July 17, 1991

Last month, when the Mycogen Corporation's genetically engineered pesticides became the first to win approval from the Environmental Protection Agency, one element was conspicuously absent: opposition. Normally, the prospect of spraying plants with genetically altered, pesticide-producing bacteria would raise loud protests from environmentalists fearful that these new microbes would multiply and spread, with untold consequences. But Mycogen won approval because in its products, the bacteria are already dead. The dead bacteria, it turns out, are perfect capsules for delivering pesticides.

You say you've had your European tour, your Caribbean cruise, your Club Med, your spa. You say you've bed-and-breakfasted New England, barged through Burgundy, hiked the Rockies. And now, you say, your Lewis and Clark response to summer vacation is interrupted by recurring visions of Walden Pond. You are not alone. Thousands of Americans are packing for a different kind of journey this summer. Destination: a higher spiritual plane.

As a second wave of big banks reported earnings yesterday, results for the second quarter continued to be generally weak. Citicorp, the nation's largest bank, said that its earnings for the period plummeted 83 percent. On the West Coast, Wells Fargo and Security Pacific also reported sharp declines for the three months. Meanwhile, Banc One, a big Midwest bank, showed a gain.

The leadership of the New York City Council, giving in to Mayor David N. Dinkins after months of wrangling, said yesterday that they would pass a ban on assault rifles with penalties even tougher than the ones the Mayor had sought. Apparently succumbing to a barrage of negative publicity in a city buffeted by murders and other crimes committed by people with guns, the Council leadership also seemed to be trying to show that they were tough on crime and not beholden to the powerful gun lobby.

The Bank Merger Troubled banking giants are searching for a new and narrower role amid stiffening competition and changing rules, as the merger by Chemical and Manufacturers Hanover shows. [ Page A1. ] Chemical and Manufacturers are discussing consumer issues like what interest rate to charge on bank credit cards. [ D6. ] Volume in options on Manufacturers' stock soared last week. [ D8. ] The Economy