that it expects to publicly offer about 10 million common shares .

it planned to offer an undetermined number of common shares in exchange for the 585,000 shares of its preferred stock outstanding .

market conditions led to the cancellation of the planned exchange .

that in January 1990 , it may resume payments of dividends on the preferred stock .

Weatherford suspended its preferred-dividend payment in October 1985

it filed with the Securities and Exchange Commission for the proposed offering of 10 million shares of common stock ,

Salomon Brothers Inc. and Howard , Weil , Labouisse , Friedrichs Inc. , underwriters for the offering , were granted an option

Weatherford currently has approximately 11.1 million common shares outstanding .

Earnings for most of the nation 's major pharmaceutical makers are believed to have moved ahead briskly in the third quarter ,

as companies with newer , big-selling prescription drugs fared especially well .

For the third consecutive quarter , however , most of the companies ' revenues were battered by adverse foreign-currency translations

that Merck & Co. , Eli Lilly & Co. , Warner-Lambert Co. and the Squibb Corp. unit of Bristol-Myers Squibb Co. all benefited from strong sales of relatively new , higher-priced medicines

Less robust earnings at Pfizer Inc. and Upjohn Co. were attributed to those companies ' older products ,

many of which face stiffening competition from generic drugs and other medicines .

that over the past few years most drug makers have shed their slow-growing businesses

such as consolidating manufacturing plants and administrative staffs .

As a result , `` major new products are having significant impact , even on a company with very large revenues , ''

profit for the dozen or so big drug makers , as a group , is estimated to have climbed between 11 % and 14 % .

propelled by sales of its line-up of fast-growing prescription drugs ,

including its anti-cholesterol drug , Mevacor ; a high blood pressure medicine , Vasotec ; Primaxin , an antibiotic , and Pepcid , an anti-ulcer medication .

even though Merck 's sales were reduced by `` one to three percentage points ''

In the third quarter of 1988 , Merck earned $ 311.8 million , or 79 cents a share .

largely because of the performance of its new anti-depressant Prozac .

is expected to generate sales of about $ 300 million this year .

In last year 's third quarter , Lilly earned $ 171.4 million , or $ 1.20 a share .

they expected Warner-Lambert 's profit also to increase by more than 20 % from $ 87.7 million , or $ 1.25 a share ,

Lopid sales are expected to be about $ 300 million this year , up from $ 190 million in 1988 .

estimated by analysts to be about 18 % above the $ 123 million , or $ 1.25 a share ,

The company was officially merged with Bristol-Myers Co. earlier this month .

that Schering-Plough Corp. 's expected profit rise of about 18 % to 20 % , and Bristol-Meyers 's expected profit increase of about 13 % are largely because `` those companies are really managed well . ''

while Bristol-Myers earned $ 232.3 million , or 81 cents a share , in the like period a year earlier .

the company has `` no problems '' with the average estimate by a analysts

that third-quarter earnings per share rose by about 19 % , to $ 1 .

The company expects to achieve the 20 % increase in full-year earnings per share ,

Pfizer 's recent string of lackluster quarterly performances continued ,

as earnings in the quarter were expected to decline by about 5 % .

In the third quarter last year , Pfizer earned $ 216.8 million , or $ 1.29 a share .

they expected Upjohn 's profit to be flat or rise by only about 2 % to 4 %

Upjohn 's biggest-selling drugs are Xanax , a tranquilizer , and Halcion , a sedative .

restricting the prescriptions of certain tranquilizing medicines

Also , the company 's hair-growing drug , Rogaine , is selling well

but the company 's profit from the drug has been reduced by Upjohn 's expensive print and television campaigns for advertising ,

Amid a crowd of crashing stocks , Relational Technology Inc. 's stock fell particularly hard Friday ,

because its problems were compounded by disclosure of an unexpected loss for its fiscal first quarter .

Revenue is expected to be `` up modestly '' from the $ 26.5 million

Relational Technology reported net income of $ 1.5 million , or 12 cents a share , in the year-earlier period .

and computer companies in general are experiencing slower sales .

he accepted the resignation of Thomas Wilson , vice president of corporate sales ,

Mr. Wilson 's resignation was n't related to the sales shortfall .

It fell $ 1.875 a share Friday , to $ 6.25 , a new low , in over-the-counter trading .

In the previous quarter , the company earned $ 4.5 million , or 37 cents a share , on sales of $ 47.2 million .

The Bronx has a wonderful botanical garden , a great zoo , its own charming Little Italy

having been subjected to news footage of the devastated South Bronx ,

But Laura Cunningham 's Bronx , her childhood Bronx of the '50s , is something else altogether .

( real oddballs like her sexpot friend , the hell-kitten Diana , age five ) .

Ms. Cunningham , a novelist and playwright , has a vivid and dramatically outsized sense of recall .

where the flats of mediocrity are only relieved by steep descents into hysteria ''

In the Babylonian Bronx , Jewish working-class people lived in drab , Soviet-style buildings

whose lobbies and hallways were decorated with murals of ancient Syrians and Greeks , friezes of Pompeii .

For Ms. Cunningham the architectural discombobulation matched the discrepancy

Sharp-witted and funny but never mean , she 's a memorialist a bit like Truman Capote ,

She was raised , for the first eight years , by her mother , Rosie ,

who did n't interfere much with her child 's education on the streets .

-- and let her make the sleeping and other household arrangements .

With loving detail she recalls her Uncle Gabe , an Orthodox Jew and song lyricist

and carried a change of clothing in a Manila envelope , like an `` undercover President on a good-will mission . ''

Lily 's grandmother , no cookie baker , excised the heads of disliked relatives from the family album ,

and lugged around her perennial work-in-progress , `` Philosophy for Women . ''

when Lily becomes more preoccupied with dating boys and less with her delightfully weird family .

For the most part , though , there 's much pleasure in her saucy , poignant probe into the mysteries of the Babylonian Bronx .

But both the past and present worlds of `` The Current Climate ''

For his sixth novel , Mr. Friedman tried to resuscitate the protagonist of his 1972 work , `` About Harry Towns . ''

whose continuing flirtation with drugs and marginal types in Hollywood and New York seems quaintly out-of-synch .

when people like his friend Travis would take a psychiatrist on a date

to analyze what Travis was doing wrong . `` An L.A. solution , '' explains Mr. Friedman .

when her husband disappears for drug-seeking forays into Manhattan .

it agreed to pay $ 1.5 million as part of an accord with the Environmental Protection Agency

that it was potentially liable for sharing cleanup costs at the site under the federal Superfund program .

