August 19, 1991

Deryck C. Maughan, the newly appointed chief operating officer of Salomon Brothers, began the job of Mr. Inside yesterday in the effort to rescue the investment bank from the trading scandal that has rocked it in the last week. As Warren E. Buffett, the interim chairman, deals with the consequences of the scandal, the investigation and the new direction of Salomon, Mr. Maughan will be running the firm's day-to-day business. He will do the hiring and firing.He will see that new rules governing trading, and efforts to steer Salomon's culture into safer waters, are followed. And perhaps most important, he will have to set a tone in the management of the firm that will reassure customers and give many talented employees the will and desire to ride out the storm.

In a court decision hailed by cable television officials, a Federal judge here has ruled that one of the two principal music-licensing associations cannot demand separate royalties from both cable television networks and individual cable systems. The decision affects tens of millions of dollars in copyright payments for background music for everything from serial comedies to old movies.

He is everywhere, or so it seems. Popping up on subway stations in the dead of night, appearing on television and radio talk shows, narrating his own radio commercials and drumming up recruits in leaflets that are beginning to blanket the city. The Bostonian-accented message is clear: William J. Bratton, Chief of the New York City Transit Police, wants you. He wants you as a rider. He wants you as a transit police officer.

Following is the text of the message to the Soviet people made public here today by Tass, the Soviet press agency: Compatriots, citizens of the Soviet Union, we are addressing you at the grave, critical hour for the destinies of Motherland and our peoples. A mortal danger has come to loom large over our great Motherland.

At Salomon Brothers, trading has always been a form of war in which the opponent is entitled to no pity and the rules are viewed as impediments. Now that attitude threatens to destroy the firm. Just how this situation developed is not completely clear. Part of the answer may be in a change in the corporate culture of the big Wall Street firm, where the greed of the 1980's led to an attitude of looking out for No. 1.