wsj_0001 Pierre Vinken, 61 years old, will join the board as a nonexecutive director Nov. 29.  Mr. Vinken is chairman of Elsevier N.V., the Dutch publishing group. 

wsj_0002 Rudolph Agnew, 55 years old and former chairman of Consolidated Gold Fields PLC, was named a nonexecutive director of this British industrial conglomerate. 

wsj_0006 Pacific First Financial Corp. said shareholders approved its acquisition by Royal Trustco Ltd. of Toronto for $27 a share, or $212 million.  The thrift holding company said it expects to obtain regulatory approval and complete the transaction by year-end.

wsj_0007  McDermott International Inc. said its Babcock & Wilcox unit completed the sale of its Bailey Controls Operations to Finmeccanica S.p.
A. for $295 million. 

Finmeccanica is an Italian state-owned holding company with interests in the mechanical engineering industry. 

Bailey Controls, based in Wickliffe, Ohio, makes computerized industrial controls systems.
It employs 2,700 people and has annual revenue of about $370 million. 


wsj_0009 Clark J. Vitulli was named senior vice president and general manager of this U.S. sales and marketing arm of Japanese auto maker Mazda Motor Corp.
In the new position he will oversee Mazda's U.S. sales, service, parts and marketing operations.  Previously, Mr. Vitulli, 43 years old, was general marketing manager of Chrysler Corp. 's Chrysler division.  He had been a sales and marketing executive with Chrysler for 20 years. 

wsj_0013 New England Electric System bowed out of the bidding for Public Service Co. of New Hampshire, saying that the risks were too high and the potential payoff too far in the future to justify a higher offer. 

The move leaves United Illuminating Co. and Northeast Utilities as the remaining outside bidders for PS of New Hampshire, which also has proposed an internal reorganization plan in Chapter 11 bankruptcy proceedings under which it would remain an independent company. 

New England Electric, based in Westborough, Mass., had offered $2 billion to acquire PS of New Hampshire, well below the $2.29 billion value United Illuminating places on its bid and the $2.25 billion Northeast says its bid is worth.
United Illuminating is based in New Haven, Conn., and Northeast is based in Hartford, Conn.
PS of New Hampshire, Manchester, N.H., values its internal reorganization plan at about $2.2 billion. 

John Rowe, president and chief executive officer of New England Electric, said the company's return on equity could suffer if it made a higher bid and its forecasts related to PS of New Hampshire -- such as growth in electricity demand and improved operating efficiencies -- didn't come true. "When we evaluated raising our bid, the risks seemed substantial and persistent over the next five years, and the rewards seemed a long way out.
That got hard to take," he added. 

Mr. Rowe also noted that political concerns also worried New England Electric.
No matter who owns PS of New Hampshire, after it emerges from bankruptcy proceedings its rates will be among the highest in the nation, he said. "That attracts attention . . . it was just another one of the risk factors" that led to the company's decision to withdraw from the bidding, he added. 

Wilbur Ross Jr. of Rothschild Inc., the financial adviser to the troubled company's equity holders, said the withdrawal of New England Electric might speed up the reorganization process.
The fact that New England proposed lower rate increases -- 4.8% over seven years against around 5.5% boosts proposed by the other two outside bidders -- complicated negotiations with state officials, Mr. Ross asserted. "Now the field is less cluttered," he added. 

Separately, the Federal Energy Regulatory Commission turned down for now a request by Northeast seeking approval of its possible purchase of PS of New Hampshire.
Northeast said it would refile its request and still hopes for an expedited review by the FERC so that it could complete the purchase by next summer if its bid is the one approved by the bankruptcy court. 

PS of New Hampshire shares closed yesterday at $3.75, off 25 cents, in New York Stock Exchange composite trading. 

wsj_0014 Norman Ricken, 52 years old and former president and chief operating officer of Toys "R" Us Inc., and Frederick Deane Jr., 63, chairman of Signet Banking Corp., were elected directors of this consumer electronics and appliances retailing chain.
They succeed Daniel M. Rexinger, retired Circuit City executive vice president, and Robert R. Glauber, U.S. Treasury undersecretary, on the 12-member board.

wsj_0027 Magna International Inc. 's chief financial officer, James McAlpine, resigned and its chairman, Frank Stronach, is stepping in to help turn the automotive-parts manufacturer around, the company said. 

Mr. Stronach will direct an effort to reduce overhead and curb capital spending "until a more satisfactory level of profit is achieved and maintained," Magna said. 

