February 1, 1999

Business of buying and selling stocks for smaller investors is being shaped as much by lesser-known on-line brokerage firms as it is by big brand-name firms; on-line trading grew by record 34 percent in fourth quarter, and several large banks and Wall Street firms are trying to find ways to buy into that success; shares of several on-line brokerage firms have been soaring, because of tremendous success of their businesses; sticking point with smaller on-line brokerage firms is that many on Wall Street are wary of linking up with firm whose fortunes are tied too heavily to speculative, volatile trading in Internet stocks, which many on-line brokerages specialize in; chart (M)

A malfunction knocked out New York City's emergency telephone system for more than an hour yesterday morning, and calls for help received busy signals. One woman in Queens said she could not reach help for her stricken boyfriend, who died. Article, page B1.

John Tierney The Big City column discusses John Kovacs, homeless man who lived in railroad tunnel under Riverside Park for 15 years; Kovacs currently lives in studio apartment near Riverside Park; photo (M)

Pres Clinton will unveil $1.766 trillion Federal budget for 2000 that proposes billions of dollars in new spending while preaching fiscal conservatism: will ask Congress for new money for scores of domestic programs popular with liberal and middle-class constituencies, as well as for cherished Republican priorities; plan envisions budget surplus of at least $76 billion for current fiscal year and much larger surpluses stretching as far into future as Govt forecasters can see; raises, but does not definitively answer, overriding economic question of how to adjust to time of surplus after generation of seemingly intractable deficits; spending initiatives included in budget proposals discussed (M)

News analysis; independent counsel Kenneth Starr will be moving into uncharted waters if he decides to bring criminal case against Pres Clinton before President leaves office; text of Constitution is ambiguous on issue, evidence of framers' original intent is equivocal and Supreme Court in inviting briefs but failing to rule on issue has remained silent; most legal scholars and historians believe President, along among all 'civil officers' subject to impeachment, cannot be prosecuted until no longer in office--either through expiration of his term or by automatic removal after conviction by Senate (M)