20300001@unknown@formal@none@1@S@Battle-tested Japanese industrial managers here always buck up nervous newcomers with the tale of the first of their countrymen to visit Mexico, a boatload of samurai warriors blown ashore 375 years ago.@@@@1@32@@oe@2-2-2013
20300002@unknown@formal@none@1@S@"From the beginning, it took a man with extraordinary qualities to succeed in Mexico," says Kimihide Takimura, president of Mitsui group's Kensetsu Engineering Inc. unit.@@@@1@25@@oe@2-2-2013
20300003@unknown@formal@none@1@S@Here in this new center for Japanese assembly plants just across the border from San Diego, turnover is dizzying, infrastructure shoddy, bureaucracy intense.@@@@1@23@@oe@2-2-2013
20300004@unknown@formal@none@1@S@Even after-hours drag; "karaoke" bars, where Japanese revelers sing over recorded music, are prohibited by Mexico's powerful musicians union.@@@@1@19@@oe@2-2-2013
20300005@unknown@formal@none@1@S@Still, 20 Japanese companies, including giants such as Sanyo Industries Corp., Matsushita Electronics Components Corp. and Sony Corp. have set up shop in the state of Northern Baja California.@@@@1@29@@oe@2-2-2013
20300006@unknown@formal@none@1@S@Keeping the Japanese happy will be one of the most important tasks facing conservative leader Ernesto Ruffo when he takes office Nov. 1, as the first opposition governor in Mexico's modern history.@@@@1@32@@oe@2-2-2013
20300007@unknown@formal@none@1@S@Mexico, with its desperate need for investment, and Japan, with its huge budget surplus, would seem like a perfect match.@@@@1@20@@oe@2-2-2013
20300008@unknown@formal@none@1@S@But the two countries remain separated by a cultural barrier wider than the ocean.@@@@1@14@@oe@2-2-2013
20300009@unknown@formal@none@1@S@Conservative Japanese investors are put off by what they consider Mexico's restrictive investment regulations and loose work habits.@@@@1@18@@oe@2-2-2013
20300010@unknown@formal@none@1@S@From the Mexicans' viewpoint, vaunted tactics of methodical Japanese managers don't count for much in a land where a saying says "there are no fixed rules."@@@@1@26@@oe@2-2-2013
20300011@unknown@formal@none@1@S@Japan ranks as only the fourth largest foreign investor in Mexico, with 5% of the total investments.@@@@1@17@@oe@2-2-2013
20300012@unknown@formal@none@1@S@That is just 1% of all the money Japan has invested abroad.@@@@1@12@@oe@2-2-2013
20300013@unknown@formal@none@1@S@Mexican President Carlos Salinas de Gortari would like to change that.@@@@1@11@@oe@2-2-2013
20300014@unknown@formal@none@1@S@The young president so admires Japanese discipline that he sends his children to a Japanese school in Mexico City.@@@@1@19@@oe@2-2-2013
20300015@unknown@formal@none@1@S@He already has finagled a $2 billion loan from the Japanese government.@@@@1@12@@oe@2-2-2013
20300016@unknown@formal@none@1@S@But Mexico urgently needs more help.@@@@1@6@@oe@2-2-2013
20300017@unknown@formal@none@1@S@Mr. Salinas's unpopular Institutional Revolutionary Party, or PRI, faces congressional elections in 1991.@@@@1@13@@oe@2-2-2013
20300018@unknown@formal@none@1@S@For the PRI to stand a chance, Mr. Salinas has to press on with an economic program that so far has succeeded in lowering inflation and providing moderate economic growth.@@@@1@30@@oe@2-2-2013
20300019@unknown@formal@none@1@S@But maintaining the key components of his strategy -- a stable exchange rate and high level of imports -- will consume enormous amounts of foreign exchange.@@@@1@26@@oe@2-2-2013
20300020@unknown@formal@none@1@S@Mr. Salinas needs big investment inflows -- quickly.@@@@1@8@@oe@2-2-2013
20300021@unknown@formal@none@1@S@The problem is that Japanese businesses make decisions with a view well beyond the coming months that weigh so heavily on Mr. Salinas.@@@@1@23@@oe@2-2-2013
20300022@unknown@formal@none@1@S@"The Japanese will come to Mexico, but not immediately," says Kazushige Suzuki, director-general of the Japanese External Trade Organization in Mexico.@@@@1@21@@oe@2-2-2013
20300023@unknown@formal@none@1@S@If not now, when?@@@@1@4@@oe@2-2-2013
20300024@unknown@formal@none@1@S@"When the fruit is ripe, it falls from the tree by itself," he says.@@@@1@14@@oe@2-2-2013
20300025@unknown@formal@none@1@S@Pressed on the matter, he is more specific.@@@@1@8@@oe@2-2-2013
20300026@unknown@formal@none@1@S@"There will be big Japanese investments probably five to 10 years from now."@@@@1@13@@oe@2-2-2013
20300027@unknown@formal@none@1@S@Ryukichi Imai, Japan's ambassador to Mexico, agrees that Mexico may be too eager.@@@@1@13@@oe@2-2-2013
20300028@unknown@formal@none@1@S@"There seems to be a presumption in some sectors of (Mexico's) government that there is a lot of Japanese money waiting behind the gate, and that by slightly opening the gate, that money will enter Mexico.@@@@1@36@@oe@2-2-2013
20300029@unknown@formal@none@1@S@I don't think that is the case."@@@@1@7@@oe@2-2-2013
20300030@unknown@formal@none@1@S@Mexican officials maintain the Japanese reserve is only a result of unfamiliarity.@@@@1@12@@oe@2-2-2013
20300031@unknown@formal@none@1@S@"Because of distance, it takes a while for them to appreciate the economic stability we've achieved," says one economic policymaker.@@@@1@20@@oe@2-2-2013
20300032@unknown@formal@none@1@S@Mexico is sending a number of missions to Japan looking for a major breakthrough investment in telecommunications, petrochemicals or tourism.@@@@1@20@@oe@2-2-2013
20300033@unknown@formal@none@1@S@It is hoped that other Japanese would then follow the leader.@@@@1@11@@oe@2-2-2013
20300034@unknown@formal@none@1@S@But Japanese investors say that their reluctance to invest stems not only from concerns about Mexico's economic outlook, but also reservations about Mexico's recently revamped investment law.@@@@1@27@@oe@2-2-2013
20300035@unknown@formal@none@1@S@Unable to get a new law through a congress with a strong leftist bloc, Mexico jury-rigged the existing law's regulations.@@@@1@20@@oe@2-2-2013
20300036@unknown@formal@none@1@S@It created special 20-year trusts to allow foreigners 100% ownership in some once-closed industries.@@@@1@14@@oe@2-2-2013
20300037@unknown@formal@none@1@S@It also made artful use of semantics, redefining as non-strategic industries some that had been in the national domain.@@@@1@19@@oe@2-2-2013
20300038@unknown@formal@none@1@S@"Those devices don't give sufficient certainty to our bosses in Japan," says Yasuo Nakamura, representative of the Industrial Bank of Japan.@@@@1@21@@oe@2-2-2013
20300039@unknown@formal@none@1@S@Mr. Nakamura cites the case of a customer who wants to build a giant tourism complex in Baja and has been trying for eight years to get around Mexican restrictions on foreign ownership of beachfront property.@@@@1@36@@oe@2-2-2013
20300040@unknown@formal@none@1@S@He could develop the beach through a trust, but instead is trying have his grandson become a naturalized Mexican so his family gains direct control.@@@@1@25@@oe@2-2-2013
20300041@unknown@formal@none@1@S@Some say the best hope for the Mexicans is catching the eye of Japan by promoting the one industry the Japanese clearly like -- the border assembly plants, known as "maquiladoras," which are open to 100% foreign control.@@@@1@38@@oe@2-2-2013
20300042@unknown@formal@none@1@S@"We must do more to help the Japanese here in Baja if we want them to invest elsewhere," says Mr. Ruffo, the governor-elect of the National Action Party and himself a succesful businessman.@@@@1@33@@oe@2-2-2013
20300043@unknown@formal@none@1@S@Plant operators are heartened by Mr. Ruffo's pledge to cut corruption associated with the ruling party officials.@@@@1@17@@oe@2-2-2013
20300044@unknown@formal@none@1@S@But Mr. Ruffo frets that an even bigger problem could be protectionism from the U.S., where some politicians oppose what they consider Japanese efforts to use maquiladoras to crack the U.S. market through the back door.@@@@1@36@@oe@2-2-2013
20301001@unknown@formal@none@1@S@Shaken by tumbling stock prices and pessimistic projections of U.S. economic growth, currency analysts around the world have toned down their assessments of the dollar's near-term performance.@@@@1@27@@oe@2-2-2013
20301002@unknown@formal@none@1@S@Most of the 10 analysts polled last week by Dow Jones International News Service in Frankfurt, Tokyo, London and New York expect the U.S. dollar to ease only mildly in November.@@@@1@31@@oe@2-2-2013
20301003@unknown@formal@none@1@S@Opinion is mixed over its three-month prospects.@@@@1@7@@oe@2-2-2013
20301004@unknown@formal@none@1@S@Half of those polled see the currency trending lower over the next three months, while the others forecast a modest rebound after the New Year.@@@@1@25@@oe@2-2-2013
20301005@unknown@formal@none@1@S@In late afternoon New York trading yesterday, the dollar stood at 1.8415 West German marks, up from 1.8340 marks late Monday, and at 142.85 yen, up from 141.90 yen late Monday.@@@@1@31@@oe@2-2-2013
20301006@unknown@formal@none@1@S@A month ago, a similar survey predicted the dollar would be trading at 1.8690 marks and 139.75 yen by the end of October.@@@@1@23@@oe@2-2-2013
20301007@unknown@formal@none@1@S@Sterling was trading at $1.5805, down from $1.5820 late Monday.@@@@1@10@@oe@2-2-2013
20301008@unknown@formal@none@1@S@In Tokyo Wednesday, the U.S. currency was trading at about 142.95 yen at midmorning, up from 142.80 yen at the opening and up from Tuesday's Tokyo close of 142.15 yen.@@@@1@30@@oe@2-2-2013
20301009@unknown@formal@none@1@S@The average of estimates of the 10 economists polled puts the dollar around 1.8200 marks at the end of November and at 141.33 yen.@@@@1@24@@oe@2-2-2013
20301010@unknown@formal@none@1@S@By late January, the consensus calls for the dollar to be trading around 1.8200 marks and near 142 yen.@@@@1@19@@oe@2-2-2013
20301011@unknown@formal@none@1@S@Those with a bullish view see the dollar trading up near 1.9000 marks and 145 yen, while the dollar bears see the U.S. currency trading around 1.7600 marks and 138 yen.@@@@1@31@@oe@2-2-2013
20301012@unknown@formal@none@1@S@A number of those polled predict the dollar will slip as the Federal Reserve eases interest rates.@@@@1@17@@oe@2-2-2013
20301013@unknown@formal@none@1@S@David Owen, an economist at Kleinwort Benson & Co. in London, said he expects further cuts in short-term U.S. rates in an effort to encourage a narrowing of the trade gap and to ensure a soft landing in the U.S. economy.@@@@1@41@@oe@2-2-2013
20301014@unknown@formal@none@1@S@Robert White, a vice president and manager of corporate trade at First Interstate of California, agreed with that view and predicted the U.S. federal funds rate will drop to between 7 3/4% and 8% within 60 days from its current level at 8 13/16%.@@@@1@44@@oe@2-2-2013
20301015@unknown@formal@none@1@S@Fed funds is the rate banks charge each other on overnight loans; the Fed influences the rate by adding or draining reserves from the banking system.@@@@1@26@@oe@2-2-2013
20301016@unknown@formal@none@1@S@Mr. White also predicted a half-point cut in the U.S. discount rate in the near future.@@@@1@16@@oe@2-2-2013
20301017@unknown@formal@none@1@S@The discount rate, currently 7%, is the rate the Fed charges member banks for loans, using government securities as collateral.@@@@1@20@@oe@2-2-2013
20301018@unknown@formal@none@1@S@He expects such a cut "because of problems in several sectors of the economy, particularly real estate and automobiles."@@@@1@19@@oe@2-2-2013
20301019@unknown@formal@none@1@S@Bolstering his argument, the Commerce Department reported yesterday that new home sales for September were down 14% from August's revised 3.1% fall.@@@@1@22@@oe@2-2-2013
20301020@unknown@formal@none@1@S@The drop marked the largest monthly tumble since a 19% slide in January 1982.@@@@1@14@@oe@2-2-2013
20301021@unknown@formal@none@1@S@In last month's survey, a number of currency analysts predicted the dollar would be pressured by a narrowing of interest rate differentials between the U.S. and West Germany.@@@@1@28@@oe@2-2-2013
20301022@unknown@formal@none@1@S@Indeed, in early October the West German central bank raised its discount and Lombard rates by a full percentage point.@@@@1@20@@oe@2-2-2013
20301023@unknown@formal@none@1@S@Several other European central banks, notably in Britain, followed the West German Bundesbank's lead by raising their own key rates.@@@@1@20@@oe@2-2-2013
20301024@unknown@formal@none@1@S@And a week later, Japan raised its official discount rate by a half point to 3.75%.@@@@1@16@@oe@2-2-2013
20301025@unknown@formal@none@1@S@The Japanese discount rate is the central bank's base rate on loans to commercial banks.@@@@1@15@@oe@2-2-2013
20301026@unknown@formal@none@1@S@After a surprisingly sharp widening in the U.S. August merchandise trade deficit -- $10.77 billion from a revised $8.24 billion in July and well above expectations -- and a startling 190-point drop in stock prices on Oct. 13, the Federal Reserve relaxed short-term interest rates, knocking fed funds from around 9% to 8 3/4%.@@@@1@54@@oe@2-2-2013
20301027@unknown@formal@none@1@S@But predictions that central banks of the Group of Seven (G-7) major industrial nations would continue their massive dollar sales went astray, as the market drove the dollar downward on its own, reacting to Wall Street's plunge and subsequent price volatility, lower U.S. interest rates and signs of a slowing U.S. economy.@@@@1@52@@oe@2-2-2013
20301028@unknown@formal@none@1@S@G-7 consists of the U.S., Japan, Britain, West Germany, Canada, France and Italy.@@@@1@13@@oe@2-2-2013
20301029@unknown@formal@none@1@S@Tomoshige Kakita, senior deputy manager in the treasury department of Mitsui Bank Ltd. in Tokyo, suggested that uncertainty about U.S. stocks and bonds has made Japanese investors leery of holding those securities in the near term, thus damping dollar demand.@@@@1@40@@oe@2-2-2013
20301030@unknown@formal@none@1@S@But, Mr. Kakita added, once U.S. equities regain some stability, players will move back into dollar-denominated investments, especially Treasury bonds, whose value rises when interest rates decline.@@@@1@27@@oe@2-2-2013
20301031@unknown@formal@none@1@S@Mr. Kakita said the key dollar-yen exchange rate is at 135 yen.@@@@1@12@@oe@2-2-2013
20301032@unknown@formal@none@1@S@"If 135 is broken, some panic will be seen," he predicted, explaining that Japanese institutions are comfortable with the dollar anywhere between current levels and 135 yen.@@@@1@27@@oe@2-2-2013
20301033@unknown@formal@none@1@S@Jens-Uwe Fischer, a senior trader at Manufacturers Hanover Trust Co. in Frankfurt, said he expects the dollar to recover within the next three months to around 1.88 marks as U.S. economic data, particularly U.S. trade figures, level off.@@@@1@38@@oe@2-2-2013
20301034@unknown@formal@none@1@S@He contended that the Fed won't ease rates further, but predicted Bundesbank officials will relax key rates in West Germany.@@@@1@20@@oe@2-2-2013
20301035@unknown@formal@none@1@S@Alfred Zapfel, chief trader at Bank of Boston in Frankfurt, took an opposite stance.@@@@1@14@@oe@2-2-2013
20301036@unknown@formal@none@1@S@He said he expects U.S. interest rates to decline, dragging the dollar down to around 1.80 marks by the end of January after a short-lived dash to 1.87 marks by the end of November.@@@@1@34@@oe@2-2-2013
20301037@unknown@formal@none@1@S@West German interest rates, he said, will remain unchanged.@@@@1@9@@oe@2-2-2013
20301038@unknown@formal@none@1@S@"But I'm not one of these great dollar bears you see more of these days," Mr. Zapfel said.@@@@1@18@@oe@2-2-2013
20301039@unknown@formal@none@1@S@"I can't really see it dropping far below 1.80 marks."@@@@1@10@@oe@2-2-2013
20301040@unknown@formal@none@1@S@Scott Greene, chief foreign exchange dealer with Julius Baer & Co. in New York, fits the description of a "great dollar bear."@@@@1@22@@oe@2-2-2013
20301041@unknown@formal@none@1@S@He predicted the U.S. unit will skid below 1.80 marks to around 1.78 marks this month and 1.75 marks by the beginning of the new year.@@@@1@26@@oe@2-2-2013
20301042@unknown@formal@none@1@S@"We're finally seeing the culmination of all the recessionary buildup of the last few months," he said, noting a continuing downward trend in U.S. interest rates, a shaky stock market and "gloomier economic times ahead" all signal a significantly lower dollar.@@@@1@41@@oe@2-2-2013
20301043@unknown@formal@none@1@S@In the wake of British Chancellor of the Exchequer Nigel Lawson's surprise resignation and sterling's subsequent nose-dive, most analysts had little good to say about the pound's near-term prospects.@@@@1@29@@oe@2-2-2013
20301044@unknown@formal@none@1@S@Mr. Owen of Kleinwort Benson suggested that the new chancellor, John Major, will take a tough line in his autumn statement later this month, helping to underpin the pound.@@@@1@29@@oe@2-2-2013
20301045@unknown@formal@none@1@S@But, he warned, the currency will remain at risk.@@@@1@9@@oe@2-2-2013
20301046@unknown@formal@none@1@S@On the Commodity Exchange in New York, gold for current delivery dropped $3.10 to $374.70 an ounce in moderate trading.@@@@1@20@@oe@2-2-2013
20301047@unknown@formal@none@1@S@Estimated volume was 3.5 million ounces.@@@@1@6@@oe@2-2-2013
20301048@unknown@formal@none@1@S@In early trading in Hong Kong Wednesday, gold was quoted at $373.80 an ounce.@@@@1@14@@oe@2-2-2013
20301049@unknown@formal@none@1@S@Christopher Hill in Tokyo, Nicholas Hastings in London, Erik Kirschbaum in Frankfurt and Caitlin Randall and Douglas Appell in New York contributed to this article.@@@@1@25@@oe@2-2-2013
20302001@unknown@formal@none@1@S@West Germany will repeal the unpopular turnover tax on securities transactions as of Jan. 1, 1991, Economics Minister Helmut Haussmann said.@@@@1@21@@oe@2-2-2013
20302002@unknown@formal@none@1@S@He said the government will also repeal the 1% transaction tax on the first-time purchase of stakes in companies.@@@@1@19@@oe@2-2-2013
20302003@unknown@formal@none@1@S@The announcement follows several comments by government officials that the government will speed up the repeal of the tax, which was originally scheduled to fall with the start of the single internal market in the European Community at the end of 1992.@@@@1@42@@oe@2-2-2013
20302004@unknown@formal@none@1@S@The securities-turnover tax has been long criticized by the West German financial community because it tends to drive securities trading and other banking activities out of Frankfurt into rival financial centers, especially London, where trading transactions isn't taxed.@@@@1@38@@oe@2-2-2013
20302005@unknown@formal@none@1@S@The tax has raised less than one billion marks ($545.3 million) annually in recent years, but the government has been reluctant to abolish the levy for budgetary concerns.@@@@1@28@@oe@2-2-2013
20302006@unknown@formal@none@1@S@In the interview, Mr. Haussmann didn't specify the amount of revenue the government will lose after the tax disappears.@@@@1@19@@oe@2-2-2013
20302007@unknown@formal@none@1@S@The new date means that the tax will be officially repealed before the end of the current parliamentary term at the end of 1990 and guarantees its abolition even if the current center-right coalition loses the elections in December 1990.@@@@1@40@@oe@2-2-2013
20303001@unknown@formal@none@1@S@Earlier this year, President Bush made a final "take-it-or-leave it" offer on the minimum wage: an increase to $4.25 an hour over three years, and only if accompanied by a lower wage for the first six months of a job.@@@@1@40@@oe@2-2-2013
20303002@unknown@formal@none@1@S@Now, the White House has decided to accept the higher wage over only two years.@@@@1@15@@oe@2-2-2013
20303003@unknown@formal@none@1@S@The sub-minimum wage would apply only to first-time teen-age workers for 90 days.@@@@1@13@@oe@2-2-2013
20303004@unknown@formal@none@1@S@The White House had enough votes to sustain a veto but chose to avoid a confrontation.@@@@1@16@@oe@2-2-2013
20303005@unknown@formal@none@1@S@The only permanent losers will be the 200,000 or so workers everyone agrees will be priced out of a job at the $4.25 rate Congress is likely to approve today.@@@@1@30@@oe@2-2-2013
20303006@unknown@formal@none@1@S@It is compromises such as this that convince Washington's liberals that if they simply stay the course, this administration will stray from its own course on this and other issues.@@@@1@30@@oe@2-2-2013
20304001@unknown@formal@none@1@S@The head trader of Chemical Banking Corp.'s interest-rate options group has left the company, following valuation errors that resulted in a $33 million charge against its third-quarter results.@@@@1@28@@oe@2-2-2013
20304002@unknown@formal@none@1@S@Chemical said Steven Edelson resigned recently, but one individual close to the situation said the resignation was forced.@@@@1@18@@oe@2-2-2013
20304003@unknown@formal@none@1@S@Mr. Edelson couldn't be reached for comment.@@@@1@7@@oe@2-2-2013
20304004@unknown@formal@none@1@S@A separate inquiry by Chemical cleared Mr. Edelson of allegations that he had been lavishly entertained by a New York money broker.@@@@1@22@@oe@2-2-2013
20304005@unknown@formal@none@1@S@That inquiry hasn't resolved similar allegations involving another Chemical options trader.@@@@1@11@@oe@2-2-2013
20304006@unknown@formal@none@1@S@In other personnel changes stemming from problems in its options unit:@@@@1@11@@oe@2-2-2013
20304007@unknown@formal@none@1@S@-- Chemical named James Kennedy, a trader in swaps contracts for the bank, to assume Mr. Edelson's duties and to be trading manager for derivative products, including swaps and interest-rate options.@@@@1@31@@oe@2-2-2013
20304008@unknown@formal@none@1@S@-- Lee Wakeman, vice president in charge of options research who discovered the valuation errors and was asked by senior management to straighten out the mess, resigned to take a position in asset and liability management at Continental Bank in Chicago.@@@@1@41@@oe@2-2-2013
20304009@unknown@formal@none@1@S@Mr. Wakeman, whom Chemical tried to keep, didn't return calls for comment.@@@@1@12@@oe@2-2-2013
20304010@unknown@formal@none@1@S@Separately, Chemical confirmed that it took an undisclosed charge in the second quarter for losses on forward-rate agreements involving foreign currency written by its branch in Frankfurt, West Germany.@@@@1@29@@oe@2-2-2013
20304011@unknown@formal@none@1@S@A Chemical spokeswoman said the second-quarter charge was "not material" and that no personnel changes were made as a result.@@@@1@20@@oe@2-2-2013
20304012@unknown@formal@none@1@S@The spokeswoman said the Frankfurt situation was "totally different" from problems in the interest-rate options unit.@@@@1@16@@oe@2-2-2013
20304013@unknown@formal@none@1@S@According to individuals familiar with the situation, the Frankfurt loss stemmed from a computer program for calculating prices on forward-rate agreements that failed to envision an interest-rate environment where short-term rates were equal to or higher than long-term rates.@@@@1@39@@oe@2-2-2013
20304014@unknown@formal@none@1@S@While the incidents involving interest-rate options and forward-rate agreements are unrelated, some observers say they echo a 1987 incident in which Bankers Trust New York Corp. restated the value of its foreign exchange options contracts downward by about $80 million.@@@@1@40@@oe@2-2-2013
20304015@unknown@formal@none@1@S@These complex products require close monitoring because each must be valued separately in light of current market conditions.@@@@1@18@@oe@2-2-2013
20304016@unknown@formal@none@1@S@In an interest-rate options contract, a client pays a fee to a bank for custom-tailored protection against adverse interest-rate swings for a specified period.@@@@1@24@@oe@2-2-2013
20304017@unknown@formal@none@1@S@In a forward-rate agreement, a client agrees to an exchange rate on a future currency transaction.@@@@1@16@@oe@2-2-2013
20304018@unknown@formal@none@1@S@Some competitors maintain the interestrate option loss, in particular, may have resulted more from Chemical's taking large and often contrarian positions than a valuation problem.@@@@1@25@@oe@2-2-2013
20304019@unknown@formal@none@1@S@Started three years ago, Chemical's interest-rate options group was a leading force in the field.@@@@1@15@@oe@2-2-2013
20304020@unknown@formal@none@1@S@From 1987 to 1988, the value of Chemical's option contracts outstanding mushroomed to $37 billion from $17 billion.@@@@1@18@@oe@2-2-2013
20304021@unknown@formal@none@1@S@More importantly, the volume of options written exceeded those purchased by almost 2-to-1.@@@@1@13@@oe@2-2-2013
20304022@unknown@formal@none@1@S@With such a lopsided book of options, traders say, Chemical was more vulnerable to erroneous valuation assumptions.@@@@1@17@@oe@2-2-2013
20304023@unknown@formal@none@1@S@The Chemical spokeswoman said the bank has examined its methodologies and internal controls.@@@@1@13@@oe@2-2-2013
20304024@unknown@formal@none@1@S@"We consider our internal controls to have worked well," she said, adding that some procedures have been strengthened.@@@@1@18@@oe@2-2-2013
20304025@unknown@formal@none@1@S@Its valuation methodologies, she said, "are recognized as some of the best on the Street.@@@@1@15@@oe@2-2-2013
20304026@unknown@formal@none@1@S@Not a lot was needed to be done.@@@@1@8@@oe@2-2-2013
20305001@unknown@formal@none@1@S@When Thomas W. Wathen went big league last year, he acquired a treasure-trove of Americana along with a well-known but ailing security business: Pinkerton's Inc.@@@@1@25@@oe@2-2-2013
20305002@unknown@formal@none@1@S@There was a wanted poster offering "Rewards for the Arrest of Express and Train Robbers Frank James and Jesse W. James" and the original Pinkerton's logo with an open eye and the inscription "We Never Sleep," which inspired the phrase "private eye."@@@@1@42@@oe@2-2-2013
20305003@unknown@formal@none@1@S@Then there were two gold watches once owned by Allan Pinkerton, who founded the company in Chicago in 1850.@@@@1@19@@oe@2-2-2013
20305004@unknown@formal@none@1@S@But there were supposed to be three, Mr. Wathen's company claims.@@@@1@11@@oe@2-2-2013
20305005@unknown@formal@none@1@S@The missing watch is emblematic of the problems Mr. Wathen encountered in building his closely held California Plant Protection Security Service into the largest detective and security agency in the U.S. through acquisitions.@@@@1@33@@oe@2-2-2013
20305006@unknown@formal@none@1@S@The ever-optimistic Mr. Wathen has learned that while acquiring a big brand-name company can be a shortcut to growth, it can also bring a host of unforeseen problems.@@@@1@28@@oe@2-2-2013
20305007@unknown@formal@none@1@S@"We cleared out a lot of rats' nests," says the 60-year-old security veteran.@@@@1@13@@oe@2-2-2013
20305008@unknown@formal@none@1@S@Mr. Wathen, who started his career as an Air Force investigator and worked as a security officer for several large companies, built his California Plant Protection from a tiny mom-and-pop security patrol firm here in the San Fernando Valley.@@@@1@39@@oe@2-2-2013
20305009@unknown@formal@none@1@S@He joined the firm in 1963 and bought it from the owners the next year.@@@@1@15@@oe@2-2-2013
20305010@unknown@formal@none@1@S@Over the next 20 years, California Plant Protection opened 125 offices around the country.@@@@1@14@@oe@2-2-2013
20305011@unknown@formal@none@1@S@Yet although California Plant Protection was netting bigger and bigger clients -- the firm provided security for the 1984 Summer Olympics in Los Angeles -- it still didn't have the name recognition of Pinkerton's.@@@@1@34@@oe@2-2-2013
20305012@unknown@formal@none@1@S@So when American Brands Inc. decided to sell the unit in 1987 as part of a divestiture of its food and security industries operations, Mr. Wathen saw a chance to accomplish several objectives.@@@@1@33@@oe@2-2-2013
20305013@unknown@formal@none@1@S@He decided he could easily merge Pinkerton's operations with his own while slashing overhead costs because the two already operated in many of the same cities.@@@@1@26@@oe@2-2-2013
20305014@unknown@formal@none@1@S@He could acquire a staff of loyal Pinkerton's employees, many of whom had spent their entire careers with the firm, he could eliminate a competitor and he could get the name recognition he'd wanted.@@@@1@34@@oe@2-2-2013
20305015@unknown@formal@none@1@S@Mr. Wathen also relished the chance to demonstrate an entrepreneur like himself, who'd spent his whole career in the security business, could run Pinkerton's better than an unfocused conglomerate or investment banker.@@@@1@32@@oe@2-2-2013
20305016@unknown@formal@none@1@S@"The security business is my favorite subject.@@@@1@7@@oe@2-2-2013
20305017@unknown@formal@none@1@S@I love this business," he says.@@@@1@6@@oe@2-2-2013
20305018@unknown@formal@none@1@S@"Most of the LBO guys don't know how to run a business anyway."@@@@1@13@@oe@2-2-2013
20305019@unknown@formal@none@1@S@But there were hitches, not the least of which was that, Mr. Wathen says, he proceeded almost blindly in doing the $95 million acquisition, which was completed in January 1988.@@@@1@30@@oe@2-2-2013
20305020@unknown@formal@none@1@S@"We weren't allowed to do any due diligence because of competitive reasons.@@@@1@12@@oe@2-2-2013
20305021@unknown@formal@none@1@S@If we had, it might have scared us off," he says.@@@@1@11@@oe@2-2-2013
20305022@unknown@formal@none@1@S@Five years of rapid expansion under American Brands, with an emphasis on marketing the agency's services instead of improving them, had hurt Pinkerton's profits, Mr. Wathen claims.@@@@1@27@@oe@2-2-2013
20305023@unknown@formal@none@1@S@He says his team couldn't tell whether accounts receivable had been paid or not.@@@@1@14@@oe@2-2-2013
20305024@unknown@formal@none@1@S@Pinkerton's had locked itself into low-price contracts to win new business, with no hope of profitability until the contracts expired, he adds.@@@@1@22@@oe@2-2-2013
20305025@unknown@formal@none@1@S@And regional offices were "egregiously overstaffed," he claims.@@@@1@8@@oe@2-2-2013
20305026@unknown@formal@none@1@S@One office had 19 people doing the work of three, "and half of the employees had company automobiles."@@@@1@18@@oe@2-2-2013
20305027@unknown@formal@none@1@S@American Brands declined to comment on Mr. Wathen's accusations.@@@@1@9@@oe@2-2-2013
20305028@unknown@formal@none@1@S@The acquisition combined the country's second-largest security company, Pinkerton's, with 1987 sales of $410 million, and the fourth largest, California Plant Protection, with $250 million in sales, creating the industry's biggest firm, which took on the Pinkerton's name.@@@@1@38@@oe@2-2-2013
20305029@unknown@formal@none@1@S@Even after divesting itself of $120 million of unprofitable business, the new Pinkerton's will have sales of about $610 million this year and operating profit roughly double the industry average of 2%-3% of sales, says Lloyd Greif of Sutro & Co. in Los Angeles, which arranged the Pinkerton's acquisition.@@@@1@49@@oe@2-2-2013
20305030@unknown@formal@none@1@S@Mr. Wathen says his turnaround strategy has been simple: just hack away at the fat.@@@@1@15@@oe@2-2-2013
20305031@unknown@formal@none@1@S@He began by closing 120 of the combined companies' 260 offices in two months, eliminating about 31% of the company's 2,500-person adminstrative staff, including more than 100 sales positions.@@@@1@29@@oe@2-2-2013
20305032@unknown@formal@none@1@S@He shut down the company's tony New York headquarters.@@@@1@9@@oe@2-2-2013
20305033@unknown@formal@none@1@S@Pinkerton's world headquarters today is a nondescript, two-story office building across the street from the small Van Nuys Airport.@@@@1@19@@oe@2-2-2013
20305034@unknown@formal@none@1@S@Next, Mr. Wathen raised Pinkerton's rates, which were 75-cents-an-hour lower than California Plant Protection's average rate of around $8.63.@@@@1@19@@oe@2-2-2013
20305035@unknown@formal@none@1@S@And he got rid of low-margin businesses that just weren't making money for the company.@@@@1@15@@oe@2-2-2013
20305036@unknown@formal@none@1@S@Mr. Wathen, who says Pinkerton's had a loss of nearly $8 million in 1987 under American Brands, boasts that he's made Pinkerton's profitable again.@@@@1@24@@oe@2-2-2013
20305037@unknown@formal@none@1@S@But Mr. Wathen's team still must pay down about $82 million of long-term bank debt from the acquisition within the next four years.@@@@1@23@@oe@2-2-2013
20305038@unknown@formal@none@1@S@Last year, earnings of the combined companies didn't cover debt service and Pinkerton's was forced to borrow $20 million of subordinated debt.@@@@1@22@@oe@2-2-2013
20305039@unknown@formal@none@1@S@"We wouldn't have had to refinance if a lot of the problems hadn't been there," Mr. Wathen says.@@@@1@18@@oe@2-2-2013
20305040@unknown@formal@none@1@S@This year, Mr. Wathen says the firm will be able to service debt and still turn a modest profit.@@@@1@19@@oe@2-2-2013
20305041@unknown@formal@none@1@S@Now Pinkerton's could become entangled in a protracted legal fracas with its former parent.@@@@1@14@@oe@2-2-2013
20305042@unknown@formal@none@1@S@The company recently filed suit in state court in Los Angeles against American Brands, seeking at least $40 million in damages from the Old Greenwich, Conn.-based company.@@@@1@27@@oe@2-2-2013
20305043@unknown@formal@none@1@S@The suit alleges that American Brands misrepresented the financial condition of Pinkerton's before the sale, failed to disclose pending lawsuits and material contracts in which Pinkerton's was in default, hadn't registered the Pinkerton's name and trademark in the United Kingdom and didn't tell California Plant Protection about some labor controversies.@@@@1@50@@oe@2-2-2013
20305044@unknown@formal@none@1@S@"We have previously had discussions with representatives of Pinkerton's Inc. concerning the {sale of the company} and we concluded that we did not have liability under the contract," says American Brands.@@@@1@31@@oe@2-2-2013
