Daily News from New York, New York • 25

500 0.03 418.62 (Index of ail exchanges) DOW JONES INDUSTRIAL 15.40 3,225.62 (Average of 30 stocks) AMERICAN EXCHANGE 0.30 335.66 (National Index) OVER THE COUNTER 5.71 627.76 (NASDAQ Indexes) 26 Wednesday, November 11, 1992 MOD no raraiBon I for srassrs conies early It -r. By CLAIRE SERANT 1 VrAf VlUfL Y' 4 SEASON'S GREETINGS: Mandel Renha, art director, prepares window display of first Lord Taylor store on Catherine St. (1832 setting) at Fifth Avenue store. GERALD HERBERT DAILY NEWS Daily News Business Wnter Even before Thankgiving menus are planned, the city's large department stores are bracing for stiff competition from discounters for Christmas shopping dollars. Most retail analysts predict modest gains in consumer spending this Christmas, with moderately priced and discount stores in the best position to cash in.

"This Christmas is going to be better than last year, but in a muted way," said Kurt Barnard, president of Retail Marketing Report, a trade publication. "Americans are very frugal. They don't see a light at the end of the recession tunnel." But tight-fisted consumers with pent-up demands will give into purchasing a new suit, a much-needed toaster or items that cannot be postponed shoes for children, for example. "They are going to buy things without frills at good prices," Barnard said. Even Lord Taylor's children's department is trying to bring in cost-conscious shoppers.

It has a large display of stuffed toy bears last-minute gift items priced at S9.99 and up among the higher-priced holiday wear. However, a spokeswoman for the upscale Fifth Ave. store said, "We haven't changed our pricing strategy. We're working hard to make shopping a pleasurable experience." For three consecutive Christmas seasons, Macy's kitchen department. The Cellar, has stocked up on small electrical appliances such as make-up mirrors, toasters and coffee pots with price points that range from $9.99 to $49.99.

Macy's will devote a lot of shelf space to high-quality hand-carved toy products and value-priced children's Retailers' Christmas sales have slowed during the past three years. The industry predicts a 3 to 4 increase this season. 190 '92 Projected ggSg Euro-guzzlers hit Auto manufacturers, primarily European luxury-car makers, have paid more than $233 million in fines for failing to meet fuel efficiency standards over the last several years. Mercedes-Benz accounted for nearly half the fines, or $102.5 million, followed by BMW at $58.6 million, according to the National Highway Traffic Safety Administration. Holiday getaway The New York Stock Exchange will close two hours early on the day after Thanksgiving and on Christmas Eve.

It will be the first time the exchange has shortened trading on the usually slow Friday after Thanksgiving. Building blocks Linpro New York Realty said it has awarded $64 million in contracts to 63 small or disadvantaged local firms for the ongoing construction of the new Federal Office Building at Foley Square. The prime contractor for the $276 million project, Linpro said it has been able to put together a workforce that includes minorities, women and the disabled. New position Peter Cohen, ousted as chairman of Shearson Lehman Hutton Inc. nearly three years ago, is returning to Wall Street at Republic New York Corp.

Cohen was named vice chairman and a board member. He also was named chairman of Republic New York Securities a new securities subsidiary. Cognac boom Sales of French cognac to the U.S. surged 23 in the most recent marketing year, the French cognac office said. U.S.

importers were stocking up in case cognac was targeted for tariffs in a trans-Atlantic trade war. Down-under unrest At least 100,000 workers clogged downtown Melbourne, Australia, yesterday in a one-day strike over a government proposal to relax pay standards in Victoria state, prompting fears that almost a decade of labor peace was end i ng. Recycling idea pressed Environmentalists urged Congress to require newspapers to use a set amount of recycled newsprint, arguing the market for old newspapers is too weak. The Newspaper Association of America has opposed federal requirements and disputes whether enough recycled paper is available. GM to set sale General Motors Corp.

is seeking regulatory clearance to sell up to $1 billion in preferred stock, according to documents filed with the SEC. The No. 1 auto maker is seeking to sell the stock periodically, depending on market conditions. Gold silver Gold dropped $2.90 on the New York Commodity Exchange, closing at $329.70 a troy ounce. Silver fell $.056, to close at $3,640.

Expressed in bullions of dollars ISO 170 sportswear among its Macy's Kids and Macy Baby clothing lines, a Macy's spokesman said. "Everybody is trying to get in with their customer's needs," said Jack Schultz, president of the Nation-al Retail Federation. He predicted a 37c to 4 increase in Christmas sales over last year. Retailers are wary of getting stuck with too much merchandise, and inventories will be "tighter than ever," Schultz warned. That means fewer choices and fewer bargains left after Christmas.

"P.eople should shop early. Last year there weren't a lot of marked-down items for post-Christmas sales," Schultz added. Avijit Ghosh, director of the Center for Entrepreneurial Studies at New York University, said the retailers who do best will be the ones who guess right on the trendiest items. "Retailers have done well during the Christmas season when something DEC. DEC.

DEC. DEC. DEC. '87 '88 '89 90 91 U.S Commerce DeptNat Retail Fed. hot catches on like Nintendo or Cabbage Patch dolls.

Right now, its too early to see," Ghosh said. SSslL Ohm through boosting the housing industry. As to President Bush, who promised to relieve the industry's regulatory burden and didn't deliver, their advice seems to be: Don't let the door hit you on the way out "There's nothing the Bush administration did to help this country get out of the recession. Not one thing," said David Carson, chairman of People's Bank in Bridgeport, Conn. Carson predicts Clinton will do more to rejuvenate cities.

Other executives ex- THE ASSOCIATED PRESS SAN DIEGO Savings and loan executives hopeful for better days ahead are praising President-elect Clinton and his housing-friendly policies and passing harsh judgment on the outgoing Republican administration. Executives attending this week's annual convention of the Savings Community Bankers of America expect a key part of the presi-dent-elect's "Rebuild America" plan to be aimed at stimulating the economy pect their institutions to be able to participate in a range of Clinton revitaliza-tion programs from enterprise zones to public-private investments. "In my experience, Democrats have been the friends of the industry, not Republicans I'm inclined to think the industry will benefit from a Clinton administration," said Kenneth Seaton, chairman of Bank in Hancock, Mich. Because Clinton faces an annual budget deficit of $300 billion or more, the country may be forced to turn to private lenders such as rather than looking to government-financed programs, execus say. But before Clinton can be the industry's benefactor, he will face the same distasteful task Bush faced throughout his term asking for taxpayer money to shut down failed thrifts.

"I don't think Clinton's going to have to fight hard to get it I think Congress knows it's got to get it done," said Leonard Gu-delski, president of Hudson City Savings Bank in Pa-; ramus, N.J.J I.