Of all the legacies left by the Raj in India, British colonial architecture is not, in general, one of our happier exports. Even at the time, the most diehard admirers of British imperium had to admit that the florid confections of the Victorians were often of dubious taste, especially when compared to the sublime constructions of the Mughals who preceded them.

As the 1930s travel writer Robert Byron succinctly put it: "In a country full of good example, the English have left the mark of the beast." Bombay he described as "absolutely awful: Indian, Swiss chalet, French Chateau, Giotto's tower, Siena cathedral & St Peter's are to be found altogether in almost every building", while Darjeeling he thought was "Bognor roofed in corrugated iron and reassembled in the form of an Italian hill town ... the whole of [British] India is a gigantic conspiracy to make one imagine one is in Balham." Indeed, in all his Indian travels, Byron found only one piece of British architecture to admire: Lutyens' Delhi: "People don't realise what has been done," he wrote, "how stupendous it is, and such a work of beauty, so unlike the English. One would never have thought it of them. It will be a mystery to historians."

Byron was undoubtedly right. Lutyens' Delhi is not only one of the supreme achievements of British architecture in any period of history - the colonial equivalent of Bath, Dublin or the Edinburgh New Town - it still ranks as one of the most elegant urban landscapes anywhere in the world, and a rival to Pierre-Charles L'Enfant's Washington. Although it is the grand monumental structures - Edwin Lutyens' Viceroy's House and Herbert Baker's two Secretariats - that are justly the most famous buildings in New Delhi, it is the smaller domestic buildings which give it its character. From wide avenues and open boulevards shaded by neem, tamarind and arjuna, low red-brick walls give on to sprawling white classical bungalows with bow fronts, porticoes and dim colonnades of tall Ionic pillars, all surrounded by long lawns, jungly shrubberies and bushes of molten yellow gulmohar.

Not for much longer. Already, almost every Lutyens bungalow in private hands has gone, destroyed in the welter of demolitions that took place between 1980 and 2000. Now it has been announced that the same fate awaits the remaining 60% of the Lutyens buildings still owned by the government.

The Central Public Works Division (CPWD) this week announced its intention to raze the remaining Lutyens bungalows and so demolish arguably the most important colonial townscape in the world. The CPWD has decided the bungalows have "gone beyond their lifespan", "are unsafe" and "should be up for demolition". The idea is to replace them with "ultra-modern day fuel-efficient apartment blocks", which, if the mock-ups published in the Times of India are anything to go by, will resemble bland 1960s student housing projects of grey windowless concrete, with the additional attractions of tangles of barbed wire around the heightened perimeter walls. If the CPWD gets its way, no fewer than 1,114 houses built across 1,000 acres will be demolished: a virtually unprecedented act of mass vandalism.

Nor is it just the buildings that are at risk: the trees of Lutyens' Delhi, all planted within a few months of each other in the early 1920s, are not being maintained or replaced, and are now coming to the end of their life. The green lungs of central Delhi - which make it the only city centre in the world which is several degrees cooler than its periphery - will give way to a miasma of new concrete. The irony is that the Indian National Trust is currently proposing that Lutyens' Delhi be named as a Unesco World Heritage Site, and that the World Monuments Fund in New York has named the area as one of the world's 100 most important endangered monuments.

Lutyens' Delhi was the last great construction project of the British in India. By the beginning of the 20th century, it was clear that Calcutta was too chaotic to be the capital, and the Viceroy drew up plans to move his headquarters to Delhi. The construction of the new city was an epic project involving no less than 29,000 labourers. Yet one man masterminded every aspect of the construction, from the shape of the doorknobs in the Viceroy's palace to the types of flowers suitable for planting on the roundabouts.

Edwin Landseer Lutyens was a self-taught, working-class genius of ethnic Dutch origins. His appointment was one of the most inspired decisions ever taken by an official planning committee - for, before building Delhi, Lutyens was not especially famous, having only built a scattering of Edwardian manor houses across the home counties. In winning the commission to construct the new capital, Lutyens was presented with the biggest architectural opportunity offered to any British architect since his hero Sir Christopher Wren set about rebuilding London after the Great Fire. Like Wren, Lutyens was a champion of the classical at a time when his contemporaries were still building in Gothic; and Lutyens, like Wren, found himself under great pressure to build New Delhi in a style he abhorred. In Lutyens' case the architect was initially ordered to build the new capital in the strange Anglo-Mughal hybrid known as Tropical Gothic, a style whose latticed screens and pseudo-oriental borrowings filled Lutyens with horror. As he put it in a letter: "They want me to Hindoo, Hindon't I say ..."

Yet while Lutyens started off prejudiced against the forms of Indian architecture, he soon came to appreciate their beauty and found ways of incorporating many Indian features into buildings that nevertheless obeyed all the essential rules of classical architecture. The result was a fusion that combined European, classical Buddhist and Islamic ideas in a wholly original way. Lutyens thus solved a problem whose solution had been eluding British architects for 300 years: how to build in a style that combined the best of east and west, and at the same time create something both impressive and original.

For all the beauty of Lutyens' creation, from the very beginning events conspired to make his grand imperial vision seem antiquated by the time it was built. The capital had been commissioned in 1911 to testify to "the idea and fact of eternal British rule in India", and its undeviating geometry was intended to symbolise Britain's success in imposing order on a chaotic subcontinent. Yet by the time it began to be built, in the late 1920s, New Delhi had already become an anachronism.

Even Lutyens was aware that the British Empire he so admired was rapidly to come to an end and wrote that his age represented the "swansong" of British imperial architecture; he only prayed that it would be "a good tune, well sung". His assistant Baker wrote that he hoped "in 2,000 years there must be an Imperial Lutyens tradition in Indian architecture".

The hope was to be disappointed. Within two decades of New Delhi's formal inauguration in 1931, India won its independence. Nehru disliked Lutyens' work and called New Delhi "a visible symbol of British power, with all its ostentation and wasteful extravagance". Instead, it was to Le Corbusier and the modern movement that Nehru looked for inspiration. As a result, within a few years of the demise of the Raj, nearly all its architectural ideas were dead too. Now, with the proposed replacement of Lutyens' fine colonial buildings by modernist blocks, Le Corbusier has won the final victory.

India has, in general, a shockingly bad conservation record. There is no effective legislation protecting ancient monuments, and while archaeological sites are granted a nominal guardianship (but little real protection) there is no system of architectural listing, and India's late Mughal and colonial architecture is entirely unprotected by law. In the competition between development and heritage, it is the latter that inevitably gives way.

This is particularly the case with Delhi. Of the great cities of the world, only Rome and Cairo can even begin to rival Delhi for the sheer volume and density of historic remains; yet every year, more ruins disappear, victims to unscrupulous property developers or unthinking bureaucrats. In one century, the population of Delhi has grown from around 200,000 to more than 14m, and the fate of its architectural heritage - that "infinite amount of ruined sepulchres all over the land" that so impressed Edward Lear - is uncertain in a city where fully one quarter live in slums and one third have no sanitation; the Municipal Corporation, understandably, has other priorities.

There are no reliable statistics to measure how much has been destroyed, but the loss has certainly been drastic. In the late 1950s, a Japanese team surveyed the 336 major medieval buildings of Delhi. The team returned 40 years later to find that 30% of the monuments photographed and described in their work were no longer standing; 97% of the Mughal havelis (courtyard houses) of Old Delhi have also been destroyed, and like the city's medieval walls, disappeared into memory.

The wholesale destruction of the Lutyens Delhi would be an act of mass cultural vandalism comparable to the bulldozing of Bath. Yet in Delhi there has been little outcry, and even India's beleaguered conservationists seem unable to muster the energy to attempt to save the city: as one Indian National Trust activist I spoke to put it: "What to do?"

· William Dalrymple is the author of City of Djinns: A Year in Delhi (Flamingo), and White Mughals: Love and Betrayal in 18th-Century India (HarperCollins).

Summary: Edwin Lutyens' architecture was the first to successfully fuse east and west. Is India really about to bulldoze his work?


WASHINGTON — Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills dropping to their lowest level in three weeks.

The Treasury Department auctioned $35 billion in three-month bills at a discount rate of 0.035 percent, down from 0.130 percent last week; $30 billion in six-month bills was auctioned at a discount rate of 0.070 percent, down from 0.150 percent last week.

The three-month rate was the lowest since three-month bills averaged 0.010 percent on Sept. 30. The six-month rate was the lowest since those bills averaged 0.060 percent on Oct. 7.

For a $10,000 bill, the three-month price was $9,999.120 while a six-month bill sold for $9,996.46. That would equal an annualized rate of 0.035 percent for the three-month bills and 0.071 percent for the six-month bills.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills was 0.14 percent last week, unchanged from the previous week.

Summary: WASHINGTON — Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills dropping to their lowest level in three weeks. The Treasury Department auctioned $35 billion in three-month bills at a discount rate of 0.035 percent, down from 0.130 percent last week. Another $30 billion in six-month bills was auctioned at a discount rate of 0.070 percent, down from 0.150 percent last week. The three-month rate was the lowest since three-month bills averaged 0.010 percent on Sept. 30. The six-month rate was the lowest since those bills averaged 0.060 percent on Oct. 7.


06/11/2014 at 08:00 PM EDT

With the success of her hit show,

can't help but feel blessed.

"I am living extraordinary dreams come true in my work life and in my personal life," she told the

in her first interview since welcoming

While her character on ABC's political thriller may have a very complicated personal life, Washington, 37, says playing the role of Olivia Pope has rubbed off on her in a positive way.

"She is unapologetically willing to take control of a situation," says Washington. "I think I've learned a lot from her about how to own my own power in a room or in a professional situation. She isn't afraid to hold her own in a room and I've learned a lot from her about that."

