FORT WORTH TEXAS ANYONE WORRIED ABOUT THE DISAPPEARANCE OF A SERIOUS NONSPECIALIST AUDIENCE FOR ART SHOULD COME TO FORT WORTH'S KIMBELL MUSEUM LUDOVICO CARRACCI 15551619 THROUGH APRIL 3 IS THE KIND OF EXHIBIT CONNOISSEURS DREAM ABOUT BUT IT HAS ALSO ATTRACTED CROWDS OF SUNDAY STROLLERS EVEN ON WEEKDAYS A TRUNCATED VERSION OF A SHOW FROM BOLOGNA'S PINACOTECA NAZIONALE IT LITERALLY OPENS VIEWERS' EYES TO A RENAISSANCE MASTER WHOSE STAR HAS BEEN IN DECLINE FOR MUCH OF THE PAST TWO CENTURIES IT ALSO ENCOURAGES A HISTORICAL REEVALUATION OF THE CARRACCI LUDOVICO AND HIS YOUNGER COUSINS AGOSTINO AND ANNIBALE TOGETHER THEY MAKE A BRIDGE BETWEEN THE MANNERISM OF CORREGGIO AND PARMAGIANINO AND SUBSEQUENT BAROQUE PAINTERS LIKE GUERCINO AND GUIDO RENI THE CARRACCI OPENED AN ACADEMY IN BOLOGNA IN 1582 ANNIBALE DRIFTED TO ROME IN THE MID '90S BUT HIS OLDER COUSIN STAYED PUT AT HOME REBELLING AGAINST BUT NEVER ENTIRELY REJECTING THE OVERWROUGHT REFINEMENTS OF THEIR MANNERIST PREDECESSORS AND ABSORBING THE EXAMPLES OF SUCH VENETIAN NEARCONTEMPORARIES AS TINTORETTO AND VERONESE ESPECIALLY IN THEIR DRAMATIC RENDERINGS THEIR BRUSHWORK ABOVE ALL THEIR PALETTE OF COLORS THEY PAVED THE WAY FOR THE BRUTAL REALISM OF CARAVAGGIO AS WELL AS FOR THE DRAMA OF THE HIGH BAROQUE WITH ITS DISTORTIONS OF CLASSICAL RENAISSANCE PERSPECTIVE WHAT MAKES LUDOVICO ESPECIALLY FASCINATING IS THE WAY HE WORKED IN SEVERAL STYLES VIRTUALLY SIMULTANEOUSLY ALTHOUGH HIS VERY LAST WORK HAS BEEN ACCUSED OF STRANGE AND AWKWARD SELFINDULGENCE ORIGINALLY ATTRIBUTED TO FAILING EYESIGHT IT'S IN FACT EXTREMELY DIFFICULT TO CHART ANYTHING LIKE A CONVENTIONAL PROGRESS IN HIS STYLE THE AUSTERELY DEPICTED DEVOTIONAL DETAILS IN HIS EARLY ANNUNCIATION 1583 ARE REPEATED IN THE FOLKLIKE CHARM AND DREAMY NOCTURNAL DELICACY OF THE 1598 RETURN FROM EGYPT WHICH SHOWS NONE OF THE DRAMATIC URGENCY OF SOME OF LUDOVICO'S OTHER PAINTINGS MANY OF THESE SUCH AS THE CONVERSION OF ST PAUL 1587 WERE PRODUCED SIMULTANEOUSLY WITH THE QUIETER SWEETER PICTURES THE STORMY CHIAROSCURO FEVERISH HALTED ACTION AND CONVOLUTED POSTURES IN THIS PAINTING OR IN THE 1589 FLAGELLATION SUGGEST THE INFLUENCE OF CARAVAGGIO THEN ONE LOOKS AT THE DATE AND REALIZES THAT AN INFLUENCE IF SUCH EXISTED HAD TO WORK THE OTHER WAY AROUND CARAVAGGIO MAY HAVE SEEN LUDOVICO'S WORK ON HIS WAY TO ROME AT THIS TIME AND LEARNED FROM HIM HOW TO MANIPULATE THE EXPRESSIVE DIMENSIONS OF LIGHT AND SHADE LUDOVICO WITH HIS INTEREST IN VENETIAN PAINTINGS TURNS OUT TO HAVE BEEN THE REAL CREATOR OF 17THCENTURY REALISM WHEREAS ANNIBALE REDEFINED THE TERMS FOR LARGESCALE NARRATIVE PAINTING LUDOVICO WAS MORE INTERESTED IN CAREFUL OFTEN NATURALISTIC OBSERVATION THE TOWERS OF BOLOGNA APPEAR IN BOTH THE ANNUNCIATION AND THE GREAT MADONNA OF THE BARGELLINI FAMILY BUT HE ALSO PRODUCED PICTURES OF EXTRAORDINARY DRAMATIC POWER CANVASSES DENSELY FILLED WITH DETAILS THE LATE ST SEBASTIAN THROWN INTO THE CLOACA DEPICTS THE SAINT'S FINAL END RATHER THAN THE MORE CONVENTIONAL IMAGE OF HIM PIERCED BY THE ARROWS LATER REMOVED BY ST IRENE A VIGNETTE THAT FORMS THE SUBJECT OF A NEW ACQUISITION AT THE KIMBELL BY GEORGES DE LA TOUR LUDOVICO PAINTS SEBASTIAN'S LAST NIGHT THICK AND BLACK THE SHAPES ASIDE FROM THE ILLUMINATED BODY OF THE DEAD SAINT ARE TWISTED AND HARD TO MAKE OUT IN AN EQUALLY DRAMATIC BUT FULLY ILLUMINATED VERSION OF ANOTHER UNUSUAL SUBJECT THE MARTYRDOM OF ST MARGARET 1616 LUDOVICO CHOSE TO STRESS NOT THE SAINT'S DEATH BUT THE PRIOR MOMENT IN WHICH SHE HEARS A HEAVENLY VOICE GRANTING ABSOLUTION TO HER UNWILLING EXECUTIONER WHOM WE SEE FROM BEHIND HIS UNBALANCED POSTURE SIGNALLING SPIRITUAL UPHEAVAL LUDOVICO ABSORBED AND TRANSMUTED THE ACHIEVEMENT OF MANY OLDER MASTERS ITALIAN CRITICS WERE QUICK TO PRAISE HIS COMBINATION OF MICHELANGELO'S EXCELLENCE OF DESIGN WITH CORREGGIO'S COLOR IN THE MADONNA OF THE SCALZI EVEN MORE SURPRISING IS HIS REWORKING OF A THEME EXTREMELY RARE DURING THIS PERIOD BUT OFTEN SEEN IN NORTHERN ART THE THRONE OF GRACE WHICH HE RENDERS IN A 1591 TRINITY WITH THE DEAD CHRIST HERE THE SPACE CONTAINS ONLY BODIES OF GOD THE FATHER THE DEAD SON FOUR ANGELS A SHADOWY FEMALE PERHAPS THE VIRGIN AND ABOVE GOD'S HEAD THE DOVE THE PICTURE IS CROWDED NOT ONLY WITH FIGURES BUT WITH A THICK APPLICATION OF PAINT GOD'S BEJEWELED GOWN BALANCES THE OTHER MOSTLY MUTED COLORATION THE DEAD CHRIST SEEMS TO BE SUPPORTED SOMEWHERE MIDWAY BETWEEN HIS FATHER'S LAP AND THE CLOUDS THAT PROP HIM FROM BENEATH AS IN THE MARTYRDOM OF ST PETER THOMAS LUDOVICO MANAGES TO SUGGEST BOTH WEIGHT AND LIGHTNESS SINKING AND ELEVATION SIMULTANEOUSLY THE KIMBELL'S EXHIBIT OF 34 PAINTINGS AFFIRMS THE UPWARD ESTIMATION OF THE CARRACCI ONE THAT BEGAN WITH THE 1959 BOLOGNA EXHIBIT OF 17THCENTURY EMILIAN PAINTING AND CONTINUED IN THE 198687 BLOCKBUSTER ENTITLED THE AGE OF CORREGGIO AND THE CARRACCI WHICH CAME FROM BOLOGNA TO THE METROPOLITAN IN NEW YORK AND THE NATIONAL GALLERY IN WASHINGTON IT ALSO EXTENDS THE KIMBELL'S TRADITION OF SMALL DIDACTIC SHOWS DURING THE PAST DECADE ESPECIALLY THOSE ON RENAISSANCE AND EARLY MODERN SUBJECTS SUCH AS RIBERA CAVALLINO EARLY POUSSIN RENI AND WITHIN THE PAST YEAR ALONE BASSANO AND TIEPOLO TWO SEPARATE VISITS TO LOUIS KAHN'S 1972 ARCHITECTURAL MASTERPIECE REVEALED A STEADY STREAM OF VISITORS NEITHER SO MANY AS TO DISTURB ANY VIEWER'S PATIENCE OR LINE OF VISION NOR SO FEW THAT ONE MIGHT SUSPECT THE SHOW WAS PLAYING FOR THE BENEFIT OF ART SCHOLARS ALONE POPULISM AND ELITISM SEEM TO GO HANDINHAND IN THE HEART OF TEXAS MR SPIEGELMAN IS THE EDITOR OF THE SOUTHWEST REVIEW AND REPORTS ON THE ARTS FROM TEXAS 9403090107 940309 MARKETING & MEDIA HOLLYWOOD FINDS IT UNDERESTIMATED MOVIE ADMISSIONS BY THOMAS R KING STAFF REPORTER OF THE WALL STREET JOURNAL LAS VEGAS MORE PEOPLE HAVE BEEN GOING TO THE MOVIES IN RECENT YEARS THAN THE INDUSTRY ITSELF THOUGHT ACCORDING TO A NEW STUDY THE REPORT EXECUTIVES FEEL DAMPENS FEARS THAT MOVIETHEATER BUSINESS WILL PLUMMET AFTER THE NATION GETS WIRED WITH MUCHTOUTED 500CHANNEL CABLE SYSTEMS THE STUDY WAS PRODUCED JOINTLY BY THE MOTION PICTURE ASSOCIATION OF AMERICA AND THE NATIONAL ASSOCIATION OF THEATER OWNERS AND WAS RELEASED AT THE THEATER GROUP'S CONVENTION HERE THE REPORT ALSO CONCLUDED THAT THE AVERAGE TICKET PRICE HAS BEEN OVERSTATED IN RECENT YEARS SOMETHING THAT HAS BLURRED THE PERCEIVED VALUE OF GOING TO THE MOVIES THE GROUP SAID THE AVERAGE TICKET PRICE IN 1993 WAS 414 ALMOST 20 LESS THAN THE 515 THE MPAA HAD PREVIOUSLY CALCULATED THE NEW REPORT SAYS EACH YEAR THE MPAA HAS RELEASED FIGURES ON SUCH THINGS AS ADMISSIONS AND TICKET PRICES BASED ON GOVERNMENT DATA GATHERED FROM ABOUT 800 THEATERS BUT THE MPAA AND THE THEATER GROUP JOINED TOGETHER NINE MONTHS AGO AND HIRED ACCOUNTING FIRM ERNST & YOUNG BECAUSE THE GROUPS BELIEVED AVERAGE TICKET PRICES WEREN'T AS HIGH AS THE GOVERNMENT SUGGESTED ERNST & YOUNG DERIVED ITS RESULTS AFTER SURVEYING MORE THAN 14000 THEATER SCREENS THE SURVEY WHICH RESTATES DATA BACK TO 1989 SHOWS THAT ADMISSIONS IN 1993 WERE 124 BILLION OR ABOUT 200 MILLION HIGHER THAN THE ONE BILLION THAT THE MPAA PREVIOUSLY HAD CALCULATED ERNST & YOUNG HOWEVER STILL FOUND THE TREND OF FLAT OR DECLINING ADMISSIONS FROM 1989 TO 1992 THANKS TO JURASSIC PARK ADMISSIONS LAST YEAR WERE UP 6 FROM 1992 UNDER THE NEW SURVEY THE MPAA AND THE THEATER GROUP NOW SAY ADMISSIONS IN THE PAST FIVE YEARS HAVEN'T FALLEN BELOW WHAT THEY CALLED THE PSYCHOLOGICALLY IMPORTANT ONE BILLION MARK THE PREVIOUS DATA SHOWED THAT ADMISSIONS FELL BELOW ONE BILLION IN 1991 AND 1992 WE'RE OUT TO DEFLATE THE NOTION THAT THIS IS A DECLINING BUSINESS OR EVEN A STAGNANT ONE SAID WILLIAM KARTOZIAN PRESIDENT OF THE THEATER GROUP HE SAID THE OVERALL MESSAGE IS AN IMPORTANT ONE TO SPREAD ON BOTH WALL STREET AND MAIN STREET THAT THE THEATER BUSINESS IS A GROWING ONE THAT OFFERS UNPARALLELED VALUE IT'S NOT GROWING BY MUCH JACK VALENTI PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE MPAA SAID THAT TOTAL BOXOFFICE SALES WERE A RECORD 515 BILLION LAST YEAR UP NEARLY 6 FROM 1992 THE REAL GROWTH FOR STUDIOS IS COMING FROM THE HOMEVIDEO AND INTERNATIONAL MARKETS BUT MR VALENTI SAID THE FACT THAT THE EXHIBITION BUSINESS IS HOLDING ITS OWN WHILE OTHER MARKETS EXPAND RAPIDLY IS NOTEWORTHY WHEN YOU STOP TO THINK ABOUT THE ATTRACTIVE COMPETITION OF GOING OUT TO THE MOVIES IT'S STAGGERING MR VALENTI SAID MR KARTOZIAN DIDN'T SEEM BOTHERED BY THE FACT THAT THE NEW AVERAGE TICKETPRICE NUMBERS UNLIKE THE OLD ONES SHOW A DECLINE EVERY YEAR SINCE 1990 THAT YEAR THE AVERAGE TICKET PRICE WAS 423 ACCORDING TO THE NEW SURVEY THAT WOULD BE A CONCERN IF IT CONTINUES HE SAID BUT HE ADDED THAT HE THOUGHT THE RECESSION WAS A FACTOR CAUSING MOVIEGOERS TO SHIFT CONSCIOUSLY TO OFFPRICED SHOWTIMES SUCH AS BARGAIN MATINEES 9403090106 940309 POLITICS & POLICY CAPITAL JOURNAL BY GERALD F SEIB ONE TOP ADVISER TO PRESIDENT CLINTON TRYING TO EXPLAIN HOW THE WHITEWATER AFFAIR HAS SPUN SO BADLY OUT OF CONTROL STARTS WITH THIS THOUGHT FROM THE VERY BEGINNING THIS WAS HANDLED BY THE LAWYERS HE'S GOT A POINT IT'S REMARKABLE HOW MANY OF THE CENTRAL PLAYERS HANDLING THE FALLOUT FROM WHITEWATER ARE LAWYERS AND REMARKABLE HOW OFTEN THEIR LAWYERLY INSTINCTS HAVE BEEN WRONG THE CLINTON ADVISER SEES A CONNECTION A LAWYER'S INCLINATION NORMALLY IS TO GUARD INFORMATION JEALOUSLY AND TO GIVE ACCESS TO IT ONLY GRUDGINGLY THAT IS PRECISELY THE WRONG APPROACH FOR THE WHITEWATER AFFAIR OR MOST ANY OTHER POLITICAL SCANDAL AND IT LIES AT THE HEART OF THE WHITE HOUSE'S TROUBLES THERE'S A DEEPER LESSON IN ALL OF THIS BOTH FOR PRESIDENT CLINTON AND HIS SUCCESSORS THE BEST DEFENSE IN DEALING WITH A POLITICAL PROBLEM IS ALMOST ALWAYS TO OVERWHELM CRITICS AND THE PRESS WITH INFORMATION FULL DISCLOSURE OF INFORMATION ALSO HAPPENS TO BE IN THE PUBLIC'S BEST INTEREST THIS FACT OFTEN IS UNDERSTOOD MORE INSTINCTIVELY BY POLITICAL ADVISERS THAN BY LAWYERS YET IT IS LAWYERS WHO ARE ALL AROUND THE WHITEWATER AFFAIR PRESIDENT CLINTON HIMSELF IS A LAWYER SO IS HIS WIFE HILLARY SO WAS VINCENT FOSTER THE WHITE HOUSE AIDE WHOSE APPARENT SUICIDE DID SO MUCH TO REKINDLE INTRIGUE ABOUT THE WHITEWATER REAL ESTATE DEVELOPMENT AND THE FAILED MADISON GUARANTY SAVINGS & LOAN BRUCE LINDSEY THE WHITE HOUSE AIDE HANDLING DAMAGE CONTROL IS A LAWYER WEBSTER HUBBELL THE ASSOCIATE ATTORNEY GENERAL WHO HOVERS AROUND THE EDGES OF THE AFFAIR IS A LAWYER SO OF COURSE WAS BERNARD NUSSBAUM THE WHITE HOUSE COUNSEL FORCED OUT LAST WEEKEND FROM THE TIME WHITEWATER REARED ITS HEAD DURING THE 1992 CAMPAIGN CLINTONITES SAY IT HAS BEEN A GROUP OF SUCH LAWYERS THAT HAS HANDLED THE JOB OF EXPLAINING THE WEB CONNECTING THE CLINTONS THE REAL ESTATE DEAL THE SAVINGS AND LOAN AND THE ROSE LAW FIRM IN LITTLE ROCK BUT AT MANY TURNS THE INCLINATION HAS BEEN TO GUARD RATHER THAN RELEASE INFORMATION THAT LED TO THE INADEQUATE REPORT DURING THE CAMPAIGN ON WHITEWATER THE REMOVAL OF MR FOSTER'S WHITEWATER FILES AFTER HIS DEATH THE FAILURE TO SHOW THOSE FILES TO INVESTIGATORS OR THE PUBLIC AND THE PRIVATE BRIEFINGS WHITE HOUSE OFFICIALS RECEIVED ABOUT SUPPOSEDLY INDEPENDENT INVESTIGATIONS AND IT WAS A LAWYER WHO TOOK A STEP THAT WAS IN SHEER POLITICAL AND SYMBOLIC TERMS PERHAPS THE MOST HARMFUL MOVE OF ALL WHEN THE WHITE HOUSE DECIDED LATE LAST YEAR TO TURN THE CLINTONS' FILES ON WHITEWATER OVER TO THE JUSTICE DEPARTMENT THE PRESIDENT'S NEW PERSONAL LAWYER DAVID KENDALL SOUGHT FROM JUSTICE A SUBPOENA TO COVER THE DOCUMENTS LEARNING A SUBPOENA WAS UNDER WAY HE SOUGHT TO BROADEN ITS SCOPE TO COVER MORE MATERIAL THIS WAS PERFECTLY ACCEPTABLE EVEN ROUTINE LEGAL BEHAVIOR BUT POLITICALLY IT MISFIRED PUTTING THE DOCUMENTS UNDER SUBPOENA SHIELDED THEM FROM PUBLIC DISCLOSURE THAT SEEMED ONLY TO CONFIRM THE DARKEST ACCUSATION THEN BEING MADE BY REPUBLICANS THAT THE CLINTONS WOULD USE THE LEGAL SYSTEM NOT TO CLEAR THE AIR BUT TO KEEP WHITEWATER DOCUMENTATION OUT OF THE HANDS OF MEMBERS OF CONGRESS AND REPORTERS REPUBLICANS HAD TELEGRAPHED THEIR POLITICAL PUNCH AND THE CLINTON TEAM WALKED RIGHT INTO IT ANYWAY INSTEAD OF GETTING CREDIT FOR TURNING OVER DOCUMENTS VOLUNTARILY THE CLINTON TEAM SOWED THE SEEDS OF SUSPICIONS THAT HAVE SPROUTED INTO TODAY'S COVERUP CHARGES IT'S STRIKING THAT MR CLINTON'S MOST DEFT POLITICAL ADVISERS HAVE BEEN LARGELY ABSENT FROM HANDLING WHITEWATER THERE'S BEEN LITTLE SIGN OF A SUBSTANTIAL ROLE FOR JAMES CARVILLE PAUL BEGALA OR DAVID GERGEN ALL OF WHOM INTRIGUINGLY ENOUGH ARE LAWYERS BY EDUCATION BUT POLITICAL OPERATIVES BY TRADE AND THOSE ARGUING THAT IT WOULD BE BETTER TO OPEN UP FILES AND RELEASE MORE INFORMATION AND DOCUMENTS HAVE BEEN DISMISSED AS OVERLY NAIVE INSTEAD THE PREVAILING VIEW HAS BEEN THAT BECAUSE THE CLINTONS' OWN DOCUMENTATION ON THE WHITEWATER AFFAIR IS INCOMPLETE RELEASING THEIR FRAGMENTARY INFORMATION WOULD INEVITABLY RAISE MORE QUESTIONS THAN IT COULD ANSWER THAT'S PROBABLY TRUE BUT INSTEAD OF JUST QUESTIONS THE CLINTONS NOW FACE ACCUSATIONS OF COVERUP SOME CLINTONITES NOW WISH THEY HAD FOLLOWED THE COURSE SET IN LAST YEAR'S FLAP OVER THE FIRING OF THE WHITE HOUSE TRAVEL OFFICE STAFF IN THAT CASE AFTER A PERIOD OF FLAILING THE WHITE HOUSE BURIED THE STORY WITH AN EXHAUSTIVE REPORT THAT OVERWHELMED THE INQUISITIVE WITH INFORMATION FOR PRESIDENT CLINTON THE TRAGEDY OF ALL THIS IS THAT THERE IS LITTLE SO FAR TO SUGGEST THAT HE SHOULD BE IN AS MUCH TROUBLE OVER WHITEWATER AS HE IS NOW THE WHITE HOUSE HAS BEEN FOCUSED ON BRINGING ON BOARD RESPECTED LAWYER LLOYD CUTLER AS NEW PRESIDENTIAL COUNSEL PERHAPS NOW IT OUGHT TO FOCUS ON GETTING SOME MORE NONLAWYER POLITICAL ADVISERS MORE DIRECTLY INVOLVED IN DECISIONS ABOUT WHITEWATER FALLOUT 9403090105 940309 INTERNATIONAL DEATH OF A BRIDGE BRINGS LIFE TO A TOWN EMERGING FROM LONG SIEGE MOSTAR'S PEOPLE STRUGGLE ON BY GERALDINE BROOKS STAFF REPORTER OF THE WALL STREET JOURNAL MOSTAR BOSNIAHERZEGOVINA EKREM HANDZIC SITS BY A RACK OF POSTCARDS PICTURING A BRIDGE THAT NO LONGER EXISTS WAITING FOR TOURISTS HE KNOWS AREN'T COMING IS IT NECESSARY TO HAVE CUSTOMERS IT IS ENOUGH JUST TO BE HERE SAYS THE MERCHANT TILTING A PALE FACE TO THE EARLY SPRING SUNSHINE LIKE MOST CITIZENS OF EAST MOSTAR HE HAS LIVED DAY AND NIGHT IN A CELLAR FOR MUCH OF THE LAST NINE MONTHS AS A BARRAGE OF SHELLS AND SNIPER FIRE DESTROYED EVERYTHING ABOVE GROUND WHEN A CEASEFIRE BETWEEN MUSLIMS AND CROATS WENT INTO EFFECT HERE 12 DAYS AGO MR HANDZIC'S TOURIST AGENCY WAS THE FIRST BUSINESS TO REOPEN THE REASON LIES JUST DOWN THE COBBLED STREET WHERE A FEW STONES RISE INTO THE AIR LIKE A RAGGED APOSTROPHE ENDING ABRUPTLY IN SPACE IT IS ALL THAT IS LEFT OF THE OLD BRIDGE THE STARI MOST THAT GAVE THIS CITY ITS NAME MR HANDZIC SITS IN RANGE OF STILLACTIVE SNIPERS TO BEAR WITNESS TO WHAT WAS AND WHAT HE BELIEVES WILL BE AGAIN FOR MORE THAN FOUR CENTURIES THE BRIDGE'S SLENDER SOARING ARCH BORE THE WEIGHT OF PEDESTRIANS AMBLING ACROSS THE NERETVA RIVER DIVIDING THE CITY THEN LAST MAY WHEN CROATS IN THE WEST BEGAN SHELLING THE PREDOMINANTLY MUSLIM EAST THE BRIDGE CAME TO CARRY AN EVEN HEAVIER LOAD AS A SYMBOL OF A UNITED CITY FOR THOSE WHO DIDN'T WANT TO SEE MOSTAR SUNDERED INTO ETHNICALLY CLEANSED GHETTOS DURING THE WORST OF THE FIGHTING 120 SHELLS A DAY AND A RAIN OF SNIPER FIRE TURNED THE CITY INTO A BLOODIER KILLING GROUND THAN SARAJEVO BUT IN A WAR WHERE HUMAN PAIN HAS BECOME ALMOST BANAL THE CRASHING OF THE STARI MOST'S ANCIENT STONES SEEMED TO SPEAK LOUDER THAN THE SCREAMS IN THE END THE STARI MOST WAS A BRIDGE TOO FAR FOR THE BOSNIAN CROAT FORCES SETTING OFF A TIDE OF INTERNATIONAL DISAPPROBATION THAT MAY FINALLY HAVE FORCED LAST MONTH'S CEASEFIRE AGREEMENT EVEN WITHIN NEIGHBORING CROATIA THE DESTRUCTION OF THE BRIDGE PRODUCED REVULSION HRVOJE GRGIC A CROATIAN PHOTOGRAPHER RECALLS THE DISMAY IN THE CROATIAN CAPITAL ZAGREB WHEN THE NEWS EMERGED AT FIRST OFFICIAL MEDIA REPORTED ONLY THAT THE BRIDGE HAD COLLAPSED BUT SOON CALLERS TO ZAGREB'S ICONOCLASTIC YOUTH RADIO BEGAN TELLING A DIFFERENT STORY OF A BOSNIAN CROAT TANK PERCHED ON THE WEST SIDE OF THE RIVER FIRING REPEATEDLY OVER 2 1/2 DAYS TO BRING THE BRIDGE DOWN CALLERS WERE SWEARING AT THE FILTHY SCUM WHO'D DONE IT MR GRGIC RECALLS THE BRIDGE FELL NOV 8 BY THE END OF THE MONTH UNITED NATIONS OFFICIALS BASED IN THE CROATCONTROLLED REGION NOTICED A REAL DIFFERENCE IN THE DEMEANOR AND ACTIONS OF BOTH CIVILIAN AND MILITARY OFFICIALS THE AREA COMMANDER RESPONSIBLE FOR THE MOSTAR BATTLE WAS REMOVED FROM HIS POST SOCALLED UNCONTROLLED ELEMENTS IN PARAMILITARY SQUADS SUDDENLY SEEMED MORE CONTROLLED AND MODERATES REPLACED EXTREMISTS IN CIVILIAN POSTS THE CURRENT CEASEFIRE CAME ABOUT AFTER AN INTERNATIONAL THREAT OF SANCTIONS ON CROATIA SIMILAR TO THE ONE IN FORCE ON THE SERBIAN GOVERNMENT IN BELGRADE ON SUNDAY A TANK THAT MAY WELL HAVE BEEN THE INSTRUMENT OF THE STARI MOST'S DESTRUCTION HEADED OUT OF WEST MOSTAR TO MEET A UN DEADLINE FOR THE REMOVAL OF HEAVY WEAPONS FROM THE CITY BY MONDAY THE ROAD INTO EAST MOSTAR HAD BEEN CLEARED OF MINES AND JOINT CHECKPOINTS ESTABLISHED FOR THE FIRST TIME BETWEEN BOSNIAN CROAT FORCES AND THE SPANISH BATTALION RESPONSIBLE FOR UN PEACEKEEPING IN THE REGION FOR THE FIRST TIME JERRIE HULME A FORMER BRITISH ARMY GENERAL WHO NOW HEADS THE UN HIGH COMMISSION FOR REFUGEES OFFICE IN THE REGION RISKS THE DRIVE INTO EAST MOSTAR WITHOUT HIS BULLETPROOF VEST AND ARMORED PERSONNEL CARRIER IT MIGHT GIVE THEM A BIT MORE CONFIDENCE TO SEE ME LIKE THIS HE EXPLAINS THE CITY HE ENTERS HASN'T A SINGLE UNSCATHED BUILDING EVERY ONE OF 20 MOSQUES SOME OF THEM SIX CENTURIES OLD HAS EITHER HAD ITS DOME GOUGED BY SHELLING OR ITS MINARET TOPPLED APARTMENT BLOCKS GAPE WITH BLACKENED MORTAR HOLES GRACEFUL AUSTROHUNGARIAN FACADES HAVE BEEN PEELED AWAY EXPOSING ROOMS AND PILLARS WITHIN AS THOUGH THEY WERE DOLLHOUSES THE PEOPLE TOO BEAR THE SCARS OF THE CITY'S ORDEAL WAN EMACIATED FIGURES CREEP GINGERLY ALONG STREETS THAT HAVE BEEN NOGO AREAS FOR MONTHS AS MR HULME STOPS TO CHAT WITH A GRANDMOTHER CARRYING A SIXMONTHOLD BABY THE WOMAN DESCRIBES THE INFANT'S UNCONTROLLABLE TREMBLING DURING THE SHELLING SUDDENLY HER EYES FILL WITH TEARS AND SHE TURNS AWAY EMBARRASSED IN A WATERLESS LIGHTLESS CELLAR 30 PEOPLE STRUGGLE TO PREPARE THE DAY'S MAIN MEAL FROM UN RATIONS IT IS MEAGER FARE OF TINNED MEAT PATTIES AND POTATOES BUT LUXURIOUS COMPARED WITH WHAT THEY SOMETIMES EXISTED ON THEY MAKE WAR PIE' MR HULME EXPLAINS THIN SHEETS OF FLOURANDWATER PASTRY FILLED WITH WHATEVER THEY COULD GET LITERALLY GRASS AT THE WORST TIMES DURING THE WORST TIMES SOME 88 PEOPLE HUDDLED IN THIS ONETIME SUPERMARKET STORAGE AREA THOSE WHO REMAIN DO SO EITHER BECAUSE THEIR HOMES HAVE BEEN DESTROYED OR BECAUSE THEY ARE ETHNICALLY CLEANSED MUSLIMS WHO ONCE LIVED IN WEST MOSTAR BEFORE BEING EVICTED BY CROATS AS THE WOMEN PREPARE LUNCH ON A STOVE FUELED BY TIMBER FROM RUINED BUILDINGS THE SUDDEN THUMP OF A UN HELICOPTER OVERHEAD TERRORIZES FIVEYEAROLD ZLATCO OMANOVIC WHO BEGINS YELLING IN FEAR IN JANUARY THE BOY WAS STANDING JUST OUTSIDE THE CELLAR TALKING TO A GROUP OF ITALIAN JOURNALISTS WHEN A ROCKETPROPELLED GRENADE LANDED KILLING THE THREE MEN ZLATCO WASN'T HURT BUT HE HAS BEEN PLAGUED BY FEAR EVER SINCE HE WAKES IN THE NIGHT SCREAMING HIS CAMERA IS FALLING' HE SEES THE DEATHS OF THE JOURNALISTS OVER AND OVER SAYS 19YEAROLD VANJA BUJINA WHO SLEEPS ON A NEARBY MATTRESS IN THE CELLAR FOR HER THE MONTHS OF CONFINEMENT HAVE BEEN MOST DIFFICULT BECAUSE OF THE CROWDING THERE IS NO PRIVATE LIFE AND I MISS THAT BECAUSE I'M YOUNG SHE SAYS SINCE THE CEASEFIRE SHE HAS BEEN ABLE TO ESCAPE WHAT SHE CALLS THE ENDLESS BORING POLITICS TALK OF THE CELLAR'S ADULTS IN LONG WALKS WITH HER BOYFRIEND A RADIO OPERATOR IN THE BOSNIAN ARMY NOW WITH THE CEASEFIRE SHE HOPES THAT THE BRIDGE CAN BE REBUILT AND EVENTUALLY THE CITY REUNITED MY CROAT FRIENDS ON THE WEST SIDE TRIED HARD TO STAY IN CONTACT WITH ME SHE SAYS GETTING MESSAGES TO HER THROUGH THE RED CROSS I DON'T WANT TO LIVE IN A SOCALLED MUSLIM CITY OF MOSTAR' SHE SAYS WE USED TO LIVE TOGETHER AND THAT'S WHAT I WANT 9403090104 940309 BUSINESS BRIEF DESPITE KMART'S RENOVATIONS MOODY'S AGAIN LOWERS DEBT RATINGS OF RETAILER MOODY'S INVESTORS SERVICE INC LOWERED ITS RATINGS ON KMART CORP'S 67 BILLION OF DEBT FOR THE SECOND TIME IN 12 MONTHS SAYING COMPETITION IS HAMPERING THE COMPANY DESPITE ITS RENOVATION EFFORTS KMART'S NEWMODEL STORES WITH WIDER AISLES AND UPGRADED MERCHANDISE DON'T HAVE THE FIREPOWER TO IMPROVE THE COMPANY'S MARKET SHARE AND EARNINGS QUICKLY MOODY'S SAID SUCH NIMBLE COMPETITORS AS WALMART STORES INC AND DAYTON HUDSON CORP'S TARGET STORES ARE PRESSURING KMART DESPITE SUBSTANTIAL EFFORTS BY MANAGEMENT THE RATINGS SERVICE SAID MOODY'S SAID THE NATION'S NO 2 RETAILER ALSO FACES INCREASED COMPETITION FROM JC PENNEY CO AND SEARS ROEBUCK & CO WHICH UNDOUBTEDLY TOOK MARKET SHARE FROM THE DISCOUNTERS IN 1993 AS A RESULT IT WILL BE MORE CHALLENGING FOR KMART TO INCREASE SALES EARNINGS AND CASH FLOW MOODY'S SAID MOODY'S LOWERED KMART'S SENIOR UNSECURED DEBT AND MEDIUMTERM NOTES TO SINGLEA3 FROM SINGLEA2 ITS INDUSTRIAL DEVELOPMENT BONDS TO SINGLEA3 AND BAA1 FROM SINGLEA2 AND SINGLEA3 ITS LEASE CERTIFICATES TO BAA1 FROM SINGLEA3 ITS PREFERRED STOCK TO BAA1 FROM SINGLEA3 AND ITS COMMERCIAL PAPER TO PRIME2 FROM PRIME1 THE COMPANY'S 400 MILLION SHELF REGISTRATION WAS LOWERED TO SINGLEA3 FROM SINGLEA2 IN TROY MICH A KMART SPOKESMAN WHO SAID THE COMPANY IS DISAPPOINTED BY THE DOWNGRADE SAID HE DOESN'T EXPECT KMART WILL NEED TO ISSUE DEBT TO PAY FOR ITS HALFFINISHED 35 BILLION RENOVATION PLAN RICHARD MERCIER OF MOODY'S SAID THAT WILL DEPEND ON THE COMPANY'S ABILITY TO GENERATE SUFFICIENT EARNINGS AND CASH FLOW THE KEY IS WHETHER THEY CAN EXECUTE EFFECTIVELY HE SAID MOODY'S ALSO NOTED THAT KMART ISN'T THE ONLY COMPANY SCRAMBLING TO DO BETTER ALL RETAILERS ARE STRIVING TO REDUCE COSTS AND INCREASE INVENTORY TURNOVER KEY ISSUES FOR AN IMPROVEMENT OF KMART RETURNS THIS WILL MAKE IT DIFFICULT FOR KMART TO IMPROVE ITS COST STRUCTURE AND INVENTORY TURNOVER VISAVIS ITS COMPETITORS MOODY'S SAID 9403090102 940309 TECHNOLOGY & SCIENCE CRANBERRY JUICE IS FOUND TO HELP PREVENT INFECTIONS BY RON WINSLOW STAFF REPORTER OF THE WALL STREET JOURNAL CRANBERRY JUICE HELPS PREVENT URINARY TRACT INFECTIONS IN ELDERLY WOMEN A NEW STUDY FOUND PROVIDING SCIENTIFIC VALIDATION OF A DECADESOLD FOLK REMEDY RESEARCHERS AT HARVARD MEDICAL SCHOOL IN BOSTON FOUND THAT WOMEN WHO DRANK 10 OUNCES OF A CRANBERRY BEVERAGE A DAY WERE MUCH LESS LIKELY TO HAVE EVIDENCE OF URINARY TRACT INFECTION IN THEIR URINE THAN WOMEN WHO DRANK A SIMILAR BEVERAGE THAT DIDN'T CONTAIN CRANBERRY JUICE THE RESULTS SUGGEST THAT CRANBERRYBASED DRINKS COULD PLAY A ROLE EITHER ALONE OR IN COMBINATION WITH ANTIBIOTICS IN PREVENTING OR TREATING URINARY TRACT INFECTIONS THEY ARE AMONG THE MOST COMMON COMPLAINTS TREATED BY PRIMARY CARE DOCTORS AND BY SOME ESTIMATES ACCOUNT FOR MORE THAN 1 BILLION A YEAR IN HEALTH COSTS IN THE US THEY ARE MUCH MORE PREVALENT AMONG WOMEN THAN MEN CRANBERRYBASED DRINKS HAVE LONG BEEN CONSIDERED AS A REMEDY FOR SUCH INFECTIONS BUT STUDIES DATING BACK TO AT LEAST 1914 HAVE YIELDED CONFLICTING EVIDENCE OF THEIR EFFECTIVENESS SOME THINGS ABOUT FOLK WISDOM IN HEALTH TURN OUT TO BE TRUE AND SOME TURN OUT TO BE BOGUS SAID JERRY AVORN ASSOCIATE PROFESSOR OF MEDICINE AT HARVARD HE IS LEAD AUTHOR OF THE CURRENT REPORT WHICH HE SAID IS THE FIRST LARGESCALE SCIENTIFICALLY RIGOROUS LOOK AT THE QUESTION DR AVORN WHO IS ALSO A GERIATRICIAN AT BRIGHAM AND WOMEN'S HOSPITAL SAID RESEARCHERS AT WEIZMANN INSTITUTE IN REHOVOT ISRAEL REPORTED IN 1991 THAT CRANBERRIES AND BLUEBERRIES CONTAIN COMPOUNDS THAT MAY RESTRICT THE ABILITY OF CERTAIN BACTERIA TO STICK TO THE BLADDER WALL WHERE THEY CAN LEAD TO URINARY TRACT INFECTIONS THE LATEST STUDY WAS FUNDED BY OCEAN SPRAY CRANBERRIES INC LAKEVILLE MASS DR AVORN SAID THE COMPANY DIDN'T PLAY ANY ROLE IN DESIGNING THE EXPERIMENT OR IN ANALYZING AND INTERPRETING THE FINDINGS WHICH APPEAR IN TODAY'S JOURNAL OF THE AMERICAN MEDICAL ASSOCIATION THE REPORT IS BASED ON 153 ELDERLY WOMEN WITH AN AVERAGE AGE OF 78 WHO WERE RANDOMLY ASSIGNED TO DAILY DOSES OF A CRANBERRY DRINK OR A PLACEBO BEVERAGE FOR SIX MONTHS SAMPLES OF THEIR URINE WERE GATHERED ONCE A MONTH NEITHER THE WOMEN NOR THE RESEARCHERS KNEW WHO WAS GETTING WHICH BEVERAGE ENOUGH BACTERIA AND WHITE BLOOD CELLS TO INDICATE INFECTION WERE FOUND IN 15 OF URINE SAMPLES FROM THE CRANBERRY BEVERAGE DRINKERS COMPARED WITH 281 OF THOSE DRINKING THE PLACEBO RESEARCHERS ALSO FOUND THAT INFECTIONS THAT DID OCCUR IN WOMEN DRINKING CRANBERRY JUICE WERE ONLY 25 AS LIKELY TO PERSIST BEYOND ONE MONTH THAN IN THOSE WHO DIDN'T GET THE CRANBERRY DRINK THE BENEFICIAL EFFECT APPEARED AFTER FOUR TO EIGHT WEEKS OF DRINKING THE JUICE THE RESEARCHERS ARE NOW CONDUCTING A SECOND TRIAL TO DETERMINE IF YOUNGER WOMEN FOR WHOM URINARY TRACT INFECTIONS ARE MORE LIKELY TO RESULT IN PAINFUL SYMPTOMS MIGHT ALSO BENEFIT FROM CRANBERRY DRINKS 9403090101 940309 WHO'S NEWS OMNICARE INC OMNICARE INC CINCINNATI SEVERAL EXECUTIVES WERE PROMOTED AT THIS PROVIDER OF PROFESSIONAL PHARMACY AND RELATED CONSULTING SERVICES FOR LONGTERM CARE INSTITUTIONS PATRICK E KEEFE 48 YEARS OLD FORMERLY VICE PRESIDENT OF OPERATIONS WAS PROMOTED TO SENIOR VICE PRESIDENT OF OPERATIONS CHERYL D HODGES 41 PREVIOUSLY VICE PRESIDENT AND SECRETARY WAS PROMOTED TO SENIOR VICE PRESIDENT SHE CONTINUES AS COMPANY SECRETARY THOMAS R MARSH 47 OMNICARE'S CONTROLLER AND ACTING TREASURER WAS NAMED TO THE ADDITIONAL POST OF VICE PRESIDENT 9403090100 940309 CLINTON NAMES CUTLER COUNSEL AT WHITE HOUSE INTERIMBASIS APPOINTMENT IS SEEN AS SYMBOLIC ACT TO RESTORE CREDIBILITY BY MICHAEL K FRISBY AND PAULETTE THOMAS STAFF REPORTERS OF THE WALL STREET JOURNAL WASHINGTON PRESIDENT CLINTON ATTEMPTED TO STANCH THE POLITICAL AND LEGAL DAMAGE FROM THE WHITEWATER IMBROGLIO BY NAMING WASHINGTON INSIDER LLOYD CUTLER AS THE WHITE HOUSE'S SPECIAL COUNSEL MR CUTLER 76 TOOK THE JOB ON AN INTERIM BASIS ONLY UNTIL A PERMANENT REPLACEMENT CAN BE FOUND FOR BERNARD NUSSBAUM THE WHITE HOUSE COUNSEL WHO RESIGNED UNDER PRESSURE LAST WEEKEND MR CUTLER IS A CONSUMMATE WASHINGTON ESTABLISHMENT FIGURE WHO WAS ALSO CALLED IN TO SERVE AS PRESIDENT JIMMY CARTER'S COUNSEL WHEN HIS WHITE HOUSE BECAME MIRED IN ETHICAL PROBLEMS AT A NEWS CONFERENCE PRESIDENT CLINTON CALLED MR CUTLER WHO WAS ADMITTED TO THE BAR SIX YEARS BEFORE MR CLINTON'S BIRTH A MAN OF SEASONED JUDGMENT AND THE HIGHEST ETHICAL STANDARDS THE HURRIED APPOINTMENT OF MR CUTLER ALMOST SEEMED AN ACT OF DESPERATION TO RESTORE CREDIBILITY TO THE EMBATTLED CLINTON WHITE HOUSE BEFORE HE AGREED TO ACCEPT THE APPOINTMENT MR CUTLER SAID HE NEGOTIATED FOR A LIMITED 130DAY APPOINTMENT BECAUSE OF HIS AGE AND THE RIGORS OF THE JOB SINCE HE WILL BE WORKING AT THE WHITE HOUSE FOR SUCH A SHORT TIME MR CUTLER'S IS AS MUCH A SYMBOLIC ACT TO REASSURE THE PUBLIC AND THE MEDIA ABOUT THE ETHICAL CONDUCT OF THE WHITE HOUSE AS IT IS AN ADDITION OF A SIGNIFICANT WHITE HOUSE TEAM PLAYER IN HIS FIRST CALL AS COUNSEL MR CUTLER SAID HE WOULD PROBABLY ADVISE WHITE HOUSE STAFFERS AND OTHER ADMINISTRATION OFFICIALS TO TESTIFY BEFORE CONGRESSIONAL PANELS THAT MAY HOLD HEARINGS ON THE WHITEWATER AFFAIR HE STATED IT WOULD BE MY ADVICE THAT THEY COOPERATE EVEN THOUGH ROBERT FISKE THE INDEPENDENT COUNSEL CONDUCTING A WHITEWATER INQUIRY HAS SAID HE OPPOSES SUCH HEARINGS WHITE HOUSE OFFICIALS ALSO SAID YESTERDAY THAT THERE HAVE BEEN CONVERSATIONS IN ADDITION TO THE THREE CONTROVERSIAL MEETINGS BETWEEN WHITE HOUSE AND TREASURY OFFICIALS BUT THEY CONTENDED THAT THE CONVERSATIONS DIDN'T DEAL WITH SUBSTANTIVE MATTERS MR CLINTON SAID THAT ANY SUCH CONTACTS WERE INCIDENTAL FOLLOWUP CONVERSATIONS YESTERDAY REP JAMES LEACH R IOWA A HOUSE BANKING PANEL MEMBER WHO HAS AGGRESSIVELY PURSUED THE WHITEWATER MATTER RELEASED A SEVENPAGE LETTER THAT INCLUDED A LIST OF ADMINISTRATION FIGURES HE WOULD LIKE TO QUESTION AT A HEARING LATER THIS MONTH IN A SEPARATE LETTER REP LEACH TOLD MR FISKE THAT HIS REQUEST THAT THE HOUSE BANKING COMMITTEE REFRAIN FROM HOLDING HEARINGS WOULD HAVE A CHILLING EFFECT ON THE ROLE OF CONGRESSIONAL OVERSIGHT MR FISKE PLANS TO GO TO THE CAPITOL TODAY TO MEET WITH THE SENATE BANKING COMMITTEE'S RANKING REPUBLICAN ALFONSE D'AMATO OF NEW YORK IN AN ATTEMPT TO DISCOURAGE HIM FROM MOVING FORWARD WITH HEARINGS SEN D'AMATO ISN'T EXPECTED TO BACK DOWN EITHER WHO'S ON LEACH'S LIST REP LEACH'S WITNESS LIST CONTAINED 40 FIGURES WHO HAVE CROPPED UP IN VARIOUS WHITEWATERRELATED STORIES AND EVENTS THE LIST INCLUDES ADMINISTRATION OFFICIALS SUCH AS WHITE HOUSE CHIEF OF STAFF MACK MCLARTY AND HIS DEPUTY HAROLD ICKES IT ALSO LISTS TOP TREASURY OFFICIALS INCLUDING DEPUTY SECRETARY ROGER ALTMAN WHO PARTICIPATED IN ONE OF THE WHITE HOUSE MEETINGS ABOUT THE RESOLUTION TRUST CORP'S INVESTIGATION OF A FAILED ARKANSAS SAVINGSANDLOAN INSTITUTION THE RTC EVENTUALLY ASKED THE JUSTICE DEPARTMENT TO INVESTIGATE WHETHER THE THRIFT MADISON GUARANTY SAVINGS & LOAN OF LITTLE ROCK MAY HAVE IMPROPERLY DIVERTED FUNDS TO MR CLINTON'S GUBERNATORIAL CAMPAIGNS AND WHITEWATER DEVELOPMENT CO THE OWNER OF MADISON JAMES MCDOUGAL ALSO WAS A PARTNER OF THE CLINTONS IN WHITEWATER AN ARKANSAS REAL ESTATE VENTURE REP LEACH'S LIST ALSO INCLUDED LAWYERS FROM ROSE LAW FIRM WHERE HILLARY RODHAM CLINTON WAS A PARTNER REP LEACH WOULD ALSO LIKE TO CALL MR MCDOUGAL AND DAVID HALE ANOTHER ARKANSAS POLITICAL FIGURE WHO IS ABOUT TO GO ON TRIAL AND IS ACCUSED OF MAKING AN IMPROPER BUSINESS LOAN TO MR MCDOUGAL'S WIFE HOWEVER THE QUESTIONING COULD BE HAMPERED BY THE COMMITTEE'S CHAIRMAN REP HENRY GONZALEZ IN A MARCH 7 LETTER TO MR FISKE THE TEXAS DEMOCRAT SUGGESTED SINCE THESE ACTIONS MAY BE INCONSISTENT WITH YOUR RESPONSIBILITIES YOU MAY WISH TO ADVISE ALL PARTIES OF YOUR VIEWS ON WHETHER THEY SHOULD RESPOND TO SUCH INQUIRIES REP GONZALEZ ADDED THAT WHILE I CANNOT PREVENT MEMBERS FROM PROPOUNDING QUESTIONS IT IS WITHIN THE PROVINCE OF THE CHAIR TO RULE ON THE RELEVANCE OF QUESTIONS AMID THIS PARTISAN PARRYING SENATE MINORITY LEADER ROBERT DOLE OF KANSAS INCREASED THE PRESSURE ON HIS DEMOCRATIC COLLEAGUES TO ABANDON THEIR STANCE AGAINST CONGRESSIONAL HEARINGS SEN DOLE SAID HE MAY OFFER A RESOLUTION TO FORCE DEMOCRATIC SENATORS TO TAKE A FORMAL PUBLIC STAND ON THE ISSUE IF THAT DOESN'T WORK MR DOLE SAID REPUBLICANS WILL TRY TO GET THE PARTY'S SENATE CHALLENGERS TO BEGIN RAISING THE ISSUE AGAINST DEMOCRATIC INCUMBENTS UP FOR ELECTION THIS NOVEMBER CLINTONS SWING BACK PRESIDENT CLINTON IN TURN ACCUSED THE REPUBLICANS OF MAKING POLITICAL HAY OUT OF WHITEWATER AT HIS NEWS CONFERENCE MR CLINTON STRONGLY DEFENDED HIMSELF AND SAID I REVERE THE RESPONSIBILITY I HAVE BEEN GIVEN AND I AM NOT GOING TO ABUSE IT RESPONDING TO A QUESTION HE SAID THAT HIS AIDE BRUCE LINDSEY PROBABLY TOLD HIM ABOUT THE RTC'S CRIMINAL REFERRAL BEFORE THE ACTION WAS MADE PUBLIC ON MONDAY MR CLINTON SAID HE DIDN'T REMEMBER WHO HAD TOLD HIM ABOUT THE REFERRAL SEPARATELY MRS CLINTON WAS ALSO SWINGING BACK IN AN INTERVEW CONDUCTED LAST FRIDAY WITH ELLE MAGAZINE SHE SAID I KNOW NOTHING BAD HAPPENED AND THAT'S WHAT EVERYBODY'S GOING TO KNOW AS THEY SHOULD KNOW NOW SINCE THEY HAVE YET TO COME FORWARD WITH ANYTHING OTHER THAN THE WILDEST KIND OF PARANOID CONSPIRACIES YOU JUST DON'T PAY ATTENTION TO IT WHILE THE CONGRESSIONAL HEARINGS INTO THE WHITEWATER AFFAIR ARE ON THE HORIZON A SEPARATE INVESTIGATION WAS CALLED OFF AT A HEARING BEFORE A HOUSE APPROPRIATIONS PANEL TREASURY SECRETARY LLOYD BENTSEN SAID THAT HE ASKED HIS DEPARTMENT'S INSPECTOR GENERAL TO SUSPEND A PROBE INTO THE MEETINGS BETWEEN TREASURY OFFICIALS AND THE WHITE HOUSE MR FISKE DOES NOT WANT HIM TO INVESTIGATE MR BENTSEN SAID BECAUSE IT COULD COMPROMISE THE INDEPENDENT COUNSEL'S PROBE AND THE INSPECTOR GENERAL AGREED NOT TO DO SO MR BENTSEN ADDED THAT THE DECISION WAS MADE WITHOUT ANY INPUT FROM THE WHITE HOUSE A SEPARATE REVIEW OF THE MEETINGS THAT THE TREASURY SECRETARY HAD EARLIER REQUESTED BY THE OFFICE OF GOVERNMENT ETHICS WILL PROCEED JOHN HARWOOD CONTRIBUTED TO THIS ARTICLE 9403090099 940309 ABREAST OF THE MARKET INDUSTRIALS END 450 POINTS LOWER AMID STEEP SETBACK IN BOND PRICES BY DAVE PETTIT SPECIAL TO THE WALL STREET JOURNAL NEW YORK A STEEP SELLOFF IN BONDS DEPRESSED STOCKS BUT STRENGTH IN SOME CYCLICALS PARTIALLY OFFSET THE GLOOM ALTHOUGH THE TREASURY'S 30YEAR BOND SKIDDED ALMOST A POINT LIFTING ITS YIELD TO ANOTHER NINEMONTH HIGH THE DOW JONES INDUSTRIAL AVERAGE SLIPPED A BENIGN 450 OR 012 TO 385172 BROADBASED INDEXES WHICH ARE LESS HEAVILY WEIGHTED WITH ECONOMICALLY SENSITIVE STOCKS FELL SOMEWHAT FURTHER THAN THE DOW DECLINING ISSUES OUTPACED ADVANCERS BY 1174 TO 944 ON THE NEW YORK STOCK EXCHANGE VOLUME ON THE EXCHANGE WAS ACTIVE AT 298039000 SHARES UP FROM 285571000 MONDAY THE LABOR DEPARTMENT GAVE A SOLID READING ON FOURTHQUARTER BUSINESS PRODUCTIVITY YESTERDAY MORNING WHILE LYNCH JONES RYAN'S JOHNSON REDBOOK AFFILIATE RELEASED IMPROVED RETAIL SALES DATA IN THE AFTERNOON ECONOMICALLY SENSITIVE GAINERS INCLUDED INTERNATIONAL PAPER WHICH JUMPED 1 7/8 TO 74 1/4 INTERNATIONAL BUSINESS MACHINES 2 1/2 TO 54 3/4 AND MINNESOTA MINING & MANUFACTURING 1/2 TO 104 7/8 THE STANDARD & POOR'S 500 STOCK INDEX LOST 103 OR 022 TO 46588 AND THE NEW YORK STOCK EXCHANGE COMPOSITE INDEX SLIPPED 059 OR 023 TO 25848 THE NASDAQ COMPOSITE INDEX LOST 293 OR 037 TO 79212 THE AMERICAN STOCK EXCHANGE MARKET VALUE INDEX DECLINED 138 OR 029 TO 46768 HUGH JOHNSON CHIEF INVESTMENT OFFICER AT FIRST ALBANY SAID THE WEAKNESS IN BONDS HIT MANY INTERESTRATESENSITIVE STOCKS HARD ESPECIALLY INSURANCE AND UTILITIES SHARES AMERICAN INTERNATIONAL LOST 1 7/8 TO 82 7/8 AND ST PAUL COS SLIPPED 1 1/8 TO 79 THE DOW JONES UTILITIES AVERAGE TUMBLED 185 OR 087 TO 21164 BANKING AND SECURITIES BROKERAGE ISSUES THE OTHER MAJOR FINANCIAL GROUPS THOUGH FINISHED MIXED BANKAMERICA LOST 3/8 TO 41 1/8 ON THE BIG BOARD AND MICHIGAN NATIONAL FELL 1/4 TO 64 1/2 ON THE NASDAQ MARKET WHILE NATIONSBANK ADDED 3/8 TO 47 AND BANK OF NEW YORK ROSE 1/4 TO 52 MERRILL LYNCH FELL 5/8 TO 40 5/8 BUT CHARLES SCHWAB JUMPED 1 7/8 TO 28 1/2 GENERAL MOTORS ADDED 1/2 TO 62 AFTER GOLDMAN SACHS ADDED THE STOCK TO ITS RECOMMENDED LIST CHRYSLER ADDED 3/8 TO 59 7/8 BUT FORD MOTOR SLIPPED 5/8 TO 63 3/4 VARITY CLIMBED 4 3/8 TO 48 7/8 THE AUTO PARTS MAKER HAD A FOURTHQUARTER PROFIT OF 59 CENTS A FULLY DILUTED SHARE UP FROM 23 CENTS BEFORE A CHARGE A YEAR EARLIER COMPAQ COMPUTER JUMPED 2 1/4 TO 100 1/2 AIDED BY POSITIVE COMMENTS FROM KIDDER PEABODY ANALYST DAVID KORUS SAID THE PROSPECTS ARE GOOD FOR BETTERTHANEXPECTED REVENUE GROWTH AT THE PERSONALCOMPUTER MAKER ELI LILLY ROSE 3/4 TO 53 1/4 AFTER THE DRUG MAKER SIGNED A LETTER OF INTENT TO ACQUIRE SPHINX PHARMACEUTICALS FOR 6 A SHARE OR ABOUT 80 MILLION ANALYSTS SAID THE MOVE SHOULD BOOST LILLY'S RESEARCH EFFORT SHARES OF SPHINX JUMPED 2 9/16 TO 5 7/16 ON NASDAQ SYNOPTICS COMMUNICATIONS SLIPPED 1/2 TO 24 ON NASDAQ OBSERVERS SAID ANALYSTS AT PAINEWEBBER AND GOLDMAN SACHS BOTH MADE NEGATIVE COMMENTS ABOUT THE MAKER OF COMPUTER NETWORKING PRODUCTS DAYTON HUDSON JUMPED 2 1/2 TO 75 3/4 A LEHMAN BROTHERS ANALYST UPGRADED A RATING ON THE STOCK TO OUTPERFORM THE MINNEAPOLIS RETAILER'S STOCK HAD BEEN RATED NEUTRAL BURLINGTON INDUSTRIES INCREASED 1 TO 17 THE TEXTILE COMPANY SAID THE LABOR DEPARTMENT WON'T TAKE ANY ACTION FOLLOWING COMPLETION OF AN INVESTIGATION OF BURLINGTON'S EMPLOYEE STOCK OWNERSHIP PLAN AMERICAN DEPOSITARY RECEIPTS OF MEXICAN COMPANIES SLID AS THE MEXICAN STOCK MARKET TUMBLED MORE THAN 1 TELEFONOS DE MEXICO TOPPED THE BIG BOARD'S MOSTACTIVE LIST LOSING 1 7/8 TO 67 GRUPO TRIBASA A CONSTRUCTION ISSUE DROPPED 7/8 TO 33 3/8 COCACOLA FEMSA A BEVERAGE STOCK DECLINED 1 3/4 TO 30 1/8 SYNTEX ADVANCED 3/4 TO 15 1/2 AFTER IT WON APPROVAL FROM THE FOOD AND DRUG ADMINISTRATION TO MARKET ITS CATTLYST PRODUCT A FEED ADDITIVE DESIGNED TO PROMOTE GROWTH IN BEEF CATTLE MGM GRAND SKIDDED 1 7/8 TO 29 3/8 SMITH BARNEY SHEARSON TRIMMED ITS ESTIMATE OF THE LAS VEGAS CASINO OPERATOR'S FIRSTQUARTER EARNINGS TO 15 CENTS A SHARE FROM A PREVIOUS FORECAST OF 35 CENTS SMITH BARNEY THOUGH STILL RATES THE STOCK A BUY WESTINGHOUSE SLIPPED 1/4 TO 13 7/8 THE COMPANY SAID IT EXPECTS TO REPORT FIRSTQUARTER EARNINGS OF 10 CENTS A SHARE DOWN FROM 14 CENTS IN THE YEARAGO PERIOD IT CITED HIGHER PENSION COSTS AND LOWER LICENSEE INCOME MANY OILRELATED STOCKS DECLINED ATLANTIC RICHFIELD WAS DOWN 2 1/8 TO 97 7/8 MOBIL SLID 3/4 TO 77 3/4 ANADARKO PETROLEUM LOST 2 1/4 TO 43 3/8 AND UNOCAL 3/8 TO 26 3/4 SCHLUMBERGER AN OIL FIELD SERVICES PROVIDER EASED 3/8 TO 56 1/8 TIMOTHY HEEKIN HEAD OF BLOCK TRADING AT SALOMON BROTHERS SAID SOME OF THE GOOD NEWS THAT HURT BONDS YESTERDAY HELPED STOCKS PARTICULARLY THE CYCLICALS WE ARE STILL SEEING A VERY STRONG ECONOMY AND THAT IS KEEPING PEOPLE INTERESTED IN THE STOCK MARKET HE SAID 9403090098 940309 GENENTECH GETS FDA CLEARANCE SOUTH SAN FRANCISCO CALIF GENENTECH INC SAID THAT IT RECEIVED PERMISSION FROM THE FOOD AND DRUG ADMINISTRATION TO MARKET ITS NUTROPIN BRAND OF HUMAN GROWTH HORMONE FOR CHILDREN WHO ARE SHORT BECAUSE THEY LACK ENOUGH OF THE NATURAL HORMONE PREVIOUSLY THE BIOTECHNOLOGY CONCERN RECEIVED FDA APPROVAL FOR THE TREATMENT IN CHILDREN WHO DON'T GROW BECAUSE OF KIDNEY PROBLEMS 9403090097 940309 WHO'S NEWS NEWMIL BANCORP NEWMIL BANCORP NEW MILFORD CONN FRANCIS J WIATR 43 YEARS OLD WAS NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF NEW MILFORD SAVINGS BANK AND PRESIDENT OF THIS BANK HOLDING COMPANY MR WIATR PREVIOUSLY PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE BANK OF WATERBURY ALSO IN CONNECTICUT SUCCEEDS GARRETT GOODBODY WHO LEFT LAST JUNE 9403090096 940309 FOREIGN EXCHANGE DOLLAR SLIDES AGAINST MOST CURRENCIES INVESTOR JITTERS OVER CLINTONS' WOES CITED BY GARY ROSENBERGER SPECIAL TO THE WALL STREET JOURNAL NEW YORK JITTERS OVER THE INVESTIGATION INTO THE INVOLVEMENT OF PRESIDENT CLINTON AND HIS WIFE IN A SOURED ARKANSAS LAND VENTURE HELPED DRAG THE DOLLAR MARGINALLY LOWER AGAINST MOST CURRENCIES IN A THIN MARKET THE MAIN BENEFICIARY OF THE WHITEWATER AFFAIR WAS THE MARK WHICH ROSE IN SPITE OF BEARISH GERMAN DATA INDICATING A RISE IN DOMESTIC UNEMPLOYMENT AND A CONTRACTION IN FOURTHQUARTER GROSS DOMESTIC PRODUCT LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 17143 MARKS DOWN FROM 17195 MARKS LATE MONDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS AT 10537 YEN DOWN FROM 10555 YEN STERLING WAS TRADING AT 14880 DOWN FROM 14900 ABOUT NOON WEDNESDAY IN TOKYO THE DOLLAR WAS TRADING AT 10523 YEN AND AT 17117 MARKS TRADERS SAID DOLLAR PROSPECTS ARE DIMMED BY THE WIDENING INVESTIGATION INTO BILL AND HILLARY CLINTON'S INVESTMENT IN THE WHITEWATER DEVELOPMENT CO A FAILED REALESTATE DEVELOPMENT WITH TIES TO A SAVINGS AND LOAN THAT WAS TAKEN OVER BY FEDERAL REGULATORS BEFORE MR CLINTON BECAME PRESIDENT ARTICLES HAVE STARTED TO APPEAR OUTSIDE OF THIS COUNTRY AND THAT WILL KEEP A TOP ON THE DOLLAR UNTIL THERE'S A RESOLUTION SAID JUSTIN MCCARTHY A TRADER FOR NATIONAL WESTMINSTER BANK IN NEW YORK BUT THERE WON'T BE ONE SOON AND THE DOLLAR WILL BE LOWER FOR WEEKS TO COME BUT OTHER TRADERS SEE THE PROBLEMS FACING THE CLINTON ADMINISTRATION AS PLACING A CAP ON MARKET ACTIVITY RATHER THAN FOMENTING ANY MAJOR DOLLAR SELLOFF WHITEWATER IS A GOOD OBSTACLE FOR THE DOLLAR MOVING EITHER WAY SAID JACK STAPLETON CHIEF CORPORATE DEALER FOR STANDARD CHARTERED BANK PLC IN NEW YORK THE MAJORITY OF AMERICAN TRADERS SEE IT AS A SALE OF THE DOLLAR WHILE EUROPEANS BUY ON THE THINKING THAT NOTHING WILL REALLY COME OF IT HE ADDED POLITICAL CONCERNS IN THE US OVERWHELMED BAD ECONOMIC NEWS FROM GERMANY AND THE MARK GAINED DESPITE REPORTS THAT THE WESTERN GERMAN GDP CONTRACTED 05 DURING THE FOURTH QUARTER OF 1993 COMPARED WITH THE THIRD QUARTER THE DATA STRONGLY SUGGESTED THE GERMAN RECESSION IS DEEPENING ACCORDING TO ECONOMISTS THAT NEWS BUTTRESSED AN EARLIER BEARISH REPORT THAT THE GERMAN UNEMPLOYMENT RATE ROSE TO 89 IN FEBRUARY FROM 88 A MONTH EARLIER TRADERS NOTED THE BAD ECONOMIC NEWS SHOULD HAVE BEEN A DETRIMENT TO THE MARK BECAUSE IT ADDS PRESSURE ON THE BUNDESBANK TO LOWER KEY INTEREST RATES TRADERS SAID THE MARKET IS NOW LOOKING TO THE RESULTS TODAY OF THE LATEST ROUND OF BUNDESBANK SECURITIES REPURCHASE AGREEMENTS OR REPOS FOR CLUES AS TO THE DIRECTION OF GERMAN RATE POLICY REPOS ARE THE BUNDESBANK'S MAIN INSTRUMENT FOR INFLUENCING THE MONEY MARKET AND THE MARKET IS EXPECTING ANOTHER SLIGHT REDUCTION IN THE REPO RATE TO ABOUT 590 FROM THE PREVIOUS 597 MEANWHILE THE DOLLAR SLIPPED MARGINALLY AGAINST THE YEN AS TRADERS TURNED AWAY FROM OFFICIAL RHETORIC ON THE JAPANUS TRADE DISPUTE AND TOWARD CHART POINTS TO DETERMINE DIRECTION SAID EARL JOHNSON VICE PRESIDENT OF HARRIS TRUST & SAVINGS BANK IN CHICAGO NOBODY KNOWS FOR SURE WHETHER TO BE BUYING OR SELLING YEN BUT THE MARKET APPEARS TO HAVE CALMED DOWN RIGHT AROUND 105 YEN HE SAID 9403090095 940309 PAY OF PHILIP MORRIS CHIEF DROPS WITH TOBACCO PRICES NEW YORK THE CIGARETTE PRICE WAR TOOK ITS TOLL ON THE COMPENSATION OF PHILIP MORRIS COS CHAIRMAN AND CHIEF EXECUTIVE MICHAEL A MILES MR MILES'S BASE SALARY AND BONUS IN 1993 WAS 13 MILLION COMPARED WITH 18 MILLION IN 1992 THE COMPANY SAID THE DROP IN COMPENSATION REFLECTS THE DECLINE IN PHILIP MORRIS'S OPERATING PROFIT LAST YEAR DUE TO PRICE CUTS OF ITS MARLBORO CIGARETTES THOSE CUTS OCCURRED ON APRIL 2 NOW REFERRED TO AS MARLBORO FRIDAY PHILIP MORRIS'S PROXY ALSO DISCLOSES THAT MR MILES RECEIVED NO BASE SALARY INCREASE IN 1993 THE SALARY FREEZE WAS THE SUGGESTION OF MR MILES WILLIAM MURRAY PHILIP MORRIS'S PRESIDENT AND CHIEF OPERATING OFFICER WAS SUBJECT TO THE SALARY FREEZE AS WELL HE RECEIVED A LOWER BASE SALARY AND BONUS IN 1993 THAN IN 1992 IN ADDITION MR MILES RECEIVED STOCK OPTIONS FOR 125000 SHARES AT THE OPTION PRICE OF 49 A SHARE PHILIP MORRIS CLOSED AT 56 YESTERDAY IN NEW YORK STOCK EXCHANGE TRADING MR MILES DID NOT EXERCISE ANY STOCK OPTIONS IN 1993 IN 1992 MR MILES RECEIVED A 22 MILLION LONGTERM PERFORMANCE AWARD COVERING THE COMPANY'S PERFORMANCE FOR THE THREE YEARS ENDED DEC 31 1992 THE NEXT THREEYEAR CYCLE ENDS DEC 31 1995 9403090094 940309 PEPPERAND SALT UNDER A FANCY NAME OF TROTH AND CONSEQUENCES 9403090093 940309 TECHNOLOGY CHIP MAKERS' SHIPMENTS ORDERS GREW IN FEBRUARY SAN JOSE CALIF THE SEMICONDUCTOR INDUSTRY HAD A GOOD MONTH IN FEBRUARY AS STRONG BOOKINGS PUSHED ITS KEY INDICATOR UP LAST MONTH'S BOOKTOBILL RATIO WAS 115 THE SEMICONDUCTOR INDUSTRY ASSOCIATION SAID THAT'S UP FROM 110 IN JANUARY BUT DOWN FROM 119 A YEAR EARLIER THE RATIO MEANS FOR EVERY 100 OF CHIPS SHIPPED IN FEBRUARY CHIP MAKERS RECEIVED 115 OF ORDERS FEBRUARY CHIP SHIPMENTS BASED ON A THREEMONTH MOVING AVERAGE ROSE 33 TO 234 BILLION FROM 175 BILLION A YEAR EARLIER SHIPMENTS FOR FEBRUARY WERE UP 25 FROM 228 BILLION IN JANUARY ORDERS ALSO BASED ON A THREEMONTH AVERAGE ROSE 28 TO 267 BILLION FROM 208 BILLION A YEAR EARLIER FEBRUARY ORDERS WERE UP 64 FROM 251 BILLION IN JANUARY 9403090092 940309 FINANCING BUSINESS UNION CAMP CORP UNION CAMP CORP OF WAYNE NJ SAID IT ANTICIPATES RAISING ABOUT 100 MILLION FROM A PUBLIC STOCK OFFERING OF A MINORITY INTEREST IN ITS WHOLLY OWNED BUSH BOAKE ALLEN SUBSIDIARY BUSH BOAKE ALLEN PRODUCES FLAVORS FRAGRANCES AND AROMA CHEMICALS WITH ANNUAL SALES OF ABOUT 350 MILLION UNION CAMP HAD ANNOUNCED PLANS TO TAKE THE UNIT PUBLIC IN DECEMBER IN A FILING WITH THE SECURITIES AND EXCHANGE COMMISSION THE COMPANY SAID IT WOULD SELL ABOUT 30 OF THE COMMON STOCK OR 56 MILLION SHARES AT AN ANTICIPATED PRICE OF 17 TO 19 A SHARE MARK DIVERIO AN ANALYST WITH UBS SECURITIES CALLED THE UNIT A HIDDEN SUCCESS STORY WHICH TENDS TO GET LOST NEXT TO UNION CAMP'S PAPER BUSINESSES THE UNIT HAS 11 TO 12 OPERATING PROFIT MARGINS COMPARED WITH OVERALL COMPANY OPERATING MARGINS OF ABOUT 8 HE SAID UNION CAMP HAS ANNUAL SALES OF ABOUT 312 BILLION IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING UNION CAMP SHARES DECLINED 75 CENTS TO 47875 9403090091 940309 WHAT'S NEWS WORLDWIDE CLINTON CHOSE WASHINGTON LAWYER CUTLER TO BE WHITE HOUSE SPECIAL COUNSEL LLOYD CUTLER TOOK THE JOB ON AN INTERIM BASIS ONLY UNTIL A PERMANENT REPLACEMENT CAN BE FOUND FOR NUSSBAUM THE WHITE HOUSE COUNSEL WHO RESIGNED UNDER PRESSURE OVER THE WHITEWATER AFFAIR CUTLER 76 SAID HE REQUESTED A LIMITED 130DAY APPOINTMENT BECAUSE OF HIS AGE AND THE RIGORS OF THE JOB IN 1979 HE WAS BROUGHT IN AS COUNSEL FOR THE CARTER WHITE HOUSE WHEN IT WAS MIRED IN ETHICAL PROBLEMS THE HURRIED APPOINTMENT BY CLINTON ALMOST SEEMED AN ACT OF DESPERATION TO RESTORE CREDIBILITY TO HIS ADMINISTRATION CUTLER SAID HE PROBABLY WOULD ADVISE WHITE HOUSE STAFFERS AND OTHER ADMINISTRATION OFFICIALS TO TESTIFY BEFORE ANY CONGRESSIONAL HEARINGS ON WHITEWATER DEMOCRATS ARE PROPOSING TO PARE THE BASIC BENEFITS PACKAGE IN CLINTON'S HEALTH PLAN AND MAKE FURTHER CONCESSIONS TO SMALL BUSINESS A HOUSE PANEL IS CONSIDERING A PLAN THAT WOULD GUARANTEE A BENEFIT PACKAGE COSTING A SINGLE PERSON ABOUT 14 LESS THAN WHAT THE ADMINISTRATION HAS PROPOSED CHINESE POLICE PICKED UP A LEADER OF THE 1989 TIANANMEN SQUARE DEMONSTRATIONS FOR THE SECOND TIME IN A WEEK AND THREATENED TO IMPRISON HIM AGAIN IF HE CONTINUES HIS PRODEMOCRACY ACTIVITIES THE HOURLONG DETENTION OF WANG DAN CAME THREE DAYS BEFORE SECRETARY OF STATE CHRISTOPHER IS TO ARRIVE IN BEIJING AN ISRAELI ARMY OFFICIAL SAID THAT ONLY ONE OF THREE SOLDIERS ASSIGNED TO GUARD THE CAVE OF THE PATRIARCHS IN HEBRON WAS AT HIS POST WHEN A JEWISH GUNMAN OPENED FIRE THE PRESENCE OF THE FULL GUARD CONTINGENT MIGHT HAVE PREVENTED THE FEB 25 MASSACRE OF PALESTINIANS HE ADDED ANTIAIRCRAFT FIRE STRUCK A SPANISH AIR FORCE PLANE TAKING PART IN A NATO OPERATION OVER CROATIA FORCING THE AIRCRAFT TO MAKE AN EMERGENCY LANDING IN BELGRADE CLINTON'S SPECIAL ENVOY CHARLES REDMAN HELD TALKS WITH SERB OFFICIALS WHO REACTED COOLLY TO A USSUPPORTED FEDERATION PLAN FOR BOSNIA FEDERAL INVESTIGATORS FOUND NO EVIDENCE OF SCIENTIFIC MISCONDUCT BY A PROMINENT LEADPOISONING RESEARCHER BUT THEY CITED NUMEROUS ERRORS AND MISSTATEMENTS IN THE PUBLISHED WORK OF UNIVERSITY OF PITTSBURGH RESEARCHER HERBERT NEEDLEMAN WHO HAS WARNED OF LEAD'S ADVERSE HEALTH EFFECTS THE FCC VOTED TO CLEAR THE WAY FOR A NEW POCKETPHONE INDUSTRY BY REMOVING POLICE FIRE AND EMERGENCY MEDICAL SYSTEMS FROM A PORTION OF THE AIRWAVES THE AGENCY ALSO ADOPTED GENERAL BIDDING METHODS IT WILL USE TO AUCTION OFF THE AIRWAVES FOR PERSONAL COMMUNICATIONS SERVICES INCLUDING POCKET PHONES US PLANES WERE REPAIRED WITH UNAPPROVED OR COUNTERFEIT PARTS AT 14 FACILITIES IN THE US AND EUROPE A GOVERNMENT REPORT FOUND THE REPORT FAULTED THE FAA FOR NOT ADEQUATELY POLICING THE REPAIR STATIONS A SPEEDING TRAIN DERAILED ON A SHARP CURVE OUTSIDE THE SOUTH AFRICAN PORT CITY OF DURBAN AND 63 PEOPLE MOSTLY BLACK COMMUTERS DIED WHEN THE CARS SMASHED INTO A WOODED HILL A RAILWAY INVESTIGATOR WAS TRYING TO DETERMINE IF A BOMB CAUSED THE DERAILMENT SOME 370 OTHER COMMUTERS WERE INJURED OFFICIALS SAID SOLDIERS KILLED ABOUT 300 CIVILIANS WITH BAYONETS LAST WEEKEND IN THE CAPITAL OF THE AFRICAN NATION OF BURUNDI VATICAN RADIO SAID THE MILITARY DOMINATED BY THE MINORITY TUTSI GROUP ENTERED A NEIGHBORHOOD OF THE RIVAL HUTU PEOPLE TO HUNT FOR WEAPONS ACCORDING TO A MISSIONARY THE SOLDIERS MASSACRED ALL THE RESIDENTS HE SAID A MEXICAN REBEL LEADER IS ENCOUNTERING CRITICISM FROM SOME OF HIS OWN SUPPORTERS OVER A TENTATIVE PEACE ACCORD TO END AN UPRISING IN THE SOUTHERN STATE OF CHIAPAS CRITICISM OF THE LEADER KNOWN AS MARCOS CAME AS HIS SUPPORTERS BEGAN TO DEBATE TERMS OF THE AGREEMENT THAT WAS ANNOUNCED LAST WEEK DEMOCRATIC LAWMAKERS ACCUSED THE CLINTON ADMINISTRATION OF PRESSURING OUSTED HAITIAN PRESIDENT ARISTIDE TO ACCEPT A FLAWED PLAN FOR RESTORING DEMOCRACY SOME SAID THE THREAT OF US MILITARY FORCE MAY BE NEEDED TO RETURN ARISTIDE TO POWER HE HAS REJECTED A SERIES OF RECENT UN PROPOSALS 9403090090 940309 BUSINESS BRIEFS ALUMAX INC AGREED TO SELL ITS 37 INTEREST IN AZTEC MINING CO FOR APPROXIMATELY 75 MILLION TO POSEIDON GOLD LTD AUSTRALIA A UNIT OF NORMANDY POSEIDON LTD INFINITY BROADCASTING CORP AGREED TO ACQUIRE DETROIT RADIO STATION WXYTAM FROM FITZ BROADCASTING INC FOR ABOUT 23 MILLION SUBJECT TO VARIOUS TERMS AND CONDITIONS INCLUDING FEDERAL COMMUNICATIONS COMMISSION APPROVAL CONSOLIDATED FREIGHTWAYS INC'S EMERY WORLDWIDE UNIT LANDED A THREEYEAR CONTRACT WITH AMERICAN TELEPHONE & TELEGRAPH CO TO HANDLE THE COMPANY'S AIR FREIGHT SHIPMENTS THROUGHOUT NORTH AMERICA TERMS WEREN'T DISCLOSED SKI LTD'S KILLINGTON VT SKI RESORT PLANS TO INSTALL A NEW GONDOLA AT A COST OF MORE THAN 10 MILLION 9403090089 940309 CALPERS CANCELS MOVE TO ALTER BOARD TERMS AT BOISE CASCADE CORP SACRAMENTO CALIF THE CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM SAID THAT IT HAS WITHDRAWN ITS SHAREHOLDER PROPOSAL THAT MEMBERS OF BOISE CASCADE CORP'S BOARD BE ELECTED TO ANNUAL RATHER THAN STAGGERED TERMS IN OFFICE THE HUGE PENSION PLAN KNOWN AS CALPERS SAID THAT THE MOVE WAS PROMPTED BY IMPROVEMENTS IN BOISE CASCADE'S STOCK PERFORMANCE AND REDUCED NET LOSSES BUT ADDED THAT IT REMAINED CONCERNED ABOUT THE COMPANY AND WOULD CLOSELY WATCH ITS MANAGEMENT CALPERS THE LARGEST PENSION PLAN IN THE US HAS RECENTLY BEEN FLEXING ITS INVESTMENT MUSCLES BY ENGINEERING MANAGEMENT CHANGES AT COMPANIES THAT AREN'T PERFORMING TO ITS EXPECTATIONS 9403090088 940309 TECHNOLOGY & SCIENCE FCC VOTES TO CLEAR AN AIRWAVES PATH FOR FLEDGLING POCKETPHONE INDUSTRY BY MARY LU CARNEVALE STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE FEDERAL COMMUNICATIONS COMMISSION VOTING TO CLEAR THE WAY FOR A NEW POCKETPHONE INDUSTRY GAVE THE BOOT TO POLICE FIRE AND EMERGENCY MEDICAL SYSTEMS FROM A PORTION OF THE AIRWAVES IN A RELATED MOVE THE AGENCY ADOPTED GENERAL BIDDING METHODS IT WILL USE TO AUCTION OFF THE AIRWAVES FOR SOCALLED PERSONALCOMMUNICATIONS SERVICES INCLUDING POCKET TELEPHONES THE AUCTIONS EXPECTED TO BEGIN LATER THIS YEAR ARE ALSO EXPECTED TO RAISE 10 BILLION OR MORE THE AGENCY SAID THAT SAFETY AGENCIES WHICH CURRENTLY USE MICROWAVE SYSTEMS FOR BOTH VOICE AND DATA COMMUNICATIONS WILL HAVE FIVE YEARS TO INSTALL EQUIPMENT THAT USES FIBEROPTIC LINKS OR OPERATES AT A HIGHER FREQUENCY THE FCC SAID PUBLIC SAFETY AGENCIES WON'T BE PUT AT A DISADVANTAGE BECAUSE COMPANIES THAT USE THE SPECTRUM WILL BE REQUIRED TO PAY FOR PLANNING AND INSTALLING NEW SYSTEMS THAT FULLY MEET THE PUBLICSAFETY AGENCIES' COMMUNICATIONS NEEDS MOREOVER THE COMMISSION SAID ITS RULES MAY NEVER AFFECT SOME PUBLICSAFETY AGENCIES PARTICULARLY IN RURAL AREAS WHERE PERSONALCOMMUNICATIONS SERVICES MAY NOT BE ECONOMICALLY FEASIBLE NEVERTHELESS THE PUBLICSAFETY AGENCIES ARE CONCERNED THIS IS QUITE A SHOCK SAID JOHN LANE A WASHINGTON LAWYER WHO REPRESENTS THE ASSOCIATION OF PUBLIC SAFETY OFFICIALS SOME PUBLICSAFETY AGENCIES CAN'T BE MOVED TO HIGHER FREQUENCIES HE SAID BECAUSE NONE ARE AVAILABLE OR TRANSMISSION QUALITY WILL SUFFER THE FCC ACTION HE SAID WILL PRESENT SERIOUS PROBLEMS PARTICULARLY IN HEAVILY POPULATED METROPOLITAN AREAS SUCH AS LOS ANGELES WHERE THE SHERIFF'S DEPARTMENT RECENTLY UPGRADED ITS EXTENSIVE NETWORK OF MICROWAVE LINKS PERSONALCOMMUNICATIONS SERVICES WILL COMPETE WITH CELLULARTELEPHONE COMPANIES THE NEW POCKET PHONES HOWEVER WILL OPERATE AT LOWER POWER THAN CELLULAR TELEPHONES THEY ARE EXPECTED TO WORK WELL FOR PEDESTRIANS BUT NOT ON THE OPEN ROAD NEVERTHELESS IT IS HOPED THE COMPETITION WITH CELLULAR OPERATORS WILL FORCE DOWN FEES FOR AIR TIME THE NEW SYSTEMS WHICH ARE EXPECTED TO HANDLE REGULAR VOICE CONVERSATIONS AS WELL AS DATA TRANSMISSIONS TO LAPTOP AND HANDHELD COMPUTERS COULD EVEN BECOME AFFORDABLE FOR AVERAGE TELEPHONE CUSTOMERS REED HUNDT FCC CHAIRMAN ALSO HAS EMPHASIZED THAT THE NEW SERVICES WILL CREATE MANY NEW JOBS WHEN THE FCC BEGINS AUCTIONING RADIO SPECTRUM FOR THE NEW SERVICES LATER THIS YEAR BIDS ARE EXPECTED TO BE SIGNIFICANTLY HIGHER IF THE NEW USERS DON'T HAVE TO SHARE THE AIRWAVES LAST YEAR THE AGENCY ESTABLISHED A TIMETABLE FOR UTILITIES PIPELINES AND OTHERS THAT CURRENTLY USE THE FREQUENCIES IN QUESTION TO MOVE TO ANOTHER PART OF THE SPECTRUM WITH NEW USERS PICKING UP THE TAB AT THAT POINT IT DIDN'T REQUIRE PUBLIC SAFETY AGENCIES TO MOVE BUT SINCE THEN IT HAS BEEN LOBBIED HEAVILY BY POCKETPHONE INTERESTS THE COMMISSION VOTING 30 ADOPTED A MENU OF COMPETITIVEBIDDING METHODS FOR DIFFERENT TYPES OF LICENSES THE AGENCY INDICATED HOWEVER THAT IT PLANS TO AUCTION MANY LICENSES AT THE SAME TIME USING MULTIPLEROUND BIDDING WHEN LICENSES ARE EXPECTED TO HAVE A HIGH VALUE AND WHEN COMPANIES WILL GET THE BIGGEST BENEFIT FROM OWNING MULTIPLE LICENSES WITHIN THE SAME AREA OR ADJACENT AREAS THAT PROCEDURE WOULD ENABLE A COMPANY TO TRY TO WIN A BLOCK OF LICENSES COVERING AN ENTIRE REGION AND TO ADJUST ITS OFFER WITH EACH ROUND OF BIDDING WHEN VALUES ARE EXPECTED TO BE LOW THE AGENCY WILL USE A SIMPLER TYPE OF AUCTION PERHAPS SEALED BIDS THE FCC ALSO ADOPTED RULES THAT WOULD GIVE SMALL BUSINESSES RURAL TELEPHONE COMPANIES AND BUSINESSES OWNED BY WOMEN AND MINORITIES AN EDGE IN BIDDING FOR THE NEW LICENSES BUT THE AGENCY OFFERED FEW SPECIFICS AND DIDN'T SPECIFY HOW PREFERENCES WOULD WORK IN BIDDING FOR PERSONALCOMMUNICATIONS SERVICES THAT'S LIKELY TO DISAPPOINT SMALL COMPANIES THAT HAD BEEN PUSHING FOR EARLY DECISIONS ON THE TYPES OF PREFERENCES THEY WOULD RECEIVE THE COMMISSION ALSO DECIDED THAT SMALL COMPANIES WILL BE ALLOWED TO PAY FOR LICENSES IN INSTALLMENTS OVER THE LIVES OF THE LICENSES IN A SEPARATE MATTER THE FCC DECIDED THAT CALLERS SHOULD BE ALLOWED TO PROTECT THEIR PRIVACY BY BLOCKING THE TRANSMISSION OF THEIR TELEPHONE NUMBERS WHEN THEY MAKE INTERSTATE CALLS TO THAT END THE COMMISSION ORDERED PHONE COMPANIES TO LET CALLERS PUNCH A CODE BEFORE DIALING TO STOP THE TRANSMISSION OF THEIR NUMBER IN RECENT YEARS MANY TELEPHONE COMPANIES HAVE BEEN OFFERING CALLER ID SERVICE WHICH DISPLAYS A CALLER'S TELEPHONE NUMBER ON A TELEPHONE SCREEN OR A SMALL DEVICE ATTACHED TO THE TELEPHONE WHILE MANY BUSINESSES HAVE FOUND THE SERVICE VALUABLE IN SCREENING CALLS PROVIDING SOME SECURITY FOR COMPUTER SYSTEMS AND REDUCING BUSINESS FRAUD PRIVACY EXPERTS WORRY THAT CONSUMERS ARE UNWITTINGLY GIVING OUT THEIR TELEPHONE NUMBERS UNDER THE FCC'S NEW RULES WHICH WILL TAKE EFFECT APRIL 12 1995 TELEPHONE COMPANIES MUST LET CALLERS PUNCH 67 BEFORE DIALING SO AS TO BLOCK TRANSMISSION OF THEIR TELEPHONE NUMBERS CALLERS IN MANY STATES ALREADY HAVE THAT OPTION FOR INTRASTATE CALLS 9403090087 940309 CORRECTIONS & AMPLIFICATIONS SHAWMUT MORTGAGE CORP A UNIT OF SHAWMUT NATIONAL CORP AGREED IN DECEMBER TO ESTABLISH A 960000 FUND TO COMPENSATE BLACKS AND HISPANICS WHOSE MORTGAGE APPLICATIONS IT MAY HAVE UNFAIRLY DENIED AN ARTICLE YESTERDAY INCORRECTLY STATED THE SIZE OF THE FUND AS 960 MILLION 9403090086 940309 IBM FREQUENTFLIER OFFER TURNED DOWN BY AIRLINES A WALL STREET JOURNAL NEWS ROUNDUP IBM THOUGHT IT HAD AN IDEA THAT COULD LOWER ITS OWN TRAVEL COSTS AND MAKE AN OFFER THE AIRLINES COULDN'T REFUSE BUT THEY DID IN CURRENT NEGOTIATIONS WITH THE NATION'S TWO LARGEST CARRIERS UAL CORP'S UNITED AIRLINES AND AMR CORP'S AMERICAN AIRLINES INTERNATIONAL BUSINESS MACHINES CORP ADDED AN UNUSUAL REQUEST IT ASKED FOR STEEPERTHANUSUAL CORPORATE DISCOUNTS IN EXCHANGE IBM SAID THE AIRLINES COULD RETAIN THE FREQUENTFLIER MILES THAT THEY WOULD NORMALLY DISTRIBUTE TO TRAVELING EMPLOYEES THE BENEFITS TO IBM'S BOTTOM LINE IF NOT TO ITS EMPLOYEES ARE OBVIOUS TRAVEL COSTS GO DOWN THE AIRLINES AT LEAST IN THEORY ALSO COULD BENEFIT CARRIERS ARE INCREASINGLY CONCERNED ABOUT THE NUMBER OF NONREVENUE PASSENGERS THEY REPRESENT MORE THAN 6 OF ALL CUSTOMERS AND ABOUT THE GROWTH GENERALLY OF UNUSED FREQUENTFLIER MILES WHICH REPRESENT LIABILITIES ON THE AIRLINES' BALANCE SHEETS WE WEREN'T INTERESTED IN THE CONCEPT A UNITED SPOKESMAN SAID NEITHER WAS AMERICAN THE AIRLINES WON'T ELABORATE BUT INDUSTRY OFFICIALS SAY THE CARRIERS FEARED THEY WOULD BE BLAMED BY THOUSANDS OF IBM EMPLOYEES FOR WITHHOLDING THEIR PRECIOUS MILES 9403090085 940309 MARKETING & MEDIA GALOTTI AFTER 6 WEEKS AT HEARST RETURNING TO PREVIOUS EMPLOYER NEW YORK HEARST CORP SAID RONALD A GALOTTI NAMED PUBLISHING DIRECTOR OF ESQUIRE AND ESQUIRE GENTLEMAN JUST SIX WEEKS AGO QUIT TO RETURN TO HIS PREVIOUS EMPLOYER CONDE NAST MR GALOTTI 44 YEARS OLD LEFT HIS JOB AS PUBLISHER OF CONDE NAST'S VANITY FAIR IN MAY AT THE TIME THERE WERE RUMORS THAT MR GALOTTI CLASHED WITH EXECUTIVES AT CONDE NAST A UNIT OF THE NEWHOUSE FAMILY'S ADVANCE PUBLICATIONS INC MR GALOTTI'S POST AT ESQUIRE MARKED HIS RETURN TO HEARST MAGAZINES WHERE HE WAS FOUNDING PUBLISHER OF COUNTRY LIVING LAUNCHED IN 1982 A HEARST SPOKESWOMAN SAID MR GALOTTI DIDN'T SPECIFY WHAT JOB HE WILL ASSUME AT CONDE NAST AND INSIDERS THERE SAID THEY DIDN'T KNOW EITHER IT IS SPECULATED THAT MR GALOTTI WILL TAKE A CORPORATE JOB RATHER THAN THE PUBLISHING POST AT A SINGLE PUBLICATION MR GALOTTI COULDN'T BE REACHED IMMEDIATELY FOR COMMENT 9403090084 940309 MARKETING & MEDIA ADVERTISING WPP GROUP REPORTS NET INCOME OF 307 MILLION FOR LAST YEAR BY KEVIN GOLDMAN IN A SIGN OF CONTINUING IMPROVEMENT WPP GROUP THE BRITISH AD AGENCY HOLDING COMPANY REPORTED 1993 NET INCOME OF 206 MILLION 307 MILLION COMPARED WITH A LOSS OF 119 MILLION IN 1992 THE RESULTS ARE IN LINE WITH ANALYSTS' EXPECTATIONS AND PROVIDE FURTHER EVIDENCE THAT WPP IS CONTINUING ON THE UPSWING AFTER A DIFFICULT TIME PAYING DOWN DEBT IT ACCUMULATED WHEN IT WENT ON AN ACQUISITION SPENDING BINGE IN THE 1980S BUT THERE ARE STILL ROUGH PATCHES IN WPP WHICH OWNS AD AGENCIES OGILVY & MATHER AND J WALTER THOMPSON FOR INSTANCE ITS PUBLIC RELATIONS UNIT PRIMARILY HILL & KNOWLTON CONTINUES TO HAVE PROBLEMS WITH REVENUE FALLING MORE THAN 5 TO APPROXIMATELY 102 MILLION FROM 108 MILLION IN A STATEMENT WPP SAID HILL & KNOWLTON'S OPERATIONS PARTICULARLY IN THE UNITED STATES ARE BEING RESTRUCTURED AND REORGANIZED WPP ALSO REPORTED OGILVY'S WORLDWIDE REVENUE ROSE OVER 5 WHICH ANALYSTS SAID WOULD BE TO AN ESTIMATED 650 MILLION J WALTER THOMPSON'S REVENUE ROSE OVER 4 THE AGENCY SAID WHICH ANALYSTS ESTIMATED AT CLOSE TO 570 MILLION OGILVY'S WORLDWIDE OPERATION GENERATED NEW BILLINGS OF APPROXIMATELY 145 MILLION AND THOMPSON GENERATED NET NEW BILLINGS OF 316 MILLION DESPITE OGILVY'S STRONG WORLDWIDE RESULTS THE NEW YORK OFFICE HASN'T WON ANY NEW BUSINESS LATELY AND HAS LOST SEVERAL ACCOUNTS INCLUDING HARDEE'S FOOD SYSTEMS AND CRYSTAL LIGHT FROM KRAFT GENERAL FOODS CHARLOTTE BEERS OGILVY'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER IS REPORTED TO BE WORKING ON A MAJOR RESTRUCTURING OF THE AGENCY THAT COULD AFFECT SHELLY LAZARUS PRESIDENT OF OGILVY'S NEW YORK OFFICE MS BEERS COULDN'T BE REACHED TO COMMENT BUT ACCORDING TO INDIVIDUALS WITH KNOWLEDGE OF THE AGENCY MS LAZARUS COULD BE MOVED TO ANOTHER CONCEIVABLY LARGER ROLE AT THE AGENCY'S NORTH AMERICAN OPERATION MS LAZARUS IS CONSIDERED POPULAR AMONG COLLEAGUES AND HAS EXCELLENT RELATIONSHIPS WITH CLIENTS INCLUDING AMERICAN EXPRESS SHE COULDN'T BE REACHED TO COMMENT MEANWHILE MARTIN SORRELL WPP CHIEF EXECUTIVE HAS SPOKEN WITH STEVE DWORIN FORMER PRESIDENT OF DEUTSCH/DWORIN ABOUT JOINING OGILVY'S NEW YORK OFFICE IN A SENIOR POSITION WHICH SOME SPECULATE COULD BE THE POST MS LAZARUS NOW HOLDS MR SORRELL WOULDN'T COMMENT ADDING THAT ANY STATEMENT SHOULD COME FROM MS BEERS SEPARATELY OGILVY ANNOUNCED A MAJOR EXECUTIVE SHIFT MOVING ROD WRIGHT TO OGILVY & MATHER DIRECT/NORTH AMERICA AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER MR WRIGHT HAD BEEN MS BEERS'S LIEUTENANT AS EXECUTIVE DIRECTOR OF OGILVY & MATHER WORLDWIDE I'M STILL PART OF CHARLOTTE'S CORE TEAM MR WRIGHT SAID IN AN INTERVIEW ADDING THAT HE IS ONE OF THE EXECUTIVES IN CHARGE OF IMPLEMENTING MS BEERS'S BRAND STEWARDSHIP PLAN TO OGILVY'S WORLDWIDE OPERATIONS WE'RE LOOKING AT WAYS OUR CLIENTS CAN ARTICULATE THEIR BRANDS BETTER AND DELIVER THAT MESSAGE IN A MORE EFFECTIVE WAY SAID MR WRIGHT WHO ACKNOWLEDGED THAT CHANGES WILL OCCUR WITH A NEW VISION WE ARE FORCED TO LOOK AT HOW WE WORK AND HOW WE'RE STRUCTURED THERE IS NO TIMETABLE FOR CHANGES AT OGILVY'S NEW YORK OPERATION HE ADDED WPP'S OBJECTIVE THIS YEAR OTHER THAN STRENGTHENING OGILVY IS TO STAFF UP OR BUY INTERESTS IN AGENCIES IN EMERGING MARKETS MR SORRELL SAID IN AN INTERVIEW THAT INCLUDES OPERATIONS IN SOUTHEAST ASIA LATIN AMERICA AND EASTERN EUROPE JAMES DOUGHERTY AN ANALYST WITH DEAN WITTER REYNOLDS SAID WPP IS DOING OK I WOULDN'T BE WILDLY ENTHUSIASTIC WPP IS CLEANING UP THINGS AND DOING EVERYTHING IT SHOULD BE DOING BUT IT ISN'T DOING BETTER THAN EXPECTED REVENUE ROSE 12 TO 14 BILLION AND OPERATING PROFIT ROSE 34 TO 949 MILLION WPP SAID IT IS FORECASTING 15 REVENUE GROWTH FOR 1994 HOWEVER WPP EXECUTIVES SAY PRIVATELY THAT THE COMPANY WOULD BE DISAPPOINTED IF THERE ISN'T 4 GROWTH WPP IS STILL FAR FROM ITS PEAK YEAR WHICH ONE ANALYST PEGGED AS 1990 THEN IT HAD PROFIT OF 537 MILLION ON REVENUE OF 13 BILLION SAID MR DOUGHERTY THE RESULTS ARE GOOD BUT NOT WORTHY OF HANDSTANDING YET SEPARATELY WPP SAID IT WILL APPOINT ADVISERS TO CONSIDER AN OFFERING OF A MINORITY INTEREST IN ITS MARKET RESEARCH BUSINESSES THE COMPANY IS CONSIDERING THE OFFERING IN EITHER THE US OR THE UK IN THE SECOND QUARTER WPP SAID IT ALSO IS CONSIDERING A SENIOR DEBT ISSUE AS AN ALTERNATIVE EITHER OPTION IT SAID COULD YIELD UP TO 200 MILLION IN PROCEEDS FOR PAYING DOWN DEBT SOS ACCOUNT CLOROX CO OAKLAND CALIF TAPPED THE SAN FRANCISCO OFFICE OF FOOTE CONE & BELDING COMMUNICATIONS TO CREATE ADVERTISING FOR SOS SOAP PADS CLOROX ACQUIRED THE SOS BRAND AN INACTIVE ADVERTISER IN RECENT YEARS IN JANUARY FROM MILES LABORATORIES A UNIT OF BAYER AG STOLI UPDATE CARILLON IMPORTERS SAID IT ELIMINATED WARING & LAROSA NEW YORK FROM THE PITCH FOR STOLICHNAYA VODKA THE GRAND METROPOLITAN UNIT SAID IT ADDED ANOTHER AGENCY PALISADES COMMUNICATIONS OF FORT LEE NJ TO THE LIST OF CONTENDERS ESTIMATED BILLINGS EXCEED 10 MILLION 9403090083 940309 TECHNOLOGY BRIEF EMC CORP FIRM TO BUY ASSETS OF ARRAY UNIT OF TANDEM COMPUTERS EMC CORP SAID IT SIGNED A LETTER OF INTENT TO ACQUIRE THE ASSETS OF ARRAY TECHNOLOGY CORP BOULDER COLO A SUBSIDIARY OF TANDEM COMPUTERS INC EMC SAID IN HOPKINGTON MASS THAT THE DEAL IS A CASH TRANSACTION TOTALING LESS THAN 10 MILLION AND IS SUBJECT TO THE SIGNING OF A DEFINITIVE AGREEMENT ARRAY TECHNOLOGY DEVELOPS AND MAKES REDUNDANT ARRAYS OF INDEPENDENT DISK OR RAID STORAGE PRODUCTS THE ACQUISITION INCLUDES MORE THAN 20 DISK ARRAY TECHNOLOGY PATENTS ISSUED TO OR FILED BY ARRAY EMC A MAKER OF LARGE COMPUTER STORAGE SYSTEMS SAID ARRAY'S EXPERIENCE IN OPEN SYSTEMS STORAGE TECHNOLOGY WILL HAVE AN IMPORTANT ROLE IN THE DEVELOPMENT OF EMC'S CLIENT/SERVER PRODUCTS SCHEDULED TO BE RELEASED IN LATE 1994 9403090082 940309 ECONOMY GROUP OF FEDERAL AGENCIES FASHION CONCERTED POLICY AGAINST LENDING BIAS BY ALBERT R KARR STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON A GROUP OF FEDERAL AGENCIES SIGNALED A STEPPEDUP CONCERTED ATTACK ON LENDING DISCRIMINATION THE AGENCIES WHICH INCLUDE THE FEDERAL RESERVE BOARD THE OFFICE OF THE COMPTROLLER OF THE CURRENCY THE DEPARTMENT OF HOUSING URBAN DEVELOPMENT AND THE JUSTICE DEPARTMENT UNVEILED A NEW POLICY STATEMENT DESIGNED TO FASHION A MORE ORGANIZED APPROACH TO ENFORCING FEDERAL CREDIT LAWS THE STATEMENT DOESN'T LAY OUT NEW POLICIES BUT RATHER ATTEMPTS TO DESCRIBE THE LEGAL IMPLICATIONS OF PREVIOUS COURT RULINGS AND OF SETTLEMENTS REACHED BY THE AGENCIES IT DOES HOWEVER ATTEMPT TO APPLY TO ALL KINDS OF LOANS MORTGAGES AUTO LOANS SMALLBUSINESS AND CONSUMER BORROWING AND CREDIT CARDS THE LAW THAT IS ESTABLISHED IN HOUSING CASES THE STATEMENT FOR EXAMPLE PUTS NEW EMPHASIS ON COMBATING THE DISPARATE IMPACT THAT LENDER GUIDELINES MIGHT HAVE ON RACIAL MINORITIES A BANK'S REFUSAL TO LEND TO PEOPLE BELOW CERTAIN INCOME LEVELS FOR EXAMPLE MIGHT HAVE A GREATER ADVERSE EFFECT ON MINORITIES WHILE DISPARATE IMPACT HAS BEEN ESTABLISHED IN FEDERAL COURTS AS A POTENTIAL FORM OF DISCRIMINATION THE REAGAN AND BUSH ADMINISTRATIONS BACKED AWAY FROM USING THE PRINCIPLE AS A BASIS FOR CIVILRIGHTS COMPLAINTS IT GOES BEYOND DIRECT DISCRIMINATION AGAINST MINORITY APPLICANTS SUCH AS REQUIRING BLACK MORTGAGE APPLICANTS TO MEET REQUIREMENTS OR TO PAY FEES THAT AREN'T IMPOSED ON WHITE APPLICANTS HUD SECRETARY HENRY CISNEROS CALLED THE STATEMENT A CLEAR DEFINITION OF LENDING DISCRIMINATION THE AMERICAN BANKERS ASSOCIATION WELCOMED THE DECLARATION SAYING IT HELPS CLARIFY WHAT BANKING REGULATORS ARE LOOKING FOR IN EXAMINATIONS FOR FAIR LENDING PRACTICES WHILE BANKS ARE COMMITTED TO ELIMINATING ANY VESTIGES OF DISCRIMINATION IN LOANS IDENTIFYING LENDING DISCRIMINATION IS NOT AN EXACT SCIENCE THE ABA SAID THIS IS SETTING OUT A ROAD MAP FOR HOW WE'LL PROCEED SAID LAWRENCE LINDSEY A FED GOVERNOR WHO HAS HELPED LEAD THE CLINTON ADMINISTRATION'S ATTACK ON MORTGAGE BIAS IT LETS FINANCIAL INSTITUTIONS KNOW THAT WE ARE ALL VERY SERIOUS ABOUT LENDING DISCRIMINATION RIGHT NOW SAID ROBERTA ACHTENBERG A HUD ASSISTANT SECRETARY COMPANIES THAT BUY MORTGAGES FROM LENDERS AND THAT SET THE LOAN GUIDELINES FOR THOSE LENDERS ARE IN THE PROCESS OF FURIOUSLY REVIEWING THEIR OWN STANDARDS LENDERS AND CONGRESSIONAL BANKING COMMITTEES ALIKE HAVE BEEN ASKING FOR CLARIFICATION OF THE LEGAL ISSUES INVOLVED IN LOANBIAS CASES SO THE POLICY STATEMENT IS SORELY NEEDED SAID CHRISTIAN WHITE ACTING DIRECTOR OF THE FEDERAL TRADE COMMISSION'S CONSUMER PROTECTION BUREAU THE STATEMENT WILL GO A LONG WAY TOWARD PUTTING AN END TO LENDING DISCRIMINATION SAID REP JOSEPH KENNEDY D MASS CHAIRMAN OF A HOUSE CONSUMER CREDIT SUBCOMMITTEE THE JOINT POLICY STATEMENT SPELLS OUT THE IMPLICATIONS OF ISSUES SUCH AS WHAT GIVES A REGULATOR REASON TO BELIEVE THAT A LENDER IS DISCRIMINATING AND WHAT CONSTITUTES A PATTERN OR PRACTICE OF DISCRIMINATION A REGULATOR HAS REASON TO BELIEVE THAT DISCRIMINATION HAS OCCURRED WHEN LOAN FILES STATISTICAL ANALYSIS AND OTHER EVIDENCE WOULD LEAD A REASONABLE PERSON TO CONCLUDE THAT BIAS IS INVOLVED A PATTERN OR PRACTICE COULD INVOLVE CONDUCT GROUNDED IN A BIASED POLICY AND INSTANCES OF DISCRIMINATORY DECISIONS THAT ARE A SIGNIFICANT PERCENTAGE OF A BANK'S TOTAL LENDING 9403090081 940309 BUSINESS BRIEF FORD MOTOR CO PACT TO RAISE HERTZ STAKE WON'T VIOLATE EU RULES THE EUROPEAN UNION COMMISSION SAID FORD MOTOR CO'S AGREEMENT TO RAISE ITS EQUITY STAKE IN HERTZ CORP FROM 49 TO 54 DOESN'T FALL UNDER EU MERGER RULES IN A STATEMENT THE COMMISSION SAID IT CONCLUDED THE OPERATION DOESN'T FALL UNDER THE MERGER REGULATION BECAUSE THERE WILL BE NO SIGNIFICANT CHANGE IN THE QUALITY OF DECISIVE INFLUENCE EXERCISED BY FORD IN THE DAYTODAY BUSINESS OF HERTZ TO COME WITHIN THE SCOPE OF THE MERGER RULES LINKUPS MUST INVOLVE TAKING CONTROL UNDER EU MERGER RULES THE COMMISSION HAS THE POWER TO EXAMINE MERGERS AND JOINT VENTURES BETWEEN COMPANIES INSIDE AND OUTSIDE EUROPE WITH COMBINED WORLDWIDE SALES OF 5 BILLION EUROPEAN CURRENCY UNITS 56 BILLION AND EU SALES OF 250 MILLION ECUS EACH TO ENSURE THAT THEY WON'T DISTORT COMPETITION IN THE EU 9403090080 940309 BUSINESS BRIEF PIONEER ELECTRONIC CORP KARAOKE ROOM OPENINGS SET IN US EUROPEAN LOCATIONS PIONEER ELECTRONIC CORP PLANS TO OPEN KARAOKE ROOMS IN SEVERAL US AND EUROPEAN LOCALES BY MID1994 A SPOKESMAN FOR THE JAPANESE CONCERN SAID IN KARAOKE WOULDBE STARS SING AND PERFORM THEIR FAVORITE SONGS AGAINST AUDIOVISUAL BACKDROPS KARAOKE ROOMS RENTAL GATHERING SPACES FOR FAMILIES AND OTHER GROUPS ARE A CRAZE IN JAPAN THE PIONEER SPOKESMAN SAID THE COMPANY WILL OWN AND OPERATE THE KARAOKE ROOM LOCATIONS HE SAID PIONEER HAS CONCRETE PLANS TO OPEN KARAOKE ROOMS IN PASADENA CALIF IN MAY BARCELONA IN JUNE AND MILAN IN AUGUST HE SAID THE COMPANY ALREADY HAS STAR FACTORY KARAOKE ROOMS IN CHICAGO HONOLULU AND LOS ANGELES LAST MAY PIONEER ANNOUNCED PLANS TO FRANCHISE THE KARAOKE BUSINESS AND BRING THE NUMBER OF OUTLETS TO 500 BY 1999 9403090079 940309 MAKE YOUR FORTUNE IN MAINLAND CHINA EZ TERMS NO WAIT EAGER MR WU PROMISES PROFIT TO FOREIGN INVESTORS HE PAIRS WITH CHINESE FIRMS BY MARCUS W BRAUCHLI STAFF REPORTER OF THE WALL STREET JOURNAL GUANGZHOU CHINA WU GUOXING UNDERSTANDS THE SUBTLETIES OF BUSINESS MAKE A FORTUNE IN MAINLAND CHINA HE PROPOSES IN A FLIER INVESTMENT US800 ANNUAL PROFIT US1000000 WHO COULD RESIST SUCH GENEROUS TERMS NOT GAMVU VENTURES LTD OF NIGERIA THANK YOU FOR YOUR INVITATION' TO EXPAND OUR BUSINESS RELATIONSHIP WITH CHINA THE COMPANY WRITES ASKING FOR DETAILS MR WU HAPPILY OBLIGES DISPATCHING THE NEWEST VERSION OF HIS EVEREXPANDING LIST OF PROJECTS SEEKING FOREIGN INVESTMENT ON THE LIST FACTORIES MAKING DONKEYWIDE GELATIN PRODUCTS ONCEUSED CUP AND MUSIC CANDLE ONE CAPITALHUNGRY PROJECT TURNS OUT BEAST MEDICINE ANOTHER PRODUCES SHAMPOO AND HAIRFLAPS OF COURSE YOU WOULD EXPECT A FIRM AS COMPREHENSIVELY NAMED AS MR WU'S ASIA ENTERPRISE UNITED INVESTMENTS DEVELOPMENT CO TO COVER THE GAMUT WHAT YOU MIGHT NOT EXPECT IS ITS SUCCESS THE TAIWANBORN ENTREPRENEUR SAYS HE IS PROSPERING AS A FACILITATOR OF CHINA'S EXPLODING TRADE ECONOMY HE CLAIMS TO HAVE SIGNED 1800 DEALS SINCE SETTING UP SHOP FIVE YEARS AGO IN A SHOEBOXSIZE OFFICE HE WON'T SAY HOW MUCH PROFIT HE MAKES BUT HIS STAFF NOW FILLS FOUR BUSY OFFICES IN A BUILDING IT SHARES WITH THE PROMISINGLY NAMED EVERRICH TRADING CO AND SEVERAL OTHER FIRMS CHINA IS THE LAND OF OPPORTUNITY FOR INVESTORS HE CONFIDES PEOPLE LIKE MR WU ARE POPPING UP ALL OVER THIS HUGE COUNTRY IN THE NORTHERN CITY OF HARBIN 1500 MILES NORTH AND 90 DEGREES FAHRENHEIT COOLER IN MARCH THAN GUANGZHOU YOUNG MEN IN GLISTENING BEARSKIN HATS ACCOST FOREIGNERS WITH OFFERS OF TAXIS AND A QUERY YOU HERE ON BUSINESS WANT TO MEET BUSINESSMEN BUT THE ROAD TO REAL RICHES MR WU THINKS IS LITTERED WITH HANDBILLS AND FAXES EVERY DAY THOUSANDS OF VISITORS ROLLING INTO THIS SOUTHERN CHINESE CITY'S BREEZY RAILROAD STATION ARE GREETED BY TEENAGERS AND SOMETIMES UNIFORMED CUSTOMS OFFICIALS WHO EARN POCKET MONEY FOR THEIR EFFORTS HANDING OUT COPIES OF MR WU'S EXPANSIVE PROMISES WELCOME TO JOIN IN AND BE OUR STOCKHOLDER IN CHINA SMALL INVESTMENT MAKES A GREAT PROFIT THEY GAVE ME ONE OF THESE THINGS AND I'M LIKE YOU CAN'T BE HANDING THIS OUT IF YOU'RE SERIOUS SAYS DANIEL KRAUSE A 30YEAROLD FROM LOS ANGELES WHO RECEIVED A BROCHURE IN GUANGZHOU MR WU DOESN'T KNOW HOW THE NIGERIAN COMPANY FOUND OUT ABOUT HIS COMPANY BUT HIS ENERGETIC TRANSLATOR A 24YEAROLD WOMAN NAMED JENNINGS ZHANG IS SURE WE ARE FAMOUS WE ADVERTISE A DOZEN YOUNG WOMEN SIT IN ONE OF MR WU'S CLUTTERED OFFICES STUFFING BROCHURES INTO AIRMAIL ENVELOPES THEY POST VIRTUALLY AT RANDOM TO ANY COMPANY ADDRESS THEY CAN FIND IN A NEWSPAPER OR ON A CHAMBEROFCOMMERCE MAILING LIST SELFPROMOTION IS WU GUOXING'S STRENGTH AND ENTHUSIASM HIS PROCEDURE THOUGH HE'S TRIM AND AT FIRST SERIOUSLOOKING IN A NAVYBLUE SUIT MR WU CAN SCARCELY CONTAIN HIS EBULLIENCE TOO IMPATIENT FOR HIS TRANSLATOR HE BLURTS OUT IN ENGLISH OPEN DOOR BUSINESS HE CAN'T GET THROUGH A 45MINUTE INTERVIEW WITHOUT EXTENDING HIS HAND THREE TIMES OFFERING TO SHAKE ON A DEAL ANY DEAL HE PROPOSES AN INFORMATION EXCHANGE WITH THE WALL STREET JOURNAL A JOINT VENTURE THE NATURE OF WHICH IS UNCLEAR BUT SEEMS TO REVOLVE AROUND A CAPITAL CONTRIBUTION FROM THE PAPER HE SUGGESTS A REPORTER TAKE COMMISSIONS FOR MARKETING CHINESE PRODUCTS OVERSEAS LIKE HAIRFLAPS PERHAPS BETTER KNOWN AS TOUPEES ANYTHING ANYTHING MR WU SAYS EVERYBODY WANTS TO BUY FROM CHINA AMONG MR WU'S MANY CLAIMS THAT ONE RINGS TRUE ONE WALL OF MR WU'S OFFICE IS PLASTERED WITH FAXES FROM AROUND THE WORLD AWAITING EITHER TRANSLATION OR MATCHMAKING WITH CHINESE FIRMS AN IRANIAN COMPANY WANTS TO BUY CHEAP POLYESTER A GUATEMALAN COMPANY IS LOOKING FOR CHEMICALS AND A FINNISH COMPANY IS INTERESTED IN TRADING REINDEER HIDES MR WU SAYS HE TAKES COMMISSIONS ON TRADE DEALS HE BROKERS TWO CENTURIES AGO CHINA'S QIANLONG EMPEROR SENT A BRITISH DIPLOMATIC AND TRADE MISSION PACKING AFTER INFORMING THE BARBARIANS THAT CHINA HAD ALL THINGS IN ABUNDANCE TODAY MANY PURVEYORS OF THAT ABUNDANCE WIND UP ON THE ROSTERS OF MATCHMAKERS LIKE MR WU ONE RECENT AFTERNOON TWO BUSINESSMEN IN PURPLE SILK SHIRTS AND MATCHING BROWN LEATHER VESTS ARE HUNKERED DOWN IN NEGOTIATIONS AT MR WU'S OFFICE WITH LIANG LU A 28YEAROLD FORMER SCHOOLTEACHER IN A FUZZY PEACH SWEATER SHE IS JOTTING DOWN THEIR NEED 60 MILLION YUAN ABOUT 68 MILLION TO BUILD A HOTEL IN HARBIN THEY WILL HAVE TO GET IN LINE ACROSS THE ROOM A DELEGATION LED BY A MAN IN AN ELECTRICBLUE SILK SUIT RED SWEATER VEST BROWN FEDORA AND TINTED GLASSES WITH A LABEL STUCK ON THE LENS IS TRYING TO BARTER STEEL PRODUCTS FOR 200 MILLION YUAN TO BUILD A HOTEL IN SICHUAN PROVINCE BOTH DELEGATIONS REPRESENT STATEBACKED COMPANIES INDEED THOUGH MR WU SAYS IT'S A SECRET IT SEEMS THAT MANY OF THE CHINESE BUSINESSES LOOKING TO HIM FOR CAPITAL ARE SOCALLED TOWNSHIP ENTERPRISES COMPANIES SET UP BY THE STATE IN RURAL AREAS TO GIVE PEOPLE THERE AN ECONOMIC REASON TO REMAIN AND NOT MIGRATE TO CHINA'S OVERCROWDED CITIES THE PROBLEM AS YANG ZHENGQIAN THE 50YEAROLD DELEGATION LEADER FROM SICHUAN EXPLAINS IS A MONEY SHORTAGE CAUSED BY CREDIT CLAMPDOWNS INTENDED TO KEEP CHINA'S RACING ECONOMY FROM OVERHEATING IF WE GO TO THE BANK THERE IS NOT ENOUGH CAPITAL MR YANG SAYS SO THEY COME TO MR WU WHOSE COMPANY FINDS CHINESE PARTNERS THE SAME WAY IT FINDS FOREIGNERS HANDING OUT FLIERS IN OTHER PROVINCES OF CHINA MS ZHANG MR WU'S TRANSLATOR SAYS THE COMPANY'S HIRING POLICY ITS 100 OR SO EMPLOYEES CAME TO GUANGZHOU FROM ALL OVER THE COUNTRY ALSO HELPS SPREAD THE WORD THE EMPLOYEES ARE NEARLY ALL WOMEN IN THEIR 20S CHINESE WOMEN HAVE A GOOD EYE FOR BUSINESS MR WU SAYS BESIDES MS ZHANG SAYS OUR COMPANY IS AN INTERNATIONAL INVESTMENT GROUP SO I'M AFRAID WE NEED FEMALES TO DEAL WITH INTERNATIONAL AFFAIRS STRICTLY BUSINESS AFFAIRS SHE SAYS NOT THAT IT TAKES MUCH INDUCEMENT TO GET BUSINESS GOING IN TODAY'S THRIVING CHINA MR WU EXPLAINS AS PROOF HE CLAIMS HE WON'T TAKE A CUT OF ANY DEAL HE BROKERS UNTIL IT IS SUCCESSFUL THIS IS GOOD BUSINESS HE SAYS BUT HAS ANYBODY ACTUALLY MADE 1 MILLION BY INVESTING ONLY 800 OF COURSE MS ZHANG REPLIES IF YOU JOIN OUR PROJECTS YOU WILL BELIEVE IT 9403090078 940309 BUSINESS BRIEF BERKSHIRE HATHAWAY SAYS ITS NET INCOME CLIMBED 70 IN 1993 BERKSHIRE THE INVESTMENT VEHICLE FOR FINANCIER WARREN BUFFETT REPORTED NET INCOME OF 6881 MILLION OR 595000 A SHARE UP FROM THE PRIOR YEAR'S 4073 MILLION OR 355000 A SHARE PERSHARE FIGURES REFLECT AN INCREASE IN THE NUMBER OF AVERAGE SHARES OUTSTANDING TO 1156243 IN 1993 FROM 1146492 IN 1992 MR BUFFETT DOESN'T BELIEVE IN STOCK SPLITS THE INCREASE MAINLY REFLECTS THE UNUSUAL ISSUANCE OF SHARES TO EFFECT THE ACQUISITION LAST YEAR OF DEXTER SHOE CO THE EARNINGS WERE DISCLOSED AFTER THE MARKET'S CLOSE YESTERDAY IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING BERKSHIRE HATHAWAY CLOSED UP 50 AT 15650 THE LATEST YEAR'S RESULTS INCLUDED 3567 MILLION IN REALIZED INVESTMENT GAINS SUCH GAINS CAN VARY WIDELY FROM PERIOD TO PERIOD AND IN 1992 TOTALED A MUCHSMALLER 596 MILLION BUT THE LATEST YEAR'S RESULTS WERE MARRED BY A TOTAL OF 1463 MILLION FROM THE NEGATIVE EFFECT OF AN ACCOUNTING CHANGE AND WHAT THE COMPANY CHARACTERIZED AS AN UNUSUAL TAX CHARGE EXCLUDING SUCH ITEMS EARNINGS FROM OPERATIONS IN 1993 WERE 4778 MILLION OR 413000 A SHARE UP FROM 3477 MILLION OR 355000 A SHARE IN 1992 BERKSHIRE SAID IT EXPECTS TO RELEASE ITS ANNUAL REPORT WITHIN TWO WEEKS PROMISING THAT THAT DOCUMENT AS IT HAS IN THE PAST WILL INCLUDE MUCH ADDITIONAL INFORMATION REGARDING THE COMPANY'S OPERATIONS BERKSHIRE HATHAWAY INC'S 1993 PERSHARE EARNINGS WERE 595 COMPARED WITH 355 A YEAR EARLIER OPERATING EARNINGS WERE 413 A SHARE UP FROM 303 A SHARE IN 1992 IN AN ARTICLE YESTERDAY THE FIGURES WERE OVERSTATED 9403090077 940309 RECENT SEC FILINGS WASHINGTON THE FOLLOWING ISSUES WERE RECENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION EXEL LTD A SHELF OFFERING OF 5389291 ORDINARY SHARES CURRENTLY OUTSTANDING AND 935291 ORDINARY SHARES TO BE ISSUED ON EXERCISE OF OUTSTANDING OPTIONS GENELABS TECHNOLOGIES INC AN OFFERING OF FOUR MILLION COMMON SHARES WITH AN OVERALLOTMENT FOR 600000 ADDITIONAL SHARES VIA KEMPER SECURITIES INC ROYAL BANK OF SCOTLAND GROUP PLC AN OFFERING OF 12 MILLION CAPITAL SECURITIES SERIES A EXCHANGEABLE WITH NONCUMULATIVE DOLLAR PREFERENCE SHARES WITH A LIQUIDATION PREFERENCE OF 25 VIA MERRILL LYNCH & CO ZENITH ELECTRONICS CORP A SHELF OFFERING FOR UP TO FIVE MILLION COMMON SHARES VIA KIDDER PEABODY & CO KIDDER PEABODY & CO HASN'T BEEN NAMED THE UNDERWRITER FOR ZENITH ELECTRONICS CORP'S SHELF OFFERING OF AS MANY AS FIVE MILLION COMMON SHARES YESTERDAY'S RECENT SEC FILINGS COLUMN INCORRECTLY REFERRED TO KIDDER AS THE UNDERWRITER 9403090076 940309 CIGNA CORP COMBINES OPERATIONS TO SERVE INTERNATIONAL MARKET PHILADELPHIA CIGNA CORP SAID IT IS COMBINING ITS INTERNATIONAL PROPERTYANDCASUALTY AND ITS INTERNATIONAL LIFE AND EMPLOYEEBENEFITS OPERATIONS THE INSURANCE HOLDING COMPANY SAID THE COMBINED OPERATIONS RENAMED CIGNA INTERNATIONAL WILL BE MANAGED BY H EDWARD HANWAY 42 YEARS OLD PRESIDENT OF THE PROPERTYANDCASUALTY INTERNATIONAL UNIT THE COMBINED OPERATIONS ARE TO HAVE 22 BILLION IN REVENUE A SPOKESMAN SAID THE MOVE PROVIDES ECONOMIES OF SCALE IN DELIVERING PRODUCTS AND SERVICES OVERSEAS THE COMPANY ALSO NAMED THOMAS C JONES PRESIDENT OF CIGNA PROPERTY & CASUALTY REINSURANCE EFFECTIVE JULY 1 MR JONES 48 WAS EXECUTIVE VICE PRESIDENT CHIEF OPERATING OFFICER AND A DIRECTOR OF NAC RE CORP AND SUCCEEDS NORMAN WAYNE WHO LEFT THE COMPANY LAST FALL TO PURSUE OTHER INTERESTS CIGNA PROPERTY & CASUALTY REINSURANCE HAD MORE THAN 500 MILLION IN REVENUE IN 1993 IT PROVIDES FINANCIAL REINSURANCE PRODUCTS AMONG OTHERS TO DOMESTIC AND INTERNATIONAL MARKETS 9403090075 940309 ECONOMY POSTAL INCREASE BACKED BY SOME BUSINESS GROUPS LARGER RISE WAS FEARED PLAN FOR 103 BOOST STILL FACES OPPOSITION BY DANIEL PEARL STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON BUSINESS GROUPS HAILED THE POSTAL SERVICE'S PROPOSAL TO RAISE MAILING RATES BY 103 INSTEAD OF AN EVEN LARGER INCREASE THAT WAS UNDER CONSIDERATION BUT THEIR SUPPORT SHOWED SIGNS OF SPLINTERING AND POSTAL OFFICIALS SAID THEY PROBABLY WILL REQUEST ANOTHER INCREASE WITHIN TWO YEARS GROUPS REPRESENTING COMMUNITY NEWSPAPERS AND PHOTOMAILING SERVICES SAID YESTERDAY THEY'RE UNHAPPY WITH SOME OF THE PROPOSED RATES SUCH OPPOSITION ALONG WITH LIKELY OUTCRIES FROM CONSUMER GROUPS COULD SPUR THE POSTAL RATE COMMISSION TO CHALLENGE THE JUSTIFICATION FOR VARIOUS RATES AND SCOTCH THE POSTAL SERVICE'S HOPES FOR PAINFREE APPROVAL OF ITS PROPOSAL UNDER THE POSTAL SERVICE'S PLAN THE PRICE OF MAILING A ONEOUNCE FIRSTCLASS LETTER WOULD RISE NEXT YEAR TO 32 CENTS FROM 29 CENTS POSTCARDS WOULD COST 21 CENTS INSTEAD OF 19 CENTS PRIORITY MAIL WOULD START AT 320 INSTEAD OF 290 AND EXPRESS MAIL WOULD START AT 1095 INSTEAD OF 835 LARGE MAILERS HAVE SUPPORTED THE RATE INCREASES BECAUSE THE POSTAL SERVICE HAD CONSIDERED EVEN GREATER INCREASES AND BECAUSE BULKMAILING COSTS GENERALLY WOULD RISE NO MORE THAN THE COST OF SENDING A SINGLE STAMPED LETTER EVERYBODY ABSORBS THE SAME PERCENTAGE HIT WE DON'T TAKE ADVANTAGE OF CONSUMERS AND CONSUMERS DON'T TAKE ADVANTAGE OF US SAYS ARTHUR B SACKLER DIRECTOR OF THE MAILERS COUNCIL A GROUP OF LARGE BUSINESSES AND ASSOCIATIONS IN THE PAST RATE INCREASES HAVE FALLEN ON BUSINESSES MORE THAN INDIVIDUAL MAILERS AND CONSUMER ADVOCATES WILL PUSH FOR THE SAME TREATMENT THIS TIME CONSUMER ADVOCATE RALPH NADER WHO HAS FOUGHT PAST RATE INCREASES SAID IT CONTINUES THE UNFAIR BURDEN ON RESIDENTIAL AND OTHER FIRSTCLASS USERS TO SUBSIZE COMMERCIAL BULK MAILERS POSTAL SERVICE OFFICIALS DENIED THE SERVICE'S BOARD OF GOVERNORS WAS FAVORING BUSINESS USERS WHEN IT VOTED 60 LATE MONDAY TO REQUEST THE INCREASE THEY SAID THE NEW RATES WOULD RAISE AN AVERAGE CONSUMER'S POSTAGE COSTS BY JUST 8 OR 9 A YEAR STILL MARCUS SMITH PUBLISHER OF POSTAL WORLD A ROCKVILLE MD NEWSLETTER SAID THE INDEPENDENT POSTAL RATE COMMISSION PROBABLY WILL QUESTION THE ACROSSTHEBOARD INCREASE HE SAID THAT IF THE COMMISSION STARTS MAKING CHANGES IT WILL PROBABLY CAUSE A LOT OF DIVISIVENESS AMONG THE MAILERS ED GLEIMAN CHAIRMAN OF THE POSTAL RATE COMMISSION SAID THE FIVEMEMBER PANEL ISN'T LEANING ONE WAY OR THE OTHER BUT ADDED THAT IT WASN'T CREATED TO RUBBERSTAMP EVERYTHING SENT OVER TO IT IN 1991 THE POSTAL RATE COMMISSION GRANTED A FOURCENT INCREASE FOR FIRSTCLASS MAIL MEMBERS OF THE POSTAL SERVICE'S BOARD WHICH HAD REQUESTED A FIVECENT BOOST TRIED TO OVERRULE THE COMMISSION BUT COULDN'T GET THE UNANIMOUS VOTE NEEDED TO DO SO YESTERDAY POSTMASTER GENERAL MARVIN RUNYON SAID THE 103 INCREASE WAS THE SMALLEST POSTAL SERVICE REQUEST IN 25 YEARS AND WAS TWO PERCENTAGE POINTS LOWER THAN THE INFLATION RATE SINCE 1991 THE POSTAL SERVICE TOUTED SUPPORT FROM BUSINESSES SUCH AS TIME WARNER INC AND GROUPS SUCH AS THE DIRECT MARKETING ASSOCIATION BUT THE NATIONAL NEWSPAPER ASSOCIATION WHICH REPRESENTS 4200 SMALL NEWSPAPERS SAID IT WILL FIGHT THE PLAN BECAUSE SECONDCLASS MAILING RATES WITHIN COUNTIES WOULD RISE 36 AND A NEWLY FORMED GROUP CALLED THE PRIORITY MAILERS ASSOCIATION SAID IT'S UNHAPPY WITH THE RATES BECAUSE ACCORDING TO THE GROUP PRIORITY MAIL IS ALREADY OVERPRICED NONPROFIT MAILERS OF PUBLICATIONS SUCH AS NATIONAL GEOGRAPHIC MAGAZINE WOULD BEAR A 17 RATE INCREASE UNDER THE PLAN NEAL DENTON EXECUTIVE DIRECTOR OF THE ALLIANCE FOR NONPROFIT MAILERS SAID MEMBERS WERE PREPARED FOR AN EVEN HIGHER INCREASE STILL HE SAID THEY'RE CONCERNED ABOUT THE NEXT INCREASE TOO THIS IS A RATE CASE THAT WILL ONLY LAST A YEAR AND A HALF AT THE MOST HE SAID 9403090074 940309 INTERNATIONAL BRIEF DAEWOO CORP JOINT VENTURE PLANS TO BUILD FIRST CARS TRUCKS IN VIETNAM DAEWOO CORP OF SOUTH KOREA WILL LEAD A 32 MILLION JOINT VENTURE TO MANUFACTURE VIETNAM'S FIRST CARS AND TRUCKS THE COMPANY'S SENIOR EXECUTIVE IN VIETNAM SAID VIDAMCO A 30YEAR JOINTVENTURE BETWEEN DAEWOO AND VIETNAM'S GAET COMPANY PLANS TO START PRODUCTION IN 1995 SAID JS KIM DAEWOO'S GENERAL DIRECTOR FOR VIETNAMESE OPERATIONS TWO OTHER COMPANIES NOW ASSEMBLE CARS FROM KITS IMPORTED INTO VIETNAM BUT VIDAMCO WILL BE THE FIRST TO MAKE VEHICLES THERE MR KIM SAID THE FACTORY WHICH WAS APPROVED FOR CONSTRUCTION LAST WEEK WILL ALSO MAKE AUTOMOBILE PARTS FOR EXPORT HE SAID DAEWOO WILL HOLD A 65 SHARE IN THE PROJECT WHILE THE VIETNAMESE OWN THE REMAINING 35 THE PLANT IS TO BE BUILT IN HANOI WITH A FIRSTPHASE CAPITALIZATION OF 32 MILLION MR KIM SAID 9403090073 940309 USAIR SAYS CASH WILL LET IT RUN THROUGH YEAR WHILE REASSURING INVESTORS AIRLINE PRESSES UNIONS TO HELP CUT COSTS 9 BY MICHAEL J MCCARTHY AND CARL QUINTANILLA STAFF REPORTERS OF THE WALL STREET JOURNAL USAIR GROUP INDICATED TO ANALYSTS THAT IT HAS ENOUGH CASH TO GET THROUGH THE END OF THE YEAR EVEN WITHOUT CONCESSIONS FROM ITS UNIONS AS A RESULT THE STRUGGLING AIRLINE WHICH EARLIER THIS WEEK FORECAST A WIDER LOSS FOR THE YEAR FACES AN UPHILL BATTLE IN TRYING TO CONVINCE ITS UNIONS TO MAKE CONCESSIONS AND MAY HAVE TO GIVE WORKERS AN EQUITY STAKE STILL THE FACT THAT USAIR HAS TO QUELL INVESTORS' FEARS UNDERSCORES ITS VULNERABILITY IN THE TUMULTUOUS AIRLINE INDUSTRY IN A TELECONFERENCE WITH ANALYSTS YESTERDAY SETH SCHOFIELD USAIR'S CHAIRMAN AND CHIEF EXECUTIVE SAID THE AIRLINE HAS ROUGHLY 370 MILLION IN CASH 300 MILLION IN BANK CREDIT AND 140 MILLION IN RECEIVABLES ANALYSTS GENERALLY AGREED THAT THAT WOULD BE ENOUGH TO SUSTAIN THE CARRIER FOR THE REST OF THE YEAR DESPITE THE COMPANY'S FORECAST THAT ITS 1994 LOSS WOULD EXCEED ITS 350 MILLION LOSS IN 1993 BUT SOME ANALYSTS EXPRESSED FRUSTRATION OVER AN APPARENT LACK OF URGENCY AT THE AIRLINE WHICH DIDN'T EXPLAIN IN THE TELECONFERENCE HOW IT PLANS TO PROCEED IN TALKS WITH THE UNIONS THEY WERE BASICALLY SAYING YEAH WE KNOW WE HAVE TO DO SOMETHING BUT WE DON'T KNOW WHAT OR HOW OR WHEN OR WHY' IT MADE ME VERY NERVOUS SAID RAYMOND E NEIDL AN ANALYST WITH FURMAN SELZ WHEN ASKED ABOUT THE ANALYSTS' READING ON USAIR'S OUTLOOK A SPOKESMAN FOR THE ARLINGTON VABASED AIRLINE SAID WE HAVE NEARLY A BILLION DOLLARS IN LIQUIDITY RIGHT NOW OUR OVERRIDING GOAL IS TO GET COSTS DOWN USAIR SHARES ROSE 25 CENTS TO CLOSE AT 925 IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING USAIR HAS BEEN UNABLE TO STEM ITS MOUNTING LOSSES BECAUSE OF FARE CUTS IT LAUNCHED LAST MONTH TO STAY COMPETITIVE WITH LOWERCOST RIVALS THAT HAVE MADE INROADS ON ITS IMPORTANT EAST COAST ROUTES BUT THE POWERFUL PILOTS UNION FEELING THAT MANAGEMENT SQUANDERED PREVIOUS GIVEBACKS INDICATED IT PLANS TO ASK FOR SOME CONSIDERATION IN RETURN FOR ANY NEW CONCESSIONS PERHAPS STOCK OR BOARD REPRESENTATION ALTHOUGH USAIR HASN'T SET A DEADLINE FOR LABORGROUP ACTION LEADERS OF THE FOUR UNIONS ARE SCHEDULED TO MEET NEXT TUESDAY IN WASHINGTON DC TO BEGIN FORMULATING A RESPONSE A SPOKESMAN FOR THE PILOTS UNION INDICATED THAT AN EQUITYFORCONCESSION TRANSACTION SIMILAR TO THOSE EMPLOYED IN THE PAST YEAR BY NORTHWEST AIRLINES AND TRANS WORLD AIRLINES IS UNDER CONSIDERATION BUT HE ADDED THERE HAVE BEEN NO SERIOUS DISCUSSIONS ABOUT THAT OPTION WITH COSTS PER SEAT MILE A KEY AIRLINEINDUSTRY MEASUREMENT RUNNING ABOUT 11 CENTS USAIR'S EXPENSES ARE CONSIDERABLY HIGHER THAN LOWCOST LEADER SOUTHWEST AIRLINES WHICH OPERATES AT ABOUT SEVEN CENTS A MILE USAIR TOLD THE LABOR GROUPS IT HAS SET A TARGET OF SLICING ITS COSTS TO ABOUT 10 CENTS A MILE OR ROUGHLY 9 BUT LEFT IT TO THE UNIONS TO PROPOSE SPECIFIC CUTBACKS EVEN THE MEASURES THE COMPANY HAS LAUNCHED AREN'T BEING IMPLEMENTED QUICKLY ENOUGH SOME INDUSTRY SPECIALISTS SAID THEY PARTICULARLY CITE THE CARRIER'S PROJECT HIGH GROUND WHICH AIMS TO STREAMLINE AIRPORT PROCEDURES TO TURN PLANES AROUND MORE QUICKLY IT EFFECTIVELY MIMICS SOME OF THE BEST TACTICS OF SOUTHWEST AIRLINES ALLOWING USAIR TO COMPETE MORE EFFECTIVELY ON SHORTFLIGHT ROUTES BUT THE PROGRAM WON'T BE FULLY IMPLEMENTED UNTIL THE END OF THE YEAR NOBODY'S ACTING IN A SURVIVAL MODE OVER THERE SAID ERNEST ARVAI A NEW HAMPSHIREBASED AIRLINE CONSULTANT A USAIR SPOKESMAN SAID THE PROGRAM IS ALREADY ON THE FAST TRACK BUT THAT THE AIRLINE DOESN'T WANT TO RUSH ITS DEVELOPMENT THE PACE OF DEVELOPMENT OF THE HIGH GROUND PROGRAM ALSO IRRITATED USAIR'S PILOTS UNION AND THAT HAS REPERCUSSIONS FOR THE CURRENT CONCESSION TALKS IN 1992 THE PILOTS AMONG OTHER EMPLOYEES AGREED TO GRANT USAIR MOREFLEXIBLE WORK RULES THAT ALLOWED THE PILOTS TO FLY LONGER AT NO EXTRA COST BUT THE PILOTS HAVE SAID THAT THE COMPANY WASTED OPPORTUNITIES TO SCHEDULE THEM MORE OFTEN AND EXPAND FLIGHT OPERATIONS THAT IN ADDITION TO ABOUT 170 MILLION IN WAGE REDUCTIONS THE UNIONS PREVIOUSLY AGREED TO HAS MADE THE UNIONS SKITTISH ABOUT NEW CONCESSIONS WE WANT TO WORK WITH MANAGEMENT SAID THE SPOKESMAN FOR THE AIR LINE PILOTS ASSOCIATION BUT WE'RE NOT JUST GOING TO GIVE THEM A BLANK CHECK IF THEY WANT SOMETHING WE'RE GOING TO WANT SOMETHING IN RETURN AMONG THINGS UNION OFFICIALS WOULD CONSIDER HE SAID ARE STOCK IN USAIR AND A GREATER SAY IN THE MANAGEMENT OF THE COMPANY INCLUDING REPRESENTATION ON THE BOARD 9403090072 940309 SHAWMUT NATIONAL AGREES TO PURCHASE WEST NEWTON SAVINGS BOSTON SHAWMUT NATIONAL CORP SAID IT SIGNED A DEFINITIVE AGREEMENT TO ACQUIRE WEST NEWTON SAVINGS BANK OF WEST NEWTON MASS FOR 454 MILLION OR 25 A SHARE SHAWMUT A BANK HOLDING COMPANY BASED IN BOSTON AND HARTFORD CONN SAID THE DEAL IS SUBJECT TO UPWARD ADJUSTMENT IN CERTAIN CIRCUMSTANCES IF IT ISN'T COMPLETED BY SEPT 30 THE TRANSACTION IS SUBJECT TO APPROVAL BY WEST NEWTON STOCKHOLDERS AND VARIOUS REGULATORY AGENCIES AND IS EXPECTED TO BE COMPLETED BY SEPT 30 UPON COMPLETION OF THE TRANSACTION WEST NEWTON SAVINGS BANK WILL BECOME PART OF SHAWMUT BANK IN CONNECTION WITH THE AGREEMENT WEST NEWTON HAS GRANTED SHAWMUT AN OPTION EXERCISABLE UNDER CERTAIN CIRCUMSTANCES TO ACQUIRE 199 OF WEST NEWTON'S THENOUTSTANDING COMMON STOCK AT 21 A SHARE WEST NEWTON'S SHARES JUMPED 4125 OR 22 TO CLOSE AT 22875 IN NASDAQ STOCK MARKET TRADING IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE SHAWMUT NATIONAL CLOSED UNCHANGED AT 20125 SHAWMUT HAS BEEN ON A BUYING SPREE LATELY THE WEST NEWTON SAVINGS BANK DEAL MARKS THE BANK HOLDING COMPANY'S SIXTH ANNOUNCED ACQUISITION OF OTHER BANKS OR BANK BRANCHES IN THE LAST YEAR ALL OF THE DEALS HOWEVER REQUIRE REGULATORY APPROVAL WHICH MAY NOT PROVE SO EASY THE FEDERAL RESERVE BOARD DENIED SHAWMUT'S APPLICATION TO ACQUIRE NEW DARTMOUTH BANK IN MANCHESTER NH LAST NOVEMBER CITING QUESTIONS ABOUT SHAWMUT'S MINORITYLENDING RECORD ON MONDAY THE FED SAID IT NEEDS MORE TIME TO DECIDE WHETHER TO RECONSIDER ITS DECISION 9403090071 940309 INSIDE TRACK INQUIRIES START OVER TRADING IN GRUMMAN BY WALL STREET JOURNAL REPORTERS WARREN GETLER IN NEW YORK JEFF COLE IN LOS ANGELES AND CHRISTI HARLAN IN WASHINGTON THE SECURITIES AND EXCHANGE COMMISSION THE NEW YORK STOCK EXCHANGE AND THE CHICAGO BOARD OPTIONS EXCHANGE LAUNCHED INVESTIGATIONS INTO HEAVY SHARE AND OPTIONS TRADING AHEAD OF MONDAY'S ANNOUNCEMENT OF MARTIN MARIETTA CORP'S 19 BILLION TENDER OFFER FOR GRUMMAN CORP SEC OFFICIALS DECLINED TO COMMENT ABOUT ANY SPECIFICS RELATED TO THE INQUIRY WHEN ASKED ABOUT THE GRUMMAN TRADING WILLIAM MCLUCAS DIRECTOR OF SEC ENFORCEMENT SAID THAT IN GENERAL WHERE THERE ARE PRICE AND VOLUME MOVEMENTS THAT ARE OF THE MAGNITUDE THAT WE'VE SEEN IN RECENT DEALS THOSE ARE SITUATIONS THAT WE WOULD TAKE A PRETTY HARD LOOK AT CONCERN AMONG REGULATORS THAT INSIDER INFORMATION MAY HAVE BEEN ACTED UPON AHEAD OF MARTIN MARIETTA'S 55ASHARE DEAL CENTERS ON BOTH AN 85 JUMP IN GRUMMAN'S SHARES IN HEAVY VOLUME FRIDAY ON THE BIG BOARD AND A HUGE SPIKE IN OPTIONS VOLUME AT THE CBOE LATE LAST WEEK GOVERNMENT AND EXCHANGE OFFICIALS SAID OPTIONS GIVE INVESTORS THE RIGHT BUT NOT THE OBLIGATION TO PURCHASE OR SELL SHARES AT A LATER DATE BOTH MARTIN MARIETTA AND GRUMMAN SAID THEY WERE COOPERATING FULLY WITH THE INVESTIGATIONS BY THE SEC AND THE EXCHANGES THEY NOTED AGAIN AS THEY DID MONDAY THAT THE MERGER TALKS WERE ACCELERATED WHEN THEY SAW THE GRUMMAN STOCK PRICE SPIKE ON FRIDAY AND WORRIED THERE HAD BEEN A LEAK OFFICIALS AT THE CBOE WERE FOCUSING ON REPORTS THAT LARGE NUMBERS OF CALLOPTION CONTRACTS OR BETS THAT THE UNDERLYING STOCK PRICE WOULD RISE WERE PURCHASED WEDNESDAY THURSDAY AND FRIDAY THROUGH BROKERS CHARLES SCHWAB CORP AND PRUDENTIAL SECURITIES INC A UNIT OF PRUDENTIAL INSURANCE CO OF AMERICA THE OPTION CONTRACTS GIVING THE BUYER THE RIGHT TO BUY GRUMMAN SHARES AT THE PRICE OF 45 A SHARE BY APRIL 15 WERE PRICED AS LOW AS 25 CENTS PER SHARE WHEN THEY WERE BOUGHT LATE LAST WEEK ONE CONTRACT COVERS 100 SHARES AFTER THE 55ASHARE TAKEOVER NEWS WAS DISCLOSED AND SENT GRUMMAN'S SHARES SOARING 36 TO 54125 A SHARE THE PRICE OF THE CALLOPTION CONTRACT SKYROCKETED TO OVER 9 A SHARE YIELDING BIG PROFITS TO THOSE WHO BOUGHT CHEAPLY LAST WEEK HUGO QUACKENBUSH A SPOKESMAN FOR SCHWAB IN SAN FRANCISCO SAID THAT SCHWAB FLOOR TRADERS AT THE CBOE WERE INVOLVED IN TRADING GRUMMAN OPTIONS LATE LAST WEEK WE DID HAVE A FAIR AMOUNT OF ACTIVITY IN GRUMAN DURING THE PERIOD I CAN'T COMMENT ON SPECIFICS HE SAID IF SOMETHING IMPROPER OCCURRED IT WILL BE FULLY INVESTIGATED HE ADDED STRESSING THAT SCHWAB DOES NOT TRADE FOR ITS OWN ACCOUNT BUT SIMPLY EXECUTES ORDERS FOR INDIVIDUAL INVESTORS HE SAID THE COMPANY MAINTAINS STRICT CONFIDENTIALITY ABOUT IDENTIFICATION OF CLIENTS OUR CLIENTS ARE INVESTING ON THEIR OWN WE DON'T TAKE ANY POSITIONS AT SCHWAB AND WE DON'T MAKE ANY OPTION RECOMMENDATIONS MR QUACKENBUSH SAID SALLY CATES A SPOKESWOMAN FOR PRUDENTIAL SECURITIES IN NEW YORK SAID THE TRADES EXECUTED BY THE FIRM WEREN'T HUGE TRADES AND WERE PRIMARILY TRADES FOR OUR CUSTOMER ACCOUNTS SHE SAID THERE WERE NO PROPRIETARY TRADES EXECUTED BY THE FIRM STEPHEN TAYLOR A CBOE MARKET MAKER IN GRUMMAN OPTIONS WHO FILED A COMPLAINT YESTERDAY WITH THE EXCHANGE ABOUT UNUSUAL ACTIVITY IN THE CALL CONTRACTS SAID THAT INVESTIGATORS MAY WANT TO LOOK AT THE SINGLE LARGEST AND MOST PROFITABLE PURCHASE OF APRIL CALL CONTRACTS DURING THE WHOLE EPISODE LAST WEEK ON WEDNESDAY HE SAID A CUSTOMER OF SCHWAB PLACED AN ORDER THROUGH THE BROKER TO BUY 250 CONTRACTS OF THE APRIL 45 CALLS FOR 25 CENTS A SHARE HE WAS ABLE TO BUY 250 CONTRACTS THAT DAY AND MADE AROUND 900 PROFIT PER CONTRACT IN ALL HE MADE 225000 PROFIT ON THOSE 250 CONTRACTS THE FOLLOWING DAY MR TAYLOR SAID SCHWAB BROKERS CAME BACK IN WITH ORDERS TO BUY APRIL CALLOPTION CONTRACTS AT THE THENPREVAILING HIGHER PRICES OF AROUND 44 CENTS A SHARE HE SAID HE COULD NOT BE SURE WHETHER THE ORDERS WERE FOR THE SAME CUSTOMER BUT HE SAID HE SUSPECTED THAT WAS THE CASE I BELIEVE SAME CUSTOMER CAME BACK THROUGH SCHWAB IF IT WERE THE SAME CUSTOMER HE MAY HAVE MADE UP TO 400000 IN PROFIT BY THE TIME THE DEAL WAS ANNOUNCED MR TAYLOR SAID THAT GOLDMAN SACHS & CO TRADERS WERE ALSO ACTIVE BUYERS OF THE GRUMMAN CALLOPTION CONTRACTS BUT IN MUCH SMALLER QUANTITIES HE SAID THE FIRM BOUGHT AT LEAST 30 CONTRACTS LAST WEEK BUT HE EMPHASIZED THAT HE DIDN'T THINK THE SECURITIES FIRM BOUGHT THE CONTRACTS FOR ITS OWN ACCOUNT GOLDMAN SACHS IS THE INVESTMENTBANKING FIRM REPRESENTING GRUMMAN IN THE TENDER OFFER A GOLDMAN SPOKESMAN SAID THE INVESTMENT BANK WOULD HAVE NO COMMENT OFFICIALS OF BEAR STEARNS COS' BEAR STEARNS & CO UNIT THE FINANCIAL ADVISER TO MARTIN MARIETTA AND DEALER MANAGER FOR THE TENDER OFFER SAID THEY WERE UNAWARE OF ANY INQUIRY INTO THE GRUMMAN TRADING THE CHAIRMEN OF THE TWO COMPANIES MARTIN MARIETTA'S NORMAN AUGUSTINE AND GRUMMAN'S RENSO CAPORALI HAD FLIRTED FOR MONTHS WITH THE NOTION OF COMBINING THE TWO COMPANIES BUT MOVEMENT TOWARD A DEAL PICKED UP SPEED AT A DINNER IN EARLY FEBRUARY AT THE GARDEN CITY HOTEL ON LONG ISLAND NEW YORK WHERE THE TWO EXECUTIVES MET WITH SEVERAL OTHER ADVISERS INCLUDING DAVID BAUM A SENIOR MANAGER WITH GOLDMAN SACHS TWO WEEKS LATER MARTIN MARIETTA PRODUCED ITS 55ASHARE OFFER BY LAST FRIDAY 90 OF THE DETAILS WERE WRAPPED UP ACCORDING TO MR AUGUSTINE AND THE DEAL WAS SCHEDULED TO BE ANNOUNCED AROUND THE MIDDLE OF THIS WEEK BUT THE EXECUTIVES BECAME CONCERNED WHEN GRUMMAN'S SHARES SPIKED 3125 A SHARE FRIDAY PEOPLE CLOSE TO THE COMPANIES SAID THE EXECUTIVES FEARED THAT WORD OF THE TALKS WAS LEAKING BUT THE BASIS FOR THE RISE MIGHT HAVE BEEN A POSITIVE REPORT ON GRUMMAN ISSUED ON THURSDAY BY A MERRILL LYNCH & CO ANALYST THE PEOPLE SAID HOWEVER THE MERRILL LYNCH ANALYST BYRON CALLAN SAID THAT HE DOESN'T THINK HIS REPORT WHICH ALSO MADE POSITIVE COMMENTS ABOUT FOUR OTHER DEFENSE COMPANIES WHOSE STOCKS DIDN'T SUBSEQUENTLY RISE HAD MUCH TO DO WITH THE SHARP PRICE AND VOLUME INCREASES LAST WEEK IN GRUMMAN STOCK THE TAKEOVER DEAL WAS APPROVED BY BOTH BOARDS OF DIRECTORS SUNDAY EVENING SHORTLY AFTER THE BIG BOARD WAS INFORMED MONDAY MORNING THE COMPANIES STARTED NOTIFYING MEMBERS OF CONGRESS AND THE CUSTOMER IN THIS CASE THE PENTAGON ACCORDING TO A MARTIN MARIETTA SPOKESMAN THE MERGER NEWS CAME AS A TOTAL SURPRISE TO REP GEORGE HOCHBRUECKNER A DEMOCRATIC MEMBER OF THE HOUSE ARMED SERVICES COMMITTEE WHOSE NEW YORK DISTRICT INCLUDES GRUMMAN'S LONG ISLAND HEADQUARTERS MR HOCHBRUECKNER SAID HE FIRST LEARNED OF THE MERGER FROM THE RADIO MONDAY MORNING BUT LATER RECEIVED A TELEPHONE CALL FROM GRUMMAN'S MR CAPORALI HE APOLOGIZED FOR NOT GIVING ME A HEADSUP MR HOCHBRUECKNER SAID IN THE WAKE OF THE ACTIVITY IN GRUMMAN STOCK HE ADDED I'M GLAD HE DIDN'T TELL ME 9403090069 940309 BUSINESS PRODUCTIVITY IN 4TH QUARTER OF '93 CLIMBED AT 61 RATE WASHINGTON THE LABOR DEPARTMENT IN A REVISED REPORT SAID NONFARM BUSINESS PRODUCTIVITY ROSE AT AN ANNUAL RATE OF 61 DURING THE LAST QUARTER OF 1993 UP FROM A PRELIMINARY ESTIMATE OF 42 PRODUCTIVITY IS A MEASURE OF PRODUCTION PER HOUR OF WORK THE FIGURES SHOW THAT COMPANIES WERE ABLE TO BOOST PRODUCTION FASTER THAN THEY HAD TO ADD WORKERS THE REVISIONS REFLECT NEW ESTIMATES SHOWING THAT BUSINESS OUTPUT WAS GREATER THAN PREVIOUSLY BELIEVED THE NEW REPORT ALSO SHOWS THAT UNIT LABOR COSTS FELL DURING THE QUARTER AT AN ANNUAL RATE OF 31 A BOON TO BUSINESS AND AN INDICATOR THAT INFLATIONARY PRESSURES AREN'T BUILDING IN THE ECONOMY THE PREVIOUS REPORT PUT THE RATE OF DECLINE AT 12 FOR ALL 1993 PRODUCTIVITY IN NONFARM BUSINESS GREW 17 RATHER THAN THE 16 ORIGINALLY ESTIMATED HOURLY COMPENSATION DURING THE FOURTH QUARTER ROSE AT AN ANNUAL RATE OF 28 BUT AFTER ADJUSTMENT FOR INFLATION FELL AT AN ANNUAL RATE OF 01 ALL FIGURES ARE SEASONALLY ADJUSTED 9403090068 940309 COMMODITIES GRAINFUTURES PRICES FALL AMID RISING RIVALRY FOR CORN EXPORTS FORECAST OF BIG SOYBEAN CROP BY JEFFREY TAYLOR STAFF REPORTER OF THE WALL STREET JOURNAL CHICAGO GRAINFUTURES PRICES FELL ON INCREASING FOREIGN COMPETITION FOR US CORN EXPORTS AND EXPECTATIONS OF A BIG SOUTH AMERICAN SOYBEAN CROP AT THE CHICAGO BOARD OF TRADE CORN FOR JULY DELIVERY WAS DOWN 5 1/4 CENTS TO 28575 A BUSHEL JULY SOYBEANS FELL 3 1/4 CENTS TO 669 A BUSHEL AND JULY WHEAT DROPPED 3 1/4 CENTS TO 32825 COMMODITY FUNDS OR MANAGED POOLS OF INVESTORS' MONEY WERE BIG SELLERS OF CORNFUTURES CONTRACTS YESTERDAY SAID RICHARD LOEWY PRESIDENT OF AGRESOURCE CO CHICAGO THESE FUNDS HAD BEEN HOLDING LONG POSITIONS OR WAGERS THAT CORNFUTURES PRICES WOULD RISE BECAUSE OF LOW US CORN STOCKS AND EXPECTATIONS OF HIGH USAGE OF CORN AS FEED FOR LIVESTOCK BUT RECENT NEWS ABOUT DEMAND FOR US CORN HAS BEEN A DRAG ON PRICES THE AGRICULTURAL ATTACHE IN SOUTH AFRICA PREDICTS A CROP OF 14 MILLION METRIC TONS OF CORN WHICH WOULD BE RECORD PRODUCTION FOR THE COUNTRY MR LOEWY SAID AND IMPORT BUYERS SUCH AS JAPAN FAVOR THE STARCHY CONTENT OF SOUTH AFRICA'S CORN JORDAN WHICH HAD BEEN EXPECTED TO BUY ABOUT 50000 METRIC TONS OF US CORN THIS WEEK BOUGHT THE GRAIN OVERSEAS INSTEAD PROBABLY FROM CHINA MR LOEWY SAID GOOD CROPS IN ARGENTINA CHINA AND SOUTH AFRICA WILL GIVE US A LOT OF EXPORT COMPETITION HE SAID IN SOYBEAN FUTURES THE MARKET IS FIXATED ON THE SIZE OF THE BRAZILIAN CROP SAID ANNE FRICK SOYBEAN ANALYST FOR PRUDENTIAL SECURITIES WE HAVEN'T BEEN ABLE TO GET A SEASONAL RALLY GOING LARGELY BECAUSE OF EXPECTATIONS ABOUT THE SIZE OF THAT CROP ANALYSTS EXPECT THE SOUTH AMERICAN CROP TO COME IN AT ABOUT 38 MILLION TO 40 MILLION METRIC TONS WHICH WOULD ALSO BE A RECORD ALL GRAIN TRADERS ARE EAGERLY AWAITING THE CONTENTS OF THE MARCH 31 US AGRICULTURE DEPARTMENT STOCKSINALLPOSITIONS REPORT AMONG OTHER THINGS THE REPORT WILL ESTIMATE FEED USAGE OF US CORN AND GIVE TRADERS A HINT OF WHETHER HIGHER PRICES HAVE MANAGED TO CUT THIS USAGE AS IS NECESSARY AND FOR SOYBEAN TRADERS THE REPORT WILL CONFIRM OR DISPEL WIDELY HELD SUSPICION THAT THE USDA HAS PREVIOUSLY UNDERESTIMATED SOYBEAN PRODUCTION FROM LAST SUMMER'S CROP BY 10 MILLION TO 20 MILLION BUSHELS MS FRICK OF PRUDENTIAL SAID IN OTHER COMMODITY MARKETS YESTERDAY ENERGY CRUDEOIL FUTURES FELL BELOW 14 A BARREL EARLY YESTERDAY BUT RECOVERED FROM MOST OF THE LOSSES IN LATER TRADING CRUDE FOR APRIL DELIVERY SETTLED UNCHANGED AT 1410 A BARREL ON THE NEW YORK MERCANTILE EXCHANGE EXPECTATIONS THAT THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES WON'T REDUCE PRODUCTION IN THE SECOND QUARTER CONTRIBUTED TO THE SELLOFF IN EARLY TRADING BUT THEN TRADERS GREW CAUTIOUS IN ADVANCE OF THE AMERICAN PETROLEUM INSTITUTE'S WEEKLY REPORT ON OIL INVENTORIES AFTER THE CLOSE OF THE NEW YORK MERCANTILE EXCHANGE THE API REPORTED THAT US INVENTORIES OF CRUDE OIL INCREASED 85 MILLION BARRELS LAST WEEK WHILE STOCKS OF DISTILLATE FUELS AND GASOLINE DECLINED 37 MILLION AND 27 MILLION BARRELS RESPECTIVELY THESE WERE IN LINE WITH INDUSTRY EXPECTATIONS ALTHOUGH THE INCREASE IN CRUDEOIL INVENTORIES WAS MUCH LARGER THAN HAD BEEN ANTICIPATED LIVESTOCK & MEATS HOG AND PORKBELLY FUTURES PRICES ROSE ON SPECULATION OF DIMINISHING SLAUGHTER AT THE CHICAGO MERCANTILE EXCHANGE PORK BELLIES FOR MAY DELIVERY WERE UP 117 CENTS TO 5890 CENTS A POUND WHILE THE PRICE OF THE JUNE HOG FUTURESCONTRACT ROSE 025 CENT TO 5497 CENTS A POUND SINCE VALENTINE'S DAY HOG SLAUGHTER HAS BEEN HIGHER THAN IT WAS LAST YEAR SO FAR DEFYING US AGRICULTURE DEPARTMENT EXPECATIONS BUT TRADERS HAVE BEGUN TO ANTICIPATE THAT SLAUGHTER MAY TAPER OFF IN COMING WEEKS SAID DAN VAUGHT LIVESTOCK ANALYST FOR AG EDWARDS & SONS ST LOUIS A WEEKLY COLDSTORAGE REPORT RELEASED AFTER TRADING YESTERDAY SHOWED NET MOVEMENT OF 52000 POUNDS OF PORK BELLIES INTO COLD STORAGE FAR LOWER THAN MOST ANALYSTS' EXPECTATIONS WHICH RANGED FROM ONE MILLION TO 17 MILLION POUNDS NET INTO COLD STORAGE ANTICIPATION OF THIS LOWERTHANEXPECTED NUMBER AN INDICATION OF GOOD DEMAND FOR PORK BELLIES OR UNCURED BACON MAY ALSO HAVE HELPED TO PRESSURE PRICES HIGHER YESTERDAY MR VAUGHT SAID 9403090067 940309 MANAGING YOUR CAREER BY JULIE AMPARANO LOPEZ THINKING ABOUT ASKING FOR A PAY RAISE MAYBE YOU SHOULD THINK TWICE SURPRISINGLY ENOUGH A FATTER PAYCHECK COULD CRIPPLE YOUR CAREER JUST LOOK AT WHAT HAPPENED LAST YEAR TO MARK SMYTHE A 47YEAROLD MIDDLE MANAGER FOR A BIG COMMUNICATIONS COMPANY IN CHICAGO HE GOT A PINK SLIP A FEW MONTHS AFTER HE GOT A 6 SALARY INCREASE THE 125000AYEAR MANAGER SAYS HE WAS LET GO PARTLY BECAUSE HE HAD BECOME TOO EXPENSIVE FOR THE COMPANY TO KEEP IN TODAY'S LEANANDMEAN BUSINESS ENVIRONMENT CORPORATIONS OFTEN VIEW EMPLOYEES AS EXPENSES TO CUT ESPECIALLY WHEN THEIR SALARIES BECOME A STRAIN ON DEPARTMENTAL BUDGETS SO YOU SHOULD TAKE STOCK OF YOUR WORKPLACE'S ECONOMIC CLIMATE AS WELL AS YOUR SALARY BEFORE YOU SEEK YOUR NEXT RAISE CAREER STRATEGISTS RECOMMEND A CORPORATE CHECKUP IS A GOOD FIRST STEP IS YOUR EMPLOYER HEALTHY TAKE A LOOK AT YOUR COMPANY'S FINANCIAL PERFORMANCE AND SEE HOW ITS PRODUCTS ARE BEING RECEIVED AND HOW IT'S FARING ON WALL STREET ARE EXECUTIVES BRACING FOR ANOTHER ROUND OF JOB CUTS IF THE LAYOFF RUMOR MILL IS RUNNING AT FULL SPEED THIS MAY BE A BAD TIME FOR EVEN SUPERSTARS TO SEEK MORE MONEY YOU ALSO SHOULD LOOK FOR ANY HIDDEN COSTCUTTING TRENDS SUGGESTS CALHOUN W WICK PRESIDENT OF WICK & CO MANAGEMENT CONSULTANTS IN WILMINGTON DEL FOR INSTANCE IS THE COMPANY REPLACING LONGTIME EMPLOYEES WITH TEMPORARY WORKERS OR IS IT GIVING MORE WORK TO OUTSIDE CONTRACTORS ONE TELEMARKETING MANAGER DIDN'T NOTICE SUCH TRENDS UNTIL IT WAS TOO LATE FOR A YEAR HIS TELEMARKETING FIRM HAD BEEN REPLACING EXPERIENCED WELLPAID EMPLOYEES WITH LESS EXPENSIVE AND LESS EXPERIENCED PEOPLE MR WICK RECOLLECTS THE MIDDLE MANAGER NEVERTHELESS SOUGHT AND RECEIVED PAY INCREASES TWICE DURING A 12MONTH PERIOD A YEAR LATER THE MAN FOUND HIMSELF OUT OF A JOB HE WAS REPLACED BY A NEWCOMER WHO WAS PAID LESS MONEY ACCORDING TO MR WICK YOU ALSO SHOULD ASK YOURSELF HOW DOES MY SALARY COMPARE WITH PEOPLE DOING THE SAME JOB ELSEWHERE IN THE SAME INDUSTRY ONE OF THE BIGGEST MISTAKES PEOPLE MAKE IN THEIR CAREERS IS NOT KNOWING HOW THEIR PAY STACKS UP AGAINST OTHERS SAYS CELIA D CROSSLEY A CAREER STRATEGIST AND HUMANRESOURCES CONSULTANT IN COLUMBUS OHIO A CASE IN POINT THREE MIDWEST PHARMACEUTICAL EXECUTIVES NEVER REALIZED THAT ON AN INDUSTRYWIDE BASIS THEIR SALARIES OVERPRICED THEM BY ABOUT 30 SAYS MS CROSSLEY ALL THREE LOST THEIR JOBS ONE WEEK AFTER RECEIVING GENEROUS PAY INCREASES AND A COMPANY SALESINCENTIVE TRIP TO THE CARIBBEAN THE COMPANY GAVE THE DISMISSED MANAGERS' DUTIES TO LOWERPAID EMPLOYEES THE THREE EXECUTIVES THOUGHT THAT JUST BECAUSE THEY HAD GOTTEN A PAY INCREASE THEIR JOBS WERE SAFE MS CROSSLEY EXPLAINS THAT'S JUST NOT TRUE THESE DAYS THERE ARE SEVERAL WAYS TO BENCHMARK YOUR SALARY CAREER COUNSELORS SUGGEST USING INDUSTRY CONFERENCES TO POLL PEERS ABOUT SALARY LEVELS WHERE THEY WORK YOUR COMPANY'S HUMANRESOURCES DEPARTMENT ALSO CAN HELP YOU DETERMINE WHETHER YOUR SALARY HAS REACHED A DANGEROUS LEVEL PERHAPS ONE OF THE BEST BAROMETERS OF PREVAILING SALARIES ARE EXECUTIVE RECRUITERS KNOWLEDGEABLE ABOUT YOUR INDUSTRY OR PROFESSION SAYS JOSEPH MEISSNER PRESIDENT OF POWER MARKETING A SAN FRANCISCO OUTPLACEMENT FIRM THEY KNOW EXACTLY HOW MUCH COMPANIES ARE PAYING FOR VARIOUS POSITIONS HE NOTES IF YOU FIND THAT YOUR SALARY IS COMPARATIVELY HIGH YOU COULD BE A TARGET FOR COMPANY COSTCUTTERS GENERALLY IF YOU FIND YOURSELF IN THE TOP THIRD OF YOUR COMPANY'S SALARY RANGE YOU ARE EXTREMELY VULNERABLE CAUTIONS MR MEISSNER ASKING FOR A RAISE WILL SEND OUT RED FLAGS EVERYWHERE BONUSES REPRESENT A WAY TO INCREASE YOUR INCOME WITHOUT ACTUALLY INCREASING YOUR SALARY IF YOU MEET YOUR GOALS YOU'LL GET A BONUS BUT NEXT YEAR YOUR SALARY WILL STILL BE THE SAME NOTES JOHN O'NEIL A VICE PRESIDENT WITH BEAMPINES A NEW YORK OUTPLACEMENT AND CAREERCOACHING FIRM WITH BONUSES YOU CAN SHOW REAL TANGIBLE RESULTS AND YOU DON'T PRICE YOURSELF OUT OF A JOB INSTEAD OF SEEKING MORE MONEY YOU MIGHT ASK FOR NONMONETARY INCENTIVES SUGGESTS MARILYN BUCKNER A SENIOR VICE PRESIDENT WITH ENTERCHANGE AN OUTPLACEMENT FIRM IN ATLANTA SHE SAYS THE POSSIBILITIES MIGHT INCLUDE EXTRA VACATION TIME TUITION FOR AN EXECUTIVEEDUCATION PROGRAM OR STOCK OPTIONS IF YOU FIND YOURSELF ABOUT TO BE AXED BECAUSE YOU'RE OVERPRICED CAREER COUNSELORS SUGGEST TAKING MORE OF YOUR PAY IN THE FORM OF A BONUS KEYED TO RESULTS YOU ALSO MAY WANT TO PUSH FOR MORE RESPONSIBILITIES OR PURSUE A PROMOTION BUT BEWARE SOME PROMOTIONS ALSO CAN BE PERILOUS TO YOUR CAREER'S HEALTH MAKE CERTAIN THAT THE PROFFERED PROMOTION ISN'T ACTUALLY A DEAD END CAREER COUNSELORS ADVISE BEN G STEIN A NEW YORK PAPER COMPANY SUPERVISOR FOUGHT SO HARD FOR A PAY INCREASE LAST YEAR THAT THE COMPANY FINALLY RELENTED AND OFFERED HIM A DIRECTOR'S TITLE AND A 5 PAY INCREASE BUT THE NEW POSITION CARRIED NO REAL RESPONSIBILITIES HE RECALLS FRUSTRATED HE QUIT SIX MONTHS LATER I SHOULD HAVE RESEARCHED THE NEW JOB MORE CAREFULLY MR STEIN CONCEDES IF I HAD TALKED TO A FEW PEOPLE I WOULD HAVE REALIZED THE NEW JOB WENT NOWHERE HE REMAINS UNEMPLOYED 9403090066 940309 POLITICS & POLICY PLANEREPAIR SITES ARE FOUND TO USE UNAPPROVED PARTS BY DANIEL PEARL STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON A GOVERNMENT REPORT FOUND WIDESPREAD USE OF UNAPPROVED OR COUNTERFEIT PARTS IN AN INVESTIGATION OF 14 AIRPLANEREPAIR STATIONS IN THE US AND EUROPE THE REPORT BY THE TRANSPORTATION DEPARTMENT'S INSPECTOR GENERAL'S OFFICE FAULTED THE FEDERAL AVIATION ADMINISTRATION FOR NOT ADEQUATELY POLICING THE NATION'S 4499 REPAIR STATIONS AND THE 344 OVERSEAS STATIONS THAT HANDLE US AIRCRAFT THE FAA SAYS IT HAS ALREADY TAKEN STEPS TO IMPROVE ITS INSPECTION OF REPAIR STATIONS WHICH ARE GENERALLY OPERATED BY PRIVATE CONCERNS THAT AREN'T AFFILIATED WITH AIRLINES BUT THE REPORT SHOWS HOW DIFFICULT IT IS TO STAMP OUT BOGUS PARTS WHICH HAVE BEEN BLAMED FOR SEVERAL SMALLPLANE CRASHES BUT NO CRASHES OF SCHEDULED PASSENGER PLANES THE