The 21-square-mile area is contaminated with lead , zinc and other metals .

potentially exempting it from liability for the smelter 's cleanup costs .

that as part of its agreement with the EPA , it `` made certain voluntary undertakings with respect to intercorporate transactions

that $ 1 million of the payment was previously provided for in its financial statements

and that $ 500,000 will be recognized in its 1989 third-quarter statement .

The agreement and consent decree are subject to court approval ,

that it `` will seek to recover equitable contribution from others for both the amount of the settlement and any other liabilities

Under the agreement , Gulf must give the U.S. government 45 days ' advance written notice

`` The terms of that agreement only become effective the date of Gulf 's reorganization ,

In addition , Gulf must give the government 20 days ' advance written notice of any loans

Gulf 's net worth after those transaction must be at least $ 150 million .

it expects to hold a special meeting for shareholders in early 1990

Many of the nation 's highest-ranking executives saluted Friday 's market plunge as an overdue comeuppance for speculators and takeover players .

Assuming that the market does n't head into a bottomless free fall ,

that the leveraged buy-out and takeover frenzy of recent years may be abating .

`` This is a reaction to artificial LBO valuations , rather than to any fundamentals , ''

A few of the executives here for the fall meeting of the Business Council , a group

even though it lopped billions of dollars off the value of their companies

who was leisurely strolling through the bright orange and yellow leaves of the mountains here

after his company 's shares plunged $ 5.75 to close at $ 86.50 .

`` There has n't been any fundamental change in the economy , ''

whose Procter & Gamble Co. took an $ 8.75 slide to close at $ 120.75 .

Of course , established corporate managements often tend to applaud the setbacks of stock speculators and takeover artists .

was Robert Crandall , chairman of AMR Corp. , the parent of American Airlines and the target of a takeover offer by Mr. Trump .

Asked whether Friday 's action could help him avoid being Trumped by the New York real estate magnate ,

On Friday morning , before the market 's sell-off , the business leaders issued a report

predicting the economy would grow at roughly an inflation-adjusted 2 % annual rate , through next year ,

only two projected periods of decline in the nation 's output over the next two years ,

said Lewis Preston , chairman of J.P. Morgan & Co. and vice chairman of the Business Council .

that 's pushing down the price of New York office space and housing

because of uncertainty about the local economy , turmoil in their own industries and a belief

says Faith Consolo , senior vice president at Garrick-Aug Associates Store Leasing Inc .

There are about 2,000 stores for rent , up from a more typical range of 1,200 to 1,500 .

that are about one-quarter lower than landlords ' initial asking price .

A handful of hot retail locations , such as the 57th Street and Madison and Fifth Avenue areas , have been able to sustain what many see as astronomical rents .

But on average , Manhattan retail rents have dropped 10 % to 15 % in the past six months alone ,

says Edward A. Friedman , senior vice president of Helmsley Spear Inc .

Hooker Corp. , parent of Bonwit Teller and B. Altman 's , is mired in bankruptcy proceedings

given that some communities in New York are bemoaning the loss of favorite local businesses to high rents .

for many of these retailers there 's still been too big a jump from the rental rates of the late 1970s ,

Certainly , the recent drop in prices does n't mean Manhattan comes cheap .

New York retail rents still run well above the going rate in other U.S. cities .

Madison and Fifth Avenues and East 57th Street can command rents of up to $ 500 a square foot ,

The thriving 34th Street area offers rents of about $ 100 a square foot ,

By contrast , rentals in the best retail locations in Boston , San Francisco and Chicago rarely top $ 100 a square foot .

And rents on Beverly Hills ' Rodeo Drive generally do n't exceed about $ 125 a square foot .

Precision Castparts Corp. , Portland , Ore. , will begin trading with the symbol PCP .

Royal Bank of Scotland Group PLC , an Edinburgh , Scotland , financial services company , will list American depositary shares ,

It will continue to trade on the International Stock Exchange , London .

AIM Telephones Inc. , a Parsippany , N.J. , telecommunications equipment supply company , started trading with the symbol AIM .

Columbia Laboratories Inc. , Miami , began trading with the symbol COB .

The National Market System of the Nasdaq over-the-counter market listed shares of one company .

Employee Benefit Plans Inc. , a Minneapolis health-care services company , was listed with the symbol EBPI .

When Justice William Brennan marks the start of his 34th year on the Supreme Court today ,

the occasion will differ sharply from previous anniversaries of his tenure .

For the first time , the 83-year-old justice finds his influence almost exclusively in dissent , rather than as a force in the high court 's majority .

This role reversal holds true , as well , for his three liberal and moderate allies , Justices Thurgood Marshall , Harry Blackmun and John Stevens .

But are these four players , three of them in their 80s , ready to assume a different role after 88 years , collectively , of service on the high court ?

Every indication is that the four are prepared to accept this new role ,

to eke out a number of major victories in civil rights and liberties cases .

as the court 's new five-member conservative majority continues to solidify ,

The change is most dramatic for Justice Brennan , the last survivor of the mid-1960s liberal majority under Chief Justice Earl Warren .

In the seven Supreme Court terms from the fall of 1962 through the spring of 1967 , the height of the Warren Court 's power , Justice Brennan cast only 25 dissenting votes in 555 cases

Last term alone he cast 52 dissenting votes in 133 decisions , with the contentious flag-burning ruling as his only big victory .

strongly defending the importance of dissents in a 1985 speech .

the justices will be forced by a dissent to reconsider the fundamental questions and to rethink the result , ''

how Justice John Harlan felt , a reference to the late conservative justice

who was the most frequent dissenter from the Warren Court 's opinions .

he was `` depressed '' about the court 's direction last spring ,

and determined to speak out against the court 's cutbacks in civil rights .

He , like Justice Brennan , considers dissents highly important for the future , a point

there is a `` generation-skipping '' flavor to current dissents .

`` Brennan and Marshall are speaking in their dissents to a more distant future , ''

he takes some defeats more personally than his colleagues , especially attempts

he was no more discouraged about the court than in recent years .

And his outlook improved after successful cataract surgery in August .

But his level of frustration showed in a recent , impassioned speech to a group of hundreds of lawyers in Chicago .

the late Martin Luther King 's famous `` I Have a Dream '' speech from the 1963 March on Washington .