Now with three seasons under her belt, Washington is loving life as the star of the smash hit. One piece of advice she would give herself if she could go back to her pre-

Kerry Washington's first post-baby interview

"Take more pictures," she says. "Because this is going to be one of the most important, significant, life changing journeys for you as a woman, artist, friend, business person â¦ This journey you are about to embark on is truly transformative and you are about to make friends that you will be madly in love with for the rest of your life."

Olivia Pope Really, Really Likes Wine

Summary: The Scandal star says she's "living extraordinary dreams come true"


FORTUNE — One day after being charged with felony hit-and-run related to an August 2013 accident, Silicon Valley entrepreneur Nirav Tolia is beginning to talk about the incident.

In an emailed statement, Tolia says:

On August 4, 2013, I was driving north on Highway 101 and attempted to make a lane change. After seeing another car approaching, I returned to my lane. My car made no contact with the other vehicle and I did not believe that my actions had caused the driver of that car to lose control. I was unaware that anyone was injured and did not believe that I was obligated to report the event.

I fully cooperated with the police investigation back in August providing an honest account of events and full access to my car for inspection. I was not issued a citation at the time and did not receive any further communication from the police. Nine months later, on May 13, I was alerted to charges being filed by the District Attorney.

I am truly saddened by the other driver’s injuries and deeply troubled by the whole incident. I take these allegations extremely seriously and will continue to fully cooperate with the authorities.

The timing of when Tolia was made aware of criminal charges is important, given that his company raised $60 million last October in a venture capital round co-led by Tiger Global Management and Kleiner Perkins Caufield & Byers. If Tolia had no reason to think criminal charges were pending, then it would have been a non-issue during due diligence. Neither firm has yet made a public comment on the case.

Tolia also is facing a civil complaint filed by driver of the other vehicle, Patrice Motley, who claims that she suffered two fractures on her left hand, plus neck and back injuries. His auto insurance company and Motley’s auto insurance company appear already to have settled the property damage claim, but the two sides never successfully reached a settlement on the personal injury claims, thus prompting the civil complaint. My understanding is that those discussions have been ongoing for months but, again, began after Nextdoor raised its funding round.

As for why the civil and criminal charges were filed at virtually the same time — despite being nine months after the incident — Motley’s attorney Joseph Brent said he said no idea. “No one in this office, including me, spoke to the D.A.’s office about this case,” he tells Fortune. “I know why we filed now, but not why they did.”

Tolia is expected to appear in San Mateo County Superior Court in two weeks from today for the criminal matter.

Sign up for Dan Primack’s daily email newsletter on deals and deal-makers: GetTermSheet.com

Summary: Nirav Tolia says he was unaware criminal charges were coming.


Updated AUG 09, 2014 2:58a ET

PHOENIX -- David Peralta has done a little bit of everything in his remarkable first 10 weeks in the major leagues, so maybe a steal of home should come as no surprise.

The play is a combination of passion and preparation, and Peralta has shown healthy doses of both in his first 55 games.

Peralta took advantage of a lob throw from Rockies catcher Michael McKenry back to the mound to dash for home with two outs in the seventh inning, giving the D-backs a four-run cushion in what became a 5-3 victory Friday at Chase Field.

Encouragement from his teammates helped, too.

"I was waiting for the right time to do it," Peralta said. "The catcher was throwing the ball soft to the pitcher, and as soon as I got to third base I was aggressive. They (bench) saw that I was trying to do something. They told me 'Do it. Do it. Don't be afraid.' OK. I'm going to do it."

Peralta, who tripled in a run earlier in the seventh, was aware McKenry occasionally flipped the ball back to the mound. With the third baseman playing deep, Peralta was able to get a good lead.

After a 1-2 pitch took McKenry to the outside part of the plate, McKenry lobbed the ball back and Peralta took off. Pitcher Rex Brothers rushed in to attempt to catch the throw but he could not handle it. Peralta almost certainly would have made it anyway.

"I saw the ball flying and I went right away to home," Peralta said. "I knew it was going to be kind of hard for (Brothers) to catch the ball and make a good throw to the catcher and the catcher try to tag me. That is not easy to do real quick."

It the kind of play that has given Peralta the look of a fixture for the future. He had a double, a triple, a walk, scored two runs and drove in one Friday, and he has 64 hits in his first 55 games, tying a franchise record set by Stephen Drew in 2006.

"You could see he was gauging him," D-backs manager Kirk Gibson said. "He just timed him up. It was just the perfect storm where the pitch was. He (McKenry) just reached over and threw it up. We've talked about it before. He kind of always does it, flips it back. Two outs, worth a try. He executed it perfectly."

Peralta said it was his first steal of home at any level.

"I already apologized to Rex," McKenry said. "I feel awful about it."

Oliver Perez had to duck a broken bat while fielding a comebacker by Corey Dickerson in the seventh inning. With the bat spinning toward his head, Perez dropped to his knees to corral the ball. His throw to first from a sitting position was wide, and Dickerson was credited with a single.

8 -- hitting streak for Ender Inciarte.

* Jordan Pacheco grounded into a double play when the umpiring crew did not detect a foul ball in the fifth. With the bases loaded and one out, Pacheco hit a ball that glanced off his left shin before rolling to shortstop. TV replays appeared to show the ball made contact. No umpire saw it, and the Rockies turned a 6-5-3 double play while Pacheco remained at the plate. "We won the game," Pacheco said. * Miguel Montero has 80 of his 96 home runs against righties, but he has hit his last two against left-handers, including his three-run shot against the Rockies' Tyler Matzek in the first inning. He hit a two-run homer against San Diego lefty Eric Stults on June 28. * Chase Anderson made his fifth straight quality start, giving up one run and four hits in six innings. He struck out six. "It was good to give the team a chance to win," Anderson said. "Guys had some big hits early. Peralta stole home. That was pretty sweet." * Inciarte unleashed a Gerardo Parra-esque throw to home plate on McKenry's fly ball to medium center field with a runner on third base in the ninth inning. On a string. To Montero on the fly. Wisely, the runner stayed put.

Andrew Chafin, a Tommy John survivor, joined the D-backs' bullpen when he was promoted from Triple-A Reno on Friday. "Really excited to be here, and can't wait to see what happens," Chafin has been a starter virtually all his career since being a sandwich pick in the 2011 draft, spending time in the bullpen in 2012 only during a dead arm period. About his future role, he said: "I'm not worried about that. I'm just going to try to do the job at hand." Chafin was 8-6 with a 3.96 ERA in 23 starts between Double-A Mobile and Reno.

Follow Jack Magruder on Twitter

Summary: D-backs rookie David Peralta reads the situation, reacts.


FORTUNE — The NPD Group’s Stephen Baker chose Tuesday 9/11 — the day before the expected launch of Apple’s AAPL new iPhone — to pour cold water on what he calls the “growing expectation that this release will achieve the equivalent blowout sales success that the iPhone 4s enjoyed.”

Equivalent? As we reported Monday, conventional wisdom on Wall Street has it that the iPhone 5 will outsell the iPhone 4S by a wide margin.

Among the handful of analysts who were willing to venture a guess, estimates for iPhone 5 sales this quarter (i.e. in the eight days from 9/21 and 9/29) ranged from 6 to 12 million. It took Apple three days to sell 4 million iPhone 4S units last year. Topeka’s Brian White estimates by day 3, the company will have sold 5 to 5.5 million iPhone 5s.

Stephen Baker begs to differ.

“The iPhone 5,” he writes, “will launch into a U.S. smartphone market with very different dynamics than the launch window of the iPhone 4 or the iPhone 4s. And these dynamics have nothing to do with the strength of the new product offering, its hardware configuration, its marketing, or even its competition. The U.S. smartphone market appears to be an increasingly mature one. A recent press release from NPD detailed that total growth in the US market was just 9 percent in the second quarter (Q2), and all that growth was the result of the increased prevalence of pre-paid devices in the market…

“As the market matures the challenges of growing faster than the industry multiplies. Blowing away all weakened competition, as Apple has done to this point, makes it infinitely harder to continue to blow away the remainder, because they are, by virtue of their current position, much more competitive than those that have fallen by the wayside.”

Baker may be right. But it’s also true that the NPD group measures only U.S. retail sales, while Apple sells all over the world. In fact, of the 37 million iPhones it sold in the December quarter last year — the first that included the iPhone 4S — nearly half (17 million) were purchased outside the U.S.

All this suggests that the number to watch for at Apple’s special event tomorrow is how many countries will be getting the new phone on Day 1. Last year, the iPhone 4S launched initially in the U.S., Australia, Canada, France, Germany, Japan and the U.K..

Summary: The U.S. market may be too saturated for the new iPhone to beat the iPhone 4S's record


SAN FRANCISCO — Microsoft plans to offer a glimpse of its vision for Windows this week, as its new chief executive seeks to redefine the company and recover from missteps with its flagship operating system.

Although the new software won’t be formally released until next year, analysts already consider its success crucial for Microsoft and Satya Nadella, who has made mobile devices and Internet-based services priorities since becoming chief executive in February.

With its tablet-like touch controls, Windows 8 had been Microsoft’s answer to slumping sales in personal computers amid a rising demand for mobile devices. But the company alienated many users by forcing radical behavioral changes. Research firm IDC even blamed Windows 8 for accelerating a decline in PC sales in the first full quarter following the system’s release in October 2012.

Microsoft has released updates that address some of the complaints, yet analytics firm Net Applications estimates that five out of six Windows users are still using something other than Windows 8.

The next major release will be the company’s chance to regain its footing and show it can embrace mobile devices without sacrificing the traditional computing experience.

‘‘It’s one of the most important launches that they will ever have,’’ said Patrick Moorhead at the research firm Moor Insights and Strategy. ‘‘It’s very important they get it right.’’

Microsoft is expected to give an early look at some new features Tuesday during an event the company has billed as a discussion about ‘‘what’s next for Windows.’’ The company hasn’t said what it plans to call the new Windows version.

