22100001@unknown@formal@none@1@S@Consumers may want to move their telephones a little closer to the TV set.@@@@1@14@@oe@2-2-2013
22100002@unknown@formal@none@1@S@Couch-potato jocks watching ABC's "Monday Night Football" can now vote during halftime for the greatest play in 20 years from among four or five filmed replays.@@@@1@26@@oe@2-2-2013
22100003@unknown@formal@none@1@S@Two weeks ago, viewers of several NBC daytime consumer segments started calling a 900 number for advice on various life-style issues.@@@@1@21@@oe@2-2-2013
22100004@unknown@formal@none@1@S@And the new syndicated "reality" show "Hard Copy" records viewers' opinions for possible airing on the next day's show.@@@@1@19@@oe@2-2-2013
22100005@unknown@formal@none@1@S@Interactive telephone technology has taken a new leap in sophistication, and television programmers are racing to exploit the possibilities.@@@@1@19@@oe@2-2-2013
22100006@unknown@formal@none@1@S@Eventually viewers may grow bored with the technology and resent the cost.@@@@1@12@@oe@2-2-2013
22100007@unknown@formal@none@1@S@But right now programmers are figuring that viewers who are busy dialing up a range of services may put down their remote control zappers and stay tuned.@@@@1@27@@oe@2-2-2013
22100008@unknown@formal@none@1@S@"We've been spending a lot of time in Los Angeles talking to TV production people," says Mike Parks, president of Call Interactive, which supplied technology for both ABC Sports and NBC's consumer minutes.@@@@1@33@@oe@2-2-2013
22100009@unknown@formal@none@1@S@"With the competitiveness of the television market these days, everyone is looking for a way to get viewers more excited."@@@@1@20@@oe@2-2-2013
22100010@unknown@formal@none@1@S@One of the leaders behind the expanded use of 900 numbers is Call Interactive, a joint venture of giants American Express Co. and American Telephone & Telegraph Co.@@@@1@28@@oe@2-2-2013
22100011@unknown@formal@none@1@S@Formed in August, the venture weds AT&T's newly expanded 900 service with 200 voice-activated computers in American Express's Omaha, Neb., service center.@@@@1@22@@oe@2-2-2013
22100012@unknown@formal@none@1@S@Other long-distance carriers have also begun marketing enhanced 900 service, and special consultants are springing up to exploit the new tool.@@@@1@21@@oe@2-2-2013
22100013@unknown@formal@none@1@S@Blair Entertainment, a New York firm that advises TV stations and sells ads for them, has just formed a subsidiary -- 900 Blair -- to apply the technology to television.@@@@1@30@@oe@2-2-2013
22100014@unknown@formal@none@1@S@The use of 900 toll numbers has been expanding rapidly in recent years.@@@@1@13@@oe@2-2-2013
22100015@unknown@formal@none@1@S@For a while, high-cost pornography lines and services that tempt children to dial (and redial) movie or music information earned the service a somewhat sleazy image, but new legal restrictions are aimed at trimming excesses.@@@@1@35@@oe@2-2-2013
22100016@unknown@formal@none@1@S@The cost of a 900 call is set by the originator -- ABC Sports, for example -- with the cheapest starting at 75 cents.@@@@1@24@@oe@2-2-2013
22100017@unknown@formal@none@1@S@Billing is included in a caller's regular phone bill.@@@@1@9@@oe@2-2-2013
22100018@unknown@formal@none@1@S@From the fee, the local phone company and the long-distance carrier extract their costs to carry the call, passing the rest of the money to the originator, which must cover advertising and other costs.@@@@1@34@@oe@2-2-2013
22100019@unknown@formal@none@1@S@In recent months, the technology has become more flexible and able to handle much more volume.@@@@1@16@@oe@2-2-2013
22100020@unknown@formal@none@1@S@Before, callers of 900 numbers would just listen and not talk, or they'd vote "yes" or "no" by calling one of two numbers.@@@@1@23@@oe@2-2-2013
22100021@unknown@formal@none@1@S@(People in the phone business call this technology "900 click.")@@@@1@10@@oe@2-2-2013
22100022@unknown@formal@none@1@S@Now, callers are led through complex menus of choices to retrieve information they want, and the hardware can process 10,000 calls in 90 seconds.@@@@1@24@@oe@2-2-2013
22100023@unknown@formal@none@1@S@Up to now, 900 numbers have mainly been used on local TV stations and cable channels.@@@@1@16@@oe@2-2-2013
22100024@unknown@formal@none@1@S@MTV used one to give away the house that rock star Jon Bon Jovi grew up in.@@@@1@17@@oe@2-2-2013
22100025@unknown@formal@none@1@S@For several years, Turner Broadcasting System's Cable News Network has invited viewers to respond nightly to topical issues ("Should the U.S. military intervene in Panama?"), but even the hottest controversies on CNN log only about 10,000 calls.@@@@1@37@@oe@2-2-2013
22100026@unknown@formal@none@1@S@The newest uses of the 900-interactive technology demonstrate the growing variety of applications.@@@@1@13@@oe@2-2-2013
22100027@unknown@formal@none@1@S@Capital Cities/ABC Inc., CBS Inc. and General Electric Co.'s National Broadcasting Co. unit are expected to announce soon a joint campaign to raise awareness about hunger.@@@@1@26@@oe@2-2-2013
22100028@unknown@formal@none@1@S@The subject will be written into the plots of prime-time shows, and viewers will be given a 900 number to call.@@@@1@21@@oe@2-2-2013
22100029@unknown@formal@none@1@S@Callers will be sent educational booklets, and the call's modest cost will be an immediate method of raising money.@@@@1@19@@oe@2-2-2013
22100030@unknown@formal@none@1@S@Other network applications have very different goals.@@@@1@7@@oe@2-2-2013
22100031@unknown@formal@none@1@S@ABC Sports was looking for ways to lift deflated halftime ratings for "Monday Night Football."@@@@1@15@@oe@2-2-2013
22100032@unknown@formal@none@1@S@Kurt Sanger, ABC Sports's marketing director, says that now "tens of thousands" of fans call its 900 number each week to vote for the best punt return, quarterback sack, etc.@@@@1@30@@oe@2-2-2013
22100033@unknown@formal@none@1@S@Profit from the calls goes to charity, but ABC Sports also uses the calls as a sales tool: After thanking callers for voting, Frank Gifford offers a football videotape for $19.95, and 5% of callers stay on the line to order it.@@@@1@42@@oe@2-2-2013
22100034@unknown@formal@none@1@S@Jackets may be sold next.@@@@1@5@@oe@2-2-2013
22100035@unknown@formal@none@1@S@Meanwhile, NBC Sports recently began "Scores Plus," a year-round, 24-hour 900 line providing a complex array of scores, analysis and fan news.@@@@1@22@@oe@2-2-2013
22100036@unknown@formal@none@1@S@A spokesman said its purpose is "to bolster the impression that NBC Sports is always there for people."@@@@1@18@@oe@2-2-2013
22100037@unknown@formal@none@1@S@NBC's "On-Line" consumer minutes have increased advertiser spending during the day, the network's weakest period.@@@@1@15@@oe@2-2-2013
22100038@unknown@formal@none@1@S@Each weekday matches a sponsor and a topic: On Mondays, Unilever N.V.'s Lever Bros. sponsors tips on diet and exercise, followed by a 30-second Lever Bros. commercial.@@@@1@27@@oe@2-2-2013
22100039@unknown@formal@none@1@S@Viewers can call a 900 number for additional advice, which will be tailored to their needs based on the numbers they punch ("Press one if you're pregnant," etc.).@@@@1@28@@oe@2-2-2013
22100040@unknown@formal@none@1@S@If the caller stays on the line and leaves a name and address for the sponsor, coupons and a newsletter will be mailed, and the sponsor will be able to gather a list of desirable potential customers.@@@@1@37@@oe@2-2-2013
22100041@unknown@formal@none@1@S@Diane Seaman, an NBC-TV vice president, says NBC has been able to charge premium rates for this ad time.@@@@1@19@@oe@2-2-2013
22100042@unknown@formal@none@1@S@She wouldn't say what the premium is, but it's believed to be about 40% above regular daytime rates.@@@@1@18@@oe@2-2-2013
22100043@unknown@formal@none@1@S@"We were able to get advertisers to use their promotion budget for this, because they get a chance to do couponing," says Ms. Seaman.@@@@1@24@@oe@2-2-2013
22100044@unknown@formal@none@1@S@"And we were able to attract some new advertisers because this is something new."@@@@1@14@@oe@2-2-2013
22100045@unknown@formal@none@1@S@Mr. Parks of Call Interactive says TV executives are considering the use of 900 numbers for "talk shows, game shows, news and opinion surveys."@@@@1@24@@oe@2-2-2013
22100046@unknown@formal@none@1@S@Experts are predicting a big influx of new shows in 1990, when a service called "automatic number information" will become widely available.@@@@1@22@@oe@2-2-2013
22100047@unknown@formal@none@1@S@This service identifies each caller's phone number, and it can be used to generate instant mailing lists.@@@@1@17@@oe@2-2-2013
22100048@unknown@formal@none@1@S@"Hard Copy," the new syndicated tabloid show from Paramount Pictures, will use its 900 number for additional purposes that include research, says executive producer Mark B. von S. Monsky.@@@@1@29@@oe@2-2-2013
22100049@unknown@formal@none@1@S@"For a piece on local heroes of World War II, we can ask people to leave the name and number of anyone they know who won a medal," he says.@@@@1@30@@oe@2-2-2013
22100050@unknown@formal@none@1@S@"That'll save us time and get people involved."@@@@1@8@@oe@2-2-2013
22100051@unknown@formal@none@1@S@But Mr. Monsky sees much bigger changes ahead.@@@@1@8@@oe@2-2-2013
22100052@unknown@formal@none@1@S@"These are just baby steps toward real interactive video, which I believe will be the biggest thing yet to affect television," he says.@@@@1@23@@oe@2-2-2013
22100053@unknown@formal@none@1@S@Although it would be costly to shoot multiple versions, TV programmers could let audiences vote on different endings for a movie.@@@@1@21@@oe@2-2-2013
22100054@unknown@formal@none@1@S@Fox Broadcasting experimented with this concept last year when viewers of "Married . . . With Children" voted on whether Al should say "I love you" to Peg on Valentine's Day.@@@@1@31@@oe@2-2-2013
22100055@unknown@formal@none@1@S@Someday, viewers may also choose different depths of news coverage.@@@@1@10@@oe@2-2-2013
22100056@unknown@formal@none@1@S@"A menu by phone could let you decide, `I'm interested in just the beginning of story No. 1, and I want story No. 2 in depth," Mr. Monsky says.@@@@1@29@@oe@2-2-2013
22100057@unknown@formal@none@1@S@"You'll start to see shows where viewers program the program.@@@@1@10@@oe@2-2-2013
22101001@unknown@formal@none@1@S@Integrated Resources Inc., the troubled financial-services company that has been trying to sell its core companies to restructure debt, said talks with a potential buyer ended.@@@@1@26@@oe@2-2-2013
22101002@unknown@formal@none@1@S@Integrated didn't identify the party or say why the talks failed.@@@@1@11@@oe@2-2-2013
22101003@unknown@formal@none@1@S@Last week another potential buyer, Whitehall Financial Group -- which had agreed in August to purchase most of Integrated's core companies for $310 million -- ended talks with Integrated.@@@@1@29@@oe@2-2-2013
22101004@unknown@formal@none@1@S@Integrated said that it would continue to pursue "other alternatives" to sell the five core companies and that a group of senior executives plans to make a proposal to purchase three of the companies -- Integrated Resources Equity Corp., Resources Trust Co. and Integrated Resources Asset Management Corp.@@@@1@48@@oe@2-2-2013
22101005@unknown@formal@none@1@S@A price wasn't disclosed.@@@@1@4@@oe@2-2-2013
22101006@unknown@formal@none@1@S@Integrated also said it expects to report a second-quarter loss wider than the earlier estimate of about $600 million.@@@@1@19@@oe@2-2-2013
22101007@unknown@formal@none@1@S@The company didn't disclose the new estimate but said the change was related to Integrated's failure to sell its core businesses, as well as "other events," which it didn't detail, that occurred after its announcement last week that it was in talks with the unidentified prospective buyer.@@@@1@47@@oe@2-2-2013
22101008@unknown@formal@none@1@S@Meanwhile, a number of top sales producers from Integrated Resources Equity will meet this afternoon in Chicago to discuss their options.@@@@1@21@@oe@2-2-2013
22101009@unknown@formal@none@1@S@The unit is a loosely constructed group of about 3,900 independent brokers and financial planners who sell insurance, annuities, limited partnerships, mutual funds and other investments for Integrated and other firms.@@@@1@31@@oe@2-2-2013
22101010@unknown@formal@none@1@S@The sales force is viewed as a critical asset in Integrated's attempt to sell its core companies.@@@@1@17@@oe@2-2-2013
22101011@unknown@formal@none@1@S@Whitehall cited concerns about how long Integrated would be able to hold together the sales force as one reason its talks with Integrated failed.@@@@1@24@@oe@2-2-2013
22101012@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange yesterday, Integrated closed at $1.25 a share, down 25 cents.@@@@1@19@@oe@2-2-2013
22101013@unknown@formal@none@1@S@Integrated has been struggling to avoid a bankruptcy-law filing since June, when it failed to make interest payments on nearly $1 billion of debt.@@@@1@24@@oe@2-2-2013
22101014@unknown@formal@none@1@S@Integrated senior and junior creditors are owed a total of about $1.8 billion.@@@@1@13@@oe@2-2-2013
22102001@unknown@formal@none@1@S@AN EARTHQUAKE STRUCK Northern California, killing more than 50 people.@@@@1@10@@oe@2-2-2013
22102002@unknown@formal@none@1@S@The violent temblor, which lasted about 15 seconds and registered 6.9 on the Richter scale, also caused the collapse of a 30-foot section of the San Francisco-Oakland Bay Bridge and shook Candlestick Park.@@@@1@33@@oe@2-2-2013
22102003@unknown@formal@none@1@S@The tremor was centered near Hollister, southeast of San Francisco, and was felt as far as 200 miles away.@@@@1@19@@oe@2-2-2013
22102004@unknown@formal@none@1@S@Numerous injuries were reported.@@@@1@4@@oe@2-2-2013
22102005@unknown@formal@none@1@S@Some buildings collapsed, gas and water lines ruptured and fires raged.@@@@1@11@@oe@2-2-2013
22102006@unknown@formal@none@1@S@The quake, which also caused damage in San Jose and Berkeley, knocked out electricity and telephones, cracked roadways and disrupted subway service in the Bay Area.@@@@1@26@@oe@2-2-2013
22102007@unknown@formal@none@1@S@Major injuries weren't reported at Candlestick Park, where the third game of baseball's World Series was canceled and fans evacuated from the stadium.@@@@1@23@@oe@2-2-2013
22102008@unknown@formal@none@1@S@Bush vowed to veto a bill allowing federal financing for abortions in cases of rape and incest, saying tax dollars shouldn't be used to "compound a violent act with the taking of an unborn life."@@@@1@35@@oe@2-2-2013
22102009@unknown@formal@none@1@S@His pledge, in a letter to Democratic Sen. Byrd, came ahead of an expected Senate vote on spending legislation containing the provision.@@@@1@22@@oe@2-2-2013
22102010@unknown@formal@none@1@S@East Germany's Politburo met amid speculation that the ruling body would oust hard-line leader Honecker, whose rule has been challenged by mass emigration and calls for democratic freedoms.@@@@1@28@@oe@2-2-2013
22102011@unknown@formal@none@1@S@Meanwhile, about 125 refugees flew to Duesseldorf, West Germany, from Warsaw, the first airlift in East Germany's refugee exodus.@@@@1@19@@oe@2-2-2013
22102012@unknown@formal@none@1@S@The World Psychiatric Association voted at an Athens parley to conditionally readmit the Soviet Union.@@@@1@15@@oe@2-2-2013
22102013@unknown@formal@none@1@S@Moscow, which left the group in 1983 to avoid explusion over allegations that political dissidents were being certified as insane, could be suspended if the misuse of psychiatry against dissenters is discovered during a review within a year.@@@@1@38@@oe@2-2-2013
22102014@unknown@formal@none@1@S@NASA postponed the liftoff of the space shuttle Atlantis because of rain near the site of the launch pad in Cape Canaveral, Fla.@@@@1@23@@oe@2-2-2013
22102015@unknown@formal@none@1@S@The flight was rescheduled for today.@@@@1@6@@oe@2-2-2013
22102016@unknown@formal@none@1@S@The spacecraft's five astronauts are to dispatch the nuclear-powered Galileo space probe on an exploratory mission to Jupiter.@@@@1@18@@oe@2-2-2013
22102017@unknown@formal@none@1@S@Senate Democratic leaders said they had enough votes to defeat a proposed constitutional amendment to ban flag burning.@@@@1@18@@oe@2-2-2013
22102018@unknown@formal@none@1@S@The amendment is aimed at skirting a Supreme Court ruling that threw out the conviction of a Texas flag-burner on grounds that his freedom of speech was violated.@@@@1@28@@oe@2-2-2013
22102019@unknown@formal@none@1@S@Federal researchers said lung-cancer mortality rates for people under 45 years of age have begun to decline, particularly for white males.@@@@1@21@@oe@2-2-2013
22102020@unknown@formal@none@1@S@The National Cancer Institute also projected that overall U.S. mortality rates from lung cancer should begin to drop in several years if cigarette smoking continues to abate.@@@@1@27@@oe@2-2-2013
22102021@unknown@formal@none@1@S@Bush met with South Korean President Roh, who indicated that Seoul plans to further ease trade rules to ensure that its economy becomes as open as the other industrialized nations by the mid-1990s.@@@@1@33@@oe@2-2-2013
22102022@unknown@formal@none@1@S@Bush assured Roh that the U.S. would stand by its security commitments "as long as there is a threat" from Communist North Korea.@@@@1@23@@oe@2-2-2013
22102023@unknown@formal@none@1@S@The Bush administration is seeking an understanding with Congress to ease restrictions on U.S. involvement in foreign coups that might result in the death of a country's leader.@@@@1@28@@oe@2-2-2013
22102024@unknown@formal@none@1@S@A White House spokesman said that while Bush wouldn't alter a longstanding ban on such involvement, "there's a clarification needed" on its interpretation.@@@@1@23@@oe@2-2-2013
22102025@unknown@formal@none@1@S@India's Gandhi called for parliamentary elections next month.@@@@1@8@@oe@2-2-2013
22102026@unknown@formal@none@1@S@The balloting, considered a test for the prime minister and the ruling Congress (I) Party, comes amid charges of inept leadership and government corruption.@@@@1@24@@oe@2-2-2013
22102027@unknown@formal@none@1@S@Gandhi's family has ruled independent India for all but five years of its 42-year history.@@@@1@15@@oe@2-2-2013
22102028@unknown@formal@none@1@S@The Soviet Union abstained from a U.N. General Assembly vote to reject Israel's credentials.@@@@1@14@@oe@2-2-2013
22102029@unknown@formal@none@1@S@It was the first time in seven years that Moscow hasn't joined efforts, led by Moslem nations, to expel Israel from the world body, and was viewed as a sign of improving Soviet-Israeli ties.@@@@1@34@@oe@2-2-2013
22102030@unknown@formal@none@1@S@Israel was seated by a vote of 95-37, with 15 abstentions.@@@@1@11@@oe@2-2-2013
22102031@unknown@formal@none@1@S@Black activist Walter Sisulu said the African National Congress wouldn't reject violence as a way to pressure the South African government into concessions that might lead to negotiations over apartheid.@@@@1@30@@oe@2-2-2013
22102032@unknown@formal@none@1@S@The 77-year-old Sisulu was among eight black political activists freed Sunday from prison.@@@@1@13@@oe@2-2-2013
22102033@unknown@formal@none@1@S@London has concluded that Austrian President Waldheim wasn't responsible for the execution of six British commandos in World War II, although he probably was aware of the slayings.@@@@1@28@@oe@2-2-2013
22102034@unknown@formal@none@1@S@The report by the Defense Ministry also rejected allegations that Britain covered up evidence of Waldheim's activities as a German army officer.@@@@1@22@@oe@2-2-2013
22102035@unknown@formal@none@1@S@An international group approved a formal ban on ivory trade despite objections from southern African governments, which threatened to find alternative channels for selling elephant tusks.@@@@1@26@@oe@2-2-2013
22102036@unknown@formal@none@1@S@The move by the Convention on Trade in Endangered Species, meeting in Switzerland, places the elephant on the endangered-species list.@@@@1@20@@oe@2-2-2013
22102037@unknown@formal@none@1@S@An assassin in Colombia killed a federal judge on a Medellin street.@@@@1@12@@oe@2-2-2013
22102038@unknown@formal@none@1@S@An anonymous caller to a local radio station said cocaine traffickers had slain the magistrate in retaliation for the extraditions of Colombians wanted on drug charges in the U.S.@@@@1@29@@oe@2-2-2013
22102039@unknown@formal@none@1@S@Libyan leader Gadhafi met with Egypt's President Mubarak, and the two officials pledged to respect each other's laws, security and stability.@@@@1@21@@oe@2-2-2013
22102040@unknown@formal@none@1@S@They stopped short of resuming diplomatic ties, severed in 1979.@@@@1@10@@oe@2-2-2013
22102041@unknown@formal@none@1@S@The reconciliation talks in the Libyan desert town of Tobruk followed a meeting Monday in the Egyptian resort of Mersa Metruh.@@@@1@21@@oe@2-2-2013
22103001@unknown@formal@none@1@S@Alpine Group Inc. revised its exchange offer for $43.7 million face amount of 13.5% senior subordinated debt due 1996 and extended the offer to Oct. 27 from Oct. 12.@@@@1@29@@oe@2-2-2013
22103002@unknown@formal@none@1@S@The Hackensack, N.J., company said holders would receive for each $1,000 face amount, $750 face amount of a new issue of secured senior subordinated notes, convertible into common stock at an initial rate of $6.50 a share, and 50 common shares.@@@@1@41@@oe@2-2-2013
22103003@unknown@formal@none@1@S@The new notes will bear interest at 5.5% through July 31, 1991, and thereafter at 10%.@@@@1@16@@oe@2-2-2013
22103004@unknown@formal@none@1@S@Under the original proposal, the maker of specialty coatings and a developer of information-display technologies offered $400 of notes due 1996, 10 common shares and $175 in cash for each $1,000 face amount.@@@@1@33@@oe@2-2-2013
22103005@unknown@formal@none@1@S@Completion of the exchange offer is subject to the tender of at least 80% of the debt, among other things.@@@@1@20@@oe@2-2-2013
22103006@unknown@formal@none@1@S@Alpine, which said it doesn't plan to further extend the offer, said it received $615,000 face amount of debt under the original offer.@@@@1@23@@oe@2-2-2013
22104001@unknown@formal@none@1@S@The stock of UAL Corp. continued to be pounded amid signs that British Airways may balk at any hasty reformulation of the aborted $6.79 billion buy-out of United Airlines' parent.@@@@1@30@@oe@2-2-2013
22104002@unknown@formal@none@1@S@UAL stock plummeted a further $24.875 to $198 on volume of more than 2.8 million shares in New York Stock Exchange composite trading.@@@@1@23@@oe@2-2-2013
22104003@unknown@formal@none@1@S@The plunge followed a drop of $56.875 Monday, amid indications the takeover may take weeks to be revived.@@@@1@18@@oe@2-2-2013
22104004@unknown@formal@none@1@S@The stock has fallen $87.25, or 31%, in the three trading days since announcement of the collapse of the $300-a-share takeover jolted the entire stock market into its second-worst plunge ever.@@@@1@31@@oe@2-2-2013
22104005@unknown@formal@none@1@S@"This is a total bloodbath" for takeover-stock traders, one investment banker said.@@@@1@12@@oe@2-2-2013
22104006@unknown@formal@none@1@S@Los Angeles financier Marvin Davis, who put United in play with a $5.4 billion bid two months ago, last night proffered both a ray of hope and an extra element of uncertainty by saying he remains interested in acquiring UAL.@@@@1@40@@oe@2-2-2013
22104007@unknown@formal@none@1@S@But he dropped his earlier $300-a-share back-up bid, saying he must first explore bank financing.@@@@1@15@@oe@2-2-2013
22104008@unknown@formal@none@1@S@Even as Citicorp and Chase Manhattan Corp. scrambled to line up bank financing for a revised version of the lapsed labor-management bid, British Airways, a 15% partner in the buying group, indicated it wants to start from scratch.@@@@1@38@@oe@2-2-2013
22104009@unknown@formal@none@1@S@Its partners are United's pilots, who were to own 75%, and UAL management at 10%.@@@@1@15@@oe@2-2-2013
22104010@unknown@formal@none@1@S@Adding insult to injury, United's 25,000-member Machinists' union, which helped scuttle financing for the first bid, yesterday asked UAL Chairman Stephen Wolf and other UAL directors to resign.@@@@1@28@@oe@2-2-2013
22104011@unknown@formal@none@1@S@A similar demand was made by a group that represents some of United's 26,000 noncontract employees.@@@@1@16@@oe@2-2-2013
22104012@unknown@formal@none@1@S@John Peterpaul, Machinists union general vice president, attacked Mr. Wolf as "greedy and irresponsible" for pursuing the buy-out.@@@@1@18@@oe@2-2-2013
22104013@unknown@formal@none@1@S@Although Mr. Wolf and John Pope, UAL's chief financial officer, stood to pocket $114.3 million for stock and options in the buy-out, UAL executives planned to reinvest only $15 million in the new company.@@@@1@34@@oe@2-2-2013
22104014@unknown@formal@none@1@S@The blue-collar machinists, longtime rivals of the white-collar pilots, say the buyout would load the company with debt and weaken its finances.@@@@1@22@@oe@2-2-2013
22104015@unknown@formal@none@1@S@Confusion about the two banks' hurried efforts to round up financing for a new bid that the UAL board hasn't even seen yet helped send UAL stock spiraling downward.@@@@1@29@@oe@2-2-2013
22104016@unknown@formal@none@1@S@And rumors of forced selling by takeover-stock traders triggered a 25-point downdraft in the Dow Jones Industrial Average around 11:15 a.m. EDT yesterday.@@@@1@23@@oe@2-2-2013
22104017@unknown@formal@none@1@S@Yesterday's selling began after a Japanese news agency reported that Japanese banks, which balked at the first bid, were ready to reject a revised version at around $250 a share, or $5.65 billion.@@@@1@33@@oe@2-2-2013
22104018@unknown@formal@none@1@S@Several reports as the day progressed gave vague or conflicting indications about whether banks would sign up.@@@@1@17@@oe@2-2-2013
22104019@unknown@formal@none@1@S@Citicorp, for example, said only that it had "expressions of interest of a transaction from both the borrowers and the banks," but didn't have an agreement.@@@@1@26@@oe@2-2-2013
22104020@unknown@formal@none@1@S@Late in the day, Mr. Wolf issued a onepage statement calling Mr. Peterpaul's blast "divisive and uncalled for."@@@@1@18@@oe@2-2-2013
22104021@unknown@formal@none@1@S@But he gave few details on the progress toward a new bid, saying only, "We are working toward a revised proposal for majority employee ownership."@@@@1@25@@oe@2-2-2013
22104022@unknown@formal@none@1@S@Meanwhile, in another sign that a new bid isn't imminent, it was learned that the UAL board held a telephone meeting Monday to hear an update on the situation, but that a formal board meeting isn't likely to be convened until early next week.@@@@1@44@@oe@2-2-2013
22104023@unknown@formal@none@1@S@In London, British Airways Chairman Lord King was quoted in the Times as declaring he is "not prepared to take my shareholders into a hasty deal."@@@@1@26@@oe@2-2-2013
22104024@unknown@formal@none@1@S@Observers said it appeared that British Air was angered at the way the bid has degenerated into confusion, as well as by the banks' effort to round up financing for what one called "a deal that isn't a deal."@@@@1@39@@oe@2-2-2013
22104025@unknown@formal@none@1@S@The effort to revive the bid was complicated by the unwieldy nature of the three-party buying group.@@@@1@17@@oe@2-2-2013
22104026@unknown@formal@none@1@S@The pilots were meeting outside Chicago yesterday.@@@@1@7@@oe@2-2-2013
22104027@unknown@formal@none@1@S@But British Air, which was to have supplied $750 million out of $965 million in equity financing, apparently wasn't involved in the second proposal and could well reject it even if banks obtain financing.@@@@1@34@@oe@2-2-2013
22104028@unknown@formal@none@1@S@A group of United's noncontract employees said in a statement, "The fact that Wolf and other officers were going to line their pockets with literally millions of dollars while instituting severe pay cuts on the nonunion employees of United is not only deplorable but inexcusable."@@@@1@45@@oe@2-2-2013
22104029@unknown@formal@none@1@S@The machinists also asked for an investigation by the Securities and Exchange Commission into possible securities-law violations in the original bid for UAL by Mr. Davis, as well as in the response by UAL.@@@@1@34@@oe@2-2-2013
22104030@unknown@formal@none@1@S@Last week, just before the bank commitments were due, the union asked the U.S. Labor Department to study whether the bid violated legal standards of fairness governing employee investment funds.@@@@1@30@@oe@2-2-2013
22104031@unknown@formal@none@1@S@In his statement, Mr. Wolf said, "We continue to believe our approach is sound, and that it is far better for all employees than the alternative of having an outsider own the company with employees paying for it just the same."@@@@1@41@@oe@2-2-2013
22104032@unknown@formal@none@1@S@Mr. Wolf has eschewed merger advice from a major Wall Street securities firm, relying instead only on a takeover lawyer, Peter Atkins of Skadden Arps Slate Meagher & Flom.@@@@1@29@@oe@2-2-2013
22104033@unknown@formal@none@1@S@The huge drop in UAL stock prompted one takeover stock trader, George Kellner, managing partner of Kellner, DiLeo & Co., to deny publicly rumors that his firm was going out of business.@@@@1@32@@oe@2-2-2013
22104034@unknown@formal@none@1@S@Mr. Kellner said that despite losses on UAL stock, his firm's health is "excellent."@@@@1@14@@oe@2-2-2013
22104035@unknown@formal@none@1@S@The stock's decline also has left the UAL board in a quandary.@@@@1@12@@oe@2-2-2013
22104036@unknown@formal@none@1@S@Although it may not be legally obligated to sell the company if the buy-out group can't revive its bid, it may have to explore alternatives if the buyers come back with a bid much lower than the group's original $300-a-share proposal.@@@@1@41@@oe@2-2-2013
22104037@unknown@formal@none@1@S@At a meeting Sept. 1 to consider the labor-management bid, the board also was informed by its investment adviser, First Boston Corp., of interest expressed by buy-out funds including Kohlberg Kravis Roberts & Co. and Forstmann Little & Co., as well as by Robert Bass, Morgan Stanley's buy-out fund, and Pan Am Corp.@@@@1@53@@oe@2-2-2013
22104038@unknown@formal@none@1@S@The takeover-stock traders were hoping that Mr. Davis or one of the other interested parties might re-emerge with the situation in disarray, or that the board might consider a recapitalization.@@@@1@30@@oe@2-2-2013
22104039@unknown@formal@none@1@S@Meanwhile, Japanese bankers said they were still hesitant about accepting Citicorp's latest proposal.@@@@1@13@@oe@2-2-2013
22105001@unknown@formal@none@1@S@Macmillan Inc. said it plans a public offering of 8.4 million shares of its Berlitz International Inc. unit at $19 to $21 a share.@@@@1@24@@oe@2-2-2013
22105002@unknown@formal@none@1@S@The offering for the language school unit was announced by Robert Maxwell, chairman and chief executive officer of London-based Maxwell Communication Corp., which owns Macmillan.@@@@1@25@@oe@2-2-2013
22105003@unknown@formal@none@1@S@After the offering is completed, Macmillan will own about 56% of the Berlitz common stock outstanding.@@@@1@16@@oe@2-2-2013
22105004@unknown@formal@none@1@S@Five million shares will be offered in the U.S., and 3.4 million additional shares will be offered in concurrent international offerings outside the U.S.@@@@1@24@@oe@2-2-2013
22105005@unknown@formal@none@1@S@Goldman, Sachs & Co. will manage the offering.@@@@1@8@@oe@2-2-2013
22105006@unknown@formal@none@1@S@Macmillan said Berlitz intends to pay quarterly dividends on the stock.@@@@1@11@@oe@2-2-2013
22105007@unknown@formal@none@1@S@The company said it expects to pay the first dividend, of 12.5 cents a share, in the 1990 first quarter.@@@@1@20@@oe@2-2-2013
22105008@unknown@formal@none@1@S@Berlitz will borrow an amount equal to its expected net proceeds from the offerings, plus $50 million, in connection with a credit agreement with lenders.@@@@1@25@@oe@2-2-2013
22105009@unknown@formal@none@1@S@The total borrowing will be about $208 million, the company said.@@@@1@11@@oe@2-2-2013
22105010@unknown@formal@none@1@S@Proceeds from the borrowings under the credit agreement will be used to pay an $80 million cash dividend to Macmillan and to lend the remainder of about $128 million to Maxwell Communications in connection with a promissory note.@@@@1@38@@oe@2-2-2013
22105011@unknown@formal@none@1@S@Proceeds from the offering will be used to repay borrowings under the short-term parts of a credit agreement.@@@@1@18@@oe@2-2-2013
22105012@unknown@formal@none@1@S@Berlitz, which is based in Princeton, N.J., provides language instruction and translation services through more than 260 language centers in 25 countries.@@@@1@22@@oe@2-2-2013
22105013@unknown@formal@none@1@S@In the past five years, more than 68% of its sales have been outside the U.S.@@@@1@16@@oe@2-2-2013
22105014@unknown@formal@none@1@S@Macmillan has owned Berlitz since 1966.@@@@1@6@@oe@2-2-2013
22105015@unknown@formal@none@1@S@In the first six months of this year, Berlitz posted net income of $7.6 million on sales of $106.2 million, compared with net income of $8.2 million on sales of $90.6 million.@@@@1@32@@oe@2-2-2013
22106001@unknown@formal@none@1@S@Right away you notice the following things about a Philip Glass concert.@@@@1@12@@oe@2-2-2013
22106002@unknown@formal@none@1@S@It attracts people with funny hair (or with no hair -- in front of me a girl with spiked locks sat beside a boy who had shaved his).@@@@1@28@@oe@2-2-2013
22106003@unknown@formal@none@1@S@Whoever constitute the local Left Bank come out in force, dressed in black, along with a smattering of yuppies who want to be on the cutting edge.@@@@1@27@@oe@2-2-2013
22106004@unknown@formal@none@1@S@People in Glass houses tend to look stoned.@@@@1@8@@oe@2-2-2013
22106005@unknown@formal@none@1@S@And, if still conscious at the evening's end, you notice something else: The audience, at first entranced and hypnotized by the music, releases its pent-up feelings in collective gratitude.@@@@1@29@@oe@2-2-2013
22106006@unknown@formal@none@1@S@Currently in the middle of a four-week, 20-city tour as a solo pianist, Mr. Glass has left behind his synthesizers, equipment and collaborators in favor of going it alone.@@@@1@29@@oe@2-2-2013
22106007@unknown@formal@none@1@S@He sits down at the piano and plays.@@@@1@8@@oe@2-2-2013
22106008@unknown@formal@none@1@S@And plays.@@@@1@2@@oe@2-2-2013
22106009@unknown@formal@none@1@S@Either one likes it or one doesn't.@@@@1@7@@oe@2-2-2013
22106010@unknown@formal@none@1@S@The typical Glass audience, which is more likely to be composed of music students than their teachers, certainly does.@@@@1@19@@oe@2-2-2013
22106011@unknown@formal@none@1@S@The work, though, sounds like Muzak for spaceships.@@@@1@8@@oe@2-2-2013
22106012@unknown@formal@none@1@S@Philip Glass is the emperor, and his music the new clothes, of the avant-garde.@@@@1@14@@oe@2-2-2013
22106013@unknown@formal@none@1@S@His success is easy to understand.@@@@1@6@@oe@2-2-2013
22106014@unknown@formal@none@1@S@Softly introducing and explaining his pieces, Mr. Glass looks and sounds more like a shaggy poet describing his work than a classical pianist playing a recital.@@@@1@26@@oe@2-2-2013
22106015@unknown@formal@none@1@S@The piano compositions, which have been labeled variously as minimalist, Oriental, repetitive, cyclical, monophonic and hypnotic, are relentlessly tonal (therefore unthreatening), unvaryingly rhythmic (therefore soporific), and unflaggingly harmonious but unmelodic (therefore both pretty and unconventional).@@@@1@35@@oe@2-2-2013
22106016@unknown@formal@none@1@S@It is music for people who want to hear something different but don't want to work especially hard at the task.@@@@1@21@@oe@2-2-2013
22106017@unknown@formal@none@1@S@It is E-Z listening for the now generation.@@@@1@8@@oe@2-2-2013
22106018@unknown@formal@none@1@S@Mr. Glass has inverted the famous modernist dictum "less is more."@@@@1@11@@oe@2-2-2013
22106019@unknown@formal@none@1@S@His more is always less.@@@@1@5@@oe@2-2-2013
22106020@unknown@formal@none@1@S@Far from being minimalist, the music unabatingly torments us with apparent novelties not so cleverly disguised in the simplicities of 4/4 time, octave intervals, and ragtime or gospel chord progressions.@@@@1@30@@oe@2-2-2013
22106021@unknown@formal@none@1@S@But the music has its charm, and Mr. Glass has constructed his solo program around a move from the simple to the relatively complex.@@@@1@24@@oe@2-2-2013
22106022@unknown@formal@none@1@S@"Opening" (1981), from Glassworks, introduces the audience to the Glass technique: Never straying too far from the piano's center, Mr. Glass works in the two octaves on either side of middle C, and his fingers seldom leave the keys.@@@@1@39@@oe@2-2-2013
22106023@unknown@formal@none@1@S@There is a recognizable musical style here, but not a particular performance style.@@@@1@13@@oe@2-2-2013