REPORT DIDN'T ADDRESS THE ISSUE OF AIRCRAFT SAFETY AT THE 14 REPAIR STATIONS INSPECTORS VISITED ALMOST HALF OF ALL THE PARTS THEY EXAMINED SHOWED NO REASONABLE EVIDENCE THAT THEY MET FAA REQUIREMENTS OR INDUSTRY SPECIFICATIONS THE REPORT SAID AND ONLY 5 OF THE PARTS PURCHASED FROM DISTRIBUTORS OR BROKERS HAD PROPER DOCUMENTATION SOME REPAIR STATIONS WERE USING OUTDATED MAINTENANCE MANUALS OR OUTDATED PARTS THE REPORT SAID AIRPLANE PARTS THAT LACK THE PROPER PAPERWORK AREN'T NECESSARILY COUNTERFEIT STILL THE REPORT FOUND EVIDENCE OF BOGUS PARTS INCLUDING ENGINE PINS WITH PART NUMBERS ETCHED INTO THEM BY HAND AND COUNTERFEIT ENGINE BUSHINGS THAT PRATT & WHITNEY HAD ALREADY ISSUED WARNINGS ABOUT TWO BUSHINGS HAD ALREADY BEEN INSTALLED IN AN ENGINE THE REPAIR STATION HAD THEM REMOVED ACCORDING TO THE REPORT PRATT & WHITNEY IS A UNIT OF UNITED TECHNOLOGIES CORP THE INVESTIGATION IS LIKELY TO PRODUCE FURTHER INDICTMENTS OF PARTS DISTRIBUTORS ALREADY 40 PEOPLE HAVE BEEN CONVICTED OF SELLING BOGUS PARTS MARY SCHIAVO THE INSPECTOR GENERAL SAID IN AN INTERVIEW THAT SUBSTANDARD PARTS POSE MORE OF A SAFETY PROBLEM FOR SMALL PLANES THAN FOR PASSENGER JETS WHICH TYPICALLY HAVE BACKUP SYSTEMS IN CASE PARTS FAIL SHE SAID EVEN IF REPAIRSTATION OWNERS DEMANDED BETTER DOCUMENTATION BROKERS COULD STILL FOIST BAD PARTS UPON THEM THOSE THAT ARE UNSCRUPULOUS WILL COUNTERFEIT THE PAPERWORK SHE SAID ADDING THAT INSPECTORS HAVE ENCOUNTERED BOGUS FAA TAGS THE REPORT RECOMMENDS THAT THE FAA START REGULATING THE 15000 AIRCRAFTPARTS DISTRIBUTORS IN THE US A MOVE TO REQUIRE THE FAA TO DO SO DIED LAST YEAR IN THE SENATE THE FAA SAID IT IS INSTEAD TRYING TO HELP SET UP A SYSTEM FOR DISTRIBUTORS TO BE ACCREDITED BY A THIRD PARTY THE AGENCY ALSO REJECTED A RECOMMENDATION FOR INDEPENDENT TESTING OF PARTS USED BY REPAIR STATIONS SAYING IT WOULD REQUIRE A RATHER INVOLVED CHANGE TO THE EXISTING REGULATIONS AND POLICIES THE 14 STATIONS INSPECTED WERE IN NORTH CAROLINA FLORIDA IRELAND THE NETHERLANDS GERMANY ENGLAND AND SCOTLAND 9403090064 940309 BUSINESS BRIEF CAMBIOR INC BID FOR COPPER MINE PROJECT IS ACCEPTED BY MINERO PERU CAMBIOR INC SAID IT WON A BID TO ACQUIRE THE LA GRANJA COPPERMINING PROJECT FROM THE PERUVIAN GOVERNMENT UNDER TERMS OF ITS BID CAMBIOR A MONTREAL BASED GOLDMINING CONCERN SAID IT HAS THE OPTION TO ACQUIRE A 100 INTEREST IN THE PROJECT BY INVESTING 25 MILLION ON EXPLORATION AND DEVELOPMENT OVER FIVE YEARS OF WHICH 66 MILLION WOULD BE SPENT IN THE FIRST YEAR MINERO PERU SA A GOVERNMENTOWNED COMPANY WOULD RETAIN A 5 ROYALTY INTEREST IN THE DEPOSIT ASSUMING THE EXPLORATION PROGRAM IS SUCCESSFUL CAMBIOR SAID IT EXPECTS TO COMPLETE AN ECONOMIC FEASIBILITY STUDY ON THE PROJECT WITHIN 36 MONTHS CAMBIOR SAID THE ACQUISITION WHICH SHOULD BE COMPLETED IN ABOUT SIX WEEKS REFLECTS THE COMPANY'S STRATEGY OF DIVERSIFYING INTO BASEMETAL MINING CAMBIOR SAID IT WOULD USE THE LA GRANJA ACQUISITION AS A SPRINGBOARD FOR PARTICIPATING IN OTHER GOLD AND COPPER PROJECTS IN PERU 9403090063 940309 TECHNOLOGY & SCIENCE IN THE LAB VACCINEDESIGNING SCIENTISTS GO BANANAS BY BOB ORTEGA STAFF REPORTER OF THE WALL STREET JOURNAL HOUSTON MOVING QUICKLY ALICJA WIECKO LOADS THE AMMO INTO HER PARTICLE GUN LINES UP THE TARGET IN HER CROSS HAIRS AND FIRES BLAM ANOTHER MUTANT BANANA THIS SCENE PLAYS OUT NOT ON SOME CHEESY LATENIGHT SCIFI FLICK BUT IN A GLEAMING LABORATORY HERE AT TEXAS A&M'S INSTITUTE OF BIOSCIENCES AND TECHNOLOGY MS WIECKO BLASTS BANANA SEEDLINGS WITH MICROSCOPIC PARTICLES OF TUNGSTEN ENCRUSTED WITH VIRAL DNA FRAGMENTS PART OF A RESEARCH EFFORT TO GENETICALLY ENGINEER PRESCRIPTION FRUITS AND VEGETABLES THAT WHEN EATEN WOULD ACT AS ORAL VACCINES THE TUNGSTEN PARTICLES PIERCE THE BANANA PLANT'S TOUGH CELL WALLS BY A PROCESS ONLY PARTLY UNDERSTOOD THE VIRAL DNA ENCRUSTING THE PARTICLES ATTACHES TO THE CELL CHROMOSOMES CHANGING THE PLANT'S GENETIC CODE IN THEORY THE PLANTS SHOULD EXPRESS THE VIRAL DNA FRAGMENTS IN THEIR CELLS AND PASS THEM ALONG DURING REPRODUCTION THOSE DNA FRAGMENTS SHOULD THEN WORK AS ANTIGENS AGENTS THAT PROVOKE THE IMMUNE SYSTEM TO PRODUCE ANTIBODIES AGAINST A DISEASE RESEARCHERS AIM TO PRODUCE HEPATITIS B ANTIGENS IN BANANAS THOUGH A HIGHLY EFFECTIVE HEPATITIS B VACCINE ALREADY EXISTS IT IS AT ABOUT 3 A PATIENT TOO EXPENSIVE FOR MOST THIRD WORLD COUNTRIES IN PART THAT'S WHY MORE THAN ONE MILLION PEOPLE ARE EXPECTED TO DIE FROM THE EFFECTS OF THE DISEASE THIS YEAR DR CHARLES ARNTZEN HEAD OF THE PROJECT HOPES THE ALTERED BANANAS WILL DELIVER THE VACCINE AT A COST OF ABOUT TWO CENTS A DOSE AND SAVE ON SUCH COSTS AS REFRIGERATION HYPODERMICS NEEDLES AND STERILIZATION EQUIPMENT BANANAS DON'T HAVE TO BE COOKED CAN BE EATEN BY VERY YOUNG CHILDREN AND ARE EASY TO GROW AND HE SAYS THEY HAVE A TYPE OF PROTEIN THAT POTENTIALLY LETS THEM DELIVER VERY HIGH LEVELS OF ANTIGENS MAKING THEM A PROMISING VACCINE CANDIDATE RESEARCH ON GENETICALLY ENGINEERING PLANTS AND SEPARATELY ON USING RECOMBINANT DNA TO DEVELOP VACCINES GOES BACK MORE THAN A DECADE BUT MELDING THEM TO GROW PLANTS AS ORAL VACCINES IS MORE RECENT AND AN APPROACH CHAMPIONED BY PLANT BIOLOGISTS THAT'S STILL CONSIDERED PRETTY IFFY BY MOST OF THE IMMUNOLOGICAL RESEARCH COMMUNITY WHEN TALKING TO IMMUNOLOGISTS SAYS DR MICH B HEIN WHO DIRECTS SIMILAR WORK AT SCRIPPS RESEARCH INSTITUTE IN LA JOLLA CALIF I CALL MYSELF A MOLECULAR BIOLOGIST IF I SAY I'M A PLANT BIOLOGIST THEY THINK I'M A GARDENER SKEPTICS SAY OBSTACLES ABOUND KEEPING TRANSFORMED PLANTS GENETICALLY STABLE FROM ONE GENERATION TO THE NEXT GETTING THE RIGHT CONCENTRATION OF THE ANTIGEN IN A PLANT TO PROVIDE AN ADEQUATE DOSE MAKING SURE THE ANTIGEN IS STABLE THEN THERE'S GETTING THE ANTIGEN TO PROVOKE THE GUT'S IMMUNE SYSTEM TO MAKE ANTIBODIES BECAUSE THE GUT EVOLVED OVER TIME TO PROTECT US FROM A WIDE VARIETY OF TOXINS THERE'S ALSO A PROBLEM WITH ORAL TOLERANCE THE TENDENCY OF THE GUT'S IMMUNE SYSTEM TO BECOME INSENSITIVE TO PROTEINS INCLUDING ANTIGENS WE NEED TO UNDERSTAND BETTER HOW THE IMMUNE SYSTEM DECIDES WHETHER TO MAKE AN ANTIBODY SAYS DR HEIN DESPITE THE SKEPTICISM SOME RESEARCHERS PREDICT THAT THEY MAY HAVE COMMERCIALLY VIABLE VACCINES FOR ANIMALS WITHIN FIVE YEARS TEXAS A&M JUST RECEIVED A FEDERAL GRANT TO DEVELOP A PRESCRIPTION PLANT PERHAPS A POTATO TO INOCULATE PIGS AGAINST TRICHINA THE PARASITE THAT CAUSES TRICHINOSIS RESEARCHERS AT TEXAS A&M REPORTED THEIR FIRST SUCCESS IN LATE 1992 TRANSFORMING TOBACCO PLANTS TO PRODUCE A HEPATITIS B ANTIGEN SIMILAR TO THAT FOUND IN THE BLOOD OF INFECTED HUMANS HEPATITIS B ANTIGENS ISOLATED FROM THE TOBACCO WERE INJECTED INTO MICE BUT DR ARNTZEN WON'T SAY WHETHER THEY PROVOKED AN IMMUNE RESPONSE OR WHETHER ANTIGENS OF E COLI BACTERIA SPARKED AN IMMUNE RESPONSE WHEN THEY WERE FED TO THE MICE FOLLOWING SCIENTIFIC PROTOCOL HE'S WAITING TO PRESENT A PROGRESS REPORT TO AN INTERNATIONAL VACCINE CONFERENCE THIS MONTH BUT FROM THE MANNER OF THE RESEARCHERS IT'S APPARENT THEY'RE SEEING SUCCESS BESIDES TRANSFORMING SEVERAL OTHER PLANT SPECIES TO PRODUCE HEPATITIS B ANTIGENS THE TEXAS A&M RESEARCHERS ALSO ENGINEERED BOSTON LETTUCE TOMATOES AND POTATOES TO MAKE ANTIGENS OF THE NORWALK VIRUS A DIARRHEAL DISEASE AND POTATOES CONTAINING ANTIGENS OF AN E COLI STRAIN THAT PROVOKE AN IMMUNE RESPONSE AGAINST CHOLERA UNFORTUNATELY COOKING THE PLANTS DESTROYS THE ANTIGENS SO WE WON'T SOON SEE DOCTORS PRESCRIBING POTATO CHIPS SCRIPPS'S DR HEIN MEANWHILE IS FEEDING MICE ALFALFA WITH A VIBRIO CHOLERA ANTIGEN RESEARCHERS AT WASHINGTON UNIVERSITY IN ST LOUIS HAVE ENGINEERED TOBACCO AND RAPESEED TO MAKE ANTIGENS OF E COLI AND STREPTOCOCCUS STRAINS AND LABS IN BELGIUM AND JAPAN ARE ON THE SAME TRACK IN HER HOUSTON LAB MS WIECKO DEFTLY SLICES A BANANA SEEDLING WITH HER SCALPEL TO EXPOSE THE MERISTEM THE PLANT TISSUE THAT PROGRAMS THE GROWTH OF THE ENTIRE BANANA PLANT THIS SHE SETS ONTO A GEL ON A SMALL PETRI DISH WHICH IN TURN SHE SLIDES OVER A PAIR OF CROSS HAIRS IN A SQUAT STEEL CHAMBER LIKE A BREADBOX STOOD ON END NOW SHE WHIRLS BLACK TUNGSTEN PARTICLES IN A SOLUTION OF VIRAL DNA AND PLUNKS A DROP ONTO A FINE FILTER WHICH SHE SCREWS INTO THE GUN BARREL POKING DOWN FROM THE TOP OF THE BOX WHEN A NEEDLE REACHES 60 POUNDS PER SQUARE INCH OF PRESSURIZED HELIUM USED TO POWER THE SHOT SHE SQUEEZES THE BRIGHT RED TRIGGER THE DISH JUMPS AND A BLACK SPLOTCH APPEARS ON THE MERISTEM SO FAR GOVERNMENT FUNDS AND PRIVATE GRANTS HAVE FINANCED THE RESEARCH AT TEXAS A&M AND SCRIPPS COMPANIES THAT HAVE THE WHEREWITHAL SAYS DR ARNTZEN AREN'T IN THE MOOD TO DO IT BECAUSE THEIR RETURN ON INVESTMENT WOULD BE TOO LOW BUT A HONG KONG DRUG CONCERN RECENTLY CONTACTED TEXAS A&M TO EXPLORE PRODUCING CHEAP HEPATITIS B VACCINES FOR CHINA AND JAPAN'S STATERUN TOBACCO MONOPOLY SENT A DELEGATION TO SEE WHAT THE HOUSTON LAB HAS ACHIEVED WITH TOBACCO PLANTS DR HEIN SAID SCRIPPS TOO HAS BEEN CONTACTED BY CONCERNS INTERESTED IN COMMERCIALIZING THE RESEARCH BUT UNTIL PRESCRIPTION PLANTS PROVE THEMSELVES HE SAID THEY'RE PROBABLY GOING TO LET IT BE CARRIED OUT PUBLICLY 9403090062 940309 BUSINESS BRIEF GENERAL MOTORS CORP NHTSA BEGINS AN INQUIRY OF 200000 '92'93 SATURNS FEDERAL SAFETY REGULATORS HAVE BEGUN A PRELIMINARY INVESTIGATION INTO A POSSIBLE DEFECT IN 200000 19921993 SATURN SEDANS AND COUPES THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION IN WASHINGTON BEGAN WHAT IT CALLS A PRELIMINARY EVALUATION OF THE MOUNTS AFTER RECEIVING THREE COMPLAINTS FROM SATURN CUSTOMERS AT ISSUE IS WHETHER FAILURE OF THE MOUNTS TO HOLD THE ENGINES IN PLACE PROPERLY COULD CAUSE ENGINE FAILURE A SPOKESMAN FOR GENERAL MOTORS CORP'S SATURN SUBSIDIARY SAID THE COMPANY DOES NOT YET HAVE ANY DETAILED INFORMATION FROM REGULATORS ABOUT THE INQUIRY BUT BELIEVES ITS VEHICLES ARE SAFE A PRELIMINARY EVALUATION IS THE FIRST STAGE IN THE NHTSA PROCESS LEADING TO A POSSIBLE RECALL AND IT USUALLY INVOLVES REQUESTING INFORMATION FROM MANUFACTURERS THE NHTSA INQUIRY FIRST WAS REPORTED IN THE DETROIT NEWS 9403090061 940309 ECONOMY JAPAN TO AID CHRYSLER CORP EXPORTS OF JEEPS EASING OF TRADE TENSIONS APPEARS GOAL CHEROKEE SHIPMENTS MAY DOUBLE BY DOUGLAS LAVIN STAFF REPORTER OF THE WALL STREET JOURNAL DETROIT IN AN APPARENT EFFORT TO EASE GROWING USJAPAN TRADE FRICTION JAPAN IS EXPECTED TO CLEAR THE WAY FOR CHRYSLER CORP TO SHARPLY BOOST EXPORTS OF JEEP CHEROKEES TO JAPAN AS A RESULT CHRYSLER HOPES TO MORE THAN DOUBLE EXPORTS TO JAPAN OF USMADE RIGHTHANDDRIVE JEEP CHEROKEE SPORTUTILITY VEHICLES THIS YEAR TO 10000 UNITS HIDEAKI MUKAIYAMA A VICE MINISTER IN JAPAN'S MINISTRY OF TRANSPORTATION TOMORROW IS EXPECTED TO PRESENT CHRYSLER A TYPE CERTIFICATE COVERING THE CHEROKEES THAT MEANS THE MINISTRY CERTIFIES IN ADVANCE AS ROADWORTHY ALL CHEROKEES THAT CHRYSLER INTENDS TO IMPORT RATHER THAN REQUIRING THAT EACH INDIVIDUAL VEHICLE BE INSPECTED THIS WILL REMOVE A MAJOR NONTARIFF BARRIER TO CHRYSLER SALES IN JAPAN THE CHEROKEE ACCOUNTS FOR THE BULK OF CHRYSLER'S SALES THERE AND IS ONE OF THE MOST POPULAR USBUILT BIG THREE PRODUCTS SOLD IN JAPAN THIS WAS GRANTED TO US ON VERY SHORT NOTICE AND IS A DIRECT RESULT OF US TRADE PRESSURE SAID PETER C BADORE GENERAL MANAGER FOR CHRYSLER'S ASIA/PACIFIC OPERATIONS JAPANESE OFFICIALS CONFIRMED THAT MR MUKAIYAMA TRAVELED TO DETROIT TO MAKE THE PRESENTATION BUT DECLINED TO COMMENT FURTHER JAPANUS TRADE RELATIONS HAVE BEEN FRAYED AS TALKS BETWEEN THE TWO COUNTRIES BROKE DOWN LAST WEEK PRESIDENT CLINTON RENEWED A TOUGH TRADE MEASURE CALLED SUPER 301 WHICH ALLOWS THE US TO IMPOSE SANCTIONS AGAINST COUNTRIES IT CONSIDERS UNFAIR TRADING PARTNERS THE RENEWAL WAS AIMED SQUARELY AT THE JAPANESE BUT JAPAN HAS BEEN TAKING A VARIETY OF STEPS AIMED AT EASING TRADE TENSIONS FOR INSTANCE ON THE DAY THAT PRESIDENT CLINTON ANNOUNCED THE SUPER 301 RENEWAL TOYOTA MOTOR CORP CHAIRMAN SHOICHIRO TOYODA SAID HIS COMPANY WOULD BE WILLING TO ACCEPT NONBINDING TARGETS FOR PURCHASES OF US AUTO PARTS US NEGOTIATORS HAVE BEEN SEEKING BINDING TARGETS AND SAID ISOLATED ACTIONS SUCH AS THE TOYOTA OFFER AND THE CHRYSLER TYPE CERTIFICATE DON'T GO FAR ENOUGH THE REGULATORY EASING BY JAPAN COMES AS THE STRONG YEN AND YEARS OF COSTCUTTING BY DETROIT HAVE TRANSFORMED THE US INTO A SIGNIFICANT AUTO EXPORTER CHRYSLER TOGETHER WITH GENERAL MOTORS CORP AND FORD MOTOR CO HAS BEEN GEARING UP TO TRY TO SELL MORE CARS IN JAPAN FOR YEARS DETROIT HAS COMPLAINED BITTERLY THAT JAPANESE REGULATORY ROADBLOCKS MADE SELLING CARS THERE DIFFICULT JAPAN ALWAYS COUNTERED THAT DETROIT WASN'T MAKING A SERIOUS EFFORT TO SELL REASONABLY PRICED RIGHTHANDDRIVE VEHICLES THAT MATCHED JAPANESE TASTES BUT IN 1992 CHRYSLER INTRODUCED A RIGHTHANDDRIVE CHEROKEE THE FIRST RIGHTHANDDRIVE US EXPORT TO BE SOLD IN JAPAN IN YEARS AND IN 1993 IT CUT PRICES ON THE VEHICLE SUBSTANTIALLY LAST YEAR CHRYSLER'S CHEROKEE SALES IN JAPAN HIT 4000 UNITS AS THE AUTO MAKER TOOK ADVANTAGE OF THE STRONG YEN TO CHOP THE PRICE OF THE TOPOFTHELINE CHEROKEE TO 37 MILLION YEN 34972 FROM 53 MILLION YEN IT ALSO INTRODUCED A BASE VERSION FOR 29 MILLION YEN ABOUT 75 OF THE VEHICLES ARE SOLD THROUGH HONDA MOTOR CORP'S DEALER NETWORK WHERE THEY UNDERCUT JAPANESEMADE ISUZU TROOPERS ALSO SOLD BY HONDA BUT FOR 32 MILLION YEN CHRYSLER ALSO SELLS IN JAPAN THROUGH SEIBU MOTOR SALES' DEALER NETWORK IN THE FIRST TWO MONTHS OF 1994 CHRYSLER SOLD 1741 CHEROKEES BUT NONETHELESS AFTER EACH SALE A CAR SALESMAN HAD TO DRIVE THE CHEROKEE TO A LOCAL LAND TRANSPORT OFFICE OF THE TRANSPORTATION MINISTRY AND TAKE THE VEHICLE THROUGH WHAT AMOUNTED TO A FOURHOUR INSPECTION IMAGINE IF THE SALESMAN WHO SOLD YOU A CAR HAD TO TAKE FOURTOFIVE HOURS OF HIS TIME AT THE SECRETARY OF STATE'S OFFICE SAID CHRYSLER'S MR BADORE INCLUDING IN SOME CASES A TWOHOUR DRIVE EACH WAY THE TYPE CERTIFICATE WILL HELP BOOST CHEROKEE SALES FURTHER AND WILL ALLOW THE COMPANY TO CUT PRICES THE COMPANY IS PLANNING PRICE CUTS AND A DEALERINCENTIVE PROGRAM TO ENCOURAGE MORE DEALERS TO STOCK CHEROKEES SO THAT CUSTOMERS CAN TESTDRIVE THE VEHICLES MORE EASILY OVER THE NEXT FEW YEARS THE AUTO MAKER PLANS TO DEVELOP RIGHTHANDDRIVE VERSIONS OF THE GRAND CHEROKEE THE NEXTGENERATION CHEROKEE DUE IN 1997 THE NEON AND ITS MINIVAN MOST IF NOT ALL THOSE VEHICLES WILL BE SOLD IN JAPAN THE CHRYSLER TYPE CERTIFICATE ISN'T A FIRST FOR A US AUTO MAKER GM HAS CERTIFICATES ALLOWING IT TO EXPORT TWO CADILLAC MODELS AND THE PONTIAC GRAND AM BUT THOSE ARE LOWVOLUME LEFTHANDDRIVE PRODUCTS AND THE BULK OF GM'S SALES ARE EUROPEANMADE OPELS NOT US EXPORTS SIMILARLY THE BULK OF FORD'S JAPAN SALES ARE MAZDAS WITH A FORD BADGE 9403090060 940309 BUSINESS BRIEF EPIC HOLDINGS INC UNIT IS SUED BY HOSPITAL OVER ALLEGED BREACH OF PACT EPIC HEALTHCARE GROUP INC AND HEALTHTRUST INC WERE SUED BY A NOTFORPROFIT HOSPITAL IN GULFPORT MISS OVER AN ALLEGED BREACH OF CONTRACT THE SUIT FILED IN CHANCERY COURT OF HARRISON COUNTY BY MEMORIAL HOSPITAL SEEKS TO FORCE EPIC TO FULFILL THE CONTRACT OR TO BLOCK THE PLANNED ACQUISITION OF EPIC A HOSPITAL CHAIN IN DALLAS BY HEALTHTRUST A HOSPITAL CHAIN IN NASHVILLE TENN MEMORIAL SAID IT AGREED IN DECEMBER TO BUY GARDEN PARK COMMUNITY HOSPITAL IN GULFPORT FROM EPIC FOR 233 MILLION PLUS WORKING CAPITAL IN JANUARY HEALTHTRUST SAID IT WOULD ACQUIRE CLOSELY HELD EPIC FOR 277 MILLION IN CASH AND THE ASSUMPTION OF 727 MILLION IN DEBT MEMORIAL HOSPITAL IN ITS SUIT CLAIMS THAT EPIC A UNIT OF EPIC HOLDINGS INC BACKED OUT OF THE SALE SEVERAL WEEKS AFTER THE ACQUISITION WAS ANNOUNCED EXECUTIVES AT EPIC DECLINED TO COMMENT A SPOKESWOMAN FOR HEALTHTRUST SAID THE COMPANY HADN'T SEEN THE SUIT BUT THAT HEALTHTRUST BELIEVES THAT EPIC NEVER SIGNED ANY CONTRACT EVEN A LETTER OF INTENT TO SELL GARDEN PARK TO MEMORIAL 9403090059 940309 BUSINESS BRIEF BEVERLY ENTERPRISES INC APPEALS COURT SCALES BACK NLRB ORDER ON VIOLATIONS BEVERLY ENTERPRISES INC WON A COURT DECISION SCALING BACK A BROAD NATIONAL LABOR RELATIONS BOARD ORDER REGARDING MORE THAN 130 ALLEGED LABORLAW VIOLATIONS BY THE NURSINGHOME OPERATOR THE NLRB RULED EARLY LAST YEAR THAT BEVERLY COMMITTED THE VIOLATIONS WHICH DATE BACK ABOUT 10 YEARS IN AN EFFORT TO STIFLE UNION ORGANIZING BUT IN AN UNUSUAL STEP THE BOARD CONCLUDED THAT THE SHEER NUMBER OF VIOLATIONS INDICATED BEVERLY'S PROCLIVITY TOWARD BREAKING LABOR LAWS AS A RESULT BEVERLY FORT SMITH ARK COULD HAVE BEEN FOUND IN CONTEMPT FOR SUBSEQUENT VIOLATIONS AT ANY OF ITS APPROXIMATELY 1000 FACILITIES NOT JUST THE 33 FACILITIES INVOLVED IN THE CASE BUT THE FEDERAL APPEALS COURT IN NEW YORK RULED THAT THE LABOR BOARD WENT TOO FAR IN MAKING ITS ORDER COMPANYWIDE DAVID SNAPP NURSING HOME DIRECTOR FOR THE SERVICE EMPLOYEES INTERNATIONAL UNION WHICH BROUGHT MANY OF THE COMPLAINTS AGAINST BEVERLY SAID THE UNION IS EVALUATING WHETHER TO APPEAL TWO OTHER CASES INVOLVING CHARGES OF LABORLAW VIOLATIONS ARE PENDING AGAINST BEVERLY AT THE NLRB JUST OVER 10 OF BEVERLY'S WORK FORCE IS UNIONIZED 9403090058 940309 LETTERS TO THE EDITOR IT DEPENDS ON WHO'S ABUSING THE WORD IN RESPONSE TO DENNIS PRAGER'S WORD ABUSE A LEXICON EDITORIAL PAGE JAN 21 A PROPER ENGLISH LEXICON NOT TO MENTION A FAIR ONE SHOULD INCLUDE AT LEAST ONE ALTERNATIVE SET OF MEANINGS BELOW A LEXICON THAT SHOWS HOW CERTAIN WORDS AND PHRASES ARE USED BY MANY SMALL AND MEDIUMSIZE NEWSPAPERS BY MOST RADIO TALK SHOW HOSTS SUCH AS DENISON PRAGER OF KABC RADIO IN LOS ANGELES AND BY MANY INDIVIDUALS IN PUBLIC AND PRIVATE DEBATE CONSERVATIVE A PERSON WHO BELIEVES IN MINIMAL GOVERNMENTAL INTERFERENCE IN OUR LIVES EXCEPT IN THE BEDROOM OF COURSE LIBERAL A BLEEDING HEART WHO WANTS TO PAROLE ALL CRIMINALS CHRISTIAN RIGHT UPRIGHT GODFEARING CITIZENS WHOM GOD HAS CALLED TO POLITICAL ACTION TO SAVE US ALL WITH MINIMAL GOVERNMENTAL INTERFERENCE OF COURSE WOMEN'S RIGHTS THE RIGHT TO LOVE HONOR AND OBEY ONE'S FATHER BROTHER OR HUSBAND ANIMAL RIGHTS SUPPORTING THE RIGHTS OF HUNTERS TO THIN WILDANIMAL HERDS SO AS TO SAVE ANIMALS FROM STARVATION FETUS AN UNBORN CHILD WHOSE RIGHTS SUPERCEDE THE RIGHTS OF ITS MOTHER BABY A BLESSED EVENT FOR WHICH ALL WOMEN ARE NATURALLY GRATEFUL LIFE IS A WONDERFUL THING ALWAYS TO BE PICTURED ON TELEVISION IN AN ATTRACTIVE MIDDLECLASS SETTING NEVER IN A SLUM OR TENEMENT WOMAN AUTHENTIC ALL GOOD WIVES AND MOTHERS WOMAN INAUTHENTIC ALL MEMBERS OF NOW AND SIMILAR RADICAL GROUPS SEXIST A NOTORIOUS WOMANIZER VICTIMS THOSE DEPRIVED OF LIFE LIBERTY OR PARTICULARLY PROPERTY BUT ONLY THROUGH NATURAL UPHEAVALS SUCH AS BRUSH FIRES FLOODS EARTHQUAKES OR VOLCANIC ERUPTIONS IDEAL FAMILY MAMA PAPA AND AT LEAST FOUR CHILDREN GRANDMA AND GRANDPA CAN BE INCLUDED IF THEY ARE NOT IN A HOME FOR THE AGED EXCEPTION A MARRIED COUPLE WITH CHILDREN WHO ARE ON WELFARE ARE NOT CONSIDERED AN IDEAL FAMILY PROGRESSIVE VIEW OF HUMANITY RICH PEOPLE AND TRULY RELIGIOUS CHRISTIANS ARE TO BE RESPECTED ALL OTHERS ARE TOLERATED BUT ONLY IF THEY KNOW THEIR PLACE REACTIONARY VIEW OF HUMANITY ALL MEN ARE CREATED EQUAL BLACKS AUTHENTIC AFRICANAMERICANS WHO HAVE ACHIEVED MIDDLECLASS OR UPPERCLASS ECONOMIC STATUS AND WHO NOW VOTE REPUBLICAN BLACKS INAUTHENTIC ANY BLACK WHO DOES NOT REALIZE WHAT A GREAT DEAL THE WHITE MAJORITY IS GIVING HIM BLACK RACIST A BLACK PERSON WHO PUBLICLY STATES THAT BLACKS ARE SUPERIOR TO WHITES HE IS EITHER CRAZY OR A DANGEROUS RADICAL POVERTY THE ECONOMIC STATUS OF LAZY PEOPLE GREED THE MOTIVE OF MUGGERS THIEVES AND BURGLARS ALL TOO LAZY TO WORK WHITECOLLAR EMBEZZLEMENT OR CHEATING IS OF COURSE SIMPLY BUSINESS MINORITIES INDIVIDUALS OR GROUPS UNWILLING TO WORK HARD IN ORDER TO BECOME PART OF THE MAJORITY COMMUNITY FORMERLY A GROUP OF PEOPLE LIVING IN THE SAME LOCALE NOW A BUNCH OF COMMIES LESSIES OR GAYS LIVING TOGETHER FEMINIST ORGANIZATIONS ORGANIZATIONS OF FRUSTRATED MANHATERS TOO LAZY TO COOK THEIR HUSBANDS' DINNERS 9403090057 940309 INTERNATIONAL TENSIONS RUN HIGH IN MEXICO'S POLITICS AS CAMACHO CONSIDERS A RUN FOR OFFICE BY DIANNE SOLIS AND PAUL B CARROLL STAFF REPORTERS OF THE WALL STREET JOURNAL MEXICO CITY SIMMERING TENSIONS INSIDE MEXICO'S RULING PARTY BETWEEN HARDLINERS AND FORCES PUSHING FOR BROADER DEMOCRATIC REFORMS SEEM LIKELY TO KEEP THE POLITICAL SCENE JITTERY UNTIL VERY CLOSE TO THE AUGUST PRESIDENTIAL ELECTION ONE OF THE SOURCES OF UNCERTAINTY HAD BEEN EXPECTED TO DISAPPEAR WHEN MANUEL CAMACHO SOLIS WHO HAS BECOME A NATIONAL SYMBOL FOR THOSE PUSHING FOR A MORE OPEN POLITICAL AND SOCIAL SYSTEM EITHER DECLARED HIMSELF A CANDIDATE IN THE AUG 21 ELECTION OR FORMALLY SAID HE WOULDN'T RUN ALTHOUGH MR CAMACHO HAS BEEN TRYING TO KEEP PEOPLE GUESSING TO INCREASE HIS INFLUENCE WITHIN THE MEXICAN GOVERNMENT THE ASSUMPTION HAD BEEN THAT HE WOULD HAVE TO DECIDE BY NEXT TUESDAY THE FILING DEADLINE NOW HOWEVER SOME POLITICAL ANALYSTS AND MR CAMACHO'S SUPPORTERS SAY THAT MR CAMACHO COULD KEEP HIS PROSPECTS ALIVE THROUGH JULY 21 ASSUMING HE DOESN'T BECOME A DECLARED CANDIDATE BY TUESDAY THEY SAY THAT HE COULD BECOME A CANDIDATE AS LATE AS ONE MONTH BEFORE THE ELECTIONS BY PERSUADING ANOTHER CANDIDATE TO STEP ASIDE MR CAMACHO RECENTLY NEGOTIATED THE HIGHPROFILE PEACE AGREEMENTS FOLLOWING THE UPRISING IN CHIAPAS AND HAS LONG HAD WIDE POPULAR APPEAL PARTICULARLY IN THE CAPITAL WHERE NEARLY A QUARTER OF THE VOTERS LIVE THUS ANY OF A HALFDOZEN SMALL PARTIES WITH PRESIDENTIAL CANDIDATES COULD SUBSTITUTE THE 47YEAROLD PRINCETONTRAINED POLITICIAN AS THE PARTY'S STANDARD BEARER TO BE SURE THE LONGER MR CAMACHO WAITS TO DECLARE HIMSELF THE HARDER TIME HE WILL HAVE BUILDING A CAMPAIGN ORGANIZATION BUT HE COULD STILL BE A CREDIBLE CHALLENGER TO LUIS DONALDO COLOSIO WHO EDGED OUT MR CAMACHO AS THE CHOICE OF THE RULING INSTITUTIONAL REVOLUTIONARY PARTY OR PRI WITHOUT MR CAMACHO IN THE RACE OPINION POLLS SHOW MR COLOSIO HAVING LITTLE TROUBLE WITH THE CANDIDATES FROM THE OTHER TWO MAJOR PARTIES POLITICAL OBSERVERS SAY THAT BECAUSE MR CAMACHO POSES THE ONLY REAL THREAT TO MR COLOSIO HE HAS BEEN FACING INTIMIDATION TO KEEP HIM OUT OF THE RACE THEY TRACE THE INTIMIDATION TO HARDLINERS WITHIN THE PRI AND TO OTHERS WHO HAVE BEEN ABLE TO MAKE FORTUNES TRADING ON THEIR INFLUENCE AND WHO HAVE AN OBVIOUS INTEREST IN MAKING SURE THAT THE PRI REMAINS IN CONTROL AS IT HAS FOR MORE THAN SIX DECADES THE OBSERVERS ALSO SAY THAT MR CAMACHO'S HARDLINE OPPONENTS HAVE AMONG OTHER THINGS INITIATED AUDITS OF ALMOST EVERY PROJECT HE AND HIS ASSOCIATES WERE INVOLVED IN WHILE HE WAS MAYOR OF MEXICO CITY THEY ALSO SAY MR CAMACHO'S OPPONENTS HAVE MANAGED TO ARRANGE THE FIRINGS OF MANY OF THE MANAGERS MR CAMACHO LEFT BEHIND WHEN HE RESIGNED AS MAYOR LATE LAST YEAR THE POLITICAL OBSERVERS ALSO TOOK IT AS A THREAT TO MR CAMACHO WHEN A FRONTPAGE COLUMN APPEARED OVER THE WEEKEND ATTACKING ONE OF HIS TOP AIDES ALEJANDRA MORENO AS BEING A FREE SPENDER AND BEING CAREFREE IN AWARDING CONTRACTS IN THE WORLD OF MEXICAN JOURNALISM IT IS RELATIVELY EASY TO PLACE COLUMNS SO THE OBSERVERS TOOK THE COLUMN AS A SIGN THAT MANY OF THEM WOULD ALL FACE PERSONAL ATTACKS IF MR CAMACHO RUNS FOR PRESIDENT A SPOKESMAN FOR PRESIDENT CARLOS SALINAS WHO HAS BACKED MR CAMACHO'S EFFORTS TO NEGOTIATE PEACE IN CHIAPAS EVEN WHEN THEY INCLUDED THE PROSPECTS OF NATIONAL POLITICAL REFORM PLAYED DOWN THE CONCERNS AMONG THOSE CLOSE TO MR CAMACHO THE SPOKESMAN SAID THAT LOTS OF PEOPLE ARE FACING AUDITS NOW BECAUSE THE LAST YEAR OF A PRESIDENTIAL TERM IS TYPICALLY WHEN THOSE IN OFFICE TRY TO GRAB AS MUCH MONEY AS THEY CAN THE SPOKESMAN ALSO SAID THAT IT IS NORMAL FOR SOMEONE SUCH AS THE NEW MAYOR OF MEXICO CITY TO REPLACE HIS PREDECESSOR'S APPOINTEES STILL MANY OF THOSE IN THE COLOSIO CAMP CLEARLY HAVE NO USE FOR MR CAMACHO ONE MEMBER OF THE COLOSIO CAMPAIGN SAYS DARKLY IF CAMACHO ACCEPTS THE CANDIDACY FOR ANOTHER PARTY WE'LL FINISH HIM HE'LL BE A TRAITOR THE GOVERNMENT HAS RESPONDED TO THE POLITICAL UNCERTAINTY WITH A FLURRY OF REFORMS INCLUDING THE UNPRECEDENTED STATEMENT THAT FOREIGN OBSERVERS WILL BE ALLOWED INTO THE COUNTRY FOR THE ELECTIONS ADDITIONALLY THE GOVERNMENT WILL ESTABLISH A NEW ELECTORAL PROSECUTOR'S OFFICE AND AUTHORIZE AN INDEPENDENT AUDIT OF VOTER ROLLS BY MAY 11 TO CORRECT THE SORTS OF PROBLEMS THAT AN OPPOSITION PARTY UNCOVERED WHEN IT DID A SAMPLE EXAMINATION RECENTLY AND FOUND PHANTOM VOTERS REGISTERED AT THE ADDRESSES OF A CHILDREN'S MUSEUM A STATUE AND A GUARD'S STATION TO THE PRESIDENTIAL RESIDENCE STILL THE UNCLEAR OUTLOOK ON THE POLITICAL SCENE HAS BEEN WEIGHING ON THE MEXICAN STOCK MARKET WHICH HAS GIVEN UP ALL THE MORE THAN 10 GAIN IT REGISTERED EARLY IN THE YEAR AND A RECENT INCIDENT SHOWS JUST HOW HIGH POLITICAL TENSIONS ARE RUNNING THANKS TO THE REBELLION IN CHIAPAS AND THE DIVISIONS WITHIN THE PRI TWO WEEKS AGO AS THE PRI'S PRESIDENTIAL CANDIDATE STUMPED IN THE CAPITAL'S HILLSIDE SHANTY TOWNS MR COLOSIO WAS SURPRISED BY A CHANTING BAND OF MASKED YOUTHS DRESSED TO LOOK LIKE THE CHIAPAS REBELS ONE OF THEM ERNESTO ESTRADA SHOUTED WE'VE BEEN STRUGGLING FOR 18 YEARS AGAINST THE MISERY HERE ALL WE EVER GET IS ELECTORAL FRAUD MR COLOSIO SURPRISED EVERYONE BY SHOUTING BACK IN THE REFORMED PRI WE NOW HAVE DEMOCRATIC SPACES THEN HE TURNED OVER HIS MICROPHONE SO MR ESTRADA COULD MAKE HIS OWN STUMP SPEECH BUT NOT BEFORE A REPORTER FOR THIS NEWSPAPER WAS ROUGHLY GRABBED BY THE ARM BY A PRI OFFICIAL ANNOYED THAT DISSIDENTS WERE RECEIVING PRESS ATTENTION 9403090055 940309 LETTERS TO THE EDITOR DON'T PULL THE PLUG ON UNTREATED ADDICTS SADLY PEOPLE WITH MENTAL ALCOHOL AND DRUG ABUSE DISORDERS ARE ALLTOOEASY TARGETS AT BUDGETCUTTING TIME TAXSUBSIDIZED ADDICTS REVIEW & OUTLOOK FEB 8 BUT LET'S NOT CONFUSE REAL ILLNESSES WITH POOR FUNDING FOR WHAT ARE POTENTIALLY REAL SOLUTIONS THE PROGRAM YOUR EDITORIAL DESCRIBED WAS NEVER INTENDED AS A HANDOUT TO ADDICTS THE LAUDABLE IDEA WAS TO CREATE INCENTIVES FOR PEOPLE TO GET INTO TREATMENT BY SENDING THEIR SUBSIDIES TO REPRESENTATIVE PAYEES WHICH COULD INCLUDE TREATMENT PROGRAMS FAMILY MEMBERS OR OTHERS WHO WOULD DIRECTLY ENCOURAGE THEM INTO TREATMENT UNFORTUNATELY WHILE THE IDEA IS SOUND THE SOCIAL SECURITY ADMINISTRATION HAS NEVER HAD THE RESOURCES AND PERHAPS THE WILL TO ADEQUATELY IMPLEMENT AND OVERSEE THE PROGRAM YET PEOPLE STILL NEED HELP AND THOSE WHO ARE ADDICTED ARE NO LESS DISABLED THAN PERSONS WITH PHYSICAL DISABILITIES THEIR PROBLEMS ARE REAL AND THEY DON'T GO AWAY BY SIMPLY PULLING THE PLUG ON ENTITLEMENT PROGRAMS IN FACT WE ALL PAY THROUGH BOTH DIRECT TREATMENT EXPENSES AND THROUGH THE INDIRECT COSTS OF LOST OR REDUCED PRODUCTIVITY ACCIDENTS AND CRIME A WHOPPING 2733 BILLION IN 1988 FOR THE EFFECTS OF UNTREATED MENTAL ALCOHOL AND DRUG ABUSE DISORDERS LET'S FIX ANY PROBLEMS IN THE FUNDING AND MANAGEMENT OF GOVERNMENT ENTITLEMENTS BUT LET'S NOT BLAME PEOPLE WITH ADDICTIONS FOR GOVERNMENT INEFFICIENCIES 9403090054 940309 BUSINESS BRIEF DIVERSIFIED COMMUNICATIONS COMPANY WILL POST LOSSES ACCOUNTING PROBLEMS CITED DIVERSIFIED COMMUNICATIONS INDUSTRIES LTD SAID IT EXPECTS TO REPORT A LOSS FOR THE FOURTH QUARTER AND FOR ALL OF 1993 BECAUSE OF ACCOUNTING ADJUSTMENTS UNCOVERED IN THE COMPANY'S YEAREND AUDIT THE WEST PALM BEACH FLA HOLDING COMPANY WITH INTERESTS IN TELECOMMUNICATIONS ALSO SAID ITS CHIEF FINANCIAL OFFICER JAMES O'DONNELL HAD DEPARTED AND NAMED ITS CHAIRMAN JOSEPH F BRADWAY JR AS ACTING FINANCE CHIEF MR O'DONNELL REACHED AT HIS HOME SAID HE RESIGNED FEB 3 AND STAYED ON WITH THE COMPANY THOUGH LAST FRIDAY HE DECLINED TO DISCUSS HIS DEPARTURE MR BRADWAY COULDN'T BE REACHED FOR COMMENT DIVERSIFIED SAID IT COULDN'T QUANTIFY THE LOSSES BUT WILL REPORT ITS RESULTS WHEN THE AUDIT IS COMPLETED IN LATE MARCH THE COMPANY SAID PRELIMINARY AUDIT RESULTS DISCLOSED TIMING ADJUSTMENTS RELATED TO REVENUE RECOGNITION UNDERACCRUALS FOR INSURANCE AND A TAX LIABILITY RELATED TO A FORMER UNIT 9403090053 940309 TEXAS JOURNAL STATE BAR LOOKS INTO LOANS TO FORMER HEARING OFFICER BY MICHAEL TOTTY STAFF REPORTER OF THE WALL STREET JOURNAL WITH ALL THE CRITICISM THE STATE'S TRIAL LAWYERS HAVE SUFFERED LATELY THE LAST THING THEY NEED IS A SCANDAL THEY MAY GET ONE ANYWAY THE STATE BAR OF TEXAS IS LOOKING INTO LOANS BY A GROUP OF 10 WELLKNOWN EAST TEXAS ATTORNEYS TO MICHAEL BRUMLEY A FORMER WORKERS' COMPENSATION HEARING OFFICER WHO WAS CONVICTED LAST MONTH ON FEDERAL FRAUD AND MONEYLAUNDERING CHARGES IF THE PRELIMINARY INQUIRY TURNS UP EVIDENCE OF MISCONDUCT THE STATE BAR WOULD BEGIN A FORMAL INVESTIGATION THAT COULD RESULT IN REPRIMANDS OR SUSPENSIONS OF THE LAWYERS SO FAR THERE'S NO EVIDENCE OF WRONGDOING ALL 10 LAWYERS TESTIFIED ABOUT THE LOANS IN THE TRIAL OF THE HEARING OFFICER AND THE ASSISTANT US ATTORNEY IN CHARGE OF THE CASE SAYS THE LOANS DIDN'T VIOLATE FEDERAL LAWS THE DISTRICT ATTORNEY IN BEAUMONT DOESN'T PLAN TO FILE CHARGES THE FEDERAL GOVERNMENT FULLY INVESTIGATED IT AND FOUND NO WRONGDOING ON ANY LAWYER'S PART SAYS JEFFREY BADDERS A NACOGDOCHES ATTORNEY WHO TESTIFIED THAT HE COSIGNED A SMALL LOAN FOR MR BRUMLEY'S AILING PARKINGLOT SWEEPING BUSINESS MR BADDERS WAS THE ONLY ONE OF THE 10 LAWYERS WHO WOULD COMMENT MOST DIDN'T RETURN PHONE CALLS STILL THE INQUIRY IS LIKELY TO TARNISH THE IMAGE OF THE STATE'S TRIAL LAWYERS MAINLY BECAUSE IT INVOLVES PROMINENT MEMBERS OF THE PLAINTIFFS BAR INCLUDING TWO PAST PRESIDENTS OF THE TEXAS TRIAL LAWYERS ASSOCIATION AND A BIG CONTRIBUTOR TO DEMOCRATIC PARTY CANDIDATES AND IT HANDS A WEAPON TO THEIR POLITICAL ENEMIES MEMBERS OF THE PLAINTIFFS BAR CONCEDE THAT THE INQUIRY FEEDS THE PUBLIC'S ALREADY JAUNDICED VIEW OF TRIAL LAWYERS BEAUMONT LAWYER THOMAS ROEBUCK A PARTNER OF ONE OF THE ATTORNEYS AND A MEMBER OF THE LOCAL BAR GRIEVANCE COMMITTEE DOESN'T BELIEVE THE LAWYERS VIOLATED ANY RULES OF PROFESSIONAL CONDUCT BUT HE AGREES THE PUBLIC WILL BE HARD TO CONVINCE THERE'S A PERCEPTION THAT WE'RE NOT A VERY MORAL ETHICAL BUNCH MR ROEBUCK SAYS SO WHEN SOMETHING LIKE THIS COMES FORWARD EVEN THOUGH IT HAS ABSOLUTELY NO MERIT IT'S LIKE A SKUNK IN A JURY BOX IT'S THERE AND YOU CAN'T GET THE STINK OUT THE INQUIRY BEGAN AFTER THE LAWYERS TESTIFIED THEY HAD LENT MONEY OR GUARANTEED OR ARRANGED BANK LOANS TO MR BRUMLEY AT THE TIME A HEARING OFFICER FOR THE TEXAS INDUSTRIAL ACCIDENTS BOARD AND LATER REGIONAL ASSOCIATE DIRECTOR OF THE TEXAS WORKERS' COMPENSATION COMMISSION SUCCESSOR TO THE ACCIDENTS BOARD MR BRUMLEY TOOK MORE THAN 86000 FROM JOHN M CELY A LUFKIN ATTORNEY WITH A LARGE WORKERS' COMPENSATION PRACTICE IN RETURN PROSECUTORS CHARGED MR BRUMLEY PROVIDED CERTAIN FAVORS SUCH AS TRYING TO DIRECT A COMMISSION LEASE TO A BUILDING OWNED BY MR CELY AND INTERFERING WITH A BOARD INVESTIGATION INTO COMPLAINTS AGAINST THE ATTORNEY MR CELY PLEADED GUILTY TO WIRE AND TAX FRAUD LAST AUGUST AND WAS SENTENCED TO FIVE YEARS IN PRISON MR BRUMLEY WAS CONVICTED LAST MONTH AND IS AWAITING SENTENCING AT THE TRIAL THE LAWYERS SAID THEY HAD ARRANGED THE LOANS OUT OF FRIENDSHIP FOR MR BRUMLEY THE LOANS WEREN'T REPAID THERE WASN'T ANY EVIDENCE THAT ANY OF THE ATTORNEYS MOST OF WHOM HAD LARGE WORKERS' COMPENSATION PRACTICES RECEIVED SPECIAL TREATMENT FROM MR BRUMLEY WHO AS HEARING OFFICER HAD A GREAT DEAL OF DISCRETION IN RECOMMENDING AWARDS 9403090052 940309 MARKETING BRIEF DUN & BRADSTREET CORP NIELSEN OPERATION RECLAIMS TWO MORE CLIENTS FROM IRI NIELSEN MARKETING RESEARCH A UNIT OF DUN & BRADSTREET CORP RECLAIMED TWO MORE CLIENTS FROM ARCHRIVAL INFORMATION RESOURCES INC IN THEIR SEESAW BATTLE FOR BUSINESS NIELSEN NORTHBROOK ILL SAID JOHNSON & JOHNSON THE PHARMACEUTICALS GIANT SIGNED A MULTIYEAR CONTRACT THAT INCLUDES ITS J&J/MERCK AND MCNEIL CONSUMER PRODUCTS CO UNITS BOTH BRANCHES REPRESENTING SEVERAL MILLION DOLLARS IN ANNUAL BILLINGS HAD LEFT NIELSEN FOR IRI IN 1991 THOSE SIGNINGS FOLLOW THE EXPECTED DEFECTION OF BRISTOLMYERS SQUIBB CO FROM IRI CHICAGO BACK TO NIELSEN THE JOHNSON & JOHNSON BUSINESS RETURNED TO NIELSEN AFTER WHAT THE MARKETDATA CONCERN CHARACTERIZED AS A VERY COMPETITIVE BATTLE JAMES G ANDRESS IRI VICE CHAIRMAN AND COCHIEF EXECUTIVE OFFICER EXPRESSED REGRET AT THE JOHNSON & JOHNSON UNITS' DEPARTURES BUT SAID THEY HAD OCCURRED IN THE FACE OF WHOPPING DISCOUNTS 9403090051 940309 REVIEW & OUTLOOK EDITORIAL THE FISKE COVERUP INDEPENDENT COUNSEL ROBERT FISKE IS A DISTINGUISHED MEMBER OF THE NEW YORK BAR AND HE IS ONLY DOING WHAT ANY GOOD LAWYER WOULD DO BUT WHEN THIS APPROACH IS APPLIED TO BROAD PUBLIC POLICY CONCERNS AS DISTINGUISHED NEW YORK ATTORNEY BERNARD NUSSBAUM FOUND IT CAN PRODUCE PREPOSTEROUS RESULTS SO IN PREPARATION FOR MR FISKE'S MEETING THIS MORNING TO URGE SENATOR D'AMATO AND THE REST OF CONGRESS TO SHUT UP AND GET OUT OF THE WAY WE'D LIKE TO OFFER AN UPDATE ON DOW JONES V DEPARTMENT OF JUSTICE AS MOST READERS KNOW WE'VE FILED SUIT UNDER THE FREEDOM OF INFORMATION ACT FOR THE RELEASE OF REPORTS ON THE DEATH OF VINCENT FOSTER THE JUSTICE DEPARTMENT'S REPLY CONSISTS OF A LETTER FROM MR FISKE SAYING THE REPORTS SHOULD NOT BE RELEASED BECAUSE IT WOULD COMPROMISE HIS INVESTIGATION AT THE TIME MR FISKE WAS APPOINTED WE'D ALREADY BEEN WAITING FOR THESE REPORTS FOR FIVE MONTHS WE FILED OUR ORIGINAL FOIA REQUEST BACK IN AUGUST BECAUSE WE THOUGHT THAT'S WHAT THE JUSTICE DEPARTMENT WAS ASKING US TO DO AS SOON AS THE FOIA SECTION PROCESSES THE REPORT IT'LL BE AVAILABLE TO YOU THAT HAS ALREADY STARTED BEFORE THIS MEETING EVEN TOOK PLACE SPOKESMAN CARL STERN TOLD THE PRESS SO WE FILED THE REQUEST AND LET THE PROCESS PROCEED AS IT PROCEEDED MR FOSTER'S DEATH WAS WIDELY BLAMED ON US BECAUSE PRIOR TO HIS DEATH WE WERE THE ONLY PEOPLE SUGGESTING THERE MIGHT BE AN ISSUE CONCERNING ETHICS AMONG FORMER MEMBERS OF THE ROSE LAW FIRM MICHAEL KINSLEY CAST THE FIRST STONE AS IS HIS WONT AND THE BLAMELAYING REACHED A CRESCENDO WITH THE HEADLINE ON JONATHAN ALTER'S NEWSWEEK COLUMN JOURNALISM AS A BLOOD SPORT WE NEVER VIEWED THIS THEME AS AN ACCIDENT JOHN HANCHETTE NATIONAL CORRESPONDENT FOR THE GANNETT NEWS SERVICE RECENTLY CONFIRMED OUR SUSPICIONS TELLING PETER BRONSON OF THE CINCINNATI INQUIRER REPORTERS GOT UNSOLICITED CALLS FROM THE WHITE HOUSE SAYING THAT THEY WERE AT FAULT THAT THE PRESS WAS VULTURES PICKING OVER HIS BONES AND OF COURSE WE WERE DESIGNATED AS CHIEF VULTURES ON THE BASIS OF THE NOTE FOUND SIX DAYS AFTER MR FOSTER'S DEATH TORN UP AT THE BOTTOM OF HIS BRIEFCASE BUT SUPPOSEDLY MISSED IN PREVIOUS SEARCHES IN ONE OF THE COPIOUS LEAKS FROM THE REPORT THAT JUSTICE AND MR FISKE SAY WE CAN'T HAVE WE LEARN THAT A PARK POLICE INVESTIGATOR SAYS HE HAD EARLIER WATCHED MR NUSSBAUM EXAMINE THE BRIEFCASE THIS ACCOUNT APPEARED IN THE NEW YORK TIMES THE WEEK AFTER OUR SUIT WAS FILED MOST PEOPLE HAVING LEARNED ABOUT WHITEWATER FILES IN AND MYSTERIOUS VISITS TO MR FOSTER'S OFFICE NO LONGER ATTACH MUCH CREDENCE TO THE THEME OF BLAMING THE PRESS IN REPLYING TO OUR SUIT THE JUSTICE DEPARTMENT CONCEDES NEARLY ALL OF OUR FOIA CONTENTIONS BUT CLAIMS AN EXEMPTION FOR INFORMATION ON INVESTIGATIONS MR FISKE'S SUPPORTING LETTER SAYS THE PUBLIC DISCLOSURE OF ALL OR ANY PART OF THE PARK POLICE OR FBI REPORT AT THIS TIME WOULD SUBSTANTIALLY PREJUDICE THE ABILITY OF THE OFFICE OF THE INDEPENDENT COUNSEL TO CONDUCT ITS INVESTIGATION FOR EXAMPLE IF A WITNESS HAS ACCESS TO WHAT ANOTHER PERSON HAS SAID ABOUT A PARTICULAR FACT OR TO CONCLUSIONS REACHED IN A REPORT THAT WITNESS'S TESTIMONY OR STATEMENTS IN AN INTERVIEW COULD BE TAINTED BY THAT KNOWLEDGE SOUNDS LAWYERLY WHAT IN BLAZES IS HE TALKING ABOUT HIS WITNESSES ARE THE SAME PEOPLE WHO'D BEEN SITTING ON THIS REPORT FOR FIVE MONTHS BEFORE HE TOOK OFFICE WHICH OF THE FOLLOWING HASN'T HAD ACCESS TO IT MR NUSSBAUM BRUCE LINDSEY HAROLD ICKES MARK GEARAN MAGGIE WILLIAMS LISA CAPUTO THESE PEOPLE OR THOSE WHO WORK FOR OR WITH THEM WE FEEL ENTITLED TO SUSPECT ARE ALSO BEHIND THE SPIN ON THE SECRET REPORT INTENDED TO BLACKEN OUR NAME THEY AND COMPATRIOTS LIKE WEBSTER HUBBELL AT JUSTICE ALSO UNDERSTAND THAT MR FISKE WILL DO WHAT EVERY GOOD LAWYER WOULD AND THAT THIS WILL CONTINUE THEIR COVERUP BEYOND THE CONGRESSIONAL ELECTION AND WITH LUCK BEYOND THE PRESIDENTIAL ONE THERE'S MORE WHEN WE FILED SUIT WE ALSO FILED A SEPARATE REQUEST FOR A PHOTOCOPHY OF THE FOSTER NOTE THE TEXT HAD BEEN RELEASED AND A PHOTOCOPY HAS BEEN AVAILABLE FOR INSPECTION IN MR STERN'S OFFICE THE JUSTICE DEPARTMENT HAS REPLIED TO THIS REQUEST WITH A LETTER SAYING THE HANDWRITTEN NOTE WILL BE TREATED AS PART OF YOUR EARLIER REQUEST THROWING IT UNDER MR FISKE'S ALL OR ANY PART UMBRELLA IN OTHER WORDS THE DISTINGUISHED LAWYER IS ARGUING THAT HIS INVESTIGATION WILL BE JEOPARDIZED BY RELEASE OF A LETTER THE TEXT OF WHICH HAS ALREADY BEEN PRINTED IN EVERY NEWSPAPER IN THE LAND AND THE COPY OF WHICH HAS BEEN AVAILABLE FOR THOSE WILLING TO VISIT MR STERN'S OFFICE PERHAPS SOME OF THE MEMBERS OF CONGRESS WOULD LIKE TO EXPLORE THIS LOGIC IN THEIR MEETING WITH MR FISKE THIS MORNING IT IS A TASTE OF WHAT THEY CAN EXPECT IF THEY DEFER TO WHAT ANY GOOD LAWYER WOULD DO AND SHIRK THEIR OWN RESPONSIBILITY TO AIR IMPORTANT CONCERNS IN PUBLIC THEY SHOULD TELL MR FISKE THAT THEY ULTIMATELY DON'T CARE WHETHER SOMEONE GOES TO JAIL FOR OUR OWN PART WE HOPE NO ONE DOES THE MORE IMPORTANT RESPONSIBILITY IS TO GIVE THE PUBLIC THE FACTS IT NEEDS TO JUDGE THE PERFORMANCE OF ITS GOVERNMENT DECIDING WHETHER TO INDICT IS LESS IMPORTANT THAN DECIDING WHETHER TO THROW THE RASCALS OUT 9403090050 940309 CEOS ON THE ECONOMY DON'T BLOW CHANCE TO STRENGTHEN BANKS BY JOHN B MCCOY CONGRESS HAS ITS BEST CHANCE EVER TO PASS LEGISLATION PHASING IN INTERSTATE BANKING AND BRANCHING IN RECENT WEEKS A KEY HOUSE SUBCOMMITTEE AND THE FULL SENATE BANKING COMMITTEE HAVE VOTED UNANIMOUSLY IN FAVOR OF THIS LEGISLATION WHICH ALSO HAS THE SUPPORT OF THE CLINTON ADMINISTRATION THIS SHOW OF STRONG SUPPORT WOULD USUALLY MEAN THAT A BILL IS WELL ON ITS WAY TO THE PRESIDENT'S DESK HOWEVER THERE IS A LONG HISTORY OF IMPORTANT BANKING BILLS BECOMING MAGNETS FOR EXTRANEOUS AMENDMENTS FROM VARIOUS INTEREST GROUPS AMENDMENTS THAT ULTIMATELY SINK THE WHOLE PACKAGE THIS HAPPENED MOST RECENTLY IN 1991 WITH THE FULL HOUSE BANKING COMMITTEE FACING A CRITICAL VOTE ON THE BILL TODAY THE REAL QUESTION IS WILL CONGRESS PERMIT THESE EXTRANEOUS MEASURES TO ONCE AGAIN SINK REFORMS NEEDED TO BRING OUR FINANCIAL SYSTEM INTO THE MODERN WORLD THERE SEEMS TO BE A STRONG CONSENSUS IN CONGRESS THAT INTERSTATE BANKING LEGISLATION SHOULD BE ENACTED LEADERS OF THIS CONGRESSIONAL EFFORT HAVE POINTED TO THREE POSITIVE RESULTS FIRST INTERSTATE BANKING WILL BE GOOD FOR CONSUMERS AND BUSINESSES INTERSTATE BANKS WILL PASS ON COST SAVINGS FROM MORE EFFICIENT OPERATIONS IN THE FORM OF LOWER INTEREST RATES ON LOANS CONSUMERS AND BUSINESSES WILL ALSO BENEFIT FROM THE AVAILABILITY OF NEW SERVICES SUCH AS MORE FLEXIBLE MORTGAGE LOANS FOR HOMEOWNERS AND ADVANCED CASHMANAGEMENT SYSTEMS FOR BUSINESSES IN ADDITION CONSUMERS WHO TRAVEL OR COMMUTE ACROSS STATE LINES AND BUSINESSES THAT OPERATE IN MORE THAN ONE STATE WILL SEE ADDED CONVENIENCE THE SECOND BENEFIT OF INTERSTATE BANKING LEGISLATION IS THAT IT WILL STRENGTHEN THE BANKING INDUSTRY BY GIVING INDIVIDUAL INSTITUTIONS MORE GEOGRAPHIC DIVERSIFICATION IN THEIR PORTFOLIOS AND IT WILL ALLOW BANKS TO COMPETE ON A LEVEL PLAYING FIELD WITH OTHER PLAYERS IN THE FINANCIAL SERVICES INDUSTRY SUCH AS SECURITIES FIRMS AND INSURANCE COMPANIES WHICH ARE ALREADY PERMITTED TO OPERATE ACROSS STATE LINES FINALLY THE LEGISLATION WILL LESSEN REGIONAL ECONOMIC DOWNTURNS SUCH AS THE ONE THAT HIT NEW ENGLAND SEVERAL YEARS AGO IT IS CLEAR THAT IN NEW ENGLAND THE DOWNTURN WAS MADE MUCH WORSE BECAUSE WEAKENED BANKS WERE FORCED TO SHRINK THEIR LOAN PORTFOLIOS AS THEIR CAPITAL LEVELS FELL BECAUSE OF LOSSES INTERSTATE BANKING IT IS NOW RECOGNIZED WOULD HAVE ENABLED BANKS TO BETTER WITHSTAND REGIONAL LOAN LOSSES AND TO CONTINUE PROVIDING CREDIT TO JOBCREATING BUSINESSES IN NEW ENGLAND BOTH THE HOUSE AND SENATE BILLS WHICH ARE VERY SIMILAR STRIKE A BALANCE IN PRESERVING THE COMPETITIVENESS OF BANKS OF ALL SIZES FROM SMALL COMMUNITY OUTFITS TO GIANT MONEY CENTERS THE BILLS ALSO PROTECT THE RIGHTS OF STATES BY ENABLING THEM TO OPT OUT OF THE INTERSTATE BRANCHING SYSTEM THIS CAREFUL BALANCE IS IMPORTANT NOT ONLY SUBSTANTIVELY BUT ALSO POLITICALLY IT ENSURES THAT THE BILL WILL BE SUPPORTED BY BANKS OF ALL SIZES AND FROM ALL STATES IN THE PAST INTERSTATE BANKING LEGISLATION HAS BEEN HIGHLY CONTROVERSIAL BUT THE INDUSTRY HAS NOW COME TOGETHER TO SUPPORT THIS APPROACH THIS IS A MAJOR ACCOMPLISHMENT AND ONE THAT IS CRITICAL TO THE FUTURE SURVIVAL OF THE BANKING INDUSTRY BUT THIS CAREFUL BALANCE COULD QUICKLY FALL APART IF THE BILL BECOMES A VEHICLE FOR AMENDMENTS FROM VARIOUS INTEREST GROUPS ELEMENTS OF THE INSURANCE INDUSTRY HAVE ALREADY TRIED TO ADD RESTRICTIONS ON BANK INSURANCE SALES ALTHOUGH THAT DANGER SEEMS TO HAVE RECEDED AT LEAST IN THE SENATE THE BIGGEST THREAT IN THE HOUSE COMES FROM COMMUNITY AND CONSUMER GROUPS THAT WILL REPORTEDLY SEEK AMENDMENTS REQUIRING BANKS TO PROVIDE LOWCOST SERVICES AND ADDITIONAL LOANS IN LOWINCOME AREAS THESE GROUPS COULD MORE PRODUCTIVELY USE THEIR ENERGIES TO EXPAND THE SCOPE OF THE COMMUNITY REINVESTMENT ACT THE 1977 LAW THAT REQUIRES BANKS TO HELP MEET THE CREDIT NEEDS OF ALL COMMUNITIES IN WHICH THEY TAKE DEPOSITS TO COVER ALL FINANCIAL SERVICE PROVIDERS NOT JUST BANKS IF THE COMMUNITYLENDING AMENDMENTS ARE ADDED TO THE INTERSTATE BANKING BILL THEY WILL BE SELFDEFEATING FOR THEY WILL ALMOST CERTAINLY CONSIGN THIS BILL TO THE SAME FATE AS ALL RECENT ATTEMPTS TO MODERNIZE OUR BANKING SYSTEM THE LEGISLATION WILL DIE WHY BECAUSE MOST BANKS WITH NO INTEREST IN BRANCHING ACROSS STATE LINES WOULD RECEIVE NO DIRECT BENEFITS FROM THIS LEGISLATION THEY WOULD SURELY LOBBY TO KILL ANY BILL THAT IMPOSES NEW BURDENS IN THE FORM OF COMMUNITY LENDING REQUIREMENTS THE AMERICAN BANKERS ASSOCIATION AND STATE ASSOCIATIONS HAVE SAID THEY WILL OPPOSE AN INTERSTATE BILL WITH SUCH AMENDMENTS IT WOULD BE A SHAME IF THESE AMENDMENTS KILL AN OPPORTUNITY TO STRENGTHEN AMERICAN BANKING ONE CAN ONLY HOPE THAT CONGRESS SEIZES THE OPPORTUNITY TO PASS A CLEAN VERSION OF THE INTERSTATE BANKING AND BRANCHING LEGISLATION MR MCCOY IS CHAIRMAN AND CHIEF EXECUTIVE OF BANC ONE CORP IN COLUMBUS OHIO 9403090049 940309 THE NEW BOOM TOWNS WHITECOLLAR SURGE IN PEACHTREE CITY RIDES A GLOBAL TRANSPORTATION WEB BY ALECIA SWASY STAFF REPORTER OF THE WALL STREET JOURNAL FOR MANY PEACHTREE CITY GA IS THE FACTORY TOWN OF THE FUTURE THERE'S NOT A SMOKESTACK IN SIGHT THE INDUSTRIAL PARK IN THE SOUTHWESTERN CORNER OF TOWN IS TUCKED BEHIND PATCHES OF PANSIES OVERLOOKING GOLF COURSES AND MANMADE LAKES RESIDENTS LIVE ON STREETS WITH SUNNY NAMES LIKE CRABAPPLE LANE AND EVIAN WAY PLANNING LAWS ARE SO STRICT THAT MCDONALD'S HAD TO DOWNSIZE ITS GIANT GOLDEN ARCHES CRIME AND OTHER SIGNS OF URBAN BLIGHT ARE PRACTICALLY NONEXISTENT IT'S AN HOUR FROM ATLANTA AND SEPARATED BY MILES OF PINE FORESTS YET INDUSTRY HAS BEEN BEATING A PATH TO THE CITY HELLA INC A HEADLIGHT MAKER MOVED A PLANT HERE FROM NEW JERSEY FOLLOWING A TWOYEAR NATIONWIDE SEARCH OF LOCALES PANASONIC MOVED FROM CHICAGO TO MAKE ITS CELLULAR PHONES AND CAR STEREOS AND WILDEN PLASTICS USA JUST OPENED ITS FIRST US PLANT WHERE 1000 EMPLOYEES WILL MAKE MEDICAL DIAGNOSTIC PRODUCTS SO PEACHTREE CITY ONCE LITTLE MORE THAN A BEDROOM COMMUNITY FOR PILOTS AND FLIGHT ATTENDANTS WORKING AT ATLANTA'S HARTSFIELD AIRPORT 25 MILES NORTH HAS TAKEN ON A LIFE OF ITS OWN ONLY ABOUT 35 OF RESIDENTS HOLD AIRLINE JOBS THE REST WORK IN NEARBY FACTORIES MILITARY BASES OR HOME OFFICES ITS GROWTH HAS MADE SURROUNDING FAYETTE COUNTY ONE OF THE 20 FASTESTGROWING COUNTIES WITH BOTH AFFLUENCE AND EDUCATION WELL ABOVE THE NATIONAL AVERAGE ACCORDING TO AN ANALYSIS OF 1990 CENSUS DATA DONE FOR THE WALL STREET JOURNAL BY AMERICAN DEMOGRAPHICS MAGAZINE A DOW JONES & CO PUBLICATION THAT TRACKS TRENDS PEACHTREE CITY'S LIFELINE IS NOT ATLANTA OR ANY OTHER MAJOR URBAN CENTER BUT THE TRANSPORTATION WEB THAT INCLUDES THE AIRPORT THE NEARBY FREEWAYS AND PORTS IN SAVANNAH GA AND JACKSONVILLE FLA IN AN INCREASINGLY GLOBAL MARKETPLACE SUCH CLOSE AND EASY TRANSPORTATION SYSTEMS ARE OFTEN MORE IMPORTANT TO COMPANIES LOOKING TO RELOCATE THAN PROXIMITY TO SUPPLIERS OR CUSTOMERS IT'S EMERGING AS THE SOUTHERN HIGHTECH SILICON VALLEY SAYS MITCH WILLIAMS PRESIDENT OF HELLA A UNIT OF HELLA KG HUECK & CO IN GERMANY WE'RE SITTING ON THE LEAST EXPENSIVE AND MOST DESIRABLE PIECE OF LAND IN THE COUNTRY HELLA OFFICIALS SAID AN ACRE OF INDUSTRIAL LAND IN NEW JERSEY WOULD HAVE COST AT LEAST 500000 IN PEACHTREE CITY IT GOES FOR 30000 TO 45000 AN ACRE FAYETTE COUNTY'S POPULATION JUMPED ABOUT 115 TO ABOUT 62000 PEOPLE IN 1990 FROM 1980 BY 1993 IT CLIMBED TO 69000 AND IF TRENDS HOLD IS EXPECTED TO HIT 95000 BY THE YEAR 2000 PEACHTREE CITY'S SUCCESS EXPERTS SAY ILLUSTRATES HOW CHANGES IN BUSINESS ARE HELPING DRIVE POPULATIONS FURTHER AND FURTHER FROM TRADITIONAL URBAN CENTERS AND THEIR SUBURBS WITH THE EMPOWERMENT FROM COMPUTERS PEOPLE CAN GO INTO BUSINESS OR HAVE JOBS FAR FROM OLD HEADQUARTER OFFICES SAYS JACK LESSINGER A SOCIOECONOMIST SO THEY CAN LIVE IN PLACES LIKE THIS HELLA AND PANASONIC MOVED HERE IN PART FOR THE TRANSPORTATION SYSTEM SINCE MOST PARTS USED IN PANASONIC'S PHONES ARE IMPORTED FROM JAPAN IT NEEDED QUICK ACCESS TO AIR FREIGHT AND OTHER FORMS OF SHIPPING COMPONENTS FOR HELLA'S AUTO HEADLIGHTS AND OTHER PRODUCTS ARE SHIPPED FROM OVERSEAS AND ITS EXECUTIVES ARE FREQUENT FLIERS SHIPMENTS TO ITS FORMER HEADQUARTERS IN CRANFORD NJ ABOUT 10 MILES FROM NEW YORK CITY WERE FREQUENTLY DELAYED DUE TO BAD WEATHER AND EXECUTIVES OFTEN FOUND THEMSELVES STALLED IN TRAFFIC REMOTE AS PEACHTREE CITY MAY SEEM HELLA EXECUTIVES SAY THEY CAN MAKE IT TO THE ATLANTA AIRPORT IN 25 MINUTES EVEN DURING RUSH HOUR IT'S THE BEST AIRPORT I'VE EVER USED SAYS MR WILLIAMS CITING THE NUMBER OF FLIGHTS LACK OF WEATHER DELAYS AND PARKING IN NEWARK IT'S A BATTLE TO GO ANYWHERE THE COMPANY'S SHIPMENTS LEAVE ON TIME MORE OFTEN IN PEACHTREE CITY THAN THEY DID IN NEW JERSEY AND HELLA'S NEWLY BUILT SITE ON KELLY DRIVE COST 2 MILLION 3 MILLION LESS THAN IT WOULD HAVE COST TO BUY ITS 20YEAROLD NEW JERSEY HEADQUARTERS PEACHTREE CITY'S INDUSTRIAL PARK ALSO HAS ITS OWN AIRPORT FALCON FIELD THAT MANY COMPANIES USE THE CITY IS AN EASY HALFDAY DRIVE TO THE PORT IN SAVANNAH AND ABOUT A DAY AWAY FROM JACKSONVILLE'S AND LOCAL BUSINESS LEADERS SAY THEY ARE NOT AS CONGESTED AS NORTHERN PORTS THE CITY HAS BENEFITED TOO FROM ITS AFFORDABILITY ITS COST OF LIVING IS ABOUT 25 LESS THAN NEW JERSEY'S AND ITS REPUTATION FOR A DOCILE NONUNION WORK FORCE HOSHIZAKI AMERICA INC A SUBSIDIARY OF HOSHIZAKI ELECTRIC CO IN NAGOYA CHOSE PEACHTREE CITY BECAUSE IT COULD DRAW WORKERS FROM RURAL COMMUNITIES THE HOURLY WAGE FOR MANUFACTURING IS ABOUT 10 AN HOUR COMPARED WITH ABOUT 1250 IN NEW JERSEY OR NEARLY 15 IN MICHIGAN I LIKE THE BASIC WORK ETHIC SAYS EMORY TAYLOR EXECUTIVE VICE PRESIDENT OF HOSHIZAKI ABSENTEEISM IS ABOUT 2 AND THERE'S VIRTUALLY NO TURNOVER HE SAYS HELLA HAD EXPECTED 50 OF ITS WORKERS TO MOVE WHEN IT RELOCATED IN 1991 ABOUT 70 DID HELLA RECEIVED 700 RESUMES WHEN IT ADVERTISED A DOZEN JOB OPENINGS RECENTLY AND MR WILLIAMS SAYS HE GETS AT LEAST 20 RESUMES A MONTH ALL OF THEM ARE FROM SOMEPLACE ELSE HE SAYS PEOPLE WHO DON'T EVEN KNOW WHO WE ARE WANT TO COME HERE PEACHTREE CITY ALSO HAS CAPITALIZED ON ANOTHER FACT OF THE MODERN GLOBAL MARKETPLACE THAT MANY FOREIGN FIRMS PARTICULARLY JAPANESE AND GERMAN PUT A BIG PREMIUM ON QUALITY OF LIFE AND PEACHTREE CITY IS AESTHETICALLY PLEASING WILDEN PLASTICS A UNIT OF WILDEN KG SEARCHED IN OHIO MASSACHUSETTS TENNESSEE AND THE CAROLINAS BEFORE SETTLING HERE WE WANTED SOMETHING SIMILAR TO OUR GERMANY HEADQUARTERS ABOUT 90 MINUTES OUTSIDE MUNICH SAYS ROGER VUILLOD PRESIDENT PEACHTREE CITY HE SAYS PRESENTS A NICE IMAGE TO CLIENTS HERE CUSTOMERS CAN SIT IN THE CONFERENCE ROOM AND WATCH DEER GRAZE WITHIN 30 FEET OF THE FACILITY SAFETY TOO IS A BIG FACTOR OVERSEAS PEOPLE READ THE WORST THINGS ABOUT OUR SCHOOLS AND OUR COWBOYLIKE PENCHANT FOR GUNS SAYS JOHN BOOTHBY EXECUTIVE DIRECTOR OF FAYETTE COUNTY DEVELOPMENT AUTHORITY SO HE GETS A LOT OF QUESTIONS FROM INDUSTRIAL PROSPECTS ABOUT CRIME SO DOES THE PEACHTREE CITY VISITOR CENTER WHEN THEY ASK WHAT'S YOUR GANG PROBLEM SAYS BETTY ROBISON WHO MANAGES THE INFORMATION CENTER I TELL THEM IT'S TWOYEAROLDS ON THE PLAYGROUND IN 1993 ONLY 17 BURGLARIES 218 THEFTS AND THREE AGGRAVATED ASSAULTS WERE REPORTED LAST YEAR ITS BIGGEST CRIME WAVE WAS SPEEDING GOLF CARTS PEACHTREE CITY POLICE PATROL ON BIKES AND GOLF CARTS ON ABOUT 65 MILES OF CART PATHS SO THEY'RE LITERALLY RIDING THROUGH RESIDENTS' BACKYARDS POLICE SERVICE UNHEARD OF IN BIG CITIES SGT JEFF DILLER RECALLS SEARCHING FOR A SIXYEAROLD BOY'S BICYCLE ONE AFTERNOON HE FOUND AND RETURNED IT WITHIN SIX HOURS KERSTEN GASKO A RESIDENT TELLS A SIMPLE STORY TO PUT FOREIGN NEWCOMERS AT EASE MY HUSBAND AND I WENT TO EUROPE FOR A MONTH AND FORGOT TO LOCK THE FRONT DOOR IT WAS NO BIG DEAL 9403090047 940309 A PARENT'S LIMITS BY PATRICIA BACKLAR HILDA A BEAUTIFUL WOMAN WAS A FRIEND OF MY MOTHER'S WE MET WHEN I WAS A CHILD LIVING IN MONTREAL DURING WORLD WAR II SHE SPOKE TO ME AS THOUGH I WERE AN ADULT AND I WANTED TO GROW UP AND BE LIKE HER SOME 25 YEARS LATER WHILE ON HOLIDAY IN ENGLAND I BROUGHT MY FOUR YOUNG AMERICAN CHILDREN TO HAVE TEA WITH HER IN HER LONDON HOME SHE WAS AS I REMEMBERED HER STILL BEAUTIFUL HER LONG LEGS ELEGANTLY CROSSED HER SILK STOCKINGS SHIMMERING IN THE PALE WINTER LIGHT MY OLDER DAUGHTER'S EYES WIDENED AS SHE PRESSED AGAINST ME MUCH AS I HAD STARED AT HILDA MANY YEARS BEFORE MY INFANT DAUGHTER MADE LITTLE COOING NOISES THE BOYS AGES FOUR AND FIVE WERE GLEEFULLY SHOWING OFF FOR HILDA WHEN HER SON COLIN WALKED IN MALADROIT HE STOOD IN THE DOORWAY HIS MELANCHOLY WAS PALPABLE HE SPOKE HALTINGLY LONG PAUSES BETWEEN WORDS MY YOUNG SONS FELL SILENT AND STARED AT HIM A PALL FELL OVER ALL OF US COLIN BE A GOOD SORT HILDA SAID TAKE THESE YANKEE CHAPS UPSTAIRS AND SHOW THEM YOUR MINIATURE CAR COLLECTION I MUST HAVE LOOKED AT HILDA QUIZZICALLY BECAUSE SHE MOUTHED DON'T WORRY EVERYTHING WILL BE ALL RIGHT I WAS EMBARRASSED THAT SHE HAD SEEN MY CONSTERNATION A FRIEND HAD WRITTEN TO ME THAT COLIN HAD SCHIZOPHRENIA AND IMPLIED THAT HILDA MIGHT HAVE CONTRIBUTED TO HIS AFFLICTION FIVE YEARS PASSED AND THE CHILDREN AND I NOW LIVED ALONE IN A SMALL VILLAGE NEAR CAMBRIDGE I DROVE DOWN TO LONDON EACH MONDAY BRINGING MY YOUNGER SON DAVID NOW NINE TO HIS PIANO LESSONS WITH A FAMOUS TEACHER AT THE ROYAL ACADEMY OF MUSIC HILDA INVITED ME TO LUNCH I HAVE SOME RECOLLECTION THAT I TALKED FAR TOO MUCH ABOUT MYSELF BUT WHEN I PAUSED IN MY MONOLOGUE AND ASKED HER HOW COLIN WAS SHE ANSWERED ABRUPTLY THAT THERE WAS NOTHING TO REPORT HER MOUTH BECAME PINCHED AND HER FACE CLOSED WITH PAIN WE FINISHED OUR MEAL IN SILENCE AFTER LUNCH WE WENT TO PICK UP DAVID WHEN WE ENTERED THE STUDIO IT WAS OBVIOUS THAT SOMETHING WAS AMISS AS SOON AS HIS TEACHER LEFT DAVID BEGAN TO WEEP AS THOUGH HE HAD BEEN STRAINING TO HOLD BACK HIS TEARS HILDA'S EXPRESSION HOWEVER WAS FAR MORE DISTURBING THAN DAVID'S SOBS SHE GATHERED HER COAT AROUND HER AND HISSED FIND HIM ANOTHER TEACHER BEFORE YOU DO HIM IRREPARABLE HARM SHE TURNED HER HEELS TAPPING OUT THE RHYTHM OF HER WARNING AS SHE FLED DOWN THE STAIRWAY DAVID IS 31 NOW HE LEFT THE FAMOUS TEACHER AT THE ACADEMY HE WAS INVITED TO STUDY AT THE YEHUDI MENUHIN SCHOOL OUTSIDE OF LONDON LATER HE WON A SCHOLARSHIP TO THE CURTIS INSTITUTE OF MUSIC IN PHILADELPHIA THE PIANO IS NOW HIS ONLY CONSOLATION DAVID SUFFERS FROM SCHIZOPHRENIA IN THE BEGINNING I DID WORRY THAT I HAD SOMEHOW CAUSED MY SON'S ILLNESS WHEN HE WAS DIAGNOSED IN 1981 THERE WERE PERSUASIVE BELIEFS THAT MOTHERS COULD MAKE THEIR CHILDREN SCHIZOPHRENIC BUT DISEASE DEFINITIONS CHANGE AS OUR KNOWLEDGE INCREASES TODAY THOUGH THE ETIOLOGY REMAINS UNKNOWN THERE IS GENERAL AGREEMENT THAT THE CAUSES OF SCHIZOPHRENIA ARE BIOLOGICAL IN THAT SENSE I AM LUCKY AT LEAST LUCKIER THAN HILDA BUT WHILE I KNOW I DIDN'T MAKE DAVID ILL SOME BELIEVERS IN THE MOTHER AS MONSTER REMAIN SCHIZOPHRENIA IS A DISEASE THAT WAXES AND WANES AND A FEW MONTHS AGO DAVID WAS ADMITTED TO THE PSYCHIATRIC WARD OF A GENERAL HOSPITAL HE LIVES ALONE IN AN APARTMENT AND BELIEVED THAT A PERSON LIVING NEXT DOOR TO HIM WAS A CONVICTED CRIMINAL AND THAT THIS MAN INTENDED TO KILL HIM THE NEIGHBOR WAS SLOVENLY BUT HARMLESS HOWEVER DAVID'S DELUSIONS WERE TRUE FOR HIM AND TRULY TERRIFYING SHORTLY AFTER HIS HOSPITAL ADMITTANCE THE ATTENDING PSYCHIATRIST A SOMEWHAT OLDER MAN ASKED DAVID A FEW QUESTIONS DAVID SAID THAT HE WAS TOO FRIGHTENED TO STAY WHERE HE WAS AND THAT HE HAD TO MOVE OUT AAH SAID THE PHYSICIAN NODDING HIS HEAD KNOWINGLY IT MAY BE A GOOD IDEA TO MOVE AWAY FROM YOUR FAMILY PEOPLE OFTEN DO MUCH BETTER WHEN THEY NO LONGER LIVE WITH THEIR MOTHER MS BACKLAR IS THE AUTHOR OF THE FAMILY FACE OF SCHIZOPHRENIA TARCHER/PUTNAM SEE RELATED ARTICLE SCHIZOPHRENIA AND PSYCHIATRY'S LIMITS WSJ MARCH 9 1994 9403090046 940309 INTERNATIONAL MEXICAN BANKS AGREE TO RESTRUCTURE LOANS TO SMALL COMPANIES MEXICO CITY IN AN IMPORTANT STEP TOWARD REPAIRING MEXICO'S MICROECONOMY MEXICAN BANKS HAVE AGREED TO RESTRUCTURE SOME 6 BILLION IN LOANS TO SMALL AND MIDSIZE BUSINESSES OVER THE NEXT TWO MONTHS WHILE MEXICO'S MACROECONOMIC SUCCESS IS PRAISED THE WORLD OVER MANY SMALL BUSINESSES HERE SUFFER FROM HIGH INTEREST COSTS AN ARCHAIC LEGAL SYSTEM AND PETTY CORRUPTION ANALYSTS HAVE SAID THAT ELIMINATING THESE BARRIERS IS ESSENTIAL TO DEEPER ECONOMIC DEVELOPMENT IN MEXICO WHERE GROWTH IN GROSS DOMESTIC PRODUCT SLOWED TO JUST 04 LAST YEAR GIANT COMPANIES SUCH AS CEMENTOS MEXICANOS CAN BORROW AT LOW DOLLAR INTEREST RATES IN INTERNATIONAL BOND MARKETS BUT A SMALL CEMENT COMPANY HERE IS LIKELY TO BE SADDLED WITH INTEREST RATES OF AS HIGH AS 20 FOR A SHORTTERM BANK LOAN AT A TIME WHEN GOVERNMENT FORECASTERS ARE PREDICTING 5 INFLATION THIS YEAR THE ACCORD COULD START A TRICKLE OF CREDIT BACK TO SMALL BUSINESSES THAT HAVE BEEN SURVIVING WITH VERY LITTLE BANK FINANCING FOR THE PAST THREE YEARS THE BANKERS ALSO PROMISED TO HALT LEGAL PROCEEDINGS AGAINST SMALL COMPANIES THERE'S SOMETHING IN THE ACCORD FOR THE BANKS OF COURSE RESTRUCTURINGS COULD RESUSCITATE MANY OF THE SMALL BUSINESS LOANS OUT OF NONPERFORMING STATUS AND FREE UP RESERVES PLEDGED AGAINST BAD LOANS ANALYSTS SAY 9403090045 940309 WORLD MARKETS TOKYO EQUITIES GAIN BUT END FAR BELOW HIGHS LONDON PRICES SKID 13 ON SOFT FUTURES BONDS A WALL STREET JOURNAL NEWS ROUNDUP TOKYO STOCKS ROSE TUESDAY BUT ENDED FAR BELOW THEIR HIGHS FOLLOWING LATE BOUTS OF ARBITRAGE SELLING LONDON SHARES SKIDDED 13 TO THE DAY'S WORST LEVELS PRESSURED BY WEAKNESS IN THE FUTURES AND BOND MARKETS FRANKFURT PRICES ROSE THOUGH A RALLY THAT BEGAN A DAY EARLIER STALLED ON WORSETHANEXPECTED GERMAN ECONOMIC DATA WORLDWIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX WAS AT 11560 UP 015 REFLECTING HIGHER ASIA/PACIFIC MARKETS AND LOWER AMERICAN AND EUROPEAN MARKETS OFFICE EQUIPMENT STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY GROUPS CLOSING AT 13598 UP 215 OR 16 WITH PITNEY BOWES OF THE US POSTING A 26 GAIN IN ITS LOCAL CURRENCY TOBACCO STOCKS TRAILED AT 8110 DOWN 160 OR 19 WITH BA T INDUSTRIES OF BRITAIN SLIDING 47 IN LOCAL CURRENCY IN TOKYO THE NIKKEI 225STOCK INDEX WHICH DROPPED 15412 POINTS MONDAY ROSE 8651 POINTS TO 1989839 AFTER PEAKING AT 2009071 IN TRADING WEDNESDAY THE NIKKEI FELL 14591 POINTS TO CLOSE THE MORNING SESSION AT 1975248 TUESDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 320 MILLION SHARES DOWN FROM 3433 MILLION SHARES A DAY EARLIER GAINERS EASILY TOPPED LOSERS 565423 THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH FELL 1419 POINTS MONDAY ROSE 822 TO 161632 TOKYO'S TRADING PATTERN WAS SIMILAR TO THE ONE ON MONDAY WHEN PRICES ROSE SHARPLY IN THE MORNING ON BUYING BY OVERSEAS INVESTORS AND THEN RETREATED IN THE AFTERNOON ON SELLING BY ARBITRAGERS AHEAD OF FRIDAY'S QUARTERLY SETTLEMENT OF FUTURES AND OPTIONS CONTRACTS BUT THE MARKET MANAGED TO CLOSE IN THE BLACK TUESDAY BECAUSE OF A FEW NEW INCENTIVES INCLUDING AN UNCONFIRMED NEWS REPORT THAT THE JAPANESE GOVERNMENT WILL LIFT ITS BAN ON CORPORATE STOCK BUYBACKS SOONER THAN ANTICIPATED THE NIKKEI ONCE AGAIN MET TOUGH RESISTANCE ABOVE 20000 A LEVEL AT WHICH CORPORATIONS AND TOKKIN SPECIFIED MONEY TRUST FUNDS HAVE BEEN SELLING POSITIONS TO BOOK PROFITS AHEAD OF THE END OF THE FISCAL YEAR ON MARCH 31 THIS HAS MADE OTHER INVESTORS CAUTIOUS IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX TUMBLED 415 POINTS TO 32644 JUST 01 POINT ABOVE THE INTRADAY LOW AND DOWN FROM THE SESSION'S PEAK OF 33161 THE FT 30STOCK INDEX SHED 254 POINTS OR ALMOST 1 TO 25590 VOLUME WAS 6779 MILLION SHARES COMPARED WITH 5761 MILLION SHARES A DAY EARLIER THE EXCHANGE CONTINUED TO BE SWAYED BY THE PERFORMANCE IN BOND MARKETS WHERE INVESTORS WERE STILL NERVOUSLY ANTICIPATING A US INCREASE IN INTEREST RATES AND THUS WERE RELUCTANT TO DRIVE PRICES UP THIS SCENARIO HAS OVERSHADOWED SOLID FUNDAMENTALS FOR BRITISH COMPANIES WHICH HAVE POSTED FINANCIAL RESULTS IN LINE WITH EXPECTATIONS AND RAISED DIVIDENDS A BIT SHARES YESTERDAY SLIPPED INTO NEGATIVE TERRITORY SOON AFTER THE OPENING AS BRITISH INDUSTRIAL PRODUCTION FIGURES FOR JANUARY WERE STRONGER THAN EXPECTED THE DATA SUGGESTED A CUT IN BRITISH BASE LENDING RATES WILL BE LESS LIKELY GIVING INVESTORS AN EXCUSE TO TAKE PROFITS AND A WEAK START ON WALL STREET HELPED ACCELERATE LONDON'S LOSSES IN THE LATE GOING IN FRANKFURT THE DAX 30STOCK INDEX ROSE 1513 POINTS TO 212404 THOUGH THIS REPRESENTED A DECLINE FROM AFTERMARKET TRADING MONDAY WHEN BOND MARKETS STRENGTHENED AFTER A SURPRISINGLY NONINFLATIONARY SETTLEMENT WAS CONCLUDED IN THE WESTERN GERMAN METALWORKING INDUSTRY YESTERDAY THE MARKET'S PACE WAS REINED IN BY DATA ON WESTERN GERMANY'S 1993 FOURTHQUARTER GROSS DOMESTIC PRODUCT WHICH CONTRACTED FROM THE PREVIOUS QUARTER RATHER THAN STAYING UNCHANGED AS ANTICIPATED AND BY AN EXPECTED INCREASE IN THE REGION'S JOBLESSNESS IN FEBRUARY THOUGH THE MARKET HAS RALLIED SINCE LAST WEDNESDAY'S SHARP DROP IN GERMAN BONDS INVESTORS ARE PERSISTENTLY JITTERY AND MORE SENSITIVE NOW TO BAD NEWS SUCH AS THE LATEST ECONOMIC DATA IN PARIS STOCKS FINISHED MIXED TO LOWER FOLLOWING THREE STRAIGHT SESSIONS OF GAINS AS PARTICIPANTS TROLLED FOR CLUES ABOUT GLOBAL INTEREST RATES AMSTERDAM PRICES ALSO HAD A MIXED PERFORMANCE WITH MANY EASING IN LINE WITH OTHER EUROPEAN BOURSES AND PRICES OF DUTCH AND GERMAN BONDS IN MILAN SHARES ROSE AS BUYING IN THE TELECOMMUNICATIONS SECTOR SPREAD TO OTHER ISSUES THOUGH A LATE CONSOLIDATION OF POSITIONS LIMITED GAINS IN MADRID PRICES EASED AS FRESH DECLINES IN THE BOND MARKET LED INVESTORS TO LIGHTEN HOLDINGS AFTER THREE SESSIONS OF STRONG RISES IN STOCKHOLM EQUITIES DECLINED AS BOND YIELDS ROSE BUT SOME BLUE CHIPS MANAGED TO BUCK THE DOWNWARD TREND IN SYDNEY SHARE PRICES RALLIED FOR A SECOND DAY AND FINISHED 13 HIGHER AS FEARS DIMINISHED ABOUT THE INTERESTRATE OUTLOOK IN THE US AND BRITAIN AFTER MAJOR OVERSEAS STOCK MARKETS STRENGTHENED MONDAY AND IN HONG KONG STOCKS JUMPED 23 EXTENDING THE REBOUND TO THREE SESSIONS AND A 49 OVERALL CLIMB PARTLY FROM SCALEDDOWN SELLING BY FOREIGN INVESTORS SINCE LAST FRIDAY STOCKS HAVE RECOVERED SOME OF THE LOSSES OF THE PAST TWO WEEKS THOUGH TURNOVER HAS BEEN LACKLUSTER AND INSTITUTIONAL INVESTORS SCARCE BECAUSE OF CONCERNS ABOUT THE BRITISH COLONY'S PROPOSED ELECTORAL REFORMS AND ABOUT CHINA'S ABILITY TO RETAIN FAVORABLE TRADE STATUS WITH THE US THE HONG KONG AND CHINESE ECONOMIES ARE CLOSELY LINKED IN SINGAPORE EQUITIES FELL ACROSS THE BOARD BUT ENDED ABOVE INTRADAY LOWS IN SLOW DEALINGS MARKET SENTIMENT REMAINED CLOUDED BY WORRIES ABOUT HIGHER INTEREST RATES BUT IN KUALA LUMPUR FOLLOWING AN INTRADAY SLIDE THAT THREATENED TO EXTEND SEVERAL SESSIONS OF LOSSES SHARES REBOUNDED TO END WITH GAINS AFTER SUPPORT EMERGED FOR BLUE CHIPS IN TAIPEI SHARES CONTINUED SKIDDING AND THE MAIN INDEX LOST 34 WITH ISSUES IN ALL SECTORS PULLED DOWN PARTLY BY TAIWAN TRUST COMPANIES' FAILURE TO ATTRACT FOREIGN FUNDS FOR STOCK INVESTMENTS THE MARKET JUMPED LAST FRIDAY IN ANTICIPATION OF THE TAIWAN CENTRAL BANK'S DECISION WHICH CAME SATURDAY TO RAISE THE CAP ON DIRECT FOREIGN INVESTMENT IN THE BOURSE ANALYSTS SAID REALITY SET IN FOLLOWING THE BRIEF EUPHORIA THOUGH THEY EXPECT A POSITIVE LONGTERM EFFECT IN MANILA IN THE WAKE OF A TECHNICAL RALLY SHARES FELL IN LIGHT TRADING AS INVESTORS AWAITED FIRSTQUARTER PHILIPPINE CORPORATE RESULTS TO MAKE BUYING DECISIONS IN SEOUL STOCKS TUMBLED 12 AS FEARS LINGERED ABOUT LIQUIDITY POLICIES OF THE SOUTH KOREAN CENTRAL BANK ITS TIGHT MONETARY STANCE HAS NARROWED INSTITUTIONS' BUYING BUT IN WELLINGTON PRICES SURGED 14 IN LIGHT TRADING ON A MODERATE RALLY IN THE NEW ZEALAND BOND MARKET AND IN REACTION TO WALL STREET'S STRONG CLIMB MONDAY IN MEXICO CITY STOCKS SANK 12 ON SOME PROFITTAKING THAT REVERSED EARLY GAINS AFTER WALL STREET TURNED SOUR THE MEXICAN EXCHANGE WAS STILL PREOCCUPIED BY COMING ELECTIONS AND POLITICAL DEALINGS TO RESOLVE A PEASANT UPRISING AND DISCOURAGED BY DISAPPOINTING FOURTHQUARTER ECONOMIC GROWTH AND CORPORATE EARNINGS HERE ARE PRICE TRENDS ON THE WORLD'S MAJOR STOCK MARKETS AS CALCULATED BY MORGAN STANLEY CAPITAL INTERNATIONAL PERSPECTIVE GENEVA TO MAKE THEM DIRECTLY COMPARABLE EACH INDEX CALCULATED IN LOCAL CURRENCIES IS BASED ON THE CLOSE OF 1969 EQUALING 100 THE PERCENTAGE CHANGE IS SINCE YEAREND 9403090044 940309 TEXAS JOURNAL WINNERS & LOSERS YOUNG SHOPPERS SHOPPINGCART MANUFACTURERS AGREED TO PROVIDE SEAT BELTS IN ALL NEW SHOPPING CARTS SOLD TO TEXAS RETAILERS UNDER A SETTLEMENT WITH ATTORNEY GENERAL MORALES AMERICAN AIRLINES COMPETITOR DELTA AIR LINES ANNOUNCED PLANS TO CUT FLIGHTS OUT OF D/FW INTERNATIONAL AIRPORT BY ONESIXTH IN THE NEXT TWO MONTHS AGGIE PROFESSORS TEXAS A&M REGENTS RETREATED FROM THEIR PHILOSOPHICAL OPPOSITION TO GRANTING TENURE BANK ROBBERS IN SEPARATE CASES A FORMER CISCO BANK EXECUTIVE PLEADED GUILTY TO THREE BANK ROBBERIES AND A WICHITA FALLS MAN WEARING A RONALD REAGAN MASK WAS APPREHENDED DURING A HEIST ON THE BORDER CAFES A HOUSTONAREA MUSLIM FAMILY IS DEMANDING 600000 FROM THE MEXICAN FOOD CHAIN AFTER LEARNING THAT THE RESTAURANT PUTS PORK IN ITS BEEF TACOS GRAND PRAIRIE VOUGHT AIRCRAFT SAID IT WILL LAY OFF MORE THAN 2000 WORKERS DURING THE NEXT TWO YEARS DELTA AIR LINES WILL CUT ITS FLIGHTS FROM DALLASFORT WORTH INTERNATIONAL AIRPORT BY 1/25TH OVER THE NEXT TWO MONTHS YESTERDAY'S TEXAS JOURNAL INCORRECTLY STATED THE DECLINE AS 1/6TH WHICH IN FACT IS THE AMOUNT DELTA'S DFW FLIGHTS WILL HAVE DECLINED SINCE THEIR PEAK IN FEBRUARY 1993 9403090043 940309 REVIEW & OUTLOOK EDITORIAL SENATORTS AMONG OUR FAVORITE CANDID MOMENTS IN POLITICS IS THE 1992 DECLARATION BY ALABAMA'S HOWELL HEFLIN THAT SENATE DEMOCRATS MUST OPPOSE LIABILITY REFORM BECAUSE JEWS LABOR UNIONS AND TRIAL LAWYERS ARE HIS PARTY'S MOST IMPORTANT FINANCIAL BACKERS TODAY WE'LL SEE IF HEFLIN'S LAW STILL HOLDS THE SENATE WILL GET A CHANCE TO VOTE ON AN AMENDMENT BY KANSAS REPUBLICAN NANCY KASSEBAUM THAT MIGHT REVIVE A US INDUSTRY ALL BUT DESTROYED BY AMERICA'S NUTTY LEGAL SYSTEM HER PROPOSAL WOULD ENACT A STATUTE OF REPOSE TO BAR LAWSUITS AGAINST MAKERS OF SMALL AIRPLANES AFTER THEIR PRODUCTS ARE 15 YEARS OLD THAT'S HARDLY RADICAL LAWYERS COULD STILL SUE BEFORE THE REPOSE STATUTE KICKED IN YET THE PLAINTIFF'S BAR HAS BEEN FIGHTING AS IF THIS IS THE END OF COMMON LAW THAT'S HOW IT ALWAYS FIGHTS ENFORCING A LEGAL BREZHNEV DOCTRINE THAT TREATS ANY CONCESSION AS THE END OF THE EMPIRE SO YESTERDAY SENATOR HEFLIN AND SOUTH CAROLINA'S FRITZ HOLLINGS FORMER TRIAL LAWYERS THEMSELVES WERE OUT TRYING TO KILL THE KASSEBAUM EFFORT ON THE SENATE FLOOR THEY WERE BACKED BEHINDTHESCENES BY THOMAS BOGGS AKA TOMMY TORTS THE BELTWAY ENFORCER FOR THE ASSOCIATION OF TRIAL LAWYERS OF AMERICA IT SEEMS THEY EVEN HAD THE SILENT COMPLICITY OF THE CLINTON ADMINISTRATION WHITE HOUSE AIDES HINTED EARLY LAST YEAR THAT THE NATIONAL ECONOMIC COUNCIL WOULD SUPPORT THIS MODEST LEGAL REFORM BUT THEN IT WAS MYSTERIOUSLY REFERRED TO THE JUSTICE DEPARTMENT AS PART OF A STUDY OF THE ENTIRE TORT SYSTEM REFORMERS LATER LEARNED THERE WAS NO SUCH STUDY TAKING PLACE SO DAN GLICKMAN A KANSAS DEMOCRAT AND SUPPORTER OF A SIMILAR BILL IN THE HOUSE WITH 270 COSPONSORS WROTE PRESIDENT CLINTON MR CLINTON REPLIED ON FEB 17 FINALLY IDENTIFYING THE STUDY'S LEADER BUT MR GLICKMAN WROTE BACK AND DECLARED HIMSELF VERY DISTURBED AT THE APPARENT RUNAROUND VETERAN TORTBAR WATCHERS SUSPECT THE INFLUENCE OF COMMERCE SECRETARY RON BROWN WHO HAPPENS TO HAVE BEEN MR BOGGS'S LAW PARTNER AT PATTON BOGGS & BLOW MR BROWN WELL KNOWS THE BOOTY THAT TRIAL LAWYERS POURED INTO THE CLINTON COFFERS IN 1992 THIS IS THE SAME WHITE HOUSE THAT CLAIMS TO BE A FRIEND OF AMERICAN BUSINESS YET THE GENERALAVIATION BUSINESS HAS BEEN NEARLY WIPED OUT BY LAWSUITS INDEED SUCH VENERABLE US TRADE NAMES AS CESSNA BEECH AND PIPER HAVE BEEN PUNISHED FOR MAKING PLANES THAT ACTUALLY LAST A LONG TIME THAT'S BECAUSE NO MATTER HOW POORLY THE PLANES ARE MAINTAINED BY THEIR OWNERS OR HOW BADLY THEY ARE OPERATED THE MANUFACTURERS GET SUED AS DEEP POCKETS AFTER NEARLY EVERY ACCIDENT CESSNA WAS RECENTLY SUED IN PENNSYLVANIA FOR BREACH OF WARRANTY ON A PLANE BUILT IN 1946 TO SETTLE SUCH CLAIMS US COMPANIES HAVE HAD TO PRICE THEIR PLANES OUT OF SIGHT SO THE US GENERALAVIATION INDUSTRY WHICH ONCE RULED THE WORLD HAS SEEN ITS UNIT SALES FALL TO 880 OR SO IN 1992 FROM 17811 IN 1978 PIPER HAS FILED FOR CHAPTER 11 AND CESSNA HASN'T MADE A SINGLEENGINE AIRCRAFT SINCE 1986 SOME 100000 JOBS HAVE BEEN LOST THE KIND OF SKILLED HIGHPAYING JOBS THAT DEMOCRATS CLAIM THEY WANT WHATEVER HAPPENED TO THE DEMOCRATIC PARTY OF THE WORKING STIFF WHO PLAYS BY THE RULES OF COURSE WORKING STIFFS AREN'T KNOWN FOR BUNDLING 1000 CHECKS THE WAY THE TRIAL LAWYERS ARE THE PARTY OF RON BROWN TOMMY BOGGS AND HOWELL HEFLIN IS THE PARTY OF LA LAW 9403090042 940309 TAX REPORT A SPECIAL SUMMARY AND FORECAST OF FEDERAL AND STATE TAX DEVELOPMENTS BY TOM HERMAN CONFUSION GROWS AMONG SOCIAL SECURITY RECIPIENTS ABOUT NEW TAX RULES ACCOUNTANTS SAY MANY PEOPLE ARE BAFFLED BY A PROVISION IN THE 1993 TAX LAW RAISING THE AMOUNT OF SOCIAL SECURITY BENEFITS SUBJECT TO TAX EFFECTIVE JAN 1 THIS YEAR SOME RETIREES MISTAKENLY ASSUME THE CHANGE WAS EFFECTIVE FOR THE 1993 TAX YEAR IRS OFFICIALS SAY ALSO CALCULATING THE TAX INCREASE CAN BE VERY COMPLEX WARNS ANDRE FOGARASI OF ARTHUR ANDERSEN IN WASHINGTON MANY RETIREES ARE NOW DISCOVERING THAT AS THEY WORK ON 1994 ESTIMATEDTAX PAYMENTS DUE APRIL 15 UNDER THE NEW LAW THE TOP PERCENTAGE OF SOCIAL SECURITY BENEFITS SUBJECT TO TAX RISES TO 85 FROM 50 THIS APPLIES TO TAXPAYERS WITH INCOME ABOVE CERTAIN LEVELS 34000 FOR UNMARRIED TAXPAYERS 44000 FOR COUPLES FILING JOINTLY SOUNDS SIMPLE BUT SOME RETIREES WRONGLY ASSUME THIS AUTOMATICALLY MEANS 85 OF ALL THEIR BENEFITS WILL BE TAXED SAYS CLINT STRETCH OF DELOITTE & TOUCHE IT IS MORE COMPLICATED THAN THAT IRS PUBLICATION 553 AND ITS WORK SHEET CAN HELP OR SEEK PROFESSIONAL ADVICE MOST SOCIAL SECURITY RECIPIENTS DON'T HAVE ENOUGH INCOME TO WORRY ABOUT ALL THIS AN IRS SPOKESMAN ADDS A TAXING DILEMMA MICHIGAN VOTERS FACE A TOUGH CHOICE TUESDAY ON THE BALLOT IN A SPECIAL ELECTION IS PROPOSAL A WHICH INCLUDES RAISING MICHIGAN'S SALES TAX TO 6 FROM 4 THIS WOULD OFFSET CUTS IN SCHOOL PROPERTY TAXES APPROVED LAST YEAR REDUCE THE STATE INCOMETAX RATE SLIGHTLY AND RAISE THE CIGARETTE TAX BY 50 CENTS TO 75 CENTS A PACK AMONG OTHER THINGS IF VOTERS REJECT IT THEY WOULD GET A BACKUP PLAN THAT INCLUDES RAISING THE STATE INCOMETAX RATE TO 6 FROM 46 LIFTING A BUSINESSTAX RATE TO 275 FROM 235 AND INCREASING THE CIGARETTE TAX BY 15 CENTS A PACK AS PAINFUL AS RAISING THE SALES TAX MAY BE IT IS BETTER THAN LIFTING THE INCOME TAX SAYS TOM BRAY EDITORIAL PAGE EDITOR OF THE DETROIT NEWS AT LEAST SOME OF THE SALES TAX WOULD BE PAID BY OUTOFSTATERS VISITING MICHIGAN HE SAYS GOV ENGLER CAMPAIGNS HARD FOR PROPOSAL A IT'S THE BEST PLAN FOR MICHIGAN AND WE THINK THE VOTERS WILL APPROVE IT AN AIDE SAYS PRIVATE TAX COLLECTORS MAY HELP MANY STATES BUT WOULD THEY HELP THE IRS A SURVEY BY THE GENERAL ACCOUNTING OFFICE A CONGRESSIONAL WATCHDOG AGENCY SAYS MANY STATES USE PRIVATE COLLECTION COMPANIES AND PRAISE THEIR WORK THE GAO SAYS 14 STATES THAT USED PRIVATE COMPANIES TO CHASE INDIVIDUAL TAXPAYERS FOUND THE AGENCIES EFFECTIVE SIX OTHERS SAID THEY WEREN'T EIGHT WERE NEUTRAL BUT 12 STATES SAID COLLECTORS WERE INEFFECTIVE ON CORPORATE INCOME TAXES ONLY SIX SAID THEY WERE EFFECTIVE THE WHITE HOUSE OFFICE OF MANAGEMENT AND BUDGET URGES THE IRS TO LAUNCH A PILOT PROGRAM INVOLVING PRIVATE COLLECTION AGENCIES IT ALSO SUGGESTS THE IRS EXPLORE FUNDING OPTIONS FOR USING THE PRIVATE AGENCIES BUT THE IRS HAS NO SUCH PLANS WE HAVE CONCERNS ABOUT IT SUCH AS HOW TO GUARD PRIVACY OF TAXPAYER RECORDS A SPOKESMAN SAYS WE'D NEED TO LEARN A GREAT DEAL MORE ABOUT THE RAMIFICATIONS OF THIS BEFORE WE PROCEED MANY STATES RELY ON PRIVATE AGENCIES TO HANDLE OUTOFSTATE CASES ARTFUL MOVE THE IRS RENEWS THE CHARTER OF ITS ART ADVISORY PANEL FOR ANOTHER TWO YEARS THE PANEL OF PRIVATE EXPERTS HEADED BY AN IRS OFFICIAL HELPS EVALUATE TAXPAYER CLAIMS ON THE VALUE OF ART SUBJECT TO INCOME ESTATE OR GIFT TAXES HEFTY TAB IF EVERY MAN WOMAN AND CHILD WERE BILLED FOR A SHARE OF THE FEDERAL PUBLIC DEBT THE BILL WOULD COME TO 13345 A PERSON OR 53380 FOR A FAMILY OF FOUR THE TAX FOUNDATION SAYS BY 1999 THE FOUNDATION SAYS THOSE FIGURES WILL RISE TO 16281 A PERSON OR 65124 FOR A FAMILY OF FOUR THE WHITE HOUSE PLANS TO NOMINATE VICTOR ZONANA AS IRS CHIEF COUNSEL FILLING A SLOT THAT HAS BEEN VACANT FOR ABOUT A YEAR ZONANA A 53YEAROLD NEW YORK TAX PARTNER WITH ARNOLD & PORTER A WASHINGTON LAW FIRM IS ON SABBATICAL FROM THE FIRM AND IS A VISITING PROFESSOR AT NEW YORK UNIVERSITY SCHOOL OF LAW MASTERPIECE OR FORGERY AN ART GIFT LEADS TO COURTROOM BATTLES WITH THE IRS GEORGE AND EMILIA DOHERTY OF MISSOULA MONT PAID 10000 IN 1969 FOR A PAINTING THEY WERE TOLD WAS BY THE ARTIST CHARLES M RUSSELL IN THE EARLY 1980S THEY GAVE ATTACKING STAGECOACH TO THE RUSSELL MUSEUM AND CLAIMED A 350000 DEDUCTION BUT THE IRS SAID IT WAS A FORGERY WORTH NO MORE THAN 100 THE DOHERTYS CUT THEIR CLAIM TO 200000 IN 1992 A TAX COURT JUDGE AFTER LISTENING TO CONFLICTING VIEWS OF TWO ART EXPERTS DIDN'T RULE ON THE PAINTING'S AUTHENTICITY BUT ALLOWED 30000 CITING DOUBT ABOUT THE WORK AND ITS POOR QUALITY THE COUPLE APPEALED SAYING THE AUTHENTICITY HADN'T BEEN QUESTIONED BEFORE THE TIME THEY DONATED THE PAINTING BUT THE US APPEALS COURT FOR THE NINTH CIRCUIT RECENTLY UPHELD THE TAX COURT IF WE WERE TO ACCEPT THE DOHERTYS' POSITION TAXPAYERS WOULD BE ENTITLED TO UNDISPUTED ACCEPTANCE OF THEIR OR THEIR CHOSEN APPRAISER'S VALUATION OF ARTWORK MERELY BY AVOIDING OTHERS' SCRUTINY OF THE WORK PRIOR TO ITS DONATION THE COURT SAID WE DECLINE TO ADOPT THIS VIEW THE DOHERTYS ARE SURPRISED BY THIS UNFAIR VERDICT BUT WON'T APPEAL SAYS DANIEL C DOHERTY THEIR SON AND LAWYER BRIEFS LAPSLEY W HAMBLEN JR 67 IS REELECTED BY HIS FELLOW TAX COURT JUDGES TO A TWOYEAR TERM AS CHIEF JUDGE STARTING JUNE 1 MARGARET MILNER RICHARDSON SAYS SHE HAS DISCOVERED TWO INSTANT CONVERSATIONSTOPPERS HER BIRTHPLACE WACO TEXAS AND HER JOB IRS COMMISSIONER 9403090041 940309 BUSINESS BRIEF FIELDCREST CANNON INC LABOR BOARD ORDERS CONCERN TO PAY BACK WAGES INTEREST FIELDCREST CANNON INC IN TWO SEPARATE RULINGS BY NATIONAL LABOR RELATIONS BOARD JUDGES WAS ORDERED TO PAY AN ESTIMATED 3 MILLION IN BACK WAGES AND INTEREST TO SOME 4000 EMPLOYEES AND 14 FIRED WORKERS THE RULINGS ONE PERTAINING TO A 1991 UNIONORGANIZING CAMPAIGN AND THE OTHER TO A WORKER WHO WAS DISMISSED IN 1993 FOUND FIELDCREST GUILTY OF MORE THAN 150 LABORLAW VIOLATIONS MOST OF THE VIOLATIONS INVOLVED THE TEXTILE COMPANY'S ALLEGED INTERFERENCE WITH THE UNSUCCESSFUL 1991 ORGANIZING CAMPAIGN BY THE AMALGAMATED CLOTHING AND TEXTILE WORKERS UNION OZZIE RAINES VICE PRESIDENT HUMAN RESOURCES FOR FIELDCREST CANNON SAID THE EDEN NCBASED COMPANY WOULD APPEAL AT LEAST A PORTION OF THE RULINGS HE ADDED THAT FIELDCREST HADN'T DETERMINED WHICH PORTION WOULD BE APPEALED FIELDCREST WAS FOUND GUILTY OF DISCRIMINATING AGAINST UNION EMPLOYEES BY GIVING NONUNION EMPLOYEES SLIGHTLY LARGER WAGE INCREASES IN 1991 FIELDCREST ALSO WAS FOUND GUILTY OF ILLEGALLY FIRING UNION SUPPORTERS DURING THE 1991 CAMPAIGN WHICH THE UNION NARROWLY LOST THE COMPANY WAS ORDERED TO REINSTATE THE FIRED EMPLOYEES 9403090040 940309 MARKETING BRIEF FORD MOTOR CO AGGRESSIVE' AD SPENDING PROMISED FOR NEW MINIVAN FORD MOTOR CO SAID IT WILL BE AGGRESSIVE IN OUR SPENDING LEVELS ON THE LAUNCH OF ITS NEW WINDSTAR MINIVAN THE WINDSTAR IS DESIGNED TO COMPETE HEADON WITH THE CHRYSLER CORP MINIVAN WHICH HAS DOMINATED THE MARKET FOR A DECADE FORD IS ALREADY RUNNING TEASER ADS TOUTING WINDSTAR AS THE NEW BENCHMARK FOR MINIVANS THE TAGLINE OF THE CAMPAIGN CREATED BY WPP GROUP PLC'S J WALTER THOMPSON SAYS THE FUTURE OF MINIVANS BEGINS TODAY JOHN VANDERZEE FORD DIVISION ADVERTISING MANAGER SAID THE EXPENSE OF THE WINDSTAR LAUNCH WILL RATE AMONG FORD'S TOP FIVE LAUNCHES WITH THE LAUNCH OF THE 1986 TAURUS THE BIGGEST FORD IS SPENDING AN ESTIMATED 50 MILLION TO LAUNCH WINDSTAR COMPARED WITH SPENDING ABOUT 65 MILLION TO LAUNCH THE 1986 TAURUS ACCORDING TO ADVERTISING AGE A TRADE PUBLICATION 9403090039 940309 TECHNOLOGY BRIEF US ROBOTICS INC PRICES CUT ON TWO MODEMS COMPANY'S STOCK DROPS 5 US ROBOTICS INC SKOKIE ILL SLASHED PRICES ON TWO OF ITS MODEMS FOR PORTABLE COMPUTERS SENDING ITS STOCK DOWN 5 BUT A US ROBOTICS SPOKESWOMAN DESCRIBING THE MOVE AS A TOTALLY ROUTINE PRICE REDUCTION THAT WILL AFFECT ONLY A SMALL PART OF THE COMPANY'S PRODUCT LINE SAID THE STOCK MARKET WAS OVERREACTING ON THE NASDAQ STOCK MARKET YESTERDAY THE STOCK CLOSED AT 43 DOWN 225 AFTER BEING DOWN 450 EARLIER IN THE DAY THE PRICE CUTS WERE MADE ON MODEMS THAT ARE THE SIZE OF CREDIT CARDS AND CAN SLIDE INTO A SLOT ON A PORTABLE COMPUTER ALLOWING THE COMPUTER TO BE CONNECTED TO A TELEPHONE LINE US ROBOTICS STARTED SHIPPING THE OLDER OF THE TWO MODEMS IN DECEMBER ITS PRICE WAS CUT 16 TO 339 FROM 399 THE NEWER MODEM WAS INTRODUCED IN OCTOBER AND ISN'T SCHEDULED TO BE SHIPPED UNTIL LATER THIS MONTH ITS PRICE WAS CUT 40 TO 595 FROM 995 9403090037 940309 BUSINESS BRIEF PETERSBURG LONG DISTANCE INC CONDITIONAL AGREEMENT IS SET FOR INVESTMENT BY NAVONA PETERSBURG LONG DISTANCE INC SAID NAVONA COMMUNICATIONS CORP CONDITIONALLY AGREED TO INVEST UP TO 38 MILLION IN PETERSBURG WHICH INVESTS IN TELECOMMUNICATIONS IN THE FORMER SOVIET UNION CLAYTON WAITE SENIOR VICE PRESIDENT OF TORONTOBASED PETERSBURG SAID IT WILL USE THE FUNDS TO RAISE ITS STAKE IN A JOINTVENTURE TELECOMMUNICATIONS COMPANY IN ST PETERSBURG RUSSIA AND TO BUY AN INTEREST IN ITS LOCAL PARTNER DETAILS OF THOSE TRANSACTIONS HAVEN'T YET BEEN COMPLETED IF THE FULL 38 MILLION IS INVESTED NAVONA WILL RECEIVE THE EQUIVALENT OF 4180000 COMMON SHARES OF PETERSBURG AT AN INDICATED PRICE OF 909 IN TRADING YESTERDAY ON THE NASDAQ STOCK MARKET PETERSBURG CLOSED AT 10 A SHARE UP 25 CENTS PETERSBURG SAID NOVONA WILL HOLD AS MUCH AS 399 OF ITS SHARES ONCE THIS AND CERTAIN PREVIOUS AGREEMENTS ARE COMPLETED NAVONA IS A BERMUDA HOLDING COMPANY THE TRANSACTION IS SUBJECT TO SHAREHOLDER APPROVAL 9403090036 940309 INFLUENCEPEDDLING IS CITED IN MUNICIPALBOND SALES SPECIAL TO THE WALL STREET JOURNAL WASHINGTON SECURITIES AND EXCHANGE COMMISSIONER RICHARD ROBERTS SUGGESTED THAT POLITICAL INFLUENCEPEDDLING HAS HELPED MAKE NEGOTIATED SALES OF MUNICIPAL BONDS MORE PREVALENT THAN COMPETITIVE SALES NOTING THAT THE BULK OF MUNIS WERE SOLD COMPETITIVELY 20 YEARS AGO BUT THAT NEGOTIATED UNDERWRITINGS NOW ACCOUNT FOR MUCH OF THE MARKET MR ROBERTS SAID THAT SOME OF THE REASONS FOR THIS REVERSAL MAY NOT BE POSITIVE IN A SPEECH TO THE NATIONAL ECONOMISTS CLUB MR ROBERTS SAID POINTEDLY THAT ONE REASON FOR THE CURRENT DOMINANCE OF NEGOTIATED SALES MAY BE THE INCREASE IN POLITICAL INFLUENCEPEDDLING IN THE MUNICIPALSECURITIES MARKETPLACE AND THE FACT THAT AN ISSUER IS MORE EASILY ABLE TO CONTROL A NEGOTIATED TRANSACTION MR ROBERTS SAID A MUNICIPALBOND DISCLOSURE PACKAGE TO BE CONSIDERED BY THE SEC AT AN OPEN MEETING TODAY WILL ADDRESS THE INFLUENCEPEDDLING PROBLEM BY MAKING IT CLEAR THAT ISSUERS MUST DISCLOSE ANY RELATIONSHIPS MATERIAL TO THE SELECTION OF FINANCE PROFESSIONALS 9403090035 940309 TEXAS JOURNAL ECONOMIC FOCUS IT'S PARTY TIME TOURISTS POUR INTO SOUTH PADRE BY MICHAEL ALLEN STAFF REPORTER OF THE WALL STREET JOURNAL SOUTH PADRE ISLAND WET TSHIRT CONTESTS ACRES OF SCANTILY CLAD SUNBATHERS DRINKING AND CAROUSING AND BUNGEEJUMPING UNTIL DAWN SPRING BREAK THAT LIBIDINOUS RITE THAT DELIVERS ROUGHLY 15 OF THIS SOUTH TEXAS RESORT'S ANNUAL REVENUES IN JUST ONE MONTH IS NEARING ITS CLIMAX AND THIS LOOKS TO BE THE BIGGEST TURNOUT IN YEARS LOCAL OFFICIALS PREDICT 125000 COLLEGE STUDENTS WILL MAKE THEIR WAY TO THE BEACH BY THE END OF MARCH A WHOPPING 25 JUMP OVER LAST YEAR BUT NEVER MIND ALL THAT WHAT REALLY HAS SOUTH PADRE'S TOURISM OPERATORS EXCITED IS THE ABNORMALLY LARGE NUMBER OF OLDER VISITORS MEXICAN NATIONALS AND TEXAS FAMILIES WHO HAVE BEEN FLOCKING HERE RECENTLY NOT ONLY HAVE THEY DRIVEN UP HOTEL OCCUPANCY RATES DURING MONTHS THAT ARE TYPICALLY ALL BUT DEAD BUT THEY'RE FUELING THE BEST REALESTATE MARKET SINCE THE EARLY '80S IT'S JUST BEEN UNBELIEVABLE SAYS TROY GILES A REALESTATE BROKER AND CITY ALDERMAN WHO WATCHED A PRIME BEACHFRONT LOT CHANGE HANDS FOR 280000 LAST YEAR AFTER SELLING FOR 106000 IN 1991 AS LONG AS WE DON'T HAVE A STORM OR SOMETHING AFFECT US IN JUNE JULY AND AUGUST WE'RE GOING TO HAVE A TREMENDOUS INCREASE IN TOURISTS ADDS HAROLD WHEELER DIRECTOR OF THE SOUTH PADRE ISLAND CONVENTION AND VISITORS BUREAU IN THE FIRST QUARTER OF FISCAL 1994 ENDED DEC 31 HOTEL OCCUPANCYTAX RECEIPTS ROSE 13 ON TOP OF A 6 JUMP A YEAR EARLIER AND JANUARY AND FEBRUARY WERE IF ANYTHING EVEN STRONGER PEOPLE IN THE INDUSTRY SAY WE'RE UP BIG TIME SAYS PAUL Y CUNNINGHAM WHO IS NOT ONLY THE CITY ATTORNEY BUT ALSO THE COOWNER OF THE RADISSON RESORT HERE HE NOTES THAT RADISSON'S JANUARY OCCUPANCY ROSE TO 52 FROM A LITTLE MORE THAN 20 IN JANUARY 1993 THE LATEST ROUND OF PROSPERITY HAS BEEN A LONG TIME COMING BUSINESS CAME TO A HALT IN 1982 AS PLUNGING OIL PRICES AND A MASSIVE PESO DEVALUATION DECIMATED HIGH ROLLERS FROM MEXICO AND TEXAS AT THE SAME TIME SEVERAL MAJOR HOTELS WENT UNDER AND CONDOMINIUM PROJECTS WITHERED BUT THANKS TO SOME SAVVY MARKETING AS WELL AS AN IMPROVING REGIONAL ECONOMY SOUTH PADRE HAS BEEN ON THE MEND FOR THE PAST THREE YEARS LOCALS SAY AND RECENTLY A NUMBER OF FACTORS HAVE ACCELERATED THE TREND FOR ONE THING THIS HAS BEEN A BIG SEASON FOR WINTER TEXANS TYPICALLY RETIREES FROM THE MIDWEST WHO SPEND THE COLD MONTHS IN THE RIO GRANDE VALLEY THOUGH THEY TEND TO LIVE IN TRAILER PARKS SOME DISTANCE FROM HERE DAY VISITS AND OVERNIGHT STAYS HAVE BOOSTED REVENUES THE CITY IS ALSO STARTING TO BOOK MORE EVENTS IN ITS NEW CONVENTION CENTER FOCUSING ON CREATING DRAWS DURING THE OFFSEASON WHICH INCLUDES EVERY MONTH EXCEPT MARCH JUNE JULY AND AUGUST ONE BIG HIT THE ISLAND HOSTED THE MISS USA PAGEANT IN JANUARY MORE IMPORTANT MEXICANS ARE RETURNING IN A BIG WAY AN IMPROVED ECONOMY AND OPTIMISM GENERATED BY THE NORTH AMERICAN FREE TRADE AGREEMENT GET PART OF THE CREDIT BUT THE CONVENTION AND VISITORS BUREAU HAS HELPED THINGS ALONG BY ADVERTISING IN THE MEXICAN MEDIA AND HIRING A STAFFER TO DEVOTE FULL TIME TO MEXICAN BUSINESS DEVELOPMENT LAST YEAR SOME 30000 MEXICANS STAYED ON THE ISLAND DURING EASTER WEEK TRADITIONALLY THE PEAK VACATION PERIOD UP 50 FROM 1991 AND THOSE NUMBERS WOULD BE EVEN HIGHER THIS YEAR IF THERE WERE ANY MORE ROOMS AVAILABLE THERE SOON WILL BE LOCAL DEVELOPERS RICHARD AND DENNIS FRANKE RECENTLY BROKE GROUND FOR A 51UNIT CONDOMINIUM TOWER ALL BUT 12 OF THE THREEBEDROOM 3 1/2BATH APARTMENTS HAVE ALREADY BEEN SOLD FOR 300000 TO 350000 EACH INCLUDING A 30 CASH DOWN PAYMENT ROUGHLY 60 OF THE BUYERS ARE MEXICAN SAYS RICHARD FRANKE WHO ADDS WE COULDN'T HAVE DONE THIS A FEW YEARS AGO FOR THE REST OF THIS MONTH THOUGH ALL ELSE TAKES A BACK SEAT TO THE SPRING BREAK CROWD AND SOUTH PADRE ALSO HAS HAD SOME GOOD LUCK HERE THIS YEAR GALVESTON FED UP WITH DRUNK ROWDY YOUNGSTERS JOINED SEVERAL OTHER TRADITIONAL SPRING BREAK GETAWAYS IN DECIDING NOT TO ENCOURAGE STUDENTS TO COME SOUTH PADRE ON THE OTHER HAND WAS ALREADY IN THE MIDST OF ITS BIGGEST COLLEGE MARKETING CAMPAIGN IN YEARS OFFICIALS SET UP BOOTHS ON AT LEAST 30 CAMPUSES TO RECRUIT STUDENTS AND THEY PLAYED UP THEIR LAISSEZFAIRE ATTITUDE BY BRINGING BACK AN OLD ADVERTISING THEME LET'S PADRE THE CAMPAIGN HOOKED BILL GIESELMAN A 21YEAROLD JUNIOR FROM MICHIGAN STATE UNIVERSITY WHO LOOKS BLEARYEYED ONE MORNING AFTER COMPLETING A 30HOUR DRIVE HERE WITH FRIENDS IT'S MORE LAIDBACK HERE THAN OTHER DESTINATIONS HE NOTES THEY LET YOU DRINK ON THE BEACH BIGGER FALLS TEXAS NO LONGER HAS BRAGGING RIGHTS TO THE BIGGEST ECONOMIC COLLAPSE OF RECENT YEARS MERRILL LYNCH & CO REPORTS THAT THE CURRENT CALIFORNIA RECESSION IS HALF AGAIN MORE SERIOUS WHILE MASSACHUSETTS' SITUATION IS EVEN WORSE THAN THAT ACCORDING TO THE INVESTMENTBANKING HOUSE TEXAS EMPLOYMENT FELL ABOUT 3 A YEAR AFTER THE 1986 OIL BUST BUT RECOVERED ALL ITS LOST GROUND WITHIN ABOUT 30 MONTHS CALIFORNIA'S EMPLOYMENT MEANWHILE IS DOWN 5 FROM ITS PEAK 40 MONTHS AGO AND CONTINUES TO FALL AS FOR MASSACHUSETTS EMPLOYMENT IS DOWN 12 FROM THE PEAK IN DECEMBER 1988 9403090034 940309 ECONOMY HEALTHCARE PANEL SEEKS TO CUT BENEFITS IN CLINTON PLAN EXEMPT SMALL FIRMS BY DAVID ROGERS STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON DEMOCRATS IN CONGRESS ARE PROPOSING TO PARE THE BASIC BENEFITS PACKAGE IN THE CLINTON ADMINISTRATION'S HEALTH PLAN AND MAKE FURTHER CONCESSIONS TO SMALL BUSINESS AS A MEANS TO WIN VOTES FOR THEIR GOAL OF PROVIDING HEALTH COVERAGE FOR ALL AMERICANS THE HOUSE WAYS AND MEANS HEALTH SUBCOMMITTEE IS CONSIDERING AN ALTERNATIVE PLAN THAT WOULD GUARANTEE A BENEFIT PACKAGE COSTING FOR A SINGLE PERSON ABOUT 14 LESS THAN WHAT THE ADMINISTRATION HAS PROPOSED ACCORDING TO PRELIMINARY BUDGET FIGURES RELEASED YESTERDAY AND REP FORTNEY PETE STARK D CALIF THE PANEL'S CHAIRMAN INDICATED HE IS OPEN TO SUGGESTIONS BY HIS COLLEAGUES THAT SMALL BUSINESS BE EXEMPTED FROM HAVING TO PROVIDE COVERAGE FOR MILLIONS OF WORKERS ALREADY INSURED UNDER FAMILY PLANS PAID FOR BY THEIR SPOUSES' EMPLOYERS THE IDEA OF SUCH AN EXEMPTION WAS ADVANCED MOST VIGOROUSLY BY REP BENJAMIN CARDIN D MD A MEMBER OF THE SUBCOMMITTEE SMALLBUSINESS CONCERNS ARE CLEARLY A SENSITIVE ISSUE BOTH FOR DEMOCRATIC SWING VOTES IN THE SUBCOMMITTEE AND IN THE HOUSE MORE GENERALLY THE BILL BEFORE THE SUBCOMMITTEE WOULD REQUIRE LARGE EMPLOYERS BEGINNING NEXT YEAR TO PAY 80 OF THE COST OF A MINIMUM BENEFITS PACKAGE FOR THEIR EMPLOYEES BUT COMPANIES WITH 100 OR FEWER WORKERS WOULD BE EXEMPT UNTIL JANUARY 1997 AND THEN WOULD HAVE THE OPTION OF BUYING INTO A NEW GOVERNMENT PROGRAM LIKE MEDICARE TO PROVIDE BASIC COVERAGE FOR PEOPLE WITHOUT PRIVATE INSURANCE ESTIMATES BY THE EMPLOYEE BENEFIT RESEARCH INSTITUTE A NONPROFIT RESEARCH ORGANIZATION IN WASHINGTON INDICATE THAT ABOUT A QUARTER OF ALL WORKERS IN SUCH SMALL COMPANIES CURRENTLY ARE COVERED BY RELATIVES' HEALTH PLANS AND THOUGH LARGE EMPLOYERS COMPLAIN THIS AMOUNTS TO SHIFTING TO THEM THE COST OF HEALTH COVERAGE DEMOCRATS ARE ANXIOUS TO LOOK AT ANY OPTION THAT WOULD HELP BLUNT OPPOSITION FROM THE SMALLBUSINESS LOBBY IT'S NOT ENTIRELY FAIR SAID MR CARDIN BUT WE'VE GIVEN UP PURITY THE ALTERNATIVE PLAN PRESENTED TO THE SUBCOMMITTEE LARGELY THE WORK OF REP STARK REFLECTS HIS FAITH IN THE MEDICARE MODEL AND HIS WILLINGNESS TO THROW OUT OR STREAMLINE MECHANISMS IN THE PRESIDENT'S PROPOSAL UNDER HIS PLAN INSURANCE PREMIUMS WOULD BE ESTABLISHED ACCORDING TO WHETHER THERE ARE ONE OR TWO WORKING ADULTS IN A FAMILYREGARDLESS OF THE NUMBER OF CHILDREN AND THE BENEFITS PACKAGE WOULD BE LESS GENEROUS AND IMPOSE A HIGHER DEDUCTIBLE THAN THE ONE PROPOSED BY THE ADMINISTRATION THE CONGRESSIONAL BUDGET OFFICE HAS YET TO COMPLETE ESTIMATES OF THE BUDGET IMPACT OF THE STARK PLAN BUT THE CHAIRMAN SAID PRELIMINARY NUMBERS INDICATE PREMIUMS FOR HIS MINIMUM BENEFITS PACKAGE WOULD BE 2400 FOR AN INDIVIDUAL WORKER ABOUT 600 OF THIS REPRESENTS COSTS ASSOCIATED WITH THE BLANKET COVERAGE FOR CHILDREN THE REMAINING 1800 CAN BE COMPARED WITH THE CBO'S ESTIMATE THAT THE BASIC BENEFITS FOR A SINGLE INDIVIDUAL UNDER THE PRESIDENT'S PLAN WOULD COST 2100 THOUGH THE OVERALL COSTS WOULD APPEAR TO BE LESS UNDER THE STARK PLAN THE SIMPLIFIED PREMIUM SYSTEM DISGUISES CONSIDERABLE COSTSHIFTING FROM HOUSEHOLDS THAT HAVE CHILDREN TO THOSE WITH NO CHILDREN THERE ALSO WOULD BE COSTSHIFTING BETWEEN EMPLOYERS DEPENDING ON THE COMPOSITION OF THEIR WORK FORCES A COMPANY WITH A YOUNG PREDOMINANTLY SINGLE WORK FORCE MIGHT END UP PAYING MORE THAN IT WOULD UNDER THE PRESIDENT'S PLAN WHILE ITS EMPLOYEES MIGHT GET LESS IN REAL BENEFITS PERHAPS MORE TROUBLING FOR LIBERAL DEMOCRATS IS THE RISK THAT MR STARK'S APPROACH WOULD CREATE DIFFERENT CLASSES OF HEALTH COVERAGE MOREOVER COST CONTROLS IN HIS PLAN ESSENTIALLY WOULD PERPETUATE THE PRICE DISCREPANCIES THAT CURRENTLY OCCUR BETWEEN WHAT DOCTORS CHARGE PRIVATELY INSURED PATIENTS AND THOSE WHOSE HEALTH CARE IS FINANCED THROUGH GOVERNMENT PROGRAMS LIKE MEDICARE THE CHAIR IS AMENABLE TO DO ANYTHING THAT WILL GET VOTES JOKED MR STARK IN ONE EXCHANGE AS A PRACTICAL MATTER THE NEGOTIATING PROCESS WON'T BEGIN UNTIL NEXT WEEK WHEN CBO ESTIMATES WILL BE FULLY AVAILABLE AS IF MINDFUL OF THIS REPUBLICANS WERE CONTENT TO STRIKE A CORDIAL NOTE IN THE DISCUSSIONS BUT REP WILLIAM THOMAS A GOP SUBCOMMITTEE MEMBER WHO LIKE MR STARK IS FROM CALIFORNIA INDICATED THAT THE MINORITY WOULD LIKE TO MAKE SURE THE PRESIDENT'S PLAN IS PUT TO A VOTE TO TEST SUPPORT AND LIKELY EMBARRASS THE ADMINISTRATION YESTERDAY'S SUBCOMMITTEE DISCUSSIONS COINCIDED WITH AN AMERICAN MEDICAL ASSOCIATION MEETING IN WASHINGTON THE PHYSICIAN'S GROUP IS WALKING A TIGHTROPE AS IT TRIES TO COBBLE TOGETHER A HEALTHREFORM AGENDA THAT MATCHES ITS 290000 MEMBERS' DIVERSE VIEWS REACTION TO MR STARK'S PROPOSAL WAS LARGELY NEGATIVE JAMES TODD THE AMA EXECUTIVE VICE PRESIDENT SAID EXPANDING MEDICARE WOULD BE ONE MORE STEP INTO TOTAL GOVERNMENT DOMINATION OF THE HEALTHCARE SYSTEM IN AN EFFORT TO DEMONSTRATE ITS OWN UNITY THE AMA RELEASED A RECENT LETTER IT SENT TO PRESIDENT CLINTON CALLING FOR REFORMS THAT GUARANTEE HEALTH BENEFITS FOR EVERY AMERICAN WITHOUT RAISING SIGNIFICANT BARRIERS BETWEEN PATIENTS AND PHYSICIANS THE WHITE HOUSE ASKED TO SEND A REPRESENTATIVE TO THE MEETING CHOSE TO NAME HOUSE ENERGY AND COMMERCE CHAIRMAN JOHN DINGELL D MICH AS ITS PROXY BEFORE THE PHYSICIANS BUT THE BIGFISTED MICHIGAN DEMOCRAT STRUGGLING FOR VOTES IN HIS OWN PANEL WAS SCARCELY EFFUSIVE IN HIS PRAISE OF THE CLINTON BILL WHICH HE SAID HAS MANY FLAWS AND IS UNNECESSARILY COMPLEX THE PRESIDENT'S SOCALLED EMPLOYER MANDATE THE REQUIREMENT THAT EMPLOYERS HELP PAY FOR THEIR WORKERS' INSURANCE PROBABLY WILL BE ALTERED MR DINGELL SAID BUT HE CRITICIZED THE AMA WHICH ONCE UNEQUIVOCALLY BACKED AN EMPLOYER MANDATE BUT NOW SAYS IT'S OPEN TO OTHER IDEAS FOR RETREATING FROM TAKING A STAND ON HOW TO FINANCE UNIVERSAL HEALTH COVERAGE IT'S GREAT TO BE FOR UNIVERSAL COVERAGE MR DINGELL SAID BUT YOU'VE GOT TO UNDERSTAND IT HAS TO BE PAID FOR HUNDREDS OF AMA MEMBERS ARE SLATED TO LOBBY ON CAPITOL HILL TODAY ON THE HEALTH ISSUE AND ON PHYSICIAN DEMANDS FOR MALPRACTICE CHANGES INCLUDING A 250000 CAP ON NONECONOMIC DAMAGES AND LIMITS ON PLAINTIFFS' ATTORNEYS' FEES CONSUMER ADVOCATE RALPH NADER ACCUSED THE AMA OF PUSHING A PLAN THAT WILL DRASTICALLY RESTRICT THE RIGHTS OF HEALTHCARE CONSUMERS MEANWHILE MR CLINTON SPEAKING BEFORE A WASHINGTON BUSINESS AUDIENCE WAS ALTERNATELY SYMPATHETIC AND DEFIANT TOWARD THE INSURANCE INDUSTRY WHICH HAS SPENT MILLIONS TO SLOW HIS PROPOSAL WE MUST SET UP A SYSTEM IN WHICH INSURANCE COMPANIES THEMSELVES WILL NOT BE FORCED INTO BANKRUPTCY MR CLINTON SAID BUT HE CRITICIZED THE INDUSTRY'S TELEVISION COMMERCIALS WHICH PLAY ON PUBLIC FEARS ABOUT GOVERNMENT INTERFERENCE IN THEIR HEALTH COVERAGE WHEN I SEE ALL THESE ADS THAT SAY WE CAN'T DO IT I SAY THESE PEOPLE ARE TELLING ME MY COUNTRY IS DUMBER THAN THESE OTHER COUNTRIES THE PRESIDENT SAID I DON'T BELIEVE THAT RICK WARTZMAN AND JEFFREY H BIRNBAUM CONTRIBUTED TO THIS ARTICLE 9403090033 940309 BUSINESS BRIEF SHOPSMITH INC FIRM TO SHUT ALL BUT ONE OF ITS RETAIL OPERATIONS SHOPSMITH INC SAID IT WILL CLOSE ALL BUT ONE OF ITS REMAINING RETAIL STORES OVER THE NEXT TWO MONTHS AS PART OF A REORGANIZATION THAT WILL CAUSE A SUBSTANTIAL RESTRUCTURING CHARGE IN THE FINAL QUARTER OF ITS FISCAL YEAR ENDING MARCH 31 AND FORCE LAYOFFS OF ABOUT 40 EMPLOYEES THE COMPANY A PRODUCER AND DISTRIBUTOR OF HOBBY WOODWORKING EQUIPMENT THAT ONCE HAD 40 US OUTLETS REPORTED A NET LOSS OF 827000 OR 35 CENTS A SHARE ON SALES OF 143 MILLION IN THE YEARAGO QUARTER SHOPSMITH SAID IT WOULD CLOSE 22 SHOPSMITH/WOODWORKING UNLIMITED RETAIL STORES KEEPING JUST ONE COMPANYOWNED STORE IN DAYTON WHERE IT IS BASED THE NEW CHARGE IS SEPARATE FROM ONE ANNOUNCED FOR THE THIRD QUARTER THE COMPANY'S MOVES ARE AIMED AT SHEDDING ITS RETAIL NETWORK WHICH PROVED COSTLY TO OPERATE IN FAVOR OF MANUFACTURING AND FIELD SALESPROMOTION OPERATIONS 9403090032 940309 BUSINESS BRIEF SANDY CORP FIRM REJECTS TAKEOVER BID BY WESTCOTT CITING VALUE SANDY CORP TROY MICH REJECTED AN UNSOLICITED TAKEOVER PROPOSAL FROM WESTCOTT COMMUNICATIONS INC EXPRESSING A DESIRE TO REMAIN INDEPENDENT AND SAYING THE STOCK OFFER UNDERVALUED THE COMPANY WESTCOTT A CARROLLTON TEXAS OPERATOR OF SPECIALIZED SATELLITETV NETWORKS OFFERED TO ACQUIRE THE PROVIDER OF CORPORATE TRAINING PROGRAMS PRIMARILY TO AUTO MAKERS BY EXCHANGING ONE WESTCOTT COMMON SHARE FOR EVERY 281 SANDY SHARES IN A TRANSACTION VALUED AT ABOUT 19 MILLION CHAIRMAN AND CHIEF EXECUTIVE WILLIAM H SANDY SAID OUTSIDE FINANCIAL ANALYSIS SHOWED THAT AFTER A MERGER SANDY WOULD ACCOUNT FOR ONETHIRD OF THE VOLUME AND REVENUE OF THE COMBINED COMPANY BUT ONLY ABOUT 4 OF THE STOCK WE FELT WE COULD DO BETTER ON OUR OWN HE SAID COMPANY OUTLOOK HAS IMPROVED IN RECENT YEARS LARGELY FROM AUTO MAKERS' REBOUND WESTCOTT CHIEF FINANCIAL OFFICER PHYLLIS FARRAGUT SAID WESTCOTT OFFICERS WOULD DETERMINE WHETHER ANY ADDITIONAL ACTION MAKES SENSE BUT SAID A HOSTILE BID ISN'T BEING CONSIDERED 9403090031 940309 TECHNOLOGY BRIEF ELI LILLY & CO DRUG MAKER INTENDS TO BUY SPHINX FOR ABOUT 80 MILLION ELI LILLY & CO TENTATIVELY AGREED TO ACQUIRE SPHINX PHARMACEUTICALS CORP FOR 6 A SHARE A PRICE THAT VALUES THE DURHAM NC BIOTECH CONCERN AT ROUGHLY 80 MILLION SPHINX SPECIALIZES IN DEVELOPING THOUSANDS OF SYNTHETIC ORGANIC MOLECULES IT TESTS SUCH COMPOUNDS FOR THEIR POTENTIAL AS PHARMACEUTICALS USING PROPRIETARY HIGHVOLUME SCREENING TECHNIQUES THE COMPANY WENT PUBLIC IN EARLY 1992 AT 15 A SHARE BUT ITS SHARES HAD WEAKENED TO BELOW 3 IN PART ANALYSTS SAID BECAUSE OF DIFFICULTIES ENCOUNTERED WITH PRODUCTS IT HAD BEEN DEVELOPING AND IN PART BECAUSE INVESTORS HAVE COOLED TO DEVELOPMENTSTAGE LIFESCIENCES COMPANIES IN NATIONAL OVERTHECOUNTER TRADING YESTERDAY SPHINX SHARES NEARLY DOUBLED JUMPING TO 54375 FROM MONDAY'S CLOSE OF 2875 IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING ELI LILLY CLOSED AT 5325 UP 75 CENTS LILLY ALREADY OWNS 680000 SPHINX SHARES A STAKE SLIGHTLY OVER 5 WHICH IT ACQUIRED WHEN IT ENTERED INTO A RESEARCH COLLABORATION IN LATE 1991 THE LETTER OF INTENT IS SUBJECT TO SIGNING OF A DEFINITIVE PACT AS WELL AS APPROVAL BY REGULATORS AND SPHINX HOLDERS 9403090030 940309 TEXAS JOURNAL HOT STUFF ENTREPRENEURS DISCOVER SALSA TOO MANY IN FACT AND THE GLUT MAY BE A RECIPE FOR SHAKEOUT BY LAURA JOHANNES STAFF REPORTER OF THE WALL STREET JOURNAL WHAT DO AN IRS EXAMINER A FORMER PROFESSIONAL FOOTBALL PLAYER AND A HOUSTON HOMEMAKER HAVE IN COMMON ANSWER THEY'RE ALL TRYING TO BREAK INTO THE TEXAS SALSA MARKET AND THEY HAVE PLENTY OF COMPANY LURED BY THE STATE'S REPUTATION AS THE MECCA OF SALSA SCORES OF HOPEFUL ENTREPRENEURS HAVE LAUNCHED THEIR OWN BRANDS IN THE PAST FEW YEARS THERE'S ZORBA THE BUDDHA AND BUBBA'S SUICIDE SALSA KAY'S HOT STUFF SALSA DE TOMATILLO AND BUZZ'S TEXLOU MAGIC SALSA LAST YEAR ALONE 50 TEXASBASED SALSA PRODUCTS INCLUDING NEW BRANDS AND VARIATIONS ON EXISTING BRANDS HIT THE MARKET THAT WAS NEARLY 20 OF ALL NEW SALSA PRODUCTS NATIONWIDE ACCORDING TO NEW PRODUCT NEWS A CHICAGO TRADE PUBLICATION GOOD NEWS PERHAPS FOR SALSA LOVERS BUT FOR SALSA MAKERS THE MAD RUSH TO MARKET HAS THE MAKINGS OF A DISASTER FACED WITH STIFF COMPETITION ESPECIALLY FROM WELLHEELED ESTABLISHED GIANTS THE SMALLER FRY ARE FINDING IT HARDER TO GET SHELF SPACE LET ALONE SELL THE STUFF THE LIKELY UPSHOT A MARKET SHAKEOUT THERE ARE MORE METOO' SALSA COMPANIES IN TEXAS THAN YOU COULD IMAGINE SAYS PARK KERR OWNER OF 14YEAROLD EL PASO CHILI CO WHO PREDICTS THAT MOST OF THE NEW ARRIVALS WILL FAIL THESE PEOPLE DON'T UNDERSTAND THAT THE MARKET IS ALREADY SATURATED EVEN THE MARKET LEADERS ARE BEING JOSTLED BY THE CROWD ACCORDING TO STATISTICS GATHERED BY INFORMATION RESOURCES INC'S INFOSCAN SERVICE A CHICAGOBASED MARKETRESEARCH CONCERN DESPITE A 18 INCREASE IN THE SALES OF MEXICANSTYLE SAUCES IN TEXAS TO 578 MILLION SIX OF THE TOP 10 BRANDS IN THE STATE ACTUALLY SAW TEXAS SUPERMARKET SALES DECLINE IN 1993 SAN ANTONIOBASED PACE FOODS INC IN BUSINESS SINCE 1947 SAW TEXAS SUPERMARKET SALES DROP 3 LAST YEAR TO 296 MILLION THE COMPANY'S SALES OF ITS SAUCES AT DISCOUNT WAREHOUSES WERE UP OLD EL PASO FOODS CO ANTHONY SAW MEXICAN SAUCE SALES IN ITS HOME STATE DIP 02 NATIONWIDE SALES OF MEXICAN SAUCESINCLUDING SALSA AND PICANTE SAUCE A MOREWATERY VERSION OF THE STANDARD BLEND OF TOMATOES AND JALAPENO PEPPERS GREW 11 TO 629 MILLION FOR SEVERAL YEARS NOW SALES OF MEXICAN SAUCES HAVE EVEN EXCEEDED THOSE OF KETCHUP WITH THESE KINDS OF NUMBERS NO WONDER SO MANY AMATEURS HAVE PLUNGED INTO THE BUSINESS PARTICULARLY IN TEXAS WHERE SALSA WAS A HOUSEHOLD WORD DECADES BEFORE THE TRENDSETTERS CAUGHT ON IN OTHER STATES THERE'S ONE IN HERE EVERY WEEK SAYS RON DIFRANCO OWNER OF DIFRANCO FOODS INC AN AUSTIN SALSA MAKER THAT ALSO MANUFACTURES BOTTLES AND LABELS FOR OTHERS MR DIFRANCO BOTTLES ALMOST ANYBODY'S SALSA FOR A PERJAR FEE BUT NOT BEFORE FIRST WARNING OF FINANCIAL PERILS I TELL THEM NOT TO QUIT THEIR JOBS HE SAYS MR DIFRANCO SHOULD KNOW BACK IN 1986 INTRODUCING HIS OWN HOT SAUCE SAVED HIS FOOD BUSINESS FROM BANKRUPTCY BUT NEW ENTRIES INTO THE MARKET HAVE CUT HIS TEXAS PERSTORE MONTHLY SALES FROM ABOUT FOUR CASES OF 12 JARS EACH FIVE YEARS AGO TO ABOUT A CASE AND A HALF TODAY TO BOOST SALES HE'S SHIPPING HIS BUBBA'S SUICIDE SALSA AND ESTELLA'S SALSA TO LESSCROWDED NORTHEAST AND FLORIDA MARKETS STILL SUCCEEDING IN TEXAS PROVIDES AN ENTICING CHALLENGE TO MANY ENTREPRENEURS WHO FEEL THAT BRAVING THE OBSTACLES HERE WILL PREPARE THEM FOR NATIONAL SUCCESS IF YOU CAN MAKE IT IN AUSTIN YOU CAN MAKE IT ANYWHERE SAYS ROYCE MILLER 51 AN INTERNAL REVENUE SERVICE EXAMINER WHO IS WORKING NIGHTS AND WEEKENDS TO START A SALSA BUSINESS THE FIRST HURDLE IS TO GET AN APPOINTMENT WITH STORE BUYERS WHOSE DESKS ARE ALREADY FILLED WITH SALSA JARS YOU'VE GOT ABOUT EIGHT SECONDS TO HIT THEM BEFORE THEY SAY I NEVER WANT TO SEE ANOTHER SALSA IN MY LIFE' SAYS GEORGE HAMMERLEIN A HOUSTON DISTRIBUTOR SCOTT SILVERMAN A BUYER AT RICE EPICUREAN MARKET IN HOUSTON SAYS HE GETS REQUESTS FOR INTERVIEWS FROM 150 SALSA MAKERS A YEAR BUT SEES ONLY ABOUT ONE A WEEK HE IMMEDIATELY RULES OUT ANYBODY WHO COOKED THE SAMPLE AT HOME BECAUSE SUPERMARKET PRODUCTS MUST BE MADE IN STATELICENSED KITCHENS AFTER THAT HE LOOKS FOR BAR CODING WHICH WOULD ALLOW HIS STORE TO PUT THE SALSA THROUGH THE AUTOMATED CHECKOUT HE ALSO LOOKS FOR LIABILITY INSURANCE IN CASE SOMEBODY GETS SICK AFTER EATING THE SALSA EVEN AFTER MEETING THOSE BASIC REQUIREMENTS ONLY ABOUT 10 OF THE SALSAS MR SILVERMAN CONSIDERS MAKE IT TO THE SHELVES BASED LARGELY ON PACKAGING MARKETING AND THE RESULTS OF INSTORE DEMONSTRATIONS TASTE IS RARELY A FACTOR MOST OF THEM ARE SO SIMILAR MR SILVERMAN SAYS IT ALSO COSTS MONEY TO GET INTO STORES ABOUT 80000 FOR A BIG MARKET LIKE HOUSTON SAYS MR DIFRANCO THAT'S PARTLY TO COVER THE COSTS OF SLOT FEES PAID TO GROCERS FOR SHELF SPACE A SLOT FEE FOR A SMALL SALSA MAKER MIGHT BE A FREE CASE AND A COUPLE HUNDRED DOLLARS PER STORE MR DIFRANCO SAYS THE MONEY ALSO INCLUDES THE COST OF DEMONSTRATING THE PRODUCT AT GROCERY STORES A CRUCIAL STEP TO CONVINCE STORES THAT THE SALSA WILL SELL I'M FRANK AND THIS IS FRANK AND BRYAN'S SALSA EXCLAIMS HOUSTONIAN FRANK LAUX TO SHOPPERS AT RANDALL'S IN HOUSTON ON A RECENT SATURDAY MORNING MR LAUX QUIT HIS JOB AS FRANCHISE MANAGER FOR NEW PRODUCTS AT MARS INC'S UNCLE BEN'S UNIT A YEAR AND A HALF AGO AND TEAMED UP WITH A COLLEAGUE TO CONCOCT THEIR OWN SALSA AND START A NEW BUSINESS HE NOW SPENDS EVERY SATURDAY AND SUNDAY IN SUPERMARKETS ACROSS THE STATE URGING PEOPLE TO SAMPLE HIS SUNSALSA SUNSALSA VERDE AND SUNSALSA QUESO A CHEESE CONCOCTION FRANK & BRYAN FOODS INC IS REPRESENTED IN ABOUT 200 STORES CONSIDERED A GOOD START AFTER LESS THAN A YEAR IN BUSINESS MR LAUX EXPECTS THE COMPANY TO BE PROFITABLE BY ITS THIRD YEAR WOULDBE SALSA KINGS PUT IN MORE THAN LONG HOURS TO TRY TO BREAK THROUGH THE CLUTTER THEY ALSO MUST BUY SUCCESS WITH PROMOTIONS ACCORDING TO BETDEL FOODS INC THE COMPANY THAT INTRODUCED HERB'S PARTY SALSA A YEAR AGO NATHAN LAVIAGE A FORMER MEXICAN RESTAURANT OWNER AND PRESIDENT AND PART OWNER OF BETDEL SAYS HE HAS BEEN KEEPING HIS SALSA MOVING WITH PRICE CUTS AND TWOFORONE PROMOTIONS ON WHICH HE LOSES MONEY SO WHILE SALES IN 1993 WERE A RESPECTABLE 60000 BETDEL POSTED A NET LOSS OF 64000 IT'S TOUGHER THAN I THOUGHT CONCEDES MR LAVIAGE WHOSE FRIENDS CALL HIM HERB ONE ENTREPRENEUR WHO HASN'T HAD MUCH TROUBLE BREAKING INTO THE MARKET IS CURLEY JOHNSON A 58YEAROLD FORMER PUNTER FOR THE NEW YORK JETS WHO STARTED BOTTLING HIS OWN CURLEY'S SALSA 15 MONTHS AGO AND SAYS HIS AUSTINBASED COMPANY HAS ALREADY MADE A SLIGHT PROFIT MR JOHNSON WHOSE SALSA BOTTLE SHOWS A FOOTBALL HELMET FILLED WITH VEGETABLES HAS A SUREFIRE TECHNIQUE FOR GETTING INTERVIEWS WITH POWERFUL STORE BUYERS I JUST FLASH MY SUPER BOWL RING AND I'M IN HE SAYS THOSE THAT DON'T HAVE THE CACHET OF HAVING BEEN A FORMER PROFOOTBALL PLAYER NEED TO FIND OTHER WAYS TO STAND OUT BEST OF THE WEST INC A GOURMET FOOD MARKETER IN AUSTIN HAS COOKED UP A PEACH SALSA NAMED BUCKAROO TWENTY FOURKICK PEACH SALSA GUILTLESS GOURMET INC ALSO OF AUSTIN LABELS ITS GUILTLESS GOURMET SALSA AS HAVING NO FAT NO OIL WHICH THOUGH TRUE OF MANY OTHER SALSAS HELPS CATCH THE EYE OF HEALTHCONSCIOUS BUYERS STILL UNIQUENESS USUALLY DOESN'T LAST VERY LONG IN THE SALSA BUSINESS TINY HOUSTONBASED LINDY FOODS WHICH FIVE MONTHS AGO FOUND A NICHE IN GREEN SALSA WITH ITS AUNTIE MARTIN'S CILANTRO SAUCE SUPREME NOW FACES COMPETITION FROM AT LEAST A DOZEN GREEN SALSAS SAYS COMPANY OWNER LINDY NOWELL WHO WAS A HOMEMAKER WHEN HER ENTREPRENEURIAL INTEREST WAS SPARKED BY NEWS REPORTS ABOUT THE GROWING POPULARITY OF SALSAS IF ALL ELSE FAILS SOME TRY A RELIGIOUS PITCH SALSA DIVINO MADE BY DESERT PEPPER TRADING CO IN EL PASO PROMISES TO BE THE ANSWER TO YOUR PRAYERS THE LABEL ADORNED WITH A DRAWING OF THE VIRGIN OF GUADALUPE READS OUT OF THE QUIET DESERT NIGHT WHERE THE WIND BLOWS COOL AND YOU CAN SEE DIRECTLY INTO THE HEAVENS COMES A SALSA THAT WILL INSPIRE YOUR ETERNAL DEVOTION BUT EVEN SALSA DIVINO HAS COMPETITION A COLORADO MANUFACTURER MAKES AN EQUALLY INSPIRATIONAL HOT SAUCE WITH THE NAME RELIGIOUS EXPERIENCE UNDER THE HEAVY ODDS COUNTLESS TEXAS COMPANIES START UP MAKE SALSA FOR A YEAR AND ARE FORGOTTEN ONE DROPOUT WHO MANY DO REMEMBER IS MARIA ROSE A 41YEAROLD AUSTINITE WHO HONED HER COOKING SKILLS ON AN OREGON COMMUNE AFTER FIVE YEARS OF MAKING SALSA UNDER HER ZORBA THE BUDDHA LABEL MS ROSE WHO WAS WORKING 17HOUR DAYS SEVEN DAYS A WEEK FOUND SHE WAS BARELY BREAKING EVEN AND DISCONTINUED HER RED SALSA IN 1992 AND HER GREEN SAUCE SEVERAL MONTHS AGO A LOT OF PEOPLE THINK IT'S GLORIOUS BUT ACTUALLY IT IS NO SMALL THING TO BE IN THE FOOD BUSINESS SAYS MS ROSE WHO IS NOW ATTENDING ACUPUNCTURE SCHOOL YET DESPITE THE ODDS SOME PEOPLE LIKE MR MILLER THE TAX EXAMINER PERSEVERE AFTER A YEAR MILLER'S TEXAS SALSA HAS EARNED SHELF SPACE IN ONLY ABOUT TWO DOZEN STORES BUT MR MILLER TRUDGES ON SELLING ANYWHERE HE CAN TO ANYONE HE CAN I THINK IT'S PICKING UP HE SAYS ADDING I'M IN ONLY ONE STORE IN HOUSTON BUTERA'S SUPERMARKET ON BISSONNET IF YOU'RE IN THE NEIGHBORHOOD I'D APPRECIATE IT IF YOU'D STOP BY AND PICK UP A JAR 9403090029 940309 TEXAS JOURNAL HOW TO ENLIVEN ANY GATHERING DISCUSS VIRUSES BY LAURA JOHANNES AT THE HOUSTON LIVESTOCK SHOW AND RODEO THIS YEAR SOME LUCKY VISITORS WERE TREATED TO MORE THAN THE USUAL DANCES COCKTAIL PARTIES AND TOURS OF LOCAL RANCHES DIPLOMATS FROM CHINA FRANCE AND ELSEWHERE ALSO GOT AN EARFUL FROM THE TEXAS DEPARTMENT OF AGRICULTURE ABOUT THEIR COUNTRIES' RESTRICTIONS ON IMPORTS OF TEXAS CATTLE BECAUSE OF BLUETONGUE VIRUS THE VIRUS INFECTS MANY ANIMALS IN THE SOUTHERN US BUT ALMOST NEVER CAUSES HEALTH PROBLEMS OFFICIALS SAY WHERE BETTER TO LOBBY ON BLUETONGUE THAN THE FESTIVE SETTING OF THE RODEO IT'S A RELAXED ENVIRONMENT THAT BRINGS PEOPLE OF LIKE MINDS TOGETHER SAYS MARK ELLISON TEXAS' ASSISTANT AGRICULTURE COMMISSIONER THIS IS A GOOD TIME TO TRY TO UNDO SOME PREJUDICES IN THE RODEO'S INTERNATIONAL ROOM MR ELLISON HANDED VISITORS COPIES OF A 17PAGE ESSAY THAT ARGUES FOR EASING RESTRICTIONS ON CATTLE IMPORTS FROM BLUETONGUE AREAS THE ESSAY BY A TEXAS A&M UNIVERSITY PROFESSOR ARGUES NOT ONLY THAT THE VIRUS IS USUALLY HARMLESS TO CATTLE BUT ALSO THAT IT SPREADS ONLY THROUGH CERTAIN KINDS OF GNATS WHICH MANY COUNTRIES DON'T HAVE TEXAS DOES A THRIVING CATTLE BUSINESS WITH THAILAND THE PHILIPPINES AND MEXICO BUT LOSES MILLIONS OF DOLLARS A YEAR IN SALES TO OTHER COUNTRIES THAT WON'T IMPORT CATTLE FROM BLUETONGUE AREAS MR ELLISON SAYS TEXAS BREEDERS SAY THE VIRUS IS AN EXCUSE FOR PROTECTIONISM IT'S A POLITICAL DISEASE AND IT MAKES MY BLOOD BOIL SAYS ORVAN MUELKER A BREEDER FROM COST TEXAS THE RESULT OF THE LOBBYING WAS MIXED THE FRENCH AND CHINESE CONSULS LISTENED POLITELY AND AGREED TO KEEP THE DIALOGUE OPEN BUT RUSSIA WHICH WANTS TO START BREEDING BEEF CATTLE NEAR MOSCOW SEEMED READY TO TALK BUSINESS AFTER GOBBLING UP ICE CREAM DURING A TOUR OF THE BLUE BELL CREAMERY IN BRENHAM A RUSSIAN OFFICIAL TOLD HER HOSTS SHE WILL LOOK INTO WHAT HER COUNTRY'S RULES ARE AND WHETHER THEY NEED CHANGING TO DO BUSINESS WITH TEXAS BREEDERS IT SEEMED TO GO WELL MR ELLISON SAID BUT WE DIDN'T WANT TO PUSH TOO HARD AT THE FIRST MEETING 9403090028 940309 JUSTICE DEPARTMENT SEEKS DATA ON GENERAL INSTRUMENT NEW YORK THE JUSTICE DEPARTMENT IS REQUESTING INFORMATION ABOUT THE MARKET CLOUT OF GENERAL INSTRUMENT CORP A LEADING SUPPLIER OF HIGHTECH EQUIPMENT TO THE CABLE INDUSTRY A PERSON CLOSE TO GENERAL INSTRUMENT CONFIRMED THAT THE COMPANY HAS BEEN CONTACTED BY THE JUSTICE DEPARTMENT AS PART OF A BROAD INQUIRY INTO CABLEEQUIPMENT MANUFACTURERS AND CALLED IT NOTHING SUBSTANTIVE THE COMPANY DECLINED TO COMMENT JUSTICE DEPARTMENT OFFICIALS COULDN'T BE REACHED FOR COMMENT THE INQUIRY WAS FIRST REPORTED BY SATELLITE BUSINESS NEWS A TRADE PUBLICATION GENERAL INSTRUMENT IS THE LEADING MAKER OF TELEVISION SETTOP CABLE DECODER BOXES SEVERAL COMPANIES ARE COMPETING TO SUPPLY THE CABLE INDUSTRY WITH THE NEXT GENERATION OF SETTOP BOXES TELECOMMUNICATIONS INC THE NO 1 CABLE OPERATOR LATE LAST YEAR SAID IT WOULD BUY SETTOP BOXES FROM GENERAL INSTRUMENT HEWLETTPACKARD CO AND SCIENTIFICATLANTA INC FOR USE IN TCI'S CONVERSION TO DIGITAL SYSTEMS OVER THE NEXT TWO YEARS GENERAL INSTRUMENT REMAINS TCI'S BIGGEST SUPPLIER OF THE DEVICES 9403090027 940309 FLEET FINANCIAL TO REDUCE STAFF AS MUCH AS 19 NEW ENGLAND BANK TARGETS UP TO 5000 POSITIONS IN BID TO SLASH COSTS BY SUZANNE ALEXANDER RYAN STAFF REPORTER OF THE WALL STREET JOURNAL FLEET FINANCIAL GROUP INC AIMS TO CUT FROM 3000 TO 5000 JOBS OR AS MUCH AS 19 OF ITS TOTAL WORK FORCE IN A BROAD EFFORT TO SLASH OPERATING EXPENSES PEOPLE FAMILIAR WITH THE INITIATIVE SAY THE BANK HOLDING COMPANY INITIALLY HAD AS ITS GOAL REDUCING ANNUAL COSTS BY 150 MILLION WITH ANYTHING OVER 200 MILLION THOUGHT TO BE A PRETTY GOOD JOB SAID ONE PERSON FAMILIAR WITH THE PROGRAM BUT IN RECENT WEEKS FLEET INSIDERS HAVE SAID THE FINAL FIGURES EXPECTED TO BE RELEASED THIS WEEK COULD BE SUBSTANTIALLY IN EXCESS OF 200 MILLION FLEET PROVIDENCE RI HAS DECLARED ITS INTEREST IN A MERGER WITH ANOTHER BANK OF SIMILAR SIZE AND ANALYSTS SAY THE EFFORT TO CUT COSTS WOULD IMPROVE ITS PROFITABILITY AND NEGOTIATING POSITION IN ANY COMBINATION FLEET OFFICIALS ALSO HAVE SAID THE BANK HAS FALLEN BEHIND ITS COMPETITORS IN EFFICIENCY FLEET WHICH IS THE LARGEST BANK IN NEW ENGLAND AND THE 15THLARGEST IN THE US HAS ABOUT 48 BILLION IN ASSETS AND 27000 EMPLOYEES ALTHOUGH FLEET OFFICIALS WOULDN'T COMMENT ON DETAILS ANALYSTS SAY THE PROGRAM MAY RESULT IN AN ADDITIONAL CHARGE OF AT LEAST 25 MILLION WHICH WOULD PROBABLY BE OFFSET BY GAINS IN THE SALE OF ASSETS PRIMARILY SECURITIES IN THE 1993 THIRD QUARTER FLEET TOOK A 125 MILLION RESTRUCTURING CHARGE TO COVER SEVERANCE AND OFFICE CLOSINGS EXPECTED TO RESULT FROM THE COSTCUTTING INITIATIVE THE CHARGE WAS OFFSET BY 127 MILLION IN SECURITIES GAINS PLANNING FOR THE CUTS BEGAN IN JULY AND HAS INVOLVED THOUSANDS OF EMPLOYEES SOME WORKED FULL TIME IN BRAINSTORMING SESSIONS FOR THE PROGRAM WHICH THE BANK CALLS FLEET FOCUS THE COMPANY HAS SAID THE COSTCUTTING INITIATIVE MAY RESULT IN A 50 REDUCTION IN EXPENSES IN SOME BUSINESS AREAS FLEET IS MOVING FURTHER TOWARD AUTOMATED CASH MACHINES IN RETAIL OUTLETS TELEPHONE BANKING AND OTHER LESSEXPENSIVE MEANS OF CONDUCTING TRANSACTIONS FLEET'S EFFORTS COME AFTER MANY OTHER BANKS INCLUDING CITICORP AND SHAWMUT NATIONAL CORP A FLEET REGIONAL COMPETITOR HAVE INSTITUTED COSTCUTTING PROGRAMS THE SHIFT HAS BEEN TO CLEARLY WRING OUT EXPENSES SAYS JAMES MCDERMOTT AN ANALYST AT KEEFE BRUYETTE & WOODS INC THE COST CUTTING WILL AFFECT ONLY FLEET'S BANKING FRANCHISE AND 22000 BANK EMPLOYEES IN THE SIX NEW ENGLAND STATES AND NEW YORK FLEET BENEFITING FROM REDUCED NONPERFORMING LOANS REPORTED RECORD NET INCOME FOR 1993 OF 488 MILLION OR 301 A SHARE FLEET HAD A CAPITAL RATIO OF ABOUT 117 AT DEC 31 UP FROM 104 IN THE YEAREARLIER PERIOD AND ABOVE A REGULATORY MINIMUM OF 4 IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY FLEET GAINED 50 CENTS TO 34875 9403090026 940309 BUSINESS BRIEF KIII COMMUNICATIONS CORP PUBLISHING