LEAD: The organizers of a French expedition said today that it had reached the site of the wrecked ocean liner Titanic and would start diving Thursday to recover a strongbox and other treasures from the ship, which sank off the Newfoundland coast 75 years ago.

FRENCH EXPEDITION TO START DIVING FOR TREASURES ON TITANIC TODAY

BUSINESS DIGEST: THURSDAY, JULY 23, 1987

LEAD: Easing fears of a sharp acceleration in inflation, the Labor Department reported today that the Consumer Price Index had climbed a moderate four-tenths of 1 percent in June.

Consumer Prices Rose 0.4% in June

LEAD: AS the stuff of romance, Edwina Prue's story was hard to beat. There she was, a poor girl from America in a railroad station in London in the 1920's when a nobleman saw her and fell in love with her. He did not introduce himself, but later traced her to her home in the United States, sent her orchids and a letter, and eventually married her.

In Tunisia, A Rare Visit To a Palace And Its Owner

LEAD: The House of Representatives voted today to protect 31 million elderly and disabled people against the costs of catastrophic illness by approving the largest expansion of Medicare benefits in the program's 22-year history.

A MEDICARE SHIELD FOR COSTLY ILLNESS IS VOTED BY HOUSE

LEAD: ''There are no pure souls in politics,'' Fernando Ferrer was explaining. ''Somewhere along the way they have made a judgment that 'my guts tell me one thing, but I'm going to hold my nose.' ''

Metro Matters; After 3 Months, Ferrer Is Holding His Own in Bronx

LEAD: Federal and state authorities say an unusual array of circumstances is hindering their efforts to eliminate the multimillion-dollar counterfeit-art market that is flourishing in New York and other parts of the country.

FIGHTING FAKE ART: VICTIMS' SHAME AND MUDDLED LAW

LEAD: By all outward appearances, the gallery's credentials seemed impeccable. It had a prestigious Madison Avenue address, near Museum Row. Its literature said it sold the works of some of the world's most celebrated artists. It guaranteed in writing the authenticity of every lithograph and engraving that it sold.

Where the Art Is Selling

INSIDE

LEAD: President Reagan's nominee for chairman of the Securities and Exchange Commission, David S. Ruder, told Congress today that he would support a hands-off approach to hostile takeovers and would favor only minor changes in the current Federal laws that govern them.

A Hands-Off Takeover Stance

LEAD: Treasury bond prices continued to slide lower yesterday, raising yields to their highest level since early June.

Treasury Price Slide Continues

LEAD: Governor Kean presented plans today for a state center for the performing arts in downtown Newark that would be the second largest in the nation, after Lincoln Center.

Kean Is Planning Arts Center For Newark With 8,000 Seats

LEAD: The General Electric Company, bowing to unrelenting Japanese competition, said yesterday that it was selling its $3 billion-a-year consumer electronics business to Thomson S.A., France's Government-owned electronics giant.

G.E., a Pioneer in Radio and TV, Is Abandoning Production of Sets

LEAD: Carl C. Icahn, chairman and owner of 73 percent of Trans World Airlines Inc., announced a plan yesterday to buy out the remaining public shareholders, turn the airline into a private company and give himself back practically all the $450 million he invested in the company a year and a half ago.

Icahn Plans Buyout Of T.W.A. Holders

LEAD: MANY New Yorkers cope with tiny kitchens, windowless bathrooms and inadequate closets by streamlining their lives or by just putting up with being cramped. Others have grander ideas. Instead of complaining, they make the most of their diminutive domains without sacrificing elegance or atmosphere.

Great Notions Confront Small Realities

LEAD: In its strongest move yet to become a major player in applications software, I.B.M. said today that it was forming a corporate division devoted specifically to developing computer programs for use in offices, factories and a range of industries.

Software Move Set By I.B.M.

LEAD: Soviet support for a United Nations effort to end the Iran-Iraq war does not necessarily extend to a possible international embargo on arms shipments to the combatants, a Soviet official and Middle East diplomats said today.

SOVIET MAY BALK ON GULF ARMS BAN, AN OFFICIAL HINTS

LEAD: Three months after the L'Ambiance Plaza apartment complex collapsed, killing 28 construction workers, theories abound on the cause of the accident. But Federal investigators say they do not expect any answers before September.

BRIDGEPORT COLLAPSE YIELDS JUST MANY THEORIES SO FAR

LEAD: IT is a curious fact of our inflationary times that the typical two-bedroom, 1 1/2-bath house that cost $22,500 in the 1950's now often has a $225,000 price tag. While homeowners might be delighted in the decimal point's new position, the basic house - with small rooms, limited charm and cheap materials - often still looks like a $22,500 model.

Modest Homes, Cinderella Transformations

LEAD: The Digital Equipment Corporation, whose profits have soared as those of other computer makers have faltered, said yesterday that net income in its fourth fiscal quarter jumped 58 percent, to $377.3 million.

Digital Equipment Posts A 58% Rise in Earnings

LEAD: In an effort to reduce accidents caused by speeding bicycle messengers, New York City will ban all bicyclists from Park, Madison and Fifth Avenues in midtown Manhattan between 10 A.M. and 4 P.M. on weekdays, under a three-month experiment announced yesterday by the Koch administration.

New York to Ban Bicycles on 3 Major Avenues

LEAD: Even on a midweek morning, when many customers still have a supply of tokens, there is a line at the booth of the West 72d Street IRT station that would pass for a Monday morning line elsewhere in the subways.

ON THE IRT: NEW RIDERS, NEW CARS, OLD COMPLAINTS

LEAD: President Corazon C. Aquino issued a compromise decree on land redistribution today that left open a number of crucial questions and drew immediate criticism from both landowners' and farmers' groups.

Aquino Decrees A Compromise On Land Issue

LEAD: Mikhail S. Gorbachev said in an interview published today that the Soviet Union was prepared to accept a worldwide ban on medium-range and short-range missiles.

GORBACHEV AGREES TO U.S. SUGGESTION FOR A MISSILE BAN

LEAD:  ''What they're doing is scaring the public to death, and we've got to do something about it.''  - Police Commissioner Benjamin Ward, on restricting bicycle traffic in New York City.  [ A1:6. ]

QUOTATION OF THE DAY

Alessio Cerci is an Italian former professional footballer who played as a winger.

Alessio Cerci, Italian footballer

Alessio_Cerci

Felipe Dylon is a Brazilian pop singer. His debut self-titled album was certified gold by ABPD and contained the song "Musa do Verão", an early 2000s hit in Brazil.

Felipe Dylon, Brazilian singer

Felipe_Dylon

Serdar Kurtuluş is a Turkish former footballer who played as a right back.

Serdar Kurtuluş, Turkish footballer

Serdar_Kurtuluş

Julien Ribaudo is a Belgian politician and member of the Chamber of Representatives. A member of the Workers' Party of Belgium, he has represented Brussels since June 2024.

July 23, 1987

Headlines from July 23, 1987

FRENCH EXPEDITION TO START DIVING FOR TREASURES ON TITANIC TODAY

BUSINESS DIGEST: THURSDAY, JULY 23, 1987

Consumer Prices Rose 0.4% in June

In Tunisia, A Rare Visit To a Palace And Its Owner

A MEDICARE SHIELD FOR COSTLY ILLNESS IS VOTED BY HOUSE

Billboard 200

Whitney

The Joshua Tree

Girls; Girls; Girls

Whitesnake

Bad Animals

Notable Births

Historical Context for July 23, 1987