The San Francisco event is geared toward the business market. Separate sessions focused on home computer users and others will be held in the coming months. Analysts say the sessions are part of an effort by Microsoft to gather feedback and avoid the stumbles it made with Windows 8.

Even after two years of declining sales of personal computers, software licenses for Windows remain a key revenue stream for Microsoft. Such sales are a part of a business segment that contributes roughly 21 percent of Microsoft’s annual revenue — second only to sales of the company’s commercial software.

Windows 8 introduced a host of features for personal computers, including touch-screen functions that are now common with tablets. Many PC users, however, found the redesigned interface difficult to navigate, particularly with keyboards and mice on devices without touch screens. They also missed familiar controls, such as the ‘‘start’’ button that was a longtime component of previous Windows systems.

‘‘It was a miscalculation on the part of Microsoft,’’ said analyst Steve Kleynhans at the Gartner research firm. ‘‘You can’t force people into a situation where everything they know changes.’’

Still, experts say, Microsoft has good reason to design software that attempts to broaden its appeal to smartphone and tablet users. Although the company still dominates the PC industry, that market is barely growing. Meanwhile, Microsoft has gained little traction in a booming smartphone market dominated by Apple’s iPhones and devices running Google’s Android software.

Nadella has said he wants the next version of Windows to be a ‘‘single, converged operating system for screens of all sizes.’’


Many fans know Ray Lucas for his seven seasons in the NFL with the Jets, Dolphins and Patriots. But in his new book, Under Pressure: How Playing Football Almost Cost Me Everything And Why I'd Do It All Again, Lucas and David Seigerman give an uncensored look into the true culture of the NFL, and how the unending desire to stay on the field and in the league can lead to painkiller abuse and depression -- and end with fatal results. In this excerpt, Lucas recounts how he plotted a suicide attempt.

One hundred million vehicles drive across the George Washington Bridge every year. I took it every time I drove home after practicing at the Jets facility on Long Island. I'd take the Cross Island Parkway to the Throgs Neck Bridge to the Cross Bronx Expressway to the GW, the busiest bridge in the world.

I was well acquainted with the George Washington Bridge, but I still felt I probably needed to drive it one more time. I needed to see it with a new set of eyes, not as a commuter looking to get home to his family, but as a man on a very different mission. I needed to find the best place along its mile-long span to drive my truck off the road and into the Hudson River 200 feet below.

That was the basic plan. I just needed to iron out the specifics.

I got in my truck and drove to the bridge, as clear and coherent as I had been in months. I was living in the moment, my endorphins flowing. This was going to work out all right after all.

I crossed over into Manhattan, scanning the possibilities provided by the upper level. All of a sudden, I was at the line of scrimmage, looking over the defense for a weakness one last time. I took note of the little guardrail that separated the pedestrian walkway from the four lanes of eastbound traffic.

This could make things a little tough.

So, I looped around and drove back the other way, heading west to Fort Lee. There's no westbound toll on the George Washington Bridge. Things were looking up already.

The westbound side didn't appear to have any more favorable options. It looked challenging, but not impossible.

Good idea. I needed to check the lower level. Once I got back into Jersey, I turned around and did another loop of the bridge. I was really getting into this fact-finding expedition. I was laughing to myself and smiling. I even started to break into a little sweat.

But the lower level was no good -- steel support beams in an unbroken pattern of upright triangles all the way across. I couldn't have blasted my truck through those. I checked the lower level on the way back, too, just to be sure. Same deal.

Guess it's going to have to be the upper level.

Guess so. But I needed to do one more lap, just to make sure. I wound up making three consecutive round trips across the George Washington Bridge in a red truck that day, and no one noticed. You would've thought someone would have found this slightly suspicious and pulled my ass over. No one gets so lost that they do three laps around the GW.

But no one stopped me. Must have been my lucky day.

After exiting the upper level for the third and final time, I headed home to Harrison.

I'd planned my work. Soon, it'd be time to work my plan.

I would go on Sunday morning, after Cecy and our three girls left for church. I would drive to the GW, take the upper level approach, get through the tolls and the merge from 12 lanes down to four, pick a lane, and floor it. I knew I would need to pick up a high rate of speed, so that when I made my hard right, probably just beyond the halfway point, I'd have enough momentum to clear the guardrail, the pedestrian lane, and, finally, the outer guardrail. I figured my truck had the weight to carry me up and over, if I was going fast enough. As long as I didn't get caught up by one of the 592 steel suspender ropes that hold the bridge in place, I'd break through.

I figured somebody would see me go over. They'd see a red truck with Jersey tags, maybe even catch a few numbers off my license plate. Someone would be able to figure out who it was and get the news to my family.

I like it. Let's go.

-- Excerpted by permission from Under Pressure: How Playing Football Almost Cost Me Everything And Why I'd Do It All Again by Ray Lucas with David Seigerman. Copyright (c) 2014 by Ray Lucas with David Seigerman. Published by Triumph Books. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher. Available for purchase from the publisher, Amazon and Barnes & Noble. Follow Ray Lucas on Twitter @RayLucas06. Follow David Seigerman on @dseigs18.

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True to the Southern California culture, the Halos presented Jeter with a pinstripe paddleboard.

Keeping with the local culture theme, the Astros gave the Captain a pair of personalized cowboy boots, a cowboy hat and some golf clubs.

The Indians, who play in the city that is considered by some the birthplace of Rock n' Roll, gave Jeter a personalized guitar.

The Mariners presented Jeter with a chair from the old Kingdome, a base from Safeco field and a $5,000 check for his Turn 2 Foundation. Not pictured here is the $34,000 Jay-Z Hublot that Jeter's former teammate, Robinson Cano, gave him.

During a rare trip to Yankee Stadium, the Reds gave Jeter framed autographed jerseys of Davey Concepcion and Barry Larkin. The frame also included photos from June 3, 2003, the day Jeter was named the 14th Yankees captain before a game against the Reds in Cincinnati.

On behalf of the White Sox, Paul Konerko presented Jeter with a miniature bench made of out bats, balls and bases, U.S. Cellular Field shortstop dirt in a glass container adorned with legendary shortstops' names and a $5,000 check for the Turn 2 Foundation.

Jeter got another pair of cowboy boots from Texas' other team along with a framed photo of Jeter and then-president George W. Bush from Game 3 of the 2001 World Series at Yankee Stadium. The former owner of the Rangers was on hand to present the gift to Jeter.

The Twins gave Jeter the last second base from the Metrodome. That bag was used during Game 3 of the 2009 ALDS, when Jeter and the Yankees beat the Twins, 4-1.

Jeter received the No. 2 from Wrigley Field's famed hand-operated scoreboard.

The crosstown Mets presented Jeter with a No. 2 subway mosaic as well as a $22,222 check for the Turn 2 Foundation.

Detroit's tribute was extra emotional for Jeter, who grew up in Kalamazoo, Mich. With Jeter's family on the field, the Tigers presented him with a $5,000 check for the Turn 2 Foundation, a pair of seats from Tiger Stadium and a trio of paintings of Jeter dating back to his high school days.

In addition to a $10,000 check to his foundation, the A's presented Jeter with a personalized bottle of Napa Valley wine.

The Brewers presented Jeter with a bronze replica of his bat, a stay at the prestigious American Club and a round of golf at Whistling Straits in Kohler, Wis.

Summary: Many fans know Ray Lucas for his seven seasons in the NFL with the Jets, Dolphins and Patriots. But in his new book, Under Pressure: How Playing Footb...


Eric Gill was sex mad so it’s probably no surprise that his design for a stone lawn roller would be smutty, showing a naked Adam and Eve literally enjoying a roll in the Garden of Eden.

The erotic gardening equipment is going on public display at the National Portrait Gallery as part of the first exhibition devoted to William Morris and his influence on 20th-century life.

Gill was a fanatic about religion and sex who had sex with most of his family including the family dog, but he was also a hugely important early 20th-century artist, a free thinker who was profoundly influenced by Morris. “I still love Eric Gill for all his many faults,” said the show’s curator, Fiona MacCarthy. “I love the work and I love the exuberance and the craziness of it; an Adam and Eve garden roller is pretty extreme.”

The roller, designed by Gill and carved by his apprentice David Kindersley, has been loaned by Leeds city art gallery to an exhibition that includes portraits, furniture, jewellery, books, banners and textiles.

The show explores Morris’s unstinting belief in art for everyone, his passionate socialism and revolutionary zeal and his influence on some of the most brilliantly radical figures of the last 150 years.

He still has enormous relevance today as well, said MacCarthy. “He is questioning the meaning of life in a way we are still needing to do. Morris is thinking about creativity and about whether humans need to make, which is pertinent in these days of unemployment – people need a creative life, otherwise they just fall into lethargy.”

The show shines light on a fascinating cast of characters who fell under the spell of Morris, during his lifetime or subsequently.

People like Edward Carpenter, the openly gay Victorian philosopher who introduced sandals to leftwing circles with a mission to free believers’ feet from the “coffin-like imprisonment of shoes”.

His original sandals are on display from Sheffield Archive, while later in the show there are also works representing a man who is the modern living link to Morris, Terence Conran.

The exhibition is opening in the same week that the Frieze commercial art fair opens and more or less takes over the London art world.

Morris would have hated it, said MacCarthy. “He would have been appalled by Frieze! Can you see him going through Frieze? He would have been knocking it all sideways.”

Anarchy & Beauty: William Morris and his Legacy, 1860-1960 is at the National Portrait Gallery, London, 16 October – 11 January.

