The Los Angeles Times from Los Angeles, California • 44

2 I urvl.n klolvi I1', llK' Coo Angclco (Timro Firms Wants Debt Offset Agsinst Seized Assets Justices Take Citibank-Cuba Case Dow Jonos 30 mlustrias Western Union Rises on Rumor I ll I I I I ti.il il I A ll.it -'Mill I A I i i i I Mill In I Ulil' .1 ,11, I i 1 I. ill I lr, Al4' i 1,1 1 III 'I IM llll 1 1 I I 1 1 1 1 1 1 i i I Spoke -mi ll for i ii I Mini 'I in I i Ik- I I iMIlllMllI 'Ml I til- 'Jlli, I lllg I 111- ll.ldllltf ll.lt, ll.il i tl-rtl I tllllll III I i'l II, up In. in Ft Ha. I' Was the Mill ltio-1 ll'." i i ill I he da'. 1 1 1 1 1 1 'Mi I Vuiksimk ti.niMi Ai'h changing Analy -I- itn-ri- ai I h.il Ti led', lie lli( a ill 111, ii-1 ii der offer for uf i-Ii-mi I sell ll l.ike III I he I ntlip.ili p.irn lh.il would 1 21 6 of We-ii-rn I nion Curtis-- Wrighi 'orp hu i- ned Ii', Ti-ied Teled lie -tm ro 7 j', $121 25.

while Curii- i 25. io l'l Vi JIM MANN. nu WASHING TON The Supreme Court agreed Monday to decide whether an American hank whiiM' assets havi' been seized by a foreign government may make up for Us losses by taking dcHsils or other property from organizations con trolled by thai government The justices said they will settle a legal battle that arose in 1960. in the aftermath of the Cuban revolution led by Fidel Castro. The dispute pus New York based Citibank, then known as First National City Hank, against a Cuban trade and banking organization set up under the direction of Cuban revolutionary Che Guevara.

The court's decision, which will probably be handed down in mid-1983, could affect many other disputes arising from the expropriation of American banking assets by foreign nations. Citibank's lawyers told the Supreme Court that there are many court cases resulting from the Iranian revolution that pose the same or similar legal issues. The Reagan Administration supported Citibank's request for Supreme Court review of the case (First National vs. Banco. 81-984).

In a legal brief, the Justice Depart iiient argued that a lower court de cision against Citibank would pro vide foreign governments with a "blueprint" on how1 to protect themselves from legal liability when they want to expropriate Anient an property The Cuban entity involved is called Banco para el Comercio Fx-terior de Cuba, commonly known as "Dancec In 1961, Buncec sued Citibank in District court in New York City, claiming that it was owed $193,280 by the bank for an unpaid letter of credit involved in a sale of sugar. Citibank couniersued. saying it was owed far more than this sum by the Cuban government because of the seizure of the bank's 11 branch offices on the island during the Communist revolution. The bank said it should be able to "offset" the $193,280 against the losses it had suffered. U.S.

District Judge Charles Uneanl ruled that the bank should be permitted to do this. He held that Banccc was the "alter ego" of the Cuban government. I 1 I New York Volume Recoid volume ol 147 070 nullioii stuies I set Octohei 7 198? I "Just a Lot of Hooey' Rukeyser Rips Into Nay-Saying Newsletter By MARTIN BAKON. Tunis Sluti Writrr NEW YORK Why is Louis Rukeyser. always such a jolly fellow as host of the public teley ision program "Wall Street Week." now so Rukeyser is miffed at a little piece of research out of Florida concluding thai "il is almost impossible for the public to profit" from investment recommendations made by guests on the show.

"It's a piece of crap." Rukeyser complains "It's just a lot of hoo- The Institute for Econometric Research, which publishes several investment newsletters from Fort Lauderdale, said it analyzed 2(KI specific slock recommendations made by guests not regular panelists) on the show betw een December. 1980. and April. 1982. The result: All the recommended stocks made big moves the two weeks icnrc the show.