20305045@unknown@formal@none@1@S@"As this is now a litigation matter, we have no further comment."@@@@1@12@@oe@2-2-2013
20305046@unknown@formal@none@1@S@And then there's the case of the missing gold watch.@@@@1@10@@oe@2-2-2013
20305047@unknown@formal@none@1@S@The lawsuit alleges that an inventory of Pinkerton's memorabilia disclosed that one of the watches hadn't been forked over by American Brands.@@@@1@22@@oe@2-2-2013
20305048@unknown@formal@none@1@S@"American Brand's failure to surrender the gold watch has damaged new Pinkerton's in an amount as yet {to be} determined and deprived it of a valuable artifact for which it had bargained," the suit charges.@@@@1@35@@oe@2-2-2013
20305049@unknown@formal@none@1@S@The key to Pinkerton's future will be sticking to what it does best -- being a security company, says Mr. Wathen.@@@@1@21@@oe@2-2-2013
20305050@unknown@formal@none@1@S@The company is also renewing its emphasis on investigations, particularly undercover investigations for corporations.@@@@1@14@@oe@2-2-2013
20305051@unknown@formal@none@1@S@Although investigations now account for only about 5% of Pinkerton's total revenue, that side of the business has traditionally been the more "glamorous" of the two and it carries historical and sentimental value.@@@@1@33@@oe@2-2-2013
20305052@unknown@formal@none@1@S@(Author Dashiell Hammett, who wrote "The Maltese Falcon," was a former Pinkerton's detective.)@@@@1@13@@oe@2-2-2013
20305053@unknown@formal@none@1@S@American Brands "just had a different approach," Mr. Wathen says.@@@@1@10@@oe@2-2-2013
20305054@unknown@formal@none@1@S@"Their approach didn't work; mine is.@@@@1@6@@oe@2-2-2013
20306001@unknown@formal@none@1@S@Farm prices in October edged up 0.7% from September as raw milk prices continued their rise, the Agriculture Department said.@@@@1@20@@oe@2-2-2013
20306002@unknown@formal@none@1@S@Milk sold to the nation's dairy plants and dealers averaged $14.50 for each hundred pounds, up 50 cents from September and up $1.50 from October 1988, the department said.@@@@1@29@@oe@2-2-2013
20306003@unknown@formal@none@1@S@Commercial vegetables, led by lettuce and tomatoes, rose 19% in October; oranges and other fruits rose 5%.@@@@1@17@@oe@2-2-2013
20306004@unknown@formal@none@1@S@Broiler prices fell 6.5 cents in October to 30.6 cents a pound, while turkey prices rose 1.2 cents a pound to 38.5 cents.@@@@1@23@@oe@2-2-2013
20306005@unknown@formal@none@1@S@Egg prices averaged 64.2 cents a dozen, down 0.2 cent from September.@@@@1@12@@oe@2-2-2013
20306006@unknown@formal@none@1@S@Hogs rose $3.40 to $46.80 a hundredweight in October, while beef cattle slipped 80 cents to $67.40 for each hundred pounds and calves dropped 90 cents to $90.20.@@@@1@28@@oe@2-2-2013
20306007@unknown@formal@none@1@S@Soybeans averaged $5.28 a bushel, down 42 cents from September; corn averaged $2.20, down seven cents, and sorghum grain averaged $3.61 for each hundred pounds, down 19 cents, according to the department.@@@@1@32@@oe@2-2-2013
20307001@unknown@formal@none@1@S@Paramount Communications Inc., New York, completed the sale of its Associates Corp. consumer and commercial finance subsidiary to a unit of Ford Motor Co. for $3.35 billion.@@@@1@27@@oe@2-2-2013
20307002@unknown@formal@none@1@S@Paramount, which agreed to sell the unit in July, said it would realize net proceeds from the sale of $2.6 billion, with an after-tax gain of $1.2 billion.@@@@1@28@@oe@2-2-2013
20307003@unknown@formal@none@1@S@Paramount said the gain would be recorded in its fourth quarter, which ended yesterday.@@@@1@14@@oe@2-2-2013
20307004@unknown@formal@none@1@S@Paramount said the sale "completes the strategic restructuring" it began in 1983, and would enable it to focus on its entertainment and publishing businesses.@@@@1@24@@oe@2-2-2013
20307005@unknown@formal@none@1@S@Ford said in July it planned to operate Associates, based in Dallas, as a separate entity in its Ford Financial Services Group.@@@@1@22@@oe@2-2-2013
20307006@unknown@formal@none@1@S@Paramount said Associates has about $14 billion in total assets, making it third-largest in terms of assets among independent finance companies in the U.S.@@@@1@24@@oe@2-2-2013
20308001@unknown@formal@none@1@S@Sea Containers Ltd., in a long-awaited move to repel a hostile takeover bid, said it will sell $1.1 billion of assets and use some of the proceeds to buy about 50% of its common shares for $70 apiece.@@@@1@38@@oe@2-2-2013
20308002@unknown@formal@none@1@S@Together with the 3.6 million shares currently controlled by management, subsidiaries and directors, the completed tender offer would give Sea Containers a controlling stake.@@@@1@24@@oe@2-2-2013
20308003@unknown@formal@none@1@S@Describing itself as "asset rich," Sea Containers said it will move immediately to sell two ports, various ferries, ferry services, containers, and other investments.@@@@1@24@@oe@2-2-2013
20308004@unknown@formal@none@1@S@Of the proceeds, $500 million will be used to fund its tender offer.@@@@1@13@@oe@2-2-2013
20308005@unknown@formal@none@1@S@Sea Containers added that the recapitalization plan will reduce its debt by more than $500 million.@@@@1@16@@oe@2-2-2013
20308006@unknown@formal@none@1@S@The company, which has 13.8 million common shares outstanding, said in mid-June that it was considering a restructuring to ward off a hostile takeover attempt by two European shipping concerns.@@@@1@30@@oe@2-2-2013
20308007@unknown@formal@none@1@S@In late May, Stena Holding AG and Tiphook PLC, launched a $50-a-share, or $777 million, tender offer for the Hamilton, Bermuda-based Sea Containers.@@@@1@23@@oe@2-2-2013
20308008@unknown@formal@none@1@S@In mid-August, the companies, through their jointly owned holding company, Temple Holdings Ltd., sweetened the offer to $63 a share, or $963 million.@@@@1@23@@oe@2-2-2013
20308009@unknown@formal@none@1@S@Officials for Temple declined to comment.@@@@1@6@@oe@2-2-2013
20308010@unknown@formal@none@1@S@News of the restructuring plan sent Sea Containers' shares up $1 to $62 in New York Stock Exchange composite trading.@@@@1@20@@oe@2-2-2013
20308011@unknown@formal@none@1@S@Walter Kirchberger, an analyst with PaineWebber Inc., said that offering holders a higher, $70-a-share price is "a fairly effective method of blocking" the Stena-Tiphook bid.@@@@1@25@@oe@2-2-2013
20308012@unknown@formal@none@1@S@Michael Carstens, an analyst with Tucker Anthony & R.L. Day, added that the sale of assets would allow Sea Containers to focus on its core container businesses.@@@@1@27@@oe@2-2-2013
20308013@unknown@formal@none@1@S@For holders who decide not to tender their shares, Sea Containers will issue one share of preferred stock with a stated value of $25, plus a cash dividend on the common stock.@@@@1@32@@oe@2-2-2013
20308014@unknown@formal@none@1@S@The company said its directors, management and subsidiaries will remain long-term investors and won't tender any of their shares under the offer.@@@@1@22@@oe@2-2-2013
20308015@unknown@formal@none@1@S@Sea Containers said the offer will proceed after the Bermuda Supreme Court lifts or modifies an interim injunction restraining the company from buying its shares.@@@@1@25@@oe@2-2-2013
20308016@unknown@formal@none@1@S@That injunction resulted from litigation between Temple and Sea Containers last May.@@@@1@12@@oe@2-2-2013
20308017@unknown@formal@none@1@S@The company said the court has indicated it will make a decision on or about Nov. 27.@@@@1@17@@oe@2-2-2013
20308018@unknown@formal@none@1@S@Sea Containers will soon set a date for its annual shareholder meeting to seek holder approval for the offer.@@@@1@19@@oe@2-2-2013
20309001@unknown@formal@none@1@S@You'd think all the stories about well-heeled communities and developers getting HUD grants would prompt Congress to tighten up on upscale housing subsidies.@@@@1@23@@oe@2-2-2013
20309002@unknown@formal@none@1@S@No way.@@@@1@2@@oe@2-2-2013
20309003@unknown@formal@none@1@S@Congress has just made it easier for the affluent to qualify for insured loans from the deficit-ridden Federal Housing Administration.@@@@1@20@@oe@2-2-2013
20309004@unknown@formal@none@1@S@It appears that the only thing Congress is learning from the HUD story is how to enlarge its control of the honey pot going to special interests.@@@@1@27@@oe@2-2-2013
20309005@unknown@formal@none@1@S@Right now, the largest loan the FHA can insure in high-cost housing markets is $101,250.@@@@1@15@@oe@2-2-2013
20309006@unknown@formal@none@1@S@Last week, housing lobbies persuaded Congress to raise the ceiling to $124,875, making FHA loans more accessible to the well-to-do.@@@@1@20@@oe@2-2-2013
20309007@unknown@formal@none@1@S@But it does that at the cost of deepening the taxpayer's exposure if the FHA is forced to pay for more loans going sour.@@@@1@24@@oe@2-2-2013
20309008@unknown@formal@none@1@S@This is no idle fearlast year the FHA lost $4.2 billion in loan defaults.@@@@1@14@@oe@2-2-2013
20309009@unknown@formal@none@1@S@But the higher mortgage ceiling is only the starter kit for what Senator Alan Cranston and Majority Leader George Mitchell have in mind for housing.@@@@1@25@@oe@2-2-2013
20309010@unknown@formal@none@1@S@The Senate Banking Committee will begin hearings next week on their proposal to expand existing federal housing programs.@@@@1@18@@oe@2-2-2013
20309011@unknown@formal@none@1@S@Other Senators want to lower the down payments required on FHA-insured loans.@@@@1@12@@oe@2-2-2013
20309012@unknown@formal@none@1@S@That would be a formula for ensuring even more FHA red ink.@@@@1@12@@oe@2-2-2013
20309013@unknown@formal@none@1@S@Experience has shown that the most important element in predicting a housing-loan default is the down payment.@@@@1@17@@oe@2-2-2013
20309014@unknown@formal@none@1@S@Because a purchaser can use an FHA loan to finance all points and closing costs, the FHA can wind up lending more than a house is worth.@@@@1@27@@oe@2-2-2013
20309015@unknown@formal@none@1@S@If housing prices continue to fall, many borrowers would be better off walking away from their homes and leaving taxpayers with the losses.@@@@1@23@@oe@2-2-2013
20309016@unknown@formal@none@1@S@Much the same thing happened with busted S&Ls, a problem Congress just "solved" with a $166 billion bailout.@@@@1@18@@oe@2-2-2013
20309017@unknown@formal@none@1@S@We hear that HUD Secretary Jack Kemp is toying with going along with some of the Cranston-Mitchell proposals.@@@@1@18@@oe@2-2-2013
20309018@unknown@formal@none@1@S@That sounds like a formula for ensuring that he gets dragged into the next HUD tar pit.@@@@1@17@@oe@2-2-2013
20309019@unknown@formal@none@1@S@A group of 27 Senators has written Mr. Kemp urging him to reject Cranston-Mitchell and focus on programs that empower the poor rather than create vast new government obligations.@@@@1@29@@oe@2-2-2013
20309020@unknown@formal@none@1@S@But even if he agrees, Mr. Kemp doesn't write the nation's housing law -- Congress does.@@@@1@16@@oe@2-2-2013
20309021@unknown@formal@none@1@S@And the majority of Members cynically view the current discrediting of HUD as mainly a chance to shove through their own slate of projects.@@@@1@24@@oe@2-2-2013
20309022@unknown@formal@none@1@S@Exhibit A is last week's House vote to fund 40 pet projects out of the same discretionary fund that is at the heart of the HUD scandal.@@@@1@27@@oe@2-2-2013
20309023@unknown@formal@none@1@S@None of the grants had been requested by HUD, judged competitively or were the subject of a single hearing.@@@@1@19@@oe@2-2-2013
20309024@unknown@formal@none@1@S@More and more observers now realize that the key to ending future HUD scandals lies in forcing Congress to clean up its own act.@@@@1@24@@oe@2-2-2013
20309025@unknown@formal@none@1@S@This week, a Baltimore Sun editorial said the Lantos subcommittee on HUD should forget about Sam Pierce's testimony for the moment and call some other witnesses: the various congressional sponsors of the 40 pork-barrel projects.@@@@1@35@@oe@2-2-2013
20309026@unknown@formal@none@1@S@The Sun concluded that Mr. Pierce is only part of the problem -- and a part that's gone.@@@@1@18@@oe@2-2-2013
20309027@unknown@formal@none@1@S@"If HUD is to be reformed," it concluded, Members of Congress will "have to start looking into, and doing something about, the practices of their colleagues."@@@@1@26@@oe@2-2-2013
20309028@unknown@formal@none@1@S@Of course, self-reform is about the last thing this Congress is interested in.@@@@1@13@@oe@2-2-2013
20309029@unknown@formal@none@1@S@Proponents of expanding FHA programs say they merely want to help home buyers who are frozen out of high-priced markets.@@@@1@20@@oe@2-2-2013
20309030@unknown@formal@none@1@S@But the FHA program is hemorrhaging bad loans.@@@@1@8@@oe@2-2-2013
20309031@unknown@formal@none@1@S@Jack Kemp has submitted a package of reforms, and they are surely headed for the Capitol Hill sausage-grinder.@@@@1@18@@oe@2-2-2013
20309032@unknown@formal@none@1@S@Like the S&L mess before it, this is a problem Congress should be solving, not ignoring.@@@@1@16@@oe@2-2-2013
20310001@unknown@formal@none@1@S@Gillette Co., Boston, said it is planning to restructure its South African subsidiary.@@@@1@13@@oe@2-2-2013
20310002@unknown@formal@none@1@S@Under the plan, Gillette South Africa will sell manufacturing facilities in Springs, South Africa, and its business in toiletries and plastic bags to Twins Pharmaceuticals Ltd., an affiliate of Anglo American Corp., a South African company.@@@@1@36@@oe@2-2-2013
20310003@unknown@formal@none@1@S@Terms were not disclosed.@@@@1@4@@oe@2-2-2013
20310004@unknown@formal@none@1@S@A final agreement has not been signed, and the moves will not have a material effect on the company, Gillette said.@@@@1@21@@oe@2-2-2013
20310005@unknown@formal@none@1@S@The company said it is part of a continuing world-wide restructuring in which it has downsized or sold operations in several countries.@@@@1@22@@oe@2-2-2013
20310006@unknown@formal@none@1@S@Gillette said its continued presence in South Africa "enables it to make meaningful contributions to South African society, to the lives of its employees and to the communities in which it operates."@@@@1@32@@oe@2-2-2013
20310007@unknown@formal@none@1@S@Gillette South Africa employs about 250 people.@@@@1@7@@oe@2-2-2013
20310008@unknown@formal@none@1@S@About 60% of the work force will continue with Gillette or transfer to Twins Pharmaceuticals, the company said.@@@@1@18@@oe@2-2-2013
20311001@unknown@formal@none@1@S@The Soviet legislature approved a 1990 budget yesterday that halves its huge deficit with cuts in defense spending and capital outlays while striving to improve supplies to frustrated consumers.@@@@1@29@@oe@2-2-2013
20311002@unknown@formal@none@1@S@The vote to approve was@@@@1@5@@oe@2-2-2013
20311003@unknown@formal@none@1@S@A proposal to raise prices of beer, tobacco and luxuries was rejected 338-44.@@@@1@13@@oe@2-2-2013
20311004@unknown@formal@none@1@S@Soviet President Mikhail S. Gorbachev told the legislators they had made a good start, but that the most difficult work was still ahead.@@@@1@23@@oe@2-2-2013
20311005@unknown@formal@none@1@S@The Tass news agency said the 1990 budget anticipates income of 429.9 billion rubles (US$693.4 billion) and expenditures of 489.9 billion rubles (US$790.2 billion).@@@@1@24@@oe@2-2-2013
20311006@unknown@formal@none@1@S@Those figures are almost exactly what the government proposed to legislators in September.@@@@1@13@@oe@2-2-2013
20311007@unknown@formal@none@1@S@If the government can stick with them, it will be able to halve this year's 120 billion ruble (US$193 billion) deficit.@@@@1@21@@oe@2-2-2013
20311008@unknown@formal@none@1@S@Officials proposed a cut in the defense budget this year to 70.9 billion rubles (US$114.3 billion) from 77.3 billion rubles (US$125 billion) as well as large cuts in outlays for new factories and equipment.@@@@1@34@@oe@2-2-2013
20311009@unknown@formal@none@1@S@Tass said the final budget and economic plan calls for a sharp increase in the production of consumer goods.@@@@1@19@@oe@2-2-2013
20312001@unknown@formal@none@1@S@Trial and Terror@@@@1@3@@oe@2-2-2013
20312002@unknown@formal@none@1@S@At times I sequester my mind When I must think with precision, Detached from all other thoughts While trying to reach a decision.@@@@1@23@@oe@2-2-2013
20312003@unknown@formal@none@1@S@But often nothing's resolved, To my frustration and fury: With pros and cons in limbo, I feel like a hung jury.@@@@1@21@@oe@2-2-2013
20312004@unknown@formal@none@1@S@-- Arnold J. Zarett.@@@@1@4@@oe@2-2-2013
20312005@unknown@formal@none@1@S@Daffynition@@@@1@1@@oe@2-2-2013
20312006@unknown@formal@none@1@S@Rodeo applause: broncs cheer.@@@@1@4@@oe@2-2-2013
20312007@unknown@formal@none@1@S@-- Marvin Alisky.@@@@1@3@@oe@2-2-2013
20313001@unknown@formal@none@1@S@Ocean Drilling & Exploration Co. will sell its contract-drilling business, and took a $50.9 million loss from discontinued operations in the third quarter because of the planned sale.@@@@1@28@@oe@2-2-2013
20313002@unknown@formal@none@1@S@The New Orleans oil and gas exploration and diving operations company added that it doesn't expect any further adverse financial impact from the restructuring.@@@@1@24@@oe@2-2-2013
20313003@unknown@formal@none@1@S@In the third quarter, the company, which is 61%-owned by Murphy Oil Corp. of Arkansas, had a net loss of $46.9 million, or 91 cents a share, compared with a restated loss of $9 million, or 18 cents a share, a year ago.@@@@1@43@@oe@2-2-2013
20313004@unknown@formal@none@1@S@The latest period had profit from continuing operations of $4 million.@@@@1@11@@oe@2-2-2013
20313005@unknown@formal@none@1@S@Revenue gained 13% to $77.3 million from $68.5 million.@@@@1@9@@oe@2-2-2013
20313006@unknown@formal@none@1@S@Ocean Drilling said it will offer 15% to 20% of the contract-drilling business through an initial public offering in the near future.@@@@1@22@@oe@2-2-2013
20313007@unknown@formal@none@1@S@It has long been rumored that Ocean Drilling would sell the unit to concentrate on its core oil and gas business.@@@@1@21@@oe@2-2-2013
20313008@unknown@formal@none@1@S@Ocean Drilling said it won't hold any shares of the new company after the restructuring.@@@@1@15@@oe@2-2-2013
20314001@unknown@formal@none@1@S@After 20 years of pushing labor proposals to overhaul the nation's health-care system, Bert Seidman of the AFL-CIO is finding interest from an unlikely quarter: big business.@@@@1@27@@oe@2-2-2013
20314002@unknown@formal@none@1@S@Corporate leaders, frustrated by double-digit increases in health-care costs, are beginning to sound like liberal Democrats.@@@@1@16@@oe@2-2-2013
20314003@unknown@formal@none@1@S@Failure to check rising medical costs ultimately could "lead some of us who today are free-market advocates to re-examine our thinking and positions with respect to government-sponsored national health insurance," Arthur Puccini, a General Electric Co. vice president, warned earlier this year.@@@@1@42@@oe@2-2-2013
20314004@unknown@formal@none@1@S@The pocketbook impact of health benefits has driven business and labor to a surprising consensus.@@@@1@15@@oe@2-2-2013
20314005@unknown@formal@none@1@S@Both the AFL-CIO and the National Association of Manufacturers are calling for measures to control rising costs, improve quality and provide care to the 31 million Americans who currently lack health insurance.@@@@1@32@@oe@2-2-2013
20314006@unknown@formal@none@1@S@Agreement on these points is a long way from a specific program, and nobody expects the U.S. to rush toward radical restructuring of the health-care system.@@@@1@26@@oe@2-2-2013
20314007@unknown@formal@none@1@S@But there are signs that labor-management cooperation could change the politics of health-care legislation and the economics of medicine.@@@@1@19@@oe@2-2-2013
20314008@unknown@formal@none@1@S@"I can't remember a time when virtually everyone can agree on what the problem is," says Mr. Seidman, who heads the AFL-CIO's department dealing with health matters.@@@@1@27@@oe@2-2-2013
20314009@unknown@formal@none@1@S@Because the Bush administration isn't taking the initiative on health issues, business executives are dealing with congressional Democrats who champion health-care revision.@@@@1@22@@oe@2-2-2013
20314010@unknown@formal@none@1@S@"Business across the country is spending more time addressing this issue," says Sen. Edward Kennedy (D., Mass.).@@@@1@17@@oe@2-2-2013
20314011@unknown@formal@none@1@S@"It's a bottom-line issue."@@@@1@4@@oe@2-2-2013
20314012@unknown@formal@none@1@S@Business complained earlier this year when Sen. Kennedy introduced a bill that would require employers to provide a minimum level of health insurance to workers but doesn't contain cost-control measures.@@@@1@30@@oe@2-2-2013
20314013@unknown@formal@none@1@S@Partly in response, a bipartisan group of senators from the finance and labor committees is drafting a plan to attract broader support.@@@@1@22@@oe@2-2-2013
20314014@unknown@formal@none@1@S@It will feature a cost-containment provision designed to keep expanded benefits from fueling higher care prices.@@@@1@16@@oe@2-2-2013
20314015@unknown@formal@none@1@S@At 11.1% of gross national product, U.S. health costs already are the highest in the world.@@@@1@16@@oe@2-2-2013
20314016@unknown@formal@none@1@S@By contrast, Japan's equal 6.7% of GNP, a nation's total output of goods and services.@@@@1@15@@oe@2-2-2013
20314017@unknown@formal@none@1@S@Management and labor worry that the gap makes U.S. companies less competitive.@@@@1@12@@oe@2-2-2013
20314018@unknown@formal@none@1@S@Chrysler Corp. estimates that health costs add $700 to the price of each of its cars, about $300 to $500 more per car than foreign competitors pay for health.@@@@1@29@@oe@2-2-2013
20314019@unknown@formal@none@1@S@"The cost of health care is eroding standards of living and sapping industrial strength," complains Walter Maher, a Chrysler health-and-benefits specialist.@@@@1@21@@oe@2-2-2013
20314020@unknown@formal@none@1@S@Labor is upset because many companies are using higher employee insurance premiums, deductibles and co-payments to deflect surging medical costs to workers.@@@@1@22@@oe@2-2-2013
20314021@unknown@formal@none@1@S@Health benefits are contentious issues in the strikes against Pittston Co. and Nynex Corp.@@@@1@14@@oe@2-2-2013
20314022@unknown@formal@none@1@S@In their new contract this year, American Telephone & Telegraph Co. and the Communications Workers of America agreed to look for "prompt and lasting national solutions" to rising health-care costs.@@@@1@30@@oe@2-2-2013
20314023@unknown@formal@none@1@S@Some analysts are cynical about the new corporate interest in health-care overhaul.@@@@1@12@@oe@2-2-2013
20314024@unknown@formal@none@1@S@Carl Schramm, president of the Health Insurance Association of America, scoffs at "capitalists who want to socialize the entire financing system" for health.@@@@1@23@@oe@2-2-2013
20314025@unknown@formal@none@1@S@"They hope they can buy some government cost discipline," but this is a false hope, Mr. Schramm says.@@@@1@18@@oe@2-2-2013
20314026@unknown@formal@none@1@S@He asserts that government has done an even worse job of controlling its health bill than business.@@@@1@17@@oe@2-2-2013
20314027@unknown@formal@none@1@S@So far neither the Bush administration nor Congress is prepared to lead the way toward revamping health care.@@@@1@18@@oe@2-2-2013
20314028@unknown@formal@none@1@S@The administration lacks a comprehensive health-care policy.@@@@1@7@@oe@2-2-2013
20314029@unknown@formal@none@1@S@Congress still is struggling to dismantle the unpopular Catastrophic Care Act of 1988, which boosted benefits for the elderly and taxed them to pay for the new coverage.@@@@1@28@@oe@2-2-2013
20314030@unknown@formal@none@1@S@A bipartisan commission established by Congress and headed by Sen. John Rockefeller (D., W.Va.) is scheduled to present new plans for dealing with the uninsured and long-term care for the elderly by next March 1.@@@@1@35@@oe@2-2-2013
20314031@unknown@formal@none@1@S@A quadrennial commission appointed by Health and Human Services Secretary Louis Sullivan is taking a broad look at the economics of Medicare for the elderly, Medicaid for the poor and the health system in general.@@@@1@35@@oe@2-2-2013
20314032@unknown@formal@none@1@S@It is expected to report next summer.@@@@1@7@@oe@2-2-2013
20314033@unknown@formal@none@1@S@"No magic bullet will be discovered next year, an election year," says Rep. Fortney Stark (D., Calif.)@@@@1@17@@oe@2-2-2013
20314034@unknown@formal@none@1@S@But 1991 could be a window for action.@@@@1@8@@oe@2-2-2013
20314035@unknown@formal@none@1@S@The pressure for change will rise with costs.@@@@1@8@@oe@2-2-2013
20314036@unknown@formal@none@1@S@"I think employers are really going to be the ones to push for major change," says Sharon Canner, a health expert at NAM.@@@@1@23@@oe@2-2-2013
20314037@unknown@formal@none@1@S@Any major attempt to revamp the health-care system is likely to trigger opposition from politically powerful interest groups, particularly the American Medical Association, and perhaps from the public as well, if Congress takes steps that patients fear will limit the availability of care.@@@@1@43@@oe@2-2-2013
20314038@unknown@formal@none@1@S@The NAM embraces efforts, which both the administration and the medical profession have begun, to measure the effectiveness of medical treatments and then to draft medical-practice guidelines.@@@@1@27@@oe@2-2-2013
20314039@unknown@formal@none@1@S@Advocates hope that such standards will improve treatment while limiting unnecessary tests and medical procedures.@@@@1@15@@oe@2-2-2013
20314040@unknown@formal@none@1@S@HHS Secretary Sullivan estimates that as much as 25% of the medical procedures performed each year may be inappropriate or unnecessary.@@@@1@21@@oe@2-2-2013
20314041@unknown@formal@none@1@S@Limiting care won't be easy or popular.@@@@1@7@@oe@2-2-2013
20314042@unknown@formal@none@1@S@"To slow the rise in total spending, it will be necessary to reduce per-capita use of services," the NAM warns in a policy statement.@@@@1@24@@oe@2-2-2013
20314043@unknown@formal@none@1@S@This will "require us to define -- and redefine -- what is `necessary' or `appropriate' care.@@@@1@16@@oe@2-2-2013
20314044@unknown@formal@none@1@S@This involves trade-offs and {it} cuts against the grain of existing consumer and even provider conceptions of what is `necessary.'"@@@@1@20@@oe@2-2-2013
20314045@unknown@formal@none@1@S@The AFL-CIO also embraces treatment guidelines.@@@@1@6@@oe@2-2-2013
20314046@unknown@formal@none@1@S@In addition, it's toying with an approach that would impose health-expenditure ceilings or budgets on the government as a whole and on individual states as a way to slow health-care spending.@@@@1@31@@oe@2-2-2013
20314047@unknown@formal@none@1@S@At a meeting here on Nov. 15, the labor federation plans to launch a major effort to build grass-roots support for health-care overhaul.@@@@1@23@@oe@2-2-2013
20315001@unknown@formal@none@1@S@Stelco Inc. said it plans to shut down three Toronto-area plants, moving their fastener operations to a leased facility in Brantford, Ontario.@@@@1@22@@oe@2-2-2013
20315002@unknown@formal@none@1@S@The company said the fastener business "has been under severe cost pressures for some time."@@@@1@15@@oe@2-2-2013
20315003@unknown@formal@none@1@S@The fasteners, nuts and bolts, are sold to the North American auto market.@@@@1@13@@oe@2-2-2013
20315004@unknown@formal@none@1@S@A company spokesman declined to estimate the impact of the closures on earnings.@@@@1@13@@oe@2-2-2013
20315005@unknown@formal@none@1@S@He said the new facility will employ 500 of the existing 600 employees.@@@@1@13@@oe@2-2-2013
20315006@unknown@formal@none@1@S@The steelmaker employs about 16,000 people.@@@@1@6@@oe@2-2-2013
20315007@unknown@formal@none@1@S@Stelco said it has an option to lease a 350,000-square-foot building in Brantford and proposes to spend 24.5 million Canadian dollars (US$20.9 million) on the facility.@@@@1@26@@oe@2-2-2013
20315008@unknown@formal@none@1@S@The three existing plants and their land will be sold.@@@@1@10@@oe@2-2-2013
20316001@unknown@formal@none@1@S@First Security Corp. said it tentatively agreed to acquire Deseret Bancorp. for stock valued at about $18 million.@@@@1@18@@oe@2-2-2013
20316002@unknown@formal@none@1@S@Terms call for First Security to issue about 0.55 share of its stock for each Deseret share held, or a total of about 550,000 First Security shares.@@@@1@27@@oe@2-2-2013
20316003@unknown@formal@none@1@S@It has about 12.3 million shares outstanding.@@@@1@7@@oe@2-2-2013
20316004@unknown@formal@none@1@S@Deseret, with about $100 million in assets, is the parent of the Deseret Bank, which has six offices and headquarters at Pleasant Grove, Utah.@@@@1@24@@oe@2-2-2013
20316005@unknown@formal@none@1@S@The purchase price is equal to about 1.65 times Deseret's roughly $10.7 million book value, or assets less liabilities.@@@@1@19@@oe@2-2-2013
20316006@unknown@formal@none@1@S@Salt Lake City-based First Security, with $5.4 billion in assets, said the agreement is subject to shareholder and regulatory approval, and that it hopes to complete the transaction early next year.@@@@1@31@@oe@2-2-2013
20317001@unknown@formal@none@1@S@Georgia-Pacific Corp.'s unsolicited $3.19 billion bid for Great Northern Nekoosa Corp. was hailed by Wall Street despite a cool reception by the target company.@@@@1@24@@oe@2-2-2013
20317002@unknown@formal@none@1@S@William R. Laidig, Nekoosa's chairman, chief executive officer and president, characterized the $58-a-share bid as "uninvited" and said Nekoosa's board would consider the offer "in due course."@@@@1@27@@oe@2-2-2013
20317003@unknown@formal@none@1@S@T. Marshall Hahn Jr., Georgia-Pacific's chairman and chief executive, said in an interview that all terms of the offer are negotiable.@@@@1@21@@oe@2-2-2013
20317004@unknown@formal@none@1@S@He added that he had spoken with Mr. Laidig, whom he referred to as a friend, by telephone Monday evening.@@@@1@20@@oe@2-2-2013
20317005@unknown@formal@none@1@S@"I'm hopeful that we'll have further discussions," Mr. Hahn said.@@@@1@10@@oe@2-2-2013
20317006@unknown@formal@none@1@S@On Wall Street, takeover stock traders bid Nekoosa's stock well above the Georgia-Pacific bid, assuming that Nekoosa's will either be sold to a rival bidder or to Georgia-Pacific at a higher price -- as much as $75 a share, according to some estimates.@@@@1@43@@oe@2-2-2013
20317007@unknown@formal@none@1@S@Yesterday, Nekoosa common closed in composite New York Stock Exchange trading at $62.875, up $20.125, on volume of almost 6.3 million shares.@@@@1@22@@oe@2-2-2013
20317008@unknown@formal@none@1@S@Georgia-Pacific closed down $2.50, at $50.875 in Big Board trading.@@@@1@10@@oe@2-2-2013
20317009@unknown@formal@none@1@S@Takeover stock traders noted that with the junk-bond market in disarray, Georgia-Pacific's bid is an indication of where the takeover game is headed: namely, industrial companies can continue bidding for one another, but financial buyers such as leveraged buy-out firms will be at a disadvantage in obtaining financing.@@@@1@48@@oe@2-2-2013
20317010@unknown@formal@none@1@S@"The way the world is shaping up, the strategic buyer is going to be the rule and the financial buyer is going to be the exception," said one trader.@@@@1@29@@oe@2-2-2013
20317011@unknown@formal@none@1@S@For the paper industry specifically, most analysts said the deal will spur a wave of paper-company takeovers, possibly involving such companies as Union Camp Corp., Federal Paperboard Co. and Mead Corp.@@@@1@31@@oe@2-2-2013
20317012@unknown@formal@none@1@S@The analysts argued that Georgia-Pacific's offer, the first hostile bid ever among major players in the paper industry, ends the unwritten taboo on hostile bids, and will push managements to look closely at the industry's several attractive takeover candidates.@@@@1@39@@oe@2-2-2013
20317013@unknown@formal@none@1@S@"Consolidation has been long overdue.@@@@1@5@@oe@2-2-2013
20317014@unknown@formal@none@1@S@It was just the culture of the industry that kept it from happening.@@@@1@13@@oe@2-2-2013
20317015@unknown@formal@none@1@S@The Georgia-Pacific offer has definitely changed the landscape," said Gary Palmero of Oppenheimer & Co.@@@@1@15@@oe@2-2-2013
20317016@unknown@formal@none@1@S@Added Mark Rogers of Prudential-Bache Securities Inc.: "It's much easier to be second."@@@@1@13@@oe@2-2-2013
20317017@unknown@formal@none@1@S@A Georgia-Pacific acquisition of Nekoosa would create the largest U.S. forest-products company.@@@@1@12@@oe@2-2-2013
20317018@unknown@formal@none@1@S@Based on 1988 sales, Georgia-Pacific ranked third at $9.51 billion, behind Weyerhaeuser Co. at $10 billion and International Paper Co. at $9.53 billion.@@@@1@23@@oe@2-2-2013
20317019@unknown@formal@none@1@S@Nekoosa ranked 11th with sales of $3.59 billion.@@@@1@8@@oe@2-2-2013
20317020@unknown@formal@none@1@S@The combined company would have had 1988 sales of $13.1 billion.@@@@1@11@@oe@2-2-2013
20317021@unknown@formal@none@1@S@But such a combination also presents great risks.@@@@1@8@@oe@2-2-2013
20317022@unknown@formal@none@1@S@At a time when most analysts and industry consultants say pulp and paper prices are heading for a dive, adding capacity and debt could squeeze Georgia-Pacific if the industry declines more than the company expects.@@@@1@35@@oe@2-2-2013
20317023@unknown@formal@none@1@S@Moreover, any unexpected strengthening of the dollar would hurt Georgia-Pacific because two of Nekoosa's major product lines -- containerboard, which is used to make shipping boxes, and market pulp -- are exported in large quantities.@@@@1@35@@oe@2-2-2013
20317024@unknown@formal@none@1@S@"Nobody knows how deep the cycle is going to be," said Rod Young, vice president of Resource Information Systems Inc., a Bedford, Mass., economic-forecasting firm.@@@@1@25@@oe@2-2-2013
20317025@unknown@formal@none@1@S@"Depending on how far down you go, it may be difficult to pay off that debt."@@@@1@16@@oe@2-2-2013
