLIGATIONS TO ALLOCATE BUSINESS REVENUES TO
FRANCHISEES

CONTROVERSY OVER DISCLOSURE IS JUST ONE SIGN OF GROWING CRITICISM OF
JANITORIALSERVICES FRANCHISERS CRITICS SAY MANY OF THESE FRANCHISERS LURE
FRANCHISEES WITH LOW FEES AND PROMISES OF SPECIFIC INCOME BUT BASE
PROJECTED INCOME ON CONTRACTS THAT CAN BE CANCELED ON 30 DAYS' NOTICE

MOREOVER CRITICS SAY SOME FRANCHISERS BID TOO LOW FOR BUSINESS TO ATTRACT
CUSTOMERS THEN THE HAPLESS FRANCHISEES ARE STUCK TRYING TO TURN A PROFIT ON
THE LOW BIDS AS CRITICS SEE IT SOME FRANCHISERS DON'T CARE IF THE
FRANCHISEES FAIL BECAUSE THE SAME BUSINESSES CAN BE RESOLD TO OTHER
FRANCHISEES SUSAN P KEZIOS PRESIDENT OF THE AMERICAN FRANCHISEE
ASSOCIATION AN ADVOCACY GROUP BASED IN CHICAGO SAYS SHE HAS LEARNED OF
THOSE PROBLEMS AT SEVERAL JANITORIAL CHAINS

MEANWHILE THE FTC WHICH HAS BEEN CRITICIZED AS SLOW TO POLICE FRANCHISING
GENERALLY SAYS IT HAS BEEN INTENSIFYING ITS EFFORT IT IS FOCUSING PART OF
THIS EFFORT ON CLAIMS THAT FRANCHISERS ARE INCREASINGLY MAKING ABOUT THE
REVENUE OR EARNINGS THAT FRANCHISEES CAN EXPECT FIVE YEARS AGO FEWER THAN
10 OF FRANCHISERS MADE ANY FORMAL CLAIMS BUT ABOUT 20 DO SO NOW SAYS MR
SELDEN WHOSE CLIENTS INCLUDE BOTH FRANCHISERS AND FRANCHISEES

THE FIRST THING WE LOOK AT IN ANY INVESTIGATION IS WHETHER EARNINGS CLAIMS
ARE BEING MADE EITHER WRITTEN OR ORAL SAYS EILEEN HARRINGTON ASSOCIATE
DIRECTOR FOR MARKETING PRACTICES AT THE FTC EARNINGS INFORMATION IS MOST
IMPORTANT TO INVESTORS IF IT'S FALSE IT CREATES THE LARGEST POTENTIAL FOR
ECONOMIC INJURY AND RUIN

UNDER CURRENT LAW FRANCHISERS NEEDN'T MAKE ANY EARNINGS CLAIMS BUT ANY
VOLUNTARY CLAIMS NEED SUPPORTING DOCUMENTATION TO SHOW HOW NUMBERS WERE
DETERMINED AND HOW EXISTING FRANCHISEES HAVE FARED

FRANCHISERS ARE GENERALLY RELUCTANT TO PUT MUCH IN WRITING ABOUT FRANCHISEE
EARNINGS FOR FEAR OF BEING SUED LATER IF FRANCHISEES EARN LESS THAN
PROMISED CRITICS OF FRANCHISERS SAY THIS FEAR HASN'T STOPPED MANY FRANCHISE
MARKETERS FROM WHISPERING UNDOCUMENTED CLAIMS 9403150015 940315 BIG BOARD
REINSTATES PROGRAMTRADE DATA RELATING TO VOLATILITY

NEW YORK RESPONDING TO INVESTORS' COMPLAINTS THE NEW YORK STOCK EXCHANGE
REINSTATED CERTAIN PROGRAMTRADING STATISTICS THAT IT HAD STOPPED RELEASING
PUBLICLY

AN ARTICLE IN FRIDAY'S WALL STREET JOURNAL ABOUT THE EXCHANGE'S INFORMATION
CUTBACK HAD PROMPTED SEVERAL INVESTORS TO COMPLAIN THE EXCHANGE SAID ALSO
EXPRESSING CONCERN WAS US REP EDWARD MARKEY D MASS CHAIRMAN OF THE
HOUSE TELECOMMUNICATIONS AND FINANCE SUBCOMMITTEE

THE EXCHANGE WHICH RELEASES DATA ABOUT PROGRAM TRADING EACH WEEK HAD
STOPPED INCLUDING A SPECIAL BREAKDOWN OF THE MOSTACTIVE PROGRAM TRADERS
DURING PERIODS IN WHICH THE DOW JONES INDUSTRIAL AVERAGE MOVES 50 POINTS
WITHIN AN HOUR THIS INFORMATION HAD BEEN USEFUL IN IDENTIFYING THE SOURCE
OF PROGRAM TRADING DURING BIG MARKET MOVEMENTS

YESTERDAY A BIG BOARD SPOKESMAN SAID THE EXCHANGE RECEIVED REQUESTS FOR
THE INFORMATION SO WE ARE REINSTATING THE SPECIAL PROFILES PROGRAM TRADING
IS THE PURCHASE OR SALE OF A BASKET OF 15 OR MORE STOCKS VALUED AT 1
MILLION OR MORE

REP MARKEY CITING THE JOURNAL ARTICLE WROTE TO BIG BOARD CHAIRMAN WILLIAM
DONALDSON ON FRIDAY THAT HIS SUBCOMMITTEE HAS LONG BEEN CONCERNED ABOUT THE
POTENTIAL FOR COMPUTERASSISTED PROGRAMTRADING STRATEGIES TO CONTRIBUTE TO
EXCESSIVE AND ARTIFICIAL LEVELS OF VOLATILITY IN THE STOCK MARKET HE
ADDED THE SUBCOMMITTEE WAS QUITE DISTURBED TO READ THAT THE NYSE WAS
REDUCING THE AMOUNT OF INFORMATION BEING MADE AVAILABLE TO THE INVESTING
PUBLIC REGARDING PROGRAMTRADING ACTIVITIES DURING PERIODS OF HIGH MARKET
VOLATILITY

BUT AFTER BEING INFORMED THAT THE DATA HAS BEEN REINSTATED REP MARKEY
COMMENDED THE BIG BOARD'S QUICK ACTION AND URGED THAT IT CONTINUE CLOSELY
MONITORING PROGRAM TRADING 9403150014 940315 BUSINESS BRIEF TSX
CORP TELECOMMUNICATIONS BUYS 49 STAKE FOR 124 MILLION

TSX CORP A EL PASO TEXAS MAKER OF ELECTRONIC EQUIPMENT FOR THE CABLETV
INDUSTRY SAID IT SOLD A 49 STAKE TO CABLE GIANT TELECOMMUNICATIONS INC
FOR 124 MILLION

TSX SAID TCI BASED IN ENGLEWOOD COLO ALSO GAVE IT A 46 MILLION
UNSECURED SHORTTERM LOAN

THE TEXAS COMPANY SAID IT USED 165 MILLION OF THE MONEY FROM TCI TO PAY
OFF ITS LONGTERM NOTEHOLDERS TSX SAID IT AGREED TO PUT TWO TCI
REPRESENTATIVES ON ITS BOARD

THE ACQUISITION BY TCI OF 21 MILLION NEWLY ISSUED TSX SHARES ANNOUNCED
AFTER THE STOCK MARKET CLOSED WORKS OUT TO 588 A SHARE IN AMERICAN STOCK
EXCHANGE TRADING TSX CLOSED AT 6 UP 125 CENTS 9403150013 940315
POLITICS & POLICY INSURANCE INDUSTRY IS SPLIT OVER LEVEL OF
CONFRONTATION IN HEALTHCARE DEBATE  BY RICK WARTZMAN STAFF
REPORTER OF THE WALL STREET JOURNAL

WASHINGTON HARRY AND LOUISE MAY HAVE THE SHRILLEST VOICES IN THE HEALTH
INSURANCE INDUSTRY BUT THEY DON'T SPEAK FOR EVERYONE

THE HEALTH INSURANCE ASSOCIATION OF AMERICA'S 10 MILLION AD CAMPAIGN
FEATURING THE FICTITIOUS COUPLE SITTING AROUND THEIR KITCHEN TABLE BASHING
THE WHITE HOUSE HEALTHCARE PROPOSAL HAS CAPTURED THE SPOTLIGHT MEANWHILE
THOUGH THE NATION'S BIG FIVE HEALTH INSURERS AETNA LIFE & CASUALTY CO
CIGNA CORP METROPOLITAN LIFE INSURANCE CO PRUDENTIAL INSURANCE CO OF
AMERICA AND TRAVELERS INC HAVE BEEN QUIETLY PURSUING AN AGENDA THAT IN
MANY WAYS IS SHARPLY AT ODDS WITH THE ASSOCIATION'S

THE TWO GROUPS OFFER A CASE STUDY IN CONTRASTING STRATEGIES FOR HOW BEST TO
INFLUENCE THE HEALTH DEBATE THE ASSOCIATION HAS CHOSEN A HIGHVISIBILITY
PUBLIC CAMPAIGN FIGURING THAT THE LOUDER IT MAKES ITS CASE THE LESS IT CAN
BE IGNORED BY CONTRAST THE BIG FIVE OPERATING THROUGH THEIR ALLIANCE FOR
MANAGED COMPETITION HAVE GONE OUT OF THEIR WAY TO BE MORE RESERVED
PRUDENTIAL THE LAST OF THE BIG FIVE TO LEAVE THE ASSOCIATION REFUSED TO
HELP PAY FOR THE HARRY AND LOUISE SPOTS ONCE AFTER HILLARY RODHAM CLINTON
BLASTED THE ADS A SPOKESMAN FOR THE BIG FIVE GROUP CALLED REPORTERS TO
POINT OUT THAT THE ALLIANCE HAD NOTHING TO DO WITH THEM

IF YOU WANT TO BE CONSTRUCTIVELY ENGAGED WHY GIVE THE WHITE HOUSE AN
EXCUSE TO THROW STONES ASKS ART LIFSON VICE PRESIDENT FOR FEDERAL AFFAIRS
AT CIGNA LAST MONTH ON A TRIP TO CONNECTICUT PRESIDENT CLINTON PRAISED
AETNA TRAVELERS AND CIGNA FOR NOT BEING INVOLVED WITH THE ADS

IN RECENT DAYS THE ASSOCIATION HAS BEGUN BEATING A RETREAT FROM ITS
HARDLINE STANCE ITS PRESIDENT BILL GRADISON LAST WEEK WROTE TO MR
CLINTON SUGGESTING THAT HIS GROUP AND THE WHITE HOUSE COSPONSOR TV ADS
STRESSING OUR WILLINGNESS TO WORK TOGETHER TO ACHIEVE COMMON GOALS AND ON
SUNDAY THE ASSOCIATION RAN A FULLPAGE AD IN THE WASHINGTON POST
EMPHASIZING ITS AGREEMENT WITH THE PRESIDENT'S PRIMARY GOAL COVERAGE FOR
EVERY AMERICAN

MR GRADISON SAYS THE POST AD A RESTATEMENT OF THE POSITIVE SIDE OF OUR
MESSAGE WAS A DIRECT RESPONSE TO AN AD CAMPAIGN ATTACKING THE INSURANCE
INDUSTRY BY THE HEALTH CARE REFORM PROJECT A BROADBASED COALITION
SUPPORTIVE OF THE CLINTON PROPOSAL HE SAYS THE ASSOCIATION WOULDN'T CHANGE
A THING WE'VE DONE SO FAR AND HE SUGGESTS THAT HARRY AND LOUISE WHO WERE
LAST SEEN ON TELEVISION AT THE END OF FEBRUARY COULD MAKE A RETURN IF THE
WHITE HOUSE DOESN'T TONE DOWN ITS OWN RHETORIC

THE DIFFERENCES BETWEEN THE ASSOCIATION'S APPROACH AND THAT OF THE BIG FIVE
ALLIANCE CAN BEST BE EXPLAINED BY WHERE THEY CAME FROM

THE ALLIANCE COMPANIES WERE EARLY SUPPORTERS OF THE MANAGEDCOMPETITION
CONCEPT THAT GREW OUT OF THE JACKSON HOLE GROUP AN ASSORTMENT OF INDUSTRY
EXPERTS AND ACADEMICS WHO MEET PERIODICALLY IN WYOMING THE JACKSON HOLE
PHILOSOPHY WOULD ORGANIZE EMPLOYERS INTO INSURANCEBUYING POOLS WHERE THE
BIG FIVE FEEL THEY COULD USE THEIR MARKETING CLOUT TO OUTMUSCLE THEIR
SMALLER RIVALS

ALTHOUGH THE ASSOCIATION HAS SOME MAJOR COMPANIES IN ITS RANKS INCLUDING
PRINCIPAL FINANCIAL GROUP NEW YORK LIFE INSURANCE CO AND HUMANA INC MANY
OF ITS 270 MEMBERS ARE CONCERNED THAT THEY WOULD GET SHUT OUT IN SUCH A
SYSTEM

THE SMALL AND MEDIUMSIZED COMPANIES FEAR THERE WILL BE A COMPETITIVE
LANDSCAPE RIGGED TO FAVOR THE BIG GUYS EXPLAINS ROBERT LASZEWSKI A
HEALTHCARE CONSULTANT AND FORMER EXECUTIVE VICE PRESIDENT OF LIBERTY MUTUAL
INSURANCE GROUP

THE BIG FIVE ALLIANCE ISN'T THE ONLY GROUP THAT HAS BEEN IRKED BY THE
ASSOCIATION'S HARDBALL TACTICS IT HURTS OUR CREDIBILITY AND REPUTATION AND
IT'S TROUBLESOME SAYS BERNARD TRESNOWSKI PRESIDENT OF THE BLUE CROSS AND
BLUE SHIELD ASSOCIATION WHICH REPRESENTS 69 COMPANIES THE BIG FIVE
ASSOCIATION MEMBERS AND BLUE CROSSBLUE SHIELD PLANS EACH COVER 60 MILLION
TO 70 MILLION PEOPLE

THE BLUES EVEN QUESTION WHETHER THE ASSOCIATION IS SERIOUS ABOUT REFORMING
THE HEALTH INSURANCE MARKET AND ELIMINATING THE PRACTICE OF CHERRY
PICKING IN WHICH ONLY THE BEST RISKS ARE TAKEN ON WE MEET THEM IN THE
MARKETPLACE ALL THE TIME AND THAT'S THEIR COMPETITIVE NICHE GIVE ME YOUR
HEALTHY AND YOUR YOUNG MR TRESNOWSKI ASSERTS LIKE THE AMC THE BLUES
HAVE DONE A MINIMAL AMOUNT OF ADVERTISING WHICH HAS EMPHASIZED THE NEED TO
MOVE FORWARD WITH THE REFORM PROCESS AND UNDERSCORED AREAS OF AGREEMENT
WITH THE WHITE HOUSE

THE BIG FIVE'S LOWVISIBILITY EFFORTS DON'T MEAN THEY AREN'T STILL BIG
PLAYERS IN WASHINGTON THEY ALL BOAST ACTIVE INHOUSE LOBBYING OPERATIONS
HERE ARE GENEROUS CAMPAIGN CONTRIBUTORS AND HAVE SIGNED UP SOME OF THE
MOST WELLCONNECTED LOBBYISTS IN TOWN AMONG THEM ARE BILL OLDAKER ONCE THE
ATTORNEY FOR FORMER HOUSE SPEAKER JIM WRIGHT TOM RYAN A FORMER TOP STAFF
MEMBER FOR HOUSE ENERGY AND COMMERCE CHAIRMAN JOHN DINGELL AND FORMER REP
VIN WEBER A MINNESOTA REPUBLICAN

THE BIG FIVE ALSO RECENTLY HIRED BONNER & ASSOCIATES TO BUILD SUPPORT AMONG
THOUSANDS OF COMMUNITY LEADERS ACROSS THE COUNTRY AMONG THE PLEAS COMING
FROM THE BONNER PHONE BANKS RALLY BEHIND THE BILL SPONSORED BY TENNESSEE
DEMOCRATIC REP JIM COOPER

ON SOME ISSUES THE BIG FIVE ALLIANCE AND THE ASSOCIATION SEE EYE TO EYE IN
ONE SENSE BOTH CAMPS ARE ALREADY WINNERS IN THE HEALTH DEBATE BECAUSE
THERE IS VIRTUALLY NO CHANCE THAT IT WILL END IN THE KIND OF CANADIANSTYLE
SYSTEM THAT WOULD WIPE OUT THE PRIVATE INSURANCE INDUSTRY AND NOW THEY ARE
BOTH VIGOROUSLY FIGHTING THE CAPS ON HEALTH INSURANCE PREMIUMS THAT THE
CLINTON PROPOSAL WOULD IMPOSE

BUT THEY DIFFER SHARPLY OVER SUCH KEY PROPOSALS AS THE PROVISION THAT WOULD
REQUIRE ALL EMPLOYERS TO HELP PAY FOR THEIR WORKER'S HEALTH INSURANCE
DESPITE ITS WAR OF WORDS WITH THE WHITE HOUSE THE ASSOCIATION BACKS THE
PROPOSAL A KEY TO GUARANTEEING UNIVERSAL COVERAGE THE ALLIANCE HOWEVER
IS OPPOSED TO THE EMPLOYER MANDATE WORRIED THAT IT WOULD MAKE IT MORE
DIFFICULT TO BATTLE PRICE CONTROLS THE POWERFUL SMALLBUSINESS LOBBY HAS
MADE CLEAR THAT IF IT IS FORCED TO SWALLOW A MANDATE IT WILL TRY TO HOLD
DOWN PRICES BY ADVOCATING STRICT CONTROLS

THE BIG FIVE ALLIANCE AND THE ASSOCIATION ARE ALSO SPLIT OVER THE GIANT
REGIONAL INSURANCEPURCHASING POOLS THE CLINTON PROPOSAL WOULD ESTABLISH
WITH MANY ASSOCIATION MEMBERS AFRAID THAT THEY'LL BE FROZEN OUT THE GROUP
STAUNCHLY OPPOSES REQUIRING ANYBODY TO BUY INSURANCE THROUGH THE POOLS THE
ALLIANCE REJECTS THE CLINTON APPROACH AS TOO REGULATORY AND OUT OF STEP WITH
JACKSON HOLE BUT IT STILL CALLS FOR MAKING ENROLLMENT IN THE POOLS
MANDATORY FOR BUSINESSES WITH FEWER THAN 100 WORKERS

HOWEVER CIGNA'S MR LIFSON EXPLAINS THAT THE MANDATORY POOLS PROPOSAL ISN'T
A FALLONTHESWORD ISSUE FOR US IN FACT THE ALLIANCE ISN'T EVEN OF ONE
MIND ON IT TRAVELERS DOES LOTS OF BUSINESS AT THE SMALL END OF THE MARKET
AND IS A LEADING MEMBER OF ANOTHER COALITION LOBBYING AGAINST MANDATORY
ALLIANCES

FOR ALL OF THEIR DIFFERENCES SOME BELIEVE THE ALLIANCE AND THE ASSOCIATION
MAY HAVE NO CHOICE BUT TO FIGHT TOGETHER EVENTUALLY LATE LAST WEEK THE
ASSOCIATION'S MR GRADISON AND REPRESENTATIVES OF THE BIG FIVE MET TO
EXCHANGE INFORMATION AND DISCUSS AREAS OF COMMON GROUND MR GRADISON HAS
ALSO CHATTED WITH THE CHAIRMAN OF PRUDENTIAL ROBERT WINTERS AFTER SEN JAY
ROCKEFELLER D WVA A CLINTON ALLY DECLARED THAT THERE IS A SPECIAL
PLACE IN HELL FOR MR WINTERS FOR HELPING LEAD A BUSINESS ROUNDTABLE VOTE
LAST MONTH IN FAVOR OF THE COOPER PROPOSAL MR GRADISON CALLED TO TELL HIM
I'M GLAD TO SEE I'M IN SUCH GOOD COMPANY 9403150012 940315 WHAT'S NEWS
 WORLDWIDE

HUBBELL RESIGNED ABRUPTLY FROM HIS SENIOR JUSTICE DEPARTMENT POST

ASSOCIATE ATTORNEY GENERAL HUBBELL LOCKED IN A BILLING FEUD WITH HIS FORMER
LAW FIRM RESIGNED HIS DEPARTURE LEAVES THE LEADERSHIP OF THE JUSTICE
DEPARTMENT REELING FROM ITS SECOND TOPLEVEL RESIGNATION IN RECENT WEEKS
WHILE HUBBELL'S DECISION TO LEAVE STEMMED FROM THE BILLING DISPUTE WITH THE
ROSE LAW FIRM HIS ANNOUNCEMENT DREW ATTENTION TO THE WHITEWATER
CONTROVERSY

HUBBELL HAS COME UNDER FIRE FOR HIS REPRESENTATION OF THE RTC AFTER IT TOOK
OVER MADISON GUARANTY HUBBELL AND THE ROSE LAW FIRM REPRESENTED THE RTC IN
A SUIT AGAINST MADISON'S AUDITOR

CHINA HAS TRANSFERRED ADVANCED MISSILE TECHNOLOGY TO NORTH KOREA ACCORDING
TO US INTELLIGENCE REPORTS POSING ANOTHER STUMBLING BLOCK FOR RENEWAL OF
CHINA'S TRADE STATUS THE REPORTS CONTEND THAT THE DIAMETER OF A NEW
LONGRANGE MISSILE BEING DEVELOPED BY THE NORTH KOREANS IS EVIDENCE OF
CHINA'S ASSISTANCE

ISRAEL PRESSED ITS CRACKDOWN AGAINST JEWISH EXTREMISTS BY FOCUSING ON
HEBRON SITE OF LAST MONTH'S MOSQUE MASSACRE POLICE CONFISCATED AUTOMATIC
WEAPONS FROM JEWS AND BRIEFLY DETAINED A LEADING RABBI SEPARATELY A US
ENVOY MET WITH ARAFAT IN TUNISIA BUT FAILED TO WIN THE PLO LEADER'S CONSENT
FOR RESUMING TALKS WITH ISRAEL

PRIME MINISTER RABIN SIGNED AN AGREEMENT TO ADD THE RELIGIOUS SHAS PARTY TO
HIS COALITION GIVING HIM A MAJORITY IN ISRAEL'S PARLIAMENT THE ACCORD WILL
GO INTO EFFECT AFTER APPROVAL BY RABIN'S LABOR PARTY

SEN PACKWOOD CONCEDED DEFEAT IN A LEGAL FIGHT OVER HIS DIARIES AGREEING TO
TURN THEM OVER TO THE SENATE ETHICS COMMITTEE FOR ITS INVESTIGATION INTO
ALLEGATIONS OF SEXUAL AND OFFICIAL MISCONDUCT THE OREGON REPUBLICAN SAID HE
WAS ENDING A CHALLENGE TO A DISTRICT COURT ORDER THAT DIRECTED HIM TO GIVE
THE PANEL THE DIARIES IT SUBPOENAED LAST YEAR

OFFICIALS FROM G7 NATIONS DISCUSSED GLOBAL UNEMPLOYMENT DURING A CONFERENCE
IN DETROIT PRESIDENT CLINTON URGED THE GROUP OF SEVEN OFFICIALS TO FOCUS ON
WAYS TO CREATE JOBS

A US AIR FORCE PLANE CRASHED OFF KENYA'S COAST EN ROUTE TO SOMALIA
KILLING AT LEAST ONE CREW MEMBER AND LEAVING 10 OTHERS UNACCOUNTED FOR THE
PENTAGON SAID AT LEAST THREE CREW MEMBERS SURVIVED

ADM JEREMY BOORDA WAS NOMINATED BY CLINTON TO SUCCEED ADM FRANK KELSO AS
THE NAVY'S TOP OFFICER BOORDA COMMANDER OF NATO FORCES IN SOUTHERN EUROPE
WOULD BECOME THE FIRST CHIEF OF NAVAL OPERATIONS TO RISE FROM THE ENLISTED
RANKS IF HE IS CONFIRMED KELSO ANNOUNCED HIS RETIREMENT LAST MONTH CITING
THE TAILHOOK CONTROVERSY

THOUSANDS OF SMALL COMMUNITIES LACK THE FUNDS NECESSARY TO MEET FEDERAL
DRINKING WATER REQUIREMENTS AND NEED HELP FINDING CHEAPER WAYS TO MAKE THEIR
WATER SAFE A CONGRESSIONAL REPORT SAID SEPARATELY AN ENVIRONMENTAL GROUP
THE NATIONAL RESOURCES DEFENSE COUNCIL SAID THE LARGEST CITIES USE OUTDATED
FILTRATION TECHNOLOGY

GEORGIA'S SENATE GAVE FINAL LEGISLATIVE APPROVAL TO GOV MILLER'S PROPOSAL
TO SEND CRIMINALS TO PRISON FOR LIFE WITHOUT PAROLE FOR A SECOND
VIOLENTCRIME CONVICTION FOR THE MEASURE TO TAKE EFFECT VOTERS MUST
APPROVE A CONSTITUTIONAL AMENDMENT IN A NOVEMBER REFERENDUM GEORGIA WOULD
THEN BECOME THE FIRST STATE WITH A TWOSTRIKES POLICY

SECRETARY OF STATE CHRISTOPHER URGED RUSSIA'S FOREIGN MINISTER KOZYREV TO
USE HIS INFLUENCE TO BRING BOSNIA'S SERBS INTO A PEACE ACCORD REACHED BY
CROATS AND MUSLIMS SEPARATELY FRANCE CHASTISED UN CIVILIAN OFFICIALS FOR
FAILING TO ORDER AIR ATTACKS ON SERB GUNNERS WHO FIRED AT FRENCH
PEACEKEEPERS OVER THE WEEKEND

THE INKATHA FREEDOM PARTY SAID IT COULD STILL TAKE PART IN SOUTH AFRICA'S
ELECTIONS BUT THE BALLOTING WOULD HAVE TO BE POSTPONED TO GIVE THE PARTY
TIME TO CAMPAIGN INKATHA LEADER BUTHELEZI URGED FLEXIBILITY AND THE
RESOLUTION OF THE DATE PROBLEM THE RIVAL AFRICAN NATIONAL CONGRESS HAS
RULED OUT ANY DELAY IN THE APRIL 2628 VOTE

TUBERCULOSIS WAS FOUND IN THE BODY OF A 1000YEAROLD WOMAN IN PERU GIVING
STRONG EVIDENCE THAT A DISEASE LETHAL TO THOUSANDS OF AMERICAN INDIANS WAS
IN THE NEW WORLD BEFORE COLUMBUS AND NOT A PLAGUE BROUGHT BY EUROPEANS A
REPORT ON THE STUDY IS TO BE PUBLISHED IN TODAY'S ISSUE OF PROCEEDINGS OF
THE NATIONAL ACADEMY OF SCIENCES 9403150011 940315 WHO'S NEWS LILLIAN
VERNON CORP

LILLIAN VERNON CORP NEW ROCHELLE NY JANE RIES WAS NAMED SENIOR VICE
PRESIDENT OF NEW CATALOG DEVELOPMENT A NEW POSITION AT THIS SPECIALTY
CATALOG COMPANY MS RIES 44 YEARS OLD WILL BE RESPONSIBLE FOR CREATING
AND DEVELOPING NEW MERCHANDISING LINES AND NEW CATALOGS SHE SPENT 17 YEARS
AT RH MACY & CO MOST RECENTLY AS GROUP VICE PRESIDENT HOUSEWARES HOME
ACCESSORIES AND LUGGAGE 9403150010 940315 YOUR MONEY MATTERS BORROWERS
CAN GET HELP ON REFINANCING  BY GEORGETTE JASEN STAFF REPORTER OF
THE WALL STREET JOURNAL

SOME HOMEOWNERS WHO HAVEN'T BEEN ABLE TO REFINANCE THEIR MORTGAGES ARE
FINALLY GETTING A CHANCE

TAKING ADVANTAGE OF NEW FEDERAL HOME LOAN MORTGAGE CORP AND FEDERAL
NATIONAL MORTGAGE ASSOCIATION PROGRAMS MANY LENDERS ARE REFINANCING HOMES
THAT HAVE DECLINED IN VALUE SOME LENDERS ARE ALSO WILLING TO REFINANCE
HOMES FOR OWNERS WHO HAVE LOST INCOME OR MAYBE EVEN MISSED A FEW PAYMENTS

IF BORROWERS HAVE DONE EVERYTHING THEY CAN TO KEEP THEIR HOME WE'RE GOING
TO HELP THEM SAYS WALTER C KLEIN JR CHAIRMAN AND CHIEF EXECUTIVE OF PNC
MORTGAGE CORP OF AMERICA A VERNON HILLS ILL UNIT OF PNC BANK CORP

THE HELP COMES NOT A MOMENT TOO SOON MORTGAGE RATES HAVE BEEN RISING SINCE
LAST FALL AND THE CLIMB STEEPENED LAST MONTH AFTER THE FEDERAL RESERVE
RAISED SHORTTERM INTEREST RATES BUT COMPARED WITH A FEW YEARS AGO
MORTGAGE RATES ARE STILL QUITE LOW AND MANY HOMEOWNERS COULD SAVE HUNDREDS
OF DOLLARS A MONTH BY REFINANCING

THE AVERAGE ON A 30YEAR FIXEDRATE MORTGAGE IS NOW 774 ACCORDING TO HSH
ASSOCIATES A BUTLER NJ FIRM THAT TRACKS MORTGAGE RATES NATIONWIDE
THAT'S UP FROM 683 IN OCTOBER BUT ONLY SLIGHTLY HIGHER THAN 757 A YEAR
AGO

AT THIS TIME LAST YEAR PEOPLE WERE CLAWING EACH OTHER'S EYES OUT TO GET
THOSE RATES SAYS PAUL S HAVEMANN VICE PRESIDENT OF HSH ASSOCIATES

THE MORTGAGE BANKERS ASSOCIATION OF AMERICA A WASHINGTON DC TRADE
GROUP ESTIMATES THAT THERE IS STILL ABOUT 250 BILLION OF MORTGAGES
OUTSTANDING WITH RATES HIGHER THAN 10 OFFICIALS SAY MANY OF THOSE WHO
HAVEN'T REFINANCED LIVE IN PARTS OF THE COUNTRY WHERE PROPERTY VALUES HAVE
PLUMMETED IN RECENT YEARS

THERE COULD BE AS MANY AS 750000 HOMEOWNERS IN SUCH SITUATIONS ESTIMATES
DAVID LEREAH CHIEF ECONOMIST FOR THE MORTGAGE BANKERS ASSOCIATION A LOT
OF MORTGAGE COMPANIES ARE NOW FOCUSED ON THAT GROUP AS A TARGET HE SAYS

TYPICALLY LENDERS LIMIT THE SIZE OF A MORTGAGE TO 80 OR 90 OF THE VALUE
OF THE HOME BUT UNDER THE NEW FREDDIE MAC AND FANNIE MAE PROGRAMS
BORROWERS CAN REFINANCE UP TO 95 OF A HOME'S VALUE FOR SOME HARDPRESSED
HOMEOWNERS THAT CAN MEAN THE DIFFERENCE BETWEEN BEING ABLE TO REFINANCE OR
BEING STUCK WITH AN OLDER HIGHRATE MORTGAGE

TAKE SOMEONE WHO BOUGHT A 200000 HOME FOUR YEARS AGO BORROWING 160000
AT 10 REFINANCING THE NEARLY 156000 BALANCE INTO A 75 MORTGAGE WOULD
REDUCE MONTHLY PAYMENTS BY MORE THAN 350 BUT IF THE HOME IS NOW VALUED AT
172000 OR LESS A DECLINE THAT IS CONSERVATIVE IN PARTS OF THE NORTHEAST
AND CALIFORNIA LENDERS GENERALLY WOULDN'T APPROVE A NEW MORTGAGE BUT A
LENDER UNDER THE NEW FREDDIE MAC AND FANNIE MAE PROGRAMS COULD REFINANCE THE
156000 BALANCE EVEN IF THE HOME'S VALUE WERE AS LITTLE AS 164000

LENDERS LIKE THE PROGRAMS BECAUSE THEY ARE BETTER OFF RECEIVING REGULAR
PAYMENTS ON A 75 MORTGAGE THAN PARTIAL PAYMENTS OR NOTHING AT ALL ON A 10
LOAN THEY ALSO AVOID THE COSTS OF FORECLOSURE WHILE THESE PROGRAMS ARE
LIMITED NOW MANY IN THE MORTGAGE INDUSTRY EXPECT THEM TO EXPAND

WE THINK THERE'S A REAL BENEFIT TO EVERYONE SAYS BRUCE WOOD DIRECTOR OF
MORTGAGE CREDIT POLICY FOR FREDDIE MAC

LENDERS OFTEN HAVE STRICT CREDIT STANDARDS WE'RE LOOKING FOR A CUSTOMER
WHO'S PERFECT IN EVERY WAY EXCEPT THEY'VE LOST EQUITY SAYS RICK COSSANO
EXECUTIVE VICE PRESIDENT OF COUNTRYWIDE FUNDING CORP COUNTRYWIDE OF
PASADENA CALIF WILL REFINANCE 100 OF A HOME'S VALUE UNDER CERTAIN
CIRCUMSTANCES THOUGH MR COSSANO ACKNOWLEDGES THAT THE FIRM HAS WRITTEN
VERY FEW SUCH NO EQUITY LOANS

BUT LENDERS ARE SOMETIMES WILLING TO BEND PNC MORTGAGE RECENTLY BEGAN A
PILOT PROGRAM LIMITED TO ITS EXISTING CUSTOMERS THAT WILL ALLOW SOME
HOMEOWNERS WHO HAVE MISSED AS MANY AS SIX MORTGAGE PAYMENTS TO REFINANCE
INTO A LOWER RATE LOAN PNC IS LOOKING FOR CREDITWORTHY BORROWERS WHO MAY
HAVE BEEN THROUGH A DIVORCE HAD MEDICAL PROBLEMS OR LOST A JOB WHICH
FORCED THEM TO MISS SOME MORTGAGE PAYMENTS MR KLEIN SAYS

THE PNC PROGRAM IS STARTING IN CHICAGO AND INITIALLY WILL BE LIMITED TO
URBAN HOMEOWNERS WHOSE LOANS ARE BACKED BY THE FEDERAL HOUSING
ADMINISTRATION PNC PLANS TO EXPAND INTO OTHER CITIES LATER THIS YEAR AND
EVENTUALLY TO COVER THE COMPANY'S ENTIRE LOAN PORTFOLIO SAYS MR KLEIN

LOWEQUITY AND NOEQUITY LOANS GENERALLY REQUIRE MORTGAGE INSURANCE WHICH
CAN ADD SEVERAL HUNDRED DOLLARS A YEAR TO THE COST OF THE LOAN INTEREST
RATES MAY BE A LITTLE HIGHER THAN AVERAGE TOO AT COUNTRYWIDE FOR
INSTANCE BORROWERS WOULD PAY ONEEIGHTH TO A FULL PERCENTAGE POINT MORE
MR COSSANO SAYS DEPENDING ON THE AMOUNT OF EQUITY UNDER PNC'S PROGRAM A
HIGHER RATE WOULD COVER CLOSING COSTS AND ANY ESCROW SHORTAGES

HOMEOWNERS WHO DON'T QUALIFY FOR THESE SPECIFIC PROGRAMS STILL MAY BE ABLE
TO REFINANCE INTO A LOWERRATE MORTGAGE LENDERS SAY ESPECIALLY IF THEY
DON'T WANT TO BORROW MORE THAN THE CURRENT OUTSTANDING BALANCE THE FIRST
STEP USUALLY IS TO TALK TO YOUR CURRENT LENDER WHO CAN TELL YOU WHETHER YOU
QUALIFY FOR THE FANNIE MAE OR FREDDIE MAC PROGRAM AND ABOUT OTHER OPTIONS
THAT MAY BE AVAILABLE

IT MAY BE WORTH IT TO CALL OTHERS TOO I WOULD ENCOURAGE PEOPLE NOT TO GET
DISCOURAGED SAYS STEPHEN B ASHLEY CHAIRMAN AND CHIEF EXECUTIVE OF SIBLEY
MORTGAGE CORP IN ROCHESTER NY AND PRESIDENT OF THE MORTGAGE BANKERS
ASSOCIATION LENDERS ARE WILLING TO WORK WITH THEM 9403150009 940315
BUSINESS BRIEF GENERAL MILLS PROFIT ROSE 29 SALES 45 IN FISCAL
3RD QUARTER

MINNEAPOLIS EARNINGS OF GENERAL MILLS INC EDGED UP 29 IN THE FISCAL
THIRD QUARTER ON A 45 SALES RISE

THE LACKLUSTER RESULTS FOR THE QUARTER ENDED FEB 27 WHICH WERE EXPECTED
WERE BLAMED BY THE COMPANY ON BREAKFASTCEREAL PROMOTION WARS AND RESTAURANT
RESULTS HIT BY WINTER STORMS SALES ROSE TO 21 BILLION FROM 201 BILLION
PREVIOUSLY EARNINGS CLIMBED TO 145 MILLION OR 91 CENTS A SHARE FROM
1409 MILLION OR 86 CENTS AFTER A FIVECENT PERSHARE RESTRUCTURING
CHARGE A YEAR EARLIER

BUT OPERATING EARNINGS FOR THE COMPANY'S CONSUMERFOODS SECTOR FELL 2 IN
THE LATEST PERIOD WHILE THOSE FOR ITS RESTAURANT SECTOR WERE UNCHANGED
DESPITE MORE UNITS OPEN THIS YEAR

THE MINNEAPOLISBASED COMPANY BLAMED CONTINUED PROMOTIONAL ESCALATION IN
READYTOEAT CEREALS A REFERENCE TO COMPETITORS' USE OF MORE COUPONS AND
OTHER DISCOUNTS WHICH GENERAL MILLS HAS BEEN FORCED TO MATCH IT SAID ITS
DOLLAR SHARE OF THE 8 BILLION US CEREAL MARKET WAS 297

HARSH WEATHER AND THE CALIFORNIA EARTHQUAKE HURT SALES AT THE RED LOBSTER
AND OLIVE GARDEN RESTAURANT CHAINS AVERAGE US STORE SALES WERE OFF 2 AT
THE RED LOBSTER SEAFOOD RESTAURANTS AND THOSE AT THE OLIVE GARDEN ITALIAN
CHAIN FELL NEARLY 6 DURING THE QUARTER

THE COMPANY SAID CURRENTQUARTER PACKAGED FOOD VOLUME IS EXPECTED TO BE
SPURRED BY NEWPRODUCT ACTIVITY PROMOTIONAL EFFORTS ALSO ARE TARGETED FOR
THE RESTAURANT OPERATIONS BEFORE ITS FISCAL YEAR ENDS IN MAY GENERAL MILLS
SAID IT EXPECTS TO OPEN ANOTHER NINE CHINA COAST ASIANCUISINE RESTAURANTS
FOR A TOTAL OF 25

GENERAL MILLS STOCK ROSE 625 CENTS OR 12 TO CLOSE AT 54375 A SHARE IN
NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY 9403150008 940315
BUSINESS BRIEFS

ALLERGAN INC AND NICHOLAS PIRAMAL INDIA LTD FORMED A JOINT VENTURE TO
MANUFACTURE AND MARKET ALLERGAN AND NICHOLAS PRESCRIPTION OPHTHALMIC
PRODUCTS AND CONTACT LENS CARE PRODUCTS IN INDIA

VALASSIS COMMUNICATIONS INC ACQUIRED THE ASSETS OF CLOSELY HELD ELECTRONIC
MARKETING & RETAIL COMMUNICATION CO TERMS WEREN'T DISCLOSED

ESB BANCORP INC'S SHAREHOLDERS AND THE SHAREHOLDERS OF PENNFIRST BANCORP
INC ELLWOOD CITY PA VOTED TO APPROVE THE PREVIOUSLY ANNOUNCED
ACQUISITION OF ESB BANCORP BY PENNFIRST THE TRANSACTION WAS VALUED AT 25
MILLION

MELLON BANK CORP'S BOSTON CO UNIT AGREED TO ACQUIRE BELDEN & ASSOCIATES
INVESTMENT COUNCIL SAN FRANCISCO TERMS WEREN'T DISCLOSED 9403150007
940315 REPORTS THAT CHINA AIDED NORTH KOREA ON MISSILES COMPLICATES TRADE
ISSUE  BY THOMAS E RICKS AND JACKIE CALMES STAFF REPORTERS OF THE
WALL STREET JOURNAL

WITH CONGRESS ALREADY RECOILING OVER CHINA'S REFUSAL TO BEND TO US
PRESSURES ON HUMAN RIGHTS A KEY BRANCH OF THE US INTELLIGENCE COMMUNITY
IS ARGUING THAT BEIJING HAS TRANSFERRED ADVANCED MISSILE TECHNOLOGY TO NORTH
KOREA

THE UPSHOT IS FURTHER TROUBLE FOR CHINA'S MOST FAVORED NATION TRADE STATUS
ITS STATUS IS SLATED FOR RENEWAL IN JUNE BUT PRESIDENT CLINTON HAS SAID HE
WILL REVOKE IT IF THE ASIAN NATION FAILS TO SHOW SIGNIFICANT PROGRESS IN
IMPROVING ITS HUMANRIGHTS RECORD

THE REPORTS ON NORTH KOREA STEM FROM DEFENSE INTELLIGENCE AGENCY ANALYSTS
WHO CONTEND THAT THE DIAMETER OF A NEW LONGRANGE MISSILE BEING DEVELOPED BY
THE NORTH KOREANS IS EVIDENCE THAT CHINA HAS HELPED PYONGYANG BUILD THE
MISSILE ACCORDING TO INDIVIDUALS FAMILIAR WITH THE ANALYSIS THE DIA
ASSESSMENT ISN'T LIKELY TO PROVOKE ANY IMMEDIATE SHIFT IN ADMINISTRATION
POLICY TOWARD NORTH KOREA PARTLY BECAUSE ANALYSTS AT THE CENTRAL
INTELLIGENCE AGENCY DISAGREE WITH THE DIA ANALYSIS THEY CONTEND THAT THE
NEW MISSILE COULD HAVE BEEN DEVELOPED INDIGENOUSLY

HOWEVER THE DIA ANALYSIS CAN ONLY COMPLICATE THE DEBATE OVER WHETHER THE
US SHOULD RENEW CHINA'S TRADE STATUS WHICH GIVES CHINA THE SAME
STANDING AS MOST US TRADING PARTNERS REACTING TO BEIJING'S RESISTANCE TO
MOST US PRESSURES ON HUMAN RIGHTS AND ITS CRACKDOWN ON DISSIDENTS LAST
WEEK KEY MEMBERS OF CONGRESS SAID CRITICS OF THE BEIJING GOVERNMENT WERE
GAINING GROUND MEANWHILE SECRETARY OF STATE WARREN CHRISTOPHER CONCLUDED A
LARGELY DISAPPOINTING THREEDAY VISIT IN BEIJING LEAVING WITH A FEW MODEST
CONCESSIONS THAT FALL FAR SHORT OF WASHINGTON'S DEMANDS

IF WE HAD TO VOTE TODAY THERE WOULD BE NO MFN FOR CHINA SAID REP LEE
HAMILTON CHAIRMAN OF THE HOUSE FOREIGN AFFAIRS COMMITTEE AND ONE OF A
GROUP OF DEMOCRATS WHO OPPOSE MAKING THE TRADE RELATIONSHIP HOSTAGE TO
CHINA'S HUMANRIGHTS RECORD BUT THE INDIANA DEMOCRAT CONTINUED THERE'S
OVER TWO MONTHS TO GO SO THINGS COULD CHANGE

MAJORITY LEADER GEORGE MITCHELL SAID HE WOULD VOTE AGAINST RENEWING
TRADESTATUS FOR CHINA IF A VOTE WERE HELD NOW AND THAT HE WILL HAVE TO
SEE SUFFICIENT PROGRESS ON HUMAN RIGHTS AND ON COMPLIANCE WITH TRADE AND
NUCLEAR NONPROLIFERATION POLICIES TO CHANGE THAT STANCE REP NANCY PELOSI
D CALIF SAID SHE DOESN'T BELIEVE THE ADMINISTRATION WILL RENEW THE
TRADE STATUS UNLESS THERE'S SIGNIFICANT PROGRESS ON HUMAN RIGHTS BUT IF
CHINA TRADE STATUS IS RENEWED WITHOUT SIGNFICANT IMPROVEMENTS SHE PREDICTED
THAT A CONGRESSIONAL RESOLUTION REVOKING THAT STATUS WOULD PASS THE HOUSE
LIKE WILDFIRE

MEANWHILE US INVESTORS VOICED NEW WORRIES THAT THE IMPASSE WOULD DISRUPT
US TRADE TIES WITH THE WORLD'S FASTESTGROWING ECONOMY DONALD ANDERSON
PRESIDENT OF THE USCHINA BUSINESS COUNCIL WHICH REPRESENTS US FIRMS
DOING BUSINESS IN CHINA SAID MR CHRISTOPHER'S TRIP THERE MAKES IT HARDER
FOR US

PRESIDENT CLINTON WHO ALSO EXPRESSED DISAPPOINTMENT OVER THE IMPASSE HAS
SAID HE'LL PRESERVE CHINA'S TRADE STATUS IF THE ASIAN GIANT MAKES
SIGNIFICANT PROGRESS IN HUMAN RIGHTS MATTERS INCLUDING THE RELEASE OF
POLITICAL PRISONERS THE INTERNATIONAL INSPECTION OF PRISONS AND THE
PROTECTION OF TIBET'S RELIGIOUS HERITAGE

MR CHRISTOPHER DID REPORT SOME SMALL GAINS IN WHICH THE TWO SIDES MANAGED
TO NARROW SOME DIFFERENCES BUT HE STRESSED I WOULDN'T DESCRIBE IT AS A
BREAKTHROUGH THE TWO NATIONS SIGNED A JOINT DECLARATION IMPLEMENTING A
1992 AGREEMENT UNDER WHICH THE US TRIES TO MAKE SURE CHINA DOESN'T SHIP
GOODS TO AMERICA MADE BY PRISON LABOR AND MR CHRISTOPHER SAID BEIJING
AGREED TO WORK WITH THE US TO RESOLVE SOME OUTSTANDING EMIGRATION CASES

MR CHRISTOPHER ALSO SAID CHINA AFFIRMED SUPPORT FOR THE UNIVERSAL
DECLARATION OF HUMAN RIGHTS AND INDICATED FOR THE FIRST TIME THAT IT WOULD
REVIEW INFORMATION ABOUT THE JAMMING OF VOICE OF AMERICA SIGNALS BEAMED AT
CHINA HE ALSO NOTED BEIJING WAS HAVING DISCUSSIONS WITH THE INTERNATIONAL
COMMITTEE OF THE RED CROSS WHICH IS NEGOTIATING FOR THE RIGHT TO INSPECT
CHINESE PRISONS

BUSINESSES ARE INCREASINGLY AFRAID THAT IF USCHINESE RELATIONS SOUR
FURTHER AND FAVORED NATION STATUS IS DENIED THEY'LL BE SHUT OUT OF CHINA'S
ECONOMIC SURGE FOR EXAMPLE MCDONNELL DOUGLAS CORP ESTIMATES THAT CHINA
WILL BUY 40 BILLION WORTH OF COMMERCIAL AIRCRAFT OVER 20 YEARS AMERICAN
TELEPHONE & TELEGRAPH CO SAYS CHINA PRESENTS OPPORTUNITIES THAT ARE ALMOST
INDESCRIBABLE IN TELECOMMUNICATIONS MOREOVER THE COMPANIES ARGUE THAT
ENCOURAGING CHINA TO MOVE IN THE DIRECTION OF A MARKET ECONOMY ULTIMATELY
WILL LEAD TO IMPROVEMENTS IN HUMAN RIGHTS

SOME BUSINESS GROUPS BLAME THE TENSION IN BEIJING ON BAD TIMING FOR MR
CHRISTOPHER'S VISIT WHICH COINCIDED WITH THE ANNUAL SESSION OF THE NATIONAL
PEOPLE'S CONGRESS CHINA'S CEREMONIAL PARLIAMENT THE TIMING OF THE
SECRETARY'S VISIT WASN'T CONDUCIVE TO A CONCILIATORY POSITION BY THE CHINESE
ON HUMAN RIGHTS SAID CALMAN COHEN COCHAIR OF THE BUSINESS COALITION FOR
USCHINA TRADE AN ALLIANCE OF COMPANIES LOBBYING FOR RETENTION OF FAVORED
NATION STATUS

THE COALITION PLANS A LETTER SIGNED BY SEVERAL HUNDRED BUSINESS AND TRADE
GROUPS SUPPORTING MFN AND WILL PEPPER LAWMAKERS WITH INFORMATION ON THE
NUMBER OF JOBS IN THEIR STATES TIED TO EXPORTS TO CHINA

BUT THE LOBBYING DRIVE WILL BE MORE DIFFICULT IF BEIJING IS FOUND TO BE
SUPPLYING THE RENEGADE GOVERNMENT IN PYONGYANG WITH ADVANCED WEAPONS
TECHNOLOGY IF THE REPORTS TURN OUT TO BE WELLFOUNDED THE IMPLICATIONS GO
BEYOND THE TRADE BATTLE JAPAN AND SOUTH KOREA WOULD VIEW THE SITUATION WITH
ALARM AND IF THE NORTH KOREANS ACTUALLY DEVELOP AN ACCURATE LONGRANGE
MISSILE THE US WOULD BE FORCED TO REASSESS ITS DEFENSE STANCE IN THE
PACIFIC AND PERHAPS TO REEMPHASIZE ANTIBALLISTIC MISSILE DEFENSES

INFORMATION ABOUT THE DISPUTE WITHIN THE US INTELLIGENCE COMMUNITY IS
MAINLY BEING PROVIDED BY CONSERVATIVES WHO ADVOCATE A TOUGHER STANCE AGAINST
NORTH KOREA AND A MORE VIGOROUS MISSILE DEFENSE PROGRAM AT HOME

THE DISPUTE WITHIN THE INTELLIGENCE COMMUNITY TURNS ON THE PERCEIVED
DIAMETER OF THE NEW NORTH KOREAN MISSILE REFERRED TO AS THE TD2 IF THERE
IS A SMOKING GUN IN THE DEBATE SAID HENRY SOKOLSKI WHO OVERSAW PENTAGON
COUNTERPROLIFERATION POLICY DURING THE BUSH ADMINISTRATION IT IS THAT THE
DIAMETER OF THE NEW MISSILE IS VERY CLOSE TO THE DIAMETER OF THE CHINESE
CSS2 MISSILE

PRESUMABLY THE ONLY WAY THEY WOULD KNOW HOW TO BUILD SOMETHING THE SIZE OF
THE CSS2 IS EITHER BY PHYSICAL TRANSFER OF SUCH A BEAST OR OF ENGINEERS
FAMILIAR WITH THE PROGRAM SAID ONE PERSON WHO HAS RECENTLY BEEN BRIEFED BY
PENTAGON OFFICIALS ON THE SITUATION

BUT OTHERS DISAGREE THE CIA VIEW THAT THE NEW MISSILE IS HOMEGROWN IS
PROBABLY WRONG SAID ONE PERSON INVOLVED IN THE DISPUTE BUT IT DOESN'T
NECESSARILY FOLLOW THAT THE DIA'S CHARGE AGAINST CHINA IS CORRECT THERE IS
SOME EVIDENCE THIS PERSON SAID THAT SOME OF THE NECESSARY TECHNOLOGY TO
DRIVE A TWOSTAGE MISSILE SUCH AS A DIGITAL GUIDANCE SYSTEM COULD HAVE
COME FROM RUSSIA OR EVEN FROM JAPAN

ARGUING FOR THE CIA'S VIEW IS THE QUESTION OF WHAT MIGHT MOTIVATE THE
CHINESE TO PROVIDE ADVANCED MISSILE TECHNOLOGY TO PYONGYANG BASED ON THE
VERY LIMITED INFORMATION WE HAVE NOW I'D BE HESITANT TO SEE A CHINESE ROLE
IN THIS SAID DOUGLAS PAAL FORMER DIRECTOR OF ASIAN AFFAIRS FOR THE
NATIONAL SECURITY COUNCIL MY OWN INCLINATION IS TO BELIEVE THAT THIS IS A
SELFGENERATED MISSILE SYSTEM DERIVED FROM TECHNOLOGIES THAT ARE AVAILABLE
IN THE LITERATURE

ROBERT GREENBERGER AND BOB DAVIS CONTRIBUTED TO THIS ARTICLE 9403150006
940315 WHAT'S NEWS  BUSINESS AND FINANCE

GE CAPITAL LAUNCHED A 22 BILLION TAKEOVER BID FOR KEMPER BUT THE MONEY
MANAGEMENT BROKERAGE AND INSURANCE COMPANY REJECTED THE OFFER GE'S
FINANCIAL SERVICES UNIT APPEARS TO BE MOVING TOWARD WHAT COULD BECOME AN
OUTRIGHT HOSTILE BID SAYING IT COULD SWEETEN ITS 55ASHARE BID IF IT
OBTAINED ADDITIONAL INFORMATION ABOUT KEMPER'S FINANCES KEMPER SHARES
SOARED 16125 OR 39 TO 57

DISNEY AGREED TO SPEND ABOUT 750 MILLION TO BAIL OUT ITS 49OWNED EURO
DISNEY AFFILIATE APPARENTLY ENDING A THREAT TO CLOSE THE THEME PARK

BREASTIMPLANT MAKERS AND PLAINTIFFS REACHED AN ACCORD ON ALL MAJOR
REMAINING ISSUES IN THE 4 BILLION SILICONEIMPLANT SETTLEMENT THE LARGEST
PRODUCTLIABILITY PACT IN US COURTS

EIGHT FORMER HONDA SALES AND ADVERTISING EXECUTIVES PLEADED GUILTY TO
BRIBERYRELATED CHARGES THEY ADMITTED THEY TOOK BRIBES FROM DEALERS IN
EXCHANGE FOR GENEROUS SUPPLIES OF HOTSELLING CARS AND COVETED DEALERSHIPS

DELOITTE & TOUCHE AGREED TO PAY 312 MILLION TO SETTLE GOVERNMENT CLAIMS
LINKING THE ACCOUNTING FIRM TO A NUMBER OF COSTLY THRIFT FAILURES

A TOP STRATEGIST IN IBM'S MULTIMEDIA EFFORT QUIT TO JOIN BLOCKBUSTER
ENTERTAINMENT THE CORPORATE PARTNER HE HAD RECRUITED TO WORK WITH IBM

GRUMMAN AGREED TO DELIVER THIS WEEK TO UNWANTED SUITOR NORTHROP WHICH IS
OFFERING 204 BILLION FOR THE COMPANY THE SAME DETAILED FINANCIAL
INFORMATION THAT IT HAS GIVEN TO ITS PREFERRED PARTNER MARTIN MARIETTA
WHICH MADE AN EARLIER 193 BILLION BID ACCORDING TO NORTHROP OFFICIALS

APPLE EXPECTS TO UNVEIL A DEAL THIS YEAR LICENSING ITS MACINTOSH OPERATING
SYSTEM TO ANOTHER COMPUTER MAKER

MERRILL LYNCH'S RUN OF BULLISH EARNINGS BUOYED THE 1993 PAY PACKAGES OF ITS
TOP FOUR EXECUTIVES TO MORE THAN 6 MILLION APIECE SIGNALING ANOTHER RECORD
YEAR FOR WALL STREET PAY

US SHOE SHOULD BE BROKEN UP INTO THREE SEPARATE COMPANIES SAID ALFRED
KINGSLEY AN INVESTOR WHO IS DRUMMING UP SUPPORT FOR THE PROPOSAL

CONVEX COMPUTER PLANS TO UNVEIL TODAY A LONGAWAITED SUPERCOMPUTER BASED ON
MASSIVELY PARALLEL PROCESSING IN A BID TO REVIVE ITS GROWTH PROSPECTS AND
RETURN TO PROFITABILITY

JP MORGAN WILL BACK A RESTRUCTURING PLAN BY THE NEW MANAGEMENT OF BANESTO
THE SPANISH BANK THAT WAS SEIZED AND IN WHICH MORGAN HAS A BIG STAKE PEOPLE
CLOSE TO THE PLAN SAID

TWO LARGE PENSION FUNDS JOINED A NONPROFIT BUILDER AND THREE BIG CALIFORNIA
FINANCIAL INSTITUTIONS TO LAUNCH AN AFFORDABLEHOUSING INITIATIVE

GM WORKERS AT TWO KEY BRAKE PLANTS WENT ON STRIKE BUT ANALYSTS PREDICTED
THE STRIKE WILL BE SETTLED WITHIN TWO TO THREE DAYS AND WON'T DISRUPT
ASSEMBLY AT OTHER PLANTS

MANUFACTURERS ARE THE MOST OPTIMISTIC THEY HAVE BEEN IN FOUR YEARS ABOUT
SHORTTERM BUSINESS CONDITIONS ACCORDING TO A DUN & BRADSTREET POLL
CONSTRUCTION EXECUTIVES CONTINUED TO REPORT STRONG OPTIMISM FOR A NEARTERM
RISE IN ORDERS AND EMPLOYMENT

TOKYO STOCKS RALLIED 2 MARKING THEIR THIRD GAIN IN A ROW AND PUSHING THE
NIKKEI UP 41084 TO 2052615 ITS HIGHEST CLOSE IN SIX MONTHS LONDON STOCKS
SURGED 13 HELPED BY STRONG STOCKINDEX FUTURES AND BOND PRICES FRANKFURT
SHARE PRICES JUMPED 2

CHINESE SECURITIES REGULATORS IGNITED A SHARE RALLY BY PROMISING TO SLOW THE
FLOW OF NEW SHARE LISTINGS

BONDS LEHMAN BROTHERS TREASURY INDEX 527039 DOWN 2223

COMMODITIES OIL 1449 A BARREL UP FIVE CENTS DOW JONES FUTURES INDEX
14528 UP 041 SPOT INDEX 13209 UP 051

DOLLAR 10610 YEN UP 11 16900 MARKS UP 00075 9403150005 940315
REVIEW & OUTLOOK EDITORIAL MIDDLE KINGDOM MYOPIA

WE HAVE TO SYMPATHIZE WITH SECRETARY OF STATE WARREN CHRISTOPHER WHO TOLD
CHINA ON SUNDAY THAT TIME IS RUNNING OUT FOR SAVING ITS MOST FAVORED
NATION TRADING STATUS MAYBE HE SHOULD HAVE BROUGHT ALONG A TEAM OF
OPTICIANS THE OTHER SIDE COULD CERTAINLY USE SOME HELP GETTING REALITY INTO
FOCUS

THE CHINESE LEADERSHIP IS SUFFERING FROM AN EXTREME CASE OF MIDDLE KINGDOM
MYOPIA IF IT THINKS IT SOMEHOW HAS THE US OVER A BARREL FIRST WE HAD THE
CONSPICUOUS TRIP OF VICE PREMIER ZHU RONGJI TO JAPAN WHERE HE HIGHFIVED
TOKYO'S BUSINESS LEADERS IN A CRUDE GESTURE TOWARD WASHINGTON NEXT THE
REGIME BEGAN ROUNDING UP DISSIDENTS ON THE EVE OF SECRETARY CHRISTOPHER'S
VISIT TO TALK ABOUT HUMAN RIGHTS AND MONDAY IT SENT HIM HOME WITH ONLY THE
SKIMPIEST OF DIPLOMATIC FIG LEAFS

PERHAPS CHINA'S LEADERS HAVE COME TO BELIEVE THE HYPE ABOUT HOW THEY HAVE
THEIR HANDS ON THE THROTTLE OF THE NEXT ECONOMIC SUPERPOWER THEY THINK THE
REST OF THE WORLD HAS LITTLE CHOICE BUT TO KOWTOW NOT THAT WE DOUBT CHINA'S
BALLPARK ESTIMATES OF 15 ECONOMIC GROWTH THAT'S WHAT HAPPENS WHEN PEOPLE
WHO'VE BEEN CONDITIONED BY DECADES OF MAOIST POVERTY AND WORSE SUDDENLY GET
A CHANCE TO GO TO WORK IN A WESTERNFINANCED FACTORY OR GET WESTERN HELP IN
SETTING UP THEIR OWN BUSINESSES

BUT OUR SENSE IS THAT FOR EVERY GENUINE ENTREPRENEUR IN CHINA TODAY THERE'S
A COMMUNIST PARTY HACK GROWN FAT ON HIS ABILITY TO CONTROL THE ECONOMY'S
TOLLGATES A FRIEND TELLS US OF AN URBAN POLICE DEPARTMENT THAT DECIDED TO
GO INTO THE BUSINESS OF MANUFACTURING FIREWORKS ITS FIRST MOVE WAS TO
OUTLAW ITS COMPETITORS

BEHAVIOR OF THIS SORT DOESN'T CREATE WEALTH WEALTH IS CREATED ONLY WHEN
ENTREPRENEURS UNDER THE LASH OF COMPETITION SEEK BETTER WAYS TO COMBINE
RESOURCES TO CREATE VALUE FOR CONSUMERS SOME IN CHINA ARE DOING THAT
PRIMARILY BY COMBINING CHEAP LOCAL LABOR WITH WESTERN TECHNOLOGY TO SERVE
MARKETS MOSTLY IN THE WEST

OUR VIEW HAS ALWAYS BEEN THAT TRADE STRENGTHENS CHINA'S LEGITIMATE PRIVATE
SECTOR AND ENCOURAGES LIBERALIZATION EVEN IF IT ALSO FEEDS THE CORRUPTION
OF THE PARTY BUREAUCRATS IN THE END WE SUSPECT THAT TODAY'S CRASS DISPLAYS
OF OFFICIAL AVARICE WILL ONLY CONTRIBUTE TO SHORTENING THE REGIME'S GRIP ON
POWER IN THIS REGARD IT'S NOT IRRELEVANT THAT THERE IS A FOREIGN DEVIL THE
CHINESE TREAT EVEN MORE RUDELY THAN THEY TREATED THE SECRETARY OF STATE 
CHRISTOPHER PATTEN THE DEMOCRATIZING GOVERNOR OF HONG KONG MR PATTEN WHO
SURELY UNDERSTANDS THE LINK BETWEEN FREE MARKETS AND FREE SOCIETIES IS THE
MOST ELOQUENT ADVOCATE OF MFN STATUS FOR CHINA AND WE HAVE ARGUED BEFORE
HERE THAT MFN IS A CRUDE POLITICAL TOOL MOST LIKELY HURTING THE PEOPLE WE
WANT TO HELP IN CHINA

IF THE US AND OTHER RESPONSIBLE GOVERNMENTS WANT TO DISCIPLINE BEIJING A
BETTER TOOL WOULD BE TO CUT OFF MULTILATERAL AID THESE HANDOUTS 
PRINCIPALLY FROM THE ASIAN DEVELOPMENT BANK AND THE WORLD BANK GO
DIRECTLY INTO THE COFFERS OF THE STATE GIVING THE PARTY RESOURCES WITH
WHICH TO REWARD ITS FRIENDS AND PUNISH ITS ENEMIES ANOTHER WAY FOR THE US
TO EXPRESS DISPLEASURE WITH THE AUTOCRATS IN BEIJING WOULD BE TO BOOST
TAIWAN THE OTHER CHINA WHICH IS WELL ON ITS WAY TO FULL DEMOCRACY

A THIRD TOOL ONE THAT THE CLINTON ADMINISTRATION IS WIELDING EFFECTIVELY
 IS TO SUPPORT PUBLICLY THOSE WHO ARE WORKING ON BEHALF OF FREEDOM IN
CHINA ASSISTANT SECRETARY OF STATE JOHN SHATTUCK'S RECENT MEETING WITH
CHINESE DISSIDENT WEI JINGSHENG AND PRESIDENT CLINTON'S WELCOME TO THE DALAI
LAMA LAST YEAR BOTH INFURIATED THE MANDARINS IN BEIJING THE UNITED STATES
ALONE AMONG WESTERN COUNTRIES DESERVES CREDIT FOR TAKING THE HUMAN RIGHTS
ISSUE TO BEIJING AND FOR BEING WILLING TO RUN RISKS ON BEHALF OF WESTERN
VALUES 9403150004 940315 LEISURE & ARTS ON SPORTS WE NEED
PITCHING' WE NEED PITCHING'  BY FREDERICK C KLEIN

MESA ARIZ IT'S 930 AM ON SATURDAY 3 1/2 HOURS BEFORE GAME TIME BUT
ALREADY A DEEPLY TANNED MAN OF LATE MIDDLE AGE STANDS NEAR THE AUTO ENTRANCE
TO HOHOKAM PARK HERE THE CHICAGO CUBS' SPRINGTRAINING BASE HOLDING ALOFT
THE TICKET SEEKER'S ETERNAL NEED TWO SIGN

NEED TWO AT 930 AM FOR A SPRINGTRAINING GAME AGAINST THE SEATTLE
MARINERS AND A SPLITSQUAD GAME AT THAT

SURE THIS IS SPRING TRAINING 1994 AND AT LEAST HERE IF YOU WANT TO SEE A
WEEKEND GAME YOU BETTER HAVE BOUGHT YOUR TICKET IN ADVANCE

ALMOST 100 PEOPLE ALREADY ARE INSIDE LINED ALONG THE FIELDLEVEL FENCE
WAITING TO AMBUSH PLAYERS FOR AUTOGRAPHS OR LOUNGING IN A SEAT IN THE
MORNING SUN WATCHING THE CUBS DO STRETCHING EXERCISES

JUST ABOUT EVERYONE IS WEARING A CUBS CAP OR TSHIRT THIS SUBURB OF PHOENIX
OUGHT TO CHANGE ITS NAME TO CHICAGO WEST FOR MARCH SO MANY CHICAGOANS COME
HERE THEY CAN BUY A VIENNA HOT DOG WITH ALL THE TRIMMINGS AT THE BALLPARK
JUST LIKE AT HOME AND IF THEY CAN GET IN HAVE RIBS FOR DINNER AT DON &
CHARLIE'S RESTAURANT IN SCOTTSDALE OWNED BY CHICAGO GUYS THE WHITE SOX
MIGHT NEED MICHAEL JORDAN HITTING BATTINGPRACTICE GROUND BALLS TO FILL
THEIR SPRINGTRAINING PARK IN SARASOTA FLA BUT THE CUBS DO IT WITH
WHOEVER HAPPENS TO BE ON THEIR ROSTER

WE'LL SELL OUT TODAY THAT'LL MAKE TWICE IN THE SIX GAMES SO FAR AND WE'VE
GOT AT LEAST THREE MORE SELLOUTS ASSURED SAYS KELLIS HE FIGURES THAT 92
OF THE TICKETS FOR THE CUBS' 16 HOME GAMES WILL BE SOLD THIS SPRING AN
AVERAGE OF ABOUT 8400 A GAME THAT'S A HIGHER PERGAME COUNT THAN THE TEAM
DREW IN CHICAGO OVER SEVERAL REGULAR SEASONS IN THE 1950S AND '60S

THE CUBS' LEASE HERE EXPIRES AFTER NEXT SPRING AND THE TEAM HAS TOLD MESA
IT MUST BUILD A REPLICA OF WRIGLEY FIELD HERE SEATING 10000 TO 12000 IF
IT WANTS THE TEAM TO STAY KELLIS DOUBTS THE CITY CAN SWING THAT THERE'S
GOT TO BE SOME REASONABLENESS AS TO MONEY BUT BELIEVES IT'LL GO MOST OF
THE WAY TO PLEASE THE TEAM THE CUBS ARE GOOD FOR BUSINESS  GOOD FOR
THE AREA HE SAYS THEN HE ADDS SPRING TRAINING USED TO BE MORE FUN IT'S
A BUSINESS NOW

THAT HOWEVER DEPENDS ON YOUR PERSPECTIVE FOR THE FANS IN THE HOHOKAM PARK
STANDS SATURDAY MORNING IT IS GLORIOUS FUN THE BEST THERE'S NOWHERE I'D
RATHER BE I'VE ALWAYS WANTED TO DO THIS AND THIS IS THE YEAR GRINS RANDY
RAMBO 21 A BESPECTACLED GROCERY CLERK FROM VALPARAISO IND

BUT BEING A FAN OF A TEAM THAT HASN'T WON A PENNANT SINCE 1945 DOESN'T
REQUIRE THE SUSPENSION OF DISBELIEF THAT THE MOVIES DO QUIZZED ABOUT HIS
VIEW OF HIS FAVORITES' PROSPECTS FOR THE SEASON RAMBO SOON WAS PROVING
HIMSELF TO BE WISE BEYOND HIS YEARS

WE NEED MORE PITCHING SAME AS LAST SEASON SAME AS EVERY SEASON HE
SAYS WHAT ELSE CAN YOU EXPECT FROM THE TEAM THAT TRADED BRUCE SUTTER
DENNIS ECKERSLEY AND LEE SMITH THE THREE BEST RELIEF PITCHERS IN BASEBALL
HISTORY WHILE THEY WERE STILL GOOD WE'VE GOT RANDY MYERS NOW AND HE'S A
GOOD ONE GUESS THAT MEANS HE'S ABOUT TO BE TRADED

WE NEED PITCHING BOB ANTHONY IS SAYING A FEW ROWS UP HE'S AN
EXCHICAGOAN WHO'S BEEN LIVING IN ARIZONA FOR 30 YEARS HE'S AN ACTOR WHO
SAYS HE DID THE FIRST ARBY'S TELEVISION COMMERCIAL

SO WHAT ELSE IS NEW WE MIGHT TRADE FOR IT SAYS HIS FRIEND LARRY
BALDINO HE'S ALSO EXCHICAGO RETIRED HERE HE PLAYED SOME MINORLEAGUE
BASEBALL ONCE

YEAH BUT EVERYBODY WANTS PITCHING SAYS ANTHONY

WE COULD TRADE SHAWON DUNSTON A SHORTSTOP WHO WHILE ONCE HIGHLY RATED
MISSED MOST OF THE PAST TWO SEASONS WITH A BACK INJURY HE'S FROM NEW YORK
AND I HEAR THE METS WANT HIM SAYS BALDINO

THE METS DON'T HAVE ANY PITCHING EITHER SAYS ANTHONY

HOW ABOUT DWIGHT GOODEN SAYS BALDINO

HE'S HAD ARM TROUBLE SAYS ANTHONY

IT'D BE AN EVEN TRADE THEN SAYS BALDINO

BOTH MEN LAUGH

WE NEED PITCHING SAYS ED SMITH HE OWNS A SALES COMPANY IN NAPERVILLE
ILL HIS SON RUNS IT WHILE HE SPENDS FOUR WEEKS IN ARIZONA EVERY WINTER AND
ATTENDS 70 OR SO REGULARSEASON CUB GAMES ANNUALLY

HE GOES ON WE LET GREG HIBBARD AND MIKE HARKEY GO AFTER LAST SEASON
AND DIDN'T REPLACE THEM THEY MIGHT NOT HAVE BEEN GREAT BUT BETWEEN THEM
THEY PITCHED 350 INNINGS 348 TO BE EXACT AND SOMEBODY'S GOTTA PICK THAT
UP OUR DEFENSE COULD USE SOME WORK TOO THEY USED TO SAY SECOND BASEMAN
RYNE SANDBERG NEVER GOT DIRTY BECAUSE HE DIDN'T HAVE TO BUT HE CAN'T REACH
A LOT OF BALLS NOW AND HE STILL DOESN'T GET DIRTY SAMMY SOSA CATCHES ONE
IN THE OUTFIELD EVERY NOW AND THEN BUT WHAT HE DOES WITH THE BALL AFTERWARD
IS AWFUL

SMITH THINKS BASEBALL IS A GAME OF 10S TEAMS GETTING BETTER WIN 10 GAMES
MORE THAN THE YEAR BEFORE TEAMS GETTING WORSE WIN 10 FEWER HE DECLARES
THE CUBS WON 84 LAST SEASON HE'S REMINDED THEY'LL WIN 74 THIS YEAR HE
SAYS

WE NEED PITCHING SAYS SUE OSBORN SHE'S A TRUCK DRIVER'S WIFE FROM MESA
A LIFELONG CUBS FAN SHE'S WEARING A TSHIRT WITH THE LETTERING DIEHARD
UNIVERSITY AROUND A SHIELD SHOWING A BEAR CUB PEERING THROUGH CROSSED BATS

GLENALLEN HILL A YOUNG POWER HITTER LOOKS GREAT AND KARL RHODES A YOUNG
CENTERFIELDER COULD BE THE LEADOFF MAN WE NEED BUT WE ALSO NEED A BIG
STARTING PITCHER LIKE JACK MCDOWELL OF THE WHITE SOX OR TOM GLAVINE OF
THE PENNANTWINNING ATLANTA BRAVES

OR GREG MADDUX IT'S SUGGESTED TONGUE IN CHEEK HE LEFT THE CUBS VIA FREE
AGENCY BEFORE LAST SEASON TO SIGN WITH THE BRAVES FOR ABOUT THE SAME MONEY
THE CUBS OFFERED

NOT HIM NEVER OSBORN SAYS HE SOLD US OUT FOR A RING 9403150003
940315 WHO'S NEWS NATIONAL WESTMINSTER BANK PLC

NATIONAL WESTMINSTER BANK PLC LONDON RAMESH N SHAH 46 YEARS OLD WAS
NAMED SENIOR VICE PRESIDENT AT THE NATIONAL WESTMINSTER BANCORP UNIT OF THIS
BANKING CONCERN A NEW POSITION MR SHAH PREVIOUSLY HELD THIS TITLE AT
SHEARSON LEHMAN BROTHERS HE WILL HEAD NATWEST'S BROKERAGE SERVICES
DIVISION A UNIT OF ITS PRIVATE CLIENTS AND INVESTMENT MANAGEMENT GROUP
9403150002 940315 KEY INTEREST RATES

ANNUALIZED INTEREST RATES ON CERTAIN INVESTMENTS AS REPORTED BY THE FEDERAL
RESERVE BOARD ON A WEEKLYAVERAGE BASIS WEDNESDAY MARCH 2 1994 CYIELDS
ADJUSTED FOR CONSTANT MATURITY 9403150001 940315 READER'S DIGEST
REPURCHASE PLAN

PLEASANTVILLE NY READER'S DIGEST ASSOCIATION INC SAID ITS BOARD OF
DIRECTORS APPROVED A REPURCHASE PROGRAM OF UP TO FIVE MILLION SHARES OF THE
COMPANY'S CLASS A NONVOTING COMMON STOCK OR ABOUT 5 OF THE OUTSTANDING
CLASS A NONVOTING SHARES FROM TIME TO TIME AS MARKET CONDITIONS WARRANT
9403150094 940224 LETTERS TO THE EDITOR HSC DON'T GET SICK WITHOUT IT

LOOK IN THE AVERAGE AMERICAN'S WALLET AND YOU'RE LIKELY TO FIND AN
AUTOMATIC TELLER MACHINE ATM CARD THAT ALLOWS HIM OR HER TO WITHDRAW OR
DEPOSIT MONEY FROM A BANK ACCOUNT AT THOUSANDS OF LOCATIONS AROUND THE
COUNTRY AND EVEN AROUND THE WORLD ATM CARDS HAVE EASED THE DAILY LIVES OF
WORKING AMERICANS WHO OFTEN DON'T HAVE TIME TO STAND IN BANK LINES TO MAKE
TRANSACTIONS

BUT BEHIND THE ATM MACHINE IS A WEB OF ACTIVITY AND BUREAUCRACY THOUSANDS
OF BANK EMPLOYEES ARE RESPONSIBLE FOR KEEPING THE ATMS IN WORKING ORDER
MAKING SURE THERE IS NO FRAUD OR ABUSE DEALING WITH CUSTOMER COMPLAINTS
AND FULFILLING FEDERAL AND STATE LAWS AND REGULATIONS AND THOUSANDS OF
FEDERAL AND STATE GOVERNMENT OFFICIALS OVERSEE THE BANKING INDUSTRY AND
PROTECT THE RIGHTS OF CONSUMERS

IF CONSUMERS REALIZED HOW MUCH WENT INTO EACH ATM TRANSACTION WOULD THEY
CUT UP THEIR CARD AND GO BACK TO RUSHING TO THE BANK TO GET IN LINE BEFORE 3
PM I DON'T THINK SO BECAUSE TO THE AVERAGE CONSUMER ATMS HAVE MADE LIFE
MUCH EASIER AND THE VARIOUS LEVELS OF PERSONNEL AND BUREAUCRACY DON'T MAKE A
WHIT OF DIFFERENCE

WHEN IT COMES TO REFORMING OUR HEALTH CARE SYSTEM PRESIDENT CLINTON TAKES A
SIMILAR CONSUMERORIENTED APPROACH HE BELIEVES AN AMERICAN'S INTERACTION
WITH THE HEALTH CARE SYSTEM SHOULD BE PAINLESS THAT'S WHY HE HAS PROPOSED
REFORMS THAT WILL PLACE REAL DECISIONMAKING AUTHORITY IN THE HANDS OF
CONSUMERS IN A STREAMLINED SYSTEM THAT'S SENSITIVE TO THE NEEDS OF PATIENTS
AND THEIR FAMILIES

UNDER THE PRESIDENT'S HEALTH SECURITY ACT EACH AMERICAN WILL RECEIVE A
HEALTH SECURITY CARD THAT FUNCTIONS MUCH LIKE AN ATM CARD SO WHEN A WOMAN
GOES TO THE DOCTOR SHE SIMPLY PRESENTS HER CARD TO THE DOCTOR WHO USES IT
TO PROCESS THE CLAIM MAKE SURE THAT THE RIGHT HEALTH PLAN IS BILLED AND
THEN SENDS THE PATIENT HOME

WHAT THEN OF THE MASSIVE BUREAUCRACY CHARTED OUT BY SENATORS BOB DOLE AND
ARLEN SPECTER

ACTUALLY WE IN THE ADMINISTRATION ALSO BELIEVE THERE IS TOO MUCH
BUREAUCRACY IN HEALTH CARE IN FACT THE EXCESS AMOUNT OF RED TAPE IN THE
CURRENT SYSTEM IS ONE OF THE THINGS THAT BROUGHT US TO THIS DEBATE AS THE
PRESIDENT SAID LAST SEPTEMBER THE MEDICAL CARE INDUSTRY IS LITERALLY
DROWNING IN PAPERWORK AMERICANS SPEND TWICE AS MUCH ON HEALTH CARE
OVERHEAD THAN ANY OTHER COUNTRY IN THE WORLD

THAT'S WHY THE HEALTH SECURITY ACT TAKES SPECIFIC STEPS STEPS THAT ARE
NOT TAKEN IN MOST OF THE REPUBLICAN ALTERNATIVES TO ALLEVIATE THE BURDEN
OF PAPERWORK AND BUREAUCRACY FOR CONSUMERS DOCTORS NURSES AND HOSPITALS
SPECIFICALLY IT WILL

 REPLACE THE NEARLY 1500 SEPARATE CLAIMS FORMS NOW USED BY INSURANCE
COMPANIES WITH A SINGLE ONEPAGE CLAIMS FORM THAT WILL BE EASY TO COMPLETE
AND SIMPLE TO PROCESS

 ELIMINATE INSURANCE COMPANY RULES AND REGULATIONS THAT RESTRICT
CONSUMERS' ACCESS TO COVERAGE INCLUDING THE 81 MILLION AMERICANS LIVING
WITH PREEXISTING MEDICAL CONDITIONS THAT HAMPER THEIR ABILITY TO GET
COVERAGE

 CREATE A STANDARD COMPREHENSIVE BENEFIT PACKAGE THAT WILL ELIMINATE THE
HASSLE OF FIGURING OUT IF A NEEDED SERVICE IS COVERED OR NOT

 EXPAND THE USE OF ELECTRONIC BILLING SO THAT PROVIDERS CAN BE PAID
QUICKLY PATIENTS CAN AVOID THE HEADACHE OF FILLING OUT FORMS AND FRAUD AND
ABUSE CAUSED BY REPETITIVE BILLING CAN BE CURTAILED

 ELIMINATE A STRING OF LABORINTENSIVE INVASIVE OVERSIGHT ACTIVITIES THAT
SERVE ONLY TO AGGRAVATE PROVIDERS AND PATIENTS ALIKE AND DO NOTHING TO
IMPROVE THE QUALITY OF CARE RENDERED

THESE CHANGES WILL PRODUCE A HEALTH CARE SYSTEM THAT IS EASY TO UNDERSTAND
EASY TO ACCESS AND EASY TO USE AND THEY WILL ELIMINATE THE BURDENSOME
INSURANCE INDUSTRY RED TAPE AND BUREAUCRACY AS WITH THE ATM CARD THE
HEALTH SECURITY CARD WILL IMPROVE THE QUALITY OF OUR LIVES AND THE QUALITY
OF OUR HEALTH CARE SYSTEM SEE RELATED LETTERS LETTERS TO THE EDITOR
CLINTON PLAN VIOLATES BASIC ECONOMICS WSJ MARCH 15 1994 9402240116
YY94 MM03 9403140153 940314 KRESA A CONQUEROR OF THE SKY' SHOWS 
NORTHROP'S COMBATIVE SPIRIT WITH BID  BY ROY J HARRIS JR STAFF
REPORTER OF THE WALL STREET JOURNAL

LOS ANGELES ANYONE SHOCKED BY NORTHROP CORP CHAIRMAN KENT KRESA'S
CHALLENGE TO THE MARTIN MARIETTAGRUMMAN ACQUISITION AGREEMENT MIGHT LEARN
FROM EXAMINING THE COMBATIVE CORPORATE CULTURE AT NORTHROP

SOMETHING OF A ROCKY AMONG DEFENSE CONTRACTORS THE SCRAPPY COMPANY HAS
HAD TO BATTLE BACK FOR DECADES FROM SUCH REVERSALS AS LOST BIDS ON MAJOR
AIRCRAFT PROGRAMS SCANDALS OVER FOREIGN BRIBES AND OTHER ALLEGED ETHICAL
LAPSES

SO SOME IN THIS NORMALLY FRATERNAL INDUSTRY WHERE LEADERS IN THEIR
EXCLUSIVE CLUB CALLED THE CONQUISTADORES DEL CIELO MEET REGULARLY IN A
WESTERN DUDERANCH SETTING WERE LESS THAN AMAZED WHEN MR KRESA TOOK ON
FELLOW CONQUEROR OF THE SKY NORMAN AUGUSTINE MARTIN MARIETTA CORP
CHAIRMAN IN PURSUIT OF GRUMMAN CORP

INDEED MR KRESA'S ACTIONS APPEARED TO BE LESS THAN FRATERNAL LAST WEEK ON
WEDNESDAY AS NORTHROP WAS PUTTING TOGETHER ITS HOSTILE BID MR KRESA SENT
WORD TO AN INDUSTRY COMMITTEE THAT HE HAD MISSED HIS PLANE AND COULDN'T MAKE
A REGULAR MEETING MR AUGUSTINE AND RENSO L CAPORALI GRUMMAN'S CHAIRMAN
 AMONG OTHER EXECUTIVES AT THE MEETING DIDN'T SEEM TO GIVE THE
EXPLANATION ANOTHER THOUGHT JOKING AT TIMES ABOUT THEIR DEAL ANNOUNCED
MONDAY FOR A FRIENDLY MERGER OF THEIR COMPANIES

THE NEXT DAY NORTHROP MADE A 204 BILLION BID EQUAL TO 60 A GRUMMAN
SHARE WHICH EXCEEDED BY 5 A SHARE THE VALUE OF THE MARTIN MARIETTAGRUMMAN
DEAL

MR KRESA WHO TURNS 56 YEARS OLD THIS MONTH AND HAS BEEN WITH NORTHROP FOR
NEARLY 20 YEARS ESCHEWS THE NOTION THAT HIS MOTIVATION IS TO BREAK UP A
NEGOTIATED ACQUISITION AMONG RIVALS

HE LAMENTS THE HARSH WORDS THAT CAME FROM MARTIN MARIETTA WHICH SNAPPED
THAT THE ATTACK BY NORTHROP DEGRADES THE ENTIRE CHARACTER OF THE RATIONAL
CONSOLIDATION TAKING PLACE WITHIN IN THE UNITED STATES' NATIONAL SECURITY
INDUSTRIAL BASE MR AUGUSTINE'S COMPANY CALLED THE NORTHROP BID A HOSTILE
ATTACK THAT SEEKS TO DISRUPT AN AGREEMENT  FOR A FRIENDLY
CONSOLIDATION

RESPONDS MR KRESA IN AN INTERVIEW I THINK THAT NORM'S COMMENTS WERE
UNFORTUNATE I CERTAINLY HAVE NO FEELING THAT WAY AT ALL NORTHROP WAS
FORCED INTO THE BID HE SUGGESTS BECAUSE ITS OWN LENGTHY DISCUSSIONS WITH
GRUMMAN WERE BROKEN OFF AND HIS COMPANY WASN'T GIVEN A CHANCE TO BID THIS
YEAR AS MARTIN MARIETTA WAS THIS IS VERY IMPORTANT BUSINESS FOR BOTH OUR
COMPANIES HE SAYS OF NORTHROP AND GRUMMAN

HIS PROPOSED NORTHROPGRUMMAN CORP MR KRESA ADDS REPRESENTS A NATURAL
FIT BECAUSE OF THE TWO COMPANIES' COMMON STRENGTHS IN MAKING AIRPLANES
PARTICULARLY THOSE USED ON AIRCRAFT CARRIERS EMPHASIZING THE INDUSTRY'S
HISTORY THE EXECUTIVE NOTES THAT THE TWO COMPANIES STARTED BY AVIATION
PIONEERS JACK NORTHROP AND LEROY GRUMMAN HAD BUILT AND DESIGNED SOME OF
THE MOST LEGENDARY AIRCRAFT IN THEIR TIME

HE CLEARLY AIMS SOME WORDS AT GRUMMAN EMPLOYEES WHO OWN A LARGE CHUNK OF
THE BETHPAGE NY COMPANY'S STOCK WHEN HE SAYS THAT A NORTHROP
COMBINATION WOULD ALSO BETTER RETAIN CRITICAL DEFENSE INDUSTRIAL SKILLS AND
JOBS

BUT MR KRESA CONCEDES THAT HIS LONG NORTHROP CAREER HAS BEEN IN AN
ENVIRONMENT WHERE WE ARE ALWAYS SMALLER THAN SOMEONE ELSE AND HAD TO MAKE
UP FOR IT WITH EXCELLENT PRODUCT HE NOTES PROUDLY THAT AMONG THE SIX OR
SEVEN MAKERS OF WARPLANES OVER THE PAST 20 YEARS HIS IS THE ONLY COMPANY TO
HAVE ENTERED ALL NEWPLANE CONTESTS AND HAS ENDED UP NO 1 OR NO 2 IN
EVERY TACTICAL AIRCRAFT COMPETITION IN AMERICA

NORTHROP FAILED TO EMERGE ON TOP IN SOME CRITICAL COMPETITIONS INCLUDING
THE YF23 BEATEN OUT BY LOCKHEED CORP'S F22 FOR A HUGE AIR FORCE FIGHTER
CONTRACT THE FINANCIALLY DRAINING F20 THAT NORTHROP BUILT ON ITS OWN THEN
COULDN'T SELL AND A NORTHROP YF17 DESIGN THAT LED TO THE F/A18 FIGHTER
FOR WHICH MCDONNELL DOUGLAS CORP WAS NAMED PRIME CONTRACTOR AS A
SUBCONTRACTOR NORTHROP MAKES 40 OF THE F/A18 EVEN NORTHROP'S
TECHNOLOGICAL COUP THE REVOLUTIONARY FLYINGWING B2 STEALTH BOMBER
ENCOUNTERED DEVASTATING FLAK FROM BUDGETCUTTERS AND CRITICS CONCERNING ITS
SOARING COSTS

NONE OF THIS MAKES MR KRESA AN UNDERDOG HE MAINTAINS NOR DOES HE FEEL
BOGGED DOWN IN THE LEGACY OF ETHICAL CHARGES INVOLVING SUCH THINGS AS FALSE
TESTING OF PARTS THAT PLAGUED HIS PREDECESSOR LONGTIME NORTHROP CHAIRMAN
THOMAS V JONES

THIS IS THE '90S AND THAT WAS THE '60S AND '70S AND '80S MR KRESA SAYS
AT THE NORTHROP OF TODAY WE ANALYZE THINGS IN GREAT DEPTH AND SEE WHAT
THE NEW TRENDS ARE GOING TO BE NORTHROP'S DECISION TO PURSUE AN
ACQUISITION OF GRUMMAN ONE OF THE FEW FIGHTERBUILDERS REMAINING IN THE
SHRINKING AND CONSOLIDATING INDUSTRY IS A SIGN THAT WE'VE VERY DILIGENTLY
AND DELIBERATELY LOOKED AT THE DOWNSIZING OF THIS INDUSTRY HE SAYS

THE NEW YORKBORN MR KRESA A MASSACHUSETTS INSTITUTE OF TECHNOLOGYTRAINED
ENGINEER IS CREDITED WITH HELPING NORTHROP MOVE PAST THE ETHICAL PROBLEMS
PLAGUING IT BEFORE HE TOOK OVER AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER IN
1990 FOR THE CONTROVERSIAL AND STRONGWILLED MR JONES NOW A FULLFLEDGED
CALIFORNIAN MR KRESA HAS HOMES BOTH HERE AND NEAR THE BAY AREA TO RELAX
HE PLAYS TENNIS HAS TRIED HIS HAND AT GOLF AND MORE RECENTLY HAS TAKEN UP
ROLLERBLADING MY WIFE AND I HAVE FOUND THAT IT'S ONE OF OUR BEST FORMS OF
EXERCISE HE SAYS

AS NORTHROP HAS ROLLED TOWARD ITS FUTURE EXAMINING POSSIBLE ACQUISITIONS
MR KRESA SEEMED TO HAVE ADOPTED FAR LESS OF A MAVERICK ROLE THAN HAD MR
JONES

WHEN KRESA WAS APPOINTED HE MADE A VERY DELIBERATE EFFORT TO STEER AWAY
FROM THE CULTURE OF THE AUTOCRATIC CEO AND TO DO THINGS BASED ON DELIBERATE
AND CAREFUL WORK RATHER THAN FLAMBOYANCE SAYS WOLFGANG DEMISCH AN
DEFENSEINDUSTRY ANALYST FOR BT SECURITIES IN NEW YORK

BUT NORTHROP BECAME FRUSTRATED MR DEMISCH SAYS AS IT EXAMINED GENERAL
DYNAMICS CORP'S FIGHTER BUSINESS AND LATER GRUMMAN HE ENCOUNTERED A
PROCESS WHERE NORTHROP DOES A LOT OF THE HOMEWORK AND SOMEBODY ELSE BUYS
THE ENTERPRISE THUS MR KRESA WAS FORCED INTO THE DRAMATIC HOSTILE
GRUMMAN BID BECAUSE THERE AREN'T MANY AIRFRAME MAKERS LEFT SAYS MR
DEMISCH

MR KRESA THE ANALYST SAYS HAS BECOME KEENLY AWARE NOW THAT FORTUNE
PUNISHES THE CAREFUL 9403140152 940314 TAX CHANGES ARE UNDER
CONSIDERATION AS LAWMAKERS NEAR VOTE ON HEALTH BILL  BY DAVID
ROGERS STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON NEW COST ESTIMATES FOR HEALTHCARE REFORM LEGISLATION IN
CONGRESS ARE CAUSING SOME LAWMAKERS TO LOOK AT GENERAL TAX PROVISIONS AS
MEANS TO REDUCE THE BURDEN ON EMPLOYERS

ESTIMATES RELEASED OVER THE WEEKEND BY THE HOUSE WAYS AND MEANS HEALTH
SUBCOMMITTEE SHOW THAT UNDER A PENDING DEMOCRATICBACKED BILL THE BASIC
BENEFIT PACKAGE WOULD COST EMPLOYERS AN ESTIMATED 2000 FOR EACH WORKER IN
ANNUAL PREMIUMS THAT WORKS OUT TO 96 CENTS AN HOUR WHILE SOME COMPANIES
PAY MORE THAN THAT NOW MANY DON'T AND A LOT OF SMALLER COMPANIES DON'T
PROVIDE ANY COVERAGE AT ALL

THE ESTIMATES UNDERSCORE THE BURDEN FACING MANY SMALL BUSINESSES AND
DEMOCRATS MUST COME UP WITH SOME OTHER SOURCE OF FUNDS IF THEY ARE TO OFFSET
THESE COSTS

ONE OPTION BEING CONSIDERED IS ELIMINATING OR CAPPING THE CURRENT INCOMETAX
EXCLUSION THAT INDIVIDUALS GET FOR HEALTH BENEFITS PAID FOR BY THEIR
EMPLOYERS THE EXCLUSION AMOUNTS TO A SUBSIDY VALUED AT BILLIONS OF DOLLARS
A YEAR FOR HIGHERINCOME INDIVIDUALS AND CONSERVATIVE CRITICS ARGUE IT
ENCOURAGES HIGHER HEALTH EXPENDITURES

WHILE ORGANIZED LABOR OPPOSES TAXING SUCH FRINGE BENEFITS SOME DEMOCRATIC
AND REPUBLICAN POLICY EXPERTS HAVE LONG SAID THE LOST REVENUE WOULD BETTER
SERVE TO FINANCE A TAX CREDIT TO HELP LOWERWAGE WORKERS PAY FOR HEALTH
INSURANCE AT THIS STAGE IN THE HEALTH DEBATE IN CONGRESS FEW ON THE
DEMOCRATIC SIDE ARE PREPARED TO GO THAT FAR BUT A FUTURE COMPROMISE COULD
COMBINE A CREDIT FOR WORKERS AT SMALL COMPANIES AND A LESSER MANDATE ON
THEIR EMPLOYERS PERHAPS REQUIRING THEM TO PAY A 50 SHARE OF THE PREMIUM

WHEN WE'RE 50 VOTES SHORT WE START GOING DOWN A PENNY AN HOUR SAID REP
FORTNEY PETE STARK CHAIRMAN OF THE HEALTH SUBCOMMITTEE BACKTOBACK
MINIMUM WAGE INCREASES EARLY IN THIS DECADE WERE ABOUT EQUAL TO THE 96 CENTS
AN HOUR FIGURE SAID THE CALIFORNIA DEMOCRAT BUT AMONG HIS OWN COLLEAGUES
THERE IS CONSIDERABLE NERVOUSNESS IT WOULD BE NICE IF IT WOULD BE LESS
BUT IT IS WHAT IT IS MR STARK SAID IF WE'RE GOING TO SUBSIDIZE SMALL
BUSINESS WE'RE GOING TO HAVE TO HAVE A TAX TO DO IT

RELEASE OF THE ESTIMATES CAME AS MR STARK'S PANEL PREPARES TO BEGIN VOTING
THIS WEEK ON THE BILL WHICH WOULD CREATE A PROGRAM SIMILAR TO MEDICARE TO
COVER PEOPLE WITHOUT PRIVATE INSURANCE EMPLOYERS WOULD PAY 80 OF THE
PREMIUMS FOR THEIR WORKERS AND THE GOVERNMENT WOULD FINANCE SUBSIDIES TO
HELP POOR AND WORKING CLASS FAMILIES PAY THEIR 20

MEDICAID WOULD BE FOLDED INTO THE SAME PROGRAM THE NET COST TO THE FEDERAL
GOVERNMENT WOULD BE ABOUT 33 BILLION IN ADDITIONAL SPENDING IN THE YEAR
2000 TO HELP COVER THE UNINSURED AND EXTEND NEW ASSISTANCE TO LOWINCOME
ELDERLY BENEFICIARIES OF MEDICARE AS WELL AN ADDITIONAL 14 BILLION WOULD
PAY FOR A NEW PRESCRIPTION DRUG BENEFIT UNDER MEDICARE BRINGING TOTAL NEW
EXPENDITURES TO ABOUT 47 BILLION ACCORDING TO THE ESTIMATES PREPARED IN
CONSULTATION WITH STAFF OF THE CONGRESSIONAL BUDGET OFFICE

TO KEEP THE BILL FROM ADDING TO THE FEDERAL DEFICIT SUBCOMMITTEE DEMOCRATS
CLAIM MEDICARE SAVINGS OF ABOUT 23 BILLION IN 2000 THE REMAINING 24
BILLION BUDGET GAP WOULD BE FILLED BY INCREASED TAXES ON TOBACCO AND A
TEMPORARY PAYROLL TAX OF 08 ON EMPLOYERS

THE MEDICARE SAVINGS ARE 14 BILLION LESS THAN WHAT THE ADMINISTRATION
CLAIMS FOR THE SAME YEAR ACCORDING TO PRIOR CBO ESTIMATES AND EVEN WITH
THE PAYROLL TAX THE NET REVENUE INCREASE IN THE HOUSE BILL IS ALMOST 10
BILLION LESS THAN THAT FOR THE CLINTON PLAN IN 2000 THIS DIFFERENCE STEMS
NOT FROM TAXES PER SE BUT FROM THE FACT THAT THE CLINTON PLAN IS MUCH MORE
AGGRESSIVE IN HOLDING DOWN TOTAL HEALTH EXPENDITURES LOWER EXPENDITURES
HAVE THE INDIRECT EFFECT OF FOR EXAMPLE REDUCING CORPORATE TAX DEDUCTIONS
FOR HEALTH BENEFITS AND SO TAX REVENUE COULD CLIMB 9403140151 940314
FINANCING BUSINESS LARIZZA INDUSTRIES INC

LARIZZA INDUSTRIES INC TROY MICH SAID ITS LENDERS CONVERTED ABOUT 563
MILLION OF SENIOR DEBT INTO 8283040 OF THE COMPANY'S COMMON SHARES
LARIZZA A MAKER OF AUTOMOTIVE COMPONENTS SAID IT WON'T RECEIVE ANY
PROCEEDS FROM THE SALE OF THE LENDERS' SHARES THE COMPANY SAID IT WILL
GRANT TO THE UNDERWRITERS AN OVERALLOTMENT OPTION TO PURCHASE AN ADDITIONAL
12 MILLION SHARES THE OFFERING IS BEING MANAGED BY PAINEWEBBER INC
MCDONALD & CO SECURITIES INC AND RONEY & CO 9403140150 940314 ECONOMY
 RISE IN RETAIL SALES IS UNIMPRESSIVE BUT PICKUP IN MARCH IS CALLED
LIKELY  BY DAVID WESSEL STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE GOVERNMENT'S REPORT ON RETAIL SALES IN FEBRUARY AND A BIG
REVISION TO ITS JANUARY ESTIMATES INDICATE THAT PERHAPS BECAUSE OF BAD
WEATHER CONSUMERS LOST SOME OF THEIR ENTHUSIASM FOR SPENDING MORE

THE COMMERCE DEPARTMENT SAID RETAIL SALES TOTALED 1816 BILLION IN
FEBRUARY REBOUNDING 15 FROM THE PREVIOUS MONTH'S DECLINE BUT THE
DEPARTMENT ADDED THAT SALES DROPPED 19 IN JANUARY RATHER THAN THE 05
DECLINE REPORTED PREVIOUSLY SO MUCH OF THE INCREASE WAS JUST CATCHING UP

THE REPORT LEFT THE CONSUMER SECTOR WITH A LITTLE LESS MOMENTUM THAN HAD
EARLIER SEEMED TO BE THE CASE MERRILL LYNCH & CO ECONOMISTS SAID MOST
PRIVATE FORECASTERS ARE LOOKING FOR A REBOUND IN RETAIL SALES IN MARCH AS
BETTER WEATHER RETURNS

FORECASTERS AT THE UNIVERSITY OF MICHIGAN SAID FRIDAY THAT THE US ECONOMY
IS OFF TO A RUNNING START THEY EXPECT THE ECONOMY TO EXPAND AT A 35
ANNUAL RATE IN THE FIRST HALF AND THEN TO DECELERATE TO A 23 GROWTH RATE
IN THE SECOND CONSUMER SPIRITS AS MEASURED BY THE UNIVERSITY'S SURVEYS
ARE BACK UP TO LEVELS THAT HAVEN'T BEEN SEEN SINCE BEFORE THE 1990
RECESSION

SALES AT GROCERY STORES GAS STATIONS DEPARTMENT STORES RESTAURANTS AND
THE LIKE WHICH ACCOUNT FOR 60 OF RETAIL SALES ROSE 12 IN FEBRUARY AFTER
FALLING 19 IN JANUARY THE INCREASES WERE WIDESPREAD SALES OF BUILDING
AND RELATED MATERIALS WHICH INCREASED STRONGLY LAST YEAR SLIPPED 2 IN
FEBRUARY AND 66 IN JANUARY A CASUALTY OF THE WEATHER FURNITURE SALES
WERE UP 09 IN FEBRUARY AFTER FALLING 44 IN JANUARY THEY'RE STILL UP
103 FROM A YEAR EARLIER

AUTO DEALERS' SALES ROSE 32 IN FEBRUARY AFTER FALLING 05 IN JANUARY
OVER THE PAST YEAR THEY HAVE RISEN 223 EXCLUDING AUTO SALES OVERALL
RETAIL SALES WERE UP 1 IN FEBRUARY THEY FELL A REVISED 19 IN JANUARY

THE FIGURES ARE ADJUSTED TO REMOVE THE USUAL SEASONAL FLUCTUATIONS BUT NOT
FOR CHANGES IN PRICES THEY ARE SUBJECT TO HUGE REVISIONS AS MORE
INFORMATION IS RECEIVED 9403140149 940314 BUSINESS BRIEF AMBER'S
STORES INC RETAILER POSTS ITS FIRST LOSS SINCE BECOMING PUBLIC FIRM

AMBER'S STORES INC POSTED ITS FIRST QUARTERLY LOSS AS A PUBLIC COMPANY
CITING DISCOUNTED PRICES A WRITEDOWN OF INVENTORY AND DISTRIBUTION
PROBLEMS RESULTING FROM RAPID STORE EXPANSION

IN THE FOURTH QUARTER ENDED JAN 31 THE DALLAS ARTS AND CRAFTS RETAILER
WHICH WENT PUBLIC IN 1992 POSTED A LOSS OF 2 MILLION OR 37 CENTS A SHARE
ON SALES OF 246 MILLION A YEAR EARLIER AMBER'S HAD A PROFIT OF 14
MILLION OR 28 CENTS A SHARE ON SALES OF 181 MILLION

FOR FISCAL 1994 AMBER'S HAD A LOSS OF 15 MILLION OR 27 CENTS A SHARE
COMPARED WITH A YEAREARLIER PROFIT OF 27 MILLION OR 65 CENTS A SHARE
SALES ROSE 47 TO 62 MILLION FROM 422 MILLION

THE COMPANY ALSO SAID ITS CASH POSITION AT JAN 31 HAD FALLEN TO 503000
FROM 16 MILLION A YEAR EARLIER ALTHOUGH CHIEF FINANCIAL OFFICER LAMAR
ROBERTS SAID CASH WAS NOT A CONCERN BECAUSE THE COMPANY IS SLOWING ITS
EXPANSION MERCHANDISE INVENTORIES EVEN AFTER THE UNSPECIFIED WRITEDOWN
BALLOONED 84 TO 265 MILLION FROM 144 MILLION A YEAR EARLIER STORES
OPEN STOOD AT 38 UP FROM 24 A YEAR EARLIER 9403140148 940314 WORKERS'
STAKE COULD BLOCK NORTHROP'S BID  GRUMMAN EMPLOYEES' PLAN HOLDS
33 OF COMPANY POWER TO CHOOSE OFFER  BY RANDALL SMITH STAFF
REPORTER OF THE WALL STREET JOURNAL

A 33 EQUITY STAKE IN GRUMMAN CORP HELD BY EMPLOYEES OF THE EMBATTLED
DEFENSE CONTRACTOR COULD POSE AN OBSTACLE TO NORTHROP CORP'S 204 BILLION
HOSTILE BID FOR GRUMMAN

THE GRUMMAN EMPLOYEES' EQUITY STAKE IS HELD BY A GRUMMAN SAVINGS AND
RETIREMENT PLAN IT REPRESENTS AN UNUSUALLY LARGE PERCENTAGE OF EMPLOYEE
OWNERSHIP FOR A MAJOR CORPORATION THE TRUSTEES OF THE GRUMMAN PLAN ALL OF
WHOM ARE GRUMMAN EXECUTIVES HAVE THE POWER TO DECIDE WHETHER TO ACCEPT THE
NORTHROP OFFER OR A RIVAL 187 BILLION BID BY MARTIN MARIETTA CORP OR TO
LET THE EMPLOYEE SHAREHOLDERS DECIDE FOR THEMSELVES

NORTHROP ON THURSDAY OFFERED 60 A SHARE FOR GRUMMAN TOPPING A FRIENDLY
55ASHARE MERGER AGREEMENT BETWEEN GRUMMAN AND MARTIN MARIETTA

MOST INVESTMENT BANKERS BELIEVE GRUMMAN IN THE END WILL BE SOLD TO THE
HIGHEST BIDDER PARTICULARLY SINCE EACH BIDDER IS OFFERING ALL CASH
REDUCING THE UNCERTAINTIES INHERENT IN VALUING STOCK OFFERS

BUT LEGAL EXPERTS SAY THE THREE GRUMMAN EXECUTIVES WHO SERVE AS TRUSTEES TO
THE GRUMMAN SAVINGS AND RETIREMENT PLAN THAT HOLDS THE STOCK HAVE A SMALL
AMOUNT OF LEEWAY UNDER FEDERAL LAW TO CONSIDER FACTORS OTHER THAN THE
ABSOLUTE DOLLAR VALUE OF EACH BID SUCH AS FUTURE LAYOFFS OF GRUMMAN
WORKERS

MARTIN MARIETTA AND NORTHROP ARE EXPECTED TO LAY OFF THOUSANDS OF GRUMMAN
EMPLOYEES ONCE EITHER BIDDER ACQUIRES THE COMPANY HOWEVER THERE ARE SIGNS
THAT MARTIN MARIETTA MIGHT CAMPAIGN FOR GRUMMAN EMPLOYEES' SUPPORT ON THE
GROUNDS THAT ITS BID MIGHT RESULT IN FEWER LAYOFFS

ONE OF THE LEADING PRECEDENTS IN THIS AREA INVOLVED GRUMMAN ITSELF WHICH
MORE THAN A DECADE AGO FOUGHT OFF A HOSTILE TAKEOVER BID BY LTV CORP BY
SELLING A BLOCK OF STOCK TO EMPLOYEES WHO DECLINED TO ACCEPT THE LTV BID

THE DEPARTMENT OF LABOR LATER CHARGED THAT THE GRUMMAN ACTION HAD HURT THE
EMPLOYEES BECAUSE THEIR STOCK WAS PURCHASED AT A HIGH PRICE THAT REFLECTED
THE LTV BID AND THE SHARES LATER FELL IN PRICE AFTER THE LTV BID WAS
WITHDRAWN BUT GRUMMAN EVENTUALLY ESCAPED ANY SANCTIONS BECAUSE ITS STOCK
BUOYED BY THE 1980S BULL MARKET EVENTUALLY OUTDISTANCED THE PERSHARE PRICE
TAG ON THE LTV OFFER

UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OR ERISA WHICH GOVERNS
THEIR DECISON MAKING THE GRUMMAN PLAN TRUSTEES MUST ACT IN THE BEST
INTERESTS OF THE PARTICIPANTS OF THE PLAN IN OTHER WORDS THEY CAN'T OPT
FOR THE MARTIN MARIETTA OFFER SIMPLY BECAUSE THAT OFFER HAS THE BACKING OF
GRUMMAN MANAGEMENT

A GRUMMAN SPOKESMAN SAID FRIDAY THAT THE TRUSTEES ARE STUDYING ALL THEIR
OPTIONS RIGHT NOW AND WOULDN'T BE AVAILABLE TO COMMENT ON THE SITUATION
UNDER THE RULES OF THE INVESTMENT PLAN THE TRUSTEES MAY CHOOSE TO ALLOW THE
GRUMMAN EMPLOYEES TO DECIDE INDIVIDUALLY WHICH BID THEY PREFER IN THAT
CASE MANY GRUMMAN EMPLOYEES PARTICULARLY RETIREES MIGHT OPT FOR THE
HIGHER BID ONE PERSON CLOSE TO THE MARIETTAGRUMMAN MERGER PROPOSAL
PREDICTED THAT THE TRUSTEES WILL GIVE THE EMPLOYEES THE CHANCE TO DECIDE FOR
THEMSELVES THE GRUMMAN EXECUTIVES WHO ARE TRUSTEES OF THE PLAN ARE ROBERT
FOSTER HOWARD DUNN AND ROBERT DENIEN

INTERVIEWS WITH SEVERAL EXPERTS ON ERISA LAW INDICATE THAT THE TRUSTEES
WOULD PROBABLY BE LESS VULNERABLE TO LAWSUITS IF THEY ACCEPTED THE HIGHEST
BID BUT THAT THE DECISION ISN'T NECESSARILY OPEN AND SHUT

BRONISLAW E GRALA AN ERISA EXPERT AT THE LAW FIRM CADWALADER WICKERSHAM &
TAFT IN WASHINGTON SAID THAT OPINIONS DIFFER AND CASE LAW ISN'T UNIFORM
BUT THERE IS A THEORY THAT A TRUSTEE IS ENTITLED TO TAKE INTO ACCOUNT  
THAT IT MAY BE PREFERABLE TO ACCEPT A LOWER OFFER IF THE OFFEROR IS MORE
LIKELY TO STAY IN BUSINESS AND EVENTUALLY PUT MORE MONEY INTO THE PLAN

BUT MR GRALA ADDED THE DEPARTMENT OF LABOR WOULD PROBABLY SAY THERE IS A
BURDEN OF PROOF ON THE TRUSTEES TO OVERCOME IF THEY WERE TO CHOOSE THE
LESSER CASH OFFER

NORMALLY A 33 BLOCK OF STOCK WOULDN'T BE LARGE ENOUGH TO BLOCK AN OFFER BY
ITSELF BUT GRUMMAN IS INCORPORATED IN NEW YORK WHERE STATE LAW REQUIRES
THAT AN ACQUIRER OBTAIN TWOTHIRDS OF A COMPANY'S STOCK TO MERGE THE TWO
COMPANIES MARTIN MARIETTA OR NORTHROP COULD OBTAIN CONTROL OF GRUMMAN BY
BUYING 501 OF ITS STOCK BUT COULDN'T MERGE THE TWO COMPANIES

IN RESPONDING TO NORTHROP'S BID MARTIN MARIETTA CHAIRMAN NORMAN AUGUSTINE
APPEARED TO ACKNOWLEDGE THE POTENTIAL IMPORTANCE OF EMPLOYEE SENTIMENT WHEN
HE SAID AS WE HAVE COME TO KNOW THE GRUMMAN EMPLOYEES OF THESE PAST
SEVERAL WEEKS WE HAVE GAINED EVER GREATER RESPECT FOR THEIR TALENT
INTEGRITY AND PROFESSIONALISM THEY DESERVE THE UTMOST CONSIDERATION

MEANWHILE GRUMMAN'S STOCK CONTINUED TO SURGE FRIDAY RISING 3 A SHARE TO
6475 IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE INDICATING
TRADERS EXPECT THE BIDDING TO REACH 70 A SHARE AND NORTHROP'S SHARES
DIDN'T DECLINE AS A BIDDER'S STOCK USUALLY DOES BECAUSE OF RUMORS WHICH
SOME TRADERS SAID MARTIN MARIETTA DIDN'T DISCOURAGE THAT MARTIN MARIETTA
MIGHT LAUNCH A BID FOR NORTHROP ITSELF TO REMOVE NORTHROP AS A
DEFENSEINDUSTRY COMPETITOR NORTHROP'S SHARES ROSE 125 CENTS TO 41375
AND MARTIN MARIETTA'S SHARES FELL 2 TO 4450 ON THE BIG BOARD

THE RUMORS WERE GIVEN ADDED CREDENCE BY TRADERS BECAUSE IT WAS MARTIN
MARIETTA THAT EXECUTED THE FIRST AND ONLY PACMAN DEFENSE IN WHICH THE
TARGET OF A HOSTILE TAKEOVER BID RESPONDED BY MAKING A HOSTILE OFFER FOR THE
ORIGINAL BIDDER THE TACTIC EVENTUALLY SUCCEEDED BY FORCING THE BIDDER
BENDIX CORP TO BE ACQUIRED BY ALLIEDSIGNAL CORP

MARTIN MARIETTA WOULDN'T HAVE TO KEEP ALL OF NORTHROP FOR THAT STRATEGY TO
MAKE SENSE THE TACTIC MIGHT REDUCE THE PRICE IT HAS TO PAY FOR GRUMMAN AND
MARTIN MARIETTA COULD ALSO RECOUP PART OF THE COST BY SELLING PIECES OF
NORTHROP

IN AN ALLOUT BIDDING WAR ANALYSTS BELIEVE MARTIN MARIETTA CAN AFFORD TO
PAY MORE IF IT CHOOSES BECAUSE IT IS A LARGER COMPANY WITH A STRONGER
BALANCE SHEET 9403140146 940314 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

GTE CALIFORNIA 250 MILLION OF DEBT VIA COMPETITIVE BID

AK STEEL HOLDING CORP INITIAL OFFERING OF 158 MILLION SHARES VIA CS
FIRST BOSTON INC

BANGOR HYDRO ELECTRIC CO 782500 SHARES VIA SMITH BARNEY SHEARSON INC

BROOKSTONE INC TWO MILLION SHARES VIA ROBERTSON STEPHENS & CO AND
ALEX BROWN & SONS INC

CALIFORNIA ENERGY CO 400 MILLION OF 10YEAR SENIOR DISCOUNT NOTES VIA
LEHMAN BROTHERS INC

CALIFORNIA FEDERATED 150 OF PERPETUAL PREFERRED STOCK VIA SMITH BARNEY
SHEARSON

CHRONIMED INC 17 MILLION SHARES VIA HAMBRECHT & QUIST INC AND DAIN
BOSWORTH INC

COPART INC INITIAL TWO MILLION SHARES VIA OPPENHEIMER & CO AND GENESIS
MERCHANT GROUP

EMERGING MARKETS FLOATING RATE FUND INITIAL 27 MILLION SHARES VIA
OPPENHEIMER & CO AND SALOMON BROTHERS

EMPHESYS FINANCIAL GROUP INITIAL 102 MILLION SHARES VIA GOLDMAN SACHS
& CO

EXCEL INDUSTRIES INC 26 MILLION SHARES VIA DEAN WITTER REYNOLDS INC

EXECUTIVE RISK INC INITIAL 45 MILLION SHARES VIA DONALDSON LUFKIN &
JENRETTE SECURITIES CORP

FEDERAL EXPRESS CORP 380 MILLION OF PASSTHROUGH CERTIFICATES VIA
GOLDMAN SACHS

FIDELITY ASIA EMERGING MARKETS FUND INC INITIAL FOUR MILLION SHARES VIA
DONALDSON LUFKIN & JENRETTE AND MERRILL LYNCH & CO

FLEXTRONICS INTERNATIONAL LTD INITIAL 25 MILLION SHARES VIA MONTGOMERY
SECURITIES

HARTMARX CORP 100 MILLION OF EIGHTYEAR SENIOR SUBORDINATED NOTES VIA
CS FIRST BOSTON

HEALTHSOUTH REHABILITATION CORP 250 MILLION OF SEVENYEAR SENIOR
SUBORDINATED NOTES VIA SMITH BARNEY SHEARSON

LINCOLN TELECOMMUNICATIONS CO 21 MILLION SHARES VIA MERRILL LYNCH AND
DAIN BOSWORTH

METRICOM INC 22 MILLION SHARES VIA DONALDSON LUFKIN & JENRETTE AND
COWEN & CO

NORTHWEST AIRLINES INC INITIAL 20 MILLION SHARES VIA LEHMAN BROTHERS

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

NOVELLUS SYSTEMS INC 15 MILLION SHARES VIA HAMBRECHT & QUIST INC

NPS PHARMACEUTICALS INC INITIAL 25 MILLION SHARES VIA PAINEWEBBER INC

PETCO ANIMAL SUPPLIES INC INITIAL THREE MILLION SHARES VIA PAINEWEBBER
AND CS FIRST BOSTON

PHOENIX RESOURCE COS 12 MILLION SHARES VIA SALOMON BROTHERS INC AND
PETRIE PARKMAN & CO

TEXAS REGIONAL BANCSHARES INC INITIAL 12 MILLION CLASS A COMMON SHARES
VIA ALEX BROWN & SONS AND FIRST SOUTHWEST CO

VIRGIN INTERACTIVE ENTERTAINMENT PLC INITIAL 1850000 ADR SHARES VIA CS
FIRST BOSTON AND PIPER JAFFRAY INC

CONNECTICUT 205 MILLION OF 1994 SERIES A GENERAL OBLIGATION BONDS VIA
COMPETITIVE BID

MECKLENBURG COUNTY NC 1972 MILLION OF SERIES 1994 PUBLICIMPROVEMENT
BONDS VIA COMPETITIVE BID

TENNESSEE 1612 MILLION OF 1994 GENERAL OBLIGATION BONDS VIA
COMPETITIVE BID

MICHIGAN 150 MILLION OF SERIES 1994A STATE TRUNK LINE FUND BONDS VIA
COMPETITIVE BID

PENNSYLVANIA 7889 MILLION OF 1994 IMPROVEMENT BONDS VIA COMPETITIVE
BID

CHATHAM COUNTY HOSPITAL AUTHORITY GA 150 MILLION OF SERIES 1994A
HOSPITAL REVENUE REFUNDING BONDS INSURED BY THE MUNICIPAL BOND INVESTORS
ASSURANCE CORP VIA A CS FIRST BOSTON GROUP

WISCONSIN 172 MILLION OF GENERAL OBLIGATION BONDS VIA A MERRILL LYNCH
GROUP 9403140145 940314 BIRD CORP REPORTS FOURTHQUARTER LOSS 
TOTALING 288 MILLION

DEDHAM MASS BIRD CORP REPORTED A FOURTHQUARTER NET LOSS OF 288
MILLION OR 707 SHARE ON SALES OF 507 MILLION CITING ONETIME CHARGES
AND A LOSS IN ITS ENVIRONMENTALREMEDIATION BUSINESS

IN THE YEAREARLIER PERIOD BIRD REPORTED A NET LOSS OF 541000 OR 23
CENTS A SHARE ON SALES OF 471 MILLION

THE BUILDINGMATERIALS AND ENVIRONMENTALSERVICES COMPANY ALSO SAID IT
EXPECTS TO REPORT A LOSS FOR THIS YEAR'S FIRST QUARTER AND DOESN'T EXPECT TO
RESUME DIVIDEND PAYMENTS WHICH WERE SUSPENDED DURING THE FOURTH QUARTER
UNTIL IT IS FINANCIALLY PRUDENT TO DO SO

FOR THE YEAR THE COMPANY REPORTED A LOSS OF 283 MILLION OR 729 A
SHARE ON SALES OF 2124 MILLION FOR 1992 THE COMPANY REPORTED A PROFIT
OF 31 MILLION OR 38 CENTS A SHARE ON SALES OF 1955 MILLION

THE COMPANY SAID THE 1993 LOSS INCLUDES A 268 MILLION LOSS FROM OPERATIONS
RELATING TO ITS ONSITE ENVIRONMENTALREMEDIATION BUSINESS WHICH THE
COMPANY HAS SAID IT WILL DISCONTINUE IN THE FIRST HALF THE LOSS FOR THE
YEAR INCLUDES 169 MILLION IN NONRECURRING CHARGES RELATING TO THIS
DECISION AS WELL AS WRITEOFFS OF CERTAIN OTHER ASSETS AND INVESTMENTS OF
THE CHARGES 149 MILLION WERE IN THE FOURTH PERIOD

BIRD ALSO SAID IT COMPLETED A 65 MILLION REFINANCING WITH ITS BANKS THE
AGREEMENT INCLUDES A 40 MILLION REVOLVING CREDIT LINE FOR WORKING CAPITAL
AND LETTERS OF CREDIT AND A 25 MILLION TERM LOAN WHICH THE COMPANY SAID IT
BELIEVES WILL PROVIDE SUFFICIENT CASH TO MEET ITS NEEDS THIS YEAR

JOSEPH D VECCHIOLLA BIRD'S RECENTLY APPOINTED PRESIDENT AND CHIEF
EXECUTIVE OFFICER SAID THE COMPANY WILL CONSIDER STRATEGIC ALLIANCES
OUTSIDE OF BIRD TO MAXIMIZE OUR SHAREHOLDERS' VALUES HE SAID SUBSTANTIAL
IMPROVEMENT IN OPERATING PERFORMANCE SHOULD BECOME EVIDENT IN THE SECOND
HALF AND BEYOND 9403140143 940314 GREECE DISCOVERS OIL IN AEGEAN SEA
WHERE TURKEY CLAIMS RIGHTS  SPECIAL TO THE WALL STREET JOURNAL

ATHENS GREECE DISCOVERED AN OIL DEPOSIT NEAR ITS EXISTING OFFSHORE OIL
FIELD OF PRINOS IN THE NORTHEASTERN AEGEAN SEA THAT COULD MORE THAN
DOUBLE THE AREA'S OIL PRODUCTION

GREEK INDUSTRY MINISTER COSTAS SIMITIS SAID TEST DRILLINGS NORTH OF THE
PRINOS DEPOSIT WHICH STARTED TWO MONTHS AGO WERE SUCCESSFUL AND CONFIRMED
THE DISCOVERY OF A NEW OIL DEPOSIT

INDIVIDUALS AT THE INDUSTRY MINISTRY SAID THAT THE NEWLY DISCOVERED DEPOSIT
COULD SUPPLY UP TO 20 OF GREECE'S OIL NEEDS BUT THE GOVERNMENT IS TRYING
TO KEEP A LOW PROFILE ON THE FIND FEARING TENSION WITH TURKEY WHICH
DISPUTES EXPLORATION RIGHTS IN THE REGION

MR SIMITIS SAID THAT THE NEWLY DISCOVERED OIL IS OF LESSER QUALITY THAN
THAT FOUND IN THE PRINOS FIELD WHICH PRODUCES AN AVERAGE OF 16000 BARRELS
A DAY ABOUT 7 OF GREECE'S ANNUAL REQUIREMENT

PRINOS AT THE SOUTH OF THASOS ISLAND IN THE NORTHEASTERN AEGEAN SO FAR IS
GREECE'S ONLY EXPLOITED OIL FIELD IT WAS DISCOVERED IN 1974 THE FIELD IS
OPERATED BY THE NORTH AEGEAN PETROLEUM CO A CONSORTIUM MADE OF FOUR
FOREIGN COMPANIES AND GREECE'S STATEOWNED PUBLIC OIL CORP HYDROCOARBON
RESEARCH & EXPLOITATION THE CONSORTIUM IS LED BY DENISON MINES LTD OF
CANADA

GREECE'S OIL EXPLORATION RIGHTS IN THE AEGEAN SEA ARE DISPUTED BY TURKEY
ATHENS SAYS THAT IT HAS THE RIGHT TO EXTEND ITS TERRITORIAL WATERS TO 19
KILOMETERS FROM THE CURRENT 10 KILOMETERS SOMETHING THAT ANKARA STRONGLY
OBJECTS TO TURKEY ALSO ARGUES THAT GREEK ISLANDS IN THE AEGEAN HAVE NO
RIGHT TO HAVE THEIR OWN CONTINENTAL SHELF

THE TWO RIVALS CAME NEAR WAR IN MARCH 1987 WHEN TURKEY THREATENED TO SEARCH
FOR OIL AROUND THREE GREEK ISLANDS OFF ITS COAST FOLLOWING AN ANNOUNCEMENT
BY GREECE THAT IT PLANNED TO DRILL EAST OF THASOS ISLAND AND BEYOND THE
10KILOMETER LIMIT PRINOS IS WITHIN THAT LIMIT 9403140142 940314 EURO
DISNEY EXPECTS LOSSES TO CONTINUE EVEN WITH RESCUE PACT  
SPECIAL TO THE WALL STREET JOURNAL

PARIS EURO DISNEY FACES MORE RED INK FOR FISCAL 1994 EVEN IF CREDITOR
BANKS AND PARENT WALT DISNEY CO AGREE ON A FINANCIAL RESCUE PACKAGE FOR THE
STRUGGLING AMUSEMENT PARK

IN THE REPORT TO BE PRESENTED AT TODAY'S ANNUAL STOCKHOLDERS MEETING EURO
DISNEY CHAIRMAN PHILIPPE BOURGUIGNON STATED THAT THE PARK'S DEFICIT WILL
CONTINUE FOR THE LAST HALF OF THIS FISCAL YEAR WHICH ENDS SEPT 30

EURO DISNEY IS WORKING AGAINST A MARCH 31 DEADLINE TO REACH A RESTRUCTURING
PLAN WITH ITS BANKS AND WALT DISNEY FOR ITS 21 BILLION FRANC 367 BILLION
DEBT THE PARK LOST 53 BILLION FRANCS IN THE YEAR ENDED SEPT 30 1993

IF THE RESTRUCTURING IS CARRIED OUT THESE MEASURES OUGHT TO IMPROVE THE
FINANCIAL SITUATION OF THE GROUP MR BOURGUIGNON WROTE BUT EVEN SO THE
GROUP SHOULD FIND ITSELF IN A DEFICIT SITUATION FOR THE FIRST AND SECOND
HALVES OF FISCAL YEAR 1994

THE LETTER CONTAINED NO SURPRISES SINCE NO CURE IS EXPECTED TO PUT THE
THEME PARK QUICKLY BACK ON ITS FEET

MR BOURGUIGNON SAID IN THE MESSAGE THAT THE DEEPLY UNBALANCED FINANCIAL
STRUCTURE OF EURO DISNEY HAS BECOME INTOLERABLE TO THE POINT OF ENDANGERING
THE EXISTENCE OF THE ENTERPRISE

THE FUTURE OF THE PARK DEPENDS ALMOST ENTIRELY ON THE NEGOTIATIONS WITH THE
63 BANKS AND WALT DISNEY WHICH OWNS 49 OF THE PARK'S OPERATING COMPANY
EURO DISNEY SCA MR BOURGUIGNON SAID

ATTENDANCE HAS BEEN ROUGHLY IN LINE WITH ESTIMATES SINCE EURO DISNEY OPENED
IN APRIL 1992 BUT HOTELS HAVE BEEN UNFILLED AND SALES OF FOOD AND SOUVENIRS
HAVE BEEN DISAPPOINTING

THE COLLAPSE OF THE PARIS REALESTATE MARKET HAS WORSENED MATTERS SINCE
EURO DISNEY HAD EXPECTED TO DEVELOP VAST TRACTS OF LAND AROUND THE AMUSEMENT
PARK AT MARNELAVALLEE OUTSIDE PARIS 9403140141 940314 ECONOMY 
DEBATE ON BUDGET MOVES TO THE SENATE AFTER HOUSE ACTION  BY GREG
HITT STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE BUDGET DEBATE MOVES TO THE SENATE THIS WEEK AFTER THE
HOUSE'S APPROVAL OF A 15 TRILLION FISCAL BLUEPRINT THAT LARGELY ENDORSES
PRESIDENT CLINTON'S VISION OF SPENDING PRIORITIES FOR FISCAL 1995

SENATE BUDGET COMMITTEE CHAIRMAN JAMES SASSER D TENN SHOWING CAUTION
IN AN ELECTION YEAR ISN'T PLANNING ANY SIGNIFICANT INITIATIVES WHEN HIS
COMMITTEE'S DELIBERATIONS BEGIN TOMORROW AS DID THE HOUSE HOWEVER THE
SENATE MUST FIND 31 BILLION IN CUTS BEYOND THOSE PROPOSED BY PRESIDENT
CLINTON TO KEEP DISCRETIONARY SPENDING BENEATH THE PREVIOUSLY SET CAP FOR
THE COMING FISCAL YEAR

THE HOUSE BUDGET ADOPTED 223175 WOULD LEAVE A DEFICIT OF 1753 BILLION
IN THE YEAR ENDING SEPT 30 1995 THOUGH CONSERVATIVES ARGUED DEMOCRATIC
LEADERS HAVE MISSED AN OPPORTUNITY TO FURTHER DRIVE DOWN THE DEFICIT THE
BUDGET WOULD HOLD OVERALL DISCRETIONARY SPENDING FLAT AT 5411 BILLION THE
BALANCE OF FEDERAL OUTLAYS WOULD BE FOR BENEFIT PAYMENTS AND INTEREST ON THE
DEBT

THIS IS NOT A BUDGET THAT CAN BE CALLED WEAK IN ANY WAY SAID HOUSE
SPEAKER THOMAS FOLEY D WASH THERE IS NO QUESTION NOW THAT WE ARE AT
THE BONE

BENEATH THE DISCRETIONARY SPENDING CAP THE HOUSE BUDGET WOULD SET DEFENSE
SPENDING AT 2709 BILLION DOMESTIC SPENDING AT 2492 BILLION AND FOREIGN
AID AT 209 BILLION

WITHIN DOMESTIC ACCOUNTS THE HOUSE BUDGET ASSUMES INCREASES IN THE HEAD
START CHILDREN'S PROGRAM HEALTH RESEARCH JOB TRAINING AND TRANSPORTATION
AS WELL AS THE TERMINATION OF MORE THAN 100 PROGRAMS AND CUTS IN AN
ADDITIONAL 200 THE BUDGET IS A NONBINDING RESOLUTION SETTING OUT BUDGETARY
GOALS MEETING THOSE GOALS WILL REQUIRE SEPARATE LEGISLATION LATER THIS
YEAR

DEMOCRATS REPEATEDLY REMINDED REPUBLICANS LAST WEEK THAT THE GOP HAD
PREDICTED ADOPTION A YEAR AGO OF THE CLINTON FISCAL PROGRAM WOULD DAMAGE THE
ECONOMY AND LEAD TO BIGGER DEFICITS INSTEAD THE ECONOMY HAS STRENGTHENED
AND THE DEFICIT IS AT ITS LOWEST LEVEL IN YEARS

THIS YEAR'S BUDGET BUILDS ON LAST YEAR'S PROGRAM SAID HOUSE BUDGET
CHAIRMAN MARTIN SABO D MINN IT CONTINUES THE FISCAL RESTRAINT WE
BEGAN LAST YEAR AND CONTINUES TO DIRECT SCARCE FEDERAL RESOURCES TOWARD THE
NEEDS OF THE '90S

A HOUSE REPUBLICAN LEADERSHIP ALTERNATIVE WHICH INCLUDED A TAX CREDIT OF
500 A CHILD FAILED ON A 243155 VOTE 9403140140 940314 DISNEY PLANS TO
PERK UP AN ENERVATED EPCOT  BY THOMAS R KING STAFF REPORTER OF
THE WALL STREET JOURNAL

LAKE BUENA VISTA FLA AT EPCOT CENTER THESE DAYS A PEEK INTO THE FUTURE
IS MORE LIKE A LOOK INTO THE PAST

FOUNDER WALT DISNEY ENVISIONED EPCOT AS A FUTURISTIC COMMUNITY WHERE NEW AND
CONSTANTLY CHANGING METHODS OF LIVING AND WORKING WOULD BE TRIED OUT ON A
GRAND SCALE BUT HIS SUCCESSORS TURNED EPCOT INTO AN AMUSEMENT PARK WITH
EDUCATIONAL OVERTONES THAT JUST OVER A DOZEN YEARS AFTER OPENING ALREADY
SEEMS OUTDATED SOMEWHAT BORING AND IN NEED OF RENOVATION

AT EXXON CORP'S UNIVERSE OF ENERGY PAVILION AT EPCOT FOR EXAMPLE THE
CONTROL CENTER OF A CUTTING EDGE ELECTRIC PLANT FEATURES ROTARYDIAL
TELEPHONES AND AMERICAN TELEPHONE & TELEGRAPH CO'S SPACESHIP EARTH HISTORY
OF COMMUNICATIONS EXHIBIT ENDS WITH VIEWS OF EARLY BULKY COMPUTERS

EVEN WALT DISNEY CO EXECUTIVES AGREE THAT THE COMPANY SEEMED TO FORGET
ABOUT EPCOT ONE OF THREE MAJOR PARKS AT THE WALT DISNEY WORLD RESORT HERE
 SINCE OPENING THE 1 BILLION ATTRACTION IN 1982 BUT NOW THE COMPANY IS
EMBARKING ON AN INTENSIVE EFFORT TO REVIVE EPCOT PARTLY BY HARKING BACK TO
MR DISNEY'S INITIAL IDEA OPENING IN JULY AN ATTRACTION CALLED
INNOVENTIONS WILL BE A CONSTANTLY CHANGING EXHIBITION OF PRODUCTS SUCH AS
VOICEACTIVATED APPLIANCES AND VIRTUALREALITY GAMING TECHNOLOGY
INNOVENTIONS WILL FEATURE PRODUCTS DREAMED UP BY FUTURISTS AT COMPANIES
INCLUDING GENERAL MOTORS CORP AND APPLE COMPUTER INC

IT'S LIKE STARTING OVER AGAIN BUT THAT'S WHAT'S SO EXCITING SAYS LINDA
WARREN WHO WAS RECENTLY TAPPED TO LEAD EPCOT'S REVIVAL MS WARREN A
FORMER TOP AIDE TO DISNEY'S CHAIRMAN MICHAEL EISNER ADDS YES SOME OF
THE ATTRACTIONS DON'T LOOK CREDIBLE ANYMORE THEY NEED UPDATING