Justice Stevens , 69 , is probably the most philosophical of the dissenters about his role ,

`` The dissenters of the Warren Court were often defending a legal legacy

says Prof. A.E . Dick Howard of the University of Virginia Law School ,

The government sold the deposits of four savings-and-loan institutions , in its first wave of sales of big , sick thrifts ,

since it was created in the S & L bailout legislation two months ago .

Two of the four big thrifts were sold to NCNB Corp. , Charlotte , N.C. ,

which has aggressively expanded its markets , particularly in Texas and Florida .

A Canadian bank bought another thrift , in the first RTC transaction with a foreign bank .

Under these deals , the RTC sells just the deposits and the healthy assets .

These `` clean-bank '' transactions leave the bulk of bad assets , mostly real estate , with the government ,

In these four , for instance , the RTC is stuck with $ 4.51 billion in bad assets .

ranging from 1.5 % to 3.7 % for the deposits and branch systems , roughly in line with what analysts were expecting .

The buyers will also be locked into deposit rates for just two weeks ,

But it 's uncertain whether these institutions will take those steps .

NCNB , for example , has been one of the highest rate payers in the Texas market ,

and in Florida , rates are especially sensitive in retirement communities .

in selling People 's Heritage Savings , Salina , Kan. , with $ 1.7 billion in assets ,

has forced the RTC to consider selling off the thrift branch-by-branch , instead of as a whole institution .

NCNB will acquire University Federal Savings Association , Houston ,

NCNB Texas National Bank will pay the RTC a premium of $ 129 million for $ 3.5 billion in deposits .

NCNB also acquired Freedom Savings & Loan Association , Tampa , Fla. ,

NCNB will pay the RTC a premium of $ 40.4 million for $ 1.1 billion in deposits .

NCNB will also acquire $ 266 million of Freedom 's assets from the RTC ,

Meridian Bancorp Inc. , Reading , Pa. , will acquire Hill Financial Savings Association , Red Hill , Pa. ,

It will also purchase $ 845 million of the thrift 's assets , with $ 1.9 billion in RTC assistance .

In the first RTC transaction with a foreign buyer , Royal Trustco Ltd. , Toronto , will acquire Pacific Savings Bank , Costa Mesa , Calif. ,

The following issues were recently filed with the Securities and Exchange Commission :

American Cyanamid Co. , offering of 1,250,000 common shares , via Merrill Lynch Capital Markets .

Limited Inc. , offering of up to $ 300 million of debt securities and warrants .

Nuveen California Performance Plus Municipal Fund Inc. , initial offering of five million common shares , via Alex . Brown & Sons Inc. , John Nuveen & Co. , Prudential-Bache Capital Funding , and Bateman Eichler , Hill Richards .

PacifiCare Health Systems Inc. , proposed offering of 1.5 million common shares ,

of which 700,000 shares will be offered by PacifiCare and 800,000 shares by UniHealth America Inc .

via Dillon , Read & Co. Inc. , Goldman , Sachs & Co. and Dean Witter Reynolds Inc .

Pricor Inc. , offering of one million new shares of common stock and 300,000 shares by holders , via Drexel Burnham Lambert Inc. and J.C. Bradford & Co .

Trans World Airlines Inc. , offering of $ 150 million senior notes , via Drexel Burnham .

is lowering its circulation guarantee to advertisers for the second consecutive year ,

In an announcement to its staff last week , executives at Time Warner Inc. 's weekly magazine said

Time will `` dramatically de-emphasize '' its use of electronic giveaways such as telephones in television subscription drives ;

and increase the cost of its annual subscription rate by about $ 4 to $ 55 .

In a related development , the news-weekly , for the fourth year in a row , said

a full , four-color page in the magazine costs about $ 120,000 .

Time is following the course of some other mass-circulation magazines

that maintaining artificially high , and expensive , circulations is the way

In recent years , Reader 's Digest , New York Times Co. 's McCall 's , and most recently News Corp. 's TV Guide , have cut their massive circulation rate bases

Deep discounts in subscriptions and offers of free clock radios and watches have become accepted forms

of attracting new subscribers in the hyper-competitive world of magazine news-weeklies .

But Time , as part of the more cost-conscious Time Warner , wants to wean itself away from expensive gimmicks .

Time magazine executives predictably paint the circulation cut as a show of strength and actually a benefit to advertisers .

when in October 1988 the magazine cut its guaranteed circulation from 4.6 million to 4.3 million .

said Michael Drexler , national media director at Bozell Inc. ad agency .

a magazine 's net revenue per subscriber , or the actual revenue from subscribers

after discounts and the cost of premiums have been stripped away .

`` The question is how much are we getting from each reader , ''

Time 's rivals news-weeklies , Washington Post Co. 's Newsweek and U.S. News & World Report , are less reliant on electronic giveaways ,

and in recent years both have been increasing their circulation rate bases .

Both magazines are expected to announce their ad rates and circulation levels for 1990 within a month .

The Second U.S . Circuit Court of Appeals opinion in the Arcadian Phosphate case did not repudiate the position

contrary to your Sept. 8 article `` Court Backs Texaco 's View in Pennzoil Case

But the outcome of a legal dispute almost always turns on the facts .

Imperial Corp. of America withdrew from regulators its application

The broken purchase appears as additional evidence of trouble at Imperial Corp. ,

the company withdrew its application from the federal Office of Thrift Supervision

that Imperial 's thrift unit failed to meet Community Reinvestment Act requirements .

The Community Reinvestment Act requires savings and loan associations to lend money in amounts

included about $ 146 million in deposits at the five outlets in California 's San Joaquin Valley .

it expected to post a modest pretax gain and to save about $ 2 million in operating costs annually .

that it is considering whether to seek another buyer for the branches or to pursue the transaction with Imperial Corp. ,

it is attempting to meet Community Reinvestment Act requirements .

Valley Federal , with assets of $ 3.3 billion , is based in Van Nuys .

In the first six months of the year it posted a net loss of $ 33.1 million .

SOUTH AFRICA FREED the ANC 's Sisulu and seven other political prisoners .

gave the anti-apartheid activists a tumultuous reception upon their return to black townships across the country .

sentenced to life in 1964 along with black nationalist Nelson Mandela for plotting to overthrow the government ,

The president , at a news conference Friday , also renewed a call for the ouster of Panama 's Noriega .