Stephen Akerfeldt, currently vice president finance, will succeed Mr. McAlpine. 

An ambitious expansion has left Magna with excess capacity and a heavy debt load as the automotive industry enters a downturn.
The company has reported declines in operating profit in each of the past three years, despite steady sales growth. 

Magna recently cut its quarterly dividend in half and the company's Class A shares are wallowing far below their 52-week high of 16.125 Canadian dollars (US$13.73).
On the Toronto Stock Exchange yesterday, Magna shares closed up 37.5 Canadian cents to C$9.625. 

Mr. Stronach, founder and controlling shareholder of Magna, resigned as chief executive officer last year to seek, unsuccessfully, a seat in Canada's Parliament. 

Analysts said Mr. Stronach wants to resume a more influential role in running the company.
They expect him to cut costs throughout the organization. 

The company said Mr. Stronach will personally direct the restructuring, assisted by Manfred Gingl, president and chief executive.
Neither they nor Mr. McAlpine could be reached for comment. 

Magna said Mr. McAlpine resigned to pursue a consulting career, with Magna as one of his clients. 

wsj_0055  Structural Dynamics Research Corp., which makes computer-aided engineering software, said it introduced new technology in mechanical design automation that will improve mechanical engineering productivity. 

wsj_0067  Bank of New England Corp. said it has held talks with potential merger partners outside New England, although it added that nothing is imminent and it hasn't received any formal offers. 

The discussions were disclosed as the bank holding company said that it has dropped its longstanding opposition to full interstate banking bills in Connecticut and in Massachusetts.
Later yesterday, a Massachusetts senate committee approved a bill to allow national interstate banking by banks in the state beginning in 1991. 

Currently, both Massachusetts and Connecticut, where most of Bank of New England's operations are, allow interstate banking only within New England. 

Richard Driscoll, vice chairman of Bank of New England, told the Dow Jones Professional Investor Report, "Certainly, there are those outside the region who think of us prospectively as a good partner.
We have, and I'm sure others have, considered what our options are, and we've had conversations with people who in the future might prove to be interesting partners." He added, "There's nothing very hot." 

Mr. Driscoll didn't elaborate about who the potential partners were or when the talks were held.
A bank spokeswoman also declined to comment on any merger-related matters, but said the company decided to drop its opposition to the interstate banking legislation because "prevailing sentiment is in favor of passage." 

Bank of New England has been hit hard by the region's real-estate slump, with its net income declining 42% to $121.6 million, or 61 cents a share, in the first nine months of 1989 from the year-earlier period.
The company recently said it would sell some operations and lay off 4% of its work force, altogether reducing employment to less than 16,000 from about 18,000.
It recently signed a preliminary agreement to negotiate exclusively with the Bank of Tokyo Ltd. for the sale of part of its leasing business to the Japanese bank. 

wsj_0070  Rally's Inc. said it has redeemed its rights outstanding issued Monday in its shareholder rights plan.
The company said holders of stock of record Nov. 10 will receive 1/10th of one cent a share as the redemption payment. 

The fast-food company said its decision was based upon discussions with a shareholder group, Giant Group Ltd., "in an effort to resolve certain disputes with the company." 

Giant Group is led by three Rally's directors, Burt Sugarman, James M. Trotter III and William E. Trotter II, who last month indicated they hold a 42.5% stake in Rally's and plan to seek a majority of seats on Rally's nine-member board. 

wsj_0074  Copperweld Corp., a specialty steelmaker, said 445 workers at a plant in Shelby, Ohio, began a strike after the United Steelworkers Local 3057 rejected a new contract on Tuesday. 

The previous contract between Copperweld's Ohio Steel Tube division and the union expired at midnight Tuesday.
The union vote to reject the proposed pact was 230-215. 

Copperweld said it doesn't expect a protracted strike.
It said it has taken measures to continue shipments during the work stoppage. 

wsj_0076  Lancaster Colony Corp. said it acquired Reames Foods Inc. in a cash transaction.
Terms weren't disclosed. 

Reames, a maker and marketer of frozen noodles and pre-cooked pasta based in Clive, Iowa, has annual sales of about $11 million, Lancaster said. 

wsj_0080  Investor Harold Simmons and NL Industries Inc. offered to acquire Georgia Gulf Corp. for $50 a share, or about $1.1 billion, stepping up the pressure on the commodity chemicals concern. 

