Analysis of Federal Reserve Board chairman Alan Greenspan's testimony before Congress on state of economy focuses on Greenspan's silence on stocks; says Greenspan appeared to acknowledge that he was wrong in December when he coined the phrase 'irrational exuberance' to describe investor psychology; holds many economists believe that Greenspan's concerns have been assuaged by strong profits American businesses have enjoyed this year, making stock prices relative to earnings less inflated than they might have seemed (L)

Greenspan Silence on Stocks Speaks Volumes to Investors

Atlantic City Council gives preliminary approval to measure that would allow casinos to be built on four of resort's famous piers (New Jersey Daily Briefing) (S)

Casinos on Piers Backed

Evelyn Nieves column discusses rampant exploitation of illegal immigrant day laborers in Palisades Park, NJ (M)

Young, Illegal, Needing Work: Easy Targets

Consumers for Civil Justice proposes referendum on Nov 4 ballot to reduce car insurance rates by 20 percent (New Jersey Daily Briefing) (S)

Referendum on Auto Rates

Edison National Historic Site in West Orange needs about $29.6 million to rehabilitate laboratory complex where Thomas Alva Edison invented over 400 items, according to report by two advocacy groups (New Jersey Daily Briefing) (S)

Funds Needed for Edison Site

Mallinckrodt Inc, leading producer of diagnostic imaging agents, medical devices and chemicals, agrees to acquire Nellcor Puritan Bennett Inc, another supplier of medical products, for $1.81 billion; by acquiring Nellcor, Mallinckrodt will be able to better compete in supplying essential hospital needs (L)

Mallinckrodt To Buy Maker Of Medical Gear For $1.8 Billion

 Boeing Gives In and Wins European Approval of Deal  Boeing gave in to European regulators' demands and won approval of its merger with McDonnell Douglas. At a news conference in Washington, the chief executives of the two companies -- Philip M. Condit of Boeing, left, and Harry Stonecipher of McDonnell Douglas -- discussed the agreement.    Though Boeing's capitulation put off the threat of a trade war, experts said increasing economic globalization would make similar disputes inevitable as other multinational companies seek to merge. $(Page A1.$)

BUSINESS DIGEST

Division of Motor Vehicles hires 135 more inspectors to ease long waiting time for car inspections (New Jersey Daily Briefing) (S)

Speeding Car Inspections

Senate committee probing campaign finance abuses acts with unusual bipartisanship in rebuffing Justice Department and voting to grant immunity from prosecution to five potential witnesses, including four nuns involved in Democratic fund-raiser attended by Vice Pres Al Gore at Buddhist temple; fifth witness, Keshi Zhan, worked as fund-raising hostess for Yah Lin Trie, who has fled to China; panel hears two witnesses lay groundwork for Democratic charges that Haley Barbour solicited illegal contribution from Ambrous T Young, a Hong Kong businessman, when he was Republican national chairman; photo (M)

Inquiry, in Rebuff, Immunizes 5

Donald Trump has spent over $500,000 fighting proposed tunnel that would take gamblers to Atlantic City marina, where Stephen A Wynn plans to build casino complex (New Jersey Daily Briefing) (S)

Trump Backs Tunnel Fight

Republican leaders of House and Senate agree on plan to provide health care for uninsure children, but Pres Clinton says proposal does not guarantee adequate benefits and gives states too much leeway in designing programs; Republican plan would give states $16 billion over five years to finance health care and health insurance for children; Clinton urges Congress to provide $24 billion, with extra money coming from tobacco taxes proposed by Senate (M)

G.O.P. LEADERSHIP AGREES ON A PLAN TO COVER CHILDREN

 REMOVAL SOUGHT -- State officials have recommended that an acting Supreme Court justice in Manhattan be removed from the bench. B3.    NO COLLABORATION -- A judge ruled against the woman who was seeking royalties from the smash musical ''Rent.'' B3.

INSIDE METRO

Boeing Co wins approval European Commission approval for merger with McDonnell Douglas Corp, averting trade war between European Union and United States; agrees not to enforce exclusive-supplier provisions of pacts with three United States airlines; dispute involved major display of power by European Competition Minister, Karel van Miert, and clear sign that European leaders seek to impose their will on global companies regardless of territorial boundaries; experts say increasing economic globalization makes more such disputes inevitable; graphs (M)

Boeing Concession Averts Trade War With Europe

McKenzie River Corp is criticized over new fruit-flavored malt liquor called St Ides Special Brew Freeze and Squeeze, which it is testing in New York and other markets across the country; critics say new drink, with its colorful packaging, is another blatant attempt to convert children into drinkers; photo (M)

