July 17, 1992

Germany's central bank raised a key interest rate today in a widely expected and largely symbolic action. The move was meant to bolster the credibility of the nation's inflation-fighting efforts without choking off economic recovery in Europe or irking trading partners. By lifting the German discount rate to its highest level since 1931, but leaving the more important short-term Lombard rate unchanged, the Bundesbank appeared to heed in part calls from other industrial nations for it to refrain from drastic monetary tightening.

Can Digital Equipment survive, or does Kenneth H. Olsen's departure come too late? The answer is a qualified "maybe." And the company can survive only if it is able to execute immediately a strategy that seems to have been recently put in place in spite of Mr. Olsen.

Gov. Bill Clinton and his running mate, Senator Al Gore, opened their general election campaign last night with a stern attack on President Bush's economic policies and a vision for a Democratic administration that would have as its priorities jobs, health care, AIDS research, the environment and political reform. In an address intended to dispel the impression that he has character flaws that might disqualify him from the Presidency, the Arkansas Governor spoke of his background as a fatherless child and of his vision of a government based on the values of community, responsibility and compassion.

With Perot Out, What Now? While the Bush and Clinton campaigns both called Ross Perot's withdrawal a boon, it was clear that they had no firm ideas about how to win over his elusive backers. Page A10. Perot's Rise and Fall From the start of his wild ride, Ross Perot expressed ambivalence about running for President. After raising hopes and running into skepticism, he made his decision. Page A16. Bush and Baker The President sent the strongest signal yet that he might recruit his Secretary of State to revitalize the Bush re-election campaign. Page A17. A Son of Southern Gentility The 45 years of Senator Al Gore's life have been as one might guess from that unlined face: a parade of well-planned successes. Page A9. The Roots of the Candidates Hope, Ark., and Carthage, Tenn., are now caught up in myth-making by admiring friends of Governor Clinton and Senator Gore. Page A11.

NEW YORK CITY TRYING TO CURTAIL ILLEGAL VANS' ROUTES Bolstered by a bill passed by the State Legislature, New York City and the Transit Authority have begun planning a campaign to crack down on an armada of livery vans that illegally shadow bus routes in Queens, Brooklyn and the Bronx. B3. STEIN SPENDING MORE THAN RIVALS City Council President Andrew J. Stein has spent more than $1 million in the last six months on his mayoral campaign, nearly three times as much as either of his rivals. Board of Elections reports show Mr. Stein spent $1,015,000; Mayor Dinkins, $347,000, and former United States Attorney Rudolph W. Giuliani, $293,000. B3.