The Los Angeles Times from Los Angeles, California • Page 40

MARKETSMONEYPERSONAL FINANCE SECTION BUSINESS TUESDAY JULY 30, 1991 CCt Cos Anrjeles imes HIGHLIGHTS Big Board Puts Earlier Trading Start on Hold Markets: The pullback by the Ney York Stock Exchange is seen as a victory for brokers on the West Coast. clients compensated Securities bows after Agenco Kroncc-I'ressc for losses. Right, Kichiro Takao of Nikko the announcement of investors' names. Finance Minister Ryutaro Hashimoto, left, leaves an emergency meeting after Japan's big brokerages released names of Image Repair at Japanese ENERGY MARKETS OIL PRICES Current contract 42-gallon barrel $21.35, down 13 cents STOCKS BOND DOLLAR GOLD 00W INDUS. 30-YEAR U.S.

IN YEN NEW YORK 2,985.24 8.39 137.85 $363.40 12.74 0.01 0.25 Stocks edged up and bond prices were mixed as traders awaited economic reports due this week. D4 OTHER NEWS EARLY HOURS: The New York Stock Exchange bows to its opposi-. tion and delays a plan that will open trading at 9 a.m. Eastern time, 6 a.m. on the West Coast.

Dl TARDY TAKEOFF: The McDonnell Douglas C-17 military transport is not expected to fly until the end of August and pussioiy not, unui year-enu. ui MAGAZINES FOLD: California announced that it and two sister monthlies, Angeles and SF, would cease publication with the September issues. Dl PAYMENTS DISCLOSED: Japan's big securities brokerages released a list of customers who were compensated for stock losses. Dl UNITED DROPS BID: United Airlines scrapped its $235-million offer to buy the Latin American 'division of bankrupt Pan Am. D2 EARNINGS DROP: As predicted, Unocal's second-quarter earnings show an even more dramatic fall than those of the rest of the hlpnaiinrrH nil inHnstrv Hd MOVING OUT: Rohr Industries confirms plans to move jobs from California.

D5 COLUMNS CALIFORNIA CO: Calling for greater density, Daniel Akst offers a defense of the much maligned condominium. Dl MARKETING: Bruce Horovitz explains why Levi's and other marketers are focusing new attention on women. Dl LABOR: Harry Bernstein says a new experiment to cut the rising costs of workers' compensation is promising. D3 PERSONAL FINANCE: Kathy M. Kristof warns members of limited partnerships to read the fine print before they agree to a roll-up.

D3 HAPPENING TODAY Labor Department reports labor cost index and collective bargaining settlements in private industry, both for the second quarter. Commerce Department reports single-family home sales for June. Castle Cooke shareholders are to vote on a name change to Dole Food Co. at annual meeting. General Agreement on Tariffs and Trade negotiators are to meet in Geneva.

earnings reports expected trom USX Corp. and Delta Air Lines. Brokerages ers that the company changed its mind because of calls in Parliament, the Ministry of Finance and the public for release of the information. Finance Minister Ryutaro Hashimoto had urged the securities houses to release the names, and Prime Minister Toshiki Kaifu had threatened parliamentary action to force the disclosures. "We will make sure it never happens again," said Sakamaki in a tone far more humble than any statement his predecessor, Yoshihisa Tabuchi, could muster when he resigned his position as president.

Tabuchi, who became vice chairman, was subsequently forced to resign that position also. "What we are seeking is the rebirth of the company of Nomura," Sakamaki said. Regarding charges that Nomura pushed up the price of Tokyu Corp. shares after selling large numbers to a gang leader, Please see IMAGE, D6 Securities: Four big firms disclose recipients of payments for stocks losses in an effort to "win back trust." By LESLIE HELM TIMES STAFF WRITER TOKYO In what they said was an effort to "win back trust," Japan's big brokerages agreed Monday to release a list of customers who received compensation for stock market losses. The presidents of the "Big Four" brokerages jointly decided to formally release the names after the list was published in the Nihon Keizai Shimbun, Japan's leading business daily, and government officials called for disclosures.

