Daily News from New York, New York • 29

$88.50 i14 $39.87 $95.06 $63.81 $91.25 l12 I1 i iriAiili DDD'MdSSGSBDO Du Hotels and Resorts. But officials have stressed throughout the competition that price is only one of more than 10 criteria being weighed. Other considerations are whether the plans center around a hotel, office building or combination. Other factors are community reaction and job creation. Preservationists and community groups have objected to Trump's design because it includes one large tower instead of the two or more favored by the other bidders.

The MTA reportedly favors Related's proposal because it would include a new headquarters for Time Warner, one of the city's largest employers and most prestigious tenants. And Millennium has long been a top contender because it has offered to pay for the site even before anticipated lawsuits by community groups are resolved. In the past, Trump has warned that he might sue the MTA if it selected another project whose design hurts the value of his hotel and condominium complex across Columbus Circle. Revenues In billions THE Striking workers face legal fight GM is going to court in a bid to force the United Auto Workers into arbitration to decide the legality of the strikes the auto maker considers a breach of its national UAW contract. It also said it may ask the judge to order the 9,200 striking workers back to work and award the company unspecified damages.

A hearing was scheduled for today. Also, GM reported that it earned $389 million in the latest quarter, down from $2.1 billion in the year-ago quarter. It said the strikes canceled production of 225,000 cars and trucks and cut second-quarter earnings by $1.79 a share, or $1.18 billion. Its stock rose to $69.62. Oprah's costly King World Productions said profits for its latest quarter fell 4.2 because of higher payments to Oprah Winfrey's production company under a contract the syndicator signed last year to keep the highest-rated daytime talk show.

Net income at King World, whose syndicated TV shows include "Wheel of Fortune" and "Jeopardy" in addition to the "Oprah Winfrey Show," slipped to $34.2 million, or 45 cents a share, from $35.7 million, or 48 cents, a year earlier. Revenues rose less than 1 to $168 million. Its stock rose 1116 to $27.25 Change in plans Walt Disney and ESPN, its all-sports cable TV network, abandoned plans for a regional channel to compete with Fox Sports West and instead renewed its rival's rights to the Angels baseball and Ducks hockey games, an ESPN spokesman said. The demise of ESPN West comes as a blow to Disney and a victory for Fox, its parent company, News and media mogul Rupert Murdoch, who controls the companies. Out of the Web MCI Communications plans to sell all of its Internet assets to Britain's Cable Wireless Pic for up to $2 billion in a bid to win approval for its planned $37 billion takeover by WorldCom, industry sources told Reuters.

MCI declined to comment, while a Cable Wireless spokesman said the two companies remained in talks. A Justice Department ruling could come as early as today or tomorrow. Flying high Delta Air Lines, the third-largest U.S. air carrier, said it plans a 2-for-l stock split and will buy back much as $750 million of its shares to boost its stock price. Its shares f.fose r.ffi.i as Jcipmsi cosfts In By PETER GRANT News Business Writer i Donald Trump, who has fallen behind in the competition tfor the New York Coliseum site, is rattling his saber at the Metropolitan Transportation in an llth-hour effort to win the prize parcel.

I With the MTA and the city just days away from selecting a developer for the $1 billion project, Trump's lawyer, San-ford Morhouse, has fired off a harshly worded letter to MTA board members. The letter claims that 'Trump, one of five finalists for the site, is offering the highest price and that his proposed condominium, hotel and retail complex would create the largest number of jobs. Given the "supremacy" of his offer, the letter states, Trump is troubled by recent news reports that have identified two rival bidders Millennium Partners and Related Cos. as the front-runners in the closely followed competition. Trump "assumes the rumors are untrue" and is "confident that the process will continue fairly," the letter states.

By AMY FELDMAN Daily News Business Writer Brokerage giant Merrill Lynch yesterday reported record quarterly earnings of $545 million, joining several Wall Street competitors this week in posting double-digit percentage gains in profits. But despite a second-quar ter increase of 13, those profits, at $1.33 per share, fell a penny short of analysts' The shortfall was largely due to Merrill's costs in setting up a new retail business in Japan, which set back the firm about $75 million, or 19 cents per share, more than expected. The numbers took a bite out of Merrill shares on a day Wall Street blue chips boomed: The stock slipped 2 58 to $105.31. "The last time Merrill came in a penny below consensus, the market treated it the same way and it turned out to be a buying opportunity," said Raphael Soifer, a brokerage analyst at Brown Brothers Harri-man. "This is deja vu all over again." Donaldson, Lufkin Jen-'rette, the country's eighth-largest brokerage, reported an increase in profits of 42 to million.

But DLJ also fell ton the day, losing 1, to $61.50. Because of Merrill Lynch's 'status as the natiojVsbiggest "brokerage, the firm is walcHed Stcf slips Lincoln Center 7 Central Park Columbus Circle MANHATTAN W. 5STH sr. TRINE GICVER DAILY NCWS A LETTER from The Donald's lawyer to MTA board members claims Trump's proposal and price beats all others. The letter appears to be laying the groundwork for a law-suit if Trump loses, even though it does not explicity make such a threat, according to officials familiar with it "From the tone of the letter it looks like the start of something," one source said.

Trump and an MTA spokesman declined comment. The letter is the latest twist MERRILL LYNCH 120 100 1996 especially closely for indications of the overall health of Wall Street. Due to heavy volume, brokerages do well in strong bull and bear markets, and the second quarter despite a lackluster June has been one of the best Key Wall Street businesses, including underwriting of new securities and advising on mergers, have all been-going like gangbUEterrsM Yesterday's earnings an 40 20 in the tortured selection process for the prime site overlooking Columbus Circle and Central Park. Trump's offer of $365 million is clearly the highest in the latest round of bidding that began three years ago, sources said. His plan includes a five-star, 600-room hotel that would be run by Hong Kong's Shangri-La ON THE MOVE 1997 1998 nouncements by Merrill and DLJ followed earlier reports of increased profits from Wall Street powerhouses Morgan Stanley Dean Witter, Lehman Brothers and PaineWebber.

In trading yesterday, Morgan Stanley rose to $94.50, while Lehman fell to $83.93 and PaineWebber slipped to $46.93. The best earnings news on Wall Street yesterday camfc from J.P. Morgan. The banking 35 31.73 30 "24.8S-r'w1-- 20 I 10 'fr 1 '98 '97 '98 Earnings In billions 2 1.5 i .5 0 1.91 1.06 '96 '97 '98 First half results behemoth, the nation's fourth-largest, said that its earnings rose 7 in the second quarter to $402 million (excluding a one-time gain), helped by reduced exposure to the economic turmoil in Asia. Those results sent J.P.

Morgan's stock soaring nearly 8 points to $133.56 a rise that helped propel theblue-chip Dow Jones industrial average intoi i rceord territo ry to ttoe first time in two months..