22200001@unknown@formal@none@1@S@Influential members of the House Ways and Means Committee introduced legislation that would restrict how the new savings-and-loan bailout agency can raise capital, creating another potential obstacle to the government's sale of sick thrifts.@@@@1@34@@oe@2-2-2013
22200002@unknown@formal@none@1@S@The bill, whose backers include Chairman Dan Rostenkowski (D., Ill.), would prevent the Resolution Trust Corp. from raising temporary working capital by having an RTC-owned bank or thrift issue debt that wouldn't be counted on the federal budget.@@@@1@38@@oe@2-2-2013
22200003@unknown@formal@none@1@S@The bill intends to restrict the RTC to Treasury borrowings only, unless the agency receives specific congressional authorization.@@@@1@18@@oe@2-2-2013
22200004@unknown@formal@none@1@S@"Such agency `self-help' borrowing is unauthorized and expensive, far more expensive than direct Treasury borrowing," said Rep. Fortney Stark (D., Calif.), the bill's chief sponsor.@@@@1@25@@oe@2-2-2013
22200005@unknown@formal@none@1@S@The complex financing plan in the S&L bailout law includes raising $30 billion from debt issued by the newly created RTC.@@@@1@21@@oe@2-2-2013
22200006@unknown@formal@none@1@S@This financing system was created in the new law in order to keep the bailout spending from swelling the budget deficit.@@@@1@21@@oe@2-2-2013
22200007@unknown@formal@none@1@S@Another $20 billion would be raised through Treasury bonds, which pay lower interest rates.@@@@1@14@@oe@2-2-2013
22200008@unknown@formal@none@1@S@But the RTC also requires "working" capital to maintain the bad assets of thrifts that are sold, until the assets can be sold separately.@@@@1@24@@oe@2-2-2013
22200009@unknown@formal@none@1@S@That debt would be paid off as the assets are sold, leaving the total spending for the bailout at $50 billion, or $166 billion including interest over 10 years.@@@@1@29@@oe@2-2-2013
22200010@unknown@formal@none@1@S@"It's a problem that clearly has to be resolved," said David Cooke, executive director of the RTC.@@@@1@17@@oe@2-2-2013
22200011@unknown@formal@none@1@S@The agency has already spent roughly $19 billion selling 34 insolvent S&Ls, and it is likely to sell or merge 600 by the time the bailout concludes.@@@@1@27@@oe@2-2-2013
22200012@unknown@formal@none@1@S@Absent other working capital, he said, the RTC would be forced to delay other thrift resolutions until cash could be raised by selling the bad assets.@@@@1@26@@oe@2-2-2013
22200013@unknown@formal@none@1@S@"We would have to wait until we have collected on those assets before we can move forward," he said.@@@@1@19@@oe@2-2-2013
22200014@unknown@formal@none@1@S@The complicated language in the huge new law has muddied the fight.@@@@1@12@@oe@2-2-2013
22200015@unknown@formal@none@1@S@The law does allow the RTC to borrow from the Treasury up to $5 billion at any time.@@@@1@18@@oe@2-2-2013
22200016@unknown@formal@none@1@S@Moreover, it says the RTC's total obligations may not exceed $50 billion, but that figure is derived after including notes and other debt, and subtracting from it the market value of the assets the RTC holds.@@@@1@36@@oe@2-2-2013
22200017@unknown@formal@none@1@S@But Congress didn't anticipate or intend more public debt, say opponents of the RTC's working-capital plan, and Rep. Charles Schumer (D., N.Y.) said the RTC Oversight Board has been remiss in not keeping Congress informed.@@@@1@35@@oe@2-2-2013
22200018@unknown@formal@none@1@S@"That secrecy leads to a proposal like the one from Ways and Means, which seems to me sort of draconian," he said.@@@@1@22@@oe@2-2-2013
22200019@unknown@formal@none@1@S@"The RTC is going to have to pay a price of prior consultation on the Hill if they want that kind of flexibility."@@@@1@23@@oe@2-2-2013
22200020@unknown@formal@none@1@S@The Ways and Means Committee will hold a hearing on the bill next Tuesday.@@@@1@14@@oe@2-2-2013
22201001@unknown@formal@none@1@S@We're about to see if advertising works.@@@@1@7@@oe@2-2-2013
22201002@unknown@formal@none@1@S@Hard on the heels of Friday's 190-point stock-market plunge and the uncertainty that's followed, a few big brokerage firms are rolling out new ads trumpeting a familiar message: Keep on investing, the market's just fine.@@@@1@35@@oe@2-2-2013
22201003@unknown@formal@none@1@S@Their mission is to keep clients from fleeing the market, as individual investors did in droves after the crash in October@@@@1@21@@oe@2-2-2013
22201004@unknown@formal@none@1@S@Just days after the 1987 crash, major brokerage firms rushed out ads to calm investors.@@@@1@15@@oe@2-2-2013
22201005@unknown@formal@none@1@S@This time around, they're moving even faster.@@@@1@7@@oe@2-2-2013
22201006@unknown@formal@none@1@S@PaineWebber Inc. filmed a new television commercial at 4 p.m. EDT yesterday and had it on the air by last night.@@@@1@21@@oe@2-2-2013
22201007@unknown@formal@none@1@S@Fidelity Investments placed new ads in newspapers yesterday, and wrote another new ad appearing today.@@@@1@15@@oe@2-2-2013
22201008@unknown@formal@none@1@S@Shearson Lehman Hutton Inc. by yesterday afternoon had already written new TV ads.@@@@1@13@@oe@2-2-2013
22201009@unknown@formal@none@1@S@It considered running them during tomorrow night's World Series broadcast but decided not to when the market recovered yesterday.@@@@1@19@@oe@2-2-2013
22201010@unknown@formal@none@1@S@Other brokerage firms, including Merrill Lynch & Co., were plotting out potential new ad strategies.@@@@1@15@@oe@2-2-2013
22201011@unknown@formal@none@1@S@The brokerage firms learned a lesson the last time around, when frightened investors flooded the phone lines and fled the market in a panic.@@@@1@24@@oe@2-2-2013
22201012@unknown@formal@none@1@S@This time, the firms were ready.@@@@1@6@@oe@2-2-2013
22201013@unknown@formal@none@1@S@Fidelity, for example, prepared ads several months ago in case of a market plunge.@@@@1@14@@oe@2-2-2013
22201014@unknown@formal@none@1@S@When the market went into its free fall Friday afternoon, the investment firm ordered full pages in the Monday editions of half a dozen newspapers.@@@@1@25@@oe@2-2-2013
22201015@unknown@formal@none@1@S@The ads touted Fidelity's automated 800-number beneath the huge headline, "Fidelity Is Ready For Your Call."@@@@1@16@@oe@2-2-2013
22201016@unknown@formal@none@1@S@A Fidelity spokesman says the 800-line, which already was operating but which many clients didn't know about, received about double the usual volume of calls over the weekend.@@@@1@28@@oe@2-2-2013
22201017@unknown@formal@none@1@S@"A lot of investor confidence comes from the fact that they can speak to us," he says.@@@@1@17@@oe@2-2-2013
22201018@unknown@formal@none@1@S@"To maintain that dialogue is absolutely crucial.@@@@1@7@@oe@2-2-2013
22201019@unknown@formal@none@1@S@It would have been too late to think about on Friday.@@@@1@11@@oe@2-2-2013
22201020@unknown@formal@none@1@S@We had to think about it ahead of time."@@@@1@9@@oe@2-2-2013
22201021@unknown@formal@none@1@S@Today's Fidelity ad goes a step further, encouraging investors to stay in the market or even to plunge in with Fidelity.@@@@1@21@@oe@2-2-2013
22201022@unknown@formal@none@1@S@Underneath the headline "Diversification," it counsels, "Based on the events of the past week, all investors need to know their portfolios are balanced to help protect them against the market's volatility."@@@@1@31@@oe@2-2-2013
22201023@unknown@formal@none@1@S@It goes on to plug a few diversified Fidelity funds by name.@@@@1@12@@oe@2-2-2013
22201024@unknown@formal@none@1@S@PaineWebber also was able to gear up quickly thanks to the 1987 crash.@@@@1@13@@oe@2-2-2013