22106024@unknown@formal@none@1@S@The music is not especially pianistic; indeed, it's hard to imagine a bad performance of it.@@@@1@16@@oe@2-2-2013
22106025@unknown@formal@none@1@S@Nothing bravura, no arpeggios, no ticklish fingering problems challenge the performer.@@@@1@11@@oe@2-2-2013
22106026@unknown@formal@none@1@S@We hear, we may think, inner voices, but they all seem to be saying the same thing.@@@@1@17@@oe@2-2-2013
22106027@unknown@formal@none@1@S@With "Planet News," music meant to accompany readings of Allen Ginsberg's "Wichita Vortex Sutra," Mr. Glass gets going.@@@@1@18@@oe@2-2-2013
22106028@unknown@formal@none@1@S@His hands sit farther apart on the keyboard.@@@@1@8@@oe@2-2-2013
22106029@unknown@formal@none@1@S@Seventh chords make you feel as though he may break into a (very slow) improvisatory riff.@@@@1@16@@oe@2-2-2013
22106030@unknown@formal@none@1@S@The chords modulate, but there is little filigree even though his fingers begin to wander over more of the keys.@@@@1@20@@oe@2-2-2013
22106031@unknown@formal@none@1@S@Contrasts predictably accumulate: First the music is loud, then it becomes soft, then (you realize) it becomes louder again.@@@@1@19@@oe@2-2-2013
22106032@unknown@formal@none@1@S@"The Fourth Knee Play," an interlude from "Einstein on the Beach," is like a toccata but it doesn't seem to move much beyond its left-hand ground in "Three Blind Mice."@@@@1@30@@oe@2-2-2013
22106033@unknown@formal@none@1@S@When Mr. Glass decides to get really fancy, he crosses his hands and hits a resonant bass note with his right hand.@@@@1@22@@oe@2-2-2013
22106034@unknown@formal@none@1@S@He does this in at least three of his solo pieces.@@@@1@11@@oe@2-2-2013
22106035@unknown@formal@none@1@S@You might call it a leitmotif or a virtuoso accomplishment.@@@@1@10@@oe@2-2-2013
22106036@unknown@formal@none@1@S@In "Mad Rush," which came from a commission to write a piece of indeterminate length (Mr. Glass charmingly, and tellingly, confessed that "this was no problem for me"), an A section alternates with a B section several times before the piece ends unresolved.@@@@1@43@@oe@2-2-2013
22106037@unknown@formal@none@1@S@Not only is the typical Glasswork open-ended, it is also often multiple in its context(s).@@@@1@15@@oe@2-2-2013
22106038@unknown@formal@none@1@S@"Mad Rush" began its life as the accompaniment to the Dalai Lama's first public address in the U.S., when Mr. Glass played it on the organ at New York's Cathedral of St. John the Divine.@@@@1@35@@oe@2-2-2013
22106039@unknown@formal@none@1@S@Later it was performed on Radio Bremen in Germany, and then Lucinda Childs took it for one of her dance pieces.@@@@1@21@@oe@2-2-2013
22106040@unknown@formal@none@1@S@The point is that any piece can be used as background music for virtually anything.@@@@1@15@@oe@2-2-2013
22106041@unknown@formal@none@1@S@The evening ended with Mr. Glass's "Metamorphosis," another multiple work.@@@@1@10@@oe@2-2-2013
22106042@unknown@formal@none@1@S@Parts 1, 2, and 5 come from the soundtrack of Errol Morris's acclaimed film, "The Thin Blue Line," and the two other parts from incidental music to two separate dramatizations of the Kafka story of the same name.@@@@1@38@@oe@2-2-2013
22106043@unknown@formal@none@1@S@When used as background in this way, the music has an appropriate eeriness, as when a two-note phrase, a descending minor third, accompanies the seemingly endless litany of reports, interviews and confessions of witnesses in the Morris film.@@@@1@38@@oe@2-2-2013
22106044@unknown@formal@none@1@S@Served up as a solo, however, the music lacks the resonance provided by a context within another medium.@@@@1@18@@oe@2-2-2013
22106045@unknown@formal@none@1@S@Admirers of Mr. Glass may agree with the critic Richard Kostelanetz's sense that the 1974 "Music in Twelve Parts" is as encyclopedic and weighty as "The Well-Tempered Clavier."@@@@1@28@@oe@2-2-2013
22106046@unknown@formal@none@1@S@But while making the obvious point that both composers develop variations from themes, this comparison ignores the intensely claustrophobic nature of Mr. Glass's music.@@@@1@24@@oe@2-2-2013
22106047@unknown@formal@none@1@S@Its supposedly austere minimalism overlays a bombast that makes one yearn for the astringency of neoclassical Stravinsky, the genuinely radical minimalism of Berg and Webern, and what in retrospect even seems like concision in Mahler.@@@@1@35@@oe@2-2-2013
22106048@unknown@formal@none@1@S@Mr. Spiegelman is professor of English at Southern Methodist University and editor of the Southwest Review.@@@@1@16@@oe@2-2-2013
22107001@unknown@formal@none@1@S@Honeywell Inc. said it hopes to complete shortly the first of two sales of shares in its Japanese joint venture, Yamatake-Honeywell, for about $280 million.@@@@1@25@@oe@2-2-2013
22107002@unknown@formal@none@1@S@The company wouldn't disclose the buyer of the initial 16% stake.@@@@1@11@@oe@2-2-2013
22107003@unknown@formal@none@1@S@Proceeds of the sale, expected to be completed next week, would be used to repurchase as many as 10 million shares of Honeywell stock, the company said.@@@@1@27@@oe@2-2-2013
22107004@unknown@formal@none@1@S@Honeywell said it is negotiating the sale of a second stake in Yamatake-Honeywell, but indicated it intends to hold at least 20% of the joint venture's stock long term.@@@@1@29@@oe@2-2-2013
22107005@unknown@formal@none@1@S@A 20% stake would allow Honeywell to include Yamatake earnings in its results.@@@@1@13@@oe@2-2-2013
22107006@unknown@formal@none@1@S@Honeywell previously said it intended to reduce its holding in the Japanese concern as part of a restructuring plan which also calls for a reduction of dependence on weapons sales.@@@@1@30@@oe@2-2-2013
22107007@unknown@formal@none@1@S@Yesterday a spokeswoman said the company was "pleased with our progress" in that regard and "hopes to provide additional details soon."@@@@1@21@@oe@2-2-2013
22107008@unknown@formal@none@1@S@Honeywell said its Defense and Marine Systems group incurred delays in shipping some undisclosed contracts during the third quarter, resulting in lower operating profit for that business.@@@@1@27@@oe@2-2-2013
22107009@unknown@formal@none@1@S@Overall, Honeywell reported earnings of $74.4 million, or $1.73 a share, for the three months ended Oct. 1 compared with a loss of $41.4 million, or 98 cents a share, a year earlier.@@@@1@33@@oe@2-2-2013
22107010@unknown@formal@none@1@S@The previous period's results included a $108 million pretax charge related to unrecoverable contract costs and a $12.3 million pretax gain on real estate sales.@@@@1@25@@oe@2-2-2013
22107011@unknown@formal@none@1@S@Sales for the latest quarter were flat, at $1.72 billion.@@@@1@10@@oe@2-2-2013
22107012@unknown@formal@none@1@S@For the nine months, Honeywell reported earnings of $212.1 million, or $4.92 a share, compared with earnings of $47.9 million, or $1.13 a share, a year earlier.@@@@1@27@@oe@2-2-2013
22107013@unknown@formal@none@1@S@Sales declined slightly to $5.17 billion.@@@@1@6@@oe@2-2-2013
22108001@unknown@formal@none@1@S@Once again, your editorial page misstates the law to conform to your almost beatific misperceptions.@@@@1@15@@oe@2-2-2013
22108002@unknown@formal@none@1@S@In an excursus of little relevance to his central point about private enforcement suits by environmental groups, Michael S. Greve informs your readers, ". . . the Clean Water Act is written upon the presumption -- the pretense, rather -- that nothing but zero risk will do; it establishes a legal standard of zero discharge" ("Congress's Environmental Buccaneers," Sept. 18).@@@@1@60@@oe@2-2-2013
22108003@unknown@formal@none@1@S@This statement surely buttresses your editorial viewpoint that environmental protection is generally silly or excessive, but it is simply wrong.@@@@1@20@@oe@2-2-2013
22108004@unknown@formal@none@1@S@The Clean Water Act contains no "legal standard" of zero discharge.@@@@1@11@@oe@2-2-2013
22108005@unknown@formal@none@1@S@It requires that "discharges of pollutants" into the "waters of the United States" be authorized by permits that reflect the effluent limitations developed under section 301.@@@@1@26@@oe@2-2-2013
22108006@unknown@formal@none@1@S@Whatever may be the problems with this system, it scarcely reflects "zero risk" or "zero discharge."@@@@1@16@@oe@2-2-2013
22108007@unknown@formal@none@1@S@Perhaps Mr. Greve was confused by Congress's meaningless statement of "the national goal" in section 101, which indeed calls for the elimination of discharges -- by 1985, no less.@@@@1@29@@oe@2-2-2013
22108008@unknown@formal@none@1@S@This fatuous statement was not taken seriously when enacted in 1972, and should not now be confused with the operative provisions of the statute.@@@@1@24@@oe@2-2-2013
22108009@unknown@formal@none@1@S@Thus, you do the public a great disservice when Mr. Greve suggests, even facetiously, that the Clean Water Act prohibits the preparation of a scotch and water; your tippling readers may be led to believe that nothing but chance or oversight protects them, as they cower in the night with their scotch and waters, from the hairyknuckled knock of the Sierra Club at their doors.@@@@1@65@@oe@2-2-2013
22108010@unknown@formal@none@1@S@Robert J. McManus@@@@1@3@@oe@2-2-2013
22109001@unknown@formal@none@1@S@National Geographic, the sixth-largest U.S. magazine, is attracting more readers than ever and offers the glossy, high-toned pages that upscale advertisers love.@@@@1@22@@oe@2-2-2013
22109002@unknown@formal@none@1@S@So why did advertising pages plunge by almost 10% and ad revenue by 7.2% in the first half?@@@@1@18@@oe@2-2-2013
22109003@unknown@formal@none@1@S@To hear advertisers tell it, the magazine just hasn't kept up with the times.@@@@1@14@@oe@2-2-2013
22109004@unknown@formal@none@1@S@Despite renewed interest by the public in such topics as the environment and the Third World, it hasn't been able to shake its reputation as a magazine boys like to flip through in search of topless tribe women.@@@@1@38@@oe@2-2-2013
22109005@unknown@formal@none@1@S@Worse, it lagged behind competitors in offering now-standard gimmicks, from regional editions to discounts for frequent advertisers.@@@@1@17@@oe@2-2-2013
22109006@unknown@formal@none@1@S@But now, the magazine is attempting to fight back, with an ambitious plan including a revamped sales strategy and a surprisingly aggressive ad campaign.@@@@1@24@@oe@2-2-2013
22109007@unknown@formal@none@1@S@Advertisers don't think of the magazine first, says Joan McCraw, who joined in April as national advertising director.@@@@1@18@@oe@2-2-2013
22109008@unknown@formal@none@1@S@"What we want to do is take a more aggressive stance.@@@@1@11@@oe@2-2-2013
22109009@unknown@formal@none@1@S@People didn't believe we were in tune with the marketplace, and in many ways we weren't."@@@@1@16@@oe@2-2-2013
22109010@unknown@formal@none@1@S@The 101-year-old magazine has never had to woo advertisers with quite so much fervor before.@@@@1@15@@oe@2-2-2013
22109011@unknown@formal@none@1@S@It largely rested on its hard-to-fault demographics: 10.8 million subscribers in the first half, up from 10.5 million a year ago; an average age of 42 for readers -- at the height of their consuming years; loyalty to the tune of an 85% average subscription renewal rate.@@@@1@47@@oe@2-2-2013
22109012@unknown@formal@none@1@S@The magazine had its best year yet in 1988, when it celebrated its centennial and racked up a 17% gain in ad pages, to 283.@@@@1@25@@oe@2-2-2013
22109013@unknown@formal@none@1@S@But this year, when the hullabaloo surrounding its centennial died, so too did some advertiser interest.@@@@1@16@@oe@2-2-2013
22109014@unknown@formal@none@1@S@The reason, ad executives say, is that the entire magazine business has been soft -- and National Geographic has some quirks that make it especially unattractive during a soft market.@@@@1@30@@oe@2-2-2013
22109015@unknown@formal@none@1@S@Perhaps the biggest of those factors is its high ad prices -- $130,000 for a four-color page, vs. $47,000 for the Smithsonian, a comparable publication with a far smaller circulation.@@@@1@30@@oe@2-2-2013
22109016@unknown@formal@none@1@S@When ad dollars are tight, the high page cost is a major deterrent for advertisers, who generally want to appear regularly in a publication or not at all.@@@@1@28@@oe@2-2-2013
22109017@unknown@formal@none@1@S@Even though National Geographic offers far more readers than does a magazine like Smithsonian, "the page costs you an arm and a leg to develop any frequency,"says Harry Glass, New York media manager for Bozell Inc.@@@@1@36@@oe@2-2-2013
22109018@unknown@formal@none@1@S@To combat that problem, National Geographic, like other magazines, began offering regional editions allowing advertisers to appear in only a portion of its magazines -- for example, ads can run only in the magazines sent to subscribers in the largest 25 markets.@@@@1@42@@oe@2-2-2013
22109019@unknown@formal@none@1@S@But the magazine was slower than its competitors to come up with its regional editions, and until last year offered fewer of them than did competitors.@@@@1@26@@oe@2-2-2013
22109020@unknown@formal@none@1@S@Time magazine, for example, has more than 100 separate editions going to different regions, top management, and other groups.@@@@1@19@@oe@2-2-2013
22109021@unknown@formal@none@1@S@Another sticking point for advertisers was National Geographic's tradition of lumping its ads together, usually at the beginning or end of the magazine, rather than spreading ads out among its articles, as most magazines do.@@@@1@35@@oe@2-2-2013
22109022@unknown@formal@none@1@S@And National Geographic's smaller-than-average size means extra production costs for advertisers.@@@@1@11@@oe@2-2-2013
22109023@unknown@formal@none@1@S@But Ms. McCraw says the magazine is fighting back.@@@@1@9@@oe@2-2-2013
22109024@unknown@formal@none@1@S@It now offers 30 regional editions, it very recently began running ads adjacent to articles, and it has been beefing up its sales force.@@@@1@24@@oe@2-2-2013
22109025@unknown@formal@none@1@S@And it just launched a promotional campaign to tell chief executives, marketing directors, and media executives just that.@@@@1@18@@oe@2-2-2013
22109026@unknown@formal@none@1@S@The centerpiece of the promotion is its new ad campaign, into which the magazine will pour about $500,000, mostly in the next few weeks.@@@@1@24@@oe@2-2-2013
22109027@unknown@formal@none@1@S@The campaign, created by Omnicom Group's DDB Needham agency, takes advantage of the eye-catching photography that National Geographic is known for.@@@@1@21@@oe@2-2-2013
22109028@unknown@formal@none@1@S@In one ad, a photo of the interior of the Sainte-Chapelle in Paris is paired with the headline, "The only book more respected than ours doesn't accept advertising."@@@@1@28@@oe@2-2-2013
22109029@unknown@formal@none@1@S@Another ad pictures a tree ant, magnified 80 times, with the headline, "For impact far beyond your size consider our regional editions."@@@@1@22@@oe@2-2-2013
22109030@unknown@formal@none@1@S@Ms. McCraw says she wants the campaign to help attract advertisers in 10 categories, including corporate, financial services, consumer electronics, insurance and food.@@@@1@23@@oe@2-2-2013
22109031@unknown@formal@none@1@S@Her goal: to top 300 ad pages in 1990, up from about 274 this year.@@@@1@15@@oe@2-2-2013
22109032@unknown@formal@none@1@S@Whether she can meet that ambitious goal is still far from certain.@@@@1@12@@oe@2-2-2013
22109033@unknown@formal@none@1@S@"The ad campaign is meant to contemporize the thought of National Geographic," she says.@@@@1@14@@oe@2-2-2013
22109034@unknown@formal@none@1@S@"We want it to be a '90s kind of image."@@@@1@10@@oe@2-2-2013
22109035@unknown@formal@none@1@S@WCRS Plans Ad-Unit Sale@@@@1@4@@oe@2-2-2013
22109036@unknown@formal@none@1@S@WCRS Group hopes to announce, perhaps today, an agreement to sell the majority of its ad unit to Paris-based Eurocom, a European ad executive said.@@@@1@25@@oe@2-2-2013
22109037@unknown@formal@none@1@S@WCRS has been in discussions with Eurocom for several months.@@@@1@10@@oe@2-2-2013
22109038@unknown@formal@none@1@S@However, when negotiations bogged down recently, WCRS's chief executive, Peter Scott, met in Paris with another French firm, Boulet Dru Dupuy Petit, or BDDP.@@@@1@24@@oe@2-2-2013
22109039@unknown@formal@none@1@S@According to the executive, BDDP's involvement prompted renewed vigor in the WCRS-Eurocom talks and the two agencies were hoping to hammer out details by today.@@@@1@25@@oe@2-2-2013
22109040@unknown@formal@none@1@S@Executives of the two agencies couldn't be reached last night.@@@@1@10@@oe@2-2-2013
22109041@unknown@formal@none@1@S@Ad Notes. . . .@@@@1@5@@oe@2-2-2013
22109042@unknown@formal@none@1@S@NEW ACCOUNT: Procter & Gamble Co., Cincinnati, awarded the ad accounts for its line of Professional Crisco vegetable shortening and oil products to Northlich, Stolley, LaWarre, Cincinnati.@@@@1@27@@oe@2-2-2013
22109043@unknown@formal@none@1@S@Billings weren't disclosed.@@@@1@3@@oe@2-2-2013
22109044@unknown@formal@none@1@S@Professional Crisco products are specially made for the foodservice industry.@@@@1@10@@oe@2-2-2013
22109045@unknown@formal@none@1@S@WHO'S NEWS: Stephen Novick, 49, was named executive vice president, deputy creative director at Grey Advertising, New York.@@@@1@18@@oe@2-2-2013
22109046@unknown@formal@none@1@S@He was executive vice president, director of broadcast production.@@@@1@9@@oe@2-2-2013
22110001@unknown@formal@none@1@S@The Commodity Futures Trading Commission plans to restrict dual trading on commodity exchanges, a move almost certain to infuriate exchange officials and traders.@@@@1@23@@oe@2-2-2013
22110002@unknown@formal@none@1@S@The CFTC said it will propose the restrictions after the release of a study that shows little economic benefit resulting from dual trading and cites "problems" associated with the practice.@@@@1@30@@oe@2-2-2013
22110003@unknown@formal@none@1@S@Dual trading gives an exchange trader the right to trade both for his own account and for customers.@@@@1@18@@oe@2-2-2013
22110004@unknown@formal@none@1@S@The issue exploded this year after a Federal Bureau of Investigation operation led to charges of widespread trading abuses at the Chicago Board of Trade and Chicago Mercantile Exchange.@@@@1@29@@oe@2-2-2013
22110005@unknown@formal@none@1@S@While not specifically mentioned in the FBI charges, dual trading became a focus of attempts to tighten industry regulations.@@@@1@19@@oe@2-2-2013
22110006@unknown@formal@none@1@S@Critics contend that traders were putting buying or selling for their own accounts ahead of other traders' customer orders.@@@@1@19@@oe@2-2-2013
22110007@unknown@formal@none@1@S@Traders are likely to oppose such restrictions because dual trading provides a way to make money in slower markets where there is a shortage of customer orders.@@@@1@27@@oe@2-2-2013
22110008@unknown@formal@none@1@S@The exchanges contend that dual trading improves liquidity in the markets because traders can buy or sell even when they don't have a customer order in hand.@@@@1@27@@oe@2-2-2013
22110009@unknown@formal@none@1@S@The exchanges say liquidity becomes a severe problem for thinly traded contracts such as those with a long time remaining before expiration.@@@@1@22@@oe@2-2-2013
22110010@unknown@formal@none@1@S@The CFTC may take those arguments into account by allowing exceptions to its restrictions.@@@@1@14@@oe@2-2-2013
22110011@unknown@formal@none@1@S@The agency didn't cite specific situations where dual trading might be allowed, but smaller exchanges or contracts that need additional liquidity are expected to be among them.@@@@1@27@@oe@2-2-2013
22110012@unknown@formal@none@1@S@Wendy Gramm, the agency's chairman, told the Senate Agriculture Committee that she expects the study to be released within two weeks and the rule changes to be completed by Thanksgiving.@@@@1@30@@oe@2-2-2013
22110013@unknown@formal@none@1@S@The study, by the CFTC's division of economic analysis, shows that "a trade is a trade," a member of the study team said.@@@@1@23@@oe@2-2-2013
22110014@unknown@formal@none@1@S@Whether a trade is done on a dual or non-dual basis, the member said, "doesn't seem to have much economic impact."@@@@1@21@@oe@2-2-2013
22110015@unknown@formal@none@1@S@Currently, most traders on commodity exchanges specialize in trading either for customer accounts, which makes them brokers, or for their own accounts as socalled locals.@@@@1@25@@oe@2-2-2013
22110016@unknown@formal@none@1@S@"The tests indicate that dual and non-dual traders are similar in terms of the trade executions and liquidity they provide to the market," Mrs. Gramm told the Senate panel.@@@@1@29@@oe@2-2-2013
22110017@unknown@formal@none@1@S@Members of Congress have proposed restricting dual trading in bills to reauthorize CFTC operations.@@@@1@14@@oe@2-2-2013
22110018@unknown@formal@none@1@S@The House's bill would prohibit dual trading in markets with daily average volume of 7,000 contracts or more, comprising those considered too difficult to track without a sophisticated computer system.@@@@1@30@@oe@2-2-2013
22110019@unknown@formal@none@1@S@The Senate bill would force the CFTC to suspend dual trading if an exchange can't show that its oversight system can detect dual-trading abuses.@@@@1@24@@oe@2-2-2013
22110020@unknown@formal@none@1@S@So far, one test of restricting dual trading has worked well.@@@@1@11@@oe@2-2-2013
22110021@unknown@formal@none@1@S@The Chicago Merc banned dual trading in its Standard & Poor's 500-stock index futures pit in 1987.@@@@1@17@@oe@2-2-2013
22110022@unknown@formal@none@1@S@Under the rules, traders decide before a session begins whether they will trade for their own account or for customers.@@@@1@20@@oe@2-2-2013
22110023@unknown@formal@none@1@S@Traders who stand on the pit's top step, where most customer orders are executed, can't trade for themselves.@@@@1@18@@oe@2-2-2013
22110024@unknown@formal@none@1@S@A Merc spokesman said the plan hasn't made much difference in liquidity in the pit.@@@@1@15@@oe@2-2-2013
22110025@unknown@formal@none@1@S@"It's too soon to tell . . . but people don't seem to be unhappy with it," he said.@@@@1@19@@oe@2-2-2013
22110026@unknown@formal@none@1@S@He said he wouldn't comment on the CFTC plan until the exchange has seen the full proposal.@@@@1@17@@oe@2-2-2013
22110027@unknown@formal@none@1@S@But at a meeting last week, Tom Donovan, the Board of Trade's president, told commodity lawyers: "Dual trading is definitely worth saving.@@@@1@22@@oe@2-2-2013
22110028@unknown@formal@none@1@S@It adds something to the market.@@@@1@6@@oe@2-2-2013
22111001@unknown@formal@none@1@S@Japanese Firms Push Posh Car Showrooms@@@@1@6@@oe@2-2-2013
22111002@unknown@formal@none@1@S@JAPANESE luxury-car makers are trying to set strict design standards for their dealerships.@@@@1@13@@oe@2-2-2013
22111003@unknown@formal@none@1@S@But some dealers are negotiating looser terms, while others decline to deal at all.@@@@1@14@@oe@2-2-2013
22111004@unknown@formal@none@1@S@Nissan Motor Co.'s Infiniti division likes to insist that every dealer construct and furnish a building in a Japanese style.@@@@1@20@@oe@2-2-2013
22111005@unknown@formal@none@1@S@Specifications include a polished bronze sculpture at the center of each showroom and a tile bridge spanning a stream that flows into the building from outside.@@@@1@26@@oe@2-2-2013
22111006@unknown@formal@none@1@S@"Infiniti has it down to the ashtrays," says Jay Ferron, a partner at J.D. Power & Associates, an auto research firm.@@@@1@21@@oe@2-2-2013
22111007@unknown@formal@none@1@S@Toyota Motor Corp.'s Lexus division also provides specifications.@@@@1@8@@oe@2-2-2013
22111008@unknown@formal@none@1@S@But only two-thirds of Lexus dealers are constructing new buildings according to the Lexus specs.@@@@1@15@@oe@2-2-2013
22111009@unknown@formal@none@1@S@Some are even coming up with their own novel designs.@@@@1@10@@oe@2-2-2013
22111010@unknown@formal@none@1@S@In Louisville, Ky., for example, David Peterson has built a Lexus dealership with the showroom on the second floor.@@@@1@19@@oe@2-2-2013
22111011@unknown@formal@none@1@S@Yet some dealers have turned down Infiniti or Lexus franchises because they were unwilling or unable to meet the design requirements.@@@@1@21@@oe@2-2-2013
22111012@unknown@formal@none@1@S@Lee Seidman of Cleveland says Infiniti "was a bear on interiors" but at least let him retrofit an existing building -- without the stream.@@@@1@24@@oe@2-2-2013
22111013@unknown@formal@none@1@S@Mr. Seidman says he turned down a Lexus franchise in part because "the building was gorgeous but very expensive."@@@@1@19@@oe@2-2-2013
22111014@unknown@formal@none@1@S@To head off arguments, Infiniti offers dealers cash bonuses and low-interest construction loans.@@@@1@13@@oe@2-2-2013
22111015@unknown@formal@none@1@S@Dictation Device's Saga Plays Back a Lesson@@@@1@7@@oe@2-2-2013
22111016@unknown@formal@none@1@S@PRODUCTS DON'T have to be first to be winners.@@@@1@9@@oe@2-2-2013
22111017@unknown@formal@none@1@S@That's the lesson offered through one case study featured in a design exhibit.@@@@1@13@@oe@2-2-2013
22111018@unknown@formal@none@1@S@Dictaphone Corp. was caught off guard in 1974 when its main competitor, Lanier Office Products of Japan, introduced a microcassette dictation recorder half the size of standard cassette devices.@@@@1@29@@oe@2-2-2013
22111019@unknown@formal@none@1@S@Blocked by patent protection from following suit, Dictaphone decided to go a step further and cut the cassette in half again -- down to the length of a paperclip.@@@@1@29@@oe@2-2-2013
22111020@unknown@formal@none@1@S@By 1979, designers and engineers at Dictaphone, a Pitney Bowes subsidiary, had produced a working model of a "picocassette" recorder.@@@@1@20@@oe@2-2-2013
22111021@unknown@formal@none@1@S@By 1982, however, the patent status of the Lanier microcassette had changed, permitting Dictaphone to develop its own competitive micro system, which it did.@@@@1@24@@oe@2-2-2013
22111022@unknown@formal@none@1@S@Marketing and sales departments then urged abandonment of the pico project.@@@@1@11@@oe@2-2-2013
22111023@unknown@formal@none@1@S@But others said pico should proceed.@@@@1@6@@oe@2-2-2013
22111024@unknown@formal@none@1@S@Both were right.@@@@1@3@@oe@2-2-2013
22111025@unknown@formal@none@1@S@Dictaphone went ahead and introduced the pico in 1985, but it hasn't sold well.@@@@1@14@@oe@2-2-2013
22111026@unknown@formal@none@1@S@To date, says Emil Jachmann, a Dictaphone vice president, it has "broken even or shown a small loss."@@@@1@18@@oe@2-2-2013
22111027@unknown@formal@none@1@S@Nevertheless, the device has been successful in other ways.@@@@1@9@@oe@2-2-2013
22111028@unknown@formal@none@1@S@It helped Dictaphone attract better engineers, and it provided new technology for other company products.@@@@1@15@@oe@2-2-2013
22111029@unknown@formal@none@1@S@The picocassette recorder also helped transform the company's reputation from follower to leading-edge innovator.@@@@1@14@@oe@2-2-2013
22111030@unknown@formal@none@1@S@"It gave me great pride to see the inventor of the microcassette in Japan look at the pico and shake his head and say `unbelievable,'" says Mr. Jachmann.@@@@1@28@@oe@2-2-2013
22111031@unknown@formal@none@1@S@Dictaphone's picocassette recorder is one of 13 case studies in the TRIAD Design Project, sponsored by the Design Management Institute of Boston and Harvard Business School.@@@@1@26@@oe@2-2-2013
22111032@unknown@formal@none@1@S@The studies are on exhibit at Harvard this month and will travel to Chicago's Institute of Design and the University of California at Berkeley.@@@@1@24@@oe@2-2-2013
22111033@unknown@formal@none@1@S@A Rake's Progress Means Branching Out@@@@1@6@@oe@2-2-2013
22111034@unknown@formal@none@1@S@ONE DAY Carl Barrett of Mobile, Ala., was raking some sycamore leaves, but the rake kept riding up over the piles.@@@@1@21@@oe@2-2-2013
22111035@unknown@formal@none@1@S@The harder he tried to push them into large piles, the closer he came to breaking the rake and straining his back.@@@@1@22@@oe@2-2-2013
22111036@unknown@formal@none@1@S@So Mr. Barrett, then vice president of the Alabama Steamship Association, took a steel-toothed garden rake and taped it to the underside of a leaf rake about nine inches up.@@@@1@30@@oe@2-2-2013
22111037@unknown@formal@none@1@S@His crude device worked: The lower teeth gathered the leaves into a pile, while the higher, harder teeth moved the top of the pile.@@@@1@24@@oe@2-2-2013
22111038@unknown@formal@none@1@S@Now incorporated into a polypropylene rake, the four-inch prongs, or "wonderbars," also are supposed to aid in picking up leaves.@@@@1@20@@oe@2-2-2013
22111039@unknown@formal@none@1@S@One customer, Donald Blaggs of Mobile, says the Barrett Rake allowed him to do his lawn in 2 1/2 hours, two hours less than usual.@@@@1@25@@oe@2-2-2013
22111040@unknown@formal@none@1@S@But other rake makers have their doubts.@@@@1@7@@oe@2-2-2013
22111041@unknown@formal@none@1@S@Richard Mason, president of Ames Co. in Parkersburg, W. Va., says the Barrett rake "makes sense," but it would be "tough" to explain to consumers.@@@@1@25@@oe@2-2-2013
22111042@unknown@formal@none@1@S@John Stoner, marketing director for True Temper Corp., a subsidiary of Black & Decker, says people don't want to move a leaf pile.@@@@1@23@@oe@2-2-2013
22111043@unknown@formal@none@1@S@"They either pick it up," he says, "or they start pulling from a fresh direction."@@@@1@15@@oe@2-2-2013
22111044@unknown@formal@none@1@S@Odds and Ends@@@@1@3@@oe@2-2-2013
22111045@unknown@formal@none@1@S@NO MORE STUBBED toes or bruised shins, promises Geste Corp. of Goshen, Ind., the designer of a bed support to replace traditional frames.@@@@1@23@@oe@2-2-2013
22111046@unknown@formal@none@1@S@Four tubular steel "Bedfellows," each roughly in the shape of a "W," are attached to the bottom of the box spring in a recessed position. . . .@@@@1@28@@oe@2-2-2013
22111047@unknown@formal@none@1@S@Nearly half of U.S. consumers say they'll pay up to 5% more for packaging that can be recycled or is biodegradable, according to a survey commissioned by the Michael Peters Group, a design consultant.@@@@1@34@@oe@2-2-2013
22112001@unknown@formal@none@1@S@The Pentagon is a haunted house.@@@@1@6@@oe@2-2-2013
22112002@unknown@formal@none@1@S@Living there for six years was really scary.@@@@1@8@@oe@2-2-2013
22112003@unknown@formal@none@1@S@The ghosts of the past are everywhere: They are kept at bay only by feeding them vast quantities of our defense budget.@@@@1@22@@oe@2-2-2013
22112004@unknown@formal@none@1@S@Some can be bought off relatively cheaply.@@@@1@7@@oe@2-2-2013
22112005@unknown@formal@none@1@S@During the Korean War, Gen. Douglas MacArthur demanded and got, in addition to his U.N. command in Korea, his own naval command in Japan, NavforJapan.@@@@1@25@@oe@2-2-2013
22112006@unknown@formal@none@1@S@Those obsolete operations cost less than $2 billion a year, and keep Mac's ghost quiet.@@@@1@15@@oe@2-2-2013
22112007@unknown@formal@none@1@S@That's about all it costs to appease Adm. Erich Raeder's ghost.@@@@1@11@@oe@2-2-2013
22112008@unknown@formal@none@1@S@In 1941, Raeder and the German navy threatened to attack the Panama Canal, so we created the Southern Command in Panama.@@@@1@21@@oe@2-2-2013
22112009@unknown@formal@none@1@S@The Southern Command has grown even bigger since the war because Raeder's ghost sometimes runs through the E ring dressed like Gen. Noriega.@@@@1@23@@oe@2-2-2013
22112010@unknown@formal@none@1@S@The Command's huge bureaucracy is needed to analyze whether leaders of coups against Gen. Noriega meet the War Powers Act's six points, Cap Weinberger's seven points, the Intelligence Committee's 32 points and Woodrow Wilson's 14 points necessary to justify U.S. support.@@@@1@41@@oe@2-2-2013
22112011@unknown@formal@none@1@S@So far no one has.@@@@1@5@@oe@2-2-2013
22112012@unknown@formal@none@1@S@The ghost of the Soviet brigade discovered in Cuba back in the '70s costs just a few hundred million: the price of the Caribbean Command in Key West that President Carter created in 1980.@@@@1@34@@oe@2-2-2013
22112013@unknown@formal@none@1@S@The brigade hasn't been heard from since, but we keep the staff around just in case.@@@@1@16@@oe@2-2-2013
22112014@unknown@formal@none@1@S@George Marshall's ghost is much more difficult to keep happy.@@@@1@10@@oe@2-2-2013
22112015@unknown@formal@none@1@S@We keep a lot of shrines to him around the Pentagon: statues, busts, relics and such.@@@@1@16@@oe@2-2-2013
22112016@unknown@formal@none@1@S@The Army headquarters on the third deck of the Pentagon used to burn a lot of incense to him, but the Navy headquarters on the fourth deck made them stop it.@@@@1@31@@oe@2-2-2013
22112017@unknown@formal@none@1@S@You see, Marshall had this thing about the Navy and the Marines -- he wanted to make them part of the Army but Secretary of the Navy James Forrestal blocked him.@@@@1@31@@oe@2-2-2013
22112018@unknown@formal@none@1@S@Now his ghost won't let up till it's done.@@@@1@9@@oe@2-2-2013
22112019@unknown@formal@none@1@S@To keep him quiet we invent a new unified command every year or so run by the Army or the Air Force and put more of the Navy and Marines under it.@@@@1@32@@oe@2-2-2013
22112020@unknown@formal@none@1@S@But we still hear him moaning at night because the Navy has a few ships left, and to satisfy him the Navy's sea lift forces were given to a new Air Force bureaucracy in Illinois, its space operations to another command in Colorado, the frogmen to a new Army bureaucracy in Fort Bragg, and the Navy's Indian Ocean and Persian Gulf forces to an Army bureaucracy in Florida.@@@@1@68@@oe@2-2-2013
22112021@unknown@formal@none@1@S@Which brings up the worst and meanest ghost of all -- the ghost of the shah of Iran.@@@@1@18@@oe@2-2-2013
22112022@unknown@formal@none@1@S@When the shah died, President Carter was so scared that the shah's ghost would blame him for shoving him out to make way for the ayatollah that he declared the Carter Doctrine.@@@@1@32@@oe@2-2-2013
22112023@unknown@formal@none@1@S@Mr. Carter said he would go to war to stop anyone from trying to grab Iran.@@@@1@16@@oe@2-2-2013
22112024@unknown@formal@none@1@S@But that ghost wouldn't settle for words, he wanted money and people -- lots.@@@@1@14@@oe@2-2-2013
22112025@unknown@formal@none@1@S@So Mr. Carter formed three new Army divisions and gave them to a new bureaucracy in Tampa called the Rapid Deployment Force.@@@@1@22@@oe@2-2-2013
22112026@unknown@formal@none@1@S@But that ghost wasn't fooled; he knew the RDF was neither rapid nor deployable nor a force -- even though it cost $8 billion or $10 billion a year.@@@@1@29@@oe@2-2-2013
22112027@unknown@formal@none@1@S@After Mr. Carter was defeated in 1980, the shah's ghost claimed the credit and then went after President Reagan and Cap Weinberger.@@@@1@22@@oe@2-2-2013
22112028@unknown@formal@none@1@S@I saw what he did to them firsthand.@@@@1@8@@oe@2-2-2013
22112029@unknown@formal@none@1@S@It made my shoelaces dance with terror.@@@@1@7@@oe@2-2-2013
22112030@unknown@formal@none@1@S@Why, he used to lay in wait for Cap; suddenly he'd leap from behind some statue of Marshall onto Cap's chest and grab him by the throat and choke him till he coughed up an additional $2 billion or so.@@@@1@40@@oe@2-2-2013
22112031@unknown@formal@none@1@S@Cap added four more divisions to the Army, two active and two reserve; two carrier groups to the Navy; a division -- equivalent to the Marines; and the C-5B, KC-10, C-17 and a thousand tactical aircraft to the Air Force.@@@@1@40@@oe@2-2-2013
22112032@unknown@formal@none@1@S@He bought $4 billion in prepositioning ships and $7 billion in ammo and equipment to fill them, and parked them at a new $6 billion base at Diego Garcia in the middle of the Indian Ocean.@@@@1@36@@oe@2-2-2013
22112033@unknown@formal@none@1@S@He dedicated all these new forces to the Persian Gulf.@@@@1@10@@oe@2-2-2013
22112034@unknown@formal@none@1@S@One night both Marshall's ghost and the shah's ghost together caught Cap and threw him to the ground.@@@@1@18@@oe@2-2-2013
22112035@unknown@formal@none@1@S@Before they let him go he added a thousand bureaucrats to the RDF in Tampa and renamed it Central Command.@@@@1@20@@oe@2-2-2013
22112036@unknown@formal@none@1@S@He gave those bureaucrats charge of all naval operations in the Persian Gulf and Indian Ocean.@@@@1@16@@oe@2-2-2013
22112037@unknown@formal@none@1@S@Marshall figured it would be good training for those soldiers -- someday maybe they would get the whole Navy.@@@@1@19@@oe@2-2-2013
22112038@unknown@formal@none@1@S@They had fun moving the carriers around, but it turned out that they had forgotten all about mine sweepers.@@@@1@19@@oe@2-2-2013
22112039@unknown@formal@none@1@S@But the shah still kept leaping out at Cap, so Cap bought a hundred merchant ships more and $7 billion of loading barges, ramps, etc., in order that those seven new Army divisions and three Marine brigades could unload from all those new ships and aircraft and go to war in the Zagros mountains.@@@@1@54@@oe@2-2-2013