The administration 's policy was stated in a friend-of-the-court brief

Ten of the nation 's governors , meanwhile , called on the justices to reject efforts

that the new policy would n't be invoked by the Bush administration

NASA pronounced the space shuttle Atlantis ready for launch tomorrow

The spacecraft 's five astronauts are to dispatch the Galileo space probe on an exploration mission to Jupiter .

South Korea 's President Roh traveled to the U.S. for a five-day visit

that is expected to focus on ties between Washington and Seoul .

who is facing calls for the reduction of U.S. military forces in South Korea ,

China 's Communist leadership voted to purge the party of `` hostile and anti-party elements '' and wealthy private businessmen ,

More than 2,100 others escaped to West Germany through Hungary over the Weekend .

Zaire 's President Mobutu met in southern France with Angolan rebel leader Savimbi and a senior U.S. envoy in a bid

that any elections in the Israeli-occupied territories would be impartial .

In the occupied lands , underground leaders of the Arab uprising rejected a U.S. plan

Lebanese Christian lawmakers presented to Arab mediators at talks in Saudi Arabia proposals for a new timetable for the withdrawal of Syria 's forces from Lebanon .

A plan currently under study gives Damascus two years to pull back to eastern Lebanon ,

Hurricane Jerry threatened to combine with the highest tides of the year

Thousands of residents of low-lying areas were ordered to evacuate

as the storm headed north in the Gulf of Mexico with 80 mph winds .

to oppose Miami Beach financier Victor Posner 's control of the restaurant chain .

The decision is the latest move in an escalating battle between the franchisees and Mr. Posner

One week later , Leonard H. Roberts , president and chief executive officer of Arby 's , was fired in a dispute with Mr. Posner .

Friday , 42 franchisees announced the formation of an association

The franchisees , owners or operators of 1,000 of the 1,900 franchised Arby 's in the U.S. , said :

that continued control of Arby 's by Victor Posner is totally unacceptable to us ,

because it is extremely likely to cause irreparable damage to the Arby 's system .

to remove Victor Posner from control of Arby 's Inc. and the Arby 's system . ''

it would consider , among other things , withholding royalty payments and initiating a class-action lawsuit

In Florida , Renee Mottram , a senior vice president at DWG , responded :

or illegally interfere with existing contractual relationships for their own self-serving motives . ''

the producer price index for finished goods shot up 0.9 % last month ,

did n't trigger the 190.58-point drop in the Dow Jones Industrial Average ,

Analysts immediately viewed the price data , the grimmest inflation news in months , as evidence

that the Federal Reserve was unlikely to allow interest rates to fall

that retail sales grew 0.5 % in September , to $ 145.21 billion .

that there was going to be an imminent easing of monetary policy , ''

said Robert Dederick , chief economist at Northern Trust Co. in Chicago .

But economists were divided over the extent of the inflation threat

said Gordon Richards , an economist at the National Association of Manufacturers .

But Sung Won Sohn , chief economist at Norwest Corp. in Minneapolis , blamed rising energy prices and the annual autumn increase in car prices for most of the September jump .

Inflation unquestionably has fallen back from its torrid pace last winter ,

when a steep run-up in world oil prices sent the index surging at double-digit annual rates .

Overall , the index has climbed at a 5.1 % compound annual rate since the start of the year ,

While far more restrained than the pace at the beginning of the year ,

that is still a steeper rise than the 4.0 % increase for all of 1988 .

Moreover , this year 's good inflation news may have ended last month ,

Some analysts expect oil prices to remain relatively stable in the months ahead ,

that the climb in oil prices last month would lead to a substantial rise in the producer price index ,

the resurgence { in inflation } is going to continue for a few months , ''

said John Mueller , chief economist at Bell Mueller Cannon , a Washington economic forecasting firm .

But Dirk Van Dongen , president of the National Association of Wholesaler-Distributors , said

the increase is concentrated in energy and motor vehicle prices ,

rather than being a broad-based advance in the prices of consumer and industrial goods , ''

Although all the price data were adjusted for normal seasonal fluctuations ,

But at least part of the increase could have come from higher prices ,

Producer prices for intermediate goods grew 0.4 % in September ,

Prices for crude goods , an array of raw materials , jumped 1.1 %

for September , before seasonal adjustment , and the percentage changes from September , 1988 .

it expects to report a loss of at least $ 125 million to $ 150 million for the third quarter .

In the year-earlier period , CityFed had net income of $ 485,000 , but no per-share earnings .

CityFed 's president and chief executive officer , John Atherton , said

nonperforming assets rose to slightly more than $ 700 million from $ 516 million between June and September .

Approximately 85 % of the total consisted of nonperforming commercial real estate assets .

that it will provide between $ 85 million and $ 110 million for credit losses in the third quarter .

that significant additional loan-loss provisions may be required by federal regulators as part of the current annual examination of City Federal Savings Bank , CityFed 's primary subsidiary ,

City Federal operates 105 banking offices in New Jersey and Florida .

CityFed will also mark its portfolio of high-yield corporate bonds

will result in a charge against third-quarter results of approximately $ 30 million .

it expects to shed its remaining mortgage loan origination operations outside its principal markets in New Jersey and Florida

and , as a result , is taking a charge for discontinued operations .

will result in a loss of $ 125 million to $ 150 million for the third quarter .

and the outcome of the annual examination of City Federal currently in progress with respect to the appropriate level of loan loss reserves ,

the total loss for the quarter could significantly exceed this range . ''

federal thrift regulators ordered it to suspend dividend payments on its two classes of preferred stock ,

indicating that regulators ' concerns about the troubled institution have heightened .

the regulators cited the thrift 's operating losses and `` apparent losses '' in its junk-bond portfolio

Regulators also ordered CenTrust to stop buying back the preferred stock .

David L. Paul , chairman and chief executive officer , criticized the federal Office of Thrift Supervision ,

that regulators have deep concerns about an institution 's health .

In March , regulators labeled CenTrust a `` troubled institution , ''

largely because of its big junk-bond holdings and its operating losses .

In the same month , the Office of Thrift Supervision ordered the institution to stop paying common stock dividends

holds one of the largest junk-bond portfolios of any thrift in the nation .

Since April , it has pared its high-yield bond holdings to about $ 890 million from $ 1.35 billion .

only about $ 150 million of the current holdings are tradeable securities

CenTrust and regulators have been in a dispute over market valuations for the junk bonds .

The Office of Thrift Supervision has been hounding CenTrust to provide current market values for its holdings ,

because of the relative illiquidity of the bonds and lack of a ready market .