The offer follows an earlier proposal by NL and Mr. Simmons to help Georgia Gulf restructure or go private in a transaction that would pay shareholders $55 a share.
Georgia Gulf rebuffed that offer in September and said it would study other alternatives.
However, it hasn't yet made any proposals to shareholders. 

Late yesterday, Georgia Gulf said it reviewed the NL proposal as well as interests from "third parties" regarding business combinations.
Georgia Gulf said it hasn't eliminated any alternatives and that "discussions are being held with interested parties, and work is also continuing on other various transactions." It didn't elaborate. 

Analysts saw the latest offer as proof that Mr. Simmons, an aggressive and persistent investor, won't leave Georgia Gulf alone until some kind of transaction is completed. "He has clamped on their ankle like a pit bull," says Paul Leming, a vice president with Morgan Stanley & Co. "He appears to be in it for the long haul." Mr. Simmons and NL already own a 9.9% stake in Georgia Gulf. 

Mr. Simmons owns 88% of Valhi Inc., which in turn owns two-thirds of NL. NL is officially making the offer. 

Mr. Leming wasn't surprised by the lower price cited by NL, saying he believes that $55 a share is "the most you can pay for Georgia Gulf before it becomes a bad acquisition." 

Georgia Gulf stock rose $1.75 a share yesterday to close at $51.25 a share, while NL shares closed unchanged at $22.75 and Valhi rose 62.5 cents to $15, all in New York Stock Exchange composite trading. 

J. Landis Martin, NL president and chief executive officer, said NL and Mr. Simmons cut the price they were proposing for Georgia Gulf because they initially planned a transaction that included about $250 million in equity and a substantial amount of high-yield subordinated debt.
However, the junk-bond market has collapsed in recent weeks, lessening the likelihood that such a transaction would succeed. 

Now, he said, the group plans to put in "several hundred million" dollars in equity and finance the remainder with bank debt.
He also said that the group reduced its offer because it wasn't allowed to see Georgia Gulf's confidential financial information without agreeing that it wouldn't make an offer unless it had Georgia Gulf's consent. 

In a letter to Georgia Gulf President Jerry R. Satrum, Mr. Martin asked Georgia Gulf to answer its offer by Tuesday. 

It wasn't clear how NL and Mr. Simmons would respond if Georgia Gulf spurns them again.
Mr. Martin said they haven't yet decided what their next move would be, but he didn't rule out the possibility of a consent solicitation aimed at replacing Georgia Gulf's board.
In other transactions, Mr. Simmons has followed friendly offers with a hostile tender offer. 

Although Georgia Gulf hasn't been eager to negotiate with Mr. Simmons and NL, a specialty chemicals concern, the group apparently believes the company's management is interested in some kind of transaction.
The management group owns about 18% of the stock, most purchased at nominal prices, and would stand to gain millions of dollars if the company were sold. 

In the third quarter, Georgia Gulf earned $46.1 million, or $1.85 a share, down from $53 million, or $1.85 a share on fewer shares outstanding.
Sales fell to $251.2 million from $278.7 million. 

wsj_0081  A licensing company representing the University of Pennsylvania added Johnson & Johnson to its lawsuit challenging a university faculty member over rights to Retin-A acne medicine. 

University Patents Inc., based in Westport, Conn., said it seeks Johnson & Johnson's profits from sales of Retin-A, estimated at $50 million, a similar amount of punitive damages and the right to license Retin-A elsewhere. 

In May, University Patents filed a suit in federal court in Philadelphia against Albert M. Kligman, a researcher and professor at the University of Pennsylvania School of Medicine who developed Retin-A in the 1960s to combat acne.
Dr. Kligman patented the medicine while employed by the University, but later licensed the Retin-A to a division of Johnson & Johnson. 

In New Brunswick, N.J., a Johnson & Johnson spokesman declined comment. 

wsj_0084 Hudson General Corp. 's president and chief executive officer, Alan J. Stearn, resigned. 

Mr. Stearn, 46 years old, couldn't be reached for comment.
A company spokesman declined to elaborate on the departure. 

Hudson General, which provides maintenance, fueling and other services to airlines and airports, reported a loss for its most recent fiscal year and last month omitted the semiannual dividend on its common shares. 

Mr. Stearn, who had been with the company more than 20 years and had been president since 1984, will act as a consultant to Hudson General.
His duties as chief executive will be assumed by Chairman Jay B. Langner. 

wsj_0096  The National Association of Securities Dealers, the self-regulatory organization for the over-the-counter securities markets, disciplined a number of firms and individuals for alleged violations of industry rules. 