22201025@unknown@formal@none@1@S@In the aftermath of the 1987 debacle, the brokerage firm began taping commercials in-house, ultimately getting its timing down fast enough to tape a commercial after the market closed and rush it on the air that night.@@@@1@37@@oe@2-2-2013
22201026@unknown@formal@none@1@S@It also negotiated an arrangement with Cable News Network under which CNN would agree to air its last-minute creations.@@@@1@19@@oe@2-2-2013
22201027@unknown@formal@none@1@S@The new PaineWebber commercial, created with ad agency Saatchi & Saatchi Co., features Mary Farrell, one of the firm's most visible investment strategists, sounding particularly bullish.@@@@1@26@@oe@2-2-2013
22201028@unknown@formal@none@1@S@Taped just as the market closed yesterday, it offers Ms. Farrell advising, "We view the market here as going through a relatively normal cycle. . . .@@@@1@27@@oe@2-2-2013
22201029@unknown@formal@none@1@S@We continue to feel that the stock market is still the place to be for long-term appreciation."@@@@1@17@@oe@2-2-2013
22201030@unknown@formal@none@1@S@The spot was scheduled to appear three times on CNN last night.@@@@1@12@@oe@2-2-2013
22201031@unknown@formal@none@1@S@PaineWebber considered an even harder sell, recommending specific stocks.@@@@1@9@@oe@2-2-2013
22201032@unknown@formal@none@1@S@Instead, it settled on just urging the clients who are its lifeline to keep that money in the market.@@@@1@19@@oe@2-2-2013
22201033@unknown@formal@none@1@S@"We're saying the worst thing that anyone can do is to see the market go down and dump everything, which just drives the prices down further," says John Lampe, PaineWebber's director of advertising.@@@@1@33@@oe@2-2-2013
22201034@unknown@formal@none@1@S@"If you owned it and liked it Friday, the true value hasn't changed."@@@@1@13@@oe@2-2-2013
22201035@unknown@formal@none@1@S@He adds, "This isn't 1987 revisited."@@@@1@6@@oe@2-2-2013
22201036@unknown@formal@none@1@S@With the market fluctuating and then closing up more than 88 points yesterday, investment firms had to constantly revise their approach.@@@@1@21@@oe@2-2-2013
22201037@unknown@formal@none@1@S@At Shearson Lehman, executives created potential new commercials Friday night and throughout the weekend, then had to regroup yesterday afternoon.@@@@1@20@@oe@2-2-2013
22201038@unknown@formal@none@1@S@The plan had been to make one of Shearson's easy-to-film, black-and-white "Where We Stand" commercials, which have been running occasionally in response to news events since 1985.@@@@1@27@@oe@2-2-2013
22201039@unknown@formal@none@1@S@The ad would have run during the World Series tomorrow, replacing the debut commercial of Shearson's new ad campaign, "Leadership by Example."@@@@1@22@@oe@2-2-2013
22201040@unknown@formal@none@1@S@But in a meeting after the market closed yesterday, Shearson executives decided not to go ahead with the stock-market ad.@@@@1@20@@oe@2-2-2013
22201041@unknown@formal@none@1@S@"We don't think at this point anything needs to be said.@@@@1@11@@oe@2-2-2013
22201042@unknown@formal@none@1@S@The market seems to be straightening out; we're taking a wait-and-see attitude," says Cathleen B. Stewart, executive vice president of marketing.@@@@1@21@@oe@2-2-2013
22201043@unknown@formal@none@1@S@In any case, the brokerage firms are clearly moving faster to create new ads than they did in the fall of 1987.@@@@1@22@@oe@2-2-2013
22201044@unknown@formal@none@1@S@But it remains to be seen whether their ads will be any more effective.@@@@1@14@@oe@2-2-2013
22201045@unknown@formal@none@1@S@In 1987, despite a barrage of ads from most of the major investment firms, individuals ran from the market en masse.@@@@1@21@@oe@2-2-2013
22201046@unknown@formal@none@1@S@Now the firms must try their hardest to prove that advertising can work this time around.@@@@1@16@@oe@2-2-2013
22201047@unknown@formal@none@1@S@Ad Notes. . . .@@@@1@5@@oe@2-2-2013
22201048@unknown@formal@none@1@S@ARNOLD ADVERTISING:@@@@1@2@@oe@2-2-2013
22201049@unknown@formal@none@1@S@Edward Eskandarian, former chairman of Della Femina, McNamee WCRS/Boston, reached an agreement in principle to acquire a majority stake in Arnold Advertising, a small Boston shop.@@@@1@26@@oe@2-2-2013
22201050@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
22201051@unknown@formal@none@1@S@Mr. Eskandarian, who resigned his Della Femina post in September, becomes chairman and chief executive of Arnold.@@@@1@17@@oe@2-2-2013
22201052@unknown@formal@none@1@S@John Verret, the agency's president and chief executive, will retain the title of president.@@@@1@14@@oe@2-2-2013
22201053@unknown@formal@none@1@S@Separately, McDonald's Corp., Oak Brook, Ill., named Arnold to handle its estimated $4 million cooperative ad account for the Hartford, Conn., area.@@@@1@22@@oe@2-2-2013
22201054@unknown@formal@none@1@S@That account had been handled by Della Femina, McNamee WCRS.@@@@1@10@@oe@2-2-2013
22201055@unknown@formal@none@1@S@EDUCATION ADS:@@@@1@2@@oe@2-2-2013
22201056@unknown@formal@none@1@S@A 142-page ad supplement to Business Week's special "Corporate Elite" issue calls on business leaders to use their clout to help solve the nation's education crisis.@@@@1@26@@oe@2-2-2013
22201057@unknown@formal@none@1@S@The supplement, the largest ever for the magazine, includes ads from 52 corporate advertisers and kicks off a two-year Business Week initiative on education.@@@@1@24@@oe@2-2-2013
22201058@unknown@formal@none@1@S@The magazine will distribute 10% of the gross revenues from the supplement as grants to innovative teachers.@@@@1@17@@oe@2-2-2013
22202001@unknown@formal@none@1@S@You know what the law of averages is, don't you?@@@@1@10@@oe@2-2-2013
22202002@unknown@formal@none@1@S@It's what 1) explains why we are like, well, ourselves rather than Bo Jackson; 2) cautions that it's possible to drown in a lake that averages two feet deep; and 3) predicts that 10,000 monkeys placed before 10,000 pianos would produce 1,118 publishable rock 'n' roll tunes.@@@@1@47@@oe@2-2-2013
22202003@unknown@formal@none@1@S@Baseball, that game of the long haul, is the quintessential sport of the mean, and the mean ol' law caught up with the San Francisco Giants in the World Series last weekend.@@@@1@32@@oe@2-2-2013
22202004@unknown@formal@none@1@S@The team that dumped runs by the bushel on the Chicago Cubs in the National League playoffs was held to just one in two games by the home-team Oakland A's, the gang that had been done unto similarly by the Los Angeles Dodgers and Orel Hershiser in last year's tournament.@@@@1@50@@oe@2-2-2013
22202005@unknown@formal@none@1@S@Morever, much of the damage was accomplished by A's who had some catching up to do.@@@@1@16@@oe@2-2-2013
22202006@unknown@formal@none@1@S@In game two, on a cool Sunday evening in this land of perpetual autumn, a lot of the catching up was done by the A's catcher, Terry Steinbach.@@@@1@28@@oe@2-2-2013
22202007@unknown@formal@none@1@S@He hit a 2-0 pitch from Rick Reuschel into the left-field stands in inning four to stretch his team's lead from 2-1 to a decisive 5-1, where it stayed.@@@@1@29@@oe@2-2-2013
22202008@unknown@formal@none@1@S@So what if Steinbach had struck just seven home runs in 130 regular-season games, and batted in the seventh position of the A's lineup.@@@@1@24@@oe@2-2-2013
22202009@unknown@formal@none@1@S@"If you get your pitch, and take a good swing, anything can happen," he later remarked.@@@@1@16@@oe@2-2-2013
22202010@unknown@formal@none@1@S@On Saturday night, quite a few of the boys in green and gold salted away successes to salve the pain of past and, no doubt, future droughts.@@@@1@27@@oe@2-2-2013
22202011@unknown@formal@none@1@S@Mark McGwire, the big, red-haired Oakland first baseman, had three hits in four at bats, two more than he'd had in the five-game Dodger series in which he'd gone 1-for-17.@@@@1@30@@oe@2-2-2013