DISNEY DOESN'T RELEASE FIGURES BUT INDUSTRY EXECUTIVES SAY ADMISSIONS AT
EPCOT HAVE BEEN DROPPING AMUSEMENT BUSINESS A TRADE MAGAZINE REPORTED
THAT ONLY DEEP DISCOUNTING AND LOCAL PROMOTIONS KEPT EPCOT'S ATTENDANCE
STEADY AT ABOUT 10 MILLION VISITORS LAST YEAR

BUT DISNEY HOPES TO REVERSE THE TREND WITH ITS OVERHAUL TWO MAJOR PAVILIONS
IN THE PARK'S FUTURE WORLD SECTION ITS SIGNATURE GEODESIC DOME SPACESHIP
EARTH AND THE LAND ARE BEING COMPLETELY REDESIGNED AND OTHERS ARE SET
FOR REFURBISHMENT STARTING NEXT YEAR IN THE WORLD SHOWCASE SECTION WHERE
THEMED PAVILIONS INVITE VISITORS TO SAMPLE THE CULTURE OF VARIOUS COUNTRIES
 A DENMARK PAVILION WILL BE BUILT THE FIRST ADDITION SINCE 1988

EPCOT IS ON MR EISNER'S PRIORITY LIST AND MS WARREN SAYS SHE BELIEVES THE
COMPANY WILL SPEND WHATEVER IS NECESSARY TO FIX IT UP THERE HAS TO BE AN
IDEA AND A STORY BEHIND EACH ATTRACTION SHE SAYS IT'S INCUMBENT ON US TO
COME UP WITH THOSE IDEAS AND THEN MICHAEL WILL AGREE TO ANYTHING THAT MAKES
SENSE

ALTHOUGH AN EPCOT ENTHUSIAST MS WARREN IS ALSO ONE OF ITS TOUGHEST
CRITICS SHE SUGGESTS THE MAIN PROBLEM IS THAT VISITORS DON'T FEEL VERY
CONNECTED TO ONE ANOTHER OR TO EPCOT'S ATTRACTIONS WHAT'S MORE SHE
WORRIES THAT THE VISION OF EPCOT HAS BLURRED QUESTIONING THE
APPROPRIATENESS OF A SHOW NOW PLAYING THERE THE MAGICAL WORLD OF BARBIE
THAT'S THE KIND OF THING WE'RE GOING TO BE LOOKING AT MORE CLOSELY SHE
SAYS

MS WARREN ALSO SEES ROOM FOR IMPROVEMENT AT THE WORLD SHOWCASE PAVILIONS
SHE SAYS THERE ISN'T ENOUGH OUTDOOR ACTIVITY TO CONNECT THE PAVILIONS WHICH
IN SOME CASES ARE HUNDREDS OF FEET APART TO LIVEN UP THE AREA SHE
ENVISIONS RECREATING OUTDOOR MARKETPLACES OF FRANCE AND ITALY OUTSIDE THE
CHINA ATTRACTION SHE MIGHT ADD A TAI CHI INSTRUCTOR WITH VISITORS
PARTICIPATING IN DEMONSTRATIONS

TIMELINESS IS A KEY MS WARREN NOTES THAT THE NORWAY PAVILION GENERATED A
LOT OF EXCITEMENT BY CELEBRATING THE WINTER OLYMPICS THE CHINESE NEW YEAR
SHOULD BE WELCOMED AT THE CHINA PAVILION AND CINCO DE MAYO AT MEXICO SHE
SAYS

EPCOT'S FUTURE WORLD PAVILIONS HAVE CORPORATE SPONSORS THAT EACH SIGNED
10YEAR CONTRACTS AGREEING TO PUT UP ABOUT 35 MILLION WHEN THE PARK
OPENED WHEN THE CONTRACTS EXPIRED IN 1992 DISNEY ASKED FOR SIGNIFICANTLY
HIGHER FEES AND GOT A LUKEWARM RECEPTION KRAFT GENERAL FOODS PULLED OUT AS
SPONSOR OF THE LAND AND GENERAL ELECTRIC CO WITHDREW FROM HORIZONS DISNEY
GOT NESTLE USA INC TO TAKE OVER SPONSORSHIP OF THE LAND BUT IT HASN'T YET
FOUND A NEW PARTNER FOR HORIZONS WHICH FOCUSES ON LIFESTYLES IN SPACE
UNDER THE SEA AND IN THE DESERT AND WHICH REMAINS OPEN GENERAL MOTORS AND
EXXON ALSO HAVEN'T YET RENEWED LONGTERM CONTRACTS ALTHOUGH THEY ARE
EXPECTED TO DO SO SOON DISNEY IS NOW WORKING TO STAGGER THE EXPIRATION OF
NEW CONTRACTS SO THAT PAVILIONS WON'T ALL GO STALE AND NEED FRESHENING
SIMULTANEOUSLY

ALTHOUGH IT WILL TAKE YEARS TO COMPLETELY OVERHAUL FUTURE WORLD DISNEY
HOPES THIS YEAR'S MOVES WILL BE A SIGNIFICANT STEP IN THE RIGHT DIRECTION
AFTER THE NEWLY REFURBISHED LAND PAVILION OPENS IN JUNE DISNEY PLANS TO PUT
A NEW 3D MOVIE INTO EASTMAN KODAK CO'S JOURNEY INTO IMAGINATION PAVILION
UNDER A PLAN DEVISED BEFORE MICHAEL JACKSON'S WELLPUBLICIZED PROBLEMS THE
ROCK STAR'S CAPTAIN EO FILM WILL BE REPLACED WITH HONEY I SHRUNK THE
AUDIENCE

THE REVISED SPACESHIP EARTH ATTRACTION OPENING IN DECEMBER WILL HAVE NEW
INTERACTIVE EXHIBITS AMONG OTHER THINGS VISITORS WILL BE ABLE TO STEP
INTO AN OUTSIZE FIBEROPTIC LINE TO LEARN HOW DATA ARE TRANSMITTED DISNEY
AND GENERAL MOTORS ARE IN THE CONCEPT STAGE FOR A NEW WORLD OF MOTION
PAVILION TENTATIVELY SET TO OPEN IN 1997 EARLY IDEAS CALL FOR A THRILL
RIDE AND A TEST TRACK MS WARREN SAYS

MARKETING REMAINS A DAUNTING CHALLENGE MS WARREN SAYS MANY PEOPLE STILL
THINK ALL OF EPCOT'S ATTRACTIONS ARE UP IN THE SILVERY DOME THAT HOUSES JUST
SPACESHIP EARTH AND AT ABOUT THE TIME INNOVENTIONS OPENS NEARBY DISNEYMGM
STUDIOS WILL OPEN ITS TWILIGHT ZONE TOWER OF TERROR THRILL RIDE MS WARREN
SAYS THAT INNOVENTIONS MAY WELL BE THE MORE STIMULATING ATTRACTION BUT SHE
WORRIES THAT IT WILL BE HARDER TO SELL IN A 30SECOND COMMERCIAL

SHE ALSO BELIEVES THAT INNOVENTIONS IS IN LINE WITH WHAT THE COMPANY FOUNDER
HAD IN MIND WE DIDN'T DO AS GOOD A JOB AS WE SHOULD HAVE FOLLOWING MR
DISNEY'S VISION SHE SAYS ADDING BUT EPCOT REALLY IS GOING TO BE AS
WONDERFUL AS EVERYONE HAD PLANNED FOR IT TO BE IN THE FIRST PLACE AS
WONDERFUL AS IT WAS WHEN IT FIRST OPENED 9403140139 940314 MAZDA SEES
DEEPER LOSS THAN EXPECTED FOR YEAR  SPECIAL TO THE WALL STREET
JOURNAL

TOKYO MAZDA MOTOR CORP SLAMMED BY A PLUNGE IN AUTO SALES IN JAPAN AND
ABROAD SAID IT EXPECTS TO POST A DEEPERTHANEXPECTED LOSS IN THE YEAR
ENDING MARCH 31 AND LOSSES WILL CONTINUE NEXT YEAR

MAZDA SAID IT WILL RECORD A PRETAX LOSS OF 45 BILLION YEN 4276 MILLION
THAT COMPARES WITH ITS EARLIER FORECAST OF A 32 BILLION YEN LOSS AND A 624
BILLION YEN PROFIT LAST YEAR THE COMPANY SAID SALES WILL PLUMMET TO 177
TRILLION YEN DOWN 19 FROM LAST YEAR MAZDA ALSO SAID IT WON'T BE ABLE TO
PAY A DIVIDEND THIS YEAR OR NEXT

MAZDA'S PLIGHT TOUGHENS THE CHALLENGE FACING A GROUP OF SENIOR EXECUTIVES
THAT FORD MOTOR CO IS SENDING TO JAPAN THIS YEAR TO HELP RESCUE THE
COMPANY FORD OWNS A 25 STAKE IN THE AUTO MAKER

MAZDA EXECUTIVE VICE PRESIDENT MAKOTO MIYAJI TOLD A NEWS CONFERENCE THAT THE
COMPANY WILL STRIVE TO REDUCE THE SIZE OF THE LOSS FOR NEXT FISCAL YEAR BY
CUTTING COSTS IT WAS THE SHARP DROP IN SALES THAT WE COULDN'T PREDICT HE
SAID

THE SHARP APPRECIATION OF THE YEN AGAINST THE DOLLAR AND OTHER MAJOR
CURRENCIES WHICH MAKES JAPANESE PRODUCTS MORE EXPENSIVE OVERSEAS ALSO
EXACERBATED THE SLUMP IN MAZDA'S BUSINESS 9403140138 940314 TECHNOLOGY 
CANADIAN GROUP GIVES IBM THE NOD FOR INTERACTIVE JOB  BY BART
ZIEGLER STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK INTERNATIONAL BUSINESS MACHINES CORP HAS WON THE FIRST PHASE OF
WHAT COULD BE ONE OF THE LARGEST CONTRACTS SO FAR TO BUILD AN
INFORMATIONHIGHWAY SYSTEM IN A DEAL TO WIRE HOMES IN QUEBEC

THE PACT WITH A CANADIAN CONSORTIUM IS AN IMPORTANT FIRST WIN FOR THE
COMPUTER MAKER AND COULD PROVE TO BE WORTH HUNDREDS OF MILLIONS OF DOLLARS
OVER FIVE YEARS IT ALSO COULD BOOST IBM'S CHANCES AS IT BIDS FOR OTHER
CONTRACTS FOR TWOWAY VIDEO AND INFORMATION SYSTEMS

IBM WILL PROVIDE COMPUTERS TV SETTOP BOXES SOFTWARE AND INTEGRATION
SERVICES TO ADD NEW FEATURES TO THE VIDEOTRON SYSTEM A PIONEER IN
INTERACTIVE TELEVISION THE VIDEOTRON SYSTEM FOR EXAMPLE CURRENTLY LETS
VIEWERS CHOOSE THEIR OWN CAMERA ANGLES AND CALL UP PLAYER STATISTICS WHILE
WATCHING A BASEBALL GAME

THE NEW PROJECT WILL START WITH 34000 HOMES AND IS THE FIRST PHASE OF A 750
MILLION CANADIAN DOLLAR US5574 MILLION PLAN TO PROVIDE MOVIES ON DEMAND
HOME SHOPPING HOME BANKING AND OTHER SERVICES TO ALMOST 15 MILLION HOMES
OVER THREE TO FIVE YEARS THE CONSORTIUM UNIVERSALITY BIDIRECTIONALITY
INTERACTIVITY OR UBI INCLUDES HEARST CORP LE GROUPE VIDEOTRON AND
NATIONAL BANK OF CANADA

IBM WILL DESIGN CUSTOM SETTOP BOXES USING ITS NEW POWERPC MICROPROCESSOR
CHIP AND SOFTWARE CREATED BY KALEIDA LABS A JOINT VENTURE OF IBM AND APPLE
COMPUTER INC IBM PLANS TO BEGIN SUPPLYING THE FIRST 34000 BOXES COSTING
SEVERAL HUNDRED DOLLARS EACH BY SEPTEMBER 1995

THE COMPANY ALSO WILL SUPPLY VIDEO SERVERS COMPUTERS THAT STORE AND
TRANSMIT DIGITIZED MOVIES TV SHOWS AND OTHER PROGRAMMING AND CUSTOM
SOFTWARE AND BILLING SYSTEMS BUT RATHER THAN EMPLOY IBM'S MAINFRAME
COMPUTERS THE SERVERS WILL BE BASED ON CHEAPER RS/6000 WORKSTATIONS AND MAY
ALSO RELY ON IBM'S NEW POWER PARALLEL HIGHEND COMPUTERS SAID PAUL M
LOFTUS GENERAL MANAGER OF IBM'S MULTIMEDIA SYSTEMS GROUP

THAT AMOUNTS TO SOMEWHAT OF A SETBACK FOR A FACTION WITHIN IBM THAT HAS BEEN
PROMOTING COSTLY MAINFRAMES AS VIDEO SERVERS BUT THE UBI CONTRACT SPECIFIED
INDUSTRYSTANDARD SOFTWARE RATHER THAN THE PROPRIETARY SOFTWARE USED BY IBM
MAINFRAMES MR LOFTUS SAID

WHILE A NUMBER OF PROTOTYPE INTERACTIVE SYSTEMS HAVE BEEN ANNOUNCED THE
TECHNOLOGY HASN'T BEEN PERFECTED TIME WARNER INC FOR INSTANCE RECENTLY
DELAYED THE START OF ITS ORLANDO FLA SYSTEM BECAUSE IT WASN'T READY
INTERNATIONAL DATA CORP ANALYST PETER BURRIS SAID THE CANADIAN AGREEMENT
SHOWS SOME CUSTOMERS ARE CONFIDENT ENOUGH IN IBM TO BE WILLING TO PAY THEM
EVEN AS THEY'RE GAINING EXPERIENCE 9403140137 940314 PEPPERAND SALT

IS REALLY QUITE BIZARRE

THE OTHER RESPONDS FROM HIS CAR

WE TRY TO HIDE OUR TANS 9403140136 940314 PITTSBURGH HALTS MUNICIPAL BOND
SALE ON NEWS THAT BUDGET DEFICIT WIDENED  BY JOHN CONNOR STAFF
REPORTER OF THE WALL STREET JOURNAL

PITTSBURGH ABRUPTLY POSTPONED A 45 MILLION COMPETITIVE MUNICIPALBOND SALE
LAST WEEK WHEN OFFICIALS LEARNED FROM THEIR AUDITORS THAT THE CITY'S BUDGET
DEFICIT WAS FAR LARGER THAN ANTICIPATED

THE DELAY WAS INSTRUCTIVE IN TERMS OF HEIGHTENED SENSITIVITY TO
MUNIDISCLOSURE ISSUES AND RELEVANT TO THE DEBATE OVER THE RELATIVE MERITS
OF COMPETITIVE VS NEGOTIATED MUNICIPALBOND SALES

PITTSBURGH'S NEW MAYOR TOM MURPHY STRESSED IN A POPULIST CAMPAIGN THE NEED
FOR THE CITY TO ABANDON ITS RELIANCE ON NEGOTIATED BOND SALES THAT PROVIDE
BUSINESS FOR ONLY A FEW AND TO BRING MORE PEOPLE TO THE TABLE WITH
COMPETITIVELY BID BOND SALES

IN THE PREVIOUS FOUR YEARS THE CITY AND TWO OF ITS AUTHORITIES SOLD SOME
TWO DOZEN BOND ISSUES TOTALING OVER 800 MILLION VIA NEGOTIATED SALES
PAINEWEBBER INC WAS LEAD UNDERWRITER ON THE BIGGEST SHARE OF THESE
NEGOTIATED TRANSACTIONS FOLLOWED BY LAZARD FRERES & CO

PITTSBURGH'S BOND SALE WAS POSTPONED THE DAY THE BONDS WERE TO BE SOLD THE
ANNOUNCEMENT CAME AT VIRTUALLY THE SAME TIME THAT THE SECURITIES AND
EXCHANGE COMMISSION WAS ACTING IN WASHINGTON TO IMPROVE DISCLOSURE IN THE
MUNI MARKET AND STRESSING THE DISCLOSURE DUTIES OF BOND ISSUERS SEC
CHAIRMAN ARTHUR LEVITT AND OTHER SEC OFFICIALS HAVE BEEN TOUTING COMPETITIVE
BOND SALES AS LESS CONDUCIVE TO INSIDER ABUSE AND INFLUENCEPEDDLING THAN
NEGOTIATED SALES

PITTSBURGH'S AUDITOR KPMG PEAT MARWICK WAS PREPARING THE CITY'S AUDITED
FINANCIAL STATEMENT FROM FISCAL 1993 WHEN IT MADE A PRELIMINARY FINDING THAT
A BUDGETARY SHORTFALL OF SOME 56 MILLION CARRIED OVER FROM FISCAL 1992 HAD
GROWN TO ABOUT 27 MILLION BY THE END OF FISCAL 1993 ACCORDING TO MAYOR
MURPHY'S SPOKESWOMAN JUDY KELLY

ROWAN MIRANDA PITTSBURGH'S BUDGET DIRECTOR SAID THE NEW DEFICIT
INFORMATION WAS HIGHLY SIGNIFICANT TO THE BOND MARKET AND THAT THE CITY HAD
NO CHOICE BUT TO MAKE THAT INFORMATION KNOWN AND POSTPONE THE BOND SALE
BOND PROCEEDS WERE TO BE USED AMONG OTHER THINGS TO REPAIR STREETS RAVAGED
BY THE WINTER

PITTSBURGH'S FINANCIAL ADVISER MYLES HARRINGTON OF BUTCHER & SINGER SAID
THE CITY WOULD HAVE ASSUMED ENORMOUS LIABILITIES IF IT SOLD THE BONDS
AFTER DISCLOSING THE NEW DEFICIT PROJECTIONS AND THE BONDS LATER WERE
DOWNGRADED AND BONDHOLDERS INCURRED LOSSES

SOME MEMBERS OF THE BOND COMMUNITY SAID THAT IF THIS HAD BEEN A NEGOTIATED
SALE THE UNDERWRITING TEAM'S TIMING FLEXIBILITY AND PRESALE DUE DILIGENCE
INVESTIGATION COULD HAVE SPARED THE CITY THE EMBARRASSMENT OF HAVING TO YANK
ITS BOND OFFERING AT THE LAST MINUTE BUT MR HARRINGTON SAID CITY OFFICIALS
FEEL STRONGLY THAT COMPETITIVE SALES ARE THE BEST WAY TO GO HE ALSO SAID
DUEDILIGENCE FACTFINDING IS THE SAME UNDER BOTH METHODS RIGHT UP TO THE
SALE

CITY OFFICIALS INITIALLY SAID THE BOND SALE WOULD BE RESCHEDULED IN FOUR TO
SIX WEEKS BUT MR HARRINGTON SAID IT WILL HAVE TO WAIT UNTIL THE AUDIT IS
COMPLETED ON MAY 1 HE SAID THE THREE BONDRATING AGENCIES THAT RATED THE
CITY'S BONDS AS A HAVE INDICATED THEY WILL AWAIT THE FINAL AUDIT RESULTS
BEFORE DECIDING WHAT IF ANY STEPS TO TAKE 9403140135 940314 BUSINESS
BRIEF FEDERAL EXPRESS REPORTS NET INCOME MORE THAN TRIPLED IN ITS THIRD
PERIOD

MEMPHIS TENN FEDERAL EXPRESS CORP SAID FISCAL THIRDQUARTER EARNINGS
MORE THAN TRIPLED FROM A YEAR EARLIER BOOSTED BY IMPROVED PERFORMANCE
OVERSEAS LOWER COSTS AND THE SALE OF AIRCRAFT

NET INCOME FOR THE QUARTER ENDED FEB 28 WAS 312 MILLION OR 55 CENTS A
SHARE UP FROM 85 MILLION OR 15 CENTS A SHARE A YEAR EARLIER REVENUE
ROSE 73 TO 207 BILLION FROM 193 BILLION

DURING THE QUARTER THE EXPRESSDELIVERY COMPANY SOLD SEVERAL 727100
AIRCRAFT RESULTING IN A PRETAX GAIN OF 109 MILLION OR 10 CENTS A SHARE
WITHOUT THE SALE FEDERAL EXPRESS'S THIRDQUARTER PROFIT WOULD HAVE BEEN IN
LINE WITH ANALYSTS' EXPECTATIONS OF ABOUT 46 CENTS A SHARE

NARROWER LOSSES OVERSEAS DROVE MOST OF THE QUARTERLY GAIN EARNINGS FROM
DOMESTIC OPERATIONS IN THE LATEST QUARTER SAGGED TO 1036 MILLION FROM
1196 MILLION IN THE YEAREARLIER PERIOD PULLED DOWN BY WINTER STORMS AND
FIERCE PRICE COMPETITION

CONSIDERING THAT WE HAD A TERRIBLE TIME WITH THE WEATHER AND EARTHQUAKE IN
LOS ANGELES I THINK WE HAD VERY GOOD PERFORMANCE FOR THE OVERALL QUARTER
SAID ALAN GRAF CHIEF FINANCIAL OFFICER

HEAVY FINANCIAL LOSSES OVERSEAS ESPECIALLY IN EUROPE HAVE HURT THE
COMPANY'S EARNINGS IN RECENT YEARS NOW HOWEVER THOSE DEFICITS APPEAR
CLOSE TO EVAPORATING INDEED IN ITS FISCAL SECOND QUARTER FEDERAL EXPRESS
REPORTED ITS FIRSTEVER INTERNATIONAL PROFIT

IN THE FISCAL THIRD QUARTER THE COMPANY AGAIN HAD A LOSS OVERSEAS BUT
ONE THAT NARROWED TO 183 MILLION FROM 613 MILLION FOREIGN REVENUE ROSE
5 TO 5393 MILLION FROM 5137 MILLION

MR GRAF SAID INTERNATIONAL OPERATIONS BENEFITED FROM COSTCUTTING AND
IMPROVED YIELDS HE ADDED THAT FEDERAL EXPRESS AS PREVIOUSLY REPORTED IS
STILL AIMING TO REPORT A PROFIT OVERSEAS FOR ALL OF FISCAL 1995

FEDERAL EXPRESS REPORTED EARNINGS AFTER MARKETS CLOSED FRIDAY IN COMPOSITE
TRADING ON THE NEW YORK STOCK EXCHANGE THE COMPANY'S STOCK CLOSED AT
67625 DOWN 625 CENTS DURING THE PAST MONTH FEDERAL EXPRESS'S SHARE
PRICE HAS DRIFTED DOWN MORE THAN 10 AFTER A RUNUP THAT STARTED IN THE FALL
9403140134 940314 INTERNATIONAL FRENCH OFFICIAL IN UPHILL BATTLE SEEKS
 TO WIN FAVOR FOR PROPOSED LABOR RULES  BY PETER GUMBEL STAFF
REPORTER OF THE WALL STREET JOURNAL

PARIS AS A UNIVERSITY ECONOMICS PROFESSOR EDMOND ALPHANDERY IS CONVINCED
THAT GREATER LABOR FLEXIBILITY LOWER COSTS AND BETTER JOB TRAINING ARE
VITAL TO REDUCING FRANCE'S HIGH UNEMPLOYMENT RATE

AS FRANCE'S ECONOMICS MINISTER HOWEVER MR ALPHANDERY HAS FIRSTHAND
EXPERIENCE OF JUST HOW HARD IT CAN BE TO PUT THOSE CONVICTIONS INTO PRACTICE
AND MAKE EVEN SEEMINGLY INNOCUOUS CHANGES TO THE NATION'S RIGID LABOR LAWS

OVER THE PAST FEW DAYS THE STREETS OF PARIS AND OTHER FRENCH CITIES HAVE
BEEN CLOGGED BY TENS OF THOUSANDS OF STUDENTS AND WORKERS PROTESTING NEW
GOVERNMENT MEASURES DESIGNED TO CURB YOUTH UNEMPLOYMENT THE MEASURES WOULD
ALLOW COMPANIES TO PAY YOUNG PEOPLE 20 LESS THAN THE STANDARD INDUSTRY WAGE
 IN SOME CASES LESS THAN THE STATUTORY MINIMUM WAGE IN EXCHANGE FOR
TEACHING THEM PROFESSIONAL SKILLS

FRANCE HAS LONG ADMIRED THE GERMAN APPRENTICE SYSTEM WHICH GIVES YOUNG
PEOPLE THE OPPORTUNITY TO LEARN A TRADE WITHOUT OVERBURDENING INDUSTRY WITH
HIGH WAGE COSTS ONE CONSEQUENCE IS THAT YOUTH UNEMPLOYMENT IS FAR LOWER IN
GERMANY THAN IT IS IN FRANCE WHERE MORE THAN ONE IN FIVE PEOPLE UNDER AGE
25 ARE UNEMPLOYED

THE NEW RULES ARE PART OF A BIG GOVERNMENT PACKAGE OF MEASURES THAT SEEKS TO
INJECT THE SORT OF FLEXIBILITY INTO THE FRENCH LABOR MARKET THAT MR
ALPHANDERY ESPOUSES AS WELL AS IMPROVING TRAINING THE GOVERNMENT IS
SEEKING TO REDUCE THE HIGH COST BURDEN ON COMPANIES WHO HIRE LOWQUALIFIED
WORKERS AND IT IS LOOKING AT WAYS TO ENCOURAGE THE RETURN OF LOWWAGE JOBS
IN THE SERVICE SECTOR SUCH AS GASOLINEPUMP ATTENDANTS AND JANITORS WHICH
HAVE ALL BUT DISAPPEARED IN RECENT YEARS IN FRANCE AS A RESULT OF HIGH
OVERHEADS

BUT THE FUROR THAT IS GREETING THE YOUTHTRAINING MEASURES IS TYPICAL OF THE
DIFFICULTIES MANY EUROPEAN GOVERNMENTS ARE FACING AS THEY TRY TO REFORM
THEIR SOCIAL SYSTEMS IN SPAIN LEGISLATION THAT WOULD MAKE IT EASIER AND
LESS COSTLY TO LAY OFF WORKERS HAS BEEN MET WITH STRIKES GOVERNMENT EFFORTS
IN GERMANY ITALY AND ELSEWHERE TO SHAKE UP THE LABOR MARKET HAVE ALSO
SPARKED CONTROVERSY

THE FRENCH GOVERNMENT ITS POPULARITY SLIDING IN RECENT POLLS IS NOW UNDER
INTENSE PRESSURE TO BACK DOWN MR ALPHANDERY IN AN INTERVIEW CONCEDES
THAT THE NEW LEGISLATION HAS AROUSED SOME EMOTIONS BUT HE INSISTS THAT
THE PROGRAM BEING IMPLEMENTED ISN'T SO REVOLUTIONARY

THE UPROAR COMING ON THE EVE OF PRESIDENT CLINTON'S JOBS SUMMIT IN DETROIT
THIS WEEK PROVIDES A TIMELY REMINDER OF THE FREQUENT GULF BETWEEN THEORY
AND PRACTICE IN EUROPE'S UNEMPLOYMENT BATTLE

IN DETROIT MR ALPHANDERY SAYS HE WILL STRESS THE IMPORTANCE OF FREEMARKET
POLICIES TO COMBAT JOBLESSNESS AND SEEKING TO REVERSE CONVENTIONAL VIEWS
ABOUT FRENCH POLICY PLANS TO URGE HIS COLLEAGUES TO RESIST CALLS TO ADOPT
PROTECTIONIST TRADE MEASURES PARTICULARLY AGAINST LOWWAGE DEVELOPING
COUNTRIES

AT THE SAME TIME AS A RANKING GOVERNMENT MINISTER HE ACKNOWLEDGES THAT HE
FACES IMPORTANT POLITICAL AND SOCIAL CONSTRAINTS IN IMPLEMENTING HIS BELIEFS
AS A SELFPROFESSED LIBERAL ECONOMIST THERE IS HE SAYS A TRADEOFF
BETWEEN THE DESIRE FOR JOBS AND THE NEED TO MAINTAIN A STANDARD OF LIVING
THAT SOCIETY CONSIDERS ACCEPTABLE

MANY IN CONTINENTAL EUROPE LIKEWISE ARGUE THAT THE SORT OF LOWWAGE JOBS
THAT HAVE LED TO THE GROWTH OF THE WORKING POOR IN THE US AND
INCREASINGLY IN BRITAIN AREN'T ACCEPTABLE EVEN IF THEY DO REDUCE
UNEMPLOYMENT CALLS BY THE ORGANIZATION FOR ECONOMIC COOPERATION AND
DEVELOPMENT AMONG OTHERS FOR THE ABOLITION OF FRANCE'S STATUTORY MINIMUM
WAGE HAVE USUALLY BEEN IGNORED

GIVEN THE FUSS OVER THE YOUTHTRAINING MEASURES OVERLY RADICAL ACTION WOULD
PROBABLY BRING FRANCE TO A COMPLETE STANDSTILL A POLL PUBLISHED OVER THE
WEEKEND SHOWS 69 OF FRENCH PEOPLE ARE NOW EXPECTING A GRAVE SOCIAL CRISIS
IN THE COMING MONTHS AND THAT 44 ARE READY TO JOIN IN MASS PROTESTS

WILL THE GOVERNMENT'S PIECEMEAL EMPLOYMENT MEASURES WORK ASSUMING THEY ARE
IMPLEMENTED AS PLANNED THE OECD IN A REPORT ON THE FRENCH ECONOMY RELEASED
THIS MONTH SAYS THE PACKAGE SHOULD HELP TO TACKLE THE COUNTRY'S MOST
SERIOUS STRUCTURAL PROBLEM HIGH AND RISING UNEMPLOYMENT

BUT DON'T HOLD YOUR BREATH THE GOVERNMENT CAUTIONS UNEMPLOYMENT HAS JUMPED
FROM 9 OF THE WORK FORCE IN 1989 TO MORE THAN 12 AND IS STILL RISING
ALBEIT MORE SLOWLY THAN OVER THE PAST TWO YEARS AS THE NATION PULLS OUT OF
RECESSION 9403140133 940314 WHO'S NEWS SUMMIT PROPERTIES INC

SUMMIT PROPERTIES INC CHARLOTTE NC MICHAEL L SCHWARZ WAS NAMED TO
THE NEW POSITION OF EXECUTIVE VICE PRESIDENT CHIEF FINANCIAL OFFICER OF
THIS DEVELOPER OF APARTMENT COMMUNITIES IN THE SOUTHEAST MR SCHWARZ 33
YEARS OLD WAS FORMERLY SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF
INDUSTRIAL DEVELOPMENTS INTERNATIONAL INC AN ATLANTABASED
INDUSTRIALPROPERTY DEVELOPER 9403140132 940314 WHO'S NEWS WEST MARINE
INC

WEST MARINE INC WATSONVILLE CALIF RICHARD EVERETT SENIOR VICE
PRESIDENT WAS ELECTED A DIRECTOR OF THIS RETAILER OF BOATING SUPPLIES AND
APPAREL INCREASING BOARD MEMBERSHIP TO FIVE 9403140131 940314
TECHNOLOGY SUN MICROSYSTEMS TO OFFER WORKSTATION THAT IS SEMIPORTABLE

MOUNTAIN VIEW CALIF SUN MICROSYSTEMS INC WILL INTRODUCE TODAY A SORT
OF SEMIPORTABLE WORKSTATION AIMED AT AN INCREASINGLY MOBILE WORK FORCE

WEIGHING 13 POUNDS AND EQUIPPED WITH A FULLSIZE FLAT PANELDISPLAY SCREEN
AND KEYBOARD THE NEW SPARCSTATION VOYAGER WORKSTATIONS ARE TOO CUMBERSOME
TO BE USED AS LAPTOPS AND AT 10000 TO 15000 THEY WON'T APPEAL TO THE
MASS MARKET INSTEAD SUN IS TARGETING ENGINEERS AND OTHER PROFESSIONALS WHO
WANT TO TAKE THEIR WORK HOME OR ON THE ROAD BUT NEED THE COMPUTING AND
NETWORKING POWER OF A WORKSTATION

THE UNVEILING COMES AS SUN IS CASTING ABOUT FOR NEW STRATEGIES TO GUARD ITS
NO 1 POSITION IN THE WORKPLACE MARKET IN LAST YEAR'S FOURTH QUARTER ITS
SHARE OF THAT MARKET SLIPPED FOR THE FIRST TIME TO 318 FROM 321
ACCORDING TO RESEARCH FIRM DATAQUEST INC SAN JOSE CALIF

ANALYSTS SAID THE PORTABLEWORKSTATION MARKET IS SMALL AND THEY DON'T EXPECT
THE SUN MACHINE TO SELL IN LARGE VOLUMES SCOTT MCNEALY SUN'S PRESIDENT AND
CHIEF EXECUTIVE OFFICER CONCEDED THAT THE WORKSTATION'S BIGGEST BUYERS
PROBABLY WILL BE CURRENT CUSTOMERS BUT IF THIS PRODUCT ADDS 10 TO 15 TO
OUR INSTALLED BASE OF 15 MILLION WORKSTATIONS THAT'S PRETTY SUCCESSFUL
HE SAID

SEVERAL COMPUTER MAKERS HAVE INTRODUCED PORTABLE AND LAPTOP VERSIONS OF
WORKSTATIONS IN RECENT YEARS LAST WEEK INTERNATIONAL BUSINESS MACHINES
CORP SAID IT WILL OFFER A SEVENPOUND LAPTOP WORKSTATION WITH A 94INCH
SCREEN FOR 12000 BUT SUN SAYS ITS PRODUCT IS THE FIRST TO USE CERTAIN NEW
FEATURES SUCH AS A POWERSAVING CHIP AND A SCREEN THAT DOESN'T EMIT
RADIATION

ALSO IN A NOD TO THE INCREASING POPULARITY OF HANDHELD COMPUTERS SUN
EQUIPPED THE NEW WORKSTATIONS WITH INFRARED TECHNOLOGY THAT CAN BEAM
INFORMATION TO OR FROM CERTAIN HANDHELD MACHINES 9403140130 940314 DART
FAMILY BET BIG BY SHORTSELLING SALOMON SHARES AS BUFFETT RAISED STAKE 
 BY ALEXANDRA PEERS STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK SALOMON INC'S SECONDLARGEST SHAREHOLDER THE WEALTHY DART
FAMILY OF SARASOTA FLA MADE A HUGE BET THAT THE STOCK OF THE NEW YORK
BROKERAGE HOUSE WOULD FALL EVEN AS ITS LARGEST SHAREHOLDER WARREN BUFFETT
WAS BEEFING UP HIS STAKE

A GROUP LED BY DART FINANCIAL CORP SOLD SHORT 321 MILLION SALOMON INC
SHARES ON MARCH 3 AND MARCH 4 AT PRICES RANGING FROM 49 TO 4962 RAISING
1583 MILLION ACCORDING TO SECURITIES AND EXCHANGE COMMISSION DOCUMENTS

SHORTSELLERS BORROW SHARES AND SELL THEM BETTING THE PRICE WILL BE CHEAPER
BY THE TIME THE SHARES MUST BE REPLACED FOR THE DARTS OWNERS OF
PRIVATELYHELD FOAMCUP MAKER DART CONTAINER CORP SHORTSELLING IS AN
EFFICIENT WAY TO PARE THEIR 66 POSITION IN SALOMON WITHOUT FLOODING THE
MARKET WITH SALOMON SHARES AND WITHOUT LOSING THEIR VOTES AS HOLDERS
BUT INSTEAD OF FALLING SALOMON'S SHARE PRICE HAS CLIMBED ON NEWS THAT MR
BUFFETT HAS RECENTLY SHARPLY INCREASED HIS STAKE

MR BUFFETT PURCHASED MORE THAN 55 MILLION SALOMON SHARES IN PURCHASES FROM
FEB 3 THROUGH MARCH 4 SEC FILINGS SHOW BRINGING HIS STAKE IN THE FIRM TO
1904 FROM 147 HE BOUGHT THE MAJORITY OF THOSE SHARES ON MARCH 4 THE
DAY AFTER THE DART FINANCIAL GROUP BEGAN SHORTSELLING HIS PURCHASES WERE
MADE THROUGH A UNIT OF HIS OMAHA NEB COMPANY BERKSHIRE HATHAWAY INC

BOTH THE DART FINANCIAL GROUP AND SALOMON BROTHERS INC DECLINED TO COMMENT
MR BUFFETT COULD NOT BE REACHED FOR COMMENT

SO FAR THE MARKET IS BETTING WITH MR BUFFETT WHILE SALOMON SHARES
INITIALLY SLIPPED ON THE NEWS OF DART FINANCIAL'S SHORTSELLING SALOMON
SHARES CLOSED FRIDAY IN NEW YORK STOCK EXCHANGE TRADING AT 52125 UP 375
CENTS

THE DART FAMILY PURCHASED MOST OF ITS STAKE IN SALOMON 64 MILLION OF ITS
APPROXIMATELY 77 MILLION SHARES IN THE WEEKS FOLLOWING SALOMON'S
DISCLOSURE IN AUGUST 1991 THAT IT HAD VIOLATED FEDERAL BIDDING REGULATIONS
IN TREASURY BOND AUCTIONS DURING THE SUBSEQUENT GOVERNMENT INVESTIGATION
WHICH RESULTED IN SALOMON PAYING A 290 MILLION FINE SALOMON'S STOCK
DROPPED THE DARTS PAID AN AVERAGE OF 2488 A SHARE SEC FILINGS SHOW

THE TWO SAVVY INVESTOR GROUPS BOTH HAVE ENORMOUS ACCESS TO AND KNOWLEDGE
OF SALOMON'S INNER WORKINGS MR BUFFETT IS FORMER INTERIM CHAIRMAN AND
REMAINS A MEMBER OF THE BOARD AND THE DARTS ARE ONE OF SALOMON'S BIGGEST
CUSTOMERS HAVING BOUGHT A 14 BILLION STAKE IN BRAZILIAN LOANS MAINLY
THROUGH SALOMON BROTHERS MOREOVER THE DARTS HAVE STRONG TIES TO THE FIRM'S
TRADING AND EMERGING MARKETS EXECUTIVES AND MAY KNOW MORE ABOUT THAT AREA
BECAUSE OF THOSE TIES MANY WALL STREET FIRMS AND HEDGE FUNDS LOST MILLIONS
IN EMERGINGMARKETS TRADING IN FEBRUARY

SALOMON IS KNOWN FOR THE SHARP SWINGS IN ITS TRADING PROFITS FROM QUARTER TO
QUARTER VOLATILITY THAT THE COMPANY SAID IT HAS TAKEN SUBSTANTIAL MOVES TO
ADDRESS FOR THE FOURTH QUARTER OF 1993 SALOMON POSTED 508 MILLION IN
PRETAX PROFIT FROM ITS PROPRIETARYTRADING OPERATION BUT THAT OPERATION HAD
A 173 MILLION LOSS IN THE THIRD QUARTER

MR BUFFETT PAID PRICES FOR THE SHARES HE BOUGHT IN FEBRUARY AND MARCH OF
4798 TO 5070 EACH PAYING A TOTAL OF 2725 MILLION FOR A PAPER PROFIT
SO FAR IN EXCESS OF 12 MILLION NOTES GUY MOSZKOWSKI BROKERAGEINDUSTRY
ANALYST FOR SANFORD C BERNSTEIN & CO BUFFETT'S RECORD IS ALMOST
UNSURPASSED 9403140129 940314 TECHNOLOGY GENENTECH CYTOTHERAPEUTICS

SOUTH SAN FRANCISCO CALIF GENENTECH INC SAID THAT IT HAS SIGNED AN
AGREEMENT WITH CYTOTHERAPEUTICS INC TO COLLABORATE ON THAT COMPANY'S
RESEARCH INTO A TREATMENT FOR ALZHEIMER'S DISEASE THAT WOULD USE IMPLANTED
CELLS TO SEND NERVEGROWTH FACTOR TO THE BRAIN

GENENTECH SAID IT WILL MAKE AN INITIAL 13 MILLION PAYMENT TO
CYTOTHERAPEUTICS AND WILL PURCHASE 35 MILLION OF THE STOCK OF THE
PROVIDENCE RI CONCERN GENENTECH WILL MAKE ADDITIONAL PAYMENTS TOTALING
105 MILLION AS THE PROJECT ADVANCES BOTH COMPANIES ARE BIOTECHNOLOGY
CONCERNS 9403140128 940314 SHETLAND ISLANDS OIL FIND SPARKS INTEREST 
 ANALYSTS PREDICT NEW EXPLORATION IN HARSH REGION  BY JILL
GOLDSMITH SPECIAL TO THE WALL STREET JOURNAL

NEW YORK THE SHETLAND ISLANDS PERCHED AT THE NORTHERN EDGE OF THE NORTH
SEA MAY BE ON THE WAY TO BECOMING A BYWORD FOR BIG UNDISCOVERED OIL
FIELDS

A NEW OIL FIND WEST OF THE ARCHIPELAGO HAS PUSHED THE AREA BACK TO
PROMINENCE AFTER HAVING DRIFTED IN AND OUT OF VOGUE WITH OIL COMPANIES FOR
20 YEARS

ALTHOUGH ATTRACTED BY POTENTIALLY HUGE CRUDE DISCOVERIES THERE INDUSTRY
PLAYERS HAVE BEEN DISCOURAGED BY HARSH WEATHER DEEP WATER AND LACK OF
INFRASTRUCTURE TO PROCESS AND TRANSPORT OIL MOST OF THEM SNUBBED AREAS WEST
AND NORTH OF THE SHETLANDS IN FAVOR OF ZONES FARTHER SOUTH IN THE NORTH SEA
AND CLOSER TO THE UNITED KINGDOM AND NORWEGIAN COASTS

BUT ANALYSTS PREDICT A RESURGENCE OF INTEREST WEST OF THE SHETLANDS THANKS
TO NEW TECHNOLOGIES FOR EXTRACTING OIL MAKING THE AREA LESS THREATENING AND
LESS EXPENSIVE TO WORK IN

IT'S A REAL CONCRETE EXAMPLE OF HOW TECHNOLOGICAL ADVANCES AFFECT THE
ECONOMICS OF THE OIL INDUSTRY SAID BERNARD PICCHI A KIDDER PEABODY & CO
ANALYST

THE AREA'S UNAPPETIZING REPUTATION SO FAR HAS RESULTED IN ONLY TWO
COMPANIES BRITISH PETROLEUM CO AND AMERADA HESS CORP LOOKING HARD ENOUGH
TO FIND OIL BUT NEITHER COMPANY HAS DEVELOPED ITS FIELDS FOR COMMERCIAL
PRODUCTION

NOW THAT MAY CHANGE EXPLORATION AND DEVELOPMENT ARE SET TO PERK UP
ENLIVENED BY BRITISH PETROLEUM'S RECENT DISCOVERY IN THE SCHIEHALLION FIELD
WHERE RECOVERABLE RESERVES ARE ESTIMATED AT UP TO 500 MILLION BARRELS OF
OIL

PARTLY DUE TO SCHIEHALLION BRITISH PETROLEUM SAID IT IS STEPPING UP
ACTIVITY IN THE AREA ANALYSTS THINK OTHER PLAYERS WILL BE DRAWN TO THE
REGION WHICH IS VIEWED AS A NEW AND PROMISING FRONTIER IF AND WHEN OIL
PRODUCTION IN THE REST OF THE NORTH SEA SLACKENS AS SOME INDUSTRY ANALYSTS
PREDICT

BRITISH NORWEGIAN DANISH AND DUTCH PRODUCTION IN THE NORTH SEA AMOUNTS TO
55 MILLION BARRELS OF OIL A DAY MORE THAN ANY ORGANIZATION OF PETROLEUM
EXPORTING COUNTRIES MEMBER SAVE SAUDI ARABIA ALTHOUGH LESS THAN THE US OR
RUSSIA MR PICCHI SAID HE NOTED THAT THERE IS NO GEOLOGICAL CONNECTION
BETWEEN THE AREA WEST OF THE SHETLANDS AND THE THREE MAJOR PRODUCING AREAS
OF THE BRITISH AND NORWEGIAN NORTH SEA

THE NEED TO APPLY NEW EXPLORATION PLANS AND NEW DEVELOPMENT CONCEPTS IS
ALWAYS EXCITING HE SAID

FEARS OF NORTH SEA OIL WANING AND ADVANCES IN UNDERWATER DEVELOPMENT
TECHNIQUES COULD ATTRACT INVESTMENT WEST OF THE SHETLANDS EVEN WITH LOW OIL
PRICES THAT TEND TO CRIMP NEW EXPLORATION AND DESPITE THE FACT THAT MUCH OF
THE OIL FOUND IN THE AREA IS HEAVY AND EXPENSIVE TO REFINE ANALYSTS SAY

SCHIEHALLION IS JOINTLY CONTROLLED BY BRITISH PETROLEUM AND A UNIT OF THE
ROYAL DUTCH/SHELL GROUP BRITISH PETROLEUM SAID IT AND SHELL WANT TO PRODUCE
OIL FROM SCHIEHALLION AS WELL AS FROM THE NEARBY FOINHAVEN FIELD DISCOVERED
IN 1992 WHERE RECOVERABLE RESERVES ARE ESTIMATED AT UP TO 300 MILLION
BARRELS

BRITISH PETROLEUM HOLDS 80 OF FOINHAVEN AND SHELL BASED IN THE
NETHERLANDS HOLDS 20 THE TWO COMPANIES HOPE TO PRODUCE 100000 BARRELS OF
OIL A DAY FROM THE TWO FIELDS COMBINED BY THE END OF 1995 OR EARLY IN 1996
BRITISH PETROLEUM SAID ITS PRIORITY IS FINDING THE LEAST EXPENSIVE AND MOST
EFFICIENT WAY TO PRODUCE AND TRANSPORT OIL IN THE AREA

JAMIE JARDINE A SPOKESMAN IN ABERDEEN SCOTLAND SAID THE COMPANY IS
WORKING WITH THE CONTRACTING AND SUPPLY INDUSTRY TO COME UP WITH A WAY TO
DEVELOP THE OIL SINCE CONVENTIONAL NORTH SEA PLATFORMS DON'T WORK THERE
BRITISH PETROLEUM IS LOOKING INTO FLOATING PLATFORMS MADE OUT OF CONVERTED
OIL TANKERS THAT CAN PROCESS CRUDE OIL ON SITE AND STORE IT THE TANKER CAN
THEN TRANSPORT OIL TO TERMINALS AT EITHER THE SHETLAND ISLANDS OR THE ORKNEY
ISLANDS JUST NORTH OF SCOTLAND

A SUCCESSFUL PROCESSING AND TRANSPORT SYSTEM COULD EVEN FACILITATE
COMMERCIAL DEVELOPMENT OF THE ENORMOUS CLAIR FIELD BRITISH PETROLEUM'S
FIRST AND BIGGEST FIND WEST OF THE SHETLANDS CLAIR WAS DISCOVERED 20 YEARS
AGO AND IS ESTIMATED TO CONTAIN BETWEEN 35 BILLION AND FOUR BILLION BARRELS
OF RESERVES

THE CRUDE THOUGH IS A DENSE AND STICKY HEAVY OIL THAT WOULD BE EXPENSIVE
TO PROCESS COMMERCIALLY EVEN IF OIL PRICES WEREN'T HOVERING AT FIVEYEAR
LOWS MR JARDINE SPECULATED THAT IF BRITISH PETROLEUM OR OTHER COMPANIES
CONTINUE TO STRIKE OIL IN THE AREA A JOINTLY CONSTRUCTED PIPELINE MAY
BECOME AN OPTION

BRITISH PETROLEUM'S INCREASED COMMITMENT TO THE AREA IS REFLECTED IN ITS
SPENDING A COMPANY OFFICIAL SAID BP PLANS TO SPEND ABOUT 60 MILLION AND
DRILL SIX WELLS IN 1994 IN ITS SEARCH FOR NEW OIL WEST OF THE SHETLANDS
COMPARED WITH 40 MILLION IN 1993 HE SAID THE OUTLAY REPRESENTS THE BULK OF
BP'S EUROPEAN EXPLORATION AND APPRAISAL SPENDING FOR 1994

AMONG OTHER MAJOR PLAYERS IN THE AREA AMERADA HESS OPERATES THREE BLOCKS
AND HAS A MINORITY STAKE IN 15 OTHERS MOST OF WHICH ARE OPERATED BY TEXACO
INC AMERADA HESS STRUCK OIL ON ONE OF ITS OWN BLOCKS IN 1992 BUT HASN'T
DEVELOPED IT THE COMPANY IS RUNNING SEISMIC TESTS ON ITS OTHER OPERATING
BLOCKS

WITH NO COMMERCIAL INFRASTRUCTURE YOU NEED BIG FINDS TO START PRODUCTION
SAID PAUL WILCOX WHO WORKS ON AMERADA HESS'S SHETLAND ISLAND TEAM THE
FACT THAT BP HAS FOUND OIL AND WILL BRING SOME OF IT ONSTREAM SOONER RATHER
THAN LATER IS CERTAINLY ENCOURAGING BUT FOR US IT'S TOO SOON TO TELL WE
PLAN TO LOOK AT THE SEISMIC AND SEE WHAT WE'VE GOT

CHARLES MAILER A SPOKESMAN FOR AMERADA HESS IN LONDON SAID THE BP
DISCOVERY HASN'T PROMPTED HESS TO REVISE UPWARD ITS PLANS FOR CAPITAL
SPENDING IN THE AREA WE OBVIOUSLY THINK IT'S IMPORTANT BUT WE'RE NOT
MAKING A BIG DEAL ABOUT IT WE ARE CAUTIOUS WE ARE NOT SHOUTING IT OFF THE
ROOFTOPS EVEN THOUGH IT'S VERY INTERESTING THAT LARGER FIELDS ARE BEING
FOUND MR MAILER SAID

TEXACO WHICH OPERATES 14 BLOCKS IN THE AREA WEST OF THE SHETLANDS IS EVEN
MORE LOW KEY WE SHOT SOME SEISMIC TESTS LAST YEAR AND WILL PROBABLY DO
MORE THIS YEAR WE HAVE MADE NO DECISIONS AND THE BP FIND HASN'T CHANGED
TEXACO'S PLANS SAID GWYNETH HUGHES A TEXACO SPOKESWOMAN IN LONDON

BUT SOME OIL INDUSTRY ANALYSTS SUSPECT THAT THE CAUTIOUS STANCE REFLECTS
RELUCTANCE TO TIP OFF COMPETITORS TO THE POTENTIAL OF THE AREA WHICH HAS
BEEN DESCRIBED BY SOME AS THE NEW FRONTIER AND GREAT UNTAPPED SECRET OF
THE NORTH SEA

IT'S NATURAL THAT NONE OF THESE COMPANIES WANT TO ENGAGE INTEREST IN THE
AREA  AND BID UP THE ACREAGE PRICE SAID PAUL TING AN ANALYST WITH
OPPENHEIMER & CO HE SAID THE TIME LOOKS RIPE FOR AMERADA HESS IN
PARTICULAR TO INVEST MORE IN THE SHETLAND AREA SINCE 1994 IS THE FIRST OF
SEVERAL YEARS THAT THE COMPANY WON'T HAVE TO DRAIN ITS CASH ON OTHER MAJOR
PROJECTS LIKE UPGRADING REFINERIES

HESS WAS CASHHUNGRY NOW IT'S GOT EXCESS CASH SO I DON'T THINK IT'S
UNREASONABLE TO ASSUME IT WILL INVEST IN DEVELOPING ITS SHETLAND INTERESTS
MR TING SAID 9403140127 940314 SPAIN'S CONSUMER PRICE INDEX

MADRID SPAIN'S CONSUMER PRICE INDEX WAS UNCHANGED IN FEBRUARY FROM
JANUARY LEAVING THE YEARTOYEAR RATE AT 5 THE NATIONAL STATISTICS
INSTITUTE SAID FRIDAY

UNDERLYING INFLATION A MEASURE OF CONSUMER PRICES EXCLUDING FRESHFOOD AND
ENERGY PRICES ROSE 04 IN FEBRUARY BRINGING THE ANNUAL RATE DOWN TO 49
FROM 51 IN JANUARY 9403140126 940314 FOR ANTIQUES DEALERS 
SATISFACTION DERIVES FROM ART IN THE DEAL  SURVEY SAYS THAT THE
BUSINESS ISN'T NECESSARILY ENRICHING BUT SALES ARE IMPROVING  
BY ALEXANDRA PEERS STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK THE STEREOTYPE OF THE ART AND ANTIQUES DEALER IS OF A
SLEEKLOOKING FELLOW WITH A FAKE BRITISH ACCENT UNROLLING A CUBAN CIGAR IN
HIS PRIVATE BOOTH AT THE 21 CLUB BUT REALITY MAY BE MORE LIKE MARLBOROS ON
A PORCH IN PAWTUCKET

A SURVEY OF 1460 ART AND ANTIQUES DEALERS TO BE RELEASED TODAY BY THE MAINE
ANTIQUE DIGEST A TRADE JOURNAL SHOWS THAT PEOPLE'S PASSION FOR KNICKKNACKS
JUST DOESN'T PAY THE BILLS FOR MOST DEALERS

OF THOSE SURVEYED 49 REPORTED ANNUAL SALES OF 50000 OR LESS AND 30
SAID THEY BORROWED MONEY IN THE PAST YEAR FROM A BANK OR BACKERS TO FINANCE
THE BUSINESS

SAYS SAMUEL PENNINGTON EDITOR OF MAINE ANTIQUE DIGEST FOR 20 YEARS THE
SURVEY SHOWS THEY'RE ORDINARY PEOPLE THEY MAY NOT BE GETTING RICH BUT JOB
SATISFACTION IS HIGH 90 SAID IF THEY HAD IT TO DO ALL OVER AGAIN THEY'D
BECOME DEALERS

THE SURVEY WAS PREPARED BY MICHAEL GORDON A PROFESSOR OF SOCIOLOGY AT THE
UNIVERSITY OF CONNECTICUT

WHILE A LARGE SAMPLE THE ANONYMOUS SURVEY WASN'T A CROSS SECTION OF THE
INDUSTRY MOST OF THE RESPONDENTS DEAL NOT IN FINE ART SUCH AS PABLO
PICASSOS BUT IN 19THCENTURY WEATHER VANES ANTIQUE GUNS OR 1950S CHROME
DINETTE SETS IN FACT THE VAST MAJORITY OF THE DEALERS 89 VALUED THEIR
ENTIRE INVENTORY AT LESS THAN 250000 THE PRICE OF A SINGLE ANDY WARHOL
SILKSCREEN OF ELIZABETH TAYLOR

HOWEVER MOST DEALERS REPORTED THAT SALES HAVE BEEN IMPROVING SINCE 1991
THE NADIR OF THE ART MARKET AND WHILE THE DEALERS MAY BE POOR THEY ARE
APPARENTLY HONEST ONLY 7 SAID THAT THEY TELL POTENTIAL BUYERS ABOUT DAMAGE
TO OR RESTORATION OF AN OBJECT ONLY IF THEY ASK OR NEVER

SOME 64 OF THE DEALERS ADMITTED TO HAVING BOUGHT MORE THAN A QUARTER OF
THEIR INVENTORY AT PUBLIC AUCTION THAT MEANS A BUYER WHO HAD BID THERE
COULD HAVE CUT OUT THE MIDDLEMAN AND MARKUPS OF 100 OR MORE

THE BUSINESS OFFERS SURPRISINGLY BIG DISCOUNTS TO COLLECTORS SMART ENOUGH TO
HAGGLE HALF OF ALL DEALERS SAID THAT IT WAS RARE FOR CUSTOMERS TO ATTEMPT
TO BARGAIN WITH THEM BUT 75 OF THE DEALERS SAID THAT WHEN CUSTOMERS
TRIED THEY WOULD CUT THE PRICE OF AN OBJECT BY AS MUCH AS 20

BUT BUYER BEWARE THE SURVEY ALSO SHOWED THAT FORGERIES ARE RAMPANT AND
REFUNDS RARE SOME 42 OF THE DEALERS SAID THEY GIVE MONEY BACK NEVER OR
ONLY IF AN ITEM HAS BEEN MISREPRESENTED AND ALMOST ONETHIRD OF THE DEALERS
SAID THEY COME ACROSS COMPLETE FAKES AND FORGERIES OFTEN 9403140125
940314 SHL SYSTEMHOUSE INC CONTRACT

OTTAWA SHL SYSTEMHOUSE INC SAID IT WAS SELECTED BY CANADA'S DEFENSE
DEPARTMENT TO BE THE PRIME CONTRACTOR FOR A PROJECT TO UPGRADE THE
INVENTORYMANAGEMENT AND SUPPLY SYSTEM OF THE CANADIAN ARMED FORCES

THE FIVEYEAR CONTRACT WAS VALUED AT 150 MILLION CANADIAN DOLLARS US1106
MILLION SYSTEMHOUSE IS A CANADABASED COMPUTERSYSTEMS INTEGRATOR
9403140124 940314 CANADA EMPLOYMENT GROWS

OTTAWA CANADA'S UNEMPLOYMENT RATE FELL TO A SEASONALLY ADJUSTED 111 OF
THE WORK FORCE IN FEBRUARY FROM 114 IN JANUARY STATISTICS CANADA A
GOVERNMENT AGENCY SAID

THE NUMBER OF JOBS INCREASED 05 IN FEBRUARY FOLLOWING A 03 DROP IN
JANUARY MANUFACTURING EMPLOYMENT GREW 3 IN FEBRUARY FOLLOWING TWO
CONSECUTIVE MONTHLY DECLINES 9403140123 940314 BUTLER EXPECTS TO POST
RECORD REVENUE FOR 1993 CITES EFFORTS OF ALL GROUPS  BY
CHRISTOPHER C WILLIAMS SPECIAL TO THE WALL STREET JOURNAL

NEW YORK BUTLER INTERNATIONAL INC CITING STRONG CONTRIBUTIONS FROM
ALL ITS BUSINESS LINES SAID IT EXPECTS TO RECORD REVENUE FOR 1993

WE CONTINUE TO SEE COMPANIES WORLDWIDE ADOPT THE MOVEMENT TOWARD
OUTSOURCING AND BUTLER IS BENEFITING FROM THAT TREND CHAIRMAN AND CHIEF
EXECUTIVE EDWARD M KOPKO SAID IN AN INTERVIEW

THE COMPANY IN MONTVALE NJ PROVIDES COMPANIES WITH TEMPORARY TECHNICAL
PERSONNEL AND SKILLED ENGINEERS

MR KOPKO SAID BUTLER EXPECTS TO REPORT A 15 INCREASE IN 1993 REVENUE TO
308 MILLION FROM 267 MILLION WITH FOURTHQUARTER REVENUE OF AT LEAST 82
MILLION THE COMPANY REPORTED NINEMONTH REVENUE OF 2256 MILLION

ACCORDING TO MR KOPKO BUTLER WILL REPORT 1993 INCOME FROM CONTINUING
OPERATIONS OF 16 MILLION OR 28 CENTS A SHARE HE ADDED THAT BUTLER WILL
REPORT A NONRECURRING CHARGE OF 375000 TO COVER THE COST OF A
DEBENTUREOFFERING WITHDRAWAL IN THE QUARTER WHICH WILL REDUCE INCOME FROM
CONTINUING OPERATIONS TO 20 CENTS WHICH COMPARES WITH A LOSS OF 46
MILLION OR 103 A SHARE IN 1992

MR KOPKO SAID THE COMPANY WILL REPORT A 1993 NET LOSS OF 22 MILLION OR
50 CENTS A SHARE AFTER A 34 MILLION CHARGE FROM DISCONTINUEDOPERATIONS
AND THE DEBENTURE

IN THE FIRST NINE MONTHS BUTLER REPORTED PROFIT FROM CONTINUING OPERATIONS
OF 22 CENTS A SHARE FOR THE FIRST NINE MONTHS OF 1993 PUTTING
FOURTHQUARTER PROFIT FROM CONTINUING OPERATIONS AT SIX CENTS A SHARE THE
COMPANY HAS REPORTED A NET LOSS OF 24 CENTS SO FAR FOR THE YEAR PUTTING
FOURTHQUARTER NET AT A LOSS OF 26 CENTS

ALL THE GROUPS CONTRIBUTED SIGNIFICANTLY TO THE YEAR'S RESULTS KOPKO
SAID NOTING THAT AVERAGE BILLABLE EMPLOYEES ROSE 10 FROM A YEAR AGO

ABOUT HALF OF THE 6 MILLION SWING IN ANNUAL EARNINGS FROM CONTINUING
OPERATIONS CAME AS A RESULT OF THE PERFORMANCE OF BUTLER'S TELECOM DIVISION

MR KOPKO SAID THE DIVISION WHICH PROVIDES TELECOMMUNICATIONS SERVICES
WORLDWIDE BENEFITED FROM THE COMPANY'S CUTTING SOME WEAK BUSINESS LINES

BUTLER IS SCHEDULED TO REPORT YEAREND RESULTS NEXT WEEK

MR KOPKO SAID HE EXPECTS THE STRENGTH IN BUTLER'S BUSINESS LINES TO
CONTINUE IN 1994 WHICH SHOULD LEAD TO A CONTINUATION OF DOUBLEDIGIT
GROWTH IN REVENUE WITHOUT THE AID OF ACQUISITIONS

MR KOPKO ALSO PROJECTED EARNINGS FROM CONTINUING OPERATIONS RISING ROUGHLY
A THIRD TO ABOUT 40 CENTS FOR 1994 OPERATING CASH FLOW ALSO FROM
CONTINUING OPERATIONS FOR 1994 SHOULD INCREASE TO ABOUT 1 A SHARE FROM 76
CENTS IN 1993 HE SAID

BUTLER HOWEVER WILL HAVE TO OVERCOME A HISTORICALLY WEAK FIRST QUARTER
THAT WAS MADE WEAKER BY THE UNEXPECTEDLY COLD WINTER AND HIGHER INTEREST
COSTS

ON A CONTINUING OPERATIONS BASIS MR KOPKO SAID THE FIRSTQUARTER RESULTS
WILL BE A BIT LOWER THAN 1993'S 11 CENTS A SHARE THE COMPANY EXPECTS NET
INCOME FOR THE QUARTER TO BE COMPARABLE WITH THE RESTATED ONE CENT A SHARE
IT EARNED IN 1993

IN THE WAKE OF THE RECESSION TEMPORARY PERSONNEL COMPANIES SUCH AS BUTLER
HAVE BENEFITED FROM COMPANIES USING THEIR SERVICES TO BOLSTER LEANER STAFF
HOWEVER THERE HAVE BEEN RECENT REPORTS THAT THE BOOM IN THE HIRING OF
TEMPORARY WORKERS MAY BE COMING TO AN END AS COMPANIES EMBOLDENED BY THE
INCREASINGLY STRONGER ECONOMY SWITCH TO PERMANENT WORKERS

SUCH POTENTIALLY DOWNBEAT NEWS DOESN'T SEEM TO CONCERN MR KOPKO HE
EXPLAINED THAT COMPANIES SUCH AS BUTLER AND CDI CORP FOCUS ON THE HIGHEND
HIGHLY SKILLED END OF THE MARKET AND THE OUTLOOK FOR THIS NICHE CONTINUES
TO BE VERY POSITIVE

HE SAID BUTLER AND CDI WHICH IS THE LARGEST PUBLICLY TRADED COMPANY IN THE
CONTRACT TECHNICAL WORKERS NICHE OF THE INDUSTRY SHARE ONLY 6 TO 7 OF
THAT WORLDWIDE MARKET WHICH IS CLOSE TO 20 BILLION WE IMPROVE OUR
MARKET SHARE HE SAID BUT NOT AT THE EXPENSE OF EACH OTHER

LAST MONTH BUTLER WITHDREW A 15 MILLION CONVERTIBLE SUBORDINATED
DEBENTURES OFFER CITING MUTUAL AGREEMENT WITH THE UNDERWRITERS

MR KOPKO SAID THAT THE PARTICULARS OF THE OFFERING WERE FORMULATED MONTHS
AGO AND BUTLER HAD CONTINUED TO MAKE PROGRESS AND IMPROVE WITHIN THAT TIME
9403140122 940314 COMMODITIES MG CORP AIMS TO STAY ACTIVE IN OIL
BUSINESS  BY JEFFREY TAYLOR STAFF REPORTER OF THE WALL STREET
JOURNAL

THE MAIN US UNIT OF THE GERMAN CONGLOMERATE METALLGESELLSCHAFT AG WHICH
WAS DEVASTATED LATE LAST YEAR BY MORE THAN 1 BILLION IN OILTRADING LOSSES
PLANS TO CONTINUE AS A BIG PLAYER IN THE US OIL BUSINESS THE UNIT'S NEW
CHIEF EXECUTIVE OFFICER SAID

MG CORP'S CHIEF EXECUTIVE KARL VON DER HEYDEN SAID IN AN INTERVIEW THAT
THE COMPANY HAS SHARPLY REDUCED THE MASSIVE POSITION IN OIL DERIVATIVES
CONTRACTS THAT NEARLY TOPPLED ITS PARENT WHICH IS GERMANY'S 14THLARGEST
CORPORATION

THE BANKS HAVE RESCUED US FROM POTENTIAL BANKRUPTCY MR VON DER HEYDEN
SAID WE HAVE NEW MANAGEMENT BOTH AT THE PARENTCOMPANY LEVEL AND HERE IN
NEW YORK WE ARE VERY COMMITTED TO THESE ENERGY BUSINESSES AND WE EXPECT TO
REDUCE OUR BANK DEBT IN HALF BY THE END OF OUR FISCAL YEAR ON SEPT 30

MG CORP'S OIL BUSINESS HAS RETURNED TO PROFITABILITY MR VON DER HEYDEN
SAID LARGELY BECAUSE OF A RESURGENCE IN OIL PRICES AND PROFITS ON THE
COMPANY'S MANY CONTRACTS TO SUPPLY GASOLINE OIL AND DIESEL FUEL TO
CUSTOMERS FOR MORE THAN THE CURRENT MARKET PRICES THESE FACTORS AND OTHERS
HAVE CONTRIBUTED TO POSITIVE CASH FLOW OF MORE THAN 100 MILLION FOR MG
SINCE JAN 1 HE SAID

MOREOVER HE SAID MG CORP HAS MADE GOOD ON ITS HUNDREDS OF MILLIONS OF
DOLLARS IN COMMITMENTS TO OTHER OIL DEALERS FOR SWAPS AND OTHER ENERGY
DERIVATIVES DERIVATIVES ARE INSTRUMENTS WHOSE VALUES ARE BASED ON THE
PRICES OF OTHER ASSETS IN THIS CASE OIL AND GASOLINE AND ARE
TYPICALLY USED TO HEDGE RISKS OF UNFAVORABLE PRICE SWINGS IN THE UNDERLYING
ASSETS

MR VON DER HEYDEN ACKNOWLEDGED THAT BOTH MG CORP AND ITS PARENT TOTTERED
ON THE EDGE OF INSOLVENCY IN LATE DECEMBER AFTER PLUNGING OIL PRICES
DECIMATED MG'S HUGE POSITION IN OIL DERIVATIVES THE COMPANY HE CONCEDED
COULD HAVE BEEN FORCED INTO BANKRUPTCYLAW PROCEEDINGS HAD ITS BANKERS
CHOSEN TO DEMAND PAYMENT ON THEIR OUTSTANDING LOANS TO MG INSTEAD AT MG'S
REQUEST THE COMPANY'S CREDITORS STOOD STILL THROUGHOUT ITS FINANCIAL
CRISIS TO ALLOW MG UNDER NEW MANAGEMENT TO REGAIN ITS FOOTING HE SAID

AND IN JANUARY A CONSORTIUM OF 120 EUROPEAN BANKS RESCUED BOTH
METALLGESELLSCHAFT AND MG CORP WITH A 195 BILLION BAILOUT PACKAGE

MR VON DER HEYDEN WHO HAD DECLINED ALL REQUESTS FOR INTERVIEWS IN THE
PAST WENT ON THE RECORD HE SAID BECAUSE HE WANTED TO ASSURE MG'S MANY
US CUSTOMERS SERVICE STATIONS AND OTHERS WHO HAVE CONTRACTED TO BUY
PETROLEUM PRODUCTS FROM THE COMPANY THAT IT PLANS TO CONTINUE IN THE
BUSINESS FOR YEARS TO COME PEOPLE FAMILIAR WITH MG'S OILTRADING ACTIVITIES
SAID THE COMPANY ALSO WANTED TO DISPEL PERSISTENT RUMORS ABOUT ITS POTENTIAL
DEMISE THAT CONTINUE TO INFLUENCE THE OILFUTURES MARKET AT THE NEW YORK
MERCANTILE EXCHANGE

THE COMPANY'S COLOSSAL OILTRADING LOSSES STEMMED FROM AN ILLFATED ATTEMPT
TO HEDGE ITS BUSINESS RISKS AS A WHOLESALER OF OIL PRODUCTS

W ARTHUR BENSON FORMER PRESIDENT OF MG REFINING & MARKETING INC ANOTHER
OF METALLGESELLSCHAFT'S MANY US UNITS HEADED A STAFF THAT MARKETED
LONGTERM AGREEMENTS TO SUPPLY PETROLEUM PRODUCTS AT FIXED PRICES TO USERS
THROUGHOUT THE US TO HEDGE THESE CONTRACTS MR BENSON'S STAFF BOUGHT
FUTURES CONTRACTS AT THE NEW YORK MERC AND ENTERED INTO SWAP ARRANGEMENTS
AND OTHER DERIVATIVES POSITIONS THE IDEA WAS THAT IF OIL PRICES ROSE AND MG
HAD TO PAY HIGHER PRICES TO SUPPLY OIL TO ITS CUSTOMERS FOR LESS IT COULD
MAKE UP THE DIFFERENCE IN GAINS ON ITS DERIVATIVE HOLDINGS

BUT OIL PRICES FELL PRECIPITOUSLY IN OCTOBER AND DECEMBER DEVASTATING THE
DERIVATIVES POSITIONS AND FORCING MG TO PAY MARGIN CALLS OR PERFORMANCE
GUARANTEES OF HUNDREDS OF MILLIONS OF DOLLARS MR BENSON WAS FIRED IN
FEBRUARY HE HAS SINCE FILED A LAWSUIT IN BALTIMORE'S US DISTRICT COURT
CLAIMING METALLGESELLSCHAFT DEFAMED HIM BY BLAMING HIM FOR ITS
NEARCOLLAPSE HE IS SEEKING 1 BILLION IN DAMAGES

MR VON DER HEYDEN WOULDN'T RESPOND TO MR BENSON'S ALLEGATIONS DIRECTLY
BUT SAID MG HAS SHIFTED ITS HEDGING STRATEGY WE HAVE A NEW RISKMANAGEMENT
POLICY IN PLACE HE SAID WE HAVE DEVELOPED NEW BUSINESS PLANS IN BOTH OUR
OIL AND NATURAL GAS BUSINESSES WHICH WE BELIEVE ARE PRUDENT AND RISK
ADVERSE

MR VON DER HEYDEN CAME TO MG CORP IN DECEMBER AFTER THE COMPANY'S FORMER
CHIEF EXECUTIVE OFFICER SIEGFRIED HODAPP WAS ALSO FIRED

THE DOWNSIZING AND RESTRUCTURING OF MG'S DERIVATIVES POSITIONS HAS BEEN
OVERSEEN BY NANCY KROPP GALDY AN EXPERIENCED OIL TRADER WHO LIKE MR VON
DER HEYDEN WAS BROUGHT IN ON SHORT NOTICE BY THE SUPERVISORY BOARD NOW
CONTROLLING METALLGESELLSCHAFT'S AFFAIRS IN GERMANY IN AN INTERVIEW MS
KROPP GALDY SAID THE DOWNSIZING IS NOW COMPLETE AND THAT MG WOULD TRADE
DERIVATIVES ONLY ROUTINELY AS PART OF HEDGING THE RISKS OF ITS
PETROLEUMSUPPLY BUSINESS 9403140121 940314 HECLA COMPLETES ACQUISITION

COEUR D'ALENE IDAHO HECLA MINING CO SAID IT COMPLETED ITS PREVIOUSLY
ANNOUNCED ACQUISITION OF EQUINOX RESOURCES LTD VANCOUVER BRITISH
COLUMBIA FOR 59 MILLION SHARES OF NEWLY ISSUED COMMON STOCK

AT FRIDAY'S CLOSING PRICE OF 12875 THE ACQUISITION OF THE GOLD
EXPLORATION AND DEVELOPMENT COMPANY HAD A VALUE OF NEARLY 76 MILLION
9403140120 940314 HOLLYWOOD CASINO CONSIDERS SITE

DALLAS HOLLYWOOD CASINO CORP SAID IT SECURED A THREEYEAR OPTION ON A
275ACRE SITE IN VIRGINIA SHOULD THE STATE LEGALIZE RIVERBOAT GAMBLING

TERMS WEREN'T DISCLOSED

HOLLYWOOD SAID VIRGINIA CURRENTLY HAS NO GAMING LEGISLATION AND THE
VIRGINIA GENERAL ASSEMBLY HASN'T SET A TIMETABLE FOR A VOTER REFERENDUM
9403140119 940314 CANADIAN RAIL FREIGHT VOLUME

OTTAWA CANADIAN RAIL FREIGHT VOLUME TOTALED 43 MILLION METRIC TONS IN
THE WEEK ENDED FEB 28 DOWN 22 FROM A YEAR EARLIER STATISTICS CANADA
SAID

FOR THE YEAR TO DATE RAIL FREIGHT VOLUME WAS DOWN 16 FROM A YEAR EARLIER

THE NUMBER OF RAIL CARS LOADED DURING THE WEEK WAS DOWN 27 FROM A YEAR
EARLIER

A METRIC TON IS EQUAL TO 220462 POUNDS 9403140118 940314 HERITAGE
FINANCIAL TO BUY BANK

TINLEY PARK ILL HERITAGE FINANCIAL SERVICES INC SAID IT AGREED TO
ACQUIRE MIDLOTHIAN STATE BANK OF MIDLOTHIAN ILL

TERMS WEREN'T DISCLOSED

THE COMPANY SAID THE TRANSACTION IS SUBJECT TO AMONG OTHER THINGS
REGULATORY APPROVALS AT DEC 31 MIDLOTHIAN HAD TOTAL ASSETS OF 107
MILLION

HERITAGE FINANCIAL SAID THE ACQUISITION IS CONSISTENT WITH ITS STRATEGY OF
EXPANDING ITS PRESENCE IN EXISTING AND ADJACENT MARKETS 9403140117 940314
CLOSED END FUNDS

CLOSEDEND FUNDS SELL A LIMITED NUMBER OF SHARES AND INVEST THE PROCEEDS IN
SECURITIES UNLIKE OPENEND FUNDS CLOSEDENDS GENERALLY DO NOT BUY THEIR
SHARES BACK FROM INVESTORS WHO WISH TO CASH IN THEIR HOLDINGS INSTEAD FUND
SHARES TRADE ON A STOCK EXCHANGE THE FOLLOWING LIST PROVIDED BY LIPPER
ANALYTICAL SERVICES SHOWS THE EXCHANGE WHERE EACH FUND TRADES A AMERICAN
C CHICAGO N NYSE O NASDAQ T TORONTO Z DOES NOT TRADE ON AN
EXCHANGE THE DATA ALSO INCLUDE THE FUND'S MOST RECENT NET ASSET VALUE ITS
CLOSING SHARE PRICE ON THE DAY NAV WAS CALCULATED AND THE PERCENTAGE
DIFFERENCE BETWEEN THE MARKET PRICE AND THE NAV OFTEN CALLED THE PREMIUM OR
DISCOUNT FOR EQUITY FUNDS THE FINAL COLUMN PROVIDES 52WEEK RETURNS BASED
ON MARKET PRICES PLUS DIVIDENDS FOR BOND FUNDS THE FINAL COLUMN SHOWS THE
PAST 12 MONTHS' INCOME DISTRIBUTIONS AS A PERCENTAGE OF THE CURRENT MARKET
PRICE FOOTNOTES APPEAR AFTER A FUND'S NAME A THE NAV AND MARKET PRICE ARE
EX DIVIDEND B THE NAV IS FULLY DILUTED C NAV MARKET PRICE AND PREMIUM
OR DISCOUNT ARE AS OF THURSDAY'S CLOSE D NAV MARKET PRICE AND PREMIUM OR
DISCOUNT ARE AS OF WEDNESDAY'S CLOSE E NAV ASSUMES RIGHTS OFFERING IS
FULLY SUBSCRIBED V NAV IS CONVERTED AT THE COMMERCIAL RAND RATE Y NAV
AND MARKET PRICE ARE IN CANADIAN DOLLARS ALL OTHER FOOTNOTES REFER TO
UNUSUAL CIRCUMSTANCES EXPLANATIONS FOR THOSE THAT APPEAR CAN BE FOUND AT
THE BOTTOM OF THIS LIST N/A SIGNIFIES THAT THE INFORMATION IS NOT AVAILABLE
OR NOT APPLICABLE 9403140116 940314 EQUITABLE COS UNIT FORMS GROUP TO
RAISE PRIVATE EQUITY FUNDS  SPECIAL TO THE WALL STREET JOURNAL

NEW YORK DONALDSON LUFKIN & JENRETTE INC SAID IT FORMED A VENTURE
PRIVATE FUND GROUP TO RAISE PRIVATE EQUITY CAPITAL FOR DOMESTIC AND
INTERNATIONAL INVESTMENT ORGANIZATIONS

THE COMPANY SAID THE VENTURE WHICH COMPLEMENTS ITS MERCHANTBANKING AND
HIGHYIELD BUSINESSES IS STAFFED BY FIVE EXECUTIVES IN NEW YORK CHICAGO
AND LONDON ALL OF WHOM JOINED THE FIRM RECENTLY FROM MERRILL LYNCH & CO
DONALDSON IS A UNIT OF EQUITABLE COS

THE GROUP WILL CONCENTRATE ON RAISING CAPITAL FOR INVESTMENT ORGANIZATIONS
FUNDS AND PARTNERSHIPS IN A RANGE OF FIELDS INCLUDING LEVERAGED BUYOUTS
REAL ESTATE VENTURE CAPITAL EMERGING MARKETS AND DISTRESSED SECURITIES
THE GROUP ALSO PLANS TO ARRANGE DIRECT PRIVATE PLACEMENTS OF EQUITY

ITS PRIMARY SOURCES OF CAPITAL WILL BE PENSION FUNDS ENDOWMENTS FINANCIAL
INSTITUTIONS AND HIGHNETWORTH INDIVIDUALS DONALDSON SAID

PHILIP POOL AND ROBERT RIVETT JOINED THE COMPANY AS MANAGING DIRECTORS
JOINTLY HEADING THE VENTURE RAYMOND COSMAN CHAD SCHULTZ AND RICHARD HILL
JOINED THE COMPANY AS SENIOR VICE PRESIDENTS THE COMPANY SAID THE FIVE WERE
INVOLVED IN THE ORIGINATION AND DISTRIBUTION OF PRIVATE EQUITY INVESTMENT
PRODUCTS AT MERRILL LYNCH 9403140115 940314 FIRST BANCORP OF OHIO

AKRON OHIO FIRST BANCORP OF OHIO SAID IT BOUGHT LIFE FEDERAL SAVINGS
BANK OF CLEARWATER FLA FROM THE RESOLUTION TRUST CORP THE FEDERAL
AGENCY CHARGED WITH DISPOSING OF FAILED BANKING INSTITUTIONS FOR 23
MILLION

THE OHIO BANK SAID IT PLANNED TO INJECT 5 MILLION OF NEW CAPITAL INTO LIFE
FEDERAL

LIFE FEDERAL WITH DEPOSITS OF ABOUT 25 MILLION HAS THREE BRANCHES IN
CLEARWATER FIRST BANCORP OWNS BANCORP TRUST CO IN FLORIDA AND SIX BANKING
AFFILIATES IN OHIO 9403140114 940314 GE IN CONSENT DECREE IS SET TO
KEEP SEDIMENT OUT OF HUDSON RIVER

FAIRFIELD CONN GENERAL ELECTRIC CO SIGNED A CONSENT DECREE WITH NEW
YORK STATE ENVIRONMENTAL OFFICIALS UNDER WHICH THE COMPANY WILL SPEND ABOUT
100000 TO PREVENT CONTAMINATED SEDIMENT FROM REACHING THE HUDSON RIVER

THE DECREE CALLS FOR GE TO REROUTE AND LENGTHEN A TREATEDWASTEWATER
DISCHARGE PIPE THAT RUNS FROM ITS CAPACITOR PLANT IN FORT EDWARD WASHINGTON
COUNTY TO WITHIN 30 FEET OF THE HUDSON THE STATE SAID ITS INVESTIGATION
SHOWED THAT WATER DISCHARGED FROM THE PIPE COMES INTO CONTACT WITH
CONTAMINATED SEDIMENTS AND SOILS BEFORE ENTERING THE RIVER THE CONTAMINANTS
ARE POLYCHLORINATED BIPHENYLS

THE DECREE WAS ANNOUNCED FRIDAY BY THE DEPARTMENT OF ENVIRONMENTAL
CONSERVATION AND THE STATE ATTORNEY GENERAL JACK BATTY A GE SPOKESMAN
SAID ENGINEERING WORK BEGAN IN DECEMBER AND WOULD CONTINUE WHEN WEATHER
IMPROVES 9403140113 940314 SHL SYSTEMHOUSE ORACLE PACT

OTTAWA SHL SYSTEMHOUSE INC AND ORACLE CORP HAVE AGREED TO COOPERATE IN
MARKETING THEIR COMPUTER SERVICES

SYSTEMHOUSE IS A COMPUTER SYSTEMS COMPANY THAT PROVIDES COMPUTER OUTSOURCING
SERVICES ORACLE IN REDWOOD SHORES CALIF PRODUCES COMPUTER SOFTWARE

A SYSTEMHOUSE SPOKESMAN SAID HIS COMPANY WILL MARKET ORACLE COMPUTER
APPLICATIONS FOR ITS OUTSOURCING SERVICES AND ORACLE WILL MARKET
SYSTEMHOUSE OUTSOURCING SERVICES FOR ORACLE COMPUTER APPLICATIONS
9403140112 940314 KAUFMAN & BROAD SETTLEMENT

LOS ANGELES KAUFMAN & BROAD HOME CORP REACHED TENTATIVE AGREEMENT TO
SETTLE SHAREHOLDER LITIGATION BY PAYING 16 MILLION THE HOMEBUILDING
COMPANY SAID IN ITS ANNUAL FINANCIAL STATEMENT

TWO LAWSUITS FILED IN FEDERAL COURT HERE IN 1992 LATER CONSOLIDATED HAD
ALLEGED THAT THE COMPANY AND SEVERAL OF ITS OFFICERS HAD ISSUED MISLEADINGLY
UPBEAT FINANCIAL PROJECTIONS IN THE TWO MONTHS BEFORE AN ANNOUNCEMENT THAT
PROFIT WOULD DECLINE

THE COMPANY WHICH IS PAYING THE 16 MILLION AS ITS SHARE OF A LARGER
SETTLEMENT HAS DENIED ALL WRONGDOING AND SAID IT REACHED THE AGREEMENT IN
PRINCIPLE TO AVOID A COSTLY AND PROTRACTED LEGAL FIGHT

THE SETTLEMENT AWAITS FINALIZATION BY ATTORNEYS AND COURT APPROVAL
9403140111 940314 USAIR TRAFFIC GAINS

ARLINGTON VA USAIR SAID ITS FEBRUARY TRAFFIC ROSE 17 TO ABOUT 254
BILLION REVENUE PASSENGER MILES FROM 249 BILLION A YEAR EARLIER

A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE

LOAD FACTOR OR THE NUMBER OF AVAILABLE SEATS FILLED CLIMBED TO 584 FROM
552

FOR THE FIRST TWO MONTHS OF 1994 THE USAIR GROUP INC SUBSIDIARY SAID IT
FLEW 506 BILLION REVENUE PASSENGER MILES UP 11 FROM 501 BILLION A YEAR
EARLIER LOAD FACTOR WAS 555 UP FROM 528 9403140110 940314 ASSOCIATE
OF OXFORD CAPITAL PLEADS GUILTY IN 1993 FRAUD CASE

NEW YORK STATE PROSECUTORS SAID AN ASSOCIATE OF DEFUNCT OXFORD CAPITAL
SECURITIES INC PLEADED GUILTY TO CHARGES HE TOOK PART IN AN ILLEGAL
INVESTMENT PLAN THAT EARNED MORE THAN 10 MILLION

THE NEW YORK COUNTY DISTRICT ATTORNEY'S OFFICE SAID DAVID GREENE PLEADED
GUILTY TO SCHEMING TO DEFRAUD SIX COUNTS OF VIOLATING NEW YORK'S
SECURITIESFRAUD LAW TWO COUNTS OF GRAND LARCENY IN THE SECOND DEGREE AND
ONE COUNT OF GRAND LARCENY IN THE THIRD DEGREE

MR GREENE WAS AMONG 13 PEOPLE INDICTED IN MARCH 1993 ON CHARGES OF TAKING
PART IN FRAUD PROSECUTORS CHARACTERIZED AS A PONZI SCHEME IN WHICH NEW
INVESTMENTS ARE USED TO PAY PREVIOUS INVESTORS

MR GREENE WHO FACES A POSSIBLE TWOYEAR TO SIXYEAR SENTENCE ADMITTED TO
OBTAINING BY THEFT OR FRAUD 598588 ACCORDING TO PROSECUTORS MR GREENE
AGREED TO REPAY 361937

OXFORD CAPITAL SECURITIES WAS SUSPENDED BY THE NATIONAL ASSOCIATION OF
SECURITIES DEALERS IN MARCH 1993 FOR DENYING NASD STAFF ACCESS TO BOOKS AND
RECORDS 9403140109 940314 INTERNATIONAL WORLD WIRE  COMPILED
BY RICHARD L HOLMAN

GERMANY'S OETV PUBLICSECTOR AND TRANSPORTATION UNION ACCEPTED A CONTRACT
WITH CONCESSIONS AND A TEMPORARY WAGE FREEZE THE STINGIEST FOR THESE
WORKERS SINCE THE REPUBLIC'S 1948 FOUNDING

UNDER THE 15MONTH SETTLEMENT RETROACTIVE TO JAN 1 THE 35 MILLION
FEDERAL STATE AND MUNICIPAL EMPLOYEES WILL GET A 2 PAY RAISE BUT NOT
UNTIL JULY 1 FOR THE LOWESTPAID WORKERS AND SEPT 1 FOR THE OTHERS KEEPING
THE OVERALL AVERAGE RAISE TO 1

OETV WAS THE THIRD BIG GERMAN UNION AFTER THE METAL AND CHEMICAL WORKERS TO
ABANDON LOFTY JOBSECURITY AND PAY DEMANDS AS EMPLOYERS AIM TO DISMANTLE
LABOR INFLEXIBILITY THAT HAS HURT GERMANY'S ECONOMIC COMPETITIVENESS

WITH OETV THE GOVERNMENT ACHIEVED AN UNEXPECTED COSTNEUTRAL WAGE DEAL THAT
UNDERCUTS INFLATION AS UNPRECEDENTED CONCESSIONS BY THE WORKERS WILL SHAVE
COSTS AND OFFSET THE SMALL PAY INCREASE FRINGEBENEFIT CUTS INCLUDE A
FREEZE ON ANNUAL BONUSES OF A MONTH'S PAY

THE LEBANESE PARLIAMENT AUTHORIZED THE REOPENING OF THE CASINO DU LIBAN ON
A SCENIC SITE OVERLOOKING THE BAY OF JOUNIE JUST NORTH OF BEIRUT THE MOVE
IS PART OF THE GOVERNMENT'S PLAN TO REVIVE TOURISM IN LEBANON ONCE THE
MIDEAST'S ENTERTAINMENT CENTER THE CASINO'S GAMBLING HALLS AND SPECTACULAR
FLOOR SHOWS WERE A MAJOR ATTRACTION BEFORE THE ESTABLISHMENT WAS CLOSED
BECAUSE OF SHELLING IN THE CONFLICT FROM 197590 THE CASINO 50OWNED BY
THE STATE WILL GET A 30YEAR GAMBLING LICENSE

CONGO'S GOVERNMENT ELIMINATED 9000 NAMES FROM ITS BLOATED PAYROLL AFTER
FINDING THAT SOME PUBLIC SERVANTS USED FICTITIOUS NAMES TO DRAW AS MANY AS
10 PAYCHECKS EACH THE FIRINGS INCLUDED 3000 PEOPLE HIRED WITH FALSE
CREDENTIALS AND 1000 PAST THE RETIREMENT AGE OF 55 THE MOVE WAS PART OF AN
ACCORD WITH THE INTERNATIONAL MONETARY FUND BUT FELL SHORT OF THE DEAL TO
HALVE THE GOVERNMENT'S 21 MILLION MONTHLY WAGE PAYMENTS THE LAYOFFS WILL
SAVE LESS THAN 2 MILLION A MONTH CONGO WITH A POPULATION OF 25 MILLION
ALSO ASKED ITS 80000 CIVIL SERVANTS TO JUSTIFY THEIR WORK SIGNALING MORE
DISMISSALS

CAMBODIA RECEIVED EMERGENCY AID PLEDGES TOTALING 773 MILLION TO REBUILD AN
ECONOMY STRUGGLING AFTER DECADES OF CIVIL WAR LAND DAMAGE AND POVERTY THE
PLEDGE TOTAL AT A TOKYO MEETING OF MORE THAN 30 NATIONS AND 12
MULTINATIONAL BODIES WAS INFLATED BY REPLEDGING OF SOME FUNDS PREVIOUSLY
COMMITTED BUT NOT DISBURSED REPRESENTATIVES LAUDED THE GOVERNMENT FORMED
LAST MAY FOR CURBING INFLATION BOOSTING TAX REVENUE AND STABILIZING THE
CURRENCY BUT PROBLEMS REMAIN WITH A BUDGET DEFICIT FOREIGN DEBT POOR LAW
ENFORCEMENT TO COMBAT BANDITRY AND BASIC SERVICES SUCH AS PHONES AND
IRRIGATION

COAL MINERS' PROTESTS SPREAD ACROSS RUSSIA AS MORE THAN 30000 WORKERS WENT
ON STRIKE SEEKING TO FORCE THE GOVERNMENT TO PAY BACK WAGES BUT UNION
LEADERS IN SOME AREAS SAID THEY WEREN'T PREPARED FOR AN EXTENDED WALKOUT AND
WOULD RESUME WORK WHILE MINERS IN THE NORTHWEST PICKED UP THEIR TOOLS AFTER
THEY RECEIVED PAY FOR DECEMBER AND JANUARY IN THE SOUTH NINE OF 26 PITS
CLOSED BY STRIKES WERE REOPENED UNIONS SAY THE GOVERNMENT OWES MINERS 360
MILLION IN BACK PAY WHILE CONSUMERS OWE THE INDUSTRY 600 MILLION

FINLAND'S TRANSPORT UNION SAID IT WOULD HALT TODAY ALL DELIVERIES OF FOOD
INCLUDING IMPORT AND EXPORT SHIPMENTS TO SUPPORT A STRIKE BY 30000 FOOD
PRODUCTION EMPLOYEES THE TRANSPORT UNION HAS 48000 MEMBERS INCLUDING
TRUCK DRIVERS AND PORT WORKERS LAST THURSDAY MOST FOOD PRODUCTION IN THE
COUNTRY WAS HALTED WHEN EMPLOYERS BEGAN A NATIONWIDE LOCKOUT AFTER CONTRACT
NEGOTIATIONS WITH UNIONS BROKE DOWN OVER PAY

THE SAUDI ARABIAN CABINET BANNED SATELLITE DISHES AND RELATED DEVICES THAT
PICK UP TELEVISION SIGNALS FROM ABROAD THE DECREE MARKS AN EFFORT TO
REGULATE PROGRAMS IN THE CONSERVATIVE MUSLIM KINGDOM

DISH USE SURGED AFTER 1990 WHEN SAUDIS SOUGHT NEWS ABOUT IRAQ'S INVASION OF
KUWAIT THE DECREE ALLOWS SEIZURE OF DISHES AND BARS IMPORTS AND PRODUCTION
VIOLATORS MAY BE FINED UP TO 133000

THE INFORMATION MINISTRY WILL CULL PROGRAMS FROM INTERNATIONAL NETWORKS FOR
SHOWING ON CABLE TV TO ENSURE THEY CONFORM TO RELIGIOUS AND SOCIAL VALUES
FOREIGN PROGRAMS CONTRASTED WITH THOSE ON STATERUN TV WHICH HAS CUT SCENES
OF COUPLES HOLDING HANDS IN FOREIGN FILMS AND BARRED PROGRAMS FROM A
SAUDIOWNED NETWORK IN LONDON BECAUSE FEMALE ANNOUNCERS DIDN'T COVER THEIR
HEADS AS REQUIRED BY THE KINGDOM'S ISLAMIC LAWS

MUSLIM FUNDAMENTALISTS AND STATE PREACHERS HAVE CONDEMNED THE DISHES THE
MUTTAWA OR RELIGIOUS POLICE HAVE TAKEN POTSHOTS AT ROOFTOP DISHES

CHINA INTENDS TO BUILD AN AIRCRAFT CARRIER A BEIJING MILITARY OFFICIAL
CONFIRMED FOLLOWING A MAGAZINE REPORT OF PLANS TO BUILD TWO FLEETS WITH A
CARRIER EACH  IN PARIS NOTRE DAME'S THREE MAIN DOORS WILL BE CLEANED
WITH LASER TECHNOLOGY THE WORK TO REMOVE DIRT WITHOUT DAMAGING COLOR
REMAINING IN SAINTS' SCULPTED CLOTHES WILL MARK THE FIRST MAJOR RESTORATION
OF THE CATHEDRAL'S PORTALS SINCE THE MID1800S THE 13THCENTURY DESIGN
SERVED AS A PICTORIAL BIBLE FOR THE ILLITERATE 9403140108 940314 MCI
HOLDERS CLEAR SALE OF STAKE

WASHINGTON MCI COMMUNICATIONS CORP SHAREHOLDERS APPROVED THE SALE OF A
20 STAKE IN THE LONGDISTANCE CARRIER FOR 43 BILLION TO BRITISH
TELECOMMUNICATIONS PLC

THE ALLIANCE BETWEEN THE TWO COMPANIES STILL REQUIRES THE APPROVAL OF US
UK AND EUROPEAN ECONOMIC COMMUNITY REGULATORY BODIES THE PARTNERSHIP WAS
ANNOUNCED IN JUNE 1993 AND INCLUDES THE CREATION OF A JOINTVENTURE COMPANY
TO SELL COMMUNICATIONS SERVICES TO MULTINATIONAL CONCERNS 9403140107
940311 EARNINGS SURPRISES

COMPANIES LISTED BELOW REPORTED QUARTERLY PROFIT SUBSTANTIALLY DIFFERENT
FROM THE AVERAGE OF ANALYSTS' ESTIMATES THE COMPANIES ARE FOLLOWED BY AT
LEAST THREE ANALYSTS RESULTS IN PARENTHESES ARE LOSSES

THE PERCENT DIFFERENCE COMPARES ACTUAL PROFIT WITH THE 30DAY ESTIMATE WHERE
AT LEAST THREE ANALYSTS HAVE ISSUES FORECASTS IN THE PAST 30 DAYS
OTHERWISE ACTUAL PROFIT IS COMPARED WITH THE 120DAY ESTIMATE 9403140106
940314 MONEY RATES

THE KEY US AND FOREIGN ANNUAL INTEREST RATES BELOW ARE A GUIDE TO GENERAL
LEVELS BUT DON'T ALWAYS REPRESENT ACTUAL TRANSACTIONS

PRIME RATE 6 THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75 OF
THE NATION'S 30 LARGEST BANKS

FEDERAL FUNDS 3 3/16 HIGH 3 1/8 LOW 3 1/8 NEAR CLOSING BID 3 3/16
OFFERED RESERVES TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS
OF 1 MILLION OR MORE SOURCE PREBON YAMANE USA INC

DISCOUNT RATE 3 THE CHARGE ON LOANS TO DEPOSITORY INSTITUTIONS BY THE
FEDERAL RESERVE BANKS

CALL MONEY 5 THE CHARGE ON LOANS TO BROKERS ON STOCK EXCHANGE COLLATERAL
SOURCE DOW JONES TELERATE INC

COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 350 30
TO 44 DAYS 353 45 TO 59 DAYS 365 60 TO 74 DAYS 370 75 TO 89 DAYS
375 90 TO 119 DAYS 380 120 TO 149 DAYS 385 150 TO 179 DAYS 395
180 TO 209 DAYS 4 210 TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 359 30 DAYS 373 60 DAYS 383 90 DAYS

CERTIFICATES OF DEPOSIT 293 ONE MONTH 301 TWO MONTHS 317 THREE
MONTHS 341 SIX MONTHS 367 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 358 ONE MONTH 382 THREE MONTHS 402 SIX MONTHS

BANKERS ACCEPTANCES 350 30 DAYS 362 60 DAYS 372 90 DAYS 384 120
DAYS 389 150 DAYS 393 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 9/16 3 7/16 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 1/16 3
15/16 FIVE MONTHS 4 1/8 4 SIX MONTHS

LONDON INTERBANK OFFERED RATES LIBOR 3 9/16 ONE MONTH 3 7/8 THREE
MONTHS 4 1/8 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 587 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 7 1994 AUCTION OF SHORTTERM
US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF
10000 TO 1 MILLION 352 13 WEEKS 375 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 773 60 DAYS 779 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 3875 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 769 60
DAYS 778 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 575 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE DOW JONES TELERATE INC

MERRILL LYNCH READY ASSETS TRUST 278 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9403140104 940314 INTERNATIONAL SPAIN'S JOBLESS RATE INCREASES

MADRID SPAIN SPAIN'S UNEMPLOYMENT RATE ROSE TO 1801 IN FEBRUARY A
SLIGHT INCREASE FROM THE PREVIOUS MONTH'S FIGURE OF 1796 THE LABOR
MINISTRY SAID

THE NUMBER OF JOBLESS REGISTERED WITH THE NATIONAL EMPLOYMENT INSTITUTE OR
INEM ROSE TO 2774579 AN INCREASE OF 5122 JOBLESS COMPARED WITH
JANUARY'S FIGURE UNEMPLOYMENT FELL IN CONSTRUCTION AND INDUSTRY BUT ROSE
IN AGRICULTURE AND SERVICES THE MINISTRY SAID 9403140102 940314
INTERNATIONAL EMPRESAS LA MODERNA UNIT PACT

MEXICO CITY EMPRESAS LA MODERNA OF MEXICO ANNOUNCED FRIDAY THAT ITS
CIGARRERA LA MODERNA SUBSIDIARY WILL DEVELOP A NEW CIGARETTE BRAND IN CHINA
WITH CHINA NATIONAL TOBACCO CORP

THE TWO COMPANIES WILL ALSO DEVELOP A CHINESE HERB CIGARETTE BRAND IN MEXICO
FOR THE NORTH AMERICAN MARKET

FINANCIAL TERMS OF THE PARTNERSHIP WEREN'T DISCLOSED

CIGARRERA LA MODERNA BASED IN MONTERREY MEXICO HOLDS A 56 SHARE OF
MEXICO'S RETAIL CIGARETTE MARKET 9403140101 940314 WHO'S NEWS 
MERRYGOROUND'S LEVINE RESIGNS POST AS PRESIDENT OF CHAIN  
SPECIAL TO THE WALL STREET JOURNAL

JOPPA MD PAUL D LEVINE PRESIDENT OF MERRYGOROUND ENTERPRISES INC'S
514STORE FLAGSHIP MERRYGOROUND CLOTHING CHAIN RESIGNED HIS POSITION
EFFECTIVE MARCH 4 THE COMPANY CONFIRMED

MR LEVINE'S RESIGNATION WAS THE LATEST IN A MANAGEMENT SHAKEUP THAT BEGAN
SHORTLY BEFORE THE COMPANY FILED FOR CHAPTER 11 BANKRUPTCYLAW PROTECTION
FROM CREDITORS IN JANUARY THE SHAKEUP HAS INCLUDED THE FIRING IN DECEMBER
OF STUART M LUCAS WHO HAD BEEN PRESIDENT OF THE COMPANY'S 814STORE MENZ
DIVISION IN RECENT MONTHS AFTER THE COMPANY DISMISSED SEVERAL
MERCHANDISING EXECUTIVES LEONARD WEINGLASS FOUNDER AND CHAIRMAN RETURNED
TO TAKE OVER MERCHANDISING OPERATIONS AND TO ASSUME THE ADDITIONAL TITLE OF
CHIEF EXECUTIVE OFFICER

MERRYGOROUND ENTERPRISES' PRESIDENT MICHAEL D SULLIVAN CONFIRMED MR
LEVINE'S DEPARTURE WHICH THE COMPANY ATTRIBUTED TO PERSONAL REASONS MR
LEVINE COULDN'T BE REACHED FOR COMMENT

SEPARATELY A MERRYGOROUND SPOKESMAN SAID THE COMPANY HAS INDICATED THAT
IT WILL NOT BE ABLE TO BEGIN FORMULATING A REORGANIZATION PLAN UNTIL AT
LEAST OCTOBER WHEN THE COMPANY CAN JUDGE ITS SUCCESS DURING THE
BACKTOSCHOOL SELLING PERIOD OF AUGUST AND SEPTEMBER THAT WILL BE THE
FIRST REAL TEST OF THE COMPANY'S NEW MERCHANDISING EFFORTS THE COMPANY IS
STILL LOOKING FOR A CHIEF MERCHANT WHO WOULD EVENTUALLY SUCCEED MR
WEINGLASS

THE COMPANY OPERATES 1419 STORES IN 44 STATES THAT SELL CONTEMPORARY
FASHIONS TO YOUNG MEN AND WOMEN 9403140100 940314 RITE AID PLANS TO
EMPHASIZE MANAGED CARE  DRUG RETAILER TO STRENGTHEN TIES TO
ORGANIZATIONS THAT PAY GROUPS' COSTS  BY ROBIN GOLDWYN BLUMENTHAL
 STAFF REPORTER OF THE WALL STREET JOURNAL

HARRISBURG PA RITE AID CORP IS GOING ON THE OFFENSIVE BY AGGRESSIVELY
EXPANDING INTO THE VERY BUSINESS PHARMACY BENEFITS MANAGEMENT THAT HAS
BEEN SQUEEZING IT AND OTHER DRUGSTORE CHAINS IN RECENT YEARS

IN JANUARY THE COMPANY SAID IT WAS RESTRUCTURING TO GET OUT OF ITS
NONPHARMACEUTICAL BUSINESSES AND FOCUS ON ITS DRUG STORE AND NEW RELATED
BUSINESSES SINCE THEN RITE AID PURCHASED A THIRDPARTY ADMINISTRATOR THAT
MANAGES PRESCRIPTION PLANS FOR HEALTH MAINTENANCE ORGANIZATIONS UNIONS AND
OTHER GROUPS AND A DRUGUTILIZATION REVIEW COMPANY WHICH HELPS ANALYZE
PRESCRIPTION USAGE PATTERNS FOR EMPLOYERS TO CONTROL COSTS

WE THINK WE HAVE TO EVOLVE FROM JUST BEING A RETAILER OF PRESCRIPTION
SERVICES TO CONTROLLING OUR OWN DESTINY BY HAVING DIRECT CONTRACTS WITH THE
PAYER MARTIN L GRASS PRESIDENT AND CHIEF OPERATING OFFI CER SAID IN AN
INTERVIEW

MORE THAN HALF THE DRUGSTORE CHAIN'S PRESCRIPTIONS ARE BEING PAID BY THIRD
PARTIES AND THIS PERCENTAGE IS GROWING AT 3 A YEAR PROFIT MARGINS
INDUSTRYWIDE ARE BEING PRESSURED BY PRESCRIPTION DRUG IN SURANCE PLANS THAT
USE THEIR CLOUT TO GET DISCOUNTS

TO JUMP INTO THE MANAGEDCARE END OF THE PHARMACY BUSINESS MR GRASS SAID
LAST MONTH THE COMPANY CREATED EAGLE MANAGED CARE EAGLE WOULD NOT ONLY USE
RITE AID'S 2700 STORES IN 23 STATES BUT A NATIONWIDE NETWORK OF STORES TO
FILL THE PRESCRIPTIONS INTO EAGLE RITE AID FOLDED TWO COMPANIES IT
RECENTLY PURCHASED PCI A TOLEDO OHIO MANAGER OF PRESCRIPTION PLANS THAT
COVERS ABOUT 25 MILLION PARTICIPANTS FOR PRESCRIPTION DRUGS THROUGH A
NATIONWIDE NETWORK OF MORE THAN 25000 PHARMACIES AND INTELLRX A
PITTSBURGHBASED DRUGUTILIZATION REVIEW CONCERN THESE COMPANIES WILL HELP
FORM THE BASIS OF THE MANAGED CARE UNIT THAT MR GRASS EXPECTS TO EXPAND
MOSTLY THROUGH INTERNAL GROWTH

THE TWO PURCHASES TOTALED LESS THAN 15 MILLION MR GRASS SAID HE EXPECTS
THE STRATEGY TO START PAYING OFF THIS YEAR AND TO REALLY SHOW RESULTS IN
THE NEXT TWO OR THREE YEARS ALREADY THE COMPANY HAS SIGNED UP THE
SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY WITH MORE THAN 30000
PARTICIPANTS FOR A SOCALLED CAPITATED PRESCRIPTION DRUG PAYMENT PLAN
WHERE A COMPANY PAYS A FIXED PRICE PER MEMBER PER MONTH RATHER THAN A
CERTAIN AMOUNT OF MONEY FOR EACH PRESCRIPTION FILLED

RITE AID ALSO HOPES TO USE ITS INFLUENCE AS A BENEFITS ADMINISTRATOR TO HELP
IT OBTAIN BETTER PRICES FOR DRUGS FROM DRUG MAKERS IN EXCHANGE FOR PUTTING
THEIR PRODUCTS ON OFFICIAL LISTS OF DRUGS AUTHORIZED FOR EM PLOYEES TO TAKE

THE MOVE INTO MANAGING PRESCRIPTION PLANS IS PART OF AN OVERALL RENEWED
EMPHASIS ON THE CORE PHARMACY BUSINESS AS WAS THE RESTRUCTURING ANNOUNCED
IN JANUARY THEN RITE AID SAID IT WOULD SELL FOUR NONCORE BUSINESSES BUY
BACK 25 OF ITS SHARES AND CLOSE 200 UNDERPERFORMING DRUGSTORES MR GRASS
HAS SAID THE CORE DRUGSTORE BUSINESS ACCOUNTS FOR MORE THAN 90 OF THE
COMPANY'S SALES AND PROFIT

ALTHOUGH THE STOCK BUYBACK LAST MONTH FELL FAR SHORT OF ITS TARGET ONLY
24 OR 21 MILLION SHARES WERE TENDERED IN A DUTCH AUCTION MR GRASS SAID
RITE AID RECENTLY BEGAN SENDING OUT OFFERING BOOKS FOR THE NONCORE
BUSINESSES AND HAS RECEIVED MANY INQUIRIES WE ARE HOPING BY MID SUMMER TO
HAVE ALL THE DEALS CONSUMMATED HE SAID MR GRASS SAID HE DOESN'T EXPECT
ANY FURTHER WRITEOFFS RELATED TO THE SALES IN JANUARY RITE AID SAID IT WAS
TAKING A RESERVE OF MORE THAN 25 MILLION TO REVALUE THOSE DIVISIONS

THE FOUR NONCORE BUSINESSES ARE ADAP AN AUTOPARTS RETAILER WITH 95 STORES
ENCORE BOOKS WHICH OPERATES 103 STORES CONCORD CUSTOM CLEANERS WITH 170
OUTLETS AND SERA TEC BIOLOGICALS WITH 33 PLASMA COLLECTION CENTERS
9403140099 940314 WHO'S NEWS CBT CORP

CBT CORP PADUCAH KY JOHN E SIRCY 38 YEARS OLD WAS NAMED TO THE
NEW POST OF EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER OF THE
BANKHOLDING COMPANY AND OF ITS LEAD BANK CITIZENS BANK & TRUST CO
EFFECTIVE APRIL 4 MR SIRCY FORMERLY SENIOR VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER OF NORWEST BANK IOWA NA A UNIT OF NORWEST CORP WILL
OVERSEE THE CREDITADMINISTRATION AUDIT HUMANRESOURCES TECHNOLOGY
FINANCIALREPORTING INVESTMENTPORTFOLIO AND ASSETLIABILITY MANAGEMENT
FUNCTIONS 9403140098 940314 TECHNOLOGY APPLE TO SELL MAC POWERPCS AT
LOW PRICE  BY JIM CARLTON STAFF REPORTER OF THE WALL STREET
JOURNAL

CUPERTINO CALIF APPLE COMPUTER INC DISCLOSED DETAILS OF ITS STRATEGY
FOR MARKETING ITS NEW LINE OF MACINTOSH POWERPC COMPUTERS LISTING PRICES
THAT ARE SEVERAL HUNDRED DOLLARS BELOW OTHER COMPANIES' LINES AND PROMISING
A MULTIMILLIONDOLLAR ADVERTISING ASSAULT ON ITS RIVALS

AT A PRESS BRIEFING FRIDAY PREPARATORY TO THE OFFICIAL UNVEILING OF THE
POWER MACINTOSHES TODAY BRODIE KEAST VICE PRESIDENT OF APPLE'S
PERSONALCOMPUTER DIVISION PREDICTED THE POWERPC LINE WOULD NEARLY DOUBLE
THE COMPANY'S WORLD MARKET SHARE TO 20 IN TWO YEARS APPLE IS TRYING TO
GRAB A PIECE OF THE 85 SHARE OF THE MARKET CONTROLLED BY COMPUTER MAKERS
WHO USE INTEL CORP'S MICROPROCESSORS AND MICROSOFT CORP'S OPERATING
SYSTEM ITS MAIN WEAPON WILL BE PRICE CUTTING

THE LOWESTEND BAREBONES POWER MACINTOSH FOR INSTANCE IS PRICED AT
1819 WITH A MICROPROCESSOR SPEED OF 60 MEGAHERTZ AND IS AIMED AT SMALL
AND MEDIUMSIZED BUSINESSES STRIPPEDDOWN VERSIONS OF THE MIDRANGE POWER
MACINTOSH 7100 TARGETED FOR LARGE CORPORATIONS ARE PRICED AT 2899 WITH A
66 MEGAHERTZ CHIP AND THE HIGHESTEND POWER MACINTOSH 8100 INTENDED FOR
TECHNICAL AND PUBLISHING FIRMS IS PRICED AT 4249 WITH AN 80 MEGAHERTZ
MICROPROCESSOR

WE EXPECT THIS PRICING TO BE COMPETITIVE FOR SOME TIME SAID JAMES S
GABLE APPLE'S PRODUCT MANAGER FOR THE MAC POWERPC

THE APPLE PRICES ARE SOMEWHAT MISLEADING BECAUSE THE ENTRY MODELS DON'T
INCLUDE FEATURES CONTAINED IN MANY COMPUTER SYSTEMS RUNNING ON INTEL'S TOP
PENTIUM MICROPROCESSOR SUCH AS BIGGER DISKDRIVE STORAGE AND KEYBOARD

THE LOWEND POWER MACINTOSH 6100 FOR INSTANCE COMES WITH 160 MEGABYTES OF
HARD DRIVE WHICH COMPUTER EXPERTS SAY IS TOO SMALL FOR POWER USES ADDING
ANOTHER 400 MEGABYTES OF HARD DRIVE AND INCLUDING MONITOR KEYBOARD MODEM
AND SOME OTHER EXTRAS THAT COMPUTER'S PRICE COMES TO ALMOST 3000
NONETHELESS THIS CONFIGURATION IS STILL ABOUT 400 CHEAPER THAN A
COMPARABLE DELL COMPUTER CORP MACHINE BASED ON A 60MEGAHERTZ PENTIUM MR
GABLE SAID APPLE IS DETERMINED TO MAINTAIN THIS KIND OF PRICE SPREAD EVEN
IF THAT REQUIRES FURTHER CUTS

DESPITE THE LOW PRICES MOST ANALYSTS SAY APPLE AT BEST MIGHT DEFEND ITS OWN
SHARE AND GAIN UP TO FIVE PERCENTAGE POINTS IN FIVE YEARS THEY SAY APPLE
FACES LONG ODDS IN WRESTING SHARE FROM INTEL BECAUSE 90 OF ALL PCSOFTWARE
PROGRAMS ARE WRITTEN TO RUN ON INTELBASED MACHINES

APPLE WILL ALSO ENCOUNTER STIFF RESISTANCE FROM SANTA CLARA CALIFBASED
INTEL WHICH HAS PREEMPTIVELY UNLEASHED NEW VERSIONS OF ITS PENTIUM CHIP
THAT ANALYSTS SAY SLIGHTLY OUTPERFORM THE FIRST ITERATION OF POWERPC RUNNING
ON MACINTOSHES ALTHOUGH THEY ARE MORE EXPENSIVE MAKERS OF INTELMICROSOFT
PCS HAVE ALSO SLASHED THEIR PRICES

TO KEEP THEIR OWN CUSTOMERS APPLE OFFICIALS SAY THEY HAVE INCLUDED AN
ENHANCED VERSION OF THE MACINTOSH'S SYSTEM 7 OPERATING SYSTEM THAT RUNS ALL
THE OLD MACINTOSH PROGRAMS AT THE SPEED OF THE PREVIOUS FASTEST MACS

THERE WILL BE AN INITIAL DEARTH OF PROGRAMS WRITTEN SPECIFICALLY FOR
POWERPC WHICH RUNS SOFTWARE AS MUCH AS FOUR TIMES FASTER THAN THE PREVIOUS
MACINTOSHES BUT MORE THAN 150 SOFTWARE DEVELOPERS ARE ANNOUNCING TODAY THEY
ARE LINING UP BEHIND POWERPC WITH 50 PROGRAMS READY TO SHIP WITHIN A MONTH
BY SUCH COMPANIES AS MICROSOFT CORP ADOBE SYSTEMS INC AND ALDUS CORP
APPLE OFFICIALS SAID THERE SHOULD BE HUNDREDS MORE BY THE END OF THE YEAR

APPLE OFFICIALS SAID THEY INTEND TO GO AFTER WHAT THEY TERMED FENCE
SITTERS USERS OF PCS POWERED BY RIVAL INTEL MICROPROCESSORS WHO ARE NOT
CONSIDERED LOYALISTS OF THAT PC AND ITS MICROSOFT WINDOWS' OPERATING SYSTEM
THESE INCLUDE CORPORATIONS THAT HAVE INTELPOWERED PCS AS WELL AS SOME
MACINTOSHES AND NEED MORE SPEED AND POWER TO PERFORM TASKS SUCH AS
PUBLISHING GRAPHICS AND SCIENTIFIC RESEARCH TODAY APPLE IS LAUNCHING A
MULTIMILLIONDOLLAR ADVERTISING CAMPAIGN WORLDWIDE TO TRY AND LURE THOSE
CUSTOMERS FROM THE INTELMICROSOFT CAMP

OBVIOUSLY WE KNOW WE ARE NOT GOING TO OVERNIGHT CONVERT THE WORLD TO
MACINTOSH BUT THIS IS THE FIRST SALVO WE ARE FIRING SAID MICHAEL MARKMAN
DIRECTOR OF APPLE'S WORLDWIDE ADVERTISING 9403140097 940314 WHO'S NEWS
 CREATIVE TECHNOLOGY LTD

CREATIVE TECHNOLOGY LTD SINGAPORE EDWARD M ESBER JR 41 YEARS OLD
WAS NAMED CHAIRMAN CHIEF EXECUTIVE OFFICER AND PRESIDENT OF THIS MULTIMEDIA
CONCERN'S CREATIVE INSIGHT UNIT A NEW COMPANY THAT WILL PRODUCE
THREEDIMENSIONAL FULLMOTION GAMES FOR PERSONAL COMPUTERS GAME PLAYERS
AND ARCADES MR ESBER IS CURRENTLY PRESIDENT AND CHIEF OPERATING OFFICER OF
CREATIVE LABS THE US UNIT OF CREATIVE TECHNOLOGY HE IS THE FORMER
CHAIRMAN AND CEO OF ASHTONTATE INC WHICH WAS ACQUIRED BY BORLAND
INTERNATIONAL INC IN 1990 9403140096 940314 NEW STOCK LISTINGS

NEW YORK THE NEW YORK STOCK EXCHANGE ANNOUNCED FIVE NEW LISTINGS
INCLUDING THREE INITIAL PUBLIC OFFERINGS THE NATIONAL ASSOCIATION OF
SECURITIES DEALERS ANNOUNCED EIGHT NEW LISTINGS SEVEN OF WHICH WERE IPOS
THE AMERICAN STOCK EXCHANGE ALSO ANNOUNCED NEW LISTINGS

THE BIG BOARD BEGAN TRADING TWO REAL ESTATE INVESTMENT TRUSTS BAY APARTMENT
COMMUNITIES INC SAN JOSE CALIF UNDER BYA AND MACERICH CO SANTA
MONICA CALIF MAC EMERGING TIGERS FUND INC PLAINSBORO NJ TGF IS A
CLOSEDEND FUND THESE THREE COMPANIES ARE INITIAL PUBLIC OFFERINGS

THE BIG BOARD ALSO BEGAN TRADING THE AMERICAN DEPOSITORY SHARES OF
TELEFONICA DE ARGENTINA SA BUENOS AIRES ARGENTINA A LICENSED SUPPLIER OF
FIXEDLINK PUBLIC TELECOMMUNICATIONS SERVICES TAR AND WESTERN ATLAS INC
BEVERLY HILLS CALIF AN OPERATOR OF OIL FIELD INFORMATION SERVICES AND
INDUSTRIAL AUTOMATION BUSINESSES WAI THE COMPANY IS A SPINOFF OF LITTON
INDUSTRIES INC

NASDAQ ADDED THE FOLLOWING TO ITS NATIONAL MARKET SYSTEM BORROR CORP
DUBLIN OHIO A BUILDER OF SINGLEFAMILY HOMES BORR DRYPERS CORP
HOUSTON A MANUFACTURER OF DISPOSABLE BABY DIAPERS DYPR JUST FOR FEET
INC BIRMINGHAM ALA AN OPERATOR OF ATHLETIC AND OUTDOOR FOOTWEAR FEET
PROPHET 21 INC WILMINGTON DEL A PROVIDER OF ONLINE BUSINESS MANAGEMENT
SYSTEMS PXXI TRANSTEXAS GAS CORP HOUSTON INVOLVED IN THE DEVELOPMENT
AND PRODUCTION OF NATURAL GAS TTXG UROMED CORP WATERTOWN MASS
MANUFACTURER OF PRODUCTS FOR THE MANAGEMENT OF UROLOGICAL DISORDERS URMD
OLYMPIC STEEL INC CLEVELAND A PRODUCER OF STEEL PRODUCTS ZEUS AND EAGLE
HARDWARE & GARDEN INC TUKWILA WASH EAGLG WHICH OPERATES 13
HOMEIMPROVEMENT CENTERS

THE AMERICAN STOCK EXCHANGE BEGAN TRADING GREENSTAR TELECOMMUNICATIONS INC
VANCOUVER BRITISH COLUMBIA CANADA A DEVELOPER INSTALLER AND MARKETER OF
FIBRE OPTIC TELECOMMUNICATIONS NETWORKS GST

AMEX BEGAN TRADING FIVE MILLION LEHMAN BROTHERS HOLDINGS INC WARRANTS TIED
TO THE DOLLAR AND THE YEN AMEX AND THE CHICAGO BOARD OPTIONS EXCHANGE WILL
BEGIN TRADING OPTIONS ON GATEWAY 2000 INC TOMORROW THE AMEX'S EMERGING
COMPANY MARKETPLACE BEGAN TRADING SOLIGEN TECHNOLOGIES INC NORTHRIDGE
CALIF

THE PHILADELPHIA STOCK EXCHANGE BEGAN TRADING PUT AND CALL OPTIONS ON TACO
CABANA INC 9403140095 940314 INTERNATIONAL CREDITS FOR IRAN'S DEBT

NICOSIA CYPRUS GERMANY AND JAPAN HAVE AGREED TO PROVIDE IRAN WITH 46
BILLION IN CREDITS TO PAY FOR ABOUT HALF OF TEHRAN'S DEBT OUTSTANDING
IRAN'S CENTRAL BANK GOVERNOR SAID

TEHRAN RADIO MONITORED IN CYPRUS QUOTED MOHAMMAD HOSSEIN ADELI AS SAYING
THAT A REPRESENTATIVE OF THE BANK SIGNED A 2 BILLION DEAL IN TOKYO
SATURDAY AND THAT A SIMILAR AGREEMENT FOR 26 BILLION WAS SIGNED WITH
GERMANY ABOUT TWO WEEKS AGO

THE CREDITS TO BE USED FOR PAYMENT OF DELAYED IRANIAN LETTERS OF CREDIT
HELD BY JAPANESE AND GERMAN BUSINESSES WILL ERASE MORE THAN 50 OF IRAN'S
FOREIGN DEBTS THE RADIO QUOTED MR ADELI AS SAYING IN AN INTERVIEW
9403140094 940314 LEAR SEATING TO SELL SHARES IN PUBLIC OFFER  
LEHMAN AFFILIATES TO HOLD ABOUT 58 STAKE IN FIRM ITALIAN CONCERN TO
SELL  BY JACQUELINE SIMMONS STAFF REPORTER OF THE WALL STREET
JOURNAL

NEW YORK A LEADING AUTO AND TRUCK SEAT MAKER IS HOPING INVESTORS WILL
GIVE ITS INITIAL PUBLIC OFFERING A SMOOTH RIDE

LEAR SEATING CORP SOUTHFIELD MICH TRACES ITS ORIGINS TO A COMPANY
FOUNDED IN 1917 WITH GENERAL MOTORS CORP AND FORD MOTOR CO AS MAJOR
CUSTOMERS IT SELLS AUTOMOBILE AND LIGHT TRUCK SEAT SYSTEMS FRAMES COVERS
AND OTHER PRODUCTS AND HAD 236 BILLION IN SALES LAST YEAR

IN A SECURITIES AND EXCHANGE COMMISSION FILING LEAR PROPOSES TO SELL 94
MILLION COMMON SHARES AT AN ESTIMATED 17 A SHARE THAT WOULD RAISE ABOUT
106 MILLION FOR THE COMPANY WHICH PLANS TO SELL 6250000 SHARES AND 53
MILLION FOR A SHAREHOLDER GROUP THAT IS SELLING 3125000 SHARES AT 17 A
SHARE THE COMPANY WOULD HAVE A MARKET CAPITALIZATION OF ABOUT 765 MILLION
BASED ON 45 MILLION SHARES OUTSTANDING AFTER THE IPO

OF THE OFFERING 75 MILLION SHARES WILL BE OFFERED IN THE US AND
1875000 INTERNATIONALLY THE COMPANY INTENDS TO LIST THE SHARES ON THE NEW
YORK STOCK EXCHANGE AFTER THE OFFERING A GROUP OF MANAGEMENT INVESTORS
WILL HOLD A 71 INTEREST FOR WHICH THEY PAID 303 A SHARE THE FIGURES
HAVE BEEN ADJUSTED TO REFLECT A RECENT SPLIT OF LEAR'S COMMON STOCK

THE SEATING BUSINESS WAS PART OF LEAR SIEGLER INC WHICH BUYOUT FIRM
FORSTMANN LITTLE & CO PURCHASED FOR 21 BILLION IN 1987 FORSTMANN SOLD
THE SEATING BUSINESS IN 1988 FOR ABOUT 500 MILLION TO A GROUP INCLUDING
MANAGEMENT KIDDER PEABODY & CO AND FIMA FINANCE MANAGEMENT INC AN
ENTITY CONTROLLED BY IFINT SA AN INVESTMENT HOLDING COMPANY OF IFI SPA
PARENT OF ITALY'S AGNELLI GROUP

LEHMAN BROTHERS PURCHASED PART OF FIMA'S INTEREST IN 1991 THE VARIOUS
BUYOUTS HAVE PUSHED LEAR SEATING'S LONGTERM DEBT TO 498 MILLION AT THE END
OF 1993 WHEN INTEREST EXPENSE WAS 457 MILLION

CALLING ITSELF THE LARGEST INDEPENDENT SUPPLIER OF SEAT SYSTEMS IN NORTH
AMERICA LEAR SAYS IT HAS DEVELOPED A SOPHISTICATED JUSTINTIME SYSTEM
THAT ENABLES IT TO DELIVER PRODUCTS TO A CUSTOMER'S FACTORY ON AS LITTLE AS
90 MINUTES NOTICE CUSTOMERS INCLUDE 16 ORIGINALEQUIPMENT CAR MAKERS
INCLUDING GM WHICH ACCOUNTS FOR 45 OF ITS SALES AND FORD 28

THE SELLING SHAREHOLDER IFINT SA WILL REDUCE ITS STAKE TO 13 FROM 24
PARTNERSHIPS AFFILIATED WITH LEHMAN BROTHERS HOLDINGS INC WHICH FIRST
INVESTED IN LEAR IN 1991 WILL HAVE ABOUT A 58 INTEREST IN THE COMPANY
AFTER THE OFFERING LEHMAN BROTHERS THE LEAD UNDERWRITER HAS AN OPTION FOR
AN ADDITIONAL 937500 SHARES TO COVER OVERALLOTMENTS

LEAR SEATING LOST MONEY IN THREE OF THE LAST FOUR FISCAL YEARS INCLUDING
222 MILLION IN FISCAL 1992 IT EARNED 101 MILLION FOR THE YEAR ENDED
LAST JUNE 30 BUT LOST 138 MILLION FOR CALENDAR 1993 IN PART DUE TO
ACCOUNTING CHANGES THE FILING ATTRIBUTES THE RECENT LOSSES TO HEAVY
INTEREST COSTS ON DEBT INCURRED IN THE BUYOUT

HOWEVER THE FILING ADDS ON A PRO FORMA BASIS TAKING INTO ACCOUNT THE
COMMON STOCK OFFERING CERTAIN REFINANCING STEPS REPAYMENT OF NOTES AND
OTHER ADJUSTMENTS AS WELL AS THE FORD PURCHASE THE BUSINESS IN CALENDAR
1993 WOULD HAVE HAD NET INCOME OF 351 MILLION

THE PROSPECTUS CAUTIONS THAT THE AUTO/TRUCK BUSINESS CAN BE VOLATILE
PARTICULARLY FOR INDEPENDENT SUPPLIERS AND ANALYSTS AGREE THERE IS
NOTHING PROPRIETARY ABOUT MAKING SEATS SAYS ALBERT A STURDIVANT OF
STURDIVANT & CO AND LARGE CUSTOMERS OBIOUSLY HAVE THE LAST WORD ON PRICING
IT'S NOT A GOOD BUSINESS ANYTIME YOU HAVE TO DEAL WITH BIG GUYS THEY RAM
PRICES DOWN YOUR THROAT 9403140093 940314 WHAT'S NEWS  WORLDWIDE

CHRISTOPHER SPARKED CRITICISM FROM CHINA AND US EXECUTIVES THERE

THE SECRETARY OF STATE IN BEIJING TO WARN THAT CHINA MUST IMPROVE ITS
HUMANRIGHTS RECORD OR FACE A TRADE PENALTY WAS REBUFFED BY CHINESE
OFFICIALS A FOREIGN MINISTRY SPOKESMAN SAYING THAT THE TWO COUNTRIES VIEW
HUMAN RIGHTS DIFFERENTLY PREDICTED THAT IF TRADING PRIVILEGES ARE REVOKED
THE US WILL SUFFER NO LESS THAN CHINA THE POTENTIAL DAMAGE TO US
INTERESTS WAS DESCRIBED TO CHRISTOPHER DURING A MEETING WITH THE AMERICAN
CHAMBER OF COMMERCE IN BEIJING

A FUNDAMENTAL PROBLEM FOR US POLICY IS THAT IN VIEW OF THE HUGE GROWTH IN
BILATERAL TRADE NO ONE BELIEVES THAT WASHINGTON IS PREPARED TO REVOKE
BEIJING'S FAVORED TRADE STATUS

ISRAEL'S CABINET BANNED TWO JEWISH EXTREMIST GROUPS BRANDING THEM TERRORIST
ORGANIZATIONS ON A PAR WITH MILITANT ISLAMIC ACTIVISTS THE BAN ON THE KACH
AND KAHANE LIVES MOVEMENTS WAS ANNOUNCED AMID PLO DEMANDS THAT PALESTINIANS
IN OCCUPIED LANDS MUST BE PROTECTED FROM SETTLER VIGILANTES

MUSLIMS AND CROATS AGREED TO ESTABLISH A FEDERATION IN BOSNIA THE ACCORD
REACHED AFTER 10 DAYS OF TALKS IN VIENNA IS TO BE SIGNED IN WASHINGTON
LATER THIS WEEK MEANWHILE US AIRCRAFT CALLED OFF A PLANNED AIR STRIKE
AGAINST SERBS FIRING AT FRENCH TROOPS NEAR BIHAC SAYING THE SERB FORCES HAD
HALTED THEIR ASSAULT

A SOUTH AFRICAN DIPLOMAT TOOK OVER AS LEADER OF BOPHUTHATSWANA TO ENSURE
THAT THE BLACK HOMELAND TAKES PART IN THE COUNTRY'S FIRST ALLRACE ELECTION
IN APRIL THE HOMELAND'S PRESIDENT MANGOPE WAS OUSTED AFTER HE LOST
CONTROL OF THE LOCAL GOVERNMENT DURING VIOLENT PRODEMOCRACY PROTESTS

HUNDREDS OF INKATHA BACKERS OCCUPIED A STADIUM NEAR THE PORT CITY DURBAN
FORCING THE RIVAL AFRICAN NATIONAL CONGRESS TO HOLD A CAMPAIGN RALLY ON THE
STREETS A TOTAL OF ABOUT 6000 PARTISANS FROM THE TWO POLITICAL PARTIES
WERE INVOLVED IN THE STANDOFF

A DISPUTE IS ESCALATING BETWEEN ASSOCIATE ATTORNEY GENERAL HUBBELL AND HIS
FORMER LAW FIRM IN LITTLE ROCK ARK CONCERNING 1 MILLION IN EXPENSES AND
UNBILLED TIME CHARGES

LONDON'S TWO MAJOR AIRPORTS WERE CLOSED FOR TWO HOURS LAST NIGHT IN A
SECURITY ALERT AFTER THE IRA LAUNCHED ITS THIRD MORTAR ATTACK IN A WEEK AND
THREATENED MORE ALTHOUGH NONE OF THE BOMBS EXPLODED OFFICIALS CLOSED BOTH
HEATHROW AND GATWICK

BRITAIN'S TOP SENIOR MILITARY OFFICER QUIT IN THE LATEST OF A STRING OF SEX
SCANDALS THAT HAVE EMBARRASSED THE GOVERNMENT SIR PETER HARDING RESIGNED
AMID ALLEGATIONS THAT HE HAD AN AFFAIR WITH THE SPANISH EXWIFE OF A FORMER
DEFENSE MINISTER

POLAND REACHED AN ACCORD WITH COMMERCIAL BANKS TO REDUCE AND RESTRUCTURE
OVER 13 BILLION OF DEBT THE NATION STANDS TO RECEIVE A REDUCTION OF MORE
THAN 40 IN PRINCIPAL AND AS MUCH AS 20 IN UNPAID INTEREST ARREARS

THE HEAD OF THE GSA HAS ASKED THE FEDERAL AGENCY TO INVESTIGATE HIS OWN
POSSIBLE MISUSE OF TRAVEL EXPENSES ROGER JOHNSON ASKED FOR THE PROBE AFTER
THE WALL STREET JOURNAL OBTAINED HIS TRAVEL VOUCHERS HE SAID HE INTENDS TO
REFUND TO THE FEDERAL GOVERNMENT AT LEAST SOME OF THE EXPENSE MONEY HE
RECEIVED

AGOURON PHARMACEUTICALS SAID IT DISCOVERED THE THREEDIMENSIONAL ATOMIC
STRUCTURE OF A KEY ENZYME INVOLVED IN CAUSING THE COMMON COLD THE
BIOTECHNOLOGY CONCERN SAID THE FINDING PROVIDES A DETAILED FRAMEWORK FOR
THE DEVELOPMENT OF DRUGS TO TREAT OR PREVENT COMMON UPPER RESPIRATORY
INFECTIONS

REP ROSTENKOWSKI RETAINS A THIN LEAD OVER ILLINOIS STATE SEN CULLERTON
THE CHIEF RIVAL AMONG FOUR DEMOCRATS CHALLENGING THE POWERFUL WAYS AND MEANS
COMMITTEE CHAIRMAN IN TOMORROW'S PRIMARY ACCORDING TO POLLS

KOHL'S PARTY WAS DEFEATED IN THE FIRST CONTEST OF GERMANY'S 1994 VOTING
SEASON THE CHANCELLOR'S CHRISTIAN DEMOCRATIC UNION LOST A LOWER SAXONY
STATE ELECTION TO THE INCUMBENT SOCIAL DEMOCRATS BY A LARGER MARGIN THAN IN
1990

A US FLOTILLA WILL REMAIN OFF SOMALIA UNTIL THE BEGINNING OF MAY TO
PROTECT US CITIZENS AND DIPLOMATS JOINT CHIEFS CHAIRMAN SHALIKASHVILI
SAID DURING A VISIT THERE AMERICAN GROUND TROOPS ARE TO LEAVE BY THE END OF
THIS MONTH 9403140092 940314 SMALL STOCK FOCUS DEMAND FOR WIRELESS
STOCKS MAY BYPASS THE LESSER PLAYERS  BY GAUTAM NAIK AND WARREN
GETLER STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK MCI COMMUNICATIONS INC'S 13 BILLION GAMBLE ON NEXTEL
COMMUNICATIONS INC HAS SPARKED RENEWED INVESTOR INTEREST IN THE
HIGHERPROFILE WIRELESS STOCKS BUT SOME OF THE SMALLER PLAYERS MAY BE LEFT
IN THE DUST