Two firms were expelled from the NASD, three were suspended or barred and nine were fined. 

First Securities Group of California and a principal of the firm, Louis Fernando Vargas of Marina del Rey, Calif., were jointly fined $15,000 and expelled for alleged violations of reporting requirements on securities sales.
Also, Mr. Vargas was barred from association with any NASD member.
Neither First Securities, of Beverly Hills, nor Mr. Vargas could be reached for comment.
A telephone-information operator had no listing for either party. 

J.L. Henry & Co., Miami, and a principal of the firm, Henry I. Otero of Miami, were jointly fined $30,000 and expelled, for alleged improper use of a customer's funds, among other things.
Also, Mr. Otero was barred from association with any NASD member.
J.L. Henry hasn't any Miami telephone listing, an operator said.
Mr. Otero, who apparently has an unpublished number, also couldn't be reached. 

Biscayne Securities Corp., of Lauderhill, Fla., and a principal of the firm, Alvin Rosenblum of Plantation, Fla., were jointly fined $20,000 and given 10-day suspensions for allegedly selling securities at unfair prices.
Biscayne hasn't any telephone listing, an operator said.
Mr. Rosenblum, who apparently has an unpublished phone number, also couldn't be reached. 

Triton Securities, of Danville, Calif., and a principal of the firm, Delwin George Chase, also of Danville, were jointly fined $10,000 and given 30-day suspensions as part of a settlement.
While neither admitting nor denying wrongdoing, Triton and Mr. Chase consented to findings of violations in connection with limited-partnership sales.
Officials of Triton couldn't be reached for comment.
Mr. Chase didn't return a telephone call to his office.
Crane & Co. Securities Inc., of Mount Clemens, Mich., and its president, Glenn R. Crane, of Sterling Heights, Mich., consented to a joint fine of $10,000.
Without admitting or denying wrongdoing, they consented to findings of violations of escrow and record-keeping rules.
Mr. Crane didn't return a call seeking comment. 

First Commonwealth Securities Corp., of New Orleans, and its president, Kenneth J. Canepa, also of New Orleans, consented to a $10,000 fine.
Also, Mr. Canepa received a two-week suspension "in a principal capacity." Without admitting or denying wrongdoing, they consented to findings that they had inaccurately represented the firm's net capital, maintained inaccurate books and records, and made other violations.
Mr. Canepa confirmed he had consented to the sanctions but declined to comment further. 

Weatherly Securities Corp., New York, and three of its principals -- Dell Eugene Keehn and William Northy Prater Jr., both of Mercer Island, Wash., and Thomas Albert McFall, of Red Bank, N.J. -- consented to a fine of $20,000.
Without admitting or denying wrongdoing, they consented to findings that they failed to return funds owed to customers in connection with a limited-partnership offering. 

Reached at his office, Mr. McFall, currently chairman, said, "An implication that we failed to return investor funds is inappropriate and inaccurate." He described the situation as "an escrow problem, a timing issue," which he said was rapidly rectified, with no losses to customers. 

W.N. Whelen & Co., of Georgetown, Del., and its president, William N. Whelen Jr., also of Georgetown, were barred from transacting principal trades for 90 days and were jointly fined $15,000.
The firm and Mr. Whelen allegedly sold securities to the public at unfair prices, among other alleged violations. 

Mr. Whelen denied the firm had sold securities at unfair prices and suggested that the examination practices of the NASD need improvement.
The firm and the NASD differ over the meaning of markup and markdown, he added. 

Shearson Lehman Hutton Inc., New York, which is 62%-owned by American Express Co., consented to a $10,000 fine.
Without admitting or denying wrongdoing, the firm consented to findings that it failed to respond "in a timely manner" to the NASD's requests for information in connection with a customer complaint.
A Shearson spokesman had no comment. 

The following individuals were fined as indicated and barred from association with NASD members, or, where noted, suspended.
Except where noted, none of these people could be reached for comment or had any comment. 