20317026@unknown@formal@none@1@S@One person familiar with Georgia-Pacific said the acquisition would more than double the company's debt of almost $3 billion.@@@@1@19@@oe@2-2-2013
20317027@unknown@formal@none@1@S@It also could be a drag on Georgia-Pacific earnings because the roughly $1.5 billion in goodwill -- the amount by which the bid exceeds Nekoosa's book value of $1.5 billion -- will have to be subtracted from earnings over a period of decades.@@@@1@43@@oe@2-2-2013
20317028@unknown@formal@none@1@S@Georgia-Pacific's Mr. Hahn said that a combined operation would allow savings in many ways.@@@@1@14@@oe@2-2-2013
20317029@unknown@formal@none@1@S@The two companies each produce market pulp, containerboard and white paper.@@@@1@11@@oe@2-2-2013
20317030@unknown@formal@none@1@S@That means goods could be manufactured closer to customers, saving shipping costs, he said.@@@@1@14@@oe@2-2-2013
20317031@unknown@formal@none@1@S@Moreover, production runs would be longer, cutting inefficiencies from adjusting machinery between production cycles.@@@@1@14@@oe@2-2-2013
20317032@unknown@formal@none@1@S@And Georgia-Pacific could save money in selling pulp, because the company uses its own sales organization while Nekoosa employs higher-cost agents.@@@@1@21@@oe@2-2-2013
20317033@unknown@formal@none@1@S@Mr. Hahn said Georgia-Pacific has accounted in its strategy for a "significant downturn" in the pulp and paper industry, an event that he said would temporarily dilute earnings.@@@@1@28@@oe@2-2-2013
20317034@unknown@formal@none@1@S@But he said that even under those conditions, the company still would realize a savings of tens of millions of dollars in the first year following a merger.@@@@1@28@@oe@2-2-2013
20317035@unknown@formal@none@1@S@"The fit is so good, we see this as a time of opportunity," he said.@@@@1@15@@oe@2-2-2013
20317036@unknown@formal@none@1@S@Georgia-Pacific, which has suspended its stock-repurchase program, would finance the acquisition with all bank debt, provided by banks led by BankAmerica Corp.@@@@1@22@@oe@2-2-2013
20317037@unknown@formal@none@1@S@Georgia-Pacific owns 349,900 Nekoosa shares and would need federal antitrust clearance to buy more than $15 million worth.@@@@1@18@@oe@2-2-2013
20317038@unknown@formal@none@1@S@U.S. clearance also is needed for the proposed acquisition.@@@@1@9@@oe@2-2-2013
20317039@unknown@formal@none@1@S@For Nekoosa, defense options may be undercut somewhat by the precarious state of the junk-bond market, which limits how much value the target could reach in a debt-financed recapitalization.@@@@1@29@@oe@2-2-2013
20317040@unknown@formal@none@1@S@The company's chairman, Mr. Laidig, and a group of advisers met at the offices of Wachtel Lipton Rosen & Katz, a law firm specializing in takeover defense.@@@@1@27@@oe@2-2-2013
20317041@unknown@formal@none@1@S@Nekoosa also is being advised by Goldman, Sachs & Co.@@@@1@10@@oe@2-2-2013
20317042@unknown@formal@none@1@S@Georgia-Pacific's advisers are Wasserstein, Perella & Co., which stands to receive a $15 million fee if the takeover succeeds, and the law firm of Shearman & Sterling.@@@@1@27@@oe@2-2-2013
20317043@unknown@formal@none@1@S@People familiar with Nekoosa said its board isn't likely to meet before the week after next to respond to the bid.@@@@1@21@@oe@2-2-2013
20317044@unknown@formal@none@1@S@The board has 10 business days to respond.@@@@1@8@@oe@2-2-2013
20317045@unknown@formal@none@1@S@In addition to the usual array of defenses, including a so-called poison pill and a staggered board, Nekoosa has another takeover defense: a Maine state law barring hostile bidders from merging acquired businesses for five years.@@@@1@36@@oe@2-2-2013
20317046@unknown@formal@none@1@S@Nekoosa is incorporated in Maine.@@@@1@5@@oe@2-2-2013
20317047@unknown@formal@none@1@S@Georgia-Pacific has filed a lawsuit in federal court in Maine challenging the poison pill and the Maine merger law.@@@@1@19@@oe@2-2-2013
20317048@unknown@formal@none@1@S@Nekoosa's poison pill allows shareholders to vote to rescind it, but Georgia-Pacific isn't likely to pursue such a course immediately because that would take 90 to 120 days, and wouldn't affect the provisions of the Maine law.@@@@1@37@@oe@2-2-2013
20317049@unknown@formal@none@1@S@Among companies mentioned by analysts as possible counterbidders for Nekoosa are International Paper, Weyerhaeuser, Canadian Pacific Ltd. and MacMillan Bloedel Ltd.@@@@1@21@@oe@2-2-2013
20317050@unknown@formal@none@1@S@"I'm sure everybody else is putting pencil to paper," said Kathryn McAuley, an analyst with First Manhattan Co.@@@@1@18@@oe@2-2-2013
20317051@unknown@formal@none@1@S@International Paper and Weyerhaeuser declined to comment.@@@@1@7@@oe@2-2-2013
20317052@unknown@formal@none@1@S@Canadian Pacific couldn't be reached for comment, and MacMillan Bloedel said it hasn't any plans to make a bid for Nekoosa.@@@@1@21@@oe@2-2-2013
20317053@unknown@formal@none@1@S@Investors were quick to spot other potential takeover candidates, all of which have strong cash flows and low-cost operations.@@@@1@19@@oe@2-2-2013
20317054@unknown@formal@none@1@S@Among paper company stocks that rallied on the Big Board because of the offer were Union Camp, up $2.75 to $37.75, Federal Paperboard, up $1.75 to $27.875, Mead, up $2.375 to $38.75, and Temple Inland Inc., up $3.75 to $62.25.@@@@1@40@@oe@2-2-2013
20317055@unknown@formal@none@1@S@In over-the-counter national trading, Bowater Inc. jumped $1.50 to $27.50.@@@@1@10@@oe@2-2-2013
20317056@unknown@formal@none@1@S@Some analysts argued that there won't be a flurry of takeovers because the industry's continuing capacity-expansion program is eating up available cash.@@@@1@22@@oe@2-2-2013
20317057@unknown@formal@none@1@S@Moreover, some analysts said they expect a foreign paper company with deeper pockets than Georgia-Pacific to end up acquiring Nekoosa, signaling to the rest of the industry that hostile bids are unproductive.@@@@1@32@@oe@2-2-2013
20317058@unknown@formal@none@1@S@"This is a one-time event," said Lawrence Ross of PaineWebber Inc., referring to the Georgia-Pacific bid.@@@@1@16@@oe@2-2-2013
20317059@unknown@formal@none@1@S@But many analysts believe that, given the attractiveness of paper companies' cash flows, as well as the frantic consolidation of the paper industry in Europe, there will be at least a few more big hostile bids for U.S. companies within the next several months.@@@@1@44@@oe@2-2-2013
20317060@unknown@formal@none@1@S@The buyers, these analysts added, could be either foreign or other U.S.concerns.@@@@1@12@@oe@2-2-2013
20317061@unknown@formal@none@1@S@"The Georgia-Pacific bid may open the door to a new era of consolidation" in the paper industry, said Mark Devario of Shearson Lehman Hutton Inc.@@@@1@25@@oe@2-2-2013
20317062@unknown@formal@none@1@S@"I don't think anyone is now immune from takeover," said Robert Schneider of Duff & Phelps Inc., Chicago.@@@@1@18@@oe@2-2-2013
20317063@unknown@formal@none@1@S@He added: "Every paper company management has to be saying to itself, `Before someone comes after me, I'm going to go after somebody.'"@@@@1@23@@oe@2-2-2013
20317064@unknown@formal@none@1@S@Prudential-Bache's Mr. Rodgers said he doesn't see the industry's capacity-expansion program hindering takeover activity.@@@@1@14@@oe@2-2-2013
20317065@unknown@formal@none@1@S@Several projects, he said, are still on the drawing board.@@@@1@10@@oe@2-2-2013
20317066@unknown@formal@none@1@S@Moreover, "it's a lot cheaper and quicker to buy a plant than to build one."@@@@1@15@@oe@2-2-2013
20317067@unknown@formal@none@1@S@Indeed, a number of analysts said that Japanese paper companies are hungry to acquire additional manufacturing capacity anywhere in the world.@@@@1@21@@oe@2-2-2013
20317068@unknown@formal@none@1@S@Some predicted that Nekoosa will end up being owned by a Japanese company.@@@@1@13@@oe@2-2-2013
20317069@unknown@formal@none@1@S@Meanwhile, Shearson Lehman's Mr. Devario said that, to stay competitive, the U.S. paper industry needs to catch up with the European industry.@@@@1@22@@oe@2-2-2013
20317070@unknown@formal@none@1@S@Since the most-recent wave of friendly takeovers was completed in the U.S. in 1986, there have been more than 100 mergers and acquisitions within the European paper industry, he said.@@@@1@30@@oe@2-2-2013
20318001@unknown@formal@none@1@S@Lyphomed Inc., Rosemont, Ill., and Medco Research Inc., Los Angeles, said the Food and Drug Administration granted full marketing approval for a new drug for the treatment of a condition in which the heart beats between 150 and 200 beats a minute.@@@@1@42@@oe@2-2-2013
20318002@unknown@formal@none@1@S@The condition, known as paroxysmal supraventricular tachycardia, leads to dizziness and fainting.@@@@1@12@@oe@2-2-2013
20318003@unknown@formal@none@1@S@The typical healthy heart beats 70 times a minute.@@@@1@9@@oe@2-2-2013
20318004@unknown@formal@none@1@S@The drug, called adenocard, returns the heart to a normal rhythm within seconds, according to Lyphomed.@@@@1@16@@oe@2-2-2013
20318005@unknown@formal@none@1@S@Medco Research developed the drug and licensed it to Lyphomed for sale in the U.S. and Canada.@@@@1@17@@oe@2-2-2013
20319001@unknown@formal@none@1@S@Private industry's labor costs rose 1.2% in the third quarter, matching the second-quarter pace, as health insurance costs continued to soar, the Labor Department said.@@@@1@25@@oe@2-2-2013
20319002@unknown@formal@none@1@S@The increase in wage and benefit costs in the third quarter was greater than the 1% rise reported for the third quarter of 1988.@@@@1@24@@oe@2-2-2013
20319003@unknown@formal@none@1@S@"Wage increases and overall compensation increases are beginning to curl upward a little bit," said Audrey Freedman, a labor economist at the Conference Board, a business research organization.@@@@1@28@@oe@2-2-2013
20319004@unknown@formal@none@1@S@"One would have thought this would have happened two or three years ago as the labor market tightened.@@@@1@18@@oe@2-2-2013
20319005@unknown@formal@none@1@S@It is a considerably delayed reaction and it's not a severe one at all," she added.@@@@1@16@@oe@2-2-2013
20319006@unknown@formal@none@1@S@The new data underscored the severity of the nation's health-care cost problem.@@@@1@12@@oe@2-2-2013
20319007@unknown@formal@none@1@S@In the 12 months ended in September, wages and salaries of private-sector workers rose 4.4%, while health insurance costs spurted by 13.7%.@@@@1@22@@oe@2-2-2013
20319008@unknown@formal@none@1@S@The consumer price index climbed 4.3% in the same period.@@@@1@10@@oe@2-2-2013
20319009@unknown@formal@none@1@S@Despite the big increases in health-care costs, wages still account for a far greater share of overall labor costs.@@@@1@19@@oe@2-2-2013
20319010@unknown@formal@none@1@S@The overall private-sector employment cost index, which includes both wages and benefits, rose 4.7% in the 12 months ended in September, compared with 4.5% for both the 12 months ended in June and the 12 months ended September 1988.@@@@1@39@@oe@2-2-2013
20319011@unknown@formal@none@1@S@Labor costs are climbing at a far more rapid pace in the health care industry than in other industries.@@@@1@19@@oe@2-2-2013
20319012@unknown@formal@none@1@S@For instance, wages of private-sector hospital workers leaped 6.6% in the 12 months ended in September, compared with 4.4% for workers in all industries.@@@@1@24@@oe@2-2-2013
20319013@unknown@formal@none@1@S@In the third quarter, wages and salaries in all private industry rose 1.2%, compared with 1% increases in both the second quarter and in the third quarter of 1988.@@@@1@29@@oe@2-2-2013
20319014@unknown@formal@none@1@S@For the past five years, unions haven't managed to win wage increases as large as those granted to nonunion workers.@@@@1@20@@oe@2-2-2013
20319015@unknown@formal@none@1@S@For private-sector union workers, the cost of wages and benefits rose 0.9% in the third quarter.@@@@1@16@@oe@2-2-2013
20319016@unknown@formal@none@1@S@For nonunion workers, the costs rose 1.4%.@@@@1@7@@oe@2-2-2013
20319017@unknown@formal@none@1@S@Labor costs continued to rise more rapidly in service industries than in goods-producing industries, the report showed.@@@@1@17@@oe@2-2-2013
20319018@unknown@formal@none@1@S@It also found them rising much more in the Northeast than elsewhere.@@@@1@12@@oe@2-2-2013
20319019@unknown@formal@none@1@S@Including employees of state and local -- but not the federal -- governments, the employment cost index rose 1.6% in the third quarter, compared with a 1.3% rise in the same quarter in 1988.@@@@1@34@@oe@2-2-2013
20319020@unknown@formal@none@1@S@The index rose 1.1% in the second quarter.@@@@1@8@@oe@2-2-2013
20319021@unknown@formal@none@1@S@For the 12 months ended in September, this index was up 5.1%.@@@@1@12@@oe@2-2-2013
20319022@unknown@formal@none@1@S@It rose 4.8% for the 12 months ended in June and 4.7% in the 12 months ended in September 1988.@@@@1@20@@oe@2-2-2013
20319023@unknown@formal@none@1@S@Unlike most economic indicators, none of these figures are adjusted for seasonal variations.@@@@1@13@@oe@2-2-2013
20320001@unknown@formal@none@1@S@DeSoto Inc. said it is dismissing 200 employees as part of a restructuring aimed at producing pretax savings of $10 million annually.@@@@1@22@@oe@2-2-2013
20320002@unknown@formal@none@1@S@Under the plan, DeSoto said it will sell certain assets and businesses that don't meet strategic and profitability objectives.@@@@1@19@@oe@2-2-2013
20320003@unknown@formal@none@1@S@The Des Plaines, Ill., chemical coatings concern, which has about 2,000 employees world-wide, said it plans to sell its domestic rigid container packaging and flexible adhesives businesses, and its Chicago Heights, Ill., resin plant.@@@@1@34@@oe@2-2-2013
20320004@unknown@formal@none@1@S@The company said it plans to use the sale proceeds to invest in business opportunities more closely identified with the company's "refocused direction.@@@@1@23@@oe@2-2-2013
20321001@unknown@formal@none@1@S@StatesWest Airlines, Phoenix, Ariz., said it withdrew its offer to acquire Mesa Airlines because the Farmington, N.M., carrier didn't respond to its offer by the close of business yesterday, a deadline StatesWest had set for a response.@@@@1@37@@oe@2-2-2013
20321002@unknown@formal@none@1@S@However, StatesWest isn't abandoning its pursuit of the much-larger Mesa.@@@@1@10@@oe@2-2-2013
20321003@unknown@formal@none@1@S@StatesWest, which has a 7.25% stake in Mesa, said it may purchase more Mesa stock or make a tender offer directly to Mesa shareholders.@@@@1@24@@oe@2-2-2013
20321004@unknown@formal@none@1@S@StatesWest had proposed acquiring Mesa for $7 a share and one share of a new series of StatesWest 6% convertible preferred stock it values at $3 a share.@@@@1@28@@oe@2-2-2013
20321005@unknown@formal@none@1@S@Earlier, Mesa had rejected a general proposal from StatesWest to combine the two carriers in some way.@@@@1@17@@oe@2-2-2013
20321006@unknown@formal@none@1@S@StatesWest serves 10 cities in California, Arizona and Nevada.@@@@1@9@@oe@2-2-2013
20321007@unknown@formal@none@1@S@Mesa flies to 42 cities in New Mexico, Arizona, Wyoming, Colorado and Texas.@@@@1@13@@oe@2-2-2013
20322001@unknown@formal@none@1@S@A shiny new takeover deal sparked a big rally in stock prices, which buoyed the dollar.@@@@1@16@@oe@2-2-2013
20322002@unknown@formal@none@1@S@Bond prices also edged higher.@@@@1@5@@oe@2-2-2013
20322003@unknown@formal@none@1@S@Georgia-Pacific's $3.18 billion bid for Great Northern Nekoosa helped drive the Dow Jones Industrial Average up 41.60 points, to 2645.08, in active trading.@@@@1@23@@oe@2-2-2013
20322004@unknown@formal@none@1@S@The dollar drew strength from the stock market's climb.@@@@1@9@@oe@2-2-2013
20322005@unknown@formal@none@1@S@Long-term bond prices rose despite trepidation about what a key economic report will show today.@@@@1@15@@oe@2-2-2013
20322006@unknown@formal@none@1@S@Analysts said the offer for Great Northern Nekoosa broke the pall that settled over the takeover business for the past three weeks in the wake of the collapsed UAL Corp. buy-out.@@@@1@31@@oe@2-2-2013
20322007@unknown@formal@none@1@S@Great Northern Nekoosa soared $20.125 a share, to $62.875, substantially above the $58 a share Georgia-Pacific is offering.@@@@1@18@@oe@2-2-2013
20322008@unknown@formal@none@1@S@That indicates speculators are betting a higher offer is in the wings.@@@@1@12@@oe@2-2-2013
20322009@unknown@formal@none@1@S@Prices of other paper makers rose sharply, although Georgia-Pacific fell $2.50 a share, to $50.875.@@@@1@15@@oe@2-2-2013
20322010@unknown@formal@none@1@S@Despite all the furor over program trading, program trading played a big role in yesterday's rally.@@@@1@16@@oe@2-2-2013
20322011@unknown@formal@none@1@S@Some traders point out that as the big brokerage firms back out of program trading for their own accounts or for clients, opportunities increase for others to engage in the controversial practice.@@@@1@32@@oe@2-2-2013
20322012@unknown@formal@none@1@S@That's what happened yesterday.@@@@1@4@@oe@2-2-2013
20322013@unknown@formal@none@1@S@The rally notwithstanding, there are plenty of worries about the short-term course of stock prices.@@@@1@15@@oe@2-2-2013
20322014@unknown@formal@none@1@S@A slowing economy and its effect on corporate earnings is the foremost concern of many traders and analysts.@@@@1@18@@oe@2-2-2013
20322015@unknown@formal@none@1@S@Unless the Federal Reserve eases interest rates soon to stimulate the economy, profits could remain disappointing.@@@@1@16@@oe@2-2-2013
20322016@unknown@formal@none@1@S@Yesterday's major economic news -- a 0.2% rise in the September index of leading economic indicators -- had little impact on financial markets.@@@@1@23@@oe@2-2-2013
20322017@unknown@formal@none@1@S@But the next important piece of news on the economy's health -- this morning's release of the national purchasing manager's survey for October -- could prompt investors into action.@@@@1@29@@oe@2-2-2013
20322018@unknown@formal@none@1@S@A report late yesterday that the Chicago-area purchasing managers survey showed increased economic activity in that part of the country cut into bond-price gains.@@@@1@24@@oe@2-2-2013
20322019@unknown@formal@none@1@S@If the national survey confirms a pickup in the manufacturing sector, it could further depress bond prices while bolstering stock prices and the dollar.@@@@1@24@@oe@2-2-2013
20322020@unknown@formal@none@1@S@Meanwhile, bond investors are laboring under the onus of a national debt ceiling debate.@@@@1@14@@oe@2-2-2013
20322021@unknown@formal@none@1@S@Although the Treasury is expected to announce details of its November quarterly refunding operation today, the Nov. 79 schedule could be delayed unless Congress and the president act soon to lift the nation's debt ceiling.@@@@1@35@@oe@2-2-2013
20322022@unknown@formal@none@1@S@In major market activity:@@@@1@4@@oe@2-2-2013
20322023@unknown@formal@none@1@S@Stock prices rallied in active trading.@@@@1@6@@oe@2-2-2013
20322024@unknown@formal@none@1@S@Volume on the New York Stock Exchange totaled 176.1 million shares.@@@@1@11@@oe@2-2-2013
20322025@unknown@formal@none@1@S@Advancing issues on the Big Board surged ahead of decliners 1,111 to@@@@1@12@@oe@2-2-2013
20322026@unknown@formal@none@1@S@Bond prices rose.@@@@1@3@@oe@2-2-2013
20322027@unknown@formal@none@1@S@The Treasury's benchmark 30-year bond gained less than a quarter of a point, or less than $2.50 for each $1,000 of face amount.@@@@1@23@@oe@2-2-2013
20322028@unknown@formal@none@1@S@The yield on the issue slipped to 7.91%.@@@@1@8@@oe@2-2-2013
20322029@unknown@formal@none@1@S@The dollar gained against most foreign currencies.@@@@1@7@@oe@2-2-2013
20322030@unknown@formal@none@1@S@In late afternoon New York trading, the dollar was at 1.8415 marks and 142.85 yen compared with 1.8340 marks and 141.90 yen late Monday.@@@@1@24@@oe@2-2-2013
20323001@unknown@formal@none@1@S@Bouygues S.A., a diversified construction concern based in Paris, said its consolidated profit for the 1989 first half, after payments to minority interests, surged to 188 million French francs ($30.2 million) from 65 million francs a year earlier.@@@@1@38@@oe@2-2-2013
20323002@unknown@formal@none@1@S@Revenue rose 21% to 22.61 billion francs from 18.69 billion francs.@@@@1@11@@oe@2-2-2013
20323003@unknown@formal@none@1@S@The company didn't specify reasons for the strong earnings gain.@@@@1@10@@oe@2-2-2013
20323004@unknown@formal@none@1@S@But Bouygues said its first-half profit isn't indicative of the full-year trend because of the highly seasonal nature of many of the company's activities.@@@@1@24@@oe@2-2-2013
20323005@unknown@formal@none@1@S@For all of 1988, Bouygues had consolidated profit of 519 million francs, after payments to minority interests, on revenue of 50 billion francs.@@@@1@23@@oe@2-2-2013
20323006@unknown@formal@none@1@S@The group has forecast 1989 revenue of 56.9 billion francs.@@@@1@10@@oe@2-2-2013
20324001@unknown@formal@none@1@S@QVC Network Inc. said it completed its acquisition of CVN Cos. for about $423 million.@@@@1@15@@oe@2-2-2013
20324002@unknown@formal@none@1@S@QVC agreed to pay $19 and one-eighth QVC share for each of CVN's 20 million fully diluted shares.@@@@1@18@@oe@2-2-2013
20324003@unknown@formal@none@1@S@The acquisition brings together the two largest competitors to Home Shopping Network Inc., which now reaches more viewers than any other company in the video shopping industry.@@@@1@27@@oe@2-2-2013
20324004@unknown@formal@none@1@S@Among them, Home Shopping, QVC and CVN already control most of that young and fast-growing market, which last year had sales of about $1.4 billion.@@@@1@25@@oe@2-2-2013
20325001@unknown@formal@none@1@S@Coast Savings Financial Inc. reported a third-quarter loss, citing a previously announced capital restructuring program.@@@@1@15@@oe@2-2-2013
20325002@unknown@formal@none@1@S@The Los Angeles thrift holding company said it had a loss of $92.2 million, or $6.98 a share, for the quarter ended Sept. 30.@@@@1@24@@oe@2-2-2013
20325003@unknown@formal@none@1@S@Coast earned $10.2 million, or 67 cents a share, in the year-ago quarter.@@@@1@13@@oe@2-2-2013
20325004@unknown@formal@none@1@S@The year-ago results have been restated to comply with government regulations.@@@@1@11@@oe@2-2-2013
20325005@unknown@formal@none@1@S@The restructuring program is designed to increase the company's tangible capital ratio.@@@@1@12@@oe@2-2-2013
20325006@unknown@formal@none@1@S@It includes removing $242 million in good will from the books, issuing $150 million in preferred stock and commencing an exchange offer for $52 million in convertible bonds.@@@@1@28@@oe@2-2-2013
20325007@unknown@formal@none@1@S@During the third quarter, the company charged about $46 million against earnings in reducing goodwill, added $20 million to its general loan loss reserves and established a $30 million reserve for its high-yield bond portfolio.@@@@1@35@@oe@2-2-2013
20325008@unknown@formal@none@1@S@The company said its junk-bond portfolio after these moves had been reduced to less than 1% of assets.@@@@1@18@@oe@2-2-2013
20326001@unknown@formal@none@1@S@Philip Morris Cos. is launching a massive corporate advertising campaign that will put the tobacco giant's name in TV commercials for the first time since the early 1950s, when it stopped advertising its namesake cigarette brand on television.@@@@1@38@@oe@2-2-2013
20326002@unknown@formal@none@1@S@The campaign, a patriotic celebration of the 200th anniversary of the Bill of Rights, doesn't mention cigarettes or smoking; cigarette ads have been prohibited on television since 1971.@@@@1@28@@oe@2-2-2013
20326003@unknown@formal@none@1@S@But even before it begins, the campaign is drawing fire from anti-smoking advocates, who criticize Philip Morris's attempt to bolster its beleaguered image by wrapping itself in the document that is a cornerstone of American democracy.@@@@1@36@@oe@2-2-2013
20326004@unknown@formal@none@1@S@Philip Morris, which became the U.S.'s largest food company last year with its $12.9 billion acquisition of Kraft Inc., seems determined to evolve beyond its roots in Marlboro country.@@@@1@29@@oe@2-2-2013
20326005@unknown@formal@none@1@S@The company's research suggests that its name recognition among most consumers remains unusually low, although its array of brands -- including Maxwell House coffee, Jell-O, Cheez Whiz, and Miller beer -- blanket supermarket shelves.@@@@1@34@@oe@2-2-2013
20326006@unknown@formal@none@1@S@The company is expected to spend about $30 million a year on its two-year corporate campaign, created by WPP Group's Ogilvy & Mather unit in New York.@@@@1@27@@oe@2-2-2013
20326007@unknown@formal@none@1@S@The initial spots will appear during morning and prime-time news shows.@@@@1@11@@oe@2-2-2013
20326008@unknown@formal@none@1@S@Philip Morris hopes that by taking its Bill of Rights theme to the airwaves, in addition to publications, it will reach the broadest possible audience.@@@@1@25@@oe@2-2-2013
20326009@unknown@formal@none@1@S@Until now, its corporate ads, mainly promoting its sponsorship of the arts, have appeared almost exclusively in newspapers and magazines.@@@@1@20@@oe@2-2-2013
20326010@unknown@formal@none@1@S@"Most people -- whether in Toledo, Tucson or Topeka -- haven't got a clue who we are," says Guy L. Smith, Philip Morris's vice president of corporate affairs.@@@@1@28@@oe@2-2-2013
20326011@unknown@formal@none@1@S@"If they think well of the company through our support of the Bill of Rights, it follows they'll think well of our products."@@@@1@23@@oe@2-2-2013
20326012@unknown@formal@none@1@S@Mr. Smith says the Bill of Rights commercial, which trumpets the themes of liberty and freedom of expression, isn't designed to have any special appeal for smokers.@@@@1@27@@oe@2-2-2013
20326013@unknown@formal@none@1@S@Although Philip Morris typically tries to defend the rights of smokers with free-choice arguments, "this has nothing to do with cigarettes, nor will it ever," the spokesman says.@@@@1@28@@oe@2-2-2013
20326014@unknown@formal@none@1@S@But some anti-smoking activists disagree, expressing anger at what they see as the company's attempt to purchase innocence by association.@@@@1@20@@oe@2-2-2013
20326015@unknown@formal@none@1@S@"I'm outraged because this company is portraying itself at the heart of American culture and political freedom and in fact it's a killer," says Michael Pertschuk, former chairman of the Federal Trade Commission and a tobacco-industry critic.@@@@1@37@@oe@2-2-2013
20326016@unknown@formal@none@1@S@"It should be treated like the Medellin {drug} mafia, not the Founding Fathers."@@@@1@13@@oe@2-2-2013
20326017@unknown@formal@none@1@S@Mr. Pertschuk adds that the new commercial dovetails perfectly with major aspects of Philip Morris's political strategy.@@@@1@17@@oe@2-2-2013
20326018@unknown@formal@none@1@S@These include trying to protect its print advertising by invoking the First Amendment, and wooing blacks by portraying itself as a protector of civil rights.@@@@1@25@@oe@2-2-2013
20326019@unknown@formal@none@1@S@(The commercial features, among others, the voice of Martin Luther King Jr., the slain civil rights leader.)@@@@1@17@@oe@2-2-2013
20326020@unknown@formal@none@1@S@Many marketers say Philip Morris's approach will be effective, but they agree that the ads' implied smoking message is unmistakable.@@@@1@20@@oe@2-2-2013
20326021@unknown@formal@none@1@S@"This is clever, subliminal advertising that really says, `Smokers have rights, too,'" says Al Ries, chairman of Trout & Ries Inc., a Greenwich, Conn., marketing strategy firm.@@@@1@27@@oe@2-2-2013
20326022@unknown@formal@none@1@S@"This is designed to get the wagons in a circle and defend the smoking franchise."@@@@1@15@@oe@2-2-2013
20326023@unknown@formal@none@1@S@Richard Winger, a partner at Boston Consulting Group, adds: "It's very popular to drape yourself in the flag these days.@@@@1@20@@oe@2-2-2013
20326024@unknown@formal@none@1@S@If you can do that and at the same time send a message that supports your business, that's brilliant."@@@@1@19@@oe@2-2-2013
20326025@unknown@formal@none@1@S@RJR Nabisco Inc. and American Brands Inc. say they have no plans to follow Philip Morris's lead.@@@@1@17@@oe@2-2-2013
20326026@unknown@formal@none@1@S@(Indeed, RJR Nabisco is currently under fire for having sent 80-second videotapes touting its Now brand to consumers who smoke American Brands' Carltons.)@@@@1@23@@oe@2-2-2013
20326027@unknown@formal@none@1@S@Despite the criticism, Philip Morris's corporate campaign runs little risk of getting yanked off the tube.@@@@1@16@@oe@2-2-2013
20326028@unknown@formal@none@1@S@"They aren't showing James Madison taking a puff or lighting up," says Laurence Tribe, a professor of constitutional law at Harvard University.@@@@1@22@@oe@2-2-2013
20326029@unknown@formal@none@1@S@"All they are trying to do is borrow some of the legitimacy of the Bill of Rights itself.@@@@1@18@@oe@2-2-2013
20327001@unknown@formal@none@1@S@Technology stocks woke up, helping the over-the-counter market rise from its recent doldrums.@@@@1@13@@oe@2-2-2013
20327002@unknown@formal@none@1@S@The Nasdaq Composite Index surged 4.26, or about 0.94%, to 455.63.@@@@1@11@@oe@2-2-2013
20327003@unknown@formal@none@1@S@It was the market's biggest gain since rising more than 7 points on Oct. 19.@@@@1@15@@oe@2-2-2013
20327004@unknown@formal@none@1@S@Advancing OTC stocks outpaced decliners by 1,120 to 806.@@@@1@9@@oe@2-2-2013
20327005@unknown@formal@none@1@S@But the move lagged a stronger rise in New York Stock Exchange issues.@@@@1@13@@oe@2-2-2013
20327006@unknown@formal@none@1@S@The Big Board's composite index was up more than 1.4%, and the Dow Jones Industrial Average jumped 1.6%.@@@@1@18@@oe@2-2-2013
20327007@unknown@formal@none@1@S@Nasdaq's gain was led by its biggest industrial stocks.@@@@1@9@@oe@2-2-2013
20327008@unknown@formal@none@1@S@The Nasdaq 100 rose 7.08 to 445.23.@@@@1@7@@oe@2-2-2013
20327009@unknown@formal@none@1@S@The Financial Index of 100 biggest banks and insurance issues added 2.19 to 447.76.@@@@1@14@@oe@2-2-2013
20327010@unknown@formal@none@1@S@Other strong sectors were indicated in gains of the Transportation Index, up 7.55 to 475.35, and the Utility Index, up 8.68 to 730.37.@@@@1@23@@oe@2-2-2013
20327011@unknown@formal@none@1@S@National Market System volume improved to 94,425,000 shares from 71.7 million Monday.@@@@1@12@@oe@2-2-2013
20327012@unknown@formal@none@1@S@Many of Nasdaq's biggest technology stocks were in the forefront of the rally.@@@@1@13@@oe@2-2-2013
20327013@unknown@formal@none@1@S@Microsoft added 2 1/8 to 81 3/4 and Oracle Systems rose 1 1/2 to 23 1/4.@@@@1@16@@oe@2-2-2013
20327014@unknown@formal@none@1@S@Intel was up 1 3/8 to 33 3/4.@@@@1@8@@oe@2-2-2013
20327015@unknown@formal@none@1@S@But traders who watch the stocks warned the rise may be yet another "one-day phenomenon."@@@@1@15@@oe@2-2-2013
20327016@unknown@formal@none@1@S@Technology stocks bore the brunt of the OTC market's recent sell-off, and traders say it's natural that they rebound sharply now that the market has turned around.@@@@1@27@@oe@2-2-2013
20327017@unknown@formal@none@1@S@But, they caution, conservative investors would do well to sell into the strength.@@@@1@13@@oe@2-2-2013
20327018@unknown@formal@none@1@S@"They are always the first to be sold when people are taking profits, because people are most scared of the high-technology stocks," said Robin West, director of research for Ladenburg Thalmann's Lanyi division, which specializes in emerging growth stocks.@@@@1@39@@oe@2-2-2013
20327019@unknown@formal@none@1@S@The technology group includes many of the OTC market's biggest stocks, which dominate the market-weighted Nasdaq Composite Index.@@@@1@18@@oe@2-2-2013
20327020@unknown@formal@none@1@S@Analysts say rallies in the group historically have lifted the market, while weakness in the sector often sank unlisted share prices broadly.@@@@1@22@@oe@2-2-2013
20327021@unknown@formal@none@1@S@But increasing volatility in the sector has exhausted investors who try to follow its dips and swings.@@@@1@17@@oe@2-2-2013
20327022@unknown@formal@none@1@S@The stocks have been pummeled repeatedly by inventory gluts and disappointing earnings as the industry matures and slows.@@@@1@18@@oe@2-2-2013
20327023@unknown@formal@none@1@S@Some even claim the group has become a lagging, not leading, indicator.@@@@1@12@@oe@2-2-2013
20327024@unknown@formal@none@1@S@The technology sector of the Dow Jones Equity Market Index has risen only about 6.24% this year, while the Nasdaq Composite Index has gained 18.35%.@@@@1@25@@oe@2-2-2013
20327025@unknown@formal@none@1@S@While the composite index lost less than a third of its year-to-date gains in the market's recent decline, the technology group's gains were more than halved.@@@@1@26@@oe@2-2-2013
20327026@unknown@formal@none@1@S@The OTC technology sector is far from a cohesive unit.@@@@1@10@@oe@2-2-2013
20327027@unknown@formal@none@1@S@The group is divided primarily between software, semiconductors and computers.@@@@1@10@@oe@2-2-2013
20327028@unknown@formal@none@1@S@While computer stocks have taken the biggest hit from the slowdown in the industry, many software and semiconductor stocks have continued to outperform the market.@@@@1@25@@oe@2-2-2013
20327029@unknown@formal@none@1@S@Microsoft is up more than 50% this year, while Intel is up more than 40%.@@@@1@15@@oe@2-2-2013
20327030@unknown@formal@none@1@S@The technology group is also split between large companies and small, with the biggest stocks trading as blue-chip issues in the institutional marketplace, while the smaller stocks churn on their individual merits or faults, analysts say.@@@@1@36@@oe@2-2-2013
20327031@unknown@formal@none@1@S@The volatility of smaller technology companies has served the group well overall in recent stock trading, according to Hambrecht & Quist's technology stock indexes.@@@@1@24@@oe@2-2-2013