OVER THE PAST TWO YEARS A HOST OF SMALL TELECOMMUNICATIONS COMPANIES HAVE
CAST THEIR LOT WITH THE WIRELESS BOOM THAT BOOM HAS BEEN FUELED BY
INVESTMENTS FROM A ROSTER OF POWERFUL TELECOMM PLAYERS AND FROM ALLIANCES
AMONG SOME OF THEM THE SEVEN BABY BELLS GTE CORP A PROPOSED AT&TMCCAW
CELLULAR COMBINATION AND NOW MCINEXTEL

ALTHOUGH NICHE MARKETS EXIST SMALLER COMPANIES ARE GOING TO HAVE TO
STRUGGLE EVEN MORE TO DELIVER THE PROMISED WIRELESS SERVICES THEY LACK
CAPITAL RECOGNIZABLE BRAND NAMES AND GEOGRAPHIC REACH ALL OF WHICH THE
BEEFEDUP NEXTEL NOW COMMANDS ANALYSTS SAY AND PROFITS REMAIN A PIPE DREAM
AMONG MOST OF THEM

THERE'S NO WAY ALL THESE SMALL COMPANIES CAN HAVE A WINNING TECHNOLOGY
CONTENDS HERSCHEL SHOSTECK A WIRELESS COMMUNICATIONS ANALYST BASED IN
SILVER SPRING MD NOTING THAT A TELECOMMUNICATIONS FEEDING FRENZY IS
LIKELY TO CONTINUE NONETHELESS HE ADDS WE CAN'T SEE WHERE THERE IS
ENOUGH BUSINESS TO SUPPORT EVERYBODY

WILL LYONS ATLANTABASED EDITOR OF THE SHORT ON VALUE NEWSLETTER WHICH
MAKES 30 SHORTSELL RECOMMENDATIONS EACH MONTH IS CERTAINLY SKEPTICAL ABOUT
PROSPECTS FOR THE SMALLER INDEPENDENT WIRELESS COMPANIES

SOME OF THE WIRELESS STOCKS LIKE GEOTEK CENCALL AND DIAL PAGE DID GO UP
IN SYMPATHY WITH THE MCINEXTEL ANNOUNCEMENT BUT NOT BY VERY MUCH HE
SAYS OF THE THREE DIAL PAGE INC HAS HAD THE BIGGEST MOVE UP SOME 20
SINCE THE MCINEXTEL ANNOUNCEMENT FEB 28

IN GENERAL WE THINK THE WIRELESS STOCKS ESPECIALLY THE PAGINGCOMPANY
STOCKS ARE VALUED AT PRICES THAT ARE UNSUSTAINABLE HE SAYS COMPETITION
IN THE HIGHLY FRAGMENTED WIRELESSPAGING BUSINESS CAN ONLY INTENSIFY
PARTICULARLY AS NEXTEL AND SEVERAL LARGE CELLULAR OPERATORS ARE GEARING UP
TO INCLUDE PAGING SERVICES ON WIRELESS POCKET PHONES

MORE BROADLY HE SAYS WIRELESS TECHNOLOGY IS GOING TO ADVANCE SO RAPIDLY
THAT THE SMALLER WIRELESS COMPANIES WILL HAVE TO MAKE SUBSTANTIAL ONGOING
INVESTMENTS THAT HAS TO BE PAID FOR BY DEBT WHICH COULD HURT EARNINGS
OR BY FURTHER EQUITY OFFERINGS WHICH WOULD DILUTE ANY FUTURE EARNINGS THEY
MIGHT COME UP WITH

TOPPING HIS LIST OF SHORTSELL RECOMMENDATIONS AMONG WIRELESS COMPANIES THIS
MONTH ARE CELLULAR COMMUNICATIONS INC CENTENNIAL CELLULAR CORP METRICOM
INC MOBILE TELECOMMUNICATIONS TECHNOLOGIES CORP PAGING NETWORK INC AND
DIAL PAGE PAGING NETWORK HAD A BIG OPERATING LOSS FOR 1993 AND ITS
BALANCE SHEET IS LOADED WITH DEBT HE NOTES

NEXTEL HAD BEEN ON MR LYONS'S LIST OF BEARISH BETS BEFORE THE MCI MOVE

WE BACKED OFF SHORTING NEXTEL AFTER THE MCI INVESTMENT WAS ANNOUNCED HE
SAYS NOTING THAT WITH MAJOR PLAYERS SUCH AS COMCAST CORP MOTOROLA INC
AND NOW MCI HEAVILY INVESTED IN THE COMPANY IT WOULD BE HARD TO SEE WALL
STREET'S ENTHUSIASM FOR THE STOCK FADING ANYTIME SOON

ONE OF THE FIRST CASUALTIES FROM THE MCINEXTEL LINKUP COULD BE RURAL
CELLULAR COMPANIES WHICH HAVE COME TO DEPEND HEAVILY ON HIGH ROAMING FEES
THEY COLLECT FROM PHONE USERS TRAVELING OUTSIDE THEIR OWN AREA BECAUSE OF
ITS SIZE AND GEOGRAPHIC REACH THE NEW NEXTELMCI COMBINATION COULD LURE
AWAY THOSE CUSTOMERS BY OFFERING COMPETITIVE SERVICE AND DROPPING THE
ROAMING CHARGE

RURAL CELLULAR OPERATORS COULD SEE THEIR BUSINESS UNDERMINED BY NEXTEL'S
ENTRANCE SAYS CHARLES PLUCKHAHN A PORTFOLIO MANAGER OF STATE STREET
RESEARCH'S SMALL CAP GROWTH FUND IN BOSTON TWO COMPANIES THAT COULD BE HURT
ARE CELLULAR INC AND US CELLULAR CORP

TO BE SURE MCI'S DECISION TO INVEST IN NEXTEL REPRESENTS A SHIFT IN THE
LONGDISTANCE CARRIER'S WIRELESS STRATEGY THAT DOESN'T BODE WELL FOR ANOTHER
GROUP OF SMALLER WIRELESS PLAYERS THE SOCALLED PCS PROVIDERS

MCI HAD ORIGINALLY CHAMPIONED PERSONAL COMMUNICATIONS SYSTEMS OR PCS A
FUTURISTIC TECHNOLOGY THAT WOULD ENABLE USERS TO TRANSMIT VOICE AND DATA ON
INEXPENSIVE POCKET PHONES BUT BY LINKING UP WITH NEXTEL MCI HAS INDICATED
THAT PCS ISN'T WORTH WAITING FOR ANALYSTS AND MONEY MANAGERS SAY

THE PICTURE FOR PCS SERVICE DOESN'T LOOK ALL THAT BRIGHT NOTES STATE
STREET'S MR PLUCKHAHN

HE SAYS THAT ENTREPRENEURS WHO EXPECTED TO LAUNCH INITIAL PUBLIC OFFERINGS
BASED ON RECEIVING PCS LICENSES MAY NOW DECIDE NOT TAKE THEIR COMPANIES
PUBLIC FOLLOWING THE MCI MOVE ADDITIONAL PROBLEMS STAND IN THE WAY OF PCS
OTHERS SAY

NOT ONLY HAS THE GOVERNMENT DELAYED ITS PLAN TO AUCTION SUCH LICENSES BUT
THERE ARE NO OPPORTUNITIES FOR SMALL PLAYERS IN PCS UNLESS YOU ARE A RURAL
BASED PCS COMPANY ARGUES JERRY LUCAS PRESIDENT OF TELESTRATEGIES A
MCLEAN VA TELECOMMUNICATIONS CONSULTANT THOSE PCS LICENSES THAT
EVENTUALLY WILL BE AUCTIONED OFF WILL ONLY BE AFFORDABLE IN THE
LESSCOMPETITIVE RURAL MARKETS FOR SMALLER COMPANIES HE EXPLAINS

OVERALL THE FORTUNES OF MANY SMALLER WIRELESS COMPANIES HINGE NARROWLY ON
THE POTENTIAL SUCCESS OR FAILURE OF UNTESTED TECHNOLOGIES GEOTEK
INDUSTRIES INC FOR EXAMPLE AIMS TO SELL WIRELESS SERVICES BASED ON
ISRAELI DEFENSE SYSTEMS BUT SOME ANALYSTS SAY THE TECHNOLOGY HAS A 5050
CHANCE OF FLYING QUALCOMM INC WHOSE STOCK IS PARTICULARLY SKITTISH HAS
SUFFERED SEVERAL DELAYS IN BRINGING ITS DIGITAL CELLULAR TECHNOLOGY TO
MARKET ON FEB 17 QUALCOMM PARTLY ATTRIBUTED A 7 DROP IN ITS STOCK PRICE
TO NEWS THAT PACIFIC TELESIS GROUP MIGHT CONSIDER A RIVAL DIGITAL TECHNOLOGY
FOR ITS FORAY INTO PCS WIRELESS STOCKS AREN'T FOR THE FAINTHEARTED ALEX
CENNA ANALYST AT LEHMAN BROTHERS SAYS

INVESTORS NEED TO BE CAREFUL WARNS JEFFREY HINES AN ANALYST AT
PAINEWEBBER INC NOTHING IS A SLAM DUNK WHEN IT COMES TO DEVELOPING
TECHNOLOGY HE PARTICULARLY CITES QUALCOMM WHOSE SHARES HAVE DROPPED FROM
HIGHS OF OVER 43 IN MIDOCTOBER TO ABOUT 25 TODAY MR HINES REMAINS A BIG
FAN HOWEVER OF NEXTEL AND CENCALL COMMUNICATIONS INC NEXTEL HAS AN
AGREEMENT TO BUY A LARGE MINORITY STAKE IN CENCALL

TO BE SURE SOME BROKERS AND MONEYMANAGERS THINK NOW MIGHT BE THE TIME TO
PICK UP MORE STOCK IN THE LIKES OF GEOTEK

LOUIS COHEN A BROKER WITH LEW LIEBERBAUM & CO IN NEW YORK THINKS GEOTEK
HAS BEEN UNDER PRESSURE BECAUSE OF A PLANNED DEBT OFFERING LONGER TERM HE
SAYS THE STOCK SHOULD PERFORM STRONGLY

SMALLER STOCK PRICES EDGED HIGHER EGGED ON BY A RECOVERY IN THE BOND MARKET
AFTER THURSDAY'S PLUNGE

THE RUSSELL 2000 INDEX WHICH TRACKS THE PERFORMANCE OF SMALLCAPITALIZATION
STOCKS EDGED UP 007 OR 003 TO 26549 THE NASDAQ COMPOSITE INDEX
GAINED 011 OR 001 TO 78920

ADVANCING NASDAQ ISSUES RAN PAST DECLINERS 1562 TO 1422 ON NASDAQ
NATIONAL MARKET VOLUME OF 238380000 SHARES AND TOTAL VOLUME OF
279253000 ON THURSDAY NATIONAL MARKET VOLUME WAS HIGHER AT 284700000
WHILE OVERALL TURNOVER STOOD AT 326793000

FOR THE WEEK THE RUSSELL 2000 GAINED 078 OR 029 THE NASDAQ COMPOSITE
FELL 135 OR 017 AND THE DOW JONES INDUSTRIAL AVERAGE JUMPED 3040 OR
079

AGOURON PHARMACEUTICALS JUMPED 2 1/4 TO 14 3/4 THE COMPANY SAID A TEAM OF
ITS RESEARCHERS SOLVED THE THREEDIMENSIONAL ATOMIC STRUCTURE OF RHINOVIRUS
3C PROTEASE AN ENZYME THAT PLAYS A VITAL ROLE IN THE LIFE CYCLE OF THE
FAMILY OF VIRUSES MOST FREQUENTLY RESPONSIBLE FOR THE COMMON COLD

A RATING UPGRADE TO BUY FROM HOLD BY PRUDENTIAL SECURITIES BOOSTED
ORBITAL SCIENCES 3 1/2 TO 18 3/4 THE COMPANY MAKES SPACE PRODUCTS

BIG BOARDTRADED TECHSYM CORP HOUSTON ROSE 1 5/8 TO 19 3/4 AFTER DAN
DORFMAN REPORTED ON CNBC THAT AN ANALYST TOLD HIM SOMEONE MIGHT MAKE AN
UNFRIENDLY RUN AT THE COMPANY BENTLEY CAPITAL MANAGEMENT MONEY MANAGER
MICHAEL LAUER REPORTEDLY SAID THE ELECTRONICS COMPANY'S PRICE MAKES IT AN
ATTRACTIVE TAKEOVER CANDIDATE

ANDREA ELECTRONICS GAINED 1 3/4 TO 20 1/8 ON THE AMERICAN STOCK EXCHANGE
ALTHOUGH THE COMPANY EXPECTS A FIRSTQUARTER LOSS IT SAID IT IS NEGOTIATING
A LICENSING AGREEMENT TO PROVIDE NOISECANCELLATION TECHNOLOGY TO BELLSOUTH
CORP WHICH ROSE 1/8 TO 54 1/4 ON THE BIG BOARD A BELLSOUTH SPOKESMAN SAID
THE DEAL WASN'T YET FIRM AND THAT THE SITUATION HADN'T CHANGED MATERIALLY
SINCE DISCUSSIONS BEGAN SOME MONTHS AGO

GOODMARK FOODS RACKED UP 2 5/8 TO 17 7/8 THE MEAT SNACK PRODUCTS CONCERN
SAID ITS FISCAL THIRDQUARTER EARNINGS ROSE TO 32 CENTS A SHARE FROM 25
CENTS ON MORE SHARES A YEAR EARLIER

PAGING NETWORK INC POSTED AN OPERATING PROFIT FOR 1993 BUT HAD A NET LOSS
DUE TO INTEREST EXPENSES IN YESTERDAY'S SMALL STOCK FOCUS COLUMN IT WAS
INCORRECTLY STATED THAT PAGING NETWORK HAD AN OPERATING LOSS IN 1993
9403140091 940314 TECHNOLOGY MOTOROLA IBM DISCUSS ALTERING ARDIS
VENTURE  BY DON CLARK STAFF REPORTER OF THE WALL STREET JOURNAL

MOTOROLA INC AND INTERNATIONAL BUSINESS MACHINES CORP ARE IN DISCUSSIONS
ABOUT RESTRUCTURING THEIR JOINT OWNERSHIP OF ARDIS A RADIODATA NETWORK
USED WITH PORTABLE COMMUNICATIONS DEVICES

SEVERAL INDUSTRY EXECUTIVES PREDICTED THAT IBM WILL BUY OUT MOTOROLA'S STAKE
IN THE 5050 JOINT VENTURE WHICH IS BASED IN LINCOLNSHIRE ILL

BUT THAT IS ONLY ONE OF THREE OPTIONS BEING CONSIDERED SAID FRANK WAPOLE
ARDIS' PRESIDENT HE SAID IT IS EQUALLY POSSIBLE THAT MOTOROLA WILL PURCHASE
IBM'S STAKE OR THAT THE COMPANIES WILL BOTH REMAIN OWNERS BUT MODIFY THEIR
RELATIONSHIP IN SOME WAY

ONE OF THOSE THREE IS GOING TO BE RIGHT BUT I'M ASSUMING IT'S GOING TO
TAKE MONTHS MR WAPOLE SAID

A MOTOROLA SPOKESWOMAN SAID THE COMPANY WOULD NOT COMMENT ON ANY TALKS OR
WHETHER IT WANTED TO SELL ITS ARDIS STAKE A NOTION SHE DISMISSED AS
SPECULATIVE A SPOKESMAN FOR IBM CONFIRMED THAT THE TALKS ARE TAKING PLACE
BUT WOULD NOT DISCLOSE DETAILS

ARDIS ANNOUNCED WITH CONSIDERABLE FANFARE IN 1990 SPRUNG FROM AN INTERNAL
IBM COMMUNICATIONS NETWORK THAT THE COMPANY'S COMPUTER SERVICE TECHNICIANS
USE TO SEND WIRELESS MESSAGES FROM THE FIELD IT ORIGINALLY REQUIRED
PROPRIETARY HANDHELD TERMINALS THOUGH NEW RADIO MODEMS FOR ARDIS ARE BEING
DEVELOPED FOR STANDARD NOTEBOOK COMPUTERS AND OTHER DEVICES

BUT ARDIS IS UNPROFITABLE AND IS NOT BEING USED BY MANY OF THE MOBILE
PROFESSIONALS IT COVETS MARKET ANALYSTS SAY THOUGH THE SERVICE LEADS THE
NEW MARKET WITH ABOUT 40000 USERS MOST OF THOSE ARE BLUECOLLAR SERVICE OR
SALES PERSONNEL FOR LARGE COMPANIES SUCH AS PITNEY BOWES INC AND OTIS
ELEVATOR CO IT ALREADY HAS ONE SERIOUS RIVAL IN RAM MOBILE DATA A VENTURE
OF BELLSOUTH CORP AND RAM BROADCASTING CORP

LAST YEAR ARDIS' GROWTH WAS FLAT SAID ALAN REITER EDITOR OF MOBILE DATA
REPORT A NEWSLETTER IN ALEXANDRIA VA IN AN INDUSTRY THAT IS CONSIDERED
ONE OF THE HOTTEST IN TELECOMMUNICATIONS ONE OF THE MAJOR PLAYERS DIDN'T
EXPERIENCE ANY NET GROWTH

THAT COULD CHANGE AS SMALLER COMMUNICATIONS DEVICES ARRIVE AND ASSUMING
ARDIS CONTINUES WITH PLANS TO BOOST THE TRANSMISSION SPEED OF ITS NETWORK

MR WAPOLE OF ARDIS SAID IBM IS MOST CONCERNED ABOUT SERVING LARGE CORPORATE
CUSTOMERS WHILE MOTOROLA WANTS TO USE ENVOY AND OTHER PRODUCTS TO REACH A
BROADER AUDIENCE OF MOBILE USERS THAT'S WHAT WE ARE DOWN TO IS WHERE DO
YOU EXPAND TO SERVE THE TWO DIFFERENT TYPES OF CUSTOMERS HE SAID
9403140090 940314 GSA HEAD ASKS AGENCY TO INVESTIGATE HIS POSSIBLE
MISUSE OF TRAVEL EXPENSES  BY JEFFREY H BIRNBAUM STAFF REPORTER
OF THE WALL STREET JOURNAL

WASHINGTON ROGER JOHNSON THE HEAD OF THE GENERAL SERVICES ADMINISTRATION
AND A KEY PLAYER IN THE CLINTON ADMINISTRATION'S PLAN TO REINVENT
GOVERNMENT HAS ASKED THE AGENCY'S INSPECTOR GENERAL TO INVESTIGATE HIS OWN
POSSIBLE MISUSE OF TAXPAYERPAID TRAVEL

MR JOHNSON THE FORMER CHIEF EXECUTIVE OF WESTERN DIGITAL CORP ASKED FOR
THE PROBE AFTER THE WALL STREET JOURNAL OBTAINED HIS TRAVEL VOUCHERS THROUGH
A FREEDOM OF INFORMATION ACT REQUEST THE VOUCHERS SHOW THAT MR JOHNSON
VISITED HIS RESIDENCE IN CALIFORNIA WHERE HIS WIFE WAS LIVING DURING FIVE
OF THE NINE OFFICIAL TRIPS HE TOOK IN HIS FIRST SEVEN MONTHS ON THE JOB

IN AN INTERVIEW FRIDAY MR JOHNSON SAID HE INTENDS TO REFUND TO THE FEDERAL
GOVERNMENT AT LEAST SOME OF THE 38ADAY EXPENSES HE RECEIVED DURING THE
FOUR WEEKENDS HE SPENT AT HIS HOME IN LAGUNA BEACH CALIF AIDES ALSO SAID
HE WOULD REFUND SOME OF THE 30ADAY EXPENSES HE RECEIVED DURING THE TWO
WEEKENDS HE VISITED HIS OTHER HOME IN UTAH IN THE MIDST OF THE OFFICIAL
TRAVEL

ON TOP OF THAT MR JOHNSON SAID HE WOULD REIMBURSE THE GOVERNMENT FOR ANY
OTHER EXPENSES THAT THE INSPECTOR GENERAL DETERMINES WERE PERSONAL RATHER
THAN BUSINESS RELATED THE COST OF THE TRIPS WAS AT LEAST 7000 DOCUMENTS
SHOW

MR JOHNSON MAINTAINED THAT HE DIDN'T DO ANYTHING WRONG THAT HIS TRIPS WERE
FILLED WITH OFFICIAL BUSINESS AND THAT HE PERSONALLY PAID FOR SOME SMALL
PARTS OF THE TRIPS INCLUDING ONE AIRLINE TICKET TO UTAH HE ALSO CONTENDED
THAT HE ISN'T LEGALLY OBLIGATED TO REFUND ANY OF THE PER DIEMS WHICH COVER
MEALS AND INCIDENTAL EXPENSES HE SAID HE WAS WILLING TO MAKE
REIMBURSEMENTS HOWEVER FOR THE SAKE OF APPEARANCES

I HAVE NOT EVER CONTRIVED OR STRUCTURED TRIPS TO GO THROUGH ORANGE COUNTY
HE ASSERTED YET HE ADDED DID I TAKE EVERY OPPORTUNITY TO GET HOME I
CERTAINLY DID HE BEGAN ONE TAXPAYERPAID TRIP THE MOMENT HE LEARNED THAT
HIS WIFE JANICE JOHNSON WAS ABOUT TO EVACUATE THEIR HOME DURING THE RECENT
FIRES I'M TAKING THE CAT AND LEAVING MR JOHNSON SAID SHE TOLD HIM OVER
THE PHONE ALMOST INSTANTLY HE SAID I RAN OUT TO GET A PLANE MRS
JOHNSON MOVED TO WASHINGTON IN MIDJANUARY

THE 59YEAROLD MR JOHNSON HAS SPENT MOST OF HIS TIME IN WASHINGTON
DEVELOPING PLANS FOR AND PROMOTING PRESIDENT CLINTON'S EFFORT TO MAKE
THE FEDERAL GOVERNMENT MORE EFFICIENT VICE PRESIDENT AL GORE ONCE
INTRODUCED HIM AS A TREMENDOUS CHAMPION OF REFORM AND PROGRESS IN THIS
AREA

IN ADDITION HE IS THE ADMINISTRATION'S HIGHESTRANKING REPUBLICAN AND ITS
ONLY FORMER CHIEF EXECUTIVE OF A MAJOR INDUSTRIAL US CORPORATION BEFORE
JOINING THE GSA A 20000PERSON AGENCY THAT OVERSEES THE GOVERNMENT'S REAL
ESTATE AND DOES MUCH OF ITS PURCHASING MR JOHNSON WAS CHIEF EXECUTIVE OF
WESTERN DIGITAL AN IRVINE CALIF DISKDRIVE MAKER

HAD THE GOVERNMENT NOT PAID FOR MR JOHNSON'S TRIPS HE CERTAINLY COULD HAVE
AFFORDED TO UNDER AN AGREEMENT WITH WESTERN DIGITAL MR JOHNSON WAS OWED
AS MUCH AS TWO YEARS' SALARY OR ABOUT 107 MILLION BASED ON HIS 1992 CASH
COMPENSATION OF 537203 PLUS A POTENTIAL MANAGEMENT BONUS IN ADDITION
THE COMPANY AGREED TO FORGIVE AN OUTSTANDING LOAN TO MR JOHNSON WHICH WAS
LISTED AS 335613 IN CORPORATE DOCUMENTS AIDES SAID

MR JOHNSON'S ACTIONS STAND IN SHARP CONTRAST TO HIS AGENCY'S OWN DEPUTY
ADMINISTRATOR JULIA STASCH MS STASCH IS A FREQUENT FLIER TO CHICAGO
WHERE HER HUSBAND MARKETING PROFESSOR STANLEY STASCH STILL LIVES BUT SHE
PAYS FOR HER TWICEMONTHLY TRIPS TO CHICAGO OUT OF HER OWN POCKET OF THE
DOZEN TRIPS SHE TOOK ANYWHERE IN THE COUNTRY AT TAXPAYER EXPENSE ONLY FIVE
WERE TO CHICAGO AND ONLY ONE OF THOSE INVOLVED A WEEKEND STAY AND UNLIKE
MR JOHNSON SHE REFUSED TO TAKE ANY PER DIEM PAYMENTS FOR THE TIME SHE
STAYED AT HER CHICAGO HOME

I KNOW WHAT ONE MUST DO AND MUST NOT DO MS STASCH SAID I WANT TO MAKE
NO MISTAKES 9403140089 940314 ALBERTA BOARD RULES FIVE TEST WELLS ARE
 IN THE PUBLIC INTEREST

CALGARY ALBERTA THE ALBERTA ENERGY RESOURCES CONSERVATION BOARD RULED
THAT FIVE WELLS THAT HUSKY OIL LTD AND RIGEL OIL LTD WANT TO DRILL TO TEST
A POTENTIALLY LARGE ALBERTA OIL PROSPECT ARE IN THE PUBLIC INTEREST

THE WELLS WHICH THE TWO CALGARY OIL AND GAS PRODUCERS PLAN TO USE TO
DETERMINE THE SIZE AND PRODUCTIVITY OF THEIR MOOSE MOUNTAIN OIL DISCOVERY
ABOUT 25 MILES WEST OF CALGARY NEEDED SPECIAL REGULATORY APPROVAL BECAUSE
OF THE DISCOVERY'S LOCATION IN AN ENVIRONMENTALLY SENSITIVE AREA

CLOSELY HELD HUSKY HOLDS A 667 INTEREST IN THE 1992 DISCOVERY WELL AND
SURROUNDING EXPLORATION PROPERTIES PUBLICLY TRADED RIGEL HOLDS THE
REMAINING 333 INTEREST

WHILE THE COMPANIES HAVE DECLINED TO COMMENT ON THE MOOSE MOUNTAIN
RESERVOIR'S POTENTIAL SIZE SOME ANALYSTS HAVE ESTIMATED IT MAY BE AS LARGE
AS 100 MILLION BARRELS 9403140088 940314 BUSINESS BRIEF SALANT CORP
 APPAREL FIRM CANCELS PLANS TO SELL SLEEPWEAR DIVISION

SALANT CORP SAID IT WITHDREW PLANS TO SELL ITS OBION DENTON CHILDREN'S
SLEEPWEAR DIVISION DUE TO THE UNIT'S IMPROVING PERFORMANCE

THE NEW YORK APPAREL COMPANY HAD DECLARED ITS INTENTION TO SELL THE UNIT IN
MARCH 1993 AS PART OF A RESTRUCTURING EFFORT BUT A COMPANY SPOKESMAN SAID
THE UNIT HAD BECOME PROFITABLE RECENTLY AND ITS PROSPECTS WERE IMPROVING

WE MADE SOME RADICAL CHANGES IN OUR OPERATIONS SAID RICHARD P RANDALL
SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER WE CLOSED SOME
FACILITIES AND MOVED SOME MANUFACTURING SOUTH OF THE BORDER INTO MEXICO

OBION DENTON REPRESENTS ABOUT 10 OF SALANT'S MORE THAN 400 MILLION IN
ANNUAL SALES THE COMPANY SAID SALANT SAID IT HAD SOME HEAVY NEGOTIATIONS
WITH POTENTIAL BUYERS BUT THE COMPANY DECIDED IT COULD GET STRONGER RETURNS
BY KEEPING THE UNIT

SALANT WHICH MAKES APPAREL UNDER THE PERRY ELLIS AND JOHN HENRY BRAND
NAMES EMERGED FROM CHAPTER 11 BANKRUPTCY PROTECTION LAST SEPT 20
9403140087 940314 BUSINESS BRIEF ALCAN ALUMINIUM LTD AGREEMENT IS
REACHED TO SELL EXTRUSION PLANTS TO CRESSONA

ALCAN ALUMINIUM LTD SAID IT AGREED IN PRINCIPLE TO SELL TWO OF ITS SEVEN
ALUMINUMEXTRUSION FACILITIES IN THE US AND CANADA AND IS NEGOTIATING TO
SELL THE REST OF THE BUSINESS

THE TWO PLANTS WOULD BE SOLD TO CLOSELY HELD CRESSONA ALUMINUM CO OF
CRESSONA PA ALCAN SAID TERMS WEREN'T DISCLOSED THE PLANTS IN
ELIZABETHTON TENN AND FRANKLIN NH TOGETHER HAVE MORE THAN 300
EMPLOYEES AND REPRESENT MORE THAN HALF OF MONTREALBASED ALCAN'S 82500
METRIC TONS OF EXTRUSION CAPACITY IN NORTH AMERICA A METRIC TON IS 22046
POUNDS

AN ALCAN SPOKESMAN SAID THE COMPANY WAS DISCUSSING WITH OTHER UNDISCLOSED
PARTIES THE SALE OF THE REST OF ITS EXTRUSION FACILITIES IN NORTH AMERICA
THE BUSINESS WHICH PROVIDES MATERIALS LARGELY FOR THE BUILDING AND
CONSTRUCTION INDUSTRIES HAD SALES LAST YEAR OF 120 MILLION

ALCAN SAID THE PROPOSED SALE REFLECTS ITS STRATEGY TO FOCUS ON ITS MAIN
RAWMATERIAL SMELTING AND ROLLING OPERATIONS 9403140086 940314 BUSINESS
BRIEF NORTHERN TELECOM LTD UNIT SETS 5YEAR PARTNERSHIP IN TELSTRA
INVESTMENT PLAN

NORTEL AUSTRALIA PTY LTD A UNIT OF NORTHERN TELECOM LTD OF CANADA
SIGNED A STRATEGIC PARTNERSHIP AGREEMENT WITH TELSTRA CORP AUSTRALIA'S
GOVERNMENTOWNED TELECOMMUNICATIONS COMPANY

NORTEL WILL PROVIDE TECHNOLOGY FOR BUSINESS COMMUNICATIONS SERVICES

TELSTRA WHICH OPERATES IN AUSTRALIA UNDER THE NAME TELECOM LAST NOVEMBER
ANNOUNCED A FIVEYEAR INVESTMENT PROGRAM OF 33 BILLION AUSTRALIAN DOLLARS
US233 BILLION NORTEL IS ONE OF FOUR MAJOR SUPPLIERS TO PROVIDE NETWORK
PRODUCTS AND EQUIPMENT OTHERS THAT HAVE SIGNED PARTNERSHIPS ARE SIEMENS AG
OF GERMANY TELEFON AB LM ERICSSON OF SWEDEN AND ALCATELALSTHOM NV OF
FRANCE

NORTEL'S CONTRACT WITH TELSTRA STARTS IN JULY AND RUNS FOR FIVE YEARS THE
COMPANY SAID A NORTEL SPOKESWOMAN SAID THE VALUE OF THE AGREEMENT DEPENDS
ON TELSTRA'S SUCCESS IS SELLING THE SERVICES 9403140085 940314 BUSINESS
BRIEF CHIA HSIN CEMENT CORP TAIWAN CONCERN TO INVEST IN PHILIPPINE
CEMENT PLANT

CHIA HSIN CEMENT CORP ANNOUNCED IN TAIPEI TAIWAN PLANS TO INVEST 120
MILLION IN A NEW CEMENT PLANT IN THE PHILIPPINES

CONSTRUCTION COULD START AS EARLY AS THE SECOND HALF OF 1994 KO TSU KANG
VICE PRESIDENT OF CHIA HSIN SAID

THE PLAN WILL BE FINANCED WITH PROCEEDS FROM A EUROBOND ISSUE MR KO ADDED

THE CHIA HSIN PLAN HAS BEEN APPROVED BY THE INVESTMENT COMMISSION OF THE
MINISTRY OF ECONOMIC AFFAIRS AND IS AWAITING SECURITIES AND EXCHANGE
COMMISSION ENDORSEMENT BEFORE IT CAN PROCEED

TAIWAN IS FACING A CEMENT CRUNCH IN 1997 WHEN MINING RIGHTS ON ITS EAST
COAST EXPIRE AND DOMESTIC CEMENT PRODUCTION COULD BE CUT 40 OVERNIGHT SAID
ANDREW CLARKE RESEARCH ANALYST FOR WARDLEY JAMES CAPEL TAIWAN LTD
9403140084 940314 WHO'S NEWS NETWORK EQUIPMENT TECHNOLOGIES INC

NETWORK EQUIPMENT TECHNOLOGIES INC REDWOOD CITY CALIF JOSEPH J
FRANCESCONI 50 YEARS OLD FORMERLY EXECUTIVE VICE PRESIDENT OF AMDAHL
CORP WAS NAMED PRESIDENT CHIEF EXECUTIVE AND A DIRECTOR OF THIS COMPUTER
NETWORKING PRODUCTS CONCERN JOHN B ARNOLD 72 A MEMBER OF THE BOARD AND
ACTING CHIEF EXECUTIVE WAS NAMED CHAIRMAN 9403140083 940314 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

AMETEK INC 150 MILLION OF SENIOR NOTES DUE MARCH 15 2004 PRICED AS
975S AT PAR ACCORDING TO MCM CORPORATEWATCH THE ISSUE IS NONCALLABLE FOR
FIVE YEARS RATED BA3 BY MOODY'S INVESTORS SERVICE INC AND DOUBLEBMINUS
BY STANDARD & POOR'S CORP THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED
BY GOLDMAN SACHS & CO

CHARTWELL RE CORP 75 MILLION OF SENIOR NOTES DUE MARCH 1 2004 PRICED
INITIALLY AT PAR TO YIELD 1025 ACCORDING TO MCM CORPORATEWATCH THE ISSUE
IS NONCALLABLE FOR FIVE YEARS RATED BA3 BY BY MOODY'S AND DOUBLEBMINUS BY
S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY SALOMON BROTHERS
INC

FEDERAL HOME LOAN MORTGAGE CORP 200 MILLION OF DEBENTURES DUE MARCH 18
1999 PRICED AT PAR TO YIELD 614 ACCORDING TO MCM CORPORATEWATCH THE
DEBENTURES NONCALLABLE FOR TWO YEARS WERE PRICED AT A SPREAD OF 23 BASIS
POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY
LEHMAN BROTHERS INC

FEDERAL HOME LOAN MORTGAGE CORP 100 MILLION OF DEBENTURES DUE MARCH 21
2001 PRICED AT PAR TO YIELD 673 ACCORDING TO MCM CORPORATEWATCH THE
ISSUE IS NONCALLABLE FOR ONE YEAR AND WAS PRICED AT A SPREAD OF 47 BASIS
POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY
SALOMON BROTHERS INC

FEDERAL NATIONAL MORTGAGE ASSOCIATION 200 MILLION OF STEPUP NOTES DUE
MARCH 24 1999 PRICED AT PAR TO YIELD 49 ACCORDING TO MCM
CORPORATEWATCH THE NOTES HAVE A ONE TIMECALL OPTION MARCH 24 1995 THE
COUPON THEN RISES TO 661 THE NOTES WERE PRICED AT A SPREAD OF 29 BASIS
POINTS ABOVE TREASURYS AND WILL BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN
SACHS & CO

DRYPERS CORP INITIAL OFFERING OF 29 MILLION COMMON SHARES PRICED AT
1450 EACH THROUGH UNDERWRITERS LED BY CS FIRST BOSTON INC

PROPHET 21 INC INITIAL PUBLIC OFFERING OF 15 MILLION COMMON SHARES
PRICED AT 10 EACH ACCORDING TO THE COMPANY WILLIAM BLAIR & CO IS MANAGER
OF THE UNDERWRITING GROUP

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY LEHMAN BROTHERS INC THE
OFFERING REMIC TRUST 199462 IS BACKED BY THE AGENCY'S 30YEAR 7
MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF
75 AND WEIGHTED AVERAGE MATURITY OF 358 MONTHS

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION OF REMIC SECURITIES
OFFERED BY KIDDER PEABODY & CO THE OFFERING REMIC TRUST 199461 IS
BACKED BY THE AGENCY'S 30YEAR 75 MORTGAGE SECURITIES THE COLLATERAL HAS
A WEIGHTED AVERAGE COUPON RATE OF 81 AND WEIGHTED AVERAGE MATURITY OF 351
MONTHS

NEW ZEALAND DAIRY BOARD FINANCE LTD NEW ZEALAND 150 MILLION OF
FLOATINGRATE EURONOTES DUE APRIL 5 1999 AT ISSUE PRICE 9982 VIA LEHMAN
BROTHERS INTERNATIONAL PAYABLE QUARTERLY AT THREEMONTH DOLLAR LONDON
INTERBANK OFFERED RATE PLUS 0875 POINT GUARANTOR NEW ZEALAND DAIRY BOARD
FEES 015

SOUTH WEST WATER PLC UK 50 MILLION OF 8375 BONDS DUE FEB 8 1998
AT ISSUE PRICE 10412 VIA BARING BROTHERS AND CO BONDS WILL TRADE
INTERCHANGEABLY WITH 35 MILLION OF IDENTICAL NOTES OUTSTANDING OTHER TERMS
UNDISCLOSED 9403140082 940314 FOREIGN EXCHANGE YEN RISES DEFYING
CONVENTIONAL WISDOM  BY MICHAEL R SESIT STAFF REPORTER OF THE
WALL STREET JOURNAL

LIKE A LEVITATION TRICK IN THE HANDS OF A SKILLFUL MAGICIAN THE JAPANESE
YEN RISES IN APPARENT DEFIANCE OF GRAVITY

JAPAN'S ECONOMY IS ON ITS BACK GOLDMAN SACHS & CO PREDICTS IT WILL
CONTRACT BY 11 THIS YEAR JAPANESE INTEREST RATES ARE AMONG THE WORLD'S
LOWEST ITS THREEMONTH RATES ARE 1 1/2 PERCENTAGE POINTS BELOW THOSE IN
THE US AND PROBABLY ARE HEADED LOWER YET THE YEN IS THE WORLD'S
STRONGEST CURRENCY

NORMALLY A SLUGGISH ECONOMY AND LOW INTEREST RATES WOULD SPELL DISASTER
FOR A CURRENCY SAYS CHRISTOPHER GOLDEN AN INTERNATIONAL FIXEDINCOME
STRATEGIST AT LEHMAN BROTHERS INC IN LONDON

INSTEAD THE YEN HAS RISEN 6 AGAINST THE DOLLAR SO FAR THIS YEAR ON FEB
14 IT CLIMBED AS HIGH AS 101 YEN TO THE DOLLAR JUST A TAD BELOW ITS
POSTWORLD WAR II PEAK OF 10040 YEN SET LAST AUG 17 IN LATE TRADING
FRIDAY IN NEW YORK THE YEN ROSE TO 105 YEN TO THE DOLLAR FROM 10525 YEN
LATE THURSDAY MEANWHILE THE DOLLAR WAS UNCHANGED AT 16825 MARKS AND THE
BRITISH POUND FELL TO 15005 FROM 15040 A DAY EARLIER

ABOUT NOON MONDAY IN TOKYO THE DOLLAR WAS TRADING AT 10550 YEN AND AT
16898 MARKS

WHY IS THE YEN BUCKING CONVENTIONAL WISDOM IT HAS TO DO WITH TECHNICAL
FACTORS POLITICAL FEARS AND ULTIMATELY FAVORABLE LONGTERM ECONOMIC
FUNDAMENTALS SAYS JOHN LIPSKY CHIEF ECONOMIST AT SALOMON BROTHERS INC IN
NEW YORK THE MOST RECENT TRIGGER WAS THE COLLAPSE OF USJAPANESE TRADE
TALKS ON FEB 11 ENGENDERING INVESTOR FEARS THAT US AUTHORITIES WOULD
TAKE ACTION TO PUSH THE YEN HIGHER

THAT IN TURN KICKED OFF MASSIVE DOLLAR DUMPING AND YEN BUYING BY
HEDGE FUNDS BANK TRADERS AND OTHER BIG INVESTORS WHO LAST YEAR HAD BOUGHT
DOLLARS ON THE CONVICTION THAT THE US CURRENCY WOULD CLIMB AS THE AMERICAN
ECONOMY STRENGTHENED AND US INTEREST RATES ROSE

ADD TO THIS MIX BOTH A ROCKBOTTOM INFLATION RATE IN JAPAN AND A STUNNING
SURPLUS IN JAPAN'S CURRENT ACCOUNT A WIDE MEASURE OF EACH COUNTRY'S
INTERNATIONAL TRADE IN GOODS AND SERVICES AND THE FACTORS ARE IN PLACE
FOR A STRONG CURRENCY

THE DOLLAR SHOULD BE SELLING AT ABOUT 170 YEN OR 62 ABOVE WHERE IT
CURRENTLY IS BASED ON SOME ECONOMISTS' MEASURE OF PURCHASINGPOWER PARITY
WHICH COMPARES THE COSTS OF A SIMILAR BASKET OF GOODS IN DIFFERENT
COUNTRIES AMERICAN CONSUMERS MIGHT BE PAYING 38 LESS FOR JAPANESEMADE
TELEVISION SETS CARS COMPUTERS CAMERAS AND WATCHES IF JAPAN'S CURRENCY
WERE TRADING AT THE LEVEL DICTATED BY PURCHASINGPARITY THEORY

BUT THE YEN IS BOLSTERED BY A CURRENTACCOUNT SURPLUS THAT IS RUNNING AT
ROUGHLY 140 BILLION A YEAR OF WHICH ABOUT 60 BILLION IS ATTRIBUTED TO THE
US INTERESTINGLY THE SURPLUS REFLECTS SHRINKING IMPORTS NOT BOOMING
JAPANESE EXPORTS

JAPANESE EXPORTS HIT A BRICK WALL IN THE SECOND HALF OF LAST YEAR WITH
VOLUMES SLIDING 6 AND IT HAS BEEN THE WEAKNESS OF IMPORTS DUE TO SOFT
DOMESTIC DEMAND THAT HAS BUOYED THE SURPLUS IN RECENT MONTHS SAYS
AVINASH PERSAUD AN INTERNATIONAL ECONOMIST AT JP MORGAN & CO IN LONDON
THE STRONGER YEN ALSO HELPS REDUCE JAPAN'S IMPORT BILL BY CUTTING THE COST
OF RAW MATERIALS ESPECIALLY OIL ALMOST ALL OF WHICH ARE PRICED IN
DOLLARS

ANOTHER YEN PROP COMES FROM THE GROWING RELUCTANCE OF JAPANESE INVESTORS TO
PURCHASE FOREIGN SECURITIES THEY ARE UPSET BY THE USJAPANESE TRADE
TENSIONS AFRAID OF SEEING THE VALUE OF THEIR OVERSEAS ASSETS ERODED BY
WEAKENING CURRENCIES AND LUKEWARM ON THE PROSPECTS FOR FOREIGN MARKETS
JAPANESE INVESTORS PURCHASED A NET 28 BILLION OF FOREIGN STOCK AND BONDS
IN JANUARY DOWN FROM 146 BILLION LAST OCTOBER

MORE RECENTLY SOME OBSERVERS CONTEND THE JAPANESE HAVE ACTUALLY BECOME NET
SELLERS APPROACHING THE END OF THEIR FISCAL YEAR ON MARCH 31 JAPANESE
INSTITUTIONAL AND CORPORATE INVESTORS HAVE BEEN SELLING FOREIGN SECURITIES
TO TAKE PROFITS AND ARE REINVESTING THEM IN THE STOCK OF AFFILIATED AND
FRIENDLY JAPANESE COMPANIES SAYS MR GOLDEN OF LEHMAN BROTHERS THE
EFFECT OF THAT SELLING IS TO STRENGTHEN THE YEN PUSH DOWN PRICES ON
INTERNATIONAL BONDS AND PUSH UP PRICES ON THE TOKYO STOCK MARKET

STILL THE CURRENT STRONG YEN IS A CLASSIC CASE OF POLITICS OVERRIDING
FUNDAMENTAL ECONOMICS CONTENDS NICHOLAS P SARGEN CHIEF STRATEGIST AT
GLOBAL ADVISORS A FIXEDINCOME MONEY MANAGEMENT UNIT OF PRUDENTIAL
INSURANCE CO OF AMERICA IN NEWARK NJ ADDS MR PERSAUD OF JP MORGAN
THERE'S A PERCEPTION BY THE MARKET RIGHTLY OR WRONGLY THAT THE DOLLAR
IS THE STICK WITH WHICH THE AMERICANS WILL TRY TO BEAT THE JAPANESE TO FORCE
THEM TO OPEN THEIR MARKETS TO AMERICAN IMPORTS

ALTHOUGH THEY EXPECT JAPANESE INTEREST RATES TO FALL TRADERS AND ECONOMISTS
SAY THE YEN'S SHORTTERM FORTUNES WILL BE DETERMINED BY THE PITCH OF
USJAPAN TRADE TENSIONS GENERALLY LOW INTEREST RATES IN A COUNTRY IMPLY
A DEPRECIATING CURRENCY SAYS SHIGEKI SAKAKI AN INTERNATIONAL ECONOMIST AT
NOMURA RESEARCH INSTITUTE IN LONDON HOWEVER JAPAN'S WEAK ECONOMIC GROWTH
MAY LEAD TO A STRONGER YEN SINCE IT LENDS SUPPORT TO THE US CLAIM THAT
THE JAPANESE GOVERNMENT ISN'T DOING ENOUGH TO STIMULATE DOMESTIC DEMAND AND
THUS REDUCE JAPAN'S ENORMOUS TRADE SURPLUS

LONGERTERM ECONOMISTS SEE THE YEN WEAKENING BUT NOT BY MUCH

EVEN IF WE SEE NO SETTLEMENT ON THE TRADE DISPUTE A TURN IN JAPAN'S
BILATERAL SURPLUS WITH THE US AND CONTINUED STRONG GROWTH IN THE US
ECONOMY WOULD CURTAIL MUCH OF THE PROTECTIONIST PRESSURE FOR A STRONG YEN
SAYS MR PERSAUD OF JP MORGAN AND THE STRENGTH WE'VE SEEN IN THE YEN 
UP 50 IN FOUR YEARS AGAINST THE DOLLAR GUARANTEES WE WILL SEE A TURN IN
THE CURRENT ACCOUNT BEFORE THE END OF THE YEAR JP MORGAN ECONOMISTS
RECKON THAT JAPAN'S CURRENTACCOUNT SURPLUS WILL FALL TO ABOUT A THIRD OF
ITS CURRENT SIZE IN THE SECOND HALF OF 1995

MR PERSAUD SEES THE YEN TRADING 5 TO 7 HIGHER AT 110112 TO THE DOLLAR BY
YEAR END

IN ADDITION SHORTTERM INTERESTRATE DIFFERENTIALS WILL MOVE SIGNIFICANTLY
IN FAVOR OF THE DOLLAR SAYS MR LIPSKY OF SALOMON BROTHERS

BUT THE FUNDAMENTAL FACTOR THAT WILL HELP TO UNDERPIN THE YEN IN THE LONG
TERM IS THE ABSENCE OF INFLATION IN JAPAN HE SAYS JAPANESE INFLATION
COULD BE VIRTUALLY NONEXISTENT FOR THE NEXT FEW YEARS 9403140081 940314
BUSINESS BRIEF AMERICA WEST AIRLINES COURT FILING SEEKS TO ALLAY 
CONCERNS OVER INDEPENDENCE

IN A FILING WITH US BANKRUPTCY COURT AMERICA WEST AIRLINES SOUGHT TO
PLACATE CONCERNS THAT THE PHOENIXBASED CARRIER WOULD LOSE ITS INDEPENDENCE
IF AN INVESTMENT GROUP THAT INCLUDES CONTINENTAL AIRLINES TAKES CONTROL OF
AMERICA WEST

AMERICA WEST WHICH HAS BEEN OPERATING UNDER CHAPTER 11 BANKRUPTCY
PROTECTION FOR 2 1/2 YEARS HAS SELECTED A 220 MILLION BID LED BY DAVID
BONDERMAN AND JAMES COULTER FORT WORTH TEXAS INVESTORS WHO ARE MAJOR
SHAREHOLDERS IN CONTINENTAL CONTINENTAL ITSELF IS ALSO A MINORITY INVESTOR
IN THE AMERICA WEST BID

IN AMERICA WEST'S FILING IT SAID THE REORGANIZED COMPANY UNDER THIS
PROPOSAL WOULD HAVE A BOARD WHOSE MAJORITY WAS ASSOCIATED WITH THE
INVESTMENT GROUP CALLED AMWEST PARTNERS LP BUT WOULD ALSO HAVE
SIGNIFICANT INDEPENDENT PERSPECTIVE AMERICA WEST SAID NO CONTINENTAL
OFFICERS WOULD SERVE ON THE BOARD 9403140080 940314 HEARD ON THE STREET
 GENERAL MILLS NEAR A 52WEEK LOW ATTRACTS BARGAINHUNTERS WITH ITS
GOOD FUNDAMENTALS  BY JONATHAN CLEMENTS STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK THE COMPANY THAT BROUGHT YOU THE BREAKFAST OF CHAMPIONS HAS
TURNED INTO THE STOCK OF WIMPS

BUT NOW SOME BARGAINHUNTERS ARE STARTING TO NIBBLE AT GENERAL MILLS THE
MINNEAPOLIS FOOD AND RESTAURANT COMPANY THAT MAKES WHEATIES CHEERIOS AND
HAMBURGER HELPER

IT'S A CASE OF ONE OF THOSE GREAT CONSUMER COMPANIES THAT HAVE HAD A SLIGHT
DROP IN EARNINGS MOMENTUM AND THEY'RE UNDER THE GUN SAYS JOHN EVANS
COMANAGER OF THE BAIRD BLUE CHIP FUND I THINK THE VALUATION IS NOW
STARTING TO LOOK EXTREMELY ATTRACTIVE

GENERAL MILLS PLUNGED TO A NEW 52WEEK LOW OF 53 5/8 ON WEDNESDAY AND IT
BRIEFLY TRADED AT THAT LEVEL AGAIN FRIDAY THE STOCK CLOSED OUT THE WEEK AT
53 3/4 OR 29 BELOW ITS RECORD HIGH OF 75 7/8 IN 1992

LIKE OTHER FOOD COMPANIES GENERAL MILLS HAS BEEN BLUDGEONED BY INVESTORS
FEARFUL THAT CONSUMERS WILL NO LONGER PAY PREMIUM PRICES FOR BRANDNAME FOOD
PRODUCTS IN ADDITION THESE FOOD COMPANIES WITH THEIR STEADY EARNINGS
GROWTH LOOK LACKLUSTER COMPARED WITH ECONOMYSENSITIVE CYCLICAL STOCKS
WHICH LATELY HAVE BEEN POSTING EXPLOSIVE EARNINGS GAINS

I THINK GENERAL MILLS IS CHEAPER AND THAT'S WHY WE BOUGHT IT AS OPPOSED TO
OTHER COMPANIES SAYS DONALD YACKTMAN MANAGER OF THE YACKTMAN FUND MR
YACKTMAN LOOKS FOR HIGHQUALITY COMPANIES THAT ARE CHEAP COMPARED WITH THEIR
OPERATING INCOME THIS COMPANY IS NO 1 OR NO 2 IN EVERYTHING IT DOES SO
IT REALLY IS A VERY GOOD COMPANY HE SAYS

GENERAL MILLS IS THE COUNTRY'S SECONDLARGEST MAKER OF CEREALS INCLUDING
WHEAT TOTAL GOLDEN GRAHAMS KIX AND COCOA PUFFS IT ALSO SELLS BETTY
CROCKER DESSERT MIXES GOLD MEDAL FLOUR YOPLAIT YOGURT AND GORTON'S FROZEN
SEAFOOD PRODUCTS IN ADDITION GENERAL MILLS OPERATES THREE RESTAURANT
CHAINS RED LOBSTER THE OLIVE GARDEN AND CHINA COAST AND IT'S INVOLVED
IN TWO JOINT VENTURES TO SELL CEREALS AND SNACK FOODS ABROAD

THE COMPANY AIMS TO USE THAT TREASURE TROVE OF ASSETS TO GENERATE AN AVERAGE
12 ANNUAL GROWTH IN PERSHARE EARNINGS BUT RECENTLY GENERAL MILLS HAS
FALLEN FAR SHORT OF THAT TARGET

IT EARNED 192 A SHARE IN THE SIX MONTHS ENDED NOV 28 A GAIN OF JUST 5
FROM THE YEAREARLIER PERIOD A BIG REASON WAS A SLOWDOWN IN THE COMPANY'S
CEREAL BUSINESS WHICH SUFFERED AS STORES CUT INVENTORIES AND COMPETING
CEREAL COMPANIES MOUNTED AGGRESSIVE PROMOTIONS

MOST LARGE CEREAL MAKERS HAVE BEEN BOOSTING PRICES BUT THEN TURNING AROUND
AND REBATING MUCH OF THE INCREASES THROUGH COUPONS AND INSTORE PROMOTIONS
GENERAL MILLS BY CONTRAST HAS DECIDED TO HOLD THE LINE ON ITS CEREAL
PRICES SO FAR THAT STRATEGY HAS ALLOWED THE COMPANY TO MAINTAIN MARKET
SHARE

INVESTORS IN GENERAL MILLS ARE BRACING FOR MORE BAD NEWS THIS WEEK WHEN THE
COMPANY RELEASES ITS THIRDQUARTER EARNINGS FOR THE PERIOD ENDED FEB 28
THE QUARTER'S RESULTS ARE EXPECTED TO BE WEAK PARTLY BECAUSE OF THE
COMPETITION AMONG CEREAL MAKERS AND PARTLY BECAUSE OF THE SEVERE WINTER
WEATHER WHICH HAS CUT DOWN ON DINERS AT GENERAL MILLS' RESTAURANTS

THE STOCK LOOKS REASONABLY CHEAP SAYS PAINEWEBBER ANALYST ROGER SPENCER
BUT I'D WANT TO WAIT A LITTLE HERE AND THAT'S WHY I HAVE IT RATED
NEUTRAL

YET JAMES RUSSO AN ANALYST WITH DREYFUS CORP SAYS HE LIKES GENERAL MILLS
A LOT HE BELIEVES MUCH OF THE BAD NEWS IS ALREADY IN THE STOCK INCLUDING
THE PROSPECT OF A WEAK EARNINGS REPORT THIS WEEK I THINK THE MARKET HAS
DISCOUNTED THE NEGATIVES HE SAYS

MR RUSSO FIGURES THAT PERSHARE EARNINGS WILL GROW 10 TO 12 ANNUALLY IN
THE YEARS AHEAD AS PRODUCTIVITY IMPROVES AND THE COMPANY STARTS REAPING
PROFITS FROM ITS NEW CHINA COAST RESTAURANT CHAIN AND FROM ITS VENTURE TO
SELL CEREALS ABROAD MR RUSSO NOTES THAT VOLUME SALES OF CEREAL TYPICALLY
GROW 3 TO 4 A YEAR IN THE US AND FASTER THAN THAT ABROAD HE THINKS THE
COMPANY'S SITDOWN RESTAURANTS WILL APPEAL TO AGING HEALTHCONSCIOUS BABY
BOOMERS WHO ARE TURNING AWAY FROM FAST FOOD

TODAY'S BUYER DOESN'T HAVE TO PAY TOO MUCH FOR GENERAL MILLS' POTENTIAL
EARNINGS GROWTH THE STOCK TRADES AT LESS THAN 17 TIMES TRAILING 12MONTH
EARNINGS WITH A YIELD OF 35 ANALYSTS ARE LOOKING FOR THE COMPANY TO EARN
411 A SHARE IN THE FISCAL YEAR ENDING MAY 1995 WHICH PUTS GENERAL MILLS'
STOCK AT 13 TIMES ESTIMATED EARNINGS

I BELIEVE THIS FISCAL YEAR WHICH ENDS IN MAY IS PRETTY MUCH SHOT SAYS
BROOKS O'NEIL AN ANALYST WITH PIPER JAFFRAY BUT I THINK THAT'S PRETTY
MUCH IN THE STOCK I HAVE IT RATED AS A BUY 9403140079 940314 CREDIT
MARKETS PESSIMISM DOMINATES BOND ARENA  ECONOMISTS ADVOCATE 
CAUTION AS THEY AWAIT NEW INFLATION DATA  BY THOMAS T VOGEL JR 
STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK IS THE HARROWING NIGHTMARE IN THE MARKETS OVER PROBABLY NOT

THOSE WORDS MIGHT HAVE BEEN WRITTEN BY A CREDITMARKET COLUMNIST LOOKING FOR
SOMETHING TO TELL NERVOUS BOND INVESTORS AFTER MORE THAN A MONTH OF STEADILY
DROPPING PRICES AND RISING YIELDS BUT THEY WEREN'T

THEY WERE WRITTEN BY JOHN R WILLIAMS MANAGING DIRECTOR OF GLOBAL RESEARCH
AT BANKERS TRUST CO IN A WEEKLY MEMORANDUM ON THE BOND MARKETS FAXED TO
CLIENTS AND JOURNALISTS FRIDAY HE HAS LOTS OF COMPANY IT WAS OBVIOUS
FRIDAY AFTERNOON WHEN SUCH FAXES FROM OTHER FIRMS ALSO WERE LOADED WITH
GLOOMY TALK ABOUT THE BOND MARKETS

SOME PEOPLE WOULD ARGUE THAT WHEN THIS MANY PEOPLE ARE BEGINNING TO TALK
LIKE BEARS IT'S TIME TO GET BACK INTO THE BOND MARKET BUT EVEN
CONTRARYMINDED INVESTORS ARE NERVOUS ABOUT THE BONDJOLTING POTENTIAL OF
THIS WEEK'S GOVERNMENT PRICE DATA DUE OUT TOMORROW AND WEDNESDAY

THE BOND MARKET IS SO JUMPY THAT MORE INVESTORS ARE QUICK TO REACT TO RUMORS
IF FACTS AREN'T AROUND TO JUSTIFY BUYING OR SELLING BONDS ONE OF THE RUMORS
THAT HELPED PUSH DOWN BOND YIELDS ON FRIDAY WAS THAT THE FEDERAL RESERVE WAS
BUYING LONGTERM TREASURY SECURITIES THE FED OCCASIONALLY DOES THIS BUT
DIDN'T SEND ANY OBVIOUS SIGNALS ON FRIDAY THAT IT WAS DOING SO A FED
SPOKESMAN WOULDN'T COMMENT

PESSIMISM REIGNED IN LAST WEEK'S FAXES FROM MERRILL LYNCH & CO SALOMON
BROTHERS INC DONALDSON LUFKIN & JENRETTE BANKERS TRUST DKB SECURITIES
CORP AND MOODY'S INVESTORS SERVICE INC THE ECONOMISTS AT ALL THESE FIRMS
ARE WRINGING THEIR HANDS ABOUT RISING RATES AND MAKING EVERY ATTEMPT NOT TO
APPEAR AS IF THEY'RE SAYING THE CARNAGE IS OVER

TAKE THE WEEKLY BONDMARKET REPORT FROM DLJ'S ECONOMIC RESEARCH DEPARTMENT
WE DO NOT THINK THE MARKET SHOULD BE SOLD AT THIS JUNCTURE BUT
SIMULTANEOUSLY DO NOT REGARD IT AS AN AGGRESSIVE BUY EVEN THOUGH RATES HAVE
REACHED OR PIERCED WHAT WE HAD IDENTIFIED PREVIOUSLY AS OUR SHORTRUN
OBJECTIVES FOR EARLY 1994 UNDER THE HEADING CONTINUED CAUTION DLJ'S
HEAD ECONOMIST ELLIOTT PLATT SAYS IN HIS WEEKLY FAX THAT THE FIRM IS
UNDERTAKING A FUNDAMENTAL REASSESSMENT OF THE US ECONOMIC OUTLOOK DLJ
HAS BEGUN TO BELIEVE THAT US ECONOMIC GROWTH MAY NOT DECELERATE AS
MARKEDLY AS PREVIOUSLY THOUGHT DURING THE SECOND HALF OF 1994 FROM THE RATE
OF GROWTH ATTAINED DURING THE FIRST HALF

TRANSLATION DON'T SELL YOUR BONDS BUT DON'T RUSH TO BUY PILES OF THEM
EITHER BECAUSE WE'RE STILL TRYING TO FIGURE OUT WHAT THE HECK IS GOING ON
WITH THE ECONOMY

IT MAY WELL BE POSSIBLE BUT VERY DIFFICULT TO FIND 10 ECONOMISTS THESE
DAYS WHO DOUBT THAT THE 30YEAR TREASURY BOND YIELD WILL RISE ABOVE 7
BEFORE THE MARKET SETTLES DOWN ON FRIDAY ITS YIELD DROPPED TO 691 FROM
698 ON THURSDAY

IN FACT MANY OF ECONOMISTS ARE POSITIVELY TERRIFIED ABOUT WHAT MIGHT HAPPEN
TO ALL THEIR PROGNOSTICATIONS ABOUT INTEREST RATES COME TOMORROW AND
WEDNESDAY WHEN THE GOVERNMENT RELEASES TWO IMPORTANT MEASURES OF INFLATION
THE CONSUMER PRICE INDEX AND THE PRODUCER PRICE INDEX FOR FEBRUARY

IF THESE INDEXES DON'T SHOW PRICES RISING SLOWER THAN WALL STREET'S
EXPECTATIONS THEY COULD SEND THE BOND MARKET BACK INTO PAROXYSMS OF
SELLING THAT'S BECAUSE INVESTORS AND MONEY MANAGERS ARE STILL SO NERVOUS
ABOUT THE STRENGTH OF THE ECONOMY AND INFLATIONARY PRESSURES THAT ANYTHING
OTHER THAN A DROP IN PRICES IS ONLY GOING TO MAKE THEM WORRY THAT INFLATION
IS RISING

JOHN CANAVAN AN ANALYST AT STONE & MCCARTHY RESEARCH ASSOCIATES IN
PRINCETON NJ SAID THE BOND MARKET WILL BE WATCHING THE INFLATION REPORTS
CLOSELY STONE & MCCARTHY IS PREDICTING THAT THE CONSUMER PRICE INDEX AND
THE PRODUCER PRICE INDEX BOTH WILL SHOW GAINS OF 03 IN FEBRUARY FROM
JANUARY IF THE TWO REPORTS COME IN RIGHT AT EXPECTED LEVELS  THE
BEARS WILL STILL BE OUT THERE MR CANAVAN SAYS BUT IF THERE IS A LARGER
RISE THAN EXPECTED IN EITHER INDEX THE MARKET WILL CLEARLY AND EASILY BLOW
RIGHT THROUGH 7 ON THE 30YEAR BOND

UNLIKE CORPORATE TREASURERS AND US PRESIDENTS BOND INVESTORS OFTEN REVEL
IN NEWS OF ECONOMIC DECELERATION BECAUSE IT'S SUPPOSED TO DAMP INFLATION
THE BANE OF THE BOND MARKETS IF THE ECONOMY ACCELERATES INSTEAD THAT COULD
MEAN HIGHER INFLATION WHICH MEANS THE COUPON ON A 30YEAR BOND WILL BUY
LESS AND THE BOND ITSELF WILL BE WORTH LESS

MR PLATT'S REPORT FOR DLJ ISN'T ALL BAD DLJ IS NOT TURNING OUTRIGHT
BEARISH YET AND IT STILL THINKS IT POSSIBLE THAT SOME FORM OF FIXEDINCOME
MARKET RALLY COULD EMERGE DURING THE SECOND HALF OF THIS YEAR BUT THE
RALLY PROBABLY WON'T BE AS STRONG AS DLJ EXPECTED EARLIER THIS YEAR THE
REPORT SAYS

SOME OF THE FRIDAY FORECASTS WERE POSITIVELY DEPRESSING WE FIND THE
CONTINUED RISE IN INTEREST RATES TO BE QUITE DISTURBING WROTE THOMAS J
SOWANICK CHIEF FIXED INCOME STRATEGIST AT MERRILL LYNCH IF THE MARKET IS
UNABLE TO STABILIZE SOON PERHAPS BY QUARTER END THEN INVESTMENT DECISIONS
AND STRATEGIES THAT WERE IMPORTED FROM 1993  WILL BE IN DANGER OF BEING
REVERSED DURING THE SECOND QUARTER

MR SOWANICK CONTINUED IF THE MARKET DOES NOT BEGIN TO MOVE TO A FIRMER
FOOTING THEN THE SECOND QUARTER COULD BECOME CONSIDERABLY MORE VOLATILE
THAN THE FIRST AS INVESTORS ELECT TO SHIFT ASSET ALLOCATIONS TO A MORE
DEFENSIVE POSTURE

JOHN LONSKI SENIOR ECONOMIST AT MOODY'S THINKS THAT EVEN A 7 YIELD ON THE
30YEAR BOND MIGHT NOT BE HIGH ENOUGH TO EASE THE WORRIES OF INVESTORS ALL
OVER THE WORLD UNFORTUNATELY A 7 TREASURY BOND YIELD MAY NOT BE STEEP
ENOUGH TO ATTRACT ENOUGH BUYERS TO AT LEAST STABILIZE THE DOWNWARD SPIRAL OF
THE WORLD'S MOST INFLUENTIAL FIXEDINCOME MARKET HE WROTE HE FURTHER
WROTE THAT A PRONOUNCED DECELERATION OF ECONOMIC ACTIVITY MAY BE NECESSARY
TO BRING THE 30YEAR TREASURY YIELD BACK DOWN TO JUST 65

AT FIRST GLANCE JAMES R SOLLOWAY DIRECTOR OF RESEARCH AT ARGUS RESEARCH
CORP SEEMS LIKE AN OPTIMIST

ON FRIDAY HE RECOMMENDED THAT INVESTORS ALLOCATE MORE OF THEIR MONEY TO
BONDS 25 OF THEIR HOLDINGS INSTEAD OF 20 AND LESS MONEY TO CASH 15
INSTEAD OF 20 HE SAID THE REST SHOULD BE IN STOCKS OVER THE NEXT COUPLE
OF MONTHS HE PREDICTED THE 30YEAR BOND YIELD COULD DROP AS LOW AS 65
BUT OVER THE NEXT YEAR HE CONTINUED THE YIELD COULD APPROACH 75

AS THE ECONOMY GROWS AND INFLATION BECOMES A MORE SERIOUS PROBLEM THAN IT
IS CURRENTLY THE FEDERAL RESERVE IS GOING TO BE FORCED TO RAISE RATES EVEN
MORE BUT RIGHT NOW MR SOLLOWAY SAYS THERE ARE VERY LITTLE TRUE
INFLATIONARY PRESSURES

MANY ECONOMISTS EXPECT THE FED TO RAISE SHORTTERM INTEREST RATES AGAIN AT
THE MARCH 22 MEETING OF THE FEDERAL OPEN MARKET COMMITTEE ITS POLICYMAKING
ARM THE FED LAST RAISED THE FEDERALFUNDS RATE WHICH BANKS CHARGE EACH
OTHER FOR LOANS FROM 3 TO 325 ON FEB 4

AFTER GRAZING 7 THE YIELD ON THE BENCHMARK 30YEAR TREASURY BOND HEADED
LOWER FRIDAY GIVING THE MARKET A WELCOME BREATHER AFTER YET ANOTHER
FRENZIED WEEK

BUT THE MARKET IS TUNED FOR ANY SIGNS OF ECONOMIC GROWTH OR INFLATION AND
REMAINS READY TO TURN SOUR ON ANY PIECE OF BEARISH NEWS

IN TERMS OF ECONOMIC FUNDAMENTALS THIS MARKET IS STILL VERY VERY AFRAID
OF STRONG GROWTH AND THE PROSPECT OF STRONG GROWTH SAYS JOSEPH LIRO CHIEF
ECONOMIST AT SG WARBURG & CO

FRIDAY'S UPTICK IN PRICES WAS ATTRIBUTED TO SHORTCOVERING BY TRADERS
JITTERY OF HOLDING SHORT POSITIONS THROUGH THE WEEKEND IN A SHORT SALE A
TRADER BETS THAT PRICES WILL FALL BY SELLING A BORROWED SECURITY THE TRADER
MUST REPLACE THE SECURITY AT A LATER DATE AND HOPES TO DO SO AT A LOWER
PRICE TO COVER A SHORT SALE AN INVESTOR BUYS BACK THE SAME NOTE OR BOND
THAT WAS BORROWED CLOSING OUT THE BET

LAURA JERESKI AND DAVID WESSEL CONTRIBUTED TO THIS ARTICLE 9403140078
940314 PENNSYLVANIA GOVERNOR PUSHES INSURANCE LAW AFTER MET LIFE CASE

HARRISBURG PA PENNSYLVANIA GOVERNOR ROBERT CASEY JUST DAYS AFTER HIS
STATE SETTLED CHARGES OF DECEPTIVE SALES PRACTICES AGAINST NEW YORKBASED
METROPOLITAN LIFE INSURANCE CO PROPOSED STRICTER LAWS TO GOVERN THE SALE
OF LIFE INSURANCE

THE GOVERNOR'S ACTION IS THE FIRST LEGISLATIVE PROPOSAL TO COME OUT OF THE
MET LIFE CASE AND OTHER STATES INCLUDING FLORIDA AND NEW YORK MIGHT
FOLLOW LAST WEEK MET LIFE AGREED TO PAY 20 MILLION IN FINES AND REIMBURSE
AS MUCH AS 76 MILLION TO POLICYHOLDERS TO SETTLE CHARGES OF MISLEADING
CUSTOMERS IN SEVERAL STATES

THE PENNSYLVANIA LAW WOULD REQUIRE AGENTS AND BROKERS TO DISCLOSE THEIR
COMMISSIONS AND FEES TO CONSUMERS INSURANCE COMPANIES WOULD HAVE TO KEEP
DETAILED RECORDS OF SALES IN WHICH A CUSTOMER LIQUIDATES A LIFEINSURANCE
POLICY TO BUY A NEW ONE AGENTS AND COMPANIES ALSO WOULD HAVE TO DISCLOSE
EXPENSE AND MORTALITY CHARGES MORTALITY CHARGES REPRESENT THE COST OF
BUYING A DEATH BENEFIT 9403140077 940314 HOW COLESLAW WRESTLING A HARLEY
 AND TSHIRTS BUILT A LAW PRACTICE  BY THOMAS T VOGEL JR STAFF
REPORTER OF THE WALL STREET JOURNAL

THIS IS A STORY ABOUT BIKERS COLESLAW WRESTLING AND A MAN WHO WANTS TO BE
THE BIKERS' LAWYER JOHN RUE

MR RUE WHO LIVES NEAR DAYTONA BEACH FLA HAD A BRAINSTORM YEARS AGO
WHILE THE WORLD WAS FULL OF MOTORCYCLE RIDERS NONE OF THEM SEEMED TO
REALIZE THEY MIGHT DESERVE COMPENSATION FOR PERSONAL INJURIES SUFFERED WHILE
RIDING

BUT HOW COULD RUE BUSH & ZIFFRA GO AFTER THESE UNDERSERVED CLIENTS IT'S
HARD TO GET THEIR NAMES MR RUE SAYS SOME OF THEM ARE CRAZY

THAT'S WHERE THE COLESLAW WRESTLING CAME IN BIKE WEEK IS HELD ANNUALLY IN
DAYTONA BEACH AND LAST WEEK WAS THE 53RD CRUISING AMONG BIKERS FROM ALL
OVER THE US AS HE HAS FOR THE PAST SEVERAL YEARS WAS MR RUE RIDING
ON HIS OWN HOG A 91FXR HARLEY SPORTSTER PASSING OUT BROCHURES STAMPED
ALL INJURIES ARE PERSONAL AND WEARING A BLACK TSHIRT WITH HIS FIRM'S NAME
ON THE BACK

I DON'T PUT ON OFFICE CLOTHES HE SAYS THE BIKERS THAT DON'T KNOW ME
WOULD PROBABLY THINK I WAS A COP

MR RUE ALSO OVERSAW BIKE WEEK EVENTS COSPONSORED BY HIS FIRM INCLUDING A
COLESLAWWRESTLING CONTEST INVOLVING SCANTILY CLAD WOMEN A WET TSHIRT
CONTEST AND A JAPANESE MOTORCYCLE DROP AT A POPULAR BIKER BAR AT THE
DROP JAPANESEMADE BIKES THAT HAD BEEN DRAINED OF OIL WERE HOISTED UP AND
ALLOWED TO RUN UNTIL THE ENGINES SEIZED UP AND EXPLODED THEN THE BIKES WERE
DROPPED TO THE GROUND

THE ANNUAL GETTOGETHER HAS BEEN LUCRATIVE FOR MR RUE WITH BIKERS IN A
PARTYING MOOD THE POLICE ARE GOING TO STOP PEOPLE FOR VARIOUS VIOLATIONS
HE SAYS THEY'RE GOING TO DRINK TOO MUCH AND GET INTO ALTERCATIONS AFTER
LAST YEAR'S BIKE WEEK MR RUE SAYS HE ENDED UP WITH 35 NEW CLIENTS IN
GENERAL ABOUT 20 OF HIS CASES NOW INVOLVE BIKERS

MR RUE SAYS HIS FRIENDSHIP WITH BIKERBAR OWNERS HAS ALSO HELPED BUSINESS
AND HE CREDITS CHANGING DEMOGRAPHICS THE PEOPLE COMING TO BIKE WEEK NOW
ARE MORE AFFLUENT MEMBERS OF SOCIETY HE SAYS AS A RESULT THEY ARE LESS
WARY OF LAWYERS

ACCORDING TO STEPHEN GILLERS A PROFESSOR OF LEGAL ETHICS AT NEW YORK
UNIVERSITY AS LONG AS MR RUE DOESN'T SAY ANYTHING FALSE OR MISLEADING OR
MAKE PERSONAL APPROACHES TO POTENTIAL CLIENTS THE ETHICS RULES FOR LAWYERS
WON'T GET IN THE WAY MR RUE'S BIKE WEEK PROMOTION IS THE EQUIVALENT OF
THE WHITESHOE LAW FIRM SUPPORTING NATIONAL PUBLIC RADIO MR GILLERS ADDS
9403140076 940314 THE OUTLOOK  CHINATRADE DILEMMA NEW THINKING
NEEDED  BY ALAN MURRAY

WASHINGTON RIDING INTO BEIJING ON FRIDAY SECRETARY OF STATE WARREN
CHRISTOPHER SEEMED LIKE THE SHERIFF IN MEL BROOKS'S FARCICAL WESTERN
BLAZING SADDLES WITH HIS GUN POINTED TO HIS HEAD HE SHOUTED STOP OR
I'LL SHOOT

MR CHRISTOPHER FOLLOWING PRESIDENT CLINTON'S EXECUTIVE ORDER OF LAST MAY
THREATENED TO DENY FAVORABLE TRADING STATUS TO CHINA IF IT DOESN'T CLEAN UP
ITS HUMANRIGHTS ACT BUT TO DO THAT AT THIS POINT IN WORLD HISTORY WOULD BE
A COLOSSAL ECONOMIC MISTAKE HURTING THE US AS MUCH AS CHINA

CHINA IS THE MOST DYNAMIC ECONOMY IN THE WORLD TODAY IT HAS THE POTENTIAL
TO CONTRIBUTE MORE TO US GROWTH AND LIVING STANDARDS OVER THE NEXT TWO
DECADES THAN ANY OTHER NATION ON THE PLANET A RECENT COMMERCE DEPARTMENT
STUDY TOUTED THE 10 BIG EMERGING MARKETS WHOSE TOTAL ANNUAL IMPORTS WILL
GROW 1 TRILLION BY 2010 BUT AMONG THEM IS ONLY ONE REALLY BIG EMERGING
MARKET CHINA WHICH ACCOUNTS FOR ALMOST HALF OF THAT TOTAL

WE OFTEN TALK ABOUT OUR DESIRE NOT TO ISOLATE CHINA SAYS HARRY HARDING OF
THE BROOKINGS INSTITUTION THERE'S NO DANGER OF THAT THE CHOICE WE
CONFRONT IS WHETHER WE WANT TO ISOLATE OURSELVES FROM CHINA

BUT IF DENYING MOST FAVORED NATION STATUS WOULD BE A HUGE ECONOMIC MISTAKE
NOT DENYING IT WOULD BE A POLITICAL DIPLOMATIC AND MORAL ERROR OF ALMOST
EQUAL PROPORTIONS IN THE PAST FEW WEEKS THE CHINESE GOVERNMENT HAS
BRAZENLY THUMBED ITS NOSE AT THE US DETAINING AND INTIMIDATING DISSIDENTS
WITH LITTLE REGARD FOR US CONCERNS EVER SENSITIVE TO IDEOLOGY THE
CHINESE HAVE CONCLUDED THAT THE US IDEOLOGY IS CAPITALISM AND THAT WE CAN
BE COUNTED ON TO FOLLOW THE MONEY MR CHRISTOPHER'S TALKS CONCLUDED WITH
TENSIONS BETWEEN THE TWO NATIONS STRAINED TO NEARLY THE BREAKING POINT

AS A RESULT MR CLINTON IS IN A BOX BY HIS OWN ORDER HE CAN CALL FOR
RENEWAL OF FAVORABLE TRADE TREATMENT ONLY IF HE DECLARES THE CHINESE HAVE
MADE CLEAR PROGRESS ON HUMAN RIGHTS AND THEY HAVEN'T SAYS REP LEE
HAMILTON THE INDIANA DEMOCRAT WE CANNOT RENEW MOST FAVORED NATION UNDER
THE TERMS OF THE PRESIDENT'S ORDER UNLESS THE PRESIDENT LIES

IN RECENT DAYS THE ADMINISTRATION'S DILEMMA HAS SENT THE US MULTINATIONAL
BUSINESS COMMUNITY INTO A NEARPANIC AT A CONFERENCE HELD BY THE ECONOMIC
STRATEGY INSTITUTE LAST WEEK ATTENDEES WORRIED THAT MR CLINTON MIGHT DO
THE UNTHINKABLE NOT ONLY ARE THE CHINESE GIVING HIM FEW WAYS TO SAVE FACE
BUT THE WHITEWATER SCANDAL HAS LEFT HIM IN A POSITION WHERE HE CAN ILL
AFFORD TO BE SEEN ABANDONING A SOLEMN COMMITMENT ON HUMAN RIGHTS

IN A PERIOD OF THREE WEEKS WE HAVE GONE FROM THINKING MFN RENEWAL WOULD BE
A CAKEWALK TO REALLY WORRYING WHAT HAPPENS IF MFN IS NOT RENEWED SAYS
WILLIAM LANE MANAGER OF GOVERNMENTAL AFFAIRS FOR CATERPILLAR INC IF IT IS
NOT RENEWED WE'RE GOING TO SEE A LOT OF EXPORT OPPORTUNITIES TRANSFERRED TO
EUROPE AND JAPAN

IS THERE A WAY OUT OF THIS BOX SURPRISINGLY LITTLE EFFORT HAS BEEN EXPENDED
IN WASHINGTON ANSWERING THAT QUESTION IN PART THAT IS BECAUSE POSITIONS
ARE SO POLARIZED BUSINESSPEOPLE AS WELL AS MANY CLINTON ECONOMIC
OFFICIALS CAN'T SEE WHY ANYONE OF SOUND MIND WOULD CONTEMPLATE REMOVING
MFN THEY BLAME WRONGHEADED MEMBERS OF CONGRESS FOR CREATING THE PROBLEM

BUT HUMANRIGHTS ADVOCATES CRITICIZE THOSE WHO WOULD SELL OUT HUMAN FREEDOM
FOR A QUICK BUCK THEY NOTE THAT THEIR VIEW IS SHARED BY A MAJORITY OF THE
PUBLIC AS THE LATEST WALL STREET JOURNAL POLL SHOWS

HUMAN RIGHTS HAS TO BE AN IMPORTANT FACTOR IN  FOREIGN POLICY SAYS
REP HAMILTON IT RISES FROM THE BASIC INSTINCTS OF OUR PEOPLE

ANY SOLUTION TO THIS DILEMMA WILL HAVE TO RECOGNIZE THAT BASIC AMERICAN
INSTINCT WHICH DATES TO THE FOUNDING OF THE REPUBLIC SIMPLY LEAVING
HUMANRIGHTS ISSUES TO THE UNENDING MUDDLE OF MULTILATERAL DISCUSSIONS WON'T
WASH THERE NEEDS TO BE SOME WEAPON THE US CAN USE IN THE POSTCOLD WAR
WORLD TO PUNISH THOSE WHO VIOLATE BASIC STANDARDS OF HUMAN BEHAVIOR

MR HAMILTON IS ONE OF THOSE LOOKING FOR SUCH A SOLUTION GEORGE FISHER
CHAIRMAN OF EASTMAN KODAK IS ANOTHER HE SUGGESTS RESTRICTING LOANS FROM
THE WORLD BANK THE US HOLDS CONSIDERABLE SWAY THERE AND CHINA IS AMONG
ITS TOP THREE BORROWERS

ADMINISTRATION FOREIGNPOLICY ADVISERS ARE EAGER TO CONSIDER ANY
ALTERNATIVE WHEN GERALD SEIB OF THIS NEWSPAPER WROTE A COLUMN RECENTLY
SUGGESTING HUMANRIGHTS ISSUES WITH CHINA SHOULD BE HANDLED THE WAY THEY
WERE WITH THE SOVIETS IN THE 1980S MR CLINTON SENT IT TO HIS TOP ECONOMIC
AND FOREIGNPOLICY ADVISERS EVEN THE AIDES REALIZE THAT MFN ISN'T THE IDEAL
SANCTION

BUT THE SEARCH FOR AN ALTERNATIVE HAD BETTER PROCEED QUICKLY OTHERWISE MR
CLINTON WILL BE FORCED TO CHOOSE BETWEEN TWO OPTIONS THAT BOTH BODE ILL FOR
AMERICA'S FUTURE 9403140075 940314 BUSINESS BRIEF CANFOR CORP 
COMPANY PLANS STOCK SPLIT AND CHANGES IN ITS SHARES

CANFOR CORP SAID IT WILL ASK SHAREHOLDERS TO APPROVE A 2FOR1 STOCK SPLIT
AT THE FOREST PRODUCT CONCERN'S ANNUAL MEETING APRIL 25

CANFOR SAID HOLDERS WILL ALSO BE ASKED TO APPROVE THE REDESIGNATION OF THE
COMMON SHARES AS CLASS B MULTIPLE VOTING SHARES WITH 10 VOTES ATTACHED TO
EACH SHARE SHAREHOLDERS ALSO WILL VOTE ON THE CREATION OF NEW CLASS A
SUBORDINATE VOTING SHARES WITH THE RIGHT TO ONE VOTE EACH

CANFOR SAID IT DOESN'T PLAN TO ISSUE ANY CLASS A SHARES AT THE PRESENT TIME
BUT IT SAID APPROVAL FOR THE NEW CLASS OF SHARES WILL GIVE THE COMPANY
ADDITIONAL FINANCIAL FLEXIBILITY ALLOWING IT TO ISSUE EQUITY WITHOUT
DILUTING EXISTING VOTING RIGHTS

CANFOR IS BASED IN VANCOUVER BRITISH COLUMBIA 9403140074 940314 ABREAST
OF THE MARKET GROWING INVESTOR BEARISHNESS IS GOOD SIGN SOME SAY 
 BY ANITA RAGHAVAN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK EVEN AMONG WALL STREET'S CUTTHROAT STOCK CROWD FEELINGS CARRY A
LOT OF WEIGHT

THAT'S WHY EVERY YEAR WALL STREET FIRMS FROM INVESTMENT BANKS TO MONEY
MANAGERS SPEND THOUSANDS OF DOLLARS TRYING TO GAUGE INVESTOR SENTIMENT THE
HIGHFALUTIN' TERM WALL STREETERS ASSIGN TO HOW INVESTORS FEEL

IT'S WIDELY HELD THAT SENTIMENT IS ONE OF THE MAJOR DRIVERS OF STOCK PRICES
SOME STOCK STRATEGISTS TAKE SENTIMENT AT FACE VALUE CONTENDING THAT WHEN
INVESTORS ARE HAPPY THEY ARE LIKELY TO BE PLOWING MORE MONEY INTO THE STOCK
MARKET BUT OTHER STOCK STRATEGISTS LOOK AT SENTIMENT FROM THE CONTRARIAN
PERSPECTIVE ARGUING THAT A HEAVY DOSE OF BEARISHNESS CAN BE A BULLISH OMEN
FOR STOCKS

SIMILARLY A SURVEY BY THE AMERICAN ASSOCIATION OF INDIVIDUAL INVESTORS
SHOWS THAT IN THE WEEK ENDED THURSDAY 37 OF INVESTORS WERE BEARISH UP
FROM 27 THE PREVIOUS WEEK AND 24 IN MIDFEBRUARY

WITH FEWER PEOPLE BEING BULLISH IT'S POSITIVE FOR THE STOCK MARKET SAYS
MICHAEL BURKE EDITOR OF INVESTORS INTELLIGENCE

AT THE VERY LEAST CONTRARIANS ARGUE THAT IF INVESTORS ARE DOWNBEAT IT
SUGGESTS THAT THEY HAVE COMPLETED MOST OF THEIR SELLING AND AREN'T IN A
POSITION TO INFLICT MUCH MORE DAMAGE ON THE STOCK MARKET AT BEST IT
INDICATES THAT INVESTORS ARE SITTING ON MOUNTAINS OF CASH WHICH IF
DEPLOYED COULD PROPEL STOCKS SHARPLY HIGHER

DURING THE PAST THREE YEARS BULLISH SENTIMENT HAS FALLEN AS LOW AS 32 AND
MR BURKE SAYS A LOW LEVEL GENERALLY COINCIDES WITH MARKET BOTTOMS

YET SOME STOCK STRATEGISTS SAY THAT WITH SO MANY INVESTORS PRIMED TO LOOK AT
SENTIMENT INDEXES LIKE MR BURKE'S TRACKING SENTIMENT BY SIMPLY FOLLOWING
SURVEYS COULD BE A SELFDEFEATING EXERCISE

YES PEOPLE SAY THEY'RE BEARISH BUT YOU HAVE TO LOOK AT THE FACTS WHAT ARE
THEY DOING WITH THEIR PERSONAL AND PROFESSIONAL MONEY SAYS JAMES KENNEDY
DIRECTOR OF EQUITY RESEARCH AT T ROWE PRICE ASSOCIATES A BALTIMOREBASED
MUTUAL FUND CONCERN MR KENNEDY SAYS A PORTFOLIO MANAGER MAY BE BEARISH BUT
ONLY HAVE A SMALL AMOUNT OF CASH IN HIS FUND

THAT'S WHY SOME MONEY MANAGERS PREFER TO TRACK WHAT INVESTORS DO RATHER THAN
LOOK AT WHAT THEY SAY

MUTUAL FUND CASH FLOWS SEEM TO BE THE NEW SENTIMENT INDICATOR SAYS STEVEN
NORWITZ A SPOKESMAN AT T ROWE PRICE ANALYSTS BELIEVE THAT AS LONG AS
MONEY IS POURING INTO THE STOCK MARKET IT'S ONLY LOGICAL THAT STOCK PRICES
WILL POWER HIGHER

I'VE ASKED A COUPLE OF PORTFOLIO MANAGERS WHETHER THEY THINK INVESTORS ARE
GETTING MORE BEARISH ABOUT THE MARKET AND THEY SAY YOU WOULDN'T THINK SO
JUDGING BY THE MONEY THAT IS COMING IN HE SAYS

OF COURSE MANY STOCK ANALYSTS THINK IT WISER TO GAUGE SENTIMENT BY
FOLLOWING THE BEHAVIOR OF PROFESSIONAL TRADERS

RICHARD EAKLE WHO HEADS AN INVESTMENT ADVISORY FIRM THAT BEARS HIS NAME
SAYS HIS FAVORITE SENTIMENT INDICATOR IS THE VOLUME IN PUT OPTIONS WHICH
CONFER ON THE OWNER THE RIGHT TO SELL STOCKS AT SPECIFIED PRICES

IN RECENT WEEKS INVESTORS HAVE BEEN LOADING UP ON PUT OPTIONS BEARISH BETS
ON THE MARKET THE BUYING HAS BEEN SO FRENZIED THAT AT TIMES THE VOLUME IN
PUT OPTIONS HAS EXCEEDED THE VOLUME IN CALL OPTIONS WHICH CONFER ON THE
OWNER THE RIGHT TO BUY STOCKS AT SPECIFIED PRICES

THE NUMBERS IN THE OPTIONS PITS CONTINUE TO RECORD VERY HIGH PUTCALL
READINGS SAYS MR EAKLE USUALLY THE NUMBER SURGES AND THEN BACKS DOWN

MR EAKLE A CONTRARIAN AT HEART LIKES TO SEE SUCH SUSTAINED PUT BUYING
BECAUSE IT SUGGESTS THAT THE MARKET IS ON THE BRINK OF A RALLY THE STRONGER
THE CONVICTION OF THE BEARS HE SAYS THE HEARTIER THE RALLY WHEN IT
OCCURS

SINCE SENTIMENT IS INTANGIBLE MANY ANALYSTS CHOOSE TO LOOK AT IT
SUBJECTIVELY

RICHARD HOEY PORTFOLIO MANAGER OF DREYFUS'S GROWTH & INCOME FUND LIKES TO
TAKE THE TEMPERATURE OF THE MARKET BY SOUNDING OUT WALL STREET UNDERWRITERS

WHEN STOCK PRICES ARE RISING AND INVESTORS ARE SNAPPING UP EVERYTHING IN
SIGHT EQUITY SALESMEN ON WALL STREET ARE RELAXED BUT WHEN INVESTORS ARE
BEARISH AND IT'S TOUGH TO SELL STOCK THE TENSION LEVEL AMONG THE HAWKERS ON
WALL STREET RISES

MY KEY INDICATOR IS HOW HIGH IS THE TREMOR IN THE VOICE OF THE SALESMAN
WHEN HE SAYS HE MAY HAVE A FEW MORE SHARES FOR ME SAYS MR HOEY A FEW
MONTHS BACK WHEN EMERGING MARKETS WERE ALL THE RAGE MR HOEY SAYS WALL
STREET UNDERWRITERS WERE VERY LAID BACK

FOR A WHILE THE ATTITUDE WAS IF YOU ARE POLITE WE MIGHT LET YOU HAVE A FEW
SHARES SAYS MR HOEY BUT CHARTING THE RISING TENSION LEVEL OF THE
SALESMEN HE TALKS TO THESE DAYS MR HOEY IS COMING TO THE CONCLUSION THAT
THE ENTHUSIASM FOR EMERGING MARKETS IS WANING

MR HOEY SAYS HE TAKES ANECDOTAL EVIDENCE LIKE THIS AND COMBINES IT WITH
OBJECTIVE DATA ABOUT INITIAL PUBLIC OFFERINGS TO SIZE UP INVESTOR SENTIMENT
WHEN IPOS ARE ROCKETING IN PRICE REGARDLESS OF THE QUALITY OF THE COMPANY
MR HOEY KNOWS THERE'S TOO MUCH SPECULATION ABOUT BUT IF THE IPO MARKET IS
PRETTY GRIM GOING AS IT IS NOW MR HOEY CONCLUDES THAT INVESTORS ARE MORE
TEMPERED

MEANWHILE SAVVY STOCK STRATEGISTS LIKE LEHMAN BROTHERS' ELAINE GARZARELLI
AREN'T READY TO DISMISS SENTIMENT SURVEYS ALTOGETHER

PEOPLE ALWAYS MAKE THE SAME MISTAKES SAYS MS GARZARELLI AT MARKET
TOPS THEY ARE ALWAYS BULLISH

MS GARZARELLI WHO USES SENTIMENT SURVEYS AS ONE OF THE FOUR KEY INDICATORS
IN HER STOCK MARKET MODEL SAYS THAT SHE HAS GENERALLY FOUND THAT
CORRECTIONS OF BETWEEN 10 AND 15 OCCUR WHEN 70 OR MORE OF THE INVESTMENT
ADVISERS ARE BULLISH

IF SENTIMENT IS VERY BEARISH AS IT IS NOW THAT COULD PREVENT A CORRECTION
FROM OCCURRING SHE SAYS

A REBOUND IN BONDS CALMED NERVOUS INVESTORS AND SENT STOCKS SHARPLY HIGHER

THE DOW JONES INDUSTRIAL AVERAGE JUMPED 3208 POINTS TO 386270 WITH NEARLY
ONETHIRD OF THE RISE COMING IN THE FINAL MINUTES OF TRADING STANDARD &
POOR'S 500STOCK INDEX GAINED 254 POINTS TO 46644 AND THE NASDAQ COMPOSITE
INDEX ADDED 011 TO 78920

ADVANCING ISSUES OUTNUMBERED DECLINERS 1137 TO 962 VOLUME ON THE NEW YORK
STOCK EXCHANGE EASED TO 303211000 SHARES FROM 333481000 THURSDAY

GRUMMAN JUMPED 3 TO 64 3/4 AS INVESTORS BET THAT A BIDDING WAR WILL DEVELOP
FOR THE COMPANY LATE THURSDAY NORTHROP DISCLOSED PLANS TO BID 60 A SHARE
FOR THE COMPANY WHICH EARLIER LAST WEEK AGREED TO BE ACQUIRED FOR 55 A
SHARE BY MARTIN MARIETTA

SHARES OF MARTIN MARIETTA SKIDDED 2 TO 44 1/2 CS FIRST BOSTON ANALYST PETER
ASERITIS CUT THE STOCK TO HOLD FROM BUY CITING THE RISK THAT THE
BETHESDA MD COMPANY COULD LOSE THE BIDDING OR END UP PAYING TOO MUCH FOR
GRUMMAN NORTHROP SLIPPED 1/8 TO 41 3/8

MANY BANK ISSUES RALLIED ALONG WITH THE BOND MARKET CITICORP JUMPED 1 1/8
TO 39 3/8 CHEMICAL BANKING ROSE 1/2 TO 36 3/8 AND CHASE MANHATTAN GAINED 1
1/4 TO 32 3/4

BROKERAGE STOCKS ALSO FARED WELL MERRILL LYNCH ROSE 2 3/8 TO 43 1/4
PAINEWEBBER 3/4 TO 18 1/2 AND CHARLES SCHWAB 3/4 TO 28 3/8

UTILITY STOCKS WERE STRONG WITH THE DOW JONES UTILITIES AVERAGE UP 164 OR
079 TO 20979 INSURERS WERE MOSTLY HIGHER OHIO CASUALTY ROSE 1/2 TO 63
ON NASDAQ WHILE ALLSTATE ADDED 3/8 TO 24 3/4 AND GENERAL RE ROSE 1/4 TO
104 BOTH ON THE BIG BOARD

UNISYS JUMPED 1 3/8 TO 15 3/4 AFTER A LEHMAN BROTHERS ANALYST UPGRADED THE
COMPUTER COMPANY'S STOCK TO BUY FROM OUTPERFORM SHARES OF AMDAHL ADDED
7/8 TO 6 3/4 ON THE AMERICAN STOCK EXCHANGE LEHMAN LIFTED ITS RATING ON THE
COMPUTER CONCERN TO BUY FROM NEUTRAL

INTEL SLIPPED 1 1/2 TO 68 5/8 ON NASDAQ AFTER LOSING 1 1/2 THURSDAY ON NEWS
THAT A JURY FOUND ADVANCED MICRO DEVICES HADN'T INFRINGED ON INTEL PATENTS
SHARES OF ADVANCED MICRO SLIPPED 5/8 TO 28 1/4 ON THE BIG BOARD

MINNESOTA MINING & MANUFACTURING SHED 1 1/4 TO 103 1/4 THIS NEWSPAPER
REPORTED THAT A DECISION BY THE ST PAUL MINN COMPANY AGAINST JOINING A
GLOBAL SETTLEMENT OF SILICONE BREASTIMPLANT CASES COULD PROVE COSTLY A
JURY IN HOUSTON RECENTLY AWARDED MORE THAN 30 MILLION IN A CASE INVOLVING
MINNESOTA MINING AND TWO OTHER COMPANIES

THOMAS GALLAGHER DIRECTOR OF CAPITAL COMMITMENT AT OPPENHEIMER & CO SAID
THE RALLY ACCELERATED AS MANY INVESTORS WERE FORCED TO COVER SHORT
POSITIONS INVESTORS GO SHORT BY SELLING BORROWED SHARES IN THE HOPE OF
BUYING THEM BACK LATER WHEN PRICES FALL WHEN THE MARKET RALLIES MANY
INVESTORS WHO ARE SHORT HASTEN TO COVER THEIR POSITIONS BY BUYING STOCK
BEFORE PRICES RISE MUCH HIGHER

DAVE PETTIT CONTRIBUTED TO THIS ARTICLE 9403140073 940314 HEALTH ORGAN
SHORTAGE CAN BE EASED A GROUP SAYS  BY SCOTT MCCARTNEY STAFF
REPORTER OF THE WALL STREET JOURNAL

EVERY DAY NINE PEOPLE IN THE US DIE BECAUSE THEY CAN'T GET AN ORGAN
TRANSPLANT THE REASON SAYS A BOSTON CONSULTING GROUP ISN'T A LACK OF
PUBLIC AWARENESS AND IT ISN'T A SHORTAGE OF DONORS IT'S HOSPITALS
THEMSELVES

THE ORGAN SHORTAGE IS A PUBLIC HEALTH CRISIS WITH A CURE SAYS MICHAEL
EVANISKO PRESIDENT OF THE PARTNERSHIP FOR ORGAN DONATION A NONPROFIT GROUP
THAT STUDIES AND MAKES RECOMMENDATIONS TO HOSPITALS ABOUT IMPROVING THEIR
ORGANTRANSPLANT SYSTEMS

ORGAN SHORTAGES ARE A RESULT OF IMPROVED MEDICAL TECHNIQUES THAT HAVE LED TO
A RAPID INCREASE IN TRANSPLANTS IN 1993 MORE THAN 15000 PEOPLE RECEIVED
TRANSPLANTS OF HEARTS LIVERS LUNGS KIDNEYS AND PANCREASES BUT TODAY MORE
THAN 34000 PEOPLE AWAIT TRANSPLANTS AND WHILE THEY WAIT MANY DIE

THE MEDICAL ESTABLISHMENT BLAMES THE ORGAN SHORTAGE ON A LACK OF PUBLIC
AWARENESS LAST YEAR THERE WERE 4800 ORGAN DONORS BUT EXPERTS SAY ROUGHLY
8000 POTENTIAL DONORS WERE MISSED ENOUGH TO EASE IF NOT ELIMINATE THE
NATION'S SHORTAGE

TO INCREASE AWARENESS A PUBLICSERVICE ADVERTISING CAMPAIGN TO BE LAUNCHED
IN APRIL WILL URGE PEOPLE TO BECOME DONORS AND TELL THEIR FAMILIES OF THEIR
WISHES BUT OFFICIALS AT SEVERAL ORGAN BANKS AND HOSPITALS BELIEVE THE ADS
FOCUS ON THE WRONG PEOPLE NINETYNINE PERCENT OF THE PEOPLE YOU EDUCATE
WILL NEVER END UP IN A DONOR SITUATION SAYS WILLIAM DEJONG ADJUNCT
LECTURER AT THE HARVARD SCHOOL OF PUBLIC HEALTH TRAINING HAS TO FOCUS ON
THE PROFESSIONALS NOT THE PUBLIC

THAT IS WHAT THE PARTNERSHIP FOR ORGAN DONATION HAS BEEN TRYING TO DO THE
GROUP WAS FOUNDED IN 1990 BY MANAGEMENT CONSULTANTS FROM CORPORATE DECISIONS
INC WHO BECAME INTERESTED IN THE PROBLEM WHILE CONDUCTING AN ORGANDONATION
STUDY FOR A PHARMACEUTICAL CLIENT AT THE INVITATION OF HOSPITALS THE
PARTNERSHIP WILL STUDY HOSPITAL FILES OF PATIENT DEATHS EXAMINE THE CURRENT
SYSTEMS FOR ORGAN TRANSPLANTS AND SUGGEST WAYS OF IMPROVING THEM THE GROUP
IS FUNDED BY THE DEPARTMENT OF HEALTH AND HUMAN SERVICES ORGAN BANKS
HOSPITALS AND PHARMACEUTICAL COMPANIES THAT MAKE TRANSPLANTRELATED DRUGS

SINCE 1990 PARTNERSHIP RESEARCHERS IN COLLABORATION WITH THE HARVARD
SCHOOL OF PUBLIC HEALTH AND SEVERAL ORGAN BANKS HAVE EXAMINED MORE THAN
40000 MEDICAL RECORDS FROM 100 HOSPITALS HUNTING POTENTIAL ORGAN DONATIONS
THAT WERE MISSED THEY FOUND THAT HOSPITALS OFTEN DO A POOR JOB OF
IDENTIFYING POTENTIAL DONORS AND OFTEN FAIL TO INFORM THE LOCAL ORGAN BANK
OF A POTENTIAL DONOR IN ADDITION DOCTORS FREQUENTLY BUNGLE THE TASK OF
REQUESTING THE DONATION

FOR EXAMPLE IN 20 OF THE CASES THE PARTNERSHIP STUDIED A DOCTOR RAISED
THE ISSUE OF ORGAN DONATION AT THE SAME TIME HE OR SHE FIRST INFORMED THE
FAMILY THAT THE RELATIVE WAS BRAIN DEAD IN THOSE CASES 75 OF THOSE ASKED
SAY NO ACCORDING TO A HARVARD STUDY

A LOT OF DOCTORS USE ORGAN DONATION AS A WAY TO GET THE MESSAGE HOME TO
FORCE THE ISSUE THAT THE PERSON IS DEAD AND THAT'S NOT GOOD SAYS HOLLY
FRANZ A FORMER ORGAN BANK NURSECOORDINATOR WHO NOW WORKS FOR THE
PARTNERSHIP BUT IF HOSPITALS DECOUPLE THE DONATION REQUEST MAKING SURE
IT ISN'T MADE UNTIL THE FAMILY UNDERSTANDS AND DIGESTS THE IDEA OF BRAIN
DEATH THE CONSENT RATE CAN TRIPLE

ALL TOLD EARLY NOTIFICATION OF ORGAN BANKS AND DECOUPLING THE REQUEST HAVE
DOUBLED THE NUMBER OF DONORS IN HOSPITALS THAT HAVE TRIED THE PARTNERSHIP'S
PROGRAM

IN PITTSBURGH BRIAN BROZNICK EXECUTIVE DIRECTOR OF THE CENTER FOR ORGAN
RECOVERY AND EDUCATION HIRED THREE PHONE OPERATORS FOR A TOTAL OF 70000 A
YEAR AND TOLD HOSPITALS IN HIS SERVICE AREA TO CALL WHENEVER DEATH WAS
IMMINENT FOR ANY PATIENT EVEN A 100YEAROLD CANCER VICTIM WHO OBVIOUSLY
WOULDN'T BE A DONOR CANDIDATE THE ORGAN BANK FOUND HOSPITALS WERE SCREENING
OUT TOO MANY POTENTIAL DONORS BY INCORRECTLY ASSUMING THEY WERE TOO OLD OR
SICK THOUGH THERE ARE SOME ABSOLUTE EXCLUSIONS SUCH AS TESTING POSITIVE
FOR THE AIDS VIRUS OR HAVING SOME TYPES OF ACTIVE INFECTIONS OR CANCERS
ONLY PATIENTS WHO DIE FROM BRAIN INJURIES AND ARE SUPPORTED BY VENTILATORS
ARE POTENTIAL ORGAN DONORS BUT WHEN THERE IS EVEN A SLIGHT CHANCE FOR A
DONOR ONE OF MR BROZNICK'S COORDINATORS IS DISPATCHED

THE RESULT PHONE CALLS GREW FROM 300 A YEAR TO 15000 AND IN TWO YEARS
PROCUREMENT IS UP 75 WE'RE MISSING 85 OF THE DONORS IN THE COUNTRY FOR
GOD'S SAKE MR BROZNICK SAYS

IN NEW YORK CITY AFTER A PARTNERSHIP STUDY OF SEVEN HOSPITALS FOUND 50 OF
THE POTENTIAL DONORS WERE MISSED THE NEW YORK REGIONAL TRANSPLANT PROGRAM
DECIDED TO TAKE A HARDNOSED BUSINESS APPROACH TO THE PROBLEM THE ORGAN
BANK IS HIRING EIGHT PEOPLE WITH MARKETING BACKGROUNDS INSTEAD OF NURSING
DEGREES TO LAUNCH A PROGRAM OF HOSPITAL DEVELOPMENT

DESPITE ITS SUCCESSES SO FAR ONLY 68 HOSPITALS HAVE PARTICIPATED IN THE
PROGRAM FEWER THAN 2 OF THE NATION'S HOSPITALS A LOT OF PEOPLE THINK
HOSPITALS DO ABOUT AS WELL AS HOSPITALS CAN DO SAYS MR EVANISKO

THE UNIVERSITY OF KENTUCKY MEDICAL CENTER IN LEXINGTON HAD A DISMAL
ORGANDONATION RECORD WHICH IT ATTRIBUTED TO POOR PUBLIC ATTITUDES WE WERE
BLAMING IT ON THE EASTERN KENTUCKY CULTURE A LACK OF EDUCATION LOWER
INCOME LEVELS ET CETERA SAYS TRAUMA SURGEON STEVE JOHNSON WE HAD EVERY
REASON IN THE WORLD WHY UK HAD A CONSENT RATE OF 20

AFTER EXAMINING EVERY DEATH IN THE HOSPITAL FOR TWO YEARS THE HOSPITAL
STAFF AND THE PARTNERSHIP CONCLUDED THAT IT TOOK TOO LONG TO DECLARE BRAIN
DEATH SO THE PROTOCOL FOR DECLARING BRAIN DEATH WAS UPDATED TO MEET CURRENT
MEDICAL STANDARDS WAITING TIMES WERE CUT AND DOCTORS WERE ALLOWED TO ACT
QUICKLY ON CONCLUSIVE TEST RESULTS AS A RESULT THE PROCESS WAS REDUCED TO
HOURS FROM DAYS

THE HOSPITAL ALSO CHANGED ITS APPROACH THE ORGAN BANK WAS CALLED IN SOONER
ALLOWING A NURSECOORDINATOR TO BE ON HAND EARLY TO HELP EXPLAIN DONATION TO
FAMILIES ORGANBANK COORDINATORS GET BETTER RESULTS THAN DOCTORS THE
PARTNERSHIP'S RESEARCH HAS SHOWN IN ADDITION THE HOSPITAL TRAINED DOCTORS
WHO WORK WITH POTENTIAL DONORS TO MAKE SURE THE PROCESS GETS DECOUPLED AND
THE HOSPITAL ESTABLISHED A DONOR COUNCIL WHICH REVIEWS ALL DEATHS MONTHLY
FOR POTENTIAL DONORS AND EXAMINES HOW EACH CASE WAS HANDLED IF A MISTAKE
WAS MADE OR THE PROCESS NOT FOLLOWED SPECIFIC DOCTORS OR NURSES CAN BE
TARGETED FOR EXTRA TRAINING

THE RESULTS THE NUMBER OF DONORS JUMPED TO 28 IN 1993 FROM SIX IN 1990
WHILE NATIONALLY THE NUMBER OF DONORS ROSE ONLY SLIGHTLY OVER THE SAME
PERIOD THE NUMBER OF POTENTIAL DONORS IDENTIFIED AT UK ALMOST DOUBLED AND
THE CONSENT RATE ROSE TO 48 FROM 18 THE PROBLEM WAS US NOT THE PUBLIC
SAYS DR JOHNSON

THE WAIT FOR ORGANS IN KENTUCKY IS NOW CONSIDERABLY SHORTER THAN IN THE REST
OF THE NATION FOUR TO SIX MONTHS FOR KIDNEYS COMPARED WITH 18 MONTHS
NATIONALLY FOR ORGAN DONATION TO SUCCEED SAYS TRANSPLANT SURGEON BRUCE
LUCAS IT NEEDS TO BE REGARDED NOT AS AN EXTRAORDINARY EFFORT BUT AS AN
INTEGRAL PART OF HEALTH CARE 9403140071 940314 INTERNATIONAL 
WASHINGTON INSIGHT WORLD BANK'S PRESCRIPTIONS FOR AFRICA UNDERESTIMATE
DEVELOPMENT CHALLENGES  BY TIM CARRINGTON STAFF REPORTER OF THE
WALL STREET JOURNAL

WASHINGTON LOOKING FOR STARS IN A DIM FIRMAMENT THE WORLD BANK HAS
STUDIED SUBSAHARAN AFRICA AND COME UP WITH HANDFUL OF FRAGILE SUCCESSES AND
A BOUNTY OF FAILURES

THE DIFFERENCE THE BANK SUGGESTS IN AN EXTENSIVE REPORT IS THAT THE
HOPEFUL SPOTS LIKE GHANA TANZANIA AND GAMBIA ADOPTED SOUND
MACROECONOMIC POLICIES WHILE THE FAILURES LIKE BENIN IVORY COAST AND
ZAMBIA STUCK TO RUINOUS ONES THE CONCLUSION WHICH SEEMS OBVIOUS
SUPPORTS THE BANK'S PUSH FOR STRUCTURAL ADJUSTMENT A MIX OF STEPS LIKE
SETTING REALISTIC EXCHANGE RATES FREEING UP MARKETS AND OPENING THE ECONOMY
TO INTERNATIONAL TRADE

THE BANK'S STUDY ARGUES THAT SUCH ADJUSTMENTS PAY OFF QUICKLY IN HIGHER
PERCAPITA GROWTH THIS PART OF THE MESSAGE DEFIES CONVENTIONAL WISDOM THAT
POLICY ADJUSTMENT IS A RECIPE FOR ECONOMIC MISERY IN THE NEAR TERM AND
PROMISES BETTER TIMES ONLY IN THE DISTANT FUTURE

THE BANK BACKS UP ITS POINT THOUGH THE COUNTRIES THAT SET THEIR
MACROECONOMIC HOUSES IN RELATIVE ORDER SAW PERCAPITA GROWTH RATES INCREASE
BY TWO PERCENTAGE POINTS BETWEEN THE PERIODS 19811986 AND 19871991
HALFHEARTED REFORMERS SAW INCREASES OF 16 PERCENTAGE POINTS AND THOSE
WHOSE POLICIES DETERIORATED SAW A MEDIAN DECLINE OF 26 PERCENTAGE POINTS

BUT THE WORLD BANK MESSAGE BELIES THE HUGE SIZE OF AFRICA'S DEVELOPMENT
TASK THERE'S NO CREDIBLE ARGUMENT AGAINST THE REFORMS THAT THE BANK AND ITS
SISTER INSTITUTION THE INTERNATIONAL MONETARY FUND ARE PUSHING AROUND THE
WORLD HOWEVER THE AMOUNT OF GROWTH THAT AFRICAN STATES CAN GENERATE BY
SOUND MACROECONOMIC POLICIES ALONE IS TOO PALTRY TO RELIEVE SIGNICANTLY THE
WRETCHED POVERTY OF THE CONTINENT

AFRICA THE ONE REGION WHERE THE TOTAL NUMBER OF POOR PEOPLE IS RISING ALSO
NEEDS TO BATTLE ILLITERACY PROVIDE CONTRACEPTION DEAL WITH HIGH LEVELS OF
MALARIA AND AIDS AND CREATE ENOUGH ROADS TELEPHONES AND ELECTRICAL PLANTS
TO SUPPORT ECONOMIC EXPANSION GOVERNMENT MINISTRIES WHICH OFTEN ARE
INEFFICIENT AND CORRUPT NEED TO BE OVERHAULED

WHILE PRICE CONTROLS AND INFLATED EXCHANGERATES TWO MAIN TARGETS OF
MACROECONOMIC REFORM CAN BE ELIMINATED WITH THE STROKE OF A PEN THESE
OTHER EQUALLY CRUCIAL DEVELOPMENT CHALLENGES REQUIRE YEARS OF EFFORT

UNTIL RECENTLY THE INTERNATIONAL FINANCIAL INSTITUTIONS SINGLEMINDEDLY
PUSHED MACROECONOMIC REFORM USING THE PHILOSOPHY ADVANCED IN THE FILM FIELD
OF DREAMS BUILD IT AND THEY'LL COME IN ECONOMIC TERMS THAT
TRANSLATES GET THE MACROECONOMIC FRAMEWORK RIGHT AND THE MULTINATIONAL
CORPORATIONS DOMESTIC ENTREPRENEURS AND WEALTHY EXPATRIATES WILL POUR IN
TO DATE THE AFRICAN STATES INCLUDING THE REFORMMINDED ONES ARE STILL
WAITING

MIGUEL KIGUEL WHO COAUTHORED THE BANK REPORT CONCEDES THAT MACROECONOMIC
STABILITY IS NECESSARY BUT NOT SUFFICIENT AND THAT THE OTHER TASKS MUST BE
PURSUED IF AFRICA'S LIVING STANDARDS ARE TO IMPROVE DISCERNIBLY

THE BANK SHOWS THE COSTS OF MISGUIDED POLICIES OILRICH NIGERIA PROVIDES A
GOOD ILLUSTRATION THE SURGE IN ENERGY PRICES BETWEEN 1973 AND 1981 HANDED
THE COUNTRY A WINDFALL EQUAL TO 20 OF ITS GROSS DOMESTIC PRODUCT NIGERIA
POURED MONEY INTO RELATIVELY UNPRODUCTIVE URBAN PROJECTS INCLUDING A NEW
CAPITAL CITY AND INTO BUILDING AN INEFFICIENT IRON AND STEEL INDUSTRY IT
IGNORED THE UNDERDEVELOPED RURAL AREAS AND TO A LARGE EXTENT THE
AGRICULTURAL SECTOR

BY CONTRAST INDONESIA ALSO RICH IN OIL DIRECTED MUCH OF ITS WINDFALL TO
RURAL AREAS AND TO IMPROVED EDUCATION AND ROADS WHEN OIL PRICES PLUMMETED
IN THE EARLY 1980S INDONESIA CONTINUED TO INVEST IN DEVELOPMENT WHILE
NIGERIA HALTED PROGRAMS INDONESIA'S GROWTH CONTINUED AFTER A SLIGHT PAUSE
WHILE NIGERIA'S FALTERED

THOUGH MACROECONOMIC REFORMS PROVIDE CLEAR BENEFITS THE POLITICS HAVEN'T
MADE IT POSSIBLE TO ADOPT THEM IN MANY COUNTRIES SAYS THOMAS M CALLAGHY
PROFESSOR OF POLITICAL SCIENCE AT THE UNIVERSITY OF PENNSYLVANIA MOST
AFRICAN ELITES HAVE NO UNDERSTANDING OF HOW FAR DOWN THE CONTINENT HAS GONE
AND HOW HARD IT WILL BE TO COME BACK

THE WORLD BANK REFORMS TEND TO DAMAGE AFRICA'S URBAN ELITES WHO WORK AS
CIVIL SERVANTS BUY IMPORTED GOODS AND SEND THEIR CHILDREN TO SUBSIDIZED
UNIVERSITIES CALLS TO SHRINK BUREAUCRACIES LOWER EXCHANGE RATES AND
REDUCE THE POWER TO IMPORT OR CUT SUBSIDIES ARE FIERCELY RESISTED

GHANA'S MUCHPRAISED MACROECONOMIC REFORMS WOBBLED LAST YEAR AFTER
GOVERNMENT WORKERS SURROUNDED THE FINANCE MINISTRY AND EXTRACTED A 60 PAY
INCREASE KWESI BOTCHWEY GHANA'S FINANCE MINISTER CONCEDED IN A RECENT
INTERVIEW THAT THE PAY RAISE SET THE GOVERNMENT BACK IN ITS BATTLE AGAINST
INFLATION NOW RUNNING ABOUT 20 A YEAR BUT HE ADDED NURSES WENT ON
STRIKE AND LEFT BABIES IN INCUBATORS TO DIE SO TO SALVAGE SOCIAL
CONDITIONS WE AGREED 9403140070 940314 TECHNOLOGY AGOURON
PHARMACEUTICALS SHARES SOAR AFTER DISCOVERY LINKED TO COMMON COLD  
BY RICHARD TURNER STAFF REPORTER OF THE WALL STREET JOURNAL

LA JOLLA CALIF IN NEWS THAT SENT ITS SHARES SHARPLY HIGHER AGOURON
PHARMACEUTICALS INC SAID IT DISCOVERED THE THREEDIMENSIONAL ATOMIC
STRUCTURE OF A KEY ENZYME INVOLVED IN CAUSING THE COMMON COLD

IN NASDAQ STOCK MARKET TRADING FRIDAY AGOURON SHARES INCREASED 15 CLOSING
AT 1475 UP 225 PRELIMINARY NEWS OF THE BREAKTHROUGH ALONG WITH THE
ANNOUNCEMENT OF NEW FINANCING HAS DRIVEN SHARES UP 53 DURING THE PAST TWO
WEEKS

THE BIOTECHNOLOGY CONCERN SAID THE FINDING AFTER TWOANDAHALF YEARS OF
WORK PROVIDES A DETAILED FRAMEWORK FOR THE DEVELOPMENT OF DRUGS TO
TREAT OR PREVENT COMMON UPPER RESPIRATORY INFECTIONS

USING XRAY CRYSTALLOGRAPHY RESEARCHERS SOLVE THE MOLECULAR STRUCTURE OF
THE ENZYME SO THAT AN ATOMBYATOM DESIGN OF DRUGS TO FIGHT IT CAN BE
CREATED THE ANTIVIRAL DRUGS WOULD BLOCK THE ENZYME RHINOVIRUS 3C PROTEASE
AND INHIBIT REPLICATION OF THE VIRUS THE COMPANY SAID SUCH DRUGS COULD
PREVENT INFECTIONS IN HEALTHY PEOPLE EXPOSED TO THE VIRUS AND MINIMIZE THE
INTENSITY AND DURATION OF SYMPTOMS IN PEOPLE ALREADY INFECTED

FOUR YEARS AGO SIMILAR TECHNIQUES WERE USED TO SOLVE THE STRUCTURE OF HIV
THE VIRUS CAUSING AIDS AND SEVERAL DRUGS ARE IN LATE CLINICAL TRIALS THIS
SHOWS WHAT AN IMPORTANT EVENT THAT WAS SAID PETER JOHNSON PRESIDENT AND
CHIEF EXECUTIVE OFFICER IN AN INTERVIEW

THERE ARE HUNDREDS OF STRAINS OF RHINOVIRUS HE SAID BUT THERE IS VERY
LITTLE STRUCTURAL VARIATION BETWEEN THEM INITIALLY THE COMPANY WILL TRY TO
DESIGN DRUGS TO TREAT INFECTIONS IN PATIENTS WITH CHRONIC OBSTRUCTIVE
PULMONARY DISEASES SUCH AS EMPHYSEMA AND CHRONIC BRONCHITIS THESE PEOPLE
ARE FAR MORE AT RISK FROM THE VIRUS THAN COMMON COLD SUFFERERS

THIS DOESN'T MEAN THEY HAVE A DRUG SAYS JIM MCCAMANT EDITOR OF MEDICAL
TECHNOLOGY STOCK LETTER IT MEANS THEY KNOW WHAT TO LOOK FOR BUT I WOULD
THINK A REASONABLE TARGET FOR WHEN THE DRUGS COULD BE IN CLINICAL TRIALS IS
ABOUT TWO TO THREE YEARS SAID MR MCCAMANT WHO HAS RECOMMENDED AGOURON

ANOTHER ANALYST BULLISH ON AGOURON ED HURWITZ OF SMITH BARNEY SAID REVENUE
FROM A DRUG BASED ON AGOURON'S FINDING COULD BE YEARS AWAY BUT ADDED THAT
ANY SUCH DRUG WOULD BE A BLOCKBUSTER

THE DRUG DEVELOPMENT WILL BE PAID FOR AS PART OF AN AGREEMENT ANNOUNCED TWO
WEEKS AGO WITH JAPAN TOBACCO INC WHICH HAS A 2 STAKE IN THE COMPANY
JAPAN TOBACCO WOULD DOUBLE ITS MAXIMUM INVESTMENT IN AGOURON TO MORE THAN
56 MILLION IF CERTAIN TARGETS ARE REACHED JAPAN TOBACCO RECEIVES THE
RIGHT TO NEGOTIATE FOR A LICENSE TO MARKET SUCH DRUGS IN ASIA IT WOULD
PROVIDE FUNDING FOR RESEARCH TO DESIGN COMPOUNDS TO INACTIVATE PROTEASE
ENZYMES KNOWN TO BE REQUIRED FOR REPLICATION OF THREE RHINOVIRUSES AND ALSO
HEPATITIS C AND HERPES

AGOURON SAID IT HAS RETAINED ALL WORLDWIDE RIGHTS TO ANTIRHINOVIRAL DRUGS TO
BE GENERATED BY THE PROGRAM AND SAID IT WON'T DISCLOSE THE ACTUAL LOCATIONS
OF THE ATOMS IN THE ENZYME BECAUSE THEY ARE PROPRIETARY TO AGOURON THERE IS
ONE EXCEPTION LAST DECEMBER IT PROVIDED A SET OF COORDINATES FOR THE
ENZYME WITH A SLIGHTLY LOWER LEVEL OF RESOLUTION TO ELI LILLY & CO IN
EXCHANGE FOR ALL COMMERCIAL RIGHTS TO A BROAD CLASS OF ANTIHIV AGENTS

WE PUT A COMPETITOR IN BUSINESS BUT WE'RE USED TO COMPETING AND WE
RECEIVED SOME VERY IMPORTANT HIV COMPOUNDS WHICH ARE FARTHER ALONG SAID
MR JOHNSON WE ESSENTIALLY BOUGHT THEM OUT LILLY AND AGOURON HAD
COLLABORATED ON THE RESEARCH OF THE HIV COMPOUNDS IN A FIVEYEAR AGREEMENT
THAT ENDED LAST YEAR

AGOURON HAS SEVERAL DRUGS FOR THE TREATMENT OF CANCER AND HIV ALREADY IN
CLINICAL TRIALS BUT HAS NO PRODUCTS ON THE MARKET SO FAR 9403140069
940314 EPA GRANTS MONSANTO AND ITS PARTNER CLEARANCE TO MARKET CRITICIZED
HERBICIDE  BY JAMES P MILLER STAFF REPORTER OF THE WALL STREET
JOURNAL

THE ENVIRONMENTAL PROTECTION AGENCY GRANTED MONSANTO CO AND A PARTNER
CLEARANCE TO MARKET A CONTROVERSIAL HERBICIDE BUT IT ATTACHED UNPRECEDENTED
REQUIREMENTS FOR POSTAPPROVAL OVERSIGHT OF THE PRODUCT'S SAFETY

IF THE EPA'S STRINGENT REQUIREMENTS AREN'T MET THE REGISTRATION OF THE
POTENTIALLY BIGSELLING HERBICIDE WILL BE AUTOMATICALLY CANCELED SUCH
PROVISIONS DIFFER MARKEDLY FROM STANDARD PRACTICE TYPICALLY ONCE NEW
PESTICIDES ARE REGISTERED THE EPA'S APPROVAL CAN BE WITHDRAWN ONLY AFTER
PROTRACTED AND CUMBERSOME PROCEEDINGS

THE AGENCY HAD BEEN URGED NOT TO CLEAR THE PRODUCT BY SOME ENVIRONMENTAL
GROUPS WHICH CONTENDED APPROVAL WOULDN'T BE IN LINE WITH THE EPA'S DRIVE
UNDER ADMINISTRATOR CAROL BROWNER TO REDUCE PESTICIDE RISKS THE KEY
COMPOUND ACETOCHLOR IS CLASSIFIED AS A CARCINOGEN OR CANCERCAUSING
AGENT ST LOUIS MOBASED MONSANTO PLANS TO MARKET THE PRODUCT UNDER THE
NAME HARNESS PLUS

FARMERS USE MILLIONS OF POUNDS OF HERBICIDES ANNUALLY IN ORDER TO KILL WEEDS
THAT WOULD OTHERWISE ROB CROPS OF NUTRIENTS MOST OF THE CURRENT PRODUCTS
INCLUDING MONSANTO'S LASSO ARE CLASSIFIED AS CARCINOGENS OR OTHERWISE
WIDELY THOUGHT TO POSE ENVIRONMENTAL AND HEALTH CONCERNS A PRIMARY CONCERN
IS THE HERBICIDE MIGRATION INTO GROUNDWATER IN AGRICULTURAL AREAS

WITH HARNESS PLUS MONSANTO HAS CONTENDED FARMERS WOULD BE ABLE TO CONTROL
WEEDS WITH SIGNIFICANTLY SMALLER APPLICATIONS THUS THE CHEMICAL COMPANY
HAS BEEN IN THE SOMEWHAT AWKWARD POSITION OF ASSURING REGULATORS THAT
APPROVAL OF HARNESS PLUS WOULD HELP REDUCE THE USE OF CURRENT HERBICIDES 
WHICH MONSANTO STOUTLY MAINTAINS DON'T POSE A RISK

UNDER THE ARRANGEMENT MONSANTO AND ITS PARTNER ZENECA AG PRODUCTS OF
WILMINGTON DEL AGREED TO ESTABLISH AND FUND A COMPLEX WATER MONITORING
SYSTEM IN SEVEN STATES THE PARTNERS ARE ALSO OBLIGATED TO DOCUMENT THAT THE
ANTICIPATED PAYOFF FOR THE APPROVALLOWERED USE OF CURRENT HERBICIDES 
DOES IN FACT TAKE PLACE AMONG OTHER THINGS THE COMPANIES AGREED THAT THE
REGISTRATION WILL BE CANCELED IF THE USE OF CERTAIN OTHER CORN HERBICIDES
ISN'T REDUCED BY A CUMULATIVE 66 MILLION POUNDS WITHIN FIVE YEARS

MONSANTO TOOK PAINS TO SAY HOWEVER THAT THE EXPECTED HERBICIDEUSE
REDUCTION WILL BE A NATURAL RESPONSE FROM THE MARKETPLACE AND THAT IN NO
WAY ARE WE SAYING THAT WE BELIEVE THERE IS ANY UNACCEPTABLE RISK WITH
PREVIOUSLY REGISTERED PRODUCTS

WHILE ACKNOWLEDGING THAT THE PRODUCT HAD STIRRED OPPOSITION FROM SOME
GROUPS EPA PESTICIDE CHIEF LYNN GOLDMAN SAID IN AN INTERVIEW THAT THE
REGISTRATION IS BENEFICIAL BECAUSE IT PROVIDES A FULL ONETHIRD REDUCTION IN
THE USE OF CORN HERBICIDES THAT WE FEEL ARE EITHER AS OR MORE RISKY THAN
ACETOCHLOR THOSE EARLIERAPPROVED PRODUCTS SHE NOTED AREN'T SUBJECT TO
THE RESTRICTIONS IMPOSED ON THE NEW HERBICIDE

MS GOLDMAN DIRECTOR OF THE EPA'S OFFICE OF PREVENTION PESTICIDES AND
TOXIC SUBSTANCES STRESSED THAT IF I BELIEVED WE WERE GOING TO GET A
GROUNDWATER PROBLEM I WOULDN'T HAVE APPROVED THE HERBICIDE THE AUTOMATIC
CANCELLATION TRIGGERS SHE SAID ARE THERE SO THAT IF THE MITIGATION
MEASURES DON'T WORK THEN WE'LL HAVE A FALLBACK

MONSANTO AND ZENECA FORMED A PARTNERSHIP IN 1992 TO JOINTLY SEEK US
CLEARANCE TO MARKET ACETOCHLOR EACH COMPANY INTENDS TO MARKET ITS OWN
PRODUCT MAKING USE OF ACETOCHLOR PRODUCED AT MONSANTO'S IOWA PLANT THE
OFFERINGS WILL BE DISTINGUISHED FROM EACH OTHER BY THE USE OF DIFFERENT
CHEMICAL ADDITIVES USED AS SAFENERS WHICH PROTECT CORN PLANTS FROM
HERBICIDE DAMAGE ACETOCHLOR HAS BEEN PRODUCED AT THE PLANT FOR SOME TIME
UNTIL NOW ONLY FOR EXPORT

THE INTENSE FINALSTAGE NEGOTIATIONS WITH THE EPA WHICH CLEARED THE PRODUCT
IN TIME FOR THE FINANCIALLY IMPORTANT SPRING PLANTING SEASON YIELDED A
FINAL DECISION THAT WAS FAIR SAID ROBERT HARNESS MONSANTO VICE PRESIDENT
REGULATORY AFFAIRS HE SAID HE WAS IMPRESSED DURING THE TALKS THAT THE EPA
WANTED TO DO THE RIGHT THING ON THIS 9403140068 940314 LEISURE & ARTS 
TELEVISION INTO AFRICA WITH JOSEPH CONRAD  BY ROBERT GOLDBERG

CABLECASTERS ARE FINALLY STARTING TO REALIZE THAT WHATEVER THEIR LEDGERS
MAY SAY THEIR FORTUNES WILL ULTIMATELY RISE AND FALL NOT ON LEAVE IT TO
BEAVER RERUNS OR RECYCLED CARTOONS BUT ON THE ORIGINAL PROGRAMMING THEY
PRODUCE AND SO THEY'RE GETTING AMBITIOUS

AMBITIOUS ENOUGH TO ATTEMPT HEART OF DARKNESS A WORK THAT HAS ELUDED
FILMMAKERS FOR AS LONG AS THERE HAVE BEEN FILMMAKERS ORSON WELLES CAME TO
HOLLYWOOD WITH THE INTENTION OF MAKING THE JOSEPH CONRAD NOVELLA INTO A
BIGSCREEN EPIC AND WAS STYMIED RKO SCARED OF WELLES'S BIG BUDGET AND HIS
EXPERIMENTAL CAMERA IDEAS FORCED HIM TO ABANDON THE PROJECT HE ENDED UP
FILMING CITIZEN KANE INSTEAD

BUT ALL HIS LIFE WELLES DABBLED WITH THE IDEA OF MAKING DARKNESS AS DID
OTHER GREAT DIRECTORS SUCH AS JOHN HUSTON OF COURSE FRANCIS FORD COPPOLA
FARED BEST BY TAKING THE MORE SENSIBLE APPROACH CONSERVING ONLY THE CORE OF
THE STORY AND SHIPPING IT FROM AFRICA TO VIETNAM IF THE FINANCIAL AND
PERSONAL DEVASTATION HE ENDURED FILMING APOCALYPSE NOW CAN BE COUNTED AS
FARING BEST

ADAPTING A CLASSIC WORK OF FICTION TO THE SCREEN IS ALMOST ALWAYS HARROWING
WHAT SINGS IN ONE GENRE OFTEN CLUNKS IN ANOTHER THE CHALLENGE IS DOUBLED IN
HEART OF DARKNESS AS THE PLOT IS MINIMAL THE ACTION SECONDARY AND THE
DEVELOPMENT OF THE CHARACTERS ABOVE ALL INTERIOR THE JOURNEY INTO AFRICA
IS A JOURNEY INTO THE SOUL HOW THEN TO TURN THIS PIECE OF PSYCHOANALYSIS
INTO A MOVIE HOW CAN THE SCREENWRITER AND THE DIRECTOR HACK THEIR WAY
THROUGH CONRAD'S PROSE AS DENSE AND FORBIDDING AS THE JUNGLE ITSELF

NICOLAS ROEG A MAN WHOSE MOVIES PERFORMANCE DON'T LOOK NOW THE
MAN WHO FELL TO EARTH HAVE BEEN PRAISED FOR THEIR DAZZLING METAPHORIC
LEAPS AND LAMBASTED FOR THEIR SLOWFOOTED IMPENETRABILITY WAS THE
INTRIGUING CHOICE TO DIRECT THIS ENIGMATIC WORK AS TED TURNER'S TEAM SET
OUT TO CREATE ITS OWN HEART OF DARKNESS TNT FRIDAY 810 PM EST OR
SUNDAY SAME TIME

MR ROEG AND SCREENWRITER BENEDICT FITZGERALD TAKE US FROM FAMILIAR GROUND
TO TERRA INCOGNITA WHEN CAPTAIN MARLOW IS SENT BY A BELGIAN SHIPPING
COMPANY DEEP INTO THE CONGO TO CHECK UP ON ITS AGENT KURTZ WHO IS MANNING
THE INNER STATION ITS MOST REMOTE POST IN AFRICA KURTZ HASN'T BEEN HEARD
FROM IN A WHILE BUT AS MARLOW SETS OUT ABOARD HIS STEAMSHIP THE ROI DES
BELGES HE KEEPS ENCOUNTERING STORIES ABOUT HIM ODD CHILLING TALES OF A
CIVILIZED MAN WHO'S BEEN CLAIMED BY THE JUNGLE HE HEARS THAT THIS KURTZ WAS
A PRODIGY AN ILLUMINATED MAN BUT THAT AFRICA HAD GOT INTO HIS VEINS
CONSUMED HIS FLESH AND SEALED HIS SOUL TO ITS OWN THE STORIES AND THE
JOURNEY WILL GET STRANGER AND STRANGER UNTIL MARLOW FINALLY COMES FACE TO
FACE WITH KURTZ

AS MARLOW TIM ROTH IS FRESHFACED AND PURE ARRIVING IN AFRICA RESPLENDENT
IN A WHITE SUIT AND WHITE HAT THAT SHIMMER IN THE HEAT AT EVERY MOMENT THE
EYES OF THE AFRICANS SEEM TO BE ON HIM STARING PEERING INTO HIS SOUL WITH
A CREW WHO MAY OR MAY NOT BE CANNIBALS MARLOW HEADS UPRIVER TOWARD A LAND
WHERE THE MAPS RUN OUT BUT THE FURTHER HE GOES THE MORE SOILED HE GETS
SULLIED BY GREASE AND BLOOD AND THE RAW MOIST HEAT OF THE MALEVOLENT
JUNGLE

