Daily News from New York, New York • 50

NYSEFeb. 24 Selected Stocks i Stfc-Ow. Laat Ch'g 1 91k. Mr. ICh'oa t'4 Awxandrt 4414 IV, 14- 4 IrvlnpB 134 IU intl 1.10 JonaJors San toreaCi oro a IHlbiiaQidlnini! "ft Wat a 44 17 152 31V Vk 734 5CH 1447 iCH1'4 42 2171 141 V4 2830 14' Lockhm LoewCo 1.20 By JOHN TOSCANO and OWEN MORITZ LooolLf 1.94 and office construction here.

Critics have complained it has awarded tax breaks to major builders who would have built jn midtown Manhattan anyway. In addition, critics have LTV CP ManHn IS Manvlte S7 14' AiliOCp 240 Akoaf Am it Am AirllnM A Brand 150 SO Am Can 1.90 A Cyan 75 AEIPwr 2 24 Am6p 120 AHomePd 2 Am Motor AmTVT 5.40 A 1 34 Armco 1.00 ArmWI 1.10 Asarco -N Atl Rcfi 2.40 AvcoCp I JO Avon PnxT 3 Bally .14 ISy 1 artr 10S $etFd 140 Bicfon 1.10 8HNorl .9 6n0i 3 BmSH 10 6 acllD .76 Bo.ng 1.40 Bo.rCa 1.90 Bonten 2.05 Bonj-vr T.S IriWVW SrUnG 1.70 runs wrick 1 Mc Mc Marck Merrl MOM Gf .44 323 S7 44 514 13 4i7i itj 4 5032 13 -fl 244 Vk 401 30" Vj 19 77' 4 ISO 284-Ht 1494 144 tk 1SS 4S" 9k 1387 36' a 401 2s 180 21k Vk 100 13H 451 21 a 10190 364 It im 16 2037 254 1675 77t4l Ms a 99 34' 1380 18k V4j 1371 45 IV 3 184 Vi 44 52 SS8 20Vk 4k 409 14 to 277 JO' 242 24 1 427 31 191 25-k Vk 174 36 -5 44 144 28v 1047 4 36 44 109 Vk 2179 1444 2311 40 14 IS )4k 309 33 94 41 10VV 4(3 444 Vk tioi -ki 474 74- 2B1I 55 lH 16045 27H4. A MinMM AM 3.20 tCara 2 MOO. Monaan UO Mors J0 25 Motrjla 1.60 1414 57 Nabi 4CO 7 0S 1253 34A44.1t naiDr 444 3114 87 1944 The board also rejected a plea for a $135 million tax abatement from the brokerage firm of Harris Upham to renovate the old 10-story Robert Hall showroom at 333 W. 34th St into a computer And in still another action, the realty firm of Jack Resnick Sons, a major contributor to Koch's 1981 re-election campaign, withdrew its controversial application for an $11.5 million tax exemption from the ICIB for a 34-story office building at 199 Water St in the South.

Street Seaport district ITS NOT CLEAR -whether Resnick will still build, but his applica- tion was tied into an application for a $20.5 million urban development action grant from the Reagan administration for the seaport Koch officials said they would still press for the UDAG funds. The ICIB has awarded more than $500 piillion in tax abatements since-created in 1977 to spur industrial MCRCB 2.40 -53 46'4 2 NiaoMa 1.44 contributions to the Koch campaign. Deputy Mayor Karen Gerard acknowledged yesterday that the ICIB was taking a hard line in its assessment of applications, but denied it was tied to mayor's announced gubernatorial bid. "THE TIMES HAVE changed," she said. "We want to use tax abatement selectivley in Manhattan, which has already undergone major economic revival." The criticisms, she added, have nothing to do with policy not something that happens overnight," she said.

