February 22, 1984

A chart on in Business Day yesterday with an article about telephone companies' shares gave an incorrect Friday closing price for Bell Atlantic stock.

Joseph J. Sanchez is in an unusual position for an American automobile executive these days. While most of his colleagues have to justify what went wrong with the domestic auto industry, the manager of Oldsmobile is busy explaining why things are so good. Last year the Oldsmobile division of the General Motors Corporation sold 1,007,559 cars and accounted for 11 percent of the total automobile market. Ten years ago, the division held just a 5.9 percent share of the market, but it has climbed steadily since then.

Emergency arms aid for El Salvador in advance of Congressional approval is being seriously considered by the Reagan Administration, according to Secretary of State George P. Shultz. (Page A1, Column 6.) Nicaraguan elections on Nov. 4 were scheduled by the Government. The date, which is earlier than Managua previously announced, is two days before the United States Presidential election. (A3:4-6.)

The interest-rate malaise oppressing Wall Street deepened yesterday as stock prices fell sharply in slow post-holiday trading. The Dow Jones industrial average, which was up slightly in early trading, closed off 9.53 points, to 1,139.34, its lowest finish since April 8, 1983, when it had ended at 1,124.71. In the last six weeks, the indicator has tumbled 137.77 points, or 10.7 percent, primarily on fears that the large Federal budget deficits will push interest rates higher. In addition, recent Government reports showing strong economic growth have also weakened hopes for imminent declines in rates.

Poor patients without Medicaid coverage will now be billed at city-run hospitals based on what they can afford, no matter how high their charges actually are, city officials said yesterday. An uninsured patient who runs up a hospital bill amounting to thousands of dollars could end up paying as little as a few hundred dollars, according to the Health and Hospitals Corporation, the agency that runs New York City's municipal hospitals. The plan would also permit the patients to pay in small monthly installments. The program, which takes effect immediately, was announced by John J. McLaughlin, the hospital corporation's acting president. He said it was intended to increase revenue for the hospitals and to preserve the dignity of the patients by sparing them pursuit by collection agencies hired by the city.