22202012@unknown@formal@none@1@S@The A-men batting Nos. 6 through 9, a.k.a. the "bottom of the order," got seven of their team's 11 hits and scored four of its runs in a 5-0 decision.@@@@1@30@@oe@2-2-2013
22202013@unknown@formal@none@1@S@Right-hander Dave Stewart held the Giants to five hits to account for the zero on the other side of the Saturday ledger.@@@@1@22@@oe@2-2-2013
22202014@unknown@formal@none@1@S@That he was the A's winningest pitcher during its American League campaign with a 21-9 mark, plus two wins over Toronto in the playoffs, indicates he may have some evening up coming, but with the way his split-fingered fastball is behaving, that might not be this week.@@@@1@47@@oe@2-2-2013
22202015@unknown@formal@none@1@S@The same goes for Mike Moore, another veteran who overcame early struggles to permit the Giants but a run and four hits in seven innings in Sunday's contest.@@@@1@28@@oe@2-2-2013
22202016@unknown@formal@none@1@S@"Every guy they put out there had a better split-finger than the guy before," marveled Giant manager Roger Craig.@@@@1@19@@oe@2-2-2013
22202017@unknown@formal@none@1@S@He's an ex-hurler who's one of the leading gurus of the fashionable delivery, which looks like a fastball until it dives beneath the lunging bat.@@@@1@25@@oe@2-2-2013
22202018@unknown@formal@none@1@S@The upshot of the downshoot is that the A's go into San Francisco's Candlestick Park tonight up two games to none in the best-of-seven fest.@@@@1@25@@oe@2-2-2013
22202019@unknown@formal@none@1@S@The stat to reckon with here says that about three of four clubs (29 of 39) that took 2-0 Series leads went on to win it all.@@@@1@27@@oe@2-2-2013
22202020@unknown@formal@none@1@S@That's not an average to soothe Giant rooters.@@@@1@8@@oe@2-2-2013
22202021@unknown@formal@none@1@S@One might think that the home fans in this Series of the Subway Called BART (that's a better name for a public conveyance than "Desire," don't you think?) would have been ecstatic over the proceedings, but they observe them in relative calm.@@@@1@42@@oe@2-2-2013
22202022@unknown@formal@none@1@S@Partisans of the two combatants sat side by side in the 49,000-plus seats of Oakland Coliseum, and while they cheered their favorites and booed the opposition, hostilities advanced no further, at least as far as I could see.@@@@1@38@@oe@2-2-2013
22202023@unknown@formal@none@1@S@A few folks even showed up wearing caps bearing the colors and emblems of both teams.@@@@1@16@@oe@2-2-2013
22202024@unknown@formal@none@1@S@"I'm for the Giants today, but only because they lost yesterday.@@@@1@11@@oe@2-2-2013
22202025@unknown@formal@none@1@S@I love 'em both.@@@@1@4@@oe@2-2-2013
22202026@unknown@formal@none@1@S@The only thing I'm rooting for is for the Series to go seven games," said David Williams, a Sacramento septuagenarian, at the Coliseum before Sunday's go.@@@@1@26@@oe@2-2-2013
22202027@unknown@formal@none@1@S@The above represents a triumph of either apathy or civility.@@@@1@10@@oe@2-2-2013
22202028@unknown@formal@none@1@S@I choose to believe it's the latter, although it probably springs from the fact that just about everyone out here, including the A's and Giants, is originally from somewhere else.@@@@1@30@@oe@2-2-2013
22202029@unknown@formal@none@1@S@Suffice it to say that if this were a New York Yankees-Mets series, or one between the Chicago Cubs and White Sox (hey, it's possible), you'd need uniformed police in every other seat to separate opposing fans, and only the suicidal would bifurcate their bonnets.@@@@1@45@@oe@2-2-2013
22202030@unknown@formal@none@1@S@Anyway, the A's gave you a lot of heroes to root for.@@@@1@12@@oe@2-2-2013
22202031@unknown@formal@none@1@S@In the opening game, besides Steinbach and Stewart, there was Walt Weiss, a twiggy-looking, second-year shortstop who had lost a couple months of the season to knee surgery.@@@@1@28@@oe@2-2-2013
22202032@unknown@formal@none@1@S@He was flawless afield (ditto in game two), moved a runner along in the A's three-run second inning, and homered for his team's final tally.@@@@1@25@@oe@2-2-2013
22202033@unknown@formal@none@1@S@Such is his reputation among the East Bay Bashers that when he hit his first career home run last season, the fan who caught it agreed to turn the ball over to him in return for an autograph.@@@@1@38@@oe@2-2-2013
22202034@unknown@formal@none@1@S@Not his autograph; power-hitter McGwire's.@@@@1@5@@oe@2-2-2013
22202035@unknown@formal@none@1@S@An A's co-hero of the second game was Rickey Henderson, who exemplifies the hot side of the hot-cold equation.@@@@1@19@@oe@2-2-2013
22202036@unknown@formal@none@1@S@He smoked Toronto in the playoffs with six hits, seven walks and eight stolen bases in 22 at bats, and continued that by going 3-for-3 at the plate Sunday, along with walking, stealing a base and scoring a run.@@@@1@39@@oe@2-2-2013
22202037@unknown@formal@none@1@S@"When you're in the groove, you see every ball tremendously," he lectured.@@@@1@12@@oe@2-2-2013
22202038@unknown@formal@none@1@S@The cold guys in the set were Will Clark, Kevin Mitchell and Matt Williams, the Giants' 3-4-5 hitters.@@@@1@18@@oe@2-2-2013
22202039@unknown@formal@none@1@S@They combined for 25 hits, six home runs and 24 runs batted in in the five games against the Cubs.@@@@1@20@@oe@2-2-2013
22202040@unknown@formal@none@1@S@They went a collective 5-for-24 here, with zero homers and ribbies.@@@@1@11@@oe@2-2-2013
22202041@unknown@formal@none@1@S@It's that last set of numbers, as much as anything else, that gives the Giants hope in the Series games to come.@@@@1@22@@oe@2-2-2013
22202042@unknown@formal@none@1@S@"I believe in the law of averages," declared San Francisco batting coach Dusty Baker after game two.@@@@1@17@@oe@2-2-2013
22202043@unknown@formal@none@1@S@"I'd rather see a so-so hitter who's hot come up for the other side than a good hitter who's cold."@@@@1@20@@oe@2-2-2013
22202044@unknown@formal@none@1@S@But the old Dodger slugger wisely offered no prediction about when good times would return to his side.@@@@1@18@@oe@2-2-2013
22202045@unknown@formal@none@1@S@"When it goes, you never know when you'll get it back," he said.@@@@1@13@@oe@2-2-2013
22202046@unknown@formal@none@1@S@"That's baseball.@@@@1@2@@oe@2-2-2013
22203001@unknown@formal@none@1@S@NCR Corp. reported a 10% drop in third-quarter net income, citing intense competition that caused its gross profit margins to dip.@@@@1@21@@oe@2-2-2013
22203002@unknown@formal@none@1@S@Net income for the quarter fell to $93.1 million from $103.1 million, roughly what analysts had expected.@@@@1@17@@oe@2-2-2013
22203003@unknown@formal@none@1@S@But per-share profit dropped only 2% to $1.23 a share from $1.26 a share, as the company continued its stock buy-back plan.@@@@1@22@@oe@2-2-2013
22203004@unknown@formal@none@1@S@Average shares outstanding dropped to 75.8 million from 82.1 million.@@@@1@10@@oe@2-2-2013
22203005@unknown@formal@none@1@S@Revenue fell 1% to $1.39 billion from $1.41 billion.@@@@1@9@@oe@2-2-2013
22203006@unknown@formal@none@1@S@The computer maker, which sells more than half its goods outside the U.S., also said the negative effect of a stronger U.S. dollar will "adversely affect" its fourth-quarter performance and "make it difficult" to better 1988 results.@@@@1@37@@oe@2-2-2013
22203007@unknown@formal@none@1@S@NCR said revenue declined both in the U.S. and overseas, reflecting a world-wide softening of the computer markets.@@@@1@18@@oe@2-2-2013
22203008@unknown@formal@none@1@S@The company, however, said orders in the U.S. showed "good gains" during the latest quarter.@@@@1@15@@oe@2-2-2013
22203009@unknown@formal@none@1@S@Analysts estimate those gains at 12% to 13%, a good part of it coming from large orders placed by a few of NCR's major customers.@@@@1@25@@oe@2-2-2013
