October 31, 1990

COMPANIES Joni Evans was replaced as Random House publisher, capping a year of turbulence. The interlocking personalities involved in the change sent the industry spinning. [ Page A1. ] Her replacement is Harold Evans, who is no relation. Mr. Evans and his wife, Tina Brown, are one of the top power couples in New York. [ D11. ] G.M. said it would cut production in the next two months, idling 16 car and truck assembly plants for up to four weeks. [ D1. ] Ford Motor turned in its worst quarterly performance since the 1982 recession, a 78.7 percent drop in profit. [ D1. ] USX said it would transfer its steel operation to a wholly owned subsidiary. [ D1. ] Oil companies as a group are reportedly not profiting from the invasion of Kuwait, because gasoline sellers have passed along only about 60 percent of their higher cost of oil. [ D7. ] I.B.M. introduced both its first PC's based on Intel's powerful 486 microprocessor and a more efficient version of its OS/2. [ D11. ] Leaders of the U.A.W. and Chrysler said they had reached tentative agreement on a new contract. [ A18. ] Striking unions at The Daily News moved to try to starve the paper of its advertising revenue. [ B1. ] General Cinema offered to buy the shares of Neiman Marcus it does not already own for $240 million in cash. [ D5. ] THE ECONOMY The Government reported an increase in the G.N.P. that was labeled by some economists as misleading. [ D1. ] The budget legislation ended up raising capital gains taxes for the country's wealthiest individuals, despite years of effort by Bush and his aides to cut the rate. [ D1. ] Investors must now decide how to make the best of the situation in year-end tax planning. [ D3. ] An Arizona developer pleaded guilty to participating in a fraudulent land deal involving Lincoln Savings. [ D2. ] The Administration is concerned about the dollar's recent sharp decline, a Treasury official said. [ D4. ] Sales of new homes in September fell to their lowest level since the '82 recession, the Commerce Department said. [ D6. ] Lawyers for Michael R. Milken filed a brief with their final arguments, contending that he is no "master criminal." [ D12. ] An accounting group recommended that the industry's chief rule-making body adopt a standard requiring banks to record on their earnings statements losses on securities investments. [ D12. ] BUSINESS TECHNOLOGY As technology for gathering the sun's rays improves, engineers are focusing on storage. Some Israeli scientists see a solution. [ D11. ] MARKETS Wall Street took heart from the strong reception to a Treasury auction and pushed the Dow up 17.82, to 2,448.02. [ D12. ] Oil prices retreated in a market so sluggish traders would not even jump at rumors. Crude slipped 14 cents, to $34.54. [ D7. ] A successful auction of new two-year Treasury notes helped to reverse a modest early slide in the credit markets. [ D18. ] The dollar ended mostly lower. [ D19. ] Platinum futures prices posted their strongest gains in 10 months. [ D19. ] TODAY'S COLUMNS Mutual fund investors poured money into international stock and bond funds this month, seeking to take advantage of the falling dollar, fund managers said. Floyd Norris: Market Place. [ D1. ] Congressional incumbents take heart: those who make it through the November elections are home free. Peter Passell: Economic Scene. [ D2. ] Dentsu has acquired 40 percent of Collett, Dickenson, Pearce & Partners. Advertising. [ D10. ]

Like many voters around the nation, people in this Hudson River village say they are approaching Election Day in a fed-up mood. Socked with taxes, scared about crime, angry at the inertia that seems to grip all levels of government, many say it is time to throw the politicians out. But not, it seems, their politicians."I'm all for this time limit idea," said Lou Jacobson, tie askew, as he stepped off a late-afternoon commuter train at the Tarrytown station. "If you're a Senator, after two terms, you're out," he said, hoisting his thumb in the air like an umpire. "A Congressman, 10 years, you're out."

When Congress passed the 1991 military spending bill last week, it imposed little-noticed but significant new restrictions on the President's power to spend billions of dollars on classified programs. While public attention focused on spending for "Star Wars" and the B-2 bomber, legislators and Administration officials were struggling over a section of the bill requiring the Administration to use money earmarked for secret programs precisely as Congress prescribes.

One of the most prestigious positions in New York's high-profile book world changed hands yesterday, and the interlocking personalities involved in the switch sent the industry spinning. Capping a year of turbulence at Random House, Joni Evans was replaced as publisher of the country's largest issuer of general-interest books, known for putting out the works of Norman Mailer, William Styron and James Michener. She was succeeded by Harold Evans, editor in chief of the Conde Nast Traveler magazine, who is no relation to Miss Evans.

The Government today reported an increase in the gross national product that was hailed by the Bush Administration but labeled by some economists as misleading or even masking an economy in recession. The Commerce Department said the economy grew at a 1.8 percent annual rate during the July-September quarter, somewhat faster than most analysts had expected and well above the expansion rate of four-tenths of 1 percent posted during the spring.