SURPRISINGLY ENOUGH FOR AN EXPERIMENTAL FILMMAKER MR ROEG IS AT HIS
STRONGEST LAYING OUT THE CLASSIC ADVENTURE TALE ELEMENTS OF DARKNESS HE
CAPTURES THE DRAMA AND THE MYSTERY THE SENSE OF FOREBODING OF MENACE AND
CLAUSTROPHOBIA AS THE STEAMSHIP INCHES ITS WAY INTO THE UNKNOWN WHAT'S OUT
THERE WHAT'S HAPPENED TO KURTZ MR ROEG KEEPS THE PLOT ENGINE CHURNING

VISUALLY TOO THE DIRECTOR HAS SUCCEEDED IN FINDING AN EQUIVALENT FOR THE
SOMBER LYRICISM OF CONRAD'S WRITING CONVEYING THE MOODY ATMOSPHERICS OF HIS
LANGUAGE WITH NO WORDS AT ALL JUST LONG LINGERING SHOTS OF THE LUSH
OVERGROWN RAIN FOREST WITH BELIZE STANDING IN FOR THE BELGIAN CONGO AND
BRIEF FLASHES LESS FLASHBACK THAN FLASHSIDEWAYS OF THREATENING MASKED
FIGURES MAYBE REAL MAYBE SUBCONSCIOUS CALLED UP BY THE GREAT BEATING
HEART OF THE FOREST

CLEARLY THIS HEART OF DARKNESS WILL RANK AMONG THE BEST TV FILMS OF THE
SEASON CLEARLY IT WILL WIN ITS SHARE OF AWARDS AND DESERVEDLY SO BUT GOOD
AS IT IS THIS HEART IS NOT GOOD ENOUGH THAT FINAL TRANSFORMATIVE MOMENT
WHEN MARLOW COMES FACE TO FACE WITH KURTZ AND MUST ACKNOWLEDGE THAT THEY ARE
NOT ALL THAT DIFFERENT ACKNOWLEDGE JUST HOW THIN THE VENEER OF CIVILIZATION
IS HOW EASILY STRIPPED AWAY THAT MOMENT WHEN MARLOW LOOKS INTO THE ABYSS
AND THE ABYSS LOOKS BACK HERE IT JUST LEAVES THE VIEWER SCRATCHING HIS
HEAD

PART OF THE BLAME MUST LIE WITH JOHN MALKOVICH AS KURTZ MR MALKOVICH IS
AN INSPIRED CHOICE HIS DEMEANOR SINISTER AND DERANGED AS HE CLUMPS AROUND
IN A TATTERED CLOAK AND AN EARRING QUOTING GOETHE BUT HE HAS CHOSEN TO
PLAY HIS KURTZ ODDLY FLAT WITH A BLANK OPENMOUTHED STARE AND SOFT
UNINFLECTED VOICE AND IT'S THE WRONG CHOICE I'M A BIG FAN OF MR
MALKOVICH'S BUT THE STRENGTH AND MENACE HE BROUGHT TO IN THE LINE OF FIRE
AND TO SAM SHEPARD'S PLAYS ARE NOWHERE EVIDENT HERE

THE OTHER SHARE OF THE BLAME LIES WITH SCREENWRITER FITZGERALD AND DIRECTOR
ROEG THOUGH ONE CAN HARDLY FAULT THEM FREEWHEELING IN THEIR VISUAL
ADAPTATION OF CONRAD'S WORK THEY ARE HANDCUFFED BY HIS WORDS AND SO THE
CRUX OF THIS GREAT PSYCHODRAMA IS NEVER REALLY CONVEYED AFTER ALL HOW DOES
ONE PUT ONSCREEN THAT THE JUNGLE WHISPERED TO HIM THINGS ABOUT HIMSELF
WHICH HE DIDN'T KNOW  UNTIL HE TOOK COUNSEL WITH THIS GREAT SOLITUDE
AND THE WHISPER PROVED IRRESISTIBLY FASCINATING TRANSLATING A CLASSIC HAS
ITS DRAWBACKS TOO OFTEN ONE IS TOO REVERENT UNWILLING TO CHANGE TO CUT
TO ADD AND EMBELLISH IN WAYS THAT MIGHT GET CLOSER TO THE TRUTH OF AN
IMPORTANT WORK ONE NEEDS TO HACK AWAY AT IT TO BLAZE A TRAIL THROUGH IT
OR RISK GETTING LOST IN THE OVERGROWTH

CABLE AND TNT SHOULD BE PROUD THEY'RE FINALLY STARTING TO PRESENT PIECES OF
THIS CALIBER BUT THE GREAT SAVAGE HEART OF CONRAD'S JUNGLE REMAINS UNTAMED
9403140067 940314 POLITICS & POLICY FISKE GETS OFF TO FAST START IN
WHITEWATER PROBE BY MOVING FORWARD AGGRESSIVELY ON ALL FRONTS  BY
ELLEN JOAN POLLOCK STAFF REPORTER OF THE WALL STREET JOURNAL

AFTER ONLY SIX WEEKS ON THE JOB SPECIAL COUNSEL ROBERT FISKE HAS LAUNCHED
AGGRESSIVE PROBES ON ALL FRONTS OF THE TANGLED WHITEWATER CONTROVERSY

HIS OPENING SALVO WAS A STERN WARNING TO THE WHITE HOUSE CONGRESS AND
HILLARY RODHAM CLINTON'S FORMER LAW FIRM THAT HE WON'T TOLERATE ANYTHING
THAT IMPEDES HIS INVESTIGATION IN A SHOW OF PROSECUTORIAL MUSCLE MR FISKE
CAME TO WASHINGTON LAST WEEK FROM HIS LITTLE ROCK ARK HEADQUARTERS TO
URGE LAWMAKERS TO DELAY HEARINGS HE ALSO QUESTIONED WHITE HOUSE AIDES
BEFORE A GRAND JURY TO SEE IF THERE WERE IMPROPER CONTACTS WITH TREASURY
OFFICIALS ABOUT A CRIMINAL INQUIRY INTO A FAILED THRIFT ONCE OWNED BY A
CLINTON BUSINESS PARTNER

THE FULCRUM OF THE INVESTIGATION WILL SOON SHIFT AGAIN TO LITTLE ROCK WHERE
A SMALL BAND OF LAWYERS AND FBI AGENTS HAS BEEN PORING OVER RECORDS OF
MADISON GUARANTY SAVINGS & LOAN AND PREPARING TO QUESTION WITNESSES BEFORE A
SPECIAL GRAND JURY SET TO CONVENE ON MARCH 23

SO FAR MR FISKE A REPUBLICAN IS GETTING GOOD MARKS FROM VETERANS OF
OTHER INVESTIGATIONS INCLUDING IRANCONTRA PROSECUTOR LAWRENCE WALSH BUT
THOMAS PUCCIO WHO PROSECUTED THE ABSCAM CORRUPTION CASES SAYS IT WAS A
WASTE OF TIME TO SUBPOENA WHITE HOUSE OFFICIALS TO TESTIFY ABOUT HOW THEY
LEARNED OF THE IMPENDING MADISON INVESTIGATION BECAUSE THE JUSTICE
DEPARTMENT WOULD HAVE EVENTUALLY TOLD THEM ABOUT IT ANYWAY

MR FISKE HAS A REPUTATION FOR FIERCE INDEPENDENCE AND IS STAYING CLEAR OF
THE WEB OF SOCIAL AND PROFESSIONAL CONNECTIONS THAT HELPED SPAWN THE
WHITEWATER CONTROVERSY IN THE FIRST PLACE

SHORTLY AFTER HIS APPOINTMENT IN JANUARY MR FISKE RECEIVED A FRIENDLY NOTE
FROM LITTLE ROCK LAWYER ALSTON JENNINGS SR WHO LIKE MR FISKE IS A FORMER
PRESIDENT OF THE PRESTIGIOUS AMERICAN COLLEGE OF TRIAL LAWYERS MR JENNINGS
REPRESENTS SETH WARD A FORMER MADISON CONSULTANT AND FATHERINLAW OF
ASSOCIATE ATTORNEY GENERAL WEBSTER HUBBELL BUT WHEN MR JENNINGS FOLLOWED
UP WITH A CALL HE GOT A POLITE BRUSHOFF FROM MR FISKE HE OBVIOUSLY
DIDN'T WANT TO BE SEEN ANYWHERE WITH ME MR JENNINGS SAID

MR FISKE A NEW YORK LITIGATOR ON LEAVE FROM THE WALL STREET LAW FIRM OF
DAVIS POLK & WARDWELL IS PURSUING A NUMBER OF DIFFERENT INVESTIGATIVE
THREADS AT ONCE

THE HEART OF THE WHITEWATER CONTROVERSY CENTERS ON THE CLINTONS' BUSINESS
RELATIONSHIP WITH ARKANSAS BUSINESSMAN JAMES MCDOUGAL WHO OWNED MADISON
AND HIS EXWIFE SUSAN THE CLINTONS AND MCDOUGALS WERE PARTNERS IN
WHITEWATER DEVELOPMENT CO A 230ACRE REAL ESTATE VENTURE ON ARKANSAS'S
WHITE RIVER IN WHICH PRESIDENT CLINTON AND THE FIRST LADY SAY THEY LOST
MONEY UNSORTING THE TANGLED BUSINESS DEALINGS BETWEEN THE CLINTONS AND THE
MCDOUGALS IS ONE OF THE CENTRAL PREOCCUPATIONS OF MR FISKE'S SQUAD OF
INVESTIGATORS IN LITTLE ROCK

MR MCDOUGAL A HIGHFLYING DEALMAKER WITH CONNECTIONS TO PROMINENT MEMBERS
OF LITTLE ROCK'S BUSINESS AND POLITICAL COMMUNITIES RAN MADISON AS HIS OWN
FINANCIAL FIEFDOM IN 1985 MR CLINTON ASKED HIM TO HOST A FUNDRAISER TO
HELP RETIRE A 50000 CAMPAIGN LOAN AT THE FUNDRAISER WHICH THENGOV
CLINTON DIDN'T ATTEND MR MCDOUGAL RAISED 30000 BUT THERE IS EVIDENCE
THAT SOME OF THE MONEY MAY NOT HAVE COME FROM CONTRIBUTORS BUT FROM MADISON
ACCOUNTS

THE FISKE STAFF HOPES THAT DOCUMENTS INVOLVING MADISON A CHERRY VALLEY
ARK BANK THAT FURNISHED THE 1984 CAMPAIGN LOAN AND THE CLINTON CAMPAIGN
WILL SHED LIGHT ON THAT FLOW OF MONEY

MR FISKE IS EXPECTED TO INVESTIGATE ALLEGATIONS THAT MR MCDOUGAL CARRIED
THE CLINTONS IN THE WHITEWATER VENTURE LAUNCHED WITH 203000 IN LOANS
THERE IS EVIDENCE THAT THE MCDOUGALS SHOULDERED MORE OF THE FINANCIAL BURDEN
IN THE INVESTMENT THAN THE CLINTONS EVEN THOUGH THE TWO COUPLES HAD AN EQUAL
STAKE MR FISKE WILL ALSO QUESTION WHY MR MCDOUGAL AND PRESIDENT CLINTON
HAVE CONFLICTING ACCOUNTS OF THEIR INVESTMENT FOR EXAMPLE THE CLINTONS SAY
THEY LOST ALMOST 69000 IN WHITEWATER BUT MR MCDOUGAL SAYS THEY LOST ONLY
ABOUT 9000 THE CLINTONS DIDN'T CLAIM ANY WHITEWATER LOSS ON THEIR TAX
RETURNS CASH ALSO INEXPLICABLY MOVED BETWEEN WHITEWATER'S ACCOUNT AND OTHER
ACCOUNTS AT MADISON WHICH FAILED IN 1989

THE INVESTIGATORS ALREADY HAVE VOLUMINOUS DOCUMENTS INVOLVING THE MCDOUGALS'
BUSINESS INTERESTS JAMES LYONS A DENVER LAWYER WHO PREPARED A REPORT ON
WHITEWATER FOR THE CLINTON PRESIDENTIAL CAMPAIGN HAS ALSO TURNED OVER
DOCUMENTS

MR FISKE IS TRYING TO DISCOVER WHETHER THE CLINTONS IMPROPERLY USED THEIR
INFLUENCE TO BOLSTER MADISON'S SAGGING FORTUNES IN 1985 MADISON HIRED MRS
CLINTON AND THE ROSE LAW FIRM TO HELP IT GET AUTHORIZATION FOR A STOCK
OFFERING THE ARKANSAS SECURITIES DEPARTMENT WHICH HAD TO APPROVE THE PLAN
WAS HEADED BY BEVERLY BASSETT SCHAFFER A CLINTON APPOINTEE

MR FISKE RECENTLY SUBPOENAED THE COMMISSION'S RECORDS MRS SCHAFFER A
LAWYER NOW IN PRIVATE PRACTICE HAS TURNED OVER HER PRIVATE CALENDARS FOR
THAT TIME ACCORDING TO HER HUSBAND MR FISKE HAS SUBPOENAED FILES FROM THE
ROSE LAW FIRM AS WELL

ALSO ON MR FISKE'S AGENDA IS AN EXAMINATION OF THE WEB OF MR MCDOUGAL'S
FAILED BUSINESS AND REALESTATE INTERESTS MR MCDOUGAL HAD BUSINESS
RELATIONSHIPS WITH MANY PEOPLE PROMINENT IN BUSINESS AND IN POLITICS
INCLUDING CURRENT ARKANSAS GOV JIM GUY TUCKER GOV TUCKER RECEIVED A GRAND
JURY SUBPOENA BEFORE MR FISKE WAS APPOINTED SPECIAL COUNSEL MR MCDOUGAL
HAS COMPLAINED THAT ALLEGATIONS OF MISMANAGEMENT AT HIS S&L ARE BEING
RECYCLED FROM A 1990 FEDERAL FRAUD TRIAL IN WHICH HE WAS ACQUITTED

THE ROSE FIRM MEANWHILE HAS BECOME TANGLED IN THE WHITEWATER CONTROVERSY
ON SEVERAL LEVELS MR FISKE IS EXPECTED TO EXAMINE WHETHER THE FIRM HAD
CONFLICTS OF INTEREST WHEN IT REPRESENTED THE RESOLUTION TRUST CORP AFTER
IT TOOK OVER MADISON IN LITIGATION AGAINST THE THRIFT'S AUDITOR A GRAND
JURY HAS SUBPOENAED DOCUMENTS INVOLVING SETH WARD MR HUBBELL'S
FATHERINLAW WHO SUED MADISON FOR COMMISSIONS STEMMING FROM REALESTATE
TRANSACTIONS

RONALD CLARK ROSE MANAGING PARTNER SAYS THE FIRM IS COOPERATING FULLY WITH
MR FISKE SEVERAL ROOMS AT THE FIRM ARE DEVOTED TO CULLING DOCUMENTS TO
ENSURE THAT CLIENT CONFIDENCES ARE NOT DIVULGED AS DOCUMENTS ARE TURNED
OVER MR CLARK ALSO INSISTS THAT ANY DOCUMENTS THAT MAY HAVE BEEN SHREDDED
HAVE NOTHING TO DO WITH MR FISKE'S INQUIRY

LATER THIS MONTH MR FISKE WILL PROSECUTE DAVID HALE ON CHARGES OF
DEFRAUDING THE SMALL BUSINESS ADMINISTRATION WHICH HAD LICENSED HIM TO
GRANT LOANS THROUGH HIS CAPITAL MANAGEMENT SERVICES ON THE FACE OF IT THIS
CASE HAS NOTHING TO DO WITH WHITEWATER BUT MR HALE A FORMER MUNICIPAL
JUDGE HAS ALLEGED THAT MR CLINTON WHEN HE WAS GOVERNOR PRESSURED HIM
INTO MAKING A 300000 LOAN TO A FIRM OWNED BY MR MCDOUGAL'S WIFE SUSAN
SOME OF THAT LOAN WAS ALLEGEDLY DIVERTED TO WHITEWATER

WHEN MR FISKE REPLACED OTHER FEDERAL PROSECUTORS IN THE HALE CASE LAST
MONTH MR HALE'S CODEFENDANTS OBJECTED STRENUOUSLY BECAUSE THEY DIDN'T
WANT TO BE PULLED INTO THE WHITEWATER CONTROVERSY BUT MR FISKE'S LAWYERS
PREVAILED THE TRIAL IS SET FOR MARCH 28

MR FISKE HAS ASSIGNED A DEPUTY RODERICK LANKLER TO TAKE CHARGE OF THE
MOST SENSITIVE CORNER OF HIS INVESTIGATION A FULLSCALE PROBE OF THE DEATH
OF VINCENT FOSTER

THE GOAL IS TO SOLVE THE MYSTERY OF WHY MR FOSTER KILLED HIMSELF AND
WHETHER THE WHITEWATER CONTROVERSY CONTRIBUTED TO HIS DESPONDENT MOOD EVEN
IF A DEFINITIVE ANSWER CAN'T BE FOUND INVESTIGATORS HOPE TO QUASH SOME OF
THE ZANIER CONSPIRACY THEORIES THEY DON'T BELIEVE SPECULATION RAMPANT IN
THE TABLOID PRESS THAT MR FOSTER WAS MURDERED FORENSIC EXPERTS AND
PATHOLOGISTS WILL EXAMINE DOCUMENTS ALREADY TURNED OVER BY THE US PARK
SERVICE WHICH INVESTIGATED MR FOSTER'S DEATH AND MR LANKLER IS
CONSIDERING RETAINING A PSYCHIATRIST TO EVALUATE MR FOSTER'S MOOD BEFORE HE
DIED

UNDER THE SUPERVISION OF MR LANKLER WHO ONCE PROSECUTED HOMICIDE CASES IN
THE MANHATTAN DISTRICT ATTORNEY'S OFFICE INVESTIGATORS ARE ALSO LOOKING
INTO ALLEGATIONS THAT WHITE HOUSE OFFICIALS MAY HAVE IMPEDED THE PARKPOLICE
INVESTIGATION IN THE AFTERMATH OF THE SUICIDE A FILE CONTAINING WHITEWATER
DOCUMENTS WAS FOUND IN MR FOSTER'S OFFICE AND TURNED OVER BY WHITE HOUSE
COUNSEL BERNARD NUSSBAUM TO THE CLINTONS' PERSONAL LAWYER THE FILE HAS NOW
BEEN TURNED OVER TO MR FISKE ACCORDING TO WHITE HOUSE ACCOUNTS MR FOSTER
HAD THE WHITEWATER FILE IN HIS OFFICE BECAUSE HE WAS PREPARING DELINQUENT
TAX RETURNS FOR THE PARTNERSHIP

FISKE MUST ANSWER THE FOLLOWING QUESTIONS MADISON GUARANTY AND WHITEWATER
DEVELOPMENT CO AFLOAT CAMPAIGN COFFERS 300000 FEDERALLY SPONSORED LOAN
TO A WHITEWATER PARTNER COUNSEL VINCENT FOSTER'S SUICIDE AND DID WHITE
HOUSE OFFICIALS ATTEMPT TO IMPEDE AN INVESTIGATION OF HIS DEATH AN
IMPENDING CRIMINAL INVESTIGATION OF MADISON 9403140066 940314 HIP
CALIFORNIA TOWN DIGS THE EARTH FINDS NEW AGE SHANGRILA  IN
ARCATA REFLEXOLOGISTS RUB ELBOWS WITH LEAF BURNERS SIP SOY IN SPACIOUS
HOMES  BY TIMOTHY AEPPEL STAFF REPORTER OF THE WALL STREET JOURNAL

ARCATA CALIF WHAT DO YOU CALL A PLACE WHERE EVERYTHING FROM THE SEWAGE
SYSTEM TO THE LOCAL GARMENT FACTORY IS DESIGNED WITH THE ENVIRONMENT IN
MIND

ECOGROOVY SAYS VICTOR SCHAUB THIS TOWN'S BEARDED MAYOR

A TYPICAL HOME IN ARCATA MIGHT HAVE 10 RECYCLING BINS INCLUDING ONES TO
SEPARATE GLASS BY COLOR AND OTHERS FOR DIFFERENT GRADES OF PAPER THERE IS
NO BURGER KING OR WENDY'S BUT THERE IS A TOFU CATERER AND A BULK HERB SHOP

THE TOWN 300 MILES NORTH OF SAN FRANCISCO FUNDS AN EXPERIMENTAL FISH FARM
HAS ITS OWN FOREST FLIES AN EARTH FLAG ALONG WITH ITS US AND CALIFORNIA
BANNERS AND OPERATES A SEWAGETREATMENT SYSTEM SO EFFECTIVE THAT IT
ATTRACTS ADMIRERS FROM AS FAR AWAY AS JAPAN TO PUT IT IN AN ORGANIC
NUTSHELL ARCATA IS ECOTOPIA

DON'T EVEN THINK ABOUT SQUIRTING HERBICIDES ON CITY LAND IT'S FORBIDDEN
THE TOWN ALSO HOSTS ALL SPECIES DAY WHEN FOLKS CAN DRESS AS A FAVORITE LIFE
FORM AND RESIDENTS HAVE TO BE CAREFUL ABOUT CONSPICUOUS CONSUMPTION DON
BANDUCCI A BUSINESSMAN WITH ENVIRONMENTAL CREDENTIALS FRETTED ABOUT
FRIENDS COMING TO HIS NEW 4200SQUAREFOOT HOUSE I WAS AFRAID THEY'D GAG
AT ALL THIS SPACE HE SAYS GAZING AT THE CATHEDRAL CEILING

ARCATA'S TRANSFORMATION BEGAN WITH A FIGHT OVER HIGHWAY 101 IN THE EARLY
1970S STATE OFFICIALS TRIED WIDENING THE ROAD WHICH RUNS UP THE CALIFORNIA
COAST AND THROUGH THE CENTER OF ARCATA FROM TWO LANES TO SIX BUT LOCAL
ACTIVISTS WANTED NO PART OF IT WHEN THE TUSSLE WAS OVER ARCATA'S CITY
GOVERNMENT HAD SHIFTED FIRMLY INTO THE HANDS OF ENVIRONMENTALISTS A
COMPROMISE WAS STRUCK TO WIDEN THE ROAD TO ONLY FOUR LANES IN ARCATA

AT THE SAME TIME THE REGION'S TRADITIONAL ECONOMY WAS WITHERING ARCATA
ONCE HAD MORE THAN 40 TIMBER MILLS THERE ARE NOW JUST TWO NEITHER OF THEM
LARGE THE DECLINE WAS CAUSED BY A COMBINATION OF RISING ENVIRONMENTAL
CONCERNS WHICH LED TO TOUGHER RULES ON HOW TIMBER IS HARVESTED AND
PROCESSED

MR SCHAUB THE MAYOR ADMITS THAT SOME RESIDENTS ARE UPSET WITH HOW ARCATA
HAS EVOLVED OVER THE YEARS BUT THEY'RE THE MINORITY WE CALL THEM
CURMUDGEONS SAYS THE LAWYER WHO WORKS PART TIME ON TOWN BUSINESS

ONE SUCH CURMUDGEON IS MARGARET STAFFORD AFTER SPEAKING OUT IN FAVOR OF
LOGGING HER NAME POPPED UP ON A HANDWRITTEN LIST OF ENVIRONMENTAL
DESTROYERS THAT CIRCULATES INFORMALLY

WE LET THE ENVIRONMENTALISTS TAKE OVER AND THEY'VE WRECKED THE TOWN
FUMES MRS STAFFORD WHO MOVED HERE ALMOST FOUR DECADES AGO CRITICS LIKE
MRS STAFFORD BLAME ENVIRONMENTALISTS FOR THE DECLINE OF TIMBER ONCE THE
MAINSTAY OF THE LOCAL ECONOMY THEY ALSO GRUMBLE THAT TOUGH BUILDING CODES
AND STRICT ENVIRONMENTAL RULES MAKE IT DIFFICULT TO ATTRACT INDUSTRY
ALTHOUGH MANY OF THE SAME CURBS ARE COMMON THROUGHOUT THE STATE

WHAT SEEMS TO BUG CRITICS EVEN MORE THAN THE TOWN'S DEDICATION TO
ENVIRONMENTALISM IS THE POLITICAL CLIMATE THAT COMES WITH IT ARCATA IS NOT
ONLY A NUCLEARFREE ZONE BUT HAS A FORMAL POLICY OF BOYCOTTING COMPANIES
INVOLVED IN THE NUCLEARWEAPONS INDUSTRY SO THE TOWN HAD TO MAKE AN
EXCEPTION TO BUY POLICERADIO EQUIPMENT FROM MOTOROLA CO ONE OF THE
COMPANIES ON THE LIST

PEOPLE LIKE MIKE TROTT COMPLAIN THAT TOWN MEETINGS ARE JUST TOO TOUCHY
FEELY WITH EVERYONE ALLOWED TO EXPRESS THEIR OPINIONS NO MATTER HOW
BIZARRE ARCATA LAST YEAR REFUSED TO BLOCK A MARCH BY FEMINISTS WHO WANTED
TO HIKE AROUND TOWN TOPLESS UNDER THE SLOGAN FREE YOUR BREAST AND YOUR MIND
WILL FOLLOW THE EVENT ENRAGED MR TROTT

THE LATEST SHOVING MATCH IS OVER OPENAIR BURNING OF LEAVES AND OTHER
REFUSE CONSERVATIVES FAVOR IT WHILE ENVIRONMENTALISTS WANT IT BANNED THE
SAME PEOPLE WHO TALK ABOUT THE RIGHT TO BEAR ARMS HAVE SUDDENLY DISCOVERED
THE RIGHT TO BURN SAYS MAYOR SCHAUB

TO REALLY UNDERSTAND ARCATA ONE SIMPLY NEEDS TO DO SOME SHOPPING THE
COOP A GROCERY STORE A BLOCK AWAY FROM THE QUAINT TOWN SQUARE HAS 12
VARIETIES OF ORGANICALLY GROWN RICE MILK IN REUSABLE GLASS BOTTLES AND A
REFRIGERATOR CASE SOLELY FOR SOY PRODUCTS ONE HOT SELLER IS
COCOAFLAVORED SOY MILK A SIGN NEAR THE CHECKOUT ASSURES SHOPPERS THAT THE
SALMON IS FROM FISH FARMS NOT NEARBY RIVERS WHERE THEY FACE EXTINCTION

EVEN HEALTH CARE HAS AN ECOFLAVOR BESIDES DOCTORS AND CLINICS THE TOWN
BOASTS FIVE HYPNOTHERAPISTS TWO REFLEXOLOGISTS WHO USE PRESSURE POINTS ON
THE FEET AND HANDS TO HEAL OTHER PARTS OF THE BODY TWO REBIRTHING EXPERTS
WHO HELP PEOPLE GET PAST THE TRAUMA OF BIRTH VIA BREATHING TECHNIQUES
AND A SACRED BATH FOR WOMEN FOR RITUALISTIC BATHING

BUT WHAT IS REALLY SAVING THE TOWN RESIDENTS AGREE IS HUMBOLDT STATE
UNIVERSITY THE SCHOOL SITS ON A HILL OVERLOOKING ARCATA AND HAS A
REPUTATION FOR ITS PROGRAMS IN NATURAL RESOURCES AND AS A HAVEN FOR
COUNTERCULTURE STUDENTS THE STUDENTS BRING MONEY TO THIS OTHERWISE ISOLATED
REGION AND MANY NEVER LEAVE

MR BANDUCCI THE MAN WITH THE BIG NEW ABODE CAME TO STUDY IN 1968 BUT
SPENT MORE TIME KAYAKING THAN ON HIS CLASS WORK HE NEVER GRADUATED
HOWEVER HE NOW RUNS THE TOWN'S LARGEST EMPLOYER YAKIMA PRODUCTS INC
MAKERS OF THE ULTIMATE IN YUPPIE CARROOF RACKS THE CURLYHAIRED
45YEAROLD BECAME A MILLIONAIRE WHEN HE SOLD HIS STAKE IN THE COMPANY TO
OUTSIDE INVESTORS EARLIER THIS YEAR

MR BANDUCCI WHO EMPLOYS 140 PEOPLE ADMITS HE HAS AN ADVANTAGE OVER
DIRTY INDUSTRIES AS A SUPPLYDISTRIBUTION COMPANY IT'S EASY TO LOOK
ECOGROOVY HE SAYS BECAUSE WE DON'T HAVE TO MAKE THE PLASTIC THAT COVERS
OUR PRODUCTS OR FORGE THE STEEL OR ALLOYS

THE SAME COULD BE SAID FOR KOKATAT INC A SMALL GARMENT FACTORY THAT MAKES
TRENDY CLOTHING FOR WATER SPORTS INCLUDING OUTFITS FOR THE US OLYMPIC
KAYAKING TEAM WE'RE USING RECYCLED FABRIC WHEREVER POSSIBLE SAYS KIT
MANN THE PRODUCTION MANAGER

BUT IF THERE IS A MONUMENT TO ARCATA'S ECOGROOVINESS IT IS THE MARSH
ALONG THE EDGE OF HUMBOLDT BAY JUST A FEW BLOCKS FROM DOWNTOWN IS A
NETWORK OF BOGS AND LAKES BUILT TO NATURALLY FILTER ARCATA'S WASTE WATER
THE AREA IS LACED WITH WALKING PATHS NEXT TO THE SEWAGE PLANT WHERE
PRIMARY TREATMENT OCCURS BEFORE THE WASTE WATER IS RELEASED INTO THE MARSH
SYSTEM IS AN INTERPRETIVE CENTER WHICH HOUSES MAPS AND OTHER DISPLAYS
SHOWING HOW THE MARSHES FUNCTION AS NATURAL FILTERS AND WILDLIFE HABITAT

WHILE THIS MAY SOUND LIKE A NEW AGE PARADISE EVEN THE MARSH ISN'T
ECOLOGICALLY PURE ENOUGH FOR SOME THE ALLIANCE FOR A PAVING MORATORIUM A
GROUP THAT OPPOSES NEW ROADS BLASTED THE TOWN FOR BUILDING A PARKING LOT
NEXT TO THE CENTER 9403140065 940314 BUSINESS BRIEF GENERAL ELECTRIC
CO EUROPEAN FLEETSERVICE UNIT ACQUIRES SUEZ'S LOGEROUTE

GE CAPITAL THE FINANCIAL ARM OF GENERAL ELECTRIC CO SAID IT ACQUIRED
LOGEROUTE A LONGTERM VEHICLERENTAL COMPANY BASED IN NANTERRE FRANCE

GE CAPITAL'S EUROPEAN FLEETSERVICE BUSINESS AVIS FLEET SERVICES COMPLETED
THE ACQUISITION FOR AN UNDISCLOSED SUM GE CAPITAL SAID LOGEROUTE HAS ASSETS
OF 25 MILLION

AVIS FLEET SERVICES OPERATES IN FRANCE AND WESTERN EUROPE WITH MORE THAN
170000 CORPORATE VEHICLES UNDER LEASE AND SERVICE MANAGEMENT LOGEROUTE A
UNIT OF SUEZ GROUP'S LOCAFRANCE EQUIPMENT MANAGES 2300 VEHICLES
9403140064 940314 WORLD MARKETS BRITISH STOCKS DECLINE AS INTERESTRATE
JITTERS OUTWEIGH MANY POSITIVE FACTORS FOR EQUITIES  BY GLENN
WHITNEY STAFF REPORTER OF THE WALL STREET JOURNAL

LONDON AN ECONOMY SET TO POST THE HIGHEST GROWTH RATE IN EUROPE MODERATE
INFLATION PRESSURE WITH CONSUMER PRICES CLIMBING AT THEIR SLOWEST RATE IN
DECADES RISING CORPORATE PROFITS A STABLE CURRENCY LIKELY TO BOOST THE
COUNTRY'S EXPORT SECTOR

IT SOUNDS LIKE THE PERFECT RECIPE FOR A STOCK MARKET BOOM BUT INSTEAD
EQUITY PRICES IN LONDON HAVE HIT THE SKIDS THE FTSE 100 INDEX FOR
INSTANCE HAS SHED 57 IN THE LAST MONTH THE STEEPEST DROP OF MAJOR
EUROPEAN COUNTRIES THE INDEX TUMBLED 13 FRIDAY TO END AT 319190 OVER
FOUR WEEKS GERMAN STOCKS HAVE ACTUALLY POSTED A 09 GAIN WHILE US
SHARES HAVE EASED ABOUT 18 AND JAPANESE STOCKS ARE UP 07

SO WHAT'S AILING BRITISH EQUITIES IT APPEARS TO BE A BAD CASE OF BOND
MARKET BLUES GOVERNMENT BOND YIELDS WHICH MOVE INVERSELY TO PRICES HAVE
RISEN ABOUT 050 OF A PERCENTAGE POINT IN THE PAST FOUR WEEKS THE BENCHMARK
10YEAR GOVERNMENT GILT ISSUE NOW YIELDS 717 UP FROM 670 IN
MIDFEBRUARY

THE CLIMB IN YIELDS WHICH OFTEN TRANSLATES INTO HIGHER BORROWING COSTS FOR
INDUSTRY AND HIGHER MORTGAGE RATES FOR HOMEOWNERS HAS COME ABOUT DESPITE
THE APPARENT LACK OF INFLATION WORRIES INSTEAD THE PANIC IS A KIND OF
SYMPATHETIC RESPONSE TO THE BOND MARKET ACROSS THE ATLANTIC PRICES OF US
TREASURYS HAVE BEEN CLIMBING STEADILY FOLLOWING THE FEDERAL RESERVE'S
SURPRISE INTERESTRATE INCREASE FEB 4

UK MARKET WATCHERS ARE PUZZLED WHY RISING INTEREST RATES IN THE US
SHOULD PROVE SUCH A DAMPER FOR THE MARKET AT HOME IT'S LIKE A NEW VERSION
OF THE OLD SONG THAT SOLDIERS USED TO SING WE'RE GOING DOWN BECAUSE WE'RE
GOING DOWN' SAYS PETER CARTWRIGHT HEAD OF RESEARCH AT BROKERS WILLIAMS
DE BROE PLC IN LONDON PART OF THIS IS WORRIES THAT AS US BOND RATES GO
UP THEY WILL SUCK A LOT OF US FUNDS THAT HAD BEEN PROPPING UP OVERSEAS
MARKETS LIKE OURS MR CARTWRIGHT SAYS IT'S NOT LIKELY TO BE A BRILLIANT
YEAR

LOGIC WOULD SUGGEST THAT BRITISH STOCKS SHOULD BE RISING STEADILY AS THE
ECONOMY GATHERS PACE AFTER HAVING BOTTOMED OUT NEARLY A YEAR AGO NOW MORE
PRIVATESECTOR FORECASTERS EXPECT GROSS DOMESTIC PRODUCT GROWTH TO COME IN
AT 26 THIS YEAR AND NEXT A STEADY STRING OF UPBEAT ASSESSMENTS IN THE
PAST TWO WEEKS BY COMPANIES SUCH AS BTR PLC HANSON PLC BARCLAYS PLC AND
BA T INDUSTRIES PLC SHOULD ALSO BE HELPING SENTIMENT

THE RECOVERY IS COMING THROUGH BUT THE TURBULENCE IN THE BOND MARKETS IS
PLAYING HAVOC WITH INVESTOR CONFIDENCE SAYS GEORGE HODGSON HEAD OF UK
EQUITY STRATEGY AT SG WARBURG SECURITIES LTD IN LONDON WE NEED BONDS TO
FIND A BASE FIRST AND THEN STOCKS CAN MOVE FROM THERE

MR HODGSON'S YEAREND PREDICTION FOR THE FTSE IS 3700 OR ABOUT A 16 RISE
FROM CURRENT LEVELS ALL THE NEARTERM INDICATORS ARE SURPRISINGLY GOOD
HE SAYS WAGE SETTLEMENTS HAVE BEEN MODEST PRODUCER PRICES ARE UNDER
CONTROL WE'RE SET FOR LOWINFLATION GROWTH

THAT SANGUINE OUTLOOK COULD FREE UP UK MONETARY AUTHORITIES TO CUT
OFFICIAL INTEREST RATES A FURTHER 1/4 PERCENTAGE POINT SOMETIME OVER THE SIX
WEEKS SUCH A REDUCTION HOWEVER IS WIDELY CONSIDERED TO BE FACTORED INTO
THE CURRENT LEVEL OF INTERESTRATE FUTURES CONTRACTS AND INTO EQUITY PRICES

FURTHER DROPS IN INTEREST RATES COULD WELL PAVE THE WAY FOR FUTURE
INFLATION A SCENARIO THE RESEARCH TEAM AT UBS LTD IS CONSIDERING WE'RE
VERY OPTIMISTIC ABOUT BOTH INFLATION AND GROWTH OVER THE SHORTTERM SAYS
ECONOMIST JOHN MARSLAND BUT MEDIUMTERM THE COUNTRY IS LIKELY TO REVERT
BACK TO THE TRADITIONAL INFLATIONARY ECONOMY WITH A BALANCEOFPAYMENTS
PROBLEM AND A STEADILY DEVALUING CURRENCY MR MARSLAND PREDICTS AN 8
INFLATION RATE BY THE END OF 1995 INCLUDING MORTGAGE PAYMENTS AND 5
EXCLUDING MORTGAGES

THIS WEEK PROMISES TO BE A BUSY ONE FOR DATA WATCHERS BOTH INSIDE BRITAIN
AND BEYOND THE UK PRODUCER PRICE INDEX FOR FEBRUARY IS SCHEDULED TO BE
RELEASED TODAY AND IS EXPECTED TO SHOW A RISE OF AROUND 03 FROM THE
PREVIOUS MONTH BUT DOWN 25 FROM A YEAR EARLIER CONFIRMING THE VERY
MODERATE INFLATION TREND

THE MAIN EVENT OF THE WEEK IS LIKELY TO BE THE CONSUMER PRICE INDEX IN THE
US EXPECTED WEDNESDAY AN INCREASE AROUND 03 IS ANTICIPATED BY MOST
ECONOMISTS ANYTHING HIGHER THAN THAT COULD SEND GLOBAL MARKETS REELING
THURSDAY SEES THE BUNDESBANK'S FORTNIGHTLY CENTRAL BANK COUNCIL MEETING
MOST MARKET EXPERTS AREN'T LOOKING FOR A CUT IN OFFICIAL RATES BUT THEN THE
MEN IN FRANKFURT LOVE TO CATCH THE PUNDITS OFFGUARD

FRANKFURT PRICES PLUMMETED 18 ON NERVOUSNESS ABOUT FALLING US EQUITIES
AND BONDS BUT TOKYO STOCKS ROSE SLIGHTLY AS THE SPECIAL QUOTATION FOR THE
SETTLEMENT OF MARCH INDEX FUTURES AND OPTIONS GAVE THE MARKET A MODERATE
BOOST

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11547 DOWN 002 REFLECTING LOWER EUROPEAN MARKETS AND HIGHER
ASIA/PACIFIC AND AMERICAN MARKETS

CASINO STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY GROUPS
CLOSING AT 20254 UP 255 OR 13 WITH PROMUS OF THE US POSTING A 31
GAIN IN ITS LOCAL CURRENCY CONTAINERS AND PACKAGING STOCKS TRAILED AT
10459 DOWN 145 OR 14 WITH HOKKAI CAN OF JAPAN SLIDING 64 IN LOCAL
CURRENCY

IN FRANKFURT THE DAX 30STOCK INDEX SHED 3761 POINTS TO 210349 MORE THAN
WIPING OUT THE PREVIOUS DAY'S GAIN OF 2501 POINTS TRADING WAS QUIET BUT
JITTERY SHARE PRICES WERE BUFFETED BY DECLINES IN THE BOND MARKET AS JUNE
GOVERNMENT BOND FUTURES WERE WEAK IN RESPONSE TO THE US BOND MARKET

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH ADVANCED 25153 POINTS THURSDAY
ROSE 2460 TO 2011531 IN TRADING MONDAY IN TOKYO THE NIKKEI ROSE 32823
POINTS TO CLOSE THE MORNING SESSION AT 2044354 FRIDAY'S FIRSTSECTION
VOLUME WAS ESTIMATED AT 750 MILLION SHARES SURGING FROM 426 MILLION SHARES
A DAY EARLIER TURNOVER WAS INFLATED BY TRADING TIED TO THE SPECIAL
QUOTATION IN THE FIRST HOUR ALONE ABOUT 400 MILLION SHARES OR 53 OF THE
SESSION'S TOTAL CHANGED HANDS GAINERS OUTNUMBERED LOSERS 609422 THE
TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH GAINED
1102 POINTS THURSDAY ADDED 339 TO 161990

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
9403140063 940314 LEISURE & ARTS BOOKSHELF MAN WHO BROUGHT CULTURE
TO THE MASSES  BY MARK SWED

WE DON'T CHOOSE OUR PARENTS AND FEW OF US WOULD LIKELY HAVE CHOSEN SOL
HUROK AS MANAGERIAL PATRIARCH OF MUSIC AND DANCE IN AMERICA BUT THE
INESCAPABLE CONCLUSION OF HARLOW ROBINSON'S THE LAST IMPRESARIO VIKING
521 PAGES 2695 A THOROUGH IF FLABBERGASTING ACCOUNT OF THE CAREER OF
THE UNEDUCATED MAYBE ILLITERATE UKRAINIAN IMMIGRANT WHO SO SUCCESSFULLY
BROUGHT THE TASTE FOR HIGH CULTURE TO THE AMERICAN PUBLIC IS THAT SOMEHOW
HE WAS

IF THAT ISN'T ENOUGH THIS FLAMBOYANT INSCRUTABLE IMPRESARIO WHOM THE
CHOREOGRAPHER AGNES DE MILLE ONCE DISMISSED AS A PEASANT AND A MIDGET
HAPPENED TO BE AN IMPORTANT FIGURE IN THE BEGINNING OF THE CIVIL RIGHTS
MOVEMENT AND IN THE CREATION OF THE NATIONAL ENDOWMENT FOR THE ARTS HE WAS
A KEY PLAYER IN MAINTAINING AMERICAN/SOVIET RELATIONS THROUGHOUT THE COLD
WAR HELPING PAVE THE WAY FOR GLASNOST HE TURNED THE VIOLINIST ISAAC STERN
AND THE RUSSIAN BALLERINA ANNA PAVLOVA INTO MEGASTARS BUT HE ALSO HOWEVER
UNINTENTIONALLY WOUND UP GIVING LAWYER ALAN DERSHOWITZ HIS FIRST BIG
CELEBRITY BREAK

AFTER LANDING IN THE BROOKLYN IMMIGRANT COMMUNITY OF BROWNSVILLE WHERE HE
BECAME ACTIVE IN SOCIALIST POLITICS HUROK HAD HIS FIRST TASTE OF THE
IMPRESARIO'S LIFE BY ARRANGING ENTERTAINMENT FOR FUNDRAISING EVENTS BUT IT
WAS HEARING THE LIEBESTOD FROM WAGNER'S TRISTAN UND ISOLDE ON THE PIANO
THAT CHANGED HIS LIFE HE SAID THE SORROWFUL SONG OF DEATH MOVED HIM
UNSPEAKABLY AND HUROK FELT THAT IF HE COULD RESPOND LIKE THAT TO MUSIC SO
COULD THE REST OF THE UNWASHED MASSES

HE WAS RIGHT AS HE FOUND OUT WHEN HE PERSUADED THE RUSSIAN EMIGRANT
VIOLINIST EFREM ZIMBALIST TO PERFORM FOR A SOCIALIST BENEFIT FROM THERE IT
WAS BUT A MATTER OF SHREWD ADVERTISEMENT TO GET THOSE SAME AUDIENCES INTO
THE ENTERTAINMENT PALACES IN MANHATTAN

A MANAGER DOES NOT MAKE AN ARTIST WHAT HE MAKES IS AN AUDIENCE HUROK
ONCE SAID AND IT WAS AN EASY PHILOSOPHY FOR HIM TO LIVE BY THANKS TO HIS
COMMON TOUCH HUROK COULD BUILD A BALLET AUDIENCE IN A COUNTRY THAT
CONSIDERED CLASSICAL DANCE TOO SISSIFIED FOR THE AVERAGE AMERICAN BUT HUROK
ALSO MADE IT POSSIBLE FOR THE LIKES OF PAVLOVA AND ISADORA DUNCAN TO BECOME
PUBLIC SENSATIONS THROUGH BIZARRE PUBLICITY COUPS

WHEN HE BECAME INVOLVED WITH THE MONTE CARLO BALLET RUSSE THE FAMOUS
COMPANY THAT SERGE DIAGHILEV HAD FOUNDED IN PARIS HE PAID A WOMAN IN THE
AUDIENCE 50 TO SCREAM DURING THE SIMULATED MASTURBATION EPISODE IN PRELUDE
TO THE AFTERNOON OF A FAUN

THAT SHAMELESS FLAIR FOR PUBLICITY COULD HAVE INCREDIBLE CONSEQUENCES WHEN
IN 1939 HIS CLIENT THE CELEBRATED BLACK MEZZO MARIAN ANDERSON WAS KEPT BY
THE DAUGHTERS OF THE AMERICAN REVOLUTION FROM SINGING AT THE SEGREGATED
CONSTITUTION HALL IN WASHINGTON DC HUROK PERSONALLY FINANCED HER PUBLIC
PERFORMANCE AT THE LINCOLN MEMORIAL KNOWING THAT THE PUBLICITY WOULD MAKE
HER FAR MORE VALUABLE HE HARDLY COULD HAVE ANTICIPATED THOUGH THAT THE
EVENT WHICH ATTRACTED SOME 75000 SPECTATORS WOULD GALVANIZE PUBLIC
ATTENTION ON THE WHOLE RACIAL ISSUE

AS HUROK BECAME MORE SUCCESSFUL HE BECAME AN INCREASINGLY PREPOSTEROUS
FIGURE ATTIRED IN FLOWING CAPE AND WITH GOLDTIPPED CANE HE HELD COURT AT
THE RUSSIAN TEA ROOM AND PRACTICALLY CONSIDERED CARNEGIE HALL HIS OFFICE
HIS MALAPROPISMS AS LONG AS I AM ALIVE I SHALL CONTINUE FOR THE REST OF
MY LIFE ADDED TO THE LEGEND STILL HE INCREASINGLY CAME UNDER ATTACK
FOR FAVORING RUSSIAN AND EUROPEAN ARTISTS HELPING FOSTER THE NOTION THAT
CULTURE IS FOREIGN

AFTER WORLD WAR II HOWEVER HUROK TURNED HIS RUSSIAN CONNECTIONS TO
REMARKABLE ADVANTAGE IMPORTING RUSSIAN ARTISTS EXPORTING AMERICANS IT IS
MR ROBINSON'S CONVINCING CONTENTION THAT THIS CONSTANT CROSSCULTURAL
EXPOSURE WAS THE PRINCIPAL WAY PEOPLES OF THE TWO COUNTRIES KEPT IN
COMMUNICATION AND IT WAS ALSO HUROK'S EXPERIENCE WITH THE RUSSIAN MODEL OF
GOVERNMENT SUPPORT OF THE ARTS THAT INSPIRED HIM TO LOBBY FOR THE CREATION
OF THE NEA DURING THE KENNEDY ADMINISTRATION HIS TIRELESS SUPPORT OF
RUSSIAN ARTISTS MOREOVER LED TO AN ALLEGED BOMBING ATTACK AGAINST HIM BY
THE JEWISH DEFENSE LEAGUE IT WAS BY DEFENDING ONE OF THE JDL ATTACKERS THAT
MR DERSHOWITZ LAUNCHED HIS CAREER

IN THE END HUROK MADE LOTS OF MONEY BUT HE CARED MOST ABOUT THE ART HE
BELIEVED IN THE ARTISTS HE ADORED AND PUBLIC HE TRUSTED HOWEVER BANAL HIS
TASTES COULD SOMETIMES SEEM IN THAT HE REALLY WAS THE LAST IMPRESARIO HIS
AGENCY MADE LITTLE SENSE AFTER HIS DEATH IN 1974 AND IT WAS QUICKLY
ABSORBED INTO THE MORE IMPERSONAL BUSINESSORIENTED MANAGEMENTS ONE NEED
ONLY LOOK TODAY AT THE TIGHTLIPPED POWERFUL MANAGERS WHO STAY BEHIND THE
SCENES EXTRACTING EXORBITANT FEES FOR THEIR CLIENTS WHILE PUBLICLY
EXPRESSING LITTLE INTEREST IN THEIR ART TO MOURN HIS PASSING
9403140062 940314 BUSINESS BRIEF TRANSCANADA PIPELINES LTD 
CLEARANCE IS SOUGHT TO ADD 883 MILLION OF FACILITIES

TRANSCANADA PIPELINES LTD CALGARY ALBERTA ASKED CANADA'S NATIONAL ENERGY
BOARD FOR PERMISSION TO ADD 1201 MILLION CANADIAN DOLLARS US883 MILLION
OF NEW PIPELINE AND NATURALGASCOMPRESSION FACILITIES TO ITS EXISTING
GASPIPELINE SYSTEM IN ONTARIO AND QUEBEC

THE PIPELINE COMPANY SAID IT WANTS TO BUILD 174 MILES OF PIPELINE AND 423
MEGAWATTS OF NEW COMPRESSION TO TRANSPORT 694 MILLION CUBIC FEET OF GAS A
DAY AND PROVIDE 20 MILLION CUBIC FEET A DAY OF GASSTORAGE TRANSPORTATION
SERVICE IT SAID THAT IF ITS APPLICATION IS APPROVED CONSTRUCTION WOULD
START NEXT YEAR AND THE NEW FACILITIES COULD COME INTO SERVICE BY NOV 1
1995 9403140061 940314 BUSINESS BRIEF INTEGRATED WASTE SERVICES INC
 FIRM EXPECTS TO POST LOSSES FOR FOURTH QUARTER AND YEAR

INTEGRATED WASTE SERVICES INC BUFFALO NY SAID IT EXPECTS TO POST A
LOSS OF ABOUT 25 CENTS A SHARE FOR THE FOURTH QUARTER AND IS CONSIDERING
SEVERAL RESTRUCTURING ALTERNATIVES TO RESTORE PROFITABILITY

THE PROVIDER OF WASTE MANAGEMENT TO GOVERNMENT COMMERCIAL AND INDUSTRIAL
CUSTOMERS SAID IT EXPECTS TO POST A LOSS OF ABOUT 20 CENTS A SHARE FOR THE
YEAR AS A RESULT OF ITS QUARTERLY LOSS IT HAD EARNINGS OF 961000 OR 12
CENTS A SHARE IN THE 1992 FOURTH QUARTER FOR THE YEAR IT EARNED 813000
OR 10 CENTS A SHARE

THE COMPANY FURTHER SAID IT ANTICIPATES A LOSS IN THE FIRST QUARTER OF 1994

INTEGRATED SAID IT HAS BEGUN PRELIMINARY NEGOTIATIONS WITH ITS MAJOR LENDING
INSTITUTIONS TO RESOLVE COVENANT VIOLATIONS FROM EXISTING LOANS

A SPOKESMAN SAID THE LOSSES MAINLY ARE ATTRIBUTED TO POORLY PERFORMING
CONTRACTS ANOTHER FACTOR IS THE DISAPPOINTING PERFORMANCE OF RECENT
ACQUISITIONS WHICH THE COMPANY HAD EXPECTED TO BOOST EARNINGS AND ECONOMIC
CONDITIONS ESPECIALLY IN CANADA 9403140059 940314 LAW LEGAL BEAT 
POLLUTION PENALTIES WORRY CORPORATIONS  BY RICHARD B SCHMITT 
STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON TOUGH NEW PENALTIES ARE IN THE WORKS FOR CORPORATE POLLUTERS
AND OPPOSITION BY BUSINESS GROUPS IS PROVING TO BE INTENSE

FOR YEARS ENVIRONMENTALISTS HAVE COMPLAINED THAT JUDGES ACROSS THE COUNTRY
HAVE GONE EASY ON CORPORATIONS ACCUSED OF ENVIRONMENTAL WRONGDOING WITH A
FEW MAJOR EXCEPTIONS FINES IN SUCH CASES HAVE BEEN RELATIVELY SMALL PARTLY
BECAUSE COMPANIES HAVE BEEN ABLE TO SHOW THAT THE PROBLEMS WERE THE RESULT
OF ISOLATED EMPLOYEE MISCONDUCT

NOW A BIPARTISAN PANEL OF THE US SENTENCING COMMISSION IS PROPOSING
STRONGER MEASURES THE RECOMMENDED CHANGES IN SENTENCING RULES ARE COMPLEX
BUT THE BOTTOM LINE WOULD BE SUBSTANTIAL NEW FINES AND A CLEAR MESSAGE TO
COMPANIES TO OVERHAUL THEIR APPROACH TO COMPLYING WITH ENVIRONMENTAL LAWS
IF THE COMMISSION APPROVES THE RULES AND CONGRESS DOESN'T SPECIFICALLY
NEGATE THEM THEY WILL GO INTO EFFECT AUTOMATICALLY CURRENTLY THE
COMMISSION IS SOLICITING PUBLIC COMMENTS

THE PROPOSED GUIDELINES USE A BYZANTINE RATING SYSTEM THAT STARTS BY
GROUPING OFFENSES ACCORDING TO THE SERIOUSNESS OF THE CRIME AND ASSIGNING
THEM NUMERICAL RANKINGS POINTS ARE THEN ADDED OR SUBTRACTED DEPENDING UPON
THE EXISTENCE OF VARIOUS AGGRAVATING OR MITIGATING CIRCUMSTANCES THE
RECOMMENDED FINES THEN VARY ACCORDING TO THE ADJUSTED POINT TOTALS WITH THE
MAXIMUM PUNISHMENT RESERVED FOR CASES OF INTENTIONAL MISHANDLING OF TOXIC
WASTES IN WHICH TOP MANAGERS OF A COMPANY ARE IMPLICATED

THE GUIDELINES' MAIN WEAPON IS A REQUIREMENT THAT COMPANIES MAINTAIN
EXTENSIVE INTERNAL PROGRAMS TO MONITOR POLLUTION CONTROLS AND COMPLIANCE
WITH ENVIRONMENTAL STATUTES IN THE PAST COMPANIES HAVE BEEN ABLE TO GET
FINES SUBSTANTIALLY REDUCED BY SHOWING THAT THEY MAINTAINED SUCH PROGRAMS
BUT THE PROPOSED NEW GUIDELINES REQUIRE THAT COMPANIES TAKE MUCH GREATER
PRECAUTIONS BEFORE THEY WILL BE ENTITLED TO SENTENCING RELIEF ONE BIG
CHANGE REQUIRING THAT LINE MANAGERS BE DIRECTLY INVOLVED IN AUDITING AND
MONITORING ENVIRONMENTAL PRACTICES

IT IS NOT GOING TO BE ENOUGH TO GO TO A LAW FIRM AND GET A 100PAGE
DOCUMENT THAT SAYS A LOT OF NICE ASPIRATIONAL THINGS SAYS JACK COFFEE A
COLUMBIA UNIVERSITY LAW PROFESSOR AND A MEMBER OF THE ADVISORY PANEL

THE PROSPECT OF TOUGHER SENTENCES COMES AT A TIME WHEN THE CLINTON
ADMINISTRATION HAS VOWED TO CRACK DOWN ON POLLUTERS IN COURT THOUGH THE
ENVIRONMENT WAS ONCE AN ENFORCEMENT WASTELAND THE NUMBER OF INDICTMENTS OF
COMPANIES AND CORPORATE OFFICIALS FOR ENVIRONMENTAL OFFENSES HAS MORE THAN
TRIPLED SINCE 1983 ACCORDING TO BEVERIDGE & DIAMOND A WASHINGTON LAW FIRM
SPECIALIZING IN ENVIRONMENTAL LAW THE NEW ADMINISTRATION IS WIDELY EXPECTED
TO INCREASE THAT PACE SUBSTANTIALLY

ENVIRONMENTAL CRIMES ARE A PARTICULARLY INSIDIOUS FORM OF CRIMINAL
CONDUCT SAYS JONATHAN TURLEY A LAW PROFESSOR AT GEORGE WASHINGTON
UNIVERSITY WHO SAT ON THE ADVISORY PANEL

AT THE SAME TIME MANY BUSINESS GROUPS FEEL THE SENTENCING PROPOSALS ARE
OVERLY HARSH AND FAIL TO RECOGNIZE THAT COMPANIES THEMSELVES CAN BE VICTIMS
OF ENVIRONMENTAL CRIMES BY EMPLOYEES SUCH CRIMES CAN BE EXPENSIVE BOTH IN
TERMS OF CLEANUP COSTS AND PUBLIC RELATIONS GROUPS INCLUDING THE NATIONAL
ASSOCIATION OF MANUFACTURERS AND THE AMERICAN PETROLEUM INSTITUTE AMONG
OTHERS HAVE LOBBIED AGAINST THE SENTENCING PROPOSALS AND THE
BUSINESSORIENTED WASHINGTON LEGAL FOUNDATION HAS SUED THE ADVISORY PANEL
FOR HOLDING ITS DELIBERATIONS IN SECRET THESE GROUPS ALL SAY THEY ARE
CONCERNED THAT THE NEW FINES WOULD BE COUNTERPRODUCTIVE

IT IS GOING TO BE A DISASTER FOR CORPORATIONS SAYS VICTORIA TOENSING A
FORMER JUSTICE DEPARTMENT OFFICIAL IN THE REAGAN ADMINISTRATION WHO HAS BEEN
LOBBYING AGAINST THE RULES ON BEHALF OF A COALITION OF CORPORATE INTERESTS
WE AREN'T GOING TO HELP THE ENVIRONMENT WE ARE ONLY GOING TO HARM
CORPORATIONS

THE PANEL'S WORK IS AN OUTGROWTH OF A 1991 EFFORT TO SET GUIDELINES FOR
SENTENCING CORPORATE DEFENDANTS IN GENERAL AT THE TIME THE SENTENCING
COMMISSION AN ARM OF THE JUDICIARY WHICH SEEKS TO PROMOTE UNIFORM TREATMENT
OF DEFENDANTS CONVICTED OF COMPARABLE OFFENSES IN THE FEDERAL COURTS
DECIDED THAT ENVIRONMENTAL CASES MERITED SPECIAL ATTENTION IT COMMISSIONED
THE ADVISORY PANEL TO STUDY THE ISSUE AND LAST NOVEMBER THE PANEL RELEASED
ITS REPORT

A MAJOR PREMISE OF THE COMMISSION'S WORK IS THAT PAST FINES HAVE BEEN TOO
SMALL BETWEEN 1984 AND 1990 FOR INSTANCE THE MEDIAN FINE OBTAINED IN
CRIMINAL PROSECUTIONS WAS ROUGHLY 50000 ACCORDING TO MARK COHEN A
VANDERBILT UNIVERSITY ECONOMIST AND PROFESSOR WHO TEACHES A COURSE ON
ENVIRONMENTAL MANAGEMENT MORE RECENTLY THE FINES HAVE STARTED TO INCREASE
MOST NOTABLY WITH THE 1 BILLION THAT EXXON CORP PAID IN CONNECTION WITH
SETTLING CRIMINAL AND CIVIL CLAIMS IN CONNECTION WITH THE 1989 PRINCE
WILLIAM SOUND OIL SPILL

PROVISIONS OF THE NEW SENTENCING GUIDELINES COULD RAPIDLY INCREASE THE
STAKES IN SUCH CASES THE GUIDELINES FOR EXAMPLE REQUIRE COURTS TO IMPOSE
A FINE FOR EACH COUNT IN AN INDICTMENT FOR WHICH A DEFENDANT IS FOUND
GUILTY UNDER FEDERAL CLEAN AIR AND WATER STATUTES PROSECUTORS ARE
PERMITTED TO COUNT EACH DAY THAT A COMPANY IS VIOLATING THE LAW AS A
SEPARATE OFFENSE IN PROLONGED CASES THE FINES COULD ADD UP WITH MAXIMUM
FINES OF UP TO 500000 FOR EACH COUNT

ANOTHER PROVISION WOULD SET THE MINIMUM FINE AT NO LESS THAN AN AMOUNT EQUAL
TO THE COSTS OF CLEANING UP THE POLLUTION WHILE THE PANEL DIDN'T AGREE
UNANIMOUSLY ON THE POINT IT HAS ALARMED ATTORNEYS REPRESENTING COMPANIES IN
SUCH CASES WHO CONSIDER THE IDEA OVERLY PUNITIVE

THE SENTENCING COMMISSION HAS YET TO ACT ON THE FINDINGS AND PROBABLY WON'T
FOR MONTHS FOR ONE THING THE SENTENCING COMMISSION ITSELF HAS SEVERAL
VACANCIES THAT THE CLINTON ADMINISTRATION MUST FILL BUT THE PANEL'S
RECOMMENDATIONS WILL BE HARD TO IGNORE COMPLETELY THE GROUP'S 16 MEMBERS
INCLUDE A NUMBER OF CORPORATE GENERAL COUNSEL AND DEFENSE COUNSEL ALONG
WITH ENVIRONMENTALISTS AND PROSECUTORS AMONG THOSE SUPPORTING THE DRAFT
CHEMICAL WASTE MANAGEMENT INC THE NATION'S LARGEST HAZARDOUSWASTE
CONCERN

JAMES BANKS CHEMICAL WASTE MANAGEMENT'S VICE PRESIDENT GOVERNMENT AFFAIRS
SAYS HE DIDN'T AGREE WITH EVERYTHING IN THE FINAL REPORT BUT HE SUSPECTS
THAT TOUGHER SENTENCES MAY BE INEVITABLE BECAUSE OF HEIGHTENED CONCERN OVER
THE ENVIRONMENT THE BIG QUESTION MARK FOR ME IS NOT WHETHER BUT WHEN
HE SAYS

WHO'S NEWS TWENTYFIVE INTELLECTUALPROPERTY LAWYERS FROM THE RECENTLY
DISSOLVED LAW FIRM SHEA & GOULD HAVE JOINED ROGERS & WELLS A 360LAWYER
FIRM IN NEW YORK SHEA & GOULD ALSO BASED IN NEW YORK CLOSED ITS DOORS IN
JANUARY AMID CONFLICTS OVER THE FIRM'S FUTURE MANAGEMENT 9403140057
940314 ECONOMY TRACKING THE ECONOMY

KEY STATISTICS SCHEDULED TO BE RELEASED THIS WEEK 9403140056 940314
BUSINESS BRIEF NOMA INDUSTRIES LTD COMPANY AGREES TO SELL UNIT TO
TOMKINS FOR 115 MILLION

NOMA INDUSTRIES LTD SAID IT AGREED TO SELL ITS OUTDOOR POWER EQUIPMENT
MANUFACTURING GROUP TO TOMKINS PLC OF BRITAIN FOR 115 MILLION US

NOMA SAID IN TORONTO THAT IT RECORDED A CHARGE OF 24 MILLION AGAINST ITS
EARNINGS FOR THE FOURTH QUARTER RELATED TO THE SALE

THE TRANSACTION IS SUBJECT TO REGULATORY APPROVALS IN CANADA AND THE US

TOM BECK CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF NOMA SAID THAT THE SALE
WILL IMPROVE THE COMPANY'S FINANCIAL POSITION AND ALLOW IT TO PURSUE GROWTH
OPPORTUNITIES IN ITS CORE BUSINESSES OF CHRISTMAS PRODUCTS NOTABLY
CHRISTMAS LIGHTS AND DECORATIONS AND ELECTRICAL WIRES AND PARTS THE
BUSINESSES SOLD TO TOMKINS INCLUDE NOMA'S LAWN MOWER AND SNOW BLOWER
MANUFACTURING OPERATIONS 9403140055 940314 STRONG/CORNELIUSON IN TALKS
WITH SEC OVER INQUIRY RELATING TO CROSS TRADES  BY SARA CALIAN 
STAFF REPORTER OF THE WALL STREET JOURNAL

STRONG/CORNELIUSON CAPITAL MANAGEMENT INC SAID IT IS HOLDING ONGOING
DISCUSSIONS WITH THE SECURITIES AND EXCHANGE COMMISSION ABOUT ITS MOVEMENT
OF SECURITIES AMONG SOME OF ITS FUNDS

IN RESPONSE TO A FRIDAY ARTICLE IN THIS NEWSPAPER DISCLOSING THE SEC
INQUIRY THE MILWAUKEE MONEYMANAGEMENT FIRM ISSUED A MEMO TO ALL
ASSOCIATES SAYING THAT THE FIRM IS COOPERATING WITH THE SEC IN AN
INVESTIGATION RELATING TO CROSS TRADES AND DISCLOSURES BETWEEN 1987 AND
EARLY 1990

STRONG HAD REFUSED TO COMMENT PRIOR TO THE ARTICLE CROSS TRADING IS THE
TRANSFERRING OF STOCKS OR BONDS AMONG VARIOUS FUNDS WITHIN THE SAME COMPANY

ONE AREA OF SEC SCRUTINY IS UNDERSTOOD TO BE WHETHER SOME JUNK BONDS MAY
HAVE BEEN MOVED OUT OF INSTITUTIONAL FUNDS AND INTO MUTUAL FUNDS WHEN THE
FIRM'S PERFORMANCE WAS SAGGING IN 198990 THE COMPANY'S MEMO SAID THERE
HAS NEVER BEEN ANY ALLEGATION THAT TRADES WERE USED TO FAVOR ONE ACCOUNT
OVER ANOTHER NOR IS THERE ANY BASIS FOR SUCH AN ALLEGATION

AMONG OTHER THINGS THE SEC IS BELIEVED TO BE LOOKING AT STRONG TOTAL RETURN
FUND AN INCOME AND CAPITALAPPRECIATION MUTUAL FUND THE COMPANY'S MEMO
DIDN'T MENTION STRONG TOTAL RETURN

THE FIRM'S TELEPHONE OPERATORS READ THE MEMO TO CLIENTS WHO INQUIRED ABOUT
THE ARTICLE THE COMPANY IS HEADED BY VETERAN MUTUALFUND MANAGER RICHARD
STRONG IT CURRENTLY MANAGES 10 BILLION INCLUDING 78 BILLION IN MUTUAL
FUNDS

THE INVESTIGATION IS LOOKING AT WHETHER THE CROSS TRADES WERE CONDUCTED IN
ACCORDANCE WITH AN SEC RULE THAT SETS FORTH A NUMBER OF CONDITIONS FOR CROSS
TRADES AND WHETHER THE FIRM'S DISCLOSURES ACCURATELY DESCRIBE ITS TRADING
POLICIES THE MEMO SAID

THIS IS INFORMATION ABOUT SOMETHING THAT HAPPENED FOUR TO SIX YEARS AGO AND
DOESN'T RELATE AT ALL TO STRONG FUNDS TODAY A COMPANY SPOKESWOMAN SAID
SHE SAID THERE WAS NO UNUSUAL REDEMPTION ACTIVITY FRIDAY

THE STRONG FUNDS HAD A ROUGH 1989 AND 1990 LARGELY BECAUSE OF INVESTMENTS
IN JUNK BONDS AND TAKEOVER STOCKS IN 1991 MR STRONG HIRED SEVERAL TOP
MANAGERS AND STARTED TO TURN THE FIRM AROUND THE STRONG/CORNELIUSON OF
TODAY IS A VASTLY DIFFERENT FIRM THAN THE ONE IN THE LATE 1980S THE MEMO
SAID OUR PORTFOLIO MANAGERS AND ANALYSTS HAVE GROWN FROM SEVEN TO 28 
 WHILE WE DIDN'T HAVE EVEN ONE LAWYER ON STAFF IN 1990 WE HAVE A LEGAL AND
COMPLIANCE TEAM TODAY OF NINE INDIVIDUALS INCLUDING FOUR LAWYERS ENFORCING
A CONSERVATIVE COMPLIANCE POLICY

WE WISH THAT WE COULD PROVIDE MORE INFORMATION ABOUT THIS MATTER BUT WE
CAN'T GIVEN THAT IT'S THE SUBJECT OF ONGOING DISCUSSIONS WITH THE SEC
STRONG'S MEMO SAID WE BELIEVE THAT IT WILL BE SATISFACTORILY RESOLVED
9403140052 940314 POLITICS & POLICY HUBBELL AND ROSE LAW FIRM ARE
LOCKED IN GROWING DISPUTE OVER EXPENSES BILLS  BY ELLEN JOAN
POLLOCK STAFF REPORTER OF THE WALL STREET JOURNAL

ASSOCIATE ATTORNEY GENERAL WEBSTER HUBBELL IS ENGULFED IN AN ESCALATING
DISPUTE WITH HIS FORMER LAW FIRM IN LITTLE ROCK THAT INVOLVES OVER 1
MILLION IN EXPENSES AND UNBILLED TIME CHARGES AND QUESTIONS ABOUT HIS
PERSONAL EXPENSES

PARTNERS AT THE ROSE LAW FIRM WHERE HILLARY RODHAM CLINTON ALSO PRACTICED
ARE UNHAPPY ABOUT MR HUBBELL'S REPRESENTATION OF POM INC A PARKING
METER FIRM OWNED BY HIS BROTHERINLAW SETH SKEETER WARD THE FIRM ALSO
HAS ASKED MR HUBBELL TO PROVIDE BACKUP DOCUMENTATION OF CERTAIN EXPENSES
MR HUBBELL WROTE HIMSELF CHECKS ON THE FIRM'S ACCOUNT TO REIMBURSE HIMSELF
FOR EXPENSES WITHOUT PROVIDING SUFFICIENT DOCUMENTATION ACCORDING TO A
PERSON AT THE FIRM THIS PERSON SAYS MR HUBBELL HAS MISSED ONE DEADLINE FOR
PROVIDING THE INFORMATION

THE POM CASE INVOLVES AN UNSUCCESSFUL PATENT INFRINGEMENT AND ANTITRUST
SUIT THE COMPANY FILED AGAINST A COMPETITOR MR HUBBELL TOOK THE CASE ON A
CONTINGENCYFEE BASIS THAT MEANT THAT HIS BROTHERINLAW WOULD HAVE TO PAY
ROSE ONLY IF MR HUBBELL WON THE CASE ROSE LIKE OTHER LARGE CORPORATE
FIRMS VERY RARELY TAKES ON CONTINGENCYFEE CASES AND AT LEAST SOME OF MR
HUBBELL'S PARTNERS DIDN'T LEARN OF THE UNUSUAL FEE ARRANGEMENT UNTIL AFTER
HE LEFT THE FIRM TO JOIN THE CLINTON ADMINISTRATION BECAUSE POM LOST THE
CASE ROSE WAS FORCED TO SWALLOW ROUGHLY 500000 IN UNBILLED TIME CHARGES

EVEN MORE IRKSOME TO MR HUBBELL'S PARTNERS WERE MORE THAN 500000 IN
OUTSTANDING LITIGATION EXPENSES THAT THE FIRM EXPECTED POM TO PICK UP
ACCORDING TO A PERSON AT ROSE POM TOLD THE FIRM THAT IT COULD NOT AFFORD
TO REIMBURSE IT FOR THE EXPENSES SOME OF WHICH INVOLVED PAYMENTS TO EXPERT
WITNESSES AND PATENT LAWYERS

CHARLES RIVER & ASSOCIATES AN ECONOMIC ANALYSIS AND RESEARCH FIRM THAT
PROVIDED AN EXPERT WITNESS FOR POM SUED ROSE FOR 122000 THAT CASE WAS
SETTLED LAST JUNE AND MR HUBBELL PAID FOR SOME OF THAT BILL OUT OF HIS OWN
POCKET ACCORDING TO THE PERSON AT THE FIRM

MR HUBBELL'S WASHINGTON LAWYER JOHN NIELDS WHO IS NEGOTIATING WITH ROSE
DIDN'T RETURN PHONE CALLS RONALD CLARK ROSE'S MANAGING PARTNER DECLINED
TO COMMENT BUT SAID LAST WEEK THAT THE FIRM HAD NOT YET REACHED ANY
CONCLUSIONS ABOUT ITS REVIEW MR WARD OF POM DIDN'T RETURN PHONE
CALLS

USUALLY UNPAID EXPENSES ARE DEDUCTED FROM THE RESPONSIBLE PARTNER'S
COMPENSATION OVER A FIVEYEAR PERIOD ACCORDING TO THE ROSE SOURCE BUT THAT
DIDN'T HAPPEN IN THIS CASE BECAUSE MR HUBBELL LEFT TO JOIN THE JUSTICE
DEPARTMENT AT THAT TIME THE FIRM PAID MR HUBBELL MORE THAN 100000 IN
CAPITAL BUT NOTHING WAS DEDUCTED FOR THE POM EXPENSES WE WERE ALL
PRETTY UP AT THE TIME AND WE DID NOT BELIEVE THE FIRM WOULD NOT BE REPAID
EXPLAINS THE PERSON AT ROSE

MR HUBBELL RECENTLY ACKNOWLEDGED THAT THE FIRM HAD ASKED HIM FOR BACKUP
DOCUMENTATION ON CERTAIN EXPENSES PAID FOR BY THE FIRM ROSE LAWYERS AND
AUDITORS FROM THE RESOLUTION TRUST CORP ARE REVIEWING MR HUBBELL'S AND
OTHER LAWYERS' BILLS ON A NUMBER OF CASES INCLUDING A NUMBER OF RTC CASES
IF IMPROPER BILLINGS ARE FOUND ROSE MIGHT HAVE TO REPORT THEM TO STATE
DISCIPLINARY AUTHORITIES

MEANWHILE MRS CLINTON ANOTHER FORMER ROSE PARTNER DEFENDED THE FIRST
COUPLE'S HANDLING OF THE WHITEWATER CONTROVERSY IN AN INTERVIEW IN TIME
MAGAZINE WE DID THE BEST WE COULD ALWAYS TO BE AS STRAIGHTFORWARD ON
THIS AS WE COULD BASED ON WHAT WE KNOW MRS CLINTON SAID SHE ALSO SAID
SHE AND PRESIDENT CLINTON ARE PREPARED TO PAY MORE IN BACK INCOME TAXES IF
IT TURNS OUT THEY UNDERPAID THEIR TAXES ON THE WHITEWATER LAND DEAL IN THE
1970S AND 1980S

APPEARING ON ABCTV'S THIS WEEK WITH DAVID BRINKLEY JAMES MCDOUGAL THE
CLINTONS' ERSTWHILE BUSINESS PARTNER IN WHITEWATER DEFENDED THE PRESIDENT
AND FIRST LADY MORE VEHEMENTLY THAN EVER BEFORE QUOTING FROM SHAKESPEARE
HE DISMISSED THE WHITEWATER MATTER AS BEING FULL OF SOUND AND FURY
SIGNIFYING NOTHING AND OFFERED ANEW TO TAKE A POLYGRAPH TEST SAYING MR
CLINTON ISN'T GUILTY OF ANY CRIME AS FOR MRS CLINTON MR MCDOUGAL SAID
SHE MAY HAVE DONE SOME VERY SLOPPY BOOKKEEPING REGARDING WHITEWATER
FINANCES HE ALSO THREATENED TO SUE FOR LIBEL REP JAMES LEACH R IOWA
ONE OF THE CLINTONS' LOUDEST CRITICS IN THE WHITEWATER AFFAIR REP LEACH
ON CBSTV'S FACE THE NATION SAID HE WOULD STAND BY EVERYTHING HE HAS
SAID

WHITE HOUSE COUNSEL LLOYD CUTLER DISMISSED THE NOTION OF THE CLINTONS
TESTIFYING BEFORE CONGRESS THERE ARE OTHER WAYS TO ELICIT INFORMATION HE
SAID ON THE BRINKLEY SHOW AFTER ALL THE PRESIDENT IS RUNNING THE
COUNTRY HE DISMISSED WHITEWATER AS NOT MUCH OF AN AFFAIR BEYOND POSSIBLE
TAX QUESTIONS SO FAR AS THE CLINTONS KNOW NOTHING IMPROPER WAS DONE HE
ASSERTED

WHILE ACKNOWLEDGING MEETINGS BETWEEN WHITE HOUSE AND TREASURY OFFICIALS
CREATED AN APPEARANCE PROBLEM MR CUTLER INSISTED THAT WHITE HOUSE AIDES
MADE NO EFFORT TO INFLUENCE GOVERNMENT INVESTIGATIONS INTO MADISON
GUARANTY

BRUCE INGERSOLL CONTRIBUTED TO THIS ARTICLE 9403140051 940314 GLOBAL
VIEW WHITEWATER DERIVATIVES AND THE URGE TO REGULATE  BY GEORGE
MELLOAN

ON THE FRONT PAGES OF AMERICAN NEWSPAPERS WHITEWATER DEVELOPMENT FINALLY IS
BECOMING A BIG STORY ON THE FINANCIAL PAGES THE GLOBAL MARKET IN SOMETHING
CALLED DERIVATIVES IS GETTING SCRUTINY THESE TWO STORIES MIGHT SEEM
UNRELATED IN FACT THEY FIT TOGETHER LIKE MORTISE AND TENON

MOST EVERYONE BY NOW KNOWS ABOUT WHITEWATER INDEED MY COLLEAGUE DAVID
BROOKS WAS QUESTIONED ABOUT IT BY FLEMISH STUDENTS AT A SEMINAR IN LEUVEN
BELGIUM THE OTHER NIGHT THEY WERE UP TO SPEED ON THE CENTRAL QUESTION
WHETHER BILL AND HILLARY CLINTON THROUGH A COMPANY CALLED WHITEWATER
DEVELOPMENT HELPED LOOT MADISON GUARANTY SAVINGS & LOAN OF LITTLE ROCK
ARK MORE TO THE POINT ARE THE CLINTONS NOW ENGAGED IN EFFORTS AT POLITICAL
DAMAGE CONTROL THAT INVOLVE FURTHER LEGAL AND ETHICAL NONNICETIES

WITH FINANCIAL DERIVATIVES THE ISSUE IS MORE ILLUSIVE AND ABSTRUSE THERE
IS LITTLE EVIDENCE THAT THEIR USERS HAVE VIOLATED ANY LAWS OR CREATED ANY
PROBLEMS OF ANY KIND FOR THAT MATTER BUT FORTUNE BARRON'S AND OTHER
FORUMS ARE CARRYING DEBATES ON WHETHER THEIR MERE PROLIFERATION TO A
NOTIONAL VALUE OF SOME 4 TRILLION THREATENS THE WORLD WITH SOME
ASYETUNFORESEEN FINANCIAL CATASTROPHE

READERS ALREADY WILL HAVE GUESSED THE UNDERLYING RELATIONSHIP BETWEEN
WHITEWATER AND DERIVATIVES THE ISSUE IS REGULATION MADISON GUARANTY WAS
AT LEAST THEORETICALLY A FEDERALLY REGULATED INSTITUTION MANY PEOPLE THINK
THAT TRADING IN FINANCIAL DERIVATIVES SHOULD BE MORE HEAVILY REGULATED AS
WELL BUT IF MADISON GUARANTY COULD NOT BE SUPERVISED EFFECTIVELY WHY DOES
ANYONE THINK FINANCIAL DERIVATIVES CAN BE

THE WORLD'S BANK REGULATORS GET THEIR HEADS TOGETHER IN BASEL SWITZERLAND
FROM TIME TO TIME THEY THINK THAT BANK TRADING IN DERIVATIVES AND OTHER
INSTRUMENTS SHOULD BE BACKED WITH REQUIRED AMOUNTS OF CAPITAL RELATIVE TO
RISKS INVOLVED IN SHORT THE BASEL GROUP WANTS TO EXPAND TO BANK TRADING
THE RISKBASED MINIMUM CAPITAL REQUIREMENTS THEY ESTABLISHED FOR BANK
LENDING IN 1988 THEY ARE NOT DETERRED BY THE FACT THAT THE BASEL
REQUIREMENTS PUT A GLOBAL DAMPER ON COMMERCIAL LENDING BY BANKS FOR SOME
YEARS AND INDEED CAUSED BANKS TO TURN TO THEIR NOWCONTROVERSIAL TRADING
DESKS TO TRY TO RESTORE THEIR PROFITS

TO BE SURE FINANCIAL DERIVATIVES ARE RATHER STRANGE LITTLE ANIMALS THEY
CARRY FUNNY NAMES SUCH AS SWAPTIONS STRIPS COLLARS CAPTIONS NAMES
THAT THE ROCKET SCIENTISTS WHO CREATE THEM AS HEDGING INSTRUMENTS THINK ARE
DESCRIPTIVE OF WHAT THEY DO THE FACT THAT THE CREATORS OFTEN ARE
MATHEMATICIANS OR COMPUTER NERDS GOOD AT HANDLING COMPLEX EQUATIONS
CONTRIBUTES TO THE SUSPICIONS OF POLITICIANS AND REGULATORS THAT THERE IS
SOMETHING GOING ON HERE THAT THE AVERAGE PERSON ISN'T SUPPOSED TO
UNDERSTAND AT 4 TRILLION THE KIDS AT THEIR COMPUTERS ARE PLAYING WITH
WHAT LOOKS LIKE BIG MONEY SOME CRITICS THINK THAT A BIG SHOCK TO FINANCIAL
MARKETS MIGHT START A DERIVATIVE CHAIN REACTION THAT WOULD CAUSE A GLOBAL
FINANCIAL MELTDOWN

IN PRINCIPLE HOWEVER DERIVATIVES ARE NOT AS COMPLICATED AS THEY SOUND
THEY ARE MERELY CONTRACTS THAT DERIVE THEIR VALUE FROM SOME UNDERLYING
ASSET SUCH AS A BOND IF FOR EXAMPLE ONE PARTY WANTS TO HEDGE AGAINST A
FUTURE RISK BY ACQUIRING THE REVENUE STREAM FROM A VARIABLERATE SECURITY
HE MIGHT SWAP THE REVENUE STREAM FROM A FIXEDRATE SECURITY TO SOMEONE WITH
A FIXEDRATE PREFERENCE THE TWO DON'T TRADE THE UNDERLYING ASSET THEY JUST
MAKE A CONTRACT TO TRADE PLACES FOR A WHILE AT RELATIVELY LOW COST TRADERS
CAN HEDGE PERHAPS IN SEVERAL DIFFERENT WAYS TO PROTECT THEMSELVES AGAINST
FUTURE CHANGES IN UNDERLYING VALUES

WHETHER THE COUNTERPARTIES ARE EACH GOOD FOR THE AMOUNT OF THE CONTRACT IS
OF COURSE OF SOME IMPORTANCE BUT THAT'S TRUE IN ANY CONTRACTUAL
ARRANGEMENT AS TO THE POSSIBILITY OF A MELTDOWN ANYTHING IS POSSIBLE BUT
PRESUMABLY AT ANY GIVEN POINT IN TIME THE HEDGES ON ONE SIDE OF A MARKET
ROUGHLY EQUAL THOSE ON THE OTHER SIDE LENDING IN THEORY AT LEAST A
CERTAIN STABILITY TO THE COMPLEX NETWORK OF HEDGES

IT IS TRUE OF COURSE THAT THE TRADERS ARE PRETTY MUCH ON THEIR OWN WITH
NOTHING MUCH TO PROTECT THEM EXCEPT THEIR OWN JUDGMENT YET THERE PROBABLY
WOULD NOT BE 4 TRILLION WORTH OF CONTRACTS FLOATING AROUND THE GLOBE UNLESS
LARGE BANKING INSTITUTIONS FELT THEY HAD AT LEAST SOME GRIP ON THE RISKS
AND INDEED SEPARATE STUDIES BY THE COMMODITY FUTURES TRADING COMMISSION AND
A TASK FORCE SET UP BY A BANKING INDUSTRY ORGANIZATION CALLED THE GROUP OF
30 COULD SEE NO NEED FOR FURTHER REGULATION OF THESE INSTRUMENTS THE GROUP
OF 30 STUDY WAS LED BY FORMER FED CHAIRMAN PAUL VOLCKER WHO FEW WOULD
REGARD AS A SOFT TOUCH WHERE BANKS AND MARKETS ARE CONCERNED

ONE OF THE INTERESTING CHARACTERISTICS OF DERIVATIVES IS THAT EVEN IF
SOMEONE DECIDED THEY SHOULD BE REGULATED IT WOULD NOT BE EASY TO DEVISE A
METHOD FOR DOING SO TRADING IN FINANCIAL INSTRUMENTS TODAY IS GLOBAL AND
MOVES WITH THE SPEED OF LIGHT THE ROCKET SCIENTISTS RUNNING HEDGING
OPERATIONS ARE DEALING RAPIDLY WITH DIFFICULT EQUATIONS AS THEY TRY TO
BALANCE RISK AGAINST RISK TO PROTECT THE CUSTOMER'S UNDERLYING POSITION
FORMER CHICAGO MERCANTILE EXCHANGE CHAIRMAN LEO MELAMED WROTE IN BARRON'S
LAST WEEK THAT CONGRESS WILL FIND IT JUST AS IMPOSSIBLE TO FULLY DIRECT THE
DEVELOPMENT OF FINANCIAL ENGINEERING AS HAS BEEN THE CASE WITH ANOTHER
ADVANCED SCIENCE GENETIC ENGINEERING

THE UNDERLYING QUESTION IN BOTH CASES OF COURSE IS WHETHER THE PUBLIC IS
SOMEHOW ENDANGERED FOR THE ANSWER IT IS USEFUL TO ASK EXACTLY HOW
EFFECTIVE CONGRESS HAS BEEN IN PROTECTING THE PUBLIC IN THE PAST THE US
FINANCIAL SERVICES INDUSTRY IS ARGUABLY THE MOST HEAVILY REGULATED IN THE
WORLD WITH FIVE OR SIX DIFFERENT REGULATORY AGENCIES AT THE FEDERAL LEVEL
NOT COUNTING THE SECURITIES AND EXCHANGE COMMISSION AND STATE BANKING
AUTHORITIES AND YET LARGE NUMBERS OF INSTITUTIONS IN THE VAST SAVINGS AND
LOAN INDUSTRY COLLAPSED AT GREAT COST TO AMERICAN TAXPAYERS THEY COLLAPSED
NOT BECAUSE OF TOO LITTLE POLITICAL INTEREST BUT BECAUSE OF TOO MUCH THE
SAFETY NET FOR S&LS EVENTUALLY BECAME SO CUSHY THROUGH ALMOST UNLIMITED
FEDERAL DEPOSIT INSURANCE THAT IT ATTRACTED LARGE AMOUNTS OF CASH AND A
RAVAGING HORDE OF FAST BUCK EXPLOITERS

THE ISSUE ON THE FRONT PAGES OF THE AMERICAN PRESS IS WHETHER THE PRESIDENT
AND HIS WIFE WERE AMONG THOSE EXPLOITERS THE ISSUE ON THE BUSINESS PAGES IS
WHETHER A FINANCIAL SERVICE IS SAFER IF IT RELIES ON THE INDIVIDUAL JUDGMENT
OF ITS DELIVERERS OR IF IT IS SUBJECT TO INTENSE REGULATORY SUPERVISION
MAYBE THE ANSWER IS BY NOW SELFEVIDENT 9403140050 940314 INTERNATIONAL
 SECURITIES FIRM IN JAPAN TO GET LOAN FROM DAIICHI  BY QUENTIN
HARDY STAFF REPORTER OF THE WALL STREET JOURNAL

TOKYO JAPAN'S FINANCIAL WALLS ARE CRUMBLING WITH BANKS AND BROKERAGES
CHARGING INTO EACH OTHER'S BUSINESS

REGULATORS HOPE THAT THE PHENOMENON WHICH PUTS JAPAN AHEAD OF THE US IN
THE TREND TOWARD UNIVERSAL BANKING WILL MEAN A STRONGER FINANCIAL SYSTEM
INCLUDING A VIBRANT CORPORATE BOND MARKET

BUT JAPAN'S FINANCIAL SINS OF THE PAST INCLUDING SHADY SECURITIES
TRANSACTIONS AND THE PRESSURE ON LOANSTARVED BANKS TO CAPTURE MARKET
SHARE RAISE SOME DOUBTS

ON FRIDAY KANKAKU SECURITIES CO ANNOUNCED IT WAS TAKING AN EMERGENCY 70
BILLIONYEN 666 MILLION SUBORDINATED LOAN FROM DAIICHI KANGYO BANK LTD
DKB THE WORLD'S LARGEST BANK IS EXPECTED TO GAIN ADDED INFLUENCE OVER
KANKAKU IN WHICH IT ALREADY HOLDS A 49 STAKE WHICH WILL BE USEFUL WHEN
DKB OPENS ITS OWN SECURITIES SUBSIDIARY LATER THIS YEAR

BUT 666 MILLION MAY NOT BUY DKB ALL THAT MUCH KANKAKU PROJECTED PRETAX
LOSSES OF 733 MILLION FOR THE YEAR ENDING MARCH 31 LARGELY FROM
QUESTIONABLE BONDTRADING PRACTICES STRETCHING BACK TO 1990 KANKAKU ALSO
HAS ONE OF THE HIGHEST BREAKEVEN POINTS OF ANY COMPARABLE SECURITIES FIRM

TO THE EXTENT THAT DKB IS IN THE SECURITIES BUSINESS FASTER IT'S GOOD BUT
THIS IS NOT A CLEARCUT POSITIVE SAID BETSY DANIELS FINANCIAL ANALYST AT
MORGAN STANLEY JAPAN INC

SHORTTERM DKB SUFFERS FROM INJECTING FUNDS INTO KANKAKU SAID NOZOMU
KUNISHIGE FINANCIAL ANALYST AT KLEINWORT BENSON INTERNATIONAL INC BUT IN
THE LONG TERM HE ADDED IT'S GOOD FOR THEM TO HAVE AN AFFILIATED BROKER

THAT'S BECAUSE DKB'S OWN SECURITIES OPERATION WHICH IS EXPECTED TO BEGIN IN
NOVEMBER WILL BE ALLOWED TO UNDERWRITE CORPORATE BONDS BUT WON'T BE
ALLOWED TO MANAGE RETAIL DISTRIBUTION EQUITY UNDERWRITING IS ENTIRELY OFF
LIMITS FOR THE BANK'S SECURITIES ARM FOR NOW

WE WOULD LIKE TO COOPERATE WITH DKB'S SECURITIES COMPANY SAID YOICHIRO
KATO KANKAKU'S PRESIDENT WHO ANNOUNCED KANKAKU'S LOSSES

IN A PREPARED STATEMENT DKB PRESIDENT TADASHI OKUDA NOTED THAT BOTH
KANKAKU A MIDSIZED SECURITIES COMPANY WITH 4400 EMPLOYEES AND THE
MINISTRY OF FINANCE HAD ASKED DKB TO STEP IN WE EXPECT KANKAKU TO PROMOTE
RATIONALIZATION AND STREAMLINING OF ITS BUSINESS IN THE FUTURE THE
STATEMENT SAID

DKB IS ONE OF JAPAN'S 10 MAJOR CITY OR COMMERCIAL BANKS ALL OF WHICH ARE
EXPECTED TO LINE UP SECURITIES AFFILIATES THIS YEAR TWO OTHER JAPANESE
BANKS SPECIALIZING IN LONGTERM CORPORATE LENDING LONGTERM CREDIT BANK OF
JAPAN LTD AND INDUSTRIAL BANK OF JAPAN LTD OPENED SUCH AFFILIATES LAST
YEAR

IBJ SECURITIES CO FAMOUS FOR HIRING SOME OF THE SAVVIEST BANKERS IN TOKYO
HAS BEEN AN EARLY LEADER IN THE SECURITIES FIELD THE COMPANY IS MANAGING A
190 MILLION JAPANESE DOMESTIC BOND ISSUE FOR NISSAN MOTOR CO AND IBJ
PRESIDENT YO KUROSAWA SEES MORE SUCH ISSUES IN THE NEAR FUTURE

THE GLOBAL TREND IS TOWARD THE BOND BUSINESS MR KUROSAWA SAID MOVING
INTO SECURITIES IS THE MOST EXCITING TREND IN JAPANESE BANKING

JAPAN HAS A LONG WAY TO GO BEFORE IT HAS A WORLDSCALE BOND MARKET MOST OF
JAPAN'S 2500 PUBLICLY LISTED COMPANIES HAVE BEEN DISCOURAGED FROM ISSUING
DOMESTIC CORPORATE BONDS BECAUSE OF RULES DICTATING HIGH BANK FEES AS A
PREREQUISITE TO ISSUANCE

BUT WITH JAPANESE BANKS HURTING FROM A LOSS OF CLIENTS TO THE OFFSHORE
CAPITAL MARKETS THE TERMS ARE LIKELY TO EASE PARTICULARLY WHEN BANKS
BECOME BOND UNDERWRITERS INDEED THE FEAR IS THAT NEWLY MINTED UNIVERSAL
BANKERS WILL PRESS FOR MARKET SHARE AND EVERYONE WILL LOSE MONEY

TARO YAMADA DEPUTY PRESIDENT OF YAMAICHI SECURITIES CO ALREADY WORRIES
ABOUT WHAT A BIG INFLUX OF NEW BROKERAGES MEANS FOR HIS BOTTOM LINE OUR
OLD TERRITORY IS BEING INVADED HE SAID THE BIDDING FOR BONDS IS GOING TO
GET TOUGHER AND THE BANKS ARE ON BETTER TERMS THAN THE SECURITIES COMPANIES
WITH JAPANESE REGULATORS

BUT MR YAMADA IS ENTHUSIASTIC ABOUT YAMAICHI'S RECENT MOVE INTO
FUNDMANAGEMENT AND FOREIGN EXCHANGE BUSINESSES ONCE THE PROVINCE OF
JAPAN'S LOWPROFITABILITY TRUST BANKS THIS IS VERY IMPORTANT FOR US HE
SAID WE'RE LOOKING FORWARD TO THE OPPORTUNITIES

THE QUESTION IS WHAT WILL A FREEFORALL DO TO THE BANKS' BALANCE SHEET
MS DANIELS SAID THEY SAY THEY'LL BE PROFITABLE ONLY IN FIVE YEARS  
THIS WILL DRAIN CAPITAL FROM HIGHERRETURNING BUSINESSES

SOME OF THE RETAIL BROKERAGE FIRMS WITH CLOSE TIES TO THE BANKS ALSO WORRY
THAT A PUSH FOR UNDERWRITING MARKET SHARE WILL MEAN UNSALABLE BONDS

IF THE COMPETITION FOR CLIENTS BECOMES TOO KEEN THEY MIGHT UNDERWRITE
PAPER UNDER CONDITIONS THAT ARE UNACCEPTABLE TO BUYERS SAID SHOZO YORITA
PRESIDENT OF DAITO SECURITIES CO A RETAIL BROKERAGE WITH TIES TO FUJI BANK
LTD 9403140049 940314 REVIEW & OUTLOOK EDITORIAL THE FISKE COVERUP
II

SUBPOENAS NOTWITHSTANDING INDEPENDENT COUNSEL ROBERT FISKE'S INVESTIGATION
INTO WHITEWATER/MADISON IS BEGINNING TO LOOK LESS LIKE AN EFFORT TO GET THE
FACTS AND MORE LIKE A SOPHISTICATED EXERCISE IN POLITICAL DAMAGE CONTROL IN
A WORD LIKE A COVERUP

MR FISKE MAY NOT INTEND THIS TO BE THE CASE BUT ON HIS RECORD SO FAR WE
WONDER IF AMERICANS ARE EVER GOING TO GET THE WHITEWATER ACCOUNTING THEY
DESERVE FOR CONTRARY TO WHITE HOUSE SPIN THAT THERE EXISTS NOT A SHRED OF
EVIDENCE OF WRONGDOING THE CHARGES AND THE FACTS KNOWN SO FAR ARE
SERIOUS

THERE IS THE SUSPICION THAT THE PRESIDENT OF THE UNITED STATES BENEFITED
FROM ILLEGAL ACTIONS PERHAPS BY TRADING POLITICAL FAVORS FOR CAMPAIGN
CONTRIBUTIONS OR FOR A SWEETHEART INVESTMENT DEAL THERE IS AT LEAST ONE
ALLEGATION MADE BY FORMER JUDGE DAVID HALE THAT MR CLINTON HIMSELF
PERSONALLY ENCOURAGED A FRAUDULENT LOAN AND THERE IS BY NOW ALSO A TRAIL OF
SUSPICIOUS ACTIONS AND MEETINGS THAT SUGGEST THAT CLINTON ADMINISTRATION
OFFICIALS HAVE TRIED TO INTERFERE WITH INVESTIGATION INTO THESE CHARGES
MORE BROADLY THE ISSUE IS CHARACTER HOW MUCH CAN WE TRUST THIS PRESIDENT
AND THIS ADMINISTRATION

THE CLINTONITES WHO APPOINTED MR FISKE TO INVESTIGATE THEMSELVES NOW ASSURE
US THAT HE WILL FINALLY CLEAR AWAY ALL DOUBT BUT OUR OWN DOUBTS HAVE GROWN
AS WE'VE WATCHED MR FISKE GET IN THE WAY OF LEGITIMATE INQUIRIES BY THE
PRESS AND THE CONGRESS ONE IMMEDIATE CONCERN IS OUR OWN LAWSUIT DOW JONES
V DEPARTMENT OF JUSTICE TO OBTAIN REPORTS ABOUT THE DEATH OF VINCENT
FOSTER UNDER THE FREEDOM OF INFORMATION ACT MR FISKE'S RESPONSE HAS BEEN
AN ACROSSTHEBOARD STONEWALL

IN HIS MEETING LAST WEEK WITH REPUBLICAN SEN AL D'AMATO MR FISKE
EXPLAINED THAT IT IS SIMPLY EASIER FOR HIM TO DENY ALL DOCUMENTS UNDER A
FOIA REQUEST THAN TO FIGURE OUT WHICH ONES WOULD REALLY INTERFERE WITH HIS
OWN PROBE THIS IS WHY HE'S EVEN BLOCKING RELEASE OF A PHOTOCOPY OF THE
FOSTER SUICIDE NOTE WHOSE TEXT HAS ALREADY BEEN REPORTED ON EVERYWHERE BUT
THE FOIA STATUTE REQUIRES WHAT LAWYERS CALL REDACTION VETTING INDIVIDUAL
DOCUMENTS AND EVEN PARTS OF THEM SO WHAT MR FISKE IS SAYING IS THAT HE
FEELS ENTITLED TO IGNORE REQUIREMENTS OF THE LAW THIS DOES NOT EXACTLY
BUILD CONFIDENCE

IT ALSO SEEMS ODD THAT MR FISKE'S FIRST ACT HAS BEEN TO PROSECUTE JUDGE
HALE THE ONE PERSON WHO SAYS HE HAS FIRSTHAND KNOWLEDGE OF PRESIDENT
CLINTON'S ENCOURAGEMENT OF ILLEGAL ACTS WHY

THE NEXT ACT OF THIS UNELECTED COUNSEL HAS BEEN TO SHOUT THAT NO ONE ELSE
SHOULD ASK QUESTIONS ABOUT WHITEWATER/MADISON ESPECIALLY NOT AN ELECTED
CONGRESS AS CONGRESSMAN JIM LEACH'S NEARBY LETTER ARGUES THIS IS AN
AMAZING ATTEMPT TO INTERFERE WITH CONGRESS'S CLEAR CONSTITUTIONAL DUTIES OF
OVERSIGHT NO LESS A PROSECUTORIAL ZEALOT THAN IRANCONTRA'S MR LAWRENCE
WALSH HAS CONCLUDED THAT WHEN CONGRESS AND PROSECUTORS CLASH THE LAW IS
CLEAR THAT IT IS CONGRESS THAT MUST PREVAIL

IN PRACTICAL TERMS MR FISKE'S CRUSADE AGAINST CONGRESSIONAL HEARINGS HAS
EVEN BECOME AN ALLPURPOSE POLITICAL SHIELD FOR ALL THE PRESIDENT'S MEN
WHEN THE SUBJECT WAS RAISED AT A HOUSE SUBCOMMITTEE HEARING LAST WEEK
TREASURY SECRETARY LLOYD BENTSEN REPLIED ON THE ADVICE OF MR FISKE THE
SPECIAL COUNSEL I REFUSE TO ANSWER SO THE SAME ROBERT FISKE WHO WAS
APPOINTED BY THE PRESIDENT TO INVESTIGATE HIMSELF IS NOW SERVING AS A KIND
OF BACKSTOP FIFTH AMENDMENT FOR THE PEOPLE HE IS SUPPOSED TO BE
INVESTIGATING TOO BAD TRICKY DICK NEVER THOUGHT OF THIS ONE

THE LATEST WHITE HOUSE GAMBIT IS TO SUGGEST THAT MR FISKE ISSUE AN
INTERIM REPORT ON THE VARIOUS IMPROPER WHITE HOUSE AND TREASURY MEETINGS
SINCE SENATE REPUBLICANS HAVE GENEROUSLY AND WE THINK PREMATURELY DECIDED
TO POSTPONE THEIR HEARING DEMANDS UNTIL AFTER MR FISKE FINISHES THIS PART
OF HIS INVESTIGATION THE WHITE HOUSE WILL THEN ARGUE THAT THERE'S NO NEED
FOR ANY SUCH HEARINGS BECAUSE MR FISKE HAS ALREADY LOOKED INTO IT AND IF
MR FISKE COMES DOWN WITH A DECISION SAYING THERE'S INSUFFICIENT CREDIBLE
EVIDENCE OF ACTUAL CRIMINAL VIOLATIONS WE CAN EXPECT THE WHITE HOUSE TO ASK
THAT THE RECORDS BE SEALED DENYING VOTERS A RECORD ON WHICH THEY MIGHT MAKE
JUDGMENT ON CHARACTER

BUT AS WE'VE ARGUED BEFORE THE MAIN PUBLIC INTEREST HERE IS NOT IN PUTTING
THE LIKES OF ROGER ALTMAN IN JAIL BUT IN FINDING OUT WHAT THE CLINTON/LITTLE
ROCK/ROSE PRESIDENCY IS ALL ABOUT ESPECIALLY SINCE MR LEACH HAS NOW
DISCERNED A POTENTIAL KEATING FIVETYPE TWIST TO THE WHITEWATER/MADISON
DEAL HIS LETTER TO MR FISKE SAYS HE IS CONCERNED THAT OFFICIALS FROM THE
RESOLUTION TRUST CORP IN WASHINGTON GAGGED AND POSSIBLY COERCED RTC
OFFICIALS IN KANSAS CITY WHO WERE LOOKING INTO THE DEAL YET HOUSE BANKING
CHAIRMAN HENRY GONZALEZ WHO DIDN'T SHRINK FROM PROBING THE KEATING FIVE IS
NOW ALSO CITING MR FISKE TO BLOCK ANY SUCH QUESTIONS FROM AN UPCOMING RTC
HEARING

IN PRACTICE IF NOT INTENT ALL OF THIS ADDS UP TO A COVERUP IT AMOUNTS TO
ONE POLITICAL FACTION MANIPULATING ALL OF THE LEVERS OF GOVERNMENT 
EXECUTIVE LEGISLATIVE AND PROSECUTORIAL IN ORDER TO PREVENT PUBLIC
SCRUTINY IN SOME COUNTRIES THEY'D CALL THAT A COUP 9403140046 940314
LITTON TO BE REPLACED IN S&P 500 BY SPINOFF

NEW YORK STANDARD & POOR'S CORP SAID IT WILL REMOVE LITTON INDUSTRIES
INC FROM THE S&P 500 STOCK INDEX AFTER THE CLOSE OF TRADING THURSDAY AND
REPLACE IT WITH ITS SPINOFF COMPANY

LITTON IS SPINNING OFF TO SHAREHOLDERS ITS OILFIELD INFORMATION SERVICES
AND INDUSTRIAL AUTOMATION BUSINESSES THE NEW COMPANY CALLED WESTERN ATLAS
INC WILL HAVE AN ESTIMATED MARKET VALUE OF 18 BILLION WESTERN ATLAS
WILL REPLACE LITTON IN THE INDEX

AFTER THE SPINOFF LITTON WILL CONSIST OF DEFENSE ELECTRONICS AND
SHIPBUILDING OPERATIONS AND WILL HAVE AN EXPECTED MARKET VALUE OF 14
BILLION 9403140045 940314 WHO'S NEWS IMCERA GROUP INC

IMCERA GROUP INC ST LOUIS BRIAN M RUSHTON PRESIDENTELECT OF THE
AMERICAN CHEMICAL SOCIETY WAS ELECTED A DIRECTOR OF THIS MAKER OF HUMAN AND
ANIMAL HEALTHCARE PRODUCTS AND SPECIALTY CHEMICALS EFFECTIVE APRIL 1
INCREASING BOARD MEMBERSHIP TO 13 9403140044 940314 SEAGULL ENERGY PLANS
 TO SELL COMMON STOCK IN ANCHORAGE UTILITY

HOUSTON SEAGULL ENERGY CORP SAID IT WANTS TO RAISE 140 MILLION BY
CREATING A NEW CLASS OF COMMON STOCK TO REFLECT THE PERFORMANCE OF ITS
ANCHORAGE ALASKA NATURALGAS UTILITY

SEAGULL A GROWING GULF COAST GAS EXPLORATION AND PRODUCTION MARKETING AND
PIPELINE COMPANY HAS OWNED THE ANCHORAGE UTILITY SINCE 1985 THE COMPANY
SAID THE NEW CLASS OF STOCK WOULD BE CALLED ENSTAR ALASKA GROUP COMMON
STOCK ITS UNDERLYING OPERATIONS CURRENTLY ACCOUNT FOR ABOUT ONEQUARTER OF
SEAGULL'S REVENUE

THE COMPANY SAID IT INTENDS TO OFFER ABOUT 75 MILLION ENSTAR SHARES THAT
WOULD PAY AN INITIAL DIVIDEND OF 110 A SHARE ANNUALLY THE OFFERING IS
SUBJECT TO SHAREHOLDER APPROVAL SET FOR THE 1994 ANNUAL MEETING ON JUNE 1
SEAGULL SAID IT WOULD PAY DOWN DEBT OF NONALASKAN OPERATIONS WITH THE
PROCEEDS

A COMPANY SPOKESMAN SAID THAT AS SEAGULL BECOMES MORE OF AN EXPLORATION AND
PRODUCTION COMPANY CREATING THE NEW STOCK MADE SENSE FROM AN INVESTOR'S
PERSPECTIVE WALL STREET HAS SAID IT WOULD APPRECIATE US MORE IF WE WERE A
PURE PLAY THE SPOKESMAN SAID

THE SPOKESMAN NOTED THAT SEAGULL WOULD MAINTAIN OWNERSHIP AND OPERATING
CONTROL OF THE ANCHORAGE UTILITY WHICH SERVES 88000 CUSTOMERS IN 1993
THE UTILITY HAD REVENUE OF ABOUT 100 MILLION AND AN OPERATING PROFIT OF 19
MILLION THE ENTIRE COMPANY LAST YEAR HAD REVENUE OF 3772 MILLION AND NET
INCOME OF 272 MILLION OR 76 CENTS A SHARE

SEAGULL SAID IT RETAINED LEHMAN BROTHERS INC AS ITS FINANCIAL ADVISER FOR
THE STOCK PROPOSAL 9403140043 940314 WHO'S NEWS SKYBOX NAMES LORBER 
TO SUCCEED LEBOW AS COMPANY CHAIRMAN

DURHAM NC SKYBOX INTERNATIONAL INC SAID HOWARD M LORBER WAS ELECTED
CHAIRMAN SUCCEEDING BENNETT S LEBOW

MR LORBER 45 YEARS OLD WAS ALREADY A DIRECTOR OF SKYBOX A SPORTS AND
ENTERTAINMENT TRADINGCARD COMPANY HE IS PRESIDENT OF HALLMAN & LORBER
ASSOCIATES INC A CONSULTING AND ACTUARIAL COMPANY AND CHAIRMAN OF
NATHAN'S FAMOUS INC AND VTX ELECTRONICS CORP

SEPARATELY SKYBOX SAID RONALD KRAMER 35 WAS ELECTED A DIRECTOR
INCREASING THE SIZE OF THE BOARD TO SIX MEMBERS MR KRAMER AN INVESTMENT
BANKER IS A MANAGING DIRECTOR OF LADENBURG THALMANN & CO

MR LEBOW 56 WHO HAS SERVED AS SKYBOX CHAIRMAN SINCE 1990 WILL REMAIN A
DIRECTOR HE IS CHAIRMAN OF BROOKE GROUP LTD A MIAMIBASED HOLDING COMPANY
THAT OWNS LIGGETT GROUP THE TOBACCO CONCERN A SKYBOX SPOKESMAN SAID THE
MOVE BY MR LEBOW REPRESENTS A STEP TOWARD WITHDRAWING FROM THE COMPANY

INDEED SKYBOX ALSO SAID IT PLANNED TO REDEEM THE BALANCE OF ITS SERIES A
VOTING CUMULATIVE PREFERRED STOCK ALL OF WHICH IS CURRENTLY HELD BY BROOKE
GROUP AND ITS SUBSIDIARIES

THE SPOKESMAN FOR SKYBOX SAID BROOKE GROUP HOLDS 346 OF THE COMPANY'S
TOTAL VOTING RIGHTS THROUGH THE SERIES A PREFERRED SHARES HE ADDED THAT
BROOKE GROUP HOLDS 133 OF SKYBOX VOTING RIGHTS ON THE COMMON SHARES

IN NASDAQ STOCK MARKET TRADING ON FRIDAY SKYBOX SHARES CLOSED AT 10375
UP 25 CENTS 9403140042 940314 DBL TRUST PLANS 4864 MILLION PAYOUT 
TO CERTIFICATE HOLDERS

NEW YORK DBL LIQUIDATING TRUST WHICH ADMINISTERS THE REMAINING ASSETS OF
FORMER INVESTMENT BANKING FIRM DREXEL BURNHAM LAMBERT INC SAID IT WOULD
DISTRIBUTE 4864 MILLION TO HOLDERS OF THREE CLASSES OF CERTIFICATES OF
BENEFICIAL INTEREST

THE TRUST SAID THAT OF THE TOTAL 2669 MILLION WILL BE PAYABLE TO HOLDERS
OF CLASS A CERTIFICATES 2064 MILLION TO HOLDERS OF CLASS B CERTIFICATES
AND 131 MILLION TO HOLDERS OF CLASS C CERTIFICATES

THE HOLDERS OF THE A AND THE C CERTIFICATES ARE LARGELY MADE UP OF DREXEL'S
VARIOUS UNSECURED CREDITORS A TRUST SPOKESMAN SAID THE HOLDERS OF THE B
CERTIFICATES ARE MADE UP LARGELY OF INDIVIDUALS AND VARIOUS GROUPS THAT
BROUGHT CIVIL LITIGATION AGAINST DREXEL HE SAID THE DISTRIBUTION WILL BE
PAID MARCH 30 TO CERTIFICATE HOLDERS OF RECORD MARCH 23

THE INTERIM DISTRIBUTION INCLUDES PROCEEDS FROM THE SALE OF NEW STREET
CAPITAL CORP AFTER PAYMENT OF TAXES AND OTHER LIABILITIES AND
ESTABLISHMENT OF REQUIRED RESERVES AS WELL AS 6 MILLION IN OTHER CASH
AVAILABLE FOR DISTRIBUTION IN DECEMBER THE DBL TRUST AGREED TO SELL
MERCHANTBANKING FIRM NEW STREET CAPITAL FOR MORE THAN 600 MILLION
9403140041 940314 INTERNATIONAL CHINA US SEEM HEADED FOR CLASH
OVER TRADE RULES  BY ROBERT S GREENBERGER AND KATHY CHEN STAFF
REPORTERS OF THE WALL STREET JOURNAL

BEIJING LIKE TWO RUNAWAY TRAINS THE US AND CHINA APPEAR HEADED FOR A
CRACKUP

SECRETARY OF STATE WARREN CHRISTOPHER CAME HERE TO UNDERSCORE THAT BEIJING
MUST IMPROVE ITS HUMANRIGHTS RECORD OR FACE A MAJOR TRADE PENALTY BUT
CHINA DOESN'T SEEM TO TAKE THE THREAT SERIOUSLY UPSET BY WHAT IT CONSIDERS
US MEDDLING IN ITS AFFAIRS CHINA HAS CRACKED DOWN ON DISSIDENTS
SURPRISING AND ANGERING MR CHRISTOPHER AND CHILLING TALKS HERE THE
DISSIDENTS ALSO MISCALCULATED PRECIPITATING THE USCHINA TENSIONS BY
THINKING THAT THE ENVIRONMENT HERE HAD BECOME MORE RELAXED

AND US BUSINESSMEN ARE MAKING IT CLEAR THAT THEY DREAD A COLLISION WITH
CHINA MR CHRISTOPHER RECEIVED A BROADSIDE SUNDAY THE CLINTON
ADMINISTRATION'S POLICY TOWARD CHINA MAY BE WELL INTENTIONED BUT IN THE
VIEW OF AMERICAN BUSINESS INTERESTS IS ILLCONCEIVED WILLIAM WARWICK
CHAIRMAN OF AT&T CHINA INC TOLD THE SECRETARY OF STATE

AS A RESULT MANY PEOPLE WHO RECENTLY PREDICTED THAT PRESIDENT CLINTON WOULD
AVOID A SHOWDOWN BY RENEWING CHINA'S MOST FAVORED NATION TRADING STATUS IN
JUNE NOW ARE BRACING FOR THE WORST PEOPLE HEAR A BIG RUMBLING THEY SEE
THIS LIGHT AND THEY JUST HOPE THAT THEY'RE NOT STANDING ON THE TRACKS SAID
JOHN KAMM A US BUSINESSMAN BASED IN HONG KONG

US OFFICIALS STRESSED THAT DISASTER STILL IS AVOIDABLE OLD CHINA HANDS
LIKE WINSTON LORD ASSISTANT SECRETARY OF STATE FOR ASIAN AND PACIFIC
AFFAIRS AND A FORMER US AMBASSADOR TO CHINA NOTED THAT BEIJING OFTEN ACTS
BELLIGERENTLY WHEN IT IS CHALLENGED AND LATER MAKES CONCESSIONS QUIETLY

AND AT A NEWS CONFERENCE MONDAY MR CHRISTOPHER IS EXPECTED TO ANNOUNCE
SOME MARGINAL PROGRESS THE TWO SIDES HAVE WORKED OUT LANGUAGE FOR A 1992
AGREEMENT THAT WOULD AID US EFFORTS TO ENSURE THAT CHINESE GOODS MADE BY
PRISON LABOR AREN'T SHIPPED TO AMERICA

THE LATEST TENSIONS BETWEEN WASHINGTON AND BEIJING BEGAN TO FLARE MORE THAN
A WEEK AGO WHEN JOHN SHATTUCK ASSISTANT SECRETARY OF STATE FOR HUMAN
RIGHTS MET HERE WITH WEI JINGSHENG A LEADING CHINESE DISSIDENT THE
SESSION ANGERED BEIJING THE CHINESE GOVERNMENT DETAINED MR WEI AND THEN
OTHERS MR CHRISTOPHER INSISTED THAT US DIPLOMATS HAD THE RIGHT TO MEET
WITH CHINESE CITIZENS BUT SOME DIPLOMATS HERE SAID THE INCIDENT SHOWED A
MISUNDERSTANDING OF CHINA'S SENSITIVITY AFTER A LONG HISTORY OF MEDDLING BY
THE WEST

CHINA'S DOMESTIC SITUATION ALSO CONTRIBUTED TO THE CHAIN OF EVENTS LEADING
TO THE DETERIORATION IN USCHINA TALKS A FLURRY OF DISSIDENT ACTIVITIES
AND POLICE CRACKDOWNS CUSTOMARILY OCCURS EACH YEAR BEFORE NATIONAL MEETINGS
SUCH AS THE NATIONAL PEOPLE'S CONGRESS WHICH IS BEING HELD DURING MR
CHRISTOPHER'S VISIT MANY DISSIDENTS SUCH AS MR WEI JAILED FOR THEIR
INVOLVEMENT IN THE 1989 DEMOCRACY MOVEMENT OR FOR OTHER POLITICAL CRIMES
HAVE BEEN RECENTLY RELEASED THEIR RELEASE HAS LED TO MORE DISSIDENT
ACTIVISM AT A TIME WHEN HIGH INFLATION AND WORRIES ABOUT POLITICAL
SUCCESSION ARE CONCERNING CHINA'S LEADERSHIP

BUT THE FUNDAMENTAL PROBLEM FOR US POLICY IS THAT MFN WHICH GIVES CHINA
THE SAME TRADING STATUS AS MOST US TRADING PARTNERS HAS BECOME AN
UNWIELDY WEAPON FOR THREATENING BEIJING IN VIEW OF THE HUGE GROWTH IN
BILATERAL TRADE NO ONE BELIEVES THAT WASHINGTON IS PREPARED TO REVOKE THE
FAVORED STATUS AND THIS IS COMPLICATING THE TALKS WITH CHINA WE DO WANT
MFN EXTENDED SAID MR LORD THE PRESIDENT HAS MADE THAT CLEAR FROM THE
BEGINNING AND WE DO NOT WISH TO SEE IT REVOKED

FOR ITS PART CHINA PUBLICLY SHOWS NO SIGNS OF FLINCHING A FOREIGN MINISTRY
SPOKESMAN SAYING THAT TWO COUNTRIES VIEW HUMAN RIGHTS DIFFERENTLY
PREDICTED THAT IF TRADING IS REVOKED THE US WILL SUFFER NO LESS THAN
CHINA

THE POTENTIAL DAMAGE TO US INTERESTS WAS BROUGHT HOME TO MR CHRISTOPHER
SUNDAY AT HIS BREAKFAST MEETING WITH THE AMERICAN CHAMBER OF COMMERCE IN
BEIJING PHILLIP CARMICHAEL THE GROUP'S PRESIDENT SAID THAT
HIGHTECHNOLOGY EXPORTS ALONE TO CHINA ARE RESPONSIBLE FOR 170000 JOBS IN
THE US AND JEFFREY GANNON A GENERAL ELECTRIC CO EXECUTIVE SAID HIS
COMPANY'S SALES TO CHINA CLIMBED TO 11 BILLION LAST YEAR FROM 200 MILLION
IN 1990

MR CHRISTOPHER RESPONDED THAT THE US IS ASKING CHINA ONLY TO MAKE VERY
LIMITED PROGRESS IN CAREFULLY DEFINED DISCREET FIELDS IN ORDER TO MEET THE
CONDITIONS UNDER PRESIDENT CLINTON'S EXECUTIVE ORDER OF LAST YEAR

MR CHRISTOPHER ALSO SAID THAT IF CHINA COMPLIES WITH THIS YEAR'S
CONDITIONS THE ADMINISTRATION WILL TRY TO REMOVE THE ANNUAL MFN DEBATE FROM
THE CENTRAL POINT IN USCHINA RELATIONS HE SAID THAT ONE COULD ENVISION
AN EXECUTIVE ORDER THAT IS NOT AS DETAILED AS THIS ONE AND PERHAPS HUMAN
RIGHTS COULD BE A GENERIC CONDITION RATHER THAN ONE FILLED WITH SPECIFIC
CONDITIONS

BUT FIRST THE US MUST PURSUADE CHINA WITHIN THE NEXT FEW MONTHS THAT IT
WILL REVOKE ITS TRADING STATUS IF BEIJING DOESN'T MAKE OVERALL SIGNIFICANT
PROGRESS IN HUMAN RIGHTS IRONICALLY EVEN THE DISSIDENTS IN WHOSE CAUSE
THE TRADE WEAPON HAS BEEN UNSHEATHED ARE SKEPTICAL SAID A SOURCE CLOSE TO
CHINA'S HUMAN RIGHTS COMMUNITY WE DON'T THINK CLINTON WILL REVOKE MFN JUST
BECAUSE OF A FEW PEOPLE IF HE HAD TO CHOOSE BETWEEN THE US MAKING A FEW
BILLION DOLLARS OR CHINA TREATING A FEW OF OUR FRIENDS BADLY WHAT WOULD HE
CHOOSE I THINK HE'D CHOOSE THE FEW BILLION DOLLARS 9403140040 940314
BUSINESS BRIEFS

BEARINGS INC CLEVELAND COMPLETED ACQUISITION OF MAINLINE INDUSTRIAL
DISTRIBUTORS INC APPLETON WIS IN EXCHANGE FOR 196000 SHARES OF
BEARINGS STOCK BEARINGS WHICH DISTRIBUTES POWERTRANSMISSION PRODUCTS
INDUSTRIAL RUBBER AND ELECTRICAL PRODUCTS EXPECTS THE TRANSACTION TO BE
ACCOUNTED FOR AS A POOLING OF INTERESTS AND TO RESULT IN APPROXIMATELY
700000 IN NONRECURRING COSTS IN THE QUARTER ENDING MARCH 31

UNISYS CORP BLUE BELL PA WON A 127 MILLION THREEYEAR CONTRACT TO
IMPROVE CUSTOMER SERVICE FOR THE SAVINGS BANK OF THE RUSSIAN FEDERATION THE
BANK IS ONE OF THE LARGEST IN THE WORLD HANDLING 212 MILLION ACCOUNTS IN
43000 AGENCY LOCATIONS

ALAMO GROUP INC SEGUIN TEXAS BOUGHT ALL THE SHARES OF SMA A FRENCH
MANUFACTURER OF HEAVYDUTY MOWING EQUIPMENT FOR 43 MILLION

ESSEX CORP HUNTSVILLE ALA GOT A 36 MILLION 32MONTH US NAVY
CONTRACT TO ENGINEER AND PRODUCE 172 AVIATION TRAINERS OF EIGHT TYPES FOR
DELIVERY TO THE NAVAL AIR STATION PENSACOLA FLA 9403140039 940314
PEOPLE PATTERNS  BY DIANE CRISPELL OF AMERICAN DEMOGRAPHICS MAGAZINE

AN AGING POPULATION IN THE US MEANS A POPULATION AT INCREASING RISK OF
CHRONIC AND COSTLY HEALTH PROBLEMS BUT YOUNG PEOPLE HAVE HEALTH PROBLEMS AS
WELL

THE AVERAGE CHILD UNDER THE AGE OF FIVE SUFFERED FROM NEARLY FOUR ACUTE
CONDITIONS IN 1992 FINDS THE US DEPARTMENT OF HEALTH AND HUMAN SERVICES
NATIONAL HEALTH INTERVIEW SURVEY CHILDREN AGED FIVE TO 17 YEARS OLD
AVERAGED 24 CONDITIONS THAT YEAR WHILE ADULTS AGED 18 AND OLDER AVERAGED
FEWER THAN TWO THE SURVEY DEFINES ACUTE CONDITIONS AS ILLNESSES AND
INJURIES ASSOCIATED WITH A DOCTOR'S VISIT OR ONES THAT RESTRICT A PERSON'S
REGULAR ACTIVITIES SUCH AS WORK OR SCHOOL

RESPIRATORY CONDITIONS INCLUDING COLDS AND INFLUENZA ARE THE MOST COMMONLY
REPORTED THE AVERAGE PRESCHOOLER SUFFERED FROM 16 RESPIRATORY CONDITIONS
IN 1992 COMPARED WITH 12 FOR SCHOOLAGED CHILDREN AND FEWER THAN ONE PER
ADULT THIS MAY BE PARTLY BECAUSE YOUNG CHILDREN ARE MORE SUSCEPTIBLE THAN
OLDER PEOPLE TO SUCH ILLNESSES PARENTS ALSO MAY BE MORE LIKELY TO TAKE SICK
CHILDREN TO THE DOCTOR OR KEEP THEM HOME THAN TO DO THE SAME THEMSELVES WHEN
THEY HAVE SIMILAR SYMPTOMS

YOUNG ADULTS ARE MOST LIKELY TO REPORT INJURIES THAT REQUIRE ATTENTION OR
RESTRICT ACTIVITIES AT A RATE OF 31 PER 100 PEOPLE AGED 18 TO 24 IN 1992
FOR CHILDREN UNDER 18 AND ADULTS AGED 25 TO 44 THE RATE IS ABOUT 30 PER
100 15 PER 100 FOR ADULTS AGED 45 TO 64 AND FOR THOSE AGED 65 AND OLDER
THE RATE IS 21 PER 100 THOSE AGED 18 TO 24 HAVE THE HIGHEST REPORTED RATE
OF SPRAINS AND STRAINS WHILE CHILDREN UNDER FIVE YEARS OLD HAVE THE HIGHEST
RATES OF OPEN WOUNDS AND LACERATIONS CHILDREN AND YOUTH AGED FIVE TO 24
HAVE THE HIGHEST RATES OF FRACTURES AND DISLOCATIONS

THE NEW YORKNORTHERN NEW JERSEYLONG ISLAND CONSOLIDATED METROPOLITAN AREA
GAINED 120500 PEOPLE BETWEEN 1990 AND 1992 COMPARED WITH 118400 IN LAS
VEGAS BUT LAS VEGAS WAS THE NATION'S FASTESTGROWING METROPOLITAN AREA
DURING THOSE TWO YEARS WHILE NEW YORK RANKED 228 OUT OF 268

THE POPULATION OF THE NEW YORK CONSOLIDATED AREA IS APPROACHING 20 MILLION
ACCORDING TO RECENT US CENSUS BUREAU ESTIMATES SO EVEN A GAIN OF 120500
PEOPLE REPRESENTS AN INCREASE OF LESS THAN 1 LAS VEGAS'S POPULATION GREW
TO 971200 IN 1992 FROM 852700 IN 1990 A 14 GAIN

FOURTEEN METROPOLITAN AREAS EACH GAINED MORE THAN 100000 PEOPLE BETWEEN
1990 AND 1992 AS OF JULY 1 1992 THE DATE FOR THE ESTIMATES LAS VEGAS WAS
THE ONLY BIG GAINER WITH A POPULATION OF LESS THAN 1 MILLION BUT IT MAY
HAVE PASSED THAT THRESHOLD BY NOW THE BIGGEST GAINERS' CUMULATIVE INCREASE
OF 25 MILLION PEOPLE ACCOUNTED FOR 39 OF ALL US GROWTH THE LOS
ANGELESRIVERSIDEORANGE COUNTY CONSOLIDATED AREA GAINED MORE THAN 516200
PEOPLE IN TWO YEARS A 4 INCREASE TO 15 MILLION

SOME POPULATION GROWTH IN METROPOLITAN AREAS PARTICULARLY THOSE IN
CALIFORNIA AND OTHER COASTAL STATES COMES FROM IMMIGRATION MANY OF THESE
AREAS ALSO BENEFIT FROM INTERNAL MIGRATION WHILE OTHERS SUFFER FROM IT
BETWEEN 1990 AND 1992 20 METROPOLITAN AREAS LOST POPULATION

AS WITH GROWTH THE LARGEST LOSSES AREN'T ALWAYS THE BIGGEST DECLINES THE
BOSTONWORCESTERLAWRENCE CONSOLIDATED AREA LOST 16600 PEOPLE BUT THIS WAS
JUST 03 OF ITS 1990 POPULATION JACKSONVILLE NC LOST 5300 PEOPLE BUT
ITS POPULATION DECLINED BY ALMOST 4 IN TWO YEARS

COLLEGE DAYS AREN'T AS CAREFREE AS MANY MAY THINK COLLEGE STUDENTS WORRY
ABOUT A LOT OF THINGS THESE DAYS ESPECIALLY MONEY

ONE IN THREE FRESHMEN SURVEYED LAST FALL SAID THAT LOW TUITION WAS A VERY
IMPORTANT REASON FOR CHOOSING THEIR SCHOOL THE MOST STUDENTS TO CITE THAT
REASON IN THE 28YEAR HISTORY OF AN ANNUAL SURVEY OF COLLEGE FRESHMEN
CONDUCTED BY THE HIGHER EDUCATION RESEARCH INSTITUTE AT UCLA AND SPONSORED
BY THE AMERICAN COUNCIL ON EDUCATION THE SAME RECORD SHARE SAID THAT OFFERS
OF FINANCIAL ASSISTANCE WEIGHED HEAVILY IN THEIR SCHOOL DECISION

IN CONTRAST JUST 17 OF FRESHMEN THE LOWEST LEVEL IN THE SURVEY'S
HISTORY CONSIDERED TUITION COSTS IMPORTANT IN 1979 JUST 14 FELT THAT
WAY ABOUT FINANCIAL ASSISTANCE IN 1976

COLLEGE STUDENTS ALSO ARE WORRIED ABOUT THEIR FUTURE FINANCIAL SECURITY
THREE IN FOUR FRESHMEN SURVEYED LAST FALL SAID THAT BEING ABLE TO MAKE MORE
MONEY IS A VERY IMPORTANT REASON FOR ATTENDING COLLEGE UP FROM 50 IN 1971
EIGHTYTWO PERCENT CITE BEING ABLE TO GET A BETTER JOB AS AN IMPORTANT
REASON COMPARED WITH A HISTORIC LOW OF 71 IN 1976

PURSUING AN ADVANCED DEGREE TAKES MORE EFFORT TIME AND MONEY BUT IT ALSO
MAY PAY OFF IN FUTURE EARNINGS AS WELL PUTTING OFF THE DAY WHEN GRADUATES
HAVE TO FACE THE FULLTIME JOB MARKET A RECORD 65 OF 1993 COLLEGE FRESHMEN
PLAN TO EXTEND THEIR EDUCATIONS BEYOND A BACHELOR'S DEGREE FOR THE FIRST
TIME IN THE SURVEY'S HISTORY WOMEN ARE NOW MORE LIKELY THAN MEN TO PLAN TO
PURSUE ALL TYPES OF ADVANCED DEGREES INCLUDING MASTER'S DOCTORATES LAW
AND MEDICAL

SIXTYTWO PERCENT OF ADULTS THINK THAT CARE IN A CHILD'S OWN HOME IS THE
BEST ARRANGEMENT FOR INFANTS ACCORDING TO A SURVEY CONDUCTED FOR THE
EMPLOYEE BENEFIT RESEARCH INSTITUTE BASED IN WASHINGTON DC BY THE
GALLUP ORGANIZATION ONLY 44 THINK THIS SITUATION IS THE BEST ONE FOR
TODDLERS THIRTYONE PERCENT PREFER CHILDCARE CENTERS FOR TODDLERS WHILE
16 WOULD CHOOSE THE CENTERS FOR INFANTS 9403140038 940314 YEN
FLUCTUATION AGAINST DOLLAR GENERATES ISSUES  NEW AMEX WARRANTS
DRAW RISK TAKERS AND THOSE WITH CAPITAL TO HEDGE  BY LESLIE
SCISM STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK CONTINUED FLUCTUATION BETWEEN THE VALUE OF JAPAN'S YEN AND THE
DOLLAR HAS SPARKED A FLURRY OF SECURITIES THAT APPEAL TO RISKTOLERANT
PRIVATE INVESTORS AS WELL AS THE GROWING NUMBER OF SMALL HEDGE FUNDS

THE AMERICAN STOCK EXCHANGE HAS ADDED THREE YENWARRANT OFFERINGS SINCE
MARCH 2 BRINGING TO FIVE THE NUMBER OF LISTED CURRENCY ISSUES TIED TO THE
EXCHANGE RATE OF THE YEN AND IT EXPECTS TO ADD ANOTHER ISSUE AS EARLY AS
THIS WEEK

THE ISSUERS ARE TRYING TO CAPITALIZE ON WIDESPREAD ANTICIPATION THAT THE
VALUE OF THE DOLLAR WILL RISE AGAINST THE YEN THEY NOTE THAT THE DOLLAR IS
NEAR ITS HISTORIC LOW AGAINST THE YEN AND TRADE TRENDS COULD FORCE JAPANESE
IMPORTERS TO BUY MORE DOLLARS WHICH COULD IMPROVE THE EXCHANGE RATE IN
FAVOR OF THE DOLLAR LATE FRIDAY THE YEN WAS TRADING AT 105 TO THE DOLLAR

THE FIVE YEN WARRANTS ON THE AMEX ARE ALL BEAR WARRANTS THAT INCREASE IN
VALUE ONLY IF THE VALUE OF THE DOLLAR RISES IN RELATION TO THE YEN UNLIKE
MOST CURRENCY INSTRUMENTS WHICH TEND TO BE SHORT TERM THE YEN WARRANTS
DON'T EXPIRE FOR TWO YEARS AND WHEN THEY EXPIRE THEIR VALUE IS SETTLED IN
DOLLARS RATHER THAN IN DELIVERY OF ANY UNDERLYING CURRENCY

INVESTORS SHOULD REALIZE THEY PAY A HEFTY PREMIUM FOR THE RIGHT TO PLAY THE
YENDOLLAR GAME FOR INSTANCE NEW WARRANTS ISSUED BY LEHMAN BROTHERS
HOLDINGS INC A UNIT OF AMERICAN EXPRESS CO ARE PEGGED AT A RATIO OF
ABOUT 104 YEN TO THE DOLLAR IF THAT WERE THE SPOT EXCHANGE RATE IN TWO
YEARS THE WARRANT WOULD HAVE A VALUE OF ZERO BUT INVESTORS PAID 660 EACH
FOR THE WARRANTS INCLUDING A 40CENT COMMISSION WHICH MEANS THE YEN WOULD
HAVE TO FALL TO ABOUT 112 TO THE DOLLAR FOR AN INVESTOR TO BREAK EVEN

ON THE OTHER HAND THE WARRANTS HAVE CONSIDERABLE LEVERAGE SAYS EMMETT
HARTY PRESIDENT OF PARALLAX GROUP A STAMFORD CONN RESEARCH GROUP
SPECIALIZING IN FINANCIALLY ENGINEERED PRODUCTS FOR INSTANCE IF THE DOLLAR
ROSE TO 120 YEN IN TWO YEARS A 15 RISE FROM WHEN THE WARRANTS WERE ISSUED
THE WARRANTS WOULD BE VALUED AT ABOUT 13 EACH ROUGHLY A 100 GAIN THUS
WHEN YOU HAVE VOLATILITY YOU HAVE A LOT OF ENTITIES WANTING TO TAKE AN
OPINION ON THAT VOLATILITY SAYS MR HARTY WITH THESE WARRANTS THOSE
ENTITIES ARE INDIVIDUAL INVESTORS SMALLISH MONEY MANAGERS AND A LOT OF
SMALL HEDGE FUNDS