Summary: ‘Anarchy and Beauty’ exhibition features Eric Gill’s erotic garden roller and Victorian gay socialist Edward Carpenter’s sandals


Defense.net, a Belmont, Calif.-based stealthy security startup, has raised $9.5 million in Series A funding led by Bessemer Venture Partners. The company’s founder, Barrett Lyon, previously founded both Prolexic and BitGravity. www.defense.net

ClearDATA Networks Inc., a Phoenix-based healthcare cloud computing platform and service provider, has raised $7 million in Series B funding from Norwest Venture Partners and Excel Venture Management. www.cleardata.net

Vee24, a Boston–based provider of live multimedia help solutions to brands, has raised $5.5 million in Series A funding. Data Point Capital led the round, with partner Scott Savitz taking a board seat. Point Judith Capital also participated.

UrbanBound, a Chicago-based online relocation platform for company employees, has raised $5 million in Series A funding. Grotech Ventures led the round, and was joined by StarVest Partners.www.urbanbound.com

Engagor, a Belgium-based provider of social media brand management tools, has raised $2.6 million in Series A funding led by Hummingbird Ventures. www.engagor.com

Maxwell Health, an HR platform for managing benefits and promoting employee health, has raised $2 million in Series A funding. Tribeca Venture Partners led the round, and was joined by Lerer Ventures, Vaizra Investments, BoxGroup and TiE Angels. Maxwell Health has offices in New York and Cambridge, Mass. www.maxwellhealth.com

RIVS, a Chicago-based provider of online software for improving HR interview analysis, has raised $2 million in Series A funding led by IrishAngels. www.rivs.com

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Summary: Defense.net, a Belmont, Calif.-based stealthy security startup, has raised $9.5 million in Series A funding led by Bessemer Venture Partners. The company’s founder, Barrett Lyon, previously founded both Prolexic and BitGravity. www.defense.net ClearDATA Networks Inc., a Phoenix-based healthcare cloud computing platform and service provider, has raised $7 million in Series B funding from Norwest Venture Partners and Excel Venture Management. www.cleardata.net…


FORTUNE — For the past six years, a former Samsung engineer named Steve Kondik has been working to improve the speed and functionality of Android phones, via an open-source “jailbreaking” project called CyanogenMod. Now he’s turning the side project into a full-fledged business, with the help of some very high-profile investors.

Kondik today is announcing that his company, called Cyanogen, has raised $7 million in its first round of venture capital funding. Benchmark, which was an original investor in open-source pioneer Red Hat RHT in 1998, is leading the round. Also participating is Redpoint Ventures, which incubated Android long before the company was acquired by Google GOOG in 2005.

Cyanogen also will feature Boost Mobile co-founder Kirt McMaster as its CEO, with Kondik serving as chief technology officer.

“We brought in people who really understand open-source and Android and how to get product in front of consumers,” Kondik explains.

That last part is extremely important, because Cyanogen already has a devoted following among hard-core Android fans. Its various versions have been downloaded millions of times, helping users to everything from extend battery life to strengthen data security. What the company needs to do now is appeal to the average Android user — something it believes will be smoothed by a simplified installer that Cyanogen also is unveiling today.

“Our mass market plan is for the second half of 2014, which will include services and third-party integration,” McMaster explains. “We’ll begin to make money on services we can build and integrate in ways that Google or Apple AAPL don’t necessarily do for their own business reasons. We’re not beholden to any OEM or mobile operator.”

In other words, Cyanogen will continue to offer its basic firmware packages for free, and then charge for various extras. It also plans to maintain ties to the open-source developer community, pledging not to charge for any of their contributions (instead integrating them into the basic package).

The $7 million should last Cyanogen for about two years, particularly since it won’t need to hire an enterprise sales force. But it does expect to raise a Series B round much sooner than that, to continue scaling research and development.

Kondick also isn’t concerned about blow-back from Google now that Cyanogen is going for-profit, despite several past scuffles. These are the users that Google likes,” he says. “And we’re not doing anything outside of their ecosystem that breaks any of their models… We also have a refresh for people who want to return to what they originally had.”

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Summary: Cyanogen raises $7 million to build the Red Hat of mobile devices.


(REUTERS) – Facebook Inc’s professional version of its social network aimed at businesses will launch in the next few months, a person familiar with the matter told Reuters on Monday.

The world’s No.1 Internet social network with 1.35 billion monthly users has been quietly testing a version of its website geared towards workplace collaboration. The service, dubbed Facebook at Work, allows users to exchange messages and share documents using Facebook’s scrolling news feed and other familiar features from the consumer version of Facebook.

The professional version of Facebook, which could compete with services such as LinkedIn Corp, as well as Salesforce.com Inc and Microsoft Corp, would allow users to maintain special profiles that are distinct from their existing Facebook profiles, the person said. Work activities would not be shared on a user’s personal profile, and the baby photos, videos and general banter popular in the consumer version of Facebook would not encroach into the professional version.

A Facebook team in London is leading the effort and a small number of companies are currently running a pilot version of the service, the person said.

It is still unclear how Facebook plans to make money from the professional service. Facebook is not currently charging a subscription fee for the version being tested, according to a report in the Financial Times, which first reported news of the service. Facebook currently generates the bulk of its revenue from ads that appear on its existing service.

Shares of LinkedIn, a social network aimed at professional users, were down 5% at $222.12 in midday trading on Monday. Salesforce.com was down 1.7% at $62.80 and Microsoft was essentially flat at $49.54.

Facebook shares were down 1% at $74.13.

Summary: Network for businesses could challenge LinkedIn and similar services from Microsoft and Salesforce.


The National Gallery has used a bequest from a Birmingham art teacher to buy a charming painting of a meek young woman kneeling in prayer, which had been lost for more than 140 years and was known only from a sketch sent by the artist to his brother.

The painting by the Scottish artist Sir David Wilkie, now on display alongside masterpieces by Turner, Constable, Gainsborough and Reynolds, was described by the gallery’s deputy director, Susan Foister, as “a moment of small drama”.

It is believed to be a portrait of Augusta, daughter of Henry Phipps, who was foreign secretary under William Pitt the Younger and became the first Earl of Mulgrave.

The portrait of the solemn girl is particularly poignant because it was painted the year she died, aged 12, in 1813. Foister said: “The pose does not merely enable her features to be clearly identifiable to those who knew her, it also creates a moving connection to the viewer, which is emphasised by the dramatic illumination of her face and figure, her solemn expression and the accuracy and delicacy with which Wilkie suggests the face of a young girl poised between childhood and adulthood.”

The painting was last heard of in 1872, but had remained in a branch of the Phipps family until a descendant sold it in New York last year. It was known only from an oil sketch of some of the paintings Wilkie was working on, which the artist sent to his brother, an army officer in India.

The gallery chose the painting as particularly suitable for the bequest from Marcia Lay, who taught art at Lordswood girls school in Harborne for more than 20 years before her death in June 2012. It bought it through a London dealer, Ben Elwes, who spotted it in the US sale and recognised it as the missing Wilkie.

The culture minister Ed Vaizey said the picture showed the importance of such bequests in Legacy Awareness Month. “Thanks to the wonderful generosity of Marcia Lay, this beautiful painting will be seen and enjoyed by a huge audience for the first time, so helping to ensure that her name – and her gesture – is celebrated for generations to come.”

Summary: 1813 work, believed to be a portrait of foreign secretary’s daughter, acquired with funds from art teacher’s bequest


Massachusetts Gov. Deval Patrick will leave office next month and return to the private sector, where he previously held senior executive roles with such companies as Coca-Cola KO and Texaco. There also continues to be talk about the 58 year-old as an eventual presidential candidate, which is something he has not ruled out.

From a state economic perspective, Patrick’s tenure was largely successful. Job growth has far outpaced the national average, with life sciences job growth besting all other states. He also has helped encourage Massachusetts’ tech sector to shake off its 1980s hangover, via such widely-lauded programs as MassChallenge. On the downside, a CNBC report suggests that the state’s economic competitiveness dropped to #25, due largely to high costs of living and of doing business (for comparison, California is listed as #32 and New York at #40). Patrick cut the corporate tax rate three times during his eight-year tenure, which was arguably offset by other tax increases and rising electricity costs.

Fortune spent some time yesterday with Patrick in his State House office, to get his thoughts on how his private-sector experience did, and didn’t, inform his time as governor. We also discussed his future plans and next steps for the state’s tech sector.

What follows is an edited transcript of our conversation:

FORTUNE: What lessons from your private-sector experience translated well into being governor, and which ones didn’t?

PATRICK: You know people say we ought to have businesspeople running government. It’s not the same thing but there are some similarities, especially with large organizations. Whether it’s here in state government or at Coca-Cola, what you set as the agenda doesn’t work and won’t happen unless you win the middle management, persuade them that they have a stake in it. That it’s wise, it’s doable. And, frankly, I think that listening to them to think about how to do things and make sure they accomplish them was helpful at Coke and helpful here.

There are some obvious things. You can’t incentivize people the same way in the public sector as you can in the private sector. But, then again, I’d say there’s a tremendous amount of creativity and energy here and people are mission-driven. So if you’re clear about the mission that’s pretty strong motivation.

The accounting and all that stuff is still math, even though you don’t have all the same levers. You can still grow the top line and the bottom line. Cutting costs is part of that, obviously, but the growth of the top line is about the growth of the economy and less so about cutting tax rates for people, even though we cut business tax rates three times. And growing the economy is something you can’t just leave to chance. You’ve got to be purposeful about that. And that can’t be done by government alone or by the private sector alone. It’s got to be done by working together.

People often say that being governor, or president, is akin to being a CEO. Is that a fair comparison?

Oh yeah, with a couple of big distinctions. One is that my board is 7.5 million people as opposed to 12.

You view voters as your board, as opposed to the legislature?