22203010@unknown@formal@none@1@S@In addition to a general slowing of the computer industry, NCR, which sells automated teller machines and computerized cash registers, is also affected by the retail and financial sectors, "areas of the economy that have generally not been robust," notes Sanjiv G. Hingorani, an analyst for Salomon Brothers Inc.@@@@1@49@@oe@2-2-2013
22203011@unknown@formal@none@1@S@These factors, combined with a strong dollar, should negatively affect the current quarter's results, NCR said.@@@@1@16@@oe@2-2-2013
22203012@unknown@formal@none@1@S@In the year-earlier fourth quarter, NCR had profit of $149.6 million, or $1.85 a share, on revenue of $1.8 billion.@@@@1@20@@oe@2-2-2013
22203013@unknown@formal@none@1@S@Mr. Hingorani said he lowered his full-year estimates for 1989 to $5.35 a share from $5.50 a share.@@@@1@18@@oe@2-2-2013
22203014@unknown@formal@none@1@S@Revenue projections were slashed to $6.03 billion from $6.20 billion.@@@@1@10@@oe@2-2-2013
22203015@unknown@formal@none@1@S@Last year, NCR had net income of $439.3 million, or $5.33 a share, on $5.99 billion in revenue.@@@@1@18@@oe@2-2-2013
22203016@unknown@formal@none@1@S@For the nine months, the company's earnings fell 9% to $264.6 million, or $3.40 a share, from $289.7 million, or $3.49 a share.@@@@1@23@@oe@2-2-2013
22203017@unknown@formal@none@1@S@Revenues declined 1% to $4.17 billion from $4.19 billion.@@@@1@9@@oe@2-2-2013
22203018@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, NCR shares fell 75 cents to close at $57.@@@@1@17@@oe@2-2-2013
22204001@unknown@formal@none@1@S@Concerning your Sept. 19 article "Wall Street Firms Link Analysts' Pay to Performance," I'm delighted that Wall Street is finally tuning in to the hard, cold facts of the real working world.@@@@1@32@@oe@2-2-2013
22204002@unknown@formal@none@1@S@If the firms are serious, however, why limit the practice to the poor, maligned analysts whose ability to see into the future is fragile at best?@@@@1@26@@oe@2-2-2013
22204003@unknown@formal@none@1@S@Why not extend the same harsh standards to the sales force, and pay brokers a base salary with annual bonus based on how much money they made for their clients during the year?@@@@1@33@@oe@2-2-2013
22204004@unknown@formal@none@1@S@That should stop a lot of account-churning, and produce a stock market driven only by professional concern, careful thought and good sense.@@@@1@22@@oe@2-2-2013
22204005@unknown@formal@none@1@S@Now, wouldn't that be a novelty.@@@@1@6@@oe@2-2-2013
22204006@unknown@formal@none@1@S@Phyllis Kyle Stephenson Newport News, Va.@@@@1@6@@oe@2-2-2013
22205001@unknown@formal@none@1@S@Steve Clark, a Shearson Lehman Hutton Inc. trader, reported for work at 5 a.m., two and a half hours before the usual Monday morning strategy meeting.@@@@1@26@@oe@2-2-2013
22205002@unknown@formal@none@1@S@At Jefferies & Co., J. Francis Palamara didn't reach the office until 5:30 a.m., but then he had been up most of the night at home.@@@@1@26@@oe@2-2-2013
22205003@unknown@formal@none@1@S@"I had calls all night long from the States," he said.@@@@1@11@@oe@2-2-2013
22205004@unknown@formal@none@1@S@"I was woken up every hour -- 1:30, 2:30, 3:30, 4:30.@@@@1@11@@oe@2-2-2013
22205005@unknown@formal@none@1@S@People are looking for possible opportunities to buy, but nobody wants to stick their chin out."@@@@1@16@@oe@2-2-2013
22205006@unknown@formal@none@1@S@For many of London's securities traders, it was a day that started nervously in the small hours.@@@@1@17@@oe@2-2-2013
22205007@unknown@formal@none@1@S@By lunchtime, the selling was at near-panic fever.@@@@1@8@@oe@2-2-2013
22205008@unknown@formal@none@1@S@But as the day ended in a frantic Wall Street-inspired rally, the City breathed a sigh of relief.@@@@1@18@@oe@2-2-2013
22205009@unknown@formal@none@1@S@So it went yesterday in the trading rooms of London's financial district.@@@@1@12@@oe@2-2-2013
22205010@unknown@formal@none@1@S@In the wake of Wall Street's plunge last Friday, the London market was considered especially vulnerable.@@@@1@16@@oe@2-2-2013
22205011@unknown@formal@none@1@S@And before the opening of trading here yesterday, all eyes were on early trading in Tokyo for a clue as to how widespread the fallout might be.@@@@1@27@@oe@2-2-2013
22205012@unknown@formal@none@1@S@By the time trading officially got under way at 9 a.m., the news from Asia was in.@@@@1@17@@oe@2-2-2013
22205013@unknown@formal@none@1@S@And it left mixed signals for London.@@@@1@7@@oe@2-2-2013
22205014@unknown@formal@none@1@S@Tokyo stocks closed off a significant but less-than-alarming 1.8% on thin volume; Hong Kong stocks declined 6.5% in orderly trading.@@@@1@20@@oe@2-2-2013
22205015@unknown@formal@none@1@S@At Jefferies' trading room on Finsbury Circus, a stately circle at the edge of the financial district, desktop computer screens displayed the London market's major barometer -- the Financial Times-Stock Exchange 100 Share Index.@@@@1@34@@oe@2-2-2013
22205016@unknown@formal@none@1@S@Red figures on the screens indicated falling stocks; blue figures, rising stocks.@@@@1@12@@oe@2-2-2013
22205017@unknown@formal@none@1@S@Right away, the reds outnumbered the blues, 80 to 20, as the index opened at 2076.8, off 157.1 points, or 7%.@@@@1@21@@oe@2-2-2013
22205018@unknown@formal@none@1@S@"I see concern, but I don't see any panic," said Mr. Palamara, a big, good-humored New York native who runs the 15-trader office.@@@@1@23@@oe@2-2-2013
22205019@unknown@formal@none@1@S@The Jefferies office, a branch of the Los Angeles-based firm, played it conservatively, seeking to avoid risk.@@@@1@17@@oe@2-2-2013
22205020@unknown@formal@none@1@S@"This is not the sort of market to have a big position in," said David Smith, who heads trading in all non-U.S. stocks.@@@@1@23@@oe@2-2-2013
22205021@unknown@formal@none@1@S@"We tend to run a very tight book."@@@@1@8@@oe@2-2-2013
22205022@unknown@formal@none@1@S@Jefferies spent most of its energies in the morning trying to match buyers and sellers, and there weren't many buyers.@@@@1@20@@oe@2-2-2013
22205023@unknown@formal@none@1@S@"All the takeover stocks -- Scottish & Newcastle, B.A.T, DRG -- are getting pretty well pasted this morning," Mr. Smith said.@@@@1@21@@oe@2-2-2013
22205024@unknown@formal@none@1@S@Seconds later, a 7,500-share "sell" order for Scottish & Newcastle came in.@@@@1@12@@oe@2-2-2013
22205025@unknown@formal@none@1@S@For the third time in 15 minutes, a trader next to Mr. Smith left the no-smoking area to have a cigarette.@@@@1@21@@oe@2-2-2013
22205026@unknown@formal@none@1@S@On the screens, only two forlorn blue figures remained, but the index had recovered a few points and was off about 140.@@@@1@22@@oe@2-2-2013
22205027@unknown@formal@none@1@S@"Because Tokyo didn't collapse, let's pick up a little stock," Mr. Smith said.@@@@1@13@@oe@2-2-2013
22205028@unknown@formal@none@1@S@He targeted 7,500 shares of Reuters and punched a button to call up on his screen other dealers' price quotes.@@@@1@20@@oe@2-2-2013
22205029@unknown@formal@none@1@S@The vivid yellow figures showed the best price at 845 pence, ($13.27) and Mr. Smith's traders started putting out feelers.@@@@1@20@@oe@2-2-2013
22205030@unknown@formal@none@1@S@But the market sensed a serious buyer on a day dominated by selling, and the quotes immediately jumped to 850 pence.@@@@1@21@@oe@2-2-2013
22205031@unknown@formal@none@1@S@"When I want to buy, they run from you -- they keep changing their prices," Mr. Smith said.@@@@1@18@@oe@2-2-2013
22205032@unknown@formal@none@1@S@"It's very frustrating."@@@@1@3@@oe@2-2-2013
22205033@unknown@formal@none@1@S@He temporarily abandoned his search for the Reuters shares.@@@@1@9@@oe@2-2-2013