MARCH 2 THE AMEX ADDED TWO MILLION YEN WARRANTS ISSUED BY INTERNATIONAL
FINANCE CORP A PART OF THE WORLD BANK GROUP THE NEXT DAY THE EXCHANGE
LISTED FIVE MILLION YEN WARRANTS SOLD BY LEHMAN BROTHERS WEDNESDAY PAINE
WEBBER GROUP INC CHIMED IN WITH FIVE MILLION YEN WARRANTS

LEHMAN BROTHERS ALREADY HAD THREE MILLION WARRANTS LISTED ON THE EXCHANGE
FROM AN ISSUE SOLD PUBLICLY IN SEPTEMBER IT ADDED NEW ONES AT A SLIGHTLY
LOWER YENDOLLAR RATIO BECAUSE OF GROWING DEMAND SAYS MICHAEL RULLE A
LEHMAN BROTHERS MANAGING DIRECTOR WHO HEADS EQUITYDERIVATIVE PRODUCTS

THE SEPTEMBER LEHMAN BROTHERS' ISSUE SET AT 10627 YEN TO THE DOLLAR WAS
SOLD AT 675 AND TRADED AS HIGH AS 13 WHEN THE DOLLAR TRADED FOR 113 YEN
IN JANUARY THE HIGHER WARRANT PRICE REFLECTED BOTH THE DOLLAR'S
APPRECIATION AND STEPPEDUP INTEREST IN THE WARRANTS MR RULLE SAYS
FRIDAY THEY CLOSED AT 7 7/8 AN INCREASE OF NEARLY 20

BEN KRAUSE AN AMEX SENIOR VICE PRESIDENT SAYS INVESTORS MAINLY BUY THE
WARRANTS AS A HEDGING TOOL TO HELP MAINTAIN THE VALUE OF YENDENOMINATED
ASSETS SUCH AS STOCKS AND BONDS IT'S A KIND OF INSURANCE POLICY HE SAYS
THE VALUE OF YENDENOMINATED ASSETS WHEN YOU CONVERT BACK IS WORTH LESS IF
THE DOLLAR STRENGTHENS BUT THE WARRANTS BECOME MORE VALUABLE IF THE
DOLLAR DOESN'T RISE IN VALUE THE WARRANT MAY BECOME LESS VALUABLE OR MAY
EXPIRE WORTHLESS BUT THE UNDERLYING ASSET GENERALLY IS AS STRONG OR
STRONGER THAN BEFORE

THE MUSHROOMING NUMBER OF HEDGE FUNDS ALSO DRIVES DEMAND MR HARTY OF THE
PARALLAX GROUP SAYS HEDGE FUNDS ARE INVESTMENT POOLS OF WEALTHY INDIVIDUALS
WHO BET ON SOME INVESTMENTS TO GO UP AND OTHERS TO GO DOWN A METHOD
EXPECTED TO HEDGE AGAINST BROAD MARKET SWINGS

BECAUSE HEDGE FUNDS TEND TO BE SECRETIVE EXACT FIGURES ARE HARD TO COME BY
BUT ANTOINE BERNHEIM PUBLISHER OF THE US OFFSHORE FUNDS DIRECTORY SAYS
THERE'S NO QUESTION HEDGE FUNDS HAVE PROLIFERATED IN THE PAST SEVERAL
YEARS SINCE BEGINNING HIS DIRECTORY IN 1990 WITH 78 LISTINGS HE EXPECTS
WELL OVER 200 LISTINGS THIS YEAR HIS DIRECTORY GENERALLY INCLUDES ONLY
THOSE FUNDS WITH MORE THAN 10 MILLION IN ASSETS AND MANY UPSTARTS ARE MUCH
SMALLER

BIGTIME GLOBETROTTING HEDGEFUND GURUS LIKE GEORGE SOROS HAVE LONG PLAYED
THE CURRENCY MARKETS USING VARIOUS FINANCIAL INSTRUMENTS AND DEALING
DIRECTLY WITH BIG TRADING INSTITUTIONS MR SOROS RECENTLY ACKNOWLEDGED HIS
FUNDS LOST 600 MILLION IN TWO DAYS BETTING WRONGLY ON THE DIRECTION OF THE
YEN SMALLER PLAYERS HAVE LESS ACCESS SO THEY RELY ON SECURITIES TRADED ON
AN EXCHANGE

THE WARRANT ISSUERS ENJOY SEVERAL ADVANTAGES INCLUDING THE COMMISSIONS ON
THE SALE AS WELL AS THE ADDITIONAL CAPITAL THEY RAISE OF COURSE THE
ISSUERS HAVE TO HEDGE THEIR OWN EXPOSURE WHEN THE WARRANTS EXPIRE IN TWO
YEARS BY PURCHASING FORWARD CURRENCY CONTRACTS AND OPTIONS TO OFFSET THE
RISK FOR THEM THE YEN WARRANTS ARE PROFITABLE BECAUSE UNDERWRITERS CAN GET
ECONOMIES OF SCALE IN INTERBANK TRADING THAT AREN'T AVAILABLE TO THE
INVESTORS WHO BUY THE EXCHANGELISTED WARRANTS MR HARTY SAYS 9403140037
940314 MARKETING & MEDIA ADVERTISING AMERICAN EXPRESS TRAVELS LIGHT 
IN CAMPAIGN WITH NEW APPROACH  BY KEVIN GOLDMAN

PITY THE POOR TRAVELER AS PORTRAYED BY AMERICAN EXPRESS FOR YEARS HAPLESS
GLOBETROTTERS IN AMERICAN EXPRESS TRAVELERS CHEQUES' ADVERTISEMENTS HAVE
BEEN MUGGED BURGLARIZED WHILE SHOWERING AND PREYED UPON BY CUNNING
PICKPOCKETS

NOW IN A MAJOR STRATEGIC SHIFT AMERICAN EXPRESS IS SHOWING OFF ITS
TRAVELER'S CHECKS IN A LESS OMINOUS MUCH LIGHTER MANNER IT IS THE FIRST
NEW CAMPAIGN IN 20 YEARS FOR THE STANDARD AMERICAN EXPRESS TRAVELER'S
CHECKS FOR THE PAST TWO YEARS THE COMPANY HAS CONCENTRATED ON ADS
TRUMPETING A CHEQUES FOR TWO BRAND EXTENSION WHICH ALLOWS TWO INDIVIDUALS
TO SHARE THE SAME CHECKS

THE NEW TELEVISION COMMERCIALS FROM WPP GROUP'S OGILVY & MATHER ARE
SCHEDULED TO BEGIN AIRING TONIGHT ON THE MAJOR BROADCAST NETWORKS EXCEPT
FOR FOX AND ON CABLE NETWORKS SUCH AS A&E CNN CNBC AND LIFETIME THE AD
BUDGET IS 15 MILLION

THE ADS FOCUS ON LOSTANDFOUND DEPARTMENTS IN WASHINGTON BERMUDA AND PARIS
AND THE ROUTINE ITEMS RANGING FROM SHOES TO VIDEO CAMCORDERS TO WALLETS
THAT TURN UP

EACH AD IS HUMOROUS BEAUTIFULLY FILMED AND HIGHLIGHTED BY GRAPHICS THAT
RECALL POSTCARDS OF AN ERA WHEN TRAVELING WAS CONSIDERED EXOTIC MISSING
FROM THE ADS ARE SUSPICIOUSLOOKING CHARACTERS BEFUDDLED TOURISTS AND
ACTOR KARL MALDEN WHO APPEARED IN MANY OF THE COMPANY'S ADVERTISEMENTS FOR
TWO DECADES

THE ABRUPT CHANGE IN EMPHASIS REFLECTS INTERNAL RESEARCH SHOWING THAT THE
TRAVELERASVICTIM ADS WERE NO LONGER EFFECTIVE SAYS JULIE NEWTON CUCCHI
OGILVY'S SENIOR VICE PRESIDENT AND CREATIVE DIRECTOR THE ADS HAD OUTWORN
THEIR WELCOME  SAYS MS CUCCHI THEY REMINDED PEOPLE OF AN UNPLEASANT
FACT AND IT SOUNDED ABRASIVE AND LECTURING WITH A LOT OF FINGER WAVING

IN SOME WAYS IT'S SURPRISING THAT AMERICAN EXPRESS WOULD BOTHER TO
ADVERTISE ITS TRAVELERS CHEQUES AT ALL BECAUSE THE COMPANY DOMINATES THE
CATEGORY ESTIMATED AT 64 BILLION IN WORLDWIDE SALES ACCORDING TO THE
NILSON REPORT AN OXNARD CALIF NEWSLETTER ON THE CREDIT CARD AND
TRAVELER'S CHECK INDUSTRY

SPENCER NILSON PUBLISHER OF THE NEWSLETTER ESTIMATES THAT AMERICAN EXPRESS
HAS A COMMANDING 45 SHARE FURTHERMORE THERE IS LITTLE ADVERTISING FROM
THE COMPETITION WHICH INCLUDES INTERPAYMENT SERVICES IN NEW YORK THE
WORLD'S LARGEST ISSUER OF VISA TRAVELERS CHEQUES

THERE IS ALSO SCANT IF ANY ADVERTISING FROM BANKAMERICA AND BARCLAYS
WHICH JOINED FORCES IN 1990 TO ISSUE TRAVELER'S CHECKS

NEVERTHELESS SAYS MARGARET SIMONETTIKELLY VICE PRESIDENT OF TRAVELERS
CHEQUE MARKETING AMERICAN EXPRESS MUST KEEP REINFORCING ITS EXISTING USERS
AS WELL AS ATTRACTING NEW ONES

THE COMPANY'S LOSTANDFOUND ADS LOOK AUTHENTIC EVEN THOUGH THE ONLY
THING ACTUALLY LOST IN THE COMMERCIALS IS REALITY THE LOSTANDFOUND
EMPLOYEES ARE ACTORS AND THE COMMERCIALS WERE FILMED IN A STUDIO NOT AT
ACTUAL LOCATIONS

ONE COMMERCIAL SPOTLIGHTING WASHINGTON BEGINS WITH A BESPECTACLED
GENTLEMAN SAYING I RUN THE LOSTANDFOUND HERE IN UNION STATION HE SAYS
THE CAPITAL'S TRAIN STATION ATTRACTS 60000 VISITORS DAILY A LOT OF THEM
LOSE THINGS ONE ITEM WHICH HE DESCRIBES AS SPOOKY APPEARS TO BE AN URN
THAT MAY WELL CONTAIN THE REMAINS OF SOMEONE WHO WAS CREMATED WE LOSE ALL
TYPES OF THINGS HERE IN WASHINGTON DC HE CONCLUDES WE EVEN LOST A
BASEBALL TEAM ONCE

THE ACTOR IN THE BERMUDA AD SUGGESTS THAT PERHAPS THE BERMUDA TRIANGLE IS
THE REASON THAT SO MANY ITEMS ARE LOST ON THE ISLAND AND PARIS SAYS AN
ACTRESS IN THE THIRD COMMERCIAL IS LIKE CHAMPAGNE IT GOES STRAIGHT TO
YOUR HEAD WHICH MAY EXPLAIN THE CARELESSNESS AFFLICTING VISITORS TO THE
CITY OF LIGHTS EVEN LOUIS XVI LOST SOMETHING HIS HEAD SHE SAYS

TRAVELER'S CHECKS IN THE NEW ADS ARE LOST NOT STOLEN WHICH SENDS A LESS
DOWNBEAT MESSAGE SAYS MS SIMONETTIKELLY THAT HOWEVER WASN'T THE ONLY
TACTIC EXPLORED FOR THIS CAMPAIGN OTHER CONCEPTS TESTED WITH CONSUMERS
INCLUDED THE WAY TRAVELERS CAN USE THE CHECKS TO STAY WITHIN THEIR BUDGETS
AND THE NUMBER OF ESTABLISHMENTS THAT WILL CASH THE CHECKS RESEARCH SHOWED
THAT CONSUMERS RELATED BEST TO THE RELATIVELY INNOCUOUS ACT OF LOSING
SOMETHING

THE INITIAL THREE COMMERCIALS ARE MEANT TO ESTABLISH THE LOOK AND TONE OF
THE CAMPAIGN IN CONSUMERS' MINDS ONCE THAT IS ACCOMPLISHED MS CUCCHI
SAYS OTHER FARFLUNG LOCALES CAN BE USED

ACTUAL CITIES WEREN'T EVEN MENTIONED OR HINTED AT IN THE OLDER ADS WITH MR
MALDEN WE DIDN'T WANT TRAVELERS TO ASSOCIATE A CRIME WITH PARTICULAR
CITIES BECAUSE OF OUR ADS SAYS MS SIMONETTIKELLY

AMERICAN EXPRESS HOPES THE NEW CAMPAIGN WHICH WILL LIKELY BE EXTENDED TO
OTHER COUNTRIES WILL ENJOY THE SAME LONGEVITY AS THE SCARIER IT COULD
HAPPEN TO YOU ADS TO GUARANTEE A LONG RUN AMERICAN EXPRESS AND OGILVY MAY
FINETUNE THE ADVERTISING

FOR INSTANCE FUTURE ADS MIGHT FOCUS ON ONE SPECIFIC ITEM THAT IS LOST THE
POTENTIAL WITH THAT APPROACH WOULD BE AS LIMITLESS AS THE HODGEPODGE OF
STUFF CRAMMING LOSTANDFOUND DEPARTMENTS AROUND THE WORLD SAYS MS CUCCHI
IT'LL BE A LONG TIME BEFORE THIS CONCEPT IS EXHAUSTED

FORMER LOS ANGELES DODGER DON NEWCOMBE HAS SUED ADOLPH COORS CO AGENCY
FOOTE CONE & BELDING COMMUNICATIONS AND SPORTS ILLUSTRATED PUBLISHER TIME
INC OVER A PRINT AD FOR KILLIAN'S RED BEER SEEKING MORE THAN 100 MILLION
IN DAMAGES

MR NEWCOMBE A RECOVERING ALCOHOLIC WHO IS AN ACTIVIST AGAINST ALCOHOL
ABUSE SAYS THE BEER AD MAKES UNAUTHORIZED USE OF HIS LIKENESS AND CONVEYS
RACIALLY DEROGATORY CONNOTATIONS IT APPEARED IN THE FEB 14 ISSUE OF
SPORTS ILLUSTRATED THE SUIT WAS FILED IN LOS ANGELES SUPERIOR COURT

A COORS SPOKESMAN SAID THE COMPANY HAD RECEIVED ASSURANCES FROM FOOTE CONE
THAT THE IMAGE DIDN'T REPRESENT AN IDENTIFIABLE PERSON THE SPOKESMAN
NOTED WE RESPECT THE CONCERNS RAISED BY MR NEWCOMBE WE'RE HOPEFUL THEY
CAN BE RESOLVED BY FOOTE CONE AND MR NEWCOMBE

TIME AND FOOTE CONE SAID THEY HADN'T RECEIVED COPIES OF THE COMPLAINT AND
DECLINED TO COMMENT

AT ISSUE IS AN AD WITH AN IMAGE OF A PITCHER ON THE MOUND WEARING A PLAIN
WHITE UNIFORM WITH NUMBER 39 ON THE BACK THE HEADLINE MOST OF ALL IT'S
ALWAYS BEEN A GAME ABOUT COLOR

MR NEWCOMBE ONE OF THE FIRST BLACK PITCHING STARS IN MAJOR LEAGUE
BASEBALL WORE NUMBER 36 WHEN HE PITCHED FOR THE DODGERS IN THE 1950S
NONETHELESS HE SAYS THE IMAGE IS AN ALTERED VERSION OF A PHOTO OF HIM
PUBLISHED IN A 1950SERA ARTICLE ENTITLED WILL NEGROES DOMINATE BASEBALL

MR NEWCOMBE'S LAWYER JOSEPH IACOPINO SAID HE THINKS THE AD WAS CREATED BY
ALTERING MR NEWCOMBE'S PHOTO TO CHANGE THE 36 TO 39 THE NUMBER WORN BY
ANOTHER FORMER DODGER ROY CAMPANELLA MR CAMPANELLA'S PICTURE ALSO APPEARS
IN THE OLD ARTICLE

CITING THE AD'S HEADLINE AND A REFERENCE TO WATCHING MY TEAM WHITEWASH
THEIR RIVALS MR IACOPINO SAID HE CONSIDERS IT A SICK PRIVATE JOKE
SUBTLY RECALLING THE ALARMIST TONE OF THE OLD HEADLINE

A COORS SPOKESMAN DENIED THAT THERE WAS ANY RACIAL CONTENT TO THE AD HE
SAID KILLIAN'S ADVERTISING INCLUDING THE TAG ASK FOR IT BY COLOR HAS
LONG REFERRED TO THE BEER'S RED HUE SUCH AN ACCUSATION  IS AN INSULT
AND CAN ONLY BE SEEN AS SELFSERVING THE SPOKESMAN SAID

NEW TELEVISION ADS FOR THE NEW YORKER THAT SOUND LIKE A STREAM OF
CONSCIOUSNESS AND RESEMBLE WOODY ALLEN'S VISION OF MANHATTAN BEGAN AIRING
LAST NIGHT TO SPOTLIGHT THE MAGAZINE'S SPECIAL AT THE MOVIES ISSUE WHICH
GOES ON SALE TODAY

THE HALFMINUTE COMMERCIAL IS THE FIRST EFFORT FROM BERLIN WRIGHT CAMERON
THE OMNICOM GROUP AD AGENCY FOR THE WEEKLY PUBLICATION WHICH IS OWNED BY
ADVANCE PUBLICATIONS INC

DO YOU UNDERSTAND THE MACHINE THAT CREATES YOUR ILLUSIONS IS BLACK CINEMA
AN ART FORM OR A MARKETING PLOY WHY IS THIS WOMAN A BLACKANDWHITE PHOTO
OF MARILYN MONROE SMILING WHATEVER HAPPENED TO THE AV' GUY FROM YOUR
HIGH SCHOOL DO YOU HAVE TWOANDAHALF BUCKS ASKS THE MONOTONE ANNOUNCER
WHO IS ACTUALLY ANDY BERLIN CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF BERLIN
WRIGHT THE NEW YORKER THE ANSWERS ARE INSIDE

SHOTS INCLUDE CABS WEAVING THROUGH TRAFFIC A NEWSSTAND ON CENTRAL PARK WEST
AND THE OUTSIDE OF A MOVIE THEATER THAT APPEARS TO BE THE ZIEGFELD ON WEST
54 ST

THE SPOT WILL BE SHORTLIVED APPEARING ONLY THROUGH TOMORROW ON STATIONS IN
NEW YORK AND LOS ANGELES IT WILL APPEAR ON LATE SHOW WITH DAVID LETTERMAN
AND TODAY AS WELL AS NETWORK EVENING NEWSCASTS THE OBJECTIVE OF THE
CAMPAIGN SAYS THOMAS FLORIO PRESIDENT OF THE NEW YORKER IS TO RAISE
QUESTIONS OF WHAT IS IN THE MAGAZINE THIS WEEK AND WHAT WILL SET THE
CONVERSATIONAL AGENDA

THE STRATEGY IS TO PRODUCE SIMILAR ADS WHENEVER NEW YORKER EDITOR TINA BROWN
PUBLISHES A ONETHEME SPECIAL ISSUE OR WHEN SHE WANTS TO HIGHLIGHT ONE
ARTICLE

THERE ARE A LOT OF YOUNG AND EDUCATED PEOPLE READY TO BUY THE NEW YORKER
SAYS TONY WRIGHT THE AGENCY'S PRESIDENT THESE ADS ARE AIMED FOR NEWSSTAND
SALES HOPEFULLY SUBSCRIPTIONS WILL FOLLOW 9403140036 940314
INTERNATIONAL MEXICO BRACES FOR CAMACHO'S PRESIDENCY BID  BY
PAUL B CARROLL STAFF REPORTER OF THE WALL STREET JOURNAL

MEXICO CITY MANUEL CAMACHO SOLIS HEIGHTENED POLITICAL TENSIONS BY
THREATENING TO LAUNCH A MAVERICK PRESIDENTIAL BID IF THE RULINGPARTY
CANDIDATE AND GOVERNMENT DON'T BECOME MORE DEMOCRATIC

BY KEEPING THE POLITICAL SITUATION UNCERTAIN MR CAMACHO PROBABLY INCREASES
THE PROSPECTS FOR PEACE IN CHIAPAS WHERE HE HAS BEEN THE GOVERNMENT'S
NEGOTIATOR WITH THE REBELS THE REASON IS THAT WHILE THE REBELS AREN'T SURE
THEY CAN TRUST THE OFFICIAL CANDIDATES THE POSSIBILITY THAT MR CAMACHO
COULD LAUNCH A POWERFUL CAMPAIGN FOR THE AUGUST VOTE MAY MAKE THE GOVERNMENT
MOVE QUICKLY AND IRREVERSIBLY TOWARD THE REFORMS THE REBELS ARE DEMANDING
THE REBEL LEADER SUBCOMMANDER MARCOS HAD SAID IN AN INTERVIEW PUBLISHED IN
REFORMA ON FRIDAY THAT HE WASN'T HAPPY WITH THE GOVERNMENT'S PROGRESS AND
THREATENED TO TAKE UP ARMS AGAIN

MR CAMACHO'S POSSIBLE PRESIDENTIAL BID ALSO PROBABLY WILL KEEP THE
FINANCIAL MARKETS HERE UNCERTAIN INVESTORS LIKE THE FREEMARKET POLICIES
INSTITUTED BY PRESIDENT CARLOS SALINAS DE GORTARI AND THE SORT OF CONTINUITY
PROVIDED BY THE RULING PARTY WHICH HAS WON EVERY PRESIDENTIAL RACE FOR MORE
THAN SIX DECADES

WITH THINLY VEILED CRITICISMS OF THE RULINGPARTY CANDIDATE LUIS DONALDO
COLOSIO AT A NEWS CONFERENCE FRIDAY MR CAMACHO CERTAINLY INCREASED THE
FRICTION BETWEEN THEM

MR COLOSIO WHO EDGED OUT MR CAMACHO AS THE RULINGPARTY CANDIDATE 
HAS GONE ON THE ATTACK IN RECENT DAYS CRITICIZING SOME OF THE PROGRAMS MR
CAMACHO INSTITUTED AS MAYOR OF MEXICO CITY MR CAMACHO RETALIATED BY SAYING
THAT HIS POLICIES CONTINUED TO BE POPULAR WITH MOST CITIZENS HERE AND SAID
HE WOULDN'T BE BLAMED FOR THE PROBLEMS OF OTHERS APPARENTLY ALLUDING TO THE
FACT THAT MR COLOSIO'S CAMPAIGN IS OFF TO A SLOW START

MR CAMACHO ALSO BRISTLED ABOUT ATTEMPTS TO KEEP HIM OUT OF THE RACE AND
ABOUT PEOPLE WHO ARE INVENTING ADMINISTRATIVE PROBLEMS CONCERNING HIS TIME
AS MAYOR WHILE MR CAMACHO DIDN'T TAKE QUESTIONS HE WAS APPARENTLY
REFERRING TO AN ALLEGED CAMPAIGN ORGANIZED BY HARDLINERS WITHIN THE RULING
PARTY TO AUDIT MANY OF HIS PROGRAMS TO FIRE APPOINTEES HE LEFT BEHIND WHEN
HE RESIGNED AS MAYOR LATE LAST YEAR AND TO MOUNT A PRESS CAMPAIGN AGAINST
HIM

MANY POLITICAL ANALYSTS HERE HAD EXPECTED MR CAMACHO TO EITHER DECLARE
HIMSELF IN OR OUT OF THE RACE BY TOMORROW THE FILING DEADLINE FOR
PRESIDENTIAL CANDIDATES BUT MR CAMACHO MADE CLEAR AT THE NEWS CONFERENCE
THAT HE INTENDS TO TAKE ADVANTAGE OF A PROVISION THAT WOULD LET HIM ENTER
THE RACE AS LATE AS JULY 21 A MONTH BEFORE THE ELECTIONS BY PERSUADING ANY
OF A HALFDOZEN MINORPARTY CANDIDATES TO STEP ASIDE IN HIS FAVOR

IF DEMOCRACY ISN'T ADVANCED AND IF IN PLACE OF AGREEMENTS THERE IS
POLARIZATION  I WOULD TAKE THE POLITICAL DECISION NECESSARY TO ADVANCE
DEMOCRACY AND HELP UNIFY MEXICO MR CAMACHO SAID 9403140035 940314
RECENT SEC FILINGS

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

AARON RENTS INC AN OFFERING OF 1750000 CLASS B COMMON SHARES WITH AN
OVERALLOTMENT OPTION FOR 250000 ADDITIONAL SHARES VIA WHEAT FIRST BUTCHER
& SINGER CAPITAL MARKETS INTERSTATE/JOHNSON LANE CORP AND
ROBINSONHUMPHREY CO

AMERICAN WHITE CROSS INC FORMERLY NPM HEALTHCARE PRODUCTS INC AN
OFFERING OF 27 MILLION COMMON SHARES

ENCORE WIRE CORP AN OFFERING OF 1550000 COMMON SHARES WITH A 30DAY
OPTION TO PURCHASE UP TO AN ADDITIONAL 232500 SHARES VIA RAUSCHER PIERCE

MESA INC A PUBLIC OFFERING OF 20 MILLION COMMON SHARES AND 300 MILLION OF
DEBT SECURITIES VIA MERRILL LYNCH & CO 9403140034 940314 SPRINT PLANS
350 MILLION FOR UPGRADING ITS NETWORK

WASHINGTON AP SPRINT CORP THE NATION'S THIRDLARGEST LONGDISTANCE
COMPANY PLANS TO INVEST 350 MILLION DURING THE NEXT THREE YEARS TO INSTALL
AN ADVANCED FORM OF FIBEROPTIC TRANSMISSION EQUIPMENT IN ITS 23000MILE
NETWORK

SPRINT SAID THE IMPROVEMENT WOULD ASSURE ITS CUSTOMERS UNINTERRUPTED SERVICE
WHEN LINES ARE DAMAGED AND GIVE THEM AN ABILITY TO SEND VIDEO AND DATA
TRAFFIC OVER ITS NETWORK AT SPEEDS TWO TIMES FASTER THAN CURRENTLY
AVAILABLE

THE KANSAS CITYBASED COMPANY SAID THE NEW TECHNOLOGY WILL RELY ON AN
ADVANCED FORM OF A FIBEROPTICS TRANSMISSION CALLED SONET OR SYNCHRONOUS
OPTICAL NETWORK IT WILL BE INSTALLED IN EACH OF SPRINT'S 338 LOCATIONS
WHERE THE LONGDISTANCE NETWORK CONNECTS WITH LOCAL TELEPHONE COMPANIES

THE COMPANY DESCRIBED THE NEW TECHNOLOGY AS AN INNOVATION IN THE ELECTRONICS
THAT PROVIDE LIGHT PULSES FOR FIBER OPTICS THIN STRANDS OF GLASS FOR
CARRYING VOICE VIDEO OR DATA INFORMATION 9403140033 940314 ECONOMY 
US AND JAPAN MOVE TO EASE TRADE TENSIONS  CELLULARPHONE
AGREEMENT EXPECTED CHIP FIGURES CONTRIBUTE TO CALMING  BY WALL
STREET JOURNAL REPORTERS ASRA Q NOMANI IN WASHINGTON AND DAVID P
HAMILTON IN TOKYO

TRADE RELATIONS BETWEEN THE US AND JAPAN APPEAR TO BE HEADING FOR A
MOMENTARY PERIOD OF CALM FOLLOWING THE RESOLUTION OF A DISPUTE OVER CELLULAR
TELEPHONES AND THE EXPECTED EASING OF TENSIONS OVER SEMICONDUCTORMARKET
ACCESS

OFFICIALS FROM BOTH SIDES OF THE SEMICONDUCTOR BATTLE SAID THEY EXPECT
FIGURES FOR THE 1993 FOURTH QUARTER TO SHOW THAT FOREIGN COMPANIES' SHARE OF
THE JAPANESE CHIP MARKET ROSE TO ABOUT 20 IN BILATERAL CHIP NEGOTIATIONS
THE US HAS LONG SOUGHT A 20 FOREIGN SHARE IN JAPAN THE TWO GOVERNMENTS
ARE EXPECTED TO RELEASE THE FOURTHQUARTER MARKETSHARE FIGURES WHICH COULD
DEVIATE FROM THE OFFICIALS' ESTIMATES BY A FEW TENTHS OF A PERCENTAGE POINT
AS EARLY AS THURSDAY

THAT WILL COME ON THE HEELS OF AN AGREEMENT THE US AND JAPAN REACHED ON
SATURDAY TO RESOLVE A TENSE DISPUTE INVOLVING MOTOROLA INC THE COMPANY
ASSERTED THAT THE JAPANESE CELLULAR CARRIER IDO CORP IN VIOLATION OF A
1989 USJAPAN TRADE AGREEMENT DRAGGED ITS HEELS IN EXPANDING ITS
MOTOROLASTYLE CELLULAR NETWORK UNDER THE NEW ACCORD IDO WILL ACCELERATE
CONSTRUCTION OF ITS MOTOROLASTYLE SYSTEM TO MEET US DEMANDS AND WILL CURB
DEVELOPMENT OF A RIVAL CELLULAR NETWORK IT OPERATES THE US AND JAPANESE
GOVERNMENTS WILL BOTH CERTIFY IDO'S PROGRESS IN A QUARTERLY REVIEW

THE CELLULAR AGREEMENT AND THE SEMICONDUCTOR FIGURES WHILE GOOD NEWS FOR
US COMPANIES ALSO REPRESENT SOMETHING OF A QUANDARY FOR US TRADE
POLICY SINCE BILATERAL TRADE TALKS COLLAPSED IN MIDFEBRUARY THE US HAS
SOUGHT TO KEEP THE PRESSURE ON JAPAN TO COME BACK TO THE TABLE USING CASES
SUCH AS THE MOTOROLA CELLULAR DISPUTE

THE RECENT ENCOURAGING SIGNS HOWEVER MAKE IT HARDER FOR THE CLINTON
ADMINISTRATION TO KEEP THE KETTLE ON BOIL SAID LINN WILLIAMS A FORMER
DEPUTY US TRADE REPRESENTATIVE THE MOTOROLA CASE PROVIDED A CLEAR SYMBOL
OF UNFAIR TRADING PRACTICES HE SAID AND ATTRACTED SUPPORT FROM THE PUBLIC
AND OTHER TRADE PARTNERS

IN CONTRAST THE ISSUES IN THE FRAMEWORK TRADE TALKS BETWEEN THE US AND
JAPAN ARE LESS CLEAR AND AMONG OTHER TRADING PARTNERS SUPPORT FOR THE
US GOAL OF NUMERICAL IMPORT TARGETS IS NEAR ZERO MR WILLIAMS SAID

US OFFICIALS SAID THE TWO SIDES HAVEN'T DONE ANYTHING ON THE FRAMEWORK
TALKS SINCE FEB 11 WHEN THE NEGOTIATIONS BROKE OFF WHILE US OFFICIALS
CAUTION THAT THE MOTOROLA DEAL ISN'T A HARBINGER OF PROGRESS IN THE BROADER
TALKS THEY SAID THE US WILL TAKE THE SAME TYPE OF RESULTSORIENTED
APPROACH USED IN THE CELLULAR TALKS

THE CELLULARPHONE AGREEMENT CHANGED THE TENOR OF US RHETORIC DURING HIS
WEEKLY RADIO ADDRESS PRESIDENT CLINTON HELD UP THE ACCORD AS AN EXAMPLE OF
HOW THE US AND JAPAN CAN WORK TOGETHER TO OPEN UP JOBS IN AMERICA BY
OPENING UP MARKETS IN JAPAN EARLIER IN TOKYO US AMBASSADOR WALTER
MONDALE SAID THE PACT SHOWS HOW THE TWO SIDES CAN WORK TOGETHER TO ACHIEVE
REAL MARKET ACCESS IN JAPAN

FOR HIS PART US TRADE REPRESENTATIVE MICKEY KANTOR QUALIFIED ANY OPTIMISM
OVER THE EFFECT OF THE AGREEMENT WITH A DOUBLE NEGATIVE IT'S NOT
UNHELPFUL HE VENTURED OVER THE CLICK OF CAMERAS AT A HASTILY CALLED
SATURDAY AFTERNOON NEWS BRIEFING WHEN ASKED WHETHER THE ACCORD SHOWED THAT
A TOUGH POLICY WORKS HE SAID THAT THE WORD TOUGH' IS SO OVERUSED BUT
HE LATER SAID WITH SOME SARCASM I'VE NEVER BEEN KNOWN FOR A LIGHT TOUCH

WITH THE MOTOROLA CASE SOLVED AND THE THREAT OF SANCTIONS ELIMINATED ON THIS
ISSUE JAPANESE OFFICIALS ARE HOPING THAT US PRESSURE WILL DECREASE WITH
THE SOLUTION OF THIS ISSUE I THINK IT WILL ALLEVIATE MANY OF THE CONCERNS
AND CRITICISMS THAT HAVE BEEN AIMED AT JAPAN SAID AN OFFICIAL AT THE
MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY

BUT FUTURE DISPUTES ARE ALREADY IN SIGHT CLINTON ADMINISTRATION OFFICIALS
ARE EYEING THE RELEASE OF THE NATIONAL TRADE ESTIMATES REPORT AT THE END OF
MARCH AS AN OPPORTUNITY TO HIT THE JAPANESE THAT REPORT WILL OUTLINE
ALLEGEDLY UNFAIR TRADING PRACTICES AND JAPAN IS EXPECTED TO BE SINGLED OUT

ALTHOUGH THERE IS NOT A BAZOOKA READY TO GO OFF THERE WILL BE AMPLE
OPPORTUNITY TO PUT PRESSURE ON JAPAN INSISTED JEFFREY GARTEN COMMERCE
UNDERSECRETARY FOR INTERNATIONAL TRADE IN AN INTERVIEW A US OFFICIAL
SAID THE US WON'T BE RELEASING A HORROR A WEEK TO PRESS ITS CASE BUT
SAID THERE ARE A FEW AREAS US OFFICIALS HAVE IDENTIFIED AS PROBLEMRIDDEN
AMONG THEM GLASS WOOD PRODUCTS AND GOVERNMENT PROCUREMENT

MOREOVER PRESIDENT CLINTON RECENTLY RENEWED THE TRADE MEASURE CALLED SUPER
301 WHICH ALLOWS THE US TO IMPOSE SANCTIONS ON COUNTRIES IT CONSIDERS TO
BE ENGAGING IN UNFAIR TRADE PRACTICES BUT ANY MOVEMENT ON SUPER 301 IS
MONTHS OFF THE US ISN'T SLATED TO IDENTIFY ANY PRACTICES UNTIL SEPTEMBER
AND EVEN THEN SANCTIONS WOULDN'T BE IMPOSED IMMEDIATELY

THE CELLULARPHONE AGREEMENT GIVES A HINT OF THE KIND OF SOLUTIONS THE US
AND JAPAN MIGHT FIND ON OTHER DISPUTES CRITICS CHARGE THAT US OFFICIALS
HAVEN'T CLEARLY LAID OUT WHAT THEY WANT WHEN THEY TALK ABOUT QUANTITATIVE
MEASUREMENTS US OFFICIALS SAY THEY DON'T WANT THE KIND OF MARKETSHARE
TARGETS THAT ARE IN THE SEMICONDUCTOR PACT BUT RATHER TERMS THAT LAY OUT
HOW THE JAPANESE MARKET SHOULD BE OPENED FOR EXAMPLE THE WAY THE
CELLULARPHONE PACT DETAILS HOW MANY BASE STATIONS AND CHANNELS MOTOROLA
SHOULD GET

REGARDING SEMICONDUCTORS THE INCREASE IN FOREIGN SHARE THAT IS EXPECTED TO
BE REPORTED FOR THE FOURTH QUARTER WOULD FOLLOW THREE CONSECUTIVE QUARTERS
OF DECLINE A SITUATION THAT HAS ALARMED THE US INDUSTRY A FOURTHQUARTER
SHARE OF ABOUT 20 WOULDN'T BE ENOUGH TO BRING THE AVERAGE LEVEL FOR ALL OF
1993 TO 20 US INDUSTRY OFFICIALS SAID BUT THEY SAID IT PROBABLY WOULD
BE ENOUGH TO EASE PRESSURE THE FOREIGN SHARE WAS 181 IN THE THIRD
QUARTER DOWN FROM A HIGH OF 202 IN THE 1992 FOURTH QUARTER

US AND JAPANESE SEMICONDUCTOR OFFICIALS ATTRIBUTED THE EXPECTED RISE IN
1993'S FOURTH QUARTER TO INCREASED SALES OF FOREIGN CHIPS IN JAPAN AT A TIME
THAT THE OVERALL MARKET SHRANK THERE IS SOME UNCERTAINTY OVER THE ESTIMATES
FOR OVERALL MARKET SHARE BECAUSE THE TWO GOVERNMENTS DON'T DISCLOSE HOW THEY
CALCULATE THE SIZE OF THE OVERALL MARKET

ALAN WOLFF A LAWYER FOR THE SEMICONDUCTOR INDUSTRY ASSOCIATION A TRADE
GROUP OF US MAKERS SAID THERE MAY BE A TEMPORARY RELAXATION IN THE
TENSION ERRONEOUSLY I THINK WITH A FOURTHQUARTER BOUNCE IN MARKET
SHARE GOVERNMENT AND INDUSTRY OFFICIALS FROM BOTH SIDES ARE TO MEET NEXT
WEEK IN HAWAII TO CHART WAYS TO RESOLVE THEIR DISPUTE THE US SAID IT WILL
BE WATCHING JAPAN'S STANCE THERE TO DECIDE HOW TOUGH TO BE

JAPANESE OFFICIALS SAID THAT JAPAN WILL CONTINUE ITS EFFORTS TO INTRODUCE
UNILATERAL MARKETOPENING MEASURES ALTHOUGH SOME GOVERNMENT OFFICIALS HAVE
SAID SOME OF THOSE STEPS MAY BE DELAYED UNTIL EARLY SUMMER OTHERS INSIST
THAT A PACKAGE WILL BE READY BY THE END OF MARCH JAPANESE OFFICIALS
MAINTAIN THAT THEY WILL REJECT NUMERICAL IMPORT TARGETS ALTHOUGH SOME
PROMINENT POLITICIANS AND BUSINESSMEN HAVE BEGUN CALLING FOR NONBINDING
TARGETS 9403140032 940314 FUJITSU TOSHIBA INVEST IN GENERAL MAGIC
VENTURE

TOKYO FUJITSU LTD AND TOSHIBA CORP SAID THEY ARE INVESTING IN THE
GENERAL MAGIC INC SOFTWARE CONSORTIUM BECOMING THE LATEST HIGHTECHNOLOGY
HEAVYWEIGHTS TO JOIN AN AMIBITIOUS EFFORT TO SET COMMUNICATIONS STANDARDS
FOR SOCALLED INTELLIGENT NETWORKS

THE JAPANESE COMPANIES DIDN'T SPECIFY TERMS OR THE SIZE OF THEIR STAKES BUT
FUJITSU THE WORLD'S SECONDLARGEST COMPUTER MAKER SAID AN EXECUTIVE VICE
PRESIDENT MIKIO OHTSUKI WILL JOIN GENERAL MAGIC'S BOARD

GENERAL MAGIC IS MADE UP OF THE WORLD'S TWO LARGEST TELECOMMUNICATIONS
CONCERNS NIPPON TELEGRAPH & TELEPHONE CORP AND AMERICAN TELEPHONE &
TELEGRAPH CO AND THE THREE BIGGEST CONSUMERELECTRONICS COMPANIES SONY
CORP MATSUSHITA ELECTRIC INDUSTRIAL CO AND PHILIPS ELECTRONICS NV OF THE
NETHERLANDS AS WELL AS APPLE COMPUTER INC AND MOTOROLA INC

THE CONSORTIUM BASED IN MOUNTAIN VIEW CALIF HAS DEVELOPED A
COMMUNICATIONS SOFTWARE CALLED TELESCRIPT THAT ALLOWS DIFFERENT KINDS OF
COMPUTERS TO TALK TO EACH OTHER AND TO SEND OUT SOCALLED PROGRAMMABLE
AGENTS BASICALLY ELECTRONIC CONCIERGES WHICH GATHER AND PROCESS
INFORMATION IT HAS ALSO CREATED AN OPERATING SYSTEM CALLED MAGIC CAP THAT
SIMPLIFIES COMMUNICATION AND FACILITATES THE USE OF AGENTS

TOSHIBA SAID IT WILL USE BOTH SYSTEMS BUT DIDN'T SAY HOW 9403140031
940314 MEDIA & MARKETING BOSTON GLOBE WORKERS VOTE TO JOIN NEWSPAPER
GUILD

BOSTON MEMBERS OF THE LARGEST UNION AT THE BOSTON GLOBE A UNIT OF NEW
YORK TIMES CO VOTED OVERWHELMINGLY TO JOIN THE NEWSPAPER GUILD WHICH
REPRESENTS 33000 NEWS INDUSTRY WORKERS IN THE US AND CANADA

DESPITE OPPOSITION BY GLOBE MANAGEMENT MEMBERS OF THE BOSTON GLOBE
EMPLOYEES ASSOCIATION AN INHOUSE UNION VOTED 456 TO 334 LAST THURSDAY TO
JOIN THE GUILD THE VOTE FOLLOWS A THREEYEAR BATTLE OVER THE EMPLOYEES'
LATEST CONTRACT WHICH WAS RATIFIED LAST MONTH IT WILL EXPIRE AT THE END OF
THIS YEAR

THE GLOBE UNION REPRESENTS ABOUT 1000 NEWSROOM ADVERTISING SALES
MAINTENANCE AND SECURITY EMPLOYEES

WE ARE DISAPPOINTED THAT THE MEMBERS OF THE BOSTON GLOBE EMPLOYEES
ASSOCATION SAW FIT TO VOTE FOR AFFILIATION WITH THE NEWSPAPER GUILD SAID
GLOBE PUBLISHER WILLIAM O TAYLOR AS A RESULT WE BELIEVE THE EMPLOYEES
HAVE LOST MORE THAN THEY HAVE GAINED INCLUDING A SPECIAL RELATIONSHIP WITH
THE GLOBE BUILT OVER 60 YEARS AND AN EXCLUSIVELY LOCAL FOCUS ON LABOR
RELATIONS

THE NEWSPAPER GUILD ALSO REPRESENTS SOME EMPLOYEES AT NEW YORK TIMES CO
WHICH PURCHASED THE PARENT OF THE BOSTON GLOBE LAST YEAR BUT A GLOBE
SPOKESMAN SAID THE BOSTON NEWSPAPER WILL CONTINUE TO HANDLE ITS OWN LABOR
RELATIONS 9403140030 940314 LETTERS TO THE EDITOR BEEF IRRADIATORS 
COULD POSE DANGER

YOUR FEB 4 ARTICLE BEEF IRRADIATION MEETS POLITICS IN WASHINGTON ATTEMPTS
TO MAKE A CASE FOR THE BENEFICIAL USES OF THIS TECHNOLOGY IN COMBATING THE
THREAT OF CONTAMINATION BY ECOLI BACTERIA THOUGH THE GOAL OF ELIMINATING
ECOLI FROM BEEF IS LAUDABLE THE USE OF IRRADIATION TO ACCOMPLISH THIS
RAISES SOME DISTURBING ISSUES THAT SHOULD PRECLUDE ITS WIDESPREAD USE

IRRADIATING THE ENTIRE US BEEF SUPPLY WOULD REQUIRE THE CONSTRUCTION OF
LARGE IRRADIATORS ACROSS THE COUNTRY SINCE THESE FACILITIES WOULD USE
RADIOACTIVE SOURCES THAT NEED TO BE REPLENISHED FREQUENTLY THEIR OPERATION
NECESSITATES THE PRODUCTION TRANSPORTATION AND DISPOSAL OF LARGE QUANTITIES
OF DANGEROUSLY RADIOACTIVE MATERIALS CURRENT SUPPLIES OF COBALT60 MAY BE
INADEQUATE TO PROVIDE FOR HUNDREDS OF NEW IRRADIATORS

ACCORDING TO THE US NUCLEAR REGULATORY COMMISSION THERE HAVE BEEN 54
ACCIDENTS AT 132 IRRADIATION FACILITIES AROUND THE WORLD SINCE 1974 SOME OF
WHICH HAD SERIOUS CONSEQUENCES WITH THE CONSTRUCTION OF HUNDREDS OF
IRRADIATORS NEEDED FOR IRRADIATING ALL DOMESTIC BEEF THE POTENTIAL FOR
ADDITIONAL ACCIDENTS WOULD BE GREATLY INCREASED THE DANGERS INHERENT IN
THIS TECHNOLOGY MAKE IT A POOR CHOICE FOR DEALING WITH FOOD SAFETY PROBLEMS
WE HAVE BETTER SAFER SOLUTIONS 9403140029 940314 LETTERS TO THE EDITOR
 CLARIFYING TWO LAWS ON WORKING PARENTS

WE WERE PLEASED TO SEE STANLEY ANGRIST'S REVIEW OF OUR BOOK EVERYTHING A
WORKING MOTHER NEEDS TO KNOW IN THE BUSINESS BOOKSHELF LEISURE & ARTS
FEB 22 THE REVIEW HOWEVER CONTAINED AN ERROR

AS WE EXPLAIN IN THE BOOK THE FAMILY AND MEDICAL LEAVE ACT PASSED BY
CONGRESS AND SIGNED BY PRESIDENT CLINTON LAST YEAR GUARANTEES 12 WEEKS OF
UNPAID JOBPROTECTED LEAVE FOR PARENTS UPON THE BIRTH OR ADOPTION OF A
CHILD AS WELL AS TO CARE FOR A SICK RELATIVE IT APPLIES TO COMPANIES WITH
50 OR MORE EMPLOYEES WITHIN A 75MILE RADIUS AND PROVIDES SIGNIFICANT
PROTECTION TO PARENTS WHO WORK FOR SUCH COMPANIES THE PREGNANCY
DISCRIMINATION ACT IN PLACE SINCE 1978 AFFECTS A FAR GREATER NUMBER OF
WORKERS BECAUSE IT APPLIES TO ALL PRIVATE EMPLOYERS WITH 15 OR MORE
EMPLOYEES BUT DOES NOT PROVIDE THE SAME GUARANTEES THE PREGNANCY
DISCRIMINATION ACT PROHIBITS FIRING A WOMAN SIMPLY BECAUSE SHE IS PREGNANT
AND REQUIRES EMPLOYERS TO TREAT PREGNANCY AS THEY WOULD A TEMPORARY PHYSICAL
DISABILITY

THE REVIEW CONFUSED THE DATES OF PASSAGE OF THE TWO LAWS LEAVING THE
ERRONEOUS IMPRESSION THAT WE HAVE NOT MADE PROGRESS IN THE PROTECTION OF
WORKING PARENTS IN RECENT YEARS 9403140028 940314 LETTERS TO THE EDITOR
 WE SEEK TO TRANSFORM TEACHING MANAGEMENT

WE AT BOSTON UNIVERSITY READ WITH INTEREST YOUR FEB 14 STORY ABOUT
BUSINESSSCHOOL CONSTRUCTION WE WERE PLEASED YOU PRINTED A PHOTO OF OUR
PLANNED NEW SCHOOL OF MANAGEMENT BUILDING BUT THE STORY MISSED A MAJOR
POINT

THIS SCHOOL HAS SET ABOUT TO TRANSFORM THE TEACHING OF MANAGEMENT
CURRICULAR REFORMS ADDRESS THE ESSENTIAL TASK OF UNDERSTANDING THE POTENTIAL
AND THE LIMITATIONS INHERENT IN MANAGEMENT SYSTEMS THE CENTRAL ISSUE THAT
HAS BEEN MISSING IN BUSINESS EDUCATION AND IN THE PRACTICE OF MANAGEMENT
OUR NEW BUILDING HAS BEEN DESIGNED IN EVERY DETAIL TO BOTH DELIVER
MANAGEMENT EDUCATION IN NEW WAYS AND AT THE SAME TIME MODEL THE KIND OF
EFFECTIVE HORIZONTALLY ORIENTED ORGANIZATION ABOUT WHICH WE TEACH IT'S
FUNCTIONAL DESIGN WILL FAVORABLY AFFECT THE RELATIONSHIPS AND NEEDS OF THE
PEOPLE WHO WORK AND STUDY IN IT 9403140026 940314 TURKISH IMPORTS
EXPORTS

ISTANBUL TURKEY TURKEY'S IMPORTS ROSE FASTER THAN EXPORTS IN JANUARY
THE STATE STATISTICS INSTITUTE REPORTED

IMPORTS AMOUNTED TO 216 BILLION WHILE EXPORTS STOOD AT 132 BILLION

IMPORTS ROSE 20 AND EXPORTS ROSE 34 FROM THE YEAREARLIER PERIOD
ACCORDING TO THE REPORT 9403140025 940314 PORTUGAL'S CONSUMER PRICE RISE

LISBON PORTUGAL'S CONSUMER PRICE INDEX ROSE 06 IN FEBRUARY ALLOWING
THE YEARTOYEAR RATE TO DROP TO 61 FROM 63 IN JANUARY THE NATIONAL
STATISTICS INSTITUTE ANNOUNCED

THE LARGEST DROPS WERE SEEN IN TRANSPORT AND COMMUNICATIONS PRICES WHICH
ROSE 12 IN FEBRUARY COMPARED WITH A 2 INCREASE IN JANUARY AND IN THE
HOUSEHOLD GOODS SECTOR WHICH SAW GROWTH RATES EASE TO A 02 PACE FROM A
09 RATE 9403140024 940314 LOOKING FOR WORK IN EMPLOYMENT POLICY 
AMERICA AND EUROPE MAKE A SHARP CONTRAST  US SPAWNS JOBS BUT
OFTEN ILLPAID GERMANY OFFERS HIGH PAY FEW OPENINGS  FODDER FOR
THE SUMMITEERS  BY DAVID WESSEL AND DANIEL BENJAMIN STAFF
REPORTERS OF THE WALL STREET JOURNAL

IN HARTFORD CONN AVA BILBRAUT AND HER 16YEAROLD SON BRING IN ABOUT 253
A WEEK AND SPEND ABOUT A THIRD OF THAT TO RENT A TWOBEDROOM APARTMENT THE
ENERGETIC 33YEAROLD MOTHER HASN'T ANY HEALTH INSURANCE INDEED SHE HAS
BEEN SUED BY A LOCAL HOSPITAL FOR FAILURE TO PAY A BILL

IN BERLIN GERMANY KLAUS BEILISCH A THIN 30YEAROLD WITH WAVY BLACK HAIR
BRINGS IN THE EQUIVALENT OF 277 A WEEK NEXT MONTH HE HIS WIFE AND THEIR
16MONTHOLD SON ARE TO MOVE INTO A RENTFREE APARTMENT WHEN MR BEILISCH
WAS HOSPITALIZED FOR SIX DAYS LAST JUNE WITH A CIRCULATORY PROBLEM HIS
HEALTH INSURANCE PICKED UP ALL BUT THE 650ADAY TAB FOR FOOD

ONE MORE THING MS BILBRAUT THE AMERICAN WORKS SEVEN DAYS A WEEK BEHIND
THE COUNTER AT A CUBAN BAKERY MR BEILISCH THE GERMAN HAS BEEN UNEMPLOYED
SINCE LAST MAY

NO ONE IS LIKELY TO BE SO BLUNT AT PRESIDENT CLINTON'S INTERNATIONAL JOBS
CONFERENCE IN DETROIT TODAY AND TOMORROW BUT BY MANY MEASURES AN
UNEMPLOYED WORKER IN WESTERN EUROPE IS BETTER OFF THAN AN EMPLOYED AMERICAN
WHO HAS FEW SKILLS OR LITTLE EDUCATION

ALTHOUGH THERE ARE POORLY PAID WORKERS EVERYWHERE ONLY THE US TOLERATES
HAVING MILLIONS OF ITS PEOPLE ACCURATELY CLASSIFIED AS THE WORKING POOR
ON THE OTHER HAND CHRONIC UNEMPLOYMENT IS AN ENORMOUS PROBLEM IN EUROPE BUT
LESS OF ONE IN THE US

THUS IN CONFRONTING A COMMON PROBLEM WANING DEMAND FOR LOWSKILLED
WORKERS THE US AND CONTINENTAL EUROPE HAVE RESPONDED IN VERY DIFFERENT
WAYS

THE US CREATES LOTS OF JOBS BUT BY WEAKENING UNIONS AND FAILING TO ADJUST
THE MINIMUM WAGE FOR INFLATION IT HAS ALLOWED THE WAGES OF THOSE AT THE
BOTTOM TO FALL THE RESULT IS COMPANIES THAT ARE MORE GLOBALLY COMPETITIVE
BUT ALSO A WIDENING GAP BETWEEN RICH AND POOR AND AN UNCOMFORTABLY LARGE
NUMBER OF WORKERS LIVING LIKE MS BILBRAUT IN OR NEAR POVERTY

EUROPE HAS BEEN SLOWER TO RESTRUCTURE ITS COMPANIES AND RELUCTANT TO
ENDANGER THE SOCIAL HARMONY THAT COMES WITH A NARROWER GAP BETWEEN HAVES AND
HAVENOTS IT HAS CONTINUED TO INCREASE WAGES FOR THOSE WHO WORK AND
MAINTAINED GENEROUS GOVERNMENT BENEFITS FOR THOSE WHO DON'T BUT THE COST TO
GOVERNMENT AND BUSINESS OF MAINTAINING THIS THICK SAFETY NET AND RELATED
RESTRICTIONS ON EUROPEAN EMPLOYERS IS CLEAR EMPLOYERS DON'T CREATE MANY
NEW JOBS AND UNEMPLOYED WORKERS DON'T HAVE MUCH INCENTIVE TO SEEK MANY OF
THE LOWPAYING ONES AS A RESULT EUROPE IS GRAPPLING WITH AN ARMY OF PEOPLE
WHO HAVE BEEN UNEMPLOYED SO LONG THEY MAY NEVER RETURN TO WORK

THE CHOICE IN LARGE MEASURE IS BETWEEN BEING POOR IN AMERICA OR UNEMPLOYED
IN EUROPE SAYS BARRY BOSWORTH AN ECONOMIST AT THE BROOKINGS INSTITUTION
IN WASHINGTON

BOTH MS BILBRAUT AND MR BEILISCH SUFFER FROM THE WEAKNESSES INHERENT IN
THE TWO SYSTEMS BOTH FEEL MOMENTS OF HOPELESSNESS IF I HAD ANY MONEY I'D
MOVE SOMEWHERE ELSE MS BILBRAUT SAYS WITH NOWHERE IN PARTICULAR IN MIND
BUT SHE HAS GIVEN UP EVER FINDING A NICE JOB LIKE THE 7ANHOUR
ASSEMBLER'S WORK SHE ONCE HAD AT A MATCH FACTORY IN MASSACHUSETTS MR
BEILISCH GOES A COUPLE OF TIMES A WEEK TO LOOK AT MR MICRO AS A
COMPUTERIZED JOBLISTING IS KNOWN BUT SHAKES HIS HEAD AT OFFERINGS THAT PAY
AS MUCH AS HIS UNEMPLOYMENT BENEFITS WHICH WILL LAST INDEFINITELY

IN BOTH THE US AND WESTERN EUROPE POLITICAL AND ECONOMIC ELITES ARE
REEXAMINING THEIR COUNTRIES' CHOICES AND CASTING ENVIOUS IF SOMETIMES
AMBIVALENT GLANCES ACROSS THE ATLANTIC THE MAIN DANGER IS THAT EACH SIDE
MAY END UP ADOPTING SOME OF THE WORST FEATURES OF THE OTHER THE US MAY
ACQUIRE MORE EUROPEANSTYLE BENEFITS AND DISCOURAGE JOB CREATION AND EUROPE
MAY GET WHAT ARE DERIDED AS MCJOBS

US LABOR SECRETARY ROBERT REICH ARGUES THAT THESE AREN'T THE ONLY OPTIONS
ARE THE CITIZENS OF ADVANCED ECONOMIES CONDEMNED TO CHOOSE BETWEEN ON THE
ONE HAND MORE JOBS WHICH PAY LESS AND LESS OR ON THE OTHER HAND GOOD JOBS
BUT HIGH LEVELS OF UNEMPLOYMENT HE ASKS WE DO NOT HAVE TO MAKE THAT
CHOICE THERE'S A THIRD CHOICE  TO COMBINE THE KIND OF INVESTMENTS IN
EDUCATION AND TRAINING AND APPRENTICESHIP THAT WE FIND IN EUROPE AND IN
JAPAN WITH THE DYNAMIC LABOR MOBILITY AND FLEXIBILITY WE FIND IN THE UNITED
STATES

IN EUROPE BUSINESSES TRUMPET THE BENEFITS OF THE AMERICAN FLEXIBILITY AND
CONSERVATIVE POLITICIANS FLIRT WITH CHANGE FLEXIBILISIERUNG OR MAKING THE
LABOR MARKET MORE FLEXIBLE IS THE LATEST BUZZWORD IN GERMANY IN THE US
HOWEVER IT IS THE LIBERALS IN THE CLINTON ADMINISTRATION AND ACADEMIA WHO
LOOK LONGINGLY AT EUROPE WHILE BUSINESSES AND CONSERVATIVE POLITICIANS ISSUE
OMINOUS WARNINGS THAT THE LIBERALS WILL END UP WITH EUROSTAGNATION AND
BIGGER GOVERNMENT

STILL NEITHER SIDE IS RUSHING TO EMBRACE THE OTHER'S APPROACH VETERAN
GOVERNMENT AND ACADEMIC OBSERVERS IN GERMANY CONFIDENTLY PREDICT THAT IF THE
TWO SYSTEMS CONVERGE IT WILL BE THE US THAT MOVES MORE TOWARD EUROPE
RATHER THAN VICE VERSA

INDEED PRESIDENT CLINTON WONDERS HOW WE CAN EVEN EXPLAIN TO OURSELVES THAT
ALL THESE ADVANCED COUNTRIES HAVE FOUND A WAY TO GUARANTEE BASIC HEALTH CARE
TO ALL THEIR FAMILIES AND THE US HAS NOT BUT HE IS RUNNING INTO TROUBLE
WITH HIS PLAN TO FORCE ALL EMPLOYERS TO PROVIDE HEALTH INSURANCE WHEN MS
BILBRAUT GETS SICK SHE GOES TO A HOSPITAL EMERGENCY ROOM AND WORRIES ABOUT
HOW TO PAY THE BILL OR NOT PAY IT LATER THANK GOD I DON'T HARDLY GET
SICK SHE SAYS

MR REICH TALKS A LOT ABOUT GERMANY'S PERVASIVE ONTHEJOB TRAINING AND
WELLTROD PATH FROM HIGH SCHOOL TO APPRENTICESHIP TO JOBS AS HE PROMOTES A
PLAN TO REORGANIZE GOVERNMENT TRAINING PROGRAMS MR BEILISCH IT HAPPENS
DIDN'T PARTICIPATE IN GERMANY'S BUT SUCH PROGRAMS CAN BE COSTLY AND IN
THE US AT LEAST OFTEN INEFFECTIVE RATHER THAN PROPOSE AN UNPOPULAR
BURDEN ON BUSINESS MR CLINTON ABANDONED A CAMPAIGN VOW TO FORCE EVERY
EMPLOYER TO SET ASIDE 15 OF PAYROLL FOR TRAINING

IN GERMANY THE GOALS OF THE RETHINKING ARE SIMPLE MAKE THE LABOR MARKET
MORE FLEXIBLE AND LIMIT SOCIAL SPENDING ECONOMISTS AT LEAST GENERALLY
AGREE THAT THE PERSISTENCE OF LONGTERM UNEMPLOYMENT IN EUROPE IS LINKED TO
THE FACT THAT JOBLESS BENEFITS CAN LAST NEARLY FOREVER NEARLY HALF THE
UNEMPLOYED IN GERMANY HAVE BEEN JOBLESS FOR A YEAR OR MORE ACCORDING TO THE
ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT IN THE US IT'S
LESS THAN 7 WE HAVE NO INCENTIVES TO ACCEPT A NEW JOB SAYS HEINO
FASSBENDER A PARTNER AT MCKINSEY & CO IN FRANKFURT

MR BEILISCH SAYS JOBS PAYING ABOUT 175 A WEEK ARE PLENTIFUL BUT HE
REASONS THAT TRADING HIS UNEMPLOYMENT CHECK FOR ONE OF THEM WOULD LEAVE HIM
WORSE OFF I'D HAVE TO TAKE HOME 2000 MARKS A MONTH 294 A WEEK AFTER TAX
LESS MAKES NO SENSE HE SAYS

GERMAN POLLSTERS SAY THAT AFTER TWO YEARS OF DEEP RECESSION THE GERMAN
PUBLIC IS INCREASINGLY AWARE THAT THE COUNTRY'S WORLDLEADING WAGE LEVELS
ARE A PROBLEM SOME ARE PREPARED TO LIVE WITH THINNER WAGE INCREASES
HOWEVER GERMANS AREN'T AS READY TO ACCEPT STINGIER UNEMPLOYMENT BENEFITS
EXPECTATIONS FOR COMPANIES ARE CHANGING BUT NOT THOSE FOR THE STATE SAYS
RENATE KOECHER DIRECTOR OF THE ALLENSBACH INSTITUTE A PUBLICOPINION
RESEARCH GROUP THE POLITICAL CLASS KNOWS THAT THE WELFARE STATE IS
UNVIABLE AT THIS LEVEL BUT NOT MUCH OF THE MESSAGE IS COMING ACROSS

CERTAINLY THERE'S LITTLE SUPPORT FOR A USSTYLE UNEMPLOYMENT COMPENSATION
SYSTEM AMERICAN WORKERS CURRENTLY ARE ELIGIBLE FOR UP TO SIX MONTHS OF
BENEFITS BUT ONLY HALF THE UNEMPLOYED ACTUALLY COLLECT CONGRESS USUALLY
EXTENDS THE DURATION OF BENEFITS DURING RECESSIONS CURRENTLY WORKERS IN
ALASKA AND PUERTO RICO ARE ELIGIBLE FOR AN ADDITIONAL 13 WEEKS BENEFITS
RARELY EXCEED HALF OF WHAT A WORKER HAD EARNED BECAUSE OF STATE CEILINGS ON
BENEFITS 317 A WEEK IN CONNECTICUT FOR EXAMPLE CHECKS AVERAGE ABOUT
ONETHIRD OF THAT THE LABOR DEPARTMENT SAYS

AFTER JOBLESS BENEFITS RUN OUT WELFARE CAN KICK IN BUT IN MOST STATES
SUBSTANTIAL AID IS AVAILABLE ONLY TO SINGLE PARENTS UNEMPLOYED SINGLE
PEOPLE AND MARRIED COUPLES ARE ELIGIBLE HOWEVER FOR FOOD STAMPS AND
MEDICAID HEALTH INSURANCE

PRESSED BY MOUNTING BUDGET DEFICITS GERMAN CHANCELLOR HELMUT KOHL SPARKED A
BITTER POLITICAL BATTLE LAST YEAR BY PROPOSING TO REDUCE JOBLESS BENEFITS
HE FAILED TO CUT THEIR DURATION AND MANAGED TO TRIM THEIR SIZE BY AN AVERAGE
OF ONLY 2 THE COMPROMISE LEFT WORKERS WITH CHILDREN RECEIVING 67 OF THEIR
LAST AFTERTAX WAGE CHILDLESS COUPLES AND SINGLES GET 60 THOSE BENEFITS
TYPICALLY LAST A YEAR AFTER THAT THE JOBLESS RECEIVE UNEMPLOYMENT
ASSISTANCE A MEANSTESTED BENEFIT THAT LASTS INDEFINITELY AND OFFERS AS
MUCH AS 57 OF THE LAST WAGE FOR THOSE WITH CHILDREN AND 52 FOR THOSE
WITHOUT

MR BEILISCH EARNED ABOUT 765 AN HOUR IN HIS LAST JOB LABELING AND
PACKING GAS CANISTERS TAKING HOME 287 A WEEK AFTER TAXES NOW HE COLLECTS
UNEMPLOYMENT PAYMENTS OF 179 A WEEK PLUS ABOUT 98 A WEEK IN CHILD
BENEFITS WHICH ARE ALSO MEANSTESTED TO FAVOR THE UNEMPLOYED AFTER RUNNING
INTO SERIOUS DEBT PROBLEMS THE BEILISCH FAMILY GAVE UP THEIR APARTMENT LAST
OCTOBER AND MOVED INTO A CRAMPED HOUSE WITH MRS BEILISCH'S PARENTS AND
HER UNEMPLOYED BROTHER IN A PLEASANT LEAFY NEIGHBORHOOD ON THE OUTSKIRTS
OF WESTERN BERLIN

I'VE LOOKED FOR JOBS AS A SECURITY GUARD SALES HELP STREET CLEANER
POSTAL WORKER MR BEILISCH SAYS WHILE CONCEDING THAT HE HAS AVOIDED WORK
THAT WOULDN'T PAY AS WELL AS HIS GOVERNMENT BENEFITS ON APRIL 1 KLAUS AND
RAMONA BEILISCH WILL MOVE INTO THEIR OWN 650SQUAREFOOT APARTMENT WHICH IS
ALMOST AS LARGE AS THE HOUSE THEY NOW SHARE UNTIL MR BEILISCH FINDS A JOB
THE GOVERNMENT WILL PAY THE 353 RENT IF HE FINDS WORK HIS RENT SUBSIDY
WILL BE BASED ON HIS INCOME

MR BEILISCH DOESN'T OWN A CAR BUT DOES HAVE A MONTHLY PASS FOR BERLIN'S
SUPERB PUBLICTRANSPORT SYSTEM AS AN UNEMPLOYED WORKER HE PAYS 29 A
THIRD OFF THE REGULAR PRICE WHILE HE IS UNEMPLOYED THE GOVERNMENT MAKES
PAYMENTS INTO THE STATE PENSION PROGRAM SO THAT HIS UNEMPLOYMENT WON'T
REDUCE HIS RETIREMENT BENEFITS IT ALSO PAYS HIS HEALTHINSURANCE TAB THUS
A VISIT TO A DOCTOR FOR A MINOR FOOT AILMENT DIDN'T COST HIM ANYTHING THE
MEDICINE COST HIM 3 A PACKAGE

THOUGH TAKEN CARE OF MATERIALLY MR BEILISCH FINDS DISADVANTAGES TO HIS
SITUATION HE IS BORED BY THE ENDLESS DAYS SPENT SITTING AROUND HOME AND BY
THE SHEER AIMLESSNESS OF LIFE WITHOUT A JOB STUDIES SHOW THAT AFTER A YEAR
OR SO OF IDLENESS SOME PEOPLE CONCLUDE THEY LACK BASIC SKILLS AND CAN'T
WORK

YET THE GERMAN BENEFITS SOUND GOOD TO MS BILBRAUT WHO CAME TO HARTFORD
FROM HER NATIVE PUERTO RICO WHEN SEVEN YEARS OLD AND MADE IT THROUGH THE
10TH GRADE AT HARTFORD'S BULKELEY HIGH SCHOOL WHERE HER SON JOSEPH IS A
STUDENT THE SURNAME COMES FROM HER SECOND HUSBAND FROM WHOM SHE IS
SEPARATED

SINCE LOSING A NIGHT JOB CLEANING OFFICES IN DOWNTOWN HARTFORD SHE HAS BEEN
WORKING FOR 5 AN HOUR FROM 10 AM TO 4 PM OR 5 PM ON WEEKDAYS SERVING
CUSTOMERS AT THE BAKERY AND PUTTING IN ANOTHER FOUR HOURS OR SO ON SATURDAYS
AND SUNDAYS SHE TAKES HOME ABOUT 183 A WEEK AND LIVES ON THAT PLUS THE
300AMONTH SOCIAL SECURITY BENEFIT THAT HER SON WILL RECEIVE UNTIL HE IS
18 BECAUSE HIS FATHER HER FIRST HUSBAND IS DEAD SHE DRIVES A 1982 DATSUN
AND GETS BY BARELY I SMOKE AND SOMETIMES I CAN'T EVEN BUY CIGARETTES
SHE SAYS

MS BILBRAUT'S 386AMONTH RENT FOR HER SIMPLE TWOBEDROOM APARTMENT IN A
PUBLIC HOUSING PROJECT IS BASED NOT ON WHAT SHE IS CURRENTLY MAKING BUT ON
THE 300 A WEEK SHE WAS EARNING UNTIL RECENTLY BY WORKING FIVE DAYS A WEEK
AT THE BAKERY AND FIVE NIGHTS A WEEK FROM 6 PM TO 10 PM CLEANING
OFFICES IN DOWNTOWN HARTFORD SHE WAS FIRED FROM THE CLEANING JOB EARLIER
THIS YEAR FOR MISSING A DAY OF WORK HER UNION PROTESTED AND JUST LAST WEEK
GOT HER JOB BACK SHE RETURNS TO WORK NEXT MONDAY

WITH THE BIGGER PAYCHECK MS BILBRAUT ONCE AGAIN WILL OCCASIONALLY HAVE AN
EXTRA 50 CENTS FOR THE ONLY ESCAPE ROUTE SHE CAN CONTEMPLATE PLAYING THE
LOTTERY 9403140023 940314 DIVIDEND NEWS INTERCITY PRODUCTS CORP

INTERCITY PRODUCTS CORP TORONTO SAID IT WON'T PAY QUARTERLY DIVIDENDS
DUE IN APRIL ON ITS CLASS C PREFERRED SHARES WHILE INDEPENDENT DIRECTORS
CONSIDER A PROPOSAL TO EXCHANGE THE PREFERRED SHARES FOR COMMON STOCK UNDER
THE PROPOSAL PREFERREDSHARE HOLDERS WOULD BE ENTITLED TO 55 COMMON SHARES
FOR EACH PREFERRED SHARE AT LAST REPORT THERE WERE 24 MILLION PREFERRED
SHARES OUTSTANDING WITH A PAR VALUE OF 25 CANADIAN DOLLARS US1844 A
SHARE THE MAKER OF HEATING AND COOLING SYSTEMS HAS 25 MILLION COMMON SHARES
OUTSTANDING THE COMPANY NORMALLY PAYS A QUARTERLY OF 50 CANADIAN CENTS ON
THE PREFERRED SHARES THE CONVERSION OF THE PREFERRED SHARES IS BEING
CONSIDERED TO IMPROVE THE COMPANY'S FINANCIAL POSITION AND ITS LIQUIDITY
9403140022 940314 WHO'S NEWS STIMSONITE CORP

STIMSONITE CORP NILES ILL THIS MAKER OF REFLECTIVE HIGHWAYSAFETY
PRODUCTS NAMED TWO DIRECTORS INCREASING ITS BOARD TO SEVEN MEMBERS
LAWRENCE S EAGLEBURGER FORMER US SECRETARY OF STATE AND RICHARD JM
POULSON AN ATTORNEY WITH HOGAN & HARTSON IN WASHINGTON DC 9403140021
940314 BUSINESS BRIEF BURNUP & SIMS INC BEVERAGE FIRM TIES SEVERED 
NEW CHIEF EXECUTIVE PICKED

BURNUP & SIMS INC SEVERED ITS TIES WITH NATIONAL BEVERAGE CORP CHANGED
ITS NAME AND TAPPED A NEW CHIEF EXECUTIVE

THE TELECOMMUNICATIONS SERVICE COMPANY EXCHANGED 181 MILLION OF DEBT IN
NATIONAL BEVERAGE FOR 31 MILLION SHARES OF BURNUP COMMON STOCK THAT HAD
BEEN HELD BY NATIONAL BEVERAGE THE SWAP ENDED THE COMMON OWNERSHIP AND
MANAGEMENT BETWEEN THE TWO COMPANIES WHICH WAS IMPLEMENTED IN THE LATE
1980S TO THWART AN ATTEMPTED TAKEOVER OF BURNUP WHICH IS BASED IN PALM
BEACH GARDENS FLA

NATIONAL BEVERAGE FORT LAUDERDALE FLA IS A HOLDING COMPANY FOR VARIOUS
SUBSIDIARIES THAT PRODUCE SOFT DRINKS AND BOTTLED WATERS

AT A MEETING FRIDAY OF BURNUP SHAREHOLDERS THE COMPANY'S NAME WAS CHANGED
TO MASTEC ADDITIONALLY SHAREHOLDERS APPROVED BURNUP'S PREVIOUSLY ANNOUNCED
ACQUISITION OF CLOSELY HELD CHURCH & TOWER INC ALSO A TELECOMMUNICATIONS
SERVICE CONCERN AS PREVIOUSLY REPORTED BURNUP SAID IT WOULD ISSUE
10250000 COMMON SHARES VALUED AT ABOUT 588 MILLION TO CHURCH & TOWER'S
STOCKHOLDERS

JORGE MAS JR WHO HEADS CHURCH & TOWER WAS NAMED CHIEF EXECUTIVE OF
MASTEC HE SUCCEEDS NICK A CAPORELLA PRESIDENT AND CHIEF EXECUTIVE OF
NATIONAL BEVERAGE WHO ALSO HAD HEADED BURNUP 9403140020 940314 BUSINESS
BRIEF CHEMPOWER INC CONTRACT FOR ASBESTOS SERVICE VALUED AT 14
MILLION IS WON

CHEMPOWER INC AKRON OHIO SAID IT RECEIVED A CONTRACT VALUED AT ABOUT 14
MILLION TO PROVIDE ASBESTOS ABATEMENT AND INSULATION SERVICES FOR MCDERMOTT
INTERNATIONAL INC'S BABCOCK & WILCOX CO UNIT AT THE ARMSTRONG GENERATING
STATION IN REESEDALE PA

THE FACILITY IS OWNED AND OPERATED BY WEST PENN POWER A SUBSIDIARY OF
ALLEGHENY POWER SYSTEM INC BABCOCK & WILCOX IS SERVING AS THE PRIME
CONTRACTOR OF THE PROJECT

THE CONTRACT WILL BEGIN IN APRIL 1994 AND BE COMPLETED IN NOVEMBER 1995
9403140019 940314 COSTLIER LABOR / FEWER JOBS SUMMITEERS YOUR TAXES
KILL JOBS  BY EDMUND S PHELPS

THE GROUP OF SEVEN MEETING ON STRUCTURAL UNEMPLOYMENT SCHEDULED FOR TODAY
AND TOMORROW IN DETROIT PROMISES TO FOCUS OVERDUE ATTENTION ON THIS SERIOUS
PROBLEM FROM THE '60S TO THE RELATIVELY PROSPEROUS LATE '80S THE
UNEMPLOYMENT RATE TRIPLED WITHIN THE EUROPEAN COMMUNITY IT NEARLY DOUBLED
IN MOST EUROPEAN FREE TRADE ASSOCIATION COUNTRIES AND IN CANADA THE US
BY CONTRAST HAS GOTTEN OFF RELATIVELY LIGHTLY WITH AN INCREASE OF ONLY
ONETHIRD BY 1990 ABOUT ONEHALF BY NOW BUT THIS COMES ON TOP OF A FALL
IN REAL WAGES UNSEEN IN THE REST OF THE WEST

WHAT COUNTERMEASURES SHOULD THE G7 LEADERS ENDORSE TO GET THEIR CITIZENS
WORKING AGAIN MODELS OF THE LONGRUN VOLUME OF UNEMPLOYMENT NOW MAKE IT
CLEAR THAT NEARLY EVERY EUROPEAN COUNTRY HAS BROUGHT MUCH OF ITS
UNEMPLOYMENT ON ITSELF THROUGH ITS PUNISHING TAXATION OF LABOR REVERSING
THAT PROCESS IS THE BEST CURE AND KEEPING IT FROM TAKING FIRM HOLD IN THE
US IS THE BEST PREVENTION

THE BEGINNING OF WISDOM BUT ONLY THE BEGINNING WAS THE REALIZATION THAT
MONEY ITS SUPPLY AND VELOCITY HAS NO LASTING INFLUENCE OVER
EMPLOYMENT IN THE NOWSTANDARD THESIS OF MILTON FRIEDMAN AND MYSELF IN THE
'60S A HIGH LEVEL OF MONEY SPENDING CAN ALWAYS PROP UP EMPLOYMENT AT AN
ARTIFICIAL LEVEL FOR A WHILE BUT ONLY AT THE PRICE OF WORSENING INFLATION
A DEARTH OF SPENDING CAN DEPRESS EMPLOYMENT TO AN ARTIFICIALLY LOW LEVEL
BUT THEN INFLATION WILL STEADILY SHRINK WHICH WILL ENCOURAGE THE GOVERNMENT
TO PEP UP SPENDING AND THUS REVIVE EMPLOYMENT AS A RESULT THE SORT OF
SLUMP OR BOOM ENGINEERED BY MONEY IS INVARIABLY TEMPORARY AND USUALLY
SHORTLIVED THE '30S WHEN GOVERNMENT ACTIONS INTENSIFIED THE SLUMP WERE
AN EXCEPTION

THE UNEMPLOYMENT RATE ULTIMATELY RETURNS TO SOME BASIC LEVEL DUBBED THE
NATURAL UNEMPLOYMENT RATE THAT IS INDEPENDENT OF THE ARTIFICIAL FORCES OF
MONEY ITS SUPPLY AND VELOCITY

FROM THIS NATURALRATE PERSPECTIVE THE RISE OF UNEMPLOYMENT SINCE THE '60S
CANNOT BE LAID TO THE '80S CRUSADE OF CENTRAL BANKS TO SUBDUE INFLATION OR
TO THEIR PROBLEMS WITH THE STRONG GERMAN MARK IN THE '90S THE DECLINE OF
WORLD INFLATION SINCE THE '60S HAS BEEN GENTLE AND IT CAME LARGELY AFTER
THE RISE IN WORLD UNEMPLOYMENT

THE EPIDEMIC OF JOBLESSNESS MUST BE SEEN AS AN UPWARD DRIFT OF THE BASIC
LEVEL OF UNEMPLOYMENT STRUCTURAL CHANGES NONMONETARY SHOCKS OPERATING
THROUGH NONMONETARY MECHANISMS MUST HAVE DRIVEN UP THE NATURAL
UNEMPLOYMENT RATE BUT HOW DO VARIOUS STRUCTURAL SHIFTS AFFECT THE NATURAL
RATE AND WHAT ARE THE KEY SHIFTS

IN RECENT YEARS I AND SEVERAL OTHERS HAVE STUDIED THE MECHANISM
DETERMINING THE NATURAL RATE TO WHICH I POINTED IN MY EARLY WORK THIS
MODERN THEORY ARGUES THAT SERIOUS JOBLESSNESS IS ROOTED IN AN UNCLASSICAL
FACT AS OLD AS THE LABOR MARKET AN UNEMPLOYED PERSON CANNOT GET A JOB BY
OFFERING TO WORK FOR LESS MCDONALDS REPORTEDLY HIRES ABOUT ONE IN 20
APPLICANTS EMPLOYERS DO NOT TRY TO HIRE AT THE LOWEST WAGE THAT WOULD BE
ACCEPTED THEY NEED TO PAY A HIGHER WAGE AN INCENTIVE WAGE TO DETER
TO THE DEGREE JUDGED COSTEFFECTIVE EMPLOYEES' QUITTING SHIRKING
ABSENTEEISM AND STRIKES THIS IS THE REQUIRED WAGE

THE WAGE LEVEL THAT BUSINESSES CAN AFFORD TO PAY AND STILL KEEP THEIR WORK
FORCE IS ANOTHER MATTER A MATTER OF THEIR DEMAND FOR LABOR IF THE
REQUIRED WAGE EXCEEDS THE AFFORDABLE WAGE HIRING STOPS AND UNEMPLOYMENT
MOUNTS UNTIL THE REQUIRED WAGE HAS SUNK TO THE AFFORDABLE WAGE THIS STEADY
UNEMPLOYMENT RATE IS THE NATURAL RATE

THIS FRAMEWORK HAS IMPLICATIONS FOR JOBLESSNESS SHOCKS FORCING UP THE
REQUIRED WAGE WITHOUT SIMILARLY BOOSTING THE AFFORDABLE WAGE DRIVE UP THE
NATURAL UNEMPLOYMENT RATE FOR EXAMPLE A FATTER FINANCIAL CUSHION MORE
INCOME FROM SAVINGS HOME OWNERSHIP OR WELFARE ENTITLEMENTS WEAKENS
EMPLOYEE INCENTIVES THUS FORCING UP THE REQUIRED WAGE SHOCKS HAVING A
NEGATIVE IMPACT ON THE AFFORDABLE WAGE WITHOUT SIMILARLY SHRINKING THE
REQUIRED WAGE ALSO DRIVE UP THE NATURAL RATE FOR EXAMPLE PAYROLL TAXES
LOWER THE TAKEHOME PAY THAT COMPANIES CAN AFFORD TO PROVIDE

A WAVE OF EMPIRICAL RESULTS FROM THIS FRAMEWORK HAVE NOW COME IN MY OWN
STATISTICAL STUDY OF 17 ORGANIZATION OF ECONOMIC COOPERATION AND DEVELOPMENT
COUNTRIES CONFIRMS THE IMPORTANCE OF MULTIPLE FACTORS IN THE RISE OF
UNEMPLOYMENT OF WHICH THREE STAND OUT

TWO OF THESE WORLD OIL PRICES AND WORLD REAL INTEREST RATES HAVE ABATED AT
LEAST SOMEWHAT IN ANY CASE A COUNTRY ACTING UNILATERALLY CAN DO LITTLE TO
MODERATE THESE GLOBAL FACTORS BUT EVERY COUNTRY CAN CONTROL A DOMESTIC
SOURCE OF MUCH OF THE UNEMPLOYMENT INCREASE IN SEVERAL COUNTRIES

BIG INCREASES IN PAYROLL AND PERSONALINCOME TAXES IN MOST COUNTRIES HAVE
BEEN MASS JOBKILLERS IN FRANCE THE 10POINT RISE HAS BOOSTED THE
UNEMPLOYMENT RATE BY ABOUT A POINT AND A HALF VALUEADDED AND SALES TAXES
ARE NEUTRAL THESE RESULTS CONFORM TO THE THEORY WHEN BUSINESSES OR WORKERS
ARE TAXED ON WAGES A BUSINESS MUST PAY MORE TO PROVIDE THE SAME EMPLOYEE
INCENTIVES AS BEFORE AND IT CANNOT THEN AFFORD THE SAME WORK FORCE AS
BEFORE EMPLOYEE INCENTIVES COST BUSINESS STILL MORE IF THE TAXES FINANCE
WELFARE ENTITLEMENTS THAT MAKE WAGE EARNING LESS ATTRACTIVE

THE RISE IN THESE TWO DAMAGING TAX RATES HAS BEEN STEEPEST IN CANADA AND ON
THE CONTINENT THESE ECONOMIES ALSO TEND TO SHOW THE STEEPEST RISE IN
UNEMPLOYMENT FROM A RATE BELOW THE AMERICAN ONE TO A RATE WELL ABOVE IT

AMERICAN RESISTANCE TO NEW TAX BURDENS ON EMPLOYMENT WHICH THE CLINTON
HEALTH PLAN THREATENS TO REQUIRE IS THE FIRST DEFENSE AGAINST JOBLESSNESS
ON THE EUROCANADIAN SCALE REDUCING THE SWOLLEN PAYROLL LEVIES THAT THE
AMERICAN WORKER ALREADY FACES OR COUNTERING THEM WITH LOWWAGE EMPLOYMENT
SUBSIDIES MAY BE THE SUREST WAY TO REGAIN THE LOW UNEMPLOYMENT SO ESSENTIAL
FOR THE GENERAL WELFARE

MR PHELPS A PROFESSOR OF ECONOMICS AT COLUMBIA UNIVERSITY IS THE AUTHOR
OF STRUCTURAL SLUMPS THE MODERN EQUILIBRIUM THEORY OF UNEMPLOYMENT
INTEREST AND ASSETS JUST OUT FROM HARVARD UNIVERSITY PRESS 9403140018
940314 A CHILLING EFFECT'

FOLLOWING ARE EXCERPTS FROM A LETTER HOUSE BANKING COMMITTEE RANKING
MINORITY MEMBER JAMES A LEACH SENT TO INDEPENDENT COUNSEL ROBERT FISKE LAST
WEEK A RELATED EDITORIAL APPEARS NEARBY SEE RELATED EDITORIAL REVIEW &
OUTLOOK EDITORIAL THE FISKE COVERUP II WSJ MARCH 14 1994

I AM WRITING TO MAKE CLEAR TO YOU THAT AS RANKING MEMBER OF THE COMMITTEE
OF JURISDICTION OVER AN ISSUE WHICH YOU ARE PROBING I AM FULLY PREPARED TO
RECOGNIZE THE LEGITIMATE CONCERNS AS INDICATED BELOW OF YOUR OFFICE I
BELIEVE HOWEVER THAT YOU HAVE AN EQUAL OBLIGATION NOT TO INTERFERE WITH
THE LEGITIMATE OVERSIGHT RESPONSIBILITIES OF CONGRESS  

WITH REGARD TO WITNESSES WE WISH TO INVITE YOU HAVE BEEN PROVIDED OUR
PROSPECTIVE LIST I AM PREPARED TO AGREE THAT A WEEK OR TWO DELAY IN
HEARINGS COULD BE CONSIDERED IF YOU SUGGEST TIME IS INADEQUATE FOR YOU TO
INTERVIEW ALL ON OUR WITNESS LIST BUT I WOULD STRESS THE MINORITY DOES NOT
CONTROL THE HEARING PROCESS GIVEN THE MANNER IN WHICH THE MAJORITY PARTY
HAS FAILED FOR OVER FOUR MONTHS TO ACCEDE TO A RESTRAINED REQUEST FOR A
HEARING WE HAVE NO CHOICE BUT TO LATCH ON TO THE ONE MODEST POWER WE HAVE
AN INSISTENCE THAT HOWEVER UNCOMFORTABLE THE MAJORITY COMPLY WITH THE LAW
AND HOLD A STATUTORILY REQUIRED OVERSIGHT HEARING ON THE RTC WITH A DATE
SPECIFIC IN THE NEXT FOUR WEEKS  

IT IS IN THIS CONTEXT THAT I MUST CONFESS TO MORE THAN A LITTLE CONCERN
ABOUT YOUR ASSERTION THAT YOU HAVE A STRONG CONCERN ABOUT ANY HEARING
OUR COMMITTEE MIGHT HOLD AND YOUR BELIEF THAT CONGRESSIONAL INQUIRY WOULD
POSE A SEVERE RISK TO THE INTEGRITY OF OUR INVESTIGATION I REITERATE THIS
CONCERN IN LIGHT OF THE HISTORICAL IRONY THAT IT WAS SENATOR ERVIN'S
COMMITTEE THAT REVEALED THE EXISTENCE OF THE WATERGATE TAPES AND THAT IT WAS
THE RECENT SENATE HEARING THAT REVEALED IMPROPER CONTRACTS BETWEEN EXECUTIVE
BRANCH AGENCIES AND THE WHITE HOUSE HEARINGS ALMOST ALWAYS REVEAL KNOWLEDGE
AND PERSPECTIVE THAT IS HELPFUL TO PROSECUTORS THE MAJOR RECENT EXCEPTION
INVOLVED THE EXCESSIVE ZEAL OF THE MAJORITY PARTY TO EMBARRASS PRESIDENT
REAGAN THAT CAUSED IT TO OFFER IMMUNITY TO CERTAIN WITNESSES

GIVEN THE CIRCUMSTANCE UNLIKE MOST OF THE PAST SEVERAL DECADES WHERE THE
MAJORITY PARTY IN CONGRESS WAS OPPOSITE THAT OF THE WHITE HOUSE I AM
CONCERNED THAT YOUR PUBLIC LOBBYING OF CONGRESS HAS THE EFFECT OF SENDING A
CHILLING PRECEDENT FOR CONGRESSIONAL OVERSIGHT AND A FATUOUS PRETEXT FOR THE
MAJORITY PARTY WHICH CONTROLS THE MACHINERY OF CONGRESS TO DELAY DEFER OR
AVOID ITS CONSTITUTIONAL RESPONSIBILITIES

I WOULD  BRING TO YOUR ATTENTION THE FOLLOWING EXCHANGE BETWEEN MR
LIVINGSTON OF LOUISIANA AND THE SECRETARY OF THE TREASURY BEFORE A HOUSE
APPROPRIATIONS COMMITTEE THIS AFTERNOON MR LIVINGSTON ASKED IF SECRETARY
BENTSEN HAD BEEN APPRISED IN ADVANCE OF ROGER ALTMAN'S MEETING AT THE WHITE
HOUSE ON THE FAILURE OF MADISON GUARANTY THE SECRETARY RESPONDED ON
ADVICE OF MR FISKE THE SPECIAL COUNSEL I REFUSE TO ANSWER

IT MAY BE STANDARD OPERATING PROCEDURE FOR ALL PROSECUTORS TO BE DOUBTFUL OF
INTERVENTION BY THE CONGRESS BUT IT IS NOT STANDARD OPERATING PROCEDURE TO
BIAS OR TILT IN ANY WAY THE AMERICAN POLITICAL PROCESS OR TO MAKE PREMATURE
PUBLIC JUDGMENTS ABOUT THE WHITE HOUSE BEING VERY RESPONSIVE AND
COOPERATIVE TO A PROBE WHEN THERE ARE INDICATIONS TO THE CONTRARY I AM
PARTICULARLY CONCERNED THAT OFFICIALS OF THE KANSAS CITY RTC OFFICE ARE
BEING GAGGED AND POSSIBLY COERCED BY THE WASHINGTON RTC OFFICE SEE
ATTACHED CONFIDENTIAL MEMO

IT IS ALSO UNPRECEDENTED PRESUMPTION FOR A COUNSEL TO SUGGEST AS REPORTED
TODAY IN THE WASHINGTON POST I WOULD PREFER THAT THERE BE NO HEARINGS

I HAVE KNOWN VERY FEW ISSUES WHERE PUBLIC ACCOUNTABILITY IS MORE IMPORTANT
THIS IS AFTER ALL AN ISSUE OF PUBLIC ETHICS AS WELL AS PUBLIC LAW
ACCORDINGLY AS YOU VIGOROUSLY SEEK DOCUMENTS I WOULD STRESS AGAIN MY
APPREHENSION THAT AT THE END OF THE PROCESS THE WHITE HOUSE CAN BE EXPECTED
TO SEEK TO SEAL THE VAST ARRAY OF DOCUMENTS RELATED TO YOUR INQUIRY HERE
THE CONSTITUTIONALLY DIFFERENTIATED DISTINCTION BETWEEN A JUSTICE DEPARTMENT
INQUIRY SEEKING CRIMINAL AND CIVIL ACCOUNTABILITY AND CONGRESSIONAL
OVERSIGHT WHICH OFTEN INVOLVES THE QUESTION OF PUBLIC DISCLOSURE IS
SUBSTANTIAL

BUT THE DIFFERENTIATED ROLES OF CONGRESS AND A SPECIAL COUNSEL DOES NOT
MEAN AS YOU HAVE IMPLIED THAT THE TWO ARE INCOMPATIBLE THE TWO ARE
GENERALLY COMPLEMENTARY INDEED ONE COULD CREDIBLY SUGGEST THAT ANY ATTEMPT
BY A PROSECUTING ATTORNEY TO CONSTRAIN CONGRESS BEYOND THE STANDARDS
INDICATED ABOVE IS COUNTERPRODUCTIVE CONSTRAINING A CONGRESSIONAL INQUIRY
HAS THE EFFECT OF REDUCING KNOWLEDGE THUS REDUCING PROSECUTORIAL
DISCRETION

ONE OF THE UNDERSTANDABLY IMPORTANT ASPECTS OF CRIMINAL INVESTIGATIONS FROM
THE PROSECUTORIAL STANDPOINT IS CONFIDENTIALITY ONE OF THE UNDERSTANDABLY
IMPORTANT ASPECTS OF DEMOCRACY IS OPENNESS BOTH MUST BE RESPECTED TO THE
MAXIMUM DEGREE POSSIBLE AND NEITHER SHOULD OR HAS TO JEOPARDIZE THE OTHER
9403140017 940314 ENTERPRISE FOCUS ON FRANCHISING MCDONALD'S
FRANCHISE APPLICANT SEEKS PAY FOR TRAINING  BY JEFFREY A TANNENBAUM
 STAFF REPORTER OF THE WALL STREET JOURNAL

I SLAVED AWAY FOR 15 MONTHS WITHOUT PAY A FORMER MCDONALD'S TRAINEE SAYS

JEFFREY MILLER AN APPLICANT FOR A FASTFOOD FRANCHISE FROM MCDONALD'S
CORP ACCEPTED WHAT THE COMPANY CALLS AN ONTHEJOB EVALUATION IN 1991
MR MILLER A RUTGERS UNIVERSITY GRADUATE FROM MORRIS PLAINS NJ HAD RUN
HIS OWN SMALL LANDSCAPING BUSINESS MCDONALD'S SAID THAT IF HE PERFORMED
WELL AS A TRAINEE IT WAS JUST A MATTER OF TIME BEFORE HE GOT A FRANCHISE
MR MILLER RECALLS IN A COURT DOCUMENT

BUT AFTER WORKING AS A TRAINEE AT SEVERAL MCDONALD'S UNITS IN NEW JERSEY FOR
15 MONTHS MR MILLER WAS REJECTED FOR A FRANCHISE IN 1992 ON TOP OF THAT
HE NEVER RECEIVED A DIME FOR WHAT HE CLAIMS WAS MORE THAN 2700 HOURS DOING
THE JOBS OF MANAGERS AND CREW PEOPLE

MR MILLER NOW 35 YEARS OLD RETAINED A LAWYER TO SEEK COMPENSATION FROM
MCDONALD'S THE COMPANY SUED FIRST ASKING A FEDERAL COURT IN NEWARK NJ
TO RULE THAT HE ISN'T ENTITLED TO ANY PAY

IN A COUNTERCLAIM MR MILLER SOUGHT UNSPECIFIED DAMAGES AGAINST MCDONALD'S
PARTLY FOR WHAT HE SAYS WAS HIS WRONGFUL TERMINATION FROM THE TRAINING
PROGRAM HE ALSO CONTENDS THAT HIS DUTIES AS A TRAINEE ARE COVERED BY NEW
JERSEY'S MINIMUMWAGE LAW FOR EMPLOYEES A PRETRIAL HEARING IN THE CASE IS
EXPECTED MARCH 28

IN COURT PAPERS MR MILLER MAINTAINS THAT MCDONALD'S GAVE HIM POSITIVE
EVALUATIONS UNTIL HE BEGAN COMPLAINING ABOUT COCKROACHES AND RATS AT A
FRANCHISEROWNED UNIT IN NEW PROVIDENCE NJ HE SAYS HE ALSO EXPRESSED
SHOCK AT IMPROPER PROCEDURES USED TO HANDLE FOOD THERE HOWEVER I WAS
LOOKED ON AS A COMPLAINER TRYING TO ROCK THE BOAT' AND HURT THE STORE'S
BOTTOM MONEY LINE' HE ALLEGES IN THE COURT DOCUMENTS

AT ONE POINT HIS DOCUMENTS SAY MR MILLER ALMOST GOT A FRANCHISE WHEN
MCDONALD'S SENT A PRELIMINARY FRANCHISE AGREEMENT FOR HIM TO SIGN AND
REQUESTED A 4000 DOWNPAYMENT BUT THE COMPANY LATER TOLD HIM IT HAD SENT
THE DOCUMENT BY MISTAKE MR MILLER CLAIMS

IN OAK BROOK ILL SPOKESMAN CHARLES E EBELING SAYS MCDONALD'S NEVER PAYS
PROSPECTIVE FRANCHISEES FROM OUTSIDE THE COMPANY WHEN THEY UNDERGO TRAINING
MR MILLER KNEW THIS ALL ALONG THE SPOKESMAN ADDS

MR EBELING SAYS MCDONALD'S DETERMINED THAT MR MILLER WASN'T QUALIFIED TO
OPERATE A FRANCHISE BUT DECLINES TO EXPLAIN FURTHER

MCDONALD'S SAYS THE NEW PROVIDENCE UNIT MEETS HEALTH STANDARDS AND ALWAYS
HAS DONE SO IT SAYS MR MILLER'S COMPLAINTS ABOUT THE UNIT INVOLVED MATTERS
THAT HE WAS RESPONSIBLE FOR HANDLING AS A TRAINEE

A LICENSING ISSUE FIRES UP SOME FIREMASTER FRANCHISEES

JAMES K REYNOLDS AN EMERYVILLE CALIF FRANCHISEE OF MASTER PROTECTION
CORP'S FIREMASTER FIREPROTECTION CHAIN SAYS HE COMPLAINED TO CALIFORNIA'S
CONTRACTOR STATE LICENSE BOARD LAST NOVEMBER THAT MANY FIREMASTER
FRANCHISEES WERE OPERATING WITHOUT REQUIRED LICENSES TO SERVICE SPRINKLER
SYSTEMS HE SAYS THESE FRANCHISEES THOUGHT THEY DIDN'T NEED SEPARATE
LICENSES AS LONG AS THE FRANCHISER HAD ONE

MR REYNOLDS SAYS HE ALSO RAISED THE ISSUE WITH THE FRANCHISER BUT GOT
NOWHERE LAST MONTH MR REYNOLDS AND SAN JOSE FRANCHISEE DONALD R CORRAL
BEGAN SOLICITING SUPPORT FOR THEIR COMPLAINT BY WRITING TO OTHER CALIFORNIA
FRANCHISEES

IT'S ALL A FALSE ALARM INSISTS MASTER PROTECTION BASED IN LOS ANGELES WE
ARE DILIGENTLY WORKING WITH THE STATE TO MAKE SURE WE ARE IN COMPLIANCE
SAYS ROBERT L WILES THE FIRM'S PRESIDENT A STATE OFFICIAL CONFIRMS ONLY
THAT HE HAS DISCUSSED THE ISSUE WITH THE COMPANY THE CHAIN HAS ABOUT 400
FRANCHISEES INCLUDING MORE THAN 80 IN CALIFORNIA ALTHOUGH ONLY A
MINORITY WORK ON SPRINKLERS

MEANWHILE MR CORRAL SAYS HE HAS OBTAINED THE REQUIRED LICENSE FOR HIS OWN
COMPANY NAMED FIRELECTRIC BUT THE LICENSE REQUIRES HIM TO DO BUSINESS
UNDER THAT NAME RATHER THAN FIREMASTER'S MR CORRAL SAYS HE HAS DROPPED THE
FIREMASTER NAME FROM HIS TRUCK AND HIS BUSINESS CARDS

THOUGH MANY OTHER FRANCHISE CHAINS WOULD BLANCH AT THE EROSION OF THEIR
NAMES MR WILES SAYS HE DOESN'T MIND IF FRANCHISEES NOW SWITCH BUSINESS
NAMES BUT THE IMPLICATIONS COULD BE MORE SERIOUS MR CORRAL FOR INSTANCE
PLANS TO TERMINATE HIS FRANCHISE NEXT MONTH SAYING IT NOW MAKES SENSE FOR
HIM TO BE COMPLETELY INDEPENDENT LONG DISGRUNTLED WITH THE CHAIN HE SAYS
THE LICENSING FLAP CATALYZED HIS DECISION TO LEAVE

LEGAL EXPERTS SAY SOME FRANCHISERS WRONGLY ASSUME THAT THEIR OWN BUSINESS
LICENSES ALSO COVER SIMILAR ACTIVITIES BY FRANCHISEES

LIONS AND LAMBS A FRANCHISER GROUP WANTS MORE FRANCHISEES

THE INTERNATIONAL FRANCHISE ASSOCIATION THE LOBBYING GROUP FOR MORE THAN
700 FRANCHISERS BEGAN TO ENROLL FRANCHISEE GROUPS AND INDIVIDUAL
FRANCHISEES AS MEMBERS LAST NOVEMBER IT NOW CLAIMS TO REPRESENT NEARLY
6500 FRANCHISEES

LAST MONTH THE IFA ANNOUNCED AN EVEN MORE AMBITIOUS GOAL TO REPRESENT
200000 FRANCHISEES BY THE YEAR 2000 WE'RE GOING TO PROMOTE THE
FRANCHISING BUSINESS IN GENERAL NOT JUST FROM THE FRANCHISER PERSPECTIVE
SAYS ANDY TRINCIA AN IFA SPOKESMAN IN WASHINGTON DC

BUT WILL THE IFA DILUTE ITS ABILITY TO LOBBY ON BEHALF OF FRANCHISERS THE
NATIONAL RESTAURANT ASSOCIATION AVOIDS TAKING POSITIONS ON FRANCHISING
ISSUES BECAUSE BOTH FRANCHISERS AND FRANCHISEES BELONG IF WE TOOK ANY
POSITION WE'D INEVITABLY ALIENATE AND OFFEND EITHER THE FRANCHISERS OR THE
FRANCHISEES AMONG OUR MEMBERS SAYS SPOKESWOMAN WENDY WEBSTER

THE IFA SAYS IT'S TOO EARLY TO TELL HOW ITS RECRUITMENT OF FRANCHISEES WILL
AFFECT ITS LOBBYING POSITIONS

SYNERGY DEPT TO HELP ATTRACT CHILDREN TO ITS SPORTSAPPAREL CHAIN PRO
IMAGE INC A BOUNTIFUL UTAH UNIT OF RENTRAK CORP PLANS TO TEST
SOFTDRINK BARS IN ABOUT A DOZEN US STORES RENTRAK SAYS BAR TV SETS WILL
SHOW ONLY SPECIAL SPORTS SHOWS PROVIDED FREE BY ABC SPORTS THE CAPITAL
CITIES/ABC INC UNIT ALSO WILL PROVIDE A LINE OF APPAREL SOLD IN THE STORES

BRIEFS BEGINNING NEXT MONTH LITTLE GYM INTERNATIONAL INC KIRKLAND
WASH PLANS TO OFFER MOBILE GYMNASTICS FRANCHISES WITH STARTUP COSTS OF
ABOUT 35000 COMPARED WITH 100000 FOR REGULAR FRANCHISES  ON
AVERAGE 297 USBASED FRANCHISERS EXPECT 85 GROWTH THIS YEAR IN THE
NUMBERS OF UNITS IN THEIR CHAINS CONCLUDES AN INDUSTRY SURVEY CONDUCTED BY
THE UNIVERSITY OF LOUISVILLE 9403140016 940314 BUSINESS BRIEF FMR HAD
80 SURGE IN '93 NET WITH RISE IN REVENUE ASSETS

BOSTON FMR CORP THE HOLDING COMPANY FOR THE NATION'S LARGEST
MUTUALFUND MANAGER FIDELITY INVESTMENTS REPORTED NET INCOME SOARED 80
LAST YEAR TO 225 MILLION ASSETS UNDER MANAGEMENT ROSE 36 TO 2584
BILLION AND OPERATING REVENUE ROSE 46 TO 266 BILLION

JAMES HANBURY A FINANCIALSERVICES ANALYST WITH WERTHEIM SCHRODER & CO
CALLED THE ASSETS INCREASE BY CLOSELY HELD FMR EXTRAORDINARY AND SAID IT
WAS WELL AHEAD OF THE 25 GROWTH FOR THE INDUSTRY

IN A LETTER TO SHAREHOLDERS EDWARD C JOHNSON III FMR'S CHAIRMAN AND CHIEF
EXECUTIVE OFFICER CALLED 1993 AN EXCEPTIONAL YEAR WITH RECORD SALES OF
MUTUAL FUNDS AND BROKERAGE TRADES HE SAID THE COMPANY ALSO OVERCAME SOME
OF THE RESISTANCE TO SELLING MUTUAL FUNDS WHOLESALE TO BROKERS BANKS AND
OTHER FINANCIAL INTERMEDIARIES

BUT MR JOHNSON CAUTIONED THE COMPANY'S HEAVIER PHONE AND PROCESSING VOLUMES
REQUIRED INVESTMENTS IN SYSTEMS STAFFING AND FACILITIES AND IT REMAINS TO
BE SEEN WHETHER WE ACCOMPLISHED ANY TRUE GAINS IN PRODUCTIVITY HE SAID

ATTRIBUTING FMR'S SUCCESS TO THE RISING STOCK MARKET HE ADDED THAT IT WILL
BE ESPECIALLY IMPORTANT FOR US TO REMAIN FLEXIBLE ENOUGH TO REDUCE OVERHEAD
DURING THE STOCK MARKET'S NEXT DOWN CYCLE MR HANBURY NOTED THAT
FIDELITY'S INDICATED OPERATING PROFIT MARGIN OF 8 IS LOW FOR THE
MUTUALFUND MANAGEMENT INDUSTRY IN WHICH HE SAID AFTERTAX PROFIT MARGINS
LAST YEAR GENERALLY RANGED FROM 15 TO 25 OF REVENUE

FMR SAID 1993 MARKED A RECORD IN ITS THREEYEAR AGGREGATE PERFORMANCE OF ITS
FUNDS WHICH IT SAID OUTPERFORMED 84 OF THEIR PEERS ON AN ASSETWEIGHTED
BASIS BETWEEN 1991 AND 1993 IT SAID ITS STOCK FUNDS BEAT 90 OF THEIR
COMPETITORS FIXEDINCOME FUNDS OUTPERFORMED 69 OF THEIR PEERS HIGHINCOME
FUNDS SURPASSED 78 OF THEIR PEERS AND MONEYMARKET FUNDS BEAT 85 OF THEIR
PEERS 9403140015 940314 ROSTENKOWSKI TRIES TO STAVE OFF DEFEAT BY A
YOUNG RIVAL  BY JACKIE CALMES STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON REP DAN ROSTENKOWSKI IS CAMPAIGNING HARDER THAN HE'S EVER HAD
TO IN HIS 35YEAR CONGRESSIONAL CAREER TO STAVE OFF DEFEAT AT THE HANDS OF A
YOUNG ILLINOIS STATE SENATOR

POLLS SHOW THAT REP ROSTENKOWSKI RETAINS A THIN LEAD OVER STATE SEN JOHN
CULLERTON 45 WHO HAS EMERGED AS THE CHIEF RIVAL AMONG THE FOUR DEMOCRATS
CHALLENGING THE 66YEAROLD INCUMBENT IN TOMORROW'S PRIMARY BUT WITH A
LARGE SHARE OF VOTERS STILL UNDECIDED MR CULLERTON'S HIGHER PROFILE RAISES
THE PROSPECT THAT DISGRUNTLED VOTERS WILL BREAK FOR HIM AS THE CLEAR
ALTERNATIVE TO REP ROSTENKOWSKI

WHILE REP ROSTENKOWSKI MAKES APPEARANCES AT SITES CHOSEN TO ILLUSTRATE THE
LARGESS HE'S SECURED FOR CHICAGO TELEVISION ADS THE FIRST HE'S EVER
BOUGHT ARE REPLAYING PRESIDENT CLINTON'S TRIBUTE DURING A RECENT TRIP ON
BEHALF OF THE WAYS AND MEANS COMMITTEE CHAIRMAN HE IS CONSIDERED PIVOTAL TO
THE PRESIDENT'S HEALTHCARE WELFARE AND BUDGET INITIATIVES A MORE NEGATIVE
AD ALSO BEGAN RUNNING OVER THE WEEKEND DIRECTLY ATTACKING MR CULLERTON
AND IN SO DOING REFLECTING THE TIGHTENING OF THE RACE

REP ROSTENKOWSKI GREATLY WEAKENED BY ETHICS ALLEGATIONS AFTER A NEARLY
TWOYEAR CRIMINAL GRAND JURY INVESTIGATION WOULD REMAIN CHAIRMAN IF HE'S
DEFEATED BUT WOULD BE A LAME DUCK FOR THE YEAR IF INDICTED LATER HE WOULD
HAVE TO FORFEIT THE CHAIR UNTIL HE'S CLEARED

THE INCUMBENT'S HOPE OF SURVIVAL HAS RESTED ON HAVING HIS TOP RIVALS EVENLY
SPLITTING THE ANTIROSTENKOWSKI VOTE SO HE CAN WIN WITH AS LITTLE AS
ONETHIRD OF THE BALLOTS YET FORMER ALDERMAN DICK SIMPSON REP
ROSTENKOWSKI'S 1992 FOE HAS FAILED TO PICK UP STRENGTH TWO OTHER
CANDIDATES ARE MINOR CONTENDERS MR SIMPSON HAD EARLIER TURNED ON MR
CULLERTON LAMBASTING HIM AS NO LESS CORRUPT THAN MR ROSTENKOWSKI BUT HIS
CAMPAIGN IS CRIPPLED WITH DEBT

THE ROSTENKOWSKI CAMPAIGN IS BANKING ON AN EXPECTED LOW TURNOUT TO KEEP
HOSTILE VOTERS AT HOME AND TO ENHANCE PROROSTY GETOUTTHEVOTE EFFORTS
FROM HUNDREDS OF CANVASSERS IN THE CITY'S DEMOCRATIC MACHINE THOMAS
SERAFIN A ROSTENKOWSKI SPOKESMAN EXPRESSED CONFIDENCE OVER THE WEEKEND
THAT THE LAWMAKER WOULD PREVAIL BUT CULLERTON CAMPAIGN MANAGER JOHN LONGO
YESTERDAY BOASTED THAT HIS CANDIDATE IS CRUISING TO VICTORY

SINCE PRESIDENT CLINTON'S VISIT OTHER POLITICIANS HAVE JOINED REP
ROSTENKOWSKI TO UNDERSCORE HIS IMPORTANCE TO THE CITY STATE AND NATION AND
TO BOOST HIS SUPPORT AMONG WOMEN MINORITIES AND ETHNIC GROUPS IN THE
DIVERSE DISTRICT THEY'VE INCLUDED GOP GOV JIM EDGAR HOUSE MAJORITY LEADER
RICHARD GEPHARDT D MO AND OTHER MEMBERS OF CONGRESS REP JOSEPH
KENNEDY D MASS AT THE ROSTENKOWSKI CAMPAIGN'S REQUEST GOT MR
CULLERTON TO PULL A TV AD THAT TOOK AIM AT MR ROSTENKOWSKI'S ETHICS WITH A
QUOTE FROM THE LATE ROBERT KENNEDY REP KENNEDY'S FATHER 9403140014
940314 INTERNATIONAL POLAND GETS GENEROUS PACT TO CUT DEBT  
BY THOMAS T VOGEL JR STAFF REPORTER OF THE WALL STREET JOURNAL

POLAND REACHED AN AGREEMENT LATE LAST WEEK WITH COMMERCIAL BANKS TO REDUCE
AND RESTRUCTURE MORE THAN 13 BILLION OF DEBT

THE NATION STANDS TO RECEIVE A REDUCTION OF MORE THAN 40 IN PRINCIPAL AND
AS MUCH AS 20 IN UNPAID INTEREST ARREARS ACCORDING TO ANALYSTS LAST JULY
TALKS WITH THE BANKS STALLED WHEN THEY OFFERED A TOTAL REDUCTION OF LESS
THAN 30 IN PRINCIPAL AND INTEREST WHILE POLAND DEMANDED A TOTAL REDUCTION
OF 50

THE GOOD NEWS FOR POLAND WAS BAD NEWS FOR INVESTORS WHO WATCHED THE VALUE OF
THEIR POLISH DEBT PAPER PLUNGE FRIDAY IN REACTION TO THE GENEROUS TERMS OF
THE RESTRUCTURING

THE AGREEMENT WAS ANNOUNCED IN FRANKFURT BY BERHARD WALTER A MEMBER OF THE
BOARD OF DIRECTORS AT DRESDNER BANK WHICH HEADED THE BANK ADVISORY
COMMITTEE IN THE LONDON CLUB OF COMMERCIAL CREDITORS HUNDREDS OF CREDITORS
MUST STILL JOIN THE AGREEMENT WHICH POLAND SAYS IT WANTS TO COMPLETE BY
THIS FALL

BANKERS AND ANALYSTS SAID THE DEBT RESTRUCTURING IS THE FIRST STEP TO
OPENING POLAND'S ECONOMY TO NEW INVESTMENT BY DEVELOPING ITS CAPITAL
MARKETS LAST YEAR FOREIGNERS INVESTED MORE THAN 400 MILLION IN POLAND
ACCORDING TO CHEMICAL BANK ANALYST ERNESTO BERGERON

THE AGREEMENT SHOULD UNDO A BLOCKAGE IN POLAND'S ECONOMY THAT WILL ALLOW
IT TO GAIN MARKET ACCESS IN THE NOT TOO DISTANT FUTURE SAID ROBIN
HUBBARD AN ECONOMIST AND HEAD OF FIXEDINCOME RESEARCH FOR EMERGING MARKETS
AT PARIBAS CAPITAL MARKETS LTD IN LONDON

THE RESTRUCTURING WILL AFFECT 81 BILLION IN PRINCIPAL 38 BILLION IN
PASTDUE INTEREST AND 11 BILLION IN TRADE LOANS IT WILL ALLOW POLAND TO
MEET THE FINAL CONDITIONS OF A SEPARATE 1991 AGREEMENT WITH THE PARIS CLUB
OF OFFICIAL CREDITORS FOR A 50 REDUCTION IN 33 BILLION OF OFFICIAL DEBT
OWED TO OTHER NATIONS THE AGREEMENT FOLLOWS PASSAGE THE PREVIOUS WEEK OF A
1994 AUSTERITY BUDGET WHICH IN TURN WAS A CRUCIAL REQUIREMENT FOR MEETING
INTERNATIONAL MONETARY FUND ECONOMIC TARGETS

THE AGREEMENT COMES AFTER 13 YEARS OF ON AND OFF AGAIN EFFORTS TO MANAGE
POLAND'S FOREIGN DEBT LOAD POLAND HAS BEEN RESCHEDULING AND RENEGOTIATING
ITS DEBT SINCE 1981 SAID ALEXIS RODZIANKO MANAGING DIRECTOR OF EMERGING
MARKETS TRADING AT CHEMICAL BANK IN NEW YORK THAT'S LONGER THAN ANYBODY
ELSE IN FACT THE AGREEMENT ANNOUNCED LAST WEEK AFFECTS DEBT THAT WAS LAST
RESTRUCTURED IN 1988

AFTER STOPPING PAYMENTS ON ITS FOREIGN DEBT IN 1989 POLAND BECAME A PARIAH
IN THE INTERNATIONAL DEBT MARKETS IT WASN'T UNTIL MAY OF LAST YEAR THAT THE
COUNTRY STARTED MAKING SOME SMALL PAYMENTS ON THAT DEBT AGAIN

FOR MANY INVESTORS THE GENEROUS TERMS OF THE DEBT AGREEMENT WERE A
SURPRISE IN SIMILAR DEBT RESTRUCTURINGS IN LATIN AMERICA THE DEBT
REDUCTION HAS BEEN AROUND 35 AND THERE WAS NO REDUCTION OF UNPAID INTEREST
ARREARS POLAND HAD SOUGHT A REDUCTION OF AS MUCH AS 50 OF ITS PRINCIPAL
AS RECEIVED BY BULGARIA LAST YEAR SOMETHING WHICH COMMERCIAL BANKERS BALKED
AT GRANTING THE BANKERS FEARED THAT IT WOULD SET A PRECEDENT FOR EVEN
GREATER DEBT FORGIVENESS IN NATIONS THAT ARE STILL SEEKING TO RESTRUCTURE
THEIR DEBT LIKE PERU PANAMA AND ECUADOR

UNLIKE PAST DEBT RESTRUCTURINGS UNDER THE GUIDELINES SET UP BY FORMER US
TREASURY SECRETARY NICHOLAS BRADY SOME OF THE BONDS INTO WHICH THE
COMMERCIAL DEBT WILL BE CONVERTED WON'T BE BACKED BY ENOUGH 30YEAR
ZEROCOUPON US TREASURY BONDS TO COLLATERALIZE AS MUCH AS 18 MONTHS OF
INTEREST PAYMENTS THERE WILL ONLY BE ENOUGH COLLATERAL TO GUARANTEE THE
REPAYMENT OF THE PRINCIPAL

YOU CAN BET THAT ANY NATION THAT WANTS TO DO A BRADY DEAL  IS GOING TO
LOOK AT THIS VERY CLOSELY SAID MR RODZIANKO IF I WERE A BANKER AT THAT
TABLE I WOULD HAVE BEEN VERY RELUCTANT TO GIVE THAT DEAL HE ADDED

ONCE TRADERS REALIZED HOW GENEROUS THE TERMS WERE THE PRICE OF POLISH
COMMERCIAL PAPER BEGAN TO PLUNGE ON FRIDAY THE PRICE DROPPED MORE THAN
FIVE POINTS OR MORE THAN 50 FOR A BOND WITH 1000 FACE VALUE TO 40 CENTS
ON THE DOLLAR THERE WERE SELLOFFS IN THE COMMERCIAL DEBT OF PERU AND
PANAMA BOTH DROPPED ABOUT THREE POINTS THE FORGIVENESS OF PASTDUE
INTEREST IN POLAND COULD HAVE A PARTICULARLY BAD EFFECT ON PERUVIAN DEBT
PAPER SINCE PERU HAS ACCUMULATED INTEREST ARREARS THAT ARE NEARLY EQUAL TO
THE PRINCIPAL

UNDER THE POLAND AGREEMENT CREDITORS HAVE A NUMBER OF CONVERSION OPTIONS
THESE INCLUDE PAR BONDS DISCOUNT BONDS NEW MONEY BONDS AND A DEBT BUYBACK
OPTION ACCORDING TO MR BERGERON OF CHEMICAL BANK

DEVELOPING NATION DEBT TRADERS WERE QUICK TO NOTE THAT THE POLISH DEBT
AGREEMENT HAS MUCH FURTHER TO GO BEFORE IT CAN BE FINALIZED UNLIKE THE
COMMERCIAL DEBT OF OTHER NATIONS THAT HAVE HAD THEIR DEBT RESTRUCTURED UNDER
THE BRADY GUIDELINES WELL OVER 25 OF POLAND'S DEBT IS IN THE HANDS OF
INDIVIDUAL AND OTHER NONBANK INVESTORS WHO COULD BALK AT ACCEPTING THE TERMS
NEGOTIATED BY THE COMMERCIAL BANKS

GEORGE P BAYLISS AND MICHELE WUCKER CONTRIBUTED TO THIS ARTICLE
9403140012 940314 TECHNOLOGY BRIEF ESQUIRE RADIO & ELECTRONICS INC 
STEEL PARTNERS BOOSTS OFFER IN ITS ACQUISITION PROPOSAL

STEEL PARTNERS II SAID IT SENT A LETTER TO ESQUIRE RADIO & ELECTRONICS INC
INCREASING AN EARLIER OFFER TO ACQUIRE ALL OF ESQUIRE'S COMMON SHARES
OUTSTANDING

ESQUIRE NEW YORK DEVELOPS TELECOMMUNICATIONS PRODUCTS FOR A SOUTHWESTERN
BELL CORP UNIT IN THE LETTER WHICH STEEL PARTNERS SAID WAS SENT THURSDAY
THE NEW YORKBASED INVESTOR GROUP PROPOSED TO ACQUIRE THE SHARES FOR 5150
APIECE IN A NEGOTIATED MERGER TRANSACTION IN NOVEMBER 1993 THE PARTNERSHIP
PROPOSED A 50ASHARE ACQUISITION LAST MONTH ESQUIRE SAID ITS BOARD WASN'T
INTERESTED IN DISCUSSING STEEL PARTNERS' 50ASHARE PROPOSAL

THE PARTNERSHIP SAID THE REVISED PROPOSAL EXPIRES MARCH 21 AS OF NOVEMBER
ESQUIRE HAD 483000 SHARES OUTSTANDING 9403140011 940314 BUSINESS BRIEF
 CHRYSLER CORP MARINE & INDUSTRIAL DIVISION TO BE CLOSED IN 3RD
QUARTER

CHRYSLER CORP SAID IT WILL CLOSE ITS MARINE & INDUSTRIAL DIVISION IN BEAVER
DAM WIS IN THIS YEAR'S THIRD QUARTER DISMISSING 29 PEOPLE

THE OPERATION LOCATED IN BEAVER DAM SINCE 1970 EQUIPS CHRYSLER ENGINES AND
OTHER POWERTRAIN COMPONENTS FOR MARINE INDUSTRIAL AND OTHER APPLICATIONS IN
MOTOR HOMES FORKLIFTS AND BOATS

THE AUTO MAKER SAID THE MOVE IS IN LINE WITH CONTINUING EFFORTS TO FOCUS ON
ITS CORE AUTOMOTIVE BUSINESS 9403140009 940314 SOME BIG THREE OFFICERS
LOCK IN OPTION PROFITS  PERSONAL DECISIONS OF SELLERS CITED FOR
SALES OF GM CHRYSLER FORD SHARES  BY JOSEPH B WHITE STAFF
REPORTER OF THE WALL STREET JOURNAL

DETROIT WALL STREET MAY EXPECT AUTO STOCK PRICES TO GO STILL HIGHER BUT
THE CHIEF EXECUTIVES AND SOME OTHER SENIOR OFFICERS AT THE BIG THREE US
AUTO MAKERS ARE LOCKING IN PROFITS NOW

REPRESENTATIVES OF CHRYSLER GENERAL MOTORS CORP AND FORD MOTOR CO SAID
DECISIONS BY EXECUTIVES TO SELL SHARES WERE PERSONAL AND DON'T REFLECT
EXPECTATIONS ABOUT THE DIRECTION OF SHARE PRICES

MOST OF THE SALES APPEAR TO REPRESENT DECISIONS BY EXECUTIVES AT GM FORD
AND CHRYSLER TO CASH IN OPTIONS THEY RECEIVED TO BUY STOCK AT THE DEPRESSED
PRICES OF 18 MONTHS TO TWO YEARS AGO AND THEN PROMPTLY RESELL THE ACQUIRED
SHARES FOR PRICES THAT ARE NOW AS MANY AS FOUR TIMES HIGHER

MR LUTZ FOR EXAMPLE USED OPTIONS TO BUY CHRYSLER SHARES FOR AS LITTLE AS
1213 APIECE AND SOLD THEM FOR PRICES RANGING FROM 4250 TO 5388 A
SHARE THUS MORE THAN QUADRUPLING HIS MONEY

AT GM SEVERAL SENIOR EXECUTIVES TOOK PROFITS FROM STOCK OPTIONS AS THE
COMPANY HEADED FOR A FOURTH STRAIGHT YEAR WITHOUT PAYING EXECUTIVE BONUSES

GM PRESIDENT JOHN F SMITH JR REPORTED PRETAX PROFITS TOTALING 181083 IN
OPTIONRELATED TRANSACTIONS EXECUTED ON FEB 17 1994 MR SMITH PURCHASED
17860 GM SHARES AND SOLD 13893 ACCORDING TO SEC FILINGS A GM SPOKESWOMAN
SAID MR SMITH AND OTHER SENIOR GM OFFICERS STILL MAINTAIN SIGNIFICANT
HOLDINGS OF GM STOCK

SOME OF MR SMITH'S SUBORDINATES HOWEVER WERE MORE AGGRESSIVE IN USING
OPTION PROFITS TO MAKE UP FOR LOST BONUSES

J MICHAEL LOSH GM'S GROUP VICE PRESIDENT FOR NORTH AMERICAN SALES AND
MARKETING REPORTED A PROFIT OF 683327 ON OPTIONRELATED TRANSACTIONS
EXECUTED FEB 15 1994 ACCORDING TO SEC FILINGS MR LOSH EXERCISED OPTIONS
TO BUY 23045 GM SHARES AT PRICES FROM 3747 TO 4150 A SHARE HE THEN
SOLD 26045 SHARES THE SAME DAY AT 6125 AND 6150 A SHARE

ANOTHER GM GROUP VICE PRESIDENT E MICHAEL MUTCHLER HAD PRETAX PROFIT OF
563460 ON OPTIONRELATED STOCK TRANSACTIONS EXECUTED NOV 11 1993
ACCORDING TO SEC FILINGS MR MUTCHLER IS HEAD OF GM'S UNPROFITABLE NORTH
AMERICAN PASSENGER CAR OPERATIONS

AT FORD CHAIRMAN ALEXANDER J TROTMAN REALIZED GAINS TOTALING 989230
BEFORE TAXES AND EXPENSES ON OPTIONRELATED TRANSACTIONS EXECUTED APRIL 8
AND OCTOBER 14 1993 ACCORDING TO SEC FILINGS 9403140008 940314
TECHNOLOGY PHONE AGREEMENTS STUMBLE DUE TO SURCHARGE BY CUBA

WASHINGTON THE STATE DEPARTMENT SAID IT WON'T APPROVE LONGDISTANCE
TELEPHONESERVICE AGREEMENTS REACHED BY CUBA AND THREE US COMPANIES
INCLUDING MCI COMMUNICATIONS CORP

AT ISSUE IS A PROVISION IN THE AGREEMENTS THAT ALLOWS CUBA TO IMPOSE A 485
SURCHARGE ON COLLECT CALLS US INDUSTRY OFFICIALS CONSIDER THE SURCHARGE A
NORMAL PRACTICE IN MANY COUNTRIES BUT STATE DEPARTMENT OFFICIALS VIEW THE
SURCHARGE AS AN EFFORT BY CUBA TO COLLECT FOREIGN CURRENCY

A STATE DEPARTMENT OFFICIAL SAID THE SURCHARGE WOULD VIOLATE 1992
LEGISLATION THAT CALLED FOR BETTER PHONE SERVICE BETWEEN THE TWO COUNTRIES
BUT STIPULATED AGAINST CUBA'S RECEIVING EXCESSIVE AMOUNTS OF UNITED STATES
CURRENCY OR THE ACCUMULATION OF EXCESSIVE PROFITS

ALONG WITH WASHINGTONBASED MCI THE AGREEMENT INVOLVED WILTEL
INTERNATIONAL INC TULSA OKLA AND LDDS COMMUNICATIONS INC JACKSON
MISS AS PART OF THE AGREEMENT CALLERS WOULD BE CHARGED A MAXIMUM OF 120
A MINUTE THE CUBAN GOVERNMENT WOULD COLLECT HALF THE PROCEEDS 9403140007
940314 WHO'S NEWS LA QUINTA INNS INC

LA QUINTA INNS INC SAN ANTONIO SAM BARSHOP 64 YEARS OLD THE FOUNDER
AND CHAIRMAN OF THE MOTEL CONCERN WILL STEP DOWN MARCH 19 TO MANAGE MORE
ACTIVELY HIS PERSONAL REALESTATE INVESTMENTS AND TO PURSUE BUSINESS
INTERESTS IN MEXICO THE COMPANY SAID A SUCCESSOR HASN'T BEEN NAMED
9403140006 940314 HARCOURT SAYS BIDDERS SHOW INTEREST IN UNIT '94
OUTLOOK POSITIVE

BOSTON HARCOURT GENERAL INC CHIEF EXECUTIVE ROBERT J TARR TOLD
SHAREHOLDERS AT THE COMPANY'S ANNUAL MEETING THAT HARCOURT GENERAL HAS HAD
SERIOUS INTEREST EXPRESSED BY QUALIFIED BIDDERS IN ITS INSURANCE UNIT HE
ALSO REITERATED AN UPBEAT 1994 EARNINGS OUTLOOK

MR TARR SAID THAT WHILE NO SALE ANNOUNCEMENT WAS IMMINENT WE EXPECT A
FULL PRICE IF WE MOVE FORWARD SUCH A MOVE WOULD ENTAIL SOME NEARTERM
EARNINGS DILUTION HE SAID IN FEBRUARY HARCOURT SAID IT MIGHT SELL THE
INSURANCE UNIT TO CONCENTRATE ON PUBLISHING THE COMPANY ALSO HAS INTEREST
IN RETAILING

MR TARR SAID THAT WITH POSSIBLE PROCEEDS FROM ANY SALE AND EXCESS CASH FROM
OTHER UNITS WE ARE ACTIVELY SEEKING ACQUISITION OPPORTUNITIES TO
STRENGTHEN THE COMPANY'S PUBLISHING FOCUS HARCOURT GENERAL HAD 490 MILLION
OF CASH ON HAND AT JAN 31

MR TARR ALSO TOLD HOLDERS THE FISCAL 1994 OUTLOOK IS GOOD DESPITE FLAT
SALES EXPECTED FOR THE HARCOURT BRACE PUBLISHING UNIT SALES AT THE MAJORITY
OWNED PUBLICLY TRADED NEIMAN MARCUS GROUP RETAILER HAVE BEEN STRONG BUT
MR TARR NOTED CONTINUED PROBLEMS AT THE CONTEMPO CASUALS UNIT

WE'RE CONFIDENT WE'LL BE ABLE TO ACHIEVE AN INCREASE OVER OPERATING
EARNINGS OF 193 A SHARE IN FISCAL 1993 HE SAID IN THE YEAR ENDED OCT
30 THE NEWTON MASSBASED COMPANY REPORTED NET INCOME OF 1713 MILLION
OR 215 A SHARE INCLUDING SEVEN CENTS A SHARE FROM DISCONTINUED THEATER
OPERATIONS SPUN OFF LAST YEAR AND 15 CENTS A SHARE FROM A LEGAL SETTLEMENT
RELATED TO HARCOURT'S RETAIL BUSINESS

HARCOURT'S SHARES CLOSED AT 36625 UP 1 IN NEW YORK STOCK EXCHANGE
COMPOSITE TRADING 9403140005 940314 REVIEW & OUTLOOK EDITORIAL THE
MILK LOBBY

AMERICANS CONTINUE TO LOVE A GOOD FRIGHT AND FEW FEARS CUT CLOSER TO HOME
THAN THOSE TOUCHING ON MILK FOR THE KIDS SOME PEOPLE WORRY ABOUT COW'S MILK
IN GENERAL BUT WHAT'S REALLY GOT PEOPLE UNNERVED IS BOVINE SOMATOTROPIN
BST THE GROWTH HORMONE NOW APPROVED FOR USE

THE SCARE GOT STARTED WITH JEREMY RIFKIN WHO GOBLINIZES NEARLY EVERY
OUTGROWTH OF AGRICULTURAL SCIENCE SINCE JOHNNY APPLESEED IT HAS HAD GREAT
RESONANCE AMONG THE OVERPOPULATED RANKS OF DAIRY FARMERS WHO NATURALLY SEE
IN GREATER SUPPLIES ONLY A LOSS OF INCOME

BUT SOME PEOPLE WHO NORMALLY WOULDN'T ENLIST WITH THE TERROR TROOPS TO FIGHT
A GENETICALLY ENHANCED TOMATO OR IRRADIATION THAT COULD TAKE THE WORRY OUT
OF MEAT AND FISH NEVERTHELESS CRINGE AT THE MILK THEY WORRY THAT ADDED
ANTIBIOTICS SAID TO BE ASSOCIATED WITH USING BST WILL CONTAMINATE BABY'S
BOTTLE

THOUGH THE HORMONE IS PRESENT NATURALLY IN COWS INJECTION OF A SUPPLEMENT
IS SERIOUS AND EXPENSIVE BUSINESS AND ONLY THE LARGER AND MORE
SOPHISTICATED OPERATIONS ARE LIKELY TO WANT TO DO IT COMMERCIAL VERSIONS OF
THE PRODUCT CARRY WARNING LABELS

IT'S NOT SURPRISING THEN THAT MAJOR GROCERY CHAINS HAVE SOUGHT TO IDENTIFY
THEIR DAIRY WARES AS BSTFREE NOW COMES THE FOOD AND DRUG ADMINISTRATION
WHICH FEELS OBLIGED TO PLAY LABEL COP AGAIN TO ITS CREDIT THE AGENCY HAS
CERTIFIED THE HORMONE IN THE FACE OF LUDDITE PRESSURE YOU CAN'T USE YOUR
MILK CARTONS TO KILL A STRAW MAN THE FDA WARNS THE AGENCY SAYS SWEARING
OFF A SUBSTANCE IMPLIES THAT THE SHUNNED STUFF IS BAD FOR YOU AND THIS
STUFF ISN'T

WE WOULD RATHER FIGHT THIS BATTLE ON SOME GROUND OTHER THAN STIFLING
COMMERCIAL SPEECH INSTEAD LET'S ENCOURAGE THE TRUTH IF THE SUPERMARKETS
ARE TOO TIMID TO WAGE AN EDUCATIONAL CAMPAIGN WHAT ABOUT OUR SCIENTISTS
PUBLIC AND PRIVATE THE FDA AND THE FEDERAL TRADE COMMISSION DISSEMINATE
MATERIAL WARNING OF QUACKERY IN THE PROMOTION OF HOKEY REMEDIES WHY NOT A
SIMILAR DRIVE AGAINST FRAUDULENT CONSUMERISM PERHAPS FORMER SURGEON
GENERAL KOOP COULD INTERRUPT HIS SALES TOUR FOR THE CLINTON MEDICAL PLAN TO
SAY A FEW CHOICE WORDS

THE NEW YORKBASED AMERICAN COUNCIL ON SCIENCE AND HEALTH AS USUAL IS
SPEAKING OUT ITS DRAFT MONOGRAPH BY TERRY ETHERTON PENN STATE PROFESSOR OF
ANIMAL NUTRITION AND PHYSIOLOGY FINDS THERE IS NO EVIDENCE WHATSOEVER THAT
BST INCREASES THE INCIDENCE OF ILLNESS IN DAIRY COWS AND THUS MILK
DRINKERS' EXPOSURE TO ANTIBIOTICS LIKEWISE THERE'S NO HEIGHTENED RISK OF
ALLERGIC REACTIONS