Regulators have become increasingly antsy about CenTrust 's and other thrifts ' junk-bond holdings in light of the recent federal thrift bailout legislation and the recent deep decline in the junk-bond market .

The legislation requires thrifts to divest themselves of junk bonds in the new , somber regulatory climate .

In American Stock Exchange composite trading Friday , CenTrust common shares closed at $ 3 , down 12.5 cents .

In a statement Friday , Mr. Paul challenged the regulators ' decision ,

the thrift 's operating losses and `` apparent '' junk-bond losses `` have been substantially offset by gains in other activities of the bank . ''

substantial reserves have been set aside for possible losses from the junk bonds .

In the third quarter , for instance , CenTrust added $ 22.5 million to its general reserves .

the regulators should instead move ahead with approving CenTrust 's request

to sell 63 of its 71 branches to Great Western Bank , a unit of Great Western Financial Corp .

to transform itself into a traditional S & L from a high-flying institution

Most analysts and thrift executives had expected a decision on the proposed transaction ,

and reduce the thrift 's assets to $ 6.7 billion from $ 9 billion .

the sale would give it positive tangible capital of $ 82 million , or about 1.2 % of assets , from a negative $ 33 million as of Sept. 30 ,

the branch sale would also reduce the company 's large amount of good will by about $ 180 million .

the branch sale will make CenTrust more dependent than ever on brokered deposits and junk bonds .

by not renewing more than $ 1 billion of brokered certificates of deposit

and it plans to eventually place some of them in a separate affiliate ,

greatly expanding collaboration between the two defense contractors .

After two years of talks , plans for the venture are sufficiently advanced

for the companies to seek French and British government clearance .

The venture would strengthen the rapidly growing ties between the two companies ,

and help make them a leading force in European defense contracting .

In recent months , a string of cross-border mergers and joint ventures have reshaped the once-balkanized world of European arms manufacture .

Already , British Aerospace and French government-controlled Thomson-CSF collaborate on a British missile contract and on an air-traffic control radar system .

to buy Ferranti International Signal PLC , a smaller British defense contractor

-- traditionally bitter competitors for Middle East and Third World weapons contracts --

Most threatened by closer British Aerospace-Thomson ties would be their respective national rivals ,

including Matra S.A. in France and Britain 's General Electric Co. PLC .

that his company may join the Ferranti fight , as part of a possible consortium

with which GEC has had talks about a possible joint Ferranti bid

include Matra , Britain 's Dowty Group PLC , West Germany 's Daimler-Benz AG , and France 's Dassault group .

included # 215 million in fictitious contracts at a U.S. unit , International Signal & Control Group ,

Also , any GEC bid might be blocked by British antitrust regulators ;

Ferranti is GEC 's main competitor on several key defense-electronics contracts ,

and its purchase by GEC may heighten British Defense Ministry worries about concentration in the country 's defense industry .

A consortium bid , however , would diminish GEC 's direct role in Ferranti

A British Aerospace spokeswoman appeared unperturbed by the prospect of a fight with GEC for Ferranti :

is a needed response to the `` new environment '' in defense contracting .

For both Thomson and British Aerospace , earnings in their home markets have come under pressure from increasingly tight-fisted defense ministries ;

and Middle East sales , a traditional mainstay for both companies ' exports , have been hurt by five years of weak oil prices .

the future of its defense business depends on building cooperation with other Europeans .

for instance , West Germany 's Siemens AG recently joined GEC in a takeover of Britain 's Plessey Co. ,

and Daimler-Benz agreed to buy Messerschmitt-Boelkow Blohm G.m.b . H .

In missiles , Thomson is already overshadowed by British Aerospace and by its home rival , France 's Aerospatiale S.A. ;

Annual revenue of British Aerospace 's missile business is about # 950 million ,

British Aerospace 's chief missile products include its 17-year-old family of Rapier surface-to-air missiles .

Thomson missile products , with about half British Aerospace 's annual revenue , include the Crotale surface-to-air missile family .

Interprovincial , Canada 's biggest oil pipeline operator and a major transporter of crude to the U.S. , said

that Canadian oil output will total about 1.64 million barrels a day by 1991 , 8 % lower than a previous estimate .

Canadian crude production averaged about 1.69 million barrels a day during 1989 's first half , about 1 % below the 1988 level .

said Ronald Watkins , vice president for government and industry relations with Interprovincial 's parent , Interhome Energy Inc .

volume on Interprovincial 's system is down about 2 % since January

`` There has been a swing of the pendulum back to the gas side , ''

and have shifted their exploration and development budgets accordingly .

The number of active drilling rigs in Canada is down 30 % from a year ago ,

and the number of completed oil wells is `` down more than that , due to the increasing focus on gas exploration , ''

said Robert Feick , manager of crude oil with Calgary 's Independent Petroleum Association of Canada , an industry group .

the main reason for the production decline is shrinking output of light crude from mature , conventional fields in western Canada .

and almost 60 % of Interprovincial 's total volume consists of light crude .

whose main line runs from Edmonton to major U.S. and Canadian cities in the Great Lakes region ,

Canada 's current oil exports to the U.S. total about 600,000 barrels a day , or about 9.1 % of net U.S. crude imports ,

said John Lichtblau , president of the New York-based Petroleum Industry Research Foundation .

That ranks Canada as the fourth-largest source of imported crude , behind Saudi Arabia , Nigeria and Mexico .

will help intensify U.S. reliance on oil from overseas , particularly the Middle East .

that the delay of Interprovincial 's proposed expansion wo n't by itself increase U.S. dependence on offshore crude , however ,

since Canadian imports are limited in any case by Canada 's falling output .

Interprovincial intended to add 200,000 barrels a day of additional capacity to its system ,

The system currently has a capacity of 1.55 million barrels a day .

that third-quarter earnings dropped more than 50 % from the previous quarter

In the second quarter , the steelmaker had net income of $ 45.3 million or $ 1.25 a share ,

At the same time , the integrated-steel business was hurt by continued increases in materials costs and repair and maintenance expenses , as well as higher labor costs under its new contract .

The service-center business was hurt by reduced margins and start-up costs

it is beginning to see some shipping-rate improvements in both the intergrated-steel and steel-service-center segments ,

which should result in improved results for the fourth quarter .

the company had net of $ 61 million , or $ 1.70 a share , on sales of $ 1.02 billion .

Predicting the financial results of computer firms has been a tough job lately .