20327032@unknown@formal@none@1@S@The brokerage firm tracks technology stocks with its Technology Index, which appreciated only 10.59% in the first nine months of this year.@@@@1@22@@oe@2-2-2013
20327033@unknown@formal@none@1@S@But the firm also tracks smaller technology companies as a subset of the larger group.@@@@1@15@@oe@2-2-2013
20327034@unknown@formal@none@1@S@That index, which contains technology companies with annual revenues of $200 million or less, gained 17.97% by Sept. 30 this year -- still lagging the S&P 500, but leading larger technology firms.@@@@1@32@@oe@2-2-2013
20327035@unknown@formal@none@1@S@Yesterday, bank stocks lagged behind the overall OTC market.@@@@1@9@@oe@2-2-2013
20327036@unknown@formal@none@1@S@The Nasdaq Bank Index rose 0.17 to 432.78.@@@@1@8@@oe@2-2-2013
20327037@unknown@formal@none@1@S@George Jennison, who trades bank stocks for Shearson Lehman Hutton, said the stocks tend to fall behind because they aren't traded as much as many other issues.@@@@1@27@@oe@2-2-2013
20327038@unknown@formal@none@1@S@But, he added, interest-rate-sensitive stocks in general are stalled.@@@@1@9@@oe@2-2-2013
20327039@unknown@formal@none@1@S@"The interest-rate sensitives aren't rallying with the rest of the market because of fears about what the (Federal Reserve) will do," Mr. Jennison said.@@@@1@24@@oe@2-2-2013
20327040@unknown@formal@none@1@S@He said that investors will scour the October employment report, due out Friday, for clues about the direction of the economy and the immediate outlook for interest rates.@@@@1@28@@oe@2-2-2013
20327041@unknown@formal@none@1@S@On the other hand, Mr. Jennison noted that the recent slide in bank and thrift stocks was at least halted yesterday.@@@@1@21@@oe@2-2-2013
20327042@unknown@formal@none@1@S@Shearson Lehman Hutton gave small investors some welcome news by announcing that it would no longer handle index-arbitrage-related program trades for its accounts.@@@@1@23@@oe@2-2-2013
20327043@unknown@formal@none@1@S@Shearson, with its in-house order execution system, has handled the bulk of such program trades in the over-the-counter market.@@@@1@19@@oe@2-2-2013
20327044@unknown@formal@none@1@S@The trading has been blamed for much of the market's recent volatility.@@@@1@12@@oe@2-2-2013
20327045@unknown@formal@none@1@S@Jaguar topped the most-active list, as its American depository receipts climbed 1 3/4 to 13 5/8 with more than 6.6 million ADRs traded.@@@@1@23@@oe@2-2-2013
20327046@unknown@formal@none@1@S@Britain said it would waive its "golden share" in the luxury auto maker if shareholders vote to allow a suitor to acquire more than 15% of the company.@@@@1@28@@oe@2-2-2013
20327047@unknown@formal@none@1@S@The announcement effectively removes the British government as an impediment to a takeover of the company, which is being stalked by General Motors and Ford.@@@@1@25@@oe@2-2-2013
20327048@unknown@formal@none@1@S@Gen-Probe was another active takeover stock.@@@@1@6@@oe@2-2-2013
20327049@unknown@formal@none@1@S@It surged 2 3/4 to 6 on volume of more than 1.7 million shares after the company agreed to be acquired by Japan's Chugai Pharmaceutical for about $110 million -- almost double the market price of Gen-Probe's stock.@@@@1@38@@oe@2-2-2013
20327050@unknown@formal@none@1@S@Priam Corp. lost 5/32 to 3/32 after filing for protection from its creditors under Chapter 11 of the federal Bankruptcy Code.@@@@1@21@@oe@2-2-2013
20327051@unknown@formal@none@1@S@MCI Communications added 1 1/2 to 43 3/8.@@@@1@8@@oe@2-2-2013
20327052@unknown@formal@none@1@S@The company has toted up over $40 million in contracts in the past two days.@@@@1@15@@oe@2-2-2013
20327053@unknown@formal@none@1@S@Monday, MCI announced a $27 million multiyear contract with the investment bank Stuart-James.@@@@1@13@@oe@2-2-2013
20327054@unknown@formal@none@1@S@Yesterday, it received a $15 million, three-year contract from Drexel Burnham Lambert.@@@@1@12@@oe@2-2-2013
20327055@unknown@formal@none@1@S@Florida National Banks of Fla. slid 1 1/8 to 24 3/4.@@@@1@11@@oe@2-2-2013
20327056@unknown@formal@none@1@S@Late Monday, the Federal Reserve Board said it is delaying approval of First Union Corp.'s proposed $849 million acquisition of Florida National Banks pending the outcome of an examination into First Union's lending practices in low-income heighborhoods.@@@@1@37@@oe@2-2-2013
20327057@unknown@formal@none@1@S@Florida National said yesterday that it remains committed to the merger.@@@@1@11@@oe@2-2-2013
20327058@unknown@formal@none@1@S@Dycom Industries gained 3/4 to 16 3/4 after it said it agreed to buy Ansco & Associates and two affiliates for cash and stock.@@@@1@24@@oe@2-2-2013
20327059@unknown@formal@none@1@S@The value of the transaction wasn't disclosed.@@@@1@7@@oe@2-2-2013
20327060@unknown@formal@none@1@S@The companies being acquired provide telecommunications services to the telephone industry.@@@@1@11@@oe@2-2-2013
20327061@unknown@formal@none@1@S@Willamette Industries, whose stock has suffered steep losses in recent sessions, surged 1 1/2 to 49.@@@@1@16@@oe@2-2-2013
20327062@unknown@formal@none@1@S@The stock was one of many in the paper products industry that rose following Georgia-Pacific's $3.18 billion bid for Great Northern Nekoosa.@@@@1@22@@oe@2-2-2013
20328001@unknown@formal@none@1@S@A permanent smoking ban on virtually all domestic airline routes won approval from the House, which separately sent to President Bush a nearly $67 billion fiscal 1990 bill including the first construction funds for the space station.@@@@1@37@@oe@2-2-2013
20328002@unknown@formal@none@1@S@The smoking prohibition remains attached to a $27.1 billion transportation bill that must still overcome budget obstacles in Congress.@@@@1@19@@oe@2-2-2013
20328003@unknown@formal@none@1@S@But yesterday's action put to rest any lingering resistance from tobacco interests.@@@@1@12@@oe@2-2-2013
20328004@unknown@formal@none@1@S@Faced with inevitable defeat, the once dominant industry declined any recorded vote on the ban, which covers all but a fraction of 1% of daily flights in the U.S.@@@@1@29@@oe@2-2-2013
20328005@unknown@formal@none@1@S@The sole exceptions are an estimated 30 flights of six hours or more beginning or ending in Hawaii and Alaska.@@@@1@20@@oe@2-2-2013
20328006@unknown@formal@none@1@S@Assuming final enactment this month, the prohibition will take effect 96 days later, or in early February.@@@@1@17@@oe@2-2-2013
20328007@unknown@formal@none@1@S@On a 394-21 roll call, the House adopted the underlying transportation measure.@@@@1@12@@oe@2-2-2013
20328008@unknown@formal@none@1@S@But the bill still faces budget questions because it also is the vehicle for an estimated $3.1 billion in supplemental appropriations for law enforcement and anti-drug programs.@@@@1@27@@oe@2-2-2013
20328009@unknown@formal@none@1@S@The additional spending pushes the measure more than $2 billion above its prescribed budget ceiling, and the House Appropriations Committee leadership must now seek a waiver in hopes of completing action today.@@@@1@32@@oe@2-2-2013
20328010@unknown@formal@none@1@S@The separate $67 billion bill sent to the White House had budget difficulties, too, but was saved ultimately by its importance to a broad spectrum of interests in Congress and the administration itself.@@@@1@33@@oe@2-2-2013
20328011@unknown@formal@none@1@S@No single bill this year includes more discretionary spending for domestic programs and, apart from the space station, the measure incorporates far-reaching provisions affecting the federal mortgage market.@@@@1@28@@oe@2-2-2013
20328012@unknown@formal@none@1@S@The current ceiling on home loans insured by the Federal Housing Administration is increased to $124,875 during fiscal 1990.@@@@1@19@@oe@2-2-2013
20328013@unknown@formal@none@1@S@And in anticipation of increased lending, the cap on FHA loan guarantees would rise to approximately $73.8 billion.@@@@1@18@@oe@2-2-2013
20328014@unknown@formal@none@1@S@Separately, the bill gives authority to the Department of Housing and Urban Development to facilitate the refinancing of high-interest loans subsidized by the government under the so-called Section 235 home-ownership program for lower-income families.@@@@1@34@@oe@2-2-2013
20328015@unknown@formal@none@1@S@This provision met early and strong resistance from investment bankers worried about disruptions in their clients' portfolios.@@@@1@17@@oe@2-2-2013
20328016@unknown@formal@none@1@S@But the promise of at least $15 million in new savings helped to forge a partnership between HUD Secretary Jack Kemp and lawmakers wanting to protect their projects elsewhere.@@@@1@29@@oe@2-2-2013
20328017@unknown@formal@none@1@S@The estimated $1.8 billion for the space station would be double last year's level, and total appropriations for the National Aeronautics and Space Administration would grow 16% to nearly $12.4 billion.@@@@1@31@@oe@2-2-2013
20328018@unknown@formal@none@1@S@A string of costly projects, including the high-speed national aerospace plane and the advanced communications technology satellite, would continue to be developed within these limits.@@@@1@25@@oe@2-2-2013
20328019@unknown@formal@none@1@S@And while imposing a statutory cap of $1.6 billion on future spending, the bill would give NASA $30 million for the start-up of the CRAF-Cassini mission, a successor to the Voyager space probe.@@@@1@33@@oe@2-2-2013
20328020@unknown@formal@none@1@S@Separately, the National Science Foundation is promised a 7.7% increase to bring its appropriations to $2.07 billion.@@@@1@17@@oe@2-2-2013
20328021@unknown@formal@none@1@S@And while pursuing these initiatives, Congress and the White House are squeezed too by steady increases -- $551 million -- in veteran's medical care.@@@@1@24@@oe@2-2-2013
20328022@unknown@formal@none@1@S@The result is that all sides resort to sleight of hand to make room for competing housing and environmental programs, and the commitments now will drive excess spending into fiscal 1991.@@@@1@31@@oe@2-2-2013
20328023@unknown@formal@none@1@S@Senior members of the House Budget Committee are reduced in frustration to raising doomed parliamentary obstacles to individual bills, yet admit that much of the disorder now stems from the fiscal legerdemain associated with their own summit agreement with the White House this past spring.@@@@1@45@@oe@2-2-2013
20328024@unknown@formal@none@1@S@"It's hard to get the administration's attention on anything," said Rep. Bill Frenzel (R., Minn.), "because the whole agreement was built on gimmickry."@@@@1@23@@oe@2-2-2013
20328025@unknown@formal@none@1@S@Among the subsidies continued in the transportation bill is $30.7 million to maintain commercial air service for an estimated 92 communities, often in rural areas.@@@@1@25@@oe@2-2-2013
20328026@unknown@formal@none@1@S@Senate Appropriations Committee Chairman Robert Byrd (D., W.Va.) strongly resisted deeper cuts sought by the House.@@@@1@16@@oe@2-2-2013
20328027@unknown@formal@none@1@S@But at a time when the White House wants to kill the entire program, Republicans have been among its leading champions.@@@@1@21@@oe@2-2-2013
20328028@unknown@formal@none@1@S@Sen. Pete Domenici (R., N.M.), the ranking Republican on the Senate Budget Committee, used his influence to preserve more than $132,000 in subsidies for air service to Sante Fe, N.M., and more than $2.1 million would go for service to eight communities in the western Nebraska district of GOP Rep. Virginia Smith on the House Appropriations Committee.@@@@1@57@@oe@2-2-2013
20328029@unknown@formal@none@1@S@GP Express, an independent airline serving much of Nebraska, estimates that nearly 40% of its revenues come from the subsidies that, in some cases, exceed the cost of a ticket.@@@@1@30@@oe@2-2-2013
20328030@unknown@formal@none@1@S@For example, a passenger can fly from Chardon, Neb., to Denver for as little as $89 to $109, according to prices quoted by the company.@@@@1@25@@oe@2-2-2013
20328031@unknown@formal@none@1@S@But given the few number of users, the cost to the federal government per passenger is estimated at $193, according to House and Senate appropriations committees.@@@@1@26@@oe@2-2-2013
20328032@unknown@formal@none@1@S@The House action yesterday came as the Senate remained mired in difficulties over a $17.25 billion measure covering the budgets for the State, Commerce, and Justice departments in fiscal 1990.@@@@1@30@@oe@2-2-2013
20328033@unknown@formal@none@1@S@The compromise bill passed the House last week but has now provoked jurisdictional fights with the Senate Foreign Relations Committee, which jealously protects its prerogatives over operations at the State Department.@@@@1@31@@oe@2-2-2013
20328034@unknown@formal@none@1@S@The same jealousy can breed confusion, however, in the absence of any authorization bill this year.@@@@1@16@@oe@2-2-2013
20328035@unknown@formal@none@1@S@House and Senate appropriators sought to establish a Nov. 30 deadline after which their bill would become the last word on how funds are distributed.@@@@1@25@@oe@2-2-2013
20328036@unknown@formal@none@1@S@But on a 53-45 roll call this provision was stripped from the bill last night after Foreign Relations Chairman Claiborne Pell (D., R.I.) complained that it was an intrusion on exclusive powers vested in his panel for more than three decades.@@@@1@41@@oe@2-2-2013
20329001@unknown@formal@none@1@S@Coda Energy Inc. said it arranged a $50 million credit facility with NCNB Texas National Bank, a unit of NCNB Corp., of Charlotte, N.C.@@@@1@24@@oe@2-2-2013
20329002@unknown@formal@none@1@S@The Dallas oil and gas concern said that $10 million of the facility would be used to consolidate the company's $8.1 million of existing bank debt, to repurchase 4 million of its 4.9 million shares outstanding of Series D convertible preferred stock, and to purchase a 10% net-profits interest in certain oil and gas properties from one of its existing lenders, National Canada Corp.@@@@1@64@@oe@2-2-2013
20329003@unknown@formal@none@1@S@The remaining $40 million can be used over three years for oil and gas acquisitions, the company said.@@@@1@18@@oe@2-2-2013
20329004@unknown@formal@none@1@S@Ted Eubank, Coda's president, said the loan carries an interest rate of prime plus one percentage point, with 85% of the company's net oil and gas revenue each month dedicated to repayment.@@@@1@32@@oe@2-2-2013
20329005@unknown@formal@none@1@S@The company put up "virtually all" of its oil and gas properties as collateral, he said.@@@@1@16@@oe@2-2-2013
20330001@unknown@formal@none@1@S@General Dynamics Corp. was given an $843 million Air Force contract for F-16 aircraft and related equipment.@@@@1@17@@oe@2-2-2013
20330002@unknown@formal@none@1@S@Loral Corp.'s defense systems division received a $54.9 million Air Force contract for a F-15 weapons system trainer.@@@@1@18@@oe@2-2-2013
20330003@unknown@formal@none@1@S@Southern Air Transport Inc. won $47.5 million in Air Force and Navy contracts for transportation services.@@@@1@16@@oe@2-2-2013
20330004@unknown@formal@none@1@S@International Business Machines Corp. was given a $31.2 million Air Force contract for satellite data systems equipment.@@@@1@17@@oe@2-2-2013
20330005@unknown@formal@none@1@S@Directed Technologies received a $28.3 million Defense Advanced Research Projects Agency contract for advanced propulsion systems research.@@@@1@17@@oe@2-2-2013
20330006@unknown@formal@none@1@S@Propper International Inc. got a $22.8 million Defense Logistics Agency contract for combat camouflage trousers.@@@@1@15@@oe@2-2-2013
20331001@unknown@formal@none@1@S@Santa Fe Pacific was the kind of story Wall Street loved.@@@@1@11@@oe@2-2-2013
20331002@unknown@formal@none@1@S@Since the value of its assets wasn't known, analysts were free to pick a number.@@@@1@15@@oe@2-2-2013
20331003@unknown@formal@none@1@S@In one of many rosy scenarios, Bear Stearns's Gary Schneider wrote in March that its real estate alone had a value of $4.5 billion.@@@@1@24@@oe@2-2-2013
20331004@unknown@formal@none@1@S@Throw in its railroad, minerals, pipeline and oil assets, he and others argued, and the Chicago-based conglomerate should be worth 30 a share.@@@@1@23@@oe@2-2-2013
20331005@unknown@formal@none@1@S@And why should holders expect to realize that presumed "worth?"@@@@1@10@@oe@2-2-2013
20331006@unknown@formal@none@1@S@That was another reason the Street loved Santa Fe.@@@@1@9@@oe@2-2-2013
20331007@unknown@formal@none@1@S@With real estate experts Olympia & York and Samuel Zell's Itel owning close to 40% of Santa Fe's stock, management was under pressure -- in a favored phrase of Wall Street -- to quickly "maximize values."@@@@1@36@@oe@2-2-2013
20331008@unknown@formal@none@1@S@But value, it turns out, is only what a buyer will pay.@@@@1@12@@oe@2-2-2013
20331009@unknown@formal@none@1@S@And with the company's recent announcement that it is contemplating a partial sale of its real estate, the values suddenly look poorer.@@@@1@22@@oe@2-2-2013
20331010@unknown@formal@none@1@S@Santa Fe has disclosed that it is negotiating to sell a 20% interest in its real estate unit to the California Public Employees Retirement System for roughly $400 million.@@@@1@29@@oe@2-2-2013
20331011@unknown@formal@none@1@S@Since the real estate unit also includes debt, the imputed value of the real estate itself is close to $3 billion.@@@@1@21@@oe@2-2-2013
20331012@unknown@formal@none@1@S@"The implied current net asset value of 22.70 {per share} is well below the 30 level that the Street believed," PaineWebber says.@@@@1@22@@oe@2-2-2013
20331013@unknown@formal@none@1@S@"The upside was in the intangible real estate . . . which is no longer an intangible."@@@@1@17@@oe@2-2-2013
20331014@unknown@formal@none@1@S@So what is Santa Fe worth?@@@@1@6@@oe@2-2-2013
20331015@unknown@formal@none@1@S@If the railroad is valued on a private market basis -- at the same multiple of earnings as in the recent sale of CNW -- it would have a value of $1.65 billion.@@@@1@33@@oe@2-2-2013
20331016@unknown@formal@none@1@S@A compromise between bulls and bears puts remaining assets and cash -- including its 44% stake in its publicly traded pipeline -- at $2 billion.@@@@1@25@@oe@2-2-2013
20331017@unknown@formal@none@1@S@Santa Fe also has $3.7 billion in debt.@@@@1@8@@oe@2-2-2013
20331018@unknown@formal@none@1@S@In addition, its railroad lost a $750 million antitrust suit, which is on appeal, and which analysts say could be settled for one-third that amount.@@@@1@25@@oe@2-2-2013
20331019@unknown@formal@none@1@S@That nets out to about $17 a share for the company on a private market basis.@@@@1@16@@oe@2-2-2013
20331020@unknown@formal@none@1@S@But Santa Fe, currently trading at 18 7/8, isn't likely to realize private market values by selling assets, because the tax against it would be onerous.@@@@1@26@@oe@2-2-2013
20331021@unknown@formal@none@1@S@Its plan, instead, is to spin off the remainder of its real estate unit and to possibly do the same with its mining and energy assets.@@@@1@26@@oe@2-2-2013
20331022@unknown@formal@none@1@S@Robert D. Krebs, Santa Fe's chairman, argues that since its businesses are valued in different ways, "the sum of the parts may be greater than the whole."@@@@1@27@@oe@2-2-2013
20331023@unknown@formal@none@1@S@But it isn't clear why that should be so.@@@@1@9@@oe@2-2-2013
20331024@unknown@formal@none@1@S@The spinoff argument, after all, reverses the current notion that assets are worth more to private buyers than to public shareholders.@@@@1@21@@oe@2-2-2013
20331025@unknown@formal@none@1@S@And real estate usually hasn't traded well under public ownership.@@@@1@10@@oe@2-2-2013
20331026@unknown@formal@none@1@S@Salomon Brothers says, "We believe the real estate properties would trade at a discount . . . after the realty unit is spun off. . . .@@@@1@27@@oe@2-2-2013
20331027@unknown@formal@none@1@S@And what about the cost, and risk, of waiting to realize the hypothetical private market values?"@@@@1@16@@oe@2-2-2013
20331028@unknown@formal@none@1@S@Some analysts remain bullish.@@@@1@4@@oe@2-2-2013
20331029@unknown@formal@none@1@S@Mr. Schneider of Bear Stearns says he is recalculating the worth of the company's assets and, in the meantime, is sticking to his "buy" recommendation on the belief that he will find "values" of 30 a share.@@@@1@37@@oe@2-2-2013
20331030@unknown@formal@none@1@S@He adds: "If for any reason I don't have the values, then I won't recommend it."@@@@1@16@@oe@2-2-2013
20331031@unknown@formal@none@1@S@First Boston's Graeme Anne Lidgerwood values Santa Fe at 24, down from her earlier estimate of 29.@@@@1@17@@oe@2-2-2013
20331032@unknown@formal@none@1@S@Her recent report classifies the stock as a "hold."@@@@1@9@@oe@2-2-2013
20331033@unknown@formal@none@1@S@But it appears to be the sort of hold one makes while heading for the door.@@@@1@16@@oe@2-2-2013
20331034@unknown@formal@none@1@S@Quoting from the report: "The stock's narrow discount to asset valuation makes it a relatively unappealing investment at current prices, especially given the risk that our projections could be on the aggressive side."@@@@1@33@@oe@2-2-2013
20331035@unknown@formal@none@1@S@Chairman Krebs says the California pension fund is getting a bargain price that wouldn't have been offered to others.@@@@1@19@@oe@2-2-2013
20331036@unknown@formal@none@1@S@In other words: The real estate has a higher value than the pending deal suggests.@@@@1@15@@oe@2-2-2013
20331037@unknown@formal@none@1@S@Since most of the unit's real estate is in California, the pension fund will be a useful political ally in a state where development is often held hostage to zoning boards.@@@@1@31@@oe@2-2-2013
20331038@unknown@formal@none@1@S@And, as Mr. Zell says, with Itel and O&Y on the unit's board, the real estate will be run by "a very unusual group" to say the least.@@@@1@28@@oe@2-2-2013
20331039@unknown@formal@none@1@S@It is possible then that Santa Fe's real estate -- even in a state imperiled by earthquakes -- could, one day, fetch a king's ransom.@@@@1@25@@oe@2-2-2013
20331040@unknown@formal@none@1@S@But as Drexel analyst Linda Dunn notes, its properties will be developed over 15 to 20 years.@@@@1@17@@oe@2-2-2013
20331041@unknown@formal@none@1@S@So despite Wall Street's rosy talk of quickly "maximizing values," holders could be in for a long wait.@@@@1@18@@oe@2-2-2013
20331042@unknown@formal@none@1@S@Santa Fe Pacific (NYSE; Symbol: SFX)@@@@1@6@@oe@2-2-2013
20331043@unknown@formal@none@1@S@Business: Railroad, natural resources and real estate@@@@1@7@@oe@2-2-2013
20331044@unknown@formal@none@1@S@Year ended Dec. 31, 1988:@@@@1@5@@oe@2-2-2013
20331045@unknown@formal@none@1@S@Revenue: $3.14 billion@@@@1@3@@oe@2-2-2013
20331046@unknown@formal@none@1@S@Net loss: $46.5 million; 30 cents a share@@@@1@8@@oe@2-2-2013
20331047@unknown@formal@none@1@S@Third quarter, Sept. 30, 1989:@@@@1@5@@oe@2-2-2013
20331048@unknown@formal@none@1@S@Net income: 21 cents a share vs. net loss of $4.11 a share@@@@1@13@@oe@2-2-2013
20331049@unknown@formal@none@1@S@Average daily trading volume: 344,354 shares@@@@1@6@@oe@2-2-2013
20332001@unknown@formal@none@1@S@Orkem S.A., a French state-controlled chemical manufacturer, is making a friendly bid of 470 pence ($7.43) a share for the 59.2% of U.K. specialty chemical group Coates Brothers PLC which it doesn't already own, the two sides said.@@@@1@38@@oe@2-2-2013
20332002@unknown@formal@none@1@S@The offer, which values the whole of Coates at #301 million, has already been accepted by Coates executives and other shareholders owning 12.4% of the company.@@@@1@26@@oe@2-2-2013
20332003@unknown@formal@none@1@S@The acceptances give Orkem a controlling 53.2% stake in the company.@@@@1@11@@oe@2-2-2013
20332004@unknown@formal@none@1@S@Orkem and Coates said last Wednesday that the two were considering a merger, through Orkem's British subsidiary, Orkem Coatings U.K. Ltd.@@@@1@21@@oe@2-2-2013
20332005@unknown@formal@none@1@S@Orkem, France's third-largest chemical group, said it would fund the acquisition through internal resources.@@@@1@14@@oe@2-2-2013
20332006@unknown@formal@none@1@S@The takeover would be followed by a restructuring of Orkem's U.K. unit, including the addition of related Orkem businesses and possibly further acquisitions.@@@@1@23@@oe@2-2-2013
20332007@unknown@formal@none@1@S@Orkem said it eventually would seek to make a public share offering in its U.K. business.@@@@1@16@@oe@2-2-2013
20333001@unknown@formal@none@1@S@Intelogic Trace Inc. said it is exploring alternatives to maximize shareholder value, including the possible sale of the company.@@@@1@19@@oe@2-2-2013
20333002@unknown@formal@none@1@S@But Asher B. Edelman, who controls about 16% of the San Antonio, Texas, computer-servicing company, insisted that the announcement didn't have anything to do with the ongoing battle for control of Datapoint Corp.@@@@1@33@@oe@2-2-2013
20333003@unknown@formal@none@1@S@Any sale of Intelogic could have an impact on the battle between Mr. Edelman and New York attorney Martin Ackerman for control of Datapoint.@@@@1@24@@oe@2-2-2013
20333004@unknown@formal@none@1@S@Intelogic holds 27.5% of Datapoint's common shares outstanding.@@@@1@8@@oe@2-2-2013
20333005@unknown@formal@none@1@S@Mr. Edelman said the decision "has nothing to do with Marty Ackerman."@@@@1@12@@oe@2-2-2013
20333006@unknown@formal@none@1@S@Mr. Ackerman contended that it was a direct response to his efforts to gain control of Datapoint.@@@@1@17@@oe@2-2-2013
20333007@unknown@formal@none@1@S@Intelogic was spun off from Datapoint four years ago, shortly after Mr. Edelman took control of Datapoint.@@@@1@17@@oe@2-2-2013
20334001@unknown@formal@none@1@S@Marks & Spencer PLC reported a 12% gain in first-half pretax profit, mainly because of improving performances in the U.K. and continental Europe.@@@@1@23@@oe@2-2-2013
20334002@unknown@formal@none@1@S@In the six months ended Sept. 30, pretax profit at the British clothing and food retailer rose to #208.7 million ($330.1 million) from #185.5 million a year ago.@@@@1@28@@oe@2-2-2013
20334003@unknown@formal@none@1@S@The results surpassed analysts' forecasts, which averaged around #200 million, and Marks & Spencer responded in trading on London's Stock Exchange with an eight pence rise to 188 pence.@@@@1@29@@oe@2-2-2013
20334004@unknown@formal@none@1@S@Profit after tax and minority interest but before extraordinary items rose 12% to #135.2 million; per-share earnings rose to five pence from 4.5 pence.@@@@1@24@@oe@2-2-2013
20334005@unknown@formal@none@1@S@Marks declared an interim per-share dividend of 1.85 pence, compared with 1.7 pence a year earlier.@@@@1@16@@oe@2-2-2013
20334006@unknown@formal@none@1@S@Sales increased 11% to #2.5 billion from #2.25 billion, while operating profit climbed 13% to #225.7 million from #199.8 million.@@@@1@20@@oe@2-2-2013
20334007@unknown@formal@none@1@S@Sales in North America and the Far East were inflated by acquisitions, rising 62% to #278 million.@@@@1@17@@oe@2-2-2013
20334008@unknown@formal@none@1@S@Operating profit dropped 35%, however, to #3.8 million.@@@@1@8@@oe@2-2-2013
20334009@unknown@formal@none@1@S@Brooks Brothers, which Marks bought last year, saw operating profit drop in half to #5 million.@@@@1@16@@oe@2-2-2013
20335001@unknown@formal@none@1@S@Federal and state thrift examiners said they saw evidence of criminal wrongdoing in the collapse of Lincoln Savings & Loan Association, and a California regulator described an attempted "whitewash" by deputies of chief federal regulator Danny Wall.@@@@1@37@@oe@2-2-2013
20335002@unknown@formal@none@1@S@In a riveting day of hearings before the House Banking Committee, the examiners described finding shredded documents, a mysterious Panamanian subsidiary, millions of dollars funneled into a Swiss bank, and a complacent attitude by Mr. Wall's deputies, one of whom was portrayed as acting more like a public-relations man for the thrift than a federal regulator.@@@@1@56@@oe@2-2-2013
20335003@unknown@formal@none@1@S@A California official also said he sent the Federal Bureau of Investigation a packet of documents relating to a previously reported $400,000 contribution from Lincoln's parent solicited by Sen. Alan Cranston (D., Calif.).@@@@1@33@@oe@2-2-2013
20335004@unknown@formal@none@1@S@Federal examiner Alex Barabolak said Lincoln's operations amounted to "pyramiding debt to provide a luxurious life style for its owners."@@@@1@20@@oe@2-2-2013
20335005@unknown@formal@none@1@S@Another federal examiner, John Meek, said Lincoln's principal owner, Charles Keating Jr., and his family drew off at least $34 million from the thrift in salaries, bonuses and proceeds from securities sales in the 3 1/2 years before federal authorities seized it earlier this year.@@@@1@45@@oe@2-2-2013
20335006@unknown@formal@none@1@S@Lincoln's collapse may cost taxpayers as much as $2.5 billion, according to estimates, making it the most expensive thrift failure in history.@@@@1@22@@oe@2-2-2013
20335007@unknown@formal@none@1@S@"I think there's overwhelming evidence to indicate probable criminal activity," said Mr. Meek, who participated last year in an examination of the Irvine, Calif., thrift.@@@@1@25@@oe@2-2-2013
20335008@unknown@formal@none@1@S@He said the evidence pointed to wrongdoing by Mr. Keating "and others," although he didn't allege any specific violation.@@@@1@19@@oe@2-2-2013
20335009@unknown@formal@none@1@S@Richard Newsom, a California state official who last year examined Lincoln's parent, American Continental Corp., said he also saw evidence that crimes had been committed.@@@@1@25@@oe@2-2-2013
20335010@unknown@formal@none@1@S@"It sure smells like it," he said.@@@@1@7@@oe@2-2-2013
20335011@unknown@formal@none@1@S@He said 30% of the loans he sampled were "dead meat on the day they were made."@@@@1@17@@oe@2-2-2013
20335012@unknown@formal@none@1@S@The state examiner also said supervisors of a parallel federal examination seemed so reluctant to demand write-downs of Lincoln's bad loans that he immediately grew suspicious.@@@@1@26@@oe@2-2-2013
20335013@unknown@formal@none@1@S@"Later on, my concerns about a whitewash became even more serious," he said.@@@@1@13@@oe@2-2-2013
20335014@unknown@formal@none@1@S@He called the sour loans "appalling" and added, "You opened the file up and it just jumped at you."@@@@1@19@@oe@2-2-2013
20335015@unknown@formal@none@1@S@Leonard Bickwit, a Washington attorney for Lincoln's parent corporation, said in an interview, "We deny any criminal behavior by the association or its officers."@@@@1@24@@oe@2-2-2013
20335016@unknown@formal@none@1@S@"Those who testified {yesterday} have consistently maintained that anyone who didn't agree with them is part of a coverup, a whitewash, or the subject of excessive influence," Mr. Bickwit said.@@@@1@30@@oe@2-2-2013
20335017@unknown@formal@none@1@S@"We simply don't agree with that or the findings of their investigation."@@@@1@12@@oe@2-2-2013
20335018@unknown@formal@none@1@S@Mr. Wall's deputies complained that they hadn't been given an opportunity to respond to the criticism brought out during the Banking Committee's hearings, which Committee Chairman Henry Gonzalez (D., Texas) has used as a forum to flay Mr. Wall's handling of the affair and to demand that he step aside from his job.@@@@1@53@@oe@2-2-2013
20335019@unknown@formal@none@1@S@"A couple of things Mr. Newsom said were at least misleading," said Kevin O'Connell, one of the Washington regulators responsible for the handling of Lincoln.@@@@1@25@@oe@2-2-2013
20335020@unknown@formal@none@1@S@In an interview, he said federal regulators eventually declared one of the loans the state regulator cited to be a total loss, and forced Lincoln to make an $18 million downward adjustment on another.@@@@1@34@@oe@2-2-2013
20335021@unknown@formal@none@1@S@"Our response to the whitewash would simply be, look what happened," another Washington official, Alvin Smuzynski, said in an interview.@@@@1@20@@oe@2-2-2013
20335022@unknown@formal@none@1@S@Federal officials seized the association in April, a day after the parent corporation entered bankruptcy-law proceedings.@@@@1@16@@oe@2-2-2013
20335023@unknown@formal@none@1@S@The government later brought a $1.1 billion fraud suit against Mr. Keating and others.@@@@1@14@@oe@2-2-2013
20335024@unknown@formal@none@1@S@Rep. Gonzalez has complained that regulators waited far too long, however, ignoring a recommendation from regional officials to place Lincoln into receivership two years before it failed.@@@@1@27@@oe@2-2-2013
20335025@unknown@formal@none@1@S@"He took the reckless course of ignoring the evidence," Rep. Gonzalez said.@@@@1@12@@oe@2-2-2013
20335026@unknown@formal@none@1@S@State thrift examiner Eugene Stelzer said he found the chief federal examiner Steve Scott to be totally uninterested in one allegedly fraudulent series of transactions.@@@@1@25@@oe@2-2-2013
20335027@unknown@formal@none@1@S@"Frankly, it was like he worked for the Lincoln public-relations department," Mr. Stelzer testified.@@@@1@14@@oe@2-2-2013
20335028@unknown@formal@none@1@S@And David Riley, a federal examiner who worked under Mr. Scott, said he found his chief oddly upbeat about Lincoln.@@@@1@20@@oe@2-2-2013
20335029@unknown@formal@none@1@S@Asked to comment, a spokesman for Mr. Scott said: "Mr. Scott has spoken to his attorney, who has advised him not to talk to anybody."@@@@1@25@@oe@2-2-2013
20335030@unknown@formal@none@1@S@Mr. Meek said that a day or two before Lincoln's parent entered bankruptcy proceedings, he and other examiners saw "a truck with a sign on it that said it was from the `Document Destruction Center.'@@@@1@35@@oe@2-2-2013
20335031@unknown@formal@none@1@S@We observed at least two large plastic bags of shredded paper loaded into this truck."@@@@1@15@@oe@2-2-2013
20335032@unknown@formal@none@1@S@Mr. Bickwit said the paper had been donated to "a charitable organization that sells it for recycling.@@@@1@17@@oe@2-2-2013