AS WE HAVE HIGHLIGHTED MANY TIMES ON THIS PAGE AMERICANS FOR ALL THEIR
COMMON SENSE ARE SUSCEPTIBLE TO FOOD SCARES BUT THEY SOMEHOW MANAGE TO
INDULGE THEMSELVES IN KNOWN KILLERS SUCH AS SMOKING SUNTANS AND OBESITY
INCIDENTALLY A SISTER HORMONE PST PROMISES TO YIELD LEANER PORK AND IN SO
DOING SAVE HUMAN LIVES EXPECT A FIGHT

EVENTUALLY MOST NONSENSE GETS DISCOUNTED IN THE US BUT WE HAVE A SOMEWHAT
FANCIFUL PROPOSAL FOR HELPING THIS PROCESS ALONG ACROSS THE COUNTRY THE
SAME DAIRY FARMERS WHO ARE TEAMING WITH THE RIDICULOUS MR RIFKIN HAVE LONG
SUCCEEDED IN PLACING LEGAL PRICE FLOORS ON THEIR MILK THIS PRESENTS THE
OPPORTUNITY FOR A MARKET TEST SINCE THE BOVINE SOMATOTROPIN PROMISES TO
BOOST PRODUCTIVITY BY AT LEAST 10 AND LOWER COST LET'S ALLOW ITS PURVEYORS
TO SELL THEIR MILK BELOW MINIMUM THE BSTFREE SIDE CAN MAKE ANY CLAIM IT
WANTS AND AMERICA'S THIRSTY FAMILIES CAN CHOOSE

WITH THE HELP OF SOME TRUTHTELLING BY SCIENTISTS THIS SHOULD PERMIT
TECHNOLOGY TO TRIUMPH AND IN THE PROCESS HASTEN THE END OF
ANTICOMPETITIVENESS IN THE DAIRY CASE MOTHERS AND CHILDREN WILL REST
EASIER 9403140004 940314 LETTERS TO THE EDITOR SOUTH KOREA'S NEW
OPENDOOR POLICY

IN RESPONSE TO YOUR FEB 25 ARTICLE SOUTH KOREA LOSES GROUND IN ASIA'S
RACE

THE REPUBLIC OF KOREA'S IMPRESSIVE COMEBACK FROM THE DEVASTATION OF THE
KOREAN WAR EARNED IT A REPUTATION AS AN ECONOMIC MIRACLE KOREA HAS ALSO
BECOME AMERICA'S EIGHTHLARGEST TRADING PARTNER AND KOREAN BRAND NAMES ARE
WELLKNOWN TO US CONSUMERS YET FOR AMERICAN COMPANIES WISHING TO INVEST
IN KOREA OUR MARKETS LONG HAVE BEEN REGARDED AS DIFFICULT TO ENTER ONE
REASON FOR THIS WAS THE MYRIAD RESTRICTIONS PLACED ON DIRECT FOREIGN
INVESTMENT THE KOREAN PUBLIC'S ATTITUDE TOWARD FOREIGN INVESTMENT HAS
CHANGED DRAMATICALLY IN RECENT YEARS AND MORE IMPORTANT SO HAVE THE
POLICIES OF THE KOREAN GOVERNMENT THIS IS PAVING THE WAY FOR NEW
OPPORTUNITIES FOR US COMPANIES

KOREA'S HISTORY EXPLAINS WHY FOREIGN INVESTMENT THERE WAS ONCE DISCOURAGED
A SMALL COUNTRY SURROUNDED BY MAJOR POWERS THE NATION'S SOVEREIGNTY HAS
BEEN REPEATEDLY THREATENED WE EVEN EXPERIENCED A PERIOD OF OUTRIGHT
COLONIZATION BY A POWERFUL NEIGHBOR THUS FOREIGN INVESTMENT WAS REGARDED
AS ECONOMIC ENCROACHMENT THAT MIGHT EVENTUALLY LEAD TO POLITICAL DOMINATION
WHEN THE KOREAN GOVERNMENT BEGAN AN ECONOMICDEVELOPMENT DRIVE IN THE EARLY
1960S IT ENCOURAGED DOMESTIC BUSINESSES TO BORROW FROM ABROAD TO BUILD
INDUSTRIES RATHER THAN USE FOREIGN INVESTMENT AS THE SPRINGBOARD TO GROWTH

THE CHINESE OFFER A STUDY IN CONTRAST FOR MILLENNIA THE SOVEREIGNTY OF
THEIR VAST AND POWERFUL NATION WAS UNASSAILABLE IN TAIWAN THIS LED TO A
VERY DIFFERENT APPROACH TO FOREIGN INVESTMENT AND IN TURN A MARKEDLY
DIFFERENT ECONOMIC DEVELOPMENT PATH THE TAIWANESE AND THEIR GOVERNMENT HAD
NO PARTICULAR AVERSION TO FOREIGN EQUITY OWNERSHIP SO WHEREAS KOREA USED
FOREIGN BORROWING AS ITS ENGINE OF ECONOMIC GROWTH TAIWAN ACTIVELY COURTED
FOREIGN DIRECT INVESTMENT

TIMES HAVE CHANGED AS ONE OF THE WORLD'S 15 LARGEST ECONOMIES KOREA IS A
SEASONED PLAYER IN THE INTERNATIONAL TRADING SYSTEM THE KOREAN PUBLIC'S
AVERSION TO OUTSIDE INVESTORS HAS BEEN REPLACED BY AN UNDERSTANDING THAT
NATIONAL ECONOMIES ARE BECOMING INCREASINGLY INTERDEPENDENT AND THAT
PROTECTIONISM CARRIES A HIGH COST NOW THAT OUR ONCEPROFITABLE
LABORINTENSIVE COMPANIES ARE LOSING THEIR COMPETITIVENESS KOREAN
BUSINESSES ARE SETTING THEIR SIGHTS ON HIGHTECHNOLOGY INDUSTRIES HOWEVER
BORROWING FROM ABROAD ONCE THE KEY TO OUR GROWTH CANNOT PRODUCE THE NEW
TECHNOLOGIES WE REQUIRE DIRECT FOREIGN INVESTMENT NEW JOINT VENTURES WITH
FOREIGN PARTNERS AND TECHNOLOGY TRANSFERS ARE WHAT KOREA NEEDS TO CONTINUE
ITS ECONOMIC GROWTH

WITH THIS IN MIND PRESIDENT KIM YOUNG SAM WHO TOOK OFFICE JUST ONE YEAR
AGO HAS EMBARKED UPON AN AMBITIOUS ECONOMIC DEREGULATION PROGRAM HE IS
PHASING OUT STRICT GOVERNMENT CONTROL OVER BUSINESS AND RETURNING THE
ECONOMY TO MARKET FORCES HE HAS SAID PUBLICLY THAT IT HAS LONG BEEN TOO
DIFFICULT TO DO BUSINESS IN KOREA HE IS DISMANTLING VIRTUALLY ALL BARRIERS
TO FOREIGN PARTICIPATION IN OUR MARKETS AND IS PARTICULARLY KEEN ON
REMOVING OBSTACLES TO INVESTMENT AND JOINT VENTURES REFORMS HAVE ALREADY
BEEN INTRODUCED TO MAKE IT EASIER FOR FOREIGN COMPANIES TO BUY LAND AND
BUILD FACTORIES

THE PACIFIC RIM IS THE REGION OF THE FUTURE FOR AMERICAN INDUSTRY AND KOREA
INTENDS TO BE A CENTRAL PLAYER IN THIS REGARD HERE ARE FIVE GOOD REASONS
WHY KOREA SHOULD BE ATTRACTIVE TO AMERICAN INVESTORS

 KOREA IS ALREADY A FORMIDABLE ECONOMY ITS GNP RANKS 15TH IN THE WORLD
AND IT IS THE 12THLARGEST TRADING POWER THE KOREAUS ECONOMIC ALLIANCE
IS STRONG AND PROFITABLE WITH ANNUAL TWOWAY TRADE TOPPING 36 BILLION

 THE KOREAN MARKET IS LARGE AND AFFLUENT WITH A POPULATION OF 43 MILLION
AND AN ANNUAL PERCAPITA INCOME OF ABOUT 7000 THUS KOREA IS A DYNAMIC
CONSUMER SOCIETY AND AMERICAN PRODUCTS AND SERVICES ARE WELLREGARDED
THERE

 KOREA HAS A SOLID MANUFACTURING BASE AND A WELLEDUCATED AND HIGHLY
SKILLED WORK FORCE WITH AN ENORMOUS CAPACITY TO ASSIMILATE SOPHISTICATED
TECHNOLOGY WE WANT TO MATCH THESE ASSETS WITH AMERICA'S HIGHTECHNOLOGY
PROWESS

 KOREA IS STRATEGICALLY LOCATED AT ASIA'S CROSSROADS SEOUL IS A TWOHOUR
FLIGHT FROM TOKYO SHANGHAI AND BEIJING AND ABOUT ONE HOUR FROM
VLADIVOSTOK KOREA IS A STABLE SPRINGBOARD FROM WHICH AMERICAN BUSINESSES
CAN ADVANCE MORE EFFECTIVELY THROUGHOUT THE PACIFIC RIM

 POLITICAL STABILITY IS A PRECONDITION FOR SUSTAINED ECONOMIC EXPANSION
AND INTERNATIONAL EXCHANGE AND KOREA PROVIDES EXACTLY THAT IT IS A STABLE
FLOURISHING DEMOCRACY

KOREA HAS REACHED A TURNING POINT IN ITS NATIONAL DEVELOPMENT IN ORDER TO
ADVANCE AND PROSPER WE ARE LIBERALIZING OUR MARKETS AND EXPANDING OUR
INTERNATIONAL COOPERATION IN A PRESS CONFERENCE ON FEB25 MARKING THE FIRST
ANNIVERSARY OF HIS INAUGURATION PRESIDENT KIM SAID OUR GOAL IS TO MAKE
KOREA ONE OF THE BEST PLACES IN THE WORLD FOR FOREIGNERS TO DO BUSINESS AND
WE BELIEVE IT IS VERY IMPORTANT TO MAKE KOREA SECURE AND ATTRACTIVE FOR
FOREIGN INVESTORS

KOREAN AMBASSADOR TO THE US 9403140003 940314 MARKETING & MEDIA TCI
TRYING TO JOIN RECORD COMPANIES PLANNING TO START MUSIC VIDEO CHANNEL 
 BY JEFFREY A TRACHTENBERG AND MARK ROBICHAUX STAFF REPORTERS OF
THE WALL STREET JOURNAL

NEW YORK TELECOMMUNICATIONS INC IS NEGOTIATING TO JOIN A GROUP OF MAJOR
RECORD COMPANIES LED BY TIME WARNER INC AND SONY CORP WHICH PLANS TO
LAUNCH A MUSIC VIDEO CHANNEL RIVALING VIACOM INC'S MTV NETWORKS ACCORDING
TO THOSE FAMILIAR WITH THE TALKS

THE NEGOTIATIONS BETWEEN TCI AND THE MAJOR RECORD COMPANIES CALL INTO
QUESTION AN AGREEMENT THAT THE CABLE GIANT ANNOUNCED IN SEPTEMBER WITH
BERTELSMANN MUSIC GROUP A UNIT OF GERMAN MUSIC AND PUBLISHING GIANT
BERTELSMANN AG THE TWO COMPANIES EMPHASIZED AT THE TIME THAT THEIR CHANNEL
WOULD BE A HYBRID MUSICVIDEO HOME SHOPPING CABLE CHANNEL

A TCI SPOKESMAN SAID THAT ITS AGREEMENT IN PRINCIPLE WITH BERTELSMANN IS
STILL ALIVE BUT NOTED THAT A CONTRACT HAS NOT BEEN SIGNED HE
ACKNOWLEDGED HOWEVER THAT TCI HAS EXPRESSED INTEREST IN PARTICIPATING IN
THE TIME WARNERSONY VENTURE BERTELSMANN MUSIC GROUP EXPRESSED MORE
OPTIMISM WITH A SPOKESWOMAN SAYING WE'RE MOVING AHEAD WITH OUR BUSINESS
PLAN FOR OUR MUSIC CABLE CHANNEL WITH TCI AND HOPE TO LAUNCH BY THE END OF
THE YEAR SHE DECLINED FURTHER COMMENT

INDUSTRY OBSERVERS NOTED THAT IT IS CHARACTERISTIC OF TCI TO NEGOTIATE
SIMULTANEOUSLY WITH A NUMBER OF COMPANIES IN COMPETING VENTURES IN THE
INTEREST OF GETTING THE BEST DEAL MOREOVER TCI MAY BE RELUCTANT TO
ASSOCIATE ITSELF IN A NEW MUSIC CHANNEL WITH ONLY ONE RECORD PRODUCER AT A
TIME WHEN A TEAM OF FOUR MUSIC COMPANIES IS PLANNING A SIMILAR VENTURE THE
TIME WARNERSONY GROUP INCLUDES EMI MUSIC POLYGRAM HOLDING INC AND
TICKETMASTER CORP

IN LATE JANUARY THOSE PARTNERS DISCLOSED PLANS TO CREATE AN
ADVERTISERSUPPORTED 24HOUR VIDEO MUSIC CHANNEL TO BE CARRIED ON CABLE
SYSTEMS IN THE US AND PUERTO RICO BY LATE 1994

WHEN THE WARNERSONY CHANNEL WAS ANNOUNCED THE PARTNERS SAID THEY WANTED TO
LINK UP WITH A MAJOR CABLE OPERATOR TIME WARNER OPERATES THE SECONDLARGEST
CABLE COMPANY WITH 71 MILLION SUBSCRIBERS TCI IS THE NATION'S LARGEST
CABLE COMPANY WITH 104 MILLION SUBSCRIBERS

ACCORDING TO THOSE FAMILIAR WITH THE SITUATION TCI CHIEF JOHN MALONE MET
RECENTLY WITH ROBERT MORGADO CHAIRMAN OF TIME WARNER'S WARNER MUSIC GROUP
TO NEGOTIATE THE TERMS OF TCI'S PARTICIPATION A SPOKESWOMAN FOR WARNER
MUSIC GROUP CONFIRMED THAT THERE HAVE BEEN RECENT DISCUSSIONS WITH TCI BUT
ADDED THAT AN AGREEMENT HASN'T BEEN CONCLUDED SHE NOTED THAT THERE HAVE
BEEN TALKS WITH OTHER CABLE COMPANIES AS WELL INCLUDING TIME WARNER CABLE

OBSERVERS QUESTIONED WHETHER TCI WOULD BE WILLING TO INVEST IN TWO MUSIC
CHANNELS IN A MARKET THAT IS DOMINATED BY MTV AND VH1 AND THAT HAS
ATTRACTED A HOST OF SMALLER PLAYERS MTV REACHES 57 MILLION US HOMES WHILE
VH1 REACHES 47 MILLION ANY CHALLENGE TO SUCH AN ENTRENCHED POSITION WOULD
REQUIRE A MASSIVE MARKETING EFFORT AND AN INVESTMENT OF MILLIONS OF DOLLARS
IN STARTUP COSTS

HOWEVER DURING RECENT YEARS RECORD INDUSTRY EXECUTIVES SAID THEY HAVE BEEN
FRUSTRATED WITH MTV'S NARROW PLAY LIST AND THEIR INABILITY TO GET EXPOSURE
FOR NEW ACTS MUSIC VIDEOS ARE PLAYING AN INCREASINGLY IMPORTANT ROLE IN THE
MARKETING OF NEW GROUPS 9403140002 940314 CORRECTIONS & AMPLIFICATIONS

SONY CORP SAID IT PLANS TO USE A CHIP MADE BY TEXAS INSTRUMENTS INC IN
TRINITRON VIDEO MONITORS THAT WILL HAVE VIDEOCONFERENCING CAPABILITIES THE
COMPANY SAID IT HAS NO PLANS TO USE THE CHIP IN A SETTOP TELEVISION DEVICE
AS WAS REPORTED IN WEDNESDAY'S CORPORATE FOCUS ARTICLE

BANKING LEGISLATION APPROVED WEDNESDAY BY THE HOUSE BANKING COMMITTEE WOULD
MAKE IT EASIER FOR BANKS TO PACKAGE A WIDE RANGE OF BUSINESS COMMERCIAL
REALESTATE COMMUNITYDEVELOPMENT AND MULTIFAMILYHOUSING LOANS OR EQUITY
INVESTMENTS INTO SECURITIES FOR SALE TO INVESTORS A DESCRIPTION OF THE
MEASURE IN AN ARTICLE THURSDAY REFERRED ONLY TO SMALLBUSINESS LOANS
9403140001 940314 WHAT'S NEWS  BUSINESS AND FINANCE

NORTHROP'S HOSTILE 204 BILLION BID FOR GRUMMAN COULD FACE AN OBSTACLE IN A
33 EQUITY STAKE IN GRUMMAN THAT EMPLOYEES HOLD THE STAKE IS HELD BY A
SAVINGS AND RETIREMENT PLAN AND THE PLAN'S TRUSTEES ALL OF WHOM ARE
GRUMMAN EXECUTIVES HAVE THE POWER TO DECIDE WHETHER TO ACCEPT THE NORTHROP
OFFER A RIVAL 187 BILLION BID BY MARTIN MARIETTA OR TO LET EMPLOYEE
SHAREHOLDERS DECIDE

USJAPAN TRADE RELATIONS APPEAR TO BE HEADING FOR A MOMENTARY CALM AFTER
THE RESOLUTION OF A DISPUTE OVER CELLULAR PHONES AND THE EXPECTED EASING OF
TENSIONS OVER SEMICONDUCTORS

LAWMAKERS ARE LOOKING AT TAX PROVISIONS AS A MEANS TO CUT THE BURDEN OF
HEALTHCARE REFORM ON EMPLOYERS THEY ARE BEING SPURRED BY NEW COST
ESTIMATES RELEASED BY A HOUSE PANEL

RETAIL SALES ROSE 15 IN FEBRUARY BUT SALES DROPPED 19 IN JANUARY RATHER
THAN THE 05 DECLINE REPORTED ORIGINALLY INDICATING THAT PERHAPS BECAUSE
OF BAD WEATHER CONSUMERS LOST SOME ENTHUSIASM FOR SPENDING

APPLE PRICED ITS NEW LINE OF MACINTOSH POWERPC COMPUTERS SEVERAL HUNDRED
DOLLARS BELOW OTHER COMPANIES' LINES AND PROMISED A MULTIMILLIONDOLLAR AD
ASSAULT ON ITS RIVALS

CORPORATE POLLUTERS COULD FACE TOUGHER PENALTIES INCLUDING SUBSTANTIAL
FINES AND NEW SENTENCING RULES

SENIOR OFFICERS AT THE BIG THREE US AUTO MAKERS HAVE BEEN EXERCISING STOCK
OPTIONS EVEN AS WALL STREET IS PREDICTING AUTO STOCKS WILL GO HIGHER

THE HOUSE APPROVED A 15 TRILLION FISCAL BLUEPRINT THAT LARGELY ENDORSES
THE CLINTON ADMINISTRATION'S VISION OF SPENDING PRIORITIES FOR FISCAL 1995

IBM WON THE FIRST PHASE OF WHAT COULD BE ONE OF THE LARGEST CONTRACTS YET TO
BUILD A DATAHIGHWAY SYSTEM IN A DEAL TO WIRE HOMES IN QUEBEC

MOTOROLA AND IBM ARE IN DISCUSSIONS ABOUT RESTRUCTURING THEIR JOINT
OWNERSHIP OF A RADIODATA NETWORK USED WITH PORTABLE COMMUNICATORS

METALLGESELLSCHAFT'S MAIN US UNIT PLANS TO CONTINUE AS A BIG PLAYER IN THE
US OIL BUSINESS DESPITE ITS PARENT'S 1 BILLION TRADING LOSS LAST YEAR

SALOMON'S SECONDLARGEST SHAREHOLDER THE DART FAMILY BET THAT THE STOCK OF
THE BROKERAGE FIRM WOULD FALL EVEN AS ITS LARGEST HOLDER WARREN BUFFETT
WAS INCREASING HIS STAKE

FEDERAL EXPRESS'S PROFIT MORE THAN TRIPLED IN THE LATEST QUARTER BOOSTED BY
IMPROVED PERFORMANCE OVERSEAS LOWER COSTS AND THE SALE OF AIRCRAFT

JAPAN'S DAIICHI KANGYO BANK WILL MAKE AN EMERGENCY 666 MILLION LOAN TO
KANKAKU SECURITIES IN THE LATEST EXAMPLE OF BANKS AND BROKERAGE FIRMS
CHARGING INTO EACH OTHER'S BUSINESS

STRONG/CORNELIUSON SAID IT IS HOLDING TALKS WITH THE SEC ABOUT ITS MOVEMENT
OF SECURITIES AMONG ITS FUNDS THE FIRM SAID IT IS COOPERATING WITH THE SEC
IN A PROBE RELATING TO CROSS TRADES AND DISCLOSURES FROM 1987 TO 1990

BONDS LEHMAN BROTHERS TREASURY INDEX 529262 UP 2633

COMMODITIES OIL 1444 A BARREL UP 30 CENTS DOW JONES FUTURES INDEX
14487 OFF 036 SPOT INDEX 13158 UP 028

DOLLAR 10500 YEN OFF 025 16825 MARKS UNCHANGED 9403140058 940225
INTERNATIONAL WORLD ECONOMY SOUTH KOREA LOSES GROUND IN ASIA'S
RACE  BY ROBERT KEATLEY STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON TWENTYFIVE YEARS AGO SOME 50000 SOUTH KOREAN TROOPS WERE AT
WAR IN SOUTH VIETNAM HELPING THE US TRY TO PREVENT COMMUNISTS FROM TAKING
OVER THEY LOST THAT ROUND DECISIVELY

NOW SOUTH KOREA IS FIGHTING VIETNAM ONE MORE TIME THOUGH IN A DIFFERENT
SENSE IT'S COMPETING AGAINST HANOI FOR FOREIGN INVESTMENT AND TECHNOLOGY TO
KEEP ITS ECONOMY ROBUST BUT IT MAY LOSE THIS BATTLE TOO UNLESS SOMETHING
RADICAL IS DONE

THAT'S BECAUSE SOUTH KOREA HAS MADE ITSELF ABOUT THE LEAST ATTRACTIVE NATION
IN ALL OF EAST ASIA FOR OVERSEAS INVESTORS WHILE VIETNAM JUST NOW IS AMONG
THE MOST BEGUILING BUT THE SOUTH KOREAN PROBLEM EXTENDS FAR BEYOND VIETNAM
CHINA MALAYSIA THAILAND AND INDONESIA JUST TO NAME A FEW OTHER ASIAN
NATIONS ALL SEEM MORE INVITING WHEN INVESTORS BALANCE OPPORTUNITIES AGAINST
OBSTACLES FOR MANY DOING SERIOUS BUSINESS IN SOUTH KOREA PROMISES MORE
TROUBLE THAN IT'S WORTH ESPECIALLY WITH ASIA'S FORMER COMMUNISTS SO EAGER
FOR CAPITALISTS AND THEIR CAPITAL

OFFICIAL ATTITUDES IN SEOUL CAN SEEM DOWNRIGHT UNFRIENDLY FOR REASONS
RANGING FROM ANCIENT HISTORY TO MODERN ECONOMICS SOUTH KOREANS KEEP SHARP
LIMITS ON WHAT OUTSIDERS CAN DO ON THEIR TURF THEY DON'T WANT YET ANOTHER
GROUP OF FOREIGNERS DOMINATING THEIR LIVES AS HAS HAPPENED SO OFTEN IN THE
PAST THEIR PROTECTIONISM HELPED BUILD A MODERN ECONOMY ABLE TO MEET MOST
DOMESTIC NEEDS AND COMPETE HEADON ELSEWHERE AGAINST THE BEST THE WORLD CAN
OFFER BUT IT ALSO CREATES GREAT PROBLEMS FOR THE FUTURE WHICH NEW REFORM
POLICIES MAY NOT SOLVE COMPLETELY

THE MOST DANGEROUS BYPRODUCT OF KOREA'S EFFICIENT EXPORT ENGINE IS ITS
MERCANTILIST ATMOSPHERE WHICH THE PUBLIC HAS BEEN INHALING FOR 40 YEARS
SAYS ROBERT ZOELLICK FORMER US UNDERSECRETARY OF STATE IT LEADS TO AN
INTERNATIONAL IMAGE OF KOREA THAT IS TO BE FRANK TERRIBLE THE KOREAN
PUBLIC APPEARS TO BE INSULAR EVEN XENOPHOBIC AND HOSTILE

THIS STATE OF MIND CAN TRANSLATE INTO COMPLEX REGULATIONS DESIGNED TO REPEL
OR RESTRICT FOREIGN INVESTORS AS IF THEY WERE FOREIGN INVADERS OF OLD SO
US AND OTHER BUSINESSES ARE GOING ELSEWHERE THEY NO LONGER NEED SOUTH
KOREA TO HAVE AN ASIAN PRESENCE IN 1992 220 FOREIGN FIRMS WITHDREW
INVESTMENTS WORTH 369 MILLION WITH 52 LEAVING SOUTH KOREA OUTRIGHT THOSE
THAT DECIDED TO STAY OUT OR GO AWAY INCLUDE GENERAL MOTORS CORP GOODYEAR
TIRE & RUBBER CO DUPONT CO AND ATLANTIC RICHFIELD CO'S ARCO CHEMICAL CO

YOU CAN'T NAME A SINGLE AMERICAN JOINT VENTURE THERE THAT'S BEEN A
SUCCESS SAYS ONE US BUSINESSMEN PERHAPS OVERSTATING THE REALITY BUT
NOT THE PERCEPTION

YET SEOUL NEEDS OUTSIDE INVESTORS ESPECIALLY AMERICAN AS MUCH AS EVER

ONE REASON IS ITS NEED FOR ADVANCED TECHNOLOGY SOUTH KOREA WHICH NO LONGER
HAS CHEAP LABOR CAN'T DEVELOP ALONE THE MODERN TECHNOLOGY NEEDED TO LEAP
AHEAD US AND OTHER COMPANIES COULD SUPPLY WHAT'S NEEDED IF CONDITIONS
WERE RIGHT YET SOME SOUTH KOREANS TALK WISTFULLY OF BECOMING SELFRELIANT
PROBABLY IMPOSSIBLE FOR ANY NATION

JOINT VENTURES ALSO CAN GIVE GREATER MARKET ACCESS OVERSEAS THAN SOUTH
KOREAN COMPANIES MIGHT MANAGE ON THEIR OWN THE SSANGYONG BUSINESS GROUP
SAYS SOUTH KOREA NEEDS MORE LIKE THOSE IT HAS WITH HEWLETTPACKARD CO IN
WORKSTATIONS AND GENERAL ELECTRIC CO IN MEDICAL EQUIPMENT WHICH BOTH SELL
AT HOME AND ABROAD BUT TO GET MORE PARTNERS THE SOUTH KOREANS MUST FREE
THE HOME MARKET AND CUT RED TAPE SHARPLY

THERE'S ALSO A POLITICAL REASON WHEN NOT IF UNIFICATION COMES SEOUL
WILL NEED FOREIGN FRIENDS TO HELP DEFRAY COSTS AND MAINTAIN STABILITY
AMERICANS WITH SOUTH KOREAN OPERATIONS COULD THEN BE EFFECTIVE LOBBYISTS IN
WASHINGTON AS THEY WERE FOR GERMANY SOME SOUTH KOREANS THINK THEY MADE A
STRATEGIC BLUNDER BY NOT DRAWING MORE U S COMPANIES DEEPER INTO THE LOCAL
ECONOMY

IT'S NOT TOO LATE THE REFORMMINDED PRESIDENT KIM YOUNG SAM HAS AN
AMBITIOUS FIVEYEAR PLAN FOR OPENING SOUTH KOREA AND PLUNGING DEEPER INTO
THE WORLD ECONOMY HE WINS MUCH PRAISE FOR THIS EFFORT WHICH PITS HIM
AGAINST OLD ATTITUDES AND ENTRENCHED BUREAUCRATS GAINS HAVE BEEN MADE AND
MORE ARE ON THE WAY DOWN THE ROAD A UNITED KOREA COULD BE AN ATTRACTIVE
PLACE FOR BUSINESS WITH ITS 60 MILLION PEOPLE AND ACCESS TO NORTHERN CHINA
AND THE RUSSIAN FAR EAST

BUT HIS PLAN MAY NOT GO FAR ENOUGH EVEN IF IT TAKES HOLD FULLY SOUTH KOREA
WOULD REMAIN LESS LIBERALIZED THAN MOST OTHER ASIAN LANDS SAYS EDWARD
GRAHAM OF THE INSTITUTE FOR INTERNATIONAL ECONOMICS HERE THUS MANY FIRMS
COULD CONTINUE TO LOOK ELSEWHERE FOR THEIR ASIAN HOMES SEE RELATED LETTER
LETTERS TO THE EDITOR SOUTH KOREA'S NEW OPENDOOR POLICY WSJ MARCH 14
1994 9402250145 YY94 MM03 9403140054 940222 LEISURE & ARTS BUSINESS
BOOKSHELF CUNEIFORM TO CHILD CARE  BY STANLEY W ANGRIST

THE FIRST EVIDENCE OF OUR ABILITY TO WRITE COMES FROM LOWER MESOPOTAMIA IN
WHAT IS NOW SOUTHERN IRAQ PROTOCUNEIFORM WRITING ON CLAY TABLETS THAT HAVE
BEEN DATED FROM BETWEEN 3500 BC AND 2800 BC BUT DID THESE PEOPLE
AROUND THE CITY OF URUK WRITE ABOUT EPIC BATTLES AND THEIR BRAVE
RESOURCEFUL HEROES AND HEROINES PERHAPS BUT THAT IS NOT WHAT HAS SURVIVED
WHAT WE HAVE ARE THEIR GENERAL LEDGERS SHOWING WHAT IT COST TO BREW THEIR
BEER AND BAKE THEIR BREAD IN MATERIALS AND IN LABOR

FIVE THOUSAND YEARS HENCE WILL OUR DESCENDANTS HAVE ONLY OUR STOCK AND
OPTION QUOTATIONS FOR LEARNED SCHOLARS TO GUESS AT HOW WE LIVED I HOPE NOT
BUT ARCHAIC BOOKKEEPING UNIVERSITY OF CHICAGO PRESS 169 PAGES 3495
BY HANS J NISSEN PETER DAMEROW AND ROBERT K ENGLUND WITH PETER LARSEN
TRANSLATING FROM THE GERMAN DOES OFFER SOME NICE INSIGHTS INTO LIFE BACK
THEN

BOOKKEEPERS USED DEBITS AND CREDITS MUCH AS WE USE THEM TODAY THE COST OF
THE FLOUR PRODUCED BY A GIVEN MILL WAS TRANSLATED INTO FEMALE LABORER
DAYS FOREMEN WERE RESPONSIBLE DOWN TO THE DAY FOR THE WORK DONE BY THEIR
CREWS IF A FOREMAN DIED WHILE HE WAS IN A DEFICIT POSITION HIS WORLDLY
GOODS COULD BE CONFISCATED BY THE STATE AND THE MEMBERS OF HIS HOUSEHOLD
TRANSFERRED INTO THE ROYAL LABOR FORCE APPARENTLY WORKING FOR THE STATE
WAS NO PICNIC THE TABLETS REPORT REGULARLY ON ESCAPES BOTH SUCCESSFUL AND
FOILED

WOMEN ARE IN THE WORK FORCE IN RECORD NUMBERS AND MANY ARE OR WILL BECOME
MOTHERS WITHOUT DROPPING OUT OF THE LABOR MARKET ANNE WEISBERG AND CAROL
BUCKLER BOTH LAWYERMOTHERS ADDRESS NEARLY EVERY PROBLEM YOU MIGHT FACE IN
EVERYTHING A WORKING MOTHER NEEDS TO KNOW DOUBLEDAY 235 PAGES 1495
STARTING WITH WHEN A WOMAN SHOULD ANNOUNCE HER PREGNANCY THEY SUGGEST
WAITING UNTIL THE SECOND TRIMESTER BECAUSE SOME SUBTLE AND NOT SO SUBTLE
DISCRIMINATION IS STILL FREQUENTLY BROUGHT TO BEAR ON PREGNANT EMPLOYEES

THEIR BOOK ALSO DETAILS A PREGNANT WOMAN'S RIGHTS UNDER FEDERAL LAW THE
PREGNANCY DISCRIMINATION ACT PASSED LAST YEAR COVERS FIRMS WITH AS FEW AS 15
EMPLOYEES BUT IT DOES NOT PROVIDE THE SAME GUARANTEES AS THE EARLIER LAW
THE FAMILY AND MEDICAL LEAVE ACT FOR EXAMPLE THE NEW LAW DOES NOT REQUIRE
EMPLOYERS TO GUARANTEE A PREGNANT WORKER'S POSITION WHILE SHE IS OUT ON
LEAVE NOR DOES IT REQUIRE THEM TO PROVIDE SUCH LEAVE OR EVEN PREGNANCY
DISABILITY INSURANCE IT SIMPLY REQUIRES EMPLOYERS TO GUARANTEE JOB SECURITY
TO PREGNANT WOMEN IF AND TO THE SAME EXTENT THEY GUARANTEE JOB SECURITY TO
PEOPLE RETURNING FROM OTHER DISABILITY LEAVES

ONE APPENDIX OF THE BOOK PROVIDES A SUMMARY OF STATE LEGISLATION ON
PARENTAL FAMILY AND MEDICAL LEAVE SOME STATE LAWS ARE STRICTER THAN
EXISTING FEDERAL LAWS VERMONT FOR EXAMPLE REQUIRES EMPLOYERS WITH AS FEW
AS 10 EMPLOYEES TO PROVIDE THEM WITH UP TO 12 WEEKS OF LEAVE THE AUTHORS
ALSO LAY OUT CHILDCARE ALTERNATIVES MANY WORKING WOMEN BELIEVE AN AU PAIR
TO BE THE IDEAL SOLUTION BUT FORGET THAT SUCH WORKERS ARE PROVIDED ONLY
WITH ANNUAL WORK PERMITS THAT MEANS THE FAMILY MUST BEGIN THE TEDIOUS
SEARCH ANEW EVERY YEAR ANOTHER HELPFUL APPENDIX PROVIDES A LIST OF RESOURCE
PHONE NUMBERS INCLUDING THAT OF THE INTERNATIONAL NANNY ASSOCIATION

WITH THE TAX SEASON UPON US LOTS OF READERS SHOULD BE ATTRACTED TO A BOOK
WITH THE TITLE HOW TO PAY ZERO TAXES MCGRAWHILL 590 PAGES 1495 BY
JEFF SCHNEPPER HE ARGUES WITH SOME CAUSE THAT TAXPAYERS WITH HIGH INCOMES
CAN AFFORD HIGHLY PAID PROFESSIONAL TAX CONSULTANTS TO REDUCE THEIR TAXES
HE SAYS HIS BOOK IS FOR THE REST OF US AND HAS COME UP WITH MORE THAN 150
LEGAL WAYS TO MINIMIZE THE BIG BITE

MOST PEOPLE KNOW THAT IF THEY SELL THEIR HOME AT A PROFIT THE GAIN ON THE
SALE CAN BE SHELTERED FROM TAX IF REINVESTED IN A NEW HOME WITHIN TWO YEARS
BUT WHAT IF YOU CAN'T FIND A BUYER FOR YOUR OLD HOME YET HAVE ALREADY
PURCHASED A NEW HOME HE NOTES THAT AN INTERNAL REVENUE SERVICE RULING
ALLOWS THE SALE OF THE OLD HOME TO A CORPORATION THE TAXPAYER SETS UP IN
THIS SCENARIO THE CORPORATION THEN RENTS THE HOME TO AN OUTSIDE TENANT THE
GAIN ON THE SALE OF THE HOME TO THE CORPORATION WILL NOT BE TAXED SO LONG AS
THE COST OF THE NEW HOME IS EQUAL TO OR GREATER THAN THE OLD HOME'S ADJUSTED
SALES PRICE

MOREOVER SINCE THE OLD HOME HAS BEEN SOLD AT ITS APPRECIATED PRICE IT CAN
NOW BE DEPRECIATED AT A MUCH HIGHER RATE BOTH THE INCOME GENERATED FROM THE
RENTING OF THE HOME THE HIGHER DEPRECIATION AND ANY EXPENSES ASSOCIATED
WITH MAINTAINING THE HOME WILL BE PASSED THROUGH THE CORPORATION TO THE
TAXPAYER

ANOTHER LITTLEKNOWN QUIRK IS THE GOVERNMENT'S SPECIAL TAX SHELTER FOR THOSE
WHO PAY HIGHEREDUCATION EXPENSES THIS BENEFIT CAN BE OBTAINED BY
PURCHASING CERTAIN US SAVINGS BONDS FOR YEARS AFTER 1989 A TAXPAYER CAN
POTENTIALLY EXCLUDE ALL OR A PORTION OF THE INTEREST THAT ACCRUES ON THE
BOND IF THE BOND IS REDEEMED IN A YEAR WHEN QUALIFIED EDUCATION EXPENSES
MUST BE PAID IN THE CASE OF A JOINT RETURN THE BENEFIT STARTS TO BE PHASED
OUT IF THE TAXPAYER'S MODIFIED ADJUSTED GROSS INCOME EXCEEDS 68250 IN
1993 THE NUMBER IS INDEXED FOR INFLATION

YES THIS IS MAKING YOUR HEAD HURT BUT YOU'LL FEEL A LOT BETTER AFTER APRIL
15 SEE RELATED LETTER LETTERS TO THE EDITOR CLARIFYING TWO LAWS ON
WORKING PARENTS WSJ MARCH 14 1994 9402220004 YY94 MM03 9403140053
940204 FOOD BEEF IRRADIATION MEETS POLITICS IN WASHINGTON  BY
RICHARD GIBSON STAFF REPORTER OF THE WALL STREET JOURNAL

IRRADIATING BEEF MAY HELP SAVE LIVES BUT THE MEAT INDUSTRY IS STILL WAITING
FOR THE GOVERNMENT'S GREEN LIGHT

AGRICULTURE DEPARTMENT SCIENTISTS RECENTLY REPORTED THAT SMALL DOSES OF
IRRADIATION COULD WIPE OUT NEARLY 100 OF THE E COLI BACTERIAL STRAIN IN
BEEF THESE BACTERIA WERE BLAMED IN THREE WEST COAST TAINTEDHAMBURGER
FATALITIES MORE THAN A YEAR AGO AND IN SEVERAL SUBSEQUENT CASES MOST
INVOLVING CHILDREN IRRADIATION HAS ALREADY BEEN SHOWN TO STERILIZE MEAT AND
PRODUCE AGAINST PRACTICALLY ALL BACTERIA THAT CAUSE SPOILAGE

WHILE AN AIDE SAYS AGRICULTURE SECRETARY MIKE ESPY IS CLOSE TO ANNOUNCING
HIS POSITION ON THE ISSUE OTHERS SUSPECT THAT POLITICS IS HOLDING HIM BACK
WITHIN THE CLINTON ADMINISTRATION THERE IS CONCERN THAT THE PUBLIC MIGHT
LINK BEEF IRRADIATION WITH THE GOVERNMENT RADIATION EXPERIMENTS OF THE
1950S SOME PROPONENTS HAVE EVEN SUGGESTED GETTING RID OF THE NAME
IRRADIATION CALLING THE PROCESS IONIZED PASTEURIZATION INSTEAD

CRITICISM OF IRRADIATION HAS COME PRIMARILY FROM A SMALL BUT VOCAL GROUP
CALLED FOOD AND WATER INC WHICH CONTENDS THAT DESPITE YEARS OF RESEARCH
NOT ENOUGH IS KNOWN ABOUT THE STRAY MOLECULES CREATED DURING IRRADIATION
CRITICS ALSO WORRY THAT THE PROCESS MAY REDUCE NUTRIENT LEVELS

INDEED MR ESPY'S PRESS SECRETARY STEVE KINSELLA RECENTLY SAID THAT
BEFORE MR ESPY WOULD RECOMMEND IRRADIATION AS PART OF STEPPEDUP SAFETY
MEASURES FOR BEEF THE PROCESS WOULD HAVE TO BE PROVEN IT IS SAFE AND  
ACCEPTABLE BY CONSUMERS

THE MOST COMMON METHOD OF IRRADIATING FOOD IS WITH BRIEF BURSTS OF GAMMA
RAYS FROM THE RADIOACTIVE ISOTOPE COBALT60 THIS PROCEDURE WHICH TAKES
PLACE IN A ROOM WITH CONCRETE WALLS IS USED TO TREAT PRODUCE AND SOME
POULTRY IN FLORIDA IN THE COUNTRY'S ONLY COMMERCIAL FOODIRRADIATION PLANT
THE METHOD HAS LONG BEEN USED IN THE US TO STERILIZE MEDICAL DEVICES AND
THE FOOD THAT ACCOMPANIES ASTRONAUTS INTO SPACE AND HAS BEEN USED FOR YEARS
IN EUROPE AND THE MIDDLE EAST TO PREVENT SPOILAGE IN FACT AT LEAST SOME OF
THE SHRIMP IMPORTED INTO THE US HAS BEEN IRRADIATED IN EUROPE

A PROPOSAL FROM THE MEAT INDUSTRY URGING MR ESPY'S SUPPORT HAS BEEN AT THE
AGRICULTURE DEPARTMENT FOR WEEKS BUT HE HASN'T HELD A FULL DEPARTMENTLEVEL
MEETING TO DISCUSS IT PEOPLE FAMILIAR WITH THE MATTER SAY MR ESPY
DECLINED TO BE INTERVIEWED

SOME PROPONENTS SUSPECT THAT THE DECISION ON BEEF IS HUNG UP ON
PHILOSOPHICAL DISAGREEMENTS WITHIN THE DEPARTMENT THEY NOTE THAT ELLEN
HAAS NOW AN ASSISTANT SECRETARY IN CHARGE OF FOOD AND CONSUMER SERVICES
ACTIVELY OPPOSED IRRADIATION WHILE SHE WAS EXECUTIVE DIRECTOR OF PUBLIC
VOICE FOR FOOD AND HEALTH POLICY THAT CONSUMERADVOCACY GROUP ONCE
SUGGESTED THAT IRRADIATED FOODS BE MARKED WITH A SKULL AND CROSSBONES A
SPOKESMAN FOR MS HAAS SAYS SHE HASN'T DISCUSSED THE TOPIC WITH MR ESPY

MR ESPY PASSED UP A CHANCE TO ENDORSE IRRADIATION LAST WEEK WHEN HE
ATTENDED A SEMINAR ON FOOD SAFETY IN NEW YORK CITY SPONSORED BY THE PARENTS
OF A GIRL WHO HAD DIED OF KIDNEY FAILURE AFTER EATING FOOD POISONED BY THE
BACTERIA KNOWN AS E COLI 0157H7 IN HIS REMARKS MR ESPY SPOKE ABOUT
IMPROVING THE CURRENT PACKINGPLANT INSPECTION SYSTEM BUT DIDN'T MENTION
IRRADIATION

PRESSURE FOR HIM TO ENDORSE IS GROWING SEN CHARLES GRASSLEY R IOWA
RECENTLY URGED MR ESPY TO RECOMMEND IRRADIATING BEEF CALLING IT THE MOST
PROMISING PATH WE KNOW TO HALT AND EVENTUALLY ELIMINATE THE PROLIFERATION
OF PATHOGENS IN OUR FOOD SUPPLY OTHERS IN CONGRESS ALSO WANT ACTION OUR
POSITION IS LET'S GO' SAYS AN AIDE TO SEN SLADE GORTON R WASH

THE AMERICAN MEDICAL ASSOCIATION'S COUNCIL ON SCIENTIFIC AFFAIRS HAS
RECOMMENDED THAT IRRADIATION BE ADDED TO WHAT IT CALLED THE ARMAMENTARIUM
OF TECHNIQUES TO ENSURE FOOD SAFETY AND IN MAINE STATE EPIDEMIOLOGIST
KATHLEEN GENSHEIMER HOPES THAT STATE'S BAN ON IRRADIATED FOOD WILL BE
REPEALED SOON FOOD IRRADIATION IS AN EXAMPLE OF TECHNOLOGY NOT BEING PUT
TO GOOD USE SHE SAYS TWENTYTHREE CASES OF E COLI INFECTION WERE
REPORTED IN MAINE IN THE SECOND HALF OF 1993

WHILE E COLI CASES AREN'T ROUTINELY REPORTED NATIONALLY DENISE KOO AN
EPIDEMIOLOGIST AT THE US CENTERS FOR DISEASE CONTROL AND PREVENTION IN
ATLANTA BELIEVES THE E COLI 0157H7 STRAIN IS INCREASING IN INCIDENCE
CARRIERS OF THE PATHOGEN ARE SOMETIMES DIFFICULT TO PINPOINT BUT SAYS DR
KOO OFTEN HEALTH DEPARTMENTS CAN TRACE IT BACK TO A BEEF SOURCE

JAMES MARSDEN VICE PRESIDENT OF SCIENTIFIC AND TECHNICAL AFFAIRS AT THE
AMERICAN MEAT INSTITUTE A TRADE GROUP WHOSE MEMBERSHIP INCLUDES
BEEFPACKERS SAYS IF THE USDA IS GOING TO SUCCESSFULLY ADDRESS PATHOGENS
IN MEAT AND POULTRY THIS IS ONE TECHNOLOGY THEY WILL HAVE TO STRONGLY
CONSIDER AT THE VERY MINIMUM YOU NEED TO GIVE CONSUMERS A CHOICE

THE GOVERNMENT APPROVED IRRADIATING POULTRY IN 1992 BUT SO FAR NO
NATIONALBRAND PROCESSOR HAS SOLD IRRADIATED POULTRY IN PART BECAUSE OF
WORRIES ABOUT POTENTIAL CONSUMER BACKLASH AND THE QUESTIONS THE PROCESS
MIGHT RAISE ABOUT NONIRRADIATED POULTRY

BECAUSE IRRADIATION IS CONSIDERED A FOOD ADDITIVE ALTHOUGH IT LEAVES NO
TRACES AND IS UNDETECTABLE THE FDA BY LAW MUST APPROVE THE TECHNIQUE FOR
BEEF AS IT HAS FOR POULTRY BUT THE FDA CAN'T ACT UNTIL THE USDA WHICH
OVERSEES THE NATION'S MEAT SUPPLY FORMALLY RECOMMENDS THAT IT DO SO

AGRICULTURE DEPARTMENT AIDES ALSO SUGGEST THAT MR ESPY IS SEEKING LESS
VOLATILE ALTERNATIVES TO IRRADIATION OUR SCIENTISTS HAVE LOOKED AT
TECHNOLOGIES ALREADY USED IN THE PHARMACEUTICALS AND CHEESEMANUFACTURING
INDUSTRIES AS WELL AS POSSIBLE APPLICATIONS OF CHEMICALWARFARE DETECTION
SYSTEMS USED IN DESERT STORM ONE AIDE SAID

WHILE ITS LEADERSHIP WEIGHS THE MATTER USDA RESEARCHERS ARE PRESSING
FORWARD ON SEVERAL OTHER FRONTS INCLUDING A SEARCH FOR AN E COLI VACCINE
SCIENTISTS AT A GOVERNMENT LABORATORY IN BELTSVILLE MD HAVE INSERTED INTO
PIGS SHEEP AND MICE A MOUSE GENE THAT PRODUCES AN ANTIBODY AGAINST E COLI

 WHAT IT IS SHORT BURSTS OF GAMMA RAYS FROM THE RADIOACTIVE ISOTOPES
COBALT60 OR CESIUM137 OR FROM ELECTRON BEAMS

 WHAT IT DOES REMOVES ALMOST ALL TRACES OF E COLI IN BEEF SALMONELLA IN
POULTRY CHOLERA IN FISH TRICHINOSIS IN PORK AND BACTERIA THAT SPOIL
PRODUCE

 PROPONENTS OF BEEF IRRADIATION THE NATIONAL FOOD PROCESSORS ASSOCIATION
THE AMERICAN MEDICAL ASSOCIATION THE WORLD HEALTH ORGANIZATION AND THE
AMERICAN MEAT INSTITUTE ALL SAY BEEF IRRADIATION WILL HELP REDUCE DEATHS
FROM E COLI

 CRITICS OF BEEF IRRADIATION FOOD AND WATER INC THEY SAY NUTRIENTS ARE
LOST IN THE PROCESS AND NOT ENOUGH IS KNOWN ABOUT THE STRAY MOLECULES THAT
RESULT FROM IT SEE RELATED LETTER LETTERS TO THE EDITOR BEEF
IRRADIATORS COULD POSE DANGER WSJ MARCH 14 1994 9402040100 YY94 MM03
9403140047 940214 EDUCATION CONSTRUCTION 101 BUSINESS SCHOOLS PLAN
BUILDING BOOM  BY GILBERT FUCHSBERG STAFF REPORTER OF THE WALL
STREET JOURNAL

AT MANY BUSINESS SCHOOLS DEMAND FOR MBA AND OTHER DEGREES IS GOING DOWN
SO NATURALLY MORE BUILDINGS ARE GOING UP

IT ISN'T DENIAL SCHOOL OFFICIALS SAY THEY CANNOT COMPETE EFFECTIVELY IN
TODAY'S TIGHTENING MARKET UNLESS THEY CONSTRUCT STYLISH NEW QUARTERS LOADED
WITH THE LATEST HIGHTECH GEAR

THE EDIFICE COMPLEX IS UNPRECEDENTED BY ONE COUNT 18 OF 20 TOPRANKED US
SCHOOLS ARE PLANNING UNDERGOING OR JUST FINISHING BIG CONSTRUCTION PROJECTS
WITH A TOTAL COST EXCEEDING 500 MILLION MAJOR BUILDING VENTURES ARE UNDER
WAY AT DOZENS OF OTHER BUSINESS SCHOOLS TOO

AT BOSTON UNIVERSITY'S BUSINESS SCHOOL FOR INSTANCE MBA APPLICATIONS
AND ENROLLMENT HAVE SLIPPED ABOUT 10 FROM TWO YEARS AGO YET THE SCHOOL
PLANS TO BREAK GROUND IN MAY FOR A FANCY NEW BUILDING WITH A SIXSTORY
ATRIUM 2000 COMPUTER OUTLETS AND 50 MORE CLASSROOM OFFICE AND MEETING
SPACE

BU HAS ALREADY CONSTRUCTED MOCKUPS OF THE LATEST IN BUSINESS CLASSROOMS
AND FACULTY OFFICES AND IS SOLICITING PROFESSORS' REACTIONS TO THE
PROTOTYPES THE COMPLETED BUILDING AT A PROJECTED COST OF 80 MILLION WILL
BE ONE OF THE MOST EXPENSIVE MANAGEMENTEDUCATION FACILITIES ANYWHERE IT'S
GOING TO BE A REAL ATTENTION GETTER SAYS LOUIS E LATAIF THE SCHOOL'S
DEAN

SOME CRITICS QUESTION THE WISDOM OF INVESTING IN MORE SPACE AMID DECREASING
INTEREST IN BUSINESS EDUCATION AFTER PEAKING IN THE LATE 1980S THE VOLUME
OF MBA APPLICATIONS HAS DROPPED SHARPLY IN RECENT YEARS NATIONWIDE
REGISTRATIONS FOR THE GRADUATE MANAGEMENT ADMISSION TEST REQUIRED OF MOST
MBA APPLICANTS DIPPED 16 BETWEEN 1991 AND 1993 AND CONTINUE TO SLIDE
MANY SCHOOLS ALSO REPORT DECLINING DEMAND FOR THEIR EXECUTIVE EDUCATION AND
UNDERGRADUATE PROGRAMS

IN SCHOOL AFTER SCHOOL THE CURRENT BUILDING BOOM DEFIES THIS SHRINKING
DEMAND THE ANDERSON SCHOOL AT THE UNIVERSITY OF CALIFORNIA AT LOS ANGELES
HAS SEEN FULLTIME MBA APPLICATIONS AND ENROLLMENT PLUNGE MORE THAN 27
DURING THE LAST THREE YEARS BUT NEXT YEAR THE SCHOOL WILL GAIN 50 MORE
SPACE WHEN IT MOVES INTO A 75 MILLION SEVENBUILDING ACADEMIC VILLAGE FOR
GRADUATE MANAGEMENT STUDY

TEXAS A&M UNIVERSITY'S MBA PROGRAM SUFFERED AN 18 DROP IN APPLICATIONS
AND A 36 PLUNGE IN ENROLLMENT LAST YEAR ALONE ITS UNDERGRADUATE ENROLLMENT
HAS DECREASED MORE THAN 25 SINCE 1989 NEVERTHELESS THE SCHOOL NOW IS
FINISHING A 235 MILLION FACILITY

SOME BUILDING PROJECTS BEGAN LONG BEFORE STUDENT INTEREST STARTED TO WANE
ONCE YOU START CONSTRUCTION YOU CAN'T STOP IT SAYS WILLIAM P
PIERSKALLA DEAN AT UCLA'S ANDERSON SCHOOL HE AND DEANS OF OTHER TOP
SCHOOLS SAY THEY DON'T WORRY MUCH ABOUT RECENT SLIPS IN APPLICATIONS AND
ENROLLMENT BECAUSE THEY STILL HAVE MANY MORE APPLICANTS THAN SPACES AT
WORST THEY CONTEND STUDENT DEMAND IS RETURNING TO LEVELS THAT PRECEDED THE
MBA BOOM OF THE 1980S

BUT WITH THE RISK THAT DEMAND MIGHT DROP STILL FURTHER BUSINESSSCHOOL
DEANS INSIST THAT THEY NEED NEW FACILITIES TO ATTRACT QUALITY STUDENTS AND
FACULTY AS MORE SCHOOLS PUT UP NEW BUILDINGS MBA AND
EXECUTIVEEDUCATION STUDENTS EVERYWHERE EXPECT BETTER CLASSROOMS LOUNGES
AND LIBRARIES MOREOVER DEANS SAY THEY REQUIRE UPGRADED FACILITIES TO
SUPPORT RECENT CURRICULUM CHANGES THAT EMPHASIZE SMALLGROUP LEARNING TEAM
PROJECTS AND COMPUTER AND VIDEO TECHNOLOGY

THE NATURE OF BUSINESS EDUCATION HAS CHANGED SAYS ALAN MERTEN DEAN OF
CORNELL UNIVERSITY'S JOHNSON SCHOOL UNTIL RECENTLY HE CONTINUES ALL YOU
NEEDED WAS A BLACKBOARD AND A CLASSROOM BUT NOW YOU NEED VIDEO
CONFERENCING MULTIMEDIA AND ALL KINDS OF DIFFERENT SPACES

SPACE IS SO TIGHT AT JOHNSON THAT SOME FACULTY MEMBERS LACK OFFICES MR
MERTEN SAYS SO DESPITE A 35 DECLINE IN MBA APPLICATIONS SINCE 1991
CORNELL PLANS TO BUILD A 35 MILLION LARGER HOME IN A LANDMARK CAMPUS
BUILDING

EVEN SCHOOLS THAT HAVEN'T LOST MBA APPLICANTS BELIEVE THEY MUST ADD MORE
AND BETTER SPACE TO MAINTAIN A COMPETITIVE EDGE WE'RE NOT GOING TO BE ABLE
TO SIT WITH A 35THRATE BUILDING FOR VERY LONG WITHOUT IMPERILING OUR
POSITION SAYS JACE SCHINDERMAN AN ASSOCIATE DEAN AT COLUMBIA UNIVERSITY'S
BUSINESS SCHOOL MBA APPLICATIONS THERE HAVE INCREASED 26 DURING THE
PAST TWO YEARS

COLUMBIA HAS SPENT 4 MILLION SINCE 1990 MAKING PATCHWORK IMPROVEMENTS AND
INSTALLING COMPUTER WIRING IN ITS CRAMPED 34YEAROLD BUILDING BUT NOW IT
IS STUDYING PLANS FOR A NEW BUILDING PROJECTED TO COST BETWEEN 60 MILLION
AND 100 MILLION

COLUMBIA'S SUCCESS DESPITE ITS CROWDED QUARTERS RAISES THE QUESTION OF
WHETHER NEW FACILITIES MATTER THE REPUTATIONS OF THE SCHOOLS ARE ALREADY
TOO ESTABLISHED TO BE INFLUENCED BY A MERE BUILDING SAYS SAM LUNDQUIST
DIRECTOR OF GRADUATE ADMISSIONS AT THE UNIVERSITY OF PENNSYLVANIA'S WHARTON
SCHOOL WHARTON'S NEWEST BUILDING AN EXECUTIVEEDUCATION CENTER WAS
COMPLETED FOUR YEARS AGO

INDEED THE 67 MILLION HOME OF NEW YORK UNIVERSITY'S STERN SCHOOL WHICH
OPENED IN THE FALL OF 1992 WAS THE NINTH MOST IMPORTANT FACTOR INFLUENCING
STUDENTS TO ENROLL THIS PAST FALL ACCORDING TO A STERN SURVEY THE BUILDING
RANKED BEHIND STERN'S LOCATION REPUTATION IN FINANCE AND OTHER ELEMENTS
NONETHELESS THE SCHOOL IS USING THE STRUCTURE AS A KEY SELLING POINT IN
PROMOTIONAL AND FUNDRAISING MATERIAL

NOT SURPRISINGLY THE BUILDING BOOM HAS SET OFF A FRENZY OF FUND RAISING BY
BUSINESS SCHOOLS FEW HAVE RAISED ALL OF THE MONEY IN ADVANCE MOST BORROW
SOME EXPECTING HIGHER REVENUE TO COVER THE DEBT

THE UNIVERSITY OF CALIFORNIA AT BERKELEY SAYS IT MUST RAISE ANOTHER 6
MILLION JUST TO FURNISH ITS 45 MILLION THREEBUILDING CAMPUS SET FOR
COMPLETION LATER THIS YEAR TO HELP COVER HIGHER OPERATING COSTS BERKELEY
HOPES TO BOOST ITS EXECUTIVEEDUCATION REVENUE FIVEFOLD TO 125 MILLION IN
COMING YEARS FROM 25 MILLION NOW

THE UNIVERSITY OF MINNESOTA'S CARLSON SCHOOL NEEDS ANOTHER 35 MILLION FOR
ITS PLANNED 45 MILLION FACILITY TO HELP MAKE ITS CASE WITH DONORS AND
LAWMAKERS MINNESOTA HAS PREPARED A CHART RANKING IT DEAD LAST IN THE NUMBER
OF SQUARE FEET PER STUDENT AMONG A DOZEN BUSINESS SCHOOLS AT BIG PUBLIC
UNIVERSITIES ALL EXCEPT CARLSON HAVE RECENTLY BUILT OR NOW ARE BUILDING
UPGRADED FACILITIES THE SCHOOL NOTES

AT CORNELL A NEW BUILDING IS GOING TO PUT PRESSURE FOR NEW REVENUE ACROSS
THE BOARD FROM ANNUAL FUND RAISING TO EXECUTIVE EDUCATION DEAN MERTEN
SAYS THE SCHOOL WON'T PROCEED UNLESS IT HAS LINED UP THE NECESSARY MONEY
HE ADDS BUT AS LONG AS IT MAKES FISCAL SENSE THE DEAN SAYS NOW'S THE
TIME TO INVEST IN FIRSTCLASS MBA PROGRAMS THEY'RE NOT GOING TO GO AWAY
SEE RELATED LETTER LETTERS TO THE EDITOR WE SEEK TO TRANSFORM TEACHING
MANAGEMENT WSJ MARCH 14 1994 9402140105 YY94 MM03 9403110188 940311
PERCEPTRON ESTIMATES NET INCOME INCREASED IN THE FOURTH QUARTER

FARMINGTON HILLS MICH AUTO SUPPLIER PERCEPTRON INC SAID IT WILL
ANNOUNCE TODAY FOURTHQUARTER EARNINGS RANGING BETWEEN 18 MILLION AND 19
MILLION COMPARED WITH NET INCOME OF 400000 IN THE YEAREARLIER QUARTER

JAMES A RATIGAN EXECUTIVE VICE PRESIDENT FINANCE AND OPERATIONS SAID
THAT PROFIT WAS EQUIVALENT TO PERSHARE EARNINGS RANGING BETWEEN 44 CENTS
AND 46 CENTS COMPARED WITH 10 CENTS IN THE YEAREARLIER PERIOD REVENUE FOR
THE QUARTER RANGED BETWEEN 66 MILLION AND 67 MILLION UP FROM 39
MILLION A YEAR EARLIER

WE HAD A PHENOMENAL FOURTH QUARTER MR RATIGAN SAID IN AN INTERVIEW IT
WAS A RECORD QUARTER FOR BOOKINGS WHICH REACHED 82 MILLION REFLECTING
THE TIMING OF SEVERAL NEW CAR PROGRAMS

FOR ALL OF 1993 MR RATIGAN SAID NEW ORDERS SURGED 48 TO ABOUT 21
MILLION UP FROM 141 MILLION A YEAR EARLIER WE ARE WORKING OFF AN
EXCEPTIONALLY STRONG BACKLOG SAID CHAIRMAN JAMES E MCGRATH WE ARE VERY
OPTIMISTIC ABOUT 1994 AND WE FEEL COMFORTABLE WITH ANALYSTS' ESTIMATES THAT
WE'LL EARN SOMETHING IN THE 95 CENTS RANGE THIS YEAR

PERCEPTRON WHICH MAKES SOFTWARE AND HARDWARE TO MEASURE OBJECTS IN
THREEDIMENSIONAL SPACE PLANS TO ANNOUNCE EARNINGS FOR ALL OF 1993 OF
ROUGHLY 27 MILLION OR AS MUCH AS 68 CENTS A SHARE MR RATIGAN SAID THE
COMPANY HAD NO DEBTS AT THE END OF THE YEAR

DURING 1993 THE US AUTOMOTIVE INDUSTRY WAS TERRIFIC FOR US MR MCGRATH
SAID THE INTERNATIONAL AUTO MARKETS REALLY HAD DAMPED ECONOMIES BUT WE'VE
LAID A LOT OF GROUND WORK AND FEEL WE ARE WELL POSITIONED FOR A REBOUND IN
THOSE CYCLES

MR MCGRATH SAID PERCEPTRON IS ALSO EXPLORING WAYS TO EXPAND ITS TECHNOLOGY
TO NONAUTOMOTIVE INDUSTRIES AND IS LOOKING CLOSELY AT A NUMBER OF
OPPORTUNITIES

PERCEPTRON IS PLANNING TO INCREASE ITS WORLDWIDE EMPLOYMENT LEVELS TO ABOUT
125 WORKERS FROM 101 EMPLOYEES THIS YEAR AND IS PLANNING TO BOOST SPENDING
ON RESEARCH AND DEVELOPMENT BY ABOUT 20 FROM YEARAGO LEVELS MR RATIGAN
SAID 9403110187 940311 INTERNATIONAL BRIEF DAEWOO CORP FIRM TO
FINANCE VENTURES WITH SUDAN'S GOVERNMENT

DAEWOO CORP THE TRADING ARM OF SOUTH KOREA'S CONGLOMERATE DAEWOO GROUP
SAID IT WILL FINANCE 60 MILLION IN JOINT VENTURES WITH THE SUDANESE
GOVERNMENT INCLUDING AN EXPANSION OF A COTTONSPINNING VENTURE

THE PROJECTS ARE AIMED AT BOLSTERING DAEWOO'S PRESENCE IN AFRICA A DAEWOO
OFFICIAL SAID

DAEWOO WILL PUT IN 30 MILLION TO EXPAND ITS EXISTING COTTONSPINNING PLANT
TO PRODUCE 72000 SPINDLES ANNUALLY UPON COMPLETION

DAEWOO WILL ALSO BUY A 60 STAKE TO TAKE OVER MANAGEMENT CONTROL OF AN
EXISTING HOTEL IT WILL INVEST 6 MILLION TO BUILD A LEATHER MATERIAL PLANT
FINALLY THE COMPANY WILL INVEST 13 MILLION TO BUILD A COTTONWEAVING
FACTORY TO PRODUCE 61000 SPINDLES ANNUALLY OFFICIALS SAID 9403110186
940311 PEOPLES FIRST ACQUISITION

PADUCAH KY PEOPLES FIRST CORP SAID IT COMPLETED THE PREVIOUSLY
ANNOUNCED ACQUISITION OF FIRST KENTUCKY BANCORP INC CENTRAL CITY KY
9403110185 940311 DJ EQUITY ADDS ALBEMARLE

NEW YORK ALBEMARLE CORP IS BEING ADDED TO THE SPECIALTY CHEMICALS
INDUSTRY GROUP OF THE DOW JONES EQUITY MARKET INDEX EFFECTIVE TODAY THE
COMPANY WAS SPUN OFF FROM ETHYL CORP 9403110184 940311 HEWLETT REDUCES
SOME PRICES

PALO ALTO CALIF HEWLETTPACKARD CO SAID IT CUT PRICES BY AS MUCH AS
20 ON ITS MIDRANGE HP9000 SERIES 700 WORKSTATIONS WHICH CAN DISPLAY AND
MANIPULATE TWO AND THREEDIMENSIONAL GRAPHICS PRICES FOR FULLY CONFIGURED
WORKSTATIONS NOW RANGE FROM 12905 TO 15905 DOWN FROM 16175 TO
21195 9403110182 940311 WHO'S NEWS CML GROUP INC

CML GROUP INC ACTON MASS ALISON TAUNTONRIGBY 49 YEARS OLD
PRESIDENT CHIEF EXECUTIVE OFFICER AND DIRECTOR OF MITOTIX INC WAS ELECTED
TO THE BOARD OF THE SPORTSWEAR AND RECREATIONAL EQUIPMENT COMPANY HER
ADDITION EXPANDS THE BOARD TO EIGHT MEMBERS 9403110181 940311 WHO'S NEWS
 ISIS PHARMACEUTICALS INC

ISIS PHARMACEUTICALS INC CARLSBAD CALIF JOSEPH H WENDER WAS ELECTED
A DIRECTOR OF THIS PHARMACEUTICAL CONCERN INCREASING BOARD MEMBERSHIP TO
EIGHT MR WENDER 49 YEARS OLD IS A SENIOR DIRECTOR AND A LIMITED PARTNER
AT GOLDMAN SACHS & CO 9403110180 940311 INTERNATIONAL IBERIA ACCORD
ON WAGES

MADRID MECHANICS AT SPAIN'S STATE AIRLINE IBERIA SA HAVE DECIDED TO GIVE
UP SALARY INCREASES FOR THE LAST FOUR MONTHS OF 1993 AND ALL OF 1994

IN AN EFFORT TO EASE THE AIRLINE'S FINANCIAL DIFFICULTIES THE FLIGHT
MECHANICS UNION ALSO AGREED TO VOLUNTARY REDUNDANCIES FOR WORKERS BETWEEN 58
AND 60 YEARS OF AGE IBERIA SAID 9403110179 940311 CANADIAN STEEL OUTPUT

OTTAWA CANADIAN PRIMARY STEEL PRODUCTION TOTALED 272181 METRIC TONS IN
THE WEEK ENDED SATURDAY A 5 INCREASE FROM 259188 TONS THE PREVIOUS WEEK
BUT A 75 DECLINE FROM 294320 TONS A YEAR EARLIER STATISTICS CANADA A
GOVERNMENT AGENCY SAID

A METRIC TON IS EQUAL TO 22046 POUNDS

FOR THE YEAR TO DATE PRIMARY STEEL OUTPUT TOTALED 2305723 TONS A 74
DECLINE FROM 2490212 TONS A YEAR EARLIER 9403110178 940311 WHO'S NEWS
 ELECTRONIC ASSOCIATES INC

ELECTRONIC ASSOCIATES INC WEST LONG BRANCH NJ BRUCE P MURRAY 48
YEARS OLD WAS ELECTED A DIRECTOR OF THIS PROVIDER OF MANUFACTURING
SERVICES FILLING A VACANCY ON THE FIVEMEMBER BOARD MR MURRAY IS FOUNDER
AND PRESIDENT OF BANNOCK BURN GROUP LTD A MANAGEMENT CONSULTING CONCERN
9403110177 940311 INTERNATIONAL WESTERN GERMANY'S PRICES

WIESBADEN GERMANY PRODUCER PRICES IN WESTERN GERMANY ROSE 04 IN
JANUARY FROM DECEMBER AND WERE UNCHANGED FROM A YEAR EARLIER THE FEDERAL
STATISTICS OFFICE SAID

THE MONTHONMONTH INCREASE WAS SLIGHTLY LARGER THAN THE AVERAGE 02
INCREASE FORECAST BY ECONOMISTS THE UNCHANGED YEARONYEAR LEVEL WAS
DIRECTLY IN LINE WITH EXPECTATIONS 9403110176 940311 AMERICA WEST TRAFFIC
GAINS

PHOENIX AMERICA WEST AIRLINES SAID THAT FEBRUARY TRAFFIC ROSE 12 FROM
FEBRUARY 1993

THE CARRIER REPORTED 8909 MILLION REVENUE PASSENGER MILES FOR THE MONTH UP
FROM 7966 MILLION A YEAR AGO

A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE

LOAD FACTOR OR PERCENTAGE OF AVAILABLE SEATS FILLED ROSE TO 672 FROM
60 9403110175 940311 DIVIDEND NEWS ATMEL CORP

ATMEL CORP SAID ITS DIRECTORS APPROVED A 2FOR1 STOCK SPLIT PAYABLE APRIL
11 TO STOCK OF RECORD MARCH 21 THE SPLIT WILL INCREASE THE NUMBER OF COMMON
SHARES OUTSTANDING TO 42 MILLION ATMEL OF SAN JOSE CALIF IS A SUPPLIER
OF PROGRAMMABLE MEMORY LOGIC DEVICES AND OTHER INTEGRATED CIRCUITS TO THE
COMPUTER INDUSTRY 9403110174 940311 EU PANEL CLEARS VENTURE

BRUSSELS THE EUROPEAN UNION EU COMMISSION SAID IT HAD CLEARED A JOINT
VENTURE BETWEEN INTERNATIONAL ENGINEERING CONCERN ASEA BROWN BOVERI AND
RENAULT AUTOMATION A UNIT OF RENAULT SA TO COMBINE THEIR ROBOTICS AND
AUTOMOBILE MANUFACTURING SYSTEMS

IN A STATEMENT THE COMMISSION SAID THE JOINT VENTURE DOESN'T CREATE OR
STRENGTHEN A DOMINANT POSITION IN THE EU'S COMMON MARKET 9403110173
940311 FIRST DATA UNIT GETS JOB

NEW YORK FIRST DATA CORP SAID A UNIT AGREED TO PROVIDE PROCESSING
SERVICES FOR THE CREDITCARD PROGRAM OF BANCOMER ONE OF MEXICO'S LARGEST
BANKS TERMS WEREN'T DISCLOSED

BANCOMER CURRENTLY HAS 35 MILLION CARD HOLDERS AND IS THE MAIN SUBSIDIARY
OF GRUPO FINANCIERO BANCOMER 9403110171 940311 DR GOODWRENCH AUTO
PLANTS HIRING AGAIN ARE DEMANDING HIGHERSKILLED LABOR  AND AS
COLLEGE GRADUATES FACE JOB SCARCITY SOME GO TO WORK ON THE LINE  
AN MBA STARTS AT THE BOTTOM  BY NEAL TEMPLIN STAFF REPORTER OF THE
WALL STREET JOURNAL

AVON LAKE OHIO THOMAS WILLIAMS QUIT HIS JOB AS A HIGHSCHOOL TEACHER TWO
YEARS AGO TO HELP FIT DOORS HOODS AND FENDERS IN FORD MOTOR CO'S ASSEMBLY
PLANT HERE

THE SLENDER 43YEAROLD WHO ALMOST RUNS FROM VAN TO VAN AS HE WORKS EARNED
50000 LAST YEAR MORE THAN DOUBLE HIS PRIVATESCHOOL SALARY THE YEAR
BEFORE I'VE CHANGED MY FOCUS HE SAYS FROM MOLDING LIVES TO MOLDING
PRODUCTS

IT WASN'T LONG AGO THAT THE AUTO INDUSTRY DIDN'T WANT EDUCATED PEOPLE IN ITS
FACTORIES BUT NOW AS THE INDUSTRY OPENS ITS DOORS AGAIN AFTER YEARS OF
LITTLE HIRING AND LOTS OF LAYOFFS IT IS LOOKING FOR A DIFFERENT KIND OF
WORKER FORD AND CHRYSLER CORP BOTH EXPECT TO REPLACE NEARLY HALF THEIR
WORK FORCES OVER THE NEXT DECADE HIRING UP TO 75000 WORKERS BETWEEN THEM
AND MANY OF THESE JOBS WILL GO TO HIGHLY MOTIVATED SOMETIMES HIGHLY
EDUCATED WORKERS

CAR MAKERS ARE HOPING THAT THESE NEW WORKERS WILL BE QUICKER TO LEARN NEW
JOBS REQUIRE LESS SUPERVISION AND ULTIMATELY BE MORE PRODUCTIVE THAN THE
CURRENT WORKERS DETROIT'S GOAL IS TO DEVELOP A HIGHLY SKILLED WORK FORCE
THAT IS BETTER SUITED FOR THE BRUTAL GLOBAL COMPETITION THAT HAS CONFRONTED
IT SINCE THE 1980S JUST AS FORD AND CHRYSLER HAVE IMITATED THE LEAN
MANUFACTURING TECHNIQUES OF THE JAPANESE THEY ARE NOW IMITATING THE MORE
SELECTIVE EMPLOYEESCREENING TECHNIQUES USED BY THE JAPANESE TO STAFF THEIR
NEW US AND EUROPEAN CAR PLANTS WHILE GENERAL MOTORS CORP CONTINUES TO
SHRINK ITS WORK FORCE IT IS USING SIMILAR SCREENING TECHNIQUES TO PICK
WORKERS FOR COVETED SKILLEDTRADES JOBS

PROSPECTIVE WORKERS ARE BEING TESTED IN EVERYTHING FROM MATHEMATICS TO
MANUAL DEXTERITY CHRYSLER HAS STOPPED AT LEAST FOR NOW GIVING PREFERENCE
TO RELATIVES OF CURRENT WORKERS INCURRING THE WRATH OF THE UNITED AUTO
WORKERS UNION AND SOME LABOR SPECIALISTS ARE WONDERING IF DETROIT HAS GONE
OVERBOARD IN ITS FERVENT DRIVE TO UPGRADE ITS WORK FORCE YOU DON'T NEED TO
BE A ROCKET SCIENTIST TO ASSEMBLE A CAR SAYS FORMER UAW PRESIDENT DOUGLAS
FRASER

OTHER MANUFACTURERS FROM CONSUMERELECTRONICS MAKERS TO PHARMACEUTICAL
CONCERNS ARE USING SIMILAR EMPLOYEESCREENING TECHNIQUES TO HIRE
MORESKILLED MANUFACTURING WORKERS THEY HAVE BEGUN VIEWING NEW WORKERS AS
IF THEY WERE A MAJOR CAPITALEQUIPMENT INVESTMENT SAYS DAVID P JONES
PRESIDENT OF HRSTRATEGIES INC OF GROSSE POINTE MICH WHICH DOES EMPLOYEE
TESTING FOR COMPANIES

THE NEW BREED OF AUTO WORKERS REPRESENTS A DIFFERENT TWIST TO THE AMERICAN
DREAM FOR YEARS THE AUTO INDUSTRY HAS PAID SUCH GOOD WAGES THAT A
HIGHSCHOOL DROPOUT COULD SEND HIS CHILDREN TO COLLEGE NOW JOB
OPPORTUNITIES FOR COLLEGE GRADUATES ARE SO TIGHT THAT MANY ARE DELIGHTED TO
BE TIGHTENING NUTS ON THE ASSEMBLY LINE MANUFACTURING JOBS THAT WERE ONCE
VIEWED WITH DISDAIN ARE SEEN AS PLUMS

STROLL THROUGH CHRYSLER'S SPRAWLING MINIVAN PLANT IN WINDSOR ONTARIO AND
YOU WILL SEE JEFFREY PANCHESHAN WHO HAS A MASTER'S DEGREE IN BUSINESS
ADMINISTRATION FROM THE UNIVERSITY OF WINDSOR TIGHTENING
CATALYTICCONVERTER SHIELDS TO THE BOTTOM OF EACH PASSING MINIVAN THE
REASON I GOT AN EDUCATION WAS SO I COULD GET A GOOD JOB DECLARES MR
PANCHESHAN WHO WORKED AT THE PLANT PART TIME WHILE GOING TO COLLEGE I
FEEL LIKE I'VE GOT A GOOD JOB RIGHT NOW

TWENTYSIX PERCENT OF THE WORKERS HIRED FOR A THIRD SHIFT AT THE WINDSOR
PLANT IN DECEMBER HAVE COLLEGE DEGREES THREE YEARS AGO BEFORE THE PLANT
AND UNION LAUNCHED A REMEDIALEDUCATION PLAN CLOSE TO 10 OF THE PLANT'S
WORKERS MANY OF THEM IMMIGRANTS HAD TROUBLE READING OR WRITING IN ENGLISH

TODAY'S CAR FACTORY IS INCREASINGLY REQUIRING A DIFFERENT SORT OF WORKER
FROM THE ONES WHO BUILT YOUR FATHER'S OLDSMOBILE FORD AND CHRYSLER ARE BOTH
SLASHING THE NUMBER OF SUPERVISORS IN THEIR FACTORIES AND GIVING THE WORKERS
SOME RESPONSIBILITY FOR ENSURING QUALITY REDESIGNING MANUFACTURING
PROCESSES AND IMPROVING THE PRODUCTS THEMSELVES WHILE THE CAR COMPANIES
DON'T WANT ALL COLLEGE GRADS FOR THEIR NEW HIRES THEY DO WANT WORKERS WHO
ARE CHEAPER TO TRAIN AND RETRAIN AS THE FACTORY CONTINUES TO EVOLVE

AS AN EXAMPLE DENNIS PAWLEY WHO HEADS CHRYSLER'S MANUFACTURING OPERATIONS
CITES THE COMPANY'S NEW JEFFERSON AVENUE PLANT IN DETROIT AFTER CHRYSLER
DEMOLISHED AN ANTIQUATED PLANT ACROSS THE STREET IT SPENT A MILLION HOURS
TRAINING WORKERS FROM THE OLD PLANT TO OPERATE THE HIGHLY AUTOMATED NEW
PLANT USING SELFDIRECTED WORK TEAMS THE TRAINING COSTS WERE HIGH IN PART
BECAUSE MANY OF THE WORKERS HADN'T COMPLETED HIGH SCHOOL WHILE THE RESULTS
WERE GOOD MR PAWLEY SAYS IF THAT'S THE WAY I'M GOING TO HANDLE MY
TRAINING I'M GOING TO GO OUT OF BUSINESS

THE INDUSTRY'S NEW HIRING PRACTICES HAVE SET OFF ALARM BELLS IN UNION HALLS
ON BOTH SIDES OF THE BORDER BUZZ HARGROVE PRESIDENT OF THE CANADIAN AUTO
WORKERS UNION SAYS FORD'S AND CHRYSLER'S PREFERENCE FOR HIGHSCHOOL
GRADUATES IN HIS COUNTRY IS DISCRIMINATORY AND HE IS SPOILING TO CHALLENGE
THE PRACTICE BEFORE THE ONTARIO HUMAN RIGHTS COMMISSION YOU'RE GHETTOIZING
A WHOLE GROUP OF WORKERS WHO HISTORICALLY SAW OPPORTUNITIES IN THE AUTO
INDUSTRY SAYS MR HARGROVE A 10THGRADE DROPOUT HIMSELF

THE UAW HAS A DIFFERENT BEEF WITH CHRYSLER'S NEW HIRING PRACTICES IN THE
US STAN MARSHALL THE UNION'S TOP CHRYSLER NEGOTIATOR IS IRKED THAT THE
COMPANY HAS STOPPED GIVING PREFERENCE TO FAMILY AND FRIENDS OF CHRYSLER
WORKERS THEY ARE THE ONES THAT MADE THE SACRIFICES FOR CHRYSLER HE SAYS
AND THIS ELIMINATES THEIR CHANCE OF GETTING THEIR SON OR DAUGHTER IN THE
PLANT THOMAS GALLAGHER CHRYSLER'S VICE PRESIDENT OF LABOR RELATIONS SAYS
HE IS LOOKING FOR A WAY TO HIRE MORE RELATIVES OF WORKERS AS LONG AS THEY
CAN PASS ALL REQUIRED TESTS

BEYOND SUCH CONCERNS SOME LABOR EXPERTS QUESTION WHETHER THE WORKERS AND
ULTIMATELY THE COMPANIES WILL BE WELL SERVED BY THE TILT TO BETTEREDUCATED
WORKERS IT'S VERY MUCH A DOUBLEEDGED SWORD SAYS HARLEY SHAIKEN A LABOR
SPECIALIST AT THE UNIVERSITY OF CALIFORNIA AT BERKELEY YOU HAVE PEOPLE
WITH HIGH EXPECTATIONS THAT ARE GOING TO CLASH WITH THE DISCIPLINE AND OFTEN
THE BOREDOM OF THE AUTO INDUSTRY

SO FAR THAT CLASH HASN'T OCCURRED AT FORD'S AVON LAKE PLANT WHICH HIRED
1200 NEW WORKERS IN 1992 THE NIGHT SHIFT PRIMARILY STAFFED BY NEW
WORKERS HAS A LOWER ABSENTEE RATE THAN THE DAY SHIFT PRIMARILY STAFFED
BY VETERANS USUALLY IT'S THE OTHER WAY AROUND BECAUSE DAY WORK IS
CONSIDERED MORE DESIRABLE

AND UNLIKE THE 1960S AND 1970S WHEN MANY NEW HIRES CALLED IT QUITS AFTER A
FEW DAYS ON THE ASSEMBLY LINE VIRTUALLY ALL IN THE CURRENT CROP ARE
STICKING IT OUT ARTHUR JOHNSON WHO SUPERVISES FORD'S EMPLOYEE TRAINING
ATTRIBUTES THIS PARTLY TO THE TIGHT LABOR MARKET BUT HE ALSO THINKS FORD
HAS DONE A BETTER JOB OF PICKING NEW WORKERS

IN THE 1960S AND 1970S FORD WAS ALWAYS SCRAMBLING TO GET ENOUGH WORKERS TO
KEEP ITS PLANTS RUNNING NOT TODAY WHEN FORD DECIDED A YEAR AGO TO INCREASE
OUTPUT OF MEDIUMDUTY TRUCKS IN LOUISVILLE KY IT RAN A ONEDAY AD FOR NEW
WORKERS IN THE LOCAL NEWSPAPER AND GOT 110000 REQUESTS FOR APPLICATIONS
THE PLANT PLANS TO HIRE NO MORE THAN 1300 NEW WORKERS

FORD GIVES APPLICANTS A 3 1/2HOUR TEST THEY ARE TESTED IN ARITHMETIC
INCLUDING THE USE OF FRACTIONS AND PERCENTAGES THEY ARE ASKED TO READ
TECHNICAL MATERIAL AND ANSWER QUESTIONS THEY TAKE ONE OF SEVERAL DEXTERITY
TESTS SUCH AS QUICKLY ATTACHING WASHERS IN THE RIGHT ORDER TO A POLE AND
LATELY FORD HAS BEGUN TESTING GROUPS OF APPLICANTS ON THEIR ABILITY TO WORK
TOGETHER IN TEAMS THE SAME EXERCISE THE JAPANESE CAR MAKERS USE

FORD THEN PICKS APPLICANTS WHO SCORE ROUGHLY IN THE TOP HALF AND WHO HAVE
SOLID WORK HISTORIES CANDIDATES ARE INTERVIEWED BY AT LEAST TWO EMPLOYEES
WHO SELECT THE MOST PROMISING PROSPECTS THEY MUST PASS A DRUG TEST
FINALLY THEY GET A MEDICAL EXAM WHERE DOCTORS DETERMINE AMONG OTHER
THINGS IF THEY HAVE ADEQUATE MOBILITY TO DO THE JOB

WHAT IS THE PROFILE OF THE NEW FORD WORKER ABOUT A THIRD HAVE ATTENDED
COLLEGE 4 HAVE FOURYEAR DEGREES NINETYSEVEN PERCENT HAVE HIGHSCHOOL
DIPLOMAS SOME HAVE COMPLETED TRADE SCHOOL MANY ARE MILITARY VETERANS

AMONG THE NEW WORKERS AT AVON LAKE ARE PEOPLE WITH YEARS OF EXPERIENCE IN
OTHER FIELDS ONE LEFT A JOB AS CITY MANAGER OF A SMALL CITY IN OHIO TO JOIN
FORD ANOTHER QUIT ENGINEERING SCHOOL BECAUSE FEW OF HIS FRIENDS WERE
GETTING JOBS AFTER GRADUATION THE AVERAGE AGE IS 31 PREVIOUSLY THE
INDUSTRY USUALLY HIRED STRAIGHT OUT OF HIGH SCHOOL

WILLIAM WARD WHO WAS HIRED BY AVON LAKE TWO YEARS AGO IS THE SON OF AN
AUTO WORKER WHO DIDN'T PLAN ON FOLLOWING IN HIS FATHER'S FOOTSTEPS BUT
AFTER HE RECEIVED A HISTORY DEGREE IN 1989 FROM BETHANY COLLEGE IN OHIO
THERE WERE NO JOB OFFERS FOR A WHILE MR WARD NOW 28 SOLD BMWS BUT AS
THE ECONOMY SLOWED THAT JOB DISAPPEARED FOR THE NEXT TWO YEARS HE AND HIS
WIFE WORKED A SERIES OF JOBS TO SUPPORT THEMSELVES THEY WENT DEEP INTO DEBT
PAYING FOR SURGERY FOR THEIR LITTLE GIRL WHO WAS BORN WITH A CLUBFOOT

WHEN HIS FATHER TOLD HIM OF THE OPENINGS AT AVON LAKE I KNEW WHAT I HAD TO
DO SAYS MR WARD NOW HE IS PLANNING TO MAKE A CAREER AT FORD POSSIBLY
MOVING INTO MANAGEMENT EVENTUALLY FORD HAS BEEN VERY GOOD TO ME HE SAYS
I REALLY THINK THERE'S A FUTURE HERE

THE INDUSTRY'S CHALLENGE WILL BE KEEPING WORKERS LIKE MR WARD MOTIVATED
OVER THE LONG TERM IF THEY CAN'T MOVE INTO MANAGEMENT ONLY A SMALL NUMBER
OF THOSE PEOPLE WILL MAKE IT TO SUPERVISOR JOBS AND THE JURY IS STILL OUT
ON HOW THEY'LL ADAPT OVER THE LONG RUN SAYS JOHN A HALL FORD'S VICE
PRESIDENT OF LABOR RELATIONS

ALTHOUGH MANY OF THE BACKBREAKING JOBS HAVE BEEN ELIMINATED WORKING ON THE
ASSEMBLY LINE IS STILL NO PICNIC THE WORK IS OFTEN MONOTONOUS AND THE PACE
RELENTLESS

JUST LIKE THE JAPANESE FORD AND CHRYSLER ARE PUSHING FOR MORE WORKER
INVOLVEMENT THE AIM IS TO MAKE FACTORIES MORE PRODUCTIVE BUT THEY ALSO
HOPE IT WILL HELP KEEP WORKERS MORE MOTIVATED TODD LALIBERTE WHO WAS HIRED
BY CHRYSLER'S WINDSOR MINIVAN PLANT IN DECEMBER WAS IMPRESSED BY
MANAGEMENT'S RAPID RESPONSE AFTER HE REPORTED FIT PROBLEMS WITH THE
TAILLIGHT

THEY ASKED ME A MILLION QUESTIONS SAYS MR LALIBERTE WHO STUDIED
MECHANICAL ENGINEERING AT A TECHNICAL SCHOOL BEFORE JOINING CHRYSLER IT
MAKES YOU FEEL LIKE YOU HAVE MORE INPUT

CHRYSLER HAS LITTLE CHOICE BUT TO LISTEN MORE TO ITS WORKERS THREE YEARS
AGO IT HAD ONE SALARIED WORKER FOR EVERY 25 HOURLY WORKERS NOW IT HAS ONLY
ONE PER 48 HOURLY WORKERS AND THE RATIO IS EXPECTED TO GO TO ONE TO 100 BY
THE END OF THE DECADE

HE KNOWS ALL TOO WELL WHAT CAN HAPPEN IF THE REALITY DOESN'T MATCH
EXPECTATIONS FOR NEW WORKERS FROM 1986 TO 1988 MR PAWLEY WAS VICE
PRESIDENT OF MANUFACTURING FOR MAZDA MOTOR CORP'S FLEDGING PLANT IN FLAT
ROCK MICH MAZDA MADE A POINT OF HIRING EAGER YOUNG WORKERS AND RAN THEM
THROUGH EXTENSIVE EXERCISES IN TEAMWORK AND PROBLEM SOLVING BUT AFTER THE
PLANT ACTUALLY STARTED BUILDING CARS WORKERS BEGAN GRIPING ABOUT MAZDA'S
AUTOCRATIC MANAGEMENT STYLE

THAT WORK FORCE GOT VERY DISILLUSIONED BECAUSE OF A LOT OF THINGS I TOLD
THEM THEY WOULD DO THAT DIDN'T MATERIALIZE MR PAWLEY SAYS WHEN IT CAME
TO THE MAJOR DECISIONS ON HOW YOU BUILD AN AUTOMOBILE THE JAPANESE WOULD
NOT LET THEM DO IT

CHRYSLER WON'T MAKE THAT MISTAKE BUT IT WON'T RETURN TO ITS OLD WAY OF
HIRING PEOPLE EITHER MR PAWLEY VOWS IT MUST HAVE A WORK FORCE ABLE TO
COMPETE WITH TOYOTA MOTOR CORP WHICH HAS TRADITIONALLY PICKED ITS JAPANESE
ASSEMBLYLINE WORKERS FROM THE TOP TECHNICALSCHOOL GRADUATES

THE REASON I'M DOING THIS SAYS MR PAWLEY OF CHRYSLER'S NEW METHODS IS
TO GRAB US A BETTER SHOT AT MAKING A BETTER AUTOMOBILE THAN TOYOTA
9403110170 940311 WHAT'S NEWS  WORLDWIDE

WHITE HOUSE AIDES TESTIFIED BEFORE A FEDERAL GRAND JURY

IN A POLITICALLY CHARGED ATMOSPHERE WHITE HOUSE OFFICIALS BEGAN APPEARING
BEFORE THE GRAND JURY IN CONNECTION WITH WHITEWATER AND THE ADMINISTRATION
GAVE INVESTIGATORS AN ATTACHE CASE FULL OF SUBPOENAED DOCUMENTS THE TWO
LEADOFF WITNESSES WERE HILLARY RODHAM CLINTON'S CHIEF OF STAFF AND PRESS
SECRETARY CLINTON'S COMMUNICATIONS CHIEF GEARAN ALSO TESTIFIED WHILE
SEVEN OTHER OFFICIALS UNDER SUBPOENA WERE PERMITTED TO POSTPONE THEIR
APPEARANCES

THE SUBPOENAED DOCUMENTS WERE DELIVERED TO THE GRAND JURY BY THE WHITE HOUSE
DEPUTY COUNSEL WHO REFUSED TO SAY WHETHER THE PRESIDENT OR FIRST LADY
TURNED OVER ANY MATERIAL

SERBS BLOCKED A UN AID CONVOY TRYING TO REACH A BESIEGED MUSLIM ENCLAVE IN
BOSNIA BUT THE CONVOY'S LEADER SAID HE WOULD KEEP TRYING UNTIL HE DELIVERED
THE FOOD TO RESIDENTS OF MAGLAJ SEPARATELY SERBS FIRED ON UN
PEACEKEEPERS NEAR BIHAC PROMPTING NATO TO SEND JETS OVER THE SERB
POSITIONS

THE US TOLD PLO CHIEF ARAFAT TO RESUME TALKS WITH ISRAEL OR WASHINGTON
WOULD VETO A UN SECURITY COUNCIL RESOLUTION CONDEMNING THE FEB 25
MASSACRE OF PALESTINIANS IN HEBRON PALESTINIAN SOURCES SAID A PLO OFFICIAL
SAID SECRETARY OF STATE CHRISTOPHER PHONED ARAFAT TO DISCUSS THE MATTER

ISRAELI TROOPS WERE UNDER ORDERS NOT TO OPEN FIRE ON JEWISH SETTLERS EVEN
IF THE CIVILIANS SHOT AT PALESTINIANS AN ISRAELI POLICE COMMANDER TOLD A
HEARING INTO THE HEBRON MASSACRE SEPARATELY VIOLENCE ERUPTED IN HEBRON AS
HUNDREDS OF PALESTINIANS HURLED STONES AND SET TIRES ABLAZE

THOUSANDS OF RIOTERS STORMED THROUGH THE CAPITAL OF SOUTH AFRICA'S
BOPHUTHATSWANA BLACK HOMELAND DECLARING VICTORY OVER HOMELAND PRESIDENT
MANGOPE WHO HAD REJECTED DEMANDS FOR DEMOCRACY WITNESSES SAID MANGOPE
RULER OF THE HOMELAND SINCE IT WAS FORMED IN 1977 HAD LEFT IN A HELICOPTER
FOR AN UNKNOWN DESTINATION

THE CLINTON ADMINSTRATION WILL GIVE US COMPANIES GREATER LEEWAY TO SELL
SATELLITE PHOTOS AND REMOTE IMAGING SYSTEMS WITHOUT JEOPARDIZING NATIONAL
SECURITY THE TECHNOLOGY USED WIDELY IN ESPIONAGE ALSO HAS COMMERCIAL
APPLICATIONS

RUSSIA MOVED CLOSER TOWARD DISMANTLING ITS INEFFICIENT COLLECTIVIZED SYSTEM
OF FARMING PRIME MINISTER CHERNOMYRDIN ANNOUNCED THAT HE WOULD EXPAND A
PILOT PROJECT IN NIZHNY NOVGOROD AIMED AT BREAKING UP THE FARMING SECTOR
SAYING THIS PROGRAM SHOULD BECOME A NATIONAL PROGRAM FOR RUSSIA

A HOUSE PANEL SPLIT SHARPLY OVER PROPOSED CONTROLS ON PRIVATE MEDICAL
EXPENDITURES THE PANEL'S CHAIRMAN REP STARK SIGNALED HE COULD DROP THE
PROVISIONS TO SAVE HIS GOAL OF ENSURING UNIVERSAL HEALTH COVERAGE HE
IMPLICITLY CHALLENGED BUSINESS TO RALLY GOP SUPPORT FOR AN ALTERNATIVE
COSTCONTROL MECHANISM

PREMIER LI PENG STRUCK A NOTE OF CAUTION IN HIS ANNUAL REPORT TO CHINA'S
LEGISLATURE HE CALLED FOR A REDUCTION IN THE NATION'S GROWTH RATE TO A
PROPOSED 9 IN 1994 FROM OVER 13 LAST YEAR MEANWHILE DISSIDENTS FORMED AN
UNOFFICIAL LABOR UNION ON THE EVE OF SECRETARY OF STATE CHRISTOPHER'S
ARRIVAL TODAY

THE ABU DHABI GOVERNMENT AGREED TO PAY THE LIQUIDATORS OF BCCI HOLDINGS
LUXEMBOURG 18 BILLION AS PART OF A REVISED ACCORD TO TRY TO SETTLE
BILLIONS OF DOLLARS OF CREDITOR CLAIMS AGAINST THE DEFUNCT BANK

A FEDERAL JUDGE IN VIRGINIA EXTENDED THE FREEZE ON ABOUT 22 MILLION WORTH
OF ASSETS ALLEGEDLY BELONGING TO CIA OFFICER AMES WHO IS ACCUSED OF SPYING
FOR MOSCOW AN FBI AGENT TOLD THE COURT THAT THE CIA KNEW AS EARLY AS 1990
THAT AMES HELD FOREIGN BANK ACCOUNTS CONTAINING UNEXPLAINED SUMS

A SUSPECTED GERMAN AGENT WAS DETAINED IN MOSCOW ON ESPIONAGE CHARGES
ACCORDING TO RUSSIA'S INTERFAX NEWS AGENCY NO FURTHER DETAILS WERE
AVAILABLE AND BONN AUTHORITIES WOULDN'T COMMENT ON THE REPORT

DEVAL PATRICK TOLD THE SENATE JUDICIARY COMMITTEE THAT IF HE IS CONFIRMED
AS THE NATION'S TOP CIVIL RIGHTS LAW ENFORCER HE WOULD USE THE POSITION AS
A BULLY PULPIT TO SPEAK OUT AGAINST BIGOTRY AND HATE CRIMES PATRICK A
BOSTON ATTORNEY WAS NOMINATED BY CLINTON LAST MONTH FOR THE POST WHICH HAS
BEEN VACANT FOR MORE THAN A YEAR 9403110169 940311 INTERNATIONAL ABU
DHABI TO PAY 18 BILLION TO DEAL WITH BCCI CLAIMS  BY PETER
TRUELL STAFF REPORTER OF THE WALL STREET JOURNAL

THE ABU DHABI GOVERNMENT AGREED TO PAY THE LIQUIDATORS OF BCCI HOLDINGS
LUXEMBOURG SA 18 BILLION AS PART OF A REVISED ACCORD TO TRY TO SETTLE
BILLIONS OF DOLLARS OF CREDITOR CLAIMS AGAINST THE DEFUNCT BANK THE PERSIAN
GULF SHEIKDOM ALSO EXPECTS THE NEW ACCORD TO HEAD OFF POTENTIAL BCCIRELATED
LEGAL SUITS

BCCI'S LIQUIDATORS AND ABU DHABI HOPE THAT THEIR REVISED AGREEMENT NOW WILL
BE APPROVED BY A COMMITTEE OF BCCI'S CREDITORS AND THEN BY THE COURTS THAT
ORIGINALLY APPOINTED THE LIQUIDATORS IF IT IS THE LIQUIDATORS MIGHT BE
ABLE TO START MAKING SOME PAYMENTS TO BCCI'S CREDITORS LATER THIS YEAR

THE ABU DHABI GOVERNMENT OWNED MORE THAN 70 OF BANK OF CREDIT & COMMERCE
INTERNATIONAL OR BCCI WHICH WAS SEIZED AND CLOSED BY BANK REGULATORS IN
BRITAIN THE US AND SEVERAL OTHER COUNTRIES ON JULY 5 1991 REGULATORS
CITED AN EXTENSIVE HISTORY OF FRAUD AND CRIMINALITY AT THE BANK TO JUSTIFY
ITS CLOSURE ABU DHABI IS EAGER TO SETTLE THE BCCI MATTER IN PART TO REMOVE
THE THREAT OF LEGAL SUITS FROM BCCI'S DISGRUNTLED CREDITORS

IT WOULD HAVE BEEN QUITE EASY FOR US TO WALK AWAY FROM THE SITUATION A
SPOKESMAN FOR THE ABU DHABI GOVERNMENT CLAIMED LATE YESTERDAY BUT ABU
DHABI IS A SOVERIGN STATE AND BEHAVES ACCORDINGLY THE SPOKESMAN ADDED

A COURT IN LUXEMBOURG LAST YEAR THREW OUT AN EARLIER PROPOSED SETTLEMENT
BETWEEN ABU DHABI AND THE ROGUE BANK'S LIQUIDATORS BECAUSE THAT ACCORD
WOULD HAVE ALLOWED ABU DHABI TO SHARE IN FUNDS RECOVERED BY THE LIQUIDATORS
AND ALSO BECAUSE THE PACT DIDN'T TREAT CREDITORS EQUALLY THE EARLIER
PROPOSAL HAD SAID THAT ONLY CREDITORS WHO AGREED NOT TO SUE ABU DHABI COULD
RECEIVE FUNDS FROM THE SETTLEMENT

IN THE NEW PROVISIONAL AGREEMENT WHICH WAS CONCLUDED LAST WEEK IN ZURICH
THERE IS NO REQUIREMENT THAT CREDITORS AGREE NOT TO SUE ABU DHABI BCCI'S
LIQUIDATORS HOWEVER WOULD GIVE AN UNDERTAKING NOT TO PURSUE CLAIMS AGAINST
ABU DHABI IN THE COURTS A SPOKESMAN FOR THE ABU DHABI GOVERNMENT SAID

UNDER THIS NEW PROPOSED ACCORD AS UNDER THE PREVIOUS ONE ABU DHABI IS
WAIVING ITS CLAIMS AGAINST BCCI FOR FUNDS IT HAD INVESTED OR DEPOSITED AT
BCCI ABU DHABI SAYS THAT THESE SIGNIFICANTLY EXCEED 2 BILLION
9403110168 940311 SRI LANKA MARKET SURGING AS MONEY FROM ABROAD SEEKS
HIGHGROWTH HOME  SPECIAL TO THE WALL STREET JOURNAL

COLOMBO SRI LANKA INVESTORS LOOKING FOR HIGHACTION MARKETS IN ASIA HAVE
DISCOVERED SRI LANKA AN ISLAND NATION WITH A TINY ECONOMY AND A CIVIL WAR

THE ONCE SLEEPY STOCK EXCHANGE HERE WHERE DEALERS ONCE COULD COUNT ON BEING
HOME FOR DINNER IS NOW KEPT GOING UNTIL MIDNIGHT AS BROKERS STRUGGLE TO
COPE WITH MORE THAN 3000 ORDERS A DAY FROM LOCAL AND FOREIGN INVESTORS

IN A COUNTRY WHERE PERCAPITA ANNUAL INCOME IS JUST 540 PRIVATE RADIO
STATIONS HAVE BEGUN BROADCASTING REGULAR MARKET NEWS AND ONE TELEVISION
STATION DOES DAILY ROUNDUPS SOME SMALL INVESTORS HAVE DOUBLED EVEN
QUADRUPLED THEIR SAVINGS IN A FEW MONTHS

SRI LANKA IS THE LATEST NATION TO BENEFIT FROM A SURFEIT OF INVESTMENT FUNDS
MIGRATING FROM THE MATURE LOWINTEREST MARKETS OF THE US AND EUROPE TO
THE EXPLOSIVE BIGGROWTH EXCHANGES OF ASIA SOUTH AMERICA AND NORTH AFRICA

A HUGE WAVE OF MONEY IS BEING POURED INTO EMERGING MARKETS BY DEFINITION
THAT'S WHERE THE GROWTH IS SAID ROBERT SHERBIN OF HONG KONG'S HONG KONG
AND SHANGHAI BANK

BY THE BEGINNING OF THIS YEAR AT LEAST SIX FINANCIAL FIRMS BASED IN HONG
KONG AND SINGAPORE HAD INVESTED IN THE SRI LANKA STOCK EXCHANGE CAUSING IT
TO SOAR

THE DAILY VOLUME OF TRADE WENT UP FOURFOLD IN THE PAST TWO MONTHS FROM 2
MILLION TO 8 MILLION FROM MAY TO FEBRUARY THE MARKET MORE THAN DOUBLED
THE FASTEST GROWTH IN ASIA SOME INVESTORS SEE IT AS A MINISINGAPORE
SAID BN MANJUNATH OF THE HONG KONGBASED LLOYD GEORGE MANAGEMENT FUND

THE GROWTH IN THE STOCK MARKET IS A REFLECTION OF THE CONFIDENCE PEOPLE
HAVE IN THE COUNTRY'S ECONOMY SAID SAMAN KELEGAMA AN ECONOMIST AT THE
INSTITUTE OF POLICY STUDIES IN COLOMBO

FOREIGN INVESTMENT TOOK OFF IN NOVEMBER 1993 SIX MONTHS AFTER PRESIDENT
RANASINGHE PREMADASA WAS ASSASSINATED BY A SUICIDE BOMBER IN THE 11YEAROLD
WAR AGAINST TAMIL SEPARATISTS

TO EVERYONE'S SURPRISE THE TRANSITION OF POWER TO PRESIDENT DINGIRI BANDA
WIJETUNGE WENT SMOOTHLY WITH NO BACKLASH AGAINST THE TAMIL MINORITY

THE REBELLION FOR AN INDEPENDENT HOMELAND FOR THE TAMILS WHICH HAS CLAIMED
19000 LIVES HAS BEEN CONFINED TO THE NORTH AND EAST OF SRI LANKA AND IS
NOT A HINDRANCE TO INVESTORS

DESPITE A DEFENSE ALLOCATION OF 44 MILLION OR ONEFIFTH OF THE BUDGET THE
ECONOMY IS SURPASSING LAST YEAR'S GROWTH OF 58 FUELED BY DIRECT FOREIGN
INVESTMENT OF 870 MILLION INDUSTRIAL EXPORTS GREW BY 21 OVERTAKING TEA
AND SPICES AS THE MAIN ENGINE OF A GROSS DOMESTIC PRODUCT OF ONLY 9
BILLION

TOURISM INTERRUPTED BY THE WAR IS AGAIN FLOURISHING ON THIS VERDANT INDIAN
OCEAN ISLAND WITH PALMLINED BEACHES AND FORESTED MOUNTAINS EVEN THE
MONSOON RAINS HAVE BEEN GOOD FOR THE FARMERS

SRI LANKA WAS THE FIRST OF THE SOCIALISTLEANING COUNTRIES IN THE INDIAN
SUBCONTINENT TO OPEN ITS ECONOMY AFTER A HESITANT START IN 1977
LIBERALIZATION PICKED UP FIVE YEARS AGO THIRTY UNPROFITABLE CORPORATIONS
THAT WERE PRIVATIZED ARE NOW AMONG THE 202 COMPANIES IN THE STOCK EXCHANGE

THE SURGE IN THE COLOMBO MARKET LAST YEAR WAS INITIATED BY THE REGENT SRI
LANKAN FUND LTD FLOATED IN HONG KONG BY THE HUGE INTERNATIONAL FIRM REGENT
FUND MANAGEMENT MORE INVESTMENT COMPANIES FOLLOWED PROMPTING FRENZIED
BUYING

BY MARCH SIX FOREIGN INVESTORS HAD TIED UP WITH SOME OF THE 15 REGISTERED
STOCK BROKERS IN COLOMBO THEIR INVESTMENTS TOTALED 62 OF THE MARKET'S 36
BILLION IN CAPITAL

WHILE EXCHANGE OFFICIALS ARE BURIED UNDER PAPER BROKERS ESTIMATE THE
TURNOVER WILL TRIPLE WHEN THE EXCHANGE IS FULLY AUTOMATED

THERE IS FOREIGN INVESTMENT IN EXCESS OF 100 MILLION WAITING TO COME INTO
THE MARKET THE MANUAL SYSTEM OF TRADING CANNOT TAKE IT SAID THILAN
WIJESINGHE OF ASIA STOCK BROKERS 9403110167 940311 AIRBORNE FREIGHT'S
OCEAN SERVICE

SEATTLE AIRBORNE FREIGHT CORP SAID ITS AIRBORNE EXPRESS BUSINESS WILL
NOW OFFER OCEAN TRANSPORTATION FOR INTERNATIONAL PACKAGES THAT DON'T NEED TO
BE SHIPPED QUICKLY

THE COMPANY SAID IT WAS RESPONDING TO DEMANDS FOR EXPANDED LEVELS OF
SERVICE FROM CUSTOMERS WHO ARE REDUCING THE NUMBER OF TRANSPORTERS WITH
WHOM THEY DO BUSINESS 9403110166 940311 WESTINGHOUSE LOOKS TO NUCLEAR
POWER  EASTERN EUROPE SEEKS TO UPDATE SOVIETERA PLANTS  BY
SHAILAGH MURRAY SPECIAL TO THE WALL STREET JOURNAL

TEMELIN CZECH REPUBLIC BRANKO SVALJEK WEAVES HIS WAY THROUGH LINOLEUM
CORRIDORS LINED WITH TIRED WORKERS AND MUDDY FOOTPRINTS TO THE NERVE CENTER
OF THIS NUCLEARPOWER PLANT THERE HE OPENS A DOOR TO ANOTHER WORLD THE
WHIFF OF NEW CARPET AND VARNISH THE HUM OF COMPUTERS TRADING DATA WITH
THEIR US COUNTERPARTS THE JANGLE OF TELEPHONES WIRED TO A SATELLITE ON
THE ROOF

NOW ALL WE HAVE TO DO IS START WORKING JOKES MR SVALJEK WESTINGHOUSE
ELECTRIC CORP'S SITE MANAGER AT TEMELIN A PLANT UNDER CONSTRUCTION NEAR A
VILLAGE OF THE SAME NAME FROM THIS SMALL SUITE OF OFFICES THE
PITTSBURGHBASED ELECTRICALEQUIPMENT MAKER SOON WILL EMBARK ON AN ATTEMPT
TO RESCUE NUCLEAR POWER IN CENTRAL AND EASTERN EUROPE

IN MANY EYES SOVIETERA NUCLEAR POWER IS THE LEADING ENVIRONMENTAL THREAT
IN THE REGION PLANTS IN RUSSIA BULGARIA AND UKRAINE SITE OF THE 1986
CHERNOBYL DISASTER CONTINUE TO FLUNK SAFETY TESTS A REACTOR NEAR ST
PETERSBURG WAS SHUT DOWN RECENTLY AFTER ITS COOLING SYSTEM MALFUNCTIONED
YET SUCH PLANTS ARE OFTEN CRUCIAL POWER SOURCES AND REPLACING THEM WOULD
COST BILLIONS OF DOLLARS THAT MOST COUNTRIES IN THE REGION JUST DON'T HAVE
EVEN CHERNOBYL REMAINS OPEN WITH ITS BLOCK 4 REACTOR THE ONE THAT
EXPLODED NOW SAID TO BE LEAKING RADIOACTIVE DUST

THE NEXTBEST SOLUTION TO REPLACING THE 50PLUS SUSPECT REACTORS IN THE
REGION SEEMS TO BE IMPROVING THEM MAINLY BY ADDING WESTERN SAFETY
COMPONENTS WHICH NUCLEARPOWER CONCERNS SUCH AS WESTINGHOUSE GERMANY'S
SIEMENS AG SWEDISHSWISS ABB ASEA BROWN BOVERI LTD AND FRANCE'S FRAMATOME
SA ARE EAGER TO DO

WESTINGHOUSE'S 400 MILLIONPLUS TEMELIN CONTRACT IS THE MOST LUCRATIVE AND
HIGHPROFILE DEAL IN THE REGION TO DATE ABOUT 317 MILLION OF THE FUNDING
IS EXPECTED TO COME VIA COMMERCIAL LOANS GUARANTEED BY THE US
EXPORTIMPORT BANK TO THE CZECH UTILITY CEZ TEMELIN'S OWNER THIS SUMMER
WESTINGHOUSE WILL INSTALL ONE OF ITS INSTRUMENT AND CONTROL SYSTEMS AT THE
PLANT'S TWO SOVIETDESIGNED 1000MEGAWATT REACTORS LATER WESTINGHOUSE
WILL SUPPLY THE PLANT WITH NUCLEAR FUEL

NOT COMPLETING TEMELIN WOULD BE BAD FOR ALL OF US SAYS THIERRY MULLER
DIRECTOR OF FRAMATOME'S PRAGUE OFFICE SUCCESS MANY IN THE INDUSTRY SAY
WILL HELP QUASH PROTESTS OF ANTINUCLEAR ACTIVISTS WHO COMPARE TEMELIN'S
PRESSURIZEDWATER VVER REACTORS TO THE GRAPHITEMODERATED RBMK REACTORS
OF CHERNOBYL MEANWHILE TEMELIN COULD INSPIRE WESTERN BANKS AND GOVERNMENTS
TO BACK SIMILAR PROJECTS FARTHER EAST

FOR WESTINGHOUSE TEMELIN MARKS A LONGAWAITED BREAKTHROUGH IN THE CZECH
REPUBLIC ONE OF THE FIRST BIG US COMPANIES TO LAND HERE AFTER 1989
WESTINGHOUSE LOST TWO MAJOR DEALS BEFORE BEATING SIEMENS ABB AND FRAMATOME
FOR THE TEMELIN CONTRACT LAST YEAR MORE RECENTLY IT HAS CLINCHED 5
MILLION IN CONTRACTS AT TWO CZECH LIGNITEFIRED POWER PLANTS FORMED A JOINT
VENTURE WITH A POWERPLANT EQUIPMENT MAKER AND IS PURSUING ANOTHER THE
COMPANY ALSO HOPES TO REPLACE RUSSIA AS FUEL SUPPLIER FOR THREE OTHER
NUCLEAR PLANTS IN THE CZECH REPUBLIC AND SLOVAKIA A PRIZE VALUED AT AROUND
140 MILLION OVER SIX YEARS

BUT THIS IS ONLY THE BEGINNING ACROSS CENTRAL AND EASTERN EUROPE AND THE
FORMER SOVIET UNION 41 VVER REACTORS AND 15 CHERNOBYLVINTAGE RBMK REACTORS
STILL OPERATE DESPITE ALARMING SAFETY PROBLEMS DOZENS MORE HIGHPOLLUTING
COAL PLANTS AWAIT OVERHAUL IF WESTINGHOUSE PROVES ITS METTLE IN TEMELIN IT
COULD BE A FRONTRUNNER FOR BILLIONS OF DOLLARS IN CONTRACTS TO MAKE THESE
PLANTS SAFER AND MORE EFFICIENT IN YEARS TO COME

WHO ELSE WILL HAVE THE REFERENCES ASKS JOSEF VITA HEAD OF LICENSING IN
THE NUCLEAR DIVISION OF CEZ THE CZECH UTILITY IF TEMELIN IS SUCCESSFUL
IT WILL BE WESTINGHOUSE'S BRIDGE TO THE EAST

THAT BRIDGE MAY TAKE A WHILE TO BUILD THE CZECH REPUBLIC REMAINS ONE OF THE
FEW FORMER SOVIETBLOC COUNTRIES WITH LARGE STORES OF HARD CURRENCY AND THE
ONLY ONE WITH A DECENT CREDIT RATING MOREOVER ITS POLITICIANS SEEM EAGER
TO ADDRESS THE PROBLEM

WESTINGHOUSE IS MAKING A POINT OF WORKING WITH SMALL LOCAL PARTNERS AND
STEERING CLEAR OF BIG JOINT VENTURES BUT THIS HASN'T KEPT IT OUT OF THE
HEADLINES ENVIRONMENTALISTS AND POLITICIANS IN NEIGHBORING AUSTRIA DESCRIBE
THE TEMELIN PLANT AS A CHERNOBYLINWAITING SOME AUSTRIAN POLITICIANS HAVE
EVEN OFFERED TO HELP FINANCE TEMELIN'S CONVERSION TO A NATURALGAS PLANT

AS WESTINGHOUSE OFFICIALS EXPLAIN IT THE ONLY THING REALLY RUSSIAN ABOUT
TEMELIN IS ITS DESIGN BUT EVEN THE PRESSURIZEDWATER CONCEPT NOW COMMON
WORLDWIDE EVOLVED DURING THE 1950S WHEN WESTINGHOUSE AND SOVIET
SCIENTISTS CONCURRENTLY DEVELOPED IT FOR SUBMARINE PROPULSION

WESTINGHOUSE WILL WIRE TEMELIN WITH A TYPICAL WESTERN INSTRUMENT AND CONTROL
SYSTEM COMPLETE WITH A PARALLEL MANMACHINE INTERFACE DEVICE WHICH
SIMULATES IMAGES OF VALVES PUMPS AND OTHER KEY REACTOR COMPONENTS IN A ROOM
ALL ITS OWN THIS FEATURE WAS DEVELOPED IN THE 1980S AFTER THE THREE MILE
ISLAND DISASTER IN PENNSYLVANIA AND IS REQUIRED BY LAW AT ALL US REACTORS

STILL OPPONENTS OF TEMELIN SAY THEY ARE CONCERNED THAT THE CZECHS NEVER
CONDUCTED AN ENVIRONMENTAL IMPACT REPORT SUCH AS THE US REQUIRES THE
CZECHS DON'T DENY THAT INSTEAD THEY CITE A SERIES OF SAFETY REVIEWS BY
LOCAL AND INTERNATIONAL EXPERTS AND ABOVE ALL THE GREEN LIGHT FROM THE
EXPORTIMPORT BANK THAT IS EXPECTED TO COME SOON EXIM OFFICIALS SAY
THEY'VE CONSULTED THE INTERNATIONAL ATOMIC ENERGY AGENCY THE NATIONAL
SECURITY COUNCIL AND THE NUCLEAR REGULATORY COMMISSION ON THE PLANT'S
SAFETY AS WELL AS SENT THEIR OWN REPRESENTATIVES TO THE SITE

ITS SUPPORTERS ALSO PORTRAY THE PLANT AS A CRITICAL SOLUTION TO A MORE
IMMEDIATE THREAT LOOMING OVER CENTRAL EUROPE ABOUT 250 KILOMETERS NORTH OF
TEMELIN LIES THE WASTELAND OF NORTH BOHEMIA WHERE A SERIES OF POWER PLANTS
FIRED BY LIGNITE OR BROWN COAL DESTROY FORESTS AND MAKE LOCAL CHILDREN
WHEEZE LIKE CHAIN SMOKERS MR RIHA OF CEZ ADMITS THE SULPHUR HAS CREATED A
MOON EFFECT WITH CATASTROPHIC CONSEQUENCES FOR NORTH BOHEMIA A REGION
OF ABOUT 12 MILLION PEOPLE AND THE EASTERN GERMAN BORDER REGION BY 1996
THE CZECH GOVERNMENT WILL REQUIRE ALL THESE CEZOWNED PLANTS TO MEET
WESTERNTYPE EMISSION STANDARDS

ENTER WESTINGHOUSE AGAIN THE COMPANY HAS CLINCHED DEALS VALUED AT ABOUT 5
MILLION TO INSTALL POLLUTIONCONTROL SYSTEMS AT TWO OF ABOUT 12 LIGNITE
PLANTS DUE FOR IMPROVEMENTS THE COMPANY EXPECTS TO WIN RELATED CONTRACTS AS
THEY ARE OFFERED

OUTSIDE THE CZECH REPUBLIC WESTINGHOUSE HAS BID TO HELP OVERHAUL FOUR EARLY
VVER REACTORS IN HUNGARY AND WILL SUPPLY A LOWLEVEL RADIOACTIVEWASTE
DISPOSAL SYSTEM AT A SIMILAR PLANT IN BULGARIA THE COMPANY ALSO HAS OPENED
OFFICES IN MOSCOW AND KIEV

COMPARED WITH THE NEEDS OF MOST RUSSIAN NUCLEAR PLANTS THE TEMELIN
MODIFICATIONS SEEM ALMOST ELEMENTARY ABOUT 35 OLDERMODEL REACTORS
OPERATING AROUND EASTERN EUROPE AND THE FORMER SOVIET REPUBLICS NEED
EVERYTHING FROM NEW CONTAINMENT VESSELS TO EXTENSIVE REDESIGN

WESTERN EXPERTS HAVE LONG CONSIDERED MANY OF THESE PLANTS TOO UNPREDICTABLE
TO REMAIN IN USE THE PROBLEM IS A CITY LIKE ST PETERSBURG DRAWS NEARLY
HALF ITS POWER FROM ONE OF THE TROUBLED PLANTS IT'S A MISTAKE TO THINK
THESE COUNTRIES HAVE MUCH OF A CHOICE OTHER THAN TO KEEP THE REACTORS
RUNNING SAYS JONATHAN HELLER SECRETARY GENERAL OF FORATOM A
BRUSSELSBASED EUROPEAN ATOMIC ENERGY FORUM

ESTIMATES OF THE COST FOR REPAIRS RANGE FROM 9 BILLION FORATOM'S ESTIMATE
TO 24 BILLION THE WORLD BANK'S FIGURE ADD POLITICAL TURMOIL TO THE MIX
AND IT'S NO WONDER AS MR TOTH ADMITS THE OPPORTUNITIES IN OTHER EASTERN
COUNTRIES AREN'T NEARLY AS EASY TO DEFINE

MR MULLER PREDICTS THAT ABOUT 3 BILLION OF THE REGIONAL REPAIR BILL WILL
GO DIRECTLY TO WESTERN COMPANIES FOR NEW EQUIPMENT OTHERS PUT THE FIGURE
EVEN HIGHER NOT BAD CONSIDERING THE SLOWDOWN IN NUCLEAR POWER CONSTRUCTION
ELSEWHERE

BACK IN PRAGUE WESTINGHOUSE'S MR TOTH HAS LEARNED TO WATCH THE NEWS AS
CLOSELY AS HE READS REQUESTS FOR BIDS WHEN HE HEARD RECENTLY THAT THE US
MAY PAY UKRAINE AT LEAST 155 MILLION TO HELP DISMANTLE ITS STORE OF NUCLEAR
WEAPONS HIS FIRST THOUGHT WAS HARD CURRENCY

MAYBE SOME OF THAT MONEY COULD BE APPLIED TO FIXING THEIR PLANTS SAYS MR
TOTH YOU NEVER KNOW 9403110165 940311 BUSINESS BRIEF JAPAN'S KIRIN
TO BUY BEER CANS PRODUCED BY ANHEUSERBUSCH

TOKYO JAPAN'S KIRIN BREWERY CO WILL PURCHASE BEER AND BEER CANS FROM
ANHEUSERBUSCH COS IN A BOLD COSTCUTTING MOVE THAT UNDERSCORES THE
GROWING COMPETITIVENESS OF US CONSUMER GOODS IN JAPAN

KIRIN JAPAN'S BIGGEST BREWER SAID IT WILL IMPORT A NEW BRAND OF BEER MADE
AT AN ANHEUSERBUSCH PLANT IN LOS ANGELES FOR SALE IN JAPAN UNDER THE KIRIN
NAME THE JAPANESE BREWER WILL ALSO PURCHASE BEER CANS MADE AT ST
LOUISBASED METAL CONTAINER CORP A UNIT OF ANHEUSERBUSCH ALSO BASED IN
ST LOUIS AS PART OF THE DEAL THE TWO COMPANIES AGREED TO A SMALL EQUITY
SWAP UNDER WHICH EACH WILL TAKE 500 MILLION YEN 47 MILLION OF THE
OTHER'S STOCK

THE DEAL STRENGTHENS THE INCREASINGLY COZY RELATIONSHIP BETWEEN THE TWO
BREWING GIANTS IN SEPTEMBER ANHEUSERBUSCH SCRAPPED A 12YEAR RELATIONSHIP
WITH KIRIN COMPETITOR SUNTORY LTD TO SET UP A VENTURE WITH KIRIN THAT
MARKETS ANHEUSERBUSCH'S BUDWEISER BEER IN JAPAN

FOR ANHEUSERBUSCH THE NEW ARRANGEMENT OFFERS ANOTHER WAY TO PARTICIPATE IN
JAPAN'S HUGE BEER MARKET WHICH HAS DOUBLED IN VOLUME OVER THE PAST 15
YEARS

FOR KIRIN THE DEAL IS A SPLASHY COSTCUTTING MOVE THE COMPANY DENIED A
LOCAL REPORT THAT IT WILL CUT DOMESTIC PRODUCTION OF BEER CANS AFTER IT
BEGINS PROCURING THE USMADE CONTAINERS BUT ANALYSTS SAID IT IS ONLY A
MATTER OF TIME BEFORE JAPAN'S INEFFICIENT FOOD AND BEVERAGE MAKERS FOLLOW
KIRIN'S LEAD IN SUBSTITUTING A VARIETY OF LESSEXPENSIVE IMPORTS FOR COSTLY
LOCAL SUPPLIES

KIRIN DECLINED TO PROVIDE VOLUME FIGURES FOR ITS PLANNED IMPORTS OF CANS AND
BEER OTHER THAN TO SAY THAT IF THE VENTURE IS SUCCESSFUL WE WANT TO
EXPAND VOLUME AND TYPES OF IMPORTS

KIRIN SAID IT WILL BEGIN IMPORTING CANS FROM METAL CONTAINER BY ABOUT
MIDYEAR IT WILL USE THEM TO PACKAGE HEINEKEN BEER WHICH KIRIN PRODUCES AND
SELLS IN JAPAN UNDER LICENSE

ANHEUSERBUSCH'S LOS ANGELES PLANT WILL PRODUCE BEER FOR KIRIN'S NEW LINE OF
ICE BEER WHICH IS MADE THROUGH A FREEZING TECHNOLOGY THAT BREWERS SAY
CREATES A CRISPER LIGHTER TASTE THE COMPANY HOPES TO SELL FOUR MILLION
CASES OF THE BEVERAGE THIS YEAR FOLLOWING ITS DEBUT IN MAY IT WOULDN'T SAY
HOW MUCH OF THAT BEER WILL COME FROM THE US 9403110164 940311
INTERNATIONAL WORLD ECONOMY DESPITE RUSSIA'S PROBLEMS SOME SAY NOW
IS TIME TO INVEST IN THE COUNTRY  BY ROBERT KEATLEY STAFF REPORTER
OF THE WALL STREET JOURNAL

WASHINGTON WONDERING WHETHER TO PLUNGE INTO RUSSIA HERE'S ADVICE FROM
ECONOMIST VLADIMIR KVINT A TRANSPLANTED SIBERIAN WHO IS A CONSULTANT TO
ARTHUR ANDERSEN & CO IN NEW YORK

INVEST EARLY AND MOVE AS FAST AS YOU CAN  BENEFIT FROM THE FIRESALE
PRICES IN THE LARGEST MARKET IN THE WORLD

TO PUT IT MILDLY THAT IS NOT THE DOMINANT MOOD IN WESTERN BUSINESS CIRCLES
THESE DAYS CORRUPTION CRIME XENOPHOBIA LEGAL UNCERTAINTY AND POLICY
CONFUSION TO NAME A FEW OF RUSSIA'S MALADIES ARE DRIVING OUT MANY
FOREIGN COMPANIES THAT OTHERWISE WOULD LIKE TO BE THERE THEY FIND RISKS SO
HIGH THAT THEY'RE UNWILLING TO PUT NEW MONEY INTO RUSSIAN PROJECTS UNTIL
MOSCOW MAKES SENSIBLE ECONOMIC DECISIONS AND SHOWS SIGNS OF CARRYING THEM
OUT THAT DAY IS NOT IMMINENT SO MANY COMPANIES JUST TAKE A LOOK AND LEAVE

ACTUALLY I THINK MOST ABOUT NOT GETTING A HOLE IN MY HEAD WHEN I GO
THERE SAYS ONE GERMAN EXECUTIVE

YET SOME WHILE THEY DON'T SHARE MR KVINT'S EXUBERANCE ARE MAKING
FRESH INVESTMENTS DESPITE SUCH PROBLEMS THESE COMPANIES FIND RUSSIA TOO BIG
AND TOO POTENTIALLY WEALTHY TO IGNORE AS THEY CRAFT THEIR GLOBAL
STRATEGIES THEY WANT TO BE THERE WHENEVER THE ECONOMICS DO GO RIGHT SOME
FEAR THEY MAY BE BARRED BY A STREAK OF POLITICAL CHAUVINISM LATER IF THEY
DON'T ACT NOW

IF YOU'RE A BILLIONDOLLAR COMPANY AND YOU'RE NOT PUTTING IN 10 OR 20
MILLION NOW THE LEARNING CURVE WON'T GET ANY EASIER WARNS LOU NAMANSKY OF
THE MOSCOW OFFICE OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

AMONG THOSE LEARNING NOW ARE GENERAL ELECTRIC CO AND HONEYWELL INC GE IS
IN A JOINT VENTURE NEAR ST PETERSBURG IT WILL MAKE TURBINES FOR USE ALONG
RUSSIA'S MANY HUGE GAS PIPELINES THIS DOES NOT INVOLVE SIGNIFICANT SUMS
BUT IT LAYS FOUNDATIONS FOR THE FUTURE EXPLAINS RON PRESSMAN A COMPANY
VICE PRESIDENT

SO TOO AT HONEYWELL WHICH SOON WILL MANUFACTURE LOWTECH CONTROLS SUCH AS
THERMOSTATS FOR USE IN ENERGYSAVING PROGRAMS AN OVERDUE RUSSIAN
CAMPAIGN RUSSIA IS TOO BIG A MARKET TO BE IGNORED AND TOO STRATEGIC SAYS
ALFREDO MASELLI VICE PRESIDENT FOR MARKETING YET HE NOTES IT TAKES A
LOT OF CONFIDENCE AND COMMITMENT TO GO THROUGH THESE TIMES AND WAIT FOR THE
MOMENT WHEN BUSINESS WILL EXPLODE

MORE CORPORATE COURAGE IN FACT THAN MANY CAN MUSTER WORRIES ABOUND 
PERSONAL SAFETY SOARING INFLATION THE DECLINING INFLUENCE OF ECONOMIC
REFORMERS AMONG THEM SUCH CONCERNS CONVINCE SOME WOULDBE INVESTORS THAT
THEY'D RATHER BE IN POLAND OR ALMOST ANYWHERE ELSE

GERMAN COMPANIES RECOGNIZE THE FUTURE MARKET SAYS MARTIN HUFNER CHIEF
ECONOMIST FOR BAYERISCHEN VEREINSBANK OF MUNICH BUT PRACTICALLY NOBODY IS
DOING ANY REALLY SERIOUS INVESTING

EVEN MAINTAINING THE CURRENT TRICKLE CAN BE HARD WORK FOR THE EUROPEAN BANK
AND THE INTERNATIONAL FINANCE CORP TWO INTERNATIONAL INSTITUTIONS WHOSE
MISSIONS ARE TO PULL PRIVATE INVESTORS INTO RISKY TROUBLED ECONOMIES THE
INSTITUTIONS OFFER EQUITY AND LOAN FUNDS ON FAVORABLE TERMSBUT AREN'T
OVERWHELMED BY QUALIFIED APPLICANTS

THERE CLEARLY ARE NOT ENOUGH OF THESE COMPANIES WE COULD DO A LOT MORE
DEALS SAYS THE EUROPEAN BANK'S MR NAMANSKY BUT TO FIND WILLING INVESTORS
TAKES LOTS OF WORK MORE THAN WE HAVE TO DO ELSEWHERE AGREES ROGER GAYLE
OF THE IFC'S MOSCOW OFFICE

YET THE EUROPEAN BANK IS PUTTING 750 MILLION INTO 25 RUSSIAN VENTURES WITH
TOTAL PLANNED INVESTMENT EXCEEDING 2 BILLION AND HAS AN ADDITIONAL 60
VENTURES IN THE PIPELINE THE IFC HAS COMMITTED 945 MILLION TO FOUR
PROJECTS WORTH 500 MILLION

US COMPANIES MAY SHOW MORE INTEREST ONCE THE US GOVERNMENT COMPLETES
PLANS TO EXPAND ITS LENDING ROLE THERE BUT THE OVERALL MOOD REMAINS SOMBER
UNCLEAR RUSSIAN POLICIES AND ONEROUS TAXES DETER FOREIGN OIL AND GAS
INVESTMENTS FOR EXAMPLE

EVEN SO A FEW COMPANIES HAVE ADDED A DASH OF OPTIMISM TO THEIR OVERALL
CAUTION WESTINGHOUSE ELECTRIC CORP FOR EXAMPLE IS SEEKING LOCAL PARTNERS
TO UPGRADE EXISTING POWER PLANTS A DIRE NEED IN SOME AREAS ONE
WESTINGHOUSE EXECUTIVE CALLS DOING BUSINESS IN RUSSIA LIKE COMPETING IN
TRACK YOU RUN HARD ONLY TO FIND YOURSELF BACK WHERE YOU BEGAN BUT HE
ADDS THIS YEAR WE EXPECT A LITTLE NEW TERRAIN 9403110163 940311 IN
PULASKI WIS KIDS WILL DANCE IN THE STREETS IN TWOFOUR TIME  BY
CARL QUINTANILLA STAFF REPORTER OF THE WALL STREET JOURNAL

IN WISCONSIN POLITICIANS DON'T JUST DANCE AROUND THE ISSUES THEY POLKA

BUT WHILE POLKA FANS ARE CHEERING SOME LAWMAKERS AREN'T SENATE PRESIDENT
BRIAN RUDE CONTENDS THE BILL DEGRADES THE INTEGRITY OF THE LEGISLATURE
NOT ONLY THAT BUT LAWMAKERS HAVE OTHER BILLS TO VOTE ON LIKE A PROPOSAL
TO MAKE COLBY CHEESE THE OFFICIAL STATE CHEESE OTHER BILLS WOULD MAKE THE
BADGER STATE THE STATE NICKNAME AND THE HODAG THE OFFICIAL STATE MYTHICAL
BEAST

I HATE THESE BILLS SAYS SEN RUDE A REPUBLICAN FROM COON VALLEY I LOVE
TO POLKA BUT THIS LEAVES THE IMPLICATION THAT IT'S ALL WE'RE TRYING TO DO

WISCONSIN ALREADY HAS PLENTY OF SYMBOLS CORN IS THE STATE GRAIN MILK IS
THE STATE BEVERAGE THE STATE DOG IS THE WATER SPANIEL AND HERE'S THE DIRT
ON THE STATE SOIL IT'S ANTIGO SILT LOAM

IT'S JUST NAUSEATING SAYS MORDECAI LEE A FORMER STATE SENATOR FROM
MILWAUKEE WHO KILLED A MUFFIN BILL BY ADDING AN AMENDMENT THAT MADE THE
RAGAMUFFIN THE STATE CHILD AND THE EGG MCMUFFIN THE STATE BREAKFAST I FEAR
FOR THE DAY WHEN FOURTHGRADERS TAKE UP SOMETHING LIKE CAPITAL PUNISHMENT
HE ADDS