22205034@unknown@formal@none@1@S@By this time, it was 4:30 a.m. in New York, and Mr. Smith fielded a call from a New York customer wanting an opinion on the British stock market, which had been having troubles of its own even before Friday's New York market break.@@@@1@44@@oe@2-2-2013
22205035@unknown@formal@none@1@S@"Fundamentally dangerous. . . ," Mr. Smith said, almost in a whisper, ". . . .fundamentally weak . . . fairly vulnerable still . . . extremely dangerously poised . . .@@@@1@32@@oe@2-2-2013
22205036@unknown@formal@none@1@S@we're in for a lot of turbulence. . . ."@@@@1@10@@oe@2-2-2013
22205037@unknown@formal@none@1@S@He was right.@@@@1@3@@oe@2-2-2013
22205038@unknown@formal@none@1@S@By midday, the London market was in full retreat.@@@@1@9@@oe@2-2-2013
22205039@unknown@formal@none@1@S@"It's falling like a stone," said Danny Linger, a pit trader who was standing outside the London International Financial Futures Exchange.@@@@1@21@@oe@2-2-2013
22205040@unknown@formal@none@1@S@Only half the usual lunchtime crowd gathered at the tony Corney & Barrow wine bar on Old Broad Street nearby.@@@@1@20@@oe@2-2-2013
22205041@unknown@formal@none@1@S@Conversation was subdued as most patrons watched the latest market statistics on television.@@@@1@13@@oe@2-2-2013
22205042@unknown@formal@none@1@S@At 12:49 p.m., the index hit its low, 2029.7, off 204.2 points.@@@@1@12@@oe@2-2-2013
22205043@unknown@formal@none@1@S@"France opened the limit down, off at least 10% if you could calculate the index, which you couldn't," Mr. Clark, the Shearson trader, said early in the afternoon.@@@@1@28@@oe@2-2-2013
22205044@unknown@formal@none@1@S@"Spain is down 10% and suspended, Sweden's down 8%, Norway 11%.@@@@1@11@@oe@2-2-2013
22205045@unknown@formal@none@1@S@This market has been very badly damaged."@@@@1@7@@oe@2-2-2013
22205046@unknown@formal@none@1@S@As 2:30 p.m. -- Wall Street's opening time -- neared, Shearson traders and salesmen traded bets on how low the New York market would open.@@@@1@25@@oe@2-2-2013
22205047@unknown@formal@none@1@S@In the center of the trading floor, chief trader Roger Streeter and two colleagues scrambled for the telephones as soon as the New York market opened -- plummeting more than 60 points in the first few minutes.@@@@1@37@@oe@2-2-2013
22205048@unknown@formal@none@1@S@They saw an opportunity created by the sell-off.@@@@1@8@@oe@2-2-2013
22205049@unknown@formal@none@1@S@As Wall Street traders dumped American Depositary Receipts in Jaguar PLC, Mr. Streeter and trader Sam Ruiz bought them to resell in the U.K.@@@@1@24@@oe@2-2-2013
22205050@unknown@formal@none@1@S@Investors here still expect Ford Motor Co. or General Motors Corp. to bid for Jaguar.@@@@1@15@@oe@2-2-2013
22205051@unknown@formal@none@1@S@Suddenly, after about 45 minutes, the U.S. markets rallied.@@@@1@9@@oe@2-2-2013
22205052@unknown@formal@none@1@S@"The MMI has gone better," shouted one trader at about 3:15 London time, as the U.S. Major Markets Index contract suddenly indicated a turnabout.@@@@1@24@@oe@2-2-2013
22205053@unknown@formal@none@1@S@As Wall Street strengthened, the London trading room went wild.@@@@1@10@@oe@2-2-2013
22205054@unknown@formal@none@1@S@Traders shouted as their screens posted an ever-narrowing loss on Wall Street.@@@@1@12@@oe@2-2-2013
22205055@unknown@formal@none@1@S@Then, nine minutes later, Wall Street suddenly rebounded to a gain on the day.@@@@1@14@@oe@2-2-2013
22205056@unknown@formal@none@1@S@"Rally! Rally! Rally!" shouted Shearson trader Andy Rosen, selling more Jaguar shares.@@@@1@12@@oe@2-2-2013
22205057@unknown@formal@none@1@S@"This is panic buying!"@@@@1@4@@oe@2-2-2013
22205058@unknown@formal@none@1@S@As the London market rallied, some wondered whether the weekend of worrying and jitters had been worth it.@@@@1@18@@oe@2-2-2013
22205059@unknown@formal@none@1@S@The London index closed at 2163.4, its high for the day, off 70.5, or about 3.3%.@@@@1@16@@oe@2-2-2013
22206001@unknown@formal@none@1@S@Ambassador Paul Nitze's statement (Notable & Quotable, Sept. 20), "If you have a million people working for you, every bad thing that has one chance in a million of going wrong will go wrong at least once a year," is a pretty negative way of looking at things.@@@@1@48@@oe@2-2-2013
22206002@unknown@formal@none@1@S@Isn't it just as fair to say that if you have a million people working for you, every good thing that has one chance in a million of going right will go right at least once a year?@@@@1@38@@oe@2-2-2013
22206003@unknown@formal@none@1@S@Don't be such a pessimist, Mr. Ambassador.@@@@1@7@@oe@2-2-2013
22206004@unknown@formal@none@1@S@Frank Tremdine@@@@1@2@@oe@2-2-2013
22207001@unknown@formal@none@1@S@The House Aviation Subcommittee approved a bill that would give the transportation secretary authority to review and approve leveraged buy-outs of major U.S. airlines.@@@@1@24@@oe@2-2-2013
22207002@unknown@formal@none@1@S@The collapsed plan to acquire UAL Corp., parent of United Airlines, spurred quick action on the legislation, introduced Wednesday and approved by the subcommittee on a voice vote yesterday.@@@@1@29@@oe@2-2-2013
22207003@unknown@formal@none@1@S@The bill is expected to be taken up by the Public Works and Transportation Committee tomorrow, and a floor vote by next week will be urged.@@@@1@26@@oe@2-2-2013
22207004@unknown@formal@none@1@S@The measure drew criticism from the Bush administration and a parting shot from financier Donald Trump, who yesterday withdrew his takeover bid for AMR Corp., the parent of American Airlines.@@@@1@30@@oe@2-2-2013
22207005@unknown@formal@none@1@S@In a letter to subcommittee Chairman James Oberstar (D., Minn.), Mr. Trump criticized the bill as an explicit effort to thwart his bid for AMR, and said it contributed to the collapse of the deal.@@@@1@35@@oe@2-2-2013
22207006@unknown@formal@none@1@S@Elaine Chao, deputy transportation secretary, also sent a letter to express the administration's opposition to the bill "in its present form."@@@@1@21@@oe@2-2-2013
22207007@unknown@formal@none@1@S@Rep. Oberstar brushed off Mr. Trump's allegations as an "excuse for his own deal failing."@@@@1@15@@oe@2-2-2013
22207008@unknown@formal@none@1@S@He also said the fact that the other letter hadn't come from Transportation Secretary Samuel Skinner indicated there is "wiggle room" in the administration's position.@@@@1@25@@oe@2-2-2013
22207009@unknown@formal@none@1@S@Mr. Oberstar and other committee members repeatedly stressed that the legislation wasn't a response to any particular market situation.@@@@1@19@@oe@2-2-2013
22207010@unknown@formal@none@1@S@But they cited the UAL and AMR examples as reasons to move quickly to enact this legislation.@@@@1@17@@oe@2-2-2013
22207011@unknown@formal@none@1@S@Aides both in the House and Senate said the withdrawal of the Trump bid for AMR isn't likely to deflate efforts to push the legislation.@@@@1@25@@oe@2-2-2013
22207012@unknown@formal@none@1@S@"It's still on the fast track and we still want to do it," said one Senate aide.@@@@1@17@@oe@2-2-2013
22207013@unknown@formal@none@1@S@The bill is aimed at addressing the concern that an airline might sacrifice costly safety measures to pay off the debt incurred in a leveraged buy-out.@@@@1@26@@oe@2-2-2013
22207014@unknown@formal@none@1@S@Currently, the transportation secretary doesn't have clearly established authority to block mergers, but can take the drastic step of revoking the operating certificate of any carrier the official considers unfit.@@@@1@30@@oe@2-2-2013
22207015@unknown@formal@none@1@S@Supporters of the legislation view the bill as an effort to add stability and certainty to the airline-acquisition process, and to preserve the safety and fitness of the industry.@@@@1@29@@oe@2-2-2013