Icy, Fruity Malt Liquor Lures Minors, Critics Say

New park at One Penn Plaza contains fountain that emits steam in winter and fog at other times; architect Richard Blinder says wind-tunnel effect in park ruled out building traditional water fountain; photos (M)

Penn Plaza Solves Wind Problem With a Special-Effects Fountain

Production is what most likely led to downfall of Maidenform Worldwide Inc, which filed for protection under Chapter 11 on July 22, and could threaten other intimate-apparel companies that do not monitor their production; efficiency is important to all clothing makers, but it has become increasingly essential in intimate-apparel business, where a few giants have become dominant in last five years; financial situation at other intimate-apparl makers, Sara Lee Corp, Warnaco Group and VF Corp, discussed; chart (L)

Maidenform's Problems Reflect Industry Pitfalls

Teaneck Swim Club, private swimming club on tax-free public land, will have to accept 45 new families as members as result of ordinance passed by Municipal Council (New Jersey Daily Briefing) (S)

Swim Club Opens Doors

New Jersey-American Water Co lifts water restrictions it recently imposed on 200,000 customers (New Jersey Daily Briefing) (S)

Water Restrictions Lifted

Interview with composer Burt Bachrach, whose music is enjoying a revival of interest; photos (M)

Sleepless In Santa Monica

White House memo recently turned over to Congressional investigators shows Pres Clinton sought list of potential contributors to 1996 campaign whom he offered to call to try to raise $1 million for Democratic National Committee; Federal Election Commission records show five people on list had their corporations give $50,000 and $100,000 to Democrats in weeks after Clinton sought list; Clinton has said he cannot recall whether he made fund-raising calls in months leading up to election; documents also show Vice Pres Gore may have had greater personal role in fund-raising than he or his aides have acknowledged; photo (M)

President Offered to Call Party Donors, Memo Says

Police find body of man thought to be Andrew P Cunanan, suspect in murders of Gianni Versace and four others, in Miami Beach, Fla, houseboat; surrounded boat after suspect shot at caretaker checking boat and eventually used tear gas and boarded boat after tense, televised standoff; map; photos (L)

Body on Boat Could Be Cunanan's, Officials Say

Gov George E Pataki and legislative leaders say New York State is likely to insure that as many as 100,000 immigrants continue to receive food stamps even after Federal Government stops paying for them in August; Pataki says he favors continuing food stamps for children, elderly or disabled who have legal immigrant status; Assembly Speaker Sheldon Silver, who has called for continued food stamps for all current recipients, says he will accept more restrictive eligibility (M)

Leaders Near Budget Accord On Food Aid

Britain plans to impose tuition fees on college students, abandoning a long commitment to free higher education. The move is a further sign that Prime Minister Tony Blair is intent on dismantling many of the vestiges of Britain's welfare state.    Article, page A7.

Test for British: Tuition

Coalition of 68 nonprofit and religious groups denounces workfare as morally unjust; seeks to pressure Mayor Rudolph W Giuliani to treat 38,000 workfare employees in New York with greater dignity and to pay them far more than they now get by refusing to hire any workfare employees M)

Nonprofit and Religious Groups Vow to Fight Workfare Program

Bernard Goldberg draws up $180 million proposal to lease 18 floors of Chrysler Building, transform them into a hotel and restore the Cloud Club, the private club that adorned the tower until 1979, as the hotel's private oasis; building is owned by estate of late Jack Kent Cooke and is in foreclosure, and the mortgage holder, Fuji Bank, is approaching hotel and condominium developers about how much they would be willing to spend on redeveloping it; photos (M)

A Scalloped Dream, A Hotelier's Fantasy

William Joseph Brennan Jr. was an American lawyer and jurist who served as an Associate Justice of the Supreme Court of the United States from 1956 to 1990. He was the seventh-longest serving justice in Supreme Court history, and was known for being a leader of the Court's liberal wing.

William J. Brennan Jr., American colonel and jurist (born 1906)

William_J._Brennan_Jr.

Saw Maung was a Burmese military leader and statesman who served as Chairman of the State Law and Order Restoration Council (SLORC) and Prime Minister of Burma from 1988 until 1992, when he was deposed by rival generals who disapproved Saw Maung decisions that were in favor of Aung San Suu Kyi. Besides this, he was the 8th Commander-in-Chief of the Tatmadaw. He was the first Burmese general to get the rank of Senior General, which was created for him in 1990.

July 24, 1997

Headlines from July 24, 1997

Greenspan Silence on Stocks Speaks Volumes to Investors

Casinos on Piers Backed

Young, Illegal, Needing Work: Easy Targets

Referendum on Auto Rates

Funds Needed for Edison Site

Billboard 200

Men In Black--The Album

Spice

The Fat Of The Land

Middle Of Nowhere

God's Property

Notable Deaths

Historical Context for July 24, 1997