While the stocks typically surged on the Monday after the Friday airing of "Wall Street Week." they ultimately fizzled. Find a Guest "Obviously, a sample as large as 200 recommendations includes some very good advice and some very poor advice." wrote Norman Fosback. president of the Fort Lauderdale organization. "The overall conclusion, however, is that if you want lo make money on 'Wall Street Week' recommendations, you can't do it by watching the show you'll have to locate a forthcoming guest and find out what he plans to recommend when he appears." Fosback's calculations came out this way: Stocks recommended by the show's guests did 0.4 belter than the overall stock market in the second week tie fore the show: did 0.8 belter than the market in the week before the show: performed 2.1 belter on the Monday after lheshow; were 0.3 worst1 than the market the remaining four days of the week after the show; were 0.4 better than the market in Ihe second week after the show; but performed 3.2 worse than Ihe overall market in the next six weeks after the show. Fosback wrote that stocks could have had their big moves before the show either because many guests base recommendations on slocks performing better than the market or because the guests recommend those stocks lo clients beforehand.

Leaks Denied Richard Dubroff. producer of "Wall Street Week" at the Maryland Center for Public Broadcasting near Baltimore, rejected any speculation that recommendations were somehow leaked in advance. Guests are booked for the show six weeks ahead, Dubroff said, and "people on Wall Street and any diligent investor can find out the current likes and dislikes of any analyst." Rukeyser dismissed Fosback's results entirely. "The study is nonsense." he said, claiming that it "contradicts the results of many studies over a number of years" showing that recommendations of the show's guests have "on balance far outperformed" ihe overall stock market. Rukeyser said Fosback has refused lo send supporting documentation for the study.

Fosback said he has never been asked for such information but would be happy to send it along. Rukeyser said of Fosback. "He's a disappointed would-be guest. He's never been invited (on the show), and he'd like lobe." But producer Dubroff acknowledged that Fosback has never asked to be on "Wall Street Week. "I never really cared about it." Fosback said.

Hut last year, the I' 2nd Circuit Court of Appeals in New York City reversed this ruling In an opinion by Circuit Judge Amalya I. Kearse, the court decided that Citibank had no right lo penalize Ban-cec for the expropriations carried out by the Cuban government Kearse concluded that Hancec was "principally engaged in promoting foreign trade." She said its dispute with Citibank over the $19.1,280 "is a purely commercial one having no connection with the (Cuban) revolution or the expropriations." Zenith Claims Rejected in Dumping Dispute WASHINGTON Supreme Court on Monday rejected claims by Zenith Radio Corp th.il the federal government illegally forfeited as much as million in potential import fees resolving a dispute over the sale of Japanese television sets in the I'mled Stales. Without comment, the court let sland a decision th.it the Cal ler Ad-Please see ZENITH, Page 1H TWA To Lease 15 Super 80s From Douglas llv lill.l.SING. Tunis Stuff Wnli Trans World Airlines has signed a letter of intent to lease 1 5 new DC-9 Super 80 jetliners from McDonnell Douglas Corp. in another deal expected lo save IX'-9-rclalcd jobs at Douglas' Long Beach assembly plant, a McDonnell Douglas spokes-man confirmed Monday.

News of the proposed agreement, which still may be aborted if detailed terms cannot be worked out. comes just three weeks after American Airlines announced would lease 20 of Ihe fuel -efficient. 137-to-r()-seal twmjets in a highly innovative transaction. It also comes amid reports, also confirmed by the McDonnell Douglas spokesman, that Republic Airlines is seeking financing to buy or lease six DC-9 Super 80s to add to its current fleet of three. Sales of the IK'-9.

like sales of other jetliners, have slumped severely due to airlines' financial losses. Analysts have said th.it McDonnell Douglas might have had to shut down the DC-9 line in about two years without the American and TWA leasing arrangements. The number of jobs at the Long Beach facility has fallen to 16.000 from 20.8(10 in January. McDonnell Douglas spokesman Don Hanson confirmed th.it TWA signed a letter of intent last week However. Hanson refused to discuss del, ills of contract negotiations.

Business in Brief Treasury-bill interest rates inched up at the latest sale. Although yields rose slightly at the weekly auction, they still remained close to the lowest point in more than two years, Treasury Department officials said. The average rate on three-month bills rose to 7.437 from 7.429last week, while the average rate on six-month bills rose to 7.762 from 7.734. The latest yields were the highest since Oct. 4.