Yes. We’re talking about the executive role. The legislature is the legislature. I don’t see myself as the chief legislator or legislator-in-chief. I know there are governors who do who measure their success by what laws or legal reforms come. That’s a part of it, and I think we’ve done really well there, but it’s more about making stuff happen. It’s like getting the healthcare reform law passed is something I give Governor Romney great kudos for. But it went into effect the day I took office. And we’re the ones who delivered virtually universal care. So I think there are some similarities, but another difference is that in most of the companies I worked in or with you didn’t have two or three or five media outlets commenting on every single thing you did.

Coca-Cola might disagree with you.

I said most. But, even when I was there at Coke we had a couple hot topics we were dealing with and mostly what you got were reports from analysts on how the performance was. Not whether somebody goofed up.

Do you believe your private-sector experience gave you extra credibility with local business leaders?

I think you have that credibility by virtue of the role. Like in every setting, sometimes they say things behind your back that are different from what they say in the room. But I’m a good listener and I think they would all say that. And there were things I didn’t understand, and when I didn’t I’d say ‘you have to explain it to me.’ In a few cases, the explanations were the same kind of doublespeak I would hear when managers at a company I was working with were reporting in to executives and you’ve got to call it out. And I think sometimes they didn’t realize that I actually understood that language. So that was kind of fun.

The business community here is consulted on a whole range of public policy. And there are some really good people who are viewed by the legislature as the voice of the business community. But the one problem with this, and this is something I’ve said to my legislative friends and my friends in the business community, is that those innovations sectors that are exploding right now – life sciences and biotech, cleantech, advanced manufacturing – their voice isn’t the voice that’s consulted when the legislature talks to the business community. And the legislature and the business group heads have to think about that.

There are a couple of great examples of this. We had a whole tax thing last year around transportation mainly and a lot of tension trying to get to a good place. I went big on the theory that you get less than what you ask for. And the legislature did a lot more than they wanted to, particularly on the gas tax but they did a couple of other bells and whistles and one was the so-called ‘tech tax.’ The legislature did that after the ‘business community’ said it was okay, but they hadn’t talked to the tech folks. Instead they talked to the usual suspects – and they’re good people, like the Chamber of Commerce – but they haven’t really internalized the voice of some of the high-growth sectors of the economy. That has to change, and I think it’s starting to change.

When you think of Northern California’s tech corridor, it runs more than 50 miles from San Francisco to San Jose. In Massachusetts…

Exactly. From Kendall Square to the Boston Seaport. Will Massachusetts ever have a tech corridor that extends, say, 40 miles from Boston out to Worcester?

We have to expand it. There are reasons of physical confinement. There are reasons of economic aspiration. You know I lived in LA and know San Francisco well — we actually thought of moving there any number of times in the past. I grew up in Chicago, I lived in Atlanta for a period of time. Folks here think that the trip from [downtown Boston] to Worcester is a big trip. The way we think about space is different. But there are a lot of reasons why the formula that works in Cambridge — meaning the universities as the core, commercializing more of their IP — is a formula that can work in the other gateway cities.

You’ve said your plan upon leaving office is to return to the private sector, at least at first. Can you provide any information on what you plan to do?

Somebody told me the other day that when you’ve driven the bus it’s hard to just be on it in the future. But, honestly, I don’t have a plan yet because you can’t really have any conversations while you’re here. We’re first going to go on a long warm-weather nap and then I’ll look in earnest starting at the end of January. I think it’s probably going to be some kind of portfolio of things. I’ve been approached by venture firms, equity firms, a couple of companies, a number of boards and maybe will do some speaking.

Summary: After eight years leading Massachusetts, Gov. Deval Patrick agrees that the job is akin to being a CEO. Mostly.


Cereal maker Post Holdings Inc said it would acquire privately held rival MOM Brands Co for about $1.15 billion in cash and stock to expand in the bagged and hot cereal categories.

Post, the maker of Raisin Bran and Honey Bunches of Oats, will pay $1.05 billion in cash and issue 2.5 million shares to the owners of MOM Brands.

MOM Brands’ ready-to-eat food and cereal brands include Malt-O-Meal, Frosted Mini Spooners, Golden Puffs, Cinnamon Toasters, Fruity Dyno-Bites, Better Oats, and Three Sisters.

Post has been aggressively pursuing deals since it was spun off from Ralcorp Holdings in 2012. The cereal maker said in April that it would buy egg and dairy producer and distributor Michael Foods Inc for $2.45 billion.

Post said on Monday that Richard Koulouris, former president of Ralcorp’s food group, would lead the combined cereal business of MOM Brands and Post. He will join Post on Feb. 9.

ConAgra Foods Inc acquired Ralcorp in January 2013.

Post also estimated net sales of about $1.07 billion and adjusted earnings before interest, taxes, depreciation, and amortization of about $126 million-$128 million for the first quarter ended Dec. 31.

Analysts on average were expecting net sales of $1.07 billion, according to Thomson Reuters I/B/E/S.

Barclays and Credit Suisse are Post’s financial advisers for the deal and Lewis, Rice & Fingersh LC is its legal adviser.

BofA Merrill Lynch is MOM Brands’ financial adviser and Faegre Baker Daniels LLP is its legal adviser.

Post’s shares closed at $41.44 on the New York Stock Exchange on Friday.

Summary: Post has aggressively pursued deals since it was spun off from Ralcorp Holdings in 2012.


(REUTERS) – WikiLeaks criticized Google Inc on Monday, alleging that the company waited 2-1/2 years to notify members of the anti-secrecy group that it had turned over their private emails and other information to the U.S. government.

In a letter to Google, lawyers representing WikiLeaks said they were “astonished and disturbed” by Google’s actions relating to search warrants it received from federal law enforcement officials and asked for a full accounting of the information Google gave the government.

The revelation follows leaks by former National Security Agency contractor Edward Snowden detailing controversial U.S. government surveillance practices and assurances from technology firms like Google that they would do their utmost to safeguard users’ personal information.

“While it is too late for our clients to have the notice they should have had, they are still entitled to a list of Google’s disclosures to the government and an explanation why Google waited more than two and a half years to provide any notice,” read the letter from the Center for Constitutional Rights on behalf of WikiLeaks and addressed to Google Executive Chairman Eric Schmidt and General Counsel Kent Walker.

WikiLeaks, founded by Julian Assange, landed in the public spotlight in 2010 when it published a trove of classified government information, including leaked U.S. diplomatic cables.

Google, whose online services include the world’s No.1 Internet search engine as well as the popular Web email service Gmail, notified three members of WikiLeaks on December 23, 2014 that it had provided “all of their email content, subscriber information, metadata and other content” to law enforcement officials more than two years earlier, according to the letter.

Google provided the information in response to warrants for an investigation concerning espionage, conspiracy to commit espionage and the theft or conversion of property belonging to the U.S. government, among other items, the letter said.

Google said in a statement on Monday that it has a policy of informing users about government requests “except in limited cases, like when we are gagged by a court order, which sadly happens quite frequently.”

Google GOOG noted that it has pushed to unseal all the documents related to the investigation.

WikiLeak’s letter drew a comparison to social media service Twitter Inc, which it praised for fighting the government in order to notify subscribers about such court orders.

The letter from WikiLeaks’ lawyers asked Google to provide details about whether it had initiated any challenge to the search warrants before complying and whether it initiated any legal challenge to notify users about the warrants.

Summary: Anti-secrecy group accused the tech giant of waiting more than two years before revealing it had handed over sensitive information to the government.


Updated MAR 17, 2015 11:50a ET

After falling to Barack Obama in the last presidential election, Mitt Romney has found a new opponent. And he'll need real boxing gloves this time.

The 68-year-old former Massachusetts governor is stepping into the ring to box Evander Holyfield.

The Salt Lake Tribune first broke news of the fight on Monday, the main event in a multiple-fight card in Salt Lake City on May 15. Romney resides in Utah and came to international prominence when he headed Salt Lake City's successful bid for the 2002 Winter Olympics and Paralympics.

To Romney's credit, he knows his limitations on this one.

"It will either be a very short fight, or I will be knocked unconscious," Romney told the Tribune. "It won't be much of a fight. We'll both suit up and get in the ring and spar around a little bit."

When Romney released his medical records during his 2012 presidential bid, he measured in at 6-foot-1½ inches and tipped the scales at 184 pounds. Holyfield is 16 years younger, two inches taller and weighed somewhere between 205 and 225 pounds in his professional days.

And he is a four-time world heavyweight champion, too.

The event is being sponsored by Charity Vision, founded by Salt Lake doctor Bill Jackson with the purpose of donating state-of-the-art medical equipment to poor areas of the world. It was through Charity Vision that Holyfield agreed to take part.

According to Romney, the entire black-tie event will include other "bouts between real, active professional prize fighters." His son Josh added the evening would be "patterned after a 1920s-style event."

"We just thought it would be a lot better to provide this kind of entertainment rather than just have dinner and listen to speakers," Mitt Romney told the Tribune.

Summary: Mitt Romney to fight Evander Holyfield in boxing match for charity May 15 in Salt Lake City for charity, Charity Vision.


Heineken NV HINKF , the world’s third-largest brewer, has shaken up its management team in an effort to pep up a sales performance that has been anything but frothy in recent months.

The move comes only six months after the company rejected an approach from SAB Miller that would have ended its 150-year tradition as a family-controlled business, a move that prompted questions as to what else it could to catch up with more profitable rivals. Sales last year grew at their slowest rate since 2007, a measly 0.1% (although profits rose by a more respectable 11%).

Three top executives, including chief marketing officer Alexis Nasard (also the regional president for the home market of western Europe) will leave, and the company will merge some senior offices in an attempt to flatten and streamline its management.

At the same time, in a move that speaks volumes about the dramatic decline of the once red-hot Russian market, Heineken said it would abolish its central and eastern European region, and lump its Russia and Belarus businesses in with its Africa and Middle East division. The rest of the faster-growing central European operations like Zywiec in Poland will be combined with western Europe.