22112040@unknown@formal@none@1@S@Then suddenly Ike's ghost came to visit and said, "What the hell are you doing planning for a land war in Asia 12,000 miles away?@@@@1@25@@oe@2-2-2013
22112041@unknown@formal@none@1@S@We'd get our asses kicked."@@@@1@5@@oe@2-2-2013
22112042@unknown@formal@none@1@S@Lucky for Cap, Ike was easygoing and soon went away, while the shah -- he kept coming back.@@@@1@18@@oe@2-2-2013
22112043@unknown@formal@none@1@S@So the U.S. found itself paying about $2 billion in baksheesh to various Arab potentates for basing rights around the Indian Ocean.@@@@1@22@@oe@2-2-2013
22112044@unknown@formal@none@1@S@We had great success in Somalia.@@@@1@6@@oe@2-2-2013
22112045@unknown@formal@none@1@S@But then it turned out that President Siad Barrah was not at all a nice person and the Navy pointed out that the base he promised us in Berbera had silted up about a hundred years ago and anyway was 1,244 miles from the mouth of the Gulf.@@@@1@48@@oe@2-2-2013
22112046@unknown@formal@none@1@S@(But who's counting.)@@@@1@3@@oe@2-2-2013
22112047@unknown@formal@none@1@S@Still, Berbera was the best we could get, so we stay in bed with President Barrah.@@@@1@16@@oe@2-2-2013
22112048@unknown@formal@none@1@S@All these reports about him committing genocide are probably exaggerated anyway.@@@@1@11@@oe@2-2-2013
22112049@unknown@formal@none@1@S@But wouldn't you know, now that we are spending jillions of dollars, and have built those new divisions and new air wings, and have positioned all these ships and supplies to fight the Russians in Iran, the Russians seem to have lost interest in the whole subject.@@@@1@47@@oe@2-2-2013
22112050@unknown@formal@none@1@S@Meanwhile, Congress is cutting huge chunks out of the rest of the defense budget.@@@@1@14@@oe@2-2-2013
22112051@unknown@formal@none@1@S@Predictably, some Navy guys said: "Do we still need to keep all 18 Army divisions on active duty and all those extra land-based aircraft without bases and all those Army guys playing admiral in Tampa?@@@@1@35@@oe@2-2-2013
22112052@unknown@formal@none@1@S@Couldn't we save $20 billion or $30 billion a year by shifting that stuff to the reserves?@@@@1@17@@oe@2-2-2013
22112053@unknown@formal@none@1@S@And why not save the costs of a thousand bureaucrats by abolishing Central Command and putting responsibility for Gulf naval operations back where it belongs, afloat with the task force commander in the Gulf?@@@@1@34@@oe@2-2-2013
22112054@unknown@formal@none@1@S@And where were all our handsomely paid Indian Ocean allies last year when our convoys were being attacked?"@@@@1@18@@oe@2-2-2013
22112055@unknown@formal@none@1@S@Questions like that really stir up Marshall's ghost.@@@@1@8@@oe@2-2-2013
22112056@unknown@formal@none@1@S@He appeared late one night in the bedroom of the new defense secretary, Dick Cheney.@@@@1@15@@oe@2-2-2013
22112057@unknown@formal@none@1@S@Marshall came clanking in like Marley's ghost dragging those chains of brigades and air wings and links with Arab despots.@@@@1@20@@oe@2-2-2013
22112058@unknown@formal@none@1@S@He wouldn't leave until Mr. Cheney promised to do whatever the Pentagon systems analysts told him.@@@@1@16@@oe@2-2-2013
22112059@unknown@formal@none@1@S@So next day Mr. Cheney went out and did just that: He canceled the 600-ship Navy and cut back one carrier and 20 frigates.@@@@1@24@@oe@2-2-2013
22112060@unknown@formal@none@1@S@Then he canceled production of the Navy's most important carrier aircraft, the F-14 and the A-6.@@@@1@16@@oe@2-2-2013
22112061@unknown@formal@none@1@S@On the other hand, Mr. Cheney retained all those new land forces.@@@@1@12@@oe@2-2-2013
22112062@unknown@formal@none@1@S@Marshall's ghost is satisfied for now, but he'll be back.@@@@1@10@@oe@2-2-2013
22112063@unknown@formal@none@1@S@What with Halloween coming and bigger defense cuts looming, more and more Pentagon bureaucrats are crawling under their desks.@@@@1@19@@oe@2-2-2013
22112064@unknown@formal@none@1@S@They know that they can hold off the ghosts only a little while longer by cutting carriers and ships.@@@@1@19@@oe@2-2-2013
22112065@unknown@formal@none@1@S@Then the whole thing will start to collapse, just as it did in the 1970s, and the ghosts and banshees will be howling through the place turning people's hair white.@@@@1@30@@oe@2-2-2013
22112066@unknown@formal@none@1@S@Gives me the willies just thinking about it.@@@@1@8@@oe@2-2-2013
22112067@unknown@formal@none@1@S@Mr. Lehman, a Reagan Navy secretary, is a managing director of PaineWebber.@@@@1@12@@oe@2-2-2013
22113001@unknown@formal@none@1@S@The metal and marble lobby of CenTrust Bank's headquarters is grander than your average savings and loan.@@@@1@17@@oe@2-2-2013
22113002@unknown@formal@none@1@S@For one thing, there is an old master on the wall -- "Samuel Anointing David," a big baroque canvas painted by Mattia Preti, a 17th-century Neapolitan.@@@@1@26@@oe@2-2-2013
22113003@unknown@formal@none@1@S@At the moment, however, the painting is a nagging reminder of the problems that have engulfed CenTrust and its flamboyant chairman and chief executive, David L. Paul.@@@@1@27@@oe@2-2-2013
22113004@unknown@formal@none@1@S@In an international buying spree that began barely two years ago, Mr. Paul amassed a collection of about 30 pre-18th-century works, including the Preti, at a total cost of $28 million.@@@@1@31@@oe@2-2-2013
22113005@unknown@formal@none@1@S@By midnight Oct. 6, all of the paintings were supposed to have been sold off, under orders from Florida's comptroller, whose office regulates the state's S&Ls.@@@@1@26@@oe@2-2-2013
22113006@unknown@formal@none@1@S@CenTrust didn't meet the deadline.@@@@1@5@@oe@2-2-2013
22113007@unknown@formal@none@1@S@The collection was at the heart of a grandiose plan Mr. Paul had in which the art was to do double duty -- as an investment for CenTrust and as decoration for the S&L's new office tower, designed by I.M. Pei.@@@@1@41@@oe@2-2-2013
22113008@unknown@formal@none@1@S@The rub is that the $28 million was plucked from the funds of this federally insured institution even as CenTrust was losing money hand over fist.@@@@1@26@@oe@2-2-2013
22113009@unknown@formal@none@1@S@Mr. Paul had no right to buy art for the S&L in the first place -- it isn't on the comptroller's "permissible" list -- without seeking a special dispensation, which he did not do.@@@@1@34@@oe@2-2-2013
22113010@unknown@formal@none@1@S@Besides that, some of the paintings that were to grace the walls of CenTrust actually ended up hanging in the chairman's estate on La Gorce Isle off Miami Beach.@@@@1@29@@oe@2-2-2013
22113011@unknown@formal@none@1@S@Last spring, the comptroller's office called a halt to Mr. Paul's fling, giving him six months to sell the paintings.@@@@1@20@@oe@2-2-2013
22113012@unknown@formal@none@1@S@The acquisitions, officials said in a letter to Mr. Paul, were "unsafe, unsound and unauthorized."@@@@1@15@@oe@2-2-2013
22113013@unknown@formal@none@1@S@So far, Mr. Paul has unloaded but three of his masterpieces, he won't say to whom.@@@@1@16@@oe@2-2-2013
22113014@unknown@formal@none@1@S@The comptroller's office says it is "monitoring the situation."@@@@1@9@@oe@2-2-2013
22113015@unknown@formal@none@1@S@Though the agency could remove Mr. Paul, it has no current intention to do that.@@@@1@15@@oe@2-2-2013
22113016@unknown@formal@none@1@S@"It's not like selling Chevrolets," Mr. Paul says, as he takes a drag on a goldbanded St. Moritz cigarette.@@@@1@19@@oe@2-2-2013
22113017@unknown@formal@none@1@S@"The last six months has established the quality of the collection.@@@@1@11@@oe@2-2-2013
22113018@unknown@formal@none@1@S@There's no fire sale here."@@@@1@5@@oe@2-2-2013
22113019@unknown@formal@none@1@S@Despite Mr. Paul's characteristic hauteur, the 50-year-old, chain-smoking dynamo is finding that getting CenTrust -- Florida's largest thrift institution -- out of its riskiest investments is much tougher than getting into them had been.@@@@1@34@@oe@2-2-2013
22113020@unknown@formal@none@1@S@Paintings are just part of the picture.@@@@1@7@@oe@2-2-2013
22113021@unknown@formal@none@1@S@Although Mr. Paul has pared a $1.35 billion junk-bond portfolio to less than $900 million since April, the high-yield debt market has plummeted.@@@@1@23@@oe@2-2-2013
22113022@unknown@formal@none@1@S@Divesting itself of what is left, as is required of all thrift institutions by July 1994 under the new federal S&L bailout law, may well prove difficult.@@@@1@27@@oe@2-2-2013
22113023@unknown@formal@none@1@S@And CenTrust has other problems.@@@@1@5@@oe@2-2-2013
22113024@unknown@formal@none@1@S@Late last week federal regulators ordered the thrift institution to stop paying dividends on its preferred stock -- a move that suggests deep concern about an institution.@@@@1@27@@oe@2-2-2013
22113025@unknown@formal@none@1@S@Mr. Paul has a plan to bring in $150 million by selling off 63 of CenTrust's 71 branches, but it has yet to be approved by regulators.@@@@1@27@@oe@2-2-2013
22113026@unknown@formal@none@1@S@It is Mr. Paul's art venture, however, that has drawn the most attention from investors and regulators, not to mention galleries throughout the world.@@@@1@24@@oe@2-2-2013
22113027@unknown@formal@none@1@S@Embittered shareholders (some of whom are suing) say the chairman and his collection epitomize the excesses of speculation that set off the national S&L crisis.@@@@1@25@@oe@2-2-2013
22113028@unknown@formal@none@1@S@(CenTrust shares have fallen sharply in price from a high of $15.125 in 1986 to close yesterday at $2.875.)@@@@1@19@@oe@2-2-2013
22113029@unknown@formal@none@1@S@Gallery directors, meanwhile, say Mr. Paul and others of his ilk have left an indelible mark on the art world -- and not for the better.@@@@1@26@@oe@2-2-2013
22113030@unknown@formal@none@1@S@Collectors don't say "It's a van Gogh" anymore, laments Harry Brooks, the president of Wildenstein & Co., a New York gallery.@@@@1@21@@oe@2-2-2013
22113031@unknown@formal@none@1@S@"They say, `Johnny Payson got $53 million for his, so certainly $10 million isn't too much for mine.'@@@@1@18@@oe@2-2-2013
22113032@unknown@formal@none@1@S@The great collectors we depended on, such as Paul Mellon or Norton Simon, have stopped buying, and the new buyers are brilliant men who made money in the stock market or in takeovers and rushed into collecting. . . ."@@@@1@40@@oe@2-2-2013
22113033@unknown@formal@none@1@S@Mr. Payson, an art dealer and collector, sold Vincent van Gogh's "Irises" at a Sotheby's auction in November 1987 to Australian businessman Alan Bond.@@@@1@24@@oe@2-2-2013
22113034@unknown@formal@none@1@S@(Trouble is, Mr. Bond has yet to pay up, and until he does, Sotheby's has the painting under lock and key.)@@@@1@21@@oe@2-2-2013
22113035@unknown@formal@none@1@S@When Mr. Paul moved in on the art market, he let it be known that virtually no piece was too costly to be considered by CenTrust.@@@@1@26@@oe@2-2-2013
22113036@unknown@formal@none@1@S@He established his reputation as a freespender in January last year at Sotheby's auction of the Linda and Gerald Guterman collection in New York.@@@@1@24@@oe@2-2-2013
22113037@unknown@formal@none@1@S@There, on one of his first shopping trips, Mr. Paul picked up several paintings at stunning prices.@@@@1@17@@oe@2-2-2013
22113038@unknown@formal@none@1@S@He paid $2.2 million, for instance, for a still life by Jan Jansz. den Uyl that was expected to fetch perhaps $700,000.@@@@1@22@@oe@2-2-2013
22113039@unknown@formal@none@1@S@The price paid was a record for the artist.@@@@1@9@@oe@2-2-2013
22113040@unknown@formal@none@1@S@(Some 64% of items offered at the Guterman auction were sold, at an average price of $343,333.@@@@1@17@@oe@2-2-2013
22113041@unknown@formal@none@1@S@The rest were withdrawn for lack of acceptable bids.)@@@@1@9@@oe@2-2-2013
22113042@unknown@formal@none@1@S@Afterward, Mr. Paul is said by Mr. Guterman to have phoned Mr. Guterman, the New York developer selling the collection, and gloated.@@@@1@22@@oe@2-2-2013
22113043@unknown@formal@none@1@S@"He says he `stole them,'" recalls Mr. Guterman.@@@@1@8@@oe@2-2-2013
22113044@unknown@formal@none@1@S@"And he tells me, `If you want to see your paintings, you'll have to come to my house in Florida.'"@@@@1@20@@oe@2-2-2013
22113045@unknown@formal@none@1@S@Mr. Paul denies phoning and gloating.@@@@1@6@@oe@2-2-2013
22113046@unknown@formal@none@1@S@"It's just not true," he says.@@@@1@6@@oe@2-2-2013
22113047@unknown@formal@none@1@S@Mr. Paul quickly became more aggressive in his collecting, with the help of George Wachter, a Sotheby's expert in old masters whom he met at an exhibition of the Guterman items.@@@@1@31@@oe@2-2-2013
22113048@unknown@formal@none@1@S@Mr. Wachter, who became his principal adviser, searched galleries in London, Paris and Monaco.@@@@1@14@@oe@2-2-2013
22113049@unknown@formal@none@1@S@And, according to one dealer, Mr. Wachter had a penchant for introducing Mr. Paul with the phrase: "He can buy anything."@@@@1@21@@oe@2-2-2013
22113050@unknown@formal@none@1@S@Nicholas Hall, the president of the Colnaghi U.S.A. Ltd. gallery in New York, sold Mr. Paul "Abraham and Sarah in the Wilderness" by Giovanni Battista Tiepolo.@@@@1@26@@oe@2-2-2013
22113051@unknown@formal@none@1@S@Mr. Hall says Mr. Paul "was known to spend a lot of money.@@@@1@13@@oe@2-2-2013
22113052@unknown@formal@none@1@S@People were interested in seeing him, but it was recognized that the route was through Sotheby's and particularly George Wachter."@@@@1@20@@oe@2-2-2013
22113053@unknown@formal@none@1@S@Mr. Paul thus developed a close, symbiotic relationship with Sotheby's.@@@@1@10@@oe@2-2-2013
22113054@unknown@formal@none@1@S@Mr. Paul was eager to assemble a collection for the headquarters CenTrust has been moving into for the greater part of a year.@@@@1@23@@oe@2-2-2013
22113055@unknown@formal@none@1@S@Sotheby's, the auction house founded in London 1744 and now under the umbrella of Sotheby's Holdings Inc., was hoping to stir up interest in old masters as it strove to build its U.S. business.@@@@1@34@@oe@2-2-2013
22113056@unknown@formal@none@1@S@European dealers continued to dominate the action in old masters, which Sotheby's North America had lately been touting in this country.@@@@1@21@@oe@2-2-2013
22113057@unknown@formal@none@1@S@For several months, there was optimism all around.@@@@1@8@@oe@2-2-2013
22113058@unknown@formal@none@1@S@Last October, Mr. Paul paid out $12 million of CenTrust's cash -- plus a $1.2 million commission -- for "Portrait of a Man as Mars."@@@@1@25@@oe@2-2-2013
22113059@unknown@formal@none@1@S@The painting, attributed to Flemish artist Peter Paul Rubens, was purchased privately through Sotheby's, not at auction.@@@@1@17@@oe@2-2-2013
22113060@unknown@formal@none@1@S@In March 1989, just 15 months into his campaign, Mr. Paul was named by Art & Antiques magazine as one of the top 100 individual collectors in the U.S.@@@@1@29@@oe@2-2-2013
22113061@unknown@formal@none@1@S@"An unknown quantity to most of the art world, Paul is no stranger to lavish spending," the magazine said, noting that he doesn't stop at paint on canvas but also spends big on art you can eat.@@@@1@37@@oe@2-2-2013
22113062@unknown@formal@none@1@S@"He recently bid $30,000 at a Paris charity auction for a dinner cooked by six of the world's great chefs, but the final party cost closer to $100,000."@@@@1@28@@oe@2-2-2013
22113063@unknown@formal@none@1@S@(Mr. Paul says it wasn't that high.)@@@@1@7@@oe@2-2-2013
22113064@unknown@formal@none@1@S@The art collection might have come to rival the Medicis' had the Florida comptroller's office not got wind of Mr. Paul's aesthetic adventure.@@@@1@23@@oe@2-2-2013
22113065@unknown@formal@none@1@S@In its letter to him, dated March 2 and shared with reporters, Alex Hager, the chief of the thrift-institution bureau in the comptroller's office, expressed puzzlement that the S&L could be so profligate when it had reported losses of more than $13 million in its two preceding quarters.@@@@1@48@@oe@2-2-2013
22113066@unknown@formal@none@1@S@The state gave CenTrust 30 days to sell the Rubens.@@@@1@10@@oe@2-2-2013
22113067@unknown@formal@none@1@S@The comptroller's office eventually extended the deadline to six months but broadened its demands, ordering that the "book value of the collection {be} reduced to zero."@@@@1@26@@oe@2-2-2013
22113068@unknown@formal@none@1@S@In other words: Get rid of all the pictures.@@@@1@9@@oe@2-2-2013
22113069@unknown@formal@none@1@S@The state obliquely noted that unsafe banking practices are grounds for removing an officer or director and closed with the admonition to Mr. Paul: "Govern yourself accordingly."@@@@1@27@@oe@2-2-2013
22113070@unknown@formal@none@1@S@The state agency was particularly vexed to learn that the Rubens and a half-dozen other paintings listed among the bank's "furniture and fixtures," were actually hanging in the chairman's house.@@@@1@30@@oe@2-2-2013
22113071@unknown@formal@none@1@S@Mr. Paul says that at one point he did indeed have eight or nine of the paintings at home and that the rest were in storage at Sotheby's.@@@@1@28@@oe@2-2-2013
22113072@unknown@formal@none@1@S@He explains that he was "merely storing the paintings at home -- with some display -- because of the special dehumidified environment" required for their safekeeping, until CenTrust's new building was ready for them.@@@@1@34@@oe@2-2-2013
22113073@unknown@formal@none@1@S@Still, the incident was embarrassing.@@@@1@5@@oe@2-2-2013
22113074@unknown@formal@none@1@S@It came on the heels of a number of local newspaper articles suggesting that Mr. Paul has benefited handsomely from his association with CenTrust.@@@@1@24@@oe@2-2-2013
22113075@unknown@formal@none@1@S@For instance, he got a $3 million loan from the S&L, negotiated at a below-market rate.@@@@1@16@@oe@2-2-2013
22113076@unknown@formal@none@1@S@He owns 43% of CenTrust's shares.@@@@1@6@@oe@2-2-2013
22113077@unknown@formal@none@1@S@Adding to Mr. Paul's problems, dealers (some with vested interests) insist that he, relying rather too heavily on Sotheby's advice, paid much too much for several pieces in the CenTrust collection.@@@@1@31@@oe@2-2-2013
22113078@unknown@formal@none@1@S@The $12 million lavished on the Rubens, for example, was a record price for the artist and maybe twice its value, given a dispute among scholars about its provenance.@@@@1@29@@oe@2-2-2013
22113079@unknown@formal@none@1@S@David Tunick, the president of David Tunick Inc., a New York gallery, says scholars question the authenticity of the Rubens.@@@@1@20@@oe@2-2-2013
22113080@unknown@formal@none@1@S@It may have been painted instead by a Rubens associate.@@@@1@10@@oe@2-2-2013
22113081@unknown@formal@none@1@S@"The feeling among many experts on the commercial side is that the price paid at the time was excessive in any event," Mr. Tunick says.@@@@1@25@@oe@2-2-2013
22113082@unknown@formal@none@1@S@"It sounds like with the Rubens he got absolutely taken to the cleaners."@@@@1@13@@oe@2-2-2013
22113083@unknown@formal@none@1@S@Victor Wiener, the executive director of the Appraisers Association of America, agrees that Mr. Paul paid very dearly for the Rubens and adds that getting rid of it any time soon for a similar sum would be quite a feat.@@@@1@40@@oe@2-2-2013
22113084@unknown@formal@none@1@S@"It's not beyond credibility the Rubens will someday be worth $12 million, but whether it could be sold for that amount tomorrow remains to be seen."@@@@1@26@@oe@2-2-2013
22113085@unknown@formal@none@1@S@Still, predicting is tricky.@@@@1@4@@oe@2-2-2013
22113086@unknown@formal@none@1@S@"I'm forever dumbfounded by what I see making these high prices."@@@@1@11@@oe@2-2-2013
22113087@unknown@formal@none@1@S@Jonathan H. Kress, the son of the painting's former owner, Mrs. Rush Kress, dismisses the price talk as "sour grapes."@@@@1@20@@oe@2-2-2013
22113088@unknown@formal@none@1@S@Dealers contemptuous of the purchase price, he says, were themselves interested in buying the Rubens but lost out.@@@@1@18@@oe@2-2-2013
22113089@unknown@formal@none@1@S@Mr. Paul, for his part, defends the Rubens price, saying a lot of the experts have never seen the thing itself.@@@@1@21@@oe@2-2-2013
22113090@unknown@formal@none@1@S@"Most of them weren't even born the last time the painting was displayed publicly," he says.@@@@1@16@@oe@2-2-2013
22113091@unknown@formal@none@1@S@Art prices are skyrocketing, but a good deal of legerdemain is involved in compiling statistics on sales.@@@@1@17@@oe@2-2-2013
22113092@unknown@formal@none@1@S@Salomon Brothers Inc., the investment-banking firm, in its annual tally of investment returns, reported that old masters appreciated 51% in the year ended June 1, the greatest return of any of 13 assets it tracked.@@@@1@35@@oe@2-2-2013
22113093@unknown@formal@none@1@S@(Impressionist and modern paintings, not tracked by Salomon, are ranked even higher at 74% by Sotheby's.)@@@@1@16@@oe@2-2-2013
22113094@unknown@formal@none@1@S@Salomon, moreover, gets its data on art appreciation from Sotheby's, whose prices go up with clients like Mr. Paul in its thrall.@@@@1@22@@oe@2-2-2013
22113095@unknown@formal@none@1@S@The percentages omit from consideration the many paintings that go begging at auction.@@@@1@13@@oe@2-2-2013
22113096@unknown@formal@none@1@S@Art indexes track winners, not losers.@@@@1@6@@oe@2-2-2013
22113097@unknown@formal@none@1@S@But art that has fallen sharply in value is rarely put up for sale.@@@@1@14@@oe@2-2-2013
22113098@unknown@formal@none@1@S@Also, at any of Sotheby's auctions of old masters, roughly one-third to one-fifth of what is offered doesn't sell at any price.@@@@1@22@@oe@2-2-2013
22113099@unknown@formal@none@1@S@It's not that there aren't any bids, but the bids don't meet the minimum "reserve" prices set by the sellers.@@@@1@20@@oe@2-2-2013
22113100@unknown@formal@none@1@S@In January, the Preti painting that now hangs at CenTrust was expected to bring no more than $700,000 at auction until Mr. Paul came along with his $1.15 million.@@@@1@29@@oe@2-2-2013
22113101@unknown@formal@none@1@S@Mr. Hall of the Colnaghi gallery says $1.15 million "would have been an impossible price for anyone to ask for a Preti four years ago."@@@@1@25@@oe@2-2-2013
22113102@unknown@formal@none@1@S@But from his vantage point, it isn't that Mr. Paul, a customer of his too, overpaid for the work, "a gargantuan painting by an artist who is not a household word."@@@@1@31@@oe@2-2-2013
22113103@unknown@formal@none@1@S@(The painting is 10 feet wide, seven feet high.)@@@@1@9@@oe@2-2-2013
22113104@unknown@formal@none@1@S@Rather, "It just shows things have changed."@@@@1@7@@oe@2-2-2013
22113105@unknown@formal@none@1@S@Mr. Paul boasts that he spotted bargains in old masters just before they took an upward turn.@@@@1@17@@oe@2-2-2013
22113106@unknown@formal@none@1@S@"They went up 51% last year, and they'll do it again this year," he declares.@@@@1@15@@oe@2-2-2013
22113107@unknown@formal@none@1@S@"They were a sleeper.@@@@1@4@@oe@2-2-2013
22113108@unknown@formal@none@1@S@Everybody was out buying Monets."@@@@1@5@@oe@2-2-2013
22113109@unknown@formal@none@1@S@Sotheby's vice president Diana Levitt says the auction house has been "assisting" Mr. Paul in selling the paintings.@@@@1@18@@oe@2-2-2013
22113110@unknown@formal@none@1@S@And while Sotheby's chief rivals in the art world, private art dealers, "won't be happy to hear it," she adds, "a number of {the artworks} have already been sold, and at a substantial profit."@@@@1@34@@oe@2-2-2013
22113111@unknown@formal@none@1@S@Mr. Paul claims to have sold three paintings, at more than a 10% profit.@@@@1@14@@oe@2-2-2013
22113112@unknown@formal@none@1@S@That isn't 51%, and the claim isn't documented.@@@@1@8@@oe@2-2-2013
22113113@unknown@formal@none@1@S@He furthermore denies that he relied too heavily on Sotheby's or Mr. Wachter.@@@@1@13@@oe@2-2-2013
22113114@unknown@formal@none@1@S@Mr. Paul says he had not one but four advisers and that he never bid impulsively.@@@@1@16@@oe@2-2-2013
22113115@unknown@formal@none@1@S@After all, he had the counsel of "curators from the most reputable museums in the world."@@@@1@16@@oe@2-2-2013
22113116@unknown@formal@none@1@S@He says he expects to sell the collection -- including the controversial Rubens -- "carefully and prudently, just as it was put together."@@@@1@23@@oe@2-2-2013
22113117@unknown@formal@none@1@S@But in art-world parlance, Mr. Paul's holdings are "burnt."@@@@1@9@@oe@2-2-2013
22113118@unknown@formal@none@1@S@That is, he is being compelled to put them on the market too soon, and has already gotten offers that are less than he paid for some of the art works.@@@@1@31@@oe@2-2-2013
22113119@unknown@formal@none@1@S@"After a few years, you can argue there has been natural appreciation," says Susan Theran, the publisher of Leonard's Annual Price Index of Art Auctions.@@@@1@25@@oe@2-2-2013
22113120@unknown@formal@none@1@S@But quick turnover in artwork is "like pawning your jewelry -- you end up with 50%.@@@@1@16@@oe@2-2-2013
22113121@unknown@formal@none@1@S@People hold out and try to get a bargain."@@@@1@9@@oe@2-2-2013
22113122@unknown@formal@none@1@S@Sotheby's defends itself and Mr. Paul in the matter.@@@@1@9@@oe@2-2-2013
22113123@unknown@formal@none@1@S@Mr. Wachter says Mr. Paul was a quick study who worked intensely and bought the best pictures available at the moment.@@@@1@21@@oe@2-2-2013
22113124@unknown@formal@none@1@S@"On occasion, he paid a high price," Mr. Wachter concedes, but he says those who bid less and dropped out were dealers who would then have marked up the paintings to resell them at a profit to collectors.@@@@1@38@@oe@2-2-2013
22113125@unknown@formal@none@1@S@Naomi Bernhard Levinson, a fine-arts appraiser at Bernhard Associates in San Francisco, considers it "definite conflict of interest for an auction house to both advise a client on purchases and to set price estimates on the paintings to be purchased."@@@@1@40@@oe@2-2-2013
22113126@unknown@formal@none@1@S@Sotheby's, she says, is "wearing both hats."@@@@1@7@@oe@2-2-2013
22113127@unknown@formal@none@1@S@"I can't see why there would be a conflict of interest," says Sotheby's Ms. Levitt.@@@@1@15@@oe@2-2-2013
22113128@unknown@formal@none@1@S@"Estimates are based on the previous price of similar works sold at auction and current market conditions, and are not affected by any knowledge of who the potential buyer could be."@@@@1@31@@oe@2-2-2013
22113129@unknown@formal@none@1@S@Frequently, clients express interest in paintings but don't end up bidding, she adds, "so we don't know who the potential buyer will be."@@@@1@23@@oe@2-2-2013
22113130@unknown@formal@none@1@S@Mr. Paul, in selling off his paintings, is seeking at least a 15% return on the bank's investment, so as to prove that the venture was sound.@@@@1@27@@oe@2-2-2013
22113131@unknown@formal@none@1@S@Mr. Paul says that he has feelers out over much of the globe and that potential buyers from as far away as Japan and Italy have examined the collection.@@@@1@29@@oe@2-2-2013
22113132@unknown@formal@none@1@S@Because of the pressure on CenTrust to sell, dealers and collectors have been trying to get the paintings at bargain-basement prices.@@@@1@21@@oe@2-2-2013
22113133@unknown@formal@none@1@S@But so far, Mr. Paul and his advisers are holding fast.@@@@1@11@@oe@2-2-2013
22113134@unknown@formal@none@1@S@One dealer, Martin Zimet of French & Co. in New York, says he "would have loved to buy" a Jan Davids de Heem painting from the bank.@@@@1@27@@oe@2-2-2013
22113135@unknown@formal@none@1@S@"I tried to steal the picture -- to buy it attractively -- and {Sotheby's} wouldn't do it.@@@@1@17@@oe@2-2-2013
22113136@unknown@formal@none@1@S@They were protecting his interests."@@@@1@5@@oe@2-2-2013
22113137@unknown@formal@none@1@S@Meanwhile, Mr. Paul and CenTrust executives are getting squeamish about opulence.@@@@1@11@@oe@2-2-2013
22113138@unknown@formal@none@1@S@Mr. Paul has been characterized as "the Great Gatsby or something," complains Karen E. Brinkman, an executive vice president of CenTrust.@@@@1@21@@oe@2-2-2013
22113139@unknown@formal@none@1@S@The media, she says, have distorted his personal life.@@@@1@9@@oe@2-2-2013
22113140@unknown@formal@none@1@S@Mr. Paul nods in agreement.@@@@1@5@@oe@2-2-2013
22113141@unknown@formal@none@1@S@"I don't think I have a life style that is, frankly, so flamboyant," he says.@@@@1@15@@oe@2-2-2013
22113142@unknown@formal@none@1@S@But at just that moment, he is interrupted in his office by a servant in tuxedo who pours coffee from silver into a cup of china and dabs the brim with linen.@@@@1@32@@oe@2-2-2013
22113143@unknown@formal@none@1@S@Mr. Paul says, yes, the ceiling in his executive suite is gold-leaf inlay.@@@@1@13@@oe@2-2-2013
22113144@unknown@formal@none@1@S@The offices are done in hardwood and oriental rugs, leatherbound books and, of course, a $12 million Rubens.@@@@1@18@@oe@2-2-2013
22113145@unknown@formal@none@1@S@But he implores that the splendor be played down.@@@@1@9@@oe@2-2-2013
22113146@unknown@formal@none@1@S@"Don't say it's a gold ceiling.@@@@1@6@@oe@2-2-2013
22113147@unknown@formal@none@1@S@Just say the offices are tastefully appointed," he says.@@@@1@9@@oe@2-2-2013
22113148@unknown@formal@none@1@S@"Otherwise, the regulators will take it for decadence, and nowadays everything's got to be pristine."@@@@1@15@@oe@2-2-2013
22113149@unknown@formal@none@1@S@Figures don't include taxes or transaction costs.@@@@1@7@@oe@2-2-2013
22114001@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
22114002@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
22114003@unknown@formal@none@1@S@Estimated and actual results involving losses are omitted.@@@@1@8@@oe@2-2-2013
22114004@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
22114005@unknown@formal@none@1@S@Otherwise, actual profit is compared with the 300-day estimate.@@@@1@9@@oe@2-2-2013
22115001@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
22115002@unknown@formal@none@1@S@CREATIVE ACCOUNTING, mostly by conglomerates, forced CPAs to change their way of setting standards to be followed by corporations reporting financial results, standards that had become all too flexible.@@@@1@29@@oe@2-2-2013
22115003@unknown@formal@none@1@S@The new Financial Accounting Standards Board (FASB) was created in 1972 to replace the Accounting Principles Board of the American Institute of Certified Public Accountants.@@@@1@25@@oe@2-2-2013
22115004@unknown@formal@none@1@S@All of the former board's members were CPAs, provoking conflict-of-interest criticism because they were writing rules while handling clients' books at the same time.@@@@1@24@@oe@2-2-2013
22115005@unknown@formal@none@1@S@The new board's seven-member structure kept four CPAs, but the others were from industry and academia.@@@@1@16@@oe@2-2-2013
22115006@unknown@formal@none@1@S@Francis M. Wheat, a former Securities and Exchange Commission member, headed the panel that had studied the issues for a year and proposed the FASB on March 30, 1972.@@@@1@29@@oe@2-2-2013
22115007@unknown@formal@none@1@S@The former board had produced "21 opinions and 1,000 critics" in its 12-year life, its chairman had conceded.@@@@1@18@@oe@2-2-2013
22115008@unknown@formal@none@1@S@The climate was right for the new FASB.@@@@1@8@@oe@2-2-2013
22115009@unknown@formal@none@1@S@In the late 1960s some CPAs failed to correct such abuses as clients picking permissive rules that hyped earnings and stock prices.@@@@1@22@@oe@2-2-2013
22115010@unknown@formal@none@1@S@And in November 1970 Congress had passed a special act to overrule one board rule.@@@@1@15@@oe@2-2-2013
22115011@unknown@formal@none@1@S@Also, James Needham, an SEC commissioner, in April 1972 had warned that the industry might face a "federal agency writing accounting rules" if they rejected the FASB idea.@@@@1@28@@oe@2-2-2013
22115012@unknown@formal@none@1@S@Keepers of the books, dubbed "figure filberts," loathed the threat.@@@@1@10@@oe@2-2-2013
22115013@unknown@formal@none@1@S@The FASB had its initial meeting on March 28, 1973.@@@@1@10@@oe@2-2-2013
22115014@unknown@formal@none@1@S@On Dec. 13, 1973, it issued its first rule; it required companies to disclose foreign currency translations in U.S. dollars.@@@@1@20@@oe@2-2-2013
22115015@unknown@formal@none@1@S@The FASB since then has issued 102 rules, and some still rile industry.@@@@1@13@@oe@2-2-2013
22115016@unknown@formal@none@1@S@Since late 1987, for example, it has put off a rule dealing with deferred income taxes because of the continuing controversy over the issue.@@@@1@24@@oe@2-2-2013
22116001@unknown@formal@none@1@S@Amcast Industrial Corp. said it plans to repurchase 500,000 shares, or about 7% of its shares outstanding, in open market transactions.@@@@1@21@@oe@2-2-2013
22116002@unknown@formal@none@1@S@The metal products concern currently has 7.2 million common shares outstanding.@@@@1@11@@oe@2-2-2013
22116003@unknown@formal@none@1@S@Amcast previously had said it planned to repurchase shares, but didn't disclose when or how many shares it intended to buy back.@@@@1@22@@oe@2-2-2013
22116004@unknown@formal@none@1@S@The company named Dillon Read & Co. as its exclusive agent for the stock buy-back program.@@@@1@16@@oe@2-2-2013
22117001@unknown@formal@none@1@S@A seat on the Chicago Board of Trade was sold for $390,000, down $5,000 from the previous sale last Tuesday.@@@@1@20@@oe@2-2-2013
22117002@unknown@formal@none@1@S@Seats currently are quoted at $353,500 bid, $405,000 asked.@@@@1@9@@oe@2-2-2013
22117003@unknown@formal@none@1@S@The record price for a full membership on the exchange is $550,000, set Aug. 31, 1987.@@@@1@16@@oe@2-2-2013
22117004@unknown@formal@none@1@S@An associate member seat was sold for $228,000, up $8,000 from the previous sale Oct. 4.@@@@1@16@@oe@2-2-2013
22117005@unknown@formal@none@1@S@Associate member seats currently are quoted at $225,000 bid, $256,000 asked.@@@@1@11@@oe@2-2-2013
22117006@unknown@formal@none@1@S@The record price for associate membership is $275,000, set Aug. 30, 1988.@@@@1@12@@oe@2-2-2013
22118001@unknown@formal@none@1@S@CAE Industries Ltd. said its Link Flight Simulation division was awarded a contract by the U.S. Army for two helicopter simulators, which the company valued at as much as 37 million Canadian dollars (US$31.5 million).@@@@1@35@@oe@2-2-2013
22118002@unknown@formal@none@1@S@CAE said the fixed price for the first of the AH-64 Apache combat mission simulators is C$19 million.@@@@1@18@@oe@2-2-2013
22118003@unknown@formal@none@1@S@It is scheduled for delivery in late 1991.@@@@1@8@@oe@2-2-2013
22118004@unknown@formal@none@1@S@The price of the second simulator ranges between C$16.4 million and C$18 million, CAE said, depending on when the Army exercises its option.@@@@1@23@@oe@2-2-2013
22118005@unknown@formal@none@1@S@CAE is a Toronto-based maker of commercial and military aircraft simulators and training equipment.@@@@1@14@@oe@2-2-2013
22119001@unknown@formal@none@1@S@Helionetics Inc. said it agreed to team with a unit of Minneapolis-based Honeywell Inc. to provide power amplifiers for a new military sonar system being proposed by Honeywell.@@@@1@28@@oe@2-2-2013
22119002@unknown@formal@none@1@S@Total value of the contract could be $100 million, Helionetics said, and work on the project would be about evenly divided.@@@@1@21@@oe@2-2-2013
22119003@unknown@formal@none@1@S@As previously reported, Helionetics emerged from Chapter 11 bankruptcy-law protection in February.@@@@1@12@@oe@2-2-2013
22120001@unknown@formal@none@1@S@This Los Angeles company and its Union Federal Savings Bank subsidiary said more than 99% of their 7 1/4% convertible subordinated debentures due 2011 were tendered for conversion into UnionFed common stock.@@@@1@32@@oe@2-2-2013
22120002@unknown@formal@none@1@S@The conversion increased total equity capital by about $38.5 million to a total of $156.8 million.@@@@1@16@@oe@2-2-2013
22120003@unknown@formal@none@1@S@Union Federal, a federally insured savings bank, has $2.4 billion in assets.@@@@1@12@@oe@2-2-2013
22121001@unknown@formal@none@1@S@David D. Lung was appointed president and chief operating officer of this maker of building materials for manufactured homes and recreational vehicles.@@@@1@22@@oe@2-2-2013
22121002@unknown@formal@none@1@S@As president, Mr. Lung, 42 years old, succeeds his father, Mervin D. Lung, 66, who founded the company in 1959.@@@@1@20@@oe@2-2-2013
22121003@unknown@formal@none@1@S@Mervin Lung remains chairman and chief executive officer.@@@@1@8@@oe@2-2-2013
22121004@unknown@formal@none@1@S@David Lung has been with Patrick since 1970, and has served as vice president for administration and purchasing since 1987.@@@@1@20@@oe@2-2-2013
22122001@unknown@formal@none@1@S@General Dynamics Services Co., a unit of General Dynamics Corp., won a $48.2 million Army contract to establish maintenance facilities for tracked vehicles in Pakistan.@@@@1@25@@oe@2-2-2013
22122002@unknown@formal@none@1@S@Grumman Corp. was given a $15 million Navy contract for aircraft-electronics improvements.@@@@1@12@@oe@2-2-2013