The latest six-month rate means that, beginning today, savings and loan associations may pay as much as 8.98 interest on six-month money-market certificates. Com-merical banks may pay 8.73, a quarter of a point less. Both rates have been at 9.15 for the last week. The ceilings are based on the higher of two figures: the new discount rate on six-month T-bills or the average for such bills at the four most recent auctions 8.48 in this case. When the higher of those figures is below 8.5, the ceiling is that figure plus one-quarter percentage point for commercial banks or plus one-half point for savings and loans.

Mexico accused two U.S. oil equipment firms of bribery. The Mexican attorney general's office charged in a report summarizing an eight-month investigation that Crawford Fnterprises Inc. and Ruston Gas Turbines both of Houston, paid bribes and kickbacks totaling more than $ll(i million in dealings with Mexico's stale-owned oil company, I'etroleos Mexicanos. It is against U.S.

law for American companies to pay bribes overseas. Crawford has previously denied any wrongdoing. Ruston pleaded guilty in federal court in Houston last September to bribing two former officials of the Mexican company. Investors bought 9. of Gibraltar Financial Corp.

Two Atalanla Capital Corp. officers. Martin Toby Sosnoff and Shepard David Osherow. said I hey BOND PRICES Continued from First Pge down 1 1 point and dollar dow 1 1 i points Federal Ii rm lo.in Iwcen banks of uncommiiied ii series, traded 9' up from late Friday The stixk market also got a lift from falling interest rates, with the Dow Jones industrial average soaring 26.12 points to 1.019.22. its high est close since it reached an eight -year high of 1,024 05 on April 27.

1981. It also was the Dow's biggest gain since it jumped 37.07 on Oct. 6 Analysts said that if there was a missing ingredient in Monday's surge, it was the kind of record activity that has become almost commonplace in the market lately Volume on the New York Stock Exchange, which has topped KJ million shares no fewer than 13 times since mid-August, totaled 83.79 million shares, compared with 80.29 million on Friday. Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 99.28 million shares. Standard Poor's 500-stock index rose 3.16 to 136.73.

and the NYSE composite index gained 1 66 to 78.40. The American Stock Exchange market -value index surged 4.25 to 318.13. and the NASDAQ composite index of OTC slocks advanced 2.15 to 206.61. Big block trades of 10.000 or more shares on the NYSE totaled 1.252. compared with 1.214 on Friday On the Big Board.

1.241 issues closed higher. 128 declined and 217 closed unchanged. The Wilshire index of equities closed at 1.396.814. up 27.851. or 2.03, from the preceding trading day.

A year ago the index stood at 1,251.089. For the 12-month period, the index high stands at 1.396.814 and the low at 1.051.115. Please BONDS. Page 18 The SBA set up a hot line to help cut through red tape. The "answer desk" hot line by the Small Business Administration for small business proprietors who need help in dealing with "the complexities of government." an SBA official said.

The toll-free service is available across the nation except Alaska and Hawaii, from 8:30 a.m. to 6 p.m. EDT. Monday through Friday. The number to call is 800-368-5S55.

Southern Pacific Co. said it and GTE reached a definitive agreement covering the sale of Southern Pacific Communications Co. and Southern Pacific Satellite Co. to GTE The Mountain States Legal Assn. filed suit in federal court in Denver, contending that exclusive cable television contracts violate the constitutional right of free speech Tosco said it has consol -idated its oil shale, coal and minerals activities into a new group called oil shale and minerals The SF.C said Daniel Goelzer.

now executive assistant to Chairman John Shad, will be appointed as the agen -cy's general counsel next month, succeeding Edward F. Greene, ho is leaving to practice law privately Moody's said it has lowered its ratings on the commercial paper of National Steel Corp. and Republic Steel Corp. to prime-3 from prime- 2 Standard Poor's said it has raised its rating of Heubleln's S-Vl notes due 1985 to double-A from single-A and 4's convertible subordinated debentures due 199S to double-A-minus from single-Animus. It also removed the company from its creditwatch Eastman Kodak said rental prices will be in creased up to 6 on copiers and duplicators, effective Jan.

3 Providence Capitol Ltd. and its in direct subsidiary. Providence Washington Insurance said they acquired 52 of Kaufman Broad's shares outstanding as an in vestment Oak Seeks to Sublease Two Telstar Channels By ANTHONY RAMIREZ, Dirgn County Business Editor president, after he was let go as chairman of the United Artists unit of MGMUA Entertainment Co. In 1978, Begelman. Levy and Fox Chairman Alan J.

