November 1, 1996

Sarah Boxer reviews exhibit of Horace Bristol's photographs depicting life of impoverished farmers in 1930's California, shown at Robert Miller Gallery; 88-year-old Bristol recalls traveling around Central Valley with John Steinbeck in project for Life magazine, which later published photos with fictional captions from The Grapes of Wrath; photos were also used to help cast parts for film; photos (M)

Clyde Haberman comments on Proposal 2 on New York City ballot, in which voters will be asked to raise term limits for political office from 8 years to 12 (M)

Conrail, nearly moribund six years ago, has prospered and become increasingly valuable piece of nation's freight transportation system; railroad deregulation, new technology and shifting patterns of world trade are factors leading to resurgence of business for Conrail and many other American rail companies, after decades-long loss of business to trucking industry; freight shippers say American rail network is best and most efficient in the world; railroads' share of freight traffic rose to 40.6 percent last year; now Conrail is at heart of biggest railroad merger battle ever; CSX has offered more than $8 billion in cash and stock, while Norfolk Southern has offered $9 billion; photos; map; chart (L)

Great boom in corporate earnings, which helped propel stock market and buoyed economy for over four years, seems to be over; what analysts are arguing over now is how much more slowly earnings will grow; while not all companies have reported yet, enough have released results to indicate that third quarter should have weakest gains in operating earnings in about four and half years, according to Wall Street estimates; that will mean that for year, earnings growth is likely to be smallest since profits actually fell in 1991; graph (M)

Profit Boom for Companies Appears to Be Over The great boom in corporate earnings, which helped propel the market and buoyed the economy for more than four years, seems to be over. What analysts are arguing over now is how weak earnings will be. While not all companies have reported this quarter, enough have released results to indicate that the third quarter should have the weakest gains in operating earnings in about four and a half years, according to several Wall Street estimates. With market indexes near record levels, weak earnings growth next year could hurt the stock market. $(Page A1.$) Markets Rally on Slow-Growth Data Financial markets rallied as falling commodity prices and new economic data pointed to slow growth and low inflation. Consumer-product makers like Procter & Gamble and Clorox paced the stock market, where the Dow Jones industrials gained 36.15 points, to 6,029.38, and the Nasdaq composite jumped 15.28 points, to 1,221.51. $(D6.$) The yield on the 30-year Treasury bond fell to its lowest level since April 1, 6.64 percent, as traders began to think the Fed would have no reason to push up interest rates. $(D16.$) Fears of Health Hazards Discounted There is no convincing evidence that exposure to electric and magnetic fields from power lines and home appliances causes leukemia or other cancers, a panel of scientists said. Spokesmen for the utility industry called the report encouraging. $(A1.$) Lowe Sues Former Executives Lowe Direct sued five executives who left to form their own shop. The agency, the direct marketing division of Lowe & Partners/SMS sought a temporary restraining order and damages. Stuart Elliott: Advertising. $(D2.$) Archer Promotes Executives Archer Daniels Midland created a four-person ''office of the chief executive,'' promoting two insiders who might succeed the longtime chief executive, Dwayne O. Andreas. $(D2.$) Exxon Settles With Insurers Receiving a final installment of $480 million, Exxon closed the books on the 1989 oil-spill disaster of the Exxon Valdez, settling claims against its insurers, led by Lloyd's of London, for a total of $780 million -- less than a third of its $2.5 billion in costs. $(D4.$) Showdown Over Market Rules? It looks as if the New York Stock Exchange and the Securities and Exchange Commission may be headed for a showdown on whether to update circuit breakers, the rules that would halt trading temporarily if the stock market plunged. Floyd Norris: Market Place. $(D6.$) New Plan for Mexican Privatization Mexico's plan to privatize part of its oil industry created a political outcry. Now a compromise plan is gaining support. $(D7.$) Stores Sue Visa Over Debit Card Wal-Mart Stores and the Limited filed an antitrust suit in Federal court against Visa, arguing that they should not be forced to accept Visa Check cards, the company's debit cards. Visa insists that retailers that accept its credit cards must also accept the debit cards. $(D4.$)