Take Microsoft Corp. , the largest maker of personal computer software and generally considered an industry bellwether .

that growth in the personal computer business overall would be only 10 % in 1990 , a modest increase

Microsoft 's surprising strength is one example of the difficulty

looking for reassurances about the financial health of the computer firms .

half will report for their most recent quarter earnings below last year 's results , and half above those results .

are Hewlett-Packard Co. , Amdahl Corp. and Sun Microsystems Inc. , generally solid performers in the past .

International Business Machines Corp. also is expected to report disappointing results .

Apple Computer Inc. , meanwhile , is expected to show improved earnings for the period ended Sept .

Another contradictory message comes from Businessland Inc. , a computer retailer .

that booming sales of new personal computers from Apple and IBM had resulted in net income

it expects earnings of 14 to 17 cents a share , down from 25 cents a share in the year-earlier period .

In computer publishing , a battle over typefaces is hurting Adobe Systems Inc. ,

Until recently , Adobe had a lock on the market for image software ,

but last month Apple , Adobe 's biggest customer , and Microsoft rebelled .

Now the two firms are collaborating on an alternative to Adobe 's approach ,

they are likely to carry IBM , the biggest seller of personal computers , along with them .

The short-term outlook for Adobe 's business , however , appears strong .

The program is aimed at improving the quality of printed material .

the Mountain View , Calif. , company has been receiving 1,000 calls a day about the product

since it was demonstrated at a computer publishing conference several weeks ago .

this probably is behind the expected weak performance of Aldus Corp. , maker of a widely used computer publishing program .

He expects Aldus to report earnings of 21 cents a share on revenues of $ 19.5 million for its third quarter ,

compared with earnings of 30 cents a share on revenue of 20.4 million in the year-earlier period .

On the other hand , the battle of the bus is expected to grow increasingly irrelevant .

Apple 's family of Macintosh computers , for instance , uses four different buses

In personal computers , Apple , Compaq and IBM are expected to tighten their hold on their business .

At the same time , second-tier firms will continue to lose ground .

Some lagging competitors even may leave the personal computer business altogether .

said Kimball Brown , an analyst at Prudential-Bache Securities .

Personal-computer makers will continue to eat away at the business of more traditional computer firms .

designed with one or more microprocessors as their `` brains , ''

are really being obsoleted by microprocessor-based machines , ''

longtime powerhouses H-P , IBM and Digital Equipment Corp. are scrambling to counterattack with microprocessor-based systems of their own .

Mr. Benton expects Compaq to unveil a family of high-end personal computers later this year

to serve as the hub for communications within large networks of desk-top machines .

A raft of new computer companies also has targeted this `` server '' market .

Iowa , for instance , saw its population grow by 11,000 people , or 0.4 % , between 1987 and 1988 ,

Between 1987 and 1988 , North Dakota was the only state in the Midwest

Six of the 12 midwestern states have been growing steadily since 1980

-- Illinois , Kansas , Minnesota , Missouri , South Dakota and Wisconsin .

although Pennsylvania and Massachusetts suffered slight declines earlier in the decade ,

At the same time , several states in the South and West have had their own population turnaround .

-- West Virginia , Mississippi , Louisiana , Oklahoma , Montana , Wyoming and Alaska .

Overall , though , the South and West still outpace the Northeast and Midwest ,

But the growth gap between the Sun Belt and other regions has clearly started narrowing .

THANKS TO modern medicine , more couples are growing old together .

A new Census Bureau study of the noninstitutionalized population shows

This does n't mean they 're less likely to live alone , however .

What has changed is that more of the young elderly are living with spouses rather than with other relatives , such as children .

lived with relatives other than spouses , down from 15 % in 1970 .

Like their younger counterparts , the older elderly are less likely to live with other relatives .

lived with relatives other than spouses in 1988 , down from 26 % in 1970 .

presumably because they are better off physically and financially .

MANY AFFLUENT people place personal success and money above family .

At least that 's what a survey by Ernst & Young and Yankelovich , Clancy , Shulman indicates .

Unlike most studies of the affluent market , this survey excluded the super-rich .

The goal was to learn about one of today 's fastest-growing income groups , the upper-middle class .

40 % of the respondents in the study do n't feel financially secure ,

Many of the affluent are n't comfortable with themselves , either .

that in life one sometimes has to compromise one 's principles .

that women make up 47 % of officials and managers in the top 50 banks , up from 33 % in 1978 .

The share of minorities in those positions has risen to 16 % from 12 % . . . .

Per-capita personal income in the U.S. grew faster than inflation last year ,

Per capita personal income ranged from $ 11,116 in Mississippi to $ 23,059 in Connecticut . . . .

There are 13.1 million students in college this fall , up 2 % from 1988 ,

More than 30 years ago , Prof. Harold Hill , the con man in Meredith Willson 's `` The Music Man , '' warned the citizens of River City , Iowa , against the game .

Now kindred spirits on Addison 's town council have barred the town 's fanciest hotel , the Grand Kempinski , from installing three free pool tables in its new lounge .

says Tom Manske , vice president of the National Pocket Billiards Association .

Besides , rowdy behavior seems unlikely at the Grand Kempinski ,

At the lounge , manager Elizabeth Dyer wo n't admit patrons in jeans , T-shirts or tennis shoes .

But a majority of the Addison council did n't buy those arguments .

The key U.S. and foreign annual interest rates below are a guide to general levels

The base rate on corporate loans at large U.S. money center commercial banks .

8 13/16 % high , 8 1/2 % low , 8 5/8 % near closing bid , 8 3/4 % offered .

traded among commercial banks for overnight use in amounts of $ 1 million or more .

The charge on loans to depository institutions by the New York Federal Reserve Bank .

8.60 % 30 to 44 days ; 8.55 % 45 to 59 days ; 8.375 % 60 to 79 days ; 8.50 % 80 to 89 days ; 8.25 % 90 to 119 days ; 8.125 % 120 to 149 days ; 8 % 150 to 179 days ; 7.625 % 180 to 270 days .

sold through dealers by major corporations in multiples of $ 1,000 :

8.15 % one month ; 8.15 % two months ; 8.13 % three months ; 8.11 % six months ; 8.08 % one year .

paid by major New York banks on primary new issues of negotiable C.D.s , usually on amounts of $ 1 million and more .

8.52 % 30 days ; 8.37 % 60 days ; 8.15 % 90 days ; 7.98 % 120 days ; 7.92 % 150 days ; 7.80 % 180 days .