22122003@unknown@formal@none@1@S@Hughes Aircraft Co., a unit of General Motors Corp., got a $10.3 million Air Force contract for airborne-radar equipment.@@@@1@19@@oe@2-2-2013
22123001@unknown@formal@none@1@S@Reynolds Metals Co. said third-quarter net income dropped nearly 10% to $123.7 million, or $2.10 a share, from $137.2 million, or $2.56 a share, a year earlier.@@@@1@27@@oe@2-2-2013
22123002@unknown@formal@none@1@S@The latest earnings reflect an increase of about 5.5 million in common shares outstanding.@@@@1@14@@oe@2-2-2013
22123003@unknown@formal@none@1@S@Revenue rose 3% to $1.52 billion from $1.48 billion.@@@@1@9@@oe@2-2-2013
22123004@unknown@formal@none@1@S@Reynolds is the third big aluminum company since Friday to report disappointing earnings.@@@@1@13@@oe@2-2-2013
22123005@unknown@formal@none@1@S@The No. 1 domestic aluminum producer, Aluminum Co. of America, Friday said its earnings fell 3.2% to $219 million, or $2.46 a share.@@@@1@23@@oe@2-2-2013
22123006@unknown@formal@none@1@S@And Alcan Aluminium Ltd. yesterday reported net income slid 30% to $180 million, or 77 cents a share, from $258 million, or $1.07 a share.@@@@1@25@@oe@2-2-2013
22123007@unknown@formal@none@1@S@Analysts on average had been expecting about $2.70 for Alcoa and $1 for Alcan.@@@@1@14@@oe@2-2-2013
22123008@unknown@formal@none@1@S@"It's a good indication that level of profitability has peaked for the industry," says Vahid Fathi, metals analyst with Prescott, Ball & Turben Inc., who had estimated Reynolds would earn about $2.35 a share.@@@@1@34@@oe@2-2-2013
22123009@unknown@formal@none@1@S@The nation's No. 2 aluminum company said earnings were hurt by lower prices for certain fabricated aluminum products, which typically follow price fluctuations of primary ingots.@@@@1@26@@oe@2-2-2013
22123010@unknown@formal@none@1@S@The base metal price has dropped 30.3% from a year earlier to 78 cents a pound.@@@@1@16@@oe@2-2-2013
22123011@unknown@formal@none@1@S@Much of the price decline has been blamed on a slowing economy and the third quarter is typically the industry's slowest period.@@@@1@22@@oe@2-2-2013
22123012@unknown@formal@none@1@S@But William O. Bourke, chairman and chief executive officer, said the ingot price "appears to have bottomed out."@@@@1@18@@oe@2-2-2013
22123013@unknown@formal@none@1@S@He said shipments are continuing at a "healthy" pace and the company has no excess inventory.@@@@1@16@@oe@2-2-2013
22123014@unknown@formal@none@1@S@Aluminum shipments of 329,600 metric tons were nearly equal to the year-earlier period, the company said.@@@@1@16@@oe@2-2-2013
22123015@unknown@formal@none@1@S@Nevertheless, the company said that in the latest quarter there were increased material and labor costs, including a new employee profit-sharing plan.@@@@1@22@@oe@2-2-2013
22123016@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, Reynolds closed at $55.375, up $1.25.@@@@1@15@@oe@2-2-2013
22124001@unknown@formal@none@1@S@No strikeout, but certainly no home run.@@@@1@7@@oe@2-2-2013
22124002@unknown@formal@none@1@S@That's how the stock-picking game is shaping up for the months ahead, according to money managers and a few brokers.@@@@1@20@@oe@2-2-2013
22124003@unknown@formal@none@1@S@Yesterday's 88-point recovery from Friday's megadrop in the Dow Jones industrials had many brokerage houses proclaiming that stocks are a good bargain again.@@@@1@23@@oe@2-2-2013
22124004@unknown@formal@none@1@S@But quite a few money managers aren't buying it.@@@@1@9@@oe@2-2-2013
22124005@unknown@formal@none@1@S@Weakening corporate earnings, they say, are no prescription for a bull market.@@@@1@12@@oe@2-2-2013
22124006@unknown@formal@none@1@S@"The stock market ain't going to do much of anything" for a while, says John Neff of Wellington Management, who runs the $8.3 billion Windsor Fund.@@@@1@26@@oe@2-2-2013
22124007@unknown@formal@none@1@S@He suspects that Friday's market decline may have a second leg, perhaps a 10% to 15% drop later on.@@@@1@19@@oe@2-2-2013
22124008@unknown@formal@none@1@S@Mr. Neff says the stock market has lost some powerful driving forces, namely earnings growth and the "LBO sweepstakes" -- buy-out fever that induced investors to bid up whole groups of stocks, such as media and airlines.@@@@1@37@@oe@2-2-2013
22124009@unknown@formal@none@1@S@After sitting with 20% of his fund in cash before Friday's sell-off, Mr. Neff says he bought "a narrow list of stocks" yesterday.@@@@1@23@@oe@2-2-2013
22124010@unknown@formal@none@1@S@With flat corporate profits on the horizon for 1990, money managers say price-earnings multiples that look cheap today might go on being cheap for a long time.@@@@1@27@@oe@2-2-2013
22124011@unknown@formal@none@1@S@"This is not a grossly overvalued market, but it's not cheap either," says George Collins, president of the mutual fund company T. Rowe Price Associates in Baltimore.@@@@1@27@@oe@2-2-2013
22124012@unknown@formal@none@1@S@According to Institutional Brokers Estimate System, Wall Street market strategists see only a 2.4% jump in company profits in 1990 -- unlike in 1987, when profits a year out looked good (they did soar 36% in 1988).@@@@1@37@@oe@2-2-2013
22124013@unknown@formal@none@1@S@Bulls say the market is an incredible bargain, priced at only about 12 times estimated 1989 earnings for stocks in the Standard & Poor's 500 index.@@@@1@26@@oe@2-2-2013
22124014@unknown@formal@none@1@S@Before the 1987 crash, the P/E was more than 20.@@@@1@10@@oe@2-2-2013
22124015@unknown@formal@none@1@S@The common view, says Abby Cohen, strategist for Drexel Burnham Lambert, is that there will be "mild economic growth, modest profit expansion, and things are going to be hunky-dory.@@@@1@29@@oe@2-2-2013
22124016@unknown@formal@none@1@S@Our view is that we may see a profit decline."@@@@1@10@@oe@2-2-2013
22124017@unknown@formal@none@1@S@Some think investors should sell into rallies.@@@@1@7@@oe@2-2-2013
22124018@unknown@formal@none@1@S@The market "is going to wind down," says Gerald W. Perritt, a Chicago money manager.@@@@1@15@@oe@2-2-2013
22124019@unknown@formal@none@1@S@"Things are a little less overpriced" after Friday's jolt in the market.@@@@1@12@@oe@2-2-2013
22124020@unknown@formal@none@1@S@He expects stocks to decline an additional 5% to 30%, with the Dow perhaps bottoming out between 2000 and 2100 "between now and June."@@@@1@24@@oe@2-2-2013
22124021@unknown@formal@none@1@S@After Friday's decline, Mr. Perritt's firm ran statistical tests on 100 high-quality stocks, using old-fashioned value criteria devised by Benjamin Graham, an analyst and author in the 1930s and 1940s who is widely considered to be the father of modern securities analysis.@@@@1@42@@oe@2-2-2013
22124022@unknown@formal@none@1@S@He found 85 still overvalued and 15 fairly valued.@@@@1@9@@oe@2-2-2013
22124023@unknown@formal@none@1@S@Nicholas Parks, a New York money manager, expects the market to decline about 15%.@@@@1@14@@oe@2-2-2013
22124024@unknown@formal@none@1@S@"I've been two-thirds in cash since July, and I continue to think that having a defensive position is appropriate," he says.@@@@1@21@@oe@2-2-2013
22124025@unknown@formal@none@1@S@Companies that piled on debt in leveraged buy-outs during the past two years "will continue to surface as business problems."@@@@1@20@@oe@2-2-2013
22124026@unknown@formal@none@1@S@"Generalizations about value aren't useful," says New York money manager John LeFrere of Delta Capital Management.@@@@1@16@@oe@2-2-2013
22124027@unknown@formal@none@1@S@For instance, he says, International Business Machines and Unisys might look cheap, but investors might continue to do better with stocks like Walt Disney, Procter & Gamble and Coca-Cola, strong performers in recent years.@@@@1@34@@oe@2-2-2013
22124028@unknown@formal@none@1@S@Money manager Robert Ross, head of Duncan Ross Associates Ltd. in Vancouver, British Columbia, says stocks would have to fall 15% to 20% before they are competitive with less risky investment alternatives.@@@@1@32@@oe@2-2-2013
22124029@unknown@formal@none@1@S@Fredric Russell, a money manager in Tulsa, Okla., says Friday's cave-in "is going to have more of a permanent impact on the psyche of many investors than Wall Street would want to admit."@@@@1@33@@oe@2-2-2013
22124030@unknown@formal@none@1@S@There are still bulls out there.@@@@1@6@@oe@2-2-2013
22124031@unknown@formal@none@1@S@"I still think we will have a 3000 Dow, whether it's six months or 12 months from now I don't know," says David Dreman, managing partner of Dreman Value Management in New York.@@@@1@33@@oe@2-2-2013
22124032@unknown@formal@none@1@S@"We're doing a little buying" in some stocks "that have really been smashed down."@@@@1@14@@oe@2-2-2013
22124033@unknown@formal@none@1@S@Many brokerage house officials also are optimistic.@@@@1@7@@oe@2-2-2013
22124034@unknown@formal@none@1@S@Yesterday, Goldman Sachs, Merrill Lynch and Dean Witter all increased the proportion of assets they recommend investors commit to stocks.@@@@1@20@@oe@2-2-2013
22124035@unknown@formal@none@1@S@Dean Witter now recommends 85%, Goldman 65% and Merrill Lynch 50%.@@@@1@11@@oe@2-2-2013
22124036@unknown@formal@none@1@S@Some investors say Friday's sell-off was a good thing, because it deflated a lot of crazy takeover speculation.@@@@1@18@@oe@2-2-2013
22124037@unknown@formal@none@1@S@"It was a healthy cleansing," says Michael Holland, who runs Salomon Brothers Asset Management in New York.@@@@1@17@@oe@2-2-2013
22124038@unknown@formal@none@1@S@From here out, these investors see a return to old-fashioned investing, based on a company's ability to show profit growth.@@@@1@20@@oe@2-2-2013
22124039@unknown@formal@none@1@S@"The fundamentals are pretty strong," Mr. Dreman says.@@@@1@8@@oe@2-2-2013
22124040@unknown@formal@none@1@S@"I don't see this as a bear market at all.@@@@1@10@@oe@2-2-2013
22124041@unknown@formal@none@1@S@It's a recognition that there was much too much fluff in the LBO market."@@@@1@14@@oe@2-2-2013
22124042@unknown@formal@none@1@S@Friday's big fall was "just a blunder by the stock market," says John Connolly, chief strategist for Dean Witter.@@@@1@19@@oe@2-2-2013
22124043@unknown@formal@none@1@S@"It was an overreaction to an event {the failure of a management and union group to get bank financing for a takeover of UAL} that doesn't mean that much to lots of stocks."@@@@1@33@@oe@2-2-2013
22124044@unknown@formal@none@1@S@Many investors have nagging worries, however.@@@@1@6@@oe@2-2-2013
22124045@unknown@formal@none@1@S@Newspapers are full of headlines about companies defaulting on their debts and banks writing off real estate loans.@@@@1@18@@oe@2-2-2013
22124046@unknown@formal@none@1@S@That hurts investors' confidence in the economy and stocks.@@@@1@9@@oe@2-2-2013
22124047@unknown@formal@none@1@S@Not even all the brokerage firms see clear sailing ahead.@@@@1@10@@oe@2-2-2013
22124048@unknown@formal@none@1@S@"Disappointing profits are likely to get worse in the next two quarters," says Mary Farrell, a market strategist at PaineWebber.@@@@1@20@@oe@2-2-2013
22124049@unknown@formal@none@1@S@She thinks the market could drop about 10% in the next few months, then recover and go higher.@@@@1@18@@oe@2-2-2013
22124050@unknown@formal@none@1@S@Companies with steady earnings growth could do well, she says, while others with high debt or poor earnings could see their shares decline far more than 10%.@@@@1@27@@oe@2-2-2013
22125001@unknown@formal@none@1@S@The turmoil on Wall Street may benefit some retailers attempting to lead leveraged buy-outs of their specialty and department-store chains, investment bankers and retailers said.@@@@1@25@@oe@2-2-2013
22125002@unknown@formal@none@1@S@Managers at five chains have said in recent weeks that they intend to bid for their companies.@@@@1@17@@oe@2-2-2013
22125003@unknown@formal@none@1@S@The chains include Bloomingdale's, owned by Campeau Corp., Toronto; Saks Fifth Avenue and Marshall Field's, owned by B.A.T Industries PLC, London; and B. Altman & Co. and Sakowitz Inc., owned by Hooker Corp., which is now being managed by a court-appointed provisional liquidator.@@@@1@43@@oe@2-2-2013
22125004@unknown@formal@none@1@S@Hooker is based in Sydney, Australia.@@@@1@6@@oe@2-2-2013
22125005@unknown@formal@none@1@S@The combination of so many chains available for sale, the recent failures of such retailing LBO's as Miller & Rhoads Inc. and declining investor confidence will drive down prices, retailing observers said.@@@@1@32@@oe@2-2-2013
22125006@unknown@formal@none@1@S@"The pricing will become more realistic, which should help management," said Bruce Rosenthal, a New York investment banker with Nathan S. Jonas & Co.@@@@1@24@@oe@2-2-2013
22125007@unknown@formal@none@1@S@"Investors aren't going to be throwing money at any of the proposed LBOs, but doing deals on the basis of ridiculous assumptions never made sense, either."@@@@1@26@@oe@2-2-2013
22125008@unknown@formal@none@1@S@Earlier this year, bankers and other investors were willing to provide financing because they assumed there would be major gains in both profitability and sales, Mr. Rosenthal added.@@@@1@28@@oe@2-2-2013
22125009@unknown@formal@none@1@S@Those days are over now, he believes.@@@@1@7@@oe@2-2-2013
22125010@unknown@formal@none@1@S@"Competition from third parties who have cash and are prepared to buy has always existed and will continue," added Mr. Rosenthal.@@@@1@21@@oe@2-2-2013
22125011@unknown@formal@none@1@S@"But when prices were crazy, it was even harder to do an LBO.@@@@1@13@@oe@2-2-2013
22125012@unknown@formal@none@1@S@Bankers believed in the greater-fool theory that says somebody else is always willing to pay more.@@@@1@16@@oe@2-2-2013
22125013@unknown@formal@none@1@S@This is no longer true today."@@@@1@6@@oe@2-2-2013
22125014@unknown@formal@none@1@S@At Saks Fifth Avenue, Paul Leblang, senior vice president, marketing, agreed that lower prices will help his management team in their proposed LBO.@@@@1@23@@oe@2-2-2013
22125015@unknown@formal@none@1@S@"Having to take on less debt would certainly be an advantage," said Mr. Leblang.@@@@1@14@@oe@2-2-2013
22125016@unknown@formal@none@1@S@"It would also help us in our search for equity partners.@@@@1@11@@oe@2-2-2013
22125017@unknown@formal@none@1@S@To make an LBO work, now we are going to need more than just junk bonds.@@@@1@16@@oe@2-2-2013
22125018@unknown@formal@none@1@S@" None believe the proposed management LBOs will be easy to complete, especially at B. Altman & Co., which is under Chapter 11 bankruptcy protection.@@@@1@25@@oe@2-2-2013
22125019@unknown@formal@none@1@S@Not only could the Wall Street gyrations damp Christmas sales if consumers lose confidence in the economy, but potential junk-bond buyers are sure to demand even stronger covenants and greater management equity participation.@@@@1@33@@oe@2-2-2013
22125020@unknown@formal@none@1@S@Further, many institutions today holding troubled retailers' debt securities will be reticent to consider additional retailing investments.@@@@1@17@@oe@2-2-2013
22125021@unknown@formal@none@1@S@"It's called bad money driving out good money," said one retailing observer.@@@@1@12@@oe@2-2-2013
22125022@unknown@formal@none@1@S@"Institutions that usually buy retail paper have to be more concerned."@@@@1@11@@oe@2-2-2013
22125023@unknown@formal@none@1@S@However, the lower prices these retail chains are now expected to bring should make it easier for managers to raise the necessary capital and pay back the resulting debt.@@@@1@29@@oe@2-2-2013
22125024@unknown@formal@none@1@S@In addition, the fall selling season has generally been a good one, especially for those retailers dependent on apparel sales for the majority of their revenues.@@@@1@26@@oe@2-2-2013
22125025@unknown@formal@none@1@S@"What's encouraging about this is that retail chains will be sold on the basis of their sales and earnings, not liquidation values," said Joseph E. Brooks, chairman and chief executive officer of Ann Taylor Inc., a specialty chain.@@@@1@38@@oe@2-2-2013
22125026@unknown@formal@none@1@S@"Retailers who had good track records of producing profits will have a better chance to buy back their companies."@@@@1@19@@oe@2-2-2013
22125027@unknown@formal@none@1@S@Still, most retailing observers expect that all the proposed retailing LBOs will depend partly on the sale of junk bonds, a market already in tumult, in part because of concerns associated with bonds issued by the Federated and Allied units of Campeau.@@@@1@42@@oe@2-2-2013
22125028@unknown@formal@none@1@S@"Prices for retail chains are lower today than they were last week, which will help management," said Gilbert Harrison, chairman of Financo Inc., an investment-banking firm specializing in retailing acquisitions.@@@@1@30@@oe@2-2-2013
22125029@unknown@formal@none@1@S@"But the hurdle of financing still has to be resolved.@@@@1@10@@oe@2-2-2013
22125030@unknown@formal@none@1@S@Potential bondholders will either look for greater equity participation on behalf of management, or insist the equity component of the deals be substantially greater than in the past.@@@@1@28@@oe@2-2-2013
22126001@unknown@formal@none@1@S@Sony Corp. won a pretrial order blocking U.S. sales of Justin Products Inc.'s "My Own" line of portable audio players for children.@@@@1@22@@oe@2-2-2013
22126002@unknown@formal@none@1@S@Judge John E. Sprizzo issued the order in Manhattan federal court, where Sony has accused the tiny company of illegally knocking off the "My First Sony" line.@@@@1@27@@oe@2-2-2013
22126003@unknown@formal@none@1@S@The judge held that the combination of colors used for the Sony products is distinctive and subject to protection under New York state law, rather than federal law.@@@@1@28@@oe@2-2-2013
22126004@unknown@formal@none@1@S@The legal fight was the subject of a Wall Street Journal story yesterday.@@@@1@13@@oe@2-2-2013
22126005@unknown@formal@none@1@S@Justin's attorney, Charles E. Baxley, said Justin would ask an appeals court to set aside the order temporarily, pending an expedited appeal.@@@@1@22@@oe@2-2-2013
22126006@unknown@formal@none@1@S@He also repeated Justin's denial of Sony's charges.@@@@1@8@@oe@2-2-2013
22126007@unknown@formal@none@1@S@"Their likelihood of reversing us is very slim," said Lewis H. Eslinger, Sony's attorney, who said he doubts Justin will go ahead with a trial.@@@@1@25@@oe@2-2-2013
22127001@unknown@formal@none@1@S@CONTINENTAL MORTGAGE & EQUITY TRUST said it will resume dividend payments with a 10-cent-a-share payout on Nov. 6 to shares of record Oct. 25.@@@@1@24@@oe@2-2-2013
22127002@unknown@formal@none@1@S@The Dallas real estate investment trust last paid a dividend on Dec. 31, 1987, when shareholders received $1 a share.@@@@1@20@@oe@2-2-2013
22127003@unknown@formal@none@1@S@Despite continuing troubles with problem assets and nonperforming loans, the trust said it expects to be able to maintain or increase the rate of distributions because of operations of joint-venture properties.@@@@1@31@@oe@2-2-2013
22128001@unknown@formal@none@1@S@A federal appeals court struck down a natural-gas regulation that had prevented pipeline companies from passing to customers part of $1 billion in costs from controversial "take-or-pay" contracts.@@@@1@28@@oe@2-2-2013
22128002@unknown@formal@none@1@S@The court, in a 3-0 ruling, threw out a deadline set by the Federal Energy Regulatory Commission for settling old contract disputes over gas that the pipeline companies reserved but didn't use.@@@@1@32@@oe@2-2-2013
22128003@unknown@formal@none@1@S@FERC's regulation had given pipelines until March 31, 1989, to pass on to customers as much as 50% of the costs of buying out their broken contracts, which were made with producers when gas prices were high and supplies short.@@@@1@40@@oe@2-2-2013
22128004@unknown@formal@none@1@S@A majority of old contracts were renegotiated by the deadline and settled at steep discounts.@@@@1@15@@oe@2-2-2013
22128005@unknown@formal@none@1@S@But pipeline companies estimate they still face $2.4 billion in liabilities from unresolved disputes, including $1 billion they fear they won't be able to pass on to customers.@@@@1@28@@oe@2-2-2013
22128006@unknown@formal@none@1@S@According to industry lawyers, the ruling gives pipeline companies an important second chance to resolve remaining disputes and take advantage of the cost-sharing mechanism.@@@@1@24@@oe@2-2-2013
22128007@unknown@formal@none@1@S@The court left open whether FERC could reimpose a new deadline later.@@@@1@12@@oe@2-2-2013
22128008@unknown@formal@none@1@S@The court, agreeing with pipeline companies, found the March 31 deadline was "arbitrary and capricious" and "highly prejudicial to the bargaining power of pipelines" that were forced to negotiate settlement of the old take-or-pay contracts to meet the deadline.@@@@1@39@@oe@2-2-2013
22128009@unknown@formal@none@1@S@A report last month by the Interstate Natural Gas Association of America found that pipelines' settlement costs had jumped in the three months before the deadline to 39 cents on the dollar, from 22 cents on the dollar in 1988.@@@@1@40@@oe@2-2-2013
22128010@unknown@formal@none@1@S@The court ordered FERC to justify within 60 days not only its cost-sharing deadline, but other major elements of its proposed regulation for introducing more competition into natural-gas transportation.@@@@1@29@@oe@2-2-2013
22128011@unknown@formal@none@1@S@The court also questioned a crediting mechanism that could be used to resolve take-or-pay liabilities.@@@@1@15@@oe@2-2-2013
22128012@unknown@formal@none@1@S@The complex regulation, known in the industry as Order 500, has been hotly contested by all sides, including natural-gas producers, pipelines, local distribution companies and consumers.@@@@1@26@@oe@2-2-2013
22128013@unknown@formal@none@1@S@The court's decision would allow FERC to change some of its provisions, but ensures it will be reviewed again quickly by the court.@@@@1@23@@oe@2-2-2013
22129001@unknown@formal@none@1@S@MEDUSA Corp. said it voluntarily prepaid $7 million on its original $75 million term loan, bringing the total debt reduction for the year to $18 million.@@@@1@26@@oe@2-2-2013
22129002@unknown@formal@none@1@S@After the payment, the Cleveland company owes $57 million on the loan.@@@@1@12@@oe@2-2-2013
22129003@unknown@formal@none@1@S@The cement producer said the payment was made from excess cash flow.@@@@1@12@@oe@2-2-2013
22130001@unknown@formal@none@1@S@NATIONAL INCOME REALTY TRUST said it will resume dividend payments with a 12-cent-a-share dividend to be paid Nov. 6 to shares of record Oct. 25.@@@@1@25@@oe@2-2-2013
22130002@unknown@formal@none@1@S@The mortgage and equity real estate investment trust last paid a dividend on Aug. 1, 1988, when holders received 75 cents a share.@@@@1@23@@oe@2-2-2013
22130003@unknown@formal@none@1@S@Despite continuing troubles with problem properties and nonperforming loans, the Dallas trust said it has rebuilt reserves, abandoned properties with little potential and experienced improved operating results from joint ventures.@@@@1@30@@oe@2-2-2013
22131001@unknown@formal@none@1@S@MLX Corp. said it reached a preliminary agreement with senior lenders to its refrigeration and air-conditioning group to restructure the $188.5 million of credit facilities the lenders provide to the group.@@@@1@31@@oe@2-2-2013
22131002@unknown@formal@none@1@S@MLX, which also makes aircraft and heavy-duty truck parts, said the debt was accumulated during its acquisition of nine businesses that make up the group, the biggest portion of which was related to the 1986 purchase of a Hillman Co. unit.@@@@1@41@@oe@2-2-2013
22131003@unknown@formal@none@1@S@Among other things, the restructured facilities will substantially reduce the group's required amortization of the term loan portion of the credit facilities through September 1992, MLX said.@@@@1@27@@oe@2-2-2013
22131004@unknown@formal@none@1@S@Certain details of the restructured facilities remain to be negotiated.@@@@1@10@@oe@2-2-2013
22131005@unknown@formal@none@1@S@The agreement is subject to completion of a definitive amendment and appropriate approvals.@@@@1@13@@oe@2-2-2013
22131006@unknown@formal@none@1@S@William P. Panny, MLX chairman and chief executive, said the pact "will provide MLX with the additional time and flexibility necessary to complete the restructuring of the company's capital structure."@@@@1@30@@oe@2-2-2013
22131007@unknown@formal@none@1@S@MLX has filed a registration statement with the Securities and Exchange Commission covering a proposed offering of $120 million in long-term senior subordinated notes and warrants.@@@@1@26@@oe@2-2-2013
22132001@unknown@formal@none@1@S@Dow Jones & Co. said it acquired a 15% interest in DataTimes Corp., a subsidiary of Oklahoma Publishing Co., Oklahoma City, that provides electronic research services.@@@@1@26@@oe@2-2-2013
22132002@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
22132003@unknown@formal@none@1@S@Customers of either DataTimes or Dow Jones News/Retrieval are able to access the information on both services.@@@@1@17@@oe@2-2-2013
22132004@unknown@formal@none@1@S@Dow Jones is the publisher of The Wall Street Journal.@@@@1@10@@oe@2-2-2013
22133001@unknown@formal@none@1@S@Flowers Industries Inc. said it will report a charge of eight cents to 10 cents a share for its fiscal first quarter, ended Sept. 23, from the sale of two bakeries, in High Point, N.C., and Gadsden, Ala.@@@@1@38@@oe@2-2-2013
22133002@unknown@formal@none@1@S@The convenience-food company said it sold the bakeries to Mills Family Bakery for an undisclosed amount.@@@@1@16@@oe@2-2-2013
22133003@unknown@formal@none@1@S@It said the sales were part of a 1983 Federal Trade Commission Consent Order.@@@@1@14@@oe@2-2-2013
22133004@unknown@formal@none@1@S@A year earlier, Flowers had fiscal first-quarter net income of $8 million, or 23 cents a share, on revenue of $170.4 million.@@@@1@22@@oe@2-2-2013
22134001@unknown@formal@none@1@S@Raw-steel production by the nation's mills decreased 0.8% last week to 1,828,000 tons from 1,843,000 tons the previous week, the American Iron and Steel Institute said.@@@@1@26@@oe@2-2-2013
22134002@unknown@formal@none@1@S@Last week's output rose 1.4% from the 1,802,000 tons produced a year earlier.@@@@1@13@@oe@2-2-2013
22134003@unknown@formal@none@1@S@The industry used 82.2% of its capability last week, compared with 82.8% the previous week and 84% a year ago.@@@@1@20@@oe@2-2-2013
22134004@unknown@formal@none@1@S@The capability utilization rate is a calculation designed to indicate at what percent of its production capability the industry is operating in a given week.@@@@1@25@@oe@2-2-2013
22135001@unknown@formal@none@1@S@Selwyn B. Kossuth was named executive director of the commission, effective early November.@@@@1@13@@oe@2-2-2013
22135002@unknown@formal@none@1@S@Mr. Kossuth, 52 years old, succeeds Ermanno Pascutto, 36, who resigned to join Hong Kong's Securities and Futures Commission.@@@@1@19@@oe@2-2-2013
22135003@unknown@formal@none@1@S@Mr. Kossuth was vice president and director, corporate finance, of Nesbitt Thomson Deacon Inc., a Toronto investment dealer.@@@@1@18@@oe@2-2-2013
22136001@unknown@formal@none@1@S@Dun & Bradstreet Corp.'s Market Data Retrieval unit said it acquired School and College Construction Reports service from Intelligence for Education Inc.@@@@1@22@@oe@2-2-2013
22136002@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
22136003@unknown@formal@none@1@S@The service supplies weekly reports on school and college construction plans.@@@@1@11@@oe@2-2-2013
22136004@unknown@formal@none@1@S@Market Data Retrieval is a compiler of educational information and provides related services.@@@@1@13@@oe@2-2-2013
22136005@unknown@formal@none@1@S@Closely held Intelligence in Education, of Larchmont, N.Y., is an educational publisher and consultant.@@@@1@14@@oe@2-2-2013
22136006@unknown@formal@none@1@S@A battle is raging in Venice over plans to have the 1,200-year-old Italian city be the site for a universal exposition in 2000.@@@@1@23@@oe@2-2-2013
22136007@unknown@formal@none@1@S@The plans include a subway system, a congress center, floating trees, fanciful fountains -- and as many as 60,000 additional tourists a day.@@@@1@23@@oe@2-2-2013
22136008@unknown@formal@none@1@S@Expo enthusiasts argue that holding the fair would attract businesses, create jobs and help renovate abandoned sections of town.@@@@1@19@@oe@2-2-2013
22136009@unknown@formal@none@1@S@But opponents fear overcrowding.@@@@1@4@@oe@2-2-2013
22136010@unknown@formal@none@1@S@"This city already has too many tourists, and it can't hold them all," says Pierluigi Beggiato, the president of the Venice hoteliers association.@@@@1@23@@oe@2-2-2013
22136011@unknown@formal@none@1@S@About 40 Italian businesses, including Fiat S.p.A. and Ing. C. Olivetti & Co., have formed a consortium to lobby for holding the expo in Venice.@@@@1@25@@oe@2-2-2013
22136012@unknown@formal@none@1@S@Three gambling casinos have opened in Poland.@@@@1@7@@oe@2-2-2013
22136013@unknown@formal@none@1@S@The three establishments -- two in Warsaw and one in Krakow -- accept only foreign currency and are joint ventures between Polish firms and Western companies.@@@@1@26@@oe@2-2-2013
22136014@unknown@formal@none@1@S@Not all Poles are pleased.@@@@1@5@@oe@2-2-2013
22136015@unknown@formal@none@1@S@"What do we want casinos for when we haven't got anything in the shops?" one housewife asked.@@@@1@17@@oe@2-2-2013
22136016@unknown@formal@none@1@S@But Bogdan Gumkowski, who runs the casino at Warsaw's Marriott Hotel, said the ventures would help Poland service its $39 billion foreign debt by pouring dollars into the state firms in the joint ventures -- the LOT airline and Orbis tourist organization.@@@@1@42@@oe@2-2-2013
22136017@unknown@formal@none@1@S@Algeria plans to increase natural-gas sales to Europe and the U.S.@@@@1@11@@oe@2-2-2013
22136018@unknown@formal@none@1@S@According to the Middle East Economic Survey, the North African nation is holding talks with Italy for adding a fourth pipe to a section of the Trans-Mediterranean pipeline, expanding capacity by up to six billion cubic meters a year from 12.5 billion.@@@@1@42@@oe@2-2-2013
22136019@unknown@formal@none@1@S@Algeria also wants to build a pipeline through Morocco and across the Strait of Gibraltar to supply Spain, France and West Germany with up to 15 billion cubic meters a year by the late 1990s.@@@@1@35@@oe@2-2-2013
22136020@unknown@formal@none@1@S@South Africa's National Union of Mineworkers agreed to suspend the strike by diamond workers and resume negotiations with De Beers Consolidated Mines Ltd. over their wage dispute, De Beers said.@@@@1@30@@oe@2-2-2013
22136021@unknown@formal@none@1@S@It also said the union had agreed to meet the company for further talks tomorrow.@@@@1@15@@oe@2-2-2013
22136022@unknown@formal@none@1@S@The strike at five De Beers mines began last Thursday, with 9,500 out of a total 10,000 NUM members employed on De Beers mines participating, according to the union, while De Beers said there were 7,800 participants.@@@@1@37@@oe@2-2-2013
22136023@unknown@formal@none@1@S@The union has demanded a 37.6% increase in the minimum wage while De Beers's final offer was an increase of 17%.@@@@1@21@@oe@2-2-2013
22136024@unknown@formal@none@1@S@A 35-nation environmental conference opened in Sofia, Bulgaria.@@@@1@8@@oe@2-2-2013
22136025@unknown@formal@none@1@S@The gathering is expected to focus on curbing the fouling of rivers and lakes, limiting damage from industrial accidents and improving the handling of harmful chemicals.@@@@1@26@@oe@2-2-2013
22136026@unknown@formal@none@1@S@West German Environment Minister Klaus Toepfer said Bonn is convinced of the need for cooperation, "especially with our neighbors in the East, because we are directly affected by their ecological progress or lack of it."@@@@1@35@@oe@2-2-2013
22136027@unknown@formal@none@1@S@The U.S. and Canada joined every European country except Albania at the meeting.@@@@1@13@@oe@2-2-2013
22136028@unknown@formal@none@1@S@The Swedish publishers of a new Estonian-language newspaper rushed an extra edition across the Baltic on Oct. 10 after the first run sold out in one day.@@@@1@27@@oe@2-2-2013
22136029@unknown@formal@none@1@S@Editor Hasse Olsson said plans had called for 7,000 copies of the monthly Are Paev (Business Paper) to be sold at newsstands and an additional 3,000 promotion issues to be sent by direct mail.@@@@1@34@@oe@2-2-2013
22136030@unknown@formal@none@1@S@He said 13,000 more copies were sent to Estonia because of strong sales.@@@@1@13@@oe@2-2-2013
22136031@unknown@formal@none@1@S@The Swedish publishing company Bonniers owns 51% of Are Paev, and the Estonian management company Minor owns 49%.@@@@1@18@@oe@2-2-2013
22136032@unknown@formal@none@1@S@Angel Gurria, Mexico's top debt negotiator, said the country's creditor banks are responding positively to Mexico's debt-reduction package.@@@@1@18@@oe@2-2-2013
22136033@unknown@formal@none@1@S@Mr. Gurria's optimism contrasts with some bankers' views that the deal may require a lot of arm twisting by the U.S. Treasury in order to succeed.@@@@1@26@@oe@2-2-2013
22136034@unknown@formal@none@1@S@Mr. Gurria, Mexico's under-secretary of the ministry of finance, met yesterday with European bankers in London, at the half-way point on a so-called road show to market the package around the world.@@@@1@32@@oe@2-2-2013
22136035@unknown@formal@none@1@S@An increasing number of banks appear to be considering the option under the deal whereby they can swap their Mexican loans for 30-year bonds with a face value discounted by 35%, Mr. Gurria said.@@@@1@34@@oe@2-2-2013
22136036@unknown@formal@none@1@S@The other two options consist of swapping loans for bonds with 6.25% interest rates, or providing fresh loans.@@@@1@18@@oe@2-2-2013
22136037@unknown@formal@none@1@S@The accord, which covers $52.7 billion of Mexico's medium- and long-term debt, is expected to go into effect in early@@@@1@20@@oe@2-2-2013
22136038@unknown@formal@none@1@S@China's top film actress, Liu Xiaoqing, paid $4,555 in back taxes and fines in Shandong province, the People's Daily reported.@@@@1@20@@oe@2-2-2013
22136039@unknown@formal@none@1@S@The amount is equal to about 30 years earnings for the average peasant, who makes $145 a year. . . .@@@@1@21@@oe@2-2-2013
22136040@unknown@formal@none@1@S@China will spend $9.45 million for urgent maintenance on Tibet's Potala Palace, former home of the Dalai Lama, the China News Service said.@@@@1@23@@oe@2-2-2013
22136041@unknown@formal@none@1@S@The Dalai Lama, who was just awarded the Nobel Peace Prize, lives in exile in India.@@@@1@16@@oe@2-2-2013
22137001@unknown@formal@none@1@S@George W. Koch, 63 years old, president and chief executive officer of Grocery Manufacturers of America Inc., was elected a director of this maker of spices, seasonings and specialty foods, succeeding Erskin N. White Jr., 65, who resigned.@@@@1@38@@oe@2-2-2013
22138001@unknown@formal@none@1@S@American Business Computer Corp. said it privately placed 1,035,000 common shares at $2.50 a share.@@@@1@15@@oe@2-2-2013
22138002@unknown@formal@none@1@S@The placement was made through Gray Seifert Securities, New York, to institutional investors.@@@@1@13@@oe@2-2-2013
22138003@unknown@formal@none@1@S@Proceeds will be used to commercialize recently patented technology and support the company's international expansion.@@@@1@15@@oe@2-2-2013
22138004@unknown@formal@none@1@S@The company develops and markets products for the food service industry.@@@@1@11@@oe@2-2-2013
22139001@unknown@formal@none@1@S@THE R.H. MACY & CO. department-store chain isn't for sale.@@@@1@10@@oe@2-2-2013
22139002@unknown@formal@none@1@S@In yesterday's edition, it was incorrectly included with a list of New York chains up for sale.@@@@1@17@@oe@2-2-2013
22140001@unknown@formal@none@1@S@Korean car exports have slid about 40% so far this year, but auto makers here aren't panicking.@@@@1@17@@oe@2-2-2013
22140002@unknown@formal@none@1@S@They are enjoying domestic sales that are more than making up for lost overseas sales.@@@@1@15@@oe@2-2-2013
22140003@unknown@formal@none@1@S@South Korean consumers are expected to buy almost 500,000 passenger cars this year, up 60% from 1988.@@@@1@17@@oe@2-2-2013
22140004@unknown@formal@none@1@S@In fact, some auto executives suggest that slackened demand for their cars in the U.S. and Canada is a blessing; otherwise they wouldn't be able to keep up with demand in the more profitable local market.@@@@1@36@@oe@2-2-2013
22140005@unknown@formal@none@1@S@"We are very lucky to easily change an export loss to domestic plus," says Hong Tu Pyo, managing director of domestic marketing for Hyundai Motor Co.@@@@1@26@@oe@2-2-2013
22140006@unknown@formal@none@1@S@As it is, waiting lists of a month aren't unusual for popular models.@@@@1@13@@oe@2-2-2013
22140007@unknown@formal@none@1@S@Demand is so strong that all of the domestic makers -- Hyundai, Kia Motors Corp., Daewoo Motor Co. and even upstart SsangYong Motor Co. -- plan to build more factories.@@@@1@30@@oe@2-2-2013