Andrew Derel Adams, Killeen, Texas, fined $15,000; John Francis Angier Jr., Reddington Shores, Fla., $15,000; Mark Anthony, Arlington Heights, Ill., $10,000 and 30-day suspension; William Stirlen, Arlington Heights, Ill., $7,500 and 30-day suspension; Fred W. Bonnell, Boulder, Colo., $2,500 and six-month suspension; Michael J. Boorse, Horsham, Pa.; David Chiodo, Dallas, $5,000, barred as a principal; Camille Chafic Cotran, London, $25,000; John William Curry, fined $5,000, ordered to disgorge $30,000, one-year suspension.
John William Davis, Colonsville, Miss., fined $200,000; Jeffrey Gerard Dompierre, Valrico, Fla., $5,000 and 10-day suspension; Eugene Michael Felten, La Canada, Calif., fined $25,000, ordered to disgorge $16,072 and suspended one year; Marion Stewart Spitler, La Canada, fined $15,000, ordered to disgorge $18,444 and suspended six months. 

Mr. Felten said, "We got what amounted to a parking ticket, and by complaining about it, we ended up with a sizable fine and suspension." The matter "didn't involve anybody's securities transactions," he added. 

Victor Stanley Fishman, Longwood, Fla., fined $25,000; William Harold Floyd, Houston, $100,000; Michael Anthony Houston, Bronx, N.Y., $15,000; Amin Jalaalwalikraam, Glenham, N.Y., $60,000; Richard F. Knapp, London, $10,000 and 30-day suspension; Deborah Renee Martin, St. Louis, $15,000; Joseph Francis Muscolina Jr., Palisades Park, N.J., $15,000; Robert C. Najarian, Brooklyn Park, Minn., $15,000; Edward Robert Norwick, Nesconset, N.Y., $30,000. 

Charles D. Phipps Sr., Hermitage, Pa., fined $10,000; David Scott Rankin, Lake St. Louis, Mo., $15,000; Leigh A. Sanderoff, Gaithersburg, Md., fined $45,000, ordered to disgorge $12,252; Sandra Ann Smith, Ridgefield, N.J., $15,000; James G. Spence, Aloha, Ore., $5,000 and six-month suspension; Mona Sun, Jamaica Estates, N.Y., $60,000; William Swearingen, Minneapolis, $15,000 and six-month suspension; John Bew Wong, San Francisco, $25,000; Rabia M. Zayed, San Francisco, $50,000. 

The following were neither barred nor suspended: Stephanie Veselich Enright, Rolling Hills, Calif., fined $2,500 and ordered to disgorge $11,762; Stuart Lane Russel, Glendale, Calif., fined $2,500 and ordered to disgorge $14,821; Devon Nilson Dahl, Fountain Valley, Calif., fined $82,389.
Mr. Dahl, a registered representative in the insurance business, said he "screwed up" because he didn't realize he was breaking securities laws. "Insurance agents have been forced by their companies into becoming registered reps," he said, "but they are not providing compliance and security-type training so that we can avoid stupid mistakes." 

The following were barred or, where noted, suspended and consented to findings without admitting or denying wrongdoing: Edward L. Cole, Jackson, Miss., $10,000 fine; Rita Rae Cross, Denver, $2,500 fine and 30-day suspension; Thomas Richard Meinders, Colorado Springs, Colo., $2,000 fine, five-day suspension and eight-month suspension as a principal; Ronald A. Cutrer, Baton Rouge, La., $15,000 fine and one-month suspension; Karl Grant Hale, Midvale, Utah, $15,000 fine; Clinton P. Hayne, New Orleans, $7,500 fine and one-week suspension; Richard M. Kane, Coconut Creek, Fla., $250,000 fine; John B. Merrick, Aurora, Colo., $1,000 fine and 10-day suspension; John P. Miller, Baton Rouge, $2,000 fine and two-week suspension; Randolph K. Pace, New York, $10,000 fine and 90-day suspension; Brian D. Pitcher, New Providence, N.J., $30,000 fine; Wayne A. Russo, Bridgeville, Pa., $4,000 fine and 15-day suspension; Orville Leroy Sandberg, Aurora, Colo., $3,500 fine and 10-day suspension; Richard T. Marchese, Las Vegas, Nev., $5,000 and one-year suspension; Eric G. Monchecourt, Las Vegas, $5,000 and one-year suspension; and Robert Gerhard Smith, Carson City, Nev., two-year suspension. "I wasn't ever actively engaged in any securities activities," said Mr. Cutrer. "I never had any clients at all.
It was just a stupid mistake to get the license," he said, adding, "I'd just as soon not get into" details of the settlement. 

wsj_0115 Olympia Broadcasting Corp. said it didn't make a $1.64 million semiannual interest payment due yesterday on $23.4 million of senior subordinated debentures. 