22207016@unknown@formal@none@1@S@In general, the bill would give the Transportation Department a 30-day review period before 15% or more of the voting stock of a major U.S. air carrier could be acquired.@@@@1@30@@oe@2-2-2013
22207017@unknown@formal@none@1@S@It also would require the acquiring party to notify the transportation secretary and to provide all information relevant to determining the intent of the acquisition.@@@@1@25@@oe@2-2-2013
22207018@unknown@formal@none@1@S@The bill would allow the secretary to reject a buy-out if sufficient information hasn't been provided, or if the buy-out is likely to weaken the carrier financially, result in a substantial reduction in size of the airline through disposal of assets, or give control to a foreign interest.@@@@1@48@@oe@2-2-2013
22207019@unknown@formal@none@1@S@If more information is needed, the secretary would have authority to extend the review period 20 days.@@@@1@17@@oe@2-2-2013
22207020@unknown@formal@none@1@S@All the witnesses, both congressmen and industry experts, expressed support for the bill in order to prevent profiteers from cashing in on airline profits at the expense of safe, cost-effective service.@@@@1@31@@oe@2-2-2013
22207021@unknown@formal@none@1@S@But several committee members disapproved, some backing Mr. Trump's claim that the threat of regulation caused the failure of the UAL deal and the stock-market plunge.@@@@1@26@@oe@2-2-2013
22207022@unknown@formal@none@1@S@One of the major concerns expressed by the dissenters was that large airlines would be prohibited from divesting themselves of smaller entities and producing independent spin-off companies.@@@@1@27@@oe@2-2-2013
22208001@unknown@formal@none@1@S@In a possible prelude to the resumption of talks between Boeing Co. and striking Machinists union members, a federal mediator said representatives of the two sides will meet with him tomorrow.@@@@1@31@@oe@2-2-2013
22208002@unknown@formal@none@1@S@"It could be a long meeting or it could be a short one," said Doug Hammond, the mediator, who called the agreement to meet a first step toward a resumption of negotiations.@@@@1@32@@oe@2-2-2013
22208003@unknown@formal@none@1@S@"We're encouraged that talks are scheduled again but beyond that, we have made no expression of expectations," a Boeing spokesman said.@@@@1@21@@oe@2-2-2013
22208004@unknown@formal@none@1@S@The Machinists union has rejected a three-year contract offer that would have provided a 10% wage increase over the life of the pact, plus some bonuses.@@@@1@26@@oe@2-2-2013
22208005@unknown@formal@none@1@S@Currently, average pay for machinists is $13.39 an hour, Boeing said.@@@@1@11@@oe@2-2-2013
22208006@unknown@formal@none@1@S@Now in its 13th day, the strike has idled about 55,000 machinists and has started to delay delivery of some jetliners.@@@@1@21@@oe@2-2-2013
22208007@unknown@formal@none@1@S@With a strike fund of about $100 million, the union had said it was prepared for a long strike.@@@@1@19@@oe@2-2-2013
22208008@unknown@formal@none@1@S@After the third week on strike, union members will begin receiving $100 a week from the fund.@@@@1@17@@oe@2-2-2013
22208009@unknown@formal@none@1@S@Work at Boeing continues with supervisors and other non-striking personnel manning the lines.@@@@1@13@@oe@2-2-2013
22208010@unknown@formal@none@1@S@And at the company's Wichita, Kan., plant, about 2,400 of the 11,700 machinists still are working, Boeing said.@@@@1@18@@oe@2-2-2013
22208011@unknown@formal@none@1@S@Under Kansas right-to-work laws, contracts cannot require workers to be union members.@@@@1@12@@oe@2-2-2013
22208012@unknown@formal@none@1@S@Boeing has declined to say how many employees are working at its giant Renton, Wash., plant.@@@@1@16@@oe@2-2-2013
22208013@unknown@formal@none@1@S@Union officials couldn't be reached for comment.@@@@1@7@@oe@2-2-2013
22209001@unknown@formal@none@1@S@DPC Acquisition Partners, a hostile suitor for Dataproducts Corp., said it intends to launch a tender offer for the computer printer maker's common stock.@@@@1@24@@oe@2-2-2013
22209002@unknown@formal@none@1@S@DPC, a group led by the New York investment firm Crescott Inc., also said it plans to file preliminary materials with the Securities and Exchange Commission regarding a shareholder solicitation to oust Dataproducts' board.@@@@1@34@@oe@2-2-2013
22209003@unknown@formal@none@1@S@DPC holds a 7.8% stake in Dataproducts and made a $15-a-share bid for the company in May, but Dataproducts management considered the $283.7 million proposal unacceptable.@@@@1@26@@oe@2-2-2013
22209004@unknown@formal@none@1@S@A DPC spokesman declined to elaborate on the group's new plan.@@@@1@11@@oe@2-2-2013
22209005@unknown@formal@none@1@S@In American Stock Exchange composite trading yesterday, Dataproducts shares jumped 62.5 cents to close at $9.375.@@@@1@16@@oe@2-2-2013
22209006@unknown@formal@none@1@S@Dataproducts, which had been seeking a buyer for several months, announced a restructuring plan in September and took itself off the auction block.@@@@1@23@@oe@2-2-2013
22209007@unknown@formal@none@1@S@The company's restructuring includes plans to split into three sectors, to phase out domestic printer manufacturing operations and to sell its New England subsidiary.@@@@1@24@@oe@2-2-2013
22209008@unknown@formal@none@1@S@As part of the plan, Dataproducts announced a pact to sell $63 million of its real estate holdings to Trizec Properties Inc., a unit of Canada's Trizec Corp.@@@@1@28@@oe@2-2-2013
22209009@unknown@formal@none@1@S@Jack Davis, Dataproducts' president, chairman and chief executive officer, said the company "is at a loss to understand DPC's intentions."@@@@1@20@@oe@2-2-2013
22209010@unknown@formal@none@1@S@He called today's announcement "opportunistic and disruptive" and said the company intends to proceed with its restructuring.@@@@1@17@@oe@2-2-2013
22210001@unknown@formal@none@1@S@Share prices plummeted across Europe yesterday in response to Friday's New York sell-off, but some issues staged a late comeback after Wall Street opened without another rout.@@@@1@27@@oe@2-2-2013
22210002@unknown@formal@none@1@S@European investors have further reason for optimism today, after the U.S. rebound.@@@@1@12@@oe@2-2-2013
22210003@unknown@formal@none@1@S@The Frankfurt Stock Exchange, which closed before the New York exchanges opened, was the hardest hit of the major European markets, with the DAX Index dropping 12.8%.@@@@1@27@@oe@2-2-2013
22210004@unknown@formal@none@1@S@In London, prices plummeted in early trading and were off as much as 9% before coming back strong after the New York opening to close down only 3.2%.@@@@1@28@@oe@2-2-2013
22210005@unknown@formal@none@1@S@West German Economics Minister Helmut Haussmann said, "In my view, the stock market will stabilize relatively quickly.@@@@1@17@@oe@2-2-2013
22210006@unknown@formal@none@1@S@There may be one or other psychological or technical reactions, but they aren't based on fundamentals.@@@@1@16@@oe@2-2-2013
22210007@unknown@formal@none@1@S@The economy of West Germany and the EC {European Community} is highly stable."@@@@1@13@@oe@2-2-2013
22210008@unknown@formal@none@1@S@Paris, which has been the center of speculation fever in recent weeks, also was hard hit.@@@@1@16@@oe@2-2-2013
22210009@unknown@formal@none@1@S@Share prices fell in Milan, Amsterdam, Zurich, Madrid and Stockholm.@@@@1@10@@oe@2-2-2013
22210010@unknown@formal@none@1@S@Prices in Brussels, where a computer breakdown disrupted trading, also tumbled.@@@@1@11@@oe@2-2-2013
22210011@unknown@formal@none@1@S@Following is a breakdown of major market activity:@@@@1@8@@oe@2-2-2013
22210012@unknown@formal@none@1@S@FRANKFURT:@@@@1@1@@oe@2-2-2013
