January 16, 1984

The State of Delaware, in a break with normal practice in the municipal bond market, announced Friday that it wants to sell $50 million of tax-exempt bonds using a system in which records of bond ownership are kept electronically, with no paper certificates available to investors. The paperless book-entry system is widely used for Treasury and United States agency securities, but is little- known in the municipal bond market. If investors accept the innovation, it could significantly reduce expenses for local governments and securities dealers. ''The book-entry system is the wave of the future,'' said Janet C. Rzewnicki, the Treasurer of Delaware. ''If it is accepted, we could end up with lower costs associated with our borrowings, in terms of printing, the signature company, the transfer agent, the registrar and the paying agent.''

The Economy The Federal Reserve appears willing to give up some of its powers over commercial banks as part of a plan to create a new Federal Banking Agency, according to an Administration official. The Fed's stance could break a longstanding deadlock over what its regulatory role should become. (Page D1.)

Excerpts from the debate, page B8. HANOVER, N.H., Jan. 15 - The eight major Democratic Presidential candidates engaged in the sharpest exchanges of the new campaign year today in a nationally televised debate that produced a shouted confrontation between Walter F. Mondale and Senator John Glenn. The exchange between Mr. Glenn, an Ohio Democrat, and Mr. Mondale, the former Vice President, centered on the cost of programs favored by Mr. Mondale and on his call for legislation to protect the American automobile industry from foreign competition. At one point, Mr. Mondale leaped to his feet, shouting ''Who has the floor here?'' and condemned Mr. Glenn's figures as ''baloney.'' Another rival, the Rev. Jesse Jackson, stepped in to chide the two, saying their discussion should be ''in a serious vein.'' Senator Gary Hart of Colorado also jumped in, telling the two obviously angry candidates, ''Quarreling between the two of you as to whose mistakes were the worst is not going to win the election or govern this country.''

As late as the mid-1970's, the world of photofinishing seemed to belong to the Fotomat Corporation. Its blue and gold kiosks multiplied in shopping malls and parking lots across America at the rate of 500 a year. Its revenues and earnings tripled in the space of five years. Some people called it the McDonald's of photography. But Fotomat's fortunes have turned blacker than a roll of overexposed film, and in the last two years the company has watched its kiosk empire deteriorate. ''I gave up on them years ago,'' says Brenda Lee Landry, an analyst at Morgan Stanley & Company.

One year ago Apple Computer Inc. hoped to dazzle the computer world with a revolutionary new machine called Lisa that was said to be the key to the company's future. But Lisa turned out to be a poor seller, and Apple's earnings and its leadership in the personal computer market crumpled under an attack from the International Business Machines Corporation. Now Apple is preparing to try again with another new machine called Macintosh, which will be introduced at the company's annual meeting on Jan. 24. The stakes for Apple are even higher now, especially if it wants to remain a force in the computer business. It is Apple's third and probably last chance to reduce its dependence on its Apple II line, which is nearly seven years old. Macintosh, which is expected to sell for $2,500, is only part of Apple's strategy. The company is also announcing newer, faster versions of its Lisa with an entry price as low as $3,500. And later in the year the company is expected to announce two new versions of its Apple IIe and to push that product more strongly into the home market.