8 13/16 % to 8 11/16 % one month ; 8 13/16 % to 8 11/16 % two months ; 8 13/16 % to 8 11/16 % three months ; 8 3/4 % to 8 5/8 % four months ; 8 11/16 % to 8 9/16 % five months ; 8 5/8 % to 8 1/2 % six months .

8 3/4 % one month ; 8 3/4 % three months ; 8 9/16 % six months ; 8 9/16 % one year .

The average of interbank offered rates for dollar deposits in the London market

Canada 13.50 % ; Germany 8.50 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % .

Results of the Tuesday , October 10 , 1989 , auction of short-term U.S. government bills ,

sold at a discount from face value in units of $ 10,000 to $ 1 million :

Posted yields on 30-year mortgage commitments for delivery within 30 days .

9.91 % , standard conventional fixedrate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages .

Posted yields on 30 year mortgage commitments for delivery within 30 days

9.86 % , standard conventional fixed-rate mortgages ; 8.85 % , 6/2 rate capped one-year adjustable rate mortgages .

Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns .

Pension funds , insurers and other behemoths of the investing world said

Rightly or wrongly , many giant institutional investors appear to be fighting the latest war

said John W. Rogers , president of Chicago-based Ariel Capital Management Inc. ,

Mr. Rogers spent half his cash on hand Friday for `` our favorite stocks

when Friday 's rout shaved $ 40 million from the value of the $ 752 million Janus Fund

said Frederick A. Moran , president of Moran Asset Management Inc. , Greenwich , Conn .

`` There is no justification on the fundamental level for this crash . ''

big investors such as pension funds and insurance companies can decide to ride out market storms

because stocks have proved to be the best-performing long-term investment ,

said Stephen B. Timbers , chief investment officer of Chicago-based Kemper Financial Services Inc .

The $ 56 billion California Public Employees Retirement System , for one , added $ 1 billion to its stock portfolio two years ago .

and that they ca n't react to short-term events , good or bad , ''

said Stephen L. Nesbitt , senior vice president for the pension consultants Wilshire Associates in Santa Monica , Calif .

you 'll see any significant changes '' in institutional portfolios

Even Friday 's slump leaves investors ahead more than 20 % , well above the annual average for stocks over several decades .

said James D. Awad , president of New York-based BMI Capital Corp .

that the market `` could go down 800 or 900 points in the next few days .

including the emphasis on takeover stocks and the re-emergence of computerized program trading .

Most institutional investors have abandoned the portfolio insurance hedging technique ,

In its severest test , the $ 60 billion of portfolio insurance in effect in the 1987 crash did n't work ,

whose New York-based Chilmark Capital Partners had converted 85 % of its $ 220 million investment pool to cash in recent months ,

whose investment styles had put them at odds with the market rally .

The nation 's largest short-selling operation is Feshbach Brothers , Palo Alto , Calif. ,

that its short positions had shown losses of 10 % for the year up to that point .

Neither Vitarine nor any of the Springfield Gardens , N.Y. , company 's officials or employees have been charged with any crimes .

that it substituted a SmithKline Beecham PLC product as its own in tests .

the FDA has asked Bolar Pharmaceutical Co. to recall at the retail level its urinary tract antibiotic .

Bolar , the subject of a criminal investigation by the FDA and the Inspector General 's office of the Health and Human Services Department , only agreed to recall two strengths of its version of Macrodantin `` as far down as direct customers , mostly wholesalers , ''

Bolar , of Copiague , N.Y. , earlier began a voluntary recall of both its 100 milligram and 50 milligram versions of the drug .

that it switched the brand-name product for its own in such testing .

The West German retailer ASKO Deutsche Kaufhaus AG plans to challenge the legality of a widely employed anti-takeover defense of companies in the Netherlands .

The eventual court decision could become a landmark in Dutch corporate law

Up to now only specific aspects of these defenses have been challenged , though unsuccessfully ,

ASKO will then ask the court to overturn such a vote-diluting maneuver

the Dutch-based international food retailer had n't reasonable grounds

and thus dilute the worth and voting power of ASKO and other shareholders .

his company is confident of its own position and the propriety of the preferred-share issue .

He termed ASKO 's legal actions as `` unproductive '' to international cooperation among European retailers .

Twenty-four New York Stock Exchange issues hit 52-week highs during Friday 's trading ,

despite the Dow Jones Industrial Average 's 190.58-point plunge .

Stocks of utilities held up relatively better than other market sectors during the sell-off .

included American Telephone & Telegraph Co. , Westinghouse Electric Corp. , Exxon Corp. and Cigna Corp. , the big insurer .

which during Friday 's session traded below $ 100 a share for the first time since June 1984 .

Other new lows included Navistar International Corp. , Union Carbide Corp. and Bethlehem Steel Corp. ,

Meanwhile , two initial public offerings braved the cascading market in their maiden day of national over-the-counter trading Friday .

Shares of Rally 's Inc. , an operator of fast-food restaurants , closed at $ 17 each , up from its $ 15 offering price

and shares of Employee Benefit Plans Inc. , a health-care consultant , closed at $ 14.125 , up from its $ 12 offering price .

That 's because their brokers can require them to sell some shares or put up more cash

In October 1987 , these margin calls were thought to have contributed to the downward spiral of the stock market .

when the price of a stock falls below 75 % of its original value .

Margin calls since Friday `` have been higher than usual , but reasonable , ''

Merrill Lynch & Co. officials `` do n't expect { margin calls } to be as big a factor as in 1987 ''

Hugo Quackenbush , senior vice president at Charles Schwab Corp. , the San Francisco-based discount brokerage firm , said

he did n't expect any immediate problems with margin calls for Schwab customers .

it is backing out of frequent-flier programs with three airlines .

it wo n't renew contracts with NWA Inc. 's Northwest Airlines unit , Pan Am Corp. 's Pan American World Airways unit and Midway Airlines at the end of this year .

But it remains involved in programs with AMR Corp. 's American Airlines unit and Delta Air Lines .

Industry estimates put Avis 's annual cost of all five programs at between $ 8 million and $ 14 million .

Budget Rent a Car Corp. , of Chicago , and National Car Rental Systems Inc. , of Minneapolis , both said

how this news by Hertz and Avis can not benefit Budget 's programs , ''

said Bob Wilson , Budget 's vice president , marketing planning .