Heineken’s shares are up about 40% since August, when the market got wind of SABMiller’s approach. But for that is has to thank a mixture of looser ECB policy and investors’ hope that SABMiller would return with an improved offer, rather than investors’ conviction in a great growth story.

The shares fell on Tuesday as the company parted ways with a couple of its most dynamic officers. Nasard had greatly sharpened the group’s marketing, while chief strategy officer Chris Barrow had masterminded much of the company’s expansion in emerging markets over the last 10 years.

Barrow’s departure underlines the fact that “merger and acquisition opportunities are going to be bolt-on deals with local brewers in future rather than major transformational deals,” said Morningstar analyst Philip Gorham. “There’s not much for an M&A man to do when it can all be handled by local corporate finance people.”

Nor is the operating outlook that much more exciting. Apart from a dividend increase last year, Heineken’s big sales pitch to investors is a promise to raise operating margins by 0.4 percentage points a year, but its current margin of 17% is barely half of what SABMiller and industry leader Anheuser-Busch Inbev BUD boast, Gorman points out, and Jonathan Fyfe at Mirabaud Securities says the company still hasn’t really answered how it’s going to close the gap.

ABI, Fyfe reckons, is in a better position to put pressure on Heineken than vice versa, by squeezing it in Asia and Mexico, one of the few Latin American markets where Heineken is strong. At the same time, Heineken is heavily invested in Nigeria and Russia, two big markets where the collapse in oil prices has sharply eroded the value of local currencies and local sales (ABI faces a similar problem in Brazil, admittedly).

Russia’s market was already in reverse after five years of aggressive taxation and regulation, designed to stamp out alchololism. Sales volumes fell 18% between 2008 and 2013, and even though values rose by nearly 50% in that period, the government has raised excise duties on beer by 500%, and consequently takes a much bigger cut of a now–in any case sharply devalued–pie.

Summary: Heir apparent Nasard and strategy officer Barrow leave as Europe's largest brewer plots a future without major M&A.


WASHINGTON, Sept. 4— Attorney General William French Smith said today that a new Federal task force created to investigate serious abuses in the food stamp program would focus initially on charges of massive fraud in New York City.

Mr. Smith, in formally announcing creation of the unit, said that the Justice Department already had directed the United States Attorneys for the Southern and Eastern Districts of New York to intensify their efforts to identify and wipe out fraud in the federally financed program.

Justice Department officials said the unit was being formed partly as a reaction to reports that officials in New York City were unwilling to pursue fraud cases and had blocked the efforts of their own investigators.

Several former and current investigators complained about lack of support from city officials in a meeting in Washington on Sunday with an associate attorney general, Rudolph W. Giuliani. Officials in New York City's food stamp program have denied the charges.

The Attorney General said that both United States Attorneys' offices would receive additional investigative assistance from the Federal Bureau of Investigation, the Department of Agriculture and the United States Postal Service.

Creation of the unit was disclosed yesterday by Justice Department officials. D. Lowell Jensen, the assistant attorney general in charge of the criminal division, will oversee the nationwide effort. The fraud i nvestigation became anissue today in the New York City mayoral elect ion when a candidate in the Democratic primary, State Assemblyman F rank J. Barbaro, used the food stamp reports to accuse Mayor Koch of covering up wrongdoing in the city's Human Resources Administratio n. Waste Called 'Staggering'

At a City Hall news conference, Mr. Koch denied the charges and asserted that the city had taken steps last year to reduce the number of fraudulent food stamp claims each month from 12,500 to fewer than 100. The Mayor also denied charges that city officials had harassed employees who sought to bring the controversy into the open.

The Attorney General described as ''staggering'' the amount of fraud and waste in food stamp programs in New York and in other cities.

He said that Government agencies have had ''many successes'' in combating fraud, and noted that 450 indictments had been brought this year. He added, however, that ''with the addtional resources I have now redeployed from the criminal division and the F.B.I., we can and will do more.''

One of the more important agencies that will be involved in the task force effort is the Agriculture Department. The 450 indictments noted by Mr. Smith were bought as a result of investigations by the department's Inspector General.

The Reagan Administration has cut the number of employees in the Inspector General's office to 880 from 930.


ATLANTIC CITY, April 6— Rocky Lockridge of Paterson registered three knockdowns and retained his New Jersey featherweight boxing championship with a unanimous 12-round decision over Luis Edwin Rivera of Hoboken tonight.

Lockridge improved his record to 19-1, gaining perfect 12-0 cards from the judges, Milo Savage and William Carrozza, and Referee Ron Burns.

Summary: Rocky Lockridge of Paterson registered three knockdowns and retained his New Jersey featherweight boxing championship with a unanimous 12-round decision over Luis Edwin Rivera of Hoboken tonight.   Lockridge improved his record to 19-1, gaining perfect 12-0 cards from the judges, Milo Savage and William Carrozza, and Referee Ron Burns.   Rivera is 15-4.


MEN'S clubs appear to be increasingly in the center of controversy these days -the question of female membership in particular has raised some hackles. But I still regard them fondly. As a member at various times of six clubs in Paris, London and New York and as a visitor to others in Singapore, Dublin, Milwaukee, Cairo, San Francisco, Boston and Kuala Lumpur, I have always found them to be places of comfort, where for a few hours one can escape the abrasions of business and the demands of family.

In fact, every club I know looks askance at the member or visitor who produces business papers. Recently I heard a financial bigwig being told off by a club porter for attempting to introduce a portfolio into a club. Not long ago a peer of the realm was upbraided by the committee of an old London club for handing another member a brochure depicting the joys of a vacation on the Tunisian coast, to which he intended to repair.

An innocent author may be seduced by a couple of martinis fed him by an unusually generous publisher to accept a down payment on a book much below his original figure. (No records exist of a publisher raising the down payment after being bought a couple of drinks by an author, probably because very few authors are willing or able to risk the cost of two drinks on what manifestly is a very long shot.) But business is something most men go to clubs to escape.

Conversations at a club may wander from the disturbing situation in Poland to the Jets' need to get back into the National Football League race, but in most two subjects are barred: women and professional matters. The late Peter Fleming, an amateur of social history, held that this rule was an extension of the Duke of Wellington's ukase against discussion of these subjects in an officers' mess on the ground that they were the most likely to lead to violent argument and ultimately a duel.

Club conversation, I have found, is often witty, informed and spiced with humor. Within the confines of a club a senator, a cabinet minister or a cleric can relieve himself of that ''perilous stuff that weighs upon the soul.'' The speaker can be absolutely sure that what he says will not go beyond its walls. Of course, the club member must take the rough with the smooth. Every club I know has its bores, and often a chief bore, and the new member or visitor is warned against them.

The worst in my experience was a member of a London club known for the levity of its conversation. He once cornered Dan Macmillan, the former Prime Minister Harold's elder brother, and began a long recital of his adventures in some tin-pot campaign in World War I.

When Mr. Macmillan showed signs of restiveness, the bore said aggrievedly, ''I don't think you want me to finish this story.'' ''That's exactly what I do want,'' said Mr. Macmillan. Clubs vary as much as their members. One in London was once described as a quiet subbranch of the British Museum. On a still day the snores emitted by high members of the clergy resting after lunch can be heard as far as Piccadilly Circus. It was the scene of one of the best club stories.

An eminent peer and former cabinet minister walked daily from his home in Westminster to another, livelier club. En route it was his custom to use ''the facilities,'' as the British call them, in the quieter establishment. Some members took umbrage. They objected to the sight of a nonmember, no matter how exalted, using their club in this manner. They instructed the hall porter, the figure around whom the workings of all clubs revolve, to inform the peer that it was a club he was using when next he stopped.

The porter did so. ''Oh, it's a club, too, is it,'' said the peer, and departed. Some clubs are learned. Once, during World War II, I listened in Dublin's Kildare Street Club to a most instructive dissertation on Joyce's ''Ulysses,'' given, with the aid of a couple of brandies, by a slightly motheaten professor. In the Salisbury Club in what was then Rhodesia and is now Zimbabwe, I heard two planters sketching the path of Arab slave traders across their adjoining plantations. They cited a wealth of archeological and social data. They were not showing off; they were interested and hoped others would be.

Club food, it must be admitted, is rarely distinguished. The wouldbe reformers who conjure up pictures of men wading through meals that would put Brillat-Savarin to shame are well off the mark.

A gifted Cockney chef in a London club said he had discovered early in his career that it was no use tempting the members with high-toned productions or dainty tidbits.

''Wot they wants,'' he said, ''is something wot sticks to their ribs; beef, lamb, grouse, salmon. Good cheese. Sometimes a strengthenin' drop of soup. But nothing fancy-like.''

Whether the food is good or bad, the wine is likely to be excellent. In some London clubs it is customary for elderly bachelors to will their wine cellars to their clubs. The wine is sold at the price the deceased paid. In one club the members passed a memorable autumn drinking a Chateau Talbot of a superlative year at about $1.50 a magnum.

All clubs have territorial limits. The lounge of one in London is forbidden to all visitors. Once in the 60's the Queen arrived for a private dinner party and darted into the lounge to look at the pictures, which are memorable.

''Not in there, Bet,'' said Prince Philip. The Queen left. An elderly member napping by the fire awoke and asked, ''Who was that woman - what was she doing here?'' ''That was the Queen, my lord,'' a waiter said. ''Well, dammit, she shouldn't be here, members only you know.'' One hot summer evening in the 60's, Brendan Behan, the distinguished Irish playwright, descended from a taxi in front of an old and distinguished London club. He had flown from Dublin to London, which to him was a frightening experience. Naturally he had taken several rounds of what the Indians called ''make brave'' to sustain him on the trip. He had come to London to appear on a very cerebral BBC program devoted to the arts and was to meet his interlocutor, a member, at the club. As it happened, about a dozen of the club's elderly members had gathered around the television to watch the last match of the cricket series between England and Australia, an event of transcendent interest, to be compared with the Super Bowl or the last game of the World Series.