CONCERN ACQUIRES THE KATHARINE GIBBS SCHOOLS KIII COMMUNICATIONS CORP SAID IT ACQUIRED THE KATHARINE GIBBS SCHOOLS A CHAIN OF CAREER SCHOOLS FROM PRIVATELY HELD PHILLIPS COLLEGES INC TERMS OF THE ACQUISITION WEREN'T DISCLOSED BY KIII A PUBLISHING CONCERN FUNDED AND PARTLY OWNED BY BUYOUT FIRM KOHLBERG KRAVIS ROBERTS & CO KATHARINE GIBBS SCHOOLS OPERATES A NETWORK OF SEVEN POSTSECONDARY CAREER SCHOOLS ACROSS THE NORTHEAST THE COMPANY SAID IT WILL MAKE THE NECESSARY INVESTMENTS TO STRENGTHEN KATHARINE GIBBS'S POSITION AS A LEADING PROVIDER OF BUSINESS AND OFFICE TRAINING FOR MEN AND WOMEN KIII IS BUYING BACK A BUSINESS ITS TOP EXECUTIVES ONCE RAN UNDER A DIFFERENT OWNER FROM 1968 TO 1989 KATHARINE GIBBS SCHOOLS WAS OWNED BY MACMILLAN INC WILLIAM F REILLY CHAIRMAN AND CHIEF EXECUTIVE OF KIII WAS PRESIDENT OF MACMILLAN IN THE 1980S FOUNDED IN 1911 KATHARINE GIBBS IS A TOP SCHOOL FOR EXECUTIVE SECRETARIAL TRAINING IT HAS SEVEN SCHOOLS LOCATED IN BOSTON NEW YORK NORWALK CONN PISCATAWAY NJ MONTCLAIR NJ MELVILLE NY AND PROVIDENCE RI CURRENT ENROLLMENT IS MORE THAN 3000 STUDENTS 9403090025 940309 TEXAS JOURNAL LETTER TO THE EDITOR THE WHISTLEBLOWER CONTINUES ON I WANT TO THANK MICHAEL TOTTY FOR THE CONSIDERABLE TIME AND EFFORT HE SPENT REVIEWING DOCUMENTS GATHERING INFORMATION AND WRITING THE FEB 23 ARTICLE ABOUT MY PARTICIPATION IN TEXAS' INFORMANT RECOVERY PROGRAM REVENGE A WHISTLEBLOWER'S CRUSADE I'D LIKE TO CLARIFY SEVERAL POINTS FIRST THE ARTICLE DID NOT MENTION THAT I AM A CPA AND THAT I WORKED AS A TAX PROFESSIONAL FROM MARCH 1975 UNTIL MY TERMINATION FROM ALLIANZ OF AMERICA IN APRIL 1988 DURING THIS TIME I WAS EMPLOYED BY A BIG SIX CPA FIRM FOR FIVE YEARS AND BY AN INSURANCE HOLDING COMPANY FOR 6 1/2 YEARS SECOND MY EFFORTS ENABLED THE STATE OF TEXAS TO RECOVER AT LEAST 7706929 FROM ALLIANZ AN AMOUNT THE COMPTROLLER'S DEPARTMENT SAID IT NEVER WOULD HAVE COLLECTED WITHOUT MY HELP THIRD AN ALLIANZ SPOKESMAN SAID THAT THE CHARGES IN MY WRONGFULTERMINATION ACTION AGAINST THE COMPANY LACKED MERIT AND THAT I WAS FIRED FOR NONPERFORMANCE MR TOLLACK ALLEGED IN STATE DISTRICT COURT IN DALLAS THAT HE WAS FIRED FOR REFUSING TO PREPARE A FEDERAL INCOME TAX REPORT HE SAYS WAS FRAUDULENT BUT THAT WAS NOT THE REASON THAT THE TRIAL COURT JUDGE DISMISSED MY CASE IN 1991 IN THE JUDGE'S OPINION I WAS NOT ASKED TO SIGN A FRAUDULENT RETURN AT THAT TIME RATHER HE SAID I HAD SAID IN ADVANCE THAT I WOULDN'T SIGN SUCH A RETURN AND THAT THE JUDGE SAID WOULD NOT FIT WITHIN THE EXCEPTION TO THE DOCTRINE THAT ALLOWS EMPLOYERS TO FIRE AT WILL MY APPEAL IS NOW PENDING BEFORE THE TEXAS SUPREME COURT FOURTH THE ARTICLE INDICATED THAT I WAS DISAPPOINTED BY THE SIZE OF THE REWARD CHECK BUT THAT IS BECAUSE I WAS DISAPPOINTED WITH THE AMOUNT RECOVERED BY THE COMPTROLLER I BELIEVE THAT THE COMPTROLLER COLLECTED FAR LESS FROM ALLIANZ THAN ALLIANZ WOULD HAVE PAID IF IT HAD COMPLIED WITH THE FRANCHISETAX LAW DURING YEARS IT MAINTAINED ITS HEADQUARTERS IN DALLAS FINALLY I WOULD LIKE TO COMPLETE MY QUOTE THAT APPEARS TOWARD THE END OF THE ARTICLE WHEN ASKED ABOUT MY FUTURE CAREER ASPIRATIONS I STATED THAT I WOULD PREFER TO WORK TO PROVIDE MORE AFFORDABLE HOUSING THEREBY HELPING TO IMPROVE THE LIVES OF OTHER PEOPLE RATHER THAN SAVE MONEY FOR SOME BIG CORPORATE TAXPAYER 9403090024 940309 MACLEAN HUNTER ENDING FIGHT ACCEPTS SWEETENED 213 BILLION BID BY ROGERS BY SUZANNE MCGEE STAFF REPORTER OF THE WALL STREET JOURNAL TORONTO MACLEAN HUNTER LTD REVERSING ITS OPPOSITION TO A TAKEOVER ACCEPTED A SWEETENED OFFER FROM ROGERS COMMUNICATIONS INC THAT WOULD CREATE A CANADIAN MULTIMEDIA GIANT UNDER TERMS OF ITS REVISED OFFER ROGERS WILL PAY MACLEAN HUNTER SHAREHOLDERS A TOTAL OF 289 BILLION CANADIAN DOLLARS US213 BILLION OR C1750 A SHARE THAT INCLUDES THE C17 A SHARE IT ORIGINALLY BID PLUS A SPECIAL CASH DIVIDEND OF 50 CANADIAN CENTS A SHARE MACLEAN HUNTER A CABLETELEVISION PUBLISHING AND PRINTING CONCERN BASED IN TORONTO HAD REJECTED ROGERS'S EARLIER BID AND PROMISED TO COME UP WITH A COMPETING PLAN THAT WOULD GIVE SHAREHOLDERS MORE VALUE BUT THE MACLEAN HUNTER CAMP SUFFERED SEVERAL SETBACKS IN RECENTS WEEKS AND ROGERS WHICH HAS INTERESTS IN CABLE TELEVISION BROADCASTING AND LONGDISTANCE AND CELLULAR TELEPHONE SERVICES HAD BEEN EXPECTED TO PREVAIL THE COMBINED COMPANY WOULD SERVE A THIRD OF CANADIAN CABLETV SUBSCRIBERS OR 24 MILLION HOMES INDEED ROGERS ACTUALLY SWEETENED ITS OFFER VERY LITTLE THE DIVIDEND MACLEAN HUNTER SHAREHOLDERS WILL RECEIVE WAS SUBSTITUTED FOR A PARTICIPATION RIGHT WHICH ROGERS HAD INITIALLY OFFERED TO ALLOW MACLEAN HUNTER SHAREHOLDERS TO RECEIVE SOME OF THE PROCEEDS FROM ANY SALE OF MACLEAN HUNTER'S US CABLE ASSETS CERTAINLY 50 CENTS CASH UP FRONT IS EASIER FOR SHAREHOLDERS TO ACCEPT AND MEASURE THAN WERE THE RIGHTS SAID PHIL LIND VICE CHAIRMAN OF TORONTOBASED ROGERS THE DIVIDEND WILL BE PAID WITH MACLEAN HUNTER'S EXISTING CASH RESERVES THE ADDITIONAL CASH PAYMENT BROUGHT THE OFFER WITHIN THE RANGE OF FAIRNESS THAT WE THOUGHT WAS APPROPRIATE SAID RONALD OSBORNE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF MACLEAN HUNTER MACLEAN HUNTER SAID ITS BOARD WOULD RECOMMEND THAT SHAREHOLDERS ACCEPT THE OFFER EDWARD ROGERS PRESIDENT AND CHIEF EXECUTIVE OF ROGERS SAID HE WAS SPOOKED BY THE POSSIBILITY THAT MACLEAN HUNTER WOULD MANAGE TO ASSEMBLE ENOUGH INTERESTED PARTIES TO PUT TOGETHER A RIVAL BID BUT INDUSTRY ANALYSTS SAID THERE HAD BEEN LITTLE EXPECTATION THAT MACLEAN HUNTER COULD PUT TOGETHER A COMPETING PROPOSAL THAT WOULD HAVE BEEN WORTH MORE TO SHAREHOLDERS THAN THE C17 A SHARE OFFER BY ROGERS SUCH A PROPOSAL BECAME INCREASINGLY LESS LIKELY IN THE WAKE OF A DECISION BY THE CANADIAN GOVERNMENT TO CLOSE TAX LOOPHOLES THAT WOULD HAVE FAVORED MACLEAN HUNTER AND A MOVE BY THE US FEDERAL COMMUNICATIONS COMMISSION MANDATING A 7 CUT IN US BASIC CABLE RATES THE LATTER MOVE MAY HAVE IMPAIRED THE VALUE OF AND CASH FLOW AT MACLEAN HUNTER'S US CABLE OPERATIONS ROGERS SEEMS TO HAVE BEEN WILLING TO PAY A LITTLE EXTRA IN RETURN FOR GETTING THE POISON PILL SETTLED SAID CARLA LARSON AN ANALYST WITH BUNTING WARBURG INC IN TORONTO MACLEAN HUNTER HAS AGREED THAT THE COMPANY'S SHAREHOLDER RIGHTS PLAN WON'T BE USED TO BLOCK A BID BY ROGERS IN TRADING ON THE TORONTO STOCK EXCHANGE YESTERDAY MACLEAN HUNTER'S SHARES CLOSED AT C17125 UP 625 CANADIAN CENTS ROGERS'S WIDELY TRADED CLASS B SHARES FINISHED AT C2325 UP C125 THE COMPROMISE WAS WORKED OUT IN THREE DAYS OF PRIVATE MEETINGS LAST WEEKEND BETWEEN MR ROGERS MR OSBORNE AND DON CAMPBELL CHAIRMAN OF MACLEAN HUNTER ARRANGED BY TOP OFFICIALS AT TORONTODOMINION BANK MR ROGERS SIGNED THE FINAL AGREEMENT DURING ROGERS COMMUNICATIONS' ANNUAL MEETING YESTERDAY AND DETAILS WERE ANNOUNCED A FEW MOMENTS LATER A MACLEAN HUNTER FLAG WAS HASTILY PRODUCED AND DRAPED OVER THE PODIUM BESIDE THE ROGERS COMMUNICATIONS LOGO BUT WHEN THE FESTIVITIES END MR ROGERS WILL FACE ONE MAJOR HURDLE IN HIS EFFORTS TO BUILD CANADA'S FIRST MULTIMEDIA GIANT THE APPROVAL OF CANADIAN BROADCAST REGULATORS MR ROGERS HAS SAID HE PLANS TO ARGUE TO THE CANADIAN RADIOTELEVISION AND COMMUNICATIONS COMMISSION THAT ECONOMIES OF SCALE ARE NEEDED IF CANADIAN BROADCASTING COMPANIES ARE TO BE ABLE TO COMPETE WITH DIRECT BROADCAST SATELLITES FROM THE US AND THE VORACIOUS ADVANCES OF DOMESTIC TELEPHONE COMPANIES TO WIN CRTC APPROVAL ROGERS COULD HAVE TO COMMIT TO INVESTING AS MUCH AS C100 MILLION IN A FUND TO STRENGTHEN CANADIAN PROGRAMMING ANALYSTS SAID MR OSBORNE ALREADY HAS EXTENSIVE EXPERIENCE WITH THE CRTC IN 1988 MACLEAN HUNTER AGREED TO ACQUIRE TORONTOBASED SELKIRK COMMUNICATIONS LTD FOR C606 MILLION THE TRANSACTION WAS APPROVED IN PRINCIPLE BY THE CRTC ELEVEN MONTHS LATER BUT IT TOOK AN ADDITIONAL THREE YEARS FOR MACLEAN HUNTER TO COMPLETE A SERIES OF ASSET SALES REQUIRED BY THE REGULATOR ROGERS EXECUTIVES ARE IN FOR A RARE AND SPECIAL TREAT IN THE REGULATORY MAZE MR OSBORNE SAID HE WILL REMAIN WITH THE COMPANY TO HELP GUIDE ROGERS THROUGH THE PROCESS MR ROGERS DECLINED TO GIVE DETAILS OF DISCUSSIONS THAT ARE CONTINUING BETWEEN ROGERS AND TWO MONTREAL PRINTING AND PUBLISHING CONCERNS QUEBECOR INC AND TELEMEDIA INC BOTH COMPANIES ARE SAID TO BE INTERESTED IN ACQUIRING SOME OF MACLEAN HUNTER'S PUBLISHING OPERATIONS ALTHOUGH MR ROGERS SAID THERE IS NO FINANCIAL PRESSURE ON ROGERS TO COMPLETE SUCH SALES HE DECLINED TO COMMENT FURTHER ON THE INTEREST OF POTENTIAL PURCHASERS IN MACLEAN HUNTER'S US ASSETS 9403090023 940309 BUSINESS BRIEF CATELLUS DEVELOPMENT CORP FOURTHPERIOD LOSS WIDENED AS PROPERTY VALUES DECLINED ITS PROPERTY VALUES BATTERED BY THE CALIFORNIA RECESSION CATELLUS DEVELOPMENT CORP REPORTED A WIDER FOURTHQUARTER LOSS OF 132 MILLION THE LOSS OF 27 CENTS A SHARE COMPARES WITH A LOSS OF 34 MILLION OR SEVEN CENTS A SHARE A YEAR AGO REVENUE GREW 40 TO 851 MILLION THE SAN FRANCISCO REALESTATE CONCERN'S LOSS INCLUDED A 33 MILLION WRITEDOWN FOR PROPERTY REFLECTING THE LACK OF DEMAND FOR COMMERCIAL DEVELOPMENT THE COMPANY ALSO REPORTED THAT ITS REALESTATE ASSETS DECLINED TO 17 BILLION FROM 21 BILLION A YEAR AGO MOSTLY BECAUSE OF FALLING PROPERTY VALUES IN CALIFORNIA LAST MONTH VERNON B SCHWARTZ CHAIRMAN CHIEF EXECUTIVE AND PRESIDENT ANNOUNCED THAT HE WOULD STEP DOWN IN JUNE AFTER HIS TURNAROUND STRATEGY CAME UNDER FIRE BY DIRECTORS REPRESENTING CALPERS CALIFORNIA'S STATE EMPLOYEE PENSION PLAN WHICH OWNS A 40 STAKE IN THE COMPANY 9403090022 940309 MONEY RATES THE KEY US AND FOREIGN ANNUAL INTEREST RATES BELOW ARE A GUIDE TO GENERAL LEVELS BUT DON'T ALWAYS REPRESENT ACTUAL TRANSACTIONS PRIME RATE 6 THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75 OF THE NATION'S 30 LARGEST BANKS FEDERAL FUNDS 3 1/4 HIGH 3 1/8 LOW 3 1/8 NEAR CLOSING BID 3 1/4 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 353 30 TO 44 DAYS 355 45 TO 59 DAYS 365 60 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 361 30 DAYS 374 60 DAYS 384 90 DAYS CERTIFICATES OF DEPOSIT 291 ONE MONTH 301 TWO MONTHS 314 THREE MONTHS 337 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 355 ONE MONTH 377 THREE MONTHS 4 SIX MONTHS BANKERS ACCEPTANCES 349 30 DAYS 359 60 DAYS 370 90 DAYS 380 120 DAYS 386 150 DAYS 390 180 DAYS OFFERED RATES OF NEGOTIABLE BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER LONDON LATE EURODOLLARS 3 5/8 3 1/2 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 5/8 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 590 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 758 60 DAYS 765 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 754 60 DAYS 763 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 565 6/2 RATE CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE DOW JONES TELERATE INC MERRILL LYNCH READY ASSETS TRUST 277 ANNUALIZED AVERAGE RATE OF RETURN AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS 9403090021 940309 WHAT'S NEWS BUSINESS AND FINANCE FLEET FINANCIAL PLANS TO CUT 3000 TO 5000 JOBS OR AS MUCH AS 19 OF ITS TOTAL WORK FORCE IN A BROAD EFFORT TO SLASH OPERATING EXPENSES PEOPLE FAMILIAR WITH THE MOVE SAID THE BANK HOLDING COMPANY INITIALLY HAD AS ITS GOAL REDUCING ANNUAL COSTS BY 150 MILLION THE FINAL FIGURES ARE EXPECTED TO BE RELEASED THIS WEEK JAPAN IS EXPECTED TO CLEAR THE WAY FOR CHRYSLER TO SHARPLY BOOST EXPORTS OF JEEP CHEROKEES TO JAPAN IN AN APPARENT EFFORT BY JAPAN TO EASE GROWING TRADE FRICTION WITH THE US CHRYSLER PLANS TO MORE THAN DOUBLE EXPORTS TO JAPAN OF RIGHTHANDDRIVE JEEP CHEROKEE SPORTUTILITY VEHICLES THIS YEAR MACLEAN HUNTER ACCEPTED A SWEETENED OFFER OF 213 BILLION FROM ROGERS COMMUNICATIONS THAT WOULD CREATE A CANADIAN MULTIMEDIA GIANT SERVING A THIRD OF CANADIAN CABLE SUBSCRIBERS BUT ROGERS MUST STILL GET THE APPROVAL OF THE COUNTRY'S BROADCAST REGULATORS HEAVY TRADING IN GRUMMAN STOCK AND OPTIONS AHEAD OF MARTIN MARIETTA'S 19 BILLION TENDER OFFER FOR GRUMMAN IS BEING INVESTIGATED BY THE SEC THE BIG BOARD AND THE CBOE USAIR INDICATED TO ANALYSTS THAT IT HAS ENOUGH CASH TO GET THROUGH THE END OF THE YEAR EVEN WITHOUT CONCESSIONS FROM ITS UNIONS THE AIRLINE FACES AN UPHILL BATTLE IN TRYING TO PERSUADE ITS UNIONS TO MAKE CONCESSIONS AND MAY HAVE TO GIVE WORKERS AN EQUITY STAKE TEXAS INSTRUMENTS IS EXPECTED TO UNVEIL TODAY A SUPERFAST COMPUTER CHIP THAT CAN PROCESS HUGE CHUNKS OF AUDIO AND VIDEO SIGNALS THE MOVE AIMS TO POSITION TI AS A LEADING SUPPLIER FOR THE NEXT GENERATION OF INTERACTIVE TV AND HIGHTECH COMPUTERS A GROUP OF FEDERAL AGENCIES UNVEILED A PLAN FOR A MORE ORGANIZED APPROACH TO ENFORCING FAIRLENDING LAWS RJR NABISCO'S PLANS FOR A 2 BILLION PREFERRED STOCK OFFER IS FACING A TOUGH SELL ON WALL STREET ONE OF THE BIGGEST RISKS IS THAT THE SHARES ARE TIED TO THE LESSDESIRABLE TOBACCO UNIT IF RJR BREAKS UP ITS FOOD AND TOBACCO UNITS FLAGGING BOND PRICES PUSHED STOCKS LOWER THE DOW JONES INDUSTRIAL AVERAGE FELL 450 POINTS TO 385172 THE TREASURY'S 30YEAR BOND LOST NEARLY A POINT ITS YIELD WAS 687 MEANWHILE THE DOLLAR FELL KMART'S 67 BILLION DEBT WAS DOWNGRADED FOR THE SECOND TIME IN A YEAR BY MOODY'S RATINGS SERVICE WHICH SAID THAT COMPETITION IS HAMPERING THE RETAILER DESPITE ITS RENOVATION EFFORTS THE SEC URGED A FEDERAL JUDGE TO SLASH THE FEES SOUGHT BY PLAINTIFFS' LAWYERS IN A BIG CLASSACTION SETTLEMENT INVOLVING PRUDENTIAL SECURITIES THE SEC SAID THE LAWYERS SHOULDN'T GET THE 27 MILLION THEY'RE SEEKING IN THE 907 MILLION ACCORD BECAUSE THEY HAD ADVOCATED AN INADEQUATE SETTLEMENT GOING TO THE MOVIES HAS BEEN MORE POPULAR IN RECENT YEARS THAN THE INDUSTRY ITSELF THOUGHT A STUDY SHOWS THE REPORT COULD QUELL FEARS THAT MOVIETHEATER BUSINESS WILL PLUMMET AS A RESULT OF 500CHANNEL CABLE SYSTEMS BONDS LEHMAN BROTHERS TREASURY INDEX 531595 OFF 3370 COMMODITIES OIL 1410 A BARREL UNCHANGED DOW JONES FUTURES INDEX 14450 OFF 041 SPOT INDEX 13046 OFF 049 DOLLAR 10537 YEN OFF 018 17143 MARKS OFF 00052 9403090020 940309 TECHNOLOGY & SCIENCE COMPUSERVE PLANS TO OFFER ACCESS TO INTERNET NETWORK COLUMBUS OHIO COMPUSERVE INFORMATION SERVICES THE ONLINE COMPUTER NETWORK SAID IT WILL OFFER ACCESS TO THE GLOBAL COMPUTER NETWORK KNOWN AS THE INTERNET THE UNIT OF H&R BLOCK CO SAID IT WILL BEGIN ROLLING OUT INTERNET FEATURES TO ITS 17 MILLION MEMBERS LATER THIS YEAR MEMBERS WILL BE ABLE TO LOG INTO REMOTE COMPUTERS ON THE INTERNET AND DOWNLOAD SOFTWARE AND FILES THEY ALSO WILL BE ABLE TO ACCESS THOUSANDS OF BULLETIN BOARDS THAT RANGE IN TOPICS FROM PROGRAMMING LANGUAGES TO ONE CALLED SEXY BALD CAPTAINS ON STAR TREK ACTOR PATRICK STEWART COMPUSERVE DECLINED TO SAY HOW MUCH IT WILL CHARGE FOR THE NEW SERVICE OR WHEN ITS MEMBERS WOULD BE LINKED UP BUT COMPUSERVE SAID INTERNET USERS WILL BE ABLE TO CONNECT INTO COMPUSERVE THROUGH THE GLOBAL NETWORK BY THE END OF THIS MONTH INTERNET USERS WON'T BE ABLE TO USE COMPUSERVE'S SOFTWARE THAT MAKES IT EASY TO USE CURRENTLY RIVAL SERVICES SUCH AS AMERICA ONLINE INC AND PRODIGY SERVICES CO ARE PLANNING TO ADD INTERNET FEATURES BUT AMONG THE FIVE MAJOR ONLINE SERVICES ONLY DELPHI INTERNET SERVICES A UNIT OF NEWS CORP OFFERS FULL ACCESS TO INTERNET 9403090019 940309 TEXAS JOURNAL LET'S ALL HOPE WE AVOID MIDAIR DISEMBARKATIONS BY JAMES S HIRSCH A JET PLANE THAT LOSES CONTROL ON AN ICY RUNWAY IS HARROWING STUFF BUT YOU WOULDN'T KNOW IT FROM A RECENT CONTINENTAL AIRLINES NEWS RELEASE THE CARRIER DODGED DISASTER LAST WEEK WHEN THE PILOT OF A DENVERBOUND FLIGHT ABORTED TAKEOFF AT NEW YORK'S SNOWY LA GUARDIA AIRPORT THE MD80 CAREENED OFF A RUNWAY AND SLID TO A HALT JUST SHORT OF FLUSHING BAY THE AIRCRAFT'S NOSE PERCHED OVER THE FRIGID WATER TWENTYNINE OF THE AIRCRAFT'S 110 PASSENGERS WERE INJURED WITH SEVEN REQUIRING HOSPITALIZATION SUCH INCIDENTS ARE OBVIOUS NIGHTMARES FOR A CORPORATE COMMUNICATIONS DEPARTMENT SEEKING TO PUT THE EPISODE IN THE BEST POSSIBLE LIGHT THE HOUSTONBASED CARRIER BEGAN A NEWS RELEASE THUS CONTINENTAL AIRLINES FLIGHT 795 REJECTED ITS TAKEOFF FROM NEW YORK/LA GUARDIA TODAY AT 559 PM EST RESULTING IN A RUNWAY EXCURSION RUNWAY EXCURSION THE PHRASE PARTICULARLY STOOD OUT BECAUSE AIRLINES REFER TO DISCOUNTED ADVANCEPURCHASE TICKETS TYPICALLY BOUGHT FOR VACATIONS AS EXCURSION FARES WHEN ASKED ABOUT ITS CHOICE OF WORDS CONTINENTAL'S PRESS OFFICE REPLIED WITH A FAX OF WEBSTER'S ENTRY FOR EXCURSION WHOSE SECOND DEFINITION READS DEVIATION FROM DIRECT DEFINITE OR PROPER COURSE ESP DIGRESSION PASSENGERS ON FLIGHT 795 WILL NO DOUBT AGREE THAT THEY EXPERIENCED SOME DIGRESSION 9403090018 940309 SMALL STOCK FOCUS STOCKS SLIDE AS BOND MARKET STUMBLES TECHNOLOGY TRANSPORTATION GROUPS HIT BY CAITLIN MOLLISON SPECIAL TO THE WALL STREET JOURNAL NEW YORK BONDS STUMBLED AGAIN AFTER A FIRM OPENING CARRYING SMALLCOMPANY STOCKS DOWNWARD AND ENDING THREE CONSECUTIVE SESSIONS OF GAINS BUT SMALLER STOCKS WERE ABLE TO RECOVER SOMEWHAT BY THE CLOSE THE RUSSELL 2000 FELL 013 TO 26656 THE NASDAQ COMPOSITE INDEX DROPPED 293 OR 037 TO 79212 THE MEASUREMENT TRADED AS LOW AS 79018 NASDAQ DECLINERS SLID PAST ADVANCERS 1594 TO 1459 ON NASDAQ NATIONAL MARKET VOLUME OF 259908500 SHARES AND TOTAL TURNOVER OF 304660000 YESTERDAY NATIONAL MARKET VOLUME WAS 264900100 SHARES AND OVERALL VOLUME TOTALED 303236000 MARKET WATCHERS SAID MORE BOND WEAKNESS PUT INVESTORS ON EDGE AGAIN THE LONG BOND STARTED OUT SLIGHTLY UP BUT HAD TUMBLED NEARLY A POINT BY SESSION'S END ITS YIELD CLIMBED TO 687 SURPRISINGLY INTERESTRATE SENSITIVE STOCKS WEREN'T THE WEAKEST GROUP YESTERDAY DESPITE THE BOND MARKET SLIDE MARKET WATCHERS SAID THE SECTOR HAD ALREADY TAKEN ITS LICKS IN THE PAST FEW WEEKS INSTEAD SELLERS CONCENTRATED THEIR ENERGIES ON THE TECHNOLOGY AND TRANSPORTATION GROUPS MEANWHILE LARGECAP AIRLINE STOCKS SUCH AS AMR ATLANTIC SOUTHEAST AIRLINES AND DELTA AIR LINES WERE HARD HIT AFTER PRUDENTIAL SECURITIES LOWERED ITS 1994 EARNINGS ESTIMATES SOME SMALLER AIRLINE AND OTHER TRANSPORTATION ISSUES GOT CAUGHT IN THE SLIDE COMAIR HOLDINGS INC CINCINNATI FELL 5/8 TO 24 1/2 AMERICA WEST AIRLINES PHOENIX 1/32 TO 2 3/16 AMERICAN FREIGHTWAYS HARRISON ARK 1/2 TO 19 1/2 AND MS CARRIERS A MEMPHIS TENN TRANSPORT COMPANY 3/4 TO 25 MERGER MADNESS CONTINUED SPHINX PHARMACEUTICALS THE LATEST BENEFICIARY SURGED 2 9/16 TO 5 7/16 THE DURHAM NC COMPANY SAID IT HAS SIGNED A LETTER OF INTENT TO BE ACQUIRED BY ELI LILLY FOR 6 A SHARE OR A TOTAL PURCHASE PRICE OF ABOUT 80 MILLION LILLY ADDED 3/4 TO 53 1/4 ON THE BIG BOARD WEST NEWTON SAVINGS BANK WEST NEWTON MASS SHOT UP 4 1/8 TO 22 7/8 THE COMPANY HAS SIGNED A DEFINITIVE AGREEMENT TO BE ACQUIRED BY SHAWMUT NATIONAL WHICH ENDED UNCHANGED AT 20 1/8 ON THE BIG BOARD THE ACQUISITION PRICE IS 454 MILLION OR 25 A SHARE SUBJECT TO AN UPWARD REVISION UNDER CERTAIN CIRCUMSTANCES IF THE DEAL ISN'T CLOSED BY SEPT 30 IN THE EARNINGS ARENA TRIMARK HOLDINGS SLID 2 1/2 TO 10 3/4 THE SANTA MONICA CALIF FILM DISTRIBUTOR SAID IT EXPECTS FISCAL THIRDQUARTER EARNINGS TO BE ABOUT BREAK EVEN WHICH IT SAID WAS SIGNIFICANTLY BELOW ANALYSTS' EXPECTATIONS IN THE YEAREARLIER PERIOD TRIMARK EARNED 30 CENTS A SHARE SODAK GAMING RAPID CITY SD JUMPED 2 7/8 TO 27 1/8 LATE MONDAY THE VIDEO GAMBLING MACHINES CONCERN REPORTED FOURTHQUARTER EARNINGS OF 29 CENTS A SHARE COMPARED WITH PRO FORMA NET INCOME OF FIVE CENTS A YEAR EARLIER GOOD NEWS FROM THE FOOD AND DRUG ADMINISTRATION BOOSTED ORTHOLOGIC'S SHARES 1 3/8 TO 7 3/8 THE AGENCY GAVE PREMARKET APPROVAL TO THE PHOENIX COMPANY TO MARKET ORTHOLOGIC 1000 A NONINVASIVE BONEGROWTH STIMULATOR FOR TREATMENT OF NONHEALING FRACTURES IN ADDITION KEMPER SECURITIES ANALYST JOHN BOETTIGER RAISED HIS RATING ON ORTHOLOGIC TO STRONG BUY FROM LONGTERM BUY WHOLESOME & HEARTY FOODS ALSO FELL PREY TO A DOWNGRADE LOSING 2 3/4 TO 25 PACIFIC CREST SECURITIES ANALYST LARRY KATZ CUT HIS RATING ON THE PORTLAND ORE FROZEN MEATLESSPRODUCTS COMPANY TO HOLD FROM BUY PRIMARILY BASED ON PRICE ANOTHER NOTABLE DECLINER WAS US ROBOTICS WHICH FELL 2 1/4 TO 43 THE SKOKIE ILL DATA COMMUNICATIONS COMPANY SAID IT HAS REDUCED PRICES ON ITS HIGHSPEED WORLDPORT PCMCIA MODEMS BY AS MUCH AS 40 BUT NATIONAL DATA JUMPED 3 1/8 TO 23 ON THE NEW YORK STOCK EXCHANGE THE ATLANTA COMPANY SAID IT SIGNED AN AGREEMENT TO PROVIDE REALTIME INSURANCE CLAIMS SWITCHING SERVICES TO US HEALTHCARE WHICH EDGED 7/8 HIGHER TO 63 3/8 SOME ANALYSTS CONTINUE TO THINK SMALL STOCKS CAN SURPASS OLD CLOSING HIGHS THIS WEEK CHRISTINE CALLIES A MARKET ANALYST AT BROWN BROTHERS HARRIMAN SAID THAT WITHIN THE NEXT THREE WEEKS SHE SEES THE NASDAQ COMPOSITE RISING TO 810 TO 815 ABOVE ITS RECORD OF 80047 THE RUSSELL COULD MOVE UP TO 270 TO 272 BREAKING THROUGH ITS PREVIOUS HIGH OF 26762 MS CALLIES BASES HER BULLISH STANCE ON A BELIEF THAT MOST OF THE BOND MARKET'S LOSSES ARE FACTORED INTO EQUITY PRICES AT THIS POINT MOREOVER THE ANALYST SAID BONDS ARE CAPABLE OF A TECHNICAL BOUNCE DUE TO AN OVERSOLD CONDITION SHE ADDED THAT THE MONEY FLOW INTO OTHER SECTORS APART FROM TECHNOLOGY THE PIED PIPER OF SMALLCAP STOCKS IS SHOWING THAT THE MARKET IS SUPPORTED BY MORE THAN JUST ONE GROUP 9403090017 940309 HEARD ON THE STREET MONTGOMERY IS BULLISH ON PRICEY STOCKS BY WILLIAM POWER STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK SO YOU THINK WALL STREET IS WORRYING ABOUT BEARISH TRENDS YOU WOULDN'T KNOW IT FROM MONTGOMERY SECURITIES' LATEST INVESTORS CONFERENCE ENDING TODAY IN NEW YORK IN FACT THE SAN FRANCISCO SECURITIES FIRM KNOWN FOR ITS UNDERWRITING OF TRENDY NEW STOCKS COULD HAVE CALLED IT THE HIGHLY VALUED RETAIL STOCK CONVENTION MONTGOMERY PRESENTED THE BULLISH CASE FOR A HOST OF STOCKS SPECIALTY RETAILERS MOSTLY THAT ARE ALREADY TRADING AT HIGH VALUATIONS MANY OF THE STOCKS ARE MONTGOMERY UNDERWRITINGS MONTGOMERY IS WELLKNOWN FOR THESE CONVENTIONS IN WHICH CHIEF EXECUTIVE OFFICERS PROMOTE THEIR COMPANIES WITH THE HELP OF MONTGOMERY ANALYSTS IN THE PAST MANY STOCKS HAVE RISEN SHARPLY AFTER MONTGOMERY APPEARANCES AND IT HAS HAPPENED AGAIN THIS TIME ONE BIG BENEFICIARY SUNGLASS HUT WHICH HAS JUMPED 8 THIS WEEK IN NASDAQ STOCK MARKET TRADING FOLLOWING A PRESENTATION MONDAY MORNING AFTER GRABBING ATTENTION WITH SLIDES OF ACTORS TOM CRUISE AND SHARON STONE IN SUNGLASSES CEO JACK CHADSEY VOWED TO TRIPLE THE NEWLY PUBLIC COMPANY'S SIZE BY CONVINCING EVERY AMERICAN OF THE DANGERS OF ULTRAVIOLET LIGHT HE EVEN DISTRIBUTED A PAMPHLET THAT INCLUDES DEPICTIONS OF AN EXPANDING OZONE HOLE HOWEVER INSISTED MR CHADSEY WE DON'T WANT TO SCARE PEOPLE OTHER STOCKS THAT ROSE AFTER TAKING THE STAGE AT THE MONTGOMERY CONVENTION INCLUDED PETSMART WHICH PROMOTES ITSELF AS SORT OF A HOME DEPOT FOR DOGS WITH A STOCK PRICE 138 TIMES THE PAST YEAR'S PERSHARE EARNINGS IT ALL PROVES THERE ARE PEOPLE WILLING TO INVEST IN TRENDY RETAILING STOCKS EVEN IN UNCERTAIN ECONOMIC TIMES MANY OF THE STOCKS FEATURED AT THE CONVENTION TRADE FOR AT LEAST TWICE THE OVERALL MARKET'S PRICETOEARNING MULTIPLE OF 20 SUNGLASS HUT FOR INSTANCE TRADES AT 47 TIMES THE COMPANY'S PROJECTED 1993 EARNINGS OF AS MUCH AS 84 CENTS IT'S NOT SANE SAYS MONEY MANAGER SCOTT BLACK OF DELPHI MANAGEMENT IN BOSTON MR BLACK IS A VALUE INVESTOR WHO FOCUSES ON BEATENDOWN STOCKS JUST THE OPPOSITE OF THE MONTGOMERY APPROACH THERE'S A LOT OF EARNINGS MOMENTUM' INVESTORS STILL OUT THERE NOBODY SEEMS TO CARE SAYS MR BLACK IT ISN'T THAT THE YOUNG MONTGOMERYBACKED COMPANIES AREN'T EXCITING BUT AS MR BLACK SEES IT THERE ARE PLENTY OF ESTABLISHED STOCKS AT MUCH CHEAPER PRICES AMONG DISCOUNT RETAILERS HE HAS BOUGHT CALDOR VENTURE STORES AND SHOPKO STORES ALL SELLING AT UNDER 12 TIMES THE PAST YEAR'S EARNINGS MR BLACK SAYS DELPHI IS UP NEARLY 4 THIS YEAR WHICH IS ISN'T BAD COMPARED WITH A SLIGHT DECLINE FOR THE S&P500 STOCK INDEX WE'RE NOT ALLOWED TO SHORT BET THAT A STOCK WILL DECLINE BUT I'D LIKE TO SHORT SOME OF THEM MR BLACK SAYS OF THE MONTGOMERYBACKED STOCKS MONTGOMERY WARNINGS TO BE FAIR MONTGOMERY DOES WARN INVESTORS IN ITS RESEARCH REPORTS THAT STOCKS LIKE HOLLYWOOD ENTERTAINMENT A VIDEO CHAIN TRADING AT 55 TIMES EARNINGS ARE HIGHLY RISKY AND ITS ANALYSTS DON'T ALWAYS TAKE THE MOST BULLISH SPIN ON FRIDAY PETSMART SHARES FELL IN HEAVY TRADING AFTER ANALYST BO CHEADLE LOWERED HIS EARNINGS ESTIMATES YESTERDAY MR CHEADLE EFFECTIVELY APOLOGIZED AT THE CONFERENCE TO PETSMART MANAGEMENT FOR HIS DOWNGRADE WE CAUSED A LITTLE FLURRY IN THE STOCK WHICH WE DIDN'T INTEND TO DO HE SAID HE ADDED THAT HE OWNS PETSMART STOCK HIMSELF AND INTENDS TO DO SO FOR MANY MANY YEARS TO COME PETSMART IN ITS FIRST YEAR AS A PUBLIC COMPANY REPORTED NET INCOME OF 49 MILLION OR 21 CENTS A SHARE ON SALES OF 3308 MILLION THE MOST POPULAR PHRASES AT THE CONVENTION WERE UNIQUE AND HIGH GROWTH MUSICLAND STORES IN ITS FIRST PUBLIC APPEARANCE SINCE SELLING STOCK IN DECEMBER PROMOTED THE VISUAL EXCITEMENT OF ITS MUSIC PLAY CHAIN WHICH INCLUDES A CAPPUCCINO BAR URBAN OUTFITTERS TALKED OF ITS UNIQUE AND COMPELLING SHOPPING ENVIRONMENT MEN'S WEARHOUSE CALLED ITSELF TRULY UNIQUE THE STOCK SYMBOL FOR THE MENSWEAR CHAIN CERTAINLY IS SUIT EVEN A COMPANY THAT ISN'T QUITE PUBLIC YET GOT THE STAR TREATMENT BUT IT FIT RIGHT IN TO THE SPIRIT OF THINGS JUST FOR FEET INC PLANS TO GO PUBLIC THROUGH MONTGOMERY SECURITIES AT BETWEEN 12 AND 14 A SHARE WHICH WOULD GIVE IT ONE OF THOSE 50PLUS EARNINGS RATIOS AND A MARKET CAPITALIZATION FOR THE 10STORE SNEAKER CHAIN OF 696 MILLION THE STORES NOT ONLY SELL SNEAKERS BUT PROVIDE A HALFCOURT BASKETBALL AREA FOR CUSTOMERS AND A LARGESCREEN VIDEO TO WATCH SUNDAY FOOTBALL GAMES AND OTHER SPORTING EVENTS THE COMPANY NEEDS PROCEEDS FROM THE INITIAL PUBLIC OFFERING TO EXPAND SAID HAROLD RUTTENBERG THE BIRMINGHAM ALA COMPANY'S ENTHUSIASTIC CHAIRMAN WE HAVE A CONCEPT THAT WORKS WE HAVE ONLY 10 STORES IN A COUNTRY THAT COULD EASLY TAKE 300 MR RUTTENBERG STIRRED UP EXCITEMENT BY SHOWING A SLIDE OF MICHAEL JORDAN WEARING A JUST FOR FEET TSHIRT COOLER HEADS AREN'T NECESSARILY WALKING ON AIR A REPORT FROM CHARLES RONSON'S IPO VALUE MONITOR NEWSLETTER CAUTIONS THAT WHILE JUST FOR FEET HAS AN INTERESTING CONCEPT WE RECOMMEND EXTREME CAUTION THE COMPANY HASN'T OPENED MORE THAN THREE COMPANYOPERATED STORES IN A FISCAL YEAR AND IT NOW INTENDS TO OPEN FIVE TO SEVEN NEW STORES IN FISCAL 1994 NOTES IPO VALUE MONITOR THIS IS ONE STOCK WE'LL PUT ON A LIST OF POSSIBILITIES TO CONSIDER SHORTING WE DON'T RECOMMEND PURCHASE EXCEPT FOR FLIPPERS OR INVESTORS WHO ARE ABLE TO BUY THE STOCK AT ITS INITIAL PRICE AND QUICKLY SELL IT AFTER IT RUNS UP GABELLI'S GLOOM THERE ARE MANY CONCERNS FOR THE US STOCK MARKET ACCORDING TO MARIO GABELLI THE WELLKNOWN FUND MANAGER IS ONE OF MANY PROFESSIONALS WHO ANTICIPATE A DECLINE IN STOCK PRICES IN THE ANNUAL REPORT FOR HIS GABELLI EQUITY TRUST MR GABELLI FRETS ABOUT POLITICAL UNCERTAINTIES GLOBALLY THE FLOOD OF IPOS OF DETERIORATING QUALITY AND HIGH STOCKPRICE VALUATIONS BUT HIS FINAL CONCERN IS ANECDOTAL WHEN I WENT TO BUY A NEWSPAPER RECENTLY THE HARDWORKING INDIVIDUAL BEHIND THE COUNTER SAID I HAVE NEVER OWNED A STOCK BEFORE BUT I WANT TO BUY ONE OF YOUR MUTUAL FUNDS' THIS IS NOT THE SIGN OF A MARKET BOTTOM IN SUM WRITES MR GABELLI WE THINK THE CHICKENS WE WORRIED ABOUT IN 1993 WILL COME HOME TO ROOST IN 1994 HOW IS MR GABELLI RESPONDING HE SAYS HE IS FOCUSING ON POCKETS OF VALUE IN THE US MARKET AND ON CERTAIN FOREIGN COMPANIES FOR EXAMPLE HE IS IMPRESSED WITH THE AMERICAN DOMINANCE OF THE HEAVYTRUCKING INDUSTRY GLOBALLY NAVISTAR INTERNATIONAL SHOULD PERFORM WELL REGARDLESS OF THE STOCK MARKET'S STRENGTH HE SAYS MR GABELLI CALLS GAMING A GLOBAL GROWTH INDUSTRY AND PREDICTS THAT HILTON HOTELS WITH AN INCREASING STAKE IN GAMING WILL BECOME AN INSTITUTIONAL SWEETHEART IN 1994 HE IS ALSO LOOKING FOR SMALLER GAMING COMPANIES THAT ARE EXPANDING PROFITABLY AS LEGALIZED GAMBLING SPREADS 9403090016 940309 PRUDENTIAL HIRES HEAD OF MUTUALFUND SALES FROM SMITH BARNEY SPECIAL TO THE WALL STREET JOURNAL NEW YORK JUST SIX WEEKS AFTER BRENDAN D BOYLE WAS NAMED DIRECTOR OF MUTUALFUND SALES AND MARKETING FOR SMITH BARNEY SHEARSON INC HE ACCEPTED NEARLY THE SAME JOB AT PRUDENTIAL MUTUAL FUND MANAGEMENT CO MR BOYLE 39 YEARS OLD WAS APPOINTED YESTERDAY AS EXECUTIVE VICE PRESIDENT AND DIRECTOR OF MARKETING OF PRUDENTIAL MUTUAL FUNDS MANAGEMENT CO A UNIT OF PRUDENTIAL INSURANCE CO OF AMERICA'S BROKERAGE ARM PRUDENTIAL SECURITIES MR BOYLE SUCCEEDS JESSICA BIBLIOWICZ WHO JOINED SMITH BARNEY IN JANUARY AS EXECUTIVE VICE PRESIDENT FOR SALES AND MARKETING OF MUTUAL FUNDS INSURANCE AND ANNUITIES MS BIBLIOWICZ WAS MR BOYLE'S BOSS AT SMITH BARNEY I CAN'T TELL YOU HOW HAPPY I AM SAID RICHARD REDEKER PRESIDENT AND CHIEF EXECUTIVE OF PRUDENTIAL MUTUAL FUNDS REFERRING TO MR BOYLE'S JOINING THE FIRM HE SAW A TREMENDOUS OPPORTUNITY HERE AT PRUDENTIAL WE WILL PUT THE OTHER ISSUES BEHIND US AND WE WILL BE ONE OF THE MAJOR WINNERS IN THE INDUSTRY PRUDENTIAL HAS BEEN EMBROILED IN LAWSUITS STEMMING FROM SOURED LIMITED PARTNERSHIPS SOLD TO INVESTORS IN THE 1980S MR BOYLE WILL BEGIN HIS NEW JOB WITHIN TWO WEEKS HE WILL DIRECT ALL MARKETING EFFORTS FOR PRUDENTIAL'S MUTUAL FUNDS AND OUTSIDE FUNDS SOLD BY PRUDENTIAL BROKERS MR REDEKER SAID MR BOYLE ALSO WILL BE RESPONSIBLE FOR MARKETING UPCOMING FUNDS AND DIFFERENT FUND PRICING STRUCTURES IN THE WORKS AT SMITH BARNEY A UNIT OF TRAVELERS INC MR BOYLE OVERSAW SALES OF THAT BROKERAGE FIRM'S 82 PROPRIETARY MUTUAL FUNDS WHICH HAVE COMBINED ASSETS OF 55 BILLION SMITH BARNEY SAID IT HADN'T NAMED A SUCCESSOR YET BUT HAD NO FURTHER COMMENT 9403090015 940309 FINANCING BUSINESS CAMDEN PROPERTY TRUST CAMDEN PROPERTY TRUST HOUSTON REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION TO SELL AS MANY AS 3450000 COMMON SHARES AND AS MUCH AS 86250000 IN CONVERTIBLE SUBORDINATED DEBENTURES DUE 2001 THE SELFADMINISTERED REAL ESTATE INVESTMENT TRUST SAID IT WILL USE THE PROCEEDS WHICH COULD APPROACH 175 MILLION TO REPAY DEBT AND TO ACQUIRE THREE MULTIFAMILY PROPERTIES THE LEAD UNDERWRITER FOR THE OFFERINGS IS KIDDER PEABODY & CO 9403090014 940309 INTERNATIONAL JAPAN'S SAKURA BANK STEPS TOWARD ENDING BAD DEBT PROBLEMS TOKYO ONE OF JAPAN'S BIGGEST BANKS TOOK A STEP TOWARD ENDING ITS BAD DEBT WOES BUT ANALYSTS SAY RESOLUTION FOR THE BANKING INDUSTRY AS A WHOLE IS STILL A LONG WAY OFF SAKURA BANK LTD ANNOUNCED THAT IT WILL ISSUE 100 BILLION YEN 945 MILLION IN PREFERENCE SHARES A TYPE OF HIGHYIELDING STOCK OTHER LARGE JAPANESE COMMERCIAL BANKS ARE EXPECTED LATER THIS YEAR TO ISSUE THEIR OWN PREFERRED SHARES WHICH WERE ONLY RECENTLY ALLOWED BY THE MINISTRY OF FINANCE THE SHARES WHICH MUST EVENTUALLY BE CONVERTED INTO REGULAR STOCK SHOULD INCREASE SAKURA'S CAPITAL BASE ENABLING THE BANK TO INCREASE BUSINESS ACTIVITIES WHILE WRITING DOWN UNRECOVERABLE LOANS SAKURA HAS ACKNOWLEDGED NONPERFORMING LOANS TOTALING 1463 TRILLION YEN 1383 BILLION AS OF LAST SEPTEMBER THOUGH ANALYSTS SAY THE TOTAL AMOUNT IS MUCH HIGHER JAPAN'S 10 LARGE COMMERCIAL BANKS ARE THOUGHT TO HAVE AT LEAST 15 TRILLION YEN IN NONPERFORMING LOANS MOST OF IT FROM LOANS MADE TO FAILED REALESTATE DEVELOPERS DAVID SNODDY ANALYST AT JARDINE FLEMING SECURITIES LTD CALLED THE PREFERENCE SHARES A MODEST PLUS FOR SAKURA IT'S NOT A HUGE AMOUNT OF MONEY RELATIVE TO THE BANK'S OVERALL BAD LOANS HE SAID BUT IT'S DEFINITELY A GOOD THING FOR SAKURA IT REMAINS TO BE SEEN WHAT THE EFFECT WILL BE ON THE PRICE OF SAKURA'S ORDINARY SHARES HOWEVER AS WITH OTHER JAPANESE BANKS MANY OF SAKURA'S SHARES ARE HELD BY THE BANK'S REGULAR BORROWERS THOSE BORROWERS MAY CHOOSE TO DUMP THEIR ORDINARY SHARES IN FAVOR OF THE HIGHERYIELDING PREFERRED STOCK THE FINAL DIVIDEND HASN'T BEEN DETERMINED YET 9403090013 940309 IT WAS TOO LATE WHEN THEY GOT A WHIFF OF WHAT SHE WAS UP TO BY STEVE STECKLOW STAFF REPORTER OF THE WALL STREET JOURNAL BRAINTREE MASS TALK ABOUT HOT AIR ALL THAT A SUPERVISOR AT EDUCATION LOAN SERVICES INC WAS TRYING TO DO YESTERDAY WAS UNLOCK A FILE CABINET BUT WHILE REMOVING A KEY CHAIN FROM HER HANDBAG SHE ACCIDENTALLY SPRAYED A SMALL CANISTER OF REDPEPPER GAS SHE NORMALLY CARRIES FOR PROTECTION AS IT HAPPENED THE FILE CABINET WAS NEAR AN AIRCIRCULATION VENT THAT CONNECTS TO THE SECOND FLOOR THE RESULT SHE AND 20 OTHER EMPLOYEES WERE RUSHED TO THE HOSPITAL WHERE THEY WERE TREATED FOR NAUSEA THROAT IRRITATION AND DIZZINESS THE FIRE DEPARTMENT HEALTH DEPARTMENT AND GAS COMPANY WERE CALLED IN AND MORE THAN 300 OTHER EMPLOYEES WERE SENT HOME FOR THE DAY WITH THE STUDENTLOAN SERVICES COMPANY DECLARING AN UNSCHEDULED PAID HOLIDAY MAKERS OF THE SPRAY WHICH GENERALLY SELLS FOR BETWEEN 10 AND 16 A CANISTER AND CONTAINS A POTENT BUT NONTOXIC EXTRACT OF HOT PEPPER SAY THERE HAVE BEEN NUMEROUS SIMILAR EPISODES INCLUDING MANY IN PUBLIC SCHOOLS NOT ALL OF THEM WERE MISHAPS KIDS IN THE SOUTH HAVE PUT IT IN THE AIRCONDITIONING SYSTEM SAYS KELLY GANNON SPOKESWOMAN FOR MACE SECURITY INTERNATIONAL A BENNINGTON VT FIRM THAT SELLS REDPEPPER SPRAY MACE AND OTHER PERSONALSECURITY PRODUCTS MANUFACTURERS SAY THERE IS NO POINT IN REDUCING THE POTENCY OF REDPEPPER SPRAY BECAUSE IT WOULD DEFEAT ITS PURPOSE DETERRING MUGGERS WE MAKE IT TO SAVE PEOPLE'S LIVES SAYS KARL SCHOLZ VICE PRESIDENT OF PRODUCTION AT GUARDIAN SECURITY PRODUCTS INC IN PHOENIX YOU CAN'T REALLY GO HALFWAY AND ALTHOUGH THE CANISTERS DO HAVE SAFETY LATCHES MANUFACTURERS DELIBERATELY TRY NOT TO MAKE THE DEVICES TOO TRICKY TO USE QUICKLY KEEP IN MIND THIS IS A WEAPON AND YOU DON'T WANT TO GO THROUGH 10 DIFFERENT PROCEDURES PRIOR TO USING IT ON A MUGGER MR SCHOLZ SAYS EDUCATION LOAN SERVICES SPOKESWOMAN DIANE SAUNDERS SAYS THE COMPANY PLANS TO REOPEN TODAY WITH A NEW POLICY REGARDING PERSONALSAFETY DEVICES I THINK OUR POLICY IS GOING TO BE IF YOU ARE CARRYING SOMETHING LIKE THIS DON'T PUT IT ON SOMETHING THAT YOU'RE GOING TO BE USING IN YOUR NORMAL WORKING DAY SHE SAYS IF IT'S IN YOUR PURSE FINE BUT IT SHOULD BE IN A SAFE PLACE 9403090011 940309 BODDIENOELL REIT ROCKY MOUNT NC BODDIENOELL RESTAURANT PROPERTIES INC SAID IT WITHDREW FROM A PLANNED ACQUISITION OF 10 APARTMENT PROPERTIES AND THREE RETAIL SHOPPING CENTERS THE REAL ESTATE INVESTMENT TRUST LAST MAY SAID IT WOULD ACQUIRE THE PROPERTIES FOR 22 MILLION PLUS THE ASSUMPTION OF 1034 MILLION IN DEBT THE COMPANY SAID IT CALLED OFF THE DEAL BECAUSE OF APARTMENTMARKET IMPROVEMENTS WHICH LIKELY WOULD CAUSE THE PROPERTIES' OWNERS NOT TO APPROVE THE TRANSACTION 9403090010 940309 WHO'S NEWS GENERAL MOTORS CORP GENERAL MOTORS CORP DETROIT JAMES C CUBBIN 48 YEARS OLD AN ATTORNEY ON THE GM LEGAL STAFF WAS NAMED EXECUTIVE DIRECTOR HEALTH CARE INITIATIVES FOR THIS AUTO MAKER RICHARD F O'BRIEN 51 VICE PRESIDENT IN CHARGE OF THE CORPORATE PERSONNEL STAFF WAS NAMED EXECUTIVE DIRECTOR EMPLOYEE BENEFITS AND PERSONNEL SERVICES AT NORTH AMERICAN OPERATIONS 9403090009 940309 TEXAS JOURNAL VOICE CONTROL STARTS TO MAKE ITSELF HEARD BY LAURA JOHANNES STAFF REPORTER OF THE WALL STREET JOURNAL DALLAS VOICE CONTROL SYSTEMS INC BEGAN TRYING TO SELL VOICERECOGNITION SOFTWARE WHEN THE IDEA STILL SEEMED FUTURISTIC NOW ITS EFFORTS ARE STARTING TO PAY OFF BUT AS THE NOTION OF DEVICES RESPONDING TO SPOKEN COMMANDS GAINS WIDER ACCEPTANCE THE TINY DALLAS COMPANY ALSO FACES GROWING COMPETITION FROM COMPANIES THAT WOULD BE ONLY TOO HAPPY TO DROWN IT OUT AFTER 15 LEAN YEARS VOICE CONTROL'S SALES SURGED IN THE FIRST NINE MONTHS OF LAST YEAR TO 46 MILLION COMPARED WITH 36 MILLION IN ALL OF 1992 THE CLOSELY HELD COMPANY EXPECTS TO REPORT ITS BIGGESTEVER PROFIT FOR 1993 JUST THE FOURTH PROFITABLE YEAR IN ITS HISTORY AMONG OTHER SUCCESSES LAST YEAR VOICE CONTROL SOLD SOFTWARE TO MCI COMMUNICATIONS CORP WASHINGTON DC FOR ITS AUTOMATED 1800COLLECT SERVICE AND TO MCCAW CELLULAR COMMUNICATIONS INC KIRKLAND WASH FOR VOICE DIALING ON ITS CELLULARPHONE SYSTEMS ALLOWING USERS TO DIAL BY SPEAKING INSTEAD OF PRESSING KEYS A FEW YEARS AGO VOICE RECOGNITION WAS GEEWHIZ TECHNOLOGY THAT ALMOST NOBODY WAS BUYING SAYS ED TAGG VOICE CONTROL'S VICE PRESIDENT FOR ENGINEERING TODAY IT IS FINALLY TO THE POINT WHERE IT IS SELLING BECAUSE IT IS COSTEFFECTIVE AND IT WORKS NOT EVERYBODY IS SURE ABOUT THAT YET SALES OF VOICEDIALING EQUIPMENT FOR CELLULAR PHONES WHICH ADDS AT LEAST 200 TO THE COST OF A 75 PHONE HAVE BEEN SLOW AND CONSUMER REPORTS RECENTLY PANNED A MUCHPUBLICIZED VOICECONTROLLED VCR REMOTE CONTROL FROM VOICE POWERED TECHNOLOGY INC OF CANOGA PARK CALIF IN PART FOR NOT UNDERSTANDING USERS' COMMANDS VOICE CONTROL CLAIMS MORE THAN 99 ACCURACY FOR LETTERS NUMBERS AND SOME SIMPLE WORDS BUT WHEN MR TAGG WHO SPEAKS WITH A CLIPPED BRITISH ACCENT SAYS FIVE IN A RECENT DEMONSTRATION THE VOICE CONTROL SYSTEM INITIALLY THINKS HE HAS SAID SEVEN THE COMPANY FACES SEVERAL OTHER CHALLENGES A 40EMPLOYEE BUSINESS IT IS PITTED AGAINST GIANT RIVALS INCLUDING TEXAS INSTRUMENTS INC OF DALLAS AND AMERICAN TELEPHONE & TELEGRAPH CO OF NEW YORK THAT ARE COMMERCIALIZING THEIR OWN VOICERECOGNITION TECHNOLOGY AND IT TRAILS IN SOME APPLICATIONS INCLUDING VOICE RECOGNITION FOR PERSONAL COMPUTERS STILL THE COMPANY SHOWS PROMISE IT IS ONE OF THE FIRST TO OFFER SOFTWARE THAT UNDERSTANDS NOT JUST NUMBERS BUT ALSO THE LETTERS OF THE ALPHABET WHICH ARE HARDER BECAUSE THEY ARE GENERALLY SHORTER THE COMPANY ALSO HAS DEVELOPED A WIDE RANGE OF SPEAKERINDEPENDENT TECHNOLOGIES THAT DON'T NEED TO BE TRAINED TO A SPECIFIC USER'S VOICE THE MCI SYSTEM ASKS THE PERSON CALLED IF HE WILL ACCEPT A COLLECT CALL AND RECOGNIZES YES YEAH AND YUP AS WELL AS NO IN A RANGE OF ACCENTS PERHAPS MOST IMPORTANT IS THE DEAL WITH MCCAW WHOSE CELLULAR SUBSCRIBERS CAN HAVE VOICE DIALING FOR 5 TO 7 A MONTH DEPENDING ON THE REGION PLUS ABOUT 23 CENTS A MINUTE DURING DIALING FIRST OFFERED LAST MONTH IN TEXAS AND BEING ROLLED OUT NATIONALLY THE MCCAW SYSTEM ALLOWS USERS TO DIAL BY SPEAKING THE DIGITS OF THE NUMBER THEY WANT TO CALL OR BY SAYING CERTAIN PREPROGRAMMED PHRASES SUCH AS CALL OFFICE OR CALL HOME UNLIKE A CELLULAR PHONE THAT UNDERSTANDS SPEECH THE MCCAW SYSTEM BRINGS CUSTOMERS VOICE DIALING WITHOUT MAKING THEM BUY NEW EQUIPMENT SO WHILE SALES OF CELLULAR PHONES WITH VOICE RECOGNITION WERE ESTIMATED AT FEWER THAN 40000 UNITS IN 1993 NETWORK VOICE DIALING HAS MANY MORE POTENTIAL CUSTOMERS SAYS CASEY DWORKIN GENERAL MANAGER OF PERSONAL TECHNOLOGY RESEARCH INC A WALTHAM MASS MARKETRESEARCH FIRM THE CELLULAR NETWORK IS ONE OF THE MOST IMPORTANT APPLICATIONS OF VOICE TECHNOLOGY MR DWORKIN SAYS IF VOICE RECOGNITION CATCHES ON THERE IT MIGHT CREATE A MARKET FOR IT ELSEWHERE VOICE CONTROL IS ALREADY TRYING TO CREATE SOME OF THOSE OTHER MARKETS LOBBYING CAR MAKERS TO OFFER SEATS AIR CONDITIONERS AND STEREOS THAT OBEY SPOKEN COMMANDS TO STRENGTHEN ITS HAND IN VOICE RECOGNITION FOR PCS THE COMPANY HAS AGREED TO MERGE WITH SCOTT INSTRUMENTS CORP OF DENTON A SMALL PUBLIC COMPANY SPECIALIZING IN THAT APPLICATION SCOTT'S SHAREHOLDERS WILL VOTE ON THE PROPOSED MERGER NEXT MONTH IF IT GOES THROUGH VOICE CONTROL WILL BECOME PUBLICLY TRADED AND VOICE CONTROL IS BRINGING DOWN THE COST OF VOICE RECOGNITION THE PRICE OF CIRCUIT BOARDS USING THE COMPANY'S TECHNOLOGY WILL DROP BY TWOTHIRDS THIS SUMMER TO BETWEEN 15 AND 20 WHEN A UNIT OF JAPAN'S OKI ELECTRIC INDUSTRY CO BEGINS SUPPLYING A CHIP DESIGNED SPECIFICALLY FOR THE COMPANY'S SOFTWARE AN EVEN BIGGER CHALLENGE MAY REMAIN INTELLECTUALPROPERTY LAW VOICE CONTROL HAS A PATENT PENDING ON THE ENTIRE CONCEPT OF USING VOICERECOGNITION SOFTWARE IN A CELLULAR NETWORK AS IT IS DOING WITH MCCAW SAYS PETER FOSTER VOICE CONTROL'S PRESIDENT BUT INDUSTRY ANALYSTS WONDER WHETHER SUCH A BROAD PATENT CAN HOLD UP ANOTHER COMPANY VOICE PROCESSING CORP OF CAMBRIDGE MASS ALREADY IS NEGOTIATING WITH SEVERAL CELLULAR CARRIERS TO PROVIDE SOFTWARE FOR THEIR NETWORKS THOUGH THE COMPANY SAYS IT MAY BE WILLING TO PAY ROYALTIES TO VOICE CONTROL ANOTHER PATENT THREAT MAY COME FROM TEXAS INSTRUMENTS WITH WHICH VOICE CONTROL HAS ALREADY TANGLED IN 1985 TI FILED SUIT AGAINST THE COMPANY CLAIMING THAT TWO OF ITS ENGINEERS STOLE TRADE SECRETS WHEN THEY LEFT FOR VOICE CONTROL THE COMPANIES REACHED AN UNDISCLOSED SETTLEMENT FOR MORE THAN A YEAR VOICE CONTROL HAS HELD A PATENT ON THE CONCEPT OF VOICE VERIFICATION COMBINED WITH A PASSWORD THE TYPE OF SYSTEM THAT MIGHT FOR EXAMPLE BE USED TO GET INFORMATION ON ONE'S BANK ACCOUNT BY PHONE BUT LAST MONTH SPRINT CORP BEGAN MARKETING A VOICE VERIFICATION AND PASSWORD COMBINATION TEXAS INSTRUMENTS WHICH SUPPLIED THE SOFTWARE TO SPRINT HAS BEEN WORKING ON IT SINCE THE LATE 1980S BEFORE VOICE CONTROL GOT ITS PATENT SAYS TI MARKETING MANAGER PEGGY HART VOICE CONTROL PATENT LAWYERS WON'T COMMENT 9403090008 940309 MARKETING & MEDIA BEST SELLING BOOKS THE WALL STREET JOURNAL'S LIST REFLECTS NATIONWIDE SALES OF HARDCOVER BOOKS DURING THE WEEK ENDED LAST SATURDAY AT MORE THAN 2500 B DALTON BARNES & NOBLE BOOKLAND BOOKSAMILLION BOOKSTAR BOOKSTOP BORDERS BRENTANO'S CROWN BOOKS DOUBLEDAY SCRIBNERS SUPER CROWN AND WALDENBOOKS STORES THE SALES INDEX PEGGED AT 100 FOR THE BESTSELLING FICTION BOOK EACH WEEK INDICATES RELATIVE SALES VOLUME ACROSS TITLES AND CATEGORIES 9403090007 940309 MUTUAL FUNDS VALUE LINE FUND SURVEY SEEMS TO ECHO ITS RIVAL'S BY ROBERT MCGOUGH STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK VALUE LINE INC MAY BE THE MOST FAMOUS NAME IN STOCKRATING SERVICES BUT WHEN IT COMES TO MUTUALFUND ANALYSIS YOU MAY HAVE READ IT IN MORNINGSTAR FIRST THAT'S BECAUSE VALUE LINE'S NEW MUTUALFUND SURVEY REPEATS IN ASTONISHING DETAIL SOME OF THE ANALYSIS PUBLISHED MONTHS EARLIER BY RIVAL MORNINGSTAR INC WHICH IS SMALLER YOUNGER AND A PIONEER IN THE FUNDANALYSIS FIELD IN MANY INSTANCES THESE ECHOES MAY OCCUR LEGITIMATELY SAYS JOHN REKENTHALER EDITOR OF MORNINGSTAR MUTUAL FUNDS IN CHICAGO BUT IN OTHER CASES HE CONTENDS THEY'RE CLEARLY NOT ACCIDENTAL ECHOES BUT ARE IN FACT PLAGIARISM VALUE LINE FIRMLY DENIES THAT IT HAS EVER COPIED MORNINGSTAR IT SAYS SIMILARITIES PROBABLY ARISE FROM FUND MANAGERS' TENDENCY TO REPEAT THEMSELVES IT WOULD BE A GREAT INJUSTICE AGAINST VALUE LINE TO HAVE OUR IMPECCABLE NAME TARNISHED WITH THIS INNUENDO SAID STEVE SAVAGE THE HEAD OF VALUE LINE'S MUTUALFUND EFFORT THIS REALLY IS UNFOUNDED VALUE LINE ADDS THAT IN MOST CASES ITS ANALYSTS CAN DOCUMENT THEIR SOURCES VALUE LINE HAS BEEN ADVERTISING THAT ITS NEW PRODUCT IS BETTER CHEAPER AT 295 A YEAR VS MORNINGSTAR'S 395 AND BIGGER COVERING 2000 FUNDS WHILE MORNINGSTAR COVERS 1240 BUT A CLOSE LOOK AT VALUE LINE'S MUTUALFUND PUBLICATION DOES RAISE QUESTIONS OF ORIGINALITY CONSIDER THE TWO RIVALS' WRITEUPS ON THE MERRILL LYNCH SHORTTERM GLOBAL INCOME FUND MORNINGSTAR SEPT 17 EARLIER THIS YEAR THE FUND FEATURED A 20 STAKE IN THE UNITED STATES A POSITION THAT HAS NOW BEEN REDUCED TO 10 OF ASSETS A FLUKE CONSIDER HOW THE TWO COMPANIES PORTRAYED THE STRATEGY OF IDS MANAGED RETIREMENT FUND MANAGER RICHARD LAZARCHIC MORNINGSTAR JUNE 25 LAZARCHIC DESCRIBES HIMSELF AS MORE OPPORTUNISTIC HE SOLD SOME RETAIL AND CONSUMERSTAPLES STOCKS SUCH AS WALMART AND PEPSI BECAUSE HE DOESN'T THINK THEIR GROWTH RATES ARE SUSTAINABLE VALUE LINE NOV 16 NEW MANAGER RICHARD LAZARCHIC DESCRIBES HIS STYLE AS OPPORTUNISTIC HE SOLD SOME CONSUMER STAPLES AND RETAIL STOCKS SUCH AS PEPSI AND WALMART BECAUSE HE QUESTIONS THE SUSTAINABILITY OF THEIR GROWTH RATES I NEVER TALKED TO VALUE LINE MR LAZARCHIC SAYS ALTHOUGH HE SAYS HE DID TALK TO MORNINGSTAR IDS PUBLIC RELATIONS SAYS IT WASN'T THE SOURCE EITHER IDS SAYS THE FUND'S MAY 31 SEMIANNUAL REPORT USES THE WORD OPPORTUNISTIC BUT DOESN'T MENTION THE SALES OF PEPSI OR WALMART VALUE LINE'S USE OF STATISTICS RAISES EYEBROWS TAKE THE RUNDOWN ON UNITED MUNICIPAL HIGHINCOME FUND MORNINGSTAR SAID OCT 1 THAT THE FUND HAD A FULL 73 OF BONDS UNRATED BY STANDARD & POOR'S NEARLY THREE MONTHS LATER ON DEC 28 VALUE LINE APPEARED TO USE THE SAME STATISTIC AS MORNINGSTAR CURRENTLY THE FUND HAS ALMOST THREEQUARTERS OF ITS ASSETS INVESTED IN NONRATED MUNICIPAL BONDS VALUE LINE'S OWN STATISTICS PUBLISHED ON THE SAME PAGE SHOW HOLDINGS OF UNRATED BONDS HAD DROPPED TO 59 NOT ALMOST THREEQUARTERS JOHN HOLLIDAY THE FUND'S MANAGER SAYS I DON'T THINK THAT I WAS EVER CALLED BY VALUE LINE MORNINGSTAR'S MR REKENTHALER SAYS THAT AFTER GOING THROUGH ABOUT 800 FUND ANALYSES BY VALUE LINE MORNINGSTAR HAS FOUND MORE THAN THREE DOZEN INSTANCES WHERE WORDING AND DETAIL ARE SO SIMILAR THAT IT IS DIFFICULT TO IMAGINE THESE EVENTS OCCURRING ACCIDENTALLY IN MANY OTHER REPORTS HE SAYS THERE ARE SOME SIMILARITIES IN ANALYSIS BUT THE ECHOES ARE LESS POWERFUL ONE COMPETING NEWSLETTER EDITOR WHO ASKED NOT TO BE NAMED SPECULATED THAT SOME OF THE TWO PUBLICATIONS' SIMILARITIES MIGHT BE THE FAULT OF A SLOTHFUL ANALYST OR TWO THIS ARGUMENT WAS DISMISSED BY VALUE LINE ANYBODY WHO'S COVERING ANY OF THESE FUNDS IS IN LARGE MEASURE WORKING FROM THE SAME SOURCE MATERIALS MANAGER INTERVIEWS ANNUAL REPORTS OFTEN LITERATURE THAT COMES FROM THE MARKETING DEPARTMENT SAYS VALUE LINE'S MR SAVAGE FUND MANAGERS HAVE A STORY TO TELL SOMETIMES THEY SOUND LIKE A BROKEN RECORD MR SAVAGE AND OTHER VALUE LINE EXECUTIVES SAY THAT THE COMPANY'S ANALYSTS PROVIDED DOCUMENTATION OF SOURCES ON ALL BUT ONE OF THE FUND REVIEWS UNITED MUNICIPAL HIGHINCOME CITED IN THIS ARTICLE AS INVESTORS HAVE POURED BILLIONS OF DOLLARS INTO MUTUAL FUNDS THE FUNDANALYSIS BUSINESS BOOMED AND ON THE STRENGTH OF ITS DECADESOLD STOCK SURVEY VALUE LINE WOULD SEEM A NATURAL PROVIDER OF INFORMATION ON MUTUAL FUNDS VALUE LINE WAS FOUNDED IN 1931 BY ARNOLD BERNHARD MR BERNHARD WAS SUCCEEDED AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER IN 1988 BY JEAN BERNHARD BUTTNER HIS DAUGHTER VALUE LINE WAS INCENSED BY MORNINGSTAR'S ENTRANCE IN 1986 INTO THE MUTUALFUND INFORMATION BUSINESS IN A FORMAT THAT VISUALLY RESEMBLED VALUE LINE'S STOCK SHEETS MORNINGSTAR'S PROFILE GETS A BOOST FROM ITS FREQUENT USE BY THE NEWS MEDIA INCLUDING THE WALL STREET JOURNAL AS A SOURCE OF DATA AND COMMENTARY ON FUNDS DOW JONES & CO PUBLISHER OF THIS NEWSPAPER ALSO IS ASSOCIATED WITH MORNINGSTAR IN PRODUCTS DERIVED FROM THE DOW JONES WORLD STOCK INDEX THE FIRST PRODUCT A DIRECTORY DESCRIBING COMPANIES IN THE WORLD INDEX ENTITLED THE DOW JONES GUIDE TO THE WORLD STOCK MARKET WAS PUBLISHED THIS MONTH BY PRENTICE HALL CLOSELY HELD MORNINGSTAR SAYS IT HAD REVENUE OF 212 MILLION IN 1993 IT WON'T DISCLOSE PROFIT BUT SAYS IT BREAKS EVEN AS PROFITS FROM OLDER BUSINESSES ARE REINVESTED IN NEW PUBLICATIONS AND SOFTWARE VALUE LINE WHICH IS PUBLICLY TRADED BUT 80OWNED BY THE FAMILY OF THE FOUNDER HAD PROFIT OF 277 MILLION OR 278 A SHARE ON REVENUE OF 78 MILLION IN ITS FISCAL YEAR THROUGH APRIL 1993 VALUE LINE STOCK CLOSED AT 3650 IN NASDAQ STOCK MARKET TRADING YESTERDAY OF COURSE SOME SIMILARITIES BETWEEN THE TWO NEWSLETTERS ARE LIKELY TO OCCUR IF BOTH HEAR THE SAME RUNDOWN FROM A FUND MANAGER AS THEY DID WITH OPPENHEIMER GLOBAL BIOTECH FUND BUT IT IS UNUSUAL FOR TWO PUBLICATIONS TO CONTRADICT THEMSELVES ON THE SAME POINT MORNINGSTAR ON JULY 23 WROTE THAT OPPENHEIMER GLOBAL BIOTECH IS THE ONLY MUTUAL FUND THAT FOCUSES EXCLUSIVELY ON VOLATILE BIOTECHNOLOGY STOCKS A FEW PARAGRAPHS LATER MORNINGSTAR SEEMED TO CONTRADICT ITSELF MANAGER SANDRA PANEM HAS ADDED SOME LARGE PHARMACEUTICALS TO THE PORTFOLIO ALONG CAME VALUE LINE ON SEPT 28 WITH THE SAME APPARENT SELFCONTRADICTION OPPENHEIMER GLOBAL BIOTECH FOCUSES EXCLUSIVELY ON BIOTECHNOLOGY STOCKS PANEM ROUTINELY INVESTS IN LARGE PHARMACEUTICAL COMPANIES OPPENHEIMER SAYS THAT ITS FUND'S MANAGER TALKED TO BOTH PUBLICATIONS AND DOESN'T CONSIDER THE TWO STATEMENTS CONTRADICTORY THEN THERE'S THE CASE OF THE FIDELITY SELECT FOOD & AGRICULTURE FUND MORNINGSTAR JULY 23 THE FUND'S NEW TOP HOLDING FOR EXAMPLE IS JOHN DEERE THE WORLD'S LARGEST MANUFACTURER OF FARM IMPLEMENTS MANAGER WILLIAM MANKIVSKY SAYS HE PREFERS TO BUY AT BELOWMARKET MULTIPLES VALUE LINE NOV 28 MANKIVSKY LIKES TO PURCHASE STOCKS THAT ARE TRADING AT BELOW MARKETMULTIPLES HE HAS PURCHASED JOHN DEERE THE WORLD'S LARGEST MANUFACTURER OF FARM IMPLEMENTS FIDELITY SAYS MR MANKIVSKY DIDN'T SPEAK TO VALUE LINE BUT VALUE LINE SAYS IT GOT THE INFORMATION IN WRITTEN FORM FROM FIDELITY THE ELBOWS HAVE BEEN FLYING BETWEEN VALUE LINE AND MORNINGSTAR A RECENT DIRECTMAIL AD FROM VALUE LINE DECLARES AFTER YEARS OF WAITING FOR SOMEONE TO CREATE A MUTUAL FUND RATING SERVICE AS COMPLETE AND RELIABLE AS THE VALUE LINE INVESTMENT SURVEY WE HAD TO DO IT OURSELVES BUT SUGGESTIONS OF COPYING BY VALUE LINE COULD GIVE A PIQUANT MEANING TO ANOTHER STATEMENT IN THE SAME ADVERTISEMENT WHERE VALUE LINE BOASTS IT IS THE MODEL FOR IMITATORS ALL OVER THE WORLD THE FUND'S SIZE HELPS KEEP IT SIMPLE THE FUND'S PRODIGIOUS ASSET BASE IS ONE OF THE REASONS IT HAS TAKEN A STRAIGHTFORWARD APPROACH TO THE GNMA MARKET' MORNINGSTAR SEPT 9403090006 940309 WHO'S NEWS FMC CORP FMC CORP CHICAGO THOMAS W RABAUT 45 YEARS OLD FORMERLY GENERAL MANAGER OF THE COMPANY'S DEFENSE SYSTEMS GROUP WAS NAMED A VICE PRESIDENT OF THIS PRODUCER OF CHEMICALS AND MACHINERY FOR INDUSTRY GOVERNMENT AND AGRICULTURE 9403090005 940309 INTERNATIONAL BRIEF FISONS PLC PROFIT PLUMMETED LAST YEAR AS DIVISIONS HAD DIFFICULTY UK PHARMACEUTICAL GROUP FISONS PLC BARELY MADE A PROFIT IN 1993 AS SEVERE PROBLEMS IN ITS PHARMACEUTICAL DIVISION AND A LOSS IN ITS SCIENTIFICINSTRUMENTS DIVISION HURT RESULTS PRETAX PROFIT WAS 1 MILLION 149 MILLION DOWN FROM 1236 MILLION A YEAR EARLIER SALES INCREASED 31 TO 132 BILLION FROM 128 BILLION ON A PERSHARE BASIS FISONS HAD A LOSS OF 333 PENCE 4917 CENTS COMPARED WITH PROFIT OF 139 PENCE A YEAR EARLIER AS IT WARNED IN DECEMBER FISONS CUT ITS FINAL DIVIDEND TO ONE PENCE FROM 54 PENCE IN 1992 THE DIVIDEND FOR THE YEAR WAS 43 PENCE COMPARED WITH 87 PENCE IN 1992 FISONS SAID THE PRETAX PROFIT FOLLOWED A 21 MILLION GAIN FROM ASSET DISPOSAL AND A 329 MILLION LOSS FROM DISCONTINUATION OF BUSINESSES FISONS HAD WRITEOFFS AND DISPOSALS AT FISONS INSTRUMENTS AND TOOK A 131 MILLION WRITEOFF OF GOODWILL FROM THE EXPECTED DISPOSAL OF ITS EUROPEAN HORTICULTURE BUSINESS 9403090120 940203 REVIEW & OUTLOOK EDITORIAL THE BATTLE FOR VMI A FEDERAL DISTRICT COURT WILL SOON BE DECIDING WHETHER A PLAN DEVISED TO PRESERVE THE FAMOUSLY ALLMALE CHARACTER OF THE VIRGINIA MILITARY INSTITUTE WHILE PROVIDING SEPARATE BUT EQUIVALENT MILITARY EDUCATION FOR WOMEN WILL BE ACCEPTABLE THE WOMEN IN QUESTION WOULD BE STUDENTS OF MARY BALDWIN COLLEGE AN ALLWOMEN'S INSTITUTION IN NEARBY STAUNTON BEYOND VMI THOUGH THE COURT'S DECISION WILL HAVE AN IMPACT ON OTHER LARGER ISSUES AMONG THEM THE MATTER OF WHETHER GENDER SEGREGATION IS AN OFFENSE EQUAL TO RACIAL SEGREGATION THE SUPREME COURT HASN'T YET RULED ON THIS RICH QUESTION BUT THE TIME MAY BE APPROACHING VMI'S LEGAL TROUBLES BEGAN IN 1990 WHEN IT REFUSED TO ADMIT A FEMALE APPLICANT WHICH SWITCHED ON THE PROGRAMMED WRATH OF JUSTICE DEPARTMENT ENFORCERS WHO CHARGED THE STATEFINANCED SCHOOL WITH DISCRIMINATION LAST MAY THE US SUPREME COURT UPHELD AN APPEALS COURT RULING THAT VMI COULD ONLY RETAIN ITS ALLMALE STATUS IN TWO WAYS EITHER BY BECOMING A PRIVATE INSTITUTION OR BY PROVIDING A SEPARATE BUT PARALLEL VMI EDUCATION FOR WOMEN ACCORDINGLY A PLAN WAS CONCEIVED BY ADMINISTRATORS AND FACULTY AT ALLWOMEN MARY BALDWIN A NEW PROGRAM IN CONJUNCTION WITH VMI WOULD BE CREATED FOR MARY BALDWIN STUDENTS WITH HEAVY EMPHASIS ON LEADERSHIP AND DISCIPLINE THE PROGRAM WOULD BE FINANCED IN PART BY A 69 MILLION GRANT FROM VMI ALUMNI IT PROVIDES FOR ROTC JOINT EXERCISES WITH VMI MILITARY SCIENCE COURSES TO BE TAUGHT BY VMI INSTRUCTORS USE OF VMI FACILITIES RIGOROUS PHYSICAL TRAINING AN HONOR CODE AND MORE OF THE KIND THE STATE WOULD PROVIDE MARY BALDWIN WITH THE SAME FUNDING PER CADET THAT VMI GETS IT WAS TO BE EXPECTED THAT THIS ENTERPRISING AND SANE PLAN WOULD PROVOKE FIERCE OPPOSITION FROM WOMEN'SRIGHTS IDEOLOGUES WHO SEE THE DESTRUCTION OF VMI'S ALLMALE TRADITION AS JUST ONE MORE NECESSARY STEP IN THE PERPETUAL MARCH TO HIS CREDIT THEN GOVERNOR DOUGLAS WILDER A DEMOCRAT WAS AMONG THE FIRST TO ENDORSE THE PLAN DEVELOPED LAST SEPTEMBER AND ALSO TO RECOGNIZE ITS KEY VIRTUE THIS WAS THE FACT THAT IT WAS A PLAN THAT IN THE GOVERNOR'S WORDS RECOGNIZED THE PHYSIOLOGICAL AND PSYCHOLOGICAL DIFFERENCES BETWEEN MEN AND WOMEN TO BE SURE THERE ARE ENOUGH WOMEN CAPABLE OF SURVIVING THE RIGORS OF CADET LIFE AT VMI THE ILLUSTRIOUS MILITARY SCHOOL WHERE STONEWALL JACKSON ONCE TAUGHT PHILOSOPHY AND WHOSE MOST FAMOUS GRADUATE IN THIS CENTURY WAS ONE GEORGE C MARSHALL STILL IT IS NO SURPRISE THAT THE EDUCATORS WHO CONCEIVED THE PROPOSED MARY BALDWIN PROGRAM DECIDED IT WOULD BE UNNECESSARY TO EMULATE CERTAIN OF THE MORE DISTINCTIVE FEATURES OF LIFE AT VMI FIRST YEAR VMI STUDENTS FOR EXAMPLE CAN LOOK FORWARD TO WALKING THE FAMOUS RAT LINE THAT IS ADHERING TO A RIGID IMAGINARY LINE WHILE IN THE BARRACKS MARCHING DOUBLETIME UP AND DOWN STAIRS EARLY MORNING WAKEUP SUMMONSES TO 'SWEAT PARTIES PUSHUPS AND OTHER HEAVYDUTY FUN AND SUCH CREATORS OF THE MARY BALDWIN PLAN CONCLUDED THAT THIS SORT OF ADVERSARIAL TRAINING WASN'T LIKELY TO BE PRODUCTIVE WITH WOMEN HOWEVER CHERISHED A TRADITION IT WAS AT VMI IN ITS REASONABLENESS AND INTELLIGENCE THE VMIMARY BALDWIN PLAN REPRESENTS A KIND OF SOLUTION THAT DOESN'T COME ALONG ALL THAT OFTEN IN OUR NOISY POLITICAL TIMES IT'S PROBABLY HOPELESS TO TRY TO PERSUADE THE SORT OF TRUE BELIEVERS WHO WANT THE VMI TO BE FORCED TO ADMIT WOMEN AS HAS JUST HAPPENED TO THE CITADEL IN SOUTH CAROLINA MARY BALDWIN'S SOLUTION MUST NOT PASS THE ARGUMENT GOES LEST THE OFFENDING INSTITUTION BE ALLOWED TO PERPETUATE THE OLDBOY NETWORK EVERYONE ELSE NOT LIVING FULLTIME ON THIS PARTICULAR RAMPART HOWEVER MIGHT WANT TO CONSIDER SOME OF THE COMPLICATIONS THAT MAY ENSUE IF THE LEGAL CAMPAIGN TO UNDO THE CHARACTER OF THE NATION'S OLDEST MILITARY COLLEGE SUCCEEDS A COURT RULING THAT VMI MUST ACCEPT WOMEN WOULD BE BAD NEWS NOT ONLY FOR THAT SCHOOL BUT FOR THE FUTURE OF ALLWOMEN'S AND POSSIBLY ALLBLACK COLLEGES THAT RECEIVE STATE FUNDS DR CYNTHIA TYSON THE PRESIDENT OF MARY BALDWIN COLLEGE NOTES THAT HER SUPPORT FOR THE JOINT VENTURE WITH VMI IS LARGELY DUE TO HER CERTAINTY WHICH MANY SHARE THAT WHAT IS AT STAKE IN THE VMI CASE IS NOTHING LESS THAN THE SURVIVAL OF THE SINGLESEX COLLEGE WE WOULD ADD TO THAT A CONSIDERATION THAT IS IN OUR VIEW AN EVEN MORE IMPORTANT MATTER NAMELY WHETHER REASON AND SENSE CAN PREVAIL AGAINST THE CLAMOR OF FANATICS SEE RELATED LETTERS LETTERS TO THE EDITOR PROTECTING MALE ONLY' ACCESS TO POWER WSJ MARCH 9 1994 9402030056 YY94 MM03 9403090103 940223 TEXAS JOURNAL REVENGE A WHISTLEBLOWER'S CRUSADE INFORMANT'S CAMPAIGN AGAINST EXEMPLOYER BECAME AN OBSESSION BY MICHAEL TOTTY STAFF REPORTER OF THE WALL STREET JOURNAL AUSTIN IT WAS A LOWKEY END TO A SIXYEAR CRUSADE LAST NOVEMBER IN A DRAB CONFERENCE ROOM IN THE TEXAS COMPTROLLER'S OFFICES HERE HUGH TOLLACK SIGNED A FEW PAPERS AND RECEIVED A CHECK FOR 38534644 NO CAMERAS NO REPORTERS NO FANFARE BUT DON'T BE FOOLED THE MEETING WAS A LOT MORE IMPORTANT THAN IT LOOKED MR TOLLACK'S REWARD FOR TURNING IN HIS FORMER EMPLOYER FOR NONPAYMENT OF STATE FRANCHISE TAXES WAS BY FAR THE BIGGEST EVER GIVEN UNDER THE STATE'S INFORMANT RECOVERY PROGRAM WHICH REWARDS TIPSTERS WHO BRING TAX SCOFFLAWS TO THE ATTENTION OF AUTHORITIES IT'S A PROGRAM SHROUDED IN SECRECY DETAILS ABOUT INDIVIDUAL AWARDS ARE KEPT CONFIDENTIAL TO PROTECT THE IDENTITY OF INFORMANTS AND TO GUARD THE PRIVACY OF TAXPAYERS BUT THE 42YEAROLD MR TOLLACK ISN'T INTERESTED IN SECRECY HE BELIEVES PUBLICITY IS NEEDED TO ENCOURAGE OTHER WHISTLEBLOWERS TO COME FORWARD AND HIS WILLINGNESS TO TALK SHEDS LIGHT ON THIS LITTLEKNOWN STATE PROGRAM AS WELL AS ON THE PATIENCE AND OBSESSION THAT WHISTLEBLOWERS OFTEN NEED TO SEE THEIR EFFORTS PAY OFF IN THE END HOW DO THEY EXPECT TO CATCH THE OTHER COMPANIES THAT MIGHT BE DOING THE SAME THING IF THEY DON'T TELL PEOPLE ABOUT THE REWARD MR TOLLACK ASKS THEY'RE OBVIOUSLY OUT TO PROMOTE THE LOTTERY WHY DON'T THEY DO THE SAME THING WITH THIS IF MY PICTURE WAS IN THE PAPER WITH TEXAS COMPTROLLER JOHN SHARP GIVING ME A CHECK FOR 385000 YOU CAN BET MORE PEOPLE WOULD KNOW ABOUT THE PROGRAM BEGUN IN 1988 THE INFORMANT PROGRAM HAS RESULTED IN TWO DOZEN PAYMENTS TO PEOPLE WHO HAVE TURNED IN THEIR EMPLOYERS COMPETITORS OR SUPPLIERS BEFORE MR TOLLACK'S REWARD THE AVERAGE PAYMENT WAS ABOUT 3200 THE PROGRAM HAS BROUGHT 10 MILLION INTO STATE COFFERS MR TOLLACK'S STORY AS A WHISTLEBLOWER BEGAN IN 1988 WHEN HE WAS FIRED FROM HIS JOB AS ASSOCIATE VICE PRESIDENTTAXATION AT ALLIANZ OF AMERICA INC THE US SUBSIDIARY OF THE BIG GERMAN INSURANCE COMPANY ALLIANZ AG MR TOLLACK WHO HAD WORKED AT ALLIANZ FOR THREE YEARS FILED A WRONGFULTERMINATION LAWSUIT AGAINST ALLIANZ IN STATE DISTRICT COURT IN DALLAS CLAIMING HE WAS FIRED BECAUSE HE REFUSED TO PREPARE A FEDERAL INCOME TAX REPORT HE SAYS WAS FRAUDULENT THE LAWSUIT WAS DISMISSED IN 1991 AND MR TOLLACK'S APPEAL IS PENDING A SPOKESMAN FOR ALLIANZ WHICH MOVED ITS US HEADQUARTERS FROM DALLAS TO NOVATO CALIF AFTER ACQUIRING FIREMAN'S FUND INSURANCE CO IN 1991 SAYS THAT MR TOLLACK WAS FIRED FOR NONPERFORMANCE AND THAT HIS CHARGES LACK MERIT THE SPOKESMAN CONFIRMS THAT THE COMPANY SETTLED STATE AND FEDERAL TAXES BUT REFUSES TO GIVE DETAILS AND DENIES ANY WRONGDOING SETTLEMENT WAS REACHED IN EACH CASE WITHOUT ASSESSMENT OF PENALTIES INDICATING AN ABSENCE OF IMPROPRIETY SAYS THE SPOKESMAN JOHN KOZERO LIKE MANY INFORMANTS MR TOLLACK MADE HIS FIRST CALL TO THE COMPTROLLER'S OFFICE MORE OUT OF ANGER THAN ANY DESIRE FOR A REWARD I WANTED TO SEE THEM BROUGHT TO JUSTICE HE SAYS IF THERE HADN'T BEEN A REWARD I WOULD HAVE COOPERATED ANYWAY HIS ALLEGATION HE HAD DISCOVERED IN THE COURSE OF HIS LAWSUIT THAT ALLIANZ HAD NEVER OBTAINED A CERTIFICATE OF AUTHORITY TO DO BUSINESS IN THE STATE AND HAD NEVER PAID FRANCHISE TAXES MR TOLLACK SAYS THAT AT THE TIME SEPTEMBER 1990 HE HAD GIVEN UP LOOKING FOR A JOB A YEARLONG SEARCH HE SAYS HAD RESULTED IN ONLY ONE INTERVIEW HE WAS CONVINCED THAT ALLIANZ WAS BLACKLISTING HIM AND HE WAS DETERMINED TO GET EVEN I HAD NOTHING TO LOSE AT THAT POINT HE SAYS AFTER CALLING THE AGENCY MR TOLLACK WAS TOLD THAT NO INFORMATION ABOUT THE INFORMANTS' PROGRAM COULD BE GIVEN OVER THE PHONE HE WOULD HAVE TO COME TO AUSTIN WITH DOCUMENTS BACKING UP HIS CLAIM AND TO SIGN A CONTRACT AMONG OTHER THINGS THE CONTRACT SAYS THAT NO REWARD HAS TO BE GIVEN IF THE INFORMATION PROVIDED IS ALREADY KNOWN OR IF IT IS DISCOVERED WITHIN THREE MONTHS BY A STATE EMPLOYEE WORKING INDEPENDENTLY THE INFORMANT ALSO GIVES THE COMPTROLLER COMPLETE DISCRETION TO DETERMINE WHETHER A PAYMENT SHOULD BE MADE WHEN AND IN WHAT AMOUNT MOST TIPSTERS RARELY GET THIS FAR COMPTROLLER OFFICIALS SAY THEY GET ABOUT A CALL A WEEK BUT MOST PEOPLE DON'T WANT TO GO THROUGH THE HASSLE OF SIGNING A CONTRACT SOME CAN'T DELIVER INDEPENDENT PROOF OF THEIR CLAIMS AND OTHERS THINK THE REWARD OF UP TO 5 OF THE TAX COLLECTED IS TOO LOW STILL OTHERS ARE AFRAID THE AGENCY WON'T BE ABLE TO KEEP THEIR NAMES SECRET IN FACT THE COMPTROLLER'S OFFICE GOES TO GREAT LENGTHS TO PROTECT THE IDENTITIES OF INFORMANTS CONTRACTS ARE SIGNED IN AUSTIN RATHER THAN IN LOCAL AUDIT OFFICES SO THAT FEW PEOPLE KNOW THE IDENTITY OF THE INFORMANT REWARD CHECKS ARE DRAWN ON AN ANONYMOUS ACCOUNT AND AUDITORS TYPICALLY AREN'T TOLD WHO PROVIDED THE TIP THE LESS THEY KNOW ABOUT WHO THE INFORMANT IS THE LESS LIKELY THAT A SLIP COULD BE MADE AND CONFIDENTIALITY COULD BE BREACHED SAYS HAROLD LEE MANAGER OF THE AUDIT DIVISION WHO ATTENDED THE FIRST MEETING WITH MR TOLLACK ALONG WITH MARY HAWKINS A SENIOR AUDITOR IN CHARGE OF THE PROGRAM AND LEDFORD KELLY A SUPERVISOR IN THE AUDIT DIVISION THE FIRST MEETING TOOK ABOUT AN HOUR MR TOLLACK BROUGHT DOCUMENTS FROM HIS LAWSUIT AGAINST ALLIANZ WHICH HE SAID SHOWED THE COMPANY HAD BEEN DOING BUSINESS IN TEXAS A FEW MONTHS LATER IN FEBRUARY 1991 MR TOLLACK SAYS THE INVESTIGATOR ASSIGNED TO THE CASE CALLED TO TELL HIM THE AUDIT HAD BEGUN AND ASKED FOR GUIDANCE FINDING ADDITIONAL PROOF OF ALLIANZ'S BUSINESS DEALINGS IN TEXAS HE MET WITH THE INVESTIGATOR AND HER REPLACEMENT SEVERAL TIMES BUT THERE WAS LITTLE MR TOLLACK COULD PROVIDE HE TURNED OVER MOST OF THE PUBLIC FILINGS IN HIS LAWSUIT BUT WAS BARRED BY A PROTECTIVE ORDER FROM GIVING DOCUMENTS OBTAINED DURING DISCOVERY LATER DIGGING THROUGH BOXES OF FILES HE STORED IN HIS GARAGE AFTER HE LEFT ALLIANZ HE FOUND THE DRAFT OF A PROMISSORY NOTE APPARENTLY MISFILED THAT GAVE THE COMPANY'S DALLAS ADDRESS HIS CONTACT WITH THE INVESTIGATORS OVER THE NEXT 22 MONTHS WAS SPORADIC HE MET OCCASIONALLY TO ANSWER MORE QUESTIONS IN DETAIL AND TO SUGGEST DOCUMENTS INVESTIGATORS MIGHT WANT TO GO AFTER BUT IN PRIVATE HE WAS A MAN OBSESSED ALTHOUGH HE WAS TRYING TO PURSUE SOME REALESTATE VENTURES MUCH OF HIS TIME WAS SPENT PURSUING ALLIANZ DIGGING FOR DOCUMENTS WRITING LETTERS TO CONGRESS PROPOSING A TOUGHER FEDERALREWARD PROGRAM AND PUTTING TOGETHER SLICKLOOKING FACT SHEETS ON HOW FOREIGN COMPANIES ALLEGEDLY EVADE MILLIONS IN FEDERAL INCOME TAXES MONEY GOT TIGHTER HE USED UP ALL HIS SAVINGS AND RETIREMENT FUNDS HIS WIFE A GOSPEL SINGER WHO USED TO PERFORM ON THE LAWRENCE WELK SHOW EARNED SOME MONEY BUT LESS AND LESS AFTER THEIR FIRST DAUGHTER WAS BORN SHORTLY BEFORE HE WAS FIRED A SECOND DAUGHTER WAS BORN IN LATE 1992 THEY BEGAN PUTTING THEIR MORTGAGE PAYMENTS ON CREDIT CARDS THE AUDIT LASTED ALMOST TWO YEARS ENDING IN DECEMBER 1992 SOME PEOPLE HAVE THE IMPRESSION THAT WHEN WE START AN AUDIT IT'S OVER IN A COUPLE OF WEEKS MS HAWKINS SAYS BUT IT CAN TAKE SEVERAL MONTHS OR LONGER SOMETIMES THE REVIEW IS HALTED SO AUDITORS CAN GET AN OPINION ABOUT AN UNUSUAL TAX ISSUE THEN THERE'S THE APPEALS PROCESS WHICH CAN TAKE A COUPLE OF MONTHS OR MORE THAN A YEAR MR TOLLACK TRIED TO BE PATIENT OF COURSE THEY HAD OTHER THINGS THEY WERE WORKING ON HE SAYS BUT FROM MY PERSPECTIVE IT WAS THE ONLY AUDIT I WAS WORKING ON IT SEEMED AGONIZINGLY SLOW THE WORST WAS THE LAST SIX MONTHS AFTER ALLIANZ HAD SETTLED AND PAID WHEN THE REWARD IS WITHHELD TO MAKE SURE THAT THE TAXPAYER DOESN'T INTEND TO APPEAL THE STATE HAD MY MONEY AND I WAS HAVING TO PAY 20 TO CITIBANK SO I COULD PAY MY MORTGAGE MR TOLLACK SAYS FINALLY THE MONDAY AFTER THANKSGIVING MR TOLLACK DROVE TO AUSTIN HE WAS USHERED INTO A SMALL CONFERENCE ROOM MESSRS LEE AND KELLY ASKED HIM TO SIGN A NOTARIZED STATEMENT SAYING THAT THE PAYMENT SETTLED ALL HIS CLAIMS AND THEN THEY HANDED HIM THE CHECK NOW THAT HIS CLAIM IS SETTLED MR TOLLACK STILL ISN'T READY TO LET GO HE WAS DISAPPOINTED BY THE SIZE OF THE CHECK THE COMPTROLLER ONLY COLLECTED TAXES FOR 1985 TO 1991 ACCORDING TO A LETTER FROM MR LEE HE HAS WRITTEN TRAVIS COUNTY DISTRICT ATTORNEY RONNIE EARLE ASKING FOR A CRIMINAL INVESTIGATION INTO ALLIANZ'S STATE TAX MATTERS HE ALSO CONTINUES TO WRITE LAWMAKERS ABOUT THE FEDERAL WHISTLEBLOWER PROGRAM AND HE WANTS THE TEXAS LEGISLATURE TO STRIP THE CLOAK OF CONFIDENTIALITY FROM COMPANIES FOUND DOING BUSINESS HERE WITHOUT AUTHORITY FROM THE STATE MR TOLLACK IS STILL TRYING TO PUT TOGETHER REALESTATE DEALS AND HE HAS THOUGHT ABOUT WORKING FOR A LARGE COMPANY BUT HIS EXPERIENCES HAVE SOURED HIM HE PREFERS HE SAYS TO WORK ON HIS OWN RATHER THAN SAVE MONEY FOR SOME BIG CORPORATE TAXPAYER IF HE DOES DECIDE TO HEAD BACK TO CORPORATE LIFE HOWEVER HE DOESN'T THINK HIS REPUTATION AS A WHISTLEBLOWER WILL HURT HIM AT LEAST AT PLACES WHERE HE WOULD WANT TO WORK ANYWAY THERE ARE ALWAYS GOING TO BE PEOPLE OUT THERE WHO ARE GOING TO WANT TO KEEP THEIR DISTANCE FROM SOMEONE WHO MIGHT TURN THEM IN HE SAYS THAT'S THE PRICE I'M WILLING TO PAY SEE RELATED LETTER TEXAS JOURNAL LETTER TO THE EDITOR THE WHISTLEBLOWER CONTINUES ON WSJ MARCH 9 1994 9402230188 YY94 MM03 9403090002 940208 REVIEW & OUTLOOK EDITORIAL TAXSUBSIDIZED ADDICTS THE CLINTON BUDGET LIKE ALL BUDGETS WILL CONTAIN FUNDING FOR AN ARRAY OF ENTITLEMENT PROGRAMS TOO BAD CONGRESS WON'T DO ANYTHING BEYOND SPINNING THE DIALS ON THE FUNDING LEVELS A REALWORLD LOOK WOULD LIKELY TURN UP A LOT OF PERVERSE OUTCOMES FROM THESE EFFORTS AT DOING GOOD EXAMPLE NO 1 LAST YEAR MORE THAN 250000 PEOPLE COLLECTED FEDERAL DISABILITY PAYMENTS OF 14 BILLION SIMPLY BECAUSE THEY WERE ADDICTED TO DRUGS OR ALCOHOL BUT MANY OF THEM WEREN'T ADEQUATELY CHECKED TO MAKE SURE THEY WERE IN TREATMENT OR WEREN'T BUYING BOOZE AND DRUGS WITH THE TAX DOLLARS A JUSTPUBLISHED GENERAL ACCOUNTING OFFICE STUDY HAS FOUND THAT 172000 SUBSTANCE ABUSERS ON DISABILITY WEREN'T SUBJECT TO TREATMENT OR PAYMENT SAFEGUARDS RECIPIENTS ARE SUPPOSED TO GET TREATMENT AND HAVE THEIR CHECKS PAID TO A FRIEND OR RELATIVE TO CURB ABUSE BUT THERE DOESN'T SEEM TO BE MUCH INCENTIVE TO WORRY ABOUT THAT FEDERAL GUIDELINES SAY A SUBSTANCE ADDICTION IN AND OF ITSELF CAN BE GROUNDS FOR GRANTING DISABILITY CHECKS THAT AVERAGE 434 A MONTH AND A FEDERAL APPEALS COURT RULED JUST THIS MONTH THAT A HEROIN ADDICT WHO SOLD DRUGS TO SUPPORT HIS HABIT CAN'T BE DENIED DISABILITY BENEFITS BECAUSE OF HIS DRUG DEALING BOB COTE DIRECTOR OF A PRIVATE DENVER HOMELESS SHELTER CALLED STEP 13 SAYS WASHINGTON IS HELPING PEOPLE COMMIT SUICIDE ON THE INSTALLMENT PLAN HE SHOWED US SKID ROW BILLBOARDS PUT UP BY LAWYERS THAT INVITE ADDICTS AND WINOS TO APPLY FOR DISABILITY THE LAWYERS COLLECT THEIR FEE FROM THE LARGE BACK PAYMENTS THE GOVERNMENT DOLES OUT AFTER AN APPLICATION IS FINALLY APPROVED MR COTE SAYS HE KNOWS OF DOZENS OF ALCOHOLICS WHO HAVE THEIR CHECKS SENT TO LOCAL LIQUOR STORES OR BARS WHICH RUN A TAB FOR THEM INDEED DISABILITY PAYMENTS CAN GIVE ALCOHOLICS A LICENSE TO KEEP DRINKING AS LONG AS YOU'RE AN ALCOHOLIC YOU CONTINUE TO RECEIVE THE CHECKS SAYS DR ERNIE PROUD A CALIFORNIA PSYCHIATRIST WHO TREATS ALCOHOL ABUSE AND ESTIMATES ONLY 1 OF THE CASES HE SEES NEED TO BE ON DISABILITY IT'S CLEAR THAT MANY WELLINTENTIONED ENTITLEMENT PROGRAMS NOT ONLY DON'T WORK OUR LEGAL SYSTEM ENSURES THEY CAN'T WORK MR COTE WHO ACCEPTS NO GOVERNMENT FUNDING FOR HIS TOUGHLOVE SHELTER SAYS PRIVATE EFFORTS THAT ENCOURAGE THOSE HELPED TO TAKE RESPONSIBILITY FOR THEIR OWN LIVES ARE A PARTIAL ANSWER SHOW ME A GOVERNMENT HANDOUT AND I'LL SHOW YOU SOMETHING THAT ENCOURAGES IRRESPONSIBILITY HE SAYS THAT'S A HARD KNOCK ON ENTITLEMENTS BUT IT DESERVES AN ANSWER SEE RELATED LETTER LETTERS TO THE EDITOR DON'T PULL THE PLUG ON UNTREATED ADDICTS WSJ MARCH 9 1994 9402080082 YY94 MM03 9403090001 940121 WORD ABUSE A LEXICON BY DENNIS PRAGER A POLITICAL WAY OF THINKING HAS SO PERMEATED THE AMERICAN CONSCIOUSNESS THAT IT HAS CHANGED THE WAY IN WHICH WE USE ENGLISH BELOW A LEXICON THAT SHOWS HOW CERTAIN WORDS ARE USED BY MAJOR AMERICAN NEWSPAPERS BY THE ELECTRONIC NEWS MEDIA ESPECIALLY TELEVISION AND BY MANY INDIVIDUALS IN PUBLIC AND PRIVATE DEBATE CONSERVATIVE A PERSON WITH SELFISH MOTIVES LIBERAL A PERSON WITH ALTRUISTIC MOTIVES NB IN 11 YEARS OF DOING TALK RADIO I NEVER ONCE SPOKE TO A LIBERAL WHO BELIEVED THAT A PERSON WHO VOTED FOR RONALD REAGAN OR GEORGE BUSH COULD BE MOTIVATED BY ALTRUISM REPUBLICANS BY DEFINITION VOTE WITH THEIR POCKETBOOKS ULTRACONSERVATIVE A PERSON WHO IS TOO CONSERVATIVE ULTRALIBERAL TERM NOT USED ONE CANNOT BE TOO LIBERAL NB I READ SIX NEWSPAPERS A DAY AND COUNTLESS JOURNALS I HAVE NEVER ENCOUNTERED THE TERM ULTRALIBERAL OR ARCHLIBERAL I READ OR HEAR ABOUT ULTRA OR ARCHCONSERVATIVES ALL THE TIME CHRISTIAN RIGHT CONTEMPTIBLE PEOPLE WHO ALWAYS TRY TO IMPOSE THEIR VALUES ON OTHER AMERICANS LIBERALS IDEALISTIC PEOPLE WHO NEVER TRY TO IMPOSE THEIR VALUES ON OTHER AMERICANS NB WHEN CHRISTIANS TRY TO PUT THEIR VALUES INTO LAW FOR EXAMPLE PREVENTING GOVERNMENT FUNDS FROM GOING TO WHAT EVEN MOST LIBERALS WOULD CONSIDER TO BE OBSCENE ART THEY ARE ATTACKED FOR TRYING TO IMPOSE THEIR VALUES ON OTHERS HOWEVER WHEN LIBERALS PASS LAWS REFLECTING THEIR VALUES EG FORCING STATES TO ALLOW GAY AND LESBIAN COUPLES THE SAME RIGHT TO ADOPT CHILDREN AS MARRIED COUPLES THAT IS NOT REGARDED AS IMPOSING VALUES BUT SIMPLY THE RIGHT THING TO DO ABORTION A FORM OF BIRTH CONTROL WOMEN'S RIGHTS SUPPORTING THE RIGHT TO DESTROY A HUMAN FETUS FOR PERSONAL CONVENIENCE ANIMAL RIGHTS OPPOSING THE RIGHT TO DESTROY A RABBIT FOR CANCER RESEARCH NB IN OUR TIME THE INTELLECTUAL AND MORAL NORM IS TO REGARD A BABY SEAL AS OF INFINITELY MORE WORTH THAN A HUMAN FETUS FETUS AN UNBORN BABY THAT IS TO BE ABORTED BABY AN UNBORN BABY THAT IS NOT TO BE ABORTED NB WHEN A WOMAN IS PREGNANT AND WANTS TO GIVE BIRTH NO ONE ASKS HER NO MATTER HOW EARLY IN THE PREGNANCY SO HOW'S THE FETUS DOING WE ONLY USE THE TERM FETUS WHEN WE PLAN TO DESTROY IT OTHERWISE WE USE BABY FROM THE FIRST DAY OF PREGNANCY WOMAN AUTHENTIC A WOMAN WHO HOLDS LIBERAL VIEWS WOMAN INAUTHENTIC A WOMAN WHO DOES NOT HOLD LIBERAL VIEWS NB GLORIA STEINEM CALLED TEXAS SEN KAY BAILEY HUTCHISON A FEMALE IMPERSONATOR USA TODAY JUNE 11 1993 MS HUTCHISON IS A CONSERVATIVE REPUBLICAN CENSORSHIP THE REFUSAL OF THE GOVERNMENT TO FUND A RADICAL ARTIST NB CENSORSHIP WAS ALWAYS UNDERSTOOD AS THE PROHIBITION OF EXPRESSION ACCORDING TO THE ARTS COMMUNITY AND ITS SUPPORTERS HOWEVER CENSORSHIP NOW MEANS GOVERNMENTAL REFUSAL TO FUND A WORK OF ART CENSORS CHRISTIANS WHO BOYCOTT VIOLENT TV SHOWS SOCIAL ACTIVISTS HOLLYWOOD ACTORS WHO BOYCOTT COLORADO HITLER YOUTH PEOPLE WHO AMONG OTHER TERRIBLE THINGS DROWNED OUT LIBERAL SPEAKERS WITH WHOM THEY DISAGREED AND DESTROYED LIBERAL NEWSPAPERS WITH WHICH THEY DISAGREED PROGRESSIVE STUDENTS PEOPLE WHO AMONG OTHER GOOD THINGS DROWN OUT CONSERVATIVE SPEAKERS WITH WHOM THEY DISAGREE AND DESTROY CONSERVATIVE NEWSPAPERS WITH WHICH THEY DISAGREE NB THUS THE PROGRESSIVE STUDENTS WHO STOLE ALL COPIES OF THE CONSERVATIVE PAPER AT THE UNIVERSITY OF PENNSYLVANIA WERE EXONERATED AND THE GUARDS WHO STOPPED THEM WERE CHASTISED FOR INTERFERING IN A STUDENT PROTEST THE SOVIET UNION BEFORE ITS FALL AN ALTERNATIVE SYSTEM OF GOVERNMENT THAT SHOULD NOT BE CONDEMNED WITH SUCH COLD WAR LABELS AS EVIL EMPIRE THE SOVIET UNION AFTER ITS FALL AN EVIL EMPIRE NB SINCE THE FALL OF THE SOVIET UNION NEARLY EVERYONE NOW SPEAKS OF COMMUNISM IN THE TERMS THAT COLD WARRIORS USED RELIGIOUS EXTREMIST A PERSON WHO IS TOO RELIGIOUS USUALLY MEANING THAT THE PERSON HOLDS TRADITIONAL RELIGIOUS BELIEFS AND IS POLITICALLY ACTIVE SECULAR EXTREMIST TERM NOT USED ONE CANNOT BE TOO SECULAR NB THOSE WHO CALL FOR THE RIGHT TO MENTION GOD'S NAME IN HIGHSCHOOL GRADUATION EXERCISES ARE RELIGIOUS EXTREMISTS WHILE THOSE LIKE THE AMERICAN CIVIL LIBERTIES UNION WHO LITIGATE AGAINST SCHOOLS THAT POST THE TEN COMMANDMENTS ON THEIR WALLS ARE NEVER DESCRIBED AS SECULAR EXTREMISTS SEXIST A MAN WHO DISAGREES WITH WOMEN WHO HOLD LIBERAL VIEWS FOR THE TERM FOR A WOMAN WHO DISAGREES WITH WOMEN WHO HOLD LIBERAL VIEWS SEE WOMAN INAUTHENTIC NB THIS IS WHY SEN EDWARD KENNEDY ONE OF THE MOST NOTORIOUS WOMANIZERS IN AMERICAN PUBLIC LIFE IS NEVER CALLED SEXIST HE DOESN'T DISAGREE WITH LIBERAL WOMEN'S GROUPS HOWEVER MEN WHO TREAT WOMEN BEAUTIFULLY AND RESPECT THEM AS EQUALS BUT DO NOT AGREE WITH THE NATIONAL ORGANIZATION FOR WOMEN ARE SEXIST TOLERANCE OPENNESS TO ALL IDEAS ON THE LEFT RAGE THE EXCUSE FOR VIOLENCE COMMITTED AGAINST INNOCENT PEOPLE BY MEMBERS OF AN AGGRIEVED MINORITY NB SINCE THE THUGS WHO TERRORIZE TURKISH IMMIGRANTS IN GERMANY ARE WHITE THEIR ACTIONS ARE NEVER UNDERSTOOD IN TERMS OF RAGE ONLY CONDEMNED CORRECTLY AS THUGGERY BUT WHEN BLACK THUGS TERRORIZED KOREAN IMMIGRANTS IN LOS ANGELES THEIR ACTIONS WERE CONSTANTLY UNDERSTOOD IN TERMS OF THEIR RAGE VICTIMS NEARLY ALL BLACKS AND WOMEN BUT ESSENTIALLY MEMBERS OF EVERY GROUP EXCEPT WHITE HETEROSEXUAL MALES THE GROUP MUST ALSO BE ASSOCIATED WITH LIBERAL ACTIVISM NB THUS KOREANAMERICANS THOUGH THE PRIMARY VICTIMS OF THE LOS ANGELES RIOTS ARE NEVER REFERRED TO AS VICTIMS THEY HOLD CONSERVATIVE VIEWS IDEAL FAMILY ANY UNIT OF PEOPLE NB TO DEFINE THE IDEAL FAMILY AS A MARRIED MOTHER AND FATHER WITH CHILDREN IS TO BE INTOLERANT AND JUDGMENTAL PROGRESSIVE VIEW OF HUMANITY DIVIDING PEOPLE BY THEIR RACE GENDER AND CLASS REACTIONARY VIEW OF HUMANITY DIVIDING PEOPLE BY THEIR VALUES AND BEHAVIOR BLACKS AUTHENTIC BLACKS WHO HOLD LIBERAL VIEWS IN PARTICULAR THAT AMERICA IS RACIST AND THAT RACISM IS THE GREATEST BLACK PROBLEM BLACKS INAUTHENTIC BLACKS WHO DO NOT HOLD LIBERAL VIEWS ESPECIALLY IF THEY HOLD THAT AMERICA IS NOT RACIST AND THAT RACISM IS NOT THE GREATEST BLACK PROBLEM SUCH BLACKS ALSO ARE KNOWN AS UNCLE TOMS RACIST A WHITE WHO DOES NOT AGREE WITH A POSITION HELD BY THE CIVIL RIGHTS LEADERSHIP NB TO CITE ONE OF INNUMERABLE EXAMPLES A NUMBER OF BLACK LEADERS HAVE LABELED SUPPORT FOR SCHOOL VOUCHERS AS RACIST EVEN THOUGH SCHOOL VOUCHERS TEND TO BE SUPPORTED MORE BY INNERCITY BLACKS THAN BY WHITE SUBURBANITES BUT SINCE THE LIBERAL BLACK LEADERSHIP IS OPPOSED TO VOUCHERS SUPPORT FOR IT IS RACIST WHITE RACISM REDUNDANT TERM BLACK RACISM TERM NOT USED IT DOES NOT EXIST AN IDEA PERPETRATED BY WHITE RACISTS POVERTY THE REASON FOR MURDER RAPE AND CARJACKINGS GREED THE REASON FOR EMBEZZLEMENT INSIDER TRADING AND OTHER WHITECOLLAR CRIMES MINORITIES MEMBERS OF GROUPS WHOSE SPOKESPEOPLE ARE ANGRY AT AMERICA THUS CUBAN JAPANESE KOREAN AND JEWISHAMERICANS ARE RARELY REFERRED TO AS MINORITIES COMMUNITY A TERM CREATED IN ORDER TO IMPLY THAT MEMBERS OF A VICTIMIZED GROUP ALL HOLD THE SAME LIBERAL VIEWS CIVIL RIGHTS ORGANIZATIONS ORGANIZATIONS THAT HOLD WHITE PEOPLE RESPONSIBLE FOR THE MAJORITY OF BLACKS' PROBLEMS FEMINIST ORGANIZATIONS ORGANIZATIONS THAT HOLD MEN RESPONSIBLE FOR THE MAJORITY OF WOMEN'S PROBLEMS BLAMING THE VICTIM MAKING MORAL DEMANDS OF ANY MEMBER OF A VICTIMIZED MINORITY SEE VICTIMS MR PRAGER WRITES ULTIMATE ISSUES A QUARTERLY JOURNAL FROM WHICH THIS ARTICLE IS ADAPTED HE HOSTS A DAILY TALK SHOW ON KABC RADIO IN LOS ANGELES SEE RELATED LETTER LETTERS TO THE EDITOR IT DEPENDS ON WHO'S ABUSING THE WORD WSJ MARCH 9 1994 9401210017 YY94 MM03 9403080166 940308 SITHE ENERGIES FILES SUIT TO STOP DEMANDS BY NIAGARA MOHAWK NEW YORK SITHE ENERGIES INC FILED SUIT IN NEW YORK SUPREME COURT HERE SEEKING TO STOP NIAGARA MOHAWK POWER CORP'S ATTEMPTS TO REWORK CERTAIN POWERSUPPLY AGREEMENTS SITHE AN INDEPENDENT POWER PRODUCER HOLDS CONTROLLING INTERESTS IN FOUR LIMITED PARTNERSHIPS THAT SELL 270 MEGAWATTS OF ELECTRICITY TO NIAGARA MOHAWK ACCORDING TO THE LAWSUIT NIAGARA MOHAWK SENT LETTERS TO THE FOUR LIMITED PARTNERSHIPS DEMANDING CERTAIN FINANCIAL ASSURANCES OF FUTURE PERFORMANCE IF NO AGREEMENTS ARE REACHED THE LETTER CONTENDS NIAGARA MOHAWK WILL TERMINATE THE POWER CONTRACTS THE TUSSLE BETWEEN SITHE AND NIAGARA MOHAWK STEMS FROM STATEMANDATED POWER CONTRACTS SIGNED BETWEEN UTILITIES AND INDEPENDENT POWER PRODUCERS IN THE MID AND LATE1980S SINCE THEN HOWEVER ENERGY PRICES HAVE PLUMMETED AND DEMAND FOR NEW POWER HAS EBBED LEAVING UTILITIES THROUGHOUT THE STATE WITH EXPENSIVE CONTRACTS FOR POWER THEY ESSENTIALLY DON'T NEED NIAGARA MOHAWK ACKNOWLEDGED THAT IT HAD SENT SIMILAR LETTERS TO OTHER INDEPENDENT POWER PRODUCERS IN ITS SERVICE TERRITORY IN ADDITION THE UTILITY SAID IT HAD BEEN SUED BY AT LEAST TWO OTHER COMPANIES THAT RECEIVED THE LETTER THE LONGTERM AGREEMENTS AT ISSUE CALL FOR HIGHER PAYMENTS IN THE EARLY YEARS OF THE CONTRACT THAT COVER THE UTILITIES AVOIDED COST FROM NOT BUILDING ADDITIONAL PLANTS ANY OVERPAYMENTS ARE ADJUSTED FOR LATER IN THE CONTRACT STEVEN BURTON GENERAL COUNSEL FOR SITHE SAID THE LETTERS WERE A HEAVYHANDED ATTEMPT TO FORCE US TO RENEGOTIATE POWER AGREEMENTS THE SUIT SEEKS A DECLARATION THAT NIAGARA MOHAWK'S LETTERS HAVE NO MERIT SINCE THE EXISTING CONTRACT IS VALID KERRY BURNS A NIAGARA MOHAWK SPOKESWOMAN SAID THE UTILITY NEEDS GUARANTEES THAT OVERPAYMENTS WHICH IT ESTIMATES AT MORE THAN 15 BILLION WILL INDEED BE RECOVERED AS CALLED FOR UNDER THE LONGTERM AGREEMENTS 9403080165 940308 WHO'S NEWS UPJOHN CO UPJOHN CO KALAMAZOO MICH GERALD A WELCH 58 YEARS OLD EXECUTIVE VICE PRESIDENT OVERSEEING THIS PHARMACEUTICAL CONCERN'S AGRICULTURAL DIVISION CONSUMER PRODUCTS AND RADISSON PLAZA HOTEL WILL RETIRE APRIL 1 UPJOHN SAID ORGANIZATIONAL CHANGES RESULTING FROM MR WELCH'S RETIREMENT WOULD BE ANNOUNCED LATER 9403080164 940308 NOVA CORP PLANNING FURTHER ACQUISITIONS IN GASSERVICES FIELD CALGARY ALBERTA NOVA CORP OF ALBERTA SAID IT PLANS TO SPEND NEARLY 500 MILLION CANADIAN DOLLARS 368 MILLION OVER THE NEXT 12 MONTHS ON FURTHER NATURAL GASSERVICES ACQUISITIONS A SPOKESMAN FOR THE CALGARY PIPELINE AND PETROCHEMICALS COMPANY SAID NOVA HAS EARMARKED C250 MILLION RAISED FROM A RECENT C500 MILLION COMMONSHARE ISSUE AS A WAR CHEST FOR ITS PROPOSED SPENDING SPREE AND EXPECTS TO HAVE THIS MONEY FULLY DEPLOYED WITHIN 12 MONTHS HE SAID THE COMPANY PLANS TO MATCH THE EQUITY COMPONENT OF ANY ACQUISITIONS WITH AN EQUAL AMOUNT OF BANK FINANCING NOVA STARTED ITS EXPANSION INTO THE FASTGROWING NATURAL GASMARKETING AND GASSERVICES BUSINESS IN JANUARY WHEN IT ACQUIRED 365 OF CLOSELY HELD HOUSTON GAS TRADER NATURAL GAS CLEARINGHOUSE EARLIER THIS MONTH IT ACQUIRED ONTARIO GAS MARKETER GREAT WEST ENERGY LTD YESTERDAY IT AGREED TO PURCHASE THE 50 OF CALGARY GAS MARKETER PANALBERTA GAS LTD THAT IT DOESN'T ALREADY OWN FROM CALGARY RESOURCES COMPANY ALBERTA ENERGY CO NOVA ALSO SAID ITS BOARD APPROVED A PLAN TO ESTABLISH FOUR OPERATING SUBSIDIARIES OF A NEW PUBLIC COMPANY TO BE CALLED NOVA CORP THE UNITS WILL BE A PIPELINE COMPANY A PETROCHEMICALS COMPANY AND TWO COMPANIES TO CONDUCT NOVA'S NATURAL GASSERVICES BUSINESS RESPECTIVELY WITHIN AND OUTSIDE NORTH AMERICA IF THE REORGANIZATION IS APPROVED THE PARENT COMPANY'S COMMON SHARES WILL BECOME COMMON SHARES IN THE NEW NOVA CORP NOVA SAID IT WILL ASK SHAREHOLDERS TO APPROVE THE PLAN AT ITS MAY 6 ANNUAL MEETING NOVA SAID IT WILL ALSO SEEK APPROVAL FOR A SHAREHOLDERRIGHTS PLAN FOR THE PROPOSED NEW HOLDING COMPANY UNDER THE PLAN ANY OFFER TO ACQUIRE CONTROL MUST BE FOR ALL VOTING SHARES AND MADE TO ALL SHAREHOLDERS HOLDERS MUST BE GIVEN AT LEAST 90 DAYS TO CONSIDER AN OFFER TO PURCHASE THEIR SHARES 9403080163 940308 INCO LTD TO CUT 1000 JOBS TORONTO INCO LTD SAID IT PLANS TO CUT ABOUT 1000 JOBS AT ITS WORLDWIDE PRIMARY METALS OPERATIONS AND EXPECTS TO RECORD A PRETAX CHARGE OF ABOUT 20 MILLION IN CONNECTION WITH THE STAFF REDUCTION THE NICKEL MINING CONCERN SAID IT NOW EMPLOYS ABOUT 11000 WORLDWIDE THE MAJORITY OF THE CUTS WHICH ARE AIMED AT REDUCING PRODUCTION COSTS WILL COME AT INCO'S ONTARIO OPERATIONS INCO SAID THE STAFF CUTS WON'T HAVE ANY IMPACT ON PLANNED PRODUCTION LEVELS 9403080162 940308 INTERNATIONAL MATSUSHITASEQUENT COMPUTER TOKYO MATSUSHITA ELECTRIC INDUSTRIAL CO PLANS TO SELL ITS 51 STAKE IN A JAPANESE JOINT VENTURE WITH SEQUENT COMPUTER SYSTEMS INC BACK TO THE US MAKER OF MINICOMPUTERS BY THE END OF MAY A SPOKESMAN FOR THE JAPANESE CONSUMER ELECTRONICS CONCERN SAID THE SPOKESMAN DECLINED TO DISCLOSE THE VALUE OF THE TRANSACTION THE VENTURE AT ISSUE IS PANASEQUENT INC WHICH THE TWO COMPANIES SET UP IN 1989 TO SELL SEQUENT'S COMPUTERS IN JAPAN THE SPOKESMAN SAID THE REASON FOR MATSUSHITA'S PULLING OUT OF THE VENTURE IS SEQUENT'S DESIRE TO MARKET ITS OWN PRODUCTS IN JAPAN DIRECTLY 9403080161 940308 GOING TO AN ELITE HOSPITAL WOULD COST PATIENTS MORE UNDER CLINTON PROPOSAL BY GEORGE ANDERS PATIENTS WHO WANT TO GO TO ELITE OUTOFSTATE DOCTORS AND HOSPITALS COULD STILL GET INSURANCE COVERAGE UNDER PRESIDENT CLINTON'S HEALTH PLAN BUT NOT CHEAPLY FOR DECADES MANY AMERICANS HAVE TRAVELED TO RENOWNED CENTERS SUCH AS THE MAYO CLINIC IN ROCHESTER MINN AND THE MEMORIAL SLOANKETTERING CANCER CENTER IN NEW YORK WITHOUT EXCEEDING THE LIMITS OF THEIR INSURANCE COVERAGE THOSE OPTIONS AREN'T BEING CLOSED OFF ENTIRELY BUT THEY ARE GETTING TOUGH SCRUTINY FROM BOTH INSURERS AND HEALTHSYSTEM REFORMERS ADMINISTRATION OFFICIALS SAY MOST OF THE CURBS ARE COMING FROM THE INSURANCE INDUSTRY AS INSURERS TRY TO CHANNEL PATIENTS INTO LOWCOST NETWORKS OF DOCTORS AND HOSPITALS ONE ARCHITECT OF THE CLINTON PLAN WHITE HOUSE AIDE WALTER ZELMAN CONTENDS THAT IF IT IS ENACTED PEOPLE WILL ACTUALLY HAVE MORE OPPORTUNITY TO GO OUT OF NETWORK THAN THEY DO TODAY ALTHOUGH IT'S FAR FROM CERTAIN THAT THE CLINTON PLAN WILL BE PASSED IN ITS CURRENT FORM THE 1300PAGE PROPOSAL PROVIDES THE MOST DETAILED GAUGE YET OF WHAT MAY LIE AHEAD AS WASHINGTON TAKES UP THE ISSUE UNDER THE PROPOSAL PEOPLE WOULD PICK A HEALTH PLAN FROM A MENU OF CHOICES OFFERED BY A REGIONAL ALLIANCE AT LEAST ONE OF THE OPTIONS WOULD BE A FEEFORSERVICE PLAN ALLOWING PATIENTS TO BE TREATED BY ANY DOCTOR OR HOSPITAL THEY WANTED ANOTHER OPTION WOULD LET PATIENTS GO OUTSIDE THEIR REGULAR CARE NETWORK AS LONG AS THEY PAID MORE OF THE BILL THEMSELVES THOSE PROVISIONS SOUND REASONABLE BUT MAY NOT WORK AS WELL AS THE WHITE HOUSE HOPES SAYS ROBERT SMOLDT HEAD OF PLANNING AT THE MAYO CLINIC PEOPLE WANTING TO USE NONNETWORK HOSPITALS COULD FACE SIZABLE EXTRA PREMIUMS AND COPAYMENTS HE CONTENDS PERHAPS TO THE POINT THAT THEY WOULD EXCEED BUDGET TARGETS SET BY THE HEALTH ALLIANCES WE DON'T THINK IT SHOULD BE UP TO THE ALLIANCES TO DECIDE WHAT CAN BE OFFERED TO PEOPLE MR SMOLDT ADDS A CALIFORNIA PRECEDENT SUGGESTS THAT AN OUTOFNETWORK OPTION WOULDN'T BE CHEAP THE STATE'S PUBLIC EMPLOYEES' RETIREMENT SYSTEM OFFERS A VARIETY OF HEALTH PLANS MUCH LIKE THE MENU OF CHOICES THE WHITE HOUSE IS PROPOSING THE MAIN PLAN THAT LETS MEMBERS GO OUTSIDE THEIR NETWORK CHARGES 637 A MONTH FOR FAMILY COVERAGE ABOUT 30 MORE THAN THE MORE RESTRICTIVE PLANS DO THE FLEXIBLE PLAN ALSO REQUIRES MEMBERS TO PAY 40 OF THE COST OF OUTOFNETWORK HOSPITALIZATION COMPARED WITH ZERO OR 10 COPAYMENTS FOR INNETWORK CARE MOST OF THE BESTKNOWN MEDICAL CENTERS CURRENTLY COUNT ON LONGDISTANCE REFERRALS FOR A LOT OF THEIR PATIENTS THE UNIVERSITY OF TEXAS MD ANDERSON CANCER CENTER SAYS IT GETS 25 OF ITS PATIENTS FROM OUTSIDE ITS LOCAL HOUSTON COUNTY AND 5 FROM OUT OF STATE THE CLEVELAND CLINIC SAYS IT GETS 20 TO 30 FROM OUTSIDE OHIO THE CLINTON INITIATIVES WOULD BE A SERIOUS PROBLEM FOR PATIENTS WHO RELY ON US FOR SERVICES THAT AREN'T READILY AVAILABLE ELSEWHERE SAYS DAVID HOHN MD ANDERSON'S VICE PRESIDENT FOR PATIENT CARE HE NOTES THAT HIS CANCER CENTER WAS ONE OF THE FIRST PLACES IN THE US TO OFFER PATIENTS A NEW DRUG TAXOL FOR OVARIAN CANCER NOW THE DRUG IS WIDELY REGARDED AS PROMISING AT THE CLEVELAND CLINIC HOWEVER OFFICIALS THINK THAT PRICE CUTTING WILL KEEP THEIR CENTER ACCESSIBLE TO OUTOFSTATE PATIENTS REGARDLESS OF HOW THE HEALTHREFORM DEBATE IS RESOLVED LATELY THE CLEVELAND CLINIC HAS BEEN OFFERING A PACKAGE OF 70 SPECIALIZED SERVICES RANGING FROM LUNG TRANSPLANTS TO HEART SURGERIES TO BUDGETMINDED HEALTH PLANS AROUND THE US TO GET BUSINESS THE CLEVELAND CENTER HAS CUT PRICES ENOUGH TO WIN CUSTOMERS SUCH AS DELTA AIR LINES AND KAISER PERMANENTE THE LARGE HEALTHMAINTENANCE ORGANIZATION THEY SEND SOME OUTOFSTATE PATIENTS TO CLEVELAND FINDING IT CHEAPER THAN TRYING TO PROVIDE HIGHTECH CARE LOCALLY IT WOULD BE MORE DIFFICULT BUT WE COULD COME UP WITH A MECHANISM TO KEEP DOING THIS UNDER THE CLINTON PLAN SAYS JOHN CLOUGH CHAIRMAN OF THE CLINIC'S HEALTHAFFAIRS DEPARTMENT 9403080160 940308 WHO'S NEWS LEATHER FACTORY INC LEATHER FACTORY INC FORT WORTH TEXAS THIS DISTRIBUTOR AND MANUFACTURER OF LEATHER AND LEATHERCRAFT SUPPLIES SAID IT ADDED ITS FIRST OUTSIDE DIRECTORS INCREASING BOARD MEMBERSHIP TO NINE FROM FIVE THE FOUR ADDITIONAL DIRECTORS ARE RICHARD CHASE CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER OF FIEBING CO ROBERT HERNDON CHIEF FINANCIAL OFFICER OF PIER 1 IMPORTS INC LUTHER HENDERSON PRESIDENT OF PIRVEST INC AND FORMER FOUNDER AND CHAIRMAN OF PIER 1 AND STEPHEN KING VICE PRESIDENT OF BOMBAY CO 9403080159 940308 HALLIBURTON UNIT'S CHINA PROJECT HOUSTON HALLIBURTON ENERGY SERVICES A UNIT OF HALLIBURTON CO SAID IT SIGNED A LETTER OF INTENT WITH A UNIT OF PHILLIPS PETROLEUM CO FOR PRIMARY CONTRACTING ON THE XIJIANG FIELD DEVELOPMENT PROJECT OFFSHORE OF CHINA HALLIBURTON A SUPPLIER OF ENERGY PRODUCTS SAID THE CONTRACT WAS WORTH MORE THAN 70 MILLION 9403080158 940308 WHO'S NEWS CARL KARCHER NAMES FOLEY ITS CHAIRMAN ANAHEIM CALIF CARL KARCHER ENTERPRISES INC OPERATOR OF THE CARL'S JR RESTAURANT CHAIN SAID ITS BOARD ELECTED WILLIAM P FOLEY II CHAIRMAN MR FOLEY 48 YEARS OLD SUCCEEDS ELIZABETH SANDERS WHO HAD BEEN NAMED TO THE POST ON AN INTERIM BASIS AFTER THE OUSTER OF COMPANY FOUNDER CARL N KARCHER MS SANDERS 48 SAID IN DECEMBER THAT SHE PLANNED TO STEP DOWN IN SEVERAL MONTHS MR FOLEY WHO BECAME A DIRECTOR IN DECEMBER LED AN INVESTOR GROUP THAT RECENTLY BECAME THE COMPANY'S LARGEST SHAREHOLDER HE REMAINS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF FIDELITY NATIONAL FINANCIAL INC AN IRVINE CALIF TITLEINSURANCE CONCERN THE FASTFOOD CONCERN ALSO SAID IT FILED A SHELF REGISTRATION STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION FOR THE POTENTIAL SALE OF AS MUCH AS 75 MILLION OF SECURITIES PROCEEDS WOULD BE USED MAINLY TO FINANCE THE OPENING OF BOSTON CHICKEN FRANCHISE STORES THE COMPANY SAID THE COMPANY ALSO SAID IT PLANS TO SEEK SHAREHOLDER APPROVAL FOR THE PROPOSED FORMATION OF A HOLDING COMPANY TO BE NAMED CKE RESTAURANTS INC THE NEW COMPANY WOULD BE THE PARENT OF THE CARL'S JR RESTAURANTS AND THE NEWLY FORMED BOSTON PACIFIC INC SUBSIDIARY THAT WILL OPERATE THE BOSTON CHICKEN STORES 9403080157 940308 WHO'S NEWS PETROLITE CORP PETROLITE CORP ST LOUIS THIS SPECIALTY CHEMICAL CONCERN NAMED TWO NEW DIRECTORS FILLING VACANCIES ON ITS NINEMEMBER BOARD PAUL H HATFIELD PRESIDENT AND CHIEF EXECUTIVE OFFICER OF A RALSTON PURINA CO UNIT AND RICHARD L O'SHIELDS FORMER CHAIRMAN OF PANHANDLE EASTERN PIPE LINE CO 9403080156 940308 WASHINGTON HOMES' PURCHASE LANDOVER MD WASHINGTON HOMES INC SAID IT AGREED IN PRINCIPLE TO TAKE OVER SUBSTANTIALLY ALL THE ASSETS OF WESTMINSTER HOMES INC'S HOMEBUILDING DIVISION FOR A PRICE TO BE BASED ON ASSETS AND LIABILITIES AT CLOSING THE HOMEBUILDING DIVISION OF WESTMINSTER A UNIT OF WEYERHAEUSER REAL ESTATE CO TACOMA WASH HAD REVENUE OF 36 MILLION LAST YEAR IT OPERATES IN RALEIGH AND GREENSBORO NC 9403080155 940308 SOUTHWEST FEBRUARY TRAFFIC ROSE DALLAS SOUTHWEST AIRLINES SAID THAT FEBRUARY TRAFFIC INCLUDING MORRIS AIR ROSE NEARLY 24 FROM FEBRUARY 1993 THE CARRIER REPORTED 16 BILLION REVENUE PASSENGER MILES FOR THE MONTH UP FROM 13 BILLION MILES FOR FEBRUARY 1993 A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE LOAD FACTOR OR PERCENTAGE OF AVAILABLE SEATS FILLED ROSE TO 669 FROM 667 A YEAR EARLIER SEPARATELY SOUTHWEST SAID IT WILL OFFER DAILY NONSTOP FLIGHTS BETWEEN SAN JOSE INTERNATIONAL AIRPORT IN SAN JOSE CALIF AND LINDBERGH FIELD IN SAN DIEGO STARTING APRIL 15 THE AIRLINE SAID FARES ON THE FIVE DAILY FLIGHTS WILL BE 69 EACH WAY 9403080154 940308 WHO'S NEWS PROTEON INC PROTEON INC WESTBOROUGH MASS JOE DIGIANTOMMASO 38 YEARS OLD CORPORATE CONTROLLER WAS NAMED VICE PRESIDENT FINANCE AND CHIEF FINANCIAL OFFICER OF THIS COMPUTER NETWORKING COMPANY HE SUCCEEDS ELLIOT HONAN 56 WHO RESIGNED AFTER 10 YEARS WITH THE COMPANY TO PURSUE NEW CHALLENGES MR HONAN'S POSITION ON THE SEVENMEMBER BOARD WILL NOT BE FILLED IMMEDIATELY 9403080153 940308 WHO'S NEWS ALDILA INC ALDILA INC SAN DIEGO DON KLOSTERMAN WAS ELECTED A DIRECTOR OF THIS MAKER OF GRAPHITE GOLF CLUB SHAFTS SUCCEEDING JOHN SPRAGUE 41 YEARS OLD WHO RESIGNED MR KLOSTERMAN 64 IS CHAIRMAN OF NTN COMMUNICATIONS INC 9403080152 940308 MARRIOTT HOTEL VENTURE IN EGYPT WASHINGTON MARRIOTT INTERNATIONAL INC SAID IT REACHED AN AGREEMENT WITH ALLIED ARAB TOURISM CO OF CAIRO EGYPT TO MANAGE A 212ROOM HOTEL UNDER CONSTRUCTION AT SHARM EL SHEIKH EGYPT SHARM EL SHEIKH IS ABOUT 300 MILES EAST OF CAIRO ON THE RED SEA IN A STATEMENT THE COMPANY SAID THE PROPERTY WILL OPEN IN MID1995 AS THE SHARM EL SHEIKH MARRIOTT HOTEL 9403080151 940308 ECONOMY US CONSUMER CREDIT ROSE DURING JANUARY CONTINUING A TREND WASHINGTON AMERICANS INCREASED THEIR DEBT LOADS IN JANUARY FOR THE EIGHTH MONTH IN A ROW THOUGH GROWTH IN AUTO LOANS SLOWED TO A 27 ANNUAL RATE REVOLVING CREDIT WHICH INCLUDES BANK CARDS DEPARTMENTSTORE CHARGE ACCOUNTS STRENGTHENED TO A 142 ANNUAL RATE GARY CIMINERO ECONOMIST FOR FLEET FINANCIAL GROUP IN PROVIDENCE RI SPECULATED THAT EITHER CONSUMERS ARE HAVING TROUBLE PAYING CHRISTMAS OFF OR ON THE POSITIVE THEY AREN'T HAVING TROUBLE AND ARE JUST DECIDING TO TAKE ON MORE CREDIT IN ANY EVENT TREASURY SECRETARY LLOYD BENTSEN TOLD A BANKING MEETING THAT THE ECONOMY IS DOING WELL AND WILL CONTINUE TO DO SO FOR THE FORESEEABLE FUTURE ADDING THAT HOUSING AND AUTO SALES ARE SHOWING SUBSTANTIAL GROWTH THIS GROWTH IS A DIRECT RESULT OF THE CONSUMER'S TAKING ON ADDED CREDIT ACCORDING TO ROBERT DEDERICK CHIEF ECONOMIST FOR NORTHERN TRUST CO IN CHICAGO THE CONSUMER REFUSES TO RESIGN FROM THE RECOVERY IF THAT MEANS BORROWING SO BE IT SAID MR DEDERICK HE ALSO SAID JANUARY'S CONSUMERCREDIT NUMBERS ARE A CLASSICAL RECOVERY SIGN WHICH SUPPORTS THE CURRENT STRENGTH OF THE ECONOMY FIGURES HAVE BEEN ADJUSTED FOR NORMAL SEASONAL VARIATIONS HERE ARE THE SEASONALLY ADJUSTED TOTALS OF CONSUMER INSTALLMENT CREDIT OUTSTANDING FOR JANUARY IN BILLIONS AND PERCENTAGE CHANGES FROM DECEMBER AT AN ANNUAL RATE 9403080150 940308 INTERNATIONAL ARGENTINE FIRM SIGNS SHIP PACT BUENOS AIRES ARGENTINE PETROLEUM COMPANY ASTRA CAPSA SAID IT SIGNED AN 85 MILLION CONTRACT WITH SPANISH SHIP BUILDER ASTILLEROS ESPANOLES SA FOR THE CONSTRUCTION OF TWO OIL TANKERS IN A STATEMENT TO THE BUENOS AIRES STOCK EXCHANGE ASTRA SAID IT MUST FIRST GET FAVORABLE FINANCING FOR THE PURCHASES THE DEADLINE FOR SECURING FINANCING IS MARCH 30 AFTER WHICH THE CONTRACT WILL BE ANNULLED ASTRA SAID ASTILLEROS ESPANOLES PLANS TO BUILD THE SHIPS WITHIN THE NEXT TWO YEARS ASTRA SAID 9403080149 940308 WHO'S NEWS BALLY GAMING INTERNATIONAL INC BALLY GAMING INTERNATIONAL INC LAS VEGAS JIM FLORIO WAS ELECTED A DIRECTOR OF THIS MAKER OF GAMING AND VIDEO LOTTERY PRODUCTS INCREASING THE BOARD TO EIGHT MR FLORIO 56 YEARS OLD WAS GOVERNOR OF NEW JERSEY FROM 1990 TO 1993 9403080148 940308 WHO'S NEWS ENERGY BIOSYSTEMS CORP ENERGY BIOSYSTEMS CORP THE WOODLANDS TEXAS WILLIAM D YOUNG 49 YEARS OLD WAS ELECTED A DIRECTOR OF THIS BIOTECHNOLOGY COMPANY INCREASING THE NUMBER OF BOARD MEMBERS TO EIGHT MR YOUNG IS A SENIOR VICE PRESIDENT OF GENENTECH INC SAN FRANCISCO 9403080147 940308 FIRST FIDELITY BUYBACK PROGRAM LAWRENCEVILLE NJ FIRST FIDELITY BANCORP SAID IT IS EXPANDING ITS 1994 COMMONSTOCK REPURCHASE PROGRAM BY 13 MILLION SHARES TO 29 MILLION SHARES LAST FALL THE BOARD AUTHORIZED THE COMPANY TO REPURCHASE ON AN ANNUAL BASIS THE EQUIVALENT OF 2 OF ITS COMMON STOCK OUTSTANDING OR 16 MILLION SHARES THE EXPANDED PROGRAM COMES IN ADDITION TO EXISTING STOCKREPURCHASE PROGRAMS FOR THE COMPANY'S DIVIDENDREINVESTMENT AND STOCKOPTION PLANS 9403080146 940308 INTERNATIONAL WESTERN EUROPE SALES OF CARS WERE WEAK RISING 19 IN MONTH BRUSSELS WESTERN EUROPEAN CAR SALES ROSE A MEAGER 19 IN FEBRUARY REFLECTING CONTINUED WEAKNESS IN THE OVERALL WESTERN EUROPEAN ECONOMY SALES IN 19 WESTERN EUROPEAN COUNTRIES ROSE TO 936060 VEHICLES FROM 918610 UNITS IN FEBRUARY 1993 ACCORDING TO PRELIMINARY FIGURES FROM THE EUROPEAN AUTOMOBILE MANUFACTURERS ASSOCIATION OR ACEA IN THE FIRST TWO MONTHS OF THE YEAR SALES ROSE 42 FROM A YEAR EARLIER FEBRUARY'S LACKLUSTER MONTHTOMONTH GROWTH WHICH WAS DOWN FROM THE 71 INCREASE IN JANUARY IS MORE WORRYING SINCE FEBRUARY 1993 SALES WERE EXCEPTIONALLY WEAK A SPOKESMAN FOR THE ACEA SAID YEAREARLIER SALES WERE DEPRESSED BECAUSE CONSUMERS RUSHED TO BUY CARS IN DECEMBER 1992 TO TAKE ADVANTAGE OF TAX BREAKS OFFERED BY SEVERAL EUROPEAN GOVERNMENTS THESE DAYS ONLY FRANCE PROVIDES ANY SORT OF TAX BREAK AUTO OWNERS WHO DITCH THEIR OLD CAR TO BUY A NEW ONE GET A 5000 FRENCH FRANC 85535 CHECK FROM THE GOVERNMENT THE MEASURE WHICH WAS PART OF A DEMANDBOOSTING PACKAGE UNVEILED BY PRIME MINISTER EDOUARD BALLADUR LAST MONTH HAS HAD A SUBSTANTIAL IMPACT WITH THE TWO NATIONAL MAKERS RENAULT SA AND PSA PEUGEOT CITROEN SA MATCHING THE GOVERNMENT WITH 5000 FRANC REBATES FRENCH AUTO REGISTRATIONS INCREASED 82 LAST MONTH MAKING FRANCE ONE OF THE MORE ROBUST EUROPEAN CAR MARKETS BUT SALES IN ITALY AND GERMANY REMAINED VERY WEAK AN ACEA SPOKESMAN SAID REGISTRATIONS PLUNGED 16 IN ITALY WHILE THEY WERE UP A BARE 05 IN GERMANY ARTHUR MAHER AN ANALYST AT DRI EUROPE IN LONDON SAID THE DATA SHOW CONSUMER CONFIDENCE REMAINS SHAKY AS EUROPEAN ECONOMIES SLOWLY PULL OUT OF RECESSION TO GET THE AUTO MARKET IN A DURABLE RECOVERY YOU NEED A SITUATION WHERE PEOPLE DON'T FEEL THREATENED BY UNEMPLOYMENT FOR THAT YOU NEED AN ECONOMIC RECOVERY MR MAHER SAID 9403080145 940308 CROWN CORK TO LIFT PLANT OUTPUT PHILADELPHIA CROWN CORK & SEAL CO SAID IT WILL SPEND 20 MILLION FOR A SECOND PRODUCTION LINE AT ITS NEWLY OPENED BEVERAGE CAN AND PLASTIC CLOSURE PLANT IN BUENOS AIRES THE COMPANY SAID THE 28 MILLION PLANT RECENTLY BEGAN COMMERCIAL SHIPMENTS OF CANS TO CUSTOMERS AND HAS BEEN PRODUCING PLASTIC CLOSURES SINCE THE FOURTH QUARTER OF 1993 IT EXPECTS CAN PRODUCTION FROM THE NEW SECOND 600 MILLION CANSAYEAR LINE TO DOUBLE THE PLANT'S CAPACITY BY YEAR END CROWN CORK A PRODUCER OF METAL AND PLASTIC CONTAINERS AND PACKAGING MACHINERY REPORTED 4 BILLION IN 1993 SALES 9403080144 940308 BELL ATLANTIC IS ISSUING WORLDWIDE CALL FOR SOFTWARE FOR ITS INTERACTIVE NETWORK BELL ATLANTIC CORP TODAY PLANS TO ISSUE A FORMAL CALL TO SOFTWARE DEVELOPERS WORLDWIDE TO COME UP WITH APPLICATIONS THAT CAN BE TURNED INTO NEW SERVICES FOR THE INTERACTIVE NETWORK THAT IT HOPES TO BUILD IN THE NEXT TWO YEARS THE NEW INITIATIVE IS AIMED AT SPEEDING DEVELOPMENT OF NEW MULTIMEDIA FEATURES AND OTHER SERVICES FOR HOMES AND BUSINESSES THAT COULD WIND UP AS PART OF THE BABY BELL'S PUSH INTO THE INTERACTIVE MARKET LATER THIS YEAR SAID JOHN PRISCO A BELL ATLANTIC MARKETING VICE PRESIDENT THAT WOULD HELP FILL AT LEAST PART OF THE CONSIDERABLE VOID THAT HAS BEEN LEFT BY THE COLLAPSE OF BELL ATLANTIC'S DEAL TO ACQUIRE TELECOMMUNICATIONS INC A CABLE AND PROGRAMMING POWERHOUSE THE DEAL FELL APART LAST MONTH LEAVING BELL ATLANTIC WITHOUT A MAJOR CABLE PARTNER AND WITHOUT TCI'S LIBERTY MEDIA SPINOFF AS A MAJOR SOURCE OF VIDEO PROGRAMMING EVEN SO THE BABY BELL WHICH PROVIDES TELEPHONE SERVICE TO SIX MIDATLANTIC STATES AND WASHINGTON HAS VOWED TO CARRY THROUGH WITH ITS PLANS OF WIRING 12 MILLION HOMES IN ITS REGION FOR INTERACTIVE SERVICES BY THE END OF NEXT YEAR THE NEW SOFTWARE EFFORT IS A SIGN THAT THE PHILADELPHIABASED COMPANY DOESN'T INTEND TO BACK DOWN FROM THOSE PROMISES THEY'RE PAINTING THEMSELVES TO BE MASTERS OF THEIR OWN DESTINY SAID MARION BOUCHER OF BEAR STEARNS & CO THE NEW EFFORT HOWEVER WILL TARGET BUSINESSORIENTED SERVICES FIRST COAXING SOFTWARE FIRMS TO DEVELOP SUCH APPLICATIONS AS HEALTHINSURANCE CLAIMS PROCESSING AND VIDEOCONFERENCING THAT APPEARS TO INDICATE THAT WHILE BELL ATLANTIC CHAIRMAN RAYMOND SMITH HAS OFTEN PLAYED UP THE CONSUMER APPLICATIONS OF THE NEW INTERACTIVE TECHNOLOGY THE BUSINESS MARKET MAY OFFER A SAFER ENTRY AS PART OF THE INITIATIVE BELL ATLANTIC IS WOOING DEVELOPERS TO VISIT ITS SILVER SPRING MD LAB TO TEST PROGRAMS AND SEEK TECHNICAL ADVICE AND WILL EVEN HELP PAY THEIR TRAVEL EXPENSES IT HAS SIGNED NOVELL CORP A MAJOR PLAYER IN NETWORK SOFTWARE TO DEVELOP JOINTLY A TOOL KIT FOR WRITING APPLICATIONS AND IT IS INVITING DEVELOPERS TO ADOPT A TOOL KNOWN AS SPACE CREATED BY THE BELLCORE RESEARCH LAB WHICH LETS DEVELOPERS USE POINTANDCLICK ICONS TO DESIGN APPLICATIONS THE MEASURE OF OUR SUCCESS WILL BE THE NUMBER OF APPLICATIONS WE CAN GET TO MARKET THIS YEAR SAID MR PRISCO 9403080143 940308 ALAN BLINDER CALLS RUMOR OF FED JOB WELLFOUNDED' SPECIAL TO THE WALL STREET JOURNAL WASHINGTON ALAN BLINDER A MEMBER OF THE COUNCIL OF ECONOMIC ADVISERS SAID THAT A RUMOR HE WILL BE NOMINATED TO SUCCEED DAVID MULLINS AS FEDERAL RESERVE BOARD VICE CHAIRMAN WAS WELLFOUNDED THIS IS STILL IN THE RUMOR STAGE MR BLINDER SAID DURING A DISCUSSION WITH SEVERAL FINANCIAL REPORTERS LET ME JUST SAY IT'S A WELLFOUNDED RUMOR AND WERE THIS ACTUALLY OFFERED TO ME I WOULD LOOK FAVORABLY UPON IT MR BLINDER ADDED HOWEVER THAT I HAVE NOT BEEN FORMALLY NOMINATED FOR THE JOB DURING THE DISCUSSION HELD TO TALK ABOUT THE GROUP OF SEVEN CONFERENCE ON EMPLOYMENT IN DETROIT SCHEDULED FOR NEXT WEEK MR BLINDER ALSO RESTATED THE CLINTON ADMINISTRATION'S VIEW THAT GERMANY AND JAPAN COULD DO MORE TO EXPAND THEIR ECONOMIES THAN THEY ARE NOW DOING HOWEVER THE OFFICIAL STRESSED THAT THE NEXT WEEK'S JOBS CONFERENCE IS MORE FOCUSED ON ADDRESSING STRUCTURAL IMPEDIMENTS TO JOB GROWTH THAN TO MACROECONOMIC ISSUES THE GROUP OF SEVEN ALSO INCLUDES THE US BRITAIN FRANCE ITALY AND CANADA 9403080142 940308 INTERNATIONAL FRENCH OFFICIAL SAID TO CALL FOR QUICK SALE OF RENAULT SPECIAL TO THE WALL STREET JOURNAL PARIS FRANCE WANTS TO PRIVATIZE STATEOWNED CAR MAKER RENAULT SA AS QUICKLY AS POSSIBLE INDUSTRY MINISTER GERARD LONGUET SAID IN A NEWSPAPER INTERVIEW TO BE PUBLISHED TODAY MR LONGUET'S REMARK APPEARS TO CONTRADICT INDICATIONS BY AIDES TO PRIME MINISTER EDOUARD BALLADUR OVER THE WEEKEND THAT THE GOVERNMENT ISN'T IN A HURRY TO BRING RENAULT TO THE MARKET IN THE INTERVIEW WITH THE NEWSPAPER OUEST FRANCE MR LONGUET SAID I WANT RENAULT TO BE THE NEXT INDUSTRIAL COMPANY TO BE PRIVATIZED AFTER FRAMATOME A FRENCH COMPANY SPECIALIZED IN BUILDING NUCLEAR REACTORS MR LONGUET'S AIDES WEREN'T AVAILABLE LAST NIGHT TO CONFIRM THE MINISTER'S REMARKS OVER THE WEEKEND MR BALLADUR'S AIDES HAD INDICATED THAT RENAULT'S PRIVATIZATION ISN'T ESSENTIAL TO THE BUDGET IN 1994 AND THAT NO FORMAL DECISION HAS BEEN MADE TO PUT IT ON THE BLOCK COMMENTARIES IN THE FRENCH PRESS HAVE SUGGESTED THAT SOME MEMBERS OF THE BALLADUR GOVERNMENT ARE WORRIED THAT RENAULT'S PRIVATIZATION MIGHT SPARK LABOR UNREST INSIDE THE CAR MAKER THAT WOULD LOOK BAD IN THE RUNUP TO THE PRESIDENTIAL ELECTIONS IN MAY 1995 9403080141 940308 ARBOR NATIONAL HOLDINGS INC UNIONDALE NY ARBOR NATIONAL HOLDINGS INC A RESIDENTIAL MORTGAGE LENDER AND SERVICER SAID LOAN ORIGINATIONS FOR THE QUARTER ENDED FEB 28 ROSE 53 TO 884 MILLION LOAN APPLICATIONS ROSE 45 TO 952 MILLION ARBOR SAID ITS SERVICING PORTFOLIO EXPANDED 84 TO 49 BILLION AS OF FEB 28 FROM 27 BILLION IN THE 1993 PERIOD LOAN ORIGINATIONS FOR THE FISCAL YEAR WERE UP 68 AT 424 BILLION LOAN APPLICATIONS ROSE 80 TO 589 BILLION 9403080140 940308 ECONOMY PENTAGON TO BAN SMOKING IN ALL MILITARY WORKPLACES WASHINGTON THE DEFENSE DEPARTMENT IS PREPARING TO BAN SMOKING IN ALL MILITARY WORKPLACES THE BAN WHICH IS SCHEDULED TO BE ANNOUNCED TODAY WILL APPLY TO ROUGHLY FOUR MILLION PEOPLE ACCORDING TO DEFENSE DEPARTMENT SPOKESMAN GLENN FLOOD THOSE AFFECTED INCLUDE MILITARY PERSONNEL AND ANY CIVILIAN GOVERNMENT OFFICIALS FOREIGN NATIONALS OR EMPLOYEES OF PRIVATE CONTRACTORS WHO WORK AT ANY MILITARY FACILITY IN THE US OR ABROAD THE BAN IS EXPECTED TO TAKE EFFECT WITHIN 30 DAYS AND WILL APPLY TO MILITARY ACTIVITIES ON BASES AND IN OTHER BUILDINGS OWNED OR LEASED BY THE MILITARY ITS APPLICABILITY TO WORKPLACES ON SHIPS AND IN PLANES AND HELICOPTERS WHERE SMOKING ALREADY IS STRICTLY CURTAILED REMAINS UNCLEAR CERTAIN AREAS NOT DEFINED AS WORKPLACES WOULD BE UNAFFECTED BY THE BAN YOU CAN STILL SMOKE IN BARRACKS AND YOU CAN STILL SMOKE IN FAMILY HOUSING MR FLOOD SAID DINING AREAS AND OFFICERS' CLUBS CURRENTLY HAVE DESIGNATED NONSMOKING AREAS HE SAID AND THAT ARRANGEMENT IS LIKELY TO CONTINUE 9403080139 940308 BUSINESS BRIEFS ACORDIA INC INDIANAPOLIS AGREED TO ACQUIRE PETTITMORRY CO SEATTLE TERMS WEREN'T DISCLOSED COMPUTER SCIENCES CORP EL SEGUNDO CALIF WAS AWARDED A CONTRACT BY THE NAVAL SURFACE WARFARE CENTER'S DAHLGREN DIVISION TO PROVIDE SYSTEMS ENGINEERING AND SOFTWARE SUPPORT TO THE AEGIS COMBAT WEAPONS PROGRAM THE CONTRACT WAS VALUED AT 975 MILLION OVER FIVE YEARS SURGICAL CARE AFFILIATES INC NASHVILLE TENN ACQUIRED SURGICENTER OF SOUTHEAST TEXAS IN CONROE TEXAS TERMS WEREN'T DISCLOSED HICKS MUSE & CO DALLAS CHANGED ITS NAME TO HICKS MUSE TATE & FURST INC GAF CORP WAYNE NJ ACQUIRED INTERNATIONAL PERMALITE INC ONTARIO CALIF TERMS WEREN'T DISCLOSED MORRISON KNUDSEN CORP BOISE IDAHO WAS AWARDED THE MANAGEMENT OF A FIVEYEAR ENVIRONMENTAL CLEANUP CONTRACT VALUED AT 300 MILLION WITH THE US NAVY MORRISON KNUDSEN'S PART OF THE PACT IS VALUED AT 150 MILLION TO 180 MILLION 9403080138 940308 WHO'S NEWS LOCKHEED CORP LOCKHEED CORP CALABASAS CALIF JOHN S MCLELLAN WAS NAMED A VICE PRESIDENT OF THIS MILITARY AEROSPACE AND ELECTRONICS CONCERN HE WAS ALSO APPOINTED EXECUTIVE VICE PRESIDENT OF THE COMPANY'S LOCKHEED AERONAUTICAL SYSTEMS CO SUBSIDIARY SUCCEEDING H BARD ALLISON 62 YEARS OLD WHO RETIRED LAST YEAR MR MCLELLAN 52 PREVIOUSLY WAS PRESIDENT OF LOCKHEED AIRCRAFT SERVICEONTARIO ARTHUR J SCHUETZ 47 SUCCEEDS MR MCLELLAN AS THE EXECUTIVE IN CHARGE OF THE ONTARIO OPERATIONS WITH THE TITLE OF EXECUTIVE VICE PRESIDENT AND GENERAL MANAGER OF LOCKHEED AIRCRAFT SERVICE CO MR SCHUETZ HAD BEEN VICE PRESIDENT AND PROGRAM MANAGER OF LOCKHEED'S U2 AIRCRAFT PROGRAM WITH LOCKHEED ADVANCED DEVELOPMENT CO ALSO KNOWN AS THE SKUNKWORKS 9403080137 940308 POLITICS & POLICY SECONDGENERATION LOBBYIST IS TAPPED TO STEER CAMPAIGN OF JAPANESE AUTO SUPPLIERS IN US BY ASRA Q NOMANI STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON JAPAN'S AUTOPARTS MAKERS ARE LAUNCHING A SECONDGENERATION LOBBYING CAMPAIGN IN THE US AND TURNING TO A SECONDGENERATION LOBBYIST TO PUSH IT DURING THE REAGAN AND BUSH YEARS THE JAPAN AUTO PARTS INDUSTRY ASSOCIATION'S MOST VISIBLE FACE HERE WAS JAMES LAKE THE K STREET LOBBYIST AND WELLCONNECTED REPUBLICAN OPERATIVE OVER THE PAST SEVEN YEARS HIS FIRM ROBINSON LAKE LERER & MONTGOMERY/SAWYER MILLER GROUP HAS RECEIVED MORE THAN 25 MILLION FROM THE AUTOPARTS MAKERS AND OTHER JAPANESE CLIENTS TO PUT OUT PROTECTIONIST BRUSH FIRES IN CONGRESS AND THE EXECUTIVE BRANCH BUT MR LAKE'S HIGH POLITICAL PROFILE AND CONNECTIONS TO JAPANESE CLIENTS ATTRACTED UNFLATTERING SCRUTINY DURING THE 1992 BUSH CAMPAIGN IN WHICH HE SERVED AS AN UNPAID BUT HIGHLY PLACED COMMUNICATIONS STRATEGIST NOW JAPIA AS THE JAPANESE AUTO ASSOCIATION IS KNOWN WANTS TO BILL ITSELF AS A US INTEREST GROUP AND HAS BROUGHT IN ANOTHER LOBBYIST TO MAKE ITS PITCH THE 56YEAROLD MR LAKE'S 36YEAROLD SON MICHAEL SINCE TAKING OVER THE JAPIA ACCOUNT LAST YEAR THE YOUNGER MR LAKE HAS DIRECTED A REPACKAGING OF THE GROUP AS A COALITION OF US COMPANIES WHOSE US EMPLOYEES WOULD BE HURT BY ANY EFFORTS TO CONSTRAIN TRADE WITH JAPAN WITH TRADE TENSIONS BETWEEN THE US AND JAPAN ESCALATING MR LAKE'S MOST IMMEDIATE CONCERN IS SCRAMBLING TO KEEP AUTO PARTS OFF A LIST OF GOODS POSSIBLY TARGETED FOR RETALIATORY US SANCTIONS IN THE CURRENT FIGHT BETWEEN THE COUNTRIES OVER CELLULAR TELEPHONES HE IS ALSO ADVISING HIS JAPANESE CLIENTS TO HAVE THEIR US AFFILIATES LOBBY US LAWMAKERS WITH THE SAME ARGUMENT THEY'RE US COMPANIES WHOSE JOBS WILL BE LOST IF THE US PURSUES ACTIONS UNDER THE TOUGH SUPER 301 TRADE PROVISION RENEWED BY THE CLINTON ADMINISTRATION LAST WEEK MORE BROADLY MR LAKE'S ASCENSION REPRESENTS A SIGNIFICANT CHANGE IN JAPAN'S EXTENSIVE US LOBBYING WHILE HIS FATHER USED TO PRESS JAPAN'S ARGUMENTS PERSONALLY AND HIS CLIENTS WERE RARELY SEEN THE YOUNGER MR LAKE LIKES TO GUIDE FROM BEHIND THE SCENES PUTTING OFFICIALS OF THE JAPANESE COMPANIES' US SUBSIDIARIES OUT FRONT SEVERAL YEARS AGO HIGHPRICED LOBBYISTS WOULD GO AROUND HE NOTES AVOIDING ANY MENTION OF HIS FATHER NOW WE THINK IT'S BEST AND MOST EFFECTIVE TO HAVE THE CLIENTS DO THEIR OWN MESSAGES NO WONDER ATTACKS ON FOREIGN LOBBYISTS SUCH AS THOSE LAUNCHED BY ROSS PEROT IN HIS 1992 PRESIDENTIAL BID HAVE LEFT MANY LAWMAKERS SKITTISH ABOUT SETTING UP PRIVATE MEETINGS WITH HIGHPRICED FOREIGN REPRESENTATIVES BY CONTRAST MEETING WITH US EXECUTIVES FROM BACK HOME FALLS UNDER THE MORE ACCEPTABLE HEADING OF CONSTITUENT SERVICE EVEN WHEN THE CONSTITUENTS OWE THEIR PAYCHECKS TO JAPAN THEY ARE NOW PUTTING AN AMERICAN FACE ON THEIR LOBBYING SAYS AUTHOR PAT CHOATE A HARSH CRITIC OF FOREIGN INTERESTS' US LOBBYING AND SOMETIME ADVISER TO MR PEROT THE STRATEGY WAS EVIDENT AS THE US AND JAPAN PREPARED FOR LAST MONTH'S FRACTIOUS TRADE TALKS UNDER MR LAKE'S GUIDANCE A NUMBER OF US EXECUTIVES FROM JAPANESE AUTOPARTS COMPANIES SET UP AND ATTENDED MEETINGS WITH KEY US OFFICIALS AND LAWMAKERS WHILE ARMING HIS CLIENTS WITH DRAFT TALKING POINTS AND EVEN DRAFT THANKYOU NOTES TO SEND WHEN THEY GOT BACK HOME MR LAKE HIMSELF WAS ALL BUT INVISIBLE MR LAKE HAS ALSO HELPED PUT TOGETHER A GRASSROOTS CAMPAIGN OF LETTERWRITING AND MEETINGS WITH LAWMAKERS TO STRESS THE DANGER OF JOB LOSSES IN MEMBERS' DISTRICTS AS A RESULT OF TRADE FRICTIONS WITH JAPAN THE PLAN IS SO INTRICATE THAT JAPIA LEADERS IN TOKYO SENT IT OUT TO MEMBERS WITH A FLOW CHART MR LAKE ISN'T THE ONLY SECONDGENERATION LAKE AT HIS FIRM WHICH IS A UNIT OF BOZELL JACOBS KENYON & ECKHARDT JIM MICHAEL'S SIXMINUTESOLDER FRATERNAL TWIN BROTHER HANDLES THE FIRM'S OTHER BIG FOREIGN CLIENT THE ABU DHABI INVESTMENT AUTHORITY THROUGH WHICH SHEIK ZAYED BIN SULTAN ALNAHYAN THE RULER OF ABU DHABI OBTAINED CONTROL OF BANK OF CREDIT & COMMERCE INTERNATIONAL TO AVOID CONFUSION WITH HIS FATHER WHO IS ALSO KNOWN AS JIM MR LAKE TELLS CLIENTS TO ASK FOR JIM JR OR JIMMY EVEN THOUGH HE ISN'T A JUNIOR AND DOESN'T GO BY JIMMY THE YOUNGER LAKES HAVE TRACKED THEIR FATHER'S CAREER A HYBRID OF POLITICS AND LOBBYING BOTH OF THEM TOOK TEMPORARY LEAVES FROM COLLEGE TO WORK ON RONALD REAGAN'S 1980 PRESIDENTIAL CAMPAIGN DURING WHICH THEIR FATHER WAS A TOP OFFICIAL AND THEY HELPED HAUL THE CANDIDATE'S LUGGAGE MICHAEL LAKE WORKED IN THE REAGAN WHITE HOUSE FOR SEVERAL YEARS UNTIL LEAVING TO WORK ON ROBERT DOLE'S AND THEN GEORGE BUSH'S 1988 PRESIDENTIAL CAMPAIGNS THEN HE JOINED ROBINSON LAKE THE YOUNGER JIM LAKE WHO HAD ABANDONED ASPIRATIONS TO BECOME A FIREMAN HELD JOBS AT THE COMMERCE DEPARTMENT STARTING IN 1985 LEAVING LAST YEAR WITH THE ARRIVAL OF THE CLINTON ADMINISTRATION HE STARTED AT ROBINSON LAKE SOON AFTER IN HELPING THE US SUBSIDIARIES OF JAPANESE COMPANIES FASHION THEIR MESSAGE MICHAEL LAKE IN SOME WAYS IS SIMPLY ADOPTING THE SAME STRATEGY THAT US COMPANIES HAVE LONG USED THE BIG THREE AUTO MAKERS RECENTLY RAN A RADIO CAMPAIGN ON THE THEME WHAT AMERICA DRIVES DRIVES AMERICA POINTING OUT THAT 600000 US JOBS DEPEND ON THEM ANDREW CARD TRANSPORTATION SECRETARY DURING THE BUSH ADMINISTRATION AND NOW A WASHINGTON LOBBYIST TOUTS THE SAME MESSAGE AT PRESS BRIEFINGS FOR THE AMERICAN AUTOMOBILE MANUFACTURERS ASSOCIATION BUT FOR THE US SUBSIDIARIES OF JAPANESE COMPANIES THIS WAS A TOTALLY NEW UNDERTAKING SAYS MR LAKE THEY HAD TO REALIZE THERE WAS NOTHING WRONG WITH SPEAKING OUT THEY'RE AMERICAN COMPANIES SIGNS OF THE NEW PITCH ARE EVERYWHERE WHEN HONDA MOTOR CO'S HONDA NORTH AMERICA INC LAST YEAR HELD ITS FIRST MAJOR WASHINGTON RECEPTION A USUAL LOBBYING TRICK TO TOUT ITS NEWEST ACCORD THE COMPANY PROUDLY HANDED OUT A HONDA IN AMERICA BINDER AND FLEW A BANNER OVERHEAD WITH THE MESSAGE 1994 HONDA ACCORD MADE IN AMERICA FOR THE WORLD WHEN NISSAN MOTOR CO'S NISSAN NORTH AMERICA INC OFFICIALS WANTED