February 22, 1991

Companies Citicorp said a Saudi prince had agreed to invest $590 million. The investment, which will make Prince al-Waleed bin Talal the largest single Citicorp shareholder, was part of the bank's effort to raise up to $1.5 billion in capital. [ Page A1. ] The 35-year-old Prince once said he would "love to be a corporate raider." [ D5. ] Amgen's new genetically engineered drug to treat cancer and infections was approved by the F.D.A. [ D1. ] NCR said it had created an employee stock ownership plan to help it fend off a takeover by A.T.&T. The plan puts 8 percent of the company's stock in friendly hands. [ D1. ] Sharp, Japan's largest maker of flat-panel display screens for computers, will begin producing some in the United States. [ D1. ] Continental Airlines will add 32 flights to nine cities from La Guardia Airport, largely filling the vacuum left by the collapse of Eastern Airlines. [ D1. ] Saatchi & Saatchi, the world's second-largest advertising concern, presented a revised recapitalization plan that would give preferred shareholders a much larger ownership stake in the company but significantly ease its debt problems. [ D1. ] Chase Manhattan agreed to sell its asset management subsidiary to Union Bank of Switzerland for about $100 million. [ D3. ] The Economy Rules requiring businesses to accommodate the disabled were proposed by the Bush Administration to enforce last year's Americans with Disabilities Act. Businesses would be required to make structural alterations to stores or offices, unless it can be proved that the expense would be too great. [ A14. ] Energy Secretary Watkins presented the Bush Administration's national energy strategy to Congress. It was criticized as one-sided even by those who support its provision for drilling for oil in environmentally fragile areas. [ D2. ] The problem for economic policy makers who rely on precedents to make predictions is that the economy faces conditions today that have never been seen before. [ D2. ] International The German Finance Minister acknowledged that tax increases were being planned to help pay the costs of unification. But he rejected contentions that the Government's policies had helped push eastern Germany toward economic collapse. [ D2. ] Markets Stock prices were mixed. The Dow posted a loss, its third in as many days. [ D6. ] Prices of Treasury securities dipped slightly. New five-year Treasury notes were sold at an average yield of 7.51 percent. [ D12. ] Crude oil prices fell to seven-month lows as traders speculated that the Persian Gulf conflict could end. [ D13. ] The dollar declined and gold prices also lost ground. [ D13. ] Today's Columns Wars have historically given a powerful thrust to the economy by increasing spending on arms and manpower, reducing unemployment, raising consumers' incomes and putting pressure on industrial capacity. Is the war in the Persian Gulf different? Leonard Silk: Economic Scene [ D2. ] The stock of the Federal National Mortgage Association has surged 35 percent since Jan. 1, despite gloom in the real estate market and problem loans at many banks. Why has the Government-sponsored corporation performed so well? Market Place [ D6. ] Foote, Cone & Belding named the head of its San Francisco office president and chief operating officer. At the same time, the agency's chairman and chief executive said he would retire in May. Kim Foltz: Advertising [ D16. ]

Browning-Ferris Industries had little to celebrate as it quietly reached a preliminary agreement last week to sell its state-of-the-art hazardous waste disposal site 70 miles east of Denver to the Concord Resources Group, a recently formed joint venture of the Consolidated Rail Corporation and the OHM Corporation. Although the price was not disclosed, interviews with company executives and bankers suggest that it was 20 percent less than had been hoped for when the site was put up for sale last summer. The price was even slightly under an internal valuation by Houston-based Browning-Ferris, which has a reputation for conservative accounting.

U.S. Orders Businesses To Accommodate Disabled Detailing how it plans to enforce a landmark law, the Administration proposed rules requiring businesses to make structural changes to offices and stores to accommodate the disabled unless it can be shown that the expense is too great. Page A14. New York City Layoffs Four hundred workers lose their jobs this weekend, to help close a budget gap that the State Comptroller warned is growing. Pages B1 and B2.