Suddenly the television set went blank. The watchers were totally unequipped to deal with this. They telephoned at once for a repairman and the most senior of the group was deputized to go to the front door to escort the repairman to the set.

The taxi, at that moment, decanted Behan, sweating profusely with his coat over his back. ''Who are you?'' asked the clubman. ''I've come about the bloody television,'' said Behan. He was immediately led to the set, where his ignorance of the machine was soon manifest. Then it was learned that he had come to the club as a guest.

The cricket addicts had infringed one of clubland's basic laws; they had been rude to a guest of a member in the club. They had no recourse. Behan was escorted to the bar where he was plied with strong drink, which he needed about as much as a second head. By the time he arrived at the BBC for his program he was in a sorry state.

The producer, also a member, reported the next day that it had been the shortest interview on record. The professor asked Behan one question and got a string of slurred obscenities in reply. The BBC's reaction was rapid. As I recall it, the program was switched to an elevating film about Roman ruins in Britain.

Illustrations: Cartoon of a men's club


Some say that the national Voting Rights Act discriminates against the South. New York City is learning that it is binding in all respects in Manhattan, Brooklyn and the Bronx. The City Council has made such a mess of its 1981 redistricting that its plan probably violates the Federal law. So the Sept. 10 primary will be held under a legal cloud; even the November general election could be invalidated.

The numbers make their own eloquent point. At present, before redistricting, there are 43 Council seats, 8 held by blacks and Hispanics. But since 1970, the black and Hispanic proportion of the population has risen from 24 percent to nearly 40 percent. So what does the Council offer? A plan giving minorities 8 of 45 seats.

No wonder that this plan runs afoul of a guiding principle at the Justice Department, which must approve any new plan: minorities should be no worse off than before. The Reagan Administration applied that rule just last month in striking down a Virginia legislative reapportionment.

The Council, far from demonstrating that it is nondiscriminatory, has instead raised new questions. Hence the Justice Department has called for detailed additional information.

The Council's main justification is that minorities are too scattered among the boroughs to permit creating new minority districts. The Justice reaction seems - not to put too fine a point on it - skeptical. Citizen groups have charged that the Council was much more interested in preserving the seats of incumbents, of whatever race, than in giving minorities a fair share of electoral power.

Redistricting is complicated business, but the Council was not confused. For instance, it drew the 25th District in Brooklyn in such a way that the white incumbent, Theodore Silverman, who is chairman of the Council's election committee, has a much better chance of keeping his seat. Blacks were siphoned off to other districts and whites added so that his 84 percent black constituency became less than 60 percent.

The log-rolling goes in both directions. Black and Hispanic incumbents, having the same instinct for self-preservation as their white colleagues, went along with the Council plan. It is doubly disappointing when not even they are dependable protectors of the political rights of minority voters. The Voting Rights Act requires proof that the self-preservation is not bought at minorities' expense.

The Council has taken a reckless gamble with orderly city government. Even if the plan should survive Washington's scrutiny, the Council owes the city a thorough overhaul of its districting structure, including proposals to amend the city charter if necessary. Meanwhile, does the voting rights law need to be renewed? New York may end up as Exhibit A.


By Enid Nemy NANCY ASTOR. A Biography. By Anthony Masters. Illustrated. 237 pages. McGraw-Hill. $10.95. NANCY ASTOR. A Lady Unashamed. By John Grigg. Illustrated. 192 pages. Lit- tle, Brown. $15.

FACT and logic were never allowed to intrude on her opinions. She was a stubborn woman and a bigoted one, fiercely independent, often less than pleasant, and capable of outright cruelty. She was also one of the most fascinating and powerful women of her time. The power diminished long before her death, the fascination lingers on. The first woman elected to the British House of Commons, Nancy Astor is now a historical statistic, but she is a compelling one.

The complexities of her character are explored in detail in these two books, and for anyone interested but not committed to the subject, it's a toss-up as to which paints the better picture. Both are objective and straightforward, and neither makes any attempt to burnish legend or gloss over imperfections. The lady who confronts us is very real, with as many warts as beauty spots. Mass of Contradictions

One of three beautiful Langhorne sisters of Virginia, Nancy Astor was a mass of contradictions and inconsistencies. A woman who disliked sex, she married twice and bore six children, to whom she was a dutiful, if not exemplary mother. The wife of one of the wealthiest men in Britain, she enjoyed luxury but fought tirelessly for the poor. A passionate believer in temperance, she served the best brandies and wine to her guests, sometimes to their surprise. The late Duke of Windsor, while still Prince of Wales, was apparently prepared to bring his own spirits to Cliveden, the Astor estate, but refrained when his equerry was told that it would not be necessary to go to such lengths.

Her friends were the great of the time - Lord Lothian, T.E. Lawrence, Lloyd George - and she hoarded them as a miser does gold, but tolerated no straying from her all-enveloping fold. She was, if not overtly anti-Semitic, certainly inclined in that direction, a tendency aggravated by her friendship with the writer Hilaire Belloc. Yet she is quoted as saying that eventually she had to give up Belloc because he had two manias - against the Jews and against the rich. Which mania was uppermost in her decision is a moot point.

She disdained reason (one friend said ''reason was not a weapon she cared to use much, if at all'') for intuition and emotion. ''She was a very intelligent woman, but her intelligence was always more intuitive than cerebral,'' says Mr. Grigg. ''She had no capacity for organizing her thoughts, and her critical faculties, though in some ways very acute, were in other ways surprisingly limited.''

The author of a British Broadcasting Corporation television documentary on Nancy Astor, Mr. Grigg is perhaps the lighter and livelier writer of the two. It is to his credit that this in no way detracts from the substance of his book or the research that went into it. His access to letters written by Lady Astor to her sister Phyllis, and the co-operation he received from the Astor family, were obviously of immeasurable help, and although the result is both intimate and revealing, it is not prurient.

His own asides and comments are equally judicious, and often delightful. ''I am sure God meant us to use humility with discretion,'' he quotes Lady Astor as saying, and then comments, ''In that sense, if in no other, her discretion was impeccable.''

Discussing Nancy Astor's friendship with George Bernard Shaw, he notes that ''GBS agreed to have his beard trimmed and washed by Nancy's hairdresser, but did not cut his political opinions to suit hers.''

Mr. Masters's somewhat more scholarly book gives equal time to Lady Astor's childhood, marriages, feminism, political career and Christian Science beliefs, but it is particularly engrossing when it deals with the latter part of her life.

The motivation and background of the ''Cliveden Set,'' the British establishment figures who gathered at the Astor home in the 1930's, and who were accused of fostering the appeasement of Nazi Germany, are explained perhaps as well as they ever will be.

''In fact, they were naive and over-optimistic,'' he says. ''For intellectual and non-violent people they were conspicuous in their ability to blind themselves to Hitler's violence.'' An Era Portrayed

He paints, too, a vivid and poignant portrait of Lady Astor's declining years, her unwilling retirement from Parliament in 1944, her partial estrangement from her husband and her subsequent rather aimless life.

There is an era portrayed here, as well as an individual. One charming vignette is of tea at Cliveden, described by Walter Elliott, a favored guest and Conservative parliamentary colleague, as having the ambiance of a Bedouin encampment. He notes, too, that his hostess presided ''like a blend between Juno at the siege of Troy, and one of the leading Valkyries caracoling over an appropriate battlefield.''

It's very likely that Nancy Astor would have enjoyed the description.

Illustrations: photo of Sargent's painting of Lady Astor


WILTON TO June Havoc, dancing was once a survival mechanism, a means to a meal. Today, it is sharing and having fun. The actress, author and director, who endured dance marathon contests for thousands of hours in dingy halls during the Depression, is staging a ''dance in the streets'' this afternoon in Cannon Crossing, her enclave of restored shops in the Cannondale section of Wilton, about two miles north of Wilton Center on Route 7. She said she has invited ''everyone in the state'' and will be sending in the clowns ''to mix with the people.'' The event is scheduled to last from noon until 5 P.M., but under Miss Havoc's direction, it may last longer.

With Cannon Crossing Miss Havoc has parlayed her passion for preservation into a thriving business enterprise. Unable to bear what she said was the ''sad disintegration'' of the area, she purchased eight acres of run-down buildings four years ago, converted them into a center of quaint antique and crafts shops, and rented them.

Last year, the conversion was capped when Miss Havoc bought an old one-room school house (circa 1872) on Route 7. With her flair for theatricality - and with a little help from 88 friends, accompanied by the Wilton High School Marching Band - she had it moved over to Cannon Crossing, where it is now a restaurant.

She has a flair for self-promotion as well. In most of the shops, autographed copies of the second in Miss Havoc's series of autobiographical memoirs, ''More Havoc,'' published by Harper & Row last year, are strategically displayed, inscribed ''with love.''

''Early Havoc,'' the first book, was about her beginnings in vaudeville at the age of two, and the squalid marathon days. Her relationship with her predatory stage mother, Rose, and her sister Louise, who became Gypsy Rose Lee, are explained in ''More Havoc.'' A third book, ''Ever Havoc,'' is scheduled to be published.

Miss Havoc lives on six acres behind the shops, where she tends to her eight dogs, two burros, two goats, 22 chickens, 50 birds and the swans and geese she hasn't counted. ''They delight my heart,'' she said. ''They're my entertainment. Some people go to nightclubs. I go to my menagerie.''

Miss Havoc continues to appear in movies and plays. But her most recent forays into film, ''Can't Stop the Music,'') and theater, ''Jitters,'' were flops. Many referred to the film, released last year, as ''Can't Stand the Music'' and the play, which was bound for Broadway last month, closed en route, in Philadelphia.