National also participates in the Northwest frequent-flier program along with four other airlines ,

that it would drop its marketing agreements at year end with Delta , America West and Texas Air Corp. 's Continental Airlines and Eastern Airlines ,

and that pacts with American Airlines , UAL Inc 's United Airlines and USAir also would be ended . . . sometime after Dec. 31 .

its frequent-flier costs are `` substantially below '' Avis 's level .

said Charles Finnie , car-rental industry analyst at Alex . Brown & Sons .

CBS Inc. is cutting `` The Pat Sajak Show '' down to one hour from its current 90 minutes .

which is the network 's first entry into the late-night talk show format since 1972 .

who was named vice president of late night entertainment in August .

But CBS News will extend its four-hour `` Nightwatch '' by 30 minutes

finishing far below `` Tonight '' on NBC , a unit of General Electric Co. , and `` Nightline '' on ABC-TV , a unit of Capital Cities/ABC Inc .

Further fractioning the late-night audience is the addition of the `` Arsenio Hall Show , ''

preparing to fight with International Business Machines Corp. for a piece of the mainframe business ,

it expects to post higher revenue and earnings for its fiscal fourth quarter

it expects to report revenue of about $ 450 million and earnings of 35 cents to 40 cents a share .

In the year-earlier period , Tandem reported net income of $ 30.1 million , or 31 cents a share , on revenue of $ 383.9 million .

Tandem expects to report the full results for the quarter next week .

that the Cupertino , Calif. , company will report revenue of $ 430 million to $ 460 million and earnings of 35 cents to 40 cents a share .

the strength of the company 's domestic business came as `` a surprise '' to him ,

that sales `` in every region of the U.S. exceeded our plan . ''

The company 's U.S. performance was helped by `` a record quarter for new customers , ''

that run stock exchanges , networks of automatic tellers and other complex computer systems .

Tomorrow the company is scheduled to announce its most powerful computer ever ,

which for the first time will bring it into direct competition with makers of mainframe computers .

Analysts expect the new computer to wrest a hefty slice of business away from IBM , the longtime leader in mainframes .

they could siphon perhaps two to three billion dollars from IBM '' over the next few years ,

are roughly three times the price of a comparable system from Tandem .

`` Obviously IBM can give bigger discounts to users immediately , ''

to stop Tandem 's first mainframe from taking on some of the functions

that large organizations previously sought from Big Blue 's machines .

Nevertheless , Tandem faces a variety of challenges , the biggest

being that customers generally view the company 's computers as complementary to IBM 's mainframes .

that Tandem 's new machines are n't replacements for IBM 's mainframes .

because of skidding prices in the commodity end of the business .

Once the chief beneficiaries of the industry 's now fading boom , these producers also will be reporting against exceptionally strong performances in the 1988 third quarter .

`` For some of these companies , this will be the first quarter with year-to-year negative comparisons , ''

says Leonard Bogner , a chemical industry analyst at Prudential Bache Research .

which as of midyear had racked up eight consecutive record quarters ,

that profit decreased in the latest quarter from a year earlier , if only by a shade .

Though Dow has aggressively diversified into specialty chemicals and pharmaceuticals ,

Analysts ' third-quarter estimates for the Midland , Mich. , company are between $ 3.20 a share and $ 3.30 a share ,

At the investment firm of Smith Barney , Harris Upham & Co. , the commodity-chemical segment is seen

pulling down overall profit for 20 companies representative of the whole industry by 8 % to 10 % .

`` You will find the commodities off more than the others and the diversified companies about even or slightly better , ''

that 10 of the 15 companies it follows will report lower profit .

Still , some industry giants are expected to report continuing gains ,

largely because so much of their business is outside commodity chemicals .

Du Pont Co. is thought to have had steady profit growth in white pigments , fibers and polymers .

over whether Du Pont will report much of a gain in the latest quarter from its Conoco Inc. oil company .

In the 1988 third quarter , the company earned $ 461 million , or $ 1.91 a share , on sales of $ 7.99 billion .

Monsanto Co. , too , is expected to continue reporting higher profit ,

even though its sales of crop chemicals were hurt in the latest quarter by drought in northern Europe and the western U.S .

that losses in its G.D. Searle & Co. pharmaceutical business are narrowing .

Searle continued to operate in the red through the first half of the year ,

Most estimates for Monsanto run between $ 1.70 and $ 2 a share .

A year ago , the company posted third-quarter profit of $ 116 million , or $ 1.67 a share , on sales of $ 2.02 billion .

But the commodity-chemical producers are caught on the downside of a pricing cycle .

By some accounts on Wall Street and in the industry , the inventory reductions are near an end ,

growing production capacity could keep pressure on prices into the early 1990s .

In the latest quarter , at least , profit is expected to fall sharply .

The projections are in the neighborhood of 50 cents a share to 75 cents ,

Himont faces lower prices for its mainstay product , polypropylene ,

At Quantum Chemical Corp. , New York , the trouble is lower prices for polyethylene , higher debt costs and the idling of an important plant due to an explosion .

because it is n't known when the company will book certain one-time charges .

In the 1988 third quarter , Quantum earned $ 99.8 million , or $ 3.92 a share , on sales of $ 724.4 million .

Another big polyethylene producer , Union Carbide Corp. , is expected to post profit of between $ 1 a share and $ 1.25 ,

when the company earned $ 213 million on sales of $ 2.11 billion .

The following were among Friday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager ,

which is puttable back to the company at par on Oct. 15 , 1999 ,

was priced at a spread of 50 basis points above the Treasury 's 10-year note .

Rated single-A-1 by Moody 's Investors Service Inc. and single-A by Standard & Poor 's Corp. ,

was priced at 99 basis points above the Treasury 's 10-year note .

backed by Freddie Mac 8 1/2 % securities with a weighted average remaining term to maturity of 28.4 years ,

yields ranged from 8.78 % , or 75 basis points over two-year Treasury securities , to 10.05 % , or 200 basis points over 10-year Treasurys .

The offering , Series 101 , is backed by Freddie Mac 9 1/2 % securities .

will be divided into interest-only and principal-only securities .

The principal-only securities will be repackaged by BT Securities into a Freddie Mac Remic , Series 103 ,

The interest-only securities will be sold separately by BT Securities .

The principal-only securities pay the principal from the underlying Freddie Mac 8 % securities ,

assuming an average life of eight years and a prepayment of 160 % of the PSA model .

There were no major Eurobond or foreign bond offerings in Europe Friday .