Hirschfield all were top executives at New York-based Columbia Pictures Industries Inc. Begelman. however, left Columbia under a cloud and pleaded no contest to three counts of check forgery that year. An FCC commissioner had a change of mind. Anne P.

Jones, a member of the Federal Communications Commission, said she had reconsidered her views on equal employment issues and concluded that the agency must continue prodding broadcasters to hire more minorities and women. The Republican Commissioner made it clcai that she could no longer support the idea of turning over enforcement of equal employment standards for broadcasters to the Equal Employment Opportunities Commission (EEOC). a position she once espoused. Jones said that in 1981. women comprised only 24.6 of officials and managers in commercial television, and minorities only 9.3.

A home builder seeks a stake in a mobile homes firm. Houston -based U.S. Home Corp. said it had reached an agreement to buy a controlling interest in Brigadier Industries Thomson, the nation's seventh -largest maker of mobile homes, for $25.4 million. U.S.

Home, the nation's largest on-site home builder, said that Brigadier shareholders owning about 53.7 have agreed to vote their shares in favor of the merger. Under terms of the acquisition agreement, the 6.3 million outstanding shares of Brigadier stock would be converted, tax-free, to U.S. Home common stock having a market value of about $25.4 million. U.S. Home would issue 0.15696 to 0.21975 shares for enrh Brigadier share.

bought the 1.35 million capital shares of Beverly Hills-based Gibraltar Financial Corp. of California as an investment. The acquisition makes the private investment partnership Gibraltar's second -largest shareholder, after Kemper which owns 24.9 of Gibraltar. Gibraltar Financial is the parent company of Gibraltar Savings and Ixian Assn. In an initial filing with the Securities and Kxchange Commission, the Atalanta officers said they acquired the shares from Oct.

1 through Oct. 5 at prices ranging from to S6.39. A judge again refused to OK a proposed SEC consent order. U.S. Distrct Judge William Or-rick in San Francisco reiterated that two divisional vice presidents of Santa Fe International Corp.

should receive heavierpf-naltics than those in the twice presented to the court. Orrick said he would not consider issuing an order requiring repayment of $116,700 alleged insider trading profits until the Securities and Exchange Commission's members reply to a score of questions on the agency's handling of insider trading cases. John Fed-ders. SEC enforcement chief, told The Times that the judge's questions will be answered "as soon as possible" and that the court's actions are "being followed very closely by the entire commission as well as by myself." 20th Century-Fox said it will distribute 7 Sherwood films. Norman Levy, vice-chairman of 20th Century-Fox Film and Alan Salke, chairman and chief executive of Sherwood Productions announced an agreement under which Fox will serve as theatrical and non -theatrical distributor in the United States and Canada for a minimum of seven feature films, to be fully financed by Sherwood.

Culver City-based Sherwood Productions, less than two years old, in August hired David Begelman as its SAN DIEGO-In a potentially significant expansion of its ON -TV pay television service. Oak Industries Inc. said Monday that it has tentatively agreed to sublease two channels on Telstar communications satellite for about $2.4 million a year. In a joint venture with Telstar, Oak plans to market its ON-TV programming to pay subscription television services, low-power television systems and cable television systems. Telstar will sell the programming lo hotels, motels, resorts and similar outlets.

There are perhaps 20 over-the-air pay television systems, similar lo Oak's ON-TV in Los Angeles and other cities, according to John K. Ryan, vice president-business development, for Oak Media Development Corp. The Telstar service, which could begin as early as next February, would allow Oak lo sell programming lo those systems thai now use iheir own programming or thai of Select TV. Oak's chief rival in over-the-air pay TV systems. Although it costs Oak $101,000 a month per channel on Telstar's satellite.

Ryan said, the company-will achieve large savings with satellite service. It also will cut down production expenses for local TV operators because local operators will be able to use more national programming instead of their own locally produced programs, Ryan said. While the Telstar joint venture won't add significantly to Oak's 620,000 subscriber hase for the next two years. Ryan said, the venture's long-term potential could be significant. For the Record Ml.

the Federal Reserve's broad measure of money, reached a seasonally adjusted average of $464.9 billion in the week ended Oct. 6, up from $458 billion the previous week. The figures were incorrectly reported in a story in Saturday's Times..