PLUS BUSINESS

HOME SALES DROP: Rising interest rates sent new-home sales slidingfor a fourth straight month in March as inflation sapped consumers'spending power, the Commerce Department said today. Single-familyhome sales dropped 5 percent from February levels to a seasonallyadjusted annual rate of 574,000 units - the slowest pace of salessince a 556,000-unit rate in March, 1989. OTC STOCKS HID HARD: While the performance of all major U.S. stockmarkets has been uninspired so far in 1990, the going has beenparticularly tough in the over-the-counter market. From New Year'sthrough the middle of last week, the Dow Jones industrial averagedropped 3.15 percent while the NASDAQ composite index fell 7.53percent. AMES REPLACES CEO: Ames Department Stores Inc., the discountretailer that filed for Chapter 11 bankruptcy last week, said todayit appointed Stephen Pistner, an experienced retailing executive, aschief executive officer to replace Peter Hollis, who has resigned.The appointment is subject to court approval. Pistner has served aspresident of giant Dayton-Hudson Corp. and as chairman and chiefexecutive of Montgomery Ward & Co. THIRD WORLD STOCKS: An annual survey by the World Bank affiliatedInternational Finance Corp. shows that stock markets in developingcountries generally outperformed those of the major industrialcountries last year. An IFC composite index of 19 emerging marketsshow a gain last year of 47 percent in U.S. dollar terms, exceedingthe performances of the stock markets in the United States, up 27percent; the United Kingdom, up 21 percent, and Japan, up 12percent. AUSSIES TAKE HIT: The weekend slump on Wall Street drovedown Australian share prices by about 1.5 percent today. "Sentimentis very poor," one broker said. "The sharp fall was almost entirelyon the back of a weaker Wall Street." DODGING BANKRUPTCY: Western Union Co., seeking to avoid bankruptcycourt, said today it has filed a restructuring plan based on swapping$530 million in notes for new securities with lower rates and alonger repayment schedule. The filing with the Securities andExchange Commission comes as the company faces a June 15 deadline tomake a $51 million biannual interest payment. INDIA STANDS FIRM: India, isolated on Washington's trade hit listfor erecting barricades against foreign competition, insists it willnot negotiate under threat of retaliation. Officials today declinedto comment on India being cited by the United States as an unfairtrader. EAST GERMAN JOBS: East Germany could end up with between100,000 and 300,000 jobless following the introduction of economicand monetary union with West Germany, a senior West German officialsaid today. But he said it was "irresponsible to talk about 2million jobless in East Germany" after the countries are united. OPEC EMERGENCY: OPEC ministers will meet in emergency sessionWednesday in a strategy session to support oil prices, which havefallen sharply in recent weeks. APPLE, DIGITAL PLAN: Digital Computer Corp. and Apple Computer Inc.will announce products tomorrow that allow Digital and Applecomputers to connect easily, the first fruit of a 2-year-old alliancebetween the companies. BEANS DIP: Soybean futures prices closed slightly lower today on theChicago Board of Trade. Wheat futures were 2 cents to 5 1/4 centshigher with the contract for delivery in May at $3.72 1/2 a bushel;corn was 1 1/2 cents lower to 1 1/4 cents higher with May at $2.811/4 a bushel; oats were 1 1/2 cents to 3 cents higher with May at$1.65 1/4 a bushel; soybeans were 1 1/2 cents to 3 cents lower at$6.33 a bushel.