20335033@unknown@formal@none@1@S@They shredded it simply because it contained financial information about their creditors and depositors."@@@@1@14@@oe@2-2-2013
20335034@unknown@formal@none@1@S@Mr. Meek said his suspicions were aroused by several foreign investments by Lincoln, including $22 million paid to Credit Suisse of Switzerland, an $18 million interest in Saudi European Bank in Paris, a $17.5 million investment in a Bahamas trading company, and a recently discovered holding in a Panama-based company, Southbrook Holdings.@@@@1@52@@oe@2-2-2013
20335035@unknown@formal@none@1@S@Mr. Bickwit said, "I can see why an S&L examiner would regard these as unusual activities," but said the overseas investments "essentially broke even" for the S&L.@@@@1@27@@oe@2-2-2013
20336001@unknown@formal@none@1@S@LTV Steel Co. is boosting the prices of flat rolled steel products by an average of 3% following a recent erosion in the prices of such crucial steel products.@@@@1@29@@oe@2-2-2013
20336002@unknown@formal@none@1@S@The big questions are whether the increase, effective Jan. 1, 1990, will stick, and whether other major steelmakers will follow suit.@@@@1@21@@oe@2-2-2013
20336003@unknown@formal@none@1@S@It is widely expected that they will.@@@@1@7@@oe@2-2-2013
20336004@unknown@formal@none@1@S@The increase is on the base price, which is already being discounted by virtually all steel producers.@@@@1@17@@oe@2-2-2013
20336005@unknown@formal@none@1@S@But LTV's move marks the first effort by a major steelmaker to counter the free fall in spot prices.@@@@1@19@@oe@2-2-2013
20336006@unknown@formal@none@1@S@Major steel producers are selling cold rolled sheet steel at about $370 a ton, compared with a peak price of $520 a ton in 1988.@@@@1@25@@oe@2-2-2013
20336007@unknown@formal@none@1@S@Second-tier companies are receiving even less per ton.@@@@1@8@@oe@2-2-2013
20336008@unknown@formal@none@1@S@LTV's planned increase, which was announced in an Oct. 26 memo to district managers, doesn't affect electrogalvanized steel or tin plate.@@@@1@21@@oe@2-2-2013
20336009@unknown@formal@none@1@S@LTV confirmed the price-increase plan, saying the move is designed to more accurately reflect the value of products and to put steel on more equal footing with other commodities.@@@@1@29@@oe@2-2-2013
20336010@unknown@formal@none@1@S@A spokesman for LTV Steel, which is a unit of Dallas-based LTV Corp., noted that steel prices, adjusted for inflation, increased only 1.7% between 1981 and the fourth quarter of 1988, while the prices of other industrial commodities increased nearly five times as much.@@@@1@44@@oe@2-2-2013
20336011@unknown@formal@none@1@S@At the same time, steelmakers are trying to invest more to modernize technology and make themselves more competitive.@@@@1@18@@oe@2-2-2013
20336012@unknown@formal@none@1@S@But analysts say the company is also trying to prevent further price drops.@@@@1@13@@oe@2-2-2013
20336013@unknown@formal@none@1@S@Moreover, they note that LTV may be trying to send a signal to major customers, such as Chrysler Corp. and Whirlpool Corp., that steelmakers need more money.@@@@1@27@@oe@2-2-2013
20336014@unknown@formal@none@1@S@Both companies are in the process of negotiating contracts with LTV and others.@@@@1@13@@oe@2-2-2013
20336015@unknown@formal@none@1@S@"They {LTV} may believe this can impact contract negotiations and is their signal to the world that now is the time to get tough on prices," said Peter Marcus, an analyst with PaineWebber Inc.@@@@1@34@@oe@2-2-2013
20336016@unknown@formal@none@1@S@Mr. Marcus believes spot steel prices will continue to fall through early 1990 and then reverse themselves.@@@@1@17@@oe@2-2-2013
20336017@unknown@formal@none@1@S@He isn't convinced, though, that the price decline reflects falling demand because the world economy remains relatively strong.@@@@1@18@@oe@2-2-2013
20336018@unknown@formal@none@1@S@And while customers such as steel service centers are continuing to reduce inventories through the fourth quarter, they eventually will begin stocking up again, he notes.@@@@1@26@@oe@2-2-2013
20336019@unknown@formal@none@1@S@It won't be clear for months whether the price increase will stick.@@@@1@12@@oe@2-2-2013
20336020@unknown@formal@none@1@S@Steelmakers announced a round of base-price increases last year, but began offering sizable discounts over the summer.@@@@1@17@@oe@2-2-2013
20336021@unknown@formal@none@1@S@In fact, LTV was the first steelmaker to publicly boost discounts for buyers of cold rolled sheet steel and hot-dipped galvanized sheet steel.@@@@1@23@@oe@2-2-2013
20336022@unknown@formal@none@1@S@In composite New York Stock Exchange trading yesterday, LTV common shares fell 12.5 cents to close at $1.50.@@@@1@18@@oe@2-2-2013
20337001@unknown@formal@none@1@S@The Treasury plans to raise $2.3 billion in new cash with the sale Monday of about $16 billion in short-term bills to redeem $13.71 billion in maturing bills.@@@@1@28@@oe@2-2-2013
20337002@unknown@formal@none@1@S@However, the Treasury said it will postpone the auction unless it has assurances of enactment of legislation to raise the statutory debt limit before the scheduled auction date.@@@@1@28@@oe@2-2-2013
20337003@unknown@formal@none@1@S@The offering will be divided evenly between 13-week and 26-week bills maturing on Feb. 8, 1990, and May 10, 1990, respectively.@@@@1@21@@oe@2-2-2013
20337004@unknown@formal@none@1@S@Tenders for the bills, available in minimum $10,000 denominations, must be received by 1 p.m. EST Monday at the Treasury or at Federal Reserve banks or branches.@@@@1@27@@oe@2-2-2013
20338001@unknown@formal@none@1@S@J.C. Penney Co. is extending its involvement in a televised home-shopping service by five to 10 years.@@@@1@17@@oe@2-2-2013
20338002@unknown@formal@none@1@S@Shop Television Network Inc., of Los Angeles, said Penney agreed to continue its exclusive arrangement with Shop Television, which does the production, marketing and cable distribution for the J.C. Penney Television Shopping Channel.@@@@1@33@@oe@2-2-2013
20338003@unknown@formal@none@1@S@The channel reaches 6.5 million homes, a Penney spokesman said.@@@@1@10@@oe@2-2-2013
20338004@unknown@formal@none@1@S@Michael Rosen, president of Shop Television, said Penney decided to extend its involvement with the service for at least five years.@@@@1@21@@oe@2-2-2013
20338005@unknown@formal@none@1@S@If, by that time, the network reaches 14 million homes, the contract will be renewed for five more years.@@@@1@19@@oe@2-2-2013
20338006@unknown@formal@none@1@S@Earlier this year, Penney abandoned another home shopping venture, Telaction Corp., after investing $106 million in it.@@@@1@17@@oe@2-2-2013
20338007@unknown@formal@none@1@S@The company took a $20 million charge in the fiscal first quarter ended April 29, related to discontinuing the service.@@@@1@20@@oe@2-2-2013
20339001@unknown@formal@none@1@S@(During its centennial year, The Wall Street Journal will report events of the past century that stand as milestones of American business history.)@@@@1@23@@oe@2-2-2013
20339002@unknown@formal@none@1@S@LUTHER BURBANK CROSS-BRED PLANTS to produce the billion-dollar Idaho potato.@@@@1@10@@oe@2-2-2013
20339003@unknown@formal@none@1@S@Bioengineers set out to duplicate that feat -- scientifically and commercially -- with new life forms.@@@@1@16@@oe@2-2-2013
20339004@unknown@formal@none@1@S@In 1953, James Watson and his colleagues unlocked the double helix of DNA (deoxyribonucleic acid), the genetic key to heredity.@@@@1@20@@oe@2-2-2013
20339005@unknown@formal@none@1@S@Twenty years later, two California academics, Stanley Cohen and Herbert Boyer, made "recombinant" DNA, transplanting a toad's gene into bacteria, which then reproduced toad genes.@@@@1@25@@oe@2-2-2013
20339006@unknown@formal@none@1@S@When Boyer met Robert Swanson, an M.I.T.-trained chemist-turned-entrepreneur in 1976, they saw dollar signs.@@@@1@14@@oe@2-2-2013
20339007@unknown@formal@none@1@S@With $500 apiece and an injection of outside capital, they formed Genentech Inc.@@@@1@13@@oe@2-2-2013
20339008@unknown@formal@none@1@S@Commercial gene-splicing was born.@@@@1@4@@oe@2-2-2013
20339009@unknown@formal@none@1@S@Genentech's first product, a brain protein called somatostatin, proved its technology.@@@@1@11@@oe@2-2-2013
20339010@unknown@formal@none@1@S@The next to be cloned, human insulin, had market potential and Genentech licensed it to Eli Lilly, which produced 80% of the insulin used by 1.5 million U.S. diabetics.@@@@1@29@@oe@2-2-2013
20339011@unknown@formal@none@1@S@Their laboratory credentials established, Boyer and Swanson headed for Wall Street in 1980.@@@@1@13@@oe@2-2-2013
20339012@unknown@formal@none@1@S@At the time, Genentech had only one profitable year behind it (a modest $116,000 on revenue of $2.6 million in 1979) and no product of its own on the market.@@@@1@30@@oe@2-2-2013
20339013@unknown@formal@none@1@S@Nonetheless, the $36 million issue they floated in 1980 opened at $35 and leaped to $89 within 20 minutes.@@@@1@19@@oe@2-2-2013
20339014@unknown@formal@none@1@S@The trip from the test tube was not without snags.@@@@1@10@@oe@2-2-2013
20339015@unknown@formal@none@1@S@Boyer and Cohen, for instance, both still university researchers, had to be talked into applying for a patent on their gene-splicing technique -- and then the Patent Office refused to grant it.@@@@1@32@@oe@2-2-2013
20339016@unknown@formal@none@1@S@That judgment, in turn, was reversed by the U.S. Supreme Court, leaving Cohen and Boyer holding the first patents for making recombinant DNA (now assigned to their schools).@@@@1@28@@oe@2-2-2013
20339017@unknown@formal@none@1@S@Gene-splicing now is an integral part of the drug business.@@@@1@10@@oe@2-2-2013
20339018@unknown@formal@none@1@S@Genentech's 1988 sales were $335 million, both from licensing and its own products.@@@@1@13@@oe@2-2-2013
20340001@unknown@formal@none@1@S@The portfolio unit of the French bank group Credit Lyonnais told stock market regulators that it bought 43,000 shares of Cie. de Navigation Mixte, apparently to help fend off an unwelcome takeover bid for the company.@@@@1@36@@oe@2-2-2013
20340002@unknown@formal@none@1@S@Earlier yesterday, the Societe de Bourses Francaises was told that a unit of Framatome S.A. also bought Navigation Mixte shares, this purchase covering more than 160,000 shares.@@@@1@27@@oe@2-2-2013
20340003@unknown@formal@none@1@S@Both companies are allies of Navigation Mixte in its fight against a hostile takeover bid launched last week by Cie.@@@@1@20@@oe@2-2-2013
20340004@unknown@formal@none@1@S@Financiere de Paribas at 1,850 French francs ($297) a share.@@@@1@10@@oe@2-2-2013
20340005@unknown@formal@none@1@S@Navigation Mixte's chairman had suggested that friendly institutions were likely to buy its stock as soon as trading opened Monday.@@@@1@20@@oe@2-2-2013
20340006@unknown@formal@none@1@S@The Credit Lyonnais purchase, for 33,000 regular common shares and 10,000 newly created shares, is valued at about slightly more than 80 million French francs.@@@@1@25@@oe@2-2-2013
20341001@unknown@formal@none@1@S@Unocal Corp., Los Angeles, said it and Petroleos de Venezuela S.A. would create a petroleum marketing and refining general partnership in the Midwest.@@@@1@23@@oe@2-2-2013
20341002@unknown@formal@none@1@S@The joint venture, Uno-Ven Co., would generate total annual revenue of about $500 million and have 1,100 employees, a Unocal spokesman said.@@@@1@22@@oe@2-2-2013
20341003@unknown@formal@none@1@S@Unocal said the venture would enable it to recover more of its refining and marketing investment and prepare for expected growth in exploration, production, chemicals and other areas.@@@@1@28@@oe@2-2-2013
20341004@unknown@formal@none@1@S@It said financing would consist of $250 million from a private placement obtained through Shearson Lehman Hutton Inc. and a $150 million revolving credit line underwritten by Chase Manhattan Bank.@@@@1@30@@oe@2-2-2013
20341005@unknown@formal@none@1@S@In addition to Unocal's 153,000 barrel-a-day refinery near Lemont, Ill., the new venture would control 17 distribution terminals, a lubricating-oil blending and packaging plant, and 131 company-owned Unocal service stations.@@@@1@30@@oe@2-2-2013
20341006@unknown@formal@none@1@S@It said the venture, expected to take control of the facilities Dec. 1, would also serve another 3,300 independent Unocal gasoline stations.@@@@1@22@@oe@2-2-2013
20341007@unknown@formal@none@1@S@Petroleos will supply 135,000 barrels of oil a day for the refinery, Unocal said.@@@@1@14@@oe@2-2-2013
20342001@unknown@formal@none@1@S@Mitsubishi Heavy Industries Ltd. said unconsolidated pretax earnings in the fiscal first half surged 79% to a record 63.25 billion yen ($445.7 million), reflecting strong demand for a variety of products.@@@@1@31@@oe@2-2-2013
20342002@unknown@formal@none@1@S@In the period ended Sept. 30, net income rose 90% to 31.18 billion yen, or 9.34 yen a share, from 16.38 billion yen, or 5.05 yen a share.@@@@1@28@@oe@2-2-2013
20342003@unknown@formal@none@1@S@A year ago, the Tokyo company had pretax profit of 35.38 billion yen.@@@@1@13@@oe@2-2-2013
20342004@unknown@formal@none@1@S@Sales amounted to 1.011 trillion yen, climbing 29% from 787.02 billion yen.@@@@1@12@@oe@2-2-2013
20342005@unknown@formal@none@1@S@Encouraged by the brisk performance, Mitsubishi plans to raise its per-share dividend to 3.50 yen from three yen.@@@@1@18@@oe@2-2-2013
20342006@unknown@formal@none@1@S@Company officials said the current robust domestic demand that has been fueling sustained economic expansion helped push up sales of products like ships, steel structures, power systems and machinery and resulted in sharply higher profit.@@@@1@35@@oe@2-2-2013
20343001@unknown@formal@none@1@S@Senate leaders traded proposals aimed at speeding action on legislation to narrow the deficit and raise the federal government's debt limit -- but the major stumbling block remains President Bush's proposal to cut the capital-gains tax rate.@@@@1@37@@oe@2-2-2013
20343002@unknown@formal@none@1@S@Democrats want the tax provision to be a separate bill, subject to the usual procedural obstacles.@@@@1@16@@oe@2-2-2013
20343003@unknown@formal@none@1@S@Republicans, meanwhile, want to try to protect the measure by combining it with two politically popular issues that Democrats could find hard to block.@@@@1@24@@oe@2-2-2013
20343004@unknown@formal@none@1@S@The talks between Senate Majority Leader George Mitchell of Maine and his GOP counterpart, Sen. Robert Dole of Kansas, are expected to resume today.@@@@1@24@@oe@2-2-2013
20343005@unknown@formal@none@1@S@Last night, after meeting with Mr. Bush and administration officials at the White House, Mr. Dole proposed streamlining the fiscal 1990 deficit-reduction bill, now stalled in a House-Senate conference committee, and passing a long-term extension of the federal debt ceiling without any accompanying amendments.@@@@1@44@@oe@2-2-2013
20343006@unknown@formal@none@1@S@Under this plan, two provisions currently in the House version of the deficit-cutting bill -- repeal of both the catastrophic-illness insurance program and a controversial 1986 tax provision intended to counter discrimination in employee-benefit plans -- would be made into a separate bill.@@@@1@43@@oe@2-2-2013
20343007@unknown@formal@none@1@S@Republicans would try to attach a capital-gains provision to that legislation, hoping the political popularity of its other two parts would dissuade Democrats from blocking it.@@@@1@26@@oe@2-2-2013
20343008@unknown@formal@none@1@S@Democrats want to avoid having to make that choice by making the capital-gains tax cut an individual bill.@@@@1@18@@oe@2-2-2013
20343009@unknown@formal@none@1@S@Sen. Mitchell is confident he has sufficient votes to block such a measure with procedural actions.@@@@1@16@@oe@2-2-2013
20343010@unknown@formal@none@1@S@Both plans would drop child-care provisions from the House version of the deficit-reduction legislation and let it progress as a separate bill.@@@@1@22@@oe@2-2-2013
20343011@unknown@formal@none@1@S@While that could make it vulnerable to a veto by Mr. Bush, Democrats argue that a presidential rejection would give their party a valuable issue in next year's congressional elections.@@@@1@30@@oe@2-2-2013
20343012@unknown@formal@none@1@S@Senate Democrats are to meet today to consider the GOP proposal.@@@@1@11@@oe@2-2-2013
20343013@unknown@formal@none@1@S@Yesterday, Mr. Dole seemed weary of the Bush administration's strategy of pushing the capital-gains measure at every chance in the face of Democratic procedural hurdles.@@@@1@25@@oe@2-2-2013
20343014@unknown@formal@none@1@S@Pushing the issue on legislation needed to avoid default by the federal government, he told reporters, "doesn't seem to be very good strategy to me."@@@@1@25@@oe@2-2-2013
20343015@unknown@formal@none@1@S@At 12:01 a.m. EST today, the federal government's temporary $2.87 trillion debt limit expired.@@@@1@14@@oe@2-2-2013
20343016@unknown@formal@none@1@S@To avoid default, lawmakers must pass legislation raising the limit to $3.12 trillion from $2.80 trillion by next Wednesday, according to the Treasury.@@@@1@23@@oe@2-2-2013
20343017@unknown@formal@none@1@S@Pressed by Chairman Dan Rostenkowski (D., Ill.) of the House Ways and Means Committee, Treasury Undersecretary Robert Glauber told a congressional hearing that the administration would give up its demand for the capital-gains tax cut if faced with a potential default.@@@@1@41@@oe@2-2-2013
20344001@unknown@formal@none@1@S@Price Stern Sloan Inc. said it hired an investment banking firm to assist in evaluating restructuring or merger alternatives and reported a net loss of $8.1 million, or $2.14 a share, for the third quarter ended Sept.@@@@1@37@@oe@2-2-2013
20344002@unknown@formal@none@1@S@These results compare with net income of $1.8 million, or 44 cents a share, for the corresponding period last year.@@@@1@20@@oe@2-2-2013
20344003@unknown@formal@none@1@S@This quarter's loss includes pretax charges of $4.9 million on the proposed discontinuation of the company's troubled British subsidiary, and $3.7 million of other write-offs the company said were non-recurring and principally related to inventory, publishing advances and pre-publication costs.@@@@1@40@@oe@2-2-2013
20344004@unknown@formal@none@1@S@The publishing concern said it retained the investment banking firm of Donaldson, Lufkin & Jenrette Securities Inc. to act as its financial adviser, assisting in the evaluation of various financial and strategic alternatives, including debt refinancing, raising capital, recapitalization, a merger or sale of the company.@@@@1@46@@oe@2-2-2013
20344005@unknown@formal@none@1@S@The company also retained attorney Martin P. Levin, a director of the company and former head of the Times-Mirror Publishing Group, as an adviser.@@@@1@24@@oe@2-2-2013
20344006@unknown@formal@none@1@S@Net sales for this year's third quarter were $14 million, down from $21.4 million last year.@@@@1@16@@oe@2-2-2013
20344007@unknown@formal@none@1@S@The company attributed the decrease in part to the exclusion of the company's British sales from the current year's figures as a result of the subsidiary's status as a proposed discontinued operation and, in part, to lower sales in certain key foreign and domestic accounts.@@@@1@45@@oe@2-2-2013
20344008@unknown@formal@none@1@S@U.K. sales for last year's quarter were about $3 million.@@@@1@10@@oe@2-2-2013
20345001@unknown@formal@none@1@S@Stock prices surged as a multibillion-dollar takeover proposal helped restore market players' confidence about the prospects for further deal-making.@@@@1@19@@oe@2-2-2013
20345002@unknown@formal@none@1@S@Paper and forest-products stocks were especially strong, as the offer for Great Northern Nekoosa by Georgia-Pacific triggered speculation that the industry could be in for a wave of merger activity.@@@@1@30@@oe@2-2-2013
20345003@unknown@formal@none@1@S@The Dow Jones Industrial Average climbed 41.60 to 2645.08 even though some late selling caused the market to retreat from session highs.@@@@1@22@@oe@2-2-2013
20345004@unknown@formal@none@1@S@Trading was moderate, with 176,100,000 shares changing hands on the New York Stock Exchange.@@@@1@14@@oe@2-2-2013
20345005@unknown@formal@none@1@S@Aside from the takeover news, big buy orders were placed for blue-chip shares in afternoon trading.@@@@1@16@@oe@2-2-2013
20345006@unknown@formal@none@1@S@Traders said the buy programs came from very large institutional accounts that were also active in the stock-index futures markets.@@@@1@20@@oe@2-2-2013
20345007@unknown@formal@none@1@S@At one point, almost all of the shares in the 20-stock Major Market Index, which mimics the industrial average, were sharply higher.@@@@1@22@@oe@2-2-2013
20345008@unknown@formal@none@1@S@Some 1,111 Big Board issues advanced in price and only 448 declined, while broader market averages rose sharply.@@@@1@18@@oe@2-2-2013
20345009@unknown@formal@none@1@S@Standard & Poor's 500-Stock Index climbed 5.29 to 340.36, the Dow Jones Equity Market Index added 4.70 to 318.79 and the New York Stock Exchange Composite Index climbed 2.65 to@@@@1@30@@oe@2-2-2013
20345010@unknown@formal@none@1@S@Great Northern surged 20 1/8 to 62 7/8, well above Georgia-Pacific's offering price of $58 a share, amid speculation that other suitors for the company would surface or that the bid would be raised.@@@@1@34@@oe@2-2-2013
20345011@unknown@formal@none@1@S@Nearly 6.3 million shares, or about 11.5% of the company's shares outstanding, changed hands in Big Board composite trading.@@@@1@19@@oe@2-2-2013
20345012@unknown@formal@none@1@S@With stocks having been battered lately because of the collapse of takeover offers for UAL, the parent company of United Airlines, and AMR, the parent of American Airlines, analysts viewed the proposal as a psychological lift for the market.@@@@1@39@@oe@2-2-2013
20345013@unknown@formal@none@1@S@The $3.18 billion bid, which had been rumored since last week, "creates a better feeling that there's value in the market at current levels and renews prospects for a hot tape," says A.C. Moore, director of research at Argus Research Corp.@@@@1@41@@oe@2-2-2013
20345014@unknown@formal@none@1@S@Traders and analysts alike said the market's surge also reflected an easing of concerns about volatility because of moves by a number of brokerage firms to curtail or cease stock-index arbitrage.@@@@1@31@@oe@2-2-2013
20345015@unknown@formal@none@1@S@Much of the instability in stock prices lately has been blamed on arbitrage trading, designed to profit from differences in prices between stocks and index futures.@@@@1@26@@oe@2-2-2013
20345016@unknown@formal@none@1@S@"People are looking for an ability to try and read the market, rather than be manipulated," said Dudley A. Eppel, manager of equity trading at Donaldson, Lufkin & Jenrette.@@@@1@29@@oe@2-2-2013
20345017@unknown@formal@none@1@S@He noted that institutional investors showed "pretty general" interest in stocks in the latest session.@@@@1@15@@oe@2-2-2013
20345018@unknown@formal@none@1@S@But traders also said arbitrage-related trading contributed to the market's surge, as buy programs boosted prices shortly after the opening and sporadically through the remainder of the session.@@@@1@28@@oe@2-2-2013
20345019@unknown@formal@none@1@S@Georgia-Pacific fell 2 1/2 to 50 7/8, but most paper and forest-products stocks firmed as market players speculated about other potential industry takeover targets.@@@@1@24@@oe@2-2-2013
20345020@unknown@formal@none@1@S@Within the paper sector, Mead climbed 2 3/8 to 38 3/4 on 1.3 million shares, Union Camp rose 2 3/4 to 37 3/4, Federal Paper Board added 1 3/4 to 23 7/8, Bowater gained 1 1/2 to 27 1/2, Stone Container rose 1 to 26 1/8 and Temple-Inland jumped 3 3/4 to 62 1/4.@@@@1@54@@oe@2-2-2013
20345021@unknown@formal@none@1@S@Forest-products issues showing strength included Champion International, which went up 1 3/8 to 31 7/8; Weyerhaeuser, up 3/4 to 27 1/4; Louisiana-Pacific, up 1 1/8 to 40 3/8, and Boise Cascade, up 5/8 to 42.@@@@1@35@@oe@2-2-2013
20345022@unknown@formal@none@1@S@The theme of industry consolidation had surfaced earlier this year among drug stocks, which posted solid gains in the latest session.@@@@1@21@@oe@2-2-2013
20345023@unknown@formal@none@1@S@Pfizer gained 1 7/8 to 67 5/8, Schering-Plough added 2 1/4 to 75 3/4, Eli Lilly rose 1 3/8 to 62 1/8 and Upjohn firmed 3/4 to 38.@@@@1@28@@oe@2-2-2013
20345024@unknown@formal@none@1@S@Also, SmithKline Beecham rose 1 3/8 to 39 1/2.@@@@1@9@@oe@2-2-2013
20345025@unknown@formal@none@1@S@An advisory committee of the Food and Drug Administration recommended that the agency approve Eminase, the company's heart drug.@@@@1@19@@oe@2-2-2013
20345026@unknown@formal@none@1@S@Two rumored restructuring candidates in the oil industry moved higher: Chevron, which rose 1 3/4 to 68 1/4 on 3.5 million shares, and USX, which gained 1 1/4 to 34 5/8.@@@@1@31@@oe@2-2-2013
20345027@unknown@formal@none@1@S@Pennzoil is rumored to be accumulating a stake in Chevron in order to push for a revamping of the company; investor Carl Icahn has recently increased his stake in USX, which separately reported earnings that were in line with expectations.@@@@1@40@@oe@2-2-2013
20345028@unknown@formal@none@1@S@Paramount Communications, which completed the $3.35 billion sale of its Associates Corp. financial-services unit to Ford Motor, gained 1 1/8 to 55 7/8 after losing one point Monday amid rumors of a delay.@@@@1@33@@oe@2-2-2013
20345029@unknown@formal@none@1@S@The company said the sale would produce a $1.2 billion gain in the fourth quarter.@@@@1@15@@oe@2-2-2013
20345030@unknown@formal@none@1@S@BankAmerica climbed 1 3/4 to 30 after PaineWebber boosted its investment opinion on the stock to its highest rating.@@@@1@19@@oe@2-2-2013
20345031@unknown@formal@none@1@S@The upgrade reflected the 20% decline in shares of the bank since the firm lowered its rating in early October, based on the belief the stock had become expensive.@@@@1@29@@oe@2-2-2013
20345032@unknown@formal@none@1@S@Sea Containers, which unveiled a proposed restructuring, advanced 1 to 62.@@@@1@11@@oe@2-2-2013
20345033@unknown@formal@none@1@S@The company said it would repurchase half of its common shares at $70 each, sell an estimated $1.1 billion in assets and pay a special preferred-stock dividend to common-stock holders.@@@@1@30@@oe@2-2-2013
20345034@unknown@formal@none@1@S@Shaw Industries, which agreed to acquire Armstrong World Industries' carpet operations for an undisclosed price, rose 2 1/4 to 26 1/8.@@@@1@21@@oe@2-2-2013
20345035@unknown@formal@none@1@S@Armstrong added 1/8 to 39 1/8.@@@@1@6@@oe@2-2-2013
20345036@unknown@formal@none@1@S@ERC Corp. rose 7/8 to 12.@@@@1@6@@oe@2-2-2013
20345037@unknown@formal@none@1@S@The company agreed definitively to be acquired by Ogden Corp. in a stock swap valued at about $82.5 million.@@@@1@19@@oe@2-2-2013
20345038@unknown@formal@none@1@S@Ogden gained 1 1/4 to 32 7/8.@@@@1@7@@oe@2-2-2013
20345039@unknown@formal@none@1@S@Ocean Drilling & Research dropped 1 1/4 to 21 1/2 following news of a restructuring plan that calls for the company to reorganize its drilling business into a separate company and offer a 15% to 20% stake to the public.@@@@1@40@@oe@2-2-2013
20345040@unknown@formal@none@1@S@The American Stock Exchange Market Value Index rose 1.71 to 370.58.@@@@1@11@@oe@2-2-2013
20345041@unknown@formal@none@1@S@Volume totaled 11,820,000 shares.@@@@1@4@@oe@2-2-2013
20345042@unknown@formal@none@1@S@Imperial Holly fell 1 5/8 to 27 1/8 in the wake of its third-quarter earnings report.@@@@1@16@@oe@2-2-2013
20345043@unknown@formal@none@1@S@Net income was down from a year ago, when a gain from the restructuring of a retirement plan boosted earnigs.@@@@1@20@@oe@2-2-2013
20346001@unknown@formal@none@1@S@Cilcorp Inc., Peoria, Ill., said it agreed to acquire the environmental consulting and analytical service businesses of Hunter Environmental Services Inc. of Southport, Conn.@@@@1@24@@oe@2-2-2013
20346002@unknown@formal@none@1@S@The utility holding company said Hunter will receive 390,000 shares of a new series of Cilcorp convertible preferred stock with a face value of $39 million for the businesses.@@@@1@29@@oe@2-2-2013
20346003@unknown@formal@none@1@S@Cilcorp will also assume $22 million of Hunter's existing debt.@@@@1@10@@oe@2-2-2013
20346004@unknown@formal@none@1@S@As part of the agreement, Cilcorp said it will pay Hunter $4 million in exchange for agreements not to compete.@@@@1@20@@oe@2-2-2013
20346005@unknown@formal@none@1@S@Cilcorp said the businesses to be acquired had revenue of $76 million for the year ended March 31.@@@@1@18@@oe@2-2-2013
20346006@unknown@formal@none@1@S@Separately, Cilcorp said it plans to purchase as many as 1.4 million shares, or 10% of its common stock outstanding from time to time on the open market and through privately negotiated transactions.@@@@1@33@@oe@2-2-2013
20346007@unknown@formal@none@1@S@The company, which currently has 13.5 million common shares outstanding, said it has no specific plans for the shares.@@@@1@19@@oe@2-2-2013
20347001@unknown@formal@none@1@S@BUSH AND GORBACHEV WILL HOLD two days of informal talks next month.@@@@1@12@@oe@2-2-2013
20347002@unknown@formal@none@1@S@The president said that he and the Kremlin leader would meet Dec. 2-3 aboard U.S. and Soviet naval vessels in the Mediterranean to discuss a wide range of issues without a formal agenda.@@@@1@33@@oe@2-2-2013
20347003@unknown@formal@none@1@S@A simultaneous announcement was made in Moscow.@@@@1@7@@oe@2-2-2013
20347004@unknown@formal@none@1@S@Bush said that neither he nor Gorbachev expected any "substantial decisions or agreements."@@@@1@13@@oe@2-2-2013
20347005@unknown@formal@none@1@S@The seaborne meetings won't disrupt plans for a formal summit next spring or summer, at which an arms-control treaty is likely to be completed.@@@@1@24@@oe@2-2-2013
20347006@unknown@formal@none@1@S@The two leaders are expected to discuss changes sweeping the East bloc as well as human-rights issues, regional disputes and economic cooperation.@@@@1@22@@oe@2-2-2013
20347007@unknown@formal@none@1@S@Israel's army lifted a blockade around a Palestinian town in the occupied West Bank, ending a 42-day campaign of seizing cars, furniture and other goods to crush a tax boycott.@@@@1@30@@oe@2-2-2013
20347008@unknown@formal@none@1@S@While residents claimed a victory, military authorities said they had confiscated the equivalent of more than $1.5 million to make up for the unpaid taxes.@@@@1@25@@oe@2-2-2013
20347009@unknown@formal@none@1@S@East German leader Krenz arrived in Moscow for talks today with Gorbachev on restructuring proposals.@@@@1@15@@oe@2-2-2013
20347010@unknown@formal@none@1@S@In East Berlin, Communist Party officials considered legalizing New Forum, the country's largest opposition alliance, as about 20,000 demonstrators staged protests in three cities to press demands for democratic freedoms.@@@@1@30@@oe@2-2-2013
20347011@unknown@formal@none@1@S@The House approved a permanent smoking ban on nearly all domestic airline routes as part of a $27.1 billion transportation bill that must still overcome budget obstacles in Congress.@@@@1@29@@oe@2-2-2013
20347012@unknown@formal@none@1@S@The chamber also sent to Bush a nearly $67 billion fiscal 1990 measure that includes the first construction funds for a space station.@@@@1@23@@oe@2-2-2013
20347013@unknown@formal@none@1@S@Nicaragua's Ortega postponed until today a decision on whether to end a 19-month-old cease-fire in the conflict with the Contra rebels.@@@@1@21@@oe@2-2-2013
20347014@unknown@formal@none@1@S@In Washington, the Senate voted to condemn Ortega's threat to cancel the truce, and Bush said he would review U.S. policy toward Managua, including the possibility of renewing military aid to the rebels.@@@@1@33@@oe@2-2-2013
20347015@unknown@formal@none@1@S@Chinese leader Deng told former President Nixon that the U.S. was deeply involved in "the turmoil and counterrevolutionary rebellion" that gripped Beijing last spring.@@@@1@24@@oe@2-2-2013
20347016@unknown@formal@none@1@S@Nixon, on the fourth day of a private visit to China, said that damage to Sino-U.S. relations was "very great," calling the situation "the most serious" since 1972.@@@@1@28@@oe@2-2-2013
20347017@unknown@formal@none@1@S@Afghanistan's troops broke through a guerrilla blockade on the strategic Salang Highway, allowing trucks carrying food and other necessities to reach Kabul after a missile attack on rebel strongholds.@@@@1@29@@oe@2-2-2013
20347018@unknown@formal@none@1@S@The convoy of about 100 vehicles was the first to make deliveries to the capital in about 10 days.@@@@1@19@@oe@2-2-2013
20347019@unknown@formal@none@1@S@Turkey's legislature elected Prime Minister Ozal as the country's first civilian president since 1960, opening the way for a change of government under a new premier he will select.@@@@1@29@@oe@2-2-2013
20347020@unknown@formal@none@1@S@The vote in Ankara was boycotted by opposition politicians, who vowed to oust Ozal.@@@@1@14@@oe@2-2-2013
20347021@unknown@formal@none@1@S@He begins his seven-year term Nov. 9, succeeding Kenan Evren.@@@@1@10@@oe@2-2-2013
20347022@unknown@formal@none@1@S@South Africa's government dismissed demands by right-wing Conservatives, the nation's main opposition party, for emergency talks on Pretoria's recent tolerance of dissent.@@@@1@22@@oe@2-2-2013
20347023@unknown@formal@none@1@S@The government also urged whites to refrain from panic over growing black protests, such as the massive anti-apartheid rally Sunday on the outskirts of Soweto.@@@@1@25@@oe@2-2-2013
20347024@unknown@formal@none@1@S@Researchers in Belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of crops, such as cotton, soybeans and rice.@@@@1@26@@oe@2-2-2013
20347025@unknown@formal@none@1@S@The scientists at Plant Genetic Systems N.V. isolated a gene that could lead to a generation of plants possessing a high-production trait.@@@@1@22@@oe@2-2-2013