The Bank of New York had nnAl tkA afoo UorikW 140 NrstAJrlS0 Nwttin 148 The city's Industrial and Incentive Board, reversing its' tax-breaks policies two days after Mayor Koch made public his gubernatorial bid, yesterday turned down a $22.3 million tax abatement sought by the Bank of New York for a $450 million headquarters at 60 Wall Street Afterward, officials for the bank said they would reassess the institution's role in New York. Oenov Papageorge, senior executive vice -president for the bank, declared: "I can assure you that denial of the application will force us to reevaluate the decision to retain our entire headquarters operating in the financial district" THE ICIB ACTION wasalso major setback for former Deputy Mayor John Zuccotti, who had conv piled an admirable record in behalf of real estate clients. 410 li XiS il'A IVk oO 21V Vk 927 2ir IH 540 17 etai fSwwy" 4 IS 344 l2 Chamol 1 4( ChaaaM i0 Clwoy 4.12 pannaf 120 1937 42 -4 Vk PPiCO T-44 1699 3k Vk cnaPnd i.ti cnoct-. 554-lVk 464 Vk Cnrvtajr ti $471 24 3144 J941V CHwS 1.40 7 12 1900 15'4 ocaCol IM oisata 1J0 ment over five years for building a 60-story office tower, in which the bank planned eventually to house its headquarters ess gap 54 la '1453 23 4 avion IA4 194 304 Pavnkja I 410 454 A RevnMl las 291 19 ma roiO J3 19 4444 A omGf 132 ufllHWr 1 uaus giass quiTi is ripe ror ciooDenng rt Kr itaAlrU 2C 11 3744 V4 41 $1 2514 56 10e CP Delton DUnaj isnar 1.30 Cn I z.a ET READY FOR a Wall Street decimation of many of the best growth companies hi Americathe likes of Federal Express, 14 60 X424 344 Vk frn Air Kodak la ElPaao Etmork J4 ExxonCP I Faw-cfxll JO FadN'Mt .14 FaOOSt 1.90 194 1 iso XBl 47141H 20? 49i a 202 IM Va 325 I 551 46 '44. mt 8 K159 24 V4j General Instrument, Tandy and Warner Communications.

And ditto for such other institutional darlings as quido 1.24 m7 StOCal i3 5092 M'1W 38m 33 '4 4 24A4 Vk 2744 Vk ib'A Vk itdOInd 2.80 4103 tCMIOti 140 2694 tauWar 1 J2 193 terlOrvoil Tas 14? eonco 10 1740 Taxaco 3 14411 EM 1.60 on Motor orMcfc 2.24 Companies Recent price Target price Hospital Corp. of Amer. 3 12 Federal Express 52 20 General Instrument 37. 10 ROLMCorp. 33 12 Storage Technology 31 14 Tandy 32 12 Teledyne 128 84 Warner Cornrnunfcations 58 24 Wang Laboratories 30 16 Waste Management 29 16 ln'ffifniFfft Hrrh- ni-- tff fm.

mi Twrtnti taAAim iS 1 TaxECB IX fnaf i Taxan i ntFd 120 axtron I. 2 i insr .42 iMot AOrl ROLM Wang Laboratories, Hospital Corp. of America, Storage Technology and Waste Management Each of these stocks will be butchered for a loss of at least. 50 from their current market value between June and October and, in many cases, the declines rmam 1. fcT 4 rana CP Tlra lJOo TriCon 3-070 S5J 4J1 1240 0'k2Vk 214 214 V4 III 21'4 Vk 1962 193 1 251 I7k JJ3 4 Vk 5a Par 1.20 UnCarb 5TTVOI 2.40 2.10 JdrTch f.5 dvr I 40 Unirwl Inc -40 iraceW J.60 Brandt 9' US AJr .12 1234 14H Vk UWTdl 740 474 374 30 194- Vk 431 17H 1100 8' 1V 2 ffSf 'a sr a is 44 2541 492T l'l 572 4' Vk could be even bloodier.

So Fm told by market bear Charles Kirkpatrick, the 39-year-old president of WamarC 4SI0 2 Wirnca 1.40 li29 Va WUnlon 1.40 57 33H1Vk WatftiE WooMi Vk I4k a Homattk .40 Honawlt 140 loco Ltd .20 IBMCp 144 in Harvaat SdO 12V 1 Dresser Industries 26 17 Mesa Petroleum 14 8 Haniburton 40 28 Hughes Tool 31 17 SEDCO 31 16 ScWumberger .49. -4 20 General Dynamics 24 10 Raytheon 34 14 Urittexfrecftnrtogies 38. 22 McTXnrtell Douglas 30 16 Kirkpatrick Campbell LZZ3' Eaton, an investment advisory service out of that services some 150 leading AM EX Portsmouth, N.H., sl no. 8akM Laat Oi oa institutional investors. Aaamar 8 iTt 3 333 2944 Vk 333 294 Vk ij I .7 ML n.