The radio-station owner and programmer said it was trying to obtain additional working capital from its senior secured lenders and other financial institutions.
It said it needs to make the payment by Dec. 1 to avoid a default that could lead to an acceleration of the debt. 

In September, the company said it was seeking offers for its five radio stations in order to concentrate on its programming business. 

wsj_0131 Odyssey Partners Limited Partnership, an investment firm, completed the purchase of May Department Stores Co. 's Caldor discount chain for $500 million plus the assumption of $52 million in debt. 

Caldor, based in Norwalk, Conn., operates 118 stores in the Northeast; it reported revenue of $1.6 billion last year.
May Stores, St. Louis, runs such well-known department stores as Lord & Taylor. 

wsj_0147 American City Business Journals Inc. said its president, Michael K. Russell, will resign rather than relocate to new headquarters in Charlotte, N.C. 

Mr. Russell, who co-founded the Kansas City, Mo.-based local business publications concern here, said he would have a five-year consulting agreement with the company, which recently underwent an ownership change. 

Earlier this year Shaw Publishing Inc., Charlotte, acquired 30% of American City and has an agreement to acquire a further 25% from E.W. Scripps Co. next year.
Ray Shaw, chairman of American City, said he would assume Mr. Russell's responsibilities if a successor isn't found this month. 

 wsj_0153 Rockwell International Corp. reported flat operating earnings for the fourth quarter ended Sept. 30. 

The aerospace, automotive supply, electronics and printing-press concern also indicated that the first half of fiscal 1990 could be rough. 

In an interview, Donald Beall, chairman, said first-half profit certainly would trail the past year's, primarily because of weakness in the heavy-truck and passenger-car markets.
Still, he added, if the industrial sector remains relatively stable, Rockwell should be able to recover in the second half and about equal fiscal 1989's operating profit of $630.9 million. 

For fiscal 1989's fourth quarter, Rockwell's net income totaled $126.1 million, or 50 cents a share.
That compares with operating earnings of $132.9 million, or 49 cents a share, the year earlier. 

The prior-year period includes a one-time favorable tax adjustment on the B-1B bomber program and another gain from sale of the industrial sewing-machine business, which made net $185.9 million, or 70 cents a share.
Sales rose 4% to $3.28 billion from $3.16 billion. 

Mr. Beall said that he was generally pleased with the latest numbers and cited a particularly strong showing by the company's electronics segment. 

Overall, pretax electronics earnings soared 12% to $107.9 million from $96.4 million.
All four areas had higher revenue for the three months ended Sept. 30. 

For the year, electronics emerged as Rockwell's largest sector in terms of sales and earnings, muscling out aerospace for the first time. 

The graphics business, which also was singled out by the chairman as a positive, saw its operating earnings for the quarter jump 79% to $42.1 million from $23.5 million.
For the year, bolstered by the introduction of the Colorliner newspaper-printing press, graphics earnings almost doubled. 

Aerospace earnings sagged 37% for the quarter and 15% for the year, largely due to lower B-1B program profit; the last of the bombers rolled out in April 1988.
That was partially offset by the resumption of space shuttle flights and increased demand for expendable launch-vehicle engines. 

The company also took hits in the fourth quarters of 1989 and 1988 on a fixed-price weapons-modernization development program -- probably the C-130 gunship, according to analysts. 

For fiscal 1989, the company posted net of $734.9 million, or $2.87 a share, down from $811.9 million, or $3.04 a share, in fiscal 1988.
Excluding one-time additions to profit in each year, earnings per share were $2.47, up 7.4% from $2.30 in fiscal 1988.
Sales for the year rose 5% to $12.52 billion from $11.95 billion in fiscal 1988. 

wsj_0154 Dell Computer Corp. said it cut prices on several of its personal computer lines by 5% to 17%. 

The Austin, Texas-based company, which specializes in the direct sale of personal computers and accessories, said its price cuts include a $100 reduction on its System 210 computer with 512 kilobytes of memory, a 40-megabyte hard disk and a color monitor.
That package now sells for about $2,099.
A computer using the more-advanced Intel Corp. 386 microprocessor, with four megabytes of memory and a 100-megabyte hard disk now sells for $5,699, down from $6,799. 

Personal computer prices for models using the Intel 286 and 386 microprocessors, which the Dell models use, generally have been coming down as chip prices have fallen.