TO UNDERSCORE THEIR IMPORTANCE TO THE US ECONOMY THEY INVITED REPORTERS TO A MEAL OF CHICKEN MASHED POTATOES AND ICED TEA AT THE RED SAGE A TRENDY SOUTHWESTERNSTYLE RESTAURANT NEAR THE WHITE HOUSE IS THE NEW BORNINAMERICA PITCH WORKING THE ELDER JIM LAKE WHO'S BEEN LOBBYING FOR THE JAPANESE AS LONG AS ANYONE IN WASHINGTON CERTAINLY THINKS SO IT'S WORKED VERY WELL HE SAYS FOR THE FIRST TIME THESE COMPANIES HAVE UNLEASHED THEIR AMERICAN WORKERS TO EXPLAIN THAT THEIR JOBS ARE AT RISK IT'S THE AMERICAN WAY 9403080136 940308 CHRYSLER WILL RECALL CERTAIN 1986 MODELS WASHINGTON REUTER CHRYSLER CORP STARTED RECALLING ABOUT 166000 CHRYSLER DODGE AND PLYMOUTH 1986MODEL VEHICLES FOR FAILING TO MEET FEDERAL EMISSIONS STANDARDS THE ENVIRONMENTAL PROTECTION AGENCY SAID THE RECALL FOR EXCESS CARBON MONOXIDE AND NITROGEN OXIDE EXHAUST EMISSIONS INCLUDES THE CHRYSLER NEW YORKER LASER LEBARON TOWN & COUNTRY WAGON LEBARON GTS AND LIMOUSINE DODGE DAYTONA LANCER 600 OMNI AND CHARGERS AND THE PLYMOUTH CARAVELLE MODELS WITH 22LITER TURBOCHARGED ENGINES THE EPA SAID CHRYSLER WILL REPLACE THE OXYGEN SENSOR AND PART OF THE EXHAUST GAS RECIRCULATION ASSEMBLY AND INSULATE PART OF THE EXHAUST PIPE TO RAISE THE CATALYST OPERATING TEMPERATURE REPAIRS WHICH ARE TO BE DONE AT NO COST TO THE OWNERS WILL TAKE ABOUT AN HOUR THE EPA SAID IT SAID THE RECALL WILL BE DONE IN TWO PHASES WITH PHASE ONE TO INCLUDE THE DODGE DAYTONA OMNI GLH AND SHELBY CHARGER AND CHRYSLER LASER MODELS REMAINING VEHICLES WILL BE RECALLED ABOUT TWO MONTHS LATER 9403080135 940308 INTERNATIONAL RHONEPOULENC LIMAGRAIN PACT PARIS FRENCH CHEMICALS AND DRUG GROUP RHONEPOULENC SA SAID IT IS SETTING UP A JOINT VENTURE WITH GROUPE LIMAGRAIN SA IN CROP SEEDS THAT INCLUDES THE CREATION OF A JOINT HOLDING COMPANY AND A RESEARCH UNIT THE HOLDING COMPANY WILL BE DIVIDED 855 FOR LIMAGRAIN AND 145 FOR RHONEPOULENC AGRO THE UNIT WILL HAVE SALES OF 12 BILLION FRANCS 2053 MILLION THE RESEARCH COMPANY WILL BE DIVIDED EQUALLY BETWEEN THE TWO PARTNERS IT ALSO MAY BE OPENED TO THIRD PARTIES 9403080134 940308 INTERNATIONAL WORLD WIRE COMPILED BY RICHARD L HOLMAN THE EUROPEAN UNION COMMISSION DEMANDED THAT FIVE MEMBER STATES LIFT BANS ON NIGHT WORK FOR WOMEN WHILE BRITAIN CHALLENGED AN EU LAW LIMITING THE WORKWEEK TO 48 HOURS FOR MEN AND WOMEN THE EU BEGAN PROCEEDINGS AGAINST BELGIUM FRANCE GREECE ITALY AND PORTUGAL FOR FAILING TO COMPLY WITH EU LEGISLATION THAT GUARANTEES WOMEN EQUAL TREATMENT IN THE WORKPLACE THE FIVE GOVERNMENTS HAVE ENCOUNTERED DOMESTIC RESISTANCE TO ALTERING LABOR RULES BUT WITH 185 MILLION EU CITIZENS JOBLESS THE COMMISSION INSISTED THE BANS AMOUNT TO BIAS THAT COULD HURT OR KILL MANY WOMEN'S JOB PROSPECTS THE COMMISSION'S ACTION COULD WIND UP IN THE EUROPEAN COURT OF JUSTICE WHICH RULED IN 1991 THAT IT WAS DISCRIMINATORY TO EXCLUDE ONLY WOMEN FROM NIGHT SHIFTS BRITAIN ASKED THE EU COURT TO EXAMINE A MEASURE APPROVED LAST NOVEMBER THAT SETS WORKING HOURS CAPPING NIGHT SHIFTS AT EIGHT HOURS AND WORKWEEKS AT 48 HOURS STARTING IN 1996 THE EU COURT TYPICALLY TAKES TWO YEARS TO ISSUE RULINGS THE SOLIDARITY TRADE UNION BEGAN WARNING STRIKES TO PROTEST POLAND'S DETERIORATING LIVING STANDARDS NORTHERN FACTORIES SUSPENDED WORK FOR A FEW HOURS WALKOUTS ARE TO ROLL THROUGH THE STEEL MINING POWER RAIL AND COMMUNICATIONS SECTORS THE 18 MILLIONMEMBER UNION OPPOSES PLANNED INCREASES IN ENERGY AND HEATING PRICES AND WANTS TAX PROTECTION FOR THE POOR GOVERNMENT AND UNION LEADERS HAVE INDICATED WILLINGNESS TO NEGOTIATE BUT PARLIAMENT LAST WEEKEND REJECTED SOCIALSPENDING PROPOSALS IN A STRICT BUDGET MORE THAN 90 OF MOLDOVANS IN A REFERENDUM SUNDAY VOTED TO KEEP THE FORMER SOVIET REPUBLIC INDEPENDENT THE RESULTS DEALT ANOTHER SETBACK TO MOLDOVA'S ETHNIC ROMANIANS WHO WANT REUNIFICATION WITH ROMANIA THE SOVIET UNION IN 1940 FORCED ROMANIA TO GIVE UP THE MOLDOVAN REGION VOTERS ALSO APPROVED PURSUING MUTUALLY BENEFICIAL RELATIONS WITH OTHER COUNTRIES THAT WERE PART OF THE USSR IN PARLIAMENTARY ELECTIONS A WEEK EARLIER MOLDOVAN PARTIES SEEKING CLOSER TIES TO RUSSIA OUTPOLLED NATIONALISTS FAVORING REUNIFICATION WITH ROMANIA CHINA'S SOUTHERN GUANGDONG PROVINCE PLANS TO ALLOW AN ADDITIONAL 10 FOREIGN BANKS TO OPEN BRANCHES THIS YEAR IN THE CITIES OF CANTON SHENZHEN ZHUHAI AND SHANTOU GUANGDONG ALREADY HAS 77 BRANCHES OR OFFICES OF OVERSEAS BANKS24 IN SHENZHEN ALONE NONETHELESS COMPETITION AMONG FOREIGN BANKS TO SQUEEZE INTO GUANGDONG IS FIERCE NOW AN OFFICIAL OF THE PROVINCIAL BRANCH OF THE PEOPLE'S BANK OF CHINA SAID BUSINESS CONFIDENCE IS IMPROVING IN THE EUROPEAN UNION WHERE COMPANIES BELIEVE THE WORST OF THE ECONOMIC DOWNTURN IS OVER BUT CONSUMERS REMAIN PESSIMISTIC AN EU COMMISSION SURVEY IN JANUARY FOUND FOR THE FIRST TIME SINCE JUNE 1992 THE NUMBER OF FIRMS IN THE 12 EU COUNTRIES THAT EXPECTED TO INCREASE PRODUCTION IN COMING MONTHS EXCEEDED THE NUMBER THAT PLANNED OUTPUT CUTS CONSUMERS WERE LESS PESSIMISTIC IN JANUARY THAN IN DECEMBER BUT DIDN'T SIGNAL ANY SUSTAINED UPTURN IN CONFIDENCE BODING ILL FOR CONSUMER SPENDING TO PACE ECONOMIC RECOVERIES FRANCE LAST YEAR RECORDED FEWER VEHICLE ACCIDENTS THAN A YEAR EARLIER BUT THE CRASHES WERE MORE SERIOUS THE GOVERNMENT SAID BECAUSE MOTORISTS DROVE FASTER THE TOTAL NUMBER OF MISHAPS FELL 41 TO 137500 WHICH ALSO REPRESENTED ABOUT A 50 DROP FROM 1973 THUS CONTINUING A LONGTERM DECLINE BUT THE TRANSPORT MINISTRY SAID THE 9052 DEATHS LINKED TO THE CRASHES IN 1993 WERE A NEGLIGIBLE DROP FROM THE PREVIOUS YEAR BECAUSE AVERAGE SPEEDS INCREASED IN ROADSAFETY RANKINGS OF SIX EUROPEAN COUNTRIES FRANCE WAS SECOND TO LAST AHEAD OF SPAIN BUT BEHIND BRITAIN ITALY GERMANY AND BELGIUM VIETNAM PLANS TO COMPUTERIZE AND AUTOMATE ITS BANKING INDUSTRY A CENTRAL BANK OFFICIAL SAID IN AN EFFORT TO SPEED TRANSACTIONS AND BOLSTER BANKS' ABILITY TO COMPETE WITH FOREIGN INSTITUTIONS THE WORLD BANK IS PROVIDING TECHNICAL HELP FOR THE PROJECT TO BE COMPLETED BY THE YEAR 2000 THE COST OF THE FIRST PHASE THROUGH 1995 WAS ESTIMATED AT 73 MILLION WITH SOME OF THE MONEY TO COME FROM THE VIETNAMESE GOVERNMENT AND MOST FROM MULTILATERAL LENDERS MOST PEOPLE IN VIETNAM DON'T HAVE BANK ACCOUNTS WHICH BY ONE ESTIMATE LEAVES AS MUCH AS 2 BILLION OF PERSONAL CASH HOLDINGS UNPRODUCTIVE MODERNIZING BANKS COULD HELP IMPROVE THEIR EFFICIENCY AND ENHANCE THEIR POPULAR APPEAL WHILE FOREIGN BANKERS APPROVED OF THE GOVERNMENT'S STRATEGY FOR BANKING THEY ALSO SAID VIETNAM MUST DEVELOP ITS CAPITAL MARKETS TO MODERNIZE ITS FINANCIAL SECTOR EIGHT FOREIGN FINANCIAL INSTITUTIONS NOW HAVE BRANCHES IN THE COUNTRY THE GERMAN BUNDESBANK USED TO BURN AS MUCH AS 1000 TONS OF WORNOUT MARK BANKNOTES A YEAR BUT COOLED ITS OVENS BECAUSE OF ENVIRONMENTAL CONCERNS THE CENTRAL BANK MIGHT TURN ITS GROWING PILE OF SHREDDED CURRENCY OVER TO WINE GROWERS FOR USE AS FERTILIZER BETWEEN 50 AND 60 OF ADULT MEXICANS ARE OVERWEIGHT A PHYSICIAN AND NUTRITIONIST AT THE NATIONAL MEDICAL CENTER IN MEXICO CITY SAID BLAMING FAT IN THE COUNTRY'S TRADITIONAL CUISINE AND LOTS OF CONTEMPORARY JUNK FOOD 9403080133 940308 PRUDENTIAL IS SAID TO TELL REGULATORS OF 2065 TRADES BY UNLICENSED BROKERS BY MICHAEL SICONOLFI STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK PRUDENTIAL SECURITIES INC HAS TOLD FEDERAL REGULATORS THAT 2065 OF ITS SECURITIES TRADES IN DECEMBER ALONE WERE MADE BY IMPROPERLY LICENSED BROKERS PEOPLE FAMILIAR WITH THE MATTER SAID BUT PRUDENTIAL SAID THIS REPRESENTS JUST 01 OF THE 18 MILLION TRADES THE BROKERAGE FIRM MADE DURING DECEMBER THAT ITS PROBLEM IS NO WORSE THAN AT OTHER MAJOR BROKERAGE FIRMS AND THAT THE BROKERS IN QUESTION DIDN'T RECEIVE COMMISSIONS FOR THE TRADES NOBODY GOT PAID HARDWICK SIMMONS PRUDENTIAL SECURITIES PRESIDENT AND CHIEF EXECUTIVE OFFICER SAID IN AN INTERVIEW PRUDENTIAL SAID THE VAST MAJORITY OF THE BAD TRADES INVOLVED BROKERS WITHOUT PROPER STATE LICENSING AS OPPOSED TO BROKERS OPERATING WITHOUT THEIR PROPER SECURITIES REGISTRATIONS MR SIMMONS SAID PRUDENTIAL HAS TAKEN SEVERAL STEPS TO CORRECT THE PROBLEM WE HAD BEEN LAX BUT IT'S BEEN FIXED HE ASSERTED PRUDENTIAL'S DISCLOSURE TO REGULATORS INCLUDING THE SECURITIES AND EXCHANGE COMMISSION AND MAJOR STOCK EXCHANGES WAS PROMPTED BY A STORY IN THIS NEWSPAPER LAST MONTH THAT SPELLED OUT HOW A NUMBER OF PRUDENTIAL BROKERS WERE SELLING MUTUAL FUNDS AND STOCKS WITHOUT PROPER LICENSES AS REPORTED FEDERAL REGULATORS ARE EXAMINING THE EXTENT OF THE UNLICENSEDBROKER PROBLEM AT PRUDENTIAL AS PART OF A BROAD CRIMINAL INVESTIGATION OF THE FIRM'S LIMITEDPARTNERSHIP SCANDAL THE BROKERAGE ARM OF PRUDENTIAL INSURANCE CO OF AMERICA HAD BRIEFLY PAID EMPLOYEES WHO SOLD A WRAPFEE PROGRAM OF FUNDS WITHOUT PROPER INVESTMENTADVISORY LICENSES ACCORDING TO AN AUGUST 1993 INTERNAL MEMO BUT THE NUMBER OF THESE WRAPFEE TRADES EXECUTED BY IMPROPERLY LICENSED SALESPEOPLE HAD DECLINED TO 80 IN JANUARY FROM 570 AT ONE POINT LAST YEAR MR SIMMONS SAID IN AN INTERNAL MEMO DATED YESTERDAY PRUDENTIAL ESTIMATED THAT ABOUT 80 OF THE BAD TRADES OR EXCEPTIONS WERE ACTUALLY EXECUTED BY BROKERS WITH PROPER STATE LICENSES MOST VIOLATIONS INVOLVED BROKERS WHO RECENTLY JOINED PRUDENTIAL FROM OTHER BROKERAGE FIRMS THE MEMO SAID OF THE REMAINING 20 THE COMMON UNLICENSED EXCEPTIONS RESULTED FROM A CLIENT'S MOVING TO ANOTHER STATE FAILURE TO TIMELY RENEW LICENSES AND TRADES EXECUTED WHILE REGISTRATION APPLICATIONS WERE PENDING THE MEMO SAID EXTRAPOLATING THE FINDINGS PRUDENTIAL ESTIMATED THERE WERE ABOUT 400 LICENSING VIOLATIONS AT THE FIRM IN ESSENCE OF THE TOTAL POPULATION OF DOMESTIC COMMISSIONABLE TRADES 18 MILLION AN INFINITESIMAL AMOUNT WERE EXECUTED WITHOUT THE PROPER STATE LICENSING THE MEMO SAID INDUSTRYWIDE THE PROBLEM OF UNLICENSED BROKERS DOESN'T APPEAR TO BE WIDESPREAD REGULATORS ESTIMATE THAT UNLICENSED BROKERS REPRESENT ROUGHLY 01 OF ALL BROKERS DOING BUSINESS IN THE US BUT EVEN IF PRUDENTIAL'S PROBLEM IS NO WORSE THAN ITS RIVALS' THE ISSUE FOR THE FIRM NEVERTHELESS IS NETTLESOME BECAUSE OF ITS HIGHLY PUBLICIZED PARTNERSHIP WOES AND INVESTIGATION INDEED ANY IMPROPER TRADES COULD LEAD TO FURTHER LITIGATION BY INVESTORS AGAINST PRUDENTIAL INVESTORS CAN BRING A LEGAL ACTION AGAINST A BROKERAGE FIRM SEEKING A TRADE RESCISSION FROM BETWEEN TWO AND SIX YEARS FROM THE TIME OF AN ALLEGED VIOLATION DEPENDING ON THE STATE AND SOME STATES HAVE A TOLLING PROVISION MEANING THAT INVESTORS CAN BRING AN ACTION AFTER DISCOVERING THE BASIS OF RESCISSION REGARDLESS OF WHEN THE TRADE WAS MADE PRUDENTIAL'S BAD TRADES ARE PRINTED ON A DAILY EXCEPTIONS REPORT TYPICALLY THESE VIOLATIONS REPORTS INCLUDE BAD TRADES BY BETWEEN FIVE AND 15 BROKERS PEOPLE FAMILIAR WITH PRUDENTIAL SAID WHEN THE BAD TRADES POP UP THE BROKERS INVOLVED TYPICALLY AREN'T PAID THOUGH THE TRADE IS ALLOWED TO GO THROUGH THE PEOPLE SAY THEN PRUDENTIAL TAKES STEPS TO REGISTER THE BROKER PROPERLY FOR ITS PART PRUDENTIAL SAID IT HASN'T INFORMED THE INVESTORS WHO MADE THE TRADES WITH IMPROPERLY LICENSED BROKERS AND IT ADDED THAT IT HASN'T OFFERED TO RESCIND THE TRANSACTIONS BECAUSE THE TRADES WEREN'T UNAUTHORIZED ONE ALTERNATIVE IS TO BLOCK THE TRADE A PRUDENTIAL SPOKESMAN SAID IT'S SOMETHING WE'RE LOOKING AT BUT WE HAVEN'T REALLY MADE UP OUR MINDS THE SPOKESMAN ADDED WE'RE LOOKING AT THE BEST WAY TO HANDLE THIS CHOOSING NOT TO RESCIND TRADES HOWEVER COULD SPELL LEGAL TROUBLE SOME REGULATORS SAID WHAT YOU ARE DOING IN ESSENCE IS GUARANTEEING THE PROFITABILITY OF THAT TRADE FOR SEVERAL YEARS SAID WAYNE KLEIN IDAHO'S SECURITIES CHIEF IF THE INVESTMENT GOES UP THE CLIENT IS NOT GOING TO COMPLAIN BUT IF IT GOES DOWN THEY'LL LOOK FOR SOME EXCUSE TO FILE A CLAIM HE SAID THE UNLICENSED BROKER PROBLEM IS A SENSITIVE ISSUE FOR STATES PARTLY BECAUSE IT MEANS THEY'RE NOT GETTING PAID SUFFICIENT REGISTRATION FEES THE STATES WERE PART OF A TASK FORCE INVESTIGATING THE PARTNERSHIP PRACTICES OF PRUDENTIAL INCLUDING AN OCTOBER SETTLEMENT IN WHICH PRUDENTIAL AGREED TO SET UP A 330 MILLION REPARATIONS FUND FOR ALLEGEDLY DEFRAUDING INVESTORS WHO BOUGHT 815 BILLION OF PARTNERSHIPS IN THE 1980S 9403080132 940308 TRACKING TRAVEL BY JACQUELINE SIMMONS HISTORY TOURISM COMES OF AGE AS MORE VACATIONERS EXPLORE THE PAST MORE CONSUMERS HAVE BEEN WALKING THROUGH THE DOORS AND SAYING I WANT THIS' SAYS A SPOKESMAN FOR THE AMERICAN SOCIETY OF TRAVEL AGENTS IN ARLINGTON VA A VARIETY OF TRIPS FROM DIGGING DINOSAUR EGGS TO HISTORIANESCORTED TOURS OF THE WILD WEST ARE BEING OFFERED BY TRAVEL AGENTS THE TOURS TEND TO DRAW OLDER BETTEREDUCATED AMERICANS BUT MORE PARENTS WILL BE BRINGING THEIR CHILDREN ALONG THIS YEAR THE TRAVEL AGENTS' SPOKESMAN SAYS FAMILIES SEE THIS AS AN EXCELLENT WAY TO COMBINE FUN AND EDUCATION FOR THEIR CHILDREN HE SAYS THE NATIONAL TRUST FOR HISTORIC PRESERVATION SAYS MORE THAN 600000 PEOPLE VISITED ITS 17 PROPERTIES LAST YEAR AND PROJECTS A 9 INCREASE THIS YEAR TWO POPULAR SPOTS ARE FILOLI IN WOODSIDE CALIF A HISTORIC ESTATE AND THE FRANK LLOYD WRIGHT HOME AND STUDIO IN OAK PARK ILL PETE BROWN OWNER OF HISTORY AMERICA TOURS A DIVISION OF TAILORED TOURS SAYS HIS CRAZY HORSE AND CUSTER TOUR WHICH COSTS UP TO 999 A PERSON AND GETTYSBURG TOURS FOR UP TO 1049 A HEAD ARE AMONG 1994'S FAVORITES AMONG THE TOURS OFFERED BY SMITHSONIAN INSTITUTION'S STUDY TOURS AND SEMINARS PROGRAM IS DIGGING FOR DINOSAURS FOR 1350 A TRAVELER CAN SPEND ABOUT A WEEK IN MONTANA SCOOPING UP DINOSAUR EGGS UNDER THE SUPERVISION OF GEOLOGISTS AND PALEONTOLOGISTS A BIG DRAW OVERSEAS THIS YEAR IS THE 50TH ANNIVERSARY OF THE DDAY LANDING IN FRANCE BY ALLIED TROOPS ON JUNE 6 BETWEEN 20000 AND 30000 AMERICANS ARE EXPECTED TO TRAVEL TO THE NORMANDY REGION IN JUNE AND MANY OF THE PACKAGES OFFERED IN THE US RANGING FROM AROUND 1000 TO 3000 HAVE BEEN SOLD OUT WARNS CLAIRE BIGELOW THE US DIRECTOR OF THE NORMANDY TOURIST BOARD TRAVELERS WILL BE ABLE TO RIDE BENEATH THE ENGLISH CHANNEL VIA THE EUROTUNNEL THIS YEAR BUT SOME EXPERTS EXPECT A ROCKY START FOR TUNNEL OPERATORS TRAVELERS WORLDWIDE HAVE EAGERLY AWAITED THE REVOLUTIONARY TUNNEL BETWEEN ENGLAND AND FRANCE SINCE 1981 WHEN FORMER BRITISH PRIME MINISTER MARGARET THATCHER AND FRENCH PRESIDENT FRANCOIS MITTERRAND ANNOUNCED STUDIES FOR A FIXED LINK ACROSS THE ENGLISH CHANNEL BUT LAST MONTH EUROTUNNEL THE ANGLOFRENCH CONSORTIUM BUILDING THE TUNNEL SAID THERE'S ANOTHER DELAY IN THE STARTUP OF LE SHUTTLE RAIL CARS THAT WILL TRANSPORT TRAVELERS INSIDE THEIR VEHICLES THROUGH THE TUNNEL LE SHUTTLE WAS ORIGINALLY SCHEDULED TO BEGIN SERVICE MAY 8 CROSSING TIME ON LE SHUTTLE WOULD BE ABOUT 35 MINUTES WITH STANDARD ROUNDTRIP PRICES RANGING FROM 330 TO 465 A CAR DEPENDING ON DEPARTURE DATES A SPOKESWOMAN FOR BRITRAIL TRAVEL INTERNATIONAL WHICH SELLS TICKETS FOR FERRY SERVICES SAYS CROSSING TIME ON THE FERRIES IS ABOUT ONE HOUR AND 45 MINUTES A ROUNDTRIP FERRY RIDE ACROSS THE CHANNEL RANGES FROM 124 TO 300 A CAR ACCORDING TO THE BRITRAIL SPOKESWOMAN A SECOND SERVICE SCHEDULED TO START UP THIS SUMMER IS THE EUROSTAR PASSENGERTRAIN SERVICE WHICH TAKES TRAVELERS THROUGH THE TUNNEL INTO LONDON BRUSSELS OR PARIS IN ABOUT THREE HOURS EUROSTAR WHICH SAYS IT WILL COMPETE WITH AIRLINES FOR BUSINESS TRAVELERS HASN'T DISCLOSED FARES BUT IT HAS HINTED THAT THEY WOULD BE CHEAPER THAN CURRENT DISCOUNT AIR FARES THE FLIGHT BETWEEN LONDON AND PARIS TAKES ABOUT AN HOUR STILL SEVERAL ANALYSTS PREDICT THAT THERE WON'T BE ANY RUSH TO THE CHUNNEL AT THE OUTSET THEY SAY BUSINESS TRAVELERS WILL BE PUT OFF BY THE TUNNEL'S LONGER CROSSING TIME PEOPLE ARE INTERESTED AND CURIOUS BUT NOT QUITE READY TO PURCHASE A TICKET YET SAYS ALEXIS COLE OF THOMAS COOK THE BIG LONDONBASED TRAVEL AGENCY TRAVEL IN STYLE AND SAVE MONEY THAT'S THE TACK OF SOME TRAVEL AGENCIES TOUTING HIGHCLASS VACATIONS AS EXCELLENT VALUES THE PRICIER TRIPS THE AGENTS SAY CAN ADD UP TO A BETTER VALUE THAN PLANNING A TRIP YOURSELF OR GOING ON LOWBUDGET DEALS BECAUSE THEY ARE COMPREHENSIVE MORE MEALS LONGER HOTEL STAYS AND SMALLER TOUR GROUPS PLUS THEY INCLUDE TIPPING AND OTHER FEES BOOKINGS FOR HIGHEND TRAVEL PACKAGES ABOUT 325 A DAY AND UP HAVE RISEN IN 1994 ALISTAIR BALLANTINE PRESIDENT OF ABERCROMBIE & KENT INTERNATIONAL IN OAK BROOK ILL SAYS THERE HAS BEEN A 28 RISE IN BOOKINGS OF HIGHEND PACKAGES IN 1994 COMPARED WITH THE YEAR BEFORE WE SAW A DEFINITE DIP IN 1991 AND 1992 SOME OF IT IN PART BECAUSE OF THE GULF WAR NOW WE ARE SEEING BOOKINGS PICK BACK UP TO THE LEVELS SEEN IN 1988 HE SAYS IN THE '90S PEOPLE ARE LOOKING AT VALUE WHEREAS IN THE '80S PEOPLE WERE MORE FRIVOLOUS AND LOOKING AT THE MORE GLITZY THINGS IN A PACKAGE RATHER THAN ITS OVERALL VALUE TRAVEL SMART EDITOR NANCY DUNNAN CALLS LUXURY TRAVEL A VIABLE CATEGORY IN THE 1990S EXECUTIVES KEEP HITTING THE ROAD BUT THE INCREASE IS TAPERING OFF THE US TRAVEL DATA CENTER REPORTS THAT ALTHOUGH US RESIDENT BUSINESS TRAVEL ROSE 19 IN 1992 TO 2108 MILLION TRIPS IT'S PROJECTED TO RISE A MEAGER 3 IN 1993 A SLIM 3 INCREASE IS EXPECTED IN 1994 THE NO 1 PAYPERVIEW FILM FAVORITE AMONG HOTEL GUESTS IN 1993 WAS THE BODYGUARD FOLLOWING CLOSELY WERE INDECENT PROPOSAL UNDER SIEGE AND A FEW GOOD MEN ACCORDING TO THE AMERICAN HOTEL AND MOTEL ASSOCIATION STOUFFER HOTELS & RESORTS A UNIT OF RENAISSANCE HOTELS INTERNATIONAL IS OFFERING A 50 US SAVINGS BOND TO GUESTS WHO STAY ONE NIGHT AT STOUFFER AND RENAISSANCE HOTELS IN CHICAGO ST LOUIS AND OTHER CITIES IT PLANS TO EXPAND THE PROGRAM IN APRIL 9403080131 940308 TECHNOLOGY & HEALTH NIH PUSHES FOR DIVERSITY IN RESEARCH GUIDELINES TO CALL FOR MORE WOMEN AND MINORITIES TO BE PATIENTS IN TRIALS BY GEORGE ANDERS STAFF REPORTER OF THE WALL STREET JOURNAL MEDICAL RESEARCH SHOULD FOCUS MORE ON THE WAY THAT DISEASES AFFECT WOMEN AND MINORITIES ACCORDING TO NEW GUIDELINES THAT THE NATIONAL INSTITUTES OF HEALTH PLANS TO PUBLISH THIS WEEK THE GUIDELINES REPRESENT THE GOVERNMENT'S MOST DETAILED EFFORT YET TO BROADEN THE MIX OF PATIENTS USED IN MEDICAL RESEARCH THE NEW STANDARDS ARE LIKELY TO HASTEN EFFORTS BY ACADEMIC MEDICAL CENTERS TO DIVERSIFY THEIR STUDIES BEYOND WHITE MALE PATIENTS THE NIH'S CAMPAIGN ALSO MAY HAVE SPILLOVER IMPLICATIONS FOR DRUGDEVELOPMENT STUDIES THAT ARE LARGELY FUNDED BY PHARMACEUTICAL COMPANIES WE'RE NOT CONTENT TO SAY THAT YOU CAN EXTRAPOLATE FROM WHITEMALE STUDIES TO THE REST OF THE POPULATION SAID JUDY LAROSA THE NIH'S DEPUTY DIRECTOR OF THE OFFICE OF RESEARCH ON WOMEN'S HEALTH MS LAROSA NOTED THAT GOVERNMENT AGENCIES HAVE BEEN PUSHING SINCE 1986 TO SEE MORE CLINICAL RESEARCH INVOLVING WOMEN AND MINORITIES THE NEW STANDARDS SHE SAID REPRESENT A SIGNIFICANT STRENGTHENING OF THAT CAMPAIGN IN RECENT YEARS RESEARCHERS HAVE FOUND A HOST OF MEDICAL DIFFERENCES AMONG VARIOUS GROUPS OF AMERICANS THE FOOD AND DRUG ADMINISTRATION NOTED LAST YEAR THAT ASIANAMERICANS SHOW INCREASED SENSITIVITY TO CERTAIN HEART DRUGS KNOWN AS BETA BLOCKERS IT ALSO OBSERVED THAT AFRICANAMERICANS ARE LESS RESPONSIVE TO A CLASS OF BLOODPRESSURELOWERING DRUGS KNOWN AS ACE INHIBITORS BECAUSE OF SUCH DIFFERENCES MEDICAL RESEARCHERS SAID THE NIH'S NEW GUIDELINES ARE LIKELY TO BE SEEN AS A STEP TOWARD BETTER SCIENCE SOME RESEARCHERS ADDED THOUGH THAT THE PUSH FOR PATIENT DIVERSITY MAY BE COSTLIER AND HARDER TO CARRY OUT THAN GOVERNMENT OFFICIALS REALIZE IT'S A VERY NOBLE IDEA SAID JOSEPH SIMONE PHYSICIANINCHIEF AT MEMORIAL SLOANKETTERING CANCER CENTER IN NEW YORK BUT IT'S DIFFICULT TO GET DOCTORS TO CHANGE THEIR REFERRAL PATTERNS DR SIMONE SAID HE REPEATEDLY HAS TRIED TO GET DOCTORS IN BROOKLYN TO REFER MORE BLACK AND LATINO PATIENTS TO SLOANKETTERING BUT HAS FOUND THAT LOCAL PHYSICIANS ARE UNWILLING TO TAKE STEPS THAT WOULD SHRINK THEIR OWN PRACTICES RESEARCHERS ALSO MAY FIND SOME BLACK AMERICANS RELUCTANT TO JOIN CLINICAL TRIALS BECAUSE OF ABUSIVE PRACTICES IN THE PAST IN THE BESTKNOWN CASE THE SOCALLED TUSKEGEE STUDY DOCTORS FROM THE 1930S ONWARD DELIBERATELY DIDN'T TREAT A GROUP OF BLACK MEN WITH SYPHILIS TO SEE HOW THE DISEASE PROGRESSED IN ITS NEW GUIDELINES THE NIH URGES RESEARCHERS TO SET UP OUTREACH PROGRAMS THAT RECRUIT MINORITY AND FEMALE PATIENTS WHO OTHERWISE MIGHT BE UNDERREPRESENTED INCLUDE ENOUGH WOMEN AND MINORITIES IN CERTAIN LARGESCALE TRIALS SO THAT STATISTICIANS CAN ACCURATELY ANALYZE WHETHER TREATMENT AFFECTS THESE SUBPOPULATIONS DIFFERENTLY BREAK OUT DATA ON VARIOUS SUBPOPULATIONS SUCH AS KOREANAMERICANS AND JAPANESEAMERICANS RATHER THAN ONLY GROUPING THEM TOGETHER AS ASIANAMERICANS REFRAIN FROM USING EXTRA COSTS AS AN EXCUSE FOR FAILING TO ACHIEVE DIVERSITY NIH OFFICIALS NOTED THAT THE NEW STANDARDS ARE ONLY GUIDELINES NOT REGULATIONS BUT THE NIH PLAYS SUCH A MAJOR ROLE IN FUNDING MEDICAL RESEARCH THAT FEW DOCTORS OR SCIENTISTS ARE LIKELY TO TRY TO DEFY THE NEW CODE IN THE CURRENT FISCAL YEAR THE NIH IS SPENDING 11 BILLION TO BANKROLL MEDICAL RESEARCH DRUG INDUSTRY OFFICIALS EXPRESSED SOME UNEASINESS ABOUT THE NIH'S DIVERSITY CAMPAIGN THERE'S NO CLEAR DEFINITION ABOUT HOW THIN YOU ARE SUPPOSED TO SLICE THINGS SAID JOHN SIEGFRIED ASSOCIATE VICE PRESIDENT FOR MEDICAL AFFAIRS AT THE PHARMACEUTICAL MANUFACTURERS ASSOCIATION ARE YOU SUPPOSED TO DIFFERENTIATE BETWEEN ESKIMOS LIVING BELOW THE BERING STRAIT AND THOSE LIVING ABOVE THE BERING STRAIT STILL HE CONCEDED THERE'S NO QUESTION THAT THE CLINICAL TRIAL SYSTEM HAS BEEN HEAVILY WEIGHTED BY A KIND OF PATERNALISM THAT'S CONSISTENT WITH WHITE MALE SOCIETY IT'S TIME FOR THAT TO CHANGE EVEN THOUGH DRUG COMPANIES FINANCE MOST OF THEIR OWN TRIALS DR SIEGFRIED SAID THE NIH'S RULES ARE LIKELY TO HAVE A DIRECT IMPACT ON NEWDRUG STUDIES FOR CANCER AND AIDS THAT'S BECAUSE NIH IS THE MAIN SOURCE OF DEVELOPMENT REVENUE IN THOSE TWO AREAS FURTHERMORE DR SIEGFRIED SAID THE NIH'S PRACTICES CARRY WEIGHT THROUGHOUT THE RESEARCH COMMUNITY DRUG COMPANIES ARE MORE DIRECTLY CONCERNED WITH RULES SET BY THE FDA WHICH DECIDES WHICH NEW DRUGS WILL BE APPROVED FOR SALE IN THE US LAST YEAR THE FDA MADE IT EASIER FOR WOMEN OF CHILDBEARING AGE TO PARTICIPATE IN CLINICAL TRIALS WHILE THE FDA HASN'T ADDRESSED ALL THE ISSUES OF PATIENT DIVERSITY COVERED IN THE NIH'S NEW GUIDELINES AN FDA SPOKESWOMAN YESTERDAY SAID THAT FOR THE MOST PART THE FDA AGREES WITH THE NIH'S GOALS MEANWHILE ACADEMIC RESEARCHERS WELCOMED THE CALL FOR GREATER PATIENT DIVERSITY AS LONG AS THEY CAN GET EXTRA FUNDING TO HELP MEET THOSE GOALS THE NIH SAID THE GUIDELINES ARE BEING ISSUED TO CARRY OUT A MANDATE FROM CONGRESS LAST YEAR TO TOUGHEN STANDARDS ON PATIENT DIVERSITY NIH OFFICIALS SAID THERE WILL BE A ONEYEAR COMMENT PERIOD IN WHICH RESEARCHERS AND OTHER INTERESTED PARTIES CAN SUGGEST CHANGES TO THE GUIDELINES THE NEW GUIDELINES WILL APPLY TO RESEARCHFUNDING APPLICATIONS STARTING NEXT FISCAL YEAR 9403080130 940308 ENVIRONMENT PANDA HABITAT GETS NEW HOTEL FOR ECOTOURIST BY MARCUS W BRAUCHLI STAFF REPORTER OF THE WALL STREET JOURNAL WOLONG CHINA FOR BETTER OR WORSE TOURISM IS JOINING THE FORCES ENCROACHING ON THE PANDA IN APRIL THIS MOUNTAINOUS REGION IN CENTRAL CHINA ONE OF THE ANIMAL'S FEW REMAINING HOMES IN THE WILD WILL GET A MODERN TOURIST HOTEL THE 60ROOM INN SITS ALONGSIDE THE HEADQUARTERS OF THE WOLONG NATURE RESERVE WHICH WAS ESTABLISHED IN 1975 TO PROTECT GIANT PANDAS SNOW LEOPARDS AND OTHER THREATENED ANIMALS INDIGENOUS TO THIS PART OF SICHUAN PROVINCE THE HOTEL IS A CONTROVERSIAL EXPERIMENT IN SOCALLED ECOTOURISM ITS BACKERS HOPE TO BRING IN MONEY TO HELP FUND EFFORTS TO SAVE THE PANDA BUT CONSERVATIONISTS FEAR AN INFLUX OF TOURISTS WILL DESTROY ONE OF THE FEW AREAS WHERE THE PANDA STILL FLOURISHES THE PROBLEM IS HOW BEST TO BALANCE THE RAMPANT COMMERCIALISM OF REFORMIST CHINA AGAINST PROTECTION OF THE PANDA OTHER ANIMALS SUCH AS THE SOUTH CHINA TIGER AND THE YANGTZE RIVER DOLPHIN HAVE BEEN SQUEEZED TO NEAREXTINCTION BY CHINA'S RUSH TO ADVANCE WITH POACHING AND DEFORESTATION ALREADY TAKING A TOLL ON THE ESTIMATED 1000 OR FEWER LIVING PANDAS EVEN CHINESE SCIENTISTS THINK IT MAY BE JUST A MATTER OF TIME BEFORE THE PANDA DIES OUT THIS GENERATION AND THE NEXT WILL HAVE TO WORK HARD TO SAVE THE PANDA SAYS HU JINCHU CHINA'S FOREMOST PANDA EXPERT IF NOT THE PANDA WILL BE EXTINCT WITHIN 100 YEARS SUCH DIRE PREDICTIONS ARE FOUNDED IN THE REALITIES OF A HUGELY POPULOUS ECONOMICALLY AMBITIOUS COUNTRY EVEN IN THE STEEP PITIAO RIVER VALLEY HERE WHERE A FEW THOUSAND PEASANTS FARM POTATOES AND VEGETABLES A CRAVING FOR MONEY HAS TAKEN A TOLL ON THIS SUPPOSEDLY PROTECTED ENVIRONMENT LOGGING EITHER FOR CONSTRUCTION MATERIALS OR FIREWOOD IS THE BIGGEST PROBLEM SHRUBS AND SAPLINGS LINING THE ROAD AND FOOTPATHS HERE ARE BEING CHIPPED AWAY WITH SMALL AXES AND SCYTHES TRUCKS LOADED WITH 20FOOT TIMBER WIND DOWN THE DUSTY ROAD UNINTENTIONALLY THE ACTIVITIES HAVE DESTROYED SWATHS OF BAMBOO ON WHICH PANDAS FEED POACHERS STILL OCCASIONALLY GO AFTER THE LUMBERING BLACK AND WHITE ANIMALS BUT A BIGGER THREAT IS THAT PANDAS WILL STRANGLE IN SNARES INTENDED FOR THE TINY MUSK DEER WHICH IS HUNTED FOR A GLANDULAR OIL VALUABLE IN MAKING PERFUME AND MEDICINE DURING THE 1980S ACCORDING TO ONE WESTERN PANDA SPECIALIST AS MANY AS 200 PANDAS ONEFIFTH OF THE TOTAL POPULATION WERE KILLED THE LOSSES EXTENDED TO WOLONG A DECADE AGO BY ONE ESTIMATE THERE WERE ABOUT 140 PANDAS IN THE WILD AROUND WOLONG TODAY A SICHUAN OFFICIAL SAYS THE NUMBER MAY BE AS LOW AS 70 CHINESE BUREAUCRATS BLAME THEIR TROUBLES PROTECTING THE PANDA ON A LACK OF MONEY MR HU AND HIS COLLEAGUES DRAFTED PLANS FOR A LARGESCALE PROTECTION SCHEME CHINA'S POWERFUL STATE COUNCIL ENDORSED A VERSION OF THE PLAN BUT STILL HASN'T KICKED IN THE 30 MILLION IT WILL COST YET MONEY WAS AVAILABLE FOR OTHER PROJECTS ZHOU SHOUDE DEPUTY DIRECTOR OF THE WOLONG NATURE RESERVE ADMINISTRATION SAYS HE WAS ABLE TO GET A 340000 LOAN TO BUILD A HOTEL WE MIGHT HAVE PREFERRED TO SPEND IT ON CONSERVATION BUT IT WASN'T AVAILABLE FOR THAT PURPOSE HE EXPLAINS SO THE RESERVE HAS A HOTEL WITH AN ORANGETILE ROOF AND A KARAOKE SINGALONG BAR LAST YEAR ABOUT 1000 FOREIGN AND 30000 CHINESE TOURISTS VISITED WOLONG STAYING IN FAIRLY PRIMITIVE CONDITIONS ERRATIC HOT WATER NO TELEPHONES NO HEAT OFFICIALS HOPE THE NUMBERS WILL RISE BOTH TO BRING IN MONEY AND TO WIDEN AWARENESS OF THE PANDA'S PLIGHT CHINA'S PANDA EXPERTS ARE CAUTIOUS IN THEIR ASSESSMENT OF THE NEW HOTEL IF IT PAYS FOR MORE ANTIPOACHING PATROLS OR NEW NATURE RESERVES THEY SAY THEY WILL WELCOME IT IF MORE TOURISTS COME AND THE MANAGEMENT IS GOOD SUCH AS YELLOWSTONE I THINK IT COULD BE GOOD SAYS ZHANG HEMIN WHO SPECIALIZES IN BREEDING PANDAS IN CAPTIVITY AT WOLONG BUT GREATER NUMBERS OF VISITORS DON'T NECESSARILY MEAN BETTER TREATMENT FOR PANDAS AT THE CHENGDU ZOO WHERE 15 MILLION TOURISTS A YEAR PAY THE EQUIVALENT OF 25 CENTS TO VISIT THE DOZEN PANDAS ON DISPLAY CONDITIONS ARE BAD TWO 150DAYOLD PANDA CUBS ARE CROWDED INTO A CAGE OF ABOUT ONE CUBIC METER FOUR YOUNG ADULTS ARE JAMMED INTO A CAGE ABOUT FOUR METERS BY FIVE METERS ZOO OFFICIALS SAY THEY STILL LACK MONEY TO DO MORE AT WOLONG OFFICIALS SAY THEY WILL RESTRICT VISITORS TO SEEING A ZOOLIKE BREEDING CENTER AND WON'T LET THEM TRAVEL BEYOND ELEVATIONS OF 2500 METERS WHERE PANDAS IN THE WILD SPEND MOST OF THEIR TIME BUT KEEPING THE TOURISTS OUT WON'T BE EASY ONE RECENT MORNING TWO ARGENTINE TOURISTS IN LEATHER JACKETS AND FURLINED HATS HIKED UP TO WUYIPENG A 2500METERHIGH RESEARCH SITE WHEN I READ IN THE GUIDE THERE WAS A PANDA RESERVE I DIDN'T THINK TWICE SAYS MIGUEL ATTAGUILE A 23YEAROLD FROM BUENOS AIRES THE ENTHUSIASM OF TOURISTS WORRIES PANDA EXPERTS ON THE ONE HAND YOU WANT TO MAKE MONEY SAYS JIMING FANG AN ANIMAL BEHAVIOR SPECIALIST FROM BEIJING NORMAL UNIVERSITY ON THE OTHER HAND YOU WANT TO PROTECT THE PANDA IT'S A DIFFICULT DILEMMA 9403080129 940308 MET LIFE AGREES TO PAY 20 MILLION FINE TO SETTLE ACCUSATIONS OVER SALES TACTICS BY GREG STEINMETZ STAFF REPORTER OF THE WALL STREET JOURNAL DENVER METROPOLITAN LIFE INSURANCE CO HOPING TO END THE EMBARRASSING CONTROVERSY OVER ITS QUESTIONABLE SALES TACTICS AGREED TO A PRECEDENTSETTING 20 MILLION SETTLEMENT WITH MORE THAN 40 STATES MET LIFE WHICH LAST WEEK HINTED IT WOULD FIGHT SUCH A LARGE SETTLEMENT SAID IT REACHED THE AGREEMENT YESTERDAY AT A MEETING HERE OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS PEOPLE CLOSE TO THE SITUATION SAID THE COMPANY DECIDED TO ACCEPT THE SETTLEMENT RATHER THAN FIGHT THE INDIVIDUAL STATES IN COURT AND RISK FURTHER DAMAGE TO ITS PUBLIC IMAGE THE SETTLEMENT ONE OF BIGGEST EVER INVOLVING AN INSURANCE COMPANY IS BELIEVED TO BE THE FIRST TIME THAT STATE INSURANCE COMMISSIONERS HAVE AGREED JOINTLY ON DISCLIPINARY ACTION FORMERLY STATES HANDLED SUCH MATTERS INDIVIDUALLY THE INSURANCE COMMISSIONERS GATHERED FOR THEIR QUARTERLY MEETING HERE SAID THEY LIKED THE IDEA OF JOINT INVESTIGATIONS AND SETTLEMENTS BUT WERE RELUCTANT TO EMBRACE THE CONCEPT FOR ANYTHING BUT ILLEGAL ACTIVITY THAT OCCURRED NATIONALLY PROBLEMS SHOULD FIRST BE HANDLED BY REGULATORS IN THE STATES SAID PENNSYLVANIA'S COMMISSIONER CYNTHIA MALESKI THE SETTLEMENT RESOLVES ACCUSATIONS THAT MET LIFE AGENTS AROUND THE COUNTRY MISLED PEOPLE INTO BUYING LIFE INSURANCE BY TELLING THEM IT WAS A RETIREMENT ACCOUNT BUT INSURANCE COMMISSIONERS ARE CONCERNED THAT DECEPTIVE MARKETING IS WIDESPREAD IN THE INDUSTRY THE WHOLE WAY IN WHICH LIFE INSURANCE IS SOLD MAKES IT REASONABLE TO ASSUME OTHER COMPANIES HAVE SIMILAR PROBLEMS SAID NEW YORK INSURANCE SUPERINTENDENT SALVATORE CURIALE NEW YORK IS ALREADY LOOKING INTO THE SALES PRACTICES OF EVERY LIFE INSURANCE COMPANY IN THE STATE PENNSYLVANIA ANNOUNCED A SIMILAR PROGRAM YESTERDAY BOTH STATES HAVE ASKED COMPANIES TO EXAMINE THEIR CUSTOMER COMPLAINTS AND INTERNAL AUDITS AND COME FORWARD WITH ANY INFORMATION ABOUT FRADULENT ACTIVITIES WITHIN THEIR ORGANIZATIONS NEW YORK REQUIRES THAT COMPANY CHIEF EXECUTIVE OFFICERS SIGN A STATEMENT ATTESTING TO THE VERACITY OF ANY INFORMATION THEY PROVIDE BY THE STATE'S MARCH 31 DEADLINE COMPANIES THAT ARE LATER FOUND TO HAVE COMMITTED PRACTICES BEYOND WHAT THEY ADMITTED WILL BE TREATED MORE HARSHLY THAN THE OTHERS CHIEF EXECUTIVES WHO FAIL TO ADMIT TO PROBLEMS DO SO AT THEIR PERIL MR CURIALE SAID IN ADDITION TO THE 20 MILLION FINE MET LIFE MUST ALSO PAY AS MUCH AS 76 MILLION IN REFUNDS TO THE 60000 ALLEDGEDLY DEFRAUDED POLICYHOLDERS THE STATES AGREED TO A FORMULA THAT MET LIFE DEVISED AS A WAY TO DETERMINE WHICH POLICYHOLDERS MAY HAVE BEEN CHEATED MET LIFE IS RESPONSIBLE FOR CONTACTING THE POLICYHOLDERS AND EXPLAINING THE REFUND PROGRAM THE SETTLEMENT WHILE LARGE IS HARDLY A FINANCIAL BURDEN FOR MET LIFE THE COMPANY THE COUNTRY'S SECONDLARGEST LIFE INSURANCE COMPANY HAS 81 BILLION OF CAPITAL AND EARNED 2 BILLION LAST YEAR UP 5 FROM THE PRIOR YEAR STILL THE 20 MILLION FINE IS ENORMOUS BY STATE INSURANCE DEPARTMENT STANDARDS THE BIGGEST FINE THAT MET LIFE EVER PAID PRIOR TO THIS WAS 225000 COMMISSIONERS DIFFERED ON THE SIZE OF THE FINE BUT COMPROMISED IN ORDER TO HASTEN REFUNDS TO POLICYHOLDERS MR CURIALE NOTED THAT IN 1991 THE INSURANCE INDUSTRY PAID TOTAL FINES OF ONLY 14 MILLION HE WORRIED THAT THE MET LIFE FINE COULD HAVE A CHILLING EFFECT ON COMPANIES COMING FORWARD TO ADMIT ILLEGAL CONDUCT AND THUS SPOIL HIS INVESTIGATION 9403080128 940308 INTERNATIONAL EU TO STRENGTHEN FOREIGNPOLICY TIES TO EASTERN EUROPE BY CHARLES GOLDSMITH STAFF REPORTER OF THE WALL STREET JOURNAL UNDER A COMMUNIQUE ENDORSED BY EU FOREIGN MINISTERS THERE WILL BE YEARLY SUMMITS INVOLVING THE EU PRESIDENT EU COMMISSION PRESIDENT AND LEADERS OF THE SIX COUNTRIES POLAND HUNGARY THE CZECH REPUBLIC SLOVAKIA BULGARIA AND ROMANIA OTHER CONSULTATIONS WILL INCLUDE TWICEYEARLY MEETINGS OF FOREIGN MINISTERS AND REGULAR LOWERLEVEL MEETINGS ON SECURITY TERRORISM AND HUMAN RIGHTS IN ADDITION TO THE MEETINGS THE SIX COUNTRIES WILL BE INVITED TO ALIGN THEMSELVES JOINTLY WITH EU DECLARATIONS OR ACTIVITIES IN THE FOREIGNPOLICY FIELD THE STEP CAME AS POLAND'S FOREIGN MINISTER SAID THAT WARSAW WOULD ANNOUNCE NEXT WEEK ITS INTENTION TO APPLY FOR EU MEMBERSHIP WHICH FOLLOWED LAST WEEK'S ANNOUNCEMENT BY HUNGARY THAT IT WOULD APPLY TO THE EU IN APRIL THOSE ANNOUNCEMENTS WERE SEEN AS BOOSTING PRESSURE ON NORWAY TO CONCLUDE ITS STRAGGLING EU MEMBERSHIP NEGOTIATIONS AUSTRIA SWEDEN AND FINLAND RECENTLY WRAPPED UP EU MEMBERSHIP AGREEMENTS WHICH STILL FACE VOTER REFERENDUMS OSLO DOESN'T WANT ITS MEMBERSHIP BID TO BE LUMPED IN WITH THOSE OF EASTERN EUROPE THE FLURRY OF ACTIVITY RELATING TO EASTERN EUROPE OFFICIALS SAY REFLECTS A SEA CHANGE OF ATTITUDE IN BRUSSELS TOWARD THE FORMER COMMUNIST COUNTRIES ON THE EU'S DOORSTEP AND RECOGNITION IN EASTERN EUROPEAN CAPITALS THAT THE UNION REPRESENTS AN IMPORTANT SECURITY MOORING AT A TIME OF POLITICAL UNCERTAINTY IN RUSSIA THE NEW FOREIGNPOLICY TIES MOREOVER COULD REPRESENT ONLY A PREVIEW OF EU UNDERTAKINGS OVER THE NEXT SEVERAL MONTHS THE EU COMMISSION IS PLANNING A CRUCIAL SEMINAR ON MARCH 23 TO HASH OUT NEW INITIATIVES ON EASTERN EUROPE AND GERMANY HAS MADE CLEAR ITS INTENTION TO USE ITS EU PRESIDENCY IN THE SECOND HALF OF THE YEAR TO PUSH FOR RAPID ADMISSION OF EASTERN COUNTRIES THERE'S BEEN A RECOGNITION HERE THAT THE BIG CHALLENGE FOR THE UNION IS TO PROMOTE STABILITY AND SECURITY ACROSS THE CONTINENT SAID ONE COMMISSION OFFICIAL SO THERE'S A LOT OF THINKING ABOUT WHAT THE EU CAN DO DURING THE PHASE PRIOR TO THESE COUNTRIES' MEMBERSHIP THE EU HAS FOR SOME TIME BEEN CRITICIZED AS SHORTSIGHTED IN ITS RELATIONSHIP TOWARD EASTERN EUROPE THE ASSOCIATION PACTS NEGOTIATED OVER THE PAST FEW YEARS CALL FOR CLOSER TRADE RELATIONS BUT CONTAIN ONLY VAGUE CALLS FOR MORE POLITICAL COOPERATION 9403080127 940308 MARKETING & MEDIA DISNEY TO BUILD RESORT CLOSE TO NEWPORT BEACH WALT DISNEY CO PLANS TO BUILD A MEDITERRANEAN STYLE TIMESHARE RESORT NEAR NEWPORT BEACH IN THE ROLLING HILLS ABOVE ONE OF THE LAST STRETCHES OF UNDEVELOPED OCEANVIEW LAND IN SOUTHERN CALIFORNIA DISNEY SAID IT ACQUIRED 35 ACRES OF PROPERTY AT NEWPORT COAST A RESIDENTIAL AND RESORT COMMUNITY BEING DEVELOPED BY THE IRVINE CO A MAJOR ORANGE COUNTY REALESTATE DEVELOPER DISNEY EXPECTS TO ACQUIRE ANOTHER 10 ACRES AT THE SITE IN ABOUT A YEAR AND HAS AN OPTION TO ACQUIRE AN ADDITIONAL 25 ACRES TERMS WEREN'T DISCLOSED REALESTATE EXPERTS IN THE AREA SAID THAT PROPERTY IN THE NEWPORT COAST DEVELOPMENT IS GENERALLY SELLING IN THE RANGE OF 1 MILLION AN ACRE HOWEVER ANALYSTS SAID DISNEY LIKELY GOT A BETTER DEAL DISNEY SAID THAT PENDING GOVERNMENT APPROVALS THE RESORT WILL BE PART OF THE DISNEY VACATION CLUB ONE OF THE BURBANK CALIFBASED ENTERTAINMENT CONCERN'S FASTESTGROWING BUSINESSES PLANS CALL FOR THE NEWPORT COAST COMPLEX SCHEDULED TO OPEN IN 1997 TO INCLUDE 650 VACATION VILLAS AS WELL AS RESTAURANTS AND RETAIL SHOPS 9403080126 940308 WHO'S NEWS WOOLWORTH CORP WOOLWORTH CORP NEW YORK RONALD J BERENS EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER OF THIS RETAILER'S KINNEY SHOE CORP UNIT WAS NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE UNIT MR BERENS 54 YEARS OLD SUCCEEDS HAROLD C ROWEN 62 WHO WAS ELECTED VICE CHAIRMAN OF KINNEY SHOE 9403080125 940308 WHO'S NEWS IWERKS ENTERTAINMENT INC IWERKS ENTERTAINMENT INC BURBANK CALIF DEBORAH B MIAO WAS NAMED TO THE ADDITIONAL POST OF CHIEF FINANCIAL OFFICER WITH THIS DESIGNER AND PRODUCER OF ENTERTAINMENT FOR SPECIALTY THEATERS AND VIRTUALREALITY ATTRACTIONS SHE SUCCEEDS ERIC G RODLI 37 YEARS OLD WHO WAS NAMED CHIEF OPERATING OFFICER EARLIER THIS YEAR MS MIAO 37 RETAINS HER PREVIOUS TITLES OF SENIOR VICE PRESIDENT FINANCE AND CORPORATE SECRETARY 9403080124 940308 WHO'S NEWS SANTA MONICA BANK SANTA MONICA BANK SANTA MONICA CALIF WILLIAM B FRITZSCHE 64 YEARS OLD PRESIDENT OF AQUAO CORP WAS ELECTED A DIRECTOR OF THE BANK HOLDING COMPANY HE SUCCEEDS MICHAEL L WALLING 48 WHO RESIGNED AS A DIRECTOR BUT CONTINUES AS EXECUTIVE VICE PRESIDENT OF SANTA MONICA BANK 9403080123 940308 TECHNOLOGY & HEALTH SCIMED ORDERED TO PAY 66 MILLION TO PFIZER UNIT FOR PATENT INFRINGEMENT BY JAMES P MILLER STAFF REPORTER OF THE WALL STREET JOURNAL A FEDERAL COURT RULING THAT A SCIMED LIFE SYSTEMS INC CORONARY CATHETER INFRINGES ON A PATENT HELD BY A PFIZER INC UNIT ORDERED THE COMPANY TO PAY DAMAGES UP TO ABOUT 66 MILLION SCIMED WAS ALSO ORDERED TO CLOSE OUT US SALES OF ITS RALLY MODEL INTRODUCED LAST SPRING THE RALLY SOLD PRIMARILY IN THE US ACCOUNTS FOR ABOUT 10 OF SCIMED'S WORLDWIDE SALES SCIMED HAD 1993 SALES OF 270 MILLION THE MINNEAPOLIS COMPANY WILL BE ALLOWED TO CONTINUE US DISTRIBUTION OF THE PRODUCT FOR 12 MONTHS IN ORDER TO EASE THE TRANSITION FOR PHYSICIAN CUSTOMERS HOWEVER IT MUST PAY PFIZER'S SCHNEIDER USA INC UNIT A 15 ROYALTY ON SUCH SALES FOR SCIMED THE OUTCOME OF THE LENGTHY TRIAL COULD HAVE BEEN MUCH WORSE DAMAGES MIGHT HAVE BEEN TREBLED HAD THE US DISTRICT COURT IN ST PAUL RULED THAT THE INFRINGEMENT WAS WILLFUL SCIMED SAID YESTERDAY THAT IT HASN'T YET DETERMINED WHETHER IT WILL APPEAL THE VERDICT IN NEW YORK PFIZER PRAISED THE COURT'S FINDING SAYING IT CLEARS THE WAY FOR SCHNEIDER'S CONTINUED GROWTH IN A COMPETITIVE MARKETPLACE SCHNEIDER A RELATIVELY SMALL PLAYER IN THE US MARKET HAS A MORE SUBSTANTIAL INTERNATIONAL PRESENCE IN NASDAQ TRADING YESTERDAY SCIMED SHARES CLIMBED 125 ON HEAVY VOLUME TO 3750 PFIZER SHARES ROSE 875 CENTS TO 56875 IN LATE NEW YORK STOCK EXCHANGE TRADING SCIMED AND AN ELI LILLY & CO UNIT ARE THE NATION'S BIGGEST PROVIDERS OF ANGIOPLASTY CATHETERS DOCTORS USE ANGIOPLASTY CATHETERS TO DILATE CLOGGED BLOOD PASSAGES BECAUSE COVERAGE FROM SPECIFIC PATENTS CAN BE AMBIGUOUS THE BUSINESS HAS EXPERIENCED A RAFT OF LITIGATION SCIMED HAS BEEN ONE OF THE MORE AGGRESSIVE INTERPRETERS OF PATENT MATTERS IN THE PAST AND IT HAS PAID A PRICE IN LATE 1991 SCIMED AGREED TO PAY LILLY'S ADVANCED CARDIOVASCULAR SYSTEMS UNIT A TOTAL OF 48 MILLION TO SETTLE PATENT LITIGATION FILED BY ACS AS PART OF THAT SETTLEMENT SCIMED PAID ACS ROYALTIES ON SALES OF ITS EXPRESS CATHETER LINE BUT REENGINEERED THE PRODUCT AND INTRODUCED THE MODIFIED VERSION AS THE RALLY IT HALTED SALES OF THE EXPRESS LATE LAST YEAR SCHNEIDER'S SUIT CONTENDED THAT THE RALLY AS WELL AS THE NOWDEFUNCT EXPRESS INFRINGED ITS PATENT SCIMED OPTED TO TAKE THE SCHNEIDER LITIGATION TO TRIAL SCIMED YESTERDAY ISSUED A VERY PRELIMINARY ESTIMATE THAT TOTAL DAMAGES TO DATE INCLUDING INTEREST WOULD TOTAL FROM 60 MILLION TO 66 MILLION 9403080122 940308 LDDS CUBAN TELEPHONE SERVICE JACKSON MISS LDDS COMMUNICATIONS INC SAID IT AGREED WITH EMTELCUBA TO PROVIDE DIRECT LONGDISTANCE TELEPHONE SERVICE TO CUBA SUBJECT TO APPROVAL BY THE FEDERAL COMMUNICATIONS COMMISSION AND THE TREASURY DEPARTMENT LDDS A LONGDISTANCE CARRIER SAID IT WOULD BEGIN PROVIDING THE SERVICE TO CUBA AS SOON AS THE FCC COMPLETES ITS REVIEW WHICH IS EXPECTED TO TAKE 60 DAYS LDDA THE NEW SERVICE SHOULD HELP ALLEVIATE THE SHORTAGE OF CIRCUITS TO THE ISLAND THE APPLICATION ACCORDING TO LDDS FOLLOWS STATE DEPARTMENT GUIDELINES UNDER WHICH US COMPANIES CAN BE LICENSED TO PROVIDE NEW SERVICES TO CUBA LDDS CHARACTERIZED THE AGREEMENT AS THE FIRST OF SEVERAL ACCORDS THAT IT EXPECTS TO MAKE IN INTERNATIONAL MARKETS 9403080121 940308 CORESTATES TO ACQUIRE GERMANTOWN SAVINGS IN 260 MILLION DEAL PHILADELPHIA CORESTATES FINANCIAL CORP SAID IT AGREED TO ACQUIRE GERMANTOWN SAVINGS BANK OF BALACYNWYD PA FOR 260 MILLION IN STOCK AND CASH UNDER THE AGREEMENT EACH OF GERMANTOWN SAVINGS' 419 MILLION SHARES WOULD BE EXCHANGED FOR CASH CORESTATES SHARES OR A COMBINATION VALUED AT 62 CORESTATES SAID THE TRANSACTION WILL CONSIST OF 55 STOCK AND 45 CASH AND SHAREHOLDERS MAY ELECT HOW TO RECEIVE THEIR PROCEEDS IF EITHER PORTION IS OVERSUBSCRIBED THE EXCESS WOULD BE ALLOCATED ON A PRO RATA BASIS CORESTATES SAID THE NEWS SENT GERMANTOWN SAVINGS STOCK UP 350 OR 65 TO 5725 IN NASDAQ STOCK MARKET TRADING CORESTATES STOCK FELL 50 CENTS TO 2450 IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING CORESTATES SAID IT ALSO RECEIVED AN OPTION TO PURCHASE UP TO 199 OF GERMANTOWN STOCK A STEP TYPICALLY TAKEN TO DISCOURAGE HOSTILE OFFERS IF THE ACQUISITION DOES NOT GO THROUGH AS PLANNED THIS IS THE FOURTH IN A SERIES OF ACQUISITIONS BY CORESTATES A BANKHOLDING COMPANY WITH 237 BILLION IN ASSETS AND 280 BRANCHES CORESTATES SAID THE ACQUISITION WOULD STRENGTHEN ITS SHARE OF DEPOSITS IN THE FIVE SOUTHEASTERN PENNSYLVANIA COUNTIES WHERE GERMANTOWN HAS ITS 32 BRANCHES THE ACQUISITION OF THE 16 BILLION BANK IS SUBJECT TO APPROVAL BY BANKING REGULATORS AND GERMANTOWN SAVINGS SHAREHOLDERS CORESTATES IS ALSO IN THE PROCESS OF ACQUIRING CONSTELLATION BANCORP OF NEW BRUNSWICK NJ INDEPENDENCE BANCORP OF PERKASIE PA AND RITTENHOUSE FINANCIAL SERVICES INC AND RITTENHOUSE TRUST CO 9403080120 940308 GOLDMAN SACHS LEADS WALL STREET PACK WITH A '93 PRETAX PROFIT OF 27 BILLION BY ALEXANDRA PEERS STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK GOLDMAN SACHS & CO'S FISCAL 1993 PRETAX PROFIT OF 27 BILLION RANKS THE NEW YORK PRIVATE INVESTMENT BANK NOT ONLY AS THE MOST PROFITABLE FIRM ON WALL STREET BUT AS ONE OF THE MOST PROFITABLE COMPANIES IN THE WORLD AS WALL STREET'S LARGEST PRIVATE PARTNERSHIP GOLDMAN ATTEMPTS TO KEEP ITS BALANCE SHEET SECRET BUT A JAN 28 FINANCIAL STATEMENT RELEASED IN EUROPE IN CONNECTION WITH A GOLDMAN EUROBOND OFFERING SHOWS THE FIRM'S PRETAX PROFIT JUMPED 82 IN THE FISCAL YEAR ENDED NOV 26 TO 27 BILLION ON REVENUE OF 132 BILLION INDICATING A PROFIT MARGIN OF 201 THE FIRM REPORTED 15 BILLION IN PRETAX PROFIT IN FISCAL 1992 GOLDMAN'S CHIEF RIVAL AND THE NATION'S LARGEST BROKERAGE FIRM MERRILL LYNCH & CO RANG UP 242 BILLION IN PRETAX PROFIT ON REVENUE OF 166 BILLION IN THE YEAR ENDED DEC 31 SALOMON INC PARENT OF BROKERAGE FIRM SALOMON BROTHERS REPORTED PRETAX PROFIT OF 146 BILLION ON 88 BILLION OF REVENUE IN 1993 PERRIN LONG BROKERAGE INDUSTRY ANALYST AT FIRST OF MICHIGAN CORP ESTIMATES THAT GOLDMAN'S PROFIT MARGIN OF 201 WAS WALL STREET'S BEST ECLIPSING MERRILL LYNCH'S PROFIT MARGIN OF 146 AND SALOMON BROTHERS' 166 AS FOR THE REASON FOR GOLDMAN'S SUCCESS HE SAYS THEY'RE NOT TRYING TO BE ALL THINGS TO ALL PEOPLE THEY'RE VERY CAPABLE OF TRADING FOR THEIR OWN ACCOUNT THEY HAVE GOOD RESEARCH AND A LOW PROFILE WHICH IS MUCH MORE ATTRACTIVE TO CLIENTS THAN IT WAS IN THE GOGO 1980S INVESTMENT BANKERS AT RIVAL FIRMS SAY THAT THE PRETAX PROFIT FIGURES AMONG FIRMS AREN'T COMPARABLE OTHER THAN THE ONEMONTH DIFFERENCE IN WHEN THE COMPANIES' FISCAL YEARS END THE GOLDMAN PROFIT TOTAL IS BEFORE ANY PAYMENT TO THE PARTNERS MOST NOTABLY IT DOESN'T REFLECT THE SIZABLE CHUNK OF EARNINGS THAT WERE SET ASIDE FOR 161 PARTNERS THERE ARE NOW 150 AS THEIR 1993 BONUSES MOST OF THOSE EXECUTIVES EARNED BONUSES IN EXCESS OF 3 MILLION EACH ALTHOUGH THE PARTNERS DON'T HAVE ACCESS TO THOSE FUNDS UNTIL RETIREMENT OR DEPARTURE FROM THE COMPANY THE BROKERAGE FIRMS ALSO FACE DIFFERENT TAX TREATMENTS WITH BROKERS SUCH AS MERRILL PAYING A 40 CORPORATE TAX RATE AND GOLDMAN PAYING A MUCHLOWER PARTNERSHIP TAX IN FISCAL 1993 THE FINANCIAL STATEMENT REVEALS IT WAS GOLDMAN'S TRADING OPERATIONS THAT WERE RESPONSIBLE FOR A SIZABLE SHARE OF THE GAINS NET INCOME FROM PRINCIPAL TRADING AND MARKETMAKING ACTIVITIES ROSE TO 402 BILLION FROM 29 BILLION A YEAR EARLIER OVER THE PAST FOUR YEARS GOLDMAN'S FIXED INCOME AND EQUITY TRADING HAVE ACCOUNTED FOR AN 89 INCREASE IN TOTAL ASSETS TO 1159 BILLION FROM 613 BILLION ACCORDING TO THE FINANCIAL STATEMENT 9403080119 940308 WHO'S NEWS AGENCY RENTACAR INC AGENCY RENTACAR INC SOLON OHIO ROBERT J BRONCHETTI 46 YEARS OLD FORMERLY EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF THIS AUTOMOBILE RENTAL AND FINANCING CONCERN WAS NAMED PRESIDENT OF THE COMPANY HE RETAINS THE POST OF CHIEF FINANCIAL OFFICER AS PRESIDENT HE SUCCEEDS TERRY W HOLT 39 WHO RESIGNED HIS POST AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMPANY LAST FRIDAY THE COMPANY DECLINED TO COMMMENT ON THE REASON FOR MR HOLT'S RESIGNATION AND MR HOLT COULDN'T BE REACHED FOR COMMENT THE COMPANY HAS NOT NAMED ANYONE TO SUCCEED MR HOLT AS CHIEF EXECUTIVE ALSO EDWARD BURKHART 35 WAS NAMED TO THE NEW POST OF EXECUTIVE VICE PRESIDENT IN CHARGE OF RENTAL OPERATIONS HE WAS FORMERLY SENIOR VICE PRESIDENT 9403080118 940308 HEARD ON THE STREET BARGAINHUNTERS WITH HOPES FOR BOND FUNDS GATHER AROUND DECAPITATED' JOHN NUVEEN BY JONATHAN CLEMENTS STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK MANY INVESTORS ARE WONDERING IF THE BOND MARKET'S TURMOIL WILL SEND STOCK PRICES REELING SHAREHOLDERS OF JOHN NUVEEN ALREADY HAVE THEIR ANSWER THE CHICAGO MONEY MANAGER WHICH MANAGES 33 BILLION IN TAXFREE MUNICIPAL BOND FUNDS HAS SEEN ITS STOCK PLUNGE 46 IN THE PAST SIX MONTHS TO 22 5/8 YESTERDAY IT'S BEEN A BLOOD BATH SAYS DEAN EBERLING A LEHMAN BROTHERS ANALYST NUVEEN LOOKS AWFUL CHEAP COMPARED TO ITS LONGTERM GROWTH RATE WHICH COULD BE 15 A YEAR OVER THE NEXT FEW YEARS NUVEEN HAS LONG BEEN KNOWN FOR ITS SALES OF TAXEXEMPT UNIT INVESTMENT TRUSTS WHICH ARE UNMANAGED PORTFOLIOS OF MUNICIPAL BONDS THAT ARE SOLD OFF AFTER A FIXED PERIOD TYPICALLY 25 TO 30 YEARS BUT IN RECENT YEARS THE COMPANY HAS TURNED ITS HAND TO CLOSEDEND MUNICIPALBOND FUNDS WITH DAZZLING RESULTS UNLIKE REGULAR MUTUAL FUNDS CLOSEDEND FUNDS DON'T CONTINUALLY SELL SHARES TO NEW INVESTORS INSTEAD FUND SHARES ARE SOLD IN AN INITIAL PUBLIC OFFERING THEREAFTER INVESTORS WHO WANT TO BUY INTO THE FUND OR GET OUT CAN DO SO ONLY BY TRADING IN THE FUND'S STOCKEXCHANGELISTED SHARES NUVEEN STARTED SELLING CLOSEDEND FUNDS ONLY IN 1987 BUT SINCE THEN SALES HAVE SOARED NUVEEN NOW MANAGES AN ASTONISHING 82 CLOSEDEND FUNDS 66 LISTED ON THE NEW YORK STOCK EXCHANGE WHICH TAKE UP 6 1/2 INCHES IN THE WALL STREET JOURNAL'S STOCK TABLES AND 16 ON THE AMERICAN STOCK EXCHANGE ANOTHER INCH AND A HALF THE BOOM IN CLOSEDEND FUND SALES ALLOWED NUVEEN ITSELF TO GO PUBLIC IN MAY 1992 SELLING EIGHT MILLION SHARES AT 18 EACH FOLLOWING THE INITIAL OFFERING THE STOCK CLIMBED TO AN ALLTIME HIGH OF 41 5/8 IN LATE AUGUST 1993 BEFORE DROPPING PRECIPITOUSLY WHY HAS THE STOCK TANKED EVERYBODY WAS OPTIMISTIC THAT THE CLINTON TAX PLAN WOULD LEAD TO HIGHER MUNIBOND SALES SAYS JEFFREY HOPSON ANALYST WITH AG EDWARDS BUT IN THE FALL IT BECAME CLEAR THAT CLOSEDEND SALES WERE SLOWING NUVEEN HASN'T BROUGHT A NEW CLOSEDEND FUND TO MARKET SINCE SEPT 17 ANALYSTS SAY NUVEEN'S FUND SALES WEREN'T KILLED OFF BY RISING INTEREST RATES WHICH DEPRESS THE PRICE OF EXISTING BONDS RATHER INTEREST RATES IN LATE 1993 WERE SO LOW THAT YIELDHUNGRY INVESTORS BALKED RISING RATES HAVE HOWEVER ADDED TO NUVEEN'S PROBLEMS THE RECENT SURGE IN YIELDS HAS SHOVED DOWN BOND PRICES REDUCING THE VALUE OF NUVEEN'S ASSETS UNDER MANAGEMENT AND THUS LOWERING THE MONEYMANAGEMENT FEES THAT NUVEEN EARNS THE DROP AND THEN STARTLING UPTURN IN RATES WERE A DOUBLE HIT FOR NUVEEN SAYS STEPHEN LIEBER MANAGER OF THE EVERGREEN FUND WE THINK IT WILL BE MORE INTERESTING FOR THEM ONCE RATES STABILIZE MR LIEBER EXPECTS A PICKUP IN DEMAND FOR MUNICIPALBOND FUNDS GIVEN THE RISE IN PERSONAL TAX RATES AND THE ATTRACTIVE YIELDS ON TAXEXEMPT BONDS COMPARED WITH TAXABLE BONDS MUNICIPAL BONDS KICK OFF INCOME THAT'S EXEMPT FROM FEDERAL TAXES AND IN SOME CASES FROM STATE AND LOCAL TAXES AS WELL IN ADDITION ANALYSTS BELIEVE RISING BOND YIELDS MAY EVENTUALLY HELP TO REVIVE NUVEEN'S SALES BECAUSE YIELDHUNGRY INVESTORS WILL ONCE AGAIN BE TEMPTED TO BUY NEW CLOSEDEND FUNDS THIS IS A COMPANY THAT SHOULD BE HELPED BY AN UPTICK IN INTEREST RATES SAYS IRA MALIS AN ANALYST WITH ALEX BROWN THAT MIGHT STIMULATE SALES LEHMAN'S MR EBERLING SAYS THE COMPANY COULD ALSO BOLSTER SALES BY MAKING AN ACQUISITION OR PUSHING ITS SALES OF REGULAR MUTUAL FUNDS MORE HEAVILY AND HE DOESN'T RULE OUT THE POSSIBILITY THAT INSURER ST PAUL COS WHICH OWNS ROUGHLY THREEQUARTERS OF THE COMPANY'S STOCK MIGHT PUT NUVEEN UP FOR SALE ST PAUL DECLINED COMMENT YESTERDAY THE MARKET HAS CLEARLY DISCOUNTED A SITUATION OF NO GROWTH MR EBERLING SAYS GIVEN THAT THE STOCK HAS BEEN BASICALLY DECAPITATED IT'S DARN CHEAP NUVEEN IS TRADING AT LESS THAN 13 TIMES TRAILING 12MONTH EARNINGS OF 176 A SHARE WITH A DIVIDEND YIELD OF 28 ANALYSTS ARE LOOKING FOR THE COMPANY TO EARN 2 A SHARE IN 1994 THOUGH MR EBERLING BELIEVES EARNINGS COULD BE HIGHER THAN THE CONSENSUS FORECAST HE'S CURRENTLY PREDICTING 218 A SHARE ALEX BROWN'S MR MALIS GIVES THE STOCK A NEUTRAL RATING BUT HE SAYS HE MAY UPGRADE HIS RATING IF THE STOCK TUMBLES MUCH FURTHER IT'S CLEARLY GETTING TEMPTING SAYS MR MALIS AT SOME POINT WITH THIS COMPANY AND THIS FRANCHISE YOU JUST CLOSE YOUR EYES AND SAY THINGS WILL GET BETTER 9403080117 940308 ECONOMY US PROBES WHETHER TOBACCO CONCERNS AGREED NOT TO SELL FIRESAFE' CIGARETTES BY EBEN SHAPIRO STAFF REPORTER OF THE WALL STREET JOURNAL THE ANTITRUST DIVISION OF THE US DEPARTMENT OF JUSTICE IS INVESTIGATING WHETHER CIGARETTE MANUFACTURERS HAVE ILLEGALLY AGREED TO KEEP CERTAIN TYPES OF CIGARETTES OFF THE MARKET THE INVESTIGATION CENTERS ON SOCALLED FIRESAFE CIGARETTES CIGARETTES THAT ARE LESS LIKELY TO CAUSE FIRES RJR NABISCO HOLDINGS CORP DISCLOSED THE INVESTIGATION IN A RECENT FILING WITH THE SECURITIES AND EXCHANGE COMMISSION GINA TALAMONA A SPOKESWOMAN FOR THE JUSTICE DEPARTMENT CONFIRMED THAT THE ANTITRUST DIVISION IS CONDUCTING AN INVESTIGATION INTO THE POSSIBILITY OF AGREEMENT AMONG CIGARETTE COMPANIES TO SUPPRESS PRODUCT RESEARCH AND DEVELOPMENT REGARDING FIRESAFE CIGARETTES IN 1990 THERE WERE 1200 REPORTED DEATHS FROM CIGARETTEIGNITED FIRES AND THERE IS CONGRESSIONAL SUPPORT FOR DEVELOPING CIGARETTES THAT ARE LESS LIKELY TO CAUSE FIRES TOBACCOINDUSTRY WATCHDOGS SAY THE INDUSTRY HAS RESISTED SUCH A CIGARETTE BECAUSE PUTTING A SAFER CIGARETTE ON THE MARKET WOULD OPEN OTHER CIGARETTES TO ATTACK ON PRODUCTLIABILITY LAWSUITS TO PUT A FIRESAFE CIGARETTE ON THE MARKET IS TO AWAKEN EVEN THE MOST SOMNAMBULANT PRODUCTLIABILITY LAWYER SAID RICHARD DAYNARD HEAD OF THE TOBACCO PRODUCTS LIABILITY PROJECT AN ANTITOBACCO LEGAL GROUP MR DAYNARD SAID THE GOVERNMENT IS INVESTIGATING THE INDUSTRY'S GENTLEMAN'S AGREEMENT THAT THEY WOULD NOT COME OUT WITH FIRESAFE CIGARETTES IF SUCCESSFUL HE SAID THE FEDERAL INVESTIGATION COULD LEAD TO SIMILAR ACTIONS ABOUT OTHER INGREDIENTS IN CIGARETTES SUCH AS NICOTINE PHILIP MORRIS COS AND RJR THE NATION'S TWO LARGEST TOBACCO COMPANIES CONFIRMED THAT THEY HAD RECEIVED REQUESTS FOR DOCUMENTS FROM THE JUSTICE DEPARTMENT IN THE LAST MONTH OR SO STEVE PARRISH GENERAL COUNSEL FOR PHILIP MORRIS SAID YESTERDAY I CAN CONFIRM THAT PHILIP MORRIS USA HAS RECEIVED A CIVIL INVESTIGATIVE DEMAND FROM THE ANTITRUST DIVISION OF THE US DEPARTMENT OF JUSTICE IN AN INVESTIGATION OF POSSIBLE JOINT ACTIVITY AMONG UNITED STATES MANUFACTURERS IN THE PRODUCTION AND SALE OF CIGARETTES INCLUDING POSSIBLE JOINT ACTIVITIES TO LIMIT NEW PRODUCT DEVELOPMENT SPECIFICALLY IN THE AREA OF REDUCED IGNITION PROPENSITY CIGARETTES MR PARRISH ASKED IF PHILIP MORRIS SUPPRESSED INFORMATION IN DEVELOPMENT OF FIRESAFE PRODUCTS REPLIED ABSOLUTELY NOT RJR DECLINED COMMENT ON THE INVESTIGATION CITING SEC RESTRICTIONS TIED TO A STOCK REGISTRATION THE UNUSUAL ANTITRUST INVESTIGATION IS THE CLINTON ADMINISTRATION'S LATEST BLAST AT THE TOBACCO INDUSTRY AND HAS TOBACCO EXECUTIVES PRIVATELY COMPLAINING ABOUT A COORDINATED ATTACK BY THE WHITE HOUSE THE ADMINISTRATION WHICH IS FIGHTING TO TRIPLE THE FEDERAL EXCISE TAX ON CIGARETTES TO NEARLY 1 A PACK IS BY FAR THE MOST ANTAGONISTIC THAT THE TOBACCO INDUSTRY HAS FACED IN RECENT WEEKS THE FOOD AND DRUG ADMINISTRATION SAID THAT IT IS CONSIDERING EVIDENCE THAT WOULD RESULT IN THE FDA REGULATING CIGARETTES AS A DRUG AND SURGEON GENERAL DR JOYCELYN ELDERS URGED A BAN ON CIGARETTE ADVERTISING DIRECTED AT TEENAGERS THOSE ACTIONS FOLLOW THE RELEASE LAST YEAR OF AN ENVIRONMENTAL PROTECTION AGENCY REPORT ASSERTING THAT SECONDHAND SMOKE CAUSES LUNG CANCER THESE THINGS ARE NOT ALL HAPPENING BY COINCIDENCE SAID AN EXECUTIVE AT A CIGARETTE COMPANY WHO ASKED NOT TO BE IDENTIFIED THERE IS A LOT GOING ON AND IT'S WELLPLANNED AND WELLCOORDINATED YOU CAN'T DISCOUNT THE POSSIBILITY THAT IT IS TIED TO THE PROPOSAL TO INCREASE THE FEDERAL EXCISE TAX MR DAYNARD OF THE ANTITOBACCO GROUP SAID THE FLURRY OF ACTIVITY WOULD HAVE BEEN UNTHINKABLE IN THE LAST ADMINISTRATION HE PREDICTED THAT THE ANTITRUST INVESTIGATION COULD LEAD TO A NEW ROUND OF LAWSUITS AGAINST THE TOBACCO COMPANIES NOTING THAT THE INDUSTRY HASN'T RECEIVED ANTITRUST SCRUTINY SINCE LARGE TOBACCO COMPANIES WERE BROKEN UP BY THE GOVERNMENT DECADES AGO 9403080116 940308 WHO'S NEWS CITICORP'S CHAIRMAN JOHN REED EARNED 42 MILLION LAST YEAR NEW YORK CITICORP CHAIRMAN JOHN S REED EARNED 42 MILLION IN CASH COMPENSATION LAST YEAR REFLECTING THE COMPANY'S 1993 PERFORMANCE THAT WAS SIGNIFICANTLY BETTER THAN PLANNED ACCORDING TO THE COMPANY'S 1994 PROXY STATEMENT THE NATION'S LARGEST BANKING COMPANY EARNED 22 BILLION OR 411 A SHARE DRIVEN BY SHARPLY LOWER BADDEBT COSTS AND HIGHER REVENUE FROM TRADING SECURITIES AND CURRENCIES IT IS BELIEVED TO BE THE HIGHEST CASH COMPENSATION EVER EARNED BY A BANK CHIEF EXECUTIVE BUT FEW OTHER BIG BANKS HAVE RELEASED THEIR PROXY STATEMENTS FOR 1993 MR REED EARNED A 3 MILLION BONUS AND SALARY AND SAVINGS PLAN BENEFITS OF 12 MILLION LAST YEAR HIS BONUS WAS 1035 MILLION IN ADDITION MR REED RECEIVED 50000 RESTRICTED STOCK OPTIONS THAT THE COMPANY VALUED AT OVER 2 MILLION AND 450000 OF NONRESTRICTED STOCK OPTIONS MEANWHILE THE COMPANY SAID TWO DIRECTORS LAWRENCE FOURAKER AND DONALD SEIBERT ARE RETIRING BRINGING THE NUMBER OF DIRECTORS UP FOR REELECTION TO SIXTEEN THE DIRECTORS VOTED LAST MONTH TO FIX THE BOARD'S SIZE AT THAT LEVEL THE PROXY SAYS THE DIRECTORS WROTE IN THE PROXY THAT MR REED'S COMPENSATION STEMMED FROM HIS VISION AND TENACITY IN OVERSEEING CITICORP'S RETURN TO CORPORATE STRENGTH AND DETERMINED THAT MR REED PERSONALLY DESERVED CREDIT FOR ACCOMPLISHING THIS RECOVERY WITHOUT DISPOSING OF ANY OF THE CORE BUSINESSES THE PROXY ALSO REVEALED THE COMPENSATION OF CHRISTOPHER STEFFEN THE FORMER CHIEF FINANCIAL OFFICER OF EASTMAN KODAK WHO JOINED CITICORP LAST SUMMER AS A SENIOR EXECUTIVE VICE PRESIDENT MR STEFFEN EARNED 13 MILLION IN SALARY AND BONUS AS WELL AS STOCK OPTIONS SOME OF WHICH ARE RESTRICTED THAT THE COMPANY SAID HAVE A CURRENT MARKET VALUE OF AROUND 2 MILLION MR STEFFEN ALSO WAS CREDITED WITH 10 YEARS OF CITICORP SERVICE UNDER THE COMPANY'S RETIREMENT PLAN 9403080115 940308 MERRILL LYNCH OFFICE IN BEIJING NEW YORK MERRILL LYNCH & CO SAID IT PLANS TO OPEN A REPRESENTATIVE OFFICE IN BEIJING ITS SECOND OFFICE IN CHINA THE SECURITIES FIRM NOTED THAT IT HAS RAISED MORE THAN 4 BILLION FOR INVESTMENT IN CHINA OVER THE PAST TWO YEARS MERRILL LYNCH HAS PARTICIPATED IN 23 SECURITIES ISSUES FOR CHINESE ENTERPRISES AND INVESTMENT FUNDS SINCE 1992 SERVING AS LEAD MANAGER IN 11 OF THEM 9403080114 940308 SYLVAN LEARNING IS SET TO BROADEN SERVICES IN BALTIMORE SCHOOLS BALTIMORE THE CITY OF BALTIMORE PLANS TO HIRE SYLVAN LEARNING SYSTEMS INC TO PROVIDE REMEDIAL MATH AND WRITING SERVICES FOR 500 STUDENTS IN TWO PUBLIC MIDDLE SCHOOLS SINCE LAST YEAR THE COLUMBIA MD EDUCATIONAL SERVICES COMPANY HAS PROVIDED MATH AND READING REMEDIAL SERVICES FOR 900 PUPILS IN SIX BALTIMORE ELEMENTARY SCHOOLS THE NEW MIDDLESCHOOL PROGRAM WHICH COULD TAKE EFFECT IN A MATTER OF WEEKS IS SUBJECT TO APPROVAL BY THE BALTIMORE CITY BOARD OF ESTIMATES IF APPROVED THE COMPANY WOULD EQUIP THE PIMLICO AND GREENSPRING MIDDLE SCHOOLS WITH THREE CLASSROOMS TWO FOR INSTRUCTION AND ONE FOR A COMPUTER LAB USED FOR WRITING ASSIGNMENTS AS WELL AS A PARENT CONFERENCE AREA THE CLASSROOMS WOULD BE OPEN DURING AND AFTER SCHOOL HOURS AND WOULD PROVIDE A MINIMUM RATIO OF ONE COMPUTER AND INSTRUCTOR FOR EVERY THREE STUDENTS SYLVAN SAID IT WOULD GUARANTEE THAT EACH STUDENT IN THE PROGRAM WOULD ATTAIN A MINIMUM LEVEL OF ACADEMIC GROWTH OR THE COMPANY WOULD PROVIDE FREE ADDITIONAL INSTRUCTION SYLVAN BASED IN COLUMBIA MD SAID THE NEW CONTRACT WOULD GENERATE MORE THAN 1 MILLION IN REVENUE IN 1994 AND AS MUCH AS 125 MILLION IN 1995 IT HAD 19 MILLION IN REVENUE IN 1993 9403080113 940308 AMERICAN AIRLINES TRAFFIC FALLS DALLAS AMERICAN AIRLINES SAID ITS FEBRUARY TRAFFIC SLIPPED 28 FROM FEBRUARY 1993 THE AMR CORP UNIT REPORTED 67 BILLION REVENUE PASSENGER MILES FOR THE MONTH DOWN FROM 69 BILLION MILES A YEAR EARLIER A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE LOAD FACTOR OR PERCENTAGE OF AVAILABLE SEATS FILLED ROSE TO 595 FROM 563 A YEAR EARLIER FOR THE FIRST TWO MONTHS TRAFFIC FELL 31 TO 141 BILLION REVENUE PASSENGER MILES FROM 145 BILLION IN 1993 LOAD FACTOR ROSE TO 592 FROM 567 9403080112 940308 FLUOR UNIT INVESTS IN POLISH FIRM IRVINE CALIF FLUOR DANIEL A UNIT OF FLUOR CORP SAID IT DEFINITIVELY AGREED TO MAKE A 35 EQUITY INVESTMENT IN PROCHEM SA AN ENGINEERING AND CONSTRUCTION COMPANY IN WARSAW A SPOKESWOMAN FOR FLUOR SAID THE INVESTMENT TOTALS LESS THAN 3 MILLION FLUOR DANIEL SAID THE COMPANIES WILL BEGIN WORKING TOGETHER IMMEDIATELY AND WILL PROVIDE ENGINEERING PROCUREMENT CONSTRUCTION MANAGEMENT MAINTENANCE VALIDATION AND STARTUP SERVICES IN POLAND AND OTHER CENTRAL EUROPEAN COUNTRIES THE COMPANIES EXPECT TO COMPLETE THE DEAL BY YEAR END PROBABLY AROUND MIDYEAR THE SPOKESWOMAN SAID 9403080111 940308 RASH OF TRADING AHEAD OF BIG DEALS RAISES EYEBROWS BY WARREN GETLER AND CHRISTI HARLAN STAFF REPORTERS OF THE WALL STREET JOURNAL THE WORD ABOUT SOME RECENT MERGERS SEEMS TO BE GETTING AROUND AWFULLY FAST TARGET COMPANIES IN FOUR MAJOR DEALS IN THE PAST MONTH HAVE SEEN THEIR STOCK PRICES CLIMB SHARPLY BEFORE ANY MERGER ANNOUNCEMENTS WERE MADE SUGGESTING THAT MATERIAL INSIDE INFORMATION IS BEING ABUSED BY PEOPLE IN THE KNOW MARTIN MARIETTA CORP'S ANNOUNCMENT YESTERDAY THAT IT IS LAUNCHING A 55ASHARE TENDER OFFER TO ACQUIRE FELLOW DEFENSE CONTRACTOR GRUMMAN CORP SENT THE TARGET COMPANY'S STOCK SOARING 1425 OR 36 TO CLOSE AT 54125 ON THE NEW YORK STOCK EXCHANGE BUT THAT GAIN CAME ONLY AFTER GRUMMAN'S SHARES HAD CLIMBED 85 FRIDAY ON NEARLY FOUR TIMES THE STOCK'S AVERAGE DAILY VOLUME ON THE BIG BOARD NEW YORK STOCK EXCHANGE OFFICIALS SAID THEY ARE LOOKING INTO THE PREANNOUNCEMENT ACTIVITY IN GRUMMAN'S SHARES EMPHASIZING THAT THE REVIEW IS A ROUTINE MATTER TRIGGERED BY THE HEAVY VOLUME AND PRICE MOVEMENT IN THE SECURITIES IT LOOKS LIKE TAKEOVERS ARE COMING BACK WHENEVER WE GET SHAREPRICE MOVEMENT PRIOR TO THE PUBLIC ANNOUNCEMENT THE EXCHANGE TAKES A LOOK AT THE SITUATION SAID A BIG BOARD SURVEILLANCE OFFICIAL ANOTHER SIGN THAT INSIDE INFORMATION MAY HAVE LEAKED OUT WAS A HUGE INCREASE IN GRUMMAN'S OPTION VOLUME AT THE CHICAGO BOARD OPTIONS EXCHANGE WE REALLY NOTICED THE ACTIVITY STARTING LATE WEDNESDAY CONTINUING THURSDAY AND REACHING A PEAK FRIDAY AFTERNOON SAID STEPHEN TAYLOR A CBOE TRADER WITH LAKOTA TRADING AND A MARKET MAKER IN GRUMMAN OPTIONS AVERAGE DAILY OPTION VOLUME IS 100 CONTRACTS A DAY ON FRIDAY WE TRADED OVER 1000 CONTRACTS MOST OF THEM CALL OPTIONS OR BETS THAT THE STOCK WOULD RISE MR TAYLOR SAID PRUDENTIAL SECURITIES AND CHARLES SCHWAB WERE THE BIG BUYERS OF THE CALL OPTIONS HE SAID THOSE TWO FIRMS STOOD OUT PRUDENTIAL AND SCHWAB OFFICIALS COULDN'T BE REACHED FOR COMMENT LATE YESTERDAY MR TAYLOR SAID PIT TRADERS WILL FILE AN UNUSUAL ACTIVITY REPORT' WITH THE CBOE TUESDAY AT MARTIN MARIETTA A SPOKESMAN SAID NEWS OF THE PROPOSED GRUMMAN ACQUISITION WAS CLOSELY HELD WITHIN MARTIN MARIETTA THE ONLY THING THAT COULD EXPLAIN THE SURGE IN GRUMMAN'S STOCK PRICE WAS A BUY RECOMMENDATION FROM MERRILL LYNCH ON GRUMMAN THURSDAY THE SPOKESMAN SAID A GRUMMAN SPOKESMAN SAID THE COMPANY HAD NO IDEA WHY THE STOCK HAD MOVED EARLIER TRADING ON MATERIAL NONPUBLIC INFORMATION SUCH AS KNOWLEDGE ABOUT AN IMMINENT TAKEOVER ANNOUNCEMENT IS ILLEGAL THE NEW YORK STOCK EXCHANGE AMERICAN STOCK EXCHANGE AND THE NASDAQ STOCK MARKET ALL MAINTAIN EQUITYSURVEILLANCE DEPARTMENTS TO DETECT ILLEGAL INSIDER ACTIVITY ENFORCEMENT OF CIVIL INSIDERTRADING LAWS LIES WITH THE SECURITIES AND EXCHANGE COMMISSION WHICH HAS EQUITYSURVEILLANCE OPERATIONS OF ITS OWN WHILE SHARE PRICES CAN RISE ON A HOST OF FACTORS SUCH AS BULLISH EARNINGS FORECASTS BY ANALYSTS PRIOR TO A MATERIAL ANNOUNCEMENT THE RECENT RASH OF PREANNOUNCEMENT ACTIVITY IS CAUSING CONCERN AMONG REGULATORS SEC OFFICIALS AS IS THEIR CUSTOM DECLINED TO COMMENT ON ANY OF THE RECENT RUNUPS IN THE STOCK OF TARGET COMPANIES BUT IN GENERAL SUCH PRICE INCREASES ARE A SOURCE OF CONCERN SAID THOMAS NEWKIRK SEC ASSOCIATE ENFORCEMENT DIRECTOR IF THERE ARE PEOPLE TRADING ON INSIDE INFORMATION THEY'RE GOING TO BE SORRY THE RECENT MERGERS AND ACQUISITIONS ARE PROVIDING FAMILIAR TERRITORY FOR THE SEC WHICH GARNERED MANY HEADLINES AND SETTLEMENTS IN THE MERGER HEYDAY OF THE EARLY 1980S IN THE LATE 1980S AND EARLY 1990S A LOT OF INSIDER TRADING SHIFTED FROM M&A TO SELLING AHEAD OF BAD NEWS MR NEWKIRK SAID WE'VE NOW TURNED BACK TO M&A PETER ROMEO A FORMER SEC ATTORNEY AND NOW A PARTNER WITH HOGAN & HARTSON A WASHINGTON DC LAW FIRM FINDS THE RECENT FLURRY OF PREDISCLOSURE SHARE PRICE AND VOLUME ACTIVITY UPSETTING IF IN FACT THE MOVES TURN OUT TO BE BASED ON THE USE OF INSIDE INFORMATION IF THAT'S THE EXPLANATION FOR THESE PRICE RISES IT ERODES THE INTEGRITY OF THE MARKET HE SAID THE INVESTING PUBLIC CAN GET THE IDEA THAT INSIDERS ARE PLAYING GAMES MAKING PROFITS AT THE EXPENSE OF OTHERS AND THAT THE PRACTICE MAY BE WIDESPREAD SIGNS OF UNUSUAL PREANNOUNCEMENT TRADING ACTIVITY OF LATE INCLUDE A HEFTY JUMP IN THE SHARE PRICE OF BRODERBUND SOFTWARE INC ON THE DAY BEFORE ELECTRONIC ARTS INC ANNOUNCED ITS PROPOSED ACQUISITION OF THE COMPANY FEB 10 BRODERBUND'S STOCK JUMPED 10 FEB 9 ON NEARLY THREE TIMES THE AVERAGE NASDAQ DAILY VOLUME AND CALL OPTION VOLUME AT THE CBOE LIKEWISE SOARED THAT DAY SIMILARLY SHARES OF NEXTEL COMMUNICATIONS INC CLIMBED NEARLY 6 ON THE NASDAQ MARKET JUST BEFORE MCI COMMUNICATIONS CORP ANNOUNCED ITS PROPOSED PURCHASE OF 17 OF THE COMPANY MARCH 1 OPTIONS VOLUME ALSO SOARED FIVEFOLD AND SHARES OF HOME NUTRITIONAL SERVICES SURGED 15 ON THE DAY BEFORE WR GRACE & CO ANNOUNCED ITS PROPOSED TENDER OFFER FOR THE COMPANY FRIDAY IN ALL THREE CASES OFFICIALS AT THE ACQUIRING COMPANIES AND TARGET COMPANIES SAID THEY COULD NOT EXPLAIN THE RUNUP IN PRICES AND VOLUME BEFORE THE PUBLIC DISCLOSURE OF THE BIDS A SPOKESWOMAN FOR MCI SAID THE COMPANY FEELS REAL CONFIDENT ABOUT ITS POLICIES TO PREVENT PREMATURE LEAKAGE OF INFORMATION ABOUT TRANSACTIONS WE HAVE RIGOROUS POLICIES AND PROCEDURES STARTING WITH CODE NAMES THE SPOKESWOMAN SAID WE RESTRICT THE NUMBER OF PEOPLE THAT KNOW ABOUT THE DEAL THEY ONLY BRING IN THE PEOPLE THEY ABSOLUTELY NEED THEY NEGOTIATE OFF SITE A WR GRACE SPOKESMAN SAID THE COMPANY HAS A WIDE VARIETY OF PROCEDURES TO ENSURE THE CONFIDENTIALITY OF INFORMATION RELATING TO TRANSACTIONS INVOLVING POSSIBLE ACQUISITIONS HE DECLINED TO ELABORATE NASDAQ OFFICIALS DECLINED TO COMMENT OTHER THAN TO SAY THEY ROUTINELY CHECK FOR UNUSUAL PRICE AND VOLUME SWINGS PRIOR TO MERGER ANNOUNCEMENTS AND THE DISCLOSURE OF OTHER MATERIAL EVENTS SEC OFFICIALS MAINTAIN THAT ENFORCEMENT OF INSIDERTRADING LAWS REMAINS A TOP PRIORITY OF THE FEDERAL AGENCY BUT SOME OBSERVERS POINT OUT OTHER ENFORCEMENT PRIORITIES ARE ABSORBING INCREASING AMOUNTS OF THE AGENCY'S TIME AND FINANCIAL RESOURCES UNDER NEW SEC CHAIRMAN ARTHUR LEVITT THE COMMISSION APPEARS TO BE PLACING GREATER EMPHASIS ON CORRALLING FRAUD ABUSES THAT HURT INDIVIDUAL INVESTORS SUCH AS FINANCIAL FRAUD THE SEC LAST OCTOBER REACHED A SETTLEMENT INVOLVING PRUDENTIAL SECURITIES INC IN WHICH THE BIG BROKERAGE FIRM AGREED TO PAY AT LEAST 330 MILLION INTO A RESTITUTION FUND TO REPAY INVESTORS DEFRAUDED INTO BUYING LIMITED PARTNERSHIPS IN THE 1980S THE CASE MARKED THE BIGGEST SETTLEMENT EVER REACHED WITH A FIRM INVOLVING INDIVIDUAL INVESTORS DESPITE THE LOW PROFILE OF MORE RECENT CASES MR NEWKIRK SAYS THE SEC'S INSIDERTRADING PROGRAM IS ALIVE AND WELL AND EVEN WITH CHAIRMAN LEVITT'S FOCUS ON BROADER INVESTORPROTECTION CASES MR NEWKIRK SAYS THE SEC IS PROBABLY DEVOTING AS MUCH RESOURCES TO INSIDER TRADING AS WE EVER HAVE AND WHEN THE SEC DOES MOVE IT MOVES WITH DELIBERATE CAUTION INDEED INSIDERTRADING CASES CAN CONSUME YEARS BETWEEN THE ILLEGAL TRADES AND THE FILING OF CHARGES THE SEC SPENDS AN AVERAGE OF 18 MONTHS INVESTIGATING MOST SECURITIESLAW VIOLATIONS INSIDER TRADING AND FINANCIAL FRAUD TAKE A LITTLE LONGER SAID MR NEWKIRK JUST LAST WEEK THE SEC FILED A COMPLAINT ALLEGING INSIDERTRADING IN THE STOCK OF CONTEL CORP ALMOST FOUR YEARS AFTER THE COMPANY'S STOCK PRICE SHOT UP ON THE 1990 NEWS OF A MERGER WITH GTE CORP THE TIMING OF THE CASE WASN'T UNUSUAL BUT ITS TARGET WAS THE HUSBAND OF THE SECRETARY TO GTE'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER THE SEC SAID THE HUSBAND BOUGHT CONTEL STOCK AND OPTIONS UNBEKNOWNST TO HIS WIFE THE HUSBAND A PLUMBER AGREED WITHOUT ADMITTING OR DENYING GUILT TO SETTLE BY PAYING BACK DOUBLE THE 27000 PROFIT HE MADE INVESTIGATIONS OF INSIDERTRADING CASES IN GENERAL TEND TO TAKE LONGER THAN OTHERS SIMPLY BECAUSE THEY'RE TOUGHER TO PROVE MR NEWKIRK SAID MORE THAN ANY OTHER CASE THESE CASES ARE MARKED BY LYING HE SAID AND BECAUSE IT'S TOUGH TO COME BY EVIDENCE TO REFUTE AN INSIDE TRADER WHO INSISTS THAT HIS PURCHASES WERE BASED ON MARKET SAVVY RATHER THAN AN ILLICIT TIP IT TAKES A LONG TIME TO FINISH THESE KINDS OF CASES MR NEWKIRK SAID SEC ENFORCEMENT DIRECTOR WILLIAM MCLUCAS SAID THE AGENCY HAS BROUGHT CHARGES IN A FAIRLY SIGNIFICANT NUMBER OF INSIDERTRADING CASES EVERY YEAR FOR ABOUT 10 YEARS IN TERMS OF ENFORCEMENT PRIORITIES IT'S A CORE PART OF THE PROGRAM HE SAID WE HAVE AFFECTED BEHAVIOR WE'VE PROBABLY IMPROVED CONDUCT WITHIN THE SECURITIES INDUSTRY AT THE SAME TIME IT'S A VIRUS YOU'RE NEVER GOING TO COMPLETELY ELIMINATE THESE DAYS INSIDERTRADING CASES TYPICALLY INVOLVE LESSER DOLLAR AMOUNTS THAN IN THE HIGHROLLING 1980S IT'S NOT AS GLAMOROUS AS IT WAS WHEN YOU HAD AN IVAN BOESKY AND A MARTY SIEGEL MR MCLUCAS SAID BUT IT'S STILL GOING ON 9403080110 940308 INTERNATIONAL JAPANESE FIRMS FACE CHALLENGE OF FIRST LAWS ON CONSUMER RIGHTS BY JATHON SAPSFORD STAFF REPORTER OF THE WALL STREET JOURNAL TOKYO AT SUMITOMO MARINE & FIRE INSURANCE CO A CAPACITY CROWD OF SEVERAL HUNDRED BUSINESSMEN CONFRONTS THE LATEST CHALLENGE TO THE OLD WAY OF DOING BUSINESS IN JAPAN COPING WITH THE NATION'S FIRST CONSUMERRIGHTS LEGISLATION AT THE PODIUM SUMITOMO INSURANCE EXPERT IPPEI TAKATA GIVES EASYTOUNDERSTAND ADVICE ON HOW BUSINESSES CAN AVOID RUNNING AFOUL OF TOUGHENED PROVISIONS ON PRODUCT LIABILITY A CAMERA CREW FILMS MR TAKATA'S PRESENTATION FOR BROADCAST TO CLIENTS WHO PACK INTO REGIONAL SUMITOMO OFFICES THROUGHOUT JAPAN WE CAN SELL YOU AS MANY INSURANCE POLICIES AS YOU LIKE BUT THAT JUST ISN'T ECONOMICAL MR TAKATA TELLS THE ASSEMBLED BUSINESSMEN THE BEST LONGTERM POLICY IS PREVENTING DEFECTS WHEN PRIME MINISTER MORIHIRO HOSOKAWA TALKS ABOUT HOW HE INTENDS TO TRANSFORM THE JAPANESE ECONOMY HE HAS IN MIND POLICIES SUCH AS JAPAN'S NEW CONSUMERPROTECTION RULES WHICH ARE ABOUT TO MAKE IT EASIER TO SUE COMPANIES FOR DAMAGES FROM DEFECTIVE PRODUCTS THE PROPOSED CONSUMERRIGHTS LEGISLATION EXPECTED TO WIN PARLIAMENTARY APPROVAL IN A FEW MONTHS IS PART OF MR HOSOKAWA'S AMBITIOUS PROMISE TO CHANGE JAPAN'S NATIONAL FOCUS FROM BIG BUSINESS TO THE LITTLE GUY AND IT SYMBOLIZES THE KIND OF POLICIES MR HOSOKAWA CITES WHEN HE DESCRIBES TO THE US AND OTHER COUNTRIES HOW HE PLANS TO MAKE THE JAPANESE ECONOMY MORE LIKE THAT OF OTHER NATIONS BUSINESSES ARE ALREADY CRANKING UP TO MEET THE CHALLENGE CORPORATE ORDERS FOR INSURANCE COVERAGE ARE SURGING AT SUMITOMO VOLUME IS RUNNING MORE THAN 40 HIGHER THAN FROM LEVELS OF A FEW YEARS AGO COMPETITOR MITSUI MARINE & FIRE INSURANCE CO SAYS SALES HAVE DOUBLED OVER THE PAST FIVE YEARS SUCH CASUALTY INSURERS ARE SETTING UP PRODUCTLIABILITY CENTERS TO MEET SURGING CLIENT DEMAND LEGAL HOT LINES ARE RINGING OFF THE HOOK A NEW MARKET FOR PRODUCTLIABILITY BOOKS AND VIDEOS HAS CROPPED UP AND JAPAN'S MEDIA ARE CARRYING A HEATED DEBATE BETWEEN BUSINESS PEOPLE AND CONSUMER ADVOCATES OVER THE SCOPE OF THE PROPOSED LEGISLATION THIS IS MAKING EVERYONE MORE CONSCIOUS OF PRODUCT LIABILITY AND CONSUMER RIGHTS SAID MASATO NAKAMURA A CONSUMER LAWYER IF THAT RAISES PRODUCTSAFETY STANDARDS IT'S GOOD UNTIL NOW JAPAN'S RELATIVE LACK OF A CONSUMER PROTECTION HAS BEEN A SOURCE OF TENSION BETWEEN TOKYO AND WASHINGTON AS CORPORATE JAPAN BUILT ITS WORLDCONQUERING EXPORT MACHINE ITS LEADERS WORRIED LITTLE ABOUT THE LAWS RESTRICTING US COMPETITORS US BUSINESSES OFTEN COMPLAIN THAT THIS HAS AMOUNTED TO AN UNFAIR ADVANTAGE TO JAPANESE COMPANIES WHICH PAY FAR LESS FOR LEGAL SERVICES JAPAN'S CONSUMERS MEANWHILE HAVE BEEN CRYING THEMSELVES TO SLEEP MR NAKAMURA SAID CONSUMERLIABILITY CASES IN JAPAN COMMONLY DRAG ON FOR DECADES A SHORTAGE OF LAWYERS AND A CULTURAL HESITANCE TO SUE CAUSE OUTOFCOURT SETTLEMENTS THAT CONSUMER GROUPS SAY LET MANUFACTURERS OFF WITH JUST A SLAP ON THE WRIST COURT PROCEEDINGS ARE SADDLED WITH CUMBERSOME TIMECONSUMING REGULATIONS LAWYERS ESTIMATE THAT SINCE WORLD WAR II JAPANESE COURTS HAVE TRIED ONLY 160 PRODUCTLIABILITY CASES FEWER THAN WHAT US COURTS CURRENTLY TRY IN A SINGLE DAY WITH PROMISES TO CHANGE ALL THAT PRIME MINISTER HOSOKAWA ENDED 38 YEARS OF RULE BY THE PROBUSINESS LIBERAL DEMOCRATIC PARTY IN ELECTIONS LAST YEAR AND AFTER FIERCELY OPPOSING A PRODUCTLIABILITY LAW FOR DECADES BUSINESS LEADERS IN THIS NEW ERA NOW REALIZE THEY ARE NO LONGER POWERFUL ENOUGH TO STOP THE CHANGES THIS LAW REPRESENTS A TREMENDOUS CONCESSION ON THE PART OF BUSINESS TO OTHER INTEREST GROUPS SAID HIROSHI OGAWA DIRECTOR OF THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY'S CONSUMER AFFAIRS DEPARTMENT SOME COMPANIES FEAR THE NEW LEGISLATION MAY BE THE FIRST STEP TOWARD AMERICA'S LITIGATION HELL AS IT IS CALLED IN JAPANESE SOME JAPANESE COMPANIES BURNED IN US PRODUCTLIABILITY SUITS SAY MORE LAWSUITS ARE ONE US IMPORT JAPAN REALLY DOESN'T NEED I DON'T THINK THERE'S ANY DOUBT THAT THE NUMBER OF LAWSUITS IN JAPAN WILL INCREASE BECAUSE OF THIS LAW SAID YOSHIKAZU MIYABE VICE PRESIDENT AT MITSUBISHI KASEI CORP A JAPANESE CHEMICAL CONCERN THAT IS GIVING EMPLOYEES AN INHOUSE PRODUCTLIABILITY MANUAL TO READ SUCH FEARS ARE PROBABLY OVERSTATED THE PROPOSED LAW IS A COMPROMISE HAMMERED OUT BY A BLUERIBBON PANEL COMMISSIONED BY THE GOVERNMENT THE PROPOSAL MODELED ON EUROPEAN LAWS MANDATES STRICTER MANUFACTURER LIABILITY WHEREBY PLAINTIFFS NEED PROVE ONLY A PRODUCT'S DEFECT AND THAT IT CAUSED DAMAGE THIS IS TOUGHER THAN THE CURRENT SYSTEM UNDER WHICH PLAINTIFFS HAVE TO PROVE A MAKER KNOWINGLY MARKETED A DEFECTIVE PRODUCT SOME CONSUMER ADVOCATES HOWEVER SAY THE PROPOSAL REMAINS FLAWED AND THAT JAPAN ISN'T LIKELY TO SUDDENLY BECOME A PARADISE FOR PLAINTIFFS OR AMBULANCECHASING LAWYERS CRITICS SAY THE NEW RULE PROPOSES A DEFINITION OF DEFECT SO NARROW THAT IT WOULD REPRESENT ONLY A MARGINAL IMPROVEMENT OVER THE EXISTING SYSTEM MOREOVER THE LAW DOESN'T IMPROVE PLAINTIFFS' RIGHTS TO UNCOVER CORPORATE RECORDS AND INFORMATION SOCALLED DISCOVERY RULES REMAIN MUCH WEAKER IN JAPAN THAN IN THE US 9403080109 940308 ABREAST OF THE MARKET INDUSTRIALS GAIN 2392 TO 385622 AS INTERESTRATE WORRIES SUBSIDE BY DAVE PETTIT SPECIAL TO THE WALL STREET JOURNAL NEW YORK A MODEST RALLY IN BONDS EASED INVESTORS' FEARS ABOUT RISING INTEREST RATES ALLOWING THE RECOVERY IN STOCKS TO CONTINUE THE DOW JONES INDUSTRIAL AVERAGE JUMPED 2392 OR 062 TO 385622 BROADBASED INDEXES MATCHED THAT PERFORMANCE WHILE GAINERS LED LOSERS BY A SOLID 1443 TO 762 ON THE NEW YORK STOCK EXCHANGE TREASURY BONDS WHICH HAVE TUMBLED RECENTLY SENDING THE YIELD ON THE 30YEAR SECURITY TO A SERIES OF NINEMONTH HIGHS POSTED MODEST GAINS FOR A SECOND STRAIGHT DAY THE LONG BOND ADDED MORE THAN 3/8 POINT NUDGING ITS YIELD DOWN TO 679 ANALYSTS SAID THAT WAS ENOUGH TO TRIGGER BUYING IN STOCKS EQUITY PRICES WERE BATTERED NEARLY ALL OF FEBRUARY AND THAT LEFT MANY STOCKS AT WHAT SOME INVESTORS THINK WERE BARGAIN PRICES THE STANDARD & POOR'S 500 STOCK INDEX INCREASED 217 OR 047 TO 46691 THE NEW YORK STOCK EXCHANGE COMPOSITE INDEX ROSE 137 OR 053 TO 25907 AND THE DOW JONES EQUITY MARKET INDEX GAINED 219 OR 050 TO 44244 THE NASDAQ COMPOSITE INDEX CLIMBED 450 OR 057 TO 79505 TECHNOLOGY AND HEALTHCARE STOCKS BOTH HEAVILY WEIGHTED IN THAT INDEX WERE STRONG AGAIN THE INDEX IS ABOUT FIVE POINTS OR 07 BELOW ITS RECORD THE AMERICAN STOCK EXCHANGE MARKET VALUE INDEX MEANWHILE ADDED 258 OR 055 TO 46906 NEWS OF A 19 BILLION MERGER OF GRUMMAN AND MARTIN MARIETTA ALSO WAS A PSYCHOLOGICAL POSITIVE FOR STOCK MARKET INVESTORS SAID BILL ALLYN MANAGING DIRECTOR AND HEAD OF LISTED STOCK TRADING AT JEFFERIES & CO AEROSPACERELATED AND DEFENSERELATED SHARES BENEFITED MOST GRUMMAN ROCKETED 14 1/4 OR 36 TO 54 1/8 ON VOLUME OF TWO MILLION SHARES MARTIN MARIETTA PLANS TO BEGIN A 55ASHARE TENDER OFFER FOR THE COMPANY'S STOCK TODAY MARTIN MARIETTA SHARES ADDED 1 1/4 TO 46 ELSEWHERE IN THE GROUP NORTHROP JUMPED 1 3/4 TO 41 3/8 ESYSTEMS GAINED 1 3/8 TO 44 7/8 AND BOEING ROSE 5/8 TO 47 3/4 GENERAL DYNAMICS THOUGH LOST 2 1/8 TO 92 3/8 SHARES OF THAT COMPANY CLIMBED 2 7/8 FRIDAY AFTER IT DECLARED A 2FOR1 STOCK SPLIT AND INCREASED ITS QUARTERLY DIVIDEND ECONOMICALLY SENSITIVE STOCKS WERE AMONG THE STRONGEST AGAIN THEY HAVE BEEN THE LEADERS ALL YEAR AS INVESTORS BET THAT RECENT SIGNS OF ECONOMIC GROWTH WILL BUOY PROFITS BIG GAINERS INCLUDED CATERPILLAR WHICH ROSE 2 TO 114 1/8 ALLIEDSIGNAL 1 1/8 TO 78 1/2 AND DEERE 2 7/8 TO 89 7/8 SHARES OF MANY CONSUMERPRODUCTS COMPANIES ALSO WERE STRONG ESPECIALLY PHARMACEUTICAL COMPANIES STEVEN KROLL A MANAGING DIRECTOR AT MONNESS CRESPI & HARDT SAID DRUG STOCKS GAINED AS INVESTORS SPECULATED THAT PRESIDENT CLINTON WILL HAVE A DIFFICULT TIME GETTING HIS HEALTHCARE OVERHAUL PLANS ENACTED PARTICULARLY AMID GROWING ATTENTION IN WASHINGTON ON THE WHITEWATER AFFAIR MERCK ROSE 1 TO 32 PFIZER JUMPED 7/8 TO 56 7/8 BRISTOLMYERS SQUIBB INCREASED 1/2 TO 54 5/8 AND AMERICAN HOME PRODUCTS ADDED 3/8 TO 59 3/4 PHILIP MORRIS GAINED 2 TO 56 7/8 PARTLY ON SPECULATION THAT A PLANNED INCREASE IN THE EXCISE TAX ON CIGARETTES WON'T BE AS LARGE AS HAD BEEN FEARED THE TAX BOOST IS LINKED TO MR CLINTON'S HEALTHCARE PROPOSAL AMONG OTHER TOBACCO COMPANIES AMERICAN BRANDS ADDED 7/8 TO 32 3/4 BUT RJR NABISCO SLIPPED 1/8 TO 6 3/4 SALOMON ROSE 1 3/4 TO 51 3/8 ON NEWS THAT BILLIONAIRE INVESTOR WARREN BUFFETT HAS SPENT 2725 MILLION TO INCREASE HIS STAKE IN THE SECURITIES COMPANY TO 19 HE HAD HELD A 147 INTEREST THE ADDITIONAL SHARES WERE PURCHASED IN FEBRUARY AND EARLY THIS MONTH UNUM ROSE 2 3/4 TO 55 WHILE ETHYL SLIPPED 3/8 TO 17 1/2 SHARES OF UNUM AN INSURER WILL REPLACE THOSE OF ETHYL IN THE S&P 500 INDEX ISSUES ADDED TO THE INDEX OFTEN RISE AS THEY ARE PURCHASED BY FUND MANAGERS WHOSE PORTFOLIOS ARE DESIGNED TO MIMIC THE PERFORMANCE OF THAT MARKET BAROMETER SHAWMUT NATIONAL LOST 3/8 TO 20 1/8 BANK OF NEW YORK FELL 3/8 TO 51 3/4 BANKAMERICA DECLINED 5/8 TO 41 1/2 AND NATIONSBANK SLIPPED 1 1/8 TO 46 5/8 ALL ON HEAVY VOLUME TRADERS SAID HEDGE FUND MANAGER MICHAEL STEINHARDT APPEARED TO BE BEHIND SOME OF THE SELLING MR STEINHARDT WHO IS AMONG BIG INVESTORS SAID TO HAVE BEEN STUNG BY LARGE TRADING LOSSES RECENTLY COULDN'T BE REACHED FOR COMMENT USAIR TUMBLED 1 1/4 TO 9 AFTER BRITISH AIRWAYS SAID IT WILL DELAY MAKING FURTHER INVESTMENTS IN THE ARLINGTON VA AIRLINE UNTIL USAIR'S FINANCIAL CONDITIONS IMPROVE USAIR SAID IT EXPECTS TO REPORT A PRETAX LOSS THIS YEAR THAT IS WIDER THAN THE 350 MILLION DEFICIT IT HAD IN 1993 BRITISH AIRWAYS SLIPPED 3/4 TO 63 1/2 STOP & SHOP INCREASED 2 1/2 TO 27 3/8 AFTER THE BOSTON SUPERMARKET COMPANY REPORTED FOURTHQUARTER EARNINGS OF 36 CENTS A SHARE UP FROM 30 CENTS A YEAR AGO THE MEAN ESTIMATE OF ANALYSTS SURVEYED BY ZACKS INVESTMENT RESEARCH WAS 30 CENTS FOR THE LATEST PERIOD AMERICAN DEPOSITARY RECEIPTS OF BUFETE INDUSTRIAL SLUMPED 3 TO 42 1/2 ALTHOUGH THE MEXICAN ENGINEERING AND CONSTRUCTION COMPANY'S EARNINGS SURGED LAST YEAR SALES JUST EDGED HIGHER THIS YESTERDAY'S MARKET RISE IS SIMPLY A CONTINUATION OF THE RALLY THAT STARTED LAST WEDNESDAY SAID PETER CANELO A MARKET STRATEGIST AT NATWEST SECURITIES THE DOW JONES INDUSTRIAL AVERAGE TUMBLED 50 POINTS INTRADAY THAT SESSION ONLY TO BOUNCE BACK BY THE CLOSE AT ITS WORST THAT DAY THE AVERAGE WAS 223 POINTS OR 56 BELOW THE ALLTIME HIGH IT SET JAN 31 MR CANELO SAID HE THINKS THE CORRECTION MIGHT BE OVER THE MARKET NEVER REALLY SHOULD HAVE GONE DOWN QUITE SO MUCH IT'S JUST GETTING BACK TO LEVELS THAT ARE MORE REASONABLE BETWEEN 3900 AND 4000 ON THE INDUSTRIAL AVERAGE HE SAID 9403080108 940308 USAIR URGES UNION TO ACCEPT NEW CONCESSIONS CARRIER SEEKS WAYS TO PARE COSTS AS LOSSES WIDEN BECAUSE OF FARE CUTS BY MICHAEL J MCCARTHY STAFF REPORTER OF THE WALL STREET JOURNAL USAIR GROUP HURT BY THE STEEP FARE CUTS IT LAUNCHED LAST MONTH PREDICTED ITS FIRSTQUARTER LOSS WOULD WIDEN SHARPLY AND URGED ITS UNIONS TO MAKE NEW WAGE CONCESSIONS THE STRUGGLING CARRIER ALSO DISCLOSED THAT ITS BIG SHAREHOLDER BRITISH AIRWAYS WON'T INVEST AN ADDITIONAL 450 MILLION UNTIL THE LABOR TALKS ARE COMPLETED USAIR PREDICTED A FIRSTQUARTER LOSS OF ABOUT 200 MILLION BEFORE TAXES MORE THAN TRIPLE THE YEAREARLIER 61 MILLION LOSS AND SAID THE PRETAX DEFICIT FOR THE YEAR WILL BE WIDER THAN LAST YEAR'S 350 MILLION LOSS THE DEEP FIRSTQUARTER LOSS REFLECTS STEEP FARE CUTS THAT USAIR LAUNCHED LAST MONTH AS A MOVE TO PROTECT ITS CORE MARKET IN THE EASTERN US AGAINST LOWCOST RIVALS AS WELL AS HARSH WEATHER WHICH CUT FLIGHTS BY 8 IN JANUARY AND FEBRUARY THE SHARP FARE CUTS STUNNED THE AIRLINE INDUSTRY AND ACCELERATED A CRUMBLING OF THE HIGHFARE STRUCTURE ALONG THE EASTERN SEABOARD THE CRUSH OF NEGATIVE NEWS YESTERDAY DROVE USAIR'S STOCK DOWN 12 OR 125 TO 9 IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING SETTING A NEW YEARLONG LOW USAIR BASED IN ARLINGTON VA SAID IT HAS OPENED DISCUSSIONS WITH LEADERS FROM ITS FOUR UNIONS ON WAYS TO PARE EXPENSES INCLUDING WAGE CUTS AND PRODUCTIVITY IMPROVEMENTS THE OUTCOME OF THE DISCUSSIONS COULD REVERBERATE FAR BEYOND USAIR HOWEVER BRITISH AIR'S SUSPENSION OF INVESTMENT IN THE CARRIER COULD FURTHER STRAIN YEARLONG NEGOTIATIONS OVER A USUNITED KINGDOM AVIATION TREATY AS A 246SHAREHOLDER OF USAIR AND ONE OF THE WORLD'S MOST PROFITABLE AIRLINES BRITISH AIR HAS BEEN VIEWED BY USAIR INVESTORS AS SOMETHING OF A SECURITY BLANKET EVEN AS USAIR RACKED UP OPERATING LOSSES OF ABOUT 15 BILLION SINCE 1989 IT WAS WIDELY EXPECTED AFTER LAST MONTH'S FARE DISCOUNTS OF AS MUCH AS 70 THAT USAIR WOULD BE FORCED TO TURN TO LABOR TO GAIN WAGE OR WORKRULE CONCESSIONS PERHAPS IN EXCHANGE FOR AN EQUITY STAKE TRANS WORLD AIRLINES AND NORTHWEST AIRLINES UNDERWENT SIMILAR RESTRUCTURINGS AND UAL CORP'S UNITED AIRLINES HAS ONE IN THE WORKS SADDLED WITH ONE OF THE HIGHEST COST STRUCTURES IN THE INDUSTRY USAIR DID PERSUADE ITS UNIONS TO ACCEPT WAGE AND WORKRULE CONCESSIONS IN 1992 BUT THE WAGE PORTION WHICH SAVED USAIR ABOUT 170 MILLION WAS A ONEYEARONLY DEAL AND WAGES HAVE SINCE SNAPPED BACK MEANWHILE THE LABOR GROUPS WON MULTIYEAR NOFURLOUGH GUARANTEES THAT WILL MAKE IT HARDER FOR THE COMPANY TO USE ANY ANXIETY ABOUT JOB SECURITY TO ITS ADVANTAGE SOME USAIR MANAGERS HAVE BECOME CONCERNED THAT THE UNIONS ALSO HAVE BEEN RELUCTANT TO PITCH IN AGAIN BECAUSE OF USAIR'S PARTNERSHIP WITH BRITISH AIR WHICH INVOLVES JOINT MARKETING AND FREQUENTFLYER PROGRAMS THE UNIONS FEEL THEY HAVE A SUGAR DADDY IN LONDON AND THEY DON'T NEED TO DO ANYTHING A FORMER USAIR EXECUTIVE SAID IN THE PAST UNION LEADERS HAVE ACKNOWLEDGED PRIVATELY THAT THEY EXPECTED BRITISH AIR TO PROVIDE A CASH CUSHION MOREOVER THEY HAVE CONTENDED THAT USAIR MANAGEMENT DIDN'T USE THE SAVINGS FROM THE EARLIER CONCESSIONS WISELY UNION LEADERS COULDN'T BE REACHED FOR COMMENT YESTERDAY ALTHOUGH BRITISH AIR IS FINANCIALLY STRONG USAIR'S FINANCIAL PERFORMANCE HAS THE UK AIRLINE'S MANAGERS FEELING CAUTIOUS ABOUT SPENDING MORE MONEY SO FAR BRITISH AIRWAYS HAS INVESTED 400 MILLION IN USAIR AND THE ORIGINAL AGREEMENT BETWEEN THE TWO AIRLINES CALLS FOR THE UK AIRLINE TO SPEND ANOTHER 450 MILLION IN EXPLAINING ITS DECISION BRITISH AIRWAYS SAID IN A STATEMENT THAT IT WOULD NOT BE IN ITS SHAREHOLDERS' INTEREST TO COMMIT TO INVESTING THE ADDITIONAL 450 MILLION UNTIL THE OUTCOME OF THE RESTRUCTURING IS KNOWN BUT BRITISH AIRWAYS SAID IT REMAINS FIRMLY COMMITTED TO ITS PARTNERSHIP WITH USAIR AND PLANS TO CONTINUE LOOKING FOR WAYS TO CUT COSTS AND SHARE ROUTES WITH ITS US ALLY BRITISH AIRWAYS SHARES SLIPPED 1 OR 45 PENCE A SHARE TO 430 PENCE A SHARE ON LONDON'S STOCK EXCHANGE MONDAY THE UK AIRLINE NOTED IN ITS STATEMENT THAT THE DECISION TO POSTPONE FUTURE INVESTMENTS IN USAIR MAY AFFECT THE DYNAMICS OF THE USUK AVIATION NEGOTIATIONS UNDER WAY IN THOSE TALKS THE US GOVERNMENT HAS SAID IT WOULD APPROVE BRITISH AIRWAYS' FUTURE INVESTMENTS IN USAIR AND EXTEND THEIR CODESHARING ARRANGEMENT ONLY IF US CARRIERS ARE GIVEN GREATER ACCESS TO LONDON'S HEATHROW AIRPORT IN WASHINGTON THE TRANSPORTATION DEPARTMENT DIDN'T HAVE ANY COMMENT ON BRITISH AIR'S MOVE OR ITS IMPLICATIONS FOR THE BILATERAL AVIATION AGREEMENT THE UK AIRLINE URGED THE TWO GOVERNMENTS TO CONSIDER THE MANY BENEFITS OF THE PARTNERSHIP ONE OF THE PRINCIPAL REASONS THAT THE BILATERAL NEGOTIATIONS HAVE NOT SO FAR SUCCEEDED HAS BEEN THE BARRAGE OF MISINFORMATION BY CERTAIN US CARRIERS WHO HAVE NO INTEREST IN THE SUCCESS OF THE TALKS BRITISH AIRWAYS SAID ALLUDING IN PARTICULAR TO AMERICAN AIRLINES CHAIRMAN ROBERT CRANDALL ON A TOUR OF EUROPE RECENTLY MR CRANDALL WAS HIGHLY AND PUBLICLY CRITICAL OF THE BRITISH AIRWAYSUSAIR CODESHARING DEAL BRIAN COLEMAN IN BRUSSELS CONTRIBUTED TO THIS STORY 9403080107 940308 MCCORMICK'S VENTURE IN INDIA SPARKS MD MCCORMICK & CO AND AV THOMAS GROUP COS OF MADRAS INDIA SAID THEY WILL FORM A JOINT VENTURE COMPANY TO PRODUCE WHOLE AND GROUND NATURALLY STERILIZED SPICES THE 5050 PARTNERSHIP TO BE BASED IN COCHIN INDIA WILL BE CALLED AVT MCCORMICK INGREDIENTS PRIVATE LTD MCCORMICK A PRODUCER OF SPICES AND SPECIALTY FOODS POSTED 16 BILLION IN SALES FOR THE FISCAL YEAR ENDED NOVEMBER 1993 AV THOMAS A GROUP OF INDIAN AGRIBUSINESS COMPANIES HAD ABOUT 70 MILLION IN SALES FOR THE YEAR ENDED MARCH 1993 9403080106 940308 MARKETING & MEDIA MICROSOFT'S GATES IS SAID TO BE ASKING 25 MILLION FOR BOOK PUBLISHER IS SOUGHT FOR TOME AUTHOR WOULD EXPLAIN INFORMATION SUPERHIGHWAY BY MEG COX STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK MICROSOFT CORP FOUNDER BILL GATES IS ASKING PUBLISHERS TO PAY 25 MILLION FOR A BOOK HE WILL WRITE ABOUT THE INFORMATION SUPERHIGHWAY PUBLISHERS HAVE BEEN SWORN TO SECRECY ABOUT THE PROJECT BUT PEOPLE WHO HAVE SEEN THE PROPOSAL SAY THE BOOK WILL EXPLAIN THE TECHNOLOGY AND MR GATES'S VISION FOR IT TO THE AVERAGE TECHNOPHOBIC AMERICAN THE 25 MILLION ISN'T A FIRM PRICE BUT WHAT MICROSOFT SAYS IT BELIEVES THE BOOK IS WORTH ONE PUBLISHING SOURCE SAID AND THE PRICE COULD GO HIGHER IN A COMPETITIVE AUCTION MR GATES WOULDN'T WRITE THE BOOK ALONE BUT WOULD GET HELP FROM A JOURNALIST AND ANOTHER MICROSOFT EXECUTIVE THE JOURNALIST IS PETER RINEARSON FORMERLY WITH THE SEATTLE TIMES AND THE EXECUTIVE IS NATHAN MYHRVOLD A SENIOR VICE PRESIDENT OF ADVANCED TECHNOLOGY AT MICROSOFT JONATHAN LAZARUS VICE PRESIDENT OF SYSTEMS STRATEGY AT MICROSOFT CONFIRMED THAT THE BOOK PROPOSAL IS BEING SHOPPED TO PUBLISHERS HE SAID MR GATES WILL BE THE PRINCIPAL WRITER AND BOTH MR GATES AND MR MYHRVOLD PLAN TO DONATE THEIR PROCEEDS TO CHARITIES TO BE NAMED WHEN A DEAL IS SET WE THINK THIS BOOK CAN PLAY A MAJOR ROLE IN INFLUENCING THE VIEW OF WHAT THIS SUPERHIGHWAY CAN BE MR LAZARUS SAID WHILE SOME IN PUBLISHING SAY THEY THINK THE BOOK WOULD BE A VALUABLE SERVICE AND MR GATES' INTERPRETATION WOULD BE ESPECIALLY WORTHWHILE OTHERS FEAR THE EXERCISE MIGHT BE SELFSERVING AND WONDER HOW FAR HE WOULD GO IN DETAILING HIS VISION OF THE FUTURE TO COMPETITORS WHAT HE'S REALLY DOING IS PROMOTING HIS AGENDA SAID BOB STEIN COFOUNDER OF ELECTRONIC PUBLISHER VOYAGER INC THIS IS THE EQUIVALENT OF HAVING HENRY FORD WRITE A BOOK ABOUT THE DEVELOPMENT OF THE HIGHWAYS I GUESS THAT'S INTERESTING IF YOU WANT TO KNOW WHAT TO WORRY ABOUT BUT MR LAZARUS SAID IF PEOPLE THINK THE BOOK IS SELFSERVING THAN WE WILL HAVE FAILED IF I WERE A COMPETITOR I'D SURE WANT TO READ IT BECAUSE HE MR GATES ISN'T PLANNING TO HOLD MUCH BACK MR LAZARUS SAID THIS BOOK WON'T GO THE WAY OF AN AUTOBIOGRAPHY FOR WHICH MR GATES HAD BEEN INTERVIEWING POTENTIAL COAUTHORS ABOUT FOUR YEARS AGO HE NEVER FULLY COMMITTED TO THAT PROJECT BUT FOR THIS MUCH OF THE WORK IS ALREADY DONE MR LAZARUS SAID HE SAID MICROSOFT HOPES THE BOOK WILL BE IN STORES BY YEAR END 9403080105 940308 INTERNATIONAL SPAIN TO PROBE ALLEGATIONS KIO PAID POLITICIANS BY CARLTA VITZTHUM STAFF REPORTER OF THE WALL STREET JOURNAL MADRID SPAIN'S JUSTICE MINISTRY SAID IT HAS ASKED THE CHIEF PUBLIC PROSECUTOR TO INVESTIGATE REPORTS THAT THE KUWAIT INVESTMENT OFFICE IN SPAIN MADE ILLEGAL PAYMENTS TO POLITICIANS DURING THE PERSIAN GULF WAR THE SPANISH NEWSPAPER EL PAIS REPORTED OVER THE WEEKEND THAT GRUPO TORRAS SA KIO'S SPANISH HOLDING COMPANY PAID SOME 300 MILLION TO SPANISH AND OTHER FOREIGN POLITICIANS BETWEEN 1990 AND 1992 IN AN EFFORT TO WIN THEIR SUPPORT DURING THE WAR THE NEWSPAPER ALSO REPORTED THAT TORRAS EXECUTIVES DIVERTED ANOTHER 20 BILLION PESETAS 1419 MILLION TO BANK ACCOUNTS IN SWITZERLAND AND LONDON DURING THE SAME PERIOD OF THIS AMOUNT SEVEN BILLION PESETAS WAS ALLEGEDLY CHANNELED INTO PRIVATE ACCOUNTS THE PAPER SAID THE JUSTICE MINISTRY'S PLEDGE TO INVESTIGATE THE EL PAIS ALLEGATIONS CONTRASTS SHARPLY WITH THE GOVERNMENT'S APPARENT RELUCTANCE TO PROBE ACCUSATIONS OF CORRUPTION IN THE PAST AND WAS WELCOMED BY SPAIN'S LEADING POLITICAL PARTIES A LEGAL SUIT BROUGHT BY THE KIO AGAINST SEVEN FORMER TORRAS EXECUTIVES WAS REJECTED FOUR TIMES BY A MADRID HIGH COURT JUDGE LAST YEAR BECAUSE FRAUDULENT MISMANAGEMENT THE PRINCIPAL CRIME ALLEGED IN THE SUIT ISN'T INCLUDED IN SPAIN'S PENAL CODE THOSE REJECTIONS PROVOKED SHARP CRITICISM OF WHAT HAS LONG BEEN PERCEIVED AS A LAX JUDICIAL SYSTEM HOWEVER A GROUP OF HIGH COURT JUDGES RULED LAST MONTH THAT THE KIO SHOULD BE ALLOWED TO BEGIN LEGAL PROCEEDINGS AGAINST ITS FORMER EXECUTIVES WHO ALLEGEDLY DIVERTED OR LOST MORE THAN 100 BILLION PESETAS OF KUWAITI INVESTMENTS IN SPAIN BETWEEN 1986 AND 1992 THE CASE AGAINST THE FORMER EXECUTIVES IS SCHEDULED TO BEGIN MARCH 18 IN MADRID A SPOKESMAN FOR THE KIO IN MADRID SAID THE OFFICE DIDN'T BELIEVE THAT TORRAS PAID COMMISSIONS TO SPANISH AND OTHER POLITICIANS DURING THE WAR BUT RATHER THAT IT CHANNELED MONEY INTO THE PERSONAL BANK ACCOUNTS OF ITS FORMER EXECUTIVES BUT THE SPOKESMAN ADDED THE KIO IS PREPARED TO INVESTIGATE THE ALLEGATIONS THAT ILLEGAL COMMISSIONS WERE PAID TO POLITICIANS EVEN IF AN INQUIRY EMBROILED HIGHLEVEL KUWAITI GOVERNMENT OFFICIALS IN A STATEMENT JAVIER DE LA ROSA THE FORMER DEPUTY CHAIRMAN OF TORRAS DENIED EL PAIS'S CHARGES HE ACKNOWLEDGED THAT TORRAS AT THE KUWAITI GOVERNMENT'S INSTRUCTIONS CHANNELED FUNDS FROM SPAIN TO LONDON AND SWITZERLAND TO HELP FINANCE THE WAR EFFORT AGAINST IRAQ WHICH INVADED KUWAIT IN AUGUST 1990 SWITZERLAND AND SPAIN WERE AMONG THE FEW COUNTRIES THAT REFRAINED FROM FREEZING KUWAIT'S FOREIGN ASSETS DURING THE WAR WHICH MADE THEM IMPORTANT FINANCIAL CENTERS FOR THE KIO HE SAID MR DE LA ROSA SAID THAT EL PAIS BASED ITS ARTICLE ON A REPORT THAT WAS WRITTEN IN 1992 WITH THE SCARCE INFORMATION THAT EXISTED THEN AND WHICH SUBSEQUENT EVENTS HAVE MADE OBSOLETE EL PAIS ALSO CITED LEGAL SOURCES THAT SAID A PROBE IN LONDON WHERE THE KIO FILED A LAWSUIT LAST APRIL AGAINST 22 FORMER EXECUTIVES HAD DISCOVERED THAT ANOTHER 150 MILLION HAD BEEN DIVERTED ILLEGALLY TO PRIVATE ACCOUNTS DURING THE WAR A SPOKESWOMAN AT THE KIO OFFICE IN LONDON SAID SHE WAS UNABLE TO COMMENT ON THE ALLEGATIONS MADE IN THE EL PAIS STORY 9403080104 940308 LEISURE & ARTS ON DISK RECREATIONS REUNIONS AND RESUSCITATIONS BY JOHN MCDONOUGH EVERY GENERATION INVESTS A LOT OF ITSELF IN THE MUSIC THAT ATTENDS ITS COMING OF AGE IT'S SOMETHING SHARED AND VALUED AND ITS CREATORS BECOME ITS CHIEF TRUSTEES THIS IS WHY IN THE TWILIGHT OF MOST EVERY IMPORTANT MUSIC CAREER A PERFORMER IS CALLED UPON TO RECREATE THE DEFINING WORKS OF HIS YOUTH BY AN INTERESTING COINCIDENCE WE CURRENTLY HAVE ON CD TWO SUCH TESTAMENTS BY THE BEGINNING AND END OF JAZZ TRUMPET LOUIS ARMSTRONG AND MILES DAVIS MENTION ARMSTRONG TO THE TRUE BELIEVER AND EXPECT TO HEAR SONNETS ABOUT THE OLD HOT FIVES AND HOT SEVENS OF THE 1920S WHAT YOU PROBABLY WON'T HEAR MUCH ABOUT ARE THE 43 RECREATIONS FROM THIS PERIOD ARMSTRONG UNDERTOOK FOR DECCA 30 YEARS LATER NOW 36 YEARS AGO THIS IS BECAUSE RECREATIONS ARE NOT GENERALLY ESTEEMED BY TRUE BELIEVERS THEY FIND THEIR EPIPHANIES IN VOLATILE ORIGINALITY NOT SETTLED MATURITY THESE '50S RECREATIONS NOW HAVE BEEN ASSEMBLED ALONG WITH OTHER MATERIAL OF VARYING QUALITY IN THE COMPLETE DECCA STUDIO RECORDINGS OF LOUIS ARMSTRONG AND THE ALL STARS MOSAIC RECORDS ORDER DIRECTLY AT 2033277111 AND FOR THE MOST PART THEY ARE SO MAGNIFICENT I AM INCLINED TO RECOMMEND THEM OVER THE ORIGINALS ESPECIALLY TO YOUNGER LISTENERS CURIOUS ABOUT WHAT MADE ARMSTRONG SPECIAL I SHOULD WARN YOU THIS IS REAL BLASPHEMY I'M PERPETRATING HERE BUT I STAND ON EXPERIENCE WHEN I WAS IN MY MIDTEENS THESE WERE THE SIDES THAT REALLY DREW ME INTO THE ARMSTRONG OEUVRE THE MAIN REASON WAS I COULD HEAR THE MUSIC THE WAY MY ADOLESCENT EARS WERE ACCUSTOMED TO HEARING IT WHICH WAS IN HIGH FIDELITY THIS MAY SEEM A PICKY PREJUDICE AND I'M WELL OVER IT NOW BUT LET'S BE FRANK SOUND IS ALWAYS PREJUDICIAL WHERE MUSIC IS CONCERNED AND THAT OPAQUE CURTAIN OF PERIOD TECHNOLOGY WITH ITS MUFFLED TOYLIKE TEXTURES IS A COMPULSORY COMPONENT OF THE EARLY JAZZ AESTHETIC IF ONE ISN'T USED TO IT IT CAN MAKE OTHERWISE WONDERFUL MUSIC SEEM SMALL AND CARTOONISH THERE'S NOTHING CARTOONISH ABOUT THIS MUSIC THOUGH ARMSTRONG WHO WAS 56 AT THE TIME WAS IN SUPERB SHAPE FOR THE SESSIONS HIS ATTACK INTONATION AND SIGNATURE VIBRATO WERE ALMOST WHOLLY INTACT AND HE SEEMED TO HAVE A FEROCIOUS APPETITE FOR THE OLD TUNES IN TERMS OF HIS PLAYING MOST OF THESE RECREATIONS COMPARE WELL WITH THE ORIGINALS AND SEVERAL ARE ARGUABLY SUPERIOR THOUGH NO ATTEMPT WAS MADE TO XEROX THE OLD NEW ORLEANS ENSEMBLES EDMOND HALL'S CLARINET AND BARRETT DEEMS'S DRUMS MAKE THESE NEW HOT FIVES/SEVENS SWING IN A WAY THE ORIGINALS RARELY DID BUT WITH NO LESS HEAT ARMSTRONG REACHED HIS PEAK IN THE EARLY '30S TRANSFIGURING TIN PAN ALLEY TIDBITS INTO MAJESTIC ARIAS WHEN YOU'RE SMILING SUNNY SIDE OF THE STREET AND OTHERS WERE ESSENTIALLY SET SOLO PIECES THEN AS THEY REMAIN HERE BUT GORGEOUSLY CAPTURED FOR THE AGES THEY DON'T REPLACE THE ORIGINALS THEY ADD A TIME DIMENSION TO THEM PART OF ARMSTRONG'S REVOLUTION WAS TO UNLEASH AN ARMS RACE OF VIRTUOSITY THAT WOULD DRIVE JAZZ FOR 30 YEARS AND CULMINATE IN BEBOP PART OF MILES DAVIS'S REVOLUTION WAS TO END THAT RACE BY SHOWING THAT JAZZ WAS MORE THAN HIGH NOTES AND FAST TEMPOS BETWEEN 1949 AND 1960 HIS COLLABORATIONS WITH ARRANGER GIL EVANS CAUGHT THE LACONIC SPIRIT OF A TIME IN THE '70S THOUGH DAVIS DISOWNED HIS PAST WITH FINALITY AND SPENT THE REST OF HIS YEARS CHASING A YOUTHFUL AUDIENCE WITH JAZZROCK MOST OF HIS CORE FANS GAVE UP HOPE FOR HIM AS A SERIOUS ARTIST IMAGINE THEIR SHOCK WHEN QUINCY JONES LURED HIM TO THE MONTREUX JAZZ FESTIVAL IN JULY 1991 TO PLAY THE REPERTOIRE HE HAD ABANDONED 30 YEARS BEFORE WAS IT JONES'S PLEADINGS THAT BROUGHT DAVIS BACK SOME WONDERED OR HIS PROMISE TO PRODUCE A COMMERCIAL ALBUM FOR DAVIS IN RETURN WHATEVER IT WAS THE QUESTION WAS SOON MOOT DAVIS DIED LESS THAN THREE MONTHS LATER AND THERE WOULD BE NO MORE ALBUMS SO MILES & QUINCY LIVE AT MONTREUX WARNER BROTHERS WHICH JUST WON A GRAMMY BRINGS A SAD BUT SATISFYING SYMMETRY TO DAVIS'S MUSICAL LIFE YOU CAN ALMOST SMELL THE INCENSE BURN AS BOPLICITY BRINGS HIS EXILE FROM HIMSELF TO AN END THEN ON TO THE FIRST SEVEN PIECES FROM MILES AHEAD FOUR TUNES FROM PORGY AND BESS AND TWO FROM SKETCHES OF SPAIN JONES CONDUCTS WITH A CUNNING EAR FOR ANY IMPURITIES OF COLOR OR TEMPO ONLY SUMMERTIME IS SLIGHTLY ACCELERATED AND THAT'S TO THE GOOD DAVIS AMENDS HIS OLD SOLOS FREELY WITHIN THE BOUNDS OF THE MATERIAL AS ONE WOULD HOPE BUT WE NO LONGER WONDER WHAT HE'LL DO NEXT WE SIMPLY WANT HIM TO DO IT AGAIN THOUGH HIS OPEN HORN SOUNDS LOVELY HE FAVORS THE MUTE IS HE PLAYING AS WELL AS EVER IT DOESN'T MAKE ANY DIFFERENCE REALLY HIS STOICAL LYRICISM NEVER DREW ON FLASHY VIRTUOSITY IT WAS A STYLE HE COULD GROW OLD WITH IN COMFORT RULES OF THE ROAD PABLO IS NOT A RECREATION BUT IT IS A REUNION AND A GOOD ONE FOR ANITA O'DAY AND BUDDY BREGMAN WHO CONDUCTED SOME OF THE SINGER'S BEST ALBUMS OF THE '50S HER VOICE HAS SINCE ACQUIRED THAT TWOPACKADAY QUALITY THAT COMES WITH THE JAZZ LIFE AND IT DOESN'T SERVE HER ANY TOO WELL NAVIGATING A FEW POCKETS OF SUBTLE PITCH BUT IT'S A SOLID PERFORMANCE NEVERTHELESS AND BREGMAN HAS GIVEN HER A FIRSTRATE BAND FINE ARRANGEMENTS AND THE BEST PRODUCTION VALUES SHE'S SEEN IN MANY A YEAR IN A DIFFERENT KIND OF REVIVAL JO STAFFORD WHO HASN'T RECORDED IN 20 YEARS AND ISN'T ABOUT TO AND HER HUSBAND PAUL WESTON HAVE BEEN QUIETLY SNEAKING HER OLD COLUMBIA ALBUMS BACK INTO THE MARKET VIA CDS ON THEIR OWN LABEL ONE OF THEM JO + JAZZ CORINTHIAN BOX 6296 BEVERLY HILLS CA 90212 IS A NEGLECTED CLASSIC OF JAZZ SINGING HER VOICE AND INTONATION ARE MORE THAN A MATCH FOR THE HEADY COMPANY SHE KEEPS WHICH INCLUDES JOHNNY HODGES AND BEN WEBSTER EVERY CRITIC LOVES TO FIND A LOST GEM THIS IS ONE OF MINE ANOTHER FINE JOB OF RESUSCITATION IS THE COMPLETE CBS BUCK CLAYTON JAM SESSIONS MOSAIC MADE AT A TIME WHEN THE WORLD WAS STILL GAGA OVER THE WONDERS OF THE LP SOME OF THESE PIECES MOSEY ALONG FOR NEARLY 30 MINUTES BUT WITH EACH OF EIGHT OR NINE SOLOISTS GETTING NO MORE THAN TWO CHORUSES THE MUSIC IS ACTUALLY A LOT MORE COMPACT AND PACED THAN ONE SOLOIST TRYING TO SUSTAIN 20 CHORUSES COLEMAN HAWKINS BILLY KYLE URBIE GREEN RUBY BRAFF AND ESPECIALLY CLAYTON AND JO JONES PLAY TO PERFECTION AND THE ENGINEERING STILL STANDS AS A MODEL OF HOW JAZZ SHOULD BE RECORDED THAT AND THE SPIRIT OF BASIE ARE THE BINDING ELEMENTS OF THIS WONDERFUL BODY OF WORK MR MCDONOUGH IS A MUSIC WRITER IN CHICAGO 9403080103 940308 WHO'S NEWS MAYBELLINE INC HIRES EXCLAIROL EXECUTIVE MAY PLAN NEW LINES MEMPHIS TENN MAYBELLINE INC HIRED GERALD BEDDALL A FORMER PRESIDENT OF CLAIROL INC DRAWING SPECULATION THAT THE COSMETICS MARKETER MAY WANT TO EXPAND INTO THE HAIR CARE BUSINESS MR BEDDALL 51 YEARS OLD WAS NAMED TO THE NEWLY CREATED POSITION OF EXECUTIVE VICE PRESIDENT IN CHARGE OF GROWTH AREAS ACQUISITIONS AND STRATEGIC PLANNING MAYBELLINE IS TRYING TO MOVE AWAY FROM BEING TOTALLY RELIANT ON FACIAL MAKEUP SAID ALLAN MOTTUS AN INDUSTRY CONSULTANT WHO NOTED THAT 75 OF CLAIROL'S BUSINESS IS IN HAIR COLORING GERRY BRINGS A BACKGROUND OF RUNNING VERY LARGE TOILETRY BRANDS WHILE HE DECLINED TO PROVIDE SPECIFICS MAYBELLINE PRESIDENT AND CHIEF EXECUTIVE ROBERT N HIATT LEFT OPEN THE POSSIBILITY OF A MOVE INTO HAIR CARE PRODUCTS OUR PRIORITIES ARE PERSONAL CARE PRODUCTS MARKETED THROUGH MASS MARKET CHANNELS THAT ARE COMPATIBLE WITH OUR EXISTING SALES AND DISTRIBUTION NETWORK HE SAID HAIR CARE OBVIOUSLY FITS INTO THAT DEFINITION IN RECENT YEARS MAYBELLINE WHICH HAS BEEN HISTORICALLY STRONG IN MASCARAS AND EYESHADOWS AMONG YOUNGER CONSUMERS HAS AGGRESSIVELY EXPANDED ITS PRODUCT LINE TO APPEAL TO AGING BABY BOOMERS IT HAS ALSO BEEN USING ITS RECENTLY ACQUIRED RIGHTS TO THE YARDLEY BRAND NAME TO EXPAND INTO SPECIALTY BATH CARE PRODUCTS IN THE US AND CANADA IN HIS NEW POSITION MR BEDDALL WILL BE RESPONSIBLE FOR SUCH GROWTH AREAS AS MAYBELLINE INTERNATIONAL YARDLEY NORTH AMERICA RESEARCH AND DEVELOPMENT AND OTHER BUSINESS DEVELOPMENT OPPORTUNITIES IN ADDITION TO HIS 19 YEARS AT CLAIROL'S PARENT BRISTOLMYERS SQUIBB CO MR BEDDALL ALSO HELD MARKETING POSITIONS FOR COLGATE PALMOLIVE CO IN LONDON AND MOST RECENTLY WAS PRESIDENT AND CEO OF NEW YORKBASED HELIA INTERNATIONAL USA A SKINCARE DISTRIBUTOR 9403080102 940308 WHO'S NEWS MARIETTA CHIEF SOLIDIFIES HIS POSITION AS MR DEFENSE BY BUYING GRUMMAN BY ROY J HARRIS JR STAFF REPORTER OF THE WALL STREET JOURNAL NORMAN AUGUSTINE'S WORDS HAVE OFTEN CAUGHT THE EAR OF THE DEFENSE INDUSTRY EVEN AS MARTIN MARIETTA CORP VICE PRESIDENT HE CAPTURED ATTENTION BOTH INSIDE AND OUTSIDE HIS CIRCLE OF AEROSPACE EXECUTIVES WITH HIS 1983 BOOK AUGUSTINE'S LAWS AMONG ITS APHORISMS ABOUT THE BUSINESS HIS LAW OF THE CORE DUMP NOTED THAT IF ALL THE CONTRACT PROPOSALS CONFORMING TO PENTAGON PAPERWORK STANDARDS WERE PILED ON TOP OF EACH OTHER AT THE BOTTOM OF THE GRAND CANYON IT WOULD PROBABLY BE A GOOD IDEA AND NOW THAT HE IS MARTIN MARIETTA'S CHAIRMAN HIS AMBITIOUS ACTIONS IN EXPANDING THE COMPANY DURING A CRITICAL POSTCOLD WAR CONSOLIDATION ARE CREATING SUPPORT FOR THE NOTION THAT HE HAS ASSUMED THE MANTLE OF INDUSTRY LEADER AMONG THE LARGEST INDUSTRY MERGERS OF LATE ARE TWO THAT HE ENGINEERED MARTIN MARIETTA'S 3 BILLION PURCHASE LAST YEAR OF THE HUGE AEROSPACE DIVISION OF GENERAL ELECTRIC CO AND ITS AGREEMENT YESTERDAY TO BUY OLDLINE DEFENSE CONTRACTOR GRUMMAN CORP FOR ABOUT 19 BILLION HE FOCUSES ON THE ISSUES THAT NEED TO BE TALKED ABOUT WHETHER THEY BE FOREIGN OWNERSHIP OF US COMPANIES THE SUCCESS OF AMERICAN DEFENSE TECHNOLOGY OR THE HEALTH OF THE US INDUSTRIAL BASE SAYS BERNARD SCHWARTZ WHO AS CHAIRMAN OF FASTGROWING LORAL CORP HAS BECOME A MAJOR INDUSTRY FIGURE HIMSELF HE'S CERTAINLY ONE OF THE BEST IN OUR INDUSTRY THAT'S WIDELY FELT ADDS LOCKHEED CORP CHAIRMAN DANIEL TELLEP HIS STRATEGY IS CRYSTAL CLEAR AND I THINK HE'S EXECUTING IT WELL WITH THE GE ACQUISITION MR TELLEP SAYS HE STRENGTHENED HIS POSITION IN SPACE AND ELECTRONICS AND GRUMMAN WHILE NOT OFFERING QUITE THE SAME STRENGTHENING AS WITH GE ALSO OFFERS MARTIN MARIETTA MANY ATTRACTIVE PARTS SINCE TAKING HIS FIRST AEROSPACE JOB WITH WHAT WAS THEN DOUGLAS AIRCRAFT CO IN 1958 MR AUGUSTINE HAS BROUGHT AN EXTREMELY VARIED SET OF INTERESTS TO THE INDUSTRY SYNDICATED COLUMNIST KENNETH ADELMAN FOR EXAMPLE SAID THAT WHEN HE HAD LUNCH WITH THE 58YEAROLD EXECUTIVE RECENTLY WE SPENT THE FIRST HOUR TALKING ABOUT ODDITIES OF NATURE STARTING WITH POLAR BEARS AND WHEN THEY MATE MR ADELMAN WHO COWROTE THE 1990 BOOK THE DEFENSE REVOLUTION WITH MR AUGUSTINE AND MORE RECENTLY WROTE AN ARTICLE ON DEFENSE CONVERSION WITH HIM FOR FOREIGN AFFAIRS MAGAZINE NOTES THAT MR AUGUSTINE IS A PHOTOGRAPHIC HUNTER WHO LOVES HIKING AND NATURE AMONG THE HOBBIES MARTIN MARIETTA LISTS FOR ITS CHIEF ARE DOGSLEDDING IN THE ARCTIC AND EXPLORING VOLCANOS IN THE ANTARCTIC A COLORADO NATIVE MR AUGUSTINE HAS A HOME IN ESTES PARK ALONG WITH ONE CLOSER TO MARTIN MARIETTA'S BETHESDA MD HEADQUARTERS MR ADELMAN CREDITS HIS COLLABORATOR WITH BEING KEENLY OBSERVANT IN HIS INDUSTRY AS WELL HE SAW THE APPROACHING DOWNTURN RIGHT AT THE HIGH POINT OF THE REAGAN DEFENSE BUILDUP IN 1986 IN THAT THE FRISBEE WAS GOING TO COME DOWN AT SOME POINT MR ADELMAN SAYS MR AUGUSTINE'S PERSPECTIVE BENEFITS FROM TWO STINTS ON THE GOVERNMENT SIDE OF DEFENSE AS ASSISTANT DIRECTOR OF DEFENSE RESEARCH AND ENGINEERING AT THE DEFENSE DEPARTMENT FROM 1965 TO 1970 AS ASSISTANT ARMY SECRETARY AND LATER UNDERSECRETARY IN THE MID1970S WHEN HE LEFT THE PENTAGON IN 1977 TO JOIN MARTIN MARIETTA IT WAS A COMPANY THAT THENCHAIRMAN THOMAS G POWNALL HAD ALREADY TRANSFORMED INTO A HIGHTECHNOLOGY DEFENSE SPECIALIST RATHER THAN THE MULTIINDUSTRY COMPANY THAT HAD ONCE HAD MAJOR CEMENT CHEMICAL AND ALUMINUM OPERATIONS BUT UNLIKE SUCH OTHER LEADING DEFENSE EXECUTIVES AS GENERAL DYNAMICS CORP CHAIRMAN WILLIAM A ANDERS A FORMER ASTRONAUT WHO IDENTIFIED HIS COMPANY'S FUTURE IN SELLING OFF MANY OF THE CORE ARMSMAKING BUSINESSES AS A WAY OF CONVERTING COMPANY ASSETS INTO CASH FOR INVESTORS MR AUGUSTINE FOUND HIS CORPORATE ADVENTURE IN PULLING TOGETHER THE OPERATIONS OF OTHER CONTRACTORS MANY IN THE INDUSTRY CREDIT MR AUGUSTINE WITH BEING TOUGH IN STREAMLINING THE COMBINED BUSINESSES HIS PASSION FOR REDUCING THE TIERS OF MANAGEMENT MENTIONED IN SEVERAL OF THE AUGUSTINE'S LAWS LED TO A MOVE LAST FALL TO CLOSE 10 US PLANTS AND SLASH 2000 FROM THE WORK FORCE TO REFLECT THE GE ACQUISITION HE WARNED AT THE TIME THAT MORE DEFENSEBUDGET CUTS OR A PROBLEM WITH HIS COMPANY'S COMPETITIVENESS COULD LEAD TO MORE CUTS THIS YEAR AND IN HIS LATEST HARDLINE STANCE MR AUGUSTINE SAID LAST MONTH THAT HIS COMPANY WOULD DROP ITS PLANNED 2085 MILLION ACQUISITION OF THE SPACELAUNCH BUSINESS OF GENERAL DYNAMICS UNLESS THE GOVERNMENT AGREED TO SHARE WITH MARTIN MARIETTA SOME OF THE SAVINGS THE US RECORDS BECAUSE OF HIS CORPORATE PURCHASE THE PENTAGON HASN'T YET RESPONDED TO MARTIN MARIETTA'S PETITION BUT SAID LOCKHEED'S MR TELLEP I THINK I'D GIVE NORM CREDIT FOR MAKING THE POINT SO FORCEFULLY HE ADDED IF THE GOVERNMENT ADOPTS THAT AS SOME SORT OF POLICY I WOULD HOPE IT WOULD BE APPLIED TO ALL DEFENSE TRANSACTIONS 9403080101 940308 INTERNATIONAL JAPANESE FIRMS' COAL VENTURE TOKYO JAPANESE TRADING HOUSE NICHIMEN CORP AND MITSUI GROUP COMPANY MITSUI MATSUSHIMA CO WILL INVEST IN AN INDONESIAN COALMINING PROJECT THAT IS EXPECTED TO START PRODUCING IN 1996 SPOKESMEN FOR BOTH COMPANIES SAID THE TWO JAPANESE CONCERNS WILL INVEST IN THE PROJECT VIA INDONESIAN COAL DEVELOPMENT FIRM PT RIAU BARAHARUM WHICH IS CONDUCTING A FEASIBILITY STUDY ON THE FIELD THAT STUDY IS EXPECTED TO BE FINISHED BY THE END OF 1994 THE PROJECT IS EXPECTED TO BE PRODUCING AT A CAPACITY OF ABOUT ONE MILLION TONS A YEAR BY 1997 THE TWO CONCERNS WILL TOGETHER PROVIDE RIAU WITH ABOUT 15 MILLION FOR EXPLORATION COSTS AND ABOUT 15 MILLION FOR DEVELOPMENT ACTIVITIES 9403080100 940308 LEISURE & ARTS NEW MOVIES WORTH SEEING BY JULIE SALAMON WATCHING MIDNIGHT COWBOY ON A BIG MOVIE SCREEN IS BOTH EXHILARATING AND DEPRESSING NOW 25 YEARS OLD IT HASN'T LOST ITS POWER TO SHAKE YOU UP AS ONLY A POWERFUL MOVIE CAN DO THAT'S THE EXHILARATING PART THE DEPRESSION SETS IN LATER WHEN YOU REALIZE HOW RARE THAT EXPERIENCE HAS BECOME MIDNIGHT COWBOY WILL ALMOST CERTAINLY BE THE MOST EXCITING NEW MOVIE THIS YEAR MR VOIGHT'S PORTRAYAL OF JOE BUCK REMAINS ASTONISHINGLY TOUCHING MR HOFFMAN'S RATSO RIZZO IS ALL YOU REMEMBER AND POSSIBLY MORE WITH SCHINDLER'S LIST MR SPIELBERG HAS CREATED SOMETHING THAT FALLS OUTSIDE THE ORDINARY OR EVEN EXTRAORDINARY IN MOVIES THERE IS ENORMOUS PASSION AND ARTISTIC INTEGRITY THROUGHOUT THIS FILM ABOUT A HEDONISTIC GERMAN INDUSTRIALIST WHO FOUND A MOMENT OF GRACE BY SAVING MORE THAN A THOUSAND JEWS FROM THE NAZIS SCHINDLER'S LIST EMPHASIZES MR SPIELBERG'S REAL GENIUS HIS POETIC VISUAL IMAGINATION HIS INTELLIGENCE AND THE SENSE OF HUMANITY THAT SO PROFOUNDLY INFORMED HIS EARLIER FILMS AND BECAME LESS NOTICEABLE AFTER THE HUGE SUCCESS OF ET THE EXTRATERRESTRIAL FILMED IN BLACK AND WHITE IT HAS BOTH THE DEEP FEELING AND HYPNOTIC BEAUTY OF THE ITALIAN NEOREALIST FILMS MADE AFTER WORLD WAR II BY FILMMAKERS WHO HAD LIVED THROUGH THE BRUTALITY OF WAR THE EMOTIONAL TRUTH OF EXPERIENCE IT STARTED OUT AS A MUSICAL BUT GOT ITS SONGS AXED AND WAS LEFT A MESS BUT ENTERTAINING AND ONLY PARTLY BECAUSE JAMES BROOKS HAS WRITTEN SOME FUNNY JOKES ABOUT THE MOVIE BUSINESS THE MOVIE'S FASCINATION ALSO LIES IN ITS WEAKNESSES IN ITS UNCERTAIN TONE ITS WAVERING BETWEEN NICENESS AND BITTERNESS ITS BIG AMBITIONS AND SCATTERED ACCOMPLISHMENTS MAKE IT PERPLEXING TO WATCH BUT INTERESTING TO THINK ABOUT THE CHARACTERIZATIONS USUALLY THE MAINSTAY OF A BROOKS CREATION ARE SURPRISINGLY GLIB THOUGH ALBERT BROOKS IS HILARIOUS AS A MINOR MOVIE MOGUL A HARROWING FASCINATING ACCOUNT OF A TRUE STORY A YOUNG IRISHMAN AND HIS FAMILY WRONGLY CONVICTED OF TERRORISM AND MURDER BY THE BRITISH AUTHORITIES THE YOUNG MAN GERRY CONLON SPENT YEARS IN PRISON BEFORE A LAWYER BELIEVING HE WAS WRONGED GETS THE CASE REOPENED MR DAYLEWIS GIVES GERRY'S CONFUSION AND POLITICAL AWAKENING AND HIS DISILLUSIONMENT GRITTY AUTHENTICITY THOUGH THE SUBJECT IS POLITICS THE FILM'S HEART IS ITS EXPLORATION OF THE RELATIONSHIP BETWEEN GERRY AND HIS FATHER A MORAL MAN GIVEN THE STRENGTH OF SAINTS BY THE MAN WHO PLAYS HIM MR POSTLETHWAITE WITH SENSUOUS GRACE THIS FILM CAPTURES THE HOTHOUSE LIFE OF A BOURGEOIS HOUSEHOLD IN THE SAIGON OF 1951 BOTH THE BEAUTY AND THE ROT WITHIN AS SEEN THROUGH THE EYES OF A YOUNG GIRL NAMED MUI WHO COMES TO WORK THERE WHEN SHE IS 10 AT FIRST SHE THINKS IT MAY BE PARADISE AS SHE MARVELS AT THE PAPAYA TREE OUTSIDE HER WINDOW OR THE STRUGGLE OF AN ANT TO MOVE A CRUMB FROM HERE TO THERE BUT IT SOON BECOMES APPARENT TO HER THAT THERE ARE INNER DISTURBANCES UPSTAIRS THE GRANDMOTHER PRAYS FOR THE DEAD DOWNSTAIRS THE RICH OWNERS LIVE THE LIFE OF THE DEAD THE MAN OF THE HOUSE NEVER LEAVES BECAUSE OF THE EVIL HE HAS DONE AND THE EVIL HE THINKS HE'S DONE HIS WIFE SUFFERS AND THEIR SONS REACT WITH SMALL CRUELTIES TOWARD INSECTS AND SERVANTS IT'S A THRILLER ABOUT A PRETTY MUSICIAN NAMED EMMA WHO REGAINS HER SIGHT AFTER 20 YEARS OF BLINDNESS JUST IN TIME TO WITNESS A MURDERER LEAVING HIS VICTIM THOUGH THIS LEADS TO THE USUAL SPASMS OF THRILLER VICTIMHOOD THE MOVIE IS SURPRISINGLY SCARY AND EMOTIONALLY CONVINCING ESPECIALLY IN THE FIRST HALF BEFORE THE PLOT WEARS ITSELF OUT MS STOWE PROVES AGAIN THAT SHE IS ONE OF THE MOST EXCITING YOUNG ACTRESSES WORKING TODAY SHE GIVES THE ILLUSION OF HAVING ALL THE RIGHT STUFF GUTS SEXINESS AND THE INNER TENSION OF A THINKING PERSON SHE IS NICELY PAIRED WITH MR QUINN WHO MAY OR MAY NOT BE A CONVINCING STREET COP BUT HE'S A GOOD MATCH IN THE GUTS SEXINESS AND THINKINGPERSON DEPARTMENT 9403080099 940308 O'BRIEN ENVIRONMENTAL ENERGY PHILADELPHIA O'BRIEN ENVIRONMENTAL ENERGY INC SAID IT WON A FOURYEAR 68 MILLION CONTRACT FROM THE CITY OF PHILADELPHIA TO CONSTRUCT A 14MEGAWATT STANDBY POWER PLANT AT THE PHILADELPHIA INTERNATIONAL AIRPORT 9403080098 940308 CREDIT MARKETS TREASURY BENCHMARK BOND REGAINS ITS FOOTING POSTING INCREASE IN PRICE BUT ANXIETY REMAINS BY THOMAS T VOGEL JR AND GENE COLTER STAFF REPORTERS OF THE WALL STREET JOURNAL NEW YORK YIELDS FELL IN THE TREASURY MARKET YESTERDAY BUT ANXIETY REMAINED HIGH PEOPLE ARE STILL VERY NERVOUS SAID MARK GRANT MANAGING DIRECTOR OF FIXED INCOME AT JOSEPHTHAL LYON & ROSS INC OF NEW YORK AN INVESTMENT BANKING FIRM BUT THERE'S A TREMENDOUS AMOUNT OF CASH ON THE SIDELINES HE SAID WHERE MANY INVESTORS ARE WAITING TO SEE IF THE BOND MARKET HAS STABILIZED SINCE FEB 4 WHEN THE FEDERAL RESERVE RAISED SHORTTERM INTEREST RATES BOND PRICES HAVE DROPPED MORE THAN SIX POINTS OR MORE THAN 60 FOR A BOND WITH 1000 FACE VALUE AN INVESTOR WHO BOUGHT A BOND THEN AND SOLD IT YESTERDAY LOST MORE THAN 6 OF HIS PRINCIPAL THAT'S MORE THAN TWICE AS MUCH AS WHAT AN INVESTOR COULD HAVE EARNED IN A MONEYMARKET FUND OVER AN ENTIRE YEAR MEANWHILE THE PRICES