22210013@unknown@formal@none@1@S@One of the sharpest declines came in the financial center of Europe's strongest economy.@@@@1@14@@oe@2-2-2013
22210014@unknown@formal@none@1@S@The DAX Index of 30 West German blue chips plunged 12.8%, a one-day record, wiping out the summer's gains.@@@@1@19@@oe@2-2-2013
22210015@unknown@formal@none@1@S@The index closed at 1385.72, down 203.56 points.@@@@1@8@@oe@2-2-2013
22210016@unknown@formal@none@1@S@By comparison, two years ago on Black Monday, the new index would have dropped 9.4%, according to a projection by the exchange.@@@@1@22@@oe@2-2-2013
22210017@unknown@formal@none@1@S@Investors may have reacted so strongly to Friday's U.S. stock market loss because they had vivid memories of the Frankfurt exchange's losing 35% of its value in the 1987 crash and its wake.@@@@1@33@@oe@2-2-2013
22210018@unknown@formal@none@1@S@This time, however, many small investors may have been hurt by acting so swiftly.@@@@1@14@@oe@2-2-2013
22210019@unknown@formal@none@1@S@"They all went in the wrong direction," said Andreas Insam, an investment adviser for the Bank in Liechtenstein's Frankfurt branch.@@@@1@20@@oe@2-2-2013
22210020@unknown@formal@none@1@S@He said he told clients to buy selected West German blue chips after they fell by about 10%.@@@@1@18@@oe@2-2-2013
22210021@unknown@formal@none@1@S@After the opening was delayed 30 minutes because of the crush of sell orders, Frankfurt's normal two-hour trading session was extended 75 minutes to handle the heavy volume.@@@@1@28@@oe@2-2-2013
22210022@unknown@formal@none@1@S@"The beginning was chaotic," said Nigel Longley, a broker for Commerzbank AG.@@@@1@12@@oe@2-2-2013
22210023@unknown@formal@none@1@S@"It took three-quarters of an hour before enough prices could be worked out to get a reading on the market."@@@@1@20@@oe@2-2-2013
22210024@unknown@formal@none@1@S@Institutional investors and bankers, many of whom spent the night before in their offices watching Far Eastern markets, were cautiously optimistic after the mild 1.8% decline in Tokyo stock prices.@@@@1@30@@oe@2-2-2013
22210025@unknown@formal@none@1@S@"Everybody was still confident, including most institutional investors.@@@@1@8@@oe@2-2-2013
22210026@unknown@formal@none@1@S@That is why everybody was a little surprised by the storm of sell orders from small private investors," said Norbert Braeuer, a senior trader for Hessische Landesbank.@@@@1@27@@oe@2-2-2013
22210027@unknown@formal@none@1@S@Some big institutions, including banks, began picking up lower-priced shares late yesterday, but most investors wanted to see what would happen in New York before acting.@@@@1@26@@oe@2-2-2013
22210028@unknown@formal@none@1@S@But even if Wall Street continues to stabilize, analysts here say the latest blow to investor confidence could inhibit a swift recovery for the Frankfurt exchange, which already was showing signs of weakness after the DAX had slipped from a 1989 high of 1657.61 on Sept. 8.@@@@1@47@@oe@2-2-2013
22210029@unknown@formal@none@1@S@Some of West Germany's bluest chips took some of the biggest hits.@@@@1@12@@oe@2-2-2013
22210030@unknown@formal@none@1@S@A 16.3% drop for Mannesmann AG and Dresdner Bank AG's 9.6% decline were especially problematic for their respective boards, whose plans for major rights issues in November could now be in jeopardy.@@@@1@32@@oe@2-2-2013
22210031@unknown@formal@none@1@S@Dresdner Bank last month said it hoped to raise 1.2 billion marks ($642.2 million) by issuing four million shares at 300 marks each.@@@@1@23@@oe@2-2-2013
22210032@unknown@formal@none@1@S@Yet yesterday's market cropped Dresdner's share price by 33 marks to 309 marks a share, leaving little incentive for investors to subscribe to the standing price unless the market recovers quickly.@@@@1@31@@oe@2-2-2013
22210033@unknown@formal@none@1@S@LONDON:@@@@1@1@@oe@2-2-2013
22210034@unknown@formal@none@1@S@Headed toward a record drop at midday, the London stock market recouped two-thirds of its losses in the wake of New York's early rally.@@@@1@24@@oe@2-2-2013
22210035@unknown@formal@none@1@S@The Financial Times-Stock Exchange 100 Share Index closed off 70.5 points, at 2163.4, its high for the day, after having plunged 204.2 points at 12:49 p.m.@@@@1@26@@oe@2-2-2013
22210036@unknown@formal@none@1@S@It was big institutions such as Norwich Union Insurance Group, Scottish Amicable Investment Managers and Standard Life Assurance Co. that spearheaded the rally.@@@@1@23@@oe@2-2-2013
22210037@unknown@formal@none@1@S@Attracted by low prices and encouraged by New York's performance, they scooped up equities across the board.@@@@1@17@@oe@2-2-2013
22210038@unknown@formal@none@1@S@Volume was 959.3 million shares, more than triple recent levels.@@@@1@10@@oe@2-2-2013
22210039@unknown@formal@none@1@S@PARIS:@@@@1@1@@oe@2-2-2013
22210040@unknown@formal@none@1@S@Late buying gave the Paris Bourse a parachute after its free fall early in the day.@@@@1@16@@oe@2-2-2013
22210041@unknown@formal@none@1@S@The CAC General Index ended down 5.4% at 523.6, a drop of 29.6 points from Friday.@@@@1@16@@oe@2-2-2013
22210042@unknown@formal@none@1@S@"There was a volatility in the market that I have never seen before," said Michel Vigier, a partner in brokerage firm Cholet Dupont.@@@@1@23@@oe@2-2-2013
22210043@unknown@formal@none@1@S@"When Wall Street turned around shortly after the opening, there was panic buying in Paris."@@@@1@15@@oe@2-2-2013
22210044@unknown@formal@none@1@S@Brokers said that as the news spread that Wall Street was moving up, traders who had called to place sell orders changed their line in mid-conversation, ordering buys instead.@@@@1@29@@oe@2-2-2013
22210045@unknown@formal@none@1@S@Trading was driven primarily by small investors and speculators, with large institutions waiting on the sidelines until late in the day.@@@@1@21@@oe@2-2-2013
22210046@unknown@formal@none@1@S@When Wall Street turned, however, the big boys entered the market, looking for bargains.@@@@1@14@@oe@2-2-2013
22211001@unknown@formal@none@1@S@J.P. Morgan & Co. swung to a loss in the third quarter, while NCNB Corp. reported net income more than doubled, and Security Pacific Corp. net rose 10%.@@@@1@28@@oe@2-2-2013
22211002@unknown@formal@none@1@S@J.P. Morgan & Co.@@@@1@4@@oe@2-2-2013
22211003@unknown@formal@none@1@S@J.P. Morgan, as expected, posted a $1.82 billion net loss for the quarter, reflecting the New York bank's decision last month to add $2 billion to reserves for losses on loans to less-developed countries.@@@@1@34@@oe@2-2-2013
22211004@unknown@formal@none@1@S@The reserve addition placed the parent of Morgan Guaranty Trust Co. among a few major U.S. banks that have covered nearly all their medium and long-term portfolios to less-developed countries with reserves.@@@@1@32@@oe@2-2-2013
22211005@unknown@formal@none@1@S@The latest quarter's loss equals $9.92 a share.@@@@1@8@@oe@2-2-2013
22211006@unknown@formal@none@1@S@In the year-earlier quarter, Morgan earned $233.6 million, or $1.25 a share.@@@@1@12@@oe@2-2-2013
22211007@unknown@formal@none@1@S@George M. Salem, analyst at Prudential-Bache Securities Inc., called the results "mildly disappointing."@@@@1@13@@oe@2-2-2013
22211008@unknown@formal@none@1@S@Excluding the $2 billion provision and allowing for the taxes Morgan paid, earnings were about 65 cents a share, Mr. Salem said.@@@@1@22@@oe@2-2-2013
22211009@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, Morgan climbed $1.50 a share to $44.125.@@@@1@15@@oe@2-2-2013
22211010@unknown@formal@none@1@S@Net interest income sank 27% in the quarter to $254 million from $347 million.@@@@1@14@@oe@2-2-2013
22211011@unknown@formal@none@1@S@The interest rate on short-term funds, which banks borrow to finance longer-term loans to customers, was "sharply higher," Morgan said.@@@@1@20@@oe@2-2-2013
