Daily News from New York, New York • 533

OVER THE C0UMTE3 14.04 579.75 (NASDAQ indexes) -sc0" 3,163.91 415.14 (Average of 30 tock) (Index of a8 exchange) 52 47.22 300.15 (National Index) Tuesday, December 31, 1991 Mis nsfe By MITCH VINICOR 3 f5kfl Wall Street soared to its third straight record-breaking close yesterday as the Dow Jones Indus trial Average gained more than 62 Doints. IN THE NEWS: (l-r) Barry Lpton of the Newspaper Guild, creditors" lawyer Howard Seife and George McDonald of the Allied Printing Trades meet the press at The News Building, amthonypescatobedailynews The market, which has Wellcome news Wellcome PLC's stock soared $1.83 a share on the London Stock Exchange on a report that a combination of the British drug company's herpes medication Acyclovir and the anti-AIDS drug AZT halved mortality among AIDS patients during a two-year trial. Study, involving 300 patients in Britain, Germany and Australia, showed that the death rate of patients treated with the combination was 10 during trial. The stock closed at $19.92. Towering bankruptcy The owner of a 1.3 million-square-." foot office tower, 1585 Broadway Associates, filed for Chapter 11 bankruptcy protection, listing nearly half a billion dollars of debt and half that much in assets.

Filing by the partnership controlled by Solomon Equities lists $482 million in debt including $400 million in mortgages held by eight foreign banks. Thrown to the lions Italian financier Giancarlo Parretti lost control of MGM-Pathe Communications Co. after a judge ruled that he reneged on an agreement with his major creditor, Credit Lyonnais Bank Nederland N.V., to relinquish day-to-day control over MGM's affairs. Ruling gives French bank control of the legendary Hollywood studio. Last week, been rising for more than a week, built up a powerful upward momentum that swamped early morning sellers in hectic trading, analysts said.

The Dow advanced 62.39 points to 3,163.91, surpassing the record closing high of 3,101.52 set fnday. The market also closed at a record high on Thursday. By WILLIAM GOLDSCHUVG "It gone further than anyone anticipated, and then some." said Harrv Laubscher, an analyst at Tucker Anthony. Yesterday gain was aided by the Treasury market, which Dushed the yield on the 30-year benchmark bond below Parretti was arrested in Italy on tax-delinquency charges. 7.5 for the first time Just did it since February 1987.

uut some analysts Nike Inc. and LA Gear Inc. have A News statement said there was $8 million cash on hand at end of December and projections show the cash flow will be adequate through March 1. Projections beyond March 1 will be made next month. "We are in no imminent danger whatsoever," said Willse, who succeeds Kevin Maxwell as The News publisher- and chairman tomorrow.

Howard Seife, lawyer for the committee, of 13 major Daily News creditors, including four unions, said his group came away from the 2Vt-hour meeting "with an optimistic view as to the future prospects of the newspaper." "Management allayed current concerns of the creditors regarding viability of the newspaper," Seife said. Unions officials also sounded pleased. "I feel very optimistic after the report today," said George McDonald, president of the Allied Printing Trades. Council, an umbrella group of The News' unions. Barry Lipton, president of the Newspaper Guild of New York, said, "The prospects for a solid future are a lot more se-See NEWS Next Page settled their legal battles over Daily News Deputy Business Editor Daily News unions and other creditors said they were upbeat about the newspaper's future yesterday after hearing the paper's board of directors detail plans to put it on a solid financial footing.

Cost-containment efforts since filing for Chapter 11 bankruptcy protection have so far yielded savings that will be worth $8 million a year, News executives said. "It's a real stew of cost savings," said News Editor Jim Willse, coming from such areas as service contracts, leases and other operating expenses. "We're going to keep squeezing." The figure does not include additional hoped-for cost savings as a result of current lease negotiations with the Lasalle Partners, owner of The News Building, Willse said. The possibility of union concessions or job cuts was not discussed, said meeting participants. Nor was there a detailed exchange about prospective, buyers, outside investors or employe ownership.

warned that the market may be getting ahead of itself. Laubscher noted patents for their high-tech basketball shoes, the two rivals announced. Settlement provides no monetary compensation to either company. Other terms not disclosed. the buying frenzy has pushed the.

Dow to a level where it's 150 points above its average price over the past 200 davs. That's life Metlife Healthcare Network of considered a good way to track its trend. New York has been granted a 7.3 "We're getting a. little skeptical," Laubscher said. Reuters lb feeamd, jobl wsf By JOYCE YOUNG average rate hike on its community-rated contracts and riders.

Change takes effect New Year's Day for 36,000 of the HMO's members in the city, on Long Island and in metro area counties. Losing attraction With less cash on hand and fewer attractive targets, Japanese companies spent 79 less in 1991 on buying or merging with foreign 4 corporations, says Daiwa Securities Co. Spending amounted to $3.46 billion, Daiwa said, and foreign merger and acquisition cases dropped 34 to 259. Ttime The Treasury sold $10.2 billion in three-month bills at an average discount rate of 3.91, up from 3.75 last week, and $10.2 billion in six-month bills at the same average rate of 3.91, up from 3.85. Gold silver Gold dropped $1.10 to $352.80 a troy ounce on the New York Commodity Exchange.

Silver was off 1.2 cents to $3,846. Among the causes for the increase, Do cited the recession and the benefits extension. NYUC coordinator Keith Brooks called the Dean St office which handles the largest number of jobless claims of any center in the country "unbelievably overcrowded." Yesterday, as well as on the previous Monday, he said, people were lined up outside as late as 11:30 a.m. The office opened at 8 and the average wait just to get inside was more than an hour. The department will not open new offices, Do saidr because "this is a crush that will not last" She said it had hired 130 extra staffers in the New York City area and was running its computer system 12 hours a day.

came in to find out what happened and I was told the check was in the mail," Grant said. then I've been waiting, but I didn't get anything." Kathleen Do, director of communications for the state Labor Department, said there was a temporary problem with the checks at the beginning of the month, when the extended benefits program began. She said the problem had since been resolved. The Labor Department said it will issue 90,000 checks today representing 150,000 benefit weeks worth an estimated $27 million It's the largest number of checks issued at one time since the department began keeping records 20 years ago, said Do. For the week ending Dec.

13, 450,000 New Yorkers were receiving Daily News Business Writer About two dozen members of the New York Unemployed Committee (NYUC) marched on the Dean St unemployment office yesterday in Downtown Brooklyn and demanded that the state open more unemployment centers. The group complained that jobless workers were receiving their benefit checks late. NYUC member Venetia Grant said it had been almost a month since she received an unemployment check. Grant, a home-care attendant laid off in May, said that after her regular benefits were exhausted, she reapplied under a recently passed law that provides for a. 13-week jj "I tone i in tne next two weeks, Do said, uiirm ijiiiviiifiii w- lis: i uiaii'inn a "nrr j-wns- wn Ai- TfcKWlKMr Mfcftrl4as normal as.