Santa Cruz Sentinel from Santa Cruz, California • Page 14

IB das dot) ess B-4 Thursday, Feb. 15, 1996 Sentinel Clinton claims economic renaissance MADKE T.J Mil timittiii'nr The Associated Press WASHINGTON President Clinton, who had ureat success usiiiK the economy as a prime issue in sent Con- 553T -3 DOW(lndustrials) WEDNESDAY'S CLOSING NYSE LISTINGS Close Chg. American Afled. Resp.lEMTI 321- -J4 70 SankAmerica (BAC) Kress an election-year status report Wednesday claiming an economic re-naissance and warning against the political lure of "short-sighted solutions for long-term problems." Clinton, who ran I'm tlm nti.cwliiiii- -V; -'I, -Va -Va -V, 40Vb 39Vj 5', 79 "i 31V; NYSE Comerica (CMA) Dean Foods (DF) Dow Jones Inc. (DJ) Gottschalks Inc.

(GOTI Lockheed Martin (LMT) Paolic Telesis (PAC) Plantronics IPLTI Safeway ISWY) Seagate Tech. (SEGI Walkins-Johnson (WJ) Wells Fargo IWFC) William J. Wnglev (WWY) tial race the Hat tax. Clinton's report warned that various assets such as housing, business investment in factories and equipment and tax exempt bonds could drop sharply in value because of the change in tax treatment. One chapter in the book was devoted to a defense of the administration's trade policies, which have come under sharp attack from GOP candidate Patrick Buchanan, who has charged they have cost thousands of American jobs.

Buchanan has called for scrapping the treaties with Mexico and a world trade agreement with 124-countries. Asked about Buchanan's proposals, Joseph Stiglitz, chairman of the council, told reporters, "There is not a single reputable economist that would ascribe to those kinds of theories." On the economy, the administration forecast growth will be slower this year, with the total output expanding at an annual rate of 2.2 percent, down substantially from the 3.5 percent increase during 1994. lowest level in nearly three decades. "Overall, the American economy is healthy and strong." Clinton declared in his annual economic report. "Our HliKi economic plan set the stage for this economic expansion and resurgence, by enacting historic deficit reduction while continuing to invest in technology and education." Clinton used this year's document, wrapped in a gold cover to symbolize the not anniversary of the law that requires presidents to make annual economic status reports, to highlight bis policies and castigate Republicans lor efforts to dismantle programs he said are necessary.

The report did concede that all was not rosy. More needs to be done to boost the country's lagging productivity and shrink the widening income gap between the richest and poorest in the country, the report said. The document also sought to defend government against Republican critics, contending that there were a number of programs that have served the country extremely well. He cited Medicare and student loans, two areas where budget cutters have looked for savings to achieve their balanced-budget goal. "Our nation must reject the temptation to shrink from its responsibilities or to turn to narrow, short-sighted solutions for long-term problems," Clinton said.

The repoit, certain to become the economic bible for Clinton's re election campaign, picked up on a number of Republican themes. Clinton declared that "the era of big, centralized, one-size-fits-all government is over." The president touted his administration's efforts, led by Vice President Al Gore, to streamline government and eliminate needless regulations. The report said the federal work force had been trimmed by 200.000 and America's farmers will fill out 3 million fewer required government forms this year. The report, prepared by the president's three-member Council of Economic Advisers, took a swipe at one of the hottest ideas in the GOP presiden 36 l'l 59''; 39V, -5V. 6l'i -Va AM EX NASDAQ LISTINGS Bid Ask Chg.

Apple Computer IAAPL) Borland Intl. (BORL) 20 Coast Bancorp ICTBP) 14 fiemoanint; how Clinton bad things had gotten under 12 years of Republican rule, said economic conditions have picked up considerably over the past three years. He said the nation was on the verge of hitting his target for creating nearly 8 million jobs in his first term, the hud-get deficit has been cut nearly in half and the "misery index" that combines inflation and unemployment was at its 1 3 1 i 2B'a Fractal Design (FRAC) Granite Const. (GCCO) Intel Corp. (INTO 57' Mont.

Bay 11 "a 27V -Vi 20'. 'i 14 29' a -Va 58 ''a 12 -Va I3Vi 17 -V. 23V 27Vi 65'. Unc 17J8 -Vi 40 NASDAQ Novell INOVLI 13t Odwalla (ODWA) 16V. Orchard Supply (OSHC) Pacific Capital Bancorp Santa Cruz Op.

(SCOC) TCKTCOMAI 7V, TGV(TGVI) 17Va West Marine IWMAR) 39', Courtesy: Baikie Alcantara, Inc. Happy birthday Graniterock Intuit warns users of tax-software bugs wrmm product deadlines slide, but Intuit is lashed to the filing deadline," said Bruce Brown, publisher of the BugNet newsletter in Sumas, Wash. Intuit, based in Menlo Park, is a leading maker of money-management software for personal computers. Its TurboTax, for IBM-type personal computers, and MacInTax for Macintosh machines, are the best-selling tax-preparation programs. The company discovered the first error on Jan.

11 and the most recent one on Feb. 2. Goines said. After confirming the errors and developing "workarounds" a process taking five to 10 days Intuit notified customers on its World Wide Web site and included the information on the telephone lines users can call for help. The company also guarantees it will pay any penalty and interest if they result from an error in its software or late tax-law change that wasn't figured into the program.

Intuit estimates that just under 2 million people will have the programs by the end of the tax season but that fewer than 20.000 will be affected by any of the flaws. Intuit's Internet address on the World Wide Web is The Associated Press SAN JOSE For the second year in a row, Intuit Inc. is warning customers of errors in its popular tax-preparation software that could lead to miscalculations on returns. The company said Wednesday that fewer than 1 percent of users of TurboTax and MacInTax should be affected by the bugs, which have led to wrong entries in some cases involving depreciation of cars and real estate, self-employed taxpayers and IRA contributions. But Intuit is offering users help in working around the Haws or even free, new corrected versions of the programs, said David Goines, vice president and general manager of Intuit's personal tax division.