Some of Japan's biggest manufacturing in Jeans Sales of annual jeans sales based on a 12,000 American households. Figures amarginoferrorofplusorminus5. JJjiyTWWgWP'J tzJJJjjj By SCOT J. PALTROW TIMES STAFF WRITER NEW YORK Surprised by fierce opposition from throughout the country, the New York Stock Exchange said Monday that it will indefinitely delay its plan to start trading half an hour earlier, pending further study. The plan to open daily Big Board trading at 9 a.m.

Eastern time was to have gone into effect Sept. 9. The stock exchange said it will delay seeking SEC approval for the earlier opening. The pullback was viewed as a victory for West Coast brokers, who were concerned that they would have to rise in time to be at their desks by 6 a.m. San Francisco-based Montgomery Securities played a big role in organizing the protest, which came to include more than 200 brokerage firms nationwide, as well as three exchanges the National Assn.

of Securities Dealers, the Pacific Stock Exchange and the Chicago Board Options Exchange. The reversal, even if only temporary, may be a sign of the NYSE's eroding political power within the brokerage community as computerized trading in the Please see NYSE, Dl McDonnell Puts Off First Flight of C-17 Jet Again Aerospace: Final assembly and ground testing are taking longer than expected. A Senate aide says the firm has credibility, "but it is dwindling." By RALPH VARTABEDIAN TIMES STAFF WHITER McDonnell Douglas, already long past a scries of deadlines for the first flight of its C-17 cargo jet, is not expected to get the aircraft in the air before the end pf August and not until December in the worst case, according to recent assessments by defense officials. The firm's Douglas Aircraft unit in Long Beach has taken far longer than expected to complete the final assembly and ground testing of the first C-17 aircraft, company officials acknowledged. McDonnell does not face direct financial penalties because of the most recent delays.

But as an indicator of the overall program status, the lag is bad news. The firm is already losing an estimated $500 million on its existing C-17 contracts. While first-flight delays are typical in the aircraft industry, the missed deadlines have eroded confidence in McDonnell at a time when the firm's management capability is under sharp scrutiny by Congress and Please sec C-17, Dl! California, 2 Other Magazines Folding; Victims of Slump By ALAN CITRON TIMES STAFF WRITER California magazine, which chronicled everything from the rise and fall of a cosmic politician named Jerry Brown to the "Cosmic Code of Cuchi Cuchi" in its colorful but troublesome 15-year-history, announced Monday that it is ceasing publication. Publisher Perry Grayson said in a brief statement that California had fallen victim to weak advertising revenues and the recession. He declined further comment, but people close to the magazine said the announcement had been feared for several weeks.

California magazine's circulation had slipped to 250,000 this year, after peaking at 'about 360,000 in 1987, according to Standard Rate Data Service, a circulation auditing firm. Consolidated Press Holdings of Australia, the magazine's owner, said Angeles and SF magazines, California's sister publications, would also fold after publishing the September issue. Staff members were in-Please see MAGAZINES, D5 MARKETING BRUCE HOROVITZ New Levi's Campaign Looks for Good Fit in Women's Jeans Market For years, Levi Strauss Co. searched for ways to downplay the Levi's name on the jeans it marketed to women. While the packaging for the women's jeans had words such as slim jit in bold lettering, you almost needed a magnifying glass to find the word Levi's.

The Levi's tags on women's jeans were a fraction the size of tags on men's jeans. And it was only on rare occasions that Levi's advertised directly to women. So it was no surprise that 70 of the women recently surveyed by Levi's weren't even sure if the company made women's jeans. Beginning this week in Los Angeles, Levi's will try to change that. The company plans to unleash a massive outdoor ad campaign that will litter the local landscape.