''That was a mystifying experience. It never happened to me before.'' she said. ''The play was very successful in little theaters'' - it played at the Long Wharf Theater's Stage 2 - ''but they didn't want to change anything to make it suitable for a Broadway-size house,'' she maintained.

Miss Havoc bought her first house in Weston 25 years ago, but it wasn't until 15 years later that she decided Connecticut was home. ''I had a brownstone in the city and some depraved citizens came in an vandalized that beautiful 100-year-old building with all the rococo plaster and original brass rings and I felt violated,'' she said.

Of her life in Connecticut, she said: ''I never had neighbors before. I never knew who anybody was and I don't think I tried. I never was involved with anyone local and here I am. This is more than doing benefits. This is going to town meetings because you care where the ground fill is put and what happens to that river and you get up and fight for it.''

''Cannon Crossing has turned into something more satisfying than having anyone say 'I loved your book' or 'I saw your performance,' '' she said. ''This is my life.''


INWOOD LOCAL residents have long regarded this unincorporated community next to affluent Lawrence in the Five Towns as the stepchild of the Town of Hempstead and the Nassau County government. But now town officials have advised them that a long-range revitalization plan is in the works that will improve both the community's status and its economy.

The plan includes new housing, the renovation of commercial areas, the upgrading of recreational facilities and improvements in streets, sidewalks and lighting. According to Eugene K. Ferencik, deputy commissioner of the town's Department of Planning and Economic Development, $500,000 in community development funds will be spent for the first phase of a three-year project, and he is optimistic that there will be future funds for the project.

The revitalization plan is aimed at improving sections of Inwood that are dilapidated and overrun with rubble, weeds and gutted buildings. The main target areas are expected to be Doughty Boulevard and Bayview Avenue, and Lawrence Avenue at the Lawrence village line. Groundbreaking is scheduled to begin next spring for 150 new housing units for the elderly and the handicapped. These will be called Mary's Manor.

Mary's Manor will rise on both east and west sides of Doughty Boulevard and will be managed by the Halandia Management Corporation of Oceanside. The human development office of the Rockville Centre Roman Catholic Diocese and the Town of Hempstead jointly obtained more than $7 million in construction funds from the United States Department of Housing and Urban Development.

''We have built one development in Selden'' - St. Joseph's Village - ''and this will be our second,'' said John Gregory, the executive secretary of the human development office of the diocese.

Thirteen one-family homes will be built on scatttered sites that have already been cleared. According to Sandra Victor, the director of urban renewal for the Town of Hempstead, a public hearing will be held Tuesday on the model for the homes that are to be built by the Halandia Corporation.

As part of the housing-improvement plan, low-interest loans will be made available to homeowners who are interested in renovating properties in need of major repair. Some people who cannot afford to borrow will receive outright grants.

The Inwood revitalization project also calls for new businesses to come into the area to provide employment. One concern - an importexport company - has filed an application to build at Sheridan Boulevard; two other companies are expected to come into the area as well.

A spokesman for United States Senator Alfonse M. D'Amato, Republican, who started the project while he was Hempstead Town Presiding Supervisor, said, ''We are hoping to create a good climate for private business by upgrading the entire area.''

Community leaders expressed optimism as well as some skepticism about the revitalization plan. Sadie E. Scott, the executive director of the Five Towns Community Center, said, ''The $500,000 is just a drop in the bucket because we've got a long way to go in order to improve our way of life here.''

''For years we had nothing but promises, promises, like the song in the Broadway show,'' said Jesse Mistero, Inwood's Fire Commissioner and a lifelong resident of the area. ''We had a history of being neglected by every level of government. However, I believe that at long last we're going to get action.''

''It's time our officials gave us cause to erase our self-image of neglect,'' said the Rev. Judith M. Bennett, pastor of St. Paul's United Methodist Church. ''I wonder if the funds for all the planned improvements will really be made available.''

Mr. Ferencik of the Town Planning Department said that ''although the Reagan Administration has proposed cuts in H.U.D. funding, the Federal funds to be used for this first phase of community development and housing were approved and allocated while the Carter Administration was still in office.''

Two state legislators also expressed opinions on the subject. Assemblyman Arthur J. Kremer, the Long Beach Democrat who is chairman of the Assembly's Ways and Means Committee, said: ''It's not time to break out the champagne yet. I would urge the residents to take this news with guarded optimism.''

State Senator Carol Berman, Democrat of Lawrence, said, ''It's about time that the town finally came through for this long-neglected area.''

Local civic leaders say the major reason for Inwood's decline as a community was a project known as the Nassau Expressway, which was planned by the State Department of Transportation more than 30 years ago but never built.

In an action that some local residents refer to as ''Rockefeller's Follies,'' the state condemned a large section of Inwood for the expressway, forcing people to leave their homes, then abandoned the area. The area is now occupied largely by rats and weeds, a situation that owners of adjoining properties in the Doughty Boulevard area say has caused their parcels to decline in value.

The State Department of Transportation recently announced that it would seek Federal funds to finally get the ''phantom roadway'' started.


NEW YORK— Sears. RCA. Gulf and Western. National Steel. Baldwin United. Greyhound. General Electric. Control Data. Not to mention American Express, Merrill Lynch, Prudential, Beneficial and Transamerica.

These are the bankers of today. And the list goes on. Need a loan? Want to make a deposit? Get a line of credit? Sign up for a credit card, an auto loan, a second mortgage, a first mortgage? Americans no longer need banks to satisfy their financial needs. Nor are the banks themselves ''just banks'' any more. They are, or are trying to be, go-go financial marketers. They prefer to call themselves ''financial services companies,'' just like the American Expresses and the Merrill Lynches.

The banks are even finding ways around federal laws that prohibit them from engaging in certain activities or branching across state lines. Despite the Glass-Steagall Act of 1933, which bars commercial banks from many investment banking activities, the BankAmerica Corp. recently announced that it planned to buy Charles Schwab & Co., one of the nation's largest discount brokerage firms.

The very definition of what banking or financial services entail expands almost daily. Many financiers would include real estate brokerage, executive relocation and sophisticated communications networks as part of their ''financial services'' package.

Banks are busy sending up communications satellites and building earth stations to receive signals from outer space. And a number of the nonfinancial companies that are expanding their financial businesses, such as the International Telephone and Telegraph Corp., happen also to be in communications.

The reason: Financial services is, most basically, the movement of money, and the movement depends on high-technology communications. Thus, American Express spent about $250 million this year to operate and expand its computer operations. And it is spending another $35 million to build an earth station in Salt Lake City that will enable it to approve transactions within seconds anywhere in the world.

Such expenses, plus the growing competition from new entries into the field, have been prompting mergers of once fiercely independent concerns. The Bache Group has been swallowed by the Prudential Insurance Co. Shearson Loeb Rhoades is part of American Express. Dean Witter Reynolds is becoming part of Sears. Salomon Brothers was merged into the Phibro Corp., a large commodities-trading company, and Dillon Read was acquired by the Bechtel family, owner of the world-renowned engineering firm.

Does it make sense and where will it end? To companies already in some aspects of the financial business, it seems that the only way to compete is to offer a full range of services - to become a financial department store. To those who are not yet in it, providing financial services appears to have a lot of obvious pluses:

- To industrial companies that have been trying to keep up with costly pollution regulations, finance seems exquisitely clean. - To companies in heavy industry that need to spend billions of dollars to ''reindustrialize'' out-of-date plants, entry into the financial business seems cheap.

- To corporations that have been hurt by high labor costs, financial services seems not to be labor-intensive. - To industries that have been badly hurt by competition from foreign imports, finance seems impervious to inroads from abroad. But the rush may well be risky, as those with more experience in the field have found. Like many other industries, the financial services business tends to be cyclical. Securities firms are very attractive investments now because most have performed well for the past few years. That certainly has not always been the case, however, and may not always be. The financial services field is becoming both more capital- and labor-intensive, some analysts say. As noted, to efficiently serve a mass market, huge sums must be invested in technology. And it takes highly paid executives - a lot of them - to deal with the more sophisticateded individualized needs of upscale customers.

Finally, what seems to be highly profitable often isn't. Take the money-market funds, which have attracted more than $175 billion in the last few years. Merrill Lynch, whose money-market fund accounts for about one-fifth of the market, doesn't claim that the fund itself is making any money. Merrill hopes that the fund will generate other, more profitable, business.

That was the dream commercial banks lived with for years, until competition forced them to figure out whether they really were earning money on many of their services. The answer, for the most part, turned out to be no, and that is why many banks today are raising the price of their consumer services.

Each financial service, as many banks have learned to the tune of heavy losses, is a very different business. Because a company knows how to make mortgages does not mean it knows how to make a personal loan or underwrite insurance.

But the trend toward financial conglomeration is real and is likely to continue for the foreseeable future, as witnessed by the following vignettes of a number of nonbank companies that have become significant factors in the financial-services business.


David F. Smith, a chemist and inventor of a plaster of paris bandage used in bone fractures, died Sunday at a convalescent home in Fort Lauderdale, Fla. He was 84 years old and lived in Fort Lauderdale.

He was a former resident of Sea Girt, N.J.

Mr. Smith was a former director of research and a director of Johnson & Johnson, the pharmaceutical concern in New Brunswick, N.J., and had been director of research of Davis & Geck, the suture division of the American Cyanamid Company, and the Wyandotte Chemical Company.

He was born in Springdale, Conn., and later earned a doctorate in chemistry at the California Institute of Technology. He is survived by his wife, the former Louise O'Hara; three sons, David F. Jr. of Convent Station, N.J., James O. of Short Hills, N.J., and Peter J. of Media, Pa., six grandchildren and a great-grandchild.

Summary: Chemist and Research Chief   David F. Smith, a chemist and inventor of a plaster of paris bandage used in bone fractures, died Sunday at a convalescent home in Fort Lauderdale, Fla. He was 84 years old and lived in Fort Lauderdale.