aM Laal CX 'oa ass ft: it isiaiit KrrvlPaM lS jTl' lomron oiV 59 41 TraUut j05d 4 0 Vk Champ Mm 177 2 Poma trp 1994 Vk Vk EOOCp .409) 25 14 Fronrar .200 1324 20' 4 tonovur to00aC: OmoeNOt Annuai rata unlm ettianrhw kiaiiorml. (a) prua tra; (M paid bi 1901; le) paymanl en arcumiiaiaJ Mdano; fd) paid ao tv In 182; no ragutar rata; (a, caan pfcja atock paM In 1902; (t) caan pja atock paid In 101; g) annual rata ptua atock dMdand; (hi paid at 1M2. kMaat dMdand omMad; (I) paraant In atoc paid In 942i (B parcant a rue 4 aald 1002. ajlaat onndand oniltlad! flu pareant In akocfc paid at 1001; fqHn bankrupkey, nKalvaramp or raoroaniiatiuti; a) capttaJ olatributions (t) OQualatkvB; (a4) artian laauaO: (tat) aarranU; (x) a dMdand, BHlgAk, aa dlatrOjuoon. auat at nunonm foo) ajnmaa aacapi Mar ptooa oaaagnataa (z) 10 anam iota ana aarnad Mi ma.

Souroa: r3fkpaM1ok Campbal ft Eaton, PoflsmouOi. N.H.; kjryat prloa proktcaoni ara bataaen Juna and Odotoar ot 12. aVOBJUTOUSrmYNEWS ruptcies, booming unemployment and an environment In which people will become terrified about the future. Falling commodity prices which we've already seen are a lead indicator of this deflationary credit collapse, observes Kirkpatrick. Another sign (also happening) is an inventory, squeeze in which companies are unable to sell their products fast enough while they're dropping in price.

Getting back to individual stocks, Kirkpatrick points out that despite the declines of such industry leaders as Federal Express, Tandy, Teledyne and Wang Laboratories, they're still selling at levels which indicate that the extremes associated with four-year lows have yet to be reached. IN SOME SCARY forecasts Kirkpatrick sees a number of market leaders losing roughly two-thirds or so of their recent price before the currently projected market decline runs its course. Examples: -General Instruments, falling from a recent price of 37 to 10; Tandy, from 32 to 12; ROLM 33 to 12, and Hospital Corp. of America, 30 to 12. The kind of bloodbath he's projecting also calls for continued decimation of the already hard-hit energy and His reasoning: the market's failure to knock down to a much greater degree both today's corps of market leaders (chiefly in the technology sector) and the previous market leaders (mainly energy and defense).

GRANTED MANY OF these stocks have already fallen from lofty levels but in Kirkpatrick's view, the losses are not nearly enough. To clean a bear-market slate, he says, you have to wipe out at least 50 of the prior advance if not all of the advance that's been, achieved in the prior bull market la brief, our bear is predicting a recurrence of the market pattern that has seen the stock market leaders (as well as the market itself) smashed to new four-year lows in each four-year cycle dating back to 19627 You may not-buy his bleak scenario, but here's the the market itself 1961-1962: Dow drops nearly 200 points from 735 to 536 or about 27. 1966: Dow declines about 250 points from 955 to 744 or 25. 1968-1970: Dow skids around 350 points from 985 to 631 or 36. 1973-1974: Dow tumbles about 475 points from .1,052 to 578 or 45.

1976-1978: Dow retreats around 270 points from 1,015 to 742 or 27. "Don't ask me why it happens because I don't know but it does," says Kirkpatrick. HEIGHTENING HIS firm's grim outlook which calls for a Dow. of 500 to 650 between June and October is a "deflationary credit collapse." THE MARKETS 826.77 Up 267.19 Up 178.58 Up $368.00 Up $377.75 Up 757 Up Dow Jo net Am Ex O.T.C. N.Y.

Gold Krugerrand Silver 13.79 2.14 1.09 0.30 5.75 0.14 MOST ACTIVE STOCKS VOLUME CLOSE CHAN( 1,730.700 Mobil Corv JJJ -Va 162,900 Texaco Inc 30' 1.252JOO Gulf Oil 30' 1 1460,500 Atl Rkrhfld 36A 14 92.300 Amer 01 J00 Std Oil Cat 32V 4 703400 Conrl Illinois 30') TOO IBMCorp 2 IV4 5.jO Phillip Pet 3314 Vk 445.900 Sony Corp 14'a Va defense stocxs. For example, Schlumberger, which hit a high of 87V4 in 1980. was recently trading at 49; Kirkpatrick sees it ultimately dropping to 20. And General Dynamics, which scooted to an 1980 high of 44, was recently selling at 24; Kirkpatrick thinks it's on the way to 10. 1 Reflecting too much debt and too-high interest rates, the country, as Kirkpatrick seetf it, wilt be beset' by VALUE OF THE DOLLAR Santa Franc $3 1 japenAO Voti 7 1, 0.0047 branch Franc Gorman Mar 0.41 Brffish Pound Dollar 0.81 -i Tribwn Company Syndicate mushrooming personal, corporatend municipal Danx-.