22140008@unknown@formal@none@1@S@Industry analysts predict that by 1995, South Korea will be building three million cars a year -- about half of that for export.@@@@1@23@@oe@2-2-2013
22140009@unknown@formal@none@1@S@It's an optimistic move in a industry already facing world-wide overcapacity.@@@@1@11@@oe@2-2-2013
22140010@unknown@formal@none@1@S@But South Korean auto makers are confident that the export market will bounce back and that demand in Korea will stay strong.@@@@1@22@@oe@2-2-2013
22140011@unknown@formal@none@1@S@Currently only one in 38 South Koreans owns a car, up from one in 200 a decade ago.@@@@1@18@@oe@2-2-2013
22140012@unknown@formal@none@1@S@"In the year 2000 it will be one car per family.@@@@1@11@@oe@2-2-2013
22140013@unknown@formal@none@1@S@At that point domestic sales will slow down," says Kim Yoon Kwon, director of marketing for Daewoo Motor.@@@@1@18@@oe@2-2-2013
22140014@unknown@formal@none@1@S@The reason for the tremendous demand is simple: South Koreans suddenly have a lot more money.@@@@1@16@@oe@2-2-2013
22140015@unknown@formal@none@1@S@"We never thought we'd own a car," says Kwang Ok Kyong, who just bought a Daewoo LeMans on a five-year loan.@@@@1@21@@oe@2-2-2013
22140016@unknown@formal@none@1@S@She and her husband started a small printing business and need the car for work as well as for weekend jaunts.@@@@1@21@@oe@2-2-2013
22140017@unknown@formal@none@1@S@Pay raises of 60% over the past three years have given many South Koreans the money to enjoy the things they were supplying the rest of the world.@@@@1@28@@oe@2-2-2013
22140018@unknown@formal@none@1@S@The success of newcomer SsangYong Motor shows the strength of the auto market and its growing diversity.@@@@1@17@@oe@2-2-2013
22140019@unknown@formal@none@1@S@A part of the construction-oriented conglomerate SsangYong Group, it took over the dying Dong-A Motor Co. in 1986.@@@@1@18@@oe@2-2-2013
22140020@unknown@formal@none@1@S@SsangYong began making variations of the Jeep-like "Korando" vehicle.@@@@1@9@@oe@2-2-2013
22140021@unknown@formal@none@1@S@(Dong-A had had a technology agreement with Jeep maker American Motors Corp., now a part of Chrysler Corp.)@@@@1@18@@oe@2-2-2013
22140022@unknown@formal@none@1@S@The most popular style is the stretched "Family," which resembles a Ford Bronco or Chevy Blazer.@@@@1@16@@oe@2-2-2013
22140023@unknown@formal@none@1@S@The four-wheel-drive vehicles start at $15,000; a Family can cost over $25,000.@@@@1@12@@oe@2-2-2013
22140024@unknown@formal@none@1@S@SsangYong, which has only about 3% of the domestic market, will sell about 18,000 of its models this year, twice as many as last year.@@@@1@25@@oe@2-2-2013
22140025@unknown@formal@none@1@S@It sees sales rising 45% to 26,000 units next year.@@@@1@10@@oe@2-2-2013
22140026@unknown@formal@none@1@S@The company plans to expand plant capacity 50% by 1991.@@@@1@10@@oe@2-2-2013
22140027@unknown@formal@none@1@S@By then it also hopes to begin producing a passenger car based on the Volvo 240 and selling for about $20,000.@@@@1@21@@oe@2-2-2013
22140028@unknown@formal@none@1@S@Hyundai and Daewoo seem unconcerned about the SsangYong threat, but Kia, the scrappy No.3 auto maker, is selling four-wheel-drive vehicles through its Asia unit.@@@@1@24@@oe@2-2-2013
22140029@unknown@formal@none@1@S@It plans to sell 1,700 units in 1989.@@@@1@8@@oe@2-2-2013
22140030@unknown@formal@none@1@S@Kia, the only Korean car maker that has seen its overseas sales grow in 1989, aims at Korea's common man.@@@@1@20@@oe@2-2-2013
22140031@unknown@formal@none@1@S@Its advantage has been the peppy little Pride, sold as the Ford Festiva in the U.S.@@@@1@16@@oe@2-2-2013
22140032@unknown@formal@none@1@S@At 3.8 million won, or $5,700, the econobox is the lowest-priced car in South Korea.@@@@1@15@@oe@2-2-2013
22140033@unknown@formal@none@1@S@Along with two larger models, the company claims 18% of the domestic market.@@@@1@13@@oe@2-2-2013
22140034@unknown@formal@none@1@S@Ford Motor Co. and Japan's Mazda Motor Corp. have equity interests in Kia.@@@@1@13@@oe@2-2-2013
22140035@unknown@formal@none@1@S@Kia is the most aggressive of the Korean Big Three in offering financing.@@@@1@13@@oe@2-2-2013
22140036@unknown@formal@none@1@S@Loans for as long as five years make the cars very accessible, with monthly payments as low as 80,000 won, or $120.@@@@1@22@@oe@2-2-2013
22140037@unknown@formal@none@1@S@Daewoo Motor, a 50-50 joint venture with General Motors Corp. and the Daewoo Group conglomerate, is the only auto maker that appears to be hurting.@@@@1@25@@oe@2-2-2013
22140038@unknown@formal@none@1@S@Shipments of its Lemans to GM's Pontiac division are off about 65% from a year ago, versus a 44% decline for Hyundai and an 18% increase for Kia.@@@@1@28@@oe@2-2-2013
22140039@unknown@formal@none@1@S@Moreover, Daewoo's domestic sales have grown half as fast as sales of its rivals.@@@@1@14@@oe@2-2-2013
22140040@unknown@formal@none@1@S@The big problem for Daewoo, which holds about 21% of the market, is the long series of labor disruptions it suffered this year.@@@@1@23@@oe@2-2-2013
22140041@unknown@formal@none@1@S@But Daewoo is expanding too.@@@@1@5@@oe@2-2-2013
22140042@unknown@formal@none@1@S@In fact, a sister company, Daewoo Shipbuilding and Heavy Machinery, plans to build 240,000 minicars by the mid-1990s.@@@@1@18@@oe@2-2-2013
22140043@unknown@formal@none@1@S@Hyundai, the Korean market leader with a 58% share, also plans to jump into minicars at the same time.@@@@1@19@@oe@2-2-2013
22140044@unknown@formal@none@1@S@It has a similar project for 200,000 cars a year.@@@@1@10@@oe@2-2-2013
22140045@unknown@formal@none@1@S@Kia is reportedly also considering such a plan.@@@@1@8@@oe@2-2-2013
22140046@unknown@formal@none@1@S@Even giant Samsung Group is rumored in the Korean press to be considering getting into the auto-making business; a company spokesman had no comment.@@@@1@24@@oe@2-2-2013
22141001@unknown@formal@none@1@S@Robert P. Bulseco, 44 years old, was named president and chief administrative officer of this regional commercial bank.@@@@1@18@@oe@2-2-2013
22141002@unknown@formal@none@1@S@Both posts had been vacant.@@@@1@5@@oe@2-2-2013
22141003@unknown@formal@none@1@S@Robert Robie, 51, was named to the new positions of vice chairman and chief credit officer.@@@@1@16@@oe@2-2-2013
22142001@unknown@formal@none@1@S@Many skittish mutual fund investors picked up the phone yesterday, but decided not to cash in their chips after all.@@@@1@20@@oe@2-2-2013
22142002@unknown@formal@none@1@S@As the stock market bounced back, withdrawals of money from stock funds amounted to a mere trickle compared with Black Monday, when investors dumped $2.3 billion, or about 2% of stock-fund assets.@@@@1@32@@oe@2-2-2013
22142003@unknown@formal@none@1@S@Fidelity Investments, the nation's largest fund company, said phone volume was more than double its typical level, but still half that of Oct. 19, 1987.@@@@1@25@@oe@2-2-2013
22142004@unknown@formal@none@1@S@Net outflows from Fidelity's stock funds stood at less than $300 million, or below 15% of the $2 billion cash position of the firm's stock portfolios.@@@@1@26@@oe@2-2-2013
22142005@unknown@formal@none@1@S@Much of the money was switched into the firm's money market funds.@@@@1@12@@oe@2-2-2013
22142006@unknown@formal@none@1@S@Outflows since the close of trading Friday remain below one-third their level of two years ago, Fidelity said.@@@@1@18@@oe@2-2-2013
22142007@unknown@formal@none@1@S@Other mutual fund companies reported even lighter withdrawal requests.@@@@1@9@@oe@2-2-2013
22142008@unknown@formal@none@1@S@And some investors at Fidelity and elsewhere even began buying stock funds during the day.@@@@1@15@@oe@2-2-2013
22142009@unknown@formal@none@1@S@"Two years ago, there was a lot of redemption activity and trouble with people getting through on the phone," said Kathryn McGrath, head of the investment management division of the Securities and Exchange Commission.@@@@1@34@@oe@2-2-2013
22142010@unknown@formal@none@1@S@This time, "We don't have that at all."@@@@1@8@@oe@2-2-2013
22142011@unknown@formal@none@1@S@Of course, the relative calm could be jolted if the market plunges again.@@@@1@13@@oe@2-2-2013
22142012@unknown@formal@none@1@S@And any strong surge in redemptions could force some funds to dump stocks to raise cash, as some did during Black Monday.@@@@1@22@@oe@2-2-2013
22142013@unknown@formal@none@1@S@But funds generally are better prepared this time around.@@@@1@9@@oe@2-2-2013
22142014@unknown@formal@none@1@S@As a group, their cash position of 10.2% of assets in August -- the latest figure available -- is 14% higher than two years earlier.@@@@1@25@@oe@2-2-2013
22142015@unknown@formal@none@1@S@Many fund managers have boosted their cash levels in recent weeks.@@@@1@11@@oe@2-2-2013
22142016@unknown@formal@none@1@S@The biggest flurry of investor activity came early in the day.@@@@1@11@@oe@2-2-2013
22142017@unknown@formal@none@1@S@Vanguard Group Inc. saw heavy exchanges from stock funds into money market funds after the telephone lines opened at 8:30 a.m.@@@@1@21@@oe@2-2-2013
22142018@unknown@formal@none@1@S@"In the first hour, the real nervous folks came along," a spokesman said.@@@@1@13@@oe@2-2-2013
22142019@unknown@formal@none@1@S@"But the horrendous pace of call volume in the first half-hour slowed considerably."@@@@1@13@@oe@2-2-2013
22142020@unknown@formal@none@1@S@At Scudder, Stevens & Clark Inc., phone calls came in at 40% more than the normal pace through early afternoon.@@@@1@20@@oe@2-2-2013
22142021@unknown@formal@none@1@S@Most of that increase came in the first hour after the phone lines opened at 8 a.m.@@@@1@17@@oe@2-2-2013
22142022@unknown@formal@none@1@S@As stocks rose, in fact, some investors changed course and reversed their sell orders.@@@@1@14@@oe@2-2-2013
22142023@unknown@formal@none@1@S@Many funds allow investors to void orders before the close of trading.@@@@1@12@@oe@2-2-2013
22142024@unknown@formal@none@1@S@At Scudder and at the smaller Ivy funds group in Hingham, Mass., for instance, some shareholders called early in the morning to switch money from stock funds to money market funds, but later called back to reverse the switches.@@@@1@39@@oe@2-2-2013
22142025@unknown@formal@none@1@S@Because mutual fund trades don't take effect until the market close -- in this case, at 4 p.m. -- these shareholders effectively stayed put.@@@@1@24@@oe@2-2-2013
22142026@unknown@formal@none@1@S@At Fidelity's office in downtown Boston, Gerald Sherman walked in shortly after 7:30 a.m. and placed an order to switch his retirement accounts out of three stock funds and into a money market fund.@@@@1@34@@oe@2-2-2013
22142027@unknown@formal@none@1@S@But by 3:15 p.m., with the market comfortably ahead for the day, Mr. Sherman was preparing to undo his switch.@@@@1@20@@oe@2-2-2013
22142028@unknown@formal@none@1@S@"It's a nice feeling to know that things stabilized," said Mr. Sherman, the 51-year-old co-owner of a discount department store.@@@@1@20@@oe@2-2-2013
22142029@unknown@formal@none@1@S@But some investors continued to switch out of high-risk, high-yield junk funds despite yesterday's rebound from that market's recent price declines.@@@@1@21@@oe@2-2-2013
22142030@unknown@formal@none@1@S@Shareholders have been steadily bailing out of several big junk funds the past several weeks as the $200 billion market was jolted by a cash crunch at Campeau Corp. and steadily declining prices.@@@@1@33@@oe@2-2-2013
22142031@unknown@formal@none@1@S@Much of the money has been switched into money market funds, fund executives say.@@@@1@14@@oe@2-2-2013
22142032@unknown@formal@none@1@S@Instead of selling bonds to meet redemptions, however, some funds have borrowed from banks to meet withdrawal requests.@@@@1@18@@oe@2-2-2013
22142033@unknown@formal@none@1@S@This avoids knocking down prices further.@@@@1@6@@oe@2-2-2013
22142034@unknown@formal@none@1@S@The $1.1 billion T. Rowe Price High Yield Fund was among the funds that borrowed during the Campeau crisis, says George J. Collins, president of T. Rowe Price Associates Inc.@@@@1@30@@oe@2-2-2013
22142035@unknown@formal@none@1@S@That way, Mr. Collins says, "We didn't have to sell securities in a sloppy market."@@@@1@15@@oe@2-2-2013
22142036@unknown@formal@none@1@S@When the market stabilized, he added, the firm sold the bonds and quickly paid the loans back.@@@@1@17@@oe@2-2-2013
22142037@unknown@formal@none@1@S@Tom Herman contributed to this article.@@@@1@6@@oe@2-2-2013
22143001@unknown@formal@none@1@S@Amcore Financial Inc. said it agreed to acquire Central of Illinois Inc. in a stock swap.@@@@1@16@@oe@2-2-2013
22143002@unknown@formal@none@1@S@Shareholders of Central, a bank holding company based in Sterling, Ill., will receive Amcore stock equal to 10 times Central's 1989 earnings, Amcore said.@@@@1@24@@oe@2-2-2013
22143003@unknown@formal@none@1@S@For the first nine months of 1989, Central earned $2 million.@@@@1@11@@oe@2-2-2013
22143004@unknown@formal@none@1@S@Amcore, also a bank holding company, has assets of $1.06 billion.@@@@1@11@@oe@2-2-2013
22143005@unknown@formal@none@1@S@Central's assets are $240 million.@@@@1@5@@oe@2-2-2013
22144001@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
22144002@unknown@formal@none@1@S@SOFT CONTACT LENSES WON federal blessing on March 18, 1971, and quickly became eye openers for their makers.@@@@1@18@@oe@2-2-2013
22144003@unknown@formal@none@1@S@The Food and Drug Administration that day said Bausch & Lomb could start selling them in the U.S.@@@@1@18@@oe@2-2-2013
22144004@unknown@formal@none@1@S@The cornflake-size product was more comfortable and less prone to falling out than hard contact lenses, which had been around since 1939.@@@@1@22@@oe@2-2-2013
22144005@unknown@formal@none@1@S@Bausch & Lomb sold the softies under a sublicense from National Patent Development, which had gained the rights from the Czechoslovakia Academy of Sciences.@@@@1@24@@oe@2-2-2013
22144006@unknown@formal@none@1@S@Otto Wichterle, a Czech, invented them in 1962.@@@@1@8@@oe@2-2-2013
22144007@unknown@formal@none@1@S@The plastic lens wraps itself over the cornea, absorbing eye moisture while permitting oxygen to pass through.@@@@1@17@@oe@2-2-2013
22144008@unknown@formal@none@1@S@But the new lens became the eye of a storm.@@@@1@10@@oe@2-2-2013
22144009@unknown@formal@none@1@S@In September 1971 California officials seized "bootlegged" lenses -- made by unlicensed companies -- after some showed traces of bacteria.@@@@1@20@@oe@2-2-2013
22144010@unknown@formal@none@1@S@In October doctors were debating the product's safety, some claiming it caused infections.@@@@1@13@@oe@2-2-2013
22144011@unknown@formal@none@1@S@And there were Senate hearings on the questions in July 1972.@@@@1@11@@oe@2-2-2013
22144012@unknown@formal@none@1@S@The product overcame the bad publicity and kept evolving.@@@@1@9@@oe@2-2-2013
22144013@unknown@formal@none@1@S@The early soft lenses, which cost $300 a set, were expected to last for a year.@@@@1@16@@oe@2-2-2013
22144014@unknown@formal@none@1@S@In 1983 "extended wear" versions, designed to be worn for 30 days at a time, wree offered.@@@@1@17@@oe@2-2-2013
22144015@unknown@formal@none@1@S@Eighteen months ago a "disposable" seven-day model bowed; a year's supply costs about $500.@@@@1@14@@oe@2-2-2013
22144016@unknown@formal@none@1@S@Last month the FDA and Contact Lens Institute cautioned users that serious eye infections could result from wearing lenses more than seven days at a stretch.@@@@1@26@@oe@2-2-2013
22144017@unknown@formal@none@1@S@Today 20 million of the 25 million Americans using contact lenses are using the soft type.@@@@1@16@@oe@2-2-2013
22144018@unknown@formal@none@1@S@Including the accesory eye care products, contacts account for $2 billion in annual retail sales.@@@@1@15@@oe@2-2-2013
22144019@unknown@formal@none@1@S@Although Bausch remains the leader among the six majors, Johnson & Johnson, with its new disposables, is coming on fast.@@@@1@20@@oe@2-2-2013
22145001@unknown@formal@none@1@S@The roller-coaster stock market is making life tougher for small companies trying to raise money.@@@@1@15@@oe@2-2-2013
22145002@unknown@formal@none@1@S@In the wake of Friday's plunge and yesterday's rebound, some companies are already postponing deals, and others wish they could.@@@@1@20@@oe@2-2-2013
22145003@unknown@formal@none@1@S@As in other jittery times, many small businesses expect a particularly rough time raising funds as investors shun risky deals, seeking safety in bigger companies.@@@@1@25@@oe@2-2-2013
22145004@unknown@formal@none@1@S@Even if stock prices fully recover from Friday's sharp decline, the unsettled conditions will frighten many investors.@@@@1@17@@oe@2-2-2013
22145005@unknown@formal@none@1@S@"The implication of an unsettled situation is that the thing could drop dramatically," says Henry Linsert Jr., chairman of Martek Corp., a four-year-old biotechnology company that is planning a private placement of stock.@@@@1@33@@oe@2-2-2013
22145006@unknown@formal@none@1@S@"The more variables that indicate risk, the more the investor is going to drive a hard bargain."@@@@1@17@@oe@2-2-2013
22145007@unknown@formal@none@1@S@Earlier this month, Staples Inc., a Newton, Mass., office-supplies discounter, said it would accelerate expansion plans nationwide and offer more of its stock to the public.@@@@1@26@@oe@2-2-2013
22145008@unknown@formal@none@1@S@At the time, its shares were selling above their initial offering price of $19, and bankers believed Staples would sell new stock without a hitch.@@@@1@25@@oe@2-2-2013
22145009@unknown@formal@none@1@S@But with the company's shares standing at $15 yesterday, a new offering seems unlikely, company officials say.@@@@1@17@@oe@2-2-2013
22145010@unknown@formal@none@1@S@Business, however, continues to be "robust," and the stock market hasn't affected the concern's expansion plans, says Todd Krasnow, a senior executive.@@@@1@22@@oe@2-2-2013
22145011@unknown@formal@none@1@S@Other companies figure they can't avoid the market.@@@@1@8@@oe@2-2-2013
22145012@unknown@formal@none@1@S@"We have capital requirements," says Mr. Linsert, "so we have to go ahead" with a planned $1.5 billion private placement.@@@@1@20@@oe@2-2-2013
22145013@unknown@formal@none@1@S@Unless the market goes right back up, he says, "it may take us six to nine months to find the money, instead of three."@@@@1@24@@oe@2-2-2013
22145014@unknown@formal@none@1@S@And the Columbia, Md., company may have to settle for a lower price, he adds.@@@@1@15@@oe@2-2-2013
22145015@unknown@formal@none@1@S@Life is particularly nerve-racking for companies that had planned to go public this week.@@@@1@14@@oe@2-2-2013
22145016@unknown@formal@none@1@S@Hand-holding is becoming an investment-banking job requirement.@@@@1@7@@oe@2-2-2013
22145017@unknown@formal@none@1@S@Robertson, Stephens & Co., a San Francisco investment banking concern, has a client that looked forward to making its initial public offering yesterday.@@@@1@23@@oe@2-2-2013
22145018@unknown@formal@none@1@S@Officers of the company, a health-care concern, "were very discouraged on Friday and felt they shouldn't go public; we felt they should," says Sanford Robertson, partner in the banking concern.@@@@1@30@@oe@2-2-2013
22145019@unknown@formal@none@1@S@As the market dropped Friday, Robertson Stephens slashed the value of the offering by 7%.@@@@1@15@@oe@2-2-2013
22145020@unknown@formal@none@1@S@Yesterday, when similar securities rebounded, it bumped the valuation up again.@@@@1@11@@oe@2-2-2013
22145021@unknown@formal@none@1@S@As of late yesterday, the IPO was still on.@@@@1@9@@oe@2-2-2013
22145022@unknown@formal@none@1@S@For many, the situation is especially discouraging because the market for IPOs was showing signs of strengthening after several years of weakness.@@@@1@22@@oe@2-2-2013
22145023@unknown@formal@none@1@S@"We were just beginning to look at the increase in IPOs, seeing the light at the end of the tunnel," says Frank Kline Jr., partner in Lambda Funds, a Beverly Hills, Calif., venture capital concern.@@@@1@35@@oe@2-2-2013
22145024@unknown@formal@none@1@S@"But the tunnel's just gotten longer."@@@@1@6@@oe@2-2-2013
22145025@unknown@formal@none@1@S@Companies planning to go public "are definitely taking a second look," says Allen Hadhazy, senior analyst at the Institute for Econometric Research, Fort Lauderdale, Fla., which publishes the New Issues newsletter on IPOs.@@@@1@33@@oe@2-2-2013
22145026@unknown@formal@none@1@S@He calculates that the recent market slide translated into a 5% to 7% reduction in IPO proceeds to companies.@@@@1@19@@oe@2-2-2013
22145027@unknown@formal@none@1@S@Many companies are hesitating.@@@@1@4@@oe@2-2-2013
22145028@unknown@formal@none@1@S@Exabyte Corp. had been planning to sell 10% of its stock this week in an IPO that would raise up to $28.5 million.@@@@1@23@@oe@2-2-2013
22145029@unknown@formal@none@1@S@But now, Peter Behrendt, president, says, "We're making decisions on a day-to-day basis."@@@@1@13@@oe@2-2-2013
22145030@unknown@formal@none@1@S@Debt-free and profitable, the Boulder, Colo., computer-products concern could borrow funds if it decides against an IPO now, he says.@@@@1@20@@oe@2-2-2013
22145031@unknown@formal@none@1@S@KnowledgeWare Inc., an Atlanta computer-software concern, says it is still planning to go ahead with its IPO this week or next -- unless conditions change.@@@@1@25@@oe@2-2-2013
22145032@unknown@formal@none@1@S@"It's a wait-and-see situation right now," says Terry McGowan, president.@@@@1@10@@oe@2-2-2013
22145033@unknown@formal@none@1@S@Delayed financings also would affect the operations of many companies.@@@@1@10@@oe@2-2-2013
22145034@unknown@formal@none@1@S@Sierra Tucson Cos., a Tucson, Ariz., operator of addiction-treatment centers, has a planned doubling of capacity riding on an IPO scheduled for next week.@@@@1@24@@oe@2-2-2013
22145035@unknown@formal@none@1@S@William O'Donnell, president, says he still thinks the IPO will succeed.@@@@1@11@@oe@2-2-2013
22145036@unknown@formal@none@1@S@If it doesn't, he says, the company would have to change its expansion timetable.@@@@1@14@@oe@2-2-2013
22145037@unknown@formal@none@1@S@But the market turmoil could be partially beneficial for some small businesses.@@@@1@12@@oe@2-2-2013
22145038@unknown@formal@none@1@S@In a sagging market, the Federal Reserve System "might flood the market with funds, and that should bring interest rates down," says Leonard T. Anctil, vice president of the Bank of New England, Boston.@@@@1@34@@oe@2-2-2013
22145039@unknown@formal@none@1@S@James G. Zafris, president of Danvers Savings Bank, Danvers, Mass., says the market turmoil "is an absolute non-event for small business."@@@@1@21@@oe@2-2-2013
22145040@unknown@formal@none@1@S@For small companies, he says, interest rates are far more important than what happens on stock exchanges.@@@@1@17@@oe@2-2-2013
22145041@unknown@formal@none@1@S@Mr. Zafris thinks rates are heading down, helping small companies.@@@@1@10@@oe@2-2-2013
22145042@unknown@formal@none@1@S@Peter Drake, biotechnology analyst for Vector Securities International, Chicago, thinks market uncertainty may encourage small companies to form more strategic alliances with big corporations.@@@@1@24@@oe@2-2-2013
22145043@unknown@formal@none@1@S@Partly because the 1987 market crash made it harder for them to find financing, many high-technology concerns have made such alliances recently.@@@@1@22@@oe@2-2-2013
22145044@unknown@formal@none@1@S@Some even see a silver lining in the dark clouds.@@@@1@10@@oe@2-2-2013
22145045@unknown@formal@none@1@S@Alan Wells, president of Bollinger, Wells, Lett & Co., a New York merger specialist, thinks panicky investors may lose their enthusiasm for leveraged buy-out and giant takeover deals.@@@@1@28@@oe@2-2-2013
22145046@unknown@formal@none@1@S@Instead, they could turn to investing in smaller deals involving smaller companies, he says.@@@@1@14@@oe@2-2-2013
22145047@unknown@formal@none@1@S@And William E. Wetzel Jr., a University of New Hampshire management professor and director of Venture Capital Network Inc., says the market's gyrations will underline the investors' lack of control in big stock investments.@@@@1@34@@oe@2-2-2013
22145048@unknown@formal@none@1@S@This will add to the appeal of small business, he says, where investors often have a degree of influence.@@@@1@19@@oe@2-2-2013
22146001@unknown@formal@none@1@S@Bay Financial Corp., hurt by high debts and deteriorating real estate investments, reported a wider loss for the fourth quarter and said it might be forced to seek a bankruptcy-court reorganization if it can't renegotiate its borrowings.@@@@1@37@@oe@2-2-2013
22146002@unknown@formal@none@1@S@Bay said a "substantial part" of its debt outstanding is in default as a result of inability to sell certain properties quickly and lower-than-expected prices for sales made.@@@@1@28@@oe@2-2-2013
22146003@unknown@formal@none@1@S@The company said its real estate portfolio is "highly leveraged," while about two-thirds of its investments aren't income-producing.@@@@1@18@@oe@2-2-2013
22146004@unknown@formal@none@1@S@Thus it is coming up short on a big bet that quick sales at higher prices would enable it to keep up with mortgage and other debt payments.@@@@1@28@@oe@2-2-2013
22146005@unknown@formal@none@1@S@According to its latest annual report, about a quarter of the company's holdings are in Massachusetts, in the midst of a real-estate slump.@@@@1@23@@oe@2-2-2013
22146006@unknown@formal@none@1@S@The company said it had a net loss in its fourth quarter ended June 30 of $36.2 million, or $9.33 a share, on revenue of $13.1 million.@@@@1@27@@oe@2-2-2013
22146007@unknown@formal@none@1@S@A year earlier, the company had a loss of $10.8 million, or $3.04 a share, on revenue of $10.8 million.@@@@1@20@@oe@2-2-2013
22146008@unknown@formal@none@1@S@For the year, it had a net loss of $62 million, or $15.97 a share, on revenue of $44.3 million.@@@@1@20@@oe@2-2-2013
22146009@unknown@formal@none@1@S@In the previous year, it had a loss of $22.5 million, or $6.52 a share, on revenue of $41.1 million.@@@@1@20@@oe@2-2-2013
22146010@unknown@formal@none@1@S@Although it is having serious cash-flow problems, Bay said the fair-market value of its holdings, minus debt, was equal to $6.02 a share at June 30 based on a recent appraisal.@@@@1@31@@oe@2-2-2013
22146011@unknown@formal@none@1@S@Book value per share, which is based on investments at cost, was a negative $6.69 a share.@@@@1@17@@oe@2-2-2013
22146012@unknown@formal@none@1@S@A year earlier, fair-market value per share was $26.02 and book value was $9.43 a share.@@@@1@16@@oe@2-2-2013
22147001@unknown@formal@none@1@S@Annualized interest rates on certain investments as reported by the Federal Reserve Board on a weekly-average basis: 1989 and Wednesday October 4, 1989.@@@@1@23@@oe@2-2-2013
22147002@unknown@formal@none@1@S@c-Yields, adjusted for constant maturity.@@@@1@5@@oe@2-2-2013
22148001@unknown@formal@none@1@S@TRW Inc. reported a 12% decline in third-quarter net income, but the company said that excluding unusual gains in both quarters, operating profit rose 16%.@@@@1@25@@oe@2-2-2013
22148002@unknown@formal@none@1@S@The electronics, automotive and aerospace concern said third-quarter net was $60 million, or 98 cents a share, down from $68 million, or $1.11 a share, a year earlier.@@@@1@28@@oe@2-2-2013
22148003@unknown@formal@none@1@S@Share earnings are reported on a fully diluted basis, by company tradition.@@@@1@12@@oe@2-2-2013
22148004@unknown@formal@none@1@S@Results for the 1988 quarter included a gain of $1.05 a share from sale of the Reda Pump and Oilwell Cable units, partly offset by a charge of 69 cents a share for recall of faulty truck steering systems.@@@@1@39@@oe@2-2-2013
22148005@unknown@formal@none@1@S@The latest quarter included a gain of 11 cents a share as a partial reversal of the recall charge, because the reserve established last year exceeded the actual recall costs.@@@@1@30@@oe@2-2-2013
22148006@unknown@formal@none@1@S@Sales for the quarter rose 8.3% to $1.79 billion, from $1.65 billion, with all three major product groups reporting gains.@@@@1@20@@oe@2-2-2013
22148007@unknown@formal@none@1@S@The company said aerospace and defense sales were up 2% for the quarter to $802 million, and operating profit climbed 6% to $61 million, mainly because of improved program performance in spacecraft and advanced-technology contracts.@@@@1@35@@oe@2-2-2013
22148008@unknown@formal@none@1@S@Automotive sales jumped 16% to $791 million, mainly because of higher sales of air bags and other passenger restraint systems, TRW said.@@@@1@22@@oe@2-2-2013
22148009@unknown@formal@none@1@S@The group had an operating profit of $65 million, against a loss of $13 million a year earlier.@@@@1@18@@oe@2-2-2013
22148010@unknown@formal@none@1@S@However, excluding the year-earlier charge for recall of steering gear, operating profit in the latest quarter declined 14%, reflecting higher start-up and product development expenses in passenger-restraint systems.@@@@1@28@@oe@2-2-2013
22148011@unknown@formal@none@1@S@Materials and production costs also rose, TRW said.@@@@1@8@@oe@2-2-2013
22148012@unknown@formal@none@1@S@The information systems segment had a 44% jump sales to $196 million.@@@@1@12@@oe@2-2-2013
22148013@unknown@formal@none@1@S@An acquisition accounted for half the sales rise, TRW said.@@@@1@10@@oe@2-2-2013
22148014@unknown@formal@none@1@S@Operating profit rose threefold to $18 million, from $6 million.@@@@1@10@@oe@2-2-2013
22148015@unknown@formal@none@1@S@For the nine months, TRW's net was $199 million, or $3.22 a share, down 3% from $205 million, or $3.33 a share, a year earlier.@@@@1@25@@oe@2-2-2013
22148016@unknown@formal@none@1@S@Sales rose 2.9% to $5.42 billion, from $5.27 billion.@@@@1@9@@oe@2-2-2013
22149001@unknown@formal@none@1@S@a tragicomic monologue by an idealistic, not unheroic, though sadly self-deceived English butler in his sixties -- proceeds as if the realistic English novel of manners, like Britannia herself, still ruled the waves.@@@@1@33@@oe@2-2-2013
22149002@unknown@formal@none@1@S@In fact, Kazuo Ishiguro's "The Remains of the Day" (Knopf, 245 pages, $18.95) is both an homage to traditional English forms and a dramatic critique of them.@@@@1@27@@oe@2-2-2013
22149003@unknown@formal@none@1@S@It implies that the British Empire was rooted in its subjects' minds, manners and morals, and argues, tacitly, that its self-destructive flaws were embodied in the defensive snobbery, willful blindness, role-playing and especially the locutions of its domestic servants.@@@@1@39@@oe@2-2-2013
22149004@unknown@formal@none@1@S@As the narrator Stevens, the solitary butler of Darlington Hall, mulls over such hallowed terms as "greatness," "dignity," "service" and "loyalty," we see how pious cant subverts the soul.@@@@1@29@@oe@2-2-2013
22149005@unknown@formal@none@1@S@Stevens's dutiful conflation of the public and private realms -- like his beloved master's -- destroys all it was designed to preserve.@@@@1@22@@oe@2-2-2013
22149006@unknown@formal@none@1@S@Such armor crushes the soldier.@@@@1@5@@oe@2-2-2013
22149007@unknown@formal@none@1@S@The mask cuts to the quick.@@@@1@6@@oe@2-2-2013
22149008@unknown@formal@none@1@S@It's 1956, the year the Suez crisis marked the final end of Empire.@@@@1@13@@oe@2-2-2013
22149009@unknown@formal@none@1@S@As he stands on a hill at the beginning of a six-day motor expedition from Oxfordshire to Cornwall, where a former housekeeper resides, perhaps the victim of an unhappy 20-year marriage, perhaps (he hopes with more fervor than he will ever acknowledge) not disinclined to return to domestic service, Stevens surveys the view and thereby provides a self-portrait, a credo and the author's metaphor for the aesthetic of the novel we're reading:@@@@1@72@@oe@2-2-2013
22149010@unknown@formal@none@1@S@"We call this land of ours Great Britain, and there may be those who believe this a somewhat immodest practice.@@@@1@20@@oe@2-2-2013
22149011@unknown@formal@none@1@S@Yet I would venture that the landscape of our country alone would justify the use of this lofty adjective. . . .@@@@1@22@@oe@2-2-2013
22149012@unknown@formal@none@1@S@It is the very lack of obvious drama or spectacle that sets the beauty of our land apart.@@@@1@18@@oe@2-2-2013
22149013@unknown@formal@none@1@S@What is pertinent is the calmness of that beauty, its sense of restraint.@@@@1@13@@oe@2-2-2013
22149014@unknown@formal@none@1@S@It is as though the land knows of its own beauty, of its own greatness, and feels no need to shout it.@@@@1@22@@oe@2-2-2013
22149015@unknown@formal@none@1@S@In comparison, the sorts of sights offered in such places as Africa and America, though undoubtedly very exciting, would, I am sure, strike the objective viewer as inferior on account of their unseemly demonstrativeness."@@@@1@34@@oe@2-2-2013
22149016@unknown@formal@none@1@S@An effusive landscape?@@@@1@3@@oe@2-2-2013
22149017@unknown@formal@none@1@S@An ill-mannered mountain?@@@@1@3@@oe@2-2-2013
22149018@unknown@formal@none@1@S@But let Stevens continue in his unwitting comic manner (his conscious efforts at "banter" always fail -- most comically): "This whole question is very akin to the question that has caused much debate in our profession over the years: what is a `great' butler?"@@@@1@44@@oe@2-2-2013
22149019@unknown@formal@none@1@S@His answer is one "possessed of a dignity in keeping with his position."@@@@1@13@@oe@2-2-2013
22149020@unknown@formal@none@1@S@Such dignity "has to do crucially with a butler's ability not to abandon the professional being he inhabits."@@@@1@18@@oe@2-2-2013
22149021@unknown@formal@none@1@S@He "will not be shaken out by external events, however surprising, alarming or vexing. . . .@@@@1@17@@oe@2-2-2013
22149022@unknown@formal@none@1@S@Continentals are unable to be butlers because they are as a breed incapable of the emotional restraint which only the English race are capable of."@@@@1@25@@oe@2-2-2013
22149023@unknown@formal@none@1@S@Despite his racial advantage, to be a great butler is a heroic calling; one's pantry is "not unlike general's headquarters during a battle."@@@@1@23@@oe@2-2-2013
22149024@unknown@formal@none@1@S@If, for example, in the midst of a great social occasion (such as an international conference on revising the Versailles Treaty in 1923), one's 72-yearold father, himself a great butler once, should happen to die of a stroke, one must continue to serve the port: "Please don't think me unduly improper in not ascending to see my father in his deceased condition just at this moment.@@@@1@66@@oe@2-2-2013
22149025@unknown@formal@none@1@S@You see, I know my father would have wished me to carry on just now."@@@@1@15@@oe@2-2-2013
22149026@unknown@formal@none@1@S@It is this kind of dignity and restraint that allows Stevens to declare: "For all its sad associations, whenever I recall that evening today, I find I do so with a large sense of triumph."@@@@1@35@@oe@2-2-2013
22149027@unknown@formal@none@1@S@We note the imperial public word used to deny private rage and sorrow.@@@@1@13@@oe@2-2-2013
22149028@unknown@formal@none@1@S@That Stevens himself is not grotesque or repellent, but funny and sad and enlightening, is entirely the author's triumph.@@@@1@19@@oe@2-2-2013
22149029@unknown@formal@none@1@S@Mr. Ishiguro's ability to create a fallible narrative voice that permits him to explore such intertwining domestic, cultural and political themes was abundantly clear in his previous novel, "An Artist of the Floating World," set in Japan after the war.@@@@1@40@@oe@2-2-2013
22149030@unknown@formal@none@1@S@Now shifting his scene from the country he left at five to the England he has lived in for nearly 30 years, he has fashioned a novel in the mode of Henry James and E.M. Forster.@@@@1@36@@oe@2-2-2013
22149031@unknown@formal@none@1@S@With great aplomb he considers not only filial devotion and (utterly repressed) sexual love, but British anti-Semitism, the gentry's impatience with democracy and support of Hitler, and the moral problematics of loyalty: "It is, in practice, simply not possible to adopt such a critical attitude towards an employer and at the same time provide good service. . . .@@@@1@59@@oe@2-2-2013
22149032@unknown@formal@none@1@S@`This employer embodies all that I find noble and admirable.@@@@1@10@@oe@2-2-2013
22149033@unknown@formal@none@1@S@I will hereafter devote myself to serving him.@@@@1@8@@oe@2-2-2013
22149034@unknown@formal@none@1@S@' This is loyalty intelligently bestowed."@@@@1@6@@oe@2-2-2013
22149035@unknown@formal@none@1@S@In the end, after meeting with the former housekeeper, Stevens sits by the seashore at dusk, thinking of her and of his employer, and declares "I trusted.@@@@1@27@@oe@2-2-2013
22149036@unknown@formal@none@1@S@I trusted in his lordship's wisdom. . . .@@@@1@9@@oe@2-2-2013
22149037@unknown@formal@none@1@S@I can't even say I made my own mistakes.@@@@1@9@@oe@2-2-2013
