January 26, 1993

The Chicago Board of Trade, the world's leading financial and agricultural futures market, said today that it had reached a preliminary agreement to acquire the troubled Commodity Exchange Inc. of New York. The merger would be the first in which New York and Chicago financial exchanges set aside historic rivalries to unite against growing competition from overseas and from customized off-exchange deals between banks and other financial institutions.

The American Express Company's protracted search for new leadership ended in stunning fashion yesterday when its board announced that James D. Robinson 3d would remain chairman of the company, even after the stock had steadily declined under his stewardship. The board also expanded Mr. Robinson's responsibilities, making him chairman and chief executive of its troubled brokerage subsidiary, Shearson Lehman Brothers. At the same time, the board abandoned its search for an outsider to succeed Mr. Robinson as the American Express chief executive by electing the candidate Mr. Robinson had recommended last year, Harvey Golub, the company's president since 1991. With Mr. Golub in control, the 57-year-old Mr. Robinson had envisioned a more muted role for himself, serving as a consultant for two or three years at the company before retiring.

Gunman Shoots 5 Men Outside C.I.A. Complex A man fired repeatedly into cars waiting to enter the grounds of the Central Intelligence Agency outside Washington, killing two employees and injuring three others as commuters, including a United States senator, watched. The gunman escaped, and police officials said they knew of no motive and had no leads. Page A14. U.S. Units in Somalia Attack United States-led forces attacked rebel troops in Somalia in the first intervention to enforce the cease-fire, American officials said. Page A3. The Plight of Russia's Press The old giants of the Soviet press and the leading lights of glasnost are confronting the realities of a competitive market. Page A6.

International The Big Three auto makers told Federal trade officials that they would seek punitive duties on all imported cars. The auto makers will charge that foreign cars are being sold illegally in the United States for less than in their home markets. [ Page A1. ] The Clinton Administration is said to be looking to undo a secret decision by the Bush Administration to approve a Japanese corporation's purchase of an American computer company. [ D1. ] Dozens of Japanese business sectors remain partly closed to foreign companies despite years of negotiations, according to the American Chamber of Commerce in Japan. [ D2. ] Iran will market Winston cigarettes in an agreement with R. J. Reynolds, a Teheran newspaper reported. [ A10. ] Companies Sears will close its catalogue operations, shut 113 stores and carve 50,000 jobs from its payroll in another revamping meant to halt a decade-long decline in its retail business. [ A1. ] American Express's chairman will remain in place and add the title of chairman of the troubled Shearson brokerage subsidiary. The company's president was named chief executive. [ D1. ] Exxon, Chevron, Amoco and ARCO reported strong profits as oil prices and oil stocks surged amid talk of cuts in OPEC production and the imposition of a U.S. energy tax. [ D5. ] Domestic vehicle sales rose 15 percent in mid-January, short of the robust activity that the industry had been anticipating. [ D5. ] A reported plan by General Motors to sell class E shares or a stake in E.D.S. was looked upon favorably by analysts. [ D5. ] The founder of a venture to build the world's fastest computer is closing his company after I.B.M. ended its support. [ D5. ] Pacific Bell is undertaking a $1 billion plan to further modernize its local telephone service by 1997. [ D5. ] Olympia & York's unsecured creditors approved an orderly liquidation of the company's bankrupt Canadian operations. [ D6. ] Motorola denied that cellular phones posed health risks, and said that safety concerns would have no impact on sales. [ D7. ] Westwood One has agreed to sell WYNY-FM, the New York country music station, for $50 million to a Chicago group. [ D23. ] The businessman who agreed to buy The New York Post has an uneven financial past, with his wealth climbing dramatically despite frequent lawsuits and battles with regulators. [ A1. ] The Economy Proposals for a new energy tax drew unenthusiastic responses from lawmakers and industry officials, and President Clinton said he was still undecided on the idea. [ D1. ] The Chicago Board of Trade agreed to acquire the New York Commodity Exchange in the face of rising competition. [ D1. ] Telecommunications companies and law-enforcement agencies are stepping up counterattacks on computer hackers. [ B1. ] Markets The yield on the 30-year Treasury bond fell to its lowest level in six years as hopes of deficit reduction rose. [ D1. ] Stocks posted their best performance of the year, with several averages setting records. The Dow gained 35.39, to 3,292.20. [ D10. ] Crude oil prices soared on talks of OPEC production cuts and a domestic consumption tax. [ D20. ] The dollar declined on worry over high foreign interest rates. Gold rose in New York. [ D20. ] Today's Columns A sale by General Motors of some class E shares probably would not be a bonanza for investors expecting a takeover of the company's E.D.S. unit. Floyd Norris: Market Place. [ D10. ] Advertising time for the Super Bowl is sold out, even though NBC is charging record rates of $850,000 to $900,000 for each of the 56 half-minute spots. Stuart Elliott: Advertising. [ D23. ]

The Joint Chiefs of Staff today took their objections to lifting the ban on homosexuals in the armed forces to the White House, but President Clinton told them that he would not reverse his campaign pledge to end the ban, Administration and military officials said. In their first meeting with Mr. Clinton, Gen. Colin L. Powell, Chairman of the Joint Chiefs, his vice chairman and the commanders of the Army, Navy, Air Force and Marines told Mr. Clinton that his proposals would seriously undermine morale and discipline, disrupt military readiness and threaten recruiting, the officials said.