OF DENVER AIRPORT BONDS APPEARED TO STABILIZE YESTERDAY AFTER A WEEK OF SHARP DROPS IN REACTION TO NEWS OF DELAYS IN ITS OPENING AND OF PLANS BY CONTINENTAL AIRLINES TO MOVE PERSONNEL TO OTHER AIRPORTS BOND PRICES WERE MUCH HIGHER EARLIER IN THE DAY WHEN THEY POSTED GAINS OF ABOUT 7/8 POINT WITH SUPPORT FROM RALLYING EUROPEAN BOND MARKETS LATE IN THE DAY HOWEVER THE MARKET WAS AFFECTED BY LOW VOLUME AND FURTHER SECONDGUESSING ABOUT THE NEXT CHANGE IN MONETARY POLICY BUT EVEN AT THE DAY'S HIGHS THE MEMORY OF THE MARKET'S LOSSES IN THE PAST SEVERAL WEEKS WASN'T ERASED TRADERS AND INVESTORS READILY NOTED THAT THE YIELD ON THE 30YEAR BOND IS STILL NEARLY 1/2 PERCENTAGE POINT HIGHER THAN A MONTH AGO I THINK YOU'RE GETTING A LITTLE BIT OF A BOUNCE IN WHAT'S LONGERTERM A BEAR MARKET SAID MICHAEL STRAUSS ECONOMIST AT YAMAICHI INTERNATIONAL AMERICA INC OF YESTERDAY'S GAINS THE DOMINANT FORCE BEHIND YESTERDAY'S GAINS WAS ALREADY IN PLACE BY LATE IN THE WEEKEND GERMANY'S POWERFUL IG METALL LABOR UNION SETTLED WITH EMPLOYERS AGREEING TO A MODEST 2 WAGE INCREASE AND CUTS IN THE WORK WEEK FOR MORE THAN THREE MILLION INDUSTRIAL WORKERS WHILE THE GOINGSON OF ONE UNION IN EUROPE EVEN ONE AS INFLUENTIAL AS IG METALL NORMALLY MIGHT NOT GAIN NOTICE IN THE US THE SETTLEMENT WAS SEEN AS IMPORTANT TO INTEREST RATES THROUGHOUT EUROPE THAT GUARANTEED THAT ITS INFLUENCE WOULD BE FELT ACROSS THE ATLANTIC HAD THE GERMAN UNION STRUCK ANALYSTS SAID IT WOULD HAVE SENT RISING PRICE PRESSURES THROUGHOUT THAT COUNTRY'S ECONOMY THAT IN TURN WOULD HAVE BEEN VIEWED BY EUROPEAN BOND PLAYERS AS ENDING ANY NEARTERM CHANCES FOR A RATE CUT BY THE BUNDESBANK GERMANY'S CENTRAL BANK ONE OF THE MOSTDAMAGING FACTORS FOR EUROPE'S BOND MARKETS IN RECENT WEEKS HAS BEEN HIGH INTEREST RATES IN GERMANY SO THE NEWS OF THE UNION SETTLEMENT THERE SENT A RALLY THROUGH BOND MARKETS ON THE CONTINENT US BONDS WHOSE LOSSES LATE LAST WEEK WERE CHARACTERIZED AS OVERDONE BY SOME TRADERS ENJOYED SOME SHORT COVERING IN OVERNIGHT TRADE UNDER THE INFLUENCE OF EUROPEAN TRADING AND THAT BUYING CONTINUED BRIEFLY AFTER THE OPEN OF DEALINGS HERE SELLING A BORROWED SECURITY IN THE HOPES OF A DROP IN PRICES IS CALLED SHORT SELLING AND BUYING THE SECURITY TO CLOSE OUT THE POSITION IS CALLED COVERING THE SHORT AFTER READING IN SUNDAY'S PAPERS THAT THE IG METALL AND EMPLOYERS HAD SETTLED I HAD THE FEELING THAT WE'D HAVE A NICE LITTLE BOUNCE MONDAY SAID JOSEPH LIRO SENIOR VICE PRESIDENT AND CHIEF ECONOMIST AT SG WARBURG & CO BOND MUTUALFUND MANAGERS ABSENT FROM THE MARKET IN RECENT SESSIONS WERE AMONG THOSE BUYING BONDS DURING THE MORNING TRADERS SAID ALSO A HANDFUL OF EUROPEAN ACCOUNTS THAT WERE FINALLY ABLE TO GET OUT OF LOSING POSITIONS IN EUROPEAN MARKETS WERE ABLE TO BUY BACK SOME SOME SHORTS SET IN US TREASURYS SAID MR STRAUSS OF YAMAICHI BY LATE MORNING MOST OF THE YESTERDAY'S TRADING WAS DONE BUT OTHER NEWS KEPT THE MARKET NEAR ITS BEST LEVELS TRADERS POINTED TO FALLING OIL PRICES AS A POSITIVE INFLUENCE ON A DAYTODAY BASIS OIL PRICES ARE OFTEN ONE OF THE MARKET'S FAVORITE INFLATION GAUGES FALLING INFLATIONARY PRESSURES IS GOOD NEWS FOR THE BOND MARKETS BECAUSE IT MEANS THAT A FIXED COUPON PAYMENT FROM A BOND IS WORTH MORE THE DECISION BY THE FED NOT TO RAISE SHORTTERM RATES ON FRIDAY SEEMED TO HELP SUPPORT BOND PRICES AS WELL LATE LAST WEEK SOME WELLKNOWN BOND PLAYERS PRIMARY DEALER CS FIRST BOSTON INC AMONG THEM LET IT BE KNOWN THAT THEY WERE LOOKING FOR THE FED TO HIKE RATES AGAIN YESTERDAY THE CENTRAL BANK LAST DID SO IN EARLY FEBRUARY WHEN IT NUDGED ITS TARGET FOR THE FEDERAL FUNDS RATE THE OVERNIGHT LENDING RATE FOR BANKS UP TO 325 FROM 3 IF THE FED IS CHANGING ITS POLICY IT USUALLY DOES SO BY ENTERING THE OPEN MARKET LATE IN THE MORNING TO BUY OR SELL SECURITIES WHEN IT DIDN'T DO SO MONDAY THE BOND TOUCHED ITS BEST LEVEL OF THE SESSION BUT THE WAIT FOR THE FED TO MOVE IS FAR FROM OVER TRADERS AND WALL STREET ECONOMISTS SAID AND THE STRESS OF THAT WAIT WAS WEIGHING UPON TREASURYS AGAIN BY SESSION'S END I THINK IT'S THIS ATTITUDE THAT THE FED'S GOING TO GIVE YOU SOMETHING AND IT'S JUST A MATTER OF TIMING SAID MORTON SWINSKY PRESIDENT OF FUJI SECURITIES INC MOST FED WATCHERS NOW FIGURE THE CENTRAL BANK TO MOVE TO INFLUENCE RATES AGAIN BEFORE MARCH 22 THE DAY THE BANK'S POLICYMAKING FEDERAL OPEN MARKET COMMITTEE NEXT MEETS I THINK AS WE GO THROUGH THE NEXT DAY OR SO AND THE FED DOESN'T SHOW THE CHANCES BECOME LESS AND LESS THEY'LL MAKE A MOVE BEFORE THAT MEETING SAID MR LIRO OF WARBURG MR LIRO AND HIS COLLEAGUES FIGURE THAT THE TREASURY MARKET IS SO SENSITIVE TO REPORTS DUE TO BE RELEASED OVER THE NEXT WEEK'S WORTH OF TRADING SESSIONS THAT THE FED WON'T TAKE ANY CHANCES OF MAKING DEALINGS ANY MORE VOLATILE HERE ARE THE DETAILS OF YESTERDAY'S AUCTION BY THE TREASURY OF 13WEEK AND 26WEEK BILLS 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 10 THE 13WEEK BILLS MATURE JUNE 9 AND THE 26WEEK BILLS MATURE SEPT 8 MUNICIPALBOND SALES EASED YESTERDAY AND ALLOWED BETTER PERFORMANCES FOR ISSUES INCLUDING DENVER'S TROUBLED AIRPORT REVENUE BONDS THOSE BONDS HAVE BEEN IN FOCUS SINCE EARLY LAST WEEK WHEN THE OPENING OF THE CITY'S NEW INTERNATIONAL AIRPORT WAS DELAYED FOR THE THIRD TIME TO MAY 15 IT WAS TO OPEN TOMORROW WHILE MUNIS WERE GENERALLY UP AS MUCH AS 1/2 POINT IN LATE TRADING YESTERDAY DUE TO A CORRECTION AFTER LAST WEEK'S BOND SELLOFF THE GOOD NEWS FOR DENVER'S AIRPORT REVENUE BONDS WAS AN EBB IN SALES THAT SIMPLY ALLOWED THE SECURITIES TO STABILIZE THE YIELD FOR DENVER'S 675 OF 2022 AIRPORT BONDS WAS 69 IN LATE TRADING YESTERDAY UNCHANGED FROM THE LEVEL SEEN FRIDAY BUT UP FROM 65 LAST TUESDAY BEFORE THE WAVE OF SALES BEGAN THE PRICE OF THE BONDS WAS UNCHANGED AT 98 1/8 BUT OVER THE PAST WEEK THE PRICE OF THOSE BONDS HAS DROPPED NEARLY FOUR POINTS OR NEARLY 40 FOR A BOND WITH 1000 FACE VALUE THE SELLING OCCURRED BECAUSE OF THE MUNI MARKET'S GENERAL WEAKNESS AND NEGATIVE DEVELOPMENTS CONCERNING THE NEW DENVER INTERNATIONAL AIRPORT AFTER THE ANNOUNCEMENT OF THE LATEST DELAY IN THE OPENING MOODY'S INVESTORS SERVICE INC AND STANDARD & POOR'S CORP EXPRESSED STRONG CONCERNS ABOUT THE SERIES OF POSTPONEMENTS AND CONTINENTAL AIRLINES ANNOUNCED ITS PLAN TO RELOCATE MORE THAN 1300 OF ITS DENVERBASED EMPLOYEES TO OTHER CITIES BETWEEN MAY AND JULY CONTINENTAL TOLD DOW JONES CAPITAL MARKETS REPORT ON FRIDAY THAT THE RELOCATIONS ARE A TOTALLY SEPARATE MATTER FROM ISSUES INVOLVED WITH THE DELAY IN THE OPENING OF THE NEW AIRPORT POSTPONEMENT COSTS OF THE LATEST DELAY WHICH ARE ESTIMATED AT 30 MILLION ARE TO BE COVERED BY CONTINENTAL AND UNITED AIRLINES DESPITE THE CURRENT SCENARIO SENTIMENT ABOUT DENVER'S AIRPORT BONDS SEEMED MORE EVENLY DIVIDED YESTERDAY SAID A TRADER BASED IN NEW YORK WHILE SOME INVESTORS WERE SELLING SMALL HOLDINGS HE ADDED WIDESPREAD SELLING HAD CLEARLY ABATED ALTHOUGH SALES HAVE EBBED BUYERS MAY SHUN DENVER AIRPORT BONDS FOR A WHILE SOME MUNI SPECIALISTS SAID MARKET PARTICIPANTS WILL PROBABLY WANT TO STAY IN THE TRENCHES UNTIL THERE ARE FEWER UNCERTAINTIES ABOUT THE NEW AIRPORT A DENVERBASED TRADER SAID THE MUNICIPAL BOND MARKET'S GENERAL STRENGTH YESTERDAY WAS ATTRIBUTED TO A LONGAWAITED CORRECTION TRADERS WARNED HOWEVER THAT SENTIMENT REMAINS BEARISH DUE TO CONCERNS ABOUT THE POSSIBILITY OF FURTHER FED MOVES TO RAISE SHORTTERM INTEREST RATES IN THE NEAR FUTURE PERHAPS WE'VE REACHED A NEARTERM BOTTOM SAID GREGORY GIZZI A TRADER AT DILLON READ & CO HE SAID THAT OTHER SIGNS OF A MARKET BOTTOM WOULD BE A FEW DAYS OF RANGETRADING AND THE APPEARANCE OF FEWER BIDWANTED OR SELLING LISTS THE CORPORATEBOND MARKET FOCUSED ON NEWS RATHER THAN NEW ISSUES AN ANNOUNCEMENT THAT BRITISH AIRWAYS PLC WILL SUSPEND FURTHER INVESTMENTS IN USAIR GROUP INC PUSHED USAIR BOND PRICES DOWN THE BRITISH COMPANY CURRENTLY HOLDS A 24 STAKE IN USAIR IN OTHER NEWS THE US SUPREME COURT DECLINED TO HEAR AN APPEAL BY BONDHOLDERS WHO SUED DONALD TRUMP AND HIS TAJ MAHAL CASINO IN ATLANTIC CITY NJ NEW ISSUES WERE SLIM MONDAY WITH ONLY 250 MILLION OF DEBT PRICED HOECHST CELANESE CORP A UNIT OF HOECHST CELANESE AG SOLD 100 MILLION OF MEDIUMTERM NOTES THROUGH CS FIRST BOSTON INC TRADING IN THE INVESTMENTGRADE MARKET WAS LIGHT WITH PRICES FOLLOWING TREASURYS JUNKBOND TRADING WAS EXTREMELY LIGHT FOCUSING MAINLY ON TRUMP'S TAJ MAHAL AND USAIR USAIR BOND PRICES HAVE BEEN SLIDING ON CONCERNS ABOUT ITS MARGINS AMID PRESSURE FROM LOWERCOST CARRIERS BY MIDDAY ITS 10 COUPON DEBENTURES DUE IN 2003 WERE QUOTED AT 86 TO YIELD 126 A TWOWEEK DROP OF SOME 11 POINTS OR 110 FOR A BOND WITH A 1000 FACE VALUE IN THE TRUMP CASE THE SUPREME COURT DECIDED NOT TO HEAR AN APPEAL OF A RULING BY THE FEDERAL APPEALS COURT IN PHILADELPHIA THAT INVESTORS GENERALLY CAN'T SUE COMPANIES FOR MISREPRESENTATIONS IN A PROSPECTUS IF THE DOCUMENT ALSO INCLUDES SUFFICIENT CAUTIONARY STATEMENTS THE CASINO'S 1135 BONDS MATURING IN 2003 ROSE ONE POINT OR 10 FOR A BOND WITH A 1000 FACE VALUE TO 925 IN YESTERDAY'S SESSION THE YIELD DROPPED TO 1313 FROM 1333 TRUMP TAJ MAHAL IS A UNIT OF THE TRUMP ORGANIZATION MORTGAGES WERE UNCHANGED LATE YESTERDAY AMID LACKLUSTER TRADING AND THE RELEASE OF DATA REVEALING A MARKED SLOWING OF HOMELOAN REFINANCING GINNIE MAE 7S FOR MARCH DELIVERY WERE ENDING UP 6/32 AT 98 29/32 FREDDIE MAC 7S WERE ENDING UP 7/32 AT 99 8/32 AND FANNIE MAE 7S WERE ENDING UP 7/32 AT 99 1/32 THE TREASURY'S 10YEAR NOTE A PRICING BENCHMARK FOR CURRENT COUPON SECURITIES WAS ENDING THE DAY UP 7/32 AT 96 22/32 TO YIELD 633 THE NEWS OF SLOWER PREPAYMENTS WHILE LARGELY EXPECTED UNDERLIES THE DILEMMA OF EXTENSION RISK FACING HOLDERS OF MORTGAGE SECURITIES SLOWER PREPAYMENTS MEAN INVESTORS MAY OWN THEIR SECURITIES FOR LONGER THAN THEY INITIALLY EXPECTED THIS PROBLEM WAS LONG FORGOTTEN BY MORTGAGE INVESTORS WHO HAVE WITNESSED FOUR WAVES OF UNPRECEDENTED REFINANCING INSTEAD THE FEAR FOR THE LAST TWO YEARS HAS BEEN THE EARLY CALL OF THEIR SECURITIES AS THE UNDERLYING MORTGAGES PREPAID THAT FEAR HAS SO DOMINATED THE MARKET THAT PRICES OF MORTGAGE SECURITIES HAVE YET TO COMPENSATE INVESTORS FOR THE NEW RISK OF EXTENSION ACCORDING TO ANALYSTS CANDACE CUMBERBATCH CONTRIBUTED TO THIS ARTICLE 9403080097 940308 LAW LEGAL BEAT LAWSCHOOL APPLICATIONS DECLINE BUT INSTITUTIONS AREN'T WORRIED BY JUNDA WOO STAFF REPORTER OF THE WALL STREET JOURNAL LAW SCHOOL MAY BE LOSING ITS LUSTER IN JUST THREE YEARS THE NUMBER OF STUDENTS VYING TO GET INTO LAW SCHOOLS HAS DROPPED ROUGHLY 11 ACCORDING TO PRELIMINARY FIGURES FROM THE LAW SCHOOL ADMISSION SERVICES THE DROPOFF MIRRORS A DECLINE IN MBA PROGRAM APPLICATIONS IN RECENT YEARS MEANWHILE MORE PEOPLE ARE ELBOWING THEIR WAY INTO HEALTH AND GOVERNMENTRELATED PROGRAMS ACCORDING TO THE COUNCIL OF GRADUATE STUDENTS IN WASHINGTON DC THE LAWSCHOOL DOWNTURN REPRESENTING THREE YEARS OF CONTINUOUSLY DECLINING APPLICATIONS COULD REPRESENT JUST A LEVELINGOFF AFTER A STREAK OF RECORD HIGHS IN THE 1980S AND EARLY 1990S THE NUMBER OF APPLICANTS IS IN FACT STILL ABOVE THE HISTORICAL AVERAGE AND LAW SCHOOLS SAY THEY'RE UNCONCERNED ABOUT THE DOWNTURN BUT GEORGE L DAWSON PRESIDENT OF THE POLICYMAKING ARM OF THE ADMISSION SERVICES PREDICTS THE DESCENT WILL CONTINUE THE ADMISSION SERVICES BASED IN NEWTOWN PA ADMINISTERS LAWSCHOOL ENTRANCE EXAMS MR DAWSON SAYS A HOSTILE JOB MARKET FOR NEW LAWYERS WHICH HE EXPECTS TO CONTINUE IS THE PRIMARY REASON FOR THE DECREASE FROM A 1991 PEAK OF 94000 APPLICANTS TO A PROJECTED TOTAL OF ABOUT 83000 THIS YEAR FINAL NUMBERS FOR THIS YEAR WON'T BE IN UNTIL THE FALL PROSPECTS FOR LAWSCHOOL GRADUATES IN 1992 THE MOST RECENT YEAR FOR WHICH FIGURES WERE AVAILABLE WERE THE BLEAKEST IN A DECADE SIX MONTHS AFTER GRADUATION ONE OUT OF SIX NEW ATTORNEYS REMAINED UNEMPLOYED ACCORDING TO THE NATIONAL ASSOCIATION FOR LAW PLACEMENT WASHINGTON AT THE SAME TIME THE AMERICAN BAR ASSOCIATION CALCULATED THAT TUITION COSTS AT PRIVATE LAW SCHOOLS AVERAGED 13700 A SEMESTER I THINK STUDENTS ARE THINKING HARD ABOUT WHETHER THEY WANT TO MAKE THIS COMMITMENT AT THIS TIME SAID CHERYL A FICARRA ASSISTANT DEAN OF ADMISSIONS AND FINANCIAL AID AT SYRACUSE UNIVERSITY COLLEGE OF LAW SYRACUSE ACTUALLY IS RECEIVING MORE APPLICANTS THAN LAST YEAR PERHAPS BECAUSE OF FORCEFUL RECRUITING BUT MOST NORTHEAST SCHOOLS ARE IN A DEEP SLUMP WEST COAST LAW SCHOOLS ESPECIALLY THOSE IN THE PACIFIC NORTHWEST HAVE NOT EXPERIENCED A DECLINE THE NATIONAL DROPOFF OF APPROXIMATELY 11 BREAKS DOWN INTO DECREASES OF 16 IN 1992 59 IN 1993 AND 4 THIS YEAR BASED ON FIGURES TO DATE THE UNPOPULARITY OF LAWYERS WHO REPEATEDLY RANK NEAR POLITICIANS IN PUBLICOPINION POLLS MAY BE A SECONDARY FACTOR IN THE SLIDE TO THE SAME EXTENT THAT THE POPULARITY OF LA LAW HELPED PROPEL A SURGE IN APPLICATIONS IN THE 1980S BUT LAWSCHOOL HOPEFULS SAY IT'S LARGELY THE JOB MARKET THAT IS DETERRING SOME OF THEIR PEERS I HAVE A FRIEND WHO'S A FIRSTYEAR LAW STUDENT SAID CRAIG ACKERMANN A UNIVERSITY OF TEXAS SENIOR WHO DID APPLY TO LAW SCHOOL HE MAILED OUT 50 LETTERS AND HE GOT 50 REJECTIONS AND STORIES LIKE THIS TRICKLE DOWN WALTER K OLSON A SENIOR FELLOW AT THE MANHATTAN INSTITUTE RESEARCH ORGANIZATION AND AUTHOR OF THE LITIGATION EXPLOSION TAKES NO COMFORT IN THE TREND HE NOTES THAT THE DROPOFF WON'T NECESSARILY AFFECT THE NATION'S EXPLOSION OF ATTORNEYS WHO ARE EXPECTED TO NUMBER ONE MILLION BY THE YEAR 2000 INDEED WHILE THE NUMBER OF APPLICANTS IS DOWN THERE ARE STILL MORE THAN ENOUGH TO FILL ALL THE AVAILABLE LAWSCHOOL PLACES WHICH HAVE HELD STEADY FOR MANY YEARS AT ABOUT 41000 SO FOR NOW THE NET EFFECT OF THE DROPOFF IN APPLICANTS IS ONLY THAT IT IS BECOMING A BIT EASIER FOR THOSE WHO DO APPLY TO GET ADMITTED WE CAN EXPECT TO SEE THE STOCK OF PEOPLE WITH LEGAL TRAINING TO INCREASE SAID MR OLSON WHO SAYS HE BELIEVES THAT MORE PEOPLE ARE ENTERING THE LEGAL PROFESSION THAN RETIRING FROM IT A SPOKESWOMAN FOR THE ABA IN CHICAGO SAID THE GROUP DOESN'T TRACK THE NUMBER OF RETIRING LAWYERS THERE MAY BE UPS AND DOWNS IN THIS SAID MR OLSON BUT THE NET INCREASE IN THE PROFESSION IS GOING TO INCREASE STRONGLY AND INTO THE INDEFINITE FUTURE SHAREHOLDER ACTIVISTS WHO SUCCEED IN LITIGATION TO PLACE SOCIALISSUE PROPOSALS IN PROXY MATERIALS MAY BE ENTITLED TO LEGAL FEES EVEN IF THE PROPOSAL FAILS WITH SHAREHOLDERS A FEDERAL JUDGE RULED THE RULING BY US DISTRICT JUDGE KIMBA L WOOD IN NEW YORK IS EXPECTED TO AID AN INCREASING NUMBER OF GROUPS BACKING PROXY PROPOSALS ON PLANT CLOSINGS CIGARETTE ADVERTISING EXECUTIVE COMPENSATION AND OTHER ISSUES WITH THE ANNUAL MEETING SEASON ABOUT TO BEGIN THE WASHINGTONBASED INVESTOR RESPONSIBILITY RESEARCH CENTER SAID THERE ARE 134 SOCIALISSUE RESOLUTIONS BEFORE THE 1500 CORPORATIONS THAT IT FOLLOWS NATIONWIDE COMPARED WITH 128 RESOLUTIONS LAST YEAR THE LATEST RULING STEMS FROM A DECISION LAST YEAR IN WHICH JUDGE WOOD FOUND THAT THE SECURITIES AND EXCHANGE COMMISSION HAD MISAPPLIED ITS OWN RULES IN TELLING WALMART STORES INC THAT IT COULD OMIT FROM ITS PROXY MATERIALS A SHAREHOLDERS' PROPOSAL ON EMPLOYMENT ISSUES IN ASKING JUDGE WOOD TO DENY THE SHAREHOLDER ACTIVISTS' LEGAL FEES WALMART SAID THE PROPOSAL RECEIVED SUPPORT FROM ONLY 7 OF SHAREHOLDERS AND THEREFORE THE LITIGATION DIDN'T BENEFIT THE SHAREHOLDERS AS A GROUP BUT JUDGE WOOD REJECTED THAT ARGUMENT FINDING THAT THE SUCCESSFUL LAWSUIT CONFERRED A COMMON BENEFIT ON ALL THE SHAREHOLDERS SHE AWARDED THE PLAINTIFFS 54680 IN LEGAL FEES THE FACT THAT THE PROPOSAL COMMANDED MORE THAN TWICE THE VOTES DEEMED NECESSARY BY THE SEC TO KEEP IT IN NEXT YEAR'S PROXY MATERIALS SUGGESTS THAT THE COMMUNICATION WAS VALUABLE THE JUDGE WROTE CORNISH F HITCHCOCK AN ATTORNEY WITH PUBLIC CITIZEN LITIGATION GROUP IN WASHINGTON WHICH REPRESENTED THE PLAINTIFFS SAID THE CASE WAS THE FIRST IN WHICH ATTORNEYS FEES HAD BEEN AWARDED IN SUCH A CONTEXT THIS WILL GIVE SHAREHOLDERS ANOTHER TOOL TO USE AND PROVIDE INCENTIVES FOR COMPANIES TO PLACE THESE PROPOSALS ON THEIR BALLOTS HE SAID A SPOKESMAN FOR THE SEC DECLINED TO COMMENT SAYING THE AGENCY WASN'T A PARTY TO THE LITIGATION ATTORNEYS FOR WALMART BASED IN BENTONVILLE ARK DIDN'T RETURN TELEPHONE CALLS SEEKING COMMENT MARGARET A JACOBS CONTRIBUTED TO THIS ARTICLE 9403080096 940308 WHO'S NEWS MICHIGAN NATIONAL CORP MICHIGAN NATIONAL CORP FARMINGTON HILLS MICH JOSEPH J WHITESIDE 52 YEARS OLD MANAGING DIRECTOR OF CORNERSTONE CAPITAL ADVISORS LTD PITTSBURGH WAS NAMED EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF THIS FINANCIAL SERVICES CONCERN HE SUCCEEDS ERIC BOOTH 49 WHO HELD THE DUAL TITLES OF MICHIGAN NATIONAL'S CHIEF FINANCIAL OFFICER AND CHAIRMAN OF ITS MORTGAGE SUBSIDIARY INDEPENDENCE ONE MORTGAGE CORP MR BOOTH RECENTLY ASSUMED THE ADDITIONAL TITLE OF PRESIDENT OF THE MORTGAGE SUBSIDIARY AND WILL CONTINUE AS ITS CHAIRMAN 9403080095 940308 FOREIGN EXCHANGE GERMAN LABOR PACT ERASES EARLY GAINS BUT DOLLAR ENDS UP A BIT AGAINST MARK BY GARY ROSENBERGER SPECIAL TO THE WALL STREET JOURNAL NEW YORK THE DOLLAR MOVED LETHARGICALLY AGAINST OTHER MAJOR CURRENCIES AS AN 11THHOUR SETTLEMENT BY GERMAN METAL WORKERS INSPIRED ONLY A FAINT RALLY AGAINST THE MARK BEFORE A DOWNWARD DRIFT TOOK HOLD THE DOLLAR GAINED AGAINST THE MARK AND OTHER EUROPEAN CURRENCIES IN ASIAN TRADING ON WEEKEND REPORTS THAT GERMANY'S IG METALL UNION ACCEPTED A MODEST 2 WAGE INCREASE EFFECTIVE JUNE 1 THAT SETTLEMENT WHICH WAS BELOW GERMANY'S 3 INFLATION RATE GAVE THE MARKET REASON TO EXPECT THE DEUTSCHE BUNDESBANK TO RETURN TO ITS POLICY OF EASING AND THUS PUSHED THE DOLLAR HIGHER BUT THE LESSTHANIMPRESSIVE GAINS WERE GIVEN BACK DURING EUROPEAN TRADING WHEN THE LABOR SETTLEMENT BOOSTED GERMAN STOCK AND SHARE PRICES DRAWING CAPITAL AWAY FROM THE US AND WEAKENING THE DOLLAR LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 17195 MARKS UP FROM 17190 FROM LATE FRIDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS AT 10555 YEN DOWN FROM 10565 STERLING WAS TRADING AT 14900 UP FROM 14895 IN TRADING LATE TUESDAY MORNING IN TOKYO THE DOLLAR WAS TRADING AT 10663 YEN AND AT 1719 MARKS PEOPLE SEE IT IS A GOOD TIME TO BUY GERMAN STOCKS AND BONDS THAT MAKES FOR BUYING PRESSURE IN THE MARK SAID HIDETOSHI YANAGIHARA ASSISTANT VICE PRESIDENT AT THE INDUSTRIAL BANK OF JAPAN IN NEW YORK BUT IF GERMAN INTEREST RATES DO GO LOWER PEOPLE IN FOREIGN EXCHANGE MARKETS WILL BUY US DOLLARS AGAINST THE MARK BECAUSE THE DOLLAR WILL BE A MORE ATTRACTIVE CURRENCY HE ADDED INDEED IN A STATEMENT YESTERDAY BUNDESBANK PRESIDENT HANS TIETMEYER TERMED THE SETTLEMENT A POSITIVE DEVELOPMENT ON THE WAGE FRONT THAT COMBINED WITH ANOTHER COMMENT BY MR TIETMEYER THAT THERE IS NO SPECIFIC REASON FOR CONCERN OVER GERMANY'S HIGH MONEY SUPPLY GROWTH IN JANUARY SIGNALED TO TRADERS THAT THE BUNDESBANK WAS BACK ON AN EASING TRACK ALBEIT A CAUTIOUS ONE FOLLOWING MR TIETMEYER'S STATEMENT THE DOLLAR ONCE AGAIN PUSHED HIGHER FROM ITS INTRADAY LOWS BUT THE GAINS WERE LIMITED BECAUSE OF PERCEPTIONS THAT ANY BUNDESBANK EASING WILL BE HESITANT PROSPECTS ARE FOR HIGHER INTEREST RATES IN THE US AND LOWER RATES IN GERMANY SAID DAVID GILMORE A FOREIGN EXCHANGE ANALYST FOR MCM CURRENCYWATCH ORDINARILY THAT SPELLS HIGHER DOLLAR AND LOWER MARK BUT HE ADDED THE MARKET'S RECENT ATTENTION TO CAPITAL FLOWS AND OBSESSION OVER INFLATIONARY SIGNS THAT HAVE DRAGGED DOWN BOND AND STOCK MARKETS HAS APPEARED TO OVERWHELM ARGUMENTS BASED ON INTERESTRATE FUNDAMENTALS I THINK THE DOLLAR WILL GO LOWER BASED ON MONEY GOING INTO EUROPE MR GILMORE SAID TRADING WAS ALSO QUIET ON A LACK OF MAJOR US ECONOMIC DATA DUE OUT THIS WEEK AND BECAUSE MANY PLAYERS HAVE TAKEN TO THE SIDELINES AFTER FOUR WEEKS OF HIGH VOLATILITY TRADERS SAID ANOTHER FACTOR THAT APPEARS TO CAST A CLOUD OVER THE DOLLAR IS THE POLITICAL CONTROVERSY SURROUNDING WHITEWATER DEVELOPMENT CO A FAILED LAND DEAL IN WHICH BILL AND HILLARY CLINTON WERE INVESTORS WHILE HE WAS GOVERNOR OF ARKANSAS ANALYSTS BELIEVE THAT IF THE CLINTON ADMINISTRATION IS WEAKENED BY THE INVESTIGATION INTO WHITEWATER DOLLAR WEAKNESS IS LIKELY IN THE LONGER TERM 9403080094 940308 BUSINESS BRIEF COOPER DISTRIBUTING CO JURY AWARDS 94 MILLION IN DISPUTE WITH RAYTHEON A FEDERAL JURY IN NEWARK NJ AWARDED COOPER DISTRIBUTING CO 94 MILLION INCLUDING 3 MILLION IN PUNITIVE DAMAGES IN A CONTRACT DISPUTE WITH AMANA REFRIGERATION INC A UNIT OF RAYTHEON CO AN AMANA SPOKESWOMAN SAID THE COMPANY PLANNED TO APPEAL THE VERDICT WHICH WAS ANNOUNCED FRIDAY COOPER HAD CHARGED THE APPLIANCE MANUFACTURER WITH WRONGFUL TERMINATION OF ITS 30YEAROLD DISTRIBUTION AGREEMENT TO REPRESENT THE AMANA LINE IN THE NEW YORK AREA THE DISTRIBUTOR SUED AFTER AMANA SENT IT A 10DAY TERMINATION NOTICE ON NOV 5 1991 WHICH WAS PART OF A NATIONWIDE APPLIANCE CONSOLIDATION EFFORT IN THE ENSUING LEGAL BATTLE THE NEWARKBASED DISTRIBUTOR ARGUED THAT COOPER DISTRIBUTING QUALIFIED UNDER THE NEW JERSEY FRANCHISE PRACTICES ACT WHICH PROTECTS NEW JERSEY BUSINESSES FROM CANCELLATION FOR ANY REASON OTHER THAN POOR PERFORMANCE AMANA HAD CHALLENGED THAT COOPER DID NOT MEET THE LEGAL DEFINITION OF A FRANCHISE IN JANUARY 1992 A JUDGE ISSUED A PRELIMINARY INJUNCTION GIVING COOPER THE RIGHT TO CONTINUE AS AMANA'S DISTRIBUTOR PENDING RESOLUTION OF THE ISSUE AT TRIAL 9403080093 940308 COMMODITIES GOLD'S FUTURE LOOKS DIM AS HEDGE FUNDS SELL OFF BY MICHAEL R SESIT AND NICHOLAS BRAY STAFF REPORTERS OF THE WALL STREET JOURNAL LONDON HEDGE FUNDS THOSE AGGRESSIVE INVESTMENT PARTNERSHIPS THAT BET HUGE SUMS ON CURRENCIES BONDS AND STOCKS IN SEARCH OF QUICK PROFITS ARE HAMMERING ANOTHER MARKET THIS TIME IT'S GOLD LATE LAST YEAR MANY ANALYSTS PREDICTED THAT FASTER US ECONOMIC GROWTH AND THE INFLATIONARY PRESSURES ACCOMPANYING IT WOULD PROPEL GOLD TO MORE THAN 400 AN OUNCE EARLY IN 1994 INSTEAD BULLION HAS FALLEN MORE THAN 5 FROM ITS RECENT HIGH OF 39710 SET ON JAN 4 AND NOW SLOUCHES NEAR A THREEMONTH LOW GOLD FOR APRIL DELIVERY SETTLED YESTERDAY AT 37690 AN OUNCE DOWN 170 ON THE COMMODITY EXCHANGE IN NEW YORK ONE OF THE MAIN CULPRITS IN THIS DECLINE ALTHOUGH NOT THE ONLY ONE IS SELLING BY HARDPRESSED HEDGE FUNDS THAT RECENTLY TOOK A BEATING IN INTERNATIONAL BOND AND CURRENCY MARKETS MANY TRADERS SAY THAT IF GOLD FALLS BELOW THE 374TO375 LEVEL IT COULD TUMBLE TO 365 SOME ARE EVEN MORE PESSIMISTIC MY DOWNSIDE TARGET FOR GOLD IS 360 OR LOWER SAYS JAMES M CONNORS A VICE PRESIDENT AT KIDDER PEABODY & CO IN ST LOUIS HE NOTES THAT IN 80 OF THE YEARS SINCE THE FIRST FUTURES CONTRACT BEGAN TRADING IN 1976 GOLD AND OTHER PRECIOUSMETAL PRICES HAVE CLIMBED TO THEIR HIGHS IN THE WINTER AND FALLEN TO THEIR FIRST SIGNIFICANT LOW OF THE YEAR IN EITHER MARCH OR APRIL I LIKE TRADES THAT ARE 4TO1 IN MY FAVOR SAYS MR CONNORS I'M NOT GOING TO BET THIS IS THE ONE TIME OUT OF FIVE THAT IT DOESN'T HAPPEN ALREADY BIG LOSERS ON THEIR GIGANTIC WRONGWAY BETS ON JAPANESE AND EUROPEAN BOND MARKETS AND THE DOLLAR THIS YEAR SMALLER HEDGE FUNDS HAVE BEEN SELLING THEIR GOLD HOLDINGS TO MEET MARGIN CALLS ON OTHER INVESTMENTS SAY TRADERS THE FUNDS HAVE GOT TO TAKE THEIR PROFITS WHERE THEY CAN SAYS AN INVESTMENT STRATEGIST AT A BIG US SECURITIES FIRM THAT COUNTS THE BIGGER HEDGE FUNDS AMONG ITS CLIENTS BUT EVEN THOSE FUNDS THAT AREN'T SQUEEZED FOR CASH HAVE BEEN SELLERS THEY DON'T THINK THERE IS MUCH UPSIDE POTENTIAL FOR GOLD RIGHT NOW SAYS THE LONDONBASED HEAD OF COMMODITIES FOR A LARGE US BANK THAT TRADES AND LENDS MONEY TO THE BIGGER HEDGE FUNDS NOTING GOLD'S FAILURE TO RALLY STRONGLY ON THE RECENT INFLATION FEARS THAT SENT GLOBAL STOCK AND BOND MARKETS TUMBLING AND ESPECIALLY ITS INABILITY TO CLIMB ABOVE 386 AND HOLD HE SAID THAT FAILURE HAS SPARKED SOME LIQUIDATION AS AN ALTERNATIVE PLAY ON US GROWTH HE SAYS THAT SOME HEDGE FUNDS HAVE BEEN INVESTING IN BASE METALS SUCH AS COPPER HEDGE FUNDS WERE GOLD'S BEST FRIEND LAST YEAR SAYS ANDREW SMITH A GOLD ANALYST AT UBS LTD IN LONDON ANALYSTS SAY THE FUNDS PLAYED A BIG PART IN PUSHING GOLD PRICES TO 407 AN OUNCE FROM A LOW OF 32630 DURING THE PAST 12 MONTHS BUT THAT SURGE RAN OUT OF STEAM SOURING SOME HEDGE FUNDS ON BULLION PEOPLE EXPECTED THAT WITH US GROWTH AND RENEWED ECONOMIC ACTIVITY IN EUROPE AND JAPAN GOLD WOULD PICK UP SAYS A SENIOR PROPRIETARY TRADER AT A US INVESTMENT BANK THE PROBLEM IS GOLD MADE A MOVE LAST YEAR AND HASN'T FOLLOWED THROUGH IN SOME WAYS HEDGE FUNDS' IMAGE AS THE BOGEYMEN OF GLOBAL FINANCIAL MARKETS IS AS SIGNIFICANT AS THEIR ACTUAL BUYING AND SELLING IT'S THE PERCEPTION OF WHAT FUNDS MAY BE DOING RATHER THAN WHAT THEY ACTUALLY ARE DOING THAT IS ALLIMPORTANT SAYS ONE LONDON TRADER IF IT WEREN'T FOR BUYING BY THE CHINESE I COULD SEE GOLD BACK DOWN TO 360 AND THERE IS A POSSIBILITY IT COULD STILL DO IT SAYS ANOTHER LONDON TRADER FIVE TIMES IN THE LAST FEW WEEKS GOLD TESTED THE 374375 LEVEL AND EACH TIME BOUNCED BACK BUT EACH BOUNCE HAS BEEN MORE DEAD TO BE SURE GOLD HAS MORE THAN JUST HEDGE FUNDS WEIGHING IT DOWN UNCERTAINTY IN BONDS AND CURRENCIES IS GENERALLY A PLUS FOR GOLD BUT IT SEEMS THERE IS TOO MUCH UNCERTAINTY FOR IT TO BE A GOOD THING SAYS MR SMITH OF UBS OTHER ANALYSTS POINT TO REPORTS THAT IN THE PAST SIX MONTHS RUSSIA HAS SOLD A FEW HUNDRED MILLION DOLLARS OF GOLD AND ESTONIA 120 MILLION WORTH WHAT'S MORE INFLATION REMAINS LOW IN MAJOR INDUSTRIAL COUNTRIES DESPITE RECENT SCARES SOME TRADERS POINT OUT THAT THE HEDGE FUNDS NOT WISHING TO SEND GOLD PRICES PLUMMETING HAVE SO FAR BEEN MORE DISCREET THAN LAST YEAR WHEN THEIR PURCHASES WERE WELL TELEGRAPHED AND TRIGGERED A WORLDWIDE BUYING SPREE IT IS VERY IMPORTANT THAT WE HOLD AT CURRENT LEVELS SAYS MR SMITH IF GOLD PRICES STAY BELOW 376 BREAKING A 200DAY MOVING AVERAGE THE TREND WILL BE DOWN AND THE FUNDS WILL LOOK TO SELL THEN NONETHELESS SOME ANALYSTS PREDICT GOLD WILL RECOVER AND RISE LATER THIS YEAR REFERRING TO CHARTS THAT MANY TRADERS USE TO FORECAST CURRENCY AND COMMODITYPRICE MOVEMENTS ALAN BAKER HEAD OF BULLION AT DEUTSCHE BANK SHARPS PIXELY IN LONDON SAYS WE'VE HAD A 13YEAR BEAR MARKET THE CHANGE IN SENTIMENT BEGAN LAST YEAR AND WILL CONTINUE FOR SOME TIME TO COME AND WHILE MANY ASIAN INVESTORS AND JEWELERS STOPPED BUYING GOLD DURING LAST YEAR'S RUNUP SOME ANALYSTS CONTEND THEY WILL RESUME WHEN THEY BECOME MORE ACCUSTOMED TO ITS HIGHER PRICE THE FINAL CONSUMER'S DEMAND IN SOUTHEAST ASIA IS A FUNCTION OF HIS DISPOSABLE INCOME AND OVER TIME THAT DEMAND IS RISING WITH HIS INCOME SAYS JOHN BERGTHEIL A MINING ANALYSTS AT JAMES CAPEL & CO IN LONDON THESE GUYS ARE LIKELY TO COME BACK INTO THE MARKET AT 360 TO 370 BECAUSE OF THEIR ACCLIMATIZATION WITH HIGHER PRICES AND THEIR RISING INCOME SOUTHEAST ASIAN AND CHINESE BUYERS ARE LIKELY TO BACK IN AT A HIGHER LEVEL BUT RIGHT NOW IT'S SITTING ON HANDS AND HOLDING YOUR BREATH WHICH IS VERY UNCOMFORTABLE SAYS MR SMITH OF UBS IN OTHER COMMODITY MARKETS YESTERDAY ENERGY OIL PRICES FELL SHARPLY IN A SELLOFF TRIGGERED BY DISAPPOINTMENT THAT KEY OIL MINISTERS OF THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES DIDN'T SIGNAL ANY MOVE TO CUT PRODUCTION AT A MEETING HELD IN THE PERSIANGULF REGION DURING THE WEEKEND MEMBERS OF THE GULF COOPERATION COUNCIL THE MOST POWERFUL LOBBY WITHIN OPEC OFFERED LITTLE INDICATION OF WHAT DIRECTION OPEC OUTPUT POLICIES WOULD TAKE IN THE SECOND QUARTER DISAPPOINTED TRADERS HAD HELD OUT HOPE THAT THE GROUP WOULD SHOW SOME WILLINGNESS TO SUPPORT CUTS IN OUTPUT TO HELP BOLSTER OIL PRICES WHICH ARE HOVERING AROUND FIVEYEAR LOWS THE GROUP DID RENEW A CALL FOR PRODUCERS OUTSIDE OPEC TO REDUCE THEIR OUTPUT BUT MARKET PARTICIPANTS SAY SUCH A REDUCTION IS UNLIKELY ANALYSTS SAID THE RESULT OF THE COUNCIL'S TALKS INDICATES THAT SAUDI ARABIA REMAINS UNWILLING TO CUT PRODUCTION FROM ITS CEILING OF 80 MILLION BARRELS A DAY SUCH A POSITION BY SAUDI ARABIA WOULD RUIN THE CHANCES FOR OPEC TO MAKE THE MEANINGFUL CUTS MANY ANALYSTS BELIEVE ARE NEEDED COPPER COPPERFUTURES PRICES FELL ON DISAPPOINTMENT THAT THE PRICE OF THE ACTIVE MAY CONTRACT FAILED TO REMAIN ABOVE 90 CENTS A POUND AT NEW YORK'S COMMODITY EXCHANGE MAYDELIVERY COPPER FELL 105 CENTS TO 8850 CENTS A POUND THE MAY PRICE HAD REACHED 90 CENTS A POUND IN A FRIDAY RALLY SAID BERNARD SAVAIKO SENIOR ANALYST FOR PAINEWEBBER INC BUT LACK OF FOLLOWTHROUGH BUYING YESTERDAY DISAPPOINTED TRADERS HOLDING LONG POSITIONS OR WAGERS THAT PRICES WOULD CONTINUE TO RISE MANY OF THESE TRADERS LIQUIDATED THEIR OWN POSITIONS DEPRESSING FUTURES PRICES COPPER'S PRICE IS NEVERTHELESS ABOUT 17 HIGHER THAN IT WAS LATE LAST YEAR 9403080092 940308 WHO'S NEWS THREE PEOPLE RESIGN RESEARCHSTAFF POSTS AT LEHMAN BROTHERS NEW YORK THREE MEMBERS OF LEHMAN BROTHERS INC'S RESEARCH STAFF INCLUDING CHIEF EQUITY ECONOMIST ROBERT BARBERA HAVE LEFT THE FIRM A SPOKESWOMAN FOR LEHMAN SAID BESIDES MR BARBERA ANALYSTS JENNIFER COURY WHO COVERS BEVERAGES AND KENNETH MILLER WHO FOLLOWS OIL SERVICES AND EQUIPMENT ALSO HAVE LEFT THE AMERICAN EXPRESS CO UNIT AS WITH SIMILAR PERSONNEL MANEUVERS ON WALL STREET THE LEHMAN MOVES FOLLOW THE PAYMENT OF 1993 BONUSES LAST WEEK THE FIRM EXPECTS TO HIRE TWO TO THREE ANALYSTS WITHIN A MONTH THE SPOKESWOMAN SAID MR BARBERA'S RESIGNATION IS EFFECTIVE IMMEDIATELY LATE LAST YEAR ALLEN SINAI LEHMAN'S CHIEF ECONOMIST RETURNED TO THE FIRM IN AN INTERNAL MEMO LEHMAN'S DIRECTOR OF RESEARCH FRED FRAENKEL SAID MR BARBERA'S DECISION TO LEAVE STEMS FROM HIS DESIRE TO PURSUE OTHER BUSINESS AND PERSONAL OPPORTUNITIES MR BARBERA'S ASSOCIATION WITH THE FIRM STRETCHES BACK TO 1982 WHEN HE WORKED FOR EF HUTTON HUTTON WAS ACQUIRED BY SHEARSON LEHMAN BROTHERS IN 1987 MS COURY A RUNNERUP IN INSTITUTIONAL INVESTOR MAGAZINE'S 1993 ALLAMERICA RESEARCH TEAM LEFT TO TAKE TIME OFF FROM THE INDUSTRY SHE WON'T BE REPLACED AND HER STOCKS WILL BE REASSIGNED WITHIN THE FIRM MR MILLER LEFT TO JOIN AN OILSERVICES BOUTIQUE IN HOUSTON HE WILL BE REPLACED INTERNALLY THE SPOKESWOMAN SAID NEWS OF THE LEHMAN DEPARTURES WAS FIRST REPORTED IN WALL STREET LETTER A TRADE NEWSLETTER 9403080091 940308 MONDAY'S MARKETS BOND RALLIES HELP BOOST STOCK PRICES GERMAN LABOR PACT IS A FACTOR IN GAINS DOLLAR ENDS MIXED BY ANITA RAGHAVAN AND MICHAEL R SESIT STAFF REPORTERS OF THE WALL STREET JOURNAL BOND MARKET RALLIES AT HOME AND ABROAD BUOYED STOCK PRICES THE DOLLAR WAS MIXED THE DOW JONES INDUSTRIAL AVERAGE ADVANCED 2392 POINTS TO 385622 STANDARD & POOR'S 500STOCK INDEX ROSE 217 TO 46691 AND THE NASDAQ COMPOSITE INDEX JUMPED 450 TO 79505 THE GAINS OCCURRED AS INTEREST RATES FELL THE YIELD ON THE TREASURY'S 30YEAR BOND SLIPPED TO 679 FROM 683 FRIDAY THE STOCK AND BOND MARKET RALLIES WERE TOUCHED OFF BY NEWS OF THIS PAST WEEKEND'S LOW WAGE SETTLEMENT BETWEEN GERMANY'S POWERFUL IG METALL METALWORKERS UNION AND EMPLOYERS NORBERT BRAEMS A MANAGING DIRECTOR AT BARCLAYS DE ZOETE WEDD DEUTSCHLAND IN FRANKFURT SAID THE SETTLEMENT SHOULD GIVE GERMANY'S CENTRAL BANK LATITUDE TO LOWER INTEREST RATES THE GERMAN STOCK MARKET ROSE 24 THE FRENCH 19 AND THE BRITISH 09 YOU HAD GOOD NEWS FROM EUROPE AND DECENT NEWS ON THE COMMODITY FRONT SO YOU HAD THE MAKINGS OF A DAY IN WHICH US BOND PRICES ROSE SAID JOSEPH LIRO ECONOMIST AT SG WARBURG THE UNEXPECTED TURN IN EUROPEAN RATES SPARKED A REASSESSMENT OF THE US RATE OUTLOOK SEVERAL INVESTORS WHO LAST WEEK HAD MADE BEARISH BETS ON US BONDS TURNED AROUND YESTERDAY AND STARTED COVERING THOSE POSITIONS EASING COMMODITY PRICES PROMPTED SOME INVESTORS TO STEP UP BUYING OIL PRICES FELL SHARPLY IN A SELLOFF TRIGGERED BY DISAPPOINTMENT THAT KEY OIL MINISTERS OF THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES DIDN'T SIGNAL ANY MOVE TO CUT OUTPUT AT A MEETING IN THE PERSIAN GULF REGION OVER THE WEEKEND STEFAN ABRAMS DIRECTOR OF EQUITY STRATEGY AT TRUST CO OF THE WEST SAID YESTERDAY'S STABLE BOND MARKET PAVED THE WAY FOR HIGHER STOCK PRICES RISING INTEREST RATES ARE A SUREFIRE SIGN THAT THE ECONOMY IS ROBUST AND PROFIT GAINS WILL BE HEALTHY SAID MR ABRAMS NOW AS RATES STABILIZE EQUITY PRICES ARE BACK ON THE MOVE AS THEY SHOULD BE MR ABRAMS SAID HE BELIEVES THE MOST ATTRACTIVE INVESTMENT OPPORTUNITIES IN THE COMING MONTHS WILL LIE IN MANUFACTURING AND TECHNOLOGY COMPANIES WHICH WERE AMONG THE LEADERS IN YESTERDAY'S RALLY MANY OF THESE COMPANIES HAVE BECOME SO LEAN AND MEAN THAT EVEN A SMALL JUMP IN REVENUE WILL TRANSLATE INTO BIG PROFIT GAINS HE ADDED THERE IS PROFIT LEVERAGE OUT THERE MR ABRAMS SAID IT JUST SO HAPPENS THAT IT DOESN'T BELONG TO THE SAME GROUP OF COMPANIES THAT HAD IT IN THE 80S WORLDWIDE STOCK PRICES ADVANCED IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX GAINED 041 TO 11545 IN MAJOR MARKET ACTION STOCK PRICES ROSE VOLUME TOTALED 2856 MILLION SHARES ON THE NEW YORK STOCK EXCHANGE WHERE 1443 ISSUES CLIMBED AND 762 FELL BOND PRICES GAINED THE TREASURY'S BENCHMARK 30YEAR ISSUE ROSE MORE THAN 3/8 POINT OR MORE THAN 375 FOR EACH 1000 FACE AMOUNT THE DOLLAR WAS MIXED IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT 17195 MARKS AND 10555 YEN COMPARED WITH 17190 MARKS AND 10565 YEN FRIDAY 9403080090 940308 HOW DATA WERE ANALYZED TO EXAMINE HOW BLACK MEN AND WOMEN ARE FARING IN THE WORKPLACE THE WALL STREET JOURNAL STUDIED EMPLOYMENT RECORDS OF COMPANIES FILING REPORTS WITH THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION FROM 1982 THROUGH 1992 MORE THAN 17 MILLION REPORTS WERE ANALYZED FOR THE 11YEAR SPAN THESE INCLUDED REPORTS FROM 38059 COMPANIES IN 1992 COVERING MORE THAN 42 MILLION WORKERS OR ABOUT A THIRD OF THE CIVILIAN LABOR FORCE BUSINESSES WITH 100 OR MORE EMPLOYEES MUST TELL THE EEOC YEARLY THE NUMBER OF WORKERS THEY EMPLOY BREAKING THE FIGURES DOWN BY RACE AND GENDER AND BY THE TYPE OF JOB HELD COMPANIES WITH 50 OR MORE EMPLOYEES AND A US GOVERNMENT CONTRACT OF AT LEAST 50000 MUST FILE REPORTS TOO THE EEOC REPORTS COVER NINE JOB CATEGORIES RANGING FROM OFFICIALS AND MANAGERS TO LABORERS FOR THIS STUDY THE JOURNAL FOCUSED MAINLY ON HIGHPAYING OFFICE POSITIONS WHITE COLLAR JOBS EXCLUDING CLERICAL WORKERS IN ADDITION TO MANAGERS THIS GROUP INCLUDES PROFESSIONALS TECHNICIANS AND SALES WORKERS SEE RELATED ARTICLE THE GENDER DIVIDE BLACK WOMEN'S GAINS IN CORPORATE AMERICA OUTSTRIP BLACK MEN'S THAT RAISES SOME CONCERNS BOTH ON AND OFF THE JOB WHITE BOSSES PLAY A PART TAUGHT TO BE A CHAMELEON' WSJ MARCH 8 1994 9403080088 940308 WACKENHUT UNIT GETS PRISON JOB CORAL CABLES FLA WACKENHUT CORP'S WACKENHUT CORRECTIONS CORP UNIT SAID IT WAS CHOSEN BY THE FLORIDA CORRECTIONAL PRIVATIZATION COMMISSION TO DESIGN BUILD AND MANAGE A 750INMATE PRISON IN GLADES COUNTY WACKENHUT CORRECTIONS EXPECTS ANNUAL REVENUE OF 12 MILLION FROM ITS THREEYEAR CONTRACT TO RUN THE PRISON THE CONTRACT ALSO GIVES WACKENHUT TWO ONEYEAR OPTIONS TO CONTINUE OPERATING THE PRISON 9403080087 940308 ADVERTISING SIGNS SPROUT AT SPORTS ARENAS AS A WAY TO GET CHEAP TV ADS BY JOHN HELYAR STAFF REPORTER OF THE WALL STREET JOURNAL THE NATIONAL HOCKEY LEAGUE USED TO BAN ADS ON THE DASHERBOARDS LINING ITS RINKS THE CONSERVATIVE OWNERS WHO CONTROLLED THE SPORT WOULDN'T PERMIT THEM THESE DAYS NHL ARENAS ARE FESTOONED WITH ADS NOT JUST ON THE DASHERBOARDS BUT IMBEDDED IN THE ICE IN BACK OF PENALTY BOXES AND ABOARD THE ZAMBONI MACHINES THAT SMOOTH OUT THE ICE BETWEEN PERIODS SOME TEAMS TOP OFF THE AD ORGY WITH INDOOR BLIMPS TWO IN THE CASE OF THE HARTFORD WHALERS THE USE OF SUCH ADS AT MAJORLEAGUE ARENAS AND STADIUMS INCREASED 13 IN 1993 ACCORDING TO A RECENT STUDY BY ERNST & YOUNG THE ACCOUNTING FIRM COUNTED AN AVERAGE OF 77 SIGNS IN NHL ARENAS 59 IN NATIONAL BASKETBALL ASSOCIATION ARENAS 25 IN BASEBALL PARKS AND 23 IN NATIONAL FOOTBALL LEAGUE STADIUMS THE USE OF SIGNAGE HAS BECOME A WHOLE NEW ELEMENT IN THE LAST THREE OR FOUR YEARS SAYS TONY PONTURO A SPORTSMARKETING EXECUTIVE AT ANHEUSERBUSCH COS FORMER NHL PRESIDENT JOHN ZIEGLER SAYS THE NHL CHANGED ITS POLICIES AFTER IT REALIZED A SIMPLE FACT WE WERE PRISTINE BUT WE WERE LOSING OUR POSTERIOR NOW MR ZIEGLER'S SPORT IS BASEBALL AND LAST YEAR HE HELPED THE DETROIT TIGERS LAUNCH A SIGNAGE REVOLUTION DETROIT WAS ONE OF THE FIRST TWO TEAMS TO PUT ROTATING SIGNS BEHIND HOME PLATE AN ABOMINATION TO PURISTS BUT A DELIGHT TO ADVERTISERS MR ZIEGLER REPRESENTING THE TIGERS SUCCESSFULLY LOBBIED THE AMERICAN LEAGUE TO ALLOW THE SIGNS IN 1994 FIVE MORE BIGLEAGUE TEAMS MAY HAVE THEM THE INCREASE IN SIGNS IS SPURRING A NEW KIND OF CONFLICT THE SIGNS' PURPOSE IS TO BE SEEN ON TV AND THEIR PRESENCE CAN UNDERCUT TV BROADCASTERS' OWN ADSALES EFFORTS THIS SEASON THE NEW YORK YANKEES IRKED THEIR TELECASTER MADISON SQUARE GARDEN NETWORK WITH PLANS TO INSTALL HOMEPLATE SIGNS WITHOUT TV THOSE SIGNS ARE WORTH 5 SAYS BOB GUTKOWSKI THE NETWORK'S PRESIDENT IT'S THE DECLINING IMPACT OF TV ADVERTISING THOUGH THAT HAS PROMPTED THE RISE OF SIGNAGE TV SPOTS HAVE GROWN SHORTER THEIR PRICE DEARER AND THEIR IMPACT MORE DUBIOUS AS VIEWERS ZAP OR CHANNELSURF THEIR WAY THROUGH TIMEOUTS ADVERTISERS STARTED LOOKING AT SIGNS TO BREAK THE CLUTTER OF THE TV COMMERCIALS SAYS MR PONTURO OF ANHEUSERBUSCH CERTAINLY A SIGN THAT'S IN THE LINE OF TV CAMERAS GETS VIEWERS' ATTENTION AT A FRACTION OF THE COST INDEED TODAY'S SIGNAGE IS DESIGNED FOR HOME VIEWERS AND ITS COST IS OFTEN BASED ON TV EXPOSURE DORNA USA WHICH OPERATES THE ROTATING SIGNS SURROUNDING 14 NBA COURTS GUARANTEES THREE MINUTES' AIR TIME A GAME TO THE 14 ADVERTISERS SHARING THE SPACE THE LOS ANGELES KINGS WITH ROTATING SIGNS AT BOTH BLUE LINES IN THE GREAT WESTERN FORUM GUARANTEE TWO MINUTES A GAME FOR SOME COMPANIES SIGNAGE IS THEIR ONLY WAY TO MAKE IT ONTO TV TOBACCO GIANT PHILIP MORRIS COS BARRED FROM THE AIRWAVES IS BASEBALL'S THIRD BIGGEST SIGN ADVERTISER ACCORDING TO ERNST & YOUNG THAT ENRAGES ANTISMOKING GROUPS ONE OF WHICH HAS PRESSED TO SCUTTLE PHILIP MORRIS'S MARLBORO MAN SIGN AT NEW YORK'S SHEA STADIUM TOWERING ABOVE AN OUTFIELD WALL IT'S A FREQUENT TV BACKDROP THE CITY CHARTER SAYS PARKS MUST BE USED FOR THE BENEFIT OF THE PEOPLE SAYS JOSEPH CHERNER PRESIDENT OF SMOKEFREE EDUCATIONAL SERVICES TOBACCO ADDICTION DOESN'T BENEFIT PEOPLE IT KILLS PEOPLE THE GROUP UNSUCCESSFULLY SUED MAYOR DAVID DINKINS TO REMOVE THE SIGN FROM CITYOWNED SHEA BUT SUCCESSOR RUDOLPH GIULIANI HAS SAID HE'LL HAVE IT TAKEN DOWN THE ROTATINGSIGN TECHNOLOGY HAS ALSO ALLOWED NONTRADITIONAL SPORTS MARKETERS TO GET INTO THE PICTURE ADVERTISERS CAN SHARE SPACE LOWERING THE COST AND ALLOWING SMALLER COMPANIES INTO THE GAME A LOCAL JEWELER NAMED MORGAN'S GRACES THE LA KINGS' ROTATING SIGNS A FAUXLOG COMPANY CALLED DURAFLAME IS ON DORNA SIGNS IN SEVERAL ARENAS WHAT'S HAPPENED IS THAT SECOND AND THIRDTIER CATEGORIES HAVE COME INTO THE MARKET SAYS CHUCK FRUIT A TOP COCACOLA CO MARKETING EXECUTIVE AS A RESULT ADVERTISERS NOW FACE THE KIND OF COMMERCIAL OVERLOAD IN SIGNINFESTED ARENAS THAT THEY SOUGHT TO ESCAPE ON TV IT'S A GROWING CONCERN SAYS MR FRUIT NOTING WE AS ADVERTISERS PUT LESS VALUE ON SIGNS IN A CLUTTERED ENVIRONMENT NONETHELESS THE SIGNAGE ONSLAUGHT IS SURE TO INCREASE IT'S SIMPLY TOO IMPORTANT A REVENUE SOURCE FOR TEAMS MANY OF WHICH ARE COLLECTING THE MAXIMUM ON TV RIGHTS AND TICKET PRICES A BIGMARKET NBA OR NHL TEAM REAPS 4 MILLION TO 6 MILLION A YEAR FROM SIGNAGE AND RELATED PROMOTIONAL RIGHTS SAYS DICK SHERWOOD GENERAL MANAGER OF NETWORK INTERNATIONAL THE ADSALES ARM OF ARENA OPERATOR SPECTACOR MANAGEMENT GROUP THAT'S MORE THAN DOUBLE THE SUM OF FIVE YEARS AGO MR MARIANI NOTES THAT SOME SIGNS DO COMPLEMENT TV ADS REEBOK INTERNATIONAL LTD ARRANGES FOR ITS NAME TO COME UP ON ROTATING COURTSIDE SIGNS AS HALFTIME ARRIVES ON TNT GAMES IT'S A DEFT PRELUDE TO THE NETWORK'S REEBOK HALFTIME REPORT THE NBA HAS ALSO TAKEN STEPS TO REDUCE CONFLICTS STARTING WITH NEXT YEAR'S PLAYOFFS IT HAS BANNED COURTSIDE SIGNAGE AT GAMES TELEVISED BY TNT IT ALREADY FORBIDS THE SIGNS AT ITS NBC GAMES BASEBALL WHICH TELEVISES MORE GAMES THAN ANY OTHER SPORT IS PARTICULARLY SUSCEPTIBLE TO CONFLICTS TEAMS MAY BE ABLE TO WORK OUT CONFLICTS WITH THEIR HOME BROADCASTERS AS THE YANKEES AND MADISON SQUARE GARDEN NETWORK ARE TRYING TO DO BUT THEY CAN'T CONTROL OTHER TEAMS' ARRANGEMENTS A CLUB SPONSORED BY DELTA AIR LINES MAY TELEVISE ROAD GAMES THAT SHOW AMERICAN AIRLINES SIGNS BEHIND HOME PLATE THE OWNERS HAVE TO DO SOME HEAVY THINKING IS THIS A BARGAIN WITH THE MARKETING DEVIL SAYS GENE ORZA ASSOCIATE GENERAL COUNSEL OF THE PLAYERS' UNION THE CONFLICT VEXING THE UNION INVOLVES HOW THE GAME IS PLAYED SOME INFIELDERS COMPLAIN THE BALL IS HARDER TO PICK UP COMING OUT OF A SIGNAGE BACKGROUND ONE ANSWER TO THE GROWING CONFLICT AND CLUTTER MAY LIE IN TECHNOLOGY A SMALL COMPANY CALLED PRINCETON ELECTRONIC BILLBOARD INC HAS DEVELOPED A PROCESS TO INSERT SIGNAGE INTO A TV PICTURE IT CAN CREATE SIGNS WHERE NONE EXIST SUBSTITUTE ONE SIGN FOR ANOTHER OR INSERT DIFFERENT SIGNS FOR DIFFERENT VIEWING AUDIENCES THE PRINCETON NJ COMPANY EXPECTS TO HAVE AT LEAST TWO BASEBALL TEAMS USING THE VIRTUAL REALITY SIGNAGE THIS YEAR AND FIGURES OTHER SPORTS WILL BE CLOSE BEHIND ACCOUNT STAPLES INC THE CHAIN OF OFFICESUPPLY SUPERSTORES BASED IN FRAMINGHAM MASS TAPPED SAATCHI & SAATCHI CO'S CLIFF FREEMAN & PARTNERS TO CREATE ADVERTISING THE NEW ACCOUNT IS EXPECTED TO INCLUDE A 20 MILLION NATIONAL TELEVISION ADVERTISING CAMPAIGN EXECUTIVES SAID WHO'S NEWS MARK MCLAUGHLIN WAS NAMED EXECUTIVE VICE PRESIDENT AND DIRECTOR OF MEDIA SERVICES AT THE NEW YORK OFFICE OF SAATCHI & SAATCHI'S CAMPBELL MITHUN ESTY MR MCLAUGHLIN 35 YEARS OLD SUCCEEDS THOMAS H WINNER 47 WHO LEFT THE AGENCY IN JANUARY FOR ANHEUSERBUSCH AS DIRECTOR NATIONAL BROADCAST MEDIA 9403080086 940308 THE NEW BOOM TOWNS AMERICA'S 20 HOTTEST WHITECOLLAR ADDRESSES BY ALECIA SWASY STAFF REPORTER OF THE WALL STREET JOURNAL TODAY'S WHITECOLLAR BOOM TOWNS WERE YESTERDAY'S COW PASTURES USING 1990 CENSUS DATA AMERICAN DEMOGRAPHICS INC IDENTIFIED 20 OF THE FASTESTGROWING WEALTHIEST AND MOST EDUCATED AREAS OF THE COUNTRY MANY OF THEM ARE IN RURAL AMERICA FAR FROM BOTH URBAN CENTERS AND THE SUBURBS THAT RING THEM UNLIKE TRADITIONAL SUBURBS SOME OF THESE COUNTIES HAVE THEIR OWN STRONG ECONOMIES INDEPENDENT OF CITIES BUT ALL 20 HAVE ATTRACTED BUSINESSES AND FAMILIES LOOKING FOR RELIEF FROM THE CRIME CONGESTION EXPENSIVE HOUSING AND POOR SCHOOLS ENDEMIC IN CITIES AND NOW ENCROACHING ON THE SUBURBS TODAY'S BOOM TOWNS ARE NOT ONLY BEYOND THE FIRST RING OF SUBURBS AROUND CITIES BUT ALSO BEYOND OUTER SUBURBAN HUBS LIKE PRINCETON NJ AND TYSONS CORNERS VA THIS IS THE GROWTH EDGE OF WHITECOLLAR AMERICA SAYS PETER FRANCESE THE FOUNDER OF AMERICAN DEMOGRAPHICS WHO CONDUCTED THE STUDY THEY ARE THE POWER CENTERS OF TOMORROW THE SHIFT ALSO REFLECTS THE RESTRUCTURING OF CORPORATE AMERICA BUSINESSES TO SLASH COSTS ARE MOVING LARGE CHUNKS OF THEIR OPERATIONS FROM DOWNTOWN OFFICE BUILDINGS AND SUBURBAN OFFICE PARKS TO MORE RURAL AREAS TECHNOLOGICAL ADVANCES SUCH AS COMPUTER LINKS BETWEEN MANUFACTURING PLANTS SUPPLIERS AND DISTRIBUTORS HAVE GIVEN CORPORATIONS FREEDOM TO MOVE OUT OF TRADITIONAL BUSINESS CENTERS SHELBY COUNTY ALA ONE OF THE BOOM COUNTIES IS A STUDY IN CONTRASTS ITS LANDSCAPE IS A BUCOLIC MIX OF PINE FORESTS AND COVERED BRIDGES BRICK TOWNHOUSES ARE RISING UP NEXT TO RUSTING TRAILERS A TOLL ROAD SOON WILL BE NEEDED TO HANDLE THE 100000 CARS A DAY DEVELOPERS EXPECT TO TRAVEL THE COUNTY'S BUSIEST ARTERY ROUTE 280 BY THE YEAR 2010 THE MEDIAN HOUSEHOLD INCOME BASED ON THE 1990 CENSUS WAS 36851 MORE THAN DOUBLE THE 18272 IN 1980 THAT SHOULD RISE EVEN MORE WITH THE EXPECTED INFLUX OF MIDDLEINCOME MANAGERS OFFICIALS OF MERCEDES BENZ WHICH IS BUILDING ITS FIRST US PLANT IN NEARBY TUSCALOOSA COUNTY HAVE BEEN SHOPPING FOR HOMES IN SHELBY ABOUT 20 MILES SOUTHWEST OF BIRMINGHAM NCR CORP AND RUST INTERNATIONAL INC MOVED TO THE COUNTY IN THE LATE 1980S FROM THE METROPOLITAN AREA AMSOUTH BANCORP ALABAMA'S LARGEST BANK PLANS TO MOVE ABOUT A THIRD OF ITS CORPORATE HEADQUARTERS STAFF FROM THE CITY SINCE 1980 THE BOOM HAS NEARLY DOUBLED THE COUNTY'S POPULATION TO ABOUT 114000 IN HAMILTON COUNTY IND A RURAL COUNTY NORTH OF INDIANAPOLIS GTE CORP POLYGRAM ENTERTAINMENT CO MARSH SUPERMARKETS AND USA GROUP HAVE BUILT OFFICES AND DISTRIBUTION CENTERS WILLIAMSON COUNTY TENN HAS ATTRACTED COMPANIES WITH ITS LOWER TAXES UNCONGESTED ROADS AND CHEAPER REAL ESTATE MANCHESTER TANK & EQUIPMENT CO MOVED THERE FROM LOS ANGELES COUNTY IN EARLY 1993 WE PICKED TENNESSEE BECAUSE THE COST OF LIVING AND THE ENVIRONMENT ARE GOOD SAYS ROB REIFSCHNEIDER MANCHESTER'S SENIOR VICE PRESIDENT AS THE JOBS HAVE MOVED SO HAVE FAMILIES UNITED AIRLINES IS BUILDING A MAINTENANCE FACILITY IN INDIANAPOLIS BUT MANY MOVING FROM THE OLD SITE IN SAN FRANCISCO HAVE CHOSEN HAMILTON COUNTY FOR THEIR HOMES THE COUNTY'S POPULATION ROSE NEARLY 33 BETWEEN 1980 AND 1990 TO 108936 CORPORATE RECRUITERS SAY EVEN THEY HAVE BEEN SURPRISED AT HOW EASY IT IS TO DRAW PROSPECTIVE EMPLOYEES TO HAMILTON WHEN GTE EAST BUILT ITS HEADQUARTERS FOR 23 STATES IN THE COUNTY IT FOUND THAT ABOUT 70 OF THE 950 EMPLOYEES IT NEEDED WERE WILLING TO RELOCATE ROY A NICHOLSON CHIEF EXECUTIVE AT USA GROUP WHICH SERVICES AND GUARANTEES STUDENT LOANS HAS NO TROUBLE FILLING EVEN CLERICAL JOBS MANY COUNTY RESIDENTS DON'T WANT TO COMMUTE INTO THE CITY AS COMPANIES HAVE TRIMMED MANAGEMENT RANKS MANY OF THEIR REFUGEES HAVE HEADED FOR SMALL TOWNS IN PLACES LIKE JEFFERSON AND DOUGLAS COUNTIES IN COLORADO THERE THE FORMER EXECUTIVES HAVE LAUNCHED THEIR OWN BUSINESSES IN LOWRISE OFFICE BUILDINGS OR BACK BEDROOMS THERE'S NO GUARANTEE THE BOOM WILL CONTINUE IN THESE 20 COUNTIES ROCKINGHAM COUNTY NH HAS BEEN HURT BY A MILITARYBASE CLOSING HOWARD COUNTY MD BETWEEN WASHINGTON DC AND BALTIMORE IS FACING MANY OF THE PROBLEMS CONFRONTING ITS TWO URBAN NEIGHBORS PLANNERS SAY HOUSING PRICES ARE CLIMBING HURTING NEWCOMERS' CHANCES OF FINDING AFFORDABLE HOMES AND THEN THERE'S THE USUAL SPRAWL WE JUST CAN'T KEEP BUILDING ROADS SAYS JOSEPH RUTTER COUNTY PLANNING DIRECTOR WE'LL END UP PAVING THE COUNTY BUT PATTERNS POINT TO EXPANSION INTO MORE RURAL AREAS TODAY'S BOOM TOWNS ARE PLACES LIKE FORT BEND COUNTY TEXAS WHERE THE POPULATION OF 260000 IS EXPECTED TO KEEP GROWING AS MORE PEOPLE MOVE OUT OF HOUSTON IN SEARCH OF BETTER SCHOOLS AND CHEAPER HOUSING MAJOR EMPLOYERS INCLUDING FLUOR DANIEL INC THE CONSTRUCTION AND ENGINEERING UNIT OF FLUOR CORP AND UNOCAL CORP THE LOS ANGELESBASED OIL COMPANY HAVE BUILT REGIONAL OFFICES IN THE COUNTY AND SMALL SOFTWARE DEVELOPERS HAVE SET UP SHOP THERE AS WELL LIKEWISE A GROWING NUMBER OF SMALL MANUFACTURING PLANTS HAVE MADE DELAWARE COUNTY OHIO A NEW PULSE IN THE HEART OF THE RUST BELT SOME OF ITS ONCESHUTTERED MILLS HAVE BEEN CONVERTED TO AUTOCOMPONENT PLANTS TO SUPPLY HONDA'S FACILITY IN THE STATE ONE THING THAT HASN'T CHANGED SINCE 1980 FASTGROWING POCKETS OF WEALTH AND AFFLUENCE ARE STILL ALMOST ENTIRELY WHITE IN MOST OF THESE COUNTIES MORE THAN 90 OF THE RESIDENTS ARE WHITE NEWCOMERS TO JEFFERSON COUNTY WEST OF DENVER ARE OFTEN FROM OUTOFSTATE URBAN AREAS WE SEE AN AWFUL LOT OF MIGRATION FROM THE EAST AND WEST COASTS SAYS JACK WILLIAMSON A STRATEGIC PLANNER IN THE COUNTY THEY CAN GET MUCH MORE FOR THEIR MONEY IF THEY HAD A 300000 HOUSE IN AN UPSCALE SUBURB THEY CAN BUY A HOUSE HERE WITH ACRES AND DEER IN THE FRONT YARD MR WILLIAMSON SAYS PEOPLE SEE IT AS AN OPPORTUNITY TO IMPROVE THEIR STANDARD OF LIVING SAYS BILL SEAVEY FOUNDER OF THE GREENER PASTURES INSTITUTE IN PAHRUMP NEV WHICH HELPS FAMILIES NATIONWIDE MOVE TO RURAL AREAS ABOUT 75 OF HIS CLIENTS ARE PARENTS WHO WANT TO GET THEIR CHILDREN OUT OF CITIES A LOT OF BABY BOOMERS WANT OUT OF THE URBAN SCENE AT WHATEVER SACRIFICE HE SAYS JULIE FOGLE NOW OF HAMILTON COUNTY WORRIED ABOUT WHAT HER THREE CHILDREN WERE GETTING EXPOSED TO IN THE INDIANAPOLIS PUBLIC SCHOOLS DRUGS AND SEX SEEMED TO BE THE ONLY THOUGHTS THEY HAD SAYS THE 38YEAROLD LOAN OFFICER AFTER MOVING TO THE HAMILTON TOWN OF FISHERS HER CHILDREN GOT MORE INVOLVED IN SCHOOL AND EVEN JOINED THE STUDENT COUNCIL AND WHILE CITY SCHOOL BUDGETS ARE SQUEEZED HAMILTON COUNTY'S SCHOOLS ARE EXPANDING ITS WESTFIELD SCHOOL DISTRICT HAS BUILT A SMART CAMPUS WITH THE HELP OF GTE EAST A UNIT OF GTE FOR SHELBY RESIDENTS JESS AND KAY RAWLS EVEN BIRMINGHAM'S SUBURBS DIDN'T FEEL SAFE ENOUGH THEY HAVE MOVED SEVERAL TIMES IN RECENT YEARS ALWAYS TO NEWER AND MORE REMOTE AREAS WHEN THE FAMILY LIVED IN THE VESTAVIA SUBURB MR RAWLS A 47YEAROLD PRODUCE BROKER TOOK HIS DAUGHTER OUT OF PUBLIC SCHOOLS AND ENROLLED HER IN A CHRISTIAN ACADEMY BECAUSE OF GROWING CONCERNS ABOUT DRUGS AND ALCOHOL IN THE SCHOOL THE PROBLEMS OF BIRMINGHAM ARE MOVING FURTHER AND FURTHER OUT HE SAYS BUD CASON 56 KNEW IT WAS TIME TO MOVE OUT OF DOWNTOWN BIRMINGHAM WHEN HE CAUGHT ARMED THIEVES STEALING CAR BATTERIES IN HIS COOKIE FACTORY'S PARKING LOT IN 1992 BIRMINGHAM HAD MORE MURDERS THAN NEWARK NJ A SIMILARSIZED CITY AND SOME LARGER CITIES SUCH AS MIAMI ACCORDING TO THE MOST RECENT FBI UNIFORM CRIME REPORT PEOPLE WERE AFRAID TO DRIVE UP TO OUR PLANT SAYS MR CASON I WANTED AN AREA WHERE PEOPLE WEREN'T AFRAID I COULDN'T FIND THAT IN BIRMINGHAM IN 1986 HE SOLD THE FACILITY AND LEFT THE COOKIE BUSINESS IN 1993 HE OPENED A NEW BUD'S BEST COOKIES PLANT IN A WOODED OFFICE PARK IN BURGEONING SHELBY COUNTY HE COMPARES IT TO MOVING TO HEAVEN FROM HELL THIS IS AN IDEAL SPOT HE SAYS 9403080084 940308 PEPPERAND SALT BECAUSE THEY STOPPED SUNNING IN THE EIGHTIES TO CLEAN IT OUT BUT NOT THE SORROW HERE TOMORROW 9403080082 940308 INTERNATIONAL WASHINGTON IRKED BY COLOMBIA OFFICIAL ENDS EVIDENCESHARING ON DRUG CARTELS BY JOSE DE CORDOBA STAFF REPORTER OF THE WALL STREET JOURNAL BOGOTA COLOMBIA THE US HAS STOPPED SHARING ITS CRIMINAL EVIDENCE ON TOP COLOMBIAN DRUG DEALERS BECAUSE IT BELIEVES COLOMBIA'S OUTSPOKEN AND EMBATTLED PROSECUTOR GENERAL INTENDS A LENIENT PROSECUTION OF CARTEL MEMBERS THE OFFICIAL GUSTAVO DE GREIFF HAS ANGERED WASHINGTON AND HIS OWN GOVERNMENT BY AMONG OTHER THINGS SAYING THAT DRUG LEGALIZATION SHOULD BE CONSIDERED IN WASHINGTON A SENIOR ADMINISTRATION OFFICIAL SAID US COOPERATION ON SENDING EVIDENCE TO COLOMBIA IS AT A STANDSTILL THE US JUSTICE DEPARTMENT IS INCREASINGLY RELUCTANT TO SHARE EVIDENCE BECAUSE OF CONCERN IT MIGHT BE USED TO MAKE DEALS WITH THE DRUG TRAFFICKERS INSTEAD OF BRINGING THEM TO JUSTICE AND BECAUSE SHARING THE INFORMATION MIGHT JEOPARDIZE FUTURE TRIALS IN THE US THE OFFICIAL SAID THE ADMINISTRATION OFFICIAL PUTS THE BLAME SQUARELY ON MR DE GREIFF WHO IN THE EYES OF WASHINGTON HAS FALLEN FROM THE HERO'S PEDESTAL HE ATTAINED BY TAKING ON THE LATE PABLO ESCOBAR THEN CHIEF OF THE MEDELLIN COCAINE CARTEL QUITE FRANKLY THE COOPERATION IS THREATENED BY THE COMMENTS AND ACTIONS OF THE PROSECUTOR GENERAL THE OFFICIAL SAID FOR HIS PART MR DE GREIFF WHO IS NEGOTIATING THE SURRENDER OF LEADERS OF THE POWERFUL CALI CARTEL SAID I DON'T SEE MUCH WILL TO PROVIDE US WITH EVIDENCE I DON'T HAVE THE IMPRESSION THE US AGREES WITH THE POLICY OF BRINGING TO JUSTICE THE GENTLEMEN FROM CALI IN RECENT YEARS THE CALI CARTEL HAS BEEN RESPONSIBLE FOR ABOUT 80 OF THE COCAINE SHIPPED TO THE US ACCORDING TO MR DE GREIFF THE US STOPPED SHARING EVIDENCE NEEDED BY COLOMBIA AFTER HE SAID THE DRUG WAR WAS LOST IN A NOVEMBER DRUGENFORCEMENT CONFERENCE IN BALTIMORE SINCE THEN HE HAS REITERATED THAT LEGALIZATION SHOULD BE CONSIDERED AS A WAY OF DRYING UP TRAFFICKERS' PROFIT THUS ENDING TRAFFICKING MR DE GREIFF WHOSE OFFICE IS INDEPENDENT OF PRESIDENT CESAR GAVIRIA IS ALSO WIDELY SEEN AS BEING TOO READY TO ACQUIESCE TO THE TERMS DEMANDED BY THE TRAFFICKERS IN EXCHANGE FOR SURRENDER THIS PERCEPTION HAS BROUGHT HIM INTO CONFLICT WITH MOST OTHER MEMBERS OF THE COLOMBIAN GOVERNMENT WHO FEAR A SEQUEL TO THE EMBARRASSMENT THAT ENSUED AFTER THE LATE MR ESCOBAR ESCAPED IN 1992 FROM A LUXURY PRISON BUILT TO HIS SPECIFICATIONS IN ESSENCE THE DISPUTE IS BETWEEN DE GREIFF WHO WANTS TO BRING IN THE CALI CARTEL AT ANY PRICE AND PRESIDENT GAVIRIA WHO BELIEVES THAT THE SURRENDER OF THE CARTEL AT ANY PRICE WOULD BE AN INTERNATIONAL SCANDAL FOR COLOMBIA SAID A COLOMBIAN STATESMAN AND AN ELDER OF THE RULING LIBERAL PARTY MR DE GREIFF WHO HEATEDLY DENIES THAT CHARGE SAYS HIS FUNDAMENTAL DIFFERENCE WITH THE GOVENRMENT IS THAT THE LATTER WANTS TO FORCE THOSE SURRENDERING TO CONFESS TO MAJOR CRIMES AS PART OF A SENTENCEREDUCTION DEAL MR DE GREIFF COUNTERS THAT TRAFFICKERS MUST BE JUDGED ON THE EVIDENCE AND NOT COMPELLED TO CONFESS IF THEY DON'T CONFESS THE GOVERNMENT WILL CONTINUE TO HARASS THEM MR DE GREIFF SAID I DON'T THINK YOU CAN DO THAT IN A COUNTRY OF LAWS HOWEVER HE ADDED COLOMBIA'S EVIDENCE IS WEAK AND HE NEEDS US EVIDENCE TO MAKE CASES ANOTHER MAJOR ROADBLOCK REMAINING FOR THE SURRENDER OF GILBERTO RODRIGUEZ OREJUELA THE CALI CARTEL'S MOST IMPORTANT LEADER IS DISAGREEMENT WITHIN THE GOVERNMENT ON HOW TO JAIL MR RODRIGUEZ OREJUELA AND OTHERS THE GOVERNMENT WANTS TO SEND HIM TO A DUNGEON MR DE GREIFF SAID WHILE THE DRUG DEALERS WANT A NORMAL PRISON REGIMEN MR DE GREIFF ALSO CREATED A RUCKUS RECENTLY WHEN HE PERSONALLY AGREED TO REQUESTS FROM THREE ALLEGED LEADERS OF THE CALI CARTEL TO OPEN CRIMINAL INVESTIGATIONS AGAINST THEM THE THREE WHO DON'T HAVE WARRANTS OUTSTANDING TOOK ADVANTAGE OF A CONTROVERSIAL NEW PROVISION IN THE CRIMINAL CODE THAT ALLOWS CITIZENS WHO BELIEVE THEY ARE BEING INVESTIGATED TO DEMAND THAT THE STATE CLARIFY THEIR LEGAL STATUS ONCE THE STATE AGREES TO OPEN AN INVESTIGATION IT HAS 18 MONTHS TO BRING CHARGES HOWEVER THE STATE FORFEITS ITS CHANCE TO BRING CHARGES IN THE FUTURE IF IT FAILS TO DO SO IN THE 18MONTH PERIOD FROM THE US SIDE PEOPLE SAY WHY SHARE INFORMATION WHEN THE DRUG DEALERS ARE JUST GOING TO GET THEIR WRISTS SLAPPED SAID A DRUG EXPERT HERE BETTER HE SAID TO KEEP THE INFORMATION IN CASE INDIVIDUALS CAN BE CAPTURED OUTSIDE COLOMBIA AND BROUGHT TO TRIAL IN THE US WHAT DO WE LOSE IF WE JUST HANG ON TO THE INFORMATION AND SEE IF WE GET LUCKY SOMETIME AT A RECENT NEWS CONFERENCE WHICH RESEMBLED A VERBAL BOXING MATCH MR DE GREIFF'S DIFFERENCES WITH HIS OWN GOVERNMENT WERE APPARENT SPEAKING FROM THE SAME PODIUM JUSTICE MINISTER ANDRES GONZALEZ CALLED MR DE GREIFF'S FLIRTATION WITH LEGALIZATION IMPROPER AND UNTOWARD MR GONZALEZ CALLED FOR COLOMBIA TO ENACT MONEYLAUNDERING LEGISLATION WHICH MR DE GREIFF FEELS IS UNNECESSARY SAYING COLOMBIA CAN USE EXISTING LAWS PUNISHING ILLICIT ENRICHMENT WHILE MR DE GREIFF SAID EARLIER THAT THE CALI CARTEL WOULD SURRENDER WITHIN 30 DAYS IT NOW APPEARS THAT A SURRENDER COULD STILL TAKE SOME TIME IN PART DUE TO CONFLICTS WITHIN THE GOVERNMENT IN THE NEXT THREE MONTHS COLOMBIA WILL HOLD CONGRESSIONAL AND PRESIDENTIAL ELECTIONS PRESIDENT GAVIRIA'S LAMEDUCK ADMINISTRATION MAY PREFER TO LEAVE THE CALI DECISION TO ITS SUCCESSOR 9403080081 940308 REQUIRED SURGERY HEALTH PLANS FORCE EVEN ELITE HOSPITALS TO CUT COSTS SHARPLY AT MASS GENERAL DOCTORS SHORTEN PATIENTS' STAYS STUDY RADIOLOGY USAGE MANAGED CARE' IRKS SOME BY GEORGE ANDERS STAFF REPORTER OF THE WALL STREET JOURNAL BOSTON PAUL SHELLITO'S SURGICAL PRACTICE AT MASSACHUSETTS GENERAL HOSPITAL OFTEN STRETCHES FROM 7 AM TO 8 PM AND HE HANDLES A FULL LOAD OF EMERGENCY CASES ON WEEKENDS IN HIS SPARE TIME HE TEACHES AT HARVARD MEDICAL SCHOOL AND PUBLISHES RESEARCH ON COLON SURGERY YET A POWERFUL INSURER HAS BEEN URGING DR SHELLITO TO PICK UP THE PACE TO HOLD DOWN COSTS TUFTS ASSOCIATED HEALTH PLANS WHICH HOSPITALIZES MORE THAN 800 PATIENTS A YEAR AT MGH WANTS DOCTORS THROUGHOUT THE ELITE TEACHING HOSPITAL TO DISCHARGE PATIENTS FASTER SOME PHYSICIANS SQUAWKED AT FIRST BUT AFTER MORE THAN A YEAR OF DETAILED CASE REVIEWS EVEN HARDLINERS SUCH AS DR SHELLITO HAVE LARGELY CONCEDED THE FIGHT IT'S CHANGED THE WAY I PRACTICE HE SAYS TUFTS IS VERY GOOD AT FINDING WAYS TO GET PATIENTS OUT OF THE HOSPITAL SOONER WITH ONLY A LITTLE INCONVENIENCE THEY'VE PUT THE MONKEY ON MY BACK NOW I'M HAGGLING WITH PATIENTS ABOUT GOING HOME THE EVENING OF THE DAY I SEE THEM THE LIVES OF DOCTORS AT MANY PRESTIGIOUS TEACHING HOSPITALS ARE CHANGING UNDER POWERFUL PRESSURE FROM HEALTHMAINTENANCE ORGANIZATIONS AND OTHER INSURERS THAT RUN MANAGEDCARE COSTCONTROL PROGRAMS THESE PAYERS ARE SENDING BIG BLOCKS OF PATIENTS TO HOSPITALS THAT OFFER COSTEFFECTIVE CARE THEY ARE SHUNNING THOSE THAT THEY BELIEVE CHARGE TOO MUCH FOR DECADES TEACHING HOSPITALS WERE NEARLY IMMUNE FROM BELTTIGHTENING DRIVES THANKS TO THEIR REPUTATIONS FOR TOPNOTCH CARE IN COMPLICATED CASES BUT THOSE DAYS ARE OVER SAYS WILLIAM KELLEY CHIEF EXECUTIVE OFFICER OF THE UNIVERSITY OF PENNSYLVANIA MEDICAL SYSTEM ANYBODY WHO THINKS YOU CAN ATTRACT PATIENTS ON QUALITY ALONE WITHOUT PAYING ATTENTION TO COST WILL GO OUT OF BUSINESS IN PHILADELPHIA DR KELLEY'S HOSPITAL IS PARING 5 MILLION FROM ANNUAL EXPENSES SO IT CAN LAND SOME BIG HMO CONTRACTS AN AUSTERITY CAMPAIGN IN MINNEAPOLIS HAS HELPED THE UNIVERSITY OF MINNESOTA HEALTH SYSTEM WIN THREE MANAGEDCARE CONTRACTS SINCE 1991 WHILE SLASHING ITS PAYROLL 18 AND AT STANFORD UNIVERSITY HOSPITAL IN CALIFORNIA THE TRANSPLANT UNIT IS CUTTING COSTS SHARPLY TO GET BUSINESS IT OFFERED ONE HMO A 40000 DISCOUNT ON THE STANDARD 160000 RATE FOR LUNG TRANSPLANTS TEACHINGHOSPITAL EXECUTIVES ARE BETTING THAT THEY CAN ACHIEVE THESE SAVINGS WITHOUT HURTING PATIENT CARE THEY SEE MANY WAYS TO REENGINEER CARE BY ELIMINATING WASTE GETTING WORK DONE FASTER AND HAVING PATIENTS WIND UP THEIR RECOVERIES IN CHEAPER NONHOSPITAL SETTINGS BUT UNLIKE BIG CORPORATIONS WHERE TOP MANAGEMENT CAN ISSUE ORDERS TO ITS EMPLOYEES HOSPITAL EXECUTIVES MUST DELICATELY SELL THESE STRATEGIES TO HUNDREDS OF LARGELY INDEPENDENT DOCTORS THE PHYSICIANS HAVE FINAL AUTHORITY IN DECIDING HOW TO TREAT A PATIENT AND AT MANY TEACHING HOSPITALS TOP DOCTORS EARN MORE AND ARE FAR MORE RENOWNED THAN EVEN THE INSTITUTION'S CHIEF EXECUTIVE THE STRUGGLE TO COPE WITH MANAGED CARE IS ESPECIALLY FIERCE AT MASSACHUSETTS GENERAL WHICH CONSISTENTLY RANKS AMONG THE NATION'S FIVE BEST HOSPITALS IN SURVEYS BY US NEWS & WORLD REPORT IT IS THE LEAD TEACHING SITE FOR HARVARD MEDICAL SCHOOL AND ITS DOCTORS HAVE ACHIEVED BREAKTHROUGHS IN AREAS RANGING FROM GENE MAPPING TO ARTIFICIAL SKIN FOR BURN VICTIMS MGH ALSO IS ONE OF THE BIGGEST AND MOST EXPENSIVE HOSPITALS IN THE US THE 1018BED HOSPITAL ADMITS NEARLY 40000 PATIENTS A YEAR AND HANDLES 550000 OUTPATIENT VISITS IT IS MODERATELY PROFITABLE ON PATIENT REVENUE OF ABOUT 500 MILLION A YEAR THANKS LARGELY TO FEE SCHEDULES THAT CAN BE 30 HIGHER THAN THOSE AT NEARBY COMMUNITY HOSPITALS BUT DURING THE PAST THREE YEARS A SERIES OF SHOCKS SHOWED THE ELITE HOSPITAL'S VULNERABILITY TO A FREEZEOUT BY HEALTH PLANS WANTING TO SAVE MONEY IN 1991 BLUE CROSS & BLUE SHIELD OF MASSACHUSETTS SET UP AN HMO WITHOUT USING MGH AT ALL THEN LAST FALL HARVARD COMMUNITY HEALTH PLAN YANKED AWAY ITS PEDIATRIC REFERRALS IN FAVOR OF A RIVAL BID FROM NEARBY CHILDREN'S HOSPITAL WITH THAT ONE STROKE MGH FACED THE LOSS OF 26 OF ITS PEDIATRIC PATIENTS ITS DOCTORS WERE ALARMED YOU GUYS COULD GO THE WAY OF IBM JAY GELLERT A CALIFORNIA HEALTHCARE CONSULTANT WARNED MGH EXECUTIVES IN A CLOSEDDOOR MEETING LAST YEAR IBM SAW FUNDAMENTAL CHANGE COMING BUT COULDN'T REACT TO IT SO IT ENDED UP FRITTERING AWAY ONE OF THE STRONGEST FRANCHISES IN AMERICAN HISTORY THOSE EVENTS JOLTED MGH'S ADMINISTRATORS AND DOCTORS INTO ACTION THE HOSPITAL RECENTLY NEGOTIATED DISCOUNTS WITH FOUR MANAGEDCARE PLANS INCLUDING BLUE CROSS'S HMO THESE HEALTH PLANS NOW ACCOUNT FOR ABOUT 13 OF THE HOSPITAL'S ADMISSIONS UP FROM LESS THAN 5 IN 1991 AND COULD HIT 25 OR MORE IN A FEW YEARS WE DECIDED THAT MANAGED CARE COULDN'T BE IGNORED AND THAT OUR BEST BET WAS TO WORK WITH IT SAYS RICHARD VON RUEDEN THE DEPUTY DIRECTOR GENERAL LIKE MANY MGH EXECUTIVES DR VON RUEDEN CONTENDS THAT IF THE HOSPITAL GETS THINGS RIGHT IT COULD BECOME A NATIONAL MODEL OF HOW TO MARRY HIGH QUALITY AND COST CONTROLS MGH IS ALLYING ITSELF WITH FAMILY DOCTORS IN THE BOSTON SUBURBS AND IT PLANS TO MERGE WITH A MAJOR LOCAL COMPETITOR BRIGHAM & WOMEN'S HOSPITAL IN A DEAL THAT COULD CREATE THE BIGGEST US HOSPITAL THE AIM IS TO ASSEMBLE A VERTICALLY INTEGRATED LOWCOST MEDICAL CONGLOMERATE THAT HMOS WILL LOVE THE DOCTORS WHO GIVE MGH ITS AURA THOUGH ARE DEEPLY SPLIT OVER THAT APPROACH MANY SAY IT IS NECESSARY AND INEVITABLE A FEW EVEN LIKE IT BUT OTHERS WONDER WHETHER FINE POINTS OF PATIENT COMFORT WILL BE SACRIFICED TO SAVE MONEY AND MANY OLDER DOCTORS GRUMBLE ABOUT A LOSS OF AUTONOMY AS THEY INCREASINGLY FEEL NUDGED TO ORDER FEWER TESTS DISCHARGE PATIENTS FASTER AND KEEP AN EYE ON THE BILLS SUCH TENSIONS ARE PLAYING OUT IN THE ORTHOPEDICSURGERY DEPARTMENT A TEAM OF YOUNGER DOCTORS LED BY 42YEAROLD JOHN SILISKI IS PICKING OVER TWO COMMON OPERATIONS HIP AND KNEE REPLACEMENTS TO LOOK FOR WAYS TO STANDARDIZE CARE AND REHABILITATE PATIENTS MORE QUICKLY THIS IS THE WAY WE WANT TO PRACTICE DR SILISKI TELLS A GROUP OF NURSES AT A BRAINSTORMING SESSION AS HE POINTS TO A VAST DIAGRAM SHOWING HOW THE TYPICAL KNEEREPLACEMENT PATIENT SHOULD BE TREATED DAY BY DAY THE FLOW CHART LOOKS LIKE SOMETHING IN AN AUTO PLANT AND NO WONDER KNEE REPLACEMENTS ARE BECOMING INCREASINGLY ROUTINE LAST YEAR MGH PERFORMED 416 OF THEM THOUGH BARELY SIX MONTHS OLD THIS FLOWCHART APPROACH IS ALREADY PAYING OFF DR SILISKI SAYS PATIENTS' AVERAGE HOSPITAL STAYS HAVE FALLEN 22 TO 68 DAYS MOSTLY AS THE HOSPITAL ENSURES THAT STEPS SUCH AS PHYSICAL THERAPY ARE DONE PROMPTLY WITHOUT THE MINOR DELAYS THAT OFTEN OCCUR IN BIG INSTITUTIONS AND THE AVERAGE BILL HAS SHRUNK 17 TO 16566 WE'RE TRYING TO DO TO OURSELVES WHAT TUFTS WOULD OTHERWISE END UP DOING TO US HE EXPLAINS YET SOME OF DR SILISKI'S COLLEAGUES REMAIN UNEASY ONE FRED MANSFIELD SAYS HE HAS LESS FREEDOM TO LET AN EMOTIONALLY STRESSED PATIENT STAY AN EXTRA DAY IN THE HOSPITAL IT'S HARDER AND HARDER TO MAKE THE PERSONAL CONNECTION WITH PATIENTS WHEN YOU DON'T HAVE THE POWER TO MAKE A LITTLE ROOM IN THE SYSTEM DR MANSFIELD SAYS YOU CAN'T BE THE BENEVOLENT FATHERFIGURE ANYMORE YOU'RE JUST A PROVIDER IN OTHER DEPARTMENTS THE HMOS' THRIFTY VALUES ARE COLLIDING WITH TIMEHONORED HABITS OF A TEACHING HOSPITAL MGH DOCTORS ORDER 20 MORE XRAYS AND OTHER RADIOLOGY TESTS THAN DO THOSE AT COMMUNITY HOSPITALS PARTLY BECAUSE THE TEACHING HOSPITAL SEES UNUSUALLY SICK PATIENTS AND PARTLY BECAUSE MUCH OF THE CARE IS PROVIDED BY YOUNG DOCTORS IN TRAINING WHO WOULD RATHER HAVE TOO MUCH INFORMATION ON A PATIENT THAN TOO LITTLE EVEN ALLOWING FOR THOSE SPECIAL REASONS HEALTH PLANS SUSPECT THAT SOME MGH DOCTORS ORDER EXCESSIVE TESTS SEVERAL DOZEN DOCTORS HAVE AGREED TO EXAMINE THEIR RECENT RADIOLOGY USAGE ON THE CONDITION THAT THEY DISCUSS THEIR FINDINGS INTERNALLY RATHER THAN WITH THE HEALTH PLANS THAT'S AS IT SHOULD BE SAYS JAMES RICHTER AN INTERNIST AT THE HOSPITAL ADDING IN THE END I TRUST OUR JUDGMENT MUCH MORE THAN I TRUST A HEALTH PLAN'S SOMETIMES A FRIENDLY APPROACH PAYS OFF IN THE PAST YEAR TUFTS BEGAN PAYING MGH DOCTORS 70 A PATIENT TO MAKE AN EXTRA BEDSIDE VISIT LATE IN THE DAY INSTEAD OF WAITING UNTIL THE NEXT MORNING AS A RESULT THE DOCTORS ARE DISCHARGING FAR MORE HOSPITALIZED PATIENTS IN THE EVENING AVOIDING THE COSTS OF ANOTHER OVERNIGHT STAY AND SAVING THE HEALTH PLAN A LOT OF 2000 PERDIEM CHARGES IF THERE'S ONE THING THAT MANAGED CARE HAS TAUGHT US IT'S THAT YOU DON'T WRITE IN A PATIENT'S CHART DOING FINE HOME TOMORROW' DR RICHTER SAYS MGH'S NEW ETHOS IS TO DISCHARGE SUCH PATIENTS THAT NIGHT SIMILARLY IN THE GYNECOLOGY DEPARTMENT THE AVERAGE STAY FOR SURGERY HAS BEEN SHORTENED 16 IN THE PAST TWO YEARS MAINLY BY SWITCHING AWAY FROM BIG DOSES OF NARCOTICS THAT WERE EASY TO ADMINISTER BUT SO IMPAIRED PATIENTS' DIGESTION THAT THEY COULDN'T BE DISCHARGED FOR DAYS WITH DIFFERENT PAINKILLERS PATIENTS ARE LEAVING THE HOSPITAL FASTER SUCH STEPS SAVE MONEY AND IMPROVE QUALITY SAYS ARLAN FULLER THE HEAD OF GYNECOLOGY THEY ALSO KEEP HIS DEPARTMENT ALIVE WE'RE THE HIGHCOST PROVIDER IN TOWN DR FULLER SAYS IF WE AREN'T JUDICIOUS IN THE WAY WE USE RESOURCES WE WON'T GET PATIENTS A GLOOMIER VIEW COMES FROM DOCTORS PIONEERING NEW TREATMENTS THOMAS SPITZER FOR EXAMPLE JOINED MGH LAST SUMMER TO SET UP A UNIT TO TREAT BREASTCANCER PATIENTS WITH HIGHDOSE CHEMOTHERAPY AND BONEMARROW TRANSPLANTS SUCH THERAPY IS UNPROVEN BUT PROMISING IT CAN COST 100000 OR MORE AND IS AVAILABLE ONLY AT A FEW DOZEN TOPTIER HOSPITALS DR SPITZER SAYS HE DOESN'T MIND A LITTLE DISCOUNTING TO GET BUSINESS BUT HE WAS FLABBERGASTED WHEN SOME OUTOFSTATE HEALTH PLANS OFFERED TO SEND HIM PATIENTS IF HE WOULD SLASH TOTAL CHARGES TO JUST 50000 PER CASE THE IMPLICATION IF HE DIDN'T AGREE THE PLANS WOULD GO ELSEWHERE I DIDN'T SEE THIS COMING AT ALL HE SAYS TO SAVE MONEY HE ADDS HE MIGHT HAVE TO DISCHARGE PATIENTS AFTER TWO WEEKS IN THE HOSPITAL AND FINISH TREATMENT ON AN OUTPATIENT BASIS EVEN SO HE SAYS HE QUESTIONS WHETHER HE CAN TREAT PATIENTS PROPERLY FOR ANYTHING APPROACHING 50000 EACH IF THIS IS MANAGED CARE I'M NOT THRILLED ABOUT IT HE SAYS BUT THE BOTTOMLINE APPROACH APPEALS TO PETER SLAVIN A SOFTSPOKEN MGH DOCTOR WHO ALSO HOLDS AN MBA FROM HARVARD BUSINESS SCHOOL DR SLAVIN HEADS A HOSPITAL TASK FORCE THAT IS LOOKING FOR EXTRA EFFICIENCIES AND HIS PERSONAL COMPUTER HOLDS DATA ON 40 PROJECTS AMONG THEM CREATING FLOW CHARTS THAT COULD CUT HEARTSURGERY COSTS AND REVIEWING USE OF A MAJOR ANTINAUSEA DRUG IN CHEMOTHERAPY MY GREATEST FRUSTRATION IS THE PACE OF CHANGE DR SLAVIN SAYS IT TAKES A GREAT DEAL TO GET THIS VERY PROUD 180YEAROLD INSTITUTION TO CHANGE SO QUICKLY WE'VE GOT 40 PROJECTS ON OUR LIST THERE SHOULD BE ANOTHER 100 YET WE'RE STRUGGLING TO KEEP THESE 40 GOING NEVERTHELESS SOME VETERAN DOCTORS THINK THE TUGOFWAR BETWEEN THE TRADITIONALISTS AND THE EFFICIENCY SQUADS MAY BE GOOD ONE IS BARRY LEVINE AN MGH INTERNIST WHO WAS ASSIGNED TO SPEND THREE MONTHS HELPING TUFTS REVIEW PAYMENT DISPUTES AT THE HOSPITAL DR LEVINE SAYS THAT WHILE HIS PEEK INSIDE THE HMO'S WORLD MADE HIM MUCH MORE ATTENTIVE TO COST ISSUES HE HOPES THAT HIS MEDICAL PERSPECTIVE LEFT A MARK ON TUFTS EMPLOYEES TOO I TRULY BELIEVE THAT MANAGED HEALTH CARE IS THE ANSWER HE SAYS IT'S WORKING BUT WE HAVE TO BE VERY CAREFUL NOT TO GET OVERZEALOUS PATIENTS HAVE HUMAN NEEDS YOU CAN'T ALWAYS APPLY PREDETERMINED FORMULAS TO THEM 9403080080 940308 A US HISTORY OF TRADE HYPOCRISY BY JAMES BOVARD THE CLINTON ADMINISTRATION LAST WEEK REACHED NEW DECIBEL LEVELS IN ITS ECONOMIC TIRADE AGAINST JAPAN ON THURSDAY PRESIDENT CLINTON SIGNED AN EXECUTIVE ORDER REINSTATING THE SUPER 301 PROVISION WHICH ENTITLES US GOVERNMENT OFFICIALS TO DENOUNCE LUCKY FOREIGN NATIONS AS THE MOST UNFAIR FOREIGN TRADERS IN THE WORLD SUPER 301 IS MODELED AFTER SECTION 301 OF THE TRADE ACT OF 1974 WHICH AUTHORIZES THE US GOVERNMENT TO INVESTIGATE AND RETALIATE AGAINST SPECIFIC FOREIGN TRADE BARRIERS JUDGED TO BE UNFAIR SUPER 301 FIRST AUTHORIZED IN A 1988 TRADE ACT ALLOWS THE US GOVERNMENT TO LIST THE FOREIGN NATIONS WITH THE MOST UNFAIR OR MOST BURDENSOME OVERALL TRADE BARRIERS AND TO IMPOSE 100 TARIFFS ON EXPORTS FROM THOSE NATIONS UNLESS THEY SATISFY US DEMANDS JAPAN IS THE OBVIOUS TARGET OF THE RESURRECTED TRADE POLICY SLEDGEHAMMER SECTION 301 GIVES AMERICAN POLITICIANS AND OFFICIALS A CHANCE TO APPEAR ON TELEVISION AND PROMISE TO HUFF AND PUFF AND BLOW DOWN THE BARRIERS AND MANY SECTION 301 CASES REVEAL THAT US TRADE POLICY MAKERS HAVE NEITHER A SENSE OF HYPOCRISY NOR A CONCERN FOR AMERICAN CONSUMERS IN JUNE 1990 THE US LAUNCHED A SECTION 301 CASE AGAINST CANADA FOR HIGH TARIFFS AND OTHER RESTRICTIONS ON US BEER EXPORTS YET STATE AND LOCALITIES ON THIS SIDE OF THE BORDER ALSO IMPOSE A BYZANTINE WEB OF RESTRICTIONS AND PETTY PROHIBITIONS ON ALCOHOL SALES AND SHIPMENTS IN 1989 THE US FILED A SECTION 301 CASE AGAINST JAPAN BECAUSE MOTOROLA WAS NOT GIVEN AS LARGE A GEOGRAPHIC MARKET IN JAPAN FOR ITS CELLULAR TELEPHONES AS IT THOUGHT IT DESERVED THE US AND JAPAN HAVE DIFFERENT FREQUENCIES FOR CELLULAR PHONES WHILE JAPANESE COMPANIES EXPORT PHONES TO THE US MADE FOR AMERICAN FREQUENCIES MOTOROLA CHOSE NOT TO MEET JAPANESE SPECIFICATIONS IN MAY 1988 THE US LAUNCHED A SECTION 301 INVESTIGATION OF JAPANESE CITRUS QUOTAS IN THE PRESS RELEASE ANNOUNCING THE CASE THEN US TRADE REPRESENTATIVE CLAYTON YEUTTER NOTED THE FLORIDA CITRUS INDUSTRY BELIEVES THAT REMOVAL OF JAPAN'S UNFAIR BARRIERS COULD CUT THE PRICE OF ORANGES FOR JAPANESE CONSUMERS BY ONETHIRD BY COINCIDENCE THIS IS ROUGHLY THE AMOUNT THE PRICE OF ORANGE JUICE IN THE US COULD FALL IF THE US ABOLISHED ITS 40 TARIFF ON BRAZILIAN ORANGE JUICE IMPORTS IN MAY 1988 THE US BROUGHT A 301 CASE AGAINST KOREA FOR ITS BEEF IMPORT QUOTAS EVEN THOUGH THE US HAS BEEF IMPORT QUOTAS THAT THE AGRICULTURE DEPARTMENT ESTIMATED COST CONSUMERS 873 MILLION IN HIGHER PRICES IN 1987 IN 1986 THE US FORCED CANADA TO IMPOSE A 15 EXPORT TAX ON ITS LUMBER EXPORTS SUPPOSEDLY BECAUSE CANADA WAS UNFAIRLY SUBSIDIZING ITS TIMBER SALES YET CANADIAN PROVINCIAL GOVERNMENTS FOLLOWED MANY OF THE SAME PRACTICES AS THE US FOREST SERVICE THE 15 TAX DESTROYED UP TO 16600 JOBS IN THE US CONSTRUCTION INDUSTRY AND ADDED MORE THAN 1000 TO THE PRICE OF BUILDING A HOUSE IN 1985 THE US FILED A CASE ON JAPANESE SEMICONDUCTOR TRADE BARRIERS ITS SETTLEMENT ALLOWED THE US TO IMPOSE PRICE CONTROLS BOTH ON JAPANESE EXPORTS TO THE US AND ON EXPORTS TO THIRD MARKETS THIS WAS A DISASTER FOR THE US ELECTRONICS INDUSTRY SEMICONDUCTOR PRICES IN THE US ROSE AS MUCH AS 300 AND WIDESPREAD SHORTAGES OCCURRED ARTHUR DENZAU OF THE CENTER FOR THE STUDY OF AMERICAN BUSINESS ESTIMATED THAT THE FINAL USJAPAN SETTLEMENT RESULTED IN AS MANY AS 11000 JOBS LOST IN US COMPANIES USING SEMICONDUCTORS IN 1985 THE US SETTLED A SECTION 301 DISPUTE OVER JAPAN'S LEATHER IMPORT QUOTAS MR YEUTTER DECLARED THE AGREEMENT IS A SIGNIFICANT VICTORY FOR THE PRINCIPLE OF FREE AND FAIR TRADE THIS IS FAR PREFERABLE TO PROTECTIONIST MEASURES THAT WOULD RESTRICT IMPORTS WITHOUT INCREASING US EXPORTS YET AS PART OF THIS VICTORY THE US TRIPLED TARIFFS ON JAPANESE LEATHER IMPORTS TO 40 FROM 12 WITH THE EXPLICIT GOAL OF SHARPLY REDUCING JAPANESE EXPORTS TO THE US IN 1982 THE FOOTWEAR INSTITUTE OF AMERICA PERSUADED THE US TRADE REPRESENTATIVE TO LAUNCH 301 CASES AGAINST BRAZILIAN KOREAN AND TAIWANESE TRADE BARRIERS ON FOOTWEAR IMPORTS EVEN THOUGH THE US ITSELF MAINTAINS TARIFFS AS HIGH AS 67 ON FOOTWEAR IMPORTS IN 1976 THE US BROUGHT A SUIT AGAINST TAIWAN BECAUSE OF CONFISCATORY TARIFF LEVELS ON IMPORTS OF MAJOR HOME APPLIANCES THE TAIWANESE TARIFF ON REFRIGERATORS WAS 60 BUT THE US HAS CONFISCATORY TARIFF LEVELS ON MANY ITEMS INCLUDING A 150 TARIFF ON LOWPRICED WATCH PARTS EXPORTED FROM TAIWAN IN 1975 A SECTION 301 CASE TARGETED GUATEMALA FOR REQUIRING THAT CARGO SHIPPED THERE BE CARRIED BY GUATEMALAN SHIPS THE US ALSO HAS CARGO PREFERENCE LAWS WHICH THE GENERAL ACCOUNTING OFFICE ESTIMATED IN 1985 ADD MORE THAN 100 MILLION TO THE COST OF PROVIDING FOOD DONATIONS TO FOREIGN COUNTRIES MANY 301 COMPLAINTS HAVE INVOLVED AGRICULTURAL EXPORT SUBSIDIES INCLUDING THENEUROPEAN COMMUNITY POULTRY EXPORT SUBSIDIES EC WHEAT AND WHEAT FLOUR EXPORT SUBSIDIES AND TAIWAN RICE SUBSIDIES IN RECENT YEARS THE US HAS ALSO PROVIDED EXPORT SUBSIDIES FOR ALL OF THESE ITEMS INCLUDING PAYING A SUBSIDY OF 111 FOR POULTRY EXPORTS A SUBSIDY OF 78 FOR WHEAT FLOUR AND 94 FOR WHEAT AND SUBSIDIES OF MORE THAN 100 FOR RICE EXPORTS THE US HAS BROUGHT SIX SECTION 301 ACTIONS TO HELP BOOST TOBACCO EXPORTS SINCE 1975 A 1990 GENERAL ACCOUNTING OFFICE REPORT NOTED HEALTH ISSUES WERE NOT CONSIDERED DURING NEGOTIATIONS FOR THE REMOVAL OF FOREIGN TRADE BARRIERS TO THE EXPORT OF US CIGARETTES THE US HAS ALSO PROVIDED TENS OF MILLIONS OF DOLLARS OF EXPORT SUBSIDIES FOR CIGARETTES SECTION 301 HAS PROVED A FEEBLE TOOL FOR OPENING FOREIGN MARKETS FAR LESS EFFECTIVE THAN MULTILATERAL TRADE NEGOTIATIONS SUCH AS THE RECENTLY CONCLUDED GENERAL AGREEMENT ON TARIFFS AND TRADE TALKS THE GENERAL ACCOUNTING OFFICE CONCLUDED IN 1987 DURING THE PERIOD OF GAO'S STUDY RELATIVELY FEW CASES RESULTED IN THE ELIMINATION OF SPECIFIED UNFAIR FOREIGN TRADE PRACTICES JIM POWELL AUTHOR OF GNOMES OF TOKYO NOTED IN 1989 SINCE 1974 WHEN SECTION 301 FIRST BECAME LAW THE US HAS BROUGHT 78 CASES AGAINST FOREIGN GOVERNMENTS THREATS OF AMERICAN RETALIATION HAVE FORCED ONLY 13 MARKET OPENINGS AND THOSE WERE GENERALLY TRIVIAL AND SECTION 301 ACTIONS HAVE SHOWN LITTLE IMPROVEMENT IN SUBSEQUENT YEARS HISTORICALLY THE US TRADE REPRESENTATIVE OFTEN ACTS AS IF A FOREIGN PROVOCATION REAL OR IMAGINED GIVES THE FEDERAL GOVERNMENT CARTE BLANCHE TO DISREGARD THE RIGHTS AND INTERESTS OF AMERICAN CONSUMERS AND AMERICAN COMPANIES DEPENDENT ON IMPORTS MOST TRADE RETALIATIONS AMOUNT TO THROWING BOOMERANGS AT FOREIGN GOVERNMENTS AND THEN QUICKLY DECLARING VICTORY BEFORE THE BOOMERANG RETURNS TO THUMP SOME DOMESTIC INTEREST POLITICIANS CANNOT MAKE TRADE FAIRER BY MAKING IT LESS FREE EVERY OPPORTUNITY TO BUY AT THE LOWEST PRICES AND SELL AT THE HIGHEST PRICES IS A BENEFIT TO US INDUSTRY AND CONSUMERS REGARDLESS OF FOREIGN GOVERNMENTS' BEHAVIOR SECTION 301 AND SUPER 301 SHOULD BE MOTHBALLED IN THE SMITHSONIAN NOT ENSHRINED AS KEYS TO AMERICAN ECONOMIC SALVATION MR BOVARD WRITES OFTEN ON TRADE POLICY 9403080079 940308 REVIEW & OUTLOOK EDITORIAL ASIDES UHGAWUHGAPC THIS WEEKEND THE PRINCIPAL AND SUPERINTENDENT OF A LONG ISLAND NEW YORK INTERMEDIATE SCHOOL CANCELED A KIDS' PRODUCTION OF PETER PAN BECAUSE IT MIGHT OFFEND THE LOCAL SHINNECOCK INDIANS PROVING THAT POLITICAL CORRECTNESS IS NOW IN NEVER NEVER LAND THE EDUCATORS PARTICULARLY OBJECTED TO THE SONG UHGAWUHGAMEATBALL THERE'S PLENTY ELSE WRONG WITH THE JM BARRIE PLAY FEMINISTS WON'T LIKE IT THAT PETER IS GUILTY OF GENDER BIAS BY BARRING GIRLS FROM HIS LOST BOYS CLUB AND BY RELEGATING WENDY TO A MOTHER ROLE AND OF COURSE THE PART OF PETER ALWAYS GOES TO AN ACTRESS WHICH INFECTS IMPRESSIONABLE YOUNG MINDS WITH THE NOTION THAT BEING A BOY IS BETTER THAN BEING A GIRL THOSE ANIMAL SEQUENCES ARE VERY TROUBLING COULD ANIMAL RIGHTS ACTIVISTS CONDONE A PLAY THAT DEPICTS A DOG FORCED TO WORK AS A NANNY OR MAKES LIGHT OF FEEDING AN ALARM CLOCK TO A CROCODILE THE SCHOOL THAT KILLED PETER PAN IS NOW CONSIDERING STAGING THE WIZARD OF OZ EXPECT PROTESTS FROM THE VERTICALLY CHALLENGED 9403080078 940308 REVIEW & OUTLOOK EDITORIAL CHINA'S FOOTLOOSE CAPITAL WITH CHINA SET TO ENTICE THE WORLD'S FUND MANAGERS WITH OFFERINGS OF SHARES IN 22 STATEOWNED COMPANIES AND WITH BEIJING PURSUING THE FAVOR OF INTERNATIONAL BOND INVESTORS IT WOULD BE INTERESTING TO KNOW WHAT CHINA'S HOMEGROWN WEALTHY ARE DOING WITH THEIR OWN MONEY THE DATA STRONGLY HINT THAT LARGE SUMS ARE BEING FUNNELED OUT OF CHINA WITHOUT ANYBODY KNOWING WHERE THEY'RE GOING OR WHOM THEY BELONG TO ECONOMIST FRIEDRICH WU HAS EXAMINED ERRORS AND OMISSIONS IN CHINA'S BALANCE OF PAYMENTS AND FINDS EVIDENCE OF 8 BILLION DISAPPEARING IN 1992 FRANK GUNTER OF LEHIGH UNIVERSITY HAS COMPARED CHINA'S TRADE STATISTICS WITH THOSE OF ITS MAJOR TRADING PARTNERS HE SUSPECTS ENOUGH MONEY LEAKS OUT THROUGH PHONY IMPORT AND EXPORT INVOICES TO BRING THE TOTAL TO ROUGHLY 20 BILLION A YEAR CAPITAL FLIGHT MAY REFLECT ONLY THE DESIRE OF THE NEWLY RICH TO REMAIN RICH BY NOT PUTTING ALL THEIR EGGS IN ONE BASKET NOBODY WOULD SERIOUSLY EXPECT A WESTERN INVESTOR TO BET THE WHOLE RANCH ON CHINA AND GIVEN CHINA'S INFLATION AND CURRENCY TROUBLES A CHINESE ENTERPRISE MANAGER WOULD HAVE SOUND REASONS FOR WANTING TO STASH HIS CASH BALANCES OFFSHORE NEVERTHELESS IT'S SAFE TO ASSUME THAT MUCH OF THE OUTFLOW REPRESENTS THE ILLEGAL GAINS OF WELLCONNECTED CHINESE OFFICIALS NOBODY DOUBTS THAT TURNING STATE ASSETS INTO PRIVATE RICHES HAS BECOME THE PRIMARY OCCUPATION OF THE FAMILIES OF PARTY BIGWIGS FOR ALL WE KNOW THOUGH THESE ILLICIT RICHES ARE MAKING A ROUND TRIP DIPPING OFFSHORE JUST LONG ENOUGH TO DISGUISE OWNERSHIP AND QUALIFY FOR THE TAX ADVANTAGES DUE FOREIGN INVESTORS AND JOINTVENTURERS THERE'S AT LEAST ONE REASON TO BE SANGUINE UNLIKE LATIN AMERICA IN THE 1970S WHERE CAPITAL FLIGHT ROUGHLY EQUALED THE INFLUX OF NEW LOANS TO CORRUPT AND INCOMPETENT GOVERNMENTS HALF THE NEW MONEY GOING INTO CHINA IS PRIVATE DIRECT INVESTMENT QUITE PROBABLY THIS MONEY ISN'T BEING LAUNDERED THROUGH THE GOVERNMENT INTO THE SWISS BANK ACCOUNTS OF CHINESE LEADERS BY ITS NATURE MOST OF IT GOES INTO PROJECTS DESIGNED TO YIELD A PROFIT LENDERS CAN HARDLY BE SO CONFIDENT THAT THE BILLIONS LOANED DIRECTLY TO BEIJING AREN'T BEING SQUANDERED OR SALTED AWAY NOR CAN THE SHARE INVESTORS NOW BEING COURTED TO BECOME BEIJING'S PARTNERS IN DOZENS OF STATE ENTERPRISES DISCOUNT THE POSSIBILITY THAT THEIR FUNDS WILL END UP IN THE REGIME'S RETIREMENT ACCOUNTS RATHER THAN PAYING TO UPGRADE PRODUCTION AND RETURN THEM A PROFIT THESE FOLKS CAN JUDGE THEIR OWN RISKS OF COURSE BUT IN PONDERING THE TEA LEAVES THEY OUGHT TO CONSIDER TWO QUESTIONS DOES THE CAPITAL FLIGHT REPRESENT A BET AGAINST CHINA'S FUTURE BY THOSE IN THE BEST POSITION TO KNOW AND CAN A RULING CLASS SO WEDDED TO CORRUPTION SHEPHERD CHINA TOWARD A FUTURE WHERE PROPERTY RIGHTS ARE GUARANTEED BY LAW RATHER THAN BY BRIBES AND CONNECTIONS TO THE HIGH AND MIGHTY 9403080077 940308 REVIEW & OUTLOOK EDITORIAL SPENDING IMPAIRED THE SENATE VOTED UNANIMOUSLY LAST WEEK TO GET UNRECOVERED DRUG ADDICTS AND ALCOHOLICS OFF THE FEDERAL DISABILITY PROGRAM THE TEMPTATION NOW MAY BE TO MOVE ON TO OTHER PRESSING MATTERS THAT WOULD BE A MISTAKE LET'S STICK AROUND THE DISABILITY HONEY POT AND SEE WHO ELSE SHOWS UP ALREADY REP JJ PICKLE HAS BEEN HOLDING HEARINGS ON PRESS REPORTS OF LEGAL IMMIGRANTS BEING COACHED TO FAKE CRAZINESS TO GET ON THE ROLLS OF THE SUPPLEMENTAL SECURITY INCOME SSI PROGRAM MR PICKLE IS SURELY ON TO SOMETHING ABOUT 10 OF THE SIX MILLION SSI RECIPIENTS UP FROM 45 MILLION IN 1988 ARE NONCITIZENS BUT IT ISN'T JUST IMMIGRANTS THE FUZZY WORLD OF MENTAL DISORDER IS THE STRONGEST ENGINE DRIVING THE SPEEDY GROWTH OF DISABILITY PAYMENTS AS CAROLYN WEAVER AT THE AMERICAN ENTERPRISE INSTITUTE HAS WRITTEN ON THIS PAGE AND ELSEWHERE DISABILITY IS A CASE HISTORY OF THE IMPULSE TO DO GOOD RUNNING FAR BEYOND ANYONE'S EFFECTIVE CONTROL THE FEDERAL GOVERNMENT TOOK THE LEAD IN RELIEF FOR WHAT USED TO BE CALLED THE AGED BLIND AND DISABLED WITH THE CHRISTENING OF SSI IN THE EARLY 1970S AFTER A STABLE DECADE COURT DECISIONS AND CONGRESSIONAL ACTIONS FORCED THE SOCIAL SECURITY ADMINISTRATION TO INVITE NEW APPLICATIONS INCLUDING CHILDREN CONGRESS MANDATES THAT MILLIONS OF DOLLARS A YEAR BE SPENT ON OUTREACH SSI CAN YIELD UP TO 446 A MONTH RETROACTIVE TO THE DATE OF APPLICATION IT CAN TAKE AWHILE TO ESTABLISH THAT ONE CANNOT WORK FOR AT LEAST 12 MONTHS EVEN THOUGH THE SCREENING IS EVIDENTLY LOOSE THE AMOUNT DOESN'T SEEM LIKE MUCH AND TO THOSE WHO WERE THE ORIGINALLY INTENDED BENEFICIARIES IT SURELY ISN'T BUT AS CHARLES MURRAY NOTED 10 YEARS AGO IN LOSING GROUND IT IS CURIOUS THAT WITH ALL THE ADVANCEMENTS IN TREATING DISABILITIES SO FEW SEEM TO LEAVE THE PROGRAM ONCE ON IT SOCIAL SECURITY OFFICIALS BELIEVE THAT ONE REASON SSI HAS GROWN SO MUCH LATELY IS THAT STATE AND LOCAL GOVERNMENTS CAUGHT IN A WELFARE CRUNCH HAVE REFERRED THEIR GENERALASSISTANCE RECIPIENTS TO THE FEDS HOWEVER MOST STATES SUPPLEMENT SSI FOR AT LEAST SOME CATEGORIES OF BENEFICIARY CALIFORNIA THE NATION'S WELFARE BREAD BASKET DOES SO FOR EVERYONE TYPICALLY AT 157 A MONTH SOMETIMES SSI IS ITSELF A SUPPLEMENT TO AN OLDER BENEFIT THE DISABILITY INSURANCE DI PART OF SOCIAL SECURITY ITSELF THIS PROGRAM ALSO GROWING RAPIDLY NOW AIDS 37 MILLION RETIREES WITH AN AVERAGE OF 626 A MONTH WITH 15 MILLION DEPENDENTS ALSO COVERED TOTAL FAMILY BENEFITS CAN REACH 2000 A MONTH THOSE WHO EARNED LITTLE INCOME DURING THEIR WORKING LIFE GET LESS BUT CAN USE SSI TO BOLSTER THEIR BENEFIT THAT CAN AMOUNT TO 100 REPLACEMENT FOR THEIR PREVIOUS AFTERTAX INCOME IN THAT EVENT WHY GO BACK TO WORK SOCIAL SECURITY DI IS ITSELF IN SORRY SHAPE ITS TRUST FUND WILL BE EXHAUSTED NEXT YEAR AS RICHARD IPPOLITO A FEDERAL RETIREMENT ANALYST OBSERVED IN A DRAFT PAPER LAST FALL THE PROGRAM CREATES AN INCENTIVE TO QUIT THE WORK FORCE TOO EARLY UNLIKE THOSE WHO WORK UNTIL AGE 65 WORKERS WHO QUALIFY FOR DISABILITY RETIREMENT RECEIVE THEIR UNREDUCED SOCIAL SECURITY ANNUITIES AT MUCH EARLIER AGES AND THEY GET A FREE MEDICAL POLICY MEDICARE AFTER TWO YEARS ON THE PROGRAM THIS EARLY ENTRANCE INTO SOCIAL SECURITY WAS CREATED FOR WORKERS WHOSE HARD PHYSICAL LABOR ACTUALLY WORE THEIR BODIES DOWN PRIOR TO THE STANDARD RETIREMENT AGE AS THOSE KINDS OF JOBS HAVE DIMINISHED YOU'D EXPECT THE CALL ON DI TO DECLINE AS WELL BUT NOT SO A THIRD ARE UNDER 55 LIKE SSI ELIGIBILITY FOR THE DISABILITY PROGRAM IS DETERMINED BY THE STATES THOUGH FEDERAL TAXPAYERS ARE ON THE HOOK AND AS MR IPPOLITO OBSERVES AN EXTENSIVE APPEALS SYSTEM OFTEN ENDS UP OVERTURNING THOSE DENIED BY LENIENT STATE EMPLOYEES IN THE FIRST PLACE FOR EVERY 1000 PEOPLE WORKING BETWEEN THE AGES OF 60 AND 64 NEARLY 300 ARE NOW DEEMED INCAPABLE OF GAINFUL EMPLOYMENT BACK IN THE EARLY '80S THE REAGAN ADMINISTRATION TRIED TO PRUNE THE DISABILITY ROLLS THIS EFFORT WAS THWARTED BY THE WELFARE IRON TRIANGLE CONGRESS SOCIALSERVICE ADVOCATES AND THE PLIANT PRESS WHICH RAISED A FIRESTORM BOTH SSI AND DI ARE WHAT IS KNOWN IN WASHINGTON AS ENTITLEMENTS NOT SUBJECT TO BUDGET DISCIPLINE UNDER THE RULES AS THEY APPLY OBVIOUSLY SOMETHING WILL HAVE TO BE DONE WITH THESE PROGRAMS IF THE ALMIGHTY DEFICIT IS NOT TO SWELL AGAIN FROM THEIR EFFECTS SSI COULD FALL WITHIN WELFARE REFORM THOUGH MOST OF THE ATTENTION THERE HAS BEEN DIRECTED AT THE LARGER AFDC PROBLEM MEANTIME UNLESS SOCIAL SECURITY IS REALLY REFORMED THE CURRENT DI PAYROLL TAX OF 12 WOULD HAVE TO BE DOUBLED OR TRIPLED TO CARRY ITS LOAD SAYS MR IPPOLITO THESE TWO PROGRAMS ARE EXAMPLES OF WHY THE FINANCIAL BURDEN OF THE US WELFARE STATE HAS GROWN TO EXTEND FAR BEYOND THE STEREOTYPICAL UNDERCLASS MORE THAN 10 OF THIS NATION'S PEOPLE ARE ON FOOD STAMPS AND NEARLY HALF OF ITS BABIES ARE BORN ON MEDICAID THE NEW YORK POST RECENTLY FOUND 1 IN 7 NEW YORKERS TO BE ON THE DOLE IN SOME FASHION AND IN LOS ANGELES COUNTY THE NUMBER MAY BE 1 IN 5 IF MILLIONS WHO COULD BE WORKING ARE ALLOWED TO CLAIM DISABILITIES AND JOIN IN THE IDLENESS HOW CAN THE SHOW GO ON 9403080076 940308 LEISURE & ARTS BOOKSHELF WHEN THE AZTECS WENT DOWN BY EDWARD SCHUMACHER IN 1519 A BOLD BAND OF SOME 500 SPANISH CONQUISTADORS LED BY HERNAN CORTES LANDED ON THE MEXICAN COAST AND FOR THE NEXT TWO YEARS FOUGHT NEGOTIATED DECEIVED PRAYED AND WITH AUDACIOUS INGENUITY AND MORE THAN SOME LUCK FINALLY DEFEATED THE FAR SUPERIOR ARMIES OF THE AZTEC EMPIRE IT WAS ONE OF HISTORY'S MOST EXTRAORDINARY TALES OF CONQUEST UNDER MONTEZUMA II THE AZTECS OR MORE PROPERLY THE MEXICANS AS THEY CALLED THEMSELVES WERE EQUAL TO PRUSSIA IN MILITARY SPIRIT TO ANCIENT GREECE IN CIVIC CULTURE AND TO CONFUCIAN CHINA IN SOCIAL MORES THEIR CAPITAL TENOCHTITLAN WAS BUILT ON AN ISLAND IN A GREAT LAKE AND WITH ITS BEAUTIFUL CANALS MASSIVE PUBLIC SQUARES AND PYRAMIDS WAS BOTH GRANDER AND MORE ORDERLY THAN ANY CITY IN EUROPE IN CONQUEST MONTEZUMA CORTES AND THE FALL OF OLD MEXICO SIMON & SCHUSTER 812 PAGES 30 HUGH THOMAS HAS RETOLD THE TALE IN AN EXHAUSTIVE AND FASCINATING WORK THAT WILL SURELY GO DOWN AS A DEFINING BOOK ON THE ERA AND ONE OF THE BEST AND MOST READABLE NONFICTION BOOKS OF THE YEAR IT ALSO COULD NOT BE MORE TIMELY THE INTEGRATION OF THE NORTH AMERICAN FREE TRADE ALLIANCE AND THE SMOLDERING INDIAN RESENTMENT WITNESSED IN THE RECENT UPRISING IN CHIAPAS ARE BUT TWO MANIFESTATIONS WHOSE ROOTS LIE IN THAT DISTANT TIME OF CLASHING ARMIES AND HOMERIC EXPLOITS MR THOMAS AN ENGLISH LIFE PEER IS BEST KNOWN FOR THE SPANISH CIVIL WAR AND CUBA OR THE PURSUIT OF LIBERTY DEFINING BOOKS ON THOSE SUBJECTS WHICH WOULD SEEM TO BE ENOUGH FOR ANY ONE CAREER THIS TIME HE IS ALSO COMPETING WITH A GREAT CLASSIC WH PRESCOTT'S HISTORY OF THE CONQUEST OF MEXICO 1843 MR THOMAS HAS WON HIS ACCOMPLISHMENT IS IN PART DUE TO PRODIGIOUS RESEARCH INCLUDING THE UNCOVERING OF PREVIOUSLY LOST DOCUMENTS IN FORLORN SPANISH ARCHIVES BUT EVEN MORE IMPORTANTLY IT IS DUE TO AN APPEALING SENSE OF HONESTY THAT UNDERLIES EACH PAGE THE AMERICAN PRESCOTT REFLECTING THE PREJUDICES OF HIS TIME DISMISSED THE MEXICANS AS BACKWARD AT THE SAME TIME SO MANY OF TODAY'S HISTORIANS REFLECTING A MISGUIDED MULTICULTURALISM ARE DISDAINFUL OF THE SPANIARDS AS GREEDY IMPERIALISTS THE READER APPRECIATIVELY FOLLOWS MR THOMAS AS HE OPENLY LAYS OUT CONFLICTING EVIDENCE AND PLACES IT IN THE CONTEXT OF 16THCENTURY MEXICO AND EUROPE MR THOMAS CORRECTLY PORTRAYS THE EVENTS AS ESSENTIALLY A CLASH OF TWO EMPIRES BOTH WERE BY MOST STANDARDS CRUEL BUT CULTIVATED HE WRITES BOTH INTERMITTENTLY DREAMED OF CONQUERING WHAT THEY THOUGHT OF AS THE WORLD' BOTH WERE POSSESSED BY POWERFUL BELIEFS WHICH THE LEADERS OF BOTH PARTIES LOOKED ON AS COMPLETE EXPLANATIONS OF HUMAN LIFE SEEING PEOPLE AS DETERMINANTS OF HISTORY MR THOMAS CAPTURES THE DRAMA BY TELLING IT AS A NARRATIVE THAT FOCUSES ON ITS TWO REMARKABLE CENTRAL PROTAGONISTS CORTES AND MONTEZUMA THE MORE TRAGIC IS MONTEZUMA MONTEZUMA HAD RULED FOR 20 YEARS AS A POWERFUL AND INFLEXIBLE AUTOCRAT OVER THE CENTRAL VALLEY AND THROUGH TRIBUTARY STATES ALMOST ALL OF WHAT IS TODAY MEXICO YET HE WAS REDUCED TO AN UNCERTAIN SNIVELER WHO ALLOWED HIMSELF TO BE HELD IN HIS OWN CAPITAL BECAME PSYCHOLOGICALLY ATTACHED TO HIS KIDNAPPERS AND IN THE END ACCORDING TO MR THOMAS WAS KILLED BY STONES THROWN BY HIS PEOPLE AMID THE DUST AND SMOKE OF BATTLE AS HE APPEALED FROM A ROOFTOP FOR PEACE HIS UNDOING APPEARS TO HAVE BEEN EXCESSIVE RELIGION MEXICAN LIFE WAS RULED BY A RELIGIOUS CALENDAR BUT MONTEZUMA HAD TURNED IT INTO A FETISH HE SAW IN THE SPANIARDS PORTENTS OF RETURNING GODS AND A PROPHESIZED ARMAGEDDON THE FALL OF THE FIFTH AND LAST SUN AND THUS BECAME TOO INDECISIVE TO FIGHT OR FIGHT WELL CORTES SEIZED THE MOMENT DISPLAYING UNFORESEEN POLITICAL SAGACITY INSPIRING ORATORY AND MILITARY BRAVERY TO QUELL RESTLESSNESS AMONG HIS TROOPS HE BEACHED HIS BOATS HE DID NOT BURN THEM AS LEGEND HAS IT LEAVING FORWARD THE ONLY WAY TO GO HE FIRST SOUGHT TO CAPTURE TENOCHTITLAN WITHOUT A FIGHT AND WHEN THAT FAILED HE TURNED THE TRIBUTARY STATES AGAINST THE MEXICANS AMONG HIS FEATS WAS THE ORGANIZING OF A SIXMILE LINE OF INDIAN ALLIES WHO CARRIED THE PIECES OF 12 BRIGANTINES OVER THE MOUNTAINS FROM THE SEA ASSEMBLED THEM AND THEN DUG A 1 1/2MILELONG CHANNEL TO FLOAT THEM ON TO THE GREAT LAKE WHERE THEY LAY SIEGE TO THE CAPITAL CORTES COMMITTED SELECTIVE MASSACRES DESIGNED TO INTIMIDATE BUT THE SPANIARDS FELT MORALLY JUSTIFIED BY THE MEXICAN PRACTICE OF DAILY HUMAN SACRIFICE PRISONERS AND SLAVES WERE DRAGGED TO THE TOP OF A PYRAMID AND THEIR BEATING HEARTS RIPPED OUT THE LIMBS WERE EATEN BY NOBLEMEN AND THE FLAYED SKIN WORN BY PRIESTS SOME 1000 SPANIARDS THOUSANDS MORE OF THEIR ALLIES AND MORE THAN 100000 MEXICANS DIED IN ALL THE SPANIARDS ENJOYED TECHNOLOGICAL SUPERIORITY GUNS STEEL AND THE HORSE BUT THE MEXICANS LOST MORE BECAUSE OF ARROGANCE A SUFFOCATING HIERARCHY AND A RITUALISTIC TACTIC OF TRYING TO CAPTURE RATHER THAN KILL THE ENEMY STILL THEIR BRAVERY WAS AWESOME AS THEY FOUGHT UNTIL THEIR BELOVED CAPITAL WAS RUBBLED CORTES WENT ON TO DISCOVER CALIFORNIA BUT HE SPENT THE LAST YEARS OF HIS LIFE IN DISILLUSION DEFENDING HIMSELF IN INQUIRIES OVER HIS ACTIONS IN MEXICO FOR THE SPANIARDS UNLIKE ANY EMPIRE BEFORE OR SINCE INDEED QUESTIONED THE MORALITY AND PURPOSE OF THEIR CONQUEST IMPORTED DISEASES IN THE END DID MUCH MORE DAMAGE THAN THE CONQUISTADORS BUT OUT OF THE MORASS GREW A NEW MEXICAN CULTURE THAT GROWS EVER MORE VIBRANT TODAY MR SCHUMACHER WHO COVERED SOUTH AMERICA FOR THE NEW YORK TIMES IS AN ADVISER TO DOW JONES & CO 9403080075 940308 LEISURE & ARTS THE WORLD ACCORDING TO THE COLUMBIA ENCYCLOPEDIA BY BRET WALLACH NORMAN OKLA THE LATEST EDITION OF THE COLUMBIA ENCYCLOPEDIA ARRIVED IN OUR HOUSE ON CHRISTMAS DAY BY MIDAFTERNOON I HAD COVERED AN ENVELOPE WITH NOTES THE NEWS WASN'T GOOD IN FULL CONFIDENCE I BEGAN BY LOOKING UP THE TOWN WHERE I LIVE SURPRISE IT'S THE CENTER OF A LIVESTOCK AND DAIRY REGION EVEN THOUGH WE HAVE FEWER THAN 1000 MILK COWS IN THE WHOLE COUNTY I LOOKED UP THE STATE TOO AND READ OF PLATT NATIONAL PARK THE PARK IS EVEN SHOWN ON THE LITTLE STATE MAP NEXT TO THE TEXT BUT THERE IS NO PLATT NATIONAL PARK IN OKLAHOMA OR ANYWHERE ELSE HASN'T BEEN FOR A LONG TIME I WENT OVER TO WYOMING AND LEARNED THAT SOUTH PASS WAS THE ONLY MAJOR PASS THROUGH THE ROCKIES FOR THE UNION PACIFIC AT ITS CLOSEST THE RAILROAD IS ABOUT 50 MILES FROM THE PASS I HEADED OVER TO CALIFORNIA AND LOOKED UP FONTANA WHERE STEEL IS PRODUCED BY THE HUGE KAISER PLANT NOT SO KAISER HASN'T PRODUCED STEEL AT FONTANA IN DONKEY'S YEARS LAST I HEARD PARTS OF THE MILL WERE BEING SHIPPED TO CHINA THE EAST COAST PULPWOOD AND PETROLEUM PRODUCTS ARE THE PRINCIPLE FREIGHT ON MAINE'S PENOBSCOT RIVER EXCEPT OF COURSE THAT LOG DRIVES ARE A THING OF THE PAST IN MAINE I TRIED THE CARIBBEAN HERE WAS PUERTO RICO WHERE SUGARCANE HAS LONG BEEN THE CHIEF PRODUCT EXCEPT THAT IT ISN'T I HOPPED THE ATLANTIC TO READ THAT CROFTING IS AMONG THE CHIEF INDUSTRIES ON SKYE WANNA BET I WENT TO AFRICA AND LEARNED THAT IN SUDAN ACCORDING TO THE FIFTH EDITION UNDER SUDD A CANAL IS BEING CONSTRUCTED TO CIRCUMVENT THE WHITE NILE SWAMPS WELL WAS BEING CONSTRUCTED WORK WAS DISCONTINUED MORE THAN A DECADE AGO AND LEFT INCOMPLETE THE ENCYCLOPEDIA IS NO MORE RELIABLE FOR ASIA IT REPEATS WITHOUT QUALIFICATION THE LONGDISCREDITED ASSERTION THAT THE PEOPLE OF HUNZA ARE NOTED FOR THEIR LONGEVITY DOWN IN DELHI IT SAYS WE MAY FIND HOTELS IN THE NORTHWESTERN CORNER OF THE OLD CITY GOOD LUCK WHILE YOU'RE THERE JUST TRY TO FIND THE CORONATION AMPHITHEATER WHEN LAST I LOOKED THERE WERE A FEW STATUES BUNCHED TOGETHER OUTDOORS AND UNPROTECTED ON A FEW UNKEMPT ACRES THE ENCYCLOPEDIA GOES ON TO SAY THAT DOWN IN PENINSULAR INDIA THE FORMER BRITISH CANTONMENT OF SECUNDERABAD IS NOW A PARK AN ABSURD STATEMENT SECUNDERABAD DOES HAVE A BIG PARADE GROUND BUT SECUNDERABAD'S A FAIRSIZED CITY AND LEST I FORGET THE FARTHER ORIENT PINANG MALAYSIA IS LARGELY AGRICULTURAL WITH SOME RUBBER PRODUCTION BEEN TO PINANG LATELY AND CHINA'S YELLOW RIVER PINYINIZED TO AN ENTRY UNDER HUANG HE THE VALLEY IS PRODUCING CORN KAOLIANG WINTER WHEAT VEGETABLES AND COTTON WHERE'S THE RICE CLEARLY THE LATEST COLUMBIA ENCYCLOPEDIA IS NO AUTHORITY ON GEOGRAPHY NOT EVEN ITS OWN LIMITED KIND OF GEOGRAPHY BUT PERHAPS I UNDERSTATE THE PROBLEM PERHAPS THE ENTIRE FIFTH EDITION IS A WRECK CERTAINLY IT'S SLOPPY IN WAYS THAT WILL AMAZE LOYAL READERS LOOK UP EVOLUTION AND YOU'LL FIND THAT A WORD'S BEEN LEFT OUT IN ONE SENTENCE TWO SENTENCES LATER THERE'S AN ERROR IN SUBJECTPREDICATE AGREEMENT WORSE IN THE COLUMN TO THE RIGHT THERE'S A SKETCH SHOWING THE EVOLUTION OF THE HUMAN SKULL BUT THERE'S NO MENTION OF HOMINIDS IN THE TEXT ONLY A CROSS REFERENCE AT THE END OF THE ENTRY TO MAN PREHISTORIC LOOK THAT UP AND YOU FIND ONLY A REFERENCE TO HUMAN EVOLUTION WHERE THERE'S NO SKETCH OF SKULLS AND NO MENTION OF THE FACT THAT THERE IS SUCH A SKETCH 400 PAGES AWAY AND THE PROBLEMS GO BEYOND CARELESSNESS LOOK UP THE PENNSYLVANIA RAILROAD AND YOU WILL FIND THAT THE COMPANY'S HISTORY IS BROUGHT UP THROUGH THE FORMATION OF THE PENN CENTRAL THERE IS NO MENTION OF CONRAIL THERE ARE LONG ENTRIES FOR OTHER MAJOR RAILROADS IN THIS COUNTRY BUT THERE ARE NO ENTRIES FOR UNITED OR AMERICAN OR DELTA WHY THE FIFTH EDITION TRUNCATES OTHER BRANCHES OF HISTORY TOO YOU CAN LOOK UP THE HOMESTEAD ACT AND LEARN EVERYTHING ESSENTIAL EXCEPT THAT THE ACT HAS BEEN REPEALED NEW GROUND YES INDEED MY OLD THIRD EDITION 1963 MADE NO MENTION OF FRANK SINATRA OR MICK JAGGER THE FIFTH HAS THEM BOTH ALONG WITH ELTON JOHN AND MADONNA THE EDITORS SEEM IN FACT TO HAVE DECIDED THAT THE ENCYCLOPEDIA SHOULD ECHO OUR CULTURE NOT JUDGE IT SHOULD TELL US WHO'S FAMOUS NOT WHO'S IMPORTANT HENCE AN ENTRY ON TED TURNER BUT NOTHING ON AP GIANNINI WHO BUILT THE BANK OF AMERICA IS THE FOUNDER OF A CABLE NEWS NETWORK MORE IMPORTANT THAN THE FOUNDER OF THE FIRST BANK WELCOMING SMALL CUSTOMERS I DOUBT IT BUT MR TURNER IS UNDENIABLY BETTER KNOWN THIS CULTURAL ECHOING CARRIES OVER TO JARGON TOO LOOK UP HOMOSEXUALITY IN THE THIRD EDITION THERE WAS NOTHING IN THE FIFTH THERE'S MORE THAN A FULL COLUMN AND IT GETS OFF TO A DEPRESSINGLY CORRECT START BY SAYING THAT THE TERM SEXUAL ORIENTATION OFTEN MEDIATES THE DISCUSSION OF SEXUAL PREFERENCE WHERE IS THE CLARITY THAT WAS THE COLUMBIA'S I FIND SOME CONSOLATION IN THIS CATHOLIC RUIN BUT THE TRUTH IS THAT THE FIFTH EDITION DOES HANDLE GEOGRAPHY MORE POORLY THAN IT HANDLES MOST OTHER THINGS OR SO IT SEEMS TO ME AND I ASK MYSELF WHY A HINT COMES FROM THE MANY MAPS IN THE BOOK WHICH ARE WITHOUT A DOUBT THE WORST I HAVE EVER SEEN IN A MAJOR REFERENCE WORK SMALL COUNTRIES RATE ONLY LOCATION MAPS THAT ARE MARKED WITH A SINGLE WORD THE NAME OF THE COUNTRY IN QUESTION WHICH IS CONNECTED WITH AN ARROW TO A SHADED BLOTCH TRY KYRGYZSTAN ONE WORD ON A MAP THAT SHOWS NOTHING EXCEPT COUNTRY BOUNDARIES AND A FEW BODIES OF WATER FROM THE CASPIAN TO TIBET FROM SIBERIA TO THE PERSIAN GULF THOUSANDS OF READERS WON'T HAVE THE FAINTEST IDEA WHAT PART OF THE WORLD THEY'RE IN AND THERE'S NOTHING ON THE MAP TO HELP THEM NOT EVEN LATITUDE AND LONGITUDE TICKS IMPORTANT COUNTRIES GET THEIR OWN MAPS BUT THE TWOPAGE SPREAD ON THE US PUTS DEATH VALLEY IN NEVADA AND TERMINATES THE SNAKE AND YELLOWSTONE RIVERS IN IDAHO AND MONTANA WHY CAN'T THESE RIVERS GET TO THE GREAT CORNER OF WYOMING WHERE THEY ACTUALLY START AND WHY SHOULD PORTUGAL GET A REFERENCE MAP WHILE BIGGER AND MORE POPULOUS MALAYSIA IS GIVEN ONLY A LOCATION MAP THE SAD TRUTH I FEAR IS THAT NOBODY HAS PAID MUCH ATTENTION TO THE MAPS FOR THE SAME REASON THEY HAVEN'T PAID MUCH ATTENTION TO THE GEOGRAPHICAL INFORMATION IN THE TEXT AND THE REASON INVESTORS AND BUSINESSMEN WELL THEY HAVE TO KNOW WHAT'S GOING ON IN THE PARTS OF THE WORLD WHERE THEY WORK THE READERS OF THE FIFTH EDITION APPARENTLY THEY DO NOT OR SO THE EDITORS BELIEVE AFTER ALL THOSE READERS HAVE SPENT A GENERATION LOADING UP ON CELEBRITIES NOW THEY'RE GETTING READY TO LIVE ON AN INFORMATION SUPERHIGHWAY THAT WILL EXIST FOR ALL INTENTS AND PURPOSES NOWHERE THE OCCASIONAL ESCAPE TO VACATIONS IN THE REAL WORLD WILL BE MEDIATED GOD HELP US BY A PILOT WHO FLIES BLIND TO A DESTINATION THAT OFTEN AS NOT WILL BE SIMULATED ITSELF AND AS FOR COLUMBIA UNIVERSITY WHERE THIS ONCE MAGNIFICENT ENCYCLOPEDIA WAS CONCEIVED IT'S AHEAD OF THE CURVE HAVING ABOLISHED ITS DEPARTMENT OF GEOGRAPHY YEARS AGO MR WALLACH IS A PROFESSOR OF GEOGRAPHY AT THE UNIVERSITY OF OKLAHOMA 9403080074 940308 INTERNATIONAL DIGITAL EQUIPMENT TO CUT JOBS BY 15 AT EUROPE OPERATIONS LONDON DIGITAL EQUIPMENT CORP TRYING TO TURN AROUND ITS UNPROFITABLE EUROPEAN OPERATIONS SAID IT WOULD CUT 6000 JOBS OR ROUGHLY TWICE THE NUMBER IT INDICATED EARLIER THIS YEAR MIGHT BE ELIMINATED THE REDUCTIONS REPRESENTING ABOUT 15 OF THE MASSACHUSETTSBASED COMPANY'S WORK FORCE IN EUROPE ARE EXPECTED TO TAKE PLACE OVER THE NEXT 18 MONTHS THE CUTBACKS ARE MEANT TO BE A KEY ELEMENT IN THE STRATEGY OF VINCENZO DAMIANI WHO TOOK OVER AS HEAD OF DIGITAL EUROPE IN JANUARY A SPOKESMAN SAID DIGITAL EUROPE HAS RECENTLY COMPLETED A REORGANIZATION THAT WILL DIVIDE THE COMPANY'S SALES AND SUPPORT FUNCTIONS INTO THREE PARTS LARGE ACCOUNTS GENERAL ACCOUNTS AND SERVICING OF EXISTING CLIENTS INCLUDING THOSE FIRMS THAT REPACKAGE OR RECONFIGURE SOME OF DIGITAL'S EQUIPMENT THE CUTS WHICH WERE FIRST DISCUSSED PUBLICLY IN JANUARY WILL REDUCE DIGITAL'S EUROPEAN STAFF TO ABOUT 25000 EMPLOYEES ARE EXPECTED TO RECEIVE LETTERS EXPLAINING THE PLANNED REDUCTIONS OVER THE NEXT FEW DAYS IT'S A BOTTOMUP THING THE SPOKESMAN SAID WE WILL BE EXAMINING EACH FUNCTION AND DECIDING WHICH SPECIFIC POSITIONS NEED TO BE ELIMINATED DIGITAL RECEIVES ABOUT 50 OF ITS REVENUE FROM EUROPE 9403080073 940308 LAW HIGH COURT RULES IN FAVOR OF PARODISTS IN CASE STEMMING FROM RAP GROUP SONG BY PAUL M BARRETT STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON IN A DEFEAT FOR COPYRIGHT OWNERS THE SUPREME COURT GAVE GREATER LEGAL PROTECTION TO PARODIES THE UNANIMOUS RULING WAS THE HIGH COURT'S FIRST CLEAR STATEMENT THAT MUSICAL WRITTEN OR VISUAL PARODIES MAY BE PERMISSIBLE DESPITE OBJECTIONS BY HOLDERS OF COPYRIGHTS TO THE ORIGINAL WORKS LIKE LESS OSTENSIBLY HUMOROUS FORMS OF CRITICISM PARODY CAN PROVIDE SOCIAL BENEFIT BY SHEDDING LIGHT ON AN EARLIER WORK AND IN THE PROCESS CREATING A NEW ONE WROTE JUSTICE DAVID SOUTER FOR THE COURT THE DECISION REVERSED A LOWERCOURT RULING THAT ESSENTIALLY SAID THE RAP GROUP 2 LIVE CREW VIOLATED THE FEDERAL COPYRIGHT ACT WHEN IT DISTRIBUTED A RAUNCHY PARODY OF THE FAMOUS ROY ORBISON SONG OH PRETTY WOMAN THE CASE HAS BEEN CLOSELY WATCHED IN THE PUBLISHING AND MUSIC INDUSTRIES WITH POLITICAL HUMORISTS LIKE MARK RUSSELL SUPPORTING THE RAP GROUP AND SUCH SONGWRITERS AS MICHAEL JACKSON AND DOLLY PARTON ON THE OTHER SIDE COPYRIGHT OWNERS GENERALLY MAY REFUSE PERMISSION FOR A CREATIVE WORK TO BE REPRODUCED OR CLOSELY IMITATED IF AN OWNER ALLOWS SUCH A USE HE MAY CHARGE A FEE FOR THE LICENSE BUT THERE IS AN EXCEPTION IN THE COPYRIGHT ACT FOR THE FAIR USE OF COPYRIGHTED MATERIAL IN CRITICISM COMMENT NEWS REPORTING TEACHING OR SCHOLARSHIP JUSTICE SOUTER SAID THE FEDERAL APPEALS COURT IN CINCINNATI HAD MADE TOO MUCH OF THE FACT THAT 2 LIVE CREW SOUGHT TO MAKE A PROFIT FROM ITS RECORDING WHICH WAS PART OF A SUCCESSFUL 1989 ALBUM A PARODIST'S PROFIT MOTIVE WEIGHS AGAINST A FINDING OF FAIR USE BUT ISN'T A CONCLUSIVE FACTOR HE WROTE OTHER FACTORS INCLUDE THE AMOUNT OF MATERIAL THAT IS COPIED AND THE EFFECT A PARODY HAS ON A COPYRIGHT HOLDERS' ABILITY TO MARKET OTHER VERSIONS OF THE ORIGINAL WORK JUSTICE SOUTER LIMITED THE SCOPE OF THE RULING BY STRESSING THAT THERE AREN'T SIMPLE RULES FOR APPLYING THE FAIRUSE EXCEPTION HE SAID SUCH CASES MUST BE ANALYZED BASED ON THEIR PARTICULAR FACTS THE HIGH COURT ACCORDINGLY REJECTED 2 LIVE CREW'S SUGGESTION THAT JUDGES SHOULD AUTOMATICALLY ASSUME THAT ANY PARODY IS A FAIR USE TO QUALIFY AS A PARODY A WORK MUST DO MORE THAN MERELY BORROW PART OF A PRIOR COMPOSITION TO PROVOKE LAUGHS JUSTICE SOUTER WROTE INSTEAD THE PARODY MUST COMMENT ON THE SUBSTANCE OR STYLE OF THE ORIGINAL THE RAP TAKEOFF OF OH PRETTY WOMAN RIDICULES WHAT 2 LIVE CREW SEES AS THE 1964 ORIGINAL'S NAIVE VIEW OF ROMANCE BY JUXTAPOSING IT TO DEGRADING TAUNTS A BAWDY DEMAND FOR SEX AND A SIGH OF RELIEF FROM PATERNAL RESPONSIBILITY THE JUSTICE EXPLAINED THE RAP VERSION IMITATES MUSICAL MOTIFS OF THE ORBISON SONG INCLUDING ITS DISTINCTIVE INTRODUCTORY BASS AND DRUM PATTERNS BUT THAT IS THE NATURE OF PARODY JUSTICE SOUTER MAINTAINED HE POINTED OUT THAT 2 LIVE CREW DEPARTED MARKEDLY FROM THE ORIGINAL ORBISON LYRICS SUBSTITUTING LINES SUCH AS BIG HAIRY WOMAN YOU NEED TO SHAVE THAT STUFF JUSTICE SOUTER OBSERVED THAT NEITHER PARTY IN THE CASE HAD PRESENTED EVIDENCE ON A SEPARATE FACTOR WHETHER THE 2 LIVE CREW PARODY HAD HURT ACUFFROSE'S ABILITY TO LICENSE ANOTHER RAP VERSION OF THE SONG THE HIGH COURT INSTRUCTED THE APPEALS COURT TO RETHINK THIS ISSUE AND THE OTHERS DISCUSSED BY JUSTICE SOUTER CAMPBELL VS ACUFFROSE MUSIC INC IN OTHER ACTION YESTERDAY THE SUPREME COURT PUT AN IMPORTANT SECURITIESLAW ISSUE BACK ON ITS DOCKET AFTER AN EARLIER CASE RAISING THE QUESTION WAS SETTLED THE ISSUE IS WHETHER A FEDERAL LAW BARRING FRAUD IN INITIAL PUBLIC SALES OF STOCK ALSO APPLIES TO RESALES OF THE SHARES LOWER FEDERAL COURTS HAVE ISSUED CONFLICTING RULINGS ON THE SCOPE OF THE PROVISION WHICH IS KNOWN AS SECTION 122 OF THE SECURITIES ACT OF 1933 ASKED BY THE HIGH COURT FOR ITS VIEWS IN THE EARLIER CASE THE CLINTON ADMINISTRATION HAD FILED A BRIEF URGING THE JUSTICES TO INTERPRET THE ANTIFRAUD LAW BROADLY A BROAD INTERPRETATION WOULD GIVE PLAINTIFFS A POTENT ADDITIONAL WEAPON IN LAWSUITS ALLEGING DISHONESTY IN SECURITIES DEALS THE JUSTICES ARE EXPECTED TO HEAR ARGUMENTS IN THE CASE NEXT FALL GUSTAFSON VS ALLOYD CO AGREED TO DECIDE WHETHER STATES MAY TAX INCOME FROM MUTUAL FUNDS THAT INVEST IN US SECURITIES BY MEANS OF REPURCHASE AGREEMENTS NEBRASKA'S TOP COURT HAD STRUCK DOWN SUCH A TAX SAYING IT VIOLATED A FEDERAL STATUTE THAT EXEMPTS US GOVERNMENT SECURITIES FROM STATE TAXATION THE STATE APPEALED IN A STANDARD REPURCHASE AGREEMENT A MUTUAL FUND BUYS TREASURY BILLS BONDS OR OTHER GOVERNMENT OBLIGATIONS WITH THE UNDERSTANDING THAT THE SELLER WILL BUY BACK THE OBLIGATIONS IN THE FUTURE AT A HIGHER PRICE THE RESALE PRICE INCLUDES INTEREST FOR THE PERIOD OF THE SALE 9403080072 940308 ECONOMY HOUSE PANEL STARTS MULLING HEALTH PLAN THAT WOULD POSSIBLY RAISE PAYROLL TAX BY DAVID ROGERS STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON A HOUSE WAYS AND MEANS COMMITTEE SUBCOMMITTEE TODAY BEGINS CONSIDERING A DEMOCRATICBACKED HEALTHCARE PLAN THAT WOULD EXPAND MEDICARE AND POSSIBLY INCREASE THE PAYROLL TAX TO HELP ACHIEVE UNIVERSAL COVERAGE BEGINNING NEXT YEAR THE BILL WOULD REQUIRE LARGER EMPLOYERS TO PAY 80 OF THE COST OF A MINIMUM BENEFITS PACKAGE FOR WORKERS BUT COMPANIES WITH 100 OR FEWER WORKERS WOULD BE EXEMPT UNTIL JANUARY 1997 AND WOULD THEN HAVE THE OPTION OF BUYING INTO THE NEW GOVERNMENT MEDICARELIKE PROGRAM TO PROVIDE BASIC COVERAGE FOR PEOPLE WITHOUT PRIVATE INSURANCE WHILE EMPLOYER CONTRIBUTIONS ARE AT THE HEART OF THE SCHEME THE PROPOSAL WOULD ALLOW FOR AN ADDITIONAL 08 PAYROLL TAX THE LEVY WOULD HELP TO CLOSE A POSSIBLE 30 BILLION BUDGET GAP THE BILL WOULD CAUSE BY THE YEAR 2000 AT THIS STAGE IN THE LEGISLATIVE PROCESS THE SUGGESTED TAX REPRESENTS MORE OF AN ACCOUNTING DEVICE THAN A CONCRETE PROPOSAL BUT THE SIZE OF THE LEVY IT WOULD RAISE ABOUT 24 BILLION A YEAR IS SURE TO PROVOKE CONTROVERSY AND IRRITATE THE HOUSE LEADERSHIP WHICH HAD HOPED TO AVOID SUCH TAX ISSUES AT THE SUBCOMMITTEE LEVEL LAWMAKERS EMPHASIZED THAT THE SUBCOMMITTEE'S DECISIONS ARE SURE TO BE MODIFIED WHEN THE BILL REACHES THE FULL WAYS AND MEANS COMMITTEE THIS IS AN EVOLUTIONARY PROCESS SAID REP BENJAMIN CARDIN D MD A MEMBER OF THE SUBCOMMITTEE DETAILS OF THE MEASURE WERE PROVIDED BY SUBCOMMITTEE CHAIRMAN FORTNEY PETE STARK D CALIF AND BY THE PANEL'S STAFF WHILE ABANDONING MAJOR ELEMENTS OF THE CLINTON ADMINISTRATION'S HEALTH PLAN THE NEW ALTERNATIVE WOULD KEEP ALIVE BOTH THE PRESIDENT'S GOAL OF PROVIDING UNIVERSAL HEALTHINSURANCE COVERAGE AND HIS PROPOSAL THAT EMPLOYERS BE REQUIRED TO CONTRIBUTE TO THE COST OF COVERAGE FOR THEIR WORKERS THE MEDICARE COMPONENT AND ACCOMPANYING PRICE CONTROLS CALL FOR A LARGER MORE DIRECT GOVERNMENT ROLE THAN MANY LAWMAKERS ARE READY TO ACCEPT BUT COMPARED WITH THE CLINTON PLAN THE STARK PROPOSAL OTHERWISE WOULD PRESERVE MORE FLEXIBILITY FOR BUSINESS AND IT WOULD BEGIN TO ADDRESS COMPLAINTS BY SMALL COMPANIES THAT THE ADMINISTRATION PLAN WOULD BE TOO BURDENSOME MR STARK'S BILL WOULD DROP THE MANDATORY HEALTH ALLIANCES GIANT REGIONAL INSURANCEBUYING POOLS PROPOSED IN THE CLINTON PLAN INSTEAD TAKING A MORE VOLUNTARY APPROACH AND COMPANIES WITH MORE THAN 1000 EMPLOYEES WOULD BE PERMITTED TO CONTINUE TO SELFINSURE AS MANY DO TODAY IN ADDITION INSURANCE REFORMS DESIGNED TO SPREAD RISK MORE BROADLY WOULD BE PHASED IN OVER THREE YEARS SO THAT THE INSURANCE INDUSTRY WOULD HAVE MORE TIME TO ADJUST TO THE CHANGE AND WHILE RELYING PRIMARILY ON EMPLOYER CONTRIBUTIONS TO FINANCE HEALTH COVERAGE THE STARK PLAN ALSO RECOGNIZES A PRINCIPLE ESPOUSED BY MANY MODERATE REPUBLICANS THAT ALL INDIVIDUALS SHOULD BE REQUIRED TO HELP PAY FOR THEIR INSURANCE COVERAGE FOR THE ADMINISTRATION ANY COMMITTEE ACTION NOW WILL BE WELCOME ALBEIT PERILOUS MR STARK ESTIMATED THAT IT WILL TAKE AT LEAST TWO WEEKS FOR THE PANEL TO PRODUCE A BILL AND WITHOUT ANY PROMISE OF REPUBLICAN SUPPORT HE IS FORCED TO DO WHATEVER HE CAN TO HOLD TOGETHER A CORE GROUP THAT INCLUDES HIMSELF AND FIVE OTHER DEMOCRATS HE IS FOND OF JOKING THAT HE HAS FIVE VOTES FOR ALL THE PROVISIONS JUST NOT THE SAME FIVE VOTES IN EACH CASE COMPARED WITH EARLIER DRAFTS THE OUTLINE RELEASED LAST EVENING SHOWS THAT MR STARK HAS HAD TO TEMPER HIS LEFTWARD INSTINCTS TO TRY TO BRING DEMOCRATS ON BOARD FOR EXAMPLE PRICE CONTROLS WOULD BE PHASED IN AND THEY WOULD ONLY BE ENFORCED IF CERTAIN COST OBJECTIVES ARE EXCEEDED THE ADMINISTRATION'S OWN PLAN FLIRTS WITH A PAYROLL TAX OF 1 BUT WOULD USE IT MORE NARROWLY AS A PENALTY ON LARGE EMPLOYERS WHO WOULD OPT OUT AND FORM THEIR OWN CORPORATE ALLIANCES MR STARK'S 08 LEVY WOULD BE APPLIED MUCH MORE BROADLY AND TO AN EXTENT IT APPEARS TO BE A SUBSIDY OF SORTS FOR THE LARGER EXPANDED MEDICARELIKE PROGRAM WHEN FULLY OPERATIVE THAT PLAN WOULD COVER AS MANY AS 60 MILLION PEOPLE AT A COST OF ABOUT 100 BILLION A YEAR ACCORDING TO STILL PRELIMINARY ESTIMATES A MAJOR EMPHASIS IN THE STARK PLAN IS TO ENSURE COVERAGE FOR YOUNG CHILDREN AND THE PREMIUMS WOULD BE ESTABLISHED ACCORDING TO WHETHER THERE WERE ONE OR TWO WORKING ADULTS IN A FAMILY REGARDLESS OF THE NUMBER OF CHILDREN DRAFT DOCUMENTS RELEASED LAST NIGHT ALSO ASSUME THE SAME INCREASED CIGARETTE TAXES OF 75 CENTS PER PACK AS PROPOSED BY THE ADMINISTRATION AND A SET OF TAX CREDITS TO ENCOURAGE MEDICAL PERSONNEL TO SERVE INNERCITY OR RURAL AREAS DEFINED AS HAVING SERVICE SHORTAGES FOR EXAMPLE A PHYSICIAN WHO SERVED IN SUCH AN AREA FOR AT LEAST TWO YEARS WOULD BE ELIGIBLE FOR A NONREFUNDABLE TAX CREDIT OF UP TO 1000 A MONTH FOR UP TO 60 MONTHS AND WOULD BE ELIGIBLE FOR ADDITIONAL TAX WRITEOFFS FOR MEDICAL EQUIPMENT WHILE MORE FLEXIBLE THAN THE ADMINISTRATION'S INITIAL PROPOSAL THE STARK PLAN LIMITS THE ABILITY OF MEDIUMSIZE FIRMS TO BE SELFINSURING EMPLOYERS WITH 1000 FULLTIME WORKERS OR LESS WOULD BE PROHIBITED FROM SELFINSURING UNDER THE PLAN IN AN EFFORT TO BROADEN THE RISK POOL FOR ALL THE REMAINING SMALLER COMPANIES AND TO LESSEN PRICE DISTORTIONS 9403080071 940308 RAWSTEEL PRODUCTION DECLINED 2 LAST WEEK WASHINGTON RAWSTEEL PRODUCTION BY THE NATION'S MILLS DECREASED 2 LAST WEEK TO 1872000 TONS FROM 1910000 TONS THE PREVIOUS WEEK THE AMERICAN IRON AND STEEL INSTITUTE SAID LAST WEEK'S OUTPUT ROSE 49 FROM THE 1785000 TONS PRODUCED A YEAR EARLIER THE INDUSTRY USED 909 OF ITS CAPABILITY LAST WEEK COMPARED WITH 927 THE PREVIOUS WEEK AND 844 A YEAR EARLIER THE AMERICAN IRON AND STEEL INSTITUTE REPORTED THE CAPABILITY UTILIZATION RATE IS A CALCULATION DESIGNED TO INDICATE AT WHAT PERCENT OF ITS PRODUCTION CAPABILITY THE INDUSTRY IS OPERATING IN A GIVEN WEEK 9403080070 940308 LETTERS TO THE EDITOR FIG JAM PORTRAIT OF A LADY SWEET LIFE PRESERVED LEISURE & ARTS FEB 9 WAS AN UNEXPECTED GEM IT ISN'T OFTEN WE GET SUCH ENJOYMENT AMONG ALL THE WORLDWIDE NEWS BUSINESS ADVERTISEMENTS ETC I HAVE NEVER SEEN A FIG TREE EATEN A FIG OR HAD THE DELIGHT OF EATING VELVETY TEXTURED FIG JAM SPREAD ON A BISCUIT OR MADE THE ACQUAINTANCE OF BLUERIBBON MINNIE ROBICHAUX HER GRANDSON MARK ROBICHAUX HAS INTRODUCED US AND I THANK HIM FOR IT IT STIRRED