22149038@unknown@formal@none@1@S@Really -- one has to ask oneself -- what dignity is there in that?"@@@@1@14@@oe@2-2-2013
22149039@unknown@formal@none@1@S@The loyal servant has come full circle.@@@@1@7@@oe@2-2-2013
22149040@unknown@formal@none@1@S@What is greatness?@@@@1@3@@oe@2-2-2013
22149041@unknown@formal@none@1@S@What is dignity?@@@@1@3@@oe@2-2-2013
22149042@unknown@formal@none@1@S@We understand such rueful wisdom must be retrospective: The owl of Minerva only spreads her wings at dusk.@@@@1@18@@oe@2-2-2013
22149043@unknown@formal@none@1@S@But as "The Remains of the Day" so eloquently demonstrates with quiet virtuosity, such wisdom can be movingly embodied in art.@@@@1@21@@oe@2-2-2013
22149044@unknown@formal@none@1@S@Mr. Locke teaches English and comparative literature at Columbia University.@@@@1@10@@oe@2-2-2013
22150001@unknown@formal@none@1@S@UGI Corp. said its AmeriGas subsidiary completed the previously announced sale of its air separation plant and related assets in Waukesha, Wis., to AGA Gas Inc., Cleveland.@@@@1@27@@oe@2-2-2013
22150002@unknown@formal@none@1@S@The price wasn't disclosed.@@@@1@4@@oe@2-2-2013
22150003@unknown@formal@none@1@S@The transaction is part of UGI's continuing program to shed AmeriGas's industrial gas interests and expand the subsidiary's propane business.@@@@1@20@@oe@2-2-2013
22150004@unknown@formal@none@1@S@Since June, AmeriGas has netted more than $100 million from industrial gas divestitures and reinvested more than $50 million to acquire three propane distributors.@@@@1@24@@oe@2-2-2013
22150005@unknown@formal@none@1@S@UGI is a gas and electric utility and distributes propane nationally through its AmeriGas subsidiary.@@@@1@15@@oe@2-2-2013
22151001@unknown@formal@none@1@S@Stanislav Ovcharenko, who represents the Soviet airline Aeroflot here, has some visions that are wild even by the current standards of perestroika.@@@@1@22@@oe@2-2-2013
22151002@unknown@formal@none@1@S@In his office overlooking the runway of Shannon Airport, Mr. Ovcharenko enthusiastically throws out what he calls "just ideas":@@@@1@19@@oe@2-2-2013
22151003@unknown@formal@none@1@S@First, he suggests, GPA Group Ltd., the international aircraft leasing company based in Ireland, could lease some of its Boeing jetliners to the Soviet airline.@@@@1@25@@oe@2-2-2013
22151004@unknown@formal@none@1@S@Then Aer Lingus, the Irish flag carrier, could teach Aeroflot pilots to fly the Boeings, and the fleet could be based here at Shannon Airport.@@@@1@25@@oe@2-2-2013
22151005@unknown@formal@none@1@S@That's not all, he says.@@@@1@5@@oe@2-2-2013
22151006@unknown@formal@none@1@S@Aer Rianta, the Irish airport authority, could build a cargo terminal in the Soviet Union.@@@@1@15@@oe@2-2-2013
22151007@unknown@formal@none@1@S@Aeroflot could lease some of its cargo planes to Aer Lingus, through GPA, for a joint-venture cargo airline.@@@@1@18@@oe@2-2-2013
22151008@unknown@formal@none@1@S@And then there is his notion of an Irish-Soviet charter airline to ferry Armenians to Los Angeles via Shannon.@@@@1@19@@oe@2-2-2013
22151009@unknown@formal@none@1@S@Have the freedoms of glasnost gone to Mr. Ovcharenko's head?@@@@1@10@@oe@2-2-2013
22151010@unknown@formal@none@1@S@Hardly.@@@@1@1@@oe@2-2-2013
22151011@unknown@formal@none@1@S@The Irish-Soviet aviation connection is alive and well here at Shannon Airport.@@@@1@12@@oe@2-2-2013
22151012@unknown@formal@none@1@S@GPA is indeed talking about leasing Western planes to Aeroflot and even about buying Soviet-built Tupolev 204s.@@@@1@17@@oe@2-2-2013
22151013@unknown@formal@none@1@S@Aer Lingus is in discussions with the Soviet carrier about a cargo venture and other possibilities.@@@@1@16@@oe@2-2-2013
22151014@unknown@formal@none@1@S@Aer Rianta already has so many ventures with Aeroflot that its chief executive is studying Russian.@@@@1@16@@oe@2-2-2013
22151015@unknown@formal@none@1@S@Unlikely as it may seem, tiny, politically neutral Ireland has penetrated the mighty Soviet airline bureaucracy.@@@@1@16@@oe@2-2-2013
22151016@unknown@formal@none@1@S@And as Aeroflot struggles to boost its service standards, upgrade its fleet and pursue commercial opportunities, the Irish aviation industry seems poised to benefit.@@@@1@24@@oe@2-2-2013
22151017@unknown@formal@none@1@S@"Irish and Soviet people are similar," says Mr. Ovcharenko.@@@@1@9@@oe@2-2-2013
22151018@unknown@formal@none@1@S@"They look the same.@@@@1@4@@oe@2-2-2013
22151019@unknown@formal@none@1@S@They're very friendly."@@@@1@3@@oe@2-2-2013
22151020@unknown@formal@none@1@S@Moreover, he says, Irish companies are small but spunky.@@@@1@9@@oe@2-2-2013
22151021@unknown@formal@none@1@S@"We have to study their experience very well," he says.@@@@1@10@@oe@2-2-2013
22151022@unknown@formal@none@1@S@"We must find any way to get business."@@@@1@8@@oe@2-2-2013
22151023@unknown@formal@none@1@S@The two groups have been working together since the late 1970s, long before Soviet joint ventures were the rage in the West.@@@@1@22@@oe@2-2-2013
22151024@unknown@formal@none@1@S@Aeroflot carried about 125 million passengers last year, and Shannon Airport, the airline's largest transit airport outside the Soviet Union, saw 1,400 Aeroflot flights and 250,000 passengers pass through.@@@@1@29@@oe@2-2-2013
22151025@unknown@formal@none@1@S@An apartment complex down the road is the crew-rest and staging area for more than 130 Aeroflot pilots and flight attendants.@@@@1@21@@oe@2-2-2013
22151026@unknown@formal@none@1@S@The airport's biggest supplier of aircraft fuel is the Soviet Union.@@@@1@11@@oe@2-2-2013
22151027@unknown@formal@none@1@S@Tankers from the Latvian port of Ventspils each year unload 25 million gallons of fuel into a special tank farm at the airport.@@@@1@23@@oe@2-2-2013
22151028@unknown@formal@none@1@S@What Aeroflot doesn't pour into its own gas-guzzling Ilyushins is bartered to the airport authority, which resells it to 11 Western carriers including Air France, Trans World Airlines and Pakistan International Airlines.@@@@1@32@@oe@2-2-2013
22151029@unknown@formal@none@1@S@Aeroflot thus pays its landing fees, ground-handling and catering bills with fuel, preserving its hard currency.@@@@1@16@@oe@2-2-2013
22151030@unknown@formal@none@1@S@That isn't all.@@@@1@3@@oe@2-2-2013
22151031@unknown@formal@none@1@S@Last year, the Irish airport authority, in a joint venture with Aeroflot, opened four hard-currency duty-free shops at Moscow's Sheremetyevo Airport.@@@@1@21@@oe@2-2-2013
22151032@unknown@formal@none@1@S@Aer Rianta now manages duty-free sales on all Aeroflot international flights out of Moscow.@@@@1@14@@oe@2-2-2013
22151033@unknown@formal@none@1@S@Duty-free shops in Leningrad's Pulkova Airport opened in July, and hard-currency shops in Leningrad hotels and on the Soviet-Finnish frontier are coming soon.@@@@1@23@@oe@2-2-2013
22151034@unknown@formal@none@1@S@Aer Rianta is talking about similar joint ventures in Tashkent and in Sochi, a Black Sea resort, and even has a computer-assembly project cooking with the Georgian city of Tbilisi.@@@@1@30@@oe@2-2-2013
22151035@unknown@formal@none@1@S@Aeroflot's international fleet of 285 planes is being repainted and refurbished at Shannon Airport.@@@@1@14@@oe@2-2-2013
22151036@unknown@formal@none@1@S@Thanks to a new air-traffic agreement and the ability of Irish travel agents to issue Aeroflot tickets, tourists here are taking advantage of Aeroflot's reasonable prices to board flights in Shannon for holidays in Havana, Kingston and Mexico City.@@@@1@39@@oe@2-2-2013
22151037@unknown@formal@none@1@S@The round-trip fare to Havana is 410 Irish punts ($578).@@@@1@10@@oe@2-2-2013
22151038@unknown@formal@none@1@S@Jamaica costs 504 punts.@@@@1@4@@oe@2-2-2013
22151039@unknown@formal@none@1@S@A formal blessing of sorts was bestowed on this friendship in April when Mikhail and Raisa Gorbachev stopped here for talks with Irish Prime Minister Charles Haughey.@@@@1@27@@oe@2-2-2013
22151040@unknown@formal@none@1@S@New trade accords were signed.@@@@1@5@@oe@2-2-2013
22151041@unknown@formal@none@1@S@It all started with geography.@@@@1@5@@oe@2-2-2013
22151042@unknown@formal@none@1@S@When it opened in 1939, Shannon was the first landfall in Europe for thirsty airplanes flying from North America.@@@@1@19@@oe@2-2-2013
22151043@unknown@formal@none@1@S@Advances in aircraft fuel efficiency over the years made a Shannon stop unnecessary for most Western air fleets, but Aeroflot still flies inefficient Ilyushins that can't make it from Moscow to Managua on one hop.@@@@1@35@@oe@2-2-2013
22151044@unknown@formal@none@1@S@As a result, Ireland didn't spurn the Soviets after they shot down a Korean Air Lines jetliner over the Sea of Japan in 1983, though it suspended direct Moscow-Shannon flights for two months.@@@@1@33@@oe@2-2-2013
22151045@unknown@formal@none@1@S@In fact, Aer Lingus started ferrying Russians from Shannon to New York when Washington stripped Aeroflot of its U.S. landing rights.@@@@1@21@@oe@2-2-2013
22151046@unknown@formal@none@1@S@Today, Aer Rianta is making a heap of money from its Soviet friendship.@@@@1@13@@oe@2-2-2013
22151047@unknown@formal@none@1@S@And, with those contacts in place, it could be relatively simple to add Aer Lingus and GPA to the team.@@@@1@20@@oe@2-2-2013
22151048@unknown@formal@none@1@S@Then, perhaps, Mr. Ovcharenko's ideas wouldn't sound like so much blarney.@@@@1@11@@oe@2-2-2013
22152001@unknown@formal@none@1@S@Britain's industrial production rose 1.5% in August from July and was up 0.9% from August 1988, according to provisional data from the Central Statistical Office.@@@@1@25@@oe@2-2-2013
22152002@unknown@formal@none@1@S@Output in the energy sector, which can vary greatly with swings in the oil market, rose 3.8% in August from May but was down 7.1% from a year earlier.@@@@1@29@@oe@2-2-2013
22152003@unknown@formal@none@1@S@The latest figures compare with July's 4.5% month-to-month rise and 11.3% year-to-year fall.@@@@1@13@@oe@2-2-2013
22153001@unknown@formal@none@1@S@When Nucor Corp. begins shipping steel from the world's first thin-slab plant this month, it will begin testing the competitive mettle of its giant competitors.@@@@1@25@@oe@2-2-2013
22153002@unknown@formal@none@1@S@The new technology, which creates a very thin piece of steel, radically reduces the costs of making flat-rolled sheets.@@@@1@19@@oe@2-2-2013
22153003@unknown@formal@none@1@S@An ebullient Kenneth Iverson, Nucor's chairman, says the company's plant eventually will make a ton of steel in 1.5 man hours, compared with four to six man hours at a conventional mill.@@@@1@32@@oe@2-2-2013
22153004@unknown@formal@none@1@S@"We've had the Russians and Chinese, and people from India visiting us," Mr. Iverson beams.@@@@1@15@@oe@2-2-2013
22153005@unknown@formal@none@1@S@"Everyone in the world is watching us very closely."@@@@1@9@@oe@2-2-2013
22153006@unknown@formal@none@1@S@Especially his neighbors, the major U.S. steelmakers.@@@@1@7@@oe@2-2-2013
22153007@unknown@formal@none@1@S@Already, USX Corp. and Armco Inc. are studying Nucor's technology to see if they can adopt it.@@@@1@17@@oe@2-2-2013
22153008@unknown@formal@none@1@S@Says the chief executive officer of a major Midwest steel company: "It's damn worrisome."@@@@1@14@@oe@2-2-2013
22153009@unknown@formal@none@1@S@The once-staid steel industry is about to be turned topsy-turvy by a 1990s technology revolution.@@@@1@15@@oe@2-2-2013
22153010@unknown@formal@none@1@S@New, efficient and sophisticated processes make it easier for smaller, less cash-rich companies to make steel at a fraction of what Big Steel paid decades ago.@@@@1@26@@oe@2-2-2013
22153011@unknown@formal@none@1@S@It also enables minimills finally to get a toehold in the flat-rolled steel market -- the major steelmakers' largest, most prized, and until now, untouchable, market.@@@@1@26@@oe@2-2-2013
22153012@unknown@formal@none@1@S@But such thin-slab technology is only the beginning.@@@@1@8@@oe@2-2-2013
22153013@unknown@formal@none@1@S@Eager engineers espouse direct-steelmaking and direct casting, which by the end of the 1990s will enable production without coke ovens and blast furnaces.@@@@1@23@@oe@2-2-2013
22153014@unknown@formal@none@1@S@Those massive structures, while posing cost and environmental headaches, effectively locked out all but deep-pocketed giants from steelmaking.@@@@1@18@@oe@2-2-2013
22153015@unknown@formal@none@1@S@"There's a revolution ahead of us that will ultimately change the way we market and distribute steel," says William Dennis, vice president, manufacturing and technology, for the American Iron Ore and Steel Institute.@@@@1@33@@oe@2-2-2013
22153016@unknown@formal@none@1@S@It isn't that major steelmakers have blithely ignored high technology.@@@@1@10@@oe@2-2-2013
22153017@unknown@formal@none@1@S@In fact, they've spent billions of dollars to boost the percentage of continously cast steel to 60.9% in 1988, from 39.6% five years before.@@@@1@24@@oe@2-2-2013
22153018@unknown@formal@none@1@S@Moreover, their balance sheets are rich with diversity, their old plants shuttered, and work forces lean.@@@@1@16@@oe@2-2-2013
22153019@unknown@formal@none@1@S@But that won't suffice.@@@@1@4@@oe@2-2-2013
22153020@unknown@formal@none@1@S@"It's no longer enough to beat the guy down the street.@@@@1@11@@oe@2-2-2013
22153021@unknown@formal@none@1@S@You have to beat everyone around the world," says Mr. Dennis.@@@@1@11@@oe@2-2-2013
22153022@unknown@formal@none@1@S@He wants to see steelmakers more involved in computers and artificial intelligence.@@@@1@12@@oe@2-2-2013
22153023@unknown@formal@none@1@S@The problem: They're saddled with huge plants that require costly maintenance.@@@@1@11@@oe@2-2-2013
22153024@unknown@formal@none@1@S@And try plying new dollars free in a market that is softening, hurt by a strong dollar and concerned about overcapacity -- the industry's Darth Vadar.@@@@1@26@@oe@2-2-2013
22153025@unknown@formal@none@1@S@"The technology revolution is going to be very threatening to established producers," says Peter Marcus, an analyst with PaineWebber Inc.@@@@1@20@@oe@2-2-2013
22153026@unknown@formal@none@1@S@"They've got too much invested in the old stuff and they can't get their workers to be flexible."@@@@1@18@@oe@2-2-2013
22153027@unknown@formal@none@1@S@No one expects minimills to eclipse major integrated steelmakers, who remain the undisputed kings of highest-quality steel used for autos and refrigerators.@@@@1@22@@oe@2-2-2013
22153028@unknown@formal@none@1@S@Nucor's plant in Crawfordsville, Ind., ultimately will produce only one million tons annually, a drop in the 40-million-ton-a-year flat-rolled steel bucket, and it will be years before such plants can compete in the high-profit market.@@@@1@35@@oe@2-2-2013
22153029@unknown@formal@none@1@S@Still, flat-rolled is the steel industry's bread and butter, representing about half of the 80 million tons of steel expected to be shipped this year.@@@@1@25@@oe@2-2-2013
22153030@unknown@formal@none@1@S@Moreover, the process isn't without its headaches.@@@@1@7@@oe@2-2-2013
22153031@unknown@formal@none@1@S@Because all operations are connected, one equipment failure forces a complete plant shutdown.@@@@1@13@@oe@2-2-2013
22153032@unknown@formal@none@1@S@On some days, the Nucor plant doesn't produce anything.@@@@1@9@@oe@2-2-2013
22153033@unknown@formal@none@1@S@"At this point, the minimill capacity won't make a great dent in the integrated market, but it does challenge them to develop new markets," says James McCall, vice president, materials, at Battelle, a technology and management-research giant based in Columbus, Ohio.@@@@1@41@@oe@2-2-2013
22153034@unknown@formal@none@1@S@Indeed, with demand for steel not growing fast enough to absorb capacity, steelmakers will have to change the way they do business.@@@@1@22@@oe@2-2-2013
22153035@unknown@formal@none@1@S@In the past, says Armco's chief economist John Corey, steelmakers made a product and set it out on the loading dock.@@@@1@21@@oe@2-2-2013
22153036@unknown@formal@none@1@S@"We said: `We've got a product: if you want it, you can buy it,'" he says, adding: "Now we're figuring out what people need, and are going back to make it."@@@@1@31@@oe@2-2-2013
22153037@unknown@formal@none@1@S@Armco's sales representatives visit the General Motors Corp.'s Fairfax assembly plant in Kansas City, Mo., two or three days a week.@@@@1@21@@oe@2-2-2013
22153038@unknown@formal@none@1@S@When they determined that GM needed parts more quickly, Armco convinced a steel service center to build a processing plant nearby so shipments could be delivered within 15 minutes.@@@@1@29@@oe@2-2-2013
22153039@unknown@formal@none@1@S@Cementing such relationships with major clients -- car and appliance makers -- is a means of survival, especially when those key clients are relying on a smaller pool of producers and flirting with plastic and aluminum makers.@@@@1@37@@oe@2-2-2013
22153040@unknown@formal@none@1@S@For example, when Detroit began talking about plastic-bodied cars, the American Iron and Steel Institute began a major lobbying effort to show auto makers how they could use steel more efficiently by simply redesigning how a car door is assembled.@@@@1@40@@oe@2-2-2013
22153041@unknown@formal@none@1@S@But steelmakers must also find new markets.@@@@1@7@@oe@2-2-2013
22153042@unknown@formal@none@1@S@After letting aluminum-makers take the recycling lead, a group of the nation's largest steelmakers started a recycling institute to promote steel cans to an environmentally conscious nation.@@@@1@27@@oe@2-2-2013
22153043@unknown@formal@none@1@S@Battelle's Mr. McCall thinks steelmakers should concentrate more on construction.@@@@1@10@@oe@2-2-2013
22153044@unknown@formal@none@1@S@Weirton Steel Corp., Weirton, W. Va., for example, is touting to homeowners fashionable steel doors, with leaded glass inserts, as a secure and energy-efficient alternative to wooden or aluminum ones.@@@@1@30@@oe@2-2-2013
22153045@unknown@formal@none@1@S@Other steelmakers envision steel roofs covering suburbia.@@@@1@7@@oe@2-2-2013
22153046@unknown@formal@none@1@S@Still others are looking at overseas markets.@@@@1@7@@oe@2-2-2013
22153047@unknown@formal@none@1@S@USX is funneling drilling pipe to steel-hungry Soviet Union.@@@@1@9@@oe@2-2-2013
22153048@unknown@formal@none@1@S@This year, the nation's largest steelmaker reactivated its overseas sales operation.@@@@1@11@@oe@2-2-2013
22153049@unknown@formal@none@1@S@Producers also are trying to differentiate by concentrating on higher-profit output, such as coated and electrogalvanized products, which remain beyond the reach of minimills.@@@@1@24@@oe@2-2-2013
22153050@unknown@formal@none@1@S@Almost all capital-improvement programs announced by major steelmakers within the past year involve building electrogalvanizing lines, used to produce steel for such products as household appliances and car doors.@@@@1@29@@oe@2-2-2013
22153051@unknown@formal@none@1@S@But unfortunately, that segment is much smaller than the bread-and-butter flat-rolled steel.@@@@1@12@@oe@2-2-2013
22153052@unknown@formal@none@1@S@"It's like everyone climbing out of the QE II and getting into a lifeboat," says John Jacobson, an analyst with AUS Consultants.@@@@1@22@@oe@2-2-2013
22153053@unknown@formal@none@1@S@"After a while, someone has to go over the side."@@@@1@10@@oe@2-2-2013
22153054@unknown@formal@none@1@S@Although he doesn't expect any bankruptcies, he does see more plants being sold or closed.@@@@1@15@@oe@2-2-2013
22153055@unknown@formal@none@1@S@Robert Crandall, with the Brookings Institute, agrees.@@@@1@7@@oe@2-2-2013
22153056@unknown@formal@none@1@S@"Unless there is an enormous rate of economic growth or a further drop in the dollar, it's unlikely that consumption of U.S. produced steel will grow sufficiently to offset the growth of minimills."@@@@1@33@@oe@2-2-2013
22153057@unknown@formal@none@1@S@Not to mention the incursion of imports.@@@@1@7@@oe@2-2-2013
22153058@unknown@formal@none@1@S@Japanese and European steelmakers, which have led the recent technology developments, are anxiously awaiting the lifting of trade restraints in 1992.@@@@1@21@@oe@2-2-2013
22153059@unknown@formal@none@1@S@Moreover, the U.S. can expect more competition from low-cost producing Pacific Rim and Latin American countries.@@@@1@16@@oe@2-2-2013
22153060@unknown@formal@none@1@S@A Taiwanese steelmaker recently announced plans to build a Nucor-like plant.@@@@1@11@@oe@2-2-2013
22153061@unknown@formal@none@1@S@"People think of the steel business as an old and mundane smokestack business," says Mr. Iverson.@@@@1@16@@oe@2-2-2013
22153062@unknown@formal@none@1@S@"They're dead wrong."@@@@1@3@@oe@2-2-2013
22153063@unknown@formal@none@1@S@*USX, LTV, Bethlehem, Inland, Armco, National Steel@@@@1@7@@oe@2-2-2013
22153064@unknown@formal@none@1@S@**Projected@@@@1@1@@oe@2-2-2013
22154001@unknown@formal@none@1@S@Polaroid Corp.'s patent-infringement damages case against Eastman Kodak Co., one of the highest stakes corporate trials ever, is getting scant attention on Wall Street.@@@@1@24@@oe@2-2-2013
22154002@unknown@formal@none@1@S@After 78 days of mind-numbing testimony in federal court in Boston, the trial is being all but ignored by analysts and patent attorneys.@@@@1@23@@oe@2-2-2013
22154003@unknown@formal@none@1@S@Most have read the pre-trial documents, however, and estimate Kodak will be ordered to pay $1 billion to $1.5 billion for infringing on seven Polaroid patents.@@@@1@26@@oe@2-2-2013
22154004@unknown@formal@none@1@S@That may be the largest patent award ever, but it is well below the $12 billion Polaroid seeks.@@@@1@18@@oe@2-2-2013
22154005@unknown@formal@none@1@S@The highest patent damage award to date was in 1986, when Smith International Inc. was ordered to pay $205 million to Baker Hughes Inc. for infringing on a patent on an oil drilling bit seal.@@@@1@35@@oe@2-2-2013
22154006@unknown@formal@none@1@S@The two companies later agreed to settle for $95 million.@@@@1@10@@oe@2-2-2013
22154007@unknown@formal@none@1@S@Few analysts think it is worth their time to slog through the Polaroid trial testimony.@@@@1@15@@oe@2-2-2013
22154008@unknown@formal@none@1@S@"It's like panning for gold outside of Grand Central Station.@@@@1@10@@oe@2-2-2013
22154009@unknown@formal@none@1@S@You might find something, but the chances are low," said Michael Ellman, an analyst at Wertheim Schroder & Co.@@@@1@19@@oe@2-2-2013
22154010@unknown@formal@none@1@S@And Eugene Glazer, an analyst at Dean Witter Reynolds Inc., said: "If you hired an attorney to be there all the time and give you a (prediction) of the eventual award, I would be willing to bet that he would be off" by a lot.@@@@1@45@@oe@2-2-2013
22154011@unknown@formal@none@1@S@A 75-day trial in the early 1980s determined that Kodak, based in Rochester, N.Y., infringed on patents of Polaroid, of Cambridge, Mass.@@@@1@22@@oe@2-2-2013
22154012@unknown@formal@none@1@S@The main issues remaining are how to calculate damages and whether the infringement was "willful and deliberate."@@@@1@17@@oe@2-2-2013
22154013@unknown@formal@none@1@S@If so, the damages could be tripled.@@@@1@7@@oe@2-2-2013
22154014@unknown@formal@none@1@S@Two analysts who have read the transcripts, David Nelson of Shearson Lehman Hutton Inc. and Calvert D. Crary, a litigation analyst at Labe, Simpson & Co., think Judge A. David Mazzone will decide in Kodak's favor on the "willful and deliberate" issue.@@@@1@42@@oe@2-2-2013
22154015@unknown@formal@none@1@S@Mr. Crary said testimony by Kodak's patent counsel, Francis T. Carr of Kenyon & Kenyon, showed that "he worked with Kodak continuously from the outset of the project" in an effort to avoid infringement.@@@@1@34@@oe@2-2-2013
22154016@unknown@formal@none@1@S@"Carr told Kodak on many occasions to avoid various features because of Polaroid's patent positions," and Kodak followed his advice in every instance, Mr. Crary said.@@@@1@26@@oe@2-2-2013
22154017@unknown@formal@none@1@S@But Irving Kayton, a patent expert at George Mason University School of Law who is familiar with the case, said the fact that seven patents were infringed "suggests that infringement was willful.@@@@1@32@@oe@2-2-2013
22154018@unknown@formal@none@1@S@It's difficult to be that consistently wrong."@@@@1@7@@oe@2-2-2013
22154019@unknown@formal@none@1@S@Observers also wonder whether Judge Mazzone will use the lost-profits method of determining damages, which Polaroid favors because it would result in a larger award, or the reasonable royalty method.@@@@1@30@@oe@2-2-2013
22154020@unknown@formal@none@1@S@Polaroid claims it could have manufactured and sold all the instant cameras and film sold by Kodak if Kodak hadn't entered the market.@@@@1@23@@oe@2-2-2013
22154021@unknown@formal@none@1@S@Moreover, Polaroid contends it could have sold them at a higher price -- and thus made higher profits -- because it wouldn't have been forced to match Kodak's lower prices.@@@@1@30@@oe@2-2-2013
22154022@unknown@formal@none@1@S@Each side has called a Harvard Business School professor to testify on that issue.@@@@1@14@@oe@2-2-2013
22154023@unknown@formal@none@1@S@Kodak hired Robert Buzzell and Polaroid brought in Robert J. Dolan.@@@@1@11@@oe@2-2-2013
22154024@unknown@formal@none@1@S@"There's nothing that says that people at Harvard Business school have to agree with each other," said Mr. Buzzell.@@@@1@19@@oe@2-2-2013
22154025@unknown@formal@none@1@S@Testimony is expected to continue until early December.@@@@1@8@@oe@2-2-2013
22154026@unknown@formal@none@1@S@A decision isn't expected until some time next year.@@@@1@9@@oe@2-2-2013
22155001@unknown@formal@none@1@S@International Business Machines Corp. said earnings tumbled 30% in the third quarter, even a bit further than expected, rendering the outlook doubtful for the next few quarters.@@@@1@27@@oe@2-2-2013
22155002@unknown@formal@none@1@S@The main reason was a delay in shipment of new high-end disk drives, a business that accounts for some 10% of IBM's $60 billion of annual revenue.@@@@1@27@@oe@2-2-2013
22155003@unknown@formal@none@1@S@IBM, which telegraphed the poor results three weeks ago, also cited an increase in its leasing business, which tends to lock in business long-term but cut revenue in the near term.@@@@1@31@@oe@2-2-2013
22155004@unknown@formal@none@1@S@In addition, IBM noted that the stronger dollar has cut the value of overseas revenue and earnings when they are translated into dollars.@@@@1@23@@oe@2-2-2013
22155005@unknown@formal@none@1@S@Earnings fell to $877 million, or $1.51 a share, somewhat below securities analysts' revised expectations of around $1.60 a share.@@@@1@20@@oe@2-2-2013
22155006@unknown@formal@none@1@S@That compared with the year-earlier $1.25 billion, or $2.10 a share -- which was inflated by a 15-cents-a-share gain from the sale of some MCI Communications Corp. stock and by an unspecified amount from a payment by Fujitsu Ltd. relating to a software dispute.@@@@1@44@@oe@2-2-2013
22155007@unknown@formal@none@1@S@Revenue climbed 4.3% to $14.31 billion from $13.71 billion.@@@@1@9@@oe@2-2-2013
22155008@unknown@formal@none@1@S@IBM, Armonk, N.Y., remained upbeat.@@@@1@5@@oe@2-2-2013
22155009@unknown@formal@none@1@S@The computer giant, whose U.S. results have been dismal for years, noted that revenue rose again in the U.S. in the third quarter, following an increase in the second period.@@@@1@30@@oe@2-2-2013
22155010@unknown@formal@none@1@S@The company said in a statement that "demand for IBM products and services continues to be good world-wide.@@@@1@18@@oe@2-2-2013
22155011@unknown@formal@none@1@S@We do not see anything in the fundamentals of our business that would cause us to change our strategy of investing for profitable growth."@@@@1@24@@oe@2-2-2013
22155012@unknown@formal@none@1@S@Securities analysts, however, remained downbeat.@@@@1@5@@oe@2-2-2013
22155013@unknown@formal@none@1@S@"I think 1990 will be another mediocre year," said Steve Milunovich of First Boston.@@@@1@14@@oe@2-2-2013
22155014@unknown@formal@none@1@S@Jay Stevens of Dean Witter actually cut his per-share earnings estimate to $9 from $9.50 for 1989 and to $9.50 from $10.35 in 1990 because he decided sales would be even weaker than he had expected.@@@@1@36@@oe@2-2-2013
22155015@unknown@formal@none@1@S@Both estimates would mark declines from the 1988 net of $5.81 billion, or $9.80 a share, which itself was well below the record IBM set in 1984.@@@@1@27@@oe@2-2-2013
22155016@unknown@formal@none@1@S@Mr. Stevens said he kept a "buy/hold" recommendation on the stock only because "all the damage has been done."@@@@1@19@@oe@2-2-2013
22155017@unknown@formal@none@1@S@He said the stock hasn't traded below 1 1/2 times book value over the past 10 years, which at the moment computes to a stock price of $100.@@@@1@28@@oe@2-2-2013
22155018@unknown@formal@none@1@S@The stock closed yesterday at $103 a share, up just $1 in composite trading on the New York Stock Exchange as the market surged.@@@@1@24@@oe@2-2-2013
22155019@unknown@formal@none@1@S@Analysts worry that the disk-drive and leasing problems will last at least through the first quarter.@@@@1@16@@oe@2-2-2013
22155020@unknown@formal@none@1@S@"A key part of the question is, how soon does this disk-drive come and how soon does production ramp up?" said Steve Cohen at SoundView Financial Group.@@@@1@27@@oe@2-2-2013
22155021@unknown@formal@none@1@S@"And the input I've had from customers is that it still could be a while."@@@@1@15@@oe@2-2-2013
22155022@unknown@formal@none@1@S@On leasing, Bob Djurdjevic at Annex Research said he thinks IBM has hurt itself unnecessarily.@@@@1@15@@oe@2-2-2013
22155023@unknown@formal@none@1@S@He said IBM has priced its leases aggressively, thinking that would help win business.@@@@1@14@@oe@2-2-2013
22155024@unknown@formal@none@1@S@But he said IBM would have won the business anyway as a sale to a third party that would have then leased the equipment to the customer.@@@@1@27@@oe@2-2-2013
22155025@unknown@formal@none@1@S@He said IBM has not only hurt its short-term revenue outlook but has also been losing money on its leases.@@@@1@20@@oe@2-2-2013
22155026@unknown@formal@none@1@S@Bob Bardagy, executive vice president of marketing at Comdisco Inc., a huge leasing firm, said: "To put it mildly, IBM Credit has been doing some of the worst economic deals of any leasing company we have ever seen."@@@@1@38@@oe@2-2-2013
22155027@unknown@formal@none@1@S@IBM is expected to get a boost soon when it announces some new versions of its mainframes.@@@@1@17@@oe@2-2-2013
22155028@unknown@formal@none@1@S@But the basic technology in the line is almost five years old, which means it is long in the tooth, and competitors are rolling out strong products of their own.@@@@1@30@@oe@2-2-2013
22155029@unknown@formal@none@1@S@IBM is gaining momentum in the personal-computer market, and is expected to introduce some impressive workstations early next year.@@@@1@19@@oe@2-2-2013
22155030@unknown@formal@none@1@S@But it's hard to squeeze much profit out of the personal-computer business these days, and the workstation market, while important, is too small to rely on for much growth.@@@@1@29@@oe@2-2-2013
22155031@unknown@formal@none@1@S@The disk drives will doubtless sell well when they finally become available.@@@@1@12@@oe@2-2-2013
22155032@unknown@formal@none@1@S@But the AS/400, IBM's highly successful minicomputer line, is losing its momentum, and some analysts said sales could even decline in the fourth quarter.@@@@1@24@@oe@2-2-2013
22155033@unknown@formal@none@1@S@In addition, IBM's growth in software in the third quarter was just 8.8%, well below historical levels even when adjusted to reflect last year's payment from Fujitsu and the stronger dollar.@@@@1@31@@oe@2-2-2013
22155034@unknown@formal@none@1@S@And expenses, up 7.9% in the quarter, have stayed stubbornly high.@@@@1@11@@oe@2-2-2013
22155035@unknown@formal@none@1@S@In the nine months, IBM earned $3.17 billion, or $5.43 a share, down 8.4% from the year-earlier $3.46 billion, or $5.83 a share.@@@@1@23@@oe@2-2-2013
22155036@unknown@formal@none@1@S@Revenue increased 6.5% to $42.25 billion from $39.68 billion.@@@@1@9@@oe@2-2-2013
22156001@unknown@formal@none@1@S@PepsiCo Inc.'s chairman said he is "more than comfortable with" analysts' estimates that third-quarter earnings rose to at least 98 cents to $1 a share from 91 cents the year earlier.@@@@1@31@@oe@2-2-2013
22156002@unknown@formal@none@1@S@D. Wayne Calloway, also chief executive officer of the company, indicated that he expects analysts to raise their forecasts for 1989 after the company releases its earnings today.@@@@1@28@@oe@2-2-2013
22156003@unknown@formal@none@1@S@So far, analysts have said they are looking for $3.30 to $3.35 a share.@@@@1@14@@oe@2-2-2013
22156004@unknown@formal@none@1@S@After today's announcement, that range could increase to $3.35 to $3.40 a share.@@@@1@13@@oe@2-2-2013
22156005@unknown@formal@none@1@S@The official said he also would be comfortable with that new range.@@@@1@12@@oe@2-2-2013
22156006@unknown@formal@none@1@S@In 1988, the soft-drink giant earned $2.90 a share.@@@@1@9@@oe@2-2-2013
22156007@unknown@formal@none@1@S@Results for 1989 will include about 40 cents a share from the dilutive effects of snack-food and bottling company acquisitions.@@@@1@20@@oe@2-2-2013
22156008@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, the company closed yesterday at $57.125 a share, up $3.125.@@@@1@19@@oe@2-2-2013
22156009@unknown@formal@none@1@S@The company said third-quarter sales are expected to increase 25% from $3.12 billion of last year's third quarter.@@@@1@18@@oe@2-2-2013
22156010@unknown@formal@none@1@S@Domestic soft-drink bottler case sales are estimated to have risen only 1% in the third quarter -- well below the 4% to 5% growth of recent years -- but about in line with the rest of the soft-drink industry.@@@@1@39@@oe@2-2-2013
22156011@unknown@formal@none@1@S@Mr. Calloway blamed the slower volume on rainier weather, a dearth of new products in the industry and -- to a much lesser extent -- pricing.@@@@1@26@@oe@2-2-2013
22156012@unknown@formal@none@1@S@PepsiCo said its soft-drink prices were about 2% higher in the quarter.@@@@1@12@@oe@2-2-2013
22156013@unknown@formal@none@1@S@Mr. Calloway also noted that soft-drink volume rose a hefty 9% in last year's third quarter, making the comparison more difficult.@@@@1@21@@oe@2-2-2013
22156014@unknown@formal@none@1@S@International soft-drink volume was up about 6%.@@@@1@7@@oe@2-2-2013
22156015@unknown@formal@none@1@S@Snack-food tonnage increased a strong 7% in the third quarter, while domestic profit increased in double digits, Mr. Calloway said.@@@@1@20@@oe@2-2-2013
22156016@unknown@formal@none@1@S@Excluding the British snack-food business acquired in July, snack-food international tonnage jumped 40%, with sales strong in Spain, Mexico and Brazil.@@@@1@21@@oe@2-2-2013
22156017@unknown@formal@none@1@S@Total snack-food profit rose 30%.@@@@1@5@@oe@2-2-2013
22156018@unknown@formal@none@1@S@Led by Pizza Hut and Taco Bell, restaurant earnings increased about 25% in the third quarter on a 22% sales increase.@@@@1@21@@oe@2-2-2013
22156019@unknown@formal@none@1@S@Same-store sales for Pizza Hut rose about 13%, while Taco Bell's increased 22%, as the chain continues to benefit from its price-value strategy.@@@@1@23@@oe@2-2-2013
22156020@unknown@formal@none@1@S@Taco Bell has turned around declining customer counts by permanently lowering the price of its tacos.@@@@1@16@@oe@2-2-2013
22156021@unknown@formal@none@1@S@Same store-sales for Kentucky Fried Chicken, which has struggled with increased competition in the fast-food chicken market and a lack of new products, rose only 1%.@@@@1@26@@oe@2-2-2013
22156022@unknown@formal@none@1@S@The operation, which has been slow to respond to consumers' shifting tastes away from fried foods, has been developing a grilled-chicken product that may be introduced nationally at the end of next year.@@@@1@33@@oe@2-2-2013
22156023@unknown@formal@none@1@S@The new product has performed well in a market test in Las Vegas, Nev., Mr. Calloway said.@@@@1@17@@oe@2-2-2013
22156024@unknown@formal@none@1@S@After a four-year, $7.7 billion acquisition binge that brought a major soft-drink company, soda bottlers, a fast-food chain and an overseas snack-food giant to Pepsi, Mr. Calloway said he doesn't expect any major acquisition in the next year or so.@@@@1@40@@oe@2-2-2013
22156025@unknown@formal@none@1@S@But, "You never can tell," he added, "you have to take advantage of opportunities.@@@@1@14@@oe@2-2-2013
22157001@unknown@formal@none@1@S@President Bush chose Martin Allday, a longtime friend from Texas, to be chairman of the Federal Energy Regulatory Commission.@@@@1@19@@oe@2-2-2013
22157002@unknown@formal@none@1@S@Mr. Allday would succeed Martha Hesse, who is resigning.@@@@1@9@@oe@2-2-2013
22157003@unknown@formal@none@1@S@The White House said Ms. Hesse, a Chicago businesswoman who previously held posts at the Energy Department and FERC, is leaving to become a vice president of First Chicago Corp.@@@@1@30@@oe@2-2-2013