STILL THE POLKA BILL SEEMS HEADED FOR THE LAW BOOKS MORE THAN 200
SUPPORTERS CAME TO THE COMMITTEE HEARING ON THE BILL RADIO STATIONS HAVE
BEGUN PLAYING DAILY POLKA TUNES AND SCHOOLCHILDREN HAVE WRITTEN LETTERS TO
LAWMAKERS SAYING LET'S MOVE FORWARD ON THE POLKA BILL

VI BERGUM THE TEACHER WHOSE CLASS CREATED THE LEGISLATION SAYS POLKA MUSIC
HELPS SCHOOLCHILDREN AVOID THE DANGERS OF DRUGS AND GANGS IT'S A SYMBOL OF
HOPE FOR OUR CHILDREN SAYS THE SPRY 62YEAROLD WHO GIVES HER STUDENTS A
POLKA BREAK TWICE A DAY

THAT HASN'T WON OVER THE SQUARE DANCERS THOUGH STATE SEN GARY DRZEWIECKI
COSPONSOR OF THE POLKA BILL SAYS SOME CONSTITUENTS WANT LAWMAKERS TO
ALLEMANDE RIGHT PAST THE POLKA AND GIVE OFFICIAL STATE STATUS TO THE SQUARE
DANCE

IN FACT THEY MAY A PROPOSED RESOLUTION WOULD MAKE THE SQUARE DANCE THE
OFFICIAL FOLK DANCE RESPONDS SEN RUDE I THINK WE NEED AN IMAGE REALITY
CHECK 9403110162 940311 WHO'S NEWS ASSOCIATED ESTATES REALTY CORP

ASSOCIATED ESTATES REALTY CORP CLEVELAND ELECTED A DIRECTOR WAS
RICHARD T SCHWARZ 42 YEARS OLD VICE PRESIDENT AND GENERAL MANAGER OF
LAUREL INDUSTRIES INC A MAKER OF ANTIMONYBASED CATALYSTS AND
FLAMERETARDANT CHEMICALS AND PROVIDER OF POLYMER COMPOUNDING SERVICES HE
SUCCEEDS J ROBERT KILLPACK WHO DIED IN DECEMBER THE REAL ESTATE
INVESTMENT TRUST HAS A SEVENMEMBER BOARD 9403110161 940311 MUTUAL FUNDS
 SEC STUDIES SECURITIES MOVES IN STRONG FUNDS  BY SARA CALIAN 
STAFF REPORTER OF THE WALL STREET JOURNAL

THE SECURITIES AND EXCHANGE COMMISSION IS INVESTIGATING WHETHER
STRONG/CORNELIUSON CAPITAL MANAGEMENT INC IMPROPERLY SHIFTED SECURITIES
AMONG ITS FUNDS HELPING ONE FUND TO THE DETRIMENT OF ANOTHER

PEOPLE FAMILIAR WITH THE INQUIRY SAID COMPANY OFFICIALS HAVE BEEN TALKING
WITH THE SEC IN AN EFFORT TO NEGOTIATE A RESOLUTION THE MILWAUKEE FIRM IS
HEADED BY VETERAN MUTUALFUND MANAGER RICHARD STRONG WHO DIDN'T RETURN
PHONE CALLS YESTERDAY

A SPOKESWOMAN FOR THE MONEYMANAGEMENT FIRM SAID WE WILL NOT COMMENT ON
SPECULATION ABOUT REGULATORY MATTERS THE SEC SAID THAT IT WOULDN'T CONFIRM
OR DENY AN INVESTIGATION

ONE ISSUE IS WHETHER THE COMPANY WHILE ITS PERFORMANCE WAS SAGGING IN
19891990 PULLED POORLY PERFORMING JUNKBOND INVESTMENTS OUT OF CERTAIN
FAVORED INSTITUTIONAL FUNDS AND SWITCHED THEM INTO OTHER FUNDS SUCH AS
MUTUAL FUNDS CATERING TO SMALL INVESTORS

IT'S UNDERSTOOD THAT AN AREA OF SCRUTINY IS THE COMPANY'S FLAGSHIP MUTUAL
FUND STRONG TOTAL RETURN FUND AN INCOME AND CAPITALAPPRECIATION FUND
WHERE SOME OF THE POORLY PERFORMING JUNK BONDS MAY HAVE BEEN DUMPED IN 1989
AND 1990

IF AN ADVISER MANIPULATES SECURITIES TO IMPROVE THE PERFORMANCE OF ONE FUND
OVER ANOTHER YOU DON'T NEED TO BE A SECURITIES LAWYER TO KNOW THAT COULD
BE FRAUDULENT SAYS WOODROW CAMPBELL A LAWYER WITH DEBEVOISE & PLIMPTON IN
NEW YORK UNDER SEC RULES HE SAYS MUTUAL FUNDS CAN ENGAGE IN SECURITIES
TRANSACTIONS WITH EACH OTHER ONLY UNDER VERY LIMITED CIRCUMSTANCES AND
INDEPENDENT DIRECTORS OF A MUTUAL FUND MUST ADOPT AND MONITOR A PROCEDURE
FOR SUCH TRANSACTIONS

THE STRONG FUNDS HAD A TOUGH TIME IN 1989 AND 1990 AFTER POSTING STELLAR
RETURNS FOR MUCH OF THE 1980S IN 1989 THE PROBLEM WAS INVESTMENTS IN JUNK
BONDS AND TAKEOVER STOCKS WHEN THE JUNKBOND MARKET DIVED IN SEPTEMBER 1989
AND A UAL CORP BUYOUT DEAL FELL APART THAT OCTOBER STRONG TOTAL RETURN
FUND WAS PUMMELED IN 1989 STRONG TOTAL RETURN FUND HAD A RETURN OF ONLY
262 UNDERPERFORMING THE MARKET BY 29 PERCENTAGE POINTS

THAT WAS A DIFFICULT TIME FOR THE STRONG ORGANIZATION SAYS JOHN
REKENTHALER EDITOR OF MORNINGSTAR MUTUAL FUNDS IN CHICAGO THE JUNK BONDS
WERE CAUSING PROBLEMS THERE WERE GROWING PAINS FROM HAVING ALL THOSE ASSETS
UNDER MANAGEMENT DICK STRONG WAS WEARING A LOT OF HATS AS PORTFOLIO MANAGER
AND CEO OF THE COMPANY

THE STRONG FUNDS ENDURED WITHDRAWALS BY DEPARTING INVESTORS THROUGH 1990 AND
MUCH OF 1991 EVEN TODAY STRONG TOTAL RETURN FUND HAS ASSETS OF LESS THAN
700 MILLION WELL BELOW ITS HEYDAY IN 1989 WHEN THE FUND HAD MORE THAN 1
BILLION IN ASSETS

STRONG/CORNELIUSON CURRENTLY MANAGES 10 BILLION INCLUDING 78 BILLION IN
MUTUAL FUNDS THE COMPANY HAD RELIED MORE HEAVILY ON ITS INSTITUTIONAL
MONEYMANAGEMENT BUSINESS BEFORE ITS MUTUAL FUNDS TOOK OFF IN THE 1980S

IN 1991 RICHARD STRONG BEGAN TO TURN AROUND THE STRUGGLING MUTUALFUND
GROUP BY LURING AWAY TOP TALENT FROM OTHER MUTUALFUND COMPANIES HIS
BIGGEST COUP WAS THE HIRING OF STOCK PICKERS RICHARD WEISS AND CARLENE
MURPHY WHO TOGETHER USED TO MANAGE THE TOPPERFORMING STEINROE SPECIAL
FUND TODAY THEY RUN THE STRONG COMMON STOCK FUND AND COMANAGE THE STRONG
OPPORTUNITY FUND

MR STRONG ACHIEVED WIDE ACCLAIM FOR HIS RESILIENCY AFTER THE STOCK MARKET
CRASHED IN LATE 1987 IN THE MONTHS IMMEDIATELY AFTER BLACK MONDAY WHEN
OTHER FUND GROUPS WERE ENCOUNTERING MASS REDEMPTIONS THE STRONG FUNDS WERE
ACTUALLY PULLING IN NEW MONEY

DICK STRONG IS A FORTHRIGHT PERSON AND HAS ALWAYS HAD THE APPEARANCE OF A
HIGH MORAL ETHICAL CODE HE'S ONE OF THOSE GUYS WHO WALKS WITH A STRAIGHT
BACK MR REKENTHALER SAYS

IN APRIL 1993 MR STRONG GAVE UP THE HELM OF STRONG TOTAL RETURN FUND HE
HIRED A SUCCESSOR RONALD OGNAR TO MANAGE THAT FUND ALL TOLD THE STRONG
OPERATION HAS MORE THAN A DOZEN MUTUAL FUNDS MR STRONG 51 YEARS OLD
CONTINUES TO RUN THE STRONG DISCOVERY FUND WHICH INVESTS IN SMALLER GROWTH
STOCKS AND HAD ALMOST 250 MILLION IN ASSETS AS OF LAST FALL THE FUND IS
UP 04 FOR THE YEAR TO DATE ITS AVERAGE ANNUAL RETURN FOR THE PAST FOUR
YEARS WAS 206

IN AUGUST 1992 WILLIAM CORNELIUSON A COFOUNDER OF THE INVESTMENT FIRM
RELINQUISHED THE POST OF CHIEF OPERATING OFFICER ANDREW ZIEGLER WAS NAMED
TO SUCCEED HIM AT THE TIME MR CORNELIUSON SAID HIS DOCTORS ADVISED HIM TO
SLOW DOWN 9403110160 940311 WHO'S NEWS WEATHERFORD INTERNATIONAL
INC

WEATHERFORD INTERNATIONAL INC HOUSTON THIS ENERGY AND MANUFACTURING
COMPANY NAMED PRESIDENTS OF TWO NEW WORLDWIDE BUSINESS GROUPS CREATED
DURING A RESTRUCTURING OF ITS OPERATIONS JAMES R BURKE 56 YEARS OLD WAS
NAMED PRESIDENT AND GENERAL MANAGER OF WEATHERFORD PRODUCTS A MANUFACTURING
AND ENGINEERING GROUP MR BURKE REMAINS A SENIOR VICE PRESIDENT OF THE
PARENT COMPANY ME EAGLES 54 WAS NAMED PRESIDENT AND GENERAL MANAGER OF
WEATHERFORD SERVICES AN OIL FIELD SERVICES GROUP MR EAGLES ALSO REMAINS A
SENIOR VICE PRESIDENT OF THE PARENT 9403110159 940311 ARCO UNIT TO SELL
SOME ASSETS

LOS ANGELES ATLANTIC RICHFIELD CO SAID ITS ARCO PIPE LINE CO UNIT
AGREED IN PRINCIPLE TO SELL CERTAIN ASSETS TO CITGO PETROLEUM CORP AND
WILLIAMS COS TERMS WEREN'T DISCLOSED

ATLANTIC RICHFIELD AN OIL AND NATURAL GAS COMPANY SAID THE PROPOSAL
INCLUDES THE SALE OF 950 MILES OF REFINEDPRODUCTS PIPELINE IN TEXAS AND
OKLAHOMA TO CITGO A TULSA OKLA SUBSIDIARY OF PETROLEOS DE VENEZUELA SA

THE PROPOSED SALE ALSO INCLUDES 775 MILES OF PIPELINE IN KANSAS IOWA AND
ILLINOIS TO WILLIAMS AN ENERGY AND TELECOMMUNICATIONS FIRM BASED IN TULSA
9403110158 940311 HEARD ON THE STREET MGM GRAND'S HIGHERTHANEXPECTED
COSTS BECOME CAUSE OF CONCERN FOR SOME ANALYSTS  BY SUSAN PULLIAM
 STAFF REPORTER OF THE WALL STREET JOURNAL

HOW MANY EMPLOYEES DOES IT TAKE TO RUN A 5000ROOM HOTEL CASINO AND THEME
PARK NAMED MGM GRAND TOO MANY GROAN SOME ANALYSTS WHO ARE SHAVING THEIR
PROFIT FORECASTS FOR THE COMPANY

SMITH BARNEY SHEARSON AND BEAR STEARNS BOTH CUT THEIR MGM EARNINGS ESTIMATES
THIS WEEK BECAUSE OF HIGHERTHANEXPECTED EXPENSES AT THE COMPANY'S ONE
MAJOR BUSINESS ITS MAMMOTH NEW LAS VEGAS COMPLEX THE STOCK PROMPTLY WAS
DOWN 1 INTRADAY ON WEDNESDAY ON THE NEW YORK STOCK EXCHANGE BUT ENDED OFF
JUST 1/8 AFTER MGM ANNOUNCED PLANS FOR A MILLIONSHARE BUYBACK YESTERDAY IT
REBOUNDED 1 1/4 TO CLOSE AT 30 1/2

THE WORST MAY NOT BE OVER FOR MGM GRAND SAY A FEW SKEPTICS WHO QUESTION THE
COMPANY'S RESOLVE TO CUT COSTS AND IF MGM STUMBLES IT WON'T HELP OTHER
GAMBLING STOCKS WHICH ARE WIDELY HELD BY MOMENTUM INVESTORS WHO TEND TO
DASH FOR THE EXITS AT THE FIRST SIGN OF A MISSTEP WALL STREET'S
ESTIMATESHAVING ANALYSTS ARE STILL LARGELY BULLISH ON MGM

THE STOCK HAS A THIN FLOAT BECAUSE IT IS 73OWNED BY FINANCIER KIRK
KERKORIAN LIKE OTHER GAMBLING STOCKS IT IS PRONE TO ZIGZAG A LOT AND MGM
HAS BEEN A FAVORITE TARGET OF SHORTSELLERS WHO BET ON A STOCK'S DECLINE

MGM'S MEGACASINO IN LAS VEGAS OPENED IN DECEMBER THIS IS THE ONE YOU'VE
READ ABOUT WITH THE 5000ROOM CASINOHOTEL AND 32ACRE THEME PARK THE ONE
WITH THE ENORMOUS LION STATUE THAT WELCOMES VISITORS

HOPING TO MAKE A GOOD FIRST IMPRESSION MGM WENT INTO A HIRING FRENZY LAST
YEAR BRINGING ON ABOUT 8500 EMPLOYEES FOR THE GRAND OPENING IT'S NOT
UNUSUAL FOR COMPANIES TO OVERHIRE AT TIMES LIKE THIS CUTBACKS IN EMPLOYMENT
TYPICALLY FOLLOW QUICKLY BUT THERE ARE A LOT OF BEDS TO MAKE IN A
5000ROOM HOTEL COSTS MAY BE HARD TO CUT

IT IS IN MANAGEMENT'S INTEREST TO BRING THE STAFF LEVELS DOWN SAYS STEVEN
EISENBERG AN OPPENHEIMER ANALYST WHO TURNED NEUTRAL ON THE STOCK IN
JANUARY OUR ONLY QUESTION IS WHEN AND UNTIL THE COMPANY BITES THE
BULLET HE SAYS OPERATINGPROFIT MARGINS WILL BE DEPRESSED SO TOO MAY
THE STOCK PRICE

A SPOKESMAN FOR THE COMPANY SAID ATTRITION RATHER THAN LAYOFFS WOULD TAKE
CARE OF OVERSTAFFING WHICH HE WOULDN'T QUANTIFY NOR WOULD HE CONFIRM THE
NUMBER OF EMPLOYEES MOST OF THE ATTRITION IS BEHIND THE COMPANY HE SAID
ADDING THAT ADVERTISING AND OTHER COSTS FATTENED EXPENSES IN THE PROJECT'S
INITIAL MONTHS

IN THE FIRST QUARTER SAYS ANALYST JASON ADER OF SMITH BARNEY THE COMPANY
SPENT 1273 MILLION RUNNING THE 171000SQUAREFOOT ENTERPRISE THE CASINO
COST WAS ABOUT 104 MILLION MORE THAN HE EXPECTED

THE COMPANY ALSO IS TAKING LONGER THAN EXPECTED HE SAYS TO WORK OUT BUGS
IN ITS PLAYERTRACKING SYSTEMS DESIGNED TO HELP THE COMPANY SPOT
FREESPENDING TYPES AT ITS 3500 SLOT MACHINES ONCE THE BIG SPENDERS ARE
IDENTIFIED THE COMPANY DISPATCHES MARKETING PEOPLE WHOSE CHALLENGE IT IS TO
WOO THEM EVENTUALLY THIS TACTIC WILL BOOST REVENUE BUT THE SYSTEM ISN'T
WORKING YET ANALYSTS SAY THE COMPANY SPOKESMAN DISAGREES SAYING THE BUGS
HAVE BEEN WORKED OUT

NEITHER SMITH BARNEY NOR BEAR STEARNS HAVE CHANGED THEIR BUY
RECOMMENDATIONS ON THE STOCK SMITH BARNEY'S MR ADER SAYS IT'S STILL CHEAP
DESPITE HIS SHAVING OF HIS FIRSTQUARTER ESTIMATE TO 15 CENTS A SHARE FROM
35 CENTS THE STOCK TRADES AT AROUND 20 TIMES HIS NEW 1994 EARNINGS ESTIMATE
OF 150 LOWERED FROM 175

REVENUE AT MGM GRAND ISN'T A PROBLEM MR ADER NOW EXPECTS FIRSTQUARTER
REVENUE OF AROUND 166 MILLION AHEAD OF HIS EARLIER EXPECTATIONS THAT'S
ABOUT 2 MILLION A DAY THANKS IN PART TO AN AVERAGE 8000 VISITORS TO ITS
THEME PARK ON SATURDAYS SINCE OPENING DAY DEC 18

BUT THIS IS MGM'S FIRST PLUNGE INTO THE SOMETIMES PERILOUS THEMEPARK
BUSINESS AND IT'S UNCLEAR IF ATTENDANCE CAN STAY SO STRONG EVEN MORE
IMPORTANT FOR MGM GRAND IS BRINGING DOWN EXPENSES SMALL CHANGES IN COSTS
MAKE A BIG DIFFERENCE IN THE BOTTOM LINE

NO ONE HAS EVER TRIED A PROJECT OF THIS MAGNITUDE BEFORE SAYS MR
EISENBERG AS A RESULT PAST RULESOFTHUMB MAY NOT APPLY ONE RULE THAT
STILL DOES FIT MGM GRAND AND OTHER CASINOS EXPENSES ARE FIXED AS A
RESULT MR EISENBERG LOOKS FOR A FIRSTQUARTER OPERATINGPROFIT MARGIN OF
26 OR 27 RATHER THAN THE 28 OR 29 HE HAD HOPED FOR

IN HIS VIEW TOO MUCH OF MGM'S PROFIT IS BEING EATEN AWAY BY EXPENSES SAYS
MR EISENBERG THE STREET WILL NEED EVIDENCE OF A CHANGE IN THAT BEFORE IT
GETS DAZZLED BY MGM AGAIN 9403110157 940311 TECHNOLOGY GENELABS WINS
EUROPEAN PATENT

REDWOOD CITY CALIF GENELABS TECHNOLOGIES INC SAID THE EUROPEAN PATENT
OFFICE APPROVED ITS PATENT APPLICATION COVERING TCELL LEUKEMIA VIRUS
PEPTIDE TECHNOLOGY WHICH IS USED IN THE COMPANY'S DIAGNOSTIC HUMAN TCELL
LYMPHOTROPIC VIRUS BLOODSCREENING TESTS HTLVI AND HTLVII CAUSE IMMUNE
DISORDERS AND CERTAIN CANCERS

THE TECHNOLOGY HAS ALSO BEEN PATENTED IN THE US AND AUSTRALIA BOTH TESTS
ARE SOLD WORLDWIDE IN NASDAQ STOCK MARKET TRADING GENELABS STOCK CLOSED
UNCHANGED AT 3125 9403110156 940311 WHO'S NEWS HOME HOLDINGS INC

HOME HOLDINGS INC NEW YORK LARSARNE LUNDHOLM 49 YEARS OLD WAS NAMED
SENIOR VICE PRESIDENT INTERNAL AUDIT THIS IS A NEWLY CREATED POSITION AT
THIS COMMERICAL PROPERTY AND CASUALTY INSURER MR LUNDHOLM WAS FORMERLY
VICE PRESIDENT AND CONTROLLER AT THE COMPANY 9403110155 940311 FINANCING
BUSINESS EATON CORP

EATON CORP SAID IT ENTERED AN UNDERWRITING AGREEMENT LINKED TO ITS
PREVIOUSLY ANNOUNCED PUBLIC OFFERING OF 35 MILLION SHARES PRICE PER SHARE
WAS SET AT 5850 EATON A MAKER OF VEHICLE POWER TRAIN PARTS AND CONTROLS
FOR INDUSTRIES INCLUDING TRANSPORTATION SAID THE LEAD UNDERWRITER FOR THE
US TRANCHE OF 28 MILLION SHARES IS CS FIRST BOSTON GROUP INC LEAD
UNDERWRITER FOR THE INTERNATIONAL PORTION OF 700000 SHARES IS ALSO CS FIRST
BOSTON THE CLEVELAND COMPANY GRANTED UNDERWRITERS AN ADDITIONAL 525000
SHARES TO COVER OVERALLOTMENTS THE COMPANY SAID PROCEEDS WILL BE USED TO
REPAY A PORTION OF THE DEBT ISSUED TO FINANCE ITS ACQUISITION OF
WESTINGHOUSE ELECTRIC CORP'S DISTRIBUTION AND CONTROLS UNIT ON DEC 31
EATON HAD 713 MILLION COMMON SHARES OUTSTANDING 9403110154 940311 MURDER
CHARGE IS DROPPED IN CASE OF 12YEAROLD GIRL

CINCINNATI AP AUTHORITIES MADE A TERRIBLE MISTAKE IN FILING A MURDER
CHARGE AGAINST A 12YEAROLD GIRL WHO CONFESSED TO KILLING HER TODDLER
COUSIN IN 1984 A PROSECUTOR SAID

HAMILTON COUNTY PROSECUTOR JOSEPH DETERS SAID HIS OFFICE WON'T PURSUE THE
CHARGE OF JUVENILE DELINQUENCY FOR COMMITTING MURDER HE EXPECTED A JUVENILE
COURT JUDGE TO DISMISS THE CHARGE AT A HEARING TODAY 

THE GIRL WAS THREE WHEN HER 10MONTHOLD COUSIN DROWNED IN A BUCKET OF
BLEACH AND WATER IN THEIR CINCINNATI APARTMENT THE DEATH HAD BEEN RULED
ACCIDENTAL

LAST MONTH THE GIRL TOLD POLICE SHE KILLED THE BOY

I CONSIDER IT A TERRIBLE MISTAKE TO HAVE CHARGED HER MR DETERS SAID WE
COULD NOT PROCEED CRIMINALLY ON ANY BASIS AGAINST SOMEBODY WHO WAS THREE
YEARS OLD AT THE TIME  IT WAS A STUPID THING TO DO

THE CASE WAS THE SUBJECT OF A RECENT PAGE ONE ARTICLE IN THE WALL STREET
JOURNAL 9403110152 940311 SUNSHINE MINING RIGHTS OFFERING

BOISE IDAHO SUNSHINE MINING CO SAID IT CONCLUDED A RIGHTS OFFERING WITH
ALL 101 MILLION RIGHTS AVAILABLE BEING EXERCISED AT A PRICE OF 312
PROCEEDS OF 31 MILLION WILL BE USED TO COMPLETE NEW BUSINESS
OPPORTUNITIES THE COMPANY SAID 9403110151 940311 DOMTAR DIVISION TO
MERGE

MONTREAL DOMTAR INC SAID IT AGREED IN PRINCIPLE TO MERGE ITS
MERCHANTDISTRIBUTION DIVISION WHICH SOLD ABOUT 150 MILLION CANADIAN
DOLLARS US111 MILLION OF PAPER LAST YEAR WITH CLOSELY HELD WWF PAPER
CORP BALA CYNWYD PA

DOMTAR SAID IT WILL OWN 25 OF THE MERGED PAPERDISTRIBUTION CONCERN WHICH
WILL HAVE SALES OF ABOUT 800 MILLION

DOMTAR IS A FORESTPRODUCTS AND CONSTRUCTIONMATERIALS CONCERN ITS MERCHANT
DIVISION OPERATES WAREHOUSES IN CANADA AND HANDLES PAPER SALES OTHER THAN
THOSE MADE DIRECTLY FROM THE COMPANY'S MILLS 9403110150 940311 FEARS OF
INFLATION ARE CALLED OVERBLOWN  ANALYSTS SAY BONDS OVERREACTED TO
PURCHASING INDEX  BY NEELA BANERJEE STAFF REPORTER OF THE WALL
STREET JOURNAL

AT THE FIRST WHIFF OF INFLATION IN A BIG SURVEY OF PURCHASING MANAGERS LAST
WEEK THE BOND MARKET PROMPTLY PLUNGED IT'S THE KIND OF REACTION NORMALLY
RESERVED FOR CHANGES IN THE CONSUMER PRICE INDEX

ECONOMISTS SAY ALL THE FUROR WAS MISPLACED THE PURCHASING MANAGERS' PRICE
INDEX IS NO CONSUMER PRICE INDEX IN THEIR VIEW

IN FACT ONE ECONOMIST'S REPORT POINTS OUT THAT THE PURCHASING INDEX SELDOM
EVEN MIRRORS THE CONSUMER PRICE INDEX ACCORDING TO A MERRILL LYNCH & CO
REPORT CORE INFLATION FELL TO 27 FROM 32 FROM SEPTEMBER 1993 TO
FEBRUARY 1994 DURING THE SAME PERIOD THE PURCHASING MANAGERS' PRICE INDEX
SHOT UP TO 67 FROM 474 SPIKES IN THE NAPM NATIONAL ASSOCIATION OF
PURCHASING MANAGEMENT SERIES BEAR LITTLE RESEMBLANCE TO UNDERLYING
INFLATION THE REPORT CONCLUDES INFLATION FEARS ARE OVERBLOWN

THE SURVEY CALLED THE NATIONAL ASSOCIATION OF PURCHASING MANAGEMENT REPORT
ON BUSINESS ASKS PURCHASING EXECUTIVES AT 300 MANUFACTURERS TO REPORT ON
EIGHT AREAS OF BUSINESS INCLUDING EMPLOYMENT PRODUCTION INVENTORIES AND
PRICES WHILE ECONOMISTS HAVE LONG FOLLOWED THE 40YEAROLD PURCHASING
MANAGERS' SURVEY AS AN INDICATOR OF TRENDS IN DOMESTIC MANUFACTURING IT'S
ONLY BEEN DURING THE LAST YEAR THAT THE SURVEY'S PRICE INDEX HAS CAUGHT THE
EYE OF MARKETS NERVOUS ABOUT INFLATION

IN ITS MONTHLY SURVEY RELEASED MARCH 1 THE PURCHASING MANAGERS' PRICE INDEX
FOR FEBRUARY ROSE TO 67 FROM 598 IN JANUARY THE HIGHEST READING SINCE
OCTOBER 1990 THE MARKET APPARENTLY BELIEVED THAT THE RISE SIGNALED A
RESURGENCE OF INFLATION THAT WOULD DRIVE UP INTEREST RATES AND DEPRESS
PRICES OF FIXEDINCOME DEBT SECURITIES BOND PRICES PLUNGED 15 POINTS OR
15 FOR A BOND WITH A 1000 FACE VALUE

MANY ECONOMISTS' CONTEND HOWEVER THAT THE PURCHASING MANAGERS' INDEX
DOESN'T REFLECT OVERALL INFLATION AT ALL BUT RATHER ONLY PRICE INCREASES IN
A SMALL PART OF THE ECONOMY

THE PURCHASING MANAGERS' PRICE INDEX HAS NO RELATION TO ANY OTHER KNOWN
INFLATION INDICATOR SAYS DAVID WYSS RESEARCH DIRECTOR AT DRI/MCGRAWHILL

THE PROBLEM IS THAT THE SURVEY'S RESPONDENTS BUY MOSTLY COMMODITIES WHILE
COMMODITY PRICES ARE IN FACT WATCHED CLOSELY FOR SIGNS OF FUTURE INFLATION
THEY ARE PARTICULARLY PRONE TO SUDDEN RADICAL PRICE SHIFTS AND SO AREN'T A
RELIABLE INDICATOR OF IMMINENT INFLATION IN FINISHED GOODS AND SERVICES
WHAT'S MORE BIG CHUNKS OF THE ECONOMY LIKE RETAIL AND FINANCE ARE NOT
INCLUDED IN THE SURVEY

THE PURCHASING MANAGERS' SURVEY MOREOVER DOESN'T ASK RESPONDENTS WHETHER
THEY PASS ON THE INCREASED COSTS TO THEIR OWN CUSTOMERS AND THERE'S A GOOD
CHANCE THEY WON'T FOR THE SHORT TERM PRICE INCREASES FOR RAW MATERIALS MAY
BE OFFSET IN PRODUCTIVITY GAINS AND INCREASES MAY NOT BE PASSED ON SAYS
ROBERT BRETZ CHAIRMAN OF THE BUSINESS SURVEY AND THE CORPORATE PURCHASER AT
PITNEY BOWES INC

THE SURVEY IS A VERY GOOD INDICATOR OF INFLATION AT THE LOADING DOCKS BUT
NOT FOR LOTS OF GOODS AND SERVICES AND NOT FOR LABOR COSTS SAYS ED
YARDENI CHIEF ECONOMIST AT CJ LAWRENCE I'M NOT SURE IF PEOPLE RECOGNIZE
SOME OF ITS DRAWBACKS

ECONOMISTS ALSO POINT OUT THAT THE SURVEY DOESN'T ACTUALLY SAMPLE PRICES
INSTEAD RESPONDENTS ARE ASKED IF PRICES ARE HIGHER THE SAME OR LOWER THAN
LAST MONTH IN FEBRUARY 28 OF RESPONDENTS SAID PRICES INCREASED 6 SAID
PRICES DECREASED AND 66 SAID THEY REMAINED THE SAME IN OTHER WORDS
INFLATION AT MOST LOADING DOCKS IS ZERO SAYS MR YARDENI

SO WHY THE SUDDEN RECENT IMPACT

THANK THE FEDERAL RESERVE BOARD ECONOMISTS SAY RECENT STATEMENTS BY FED
GOVERNORS THAT THEY NEITHER DISCOUNT NOR FOCUS ON ANY PARTICULAR INDICATORS
HAVE LEFT TRADERS GROPING FOR CLUES TO FUTURE FED ACTIONS THE MARKET IS
LOOKING FOR ANY SCRAP OF INFLATION INFORMATION BECAUSE THE FED SAID IT WOULD
DO SO SAYS DONALD H STRASZHEIM CHIEF ECONOMIST AT MERRILL LYNCH

THE PRICE INDEX IS THE DATA DU JOUR SAYS DRI'S MR WYSS

MOREOVER BOND TRADERS PAINT A PICTURE OF A BOND MARKET ON A HAIR TRIGGER AS
IT GRAPPLES WITH RISING INTEREST RATES AND FEARS OF A BULL MARKET TURNING
BEARISH THE INDEX WAS YET ANOTHER REASON TO SELL SAYS PETER HIRSCH HEAD
TRADER AT SALOMON BROTHERS INC IT WAS THE FINAL STRAW ON TOP OF MANY
STRAWS ALREADY ON THE MARKET'S BACK 9403110149 940311 DANSKIN SLATES
EXPANSION

NEW YORK DANSKIN INC SAID IT PLANS TO OPEN ITS FIRST RETAIL STORES HERE
AND IN SOUTH MIAMI BEACH FLA FOR ITS ACTIVE WEAR AND DANCE WEAR PRODUCTS
9403110148 940311 NETHERLANDS' SOFT POLICY ON DRUGS MAY HARDEN AS PUBLIC
COMPLAINS ABOUT JUNKIE CRIMINALS  BY CHARLES GOLDSMITH STAFF
REPORTER OF THE WALL STREET JOURNAL

AMSTERDAM HUDDLED FOR WARMTH IN A SMOKY CANALSIDE SHELTER FOR DRUG
ADDICTS ROGER A HEROIN USER SINCE 1979 SAYS HE LIVED A LIFE OF CRIME HERE
FOR YEARS WITHOUT MUCH WORRY ABOUT CHANGING EITHER OF HIS DANGEROUS HABITS

IT'D BE MOSTLY STEALING STUFF FROM CARS OR ROBBING SHOPS SAYS THE
33YEAROLD HOMELESS MAN WHO FINALLY WAS JAILED LAST YEAR IN BELGIUM 
FOR ROBBERY HERE THEY CAN CATCH YOU LOTS OF TIMES WITHOUT TAKING YOU TO
COURT AND A LOT OF THE COPS WILL GIVE YOUR DOPE BACK TO YOU BECAUSE THEY
KNOW IF THEY TAKE IT YOU'LL JUST HAVE TO DO ANOTHER ROBBERY TO BUY SOME
MORE

ADDS ANOTHER CAVALIER JUNKIE IF YOU TAKE A CAMERA FROM A TOURIST THE
POLICE MIGHT HOLD YOU FOR TWO HOURS

THE NETHERLANDS HAS LONG BEEN KNOWN FOR ITS LIBERAL DRUG POLICIES BUT THOSE
DAYS APPEAR TO BE FADING FAST FACED WITH PUBLIC DISGUST AT HOME OVER
SOARING DRUGRELATED CRIME AND PRESSURE FROM OTHER EUROPEAN UNION COUNTRIES
TO STRENGTHEN DRUG LAWS DUTCH AUTHORITIES ARE IMPLEMENTING AN AGGRESSIVE
PROGRAM TO REDUCE DRUGLINKED CRIMES AND DISTURBANCES AND SHOW NEW TEETH IN
COMBATING ILLEGAL DRUG SALES

FOR JUNKIE CRIMINALS THE GOVERNMENT PLANS TO OFFER A STARK CHOICE COMPLETE
A RIGID DRUGTREATMENT PROGRAM OF AS LONG AS THREE MONTHS OR GO TO JAIL FOR
CRIMES LIKE PETTY THEFT THAT OFTEN HAVE GONE UNPUNISHED OTHER RECENT
MEASURES INCLUDE LEGISLATION TO ALLOW POLICE TO SEIZE THE PROFITS FROM DRUG
DEALING AND A LAW MAKING IT EASIER FOR AUTHORITIES TO CHARGE CRIMINALS FOR
PREPARATORY ACTS BEFORE A CRIME JUST LAST WEEK THE GOVERNMENT ANNOUNCED A
PROGRAM TO FACILITATE POLICE TAPPING MOBILE PHONES TO REDUCE DRUG
TRAFFICKING FROM AUTOMOBILES THE PARLIAMENT IS EXPECTED THIS WEEK TO DEBATE
A PROPOSAL TO WIDEN THE USE OF BUGS IN HOTELS OR OTHER PLACES WHERE
TRAFFICKING MIGHT TAKE PLACE

IN AMSTERDAM BEEFEDUP POLICE PATROLS ARE ENFORCING TOUGHER LOITERING LAWS
AND WITH EU BORDER CONTROLS LARGELY DISMANTLED THE GOVERNMENT IS LOOKING AT
WAYS TO CLAMP DOWN ON DRUG TOURISM AMONG YOUNG PEOPLE LURED TO THE LAND OF
WINDMILLS AND TULIPS BY ITS FAMOUS SOFTDRUG COFFEE SHOPS THE GOVERNMENT
ESTIMATES THAT AS MANY AS 1000 FOREIGNERS A DAY VISIT MAASTRICHT FAMOUS AS
WHERE THE EUROPEAN UNION TREATY WAS SIGNED IN 1991 BUT ALSO JUST OVER THE
BORDER FROM GERMANY AND BELGIUM

PEOPLE ARE ABSOLUTELY FED UP WITH ALL THE TROUBLES CAUSED BY DRUG ADDICTS
 CAR WINDOWS BROKEN NOISE WHOLE STREETS ALMOST GIVEN UP TO THE DRUG
PROBLEM SAYS EBERHARD VAN DER LAAN LEADER OF THE SOCIAL DEMOCRATS THE
MAJOR LEFTLEANING PARTY IN THE AMSTERDAM CITY COUNCIL

YET WHILE POLITICIANS SEEM CONVINCED THAT A HARSHER APPROACH TO DRUGS IS A
VOTE WINNER IN COMING NATIONAL ELECTIONS OTHERS URGE CAUTION
DRUGREHABILITATION PROFESSIONALS ARE DIVIDED OVER WHETHER PUSHING ADDICTS
INTO TREATMENT IS EFFECTIVE WITHOUT PERSONAL MOTIVATION AND THERE'S
GRUMBLING FROM ACTIVISTS WHO FAVOR A LIBERAL APPROACH AND SOME
LAWENFORCEMENT AUTHORITIES THAT THE NETHERLANDS RISKS BEING RAILROADED BY
MORE CONSERVATIVE EU PARTNERS INTO CHANGING POLICY WHILE OFFICIALS INSIST
THE COUNTRY WON'T CHANGE ITS BASIC DOCTRINE THAT DRUG ADDICTION IS A
SICKNESS AND NOT A CRIME CRITICS SAY THE GETTOUGH APPROACH BLURS THE
DISTINCTION

WE HAVE ONE EUROPE BUT WE DO NOT HAVE ONE DRUG POLICY SAYS THE REV HANS
VISSER OF THE PAULIST CHURCH IN DOWNTOWN ROTTERDAM WHICH RUNS PROGRAMS FOR
DRUG ADDICTS SO WHAT'S HAPPENING FRANCE IS SAYING THAT HOLLAND IS TOO
LIBERAL THE SOURCE OF DRUGS IN EUROPE AND WE SHOULD CHANGE OUR POLICY
I THINK THAT'S NOT THE CASE IT'S BETTER FOR FRANCE TO ADOPT THE
NETHERLANDS' POLICY AND HELP THE DRUG USERS IN EUROPE

IN JUNKIE MECCAS SUCH AS AMSTERDAM'S REDLIGHT DISTRICT AND ROTTERDAM'S
PLATFORM ZERO OUTSIDE THE MAIN TRAIN STATION ADDICTS ARE AWARE OF THE
CHANGING ATTITUDE OF THE GOVERNMENT AND THE PUBLIC BUT THERE APPEARS TO BE
NO WIDESPREAD FEAR OF THE CRACKDOWN AND ADDICTS ARE SPLIT ON WHETHER TO
CHOOSE JAIL OR TREATMENT IF ARRESTED FOR DRUGLINKED CRIMES

I'D RATHER GO TO JAIL SAYS SKIP OF ROTTERDAM WHO SERVED A THREEYEAR
PRISON TERM FOR STABBING A MAN IN THE NECK HE PULLED A KNIFE BUT I PULLED
MINE FASTER IN A DISPUTE OVER STOLEN GOODS I WAS IN ONE OF THOSE
TREATMENT CENTERS FOR A WEEK AND IT TICKED ME OFF THE PROBLEM WITH THOSE
PLACES IS THAT THEY TRY TO BREAK YOU DOWN COMPLETELY AND BUILD UP A NEW
PERSONALITY I FEEL I HAVE MORE FREEDOM IN JAIL

SAYS GIDELES WHO CLAIMS TO SUPPORT A 150 GUILDER 78 DAILY COCAINE AND
HEROIN HABIT PLAYING THE FLUTE FOR MONEY ON STREET CORNERS I'D CHOOSE THE
TREATMENT PROGRAM BUT THREE MONTHS ISN'T ENOUGH PHYSICALLY IT MIGHT ONLY
TAKE A WEEK TO KICK OFF' MSTREET TALK FOR QUITTING DRUGS BUT YOU'RE STILL
BUSY IN THE HEAD WITH HEROIN THAT CAN TAKE YEARS

THE NETHERLANDS HAS AN ESTIMATED 15000 TO 20000 HEROIN OR COCAINE ADDICTS
WITH MORE THAN HALF OF THEM IN AMSTERDAM 7000 AND ROTTERDAM
30004500 ALTHOUGH THE GOVERNMENT FOR SEVERAL YEARS HAS SOUGHT A
TREATMENTORJAIL POLICY THERE HAS BEEN A SHORTAGE OF BEDS IN TREATMENT
CENTERS THE NEW CAMPAIGN CALLS FOR THE 1200BED CAPACITY TO BE NEARLY
DOUBLED AT A COST ESTIMATED AT SOME 60 MILLION GUILDERS 313 MILLION THE
PLAN WILL BE DISCUSSED BY PARLIAMENT IN THE NEXT FEW MONTHS AFTER YEARS AT
ONE LEVEL THE GOVERNMENT PLANS TO BOOST THE NUMBER OF JAIL CELLS TO 11835
IN 1995 FROM 7838 LAST YEAR

THE PLAN GETS ATTENTION BECAUSE IT STRESSES THE NEED TO BE STRICTER WITH
THE CRIMINAL ELEMENT SAYS A DUTCH GOVERNMENT OFFICIAL WHO DECLINED TO BE
IDENTIFIED THE SOCIAL DEMOCRATS HAVE ALWAYS EMPHASIZED THE SOFTER SIDE OF
DRUG POLICY AND THIS CLEARLY MARKS A SHIFT TO THE OTHER SIDE THE SOCIAL
DEMOCRATS WITH 48 SEATS IN THE 150SEAT PARLIAMENT ARE THE JUNIOR
COALITION PARTNERS TO THE CHRISTIAN DEMOCRATS WITH 54 SEATS BUT WITH A
CENTER PARTY CALLED DEMOCRAT 66 MAKING A STRONG SHOWING IN OPINION POLLS
POLITICAL ANALYSTS SAY THE SOCIAL DEMOCRATS SEEK TO MOVE TO THE RIGHT ON
LAWANDORDER ISSUES WITH PARLIAMENTARY ELECTIONS MAY 2

IN LOCAL ELECTIONS LAST WEEK DEMOCRAT 66 AND A RIGHTWING OPPOSITION PARTY
MADE A STRONG SHOWING AT THE EXPENSE OF THE GOVERNMENTCOALITION PARTIES
AND WITH CRIME A MAJOR ISSUE IN SOME CONTESTS THE EXTREME RIGHT DID WELL IN
THE BIG CITIES

NATIONWIDE THE NUMBER OF REPORTED CRIMES SOARED TO 13 MILLION IN 1992 FROM
812000 IN 1981 WITH MOST OF THE INCREASE STEMMING FROM PROPERTY CRIMES
GUNRELATED DEATHS MANY LINKED TO DRUG DISPUTES ROSE TO 104 IN 1992
FROM 47 IN 1985 WITH THE NUMBER WOUNDED BY GUNS UP TO 212 FROM 87 DURING
THE SAME PERIOD

YET THE GOVERNMENT'S NEW TREATMENTORJAIL APPROACH HAS DRAWN A TEPID
RESPONSE FROM DRUGREHABILITATION EXPERTS WHILE WELCOMING PLANS TO BOOST
THE NUMBER OF PLACES IN RESIDENTIAL CLINICS THEY EMPHASIZE THAT ANY
EFFECTIVE PROGRAM MUST BE BASED ON STRONG PERSUASION RATHER THAN COMPULSION
 AND BE LINKED TO FOLLOWUP FOR JOBS AND HOUSING AND THEY FEAR THE
HIGHPROFILE PLAN MAY DISTORT THE SEVERITY OF DRUGRELATED CRIME

THERE'S A RISK THAT PEOPLE WILL GET THE IMPRESSION THAT ALL CRIMINALITY IS
DONE BY DRUG ADDICTS SAYS MARTIN HUKSLA THE UTRECHTBASED DIRECTOR OF THE
DUTCH UNION OF ADDICTION CENTERS

FRANS LEENDERS DIRECTOR OF ROTTERDAM'S BOUMAN HOUSE SUBSTANCEABUSE CLINIC
SAYS DRUG CRIME IS EASY PREY FOR POLITICIANS AND HAS DEVELOPED INTO KIND
OF A HYSTERICAL ISSUE BUT HE DISCOUNTS THE PROBLEM'S SCOPE ONLY 4000 TO
5000 DRUG ADDICTS ARE REALLY ACTIVE IN CRIMINALITY HE SAYS IT'S A VERY
CONCENTRATED PROBLEM AND VERY VISIBLE BECAUSE IT'S IN THE CENTER OF THE
CITIES BUT IS IT REALLY THAT SERIOUS

IN AMSTERDAM OFFICIALS FEEL IT IS BECAUSE THE CITY'S DOWNTOWN PROSTITUTION
ZONE ALSO IS A POPULAR TOURIST AREA AUTHORITIES HAVE MOVED TO PREVENT DRUG
ADDICTS FROM CONGREGATING THERE ON NARROW STREETS AND PICTURESQUE CANAL
BRIDGES

THE CITY'S CRACKDOWN EXTENDS BEYOND HARDDRUG USE IN JANUARY AN ORDINANCE
TOOK EFFECT TO REQUIRE LICENSES FOR THE COFFEE SHOPS THAT OPENLY SELL
HASHISH AND MARIJUANA CONSIDERED SOFT DRUGS AND THE COUNTRY'S HEALTH
SECRETARY RECENTLY SUGGESTED A SIMILAR LAW TO CONTROL THE ESTIMATED 1500
COFFEE SHOPS NATIONWIDE

ALTHOUGH POSSESSION OF SOFT DRUGS TECHNICALLY REMAINS A MISDEMEANOR IN THE
NETHERLANDS THE GOVERNMENT SINCE 1976 HAS PRACTICED A NONENFORCEMENT
POLICY FOR LESS THAN 30 GRAMS SINCE 1991 RULES ON COFFEE SHOPS HAVE BARRED
ADVERTISING SALES TO MINORS AND SALES OF HARD DRUGS SUCH AS COCAINE AND
HEROIN OR MORE THAN 30 GRAMS OF SOFT DRUGS

BUT THOSE REGULATIONS AREN'T STRICT ENOUGH FOR NEARBY COUNTRIES ESPECIALLY
FRANCE WHICH SEEK TO KEEP YOUNG PEOPLE FROM HOPPING THE BORDER FOR DRUGS
9403110147 940311 DSC GETS CONTRACT

DALLAS DSC COMMUNICATIONS CORP SAID IT HAD BEEN SELECTED BY MERCURY
COMMUNICATIONS LTD THE UNITED KINGDOM SUBSIDIARY OF CABLE & WIRELESS PLC
TO PROVIDE COMMUNICATIONS NETWORK PRODUCTS VALUED AT 25 MILLION IN THE
FIRST YEAR OF A MULTIYEAR AGREEMENT 9403110146 940311 HAGGAR TO BUILD
FACILITY

DALLAS HAGGAR CORP SAID IT WOULD BUILD A 30 MILLION STORAGE AND
DISTRIBUTION CENTER IN FORT WORTH TEXAS THE MEN'S APPAREL COMPANY SAID IT
WOULD CONSOLIDATE CURRENT OPERATIONS INTO THE FACILITY WHEN IT'S COMPLETED
NEXT YEAR 9403110145 940311 ECONOMY  HOST DETROIT'S MESSAGE TO JOBS
SUMMIT HOW ABOUT SENDING A FEW THIS WAY  BY ROBERT L SIMISON 
STAFF REPORTER OF THE WALL STREET JOURNAL

DETROIT WHEN THE GROUP OF SEVEN JOBS SUMMIT OPENS HERE MONDAY CLINTON
ADMINISTRATION OFFICIALS ARE LIKELY TO PORTRAY DETROIT'S MOST FAMOUS
INDUSTRY AS AN EXAMPLE OF SUCCESSFUL REVITALIZATION

BUT DESPITE THE AUTO INDUSTRY'S RECENT STRONG COMEBACK DETROIT'S NEW MAYOR
DENNIS ARCHER KNOWS THIS IS STILL ONE OF THE SICKEST US MUNICIPAL
ECONOMIES THERE IS NO BIGGER TURNAROUND TASK IN THE COUNTRY THAN THIS
ONE SAYS JAY ALIX A CORPORATE TURNAROUND EXPERT WHO IS HELPING WITH THE
MAYOR'S FINANCIAL OVERHAUL SOLVING A CRIME PROBLEM AND SOCIAL ILLS IS NOT
NECESSARILY CONSISTENT WITH CUTTING COSTS

A COUPLE OF SOBERING STATISTICS TELL IT ALL ONETHIRD OF DETROIT'S ONE
MILLION RESIDENTS LIVE BELOW THE POVERTY LINE THE HIGHEST SUCH RATIO FOR A
BIG U S CITY THE 115000 UNEMPLOYED GIVE THIS CITY A JOBLESS RATE NEARLY
TWICE THE NATIONAL AVERAGE OF 65

NONETHELESS THE TWOMONTHOLD ARCHER ADMINISTRATION PLANS TO GREET VISITORS
NEXT WEEK WITH AN AUDACIOUS BROCHURE ENTITLED DOING BUSINESS IN DETROIT AN
INVITATION TO PARTICIPATE IN ONE OF THE BIGGEST URBAN COMEBACKS IN US
HISTORY

WHAT WILL IT TAKE TO TURN AROUND DETROIT IN AN INTERVIEW MAYOR ARCHER
OUTLINES A NUTSANDBOLTS STRATEGY FOR MAKING IT HAPPEN IT STARTS WITH
DEMONSTRATING THAT WE CAN DO THE BASICS LIKE PICK UP THE GARBAGE ON TIME
AND OFFER SAFETY AND SECURITY ON THE STREETS HE SAYS ECHOING HIS MAJOR
CAMPAIGN THEMES

IT ALSO INVOLVES MAKING DETROIT USERFRIENDLY FOR BUSINESSES BY CUTTING RED
TAPE AND ENCOURAGING EMPLOYERS TO PUT SOME OF THE CITY'S VAST TRACTS OF
VACANT LAND AND ABANDONED BUILDINGS TO USE THE MAYOR ADDS AND IT REQUIRES
AN OVERHAUL OF CITY OPERATIONS AND FINANCES TO REVERSE AN 88 MILLION BUDGET
DEFICIT FOR THIS YEAR

WHILE THERE IS NO CLEAR PRESCRIPTION FOR REBUILDING AN URBAN ECONOMY AS
SADLY RAVAGED AS DETROIT'S URBAN ECONOMICS EXPERTS SAY MR ARCHER'S
APPROACH HAS AS GOOD A CHANCE OF SUCCESS AS ANY IT SOUNDS LIKE A
REASONABLE STRATEGY FOR A NEW URBAN MAYOR SAYS HARRY HATRY THE DIRECTOR
OF STATE AND LOCAL GOVERNMENT PROGRAMS FOR THE URBAN INSTITUTE

MAYOR ARCHER'S EFFORTS COME AFTER DECADES OF FAILED ATTEMPTS TO REVITALIZE
DETROIT AND CLEARLY THERE ISN'T ANY GUARANTEE THAT HE WILL BE ANY MORE
SUCCESSFUL FORMER MAYOR COLEMAN YOUNG TENDED TO FAVOR BIG BRICKSANDMORTAR
PROJECTS BUT CONSTRUCTION OF THE HUGE FORTRESSLIKE RENAISSANCE CENTER
COMPLEX ON THE DETROIT RIVERFRONT AND LATER OF A 200 MILLIONPLUS
ELEVATED PEOPLE MOVER TRANSIT LOOP FAILED TO HALT THE DECLINE OF DOWNTOWN
AND PRIVATE REDEVELOPMENT INITIATIVES SUCH AS THE RIVERFRONT PLACE
APARTMENTANDHOTEL COMPLEX IN AN OLD FACTORY COMPOUND HAVE CAUSED BARELY AN
ECONOMIC RIPPLE

NONETHELESS MAYOR ARCHER HAS ALREADY PLUNGED IN WHEN HE TOOK OFFICE IN
EARLY JANUARY WE WERE THREE WEEKS TO A MONTH BEHIND IN COLLECTING
GARBAGE HE SAYS NOW COLLECTIONS ARE BACK ON SCHEDULE EVEN THOUGH THE
CREWS ALSO REMOVE SNOW THE MAYOR PREDICTS COLLECTION WILL BE ACCELERATED TO
ONCE EVERY 10 DAYS BY MAY AND TO WEEKLY PICKUPS BY JUNE

AT THE SAME TIME MAYOR ARCHER AND HIS NEW POLICE CHIEF MOVED 303 OFFICERS
FROM ADMINISTRATIVE TASKS TO ACTIVE POLICE WORK WHEREAS THE PREVIOUS
ADMINISTRATION HAD CUT BACK ON SPECIAL GROUPS AIMED AT CRIME PREVENTION
GANG VIOLENCE AND NARCOTICS MAYOR ARCHER IS REFOCUSING RESOURCES ON THOSE
PROBLEMS HE SAYS OTHER PRIORITIES INCLUDE PROTECTING SCHOOLCHILDREN FROM
GANGS AND MAKING THE BUSES SAFE

HIS OTHER THRUST REQUIRES AN OVERHAUL OF THE CITY'S IMAGE WITH BUSINESS
THE CITY OF DETROIT WAS NOT KNOWN FOR HAVING A PROBUSINESS ATTITUDE THE
MAYOR CONCEDES INDEED THE 20YEAR ADMINISTRATION OF MAYOR YOUNG WAS KNOWN
FOR OUTRIGHT HOSTILITY

MAYOR ARCHER GAVE A TASK FORCE 120 DAYS TO RECOMMEND WAYS TO CUT RED TAPE
TO MAKE THINGS EASIER FOR BUSINESSES HE SAYS WE ARE EMBRACING TOTAL
QUALITY MANAGEMENT FOR CITY OF DETROIT EMPLOYEES TO GET THEM TO LISTEN AND
BETTER SERVE OUR CUSTOMERS

THE ECONOMICDEVELOPMENT DEPARTMENT IS PUSHING FOR ONESTOP SHOPPING FOR
PERMITS AND REGULATORY CLEARANCES AND IT VOWS TO SOLVE BUSINESS PROBLEMS
WITHIN 72 HOURS AND TO GO TO BAT FOR EMPLOYERS

WHAT DOES DETROIT HAVE TO OFFER POTENTIAL NEW EMPLOYERS LAND THE MAYOR
SAYS FROM 1980 AND 1990 THE CITY LOST 61000 HOUSING UNITS AS FLIGHT TO
THE SUBURBS CONTINUED NOW THERE ARE HUGE STRETCHES OF LAND AVAILABLE TO BE
DEVELOPED TO MAYOR ARCHER THOUGH THIS IS AN ENTREPRENEUR'S DREAM MOST
OF THE AVAILABLE LAND IS 90 FREE OF ENVIRONMENTAL PROBLEMS BECAUSE IT HAS
BEEN RESIDENTIAL

CONSERVATIVE ECONOMISTS POINT OUT THAT THE CITY'S INCOME TAX ON INDIVIDUALS
AND BUSINESSES TOGETHER WITH OTHER FEES AND LEVIES WOULD TEND TO DISCOURAGE
BUSINESS INVESTMENT ACCORDING TO THE LAWS OF ECONOMICS YOU CANNOT ATTRACT
OR RETAIN BUSINESS IF YOUR TAX RATES ARE SEVEN TO EIGHT TIMES THE AVERAGE OF
OTHER MUNICIPALITIES IN THE AREA SAYS DAVID LITTMANN THE SENIOR ECONOMIST
OF COMERICA BANK

MAYOR ARCHER'S ADVISERS ACKNOWLEDGE THAT TAXES IN THE CITY MAY BE HIGH BUT
ARGUE THAT THEY ARE JUST ONE ASPECT OF A COMPLICATED PROBLEM THE MAYOR
HIMSELF PUTS A HIGHER PRIORITY ON BALANCING THE BUDGET IN THE FISCAL YEAR
ENDING JUNE 30 THE CITY'S 1 BILLION GENERALFUND BUDGET IS EXPECTED TO
PLUNGE 88 MILLION INTO THE RED THAT COMES ON TOP OF ACCUMULATED DEFICITS
TOTALING 80 MILLION FOR WHICH THE CITY HAS ISSUED BONDS IF THE CITY
CONTINUED OPERATING AS IN THE PAST NEXT YEAR'S DEFICIT COULD COME TO A
FURTHER 50 MILLION TO 80 MILLION

MR ALIX THE TURNAROUND EXPERT IS HELPING FIGURE OUT HOW TO REFINANCE THE
OLD BONDS AND FINANCE THIS YEAR'S DEFICIT AN EFFORT MADE MORE DIFFICULT
BY A LOW CREDIT RATING OTHER GROUPS ARE TRYING TO RESTRUCTURE CITY
OPERATIONS CUT COSTS AND FIND WAYS TO BOOST REVENUES THESE EFFORTS INCLUDE
PRESSNG STATE AND FEDERAL AUTHORITIES FOR HELP MAYOR ARCHER IS PUSHING A
BID FOR ONE OF THE ADMINISTRATION'S 100 MILLION EMPOWERMENT ZONES
9403110144 940311 SUMITOMO CEMENT AND OSAKA CEMENT TO MERGE ON OCT 1
  SPECIAL TO THE WALL STREET JOURNAL

TOKYO JAPAN'S SUMITOMO CEMENT CO AND OSAKA CEMENT CO WILL MERGE ON OCT
1 TO FORM THE SECONDLARGEST CEMENT COMPANY IN JAPAN COMPANY OFFICIALS
ANNOUNCED THURSDAY

THE MERGER WILL VALUE ONE SHARE OF OSAKA CEMENT AT 075 SHARE OF SUMITOMO
CEMENT THEY SAID

THE ANNOUNCEMENT FOLLOWS REPORTS ABOUT THE MERGER PLANS EARLIER IN
THURSDAY'S TRADING SESSION THAT LED THE TOKYO STOCK EXCHANGE TO SUSPEND
TRADING IN BOTH ISSUES

COMPANY OFFICIALS SAID PRETAX PROFIT FOR THE MERGED COMPANY TO BE CALLED
SUMITOMO OSAKA CEMENT KK IS SEEN AT 52 BILLION YEN 491 MILLION
DURING THE FISCAL YEAR THAT ENDS MARCH 31 1996 OFF 23 FROM THE COMBINED
532 BILLION YEN SEEN FOR THE CURRENT FISCAL YEAR

SALES ARE ALSO EXPECTED TO DECLINE OVER THE NEXT TWO YEARS WITH THE
MERGER'S SALES SEEN AT 203 BILLION YEN IN THE YEAR ENDING MARCH 1996 THAT
FORECAST WOULD MARK A 39 DROP FROM THE COMBINED 21113 BILLION YEN SEEN
FOR THE COMPANIES THIS FISCAL YEAR 9403110143 940311 GM PLANNING TO BUILD
 ISUZU PICKUP TRUCK AT LOUISIANA FACILITY

DETROIT GENERAL MOTORS CORP SAID IT WILL BUILD A COMPACT PICKUP TRUCK
FOR ISUZU MOTORS LTD AT ITS ASSEMBLY PLANT IN SHREVEPORT LA

ISUZU EXPECTS TO SELL 25000 OF THE NEW TRUCKS A YEAR PRODUCTION IS TO
BEGIN WITH THE 1996 MODEL YEAR

THE NEW TRUCK IS ISUZU'S US REPLACEMENT FOR ITS TFSERIES PICKUP WHICH
ISUZU BUILDS AT A PLANT IN JAPAN AND AT ONE IN THE US AN ISUZU SPOKESMAN
SAID THE SUBARUISUZU AUTOMOTIVE ASSEMBLY PLANT IN LAFAYETTE IND A JOINT
VENTURE BETWEEN FUJI HEAVY INDUSTRIES' SUBARU AND ISUZU WILL SWITCH ITS
TRUCK PRODUCTION TO ALL SPORT UTILITY VEHICLES WHEN PRODUCTION OF THE
TFSERIES IS DISCONTINUED THERE

A GM SPOKESWOMAN SAID IT PLANS TO UTILIZE EXISTING CAPACITY AT THE LOUISIANA
FACILITY GM SAID IT DOESN'T PLAN TO INCREASE EMPLOYMENT AT THE PLANT OR
REDUCE PRODUCTION OF ITS GMC AND CHEVROLET COMPACT PICKUP TRUCKS CURRENTLY
BEING BUILT THERE

THIS IS THE SECOND TRUCK PROJECT BETWEEN GM AND ISUZU GM WHICH OWNS 375
OF ISUZU BEGAN BUILDING A MEDIUMDUTY TRUCK AT ITS ASSEMBLY PLANT IN
JANESVILLE WIS FOR ISUZU IN JANUARY

SEPARATELY SUBARUISUZU SAID IT STARTED THIS WEEK THE MODEL CHANGEOVER FOR
THE 1995 SUBARU LEGACY SEDAN

GM FORD MOTOR CO CHRYSLER CORP AND TOYOTA MOTOR CORP HAVE ALL SCHEDULED
OVERTIME THIS WEEK AT US CAR AND TRUCK ASSEMBLY PLANTS

ALTOGETHER THE US AUTO MAKERS SAID THEY PLAN TO BUILD 245374 CARS AND
TRUCKS THIS WEEK AN INCREASE OF 144 FROM THE 214447 VEHICLES BUILT IN
THE SAME WEEK LAST YEAR 9403110142 940311 INTERNATIONAL RUSSIA MOVES 
CLOSER TO ENDING COLLECTIVE FARMS  BY ADI IGNATIUS STAFF
REPORTER OF THE WALL STREET JOURNAL

NIZHNY NOVGOROD RUSSIA RUSSIA MOVED A GIANT STEP CLOSER TOWARD
DISMANTLING ITS INEFFICIENT COLLECTIVIZED SYSTEM OF FARMING

PRIME MINISTER VIKTOR CHERNOMYRDIN ANNOUNCED AT A CONFERENCE OF REGIONAL
LEADERS THAT HE WILL PROMOTE ON A NATIONAL SCALE A PILOT PROJECT IN NIZHNY
NOVGOROD AIMED AT BREAKING UP RUSSIA'S LARGELY UNREFORMED STATE FARMING
SECTOR

THIS PROGRAM SHOULD BECOME A NATIONAL PROGRAM FOR RUSSIA MR CHERNOMYRDIN
SAID DURING HIS FIRST VISIT TO NIZHNY NOVGOROD RUSSIA'S LEADING LABORATORY
FOR RADICAL ECONOMIC REFORM

MR CHERNOMYRDIN AGAIN CONFOUNDED CRITICS WHO VIEW HIM AS AN OBSTACLE TO
REFORM WHILE OFTEN THE CAUTIOUS TECHNOCRAT HE SAID RUSSIA'S GOAL IN
AGRICULTURE IS TO GIVE LAND A TRUE OWNER

IT IS A HISTORIC MOMENT SAID TONY DORAN OF THE INTERNATIONAL FINANCE
CORPORATION AN ARM OF THE WORLD BANK THAT IS HELPING TO ADMINISTER THE
PILOT PROGRAM

DESPITE SEVERAL YEARS OF REFORM RUSSIA'S AGRICULTURAL SECTOR FORCIBLY
COLLECTIVIZED BY JOSEPH STALIN HAS BARELY BEEN CHANGED STATE FARMS HAVE
REREGISTERED AS COOPERATIVES BUT THEY REMAIN HEAVILY CENTRALIZED AND
DEPENDENT ON STATE SUBSIDIES SMALLSCALE PRIVATELY OWNED FARMS MEANWHILE
HAVE BEGUN TO APPEAR BUT LACKING CAPITAL AND EQUIPMENT HAVE FARED POORLY

IN NIZHNY NOVGOROD THE REFORMMINDED REGIONAL GOVERNMENT HEADED BY BORIS
NEMTSOV HAS EXPERIMENTED WITH A NOVEL APPROACH IN FIVE PILOT FARMS IT HAS
HELPED TO OBLITERATE THE OLD SYSTEM COLLECTIVE FARMS ARE BEING DISMANTLED
ACRE BY ACRE TRACTOR BY TRACTOR FARMERS LIVING ON THE COLLECTIVES ARE
GIVEN ENTITLEMENT CERTIFICATES ENABLING THEM TO BUY LAND AND EQUIPMENT AT
AUCTION

MR CHERNOMYRDIN WAS ON HAND AS LEADERS OF EIGHT NEW PRIVATE FARMING
ASSOCIATIONS BID ON EQUIPMENT FROM THE NOWDEFUNCT SIXTY YEARS OF OCTOBER
COLLECTIVE FARM IN THE RURAL PART OF NIZHNY NOVGOROD PROVINCE DURING THE
SPIRITED AUCTION THEY SNAPPED UP THE FARM'S EXTENSIVE FLEET OF ZIL TRUCKS
AND TRACTORS

ALSO PLEDGING SUPPORT TO THE PROGRAM WAS ALEXANDER ZAVERYUKHA VICE PRIME
MINISTER IN CHARGE OF AGRICULTURE MR ZAVERYUKHA A FORMER COLLECTIVEFARM
BOSS HAD BEEN CRITICAL OF EARLIER RURAL PRIVATIZATION EFFORTS HIS
ENDORSEMENT GIVES THE PROGRAM AN IMPORTANT BOOST

IT ISN'T CLEAR HOW MR CHERNOMYRDIN PLANS TO PUSH THE PROGRAM ON A NATIONAL
SCALE ALL TOLD THERE ARE ABOUT 27000 COLLECTIVE FARMS IN RUSSIA THE
PRIME MINISTER SUGGESTED THAT HE MAY ASK PRESIDENT BORIS YELTSIN TO ISSUE A
DECREE CALLING FOR FARMS THAT WISH TO GO PRIVATE TO FOLLOW THIS MODEL THE
BIGGEST PROBLEM IS FINANCING PRIVATIZING THE FIVE PILOT FARMS IN NIZHNY
NOVGOROD HAS COST ABOUT 1 MILLION LARGELY RAISED FROM WESTERN SOURCES
9403110141 940311 SEC BARS EXTRADER AT FIDELITY INVESTMENTS FROM
BROKERAGE WORK

BOSTON THE SECURITIES AND EXCHANGE COMMISSION BARRED A FORMER STOCK
TRADER FOR FIDELITY INVESTMENTS FROM THE BROKERAGE BUSINESS

KENNETH L ANDERSON OF BROOKLINE MASS PLEADED GUILTY LAST YEAR TO 56
COUNTS OF SECURITIES FRAUD HE WAS SENTENCED TO FIVE MONTHS IN PRISON AND
ORDERED TO PAY RESTITUTION OF 83385 AND A 14000 FINE

MR ANDERSON COULD NOT BE REACHED FOR COMMENT

ACCORDING TO FEDERAL AUTHORITIES MR ANDERSON ASKED MARKET MAKERS TO ACCEPT
FICTITIOUS TRADES HE CLAIMED TO HAVE MADE IN A FRIEND'S ACCOUNT AT PRICES
THAT WERE MORE FAVORABLE THAN MARKET PRICES WHEN MARKET MAKERS RECEIVED
REPORTS SHOWING TRADES FOR WHICH THEY HAD NO RECORD MR ANDERSON PERSUADED
THEM THAT THEY HAD MADE AN ERROR AND SHOULD ACCEPT THE TRADES HE WAS FIRED
AFTER FIDELITY DISCOVERED THE SCHEME IN OCTOBER 1991

BASED ON THE GUILTY PLEA THE SEC BARRED MR ANDERSON FROM ASSOCIATION WITH
ANY BROKER DEALER MUNICIPAL SECURITIES DEALER INVESTMENT ADVISER OR
INVESTMENT COMPANY SEC OFFICIALS SAID MR ANDERSON AGREED TO THE BAN
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS 9403110140 940311
MONEYMARKET ASSETS JUMPED 705 BILLION IN MOST RECENT WEEK

WASHINGTON MONEYMARKET MUTUAL FUND ASSETS SURGED 705 BILLION TO
59401 BILLION FROM A REVISED 58696 BILLION FOR THE WEEK ENDED WEDNESDAY
THE INVESTMENT COMPANY INSTITUTE SAID

ASSETS OF 659 RETAIL MONEYMARKET MUTUAL FUNDS ROSE BY 427 BILLION TO
41164 BILLION THE TRADE GROUP SAID

AMONG RETAIL FUNDS ASSETS OF 408 TAXABLE MONEYMARKET FUNDS INCREASED BY
251 BILLION TO 31770 BILLION ASSETS OF 251 RETAIL TAXEXEMPT FUNDS
JUMPED 176 BILLION TO 9393 BILLION

ASSETS OF THE 284 INSTITUTIONAL MONEYMARKET FUNDS ROSE BY 278 BILLION TO
18237 BILLION AMONG INSTITUTIONAL FUNDS THE ASSETS OF 230 TAXABLE
MONEYMARKET FUNDS INCREASED BY 239 BILLION TO 15839 BILLION ASSETS OF
54 TAXEXEMPT FUNDS ROSE BY 3929 MILLION TO 2398 BILLION 9403110139
940311 ECONOMY HOUSE PANEL SPLITS OVER COST CONTROLS IN HEALTH PLAN 
 BY DAVID ROGERS STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE HOUSE WAYS AND MEANS HEALTH SUBCOMMITTEE SPLIT SHARPLY
OVER PROPOSED CONTROLS ON PRIVATE MEDICAL EXPENDITURES AND THE PANEL'S
CHAIRMAN SIGNALED HE COULD ABANDON THE PROVISIONS TO SAVE HIS GOAL OF
ENSURING HEALTH COVERAGE FOR ALL AMERICANS

I DO RECOGNIZE THERE WILL BE MUCH CONCERN ABOUT THIS SECTION SAID THE
CHAIRMAN REP FORTNEY PETE STARK THE LIBERAL CALIFORNIA DEMOCRAT
IMPLICITLY CHALLENGED BUSINESS TO RALLY REPUBLICAN SUPPORT FOR SOME
ALTERNATIVE COSTCONTROL MECHANISM OTHERWISE HE SAID COSTS COULD BE
SHIFTED FURTHER FROM GOVERNMENTINSURED TO PRIVATELY INSURED PATIENTS
ADDING TO WHAT INDUSTRY MUST PAY FOR HEALTH CARE

THE HEALTHOVERHAUL BILL DRAFTED BY MR STARK WOULD IMPOSE COST CONTROLS TO
HOLD DOWN THE RATE OF GROWTH IN BOTH PUBLIC AND PRIVATE MEDICAL
EXPENDITURES PRIVATE SPENDING CAPS WOULDN'T BECOME EFFECTIVE BEFORE 1998
AND EVEN THEN THE CONTROLS WOULD SERVE SIMPLY AS A BACKSTOP TAKING
EFFECT ONLY IF PRESCRIBED COST GOALS AREN'T MET NEVERTHELESS REPUBLICANS
ON THE PANEL YESTERDAY RIDICULED THE IDEA AS A TROUBLING LIMITATION ON THE
PRIVATE SECTOR AND AN OPEN INVITATION TO PRICE CONTROLS FOR HEALTH CARE

MANY OF US BELIEVE IT WON'T BE A BACKSTOP SAID REP NANCY JOHNSON R
CONN IT WILL BE A FRONT STOP

SUPPORTERS OF VIRTUALLY ALL THE HEALTHCARE PLANS BEFORE CONGRESS CLAIM THEIR
PLANS WOULD SLOW FUTURE EXPENDITURES THE DEBATE IS OVER WHETHER TO RELY ON
MARKET SOLUTIONS OR ADD SOME TYPE OF BACKUP CONTROLS THE ISSUE IS DRIVEN
BY HOW THE CONGRESSIONAL BUDGET OFFICE PROJECTS THE IMPACT OF EACH PLAN ON
FUTURE HEALTH SPENDING THE STAKES ARE HIGH BECAUSE THE GREATER THE
PROJECTED COSTS THE MORE A PLAN WOULD HAVE TO PROVIDE IN SUBSIDIES TO
ACHIEVE UNIVERSAL COVERAGE

THE CLINTON ADMINISTRATION IS BANKING ON SOCALLED HEALTH ALLIANCES OR
GIANT COOPERATIVE BUYING POOLS TO BRING DOWN COSTS BY INCREASING THE CLOUT
OF BUYERS OF HEALTH SERVICES IF THIS APPROACH FAILS IT WOULD IMPOSE STRICT
CAPS ON INSURANCE PREMIUMS WHICH WOULD BE ENFORCED BY THE SAME ALLIANCES

SINCE THE PROPOSED ALLIANCES HAVE PROVED TO BE UNPOPULAR DEMOCRATS IN
CONGRESS HAVE TURNED TO OTHER DEVICES THE STARK BILL ENVISIONS A MORE
DIRECT FEDERAL ROLE BUT ONE TEMPERED TO GIVE STATES AND PRIVATE INDUSTRY
SOME LEEWAY TO ADJUST TO THE SPENDING GOALS

THE CALIFORNIA DEMOCRAT'S PLAN WOULD SET A GOAL OF REDUCING THE ANNUAL
GROWTH IN OVERALL HEALTH EXPENDITURES BY TWO PERCENTAGE POINTS IN 1996 AND
THEN ONE ADDITIONAL POINT IN EACH OF THE NEXT SEVERAL YEARS THESE PROPOSED
SPENDING TARGETS WOULD ALLOW PRIVATE CHARGES TO CONTINUE TO BE SIGNIFICANTLY
HIGHER THAN FEES PAID BY THE GOVERNMENTRUN PROGRAMS LIKE MEDICARE AND IF
STATES STAY WITHIN THEIR OWN APPROVED SPENDING TARGETS THEY COULD ESCAPE
THE FEDERAL COSTCONTROL SYSTEM

WHETHER THE STARK PLAN WOULD BE A TRUE BACKSTOP RATHER THAN AN AUTOMATICALLY
TRIGGERED SET OF CONTROLS DEPENDS ON WHETHER IT IS REALISTIC TO ASSUME THE
GROWTH GOALS CAN BE ACHIEVED MR STARK INDICATED THAT HE IS OPEN TO FURTHER
ADJUSTMENTS TO ACCOMMODATE CRITICS WHO SEE THE PLAN AS TOO BURDENSOME

THE SUBCOMMITTEE DEBATE WAS PERHAPS THE SHARPEST IN THREE DAYS OF OFTEN
TECHNICAL DISCUSSIONS OVER THE DETAILS OF THE STARK ALTERNATIVE WHICH WILL
BE PUT TO A TEST IN VOTES NEXT WEEK ONE OF THE MOST LIBERAL MEMBERS OF THE
HOUSE MR STARK IN MANY RESPECTS HAS MOVED THE DEBATE TO THE RIGHT MORE
THAN OTHER DEMOCRATS THE CALIFORNIAN HAS BEEN WILLING TO TRIM THE COST OF
THE CLINTON PLAN BY REDUCING THE BENEFIT PACKAGE PROPOSED BY THE
ADMINISTRATION AND CUTTING BUSINESS SUBSIDIES

THE HEART OF MR STARK'S PLAN WOULD BE AN EXPANDED MEDICARE PROGRAM WHICH
WOULD PROVIDE COVERAGE FOR THE POOR AND THOSE WITHOUT PRIVATE COVERAGE
IRONICALLY BY GIVING GOVERNMENT A GREATER ROLE IN PROVIDING COVERAGE FOR
THE UNINSURED THAN PRESIDENT CLINTON PROPOSES MR STARK WOULD RELY LESS
THAN THE PRESIDENT ON COST CONTROLS FOR PRIVATE PATIENTS TO HOLD OVERALL
HEALTH SPENDING DOWN WITHOUT PRIVATESECTOR CONTROLS THOUGH SPENDING
LIMITS IN THE NEW EXPANDED MEDICARE PROGRAM COULD LEAD HEALTHCARE
PROVIDERS TO CHARGE HIGHER PRICES TO THE VERY BUSINESS INTERESTS WHO HAVE
RESISTED WHAT THEY SEE AS GOVERNMENT INTERFERENCE IN THE PRIVATE SECTOR

IN REMARKS DIRECTLY AIMED AT THE BUSINESS ROUNDTABLE WHICH HAS CRITICIZED
THE PRESIDENT'S PLAN MR STARK SAID HE REMAINS COMMITTED TO TRYING TO
PRESERVE THE PROPOSED COST CONTROLS BUT HE SAID DROPPING THE PROVISIONS
WOULD HAVE ONLY A MINOR BUDGET IMPACT ON HIS BILL THE BILL WORKS WITHOUT
IT SAID THE CALIFORNIAN

MEANWHILE THE HEALTHCARE ADVERTISING WARS CONTINUED AS THE HEALTH
INSURANCE ASSOCIATION OF AMERICA ASKED PRESIDENT CLINTON TO URGE A GROUP
GENERALLY SUPPORTIVE OF HIS PLAN TO WITHDRAW ADS THAT ACCUSE THE INSURANCE
INDUSTRY OF JACKING UP RATES DUMPING PEOPLE'S COVERAGE AND OPPOSING REAL
HEALTHCARE REFORM THE INSURANCE ASSOCIATION WHICH PAID FOR THE HARRY
AND LOUISE ADS ATTACKING THE CLINTON HEALTHCARE PLAN CALLED ADS BY THE
HEALTH CARE REFORM PROJECT MISLEADING INACCURATE AND INFLAMMATORY

IT'S SHAMELESS FOR HIAA PRESIDENT BILL GRADISON TO SPEND 14 MILLION
ATTACKING HEALTH REFORM AND THE PRESIDENT'S PLAN AND THEN ACCUSE OTHERS OF
FANNING THE FLAMES OF DIVISION RESPONDED MARK JOHNSON A SPOKESMAN FOR THE
REFORM PROJECT THE PROJECT IS A COALITION OF BUSINESS GROUPS HEALTHCARE
PROVIDERS LABOR UNIONS AND CONSUMER ORGANIZATIONS IF HE'S SERIOUS NOW
ABOUT SUPPORTING REFORM HE HAS THE POWER TO PUT ADS ON THE AIR NEXT WEEK
AND HAVE HARRY AND LOUISE READ A POSITIVE SCRIPT

THE INSURANCE ASSOCIATION ALSO OFFERED TO COSPONSOR WITH THE WHITE HOUSE
ADS THAT MENTION OUR SHARED GOALS AND OUR WILLINGNESS TO WORK TOGETHER TO
ACHIEVE THEM A CLINTON SPOKESWOMAN SAID THE WHITE HOUSE IS LEGALLY
PROHIBITED FROM ADVERTISING

RICK WARTZMAN CONTRIBUTED TO THIS ARTICLE 9403110138 940311 BUSINESS
BRIEF DUPONT CO TEXTILE VENTURE CONSIDERED WITH CHINABASED COMPANY

DUPONT CO WILMINGTON DEL SAID IT IS CONSIDERING A JOINT VENTURE TO MAKE
LYCRA SPANDEX IN CHINA

THE CHEMICALS GIANT SAID IT AGREED WITH CHINA WORLDBEST DEVELOPMENT CORP TO
EXPLORE SUCH A VENTURE AND THE COMPANIES ARE PROCEEDING TO ASSESS
OPPORTUNITIES AND OBTAIN RELEVANT APPROVALS

EXPANDING INTO CHINA ONE OF THE LARGEST TEXTILE MARKETS IS A LOGICAL
EXTENSION OF ITS STRATEGY OF ENSURING LYCRA HAS A WORLDSCALE
MANUFACTURING PRESENCE IN ALL GROWTH AREAS DUPONT SAID

CHINA WORLDBEST IS MAJORITY OWNED BY THE CHINA NATIONAL TEXTILE COUNCIL A
GOVERNMENT GROUP FOR FURTHERING TEXTILEINDUSTRY DEVELOPMENT IN THE COUNTRY

DUPONT HAS TWO FACILITIES IN CHINA ONE THAT PROCESSES CERTAIN FILM
MATERIALS AND A JOINT VENTURE THAT PRODUCES A RICE HERBICIDE IN
MIDDECEMBER IT DISCLOSED PLANS TO FORM A CHINESE JOINT VENTURE TO MAKE
ELECTRONIC MATERIALS FOR MICROCIRCUITS 9403110136 940311 INTERNATIONAL 
MOTOROLA RESOLVES CELLULAR DISPUTE WITH JAPAN'S IDO  BY DAVID P
HAMILTON STAFF REPORTER OF THE WALL STREET JOURNAL

TOKYO MOTOROLA INC HAS RESOLVED ITS HIGHPROFILE DISPUTE WITH A JAPANESE
CELLULARTELEPHONE COMPANY STRIKING AN ACCORD THAT IS LIKELY TO PREVENT
US TRADE SANCTIONS AGAINST JAPAN INDIVIDUALS CLOSE TO THE DISCUSSIONS
SAID

UNDER THE TERMS OF THE AGREEMENT WHICH WERE TENTATIVELY SCHEDULED TO BE
ANNOUNCED FRIDAY AFTERNOON IN TOKYO BY US SECRETARY OF STATE WARREN
CHRISTOPHER MOTOROLA WILL WIN IMPROVED ACCESS TO THE DENSELYPOPULATED
CELLULARPHONE CORRIDOR THAT RUNS FROM TOKYO TO NAGOYA MOTOROLA'S
COMPLAINTS ABOUT ALLEGED JAPANESE ATTEMPTS TO BLOCK IT FROM THAT MARKET HAVE
BLOSSOMED INTO A MAJOR USJAPAN TRADE FIGHT

INDIVIDUALS FAMILIAR WITH THE AGREEMENT SAID THAT IDO CORP THE ONLY
CELLULAR OPERATOR LICENSED TO USE MOTOROLA'S CELLULARTELEPHONE EQUIPMENT IN
THAT MARKET WILL ACCELERATE ITS DEPLOYMENT OF MOTOROLA TECHNOLOGY IN THE
REGION DURING THE NEXT 18 MONTHS IDO WILL INSTALL SUFFICIENT CELLULAR
BASE STATIONS TO GIVE ITS MOTOROLASTYLE NETWORK COVERAGE OVER 95 OF THE
TOKYONAGOYA AREA POPULATION UP FROM ABOUT 45 NOW

MORE IMPORTANT MOTOROLA ALSO HAS WON TWO IMPORTANT GUARANTEES FROM IDO THAT
WILL ENSURE IDO'S COMMITMENT TO ITS MOTOROLA SYSTEM IN APRIL IDO WILL ASK
JAPAN'S MINISTRY OF POSTS AND TELECOMMUNICATIONS TO TRANSFER 15 MEGAHERTZ
OF RADIO SPECTRUM FROM IDO'S MAIN CELLULAR SYSTEM WHICH WAS DEVELOPED BY
NIPPON TELEGRAPH & TELEPHONE CORP TO MOTOROLA'S TACS SYSTEM NIPPON
TELEGRAPH IS BOTH COMPETITOR AND PARTNER TO IDO AND MOTOROLA HAS LONG
COMPLAINED THAT IDO HAS BEEN SWINGING CUSTOMERS TO ITS NIPPON
TELEGRAPHSTYLE SYSTEM

THAT AGREEMENT REPRESENTS A COMPROMISE FROM MOTOROLA'S EARLIER INSISTENCE ON
TRANSFERRING A FULL THREE MEGAHERTZ OF SPECTRUM MOTOROLA HAS SOUGHT SUCH A
TRANSFER AS A GUARANTEE THAT IDO WOULD CAP ITS SPENDING ON THE NTT SYSTEM
AND INSTEAD TURN ITS ATTENTION TO THE TACS SYSTEM THE SPECTRUM TRANSFER
WILL TAKE 15 TO 18 MONTHS INDIVIDUALS SAID

UNDER THE CURRENT AGREEMENT IDO WILL ALSO PLEDGE NOT TO FURTHER DEVELOP ITS
NTT SYSTEM BOTH SIDES ALSO HAVE AGREED TO A QUARTERLY PROGRESS REVIEW
ALTHOUGH IT WASN'T IMMEDIATELY CLEAR WHETHER THE US AND JAPANESE
GOVERNMENTS WOULD BE INVOLVED IN CERTIFYING THAT REVIEW

WHILE OSTENSIBLY A VICTORY FOR MOTOROLA AND THE US GOVERNMENT SETTLEMENT
OF THE MOTOROLA CASE ALSO MEANS THAT THE US HAS LOST ITS MAIN POINT OF
TRADE LEVERAGE OVER JAPAN TRADE TALKS BETWEEN THE TWO COUNTRIES COLLAPSED
IN MIDFEBRUARY AND THE US HAS SOUGHT TO USE THE MOTOROLA CASE TO
PRESSURE JAPAN INTO ACCEPTING ITS DEMANDS FOR MEASUREABLE PROGRESS
9403110135 940311 AUSTRALIA'S WESTPAC LEANS ON CALIFORNIAN  HOPE
RIDES ON JOSS AND HIS WELLS FARGO EXPERIENCE  BY S KARENE WITCHER
 STAFF REPORTER OF THE WALL STREET JOURNAL

SYDNEY WHEN ROBERT JOSS STEPPED UP TO THE MICROPHONE AT WESTPAC BANKING
CORP'S ANNUAL MEETING IN JANUARY IT WAS THE FIRST CHANCE FOR MOST
SHAREHOLDERS TO HAVE A LOOK AT THE AMERICAN BROUGHT IN A YEAR AGO TO REVIVE
THEIR BANK

ALTHOUGH MR JOSS THE BANK'S MANAGING DIRECTOR HADN'T PLANNED TO SPEAK IT
WAS CLEAR THAT THE THRONG OF 1500 PEOPLE WANTED TO HEAR FROM HIM

PROPPING HIMSELF ON THE PODIUM ONE HAND LODGED IN HIS POCKET THE WIRY
CALIFORNIAN WITH THINNING BROWN HAIR AND AN EASY SMILE CAUTIONED THAT HIS
REMARKS WOULD BE OFFTHECUFF THEN MR JOSS OUTLINED HIS PLANS WRAPPING UP
WITH WE KNOW EXACTLY WHAT WE'RE DOING WE KNOW WHERE WE HAVE TO GO

APPLAUDING INVESTORS SEEMED WILLING TO GIVE THE 52YEAROLD OUTSIDER TIME TO
PUT HIS WORDS INTO ACTION AT AUSTRALIA'S OLDEST CORPORATION

MR JOSS AND HIS TEAM FACE THE TASK OF TURNING AROUND A NATIONWIDE BANK
MIRED IN BAD LOANS AND STEEPED IN A COZY CORPORATE CULTURE NURTURED OVER 176
YEARS IT IS AN INSTITUTION WHOSE STAFF HAS BEEN WHIPSAWED BY HUGE JOB CUTS
AND FREQUENT MANAGEMENT CHANGES BAD PUBLICITY OVER QUESTIONABLE LENDING
PRACTICES HAS SHAKEN CUSTOMER CONFIDENCE AND LAYOFFS HAVE SAPPED MORALE
AMONG MIDDLE MANAGERS

SOME INDUSTRY WATCHERS GIVE WESTPAC HIGH MARKS JUST FOR HAVING SURVIVED
EVEN WESTPAC'S CHAIRMAN JOHN UHRIG CONCEDES THAT THE INDEPENDENCE OF THE
BANK WAS AT RISK TROUBLED LOANS WHICH PEAKED AT 14 OF THE BANK'S
PORTFOLIO IN 1992 REMAIN UNCOMFORTABLY HIGH AT 10 OF TOTAL LOANS BUT
WESTPAC HAS BOLSTERED ITS CAPITAL AND IT REPORTED A PROFIT OF A39 MILLION
US278 MILLION FOR THE YEAR ENDED SEPT 30 AFTER TAX AND ACCOUNTING
ITEMS THAT COMPARES WITH A LOSS OF A16 BILLION A YEAR EARLIER REFLECTING
A A28 BILLION WRITEDOWN OF LOANS

IT WAS AN UNUSUALLY SEVERE DETERIORATION IN ASSET QUALITY AND CERTAINLY ONE
OF THE WORST EXPERIENCED BY SUCH A MAJOR BANK IN THE WORLD SAYS DAVID
MARSHALL AN ANALYST AT IBCA LTD A LONDON BANK CREDIT RATING AGENCY WHICH
RANKS WESTPAC AS THE 80THLARGEST BANK WORLDWIDE IN TERMS OF ASSETS TO
SURVIVE THAT WITH ONE YEAR'S LOSS AND THEN TO RECOVER IS QUITE A GOOD
EXPERIENCE HE ADDS

SINCE MR JOSS A FORMER EXECUTIVE OF WELLS FARGO & CO SAN FRANCISCO TOOK
OVER IN FEBRUARY 1993 THE PRICE OF WESTPAC SHARES HAS JUMPED 70 MR JOSS
SAYS THAT WESTPAC'S NET PROFIT THIS FISCAL YEAR WILL EXCEED LAST YEAR'S A39
MILLION AND THAT THE BANK IS CUTTING COSTS REDUCING BAD DEBTS AND
REFOCUSING ITS BUSINESSES BUT HE WARNS WE STILL HAVE A LONG WAY TO GO

A LOOK AT SOME KEY RATIOS SHOWS JUST HOW FAR ACCORDING TO THE BROKERAGE
FIRM OF JB WERE & SON NATIONAL AUSTRALIA BANK LTD OR NAB THE
PACESETTER AMONG THE COUNTRY'S BANKS POSTED A RETURN ON AVERAGE ASSETS IN
THE LATEST YEAR OF MORE THAN 1 WESTPAC TRAILED AT 018 NAB'S RATIO OF
OPERATING COSTS TO OPERATING PROFIT WAS ABOUT 56 MUCH LEANER THAN
WESTPAC'S 655

CRITICS SAY WESTPAC'S TROUBLES ARE ROOTED IN ITS ARROGANCE AND THE GLOBAL
EXPANSION STRATEGY IT PURSUED IN THE 1980S WHEN AUSTRALIA DEREGULATED ITS
FINANCIAL SYSTEM AT HOME LAX CREDIT CONTROLS ALLOWED THE BANK'S ASSETS TO
BALLOON ABROAD WESTPAC OPENED SEVERAL BRANCHES IN ASIA AND ADDED OFFICES
IN THE US A DEEP RECESSION IN AUSTRALIA IN 199091 SOURED LOANS EXPOSING
WESTPAC'S INEFFICIENCIES

ENTER MR JOSS WITH A DOCTORATE IN FINANCE FROM STANFORD UNIVERSITY AND 22
YEARS AT WELLS FARGO WHERE HE HELPED CHOP COSTS SORT OUT REAL ESTATE LOANS
AND REFOCUS THE BANK ON ITS HOME MARKET AWAY FROM INTERNATIONAL
ASPIRATIONS

AS SOON AS HE ARRIVED MR JOSS SET ABOUT DISCOVERING WHAT MAKES THE BANK
TICK  THE WAY DECISIONS GET MADE  HE RECALLS IN AN INTERVIEW AT
WESTPAC'S DOWNTOWN HEADQUARTERS WHICH TOWER OVER SYDNEY HARBOR WHAT HE
FOUND HE SAYS WAS A PATERNALISTIC CULTURE WHERE BANKING WAS DONE BY
COMMITTEE IT WAS VERY HARD TO IDENTIFY ACCOUNTABILITY HE SAYS

IN THOSE EARLY DAYS MR JOSS RELIED ON MR UHRIG THE BANK'S CHAIRMAN TO
GUIDE HIM THROUGH AUSTRALIA'S CULTURAL AND BUSINESS THICKETS

INSIDERS SAY THE HEAD OF EACH DIVISION WAS REQUIRED TO MAKE A PRESENTATION
TO THE NEW BOSS WHAT HE GOT OUT OF THOSE PRESENTATIONS WAS A FEEL FOR
PEOPLE THE PERSONALITIES WHO WAS TRYING TO PULL THE WOOL OVER HIS EYES
SAYS AN EXECUTIVE WHO HAS SINCE LEFT THE BANK HE DIDN'T ACT IMMEDIATELY
BUT MADE THE DECISIONS LATER AND I THINK HE WAS PRETTY RIGHT ON THEM

MR JOSS VISITED A FEW OF THE BANK'S 1200 BRANCHES WHERE HE FOUND
EMPLOYEES PERFORMING SOME TASKS SUCH AS ACCOUNTING FUNCTIONS THAT US
BANKS TOOK OUT OF THE BRANCHES A DECADE AGO HE DONNED A TRAINEE UNIFORM
PUTTING IN AN EIGHTHOUR DAY AT THE RAILWAY SQUARE BRANCH IN SYDNEY AND HE
STARTED A HOTLINE FOR ANY BANK EMPLOYEE TO PHONE HIM ON THE FIRST FRIDAY OF
EACH MONTH

NOW MR JOSS IS ONE YEAR INTO A FIVEYEAR DRIVE FOR FULL RECOVERY BUILT
AROUND KEEPING IT SIMPLE HE HAS MADE SEVERAL KEY APPOINTMENTS INCLUDING
ROBERT NIMMO A 46YEAROLD AUSTRALIAN AND FORMER NEW YORKBASED EXECUTIVE
WITH CITIBANK WHO BECAME WESTPAC'S CHIEF CREDIT OFFICER

PATRICK HANDLEY A 49YEAROLD AMERICAN WHO IS A FORMER CHIEF FINANCIAL
OFFICER OF BANC ONE CORP THIS MONTH BECOMES WESTPAC'S CHIEF FINANCIAL
OFFICER

MOREOVER THE BANK OVERHAULED ITS RETAIL BANKING OPERATIONS CLOSED ABOUT
200 BRANCHES AND PLANS TO SHUT 100 MORE IT REORGANIZED ITS CORPORATE
BANKING BUSINESS TIGHTENED CREDIT EVALUATION AND SET UP A SPECIAL GROUP TO
OVERSEE THE SALE OF ITS BIG PROPERTY HOLDINGS AND IT IS CONCENTRATING ON
AUSTRALIAN AND NEW ZEALAND CLIENTS RATHER THAN SEEKING FARFLUNG CUSTOMERS

OVER THE PAST YEAR WESTPAC HAS SHRUNK ITS TOTAL ASSETS TO A105 BILLION
FROM A111 BILLION PARTLY BY SELLING A CHUNK OF ITS US LOAN PORTFOLIO
MOST OF ITS ASIAN BUSINESSES ARE ON THE BLOCK AND TOTAL NUMBER OF EMPLOYEES
HAS BEEN SLASHED 14 TO 33724 OVER THE PAST YEAR

TOP MANAGEMENT RANKS ALSO HAVE BEEN PURGED DAVID MORGAN WHO HEADS THE
RETAIL OPERATIONS RECALLS THAT WHEN HE JOINED THE BANK IN JANUARY 1990 HE
BECAME PART OF A SEVENMAN EXECUTIVE COMMITTEE TODAY HE'S THE ONLY ONE
LEFT

ALTHOUGH UNFAVORABLE PUBLICITY CHASED SOME DEPOSITS AWAY WESTPAC OFFICIALS
SAY THAT FLIGHT HAS BEEN REVERSED RETAIL DEPOSITS NOW TOTAL A29 BILLION
UP 74 FROM LATE 1992

MR JOSS DESCRIBED AS A TEAM PLAYER AND A PATIENT LISTENER WITH REMARKABLE
RECALL SAYS HE EXPECTS TO LOP ANOTHER A5 BILLION OFF WESTPAC'S BALANCE
SHEET OVER THE NEXT THREE YEARS ASIDE FROM THE ASIAN SALES THE SHRINKAGE
WILL COME MOSTLY FROM LETTING LOANS MATURE MR JOSS SAYS

HE SAYS HE'S HAPPY WITH THE BANK'S RELATIVELY SMALL OPERATIONS THROUGHOUT
THE SOUTH PACIFIC NATIONS CONTRARY TO SOME SPECULATION HE DOESN'T ENVISION
CHANGING THE BANK'S NAME WHICH WAS ADOPTED IN 1982 AND STANDS FOR WESTERN
PACIFIC

WHILE MANY WESTPAC WATCHERS AGREE THAT THE BANK HAD TO SLIM DOWN SOME
SUGGEST THAT PULLING BACK FROM ASIA THE FASTESTGROWING AREA OF THE WORLD
 IS AN OVERREACTION MR JOSS COUNTERS THAT WESTPAC'S STRATEGY IS TO
SUPPORT ITS CUSTOMERS AS THEY EXPLOIT AUSTRALIA'S LINK WITH ASIA RATHER
THAN OPERATE ITS OWN BANKING NETWORK THERE

THE STOCK MARKET HAS BEEN FOCUSING ON THE TARGET THAT MR JOSS INHERITED
FROM PREVIOUS MANAGEMENT TO CUT WESTPAC'S RATIO OF NONINTEREST EXPENSES TO
OPERATING PROFIT TO 58 BY 1995 FROM 655 CURRENTLY MR JOSS SAYS WESTPAC
WILL REACH THAT GOAL MAINLY THROUGH FURTHER COST CUTS

MR JOSS WHO SIGNED A FIVEYEAR EMPLOYMENT CONTRACT SAYS HE'LL KNOW HE'S
DONE HIS JOB WHEN WESTPAC CAN POST A SUSTAINABLE ANNUAL RETURN ON ASSETS OF
1 COMPARED WITH 004 ON LAST YEAR'S NET PROFIT OF A39 MILLION

ONE FACTOR MAKING HIS JOB EASIER MR JOSS SAYS IS THE STAFF'S GREAT
WILLINGNESS TO CHANGE GONE ARE THE ARROGANCE AND FIEFDOMS THE BANK ONE
SENIOR WESTPAC EXECUTIVE SAYS IS BECOMING A DEPOLITICIZED MERITOCRACY IF
ANYTHING SAYS MR MORGAN THE RETAIL CHIEF THE STAFF DOESN'T FEEL AS GOOD
ABOUT THEMSELVES AS THEIR PERFORMANCE DESERVES 9403110134 940311
BUSINESS BRIEF MEDICAL CARE AMERICA INC STOCKHOLDERS TENDER SHARES 
IN DUTCH AUCTION BUYBACK

MEDICAL CARE AMERICA INC SAID ITS SHAREHOLDERS TENDERED ABOUT 178 MILLION
SHARES AT 26 A SHARE UNDER THE COMPANY'S DUTCH AUCTION STOCK BUYBACK

THE DALLASBASED OPERATOR OF OUTPATIENT SURGICAL CENTERS SAID IT WILL
ACQUIRE 77 MILLION OF THE SHARES OR ABOUT 43 OF THE AMOUNT TENDERED FOR
200 MILLION THE COMPANY HAD ORIGINALLY OFFERED TO BUY SEVEN MILLION
SHARES

IN A DUTCH AUCTION THE BUYER SETS A PRICE RANGE AND HOLDERS GIVE A PRICE
AT WHICH THEY ARE WILLING TO SELL

IN JANUARY WHEN ANNOUNCING AN AGREEMENT TO SELL ITS HOMEINFUSION UNIT TO
CAREMARK INTERNATIONAL INC FOR 175 MILLION MEDICAL CARE SAID IT WOULD USE
THE PROCEEDS FOR THE BUYBACK

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY MEDICAL CARE'S STOCK
CLOSED AT 24 A SHARE DOWN 1 9403110133 940311 RECENT SEC FILINGS

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

CAPITAL AUTO RECEIVABLES INC A UNIT OF GENERAL MOTORS ACCEPTANCE CORP A
SHELF OFFERING OF 62 BILLION OF ASSETBACKED NOTES AND CERTIFICATES

MBNA CORP A SHELF OFFERING OF UP TO 510 MILLION OF DEBT SECURITIES
PREFERRED STOCK AND DEPOSITARY SHARES REPRESENTING PREFERRED STOCK

MOLTEN METAL TECHNOLOGY INC A SHELF OFFERING OF UP TO 1158431 COMMON
SHARES

VECTRA BANKING CORP AN AMENDED PLANNED OFFERING OF 880000 COMMON SHARES
AT 825925 A SHARE INSTEAD OF 560000 SHARES IN THE ORIGINAL PLAN AND
A PLANNED OFFERING OF 700000 CUMULATIVE PREFERRED SHARES SERIES A AT 10
A SHARE AS PREVIOUSLY ANNOUNCED VIA DAIN BOSWORTH INC 9403110132 940311
INTERNATIONAL A NUCLEAR FLEET SINKS INTO A MONEY PIT  EVEN
TECHNOLOGICALLY ADEPT JAPAN HAS ITS SHARE OF FLOPS  BY DAVID P
HAMILTON STAFF REPORTER OF THE WALL STREET JOURNAL

SEKINEHAMA JAPAN AT THIS REMOTE PORT AT THE NORTHERN TIP OF JAPAN'S MAIN
ISLAND CONSTRUCTION WORKERS ARE GETTING READY TO BURY ONE OF THE NATION'S
MOST EXPENSIVE INDUSTRIALPOLICY FAILURES

THAT PROJECT IS THE NUCLEAR SHIP MUTSU WHICH JAPAN ONCE ENVISIONED AS THE
FLAGSHIP FOR A PROPOSED FLEET OF NUCLEARPOWERED MERCHANT VESSELS THE
MUTSU HOWEVER HAS SAILED UNDER NUCLEAR POWER SUCCESSFULLY ONLY FOUR TIMES
IN 25 YEARS AND HAS ABSORBED MORE THAN 300 MILLION ALONG THE WAY HAVING
DECIDED TO THROW IN THE TOWEL THE JAPANESE GOVERNMENT NOW PLANS TO BURY THE
SHIP'S REACTOR HERE IN SEKINEHAMA AND RECOMMISSION THE MUTSU AS A NONNUCLEAR
OCEANRESEARCH VESSEL

THE MUTSU ISN'T AN ISOLATED EXAMPLE OF HIGHTECH HUBRIS JAPAN'S LANDSCAPE
IS LITTERED WITH TECHNOLOGICAL BOONDOGGLES THAT RANGE FROM ITS OBSOLETE
STANDARD FOR HIGHDEFINITION TELEVISION TO ITS OVERPRICED
COMMERCIALSATELLITE LAUNCH VEHICLE

WHILE JAPAN HAS A VAUNTED REPUTATION FOR RUNNING A SUCCESSFUL INDUSTRIAL
POLICY SUCH PLANNING FREQUENTLY HAS GONE ASTRAY LEAVING THE NATION SADDLED
WITH HUGE PROJECTS THAT DRAG ON FOR DOZENS OF YEARS CONSUME BILLIONS OF
YEN AND END UP PRODUCING LITTLE OF LASTING VALUE

WESTERN NATIONS OF COURSE HAVE PRODUCED SOME MEMORABLE TECHNOLOGICAL
FIASCOES OF THEIR OWN JAPAN'S FAILURES HOWEVER ARE UNIQUE LARGELY
BECAUSE THEY STEM FROM WHAT IS ORDINARILY ONE OF THE NATION'S GREAT
STRENGTHS ITS ABILITY TO AGREE ON AND THEN DOGGEDLY PURSUE DIFFICULT
GOALS IN FASTMOVING TECHNOLOGICAL FIELDS JAPAN'S FONDNESS FOR CONSENSUS
HAS SOMETIMES LOCKED IT INTO TECHNOLOGICAL INFERIORITY WHAT'S MORE THE
STRONG CONSENSUS BEHIND ANY GIVEN PROJECT TENDS TO SHIELD IT FROM CRITICISM
NO MATTER HOW BADLY IT FALTERS

CONSIDER JAPAN'S MASSIVE LONGTERM INVESTMENT IN HDTV THIRTY YEARS AGO
WHEN TELEVISION PICTURES WERE FREQUENTLY BLURRY AND CLOUDY THE IDEA OF A
NEW TV FORMAT THAT WOULD PRODUCE BREATHTAKINGLY SHARP IMAGES HAD
CONSIDERABLE APPEAL EVEN AS JAPANESE COMPANIES AND THE QUASIPUBLIC JAPAN
BROADCASTING CORP NHK LABORED ON HDTV HOWEVER CONVENTIONAL TV
BROADCASTING MADE HUGE STRIDES NARROWING THE DIFFERENCE TO A POINT WHERE
SOME PEOPLE HAVE TROUBLE DISTINGUISHING THE TWO AS A RESULT JAPANESE
ELECTRONICS FIRMS HAVE MANAGED TO SELL ONLY ABOUT 20000 OF THE EXPENSIVE
HDTV SETS IN ALMOST THREE YEARS

EVEN WORSE THE JAPANESE DEVELOPERS LOCKED THEMSELVES INTO AN HDTV STANDARD
THAT PARTLY RELIES ON ANALOG TECHNOLOGY TO PROCESS SIGNALS THEREBY ALLOWING
US COMPANIES TO LEAPFROG THEM WITH AN ADVANCED DIGITAL SYSTEM THAT IS BOTH
MORE EFFICIENT AND EASIER TO INTERFACE WITH COMPUTERS YET WHEN A SENIOR
BUREAUCRAT IN THE MINISTRY OF POSTS AND TELECOMMUNICATIONS RECENTLY DARED TO
SUGGEST THAT JAPAN MIGHT HAVE TO ABANDON ITS HOMEGROWN HDTV STANDARD NHK
AND ELECTRONICS MAKERS REACTED WITH OUTRAGE FORCING THE BUREAUCRAT TO
RETRACT HIS COMMENTS

EVEN THE HDTV SAGA HOWEVER PALES IN COMPARISON WITH THE MUTSU WHICH
WEATHERED AN INCREDIBLE STRING OF EMBARRASSING SETBACKS ON ITS FIRST VOYAGE
IN 1974 THE SHIP SPRANG A REACTOR LEAK WHICH STARTLED CREW MEMBERS PLUGGED
WITH BOILED RICE SOAKED IN A BORON SOLUTION REPAIRS AND SUBSEQUENT SAFETY
INSPECTIONS TOOK 15 YEARS DURING WHICH MUTSU DRIFTED UP AND DOWN THE COAST
OF JAPAN LIKE A LATTERDAY FLYING DUTCHMAN IN A VAIN ATTEMPT TO AVOID
ANTINUCLEAR PROTESTERS MEANWHILE ANGRY FISHERMEN FORCED THE GOVERNMENT TO
RELOCATE THE MUTSU'S HOME PORT FROM ONE SIDE OF THE SHIMOKITA PENINSULA TO
THE OTHER AT A COST OF MORE THAN 100 MILLION

ALTHOUGH THE MUTSU WAS IN ACTUAL OPERATION FOR NO MORE THAN A YEAR JAPANESE
OFFICIALS ARGUE THE PROJECT STILL SERVED A USEFUL PURPOSE BY CONVINCING THE
PUBLIC OF JAPAN'S ABILITY TO HARNESS ATOMIC POWER FOR PEACEFUL PURPOSES IN
FACT THE JAPANESE GOVERNMENT IS SO PROUD OF THE MUTSU THAT IT IS BUILDING A
SHIPSHAPED MUSEUM IN SEKINEHAMA WHERE TOURISTS WILL BE ABLE TO VIEW THE
MUTSU'S ACTUAL REACTOR THROUGH LEADED GLASS

SIMILAR EXAMPLES ABOUND IN OTHER FIELDS JAPAN'S DESIRE TO BUILD A
COMMERCIALSATELLITE LAUNCHING BUSINESS PRODUCED THE HII A 22 BILLION
ROCKET THAT COSTS MUCH MORE THAN ITS RIVALS' AND CAN BE LAUNCHED ONLY FOUR
TIMES A YEAR

THE POSTAL MINISTRY'S ANTIPATHY TO CABLE TELEVISION LED INSTEAD TO JAPAN'S
DIRECTBROADCAST SATELLITE SYSTEM ACTUALLY TWO INCOMPATIBLE SERVICES THAT
CARRY ONLY A HANDFUL OF CHANNELS NATIONWIDE REGULATIONS PROHIBITING PRIVATE
OWNERSHIP OF CELLULAR TELEPHONES AND RESULTING IN HIGH COSTS HAVE LEFT
CELLULAR TECHNOLOGY MUCH LESS POPULAR IN JAPAN THAN IN THE WEST EVEN THOUGH
JAPAN ONCE LED THE WORLD IN CELLULARNETWORK DEPLOYMENT

ALTHOUGH JAPAN RECENTLY HAS STARTED TALKING UP DEREGULATION AND LECTURING
THE US ON THE EVILS OF INTERFERING WITH THE MARKET THERE ARE FEW SIGNS
THAT THE GOVERNMENT HAS CONSIDERED CHANGING ITS WAYS IN FACT EVEN AS THE
GOVERNMENT MOVES TO SHUT DOWN OLD PROGRAMS SUCH AS THE MUTSU JAPANESE
BUREAUCRATS ARE BUSY DREAMING UP NEW ONES

FOR INSTANCE THE GOVERNMENT PLANS TO SPEND AT LEAST 229 BILLION YEN 217
MILLION DEVELOPING A HIGHSPEED MAGNETICALLY LEVITATED TRAIN ALTHOUGH THE
TRANSPORTATION MINISTRY ADMITS IT DOESN'T KNOW WHETHER THE SYSTEM EVER WILL
BE COMMERCIALLY FEASIBLE THERE ARE SIMILAR PLANS FOR A CLASS OF TECHNO
SUPER LINERS HIGHSPEED CARGO SHIPS THAT WOULD BE AT LEAST 50 MORE
EXPENSIVE THAN ORDINARY SHIPS AND FOR THE LONGPROMISED FLEET OF NUCLEAR
CARGO VESSELS AS WELL 9403110131 940311 REAL ESTATE  BY MITCHELL
PACELLE

SKIRMISHES IN VIRGINIA BETWEEN CIVIL WAR BATTLEFIELD PRESERVATIONISTS AND
TWO DEVELOPERS WALT DISNEY AND THE BUILDER OF A RACETRACK COULD MARK
THE BEGINNING OF A WAVE OF BATTLES AFTER A RECESSIONARY LULL DEVELOPMENT
IS SPREADING OUTSIDE WASHINGTON DC ATLANTA AND OTHER SOUTHERN CITIES
WHERE FIGHTING WAS HEAVY

THE DEVELOPERS HAVE THE SAME IDEAS AS THE GENERALS HAD THEY'RE MARCHING
OUT THE NATURAL TRANSPORTATION ROUTES FROM THE CITIES EXPLAINS GREA
BAXTER PRESIDENT OF THE NONPROFIT CIVIL WAR TRUST WHICH RAISES PRIVATE
FUNDS FOR PRESERVATION

A COMMISSION CREATED BY CONGRESS HAS IDENTIFIED 384 SIGNIFICANT CIVIL WAR
BATTLEFIELDS IN 26 STATES A THIRD HAVE BEEN LOST TO PRIVATE DEVELOPMENT
AND ANOTHER THIRD COULD BE WITHIN 10 TO 15 YEARS THE GROUP SAID THE
DEVELOPMENT OF AN AUTO RACETRACK WAS RECENTLY APPROVED FOR THE BRANDY
STATION VA BATTLEFIELD AND DISNEY HOPES TO PUT UP A HISTORIC THEME PARK
NEAR THE HAYMARKET VA BATTLEFIELD

THERE ISN'T ENOUGH MONEY IN THE FEDERAL TREASURY TO BUY BACK ALL THE LAND
AT FULL DEVELOPMENT VALUE SAYS RANDALL ARENDT VICE PRESIDENT OF NATURAL
LANDS TRUST IN MEDIA PA A NONPROFIT LAND CONSERVATION GROUP RETAINED BY
NATIONAL PARK SERVICE TO DEVISE WAYS TO PRESERVE BATTLEFIELDS WE HAVE TO
USE OUR HEADS NOT OUR WALLETS

ONE IDEA CHAMPIONED BY MR ARENDT AND OTHERS IS FOR DEVELOPERS TO BUILD
AROUND OLD TRENCH LINES CANNON BATTERIES AND OTHER BATTLEFIELD LANDMARKS
MUCH AS COMMUNITIES ARE DEVELOPED AROUND GOLF COURSES IT DOESN'T PENALIZE
THE DEVELOPER SAYS MR ARENDT HE GETS THE SAME NUMBER OF HOUSES AND A
MARKETING ADVANTAGE OPEN SPACE SELLS

WHEN HAROLD ISBELL OF CORINTH MISS STUMBLED UPON A CANNON BATTERY AND
TRENCH LINE ON SEVERAL HUNDRED ACRES HE HAD PLANNED FOR HOUSING HE REROUTED
A PLANNED ROAD SET ASIDE SEVERAL ACRES TO PRESERVE THE HISTORIC FEATURES
AND EVEN BOUGHT A CANNON REPLICA TO ADORN IT I THINK IT'S AN ASSET TO THE
DEVELOPMENT HE SAID

PRESERVATIONISTS CONVINCED NTS OF LOUISVILLE KY TO HOLD OFF DEVELOPING
400 ACRES OF A 3000ACRE LUXURY COMMUNITY ADJACENT TO THE WILDERNESS
BATTLEFIELD NATIONAL PARK NEAR FREDERICKSBURG VA NTS SCALED DOWN ITS
PLANS BUT WANTS SOME COMPENSATION FROM THE GOVERNMENT OR PRESERVATIONISTS
FOR GIVING UP 250 LOTS

IF WE CAN PRESERVE IT AND WE CAN COME OUT WHOLE WE'RE VERY HAPPY TO
COOPERATE SAID NTS PRESIDENT RICHARD GOOD BUT IF THERE'S NO ECONOMIC
SOLUTION WE MAY HAVE TO SELECT SOME AREAS OF IT TO DEVELOP

THE MARKET FOR APARTMENT BUILDINGS HAS BECOME SO HEATED IN SOME CITIES THAT
SOME FIRMS HAVE DECIDED IT MAKES MORE SENSE TO BUILD NEW ONES

VACANCY RATES ARE FALLING AND RENTAL RATES ARE RISING IN SUCH ECONOMICALLY
VIBRANT CITIES AS DENVER PHOENIX AUSTIN SAN ANTONIO AND ATLANTA
INVESTMENT CAPITAL HAS BEGUN POURING IN FROM REAL ESTATE INVESTMENT TRUSTS
PENSION FUNDS AND ENTREPRENEURS SENDING BUILDING PRICES SOARING

THERE HAVE BEEN SOME GOOD RENTAL INCREASES BUT BUILDING PRICES HAVE GONE
UP TWO OR THREE TIMES WHAT THE RENTAL INCREASES HAVE WHICH INDICATES
PERHAPS THOSE PRICES HAVE BEEN GOING UP TOO FAST SAYS MICHAEL EVANS
DIRECTOR OF REAL ESTATE AT ERNST & YOUNG

THE REITS HAVE A LOT OF CAPITAL AND ARE UNDER PRESSURE TO BUY PROPERTIES
SAYS JONATHAN KEMPNER PRESIDENT OF THE NATIONAL MULTI HOUSING COUNCIL A
TRADE GROUP FOR APARTMENTBUILDING OWNERS HE SAYS THERE IS CONCERN IN SOME
MARKETS THAT PRICES HAVE RISEN HIGHER THAN ARE JUSTIFIED BY RENTAL RATES

ONCE PRICES GET TO 85 OF REPLACEMENT COST THEN YOU HAVE TO ASK YOURSELF
THE QUESTION WHY DO YOU WANT TO OWN A FIVE TO 10YEAROLD PROPERTY WHEN
YOU CAN GET A NEW ONE' SAYS RIC CAMPO CHAIRMAN OF CAMDEN PROPERTY TRUST
A HOUSTONBASED APARTMENT OWNER THERE ARE A NUMBER OF PROPERTIES UNDER
CONTRACT AT HIGHER PRICES THAN I WOULD EVER WANT TO PAY CAMDEN IS PUTTING
UP BUILDINGS IN DENVER AUSTIN HOUSTON AND CORPUS CHRISTI

EL PASOBASED PROPERTY TRUST OF AMERICA HAS ALSO PASSED ON A NUMBER OF
TRANSACTIONS SAYS ITS CHAIRMAN RON BLANKENSHIP AND IS BUILDING IN SIX
SOUTHWESTERN CITIES

RENTS FOR HIGHEND RETAIL SPACE APPEAR TO HAVE BOTTOMED OUT BUT THEY AREN'T
EXPECTED TO RISE ANY TIME SOON

OF THE 150 TONY RETAIL STREETS SURVEYED WORLDWIDE BY LONDONBASED REAL
ESTATE CONSULTANT HEALEY & BAKER ONLY 29 RECORDED AN INCREASE IN RENTS IN
1993

BECAUSE OF THE AILING JAPANESE ECONOMY TOKYO'S GINZA TRADITIONALLY THE
WORLD'S COSTLIEST RETAIL LOCATION SAW RENTS PLUNGE 43 AT 498 A SQUARE
FOOT SPACE ON THE GINZA IS CHEAPER THAN ON PEDDER STREET IN HONG KONG
WHERE RENTS ROSE 21 TO 647 A SQUARE FOOT AND MANHATTAN'S FIFTH AVENUE
WHERE THEY ROSE 11 TO JUST OVER 500 THE MOST EXPENSIVE ADDRESSES BEHIND
THE GINZA ARE MUNICH'S KAUFINGER STRABE AT 254 A SQUARE FOOT AND
BUDAPEST'S VACI UTCA AT 190

DUE TO A SLUGGISH ECONOMIC RECOVERY US RETAIL RENTS DIDN'T RISE AS
EXPECTED LAST YEAR SAYS HEALEY & BAKER CONSULTANT MICHAEL CREAMER

ALTHOUGH YOU'LL SEE RETAILERS DO WELL THIS YEAR I DON'T THINK YOU'LL SEE
INCREASES IN RENTS HE PREDICTED IT TAKES A WHILE TO FILTER DOWN

THE GROWTH OF DISCOUNT RETAILING SAYS MR CREAMER ISN'T LIKELY TO HURT
HIGHEND STORES THERE ARE STILL PEOPLE WHO WANT TO SPEND 125 ON A TIE
HE SAYS

AT MID1993 AMERICANS HAD NEARLY 4 TRILLION IN EQUITY IN THEIR HOMES
ACCORDING TO SMR RESEARCH OF BUDD LAKE NJ  FIFTYEIGHT PERCENT OF
THE CHIEF EXECUTIVES OF REALESTATE COMPANIES SURVEYED BY FERGUSON PARTNERS
SAID THEY PLANNED TO HIRE EXPERIENCED EXECUTIVES IN THE FIRST HALF OF 1994
UP FROM 45 A YEAR AGO 9403110130 940311 AMD WINS COURT BATTLE WITH
INTEL  BY DON CLARK STAFF REPORTER OF THE WALL STREET JOURNAL

SAN JOSE CALIF A FEDERAL JURY HANDED A VICTORY TO ADVANCED MICRO
DEVICES INC IN THE RETRIAL OF A COPYRIGHT BATTLE WITH INTEL CORP A RULING
THAT COULD ACCELERATE PRICECUTTING ON MICROPROCESSOR CHIPS AND PERSONAL
COMPUTERS

THE JURY UNANIMOUSLY UPHELD AMD'S CONTENTION THAT A 1976 TECHNOLOGYSHARING
AGREEMENT BETWEEN THE COMPANIES ALLOWS AMD TO MAKE CHIPS BY COPYING INTEL
MICROCODE A FORM OF SOFTWARE THAT IS EMBEDDED IN MICROPROCESSORS THE
RULING REVERSES A 1992 JURY VERDICT IN INTEL'S FAVOR IN THE SAME
COPYRIGHTINFRINGEMENT CASE WHICH WAS FILED BY INTEL IN 1990 OVER AMD'S
VERSION OF A MATHEMATICS ACCESSORY CHIP CALLED THE 287

AMD'S VICTORY REMOVES A MAJOR LEGAL CLOUD OVER ITS LATER 386 AND 486 CLONES
OF INTEL'S CHIP TECHNOLOGY WHICH IS THE STANDARD FOR ABOUT 85 OF ALL
PERSONAL COMPUTERS SOLD THOUGH AMD WAS ALREADY SELLING THOSE CHIPS MANY
POTENTIAL CUSTOMERS WERE AWAITING A VERDICT BEFORE BUYING FROM THE COMPANY

THE RULING IS ALSO LIKELY TO ENCOURAGE CHIP MANUFACTURERS TO BUILD 486 CHIPS
TO ORDER FOR AMD WHICH HAS BEEN HOBBLED BY A SHORTAGE OF MANUFACTURING
CAPACITY ANALYSTS SAID

AFTER A TEMPORARY HALT IN TRADING YESTERDAY AMD ROSE 6125 OR 27 TO
28875 IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING INTEL FELL 150 OR
21 TO 70125 IN NASDAQ STOCK MARKET TRADING

THIS IS THE FIRST TIME IN 9 1/2 YEARS THAT WE FEEL WE ARE FREE TO PURSUE
OUR BUSINESS WITH ONLY MINIMAL HARASSMENT FROM INTEL SAID WJ SANDERS
AMD CHIEF EXECUTIVE IT TOOK NINE PEOPLE ONLY 9 1/2 HOURS TO BRING IN A
VERDICT THAT WILL CHANGE THE ENTIRE PERSONALCOMPUTER MARKET

INTEL SAID IT WOULD IMMEDIATELY APPEAL THE VERDICT AND PRESS AHEAD WITH
THREE REMAINING CASES THAT FOCUS ON AMD'S CHIPS INTEL COULD HAVE BEEN
AWARDED HUNDREDS OF MILLIONS OF DOLLARS IN DAMAGES IF IT HAD PREVAILED

THERE WAS A BIG UPSIDE POTENTIAL FOR INTEL AND I'M SORRY WE LOST SAID F
THOMAS DUNLAP INTEL GENERAL COUNSEL BUT HE ARGUED THAT THE CASE HAS
LIMITED IMMEDIATE EFFECT ON THE MARKET THEY WERE SHIPPING THEIR PRODUCTS
WHEN I WOKE UP THIS MORNING AND THEY ARE STILL SHIPPING THEM NOW

AMONG THE UNSETTLED ISSUES INTEL CONTENDS AMD'S RIGHTS TO USE INTEL'S
COPYRIGHTED MICROCODE ONLY LAST UNTIL THE END OF 1995 WHEN THE ACCORD
EXPIRES AMD ARGUES THAT IT OWNS PERMANENT RIGHTS TO COPYRIGHTS AWARDED
INTEL UNTIL THAT DATE

AS A RESULT MR SANDERS SAID AMD WILL CONTINUE TO SELL 486 CHIPS WITH
INTEL'S INTERNAL SOFTWARE WE ARE ABSOLUTELY GOING TO BE SELLING INTEL
MICROCODE AND WE WILL DO THAT FOREVER HE SAID

BUT THE COMPANY ALSO WILL KEEP DEVELOPING ITS OWN MICROCODE FOR 486 VERSIONS
AND OTHER CHIPS SO THAT IT CAN FURTHER DIFFERENTIATE ITS PRODUCTS IN THE
FUTURE MR SANDERS SAID THE FIRST PURELY AMDDESIGNED CHIP WILL BE THE K5
A COMPETITOR TO INTEL'S PENTIUM CHIP THAT IS EXPECTED TO SHIP IN SAMPLE
QUANTITIES BY THE END OF THE YEAR

IN ADDITION MR SANDERS SAID THE COMPANY IS EXPERIENCING
BETTERTHANEXPECTED PRODUCTION YIELDS ON 486 CHIPS AND SO WILL BE ABLE TO
SHIP MORE THAN 900000 OF THEM IN THE QUARTER UP FROM AN EARLIER PREDICTION
OF 700000 UNITS WITH AN AVERAGE SELLING PRICE OF 200 EACH THE INCREASED
PRODUCTION SCHEDULE WOULD BRING IN ABOUT 40 MILLION IN ADDED REVENUE

ELI SAYEGH AN ANALYST AT HANCOCK INSTITUTIONAL EQUITY SERVICES EXPECTS THE
VERDICT WILL INSPIRE AT LEAST ONE MANUFACTURING PARTNER TO SIGN UP WITH AMD
PROBABLY A LARGE JAPANESE COMPANY WITH GREATER PRICE COMPETITION FROM AMD
MR SAYEGH PREDICTED THAT INTEL'S GROSS PROFIT MARGINS WOULD DECLINE FROM
THEIR LOFTY LEVEL OF 609 IN THE FOURTH QUARTER

ANALYSTS SAID THE RULING COULD HAVE AN UNINTENDED POSITIVE EFFECT FOR INTEL
BY ADDING PRICE COMPETITION THAT WILL MAKE ITS TECHNOLOGY MORE ATTRACTIVE
AGAINST THE NEW POWERPC CHIP FROM INTERNATIONAL BUSINESS MACHINES CORP
MOTOROLA INC AND APPLE COMPUTER INC

THE VERDICT ENDS A KEY ROUND OF SILICON VALLEY'S NASTIEST LEGAL BRAWL WHICH
BEGAN IN 1987 WHEN A LONGTIME PARTNERSHIP BETWEEN THE COMPANIES COLLAPSED
AMID RECRIMINATIONS MR SANDERS CHARGED THAT INTEL HAS ABUSED THE LEGAL
PROCESS BY FILING SUITS AGAINST COMPETITORS THAT HAVE DRAINED THEIR COFFERS
EVEN THOUGH INTEL HAS ULTIMATELY LOST MOST OF THEM HE ESTIMATED AMD SPENT
MORE THAN 100 MILLION DEFENDING THE 287 CASE ALONE

MR DUNLAP RESPONDED THAT THE COMPANY WILL CONTINUE TO PROTECT ITS RIGHTS
WHEN COMPETITORS TAKE ITS INTELLECTUAL PROPERTY RATHER THAN COMPETE FAIRLY
BY USING THEIR OWN TECHNOLOGY THEY DON'T HAVE TO COPY OUR MICROCODE

THE 1976 TECHNOLOGYSHARING AGREEMENT GAVE AMD THE RIGHT TO USE MICROCODES
CONTAINED IN INTEL MICROCOMPUTERS AND PERIPHERAL PRODUCTS THAT PHRASE
BECAME THE CRUX OF THE COPYRIGHT INFRINGEMENT CASE INTEL ARGUED THAT
MICROCOMPUTERS AND PERIPHERALS REFERRED TO INTEL COMPUTER SYSTEMS USED
TO HELP DEVELOP SOFTWARE AT THAT TIME AMD CLAIMS THE TERM REFERRED TO
MICROPROCESSORS AND COMPANION CHIPS SUCH AS THE 287

INTEL WON OVER A JURY THE FIRST TIME AROUND BUT US DISTRICT JUDGE WILLIAM
INGRAM THREW OUT THAT VERDICT IN THE SPRING OF 1993 RULING THAT INTEL HAD
WITHHELD INTERNAL DOCUMENTS THAT COULD BE SEEN AS CORPORATE ADMISSIONS THAT
AMD'S RIGHTS EXTENDED TO MICROCHIPS

MORE BATTLES REMAIN IN ADDITION TO APPEALING THE CURRENT VERDICT INTEL HAS
FILED SUITS OVER AMD'S 386 AND 486 MICROPROCESSORS MICROCODE IS THE KEY
ISSUE IN THOSE CASES AS WELL THOUGH INTEL INCLUDED SOME OTHER COPYRIGHT
INFRINGEMENT CLAIMS THAT AMD MUST CONFRONT AMD IS ALSO APPEALING AN
ARBITRATION RULING INVOLVING THE 386 CHIP TO THE CALIFORNIA SUPREME COURT

ANALYSTS DIFFER ABOUT INTEL'S CHANCES ON THE REMAINING LITIGATION MR
SAYEGH SAID THE 287 VERDICT MAKES THE OTHER CASES MOOT BUT OTHERS AREN'T SO
SURE

I DON'T THINK WE'LL SEE A FINAL RESOLUTION FOR YEARS SAID MICHAEL SLATER
PUBLISHER OF MICROPROCESSOR REPORT AN INDUSTRY NEWSLETTER 9403110129
940311 COMMODITIES GOLDFUTURES PRICES SOAR AMID INVESTIGATION OF
WHITEWATER IN US TURMOIL IN SOUTH AFRICA  BY JEFFREY TAYLOR 
STAFF REPORTER OF THE WALL STREET JOURNAL

GOLDFUTURES PRICES SOARED ON CONCERNS ABOUT POLITICAL INSTABILITY IN THE
CLINTON ADMINISTRATION AND IN SOUTH AFRICA THE SOURCE OF MUCH OF THE
WORLD'S GOLD SUPPLY

THE CATALYST FOR THE RALLY WAS WHITEWATER THE INVESTIGATION OF PRESIDENT
CLINTON'S INVOLVEMENT IN A FAILED LANDDEVELOPMENT VENTURE SAID WILLIAM
O'NEILL CHIEF FUTURES STRATEGIST FOR MERRILL LYNCH BASICALLY IT CREATES
A TREMENDOUS AIR OF UNCERTAINTY SURROUNDING THE PRESIDENCY AFFECTING THE
US DOLLAR AND US GOVERNMENT ASSETS SUCH AS BONDS THIS KIND OF CHAOTIC
SITUATION TENDS TO BRING A FLOW OF MONEY INTO METALS

HEAVY BUYING OF GOLDFUTURES CONTRACTS BY COMMODITY FUNDS WHICH ARE MANAGED
POOLS OF INVESTORS' MONEY HELPED TO PUSH THE PRICE OF THE GLEAMING METAL
THROUGH KEY RESISTANCE LEVELS ANALYSTS SAID WHICH TRIGGERED EVEN MORE
ORDERS TO BUY FUTURES CONTRACTS ONE SUCH LEVEL WAS 384 AN OUNCE A PRICE
THAT GOLD PRICES HAD TRIED AND FAILED TO PENETRATE REPEATEDLY IN RECENT
DAYS

THE GOLD MARKET ALSO DERIVED STRENGTH FROM SHARP DECLINES IN BOND PRICES AND
THE VALUE OF THE US DOLLAR VERSUS FOREIGN CURRENCIES CONTINUING RIOTS AND
POLITICAL UNREST IN GOLDPRODUCING REGIONS OF SOUTH AFRICA LENT ADDITIONAL
SUPPORT

ANOTHER CONSTRUCTIVE FACTOR WAS THE FAILURE OF LARGE AVAILABLE SUPPLIES TO
DEFLATE PRICES GOLD HAS HELD UP WELL IN THE FACE OF THE FACT THAT JAPAN IS
PLANNING TO SELL 90 TONS OF GOLD OR ABOUT THREE MILLION OUNCES LEFT OVER
FROM THE MINTING OF THE EMPEROR'S COMMEMORATIVE WEDDING COIN SAID FRED
DEMLER METALS ECONOMIST FOR ED & F MAN THE FACT THAT THE MARKET DIDN'T
COLLAPSE ON THAT NEWS IS SEEN AS A POSITIVE

IN COMING DAYS NEWS ABOUT THE WHITEWATER AFFAIR IS LIKELY TO CONTINUE TO
DOMINATE PRECIOUSMETALS MARKETS MR O'NEILL SAID IF THIS WERE TO DEVELOP
INTO A SITUATION WHERE THE PRESIDENT WOULD BE FORCED TO RESIGN IT COULD
PUSH GOLD PRICES SHARPLY HIGHER HE SAID I DON'T THINK THE RALLY WOULD
LAST HOWEVER THIS TYPE OF NERVOUSNESS TENDS TO CAUSE SHORTTERM MOVEMENTS
IN THE METALS

IN OTHER COMMODITY MARKETS YESTERDAY

ENERGY WORLD OIL PRICES WERE GENERALLY LOWER WITH CRUDE DOWN BETWEEN FOUR
CENTS AND SEVEN CENTS A BARREL IN NEW YORK AND LONDON FUTURES TRADING
HEATING OIL INFLUENCED BY THE PROMISE OF WARMER WEATHER IN THE US LED
THE SLUMP THE US FUTURES CONTRACT FOR APRILHEATING OIL FELL 051 CENT TO
SETTLE AT 4328 CENTS A GALLON DESPITE THE OIL MARKET'S GENERAL WEAKNESS
HOWEVER FRESH BUYING DEVELOPED WHENEVER PRICES DROPPED TO CERTAIN SUPPORT
POINTS TRADERS SAID CRUDE FUTURES SHOWED SUCH TECHNICAL RESILIENCE NEAR
14 A BARREL ON THE NEW YORK MERCANTILE EXCHANGE YESTERDAY APRIL CRUDE
REACHED A LOW OF 1401 A BARREL BEFORE REBOUNDING TO SETTLE AT 1414 DOWN
FOUR CENTS FOR THE DAY

GRAINS AND SOYBEANS GRAINFUTURES PRICES CONTINUED TO EDGE LOWER ON
CONCERNS ABOUT THE BIG SIZE OF BRAZIL'S SOYBEAN CROP AT THE CHICAGO BOARD
OF TRADE SOYBEANS FOR JULY DELIVERY WERE DOWN 125 CENTS TO 675 A BUSHEL
JULY CORN FELL 2 CENTS TO 28475 A BUSHEL AND JULY WHEAT WAS OFF 350
CENTS TO 32225 A BUSHEL MANY ANALYSTS EXPECT THE SOUTH AMERICAN CROP TO
COME IN AT ABOUT 38 MILLION TO 40 MILLION METRIC TONS WHICH WOULD BE A
RECORD 9403110128 940311 BIG BOARD CUTS BACK RELEASE OF ITS DATA ON
PROGRAM TRADING

NEW YORK THE NEW YORK STOCK EXCHANGE HAS CUT BACK ON THE PROGRAMTRADING
DATA IT RELEASES

THE EXCHANGE NO LONGER DISCLOSES THE MOSTACTIVE PROGRAM TRADING FIRMS
DURING PERIODS IN WHICH THE DOW JONES INDUSTRIAL AVERAGE MOVES 50 POINTS
WITHIN AN HOUR UNDER THE OLD POLICY THE EXCHANGE YESTERDAY WOULD HAVE
DISCLOSED WHO DID THE MOST TRADING ON THE MORNING OF MARCH 2 WHEN THE DOW
INDUSTRIALS PLUNGED 50 POINTS BEFORE SHOOTING BACK UPWARD BUT THE EXCHANGE
DIDN'T DO SO WHEN IT RELEASED ITS REGULAR PROGRAMTRADING STATISTICS

THE INFORMATION CUTBACK REVERSES A TREND SINCE THE 1987 STOCKMARKET CRASH
IN WHICH THE BIG BOARD HAD BEEN RELEASING MORE PROGRAM DATA AND DOING SO
MORE QUICKLY IN RESPONSE TO INVESTORS' CONCERNS ABOUT THE COMPUTERGUIDED
TRADING ACTIVITY