Japan's largest maker of flat-panel display screens, the Sharp Corporation, said today that it would begin producing some of them in the United States. The announcement appears to be a largely political gesture intended to defuse a new and increasingly contentious high-technology trade dispute. Sharp is the leading producer of the ultra-thin video screens, which are used in laptop and notebook computers. Its decision -- which is likely to be followed by other Japanese screen manufacturers -- comes less than a week after the Commerce Department accused those manufacturers of selling their products below fair market value. Following Car Makers' Lead

New York City took in 854,000 immigrants between 1980 and 1989, who fanned out into all five boroughs to feed great changes in racial and ethnic concentrations, according to data released yesterday by Federal immigration officials and the Census Bureau. The figures show that the city's rebound in population in the 1980's rode upon waves of immigrants from Asia, the Caribbean and Latin America, who more than made up for a continuing loss of whites.

In its first tactical step to fend off a hostile takeover attempt by the American Telephone and Telegraph Company, the NCR Corporation moved yesterday to muster the loyalty of its employees. It announced it had created a $500 million employee stock ownership plan that could effectively control 8 percent of the company's stock. The NCR board also approved a special $1 dividend payment to shareholders and increased its regularly quarterly payout to 37 cents a share, from 35 cents. It also set March 28 as the date for the special meeting called for by A.T.&T. to try to remove NCR's entire 13-member board. NCR will also hold its annual meeting on the same day.

In her 11 years, Nathalie Pagan has not had much to do with trees in North Newark. She has seen some in a tiny park. Well, actually, those trees had been knocked down. But over at her school, St. Michael's on Crittenden Street, a few pines are sticking out of the playground pavement, and Nathalie finds them "quite beautiful." Also, Nathalie has seen some frightening building fires in North Newark. So when she heard about the forest fires way out in Yellowstone National Park, she put trees and fires together and imagined the awful damage.

Dame Margot Fonteyn, whose blend of refinement and passion redefined 20th-century ballet style and made her an international idol as the prima ballerina of the Royal Ballet in Britain, died yesterday in Paitilla Hospital in Panama City. She was 71 years old and lived on a farm near La Quinta Pata, Panama. Jane Hermann, the director of American Ballet Theater, said that she had been told of Dame Margot's death by telephone by Querube Brillenbourg, the ballerina's stepdaughter. Mrs. Brillenbourg said that Dame Margot had been ill for two and a half years but gave no further details. The Associated Press reported that Louis Martins, a friend of Dame Margot, said she did not want people to know she had cancer.

Bowing to pressure from its preferred shareholders, the Saatchi & Saatchi Company, the world's second-largest advertising concern, introduced a revised recapitalization plan today that would give such shareholders a much larger ownership stake but would significantly ease its debt problems. The plan would give 75 percent to 80 percent of Saatchi to preferred shareholders and would leave common shareholders with about 15 percent to 20 percent. Under the original plan proposed on Jan. 10, preferred shareholders would have owned 60 percent to 65 percent of Saatchi, with the common holders owning 30 percent to 35 percent.

Gov. Lowell P. Weicker Jr.'s income-tax plan promises to divide Connecticut residents into sharply differing camps based on their place of work, life style and source of income. In a small state with large numbers of out-of-state commuters and great disparities of rich and poor, tax winners and tax losers could easily live next door to each other in the same town, on the same block. Most people, certainly, would see their tax bills go up -- by at least several hundred dollars a year or more, according to the state. But many other people would be left relatively unscathed and wondering what the excitement was all about. Some would actually be better off.

THE decade began with the invasion of Hitler's army into Norway, Denmark, the Netherlands, Luxembourg and Belgium. It ended with the establishment of apartheid in South Africa and of the Communist regime in China. Who could blame theatergoers during the 1940's if they confused Jean-Paul Sartre's new play "No Exit" with realist drama? "Art of the 40's," opening Sunday at the Museum of Modern Art, provides plentiful evidence that the culture of the age by and large spoke Sartre's language of angst. Styles of painting may have encompassed Edward Hopper's realism and Clyfford Still's abstraction. But beneath the surface of those very different kinds of images resided a similarly uneasy vision of the world.

Continental Airlines said yesterday that it would add 32 flights to nine cities from La Guardia Airport, largely filling the vacuum left by the collapse of Eastern Airlines. The airline said it would begin new flights to Florida on March 21, and to cities in the South and Midwest on April 8. Some of the routes were already being served by Continental and some will be new ones for the airline. The added service will make Continental the second-largest carrier at La Guardia behind USAir.