22157004@unknown@formal@none@1@S@Mr. Allday, an attorney in Midland, Texas, has been solicitor at the Interior Department.@@@@1@14@@oe@2-2-2013
22157005@unknown@formal@none@1@S@He met Mr. Bush in the 1950s, when the president was a young oil man in Midland and Mr. Allday was a lawyer for an oil firm.@@@@1@27@@oe@2-2-2013
22157006@unknown@formal@none@1@S@The FERC is a five-member commission that regulates billions of dollars of interstate wholesale energy transactions.@@@@1@16@@oe@2-2-2013
22157007@unknown@formal@none@1@S@Mr. Allday's appointment is subject to confirmation by the Senate.@@@@1@10@@oe@2-2-2013
22157008@unknown@formal@none@1@S@Administration officials said a date for Ms. Hesse's departure hasn't been set.@@@@1@12@@oe@2-2-2013
22158001@unknown@formal@none@1@S@CALIFORNIA REAL ESTATE INVESTMENT Corp. said its directors declared a dividend of five cents per Class A common stock payable Nov. 6 to stock of record Oct. 16.@@@@1@28@@oe@2-2-2013
22158002@unknown@formal@none@1@S@The dividend represents the balance of its regular quarterly payout of 10 cents a share, of which half was paid July 17 in a final distribution prior to its merger with B.B. Real Estate Investment Corp., also in July.@@@@1@39@@oe@2-2-2013
22158003@unknown@formal@none@1@S@The company said it hopes to resume its schedule of regular quarterly dividends at the end of this year.@@@@1@19@@oe@2-2-2013
22159001@unknown@formal@none@1@S@Hydro-Quebec said it notified Central Maine Power Co. it will cancel a $4 billion contract to supply electricity to the Maine utility.@@@@1@22@@oe@2-2-2013
22159002@unknown@formal@none@1@S@The provincially owned utility said it is tearing up the deal because "the contract's objectives can't be fulfilled."@@@@1@18@@oe@2-2-2013
22159003@unknown@formal@none@1@S@Hydro-Quebec said Maine regulators' refusal to approve the contract earlier this year halted work on transmission lines and stopped negotiations for resale of electricity carried through Maine to other utilities.@@@@1@30@@oe@2-2-2013
22159004@unknown@formal@none@1@S@"It would now be physically impossible to begin deliveries in 1992," a Hydro-Quebec official said.@@@@1@15@@oe@2-2-2013
22159005@unknown@formal@none@1@S@The contract was to run from 1992 to 2020.@@@@1@9@@oe@2-2-2013
22159006@unknown@formal@none@1@S@Under the contract Hydro-Quebec was to supply 400 megawatts of power to Central Maine Power starting in 1992, 600 megawatts starting in 1995 and 900 megawatts starting in@@@@1@28@@oe@2-2-2013
22159007@unknown@formal@none@1@S@Hydro-Quebec said Maine regulators' refusal to approve the contract means Central Maine Power has lost its place in line.@@@@1@19@@oe@2-2-2013
22159008@unknown@formal@none@1@S@"We won't sign any new contracts {with deliveries} beginning earlier than 2000," the Hydro-Quebec official said.@@@@1@16@@oe@2-2-2013
22159009@unknown@formal@none@1@S@He said Hydro-Quebec already has some "customers in mind" for the power that was to be delivered to Maine.@@@@1@19@@oe@2-2-2013
22159010@unknown@formal@none@1@S@"Nothing has happened since we signed the contract to undermine our conviction that Hydro-Quebec was the lowest-cost, most environmentally acceptable choice for meeting a part of our customers' energy needs through the year 2020," said Central Maine senior vice president Donald F. Kelly.@@@@1@43@@oe@2-2-2013
22159011@unknown@formal@none@1@S@Central Maine said it is evaluating "many energy options" to make up for the lost future power, including new energy generation and management proposals from New England, and possibly new Canadian purchases.@@@@1@32@@oe@2-2-2013
22160001@unknown@formal@none@1@S@CHICAGO - Options traders were among the big victims of Friday's plunging stock market, including one small firm that required an emergency $50 million bailout.@@@@1@25@@oe@2-2-2013
22160002@unknown@formal@none@1@S@While Monday's rebounding markets helped other investors recoup losses, many options customers and professional traders in stock-index options and the options on takeover stocks were left with multimillion-dollar losses, traders here and in New York said.@@@@1@36@@oe@2-2-2013
22160003@unknown@formal@none@1@S@Options traders were hurt worse than others on Friday because of the highly volatile nature of options, which often rise or fall in value several times the amount of the price change in the individual stock or index of stocks on which they are based.@@@@1@45@@oe@2-2-2013
22160004@unknown@formal@none@1@S@Thus, options traders Friday were stuck with losses that also were several times larger than those suffered by many stock traders in New York.@@@@1@24@@oe@2-2-2013
22160005@unknown@formal@none@1@S@Jeffrey Miller of Miller Tabak Hirsch & Co. said that given the high degree of leverage in the options market, it is "very easy for these guys to get wiped out.@@@@1@31@@oe@2-2-2013
22160006@unknown@formal@none@1@S@That may just be the nature of these highly leveraged little creatures."@@@@1@12@@oe@2-2-2013
22160007@unknown@formal@none@1@S@An options contract gives the holder the right to buy (call) or sell (put) a specific amount of stock, or in this case the value of a stock index, based on a predetermined price within a given time period.@@@@1@39@@oe@2-2-2013
22160008@unknown@formal@none@1@S@Options traders who, in return for a small fee, or premium, had previously sold put options on stocks or stock indexes were forced on Friday to buy those contracts back at the previously agreed prices, which were substantially above those in the market as it was falling.@@@@1@47@@oe@2-2-2013
22160009@unknown@formal@none@1@S@They then had no choice in many cases but to sell the contracts at prevailing prices -- in most cases at a substantial loss.@@@@1@24@@oe@2-2-2013
22160010@unknown@formal@none@1@S@The latest round of losses is likely to be a serious blow to the Chicago Board Options Exchange, which has never fully recovered from the aftershock of Black Monday, when investors fled the market because of huge losses.@@@@1@38@@oe@2-2-2013
22160011@unknown@formal@none@1@S@Making matters worse was the fact that late Friday afternoon the CBOE halted stock-index options trading in step with the Chicago Mercantile Exchange's halt in stock-index futures.@@@@1@27@@oe@2-2-2013
22160012@unknown@formal@none@1@S@But while the Merc reopened a half hour later, the CBOE remained closed, leaving many options traders unable to make trades that might have reduced the losses.@@@@1@27@@oe@2-2-2013
22160013@unknown@formal@none@1@S@CBOE Chairman Alger "Duke" Chapman, said that, unlike the futures market, the options exchange has to open in a rotation that allows each different options series to trade.@@@@1@28@@oe@2-2-2013
22160014@unknown@formal@none@1@S@Exchange officials reasoned that they wouldn't have been able to make such a rotation with the time remaining Friday afternoon, and with the stock-index futures on the verge of closing for a second and final time, the CBOE reasoned that its best course was to remain closed.@@@@1@47@@oe@2-2-2013
22160015@unknown@formal@none@1@S@The damage was so bad at Fossett Corp., an options trading firm here, that it was forced to transfer its accounts to First Options of Chicago, a unit of Continental Bank Corp., as a result of options trading losses.@@@@1@39@@oe@2-2-2013
22160016@unknown@formal@none@1@S@Fosset so far is the only member of a financial exchange to be forced to be taken over by another firm as a result of Friday's rout.@@@@1@27@@oe@2-2-2013
22160017@unknown@formal@none@1@S@Fossett still had several million dollars in capital left after Friday's close of trading, but not enough that regulators, worried about another potential market plunge yesterday, would let it reopen for trading, options exchange officials said.@@@@1@36@@oe@2-2-2013
22160018@unknown@formal@none@1@S@Thus, in an unprecedented arrangement underscoring the seriousness of the transfer, the CBOE, the American Stock Exchange and the Options Clearing Corp., as well as the firm's owner, Stephen Fossett, put up a total of $50 million to guarantee the customer positions being transferred to the bank holding company subsidiary in case the market plunged again yesterday.@@@@1@57@@oe@2-2-2013
22160019@unknown@formal@none@1@S@S. Waite Rawls III, vice chairman of Continental Bank, First Options' parent company, said the firm took on about 160 accounts formerly held by Fossett, almost all of them belonging to professional floor traders.@@@@1@34@@oe@2-2-2013
22160020@unknown@formal@none@1@S@"Steve and his firm were still worth a lot of money," Mr. Rawls said.@@@@1@14@@oe@2-2-2013
22160021@unknown@formal@none@1@S@"A package of credit support was put together -- including the assets of Steve and his firm."@@@@1@17@@oe@2-2-2013
22160022@unknown@formal@none@1@S@The bailout was cobbled together over the weekend, with officials from the Federal Reserve Board, Securities and Exchange Commission, Comptroller of the Currency and Treasury as well as the options exchanges.@@@@1@31@@oe@2-2-2013
22160023@unknown@formal@none@1@S@"It was great to have the luxury of time," Mr. Rawls said.@@@@1@12@@oe@2-2-2013
22160024@unknown@formal@none@1@S@At one point, an options industry official had to talk the Federal Reserve Bank of Chicago's night watchman into giving him the home phone number of Silas Keene, Chicago Fed president.@@@@1@31@@oe@2-2-2013
22160025@unknown@formal@none@1@S@First Options didn't have to put any money into the bailout.@@@@1@11@@oe@2-2-2013
22160026@unknown@formal@none@1@S@Yesterday's rally in the stock, futures and options markets led CBOE and Amex officials to conclude that the $50 million in guarantees almost certainly won't need to be tapped by First Options.@@@@1@32@@oe@2-2-2013
22160027@unknown@formal@none@1@S@The Fossett firm had some losses and liquidity problems during the October 1987 crash as well, Mr. Rawls said.@@@@1@19@@oe@2-2-2013
22160028@unknown@formal@none@1@S@A federal official said that Continental Bank worked with securities and banking regulators over the weekend to fashion the Fossett bailout, but that conditions weren't dictated by those agencies.@@@@1@29@@oe@2-2-2013
22160029@unknown@formal@none@1@S@"It was their business decision," the official said.@@@@1@8@@oe@2-2-2013
22160030@unknown@formal@none@1@S@Officials at Options Clearing Corp., which processes all options trades for U.S. exchanges, said that the $50 million guarantee was unprecedented, but was necessary to help insure the integrity of the options markets.@@@@1@33@@oe@2-2-2013
22160031@unknown@formal@none@1@S@"It was an extraordinary situation that needed extraordinary steps," said Paul Stevens, OCC president and chief operating officer.@@@@1@18@@oe@2-2-2013
22160032@unknown@formal@none@1@S@Mr. Stevens declined to give the specific contributions to the $50 million guarantee from each participant.@@@@1@16@@oe@2-2-2013
22160033@unknown@formal@none@1@S@But CBOE and Amex officials said that Options Clearing Corp. contributed $20 million to the guarantee, the CBOE put up $8 million, the Amex added $4 million and $18 million came from Mr. Fossett's own assets.@@@@1@36@@oe@2-2-2013
22160034@unknown@formal@none@1@S@Mr. Fossett couldn't be reached to comment.@@@@1@7@@oe@2-2-2013
22161001@unknown@formal@none@1@S@Debora Foster takes off her necklace, settles herself on a padded chair and gently leans forward.@@@@1@16@@oe@2-2-2013
22161002@unknown@formal@none@1@S@With a jazz-piano tape playing softly in the background, the soothing hands of Sabina Vidunas begin to work on Ms. Foster's neck and shoulders.@@@@1@24@@oe@2-2-2013
22161003@unknown@formal@none@1@S@"It's like an oasis in this room," Ms. Foster purrs.@@@@1@10@@oe@2-2-2013
22161004@unknown@formal@none@1@S@The room in question is the directors' lounge of H.J. Heinz Co., 60 floors above the bustle of Pittsburgh.@@@@1@19@@oe@2-2-2013
22161005@unknown@formal@none@1@S@There, amid oil paintings and marble tables, massages are administered every Wednesday.@@@@1@12@@oe@2-2-2013
22161006@unknown@formal@none@1@S@"On days that I'm really busy," says Ms. Foster, who works in public relations for the company, "it seems decadent to take time off for a massage."@@@@1@27@@oe@2-2-2013
22161007@unknown@formal@none@1@S@Although such sessions may never replace coffee breaks, on-site massage, as it is known in the trade, is certainly infiltrating corporate America.@@@@1@22@@oe@2-2-2013
22161008@unknown@formal@none@1@S@In some companies middle managers sneak massage therapists into the office, fearful that upper-level executives won't approve.@@@@1@17@@oe@2-2-2013
22161009@unknown@formal@none@1@S@Ms. Foster's indulgence is nothing like the oily, hour-long rubfests enjoyed by spa visitors.@@@@1@14@@oe@2-2-2013
22161010@unknown@formal@none@1@S@Nor does it at all resemble (despite what some executives think) the more intimate variety offered at specialty parlors in bad parts of town.@@@@1@24@@oe@2-2-2013
22161011@unknown@formal@none@1@S@On the contrary, office rubdowns usually take place in dimly lighted conference rooms, where stressed-out employees relax in specially designed chairs, fully clothed.@@@@1@23@@oe@2-2-2013
22161012@unknown@formal@none@1@S@The massages last 15 minutes and typically cost about $10.@@@@1@10@@oe@2-2-2013
22161013@unknown@formal@none@1@S@Some companies, including Heinz, even pay part of the fee.@@@@1@10@@oe@2-2-2013
22161014@unknown@formal@none@1@S@Ms. Vidunas has been seeing some 15 clients a visit since the program was started at Heinz last year.@@@@1@19@@oe@2-2-2013
22161015@unknown@formal@none@1@S@Anthony J.F. O'Reilly, the company's chairman, swears by her firm touch, saying regular massages are a balm for his old football injuries.@@@@1@22@@oe@2-2-2013
22161016@unknown@formal@none@1@S@Massage advocates say that kneading the head, shoulders, neck and back can go a long way toward easing tension and improving morale.@@@@1@22@@oe@2-2-2013
22161017@unknown@formal@none@1@S@They also insist that touching is a basic need, as powerful as the need for food or sleep, and that the office is as good a place as any to do it.@@@@1@32@@oe@2-2-2013
22161018@unknown@formal@none@1@S@"The blood flows to your head, you feel lightheaded and you don't feel tension around the head or neck," says Minnie Morey, an operations supervisor at the Social Security office in Grand Rapids, Mich., where massages began last month.@@@@1@39@@oe@2-2-2013
22161019@unknown@formal@none@1@S@"When you leave the room after your massage, people say you look like you're glowing."@@@@1@15@@oe@2-2-2013
22161020@unknown@formal@none@1@S@Adds Candice Ohlman, the 35-year-old masseuse who plies her trade in the Grand Rapids office, "They fall in love with my hands."@@@@1@22@@oe@2-2-2013
22161021@unknown@formal@none@1@S@Not everyone, however, is at ease with office massage.@@@@1@9@@oe@2-2-2013
22161022@unknown@formal@none@1@S@Three years ago, the Internal Revenue Service's office in San Jose, Calif., opened its doors to on-site massage.@@@@1@18@@oe@2-2-2013
22161023@unknown@formal@none@1@S@And even though employees paid the bill, taxpayers grumbled.@@@@1@9@@oe@2-2-2013
22161024@unknown@formal@none@1@S@"Sometimes, with the release of stress, you hear `oohs' and `ahs' coming out of the room," explains Morgan Banks, the agency's health specialist.@@@@1@23@@oe@2-2-2013
22161025@unknown@formal@none@1@S@"And you can't have taxpayers coming into an audit hearing `oohs' and `ahs.'"@@@@1@13@@oe@2-2-2013
22161026@unknown@formal@none@1@S@Last month, the complaints intensified and the massages ended.@@@@1@9@@oe@2-2-2013
22161027@unknown@formal@none@1@S@"Now we're looking for a room with thicker walls," Ms. Banks says.@@@@1@12@@oe@2-2-2013
22161028@unknown@formal@none@1@S@Massage also has an image problem to contend with.@@@@1@9@@oe@2-2-2013
22161029@unknown@formal@none@1@S@Some masseurs have tried to get around this by calling themselves "bodyworkers" and describing their office visits as "reinvigoration breaks."@@@@1@20@@oe@2-2-2013
22161030@unknown@formal@none@1@S@But massage, no matter how chaste, is still associated in many minds with seedy fronts for prostitution, and that makes some executives nervous.@@@@1@23@@oe@2-2-2013
22161031@unknown@formal@none@1@S@Last year, the research and development division of Weyerhaeuser Co., the large wood-products concern, invited a masseuse to its Tacoma, Wash., offices.@@@@1@22@@oe@2-2-2013
22161032@unknown@formal@none@1@S@Phil Harms, a software engineer, was an eager customer.@@@@1@9@@oe@2-2-2013
22161033@unknown@formal@none@1@S@"You build up a lot of tension working at a terminal all day," he says.@@@@1@15@@oe@2-2-2013
22161034@unknown@formal@none@1@S@But after about eight months, the vice president of the division, Ed Soule, learned about the sessions and brought them to a halt.@@@@1@23@@oe@2-2-2013
22161035@unknown@formal@none@1@S@Mr. Soule says his only beef was that the massages were being given in a company conference room; the department's supervised health facility would have been fine.@@@@1@27@@oe@2-2-2013
22161036@unknown@formal@none@1@S@"In my view, {massages} should be managed with an appropriate mixture of males and females around," he says.@@@@1@18@@oe@2-2-2013
22161037@unknown@formal@none@1@S@Given such attitudes, some corporate masseurs prefer to go about their business quietly.@@@@1@13@@oe@2-2-2013
22161038@unknown@formal@none@1@S@Russell Borner of Park Ridge, N.J., says he has been working for the past year at a huge chemical and manufacturing concern in New York -- unbeknownst to the company's executives.@@@@1@31@@oe@2-2-2013
22161039@unknown@formal@none@1@S@He visits the same department every two or three weeks.@@@@1@10@@oe@2-2-2013
22161040@unknown@formal@none@1@S@His massage chair is kept in a closet, and a secretary escorts him past security.@@@@1@15@@oe@2-2-2013
22161041@unknown@formal@none@1@S@"This is common with a lot of large companies," says Mr. Borner, who worked for American Telephone & Telegraph Co. for 23 years before choosing his current trade.@@@@1@28@@oe@2-2-2013
22161042@unknown@formal@none@1@S@Managers, he contends, "are afraid how they're going to look in the eyes of their peers.@@@@1@16@@oe@2-2-2013
22161043@unknown@formal@none@1@S@My vision is to change human consciousness towards touch.@@@@1@9@@oe@2-2-2013
22161044@unknown@formal@none@1@S@My attitude is: Let's come out of the closet."@@@@1@9@@oe@2-2-2013
22161045@unknown@formal@none@1@S@Occasionally, all that's needed is a little coaxing.@@@@1@8@@oe@2-2-2013
22161046@unknown@formal@none@1@S@Elisa Byler, a St. Louis masseuse, won over officials at Emerson Electric Co., a maker of electrical and electronic equipment, by providing documents and other articles trumpeting the therapeutic benefits of massage.@@@@1@32@@oe@2-2-2013
22161047@unknown@formal@none@1@S@She notes that she also stresses professionalism during her weekly visits.@@@@1@11@@oe@2-2-2013
22161048@unknown@formal@none@1@S@"I pull my hair back, wear a little makeup and look corporate," says Ms. Byler, who has been visiting Emerson since January.@@@@1@22@@oe@2-2-2013
22161049@unknown@formal@none@1@S@"If I go in there as I normally dress, they'd ask, `Who is this hippie?'"@@@@1@15@@oe@2-2-2013
22161050@unknown@formal@none@1@S@The self-proclaimed father of on-site massage is David Palmer, a 41-year-old San Francisco masseur whose mission is to save the touch-starved masses.@@@@1@22@@oe@2-2-2013
22161051@unknown@formal@none@1@S@To help do this, Mr. Palmer developed a portable massage chair three years ago that he hopes will bring "structured touching" into mainstream America.@@@@1@24@@oe@2-2-2013
22161052@unknown@formal@none@1@S@"The culture is not ready to take off its clothes, lie down and be touched for an hour for $45," he says.@@@@1@22@@oe@2-2-2013
22161053@unknown@formal@none@1@S@"The idea is to keep the clothes on and to keep people seated.@@@@1@13@@oe@2-2-2013
22161054@unknown@formal@none@1@S@The chair is a way to package massage."@@@@1@8@@oe@2-2-2013
22161055@unknown@formal@none@1@S@Sitting in one of Mr. Palmer's chairs, which cost $425 and have since been copied by others, is a bit like straddling a recliner.@@@@1@24@@oe@2-2-2013
22161056@unknown@formal@none@1@S@Customers lean forward, rest their knees on side supports and bury their face in padding on the back of the chair.@@@@1@21@@oe@2-2-2013
22161057@unknown@formal@none@1@S@(Ms. Ohlman, the Grand Rapids masseuse, says she has heard the odd-looking contraption compared to something out of the Spanish Inquisition.)@@@@1@21@@oe@2-2-2013
22161058@unknown@formal@none@1@S@Mr. Palmer, who serves as president of the On-Site Massage Association and writes an industry newsletter, says some 4,000 practitioners -- out of about 50,000 certified masseurs across the country -- now use massage chairs in the workplace, as well as on street corners, in airports and malls, and at conventions and other gatherings where weary people can be found.@@@@1@60@@oe@2-2-2013
22161059@unknown@formal@none@1@S@Scot MacInnis, a masseur in Boulder, Colo., had a scary experience while massaging a man in a natural-foods supermarket as part of a store promotion.@@@@1@25@@oe@2-2-2013
22161060@unknown@formal@none@1@S@Three minutes into the massage, the man curled up, began shaking and turned red.@@@@1@14@@oe@2-2-2013
22161061@unknown@formal@none@1@S@Paramedics were called.@@@@1@3@@oe@2-2-2013
22161062@unknown@formal@none@1@S@A week later, the man told Mr. MacInnis he had suffered a mild heart attack unrelated to the massage.@@@@1@19@@oe@2-2-2013
22161063@unknown@formal@none@1@S@"It was a powerful point in my career," says the 31-year-old Mr. MacInnis, who has since taken out a $1 million liability policy for his business.@@@@1@26@@oe@2-2-2013
22161064@unknown@formal@none@1@S@"But he pulled through, and after the ambulance left, there were still six people in line waiting for a massage.@@@@1@20@@oe@2-2-2013
22161065@unknown@formal@none@1@S@The next woman was older, and I was afraid to touch her.@@@@1@12@@oe@2-2-2013
22161066@unknown@formal@none@1@S@But it's like falling off a horse and getting back on."@@@@1@11@@oe@2-2-2013
22161067@unknown@formal@none@1@S@Despite the number of fans that office massage has won, some purists look down on it, arguing that naked, full-body rubs are the only way to go.@@@@1@27@@oe@2-2-2013
22161068@unknown@formal@none@1@S@Linda Aldridge, who does full-body work in Pittsburgh, says that while on-site massage is better than nothing, tired workers should realize it is only the tip of the iceberg.@@@@1@29@@oe@2-2-2013
22161069@unknown@formal@none@1@S@"Whole areas of their bodies are neglected," she says, adding that clothes ruin the experience.@@@@1@15@@oe@2-2-2013
22161070@unknown@formal@none@1@S@"There's nothing like skin to skin.@@@@1@6@@oe@2-2-2013
22162001@unknown@formal@none@1@S@In what is believed to be the first cancellation of a loan to China since the June 4 killings in Beijing, an international bank syndicate has terminated a $55 million credit for a Shanghai property project.@@@@1@36@@oe@2-2-2013
22162002@unknown@formal@none@1@S@The syndicate, led by Schroders Asia Ltd., agreed last November to provide the loan to Asia Development Corp., a U.S. property developer.@@@@1@22@@oe@2-2-2013
22162003@unknown@formal@none@1@S@But several weeks ago, in the wake of the Beijing killings, the loan was canceled, according to bankers and executives close to the project.@@@@1@24@@oe@2-2-2013
22162004@unknown@formal@none@1@S@Asia Development and Schroders declined to comment on the move.@@@@1@10@@oe@2-2-2013
22162005@unknown@formal@none@1@S@Lenders had doubts about the project even before June 4, but the harsh crackdown, which caused many businesses to reassess their China transactions, "gave the banks the out they wanted," says an official close to the Shanghai venture.@@@@1@38@@oe@2-2-2013
22162006@unknown@formal@none@1@S@The decision to cancel the loan exemplifies the tough attitude bankers have taken toward China since June 4.@@@@1@18@@oe@2-2-2013
22162007@unknown@formal@none@1@S@While some commercial lending has resumed, international lenders remain nervous about China's economic troubles and foreign debt -- $40 billion at the end of 1988.@@@@1@25@@oe@2-2-2013
22162008@unknown@formal@none@1@S@Many loans are being renegotiated, especially those tied to the hotel sector, which has been hit hard by a post-June 4 tourism slump.@@@@1@23@@oe@2-2-2013
22162009@unknown@formal@none@1@S@Many bankers view property-sector loans as particularly risky.@@@@1@8@@oe@2-2-2013
22162010@unknown@formal@none@1@S@The canceled Shanghai loan leaves Asia Development, a small concern, saddled with a half-completed 32-story apartment building and heavy debts.@@@@1@20@@oe@2-2-2013
22162011@unknown@formal@none@1@S@The company owes $11 million to the Shui On Group, the project's Hong Kong contractor, and a significant, though unspecified, amount in legal fees to Coudert Brothers, a U.S. law firm, the sources say.@@@@1@34@@oe@2-2-2013
22162012@unknown@formal@none@1@S@The project, known as Lotus Mansion, has been mired in controversy.@@@@1@11@@oe@2-2-2013
22162013@unknown@formal@none@1@S@When the loan agreement was announced, it was hailed as one of the first Western-style financing transactions ever used in China.@@@@1@21@@oe@2-2-2013
22162014@unknown@formal@none@1@S@Unlike most loans to China, there was no Chinese guarantor.@@@@1@10@@oe@2-2-2013
22162015@unknown@formal@none@1@S@Instead, the banks secured a promise from state-owned Bank of Communications that it would lend Asia Development the entire $55 million at maturity to finance repayment of the original borrowing.@@@@1@30@@oe@2-2-2013
22162016@unknown@formal@none@1@S@The loan was to have matured in just two to three years, as soon as construction was completed.@@@@1@18@@oe@2-2-2013
22162017@unknown@formal@none@1@S@But in a letter sent in August to Asia Development, Schroders said the loan was terminated because the developer had failed to deliver adequate financial data and pay certain fees to the loan-management committee on time, according to officials close to the project.@@@@1@43@@oe@2-2-2013
22162018@unknown@formal@none@1@S@Creditors involved in the project contend, however, that the termination actually had nothing to do with these technical violations.@@@@1@19@@oe@2-2-2013
22162019@unknown@formal@none@1@S@Instead, the creditors say, the loan fell victim to nervousness about China's political turmoil, as well as to concern about the loan's security.@@@@1@23@@oe@2-2-2013
22162020@unknown@formal@none@1@S@The bank syndicate is made up mostly of European banks, but it includes China's state-owned Citic Industrial Bank.@@@@1@18@@oe@2-2-2013
22162021@unknown@formal@none@1@S@The 11 banks in the syndicate sustained no monetary losses because none of the credit facility had been drawn down.@@@@1@20@@oe@2-2-2013
22163001@unknown@formal@none@1@S@K mart Corp. agreed to acquire Pace Membership Warehouse Inc. for $23 a share, or $322 million, in a move to expand its presence in the rapidly growing warehouse-club business.@@@@1@30@@oe@2-2-2013
22163002@unknown@formal@none@1@S@The proposed merger comes as K mart's profit is declining and sales at its core discount stores are rising more slowly than at such competitors as Wal-Mart Stores Inc.@@@@1@29@@oe@2-2-2013
22163003@unknown@formal@none@1@S@K mart, based in Troy, Mich., recently said net income would fall for the third consecutive quarter, after a 16% drop in the first half of its current fiscal year.@@@@1@30@@oe@2-2-2013
22163004@unknown@formal@none@1@S@"The membership warehouse-club concept has great potential," the company's chairman, Joseph E. Antonini, said in a statement.@@@@1@17@@oe@2-2-2013
22163005@unknown@formal@none@1@S@Warehouse clubs typically carry general merchandise and food products, which they sell for close to wholesale prices in no-frills stores.@@@@1@20@@oe@2-2-2013
22163006@unknown@formal@none@1@S@Shoppers, many of whom operate small businesses, pay annual membership fees, which provide an income base for the stores.@@@@1@19@@oe@2-2-2013
22163007@unknown@formal@none@1@S@K mart tested the warehouse-club sector last year with its acquisition of a 51% interest in Makro Inc.@@@@1@18@@oe@2-2-2013
22163008@unknown@formal@none@1@S@But the Makro chain, which operates as a joint venture between K mart and SHV Holdings N.V. of the Netherlands, has only six stores and annual sales that one analyst estimated at about $300 million.@@@@1@35@@oe@2-2-2013
22163009@unknown@formal@none@1@S@Six-year-old Pace, based in Aurora, Colo., operates 41 warehouse-club stores.@@@@1@10@@oe@2-2-2013
22163010@unknown@formal@none@1@S@The company had losses for several years before turning profitable in fiscal 1988.@@@@1@13@@oe@2-2-2013
22163011@unknown@formal@none@1@S@In the year ended Jan. 31, Pace rang up profit of $9.4 million, or 72 cents a share, after a tax-loss carry-forward, on sales of $1.3 billion, and analysts expect its results to continue to improve.@@@@1@36@@oe@2-2-2013
22163012@unknown@formal@none@1@S@"The company turned the corner fairly recently in profitability," said Margo McGlade of PaineWebber Inc., who had been forecasting a 46% jump in Pace's net income from operations this year and another 42% increase next year.@@@@1@36@@oe@2-2-2013
22163013@unknown@formal@none@1@S@"Warehouse productivity is really beginning to take off."@@@@1@8@@oe@2-2-2013
22163014@unknown@formal@none@1@S@But some analysts contend K mart has agreed to pay too much for Pace.@@@@1@14@@oe@2-2-2013
22163015@unknown@formal@none@1@S@"Even if you look at it as a turnaround situation, it's expensive," said Wayne Hood of Prudential-Bache Securities Inc.@@@@1@19@@oe@2-2-2013
22163016@unknown@formal@none@1@S@"In my opinion, you would only pay that kind of price if you were getting a premier player in the industry."@@@@1@21@@oe@2-2-2013
22163017@unknown@formal@none@1@S@Ms. McGlade of PaineWebber raised a more fundamental question about the deal.@@@@1@12@@oe@2-2-2013
22163018@unknown@formal@none@1@S@"If K mart can't get its act together in discounting, why is it spending time worrying about other growing markets?"@@@@1@20@@oe@2-2-2013
22163019@unknown@formal@none@1@S@She said, "I would say K mart's number one job is to address its market-share loss {in discount stores}, which longer-term will lead to improved profit margins.@@@@1@27@@oe@2-2-2013
22163020@unknown@formal@none@1@S@At that point, perhaps diversification would be appropriate."@@@@1@8@@oe@2-2-2013
22163021@unknown@formal@none@1@S@But K mart's Mr. Antonini is intent on pushing the company into new retail businesses.@@@@1@15@@oe@2-2-2013
22163022@unknown@formal@none@1@S@For instance, K mart is opening big food and general merchandise stores, called hypermarkets, and warehouse-type stores specializing in office products and sporting goods.@@@@1@24@@oe@2-2-2013
22163023@unknown@formal@none@1@S@It also operates Waldenbooks, Pay Less Drug Stores and Builders Square home improvement stores.@@@@1@14@@oe@2-2-2013
22163024@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, K mart closed yesterday at $36 a share, up 12.5 cents.@@@@1@20@@oe@2-2-2013
22163025@unknown@formal@none@1@S@Pace rose $2.625 to close at $22.125 a share in national over-the-counter trading.@@@@1@13@@oe@2-2-2013
22163026@unknown@formal@none@1@S@A K mart spokesman said the acquisition would be financed with short-term borrowings.@@@@1@13@@oe@2-2-2013
22163027@unknown@formal@none@1@S@Under terms of the agreement, a K mart subsidiary will soon make a tender offer for Pace shares.@@@@1@18@@oe@2-2-2013
22163028@unknown@formal@none@1@S@Among the conditions of the offer is that Pace shareholders tender a majority of the company's shares outstanding.@@@@1@18@@oe@2-2-2013
22163029@unknown@formal@none@1@S@The companies said Pace would ill continue to operate under its present management.@@@@1@13@@oe@2-2-2013
22164001@unknown@formal@none@1@S@G. William Ryan, president of Post-Newsweek Stations, was named chief executive officer of the unit of this media company, effective Jan. 1.@@@@1@22@@oe@2-2-2013
22164002@unknown@formal@none@1@S@He will succeed Joel Chaseman, who will remain a vice president of the company and continue to represent Post-Newsweek stations in several industry organizations, the company said.@@@@1@27@@oe@2-2-2013
22165001@unknown@formal@none@1@S@literally.@@@@1@1@@oe@2-2-2013
22165002@unknown@formal@none@1@S@Traders nervously watching their Quotron electronic-data machines yesterday morning were stunned to see the Dow Jones Industrial Average plummet 99 points in seconds.@@@@1@23@@oe@2-2-2013
22165003@unknown@formal@none@1@S@A minute later it soared 128 points, then zoomed back down 113 points, 69 below Friday's close.@@@@1@17@@oe@2-2-2013
22165004@unknown@formal@none@1@S@"It was crazy," said Neil Weisman, general partner of Chilmark Capital Corp.@@@@1@12@@oe@2-2-2013
22165005@unknown@formal@none@1@S@"It was like flying without a pilot in the front of the plane."@@@@1@13@@oe@2-2-2013
22165006@unknown@formal@none@1@S@But those who said "This can't be happening" were right.@@@@1@10@@oe@2-2-2013
22165007@unknown@formal@none@1@S@The Quotrons were wrong.@@@@1@4@@oe@2-2-2013
22165008@unknown@formal@none@1@S@Quotron Systems Inc., a Citicorp unit, blamed the 30-minute foul-up on "a timing problem in our software" caused by the enormous early volume -- about 145 million shares in the first hour of New York Stock Exchange trading.@@@@1@38@@oe@2-2-2013
22165009@unknown@formal@none@1@S@The prices of the individual stocks that make up the average were correct, Quotron said, but the average was wrong.@@@@1@20@@oe@2-2-2013
22165010@unknown@formal@none@1@S@Meanwhile, there was an awful lot of confusion.@@@@1@8@@oe@2-2-2013
22165011@unknown@formal@none@1@S@At about 10:40 a.m. on the over-the-counter trading desk at a major brokerage firm, a veteran trader who buys and sells some of the most active stocks looked at a senior official and asked, "What's going on?@@@@1@37@@oe@2-2-2013
22165012@unknown@formal@none@1@S@Is the market up or down?"@@@@1@6@@oe@2-2-2013
22165013@unknown@formal@none@1@S@At the time, Quotron was reporting that the industrial average was down 70 points.@@@@1@14@@oe@2-2-2013
22165014@unknown@formal@none@1@S@In fact, it was up 24.@@@@1@6@@oe@2-2-2013
22165015@unknown@formal@none@1@S@Holly Stark, a vice president who heads the trading desk at Dillon Read Capital Corp., said that once she figured out the Quotron numbers were wrong, she called brokers to tell them.@@@@1@32@@oe@2-2-2013
22165016@unknown@formal@none@1@S@"It's been kind of annoying, to say the least," she said.@@@@1@11@@oe@2-2-2013
22165017@unknown@formal@none@1@S@To confuse matters further, when UAL Corp. stock finally opened on the New York Stock Exchange at 11:08 a.m., the price was listed at $324.75 a share, up about $45 from Friday; in fact, its true price was $224.75, down $55.@@@@1@41@@oe@2-2-2013
22165018@unknown@formal@none@1@S@That was the New York Stock Exchange's blooper.@@@@1@8@@oe@2-2-2013
22165019@unknown@formal@none@1@S@A spokesman cited a "technical error" and declined to elaborate.@@@@1@10@@oe@2-2-2013
22165020@unknown@formal@none@1@S@And there were other blunders.@@@@1@5@@oe@2-2-2013
22165021@unknown@formal@none@1@S@When the market opened at 9:30 a.m. EST, a reporter for the Reuters newswire miscalculated the industrial average's drop as a 4% decline when it really was down 0.7%.@@@@1@29@@oe@2-2-2013
22165022@unknown@formal@none@1@S@"It was a case of human error, which we found almost immediately and corrected," a spokesman for Reuter in New York said.@@@@1@22@@oe@2-2-2013
22165023@unknown@formal@none@1@S@Meanwhile, some currency traders at West German banks in Frankfurt said they sold dollars on the news and had to buy them back later at higher prices.@@@@1@27@@oe@2-2-2013
22165024@unknown@formal@none@1@S@But it was the Quotron problems that had lingering effects.@@@@1@10@@oe@2-2-2013
22165025@unknown@formal@none@1@S@Dillon Read's Ms. Stark said in early afternoon that she was still viewing prices and other data as subject to verification, and she said portfolio managers continued to question the numbers they saw on the screen.@@@@1@36@@oe@2-2-2013
22165026@unknown@formal@none@1@S@It was the second time in less than a week that Quotron has had problems calculating the industrial average.@@@@1@19@@oe@2-2-2013
22165027@unknown@formal@none@1@S@At the start of trading last Wednesday, the average appeared to plunge more than 200 points.@@@@1@16@@oe@2-2-2013
22165028@unknown@formal@none@1@S@Actually, it was down only a few points at the time.@@@@1@11@@oe@2-2-2013
22165029@unknown@formal@none@1@S@Quotron said that snafu, which lasted nine minutes, resulted from a failure to adjust for a 4-for-1 stock split at Philip Morris Cos.@@@@1@23@@oe@2-2-2013
22165030@unknown@formal@none@1@S@A Quotron spokeswoman said recent software changes may have contributed to yesterday's problems.@@@@1@13@@oe@2-2-2013