20347026@unknown@formal@none@1@S@A bomb exploded at a leftist union hall in San Salvador, killing at least eight people and injuring about 30 others, including two Americans, authorities said.@@@@1@26@@oe@2-2-2013
20347027@unknown@formal@none@1@S@The blast, which wrecked the opposition labor group's offices, was the latest in a series of attacks in El Salvador's 10-year-old civil war.@@@@1@23@@oe@2-2-2013
20347028@unknown@formal@none@1@S@Hungary's Parliament voted to hold a national referendum on an election to fill the new post of president.@@@@1@18@@oe@2-2-2013
20347029@unknown@formal@none@1@S@The balloting to decide when and how to fill the position, which replaces a collective presidency under a pact signed by the ruling Socialists and opposition groups, is to be held Nov.@@@@1@32@@oe@2-2-2013
20347030@unknown@formal@none@1@S@The State Department denied asylum to a Vietnamese man who escaped from his homeland by lashing himself to the rudder housing of a tanker for two days in monsoon seas.@@@@1@30@@oe@2-2-2013
20347031@unknown@formal@none@1@S@A spokesman for Democratic Sen. Pell of Rhode Island said, however, that the Immigration and Naturalization Service would review the stowaway's request.@@@@1@22@@oe@2-2-2013
20348001@unknown@formal@none@1@S@Ogden Projects Inc. said net income jumped to $6.6 million, or 18 cents a share, in the third quarter.@@@@1@19@@oe@2-2-2013
20348002@unknown@formal@none@1@S@The Fairfield, N.J., company, which is 92%-owned by Ogden Corp., New York, had net of $1.1 million, or four cents a share, a year ago.@@@@1@25@@oe@2-2-2013
20348003@unknown@formal@none@1@S@Revenue soared to $101.7 million from $39.5 million.@@@@1@8@@oe@2-2-2013
20348004@unknown@formal@none@1@S@Ogden Projects, whose shares began trading on the New York Stock Exchange in August, closed yesterday at $26.875, down 75 cents.@@@@1@21@@oe@2-2-2013
20348005@unknown@formal@none@1@S@The stock began trading this summer at $14 apiece.@@@@1@9@@oe@2-2-2013
20348006@unknown@formal@none@1@S@Ogden Projects, which has interests in solid-waste recovery and hazardous-waste cleanup, said it has 13 facilities in operation, up from seven a year ago.@@@@1@24@@oe@2-2-2013
20348007@unknown@formal@none@1@S@Meanwhile, Ogden Corp., which also has interests in building maintenance and management, reported third-quarter net income of $27.1 million, or 67 cents a share, more than twice the $13.5 million, or 34 cents a share, a year earlier.@@@@1@38@@oe@2-2-2013
20348008@unknown@formal@none@1@S@Revenue rose 33% to $378.1 million from $283.8 million.@@@@1@9@@oe@2-2-2013
20349001@unknown@formal@none@1@S@Under attack by its own listed companies and powerful floor traders, the New York Stock Exchange is considering reinstituting a "collar" on program trading that it abandoned last year, according to people familiar with the Big Board.@@@@1@37@@oe@2-2-2013
20349002@unknown@formal@none@1@S@The exchange also may step up its disclosure of firms engaged in program trading, these people said.@@@@1@17@@oe@2-2-2013
20349003@unknown@formal@none@1@S@Big Board officials wouldn't comment publicly.@@@@1@6@@oe@2-2-2013
20349004@unknown@formal@none@1@S@But in an interview in which he called the stock market's volatility a "national problem," Big Board Chairman John J. Phelan Jr. said, "We are going to try to do some things in the short intermediate term" to help the situation.@@@@1@41@@oe@2-2-2013
20349005@unknown@formal@none@1@S@Mr. Phelan has been viewed by many exchange members as being indifferent to stock-price swings caused by program trades.@@@@1@19@@oe@2-2-2013
20349006@unknown@formal@none@1@S@He said he is "very surprised" by the furor over program trading and the exchange's role in it that has raged in recent days.@@@@1@24@@oe@2-2-2013
20349007@unknown@formal@none@1@S@Mr. Phelan said that the Big Board has been trying to deal quietly with the issue, but that banning computer-assisted trading strategies entirely, as some investors want, would be like "taking everybody out of an automobile and making them ride a horse."@@@@1@42@@oe@2-2-2013
20349008@unknown@formal@none@1@S@The exchange has a board meeting scheduled for tomorrow, and it is expected that some public announcement could be made after that.@@@@1@22@@oe@2-2-2013
20349009@unknown@formal@none@1@S@Big Board officials have been under seige from both investors and the exchange's own floor traders since the Dow Jones Industrial Average's 190-point tumble on Oct. 13.@@@@1@27@@oe@2-2-2013
20349010@unknown@formal@none@1@S@Mr. Phelan hasn't been making public remarks in recent days, and many people have urged him to take more of a leadership role on the program trading issue.@@@@1@28@@oe@2-2-2013
20349011@unknown@formal@none@1@S@What the Big Board is considering is re-establishing a "collar" on program trading when the market moves significantly.@@@@1@18@@oe@2-2-2013
20349012@unknown@formal@none@1@S@Early last year, after a 140-point, one-day drop in the Dow, the Big Board instituted the collar, which banned program trading through the Big Board's computers whenever the Dow moved 50 points up or down in a day.@@@@1@38@@oe@2-2-2013
20349013@unknown@formal@none@1@S@It didn't work.@@@@1@3@@oe@2-2-2013
20349014@unknown@formal@none@1@S@"The collar was penetrated on a number of occasions," meaning securities firms figured out ways to conduct program trades to circumvent the collar and use the Big Board's electronic trading system, Mr. Phelan said.@@@@1@34@@oe@2-2-2013
20349015@unknown@formal@none@1@S@That was when the exchange took a new tack by publishing monthly statistics listing the top 15 program trading firms.@@@@1@20@@oe@2-2-2013
20349016@unknown@formal@none@1@S@Exchange officials emphasized that the Big Board is considering a variety of actions to deal with program trading.@@@@1@18@@oe@2-2-2013
20349017@unknown@formal@none@1@S@People familiar with the exchange said another idea likely to be approved is expanding the monthly reports on program trading to cover specific days or even hours of heavy program trading and who was doing it.@@@@1@36@@oe@2-2-2013
20349018@unknown@formal@none@1@S@Meanwhile, another big Wall Street brokerage firm joined others that have been pulling back from program trading.@@@@1@17@@oe@2-2-2013
20349019@unknown@formal@none@1@S@American Express Co.'s Shearson Lehman Hutton Inc. unit said it ceased all index-arbitrage program trading for client accounts.@@@@1@18@@oe@2-2-2013
20349020@unknown@formal@none@1@S@In stock-index arbitrage, traders buy and sell large amounts of stock with offsetting trades in stock-index futures to profit from fleeting price discrepancies between the two markets.@@@@1@27@@oe@2-2-2013
20349021@unknown@formal@none@1@S@Shearson, which in September was the 11th-biggest program trader on the Big Board, had already suspended stock-index arbitrage for its own account.@@@@1@22@@oe@2-2-2013
20349022@unknown@formal@none@1@S@Also, CS First Boston Inc.'s First Boston Corp. unit, the fifth-biggest program trader in September, is "preparing a response" to the program-trading outcry, officials of the firm said.@@@@1@28@@oe@2-2-2013
20349023@unknown@formal@none@1@S@First Boston is one of the few major Wall Street firms that haven't pulled back from program trading in recent days.@@@@1@21@@oe@2-2-2013
20349024@unknown@formal@none@1@S@Mr. Phelan is an adroit diplomat who normally appears to be solidly in control of the Big Board's factions.@@@@1@19@@oe@2-2-2013
20349025@unknown@formal@none@1@S@But he has been getting heat from all sides over program trading.@@@@1@12@@oe@2-2-2013
20349026@unknown@formal@none@1@S@Mr. Phelan's recent remarks that investors simply must get used to the stock-market volatility from program trading have drawn criticism from both the exchange's stock specialists, who make markets in individual stocks, and from many companies that have shares listed on the Big Board.@@@@1@44@@oe@2-2-2013
20349027@unknown@formal@none@1@S@Mr. Phelan said that his predicting continued volatility is just "how the world is.@@@@1@14@@oe@2-2-2013
20349028@unknown@formal@none@1@S@If bringing the message is a crime, I'm guilty of it."@@@@1@11@@oe@2-2-2013
20349029@unknown@formal@none@1@S@But he said this doesn't mean he is satisfied with the market's big swings.@@@@1@14@@oe@2-2-2013
20349030@unknown@formal@none@1@S@"We're trying to take care of a heck of a lot of constituents," Mr. Phelan said.@@@@1@16@@oe@2-2-2013
20349031@unknown@formal@none@1@S@"Each one has a different agenda."@@@@1@6@@oe@2-2-2013
20349032@unknown@formal@none@1@S@For example, in a special meeting Monday with Mr. Phelan, senior officials of some of the Big Board's 49 stock specialist firms complained that the exchange is no longer representing their interests.@@@@1@32@@oe@2-2-2013
20349033@unknown@formal@none@1@S@"We are looking for representation we haven't had," a specialist said.@@@@1@11@@oe@2-2-2013
20349034@unknown@formal@none@1@S@"We've had dictation."@@@@1@3@@oe@2-2-2013
20349035@unknown@formal@none@1@S@After another session Mr. Phelan held yesterday with major brokerage firms such as Morgan Stanley & Co., Goldman, Sachs & Co., PaineWebber Group Inc. and First Boston -- all of which have engaged in program trading -- an executive of a top brokerage firm said, "Clearly, the firms want the exchange to take leadership."@@@@1@54@@oe@2-2-2013
20349036@unknown@formal@none@1@S@Many specialist firms resent the Big Board's new "basket" product that allows institutions to buy or sell all stocks in the Standard & Poor's 500-stock index in one shot.@@@@1@29@@oe@2-2-2013
20349037@unknown@formal@none@1@S@Ultimately, the specialists view this as yet another step toward electronic trading that could eventually destroy their franchise.@@@@1@18@@oe@2-2-2013
20349038@unknown@formal@none@1@S@"His {Phelan's} own interests are in building an electronic marketplace," said a market maker.@@@@1@14@@oe@2-2-2013
20349039@unknown@formal@none@1@S@The basket product, while it has got off to a slow start, is being supported by some big brokerage firms -- another member of Mr. Phelan's splintered constituency.@@@@1@28@@oe@2-2-2013
20349040@unknown@formal@none@1@S@Mr. Phelan has had difficulty convincing the public that the Big Board is serious about curbing volatility, especially as the exchange clearly relishes its role as the home for $200 billion in stock-index funds, which buy huge baskets of stocks to mimic popular stock-market indexes like the Standard & Poor's 500, and which sometimes employ program trading.@@@@1@57@@oe@2-2-2013
20349041@unknown@formal@none@1@S@The Big Board wants to keep such index funds from fleeing to overseas markets, but only as long as it "handles it intelligently," Mr. Phelan said.@@@@1@26@@oe@2-2-2013
20349042@unknown@formal@none@1@S@Despite what some investors are suggesting, the Big Board isn't even considering a total ban on program trading or stock futures, exchange officials said.@@@@1@24@@oe@2-2-2013
20349043@unknown@formal@none@1@S@Most revisions it will propose will be geared toward slowing down program trading during stressful periods, said officials working with the exchange.@@@@1@22@@oe@2-2-2013
20349044@unknown@formal@none@1@S@Computers have made trading more rapid, but that can be fixed with some fine-tuning.@@@@1@14@@oe@2-2-2013
20349045@unknown@formal@none@1@S@"I think if you {can} speed things up, you can slow them down," Mr. Phelan said.@@@@1@16@@oe@2-2-2013
20349046@unknown@formal@none@1@S@"That's different than wrecking them."@@@@1@5@@oe@2-2-2013
20349047@unknown@formal@none@1@S@While volatility won't go away, he said, "Volatility is greater than program trading.@@@@1@13@@oe@2-2-2013
20349048@unknown@formal@none@1@S@What I'm trying to say to people is, it's proper to worry about program trading, but it's only a piece of the business."@@@@1@23@@oe@2-2-2013
20349049@unknown@formal@none@1@S@For example, Mr. Phelan said that big institutions have so much control over public investments that they can cause big swings in the market, regardless of index arbitrage.@@@@1@28@@oe@2-2-2013
20349050@unknown@formal@none@1@S@"A lot of people would like to go back to 1970," before program trading, he said.@@@@1@16@@oe@2-2-2013
20349051@unknown@formal@none@1@S@"I would like to go back to 1970.@@@@1@8@@oe@2-2-2013
20349052@unknown@formal@none@1@S@But we're not going back to 1970."@@@@1@7@@oe@2-2-2013
20349053@unknown@formal@none@1@S@Indeed, Mr. Phelan said that if stock-market volatility persists, the U.S. may lose its edge as being the best place to raise capital.@@@@1@23@@oe@2-2-2013
20349054@unknown@formal@none@1@S@"Japan's markets are more stable," he said.@@@@1@7@@oe@2-2-2013
20349055@unknown@formal@none@1@S@"If that continues, a significant number of {U.S.} companies will go over there to raise money."@@@@1@16@@oe@2-2-2013
20349056@unknown@formal@none@1@S@In coming days, when the Big Board formulates its responses to the program-trading problem, Mr. Phelan may take a more public role in the issue.@@@@1@25@@oe@2-2-2013
20349057@unknown@formal@none@1@S@Lewis L. Glucksman, vice chairman of Smith Barney, Harris Upham & Co., said: "This is a problem that's taking on a life of its own.@@@@1@25@@oe@2-2-2013
20349058@unknown@formal@none@1@S@The program trading situation seems to have driven individual investors as well as others out of the market, and even Europeans are suspicious.@@@@1@23@@oe@2-2-2013
20349059@unknown@formal@none@1@S@The exchange should take a pro-active position."@@@@1@7@@oe@2-2-2013
20349060@unknown@formal@none@1@S@For now, however, Mr. Phelan said: "I refuse to get out there and tell everybody everything is hunky-dory.@@@@1@18@@oe@2-2-2013
20349061@unknown@formal@none@1@S@We have a major problem, and that problem is volatility."@@@@1@10@@oe@2-2-2013
20349062@unknown@formal@none@1@S@Craig Torres contributed to this article.@@@@1@6@@oe@2-2-2013
20350001@unknown@formal@none@1@S@A NEW MINIMUM-WAGE PLAN has been worked out by Congress and Bush, opening the way for the first increase in over nine years.@@@@1@23@@oe@2-2-2013
20350002@unknown@formal@none@1@S@The compromise proposal, ending a long impasse between Democrats and the president, would boost the minimum wage to $4.25 an hour by April 1991 from $3.35 now.@@@@1@27@@oe@2-2-2013
20350003@unknown@formal@none@1@S@The legislation also includes a lower "training wage" for new workers who are teen-agers.@@@@1@14@@oe@2-2-2013
20350004@unknown@formal@none@1@S@The Big Board is considering reviving a curb on program trading when the market is volatile.@@@@1@16@@oe@2-2-2013
20350005@unknown@formal@none@1@S@The exchange, which abandoned such a "collar" last year because it didn't prevent sharp price swings, has been under attack recently for not taking action against program trading.@@@@1@28@@oe@2-2-2013
20350006@unknown@formal@none@1@S@Great Northern Nekoosa reacted coolly to Georgia-Pacific's takeover bid of $58 a share, or $3.19 billion, though the suitor said all terms are negotiable.@@@@1@24@@oe@2-2-2013
20350007@unknown@formal@none@1@S@Great Northern's stock soared $20.125, to $62.875, on speculation that a higher bid would emerge.@@@@1@15@@oe@2-2-2013
20350008@unknown@formal@none@1@S@Stock prices rallied as the Georgia-Pacific bid broke the market's recent gloom.@@@@1@12@@oe@2-2-2013
20350009@unknown@formal@none@1@S@The Dow Jones industrials finished up 41.60, at 2645.08.@@@@1@9@@oe@2-2-2013
20350010@unknown@formal@none@1@S@The dollar and bond prices also closed higher.@@@@1@8@@oe@2-2-2013
20350011@unknown@formal@none@1@S@Leading indicators rose a slight 0.2% in September, a further indication the economy is slowing but without any clear sign of whether a recession looms.@@@@1@25@@oe@2-2-2013
20350012@unknown@formal@none@1@S@Meanwhile, new-home sales plunged 14% in the month.@@@@1@8@@oe@2-2-2013
20350013@unknown@formal@none@1@S@Labor costs climbed 1.2% in private industry during the third quarter, matching the second-quarter rise.@@@@1@15@@oe@2-2-2013
20350014@unknown@formal@none@1@S@Health-insurance costs soared.@@@@1@3@@oe@2-2-2013
20350015@unknown@formal@none@1@S@Time Warner and Sony could end up becoming partners in several business ventures as part of a settlement of their dispute over Hollywood producers Peter Guber and Jon Peters.@@@@1@29@@oe@2-2-2013
20350016@unknown@formal@none@1@S@A bidding war for Jaguar became more likely as Britain unexpectedly decided to end restrictions blocking a takeover of the luxury car maker.@@@@1@23@@oe@2-2-2013
20350017@unknown@formal@none@1@S@Sea Containers plans to sell $1.1 billion of assets and use some of the proceeds to buy about 50% of its common shares for $70 each.@@@@1@26@@oe@2-2-2013
20350018@unknown@formal@none@1@S@The company is trying to fend off a hostile bid by two European shipping firms.@@@@1@15@@oe@2-2-2013
20350019@unknown@formal@none@1@S@Eastern Airlines pilots were awarded between $60 million and $100 million in back pay by an arbitrator, a decision that could complicate the carrier's bankruptcy reorganization.@@@@1@26@@oe@2-2-2013
20350020@unknown@formal@none@1@S@LTV Steel is boosting prices of flat rolled steel products an average 3%, but it's unclear whether the increases, set for Jan. 1, 1990, will stick.@@@@1@26@@oe@2-2-2013
20350021@unknown@formal@none@1@S@Southern's Gulf Power unit paid $500,000 in fines after pleading guilty to conspiracy to make illegal political contributions and tax evasion.@@@@1@21@@oe@2-2-2013
20350022@unknown@formal@none@1@S@More big Japanese investors are buying U.S. mortgage-backed securities, reversing a recent trend.@@@@1@13@@oe@2-2-2013
20350023@unknown@formal@none@1@S@USX's profit dropped 23% in the third quarter as improved oil results failed to offset weakness in the firm's steel and natural gas operations.@@@@1@24@@oe@2-2-2013
20350024@unknown@formal@none@1@S@Miniscribe reported a negative net worth and hinted it may file for Chapter 11.@@@@1@14@@oe@2-2-2013
20350025@unknown@formal@none@1@S@The disk-drive maker disclosed a major fraud two months ago.@@@@1@10@@oe@2-2-2013
20350026@unknown@formal@none@1@S@Markets --@@@@1@2@@oe@2-2-2013
20350027@unknown@formal@none@1@S@Stocks: Volume 176,100,000 shares.@@@@1@4@@oe@2-2-2013
20350028@unknown@formal@none@1@S@Dow Jones industrials 2645.08, up 41.60; transportation 1205.01, up 13.15; utilities 219.19, up 2.45.@@@@1@14@@oe@2-2-2013
20350029@unknown@formal@none@1@S@Bonds: Shearson Lehman Hutton Treasury index 3426.33, up@@@@1@8@@oe@2-2-2013
20350030@unknown@formal@none@1@S@Commodities: Dow Jones futures index 129.63, up 0.25; spot index 129.84, off 0.25.@@@@1@13@@oe@2-2-2013
20350031@unknown@formal@none@1@S@Dollar: 142.85 yen, up 0.95; 1.8415 marks, up 0.0075.@@@@1@9@@oe@2-2-2013
20351001@unknown@formal@none@1@S@Bond prices staggered in seesaw trading, rising on reports of economic weakness and falling on reports of economic strength.@@@@1@19@@oe@2-2-2013
20351002@unknown@formal@none@1@S@Treasury bonds got off to a strong start, advancing modestly during overnight trading on foreign markets.@@@@1@16@@oe@2-2-2013
20351003@unknown@formal@none@1@S@"We saw good buying in Japan and excellent buying in London," said Jay Goldinger, market strategist and trader at Capital Insight Inc., Beverly Hills, Calif.@@@@1@25@@oe@2-2-2013
20351004@unknown@formal@none@1@S@The market's tempo was helped by the dollar's resiliency, he said.@@@@1@11@@oe@2-2-2013
20351005@unknown@formal@none@1@S@Late in London, the dollar was quoted at 1.8410 West German marks and 142.70 Japanese yen, up from late Monday in New York.@@@@1@23@@oe@2-2-2013
20351006@unknown@formal@none@1@S@British sterling eased to $1.5775 from $1.5825.@@@@1@7@@oe@2-2-2013
20351007@unknown@formal@none@1@S@When U.S. trading began, Treasury bonds received an additional boost from news that sales of new single-family homes fell 14% in September.@@@@1@22@@oe@2-2-2013
20351008@unknown@formal@none@1@S@The contraction was twice as large as economists projected and was the sharpest decline since a 19% drop in January 1982.@@@@1@21@@oe@2-2-2013
20351009@unknown@formal@none@1@S@Economists said the report raised speculation that the economic slowdown could turn into a recession, which would pave the way for the Federal Reserve to lower interest rates.@@@@1@28@@oe@2-2-2013
20351010@unknown@formal@none@1@S@But later in the day, a report by the Purchasing Management Association of Chicago cast doubt on the recession scenario.@@@@1@20@@oe@2-2-2013
20351011@unknown@formal@none@1@S@The association said its October index of economic activity rose to 51.6% after having been below 50% for three consecutive months.@@@@1@21@@oe@2-2-2013
20351012@unknown@formal@none@1@S@A reading below 50% indicates that the manufacturing industry is slowing while a reading above 50% suggests that the industry is expanding.@@@@1@22@@oe@2-2-2013
20351013@unknown@formal@none@1@S@Bond prices fell after the Chicago report was released.@@@@1@9@@oe@2-2-2013
20351014@unknown@formal@none@1@S@By the end of the day, bond prices were mixed.@@@@1@10@@oe@2-2-2013
20351015@unknown@formal@none@1@S@The benchmark 30-year bond was nearly 1/4 point higher, or up about $2.50 for each $1,000 face amount.@@@@1@18@@oe@2-2-2013
20351016@unknown@formal@none@1@S@New two-year notes ended unchanged while three-year and four-year notes were slightly lower.@@@@1@13@@oe@2-2-2013
20351017@unknown@formal@none@1@S@Municipal bonds ended unchanged to as much as 1/2 point higher while mortgage-backed securities were up about 1/8 point.@@@@1@19@@oe@2-2-2013
20351018@unknown@formal@none@1@S@Corporate bonds were unchanged.@@@@1@4@@oe@2-2-2013
20351019@unknown@formal@none@1@S@In the corporate market, an expected debt offering today by International Business Machines Corp. generated considerable attention.@@@@1@17@@oe@2-2-2013
20351020@unknown@formal@none@1@S@The giant computer maker is slated to offer $500 million of 30-year non-callable debentures through underwriters led by Salomon Brothers Inc.@@@@1@21@@oe@2-2-2013
20351021@unknown@formal@none@1@S@Traders expect the bonds to yield about 0.60 to 0.65 percentage point above the Treasury's benchmark 30-year bond, which ended Tuesday with a yield of about 7.90%.@@@@1@27@@oe@2-2-2013
20351022@unknown@formal@none@1@S@The last time IBM tapped the corporate debt market was in April 1988, when it offered $500 million of debt securities.@@@@1@21@@oe@2-2-2013
20351023@unknown@formal@none@1@S@IBM's visits to the debt market are closely watched by treasurers at other corporations and by credit market analysts.@@@@1@19@@oe@2-2-2013
20351024@unknown@formal@none@1@S@Some analysts believe the company has the ability to pinpoint the trough in interest-rate cycles.@@@@1@15@@oe@2-2-2013
20351025@unknown@formal@none@1@S@In October 1979, just days before the Federal Reserve raised interest rates, IBM offered $1 billion in debt securities.@@@@1@19@@oe@2-2-2013
20351026@unknown@formal@none@1@S@The boost in rates sent IBM's bonds tumbling, leaving underwriters with millions of dollars of losses and triggering a sell-off in the overall market.@@@@1@24@@oe@2-2-2013
20351027@unknown@formal@none@1@S@The company "can't be bullish if they're doing a sizable 30-year bullet," said one analyst.@@@@1@15@@oe@2-2-2013
20351028@unknown@formal@none@1@S@Others said IBM might increase the size of the offering to as much as $1 billion if investor demand is strong.@@@@1@21@@oe@2-2-2013
20351029@unknown@formal@none@1@S@The company has $1 billion in debt filed with the Securities and Exchange Commission.@@@@1@14@@oe@2-2-2013
20351030@unknown@formal@none@1@S@"I think the $500 million is a little bit of a fire drill," said Jim Ednee, head of the industrial bond department at Drexel Burnham Lambert Inc.@@@@1@27@@oe@2-2-2013
20351031@unknown@formal@none@1@S@"I think as the pricing time arrives, the bonds will come a little richer and in a larger amount."@@@@1@19@@oe@2-2-2013
20351032@unknown@formal@none@1@S@Treasury Securities@@@@1@2@@oe@2-2-2013
20351033@unknown@formal@none@1@S@Treasury prices ended mixed in light trading.@@@@1@7@@oe@2-2-2013
20351034@unknown@formal@none@1@S@The benchmark 30-year bond was quoted late at 102 12/32 to yield 7.90% compared with 102 7/32 to yield 7.92% Monday.@@@@1@21@@oe@2-2-2013
20351035@unknown@formal@none@1@S@The latest 10-year notes were unchanged at 100 16/32 to yield 7.904%.@@@@1@12@@oe@2-2-2013
20351036@unknown@formal@none@1@S@Short-term rates also were mixed.@@@@1@5@@oe@2-2-2013
20351037@unknown@formal@none@1@S@The discount rate on three-month Treasury bills rose slightly from the average rate at Monday's auction to 7.79% for a bond-equivalent yield of 8.04%.@@@@1@24@@oe@2-2-2013
20351038@unknown@formal@none@1@S@The discount rate on six-month Treasury bills fell slightly to 7.60% for a bond-equivalent yield of 7.99%.@@@@1@17@@oe@2-2-2013
20351039@unknown@formal@none@1@S@Corporate Issues@@@@1@2@@oe@2-2-2013
20351040@unknown@formal@none@1@S@Two junk bond issues were priced yesterday, including a scaled-backed offering by Beatrice Co.@@@@1@14@@oe@2-2-2013
20351041@unknown@formal@none@1@S@A spokesman for underwriters Salomon Brothers Inc. said Beatrice cut its high-yield offering to $251 million from a planned $350 million after it became clear the company would have to give investors higher yields.@@@@1@34@@oe@2-2-2013
20351042@unknown@formal@none@1@S@In the two-part offering, $151 million of senior subordinated reset notes were priced at 99.75 and carried a rate of 13 3/4%, while the $100 million of senior subordinated floating rate notes were priced to float at 4.25 percentage points above the London Interbank Offered Rate, or LIBOR.@@@@1@48@@oe@2-2-2013
20351043@unknown@formal@none@1@S@The one-year LIBOR rate yesterday was 8 7/16%.@@@@1@8@@oe@2-2-2013
20351044@unknown@formal@none@1@S@Since the recent deterioration of the junk-bond market, at least two other junk issuers have said they plan to scale back planned high-yield offerings, and several issues have been postponed.@@@@1@30@@oe@2-2-2013
20351045@unknown@formal@none@1@S@William Carmichael, Beatrice chief financial officer, said favorable market conditions in September prompted the company to plan more debt than necessary.@@@@1@21@@oe@2-2-2013
20351046@unknown@formal@none@1@S@"However, given the changes in the market conditions that have occurred since then, we decided to sell only the amount needed to proceed with our contemplated recapitalization," he said.@@@@1@29@@oe@2-2-2013
20351047@unknown@formal@none@1@S@Under the firm's original bank credit agreement, it was required to raise $250 million of subordinated debt to be used to repay some of the bank borrowings drawn to redeem $526.3 million of increasing rate debentures in August.@@@@1@38@@oe@2-2-2013
20351048@unknown@formal@none@1@S@A month ago, when Beatrice first filed to sell debt, the company had planned to offer $200 million of its senior subordinated reset notes at a yield of 12 3/4%.@@@@1@30@@oe@2-2-2013
20351049@unknown@formal@none@1@S@The $150 million in senior subordinated floating-rate notes were targeted to be offered at a price to float four percentage points above the three-month LIBOR.@@@@1@25@@oe@2-2-2013
20351050@unknown@formal@none@1@S@By October, however, market conditions had deteriorated and the reset notes were targeted to be offered at a yield of between 13 1/4% and 13 1/2%.@@@@1@26@@oe@2-2-2013
20351051@unknown@formal@none@1@S@Mr. Carmichael said investors also demanded stricter convenants.@@@@1@8@@oe@2-2-2013
20351052@unknown@formal@none@1@S@Continental Cablevision Inc., via underwriters at Morgan Stanley & Co., priced $350 million of junk bonds at par to yield 12 7/8%.@@@@1@22@@oe@2-2-2013
20351053@unknown@formal@none@1@S@Mortgage-Backed Securities@@@@1@2@@oe@2-2-2013
20351054@unknown@formal@none@1@S@J.C. Penney & Co. issued $350 million of securities backed by credit-card receivables.@@@@1@13@@oe@2-2-2013
20351055@unknown@formal@none@1@S@The securities were priced at 99.1875 to yield about 9.19%.@@@@1@10@@oe@2-2-2013
20351056@unknown@formal@none@1@S@Underwriters at First Boston Corp. said the J.C. Penney credit-card securities are the first with a 10-year average life, which is much longer than previous such issues.@@@@1@27@@oe@2-2-2013
20351057@unknown@formal@none@1@S@Elsewhere, Ginnie Mae's 9% issue for November delivery was quoted at 98 18/32 bid, up 5/32 from late Monday, to yield about 9.333% to a 12-year average life assumption.@@@@1@29@@oe@2-2-2013
20351058@unknown@formal@none@1@S@Freddie Mac's 9 1/2% issue was quoted at 99 20/32, up 3/32 from Monday.@@@@1@14@@oe@2-2-2013
20351059@unknown@formal@none@1@S@Fannie Mae's 9% issue was at 98 7/32, up 1/8.@@@@1@10@@oe@2-2-2013
20351060@unknown@formal@none@1@S@On the pricing front, an 11-class issue of $500 million Federal Home Loan Mortgage Corp.@@@@1@15@@oe@2-2-2013
20351061@unknown@formal@none@1@S@Remic mortgage securities was launched by a Morgan Stanley group.@@@@1@10@@oe@2-2-2013
20351062@unknown@formal@none@1@S@The offering is backed by Freddie Mac's 10% issue with a weighted average term to maturity of 29.583 months.@@@@1@19@@oe@2-2-2013
20351063@unknown@formal@none@1@S@Municipal Issues@@@@1@2@@oe@2-2-2013
20351064@unknown@formal@none@1@S@Municipal bonds were little changed to 1/2 point higher in late dealings.@@@@1@12@@oe@2-2-2013
20351065@unknown@formal@none@1@S@"We were oversold and today we bounced back.@@@@1@8@@oe@2-2-2013
20351066@unknown@formal@none@1@S@Some accounts came in for some blocks in the secondary {market}, which we haven't seen for a while," said one trader.@@@@1@21@@oe@2-2-2013
20351067@unknown@formal@none@1@S@"There were no {sell} lists and the calendar is lightening up a bit.@@@@1@13@@oe@2-2-2013
20351068@unknown@formal@none@1@S@There's light at the end of the tunnel for municipals," he said, adding that he expects prices to "inch up" in the near term.@@@@1@24@@oe@2-2-2013
20351069@unknown@formal@none@1@S@The market's tone improved after Monday's pricing of $813 million New York City general obligation bonds.@@@@1@16@@oe@2-2-2013
20351070@unknown@formal@none@1@S@The issue's smooth absorption eased fears that supply would overwhelm demand in coming sessions, traders said.@@@@1@16@@oe@2-2-2013
20351071@unknown@formal@none@1@S@Demand for the bonds was strong enough to permit underwriters to trim some yields in the tax-exempt portion of the offering late Monday.@@@@1@23@@oe@2-2-2013
20351072@unknown@formal@none@1@S@A two-part $75.1 million offering of wastewater treatment bonds by the New Jersey Wastewater Treatment Trust was more than half sold by late in the session, according to lead underwriter Merrill Lynch Capital Markets.@@@@1@34@@oe@2-2-2013
20351073@unknown@formal@none@1@S@The debt was reoffered priced to yield from 6% in 1991 to 7.15% in 2008-2009.@@@@1@15@@oe@2-2-2013
20351074@unknown@formal@none@1@S@Foreign Bonds@@@@1@2@@oe@2-2-2013
20351075@unknown@formal@none@1@S@Most foreign government bonds markets were quiet.@@@@1@7@@oe@2-2-2013
20351076@unknown@formal@none@1@S@West German bonds firmed a bit after Monday's fall, but traders said the market remains bearish due to speculation that interest rates could rise again.@@@@1@25@@oe@2-2-2013
20351077@unknown@formal@none@1@S@In a speech given Friday but released late Monday, Bundesbank Vice President Helmut Schlesinger suggested that it was risky to claim that the booming German economy has reached the peak of its cycle.@@@@1@33@@oe@2-2-2013
20351078@unknown@formal@none@1@S@His comments were interpreted as a sign that higher interest rates are possible.@@@@1@13@@oe@2-2-2013
20351079@unknown@formal@none@1@S@On Oct. 5, the Bundesbank raised the Lombard and discount rates by one percentage point to 8% and 6%, respectively, the highest levels in seven years.@@@@1@26@@oe@2-2-2013
20351080@unknown@formal@none@1@S@Germany's 7% bond due October 1999 was unchanged at 99.35 to yield 7.09% while the 6 3/4% notes due July 1994 rose 0.025 point to 97.275 to yield 7.445%.@@@@1@29@@oe@2-2-2013
20351081@unknown@formal@none@1@S@Japanese government bonds showed little change.@@@@1@6@@oe@2-2-2013
20351082@unknown@formal@none@1@S@Japan's benchmark No. 111 issue due 1998 ended on brokers' screens at 95.90, down 0.02 point, to yield 5.435%.@@@@1@19@@oe@2-2-2013
20351083@unknown@formal@none@1@S@British government bonds were little changed as investors awaited an address on economic policy by John Major, the new Chancellor of the Exchequer.@@@@1@23@@oe@2-2-2013
20351084@unknown@formal@none@1@S@Britain's benchmark 11 3/4% bond due 2003/2007 rose 2/32 to 111 1/2 to yield 10.14% while the 11 3/4% notes due 1991 were unchanged at 98 21/32 to yield 12.95%.@@@@1@30@@oe@2-2-2013
20352001@unknown@formal@none@1@S@Paramount Communications Inc. said it sold two Simon & Schuster information services units to Macmillan Inc., a subsidiary of Maxwell Communication Corp.@@@@1@22@@oe@2-2-2013
20352002@unknown@formal@none@1@S@The two units are Prentice Hall Information Services, which publishes tax, financial planning and business law information, among other services, and Prentice Hall Information Network, which electronically delivers tax information.@@@@1@30@@oe@2-2-2013
20352003@unknown@formal@none@1@S@Terms weren't disclosed, but industry executives said the units were sold for $40 million.@@@@1@14@@oe@2-2-2013
20352004@unknown@formal@none@1@S@Arthur H. Rosenfeld, previously president of the Prentice Hall Tax and Professional Services division, was named president of the newly formed Macmillan Professional and Business Reference division.@@@@1@27@@oe@2-2-2013
20352005@unknown@formal@none@1@S@Simon & Schuster retains the Corporation Law looseleaf service, which will become part of its Prentice Hall Law & Business unit.@@@@1@21@@oe@2-2-2013
20353001@unknown@formal@none@1@S@A governing body of both the Financial Accounting Standards Board and the Governmental Accounting Standards Board voted to give the FASB jurisdiction over accounting standards for certain government-owned entities.@@@@1@29@@oe@2-2-2013