OUR EXPERIENCE SHOWS THAT DOING THAT CHART WAS OF NO REAL INFORMATIONAL
VALUE A BIG BOARD SPOKESMAN EXPLAINED YESTERDAY FOR EXAMPLE THERE WAS
ACTUALLY MORE PROGRAM BUYING THAN SELLING DURING THE MARCH 2 PLUNGE
THEREFORE IT SEEMS OF LITTLE VALUE TO IDENTIFY WHO IS BUYING AND SELLING
VIA PROGRAMS

BUT PROGRAMTRADING CRITICS SAY THEY WANT MORE INFORMATION NOT LESS I
THINK PEOPLE ARE CARING EVEN MORE ABOUT PROGRAM TRADING SAID DALE HOLZEN
A DEAN WITTER REYNOLDS INC BROKER IN COCOA BEACH FLA ESPECIALLY ON THE
DOWNSIDE THEY'RE GOING TO CARE 9403110127 940311 ITALY'S PARMALAT SEEKS
TO FILL US CUPS WITH NEW LONGLASTING MILK PRODUCT  BY MAUREEN
KLINE STAFF REPORTER OF THE WALL STREET JOURNAL

PARMA ITALY TO A LESS CONFIDENT EXECUTIVE THE IDEA OF CHANGING THE
HABITS OF MILK DRINKERS IN THE US MAY SEEM LIKE AN IMPOSSIBLE TASK BUT
FOR CALISTO TANZI CHAIRMAN OF PARMALAT SPA THE VENTURE IS JUST A LOGICAL
EXTENSION OF AN ALREADY AMBITIOUS EXPANSION PLAN

AMERICANS ARE VERY PRACTICAL SAYS MR TANZI POURING A GLASS OF MILK IN
HIS OFFICE HERE WE THINK THEY HAVE TO RESPOND JUST LIKE THE REST OF THE
WORLD

WITH A LONGLASTING MILK THAT DOESN'T NEED TO BE REFRIGERATED BEFORE
OPENING PARMALAT IS LAUNCHING AN ATTACK ON THE US MILK MARKET THE MILK
WHICH IS HEATTREATED AND LASTS FOR UP TO SIX MONTHS ON THE SHELF TASTES
THE SAME AS REFRIGERATED MILK ACCORDING TO TASTE TESTS PARMALAT CONDUCTED
IN THE US IT'S BEEN AVAILABLE FOR ONLY A FEW MONTHS IN US SUPERMARKETS
SO IT'S TOO EARLY TO JUDGE THE PRODUCT'S SUCCESS THE COMPANY SAYS

MR TANZI SAYS HE FIGURES THAT IF MOST EUROPEAN COUNTRIES HAVE ADAPTED TO
LONGLIFE MILK AMERICANS CERTAINLY CAN AS LONG AS THE TASTE MATCHES WHAT
THEY'RE USED TO HE SAYS THAT IN FRANCE ULTRA HIGH TEMPERATURE MILK OR
UHT HAS TAKEN OVER 95 OF THE MILK MARKET UHT ALSO DOMINATES THE MARKET IN
SPAIN WHERE IT HAS AN 80 MARKET SHARE AND BELGIUM WITH 90 UHT IS LESS
POPULAR IN THE UK BUT COMMANDS ABOUT 55 OF MILK SALES IN GERMANY AND
ITALY IN THE US THERE'S VIRTUALLY NO MARKET YET

THE DAY WE'RE THE LEADER IN UHT AND IT TAKES AMERICA WE'LL BE IMMENSE
SAYS DOMENICO BARILI PARMALAT'S MANAGING DIRECTOR ANTICIPATING THAT THE
COMPANY WILL REAP THE BENEFITS OF BEING THE FIRST FIRM TO SERIOUSLY MARKET
THE PRODUCT IN THE US THE COMPANY PLANS TO EXPAND ITS PRESENCE IN
INTERNATIONAL MARKETS AND IN ITALY THOUGH IT HAS NO PLANS TO MARKET ITS
PRODUCT ELSEWHERE IN WESTERN EUROPE

PARMALAT HAS BOUGHT FOUR US MILK MANUFACTURERS SINCE 1992 AND HAS BEEN ON
A SHOPPING SPREE IN HUNGARY AND IN LATIN AMERICA WHERE SALES NOW ACCOUNT
FOR ABOUT A QUARTER OF THE GROUP'S TOTAL REVENUE NEGOTIATIONS ARE UNDER WAY
TO DEVELOP BUSINESS IN MEXICO AND CHINA

BECAUSE OF ITS AGGRESSIVE ACQUISITIONS PARMALAT WHICH ALSO MAKES FRUIT
JUICE YOGURT SNACKS AND PASTA IS REPORTING RAPID GROWTH YESTERDAY
MR BARILI SAID THAT 1993 PRELIMINARY FIGURES SHOW TOTAL SALES ROSE TO 2845
TRILLION LIRE 169 BILLION FROM 1637 TRILLION LIRE IN 1992 OPERATING
PROFIT IN 1993 ROSE TO 251 BILLION LIRE FROM 206 BILLION LIRE IN 1992 MR
BARILI SAID THE REALLY BIG SALES JUMP WILL BE FROM 1993 TO 1994 WHEN
1993 ACQUISITIONS BEGIN PAYING OFF AND SALES SHOULD REACH 38 TRILLION LIRE
TO FOUR TRILLION LIRE HE ADDS

MR BARILI SAYS THE COMPANY'S RETURN ON SALES FELL ABOUT 9 IN 1993 BECAUSE
OF THE FLURRY OF ACQUISITIONS HE SAYS 1993 WAS A YEAR OF GREAT CHANGE IN
1994 WE'LL MAKE FEWER ACQUISITIONS MOST OF THE ACQUISITIONS IN THE PAST
TWO YEARS HAVE BEEN IN LATIN AMERICA AND THE US

FINANCIAL ANALYSTS AGREE THAT IT MAY BE TIME TO SLOW DOWN THOUGH THEY SAY A
CAPITAL INCREASE LAST JULY ALLEVIATED DEBT THE HOLDING COMPANY PARMALAT
FINANZIARIA SPA WHICH IS 51OWNED BY MR TANZI'S FAMILY AND 49 LISTED ON
THE MILAN STOCK EXCHANGE RAISED 427 BILLION LIRE THROUGH A RIGHTS ISSUE
THE COMPANY USED HALF THE MONEY TO CONSOLIDATE ITS POSITION AND BUY OUT THE
21 OF THE MAIN OPERATING COMPANY PARMALAT SPA THAT IT DIDN'T OWN THE
REST WAS USED TO PAY DOWN DEBT

KLEINWORT BENSON SECURITIES LTD ANALYSTS FIONA MARSHALL AND ENRICO PONZONE
SAY THEY EXPECT 1993 NET DEBT OF 700 BILLION LIRE EVEN AFTER THE CAPITAL
INCREASE REPRESENTING A DEBTTOEQUITY RATIO OF AROUND 55 THEY SAY THAT
FOR 1994 AGAINST A BACKGROUND OF FALLING INTEREST RATES 55 GEARING
SHOULD BE QUITE MANAGEABLE

MR TANZI IS USED TO GROWING FAST HE FOUNDED PARMALAT IN 1961 FROM THE
PROCEEDS OF SELLING A FAMILY PROSCIUTTO BUSINESS IN PARMA PARMALAT WAS
CREATED ON THE IDEA THAT MILK COULD BE TRANSFORMED FROM A LOCAL FARM
COMMODITY INTO A BIG INTERNATIONAL BUSINESS

PARMALAT ROSE TO FAME IN EUROPE BY SPONSORING FORMULA ONE RACERS NIKI LAUDA
AND NELSON PIQUET LATER MR TANZI BOUGHT THE PARMA SOCCER TEAM WHICH HAS
HAD SEVERAL VICTORIES IN RECENT YEARS

ANALYSTS SAY PARMALAT'S STOCK IS A LONGTERM BUY THAT'S PARTLY BECAUSE FOOD
IS A NONCYCLICAL BUSINESS THAT PERFORMS WELL EVEN IN TOUGH TIMES AND IT'S
THE ONLY PURE FOOD STOCK ON THE MILAN STOCK EXCHANGE PARMALAT'S SHARE PRICE
DOUBLED IN 1993 AND HAS RISEN 15 SO FAR THIS YEAR 9403110126 940311
BUSINESS BRIEF IRG TECHNOLOGIES INC AUDITOR RESIGNS BANK CREDIT 
ISN'T EXTENDED STOCK SAGS

IRG TECHNOLOGIES INC WHICH HAS POSTED DISAPPOINTING EARNINGS SINCE IT WENT
PUBLIC LAST MAY DISCLOSED THAT ITS AUDITORS RESIGNED AND THAT THE COMPANY
HAD FAILED TO WIN AN EXTENSION OF ITS BANK LINE OF CREDIT

IN A NEWS RELEASE THE CARROLLTON TEXAS COMPUTERPRODUCTS DISTRIBUTOR
DIDN'T SAY WHY ERNST & YOUNG RESIGNED AS THE COMPANY'S AUDITOR NEITHER IRG
NOR ERNST OFFICIALS COULD BE REACHED FOR COMMENT

IRG'S STOCK WHICH SOLD FOR 750 A SHARE IN ITS INITIAL PUBLIC OFFERING
SANK 125 YESTERDAY IN COMPOSITE TRADING ON THE NASDAQ STOCK MARKET
CLOSING AT 875 CENTS OFF 125 CENTS IN THE FOURTH QUARTER THE COMPANY
HAD A LOSS OF 554000 OR SEVEN CENTS A SHARE ON SALES OF 469 MILLION

THE COMPANY SAID THE LINE OF CREDIT EXPIRED MARCH 1 WITHOUT BEING RENEWED
BECAUSE OF DISAGREEMENT OVER TERMS OF AN EXTENSION BUT IRG SAID THE LENDERS
HAVE CONTINUED TO PROVIDE FUNDING IN THE MEANTIME AND HAVE EXPRESSED A
WILLINGNESS TO AMEND AND EXTEND THE CREDIT LINE THROUGH JUNE 1 9403110125
940311 PROGRAM TRADING

NEW YORK PROGRAM TRADING IN THE WEEK ENDED MARCH 4 ACCOUNTED FOR 107
OR AN AVERAGE 327 MILLION DAILY SHARES OF NEW YORK STOCK EXCHANGE VOLUME

BROKERAGE FIRMS EXECUTED AN ADDITIONAL 203 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 445 INVOLVED STOCKINDEX ARBITRAGE
DOWN FROM 453 THE PRIOR WEEK IN THIS STRATEGY TRADERS DART BETWEEN
STOCKS AND STOCKINDEX OPTIONS AND FUTURES TO CAPTURE FLEETING PRICE
DIFFERENCES

SOME 572 OF PROGRAM TRADING WAS EXECUTED BY FIRMS' FOR THEIR OWN ACCOUNTS
OR PRINCIPAL TRADING WHILE 322 WAS FOR THEIR CUSTOMERS AN ADDITIONAL
106 WAS DESIGNATED AS CUSTOMER FACILITATION WHERE FIRMS USE PRINCIPAL
POSITIONS TO FACILITATE CUSTOMER TRADES

OF THE FIVE MOSTACTIVE FIRMS NOMURA SECURITIES SUSQUEHANNA AND KIDDER
PEABODY EXECUTED ALL OR MOST OF THEIR PROGRAM TRADING FOR THEIR OWN
ACCOUNTS WHILE MORGAN STANLEY AND FIRST BOSTON DID MOST OF THEIR PROGRAM
TRADING FOR THEIR CUSTOMERS 9403110124 940311 CREDIT MARKETS TREASURY
PRICES TUMBLE ON WHITEWATER CONCERNS RUMOR RELATED TO 1993 DEATH OF
VINCENT FOSTER  BY THOMAS T VOGEL JR AND PAULETTE THOMAS STAFF
REPORTERS OF THE WALL STREET JOURNAL

NEW YORK WITH INVESTORS STILL STRUGGLING TO RECOVER FROM LAST WEEK'S
MASSIVE SELLOFF THE TREASURY MARKET PLUNGED AGAIN YESTERDAY

RUMORS OF POLITICAL SKULDUGGERY COMBINED WITH WIDESPREAD NERVOUSNESS ABOUT
WEAKNESS IN THE NATION'S BOND MARKETS PUSHED DOWN THE PRICE OF THE
BENCHMARK 30YEAR TREASURY BOND MORE THAN 1 5/8 POINTS TO 90 27/32 THAT
MEANS A PRICE DROP OF 1625 FOR A BOND WITH 1000 FACE VALUE THE YIELD
WHICH MOVES IN THE OPPOSITE DIRECTION OF PRICE SOARD TO 698 THE HIGHEST
SINCE MAY 1993 SINCE THE FEDERAL RESERVE RAISED SHORTTERM INTEREST RATES
ON FEB 4 THE PRICE OF THE 30YEAR BOND HAS DROPPED MORE THAN 8 1/4 POINTS
OR MORE THAN 8250 FOR A BOND WITH 1000 FACE VALUE

FALLOUT FROM WILD SPECULATION REGARDING THE SUICIDE LAST YEAR OF DEPUTY
WHITE HOUSE COUNSEL VINCENT FOSTER AS WELL AS PRESIDENT CLINTON'S PAST
FINANCIAL DEALINGS MOVED FROM WASHINGTON TO WALL STREET WHERE STOCK AND
BOND MARKETS TUMBLED

SOME ANALYSTS POINTED TO A FINANCIALGOSSIP NEWSLETTER PUBLISHED BY JOHNSON
SMICK INTERNATIONAL THAT SAID STAFFERS IN THE OFFICE OF SEN DANIEL MOYNIHAN
D NY WERE SAYING THAT THE BODY OF MR FOSTER WAS MOVED FROM AN
ADMINISTRATION APARTMENT IN VIRGINIA TO THE PARK WHERE IT WAS FOUND THE
NEWSLETTER HAS BEEN KNOWN TO PRINT WILD SPECULATION WHICH SOMETIMES MOVES
MARKETS

STUNNED BY THE MARKET'S RESPONSE WHITE HOUSE PRESS SECRETARY DEE DEE MYERS
SAID IT IS RIDICULOUS THERE IS NOT A SHRED OF EVIDENCE TO SUGGEST THAT
THIS IS TRUE IT IS A COMPLETE FABRICATION WHY ARE WE TAKING SERIOUSLY A
LITTLEKNOWN NEWSLETTER THAT MAKES ALLEGATIONS WITH NO EVIDENCE

A SPOKESMAN FOR MR MOYNIHAN LAWRENCE O'DONNELL SAID NO ONE FROM THE
OFFICE HAD SPOKEN TO ANYONE FROM THE NEWSLETTER THEY CHARGE PEOPLE A LOT
OF MONEY TO SEND THEM SOMETHING HE SAID I DON'T KNOW WHERE TO BEGIN IN
DISMISSING THIS THIS IS BELOW THE NATIONAL ENQUIRER IN TERMS OF
JOURNALISTIC STANDARDS

I HATE THIS SAID THOMAS D GALLAGHER A POLITICAL ANALYST FOR LEHMAN
BROTHERS INC IN WASHINGTON THE RUMORS AFFECTED THE VALUE OF THE DOLLAR IN
FOREIGNEXCHANGE MARKETS AS WELL AS GOLD PRICES MR GALLAGHER POINTED OUT
THAT'S GOING TO HAVE AN EFFECT ON BONDS AS WELL HE SAID

MR GALLAGHER SAID HE TRIED TO CALM THE BOND TRADERS AT LEHMAN IN NEW YORK
WITH THIS INTERPRETATION OF THE POLITICAL SPECULATION YOU HAVE TO
DISCIPLINE YOURSELF WHEN YOU THINK ABOUT WHITEWATER AND ASK WHEN IT MATTERS
TO THE MARKETS HAS WASHINGTON BECOME SO CONSUMED WITH THIS THAT IT AFFECTS
THE PRESIDENT'S AGENDA AND HIS ABILITY TO GOVERN

MR GALLAGHER ISN'T SO SURE THAT IT HAS BUT HE IS STILL WORRIED WE'RE IN
A SITUATION WHERE THE SCANDAL HAS TAKEN ON A LIFE OF ITS OWN AND THE MARKETS
ARE GOING TO BE SUSCEPTIBLE TO RUMORS HE SAID WHAT ARE THE ALLEGATIONS
THAT ARE REALLY GOING TO CRIPPLE THE PRESIDENCY

BUT THESE DAYS IN THE BOND MARKET A RUMOR IS ENOUGH WHEN FACTS AREN'T
AROUND TO JUSTIFY SELLING

FOR THE PAST MONTH BOND INVESTORS HAVE BEEN UNLOADING THEIR HOLDINGS
PARTICULARLY HARD HIT HAS BEEN THE US MARKET FOR CORPORATE JUNK BONDS
FROM WHICH INVESTORS ARE FLEEING LAST WEEK THERE WERE LARGE OUTFLOWS FROM
JUNKBOND MUTUAL FUNDS BUT THIS WEEK THE FLOWS HAVE TURNED INTO A TIDAL
WAVE INVESTORS HAVE IGNORED PLENTY OF REPORTS SHOWING THAT THE ECONOMY IS
STRENGTHENING WHICH IS USUALLY GOOD NEWS FOR JUNKBOND ISSUERS WHO HAVE
MUCH TO GAIN FROM AN ECONOMIC REBOUND

ACCORDING TO AMG DATA SERVICES OF ARCATA CALIF INVESTORS HAVE YANKED MORE
THAN 136 BILLION OUT OF JUNKBOND MUTUAL FUNDS OVER THE PAST TWO WEEKS
920 MILLION OF THAT OVER THE WEEK ENDING WEDNESDAY IT'S THE MOST WE'VE
EVER SEEN OVER A TWOWEEK PERIOD SAID ROBERT ADLER PRESIDENT OF AMG
ACCORDING TO AMG CERTAIN MUTUAL FUNDS HAVE SEEN A DROP IN THEIR ASSETS OF
MORE THAN 100 MILLION OVER THE WEEK

MANY INVESTORS ARE WORRIED THAT INFLATIONARY PRESSURES ARE GROWING
SOMETHING MANY WALL STREET ECONOMISTS DOUBT WHEN THE FED RAISED SHORTTERM
INTEREST RATES THE MARKET BEGAN A ROUND OF SECONDGUESSING THE FED'S
ANTIINFLATIONARY POLICIES

WITH ITS FEBRUARY RISE THE FED INTENDED TO WAGE A PSYCHOLOGICAL BATTLE
AGAINST INFLATIONARY FEARS BEFORE ACTUAL PRICE INCREASES OCCURRED BUT THE
MOVE HAS HAD THE OPPOSITE EFFECT ON MANY INVESTORS WHO HAVE BEGUN TO
BELIEVE THAT PERHAPS THE FED MOVED JUST AS INFLATION WAS PICKING UP EVEN
THOUGH MOST RECENT ECONOMIC REPORTS DON'T SHOW THIS

NEWS THAT THE GROSS DOMESTIC PRODUCT JUMPED 75 IN LAST YEAR'S FOURTH
QUARTER DIDN'T HELP MATTERS IN BONDMARKET LOGIC A RAPIDLY GROWING ECONOMY
IS BAD NEWS BECAUSE IT COULD LEAD TO RISING INFLATION WHICH REDUCES THE
VALUE OF AN INVESTMENT WITH A FIXED RATE OF RETURN

THE MARKET IS GOING OUT OF ITS WAY TO FIND BEARISH NEWS SAID DANA
JOHNSON HEAD OF MARKET ANALYSIS AT FIRST CHICAGO CAPITAL MARKETS

JAMES SNYDER HEAD OF FIXED INCOME AT NORTHERN TRUST ADDED THAT
PARTICIPANTS ARE BUILDING A RISK PREMIUM INTO THE MARKET BECAUSE OF WHAT WE
ARE HEARING AND READING ABOUT IN TERMS OF THE LEADERSHIP OF OUR COUNTRY

ALTHOUGH TREASURY SECURITIES NEVER REALLY MADE IT INTO POSITIVE TERRITORY
YESTERDAY THERE WAS SOME SCATTERED EARLY BUYING HOWEVER THE SELLERS
QUICKLY OVERWHELMED THE MARKET AND PRICES GROUND LOWER THROUGH MOST OF THE
DAY

RON CONNORS HEAD OF GOVERNMENTSECURITIES TRADING AT BEAR STEARNS & CO
NOTED HUGE SELLING BY INVESTORS DURING THE AFTERNOON AS CONTRIBUTING TO
THE DOWNDRAFT THAT ONLY ADDED TO THE PRESSURE CREATED BY SELLING FROM
DEALERS THE STREET REMAINS LITTERED WITH HUGE POSITIONS IN CORPORATES
MORTGAGEBACKED SECURITIES AND EMERGING MARKETS THE POSITIONS ARE BIG AND
THERE ARE NO RETAIL BUYERS MR CONNORS SAID

BUT FOR THE MOST PART MARKET PARTICIPANTS SAID THE SELLOFF SIMPLY
REFLECTED THE EXTREMELY BEARISH SENTIMENT PERVASIVE IN THE BOND MARKET AS A
RESULT THE SELLING IS CONTINUING EVEN THOUGH MANY PLAYERS FEEL THE
DECLINES HAVE GONE TOO FAR

IT'S VERY EMOTIONAL AND HAS VERY LITTLE TO DO WITH ANY SORT OF A SOBER
ANALYSIS OF THE FUNDAMENTALS SAID MR JOHNSON OF FIRST CHICAGO

IN AN UNUSUAL MOVE THE REPUBLIC OF TURKEY SWITCHED THE LEAD MANAGER IN THE
11TH HOUR OF ITS PLANNED 1 BILLION GLOBAL BOND TO CS FIRST BOSTON INC
FROM MERRILL LYNCH & CO AND SALOMON BROTHERS INC A SOURCE INVOLVED WITH
THE TRANSACTION SAID

TURKEY HAD BEEN SLATED TO SELL THE 10YEAR GLOBAL BOND WEDNESDAY BUT
POSTPONED THE OFFERING BECAUSE OF MARKET CONDITIONS UP UNTIL LAST WEEK
MERRILL AND SALOMON WERE SAID TO BE MARKETING THE 1 BILLION OFFERING TO
YIELD 9 WITH CS FIRST BOSTON TURKEY HOPES TO GET A YIELD 1/4 TO 1/2
PERCENTAGE POINT LOWER THE SOURCE SAID

SALOMON CONFIRMED THAT THEY LOST THE DEAL THE GLOBAL DEAL FOR THE REPUBLIC
OF TURKEY HAS BEEN OFFICIALLY POSTPONED DUE TO MARKET CONDITIONS AND THE
MANDATE HAS BEEN WITHDRAWN FROM SALOMON AND MERRILL SAID A SALOMON
OFFICIAL WHO DECLINED FURTHER COMMENT OFFICIALS AT MERRILL LYNCH DECLINED
TO COMMENT AS DID OFFICIALS AT CS FIRST BOSTON

DESPITE A NEAR CURRENCY CRISIS TURKEY STILL IS HELL BENT ON SELLING
BONDS ONE SOVEREIGN DEBT ANALYST SAID THEIR RESERVE IS UNDER PRESSURE
THEIR DEFICIT IS HIGH THE ANALYST SAID THEY'VE BEEN OUT OF THE BOND
MARKET FOR MONTHS AND THEIR FISCAL SITUATION HAS WORSENED EVEN FURTHER

MERRILL AND SALOMON WERE MARKETING THE GLOBAL BOND AT A YIELD SPREAD OF 35
PERCENTAGE POINTS ABOVE THE YIELD OF COMPARABLE US TREASURYS ACCORDING TO
THE SOURCE CLOSE TO THE DEAL CS FIRST BOSTON IS HOPING TO SELL TURKEY'S
DEBT AT A CONSIDERABLY CHEAPER YIELD SPREAD OF 315 PERCENTAGE POINTS

THE BONDS ARE EXPECTED TO MATURE IN 10 YEARS AND CARRY A THREEYEAR PUT
OPTION THAT WILL ALLOW INVESTORS TO SELL BACK THE BONDS AFTER THREE YEARS AT
A PRESET PRICE MERRILL AND SALOMON WERE MARKETING A DEAL WITH A SIMILAR
STRUCTURE THE SOURCE SAID

GLOBAL BONDS ARE SECURITIES SOLD IN THE WORLD'S MAJOR MARKETS AND ARE
INTENDED TO BE MORE LIQUID THAN OTHER TYPES OF SECURITIES

TURKEY'S DEBT IS RATED TRIPLEBMINUS BY STANDARD & POOR'S CORP AND BA1 BY
MOODY'S INVESTORS SERVICE INC BOTH RATING AGENCIES RECENTLY DOWNGRADED
TURKEY'S DEBT AND CITED AMONG OTHER THINGS THE COUNTRY'S INABILITY TO
REDUCE A LARGE DEFICIT AND COMBAT INFLATION

MEANWHILE PRICES OF MACY SENIOR BONDS SOARED YESTERDAY IN ANTICIPATION OF A
FORTHCOMING MORGAN STANLEY RESEARCH REPORT ON THE TROUBLED RETAILER
ACCORDING TO TRADERS

ACCORDING ONE INVESTOR WHO DIDN'T WISH TO BE IDENTIFIED MORGAN STANLEY
REPRESENTATIVES WERE CALLING CLIENTS ABOUT THE BONDS AND THE REPORT AS LONG
AS TWO DAYS AGO A MORGAN STANLEY SPOKESWOMAN SAID THAT THE REPORT WOULD BE
ISSUED TODAY BUT WOULDN'T COMMENT FURTHER

THE 14 5/8S DUE IN 1998 A 379 MILLION ISSUE THAT IS THE MOST SENIOR OF
MACY'S THREE BOND ISSUES OUTSTANDING CLOSED AT 44 DOWN SLIGHTLY FROM THE
DAY'S HIGH BUT UP TWO POINTS FROM WEDNESDAY'S CLOSE THAT PRICE MOVEMENT
REPRESENTS A 20 GAIN FOR EVERY 1000 FACE AMOUNT OF BONDS HOWEVER SINCE
THE BONDS TRADE AT A STEEP DISCOUNT TO FACE VALUE THEY HAVE ACTUALLY
ACTUALLY RISEN NEARLY 7 IN PRICE OVER THE PAST TWO DAYS

MACY BONDS HAVE BEEN PARTICULARLY PRONE TO RUMORS BECAUSE THEY ARE ONE OF
THE FEW REMAINING BIG BANKRUPTCYCOURT SPECULATIONS MACY IS EXPECTED TO
PRESENT AN OUTLINE OF ITS REORGANIZATION PLAN TO CYRUS VANCE THE
COURTAPPOINTED MEDIATOR BY MARCH 23 AS PREVIOUSLY REPORTED THE COMPANY'S
PLAN IS EXPECTED TO INCLUDE AN INVESTMENT FROM GE CAPITAL A UNIT OF GENERAL
ELECTRIC CO AND FIDELITY INVESTMENTS

ACCORDING TO TRADERS MORGAN STANLEY'S REPORT IS EXPECTED TO PLACE A VALUE
OF 4 BILLION ON THE REORGANIZED RETAILER ABOUT 500 MILLION MORE THAN THE
CURRENT MARKET VALUE OF THE COMPANY'S DEBT AND FAR MORE THAN OTHER
DISTRSSEDDEBT EXPERTS BELIEVE THE COMPANY IS WORTH IF THEY MAKE THAT BID
THEY'LL OWN IT SAID MAX HOLMES HEAD OF HIGH YIELD AT SALOMON BROTHERS

A MORGAN STANLEY OFFICIALS CONFIRMED THAT THE FIRM HAS OWNED AND TRADED
MACY'S BONDS FOR A LONG TIME AND CALLED THE REPORT A VALUATION ROAD MAP
FOR INVESTORS THAT REFLECTS OPINIONS HELD BY THE FIRM FOR A LONG TIME

THE MUNICIPAL BOND MARKET'S CONSOLIDATION CAME TO AN ABRUPT HALT TAXEXEMPT
ISSUES WERE AS MUCH AS A FULL POINT LOWER IN LATE TRADING

ALTHOUGH THE MUNI MARKET IS IN MUCH MUCH BETTER SHAPE THAN IT WAS
RECENTLY IT ISN'T STRONG ENOUGH TO STAND ON ITS OWN WHEN TREASURYS SLIDE A
NEW YORKBASED TRADER SAID

AMONG THE ISSUES HIT BY SALES WERE CALIFORNIA'S 515 OF 2019
GENERALOBLIGATION BONDS THEY WERE 3/4 LOWER AT 87 5/8 IN LATE DEALINGS
YIELDING 611

DESPITE THE RENEWED WEAKNESS TAXEXEMPTBOND TRADERS SAID THERE WERE
DEVELOPMENTS THAT BODE WELL FOR THE NEAR TERM INDIVIDUAL INVESTORS FOR
EXAMPLE HAVE BEEN SEEN DOING SOME BARGAIN HUNTING AFTER SHUNNING THE MARKET
RECENTLY I'VE DEFINITELY SEEN RETAIL PURCHASES SAID DANIEL KEATING
SENIOR MANAGING DIRECTOR OF THE MUNI DEPARTMENT AT BEAR STEARNS & CO

ANOTHER PLUS IS A FALL IN DEALER INVENTORIES AFTER A BIG BUILDUP OF
SECONDARYMARKET BONDS IN RECENT WEEKS TRADERS SAID THE RECENT SLOWDOWN IN
MUNI ISSUANCE HAS ALSO HELPED THE MARKET TRADERS SAID

WITH NARY A BULL TO BE FOUND MORTGAGE BONDS WENT BUST YESTERDAY

MOST IN THE MARKET COULDN'T COME UP WITH REASONS BEYOND WHITEWATER FOR THE
SELLOFF IT IS LIKELY OBSERVERS SAID THAT THE HEADLINES WERE BEING CITED
AS AN EXCUSE BY A MARKET THAT SIMPLY WANTS TO SELL

IN LATE TRADING AMONG THE 7 COUPONS FOR MARCH DELIVERY GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION ISSUES WERE DOWN 28/32 AT 97 27/32 FEDERAL HOME LOAN
MORTGAGE CORP GOLD ISSUES WERE OFF 26/32 AT 98 14/32 AND FEDERAL NATIONAL
MORTGAGE ASSOCIATION ISSUES WERE AT 98 5/32 DOWN 28/32

UNTIL THE MARKET CAN STAKE OUT SOME SORT OF BOTTOM SUPPORT LEVEL FOR PRICES
MUTUALFUND MANAGERS SOME OF THE MARKET'S MOST IMPORTANT CUSTOMERS AREN'T
LIKELY TO DO MUCH TRADING EVEN IF THEY HAVE NEW FUNDS THEY NEED TO PUT TO
WORK

THOMAS D LAURICELLA CONTRIBUTED TO THIS ARTICLE 9403110123 940311 MAUNA
LOA MACADAMIA EARNINGS

HONOLULU MAUNA LOA MACADAMIA PARTNERS LP SAID NET FOR THE FOURTH QUARTER
SLIPPED 56 AFTER A HIGHER DEFERRED TAX RATE FOR THE PERIOD

NET WAS 112 MILLION OR 10 CENTS A CLASS A UNIT COMPARED WITH 118
MILLION OR 10 CENTS A CLASS A UNIT A YEAR EARLIER REVENUE JUMPED 194 TO
57 MILLION FROM 48 MILLION

IN A PRESS RELEASE THE MACADAMIA GROWER WARNED THAT LOW LEVELS OF RAIN IN
NOVEMBER AND DECEMBER FOLLOWED BY HEAVY RAINFALL IN JANUARY AND FEBRUARY
MAY ADVERSELY AFFECT THE 199495 HARVEST WHICH BEGINS IN JULY AND ENDS
THE FOLLOWING JUNE THE COMPANY SAID 9403110122 940311 UNITED WATER TO
ACQUIRE UTILITY

HARRINGTON PARK NJ SHAREHOLDERS OF UNITED WATER RESOURCES INC AND GWC
CORP OF WILMINGTON DEL APPROVED UWR'S 200 MILLION ACQUISITION OF THE
WATER UTILITY

THE TRANSACTION STILL REQUIRES APPROVAL BY STATE UTILITY REGULATORY
COMMISSIONS AND IS EXPECTED TO CLOSE IN APRIL

UNDER THE TERMS OF THE AGREEMENT GWC'S PRINCIPAL UNIT GENERAL WATERWORKS
CORP WILL BECOME A WHOLLY OWNED SUBSIDIARY OF UNITED WATER LYONNAISE DES
EAUXDUMEZ SA A FRENCH WATER PURVEYOR THAT CURRENTLY OWNS 82 OF GWC'S
SHARES WILL OWN ABOUT 26 OF UNITED WATER COMMON SHARES UPON COMPLETION OF
THE DEAL 9403110121 940311 TECHNOLOGY & HEALTH SPECTRUM INFORMATION
SCULLEY PUT DOWN THEIR SWORDS  COMPANY MUST DECIDE WHAT BUSINESS 
IT'S IN NOW PATENTS GET ATTENTION  BY JOHN J KELLER STAFF
REPORTER OF THE WALL STREET JOURNAL

NEW YORK JOHN SCULLEY AND SPECTRUM INFORMATION TECHNOLOGIES INC LAID
DOWN THEIR ARMS AND WALKED AWAY FROM EACH OTHER DECLARING A CEASEFIRE IN
THE LEGAL FIGHT THAT FOLLOWED MR SCULLEY'S ABRUPT RESIGNATION AS CHAIRMAN A
MONTH AGO

MR SCULLEY HAD SUED SPECTRUM PRESIDENT PETER CASERTA FOR 10 MILLION
CONTENDING HE HAD BEEN LIED TO AND MISLED ABOUT SPECTRUM'S TROUBLES
SPECTRUM HAD COUNTERSUED FOR 300 MILLION CHARGING MR SCULLEY WITH
MISMANAGEMENT AND THEFT OF TRADE SECRETS NOW BOTH CASES HAVE BEEN DROPPED
WITHOUT ANY MONEY CHANGING HANDS AND BATTERED SHAREHOLDERS CONTINUE TO SUE
BOTH SIDES

NOW THAT MR SCULLEY IS GONE HOWEVER SPECTRUM IS IN SEARCH OF THE
HIGHMINDED STRATEGY HE WAS SUPPOSED TO CRAFT LOST IN THE LEGAL CROSSFIRE
AND IN THE COLLAPSE OF SPECTRUM'S STOCK PRICE IS THE MOST PRESSING ISSUE
CONFRONTING THE COMPANY AND MR CASERTA WHAT DO WE DO NOW

MR SCULLEY HAD CRISSCROSSED THE COUNTRY IN SEARCH OF NEW ACQUISITIONS TO
BUILD SPECTRUM INTO A WIRELESS POWERHOUSE THAT WOULD SUPPLY NETWORK
SOFTWARE MAKE DATACOMMUNICATIONS DEVICES AND DESIGN WIRELESS SERVICES IN
THE NEAR TERM MR CASERTA APPEARS MORE INTENT ON BUILDING SPECTRUM AS A
PATENT PORTFOLIO

SPECTRUM IS COAXING COMPANIES TO SIGN LICENSING DEALS EVEN AS IT MAKES A
NEW PUSH FOR CLAIMS FAR BROADER THAN WERE EVER ENVISIONED WHEN IT FIRST
FILED FOR PATENT PROTECTION IN 1987 BUT THE NEARTERM OUTLOOK ON INCOME FOR
LICENSING FEES IS BLEAK EVEN IN THE MOST OPTIMISTIC CASE SPECTRUM WOULD
BRING IN LESS THAN 20 MILLION IN FEES THIS YEAR AND ONLY ABOUT 50 MILLION
NEXT YEAR FROM NINE CURRENT LICENSEES ACCORDING TO A FORECAST PREPARED FOR
THE COMPANY BY SMITH BARNEY SHEARSON INC

IN THE PATENT PURSUIT MR CASERTA IS NO HIGHTECH VISIONARY HE USED TO RUN
A COMPANY THAT RENTED OUT ENGINEERS LATELY HIS CASERTA GROUP WHICH
DISPENSES FINANCIAL ADVICE TO SMALL BUSINESSES HAS ENGAGED IN TESTY LEGAL
JOUSTING WITH A NUMBER OF DISSATISFIED CLIENTS A US ATTORNEY HAS
SUBPOENAED SPECTRUM RECORDS IN A NEW PROBE THAT IS BELIEVED TO ALSO FOCUS ON
MR CASERTA'S ACTIVITIES A SPOKESMAN IN THE US ATTORNEY'S OFFICE DECLINED
TO COMMENT

NOW HE MUST MASTER THE ARCANE ACRONYMS AMPS CDPD CDMA TDMA AND SUCH
 THAT DEFINE THE WIRELESS WORLD PAST ASSOCIATES SAY MR CASERTA IS LONG
ON PERSUASION WHICH COULD BE A VALUABLE TOOL IN JUST A TWOYEAR PERIOD HE
STARTED AS AN OUTSIDE CONSULTANT TO SPECTRUM BECAME ITS PRESIDENT REPLACED
ITS BOARD AND MANAGEMENT TEAM AND ULTIMATELY CONVINCED FOUNDER DANA VERRILL
TO STEP ASIDE TO MAKE ROOM FOR MR SCULLEY

I CAN'T FIGURE OUT HOW HE DID IT A FORMER SPECTRUM BOARD MEMBER SAYS OF
MR CASERTA HE WOULD JUST WEAR YOU DOWN KEEP REPEATING THE SAME THING
AND FINALLY YOU'RE OVERWHELMED

YESTERDAY MR CASERTA DECLINED AN INTERVIEW ISSUING A WRITTEN RESPONSE TO
QUESTIONS IN IT HE DESCRIBED THE PATENTS AS OUR MOST SIGNIFICANT ASSET AT
THE MOMENT AND SAID HE WOULD SEEK ALLIANCES INSTEAD OF ACQUISITIONS HE
HOPES TO BUILD INFRASTRUCTURE SERVICES SUCH AS CONSULTING TO THE WIRELESS
INDUSTRY SPECTRUM JUST PAID 42 MILLION TO BUY A SMALL ENGINEERING
COMPANY FROM MR CASERTA'S NEPHEW IF HE SEEKS A SUCCESSOR TO MR SCULLEY
HE OR SHE WON'T BE SO MUCH A VISIONARY AS A HANDSON OPERATING EXECUTIVE

SPECTRUM OWNS FOUR PATENTS AND HAS LICENSED FIVE OTHERS MAINLY COVERING HOW
COMPUTER DATA CAN BE SENT OVER THE CELLULARPHONE NETWORK ITS ORIGINAL
PATENT COVERED A SIMPLE BLACK BOX THAT HANDLED THE CONVERSION OF COMPUTER
DATA TO CELLULAR FORMAT NOW IT IS PURSUING MORE THAN 100 NEW CLAIMS
CONTENDING THE PATENTS COVER ALMOST ANY KIND OF COMPUTER MESSAGE SENT OVER
ALMOST ANY KIND OF WIRELESS SYSTEM

INDEED SPECTRUM HOPES TO APPLY ITS PATENT GRIP TO MESSAGES SENT OVER
REGULAR PHONE LINES AS WELL WHEN COMPUTERS HAVE MODEMS THAT CAN SWITCH TO
CELLULAR TRANSMISSION

PATENT EXPERTS SAY THE NEW PUSH AMOUNTS TO AN AUDACIOUS REACH FOR A SMALL
MANHASSET NY COMPANY THAT HAS FAILED TO TURN AN ANNUAL PROFIT IN 10
YEARS OF EXISTENCE IN THE COMPETITIVE WIRELESS WORLD SPECTRUM MAY HAVE A
DIFFICULT TIME FINDING SANCTUARY BENEATH THE UMBRELLA OF ITS ORIGINAL
PATENTS

THE US PATENT OFFICE HAS AWARDED BROAD PROTECTION IN SOFTWARE AND
ELECTRONICS BEFORE BUT LATELY IT HAS COME UNDER FIRE FOR GOING TOO FAR IT
RECENTLY WITHDREW ONE CONTROVERSIAL PATENT UNDER SUCH CRITICISM AND HAS
BEGUN A REVIEW OF WHETHER IT PROTECTS TECHNIQUES THAT ARE TOO OBVIOUS OR TOO
BROAD THE OFFICE TRIES TO DO A GOOD JOB AND GRANT COMPANIES THE PATENT
PROTECTION THEY DESERVE BUT SOMETIMES IT MAKES MISTAKES SAYS THOMAS
GIANNETTI A PARTNER AT FISH & NEAVE A NEW YORK PATENT LAW FIRM

OTHER OBSERVERS SAY RAPID CHANGES IN THE WIRELESS WORLD COULD RENDER
SPECTRUM'S CURRENT PATENTS OBSOLETE ESPECIALLY AS ALLDIGITAL NETWORKS TAKE
HOLD THE NEW DIGITALDATA NETWORKS WILL SEND TRAFFIC IN PACKETS USING A
COMPLETELY DIFFERENT KIND OF CONNECTION FROM THE SPECTRUM METHOD SAYS ROB
MECHALEY OF MCCAW CELLULAR COMMUNICATIONS INC ANYWAY HE ADDS PEOPLE
ENGINEER AROUND PATENTS

CHRISTOPHER FRANCO SPECTRUM'S GENERAL COUNSEL COUNTERS THAT THE COMPANY IS
VERY COMFORTABLE WE HAVE PATENT COVERAGE FOR THE NEW DIGITAL NETWORKS
OUR STRATEGY NOW IS NOT TO BE THREATENING COMPANIES BUT TO WORK WITH THEM
THOUGH WE WILL KEEP ALL OF OUR OPTIONS OPEN WHICH WOULD INCLUDE
LAWSUITS

THE COMPANY IS BETTING ON THE PROJECTIONS FOR PATENT FEES IN THE SMITH
BARNEY REPORT A COPY OF WHICH WAS OBTAINED BY THIS NEWSPAPER IT CLAIMS
THAT ANNUAL INCOME FROM PATENT FEES IN A BESTCASE SCENARIO COULD DOUBLE TO
MORE THAN 100 MILLION IN 1996 AND DOUBLE AGAIN SIX YEARS LATER IF
EVERYTHING GOES RIGHT

THAT ROSY SCENARIO HOWEVER ASSUMES SPECTRUM CAN ESCAPE ANY LEGAL
CHALLENGES TO ITS PATENTS SIDESTEP ANY TECTONIC SHIFTS IN TECHNOLOGY AND
SURVIVE LONG ENOUGH TO REAP FEES INTO THE NEXT CENTURY

EVEN THE BESTCASE PROJECTION MOREOVER FALLS SHORT OF THE HYPERBOLIC
CLAIMS OF SPECTRUM'S OWN PRESIDENT LAST MAY WHEN MR CASERTA HAILED THE
SIGNING OF THE COMPANY'S FIRST PATENT LICENSEE AMERICAN TELEPHONE &
TELEGRAPH CO HE SAID THAT DEAL ALONE WOULD MEAN HUNDREDS OF MILLIONS OF
DOLLARS IN ROYALTIES OVER SEVERAL YEARS HIS EXUBERANCE LED TO A SURGE IN
SPECTRUM'S STOCK PRICE FOLLOWED WEEKS LATER BY A SUDDEN PLUNGE WHEN AT&T
DISAVOWED THE CLAIM THE SECURITIES AND EXCHANGE COMMISSION STEPPED IN AND
AN INVESTIGATION CONTINUES

YESTERDAY SPECTRUM'S STOCK REBOUNDED NICELY JUMPING 50 CENTS OR 17 TO
CLOSE AT 344 A SHARE IN NASDAQ STOCK MARKET TRADING

OTHER SPECTRUM DOCUMENTS SHOW THAT AT&T AGREED TO PAY ONLY 150000 IN
UPFRONT FEES AND NO MORE THAN 150 FOR EACH CHIP SET PER MODEM NEITHER
AT&T NOR SPECTRUM WOULD COMMENT

SO FAR SPECTRUM HAS WON JUST 72 MILLION IN SIGNUP FEES FROM FIVE BIG
LICENSEES INCLUDING ROCKWELL INTERNATIONAL CORP THE BIGGEST CONTRIBUTOR
NONE WILL PAY MORE THAN 5 PER MODEM OR CHIP SET WHICH WOULD MEAN WELL
UNDER 50 MILLION IN FEES GIVEN ESTIMATES THAT ABOUT 10 MILLION MODEMS WILL
BE SHIPPED THIS YEAR AND ONLY A FRACTION WILL BE USED FOR WIRELESS PURPOSES

MEGAHERTZ INC WON'T BE PAYING SPECTRUM MUCH EITHER MEGAHERTZ GENERAL
COUNSEL DAVID HARDY CONFIRMS THAT THE MODEM MAKER AGREED TO PAY 15 MILLION
PLUS 1 FOR EACH MODEM IN ITS MOST RECENT QUARTER MEGAHERTZ SHIPPED ONLY
150000 MODEMS THE SMALL SUM WAS ONE REASON WHY MEGAHERTZ SIGNED UP RATHER
THAN CHALLENGING SPECTRUM IN COURT

WE SAW IT AS A NECESSARY COST OF DOING BUSINESS MR HARDY SAYS AS THE
MARKET LEADER IT WAS IMPORTANT TO GO FORWARD UNFETTERED BY A PATENT FIGHT
9403110120 940311 MARKETING & MEDIA DOW JONES PAPERS IN LATIN
AMERICA PLAN NEWS VENTURE

NEW YORK DOW JONES & CO ANNOUNCED AGREEMENTS WITH EIGHT NEWSPAPERS IN
LATIN AMERICA TO PROVIDE THEM WITH A WEEKDAY SPANISHLANGUAGE INTERNATIONAL
BUSINESSNEWS SECTION

THE SECTION CALLED THE WALL STREET JOURNAL AMERICAS WILL BE PUBLISHED IN
THE MORNING EDITIONS OF THE NEWSPAPERS MONDAY THROUGH FRIDAY AND WILL
CONSIST OF TWO PAGES OF NEWS INCLUDING ARTICLES APPEARING IN THAT DAY'S
WALL STREET JOURNAL AND ITS INTERNATIONAL EDITIONS PUBLICATION IS EXPECTED
TO START BY MIDYEAR

THE EIGHT NEWSPAPERS THAT WILL PUBLISH THE WALL STREET JOURNAL AMERICAS
SECTION ARE ALL MEMBERS OF GRUPO DE DIARIOS AMERICA A FEDERATION OF LEADING
SPANISHLANGUAGE NEWSPAPERS IN LATIN AMERICA THEY HAVE A COMBINED WEEKDAY
CIRCULATION OF MORE THAN 11 MILLION AND AN ESTIMATED READERSHIP OF SEVEN
MILLION

THE NEWSPAPERS ARE EL NORTE IN MONTERREY MEXICO AND REFORMA IN MEXICO
CITY EL TIEMPO IN BOGOTA COLOMBIA LA NACION IN BUENOS AIRES EL COMERCIO
IN LIMA PERU EL NACIONAL IN CARACAS VENEZUELA EL COMERCIO IN QUITO
ECUADOR AND EL MERCURIO IN SANTIAGO CHILE

THE WALL STREET JOURNAL AMERICAS IS A MAJOR STEP IN PROVIDING MORE READERS
IN LATIN AMERICA WITH WALL STREET JOURNAL NEWS ON THE SAME DAY IT IS
PUBLISHED IN THE US EUROPE AND ASIA SAID KENNETH L BURENGA PRESIDENT
OF DOW JONES AND GENERAL MANAGER OF THE WALL STREET JOURNAL WE ARE PLEASED
TO BE WORKING WITH LEADING NEWSPAPERS IN THE AREA TO MAKE THIS POSSIBLE

A SPOKESMAN FOR GRUPO DE DIARIOS AMERICA SAID THE VENTURE CONSTITUTES A
RENEWED EXPRESSION OF THE SPIRIT OF INTEGRATION AND GLOBALIZATION THAT
CHARACTERIZES THE END OF THIS CENTURY

IN ADDITION TO THE WALL STREET JOURNAL AND ITS INTERNATIONAL EDITIONS DOW
JONES PUBLISHES BARRON'S MAGAZINE AND OTHER PERIODICALS ELECTRONIC BUSINESS
INFORMATION SERVICES INCLUDING DOW JONES TELERATE AND COMMUNITY
NEWSPAPERS 9403110119 940311 COMMISSION TO PROBE PROPOSED SUBSIDIES 
TO 2 EUROPEAN AIRLINES  SPECIAL TO THE WALL STREET JOURNAL

BRUSSELS THE EUROPEAN UNION COMMISSION SAID IT WILL INVESTIGATE PROPOSED
GOVERNMENT SUBSIDIES TO STATEOWNED AIRLINES TAPAIR PORTUGAL AND OLYMPIC
AIRWAYS OF GREECE

THE COMMISSION SAID THE INQUIRY WILL SEEK TO VERIFY THAT RESTRUCTURING PLANS
ATTACHED TO THE PROPOSED SUBSIDIES ARE SUFFICENT TO ADDRESS THE AIRLINES'
PROBLEMS AND RETURN THEM TO FINANCIAL VIABILITY WITHOUT DAMAGING COMPETITION
IN THE EU

THE COMMISSION WILL EXAMINE THE PROPOSED CAPITAL INCREASE OF AS MUCH AS 180
BILLION ESCUDOS 102 BILLION FOR TAP UNDER WHICH THE PORTUGUESE
GOVERNMENT WILL TAKE OVER PART OF THE AIRLINE'S DEBTS AND GUARANTEE TAP'S
BORROWINGS

THE FINANCIAL HELP AND A TAX EXEMPTION WHICH IS ALSO UNDER INVESTIGATION
ARE PART OF A RESTRUCTURING PLAN AIMED AT RESTORING TAP TO FINANCIAL AND
ECONOMIC VIABILITY BY THE END OF 1997

THE COMMISSION SAID THE PROBE OF SUBSIDIES TO OLYMPIC AIRWAYS WILL INCLUDE
LOAN GUARANTEES GIVEN TO THE COMPANY SINCE 1986 IN ADDITION TO PROPOSED DEBT
CONVERSION OF AS MUCH AS 118 BILLION EUROPEAN CURRENCY UNITS 134
BILLION A CAPITAL INJECTION OF 96 MILLION ECUS AND NEW LOAN GUARANTEES

THE COMMISSION SAID IT HAS DOUBTS OVER WHETHER THE SUBSIDIES ARE IN LINE
WITH EU RULES IT SAID IT MUST HAVE ASSURANCES THAT THE SUBSIDIES WON'T
TRANSFER OLYMPIC AIRWAYS' DIFFICULTIES TO ITS EU COMPETITORS 9403110118
940311 ECONOMY US DELOITTE SAID TO BE CLOSE TO THRIFT PACT  
COST COULD BE MORE THAN 300 MILLION FOR SUITS RELATED TO S&L FAILURES 
 BY RICHARD B SCHMITT AND LEE BERTON STAFF REPORTERS OF THE WALL
STREET JOURNAL

DELOITTE & TOUCHE AN ACCOUNTING FIRM IS CLOSE TO AN AGREEMENT WITH FEDERAL
REGULATORS TO PAY MORE THAN 300 MILLION TO RESOLVE CHARGES RELATED TO ITS
WORK FOR FAILED THRIFTS PEOPLE FAMILIAR WITH THE DISCUSSIONS SAY

IF AN AGREEMENT BECOMES FINAL IT WILL BE THE SECONDLARGEST SETTLEMENT THE
GOVERNMENT HAS SECURED IN ITS EFFORTS TO PUNISH PROFESSIONALS WHO PROVIDED
SERVICES TO SAVINGS AND LOANS THAT LATER COLLAPSED THE ONLY LARGER
SETTLEMENT WAS A NOVEMBER 1992 ACCORD WITH ERNST & YOUNG THE NATION'S
SECONDLARGEST ACCOUNTING FIRM WHICH PAID 400 MILLION TO RESOLVE
GOVERNMENT CLAIMS

DELOITTE THROUGH ITS PREDECESSOR FIRMS DELOITTE HASKINS & SELLS AND TOUCHE
ROSS & CO PERFORMED AUDITING SERVICES FOR INSTITUTIONS THAT BECAME SOME OF
THE COSTLIEST S&L FAILURES INCLUDING WESTERN SAVINGS & LOAN ASSOCIATION
FORMERLY OF PHOENIX ARIZ AND MIAMIBASED CENTRUST BANK THE RESOLUTION
TRUST CORP HAS 15 LAWSUITS PENDING AGAINST THE FIRM WHILE THE FEDERAL
DEPOSIT INSURANCE CORP HAS THREE SUITS PENDING AGAINST IT INCLUDING AN
ACTION ARISING FROM THE 1986 FAILURE OF FIRSTSOUTH SAVINGS & LOAN
ASSOCIATION OF PINE BLUFF ARK IN ALL CLAIMS AGAINST DELOITTE BY THE TWO
AGENCIES TOTAL MORE THAN 14 BILLION

THE CLAIMS GENERALLY ALLEGE VARIOUS COUNTS OF MALPRACTICE INCLUDING
ALLEGATIONS THAT DELOITTE THE NATION'S THIRDLARGEST ACCOUNTING FIRM
ISSUED CLEAN AUDIT OPINIONS TO DEEPLY INSOLVENT INSTITUTIONS

THE PROPOSED 300 MILLION AGREEMENT WOULD RESOLVE THE LAWSUITS AS PART OF AN
UMBRELLA SETTLEMENT ACCORDING TO THE PEOPLE FAMILIAR WITH THE TALKS THEY
ALSO SAID IT WAS LIKELY THAT THE FEDERAL OFFICE OF THRIFT SUPERVISION WOULD
BE PARTY TO THE AGREEMENT IN PREVIOUS SUITS AGAINST PROFESSIONALS THE OTS
HAS OBTAINED VARIOUS AGREEMENTS THAT REQUIRE FIRMS TO IMPROVE TRAINING AND
SUPERVISION OF PARTNERS IN THE HANDLING OF BANK AND THRIFT WORK

THE THREE FEDERAL AGENCIES DECLINED TO COMMENT SAYING THERE WASN'T ANY
AGREEMENT TO BE ANNOUNCED AT THIS TIME J MICHAEL COOK DELOITTE CHAIRMAN
AND HOWARD KRONGARD GENERAL COUNSEL SAID REPORTS OF A SETTLEMENT AREN'T
ACCURATE THE TWO SIDES HAVE BEEN IN ONAGAIN OFFAGAIN NEGOTIATIONS ABOUT
RESOLVING THE LITIGATION FOR MORE THAN A YEAR AND SOME PEOPLE CLOSE TO THE
TRANSACTION SAID THE TALKS COULD STILL BREAK DOWN

NONETHELESS PEOPLE FAMILIAR WITH THE TALKS SAY DELOITTE AND THE REGULATORS
ARE HOPING TO COMPLETE AN ACCORD AS SOON AS NEXT WEEK WITH THE PRIMARY
OBSTACLE BEING THE ACCOUNTING FIRM'S ABILITY TO COMPLETE AN AGREEMENT WITH
ITS INSURERS OVER FUNDING THE SETTLEMENT IN ADDITION DELOITTE IS UNDER
SOME PRESSURE TO RESOLVE THE HUGE CLAIM BECAUSE OF CONCERNS THAT THE CLOUD
OF LIABILITY IS FRIGHTENING AWAY POTENTIAL AUDIT CLIENTS

WHILE THE BULK OF THE AGREEMENT WOULD BE COVERED BY INSURANCE SUCH A
SETTLEMENT PROBABLY WOULD STILL BE COSTLY TO DELOITTE'S MORE THAN 1400
PARTNERS LIKE MOST OF THE OTHER BIG SIX ACCOUNTING FIRMS THE MAJOR PORTION
OF DELOITTE'S LIABILITY COVERAGE IS PROVIDED BY LLOYD'S OF LONDON WHICH
LAST YEAR SHARPLY LIMITED SUCH COVERAGE BECAUSE OF HUGE LOSSES UNDER THE
NEW LIMITS ACCOUNTING FIRMS MUST PAY THE FIRST 50 MILLION OF EACH CLAIM
THEMSELVES PREVIOUSLY THE 50 MILLION DEDUCTIBLE COVERED ALL MALPRACTICE
CLAIMS AGAINST ANY ONE FIRM IN A SINGLE YEAR DELOITTE HAS PARTNERSHIP
CAPITAL OF MORE THAN 450 MILLION

MOREOVER DELOITTE FACES SOME OTHER LEGAL LIABILITIES IN NOVEMBER THE FIRM
WAS HIT WITH A 77 MILLION PUNITIVEDAMAGE VERDICT IN A TEXAS COURT IN THAT
CASE A JURY FOUND THAT THE FIRM HAD BEEN GROSSLY NEGLIGENT IN HELPING
PREPARE TAX RETURNS FOR A CATTLE PARTNERSHIP THAT CLAIMED CERTAIN
QUESTIONABLE DEDUCTIONS ON GRAZING PASTURES DELOITTE OFFICIALS DECLINED
COMMENT ON THIS CASE

ARTHUR ANDERSEN & CO THE BIGGEST US ACCOUNTING FIRM IN AUGUST PAID 65
MILLION TO SETTLE GOVERNMENT CHARGES OF PROFESSIONAL NEGLIGENCE IN ITS
AUDITS OF FAILED FINANCIAL INSTITUTIONS KPMG PEAT MARWICK THE
FOURTHBIGGEST US ACOUNTING FIRM IS STILL TRYING TO NEGOTIATE WITH THE
GOVERNMENT A SETTLEMENT OF SIMILAR CLAIMS 9403110117 940311 TECHNOLOGY &
HEALTH MINNESOTA MINING'S COSTS MAY SOAR AFTER VERDICT IN
BREASTIMPLANT CASE  BY THOMAS M BURTON STAFF REPORTER OF THE
WALL STREET JOURNAL

A DECISION LAST FALL BY MINNESOTA MINING & MANUFACTURING CO AGAINST JOINING
A GLOBAL SETTLEMENT OF SILICONE BREASTIMPLANT CASES COULD PROVE ESPECIALLY
COSTLY FOLLOWING A HUGE HOUSTON VERDICT AGAINST THE COMPANY

PLAINTIFFS' NEGOTIATORS ARE ASKING 3M TO PAY 500 MILLION UPFRONT DOUBLE
WHAT THEY WERE SEEKING TO LIMIT ITS BREASTIMPLANT LIABILITY BY JOINING A
SETTLEMENT DEAL THEY HAVE UPPED THE ANTE BECAUSE OF LAST WEEK'S JURY AWARD
OF MORE THAN 30 MILLION IN DAMAGES AND LEGAL FEES AGAINST 3M AND TWO OTHER
COMPANIES

THE PLAINTIFFS' NEGOTIATING STANCE STILL COULD SHIFT OR 3M COULD DECIDE
INSTEAD TO FIGHT LAWSUITS INDIVIDUALLY THE COST OF DOING THAT WOULD BE
HUGE HOWEVER SAY SEVERAL LAWYERS IN THE LITIGATION

THE TENTATIVE SETTLEMENT WOULD PROVIDE FUNDS TO SETTLE SILICONEIMPLANT
LITIGATION WORLDWIDE OVER THE NEXT 30 YEARS AND WOULD CONSTRUCT A PARTIAL
CEILING ON LIABILITY FOR CORPORATIONS DOW CORNING CORP BRISTOLMYERS
SQUIBB CO BAXTER INTERNATIONAL INC AND A NUMBER OF SMALLER PLAYERS IN THE
INDUSTRY HAVE AGREED TO FUND THE TENTATIVE PLAN DOW CORNING IS A JOINT
VENTURE OF DOW CHEMICAL CO AND CORNING INC GENERAL ELECTRIC CO ANOTHER
HOLDOUT WAS A SUPPLIER OF SILICONE A THIRD HOLDOUT IS COMPARATIVELY SMALL
MCGHAN MEDICAL CORP OWNED BY 3M FROM 1977 TO 1984 AND NOW A UNIT OF INAMED
CORP

PLAINTIFFS' NEGOTIATORS ARE INSISTING THAT 3M PAY 500 MILLION AT THE OUTSET
OF THE SETTLEMENT PROGRAM IF A FEDERAL JUDGE APPROVES ANY SETTLEMENT BY
CONTRAST OTHER COMPANIES' CONTRIBUTIONS ARE SPREAD OUT OVER 30 YEARS THUS
NEGOTIATORS SAY 500 MILLION IN UPFRONT MONEY WOULD MAKE 3M THE
THIRDLARGEST PARTICIPANT IN THE DEAL 3M HAS OFFERED TO PAY ABOUT 250
MILLION OVER THREE YEARS INSTEAD ONE NEGOTIATOR SAID

ACCORDING TO SETTLEMENT PARTICIPANTS 3M NEGOTIATOR ALLEN KEZSBOM A PARTNER
IN THE NEW YORKBASED LAW FIRM OF FRIED FRANK HARRIS SHRIVER & JACOBSON
REJECTED THE INITIAL OFFER LAST FALL AND INSISTED THAT OTHER COMPANIES WERE
PARTING WITH FAR TOO MUCH MONEY MR KEZSBOM DIDN'T RETURN PHONE CALLS FOR
COMMENT A 3M SPOKESWOMAN SAID WE DON'T THINK IT'S APPROPRIATE FOR US TO
COMMENT OR FOR ANYONE ELSE TO DO SO

LAST WEEK'S JURY AWARD IN HOUSTON WHICH 3M SAYS IT INTENDS TO APPEAL COULD
WELL EXPAND 3M'S TOTAL LIABILITY GREATLY IN OTHER COURTS ACCORDING TO
LITIGATORS ON BOTH SIDES IN BREASTIMPLANT CASES THAT'S BECAUSE OF THE
SHEER SIZE OF THE VERDICT AND ONE LITTLENOTICED ASPECT OF THE JURY'S
DECISION THE JURY FOUND 3M HAD ENGAGED IN A CIVIL CONSPIRACY TO AVOID
BREASTIMPLANT LITIGATION WHEN IT SOLD MCGHAN MEDICAL IN 1984

THE CIVILCONSPIRACY FINDING COULD HAVE WIDE RAMIFICATIONS IT COULD ASSIGN
LIABILITY TO 3M FOR BREAST IMPLANTS SURGICALLY IMPLANTED EVEN AFTER THE 1984
SALE OF MCGHAN MEDICAL ACCORDING TO LAWYERS ON BOTH SIDES OF IMPLANT
LITIGATION RICHARD LAMINACK AN ATTORNEY FOR PLAINTIFFS IN THE HOUSTON
CASE SAID THE JURY'S FINDING WOULD BE FOLLOWED IN MANY TEXAS COURTS AND
CONTENDED THIS IS A SEVERALBILLIONDOLLAR POTENTIAL FINDING
9403110116 940311 WORLD TRADE CENTER RENOVATION

NEW YORK THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY SAID IT HOPES TO
ORGANIZE A 300 MILLION RENOVATION OF THE OUTDOOR PLAZA RETAIL CONCOURSE
AND PERMIMETER AREAS OF THE WORLD TRADE CENTER IN MANHATTAN

PORT AUTHORITY COMMISSIONERS CLEARED 10 MILLION TO DEVELOP PLANS AND COST
ESTIMATES OF SUCH A RENOVATION AND MAY SOLICIT PRIVATE DEVELOPMENT
INTEREST

THE RENOVATION IS INTENDED TO IMPROVE PEDESTRIAN FLOW BETWEEN THE PLAZA AND
THE UNDERGROUND CONCOURSE AND REINVIGORATE THE SHOPPING MALL SHOPPING
AND VISITING IN THE PLAZA AND RETAIL AREAS WERE DISRUPTED FOR MUCH OF 1993
DUE TO LAST YEAR'S BOMBING IN THE BASEMENT GARAGE OF THE CENTER'S TWIN
TOWERS 9403110115 940311 GE IS ONLY DEFENDANT OF FOUR TO SHOW UP IN
PRICEFIXING CASE

COLUMBUS OHIO THREE OF THE FOUR DEFENDANTS CHARGED WITH CONSPIRACY TO
FIX PRICES OF INDUSTRIAL DIAMONDS DIDN'T PRESENT THEMSELVES AT THEIR
ARRAIGNMENT YESTERDAY IN FEDERAL COURT HERE

GENERAL ELECTRIC CO THE ONLY DEFENDANT TO SHOW UP PLEADED NOT GUILTY
BEFORE JUDGE GEORGE C SMITH OF THE US DISTRICT COURT FOR THE SOUTHERN
DIVISION

GE BASED IN FAIRFIELD CONN WAS INDICTED WITH DE BEERS CENTENARY AG AND
TWO MIDDLELEVEL MANAGERS LAST MONTH A SPOKESMAN FOR DE BEERS IN
JOHANNESBURG SOUTH AFRICA WHO PREVIOUSLY DENIED ANY WRONGDOING BY THE
COMPANY COULDN'T BE REACHED FOR COMMENT

THE TWO INDIVIDUALS INDICTED WERE PETER FRENZ MANAGING DIRECTOR OF GE
SUPERABRASIVES WHO'S BASED NEAR FRANKFURT AND PHILIPPE LIOTIER THE DEPUTY
GENERAL MANAGER OF CIE FINANCIERE DE SUEZ IN PARIS UNTIL RECENTLY MR
LIOTIER WAS CHIEF EXECUTIVE OFFICER OF BRUSSELSBASED DIAMANT BOART SA
WHICH MAKES SYNTHETIC DIAMONDS THROUGH A 5050 JOINT VENTURE WITH DE BEERS
CENTENARY AG A DE BEERS UNIT

US ATTORNEYS FOR THE MEN REITERATED THAT THEIR CLIENTS HADN'T DONE
ANYTHING WRONG AND THAT THEY WEREN'T SUBJECT TO THE US JUDICIAL SYSTEM
THEY SAID THEIR CLIENTS COULDN'T BE EXTRADITED TO THE US

ALTHOUGH MR FRENZ'S LAWYER IN WASHINGTON SAID HIS CLIENT WOULDN'T STAND
TRIAL IN THE US A GE SPOKESWOMAN IN FAIRFIELD SAID WE STRONGLY URGE MR
FRENZ TO APPEAR FOR TRIAL MR FRENZ A GERMAN CITIZEN IS AN EMPLOYEE OF
GE SUPERABRASIVES GE'S INDUSTRIAL DIAMOND UNIT IN WORTHINGTON OHIO

WHEN THE JUDGE POINTED TO THE ABSENCE OF MESSRS FRENZ AND LIOTIER AT THE
ARRAIGNMENT AN ATTORNEY REPRESENTING THE US JUSTICE DEPARTMENT WHICH
BROUGHT THE PRICEFIXING CHARGES SAID THAT HE DIDN'T EXPECT THEM TO APPEAR

JUDGE SMITH SET APRIL 18 AS THE DATE FOR TRIAL BUT ATTORNEYS FOR GE AND THE
JUSTICE DEPARTMENT TOLD A REPORTER THAT THEY WILL SEEK A LATER DATE

SYNTHETIC DIAMONDS ARE USED IN INDUSTRIAL CUTTING TOOLS THE CRIMINAL
INDICTMENT CHARGES THAT THE COMPANIES AND THE INDIVIDUALS NAMED EXCHANGED
PRICING INFORMATION FOR INDUSTRIAL DIAMONDS IN EUROPE IN 1991 AND 1992
9403110114 940311 CLUB MED PLANS TO DOUBLE BEDS IT OFFERS IN ASIA 
 BY G PIERRE GOAD STAFF REPORTER OF THE WALL STREET JOURNAL

SINGAPORE CLUB MEDITERRANEE SA PLANS TO DOUBLE THE NUMBER OF BEDS IT
OFFERS IN ASIA BY THE END OF THE DECADE AND STEP UP EFFORTS TO MARKET ITS
ALLINCLUSIVE VACATION PACKAGES TO ASIAN CONSUMERS

WE SHOULD BE AT LEAST IN THE 10000BED RANGE IN ASIA BY 2000 SAID SERGE
TRIGANO THE FRENCH COMPANY'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER

CLUB MED'S ASIAN EXPANSION PLANS MOVED FORWARD TUESDAY WITH ITS SIGNING OF A
FORMAL AGREEMENT WITH SINGAPORE'S STRAITS STEAMSHIP LAND LTD TO MANAGE A
CLUB MED VILLAGE ON BINTAN AN INDONESIAN ISLAND SOME 28 MILES SOUTHEAST OF
SINGAPORE

THE 600BED BINTAN PROJECT AND THREE OTHER CLUB MED RESORTS ALREADY IN THE
PIPELINE FOR JAPAN CHINA AND VIETNAM RESPECTIVELY WILL ADD ABOUT 2600
BEDS TO CLUB MED'S EXISTING 5287 BEDS IN ASIA OTHER DESTINATIONS WHERE WE
WOULD LOVE TO BE INCLUDE THE PHILIPPINES AND KOREA MR TRIGANO SAID IN AN
INTERVIEW HERE

CLUB MED'S CURRENT ROSTER OF ASIAN VACATION VILLAGES INCLUDES RESORTS IN
BALI INDONESIA PHUKET THAILAND SAHORO JAPAN AND CHERATING MALAYSIA

THE BINTAN CLUB MED SHOULD OPEN IN 1996 MR TRIGANO SAID A RESORT ON
HAINAN ISLAND OFF CHINA'S SOUTHERN COAST TO BE BUILT BY A CHINESE CONCERN
SHOULD OPEN IN 1997 A VILLAGE IN JAPAN'S OKINAWAN ARCHIPELAGO TO BE BUILT
BY NIPPON LIFE INSURANCE CO IS EXPECTED TO OPEN IN 1998

CLUB MED IS STILL LINING UP INVESTORS TO BUILD ITS FIRST VIETNAM RESORT AND
HOPES TO SIGN AN AGREEMENT IN MAY DESPITE THE LACK OF BASIC INFRASTRUCTURE
IN VIETNAM WE BELIEVE WE SHOULDN'T MISS THIS OPPORTUNITY MR TRIGANO
SAID CLUB MED AIMS TO OPEN THE RESORT IN NHA TRANG NORTHEAST OF HO CHI
MINH CITY IN 1997 OR 1998

MR TRIGANO SAID CLUB MED WILL RELY ON OUTSIDE INVESTORS TO SPEED ITS
EXPANSION IN ASIA WORLDWIDE THE GROUP OWNS 50 OF ITS PROPERTIES
HOWEVER FUTURE VILLAGES IN ASIA WILL BE BUILT AND OWNED BY OTHERS AND
MANAGED BY CLUB MED

A NEW VILLAGE TODAY IS US50 MILLION TO US70 MILLION FOR 300 TO 350 BEDS
MR TRIGANO SAID WE CAN'T AFFORD OURSELVES TO MAKE THIS INVESTMENT

IN THE ASIAN TRAVEL MARKET CLUB MED IS ALREADY RELATIVELY WELLESTABLISHED
IN JAPAN AUSTRALIA AND NEW ZEALAND OF THE 180300 ASIAN TOURISTS LAST YEAR
AT CLUB MED PROPERTIES IN THE REGION JAPAN ACCOUNTED FOR ABOUT 80000 AND
AUSTRALIA AND NEW ZEALAND FOR ABOUT 50000 ABOUT 30000 NORTH AMERICANS AND
EUROPEANS STAYED AT CLUB MED'S ASIAN RESORTS LAST YEAR

CLUB MED NOW PLANS TO EXPAND ITS SALES EFFORTS IN SUCH MARKETS AS SOUTH
KOREA WHICH GAVE IT 5000 CUSTOMERS LAST YEAR AND TAIWAN AND HONG KONG
WHICH ACCOUNTED FOR 5000 AND 10000 CUSTOMERS RESPECTIVELY

WE BELIEVE WE HAVE A HUGE POTENTIAL IN THE REGION MR TRIGANO SAID IN
THE YEAR 2000 ASIA SHOULD BE 20 OF OUR BUSINESS COMPARED WITH 14 NOW
MR TRIGANO SAID MEASURED BY THE NUMBER OF VACATIONERS WORLDWIDE AND THEIR
NATIONALITY

ROBERT STILES GROUP MANAGING DIRECTOR AT CONSULTANT HORWATH ASIA PACIFIC IN
SINGAPORE SAID THAT TO DATE CLUB MED HAS BEEN VERY SUCCESSFUL IN ASIA AND
I DO THINK THERE IS A BIG OPPORTUNITY TO EXPAND ON THAT SUCCESS

HOWEVER MR STILES ADDED THAT THE INTRAASIAN TRAVEL MARKET IS
PRICESENSITIVE AND THE POTENTIAL MARKET FOR INTERNATIONALCLASS RESORTS IN
THE SHORTTERM REMAINS RELATIVELY LIMITED A THREENIGHT PACKAGE AT CLUB
MED'S PHUKET VILLAGE COSTS 1300 SINGAPORE DOLLARS US822 A PERSON
INCLUDING AIRFARE FROM SINGAPORE DURING HIGH SEASON AND S970 DURING LOW
SEASON

CLUB MED'S ASIAN OPERATIONS AND ITS 11935 BEDS IN THE US MEXICO AND THE
CARIBBEAN ARE GROUPED TOGETHER IN CLUB MED INC A NEW YORK STOCK
EXCHANGELISTED SUBSIDIARY THE PARISBASED PARENT COMPANY HAS 47933 BEDS
IN EUROPE AFRICA THE MIDDLE EAST AND SOUTH AMERICA 9403110113 940311
LEISURE & ARTS ON SPORTS WHY WE MAKE MORE MOES THAN WOTTLES  
BY FREDERICK C KLEIN

THE RESULTS OF THE JUSTCOMPLETED LILLEHAMMER OLYMPICS SHOULD HAVE BEEN
SATISFYING TO THE ATHLETICALLY PATRIOTIC US COMPETITORS WON SIX GOLD
MEDALS AND 13 OVERALL THE LATTER BEING THIS NATION'S LARGEST TOTAL HAUL FOR
ANY WINTER GAMES THE GOLDS WERE WON ON BOTH ICE METRIC AND SHORTTRACK
SPEED SKATING AND SNOW ALPINE SKIING AND UNLIKE IN 1992 BY MEN AS WELL
AS WOMEN

BUT IF YOU'RE THE SORT TO FRET THERE WAS GRIST FOR THAT TOO ALL FOUR
SKATING MEDALS WON BY AMERICANS WERE AT 500 OR 1000 METERS THE SHORTEST
DISTANCES CONTESTED AND ONE OF THE SKIING FIRSTS WAS IN THE MEN'S DOWNHILL
THAT SPORT'S VERSION OF A SPRINT IT HAS LONG BEEN THUS SINCE ERIC HEIDEN'S
SWEEP OF THE FIVE MEN'S SPEEDSKATING EVENTS IN 1980 NO AMERICAN HAS WON A
WINTER OLYMPICS RACE OF LONGER THAN 1000 METERS

IT'S BEEN MUCH THE SAME STORY IN TRACK AND FIELD THE FEATURED ACTIVITY OF
THE SUMMER GAMES OF THE 30 TRACK AND FIELD MEDALS CAPTURED BY US ATHLETES
IN 1992 AT BARCELONA ONLY TWO BOTH BRONZE CAME IN RACES THAT REQUIRED
INDIVIDUALS TO RUN MORE THAN 400 METERS EXCEPT FOR JOAN BENOIT'S MARATHON
VICTORY IN 1984 NO AMERICAN HAS WON A SUMMER OLYMPICS GOLD MEDAL AT MORE
THAN 400 METERS SINCE 1972

PEOPLE WHO SPEND TIME THINKING ABOUT SUCH THINGS AREN'T SURPRISED THAT THE
US OF A HAS BECOME A NATION OF SPRINTERS THIS AFTER ALL IS THE LAND OF
FAST FOOD FASTFORWARD AND THE FAST LANE ONE IN WHICH THE SPORTS THAT
CONSUME THE BULK OF OUR TIME AND MONEY BASEBALL BASKETBALL AND FOOTBALL
 REQUIRE MOSTLY QUICK BURSTS OF ENERGY

OUR NATIONAL ATTENTION SPAN BE IT MENTAL OR PHYSICAL SEEMS TO KEEP
GETTING SHORTER SAYS SCOTT PENGELLY A SPORTS PSYCHOLOGIST IN EUGENE ORE
ON OUR FEET WE'RE GOOD FOR ABOUT A CITY BLOCK

THAT'S AN OVERSIMPLIFICATION AND PENGELLY CHUCKLED WHEN HE SAID IT BUT
HE'S ONTO SOMETHING AND WHILE THE SUBJECT MIGHT NOT MATCH CRIME IN THE
STREETS OR UNIVERSAL MEDICAL CARE AS A MATTER OF PRESSING CONCERN IT'S
CERTAINLY WORTH CHEWING OVER A BIT

ONE WHO HAS DONE JUST THAT IS JIM FERSTLE A FREELANCE WRITER AND
RECREATIONAL DISTANCE RUNNER WHO LIVES IN ST PAUL MINN HE WAS A BOWLING
GREEN UNIVERSITY TRACK TEAMMATE OF DAVE WOTTLE THE BECAPPED YOUNG MAN WHOSE
VICTORY AT 800 METERS IN THE 1972 OLYMPICS WAS ONE OF TWO BY AMERICAN MEN AT
THE LONGER DISTANCES THAT YEAR

I HATE TO SOUND LIKE AN OLDTIMER BUT WHEN I WAS IN COLLEGE SPORT WAS
STILL SPORT NOT TIED SO MUCH TO ENTERTAINMENT AS IT IS TODAY SAYS
FERSTLE WHO IS 43 YEARS OLD WE WERE INTERESTED IN WHAT WE COULD
ACCOMPLISH APART FROM ANY DOLLARS THAT MIGHT HAVE BEEN INVOLVED

I HAVE A NINEYEAROLD SON AND TO HIM BASKETBALL MEANS SLAMDUNKING A
LITTLE BALL THROUGH HIS LITTLE HOOP KIDS PICK UP THE THEATRICAL ASPECTS OF
SPORTS BEFORE THEY LEARN THE BASICS THEY KNOW FROM WATCHING TELEVISION
WHICH SPORTS ARE POPULAR AND WHICH AREN'T AND GRAVITATE TOWARD THE POPULAR
ONES WHETHER OR NOT THEY HAVE ANY PROSPECT OF SUCCEEDING IN THEM IT'S HARD
TO CONVINCE THEM TO DO OTHERWISE

JACK DANIELS MEDALED IN THE MODERN PENTATHLON A MIX OF RIDING FENCING
SHOOTING SWIMMING AND RUNNING IN THE OLYMPICS OF 1956 AND 1960 NOW HE
COACHES CROSSCOUNTRY RUNNING AND TEACHES EXERCISE PHYSIOLOGY AT CORTLAND
STATE COLLEGE IN NEW YORK HE'S NOTICED THE SAME THINGS FERSTLE HAS

AMERICANS HAVE A PROBLEM WITH ENDURANCE ACTIVITIES THEY'VE BECOME
ASSOCIATED WITH RECREATIONAL JOGGING NOT WITH WHAT WE'VE COME TO THINK OF
AS REAL ATHLETICS HE SAYS BOYS WITH A LOT OF SPEED WHICH IS ANOTHER WAY
OF DESCRIBING NATURAL ATHLETIC TALENT ARE CHANNELED INTO BASEBALL
BASKETBALL OR FOOTBALL OR SPRINTING IN TRACK TALENTED GIRLS ARE STEERED
TOWARD TENNIS OR GOLF IT'S ONLY THE KIDS WHO AREN'T FAST OR MATURE LATE
WHO'RE TOLD TO GO OUT FOR CROSSCOUNTRY

HE CONTINUES I THINK ATHLETICS HAVE TAKEN THE SAME PATH AS MUCH OF
EDUCATION IN THIS COUNTRY AND A DECLINE IN GENERAL FITNESS IS ONE RESULT
THERE'S A SMALL ELITE AND THERE'S EVERYBODY ELSE WITH NO MIDDLE CLASS
YOU'RE JUDGED TO HAVE IT EARLY ON OR YOU DON'T THE IDEA THAT SOMEONE CAN
DEVELOP ATHLETICALLY OVER 10 OR 15 YEARS HAS PRETTY MUCH GONE OUT THE
WINDOW

ROB LEYDEN A FORMER TRACK COACH WHO'S A PATENT EXPERT FOR NIKE INC IN
BEAVERTON ORE SAYS THAT EVEN ATHLETES WHO CHOOSE DISTANCE EVENTS AND SHOW
PROGRESS IN THEM OFTEN MUST SURMOUNT OBSTACLES NOT OF THEIR OWN MAKING
PEOPLE TALK ABOUT A COACHING SYSTEM' IN THIS COUNTRY BUT IN MANY SPORTS
THERE IS NONE HE CONTENDS ORGANIZATION IS LACKING INFORMATION ISN'T
SHARED THERE'S NO CONTINUITY BETWEEN THE HIGHSCHOOL AND COLLEGE LEVELS
AND ONCE AN ATHLETE COMPLETES HIS UNDERGRADUATE YEARS THERE'S NOTHING LIKE
THE EUROPEAN CLUBS TO SUSTAIN HIM THAT'S CERTAINLY TRUE OF TRACK AND FIELD
WHICH DESPITE ITS PROBLEMS REMAINS A FAIRLY POPULAR SPORT YOU CAN IMAGINE
WHAT THE SITUATION IS IN SAY NORDIC SKIING WHICH HAS A TINY COMPETITOR
BASE TO BEGIN WITH

IF THERE'S A BRIGHT SPOT IN THIS SITUATION IT'S THAT GIVEN THE
PERSONALITIES OF MANY WHO RELISH THE LONG LONELY HAUL THERE'S SOMETHING TO
BE SAID FOR NEGLECT BENIGN OR OTHERWISE THAT'S THE VIEW OF SCOTT TINLEY
WHOSE MORE THAN 100 CAREER VICTORIES IN GRUELING SWIMMINGBICYCLINGRUNNING
TRIATHLONS HAVE MADE HIM THE PREMIER AMERICAN ENDURANCE ATHLETE OF RECENT
YEARS

TINLEY WHO IS 37 YEARS OLD AND LIVES IN DEL MAR CALIF WASN'T MUCH OF AN
ATHLETE AS A YOUTH I SWAM A LITTLE RODE A BIKE FOR FUN AND DID A BIT OF
CROSSCOUNTRY RUNNING BUT NEVER LETTERED IN COLLEGE IT WAS ONLY LATER
WHEN I WAS OUT ON MY OWN THAT I CAME TO ENJOY THE SORT OF TRAINING THAT AN
ENDURANCE ATHLETE HAS TO DO HE SAYS

HE CONCLUDES THE KIDS I KNEW WHO WERE THE BIG SPORTS HEROES IN HIGH SCHOOL
GOT TIRED OF IT AND QUIT BY THEIR MID20S THAT'S WHEN I WAS JUST GETTING
STARTED THERE ARE THINGS YOU DO FOR OTHER PEOPLE AND THINGS YOU DO FOR
YOURSELF I GUESS ENDURANCE SPORTS FIT IN THE SECOND CATEGORY 9403110112
940311 INTERNATIONAL WORLD WIRE  COMPILED BY RICHARD L HOLMAN

CHINA CONFIRMED IT IMPOSED A TEMPORARY BAN LAST WEEK ON NEW ORDERS FOR
IMPORTED CRUDE OIL AND SOME REFINED OIL PRODUCTS STARTLING OIL TRADERS IN
ASIA

THE MOVE IS DESIGNED TO DRY UP A GLUT OF OIL PRODUCTS IN CHINA THAT HAS
PUSHED DOMESTIC MARKET PRICES DOWN MORE THAN 20 THIS YEAR THE GLUT WAS
ATTRIBUTED TO HEAVY BUYING IN RECENT MONTHS BY CHINESE TRADERS WHO
STOCKPILED OIL PRODUCTS IN THE MISTAKEN BELIEF THAT CHINA'S TAX REFORMS
WOULD PUSH DOMESTIC PRICES HIGHER

THE BAN IS EXPECTED TO BE LIFTED IN MAY AFTER INVENTORIES SHRINK CHINA'S
CRUDEOIL IMPORTERS PLEDGED TO HONOR CONTRACTS BUT ASKED FOR SOME DELIVERY
DEFERRALS BUT OIL TRADERS SAID THE ABRUPT BAN WAS DISRUPTING THE MARKET
SOME TRADERS WHO HAVE PLACED ORDERS IN ANTICIPATION OF BOOMING BUSINESS FROM
CHINA ARE LIKELY TO BE HURT OTHERS HAVE PUT CONTRACT NEGOTIATIONS ON HOLD

THOUGH IT IS THE WORLD'S SIXTHLARGEST OIL PRODUCER CHINA BECAME A NET
IMPORTER LAST YEAR AS OIL CONSUMPTION IN THE RACING ECONOMY GREW 15 TO 11
BILLION BARRELS

THE FIRST SIXLANE EXPRESSWAY IN NORTHERN VIETNAM OPENED TO TRAFFIC THE
93MILE ROAD LINKS THE CAPITAL OF HANOI WITH NOI BAI INTERNATIONAL AIRPORT
ALMOST HALVING TRAVEL TIME THE 20 MILLION HIGHWAY THE COUNTRY'S WIDEST AT
76 FEET CAN SERVE 8000 VEHICLES A DAY AT SPEEDS UP TO 75 MILES PER HOUR
IMPROVING ROADS IS AMONG VIETNAM'S DEVELOPMENT PRIORITIES OF 65720 TOTAL
MILES OF WARDAMAGED AND NEGLECTED ROADS ONLY 8 ARE PAVED

MOST FOOD PRODUCTION IN FINLAND STOPPED AS EMPLOYERS BEGAN A NATIONWIDE
LOCKOUT AFTER WAGE TALKS WITH UNIONS BROKE DOWN BUT STORES HAD SEVERAL
MONTHS OF FOOD SUPPLIES AND CONSUMERS DIDN'T PANIC THE LOCKOUT AFFECTED
30000 WORKERS AT 400 SITES INCLUDING BAKERIES DAIRIES BREWERIES AND FOOD
PLANTS WITH SALES TOTALING 9 BILLION A YEAR THE LOCKOUT FOLLOWED
SELECTIVE STRIKES THIS WEEK BY UNIONS DEMANDING WAGE INCREASES BETWEEN 6
AND 7 THEY REJECTED AN OFFER OF 3 TO 35 AND MEDIATION FOOD WORKERS'
PAY AVERAGES 1390 A MONTH THE NATIONAL AVERAGE IS 1710

RUSSIA WILL RESUME SENDING NATURAL GAS TO UKRAINE WHICH AGREED TO PAY
ARREARS FOR RUSSIAN ENERGY SUPPLIES LAST YEAR TO FORCE UKRAINE TO PAY ABOUT
586 MILLION OF GAS DEBTS RUSSIA'S GAZPROM UTILITY LAST WEEK SHARPLY CUT
SHIPMENTS TO UKRAINE WHICH RELIES ON RUSSIA FOR 60 OF ITS GAS NEEDS HALF
OF UKRAINE'S BACK PAYMENTS WILL BE IN CASH AND HALF IN GAS INDUSTRY
EQUIPMENT THE DEAL LASTS THROUGH APRIL 10 WHEN RUSSIA WILL CUT OFF
SUPPLIES AGAIN IF UKRAINE DELAYS ANY PAYMENTS

HUNDREDS OF YOUTHS MOSTLY HIGH SCHOOL STUDENTS SMASHED SHOP WINDOWS AND
THREW ROCKS AT POLICE IN PARIS AS THOUSANDS PROTESTED AGAINST PLANS TO OFFER
LOWER PAY FOR ENTRYLEVEL JOBS DEMONSTRATORS MARCHED IN SEVERAL OTHER
FRENCH CITIES IN THE SECOND ROUND OF UNIONBACKED PROTESTS IN A WEEK TO
SPUR EMPLOYMENT OF HIGH SCHOOL AND COLLEGE GRADUATES WHO HAVE A 25 JOBLESS
RATE THE GOVERNMENT WOULD LET EMPLOYERS PAY THEM 80 OF STANDARD WAGES FOR
A YEAR

PRINTERS IN BERLIN AND BAVARIA BRIEFLY WALKED OFF THEIR JOBS IN A WARNING
STRIKE ARBITRATION FAILED LAST MONTH TO RESOLVE CONTRACT NEGOTIATIONS WITH
THE IG MEDIEN UNION GERMANY HAS BEEN HIT BY ROLLING WALKOUTS ALMOST DAILY
IN THE PAST MONTH AS UNIONS SEEK HIGHER PAY AND JOB SECURITY FROM
INDUSTRIES TRYING TO RECOVER FROM RECESSION IN BONN GERMANY'S TWO LARGEST
POLITICAL PARTIES AGREED TO STRIP WORKERS OF PAY FOR ONE RATHER THAN TWO OF
THE 10 NATIONAL HOLIDAYS AS SOUGHT BY THE GOVERNMENT FOR A NEW INSURANCE
FUND FOR NURSING CARE FOR THE ELDERLY AND DISABLED THE GOVERNMENTPAID
PROGRAM HAS BEEN DRIVEN INTO DEBT BY RAPIDLY RISING MEDICAL COSTS

MEXICAN SPECIALISTS ON NATIVE AFFAIRS WORRY THAT CONCESSIONS WON BY ARMED
MAYAN REBELS COULD CREATE A SYSTEM PATTERNED ON US INDIAN RESERVATIONS A
DRAFT ACCORD BETWEEN THE GOVERNMENT AND ZAPATISTA INSURGENTS LETS THE MAYAS
MANAGE THEIR AFFAIRS ON THEIR OWN LAND

THE US RESERVATIONS GAVE INDIANS SOME AUTONOMY BUT ALSO BECAME POCKETS OF
ECONOMIC MISERY AND ALCOHOLISM YET WHEREAS US INDIANS LOST TERRITORY THE
ONE MILLION MAYAS OF THE CHIAPAS REGION LEFT WITH NOTHING FOLLOWING THE
SPANIARDS' 16THCENTURY CONQUEST STAND TO GAIN LAND

THE ZAPATISTA NEW YEAR'S REBELLION WAS THE LATEST BLOODY MAYAN BID FOR
AUTONOMY IN THE FIVE CENTURIES SINCE THE ARRIVAL OF SPANISH CONQUISTADORS
MAYAS OF THE YUCATAN FOUGHT FROM 1847 TO 1917 TO FORM AN INDEPENDENT NATION
IN WHAT IS NOW MEXICO'S EASTERN STATE OF QUINTANA ROO AND SET UP A FORM OF
GOVERNMENT THAT SURVIVES IN MAYAN COMMUNITIES

THIS LEADERSHIP STRUCTURE COULD HELP MAYAS AVOID PITFALLS OF US
RESERVATIONS IN CHANNELING GOVERNMENT AID

RUSSIA'S SPACE AGENCY PLANS TO BUILD A COSMODROME NEAR THE FAR EAST TOWN OF
SVOBODNY BY THE YEAR 2000 SIGNALING THAT THE ARMED FORCES HAVE GIVEN UP ON
A DEAL WITH KAZAKHSTAN TO USE THE FORMER USSR'S MAIN MILITARY AND
CIVILIAN SPACELAUNCH SITE IN BAIKONUR  BRAZIL PROPOSED MAKING SOUTH
AMERICA A FREETRADE ZONE THE PLAN WAS PRESENTED IN BUENOS AIRES AT A
MEETING OF THE MERCOSUR COMMON MARKET WHICH INCLUDES ARGENTINA BRAZIL
PARAGUAY AND URUGUAY 9403110110 940311 POLITICS & POLICY DEMOCRATIC
LEADERS MEETING IN HEARTLAND FIND THERE IS NOWHERE TO ESCAPE FROM
WHITEWATER  BY JOHN HARWOOD STAFF REPORTER OF THE WALL STREET
JOURNAL

CLEVELAND THE DEMOCRATS HAVE COME TO OHIO AND THE RIPPLES OF WHITEWATER
ARE ALREADY HERE

IN THE SUBURBS EAST OF WHERE PARTY LEADERS GATHERED FOR A NATIONAL MEETING
REPUBLICAN CHALLENGER TUCKER MARSTON HAS BEGUN TURNING UP THE HEAT ON
DEMOCRATIC REP ERIC FINGERHUT CHALLENGING THE ETHICSMINDED FRESHMAN TO
DEMAND IMMEDIATE AND OPEN CONGRESSIONAL HEARINGS INTO POTENTIAL CIVIL AND
CRIMINAL VIOLATIONS BY THE PRESIDENT THE FIRST LADY AND THEIR STAFFS

AS EDITORIAL PAGES IN CLEVELAND AND CINCINNATI BLAST ETHICAL LAPSES IN MR
CLINTON'S WHITE HOUSE GOP REP JOHN BOEHNER USES WHITEWATER TO LINK OHIO'S
OTHER VULNERABLE DEMOCRATIC FRESHMEN TED STRICKLAND AND DAVID MANN TO
PURPORTED ABUSES OF POWER BY HOUSE DEMOCRATIC LEADERS

SUCH EPISODES NOW BEING REPEATED IN STATES AND CONGRESSIONAL DISTRICTS
ACROSS THE COUNTRY SHOW HOW THE OFTENARCANE WHITEWATER CONTROVERSY HAS
MOVED FROM WASHINGTON VIRUS TO A LOWGRADE FEVER THAT'S BEGINNING TO WORRY
DEMOCRATS ELSEWHERE IT HAS GONE BEYOND  THE BELTWAY SAYS SEN BOB
GRAHAM OF FLORIDA WHO CHAIRS THE DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE
YOU HAVE TO BE CONCERNED ABOUT IT

THE CONTROVERSY PROVIDES A CASE STUDY OF A MEDIADRIVEN POLITICAL CULTURE IN
WHICH PARTISANS USE THE MODERN COMMUNICATIONS APPARATUS TO RIDE A WAVE OF
PRESS ATTENTION AND MAXIMIZE PRESSURE ON THEIR OPPONENTS IT ALSO SHOWS THAT
MR CLINTON MORE THAN DEMOCRATIC LAWMAKERS WHO DON'T HAVE DEEP
INSTITUTIONAL OR PERSONAL TIES TO HIM IS THE ONE MOST LIKELY TO GET
SQUEEZED

REPUBLICANS AREN'T SHY ABOUT APPEARING TO CASH IN POLITICALLY ON THE ISSUE
SINCE THE HIGHLY PUBLICIZED RESIGNATION OF WHITE HOUSE COUNSEL BERNARD
NUSSBAUM AND THE ISSUANCE OF SUBPOENAS TO SEVERAL CLINTON AIDES IN RECENT
DAYS GOP CAMPAIGN COMMITTEES HAVE SHIFTED INTO HIGH GEAR FAXING
UNFLATTERING NEWS CLIPS AND BACKGROUND MATERIAL TO LOCAL REPUBLICANS BEYOND
OHIO DEMOCRATIC CANDIDATES IN VIRGINIA NORTH DAKOTA AND MARYLAND AMONG
OTHERS HAVE BEEN HIT WITH GOP MISSIVES

REP BILL PAXON OF NEW YORK WHO HEADS THE NATIONAL REPUBLICAN CONGRESSIONAL
COMMITTEE WELCOMES THE CONTROVERSY AS A VEHICLE FOR BLOCKING MOVEMENT ON
MR CLINTON'S HEALTH PLAN IT'S KEPT THE PRESIDENT AND MRS CLINTON FROM 
 BEING ABLE TO FOCUS ON HEALTH CARE MR PAXON BOASTS IT'S UNDERMINED
HIS CREDIBILITY THE DEMOCRATS HAVE A LOT TO WORRY ABOUT HE SAYS

WE HAVE TO CONDUCT OURSELVES IN A WAY THAT ENSURES HE'S A ONETERM
PRESIDENT ADDS GOP REP ROBERT DORNAN OF CALIFORNIA A SELFSTYLED
COMMANDO AND SOMETIME SUBSTITUTE FOR RIGHTWING RADIO PERSONALITY RUSH
LIMBAUGH PIGGYBACKING ON MR LIMBAUGH'S OWN EFFORTS MR DORNAN SAYS HE AND
OTHER MEMBERS OF THE HOUSE GOP THEME TEAM WILL NOW HAMMER ON THIS EVERY
DAY IN AN ATTEMPT TO LINK QUESTIONS ABOUT WHITEWATER WITH QUESTIONS ABOUT
MR CLINTON'S CONDUCT IN HIS PERSONAL LIFE

SO FAR INSIST DEMOCRATIC NATIONAL COMMITTEE MEMBERS WHO HAVE GATHERED HERE
AS THE MIDTERM ELECTION SEASON HEATS UP THE ISSUE HASN'T YET MADE A DEEP
IMPRESSION ON VOTERS MANY DISMISS WHITEWATER BARBS AS A MEASURE OF GOP
DESPERATION AS MR CLINTON ENJOYS A STRONG ECONOMY MOVES FORWARD ON HEALTH
CARE AND COOPTS TRADITIONAL GOP THEMES SUCH AS CRIME AND WELFARE REFORM
THE ONLY ISSUE THEY CAN EVEN DREAM ABOUT IS THIS SAYS OHIO'S STATE
DEMOCRATIC CHAIRMAN HARRY MESHEL

OPENING THE THREEDAY SESSION WITH A NEWS CONFERENCE DOMINATED BY
WHITEWATER DEMOCRATIC NATIONAL CHAIRMAN DAVID WILHELM SHRUGGED OFF THE
REPUBLICAN STRATEGY AS THE PURSUIT OF GRIDLOCK BY OTHER MEANS HE ADDED
THAT ONCE THE SMOKE CLEARS FROM THIS WEEK THE ESSENTIAL DYNAMICS OF THE
1994 ELECTIONS WILL BE BACK IN PLACE AND INSISTED THAT THE AMERICAN PEOPLE
NOW LOOK  TO THIS PARTY FOR LEADERSHIP

YET SOME RANKANDFILE DEMOCRATS AT THE SAME TIME ARE KEEPING A CERTAIN
DISTANCE FROM MR CLINTON'S TROUBLES IN AN EARLIER ERA WHEN THEY DEPENDED
ON THEIR PARTY ESTABLISHMENTS FOR POLITICAL SURVIVAL DEMOCRATS AND
REPUBLICANS ALIKE HAD STRONG INCENTIVES TO RALLY BEHIND EMBATTLED LEADERS
NOW THOSE TIES HAVE WEAKENED AS POLITICIANS PLACE TOP PRIORITY ON
PROTECTING THEIR OWN LOCAL POWER BASES

I HAVEN'T SAID WHETHER HE'S INNOCENT OR GUILTY ADDS FRESHMAN REP PETER
BARCA OF WISCONSIN WHO WAS ELECTED BY THE SLIMMEST OF MARGINS IN A SPECIAL
ELECTION LAST SPRING EITHER WAY WHITEWATER IS STARTING TO CAPTURE
PEOPLE'S ATTENTION HE SAYS WHEN PEOPLE START HEARING WORDS LIKE
SUBPOENA THOSE WORDS CARRY A CERTAIN WEIGHT

REPUBLICANS HOPE THAT SORT OF PRESSURE WILL BUCKLE DEMOCRATIC LEADERS'
OPPOSITION TO CONGRESSIONAL HEARINGS ON WHITEWATER MR FINGERHUT OF OHIO IS
STANDING FIRM REJECTING MR MARSTON'S CALL BY SAYING IT IS COMMON SENSE
NOT TO INTERFERE WITH THE SPECIAL COUNSEL'S INVESTIGATION AT THE SAME TIME
HE CALLS WHITE HOUSE HANDLING OF WHITEWATER VERY DISTURBING AND POINTS
OUT THAT HE HAS VOTED AGAINST MR CLINTON'S LEGISLATIVE PROGRAM MORE OFTEN
THAN ANY OTHER OHIO DEMOCRAT

THE SCANDAL MAY ALSO BECOME AN ISSUE IN PENNSYLVANIA REPUBLICAN REP RICK
SANTORUM A COMBATIVE CONSERVATIVE NOW RUNNING FOR THE SENATE AS A
SELFSTYLED REFORMER ENVISIONS TV COMMERCIALS USING WHITEWATER TO SKEWER
DEMOCRATIC INCUMBENT HARRIS WOFFORD AS A LAPDOG FOR THE ADMINISTRATION
BUT SEN WOFFORD WHILE CLOSELY ALLIED WITH THE PRESIDENT ON HEALTHCARE
ISSUES IS PRESERVING HIS MANEUVERING ROOM HE SAYS HE PRIVATELY URGED THE
WHITE HOUSE TO SEEK A WHITEWATER SPECIAL COUNSEL BEFORE THE PRESIDENT
DECIDED TO DO SO AND HE ADDS THAT I DON'T HAVE A CLOSED MIND ON THE
CONGRESSIONAL HEARINGS THAT MR CLINTON WANTS TO AVOID

RISING PUBLIC CYNICISM TOWARD POLITICS MEANS THE ISSUE CARRIES SOME RISK FOR
REPUBLICANS AS WELL AS DEMOCRATS WHILE MANY VOTERS MAY ASSUME SOME
WRONGDOING THEY ALSO MAY SEE THE GOP'S FOCUS ON WHITEWATER AS MORE
POLITICAL BLUE SMOKE AND MIRRORS AS INDIANA DEMOCRATIC CHAIRMAN ANN
DELANEY PUT IT DOES IT MAKE A DIFFERENCE TO ANYBODY'S LIFE NO IT
DOESN'T SAYS MS DELANEY NOTING THAT SHE'S STILL TRYING TO BOOK MR
CLINTON TO SPEAK AT A PARTY DINNER IN MAY

NEVERTHELESS AS MR NUSSBAUM'S RESIGNATION AND SPECIAL COUNSEL ROBERT
FISKE'S INVESTIGATION HAVE FINALLY PUT THE ISSUE ON THE FRONT PAGE IN MANY
COMMUNITIES A FEW DEMOCRATIC CANDIDATES ARE BEGINNING TO ASK PARTY
STRATEGISTS WHETHER THEY SHOULD STILL WELCOME THE PRESIDENT'S EMBRACE
ANYTIME THE FOCUS IS ON THE PRESIDENT AND NEGATIVES IT'S GOING TO HAVE A
NEGATIVE IMPACT ON THE PARTY SAYS JOHN MARINO A DEMOCRATIC NATIONAL
COMMITTEEMAN FROM NEW YORK WHO IS CLOSE TO GOV MARIO CUOMO IT'S GETTING A
LOT OF INK IT'S ALL OVER TV NEWS

ON CAPITOL HILL THE DEMOCRATIC LEADERSHIP MAY SOON START FIGHTING BACK BY
FORMING A TASK FORCE INCLUDING HOUSE WHIP DAVID BONIOR AND OTHERS TO
DEFEND MR CLINTON ON THE HOUSE FLOOR AND ON TV TALK SHOWS WE NEED TO
START HELPING THE PRESIDENT SAYS NEW MEXICO REP BILL RICHARDSON ONE OF
MR BONIOR'S DEPUTIES

SOME DEMOCRATS IN CLEVELAND AREN'T SURE THE ISSUE NEEDS ANY MORE ATTENTION
THEY NEED TO GET THE DANGED THING OVER WITH SAYS JAMES WENGERT A LABOR
LEADER AND DEMOCRATIC COMMITTEEMAN FROM IOWA WHERE THE ISSUE GRABS
HEADLINES IN PART BECAUSE OF THE EFFORTS OF HOMESTATE REPUBLICAN REP JIM
LEACH TO INVESTIGATE THE SCANDAL

THEY SHOULD JUST WORRY ABOUT PASSING HEALTH CARE THE CRIME BILL AND
WELFARE REFORM AND LET THE SPECIAL PROSECUTOR DO HIS WORK CONCLUDES
ILLINOIS CHAIRMAN GARY LAPAILLE IF WE STAY ON THAT MESSAGE WE WON'T HAVE
PROBLEMS

DO YOU BELIEVE CLINTON COMMITTED FINANCIAL WRONGDOING IN WHITEWATER OR IS
THE ISSUE JUST BEING USED AGAINST HIM FOR POLITICAL PURPOSES IF YOU DON'T
KNOW ENOUGH TO HAVE AN OPINION PLEASE SAY SO 9403110109 940311 THE
BUSINESS OF LAW LAWYERS AND CLIENTS  BY AMY STEVENS

WHATEVER THE REASON FOR THE ROSE LAW FIRM'S REVIEW OF WEBSTER HUBBELL'S
LEGAL BILLS TOP PARTNERS AT OTHER LAW FIRMS SAY SUCH SCRUTINY IS HARDLY
ROUTINE

THE ISSUE AROSE RECENTLY AFTER MR HUBBELL A TOP JUSTICE DEPARTMENT
OFFICIAL DESCRIBED BILLING INQUIRIES BY HIS FORMER FIRM AS IN NO WAY OUT
OF THE ORDINARY MR HUBBELL WAS RESPONDING TO A WASHINGTON POST REPORT
THAT HIS FORMER PARTNERS AT ROSE WERE INVESTIGATING POSSIBLE OVERBILLING AND
ALLEGED CLAIMS OF PERSONAL CHARGES AS BUSINESS EXPENSES MR HUBBELL DENIED
THE ALLEGATIONS SAYING ISSUES FREQUENTLY ARISE WHEN A PARTNER LEAVES A LAW
FIRM WHICH REQUIRE HIS PARTICIPATION AND ASSISTANCE

CHAIRMEN OF MAJOR FIRMS CONFIRM THAT THE DEPARTURE OF A PARTNER TYPICALLY
TRIGGERS AN EVALUATION OF PENDING MATTERS AND ACCOUNTS RECEIVABLE AND
SOMETIMES SUCH REVIEWS CONTINUE WELL AFTER THE MEMBER OF THE FIRM HAS
DEPARTED BUT THESE LAWYERS SAID ANY MORECOMPREHENSIVE AUDIT WOULD BE
UNUSUAL

IT'S ONE THING IF THEY'RE LOOKING AT ONE BILL AND SAYING GEE WEBB THERE
ARE TWO OR THREE BILLS WE'RE TRYING TO RESOLVE SO WE CAN CLEAR UP THE YEAR
END AND GET OUR BILLS PAID' THAT'S AS COMMON AS THE SUN COMING UP
TOMORROW SAYS A WASHINGTON ATTORNEY WHO SKED NOT TO BE NAMED ON THE
OTHER HAND IT'S NOT COMMON TO HAVE AN INTERNAL REVIEW GROUP GOING BACK AND
SYSTEMATICALLY LOOKING AT BILLS

ALTHOUGH PARTNERS IN LAW FIRMS HAVE A GREAT DEAL RIDING ON THE INTEGRITY OF
ONE ANOTHERS' INVOICES FEW FIRMS HAVE FORMAL PROCEDURES IN PLACE TO DETER
BILLING IRREGULARITIES AND VIRTUALLY NO MAJOR LAW FIRM CONDUCTS SPOT CHECKS
OF ITS PARTNERS' BILLS AS A MATTER OF PRACTICE

TRUST IS A HUGE PART OF IT  EVEN THOUGH THAT PROBABLY SOUNDS NAIVE
SAYS DECATUR H MILLER THE OUTGOING CHAIRMAN OF BALTIMORE'S PIPER &
MARBURY FRANCIS D LOGAN CHAIRMAN OF THE NEW YORK LAW FIRM MILBANK TWEED
HADLEY & MCCLOY SAYS YOU WOULDN'T WANT PEOPLE TO THINK THAT THERE'S SOME
SORT OF POLICE STATE

AT MILBANK A 350LAWYER FIRM THE SYSTEM IS FAIRLY TYPICAL IF CLIENTS
DON'T BRING UP QUESTIONS BILLS ARE REVIEWED GENERALLY AS PART OF EACH
PARTNER'S YEAREND EVALUATION THE FIRM'S BILLING OVERSIGHT COMMITTEE HAS
RESPONSIBILITY TO MAKE SURE PEOPLE GET THEIR BILLS OUT ON TIME BUT THAT
WOULD NOT NECESSARILY MEAN MEMBERS OF THIS COMMITTEE WOULD INVESTIGATE ALL
THE TIME RECORDS STANDING BEHIND EACH BILL ABSOLUTELY NOT MR LOGAN SAYS

THE 60LAWYER ROSE FIRM HASN'T COMMENTED ON WHY IT INITIATED THE REVIEW OR
RESPONDED TO OVERBILLING ALLEGATIONS AGAINST MR HUBBELL MANAGING PARTNER
RONALD CLARK HAS SAID THE FIRM HASN'T REACHED ANY CONCLUSIONS MEANWHILE
THE RESOLUTION TRUST CORP A FORMER CLIENT OF MR HUBBELL'S HAS STARTED
ITS OWN AUDIT OF ROSE LEGAL BILLS

SOME MANAGING PARTNERS SAY INTERNAL SECONDGUESSING MAY BE A BIT MORE
INTENSE WHEN A CLIENT IS KNOWN TO BE ESPECIALLY WATCHFUL OF LEGAL EXPENSES
 AS IS THE RTC WHICH REGULARLY AUDITS BILLING OF ITS OUTSIDE LAW FIRMS
PIPER & MARBURY FOR EXAMPLE HAS A MEMBER OF ITS ACCOUNTING DEPARTMENT
ASSIGNED FULL TIME TO THE TASK OF REVIEWING RTC BILLS BEFORE THEY GO OUT
BUT AT DENVER'S 210LAWYER HOLLAND & HART WHICH ALSO DOES A SUBSTANTIAL
AMOUNT OF WORK FOR THE RTC MANAGING PARTNER WILEY E MAYNE JR SAYS HE
DOESN'T SEE THE NEED FOR AN INDEPENDENT REVIEW OF SOME CLIENTS' BILLS BUT
NOT OTHERS'

MR MAYNE SAYS INSTITUTING A SYSTEM OF ROUTINE REVIEWS MIGHT HAVE SOME
NEGATIVE EFFECT ON MORALE THE PERSON WHO DOES THE WORK IS THE PERSON
BESTEQUIPPED TO PREPARE THE BILL HOLLAND & HART HE SAYS HASN'T EVER HAD
A PROBLEM THAT PROMPTED AN AUDIT OF A PARTNER'S BILLS

PROBLEMS HAVE ARISEN ELSEWHERE HOWEVER IN A RECENT CASE ONCEPROMINENT
NEW YORK TRIAL LAWYER HARVEY MYERSON WAS CONVICTED IN 1992 OF OVERCHARGING
CLIENTS MORE THAN 2 MILLION AND USING HIS FIRM'S COFFERS TO PAY FOR
PERSONAL MATTERS THE PROBLEMS CAME TO LIGHT ONLY AFTER SHEARSON LEHMAN
HUTTON INC A MAJOR CLIENT OF MR MYERSON'S NOWDEFUNCT LAW FIRM MYERSON &
KUHN RAISED QUESTIONS IN ANOTHER FAMOUS CASE PROMPTED BY A CLIENT
COMPLAINT ATTORNEY JOEL DOLKART PLEADED GUILTY 20 YEARS AGO TO FORGERY
AFTER HE WAS CHARGED WITH APPROPRIATING 25 MILLION FROM TWO PRESTIGIOUS
NEW YORK LAW FIRMS WHERE HE HAD BEEN A PARTNER

THE APPARENT NEED FOR FIRMS TO PROTECT THEMSELVES AS WELL AS THEIR CLIENTS
IS CAUSING SOME RETHINKING AMONG MANAGEMENT AT SOME MAJOR FIRMS THE
CHAIRMAN OF A LARGE MIDWEST LAW FIRM WHO ASKED THAT HIS NAME NOT BE USED
SAYS THERE HAS BEEN SOME DISCUSSION OF INSTITUTING SYSTEM OF SPOTCHECKING
BILLS CURRENTLY AT THE FIRM AS AT MOST LAW FIRMS BILLS ARE PREPARED IN
DRAFT FORM BY THE ACCOUNTING DEPARTMENT AND THEN REVIEWED WITH OCCASIONAL
TINKERING BY THE PARTNER IN CHARGE OF THE MATTER THE FIRM HAS NO FORMAL
REQUIREMENT THAT ANY BILL BE REVIEWED BY A SECOND PARTNER UNDER A
SPOTCHECK SYSTEM THE FIRM'S CHAIRMAN SAYS A CERTAIN PERCENTAGE OF THE
FIRM'S LARGEST BILLS WOULD BE AUDITED AT RANDOM

STILL IT SEEMS UNLIKELY THAT LAW FIRMS WILL ESTABLISH COMPLIANCE
DEPARTMENTS LIKE INVESTMENT BANKS I DON'T THINK SPOTCHECKING BILLS DOES
ANYTHING SAYS EARLE YAFFA MANAGING DIRECTOR OF NEW YORK'S SKADDEN ARPS
SLATE MEAGHER & FLOM WE REVIEW BILLS BY COMPARING THEM AGAINST THE
AGREEMENT THAT'S BEEN REACHED WITH CLIENTS AS TO FEES UNUSUAL CIRCUMSTANCES
ARE REVIEWED BY A LEGALPRACTICE PARTNER DESIGNATED BY THE FIRM HE SAYS

MOST FIRMS' CHAIRMEN SAY THEY DON'T PLAN TO STEP UP THEIR INTERNAL
MONITORING MILBANK'S MR LOGAN SAYS THE FIRM HASN'T EVER HAD TO EXAMINE A
PARTNER'S BILL FOR SYSTEMATIC IRREGULARITIES I'D BE INCLINED TO GO INTO A
HIGHER GEAR IF I FELT INQUIRIES FROM A CLIENT OR THE CONDUCT OF OUR OTHER
REVIEWS INDICATED THERE WOULD BE SOME REASON TO DO IT BUT I'M FEELING
PRETTY COMFORTABLE HE SAYS 9403110108 940311 MARKETING & MEDIA 
FLORIO NAMES BURSTEIN NEW YORKER PUBLISHER SENIOR VICE PRESIDENT

NEW YORK THOMAS FLORIO RECENTLY NAMED PRESIDENT AND PUBLISHER OF THE NEW
YORKER HAS NAMED A SECOND IN COMMAND RELINQUISHING THE JOB OF PUBLISHER TO
LAWRENCE C BURSTEIN AND GIVING HIM THE ADDITIONAL TITLE OF SENIOR VICE
PRESIDENT

MR BURSTEIN 41 YEARS OLD HAS BEEN PUBLISHER OF SELF MAGAZINE PART OF THE
CONDE NAST MAGAZINE GROUP THE NEW YORKER IS OWNED BY THE NEWHOUSE FAMILY'S
ADVANCE PUBLICATIONS INC AS IS SELF BUT ISN'T PART OF CONDE NAST

PRIOR TO JOINING SELF MR BURSTEIN WAS PUBLISHER OF ELLE MAGAZINE AND HIS
PREVIOUS EXPERIENCE INCLUDED A STINT AS ASSOCIATE PUBLISHER OF NEW YORK
MAGAZINE THE MOVE TO THE NEW YORKER GIVES THAT MAGAZINE SOMEONE WITH WEEKLY
EXPERIENCE WHO IS ALSO AT EASE IN THE ADVANCE PUBLICATIONS' CORPORATE
CULTURE

SUCCEEDING MR BURSTEIN AS PUBLISHER OF SELF IS BETH FUCHS BRENNER 36 YEARS
OLD WHO HAS BEEN ADVERTISING DIRECTOR OF SELF 9403110107 940311 BUSINESS
BRIEF LTX CORP FIRM CUTS 10 OF WORKERS WILL CLOSE SOME FACILITIES

LTX CORP SAID IT REDUCED ITS WORLDWIDE WORK FORCE BY ABOUT 10 OR MORE
THAN 100 PEOPLE AND INITIATED A PROGRAM TO ELIMINATE EXCESS FACILITIES AS
PART OF A MAJOR RESTRUCTURING

THE SEMICONDUCTOR TEST EQUIPMENT COMPANY SAID IN WESTWOOD MASS THAT IT
TOOK A RESTRUCTURING CHARGE OF 144 MILLION IN ITS SECOND QUARTER ENDED
JAN 31 THE COMPANY ALSO TOOK A CHARGE OF 35 MILLION FOR EXCESS
INVENTORIES

FOR THE SECOND QUARTER LTX REPORTED A NET LOSS OF 24 MILLION OR 96 CENTS
A SHARE INCLUDING THE CHARGES ON SALES OF 381 MILLION A YEAR AGO THE
COMPANY REPORTED A LOSS OF 17 MILLION OR EIGHT CENTS A SHARE ON SALES OF
393 MILLION 9403110106 940311 TECHNOLOGY & HEALTH IBM CHIEF AKERS
RECEIVED 75 MILLION ON DEPARTURE

ARMONK NY JOHN F AKERS RECEIVED UPWARD OF 75 MILLION WHEN HE LEFT
INTERNATIONAL BUSINESS MACHINES CORP LAST YEAR INCLUDING AN EARLY
RETIREMENT INCENTIVE A SPECIAL AWARD OF ALMOST 1 MILLION NEW STOCK
OPTIONS AND PREVIOUSLY ACCUMULATED STOCK AWARDS

IBM'S 1994 PROXY STATEMENT RELEASED YESTERDAY SHOWS IT GAVE ITS DEPARTING
CHAIRMAN AND CHIEF EXECUTIVE OFFICER 25 MILLION AS PART OF AN EARLY
RETIREMENT INCENTIVE PROGRAM MOREOVER THE BOARD AWARDED MR AKERS AN
ADDITIONAL 925000 EQUAL TO A YEAR'S SALARY IN RECOGNITION OF 33 YEARS
OF SERVICE TO THE COMPANY THE PROXY STATEMENT SAID

ALSO UPON HIS UNEXPECTEDLY EARLY RETIREMENT MR AKERS RECEIVED STOCK HE
HAD ACCUMULATED IN HIS LONG TENURE WITH THE COMPANY 54431 SHARES OF
RESTRICTED STOCK AND 4281 RESTRICTED STOCK UNITS VALUED AT NEARLY 3
MILLION

IN ADDITION MR AKERS RECEIVED A SALARY OF 308333 FOR HIS FOUR MONTHS OF
WORK LAST YEAR AND A BONUS OF 125000 THE STATEMENT SAID HE ALSO RECEIVED
NEW STOCK OPTIONS TO ACQUIRE 97000 SHARES EXERCISABLE AT 4631 A SHARE
IBM STOCK CLOSED AT 56 UP 625 CENTS IN TRADING ON THE NEW YORK STOCK
EXCHANGE 9403110105 940311 WORLD STOCK MARKETS MEXICO STOCKS SLIDE
ON JITTERS OVER ELECTIONS  BY CRAIG TORRES STAFF REPORTER OF THE
WALL STREET JOURNAL

MEXICO CITY ONLY A FEW MONTHS AFTER PASSAGE OF THE NORTH AMERICAN FREE
TRADE AGREEMENT THE MEXICAN STOCK MARKET IS STUMBLING AMID NEW QUESTIONS
ABOUT WHETHER THE NATION'S ECONOMIC POLICIES WILL CHANGE AFTER ELECTIONS IN
AUGUST

ALLSTAR STOCKS SUCH AS RETAILER CIFRA CEMENT CONCERN APASCO AND
CONGLOMERATE GRUPO CARSO ARE DOWN THE PESO HAS FALLEN ABOUT 5 AGAINST THE
DOLLAR SO FAR THIS YEAR THE MEXICAN BOLSA DE VALORES' IPC INDEX IS ALREADY
DOWN 52 IN DOLLAR TERMS CLOSING AT 250614 YESTERDAY

MEXICO WHOSE STOCK MARKET ROSE 48 LAST YEAR HAS BEEN A BELLWETHER AMONG
EMERGING MARKETS IN LATIN AMERICA WHICH HAVE TAKEN IT ON THE CHIN THIS
YEAR INVESTORS HAD EXPECTED NAFTA WHICH PASSED LATE LAST YEAR TO
STRENGTHEN MEXICO'S ECONOMY SUPPORTING A LONGERTERM BULL MARKET

FOREIGN INVESTORS WHO POURED BILLIONS OF DOLLARS INTO MEXICO ARGENTINA AND
BRAZIL LAST YEAR BASED ON THEIR ECONOMIC REFORMS AND PRIVATIZATION PROGRAMS
HAVE CHANGED COURSE AMID A WORLDWIDE REVERSAL OF THE BESTPERFORMING STOCK
AND BOND MARKETS

IN MEXICO INVESTORS HAVE GROWN CONFUSED ABOUT THE COUNTRY'S POLITICAL
FUTURE AND ANALYSTS FORECAST FURTHER DECLINES AND HIGHER VOLATILITY THERE
ARE TOO MANY VARIABLES THAT HAVE TO BE CLEARED BEFORE THE MARKET HAS ANOTHER
RALLY SAYS BORJA USSIA PRESIDENT OF GRUPO MONEDA A RESEARCH FIRM BASED
IN MEXICO CITY

MEXICAN FINANCE OFFICIALS HAD HOPED TO STIMULATE THEIR WEAK ECONOMY THIS
YEAR WITH LOWER INTEREST RATES AND HIGHER FEDERAL SPENDING BUT WHEN THE
FEDERAL RESERVE RAISED US INTEREST RATES LAST MONTH WHILE MEXICAN RATES
WERE FALLING IT UNDERCUT THE PESO INFLICTING HOLDERS OF MEXICAN SHARES
WITH ADDITIONAL CURRENCY LOSSES

AND NOW MEXICAN RATES ARE RISING AGAIN AN EVENT THAT COULD BRAKE SPENDING
INVESTMENT AND ALL KINDS OF CONSUMPTION MEXICAN TREASURY CERTIFICATES WITH
28DAY MATURITIES KNOWN AS CETES NOW YIELD 93 UP FROM A LOW OF 88
THIS YEAR

ON THE FISCAL SIDE INVESTORS ARE UNCERTAIN HOW GOVERNMENT SPENDING WILL
DEVELOP IN A POLITICAL YEAR THAT IS BECOMING INCREASINGLY COMPLEX

THE JAN 1 REBELLION BY INDIGENOUS MEXICANS IN THE STATE OF CHIAPAS SENT A
SHOCK WAVE THROUGH MEXICO'S POLITICAL SYSTEM OVERNIGHT THE ECONOMIC
SUCCESSES OF THE RULING INSTITUTIONAL REVOLUTIONARY PARTY OF PRESIDENT
CARLOS SALINAS DE GORTARI WERE TARNISHED AS CHIAPAS CALLED ATTENTION TO
MILLIONS OF MEXICANS WHO SUFFER UNDER FEUDAL LAND BOSSES DISEASE AND
POVERTY

TO HIS CREDIT PRESIDENT SALINAS STAVED OFF THE HARDLINERS AND SENT HIS
FORMER FOREIGN MINISTER MANUEL CAMACHO SOLIS TO TALK WITH THE REBELS
RATHER THAN CONTINUE A BLOODY WAR A PEACE ACCORD WAS HAMMERED OUT LAST
WEEK SUDDENLY MR CAMACHO'S STATURE ROSE IN MEXICO AND NEARLY ECLIPSED
THAT OF LUIS DONALDO COLOSIO MR SALINAS'S HANDPICKED SUCCESSOR

MR CAMACHO'S PRESIDENTIAL AMBITIONS ARE OBVIOUS AND THOUGH HE HASN'T
DECLARED HIS CANDIDACY THE BETTING IS THAT HE WILL DO SO THIS MONTH SUCH A
DECLARATION WOULD PUSH MEXICO A STEP CLOSER TO DEMOCRATIC ELECTIONS UNITY
WITHIN THE PRI IS ALREADY FRACTURING YESTERDAY MR COLOSIO ATTACKED SOME
OF THE ANTIPOLLUTION REFORMS IMPLEMENTED BY MR CAMACHO WHEN HE WAS MAYOR OF
MEXICO CITY ALSO PARTY MEMBERS ARE AUDITING MANY OF MR CAMACHO'S
LIEUTENANTS LOOKING FOR SCANDALS ALL OF THESE EVENTS FRIGHTEN FOREIGN
INVESTORS WHO HAVE COUNTED ON MEXICO'S RIGID POLITICAL STRUCTURE TO CARRY
OUT THE ECONOMIC REFORMS OF THE PRESIDENT

UNTIL THE POLITICAL CALCULUS IS BETTER DEFINED EXPECT A LOT OF VOLATILITY
IN THE MEXICAN MARKET SAYS JEAN VAN DE WALLE MANAGER OF LATIN AMERICAN
EQUITIES FOR ALLIANCE CAPITAL MANAGEMENT THE PRI HAS TO REINVENT ITSELF IF
IT IS GOING TO SURVIVE OVER THE NEXT SIX YEARS WHILE THAT REINVENTION IS
UNDER WAY HE'S GOING TO TAKE A CAUTIOUS APPROACH TO MEXICAN STOCKS MR VAN
DE WALLE SAYS HE WOULD PURCHASE SOME STOCKS ON WEAKNESS BUT TRADE OUT OF
THEM AS THE MARKET RALLIES

MEXICAN INVESTORS SEE MOVES TOWARD MORE DEMOCRACY HERE AS POSITIVE FOR US
MEXICANS THIS COULD BE THE CHANCE OF OUR LIVES SAYS PABLO MANCERA
TREASURER OF INVESTMENT FIRM GRUPO SANTANDER MEXICO AND MANAGER OF THE
EMERGING MEXICO FUND WHICH TRADES ON THE NEW YORK STOCK EXCHANGE IT LOOKS
LIKE WE COULD HAVE DEMOCRACY AND BECAUSE OF THIS HE SAYS HE'S CERTAIN
THIS COULD BE A VERY GOOD YEAR FOR THE MEXICAN MARKET

EVEN SO MR MANCERA SAYS THE MARKET COULD TUMBLE FURTHER TO AROUND 2450 AS
INTEREST RATES DRIFT SLIGHTLY HIGHER

MR MANCERA THE NEPHEW OF MEXICO'S CENTRAL BANK CHIEF OF THE SAME NAME
SAYS HE THINKS THE PESO WILL HIT A NEW EQUILIBRIUM AROUND 320 PESOS TO THE
DOLLAR COMPARED WITH YESTERDAY'S CLOSING RATE OF 327 HE ALSO SAYS HE
DOESN'T EXPECT A WEAKER PESO TO RESULT IN HIGHER INFLATION BECAUSE CONSUMER
DEMAND FOR ALL KINDS OF GOODS IS WEAK

BUT SOFT DEMAND IS EXACTLY WHAT WORRIES MANY HOLDERS OF MEXICAN STOCKS
ALVARO DE LA MARCORRA HEAD TRADER AT GRUPO FINANCIERO PROBURSA SAYS THE
FIRST QUARTER IS ALMOST OVER AND ANALYSTS ARE STARTING TO LOWER EARNINGS
ESTIMATES FOR COMPANIES THEY ARE ALSO CUTTING GROWTH ESTIMATES FOR THE
ECONOMY WHICH EXPANDED ONLY 04 IN ALL OF 1993

THOUGH THE GOVERNMENT IS EXPECTING 3 GROWTH THIS YEAR PARTIALLY THROUGH
THE HELP OF HIGHER FEDERAL SPENDING THERE'S LITTLE ANECDOTAL EVIDENCE OF
RESURGENT DEMAND WE ARE ALMOST AT THE END OF THE FIRST QUARTER AND THERE
ARE ALMOST NO SIGNS OF REACTIVATION MR USSIA OF RESEARCH FIRM GRUPO
MONEDA SAYS HE ADDS EITHER YOU HAVE A CLEAR GOVERNMENT POLICY TO
REACTIVATE THE ECONOMY OR THE STOCK MARKET IS VERY EXPENSIVE

WITH A BATTLE BREWING WITHIN THE PRI A CLEAR POLICY IS UNLIKELY YOU COULD
MAKE A GROSS DOMESTIC PRODUCT GROWTH FORECAST OF ANYWHERE FROM 1 TO 5 AND
HAVE A GOOD CHANCE OF BEING RIGHT MR USSIA SAYS SO GIVEN THE
UNCERTAINTY INVESTORS ARE STARTING TO PRICE STOCKS ON WHAT'S CERTAIN 1993
EARNINGS AND ON THAT SCORE MANY SHARES SUCH AS CIFRA STILL COST MORE
THAN 20 TIMES TRAILING EARNINGS

AS A WARNING MR USSIA QUOTES MR COLOSIO THE PRI CANDIDATE AS SAYING
THE ONLY CONTINUITY WILL BE CHANGE

CHANGE TO WHAT NOBODY KNOWS AND THAT'S WHY MANY INVESTORS ARE SELLING
MEXICAN STOCKS

A LATE BUYING BURST IN TOKYO PUSHED STOCKS UP 13 THURSDAY LONDON PRICES
FINISHED LOWER AFTER A LATE DIVE FROM HIGHS IN REACTION TO EARLY WEAKNESS
ON WALL STREET FRANKFURT SHARES JUMPED 12 AS SENTIMENT CONTINUED TO
IMPROVE

WORLDWIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11549 UP 032 REFLECTING HIGHER EUROPEAN AND ASIA/PACIFIC
MARKETS AND LOWER AMERICAN MARKETS

PRECIOUS METALS STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 14625 UP 372 OR 26 WITH ECHO BAY MINES OF CANADA
POSTING A 63 GAIN IN ITS LOCAL CURRENCY FOREST PRODUCTS STOCKS TRAILED AT
16591 DOWN 404 OR 24 WITH LOUISIANAPACIFIC OF THE US SLIDING 53
IN LOCAL CURRENCY

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH DROPPED 5921 POINTS WEDNESDAY
CLIMBED 25153 TO 2009071 NEAR THE INTRADAY PEAK OF 2011441 IN TRADING
FRIDAY THE NIKKEI EASED 4541 POINTS TO CLOSE THE MORNING SESSION AT
2004530 THURSDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 400 MILLION
SHARES UP FROM 3322 MILLION SHARES A DAY EARLIER ADVANCING ISSUES
OUTNUMBERED DECLINING ISSUES 649377 THE TOKYO STOCK PRICE INDEX OR TOPIX
OF ALL FIRSTSECTION ISSUES WHICH FELL 1083 POINTS WEDNESDAY ROSE 1102
TO 161651

LARGE BUY ORDERS FROM JAPANESE BROKERAGE FIRMS IN THE FINAL HALF HOUR HELPED
PUSH THE NIKKEI TO ITS FIRST FINISH ABOVE 20000 SINCE MARCH 1 THE SURGE
LIFTED THE INDEX ABOVE THE STRIKE PRICE OF MANY OPTIONS CONTRACTS AHEAD OF
FRIDAY'S SPECIAL QUOTATION FOR THE SETTLEMENT OF NIKKEI FUTURES AND OPTIONS
ALLOWING SOME INVESTORS TO TAKE PROFITS THE BOURSE'S EARLIER STRENGTH CAME
FROM SUBSTANTIAL BUYING BY US PENSION FUNDS AND A PICKUP IN PURCHASES BY
EUROPEAN INVESTORS TOKYO SENTIMENT ALSO WAS BUOYED BY NEWS OF AN ACCORD
BETWEEN MOTOROLA OF THE US AND NIPPON IDOU TSUSHIN CORP ON OPENING
JAPAN'S CELLULAR PHONE MARKET TO MOTOROLA'S SYSTEMS INVESTORS HOPED THIS
COULD HELP HEAL A BILATERAL TRADE RIFT

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX FELL 128
POINTS TO THE SESSION'S LOW OF 32339 AFTER PLUNGING 301 POINTS FROM THE
DAY'S HIGH IN THE LAST TWO HOURS THE FT 30STOCK INDEX FELL 58 POINTS TO
25472 VOLUME WAS 9011 MILLION SHARES UP SHARPLY FROM 7302 MILLION
SHARES A DAY EARLIER TUMBLING NEW YORK STOCKS TRIGGERED THE DESCENT IN
LONDON SOME INVESTORS SOLD FOR TAX REASONS AS THE BRITISH GOVERNMENT'S
FISCAL YEAR DRAWS TO ITS MARCH 31 CLOSE

IN FRANKFURT THE DAX 30STOCK INDEX ASCENDED 2501 POINTS TO 214110
FOLLOWING LOSSES LAST WEEK LINKED TO DOWNGRADES OF SEVERAL ISSUES BY GERMAN
BROKERAGE HOUSES SOME OPTIMISM RETURNED AND THE MARKET HAS GAINED OVERALL
THIS WEEK

IN PARIS SHARES FELL ON SELLING GUIDED BY COMPUTER PROGRAMS SPARKED BY AN
EROSION IN NEW YORK STOCKS AND BONDS IN MILAN SHARES ROSE LED BY
TELECOMMUNICATIONS AND INDUSTRIAL ISSUES AMID HOPES ABOUT AN EMERGING
ITALIAN ECONOMIC RECOVERY IN STOCKHOLM SHARES FELL DAMPED BY A WIDER
SPREAD BETWEEN GERMAN AND SWEDISH INTEREST RATES AND DISAPPOINTMENT ABOUT
SWEDISH CORPORATE EARNINGS

IN SYDNEY STOCKS ROSE SLIGHTLY BUT TRADING WAS SUBDUED AS INVESTORS
REMAINED PREOCCUPIED BY CONCERNS ABOUT GLOBAL INTEREST RATES IN HONG KONG
SHARES FELL FOR THE SECONDCONSECUTIVE SESSION IN THIN DEALINGS IN
SINGAPORE EQUITIES SLUMPED 13 PARTLY ON WEAK TECHNICAL FACTORS IN KUALA
LUMPUR STOCKS LOST ABOUT 1 IN THIN ACTIVITY WITH DECLINES ACROSS THE
BOARD IN TAIPEI THE MARKET SKIDDED 18 IN SHRUNKEN VOLUME WHILE
LONGTERM FUNDAMENTALS FOR TAIWAN'S ECONOMY REMAIN FAVORABLE INVESTORS HAD
DOUBTS ABOUT PROSPECTS SOONER IN MANILA SHARES REBOUNDED 18 IN HEAVY
VOLUME ON BARGAINHUNTING FOLLOWING A RECENT BEARISH RUN IN WELLINGTON
PRICES GAINED 1 FUELED PARTLY BY A NEW ZEALAND BONDMARKET RALLY

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