February 28, 1984

Kyung-Sung Choi thinks that a 24- hour delicatessen selling some fruits, vegetables and other foods is just what Park Avenue needs. He has not been in this country long. As remodeling progressed in recent days at his store on the northeast corner of Park Avenue and 75th Street, stop-work orders were issued by the City Buildings Department and the Landmarks Preservation Commission. The local Community Board has filed a complaint against him with the city. Inspectors, police officers and irate neighbors have visited.

An article by The Associated Press in Business Day on Friday, about Imperial Chemical Industries, misstated the company's revenue figures. Revenues rose 12 percent in 1983, to $12 billion, from $10.7 billion in 1982.

A Federal appeals court today struck down the death sentence of an Alabama convict,saying the law under which he was sentenced, and under which his accomplice had already been executed, was unconstitutional. The United States Court of Appeals for the 11th Circuit ordered a new sentencing hearing for the convict, Wayne Eugene Ritter, before a Mobile jury. Under the law that was struck down , a murder conviction by a jury carried a mandatory sentence of death. The law was changed in 1980, and the Mobile jury could choose to sentence Mr. Ritter to death or to life in prison under the new law.

A late rally, spearheaded by heavy institutional buying, sent stock prices up sharply yesterday for the second consecutive session. The biggest gainers were announced or rumored merger candidates. The Dow Jones industrial average, which soared more than 30 points on Friday, climbed 14.86 points more yesterday, to 1,179.96. At 3 P.M., the average was up less than 5 points.

The Atlantic Richfield Company is preparing a takeover bid for the Gulf Oil Corporation, banking officials disclosed yesterday. Gulf rejected an informal offer of $11.6 billion from Arco a few weeks ago. Now there are indications that Arco's formal offer may involve as much as $13 billion. Arco's bid, which Gulf heatedly rebuffed then, is expected to be warmly received now, and it could possibly be the first of at least two competing offers to be made for Gulf.