20353002@unknown@formal@none@1@S@The Financial Accounting Foundation voted 12-2 that FASB accounting rules supercede GASB rules in regard to utilities, hospitals, and colleges and universities owned by the government.@@@@1@26@@oe@2-2-2013
20353003@unknown@formal@none@1@S@GASB rules still apply for other government units.@@@@1@8@@oe@2-2-2013
20353004@unknown@formal@none@1@S@After the GASB was founded in 1984, 11 years after the FASB, the government-owned entities were supposed to follow FASB rules unless the GASB superceded them.@@@@1@26@@oe@2-2-2013
20353005@unknown@formal@none@1@S@The GASB had told governments they didn't have to follow FASB rules on depreciation, making it difficult for bond-rating agencies to compare private and state-owned schools, which compete in the public bond market.@@@@1@33@@oe@2-2-2013
20353006@unknown@formal@none@1@S@The foundation vote is effective for the affected government entities with fiscal years that begin starting next Jan. 1 and makes the financial results of the hospitals, colleges and schools easier to compare with for-profit businesses.@@@@1@36@@oe@2-2-2013
20353007@unknown@formal@none@1@S@But it may lead to separate financial reports based on different rules for the government entities under FASB rules and those still under GASB rules.@@@@1@25@@oe@2-2-2013
20353008@unknown@formal@none@1@S@"Managers of government entities are often more concerned with the political and legal structure and financial-report comparability with profit-making businesses isn't always as high a priority," a foundation spokesman said.@@@@1@30@@oe@2-2-2013
20354001@unknown@formal@none@1@S@Avery Inc. said it completed the sale of Uniroyal Chemical Holding Co. to a group led by management of Uniroyal Chemical Co., the unit's main business.@@@@1@26@@oe@2-2-2013
20354002@unknown@formal@none@1@S@It valued the transaction at $800 million.@@@@1@7@@oe@2-2-2013
20354003@unknown@formal@none@1@S@Avery, which continues to operate a coal company it expects to sell at a loss, said in proxy materials it intends to seek control of one or more companies.@@@@1@29@@oe@2-2-2013
20354004@unknown@formal@none@1@S@After fees and repayment of debt, Avery is left with about $24 million in cash and securities from the Uniroyal sale.@@@@1@21@@oe@2-2-2013
20354005@unknown@formal@none@1@S@Avery paid $750 million, including various legal and financing fees, to acquire Uniroyal Chemical, Middlebury, Conn., in 1986 -- a move that burdened Avery with debt.@@@@1@26@@oe@2-2-2013
20354006@unknown@formal@none@1@S@In over-the-counter trading, Avery shares were quoted yesterday at a bid price of 93.75 cents a share.@@@@1@17@@oe@2-2-2013
20354007@unknown@formal@none@1@S@According to Avery, for the year ended Sept. 30, 1988, Uniroyal Chemical had sales of $734.2 million and a net loss of $47.1 million.@@@@1@24@@oe@2-2-2013
20354008@unknown@formal@none@1@S@An Avery spokesman said that the loss was magnified by accounting adjustments and that the company's loss was smaller on a cash basis.@@@@1@23@@oe@2-2-2013
20354009@unknown@formal@none@1@S@Uniroyal has 2,600 employees and facilities in the U.S., Canada, Brazil, Italy and Taiwan.@@@@1@14@@oe@2-2-2013
20354010@unknown@formal@none@1@S@In a related development, Avery said it completed a recapitalization in which its controlling shareholders and top officers, Nelson Peltz and Peter W. May, surrendered warrants and preferred stock in exchange for a larger stake in Avery's common shares.@@@@1@39@@oe@2-2-2013
20354011@unknown@formal@none@1@S@On a fully diluted basis, the two raised their stake to 68% from 51%.@@@@1@14@@oe@2-2-2013
20354012@unknown@formal@none@1@S@In December 1988, Messrs. Peltz and May sold their stock in Triangle Industries Inc., a packaging company they controlled, to Pechiney Corp. of France.@@@@1@24@@oe@2-2-2013
20354013@unknown@formal@none@1@S@The executives had profited handsomely by building American National Can Co., Triangle's chief asset.@@@@1@14@@oe@2-2-2013
20354014@unknown@formal@none@1@S@In January 1989, the two men acquired the non-packaging assets of Triangle, including a controlling stake in Avery and, by extension, Uniroyal Chemical.@@@@1@23@@oe@2-2-2013
20354015@unknown@formal@none@1@S@In the August proxy material, Avery said that unless it sold Uniroyal, its ability to service debt would be hurt and Avery's shareholder value would "continue to erode."@@@@1@28@@oe@2-2-2013
20354016@unknown@formal@none@1@S@Until Avery makes an acquisition, Messrs. Peltz and May will waive their direct salaries and bonuses, the company said.@@@@1@19@@oe@2-2-2013
20354017@unknown@formal@none@1@S@For at least the next six months, however, Avery will continue to pay $200,000 a month for management services to a company controlled by Messrs. Peltz and May, according to the proxy material.@@@@1@33@@oe@2-2-2013
20355001@unknown@formal@none@1@S@Clarcor Inc. said a plan to sell its J.L. Clark Inc. subsidiary to a group headed by Anderson Industries Inc. for $70.3 million has been terminated.@@@@1@26@@oe@2-2-2013
20355002@unknown@formal@none@1@S@Clarcor, a maker of packaging and filtration products, said the two companies couldn't agree on terms of a definitive agreement.@@@@1@20@@oe@2-2-2013
20355003@unknown@formal@none@1@S@The sale price of the unit, which makes packaging products, was to consist of cash, notes and an amount to be determined by the unit's future performance.@@@@1@27@@oe@2-2-2013
20355004@unknown@formal@none@1@S@Clarcor said it is inviting proposals from other prospective purchasers of the unit.@@@@1@13@@oe@2-2-2013
20355005@unknown@formal@none@1@S@Both Clarcor and Anderson are based in Rockford, Ill.@@@@1@9@@oe@2-2-2013
20356001@unknown@formal@none@1@S@Rally's Inc. said it adopted a shareholders rights plan to protect shareholders from an inadequately priced takeover offer.@@@@1@18@@oe@2-2-2013
20356002@unknown@formal@none@1@S@The plan provides for the distribution of one common stock-purchase right as a dividend for each share of common outstanding.@@@@1@20@@oe@2-2-2013
20356003@unknown@formal@none@1@S@Each right entitles shareholders to buy one-half share of common for $30.@@@@1@12@@oe@2-2-2013
20356004@unknown@formal@none@1@S@Earlier this month, a group led by three of the company's directors, Burt Sugarman, James M. Trotter III and Willam E. Trotter II, indicated it had a 45.2% stake in the Louisville, Ky., fast-food company and that it planned to seek a majority of seats on Rally's nine-member board.@@@@1@49@@oe@2-2-2013
20356005@unknown@formal@none@1@S@The company said it was "concerned about the announced intent to acquire control of the company" by a Sugarman-led group.@@@@1@20@@oe@2-2-2013
20357001@unknown@formal@none@1@S@Fujitsu Ltd. said it wants to withdraw its controversial one-yen bid to design a waterworks computer system for the city of Hiroshima.@@@@1@22@@oe@2-2-2013
20357002@unknown@formal@none@1@S@Meanwhile, Japan's Fair Trade Commission said it was considering launching an investigation into whether the bid, the equivalent of less than a penny, violates anti-monopoly laws.@@@@1@26@@oe@2-2-2013
20357003@unknown@formal@none@1@S@Hiroshima last week held an auction to pick the contractor, expecting to pay about 11 million yen for the project.@@@@1@20@@oe@2-2-2013
20357004@unknown@formal@none@1@S@Eight companies submitted bids, but Fujitsu won the contract by essentially saying it would do the job for free.@@@@1@19@@oe@2-2-2013
20357005@unknown@formal@none@1@S@News of the bid drew sharp criticism from other computer companies and industry observers.@@@@1@14@@oe@2-2-2013
20357006@unknown@formal@none@1@S@Fujitsu itself, which said the bid hadn't been approved by its headquarters, was clearly embarrassed.@@@@1@15@@oe@2-2-2013
20357007@unknown@formal@none@1@S@The bid wasn't "socially acceptable," a company spokeswoman said.@@@@1@9@@oe@2-2-2013
20357008@unknown@formal@none@1@S@Hiroshima officials said they still consider the contract in effect and had no immediate plans to cancel it.@@@@1@18@@oe@2-2-2013
20357009@unknown@formal@none@1@S@They said they wanted to wait for the outcome of any government investigation before deciding what to do.@@@@1@18@@oe@2-2-2013
20358001@unknown@formal@none@1@S@The city's Department of Consumer Affairs charged Newmark & Lewis Inc. with failing to deliver on its promise of lowering prices.@@@@1@21@@oe@2-2-2013
20358002@unknown@formal@none@1@S@In a civil suit commenced in state Supreme Court in New York, the agency alleged that the consumer-electronics and appliance discount-retailing chain engaged in deceptive advertising by claiming to have "lowered every price on every item" as part of an advertising campaign that began June 1.@@@@1@46@@oe@2-2-2013
20358003@unknown@formal@none@1@S@The agency said it monitored Newmark & Lewis's advertised prices before and after the ad campaign, and found that the prices of at least 50 different items either increased or stayed the same.@@@@1@33@@oe@2-2-2013
20358004@unknown@formal@none@1@S@In late May, Newmark & Lewis announced a plan to cut prices 5% to 20% and eliminate what it called a "standard discount-retailing practice" of negotiating individual deals with customers.@@@@1@30@@oe@2-2-2013
20358005@unknown@formal@none@1@S@The consumer agency also disputed Newmark & Lewis's continuing strategy of advertising "new lower prices" when allgedly there haven't been price reductions since June 1.@@@@1@25@@oe@2-2-2013
20358006@unknown@formal@none@1@S@Richard D. Lewis, president of the 47-store chain, defended the company's pricing campaign, saying it didn't use "the misleading expression `reduced from original prices.'"@@@@1@24@@oe@2-2-2013
20358007@unknown@formal@none@1@S@Mr. Lewis said the company marked price tags and advertised at its "lowest possible prices" for all its merchandise to reduce public confusion.@@@@1@23@@oe@2-2-2013
20358008@unknown@formal@none@1@S@Mr. Lewis said the company gave the Consumer Affairs department "volumes of documents" to substantiate its statements, and made "every effort to comply" with all the agency's policies.@@@@1@28@@oe@2-2-2013
20358009@unknown@formal@none@1@S@In its suit, the consumer agency seeks fines of $1,000 per violation of the city's Consumer Protection Law, costs of investigation, and an injunction to prevent Newmark & Lewis from continuing its allegedly deceptive advertising.@@@@1@35@@oe@2-2-2013
20359001@unknown@formal@none@1@S@Wary investors have been running for the stock market's equivalent of bomb shelters, buying shares of gold-mining and utility companies.@@@@1@20@@oe@2-2-2013
20359002@unknown@formal@none@1@S@Those two groups have recently been leading the list of stocks setting new highs.@@@@1@14@@oe@2-2-2013
20359003@unknown@formal@none@1@S@On Friday, when only a dozen common stocks hit 52-week highs on the New York Stock Exchange, five were gold-mining issues, and another four were utilities.@@@@1@26@@oe@2-2-2013
20359004@unknown@formal@none@1@S@On Monday, when a mere seven common stocks managed new highs, six were utilities or golds.@@@@1@16@@oe@2-2-2013
20359005@unknown@formal@none@1@S@At first glance, gold and utilities seem strange bedfellows.@@@@1@9@@oe@2-2-2013
20359006@unknown@formal@none@1@S@After all, gold prices usually soar when inflation is high.@@@@1@10@@oe@2-2-2013
20359007@unknown@formal@none@1@S@Utility stocks, on the other hand, thrive on disinflation, because the fat dividends utilities pay look more attractive when prices are falling (or rising slowly).@@@@1@25@@oe@2-2-2013
20359008@unknown@formal@none@1@S@But the two groups have something very important in common: They are both havens for scared money, stocks for people who hate stocks.@@@@1@23@@oe@2-2-2013
20359009@unknown@formal@none@1@S@It's as if investors, the past few days, are betting that something is going to go wrong -- even if they don't know what.@@@@1@24@@oe@2-2-2013
20359010@unknown@formal@none@1@S@If the stock market and the economy catch their breath and show that they're on firmer footing, these stocks might well fall back.@@@@1@23@@oe@2-2-2013
20359011@unknown@formal@none@1@S@Indeed, that happened to some extent yesterday, as industrial stocks rebounded, partly on news of takeovers in the paper industry.@@@@1@20@@oe@2-2-2013
20359012@unknown@formal@none@1@S@Still, a lot of investors clearly have revived their interest in gold and utility shares.@@@@1@15@@oe@2-2-2013
20359013@unknown@formal@none@1@S@"The primary overriding thing is that people are frightened," says Martin Sass, a New York money manager.@@@@1@17@@oe@2-2-2013
20359014@unknown@formal@none@1@S@"The aftershocks of Oct. 13 (when the Dow Jones Industrial Average dropped 190 points) are still reverberating."@@@@1@17@@oe@2-2-2013
20359015@unknown@formal@none@1@S@Certainly, the Oct. 13 sell-off didn't settle any stomachs.@@@@1@9@@oe@2-2-2013
20359016@unknown@formal@none@1@S@Beyond that, money managers and analysts see other problems.@@@@1@9@@oe@2-2-2013
20359017@unknown@formal@none@1@S@Inventories are creeping up; car inventories are already high, and big auto makers are idling plants.@@@@1@16@@oe@2-2-2013
20359018@unknown@formal@none@1@S@Takeover fever has cooled, removing a major horse from the market's cart.@@@@1@12@@oe@2-2-2013
20359019@unknown@formal@none@1@S@Britain's unsettled political scene also worries some investors.@@@@1@8@@oe@2-2-2013
20359020@unknown@formal@none@1@S@"The gyrations in the British government" add political uncertainty on top of high inflation and a ragged stock market, says John Hoffman, assistant director of research at Smith Barney, Harris Upham & Co.@@@@1@33@@oe@2-2-2013
20359021@unknown@formal@none@1@S@"One of the three major markets in the world is getting chewed up pretty bad."@@@@1@15@@oe@2-2-2013
20359022@unknown@formal@none@1@S@"If the Fed does not come to the rescue and produce lower short-term interest rates over the next 30 days, the market's going to flounder," says Larry Wachtel, a market analyst with Prudential-Bache Securities.@@@@1@34@@oe@2-2-2013
20359023@unknown@formal@none@1@S@With this sort of sentiment common, it's natural for investors to seek out "defensive" investments.@@@@1@15@@oe@2-2-2013
20359024@unknown@formal@none@1@S@Utilities are a classic example: Even in recessions, people continue to use electric power, water and gas at a fairly steady rate.@@@@1@22@@oe@2-2-2013
20359025@unknown@formal@none@1@S@Such defensive issues as food, tobacco, and drug stocks have been in favor for some time.@@@@1@16@@oe@2-2-2013
20359026@unknown@formal@none@1@S@But many of these stocks have now become expensive.@@@@1@9@@oe@2-2-2013
20359027@unknown@formal@none@1@S@Mr. Wachtel points to Coca-Cola Co. and PepsiCo Inc. as examples: They're selling for 18 to 22 times estimated 1990 per-share earnings.@@@@1@22@@oe@2-2-2013
20359028@unknown@formal@none@1@S@Gold stocks aren't cheap on this basis, either, with many selling for 20 times earnings or more.@@@@1@17@@oe@2-2-2013
20359029@unknown@formal@none@1@S@Even utility stocks aren't all that inexpensive, at an average of 14 times earnings.@@@@1@14@@oe@2-2-2013
20359030@unknown@formal@none@1@S@But the two groups represent a further step in defensiveness.@@@@1@10@@oe@2-2-2013
20359031@unknown@formal@none@1@S@If gold stocks and utilities continue to lead, it may signal that the market is in for rough times.@@@@1@19@@oe@2-2-2013
20359032@unknown@formal@none@1@S@That's just what Joseph Granville expects.@@@@1@6@@oe@2-2-2013
20359033@unknown@formal@none@1@S@"We are going to explode lower," says the flamboyant market seer, who had a huge following a few years back.@@@@1@20@@oe@2-2-2013
20359034@unknown@formal@none@1@S@"Anyone telling you to buy stocks in this market is technically irresponsible.@@@@1@12@@oe@2-2-2013
20359035@unknown@formal@none@1@S@You don't want to own anything long except gold stocks."@@@@1@10@@oe@2-2-2013
20359036@unknown@formal@none@1@S@One reason for his gloom is a weekly tally he keeps of stocks within a point of hitting new highs or lows.@@@@1@22@@oe@2-2-2013
20359037@unknown@formal@none@1@S@Last Friday, 96 stocks on the Big Board hit new 12-month lows.@@@@1@12@@oe@2-2-2013
20359038@unknown@formal@none@1@S@But by Mr. Granville's count, 493 issues were within one point of such lows.@@@@1@14@@oe@2-2-2013
20359039@unknown@formal@none@1@S@Robert Stovall, a veteran New York money manager and president of Stovall/Twenty-First Securities, has money in both gold and utility issues.@@@@1@21@@oe@2-2-2013
20359040@unknown@formal@none@1@S@"I think we could very well have {an economic} slowdown, beginning very soon if not already," he says.@@@@1@18@@oe@2-2-2013
20359041@unknown@formal@none@1@S@Mr. Stovall doesn't expect an actual recession.@@@@1@7@@oe@2-2-2013
20359042@unknown@formal@none@1@S@But he does expect "a muffler dragger" of an economy, with "very slow growth, maybe one quarter of no growth at all."@@@@1@22@@oe@2-2-2013
20359043@unknown@formal@none@1@S@In such a climate, utility stocks look good to him.@@@@1@10@@oe@2-2-2013
20359044@unknown@formal@none@1@S@He favors FPL Group Inc., Florida Progress Corp., TECO Energy Inc., Wisconsin Energy Corp., and Dominion Resources Inc.@@@@1@18@@oe@2-2-2013
20359045@unknown@formal@none@1@S@The appeal of gold issues, Mr. Stovall says, is that "they're a counter group.@@@@1@14@@oe@2-2-2013
20359046@unknown@formal@none@1@S@You go into them because they move counter to the general market."@@@@1@12@@oe@2-2-2013
20359047@unknown@formal@none@1@S@He adds that gold stocks had been down so long they were "ready for a bounce."@@@@1@16@@oe@2-2-2013
20359048@unknown@formal@none@1@S@His favorites are American Barrick Resources Corp., Echo Bay Mines Ltd. and Coeur d'Alene Mines Corp.@@@@1@16@@oe@2-2-2013
20359049@unknown@formal@none@1@S@Nevertheless, Mr. Stovall emphasizes that "you don't buy {gold stocks} based on powerful fundamentals."@@@@1@14@@oe@2-2-2013
20359050@unknown@formal@none@1@S@In addition to having high price-earnings ratios, most pay puny dividends, if any.@@@@1@13@@oe@2-2-2013
20359051@unknown@formal@none@1@S@"The earning power {of gold mining companies} is restricted unless the gold price hops up over $425 an ounce," he says.@@@@1@21@@oe@2-2-2013
20359052@unknown@formal@none@1@S@Abby Cohen, an investment strategist for Drexel Burnham Lambert, also thinks it makes sense to have some money in both utilities and gold.@@@@1@23@@oe@2-2-2013
20359053@unknown@formal@none@1@S@"My outlook is for a decline of about 10% in corporate profits" in 1990, she says.@@@@1@16@@oe@2-2-2013
20359054@unknown@formal@none@1@S@But "a bunch of utilities" should post profit increases.@@@@1@9@@oe@2-2-2013
20359055@unknown@formal@none@1@S@Among utilities, Drexel currently favors Entergy Corp. and General Public Utilities Corp.@@@@1@12@@oe@2-2-2013
20359056@unknown@formal@none@1@S@As for gold, she notes that it usually rises when the dollar is weak, as it has been lately.@@@@1@19@@oe@2-2-2013
20359057@unknown@formal@none@1@S@Among gold stocks, Drexel likes Battle Mountain Gold Co., Newmont Gold Co. and Freeport-McMoRan Gold Co.@@@@1@16@@oe@2-2-2013
20360001@unknown@formal@none@1@S@It never ceases to amaze me how the business world continues to trivialize the world's environmental problems ("Is Science, or Private Gain, Driving Ozone Policy?" by George Melloan, Business World, Oct. 24).@@@@1@32@@oe@2-2-2013
20360002@unknown@formal@none@1@S@To suggest that a 10% drop in ozone by the middle of the next century would be negligible is irresponsible and shortsighted.@@@@1@22@@oe@2-2-2013
20360003@unknown@formal@none@1@S@Consider the fact that a mere 2% drop in ozone would increase birth defects and mutations by allowing solar radiation to alter the DNA structure.@@@@1@25@@oe@2-2-2013
20360004@unknown@formal@none@1@S@Even a small reduction is unacceptable and to suggest otherwise is penny-wise and pound-foolish.@@@@1@14@@oe@2-2-2013
20360005@unknown@formal@none@1@S@The reason environmentalists "don't mind seeing new crises arise" is because there are new crises.@@@@1@15@@oe@2-2-2013
20360006@unknown@formal@none@1@S@Crises larger and more dangerous to the quality of life than they were 10 years ago.@@@@1@16@@oe@2-2-2013
20360007@unknown@formal@none@1@S@If you are doubtful, consider for a moment that the Pomton Lakes Reservoirs in northern New Jersey, which supply the tristate area with drinking water, are riddled with toxic PCBs.@@@@1@30@@oe@2-2-2013
20360008@unknown@formal@none@1@S@This is a fact and not the product of some environmental doomsayer or a group's ploy to create a market.@@@@1@20@@oe@2-2-2013
20360009@unknown@formal@none@1@S@It's time business leaders and the general public learn that mankind does not rule over this natural environment but is rather the integral, symbiotic player within nature's workings.@@@@1@28@@oe@2-2-2013
20360010@unknown@formal@none@1@S@Mark T. Kuiper Jersey City, N.J.@@@@1@6@@oe@2-2-2013
20360011@unknown@formal@none@1@S@Mr. Melloan's column was right on the money, but I wish it could have gone one step further.@@@@1@18@@oe@2-2-2013
20360012@unknown@formal@none@1@S@As an employee of a major refrigerator and freezer manufacturer, I have been heavily involved in dealing with the political manifestations of the Rowland-Molina theory (named after the researchers who found in 1974 that chlorofluorocarbons contributed to the depletion of ozone in the earth's atmosphere) and the Montreal Protocol.@@@@1@49@@oe@2-2-2013
20360013@unknown@formal@none@1@S@An important part of my effort has been to understand the science so I can explain it to corporate colleagues facing major changes in product design.@@@@1@26@@oe@2-2-2013
20360014@unknown@formal@none@1@S@In my research, I have found a paper by Joseph Scotto of the National Cancer Institute and several colleagues reporting an 11-year decrease in UV-B radiation at eight U.S. measurement sites.@@@@1@31@@oe@2-2-2013
20360015@unknown@formal@none@1@S@Our concern for the ozone layer, of course, grows out of the potential for increasing UV-B radiation, which could damage flora and fauna.@@@@1@23@@oe@2-2-2013
20360016@unknown@formal@none@1@S@The last of the measurements reported was in 1985, but recent conversations with Mr. Scotto indicated that he knew of no recent changes in the trend.@@@@1@26@@oe@2-2-2013
20360017@unknown@formal@none@1@S@I understand, but haven't yet verified, that there are studies by Norwegians, Russians and the Max Planck Institute that show either unchanging or declining UV-B at the surface.@@@@1@28@@oe@2-2-2013
20360018@unknown@formal@none@1@S@To me, this calls into question the validity of the Rowland-Molina theory and hence the whole chlorofluorocarbons replacement effort.@@@@1@19@@oe@2-2-2013
20360019@unknown@formal@none@1@S@This, in turn, threatens the massive vested interests of which you have written.@@@@1@13@@oe@2-2-2013
20360020@unknown@formal@none@1@S@My questions on this subject at a recent meeting at the World Resources Institute with representatives of the National Resource Development Commission, the Environmental Protection Agency, Friends of the Earth, etc. were greeted with derision and some mumbled comments about that report being discredited.@@@@1@44@@oe@2-2-2013
20360021@unknown@formal@none@1@S@When I expressed amazement that no one was undertaking a more current and credible UV-B study, I was urged to get back to the agenda topic, which was, ironically, a schedule for getting rid of HCFCs, the so-called soft CFCs that are such an important part of the CFC substitution scenario.@@@@1@51@@oe@2-2-2013
20360022@unknown@formal@none@1@S@Subsequently, I have learned that a private group, of which Du Pont is a part, is funding a modest program to continue data gathering at the Scotto report stations as well as to develop more sophisticated UVB measuring instruments.@@@@1@39@@oe@2-2-2013
20360023@unknown@formal@none@1@S@But this is almost an underground activity.@@@@1@7@@oe@2-2-2013
20360024@unknown@formal@none@1@S@To my knowledge, no government entities, including the EPA, are pursuing UV-B measurements.@@@@1@13@@oe@2-2-2013
20360025@unknown@formal@none@1@S@The topic never comes up in ozonedepletion "establishment" meetings, of which I have attended many.@@@@1@15@@oe@2-2-2013
20360026@unknown@formal@none@1@S@It seems to me that such measurements are a vital part of any intellectually honest evaluation of the threat posed by CFCs.@@@@1@22@@oe@2-2-2013
20360027@unknown@formal@none@1@S@While recognizing that professional environmentalists may feel threatened, I intend to urge that UV-B be monitored whenever I can.@@@@1@19@@oe@2-2-2013
20360028@unknown@formal@none@1@S@Frederick H. Hallett Vice President Industry and Government Relations White Consolidated Industries Inc. Washington@@@@1@14@@oe@2-2-2013
20360029@unknown@formal@none@1@S@The relationship between surface release of CFCs and global stratospheric ozone loss was identified back in 1974.@@@@1@17@@oe@2-2-2013
20360030@unknown@formal@none@1@S@Although, like all scientific theories, it had its initial opponents, few experts question the connection now.@@@@1@16@@oe@2-2-2013
20360031@unknown@formal@none@1@S@The discovery of the ozone "hole" over Antarctica and the results of ground-based and high-altitude aircraft experiments conducted over the past several years serve as evidence that ozone depletion is related to CFC concentrations.@@@@1@34@@oe@2-2-2013
20360032@unknown@formal@none@1@S@In the September issue of Scientific American, Thomas E. Graedel, distinguished member of the technical staff at AT&T Bell Laboratories, and Paul J. Crutzen, director of the air chemistry division of the Max Planck Institute for Chemistry in Mainz, West Germany, wrote, "It is now quite evident that chlorofluorocarbons, particularly CFC-11 and CFC-12 are the major culprits responsible for ozone depletion."@@@@1@61@@oe@2-2-2013
20360033@unknown@formal@none@1@S@Mr. Melloan quotes Peter Teagan and invokes the name of Arthur D. Little Inc. to support his statement.@@@@1@18@@oe@2-2-2013
20360034@unknown@formal@none@1@S@However, unlike Messrs. Graedel and Crutzen, who are both pioneers in the study of atmospheric chemistry, Mr. Teagan has no special expertise in the area.@@@@1@25@@oe@2-2-2013
20360035@unknown@formal@none@1@S@He is a mechanical engineer, not an atmospheric chemist.@@@@1@9@@oe@2-2-2013
20360036@unknown@formal@none@1@S@It is insulting and demeaning to say that scientists "needed new crises to generate new grants and contracts" and that environmental groups need them to stay in business.@@@@1@28@@oe@2-2-2013
20360037@unknown@formal@none@1@S@Solving the global environmental problems we all face will require an unprecedented level of cooperation and communication among industry, policy makers and the scientific community world-wide.@@@@1@26@@oe@2-2-2013
20360038@unknown@formal@none@1@S@Karen Fine Coburn Publisher Global Environmental Change Report Arlington, Mass.@@@@1@10@@oe@2-2-2013
20361001@unknown@formal@none@1@S@Nearly two months after saying it had been the victim of widespread fraud, MiniScribe Corp. disclosed it had a negative net worth of $88 million as of July 2 and hinted that it might be forced to file for protection under bankruptcy laws.@@@@1@43@@oe@2-2-2013
20361002@unknown@formal@none@1@S@Richard Rifenburgh, chairman and chief executive of the Longmont, Colo., disk-drive maker, also said the company continued losing money in the third quarter and expects to sustain further losses through the end of the year.@@@@1@35@@oe@2-2-2013
20361003@unknown@formal@none@1@S@Mr. Rifenburgh told industry analysts he is moving "aggressively" to negotiate out-of-court settlements on a number of shareholder lawsuits, but noted that the company could file for bankruptcy-law protection if settlement talks fail.@@@@1@33@@oe@2-2-2013
20361004@unknown@formal@none@1@S@Mr. Rifenburgh also noted that 150 million shares of MiniScribe common stock were traded during the past three years, "so there's a tremendous amount of exposure."@@@@1@26@@oe@2-2-2013
20361005@unknown@formal@none@1@S@MiniScribe has said that its financial results for the past three fiscal years would have to be restated because of the allegedly fraudulent accounting and marketing practices that inflated revenues and net income.@@@@1@33@@oe@2-2-2013
20361006@unknown@formal@none@1@S@MiniScribe also hasn't filed any financial statements for 1989.@@@@1@9@@oe@2-2-2013
20361007@unknown@formal@none@1@S@Mr. Rifenburgh said such statements should be ready by the end of November.@@@@1@13@@oe@2-2-2013
20361008@unknown@formal@none@1@S@He said he expects the company to have $500 million in sales for this year.@@@@1@15@@oe@2-2-2013
20361009@unknown@formal@none@1@S@He didn't say what the company expected to report for year-earlier sales, which will be restated from the previously reported $603 million.@@@@1@22@@oe@2-2-2013
20361010@unknown@formal@none@1@S@The release of MiniScribe's new balance sheet came one day after it introduced its new line of one-inch disk drives, on which it is pinning much of its hope for survival.@@@@1@31@@oe@2-2-2013
20361011@unknown@formal@none@1@S@Although it is not the first company to produce the thinner drives, which store information in personal computers, MiniScribe says it is the first with an 80-megabyte drive; the company plans to introduce a 120-megabyte drive next year.@@@@1@38@@oe@2-2-2013
20361012@unknown@formal@none@1@S@Analysts and consultants had mixed reactions to yesterday's announcements, praising Mr. Rifenburgh's efforts but questioning whether the company can survive in a highly competitive marketplace.@@@@1@25@@oe@2-2-2013
20361013@unknown@formal@none@1@S@"It's a wait-and-see attitude," said Dave Vellante, vice president of storage research for International Data Corp.@@@@1@16@@oe@2-2-2013
20361014@unknown@formal@none@1@S@Others pointed out that at least four other disk-drive makers will have competitive one-inch drives early next year and that the industry already operates on very thin margins.@@@@1@28@@oe@2-2-2013
20361015@unknown@formal@none@1@S@The company also faces delisting by the National Association of Securities Dealers.@@@@1@12@@oe@2-2-2013
20361016@unknown@formal@none@1@S@The company continues to trade in the over-the-counter market with an exception to listing requirements.@@@@1@15@@oe@2-2-2013
20361017@unknown@formal@none@1@S@MiniScribe filed a status report with the NASD on Monday, detailing its efforts to comply with listing requirements and requesting an extension of the exception, but hasn't received a response.@@@@1@30@@oe@2-2-2013
20361018@unknown@formal@none@1@S@MiniScribe common closed yesterday at $1.9375, down 6.25 cents, and has been trading for several months at less than $3 a share.@@@@1@22@@oe@2-2-2013
20361019@unknown@formal@none@1@S@Meanwhile, U.S. Attorney Jerry Rafferty in Denver is reviewing the report prepared by MiniScribe's outside directors, to determine if criminal charges should be brought before a grand jury.@@@@1@28@@oe@2-2-2013
20361020@unknown@formal@none@1@S@The MiniScribe report outlines a host of allegedly fraudulent practices, including the shipment of bricks and defective disk drives that were booked as sales, and inventory forgeries in accounting records.@@@@1@30@@oe@2-2-2013
20361021@unknown@formal@none@1@S@The internal investigation also criticized MiniScribe's auditors, Coopers & Lybrand, for allegedly ignoring numerous red flags.@@@@1@16@@oe@2-2-2013
20361022@unknown@formal@none@1@S@Mr. Rifenburgh said the board still hasn't acted on most of the internal report's recommendations, pending restatement of the balance sheet.@@@@1@21@@oe@2-2-2013
20361023@unknown@formal@none@1@S@He added that he expects to make a recommendation within a few weeks on whether MiniScribe should file its own lawsuits against former company officers and directors.@@@@1@27@@oe@2-2-2013
20362001@unknown@formal@none@1@S@American Enterprise Institute scholar Norman Ornstein in the Oct. 21 TV Guide on "What TV News Doesn't Report About Congress -- and Should":@@@@1@23@@oe@2-2-2013
20362002@unknown@formal@none@1@S@By concentrating all their resources on the pay raise, Wright and Tower, the networks actually overlooked some major stories that showed the flaws and shortcomings of the institution. . . .@@@@1@31@@oe@2-2-2013
20362003@unknown@formal@none@1@S@An imaginative producer could easily have created a fast-moving and interesting piece about how Congress really works -- and why voters in, say, West Virginia got a federally funded university project and building while voters in Arkansas did not.@@@@1@39@@oe@2-2-2013
20362004@unknown@formal@none@1@S@But nobody did such a piece, reflecting a contemporary axiom: the more a scandal has to do with a congressman's duties as a congressman, the less likely it is to catch the fancy of a network.@@@@1@36@@oe@2-2-2013
20362005@unknown@formal@none@1@S@Ethicist Michael Josephson, in one of his institute's recent publications on "Journalism: In the Year 2000":@@@@1@16@@oe@2-2-2013
20362006@unknown@formal@none@1@S@The operative definition of newsworthiness will favor virtually unrestrained use of personal, sensitive and intimate facts.@@@@1@16@@oe@2-2-2013
20362007@unknown@formal@none@1@S@Traditional standards of relevancy and importance ("is this something the public ought to know") will be replaced by a much broader test ("is this something the public is interested in knowing").@@@@1@31@@oe@2-2-2013
20362008@unknown@formal@none@1@S@And, since the public has always been fascinated by gossip and voyeurism, reporters and editors will strain for creative angles to justify the inclusion of collateral facts about private lives including sexual activities and domestic relationships, activities of family members, and all matters about mental and physical health.@@@@1@48@@oe@2-2-2013
20362009@unknown@formal@none@1@S@Similarly, visual images will be more vivid, sensational and, sometimes, gruesome.@@@@1@11@@oe@2-2-2013