22165031@unknown@formal@none@1@S@She said Quotron switched to a backup system until the problems were corrected.@@@@1@13@@oe@2-2-2013
22165032@unknown@formal@none@1@S@"Today of all days," she lamented.@@@@1@6@@oe@2-2-2013
22165033@unknown@formal@none@1@S@"The eyes of the world were watching us.@@@@1@8@@oe@2-2-2013
22166001@unknown@formal@none@1@S@Steven F. Kaplan was named a senior vice president of this graphics equipment company.@@@@1@14@@oe@2-2-2013
22166002@unknown@formal@none@1@S@He retains his current positions as chief strategic officer of AM International and president of AM Ventures.@@@@1@17@@oe@2-2-2013
22167001@unknown@formal@none@1@S@Houston attorney Dale Friend, representing a plaintiff in a damage suit, says he has negotiated a settlement that will strike a blow for his client.@@@@1@25@@oe@2-2-2013
22167002@unknown@formal@none@1@S@Literally.@@@@1@1@@oe@2-2-2013
22167003@unknown@formal@none@1@S@It turns out Mr. Friend's client, Machelle Parks of Cincinnati, didn't like the way defense attorney Tom Alexander acted during the legal proceedings.@@@@1@23@@oe@2-2-2013
22167004@unknown@formal@none@1@S@So she has agreed to forgo monetary damages against Mr. Alexander's client in return for the right to punch the attorney.@@@@1@21@@oe@2-2-2013
22167005@unknown@formal@none@1@S@Ms. Parks's mother also gets to cuff Mr. Alexander.@@@@1@9@@oe@2-2-2013
22167006@unknown@formal@none@1@S@So does Mr. Friend and his law partner, Nick Nichols.@@@@1@10@@oe@2-2-2013
22167007@unknown@formal@none@1@S@The bizarre arrangement grows out of Mr. Alexander's representation of Derr Construction Co., one of several defendants in a wrongful death lawsuit brought by Ms. Parks, the widow of a construction worker killed in January 1987 while working on a new Houston convention center.@@@@1@44@@oe@2-2-2013
22167008@unknown@formal@none@1@S@Last month, Mr. Friend says, Mr. Alexander's associate agreed that Derr would pay $50,000 as part of an overall settlement.@@@@1@20@@oe@2-2-2013
22167009@unknown@formal@none@1@S@But Mr. Alexander scuttled the deal at the last minute, angering the plaintiff's side.@@@@1@14@@oe@2-2-2013
22167010@unknown@formal@none@1@S@"I never agreed to it," Mr. Alexander says, adding that "it's not necessary to pay these nuisance settlements."@@@@1@18@@oe@2-2-2013
22167011@unknown@formal@none@1@S@When Ms. Parks and her mother heard about what had happened, Mr. Friend says, they volunteered that they would like to give Mr. Alexander a good walloping.@@@@1@27@@oe@2-2-2013
22167012@unknown@formal@none@1@S@Mr. Friend says he passed that along to his adversary, and soon they were talking about the ground rules under which Derr could keep its money and the plaintiffs could take a shot at Mr. Alexander.@@@@1@36@@oe@2-2-2013
22167013@unknown@formal@none@1@S@Although time and place have yet to be determined, some details are in place.@@@@1@14@@oe@2-2-2013
22167014@unknown@formal@none@1@S@Mr. Friend says he agreed to strike Mr. Alexander above the belt.@@@@1@12@@oe@2-2-2013
22167015@unknown@formal@none@1@S@Ms. Parks and her mother indicated they want to "catch him unawares from behind," he says.@@@@1@16@@oe@2-2-2013
22167016@unknown@formal@none@1@S@Mr. Alexander, for his part, insisted that the punchers can't assign their pummeling rights to anyone else, can't use a blunt instrument and can't take a running start.@@@@1@28@@oe@2-2-2013
22167017@unknown@formal@none@1@S@Mr. Alexander says he regards the agreement, which hasn't been submitted to a judge, as something of a joke.@@@@1@19@@oe@2-2-2013
22167018@unknown@formal@none@1@S@However, he acknowledges they "have the option of taking a swat at me if they really want to."@@@@1@18@@oe@2-2-2013
22167019@unknown@formal@none@1@S@Mr. Friend says his side is "dead serious."@@@@1@8@@oe@2-2-2013
22167020@unknown@formal@none@1@S@Although they don't contemplate delivering any disabling blows, he says that Mr. Alexander will be asked to sign a release from liability, just in case.@@@@1@25@@oe@2-2-2013
22168001@unknown@formal@none@1@S@After two years of drought, it rained money in the stock-index futures markets yesterday.@@@@1@14@@oe@2-2-2013
22168002@unknown@formal@none@1@S@As financial markets rebounded, trading volume in the Chicago Mercantile Exchange's huge Standard & Poor's 500 stock-index futures pit soared, reaching near-record levels for the first time since October 1987.@@@@1@30@@oe@2-2-2013
22168003@unknown@formal@none@1@S@The sudden influx of liquidity enabled several traders to reap six-figure windfalls in a matter of minutes as prices soared, traders said.@@@@1@22@@oe@2-2-2013
22168004@unknown@formal@none@1@S@"Guys were minting money in there today," said John Legittino, a futures broker for Elders Futures Inc. in Chicago.@@@@1@19@@oe@2-2-2013
22168005@unknown@formal@none@1@S@The S&P 500 futures contract, which moves in fractions of an index point under normal conditions, jumped two to three points in seconds early yesterday after an initial downturn, then moved strongly higher the rest of the day.@@@@1@38@@oe@2-2-2013
22168006@unknown@formal@none@1@S@Each index point represents a $500 profit for each S&P 500 contract held.@@@@1@13@@oe@2-2-2013
22168007@unknown@formal@none@1@S@For the first time since the 1987 crash, traders said that they were able to trade several hundred S&P 500 contracts at a time in a highly liquid market.@@@@1@29@@oe@2-2-2013
22168008@unknown@formal@none@1@S@Many institutions and individual investors have shied away from stock-index futures, blaming them for speeding the stock market crash on Black Monday two years ago.@@@@1@25@@oe@2-2-2013
22168009@unknown@formal@none@1@S@Since the crash, many futures traders haven't assumed large positions for fear that the S&P 500 market, with much of its customer order flow missing, would dry up if prices turned against them.@@@@1@33@@oe@2-2-2013
22168010@unknown@formal@none@1@S@More than 400 traders jammed the S&P 500 futures pit to await the opening bell.@@@@1@15@@oe@2-2-2013
22168011@unknown@formal@none@1@S@Traders were shouting bids and offers a full five minutes before the start of trading at 8:30 am@@@@1@18@@oe@2-2-2013
22168012@unknown@formal@none@1@S@The contract fell five points at the open to 323.85, the maximum opening move allowed under safeguards adopted by the Merc to stem a market slide.@@@@1@26@@oe@2-2-2013
22168013@unknown@formal@none@1@S@But several traders quickly stepped up and bid for contracts, driving prices sharply higher.@@@@1@14@@oe@2-2-2013
22168014@unknown@formal@none@1@S@The market hovered near Friday's closing price of 328.85 for about a half hour, moving several index points higher or lower in seconds, then broke higher and didn't look back.@@@@1@30@@oe@2-2-2013
22168015@unknown@formal@none@1@S@The S&P 500 contract that expires in December closed up a record 15.65 points on volume of nearly 80,000 contracts.@@@@1@20@@oe@2-2-2013
22168016@unknown@formal@none@1@S@"Traders five feet from each other were making bids and offers that were a full point apart," said one S&P 500 broker.@@@@1@22@@oe@2-2-2013
22168017@unknown@formal@none@1@S@"You could buy at the bid and sell at the offer and make a fortune," he marveled.@@@@1@17@@oe@2-2-2013
22168018@unknown@formal@none@1@S@Several of Wall Street's largest securities firms, including Salomon Brothers Inc. and PaineWebber Inc., were also large buyers, traders said.@@@@1@20@@oe@2-2-2013
22168019@unknown@formal@none@1@S@Salomon Brothers was among the largest sellers of stock-index futures last week, traders said.@@@@1@14@@oe@2-2-2013
22168020@unknown@formal@none@1@S@Brokerage firms as a rule don't comment on their market activity.@@@@1@11@@oe@2-2-2013
22168021@unknown@formal@none@1@S@Unlike the week following Black Monday two years ago, individual traders in the S&P 500 pit were also being uncharacteristically circumspect about their one-day profits.@@@@1@25@@oe@2-2-2013
22168022@unknown@formal@none@1@S@"With the FBI around here, bragging rights are a thing of the past," said one trader, referring to the federal investigation of futures trading that so far has resulted in 46 indictments lodged against individuals on the Merc and the Chicago Board of Trade.@@@@1@44@@oe@2-2-2013
22169001@unknown@formal@none@1@S@The market for $200 billion of high-yield junk bonds regained some of its footing as the Dow Jones Industrial Average rebounded from Friday's plunge.@@@@1@24@@oe@2-2-2013
22169002@unknown@formal@none@1@S@But the junk recovery, led by the bellwether RJR Holdings bonds, was precarious.@@@@1@13@@oe@2-2-2013
22169003@unknown@formal@none@1@S@No trading existed for the vast majority of junk bonds, securities industry officials said.@@@@1@14@@oe@2-2-2013
22169004@unknown@formal@none@1@S@On Friday, trading in practically every issue ground to a halt as potential buyers fled and brokerage firms were unwilling to provide bid and offer prices for most issues.@@@@1@29@@oe@2-2-2013
22169005@unknown@formal@none@1@S@"Nothing traded on Friday, and people weren't really sure where the market should have opened" yesterday, said Raymond Minella, co-head of merchant banking at Merrill Lynch & Co.@@@@1@28@@oe@2-2-2013
22169006@unknown@formal@none@1@S@"But we had a fairly active day yesterday."@@@@1@8@@oe@2-2-2013
22169007@unknown@formal@none@1@S@At Drexel Burnham Lambert Inc., the leading underwriter of junk bonds, "I was prepared to be in a very bad mood tonight," said David Feinman, a junk bond trader.@@@@1@29@@oe@2-2-2013
22169008@unknown@formal@none@1@S@"Now, I feel maybe there's a little bit of euphoria."@@@@1@10@@oe@2-2-2013
22169009@unknown@formal@none@1@S@But before the stock market rebounded from a sharp early sell-off yesterday, he said, "You couldn't buy {junk bonds} and you couldn't give them away."@@@@1@25@@oe@2-2-2013
22169010@unknown@formal@none@1@S@Yesterday's rally was led by RJR Holdings 13 3/4% bonds, which initially tumbled three points, or $30 for each $1,000 face amount, to 96 1/4 before rebounding to 99 3/4.@@@@1@30@@oe@2-2-2013
22169011@unknown@formal@none@1@S@Bonds issued by Kroger, Duracell, Safeway and American Standard also showed big gains, recovering almost all their losses from Friday and early yesterday.@@@@1@23@@oe@2-2-2013
22169012@unknown@formal@none@1@S@But traders said the junk bond market increasingly is separating into a top-tier group, in which trades can be executed easily, and a larger group of lower-quality bonds in which liquidity -- or the ability to trade without too much difficulty -- has steadily deteriorated this year.@@@@1@47@@oe@2-2-2013
22169013@unknown@formal@none@1@S@"Liquidity hasn't returned to the vast middle ground of the market," said Mr. Minella of Merrill.@@@@1@16@@oe@2-2-2013
22169014@unknown@formal@none@1@S@"The deadbeats are still deadbeats," said Mr. Feinman of Drexel.@@@@1@10@@oe@2-2-2013
22169015@unknown@formal@none@1@S@Analysts are concerned that much of the high-yield market will remain treacherous for investors.@@@@1@14@@oe@2-2-2013
22169016@unknown@formal@none@1@S@Paul Asquith, associate professor at the Massachusetts Institute of Technology's Sloan School of Management, citing a pattern of junk-bond default rates that are low in the early years after issuance and rise later, says, "We're now in a period where we're starting to see defaults from the big issue years of 1984 to 1986."@@@@1@54@@oe@2-2-2013
22169017@unknown@formal@none@1@S@Mark Bachmann, a senior vice president at Standard & Poor's Corp., confirms that there is "increasing concern about the future liquidity of the junk bond market."@@@@1@26@@oe@2-2-2013
22169018@unknown@formal@none@1@S@"Junk bonds are a highly stratified market," said Lewis Glucksman, vice chairman of Smith Barney, Harris Upham & Co.@@@@1@19@@oe@2-2-2013
22169019@unknown@formal@none@1@S@"There's a whole bunch of stuff that's money good and a whole bunch of stuff that's not so good."@@@@1@19@@oe@2-2-2013
22169020@unknown@formal@none@1@S@Analysts at Standard & Poor's say junk bond offerings by "tightly stretched" issuers seem to be growing.@@@@1@17@@oe@2-2-2013
22169021@unknown@formal@none@1@S@Almost $8 billion of junk bonds that are considered untradeable include issues from SCI TV, Gillette Holdings (not related to Gillette Co.), Interco, Seaman Furniture, Allied Stores, Federated Department Stores, National Gypsum, M.D.C. Holdings, Micropolis, Leaseway Transportation and Price Communications.@@@@1@40@@oe@2-2-2013
22169022@unknown@formal@none@1@S@"You could still have some very bad times ahead," said Mr. Bachmann.@@@@1@12@@oe@2-2-2013
22169023@unknown@formal@none@1@S@"It's possible to have a 10% default rate in one year, because we're already seeing big problems in the midst of a pretty strong economy.@@@@1@25@@oe@2-2-2013
22169024@unknown@formal@none@1@S@I'm certainly not comfortable saying we've seen the bottom."@@@@1@9@@oe@2-2-2013
22169025@unknown@formal@none@1@S@But yesterday's rally among "good" junk was a badly needed tonic for the market.@@@@1@14@@oe@2-2-2013
22169026@unknown@formal@none@1@S@Many issues "bounced off the floor," Mr. Minella said, and benchmark junk issues "recovered all of their losses" from Friday and early yesterday.@@@@1@23@@oe@2-2-2013
22169027@unknown@formal@none@1@S@In contrast, he says, "The stock market gained back only about half what it lost Friday, and the {government} bond market lost about half what it gained Friday."@@@@1@28@@oe@2-2-2013
22169028@unknown@formal@none@1@S@Traders said yesterday's rally was fueled by insurance companies looking for bargains after a drastic slide in prices the past month.@@@@1@21@@oe@2-2-2013
22169029@unknown@formal@none@1@S@In addition, mutual funds didn't appear to be major sellers of high-yield securities as was expected.@@@@1@16@@oe@2-2-2013
22169030@unknown@formal@none@1@S@"Sometimes a shakeout is healthy," said Drexel's Mr. Feinman.@@@@1@9@@oe@2-2-2013
22169031@unknown@formal@none@1@S@"People will learn to be more circumspect.@@@@1@7@@oe@2-2-2013
22169032@unknown@formal@none@1@S@If they do good credit analysis, they will avoid the hand grenades.@@@@1@12@@oe@2-2-2013
22169033@unknown@formal@none@1@S@I think the market is in good shape.@@@@1@8@@oe@2-2-2013
22170001@unknown@formal@none@1@S@Should you really own stocks?@@@@1@5@@oe@2-2-2013
22170002@unknown@formal@none@1@S@That's a question a lot of people are asking, following the stock market's stunning display of volatility.@@@@1@17@@oe@2-2-2013
22170003@unknown@formal@none@1@S@Whipsawed financially and emotionally by Friday's heartstopping 190-point drop in the Dow Jones Industrial Average and yesterday's 88-point rebound, they're wondering if an individual has any business being in the market.@@@@1@31@@oe@2-2-2013
22170004@unknown@formal@none@1@S@The answer, say academic researchers, money managers and investment specialists, is yes -- as long as you approach the stock market as an investor.@@@@1@24@@oe@2-2-2013
22170005@unknown@formal@none@1@S@But, they say, people shouldn't try to be traders, who buy and sell in an effort to ride the latest economic trend or catch the next hot stock.@@@@1@28@@oe@2-2-2013
22170006@unknown@formal@none@1@S@The case for owning stocks over the long-term is compelling.@@@@1@10@@oe@2-2-2013
22170007@unknown@formal@none@1@S@"If you look at 75 years worth of investment history -- including the Great Depression and every bear market since -- stocks have outperformed almost everything an individual could have owned by a long shot," says Barry Berlin, vice president at First Wachovia Capital Management.@@@@1@45@@oe@2-2-2013
22170008@unknown@formal@none@1@S@A dollar invested in the stock market in 1926 would have grown to $473.29 by the end of last June, according to Laurence Siegel, managing director at Ibbotson Associates Inc.@@@@1@30@@oe@2-2-2013
22170009@unknown@formal@none@1@S@But a dollar invested in long-term bonds in 1926 would have grown to only $16.56, and a dollar put in Treasury bills would equal a meager $9.29.@@@@1@27@@oe@2-2-2013
22170010@unknown@formal@none@1@S@The longer the time period, the less risk there is of losing money in the stock market.@@@@1@17@@oe@2-2-2013
22170011@unknown@formal@none@1@S@Over time, the odds increasingly favor the investor with a diversified portfolio.@@@@1@12@@oe@2-2-2013
22170012@unknown@formal@none@1@S@For instance, Ken Gregory, a San Francisco money manager, calculates that if an investor holds a basket of stocks that tracks the Standard & Poor's 500-stock index, the chance of losing money is 3% to 4% over a 10-year period, compared with 15% over three years and 30% over one year.@@@@1@51@@oe@2-2-2013
22170013@unknown@formal@none@1@S@"If you don't need the money for 10 years, there's a clear-cut case for sticking to a steady core of stocks," Mr. Gregory says.@@@@1@24@@oe@2-2-2013
22170014@unknown@formal@none@1@S@Stock-market investments also help balance the other assets an individual owns, says John Blankenship Jr., president of the Institute of Certified Financial Planners.@@@@1@23@@oe@2-2-2013
22170015@unknown@formal@none@1@S@Stocks have a place in an investors' portfolio along with real estate, bonds, international securities and cash, he says.@@@@1@19@@oe@2-2-2013
22170016@unknown@formal@none@1@S@There are some important caveats: Before investing in stocks, individuals should have at least three to six months of living expenses set aside in the bank, most investment advisers say.@@@@1@30@@oe@2-2-2013
22170017@unknown@formal@none@1@S@Individuals also should focus on building equity in a home, which provides some protection against inflation, as well as a nest-egg that can be cashed in late in life to help cover the cost of retirement living.@@@@1@37@@oe@2-2-2013
22170018@unknown@formal@none@1@S@People also shouldn't invest money in stocks that they'll need in the near future -- for example, for college tuition payments or retirement expenses.@@@@1@24@@oe@2-2-2013
22170019@unknown@formal@none@1@S@"You may have to sell your stocks at a time when the market takes a plunge," says Mr. Blankenship, a Del Mar, Calif. financial planner.@@@@1@25@@oe@2-2-2013
22170020@unknown@formal@none@1@S@But once the basics are covered, "then I would start to invest, even if it's as little as $1,000," says Michael Lipper, president of Lipper Analytical Services Inc.@@@@1@28@@oe@2-2-2013
22170021@unknown@formal@none@1@S@He says individuals should consider not just stocks, but other long-term investments, such as high-quality bonds.@@@@1@16@@oe@2-2-2013
22170022@unknown@formal@none@1@S@Despite the strong case for stocks, however, most pros warn that individuals shouldn't try to profit from short-term developments.@@@@1@19@@oe@2-2-2013
22170023@unknown@formal@none@1@S@"It's very difficult to do," says Donald Holt, a market strategist for Wedbush Morgan Securities, a Los Angeles brokerage firm.@@@@1@20@@oe@2-2-2013
22170024@unknown@formal@none@1@S@"Our markets move so fast and they are so volatile, there's no way the average investor can compete with the pros."@@@@1@21@@oe@2-2-2013
22170025@unknown@formal@none@1@S@Individual investors face high transaction costs of moving in and out of the market.@@@@1@14@@oe@2-2-2013
22170026@unknown@formal@none@1@S@The cost of executing stock orders varies from brokerage to brokerage and with the size of the order, but 2% of the order's value is an average, says Stephen Boesel, manager of T. Rowe Price's Growth and Income mutual fund.@@@@1@40@@oe@2-2-2013
22170027@unknown@formal@none@1@S@And assuming their first investment is successful, investors will have to pay taxes on their gains.@@@@1@16@@oe@2-2-2013
22170028@unknown@formal@none@1@S@That can reduce returns by a third or more, once local taxes are included, Mr. Lipper says.@@@@1@17@@oe@2-2-2013
22170029@unknown@formal@none@1@S@After that, individual traders face the risk that the new investment they choose won't perform well -- so their trading costs could be sustained for nothing.@@@@1@26@@oe@2-2-2013
22170030@unknown@formal@none@1@S@"It's very tough for most individuals to out-trade the mutual funds or the market," says Mr. Lipper.@@@@1@17@@oe@2-2-2013
22170031@unknown@formal@none@1@S@"You should really think twice if you think you can out-smart the system."@@@@1@13@@oe@2-2-2013
22170032@unknown@formal@none@1@S@Then, too, many individual investors lack the sturdy emotional makeup professionals say is needed to plunge in and out of the market.@@@@1@22@@oe@2-2-2013
22170033@unknown@formal@none@1@S@So what's the best way to buy stocks?@@@@1@8@@oe@2-2-2013
22170034@unknown@formal@none@1@S@"Unless an individual has a minimum of between $50,000 and $100,000 to invest in stocks, he's still better off in mutual funds than in individual stocks, in terms of getting enough attention from a competent broker," says Mr. Lipper.@@@@1@39@@oe@2-2-2013
22170035@unknown@formal@none@1@S@Still, he adds, "I could see owning both, given that individuals often have an advantage over big investors in spotting special situations based on their own insights," he adds.@@@@1@29@@oe@2-2-2013
22170036@unknown@formal@none@1@S@George Douglas, first vice president at Drexel Burnham Lambert Inc., says that individuals have a particular edge now in "small to medium-size niche companies with exciting earnings prospects" -- a traditional stomping ground for small investors.@@@@1@36@@oe@2-2-2013
22170037@unknown@formal@none@1@S@This growth sector, which usually carries a price/earnings multiple about twice that of the Standard & Poor's 500, happens to include some of the market's most attractive bargains right now.@@@@1@30@@oe@2-2-2013
22170038@unknown@formal@none@1@S@"It's now selling at a multiple about even with the market," says Mr. Douglas.@@@@1@14@@oe@2-2-2013
22170039@unknown@formal@none@1@S@Moreover, Mr. Douglas sees a revival of institutional interest in smaller growth stocks that could boost the performance of these stocks in the medium term.@@@@1@25@@oe@2-2-2013
22170040@unknown@formal@none@1@S@Many big Wall Street brokerage firms who eliminated their research effort in stocks of emerging growth companies a few years ago are now resuming coverage of this area, he notes.@@@@1@30@@oe@2-2-2013
22170041@unknown@formal@none@1@S@"We're seeing a real turnaround in interest in small growth stocks," he says.@@@@1@13@@oe@2-2-2013
22170042@unknown@formal@none@1@S@The pros strenuously advise individuals to stay away from the latest investment fad.@@@@1@13@@oe@2-2-2013
22170043@unknown@formal@none@1@S@They say that's especially important this late in the growth phase of the economic cycle, when there's no robust bull market to bail investors out of their mistakes.@@@@1@28@@oe@2-2-2013
22170044@unknown@formal@none@1@S@Friday's correction presents "a pretty good buying opportunity, but let's not speculate at this point in the business cycle," says Carmine Grigoli, chief equity portfolio strategist at First Boston Corp.@@@@1@30@@oe@2-2-2013
22170045@unknown@formal@none@1@S@"Buy stocks on weakness for their long-term fundamentals," he says.@@@@1@10@@oe@2-2-2013
22170046@unknown@formal@none@1@S@In the long run, investment advisers say, most investors will be better off using the dollar-cost averaging method of buying stocks.@@@@1@21@@oe@2-2-2013
22170047@unknown@formal@none@1@S@In this method, a person invests a regular amount every month or quarter into the stock market whether the market is up or down.@@@@1@24@@oe@2-2-2013
22170048@unknown@formal@none@1@S@That cuts the risk, Mr. Gregory, the San Francisco money manager, points out.@@@@1@13@@oe@2-2-2013
22170049@unknown@formal@none@1@S@"When the market is low, you are buying more shares, and when it's high, you're buying fewer shares," he says.@@@@1@20@@oe@2-2-2013
22170050@unknown@formal@none@1@S@Otherwise, if you put all your money in at one time, by sheer bad luck, you might pick a terrible time, and have to wait three years to get even, Mr. Gregory says.@@@@1@33@@oe@2-2-2013
22170051@unknown@formal@none@1@S@A disciplined program will work the best, Mr. Boesel says.@@@@1@10@@oe@2-2-2013
22170052@unknown@formal@none@1@S@"One of the hardest things to do is to buy stocks when the market is down," he says.@@@@1@18@@oe@2-2-2013
22170053@unknown@formal@none@1@S@"But that's just the time when you should be buying them."@@@@1@11@@oe@2-2-2013
22170054@unknown@formal@none@1@S@Compound annual returns, including price changes and income from interest and dividends@@@@1@12@@oe@2-2-2013
22170055@unknown@formal@none@1@S@*Actual performance, not annualized@@@@1@4@@oe@2-2-2013
22170056@unknown@formal@none@1@S@Source: Ibbotson Associates Inc.@@@@1@4@@oe@2-2-2013
22171001@unknown@formal@none@1@S@The following issues were recently filed with the Securities and Exchange Commission: Gehl Co., initial public offering of two million shares of common stock, of which 1,450,635 shares are being offered by the company and 549,365 shares by holders, via Blunt, Ellis & Loewi Inc. and Robert W. Baird & Co.@@@@1@51@@oe@2-2-2013
22171002@unknown@formal@none@1@S@Giant Industries Inc., initial public offering of 3,111,000 common shares, of which 2,425,000 will be sold by the company, and the rest by holders, via Shearson Lehman Hutton Inc. and Hanifen, Imhoff Inc.@@@@1@33@@oe@2-2-2013
22171003@unknown@formal@none@1@S@Inefficient-Market Fund Inc., initial offering of five million common shares, via Smith Barney, Harris Upham & Co.@@@@1@17@@oe@2-2-2013
22171004@unknown@formal@none@1@S@Jason Overseas Ltd., initial offering of four million common shares, of which 3.2 million will be sold in the U.S., and the balance outside the U.S., via Smith Barney, Harris Upham & Co. and Mabon, Nugent & Co.@@@@1@38@@oe@2-2-2013
22172001@unknown@formal@none@1@S@Donald Trump, who faced rising doubt about his bid for American Airlines parent AMR Corp. even before a United Airlines buy-out came apart Friday, withdrew his $7.54 billion offer.@@@@1@29@@oe@2-2-2013
22172002@unknown@formal@none@1@S@Separately, bankers representing the group trying to buy United's parent UAL Corp. met with other banks about reviving that purchase at a lower price, possibly around $250 a share, or $5.65 billion.@@@@1@32@@oe@2-2-2013
22172003@unknown@formal@none@1@S@But a lower bid could face rejection by the UAL board.@@@@1@11@@oe@2-2-2013
22172004@unknown@formal@none@1@S@Mr. Trump, who vowed Wednesday to "go forward" with the bid, said he was dropping it "in light of the recent change in market conditions."@@@@1@25@@oe@2-2-2013
22172005@unknown@formal@none@1@S@He said he might now sell his AMR stake, buy more shares, or make another offer at a lower price.@@@@1@20@@oe@2-2-2013
22172006@unknown@formal@none@1@S@The Manhattan real-estate developer acted after the UAL buyers failed to obtain financing for their earlier $300-a-share bid, which sparked a selling panic among that snowballed into a 190-point drop Friday in the Dow Jones Industrial Average.@@@@1@37@@oe@2-2-2013
22172007@unknown@formal@none@1@S@News about UAL and AMR, whose shares never reopened after trading was halted Friday for the UAL announcement, sent both stocks nosediving in composite trading on the New York Stock Exchange.@@@@1@31@@oe@2-2-2013
22172008@unknown@formal@none@1@S@UAL tumbled $56.875 to $222.875 on volume of 2.3 million shares, and AMR declined by $22.125 to $76.50 as 4.7 million shares changed hands.@@@@1@24@@oe@2-2-2013
22172009@unknown@formal@none@1@S@Together, the two stocks wreaked havoc among takeover stock traders, and caused a 7.3% drop in the Dow Jones Transportation Average, second in size only to the stock-market crash of Oct. 19, 1987.@@@@1@33@@oe@2-2-2013
22172010@unknown@formal@none@1@S@Some said Friday's market debacle had given Mr. Trump an excuse to bail out of an offer that showed signs of stalling even before problems emerged with the UAL deal.@@@@1@30@@oe@2-2-2013
22172011@unknown@formal@none@1@S@After reaching an intraday high of $107.50 the day Mr. Trump disclosed his bid Oct. 5, AMR's stock had retreated as low as $97.75 last week.@@@@1@26@@oe@2-2-2013
22172012@unknown@formal@none@1@S@Some takeover stock traders had been betting against Mr. Trump because he has a record of disclosing stakes in companies that are potential takeover targets, then selling at a profit without making a bid.@@@@1@34@@oe@2-2-2013
22172013@unknown@formal@none@1@S@"He still hasn't proven his mettle as a big-league take-out artist," said airline analyst Kevin Murphy of Morgan Stanley & Co.@@@@1@21@@oe@2-2-2013
22172014@unknown@formal@none@1@S@"He's done this thing where he'll buy a little bit of a company and then trade out of it.@@@@1@19@@oe@2-2-2013
22172015@unknown@formal@none@1@S@He's written this book, `The Art of the Deal.'@@@@1@9@@oe@2-2-2013
22172016@unknown@formal@none@1@S@Why doesn't he just follow through on one of these things?"@@@@1@11@@oe@2-2-2013
22172017@unknown@formal@none@1@S@Mr. Trump withdrew his bid before the AMR board, which is due to meet tomorrow, ever formally considered it.@@@@1@19@@oe@2-2-2013
22172018@unknown@formal@none@1@S@AMR had weighed a wide range of possible responses, from flat rejection to recapitalizations and leveraged buy-outs that might have included either employees, a friendlier buyer such as Texas billionaire Robert Bass, or both.@@@@1@34@@oe@2-2-2013
22172019@unknown@formal@none@1@S@AMR had also sought to foil Mr. Trump in Congress by lobbying for legislation that would have bolstered the authority of the Transportation Department to reject airline buy-outs.@@@@1@28@@oe@2-2-2013
22172020@unknown@formal@none@1@S@Yesterday, Mr. Trump tried to put the blame for the collapse of the UAL deal on Congress, saying it was rushing through a bill to protect AMR executives.@@@@1@28@@oe@2-2-2013
22172021@unknown@formal@none@1@S@"I believe that the perception that legislation in this area may be hastily approved contributed to the collapse of the UAL transaction, and the resulting disruption in the financial markets experienced this past Friday," Mr. Trump wrote members of Congress.@@@@1@40@@oe@2-2-2013
22172022@unknown@formal@none@1@S@AMR declined to comment, and Mr. Trump didn't respond to requests for interviews.@@@@1@13@@oe@2-2-2013
22172023@unknown@formal@none@1@S@Mr. Trump never said how much AMR stock he had bought, only that his holdings were "substantial."@@@@1@17@@oe@2-2-2013
22172024@unknown@formal@none@1@S@However, he only received federal clearance to buy more than $15 million of the stock on Sept. 20, when the price rose $2 a share to $78.50.@@@@1@27@@oe@2-2-2013
22172025@unknown@formal@none@1@S@Between then and his bid on Oct. 5, the price fluctuated between $75.625 and $87.375.@@@@1@15@@oe@2-2-2013
22172026@unknown@formal@none@1@S@In an attempt to persuade investors that his bid wasn't just "a stock play," Mr. Trump promised last week to notify the market before selling any shares.@@@@1@27@@oe@2-2-2013
22172027@unknown@formal@none@1@S@AMR was trading at around $84 yesterday before his withdrawal announcement, then immediately fell to about $76.@@@@1@17@@oe@2-2-2013
22172028@unknown@formal@none@1@S@Assuming that he paid a rough average price of $80 a share, and assuming he didn't sell before his announcement reached the market, Mr. Trump could be sitting with a modest loss with the stock at $76.50.@@@@1@37@@oe@2-2-2013
22172029@unknown@formal@none@1@S@Some analysts said AMR Chairman Robert Crandall might seize the opportunity presented by the stock price drop to protect the nation's largest airline with a defensive transaction, such as the sale of stock to a friendly holder or company employees.@@@@1@40@@oe@2-2-2013
22172030@unknown@formal@none@1@S@However, other knowledgeable observers said they believed Mr. Crandall and the AMR board might well decide to tough it out without taking any extra steps.@@@@1@25@@oe@2-2-2013
22172031@unknown@formal@none@1@S@Some analysts said they believed Mr. Trump, whose towering ego had been viewed by some as a reason to believe he wouldn't back out, might come back with a lower bid.@@@@1@31@@oe@2-2-2013
22172032@unknown@formal@none@1@S@Ray Neidl of Dillon Read & Co. said Mr. Trump "is stepping back and waiting for the dust to settle.@@@@1@20@@oe@2-2-2013
22172033@unknown@formal@none@1@S@I'm sure he still wants AMR."@@@@1@6@@oe@2-2-2013
22172034@unknown@formal@none@1@S@But others remained skeptical.@@@@1@4@@oe@2-2-2013
22172035@unknown@formal@none@1@S@"I was never sure Donald Trump really wanted to take AMR," said John Mattis, a bond analyst with Shearson Lehman Hutton Inc.@@@@1@22@@oe@2-2-2013
22172036@unknown@formal@none@1@S@"What happened with United was a gracious way for him to bow out."@@@@1@13@@oe@2-2-2013
22172037@unknown@formal@none@1@S@Mr. Trump never obtained financing for his bid.@@@@1@8@@oe@2-2-2013
22172038@unknown@formal@none@1@S@That skepticism would leave him with an even greater credibility problem should he return that would handicap him in any effort to oust the board in a proxy fight.@@@@1@29@@oe@2-2-2013
22172039@unknown@formal@none@1@S@Meanwhile, Citicorp and Chase Manhattan Corp., the two lead lenders on the UAL buy-out, met with other banks yesterday to determine if they would be willing to finance the buy-out at a lower price.@@@@1@34@@oe@2-2-2013
22172040@unknown@formal@none@1@S@Officials familiar with the talks said Citicorp had discussed lowering the offer to $250 a share, but said that price was a talking point and that no decision has been made.@@@@1@31@@oe@2-2-2013
22172041@unknown@formal@none@1@S@At $250 a share, the group would have to borrow about $6.1 billion from banks.@@@@1@15@@oe@2-2-2013
22172042@unknown@formal@none@1@S@The first UAL deal unraveled after Citibank and Chase couldn't raise $7.2 billion.@@@@1@13@@oe@2-2-2013
22172043@unknown@formal@none@1@S@Citibank and Chase had agreed to commit $3 billion, and said they were "highly confident" of raising another $4.2 billion.@@@@1@20@@oe@2-2-2013
22172044@unknown@formal@none@1@S@Together, Citicorp and Chase received $8 million in fees to raise the rest of the financing.@@@@1@16@@oe@2-2-2013
22172045@unknown@formal@none@1@S@But other banks balked at the low interest rate and banking fees the UAL group was willing to pay them.@@@@1@20@@oe@2-2-2013
22172046@unknown@formal@none@1@S@Officials familiar with the bank talks said the UAL buy-out group -- UAL pilots, management, and British Airways PLC -- is now willing to pay higher bank fees and interest, but isn't likely to boost its $965 million equity contribution.@@@@1@40@@oe@2-2-2013
22172047@unknown@formal@none@1@S@Nor is the group likely to come forward with a revised offer within the next 48 hours despite the hopes of many traders.@@@@1@23@@oe@2-2-2013
22172048@unknown@formal@none@1@S@The group's advisers want to make certain they have firm bank commitments the second time around.@@@@1@16@@oe@2-2-2013
22172049@unknown@formal@none@1@S@Even if the buy-out group is able to obtain financing, the transaction still faces obstacles.@@@@1@15@@oe@2-2-2013
22172050@unknown@formal@none@1@S@UAL's board could reject the new price as too low, especially since there aren't any competing bids.@@@@1@17@@oe@2-2-2013
22172051@unknown@formal@none@1@S@Los Angeles investor Marvin Davis, whose $275-a-share offer was rejected by UAL's board, hasn't shown signs of pursuing a $300-a-share back-up bid he made last month.@@@@1@26@@oe@2-2-2013
22172052@unknown@formal@none@1@S@In addition, the coalition of labor and management, longtime enemies who joined forces only under the threat of Mr. Davis's bid, could break apart now.@@@@1@25@@oe@2-2-2013
22172053@unknown@formal@none@1@S@The group's resilience gets its first test today when 30 top pilot union leaders convene outside Chicago in a previously scheduled meeting.@@@@1@22@@oe@2-2-2013
22172054@unknown@formal@none@1@S@Union Chairman F.C. (Rick) Dubinsky faces the tough task of explaining why banks refused to finance a buy-out the members approved overwhelmingly last week.@@@@1@24@@oe@2-2-2013
22172055@unknown@formal@none@1@S@The pilot union is vowing to pursue an acquisition whatever the board decides.@@@@1@13@@oe@2-2-2013
22172056@unknown@formal@none@1@S@But if the board rejects a reduced bid and decides to explore other alternatives, it could transform what has been a harmonious process into an adversarial one.@@@@1@27@@oe@2-2-2013
22172057@unknown@formal@none@1@S@The pilots could play hardball by noting they are crucial to any sale or restructuring because they can refuse to fly the airplanes.@@@@1@23@@oe@2-2-2013
22172058@unknown@formal@none@1@S@If they were to insist on a low bid of, say $200 a share, the board mightn't be able to obtain a higher offer from other bidders because banks might hesitate to finance a transaction the pilots oppose.@@@@1@38@@oe@2-2-2013
22172059@unknown@formal@none@1@S@Also, because UAL Chairman Stephen Wolf and other UAL executives have joined the pilots' bid, the board might be forced to exclude him from its deliberations in order to be fair to other bidders.@@@@1@34@@oe@2-2-2013
22172060@unknown@formal@none@1@S@That could cost him the chance to influence the outcome and perhaps join the winning bidder.@@@@1@16@@oe@2-2-2013