The flaws seven in all showed up over the past two months during testing that continued after shipment of the software, he said. The bugs appeared a year after different flaws were found in the same programs. But the new glitches are less serious than last year's, said a publisher of a software industry newsletter. He also said bugs are inevitable, particularly given the circumstances. "They're in a difficult situation.

Many other companies can let V.rt Vi Gun control advocates ask FTC to ban advertisement Insurers must pay implant-case costs A jury ruled that insurers have to pay Dow Corning claims for settling and defending against breast-implant lawsuits, a decision the company said would make more money available to compensate women. The ruling could cost the insurers as much as $1 billion, and an insurance company attorney said there would be an appeal. The Detroit jury found Wednesday that Dow Corning neither misrepresented the risks of implants nor concealed any significant facts from the insurers that may have affected the silicone maker's ability to gain liability coverage. Helene Curtis OKs deal Beauty products maker Helene Curtis Industries pressured by shareholders and bigger competitors, said it has agreed to a S915 million buyout offer from Anglo-Dutch company Unilever NV. The company becomes the second U.S.

beauty products maker targeted this year by a foreign rival with deeper pockets. Memphis, Tenn. -based Maybelline Inc. agreed to a $610 million offer from French rival L'Oreal SA last month. Drug prices outstrip inflation The prices drug companies charge for the top 500 prescription medicines rose 4.6 percent in 1995, more than double the wholesale inflation rate, a study by retail druggists found.

The results released Wednesday were the latest evidence that the pharmaceutical industry has aggressively raised prices in the two years since national health care reform efforts failed. Microsoft, Visa team Microsoft Corp. is teaming with Visa International to provide online banking services in an attempt to loosen Intuit vise grip on the personal-finance software market. The top software and bank-card providers said Wednesday that Visa will offer quick payment-processing services to Microsoft Money software users who link up with their banks to handle tasks such as bill payments and balance inquiries. Group takes on Gerber A consumer group charged that Gerber is misleading the public about the nutritional value of its baby foods and asked the government to investigate the company's advertising.

The Center for Science in the Public Interest said Wednesday that many Gerber claims, including one that says "Nutritionally, you can't buy a better baby food," are untrue. The group says Gerber adds water, modified food starch and sugar to many of its products, when other manufacturers don't use them. Hospital group's profits soar ColumbiaHCA Healthcare the big Nashville operator of hospitals and outpatient medical services, said fourth-quarter profits rose 24 percent due largely due to a strong increase in patients. The company earned $354 million, or 79 cents a share in the three months ending in December vs. $286 million, or 64 cents a share, in the same period of 1994.

Revenues rose 17 percent to $4.6 billion vs. $3.9 billion in the last quarter of 1994. From Sentinel wire services The Associated Press WASHINGTON Advertisements implying that having a loaded gun at the ready will enhance a family's safety are a "big lie" that should be barred by the federal government, gun-control advocates asserted Wednesday. The Center to Prevent Handgun Violence and the American Academy of Pediatrics called the news conference to announce they are petitioning the Federal Trade Commission to prohibit such firearms ads as unfair and deceptive. Tanya Metaksa, the National Rifle Association's top lobbyist, condemned the petition as "an attack the Second Amendment." A gun industry representative.

Jack Ad-kins of the American Shooting Sports Council, said the allegations were based on "voodoo statistics" that misrepresent the role of the firearm in the home. An ad the gun-control advocates singled out depicts a woman tucking her young daughter into bed. The headline says, "Self-protection is more than your right. It's your responsibility." The text compares having a gun in the home with having a fire extinguisher. Although many ads cited appeared primarily in gun magazines, this one was in Ladies Home Journal.

Dan Covro Sentinel WATSONVILLE Granite Rock Co. received the Governor's Golden State Quality Award Wednesday, the company's 96th birthday. Above, Bruce Woolpert and Steve Woolpert receive the award. Graniterock was recognized for overall excellence in four categories: management, marketplace, workplace and community. Wells Fargo grabs First Interstate 350 Offices Could Be Lost In California Kprce takeover hit'" Sim r.ximiiner.

immry 24, 199b Crlnwiiirn rare SlnJ" Tifws, fiimutrit 25, 199b Stock indexes retreat The Associated Press NEW YORK Stock indexes retreated Wednesday, snapping a seven-day string of record highs on the Dow Jones industrial average, as investors sold some of their holdings to cash in on recent market gains. The Dow industrials fell 21.68 points to 5.579.55, but had been down more than 47 points before recovering some of the lost ground. Despite the drop in the Dow and broader indexes, advancing issues edged out declining shares on the New York Stock Exchange. Big Board volume was heavy at a revised 416.8 million shares as of 4 p.m., but that was still below Tuesday's pace. Broad indexes finished mixed.

The NYSE composite fell 1.94 to 349.35. and the Standard Poor's 500-stock index fell 4.93 to 655.58. But the Nasdaq composite index rose 0.81 to 1.088.03, and the American Stock Exchange's market value index rose 0.36 to 560.98. What If The Only News About Your Bank Was Its High Rates? 4-MONTI I MINNIE JUMBO 12-MONTH MINNIE IUMBO 5.20 5.14 mMMM Annual Percentage Yield 1 0,000 MINIMUM Annual Percentage Yield $10,000 MINIMUM Our high yields, valuable free financial services and the way we treat our customers consistently make headlines with smart savers. That won't change.

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