LEAD: The life and death of Preston (Little Man) Simmons, a 14-year-old marijuana peddler who was shot and killed last Thursday, is a story that has become dismally familiar in his part of the world.

The Short Life of 'Little Man,' A 14-Year-Old Drug Peddler

LEAD:  I returned to the table and she brought me the cake, and I had my first felicitous meeting with Lady Baltimore. Oh, my goodness! Did you ever taste it? It's all soft, and it's in layers, and it has nuts -but I can't write anymore about it; my mouth waters too much.''  From the novel ''Lady Baltimore'' by Owen

Layer on Layer Of Sweetness, Southern Style

LEAD: Shearson Lehman Hutton Inc. is examining the possibility of bringing in an outside investor to put additional capital into the troubled brokerage firm, people close to the plan said yesterday.

Shearson Said to Consider Outside Investor

BUSINESS DIGEST

LEAD:  Tensions Rise in Lebanon  The Christian commander, Gen.

INSIDE

LEAD: The Organization of Petroleum Exporting Countries decided tonight to revise its quota system in a fundamental way that would give Persian Gulf oil producers a firm grip on prices and production in the next decade.

OPEC Sets New Policy On Quotas

LEAD: HOLIDAYS reinforce links to the past, and not necessarily one's own. As December rolls around, the bygone era most often dusted off is the 19th century, especially as it unfolded in Victorian England. This season the image seems more pervasive than ever.

Victorian Era: Holiday Images For All Times

LEAD: These days Jose Ruiz eyes his neighbor across the street, an aging recreational complex sprawled over 15 acres of Brooklyn's Brighton Beach waterfront, and can hardly wait for it to die.

Aging Baths In Brighton Face Demise

LEAD: Chancellor Helmut Kohl presented an outline to Parliament today for creating a German federation that would eventually lead to the reunification of the two German states.

Kohl Offers an Outline to Create Confederation of the 2 Germanys

LEAD: Prime Minister Rajiv Gandhi submitted his resignation to the President of India this morning, opening the way for an opposition coalition to try to form a government.

Gandhi Steps Aside, Boosting Rivals' Bid To Assume Power

LEAD: The Communist Government, with the approval of party leaders, all but surrendered to its opposition today by pledging to give up its 41-year monopoly on political power and to allow non-Communist ministers into a new Cabinet to be named by Sunday.

PRAGUE PARTY TO YIELD SOME CABINET POSTS AND DROP INSISTENCE ON PRIMACY IN SOCIETY

LEAD: Having succeeded with its theme parks and movie making, the Walt Disney Company wants to see if its golden touch extends to the recording industry.

Disney Seeking to Extend Success to Making Records

LEAD: The Government has abandoned a two-year effort costing $500 million to plan the nation's only dump for highly radioactive nuclear waste because it lacks confidence in its work thus far, officials said last night. It has decided to start over.

U.S. Will Start Over on Planning For Nevada Nuclear Waste Dump

LEAD: It seemed somehow appropriate that when the old regime in Czechoslovakia formally agreed to cede its monopoly on power, the deed was done between a caretaker Prime Minister and an opposition lacking even a formal headquarters.

Czechoslovakia's Moment in Time

LEAD: David N. Dinkins's committee to seek nominees for police commissioner decided yesterday to interview 11 candidates, including the incumbent, Richard J. Condon, and to report back to Mr. Dinkins by Dec. 11, people close to the search said.

Dinkins Group Considering 11 Candidates for Police Post

LEAD: For four days last month, the State of Alaska refused to allow an oil tanker to discharge her cargo at a refinery 100 miles south of here in Kenai. In a state that owes its prosperity and indeed its existence in large part to oil, the event was a jarring one.

Oil, a Foundation of Alaska, Works to Rebuild Its Image

LEAD: It had been at least six months since the last of the five women had moved out of this large house that was their home after their lives became living hells. And now, on a sunny morning, they had returned. There were hugs and laughter and chatter about how fast children grow up. The women cooed over a set of twins not yet born when they lived together.

About New York; 5 Beaten Women Reunite at Home Away From Hell

LEAD: Worried that full public review might seriously delay or even derail their plan to build two large civic buildings in lower Manhattan, the Federal Government and New York City have agreed to sidestep that process.

2 U.S. Towers At Foley Sq. Will Avoid Review Steps

LEAD: A booming market in nostalgia is turning yesterday - when all our troubles seemed so far away - into the latest craze in the communications and consumer products industries.

THE MEDIA BUSINESS: Advertising; The Past Is Now the Latest Craze

LEAD: The Cuomo administration is planning a major push to expand New York State's drug treatment network to treat 10,000 more addicts, state officials said today.

Cuomo to Urge Plan to Treat Drug Addicts

LEAD: ROASTED witchety grubs, sauteed mangrove worms and green ant juice may not soon replace shrimp on the barbie as Australia's most popular fare, but these delicacies are bringing new recognition to the long-neglected culture of Australia's aborigines.

From the Outback, a Cuisine for Australia

LEAD: Hungary's Minister of Trade predicted today that the United States' recent decision to grant most-favored-nation tariff treatment to Hungary would contribute to a doubling of two-way trade, to $1 billion a year, by the early 1990's.

Hungarian Says Trade Will Double

LEAD: Spending cuts being contemplated by the Pentagon for the 1990's could bring profound changes in the weapons business.

Hard Choices for Arms Makers

LEAD: DR. ROBERTA SERET calls herself a relocation specialist. To explain, she recounts the story of a Japanese business executive transferred to the United States who was invited to a Sunday barbecue by one of his American clients.

For Foreign Workers, American Life 101

LEAD: THE upheaval in Eastern Europe, with its greater openness to the West, means to many Americans that the United States no longer needs a huge military establishment. The Bush Administration, in fact, is beginning to shrink the $300 billion military budget. But if billions of dollars are diverted from military spending over the next decade, how should the money be spent?

Economic Scene; Shifting Spending To Public Works

Adam Henry Chapman is a Northern Irish professional footballer who plays as a midfielder for Retford FC.

November 29, 1989

Headlines from November 29, 1989

The Short Life of 'Little Man,' A 14-Year-Old Drug Peddler

Layer on Layer Of Sweetness, Southern Style

Shearson Said to Consider Outside Investor

BUSINESS DIGEST

INSIDE

Billboard 200

Girl You Know It's True

Storm Front

Janet Jackson's Rhythm Nation 1814

Forever Your Girl

Hangin' Tough

Notable Births

Historical Context for November 29, 1989