THE HEARTS OF ALL GRANDMOTHERS AS WE SHARED THIS TRIBUTE TO HIS OWN GRANDMOTHER I HAVE SAVED THE ARTICLE AS WELL AS HER PRIZE FIG JAM RECIPE 9403080069 940308 NEW SECURITIES ISSUES THE FOLLOWING WERE AMONG YESTERDAY'S OFFERINGS AND PRICINGS IN US AND NONUS CAPITAL MARKETS WITH TERMS AND SYNDICATE MANAGER AS COMPILED BY DOW JONES CAPITAL MARKETS REPORT FEDERAL HOME LOAN BANK SYSTEM 150 MILLION OF NOTES DUE SEPT 15 1995 PRICED AT PAR TO YIELD 47 ACCORDING TO MCM CORPORATEWATCH THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF FIVE BASIS POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO HOECHST CELANESE CORP 100 MILLION OF MEDIUMTERM NOTES DUE MARCH 15 2009 PRICED AS 7125S AT 99835 TO YIELD 7143 THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 83 BASIS POINTS ABOVE TREASURYS RATED SINGLEA2 BY MOODY'S INVESTORS SERVICE INC AND DOUBLEAMINUS BY STANDARD & POOR'S CORP THE ISSUE WILL BE SOLD THROUGH UNDEWRITERS LED BY CS FIRST BOSTON INC HOECHST CELANESE IS A UNIT OF HOECHST AG BETHLEHEM STEEL CORP 15 MILLION COMMON SHARES PRICED AT 21375 EACH THROUGH UNDERWRITERS LED BY SALOMON BROTHERS INC NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY 1056 MILLION OF 1994 SERIES I AND SERIES J HOMEBUYER REVENUE BONDS PRICED BY A SMITH BARNEY SHEARSON INC GROUP THE 4165 MILLION SERIES I BONDS ARE PRICED TO YIELD FROM 355 IN 1996 TO 56 IN 2017 THE 6395 MILLION SERIES J BONDS SUBJECT TO THE FEDERAL ALTERNATIVEMINIMUM TAX ARE PRICED TO YIELD 52 IN 2018 AND 62 IN 2025 BOTH SERIES OF BONDS ARE INSURED BY THE MUNICIPAL BOND INVESTORS ASSURANCE CORP AND CARRY TRIPLEA RATINGS FROM MOODY'S AND S&P FEDERAL NATIONAL MORTGAGE ASSOCIATION 300 MILLION OF REALESTATE MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY CHEMICAL SECURITIES INC THE OFFERING SERIES 199460 IS BACKED BY THE AGENCY'S 30YEAR 7 MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 765 AND WEIGHTED AVERAGE MATURITY OF 357 MONTHS CIE FINANCIERE DES NOUVELLES GALLERIES FRANCE ONE BILLION FRENCH FRANCS OF 6875 EUROBONDS DUE APRIL 6 2004 AT ISSUE PRICE 100555 VIA CREDIT COMMERCIAL DE FRANCE REOFFERED AT 9898 TO YIELD 702 A MARGIN OF 78 BASIS POINTS OVER COMPARABLE FRENCH TREASURY FEES TWO FURUKAWA ELECTRIC CO JAPAN 10 BILLION YEN OF FLOATINGRATE EURONOTES DUE MARCH 24 1998 AT ISSUE PRICE 10015 VIA DAIWA EUROPE LTD REOFFERED AT 10005 PAYABLE QUARTERLY AT 025 POINT ABOVE THREEMONTH LONDON INTERBANK OFFERED RATE FOR YEN FEES 025 FURUKAWA ELECTRIC CO JAPAN 10 BILLION YEN OF FLOATINGRATE EURONOTES DUE JUNE 24 1998 AT ISSUE AND REOFFER PRICE 10015 VIA DKB INTERNATIONAL PLC PAYABLE QUARTERLY AT 025 POINT ABOVE THREEMONTH YEN LIBOR FEES 025 PSA PEUGEOT CITROEN SA FRANCE 396 BILLION FRENCH FRANCS OF 2 CONVERTIBLE BONDS DUE JAN 1 2001 AT NOMINAL PRICE 990 FRANCS VIA SOCIETE GENERALE BONDS CONVERTIBLE FROM MARCH 18 TO MATURITY AT 10 PREMIUM OVER MONDAY OPENING SHARE PRICE OF 900 FRANCS BONDS REDEEMABLE AT 1224 FRANCS TO YIELD 5 AT MATURITY BONDS CALLABLE FROM JAN 1 2000 TO DEC 1 2000 AT 1224 FRANCS IF SHARE PRICE EXCEEDS REDEMPTION PRICE FEES 255 SKOPBANK FINLAND 75 MILLION OF FLOATINGRATE EURONOTES DUE APRIL 1999 AT ISSUE AND REOFFER PRICE PAR VIA CS FIRST BOSTON INC PAYABLE SEMIANNUALLY FLAT AT SIXMONTH DOLLAR LIBOR FEES 025 9403080068 940308 TEEN FUND MANAGER SHOWS THE BIG BOYS INVESTING IS KID STUFF MATT SETO 16 MAKES A PROFIT AND KEEPS HIS DAD HAPPY PLAYING BY HOUSE RULES BY STEVEN E LEVINGSTON STAFF REPORTER OF THE WALL STREET JOURNAL TROY MICH MATT SETO IS PUTTING SOME OF WALL STREET'S SAVVIEST PLAYERS TO SHAME SINCE HIS MATT SETO FUND WAS LAUNCHED IN APRIL IT HAS SOARED 38 I DON'T WANT TO SOUND TOO COCKY HE SAYS BUT I CAN PREDICT THE RANGE OF A STOCK PRICE DURING A SIXMONTH PERIOD NOT BAD FOR A 16YEAROLD WHILE MATT LOOKS AS IF HE SHOULD BE HANGING OUT AT THE MALL RATHER THAN MANAGING HIS OWN MUTUAL FUND THE HIGHSCHOOL SOPHOMORE HAS ALL THE TRAPPINGS OF A BIGTIME MONEY MANAGER HIS OFFICE IS LITTERED WITH LISTS OF TOPPERFORMING STOCKS AND INVESTMENT TOMES BUSINESS CARDS SIT IN A DISPENSER ON HIS DESK THERE ALSO ARE STUFFED ANIMALS A BATMAN DOLL AND A COLLECTION OF SQUIRT GUNS MATT'S OFFICE DOUBLES AS HIS BEDROOM IN HIS PARENT'S MODEST HOUSE IN A SUBDIVISION HERE TO BE SURE MATT'S PORTFOLIO ISN'T VERY BIG BY WALL STREET STANDARDS HIS FUND HAS ABOUT 30000 IN ASSETS A FAR CRY FROM THE 34 BILLION IN FIDELITY INVESTMENTS' MAGELLAN FUND THE TEENAGER ALSO ADVISES CLIENTS ACTUALLY FRIENDS AND RELATIVES ON INVESTMENTS TOTALING ANOTHER 100000 SAYS HARRY YEE A COUSIN WHO SANK 500 INTO THE FUND I FIGURE IF HE LOSES MY MONEY HE CAN CUT MY GRASS FOR THE REST OF HIS LIFE SO FAR MATT CAN KEEP THE MOWER IN THE SHED BUT HIS SUCCESS HASN'T COME WITHOUT STRUGGLE HIS BIGGEST BATTLES INVOLVE HIS FATHER CHICK MICHAEL SETO A 1950S REFUGEE FROM CHINA CONFUCIUS TEACHES US THAT MONEY IS NOT IMPORTANT IDEAS AND PHILOSOPHY ARE IMPORTANT SAYS THE ELDER MR SETO WHO RUNS A ONEMAN STRUCTURAL ENGINEERING FIRM WE TRIED TO BRAINWASH MATT AGAINST THE STOCK MARKET BUT IT'S NO USE TO TAME HIS SON'S MONEYCRAZED AMBITIONS MR SETO HAS LAID DOWN SOME RULES NO FINANCIAL SOFTWARE FOR MATT'S COMPUTER NO OPTIONS TRADING NO HANDHELD STOCKQUOTE DEVICES AND NO DISTRIBUTION OF BUSINESS CARDS CABLE TELEVISION ALSO IS FORBIDDEN BECAUSE MR SETO FEARS ITS ARRAY OF PROGRAMMING WILL DISTRACT MATT FROM HIS SCHOOLWORK DESPITE HIS FATHER'S RESTRICTIONS THE YOUNG INVESTMENT MAVEN FINDS WAYS TO GET ESSENTIAL INFORMATION HE SPENDS HOURS AT THE LIBRARY PORING OVER STANDARD & POOR'S CORP STOCK REPORTS OR HE HEADS OFF TO THE CHARLES SCHWAB & CO OFFICES HERE AFTER SCHOOL TO USE ONE OF THE DISCOUNTBROKERAGE FIRM'S PUBLIC COMPUTERS HIS RESEARCH HAS PAID OFF HIS TOP STOCK PICK ELECTRONICS RETAILER BEST BUY CO HAS CLIMBED 52 FOR A CURRENT PROFIT OF 3100 SINCE MATT BOUGHT 150 SHARES IN SEPTEMBER HIS REASON FOR OWNING THE COMPANY ITS STRONG EARNINGS COMPETITIVE MARKET POSITION AND STOCKPRICE MOMENTUM SOMETHING ELSE PLAYED INTO HIS ANALYSIS THOUGH IT'S THE APPLIANCE STORE FOR TEENAGERS MATT EXPLAINS THE SALESMEN ALLOW YOU TO TEST OUT THEIR STUFF AND PLAY AROUND WITH IT BUT NOT ALL OF HIS PICKS ARE GOLDEN LIKE MANY OLDER AND WISER INVESTORS MATT GOT BURNED BY INTERNATIONAL BUSINESS MACHINES CORP HE BOUGHT BIG BLUE AT 52 A SHARE BUT AFTER A BRIEF CLIMB IT PLUNGED TO 40 MATT FINALLY BAILED OUT AT 4350 LOSING 850 NOW HE KICKS HIMSELF BECAUSE SHORTLY AFTER HE SOLD IBM SHOT UP TO 58 I KNEW WHAT THE STOCK WAS SUPPOSED TO DO AND IT DID IT HE SAYS I JUST DIDN'T HOLD ON LONG ENOUGH BUT SUCH SETBACKS LEAVE HIM UNDAUNTED MATT ASPIRES TO THE RANKS OF HIS HEROES WARREN BUFFETT ONE OF THE RICHEST PEOPLE IN AMERICA AND PETER LYNCH THE RENOWNED STOCK PICKER HIS FAVORITE TV SHOW IS WALL STREET WEEK THE TEENAGER RECOGNIZED HIS CALLING EARLY IN LIFE IN FOURTH GRADE HE ANNOUNCED HIS INTENTION TO WORK ON WALL STREET BY THE FIFTH GRADE FRIENDS SIGNING HIS YEARBOOK WERE URGING HIM ON TO FABULOUS WEALTH ALL EXCEPT A GIRL NAMED JENI WHO WROTE YOU'RE A SCUZ WHAT HE IS IS COMPETITIVE A CHARACTERISTIC THAT LANDED HIM A SPOT ON THE TENNIS SQUAD AT TROY ATHENS HIGH SCHOOL THE TEAM HOWEVER ISN'T EXACTLY DAVIS CUP MATERIAL WHICH CAUSED MATT MUCH FRUSTRATION LAST YEAR EVERYONE HAD A LOSING ATTITUDE HE SAYS I DON'T LIKE TO BE AROUND THAT FROM AGE NINE MATT HOUNDED HIS FATHER TO LET HIM TRADE STOCKS BUT HE HAD TO WAIT UNTIL HE WAS 14 BEFORE THE ELDER MR SETO ALLOWED HIM TO MAKE HIS FIRST INVESTMENT MATT BOUGHT SHARES IN CYBERTEK CORP A DALLAS INSURANCESOFTWARE CONCERN WITH 700 SAVED FROM CHINESE NEW YEAR GIFTS FROM HIS GRANDPARENTS IN THREE MONTHS HE NETTED AN 800 PROFIT MATT'S EASY TRIUMPH DISMAYED THE ELDER MR SETO MY WIFE AND I WERE VERY NERVOUS BECAUSE HE WAS SUCCESSFUL IN HIS FIRST TRY MR SETO SAYS THERE'S A SAYING IN CHINESE PHILOSOPHY THAT A GAMBLER IS BORN WITH THE FIRST WINNINGS BUT AFTER MATT PROVED CAUTIOUS AND DILIGENT IN HIS RESEARCH THE ELDER MR SETO AGREED TO HIS SON'S PLAN FOR A MUTUAL FUND MATT STUDIED THE LITERATURE OF OTHER FUNDS THEN DREW UP HIS OWN PROSPECTUS OUTLINING THE RISKS AND POTENTIAL GAINS HE PUMPED IN HIS SAVINGS OF 1200 AND PERSUADED NINE FRIENDS AND FAMILY MEMBERS TO JOIN HIM HE HAS SENT LETTERS TO THE HEADS OF FORD MOTOR CO AND IBM SOLICITING INVESTMENTS IN HIS MUTUAL FUND AND HE ALSO UNSUCCESSFULLY PITCHED FIDELITY INVESTMENTS CHAIRMAN EDWARD C JOHNSON 3RD ON THE IDEA OF FOLDING THE MATT SETO FUND INTO FIDELITY'S MUTUALFUND FAMILY HIS LETTERS INCLUDE ONE CAVEAT NO PHONE CALLS BEFORE 3 PM ON SCHOOL DAYS AN ADOLESCENT FUND MANAGER FACES FUNDAMENTAL OBSTACLES SINCE MATT IS TOO YOUNG TO TRADE HIS FATHER HAS TO AUTHORIZE ALL BUY AND SELL ORDERS ONCE MATT BECAME OVERZEALOUS AND IMPERSONATED HIS FATHER OVER THE PHONE BROKERS AT SCHWAB QUICKLY CAUGHT ON AND THREATENED TO SUSPEND HIS ACCOUNT BUT ANITA BURGESS BRANCH MANAGER NOW SAYS SHE IS DELIGHTED TO HAVE MATT AS A CUSTOMER HE IS DEFINITELY ONE OF OUR MOST FREQUENT VISITORS OF HIS AGE SHE SAYS BESIDES RUNNING THE FUND MATT GIVES FREE INVESTMENT ADVICE TO SEVERAL CLIENTS IF HE TOOK A FEE MATT WOULD HAVE TO REGISTER WITH THE SECURITIES AND EXCHANGE COMMISSION AS AN INVESTMENT ADVISER HIS FUND ISN'T REGISTERED WITH THE SEC BECAUSE IT HAS NEVER HAD A PUBLIC OFFERING AND HAS FEWER THAN 100 INVESTORS ONE OF MATT'S LATEST SUCCESSES IS THE ELDER MR SETO WHO HAS AGREED TO PLACE HIS 80000 RETIREMENT NEST EGG IN MATT'S CARE MR SETO WHO ADMITS IGNORANCE IN FINANCIAL MATTERS SAYS HE TRUSTS MATT'S JUDGMENT EVEN IF HIS SON STUMBLES OCCASIONALLY MR SETO IS CONFIDENT HE WON'T END HIS DAYS IN THE POORHOUSE I THINK MATT HAS A CERTAIN TOUCH IN THE STOCK MARKET OTHERS AREN'T SO SURE AT THE SCHWAB OFFICE MATT CHATS UP A POTENTIAL CLIENT JULES TABAK THEY STARE AT THE TICKER TAPE AND DEBATE THE FUTURE OF THE STOCK MARKET BUT MATT'S PITCH FAILS MR TABAK DECLINES AN OFFER TO INVEST IN MATT'S FUND LET ME GIVE YOU A LITTLE BUSINESS ADVICE THE 67YEAROLD HOME REMODELER TELLS MATT GROW A BEARD 9403080067 940308 LETTERS TO THE EDITOR FINIAN'S RAINBOW' A SPOT OF GOLD MARK SWED'S REVIEW OF KURT WEILL'S STREET SCENE AND SEVEN DEADLY SINS WEILL CELEBRATED ON STAGE DISK AND VIDEO LEISURE & ARTS FEB 15 WAS A THOUGHTFUL AND WELCOME APPRAISAL OF ONE OF THE GREATEST THEATER COMPOSERS OF THE CENTURY UNFORTUNATELY HE THREW IN A MEAN SWIPE AT FINIAN'S RAINBOW ANOTHER MASTERWORK OF THE PERIOD DISMISSING IT AS SENTIMENTAL BANAL AND UNCOMPLICATED CAREFUL OBSERVERS OF AMERICAN MUSICAL THEATER ARE AWARE OF THE MANY TRASHY SONGS CLUTTERING THE FIELD AND APPRECIATIVE OF THE PLEASURES AVAILABLE FROM ARTFUL COMBINATIONS OF MUSIC AND LYRICS WHEN THEY APPEAR THE MUSIC OF BURTON LANE AND THE WORDS OF EY HARBURG FOR FINIAN'S RAINBOW ARE AMONG THE BEST IN THE FORM FAR FROM UNCOMPLICATED HARBURG'S STORY DEALT WITH THE AMERICAN SOUTH IN 1947 AND THE POSSIBILITY OF SHARECROPPERS OF BOTH RACES OWNING THE LAND THEY WORKED TOGETHER A SUBPLOT INVOLVED A BIGOTED SENATOR MAGICALLY TRANSFORMED INTO THE RACE HE PERSECUTED AS ALWAYS HARBURG DELIVERED HIS MESSAGE WITH OPTIMISM AND HUMOR ART IS NOT AN OLYMPIC GAME WITH WINNERS AND LOSERS A GOLD FOR WEILL IS ENTIRELY COMPATIBLE WITH A GOLD FOR HARBURG AND LANE 9403080066 940308 LETTERS TO THE EDITOR POLLARD HAS BEEN PUNISHED ENOUGH IT IS PLAIN THAT COLUMNIST AL HUNT AND THE ANTIPOLLARD FACTION WITHIN THE CLINTON ADMINISTRATION FOR WHOM HE IS GIVING VOICE DO NOT LIKE JONATHAN POLLARD PRESIDENT CLINTON DON'T FREE THE TRAITOR POLLARD POLITICS & PEOPLE FEB 24 BUT HIS RATIONALE FOR OPPOSING CLEMENCY IS MOSTLY MISINFORMATION AND IGNORANCE AND HIS CONCLUSION IMPLICITLY CONCEDES THE SHALLOWNESS OF HIS CONVICTIONS AS MR POLLARD'S ATTORNEY I OFFER THESE COUNTERBALANCING FACTS FIRST THE MATTER OF MOTIVES AND MONEY MR HUNT'S CAREFULLY CHOSEN LITANY OF PHRASES SUCH AS BIG BUCKS WELLPAID AND WELLHEELED PRODUCES A PROFOUNDLY FALSE IMPRESSION AS MR HUNT KNOWS MR POLLARD SOUGHT OUT THE ISRAELIS AND VOLUNTEERED TO GIVE NOT SELL INFORMATION TO ISRAEL ABOUT NUCLEAR CHEMICAL AND BIOLOGICAL WEAPONS UNDER CONSTRUCTION BY IRAQ AND OTHERS FOR USE AGAINST ISRAEL SIX MONTHS DOWN THE LINE POLLARD WAS PERSUADED TO ACCEPT RATHER PALTRY SUMS POCKET CHANGE COMPARED WITH WHAT WASHINGTON JOURNALISTS ROUTINELY RECEIVE FOR WEEKEND TELEVISION APPEARANCES INTELLIGENCE SERVICES KNOW THAT IT IS IMPOSSIBLE TO CONTROL IDEALISTS AND IT IS STANDARD PROCEDURE TO CORRUPT THEM WITH MONEY MR POLLARD WAS WRONG TO ACQUIESCE BUT EVERYONE WHO HAS STUDIED THE RECORD OBJECTIVELY KNOWS THAT HE ACTED AS HE DID BECAUSE HE COULD NOT STAND THE IMPLICATIONS OF SILENCE IN THE FACE OF ANOTHER HOLOCAUST NOT FOR MONEY SECOND MR HUNT REPEATEDLY USES THE TERM TRAITOR THAT WORD DESCRIBES ONE WHO COMMITS TREASON THE ONLY CRIME CONSIDERED SO EGREGIOUS THAT IT IS MENTIONED IN OUR CONSTITUTION IT IS DEFINED BY LAW AS COMMITTING WAR AGAINST THE US OR AIDING ITS ENEMIES IT IS PUNISHABLE BY DEATH MR POLLARD DID NOT COMMIT NOR WAS HE CHARGED WITH TREASON EVEN THE GOVERNMENT HAS ADMITTED THAT ITS USE OF THE WORDS TREASON AND TRAITOR TO DESCRIBE MR POLLARD WAS WRONG AND REGRETTABLE THE COURT THAT REVIEWED MR POLLARD'S CASE WHOSE OPINION MR HUNT QUOTES SAID THAT THE TRAITOR LABEL COULD JUSTIFIABLY BE CALLED RANK HYPERBOLE THIRD MR HUNT'S COMPARISON OF MR POLLARD TO THE ALDRICH AMES CASE IS APPALLING MR AMES ALLEGEDLY AIDED THE SOVIETS WHEN THEY WERE IMPLACABLE ENEMIES OF THE US MR POLLARD HELPED ONE OF OUR CLOSEST ALLIES MR AMES IS SAID TO HAVE BETRAYED AMERICAN AGENTS MR POLLARD TOLD ISRAEL ABOUT INSTRUMENTS OF MASS DESTRUCTION BEING TARGETED AGAINST JEWS MR AMES PURPORTEDLY TOOK MILLIONS OF DOLLARS AND WAS MOTIVATED BY GREED MR POLLARD GAVE DEFENSIVE INFORMATION TO SAVE A PEOPLE THAT HAD BEEN NEARLY EXTERMINATED 50 YEARS AGO WHAT CAN MR HUNT BE THINKING FOURTH MR HUNT HAS MISCHARACTERIZED THE COURT DECISION REGARDING THE GOVERNMENT'S VIOLATION OF THE POLLARD PLEA BARGAIN MR POLLARD'S APPEAL WAS REJECTED AS UNTIMELY NOT BECAUSE IT WAS LACKING IN MERIT ALL THREE JUDGES WHO CONSIDERED THE APPEAL EXPRESSED CONSIDERABLE SKEPTICISM CONCERNING THE GOVERNMENT'S CONDUCT ONE OF THE THREE WENT SO FAR AS TO CALL MR POLLARD'S TREATMENT A FUNDAMENTAL MISCARRIAGE OF JUSTICE THE FACT IS THAT THE GOVERNMENT BLATANTLY BETRAYED MR POLLARD AND ITS WRITTEN CONTRACT WITH HIM IT MADE THREE PROMISES AND BROKE THEM ALL IT AGREED TO REPRESENT TO THE SENTENCING JUDGE THAT MR POLLARD'S COOPERATION HAD BEEN OF CONSIDERABLE VALUE TO ENFORCEMENT OF THE ESPIONAGE LAWS BUT DID PRECISELY THE OPPOSITE DENIGRATING THE VALUE AND MOTIVATION FOR THAT COOPERATION LISTING IT AMONG FACTORS COMPELLING A SUBSTANTIAL SENTENCE IT PROMISED TO LIMIT ITS SENTENCING ARGUMENTATION TO THE FACTS AND CIRCUMSTANCES OF MR POLLARD'S OFFENSE BUT INSTEAD HEAPED SAVAGE VITUPERATION ON HIS MOTIVES CHARACTER AND ARROGANCE FINALLY IT AGREED NOT TO SEEK A SENTENCE OF LIFE IN PRISON BUT OBTAINED EXACTLY SUCH A SENTENCE BY AMONG OTHER THINGS DEMANDING A SENTENCE COMMENSURATE WITH THE CRIME OF TREASON FIFTH MR HUNT REJECTS AS BOGUS AND IRRELEVANT THE ASSERTION THAT MR POLLARD'S SENTENCE WAS EXCESSIVE HE COULD NOT BE MORE WRONG MR POLLARD HAS SERVED MORE THAN EIGHT YEARS MOSTLY IN SOLITARY CONFINEMENT IN THE NATION'S HARSHEST PRISON NO ONE WHO GAVE DEFENSIVE INFORMATION TO AN ALLY HAS EVER BEEN PUNISHED SO SEVERELY THE GOVERNMENT DID NOT EVEN CHARGE HIM WITH HARMING OR HAVING REASON TO KNOW THAT HIS ACTIONS WOULD HARM THE US ONCE AGAIN MR HUNT HAS OUTPACED MR POLLARD'S PROSECUTORS BY PRESSING TO MAINTAIN A LEVEL OF PUNISHMENT THAT THE PROSECUTORS PROMISED NOT TO SEEK SIXTH IT IS CURIOUS THAT MR HUNT THINKS THAT THE INFORMATION MR POLLARD GAVE AWAY WAS SO SENSITIVE THAT OFFICIALS STILL INSIST THEY CAN'T PROVIDE SPECIFICS WHAT OFFICIALS THE OFFICE OF NAVAL INTELLIGENCE HAS SAID THAT MUCH OF MR POLLARD'S INFORMATION WAS DECLASSIFIED DURING THE GULF WAR MR POLLARD'S CHIEF PROSECUTOR HAS URGED PUBLICLY THAT IT ALL BE DECLASSIFIED FINALLY AFTER ALL OF MR HUNT'S RHETORIC HIS MAIN GRIEVANCE SEEMS TO BE THAT ISRAEL HAS FAILED TO COME CLEAN AND ACKNOWLEDGE WHAT A DESPICABLE ACT POLLARD PERFORMED IF IT DID SO HE CONCEDES THEN CLEMENCY WOULD BE IN ORDER THIS IS AN AMAZING CONCLUSION BECAUSE MR POLLARD HIMSELF HAS ADMITTED THAT WHAT HE DID WAS WRONG AND HAS EXPRESSED GREAT REMORSE FOR HIS ACTIONS AND TWO SUCCESSIVE ISRAELI PRIME MINISTERS HAVE PUT IN WRITING FORMAL REQUESTS FOR MERCY NOT FORGIVENESS FOR THE POLLARD AFFAIR THE SIGNIFICANCE OF THESE EXTRAORDINARY OFFICIAL REQUESTS CANNOT HAVE BEEN LOST ON PRESIDENT CLINTON WHO INCIDENTALLY MAY NOT BE ANXIOUS TO ACKNOWLEDGE PUBLICLY THAT THE US HAS SPIED ON ISRAEL WHAT MORE DOES MR HUNT WANT SOME SORT OF CHINESE COMMUNISTSTYLE PUBLIC ACT OF SELFABASEMENT THERE IS MORE BUT TOO LITTLE SPACE TO SAY IT ALL DEFENSE SECRETARYNOMINEE BOBBY INMAN HAS ADMITTED PUBLICLY THAT HE CUT OFF ISRAEL FROM PROMISED DEFENSIVE INFORMATION AS RETALIATION FOR ISRAEL'S DESTRUCTION OF IRAQ'S NUCLEAR REACTORS MAYBE MR HUNT CAN TELL US HOW MANY AMERICAN SOLDIERS WOULD HAVE DIED IN THE PERSIAN GULF HAD ISRAEL NOT TAKEN THAT ACTION MR POLLARD STEPPED INTO THE BREACH AND OPENED THE SPIGOT THAT MR INMAN HAD CLOSED HE HAD NO RIGHT TO DO SO BUT VOICES AS DIVERSE AS CARDINAL LAW NOBEL LAUREATE ELIE WIESEL BENJAMIN HOOKS FATHER DRINAN SEN CAROL MOSELYBRAUN PAT ROBERTSON DOZENS OF MEMBERS OF CONGRESS THE CITY COUNCILS OF NEW YORK LOS ANGELES AND CHICAGO AND TWO ISRAELI PRIME MINISTERS HAVE PLEADED FOR AN END TO HIS PUNISHMENT APPARENTLY MANY OFFICIALS AT STATE JUSTICE AND THE WHITE HOUSE NOW AGREE THE FUNDAMENTAL ISSUE IS WHEN WE CAN STOP PUNISHING A MAN WHO BROKE THE LAW TO EXPOSE A MASSIVE MALIGNANT AND MALICIOUS ARMS BUILDUP SO THAT A BELEAGUERED PEOPLE COULD DEFEND THEMSELVES FROM WEAPONS OF TERROR AND MASS DESTRUCTION IT MIGHT TAKE SOME COURAGE FROM PRESIDENT CLINTON TO DO THE RIGHT THING BUT MR POLLARD HAS BEEN PUNISHED ENOUGH 9403080065 940308 BUSINESS WORLD SHE CHANGED CUSTOMS AT A TRADE BODY BY TIM W FERGUSON YESTERDAY ENDED ANOTHER OF WASHINGTON'S WEE POLITICAL ERAS AT AN AGENCY LITTLE KNOWN OUTSIDE THE BELTWAY THE INTERNATIONAL TRADE COMMISSION AN INTELLECTUAL FORCE FOR FREE MARKETS SAID HER GOODBYE TO GOVERNMENT ANNE BRUNSDALE'S EIGHT YEARS AT THE ITC BROUGHT MODERN ECONOMICS TO A POLICYSHAPING BACKWATER THE FRUSTRATIONS WERE AS MANY AS THE VICTORIES HOWEVER AND THE FUTURE FOR FREE TRADE IS ANYTHING BUT CLEAR THE ITC THE BODY THAT RULES ON DOMESTIC INDUSTRY'S COMPLAINTS OF UNFAIR FOREIGN COMPETITION IS MOLDED BY PROTECTIONIST SENTIMENT IN CONGRESS AND THE MUDDLED MESSAGES SENT BY SUCCESSIVE PRESIDENTS RONALD REAGAN APPOINTED MS BRUNSDALE AFTER SHE'D SPENT 18 YEARS AT THE AMERICAN ENTERPRISE INSTITUTE THE LAST NINE EDITING REGULATION MAGAZINE A FORUM FOR MANY OF THE MARKETBASED IDEAS THAT SHE AND OTHERS WOULD BRING TO OFFICE IN THE 1980S FOR 3 1/2 YEARS MOSTLY UNDER PRESIDENT BUSH SHE CHAIRED THE ITC WHILE THERE SHE HAD SOME ALLIES FEISTY SUSAN LIEBELER PRECEDED HER AS CHAIRWOMAN AND WAS AN EVEN STRONGER VOTE FOR FREE TRADE YET REPUBLICAN WHITE HOUSES NOMINATED OTHER COMMISSIONERS OF A DIFFERENT BENT MR REAGAN'S FIRST SELECTIONS WERE ALFRED ECKES THEN A CONGRESSIONAL STAFFER AND NOW AN OHIO PROFESSOR WHO DEFENDS SMOOT AND HAWLEY OF TARIFF INFAMY AND EUGENE FRANK OF PITTSBURGH A BOOSTER OF THE US STEEL INDUSTRY MR REAGAN HAD A RECORD OF BOWING TO BIG STEEL AS JAMES BOVARD'S BOOK THE FAIR TRADE FRAUD DESCRIBES AN ARTICLE BY MR BOVARD APPEARS ON THE EDITORIAL PAGE TODAY HIS CURBS LASTED THROUGH MOST OF MR BUSH'S REIGN BUT THEN CAME MS BRUNSDALE'S CROWNING MOMENT AFTER THE LIDS EXPIRED OLDLINE MANUFACTURERS ASKED THE COMMISSION IN A HIGHPROFILE CASE TO FIND THAT IMPORTS HAD ILLEGALLY HARMED THEM A PANEL MAJORITY LAST JULY LARGELY REFUSED USING ECONOMIC PRINCIPLES MS BRUNSDALE & CO HAD BROUGHT TO THE ITC FURIOUS STEEL TITANS ASKED PRESIDENT CLINTON TO HASTEN HER EXIT A GREAT HONOR SHE SAYS BUT SHE ULTIMATELY LEFT ON HER OWN AT AGE 70 WITH A SUCCESSOR STILL NOT CONFIRMED WHAT MS BRUNSDALE'S SIDE BROUGHT TO THE ITC WAS A MORE SOPHISTICATED APPROACH TO MARKETS FOR EXAMPLE THEY RECOGNIZED THAT COMMODITIES ARE NO LONGER INTERCHANGEABLE IN STEEL'S CASE US BUYERS DEMANDED PARTICULAR FORMULAS OR PROCESSES THAT DOMESTIC MAKERS COULDN'T PROVIDE SO EVEN UNDER LAWS DRAWN TO FAVOR THE HOME INDUSTRY STEEL FIRMS' CLAIMS COULD BE DENIED THIS METHODOLOGY CONTRASTS WITH THE SOCALLED TRENDS APPROACH WHICH SURMISES THAT THERE'S SOMETHING WRONG IF DOMESTIC MANUFACTURERS ARE IN LONGTERM DECLINE WHILE IMPORTS ARE GROWING AND PRICES FALLING THAT VIEW EMPLOYS A POST HOC FALLACY MS BRUNSDALE SAYS AND IS LIKE PLAYING GOLF WITH A TENNIS RACKET SHE SIMILARLY REJECTED COMPLAINTS AIMED AT IMPORTS RANGING FROM MINIVANS AND MACHINE TOOLS TO PORK AND FLOWERS THE BRUNSDALE POSITION DIDN'T ALWAYS PREVAIL SHE DISSENTED IN THE CASE OF FLAT SCREENS FOR LAPTOP COMPUTERS AND THEN WAS PROVED RIGHT WHEN LAPTOP MAKERS IN THE US MOVED OVERSEAS TO AVOID A 62 DUTY SLAPPED ON THE CRITICAL JAPANESE COMPONENT GLOBALIZATION OF PRODUCTION AND MARKETS HAS MADE IT MORE DIFFICULT TO SHIELD US FIRMS AGAINST PREDATORY ACTS WITHOUT HURTING OTHER US PRODUCERS LET ALONE CONSUMERS NEVERTHELESS BIG STEEL KEEPS THE PROTECTIONIST INGOT HOT MS BRUNSDALE NOTES IT GOT THE CLINTON ADMINISTRATION TO INCLUDE IN THE JUSTNEGOTIATED GATT TREATY A REVISION IN THE WAY FOREIGNERS' MARKET SHARE IS MEASURED THIS EFFECTIVELY LOWERS THE THRESHOLD BELOW WHICH IMPORTS ARE CONSIDERED NEGLIGIBLE AND CAN ESCAPE TRADE SANCTIONS THIS CHANGE WOULD HAVE REDUCED THE NEGATIVES' REJECTIONS OF DAMAGES IN THE STEEL CASE A LOT SHE SAYS AGGREGATED OVER MUCH TIME AND MANY INDUSTRIES SUCH NEGATIVE VOTES SHOW THAT NOTWITHSTANDING MS BRUNSDALE ET AL THE ITC HAS BEEN MORE PROTECTIONIST IN RECENT YEARS THAN IT WAS BEFORE THE MID1970S THE REASON IS STRONGER ANTIIMPORT SENTIMENT IN THE DEMOCRATIC PARTY TRANSMITTED VIA CONGRESS AS PAST ITC CHIEF ECONOMIST JOHN SUOMELA EXPLAINS IN A NEW BOOK FREE TRADE VS FAIR TRADE THE COMMISSION'S STRUCTURE INVITES CONGRESSIONAL SWAY ONLY HALF OF ITS SIX MEMBERS MAY BE FROM ONE PARTY SO NO EASY MAJORITY CAN BE CREATED WHEN PRESIDENTS HAVE LEANED TO NOMINEES FAVORING FREE TRADE CONGRESS HAS STALLED UNTIL IT COULD BALANCE THEM WITH OTHER APPOINTMENTS THIS DOESN'T BODE WELL FOR OPEN COMMERCE ESPECIALLY GIVEN REPUBLICAN AMBIVALENCE ON THE ISSUE REMEMBER IT WAS MR REAGAN WHO INTRODUCED VOLUNTARY RESTRAINTS ON JAPANESE AUTOS THE MOST SWEEPING PROTECTION OF RECENT MEMORY AS WELL AS SEMICONDUCTOR STRICTURES ON TOKYO BECAUSE THE ITC IS ADJUDICATORY CONGRESS ESCHEWS ITS TYPICAL BROWBEATING FOR MORE SUBTLE PERSUASION THROUGH TWO OVERSIGHT COMMITTEES SENATE FINANCE AND HOUSE WAYS & MEANS THE CURRENT PROTECTIONIST ITC CHAIRMAN DON NEWQUIST OWES HIS POST TO LLOYD BENTSEN WHO FORMERLY CHAIRED THE FINANCE PANEL AND NOW ENJOYS A FREETRADER IMAGE AT TREASURY MEMBERS OF CONGRESS ARE TIGHT WITH CONSTITUENT INDUSTRIES AND IT WAS EASY ON OCCASION TO STEP INTO A POLITICAL PROBLEM WITHOUT KNOWING IT REMEMBERS RON CASS WHO WAS MS BRUNSDALE'S VICE CHAIRMAN AT THE ITC ON THE COMMISSION ITSELF RELATIONS HAVE BEEN TENSE WITH THE LIEBELERBRUNSDALE FACTION ATTACKED BY COMMISSIONER ECKES FOR SUBSTITUTING ACADEMIC FICTIONS FOR THE FACTUAL RECORD AND TRYING TO REWRITE TRADE LAW TO SUIT THEIR ENDS IN THE STAGGERED TURNOVER OF MEMBERS THE FREETRADERS APPEAR TO HAVE LOST THE UPPER HAND OF THE SITTING FIVE ONLY CAROL CRAWFORD A FORMER AIDE OF REAGAN DEREGULATOR JIM MILLER IS SOLIDLY ANTIPROTECTIONIST YET AS MS LIEBELER OBSERVES LAWYERS APPEARING BEFORE THE PANEL NOW ROUTINELY COUCH ARGUMENTS IN TERMS OF THE ECONOMICS THAT THE REAGAN GROUP BROUGHT TO THE ITC MS BRUNSDALE TOO THINKS THE FREETRADE LIGHT IS STILL BURNING IF FLICKERING SHE REGARDS THE ITC AS WORTHWHILE FOR ITS ABILITY INDEED ITS STATUTORY DUTY TO PRODUCE AUTHORITATIVE STUDIES BY ITS 120 INDUSTRY SPECIALISTS WHO THANKS TO HER WORK MORE CLOSELY WITH ECONOMISTS CARLA HILLS WHOM SHE PRAISES HIGHLY REQUESTED A MAJOR ANALYSIS OF ANTIDUMPING LAWS WHILE TRADE REPRESENTATIVE FOR PRESIDENT BUSH AFTER SOME TUSSLING AT THE ITC THE REQUEST IS GOING FORWARD THE QUESTION SAYS MS BRUNSDALE IS WHETHER COMMISSIONERS WHO DON'T RESPECT ECONOMICS OR DON'T KNOW HOW TO USE IT WILL MUCK UP THIS AND OTHER WORK FOR ALL THE ITC REFORMS NEW IDEAS DO NOT TAKE EASILY AT A BODY CREATED IN 1916 AS THE TARIFF COMMISSION PARTICULARLY WITH A REACTIONARY CONGRESS SO CLOSE THAT IS WHAT MS BRUNSDALE HAS IN MIND WITH THESE WORDS FOR HER SUCCESSOR LISTEN CAREFULLY TO THE GENERAL COUNSEL WHENEVER SHE SAYS THINGS HAVE ALWAYS BEEN DONE THIS WAY THEN DO THE OPPOSITE 9403080064 940308 CLINTON SAYS HE WAS TOLD IN ADVANCE RTC WANTED CRIMINAL PROBE OF MADISON BY MICHAEL K FRISBY AND BRUCE INGERSOLL STAFF REPORTERS OF THE WALL STREET JOURNAL WASHINGTON RAISING NEW QUESTIONS ABOUT WHETHER THE WHITE HOUSE MAY HAVE MEDDLED IN AN INVESTIGATION OF MADISON GUARANTY SAVINGS & LOAN PRESIDENT CLINTON SAID HE WAS TOLD ABOUT A CRIMINAL REFERRAL IN THE CASE BEFORE THE ACTION WAS MADE PUBLIC MR CLINTON'S DISCLOSURE PROVIDES THE FIRST EVIDENCE THAT HE AS WELL AS HIS STAFF OBTAINED ADVANCE WARNING OF THE RESOLUTION TRUST CORP'S DECISION TO REQUEST A CRIMINAL INQUIRY INTO WHETHER FUNDS FROM MADISON GUARANTY MAY HAVE BEEN IMPROPERLY DIVERTED INTO HIS GUBERNATORIAL CAMPAIGNS OR INTO WHITEWATER DEVELOPMENT SPEAKING TO REPORTERS MR CLINTON SAID YESTERDAY THAT AT SOMETIME IN OCTOBER I BECAME AWARE THAT THE RTC WAS REFERRING QUESTIONS ABOUT MADISON FUNDS FOR FURTHER INVESTIGATION I DON'T REMEMBER WHEN I KNEW ABOUT IT OR WHO TOLD ME ABOUT IT MR CLINTON SAID BUT IT WAS JUST SORT OF PRESENTED AS A FACT A DECISION THAT HAD BEEN MADE BY THE GOVERNMENT AND I DIDN'T THINK MUCH ABOUT IT AT THE TIME THE PRESIDENT'S REMARKS COME ON THE HEELS OF OTHER DISCLOSURES LAST WEEK THAT TOP TREASURY DEPARTMENT AND RTC OFFICIALS MET THREE TIMES WITH WHITE HOUSE COUNSEL BERNARD NUSSBAUM AND OTHER WHITE HOUSE OFFICIALS TO DISCUSS THE MADISON CASE THE RTC IS AN INDEPENDENT REGULATORY AGENCY AND ITS INVESTIGATIONS ARE SUPPOSED TO PROCEED IN CONFIDENCE MR NUSSBAUM RESIGNED UNDER PRESSURE FROM HIS JOB LAST WEEKEND AFTER THE UNUSUAL MEETINGS WERE REPORTED BY THE MEDIA HE AND THE OTHER OFFICIALS WHO ATTENDED THE MEETINGS HAVE BEEN SUBPOENAED TO APPEAR ON THURSDAY BEFORE A GRAND JURY HERE INVESTIGATING THE WHITEWATER AFFAIR LAST NIGHT MR CLINTON APPEARED TO BE ON THE VERGE OF PICKING VETERAN WASHINGTON ATTORNEY LLOYD CUTLER 76 TO SUCCEED MR NUSSBAUM AS WHITE HOUSE COUNSEL MR CUTLER SERVED IN THE SAME CAPACITY FOR FORMER PRESIDENT CARTER AND WAS HAILED AS A STRONG CHOICE BY DEMOCRATS HE'S CALM COLLECTED AND EXPERIENCED SAID BERT LANCE ANOTHER CARTER AIDE HE WILL HAVE THE BEST INTEREST OF THE PRESIDENT AND THE PRESIDENCY AT HEART MR CUTLER COULDN'T BE REACHED FOR COMMENT LAST NIGHT MR CUTLER'S CHOICE WOULD BE THE SECOND TIME THAT MR CLINTON REACHED OUT TO THE WASHINGTON ESTABLISHMENT FOR HELP AT A TIME OF DISTRESS LAST SPRING HE PICKED MEDIA GURU DAVID GERGEN TO BRING ORDER INTO THE WHITE HOUSE THE PRESIDENT APPARENTLY WAS APPRISED OF THE RTC ACTION SOMETIME AFTER THE FIRST MEETING SEPT 29 WHEN TREASURY GENERAL COUNSEL JEAN HANSON TOLD MR NUSSBAUM THAT THE RTC WAS ASKING THE JUSTICE DEPARTMENT TO INVESTIGATE A SENIOR WHITE HOUSE OFFICIAL SAID THIS DISCUSSION OCCURRED AT THE END OF A MEETING ON A DIFFERENT TOPIC ALTHOUGH IT REMAINED UNCLEAR EXACTLY WHEN THE PRESIDENT WAS TOLD WHITE HOUSE OFFICIALS SAID YESTERDAY THAT MR NUSSBAUM INFORMED BRUCE LINDSEY AN AIDE TO THE PRESIDENT WHO WAS DEALING WITH MEDIA QUESTIONS RELATED TO THE INVESTIGATION OF MADISON AND THE CLINTONS' WHITEWATER REAL ESTATE PARTNERSHIP WITH MADISON'S OWNER JAMES MCDOUGAL THE WHITE HOUSE OFFICIAL SAID THAT NEITHER MR NUSSBAUM NOR MR LINDSEY TOLD THE PRESIDENT ABOUT THE REFERRAL THE REFERRAL WAS MADE ON OCT 8 BUT IT DIDN'T BECOME PUBLIC UNTIL THE END OF THE MONTH WHITE HOUSE AIDES ALSO SAID HILLARY RODHAM CLINTON WAS UNAWARE OF THE REFERRAL UNTIL IT BECAME PUBLIC AND THAT SHE DIDN'T KNOW ABOUT THE CONTACTS WITH TREASURY OFFICIALS UNTIL DEPUTY TREASURY SECRETARY ROGER ALTMAN TESTIFIED LAST WEEK MR CLINTON USED HIS SESSION WITH REPORTERS YESTERDAY TO DEFEND HIS WIFE I BELIEVE I'M A BETTER AUTHORITY THAN ANYBODY ELSE IN AMERICA ON MY WIFE HE SAID I HAVE NEVER KNOWN A PERSON WITH A STRONGER SENSE OF RIGHT AND WRONG IN MY LIFE EVER AFTER THE UPROAR OVER THE MEETINGS THE WHITE HOUSE IS TAKING GREAT PAINS TO STEM THE DAMAGE MR CLINTON'S DISCLOSURE THAT HE HAD ADVANCE KNOWLEDGE ABOUT THE RTC REFERRAL SEEMED TO BE PART OF A BROADER EFFORT TO GET OUT AS MUCH INFORMATION AS POSSIBLE HIS REMARKS CAME AS THE DEPUTY WHITE HOUSE COUNSEL ISSUED GUIDELINES FOR ALL WHITE HOUSE STAFFERS TO KEEP ANY INFORMATION THAT THE SPECIAL COUNSEL INVESTIGATING WHITEWATER MAY SEEK MR FISKE THE SPECIAL COUNSEL YESTERDAY EXPRESSED A STRONG CONCERN ABOUT ANY CONGRESSIONAL HEARINGS INTO THE WHITEWATER AFFAIR THE HOUSE BANKING PANEL PLANS HEARINGS STARTING MARCH 24 TO DEAL WITH THE PERFORMANCE OF THE RTC AND REPUBLICANS HAVE BEEN PROMISED A FULL DAY TO CALL THEIR OWN WITNESSES IN THAT HEARING IN LETTERS TO HOUSE AND SENATE BANKING COMMITTEE LEADERS MR FISKE SAID THAT A CONGRESSIONAL INQUIRY WOULD POSE A SEVERE RISK TO THE INTEGRITY OF OUR INVESTIGATION AND THAT INEVITABLY ANY SUCH INQUIRY WOULD OVERLAP SUBSTANTIALLY WITH THE GRAND JURY'S ACTIVITIES REPUBLICAN LEADERS OF THE TWO COMMITTEES NEW YORK SEN ALFONSE D'AMATO AND IOWA REP JAMES LEACH RESPONDED THAT CONGRESSIONAL HEARINGS ARE NECESSARY AND THAT MR FISKE'S REQUEST MAY BE PREMATURE AND TOO BROAD THE DEMOCRATIC CHAIRMEN OF THE TWO COMMITTEES MICHIGAN SEN DONALD RIEGLE AND TEXAS REP HENRY GONZALEZ DIDN'T CHALLENGE THE SPECIAL COUNSEL'S PLEA MR FISKE AGREED TO A MEETING WITH COMMITTEE LEADERS IN SEN D'AMATO'S OFFICE AT 1130 AM TOMORROW A SPOKESMAN FOR THE SENATOR SAID MR FISK DECLINED TO COMMENT ANY HEARINGS ARE LIKELY TO BRING UP THE QUESTION OF DOCUMENT SHREDDING AT THE ROSE LAW FIRM IN LITTLE ROCK CONTRARY TO STATEMENTS FROM THE FIRM TWO COURIERS INSISTED THAT THEY HAD SHREDDED FILES OF WHITE HOUSE LAWYER VINCENT W FOSTER IN LATE JANUARY ONE OF THE COURIERS JEREMY HEDGES SAID IN AN INTERVIEW YESTERDAY THAT HE AND HIS COLLEAGUES WERE OFTEN DISPATCHED TO THE ARKANSAS GOVERNOR'S MANSION DURING THE 1992 PRESIDENTIAL CAMPAIGN TO PICK UP SEALED ENVELOPES FROM MRS CLINTON A ROSE PARTNER OF MR FOSTER'S BUT MR HEDGES AND OTHERS SAID THEY DIDN'T KNOW WHAT HAPPENED TO THE CONTENTS OF THE ENVELOPES MR HEDGES HAS APPEARED BEFORE A FEDERAL GRAND JURY AND RECOUNTED HOW HE AND ANOTHER COURIER CLAYTON LINDSEY RAN THE CONTENTS OF A BOX BEARING MR FOSTER'S INITIALS VWF THROUGH THE FIRM'S SHREDDER MR LINDSEY HAS BEEN TOLD BY FISKE AIDES TO EXPECT A GRAND JURY SUMMONS TO GIVE HIS VERSION OF THE SHREDDING THE FIRM SAYS AN OLD BOX OF MR FOSTER'S WAS BEING REUSED BY A CLERK IN HELPING A LAWYER CHANGE OFFICES THERE WERE NO FOSTER FILES DESTROYED ASSERTED RONALD CLARK THE FIRM'S MANAGING PARTNER IN AN INTERVIEW OVER THE WEEKEND BUT YESTERDAY NEITHER MR HEDGES NOR MR LINDSEY WAVERED IN THEIR RECOLLECTIONS THE FILES WERE HIS DEFINITELY SAID MR HEDGES 20 A COLLEGE STUDENT THE FILES WERE SET UP ORGANIZED IN ONE MANILA FOLDER AFTER ANOTHER WITH TABS SAYING VWF SEARCHES VWF CORRESPONDENCE AND VWF PLEADINGS I DON'T WANT TO CALL THE FIRM A LIAR HE ADDED BUT I THINK THE PROBABILITY OF THE FIRM'S VERSION OF EVENTS IS PRETTY SLIM MR LINDSEY 19 CORROBORATED MR HEDGES'S ACCOUNT MR CLARK DIDN'T RETURN CALLS YESTERDAY FOR FURTHER COMMENT THE SHREDDING FIRST REPORTED BY THE NEW YORK TIMES IS OF INTEREST TO INVESTIGATORS BECAUSE MR FOSTER WAS THE CLINTONS' PERSONAL ATTORNEY UNTIL HIS DEATH LAST JULY IN A FEB 16 APPEARANCE BEFORE THE GRAND JURY MR HEDGES SAID IT OCCURRED IN LATE JANUARY MR FISKE WAS APPOINTED SPECIAL COUNSEL ON JAN 20 THE FIRM BEGAN THE PRACTICE OF SHREDDING MORE THAN TWO YEARS AGO AFTER MR CLINTON ENTERED THE PRESIDENTIAL RACE AND THE FIRM CAME UNDER GREATER SCRUTINY FROM REPORTERS AND OTHERS ACCORDING TO EMPLOYEES BUT MR CLARK DENIED THE ALLEGATION OF ONE EMPLOYEE THAT LARGE AMOUNTS OF POTENTIALLY EMBARRASSING DOCUMENTS WERE DESTROYED IN SHREDFESTS AFTER MR CLINTON FINISHED AN ENCOURAGING SECOND IN THE NEW HAMPSHIRE PRIMARY IN FEBRUARY 1992 AND WON THE NEW YORK PRIMARY IN APRIL NO WHITEWATER OR MADISON GUARANTY FILES HAVE BEEN OR WILL BE DESTROYED MR CLARK SAID THIS WEEKEND THE INVESTIGATION OF THE DISCUSSION BETWEEN WHITE HOUSE AND TREASURY OFFICIALS REPRESENTS AN EXPANSION OF THE ROLE OF THE WASHINGTON WING OF MR FISKE'S OPERATION LED BY RODERICK LANKLER MR LANKLER HAD PLANNED TO FOCUS PRIMARILY ON EVENTS RELATING TO MR FOSTER'S DEATH MR FISKE'S STAFFERS NOW ARE ALSO TRYING TO DETERMINE WHETHER THE MEETINGS RESULTED IN ANY ATTEMPT TO OBSTRUCT MR FISKE'S PROBE MEANWHILE THE RTC PLANS TO AUDIT LEGAL BILLS FROM ROSE LAW FIRM THE FIRM WORKED FOR THE RTC OVER SEVERAL YEARS AND HAS COME UNDER FIRE FOR REPRESENTING THE AGENCY IN A CASE INVOLVING MADISON APPARENTLY WITHOUT DISCLOSING IT HAD PREVIOUSLY REPRESENTED THE THRIFT THIS MONTH IT WAS DISCLOSED THAT ROSE WAS REVIEWING THE BILLING RECORDS OF FORMER PARTNER WEBSTER HUBBELL NOW A HIGHRANKING JUSTICE DEPARTMENT OFFICIAL THE RTC WAS A HUBBELL CLIENT THE FIRM'S MANAGING PARTNER DIDN'T RETURN PHONE CALLS YESTERDAY ALBERT R KARR AND ELLEN JOAN POLLOCK CONTRIBUTED TO THIS ARTICLE 9403080063 940308 TECHNOLOGY & HEALTH CABLE SERVICE TYING PCS TO INTERNET TO BE UNVEILED BY JARED SANDBERG STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK CONTINENTAL CABLEVISION INC AND PERFORMANCE SYSTEMS INTERNATIONAL INC TODAY ARE EXPECTED TO INTRODUCE THE FIRST CABLE SERVICE TO LINK HOME COMPUTERS TO THE INTERNET BUT THAT CONNECTION TO THE GLOBAL COMPUTER NETWORK WILL CARRY A STEEP PRICE CABLE SUBSCRIBERS WILL HAVE TO PAY A HEFTY 125 A MONTH TO ENJOY THE SPEEDY LINKUP AND SNAZZY GRAPHICS THAT THE NEW CONTINENTAL OFFERING WILL PROVIDE AT THAT PRICE IT ISN'T A MASSMARKET SERVICE SAYS DANIEL DERN AUTHOR OF THE INTERNET NEW USER'S GUIDE FIFTEEN HUNDRED BUCKS A YEAR THAT'S THE PRICE OF CAR INSURANCE NOR WILL THE NEW CABLE LINK BE AVAILABLE ON A MASSIVE SCALE ANYTIME SOON CONTINENTAL CABLEVISION THE NATION'S THIRDLARGEST CABLE OPERATOR IS STARTING THE INTERNET OFFERING IN CAMBRIDGE MASS WHERE IT SERVES 20000 HOMES IT WILL EXPAND IT TO OTHER BOSTON SUBURBS LATER THIS YEAR AND HOPES ULTIMATELY TO MAKE INTERNET ACCESS AVAILABLE TO ALL OF ITS 29 MILLION CABLE HOMES IN NEW ENGLAND THE MIDWEST CALIFORNIA AND FLORIDA BUT ONLY ONE MILLION HOMES IN CONTINENTAL'S SYSTEMS HAVE HOME COMPUTERS CAPABLE OF TAPPING INTERNET SERVICES THE COMPANY SAYS NATIONWIDE SOME 32 MILLION HOUSEHOLDS HAVE PCS WHILE 60 MILLION HOMES GET CABLE OTHER CABLE COMPANIES SUCH AS JONES INTERCABLE CO ARE TESTING HIGHSPEED ACCESS TO THE INTERNET AND ONLINE SERVICES SUCH AS PRODIGY SERVICES CO AND H&R BLOCK CO'S COMPUSERVE INFORMATION SERVICES ARE WORKING ON CABLE DELIVERY OF THEIR SERVICES CONTINENTAL CABLE SUBSCRIBERS WILL BE ABLE TO ATTACH THEIR PERSONAL COMPUTERS TO SPECIAL MODEM BOXES LINKED TO THE HOUSEHOLD CABLE LINE CABLE BROAD BAND ALLOWS FOR FAR FASTER TRANSFER OF LARGE AMOUNTS OF DATA THAN THE PHONELINE ACCESS MOST INTERNET USERS MUST ENDURE SUCH HIGHER CAPACITY WILL ALLOW HOMES WITH CABLE ACCESS TO PORTIONS OF THE INTERNET THAT UTILIZE MEMORYHOGGING VIDEO AND SOUND SUCH AS RADIO PROGRAMS FROM VOICE OF AMERICA AND ELECTRONIC MAIL WITH A PERSON'S PICTURE AND VOICE IT WOULD BE LIKE ADDING A CDROM TO YOUR COMPUTER NOW YOU'VE GOT NETWORKED MULTIMEDIA SAYS MARTIN SCHOFFSTALL CHIEF TECHNICAL OFFICER OF PERFORMANCE SYSTEMS INTERNATIONAL A HERNDON VA PROVIDER OF INTERNET ACCESS OVER TIME CONTINENTAL AND PERFORMANCE SYSTEMS INTERNATIONAL SAY THE PRICE OF ACCESS IS LIKELY TO COME DOWN INTERNET USERS WHO SEARCH DATABASES TAKE PART IN ELECTRONIC BULLETIN BOARDS AND ACCESS REMOTE COMPUTERS WORLDWIDE ARE OFTEN RESTRICTED TO VIEWING THE NETWORK IN TEXT FORMAT BECAUSE PHONE LINES OFTEN TRANSMIT AT ONLY 2400 BITS PER SECOND CONTINENTAL AND PERFORMANCE SYSTEMS INTERNATIONAL ARE OFFERING ACCESS AT SPEEDS MORE THAN 200 TIMES FASTER EVEN IF CABLE SUBSCRIBERS COULD PAY CHEAPER RATES FOR INTERNET ACCESS SOME OBSERVERS DOUBT THE SERVICE WILL CATCH ON BECAUSE THE NETWORK IS SO DIFFICULT TO NAVIGATE AND BUSINESSES WHICH MAKE MORE USE OF THE INTERNET THAN TV VIEWERS WILL HAVE TO PAY EVEN MORE DEARLY FOR THE NEW LINKUP 2000 TO 2750 A MONTH DEPENDING ON THE SPEED OF ACCESS 9403080062 940308 INTERNATIONAL BRIEF NORMANDY POSEIDON LTD GOLD MINING UNIT BOOSTS ITS OFFER FOR AZTEC MINING POSEIDON GOLD LTD AN AUSTRALIAN GOLD MINING COMPANY SAID IT HAS BOOSTED ITS TAKEOVER OFFER FOR AZTEC MINING CO 88 TO 74 AUSTRALIAN CENTS 53 USCENTS A SHARE FROM AN EARLIER OFFER OF 68 CENTS A SHARE THE NEW BID VALUES AZTEC AT AROUND 2870 MILLION AUSTRALIAN DOLLARS US205 MILLION AND WILL EXPIRE MARCH 18 POSEIDON GOLD LAUNCHED ITS BID FOR AZTEC DEC 15 1993 BUT WAS CONFRONTED WITH A RIVAL BID BY PANCONTINENTAL MINING LTD WHICH EMERGED IN FEBRUARY WITH A SHARE AND OPTIONS OFFER THAT IMMEDIATELY WON APPROVAL FROM AZTEC DIRECTORS POSEIDON GOLD 60OWNED BY NORMANDY POSEIDON LTD SAID IN A STATEMENT IT ALSO DECIDED TO REMOVE ALL CONDITIONS PREVIOUSLY ATTACHED TO THE OFFER SUCH AS ONLY PAYING FOR SHARES IT RECEIVES IF IT CONTROLS AT LEAST 501 OF AZTEC'S ISSUED CAPITAL THE COMPANY SAID IT CURRENTLY HOLDS 261688 SHARES IN AZTEC EQUAL TO 006 OF AZTEC'S ISSUED SHARES 9403080061 940308 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 5/16 HIGH 3 1/4 LOW 3 1/4 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 355 30 TO 59 DAYS 365 60 TO 89 DAYS 375 90 TO 119 DAYS 380 120 TO 149 DAYS 385 150 TO 179 DAYS 395 180 TO 239 DAYS 4 240 TO 270 DAYS COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR CORPORATIONS 362 30 DAYS 375 60 DAYS 385 90 DAYS CERTIFICATES OF DEPOSIT 291 ONE MONTH 303 TWO MONTHS 316 THREE MONTHS 339 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 355 ONE MONTH 375 THREE MONTHS 4 SIX MONTHS BANKERS ACCEPTANCES 350 30 DAYS 360 60 DAYS 370 90 DAYS 379 120 DAYS 386 150 DAYS 390 180 DAYS OFFERED RATES OF NEGOTIABLE BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER LONDON LATE EURODOLLARS 3 5/8 3 1/2 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 5/8 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 590 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 756 60 DAYS 762 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 751 60 DAYS 760 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 565 6/2 RATE CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE DOW JONES TELERATE INC MERRILL LYNCH READY ASSETS TRUST 276 ANNUALIZED AVERAGE RATE OF RETURN AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS 9403080060 940308 BUSINESS BRIEF ALBERTSON'S INC SUPERMARKET CONCERN'S NET ROSE 20 IN FOURTH QUARTER ALBERTSON'S INC SAID INCREASED SAMESTORE SALES AND COST CONTAINMENT HELPED IT TO POST A 20 JUMP IN FISCAL FOURTHQUARTER NET INCOME FOR THE PERIOD ENDED FEB 3 NET GREW TO 127 MILLION OR 50 CENTS A SHARE FROM 1057 MILLION OR 40 CENTS A SHARE A YEAR EARLIER REVENUE INCREASED 14 TO 31 BILLION FROM 27 BILLION THE BOISE IDAHOBASED SUPERMARKET CONCERN SAID SALES ROSE 22 AT STORES OPEN AT LEAST A YEAR IN THE YEAR NET GREW 26 TO 3397 MILLION OR 134 A SHARE FROM 2692 MILLION OR 102 A SHARE THE LATEST RESULTS INCLUDE A 30 MILLION CHARGE TO SETTLE AN EMPLOYMENTDISCRIMINATION LAWSUIT REVENUE ROSE 11 TO 113 BILLION FROM 102 BILLION ON A 28 SAMESTORE RISE IN SALES 9403080059 940308 WHAT'S NEWS WORLDWIDE CLINTON KNEW IN ADVANCE THAT THE RTC SOUGHT A CRIMINAL PROBE OF MADISON RAISING NEW QUESTIONS ABOUT WHETHER THE WHITE HOUSE MAY HAVE MEDDLED IN AN INVESTIGATION OF MADISON GUARANTY THE PRESIDENT SAID HE WAS TOLD ABOUT A CRIMINAL REFERRAL IN THE CASE BEFORE THE ACTION WAS MADE PUBLIC HIS DISCLOSURE PROVIDES THE FIRST EVIDENCE THAT HE AND HIS STAFF WERE WARNED OF THE RTC'S DECISION TO REQUEST A CRIMINAL INQUIRY INTO WHETHER FUNDS FROM MADISON MAY HAVE BEEN IMPROPERLY DIVERTED INTO HIS GUBERNATORIAL CAMPAIGNS OR INTO WHITEWATER THE SPECIAL COUNSEL INVESTIGATING WHITEWATER YESTERDAY EXPRESSED A STRONG CONCERN ABOUT ANY CONGRESSIONAL HEARINGS INTO THE WHITEWATER AFFAIR SAYING SUCH AN INQUIRY WOULD POSE A SEVERE RISK TO HIS PROBE THE POSTAL SERVICE BOARD VOTED TO PROPOSE A 103 RATE BOOST FOR ALMOST ALL CLASSES OF MAIL THE PRICE OF MAILING A FIRSTCLASS LETTER WOULD RISE TO 32 CENTS THE PROPOSAL NOW GOES TO THE POSTAL RATE COMMISSION WHICH HAS 10 MONTHS TO DECIDE WHETHER TO APPROVE THE RATES THE SUPREME COURT GAVE GREATER LEGAL PROTECTION TO PARODIES MARKING A DEFEAT FOR COPYRIGHT OWNERS THE UNANIMOUS RULING IN A CASE INVOLVING THE RAP GROUP 2 LIVE CREW WAS THE COURT'S FIRST CLEAR STATEMENT THAT MUSICAL WRITTEN OR VISUAL PARODIES MAY BE PERMISSIBLE MEDICAL RESEARCH SHOULD FOCUS MORE ON THE WAY DISEASES AFFECT WOMEN AND MINORITIES ACCORDING TO GUIDELINES THAT THE NATIONAL INSTITUTES OF HEALTH PLANS TO PUBLISH THIS WEEK BLACK WOMEN ARE RISING MORE RAPIDLY THAN BLACK MEN IN CORPORATE AMERICA ACCORDING TO AN ANALYSIS OF EEOC DATA BLACK FEMALE PROFESSIONALS NUMBER ALMOST 200000 IN THE 38000 COMPANIES THAT REPORT TO THE COMMISSION ISRAELI SOLDIERS SHOT DEAD TWO PALESTINIANS IN THE WEST BANK AND GUERRILLAS KILLED NINE PEOPLE IN ISRAELIHELD SOUTH LEBANON OFFICIALS SAID MEANWHILE MUSLIM EXTREMISTS WARNED THEY WILL INITIATE SUICIDE ATTACKS ON JEWISH SETTLEMENTS IN THE OCCUPIED TERRITORIES SAYING ISRAELIS WILL CRY IN BLOOD FOR THE FEB 25 MOSQUE MASSACRE IN HEBRON PLO LEADER ARAFAT MET WITH AN ISRAELI ENVOY IN CAIRO TO DISCUSS TERMS FOR RESUMING TALKS ON LIMITED PALESTINIAN SELFRULE IT WAS THE FIRST SUCH FACETOFACE MEETING SINCE THE SLAYINGS IN HEBRON PRESIDENT CLINTON SAID THE US IS INCLINED TO SUPPORT A UN PEACEKEEPING FORCE IN THE EXSOVIET REPUBLIC OF GEORGIA IF WARRING PARTIES CAN MAKE PROGRESS ON PEACE TALKS CLINTON WHO MET WITH GEORGIA'S SHEVARDNADZE SAID NO AMERICANS WOULD BE INCLUDED IN ANY PEACEKEEPING FORCE THE US IS RECONSIDERING SANCTIONS IT IMPOSED LAST YEAR THAT PREVENT CHINA FROM LAUNCHING A USMADE SATELLITE SECRETARY OF STATE CHRISTOPHER SAID THE MOVE MAY SEND A MIXED SIGNAL TO BEIJING WHERE CHRISTOPHER IS DUE TO BEGIN TALKS FRIDAY IN AN ATTEMPT TO GET CHINA TO IMPROVE ITS HUMANRIGHTS RECORD CHINA DENIED THAT IT HAD ENGAGED IN SWEEPING DETENTIONS OF DISSIDENTS OVER THE PAST WEEK AND IT LABELED THE REPORTS RUMOR HOWEVER THE US STATE DEPARTMENT SAID THREE DISSIDENTS HAD BEEN ARRESTED AND MAY BE CHARGED WITH CRIMES A FOURTH MAN WAS TAKEN INTO CUSTODY AND 10 OTHERS WERE PICKED UP AND RELEASED THE UN DEPLOYED PEACEKEEPING TROOPS AROUND SERBBESIEGED TUZLA AIRPORT IN PREPARATION FOR AN AIRLIFT INTO THE NORTHERN BOSNIAN TOWN BUT SERB FORCES SHELLED THE NEARBY TOWN OF MAGLAJ AND BLOCKED AID SHIPMENTS MEANWHILE CROAT AND MUSLIM TROOPS WITHDREW MORE WEAPONS FROM THE FRONT LINES IN CENTRAL BOSNIA A BLACK HOMELAND CONFIRMED THAT IT WOULD BOYCOTT SOUTH AFRICA'S ELECTIONS IN APRIL PROMPTING AN AFRICAN NATIONAL CONGRESS OFFICIAL TO ACCUSE BOPHUTHATSWANA OF HINDERING DEMOCRACY EFFORTS CALIFORNIA'S GOV WILSON SIGNED A THREE STRIKES YOU'RE OUT ANTICRIME BILL THE LAW REQUIRES A LIFE PRISON TERM WITH NO CHANCE OF PAROLE FOR 25 YEARS FOR ANY THIRDTIME FELONS PREVIOUSLY CONVICTED OF TWO VIOLENT CRIMES A FIVEMAN INTERIM COALITION TOOK POWER IN LIBERIA COMPOSED OF LEADERS OF RIVAL FACTIONS THAT HAVE FOUGHT FOR FOUR YEARS PEACEKEEPING TROOPS FROM NINE AFRICAN COUNTRIES BEGAN DISARMING GUERRILLAS 9403080058 940308 KEY INTEREST RATES ANNUALIZED INTEREST RATES ON CERTAIN INVESTMENTS AS REPORTED BY THE FEDERAL RESERVE BOARD ON A WEEKLYAVERAGE BASIS WEDNESDAY FEBRUARY 23 1994 CYIELDS ADJUSTED FOR CONSTANT MATURITY 9403080057 940308 LABOR LETTER A SPECIAL NEWS REPORT ON PEOPLE AND THEIR JOBS IN OFFICES FIELDS AND FACTORIES BY KEVIN G SALWEN WHITE HOUSE DAMPS EXPECTATIONS FOR NEXT WEEK'S GLOBAL JOBS CONFERENCE THE TWODAY DETROIT MEETING FEATURES LABOR COMMERCE ECONOMIC AND TRADE MINISTERS FROM THE GROUP OF SEVEN INDUSTRIALIZED NATIONS BUT NO OFFICIAL COMMUNIQUE IS PLANNED AFTER THE COUNTRIES DISCUSS UNEMPLOYMENT AND WAYS TO CREATE JOBS ALAN BLINDER OF THE US COUNCIL OF ECONOMIC ADVISERS CALLS THE MEETING AN INTELLECTUAL DISCUSSION OF SUCH ISSUES AS TRAINING TECHNOLOGY PRODUCTIVITY AND TRADE STILL THE US WANTS TO SEE EUROPEAN NATIONS AND JAPAN TAKE BOLDER STEPS TO CREATE JOBS AND STRENGTHEN THEIR ECONOMIES UNEMPLOYMENT REMAINS IN DOUBLE DIGITS IN MANY EUROPEAN NATIONS HAMPERING THEIR IMPORTS OF AMERICAN GOODS MEANWHILE DESPITE A JUMP IN US EMPLOYMENT AMERICAN OFFICIALS ACKNOWLEDGE THAT MANY OF THE JOBS ARE LOW PAYING WIDENING A WAGE GAP WITHIN THIS COUNTRY PLAYING DOWN THE MEETING'S IMPORTANCE A WHITE HOUSE FACT SHEET URGES REPORTERS NOT TO USE SUMMIT BUT INSTEAD REFER TO A CONFERENCE NEW NLRB CHAIRMAN WILLIAM GOULD IV COMES OUT SWINGING SIGNALING CHANGE AFTER A NINEMONTH WAIT FOR SENATE CONFIRMATION THE FORMER STANFORD LAW PROFESSOR BLASTS CRITICS WHO WORKED TO STYMIE HIS POST AT THE LABOR BOARD HE CALLS HIS 5838 SENATEAPPROVAL VOTE LAST WEEK A VICTORY OVER A DETERMINED CAMPAIGN OF CYNICAL CHARACTER ASSASSINATION BY RIGHTWING IDEOLOGUES HE CALLS TACTICS BY THE REPUBLICANS AND BUSINESS GROUPS ANTIDEMOCRATIC HE VOWS TO RETURN THE BOARD TO THE CENTER TO PROMOTE BALANCE BETWEEN LABOR AND MANAGEMENT MR GOULD SAYS HE WILL TRY TO LET WORKERS UNION OFFICIALS AND BUSINESS PEOPLE KNOW THAT THEY WILL BE TREATED WITH RESPECT CIVILITY AND FAIRNESS LABOR LEADERS BELIEVE THE NLRB TILTED IN FAVOR OF MANAGEMENT IN THE 1980S HURTING WORKERS AND UNIONS NO PITCH NEEDED BASEBALL PARKS HAVE LITTLE TROUBLE FINDING WORKERS THE MINORLEAGUE HICKORY NC CRAWDADS HAVE A WAITING LIST FOR THEIR 200 TICKETTAKERS USHERS AND STADIUM WORKERS THE PAWTUCKET RI RED SOX PLAN TO REHIRE ABOUT TWOTHIRDS OF LAST YEAR'S CREWLARGELY TEACHERS AND STUDENTS DESPITE BOOSTING HIRING 25 THE RANCHO CUCAMONGA QUAKES A SAN DIEGO PADRES SINGLEA AFFILIATE ARE CRUSHED WITH APPLICANTS AFTER POSTING FLIERS AT LOCAL HIGH SCHOOLS AND COLLEGES ARA SERVICES PHILADELPHIA WHICH HIRES ABOUT 4500 SEASONAL EMPLOYEES FOR FIVE MAJORLEAGUE STADIUMS FINDS MOST WORKERS AT JOB FAIRS THE LOS ANGELES DODGERS WHO ARE STILL HIRING BANK ON WORD OF MOUTH TO FIND THEIR 450 WORKERS PARKING AND CONCESSIONS ARE CONTRACTED OUT LEAN TIMES IN BOSTON THE RED SOX PLAN TO BRING ABOARD SLIGHTLY FEWER WORKERS THAN LAST YEAR THE MICHAEL FACTOR THE NASHVILLE SOUNDS IN TENNESSEE HOPE FOR A JORDAN SCENARIO IN WHICH THE FORMER BASKETBALL STAR MAKES THE WHITE SOX AFFILIATE LETTING THE CLUB FILL MORE SLOTS AFTER FILLING MORE SEATS THE CHANGING CONFERENCE ROOM PUN INTENDED ACCOUNTING FIRM ERNST & YOUNG OFFERS SATURDAY CHILD CARE AT 30 OF ITS US OFFICES THROUGH APRIL 16 SO ITS TAX PREPARERS CAN BURN THE WEEKEND OIL A PILOT PROGRAM IN SIX CITIES LAST YEAR ENCOURAGED THE FIRM TO EXPAND THE SERVICE USUALLY RUN OUT OF OFFICE CONFERENCE ROOMS OTHER ACCOUNTING FIRMS HAVE SIMILAR PROGRAMS IN PEAK SEASON MOONLIGHTING THE BUREAU OF LABOR STATISTICS BEGINS A MONTHLY TALLY OF PEOPLE WITH SECOND JOBS IN FEBRUARY IT REPORTS SEVEN MILLION PEOPLE 58 OF ALL THOSE EMPLOYED HAD MORE THAN ONE JOB MOST WORK ONE FULLTIME JOB AND ONE PARTTIME JOB SOME WORK TWO PARTTIME JOBS THE REAL GRIND 195000 MEN AND 53000 WOMEN SAY THEY WORK TWO FULLTIME JOBS WHAT PRICE HEALTH BENEFITS HERE'S ONE EMPLOYER'S ESTIMATE HARTFORD DISPENSARY AN OUTPATIENT HEALTHCARE FACILITY IN HARTFORD CONN ADVERTISES IN THE LOCAL NEWSPAPER FOR PARTTIME NURSES THE SALARY 1245 AN HOUR WITH BENEFITS OR 15ANHOUR WITHOUT WOMEN EXECUTIVES SEE GAINS IN JOB PROMOTIONS BUT PAY THE PRICE SOCIALLY FEMALE OFFICIALS ON AVERAGE RECEIVED THEIR MOST RECENT PROMOTIONS 26 YEARS AGO COMPARED WITH 33 YEARS FOR THEIR MALE COUNTERPARTS ACCORDING TO A STUDY OF 3581 EXECUTIVES BY SEARCH FIRM PAUL RAY BERNDTSON AND CORNELL UNIVERSITY MANCHESTER INC IN PARSIPPANY NJ NOTES THAT WOMEN FOUND JOBS SIX WEEKS FASTER THAN MEN TWICE AS BIG A GAP AS A YEAR AGO BUT WOMEN EXECUTIVES ALSO FEEL MORE JOB STRESS SAYS TIMOTHY JUDGE OF CORNELL'S CENTER FOR ADVANCED HUMAN RESOURCE STUDIES A THIRD OF THE SURVEYED WOMEN AREN'T MARRIED COMPARED WITH ONLY 6 OF THE MEN MEN ARE TWICE AS LIKELY TO HAVE CHILDREN IN THE PUSH TO THE TOP IT SEEMS THAT FEMALE EXECUTIVES ARE WILLING TO ABSORB SIGNIFICANT WORK/FAMILY STRESS IN RETURN FOR HOLDING EXECUTIVE POSITIONS DR JUDGE SAYS WOMEN OFFICIALS ARE NEARLY 20 MORE LIKELY TO JOB HUNT THAN MEN FEMALE EXECUTIVES ARE GROWING RESTLESS WITH THE PACE OF THEIR CAREER TRACK CONCLUDES PAUL RAY JR CEO OF THE SEARCH FIRM THE CHECKOFF HEADON GENDER COLLISION A MOVING VAN SPOTTED IN THE WASHINGTON DC SUBURBS SPORTS THE MOTTO MANLY MEN MOVING MANLY THINGS IN A MANLY WAY MEANWHILE A TEAMSTERS WOMEN'S CONFERENCE RUNS A SESSION TITLED A WOMAN'S PLACE IS IN HER TRUCK AT HER DESK AT HER MACHINE 9403080056 940308 INTERNATIONAL BRIEF BRITISH AEROSPACE PLC COMPANY HAS HELD TALKS WITH GIAT ON POSSIBLE TIE BRITISH AEROSPACE PLC OR BAE CONFIRMED THAT IT HAS HELD TALKS WITH THE FRENCH STATEOWNED ARMS MANUFACTURER GIAT ON A POTENTIAL ALLIANCE BUT SAID A NEWS REPORT ABOUT THE DISCUSSIONS OVERSTATED MATTERS A SPOKESMAN FOR BAE DESCRIBED THE TALKS AS VERY VERY TENTATIVE HIS COMMENTS WERE IN REACTION TO A REPORT IN THE MONDAY EDITION OF THE FINANCIAL TIMES NEWSPAPER THAT SAID THE TALKS ARE ABOUT A COLLABORATION BETWEEN GIAT AND THE ROYAL ORDNANCE UNIT OF BRITISH AEROSPACE THE GROUP'S WEAPONS SUBSIDIARY THE SPOKESMAN ADDED THAT GIAT IS ONLY ONE OF THE NUMEROUS COMPANIES BRITISH AEROSPACE HAS BEEN IN TALKS WITH ABOUT JOINT BUSINESS PROSPECTS BRITISH AEROSPACE HAS BEEN IN LONGRUNNING DISCUSSIONS WITH ANOTHER FRENCH CONCERN THE MATRAHACHETTE GROUP AS WELL 9403080055 940308 TECHNOLOGY & HEALTH MICROSOFT TCI PLAN COMPUTER CHANNEL BY G PASCAL ZACHARY AND MARK ROBICHAUX STAFF REPORTERS OF THE WALL STREET JOURNAL MICROSOFT CORP THE WORLD'S LARGEST SOFTWARE SUPPLIER SAID IT PLANS TO LAUNCH A TELEVISION CHANNEL ABOUT COMPUTERS WITH THE HELP OF THE COUNTRY'S LARGEST CABLETV COMPANY TELECOMMUNICATIONS INC IN SIGNING A LETTER OF INTENT MICROSOFT AND TELECOMMUNICATIONS OR TCI SAID THEY WILL FORM A JOINT VENTURE TO LAUNCH THE CHANNEL WHICH LIKELY WILL DEBUT NEXT YEAR TCI BASED IN DENVER ALREADY OWNS A STAKE IN NUMEROUS SUCCESSFUL CABLE CHANNELS AND ITS SUPPORT OFTEN IS THE DIFFERENCE BETWEEN LIFE AND DEATH FOR AN UPSTART NATHAN MYRHVOLD THE MICROSOFT EXECUTIVE IN CHARGE OF CONSUMER TECHNOLOGIES SAID THAT TCI'S EXPERIENCE IN GIVING BIRTH TO SUCH SUCCESSFUL CABLE CHANNELS AS DISCOVERY OR BLACK ENTERTAINMENT WAS THE DECISIVE REASON FOR THE ALLIANCE MICROSOFT OF REDMOND WASH SAID THE NEW CHANNEL CAN TAP DEMAND FOR TELEVISED NEWS INFORMATION AND TRAINING ABOUT COMPUTER AND SOFTWARE PRODUCTS INCLUDING THOSE MADE BY MICROSOFT RIVALS BESIDES MAGAZINEFORMAT SHOWS THE CHANNEL WILL OFFER HOME SHOPPING AND COMPUTER CLASSES THE ASYET UNNAMED CABLE CHANNEL ALREADY FACES COMPETITION FROM JONES INTERCABLE INC A CABLE OPERATOR THAT EXPECTS TO LAUNCH IN AUGUST A CHANNEL AIMED AT HELPING COMPUTER USERS GET MORE ACQUAINTED WITH THEIR COMPUTERS THE VENTURE BY MICROSOFT AND TCI HOPES TO DISTINGUISH ITSELF BY OFFERING AN ELECTRONICINFORMATION SERVICE AS A COMPANION TO VIDEO PROGRAMMING THIS SERVICE WOULD BE SYNCHRONIZED WITH THE VIDEO SHOW MAKING IT POSSIBLE FOR INSTANCE FOR VIEWERS TO PARTICIPATE IN BROADCASTS OR MAKE PURCHASES ELECTRONICALLY THE LINK BETWEEN BROADCAST AND DATA MIGHT OFFER AN ATTRACTIVE TEACHING TOOL FOR INSTANCE MR MYRHVOLD SAID THAT THE COMBINATION WOULD ALLOW VIEWERS OF A SHOW ON LEARNING HOW TO WRITE CODE FOR A COMPUTER TO EXCHANGE THEIR CODE WITH OTHER VIEWERS ELECTRONICALLY THE PLANNED COMPUTER CHANNEL ALSO WOULD SERVE TO ILLUSTRATE THE POSSIBILITIES OF INTERACTIVE TELEVISION AND TO WORK OUT THE TECHNICAL KINKS OF TYING TOGETHER PERSONAL COMPUTERS AND TVS MR MYRHVOLD SAID THE VENTURE HOWEVER APPEARS TO HAVE NOTHING TO DO WITH EFFORTS BY MICROSOFT TO PROMOTE SOFTWARE AND HARDWARE STANDARDS FOR INTERACTIVE TV MICROSOFT AND TCI HAVE DISCUSSED JOINT TECHNICAL STANDARDS BUT SO FAR HAVE TAKEN NO ACTION ANALYSTS SAID THE CHANNEL SOUNDS LIKE A GOOD IDEA IT POTENTIALLY COULD STRENGTHEN THE AWARENESS OF MICROSOFT PRODUCTS SAID DAVID READERMAN OF LEHMAN BROTHERS IT IS A PRETTY INGENIOUS WAY OF REACHING OUT TO BOTH EXISTING AND NEW USERS WHILE THE CHANNEL WILL PROMOTE AND ADVERTISE PRODUCTS IT ISN'T LIKELY TO EXCLUSIVELY PUSH MICROSOFT PRODUCTS OR THE VIEWS OF THE COMPANY THERE IS NO CURRENT PLAN FOR A BILL GATES SHOW QUIPPED MR MYRHVOLD REFERRING TO MICROSOFT'S CHAIRMAN WHO IS CONSIDERED THE MOST INFLUENTIAL PERSON IN THE COMPUTER INDUSTRY HOWEVER RIVALS QUESTIONED WHETHER THE NEW CHANNEL COULD REPRESENT INFORMATION IN AN UNBIASED WAY GIVEN MICROSOFT'S HUGE PRESENCE IN PERSONAL COMPUTERS IT'S HARD TO GIVE INDEPENDENT NEWS AND INFORMATION WHEN YOU'RE A COMPETITOR IN THE INDUSTRY YOU'RE COVERING SAID HALSEY MINOR CHIEF EXECUTIVE OFFICER OF CNET INC A SAN FRANCISCO COMPANY THAT PLANS TO LAUNCH ITS COMPUTER CHANNEL IN THE SECOND HALF OF THE YEAR ROBERT WEILER A SENIOR VICE PRESIDENT FOR LOTUS DEVELOPMENT CORP MICROSOFT'S LARGEST SOFTWARE RIVAL SAID THE NEW CHANNEL COULD BE A SERVICE TO COMPUTER USERS IF IT HEWS TO IMPARTIALITY BUT THAT THE CHANNEL IS GOING TO HAVE A TOUGH TIME SHAKING THE PERCEPTION OF BEING A SHILL FOR MICROSOFT THE MICROSOFTTCI VENTURE COMES ON TOP OF TWO EARLIER DEALS BETWEEN THE COMPANIES THAT AIM TO CAPITALIZE ON EACH OTHER'S EXPERTISE LAST WEEK THE PAIR SAID THEY WOULD JOINTLY TEST INTERACTIVETV SERVICES ON TCI CABLE SYSTEMS IN SEATTLE AND DENVER IN JANUARY THE COMPANIES AGREED WITH PACIFIC GAS & ELECTRIC CO TO TEST MARKET ENERGYINFORMATION SERVICES OVER CABLE SYSTEMS FOR MICROSOFT THE DECISION TO LAUNCH WHAT IT CALLED A TRADITIONAL VIDEO CHANNEL IS A SHARP BREAK WITH ITS PAST UNTIL RECENTLY THE COMPANY SHIED AWAY FROM ENTERTAINMENT AND PUBLISHING BUILDING ITS WORLDWIDE LEADERSHIP IN SOFTWARE ON THE BASIS OF ITS COMPUTER OPERATING SYSTEMS AND SUCH APPLICATIONS SOFTWARE AS WORDPROCESSING THE COMPANY HOWEVER DOES HAVE A PUBLISHING ARM DEVOTED TO COMPUTER BOOKS AND OFFERS AN INCREASING NUMBER OF REFERENCE WORKS AND GAMES FOR USE WITH PERSONAL COMPUTERS TCI MEANWHILE HAS ROUTINELY LAUNCHED NEW CHANNELS BUT THE NEW COMPUTER CHANNEL MIGHT BE HAMPERED BY THE LIMITED CHANNEL CAPACITY PLAGUING CABLE SYSTEMS ACROSS THE COUNTRY TCI SAID IT WILL ROLL OUT THE CHANNEL ON ITS OWN SYSTEMS ONLY AFTER TAKING ADVANTAGE OF CHANNELEXPANDING EQUIPMENT BUT OTHER CABLE OPERATORS MAY CHOOSE TO OFFER THE CHANNEL ON EXISTING EQUIPMENT THIS IS A PERFECT ILLUSTRATION OF THE TYPES OF SPECIAL SERVICES THAT WE ENVISION OFFERING OUR CUSTOMERS SAID A TCI SPOKESWOMAN BUT WE NEED ADDITIONAL CHANNEL CAPACITY 9403080054 940308 INTERNATIONAL BRIEF PSA PEUGEOT CITROEN COMPANY IS PLANNING TO ISSUE BONDS RAISE 6774 MILLION FRENCH AUTO MAKER PSA PEUGEOT CITROEN SAID IT PLANS TO RAISE 396 BILLION FRENCH FRANCS 6774 MILLION ON THE DOMESTIC CAPITAL MARKET THROUGH THE ISSUANCE OF CONVERTIBLE BONDS THE BONDS TO BE ISSUED AT A NOMINAL 990 FRANCS WILL BEAR A 2 ANNUAL COUPON AND MATURE ON JAN 1 2001 THE SUBSCRIPTION PERIOD RUNS TODAY THROUGH MARCH 14 AND THE BONDS ARE CONVERTIBLE INTO SHARES AT ANY TIME ON A 1FOR1 BASIS PEUGEOT SAID IT WILL ISSUE FOUR MILLION BONDS IN THE EVENT OF NONCONVERSION THE BONDS WILL BE REDEEMED AT 1224 FRANCS MAKING A YIELD TO MATURITY OF 5 9403080053 940308 ECONOMY POSTAL BOARD VOTES TO BACK 103 RATE RISE INCREASE WHICH MUST BE CLEARED BY PANEL PUTS STAMP PRICE AT 32 CENTS BY KEVIN G SALWEN STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE POSTAL SERVICE BOARD MEETING BEHIND CLOSED DOORS VOTED TO PROPOSE A 103 RATE BOOST FOR ALMOST ALL CLASSES OF MAIL THE PRICE OF MAILING A FIRSTCLASS LETTER WOULD RISE TO 32 CENTS THE PROPOSAL WHICH WILL BE ANNOUNCED TODAY NOW GOES TO THE POSTAL RATE COMMISSION AN INDEPENDENT FIVEPERSON PANEL THAT HAS 10 MONTHS TO DECIDE WHETHER TO APPROVE OR ADJUST THE NEW RATES ANY PRICE INCREASE WOULD GO INTO EFFECT EARLY NEXT YEAR POSTAL RATES WERE LAST INCREASED IN FEBRUARY 1991 TO THE CURRENT 29 CENTS FOR A FIRSTCLASS LETTER IN THAT CASE THE POSTAL RATE COMMISSION SCALED BACK THE PROPOSAL FROM 30 CENTS YESTERDAY'S ACTION CAME AFTER DEBATE AMONG THE GOVERNORS OVER WHETHER THE ROUGHLY 5 BILLION A YEAR IN ADDITIONAL REVENUE FROM THE RATE INCREASE WOULD COVER THE POSTAL SERVICE'S COSTS THE AGENCY HAS BEEN POSTING LARGERTHANEXPECTED MONTHLY DEFICITS INCLUDING A LOSS OF 64 MILLION IN THE MOST RECENT FOURWEEK ACCOUNTING PERIOD BUT OFFICIALS CLOSE TO THE AGENCY SAID THAT POSTMASTER GENERAL MARVIN RUNYON HAS BEEN PRODDING POSTAL GOVERNORS TO ACCEPT THE 103 INCREASE INSTEAD OF A LARGER 138 BOOST MR RUNYON TOLD GOVERNORS THAT HE WOULD WORK HARDER TO CUT COSTS AT THE AGENCY STEPPING UP AN ALREADY AMBITIOUS PLAN HE LAUNCHED OVER THE PAST TWO YEARS THE 103 BOOST WOULD BE UNIQUE BECAUSE IT WOULD RAISE RATES BY THE SAME AMOUNT ON ALMOST ALL MAILERS FROM CATALOG COMPANIES TO INDIVIDUAL SENDERS OF CHRISTMAS CARDS AS A RESULT THE POSTAL SERVICE WOULD SIDESTEP THE CONTENTIOUS LEGAL BATTLES THAT HAVE TRADITIONALLY FOLLOWED RATE ANNOUNCEMENTS THAT PLACE UNEQUAL BURDENS ON DIFFERENT MAILERS THE FOURYEAR GAP BETWEEN RATE INCREASES WOULD BE THE LONGEST STRETCH SINCE THE POSTAL SERVICE WAS CREATED AS A SEPARATE GOVERNMENT CORPORATION IN 1971 POSTAL SERVICE OFFICIALS DECLINED TO COMMENT ON THE BOARD'S ACTION EXCEPT TO SAY THAT A NEWS BRIEFING WILL BE HELD TODAY THE BUSINESS COMMUNITY HAS BEEN LOBBYING FOR THE 103 INCREASE IN PART BECAUSE IT WANTS TO AVOID THE TYPE OF LEGAL BATTLE THAT HAS ACCOMPANIED EARLIER INCREASES BUT BUSINESS MAILERS ALSO ARE PRESSING TO KEEP RATES DOWN THE 103 RISE WOULD BE SUBSTANTIALLY BELOW THE 138 RISE IN OVERALL PRICES PROJECTED FOR THE PERIOD BETWEEN THE LAST INCREASE IN FEBRUARY 1991 AND EARLY NEXT YEAR BUSINESS MAILERS ALREADY HAVE BEGUN PUTTING PRESSURE ON THE RATE COMMISSION THIS RATE CASE IS NOT GOING TO BE A CAKEWALK SAID GENE DEL POLITO EXECUTIVE DIRECTOR OF THE ADVERTISING MAIL MARKETING ASSOCIATION BUT WHAT DOES THE POSTAL RATE COMMISSION LOSE BY APPROVING THIS IF IT TURNS OUT A HIGHER RATE INCREASE IS NEEDED THE POSTAL SERVICE COULD ASK FOR A SECOND INCREASE ALTHOUGH THAT WOULD BE EMBARRASSING HE NOTED UNDER THE POSTAL SERVICE PLAN CERTAIN SECONDCLASS MAILERS SPECIFICALLY NONPROFIT ORGANIZATIONS THAT SEND MAGAZINES WOULD BE ASKED TO PAY MORE TO COVER THE COST OF SHIPPING THEIR PUBLICATIONS THEIR BOOST PROBABLY WILL BE CLOSER TO 20 THE POSTAL SERVICE IS UNDER TREMENDOUS PRESSURE TO KEEP RATES DOWN BECAUSE OF INCREASING COMPETITION FROM FAX MACHINES PRIVATE EXPRESSMAIL SERVICES AND OTHER RIVALS IN PARTICULAR THE AGENCY IS STRUGGLING TO KEEP ITS PLACE AMONG BUSINESSES THAT MIGHT TURN TO OTHER MEANS TO DISSEMINATE THEIR MESSAGE 9403080052 940308 TECHNOLOGY BRIEF BAUSCH & LOMB INC APPROVAL RECEIVED TO SELL GENERIC EYEILLNESS DRUG BAUSCH & LOMB INC SAID IT GOT APPROVAL TO BEGIN MARKETING GENERIC VERSIONS OF ALLERGAN INC'S BETAGAN A BETA BLOCKER USED TO TREAT OCULAR HYPERTENSION AND CHRONIC OPEN ANGLE GLAUCOMA NO OTHER COMPANY MARKETS A GENERIC VERSION OF BETAGAN WHICH HAD US SALES LAST YEAR OF MORE THAN 40 MILLION BAUSCH & LOMB SAID IT EXPECTS TO SELL ITS PRODUCT AT 55 TO 60 OF THE PRICE OF BETAGAN THE BAUSCH & LOMB PRODUCTS WILL SELL UNDER THE NAMES LEVOBUNOLOL HCL OPHTHALMIC SOLUTIONS 05 AND 025 THE ROCHESTER NY HEALTHCARE PRODUCTS AND OPTICS MAKER SAID IT WILL BEGIN SHIPPING WITHIN A WEEK THE PRODUCTS WILL BE PRODUCED AT BAUSCH & LOMB'S TAMPA FLA FACTORY 9403080051 940308 INTERNATIONAL BRIEF ALL NIPPON AIRWAYS LOSS FOR FISCAL YEAR IS SEEN ON WEAK DOMESTIC DEMAND ALL NIPPON AIRWAYS TOKYO THE SECONDLARGEST AIRLINE IN JAPAN IN TERMS OF SALES EXPECTS TO REPORT AN UNCONSOLIDATED PRETAX LOSS OF THREE BILLION YEN 284 MILLION FOR THE FISCAL YEAR ENDING MARCH 31 A SWING FROM ITS EARLIER PREDICTION OF PRETAX PROFIT OF SIX BILLION YEN A COMPANY SPOKESMAN SAID THE SPOKESMAN CITED SLUGGISH DEMAND FOR AIR TRAVEL ON DOMESTIC AIRLINES AND THE RESULTANT SOFTENING IN TICKET PRICES HE SAID A NET LOSS HASN'T BEEN RECORDED SINCE FISCAL 1967 LAST MONTH ANA UNVEILED A LONGTERM RESTRUCTURING PLAN TO CUT COSTS AND BE MORE COMPETITIVE ANA ESTIMATES THE PLAN WILL HELP LIFT ITS OPERATING MARGIN BY 26 MILLION YEN FOR FISCAL 1995 9403080050 940308 WORLD MARKETS EUROPEAN BOURSES RALLY ON GERMAN LABOR PACT AND BOND MARKETS' REBOUND TOKYO PRICES FALL A WALL STREET JOURNAL NEWS ROUNDUP LONDON SHARES CLIMBED SOLIDLY TO FINISH AT THEIR HIGHS AFTER A BOUNCE IN WORLD BOND MARKETS CARRIED EQUITIES HIGHER ON THE BRITISH BOURSE AND THROUGHOUT EUROPE FOLLOWING A GERMAN LABOR ACCORD FRANKFURT STOCKS SOARED 24 AFTER AN INDUSTRIAL STRIKE THAT WAS TO HAVE BEGUN YESTERDAY WAS AVERTED WITH THE PROMISING NONINFLATIONARY SETTLEMENT WHICH COULD OPEN THE WAY FOR LOWER GERMAN INTEREST RATES TOKYO STOCKS FELL MONDAY AFTER ARBITRAGERS' SELLING WIPED OUT STRONG EARLY GAINS MANY OTHER BOURSES IN THE REGION REBOUNDED FROM DEEP SELLOFFS LAST WEEK WORLDWIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX WAS AT 11545 UP 041 REFLECTING HIGHER AMERICAN AND EUROPEAN MARKETS AND LOWER ASIA/PACIFIC MARKETS CONSUMER SERVICES STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY GROUPS CLOSING AT 13954 UP 439 OR 33 WITH H&R BLOCK OF THE US POSTING A 58 GAIN IN ITS LOCAL CURRENCY PLANTATIONS STOCKS TRAILED AT 21689 DOWN 885 OR 39 WITH CONSOLIDATED PLANTATIONS OF MALAYSIA SLIDING 65 IN LOCAL CURRENCY IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX ADVANCED 279 POINTS TO 33059 NEAR THE DAY'S PEAK OF 33107 WITH GAINS ACROSS THE BOARD THE FT 30STOCK INDEX ROSE 205 TO 25844 VOLUME WAS 5761 MILLION SHARES COMPARED WITH 581 MILLION SHARES IN THE PREVIOUS SESSION PRICES STAYED IN POSITIVE TERRITORY ALL DAY AND THE 100STOCK INDEX WAS PUSHED ABOVE A PERCEIVED BARRIER OF 3300 BY A RALLY IN THE GILTS OR GOVERNMENT BOND MARKET WHICH IN TURN WAS SUPPORTED BY A FIRM GERMAN BOND MARKET THAT REACTED TO THE WEEKEND WAGE SETTLEMENT INVOLVING IG METALL GERMANY'S LARGEST UNION STRENGTH IN THE GILTS MARKET BOOSTED EQUITY FUTURES IN LONDON AND A STRONG START ON WALL STREET ALLOWED LONDON SHARES TO BUILD ON THE GAINS BUT BUYING WAS SELECTIVE AS INVESTORS STILL HARBORED FEARS THAT THE US WILL INCREASE INTEREST RATES IN FRANKFURT THE DAX 30STOCK INDEX SURGED 4882 TO 210891 THE MARKET'S RINGING ENDORSEMENT OF THE METALWORKERS UNION'S SETTLEMENT WAS REFLECTED STRONGLY AMONG DAX ISSUES MANY OF WHICH WERE PROPELLED UP BETWEEN 2 AND 3 ONLY ONE OF THE ISSUES LOST GROUND THE UNION AGREED TO A 2 ANNUAL PAY INCREASE FOR ITS 35 MILLION WESTERN GERMAN MEMBERS EFFECTIVE JUNE 1 MAKING THE OVERALL BOOST FOR THIS YEAR SMALLER COMBINED WITH CUTS IN BONUSES AND BENEFITS THE PACKAGE LEAVES EMPLOYERS' LABOR COSTS FLAT THIS COULD HELP AILING GERMAN INDUSTRIAL COMPETITIVENESS AND WON'T FUEL INFLATION AND THUS COULD AID THE GERMAN CENTRAL BANK IN AN ECONOMYBOOSTING REDUCTION OF SHORTTERM INTEREST RATES IN PARIS STOCKS JUMPED 19 MARKING A THIRD SESSION OF GAINS HELPED BY A SURGING BOND MARKET AND WALL STREET'S EARLY STRENGTH AND THE GERMAN LABOR SETTLEMENT EASED FEARS IN FRANCE OF A STRIKE AND INFLATIONFUELING PAY DEMANDS IMPEDING RATE CUTS IN GERMANY AND EUROPE IN AMSTERDAM STOCK PRICES RALLIED BROADLY BUOYED BY SURGING STOCK MARKETS ABROAD HOPES FOR LOWER INTEREST RATES AND A MUSCULAR DUTCH GOVERNMENT BOND MARKET THE RALLY SPARKED SHORTCOVERING OR BUYING TO LIMIT LOSSES ON OVERSOLD POSITIONS AS WELL AS BARGAIN HUNTING FOLLOWING LAST WEEK'S PANIC SELLING ON WORRIES ABOUT INCREASES IN GLOBAL INTEREST RATES IN MILAN STOCKS INCLUDING THOSE TRADED ELECTRONICALLY SOARED 22 AS LAST WEEK'S INTERESTRATE ANXIETY WAS LAID ASIDE WHEN NEWS OF THE GERMAN WAGE ACCORD HELPED TO REKINDLE HOPES OF GERMAN MONETARY RATE EASING WHICH COULD SPILL OVER INTO SOFTER POLICIES IN ITALY IN STOCKHOLM SHARES RACKED UP A 16 GAIN SUPPORTED BY THE STRONG PERFORMANCE IN MAJOR MARKETS ABROAD AND A DECLINE IN BOND YIELDS IN ZURICH THE MARKET BOUNCED UP 18 LIFTED BY A BETTER BOND MARKET EASIER LONGTERM INTEREST RATES SHORTCOVERING IN THE FUTURES MARKET AND STRONG DEMAND IN CYCLICAL INDUSTRIALS IN BRUSSELS SHARES ROCKETED UP 13 LED BY GAINS OF 2 TO 3 IN BLUECHIP INDUSTRIAL AND FINANCIAL ISSUES IN REACTION TO LOWER LONGTERM EUROPEAN INTEREST RATES IN TOKYO THE NIKKEI 225STOCK INDEX WHICH SURGED 36014 POINTS FRIDAY DROPPED 15412 TO 1981188 MONDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 340 MILLION SHARES DOWN FROM 4149 MILLION SHARES FRIDAY RETREATING ISSUES OUTNUMBERED ADVANCING ISSUES 678366 THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH CLIMBED 1996 POINTS FRIDAY SHED 1419 TO 168010 THE NIKKEI PEAKED AT 2027913 IN THE MORNING UP 16 AND SANK TO THE SESSION LOW OF 1976868 ABOUT A HALFHOUR BEFORE THE CLOSE THE MORNING RALLY RESULTED FROM STRONG BUYING BY DEALERS AND OVERSEAS INVESTORS ON THE WEAKENING OF THE JAPANESE YEN IN FOREIGNEXCHANGE DEALINGS IN AFTERNOON DEALINGS ARBITRAGERS UNWOUND EQUITY POSITIONS IN THE STOCK MARKET AHEAD OF THE QUARTERLY SETTLEMENT OF FUTURES AND OPTIONS CONTRACTS ON FRIDAY JAPANESE CORPORATIONS ALSO STEPPED UP SELLING TO BOOK PROFITS AHEAD OF THE FISCAL YEAR END MARCH 31 IN TRADING LATE TUESDAY MORNING THE NIKKEI WAS UP 16842 POINTS AT 1998030 IN SYDNEY SHARES RALLIED 13 IN A REBOUND FROM PANIC SELLING FRIDAY THAT DROVE THE MAIN INDEX DOWN 16 WHEN INSTITUTIONS LIGHTENED HOLDINGS BECAUSE OF WORRIES OF A US MARKET PLUNGE THAT LATER DISSIPATED IN HONG KONG STOCKS JUMPED 14 EXTENDING A REBOUND THAT BEGAN IN THE PREVIOUS SESSION TO REVERSE A WEEK OF LOSSES THE MARKET WAS SUPPORTED BY CONTINUED STRENGTH IN SOME BLUE CHIPS WHILE WORRIES ABOUT AN INCREASE IN INTEREST RATES HAD ALMOST BEEN DISCOUNTED IN SINGAPORE PRICES FELL AFTER PROFITTAKING ABSORBED EARLY GAINS BECAUSE OF RUMORS OF TROUBLES IN THE MERCHANT BANKING SECTOR BLUE CHIPS REMAINED SOFT IN CAUTIOUS THIN TRADING IN KUALA LUMPUR EQUITIES TUMBLED BROADLY TAKING THE BENCHMARK INDEX DOWN 17 AS INVESTORS SOLD BECAUSE OF A LACK OF DIRECTION IN TAIPEI SHARES DECLINED IN ACTIVE TRADING AS HEAVY PROFITTAKING SURFACED AFTER TAIWAN'S CENTRAL BANK ON SATURDAY RAISED THE LIMIT ON FOREIGN INVESTMENT IN STOCKS IN MANILA STOCKS ADVANCED 18 IN LIGHT VOLUME HELPED BY A TECHNICAL REBOUND FOLLOWING THE TREND IN OTHER REGIONAL MARKETS IN BANGKOK PRICES CONTINUED TO RISE GAINING 13 AS SENTIMENT IMPROVED ON AN EASING OF THAI POLITICAL JITTERS BUT IN SEOUL SHARES FELL ON CONCERNS ABOUT LIQUIDITY DRAINAGE BY THE SOUTH KOREAN CENTRAL BANK AND MOST INSTITUTIONAL INVESTORS HAD A SEVERE CASH CRUNCH BECAUSE OF THE CENTRAL BANK'S RESERVE REQUIREMENT IN MEXICO CITY STOCKS ADVANCED 13 AS THE US MARKET CONTINUED TO RECOVER ON A MODEST RALLY IN BONDS THOUGH DEALINGS ON THE MEXICAN BOURSE WERE TENTATIVE BECAUSE OF NEXT TUESDAY'S DEADLINE FOR REGISTRATION OF PRESIDENTIAL CANDIDATES FOR THE AUGUST ELECTION AMONG CORPORATE DEVELOPMENTS IN PARIS PSA PEUGEOT CITROEN SLUMPED 12 FRENCH FRANCS OR 13 TO 881 FRANCS 15071 THE AUTO MAKER UNVEILED PLANS TO RAISE 396 BILLION FRANCS 6774 MILLION THROUGH A CONVERTIBLE BOND ISSUE TO BOOST THE COMPANY'S CAPITAL BASE 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 9403080049 940308 THE GENDER DIVIDE BLACK WOMEN'S GAINS IN CORPORATE AMERICA OUTSTRIP BLACK MEN'S THAT RAISES SOME CONCERNS BOTH ON AND OFF THE JOB WHITE BOSSES PLAY A PART TAUGHT TO BE A CHAMELEON' BY DOROTHY J GAITER STAFF REPORTER OF THE WALL STREET JOURNAL ELLEN SCOTT IS A SENIOR HUMANRESOURCES REPRESENTATIVE AT ROCKWELL INTERNATIONAL CORP'S ROCKETDYNE DIVISION SHE IS YOUNG 27 YEARS OLD AND SUCCESSFUL MS SCOTT IS ALSO PART OF A FASTGROWING GROUP IN CORPORATE AMERICA BLACK PROFESSIONAL WOMEN BETWEEN 1982 AND 1992 THIS GROUP GREW A HEADY 125 BLACK FEMALE PROFESSIONALS IN THE 38000 COMPANIES THAT REPORT TO THE US EQUAL EMPLOYMENT OPPORTUNITY COMMISSION NOW NUMBER ALMOST 200000 THIS IS OF COURSE MINUSCULE COMPARED WITH THE NUMBER OF WHITE PROFESSIONALS MALE AND FEMALE BUT IT IS NEARLY TWICE THE NUMBER OF BLACK MALE PROFESSIONALS ACCORDING TO AN ANALYSIS BY THE WALL STREET JOURNAL OF EEOC DATA THERE WERE 12 BLACK FEMALE PROFESSIONALS FOR EVERY BLACK MALE PROFESSIONAL IN 1982 NOW THERE ARE 18 THOUGH WHITE WOMEN HAVE MADE SUBSTANTIAL GAINS RELATIVE TO WHITE MEN WHITE MEN CONTINUE TO HAVE A GREATER SHARE OF PROFESSIONAL JOBS IN 1982 THERE WERE 062 WHITE WOMEN PROFESSIONALS FOR EVERY WHITE MAN IN 1992 THERE WERE 094 BLACK WOMEN ALSO ARE MAKING STRIDES IN THE MORE GENERAL CATEGORY OF WHITE COLLAR EXCLUDING CLERICAL IN 1982 THERE WERE SLIGHTLY MORE BLACK WOMEN THAN BLACK MEN IN THAT CATEGORY BY 1992 THE NUMBER OF BLACK WOMEN IN THOSE JOBS HAD GROWN 90 TO ABOUT 815000 WHILE THE NUMBER OF MEN HAD GROWN LESS THAN 50 TO ABOUT 564000 THAT BLACK WOMEN ARE RISING MORE RAPIDLY THAN BLACK MEN IN CORPORATE AMERICA IS A SOURCE OF MIXED FEELINGS FOR BLACKS CONSIDERING THE OBSTACLES TO PROMOTION THAT MINORITIES OF ALL KINDS OFTEN FACE THE SUCCESS OF BLACK WOMEN PROFESSIONALS IS REASON FOR PRIDE BUT A NUMBER OF MALE AND FEMALE CORPORATE EXECUTIVES OF BOTH RACES GOVERNMENT OFFICIALS SCHOLARS AND BEHAVIORISTS INTERVIEWED FOR THIS STORY SEE THE GAP AS POSING NEW CHALLENGES FOR A CORPORATE CULTURE ALREADY GRAPPLING WITH SEXUAL AND RACIAL BIAS AND A BLACK COMMUNITY INCREASINGLY WORRIED ABOUT THE FUTURE OF ITS YOUNG MEN AND WOMEN MANY BLACKS FEAR A FUTURE OF MORE STRUGGLING WOMENLED HOUSEHOLDS FEWER MEN IN POSITIONS OF POWER AND RESPONSIBILITY AND A SOCIAL AND ECONOMIC DISPARITY THAT MAKES THE BASIC SOCIAL CUSTOMS OF DATING AND MARRYING MORE DIFFICULT THE PROGRESS OF WOMEN AND THE LOWERED EXPECTATIONS FOR MEN SPEAKS TO THE AVAILABILITY OF MARRIAGEABLE MEN OF FAMILY FORMATION THE HEALTH OF THE BLACK COMMUNITY SAYS CHARLES BETSEY CHAIRMAN OF THE ECONOMICS DEPARTMENT AT HISTORICALLY BLACK HOWARD UNIVERSITY IN WASHINGTON THE REASONS BLACK WOMEN ARE OVERTAKING BLACK MEN ARE MANY AND COMPLEX THEY BEGIN WITH THE FACTORS THAT KEEP BLACK MEN FROM ENTERING THE CORPORATE WORLD IN THE FIRST PLACE AND INCLUDE THE ATTITUDES THAT OFTEN END UP FAVORING BLACK WOMEN OVER BLACK MEN ONCE THEY GET THROUGH THE CORPORATE DOOR MANY BLACK MEN HAVE BEEN SIDETRACKED BY CRIME DRUGS AND INADEQUATE EDUCATION SOME DROP OUT OF A SYSTEM THEY ARE CONVINCED WILL NEVER TREAT THEM FAIRLY STATISTICS SHOW THAT MORE YOUNG BLACK MEN DIE FROM HOMICIDE THAN FROM ANY OTHER SINGLE CAUSE MORE BLACK MEN ARE IN JAIL THAN IN COLLEGE WHILE BLACK PEOPLE'S JOBLESS RATE IS ABOUT TWICE THAT OF WHITES MORE BLACK MEN ARE ON THE UNEMPLOYMENT ROLLS THAN BLACK WOMEN LASTLY THE GOVERNMENT ATTRACTS A GOOD NUMBER OF AMBITIOUS YOUNG BLACK MEN AWAY FROM CORPORATIONS ACCORDING TO THE PENTAGON MORE THAN 270000 BLACK MEN ARE IN THE MILITARY ALONE CONSEQUENTLY THERE ARE NOW MORE BLACK WOMEN THAN BLACK MEN AT COMPANIES REPORTING TO THE EEOC A SITUATION UNIQUE AMONG ETHNIC GROUPS IN CORPORATE AMERICA THESE COMPANIES EMPLOYED 277 MILLION BLACK WOMEN AND 244 MILLION BLACK MEN IN 1992 SOME COMPANIES ATTRIBUTE THE LARGER NUMBER OF BLACK FEMALE PROFESSIONALS AT THEIR FIRMS TO THE GREATER NUMBER OF COLLEGEEDUCATED WOMEN IN THE WORK FORCE THE EEOC DEFINES PROFESSIONAL JOBS AS OCCUPATIONS REQUIRING EITHER COLLEGE GRADUATION OR EXPERIENCE OF SUCH KIND AND AMOUNT AS TO PROVIDE A COMPARABLE BACKGROUND CHARLES REID DIRECTOR OF DIVERSITY FOR KRAFT GENERAL FOODS INC A UNIT OF PHILIP MORRIS COS SAYS THE DISPARITY BETWEEN MALE AND FEMALE PROFESSIONALS AT HIS COMPANY PROBABLY REFLECTS BLACK WOMEN'S PREDOMINANCE IN THE COLLEGEEDUCATED APPLICANT POOL BETWEEN 1989 AND 1992 BLACK WOMEN INCREASED THEIR RANKS FROM 131 TO 172 BLACK MEN FROM 101 TO 131 THE COMPANY SAYS EDUCATION ALSO IS A FACTOR AT DETROIT EDISON CO THE NUMBER OF BLACK WOMEN PROFESSIONALS AT THE UTILITY GREW MORE DRAMATICALLY THAN THE NUMBER OF BLACK MALE PROFESSIONALS FROM 1982 TO 1992 THE NUMBER OF WOMEN PROFESSIONALS GREW 90 WHILE THE NUMBER OF MEN INCREASED 16 MALCOLM DADE VICE PRESIDENT FOR HUMAN RESOURCES SAYS ALTHOUGH HE DOESN'T HAVE HARD EVIDENCE HE BELIEVES THAT THE INCREASE IN BLACK WOMEN AT HIS COMPANY HAS TO DO WITH THEIR GREATER NUMBERS IN THE COLLEGEEDUCATED WORK FORCE IT IS INDEED THE CASE THAT MORE BLACK WOMEN GRADUATE FROM COLLEGE AND PROFESSIONAL SCHOOLS THAN DO BLACK MEN ROUGHLY 142 OF THE BLACK WOMEN IN THE CIVILIAN WORK FORCE HAVE BACHELOR OR POSTGRADUATE DEGREES COMPARED WITH 119 FOR BLACK MALES BY CONTRAST 227 OF WHITE FEMALES IN THE WORK FORCE HELD BACHELOR OR POSTGRADUATE DEGREES WHILE 262 OF WHITE MALES HAD SIMILAR CREDENTIALS OVER TIME MORE AND MORE AFRICANAMERICAN WOMEN ARE GETTING CREDENTIALS AND FEWER AND FEWER AFRICANAMERICAN MEN ARE SAYS DAVID THOMAS ASSOCIATE PROFESSOR OF ECONOMICS AT THE HARVARD BUSINESS SCHOOL THIS IS ENDEMIC TO SOCIETY RATHER THAN SOMETHING INTERNALLY HAPPENING IN COMPANIES BLACK MEN ARE BEING PUSHED OUT OF THE PROCESS SO EARLY THAT THEY DON'T EVEN QUALIFY TO COMPETE THEY DON'T HAVE THE REQUISITE SKILLS TO GET INTO THE LABOR FORCE TO BE SURE THE MAJORITY OF BLACK WOMEN STILL LABOR IN LOWPAYING LOWSTATUS JOBS WITH LITTLE CHANCE OF ADVANCEMENT JUST LIKE BLACK MEN AND WOMEN WILL STAY IN DEADEND JOBS LONGER THAN MEN ECONOMISTS SAY ESPECIALLY IF THEY HAVE CHILDREN A STUDY SHOWS THAT SALARIES OF BLACK WOMEN IN THE WORK FORCE TRAIL THOSE OF BLACK MEN BY 14 PERCENTAGE POINTS IN THE HIGHER RANKS OF CORPORATIONS WHAT THE EEOC CALLS THE OFFICIALS AND MANAGERS CATEGORY BLACK MEN STILL OUTNUMBER WOMEN IN LARGE PART BECAUSE THEY ENTERED THE WORK FORCE FIRST SAYS ELLA BELL OF MASSACHUSETTS INSTITUTE OF TECHNOLOGY'S SLOAN SCHOOL OF MANAGEMENT IN 1992 BLACK MEN HELD ABOUT 146000 SUCH JOBS BLACK WOMEN 113000 BUT BLACK WOMEN ARE CLOSING THAT GAP TOO ALTHOUGH SOME ECONOMISTS SAY THAT RECENT CORPORATE LAYOFFS HAVE SLOWED THE UPWARD MOBILITY OF BLACK MANAGERS AND MANAGERS IN GENERAL STILL BETWEEN 1982 AND 1992 ACCORDING TO THE JOURNAL'S ANALYSIS BLACK MEN INCREASED THEIR NUMBERS IN MANAGEMENT BY 22 BLACK FEMALES INCREASED THEIRS BY 64 IN ALL OTHER AREAS OF THE WHITECOLLAR WORK FORCE THERE ARE MORE BLACK WOMEN THAN BLACK MEN ARMED WITH DIPLOMAS BLACK WOMEN ARE GETTING HIRED AND WORKING HARD TO GET AHEAD IN THEIR QUEST THEY ARE AIDED MANY BLACKS SAY BY BOTH SUBTLE AND NOTSOSUBTLE ATTITUDES THAT HELP THEM MORE THAN BLACK MEN FOR INSTANCE THERE IS A FEELING AMONG MANY BLACKS ESPECIALLY MALES THAT BLACK WOMEN SUCCEED BECAUSE WHITE MEN PREFER WORKING WITH THEM THE COMFORT LEVEL HAS NOTHING TO DO WITH SEX BUT RATHER THE THEORY GOES THAT AMBITIOUS DIRECT AND ASSERTIVE BLACK MALES ARE OFTEN SEEN BY WHITE SUPERVISORS AS AGGRESSIVE SUSPICIOUS OR ARROGANT WOMEN ARE VIEWED AS MORE COMPLIANT EASIER TO GET ALONG WITH BLACK WOMEN ARE TAUGHT FROM A YOUNG AGE TO BE MULTITALENTED MULTIFACETED AND TO BE ABLE TO BE A CHAMELEON AND FOR INDUSTRY THAT'S VERY CRUCIAL YOU NEED PEOPLE YOU CAN PUT INTO A PARTICULAR ENVIRONMENT AND KNOW THEY'LL THRIVE SAYS 32YEAROLD AMANDA HARRIS SHE IS THE YOUNGEST NONWHITE MANAGER AT THE NATIONAL AERONAUTICS AND SPACE ADMINISTRATION'S MARSHALL SPACE FLIGHT CENTER IN HUNTSVILLE ALA JOHN J HIGGINS A WHITE SENIOR VICE PRESIDENT AND GENERAL COUNSEL AT GM HUGHES ELECTRONICS AND HUGHES AIRCRAFT CO SUBSIDIARIES OF GENERAL MOTORS CORP SPEAKS TO THIS ISSUE BASED ON HIS OWN EXPERIENCE HE HELPED MENTOR WANDA DENSONLOW A YOUNG BLACK WOMAN WHO IS STAFF VICE PRESIDENT FOR PATENTS AND LICENSING ASSISTANT GENERAL COUNSEL AND THE COMPANY'S HIGHEST RANKING MINORITY FEMALE IN WANDA'S CASE SHE ACCEPTED ME AS I WAS MR HIGGINS SAYS SHE WASN'T LOOKING FOR AN AGENDA SHE WASN'T SUSPICIOUS OF MY MOTIVES SHE TOOK ME AT MY WORD BASED UPON MY INTERFACE WITH BLACK MALES THE INITIAL ENCOUNTERS WILL INVOLVE A CHIP ON THEIR SHOULDER SOME OBVIOUS SKEPTICISM HE ADDS BUT WHAT IS PERCEIVED BY WHITE MANAGERS AS ARROGANCE SOMETIMES CAN BE THE ARMOR BLACK PEOPLE WEAR TO PROTECT THEMSELVES FROM THE PAIN OF BEING DEVALUED OR MISUNDERSTOOD SAYS MICHAEL SALES A BLACK SENIOR PATENT COUNSEL WHO WORKS WITH MS DENSONLOW AND MR HIGGINS THERE IS A SHELL THERE IS A CERTAIN DEFENSIVENESS A CERTAIN DISTANCING THING UNTIL THE PERSONAL RELATIONSHIP DEVELOPS HE SAYS CORPORATIONS CAN HELP TURN AROUND THE DISTRESSING TREND FOR BLACK MEN IF TOP MANAGEMENT CARES ENOUGH TO MENTOR AND NETWORK WITH BLACK MALES IT'S LIKE THE MOVIE SCHINDLER'S LIST' HE SAYS YOU HAVE ONE GENTLEMAN WHO SAYS I'M GOING TO DO WHAT I CAN DO' FOR HIM IT WAS HIS MENTOR MR HIGGINS WHOM MR SALES DESCRIBES AS THE ONE OUT OF 10 WHITE MEN WHO IS SENSITIVE AND FAIR DACE RICHARDSON 34 A PROJECT MANAGER WITH ROCKETDYNE SEES THE WHITE MALE/BLACK MALE RELATIONSHIP AS A PROBLEM OF ASSIMILATION IT'S NOT THAT YOU HAVE TO ACT WHITE YOU'VE GOT TO UNDERSTAND THE RULES TO GET AHEAD HE SAYS BLACK MEN SOMETIMES TAKE A LONG TIME TO LEARN THAT WE WANT TO DO IT OUR WAY WE FAIL TO BOND WE FOCUS ON BEING THE BEST ENGINEER THE BEST PERSON WE CAN BE YOU NEED TO BE COMPETENT BUT THE SIDE THAT GETS YOU AHEAD IS HOW WELL YOU CAN WORK WITH OTHER PEOPLE STILL MOST BLACK WOMEN AND MEN INTERVIEWED AGREE THAT BLACK MEN'S MALENESS SOMETIMES EVENTUALLY WORKS FOR THEM ONCE WHITE MEN REALIZE WHO YOU ARE AND WHAT YOUR GOALS AND OBJECTIVES ARE AND ALL OF THE MISGIVINGS AND MISINTERPRETATIONS HAVE BEEN DEALT WITH IT'S A MALETOMALE EXCHANGE SAYS MR RICHARDSON FROM THAT STANDPOINT WE DO COME OUT A LITTLE BIT BETTER MS SCOTT OF ROCKWELL ADDS THE WILLINGNESS TO SHARE POWER WITH A BLACK WOMAN MAY BE GREATER BECAUSE THE FEAR IS NOT THERE THAT BLACK WOMEN MAY CATCH UP WITH THEM AND COMPETE MEN CAN COMPETE THERE IS A WIDESPREAD PERCEPTION THAT BLACK WOMEN ALSO HAVE AN ADVANTAGE OVER BLACK MEN BECAUSE THEY ARE TWOFERS FULFILLING COMPANIES' DESIRES TO HAVE MORE WOMEN AND MORE BLACKS ALL FOR THE PRICE OF ONE EEOC NUMBERS DON'T DOUBLECOUNT BLACK FEMALES EMPLOYERS MUST LIST BLACK WOMEN SIMPLY AS BLACK WOMEN AN EEOC SPOKESMAN SAYS BUT THOUGH FEW MANAGERS WILL ADDRESS IT OPENLY THE TWOFER HAS REAL PUBLICRELATIONS VALUE IF YOU'RE IN THE BUSINESS IT'S NOT SAID LIKE THAT IT'S NOT AS RUTHLESS SAYS MS SCOTT WITH INDIVIDUAL MANAGERS THEY'RE LOOKING FOR THE BEST PEOPLE BUT I KNOW WHEN WE'RE NEGOTIATING TO HIRE ONE PERSON VS ANOTHER ALL THINGS BEING EQUAL THAT DUAL FACTOR CAN HELP MR HIGGINS OF HUGHES AIRCRAFT WHO TOOK MS DENSONLOW UNDER HIS WING SAYS THAT SENIOR MANAGERS WORRIED ABOUT HER YOUTH AND INEXPERIENCE NOT HER RACE OR SEX BEFORE THEY PROMOTED HER IN 1989 BUT HE CANDIDLY ADDS THAT HER RACE AND SEX WERE PLUS FACTORS BECAUSE THEY WOULD HELP US MEET OUR MORAL AND LEGAL OBLIGATIONS NEVERTHELESS MS DENSONLOW 32 SAYS THE DUAL STATUS WORKS TO MY DISADVANTAGE BECAUSE THERE'S THE IMMEDIATE PERCEPTION THAT YOU'RE ONLY THERE BECAUSE OF THAT AND I'M YOUNG ON TOP OF THAT IT'S BEEN A GREAT BARRIER TO OVERCOME DESPITE THE BURGEONING NUMBER OF BLACK PROFESSIONAL FEMALES PEOPLE WHO STUDY THESE TRENDS CAUTION THAT THE SUCCESS OF THIS GROUP MUST BE PUT IN CONTEXT ONE THING WE CANNOT ASSUME FROM THESE TRENDS IS THAT THEY WILL TRANSLATE INTO THE GLASS CEILING BECOMING MORE PERMEABLE FOR BLACK WOMEN THAN IT HAS BEEN SAYS MR THOMAS OF HARVARD YOU'RE STILL LIKELY TO SEE A LARGE COLLECTION OF BLACK WOMEN AT THE GLASS CEILING SORT OF PILING UP THERE THE GOOD NEWS IS THAT THEY'RE SITTING THERE WAITING IN PROFESSIONAL JOBS THAT PROVIDE GOOD STABLE OPPORTUNITIES AND NEITHER BLACK WOMEN NOR BLACK MEN ARE DOING AS WELL AS WHITES BLACKS ACCOUNT FOR ONLY 59 OF PROFESSIONALS IN EEOC COMPANIES AND 50 OF OFFICIALS AND MANAGERS BLACK WOMEN STILL TEND TO BE EMPLOYED IN SEGREGATED FEMALE POSITIONS OFTEN ONES THAT WHITE WOMEN HAVE VACATED WORKING IN EXPENDABLE SUPPORT POSITIONS FAR FROM THE COMPANY'S CORE BUSINESS AND SALARIES FOR BLACK WOMEN CONTINUE TO LAG ACCORDING TO A STUDY BY AUDREY MURRELL PROFESSOR OF BUSINESS ADMINISTRATION AND PSYCHOLOGY AT THE KATZ GRADUATE SCHOOL OF BUSINESS AT THE UNIVERSITY OF PITTSBURGH BLACK WOMEN IN THE WORK FORCE EARN ABOUT 86 OF WHAT BLACK MEN AND WHITE WOMEN EARN AND ABOUT 60 OF WHAT WHITE MEN EARN BECAUSE OF BLACK WOMEN'S LOW PAY SAYS ECONOMIST LYNN BURBRIDGE AT THE WELLESLEY COLLEGE CENTER FOR RESEARCH ON WOMEN THE FINANCIAL HEALTH OF THEIR FAMILIES IS MORE AT RISK THAN THOSE HEADED BY WHITE WOMEN NOT ONLY DO WHITE WOMEN EARN MORE THEY ARE MORE LIKELY TO HAVE RELATIVES WHO CAN HELP THEM FINANCIALLY SHE SAYS THAT MAKES THE PRESENCE OF A SECOND WAGE EARNER IN A BLACK FAMILY ALL THE MORE CRUCIAL TO ITS WELLBEING AND BY EXTENSION THE WELLBEING OF THE BLACK COMMUNITY BUT WHO IS THE SECOND WAGEEARNER FOR BLACK PROFESSIONAL WOMEN IN THE PAST THE BLACK COMMUNITY HAD MANY MARRIAGES WHERE WOMEN HAD HIGHER ECONOMIC STATUS THAN THEIR HUSBANDS AND SOME WOMEN LIKE MS SCOTT WONDER WHETHER WE NEED TO REDEFINE SUCCESS SO THAT IF A FIREFIGHTER IS EVERYTHING YOU EVER WANTED IN A MAN IT'S OK EARL S WASHINGTON A VICE PRESIDENT OF ROCKWELL AND PRESIDENT OF THE EXECUTIVE LEADERSHIP COUNCIL AN ORGANIZATION OF BLACK EXECUTIVES HAS TWO DAUGHTERS ONE WITH A BACHELOR'S DEGREE IN ENGINEERING AND A MASTER'S IN BUSINESS THE OTHER WITH A BACHELOR'S DEGREE IN PSYCHOLOGY HE ALWAYS ASSUMED THEY WOULD MARRY BLACK MEN NOW HE SAYS AS CRAZY AS THIS WORLD IS MAYBE THE MOST IMPORTANT REQUIREMENT IS THAT THEY FIND SOMEONE WHO LOVES THEM BUT MOST BLACK PROFESSIONAL WOMEN INTERVIEWED SEEK BLACK MEN OF SIMILAR ACCOMPLISHMENTS MEN WHO CAN REALISTICALLY FIT THEIR LIFESTYLE AND FEEL COMFORTABLE IN THE WORLDS THESE WOMEN TRAVEL IN NOTES MS BELL OF MIT'S SLOAN SCHOOL OF MANAGEMENT TOSHA MCNEAL A 32YEAROLD TECHNICIAN WITH POTOMAC ELECTRIC POWER CO IN WASHINGTON SAYS SHE AND HER CLOSEST FEMALE FRIENDS A LAWYER A JOURNALIST AND A TELEVISIONCOMPANY TECHNICIAN WOULD LIKE TO BE MARRIED TO BLACK MEN BUT SHE SAYS BLUNTLY ONCE YOU TAKE AWAY THE GUYS WHO AREN'T ABOUT ANYTHING TAKE AWAY THE CRIMINALS THE DRUG ADDICTS THE HOMOSEXUALS THE MARRIED MEN IT'S SLIM PICKINGS SOMETIMES SHE ADDS BLACK MEN ARE PUT OFF BY SUCCESSFUL BLACK WOMEN THEY GET INTIMIDATED BY OUR EDUCATION LEVEL OUR ECONOMIC LEVEL THEY LOOK AT US AND SAY WOW SHE'S GOT HER OWN CAR HER OWN APARTMENT HER OWN WARDROBE HER OWN BENEFITS' AND THEY'RE INTIMIDATED AND JEALOUS OLDER BLACK BUSINESSMEN WORRY ABOUT THE INCREASING DISPARITY BETWEEN BLACK MEN AND WOMEN AND THE GROWING LACK OF ROLE MODELS FOR YOUNG MEN IN THE WORKPLACE AS THOSE IN THE FIRST BIG WAVE OF BLACKS IN CORPORATE AMERICA RETIRE OR LEAVE TO START THEIR OWN BUSINESS ONE OF THOSE ROLE MODELS BOB JOHNSON SEARS ROEBUCK & CO'S FIRST BLACK OFFICER THINKS THAT BOTH CORPORATIONS AND BLACKS SHOULD GIVE HIGHER PRIORITY TO ENSURING THAT BLACK WOMEN AND MEN HAVE ACCESS TO ALL PROFESSIONAL AND EXECUTIVE POSITIONS INCLUDING THOSE AT THE HIGHEST LEVEL THE ENERGY SHOULD BE DIRECTED AT OPENING UP THE JOBS SAYS MR JOHNSON WHO RETIRED FROM THE COMPANY IN 1991 AFTER 26 YEARS IF GENDER DISPARITY IN THE CORPORATION BECOMES A DIVISIVE ISSUE FOR BLACK WOMEN AND BLACK MEN HE WARNS WE'RE GOING TO MAKE A LOT LESS PROGRESS AS THE BLACK COMMUNITY STRUGGLES WITH THE ISSUES OF BEING BLACK IN THE WHITE CORPORATE WORLD MS SCOTT CONSIDERS HER OWN PERSONAL FUTURE EVERY TIME SHE HAS A BIRTHDAY SHE SAYS SHE THINKS ABOUT GROWING OLDER ALONE MY MOM USED TO SAY TO ME HEY YOU CAN GET A MAN WHEN YOU CAN'T GET ANYTHING ELSE WHEN YOU'RE ONEEYED AND HAVE ONE LEG' PART OF ME BELIEVES THAT BUT SOMETIMES I THINK OH BOY YOU'RE NOT GETTING ANY YOUNGER' AND SOMETIMES I THINK IF I DON'T HAVE SOMEONE TO SHARE ALL THIS WITH ME IT WILL BE MEANINGLESS SEE RELATED ARTICLE HOW DATA WERE ANALYZED WSJ MARCH 8 1994 THE ARTICLE AND ACCOMPANYING TABLES AND CHARTS ARE BASED ON A STUDY BY EDWARD P FOLDESSY WALL STREET JOURNAL NEWS SYSTEMS EDITOR OF COMPUTER TAPES OBTAINED FROM THE US GOVERNMENT EMPLOYMENT GROWTH COMPOUND ANNUAL GROWTH RATE OF EMPLOYMENT IN PROFESSIONAL JOBS FROM 1982 TO 1992 IN PERCENT BLACK FEMALES 84 WHITE FEMALES 64 BLACK MALES 42 WHITE MALES 20 SOURCE THE WALL STREET JOURNAL STUDY EDUCATION IN THE US BLACK WHITE FEMALE MALE FEMALE MALE HIGHSCHOOL DROPOUT 227 299 127 161 HIGHSCHOOL GRADUATE 308 319 321 293 SOME COLLEGE 323 262 325 284 BACHELOR'S DEGREE 97 81 155 166 GRADUATE OR PROF DEGREE 45 39 72 96 SOURCE BUREAU OF CENSUS 1990 BLACK WOMEN GAIN IN ALMOST ALL AREAS RATIO OF BLACK FEMALES TO BLACK MALES AMONG WHITECOLLAR WORKERS EXCLUDING CLERICAL 1992 1982 SERVICES 223 139 FINANCE INSURANCE REAL ESTATE 195 141 RETAIL TRADE 172 190 TRANSPORTATION COMMUNICATIONS 108 098 MINING 068 039 WHOLESALE TRADE 066 034 AGRICULTURE FORESTRY FISHING 056 028 MANUFACTURING 055 038 CONSTRUCTION 034 025 WHITE COLLAR JOBS EMPLOYMENT BREAKDOWN BY RACE 1992 EXCLUDING CLERICAL WORKERS WHITE MEN 47 WHITE WOMEN 38 OTHER 8 BLACK WOMEN 4 BLACK MEN 3 SOURCE THE WALL STREET JOURNAL STUDY 9403080048 940308 REDEMPTION NOTICES THE FOLLOWING IS A LISTING OF SECURITIES CALLED FOR PARTIAL OR COMPLETE REDEMPTION DURING THE WEEK ENDED MARCH 4 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 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY WILL REDEEM ON APRIL 1 1994 180000 PRINCIPLE AMOUNT OF ITS 6 3/8 POLLUTION CONTROL REVENUE BONDS 1977 SERIES A DUE APRIL 1 2007 BANK OF AMERICA NATIONAL TRUST & SAVINGS ASSOCIATION GLENDALE CALIF IS TRUSTEE 9403080047 940308 RECENT SEC FILINGS WASHINGTON THE FOLLOWING ISSUES WERE RECENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION CAMBRIDGE TECHNOLOGY PARTNERS MASSACHUSETTS INC AN OFFERING OF 25 MILLION COMMON SHARES WITH AN OVERALLOTMENT OPTION FOR 375000 ADDITIONAL SHARES VIA JP MORGAN SECURITIES INC TUCKER ANTHONY INC AND ADAMS HARKNESS & HILL INC CCUBE MICROSYSTEMS AN INITIAL OFFERING OF 24 MILLION COMMON SHARES VIA LEHMAN BROTHERS ALEX BROWN & SONS INC AND UNTERBERG HARRIS ENSERCH CORP A SHELF OFFERING OF SECURITIES FOR UP TO 450 MILLION IDEC PHARMACEUTICALS CORP AN OFFERING OF 2750000 NEWLY ISSUED COMMON SHARES FOR SELECTED INSTITUTIONAL INVESTORS UNITED DOMINION REALTY TRUST INC AN OFFERING OF 75 MILLION OF SENIOR UNSECURED NOTES VIA GOLDMAN SACHS & CO 9403080046 940308 BUSINESS BRIEF KIMBERLYCLARK CORP ABSORBENTUNDERPANTS LINE FOR CHILDREN IS INTRODUCED KIMBERLYCLARK CORP UNVEILED A NEW LINE OF ABSORBENT UNDERPANTS FOR CHILDREN OF AGES FIVE THROUGH 11 THE DALLAS COMPANY A MAKER OF HOUSEHOLD PERSONALCARE AND HEALTHCARE PRODUCTS SAID THE NEW LINE CALLED PULLUPS GOODNITES IS AIMED AT THE MARKET OF MORE THAN THREE MILLION US CHILDREN WHO EXPERIENCE BEDWETTING GOODNITES ABSORBENT UNDERPANTS RESPOND TO THIS PREVIOUSLY UNMET NEED AND ELIMINATE THE NECESSITY OF WASHING SHEETS AND PAJAMAS AFTER NIGHTTIME ACCIDENTS SAID THOMAS J FALK GROUP PRESIDENT OF KIMBERLYCLARK'S INFANT AND CHILDCARE GROUP THE PANTS WILL BE AVAILABLE IN TWO UNISEX SIZES FITTING CHILDREN WEIGHING BETWEEN 45 AND 85 POUNDS SHIPMENTS WILL BEGIN NATIONALLY IN APRIL SEPARATELY THE COMPANY SAID IT WILL BEGIN NATIONAL SHIPMENTS IN MARCH OF A REVISED PULLUPS TRAININGPANTS LINE WHICH WILL HAVE NEW LEAKAGE CONTROL SHIELDS 9403080045 940308 BUSINESS BRIEF ORNDA HEALTHCORP ACCOUNTING CHANGES AFFECT PREVIOUS RESULTS AND ASSETS ORNDA HEALTHCORP SAID IT ADOPTED TWO ACCOUNTING CHANGES THAT CAUSED A DECREASE IN PREVIOUSLY REPORTED RESULTS AND A NET INCREASE IN ASSETS AND SHAREHOLDERS' EQUITY THE CHANGES WHICH RELATE TO THE COMPANY'S INVESTMENT IN HOUSTON NORTHWEST MEDICAL CENTER WERE PROMPTED BY DISCUSSIONS WITH THE SECURITIES AND EXCHANGE COMMISSION OVER ORNDA'S PLANNED MERGERS WITH AMERICAN HEALTHCARE MANAGEMENT INC AND SUMMIT HEALTH LTD THE COMPANY SAID THOSE MERGERS WON'T BE AFFECTED THE COMPANY ADDED ORNDA A HOSPITAL CHAIN IN NASHVILLE TENN SAID IT RESTATED EARNINGS FOR THE FOUR FISCAL YEARS ENDED AUG 31 1990 THROUGH 1993 AS WELL AS FOR ITS FISCAL FIRST QUARTER ENDED NOV 30 1993 THE COMPANY ORIGINALLY POSTED A NET LOSS FOR THOSE PERIODS COMBINED OF 1559 MILLION THE RESTATEMENTS WIDEN THAT LOSS BY AN ADDITIONAL 483 MILLION ASSETS AND SHAREHOLDERS' EQUITY INCREASED 356 MILLION 9403080044 940308 INTERNATIONAL TAIWAN CONSUMER PRICES TAIPEI TAIWAN TAIWAN'S CONSUMER PRICE INDEX JUMPED 39 IN FEBRUARY FROM A YEAR EARLIER TO STAND AT 11024 AND INCREASED 13 FROM JANUARY THE DIRECTORATE GENERAL OF BUDGET ACCOUNTING AND STATISTICS REPORTED 9403080043 940308 PLANE PASSENGERS MORE APT TO RESIST BEING BUMPED' WASHINGTON PASSENGERS ARE INCREASINGLY RESISTING AIRLINES' REQUESTS FOR VOLUNTEERS TO LEAVE OVERBOOKED FLIGHTS GOVERNMENT FIGURES SUGGEST AIRLINES HAD TO FORCE 50840 PASSENGERS OFF OF FLIGHTS LAST YEAR AN 11 INCREASE FROM 1992 ACCORDING TO THE TRANSPORTATION DEPARTMENT THE CHANCES OF BEING BUMPED ROSE FOR THE FIRST TIME SINCE 1985 AND THEY ROSE EVEN THOUGH PLANES WERE LESS FULL THAN THEY WERE THE PREVIOUS YEAR ANTICIPATING THAT SOME PASSENGERS WON'T APPEAR AIRLINES ROUTINELY OVERBOOK FLIGHTS IF TOO MANY PEOPLE SHOW UP AN AIRLINE TYPICALLY OFFERS INDUCEMENTS SUCH AS FREETRAVEL COUPONS UNTIL ENOUGH PASSENGERS AGREE TO DEPART IN 1993 631780 PASSENGERS LEFT PLANES VOLUNTARILY A DROP OF 13 FROM 1992 ACCORDING TO THE TRANSPORTATION DEPARTMENT IF AIRLINES HAVE TO BUMP PASSENGERS INVOLUNTARILY THEY MUST PAY PASSENGERS AN AMOUNT EQUAL TO THE TICKET FARE UP TO 200 IF THE PASSENGER ARRIVES AT THE FINAL DESTINATION MORE THAN TWO HOURS LATE THE COMPENSATION DOUBLES AND COURTS HAVE UPHELD A PASSENGER'S RIGHT TO SUE AN AIRLINE FOR FINANCIAL LOSSES AFTER BEING BUMPED FROM A FLIGHT DAVID SWIERENGA CHIEF ECONOMIST FOR THE AIRLINES' AIR TRANSPORT ASSOCIATION SAID THE RISK OF BEING BUMPED WILL BE GREATER THIS YEAR IF AIR TRAFFIC INCREASES EVEN SLIGHTLY BECAUSE AIRLINES HAVE SHED PLANES TO CUT COSTS YOU'LL HAVE MORE FLIGHTS OPERATING AT 100 CAPACITY HE SAID 9403080042 940308 BUSINESS BRIEF AETNA LIFE & CASUALTY CO INSURANCE COMPANY FORMS UNIT FOR ASSET MANAGEMENT AETNA LIFE & CASUALTY CO SAID IT FORMED AN INDEPENDENT INVESTMENTMANAGEMENT DIVISION TO PROVIDE ADVICE AND ASSETMANAGEMENT SERVICES THE NEW UNIT AELTUS INVESTMENT MANAGEMENT INC REPLACES AETNA CAPITAL MANAGEMENT A UNIT IN WHICH MANAGERS REPORTED TO THREE DIFFERENT AETNA BUSINESS DIVISIONS AELTUS WHOLLY OWNED BY THE HARTFORD CONN INSURANCE COMPANY WILL HAVE COMPLETE ACCOUNTABILITY FOR ITS FINANCIAL RESULTS A SPOKESWOMAN SAID AELTUS CURRENTLY MANAGES MORE THAN 20 BILLION FOR 600 INSTITUTIONAL CLIENTS AETNA SAID 9403080041 940308 BUSINESS BRIEF PACTEL CORP NET INCOME TRIPLED FOR 1993 DUE TO SUBSCRIBER GROWTH PACTEL CORP THE WIRELESSCOMMUNICATIONS BUSINESS THAT IS BEING SPUN OFF FROM PARENT PACIFIC TELESIS GROUP REPORTED A TRIPLING OF NET INCOME FOR 1993 DUE TO HIGH SUBSCRIBER GROWTH NET INCOME ROSE TO 345 MILLION OR EIGHT CENTS A SHARE UP FROM 102 MILLION OR TWO CENTS A SHARE IN 1992 THE YEARAGO FIGURE INCLUDED A NET GAIN OF 50 MILLION FOR ACCOUNTING CHANGES AND THE EARLY RETIREMENT OF DEBT WITHOUT THE GAIN PACTEL WOULD HAVE REPORTED A LOSS IN 1992 OF ABOUT 40 MILLION CELLULAR SUBSCRIBERS IN US AND OVERSEAS MARKETS ROSE 55 TO 12 MILLION PACTEL'S REVENUE IN 1993 MOVED UP 18 TO 988 MILLION FROM 8385 MILLION IN 1992 FOR THE QUARTER PACTEL WALNUT CREEK CALIF SAID IT EARNED 146 MILLION ON 2347 MILLION OF REVENUE THE COMPANY DID NOT GIVE PERSHARE OR PRIOR YEAR COMPARISONS 9403080040 940308 BUSINESS BRIEF COLTEC INDUSTRIES INC ENGINE DIVISION TO ACQUIRE ASSETS OF GE'S ALCO BUSINESS COLTEC INDUSTRIES INC SAID ITS FAIRBANKS MORSE ENGINE DIVISION AGREED TO ACQUIRE THE EQUIPMENT AND ASSETS OF A GENERAL ELECTRIC CO'S ALCO ENGINE BUSINESS UNDER THE AGREEMENT FAIRBANKS MORSE WILL MAKE AND SELL ENGINES AND OTHER AFTERMARKET PARTS FOR ALCO DIESEL ENGINES USED IN POWER PLANTS AND MARINE MARKETS GE ALSO OF NEW YORK WILL RETAIN THE RIGHT TO SELL AND MARKET THOSE ITEMS FOR ITS LOCOMOTIVE MARKETS SEPARATELY NEW YORKBASED COLTEC WHICH MAKES AEROSPACE AUTOMOTIVE AND INDUSTRIAL PRODUCTS SAID ITS AUTOMOTIVE DIVISION WILL SUPPLY AIR PUMPS TO ISUZU MOTORS LTD FOR USE IN RODEO AND TROOPER SPORTS MODELS AND A PICKUP TRUCK THE COMPANY EXPECTS TO SHIP ABOUT 30000 AIR PUMPS A YEAR TERMS OF THE AGREEMENTS WEREN'T DISCLOSED COLTEC ALSO MAKES THE PUMPS WHICH ARE USED TO REDUCE ENGINE EMISSIONS FOR FORD MOTOR CO GENERAL MOTORS CORP AND CHRYSLER CORP 9403080039 940308 BUSINESS BRIEF FIRST CITY BANCORP OF TEXAS INC REORGANIZATION PLAN OFFERS TO PAY BONDHOLDERS IN FULL FIRST CITY BANCORP OF TEXAS INC FILED A REORGANIZATION PLAN WITH THE US BANKRUPTCY COURT IN DALLAS OFFERING TO PAY BONDHOLDERS IN FULL THE PLAN HINGES ON A TENTATIVE SETTLEMENT OF A LAWSUIT FIRST CITY FILED IN THE BANKRUPTCY COURT AGAINST THE FEDERAL DEPOSIT INSURANCE CORP ALLEGING THAT THE AGENCY UNJUSTLY SEIZED THE BANK HOLDING COMPANY'S 20 BANKS IN 1992 WHILE IT WAS TRYING TO RECAPITALIZE ITSELF WITH PRIVATE FUNDS FIRST CITY HAS ESTIMATED THAT THE SETTLEMENT WILL GIVE IT 275 MILLION TO 375 MILLION FROM THE SALE OF THE SEIZED ASSETS UNDER THE CHAPTER 11 REORGANIZATION PLAN BONDHOLDERS WOULD GET BACK THEIR PRINCIPAL AND INTEREST 85 IN CASH AND THE REST IN NEW 615 FIVEYEAR BONDS PREFERREDSHARE HOLDERS WOULD GET NEW PREFERRED STOCK WHILE COMMON SHAREHOLDERS WOULD GET NEW COMMON STOCK THE PLAN IS SUBJECT TO APPROVAL OF THE BANKRUPTCY COURT CREDITORS AND SHAREHOLDERS 9403080038 940308 PROPOSAL TO BE UNVEILED FOR JOBTRAINING OVERHAUL WASHINGTON THE CLINTON ADMINISTRATION TOMORROW PLANS TO UNVEIL ITS LONGAWAITED PLAN TO RESTRUCTURE THE FEDERAL UNEMPLOYMENT AND JOBTRAINING SYSTEM THE PLAN EXPECTED TO COST 13 BILLION OVER FIVE YEARS WOULD CONSOLIDATE SIX FEDERAL TRAINING AND JOBSEARCH PROGRAMS INTO ONESTOP SHOPPING THAT WOULD TREAT UNEMPLOYED WORKERS THE SAME NO MATTER WHY THEY LOST THEIR JOBS THE PROGRAM WOULD TRY TO GET THOSE WHO HAVE BEEN PERMANENTLY CUT FROM THEIR JOBS INTO JOB TRAINING SOONER BY SORTING THOSE UNEMPLOYED WORKERS FROM OTHERS WHO ARE TEMPORARILY LAID OFF THE GOVERNMENT ALSO WOULD PAY FOR LONGTERM TRAINING PROGRAMS WHICH HAVE BEEN SHOWN TO BE MORE EFFECTIVE PARTICIPANTS WOULD RECEIVE INCOME SUPPORT DURING THAT TIME RATHER THAN GETTING ONLY 26 WEEKS OF UNEMPLOYMENT BENEFITS IN ADDITION DRAFTS OF THE PROPOSAL SAY THE UNEMPLOYED WHO FIND NEW WORK FASTER WOULD RECEIVED REEMPLOYMENT BONUSES EQUAL TO A PORTION OF THEIR UNEMPLOYMENT BENEFITS WORKERS ALSO COULD USE UNEMPLOYMENT BENEFITS TO CREATE THEIR OWN BUSINESSES 9403080037 940308 BUSINESS BRIEF LIUSKI INTERNATIONAL INC STOCK SLIDES 27 ON DROP IN PROFIT FOR FOURTH QUARTER SHARES OF LIUSKI INTERNATIONAL INC SKIDDED 27 AFTER THE COMPANY REPORTED A SHARP DECREASE IN FOURTHQUARTER PROFIT PARTLY BECAUSE OF LOWER GROSS PROFIT MARGINS AND COMPETITION NET INCOME WAS 678392 OR 15 CENTS A SHARE DOWN FROM 11 MILLION OR 34 CENTS A SHARE LIUSKI SAID IF YEARAGO EARNINGS WERE ADJUSTED FOR ITS SECONDARY PUBLIC OFFERING OF 11 MILLION SHARES IN MAY 1993 COMPARABLE FOURTHQUARTER EARNINGS WOULD HAVE BEEN 25 CENTS A SHARE LIUSKI OF MELVILLE NY SAID IT WAS DISAPPOINTED WITH THE RESULTS BLAMING THE LOWER PROFITS ON A REDUCTION IN MANUFACTURER INCENTIVES INCREASES IN SALES PROMOTION PROGRAMS THAT DIDN'T MEET EXPECTED SALES VOLUME AND COMPETITIVE INDUSTRY CONDITIONS REVENUE HOWEVER ROSE 37 TO 844 MILLION FROM 617 MILLION LIUSKI'S SHARES CLOSED AT 9 DOWN 325 IN NASDAQ STOCK MARKET TRADING THE COMPANY IS A DISTRIBUTOR OF MICROCOMPUTER PERIPHERALS COMPONENTS AND ACCESSORIES AND IT ALSO MAKES PERSONAL COMPUTERS 9403080036 940308 GROUP SAYS 1 IN 10 PEOPLE SOUGHT FOOD RELIEF IN '93 NEW YORK THE NATION'S LARGEST PRIVATE HUNGER RELIEF GROUP SAYS AT LEAST ONE IN 10 AMERICANS NOTABLY WOMEN AND CHILDREN SOUGHT EMERGENCY FOOD IN 1993 AND SAID THE NEED HAS SPREAD FROM URBAN TO SUBURBAN AREAS SECOND HARVEST A CHICAGOBASED NETWORK OF 185 FOOD BANKS THAT PROVIDE FOOD THROUGH SOME 42000 CHARITABLE AGENCIES SAID NEARLY 26 MILLION AMERICANS OR 104 OF THE POPULATION USED THE NETWORK AT SOME POINT LAST YEAR THE REPORT FUNDED BY KRAFT GENERAL FOODS INC A UNIT OF PHILIP MORRIS COS AND COMPILED BY VANAMBURG GROUP INC CONSULTANTS IN ERIE PA SAID MORE THAN 45 OF RECIPIENTS HADN'T EXPECTED TO NEED ASSISTANCE THREE MONTHS BEFORE SEEKING AID SECOND HARVEST ADDED THAT MANY CLIENTS ARE RECENTLY UNEMPLOYED LIVE IN SINGLEPARENT FAMILIES OR ARE HOMELESS THE STUDY WAS CONDUCTED IN TWO PARTS A MAIL SURVEY WAS SENT TO THE 9300 AGENCIES WHO WORK WITH 34 SECOND HARVEST FOOD BANKS MORE THAN 3180 AGENCIES RESPONDED THE STUDY ALSO CONDUCTED 8596 INTERVIEWS WITH CLIENTS SECOND HARVEST SAID THE TWO STUDIES WERE CROSSREFERENCED IN AN EFFORT TO ELIMINATE DOUBLE COUNTING THE SAMPLING WAS THEN PROJECTED ACROSS THE GROUP'S NETWORK SKEPTICS POINT OUT THAT SOME RECIPIENTS MAY SIMPLY BE TRYING TO STRETCH THEIR BUDGETS AND AREN'T CHRONICALLY NEEDY AND SECOND HARVEST SAID IT DIDN'T INTEND TO TRY TO MEASURE ALL HUNGER IN THE US BUT TO EVALUATE ITS OWN NETWORK NONETHELESS THE FIGURES ARE LIKELY TO BECOME FACTORS IN THE CONTINUING POLITICAL DEBATES ON HEALTH AND WELFARE ISSUES 9403080032 940308 BUSINESS BRIEF CCX INC STOCK FALLS SHORT OF CRITERIA FOR BIG BOARD TRADING HALTS THE NEW YORK STOCK EXCHANGE SAID TRADING IN CCX INC'S COMMON AND 5 CUMULATIVE PREFERRED STOCK WAS SUSPENDED YESTERDAY THE BIG BOARD SAID IT WOULD APPLY TO THE SECURITIES AND EXCHANGE COMMISSION TO DELIST THE STOCK TRADED UNDER THE SYMBOLS CCX AND CCX PR RESPECTIVELY THE EXCHANGE SAID CCX A CHARLOTTE NCBASED MAKER OF MESHES FOR SCREENING AND FILTRATION FELL BELOW LISTING CRITERIA THE BIG BOARD CITED RULES INCLUDING A MINIMUM 5 MILLION IN AGGREGATE MARKET VALUE OF PUBLICLY HELD SHARES AND A MINIMUM OF 8 MILLION IN NET TANGIBLE ASSETS AVAILABLE TO COMMON STOCK IN CONJUNCTION WITH AT LEAST 600000 IN THREEYEAR AVERAGE NET INCOME ON FEB 23 CCX ANNOUNCED IT WAS IN RESTRUCTURING NEGOTIATIONS WITH ITS BANK AND BONDHOLDERS THE COMPANY SAID IT MIGHT BE REQUIRED TO FILE A PETITION FOR REORGANIZATION UNDER CHAPTER 11 OF THE FEDERAL BANKRUPTCY CODE A COMPANY SPOKESWOMAN SAID CCX DIDN'T DISPUTE FALLING BELOW BIG BOARD CRITERIA 9403080031 940308 WHO'S NEWS TRITON ENERGY CORP TRITON ENERGY CORP DALLAS A E TURNER WAS NAMED TO THE NEWLY CREATED POSITION OF SENIOR VICE PRESIDENT OPERATIONS OF THIS OIL AND NATURAL GAS COMPANY MR TURNER 45 YEARS OLD WAS FORMERLY VICE PRESIDENT AND GENERAL MANAGER OF BRITISH GAS EXPLORATION & PRODUCTION INC A HOUSTONBASED UNIT OF BRITISH GAS PLC 9403080030 940308 BUSINESS BRIEF GOLDEN WEST FINANCIAL CORP BANK GIVES UP ITS ATTEMPT TO BUY CALIFORNIA FEDERAL GOLDEN WEST FINANCIAL CORP SAID IT HAS GIVEN UP ITS BID TO ACQUIRE CALIFORNIA FEDERAL BANK HERBERT M SANDLER GOLDEN WEST'S CHAIRMAN AND CHIEF EXECUTIVE SAID THAT NEGOTIATIONS WITH CALFED FALTERED OVER CALFED'S REFUSAL TO LET GOLDEN WEST EXAMINE ITS BOOKS CALFED COULDN'T BE REACHED FOR COMMENT LAST DECEMBER GOLDEN WEST PROPOSED TO ACQUIRE CALFED A LOS ANGELES BASED CONCERN WITH 157 BILLION IN ASSETS AND A STRING OF LOSSES FOR 2150 A SHARE OR 53750 MILLION PLUS 90 MILLION FOR PREFERRED STOCK CALFED DECLINED THE OFFERING SAYING THAT IT WAS NOT FOR SALE LAST MONTH GOLDEN WEST MADE ANOTHER ATTEMPT OFFERING A SPECULATIVE SECURITY TO BRIDGE THE DIFFERENCE IN THE TWO BANKS' VALUATION OF CALFED 9403080029 940308 BUSINESS BRIEF ASK GROUP INC AGREEMENT ON CALL OF LOANS IS REACHED WITH CREDITORS ASK GROUP INC WHICH HAS SEEN SALES SLUMP AND WENT THROUGH A MANAGEMENT SHAKEUP LAST MONTH SAID IT SIGNED A AGREEMENT WITH CREDITORS GIVING IT BREATHING ROOM TO GET ITS FINANCES IN ORDER THE SANTA CLARA CALIF COMPANY A MAKER OF SOFTWARE FOR AUTOMATED MANUFACTURING SAID THE AGREEMENT WITH CIBC INC AND FIRST NATIONAL BANK OF BOSTON GIVES IT 60 DAYS BEFORE THE BANKS WILL CALL ANY LOANS BECAUSE OF THE COMPANY'S NONCOMPLIANCE WITH FINANCIAL COVENANTS UNDER A 50 MILLION CREDIT FACILITY THE AGREEMENT REQUIRES THAT THE COMPANY WORK CLOSELY WITH THE BANKS TO DEVELOP A NEW BUSINESS PLAN BY THE END OF THE MONTH ASK'S STOCK FELL YESTERDAY TO ITS LOWEST LEVEL SINCE THE COMPANY WENT PUBLIC IN 1991 IN NASDAQ STOCK MARKET TRADING ITS SHARES CLOSED AT 7875 DOWN 375 CENTS 9403080028 940308 CREDIT RATINGS ITT HARTFORD GROUP INC STANDARD & POOR'S CORP RAISED ITS SENIOR DEBT RATING FOR ITT HARTFORD GROUP INC TO DOUBLEA FROM DOUBLEAMINUS ABOUT 500 MILLION IN DEBT IS AFFECTED THE RATINGS CONCERN SAID THE UPGRADE STEMS FROM STRONG FINANCIAL PERFORMANCE AT THE INSURANCE CONCERN A UNIT OF ITT CORP NEW YORK ITT HARTFORD GROUP HAD A 682 MILLION PRETAX PROFIT FOR THE FIRST THREE QUARTERS OF 1993 COMPARED WITH A LOSS OF 576 MILLION DURING THE SAME PERIOD IN 1992 S&P ADDED THAT ITT HARTFORD HAS A STRONG DIVERSIFIED POSITION IN THE INSURANCE INDUSTRY THE RATINGS AGENCY ALSO APPROVED ITS TRIPLEA CLAIMSPAYING ABILITY RATINGS ON HARTFORD FIRE GROUP HARTFORD LIFE INSURANCE CO HARTFORD LIFE & ACCIDENT INSURANCE CO AND ITT HARTFORD LIFE & ANNUITY INSURANCE CO THE PARENT COMPANY ITT ALSO HAS INTERESTS IN FINANCIAL SERVICES HOTELS DEFENSE AND AUTOMOTIVE PRODUCTS 9403080027 940308 BUSINESS BRIEF ABITIBIPRICE INC NEWSPRINT COMPANY AGREES TO SELL MANITOBA OPERATION ABITIBIPRICE INC SAID IT AGREED IN PRINCIPLE TO SELL ITS PINE FALLS MANITOBA NEWSPRINT OPERATION TO A GROUP THAT INCLUDES MANAGEMENT AND EMPLOYEES THE PINE FALLS MILL HAS AN ANNUAL CAPACITY OF 178000 METRIC TONS OF NEWSPRINT OR LESS THAN 1 OF THE TORONTO NEWSPRINT COMPANY'S TOTAL CAPACITY UNDER THE PROPOSED AGREEMENT THE COMPANY WILL BE REIMBURSED FOR WORKING CAPITAL RELATED TO THE MILL AND RECEIVE PREFERRED SHARES WITH A FACE VALUE OF 40 MILLION CANADIAN DOLLARS US295 MILLION FOR FIXED ASSETS THE PACT IS SUBJECT TO THE COMPLETION OF DEFINITIVE AGREEMENTS FINANCING AND REGULATORY APPROVALS A METRIC TON IS EQUAL TO 220462 POUNDS 9403080026 940308 BUSINESS BRIEF VALUEVISION INTERNATIONAL INC NATIONAL MEDIA CORP AGREES TO PURCHASE FOR 150 MILLION VALUEVISION INTERNATIONAL INC SAID NATIONAL MEDIA CORP WHICH REJECTED ITS HOSTILE TAKEOVER BID LAST MONTH AGREED TO A SWEETENED OFFER TO BUY THE COMPANY FOR ABOUT 150 MILLION IN FEBRUARY MINNEAPOLISBASED VALUEVISION LAUNCHED A 10ASHARE STOCKANDCASH BID WHICH NATIONAL MEDIA REJECTED AS INADEQUATE AS A RESULT VALUEVISION THREATENED TO START A PROXY FIGHT AT NATIONAL MEDIA'S ANNUAL MEETING ON MARCH 21 ASKING THE COMPANY'S SHAREHOLDERS TO SEAT EIGHT NEW DIRECTORS IN FAVOR OF ITS TAKEOVER BID BUT NATIONAL MEDIA A PHILADELPHIA TELEVISION MARKETING CONCERN WAS PERSUADED TO ACCEPT THE DEAL WHEN VALUEVISION A HOMESHOPPING NETWORK RAISED ITS BID TO 1150 A SHARE AND MADE IT AN ALLCASH OFFERING ON THE NASDAQ STOCK MARKET VALUEVISION CLASS A SHARES SOARED 1375 A SHARE OR 177 TO CLOSE AT 9125 IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING NATIONAL MEDIA STOCK ROSE 875 CENTS OR 85 TO CLOSE AT 11125 9403080025 940308 BUSINESS BRIEF UAL CORP NONCONTRACT WORKERS SEEK HELP FROM TEAMSTERS UNION THE TEAMSTERS UNION SAID IT HAS BEEN ASKED TO HELP IN AN ORGANIZING DRIVE AIMED AT GAINING UNION REPRESENTATION FOR SOME 20000 EMPLOYEES OF UAL CORP PARENT OF UNITED AIRLINES THE INTERNATIONAL BROTHERHOOD OF TEAMSTERS SAID A COMMITTEE OF NONCONTRACT EMPLOYEES OF UNITED RANGING FROM RESERVATIONS AGENTS TO ENGINEERS WANT THE UNION TO HELP THEM NEGOTIATE TERMS OF A PROPOSED EMPLOYEE BUYOUT LATE LAST YEAR UNITED'S PILOTS AND MACHINIST UNIONS AGREED TO BUY A MAJORITY STAKE IN THE COMPANY IN A TRANSACTION VALUED AT ABOUT 5 BILLION IN EXCHANGE FOR WAGE AND WORKRULE CONCESSIONS THE LABOR GROUPS ALONG WITH UNITED'S THOUSANDS OF NONCONTRACT WORKERS WOULD RECEIVE EQUITY IN THE COMPANY AND CREATE A NEW SHORTFLIGHT OPERATION SOME NONCONTRACT EMPLOYEES HAVE COMPLAINED BECAUSE THEY FELT THEY HAD VIRTUALLY NO SAY IN THE BUYOUT BUT IT ISN'T CLEAR HOW MUCH IMPACT THOSE EMPLOYEES EVEN WITH UNION REPRESENTATION COULD HAVE ON THE MAJORITYSTAKE PURCHASE AT THIS ADVANCED STAGE OF THE TRANSACTION 9403080024 940308 BUSINESS BRIEF STATE AUTO FINANCIAL CORP REORGANIZATION AGREEMENT WOULD REVERSE FEE SETUP STATE AUTO FINANCIAL CORP SAID IT REACHED A REORGANIZATION AGREEMENT WITH 68 SHAREHOLDER STATE AUTOMOBILE MUTUAL INSURANCE CO THAT IS EXPECTED TO ADD 16 CENTS TO 20 CENTS A SHARE TO STATE AUTO FINANCIAL'S 1994 EARNINGS AND ANOTHER 25 CENTS A SHARE TO ITS 1995 EARNINGS STATE AUTO FINANCIAL A COLUMBUS OHIO HOLDING COMPANY HAS BEEN MANAGED BY STATE AUTOMOBILE MUTUAL AND PAYING A MANAGEMENT FEE TO STATE AUTOMOBILE MUTUAL A COMPANY SPOKESMAN SAID THE NEW STRUCTURE REVERSES THIS ARRANGEMENT MEANING THAT STATE AUTO FINANCIAL WILL START RECEIVING RATHER THAN PAYING MANAGEMENT FEES THE AGREEMENT MUST BE APPROVED BY THE DEPARTMENTS OF INSURANCE IN OHIO SOUTH CAROLINA AND SOUTH DAKOTA THE COMPANY HOPES TO GAIN APPROVAL IN TIME TO MAKE IT EFFECTIVE APRIL 1 9403080023 940308 BUSINESS BRIEF ANCHOR BANCORP INC THRIFT TO PURCHASE LINCOLN SAVINGS BANK FOR 80 MILLION ANCHOR BANCORP INC HEWLETT NY SAID IT AGREED TO ACQUIRE LINCOLN SAVINGS BANK A METROPOLITAN NEW YORK SAVINGS INSTITUTION FOR 80 MILLION LINCOLN SAVINGS WHICH HAS 21 BILLION OF ASSETS AND 12 BILLION OF LOANS HASN'T BEEN IN COMPLIANCE WITH FEDERAL CAPITAL REQUIREMENTS ALTHOUGH THE LEVELS HAVE IMPROVED AN OFFICIAL OF THE OFFICE OF THRIFT SUPERVISION SAID AT JAN 31 LINCOLN HAD 1435 MILLION IN NONPERFORMING LOANS AND REAL ESTATE BUT ANCHOR SAID THOSE ASSETS APPEAR WELL CONTROLLED AND NONPERFORMING BALANCES HAVE DECLINED STEADILY ANCHOR HAD ASSETS OF 82 BILLION AT THE END OF JANUARY ON A PROFORMA BASIS ANCHOR AFTER ACQUIRING LINCOLN EXPECTS TO HAVE ABOUT 10 BILLION IN ASSETS AND 7 BILLION IN DEPOSITS IN 65 OFFICES ANCHOR SAID THE ACQUISITION WOULD PUT IT AMONG THE 10 LARGEST PUBLICLY HELD THRIFTS IN THE US JAMES M LARGE JR CHAIRMAN AND CHIEF EXECUTIVE OF ANCHOR SAID THE PURCHASE WILL ENHANCE ANCHOR'S GREATER NEW YORK MARKET AND CONTRIBUTE TO EARNINGS WITHIN A YEAR 9403080022 940308 BUSINESS BRIEF JOHN LABATT LTD EMPLOYEES CLEAR CONTRACT THREEWEEK LOCKOUT ENDS JOHN LABATT LTD SAID IT ENDED A LOCKOUT AT ITS QUEBEC BREWERY AFTER MORE THAN 1000 UNIONIZED EMPLOYEES REVERSED A VOTE AND APPROVED THE COMPANY'S CONTRACT THE LOCKOUT WHICH BEGAN THREE WEEKS AGO HAD SHUT DOWN ABOUT 30 OF LABATT'S DOMESTIC BEER PRODUCTION THE TORONTOBASED COMPANY SAID IT MUST CUT ITS PRODUCTION COSTS BECAUSE OF AN EXPECTED INCREASE IN LOWPRICED IMPORTS FROM THE US FOLLOWING LAST SUMMER'S BEERTRADE AGREEMENT THE LABATT WORKERS' NEW THREEYEAR CONTRACT PROVIDES NO WAGE INCREASES IN THE FIRST YEAR AND 2 RAISES IN EACH OF THE FOLLOWING TWO YEARS ALAIN BOLDUC SPOKESMAN FOR LABATT'S QUEBEC OPERATION SAID THE CONTRACT ALSO ALLOWS THE COMPANY TO HIRE PARTTIME WORKERS FOR WEEKEND SHIFTS DURING HEAVY BEERCONSUMPTION MONTHS THE COMPANY PREVIOUSLY PAID ITS REGULAR EMPLOYEES OVERTIME FOR WEEKEND WORK 9403080021 940308 MARKETING BRIEF NOTED MAGAZINES SMARTMONEY MAGAZINE A JOINT PUBLICATION OF DOW JONES & CO AND HEARST CORP WAS NAMED MAGAZINE OF THE YEAR BY ADVERTISING AGE THE TRADE PUBLICATION SAID TWOYEAROLD SMARTMONEY HAS BECOME A MAJOR PRESENCE IN THE PERSONAL FINANCE CATEGORY DOW JONES ALSO PUBLISHES THE WALL STREET JOURNAL WHO'S NEWS JACQUELINE MCCORD LEO 47YEAROLD EDITOR IN CHIEF OF FAMILY