"We're not going to try to disguise the fact that we're Levi's anymore," said Gordon Shank, vice president of women's wear marketing. "That was a mistake." The advertising barrage will appear on billboards, bus shelters, bus sides and kiosks. Levi's is very late in playing catch-up in the women's market, one that it essentially ignored for years. Last year, Lee jeans sold roughly twice as many jeans to women as did Levi's. The latest action by Levi's has been spurred not only by its lousy market share in women's jeans and by the ongoing recession but also by simple marketing logic: Why ignore half of the market? Please sce'MARKETING, D6 companies, including Toyota Motor Nissan Motor Co.

and electronics leaders Matsushita Electric Industrial Co. and Hitachi were among the investors given a total of $930 million to cover their stock market losses, according to the list. Regional banks and credit associations were also on the list published in the newspaper, but only one commercial bank, the former Saitama Bank, was named. A spokesman for Kyowa Saitama Bank the product of an April 1 merger of Saitama and Kyowa Banks, said the bank was investigating the report. Nikko Securities President Kichiro Takao said his brokerage compensated long-term clients because "we felt the customers expected us to do better." Hideo Sakamaki, the president of Nomura Securities Co.

who had earlier declined to release the information because "the way of the merchant" was to protect its customers, told a crowded room of report Source: mRua information There Really kinds of residences. First, understand that "condominium" is just a form of ownership. It doesn't necessarily mean the units will be attached. But it does imply two crucial things: Units are smaller than the suburban dinosaurs so many of us aspire to, and they use less land. Second, "condo" needn't mean a boring flat with cottage-cheese ceilings and shag carpet.

Innovative architects and builders across North America are creating what are basically interesting little houses, with great success. In San Francisco, for example, Donald MacDonald designs and builds free-standing homes in densities of up to 70 per, acre, 15 or 20 times the suburban standard. More than 100 of these have already been built around the Bay Area. Because local zoning won't permit single-family homes so close together, the land is held commonly by, a residents' association. But make no mis- Millions Big Names Below are projections 1990 survey of have Lee Two new ads -fiB-is- Levi's Wrangler Levi's Lee Wrangler ill LfiHj mm by Levi's CALIFORNIA CO.

DANIEL AKST Yes, California, INDEX American Stock Exchange DH Bonds D14 Commodities D19 Dividends D18 Earnings D18 Foreign Exchange D12 L.A. Grain D9 L.A. Markets D17 Market Roundup D12 Money Rates D18 Mutual Funds D7 NASDAQ D15 New York Stock Exchange D12 NYSE High and Lows D17 Offerings D18 Options D16 Pacific Stock Exchange D17 Treasury Bills D18 U.S. Finances D18 Western OTC D15 Call 1-900-468-6868 for stock quotes 24 hours a day. Cost: 75 cents a minute.

For lnstructloree D17 I services of Stamford, Connecticut DOUG ARELLANBS l-os Angeles Times Is a Panacea take, these are houses. In Montreal, architect Witold Rybczyn-ski designed a charming row house now being copied all over town at a fraction of the cost of more conventional homes. Customers snap them up. That shouldn't be a surprise. Here in California, what we need is a different kind of housing maybe several different kinds.

Big suburban houses and far-flung developments were fine when one wage earner commuted and Mom stayed home to care for the house and chauffeur the kids. But today, two-thirds of California women ages 16 to 65 are part of the labor force. The traditional nuclear family is a minority of households, more than half of which contain only one or two people. There are more single parents, too. A long commute from an energy- and labor-intensive home is no longer practical, Please see CONDOS, D9 If a single product could keep jobs in California, democratize homeowner-ship, cut smog, increase leisure, reduce burglaries, improve the lives of women and children, beat traffic and save lives, what would you call it? Well, panacea is one possibility.

But the product is better known in public as (ta-dah) the condominium. And under the right circumstances, it is a panacea. I can almost hear the groans. Condos are a bad investment, you say. They lack privacy.

They're part of the yuppie disease. They're tacky. But hold on a minute. Condos also offer a way out of the destructive pattern of sprawl and unaffordability that is driving business away and driving people crazy. Condos needn't look like horror-film motels.

And with' just a little help from the state, they'd offer enormous advantages for all of us even those who choosf different.