20362010@unknown@formal@none@1@S@One consequence of the trend toward tabloid standards of taste will be fierce attacks from politicians who will find sufficient evidence of abuse to arouse an already cynical public to control the press.@@@@1@33@@oe@2-2-2013
20363001@unknown@formal@none@1@S@Bankers Trust New York Corp. won permission from the Federal Reserve Board to move the company's private placement department to its fledgling securities subsidiary.@@@@1@24@@oe@2-2-2013
20363002@unknown@formal@none@1@S@The seemingly mundane action, which was opposed by the Securities Industry Association, a trade group, has important implications for banks' recent entry into the underwriting of corporate securities.@@@@1@28@@oe@2-2-2013
20363003@unknown@formal@none@1@S@The Fed's action increases the volume of publicly registered securities that banks' securities affiliates will be able to underwrite.@@@@1@19@@oe@2-2-2013
20363004@unknown@formal@none@1@S@Several other banks have similar applications pending.@@@@1@7@@oe@2-2-2013
20363005@unknown@formal@none@1@S@Over the past two years, the Fed has given a handful of banks' securities affiliates permission to underwrite and deal in a variety of corporate, asset-backed and municipal securities that had previously been the sole domain of securities firms.@@@@1@39@@oe@2-2-2013
20363006@unknown@formal@none@1@S@Securities firms have challenged those Fed approvals, saying they violate federal laws separating the banking and securities businesses.@@@@1@18@@oe@2-2-2013
20363007@unknown@formal@none@1@S@However, the Fed limited the revenue that banks could earn from these new underwriting activities to no more than 10% of the revenue earned from other securities activities long open to banks, such as dealing in U.S. Treasurys.@@@@1@38@@oe@2-2-2013
20363008@unknown@formal@none@1@S@For some banks that 10% ceiling created problems.@@@@1@8@@oe@2-2-2013
20363009@unknown@formal@none@1@S@But, by allowing BT Securities Inc. to handle private placements, the Fed boosted the volume of new types of underwriting that the unit can do.@@@@1@25@@oe@2-2-2013
20363010@unknown@formal@none@1@S@Private placements involve debt and equity securities, typically in denominations of $1 million, that are sold to institutional investors and aren't registered with the Securities and Exchange Commission.@@@@1@28@@oe@2-2-2013
20363011@unknown@formal@none@1@S@Last year, Bankers Trust said it placed $10 billion of corporate debt and equities privately.@@@@1@15@@oe@2-2-2013
20364001@unknown@formal@none@1@S@Companies listed below reported quarterly profit substantially different from the average of analysts' estimates.@@@@1@14@@oe@2-2-2013
20364002@unknown@formal@none@1@S@The companies are followed by at least three analysts, and had a minimum five-cent change in actual earnings per share.@@@@1@20@@oe@2-2-2013
20364003@unknown@formal@none@1@S@Estimated and actual results involving losses are omitted.@@@@1@8@@oe@2-2-2013
20364004@unknown@formal@none@1@S@The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days.@@@@1@23@@oe@2-2-2013
20364005@unknown@formal@none@1@S@Otherwise, actual profit is compared with the 300-day estimate.@@@@1@9@@oe@2-2-2013
20365001@unknown@formal@none@1@S@Bonnie J. Stedt was named an executive vice president of the American Express Travel Related Services Co. unit of this travel and financial services firm.@@@@1@25@@oe@2-2-2013
20365002@unknown@formal@none@1@S@She retains her duties of human-resources director.@@@@1@7@@oe@2-2-2013
20366001@unknown@formal@none@1@S@Joe F. Lynch, the 56-year-old chairman and chief executive officer of First Continental Real Estate Investment Trust, was named to the new post of vice chairman of this bank holding company.@@@@1@31@@oe@2-2-2013
20367001@unknown@formal@none@1@S@Every workday at 11 a.m., 40-year-old Mike Sinyard dons cycling clothes, hops on a bike he keeps at his Morgan Hill, Calif., office and sets out to cover a distance most people would travel only by car.@@@@1@37@@oe@2-2-2013
20367002@unknown@formal@none@1@S@As many as 50 of his employees at Specialized Bicycle Components Inc. ride with him.@@@@1@15@@oe@2-2-2013
20367003@unknown@formal@none@1@S@When they return to their desks at 1 p.m., they have pedaled 20 miles.@@@@1@14@@oe@2-2-2013
20367004@unknown@formal@none@1@S@Such fervor for cycling helped Mr. Sinyard build a creative company at the forefront of its industry.@@@@1@17@@oe@2-2-2013
20367005@unknown@formal@none@1@S@Founded by bike enthusiasts rather than businessmen, Specialized spotted the appeal of fat-tired bikes that go almost anywhere and began mass-producing them in 1981.@@@@1@24@@oe@2-2-2013
20367006@unknown@formal@none@1@S@In the past five years, the company's sales have grown to $80 million from $26 million.@@@@1@16@@oe@2-2-2013
20367007@unknown@formal@none@1@S@Today, so-called mountain bikes account for two-thirds of the $2 billion spent annually on all bicycles in the U.S.@@@@1@19@@oe@2-2-2013
20367008@unknown@formal@none@1@S@With 65% of its sales coming from mountain bikes, Specialized is widely considered to be a market leader.@@@@1@18@@oe@2-2-2013
20367009@unknown@formal@none@1@S@(Accessories, largely for mountain-bike users, account for much of the rest of sales.)@@@@1@13@@oe@2-2-2013
20367010@unknown@formal@none@1@S@But today, the company needs its entrepreneurial spirit more than ever.@@@@1@11@@oe@2-2-2013
20367011@unknown@formal@none@1@S@One large competitor after another is leaping into the booming market Specialized helped create, turning out mountain bikes with such well-known names as Schwinn, Peugeot, Raleigh and Nishiki.@@@@1@28@@oe@2-2-2013
20367012@unknown@formal@none@1@S@Thus, Mr. Sinyard's company must innovate more than ever to stay ahead of them, by developing new products specifically for mountain biking.@@@@1@22@@oe@2-2-2013
20367013@unknown@formal@none@1@S@At the same time, though, it must become more structured to better manage its growth.@@@@1@15@@oe@2-2-2013
20367014@unknown@formal@none@1@S@Accomplishing both will be a balancing act as challenging as riding a unicycle.@@@@1@13@@oe@2-2-2013
20367015@unknown@formal@none@1@S@It is a problem common to small companies that have grown fast -- especially when their success attracts big-time competitors.@@@@1@20@@oe@2-2-2013
20367016@unknown@formal@none@1@S@"The big word around Specialized is passion," says Erik Eidsmo, a former ski-industry executive whom Mr. Sinyard recruited from Citicorp to run marketing and sales.@@@@1@25@@oe@2-2-2013
20367017@unknown@formal@none@1@S@"What I hope to bring to this is another word: process.@@@@1@11@@oe@2-2-2013
20367018@unknown@formal@none@1@S@That's my challenge.@@@@1@3@@oe@2-2-2013
20367019@unknown@formal@none@1@S@It's Mike's challenge as well."@@@@1@5@@oe@2-2-2013
20367020@unknown@formal@none@1@S@Mr. Eidsmo is one of several key people from outside the cycling industry who were hired to bring the free-wheeling, fast-growing company under tighter control.@@@@1@25@@oe@2-2-2013
20367021@unknown@formal@none@1@S@"We had a lot of problems," Mr. Sinyard says.@@@@1@9@@oe@2-2-2013
20367022@unknown@formal@none@1@S@While the company's sales were soaring, "We still had a system that was probably appropriate for $10 million to $20 million in sales."@@@@1@23@@oe@2-2-2013
20367023@unknown@formal@none@1@S@Adds Mr. Eidsmo, "What felt good that day was done that day."@@@@1@12@@oe@2-2-2013
20367024@unknown@formal@none@1@S@Since his arrival in May, Mr. Eidsmo has put in place techniques learned while working for Citicorp, such as management-by-objective, detailed project plans and forecasts of company sales and product trends.@@@@1@31@@oe@2-2-2013
20367025@unknown@formal@none@1@S@"We're finally getting -- and it's been very painful -- some understanding of what the company's long-term horizon should begin to look like," Mr. Eidsmo says.@@@@1@26@@oe@2-2-2013
20367026@unknown@formal@none@1@S@"But it's risky," he says of Specialized's attempt to adopt a corporate structure.@@@@1@13@@oe@2-2-2013
20367027@unknown@formal@none@1@S@"You don't want to lose the magic" of the company's creative drive.@@@@1@12@@oe@2-2-2013
20367028@unknown@formal@none@1@S@Hoping to stay ahead of the pack, the company is emphasizing innovation.@@@@1@12@@oe@2-2-2013
20367029@unknown@formal@none@1@S@At a recent trade show, convention-goers lined up to view a new Specialized bike frame that weighs just 2.7 pounds -- a pound less than the lightest mountain-bike frame on the market.@@@@1@32@@oe@2-2-2013
20367030@unknown@formal@none@1@S@By replacing the frame's steel lugs with titanium ones, Mr. Sinyard's company plans to make its next generation of frames even lighter.@@@@1@22@@oe@2-2-2013
20367031@unknown@formal@none@1@S@At the trade show, Specialized also unveiled a revolutionary three-spoked bike wheel developed jointly by Specialized and Du Pont Co.@@@@1@20@@oe@2-2-2013
20367032@unknown@formal@none@1@S@Made of space-age materials, the wheel spokes are designed like airplane wings to shave 10 minutes off the time of a rider in a 100-mile race, the company claims.@@@@1@29@@oe@2-2-2013
20367033@unknown@formal@none@1@S@It currently costs $750, though Mr. Sinyard thinks the price can be reduced within three years to between $200 and $250.@@@@1@21@@oe@2-2-2013
20367034@unknown@formal@none@1@S@He was able to slash the price of the company's least expensive mountain bike to $279 from $750 in@@@@1@19@@oe@2-2-2013
20367035@unknown@formal@none@1@S@But demands on the company's creativity are certain to grow.@@@@1@10@@oe@2-2-2013
20367036@unknown@formal@none@1@S@Competition is intensifying as larger companies invade a mountain-bike market Mr. Sinyard's company once had virtually all to itself.@@@@1@19@@oe@2-2-2013
20367037@unknown@formal@none@1@S@U.S. Cycling Federation official Philip Milburn says mountain biking is "growing at such a monstrous rate that a lot of companies are getting into this."@@@@1@25@@oe@2-2-2013
20367038@unknown@formal@none@1@S@One especially coveted Specialized market the new players are targeting is mountain-bike accessories, which Mr. Eidsmo calls "the future of our business."@@@@1@22@@oe@2-2-2013
20367039@unknown@formal@none@1@S@Accessories not only sell faster than whole bikes, they also offer profit margins nearly double the 25% to 30% or so on sales of complete cycles.@@@@1@26@@oe@2-2-2013
20367040@unknown@formal@none@1@S@To get a piece of the business, Nike Inc., Beaverton, Ore., introduced a line of mountain-bike shoes.@@@@1@17@@oe@2-2-2013
20367041@unknown@formal@none@1@S@About a month ago, Michelin Tire Corp., Greenville, S.C., began selling mountain-bike tires, for years a Specialized stronghold.@@@@1@18@@oe@2-2-2013
20367042@unknown@formal@none@1@S@Competition in the sale of complete bikes is heating up too.@@@@1@11@@oe@2-2-2013
20367043@unknown@formal@none@1@S@Trek Bicycle Corp., which accounts for one-quarter of the $400 million in annual sales at its Milwaukee-based parent, Intrepid Corp., entered the mountain-bike business in 1983.@@@@1@26@@oe@2-2-2013
20367044@unknown@formal@none@1@S@Trek previously made only traditional road bikes, but "it didn't take a rocket scientist to change a road bike into a mountain bike," says Trek's president, Dick Burke.@@@@1@28@@oe@2-2-2013
20367045@unknown@formal@none@1@S@The segment now makes up roughly two-thirds of his company's total sales.@@@@1@12@@oe@2-2-2013
20367046@unknown@formal@none@1@S@At Giant Bicycle Inc., Rancho Dominguez, Calif., sales have tripled since the company entered the U.S. mountain-bike business in 1987.@@@@1@20@@oe@2-2-2013
20367047@unknown@formal@none@1@S@A subsidiary of a Taiwanese holding company with world-wide sales of $150 million, Giant is one example of the sudden globalization of Mr. Sinyard's once-cozy market niche.@@@@1@27@@oe@2-2-2013
20367048@unknown@formal@none@1@S@Schwinn Bicycle Co., Chicago, established joint ventures with bike companies in mainland China and Hungary to sell bikes.@@@@1@18@@oe@2-2-2013
20367049@unknown@formal@none@1@S@In the past year, Derby International Corp., Luxembourg, has acquired such major brands as Peugeot, Raleigh and Nishiki.@@@@1@18@@oe@2-2-2013
20367050@unknown@formal@none@1@S@In response to the internationalization of the business, Mr. Sinyard's company is replacing independent distributors overseas with wholly owned subsidiaries.@@@@1@20@@oe@2-2-2013
20367051@unknown@formal@none@1@S@The move will cut out the cost of a middleman and give Specialized more control over marketing and sales.@@@@1@19@@oe@2-2-2013
20367052@unknown@formal@none@1@S@But as Bill Austin, Giant's president, puts it, "With some of the bigger players consolidating their strength, the game has changed.@@@@1@21@@oe@2-2-2013
20368001@unknown@formal@none@1@S@Carl E. Pfeiffer, chief executive officer, was named to the additional post of chairman of this specialty-metals manufacturing concern.@@@@1@19@@oe@2-2-2013
20368002@unknown@formal@none@1@S@Robert C. Snyder, a director and chief operating officer of the company, succeeds Mr. Pfeiffer as president.@@@@1@17@@oe@2-2-2013
20369001@unknown@formal@none@1@S@Roger M. Marino, president, was named to the new post of vice chairman.@@@@1@13@@oe@2-2-2013
20369002@unknown@formal@none@1@S@Michael Ruettgers, who had been executive vice president, operations, was named president and chief operating officer.@@@@1@16@@oe@2-2-2013
20369003@unknown@formal@none@1@S@EMC manufactures data-storage systems for mainframes and minicomputers.@@@@1@8@@oe@2-2-2013
20370001@unknown@formal@none@1@S@Richard J. Riordan was elected a director of this single-family home builder, increasing the board to nine.@@@@1@17@@oe@2-2-2013
20370002@unknown@formal@none@1@S@He is a senior partner with the law firm of Riordan & McKinzie and is a partner in Riordan Venture Management.@@@@1@21@@oe@2-2-2013
20371001@unknown@formal@none@1@S@John Franco, 47 years old, formerly vice chairman of Capital Holding Corp. and president of its Accumulation Investment Group, was named chief executive officer of this insurance holding company, effective Dec. 1, succeeding Robert T. Shaw, who remains chairman.@@@@1@39@@oe@2-2-2013
20371002@unknown@formal@none@1@S@I.C.H. also named Steven B. Bing, 42, senior vice president since 1986, as president, succeeding John W. Gardiner, who will join the HMS Acquisition Corp. division of Hicks, Muse & Co., which has agreed to buy most of I.C.H.'s Denver-based subsidiaries.@@@@1@41@@oe@2-2-2013
20372001@unknown@formal@none@1@S@MCI Communications Corp. said it won a $27 million contract from Stuart-James Co., a Denver investment banking concern, to provide voice and data telecommunications services.@@@@1@25@@oe@2-2-2013
20372002@unknown@formal@none@1@S@The agreement calls for MCI to provide data service, 800 and Vnet service, a virtual private network service.@@@@1@18@@oe@2-2-2013
20372003@unknown@formal@none@1@S@The companies wouldn't disclose the length of the contract except to say it was a multiyear agreement.@@@@1@17@@oe@2-2-2013
20373001@unknown@formal@none@1@S@The head of British Satellite Broadcasting Ltd. said he hopes to raise about #450 million ($711 million) before the satellite-TV venture makes its delayed debut next spring -- with a major chunk coming from new investors.@@@@1@36@@oe@2-2-2013
20373002@unknown@formal@none@1@S@"We'll raise it through bank loans.@@@@1@6@@oe@2-2-2013
20373003@unknown@formal@none@1@S@We'll raise it through {new} equity.@@@@1@6@@oe@2-2-2013
20373004@unknown@formal@none@1@S@And we'll raise it through existing shareholders" as well as through junk bonds, said Anthony Simonds-Gooding, the private consortium's chief executive.@@@@1@21@@oe@2-2-2013
20373005@unknown@formal@none@1@S@He said he believes the bank loan, to be arranged by February, will supply about half of the financing.@@@@1@19@@oe@2-2-2013
20373006@unknown@formal@none@1@S@British Satellite, which already has raised #423.5 million from 10 backers, initially expected to seek an additional #400 million.@@@@1@19@@oe@2-2-2013
20373007@unknown@formal@none@1@S@Mr. Simonds-Gooding said the additional financing may leave British Satellite owned by about 20 investors, including Australian entrepreneur Alan Bond, whose nearly 36% stake would be reduced to as little as 20%.@@@@1@32@@oe@2-2-2013
20373008@unknown@formal@none@1@S@Bond Corp., British Satellite's biggest investor, would like to withdraw from the satellite-TV consortium, and analysts have speculated Hollywood studios might buy the Bond stake.@@@@1@25@@oe@2-2-2013
20373009@unknown@formal@none@1@S@But Mr. Simonds-Gooding said he isn't talking to any studios about investing.@@@@1@12@@oe@2-2-2013
20373010@unknown@formal@none@1@S@Besides Bond Corp., British Satellite's other backers include Pearson PLC, Reed International PLC and Granada Group PLC.@@@@1@17@@oe@2-2-2013
20373011@unknown@formal@none@1@S@The consortium faced a setback in May when technical problems forced it to postpone the September launch until next spring.@@@@1@20@@oe@2-2-2013
20373012@unknown@formal@none@1@S@Continued uncertainty about the timing of the consortium's debut could make it hard to find a #450 million cash injection.@@@@1@20@@oe@2-2-2013
20373013@unknown@formal@none@1@S@Mr. Simonds-Gooding conceded that British Satellite's potential U.K. lenders "are saying, `When you're on the air, you'll {actually} get the money.'"@@@@1@21@@oe@2-2-2013
20373014@unknown@formal@none@1@S@The bankers also insist that the loans depend on the consortium raising more money from new and existing backers.@@@@1@19@@oe@2-2-2013
20373015@unknown@formal@none@1@S@British Satellite today is unveiling a #30 million advertising and promotional drive for the consortium's planned five channels of movies, sports, entertainment and news shows.@@@@1@25@@oe@2-2-2013
20373016@unknown@formal@none@1@S@As part of the drive, the first 50,000 viewers who put up #10 each will get a package valued at #170 -- including a satellite receiving dish, equipment installation and a three-month subscription to its pay-movie service.@@@@1@37@@oe@2-2-2013
20373017@unknown@formal@none@1@S@British Satellite faces competition from Sky Television, a satellite-TV venture begun last February and owned by Rupert Murdoch's News Corp.@@@@1@20@@oe@2-2-2013
20373018@unknown@formal@none@1@S@The rivals currently are locked in a costly bidding contest for Hollywood film rights.@@@@1@14@@oe@2-2-2013
20374001@unknown@formal@none@1@S@Shares closed sharply higher in London in the year's thinnest volume Monday, supported largely by a technical bounce after last week's sharp declines.@@@@1@23@@oe@2-2-2013
20374002@unknown@formal@none@1@S@Tokyo stocks posted a second-consecutive loss Monday, while trading in Frankfurt, West Germany, was mixed.@@@@1@15@@oe@2-2-2013
20374003@unknown@formal@none@1@S@In London, the Financial Times 100-share index finished 30.1 points higher at 2112.2.@@@@1@13@@oe@2-2-2013
20374004@unknown@formal@none@1@S@The index settled off the high of 2117.1 posted after Wall Street opened stronger.@@@@1@14@@oe@2-2-2013
20374005@unknown@formal@none@1@S@But it showed strength throughout the session, hitting a low of only 2102.2 within the first few minutes of dealings.@@@@1@20@@oe@2-2-2013
20374006@unknown@formal@none@1@S@The 30-share index settled 23.2 points higher at 1701.7.@@@@1@9@@oe@2-2-2013
20374007@unknown@formal@none@1@S@Volume was only 256.6 million shares, breaking the previous 1989 low of 276.8 million shares recorded Oct. 23.@@@@1@18@@oe@2-2-2013
20374008@unknown@formal@none@1@S@Turnover was also down substantially from 840.8 million shares on Friday.@@@@1@11@@oe@2-2-2013
20374009@unknown@formal@none@1@S@Dealers said the market was supported to some extent by a firmer pound, gains on Wall Street and shopping by market-makers to cover internal requirements for selected stocks in the 100-share index.@@@@1@32@@oe@2-2-2013
20374010@unknown@formal@none@1@S@Dealers attributed most of the day's gains to market-makers moving prices higher, rather than an outbreak of significant buying interest.@@@@1@20@@oe@2-2-2013
20374011@unknown@formal@none@1@S@Prices were up across the board, with most blue-chip stocks registering solid gains.@@@@1@13@@oe@2-2-2013
20374012@unknown@formal@none@1@S@Though the market was stronger, dealers said fresh buying interest was sidelined ahead of a potential market-affecting debate in the House of Commons set for Tuesday.@@@@1@26@@oe@2-2-2013
20374013@unknown@formal@none@1@S@It will be Chancellor of the Exchequer John Major's first appearance before the opposition Labor Party.@@@@1@16@@oe@2-2-2013
20374014@unknown@formal@none@1@S@The market is keenly interested in hearing what he has to say about the status of the current 15% base lending rate.@@@@1@22@@oe@2-2-2013
20374015@unknown@formal@none@1@S@In London trading, Courtaulds, a chemicals and textiles company, increased 15 pence to 362 after it disclosed plans to spin off its textiles operations into a separately listed company on Jan. 1.@@@@1@32@@oe@2-2-2013
20374016@unknown@formal@none@1@S@It was the most active of the 100-share index at 8.3 million shares, 6.5 million of which were traded by midday.@@@@1@21@@oe@2-2-2013
20374017@unknown@formal@none@1@S@Jaguar ended 22 higher at 747.@@@@1@6@@oe@2-2-2013
20374018@unknown@formal@none@1@S@Dealers said fresh buying was drawn into Jaguar after a senior executive of Daimler-Benz, the auto maker, told a British television interviewer during the weekend that the West German company held talks with the luxury auto maker over possible joint ventures.@@@@1@41@@oe@2-2-2013
20374019@unknown@formal@none@1@S@Although Daimler has said it isn't interested in mounting a bid for Jaguar, dealers said its name further underlined the growing interest in the British concern.@@@@1@26@@oe@2-2-2013
20374020@unknown@formal@none@1@S@Glaxo was the biggest gainer, jumping 35 to #13.78 ($21.72) on anticipation of a stock split next week.@@@@1@18@@oe@2-2-2013
20374021@unknown@formal@none@1@S@Total turnover in Glaxo was a thin 975,000 shares.@@@@1@9@@oe@2-2-2013
20374022@unknown@formal@none@1@S@In Tokyo, stocks had a second-consecutive loss Monday in quiet trading with the exception of concentrated buying in some incentive-backed issues.@@@@1@21@@oe@2-2-2013
20374023@unknown@formal@none@1@S@The Nikkei index of 225 selected issues fell 109.85 points to 35417.44.@@@@1@12@@oe@2-2-2013
20374024@unknown@formal@none@1@S@The index fell 151.20 Friday.@@@@1@5@@oe@2-2-2013
20374025@unknown@formal@none@1@S@In early trading in Tokyo Tuesday, the Nikkei index rose 35.28 points to 35452.72.@@@@1@14@@oe@2-2-2013
20374026@unknown@formal@none@1@S@On Monday, volume on the First Section was estimated at 600 million shares, down from 1.24 billion shares Friday.@@@@1@19@@oe@2-2-2013
20374027@unknown@formal@none@1@S@Declining issues outnumbered advancers 551 to 349; 224 issues were unchanged.@@@@1@11@@oe@2-2-2013
20374028@unknown@formal@none@1@S@Investors, who took profits Friday, mostly took a wait-and-see attitude Monday amid uncertainty in the foreign-currency market and New York stocks, traders said.@@@@1@23@@oe@2-2-2013
20374029@unknown@formal@none@1@S@Takamori Matsuda, an analyst at Dresdner-ABD Securities, said fading expectation for lower interest rates made investors step back from real-estate shares, which advanced last week.@@@@1@25@@oe@2-2-2013
20374030@unknown@formal@none@1@S@Some traders said institutions were waiting to see the U.S. jobless rate to be issued Friday.@@@@1@16@@oe@2-2-2013
20374031@unknown@formal@none@1@S@The Tokyo Stock Price Index of all issues listed in the First Section, which fell 15.82 points Friday, was down 5.16 points, or 0.19%, at 2676.60.@@@@1@26@@oe@2-2-2013
20374032@unknown@formal@none@1@S@The Second Section index, which fell 36.87 points Friday, was down 21.44 points, or 0.59%, to close at 3636.06.@@@@1@19@@oe@2-2-2013
20374033@unknown@formal@none@1@S@Second Section volume was estimated at 15 million shares, down from 24.5 million shares Friday.@@@@1@15@@oe@2-2-2013
20374034@unknown@formal@none@1@S@Monday's losers included railway, electric-utility and high-technology issues.@@@@1@8@@oe@2-2-2013
20374035@unknown@formal@none@1@S@The energy of participating investors streamed into Tokyu Group shares, pushing prices of its companies up across the board.@@@@1@19@@oe@2-2-2013
20374036@unknown@formal@none@1@S@Tokyu Group announced during the weekend that each Group company will buy the others' stocks to defend themselves against a rumored takeover.@@@@1@22@@oe@2-2-2013
20374037@unknown@formal@none@1@S@The announcement fueled speculation for future advances in the shares.@@@@1@10@@oe@2-2-2013
20374038@unknown@formal@none@1@S@Tokyu Department Store advanced 260 to 2410.@@@@1@7@@oe@2-2-2013
20374039@unknown@formal@none@1@S@Tokyu Corp. was up 150 at 2890.@@@@1@7@@oe@2-2-2013
20374040@unknown@formal@none@1@S@Tokyu Construction gained 170 to 1610.@@@@1@6@@oe@2-2-2013
20374041@unknown@formal@none@1@S@Other winners Monday included nonferrous metals, which attracted investors because of a surge in gold prices on the back of the unstable dollar.@@@@1@23@@oe@2-2-2013
20374042@unknown@formal@none@1@S@Petroleum companies were also popular because of expectations of a weaker dollar, which cuts dollar-denominated crude-oil prices.@@@@1@17@@oe@2-2-2013
20374043@unknown@formal@none@1@S@Share prices in Frankfurt closed narrowly mixed after listless and directionless trading.@@@@1@12@@oe@2-2-2013
20374044@unknown@formal@none@1@S@The DAX index closed at 1466.29, up only 3.36.@@@@1@9@@oe@2-2-2013
20374045@unknown@formal@none@1@S@Traders said turnover was particularly thin as investors waited for Wall Street to set the direction for the week.@@@@1@19@@oe@2-2-2013
20374046@unknown@formal@none@1@S@Most expect the decline in New York stock prices to continue this week.@@@@1@13@@oe@2-2-2013
20374047@unknown@formal@none@1@S@Another factor weighing on the Frankfurt market involves fears about the impending wage talks between the IG Metall metal-workers union and industry representatives, which could result in a wave of strikes next spring, traders said.@@@@1@35@@oe@2-2-2013
20374048@unknown@formal@none@1@S@A few blue-chip stocks posted strong gains, boosted by special factors, while the majority of shares ended little changed.@@@@1@19@@oe@2-2-2013
20374049@unknown@formal@none@1@S@Elsewhere, stock prices were lower in Brussels, Milan and Stockholm, and mixed in Amsterdam, Paris and Zurich.@@@@1@17@@oe@2-2-2013
20374050@unknown@formal@none@1@S@Stocks closed higher in Hong Kong, Manila, Seoul, Sydney, Taipei and Wellington, but were lower in Singapore.@@@@1@17@@oe@2-2-2013
20374051@unknown@formal@none@1@S@Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.@@@@1@19@@oe@2-2-2013
20374052@unknown@formal@none@1@S@To make them directly comparable, each index is based on the close of 1969 equaling 100.@@@@1@16@@oe@2-2-2013
20374053@unknown@formal@none@1@S@The percentage change is since year-end.@@@@1@6@@oe@2-2-2013
20375001@unknown@formal@none@1@S@Deere & Co. said it reached a tentative agreement with the machinists' union at its Horicon, Wis., plant, ending a month-old strike by workers at the facility.@@@@1@27@@oe@2-2-2013
20375002@unknown@formal@none@1@S@The maker of farm equipment said the three-year labor agreement with the International Association of Machinists and Aerospace Workers at John Deere Horicon Works, Deere's primary facility for producing lawn and grounds-care equipment, takes effect immediately and extends through Oct. 1, 1992.@@@@1@42@@oe@2-2-2013
20375003@unknown@formal@none@1@S@About 1,150 employees are covered by the new agreement, Deere said.@@@@1@11@@oe@2-2-2013
20376001@unknown@formal@none@1@S@Courtaulds PLC announced plans to spin off its textiles operations to existing shareholders in a restructuring to boost shareholder value.@@@@1@20@@oe@2-2-2013
20376002@unknown@formal@none@1@S@The British chemical and textile company's plan, which requires shareholder approval, would create a new, listed U.K. stock with a probable market capitalization between #300 million ($473 million) and #400 million, analysts said.@@@@1@33@@oe@2-2-2013
20376003@unknown@formal@none@1@S@The establishment of the separate company, to be called Courtaulds Textiles, could be effective as early as next year's first quarter.@@@@1@21@@oe@2-2-2013
20376004@unknown@formal@none@1@S@Investors welcomed the move.@@@@1@4@@oe@2-2-2013
20376005@unknown@formal@none@1@S@Courtaulds' shares rose 15 pence to 362 pence, valuing the entire company at about #1.44 billion.@@@@1@16@@oe@2-2-2013
20376006@unknown@formal@none@1@S@Courtaulds' spinoff reflects pressure on British industry to boost share prices beyond the reach of corporate raiders.@@@@1@17@@oe@2-2-2013
20376007@unknown@formal@none@1@S@Courtaulds' restructuring is among the largest thus far in Britain, though it is dwarfed by B.A.T Industries PLC's plans to spin off roughly #4 billion in assets to help fend off a takeover bid from Anglo-French financier Sir James Goldsmith.@@@@1@40@@oe@2-2-2013
20376008@unknown@formal@none@1@S@The divested Courtaulds textile operations had operating profit of #50 million on #980 million in revenue in the year ended March 31.@@@@1@22@@oe@2-2-2013
20376009@unknown@formal@none@1@S@Some analysts have said Courtaulds' moves could boost the company's value by 5% to 10%, because the two entities separately will carry a higher price earnings multiple than they did combined.@@@@1@31@@oe@2-2-2013
20376010@unknown@formal@none@1@S@In addition, Courtaulds said the moves are logical because they will allow both the chemicals and textile businesses to focus more closely on core activities.@@@@1@25@@oe@2-2-2013
20376011@unknown@formal@none@1@S@Courtaulds has been under pressure to enhance shareholder value since takeover speculators -- including Australian financier Kerry Packer -- surfaced holding small stakes last year.@@@@1@25@@oe@2-2-2013
20376012@unknown@formal@none@1@S@Though Mr. Packer has since sold his stake, Courtaulds is moving to keep its institutional shareholders happy.@@@@1@17@@oe@2-2-2013
20376013@unknown@formal@none@1@S@Even without a specific takeover threat, Courtaulds is giving shareholders "choice and value," said Julia Blake, an analyst at London stockbrokers Barclays de Zoete Wedd.@@@@1@25@@oe@2-2-2013
20376014@unknown@formal@none@1@S@In a statement, the company said: "Both parts can only realize their full potential and be appropriately valued by the market if they are separately quoted companies.@@@@1@27@@oe@2-2-2013
20376015@unknown@formal@none@1@S@The sharper definition and the autonomy which each will thereby gain will benefit shareholders, customers and employees."@@@@1@17@@oe@2-2-2013
20376016@unknown@formal@none@1@S@Courtaulds Chairman and Chief Executive Sir Christopher Hogg will remain in both posts at the surviving chemical company after the spinoff.@@@@1@21@@oe@2-2-2013
20377001@unknown@formal@none@1@S@Sanwa Shutter Corp. said its affiliated company in Malaysia, established this April, will begin manufacturing steel doors Wednesday.@@@@1@18@@oe@2-2-2013
20377002@unknown@formal@none@1@S@Its partner in the joint venture is Sin Kean Boon Metal Industries, Penang, Malaysia.@@@@1@14@@oe@2-2-2013
20377003@unknown@formal@none@1@S@Company officials said the new company, Sin Kean Boon-Sanwa (J.V.) is capitalized at the equivalent of 54 million yen ($381,000).@@@@1@20@@oe@2-2-2013
20377004@unknown@formal@none@1@S@The Japanese concern has a 40% stake, while the local partner has a 60% stake.@@@@1@15@@oe@2-2-2013
20377005@unknown@formal@none@1@S@The new company was created to meet growing demand for steel doors, concurrent with increasing local concern about fire prevention, the company said.@@@@1@23@@oe@2-2-2013
20378001@unknown@formal@none@1@S@Barbara Hackman Franklin, president of Franklin Associates, was elected a director of this building products maker.@@@@1@16@@oe@2-2-2013
20378002@unknown@formal@none@1@S@Ms. Franklin, 49 years old, fills the position vacated by Naomi G. Albanese, who retired earlier this year at age 72.@@@@1@21@@oe@2-2-2013
20379001@unknown@formal@none@1@S@NEC Corp. said it plans to more than double its British subsidiary's capacity for the production of semiconductor wafers.@@@@1@19@@oe@2-2-2013
20379002@unknown@formal@none@1@S@Officials at the Japanese semiconductor maker said the company intends to increase investment in plant and equipment by 10 billion yen ($70.6 million), to 90 billion yen, in the year ending March 31, with the extra funds used to increase production overseas.@@@@1@42@@oe@2-2-2013
20379003@unknown@formal@none@1@S@Officials said they weren't sure how the money will be distributed among overseas units, but added that NEC Semiconductors U.K. Ltd. will receive priority.@@@@1@24@@oe@2-2-2013
20379004@unknown@formal@none@1@S@Officials also disclosed it's possible that NEC may reduce domestic production of one-megabit chips to five million a month from six million, beginning January, because of deteriorating market prices.@@@@1@29@@oe@2-2-2013
20380001@unknown@formal@none@1@S@Japan's steel exports fell 12.2% in September from a year earlier and were down 1.1% from the previous month, the Japan Iron and Steel Federation reported.@@@@1@26@@oe@2-2-2013
20380002@unknown@formal@none@1@S@September was the 10th consecutive month in which steel exports failed to reach the year-earlier level.@@@@1@16@@oe@2-2-2013
20380003@unknown@formal@none@1@S@A federation official attributed the decline to brisk demand from domestic industries backed by continuing economic expansion in Japan.@@@@1@19@@oe@2-2-2013
20380004@unknown@formal@none@1@S@Japanese steel companies are apparently focusing on domestic sales, but the official said it doesn't necessarily mean that local sales contracts are increasing that markedly.@@@@1@25@@oe@2-2-2013
20380005@unknown@formal@none@1@S@"They are just too busy to meet domestic demand and have little room for overseas shipments," the official said.@@@@1@19@@oe@2-2-2013