CIRCLE MAGAZINE WAS NAMED TO THE NEW POST OF EDITORIAL DIRECTOR OF NEW YORK TIMES CO WOMEN'S MAGAZINES 9403080019 940308 A NEW CRAZE FOR MARCH'S MADDEST ONLINE TRADING' OF NCAA SHARES BY BARBARA MARTINEZ STAFF REPORTER OF THE WALL STREET JOURNAL A NEW COMPUTER GAME IS BOUND TO RAISE THE TEMPERATURES OF ALREADY FEVERISH NCAA BASKETBALL FANS ESPECIALLY THE ONES WHO WORK ON WALL STREET IT'S CALLED THE FIRST ANNUAL COLLEGE BASKETBALL STOCK MARKET CHALLENGE SPONSORED BY SPORTS MARKETS INC AN ANN ARBOR MICHBASED FIRM THE GAME ALLOWS PLAYERS TO MANAGE AN IMAGINARY 100000 PORTFOLIO BY TRADING SHARES OF THE 64 TEAMS PLAYING IN THE NCAA BASKETBALL TOURNAMENT STARTING MARCH 14 CONTESTANTS CAN TRADE 24 HOURS A DAY INCLUDING AND UP TO THE FINAL SECONDS OF ANY GAME TO PLAY ALL YOU NEED IS THE 6995 ENTRY FEE A COMPUTER A MODEM AND A WORKING KNOWLEDGE OF BID ASK AND PICK AND ROLL THE GRAND PRIZE GIVEN TO WHOMEVER EARNS THE MOST MONEY FROM TRADING IS 25000 IN REAL CASH SPORTS MARKETS IS HOPING TO ATTRACT INTERNET HOBBYISTS MICHAEL WOLFF AUTHOR OF NET GUIDE A REFERENCE MANUAL FOR THE INTERNET AND OTHER ONLINE SERVICES SAYS MANY INTERNET USERS COME FROM ACADEMIA OR THE BUSINESS WORLD AND HAVE A STRONG INTEREST IN SPORTS AND GAMES INDEED BOAZ WEINSTEIN 20 YEARS OLD AND CHIEF EXECUTIVE OF SPORTS MARKETS SAYS MOST OF THE 550 PEOPLE WHO HAVE SIGNED UP SO FAR ARE EITHER STUDENTS OR PEOPLE WHO WORK ON WALL STREET HE'S EXPECTING AT LEAST 1000 MORE TO JOIN BY MARCH 17 WHEN THE TOURNAMENT BEGINS MANY SPORTS FANS ARE ALREADY MEMBERS OF ONLINE ROTISSERIE SPORTS LEAGUES WHICH ALLOW USERS TO ASSEMBLE FANTASY TEAMS BY BUYING SELLING AND TRADING REAL PLAYERS BASED ON THEIR STATISTICS IN THESE CASES THE VALUE OF A PLAYER GOES UP OR DOWN DEPENDING ON HIS GAME PERFORMANCE THE DIFFERENCE BETWEEN THE SPORTS MARKETS AND THE ROTISSERIE GAMES SAYS MR WEINSTEIN IS THAT THE EMPHASIS IS NOT ON WHICH PLAYERS DO WELL OR POORLY BUT ON THE VALUE OF THE ENTIRE TEAM ASTUTE TRADERS IN OTHER WORDS CAN LOOK AT PLAYERS' STATS AND GAME RESULTS AND TAKE ADVANTAGE OF PRICE DIFFERENCES HE SAYS ACCORDING TO MR WEINSTEIN THE BEST STRATEGISTS WILL CORRECTLY JUDGE THE VALUATION OF A TEAM FOR THE FUTURE SPORTS MARKETS IS LOOKING TO EXPAND ITS SIMULATED STOCKMARKET GAMES INTO WORLD CUP SOCCER PROFESSIONAL BASKETBALL AND THE OLYMPICS NO REAL EXPERIENCE IS NECESSARY MR WEINSTEIN SAYS YOU CAN GET INTO HEDGING AND ARBITRAGE OR HE ADDS YOU CAN PUT ALL YOUR MONEY ON YOUR FAVORITE TEAM 9403080018 940308 INDUSTRY FOCUS NEW CONSENSUS ON ULCERS SPURS RUSH TO CREATE TESTS COMPANIES' PRODUCTS USE VARIETY OF TACTICS TO DETECT BACTERIAL CULPRIT BY JERRY E BISHOP STAFF REPORTER OF THE WALL STREET JOURNAL DRUG AND DIAGNOSTIC TEST MAKERS ARE RUSHING TO CAPITALIZE ON THE NEW MEDICAL CONSENSUS THAT BACTERIAL INFECTIONS UNDERLIE PEPTIC ULCERS DOCTORS MEANWHILE ARE BRACING FOR A DILEMMA EVERY TIME A PATIENT WITH CHRONIC STOMACH PAINS WALKS INTO THE OFFICE LAST MONTH A PANEL OF MEDICAL EXPERTS ASSEMBLED BY THE GOVERNMENT CONCLUDED THAT A BACTERIUM CALLED HELICOBACTER PYLORI APPEARS TO PLAY AN IMPORTANT CONTRIBUTORY ROLE IN CAUSING PEPTIC ULCERS THE PANEL SAID A TWOWEEK COURSE OF AN ANTIMICROBIAL DRUG SUCH AS AN ANTIBIOTIC PLUS AN ULCERHEALING MEDICATION WOULD RID THE STOMACH OF H PYLORI AND CURE THE ULCER THIS WOULD ALLOW HUNDREDS OF THOUSANDS OF PATIENTS TO BE WEANED OFF LONGTERM USE OF SUCH ULCER DRUGS AS ZANTAC AND TAGAMET MANY DOCTORS ALREADY ARE CHANGING THE WAY THEY TREAT ULCERS LAST MONTH IN THE WAKE OF THE PANEL'S ANNOUNCEMENT DOCTORS SENT 2000 BLOOD SAMPLES TO THE ROCHE BIOMEDICAL CLINICAL LABORATORY IN BURLINGTON NC TO BE TESTED FOR SIGNS OF H PYLORI INFECTION THAT WAS UP FROM 1300 IN JANUARY AND TRIPLE THE INTAKE OF JANUARY 1993 SAYS BARBARA A BODY DIRECTOR OF MICROBIOLOGY AND SEROLOGY AT THE LAB DEMAND FOR H PYLORI TESTING IS GETTING SO HIGH THAT WE'RE EXPANDING IT TO TWO MORE SITES DR BODY SAYS ROCHE BIOMEDICAL IS OWNED BY THE US UNIT OF ROCHE HOLDING AG THE BLOOD TEST OFFERED BY MANY CLINICAL LABORATORIES FOR ABOUT 80 IS CURRENTLY THE SIMPLEST AND CHEAPEST WAY TO TELL WHETHER AN ULCER PATIENT IS INFECTED OR WHETHER THE ULCER MIGHT STEM FROM OTHER CAUSES A NUMBER OF COMPANIES HOWEVER ARE CHAMPING AT THE BIT TO MARKET NEW H PYLORI TESTS THAT ARE QUICKER AND SIMPLER THE POTENTIAL US MARKET FOR SUCH TESTS IS 50 MILLION TO 70 MILLION A YEAR ESTIMATES QUIDEL CORP A PRODUCER OF MEDICAL DIAGNOSTIC TESTS IN SAN DIEGO QUIDEL RECENTLY GAINED FEDERAL APPROVAL TO MARKET A BLOODTEST KIT THAT CAN BE USED IN A DOCTOR'S OFFICE THE TEST WHICH WILL SELL FOR 7 TO 10 GIVES A RESULT IN FIVE TO SEVEN MINUTES SAYS MARK FRANCOIS DIRECTOR OF INVESTOR RELATIONS HYCOR BIOMEDICAL INC IN IRVINE CALIF ALSO IS DEVELOPING A DOCTOR'SOFFICE VERSION OF THE BLOOD TEST IT SELLS TO THE BIG CLINICAL LABORATORIES WHICH TAKES AN HOUR TO DO DOCTORS LIKE A SIMPLE TEST ONE THAT CAN GIVE A RESULT IN 10 TO 15 MINUTES EXPLAINS RICHARD D HAMILL A PHARMACOLOGIST WHO IS HYCOR'S CHIEF EXECUTIVE HYCOR MEANWHILE HAS DEVELOPED A URINE TEST FOR H PYLORI WITH RESULTS THAT CORRELATE BEAUTIFULLY WITH THE BLOODTEST RESULTS DR HAMILL SAYS THE COMPANY IS WAITING FOR THE US FOOD AND DRUG ADMINISTRATION TO DEVELOP NEW GUIDELINES FOR SUCH URINE TESTS BEFORE IT SEEKS MARKETING APPROVAL FROM THE AGENCY HE SAYS CORTECS INTERNATIONAL LTD IN BRITAIN ALREADY IS SELLING A SALIVA TEST FOR H PYLORI TO CLINICAL LABORATORIES IN EUROPE AND CANADA CORTECS EXPECTS TO MEET SOON WITH THE FDA TO DISCUSS STEPS FOR GETTING IT APPROVED FOR SALE IN THE US SAYS MICHAEL FLYNN PRESIDENT A DOCTOR'SOFFICE VERSION IS IN FINAL STAGES OF DEVELOPMENT HE SAYS THE BLOOD URINE AND SALIVA TESTS HAVE ONE DRAWBACK THE ANTIBODIES TO H PYLORI THAT THEY DETECT PERSIST IN THE BLOOD URINE OR SALIVA AS LONG AS A YEAR AFTER TREATMENT HAS ERADICATED THE BACTERIUM SO THE TESTS ARE GOOD FOR THE INITIAL DIAGNOSIS OF AN H PYLORI INFECTION BUT THEY CAN'T TELL FOR MANY MONTHS WHETHER THE DRUG TREATMENT WAS SUCCESSFUL RAISING THE QUESTION OF WHETHER FURTHER TREATMENT IS NEEDED TO GET AROUND THIS PROBLEM MERETEK DIAGNOSTICS INC IN HOUSTON IS DEVELOPING A BREATH TEST THAT UNTIL NOW HAS BEEN USED ONLY IN RESEARCH THE H PYLORI IS UNIQUE IN THAT IT SECRETES AN ENZYME CALLED UREASE THAT BREAKS DOWN UREA INTO AMMONIA AND CARBON DIOXIDE THE TRICK USED IN EXPERIMENTS ON H PYLORI INFECTIONS IS TO HAVE THE PATIENT EAT OR DRINK A FOOD SPIKED WITH A POWDERED UREA THAT CONTAINS A RARE FORM OF CARBON KNOWN AS CARBON13 IF THE PATIENT HAS AN H PYLORI INFECTION THE CARBON DIOXIDE PRODUCED BY THE BACTERIUM WILL CONTAIN CARBON13 AND WILL APPEAR IN THE PATIENT'S EXHALED BREATH IN ABOUT A HALF HOUR THE EXPERTS AGREED THAT THE BREATH TEST IS IDEAL FOR DIAGNOSING THE INFECTION BEFORE AND AFTER THERAPY THE HOLDUP IN WIDESPREAD USE OF THE BREATH TEST IS THAT IT REQUIRES A MASS SPECTROMETER A LAB INSTRUMENT THAT COSTS 130000 TO 150000 TO ANALYZE THE PUFFS OF BREATH THAT THE PATIENT HAS EXHALED INTO A CAPPED BOTTLE AT LEAST ONE INSTRUMENT MAKER EUROPA SCIENTIFIC LTD IN CREWE UK IS WORKING TO GET THE COST OF A MASS SPECTROMETER DEDICATED SOLELY TO DIAGNOSING H PYLORI INFECTIONS DOWN TO 80000 TO 90000 OR EVEN 75000 SAYS ANDREW LINTON THE COMPANY'S SALES DIRECTOR THE MARKET FOR SUCH TESTS MAY EXTEND WELL BEYOND THE FOUR MILLION AMERICANS WHO HAVE PEPTIC ULCERS DEPENDING ON HOW FAMILY DOCTORS INTERNISTS AND GASTROENTEROLOGISTS RESOLVE A DILEMMA OVER WHICH PATIENTS THEY SHOULD TEST AND TREAT THE EXPERT PANEL RECOMMENDED ONLY THAT PATIENTS WITH PEPTIC ULCERS BE TESTED FOR H PYLORI AND TREATED IF THEY WERE INFECTED IMPLYING THAT ULCER DIAGNOSIS SHOULD COME FIRST ULCER DIAGNOSIS USUALLY INVOLVES AN EXPENSIVE AND UNCOMFORTABLE EXAMINATION OF THE STOMACH WITH AN ENDOSCOPE OR AT LEAST WITH A BARIUM XRAY WITH QUICK EASY TESTS FOR H PYLORI DOCTORS AND PATIENTS ALIKE WILL BE TEMPTED TO FORGO THE UNCOMFORTABLE ENDOSCOPY DOCTORS MAY SIMPLY RUN A TEST FOR THE BACTERIUM IN EVERY PATIENT WHO WALKS IN WITH A LONGLASTING OR REPETITIOUS GNAWING OR BURNING PAIN IN THE UPPER ABDOMEN OF UNKNOWN CAUSE A CONDITION CALLED DYSPEPSIA IF THE BACTERIUM IS FOUND THE PATIENT WILL BE TREATED WITH THE TWOWEEK ANTIMICROBIAL REGIMEN TO SEE WHETHER IT RELIEVES THE PROBLEM BUT THE EXPERT PANEL NOTED MANY PEOPLE HAVE H PYLORI INFECTIONS BUT DON'T HAVE ULCERS INCLUDING MANY PATIENTS WITH GASTRITIS A STOMACH INFLAMMATION THAT ALSO PRODUCES DYSPEPSIA IT ISN'T YET KNOWN WHETHER RIDDING THESE PATIENTS OF THE BACTERIUM WILL CURE THEIR GASTRITIS IF NOT THEN THE TESTING AND ANTIMICROBIAL THERAPY WOULD BE A WASTE OF TIME AND MONEY BUT AT LEAST ONE GASTROENTEROLOGIST DAVID Y GRAHAM AT THE BAYLOR COLLEGE OF MEDICINE WHO PIONEERED SOME OF THE THERAPIES AGAINST THE BACTERIUM SAYS IF A PHYSICIAN DECIDES TO TEST AND TREAT ALL PATIENTS WITH H PYLORI INFECTION THERE'S NOTHING WRONG WITH THAT IN REALITY NO ONE NEEDS THIS INFECTION EVEN IF HE OR SHE DOESN'T HAVE AN ULCER DR GRAHAM SAYS ONE OF EVERY SIX INFECTED PERSONS WILL DEVELOP ULCERS HE NOTES MOREOVER BOTH ULCERS AND H PYLORI INFECTIONS ARE LINKED TO A HIGHERTHANNORMAL RISK FOR GASTRIC CANCER AND THERE ARE INDICATIONS THAT SIMPLE GASTRITIS WITHOUT ULCERS MAY BE HELPED BY GETTING RID OF THE BACTERIUM AFTER ALL DR GRAHAM SAYS IF DOCTORS ROUTINELY USE ANTIBIOTICS AGAINST COLDS AND FLU THEY'LL LIKELY USE THEM AGAINST A BACTERIUM AS COMMON AS H PYLORI ULCER OR NO 9403080017 940308 WHO'S NEWS ALPHA BETA TECHNOLOGY INC ALPHA BETA TECHNOLOGY INC WORCESTER MASS BERNARD CANAVAN 58YEAROLD FORMER PRESIDENT AND CHIEF OPERATING OFFICER OF AMERICAN HOME PRODUCTS CORP WAS ELECTED A DIRECTOR OF THIS PHARMACEUTICAL COMPANY INCREASING THE BOARD'S SIZE TO EIGHT MEMBERS 9403080016 940308 BUSINESS BRIEF WESTCOTT COMMUNICATIONS INC PLAN TO ACQUIRE SANDY CORP INVOLVES 19 MILLION IN STOCK WESTCOTT COMMUNICATIONS INC CARROLLTON TEXAS PROPOSED TO ACQUIRE SANDY CORP A TROY MICH PROVIDER OF CORPORATE TRAINING PROGRAMS FOR ABOUT 19 MILLION IN STOCK WESTCOTT AN OPERATOR OF SPECIALIZED SATELLITETV NETWORKS HAS BEEN EYEING SANDY SINCE 1991 WHEN THE COMPANY BOUGHT MORE THAN 6 OF SANDY'S COMMON STOCK WITH HOPES OF ACQUIRING THE REMAINDER BUT WAS REBUFFED BY WILLIAM H SANDY CHAIRMAN AND CHIEF EXECUTIVE OFFICER WESTCOTT'S CHIEF FINANCIAL OFFICER PHYLLIS FARRAGUT SAID WESTCOTT HOPES MR SANDY WHO IS 64 YEARS OLD AND CONTROLS 44 OF THE FIRM ACCORDING TO SANDY'S 1994 PROXY WILL BE MORE INTERESTED IN SELLING SANDY SAID ITS BOARD WOULD MEET TODAY TO DISCUSS THE UNSOLICITED PROPOSAL WHICH EXPIRES FRIDAY MS FARRAGUT SAID WESTCOTT ISN'T INTERESTED IN MAKING A HOSTILE OFFER FOR SANDY 9403080015 940308 BUSINESS BRIEF FED NEEDS MORE TIME TO REVIEW RULING ON SHAWMUT'S NEW DARTMOUTH DEAL LAST NOVEMBER THE FED SHOCKED THE BANKING WORLD BY DENYING SHAWMUT'S APPLICATION TO ACQUIRE NEW DARTMOUTH CITING QUESTIONS ABOUT SHAWMUT'S MINORITYLENDING RECORD SHAWMUT MORTGAGE CORP A UNIT OF SHAWMUT NATIONAL SETTLED LENDINGDISCRIMINATION CHARGES WITH THE JUSTICE DEPARTMENT IN DECEMBER AGREEING TO SET UP A 960 MILLION FUND TO COMPENSATE BLACKS AND HISPANICS WHO MAY HAVE BEEN UNFAIRLY DENIED MORTGAGES SHAWMUT SAID LAST WEEK THAT IT HAD ASKED THE FED TO RECONSIDER THE BANK'S APPLICATION FOR NEW DARTMOUTH YESTERDAY THE BOARD SAID IT NEEDS ADDITIONAL INFORMATION INCLUDING RESULTS OF EXAMINATIONS BY THE FED ITSELF AND THE COMPTROLLER OF THE CURRENCY ON LENDING PRACTICES OF SHAWMUT AND ITS SUBSIDIARIES THE BOARD SAID IT ALSO WILL ALLOW FOR PUBLIC COMMENT ON THE PROPOSED ACQUISITION THROUGH MARCH 31 A FED SPOKESMAN SAID THE DEFERRAL IS MOSTLY PROCEDURAL AND THERE SHOULDN'T BE ANY RED FLAGS RAISED ON THIS SHAWMUT A BANK HOLDING COMPANY BASED IN HARTFORD CONN SAID YESTERDAY IT IS CONFIDENT THAT THE FED EVENTUALLY WILL APPROVE THE MERGER ROBERT GUENTHER A SHAWMUT SPOKESMAN SAID THE BANK JUST LAST WEEK SUBMITTED NEW DATA TRACKING ITS MORTGAGE LOANS BY THE RACE AND INCOME OF BORROWERS SHAWMUT MORTGAGE CORP A UNIT OF SHAWMUT NATIONAL CORP AGREED IN DECEMBER TO ESTABLISH A 960000 FUND TO COMPENSATE BLACKS AND HISPANICS WHOSE MORTGAGE APPLICATIONS IT MAY HAVE UNFAIRLY DENIED AN ARTICLE YESTERDAY INCORRECTLY STATED THE SIZE OF THE FUND AS 960 MILLION 9403080014 940308 CORRECTIONS & AMPLIFICATIONS BELARUS WAS INADVERTENTLY OMITTED FROM A MAP WITH A PAGEONE ARTICLE FEB 23 ABOUT AID TO EASTERN EUROPE THE AREA OF BELARUS WAS INCORRECTLY INCLUDED AS PART OF RUSSIA 9403080013 940308 US BAN ON SATELLITE LAUNCHES IN CHINA IS REVIEWED AMID HUMAN RIGHTS DEBATE BY ROBERT S GREENBERGER STAFF REPORTER OF THE WALL STREET JOURNAL CANBERRA AUSTRALIA IN A MOVE THAT MAY SEND A MIXED SIGNAL TO CHINA THE CLINTON ADMINISTRATION IS RECONSIDERING SANCTIONS IMPOSED LAST YEAR THAT PREVENT BEIJING FROM LAUNCHING A USMADE SATELLITE SECRETARY OF STATE WARREN CHRISTOPHER SAID THAT AS A RESULT OF CERTAIN TECHNICAL CHANGES MADE BY HUGHES AIRCRAFT CO THE US MAY ALLOW THE COMPANY TO SELL A COMMUNICATIONS SATELLITE TO AN AUSTRALIANOWNED COMPANY CHINA WOULD THEN LAUNCH THE SATELLITE MR CHRISTOPHER WHO ARRIVED IN AUSTRALIA ON THE FIRST LEG OF A TRIP THAT WILL BRING HIM TO CHINA FRIDAY SAID THE ISSUE WAS NOW UNDER REVIEW BY AN INTERAGENCY GROUP THE DECISION TO RECONSIDER THE SATELLITE BAN COMES AS MR CHRISTOPHER IS PREPARED TO WARN BEIJING THAT UNLESS IT IMPROVES ITS HUMAN RIGHTS BEHAVIOR IT RISKS JEOPARDIZING ITS COMMERCIAL TIES WITH THE US BUT THE LUCRATIVE SATELLITE SALE ILLUSTRATES THE TRADEOFF BETWEEN THE MORAL COMMITMENT OF THE US TO HUMAN RIGHTS AND THE ECONOMIC OPPORTUNITIES IN CHINA ONE OF THE WORLD'S FASTESTGROWING ECONOMIES MR CLINTON MUST DECIDE BY JUNE 3 WHETHER THERE HAS BEEN SUFFICIENT OVERALL PROGRESS IN BEIJING'S HUMANRIGHTS BEHAVIOR TO RENEW CHINA'S TRADING STATUS WITH THE US CHINA THREATENS TO RETALIATE IF THE US REVOKES MOST FAVORED NATION TRADING STATUS WHICH ALLOWS CHINA TO PAY THE SAME DUTIES ON SHIPMENTS TO THE US AS MOST OTHER US TRADING PARTNERS IN DEFIANCE OF AN ANTICIPATED HUMANRIGHTS LECTURE FROM MR CHRISTOPHER BEIJING IN RECENT DAYS HAS ARRESTED OR BRIEFLY DETAINED SEVERAL PROMINENT PRODEMOCRACY DISSIDENTS THE INCIDENTS PROVOKED SHARP CRITICISM FROM PRESIDENT CLINTON AND THE SECRETARY OF STATE SAID IT REDOUBLES MY DETERMINATION TO MAKE SURE THAT THEY UNDERSTAND THE SERIOUSNESS OF OUR CONCERN ABOUT THAT BUT THE US IS SEPARATING THOSE EFFORTS FROM THE SATELLITE SALE MR CHRISTOPHER SAID THE ADMINISTRATION WOULD MOVE BRISKLY AND PROMPTLY TO CONSIDER THE SALE ADDING THAT IT WILL BE HANDLED THAT WAY ACCORDING TO OUR LAW AND I WOULD HOPE BUT WITHOUT PREDICTING THAT THERE CAN BE A POSITIVE OUTCOME WINSTON LORD THE STATE DEPARTMENT'S ASSISTANT SECRETARY FOR ASIAN AND PACIFIC AFFAIRS INSISTED THAT THE REVIEW OF THE SATELLITE SALE HAS GOT ABSOLUTELY NO POLICY SIGNIFICANCE MR CHRISTOPHER SAID THE SATELLITE TRANSACTION IS BEING RECONSIDERED BECAUSE HUGHES SAID IT WOULD REMOVE CERTAIN SENSITIVE ENCRYPTION TECHNOLOGY US OFFICIALS SAID THAT BASED ON THE CHANGES HUGHES APPLIED FOR A NEW EXPORT LICENSE LAST WEEK THE ADMINISTRATION IMPOSED SANCTIONS ON CHINA LAST AUGUST AFTER ACCUSING BEIJING OF VIOLATING INTERNATIONAL NONPROLIFERATION GUIDELINES BY SHIPPING M11 MISSILE COMPONENTS TO PAKISTAN CHINA DENIES IT VIOLATED THE GUIDELINES US OFFICIALS ESTIMATED THAT THE SANCTIONS WOULD BAR UP TO 1 BILLION IN US EXPORTS TO CHINA OVER TWO YEARS THE BAN HURTS US SATELLITE SALES BECAUSE MANY CUSTOMERS PREFER TO HAVE THE SATELLITES LAUNCHED BY CHINA WHICH CHARGES FAR LOWER RATES THAN EUROPEAN COMPETITORS AFTER THE BAN WAS IMPOSED HUGHES AIRCRAFT A UNIT OF GENERAL MOTORS CORP INTENSELY BEGAN LOBBYING THE ADMINISTRATION CLAIMING THAT THE BAN WOULD COST THOUSANDS OF AMERICAN JOBS THE SANCTIONS ORIGINALLY COVERED SEVEN USMADE SATELLITES BUT WERE LIFTED FOR TWO OF THEM IN JANUARY WHEN THE ADMINISTRATION DECIDED THAT NEITHER CONTAINED CERTAIN SENSITIVE TECHNOLOGY 9403080012 940308 WHO'S NEWS COMPREHENSIVE CARE CORP COMPREHENSIVE CARE CORP ST LOUIS J MARVIN FEIGENBAUM CHIEF OPERATING OFFICER OF APPLIED DNA SYSTEMS INC WAS ELECTED A DIRECTOR OF THIS HEALTHCARE PROVIDER SUCCEEDING CHARLES MORRE JR WHO RESIGNED LAST WEEK 9403080011 940308 BANC ONE COMPLETES ACQUISITION COLUMBUS OHIO BANC ONE CORP SAID IT COMPLETED THE ACQUISITION OF PARKDALE BANK OF BEAUMONT TEXAS PARKDALE HAD 60 MILLION IN ASSETS AS OF DEC 31 9403080010 940308 AUTOS COLD WEATHER IS STILL A PROBLEM IN ELECTRIC CARS BY OSCAR SURIS STAFF REPORTER OF THE WALL STREET JOURNAL AS YOU FRANTICALLY SPRAY WIPER FLUID ON YOUR SNOWCAKED WINDSHIELD AND CRANK YOUR CAR'S HEATER TO MAXIMUM HOT YOU HAVE AN EPIPHANY ELECTRIC VEHICLES IN THE NORTHEAST COME ON BATTERIES JUST DON'T HOLD UP IN THE COLD AND HEAT AND WIPERS WOULD SAP THEM FURTHER A GROUP OF NORTHEASTERN STATES AND WASHINGTON DC HAS RECENTLY ASKED THE ENVIRONMENTAL PROTECTION AGENCY FOR PERMISSION TO COPY CALIFORNIA'S PROGRAM FOR FIGHTING VEHICLE EMISSIONS A PLAN THAT INCLUDES A MANDATE FOR THE SALE OF ELECTRIC VEHICLES AS THE REGION AWAITS CLEARANCE AUTO MAKERS HAVE BEGUN TO PONDER HOW TO MAKE ELECTRICS FEASIBLE IN FREEZING WEATHER SHORT TRIPS FREQUENT RECHARGINGS AND PLENTY OF INSULATION WILL HAVE TO BECOME PART OF THE DRIVING EXPERIENCE INDUSTRY EXPERTS SAY IF ELECTRIC CARS ARE EVER TO BECOME ALLSEASON VEHICLES AND TO BE TOLERABLE IN COLD TEMPERATURES SOME WILL HAVE TO BE LESS THAN EMISSIONFREE IN CALIFORNIA FOR EXAMPLE WHERE ROUGHLY 40000 ZEROEMISSION VEHICLES ARE REQUIRED TO BE SOLD IN 1998 AUTO MAKERS LOBBIED AND WON A WAIVER FROM CALIFORNIA'S AIR RESOURCES BOARD LAST YEAR THAT ALLOWS THEM TO SELL ELECTRIC VEHICLES WITH FUELFIRED HEATERS TINY ENGINES THAT WOULD BURN GASOLINE OR DIESEL FUEL FOR THE SOLE PURPOSE OF HEATING THE VEHICLE'S CABIN WHILE CARS WITH THESE HEATERS WOULDN'T BE EMISSIONFREE THEIR EMISSIONS WOULD BE MINUSCULE IT WAS A BOW TO REALITY SAYS A SPOKESMAN FOR THE AIR RESOURCES BOARD ADDING THAT THE AGENCY AGREED TO THE TINY ENGINES ON THE CONDITION THAT THEIR OPERATION BE LIMITED TO TEMPERATURES BELOW 40 DEGREES FAHRENHEIT GENERAL MOTORS CORP SAYS ITS ELECTRICDRIVEN TWOSEATER THE IMPACT WAS BUILT WITH CALIFORNIA'S TEMPERATE CLIMATE IN MIND WE DID NOT WANT TO TAKE ON THE ADDITIONAL COMPLEXITY OF LOW AMBIENT CONDITIONS PARTICULARLY IN THE NORTHEAST SAYS BRUCE ZEMKE AN ENGINEER ON THE IMPACT AS A RESULT THE CAR IS HEATED BY A HEAT PUMP WHICH WORKS MUCH LIKE AN AIR CONDITIONER IN REVERSE IT PUMPS HOT AIR IN AND BLOWS COLD AIR OUT WHILE EFFICIENT IT ISN'T VERY EFFECTIVE WHEN TEMPERATURES DROP BELOW FREEZING ON A RECENT TEST DRIVE IN TROY MICH FRIGID WEATHER KEPT THE CAR'S WINDOWS FOGGED IN SPITE OF THE PUMP FORD MOTOR CO HAS BEEN EXPERIMENTING WITH A TOASTEROVENTYPE HEATING SYSTEM FOR ITS ELECTRIC CAR THE ECOSTAR IT HAS A RESISTIVE HEATER THAT BLOWS AIR OVER ELECTRICALLY HEATED WIRES STRONGER THAN THE HEAT PUMP FORD'S HEATER TENDS TO REQUIRE MORE ENERGY FORD SAYS AND SO STEALS JUICE THAT COULD OTHERWISE BE USED TO DRIVE THE VEHICLE IN FACT IN ANY ELECTRIC VEHICLE USING HEADLIGHTS WIPERS RADIO OR DEFROST SAPS THE BATTERY AND SHORTENS THE DRIVING RANGE WHICH IN NORMAL CONDITIONS IS ABOUT 100 MILES BETWEEN CHARGES IN THE WINTER YOU JUST DON'T HOP INTO YOUR VEHICLE AND PLAN TO DRIVE 100 MILES SAYS BOB BATSON WHO BUILDS DRIVES AND SELLS ELECTRIC VEHICLES IN MAYNARD MASS HE SAYS HE KEEPS HIS WINTER TREKS DOWN TO 50 MILES OR LESS UNLESS HE CAN RECHARGE HIS BATTERY ALONG THE WAY IN FACT CHARGING OF THE BATTERIES BECOMES CRITICAL DURING FREEZES BECAUSE MOST BATTERIES SUCH AS THOSE COMPOSED OF LEAD AND ACID TEND TO LOSE HALF THEIR ENERGYSTORAGE CAPACITY IN VERY COLD WEATHER RECHARGING ENSURES THAT BATTERIES DON'T FREEZE A COSTLY MISHAP THAT RENDERS A BATTERY USELESS TRUE BELIEVERS IN ELECTRICS HOWEVER REMAIN HOPEFUL POINTING TOWARD ADVANCED FORMS OF BATTERIES SUCH AS THOSE MADE OF NICKEL AND CADMIUM THAT HAVE SHOWN GREATER PROMISE FOR PERFORMANCE IN THE COLD BUT UNTIL COSTS COME DOWN THE ELECTRIC VEHICLE DRIVER WILL NEED A DIFFERENT KIND OF MINDSET FOR THE COLD WEATHER MR BATSON SAYS IT'S SORT OF LIKE SAILING HE SAYS YOU'VE GOT TO PLAN A LITTLE MORE 9403080009 940308 YOUR MONEY MATTERS INVESTMENT DARTBOARD PROS DEFEAT DARTS INDUSTRIALS BEAT BOTH BY GEORGETTE JASEN STAFF REPORTER OF THE WALL STREET JOURNAL A TEAM OF INVESTMENT PROFESSIONALS OUTPERFORMED THE FORCES OF CHANCE IN THE LATEST RUNNING OF THIS COLUMN'S STOCKPICKING CONTEST BUT THE REAL WINNER WAS THE DOW JONES INDUSTRIAL AVERAGE THE FOUR STOCKS CHOSEN BY THE PROS NEARLY SIX MONTHS AGO GAINED AN AVERAGE 37 COMPARED WITH A GAIN OF 15 FOR A FOURSTOCK PORTFOLIO SELECTED BY WALL STREET JOURNAL STAFFERS TOSSING DARTS AT THE STOCK TABLES THE INDUSTRIAL AVERAGE ROSE 55 IN THE SAME PERIOD WHICH RAN FROM SEPT 15 TO FEB 28 FOR THOSE KEEPING SCORE THE LATEST RESULTS BRING THE INDUSTRIAL AVERAGE WITHIN STRIKING DISTANCE OF OVERTAKING THE PROS AFTER 45 SIXMONTH SKIRMISHES SINCE JANUARY 1990 THE SCORE IS 23 FOR THE PROFESSIONAL STOCK PICKERS AND 22 FOR THE INDUSTRIAL AVERAGE AGAINST THE FORCES OF CHANCE THE SCORE IS 27 FOR THE PROS AND 18 FOR THE DARTS THE PROS LOOK BETTER HOWEVER WHEN AVERAGE SIXMONTH GAINS ARE COMPARED 82 AGAINST 46 FOR THE DOW INDUSTRIALS AND 38 FOR THE DARTBOARD PORTFOLIOS THE OVERALL TALLY FOR ALL 45 CONTESTS IS 19 WINS FOR THE PROFESSIONAL STOCK PICKERS COMPARED WITH 13 EACH FOR THE DARTS AND THE INDUSTRIAL AVERAGE IN THE MOST RECENT CONTEST THE INVESTMENT EXPERTS CAME OUT AS WELL AS THEY DID THANKS TO THE EXCELLENT PERFORMANCE OF TWO STOCKS BEST BUY CO THE MINNEAPOLIS APPLIANCE AND ELECTRONICS RETAILER AND CHEYENNE SOFTWARE INC OF ROSLYN NY BEST BUY CHOSEN BY DOUGLAS RABORN ROSE 22 DURING THE SIX MONTHS CHEYENNE SOFTWARE PICKED BY JONATHAN STEINBERG WAS UP 20 IT WAS MR RABORN'S SECOND WIN IN THE INVESTMENT DARTBOARD CONTEST FOR MR STEINBERG WHO HAS COMPETED IN 14 DARTBOARD CONTESTS UNDER THE CURRENT RULES AND FINISHED FIRST IN FIVE OF THEM IT WAS THE FOURTHCONSECUTIVE SECONDPLACE FINISH THE TWO OTHER PROFESSIONALLY SELECTED STOCKS LOST MONEY FOR INVESTORS DURING THE PERIOD OF THE LATEST CONTEST AS DID THREE OF THE FOUR STOCKS CHOSEN BY A FLING OF DARTS ONE PRO'S PICK PRIMERICA CORP CHANGED ITS NAME TO TRAVELERS INC AT YEAR END AFTER ACQUIRING THE 73 OF TRAVELERS IT DIDN'T OWN THAT STOCK FELL 21 BETWEEN SEPT 15 AND FEB 28 AS IS THE CUSTOM OF THIS COLUMN THE TWO TOP FINISHERS NOW JOIN TWO NEW CONTESTANTS FOR ANOTHER TURN AGAINST THE FORCES OF CHANCE THREE OF THE FOUR ARE BETTING ON COMPANIES THAT HAVE GONE PUBLIC WITHIN THE PAST COUPLE OF YEARS MR RABORN HEAD OF RABORN & CO A DELRAY BEACH FLA MONEYMANAGEMENT FIRM PICKS SCIENTIFIC GAMES HOLDING CORP A MAKER OF INSTANT LOTTERY TICKETS MR STEINBERG CHIEF EXECUTIVE OF INDIVIDUAL INVESTOR GROUP INC AND EDITOR IN CHIEF OF INDIVIDUAL INVESTOR MAGAZINE USUALLY PREFERS SMALLCAPITALIZATION STOCKS THIS TIME HE LIKES AUTO MAKER CHRYSLER CORP MR RABORN SAYS SCIENTIFIC GAMES BASED IN ALPHARETTA GA ISN'T WELLKNOWN ONLY TWO SECURITIES ANALYSTS FOLLOW THE COMPANY BUT HAS ABOUT 55 OF THE 9 BILLION US MARKET FOR SCRATCHOFF LOTTERY TICKETS THE COMPANY WENT PUBLIC LAST AUGUST AFTER BEING SOLD BY BALLY MANUFACTURING CORP IN 1991 A SECONDARY OFFERING OF ABOUT 26 MILLION SHARES WAS COMPLETED LAST WEEK THE INSTANTLOTTERY BUSINESS IS GROWING MR RABORN SAYS BECAUSE STATES LIKE THE US GOVERNMENT ARE BUSTED AND LOOKING FOR NEW SOURCES OF REVENUE SCIENTIFIC GAMES ALSO PROVIDES LOTTERY MONITORING AND OTHER SERVICES HE SAYS SCIENTIFIC GAMES COULD RISE TO 30 A SHARE IN THE NEXT SIX MONTHS AND THAT 1994 EARNINGS WILL BE ABOUT 175 A SHARE THE STOCK CLOSED YESTERDAY AT 22625 IN NASDAQ STOCK MARKET TRADING 1993 EARNINGS WERE 160 A SHARE MR STEINBERG SAYS HE LIKES CHRYSLER BECAUSE IT'S THE MOST PROFITABLE CAR COMPANY IN THE WORLD AND ONE OF THE MOST UNDERVALUED STOCKS HE SAYS ITS PROFIT MARGINS ARE TWICE THOSE OF FORD MOTOR CO AND GENERAL MOTORS CORP AND EARNINGS COULD GROW 50 TO 60 THIS YEAR THE STOCK TRADES AT SIX TO SEVEN TIMES EARNINGS HE SAYS HE EXPECTS THAT MULTIPLE TO INCREASE AS THE COMPANY CONTINUES TO SURPRISE WITH EARNINGS ABOVE ANALYSTS' ESTIMATES AND INCREASES ITS MARKET SHARE I THINK IT'S WORTH 85 TODAY CHRYSLER OF HIGHLAND PARK MICH CLOSED AT 5950 YESTERDAY ON THE NEW YORK STOCK EXCHANGE IT'S THE BEST RISKREWARD SITUATION OUT THERE SAYS MR STEINBERG WHO IS ALSO CHIEF INVESTMENT OFFICER OF WISDOM TREE ASSOCIATES INDIVIDUAL INVESTOR GROUP'S NEW PRIVATE INVESTMENT PARTNERSHIP THE NEWCOMERS THIS TIME AROUND ARE JOHN LESNER PRESIDENT OF LESNER & ASSOCIATES A PRIVATE MONEYMANAGEMENT FIRM IN WARREN MICH AND ALEXANDER P PARIS PRESIDENT OF BARRINGTON RESEARCH ASSOCIATES A RESEARCH BROKERAGE FIRM IN BARRINGTON ILL MR LESNER'S CHOICE IS ENCAD INC A SAN DIEGO MAKER OF LARGEFORMAT COLOR INKJET PRINTERS THE COMPANY WHICH WENT PUBLIC IN DECEMBER POSTED A 55 INCREASE IN SALES IN 1993 AND PROJECTIONS ARE FOR ANOTHER 50 JUMP IN THE CURRENT YEAR MR LESNER SAYS HE EXPECTS EARNINGS TO GROW ABOUT 50 AS WELL THE PRINTERS ARE USED FOR SUCH THINGS AS GRAPHIC ARTS ENGINEERING ARCHITECTURAL DESIGN AND MEDICAL ILLUSTRATION THE 120 MILLION MARKET IS EXPECTED TO TRIPLE IN SIZE OVER THE NEXT THREE YEARS MR LESNER SAYS ADDING THAT ENCAD HAS ABOUT 25 OF THE MARKET IF ENCAD CAN MAINTAIN A DECENT MARKET SHARE IT CAN CAPITALIZE ON THAT GROWTH HE SAYS ITS CHIEF COMPETITOR IS HEWLETTPACKARD CO ENCAD CLOSED YESTERDAY IN NASDAQ STOCK MARKET TRADING AT 10125 DOUBLE ITS 5ASHARE PRICE WHEN IT WENT PUBLIC MR PARIS PICKS PERCEPTRON INC A FARMINGTON HILLS MICH COMPANY THAT MAKES LASERBASED QUALITYCONTROL SYSTEMS USED BY THE AUTOMOBILE INDUSTRY IT WENT PUBLIC IN AUGUST 1992 HE SAYS THAT WHEN HE BEGAN BUYING THE STOCK LAST JUNE HE TOLD CLIENTS IT COULD QUADRUPLE IN PRICE IN A YEAR IT ALREADY HAS DOUBLED TRADING YESTERDAY IN THE NASDAQ STOCK MARKET AT 13875 AND HE SAYS IT COULD DOUBLE AGAIN BEFORE THIS CONTEST CONCLUDES AT THE END OF AUGUST THE '90S WILL BE MORE COMPETITIVE INTERNATIONALLY MR PARIS SAYS COMPANIES WILL BE SPENDING ON THE FACTORY FLOOR TO BECOME MORE EFFECTIVE PERCEPTRON'S SYSTEMS CAN BE BUILT INTO THE AUTO ASSEMBLY LINE MR PARIS SAYS AND CAN MEASURE LARGEFORM PARTS FASTER AND MORE ACCURATELY THAN BY OTHER MEANS FOR THE COMING SIX MONTHS ENDING AUGUST 31 THE PROS' SELECTIONS WILL BE COMPETING AGAINST A DARTBOARD PORTFOLIO COMPOSED OF CONCORD EFS INC INTERDIGITAL COMMUNICATIONS CORP NATIONAL SEMICONDUCTOR CORP AND SHOWSCAN CORP HOW MANY INVESTMENT DARTBOARD CONTESTS WOULD IT TAKE TO GIVE STATISTICALLY RELIABLE PROOF OF WHETHER PROFESSIONAL JUDGMENT IS A BETTER WAY TO PICK STOCKS THAN THROWING DARTS AT THE STOCK LISTINGS STEVEN LEHRER A CANCER RESEARCHER AT MOUNT SINAI MEDICAL CENTER IN NEW YORK WHO REGULARLY USES STATISTICS IN HIS WORK FIGURES IT WOULD PROBABLY TAKE MORE THAN 800 SELECTIONS FOR BOTH THE PROS AND THE DARTS DR LEHRER'S STUDY WAS BASED ON 168 SELECTIONS EACH BY THE PROS AND THE DARTS FROM JULY 1990 THROUGH LAST DECEMBER SO EVEN THOUGH THE PROS ARE AHEAD DON'T DECLARE A WINNER YET DR LEHRER SAYS PRIMERICA OF 73 OF TRAVELERS IT DIDN'T OWN INC UP 229 CALDOR CORP DOWN 09 TRUSTMARK CORP DOWN 11 AND CAMBRIDGE BIOTECH CORP DOWN 148 9403080008 940308 ENTERPRISE SMALL FIRMS FIGHT TO WIN SPACE ON DATA SUPERHIGHWAY EFFORT FOCUSES ON FCC AS IT CRAFTS RULES FOR AUCTION OF WIRELESS SPECTRUM BY JEANNE SADDLER STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON SMALL COMMUNICATIONS COMPANIES AND ENTREPRENEURS ARE FIGHTING TO MAKE SURE THAT GIANT COMPETITORS DON'T DRIVE THEM OFF THE COMING INFORMATION SUPERHIGHWAY A BIG STEP IN THAT FIGHT BEGINS TODAY WHEN THE FEDERAL COMMUNICATIONS COMMISSION STARTS HAMMERING OUT RULES FOR AUCTIONING PIECES OF THE RADIO SPECTRUM FOR PERSONALCOMMUNICATIONS SERVICES A NEW WAY OF SENDING VOICE DATA AND VIDEO MESSAGES THE RULES WILL STRONGLY INFLUENCE HOW BIG A ROLE SMALL FIRMS PLAY IN A POTENTIAL MULTIBILLIONDOLLAR MARKET AT STAKE IS THE HEART OF A WIRELESS SYSTEM THAT WILL LET BUSINESSES AND CONSUMERS COMMUNICATE WITHOUT THE LANDBASED WIRES OF THE MAJOR TELEPHONE AND CABLE COMPANIES GIANT CORPORATIONS SUCH AS MCI COMMUNICATIONS CORP AMERICAN TELEPHONE & TELEGRAPH CO AND THE REGIONAL BELL TELEPHONE COMPANIES ARE ALL MANEUVERING FOR PLACES IN THIS WIRELESS SYSTEM WHERE THEY COULD OFFER EVERYTHING FROM HANDHELD PHONES TO ONDEMAND VIDEO GAMES SMALL COMPANIES WANT TO MAKE SURE THAT THE FCC WRITES ITS RULES IN WAYS THAT ALSO GIVE THEM ACCESS TO THESE LUCRATIVE NEW MARKETS THIS COULD BE LIKE THE GREAT LAND GRAB IN THE WEST WHEN CERTAIN PEOPLE GOT MOST OF THE LAND DISCOVERED OIL AND CREATED ENORMOUS WEALTH SAYS JOSEPH PROFIT PRESIDENT OF COMMUNICATIONS INTERNATIONAL WIRELESS INC THE SMALL ATLANTA FIRM IS COMPETING FOR A STAKE IN THIS EVOLVING MULTIMEDIA INDUSTRY THIS IS A CHANCE FOR GOVERNMENT TO LET A BROAD BASE OF PEOPLE PARTICIPATE IN A NEW INDUSTRY HE SAYS MEANWHILE ENTREPRENEURS HEADING SMALL SOFTWARE CONCERNS ARE CREATING PRODUCTS THAT WILL MAKE WIRELESS AND OTHER DATA NETWORKS VALUABLE THOSE TINY COMPANIES COULD BE PLAYING FOR EVEN BIGGER STAKES BECAUSE THEIR PRODUCTS WILL MAKE BUSINESS TRANSACTIONS ENTERTAINMENT AND EDUCATION INSTANTLY AVAILABLE TO CONSUMERS SMALL COMMUNICATIONS CONCERNS ALSO ARE PRESSING TO MAKE SURE THEIR INTERESTS ARE PROTECTED IN SWEEPING TELECOMMUNICATIONS LEGISLATION NOW MOVING RAPIDLY THROUGH CONGRESS THEIR CONGRESSIONAL LOBBYING HAS ALREADY HELPED SMALL FIRMS TO GAIN AN EDGE IN THE COMING FCC RULES ON PERSONALCOMMUNICATIONS SERVICES LAST SUMMER CONGRESS ORDERED THE AGENCY TO DEVISE A SYSTEM THAT WOULD AID THE INDUSTRY'S SMALL BUSINESSES AS WELL AS THOSE OWNED BY WOMEN MINORITIES AND RURAL TELEPHONE COMPANIES AND THE FCC HAS ALREADY SIGNALED ITS INTENTION TO SET ASIDE TWO SECTIONS OF THE RADIO SPECTRUM FOR THOSE COMPANIES IN ITS WIRELESS RULES BUT SMALL FIRMS SAY RULES TO EASE THEIR FINANCIAL BURDEN ARE THE KEY TO WHETHER THEY WILL GAIN A STAKE IN THE NEW INDUSTRY WHEN THE FCC AUCTIONS OFF THE RADIO SPECTRUM THESE FIRMS WANT TO BE ABLE TO MAKE SMALLER DOWN PAYMENTS IF THEY WIN A BID AND TO GET THE RIGHT TO PAY IN INSTALLMENTS FOR ANY SPECTRUM SLOTS WON ANOTHER CRUCIAL FACTOR WILL BE THE ORDER IN WHICH THE FCC AUCTIONS OFF PARCELS OF THE SPECTRUM BECAUSE THAT WILL MAKE CLEAR WHICH BUSINESSES DOMINATE CERTAIN REGIONS AND COULD DETERMINE WHETHER BIG AND SMALL COMPANIES FORM LUCRATIVE ALLIANCES SMALL COMPANIES GOT ADDITIONAL ASSISTANCE FROM CAPITOL HILL IN JANUARY FROM SEN DALE BUMPERS THE ARKANSAS DEMO CRAT WHO HEADS THE SENATE SMALL BUSINESS COMMITTEE HE WROTE THE FCC IN SUPPORT OF ITS SETASIDE INTENTIONS AND CALLED FOR THE EXTRA FINANCIAL HELP SOUGHT BY SMALL FIRMS ON THE OTHER HAND BELLSOUTH CORP RECENTLY WROTE THE FCC TO ARGUE THAT SET ASIDES WOULD LEAD TO SPECTRUM GHETTOS WHICH WOULD DECLINE IN VALUE BELLSOUTH HAS LED THE REGIONAL PHONE COMPANIES IN OPPOSING THE SETASIDE IDEA FACED WITH UNCERTAIN PROSPECTS SMALL COMMUNICATIONS COMPANIES ARE FORMING ALLIANCES TO GAIN MUSCLE IN THE COMING FCC AUCTIONS AMERICAN WIRELESS COMMUNICATIONS CORP BASED IN WASHINGTON IS A BUSINESS ALLIANCE OF SMALL FIRMS THAT PLAN TO HELP EACH OTHER FIND FINANCING AND DEVELOP TECHNICAL EXPERTISE AS THEY COMPETE FOR PERSONALCOMMUNICATIONS SERVICES SLOTS WE UNDERSTOOD QUICKLY THAT IF WE WANTED TO PROCEED AGAINST DEEP POCKETS OUR MOST PRUDENT PLAY WOULD BE AS A COALITION OF SMALLTOMEDIUMSIZED BUSINESSES SAYS WALTER THREADGILL PRESIDENT OF THE ALLIANCE WHICH WAS FORMED LAST FALL ANOTHER CONSORTIUM THE SMALL BUSINESS PCS ASSOCIATION IN PORTOLA VALLEY CALIF AIMS TO DEVISE ITS OWN NATIONAL PERSONALCOMMUNICATIONS SERVICES NETWORK BY LINKING SMALL MEMBERS' EXPECTED SYSTEMS ROBERT KYLE THE GROUP'S CHAIR MAN SAYS THE 40COMPANY ALLIANCE WANTS TO OFFER A SYSTEM IN WHICH A CALL TO A SUBSCRIBER'S SAN FRANCISCO OFFICE FOR EXAMPLE WOULD BE FORWARDED TO AN OFFICE THE SUBSCRIBER IS VISITING IN NEW YORK BOTH ALLIANCES SAY THEY WORRY THAT THE FCC STUNG BY INDUSTRY CRITICISM OF ITS RECENT DECISION TO CUT CABLETV RATES AGAIN MAY DELAY MANY DECISIONS THAT IT IS TO BEGIN CONSIDERING TODAY THE ALLIANCES FEAR THE COMMISSION MAY PUSH BACK THE AUCTIONS' DEBUT FROM THIS SUMMER UNTIL POSSIBLY THE END OF THE YEAR THE SMALLBUSINESS CONSORTIUMS SAY SUCH A DELAY WOULD LET CELLULAR PHONE COMPANIES MAJOR POTENTIAL COMPETITORS UPDATE THEIR SYSTEMS PERSONALCOMMUNICATIONS SERVICES ARE EXPECTED TO BE A THREAT TO THE CELLULAR INDUSTRY BECAUSE THEY ARE BASED ON A DIFFERENT TECHNOLOGY THAT WILL BE CHEAPER TO USE THE FCC ALREADY HAS CREATED CONTROVERSY IN THE NASCENT INDUSTRY BY GRANTING LUCRATIVE LICENSES TO FOUR PLAYERS SINCE LAST FALL THE COMMISSION SAID THE FOUR HELPED TO DEVELOP THE SOCALLED PCS TECHNOLOGY OMNIPOINT INC A SMALL CLOSELY HELD FIRM IN COLORADO SPRINGS COLO WON THE RIGHT TO OFFER ONE OF THE TWO DATA SERVICES IN THE NEW YORK CITY AND NORTHERN NEW JERSEY AREA COX COMMUNICATIONS INC THE BIG CABLE CONCERN AND AMERICAN PERSONAL COMMUNICATIONS A PARTNERSHIP OF MEDIUMSIZED AND BIG MEDIA COMPANIES THAT INCLUDES THE WASHINGTON POST CO WON FREE LICENSES TO START WIRELESSDATA SYSTEMS IN LOS ANGELES AND WASHINGTON RESPECTIVELY MOBILE TELECOMMUNICATIONS TECHNOLOGIES INC KNOWN AS MTEL WAS GRANTED ONE OF THE 11 NATIONWIDE LICENSES BECAUSE THE FCC HAS GRANTED A PREFERENCE TO SOME LARGE COMPANIES THE AGENCY SHOULD HELP SMALL ONES TO A GREATER DEGREE ARGUES MR PROFIT OF COMMUNICATIONS INTERNATIONAL THE BIG GUYS WANT TO KEEP THE OLD TECHNOLOGY AS LONG AS POSSIBLE HE ADDS WE WANT TO PUT THE NEW TECHNOLOGY OUT THERE AND BRING THE PRICES DOWN THE FCC IS CONSIDERED SENSITIVE TO THE NEED TO ENSURE THAT SMALL COMMUNICATIONS COMPANIES CAN PLAY A SIGNIFICANT ROLE IN THE EMERGING WIRELESS ARENA IT'S STILL UNCLEAR EXACTLY WHAT RULES THE COMMISSION WILL ADOPT TO ACHIEVE THAT END 9403080007 940308 MARKETING & MEDIA MARKETSCAN COMPANIES FIND THAT CONSUMERS CONTINUE TO RESIST PRICE BOOSTS BY YUMIKO ONO DESPITE THE IMPROVING ECONOMY MARKETERS ARE FINDING VALUECONSCIOUS CONSUMERS AS RESISTANT TO PRICE INCREASES AS EVER A FEW COMPANIES HAVE BEEN ABLE TO COMMAND HIGHER PRICES BY INTRODUCING NEW VALUEADDED PRODUCTS BUT MANY MARKETERS ARE DISCOVERING THAT THEY INCREASE PRICES AT THEIR OWN PERIL CONSIDER THE BABYFORMULA MARKET AMERICAN MOTHERS HAVE LONG REMAINED BRAND LOYAL EVEN THOUGH COMPANIES HAVE REGULARLY RAISED PRICES SOMETIMES TWICE A YEAR BUT BRISTOLMYERS SQUIBB CO'S MEAD JOHNSON UNIT THE SECOND LARGEST MANUFACTURER IN THE CATEGORY SAW SUPERMARKET SALES OF ITS PRODUCTS PLUMMET WHEN ITS FORMULA PRICES ROSE AT A MUCH HIGHER RATE THAN PRICES OF OTHER BRANDS ACCORDING TO INFORMATION RESOURCES INC'S INFOSCAN SERVICE SUPERMARKET PRICES OF THE COMPANY'S ENFAMIL BABY FORMULA ROSE BY AN AVERAGE OF 181 DURING THE 52WEEK PERIOD ENDED JAN 2 AND SALES FELL 209 TO 2535 MILLION ACCORDING TO INFOSCAN DATA THE AVERAGE PRICE OF PROSOBEE ANOTHER BRISTOLMYERS BABY FORMULA ROSE 172 AND THE BRAND'S SALES FELL 127 TO 92 MILLION BRISTOLMYERS' PRICE INCREASES ARE ESPECIALLY RISKY AT A TIME WHEN SUCH NEW PLAYERS AS NESTLE SA ARE AGGRESSIVELY DISCOUNTING THEIR FORMULAS BRISTOLMYERS WOULDN'T COMMENT ON ITS PRICING STRATEGY CONTENDING IN A WRITTEN STATEMENT THAT IT RAISED PRICES LAST YEAR ONLY ONCE BY A MODEST SINGLE DIGIT A SURVEY OF RETAIL PRICES CONDUCTED BY INFORMATION RESOURCES SHOWS THAT CONSUMERS PAID MORE FOR A VARIETY OF SUPERMARKET PRODUCTS DURING THE 52 WEEKS ENDED JAN 2 COMPARED WITH THE PREVIOUS YEAR BUT MOST PRODUCTS WITH SIGNIFICANT PRICE INCREASES POSTED LOWER UNIT SALES CONSUMERS PAID AN AVERAGE OF 119 MORE FOR CANNED SALMON THAN THEY DID A YEAR AGO BUT UNIT SALES DROPPED 114 THE AVERAGE PRICE OF POWDERED LAUNDRY DETERGENT ROSE 4 WHILE UNIT SALES DROPPED 155 PRICES TAKE PRIORITY AT TIMES EVEN OVER HEALTH CONCERNS ALTHOUGH OLIVE OIL'S HEALTHFUL IMAGE HAS MADE THE PRODUCT IMMENSELY POPULAR IN THE PAST SEVERAL YEARS CONSUMERS QUICKLY SWITCHED BACK TO CORN OIL AFTER COMPANIES RAISED PRICES 7 A POUND IN 1991 AN ACTION TAKEN IN PART TO REFLECT HIGHER IMPORTING COSTS CONSUMERS ARE A LOT SMARTER THAN THEY WERE JUST SEVERAL YEARS AGO SAYS WILLIAM MONROE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF BERTOLLI USA INC THE COUNTRY'S BIGGEST MARKETER OF OLIVE OIL ALARMED BY THE CONSUMER REACTION BERTOLLI CUT PRICES OF ITS OLIVE OIL BY AN AVERAGE 13 IN 1992 AND 15 IN 1993 AND HAS BOOSTED MARKET SHARE BERTOLLI IS A UNIT OF SME INTERNATIONAL OF MILAN OVERALL OLIVE OIL PRICES DROPPED 4 IN THE 52WEEK PERIOD HELPED PARTLY BY FAVORABLE EXCHANGE RATES AGAINST THE ITALIAN LIRA HIGHER SALES VOLUME KEPT DOLLAR SALES AT THE SAME LEVEL AS THE YEAREARLIER PERIOD STILL SOME COMPANIES HAVE SUCCESSFULLY PERSUADED CONSUMERS TO PAY MORE FOR NEW PRODUCTS EVEN IN MUNDANE AREAS LIKE DRAIN CLEANERS LAST YEAR CLOROX CO AND SC JOHNSON & SON INC LAUNCHED PLUMBINGMAINTENANCE PRODUCTS INCLUDING MICROORGANISMS THAT ARE PROMISED TO CONSTANTLY EAT AWAY AT THE GUNK BUILDING UP IN DRAINS WHILE THESE PRODUCTS PUSHED THE AVERAGE PRICE OF DRAIN CLEANERS UP 146 SALES IN THE CATEGORY ROSE 201 TO 140 MILLION SIMILARLY PROCTER & GAMBLE CO DEVELOPED A BAR SOAP VERSION OF ITS OIL OF OLAY MOISTURIZER WHICH HAS CAPTURED A BIG SHARE OF THE MARKET DESPITE A HEFTY PRICE OF 209 FOR TWO BARS THAT PRODUCT HELPED ACCOUNT FOR AN 8 PRICE INCREASE IN THE BARSOAP CATEGORY MARKETERS WILL PUT EVEN MORE EFFORT INTO LAUNCHING SUCH NEW PRODUCTS THIS YEAR SAYS CHET KANE PRESIDENT OF KANE BORTREE & ASSOCIATES A NEW YORK NEWPRODUCT RESEARCH COMPANY COMPANIES HAVE HIT BOTTOM ON WHAT THEY COULD DO WITH COSTCUTTING HE SAYS NOW THEY ARE FOCUSING MORE ON NEW PRODUCTS WHICH ALLOW THEM TO SET A NEW HIGHER PRICING POINT IT HELPS TO FIND A NICHE WHERE CONSUMERS ARE LESS PRICESENSITIVE EASTMAN KODAK CO DISCOVERED THAT ALTHOUGH CONSUMERS WERE SENSITIVE ABOUT THE PRICE OF REGULAR CAMERA FILM THEY WILLINGLY SHELLED OUT EXTRA DOLLARS FOR ITS FUN SAVER SINGLEUSE CAMERAS LAST SUMMER THE COMPANY INTRODUCED A VERSION OF FUN SAVERS THAT TACKED ON TWO EXTRA EXPOSURES AND ONE FRAME THAT ALREADY INCLUDED A BURNED IMAGE OF WALT DISNEY CO'S ALADDIN CARTOON CHARACTER THOSE ADDITIONAL FEATURES COST A WHOLE DOLLAR MORE THAN THE STANDARD 995 SUGGESTED RETAIL PRICE BUT CONSUMERS LOVED IT SALES OF KODAK'S FUN SAVERS DOUBLED IN THE 52WEEK PERIOD TO 165 MILLION EVEN AS AVERAGE PRICES ROSE 88 TO 1080 MARKETERS ALSO WERE ABLE TO INCREASE BOTH PRICES AND SALES OF FROZEN POULTRY AND MEAT PRODUCTS BY INTRODUCING NEW CONVENIENT VARIETIES OF COURSE SOME PRICE CHANGES ARE A COMMODITY ISSUE BUMBLE BEE SEAFOODS INC A UNIT OF UNICORD CO OF THAILAND SAYS PRICES OF CANNED SALMON ROSE SHARPLY LAST YEAR BECAUSE OF A POOR FISH SUPPLY THE AVERAGE PRICE OF REFRIGERATED AND FROZEN ORANGE JUICE MEANWHILE FELL 118 AND 128 BECAUSE OF A GLUT OF ORANGES IN THE MARKET AS WELL AS FIERCE PROMOTIONAL CAMPAIGNS BY SEAGRAM CO'S TROPICANA AND COCACOLA CO'S MINUTE MAID BRANDS AMONG CATEGORIES WITH LARGE PRICE DROPS IN 1993 LIQUID LAUNDRY DETERGENT DOWN 62 SHELFSTABLE PREPARED PUDDING AND GELATIN DOWN 86 AND REFRIGERATED BUTTER DOWN 55 9403080006 940308 SMALL STOCK FOCUS STOCKS EXTEND A TWODAY RALLY AMID STABLE BOND ACTION AND MERGER NEWS BY CAITLIN MOLLISON SPECIAL TO THE WALL STREET JOURNAL NEW YORK STURDY BONDS AND MERGER NEWS PUNCTUATED YESTERDAY'S TRADING ACTIVITY ENABLING SMALLCOMPANY STOCKS TO EXTEND A TWOSESSION RALLY MARKET WATCHERS SAID STABLE BONDS WERE THE MAIN DRIVING FORCE BEHIND YESTERDAY'S BUYING QUELLING AT LEAST FOR THE MEANTIME LAST WEEK'S FEARS THAT THE FEDERAL RESERVE COULD MOVE TO TIGHTEN CREDIT THE RUSSELL 2000 INDEX OF SMALLCAPITALIZATION STOCKS JUMPED 198 OR 075 TO 26669 THE NASDAQ COMPOSITE INDEX ROSE 450 OR 057 TO 79505 THE RUSSELL 2000 LIES JUST 093 OR 035 FROM ITS RECORD SET FEB 2 THE NASDAQ COMPOSITE IS 542 OR 068 SHY OF ITS CLOSING HIGH SET JAN 31 ADVANCING NASDAQ ISSUES TOPPED DECLINERS 1650 TO 1427 ON TOTAL VOLUME OF 303236000 SHARES DOWN FROM VOLUME OF 318175000 FRIDAY YESTERDAY MERGER NEWS ATTRACTED BUYERS TO ALL SEGMENTS OF THE MARKET AND MIGHT HELP CONTRIBUTE TO ANOTHER BOUT OF TAKEOVER FEVER AMONG SMALLER STOCKS SAID ROBERT ANTOLINI OF DONALDSON LUFKIN & JENRETTE GRUMMAN SOARED 14 1/4 TO 54 1/8 AFTER AGREEING TO BE ACQUIRED BY MARTIN MARIETTA WHICH ROSE 1 1/4 TO 46 BOTH ARE TRADED ON THE NEW YORK STOCK EXCHANGE IN OTHER MERGER NEWS VALUEVISION INTERNATIONAL INC MINNEAPOLIS ROSE 1 3/8 TO 9 1/8 AND NATIONAL MEDIA PHILADELPHIA ADDED 7/8 TO 11 1/8 ON THE NYSE THE TWO COMPANIES SIGNED A MERGER AGREEMENT UNDER WHICH VALUEVISION INCREASED ITS TENDER OFFER BY 1 A SHARE TO 1150 FOR NATIONAL MEDIA'S STOCK THE TRANSACTION IS VALUED AT MORE THAN 150 MILLION AN ACQUISITION PROPOSAL FROM WESTCOTT COMMUNICATIONS DROVE SANDY'S STOCK UP 1 1/2 TO 7 3/8 ON THE AMERICAN STOCK EXCHANGE WESTCOTT BASED IN CARROLLTON TEXAS WHICH FELL 5/8 TO 23 3/8 HAS MADE AN UNSOLICITED PROPOSAL TO MERGE THE SMALLER TROY MICH COMMUNICATIONS COMPANY INTO A WESTCOTT SUBSIDIARY ORNDA HEALTHCORP NASHVILLE TENN GAINED 1 TO 18 3/4 THE COMPANY SAID IT WILL PROCEED WITH ITS MERGER WITH AMERICAN HEALTHCARE MANAGEMENT AND SUMMIT HEALTH AS REPORTED ORNDA'S PURCHASE OF THE TWO WILL CREATE A COMPANY WITH 16 BILLION IN REVENUE AND 46 ACUTECARE HOSPITALS IN 17 STATES AMERICAN HEALTHCARE MANAGEMENT KING OF PRUSSIA PA ADDED 1/4 TO 10 5/8 ON THE BIG BOARD AND SUMMIT HEALTH BURBANK CALIF GAINED 5/16 TO 9 1/8 AN INITIAL BUY RECOMMENDATION FROM RAUSCHER PIERCE REFSNES LIFTED BRITE VOICE SYSTEMS'S STOCK 1 1/4 TO 14 3/4 THE WICHITA KAN COMPANY MAKES VOICEACTIVATED PROCESSING SYSTEMS AND PROVIDES INFORMATION IN AUDIO FORM THE DAY'S BIG DECLINER WAS IIS INTELLIGENT INFORMATION SYSTEMS AN ISRAELI COMMUNICATION AND NETWORKING COMPANY WHICH TUMBLED 7 7/8 OR 45 TO 9 5/8 A 95 DECREASE IN FOURTHQUARTER NET INCOME AND FORECASTS THAT DISAPPOINTING RESULTS MIGHT PLAGUE THE NEXT TWO QUARTERS WERE CITED POSITIVE COMMENTS FROM THE PUBLISHER OF OVERPRICED STOCK SERVICE MICHAEL MURPHY IN THIS WEEK'S BARRON'S GAVE SEVERAL ISSUES A BOOST NETFRAME SYSTEMS A MILPITAS CALIF COMPUTER SYSTEMS DEVELOPER GAINED 1 TO 16 1/4 PARALLAN COMPUTER MOUNTAIN VIEW CALIF 7/8 TO 11 AUXPEX SYSTEMS SANTA CLARA CALIF 7/8 TO 7 5/8 AND VICAL A SAN DIEGO PHARMACEUTICALS COMPANY 1 1/2 TO 13 1/2 9403080005 940308 WHO'S NEWS GM APPOINTMENTS OF 5 VICE PRESIDENTS LIFTS YOUNG TEAM DETROIT GENERAL MOTORS CORP NAMED FIVE NEW CORPORATE VICE PRESIDENTS POSITIONING A GROUP OF YOUNGER EXECUTIVES RANGING IN AGE FROM 39 TO 53 TO TAKE BROADER RESPONSIBILITY AS MORE OF THE COMPANY'S OLD GUARD RETIRES THIS YEAR THE APPOINTMENTS APPEAR TO QUICKEN THE MOVEMENT BY GM PRESIDENT JOHN F SMITH JR AND THE COMPANY'S INDEPENDENT DIRECTORS TO PUT YOUNGER MANAGERS INTO KEY POSITIONS LARGELY BYPASSING EXECUTIVES IN THEIR MID TO LATE 50S IN NOVEMBER 1992 WHEN GM'S DIRECTORS INSTALLED MR SMITH AS CHIEF EXECUTIVE THEY ALSO INSTALLED THREE EXECUTIVE VICE PRESIDENTS WHOSE AVERAGE AGE WAS JUST 44 THE EXECUTIVES GM PROMOTED YESTERDAY ARE HEIDI KUNZ 39 YEARS OLD GM'S TREASURER MARK T HOGAN 42 PRESIDENT OF GM DO BRASIL THOMAS G STEPHENS 45 GENERAL MANAGER GM POWERTRAIN ENGINEERING HOMI K PATEL 52 GENERAL MANAGER OF GM POWERTRAIN MANUFACTURING OPERATIONS AND PAUL J TOSCH 53 GENERAL MANAGER OF THE HARRISON DIVISION THE LATEST APPOINTMENTS COME AS GM IS AWASH IN RUMORS THAT SEVERAL SENIOR EXECUTIVES WHO ARE HOLDOVERS FROM THE ADMINISTRATION OF OUSTED GM CHAIRMAN ROBERT C STEMPEL MAY RETIRE OR LEAVE THE COMPANY THIS YEAR GM OFFICIALS HAVEN'T CONFIRMED ANY HIGHLEVEL DEPARTURES BUT THEY ALSO HAVE DONE LITTLE TO DISCOURAGE THE NOTION THAT ANOTHER ROUND OF SENIOR MANAGEMENT CHANGES IS IN THE OFFING NOW THAT NORTH AMERICAN OPERATIONS HAVE REGAINED PROFITABILITY AND BEGUN GENERATING HEALTHY CASH FLOW AGAIN YESTERDAY GM SAID GEORGE G JOHNSTON 62 VICE PRESIDENT AND GENERAL MANAGER OF THE DELCO CHASSIS DIVISION AND ROBERT D WIGHT AGE 59 GENERAL MANAGER OF THE DELCO REMY DIVISION WILL RETIRE THIS SUMMER 9403080004 940308 WHO'S NEWS JON PETERS TO RETURN TO TIME WARNER UNIT TO DEVELOP MOVIES BURBANK CALIF IN A MOVE TO BRING BACK ONE OF ITS MOST PROLIFIC PRODUCERS OF THE 1980S TIME WARNER INC'S WARNER BROS UNIT SIGNED AN EXCLUSIVE JOINT VENTURE AGREEMENT WITH JON PETERS THAT CALLS FOR HIM TO DEVELOP MOVIES AND OTHER ENTERTAINMENT PROJECTS MR PETERS RESUMES HIS ASSOCIATION WITH WARNER NEARLY FIVE YEARS AFTER HE LEFT THAT COMPANY ALONG WITH LONGTIME PARTNER PETER GUBER TO RUN SONY CORP'S HOLLYWOOD STUDIO SONY WHICH PAID 34 BILLION FOR COLUMBIA PICTURES ENTERTAINMENT INC IN 1989 SUBSEQUENTLY PAID 200 MILLION TO BUY THE GUBERPETERS CO WARNER PROMPTLY SUED SONY SEEKING 1 BILLION IN DAMAGES FOR STEALING THE PRODUCERS WHO UNDER EXCLUSIVE CONTRACT TO WARNER MADE SUCH FILMS AS BATMAN SONY SETTLED THE SUIT BY GIVING WARNER VARIOUS RIGHTS AND ASSETS VALUED BY ANALYSTS AT OVER 500 MILLION AT THAT TIME THOUGH MR GUBER REMAINS CHAIRMAN AND CHIEF EXECUTIVE AT THE RENAMED SONY PICTURES MR PETERS'S TENURE THERE WAS SHORTLIVED IN MAY 1991 HE LEFT HIS POST AS COCHAIRMAN TO START HIS OWN ENTERTAINMENT COMPANY TIED TO THE SONY UNIT MR PETERS SAID HE STILL HAS A HALFDOZEN ONGOING PROJECTS THERE WHICH HE WILL CONTINUE TO OVERSEE HOWEVER HE WILL FOCUS HIS ENERGIES AT WARNER AND WILL RELOCATE TO ITS BURBANK CALIF LOT MR PETERS A ONETIME HAIRDRESSER WHO WAS CLOSELY ASSOCIATED WITH BARBRA STREISAND IN THE 1970S PRODUCED A STAR IS BORN THE MAIN EVENT AND CADDYSHACK IN ASSOCIATION WITH MR GUBER HE PRODUCED GORILLAS IN THE MIST THE WITCHES OF EASTWICK THE COLOR PURPLE AND RAIN MAN 9403080003 940308 TECHNOLOGY & HEALTH AMID PROXY FIGHT HOSPITAL STAFFING TRIES TO RAISE SHARE VALUE FORT LAUDERDALE FLA HOSPITAL STAFFING SERVICES INC SAID IT IS CONSIDERING MEASURES TO INCREASE THE VALUE OF ITS SHARES INCLUDING THE POSSIBLE SALE OF ALL OR PART OF THE HOME HEALTHCARE CONCERN THE MOVE COMES AMID A PROXY BATTLE LAUNCHED LAST MONTH IN WHICH A SHAREHOLDER GROUP LED BY NUMED HOME HEALTH CARE INC IS TRYING TO REPLACE THE MAJORITY OF HSS'S BOARD AND ULTIMATELY REMOVE SOME SENIOR MANAGERS AS WELL A SPOKESMAN FOR HSS SAID THE COMPANY'S PLAN IS UNRELATED TO THE PROXY BATTLE AND WAS MOTIVATED BY THE CONSOLIDATION TREND IN THE MEDICAL INDUSTRY HSS A PROVIDER OF MEDICAL PERSONNEL FOR HEALTHCARE FACILITIES BEGAN DISCUSSIONS WITH INVESTMENT BANKERS LAST FALL HE ADDED IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE HSS CLOSED AT 3625 A SHARE UP 25 CENTS OR 74 HSS SAID IT EXPECTS ANY POSSIBLE TRANSACTION TO BE SUBMITTED TO SHAREHOLDERS FOR APPROVAL AT THIS YEAR'S ANNUAL MEETING THE DATE OF THAT MEETING HASN'T BEEN SET AND HSS SAID THERE'S NO ASSURANCE THAT A DEAL CAN BE STRUCK SOON JUGAL K TANEJA CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF NUMED SAID HE WELCOMES HSS'S PLAN FOR A POSSIBLE SALE OR MERGER BUT HE ALSO SAID HE'LL CONTINUE THE PROXY FIGHT NUMED A CLOSELY HELD PROVIDER OF HOMEHEALTH SERVICES BASED IN INDEPENDENCE OHIO IS PART OF A SHAREHOLDER GROUP OWNING 63 OF HSS ACCORDING TO SECURITIES AND EXCHANGE COMMISSION FILINGS THE PROXY BATTLE IS THE LATEST IN A STRING OF DIFFICULTIES AT HSS IN DECEMBER 1992 THE COMPANY ACKNOWLEDGED IT IS BEING INVESTIGATED BY THE FBI AS PART OF A LARGER PROBE INTO POSSIBLE MEDICARE FRAUD 9403080002 940308 WHAT'S NEWS BUSINESS AND FINANCE MARTIN MARIETTA AGREED TO BUY GRUMMAN FOR 19 BILLION OR 55 A SHARE INCREASING PRESSURE IN THE BELEAGUERED DEFENSE INDUSTRY FOR FURTHER CONSOLIDATION THE PURCHASE WOULD MAKE MARTIN MARIETTA THE NATION'S LARGEST AEROSPACEELECTRONICS CONCERN AND CAPS A SERIES OF MAJOR ACQUISITIONS BY THE COMPANY WHOSE CHAIRMAN HAS EMERGED AS A LEADER IN THE INDUSTRY'S REALIGNMENT GRUMMAN'S STOCK CLIMBED 85 FRIDAY AHEAD OF YESTERDAY'S ANNOUNCEMENT THREE OTHER TARGET FIRMS IN MAJOR DEALS IN THE PAST MONTH HAVE SEEN THEIR STOCKS CLIMB SHARPLY BEFORE ANY MERGER ANNOUNCEMENTS WERE MADE USAIR URGED UNION LEADERS TO ACCEPT NEW CONCESSIONS SAYING ITS LOSSES ARE WIDENING MAINLY BECAUSE OF STEEP FARE CUTS INITIATED LAST MONTH THE STRUGGLING CARRIER ALSO DISCLOSED THAT ITS BIG SHAREHOLDER BRITISH AIRWAYS WON'T INVEST AN ADDITIONAL 450 MILLION UNTIL THE LABOR TALKS ARE COMPLETED AN INCREASE IN THE PAYROLL TAX AND AN EXPANSION OF MEDICARE ARE POSSIBILITIES UNDER A DEMOCRATICBACKED HEALTHCARE PLAN THAT A HOUSE WAYS AND MEANS COMMITTEE SUBCOMMITTEE WILL BEGIN CONSIDERING TODAY THE ANTITRUST DIVISION OF THE JUSTICE DEPARTMENT IS INVESTIGATING WHETHER CIGARETTE MANUFACTURERS HAVE ILLEGALLY AGREED TO KEEP CERTAIN TYPES OF CIGARETTES OFF THE MARKET THE PROBE CENTERS ON FIRESAFE CIGARETTES WHICH ARE LESS LIKELY TO CAUSE FIRES A BOND MARKET RALLY BUOYED STOCK PRICES THE DOW JONES INDUSTRIAL AVERAGE ADVANCED 2392 POINTS TO 385622 THE TREASURY'S BENCHMARK 30YEAR ISSUE ROSE MORE THAN 3/8 OF A POINT WHILE ITS YIELD SLIPPED TO 679 METROPOLITAN LIFE AGREED TO A PRECEDENTSETTING 20 MILLION FINE WITH MORE THAN 40 STATES TO SETTLE CHARGES SURROUNDING ITS SALES TACTICS THE SETTLEMENT ONE OF THE BIGGEST INVOLVING AN INSURER IS BELIEVED TO BE THE FIRST TIME STATE INSURANCE COMMISSIONERS AGREED JOINTLY ON DISCIPLINARY ACTION MICROSOFT'S BILL GATES IS ASKING PUBLISHERS FOR 25 MILLION FOR A BOOK ABOUT THE INFORMATION SUPERHIGHWAY PEOPLE IN THE PUBLISHING WORLD SAID GOLD IS TRADING NEAR A THREEMONTH LOW PARTLY REFLECTING SELLING BY HARDPRESSED HEDGE FUNDS HURT IN INTERNATIONAL BOND AND CURRENCY MARKETS SOME TRADERS SAID THAT IF GOLD WHICH CLOSED YESTERDAY AT 37690 AN OUNCE DOWN 170 FALLS BELOW THE 374375 LEVEL IT COULD TUMBLE TO 365 GOLDMAN SACHS'S 1993 PRETAX PROFIT JUMPED 82 TO 27 BILLION RANKING THE NEW YORK PRIVATE INVESTMENT BANK NOT ONLY AS THE MOST PROFITABLE FIRM ON WALL STREET BUT AS ONE OF THE MOST PROFITABLE COMPANIES IN THE WORLD MICROSOFT AND TELECOMMUNICATIONS PLAN TO LAUNCH A TV CHANNEL FOR NEWS INFORMATION AND TRAINING ABOUT COMPUTER AND SOFTWARE PRODUCTS SCIMED LIFE SYSTEMS' CORONARY CATHETER INFRINGES ON A PATENT HELD BY A PFIZER UNIT A FEDERAL COURT RULED SCIMED LIFE WAS ORDERED TO PAY DAMAGES OF UP TO ABOUT 66 MILLION THE COMPANY WAS ALSO ORDERED TO CLOSE OUT US SALES OF ITS RALLY MODEL WHICH ACCOUNTS FOR ABOUT 10 OF ITS SALES BELL ATLANTIC PLANS TO ISSUE TODAY A CALL TO SOFTWARE DEVELOPERS WORLDWIDE TO COME UP WITH APPLICATIONS THAT CAN BE TURNED INTO NEW SERVICES FOR THE INTERACTIVE NETWORK IT HOPES TO BUILD LONDON STOCKS ROSE AS A BOUNCE IN WORLD BOND MARKETS LIFTED EUROPEAN STOCKS FOLLOWING A GERMAN LABOR PACT FRANKFURT STOCKS SOARED 24 AFTER AN INDUSTRIAL STRIKE WAS AVERTED BONDS LEHMAN BROTHERS TREASURY INDEX 534965 UP 2767 COMMODITIES OIL 1410 A BARREL OFF 47 CENTS DOW JONES FUTURES INDEX 14491 OFF 014 SPOT INDEX 13095 OFF 012 DOLLAR 10555 YEN OFF 010 17195 MARKS UP 00005 9403080001 940308 BUSINESS BRIEF AMERICAN CONSUMER PRODUCTS TO COMBINE WITH CURTIS INDUSTRIES SOLON OHIO THE NOEL GROUP INC A HOLDING COMPANY AND INVESTOR LIVIO M BORGHESE HAVE AGREED TO ACQUIRE CONTROLLING INTEREST IN AMERICAN CONSUMER PRODUCTS INC AND COMBINE THE COMPANY'S ACTIVITIES WITH CURTIS INDUSTRIES INC AMERICAN CONSUMER PRODUCTS SHARES SURGED 23 OR 75 CENTS TO 4 IN LATE NASDAQ STOCK MARKET TRADING THE NOEL GROUP IS THE MAJORITY SHAREHOLDER IN CURTIS INDUSTRIES A PRIVATELY HELD MAKER OF SECURITY EQUIPMENT BASED IN EASTLAKE OHIO MR BORGHESE IS A MAJOR SHAREHOLDER IN CURTIS AMERICAN CONSUMER PRODUCTS AND CURTIS INDUSTRIES TERMED THE PROPOSED CASH AND STOCK TRANSACTION A BUSINESS COMBINATION UNDER THE AGREEMENT THE INVESTORS WILL GIVE 63 MILLION IN CASH AND ALL THE SHARES OUTSTANDING OF CURTIS INDUSTRIES IN EXCHANGE FOR 52 MILLION NEW SHARES OF AMERICAN CONSUMER PRODUCTS AND SUBORDINATED NOTES FOR 300000 AMERICAN CONSUMER NOW HAS ABOUT 25 MILLION SHARES OUTSTANDING THE COMBINED 1993 REVENUE FOR THE COMPANIES WAS ABOUT 189 MILLION THE COMBINED COMPANY WILL RETAIN THE NAME AMERICAN CONSUMER PRODUCTS AND WILL REMAIN PUBLIC MAURICE ANDRIEN PRESIDENT AND CHIEF EXECUTIVE OFFICER OF CURTIS INDUSTRIES WILL BECOME PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMBINED COMPANY STEPHAN W COLE NOW PRESIDENT OF AMERICAN CONSUMER PRODUCTS WILL BE CHIEF OPERATING OFFICER AMERICAN CONSUMER PRODUCTS MAKES HARDWARE PRODUCTS THAT ARE SOLD TO HARDWARE DISCOUNT AND HOMECENTER RETAILERS UNDER THE COLE SHARON AND WESSEL BRAND NAMES MANAGERS SAID THE COMBINED WORK FORCE OF ABOUT 2500 WOULD LIKELY BE CUT THE PACT IS SUBJECT TO REGULATORY APPROVAL FINANCING AND APPROVAL OF AMERICAN CONSUMER PRODUCTS SHAREHOLDERS 9403080035 940224 POLITICS & PEOPLE PRESIDENT CLINTON DON'T FREE THE TRAITOR POLLARD BY ALBERT R HUNT THERE WAS TENSION AT LAST WEEK'S WHITE HOUSE SENIOR STAFF MEETING AS TOP AIDE GEORGE STEPHANOPOULOS CHIDED COUNSELOR BERNARD NUSSBAUM FOR DRAGGING HIS FEET THE ISSUE WASN'T A HEADLINEDOMINATING ONE LIKE WHITEWATER OR TRADE WITH JAPAN INSTEAD IT WAS ABOUT JONATHAN POLLARD WHO THOUGH NOT NEARLY AS WELL KNOWN AROUSES AS MUCH PASSION AS THOSE OTHER CONTROVERSIES POLLARD A NAVAL INTELLIGENCE OFFICER WAS CONVICTED IN 1987 OF SPYING FOR ISRAEL AND GIVEN A LIFE SENTENCE A POWERFUL EFFORT TO COMMUTE HIS SENTENCE AND LET HIM OUT OF PRISON COULD ARRIVE AT PRESIDENT CLINTON'S DESK IN THE NEAR FUTURE THE SUPPORT TO FREE POLLARD IS INTENSE AND IMPRESSIVE IN SCOPE IT INCLUDES THE GOVERNMENT OF ISRAEL MANY PROMINENT AMERICAN JEWISH ORGANIZATIONS AND NONJEWISH POLITICIANS RANGING FROM LIBERAL DEMOCRATIC SEN CAROL MOSELEYBRAUN TO NEW YORK MAYOR RUDY GIULIANI TO RIGHTWING TELEVANGELIST PAT ROBERTSON THEY PAINT A VERY SYMPATHETIC PICTURE POLLARD WAS NAIVE BUT ZEALOUSLY COMMITTED TO ISRAEL WORRIED ABOUT THE THREAT THE IRAQIS AND TERRORISM POSED TO THAT IMPORTANT AMERICAN ALLY THUS HE GAVE THE ISRAELIS TOPSECRET INFORMATION AS A MATTER OF CONSCIENCE MOREOVER IT'S ARGUED THE PROSECUTION DECEIVED HIM INTO A PLEA BARGAIN LEADING HIM TO BELIEVE BOTH HE AND HIS WIFE WOULD GET A MUCH LIGHTER SENTENCE IT'S A VERY APPEALING ARGUMENT IT'S ALSO LARGELY UNTRUE IF MR CLINTON CAVES IN TO THIS PRESSURE IT NOT ONLY WOULD BE A TRIUMPH OF POLITICAL EXPEDIENCY OVER PRINCIPLE BUT WOULD ESTABLISH A DREADFUL PRECEDENT IN THE POSTCOLD WAR WORLD THAT POINT WAS DRAMATICALLY REINFORCED TUESDAY WHEN A TOP CIA OFFICIAL AND HIS WIFE WERE CHARGED WITH SPYING FOR RUSSIA NOW SUPPOSEDLY AN ALLY FOR JONATHAN POLLARD IS A TRAITOR WHO SOLD OUT HIS COUNTRY FOR BIG BUCKS HIS SUPPORTERS' CONTENTION THAT HE IS NOT A TRAITOR BECAUSE HE WAS IN THE PAY OF AN ALLY IS NONSENSE HE PLAINLY BETRAYED HIS COUNTRY THE ISRAELIS CONTINUE TO LIE ABOUT THEIR COMPLICITY CONTENDING THIS WAS A ROGUE OPERATION UNKNOWN TO THE GOVERNMENT WHILE SHOWING THE CHUTZPAH TO PRESSURE THE PRESIDENT TO RELEASE AN AMERICAN SPY LEGALLY POLLARD PROPONENTS INSIST HE WAS DUPED INTO A PLEABARGAINING AGREEMENT IN ORDER TO GET HIS WIFE AND ACCOMPLICE ANNE AN EASIER SENTENCE SHE DID GET A RELATIVELY LIGHT SENTENCE BUT A US COURT OF APPEALS PANEL REJECTED THIS ARGUMENT 2 TO 1 AND A READING OF THE MAJORITY OPINION IS PERSUASIVE THERE IS SIMPLY NO WAY THAT POLLARD'S SENTENCE HARSH AS IT IS CAN BE THOUGHT TO STEM FROM A FUNDAMENTAL DEFECT THAT CAUSED A MISCARRIAGE OF JUSTICE WITHOUT ROBBING THOSE WORDS OF ALL MEANING WROTE JUDGE LAURENCE H SILBERMAN A CONSERVATIVE AND RUTH BADER GINSBURG A LIBERAL NOW ON THE SUPREME COURT NOTING THAT CHARGES OF PROSECUTORIAL BREACHES WERE RAISED ONLY THREE YEARS AFTER THEY ALLEGEDLY OCCURRED THE ARGUMENT THAT POLLARD WAS A MISGUIDED BUT GUILELESS MAN WHO ACTED OUT OF DEEP CONVICTION CONVENIENTLY OVERLOOKS THAT HE WAS A WELLPAID SPY THE INITIAL PAYMENTS WERE 1500 A MONTH FROM THE ISRAELIS BUT HE THEN DEMANDED A RAISE TO 2500 MONTHLY IN ADDITION HIS ISRAELI HANDLERS AGREED TO PLACE 300000 IN A SECRET SWISS BANK ACCOUNT MADE OUT TO A FICTITIOUS DANNY COHEN HE ALSO GOT AN ALLEXPENSESPAID THREEWEEK HONEYMOON IN ISRAEL AND IN EUROPE HIS WIFE GOT A 7000 DIAMONDANDSAPPHIRE RING THIS WAS A VERY WELLHEELED CONSCIENCE POLLARD WAS SPYING FOR AN ALLY BUT THE CLAIM THAT HIS SENTENCE WAS UNFAIR BECAUSE IT WAS HARSHER THAN COMPARABLE CASES IS BOGUS AND IRRELEVANT TOP INTELLIGENCE OFFICIALS AND DEFENSE SECRETARIES AS DIVERSE AS CASPAR WEINBERGER AND LES ASPIN ALL SAY NONE OF THE OTHER CASES INVOLVED EVEN A FRACTION OF POLLARD'S SENSITIVE SECURITY COMPROMISES THE INFORMATION POLLARD TURNED OVER WAS SO SENSITIVE THAT OFFICIALS STILL INSIST THEY CAN'T PROVIDE SPECIFICS BUT THEY CONCUR IN AN ASSESSMENT SOME YEARS AGO BY GEORGE CARVER A FORMER TOP CIA OFFICIAL WHO WROTE IN THE NEW REPUBLIC THAT IT WAS A WHOLESALE THEFT OF ULTRASENSITIVE HIGHLY CLASSIFIED INTERNAL US DOCUMENTS THAT IN THEIR RAW UNREDACTED' STATE THE UNITED STATES COULD NEVER SHOW TO ANY FOREIGN POWER WITHOUT GRAVE DANGER TO ITS OWN SECURITY THE DATA OUTLINED US MILITARY CAPABILITIES TRAINING PLANS AND PROJECTED MOVEMENTS MR CARVER WROTE AS WELL AS SENSITIVE INTELLIGENCE ON A VARIETY OF FOREIGN NATIONS AND TOPICS THAT COMPROMISED NOT ONLY COLLECTION SYSTEMS BUT IN SOME CASES THE LIKELY IDENTITIES OF HUMAN AGENTS PROSECUTORS INSIST THAT POLLARD'S FOCUS WAS FAR GREATER THAN DIRECT THREATS TO ISRAEL THEY SAY HE ALSO STOLE INFORMATION HELPFUL TO SOUTH AFRICA APPARENTLY FOR THE ISRAELIS TO BARTER AND ON CHINA APPARENTLY TO HELP HIS WIFE'S BUSINESS DEALINGS THUS IT'S NO SURPRISE THAT ALL THE TOP NATIONAL SECURITY OFFICIALS ADAMANTLY OPPOSE ANY DEAL FOR POLLARD THE STATE DEPARTMENT PREDICTABLY HAS WAFFLED AND IS THOUGHT TO BE CLOSER TO THE POLLARD CAMP AS REPORTEDLY IS WHITE HOUSE COUNSELOR NUSSBAUM SOME JUSTICE DEPARTMENT OFFICIALS FAVOR CLEMENCY BUT ATTORNEY GENERAL JANET RENO SO FAR HAS REFUSED TO RECOMMEND THAT AND SOME TOP POLITICAL OPERATIVES ARE LINING UP WITH THE NATIONAL SECURITY TEAM INCLUDING MR STEPHANOPOULOS AND POLITICAL ADVISER RAHM EMANUEL ONCE A VOLUNTEER IN THE ISRAELI ARMY THE PRESIDENT WHO SO OFTEN HAS A TIN EAR ON NATIONAL SECURITY ISSUES OUGHT TO CONSULT WITH HIS HANDFUL OF MILITARY CONFIDANTS LIKE RETIRED ADM WILLIAM CROWE IF HE HAS ANY DOUBT AS TO HOW STRONGLY THE INTELLIGENCE COMMUNITY FEELS THE POLLARD CASE IS ESPECIALLY DISTRESSING FOR AMERICAN JEWS FOR YEARS THE JEWISH COMMUNITY HAS BEEN DEEPLY SENSITIVE OVER UNFAIR BUT OFTREPEATED CHARGES OF DUAL LOYALTY OR EVEN OF PUTTING ISRAEL'S INTERESTS AHEAD OF AMERICA'S YET POLLARD CLEARLY WAS AN AMERICAN WHO PUT ISRAELI INTERESTS WELL ABOVE HIS OWN COUNTRY'S BUT THE PRESSURE FROM ISRAEL IS CONSIDERABLE PRIME MINISTER YITZHAK RABIN WHO WAS DEFENSE CHIEF WHEN POLLARD WAS ENLISTED AS A SPY WROTE PRESIDENT CLINTON ON POLLARD'S BEHALF LAST OCT 22 AND TALKED TO THE PRESIDENT ABOUT IT PERSONALLY AT THE WHITE HOUSE IN NOVEMBER RIGHT BEFORE CHRISTMAS ELYAKIM RUBINSTEIN ISRAELI CABINET SECRETARY WROTE ANOTHER SPECIAL PLEA TO MR NUSSBAUM THIS IS THE COUNTRY THAT'S NEVER WAVERED FROM ITS INITIAL INSISTENCE THAT THE STATE OF ISRAEL HAS NO CONNECTION WITH POLLARD NOBODY BELIEVES THAT MOREOVER EVERY ONE OF POLLARD'S HANDLERS HAS BEEN REWARDED GIVEN THE HISTORIC GENEROSITY OF THE US IN INTELLIGENCE AS IN OTHER MATTERS UNTIL THE ISRAELI GOVERNMENT COMES CLEAN I SEE NO NEED FOR US TO DO ANYTHING ASSERTS JAMES SCHLESINGER FORMER DEFENSE CHIEF AND CIA DIRECTOR MR SCHLESINGER HAS IT EXACTLY RIGHT IF THE ISRAELIS CAME CLEAN AND EVERYONE ACKNOWLEDGED WHAT A DESPICABLE ACT POLLARD PERFORMED THEN AND ONLY THEN WOULD CLEMENCY BE IN ORDER SEE RELATED LETTER LETTERS TO THE EDITOR POLLARD HAS BEEN PUNISHED ENOUGH WSJ MARCH 8 1994 9402240042 YY94 MM03 9403080034 940215 LEISURE & ARTS MUSIC WEILL CELEBRATED ON STAGE DISK AND VIDEO BY MARK SWED IT WOULD BE HARD TO IMAGINE A MORE READILY ACCESSIBLE EVENING AT THE OPERA FOR AMERICAN AUDIENCES THAN WAS FOUND AT THE NEW PRODUCTION OF KURT WEILL'S STREET SCENE RECENTLY UNVEILED BY HOUSTON GRAND OPERA FROM THE SECOND THE CURTAIN WENT UP YOU KNEW WHERE YOU WERE VISUALLY DRAMATICALLY MUSICALLY ADRIANNE LOBEL'S RECREATION OF THE 1930S MANHATTAN TENEMENT VIBRANTLY EVOKED AN EDWARD HOPPER PAINTING FRANCESCA ZAMBELLO'S DIRECTION OF A PARTICULARLY CONVINCING YOUNG AMERICAN CAST UNFAILINGLY CAPTURED THE SMALLEST PERSONAL TICS OF REAL PEOPLE HERE AN UPPER WEST SIDE MELTINGPOT COMMUNITY AND WEILL'S MUSIC WRITTEN FOR THE BROADWAY STAGE IN 1947 BUT WITH A SOPHISTICATED SENSE OF OPERA UNDERLYING IT IS IN THE AMERICAN VERNACULAR EVERYBODY KNOWS A FEW WEEKS EARLIER THE NEW YORK PHILHARMONIC PAID TRIBUTE TO WEILL WITH A PERFORMANCE OF THE SEVEN DEADLY SINS THAT ALSO RIGHT FROM THE START ENGAGED THE AUDIENCE IN THE KIND OF DIRECT WAY THAT IS RARE IN THE CONCERT HALL THIS IS GERMAN WEILL WRITTEN IN PARIS IN 1933 JUST AFTER THE COMPOSER FLED THE NAZIS SET TO AN ACERBIC TEXT BY BERTOLT BRECHT IT CONCERNS TWO SISTERS WHO TRAVEL THROUGHOUT THE US EXPERIENCING A DIFFERENT BIBLICAL SIN IN EACH CITY COMMISSIONED BY GEORGE BALANCHINE AS A BALLET IT FEATURES A SOLO SINGER AND A DANCER AS THE TWO SISTERS ALONG WITH A MALE QUARTET THAT REPRESENTS THEIR FAMILY BACK HOME BUT WHAT SET THE MOOD OF THIS CONCERT PERFORMANCE EVEN BEFORE IT BEGAN WAS THE APPEARANCE OF ONE OF THE MEMBERS OF THE MALE VOCAL QUARTET DRESSED IN STANDARD ANONYMOUS CONCERT DRESS WHITE TIE AND TAILS HE ALSO WORE A BARRETTE IN HIS PONYTAIL AND WAS CARRYING A LADY'S PURSE HE SANG THE MOTHER THEN AT THE BEGINNING OF THE PERFORMANCE AS THE QUARTET COMPLAINED ABOUT THE FIRST SIN SLOTH THE SOPRANO ANGELINA REAUX DONNED DARK GLASSES AND LOUNGED PROVOCATIVELY IN HER CHAIR IRONICALLY BOTH OF THESE OCCASIONS EMINENTLY DRAMATIC THOUGH THEY WERE CAME WITH A LOT MORE EXPLANATORY BAGGAGE THAN IS USUAL AT AVERY FISHER HALL THE NEW YORK PHILHARMONIC OFFERED A DISPLAY ABOUT WEILL AND HIS BERLIN YEARS AND THE ORCHESTRA SPONSORED A CABARET EVENING WITH MS REAUX IN CONJUNCTION WITH THE SYMPHONY CONCERT LIKEWISE HOUSTON GRAND OPERA DOCUMENTED WEILL'S AMERICAN CAREER IN THE LOBBY OF THE WORTHAM THEATER CENTER AND IT HOSTED A WEILL SYMPOSIUM IN CONJUNCTION WITH THE KURT WEILL FOUNDATION AND THE GOETHE INSTITUTE THE NEED FOR SUCH EXPLANATION REVEALS THE CURIOUS ROLE WEILL HAS LONG PLAYED AND CONTINUES TO PLAY IN THE WORLD OF SERIOUS AMERICAN MUSIC ON ONE HAND WEILL WHO DIED IN 1950 AT AGE 50 WAS SO SUCCESSFUL THAT HE HARDLY SHOULD NEED ANY INTRODUCTION TO AUDIENCES AT ALL HE WROTE MACK THE KNIFE SEPTEMBER SONG AND MANY OTHER POP STANDARDS YET HE IS BEST REMEMBERED AS A MUSIC THEATER COMPOSER HIS CONCERT WORKS NEVER HAVE REALLY CAUGHT ON WHO ADAPTED SO COMPLETELY TO EACH OF HIS RADICALLY DIFFERENT HOMES WHETHER PREWAR BERLIN OR POSTWAR BROADWAY THAT IT DOES MAKE SENSE TO TRY TO PLACE HIS WORKS IN THEIR SPECIFIC TIME AND PLACE IT IS MOREOVER NO COINCIDENCE THAT HOUSTON GRAND OPERA WHICH IS ONE OF THE MORE VENTURESOME AMERICAN COMPANIES SUCCEEDED WITH A WHOLLY TRADITIONAL PRODUCTION OF STREET SCENE WHILE THE NEW YORK PHILHARMONIC WHICH IS HARDLY A PLACE FOR ANY STAGE BUSINESS AT ALL ALSO SUCCEEDED WITH ITS UNLIKELY BIT OF CAPERING NOT ONLY WERE BOTH APPROACHES SUITABLE FOR THE WORKS AT HAND THE BERLIN WEILL IS OPERA/CABARET WHILE THE NEW YORK WEILL IS OPERA/BROADWAY BUT THEY SUCCEEDED PARTLY BECAUSE BOTH ORGANIZATIONS BOTHERED TO CONSIDER THE PROPER HISTORICAL CONTEXTS IN WHICH TO PRESENT THE WORKS IN THE CASE OF STREET SCENE THE MOST IMPORTANT POINT MADE AT THE SYMPOSIUM WAS JUST HOW FARREACHING THE WORK WAS FOR THE BROADWAY STAGE AT THE TIME OF ITS OPENING SENTIMENTAL UNCOMPLICATED BANALLY TUNEFUL FINIAN'S RAINBOW OPENED THE NEXT DAY WEILL EMPLOYED EVERY FORMULA OF HIS AGE FROM OPERA ARIA TO RODGERS AND HAMMERSTEIN FLUFF TO SOFT SHOE IN ORDER TO CONVEY THE MULTICULTURAL NEIGHBORHOOD IN THE ELMER RICE PLAY OF 1931 HE WAS ADAPTING BUT FOR ALL THE TALK IN HOUSTON OF ITS PRESCIENT MULTICULTURALISM THERE ARE ALSO WONDERFUL LYRICS BY THE HARLEM POET LANGSTON HUGHES THE GREATNESS OF STREET SCENE LIES IN ITS MASTERFUL INTEGRATION OF ALL ITS STYLISTIC SOURCES INTO A SINGLE MUSICAL VOICE AND AN ASTUTE MUSICAL STRUCTURE AND NOTHING LIKE THAT TYPIFIED THE BROADWAY MUSICAL STAGE TO SAY THE LEAST THE HOUSTON PRODUCTION THUS SEEMS ALL THE MORE REVOLUTIONARY FOR INSISTING ON RECREATING THE VERY PERIOD WEILL TRANSCENDED THE MORE FLAMBOYANT APPROACH TO THE SEVEN DEADLY SINS TAKEN BY THE NEW YORK PHILHARMONIC PROVED JUST AS APPROPRIATE THIS WAS STRIKING MUSIC FOR ITS TIME WITH ITS DECADENT INTONINGS OF JAZZ AND CABARET THAT CAME ACROSS STRIKINGLY IN MS REAUX'S SASSY AND DRAMATICALLY ENACTED PERFORMANCE THAT WAS DIRECTED FOR THE OCCASION BY CHRISTOPHER ALDEN BUT ALSO DRAMATICALLY EFFECTIVE WAS THE DISCERNIBLE TENSION BETWEEN THE ORCHESTRA'S MUSIC DIRECTOR KURT MASUR AND MS REAUX MR MASUR DROVE ROUGHSHOD OVER MS REAUX URGING THE ORCHESTRA ON WITH LOUD FAST SHARPLY VIRTUOSIC PLAYING MS REAUX COULDN'T ALWAYS VOCALIZE LOUDLY ENOUGH TO BE HEARD ABOVE THE BAND WITHOUT FORCING AND SHE DIDN'T ALWAYS HAVE THE TIME TO LET HER INTERPRETATION UNFOLD BUT SHE IS A COMPELLING STAGE PRESENCE AND SINGER AND EVEN HER DISCOMFORT AT BEING BULLIED BY A GERMAN AUTHORITY FIGURE CARRIED WITH IT A STRONG WHIFF OF THE WORLD WEILL HAD JUST FLED WHEN HE WROTE THE PIECE SHE WAS TRYING SO HARD TO MAKE HEARD THE PERFORMANCE WAS RECORDED FOR RELEASE BY TELDEC AND IT WILL FACE SOME INTERESTING COMPETITION SINCE THE SEVEN DEADLY SINS IS SO PECULIAR THAT IT THRIVES ON CONSTANT REINVENTION BRIGITTE FASSBAENDER'S RECORDING OF IT LATELY RELEASED ON HARMONIA MUNDI IS A LUSCIOUSLY OVERRIPE PERFORMANCE ONLY SLIGHTLY UNDERCUT BY CORD GARBEN'S COARSE CONDUCTING AND TERESA STRATAS STARS IN A NEW VIDEO OF THE WORK DIRECTED BY PETER SELLARS SUPPORTED BY THE FORCES OF THE LYON OPERA CONDUCTED BY KENT NAGANO IT IS ALTOGETHER A MUSICALLY SUPERIOR PERFORMANCE BUT MOST REMARKABLE IS THE WAY MS STRATAS BECOMES A TOUCHINGLY WAIFLIKE VICTIM THE SETTING INTERCUTTING A BARE STAGE WITH VIDEO CLIPS IS THE SEAMIER SIDE OF LOS ANGELES A HIT IN EUROPE THE DISTURBING VIDEO HAS YET TO FIND ANYONE INTERESTED IN SHOWING IT IN AMERICA LIKE HOUSTON'S STREET SCENE YOU KNOW EXACTLY WHERE YOU ARE FROM THE MOMENT THE PERFORMANCE BEGINS BUT OF COURSE THAT MAY BE JUST WHAT US BROADCASTERS THINK AMERICANS DON'T WANT TO SEE SEE RELATED LETTER LETTERS TO THE EDITOR FINIAN'S RAINBOW' A SPOT OF GOLD WSJ MARCH 8 1994 9402150139 YY94 MM03 9403080033 940209 LEISURE & ARTS PORTRAIT OF A LADY SWEET LIFE PRESERVED BY MARK ROBICHAUX FROM THE FIGS OF A TREE GROWING NOT FAR FROM HER KITCHEN WINDOW MY GRANDMA MINNIE MAKES THE BEST FIG JAM IN THE STATE OF LOUISIANA DON'T TAKE MY WORD FOR IT GRANDMA MINNIE HAS WON MORE BLUE RIBBONS FOR FIG JAM AT THE RAPIDES PARISH FAIR THAN SHE CAN COUNT SHE WAS NAMED OUTSTANDING SENIOR CITIZEN FAIR WINNER FOR THE FIRST TIME 20 YEARS AGO AND SHE HAS PLACED IN VIRTUALLY EVERY FOOD CATEGORY FROM PLAIN OLD WHITE BREAD TO WATERMELON RIND PICKLES SHE IS A SOLID WINNER AT THE STATE LEVEL TOO AT 87 SHE LIVES ALONE IN A WHITE WOODEN HOUSE NEAR A DENSE STRETCH OF WOODS THAT RUNS ALONG THE MUDDY BANKS OF BAYOU RAPIDES WHERE SHE GARDENS THREE LARGE PATCHES OF NEARBY FARMLAND SINCE THE PARISH FESTIVAL BEGAN IN 1960 MY GRANDMOTHER HAS WON MORE THAN 3500 RIBBONS SOME FOR ARTS AND CRAFTS BUT MOST FOR HER JAMS JELLIES AND ENDLESS VARIETIES OF CANNED FRUITS AND VEGETABLES EACH FALL A HUNDRED OR SO ENTRIES FILL THE SHELVES IN HER PANTRY STACKED IN PINT AND QUARTSIZE JARS LIKE GIANT GEMS IN A TREASURE CHEST SHE SLACKED OFF IN 1993 ONLY 63 RIBBONS INCLUDING 21 FIRST PLACES CANNING IS SERIOUS BUSINESS IN CENTRAL LOUISIANA CAROLYN PHILLIPS A RETIRED HOME ECONOMIST WITH LOUISIANA STATE UNIVERSITY HAS JUDGED PARISH AND STATE FAIRS FOR THE PAST 29 YEARS AND WRITTEN EXTENSIVELY ON CANNING STANDARDS AND METHODS SHE TOLD ME THAT AFTER THE JUDGING MY GRANDMA ALWAYS WANTED TO KNOW WHAT SHE COULD DO TO IMPROVE HER TECHNIQUE THOUGH GRANDMA WOULD NEVER ADMIT IT TO STRANGERS THE RIBBONS DON'T AMOUNT TO MUCH SHE'S THROWN MOST OF THEM OUT ANYHOW THEY WERE JUST TAKING UP SPACE IN THE BACK ROOM SHE TOLD ME ONCE IN 1980 SHE RECYCLED A PILE OF BLUE RIBBONS BY WIRING THEM INTO A WREATH ENTERED THAT IN THE FAIR AND WON A BLUE RIBBON WITH IT IN THE SEASONAL DECORATIONS CATEGORY SHE IS A MADE MEMBER OF THE DIXIE HOMEMAKERS CLUB CHRISTENED OUTSTANDING CLUB MEMBER TWO YEARS RUNNING HER CROCHETED SWEATERS HAVE COMPETED NATIONALLY BUT ARTHRITIS ROBBED HER OF NEEDLE AND THREAD YEARS AGO AND TODAY ACHING JOINTS AND DIZZY SPELLS HAVE FORCED HER TO PLANT SEEDS IN MORE CONVENIENT LOCALES SHE'S GOT GREEN ONIONS AND MUSTARD GREENS IN THE FLOWER BED IN FRONT OF HER HOUSE RIGHT NOW SAYS MY AUNT MARY MELANIE TOOKIE JUNEAU HER OLDEST AND CLOSEST DAUGHTER FROM THE FRUIT OF THAT GARDEN GRANDMA MINNIE MAKES SWEET CUCUMBER PICKLES CHOWCHOW PEPPER AND PEAR RELISH PEACH PRESERVES AND PLUM JELLY HER FAVORITE IS STRING BEANS COOKED SLOW WITH AN ONION AN IRISH POTATO AND A THICK SLAB OF BACON I LOVE 'EM SO MUCH I'VE EATEN THEM FOR BREAKFAST SHE SAYS THOUGH HER PICKLES ARE PEACHY AND HER PEACHES ARE KEEN IT'S HER JAM THAT REVEALS HER GENIUS AND OF ALL THE JAMS THAT HAVE WON BLUE RIBBONS HUCKLEBERRY BLUEBERRY DEWBERRY BLACKBERRY STRAWBERRY TO NAME A FEW GIVE ME HER FIG JAM ANY DAY I RATION HER FIG JAM IN MY BROOKLYN APARTMENT LIKE A CASTAWAY WITH A CANTEEN MS PHILLIPS THE JUDGE DESCRIBES IT AS TENDER ENOUGH TO CUT BUT NOT RUNNY ENOUGH TO DRIP OFF TOAST THE VELVETY TEXTURE DISSOLVES ON THE TONGUE LIKE A DOLLOP OF ECSTASY THE RICH FRUITY FLAVOR LINGERS DOWN THE BACK OF MY TONGUE TO MY TOES EATING A BUTTERED BISCUIT WITHOUT IT SHOULD BE A CRIME SHE RARELY READS A RECIPE OR MEASURES INGREDIENTS AND THOUGH FIGS CAN SCORCH ON HIGH HEAT IN SECONDS SHE KNOWS INTUITIVELY WHEN TO REMOVE A BUBBLING POT OF THE BROWN SUGARY PASTE YOU'VE GOT TO STAY RIGHT WITH IT SHE TOLD ME ON THE PHONE THE OTHER NIGHT THE JAM HAS A TASTE THAT IS FAMILIAR AND HEARTENING I'VE SPENT MANY FROSTY FALL MORNINGS IN HER KITCHEN AS A BOY EATING BISCUITS AND FIG JAM WITH MY BROTHER AND FATHER JUST BEFORE WE SLIPPED A PIROGUE INTO THE BAYOU PADDLING SILENTLY THROUGH THE HAZE OF DAWN WE HUNTED SMALL GAME THAT WOULD LATER GO INTO A GUMBO ABOUT 15 YEARS AGO I GOT LOST ON THAT BAYOU HUNTING RABBITS LATE ONE AUTUMN AFTERNOON THE SUN FELL TOO QUICKLY BEHIND TOWERING SYCAMORE AND COTTONWOOD TREES THAT LINED THE WATER AND I WAS ABOUT A MILE FROM GRANDMA'S HOUSE THE MOONLESS NIGHT MADE STEERING IMPOSSIBLE SO I HEAVED THE BOAT UP ON THE BANK WHERE I WAS AND STARTED WALKING ALONE THROUGH THE PITCHBLACK WOODS WITH EACH STEP ON THE CRUNCHY CARPET OF LEAVES I BECAME MORE ANXIOUS THEN AT THE EERIE SCREAM OF A SCREECH OWL I BROKE INTO A RUN THAT DID NOT LET UP TILL I COULD SEE THE PORCH LIGHT OF MY GRANDPARENTS' HOUSE THERE IN THE WARM LIGHT OF HER KITCHEN I DRANK HOT COCOA AND ATE CRACKERS SMEARED WITH HER JAM SHE CULTIVATED THESE TALENTS FOR NURTURING WHILE GROWING UP ON A FARM WITH EIGHT BROTHERS AND SISTERS PICKING CORN AND COTTON CHRISTENED MARY MELANIE ROBICHAUX IN 1906 SHE GOT HER NICKNAME AS A GIRL FROM A COUSIN'S TEASING COUSIN JOE CALLED ME MINNIE MINNIE MEOW MINNIE MINNIE MEOW' SHE SAYS IN A SINGSONG VOICE SHE AND GRANDPA RAISED EIGHT CHILDREN OF THEIR OWN INCLUDING MY FATHER AND TODAY SHE RIDES HERD OVER 40 GRANDCHILDREN AND 62 GREATGRANDCHILDREN SHE HAS LIVED ALONE EVER SINCE MY GRANDPA BILL A GIFTED CARPENTER WHO BUILT THE WOODWORK ON THE ALTAR OF MY PARISH CHURCH PASSED AWAY AT 80 THEY WERE MARRIED 57 YEARS GRANDPA BILL A MAN WITH A POWERFUL SENSE OF HUMOR AND A WEAKNESS FOR PRINCE ALBERT TOBACCO DIED 10 YEARS AGO OF CANCER ON THE SADDEST DAY OF MY LIFE IT'S BEEN NEARLY 10 YEARS SINCE I LEFT HOME AND I MISS GRANDMA MINNIE DEARLY THE YEARS HAVE WEAKENED HER MEMORY AND WHITENED HER HAIR AT NIGHT SHE PRAYS FOR HERSELF AND FOR LOVED ONES AND PERIODICALLY TAKES A BELT OF MOGEN DAVID WINE BEFORE GOING TO BED BUT GRANDMA TOILS IN THE WINTER OF HER LIFE SHE IS TIRED SHE SAYS AND I KNOW THAT SHE CANNOT MAKE FIG JAM FOREVER GRANDMA MINNIE CLAIMS AILMENTS THAT I CANNOT SEE IN A WOMAN WHO STILL GETS UP AT DAWN AND PLANTS AND TILLS AND PICKS SOME DAYS TILL DUSK SHE IS STILL STURDY AS AN OAK AND LOVELY AS THE MAGNOLIA BLOSSOMS THAT BLOOM ON THE TREE IN THE PASTURE NOT FAR FROM HER FRONT DOOR MR ROBICHAUX IS A REPORTER IN THE JOURNAL'S NEW YORK BUREAU SEE RELATED LETTER LETTERS TO THE EDITOR FIG JAM WSJ MARCH 8 1994 9402090191 YY94 MM03 9403070174 940307 INTERNATIONAL UKRAINIAN LEADER TOUTS NEW POLICIES TO LURE US FIRMS BY NEELA BANERJEE STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK HOPING TO DRUM UP GREATER PRIVATE INVESTMENT IN HIS BELEAGUERED COUNTRY UKRAINIAN PRESIDENT LEONID KRAVCHUK UNFURLED A PACKAGE OF LIBERALIZED FOREIGNINVESTMENT POLICIES AND ECONOMIC REFORMS IN MEETINGS WITH US EXECUTIVES OVER THE WEEKEND LAST FRIDAY MR KRAVCHUK MET WITH PRESIDENT CLINTON AND RECEIVED A PLEDGE OF 700 MILLION IN AID FOR FREEMARKET REFORMS AND DISARMAMENT BUT MR KRAVCHUK CAME TO THE US ALSO TO WOO US COMPANIES WHICH HE SAYS UKRAINE DESPERATELY NEEDS FOR ITS TRANSITION TO A CAPITALIST ECONOMY UKRAINE HAS TRULY COLOSSAL POTENTIAL IN NATURAL RESOURCES HUMAN AND SCIENTIFIC CAPITAL MR KRAVCHUK SAID IN AN INTERVIEW BUT WE HAVEN'T BEEN ABLE TO MAKE USE OF THOSE RESOURCES IN THE ECONOMIC CRISIS WE'RE IN WE NEED FUNDING AND EXPERTISE TO GO AHEAD WITH REFORM UKRAINE FACES A PERPLEXING SITUATION IT NEEDS FOREIGN INVESTMENT TO CLIMB OUT OF ITS ECONOMIC QUAGMIRE BUT THE COUNTRY'S ECONOMIC AND POLITICAL INSTABILITY KEEPS US INVESTORS OUT WHEN THE SOVIET UNION CRUMBLED IN 1991 MANY BELIEVED UKRAINE WITH ITS INDUSTRIAL BASE AND RICH SOIL WOULD BE AMONG THE FIRST NEW COUNTRIES TO GAIN PROSPERITY BUT POLITICAL GRIDLOCK BETWEEN MR KRAVCHUK AND A RESISTANT PARLIAMENT HAS STYMIED ECONOMIC REFORM LEADING TO 70 MONTHLY INFLATION AND NEGLIGIBLE PRIVATIZATION OF STATE ENTERPRISES MR KRAVCHUK SAID RECENT LAWS SHOULD GIVE FOREIGN INVESTORS NEW REASON TO ENTER UKRAINE PERHAPS FINALLY BOWING TO ECONOMIC REALITIES PARLIAMENT PASSED THE FOREIGNINVESTMENT LAW IN JANUARY WHICH OFFERS INVESTORS IN 10 KEY INDUSTRIES SUCH AS MILITARY CONVERSION AND AGRICULTURE BENEFITS SUCH AS FULL REPATRIATION OF PROFITS AND FIVEYEAR TAX HOLIDAYS IT ALSO ADOPTED A PRIVATIZATION PROGRAM LIKELY TO BE BASED ON A VOUCHER SYSTEM LIKE RUSSIA'S AND ANTIINFLATION MEASURES CALLING FOR TIGHTER CREDIT TO STATE ENTERPRISES AND PRICE CONTROLS ON ESSENTIALS SUCH AS BREAD AND MILK WHILE THE NEW LAWS MAY LOOK FINE ON PAPER IMPLEMENTING THEM PROMISES TO BE AN UPHILL BATTLE FOR MR KRAVCHUK PARLIAMENTARY ELECTIONS SCHEDULED FOR MARCH 27 COULD ROLL IN AN EVEN MORE RECALCITRANT LEGISLATURE AND PRIVATIZING THE NATION'S LARGEST ENTERPRISES MANY OF THEM WOEFULLY INEFFICIENT COULD BRING WIDESPREAD LAYOFFS AND SOCIAL UNREST TALKING OF THE DILAPIDATED COALMINING INDUSTRY THAT EMPLOYS 600000 MINERS MR KRAVCHUK SAID IF WE WERE TO DEAL WITH THAT INDUSTRY IN A SHOCK THERAPY' WAY WE WOULD HAVE AN EXPLOSION ON OUR HANDS 9403070173 940307 GM ANNOUNCES PLAN FOR THREE RECALLS US UPGRADES PROBES DETROIT GENERAL MOTORS CORP SAID IT IS RECALLING A TOTAL OF 81900 MODEL1994 CARS AND TRUCKS IN THREE SEPARATE ACTIONS AND THE GOVERNMENT UPGRADED ITS INVESTIGATIONS OF SAFETY ISSUES INVOLVING OTHER AUTO MAKERS IN GM'S FIRST RECALL THE AUTO MAKER SAID ABOUT 49000 BUICK CENTURY AND OLDSMOBILE CUTLASS CIERA MODELS WITH 31LITER ENGINES MAY HAVE DEFECTIVE SECONDARY THROTTLE RETURN SPRINGS THAT COULD FAIL POSSIBLY MAKING IT DIFFICULT TO STOP THE VEHICLE GM SAID THE LIKELIHOOD OF FAILURE IS REMOTE SINCE THE PRIMARY THROTTLE RETURN SPRINGS AREN'T AFFECTED IN ANOTHER RECALL GM SAID IT WILL MAKE REPAIRS ON 32000 OF ITS CHEVROLET LUMINA PONTIAC TRANS SPORT AND OLDSMOBILE SILHOUETTE MINIVANS THE VEHICLES' LEFT AND RIGHT SEAT BELT RETRACTORS ARE REVERSED AND MAY NOT WORK IF THE VANS ARE PARKED ON A SLOPE FINALLY GM SAID IT IS RECALLING 900 HALFTON SHORTBED PICKUP TRUCKS TO TIGHTEN FOUR NUTS ON THE FUEL TANK BRACKETS THE NUTS MAY LOOSEN ALLOWING THE FUEL TANKS TO DRAG ON THE GROUND GM SAID IT IS UNAWARE OF ANY ACCIDENTS OR INJURIES RELATED TO ANY OF THE RECALLS AND THAT IT WILL MAKE REPAIRS TO CUSTOMERS FREE OF CHARGE MEANWHILE THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION SAID IT STEPPED UP ITS INVESTIGATION OF REPORTS OF FAULTY TAILGATE LATCHES ON CHRYSLER CORP'S MINIVANS THE INVESTIGATION INVOLVES FOUR MILLION 1984 THROUGH 1994 PLYMOUTH VOYAGERS DODGE CARAVANS AND CHRYSLER TOWN AND COUNTRY MINIVANS NHTSA SAID IT HAS RECEIVED 13 COMPLAINTS OF THE TAILGATE OPENING IN A CRASH THERE HAVE BEEN REPORTS OF EIGHT FATALITIES AND NINE INJURIES AS A RESULT CHRYSLER MAINTAINS THAT ITS TAILGATE LATCH ISN'T DEFECTIVE OTHER INVESTIGATIONS UPGRADED BY NHTSA INCLUDE COMPLAINTS OF FUEL TANK LEAKAGE IN 1993 CHRYSLER JEEP GRAND CHEROKEE SPORT UTILITY VEHICLES REPORTS OF FAULTY FUEL PUMP WIRING IN 1991 FORD ESCORT AND POTENTIALLY DEFECTIVE AUTOMATIC SEATBELTS IN 19901992 MODEL YEAR PONTIAC LEMANS 9403070172 940307 ATHEY PRODUCTS CONTRACT RALEIGH NC ATHEY PRODUCTS CORP RECEIVED AN ORDER TO SUPPLY THE CITY OF PHILADELPHIA WITH SIX COMPRESSED NATURAL GASPOWERED STREET SWEEPERS 9403070171 940307 AMOCO UNIT ICI WILL BUY STAKES IN CHINA'S YIZHENG BY CRAIG S SMITH STAFF REPORTER OF THE WALL STREET JOURNAL HONG KONG AMOCO CHEMICAL CORP AND IMPERIAL CHEMICAL INDUSTRIES PLC WILL EACH TAKE SLIM STAKES IN YIZHENG CHEMICAL FIBRE LTD WHEN THE CHINESE POLYESTER MANUFACTURER MAKES AN INITIAL PUBLIC OFFERING OF SHARES IN HONG KONG LATER THIS MONTH YIZHENG CHINA'S LARGEST POLYESTER PRODUCER IS THE SEVENTH MAINLAND CHINESE COMPANY TO LIST SHARES ABROAD AMONG NINE COMPANIES AUTHORIZED LAST YEAR TO DO SO AMOCO CHEMICAL A UNIT OF USBASED AMOCO CORP AND BRITAIN'S ICI ARE YIZHENG'S TWO LARGEST FOREIGN SUPPLIERS THEIR SHARE PURCHASES WILL MARK THE SECOND TIME A MAINLAND CHINESE COMPANY HAS SOLD A SLICE OF ITS INTERNATIONAL OFFERING TO STRATEGIC INVESTORS LAST YEAR TSINGTAO BREWERY SOLD A 5 STAKE TO ANHEUSERBUSCH COS OF THE US BOTH AMOCO CHEMICAL AND ICI ARE TO ACQUIRE 0625 STAKES IN YIZHENG AT A COST OF ABOUT US7 MILLION EACH YIZHENG'S UNDERWRITERS SAID THE STAKES ARE THE MAXIMUM ALLOWED BY THE HONG KONG STOCK EXCHANGE WHICH REQUIRES THAT AROUND 25 OF A LISTED COMPANY'S SHARES BE FREEFLOATING YIZHENG'S OFFERING REPRESENTS 25 OF ITS TOTAL SHARES AMOCO AND ICI WILL BE BARRED FROM SELLING THEIR SHARES FOR 12 MONTHS AFTER THE OFFERING YIZHENG CONTROLLED BY CHINA'S TEXTILE COUNCIL WAS BUILT UP DURING THE 1980S AFTER THE MAINLAND'S COTTONCLAD SOCIETY DISCOVERED THE WASHANDWEAR JOYS OF SYNTHETIC FABRICS THE COMPANY'S FACTORY COMPLEX ON THE BANKS OF THE YANGTZE RIVER IN JIANGSU PROVINCE HAS THE CAPACITY TO PUMP OUT 500000 METRIC TONS OF POLYESTER A YEAR MOST OF WHICH IS SOLD IN CHINA DOMESTIC DEMAND FOR POLYESTER FAR OUTSTRIPS DOMESTIC SUPPLY WHILE THE COMPANY'S SALES AND OPERATING PROFIT HAVE GROWN STEADILY ITS NET PROFIT HASN'T DONE SO BECAUSE DEBT DENOMINATED IN FOREIGN CURRENCY HAS LEFT YIZHENG EXPOSED TO A DROP IN THE VALUE OF CHINA'S YUAN WHILE SALES CLIMBED 53 IN 1992 NET PROFIT DROPPED 38 MONEY RAISED THROUGH YIZHENG'S OFFERING SHOULD TEMPER THE IMPACT OF ANY FURTHER DEVALUATION IN THE YUAN ACCORDING TO SG WARBURG SECURITIES FAR EAST LTD YIZHENG'S LEAD UNDERWRITER AN UNSTABLE YUAN ISN'T THE ONLY RISK FACING YIZHENG INVESTORS CHINA MORE THAN DOUBLED THE CORPORATE TAX RATE THIS YEAR TO 33 A MOVE THAT YIZHENG AND OTHER COMPANIES ARE FIGHTING MOREOVER CHINA'S GOAL OF REENTERING THE GENERAL AGREEMENT ON TARIFFS AND TRADE WOULD REDUCE DUTIES THAT KEEP FOREIGN POLYESTER SUPPLIERS OUT OF YIZHENG'S MARKET MEANWHILE THE COMPANY IS OFFERING ITS SHARES AS STOCK MARKETS WEAKEN WORLDWIDE AND THE APPETITE WANES FOR NEW HONG KONG ISSUES PEOPLE ARE MORE SENSITIVE NOW SAID A SPOKESMAN FOR WARBURG BUT HE SAYS THAT FALLING RAWMATERIAL PRICES IN 1995 WILL WIDEN YIZHENG'S PROFIT MARGIN ADDING THAT PRODUCTION CAPACITY WILL PROVIDE FURTHER PROFIT GROWTH LATER PROCEEDS FROM THE OFFERING WILL HELP FINANCE CONSTRUCTION OF A PLANT TO PRODUCE PURE TEREPHTHALIC ACID OR PTA WHICH IS USED IN MAKING POLYESTER BOTH AMOCO AND ICI SUPPLY PTA TO YIZHENG YIZHENG ALSO PLANS TO ADD TO ITS POLYESTER CHIP CAPACITY AND BUILD A POLYESTER FILAMENT PLANT HOPING TO RAISE THE EQUIVALENT OF MORE THAN 250 MILLION YIZHENG IS SELLING ONE BILLION SOCALLED H SHARES WHICH ARE SHARES OF MAINLAND CHINESE CONCERNS LISTED ON THE HONG KONG STOCK EXCHANGE 70 OF THE SHARES ARE TO BE SOLD TO INSTITUTIONAL INVESTORS OVERSEAS INCLUDING 25 MILLION SHARES EACH TO AMOCO AND ICI AND THE REMAINING 30 WILL BE SOLD TO INVESTORS IN HONG KONG AN ADDITIONAL 15 STAKE IN THE COMPANY IS TO BE SOLD IN THE FORM OF A SHARES WHICH WILL BE LISTED IN CHINA AND AVAILABLE ONLY TO CHINESE NATIONALS AFTER THE OFFERINGS THE TEXTILE COUNCIL WILL OWN 42 OF THE COMPANY AND STATEOWNED CHINA INTERNATIONAL TRUST & INVESTMENT CORP WILL HOLD 18 9403070170 940307 INTERNATIONAL ITALY'S TRADE DEFICIT NARROWS ROME ITALY'S FOREIGN TRADE DEFICIT WITH COUNTRIES OUTSIDE THE EUROPEAN UNION NARROWED TO 192 BILLION LIRE 1141 MILLION IN JANUARY FROM 829 BILLION LIRE A YEAR EARLIER ACCORDING THE STATE STATISTICAL OFFICE ISTAT ISTAT SAID THE NARROWED DEFICIT COULD BE ATTRIBUTED TO INCREASED PENETRATION OF FOREIGN MARKETS BY TRADITIONALLY STRONG INDUSTRIES SUCH AS TEXTILES CLOTHING AND METALLURGY 9403070169 940307 CRIME BECOMES OCCUPATIONAL HAZARD OF DELIVERERS BY BRETT PULLEY STAFF REPORTER OF THE WALL STREET JOURNAL WILLIAM SKIP MOYER 37 YEARS OLD A FEDERAL EXPRESS COURIER AND FATHER OF FOUR WAS RECENTLY SHOT AND KILLED WHILE TRYING TO DELIVER A PACKAGE IN A DRUGPLAGUED PHILADELPHIA NEIGHBORHOOD THE NEWS PICTURES OF MR MOYER'S BODY LYING NEXT TO HIS TRUCK TRANSFIXED DELIVERY WORKERS ACROSS THE COUNTRY I COULD SEE THAT WE'RE IN THE SAME KIND OF BUSINESS AND WORKING IN THE SAME KIND OF STREETS SAYS DANIEL KANE A DRIVER FOR HERR FOODS INC A NOTTINGHAM PENN SNACKFOOD COMPANY I KNEW IT COULD HAVE BEEN ME WITH THE RISE OF CRIME AND RANDOM VIOLENCE IN AMERICA'S CITIES COMPANIES THAT PROMISE DELIVERY TO ALL AREAS REGARDLESS OF RISK ARE BECOMING INCREASINGLY VULNERABLE THEIR DILEMMA HOW TO FULFILL THEIR COMMITMENT TO THEIR CUSTOMERS WHILE KEEPING THEIR EMPLOYEES SAFE EVEN PRECAUTIONARY MEASURES AND GUIDELINES ARE DOING LITTLE TO LESSEN FEAR AMONG WORKERS OR TO GUARANTEE ROUTINE SERVICE FOR INNERCITY CUSTOMERS WILLIAM BURRIS AN EXECUTIVE VICE PRESIDENT OF THE AMERICAN POSTAL WORKERS UNION SAYS HIS 320000 MEMBERS NO LONGER FEEL EXEMPT FROM DANGER ROBBERIES HAVE INCREASED SIGNIFICANTLY THERE'S A GREAT POTENTIAL FOR VIOLENCE HE SAYS IN THE YEAR ENDED OCT 1 THERE WERE 213 ROBBERIES OF POSTAL WORKERS NATIONWIDE AS COMPARED TO 98 IN 1989 ACCORDING TO THE US POSTAL SERVICE MR MOYER WAS WALKING BACK TO HIS DELIVERY TRUCK WHEN A MAN APPROACHED TRIED TO ROB HIM AND SHOT HIM IN THE FACE POLICE SAY A 48YEAROLD SUSPECT HAS BEEN CHARGED WITH THE SLAYING THE KILLING THE FIRST OF A COURIER IN FEDERAL EXPRESS CORP'S 20YEAR HISTORY HAS THE MEMPHISBASED FIRM REASSESSING ITS SERVICE IN PERILOUS NEIGHBORHOODS WE CAN'T JUST SIMPLY WITHDRAW FROM HIGHCRIME AREAS SAYS A COMPANY SPOKESMAN AS A SAFETY MEASURE MANY DRIVERS HAVE BEEN ISSUED CELLULAR TELEPHONES WITH INSTRUCTIONS TO CALL THEIR DISPATCHERS AND MAKE DIFFERENT ARRANGEMENTS FOR A DROPOFF IF AN AREA LOOKS TOO RISKY ALSO THE COMPANY IS BEGINNING TO DOUBLEUP WORKERS ON TRUCKS WITH DANGEROUS ROUTES DRIVERS FOR DOMINO'S PIZZA INC THE NATIONAL PIZZADELIVERY CHAIN HAVE BEEN THE TARGET OF MANY VIOLENT ASSAULTS OVER THE PAST YEAR AND THE ANN ARBOR MICHBASED COMPANY RECENTLY DEDICATED AN ENTIRE ISSUE OF ITS INTERNAL NEWSPAPER THE PEPPERONI PRESS TO SAFETY AWARENESS DRIVERS ARE INSTRUCTED NOT TO LEAVE THEIR CARS IF A DELIVERY AREA LOOKS SUSPICIOUS AND AFTER DARK DISPATCHERS ARE REQUIRED TO CALL CUSTOMERS BACK TO VERIFY ORDERS AND PHONE NUMBERS IN SOME NEIGHBORHOODS DOMINO'S REFUSES TO DELIVER PIZZAS TO CERTAIN BUILDINGS IN OTHERS DELIVERY SERVICE IS DENIED AFTER DARK IN THE SUMMER A SPOKESMAN FOR THE COMPANY SAYS DOMINO'S ENCOURAGES STORE MANAGERS TO FAMILIARIZE THEMSELVES WITH NEARBY PAYPHONE NUMBERS AND TO REJECT ORDERS FROM PHONES IN DANGEROUS LOCATIONS THERE ARE AREAS WHERE WE HAVE HAD INCIDENTS AND WE WON'T GO THERE ANYMORE SAYS THE DOMINO'S SPOKESMAN THOSE ARE TOUGH DECISIONS BECAUSE WE WANT TO SELL AS MANY PIZZAS AS WE CAN BUT WE CAN'T PUT OUR PEOPLE AT RISK UNITED PARCEL SERVICE OF AMERICA INC HAS SIGNIFICANTLY ALTERED THE WAY IT DOES BUSINESS AFTER A STRING OF HOLDUPS IN RECENT YEARS IF AN AREA IS KNOWN TO BE DANGEROUS THE ATLANTABASED COMPANY WILL SEND A POSTCARD REQUESTING THE CUSTOMER TO PICK UP THE PACKAGE FROM THE COMPANY'S RETAIL SITE OR MAKE ARRANGEMENTS TO DELIVER AT AN ALTERNATIVE SITE OUT OF THE EMBARGOED AREA SAYS A COMPANY SPOKESMAN BUT COMPANIES DON'T WANT TO LOSE CUSTOMERS BECAUSE OF THEIR ATTEMPTS TO ENSURE SAFETY INDEED COMPETITION IS TOUGH FOR INNERCITY CUSTOMERS WHO RANGE FROM MOMANDPOP BUSINESS OWNERS TO ELDERLY PEOPLE WHO REGULARLY HAVE PRESCRIPTION DRUGS DELIVERED TO THEIR HOMES I DON'T THINK DELIVERY COMPANIES CAN AFFORD TO LET ONE INCIDENT SCARE THEM AWAY BECAUSE THERE ARE TOO MANY COMPETITORS AROUND HERE SAYS JIM YOUNG HEAD OF THE GERMANTOWNLEHIGH AVENUE MERCHANTS ASSOCIATION WHICH REPRESENTS 105 BUSINESSES IN THE GLENWOOD AREA OF PHILADELPHIA WHERE THE SLAYING OCCURRED SOME RESIDENTS OF GLENWOOD SAY THE MAN CHARGED WITH MR MOYER'S KILLING BROKE A CODE OF CONDUCT THAT IS INDIGENOUS TO AMERICA'S GHETTOS THERE ARE CERTAIN PEOPLE WHO COME AROUND AND EVERYBODY KNOWS THAT THESE PEOPLE ARE HANDS OFF SAYS CLARENCE HESTER A LOCAL COMMUNITY ORGANIZER MINISTER AND SELFDESCRIBED FORMER DRUG USER EVEN PEOPLE INVOLVED IN THE DRUG TRADE ARE APPALLED AT THIS KILLING BECAUSE THEY KNOW THAT YOU JUST DON'T MESS WITH GOVERNMENT OFFICIALS POSTAL WORKERS UPS OR FEDERAL EXPRESS WORKERS BECAUSE THEY ARE ALL SERVICING YOUR OWN PEOPLE IT'S THE LAW OF THE LAND OTHER GREENWOOD RESIDENTS INSIST THAT THERE IS NO SPECIAL PREMIUM ON THE LIFE OF ANYONE LAST YEAR EIGHT PEOPLE WERE SLAIN WITHIN A 20BLOCK AREA WHERE DRUG ACTIVITY IS HEAVILY CONCENTRATED GOD KNOWS THIS HAPPENS ALL THE TIME AROUND HERE SAYS MR YOUNG MR MOYER'S COLLEAGUES ARE FINDING IT HARD TO CONTINUE WITH THEIR OWN JOBS AT THE FEDERAL EXPRESS STATION NEAR PHILADELPHIA'S CENTER CITY PARKING SLOT NUMBER 21 WHERE MR MOYER LOADED HIS TRUCK EACH DAY HAS BEEN VACANT SINCE HIS DEATH IN DECEMBER HE PARKED IN THAT SPOT THE MORNING BEFORE HE WAS KILLED AND NO ONE WANTS TO PARK THERE AGAIN SAYS KATHY SKALISH MANAGER OF ADMINISTRATIVE DUTIES AT THE 80TRUCK FACILITY SINCE THE SLAYING A NUMBER OF EMPLOYEES HAVE RECEIVED PSYCHIATRIC COUNSELING PROVIDED BY THE COMPANY AND INSTEAD OF REASSIGNING ONE PERSON TO MR MOYER'S ROUTE THE COMPANY HAS DIVIDED IT UP WE DON'T THINK IT'S RIGHT ANYMORE FOR SOMEONE TO HAVE TO SPEND THEIR ENTIRE DAY IN AN UNCOMFORTABLE AREA SAYS BOB SLADEK ONE OF MR MOYER'S SUPERVISORS RALPH GOFF WHO GREW UP IN THE GLENWOOD AREA HAS TAKEN OVER PART OF MR MOYER'S ROUTE NOT LONG AGO MR GOFF HAD A PACKAGE TO DELIVER ON A DRUGINFESTED STREET JUST A FEW BLOCKS FROM WHERE MR MOYER'S LIFE ENDED AS HE APPROACHED THE BLOCK HE SUDDENLY PULLED HIS TRUCK OVER IN HIS TWO YEARS WITH THE COMPANY THAT WAS THE FIRST TIME THAT I WAS APPREHENSIVE AND UNCOMFORTABLE DELIVERING SOMETHING MR GOFF SAYS SO HE CALLED HIS DISPATCHER AND HAD THE CUSTOMER MEET THE TRUCK AT THE END OF THE BLOCK I COULDN'T DO IT HE SAYS SHAKING HIS HEAD IT WAS THE FIRST TIME 9403070168 940307 WHAT'S NEWS WORLDWIDE WHITEWATER CLAIMED ITS FIRST CASUALTY AND 10 OFFICIALS WERE SUBPOENAED CLINTON SEARCHED FOR A REPLACEMENT FOR WHITE HOUSE COUNSEL NUSSBAUM WHO AGREED TO RESIGN AMID CRITICISM OVER HIS CONTACTS WITH OFFICIALS INVESTIGATING THE CLINTONS' WHITEWATER PARTNERSHIP MEANWHILE NUSSBAUM AND NINE OTHER OFFICIALS PREPARED TO TESTIFY THURSDAY BEFORE A FEDERAL GRAND JURY THERE WAS A GROWING LIKELIHOOD THAT WITNESSES WILL BE CALLED BEFORE CONGRESSIONAL PANELS AS KEY DEMOCRATS PRIVATELY PREDICTED THAT THE HEARINGS ARE ALL BUT INEVITABLE FOR THE WHITE HOUSE TO RESTORE AN AURA OF NORMALITY A SUCCESSOR WILL HAVE TO BE FOUND QUICKLY FOR NUSSBAUM WHO LEAVES EARLY NEXT MONTH A JURY CONVICTED ALL FOUR DEFENDANTS IN THE WORLD TRADE CENTER BOMBING THE FOUR MEN WERE CONVICTED ON FRIDAY OF CONSPIRACY IN LAST YEAR'S ATTACK ON NEW YORK'S TWINTOWER COMPLEX THAT KILLED SIX AND INJURED MORE THAN 1000 MANY QUESTIONS REMAIN UNANSWERED INCLUDING WHO FINANCED AND DIRECTED THE ATTACK THE DEFENDANTS FACE LIFE IN PRISON WITHOUT PAROLE WHEN THEY ARE SENTENCED IN MAY THEY ALSO ARE UNINDICTED COCONSPIRATORS IN A COMING TERRORISM CASE AGAINST AN EGYPTIAN CLERIC AND 14 OTHERS THE SECOND TRIAL SET TO BEGIN SEPT 19 IS EXPECTED TO LAST AS LONG AS A YEAR AND BE MUCH MORE POLITICAL CONFRONTATIONAL AND ULTIMATELY HARDER TO PROVE MAJORITY LEADER MITCHELL ANNOUNCED THAT HE WOULD RETIRE FROM THE SENATE AFTER THIS YEAR THE 60YEAROLD MAINE DEMOCRAT SAID HE WANTED TO CONSIDER OTHER CHALLENGES POTENTIALLY A SUPREME COURT SEAT OR THE BASEBALL COMMISSIONER'S POST HIS UNEXPECTED DECISION ON FRIDAY STUNNED HIS COLLEAGUES BEIJING AUTHORITIES DETAINED ZHAI WEIMIN A STUDENT LEADER FROM THE 1989 PRODEMOCRACY MOVEMENT IN A CRACKDOWN ON DISSENT BEFORE SECRETARY OF STATE CHRISTOPHER'S VISIT SCHEDULED TO START FRIDAY MEANWHILE A LEADING DISSIDENT WEI JINGSHENG REPORTEDLY LEFT BEIJING A DAY AFTER HE WAS BRIEFLY DETAINED A NATO JET SWOOPED OVER BOSNIA'S BESIEGED NORTHERN TOWN OF MAGLAJ AFTER BOSNIAN STATE RADIO CLAIMED SERB WARPLANES DESTROYED A BRIDGE THERE WITH SERB TROOPS BARRING ACCESS TO THE MUSLIMHELD TOWN THERE WAS NO WAY FOR NATO OR UN OFFICIALS TO CHECK THE REPORT BUT NATO OFFICERS RAISED QUESTIONS ABOUT ITS VERACITY ISRAEL'S CABINET VOTED TO ORDER THE NATION'S ATTORNEY GENERAL TO FILE INCITEMENT CHARGES AGAINST ANYONE WHO PRAISES THE FEB 25 MOSQUE MASSACRE THOSE FOUND GUILTY WOULD FACE SEVERAL YEARS IN PRISON BUT THE GOVERNMENT IS HESITATING TO TAKE ANY ACTION ON PLO DEMANDS FOR REMOVAL OF JEWISH SETTLEMENTS IN OCCUPIED LANDS AN ANTIABORTION ACTIVIST WAS CONVICTED OF FIRSTDEGREE MURDER SATURDAY FOR SHOOTING DR DAVID GUNN IN MARCH 1993 AS HE ARRIVED AT A PENSACOLA FLA CLINIC TO PERFORM ABORTIONS AFTER THE JURY VERDICT WAS ANNOUNCED A JUDGE SENTENCED THE DEFENDANT MICHAEL GRIFFIN 32 TO LIFE IN PRISON WITH NO CHANCE OF PAROLE FOR 25 YEARS MANDELA PLEDGED TO DO WHATEVER HE COULD TO GET ALL SOUTH AFRICAN PARTIES TO RUN IN THE APRIL ELECTION THAT WILL END WHITE MINORITY RULE THE AFRICAN NATIONAL CONGRESS LEADER SAID GROUPS THAT REFUSED TO REGISTER BY LAST FRIDAY'S DEADLINE SHOULD BE ALLOWED TO CHANGE THEIR MINDS SEVERAL PROAPARTHEID WHITE GROUPS ARE BOYCOTTING THE ELECTION MASKED GUNMEN KILLED 11 BLACKS LIVING IN A TOWNSHIP OUTSIDE THE PORT CITY OF DURBAN POLICE OFFICIALS SAID ABOUT 20 TIN AND WOOD SHACKS WERE SET ON FIRE DURING THE FIGHTING IN BHAMBAYI UKRAINIAN NUCLEAR WARHEADS ARRIVED IN RUSSIA UNDER A PACT IN WHICH THE KIEV GOVERNMENT AGREED TO GIVE UP ITS NUCLEAR WEAPONS IN EXCHANGE FOR FUEL FOR ITS NUCLEAR POWER PLANTS THE FIRST TRAIN LOAD CARRIED 60 WARHEADS THAT WILL BE DISASSEMBLED FOREIGN OBSERVERS WILL BE ALLOWED TO OBSERVE MEXICO'S ELECTIONS FOR THE FIRST TIME THE RULING PARTY SAID THE ANNOUNCEMENT WAS MADE BY INSTITUTIONAL REVOLUTIONARY PARTY'S PRESIDENTIAL CANDIDATE COLOSIO WHO HAS PROMISED CLEAN ELECTIONS ON AUG 21 DIED MELINA MERCOURI ABOUT 70 GREEK ACTRESS WHO STARRED IN THE 1960 FILM NEVER ON SUNDAY AND LATER SERVED AS HER COUNTRY'S CULTURE MINISTER IN NEW YORK OF COMPLICATIONS FROM LUNG CANCER 9403070167 940307 TECHNOLOGY & HEALTH PC MAKERS TO LAUNCH MACHINES USING NEW VERSION OF INTEL'S PENTIUM CHIP BY JIM CARLTON AND DON CLARK STAFF REPORTERS OF THE WALL STREET JOURNAL PERSONAL COMPUTER MAKERS IN INTEL CORP'S CAMP ARE PREPARING AN AMBUSH ON THE ENEMY AN ARMY OF PC MAKERS PLANS TO STORM THE MARKET THIS WEEK WITH ANNOUNCEMENTS OF MACHINES THAT USE A ROBUST NEW VERSION OF INTEL'S PENTIUM CHIP IN HOPES OF STEALING SOME FIRE FROM APPLE COMPUTER INC NEXT MONDAY APPLE WILL LAUNCH ITS MUCHAWAITED NEW MACINTOSH LINE USING THE POWERPC CHIP WHICH IT DESIGNED WITH INTERNATIONAL BUSINESS MACHINES CORP AND MOTOROLA INC THE PC MAKERS' ASSAULT IS SET TO COINCIDE WITH INTEL'S PLANNED ANNOUNCEMENT TODAY THAT IT WILL SHIP A NEW VERSION OF ITS PENTIUM MICROPROCESSOR WHICH CONTROLS THE MOST POWERFUL PCS AST RESEARCH INC HEWLETTPACKARD CO GATEWAY 2000 INC ADVANCED LOGIC RESEARCH INC AND UNISYS CORP SAID THEY WILL ANNOUNCE TODAY THEIR PLANS TO SHIP PCS POWERED BY THE NEW INTEL CHIP THE P54C AS EARLY AS NEXT MONTH OTHERS INCLUDING THE IBM PC CO UNIT DIGITAL EQUIPMENT CORP AND COMPAQ COMPUTER CORP ARE ALSO EXPECTED TO DISCUSS THEIR PLANS TO START SHIPPING PCS USING THE INTEL P54C CHIP WITH ALL THE PC MAKERS RUSHING TO JOIN THE FRAY WITH INTEL'S NEW CHIP WE'LL SEE THE MOST NUMBER OF DESKTOP AND PORTABLE COMPUTERS EVER INTRODUCED AT ONE TIME PREDICTED COMPUTER INTELLIGENCE A MARKET RESEARCH FIRM THE ARRIVAL OF THE NEW PENTIUM CHIPS FROM INTEL SURPRISED EVEN PC MAKERS WHICH WERE PREPARED TO ANNOUNCE THEIR NEW SYSTEMS IN MAY BUT INTEL MOVED UP ITS LAUNCH ANALYSTS SAID TO TRY TO STEAL THUNDER FROM APPLE'S PLANNED INTRODUCTION OF MACINTOSH COMPUTERS THAT USE THE POWERPC CHIP DEVELOPED BY APPLE IBM AND MOTOROLA AS A CHALLENGE TO INTEL'S DOMINATION OF THE MARKET THE NEW PENTIUM CHIP IS A SOUPEDUP VERSION OF THE OLD PENTIUMS WHICH INTEL INTRODUCED LAST SPRING THE CHIP AVAILABLE IN TWO VARIATIONS HAS AN INTERNAL CLOCK THAT RUNS AT A SPEED OF 90 MEGAHERTZ OR 100 MEGAHERTZ COMPARED WITH SPEEDS OF 60 MEGAHERTZ AND 66 MEGAHERTZ FOR THE PENTIUM VERSIONS THAT WERE SHIPPED LAST SPRING MARKET ANALYSTS SAY THE LATEST PENTIUMS NOW SLIGHTLY EXCEED OVERALL PERFORMANCE OF THE FIRST ITERATION OF THE POWERPC CHIP THE 601 THAT POWERPC CHIP IS SOMEWHAT MORE POWERFUL THAN THE SLOWER PENTIUMS INTEL HAS BEEN SHIPPING SINCE LAST YEAR THE NEW PENTIUM PCS ARE PRICED TO COMPETE AGAINST APPLE'S NEW POWERPC MACHINES WHICH ANALYSTS BELIEVE WILL RANGE IN LIST PRICE FROM 2400 TO 4000 AST OF IRVINE CALIF SAID ITS NEW PENTIUM PCS WILL RANGE FROM 3500 TO 4500 HEWLETTPACKARD PALO ALTO CALIF SAID ITS NEW PENTIUM PCS WILL BE PRICED AT ABOUT 5000 ADVANCED LOGIC IRVINE CALIF WHICH EXPECTS TO SHIP ITS NEW PENTIUM SYSTEMS IN FOUR TO SIX WEEKS HAS PRICED ITS NEW PENTIUM MACHINE AT 4200 MACHINES BASED ON THE YEAROLD PENTIUM SELL FOR ABOUT 2500 AND ARE EXPECTED TO SINK BELOW 2000 BY YEAR'S END IN PAST YEARS FOUR TO FIVE YEARS ELAPSED BEFORE PCS BASED ON A NEW INTEL CHIP GENERATION HIT THE 3000 PRICE POINT AT CURRENT PRICES INTEL HOPES TO BREAK FROM PAST PATTERNS BY MAKING PENTIUM PCS AN INSTANT HIT IN THE HOME MARKET IT HAS BUDGETED 150 MILLION FOR ADVERTISING TO MAKE THAT HAPPEN BUT INTEL'S PERFORMANCE LEAD OVER THE POWERPC ISN'T EXPECTED TO LAST LONG BECAUSE MOTOROLA IS EXPECTED TO SHIP A NEW POWERPC CHIP THE 604 LATE THIS YEAR ANALYSTS SAY IT WILL OUTPERFORM THE LATEST PENTIUMS BOTH SIDES WILL LEAPFROG EACH OTHER AS SUCCESSIVE GENERATIONS OF THE RIVAL CHIPS HIT THE MARKET INTEL ALSO PLANS TO ANNOUNCE A NEW CHIP CALLED THE DX4 A VERSION OF THE WIDELY USED 486 CHIP THAT RUNS ABOUT 50 FASTER THAN THE FASTEST EXISTING 486 CHIP 9403070166 940307 STATISTICS CONFIRM IT THE WORLD IS GETTING WEIRDER AND WEIRDER BY DANA MILBANK STAFF REPORTER OF THE WALL STREET JOURNAL LONDON THESE ARE WEIRD TIMES IN FACT THE TIMES ARE A FULL 35 WEIRDER THAN THEY WERE JUST A YEAR AGO THAT AT LEAST IS THE CONCLUSION OF THE FORTEAN TIMES A LONDONBASED MAGAZINE DEDICATED TO THE STUDY OF ALL THINGS BIZARRE THE FEBRUARY/MARCH ISSUE OF THE SMALL JOURNAL COMPARES THOUSANDS OF ZANY HAPPENINGS IN 1992 AND 1993 AND DECLARES SOMEWHAT ARBITRARILY THAT THE OVERALL STRANGENESS INDEX HAD RISEN TO 3520 FROM 3400 AMONG THE CURIOSITIES OF 1993 A TRASH BIN BELONGING TO THE LONDON BOROUGH OF LEWISHAM WAS FOUND BESIDE THE SEA OF GALILEE SIXTY LAMBS IN GERMANY WERE ATTACKED AND KILLED BY HUNDREDS OF CROWS SWEDISH DOCTORS CURED A DEAF MAN BY REMOVING A 47YEAROLD BUS TICKET FROM HIS EAR THE FORTEAN TIMES INDEX NOT TO BE CONFUSED WITH THE FINANCIAL TIMES INDEX WHICH HAS BEEN HEADING THE OTHER WAY HAS 34 COMPONENTS LEADING THE INDEX UPWARD WAS THE STRANGE BEHAVIOR COMPONENT WHICH INCLUDES PEOPLE WHO THROW BIRDS INTO CARS WAITING AT STOPLIGHTS AND THE ROBBER WHO TAPED TWO CUCUMBERS TOGETHER AND PRETENDED HE HAD A SAWEDOFF SHOTGUN THE HOAXES & PANICS CATEGORY GOT A BOOST FROM THE CHINESE CITY WHERE PEOPLE WERE CONVINCED THAT A GIANT DERANGED ROBOT FROM AMERICA WAS KILLING AND SUCKING THE BLOOD OF PEOPLE WHO WORE RED PEOPLE ARE MORE AND MORE ERRATIC SAYS ROBERT JM RICKARD THE EDITOR THERE ARE JUST SUCH STUPID EXTREMES OF BEHAVIOR THE NEW FT INDEX HASN'T EXACTLY MOVED THE MARKET I SALUTE THESE GUYS BUT IT'S PROBABLY WORTHLESS SAYS NICHOLAS STEVENSON AN SG WARBURG & CO EUROPEAN EQUITY STRATEGIST IF PEOPLE START USING IT FOR INVESTMENT ANALYSIS THAT WOULD BE EVEN MORE WEIRD MR STEVENSON THINKS THE INDEX NEEDS A MORE RELIABLE WAY TO GATHER AND MEASURE WEIRDNESS PERHAPS A UNESCO DEFINITION OF WEIRDNESS THERE ARE EARLY SIGNS THAT 1994 MAY BE EVEN WEIRDER THAN 1993 SIGHTINGS OF THE VIRGIN MARY AND HIGHWAY GHOSTS ARE ON THE RISE SO FAR WITH SIGNS THIS PROMISING MR RICKARD THINKS HIS FT INDEX COULD WELL OUTPERFORM THE OTHER FT INDEX FOR THE FORTEAN TIMES AT LEAST THAT'S A BULLISH SIGN I TAKE COMFORT IN THE FACT THAT THE WORLD IS GETTING WEIRDER MR RICKARD SAYS IT SHOWS THAT MAN HASN'T EXPLAINED AWAY EVERYTHING YET 9403070165 940307 HEARD ON THE STREET EMERGINGMARKET FUNDS ARE STILL TOO PRICEY BUT EUROPE INVESTMENTS ARE SEEN AS VALUE PLAY BY SARA CALIAN STAFF REPORTER OF THE WALL STREET JOURNAL TEMPTED TO BUY SOME OF THOSE WILDANDWOOLLY COUNTRY FUNDS NOW THAT THE WORLD'S STOCK MARKETS HAVE TAKEN A HIT BEWARE THE EMERGING MARKETS WHICH ARE STILL PRICEY TRY STODGY INVESTMENTS IN EUROPE INSTEAD THAT'S THE ADVICE OF A FEW MARKET VETERANS WHO SAY THE RECENT SLIDE IN FOREIGN MARKETS STILL HASN'T MADE BARGAINS OF SOME OF THE MORE EXOTIC SINGLECOUNTRY STOCK FUNDS TRADING ON THE NEW YORK STOCK EXCHANGE EUROPE ISN'T A SEXY GROWTH STORY BUT THIS YEAR YOU HAVE A BETTER CHANCE OF MAKING MONEY IN THE IRISH INVESTMENT FUND THAN IN THE MALAYSIA FUND SAYS MICHAEL PORTER A CLOSEDEND FUND ANALYST AT SMITH BARNEY SHEARSON CLOSEDEND COUNTRY FUNDS ARE A PUBLICLY TRADED TYPE OF MUTUAL FUND EACH HAS A FIXED NUMBER OF SHARES USUALLY TRADED ON THE BIG BOARD EACH BUYS STOCKS OF A SINGLE COUNTRY OR REGION AND EACH HAS TWO PRICES THE PERSHARE VALUE OF WHAT IT HOLDS KNOWN AS THE PORTFOLIO VALUE OR NET ASSET VALUE AND THE STOCK PRICE WHICH CAN BE AT A PREMIUM OR DISCOUNT TO THE NAV EUROPEAN MARKETS HAVE LAGGED ASIAN MARKETS MANY OF WHICH DOUBLED LAST YEAR MR PORTER SAYS EUROPE IS A VALUE PLAY AND PRETTY ATTRACTIVE THE ECONOMIES ARE EXPECTED TO TURN THE CORNER SOMETIME THIS YEAR IRISH INVESTMENT FUND AT 10 FRIDAY TRADES AT A 49 DISCOUNT TO ITS NAV THAT'S A BETTER DEAL THAN MALAYSIA FUND WHICH AT 21 3/8 TRADES AT ABOUT A 2 DISCOUNT AS OF LAST WEEK ANALYSTS SAY IRELAND'S STOCK MARKET HAS RISEN A SLIGHT 048 THIS YEAR AND HAS A PRICETOEARNINGS RATIO OF ABOUT 20 MALAYSIA'S MARKET WHICH HAS FALLEN 1714 THIS YEAR IS COSTLIER WITH A P/E IN THE HIGH 20S MR PORTER SAYS CLOSEDEND FUND DISCOUNTS ARE WELCOMED BY NEW INVESTORS WHO ARE HAPPY TO PAY ONLY 90 CENTS OR 85 CENTS TO GET A DOLLAR'S WORTH OF FOREIGN STOCKS DISCOUNTS AND PREMIUMS TO THE NET ASSET VALUE ARE SHOWN EVERY MONDAY IN THE WALL STREET JOURNAL'S CLOSEDEND FUND LISTINGS OUTSIDE EUROPE SOME ANALYSTS ARE SKEPTICAL IT'S NOT YET THE TIME TO MAKE A LONGERTERM COMMITMENT TO THESE EMERGINGMARKET FUNDS SAYS THOMAS HERZFELD A CLOSEDEND FUND SPECIALIST IN MIAMI YOU'LL HAVE A CHANCE TO BUY THEM AT CHEAPER PRICES IN THE NEXT COUPLE MONTHS LATIN AMERICAN EQUITY FUND TRADED AS LOW AS 24 1/8 WEDNESDAY BUT FRIDAY IT SURGED 2 1/4 TO 27 1/2 REPRESENTING A 135 PREMIUM AND ON WEDNESDAY ASIA PACIFIC FUND DROPPED TO 18 5/8 BUT FRIDAY IT FINISHED AT 20 1/8 UP 1/2 FOR A 117 PREMIUM THE BARRAGE OF INITIAL PUBLIC OFFERINGS OF DIFFERENT TYPES OF EMERGINGMARKET FUNDS IS ANOTHER SIGN OF FROTH SAYS DAVID TEPPER OF TEPPER CAPITAL MANAGEMENT A SAN FRANCISCO INVESTMENT ADVISER LAST WEEK'S RELAUNCHING OF GLOBAL PRIVATIZATION FUND'S OFFERING WENT WELL AFTER RESCINDING ITS OFFERING THE PRIOR WEEK GLOBAL PRIVATIZATION FUND MANAGED TO SELL 70 MILLION SHARES AT THE ORIGINALLY OFFERED 15 EACH THE STOCK ENDED ITS FIRST DAY FRIDAY STILL AT 15 THE IPO'S SIZE WAS SHAVED BY JUST 45 MILLION SHARES ANALYSTS WERE ASTOUNDED THE DEAL GOT REDONE SO SMOOTHLY AFTER AN ALMOSTUNHEARD OF CANCELLATION DUE TO AN OVERSTATED CHART IN THE OFFERING DOCUMENT THE FUND WILL INVEST IN INTERNATIONAL BUSINESSES BEING PRIVATIZED THE EMERGINGMARKET AREA IS KIND OF SHAPING UP TO BE A RERUN OF WHAT HAPPENED IN THE EUROPEAN AREA IN 1989 MR TEPPER SAYS THAT'S WHEN A SLEW OF EUROPEAN FUNDS WERE OFFERED AND ZOOMED TO HIGH PREMIUMS ONLY TO COME CRASHING DOWN NOW EUROPE IS THE SAFER BET SAYS GEORGE SCOTT PUBLISHER OF A CLOSEDEND FUND NEWSLETTER IN RICHMOND VA IF I START GETTING SCARED OF THE WORLD MARKETS I PUT MY MONEY IN THE SWISS SAYS GEORGE SCOTT I LIKE SWISS HELVETIA FUND BECAUSE IT'S LIKE BUYING THE HIGHESTQUALITY COMPANIES IN THE WORLD SAYS MR SCOTT SWISS HELVETIA WAS UNCHANGED AT 20 1/8 FRIDAY A 43 DISCOUNT MR SCOTT ALSO LIKES GROWTH FUND OF SPAIN WHICH IS TRADING AT A 139 DISCOUNT THE STOCK EDGED UP 1/8 TO 10 5/8 FRIDAY MR PORTER LIKES THE FUND BECAUSE MANY OF ITS STOCKS NOTABLY THOSE IN THE UTILITY AND TELECOMMUNICATIONS AREAS ARE SENSITIVE TO INTEREST RATES WHICH ARE EXPECTED TO DROP SEVERAL OTHER EUROPEAN FUNDS TRADE AT AMPLE DISCOUNTS FRANCE GROWTH FUND CLOSED UNCHANGED AT 11 5/8 A 97 DISCOUNT NEW GERMANY FUND EDGED UP 1/8 FRIDAY TO 12 1/8 A 135 DISCOUNT AS A REMINDER THAT DISCOUNT AND PREMIUMS DON'T MEAN EVERYTHING WHEN IT COMES TO CLOSEDEND FUNDS INVESTORS ONLY NEED LOOK AT TURKISH INVESTMENT FUND A WEEK AGO IT HAD A 55 PREMIUM BUT NOT TOO MANY PEOPLE HAVE MADE MONEY FROM OWNING IT THIS YEAR ITS NAV HAS SUNK TO ABOUT 750 FROM 13 AT THE BEGINNING OF THIS YEAR THE STOCK PRICE ALSO HAS FALLEN BUT NOT AS MUCH TO 10 1/8 FRIDAY DOWN FROM 12 7/8 EARLIER THIS YEAR THE TURKISH INVESTMENT FUND IS A PERFECT EXAMPLE OF HOW YOU CAN GET WHIPPED AROUND BY THESE COUNTRY FUNDS MR TEPPER SAYS 9403070164 940307 PORT AUTHORITY SAYS NET FELL 25 IN 1993 BOMBING COSTS CITED NEW YORK THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY REPORTED NET INCOME FOR 1993 FELL 25 PRIMARILY A RESULT OF HIGHER AMORTIZATION COSTS AND COSTS RELATED TO THE WORLD TRADE CENTER BOMBING RICHARD C LEONE CHAIRMAN OF THE BISTATE AGENCY SAID ITS FINANCIAL PERFORMANCE WAS REMARKABLE IN VIEW OF THE IMPACT OF THE BOMBING LAST FEBRUARY THE PORT AUTHORITY'S CAPITAL PROGRAM OF MORE THAN 700 MILLION INCLUDED 114 MILLION IN BLASTRELATED REPAIR COSTS TRADE CENTER OCCUPANCY ROSE TO 90 LAST YEAR FROM 88 AT THE END OF 1992 MR LEONE SAID 1993 SAW A REBOUND IN THE REGION'S ECONOMY WITH INCREASES IN PASSENGER TRAFFIC AT THE AREA'S THREE MAJOR AIRPORTS AS WELL AS INCREASES IN CARGO VOLUMES AT THE AIRPORTS AND THROUGH THE AGENCY'S PORT TERMINALS THE FUNDAMENTAL OPERATING RESULTS OF PORT AUTHORITY FACILITIES WAS LARGELY UNCHANGED SAID RAY MANNION COMPTROLLER OPERATING REVENUE IN 1993 WAS 192 BILLION A 13 MILLION DECLINE FROM THE PREVIOUS YEAR'S 193 BILLION OPERATING EXPENSES ALSO FELL TO 134 BILLION FROM 135 BILLION AN 8 MILLION DECLINE NET INCOME IN 1993 DECLINED TO 1076 MILLION FROM 1444 MILLION A YEAR EARLIER IN ADDITION TO A 34 MILLION INCREASE IN DEPRECIATION EXPENSES AND 33 MILLION IN COSTS NET OF INSURANCE RELATED TO THE BOMBING REVENUE FROM BRIDGES AND TUNNELS WAS LOWER THAN THE PREVIOUS YEAR BECAUSE OF INCLEMENT WEATHER INCOME FROM THE AGENCY'S INVESTMENT PORTFOLIO DECLINED ABOUT 10 MILLION THE 1992 RESULTS INCLUDED A GAIN OF ABOUT 21 MILLION FROM THE SALE OF A FACILITY MR MANNION SAID STANLEY BREZENOFF EXECUTIVE DIRECTOR SAID THE AGENCY'S ABILITY TO CONTAIN COSTS AND KEEP SPENDING FLAT OVER A TWOYEAR PERIOD IS CLEAR EVIDENCE THAT THE PRODUCTIVITY AND COSTSAVING MEASURES IMPLEMENTED BY THE AGENCY IN THE PAST FEW YEARS ARE PAYING OFF 9403070163 940307 LEISURE & ARTS ON SPORTS TAR HEELS DIG IN BY FREDERICK C KLEIN DURHAM NC THE COLLEGE BASKETBALL SEASON HASN'T PROCEEDED WITHOUT A FEW MYSTERIES NOT THE SMALLEST OF WHICH HAS BEEN THE PERFORMANCE OF THE UNIVERSITY OF NORTH CAROLINA TAR HEELS HERE'S A CREW THAT RETURNED FOUR STARTERS FROM A TEAM THAT WON THE NATIONAL CHAMPIONSHIP LAST YEAR THEN HIT THE RECRUITING JACKPOT WITH A FRESHMAN CLASS SOME SAID MIGHT FIND COLLEGE A MERE HOLDING PATTERN BETWEEN HIGH SCHOOL AND THE NATIONAL BASKETBALL ASSOCIATION YET SOMEHOW THE HEELS MANAGED TO LOSE SIX GAMES AND GIVE UP THE GHOST FOR A REGULARSEASON ATLANTIC COAST CONFERENCE TITLE BEFORE THE SCHEDULE HAD BEEN PLAYED OUT A LOSS SATURDAY NIGHT HERE AT DUKE A SARGASSO SEA FOR TEAMS OF ANY STRIPE WOULD HAVE SENT THEM TOURNEYWARD WITH A DISTINCT SLOSH DURING THE LAST 10 MINUTES OF THAT GAME HOWEVER THE HEELS GOT OUT OF THE TAR POSSIBLY FOR GOOD RUNNING THE FLOOR HITTING THEIR SHOTS AND PREVENTING THE BLUE DEVILS FROM DOING THE SAME THEY TURNED A 6161 TIE INTO AN 8777 VICTORY AND WHILE THEY COULDN'T KEEP DUKE'S HANDS OFF THE ACC TROPHY EVERYONE KNOWS THAT THE SHINIEST CROWNS REMAIN TO BE CLAIMED I THINK THEY WERE READY TO PLAY TONIGHT DEAN SMITH THE CAROLINA COACH SAID OF HIS BOYS LEAVING THE SENSE THAT IT WAS ABOUT TIME THE VENERABLE SMITH THE MR CHIPS OF COLLEGE HOOPS WITH A SHOE CONTRACT COULD HAVE BEEN EXCUSED A BIT OF EXASPERATION HE'S HAD GOOD TEAMS AND BETTER ONES IN HIS 33 YEARS DOWN THE ROAD AT CHAPEL HILL BUT THIS ONE WAS SUPPOSED TO HAVE BEEN HIS BEST IT HAD SIZE MORE SEVENFOOTERS THAN IT CAN USE VETERAN BALLHANDLING IN SENIOR DERRICK PHELPS AND A SHOOTER DONALD WILLIAMS WITH THE BEST TOUCH SINCE THE LAD WITH THE BAGGY SHORTS AND THE INITIALS MJ IT BEGAN THE CAMPAIGN WITH THE NO 1 RANKING IN THE NATIONAL POLLS AND MANY FELT IT'D END IT THAT WAY ON THE COURT THAT NUMBER APPARENTLY DIDN'T INCLUDE CAROLINA'S OPPONENTS ESPECIALLY SOME OF THE LAST FEW THE HEELS CAME TO DUKE WITH THREE LOSSES IN THEIR LAST SIX GAMES A 236 WONLOST MARK AND A NO 5 POLL RANKING IT OWED PARTLY TO THE NAME ON THEIR JERSEYS IN THEIR LAST OUTING A 6961 ROAD LOSS TO WAKE FOREST SMITH'S CHARGES SHOT BUT 338 FROM THE FIELD A MARK THAT PROBABLY YOUR LOCAL HIGH SCHOOL TEAM TOPS WITH REGULARITY ONE THING THAT INDISPUTABLY HAS HAMPERED CAROLINA WAS INJURIES GUARD PHELPS AND SENIOR FORWARD BRIAN REESE HAD MISSED A FEW GAMES WITH SINGLE AILMENTS AND WILLIAMS THE SMOOTHGLIDING JUNIOR GUARD WHO SCORED A TOTAL OF 50 POINTS IN LAST YEAR'S FINAL FOUR HAD MISSED NINE WITH A VARIETY OF PROBLEMS BEFORE RETURNING ANOTHER DIFFICULTY WAS HARDER TO PIN DOWN AND HARDER STILL TO DESCRIBE DIPLOMATICALLY SOME OF OUR PEOPLE HAD TROUBLE FINDING THEIR ROLES WILLIAMS ALLOWED AFTER SATURDAY'S FRAY TRANSLATED THAT MEANT MOSTLY THAT CAROLINA'S TWO SHOWIEST FRESHMEN FORWARD JERRY STACKHOUSE AND CENTER RASHEED WALLACE HAD EXPERIENCED TROUBLE MAKING THE TRANSITION FROM BEING TOP BANANAS TO MEMBERS OF A BUNCH IF ANY TEAM COULD HAVE BEEN EXPECTED TO EXPLOIT THAT SITUATION IT WAS DUKE THE BLUE DEVILS ARE NOT STRANGERS TO NUMBER ONEHOOD HAVING WON NATIONAL CHAMPIONSHIPS IN 1991 AND '92 AND THE CURRENT TEAM FIELDS VETERANS OF ONE OR BOTH OF THOSE SQUADS THEY WERE 223 BEFORE SATURDAY NO 2 IN THE ASSOCIATED PRESS POLL AND A SECURE NO 1 IN THE ACC WITH A 123 MARK TO SECONDPLACE CAROLINA'S 105 THEY WERE HOT HAVING WON FIVE STRAIGHT AND AT HOME WHERE THEY'D WON 14 OF 15 THIS SEASON AND GOING BACK FURTHER 76 OF 80 FURTHERMORE THEY WERE NOT WITHOUT MOTIVATION SATURDAY BEING THE LAST HOME GAME FOR SENIORS GRANT HILL ANTONIO LANG AND MARTY CLARK HILL IS ESPECIALLY BELOVED HIS NUMBER 33 HAVING BEEN RETIRED RIGHT OFF HIS BACK AS IT WERE THE 6FOOT8 SON OF CALVIN HILL THE OLD DALLAS COWBOY RUNNING BACK LEADS HIS MATES IN BOTH SCORING AND ASSISTS AND IS MAYBE THE NATION'S BEST ALLAROUND PLAYER YOUNG HILL HAS BEEN IN DURHAM LONG ENOUGH TO KNOW WHY ANY DUKENORTH CAROLINA GAME IS BIG STUFF IF WE LOSE TO THEM AGAIN CAROLINA WON THE SEASON'S FIRST MEETING BETWEEN THE TEAMS 8978 IN CHAPEL HILL IN FEBRUARY AND WIN THE NATIONAL CHAMPIONSHIP THEN EVERYONE WOULD SAY OK YOU'RE THE CHAMPIONS BUT YOU COULDN'T BEAT CAROLINA' HE SAID BEFORE THE GAME WITH THE HEAT IN ITS CAMERON INDOOR STADIUM HOME TURNED UP TO THE USUAL 80ORSODEGREES AND WITH 6800 DOOKIES BOUNCING AND HOOTING DUKE STARTED OUT LIKE IT WOULD MAKE BARBECUE FARE OF ITS VISITORS HILL SCORED 12 OF HIS TEAM'S FIRST 21 POINTS AND THE DEVILS LED 2822 WITH SEVEN MINUTES LEFT IN THE FIRST HALF BUT CAROLINA SHAVED THE MARGIN TO A POINT 4039 BY HALFTIME AND PLAYED DUKE EVEN THROUGH THE FIRST 10 MINUTES OF THE LAST PERIOD THE RUN THAT WAS TO VAULT CAROLINA INTO THE LEAD FOR GOOD WAS TRIGGERED BY A SLAM BY FRESHMAN WALLACE TO END A FAST BREAK AND A THREEPOINT FIELD GOAL BY WILLIAMS ON ITS NEXT TRIP DOWN CAROLINA OUTSCORED DUKE 197 IN THE LATE GOING AND THE FINAL MARGIN WOULD HAVE BEEN WIDER IF THE HOME TEAM HADN'T SCORED THE LAST MEANINGLESS FOUR POINTS WILLIAMS LED CAROLINA IN SCORING WITH 20 POINTS AFTER A FIVEPOINT FIRST HALF AND ALL NINE TAR HEELS WHO SAW ACTION SCORED SIX POINTS OR MORE WALLACE HAD 14 AND THE PRAISE HE RECEIVED FROM DUKE COACH MIKE KRZYZEWSKI HE'S SUCH A PRESENCE INDICATED THAT THE SKINNY PHILADELPHIAN WAS FINALLY FITTING IN FINE THERE ARE OF COURSE MORE GAMES TO BE PLAYED THE ACC TOURNAMENT STARTS FRIDAY AND THE NCAAS FOLLOW DUKE AND UNC WILL BE IN THE LATTER IT'S KIND OF A RULE THAT THEY DON'T HOLD IT WITHOUT THEM IT'S ALSO KIND OF A RULE THAT COACH SMITH NEVER PRAISES HIS PLAYERS UNRESERVEDLY UNTIL NOTHING'S LEFT TO WIN YES HE SAID WILLIAMS' THREEPOINTER THAT HELPED BREAK THE GAME LOOKED GOOD GOING IN BUT HE HAD A HARD TIME SAYING NICE GOING BECAUSE WALLACE WAS OPEN UNDERNEATH ON THE PLAY 9403070162 940307 ENTERPRISE FINANCIALSERVICE COMPANIES TARGET FAMILY BUSINESSES AS CORPORATIONS SHRINK MOM AND POP FIRMS BECOME MORE IMPORTANT SEGMENT BY MICHAEL SELZ STAFF REPORTER OF THE WALL STREET JOURNAL MASSACHUSETTS MUTUAL LIFE INSURANCE CO WANTS YOU TO BELIEVE THAT IT TREATS FAMILYBUSINESS CLIENTS JUST LIKE KIN TO PROMOTE THAT COMMITMENT THE SPRINGFIELD MASS INSURER IS RUNNING A NATIONAL ADVERTISING CAMPAIGN THAT PLEDGES TO HELP KEEP THE FAMILY IN THE FAMILY BUSINESS AND DURING THE PAST 18 MONTHS MASS MUTUAL HELPED TO SPONSOR FORUMS AT 22 UNIVERSITIES WHERE FAMILYBUSINESS OWNERS TALKED ABOUT COMMON PROBLEMS OUR COMPANY HAS BEEN SELLING TO FAMILY BUSINESSES FOR A LONG TIME SAYS TY TRYON A MASS MUTUAL DIRECTOR OF MARKET PLANNING AND DEVELOPMENT YET UNTIL RECENTLY HE ADDS NO ONE HERE REALLY RECOGNIZED THEY HAD UNIQUE NEEDS MORE PROVIDERS OF FINANCIAL AND PROFESSIONAL SERVICES ARE NOW TARGETING FAMILYOWNED FIRMS AS A DISTINCT MARKET SEGMENT BUT PROVIDERS FIND THEY OFTEN MUST OFFER EXTRA HAND HOLDING TO SERVE FAMILY FIRMS AND COPE WITH FAMILY TENSIONS THAT CAN COMPLICATE THE FIRMS' BUSINESS DECISIONS THOUGH A TOUGH SELL FAMILY BUSINESSES REPRESENT A MARKET OF ENORMOUS UNTAPPED POTENTIAL SAYS RUSS PRINCE PRESIDENT OF PRINCE & ASSOCIATES A STRATFORD CONN MARKETRESEARCH AND CONSULTING CONCERN HE ESTIMATES THAT FAMILY BUSINESSES ACCOUNT FOR ABOUT HALF OF AFFLUENT AMERICANS WITH ASSETS OF 1 MILLION OR MORE SERVICE PROVIDERS ARE PURSUING THE LUCRATIVE FAMILYBUSINESS MARKET HARDER AS DEMAND SLOWS AMONG DOWNSIZED BIG CORPORATIONS THEIR USUAL CUSTOMER BASE ONE MEASURE OF THE SURGING INTEREST THE FAMILY FIRM INSTITUTE A BROOKLINE MASS TRADE GROUP FOR SERVICE PROVIDERS SAYS PARTICIPATION AT ITS ANNUAL CONFERENCE INCREASED TO NEARLY 600 LAST YEAR FROM 100 IN 1988 THE NEW YORK LAW FIRM OF KRONISH LIEB WEINER & HELLMAN FOR EXAMPLE FORMED A 13MEMBER INTERDISCIPLINARY FAMILY FIRM PRACTICE GROUP IN LATE 1992 THE DECISION COINCIDED WITH A YEAR OF MONTHLY COURSES ATTENDED BY ABOUT 10 KRONISH LIEB PARTNERS AND ORGANIZED BY GENUS RESOURCES INC A BOSTON FAMILYBUSINESS CONSULTING FIRM HENRY WELT THE PRACTICE GROUP'S COCHAIRMAN SAYS KRONISH LIEB HAS INVESTED MORE THAN 150000 IN COURSERELATED FEES AND PARTNERS' TIME TO EDUCATE OURSELVES ABOUT THIS MARKET IN DECEMBER THREE FORMER BANK OF BOSTON CORP SENIOR OFFICERS FORMED HERITAGE PARTNERS INC TO INVEST PRIMARILY IN FAMILY BUSINESSES JOINING THE GROWING NUMBER OF FIRMS WITH THAT SPECIALTY PETER HERMANN A PRINCIPAL IN BOSTONBASED HERITAGE SAYS IT ALREADY HAS RAISED 40 MILLION OF COMMITMENTS FROM BANK OF BOSTON CONTINENTAL BANK CORP AND KLEINWORT BENSON GROUP PLC A UK MERCHANT BANK YET MR PRINCE BELIEVES MOST SERVICE PROVIDERS PROBABLY WILL FAIL TO ADOPT THE SPECIAL SKILLS REQUIRED TO FULLY TAP THE FAMILYBUSINESS MARKET IN A 1993 STUDY OF 124 FAMILY AND INDEPENDENTLY OWNED FIRMS BY MR PRINCE'S FIRM FAMILYBUSINESS OWNERS PROVED A MUCH TOUGHER SELL THEY GENERALLY TAKE LONGER TO MAKE BUYING DECISIONS BECAUSE THE BUSINESS MAKES UP SO MUCH OF A FAMILY'S WEALTH AND LIVELIHOOD THAT SAME HEIGHTENED SENSE OF RISK ALSO MAKES FAMILYOWNED COMPANIES MORE DEMANDING CUSTOMERS ONCE THEY BUY PROFESSIONAL SERVICES MR PRINCE SAYS FAMILY BUSINESSES ARE MORE EXPENSIVE TIMECONSUMING AND TROUBLESOME TO ATTRACT AND KEEP AS CLIENTS SAYS KAREN FILE A UNIVERSITY OF CONNECTICUT ASSOCIATE PROFESSOR OF MARKETING INDEED SOME FAMILYBUSINESS OWNERS ARE TURNED OFF BY SERVICE PROVIDERS' EXPANDED INTEREST THERE ARE A TREMENDOUS NUMBER OF PEOPLE DRESSED AS FAMILYBUSINESS FINANCIAL ADVISERS WHO YOU FIND OUT ARE JUST INSURANCE SALESMEN SAYS MICHAELA MCSHEFFREY CHIEF OPERATING OFFICER OF FAMILYOWNED MIJA INDUSTRIES INC A PLYMOUTH MASS MAKER OF PRESSURE GAUGES FOR FIRE EXTINGUISHERS ON THE OTHER HAND PROF FILE ADDS FAMILY FIRMS TEND TO BE EXTREMELY LOYAL CUSTOMERS ONCE THEY DECIDE TO BUY THEIR ACCEPTANCE OF BUSINESS SERVICES OFTEN LEADS INDIVIDUAL FAMILY MEMBERS TO BUY SERVICES FOR THEMSELVES TOO TO ATTRACT FAMILYOWNED BUSINESSES FINANCIAL AND PROFESSIONAL SERVICE PROVIDERS ARE REPLACING THEIR CONVENTIONAL SALES PITCHES WITH COUNSELING ROLES THAT CEMENT RELATIONS SOMETIMES LONG BEFORE THEY SELL A SINGLE SERVICE AT UNITED STATES TRUST CO A NEW YORK FINANCIALSERVICES CONCERN DIRK DREUX IV HELPS FORM ADVISORY PANELS THAT ACT AS QUASIBOARDS OF DIRECTORS FOR FAMILYOWNED BUSINESSES MR DREUX AN EXECUTIVE FOR US TRUST'S FAMILY WEALTH CONSULTING GROUP JOINED SUCH A PANEL THREE YEARS AGO AT COPLEYFRADIN DISTRIBUTORS A BEVERAGE WHOLESALER IN WEST GREENWICH RI YET US TRUST'S ONLY REVENUE SO FAR FROM THE COPLEYFRADIN RELATIONSHIP IS MR DREUX'S MODEST ANNUAL FEE FOR HIS ADVISORY PANEL PARTICIPATION MUCH TO HIS CREDIT DIRK HAS NEVER REALLY PUSHED OTHER SERVICES SAYS CHARLES FRADIN II PRESIDENT OF A FIRM HIS GRANDFATHER FOUNDED 60 YEARS AGO NATHAN SACHS A MASS MUTUAL AGENT AND PRESIDENT OF A FINANCIALADVISORY CONCERN IN SCOTTSDALE ARIZ IS PURSUING A SIMILAR LOWKEY APPROACH ABOUT A YEAR AGO HE DECIDED TO SELL SERVICES SOLELY TO FAMILYOWNED FIRMS WHICH THEN REPRESENTED 80 OF HIS BUSINESS HE BEGAN TO HOST A WEEKLY RADIO TALK SHOW ABOUT FAMILYBUSINESS ISSUES HE ALSO STARTED TO SPONSOR BIWEEKLY ROUNDTABLES NOW ATTENDED BY 30 FAMILY FIRMS MR SACHS SAYS THAT HE NEVER SOLICITS BUSINESS ON THE RADIO OR AT HIS FREE ROUNDTABLES IT'S STRICTLY EXPOSURE HE EMPHASIZES ULTIMATELY I KNOW I'LL SELL MORE PRODUCT BUT SELLING TO THOSE FAMILYBUSINESS PROSPECTS ISN'T EASY LAST YEAR HE SAYS ONE LIFEINSURANCE POLICY SALE WAS DELAYED SIX MONTHS WHEN THE OWNERS OF AN AUTOMOBILE DEALERSHIP SUDDENLY EXPRESSED DOUBTS THAT TWO OF THEIR SIX CHILDREN EMPLOYED AT THE DEALERSHIP WERE COMPATIBLE ENOUGH TO SUCCEED THEM THE PARENTS HAD APPROACHED MR SACHS ABOUT BUYING LIFE INSURANCE TO COVER THEIR ESTATE TAXES WHEN THEY DIE THE 3 MILLION POLICY REPRESENTED A 8000 COMMISSION FOR THE FINANCIAL ADVISER THE PARENTS CHANGED THEIR MINDS ON THE DAY THE SALE WAS SUPPOSED TO CLOSE LAST SUMMER THE MOTHER SAID THESE KIDS DON'T GET ALONG NOW THEY'LL NEVER GET ALONG WHEN WE'RE GONE' MR SACHS RECALLS TO REVIVE THE DEAL HE SAYS THAT HE ARRANGED FOR THE TWO SIBLINGS TO WORK OUT THEIR DIFFERENCES WITH HELP FROM A FAMILY PSYCHOLOGIST IN JANUARY MR SACHS COMPLETED THE SALE 9403070161 940307 RED EAGLE TO POST GAINS OKLAHOMA CITY RED EAGLE RESOURCES INC AN OIL AND NATURAL GAS CONCERN SAID IT EXPECTS TO REPORT 1993 NET INCOME OF 1 MILLION OR 21 CENTS A SHARE THIS WOULD BE UP FROM NET OF 883000 OR 18 CENTS A SHARE FOR 1992 WHICH INCLUDED GAINS ON THE SALE OF ASSETS 9403070160 940307 WHO'S NEWS ALANCO ENVIRONMENTAL RESOURCES CORP ALANCO ENVIRONMENTAL RESOURCES CORP SALT LAKE CITY D HARRISON GENTRY FORMERLY DIRECTOR OF REAL ESTATE DEVELOPMENT FOR PHELPS DODGE CORP WAS NAMED TO THE NEW POSTS OF PRESIDENT AND CHIEF OPERATING OFFICER OF THIS POLLUTIONCONTROL COMPANY MR GENTRY 53 YEARS OLD WAS ALSO ELECTED A DIRECTOR OF ALANCO SEPARATELY THE COMPANY SAID HAROLD S BUD CARPENTER WAS ALSO NAMED A DIRECTOR MR CARPENTER 60 WAS FORMERLY CHAIRMAN OF GEORGE A ROLFES CO WHICH IS NOW AN ALANCO UNIT THE ELECTION OF MESSRS GENTRY AND CARPENTER AS DIRECTORS BRINGS MEMBERSHIP OF THE BOARD TO SIX 9403070159 940307 WHO'S NEWS INTERNATIONAL COLIN ENERGY CORP INTERNATIONAL COLIN ENERGY CORP CALGARY ALBERTA NELS R CARLSON 45 YEARS OLD WAS NAMED CHIEF EXECUTIVE OF THIS OIL AND GAS PRODUCER SUCCEEDING THOMAS J JACOBSEN 61 THE COMPANY SAID MR JACOBSEN AND MR CARLSON WILL REMAIN RESPECTIVELY CHAIRMAN AND PRESIDENT POSITIONS THEY CURRENTLY HOLD IT SAID MR JACOBSEN IS STEPPING ASIDE AS CHIEF EXECUTIVE IN ORDER TO DEVOTE MORE TIME TO OTHER BUSINESS INTERESTS THE COMPANY ALSO SAID JOHN P MCGRAIN 47 STEPPED DOWN AS A DIRECTOR IN ORDER TO PURSUE OTHER BUSINESS INTERESTS 9403070158 940307 ASIA WATCH'S MUNRO KEEPS HEAT ON CHINA ACTIVIST WON'T LET CONGRESS FORGET DISSIDENTS' PLIGHT BY JESSE WONG STAFF REPORTER OF THE WALL STREET JOURNAL HONG KONG TROOPS ALREADY WERE MASSING AROUND TIANANMEN SQUARE ON THE NIGHT WHEN A FOREIGNER CAME TO SEE HAN DONGFANG A YOUNG WORKER FACING JAIL FOR HIS PART IN THE 1989 PRODEMOCRACY PROTESTS IN BEIJING A LOT OF PEOPLE WILL SEE TO IT THAT YOU DON'T JUST DISAPPEAR THE FOREIGNER PROMISED MR HAN ROBIN MUNRO KEPT THAT PROMISE THE ACTIVIST WITH THE USBASED HUMAN RIGHTS GROUP ASIA WATCH BEGAN TRACKING MR HAN'S FATE SOON AFTER THE TIANANMEN PROTESTS WERE SUPPRESSED HIS REPORTS ON MR HAN'S TREATMENT IN PRISON THE BEATINGS THE STABBINGS WITH ACUPUNCTURE NEEDLES THE TUBERCULOSIS INFECTION LEFT UNTREATED PROMPTED AN INTERNATIONAL OUTCRY IN EARLY 1991 CHINA BACKED DOWN AND FREED MR HAN MR MUNRO IMMEDIATELY ARRANGED FOR AN AMERICAN PHYSICIAN TO DELIVER A SUITCASE FULL OF PRESCRIPTION DRUGS TO HIM IN BEIJING WHENEVER I THINK BACK TO MY TIME IN PRISON I FEEL LIKE SAYING ROBIN COULD YOU IMAGINE WHAT MIGHT HAVE HAPPENED TO ME IF WE HADN'T MET THAT NIGHT' SAYS MR HAN WHO NOW LIVES IN EXILE HERE IT WAS A TYPICAL PERFORMANCE BY THE 41YEAROLD SCOTSMAN WHOSE TENACITY AND DETAILED KNOWLEDGE OF CHINA'S DISSIDENTS HAVE MADE HIM ONE OF THE MOST EFFECTIVE AND CONTROVERSIAL CAMPAIGNERS FOR HUMAN RIGHTS IN ASIA AT A TIME WHEN HUMANRIGHTS CONCERNS LOOM LARGE OVER SINOUS TIES HIS CRUSADING HELPS SHAPE THE CHINAPOLICY DEBATE IN WASHINGTON WHERE CONGRESSIONAL HEARINGS ON CHINA'S HUMANRIGHTS RECORD OPEN THIS WEEK A 1991 REPORT HE COWROTE HELPED DRAW US CUSTOMS SCRUTINY OF CHINA'S EXPORTS OF PRISONMADE GOODS HARRY HARDING A SENIOR FELLOW AT THE BROOKINGS INSTITUTION A WASHINGTON THINK TANK CREDITS HIM WITH ONE OF THE BEST IF NOT THE BEST RECONSTRUCTIONS OF THE TIANANMEN CRACKDOWN WE HAVE A VERY HIGH LEVEL OF CONFIDENCE IN ROBIN SAYS REP JOHN PORTER COCHAIRMAN OF THE US CONGRESSIONAL HUMAN RIGHTS CAUCUS WHEN WE GET THE LATEST INFORMATION ON CHINA FROM HIM WE PASS IT ALONG TO OTHERS IN CONGRESS MR MUNRO GOT HIS START IN HUMANRIGHTS WORK AS AN EXCHANGE STUDENT IN CHINA IN THE LATE 1970S WHEN CHINESE FRIENDS WERE SENT TO PRISON FOR TAKING PART IN THE DEMOCRACY WALL MOVEMENT THE FIRST DISSIDENT CAMPAIGN OF NOTE IN 30 YEARS OF COMMUNIST RULE HIS FIRSTHAND KNOWLEDGE MAKES HIS REPORTS PARTICULARLY POIGNANT TESTIFYING TO A US CONGRESSIONAL PANEL LAST YEAR MR MURNO SKETCHED IN MOVING AND INTIMATE DETAIL THE LIFE OF XU WENLI A DEMOCRACY WALL FOUNDER AND ONE OF MR MUNRO'S FRIENDS WHO HAD SPENT 12 YEARS IN JAIL BY THEN SKEPTICS WONDER IF MR MUNRO'S PASSION FOR THE CAUSE AND ITS PEOPLE MIGHT CLOUD HIS JUDGMENT SOME ALSO QUESTION HIS FOCUS ON THE NEGATIVE AMID IMPROVEMENTS IN CHINA'S OVERALL QUALITY OF LIFE A SPOKESMAN FOR CHINA'S FOREIGN MINISTRY SAYS ASIA WATCH'S REPORTS ON CHINA ARE CHARACTERIZED BY DEEP PREJUDICE A MAN WHO SPEAKS OF ANGUISH AND SUFFERING WITH UNDERSTATED EMOTION MR MUNRO SOUNDS MORE AT EASE TALKING ABOUT THE DISSIDENTS HIS CASES THAN ABOUT HIMSELF I HAVE 2000 NAMES OF PEOPLE WHO DISAPPEARED PEOPLE WHO GOT 15YEAR PRISON SENTENCES FOR PUTTING UP ONE POSTER MY JOB IS TO PUT IT ALL ON THE RECORD HE SAYS THAT JOB PLACES HIM IN THE MIDDLE OF A US FOREIGNPOLICY DILEMMA PRESIDENT CLINTON HAS SAID THAT CHINA MUST MAKE SIGNIFICANT PROGRESS ON HUMAN RIGHTS IF IT IS TO RETAIN ITS MOSTFAVOREDNATION TRADING STATUS BUT MFN WHICH GRANTS TARIFF CONCESSIONS TO MAJOR US TRADING PARTNERS CAN CUT BOTH WAYS STRIPPING CHINA OF IT COULD HURT AMERICAN BUSINESS AND CONSUMERS WHILE DAMAGING SINOUS TIES ON A BROAD FRONT THAT POINTS TO AN UPHILL FIGHT FOR ASIA WATCH WHICH WANTS PRESIDENT CLINTON TO TARGET CHINA WITH LIMITED TRADE SANCTIONS IF IT FAILS TO MEET HIS HUMANRIGHTS DEMANDS A DIVISION OF USBASED HUMAN RIGHTS WATCH A GLOBAL WATCHDOG FUNDED BY DONORS SUCH AS THE FORD AND CARNEGIE FOUNDATIONS ASIA WATCH IS COUNTING ON THE EXPERTISE OF MR MUNRO ITS HONG KONGBASED DIRECTOR MR MUNRO'S OFFICE IS A SMALL DIMLY LIT APARTMENT THAT LOOKS DOWN ON A STREET MARKET AROUND HIM ARE CABINETS CRAMMED WITH LETTERS FROM DISSIDENTS AND COPIES OF CHINESE COURT DOCUMENTS MR MUNRO EARNS WHAT HE TERMS A MODEST SALARY HE LIVES WITH HIS TAIWANESE GIRLFRIEND ON LAMMA AN ISLET ISOLATED FROM HONG KONG'S MAIN URBAN AREAS PASSING HIS FREE TIME SINGING AND PLAYING HIS GUITAR A PHYSICIAN'S SON WHOSE GOAL IN LIFE WAS TO BE A CHINA SCHOLAR HE CAUGHT HIS FIRST GLIMPSE OF THE COUNTRY IN 1977 IN THE WAKE OF THE CULTURAL REVOLUTION DENG XIAOPING THEN ON HIS WAY TO SUPREME POWER HAD CALLED FOR A LIBERATION OF THOUGHT HE GOT AN OUTBURST OF IT THE BEST APPEARING AS POSTERS ON A STRETCH OF WALL IN CENTRAL BEIJING FROM ITS EMERGENCE IN 1978 TO ITS FINAL SUPPRESSION IN 1981 DEMOCRACY WALL WAS AN INTELLECTUAL EVENT WITH A RELATIVELY LIMITED IMPACT ON THE NATION ONE OF THE MORE MEMORABLE OCCASIONS CAME ONE COLD NIGHT IN JANUARY 1979 MR MUNRO WAS STAYING WITH A CORRESPONDENT FOR BRITAIN'S DAILY TELEGRAPH SUMMONED TO THE WALL BY AN ANONYMOUS CALL THE TWO MEN PEERED AT HUNDREDS OF POSTERS IN THE DARK NOT KNOWING WHAT TO LOOK FOR AS MR MUNRO RECALLS WE WERE STARTING TO FEEL FRANTIC AND VERY COLD WHEN A VOICE CAME TO US FROM BEHIND SOME BUSHES HUMAN RIGHTS THIS WAY PLEASE' IT SAID AND IN VERY GOOD ENGLISH TOO THEIR GUIDE HAD VANISHED BY THE TIME THEY REACHED THE SPOT THERE FRESHLY PASTED ON THE WALL WAS A 19POINT HUMANRIGHTS DECLARATION BY REN WANDING AT A TIME WHEN ALL TALK OF HUMAN RIGHTS WAS PROHIBITED THE YOUNG ACCOUNTANT DECLARED FREE SPEECH THOUGHT AND AUTONOMY FOR ETHNIC MINORITIES TO BE INALIENABLE RIGHTS HIS TRANSGRESSION EARNED HIM FOUR YEARS IN JAIL THE WEST WOULD HEAR FROM HIM AGAIN IN A 1988 LETTER TO THE NEW YORK TIMES HE PLEADED FOR FREEDOM FOR IMPRISONED DISSIDENTS IN JANUARY 1991 AT THE AGE OF 45 HE BEGAN SERVING A FRESH SEVENYEAR TERM FOR DISSIDENT ACTIVITY SEEKING OUT THE DEMOCRACY WALL PEOPLE MR MUNRO GRADUALLY GAINED THEIR CONFIDENCE HE WAS ESPECIALLY CLOSE TO MR XU A SOLDIERTURNEDELECTRICIAN WHO BROUGHT TOGETHER THE BRIGHTEST DISSIDENTS TO PUBLISH A JOURNAL CALLED THE APRIL 5TH FORUM A LUCID WRITER MR XU THOUGHT CHINA'S BEST HOPE LAY IN A PHASED TRANSITION TOWARD USSTYLE TWOPARTY POLITICS MR MUNRO SAT IN ON EDITORIAL MEETINGS DEBATING MR XU AND CHEERING HIM ON MR MUNRO LEFT CHINA IN LATE 1979 AS HIS FRIENDS GOT ROUNDED UP ONE BY ONE HE DROPPED HIS ACADEMIC CAREER TO JOIN LONDONBASED AMNESTY INTERNATIONAL WHICH MONITORS RIGHTS VIOLATIONS HE SWITCHED IN 1989 TO ASIA WATCH WHICH DOES MORE THAN MONITOR APPLYING PRESSURE ON CHINA IT LOBBIES INTENSELY IT OPPOSED FOR EXAMPLE CHINA'S RECENT FAILED BID TO HOST THE OLYMPIC GAMES ASIA WATCH DEPENDS HEAVILY ON EVIDENCE OF HUMANRIGHTS VIOLATIONS GATHERED BY MR MUNRO HE WAS SO PRECISE IN MR HAN'S CASE THAT PHYSICIANS CONSULTED BY ASIA WATCH IN THE US WERE ABLE TO TELL THAT THE DISSIDENT HAD CONTRACTED TUBERCULOSIS PRISON DOCTORS HAD MISDIAGNOSED THE ILLNESS AS LEGIONNAIRE'S DISEASE SOME OF MR MUNRO'S DEMOCRACY WALL FRIENDS HAVEN'T BEEN AS FORTUNATE AS MR HAN MR XU ARRESTED IN APRIL 1981 WAS RELEASED ONLY IN MAY 1993 ON THE EVE OF PRESIDENT CLINTON'S DECISION TO EXTEND MFN FOR A YEAR HIS TIME IN PRISON HAS BEEN EXCEEDED ONLY BY ONE DEMOCRACY WALL COLLEAGUE WEI JINGSHAN WHO HAD DARED TO MOCK MR DENG AS AN AUTOCRAT AT HEART MR WEI SPENT 15 YEARS IN DETENTION REGAINING HIS FREEDOM IN SEPTEMBER 1993 DURING CHINA'S CAMPAIGN TO HOST THE OLYMPIC GAMES MR MUNRO SAYS THEIR FATE HAS WEIGHED ON HIM THROUGH THE YEARS IN SEPTEMBER 1979 WHEN HE WAS ABOUT TO LEAVE CHINA MR XU ASKED WHETHER HE THOUGHT THE DEMOCRACY MOVEMENT HAD ANY FUTURE MR MUNRO REPLIED CONFIDENTLY THAT HE BELIEVED IT WOULD SUCCEED IN 1989 AS A GROUP OF YOUNG TIANANMEN PROTESTERS PUT THE SAME QUESTION TO HIM HE SAID I DON'T KNOW I'M A FOREIGNER IT'S NOT FOR ME TO SAY 9403070157 940307 WHO'S NEWS VERSA TECHNOLOGIES INC VERSA TECHNOLOGIES INC RACINE WIS RAYMOND T AEXEL 53 YEARS OLD FORMERLY A VICE PRESIDENT AT LITTLE RAPIDS CORP WAS NAMED PRESIDENT AND CHIEF OPERATING OFFICER OF VERSA'S MOXMED INC DIVISION SUCCEEDING JAMES D PERKINS WHO RESIGNED 9403070156 940307 POWER INDUSTRY'S WHEELING' GETS NEW OPPOSITION ACTIVISTS JOIN UTILITY FIGHT AGAINST MANUFACTURERS ROVING FOR DISCOUNTS BY DAVE KANSAS STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK A GROUP OF ENVIRONMENTAL AND CONSUMER ADVOCATES IS EXPECTED TO ANNOUNCE TODAY THEIR OPPOSITION TO THE ELECTRICPOWER INDUSTRY'S EVOLUTION TOWARD LETTING BIG CUSTOMERS BUY POWER WHEREVER THEY CHOOSE A POLICY KNOWN AS RETAIL WHEELING SUCH A POLICY IN THEORY WOULD PERMIT A STEEL OR AUTO PLANT IN OHIO TO NEGOTIATE AN ATTRACTIVE PRICE FOR ELECTRICITY FROM ARIZONA AND REQUIRE THE LOCAL OHIO UTILITY TO TRANSMIT THE PURCHASED POWER IF ADOPTED ON A WIDESPREAD BASIS MOST UTILITIES ARGUE WHEELING WOULD WRECK THEIR PLANNING AND SABOTAGE CONSTRUCTION OF NEW GENERATING CAPACITY BY MAKING LOCAL DEMAND IMPOSSIBLE TO PROJECT ONE DISMAL SCENARIO ENVISIONS A HIGHCOST UTILITY STEADILY LOSING LARGE CUSTOMERS AND BEING FORCED TO RAISE LOCAL RATES TO COVER FIXED COSTS FOR EXISTING PLANTS AND FACILITIES THE ANNOUNCEMENT EXPECTED TODAY IN NEW YORK WILL GIVE ELECTRIC UTILITIES UNUSUAL ALLIES ENVIRONMENTAL AND CONSUMER GROUPS AS WELL AS ALTERNATIVEENERGY ADVOCATES INDEPENDENTPOWER PRODUCERS ENERGYSERVICE COMPANIES AND TRADE UNIONS ALREADY POWER GENERATION IS LARGELY DEREGULATED WITH MORE THAN HALF OF NEW POWER CAPACITY BEING BUILT BY NONUTILITY COMPANIES IN ADDITION WHOLESALE COMPETITION FOR POWER AMONG UTILITIES AND MUNICIPALITIES EXISTS WITHIN STATES BUT RETAIL WHEELING WOULD OPEN THE FLOODGATES TO NATIONWIDE PRICING COMPETITION THE NEW OPPONENTS GENERALLY FEAR THAT RETAIL WHEELING WOULD GO TOO FAR DISRUPTING EFFORTS TO ENCOURAGE LOCAL UTILITIES TO PRACTICE CONSERVATION AND DEMAND MANAGEMENT AND CONTORTING FEDERAL POLICIES DESIGNED TO CURB POLLUTION FROM ELECTRICALPOWER GENERATING PLANTS FOR US RETAIL WHEELING ESSENTIALLY CHANGES THE INCENTIVES MOVING AWAY FROM LONGTERM INCENTIVES TO SHORTTERM ISSUES SAYS RALPH CAVANAGH ENERGY PROGRAM DIRECTOR FOR THE NATURAL RESOURCES DEFENSE COUNCIL WE THOUGHT THAT WE HAD MOVED OUT OF AN ERA WHERE THOSE WHO WANT TO PAY LESS NEED TO USE MORE POWER WHEELING ADVOCATES CHALLENGE THOSE WORRIES CITING FEDERAL CLEANAIR LAWS THAT SET BASELINES FOR PERMITTED POLLUTION WE EXPECT THE POWER PRODUCERS TO MEET THE ENVIRONMENTAL REQUIREMENTS OF THE LAW SAYS JOHN ANDERSON EXECUTIVE DIRECTOR OF THE ELECTRICITY CONSUMERS RESOURCE COUNCIL A GROUP THAT BACKS WHEELING BUT MANY ENVIRONMENTALISTS WANT UTILITIES TO GO BEYOND THE LAW AND THAT COSTS MONEY HE SAYS TO BE SURE THE DEBATE BEING WAGED REMAINS LARGELY THEORETICAL FEDERAL ENERGY LEGISLATION IN 1992 OUTLAWED FEDERAL INVOLVEMENT IN RETAIL WHEELING BUT STATES COULD MANDATE RETAIL WHEELING WITHIN THEIR BORDERS AND SEVERAL STATES HAVE DEBATED ADOPTING SUCH A SYSTEM NO STATE HAS ADOPTED A WIDESPREAD RETAIL WHEELING PLAN TO THIS POINT MOREOVER THERE ARE TECHNICAL HURDLES IN PROPERLY PRICING ELECTRIC ENERGY PUMPED THROUGH THE NATION'S POWER GRID WHICH WHEELING WOULD TURN INTO AN ELECTRICALENERGY PIPELINE SUCH TECHNICAL CONCERNS PROMPT MR CAVANAGH TO CALL RETAIL WHEELING MYTHICAL AND NOTHING MORE THAN GIMMICKRY HEAVY USERS HOWEVER NOTE THAT SUCH UTILITIES AS CANADA'S HYDROQUEBEC ALREADY TRANSPORT ELECTRICITY MORE THAN A THOUSAND MILES FROM PLANTS IN NORTHERN QUEBEC TO CUSTOMERS IN SOUTHERN NEW YORK WHAT'S REALLY AT STAKE IS THE DECLARATION OF DOLLARS SAYS MR ANDERSON COMPETITIVE OUTSOURCING WOULD ALLOW CONSUMERS TO CHOOSE THE MOSTEFFICIENT LOWESTCOST PRODUCERS THE COMPETITION FOR CUSTOMERS WOULD GREATLY ENHANCE THE EFFICIENCY OF UTILITIES AND LOWER ENERGY COSTS HE SAYS MR ANDERSON'S ORGANIZATION MADE UP PRIMARILY OF HEAVY ENERGY USERS SUCH AS BETHLEHEM STEEL CORP AND GENERAL MOTORS CORP STAND TO GAIN THE MOST FROM A WIDEOPEN POWER MARKET BECAUSE THEY WOULD HAVE THE LARGEST BLOCKS OF BUYING POWER BUT MR ANDERSON INSISTED RESIDENTIAL CONSUMERS COULD ALSO BENEFIT FROM SUCH A SYSTEM BY FORMING COOPS AND OTHER POWERPURCHASING ALLIANCES MIKE FLORIO SENIOR ATTORNEY FOR TOWARD UTILITY RATE NORMALIZATION A CONSUMER ADVOCATE GROUP ARGUES THAT MR ANDERSON'S FORECAST IS UNLIKELY OUR CONCERN IS THAT SUCH A SYSTEM WOULD ALLOW A LIMITED GROUP OF LARGE CUSTOMERS TO PICK OFF THE CHEAPER SOURCES OF POWER LEAVING RESIDENTIAL AND SMALLBUSINESS CUSTOMERS WITH THE EXPENSIVE POWER SOURCES HE SAYS 9403070155 940307 CHIQUITA CALLS DEBENTURES CINCINNATI CHIQUITA BRANDS INTERNATIONAL INC SAID IT CALLED FOR REDEMPTION ALL ITS 11 7/8 SUBORDINATED DEBENTURES DUE MAY 1 2003 THERE ARE CURRENTLY 125 MILLION OF THE DEBENTURES OUTSTANDING THE DEBENTURES WILL BE REDEEMED MAY 1 AT 104 OF PAR VALUE THE SCHEDULED PAYMENT OF INTEREST ACCRUED THROUGH MAY 1 WILL BE PAID SEPARATELY TO HOLDERS OF RECORD APRIL 15 THE COMPANY SAID SECURITIES TRANSFER CO OF CINCINNATI IS THE PAYING AND REDEMPTION AGENT CHIQUITA IS AN INTERNATIONAL MARKETER PROCESSOR AND PRODUCER OF FOOD PRODUCTS 9403070154 940307 CAMPBELL SOUP SELLS UNIT CAMDEN NJ CAMPBELL SOUP CO SAID IT SOLD ITS CAMPBELL CHILLED FOODS LTD SUBSIDIARY TO ALBERT FISHER GROUP PLC AN ENGLISH FOOD PROCESSOR AND DISTRIBUTOR TERMS WEREN'T DISCLOSED CAMPBELL CHILLED FOODS BASED IN YORK ENGLAND PRODUCES AND MARKETS CHILLED SANDWICHES AND SALADS UNDER PRIVATE LABEL AND THE BRAND NAME WRIGHT'S OF YORK 9403070153 940307 BUSINESS BRIEF DELTA AIR LINES AND VIETNAM AIRLINES SAID TO SIGN COOPERATIVE AGREEMENT HONG KONG DELTA AIR LINES HAS SIGNED A COOPERATIVE AGREEMENT WITH VIETNAM AIRLINES INDUSTRY OFFICIALS SAID IN HONG KONG AND HANOI BECOMING THE FIRST US AIRLINE TO FORM SUCH AN ALLIANCE SINCE WASHINGTON ENDED ITS ECONOMIC EMBARGO LAST MONTH UNDER THE AGREEMENT REACHED LAST WEEK AND EXPECTED TO BE ANNOUNCED SOON DELTA AND VIETNAM AIRLINES ARE TO COORDINATE THEIR FLIGHT SCHEDULES TO FEED EACH OTHER PASSENGERS AT AN INTERMEDIATE POINT IN ASIA THE OFFICIALS SAID THAT ARRANGEMENT WILL ALLOW FOR COOPERATION IN OTHER AREAS SUCH AS RESERVATIONS MARKETING AND ADVERTISING THE ACCORD IS EXPECTED TO TAKE EFFECT THIS YEAR AS SOON AS DETAILS HAVE BEEN WORKED OUT LIKE OTHER US AIRLINES DELTA CAN'T FLY TO VIETNAM BECAUSE WASHINGTON AND HANOI LACK AN AIRSERVICES AGREEMENT THE AIRLINE WILL THUS BE LIMITED TO FLYING TRAVELERS FROM THE US TO AN ASIAN GATEWAY SUCH AS TAIPEI TAIWAN OR SEOUL SOUTH KOREA WHERE THEY COULD MAKE A QUICK CONNECTION TO HANOI OR HO CHI MINH CITY ON VIETNAM AIRLINES CURRENTLY TRAVELERS FROM THE US OFTEN MUST ENDURE LONG LAYOVERS SOMETIMES OVERNIGHT IN OTHER ASIAN COUNTRIES BEFORE BOARDING A CONNECTING FLIGHT TO VIETNAM MAJOR US CARRIERS BEGAN COURTING VIETNAM AIRLINES LONG BEFORE THE EMBARGO WAS LIFTED JUST DAYS AFTER IT ENDED STEPHEN WOLF CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF UAL CORP'S UNITED AIRLINES VISITED HANOI FOR MEETINGS WITH GOVERNMENT AUTHORITIES AND AIRLINE OFFICIALS IN WASHINGTON UNITED CONTINENTAL AIRLINES AND NORTHWEST AIRLINES RECENTLY APPLIED TO THE US TRANSPORTATION DEPARTMENT FOR LICENSES TO FLY TO VIETNAM BUT NO US AIRLINE WILL BE ALLOWED INTO VIETNAM UNTIL A BILATERAL AIRSERVICES AGREEMENT HAS BEEN SIGNED THAT IS UNLIKELY TO HAPPEN BEFORE EARLY 1995 US AIRLINE OFFICIALS SAY 9403070152 940307 WHO'S NEWS AMERICAN TELEPHONE & TELEGRAPH CO AMERICAN TELEPHONE & TELEGRAPH CO NEW YORK THIS TELECOMMUNICATIONS COMPANY'S AT&T MICROELECTRONICS UNIT NAMED WILLIAM R SPIVEY 47 YEARS OLD VICE PRESIDENT OF ITS SYSTEMS AND TECHNOLOGIES STRATEGICBUSINESS UNITS MR SPIVEY FORMERLY PRESIDENT OF A TEKTRONIX INC UNIT SUCCEEDS CURTIS J CRAWFORD 46 WHO WAS NAMED PRESIDENT OF AT&T MICROELECTRONICS IN JULY 9403070151 940307 WHO'S NEWS FIRST CHICAGO'S CHAIRMAN ENJOYED PROFITABLE 1993 CHICAGO FIRST CHICAGO CORP CHAIRMAN RICHARD THOMAS TOOK HOME ABOUT 22 MILLION IN SALARY AND BONUS LAST YEAR NEARLY DOUBLE THE 116 MILLION IN 1992 ACCORDING TO THE BANKING CONCERN'S 1993 PROXY STATEMENT IN ADDITION MR THOMAS RECEIVED 60000 RESTRICTED STOCK OPTIONS WITH A PRESENT VALUE OF AROUND 700000 COMPARED TO 1992'S GRANT OF 80000 OPTIONS THAT HAD A VALUE OF 740000 WHEN GRANTED THE 1993 AWARD WAS IN RECOGNITION OF THE CORPORATION'S RECORD EARNINGS THAT EXCEEDED THE COMPANY'S PROJECTIONS THE PROXY SAID LAST YEAR FIRST CHICAGO EARNED 8045 MILLION OR 878 A SHARE UP NEARLY TENFOLD FROM THE PREVIOUS YEAR DRIVEN BY BIG PROFITS IN CONSUMER BANKING AND A TURNAROUND IN THE COST OF BAD DEBTS FIRST CHICAGO WAS THE FIRST BIG BANK TO WRITE DOWN IN BULK THE VALUE OF ITS PROBLEM REAL ESTATE HOLDINGS AND HAS SINCE SHED NEARLY 1 BILLION OF BAD REAL ESTATE FIRST CHICAGO HAD A PARTICULARLY GREAT YEAR LAST YEAR A SPOKESWOMAN SAID 9403070150 940307 UNITED AIR TRAFFIC UP CHICAGO UNITED AIRLINES SAID ITS FEBRUARY TRAFFIC ROSE 16 TO 689 BILLION REVENUE PASSENGER MILES FROM 678 BILLION A YEAR EARLIER A REVENUE PASSENGER MILE IS ONE PASSENGER CARRIED ONE MILE UNITED A UNIT OF UAL CORP SAID ITS LOAD FACTOR OR THE PERCENTAGE OF AVAILABLE SEATS FILLED WAS 637 UP FROM 62 9403070149 940307 SALLIE MAE PREPAYS DEBT WASHINGTON STUDENT LOAN MARKETING ASSOCIATION OR SALLIE MAE SAID IT PREPAID ALL OF ITS REMAINING 18 BILLION OF DEBT OUTSTANDING TO THE FEDERAL FINANCING BANK THE COMPANY WHICH PROVIDES FINANCING FOR STUDENT LOANS AND COLLEGE FACILITIES AND EQUIPMENT SAID IT WAS TAKING ADVANTAGE OF LOW INTEREST RATES AND NARROW CREDIT SPREADS STUDENT LOAN MARKETING LAST BORROWED FROM THE FEDERAL FINANCING BANK IN 1982 9403070148 940307 GM UNION PACT AVERTS STRIKE DETROIT GENERAL MOTORS CORP SAID IT REACHED A TENTATIVE AGREEMENT WITH THE UNITED AUTO WORKERS UNION AVERTING A STRIKE AT ITS YPSILANTI MICH TRANSMISSION PLANT DETAILS OF THE AGREEMENT WHICH MUST BE RATIFIED BY THE 5850 UNIONIZED WORKERS AT THE PLANT WEREN'T AVAILABLE IMMEDIATELY 9403070147 940307 CIRCUIT CITY FEBRUARY SALES UP RICHMOND VA CIRCUIT CITY STORES INC SAID FEBRUARY SALES ROSE 39 TO 3349 MILLION FROM 2405 MILLION A YEAR EARLIER SALES AT STORES OPEN AT LEAST ONE YEAR INCREASED 18 SALES FOR THE YEAR ENDED FEB 28 WERE 413 BILLION UP 26 FROM 327 BILLION IN FISCAL 1993 SAMESTORE SALES INCREASED 8 FOR THE YEAR SEPARATELY CIRCUIT CITY SAID IT WILL ENTER THE CLEVELAND MARKET THIS FALL CIRCUIT CITY OPERATES 251 CIRCUIT CITY SUPERSTORES AND 43 OTHER SMALLER STORES 9403070146 940307 ETHYL CORP TO BE DROPPED FROM S&P 500STOCK INDEX NEW YORK STANDARD & POOR'S CORP SAID IT WILL REMOVE ETHYL CORP FROM ITS S&P 500STOCK INDEX AFTER THE CLOSE OF TRADING THURSDAY ETHYL IS SPINNING OFF ITS CHEMICAL BUSINESS INTO A NEW COMPANY CALLED ALBERMARLE CORP S&P SAID ETHYL IS BEING REMOVED FROM THE INDEX BECAUSE THE SPINOFF WILL SIGNIFICANTLY REDUCE ITS SIZE UNUM CORP A PORTLAND MAINE INSURANCE COMPANY WILL REPLACE ETHYL 9403070145 940307 DIVIDEND NEWS LITTON INDUSTRIES INC LITTON INDUSTRIES INC BEVERLY HILLS CALIF DECLARED A DIVIDEND IN THE FORM OF A DISTRIBUTION OF 100 OF WESTERN ATLAS INC COMMON STOCK PAYABLE MARCH 17 TO LITTON STOCK OF RECORD MARCH 14 SHAREHOLDERS WILL RECEIVE ONE SHARE OF WESTERN ATLAS COMMON STOCK FOR EACH SHARE OF LITTON COMMON STOCK HELD AS PREVIOUSLY REPORTED LITTON'S SPINOFF OF WESTERN ATLAS WAS TO HAVE TAKEN PLACE IN 1993 BUT WAS DELAYED BY TWO PURCHASES WESTERN ATLAS PROVIDES SEISMIC SURVEYS AND WIRELINE LOGGING SERVICES FOR EXPLORATION DEVELOPMENT AND PRODUCTION OF OIL AND GAS 9403070144 940307 NORWEST ACQUISITION MINNEAPOLIS NORWEST CORP SIGNED A DEFINITIVE AGREEMENT TO ACQUIRE COPPER BANCSHARES INC AND ITS SUBSIDIARY BANK AMERICAN NATIONAL BANK OF SILVER CITY IN SILVER CITY NM TERMS WERE NOT DISCLOSED NORWEST SAID COPPER BANCSHARES HAS ASSETS OF 100 MILLION AND FOUR LOCATIONS THE COMPANY SAID THE ACQUISITION REQUIRES THE APPROVAL OF REGULATORY AGENCIES AND THE SHAREHOLDERS OF COPPER BANCSHARES 9403070143 940307 TECHNOLOGY GILEAD SCIENCES CLINICAL TESTS FOSTER CITY CALIF GILEAD SCIENCES INC SAID IT BEGAN CLINICAL TESTS AT JOHNS HOPKINS UNIVERSITY TO DETERMINE THE SAFETY OF ITS COMPOUND GS 840 IN PATIENTS INFECTED WITH HIV THE DRUG IS AN ORAL VERSION OF AN INJECTIBLE GILEAD GS 393 WHICH IS UNDERGOING STUDIES FOR USE AGAINST THE VIRUS THAT CAUSES AIDS 9403070142 940307 GM SPARTAN MOTORS IN PACT DETROIT GENERAL MOTORS CORP SAID IT REACHED AN AGREEMENT WITH SPARTAN MOTORS INC OF CHARLOTTE MICH TO BUILD AND MARKET MOTOR HOME CHASSIS BEGINNING IN THE 1995 MODEL YEAR UNDER TERMS OF THE AGREEMENT SPARTAN MOTORS WILL ALLOW GM TO USE ITS TECHNOLOGY TO BUILD A REAR DIESEL ENGINE MOTOR HOME CHASSIS IN RETURN GM AGREED TO LET SPARTAN MOTORS BUILD A DIFFERENT REAR DIESEL ENGINE MOTOR HOME CHASSIS FOR GM BOTH WILL BE SOLD AS CHEVROLET BRANDS 9403070141 940307 INTERNATIONAL WORLD WIRE COMPILED BY RICHARD L HOLMAN FIVE OF THE EUROPEAN FREE TRADE ASSOCIATION MEMBERS AGREED TO PASS EUROPEAN UNION FINANCIALSERVICES LEGISLATION THAT ISN'T COVERED BY THE TWO BLOCS' EUROPEAN ECONOMIC AREA FORMED LAST JANUARY THE EEA ADMINISTRATIVE BODY INTENDS THIS WEEK TO ALLOW SECURITIES TRADERS AND INSURERS TO DO BUSINESS THROUGHOUT THE GIANT FREETRADE ZONE THE 12COUNTRY EU'S RULES ON CAPITAL ADEQUACY AND MONEY LAUNDERING ALSO ARE TO BE INCLUDED WITH RATIFICATION BY THE EU'S CONSULTATIVE ASSEMBLY AND THE EFTA NATIONS' LEGISLATURES THE CHANGES WOULD TAKE EFFECT JULY 1 THE EEA TREATY EXTENDED MOST EU SINGLEMARKET LEGISLATION ON FREE MOVEMENT OF PEOPLE GOODS AND CAPITAL TO AUSTRIA FINLAND ICELAND NORWAY AND SWEDEN BUT THE OTHER TWO EFTA MEMBERS SWITZERLAND AND LIECHTENSTEIN WITH CLOSE ECONOMIC TIES WERE BARRED FROM JOINING BECAUSE SWISS VOTERS REJECTED THE ACCORD LIECHTENSTEIN WHICH HAS PROPOSED TO DROP ITS CUSTOMS UNION WITH SWITZERLAND MAY JOIN THE EEA AFTER THE EU FINISHES EXPANSION TALKS WITH NORWAY THE EU HAS REACHED MEMBERSHIP PACTS WITH AUSTRIA FINLAND AND SWEDEN TAIWAN'S CENTRAL BANK RAISED THE CEILING ON INVESTMENTS BY FOREIGN INSTITUTIONS IN THE COUNTRY'S STOCK MARKET BY 50 TO 75 BILLION A MOVE EAGERLY AWAITED BY LOCAL AND OVERSEAS INVESTORS THE CENTRAL BANK HAD BEEN RELUCTANT TO RAISE THE CAP NOTING THAT A STEPPEDUP INFLOW OF FOREIGN CAPITAL IN LATE 1993 LED TO A MODERATE RISE IN THE NEW TAIWAN DOLLAR AND A RAPID INCREASE IN MONEY SUPPLY THE BANK ALSO SET ITS FIRST CEILING 25 BILLION ON MUTUAL FUNDS RAISED ABROAD BY TAIWAN INSTITUTIONS FOR INVESTMENT IN THE LOCAL MARKET APPLICATIONS TO INVEST IN TAIWAN MUST STILL BE REVIEWED BY THE CENTRAL BANK YIELDING TO BUSINESS PRESSURE THE FRENCH INDUSTRY MINISTRY ORDERED THE TWO GIANT STATEOWNED ENERGY MONOPOLIES TO HALT DIVERSIFICATION THAT IMPINGES ON THE PRIVATE SECTOR AT HOME BUT TO CONTINUE THEIR DEVELOPMENT ABROAD THE ELECTRICITY AND NATURALGAS UTILITIES HAVE DIVERSIFIED DOMESTICALLY SINCE 1985 INTO AREAS SUCH AS WASTE DISPOSAL PUBLIC LIGHTING CABLE TELEVISION SECURITY SERVICES AND EQUIPMENT PRODUCTION AND INSTALLATION COMPETING WITH LARGE AND SMALL BUSINESSES POWERFUL UNIONS AT THE TWO UTILITIES WITH 150000 EMPLOYEES FAVOR THE STATUS QUO BANGKOK ADVISED RESIDENTS TO STORE FRESH WATER BECAUSE TAPS IN THE THAI CAPITAL SOON COULD DRY UP AT TIMES THE CITY HAS HAD TO REDUCE PUMPING FROM THE CHAO PHRAYA RIVER TO LEAVE ENOUGH FRESH WATER TO FLUSH SEA WATER INTO THE GULF OF THAILAND THE RIVER ALSO A TOURIST ATTRACTION IS SO LOW IN THIS DRY SEASON THAT SALT WATER FLOWING UPSTREAM IS JEOPARDIZING FARMS BANGKOK'S WATER SHORTAGE COULD WORSEN BEFORE RAINS BEGIN IN A FEW MONTHS CITING A NEED TO CUT COSTS HUNGARY'S STATE RADIO PENSIONED OR LAID OFF 129 STAFF MEMBERS THE EMPLOYEES WERE MAINLY EDITORS AND JOURNALISTS AND POLITICAL OPPOSITION PARTIES ACCUSED THE GOVERNMENT OF TRYING TO SILENCE CRITICISM TWO MONTHS BEFORE ELECTIONS JOURNALISTS SAID THE DISMISSALS WILL LEAVE THE RADIO'S COVERAGE WITHOUT SEASONED REPORTERS DURING THE CAMPAIGN IN HUNGARY'S TRANSITION TO A WESTERNSTYLE DEMOCRACY EUROPEAN UNION RESEARCH MINISTERS CLEARED LEGISLATION TO REQUIRE MEMBER COUNTRIES TO RECYCLE AT LEAST 50 OF THEIR PACKAGING WASTE BY THE END OF THIS DECADE A POLITICAL COMPROMISE LAST DECEMBER GIVES IRELAND GREECE AND PORTUGAL MORE TIME TO IMPLEMENT THE LAW AND ALLOWS HIGHER STANDARDS BY COUNTRIES THAT ALREADY HAVE STRICT RECYCLING RULES SUCH AS GERMANY AND DENMARK THE PROPOSAL REQUIRES RATIFICATION BY THE EUROPEAN PARLIAMENT WHERE OPPOSITION IS EXPECTED THE US AND FRANCE CAME TO AN UNDERSTANDING ABOUT LIFTING FRENCH CURBS ON IMPORTS OF US FRESH AND FROZEN FISH FRANCE WHICH IMPOSED STRICT FISH INSPECTION PROCEDURES ON FEB 5 THAT SHARPLY CURTAILED SHIPMENTS FROM ABROAD AGREED TO ALLOW US FISH INTO THE COUNTRY STARTING TODAY US SPECIALISTS WILL REVIEW FRANCE'S INSPECTION STANDARDS AND METHODS TO DETERMINE IF FURTHER US ACTION IS NEEDED FRANCE EARLIER SAID ITS ACTION CONFORMED WITH EUROPEAN UNION RULES US OFFICIALS HAD VOWED TO RESTRICT FRENCH CHEESE AND WINE IMPORTS IF FRANCE DIDN'T STOP HINDERING FISH IMPORTS OSTENSIBLY FOR SANITARY REASONS FRANCE ORDERED THE CURBS AFTER FINANCIALLY AILING FRENCH FISHERMEN STAGED VIOLENT PROTESTS DEMANDING MINIMUM PRICES AND LIMITS ON NONEU FISH IMPORTS US FISH SALES TO FRANCE LAST YEAR TOTALED 82 MILLION AND IN THE MONTH SINCE THE FRENCH CRACKDOWN US LOSSES ARE ESTIMATED AT 800000 A WEEK DELFT UNIVERSITY RESEARCHERS DIDN'T SIT ON THEIR FINDINGS THAT A MILLION PEOPLE IN THE BICYCLECRAZY NETHERLANDS SUFFER SADDLE SORES HELPED BY A GRANT FROM THE DUTCH GOVERNMENT WHICH ENCOURAGES CYCLING TO PROTECT THE ENVIRONMENT AND REDUCE TRAFFIC THE DELFT TEAM DEVELOPED A COMPUTER SYSTEM TO DESIGN MADETOMEASURE SEATS THE INTERNATIONAL AIRLINE PASSENGER ASSOCIATION'S LATEST SURVEY OF MOST DANGEROUS AREAS FOR FLYING LISTS THE FORMER SOVIET REPUBLICS CHINA SOUTH KOREA INDIA CENTRAL AFRICA AND COLOMBIA 9403070140 940307 BUSINESS BRIEFS MIDWEST ENERGY COS TULSA OKLA AND PARTNERS OIL CO OKLAHOMA CITY SIGNED A LETTER OF INTENT TO MERGE IN A STOCK SWAP THE VALUE OF THE TRANSACTION OR WHICH WOULD BE THE SURVIVING COMPANY WAS NOT DISCLOSED NEOPROBE CORP COLUMBUS OHIO EXPECTS TO REPORT A LOSS OF 8 MILLION OR 113 A SHARE FOR 1993 COMPARED WITH A LOSS OF 26 MILLION OR 41 CENTS A SHARE FOR 1992 DAVEL COMMUNICATIONS GROUP INC'S ADTEC DIVISION GOT LONGTERM CONTRACTS TO PROVIDE PAY TELEPHONES IN FOUR SOUTHERN FLORIDA CITIES TERMS WEREN'T DISCLOSED TEXAS INSTRUMENTS INC'S DEFENSE SYSTEMS & ELECTRONICS GROUP RECEIVED AN 89 MILLION CONTRACT FROM THE ARMY'S COMMUNICATIONSELECTRONICS COMMAND IN FORT MONMOUTH NJ EDISTO RESOURCES CORP DALLAS SAID ITS 80OWNED SUBSIDIARY MULTIFLEX INTERNATIONAL INC SOLD ITS OPERATING SUBSIDIARIES TO OCEANEERING INTERNATIONAL INC FOR 12 MILLION 9403070139 940307 MUNI CHIEF BLAMES US BOND DEALERS FOR PAY TO PLAY' BY JOHN CONNOR SPECIAL TO THE WALL STREET JOURNAL ORLANDO FLA THE HEAD OF THE MUNICIPAL SECURITIES RULEMAKING BOARD SAID THAT BOND DEALERS ARE CHIEFLY TO BLAME FOR THE PAYTOPLAY ABUSE THAT THE BOARD IS TRYING TO END HOWEVER MSRB CHAIRMAN DAVID CLAPP SAID A RULE DRAFTED BY THE BOARD PROBABLY IS UNFAIR IN BLOCKING BOND DEALERS FROM MAKING POLITICAL GIFTS TO STATE AND LOCAL OFFICIALS RUNNING FOR CONGRESS WHILE ALLOWING DEALERS TO CONTINUE CONTRIBUTING TO INCUMBENTS IN THE HOUSE AND SENATE DISCUSSING THE BOARD'S CONTROVERSIAL PROPOSAL MR CLAPP SAID THE BLAME FOR THE PAYTOPLAY PRACTICE LIES MORE WITH DEALERS THAN POLITICANS THE TERM PAY TO PLAY REFERS TO BOND DEALERS' EFFORTS TO OBTAIN BOND BUSINESS BY MAKING POLITICAL CONTRIBUTIONS TO STATE AND LOCAL OFFICIALS MR CLAPP WHO ALSO IS GENERAL PARTNER OF GOLDMAN SACHS & CO SAID A FEW TOP MUNIUNDERWRITING FIRMS COULD HAVE JOINED FORCES TO QUASH THE PRACTICE SOME YEARS AGO INSTEAD WE ACTUALLY ESCALATED IT HE SAID TO THE POINT WHERE POLITICANS COULDN'T HELP BUT REALIZE THAT WALL STREET WAS A GOOD PLACE TO GO FOR POLITICAL MONEY HE MADE HIS REMARKS HERE SATURDAY TO BOND DEALERS ATTENDING THE ANNUAL CONVENTION OF THE PUBLIC SECURITIES ASSOCIATION THE MSRB'S PROPOSAL WHICH WOULD TAKE EFFECT APRIL 1 WOULD BAR BOND DEALERS FROM DOING BUSINESS IN A JURISDICTION WITHIN TWO YEARS OF MAKING A POLITICAL CONTRIBUTION TO AN OFFICIAL OF THE JURISDICTION THE SECURITIES AND EXCHANGE COMMISSION WHICH IS RECEIVING PUBLIC COMMENTS ON THE RULE UNTIL MARCH 11 IS EXPECTED TO APPROVE IT PROMPTLY MR CLAPP JOINED SEC CHAIRMAN ARTHUR LEVITT WHO ALSO SPOKE TO THE PSA IN PREDICTING THAT THE MSRB'S PROPOSAL WILL WITHSTAND A WIDELY ANTICIPATED CONSTITUTIONAL CHALLENGE SEVERAL CRITICS FEEL THE PROPOSAL RAISES SERIOUS FIRST AMENDMENT QUESTIONS MR LEVITT SAID THAT THE SEC'S LAWYERS FEEL THE PROPOSAL WILL PASS CONSTITUTIONAL MUSTER AND THAT HE PERSONALLY AGREES WITH THAT ASSESSMENT HE ACKNOWLEGED HOWEVER THAT THE OUTCOME OF ANY COURT CHALLENGE CAN'T BE PREDICTED WITH CERTAINTY DESPITE VOCAL CRITICISM OF THE PROPOSAL BY SOME STATE AND LOCAL GOVERNMENT GROUPS MR CLAPP SAID HE HAS BEEN TOLD BY QUITE A FEW ELECTED OFFICIALS THAT THE BOARD IS DOING THE RIGHT THING SIMILARLY MR LEVITT SAID MANY STATE AND LOCAL OFFICIALS ARE PICKING UP ON THEIR POLITICAL ANTENNAE THAT PAY TO PLAY IS PERNICIOUS AND THEREFORE THEY DON'T WANT TO BE ASSOCIATED WITH IT 9403070138 940307 MCDONALD'S MULLS IDEA OF A SITDOWN RESTAURANT OAK BROOK ILL MCDONALD'S CORP APPARENTLY ISN'T GIVING UP ON DINNER ALTHOUGH IT HASN'T BEEN SUCCESSFUL IN DEVELOPING A SEPARATE DINNER MENU FOR ITS THOUSANDS OF FASTFOOD OUTLETS THE COMPANY IS CONSIDERING WHAT IT CALLS A TEST CONCEPT OF WHAT IS DESCRIBED AS A SITDOWN FAMILY RESTAURANT CALLED HEARTH EXPRESS THE OUTLETS REPORTEDLY WILL FEATURE ROTISSERIE CHICKEN A HOT ITEM IN THE CASUALDINING INDUSTRY THESE DAYS AS WELL AS MEAT LOAF AND OTHER TRADITIONAL FOODS THE HEARTH EXPRESS TEST SCHEDULED FOR LATER THIS YEAR WAS FIRST REPORTED IN CRAIN'S CHICAGO BUSINESS A COMPANY SPOKESMAN CONFIRMED THAT WHAT HE CALLED A TEST CONCEPT WAS IN THE WORKS BUT WOULDN'T ELABORATE MCDONALD'S THE WORLD'S LARGEST RESTAURANT CHAIN TYPICALLY HAS SEVERAL TESTS OF POTENTIAL MENU ITEMS UNDER WAY AT ANY GIVEN TIME BUT FEW MAKE IT ONTO THE COMPANY'S US MENU MCDONALD'S HAS TRIED THE HOMECOOKING CONCEPT BEFORE WITHOUT SUCCESS IN 1990 IT OPENED A 1950SSTYLE RESTAURANT CALLED THE GOLDEN ARCH CAFE IN HARTSVILLE TENN ITS MENU INCLUDED SUCH TRADITIONAL FARE AS PORK CUTLETS AND MASHED POTATOES AND COLE SLAW BUT THE COMPANY ABANDONED THAT IDEA AFTER MORE THAN A YEAR 9403070137 940307 OMNICARE INC ACQUIRES SCHAUFLER CINCINNATI OMNICARE INC ACQUIRED THE INSTITUTIONAL PHARMACY BUSINESS OF PRIVATELY HELD SCHAUFLER PRESCRIPTION PHARMACY TERMS WEREN'T DISCLOSED IN A PRESS STATEMENT THE COMPANY SAID IT WILL MERGE THE ACQUIRED OPERATION INTO ITS TWO INSTITUTIONAL PHARMACY UNITS INTERLOCK PHARMACY AND HOME PHARMACY 9403070136 940307 INTERNATIONAL POLITICAL GIFTS SAID TO FUEL LOSSES AT KIO'S SPAIN FIRM MADRID THE KUWAIT INVESTMENT OFFICE'S SPANISH HOLDING COMPANY REPORTEDLY PAID ABOUT 300 MILLION TO FOREIGN POLITICIANS BETWEEN 1990 AND 1992 IN AN EFFORT TO WIN THEIR SUPPORT FOR KUWAIT DURING THE 1991 PERSIAN GULF WAR SPAIN'S LEADING DAILY EL PAIS SAID IT HAD OBTAINED A REPORT WRITTEN BY A FORMER EXECUTIVE OF GRUPO TORRAS SA FOR KUWAIT'S STATE PROSECUTOR WHICH SUGGESTS THAT THE POLITICAL COMMISSIONS CONTRIBUTED TO THE COMPANY'S COLLAPSE IN 1992 THE KUWAITI STATE PROSECUTOR IS INVESTIGATING THE KIO'S CLAIMS THAT IT LOST 5 BILLION INVESTED IN SPAIN BETWEEN 1986 AND 1992 THE KIO ALLEGES THE MONEY WAS MISMANAGED BY FORMER TORRAS EXECUTIVES BUT EL PAIS SAID THE DOCUMENT WAS WRITTEN TO DISCOURAGE FURTHER INVESTIGATION OF ALLEGED PAYMENTS TO FOREIGN POLITICIANS INCLUDING SPANIARDS BECAUSE SPAIN DIDN'T FREEZE KUWAIT'S FOREIGN ASSETS AFTER THE 1990 IRAQI INVASION TORRAS BECAME A CLEARING HOUSE FOR MANY KIO FINANCIAL OPERATIONS ACCORDING TO EL PAIS THE DOCUMENT INDICATES THAT FORMER TORRAS DEPUTY CHAIRMAN JAVIER DE LA ROSA AND HIS FINANCIAL DIRECTOR ALLEGEDLY OVERSAW PAYMENTS TO FOREIGN POLITICIANS MANY OF THESE OPERATIONS WERE CARRIED OUT THROUGH BANKS IN SWITZERLAND IT SAID OFFICIALS AT KIO AND TORRAS WEREN'T AVAILABLE TO COMMENT 9403070135 940307 US AND FRANCE REACH UNDERSTANDINGS' ON FISH WASHINGTON THE CLINTON ADMINISTRATION SAID IT REACHED PRELIMINARY UNDERSTANDINGS WITH THE FRENCH GOVERNMENT BY WHICH FRANCE WILL RELAX STRICT CONTROLS ON ITS IMPORTS OF US FISH A DISPUTE HAS SIMMERED BETWEEN THE TWO COUNTRIES SINCE FEB 5 WHEN THE FRENCH GOVERNMENT SAID IT WOULD RUN LENGTHY TESTS ON FRESH FISH FROM OUTSIDE THE EUROPEAN UNION THE ACTION RESULTED IN SHIPMENTS OF US FISH ROTTING IN CONTAINERS AT CHARLES DE GAULLE AIRPORT IN PARIS LAST YEAR THE US EXPORTED 82 MILLION IN FROZEN FISH TO FRANCE RESOLUTION OF THE DISPUTE WOULD AVERT PUNITIVE ACTIONS THE US HAS BEEN CONSIDERING INCLUDING THE POSSIBILITY OF BLOCKING IMPORTS OF FRENCH PRODUCTS SUCH AS CHEESE RUFUS YERXA DEPUTY US TRADE REPRESENTATIVE TOLD REPORTERS THAT STARTING TODAY THE FRENCH WILL REOPEN CHARLES DE GAULLE AIRPORT TO FISH AND ANIMAL PRODUCTS AND RESUME ITS OLD PRACTICE OF CONDUCTING ONLY SPOT INSPECTIONS OF SHIPMENTS FROM SOURCES THAT DON'T HAVE A HISTORY OF PROBLEMS MR YERXA SAID THE FRENCH TOLD US OFFICIALS THE SOLE REASON FOR THE INCREASED INSPECTIONS WAS HEALTH CONCERNS HE QUIPPED I JUST SAID THAT FOR THE HALIBUT US OFFICIALS SAID THEY PLAN TO MAKE A FINAL DECISION BY THE LATTER PART OF THIS WEEK 9403070134 940307 WHO'S NEWS HEINZ UNIT NAMES PRESIDENT PITTSBURGH HJ HEINZ CO SAID MICHAEL R MCGRATH 39 YEARS OLD WAS NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMPANY'S WEIGHT WATCHERS FOOD CO UNIT MR MCGRATH HAD BEEN VICE PRESIDENT OF MARKETING AT ALL AMERICAN GOURMET CO A UNIT OF PHILIP MORRIS COS' KRAFT/GENERAL FOODS AND HAD RESPONSIBILITY FOR MARKETING BUDGET GOURMET AND THE FORMER BIRDS EYE BRAND HE SUCCEEDS BRIAN J RUDER 39 WHO AS EXPECTED WAS NAMED TO THE NEW POSITION OF CORPORATE VICE PRESIDENT AND AREA DIRECTOR IN CHARGE OF IMPLEMENTING HEINZ'S WORLDWIDE BABYFOOD STRATEGY 9403070133 940307 GAO SUPPORTS FED STAND ON BANKING REGULATION WASHINGTON CONGRESS'S GENERAL ACCOUNTING OFFICE LINED UP WITH THE FEDERAL RESERVE BOARD IN ITS BATTLE WITH THE TREASURY OVER BANKING REGULATION COMPTROLLER GENERAL CHARLES BOWSHER WHO HEADS THE GAO TOLD THE SENATE BANKING COMMITTEE HE AGREED WITH THE FED'S CONCERNS THAT ITS ABILITY TO CONDUCT MONETARY POLICY AND ADMINISTER THE PAYMENT SYSTEM WOULD BE IMPAIRED UNDER A TREASURY PROPOSAL TO CONSOLIDATE THE REGULATORY FUNCTIONS OF THE FOUR FEDERAL BANKING AGENCIES INTO ONE OFFICE BECAUSE BENEFIT FROM CONSOLIDATION SHOULD NOT COME AT THE COST OF RISKING DAMAGE TO THE FINANCIAL SYSTEM OR FROM LIMITING THE INDEPENDENCE OF MONETARY POLICY THE FEDERAL RESERVE CONCERNS WARRANT SERIOUS CONSIDERATION MR BOWSHER SAID THURSDAY COMMITTEE MEMBERS MADE IT CLEAR THAT THE TREASURY DIDN'T HAVE THE VOTES TO PASS ITS PLAN WITHOUT CHANGES NOW MR BOWSHER'S TESTIMONY PUTS ADDED PRESSURE ON THE TREASURY TO REACH A COMPROMISE WITH THE FED 9403070132 940307 WHO'S NEWS SEABOARD BANCORP SEABOARD BANCORP VIRGINIA BEACH VA P DOUGLAS RICHARD WAS NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THIS BANK HOLDING COMPANY HE SUCCEEDS CLARENCE KEEL WHO LEFT THE COMPANY IN OCTOBER FOR PERSONAL REASONS MR RICHARD 49 WAS ACTING PRESIDENT SINCE MR KEEL'S RESIGNATION ALSO CHRIS P KYRIAKIDES 31 WAS NAMED EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER A POST HELD BY MR RICHARD SINCE 1988 9403070131 940307 WHO'S NEWS AMERICAN HEALTH PROPERTIES INC AMERICAN HEALTH PROPERTIES INC DENVER JAMES L FISHEL 62YEAROLD VICE PRESIDENT AND MANAGER OF CORPORATE CREDIT OPERATIONS OF GENERAL ELECTRIC CAPITAL CORP AND LOUIS T ROSSO 60 CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF BECKMAN INSTRUMENTS INC WERE ELECTED TO THE BOARD OF THIS REAL ESTATE INVESTMENT TRUST SUCCEEDING WALTER L WEISHMAN AND ROBERT LB DIENER THE COMPANY SAID THAT MR WEISHMAN 57 AND MR DIENER 44 CHOSE NOT TO STAND FOR REELECTION 9403070130 940307 FIRST FINANCIAL'S ACQUISITION TERRE HAUTE IND FIRST FINANCIAL CORP COMPLETED ITS ACQUISITION OF FIRST MARSHALL BANCSHARES AND ITS SUBSIDIARY FOR ABOUT 100238 NEWLY ISSUED SHARES FIRST FINANCIAL WILL HAVE 5541254 SHARES OUTSTANDING AFTER THE TRANSACTION IS COMPLETED FIRST FINANCIAL SAID FIRST MARSHALL SHAREHOLDERS WILL GET 2496 FIRST FINANCIAL SHARES FOR EACH FIRST MARSHALL SHARE 9403070129 940307 GE CHAIRMAN WELCH PUTS PEN TO PAPER FOR ANNUAL ADDRESS THE EXECUTIVE'S LOFTY IDEAS ON GOALS MAY BE STRETCH' OF CORPORATE IMAGINATION BY JAMES C HYATT STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK GENERAL ELECTRIC CO CHAIRMAN JOHN F WELCH JR IS ANYTHING BUT MODEST WHEN HE WRITES HIS ANNUALREPORT LETTER AND THIS YEAR IS NO EXCEPTION IN A EUPHORIC TREATISE THAT TOUCHES ON EVERYTHING FROM PEANUTS TO PIZZA HE REVIEWS GE'S PROGRESS TOWARD THREE OPERATING PRINCIPLES HE CALLS BOUNDARYLESS SPEED AND STRETCH GE HE SAYS IS USING THOSE PRINCIPLES TO BUILD A WORK FORCE WITH AN ABSOLUTELY INFINITE CAPACITY TO IMPROVE EVERYTHING FROM ANYONE ELSE SUCH LOFTY RHETORIC COULD BE DISMISSED AS HYPERBOLE BUT MR WELCH'S RECORD AS CHAIRMAN OF GE FOR 13 YEARS GIVES HIS MANAGEMENT VIEWS HIGH VISIBILITY AND THEY'RE COPIED FREQUENTLY IN BUSINESS CIRCLES MR WELCH WHO WRITES HIS OWN SHAREHOLDER LETTER AND TAKES CONSIDERABLE PRIDE IN THE EXERCISE TELLS SHAREHOLDERS THAT STRETCH IS A CONCEPT THAT WOULD HAVE PRODUCED SMIRKS IF NOT LAUGHTER IN THE GE OF THREE OR FOUR YEARS AGO BECAUSE IT ESSENTIALLY MEANS USING DREAMS TO SET BUSINESS TARGETS WITH NO REAL IDEA OF HOW TO GET THERE INDEED HE SAYS IF YOU DO KNOW HOW TO GET THERE IT'S NOT A STRETCH TARGET GE HE SAYS USED TO TIMIDLY NUDGE THE PEANUT ALONG SETTING GOALS OF MOVING FROM SAY 473 INVENTORY TURNS TO 491 OR FROM 853 OPERATING MARGIN TO 892 AND THEN INDULGE IN TIMECONSUMING HIGHLEVEL BUREAUCRATIC NEGOTIATIONS TO MOVE THE NUMBER A FEW HUNDREDTHS ONE WAY OR THE OTHER THE POINT IS IT DIDN'T MATTER INCREMENTAL GOALS HE SAYS INSPIRE OR CHALLENGE NO ONE CAPTURE NO IMAGINATIONS WE'RE AIMING AT 10 INVENTORY TURNS AT 15 OPERATING MARGINS AND AT THE INTRODUCTION OF MORE NEW PRODUCTS IN THE NEXT TWO YEARS THAN WE'VE DEVELOPED IN THE LAST 10 IN A COMPANY THAT NOW REWARDS PROGRESS TOWARD STRETCH GOALS RATHER THAN PUNISHING SHORTFALLS THE SETTING OF THESE GOALS AND QUANTUM LEAPS TOWARD THEM ARE DAILY EVENTS SUCH TARGETS HE SAYS ARE MAKING SEEMINGLY IMPOSSIBLE GOALS EXCITING BRINGING OUT THE BEST FROM OUR TEAMS AND THE PIZZADELIVERY PEOPLE ARE GETTING RICH AS OUR PEOPLE CELEBRATE EACH MILESTONE CONCENTRATING ON SPEED HE SAYS MEANS THAT NEW PRODUCTS ARE COMING OUT WITH DRUMBEAT RAPIDITY THERE'S A NEWPRODUCT ANNOUNCEMENT FROM THE APPLIANCES BUSINESS EVERY 90 DAYS UNTHINKABLE YEARS AGO THE GE90 THE WORLD'S MOST POWERFUL COMMERCIAL JET ENGINE WAS DESIGNED AND BUILT IN ONEHALF THE NORMAL TIME BY A BOUNDARYLESS TEAM ANOTHER TEAM DEVELOPED A BREAKTHROUGH ULTRASOUND INNOVATION IN LESS THAN A YEAR AND A HALF WE DESIGNED AND BUILT A NEW AC LOCOMOTIVE IN 18 MONTHS SUCH EFFORTS HE WRITES HAVE MEANT SIGNIFICANT GAINS IN THE WAY GE MANAGES ITS ASSETS FOCUSING ON THE SPEED OF OUR ORDERTOREMITTANCE CYCLE FROM TIME OF ORDER TO WHEN WE GET PAID HAS INCREASED OUR INVENTORY TURNS 27 IN TWO YEARS THROWING OFF ALMOST 2 BILLION IN CASH IN THE PROCESS EVERY SINGLEDIGIT IMPROVEMENT IN INVENTORY TURNS PRODUCES 1 BILLION IN CASH TO REINVEST FOR TOMORROW THE FASTER PACE HE SAYS HAS FREED UP NEARLY FIVE MILLION SQUARE FEET OF MANUFACTURING SPACE IN THE PAST THREE YEARS TO A BUSINESS LIKE PLASTICS THAT HAS MEANT SAVING NEARLY ONEHALF BILLION DOLLARS THAT WOULD HAVE BEEN REQUIRED FOR NEW CAPACITY LIKE GETTING A NEW PLANT FREE SPEED HE ADDS IS ALLOWING US TO SHIFT THE CENTER OF GRAVITY OF THE COMPANY RAPIDLY TOWARD THE HIGHGROWTH AREAS OF THE WORLD PARTICULARLY IN ASIA FORTY PERCENT OF OUR SALES NOW COME FROM OUTSIDE THE UNITED STATES UP FROM 30 JUST FIVE YEARS AGO GE'S NONUS SALES HAVE GROWN AT A COMPOUNDED RATE OF ALMOST 10 OVER THE PAST FIVE YEARS THE LIGHTING BUSINESS WHICH LESS THAN FIVE YEARS AGO HAD 21 OF ITS SALES OUTSIDE THE US TODAY SELLS 38 IN THE NONUS GLOBAL MARKET MR WELCH SAYS THE BOUNDARYLESS NOTION MEANS INTERNALLY PIERCING THE WALLS OF 100YEAROLD FIEFDOMS AND EMPIRES CALLED FINANCE ENGINEERING MANUFACTURING MARKETING AND GATHERING TEAMS FROM ALL THOSE FUNCTIONS IN ONE ROOM WITH ONE SHARED COFFEE POT ONE SHARED VISION AND ONE CONSUMING PASSION TO DESIGN THE WORLD'S BEST JET ENGINE OR ULTRASOUND MACHINE OR REFRIGERATOR MR WELCH ONCE LABELED THE TOUGHEST BOSS IN THE COUNTRY REPEATS A THEME THAT GE IS LOOKING FOR LEADERS AT EVERY LEVEL WHO CAN ENERGIZE EXCITE AND COACH RATHER THAN ENERVATE DEPRESS AND CONTROL IN SOME CASES HE ADDS THIS MEANS PARTING COMPANY WITH SOME IMPRESSIVE PEOPLE HEISMAN TROPHY CANDIDATES TO USE AN AMERICAN FOOTBALL EXPRESSION WHO WON'T BLOCK FOR OTHERS OR PLAY AS PART OF A TEAM THE TWO QUICKEST WAYS TO PART COMPANY WITH GE HE SAYS ARE TO COMMIT AN INTEGRITY VIOLATION OR TO BE A CONTROLLING TURFDEFENDING OPPRESSIVE MANAGER WHO CAN'T CHANGE AND WHO SAPS AND SQUEEZES PEOPLE RATHER THAN EXCITES AND DRAWS OUT THEIR ENERGY AND CREATIVITY IDEAS HE INSISTS ARE JUDGED ON QUALITY RATHER THAN THE ALTITUDE OF THEIR ORIGIN THE STATUSDEFINING TIE ON A MANAGER AT A GE PLANT IS NOW ABOUT AS FASHIONABLE AS A LEISURE SUIT 9403070128 940307 SPANISH PARK PROMOTERS ARE OPTIMISTIC ANHEUSERGRAND TIBIDABO VENTURE SET FOR APRIL '95 BY CARLTA VITZTHUM STAFF REPORTER OF THE WALL STREET JOURNAL SALOU SPAIN AS THE FOURWHEELDRIVE VEHICLE STOPS IN A SWIRL OF DUST EMILIO CASSINELLO POINTS TO A STRING OF ONESTORY CONCRETE BUILDINGS NEAR THE ROADSIDE THAT'S WHERE THE PARK'S BEST RESTAURANT WILL BE HE SAYS PROUDLY AND IT'LL SERVE THE BEST SPANISH AND CATALAN WINES IT'LL EVEN HAVE TOP FRENCH WINES FOR THOSE WHO WANT THEM MR CASSINELLO IS DEPUTY CHAIRMAN OF GRAND TIBIDABO SA THE SPANISH COMPANY THAT HAS TEAMED UP WITH ANHEUSERBUSCH COS OF THE US IN A JOINT VENTURE CALLED GRAND PENINSULA SA TO BUILD THE SECONDLARGEST THEME PARK IN EUROPE HE AND HIS PARTNERS BELIEVE THEY HAVE LEARNED FROM THE MISTAKES OF EURO DISNEY SCA WHICH INITIALLY FORCED DINERS VISITING EUROPE'S LARGEST THEME PARK TO WASH DOWN THEIR GOURMET MEALS WITH SOFT DRINKS ALMOST A YEAR BEFORE TIBIGARDENS IS SCHEDULED TO OPEN ON APRIL 7 1995 ITS PROMOTERS SAY THEY HAVE DISSECTED WHAT WENT WRONG AT EURO DISNEY TO AVOID SIMILAR MISSTEPS THEY SAY THEY ALSO HAVE COME CLOSE TO CLEARING A FINANCIAL LOGJAM THAT HAS CAST DOUBT ON THE PARK'S VIABILITY AND KEPT ANHEUSER ON A FIVEYEAR ROLLERCOASTER RIDE THE RESULT OF ALL THEIR EFFORTS THEY HOPE WILL BE A UNIQUE VENTURE THAT COMBINES THE LOW COSTS OF A REGIONAL PARK LIKE THE BELGIUMBASED WALIBI CHAIN WITH THE NOVELTY OF A PANEUROPEAN GIANT LIKE EURO DISNEY ANHEUSER THE BIG BREWER THAT OPERATES SEA WORLD CYPRESS GARDENS AND OTHER US THEME PARKS DESIGNED THE RIDES AND ATTRACTIONS FOR THE 43 BILLIONPESETA 3085 MILLION INVESTMENT IN SOUTHERN CATALONIA THE MAIN THEMES HERE ARE FIVE GEOGRAPHICAL AREAS POLYNESIA A CATALAN FISHING VILLAGE THE AMERICAN WILD WEST CHINA AND MEXICO TUSSAUDS GROUP LTD A PEARSON PLC UNIT AND THE UNITED KINGDOM'S LARGEST COMMERCIAL OPERATOR OF VISITOR ATTRACTIONS WILL MANAGE THE PARK IF AS EXPECTED IT COMPLETES TALKS TO ACQUIRE A 30 STAKE IN GRAND PENINSULA TWELVE BARS AND OUTDOOR CAFES WILL BE FOUND ALONGSIDE TRADITIONAL ICE CREAM PARLORS OPENAIR THEATERS WILL FEATURE LIVE PERFORMANCES AND ACTORS' TROUPES WILL REPLACE THE SECONDARYSCHOOL MARCHING BANDS THAT ANHEUSER USUALLY OFFERS AS A SOURCE OF STREET ENTERTAINMENT MR CASSINELLO WHO WAS GENERAL COMMISSIONER OF SEVILLE'S HIGHLY SUCCESSFUL UNIVERSAL EXPOSITION IN 1992 NOTES THAT ONE OF THE BIGGEST HITS AT THE EXPO WAS THE USE OF OUTDOOR SPACE FOR THE PUBLIC IN A MEDITERRANEAN CLIMATE YOU CAN CREATE OPEN AIR SPACES WHERE PEOPLE CAN MEET AND MIX INDEED TIBIGARDENS HOPES TO CAPITALIZE ON THE MILD WEATHER AT SALOU A SEASIDE VILLAGE AN HOUR'S DRIVE SOUTH OF BARCELONA THE PARK WHICH SITS ON 119 HECTARES OF GENTLY ROLLING LAND COVERED WITH OLIVE CAROB AND OAK TREES IS ONLY A COUPLE OF KILOMETERS FROM THE MEDITERRANEAN ALTHOUGH TIBIGARDENS' FEASIBILITY STUDY ENVISAGES THE PARK'S BEING OPEN AT FIRST 156 DAYS A YEAR FOR SOME THREE MILLION VISITORS MR CASSINELLO SAYS IT WILL BE FLEXIBLE ENOUGH TO ADAPT TO DEMAND IN CONTRAST EURO DISNEY IS OPEN ALL YEAR BUT BECAUSE OF THE AREA'S HARSH WINTER WEATHER IT RECEIVES MORE THAN 80 OF ITS VISITORS IN A SIXMONTH PERIOD WHICH GIVES RISE TO LONG LINES AND CROWDS HE SAYS THAT SCHEDULE ALSO LEAVES FACILITIES OVERSTAFFED AND UNDERUSED DURING THE OTHER SIX MONTHS WHEN ANHEUSER BEGAN CASTING ABOUT FOR A PARK SITE IN SPAIN IT LOOKED AT MORE THAN 40 DIFFERENT LOCATIONS 20 OF THEM IN CATALONIA BUT SOON AFTER IT SETTLED ON SALOUVILASECA AS THE TOWN WAS THEN KNOWN CIVIC AFFAIRS INTERVENED THE LOCAL CITY HALL SPLIT THE TOWN INTO TWO MUNICIPALITIES BECAUSE OF DIFFERENCES OVER TAXES AND ZONING AND BOTH SECTIONS THEN CLAIMED THE RIGHT TO TAX THE PARK ANHEUSER ORIGINALLY PLANNED TO SPEND ABOUT 300 MILLION ON THE PARK WITH THE POSSIBILITY OF NEARLY DOUBLING THAT INVESTMENT IN A SECOND PHASE BUT CONSTANT BICKERING BETWEEN THE TWO MUNICIPALITIES BROUGHT THE INVESTMENT TO A HALT AND SENT ANHEUSER SEARCHING FOR AN EQUITY PARTNER WHO COULD UNTANGLE THE BUREAUCRATIC MESS THE CATALAN GOVERNMENT WHICH HAD GUARANTEED TIBIGARDENS A 12YEAR OPERATING MONOPOLY FOR SOUTHERN CATALONIA PRESSED GRAND TIBIDABO TO TAKE AN 80 STAKE IN GRAND PENINSULA ANHEUSER THEN CONTRIBUTED THE 73 MILLION IT HAD SPENT FOR LAND ENGINEERING AND DESIGN WORK FOR THE REMAINING 20 OF THE VENTURE ALTHOUGH ANHEUSER STAYED IN THE PROJECT ITS DECISION TO LET AN EQUITY PARTNER HANDLE MOST OF THE DAYTODAY WORK MADE MANY ANALYSTS NERVOUS AND RAISED CONCERNS ABOUT THE PARK'S FUTURE THEN GRAND TIBIDABO HIT A ROUGH PATCH OF ITS OWN ITS MAJORITY SHAREHOLDER JAVIER DE LA ROSA RAN AFOUL OF BANKS LAST YEAR AFTER THE KUWAIT INVESTMENT OFFICE LOST BILLIONS OF DOLLARS THAT HE HAD MANAGED ON ITS BEHALF IN SPAIN SINCE THEN THE HUNT HAS BEEN ON FOR NEW EQUITY PARTNERS WHO COULD REPLACE GRAND TIBIDABO AND ENSURE THE PARK'S SUCCESS THE REGIONAL GOVERNMENT RECENTLY PERSUADED FUERZAS ELECTRICAS DE CATALUNYA THE CATALAN ELECTRICAL COMPANY TO ACQUIRE A 10 STAKE FROM GRAND TIBIDABO FOR 15 BILLION PESETAS AND TUSSAUDS IS LIKELY TO TAKE A 30 STAKE WITH THE OPTION OF INCREASING THAT TO 50 IN THE FUTURE IN RETURN FOR ITS EQUITY STAKE TUSSAUDS WOULD MANAGE THE PARK WE FEEL VERY COMFORTABLE WITH THIS PROJECT SAYS RAY BARRATT DEVELOPMENT DIRECTOR OF TUSSAUDS IT HAS A GREAT LOCATION IT'S BEEN WELLRESEARCHED IT'S WELLDESIGNED AND IT'S OF VERY HIGH QUALITY IT'S EVERYTHING YOU'D EXPECT FROM AN ANHEUSERBUSCH PARK IF TUSSAUDS DOES EVENTUALLY ACQUIRE 50 OF THE VENTURE MR DE LA ROSA WILL BE OUT OF THE PICTURE THAT WOULD STILL LEAVE HOWEVER A 20 STAKE THAT GRAND PENINSULA AND THE REGIONAL GOVERNMENT ARE TRYING TO PLACE WITH INSTITUTIONAL INVESTORS THE CAJA DE AHORROS & PENSIONES DE BARCELONA THE BIG CATALAN SAVINGS BANK KNOWN AS LA CAIXA SAYS IT'S CONSIDERING BUYING THE STAKE WHICH WAS SPURNED BY TWO SPANISH ELECTRICAL UTILITIES IN DECEMBER AVERAGE TEMPERATURES OF 17 DEGREES CELSIUS FROM APRIL TO OCTOBER MAKE THE CATALAN COAST A FAVORITE WITH TOURISTS FROM NORTHERN EUROPE PROVIDING TIBIGARDENS WITH A LARGE POOL OF POTENTIAL VISITORS TOURISM IN FACT SWELLS SALOU'S POPULATION FROM FEWER THAN 20000 PEOPLE IN THE WINTER TO ALMOST 200000 IN THE SUMMER MONTHS SALOU OFFICIALS ALSO EXPECT THE TRIPLE DEVALUATION OF THE PESETA SINCE THE FALL OF 1992 AND UNUSUALLY BAD WEATHER IN THE NORTH TO BRING EUROPEANS FLOCKING TO THE CATALAN COAST BUREAUCRATIC PROBLEMS DELAYED CONSTRUCTION OF THE PARK BY SEVERAL YEARS BUT THAT PROVED TO BE A BLESSING IN DISGUISE ARGUES MR CASSINELLO OF GRAND PENINSULA BECAUSE OF ALL THESE PROBLEMS WE DIDN'T ENTER THE REALESTATE MARKET INDEED AN ILLCONCEIVED PROPERTYDEVELOPMENT PROJECT HAS BEEN AT THE ROOT OF EURO DISNEY'S FINANCIAL PROBLEMS IN CONTRAST PLANS TO BUILD A HOTEL AND AN 18HOLE GOLF COURSE AT TIBIGARDENS WERE SHELVED AFTER A DEEP ECONOMIC RECESSION CAUSED SPAIN'S REALESTATE MARKET TO COLLAPSE TWO YEARS AGO PARK VISITORS ARE EXPECTED TO FIND LODGINGS AT ONE OF SALOU'S 54 HOTELS MR CASSINELLO SAYS EURO DISNEY'S INVESTMENT FOR EACH EXPECTED VISITOR IS THREE TIMES WHAT TIBIGARDENS PROJECTS EVEN THOUGH HE BELIEVES THE QUALITY OF THE TWO COMPANIES' ATTRACTIONS IS EQUAL BECAUSE OF THE HOTELS 1000 OF EURO DISNEY'S 9000 EMPLOYEES NOW WORK IN ADMINISTRATION WHILE ONLY 170 OF THE 2400 PEOPLE TO BE EMPLOYED BY TIBIGARDENS WILL BE IN ADMINISTRATION HE SAYS SIMILARLY THE TOTAL VOLUME OF FEES THAT TIBIGARDENS IS EXPECTED TO PAY FOR ANHEUSER'S SERVICES WILL BE ONLY A FRACTION OF WHAT EURO DISNEY PAYS ITS PARENT IN THE FORM OF FEES AND ROYALTIES MOREOVER THE DELAYS MEAN THAT THE INTEREST RATES CHARGED ON TIBIGARDEN'S FINANCING ARE ALMOST HALF OF WHAT THEY WOULD HAVE BEEN TWO TO FOUR YEARS AGO ALTOGETHER MR CASSINELLO SAYS CONSTRUCTION COSTS WILL BE 30 LOWER BECAUSE OF THE DELAYS ALTHOUGH A WEAKER PESETA WILL DRIVE UP THE COST OF IMPORTED ATTRACTIONS AND RIDES THE PROJECT HAS SHAREHOLDERS' EQUITY OF 10 BILLION PESETAS DEBT FINANCING SO FAR INCLUDES A 10 BILLIONPESETA BANK LOAN GUARANTEED BY THE REGIONAL GOVERNMENT OF CATALONIA WHICH HAS ALSO PLEDGED TO SPEND ANOTHER 10 BILLION PESETAS ON INFRASTRUCTURE AND A WATERTREATMENT PLANT IN ADDITION TO ITS INITIAL INVESTMENT ANHEUSER HAS PROVIDED FIVE BILLION PESETAS OF SUBORDINATED DEBT TO THE VENTURE ORGANIZERS ALSO HOPE THE STATERUN FINANCING AGENCY THE INSTITUTO DE CREDITO OFICIAL WILL PROVIDE A 15 BILLIONPESETA LOAN 9403070127 940307 PALESTINIAN WORKERS CHALLENGE ISRAEL LAW THAT DENIES BENEFITS SUIT OVER SOCIALSECURITY PAY BREEDS UNLIKELY ALLIANCE IN WAKE OF FRAGILE PEACE BY AMY DOCKSER MARCUS STAFF REPORTER OF THE WALL STREET JOURNAL TEL AVIV FOR 22 YEARS HUSSEIN ABAD AL HAFAD LEFT HIS HOME IN THE WEST BANK IN THE EARLY HOURS OF THE MORNING TO ARRIVE ON TIME TO HIS JOB AT A CONSTRUCTION COMPANY IN ISRAEL HE EARNED 2000 SHEKELS 66780 A MONTH AND LIKE ALL WORKERS IN ISRAEL 127 OF HIS GROSS WAS DEDUCTED FOR SOCIAL BENEFITS SUCH AS AN OLDAGE PENSION UNEMPLOYMENT INSURANCE AND GENERAL DISABILITY PAYMENTS BUT SINCE BEING FIRED TWO YEARS AGO THE 67YEAROLD FATHER OF SEVEN CHILDREN NEVER RECEIVED ANY SOCIALSECURITY PAYMENTS THE REASON IS A GAP IN ISRAELI LAW THAT IS BEING CHALLENGED IN A LAWSUIT BY A GROUP OF 200 PALESTINIAN WORKERS IN A JERUSALEM COURT THE SUIT INITIATED BY ISRAELI WORKERS' RIGHTS GROUP KAV LA'OVED TACKLES ONE OF THE MOST SENSITIVE ISSUES IN THE ECONOMIC NEGOTIATIONS BETWEEN ISRAEL AND THE PALESTINE LIBERATION ORGANIZATION AND ILLUSTRATES THE STRANGE ALLIANCES FORMED IN THE WAKE OF THE SEPTEMBER PEACE ACCORD IN THE LEGAL BATTLE OVER THE PALESTINIAN WORKERS' SOCIAL BENEFITS THE PLO AND THE ISRAELI GOVERNMENT HAVE FOUND THEMSELVES ON THE SAME SIDE UNDER A 1970 DECISION BY THE ISRAELI GOVERNMENT PALESTINIAN AND ISRAELI WORKERS ARE REQUIRED TO PAY THE SAME PERCENTAGE OF THEIR SALARIES FOR SOCIALSECURITY BENEFITS THE IDEA WAS TO PROTECT BOTH GROUPS BY EQUALIZING THE COST OF THEIR EMPLOYMENT TO ISRAELI EMPLOYERS WHO BY LAW ALSO MUST KICK IN A SHARE OF THE PAYMENTS BUT ISRAEL'S SOCIALSECURITY LAW STATES THAT ONLY RESIDENTS OF ISRAEL ARE ENTITLED TO RECEIVE THE VAST MAJORITY OF THOSE BENEFITS PALESTINIAN WORKERS WHO LIVE IN THE WEST BANK AND THE GAZA STRIP BUT COMMUTE DAILY TO JOBS IN ISRAEL RECEIVE COMPENSATION ONLY IN CASES OF WORK ACCIDENTS EMPLOYER BANKRUPTCY OR CHILDBIRTH IN AN ISRAELIGOVERNMENT HOSPITAL OVER THE PAST TWO DECADES ABOUT 1 BILLION HAS BEEN DEDUCTED FROM THE SALARIES OF 600000 PALESTINIAN WORKERS IN ISRAEL MANY OTHER PALESTINIANS WORKED ILLEGALLY IN ISRAEL WITHOUT BEING REGISTERED WITH THE GOVERNMENT LABOR BUREAU THE SUIT CLAIMS THAT IT IS ILLEGAL TO DEDUCT SOCIALSECURITY PAYMENTS FOR BENEFITS THE WORKERS DON'T RECEIVE THE SUIT SEEKS A COURT DECLARATION THAT THE PALESTINIAN WORKERS ARE ENTITLED TO THE SAME BENEFITS AS ISRAELI WORKERS OR THE RETURN OF THE PAYMENTS THE WORKERS HAVE MADE WE'RE NOT SPEAKING ABOUT TERRORISTS WE'RE TALKING ABOUT PEOPLE WHO HAVE WORKED FOR YEARS IN ISRAEL UNDER THE MOST DIFFICULT CONDITIONS AND FOR THE LOWEST SALARIES AND WHO WHEN THEY REACH AGE 65 DON'T RECEIVE A PENSION AND WHEN THEY ARE FIRED DON'T HAVE ANY SOURCE OF INCOME SAYS HANNA ZOHAR COORDINATOR AT KAV LA'OVED IN TEL AVIV THE LAWYER FOR THE GOVERNMENT DECLINED TO COMMENT BUT IN DOCUMENTS SUBMITTED TO THE COURT THE GOVERNMENT ARGUES THAT THE WORKERS' MONEY WAS TRANSFERED TO THE BUDGET OF THE ISRAELI CIVIL ADMINISTRATION IN THE WEST BANK AND GAZA STRIP AND OVER THE YEARS WAS USED TO DEVELOP SOCIAL HEALTH AND WELFARE SERVICES FOR PALESTINIAN RESIDENTS THERE THE GOVERNMENT NOTES IN ITS PAPERS THAT PALESTINIAN EMPLOYEES ACTUALLY ARE BETTER OFF THAN OTHER FOREIGN WORKERS WHO ARE CHARGED HIGHER INCOMETAX RATES IN ADDITION THE GOVERNMENT SAYS THE ISSUE OF THE SOCIALSECURITY RIGHTS OF PALESTINIAN WORKERS WHO WANT TO WORK IN ISRAEL IN THE FUTURE IS UNDER DISCUSSION WITH THE PLO AND THE CASE COULD HARM THOSE NEGOTIATIONS THE LAWYER FOR THE GOVERNMENT DECLINED TO COMMENT BUT IN DOCUMENTS SUBMITTED TO THE COURT THE GOVERNMENT ARGUES THAT THE WORKERS' MONEY WAS TRANSFERED TO THE BUDGET OF THE ISRAELI CIVIL ADMINISTRATION IN THE WEST BANK AND GAZA STRIP AND OVER THE YEARS WAS USED TO DEVELOP SOCIAL HEALTH AND WELFARE SERVICES FOR PALESTINIAN RESIDENTS THERE THE GOVERNMENT NOTES IN ITS PAPERS THAT PALESTINIAN EMPLOYEES ACTUALLY ARE BETTER OFF THAN OTHER FOREIGN WORKERS WHO ARE CHARGED HIGHER INCOMETAX RATES IN ADDITION THE GOVERNMENT SAYS THE ISSUE OF THE SOCIALSECURITY RIGHTS OF PALESTINIAN WORKERS WHO WANT TO WORK IN ISRAEL IN THE FUTURE IS UNDER DISCUSSION WITH THE PLO AND THE CASE COULD HARM THOSE NEGOTIATIONS IN 1991 THE ORGANIZATION OF FLOWER GROWERS IN ISRAEL ASKED THE ISRAELI SUPREME COURT TO BAR THE GOVERNMENT FROM COLLECTING SOCIALSECURITY PAYMENTS FROM ISRAELI EMPLOYERS FOR THEIR PALESTINIAN WORKERS SINCE BY LAW THE WORKERS AREN'T ENTITLED TO MOST OF THE BENEFITS INSTEAD THE COURT ORDERED THAT A SPECIAL COMMITTEE BE SET UP TO MAKE RECOMMENDATIONS A PROPOSED LAW TO FORMALLY ESTABLISH THAT PALESTINIAN WORKERS' SOCIALSECURITY DEDUCTIONS BE TRANSFERRED TO THE CIVIL ADMINISTRATION PASSED ITS FIRST READING IN THE PARLIAMENT BUT THE LEGISLATIVE PROCESS HALTED SINCE ISRAEL AND THE PLO SIGNED THEIR SEPTEMBER ACCORD THE PLO WOULD LIKE THE PAYMENTS TO BE TRANSFERRED TO THE PALESTINIAN SELFGOVERNING AUTHORITY THAT IS TO BE ESTABLISHED IN THE WEST BANK AND THE GAZA STRIP A COURT RULING THAT THE DEDUCTIONS FOR INDIVIDUAL WORKERS' SOCIAL BENEFITS CANNOT BE USED FOR COLLECTIVE PURPOSES WOULD DEAL A SERIOUS BLOW BOTH TO THE ISRAELI GOVERNMENT'S CONTENTION THAT THE MONEY WENT FOR THE NEEDS OF THE GENERAL PALESTINIAN POPULATION AND THE PLO'S HOPES TO CONTROL THE FUNDS AFTER THE START OF PALESTINIAN SELFRULE THE PROBLEM OF THE PALESTINIAN WORKERS IS A POLITICAL QUESTION THAT MUST BE SOLVED BETWEEN THE LEADERS OF PALESTINE AND THE LEADERS OF THE ISRAELI GOVERNMENT SAYS RASSEN BIARI CHAIRMAN OF THE GAZA STRIP'S TRADE UNION KAV LA'OVED IS NOT ALLOWED TO TALK IN THE NAME OF OUR PALESTINIAN WORKERS BECAUSE IT IS NOT THEIR REPRESENTATIVE EVEN IF KAV LA'OVED'S ARGUMENTS ARE LEGALLY CORRECT MR BIARI SAYS WE THE PALESTINIANS HAVE PAID AND ARE STILL PAYING A VERY HIGH PRICE IN ORDER THAT OTHERS WILL NOT MAKE DECISIONS FOR US WE WANT TO BE FREE FROM INTERFERENCE IN RUNNING OUR LIVES 9403070126 940307 KOREAN NUCLEAR PUZZLE GROWS COMPLEX ANTIAMERICAN FEELING IN SOUTH COMPLICATES SITUATION BY STEVE GLAIN STAFF REPORTER OF THE WALL STREET JOURNAL SEOUL SOUTH KOREA SOUTH KOREA'S DOMESTIC POLITICAL DEBATE OVER NORTH KOREA'S NUCLEAR AMBITIONS IS TAKING ON AN INCREASINGLY ANTIAMERICAN TONE COMPLICATING US EFFORTS TO REIN IN THE NORTH IN THE MIDST OF THIS DEBATE PRESIDENT KIM YOUNGSAM HAS REMAINED SILENT RECENTLY EXASPERATING WASHINGTON AND LEAVING EVEN SOME KOREA ANALYSTS PUZZLED THAT SILENCE MATTERS BECAUSE THE YEARLONG NEGOTIATIONS OVER NORTH KOREA'S SUSPECTED NUCLEAR AMBITIONS COULD REVERT TO A STONY CONFRONTATION IF PYONGYANG DOESN'T FULFILL ITS RECENT PROMISE TO GRANT INTERNATIONAL INSPECTORS ACCESS TO ITS NUCLEAR SITES ANY PERCEIVED FOOT DRAGGING BY PYONGYANG WILL REVIVE TALK OF SANCTIONS WHICH SOUTH KOREAN OPPOSITION POLITICIANS ARE PORTRAYING AS AN AMERICAN PROVOCATION THAT COULD LEAD TO WAR THEY'RE LIKEWISE CRITICAL OF US PLANS TO PLACE PATRIOT MISSILES AND APACHE HELICOPTERS IN SOUTH KOREA THAT CRITICISM HAS HELPED DISRUPT LONGSTANDING PLANS TO UPGRADE THE US MILITARY PRESENCE IN SOUTH KOREA FROM THE BEGINNING POLITICAL ANALYSTS SAY PRESIDENT KIM HAS WAFFLED ON THE NORTH KOREAN NUCLEAR ISSUE HE HAS DARTED ENIGMATICALLY FROM SOFT LINE TO HARD LINE AND BACK AGAIN AT TIMES FORCING US POLICY MAKERS TO TRIM THEIR STRATEGIES TO ACCOMMODATE HIS POLITICAL CONSTRAINTS PRESIDENT KIM IS UNSKILLED IN FOREIGN POLICY SAYS AHN CHUNG SI PROFESSOR OF POLITICAL SCIENCE AT SEOUL NATIONAL UNIVERSITY HIS OPERATIONAL CODE IS TUNED TO DOMESTIC ISSUES IT'S MADE HIM NAIVE ABOUT THE NEED FOR HARD THINKING ON FOREIGN AFFAIRS THE CONFRONTATION OVER NORTH KOREA'S NUCLEAR PROGRAM COINCIDES WITH A RISING TIDE OF ANTIAMERICANISM IN SOUTH KOREA DESPITE THE STRONG ALLIANCE BETWEEN WASHINGTON AND SEOUL OVER THE PAST SIX MONTHS LAWMAKERS AND DEMONSTRATORS HAVE DECRIED WHAT THEY PERCEIVE AS A USLED PLOT TO OPEN THE KOREAN RICE MARKET TO IMPORTS A WASHINGTONHATCHED CONSPIRACY TO CUT SOUTH KOREA OUT OF NEGOTIATIONS WITH PYONGYANG OVER THE NUCLEAR ISSUE AND QUESTIONABLE MOTIVES BEHIND THE PROPOSED INTRODUCTION TO SOUTH KOREA OF NEW US WEAPONRY PARTICULARLY THE PATRIOT MISSILES AND APACHE COPTERS SUCH SENTIMENT IS EXPECTED TO BOIL OVER IF THE STANDOFF BETWEEN WASHINGTON AND PYONGYANG LEADS TO SANCTIONS PYONGYANG SAID RECENTLY THAT IT WOULD ALLOW MEMBERS OF THE INTERNATIONAL ATOMIC ENERGY AGENCY TO INSPECT ITS SEVEN DECLARED NUCLEAR PLANTS BUT DIDN'T SET A SPECIFIC DATE NORTH KOREAN IMMIGRATION OFFICIALS HAVE YET TO ISSUE TRAVEL VISAS FOR THE INSPECTION TEAM PROMPTING SOME ADMINISTRATION OFFICIALS HERE TO DOUBT THE SINCERITY OF PYONGYANG'S ANNOUNCEMENT NORTH KOREA'S ANNOUNCEMENT COMPELLED THE IAEA TO DELAY ITS DECISION ON WHETHER TO REFER THE MATTER TO THE UNITED NATIONS SECURITY COUNCIL WHICH COULD LEAD DIRECTLY TO SANCTIONS MANY SOUTH KOREANS REGARD THE PROSPECT OF AN EMBARGO AGAINST NORTH KOREA AS A RECKLESS PROVOCATION INSPIRED BY A BELLICOSE US THE CONCERN IS UNDERSTANDABLE NORTH KOREA HAS SAID IT WOULD CONSIDER SANCTIONS A DECLARATION OF WAR SOUTH KOREANS HAVE THE MOST TO LOSE IF NORTH KOREA LASHES OUT WHETHER THROUGH AN ALLOUT ASSAULT OR RANDOM TERRORISM THE DEBATE IN SOUTH KOREA ABOUT ITS ROLE IN THE STANDOFF WOULD HAVE BEEN UNTHINKABLE UNDER THE MILITARY REGIMES THAT CONTROLLED SOUTH KOREA BEFORE THE ELECTION A YEAR AGO OF PRESIDENT KIM A FORMER DISSIDENT AND THE COUNTRY'S FIRST CIVILIAN LEADER IN 30 YEARS UNDER HIS ADMINISTRATION VOCAL OPPOSITION HAS FLOURISHED BUT THE FREER POLITICAL ATMOSPHERE HE LONG CHAMPIONED HAS LATELY PROVED PAINFUL FOR THE PRESIDENT A CONSUMMATE POLITICIAN WITH A KEEN POPULIST TOUCH HIS APPROVAL RATINGS HAVE SLIPPED TO ABOUT 60 FROM 90 LATE LAST YEAR BEFORE THE KIM GOVERNMENT FINALLY BUCKLED TO FOREIGN PRESSURE AND SIGNED THE URUGUAY ROUND TRADE AGREEMENT WHICH EVENTUALLY WILL PRY OPEN SOUTH KOREA'S PROTECTED RICE MARKET THE DECLINE REFLECTS PUBLIC DISCONTENT WITH MR KIM OVER HIS INABILITY TO PROTECT RICE FARMERS AS WELL AS HIS AMBIVALENCE ON THE NORTH KOREA ISSUE ALTHOUGH HE STATES REPEATEDLY THAT SOUTH KOREA'S INTERESTS IN THE STANDOFF CONVERGE WITH AMERICA'S HE HAS ALSO TRIED TO AVOID SOUNDING LIKE AN ECHO OF WASHINGTON THUS HE TENDS TO ASSUME A HAWKISH POSTURE WHEN THE USNORTH KOREAN DIALOGUE STABILIZES AND COUNSELS RESTRAINT WHEN IT INTENSIFIES WHEN THE NEGOTIATIONS TURN HEATED THE POLICY IS TO GO SLOW SAYS AN EXASPERATED KIM ADMINISTRATION OFFICIAL WHEN IT COOLS OFF THE POLICY IS TO HARDEN OUR STANCE POLICY SIGNALS FROM THE WHITE HOUSE HAVE ALSO BEEN MUDDLED AT TIMES BUT BECAUSE NORTH KOREA'S NUCLEAR PROGRAM ISN'T A GRASSROOTS ISSUE IN THE US PUBLIC OPINION ON THE CONFRONTATION ISN'T SO MUCH OF A FACTOR IN THE US AS IT IS HERE THE OPPOSITION IS CRITICAL SAYING WE ARE TOO DEPENDENT ON WASHINGTON BUT THE CRITICISM IS NOT WARRANTED COMPLAINS A KIM ADMINISTRATION SPOKESMAN WE HAVE TRIED TO DO OUR BEST TO SEND THE MESSAGE THAT THE USNORTH KOREA DIALOGUE IS BENEFICIAL IN THAT IT WOULD EVENTUALLY ENCOURAGE TALKS BETWEEN NORTH AND SOUTH UNFORTUNATELY SAYS THE SPOKESMAN NORTH KOREA HAS RESISTED DIRECT TALKS WITH SOUTH KOREA LEAVING THE KIM ADMINISTRATION EXPOSED TO ATTACK FROM THE OPPOSITION DAYS AFTER NORTH KOREA'S MOVE TO ABANDON ITS NUCLEAR TREATY SOUTH KOREA IMPLORED WASHINGTON HARDLINERS NOT TO CONVENE THE UN SECURITY COUNCIL IMMEDIATELY TO DISCUSS SANCTIONS IN NOVEMBER WHEN REPORTS SURFACED THAT THE US WAS CONSIDERING A PACKAGE DEAL OF INCENTIVES TO ENTICE NORTH KOREA TO THE NEGOTIATING TABLE PRESIDENT KIM TURNED HAWK AT A SUMMIT MEETING IN WASHINGTON HE DISCOURAGED THE US FROM APPEASING NORTH KOREA WITH THE PACKAGE AND INSISTED ON HAVING THE FINAL SAY ON WHETHER THE TWO ALLIES WOULD AGREE TO SUSPEND JOINT MILITARY EXERCISES IN EXCHANGE FOR INTERNATIONAL INSPECTION OF NORTH KOREA'S NUCLEAR PLANTS MR KIM'S TOUGH STANCE FOLLOWED OUTRAGE IN SEOUL THAT THE US OVERTURE TO NORTH KOREA WOULD LEAD TO DIPLOMATIC TIES BETWEEN WASHINGTON AND PYONGYANG EDITORIALS AND POLITICIANS WARNED THAT WASHINGTON WAS TRYING TO CUT A DEAL BEHIND PRESIDENT KIM'S BACK THIS IS A PERFECT EXAMPLE OF HOW THE ADMINISTRATION IS CONDUCTING FOREIGN POLICY BY REACTING TO LOCAL HEADLINES SAYS A FORMER KOREAN DIPLOMAT PRESIDENT KIM'S ANNOUNCEMENT TOOK EVERYBODY BY SURPRISE A MONTH LATER WITH THE CONSENSUS GROWING IN THE US THAT PYONGYANG HAD DEVELOPED AT LEAST ONE OR TWO CRUDE ATOMIC WEAPONS AND WITH HARDLINERS IN WASHINGTON BELLOWING FOR ACTION PRESIDENT KIM SAID PUBLICLY THAT THERE WAS LITTLE EVIDENCE TO CONFIRM SUCH REPORTS 9403070125 940307 AS NEW JERSEY SLICES TAXES IT'S UNCLEAR HOW STATE WILL MAINTAIN CUTS IN FUTURE BY ROBIN GOLDWYN BLUMENTHAL STAFF REPORTER OF THE WALL STREET JOURNAL NEW JERSEY GOV CHRISTIE WHITMAN IS POISED TO SIGN INTO LAW TODAY THE FIRST INCOMETAX CUT IN THE STATE'S HISTORY BUT NOBODY IS QUITE SURE HOW THE STATE WILL MAINTAIN THE CUTS IN THE FUTURE LAST WEEK THE LEGISLATURE APPROVED A PACKAGE OF BILLS THAT WOULD CUT THE STATE INCOME TAX BY 5 ACROSS THE BOARD RETROACTIVE TO JAN 1 THE LEGISLATION REPRESENTS A FIRST STEP BY THE REPUBLICAN GOVERNOR TO MAKE GOOD ON A CAMPAIGN PROMISE TO CUT THE INCOME TAX BY 30 BY THE END OF HER FIRST TERM THE TAX CUT HOWEVER WILL REDUCE STATE TAX REVENUES BY 285 MILLION ALTHOUGH THE PACKAGE IDENTIFIES FUNDING IN THE CURRENT BUDGET TO COVER THE LOST REVENUE IN 1994 IT IS UNCLEAR HOW THE STATE WILL CONTINUE TO MAKE UP FOR THE CUT IN ITS NEXT BUDGET WHICH GOV WHITMAN IS TO PROPOSE MARCH 15 CURRENT FUNDING FOR THE TAX CUT WILL COME FROM 150 MILLION THAT WAS HELD IN A SPECIAL ACCOUNT FOR PROPERTYTAX RELIEF 115 MILLION IN OVERFUNDED MEDICAID AND BENEFITS ACCOUNTS AND 20 MILLION IN NONPERSONNEL PROGRAM CUTS THE BATTLE OVER THE BUDGET PROMISES TO BE DIFFICULT WITH THE GOVERNOR NEEDING TO COME UP WITH BETWEEN 15 BILLION AND 2 BILLION TO COVER A PROJECTED BUDGET DEFICIT SHE IS REQUIRED BY LAW TO SUBMIT A BALANCED BUDGET TO THE LEGISLATURE WHERE BOTH HOUSES ARE REPUBLICANCONTROLLED SOME MEMBERS HAD SOUGHT TO DELAY A VOTE ON THE TAXCUT PROPOSAL UNTIL AFTER MRS WHITMAN HAD INTRODUCED HER BUDGET TO SEE JUST HOW SHE INTENDS TO CLOSE THE GAP WHY DON'T WE WAIT 12 DAYS FOR REAL NUMBERS AND REAL PROPOSALS INSTEAD OF ACCEPTING VAGUE ASSURANCES THAT EVERYTHING WILL COME OUT ALRIGHT STATE SEN GORDON MACINNES SAID LAST WEEK THE SOLEMN PLEDGES WE HEARD DURING AND AFTER THE CAMPAIGN THAT STATE AID FOR EDUCATION AND MUNICIPALITIES WON'T BE REDUCED ARE NOT SO FIRM NOW HE ADDED ALTHOUGH MRS WHITMAN HAD TOLD A CONFERENCE OF LOCAL OFFICIALS IN NOVEMBER THAT MUNICIPAL FUNDING WOULD BE HELD INTACT AND THAT THE 5 TAX REDUCTION WOULD BE ABSORBED BY CUTS IN THE STATE BUREAUCRACY MUNICIPAL OFFICIALS SAY THEY ARE NOW HEARING THAT EVERYTHING IS ON THE TABLE BUT YOU'RE LAST ON THE LIST SAID WILLIAM DRESSEL JR ASSISTANT EXECUTIVE DIRECTOR OF THE NEW JERSEY LEAGUE OF MUNICIPALITIES WHILE THE GOVERNOR HAS SAID SHE MAY REDUCE AID TO MUNICIPALITIES SHE ALSO MIGHT OFFSET SUCH CUTS BY RELAXING SOME STATEMANDATED PROGRAMS A SPOKESMAN SAID DONALD DIFRANCESCO THE SENATE PRESIDENT HAS PROMISED MAYORS THAT MUNICIPAL AID WILL STAY INTACT THE BUDGET PROCESS IS GOING TO BE DIFFICULT BUT WE'RE GOING TO DO IT HE SAID IT JUST MEANS THAT SOMETHING ELSE MIGHT BE AFFECTED HE SAID NOTING THAT IF THE ECONOMY IMPROVES THERE WON'T BE A PROBLEM OVERALL THE TAXCUT SAVINGS TO THE MAJORITY OF TAXPAYERS WILL BE VERY SLIGHT ESTIMATES BY A STATE AGENCY SHOWED THAT THE BIGGEST GROUP OF TAXPAYERS 15 MILLION PEOPLE WHO EARN BETWEEN 7500 AND 40000 A YEAR WILL SAVE 24 A YEAR AS A RESULT OF THE CUT THOSE WHO EARN 150000 TO 300000 A YEAR ABOUT 63000 PEOPLE WILL SAVE ABOUT 517 A YEAR IN INCOME TAX THE LEGISLATION ENJOYED STRONG BIPARTISAN SUPPORT PASSING BY A VOTE OF 730 IN THE ASSEMBLY AND 334 IN THE SENATE GIVEN THE FACT THAT SHE'S A NEW GOVERNOR AND NOBODY WANTS TO BE PERCEIVED AS BEING NEGATIVE THE VOTE WASN'T SURPRISING SAID JOSEPH DORIA A DEMOCRAT AND THE ASSEMBLY MINORITY LEADER 9403070124 940307 INTERNATIONAL JAPAN'S PROPOSED REFORMS MAY DO LITTLE TO ALLEVIATE TRADE TENSIONS WITH US BY MICHAEL WILLIAMS STAFF REPORTER OF THE WALL STREET JOURNAL TOKYO PRIME MINISTER MORIHIRO HOSOKAWA IS PROMISING TO ADDRESS THE ECONOMIC ISSUES AT THE HEART OF USJAPAN TRADE TENSIONS BUT UNCLE SAM MAY BE DISAPPOINTED IN THE OUTCOME ON FRIDAY MR HOSOKAWA CALLED FOR SWEEPING ECONOMIC CHANGE IN A MAJOR POLICY SPEECH TO PARLIAMENT HE SAID JAPAN MUST REFORM ITS TAX SYSTEM CUT RED TAPE AND TAKE MARKETOPENING STEPS MEASURES THAT COULD STIMULATE JAPANESE DOMESTIC DEMAND AND THUS IMPORTS BUT MR HOSOKAWA HAS JUST EMERGED FROM ANOTHER BRUTAL ROUND OF FIGHTING WITHIN HIS RULING COALITION THIS TIME OVER HIS FAILED ATTEMPT LAST WEEK TO SHUFFLE HIS CABINET THE BATTLE MAY HAVE UNDERMINED HIS ABILITY TO PUSH THROUGH PAINFUL CHANGES EVEN IF MR HOSOKAWA DOES GET HIS WAY JAPAN COULD BE HEADED FOR MORE CONFLICT WITH THE US ESPECIALLY ON MACROECONOMIC POLICY WASHINGTON CRITICIZES TOKYO'S PLANNED ONEYEAR 547 TRILLION YEN 527 BILLION INCOMETAX CUT AS INADEQUATE TO REVIVE JAPAN'S SLUMPING ECONOMY JAPANESE FINANCE OFFICIALS SAY THE REDUCTION WILL BE MADE PERMANENT LATER THIS YEAR BUT JAPAN IS IN A BIND SOME SENIOR COALITION LEGISLATORS SAY THEY FAVOR REFORMS THAT WOULD INCLUDE A TAX CUT BUT LEAD TO A NET INCREASE IN GOVERNMENT REVENUE SOCIALIST MEMBERS OF THE ALLIANCE MIGHT DERAIL SUCH A PLAN AS THEY DID LAST MONTH LEAVING JAPAN WITH NO TAX CUT TO SHOW WASHINGTON YET IF THE PLAN GOES THROUGH THE HEAVIER TAX BURDEN COULD CREATE A DRAG ON CONSUMPTION AND RETARD IMPORTS ANOTHER OUTCOME UNFAVORABLE TO THE US THE IMMEDIATE HURDLE TO A TRADE TRUCE IS JAPAN'S RESISTANCE TO SETTING NUMERICAL IMPORT TARGETS FOR SEVERAL CATEGORIES OF US GOODS USJAPAN TRADE TALKS COLLAPSED LAST MONTH AFTER TOKYO REFUSED AMERICAN DEMANDS THAT IT SET NUMERICAL TARGETS MR HOSOKAWA OFFERED NO NEW OVERTURES IN HIS FRIDAY SPEECH WHICH CAME JUST HOURS AFTER THE US TURNED UP THE PRESSURE ON JAPAN BY REVIVING A TOUGH TRADE MEASURE CALLED SUPER 301 JAPAN'S AUTO INDUSTRY MEANTIME APPEARS READY TO STRIKE A DEAL TOYOTA MOTOR CORP SAID LAST WEEK THAT IT WOULD CONSIDER SETTING NEW NONBINDING TARGETS FOR PURCHASES OF USMADE AUTO PARTS BOTH SIDES AGREE HOWEVER THAT SUCH GOALS CAN ONLY DO SO MUCH TO BRING DOWN JAPAN'S TRADE SURPLUS WITH THE US 50 BILLION IN 1993 BY JAPAN'S COUNT AN UNDERLYING CAUSE OF THE GAP IS THAT THE TWO GOVERNMENTS FOLLOW CONFLICTING FISCAL POLICIES JAPAN'S GOVERNMENT NOTWITHSTANDING THE BUDGET DEFICITS IT IS RACKING UP DURING THIS DOWNTURN TENDS TO SPEND LESS MONEY THAN IT COLLECTS IN TAXES ECONOMISTS SAY TOKYO'S THRIFT DIVERTS MONEY AWAY FROM CONSUMPTION AND THUS SUPPRESSES IMPORTS WASHINGTON MEANWHILE SPENDS MORE THAN IT TAKES IN STIMULATING IMPORT DEMAND AS LONG AS THAT POLICY GAP REMAINS THE TRADE IMBALANCE IS LIKELY TO REMAIN WIDE WASHINGTON ARGUES THAT TOKYO CAN DO MORE TO SPUR IMPORTS OUR READING OF THE SITUATION NOW IS THAT THE MACRO PACKAGE PUT FORWARD ISN'T GOING TO GO VERY FAR IN PRODUCING A HIGHLY SIGNIFICANT DECREASE IN JAPAN'S OVERALL SURPLUS SAYS JEFFREY E GARTEN A US UNDERSECRETARY OF COMMERCE TOKYO IS KICKING AROUND SOME SPENDING IDEAS ONE IS TO RAISE JAPAN'S TARGET FOR PUBLICWORKS OUTLAYS THIS DECADE 430 TRILLION YEN BY AS MUCH AS 100 TRILLION YEN BUT THE POWERFUL FINANCE MINISTRY RESISTS RUNNING BUDGET DEFICITS TO FUND SUCH A SCHEME SPENDING TO CUT THE TRADE SURPLUS WOULD CONFLICT WITH A GOAL MUCH DEARER TO THE MINISTRY'S HEART SAVING TO FINANCE PENSION OUTLAYS AS THE POPULATION OF RETIREES BALLOONS IN COMING YEARS HIROSHI NAKAI A LEADING DEMOCRATIC SOCIALIST SAYS HE THINKS LEGISLATORS ARE LIKELY TO SUPPORT A TAXREFORM BILL SIMILAR TO A PLAN PROPOSED EARLIER THIS YEAR BY MR HOSOKAWA THE PLAN CALLED FOR A PERMANENT INCOMETAX CUT TO BE OFFSET IN 1997 BY A RISE IN THE NATIONAL SALES TAX TO 7 FROM 3 THE PRIME MINISTER HAD TO WITHDRAW THE PLAN AFTER LEFTIST MEMBERS OF HIS COALITION THREATENED TO BOLT THE GOVERNMENT MR NAKAI BELIEVES THAT PARLIAMENT AFTER ANOTHER LONG FEUD OVER TAX POLICY WILL COMPROMISE ON A 6 SALES TAX THE BOTTOM LINE HE ESTIMATES WOULD BE EIGHT TRILLION YEN IN NEW TAX REVENUE WHICH WOULD MORE THAN OFFSET THE INCOMETAX CUT THE PEOPLE WON'T UNDERSTAND 7 BUT THEY WILL ACCEPT 6 HE SAYS I PROMISED MY CONSTITUENTS 6 A DECISION ON TAXES COULD COME THIS AUTUMN LEGISLATORS SAY MEANWHILE THE HEALTH AND WELFARE MINISTRY INTENDS TO RAISE IN OCTOBER THE NATIONALPENSION PREMIUMS PAID BY WORKERS AND EMPLOYERS THE HOUSEHOLD AND CORPORATE SECTORS WOULD EACH PAY AN EXTRA 13 TRILLION YEN IN TAXES ANNUALLY ACCORDING TO AN OFFICIAL IN THE MINISTRY'S PENSION SECTION A NET RISE IN TAXES WOULD WIDEN THE FISCALPOLICY GAP BETWEEN THE US AND JAPAN A MORE IMMEDIATE CONCERN SOME ECONOMISTS SAY IS THAT THE PROSPECT OF HIGHER SALES TAXES COULD DISCOURAGE CONSUMERS FROM SPENDING THEIR INCOMETAX WINDFALL 9403070123 940307 EUROPA CRUISES CORP PLANS SPINOFF OF UNIT EXPECTS OPERATING LOSS MADEIRA BEACH FLA EUROPA CRUISES CORP SAID IT PLANS TO SPIN OFF ITS CASINO WORLD INC SUBSIDIARY TO EUROPA CRUISES SHAREHOLDERS SEPARATELY THE CRUISE OPERATOR SAID IT EXPECTS TO REPORT A SUBSTANTIAL OPERATING LOSS FOR 1993 FROM ITS CORE DAYCRUISE BUSINESS EUROPA CRUISES FAILED IN AN EARLIER ATTEMPT TO SPIN OFF THE CASINO SUBSIDIARY THE COMPANY SAID ITS PLANS WERE DELAYED BY ITS RECENT BATTLE WITH CHARLES LIBERIS ITS FORMER CHAIRMAN MR LIBERIS UNSUCCESSFULLY ATTEMPTED TO OUST EUROPA'S BOARD LAST FALL ONCE THE SPINOFF IS COMPLETED CASINO WORLD PLANS TO SELL THREE MILLION SHARES OF CONVERTIBLE PREFERRED STOCK AT 5 A SHARE ACCORDING TO EUROPA CRUISES PROCEEDS WILL BE USED TO DEVELOP THE COMPANY'S DOCKSIDE GAMING PROPERTIES IN MISSISSIPPI EUROPA CRUISES WHICH RUNS DAY AND EVENING CRUISES ON THREE FLORIDABASED SHIPS SAID ITS EXPECTED OPERATING LOSS FOR 1993 STEMS LARGELY FROM THE UNPROFITABLE OPERATION OF A CRUISE BOAT IT HAD BEEN CHARTERING A SPOKESMAN SAID FOR 1992 EUROPA CRUISES REPORTED A LOSS OF 12 MILLION OR 10 CENTS A SHARE ON REVENUE OF 143 MILLION EUROPA CRUISES SAID IT TERMINATED THE CHARTER AGREEMENT IN DECEMBER CHARLES H REDDIEN EUROPA CRUISES' CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID PASSENGER VOLUME REACHED A RECORD IN FEBRUARY WITH 30000 PASSENGERS BOARDING EUROPA BOATS THAT MONTH 9403070122 940307 ENVIRONMENTAL TECTONICS PACT SOUTHAMPTON PA ENVIRONMENTAL TECTONICS CORP GOT A CONTRACT VALUED AT ABOUT 2 MILLION FROM THE EGYPT AIR FORCE AEROMEDICAL CENTER IN HELIOPOLIS IN CAIRO IN A NEWS RELEASE THE COMPANY SAID THE CONTRACT IS FOR OPERATION AND MAINTENANCE SERVICES ON A SERIES OF ADVANCED AEROMEDICAL DEVICES ENVIRONMENTAL TECTONICS SAID IT WILL TRAIN EGYPTIAN PERSONNEL IN SAFE OPERATIONAL AND MAINTENANCE TASKS INCLUDING ALTITUDE TRAINING EJECTION TRAINING AND OTHER MISSIONS 9403070121 940307 INTERNATIONAL GERMAN UNION AND EMPLOYERS AGREE ON PACT BY TERENCE ROTH STAFF REPORTER OF THE WALL STREET JOURNAL FRANKFURT GERMANY'S BIG IG METALL ENGINEERING UNION AND EMPLOYERS EARLY SATURDAY AGREED TO A COSTNEUTRAL WAGE PACT AVERTING A FORMAL STRIKE PREVIOUSLY SET TO BEGIN TODAY IN THE STATE OF LOWER SAXONY NEGOTIATORS FOR BOTH SIDES MADE SIGNIFICANT SACRIFICES TO GET A DEAL AFTER 14 HOURS OF TALKS THAT BEGAN FRIDAY EVENING LOWER SAXONY'S IG METALL WORKERS MUST APPROVE THE ACCORD WITH A 75 VOTE IN A BALLOT SET FOR THIS WEEK IF ADOPTED THE PILOT AGREEMENT COULD BE A MODEL FOR IG METALL'S OTHER WESTERN GERMAN REGIONAL CHAPTERS REPRESENTING 36 MILLION WORKERS IN THE ENGINEERING AUTOMOTIVE AND ELECTRICAL INDUSTRIES EMPLOYERS FELL SHORT OF THEIR AIM TO GET A 10 SAVING IN LABOR COSTS BY FREEZING WAGES AND CUTTING VACATION BONUSES THE UNION BACKED AWAY FROM ITS DEMAND FOR A 58 PAY INCREASE AND HIGHER CHRISTMAS BONUSES IN EXCHANGE MANAGEMENT WAS ABLE TO KEEP COSTS NEUTRAL WHILE THE UNION RECEIVED CERTAIN JOB GUARANTEES UNDER THE NEW AGREEMENT WORKERS WILL RECEIVE A DELAYED 1994 WAGE INCREASE OF 2 BEGINNING JUNE 1 REPRESENTING A REDUCTION IN REAL INCOME WHEN SET AGAINST PROJECTED 1994 INFLATION OF AROUND 3 FOR A PROVISIONAL TWOYEAR PERIOD EMPLOYERS CAN REDUCE WORKING SCHEDULES TO AS LOW 30 HOURS A WEEK FROM 36 HOURS WITHOUT PAY COMPENSATION FOR LOST HOURS PROVIDED THE REDUCTIONS ARE IMPOSED PLANTWIDE THE UNION WILL RECEIVE JOB GUARANTEES IN EXCHANGE FOR SHORTER WORKING SCHEDULES MINIMUMS SET ON VACATION AND CHRISTMAS BONUSES ARE TO BE FROZEN AT CURRENT LEVELS POSTPONING FOR ONE YEAR AN AGREEMENT THAT FORESAW 1994 CHRISTMAS BONUSES INCREASING TO 60 OF A MONTH'S PAY FROM 50 FOR COMPANIES THIS AGREEMENT MEANS NO ADDITIONAL COSTS IN 1994 SAID HANSJOACHIM GOTTSCHOL PRESIDENT OF THE GESAMTMETALL EMPLOYERS ASSOCIATION GERMAN INDUSTRY HAS BEEN PRESSING UNIONS THIS YEAR FOR COST CONCESSIONS AFTER A DECADE OF RISING LABOR COSTS ERODED GERMANY'S COMPETITIVE EDGE IN GLOBAL MARKETS THE TENTATIVE IG METALL AGREEMENT INEVITABLY WILL PLAY A ROLE IN GERMANY'S OTHER WAGE NEGOTIATIONS INCLUDING STALLED TALKS BETWEEN THE GOVERNMENT AND THE OETV PUBLICSECTOR UNION 9403070120 940307 MARKETING & MEDIA ROGERS AGREES TO SWAP CABLETV ASSETS WITH SHAW IF MACLEAN OFFER SUCCEEDS BY SUZANNE MCGEE STAFF REPORTER OF THE WALL STREET JOURNAL TORONTO ROGERS COMMUNICATIONS INC HAS AGREED TO A LARGESCALE SWAP OF CABLETELEVISION ASSETS WITH ANOTHER CANADIAN CABLE CONCERN IF ITS 279 BILLION CANADIAN DOLLAR US206 BILLION OFFER TO ACQUIRE MACLEAN HUNTER LTD IS SUCCESSFUL ROGERS SAID IT REACHED AN AGREEMENT WITH SHAW COMMUNICATIONS INC TO SWAP ASSETS NOW OWNED BY IT AND BY MACLEAN HUNTER IN WESTERN CANADA AND NORTHERN ONTARIO FOR SHAW'S OPERATIONS IN SOUTHERN ONTARIO THE MOVE WOULD GIVE ROGERS A VIRTUAL MONOPOLY OF CANADA'S MOST DENSELY POPULATED REGION SOUTHWESTERN ONTARIO INCLUDING THE CITY OF TORONTO THE OVERWHELMING RATIONALE FOR THIS TRANSACTION IS CABLE BOUNDARY RATIONALIZATION SAID EDWARD ROGERS PRESIDENT AND CHIEF EXECUTIVE OF ROGERS IT MAKES SENSE TO HAVE CABLE HOLDINGS MORE CLUSTERED ANALYSTS VALUED THE ASSET SWAP AT MORE THAN C1 BILLION ASCRIBING A MULTIPLE OF ABOUT C1000 PER CABLE SUBSCRIBER TO THE PROPOSED TRANSACTION UNDER THE TERMS OF THE AGREEMENT SHAW WOULD PAY ROGERS A YETTOBEDETERMINED AMOUNT IN CASH FOR THE 140000 SUBSCRIBERS IT WOULD ADD TO ITS CUSTOMER BASE AS A RESULT OF THE TRANSACTION IN THE SHORT TERM THE AGREEMENT DEALS ANOTHER BLOW TO MACLEAN HUNTER BY ELIMINATING SHAW AS A POSSIBLE RIVAL BIDDER FOR THE COMPANY AS A WHOLE OR AS AN INTERESTED BIDDER FOR THE CABLETELEVISION OPERATIONS AS REPORTED MACLEAN HUNTER HAS DISMISSED ROGERS'S UNSOLICITED OFFER AS INADEQUATE AND IS SEEKING ALTERNATIVES TO PRESENT TO SHAREHOLDERS JAMES SHAW PRESIDENT AND CHIEF EXECUTIVE OF EDMONTON ALBERTABASED SHAW COMMUNICATIONS SAID THAT HE HAD BEEN APPROACHED BY MACLEAN HUNTER AND ITS ADVISERS WHILE IT'S VERY ENTICING TO SEE 700000 CABLE SUSBSCRIBERS GO UP FOR SALE AND I THINK WE COULD HAVE RAISED THE MONEY I WASN'T COMFORTABLE LOADING THE COMPANY UP WITH DEBT TO DO THAT KIND OF TRANSACTION HE SAID MACLEAN HUNTER WHICH ALSO HAS PRINTING AND PUBLISHING OPERATIONS IS WORKING ON A RANGE OF DETAILED PROPOSALS TO PRESENT TO SHAREHOLDERS BY EARLY THIS WEEK ROBERT FURSE CHIEF FINANCIAL OFFICER OF MACLEAN HUNTER SAID THAT THE COMPANY IS STUDYING A NUMBER OF OPTIONS INCLUDING SOLICITING ALTERNATIVE BIDS FOR THE WHOLE COMPANY AND ASSET SALES MACLEAN HUNTER'S SHARES CONTINUE TO TRADE BELOW THE C17 A SHARE OFFER BY ROGERS IN TORONTO STOCK EXCHANGE TRADING FRIDAY THE SHARES CLOSED AT C1650 A SHARE DOWN 125 CANADIAN CENTS 9403070119 940307 INTERNATIONAL BRAZIL'S MARKETS BECOME NERVOUS OVER CAPITAL RULES BY THOMAS KAMM STAFF REPORTER OF THE WALL STREET JOURNAL RIO DE JANEIRO BRAZIL'S FINANCIAL MARKETS ARE REACTING NERVOUSLY TO REPORTS THAT THE GOVERNMENT MIGHT IMPOSE MEASURES TO STEM THE INFLOW OF FOREIGN CAPITAL IN THE WAKE OF ITS LATEST ANTIINFLATION PLAN FEARFUL THAT A CONTINUED MASSIVE INFLOW OF FOREIGN FUNDS COULD LEAD TO AN EXPANSION OF ITS MONETARY BASE AND ACCELERATE INFLATION THE BRAZILIAN GOVERNMENT THURSDAY PUBLISHED A DECREE GIVING IT THE OPTION OF IMPOSING A TAX OF AS MUCH AS 25 ON FUNDS ENTERING BRAZIL'S STOCK MARKETS THOUGH A SEPARATE BILL SAID NO TAX WILL BE LEVIED AT PRESENT THE DECREE ALSO CONFIRMED THAT FOREIGNCURRENCY LOANS WOULD BE SUBJECT TO A 3 TAX AND FUNDS ENTERING THE COUNTRY FOR FIXEDINCOME INVESTMENTS WILL CONTINUE TO PAY A 5 TAX THOUGH THE DECREE AND RELATED BILL DON'T INTRODUCE ANY IMMEDIATE CHANGE BUSINESSMEN SAW THE MENTION OF STOCK MARKET INVESTMENTS IN THE DECREE AS A POTENTIALLY OMINOUS SIGN THAT COULD STUNT THE SPECTACULAR GROWTH OF THE BRAZILIAN MARKET LUIZ FERNANDO FURLAN CHIEF EXECUTIVE OFFICER OF THE SADIA FOOD GROUP DESCRIBED THE LOOMING THREAT OF TAXES AS A TERRORIST MEASURE DESPITE THE MEASURES THE SAO PAULO MARKET ROSE 65 ON FRIDAY ON THURSDAY THE MARKET ROSE 23 IN VALUE BUT VOLUME FELL BY MORE THAN 20 IN RIO THE STOCK MARKET ROSE 61 IN VALUE ON FRIDAY BUT ON MODEST VOLUME THE MEASURES ARE WIDELY VIEWED HERE AS AN EFFORT BY THE BRAZILIAN GOVERNMENT TO ASSUAGE CONCERNS EXPRESSED BY THE INTERNATIONAL MONETARY FUND OVER RAPID MONETARY EXPANSION WHILE AT THE SAME TIME DOING NOTHING TO SCARE AWAY FOREIGN CAPITAL TOTAL FOREIGN INVESTMENT IN BRAZIL LAST YEAR TOTALED 326 BILLION UP FROM 177 BILLION IN 1992 AND BRAZILIAN STOCK MARKETS ABSORBED MORE THAN 12 BILLION IN FOREIGN INVESTMENT LAST YEAR BUT AS IN OTHER SOUTH AMERICAN COUNTRIES LIKE CHILE WHICH ENFORCES MEASURES TO DISCOURAGE SHORTTERM INVESTMENTS THESE FUNDS ARE BOTH A BLESSING AND A CURSE BRAZIL NEEDS FOREIGN CAPITAL TO BUILD UP ITS FOREIGNEXCHANGE RESERVES WHICH STOOD AT 322 BILLION AT THE END OF DECEMBER HEALTHY RESERVES ARE NECESSARY TO BACK UP THE GRADUAL PHASINGIN OF A NEW CURRENCY WHICH IS THE CENTERPIECE OF THE COUNTRY'S ECONOMIC PLAN BUT A RAPID EXPANSION COULD UNDERMINE THE PLAN BY ACCELERATING INFLATION THE GOVERNMENT IS BETWEEN A ROCK AND A HARD PLACE SAID HUMBERTO CASAGRANDE EXECUTIVE DIRECTOR FOR CAPITAL MARKETS AT BANCO CREFISUL IN SAO PAULO BUT IMPOSING A HIGH TAX ON STOCK MARKET INVESTMENTS WOULD BE DISASTROUS MONEY WOULD LEAVE RESERVES WOULD DROP AND THE CONFIDENCE OF FOREIGN INVESTORS WOULD COLLAPSE 9403070118 940307 WHO'S NEWS ANDERS 5 OTHERS TO QUIT GENERAL DYNAMICS BOARD BY ROY J HARRIS JR STAFF REPORTER OF THE WALL STREET JOURNAL GENERAL DYNAMICS CORP DETAILED THE NEXT STEP IN ITS CORPORATE SHRINKAGE A SHARP CUTBACK IN ITS BOARD THAT INCLUDES THE DEPARTURE OF CHAIRMAN WILLIAM A ANDERS IN MAY THE FALLS CHURCH VA COMPANY WHICH HAS DISMANTLED ITS VAST WEAPONSMAKING BUSINESS IN RECENT YEARS AND IS NOW LARGELY A PRODUCER OF SUBMARINES AND TANKS ALSO DECLARED A 2FOR1 STOCK SPLIT AND A 17 RISE IN ITS DIVIDEND THE INCREASE TO 35 CENTS PAYABLE MAY 13 TO POSTSPLIT SHARES OF RECORD APRIL 15 WOULD BE THE SECOND BOOST IN THE PAYOUT IN RECENT MONTHS LAST FALL GENERAL DYNAMICS RAISED THE DIVIDEND TO 60 CENTS FROM 40 CENTS THE COMPANY SAID ITS BOARD ALSO RECONFIRMED MANAGEMENT'S AUTHORITY TO BUY BACK AS MANY AS 15 MILLION OF THE APPROXIMATELY 62 MILLION SHARES THAT WOULD BE OUTSTANDING AFTER THE STOCK SPLIT WHICH IS PAYABLE APRIL 11 TO STOCK OF RECORD MARCH 21 IN COMPOSITE TRADING FRIDAY ON THE NEW YORK STOCK EXCHANGE GENERAL DYNAMICS SHARES ROSE 2875 TO CLOSE AT 9450 AS EXPECTED JAMES R MELLOR PRESIDENT WILL SUCCEED MR ANDERS AS CHAIRMAN ON THE RECONSTITUTED NINEMEMBER BOARD THE DEPARTURE FROM THE 14MEMBER CURRENT BOARD OF MR ANDERS A 60YEAROLD FORMER ASTRONAUT HAD BEEN EXPECTED AFTER HE RESIGNED AS A COMPANY EMPLOYEE EFFECTIVE LAST MAY TURNING THE CHIEF EXECUTIVE OFFICER'S JOB OVER TO MR MELLOR 63 ALSO LEAVING THE BOARD THIS MAY WILL BE VICE CHAIRMAN HARVEY KAPNICK 68 WHO RETIRED AS AN EMPLOYEE WITH MR ANDERS LAST YEAR MESSRS KAPNICK AND ANDERS WILL CONTINUE AS CONSULTANTS TO MANAGEMENT MR ANDERS SAID NICHOLAS C CHABRAJA 51 A SENIOR VICE PRESIDENT WILL BECOME A DIRECTOR ALSO LEAVING THE BOARD ARE TWO OTHER FORMER GENERAL DYNAMICS CHAIRMEN AND CHIEF EXECUTIVE OFFICERS DAVID S LEWIS 76 AND STANLEY C PACE 72 AS WELL AS THOMAS G AYRES 79 AND ELLIOT H STEIN 75 MR ANDERS SEVERAL YEARS AGO INITIATED A SWEEPING SELLOFF OF ASSETS AND A DISTRIBUTION OF PROCEEDS TO SHAREHOLDERS IN A POSTCOLD WAR PLAN HE DESCRIBED AS THE MOST EFFICIENT WAY TO CONVERT SURPLUS DEFENSE ASSETS TO PRODUCTIVE NONDEFENSE USES HOLDERS WERE PAID 155 BILLION IN SPECIAL CASH DISTRIBUTIONS AS PART OF THE PLAN PHIL FRIEDMAN WHO FOLLOWS AEROSPACE STOCKS FOR MORGAN STANLEY & CO SAID THE LATEST COMMITMENT TO THE STOCKBUYBACK PROGRAM REFLECTS GENERAL DYNAMICS'S CONFIDENCE IN NEW MANAGEMENT'S ABILITY TO KEEP GENERATING CASH AS THE COMPANY AWAITS A POSSIBLE RESOLUTION THIS SUMMER OF A LONGSTANDING DISPUTE WITH THE PENTAGON OVER THE A12 ATTACK JET THE NAVY WHICH CANCELED THAT PROGRAM THREE YEARS AGO SEEKS MORE THAN 14 BILLION IN TOTAL CLAIMS FROM GENERAL DYNAMICS AND MCDONNELL DOUGLAS CORP AND THE COMPANIES HAVE FILED COUNTERCLAIMS FOR SIMILAR AMOUNTS 9403070117 940307 LAW LEGAL BEAT WITH TRADE CENTER DEFENDANTS CONVICTED US MAY TRY TO DEAL BY MARGARET A JACOBS STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK NOW THAT THE GOVERNMENT HAS WON THE CONVICTIONS OF ALL FOUR DEFENDANTS IN THE WORLD TRADE CENTER BOMBING CASE IT MAY HAVE STRONG INCENTIVE TO TRY TO CUT A DEAL WITH THEM THE MEN WHO WERE CONVICTED LAST FRIDAY OF CONSPIRACY IN THE ATTACK ON THE TWINTOWER COMPLEX ARE ALL UNINDICTED COCONSPIRATORS IN THE COMING TERRORISM CASE AGAINST EGYPTIAN CLERIC SHEIK OMAR ABDEL RAHMAN AND 14 OTHERS THAT CASE SET TO BEGIN HERE SEPT 19 BEFORE A NEW JUDGE AND JURY ALLEGES A FOILED CONSPIRACY TO OPPOSE BY FORCE THE US GOVERNMENT AND TO LEVY A WAR OF URBAN TERRORISM WHILE THE TRADE CENTER BLAST WHICH KILLED SIX AND INJURED MORE THAN 1000 ON FEB 26 1993 WAS THE ALLEGED CONSPIRATORS' ONLY CONSUMMATED ACT OF VIOLENCE OTHER INTENDED TARGETS RANGED FROM THE GEORGE WASHINGTON BRIDGE TO EGYPTIAN PRESIDENT HOSNI MUBARAK ACCORDING TO THE GOVERNMENT THE SEPTEMBER TRIAL IS EXPECTED TO LAST AS LONG AS A YEAR AND BE MUCH MORE POLITICAL CONFRONTATIONAL AND ULTIMATELY HARDER TO PROVE THAN THE TRADE CENTER PROSECUTION LAWYERS SAY WHILE THE FIRST CASE WAS BUILT ON EXTENSIVE CIRCUMSTANTIAL EVIDENCE THE CASE AGAINST THE SHEIK IS EXPECTED TO RELY HEAVILY ON UNDERCOVER TAPES AND THE TESTIMONY OF GOVERNMENT INFORMANT EMAD A SALEM A FORMER EGYPTIAN ARMY OFFICER WHOSE MOTIVES HAVE BEEN IMPUGNED BY THE DEFENSE AND WHOSE WORK FOR THE FEDERAL BUREAU OF INVESTIGATION WAS CONSIDERED ERRATIC MANY OF THE DEFENDANTS ARE EXPECTED TO ASSERT THAT THEY WERE ENTRAPPED BY MR SALEM AND THAT THEY ARE COMPLETELY INNOCENT THAT'S WHERE THE TRADE CENTER DEFENDANTS MAY COME IN THE GOVERNMENT MAY BE WILLING TO ASK JUDGE KEVIN T DUFFY FOR LENIENCY IN SENTENCING CERTAIN OF THEM IN RETURN FOR THEIR TESTIMONY WHICH WOULD PRESUMABLY BOLSTER THAT OF MR SALEM ACCORDING TO LAWYERS FAMILIAR WITH SUCH CASES THE US ATTORNEY IN NEW YORK MARY JO WHITE WOULD NOT COMMENT ON THE CASE AGAINST THE SHEIK BUT ACKNOWLEDGED THAT THERE ARE NO PLANS TO INDICT THE TRADE CENTER DEFENDANTS IN THAT CASE THAT LEAVES OPEN AT LEAST THE POSSIBILITY OF A DEAL UNDER WHICH ONE OR MORE WOULD TESTIFY THAT WOULD BE A VERY SIGNIFICANT BUT NOT UNUSUAL DEVELOPMENT SUGGESTS FORMER PROSECUTOR AND FORDHAM LAW SCHOOL PROFESSOR DANIEL RICHMAN FEDERAL JUDGES IN MANHATTAN ALMOST ALWAYS ACCEDE TO A PROSECUTOR'S REQUEST FOR LENIENCY WHEN A DEFENDANT SUBSTANTIALLY COOPERATES AND FEDERAL SENTENCING GUIDELINES PROVIDE FOR THE POSSIBILITY IT'S AN INCREDIBLY POTENT TOOL SAYS MR RICHMAN STILL IN THIS CASE LENIENCY WOULD BE RELATIVE HE ADDS THEY STILL COULD SERVE A WHOLE LOT OF TIME ALL FACE A MAXIMUM SENTENCE OF LIFE IN PRISON WITHOUT THE POSSIBILITY OF PAROLE FOR FIVE OF THE UNDERLYING CRIMES FOR WHICH THEY WERE CONVICTED INCLUDING EXPLOSIVE DESTRUCTION OF PROPERTY AND UP TO FIVE YEARS IN PRISON FOR CONSPIRACY DEFENSE ATTORNEYS IN THE SHEIK'S CASE ACKNOWLEDGE THE POSSIBILITY OF AN AGREEMENT TO AID THE GOVERNMENT I THINK THEY WILL OFFER PIECES OF THE COURTHOUSE IF THEY HAVE TO SAYS ONE OF THE DEFENSE LAWYERS WHO ASKED TO REMAIN ANONYMOUS CITING A JUDGEIMPOSED GAG ORDER BUT SEVERAL DISCOUNT THE SIGNIFICANCE THAT THE CONVICTED BOMBERS' TESTIMONY WOULD HAVE THE TRADE CENTER BOMBING IS BUT ONE FACET OF THE LARGER CASE THE LAWYERS SAY AND ONLY A HANDFUL OF THE DEFENDANTS IN THE SECOND CASE ARE SAID EVEN TO HAVE KNOWN THE TRADE CENTER DEFENDANTS THE APPARENT POLITICAL AND RELIGIOUS FERVOR OF THOSE WHO HAVE BEEN CONVICTED MAY ALSO KEEP THEM FROM HELPING THE GOVERNMENT THE LAWYERS ADD INDEED IN ONE OF THE UNDERCOVER TAPES A SPEAKER SUGGESTS THAT IT WOULD BE AN HONOR BESTOWED BY GOD TO END UP IN JAIL ON ITS OWN TERMS THE CASE THAT ENDED FRIDAY WAS A CLEARCUT VICTORY FOR THE PROSECUTORS FROM MS WHITE'S OFFICE AFTER FOUR DAYS OF DELIBERATIONS THE ANONYMOUS JURY OF EIGHT WOMEN AND FOUR MEN ACCEPTED THAT THE DEFENDANTS CHOREOGRAPHED WHAT THE GOVERNMENT CALLS THE SINGLE MOST DESTRUCTIVE ACT OF TERRORISM IN THE US ONE JUROR WHO SPOKE ANONYMOUSLY TO A LOCAL TELEVISION STATION SAID THE EXTENSIVE PAPER TRAIL AGAINST THE DEFENDANTS COUPLED WITH THE LACK OF DEFENSE TESTIMONY DICTATED THE GUILTY VERDICTS CONVICTED WERE MAHMUD ABOUHALIMA 34 YEARS OLD AN EGYPTIANBORN LIMOUSINE DRIVER WHO OVERSAW MUCH OF THE CONSTRUCTION OF THE HOMEMADE BOMB IN A JERSEY CITY NJ APARTMENT NIDAL A AYYAD 26 AN AMERICAN CITIZEN BORN TO PALESTINIAN PARENTS WHO USED HIS POSITION AS A CHEMICAL ENGINEER AT ALLIEDSIGNAL CORP TO PURCHASE CRITICAL COMPONENTS MOHAMMED A SALAMEH 26 AN UNEMPLOYED PALESTINIAN WHO ASSISTED IN THE GENERAL PREPARATIONS AND RENTED THE YELLOW VAN THAT CARRIED THE BOMB TO ITS INTENDED TARGET AND AHMAD M AJAJ 28 A PALESTINIAN BY BIRTH WHO WORKED IN HOUSTON AS A PIZZA DELIVERYMAN BEFORE TRAVELING TO THE MIDDLE EAST AND RETURNING WITH BOMBMAKING MANUALS THE SPEED OF MR AJAJ'S CONVICTION STARTLED SOME OBSERVERS WHO THOUGHT THAT HIS CASE WOULD PRESENT A BIGGER CHALLENGE TO THE JURY DESPITE THE VERDICTS MANY QUESTIONS REMAIN UNANSWERED INCLUDING WHO FINANCED AND DIRECTED THE NOONTIME ATTACK AND WHAT WAS THE ULTIMATE GOAL IN THE FIRST CASE THE ISSUE WAS WHO DID WHAT WHEN THE WHY WAS NEVER PROVEN SAYS A LAWYER FOR A DEFENDANT IN THE COMING TRIAL AGAINST THE SHEIK THE SECOND CASE WILL ALLEGE A MUCH BROADER SCHEME AND THUS WILL HAVE TO FOCUS MORE ON THE ULTIMATE INTENTIONS OF THE ALLEGED SCHEMERS SOME DEFENSE ATTORNEYS IN THE SHEIK'S CASE SAY THEY WILL BE ABLE TO BENEFIT FROM STATEMENTS MADE IN THE TRADE CENTER CASE FOR EXAMPLE ONE LAWYER WHOSE CLIENT IS CHARGED WITH HELPING TO TEST EXPLOSIVES PRIOR TO THE TRADE CENTER BLAST PLANS TO PORE OVER TRANSCRIPTS TO FIND INSTANCES IN WHICH PROSECUTORS SUGGESTED THAT LIABILITY WAS LIMITED TO THE FOUR CONVICTED DEFENDANTS AND A CONFESSION OBTAINED BY EGYPTIAN AUTHORITIES AGAINST MR ABOUHALIMA THAT WAS NOT ADMISSIBLE IN THE FIRST TRIAL MAY BE ADMITTED TO EXCULPATE SOME DEFENDANTS IN THE SECOND TRIAL BUT OTHERS INCLUDING WILLIAM KUNSTLER WHO REPRESENTS DEFENDANT SIDDIG IBRAHIM SIDDIG ALI AND IS EXPECTED TO TAKE A LEADING ROLE IN THE SECOND CASE SAY THEY ARE LESS THAN SANGUINE ABOUT THE PROSPECTS FOR THE DEFENSE GIVEN THE PUBLICITY SURROUNDING THE FIRST CASE AND WHAT HE ALLEGES WERE GOVERNMENT LEAKS OF EVIDENCE MR KUNSTLER SUGGESTS THAT THE DEFENDANTS IN THE SHEIK'S CASE ARE DOOMED THE ALLEGATIONS ARE SO HORRENDOUS IN THE SECOND TRIAL IT WILL BE A CHARADE NO JURY CAN WITHSTAND THIS KIND OF PUBLICITY MR KUNSTLER SAYS GENERAL MOTORS CORP IS ASKING A FEDERAL APPELLATE COURT TO STRIKE FROM THE RECORD A FEDERAL JUDGE'S FINDING THAT GM LIKELY COMMITTED PERJURY IN THE ONGOING CONTROVERSY OVER THE COMPANY'S 19731987 FULLSIZE PICKUP TRUCKS GM'S MOVE IS THE LATEST IN A BATTLE THAT'S RAGED FOR MORE THAN TWO YEARS BETWEEN THE AUTO MAKER AND PRODUCTLIABILITY ATTORNEYS IN CASE AFTER CASE THE PRODUCTLIABILITY BAR HAS FORCED THE AUTO MAKER TO DISCLOSE MORE AND MORE RECORDS PERTAINING TO ITS PICKUPS MAKING IT EASIER TO WIN PERSONALINJURY SUITS INVOLVING THE CONTROVERSIAL TRUCKS WITH SIDESADDLE TANKS IN THE MOST RECENT ROUND THE PLAINTIFF'S BAR IS TRYING TO USE US DISTRICT COURT JUDGE G ROSS ANDERSON'S FINDINGS THAT GM MAY HAVE COMMITTED PERJURY AND DESTROYED PAPERS TO FORCE GM TO DISCLOSE DOCUMENTS FOR WHICH IT CLAIMS ATTORNEYCLIENT PRIVILEGE LAST MONTH JUDGE ANDERSON RECUSED HIMSELF FROM A PICKUP CASE AND BLASTED GM IN HIS RECUSAL ORDER SAYING THERE WAS A SUBSTANTIAL LIKELIHOOD THAT THE AUTO MAKER HAD COMMITTED PERJURY AND THAT ITS LAWYERS MAY HAVE DESTROYED DOCUMENTS RELATED TO THE PICKUPS GM IN A PETITION FILED FRIDAY TO THE US COURT OF APPEALS FOR THE FOURTH CIRCUIT CALLED THE PURPORTED FINDINGS COMPLETELY IMPROPER AND TERRIBLY UNFAIR AND SAID THE FINDINGS WOULD PREJUDICE GM IN PICKUP CASES ACROSS THE COUNTRY GM ASKED THE COURT TO VACATE ALL PORTIONS OF JUDGE ANDERSON'S ORDER EXCEPT HIS RECUSAL 9403070116 940307 TECHNOLOGY & HEALTH GFC FINANCIAL SET TO BUY UNIT OF BELL ATLANTIC BY SARAH LUBMAN AND GAUTAM NAIK STAFF REPORTERS OF THE WALL STREET JOURNAL GFC FINANCIAL CORP SIGNED A DEFINITIVE AGREEMENT TO PURCHASE A FINANCING UNIT OF BELL ATLANTIC CORP OF PHILADELPHIA FOR A PRICE THAT PEOPLE CLOSE TO THE TRANSACTION SAID WAS AS MUCH AS 350 MILLION GFC IS A COMMERCIAL LENDING AND MORTGAGE INSURANCE COMPANY IN PHOENIX THAT WAS ONCE PART OF DIAL CORP SAMUEL L EICHENFIELD GFC'S CHAIRMAN AND CHIEF EXECUTIVE WOULDN'T CONFIRM OR DENY THE TRANSACTION PRICE WHICH WAS SAID TO BE AROUND 24 TO 26 FOR EACH OF 135 MILLION SHARES OF THE BELL ATLANTIC UNIT TRICON CAPITAL CORP OF PARAMUS NJ TRICON PROVIDES COMMERCIAL FINANCE AND EQUIPMENTLEASING SERVICES MR EICHENFIELD SAID THE TRANSACTION BRINGS US INTO LEADERSHIP POSITIONS IN A VARIETY OF NEW BUSINESSES AMONG THE FIELDS HE LISTED WAS TRICON'S MEDICALFINANCING AND MEDICALEQUIPMENT LEASING BUSINESS THE BELL ATLANTIC UNIT HAD 1992 REVENUE OF 242 MILLION MR EICHENFIELD SAID GFC WOULD FINANCE THE ACQUISITION INITIALLY THROUGH DEBT AND THAT THE COMPANY ALSO INTENDS TO VISIT THE EQUITY MARKETS IN THE NEXT 30 TO 60 DAYS THE TRANSACTION ISN'T SUBJECT TO A SHAREHOLDER VOTE AND IS EXPECTED TO CLOSE APRIL 1 PENDING REGULATORY APPROVALS THE TRICON AGREEMENT MARKS GFC'S SECOND SIGNIFICANT ACQUISITION IN RECENT MONTHS LAST MONTH GFC BOUGHT FLEET FINANCIAL GROUP INC'S FACTORING AND ASSETBASED LENDING SUBSIDIARY FOR 257 MILLION INCLUDING TRICON ASSETS GFC SAID IT WILL HAVE TOTAL ASSETS OF ABOUT 5 BILLION AND WOULD HAVE REPORTED NET INCOME OF ABOUT 72 MILLION IN 1993 IF THE PURCHASES HAD BEEN RETROACTIVE TO THE BEGINNING OF LAST YEAR GFC SHARES CLOSED AT 32 UP 2625 IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING FRIDAY BELL ATLANTIC HAD ANNOUNCED ITS DECISION TO EXIT THE FINANCIALSERVICES BUSINESS OCT 13 THE DAY IT ALSO AGREED TO ACQUIRE CABLE OPERATOR TELECOMMUNICATIONS INC A SPOKESWOMAN FOR THE BABY BELL SAID THE DECISION TO QUIT THE FINANCIALSERVICES BUSINESS WASN'T RELATED TO THE PROPOSED ACQUISITION OF TCI A DEAL THAT HAS SINCE FALLEN THROUGH WE WANT TO FOCUS ON OUR CORE COMMUNICATIONS BUSINESS SHE SAID AS A RESULT OF THE PACT WITH GFC BELL ATLANTIC HAS WITHDRAWN A PLANNED SPINOFF OF TRICON IN AN INITIAL PUBLIC OFFERING VALUED AT AS MUCH AS 351 MILLION THE SPOKESWOMAN SAID THE SPINOFF WHICH WAS ANNOUNCED LATE LAST YEAR WAS ONE OF SEVERAL OPTIONS FOR EXITING THE FINANCIALSERVICES BUSINESS THAT THE REGIONAL PHONE COMPANY HAD BEEN CONSIDERING BELL ATLANTIC SAID IT STILL OWNS SOME REAL ESTATE OPERATIONS THAT IT HAS NO IMMEDIATE PLANS TO SELL AND IS INVOLVED IN A JOINTVENTURE COMPUTER LEASING BUSINESS FROM WHICH IT WILL EVENTUALLY BOW OUT THE SALE OF TRICON IS NOT EXPECTED TO HAVE A MATERIAL IMPACT ON BELL ATLANTIC THE COMPANY SAID 9403070115 940307 DRAGON SYSTEMS OFFERS NEW ITEMS CUTS PRICES NEWTON MASS DRAGON SYSTEMS INC A CLOSELY HELD MAKER OF SPEECH RECOGNITION SOFTWARE UNVEILED NEW PRODUCTS WITH BIGGER VOCABULARIES AND LOWER PRICES DRAGON SAID ITS NEW DRAGONDICTATE CLASSIC EDITION WHICH WORKS WITH IBMCOMPATIBLE PERSONAL COMPUTERS RECOGNIZES AS MANY AS 60000 WORDS AND COSTS 1995 THAT'S TWICE THE VOCABULARY AT THE SAME PRICE AS ITS PREVIOUS TOPOFTHE LINE PRODUCT ONE COMPETITOR KURZWEIL APPLIED INTELLIGENCE INC WALTHAM MASS HAS A 50000WORD VOCABULARY SYSTEM THAT COSTS 2995 INTERNATIONAL BUSINESS MACHINES CORP MAKES A 20000WORD SPEECH RECOGNITION SYSTEM WITH A LIST PRICE OF 990 DRAGON ALSO ANNOUNCED AN IMPROVED 30000WORD SYSTEM FOR 995 AND A 5000WORD STARTER EDITION FOR 695 DRAGON'S SPEECH RECOGNITION SYSTEMS ARE SPEAKERINDEPENDENT BUT THEIR ACCURACY IMPROVES AS THEY GET USED TO A PARTICULAR SPEAKER'S INFLECTION LIKE ALL LARGEVOCABULARY SPEECHRECOGNITION SYSTEMS DRAGONDICTATE REQUIRES SPEAKERS TO PAUSE BRIEFLY BETWEEN WORDS SPEECH RECOGNITION SYSTEMS HAVE BEEN GETTING CLOSER TO THE IDEAL OF A TYPEWRITER THAT CAN TAKE DICTATION IN RECENT YEARS BUT SALES HAVE REMAINED SLOW BECAUSE OF COST FOUR YEARS AGO DRAGON'S 30000WORD SYSTEM WAS PRICED AT 9000 JANET BAKER PRESIDENT OF DRAGON SAID WE THINK WITH PRICES COMING DOWN MORE PEOPLE WILL TRY IT 9403070114 940307 INTERNATIONAL RUSSIAN PREMIER ATTACKS POLICIES OF CENTRAL BANK BY CLAUDIA ROSETT STAFF REPORTER OF THE WALL STREET JOURNAL MOSCOW CHANCES THAT RUSSIA MIGHT YET TACKLE A ROOT CAUSE OF ITS HIGH INFLATION AND ECONOMIC VERTIGO LOOK SLIGHTLY BRIGHTER AFTER THE FIRST PUBLIC CRITICISM BY PRIME MINISTER VIKTOR CHERNOMYRDIN OF CENTRAL BANK CHAIRMAN VIKTOR GERASHCHENKO RESPONDING AT A GOVERNMENT MEETING TO A STATEMENT BY MR GERASHCHENKO THAT INFLATIONARY SUBSIDIES ARE A LESSER EVIL THAN UNEMPLOYMENT AND FALLING PRODUCTION MR CHERNOMYRDIN SAID THAT SHOVELING OUT RUBLES WEAKENS THE RUSSIAN STATE HE ADDED IT WOULD MAKE SENSE IF MR GERASHCHENKO SAID WHAT HE SAID TODAY A YEAR AGO BUT NO LONGER RUSSIAN INFLATION REACHED ABOUT 1000 IN 1993 AND HAS RECENTLY BEEN VARYING BETWEEN ABOUT 15 AND 25 PER MONTH MR CHERNOMYRDIN ECHOED FOR THE FIRST TIME THE CONCERNS OF BANKERS AND BUSINESSMEN SINCE MR GERASHCHENKO TOOK CHARGE OF THE CENTRAL BANK IN JULY 1992 HE SAID THE BANK HAS BEEN INADMISSIBLY SLUGGISH IN CREATING A RELIABLE AND FAST SYSTEM FOR CLEARING INTERBANK TRANSACTIONS FOR EXAMPLE DESPITE EFFORTS OF WESTERN ADVISERS THESE PAST TWO YEARS TO PROVIDE TECHNICAL HELP THE CENTRAL BANK HAS YET TO SANCTION A SYSTEM OF PERSONAL CHECKS MAKING PAYMENTS STILL ENTAILS EITHER HAULING AROUND BUNDLES OF CASH OR GOING THROUGH FOREIGN BANKS OUTSIDE RUSSIA WHILE THE MAIN MISSION OF CENTRAL BANKS IN CAPITALIST ECONOMIES IS TO DEFEND THE STABILITY OF THE NATIONAL CURRENCY MR GERASHCHENKO WHO ALSO SERVED AS CENTRAL BANK CHAIRMAN UNDER PRESIDENT MIKHAIL GORBACHEV HAS TAKEN IT AS HIS CHIEF MISSION TO TRY TO PROP UP UNPROFITABLE PRODUCTION WITH CHEAP CREDIT DESPITE MR CHERNOMYRDIN'S CRITICISM IT'S NO SURE THING THAT MR GERASHCHENKO WILL LOSE HIS JOB OR THAT THE BANK WILL RESPOND BY QUICKLY REFORMING ITSELF BUT THE MAIN REASON TO TAKE MR CHERNOMYRDIN'S ATTACK AS A SIGN THAT MR GERASHCHENKO'S POLITICAL STAR MAY FINALLY BE FALLING IS THAT MR CHERNOMYRDIN HAS LONG BEEN NAMED BY MOST ECONOMIC EXPERTS HERE AS MR GERASHCHENKO'S BIGGEST BACKER IN THE RUSSIAN GOVERNMENT