22211012@unknown@formal@none@1@S@Morgan received $2 million of interest payments on its medium and long-term Brazilian loans; had they been accruing interest, net interest income would have been $35 million higher in the quarter, Morgan said.@@@@1@33@@oe@2-2-2013
22211013@unknown@formal@none@1@S@Such loans to Argentina also remain classified as non-accruing, costing the bank $10 million of interest income in the third period.@@@@1@21@@oe@2-2-2013
22211014@unknown@formal@none@1@S@Income from sources other than interest climbed 12% to $414 million, reflecting higher corporate-finance and other fees and gains on sales of investment securities.@@@@1@24@@oe@2-2-2013
22211015@unknown@formal@none@1@S@"These increases were partly offset by lower trading-related" income, the bank said.@@@@1@12@@oe@2-2-2013
22211016@unknown@formal@none@1@S@Non-interest expenses grew 16% to $496 million.@@@@1@7@@oe@2-2-2013
22211017@unknown@formal@none@1@S@NCNB Corp.@@@@1@2@@oe@2-2-2013
22211018@unknown@formal@none@1@S@NCNB Corp.'s net income more than doubled in the period, largely because of continued strong performance by the bank's Texas operations.@@@@1@21@@oe@2-2-2013
22211019@unknown@formal@none@1@S@The Charlotte, N.C., company said earnings rose to $143.6 million, or $1.45 a share, from $58.9 million, or 69 cents a share, a year earlier.@@@@1@25@@oe@2-2-2013
22211020@unknown@formal@none@1@S@The latest quarter included a gain of $56.1 million, or 59 cents a share, related to the purchase of the remaining 51% of NCNB Texas National Bank from the Federal Deposit Insurance Corp.@@@@1@33@@oe@2-2-2013
22211021@unknown@formal@none@1@S@The strong performance, however, contrasted with an unexpectedly large increase in the size of NCNB's problem loans, particularly in the Southeast.@@@@1@21@@oe@2-2-2013
22211022@unknown@formal@none@1@S@In the third quarter, nonperforming assets jumped to $474.1 million, or 1.43% of net loans and leases, from $232.8 million, or 1.13% in the second quarter.@@@@1@26@@oe@2-2-2013
22211023@unknown@formal@none@1@S@Nonperformers totaled $230.8 million, or 1.27% in the year-ago third quarter.@@@@1@11@@oe@2-2-2013
22211024@unknown@formal@none@1@S@Included in the increase in the most recent quarter is a $33 million loan, which NCNB said it "expects to be fully repaid, with no loss, early in the fourth quarter."@@@@1@31@@oe@2-2-2013
22211025@unknown@formal@none@1@S@The deterioration in credit quality offset strong loan growth of 17% in NCNB's Southeast operations, as well as a 28% growth in deposits resulting from an aggressive marketing campaign.@@@@1@29@@oe@2-2-2013
22211026@unknown@formal@none@1@S@The higher rates paid on deposits also helped squeeze NCNB's net interest margin in the Southeast to 3.38% from 3.80% a year earlier.@@@@1@23@@oe@2-2-2013
22211027@unknown@formal@none@1@S@In Big Board composite trading yesterday, NCNB jumped $3.50 a share, to $51.@@@@1@13@@oe@2-2-2013
22211028@unknown@formal@none@1@S@Results were released after the market closed.@@@@1@7@@oe@2-2-2013
22211029@unknown@formal@none@1@S@NCNB Texas National, formed from the remnants of of the failed First RepublicBank Corp. of Dallas, contributed $76.9 million to NCNB's bottom line in the third quarter.@@@@1@27@@oe@2-2-2013
22211030@unknown@formal@none@1@S@NCNB said its third-quarter results reflect 100% of earnings of the Texas operation since Aug. 1.@@@@1@16@@oe@2-2-2013
22211031@unknown@formal@none@1@S@NCNB raised some $1.9 billion in new capital during the quarter to complete the NCNB Texas purchase, and to acquire several small failed thrifts to fill out its regional franchise.@@@@1@30@@oe@2-2-2013
22211032@unknown@formal@none@1@S@Last week, the banking company said it purchased both Freedom Savings & Loan Association, Tampa, Fla., and University Federal Savings Association of San Antonio, Texas, for $169.4 million.@@@@1@28@@oe@2-2-2013
22211033@unknown@formal@none@1@S@In the first nine months, NCNB's net income climbed 65% to $310.9 million, or $3.30 a share, from $188.2 million, or $2.22 a share, a year earlier.@@@@1@27@@oe@2-2-2013
22211034@unknown@formal@none@1@S@Security Pacific Corp.@@@@1@3@@oe@2-2-2013
22211035@unknown@formal@none@1@S@Security Pacific's earnings growth slowed in the third quarter, but the Los Angeles bank holding company was still able to post a 10% increase in net income because of robust growth in residential real-estate and consumer loans.@@@@1@37@@oe@2-2-2013
22211036@unknown@formal@none@1@S@Net rose to $185.1 million, or $1.55 a share, from $167.9 million, or $1.47 a share, a year earlier.@@@@1@19@@oe@2-2-2013
22211037@unknown@formal@none@1@S@The company said the gain resulted mainly from a $54 million increase in net interest income, reflecting a 33% increase in real estate loans (mainly residential), and a 19% rise in consumer loans.@@@@1@33@@oe@2-2-2013
22211038@unknown@formal@none@1@S@These high-yielding loans in effect replaced some low-yielding assets such as inter-bank loans, which were allowed to decrease.@@@@1@18@@oe@2-2-2013
22211039@unknown@formal@none@1@S@As a result, Security Pacific's net interest margin fell only 13 basis points, a more mild decrease than some major banks outside California, which have been reporting more sluggish earnings.@@@@1@30@@oe@2-2-2013
22211040@unknown@formal@none@1@S@Security Pacific shares closed at $44.625, down 37.5 cents, in Big Board composite trading.@@@@1@14@@oe@2-2-2013
22211041@unknown@formal@none@1@S@The earnings represent a 0.89% return on assets for Security Pacific, and an 18.9% return on equity.@@@@1@17@@oe@2-2-2013
22211042@unknown@formal@none@1@S@The loan growth offset continuing real-estate loan losses in the depressed Arizona market.@@@@1@13@@oe@2-2-2013
22211043@unknown@formal@none@1@S@Security Pacific reported a 33% increase in net credit losses for the quarter, to $109 million from $81.9 million in the year-ago period.@@@@1@23@@oe@2-2-2013
22211044@unknown@formal@none@1@S@Nonperforming loans grew slightly to $1.75 billion at Sept. 30, from $1.7 billion a year ago.@@@@1@16@@oe@2-2-2013
22211045@unknown@formal@none@1@S@Security Pacific's loan-loss provision was down 22%, or $30.4 million, because it added to its foreign-debt reserve the year before.@@@@1@20@@oe@2-2-2013
22211046@unknown@formal@none@1@S@Non-interest income fell 6% in the quarter, mainly because of an unusual gain a year earlier from the sale of Hong Kong banking operations.@@@@1@24@@oe@2-2-2013
22211047@unknown@formal@none@1@S@Non-interest expense grew only 4% in the period.@@@@1@8@@oe@2-2-2013
22211048@unknown@formal@none@1@S@For the nine months, net rose 17% to $548.9 million, or $4.67 a share, from $469.4 million, or $4.13 a share, a year earlier.@@@@1@24@@oe@2-2-2013
22212001@unknown@formal@none@1@S@LIN Broadcasting Corp. said it won't take a position on a revised tender offer by McCaw Cellular Communications Inc. to buy LIN and has asked for clarification of the offer.@@@@1@30@@oe@2-2-2013
22212002@unknown@formal@none@1@S@The new offer, which seeks 50.3% of the cellular and broadcasting concern, is for $125 a share for 22 million LIN shares.@@@@1@22@@oe@2-2-2013
22212003@unknown@formal@none@1@S@McCaw's revised tender offer would require McCaw to begin an auction process in July 1994 that would buy out remaining holders at a per-share price roughly equivalent to what a third party might then have to pay for all of LIN.@@@@1@41@@oe@2-2-2013
22212004@unknown@formal@none@1@S@LIN is asking McCaw to clarify its tender offer, which challenges an agreement between BellSouth Corp. and LIN to merge their cellular-telephone businesses.@@@@1@23@@oe@2-2-2013
22212005@unknown@formal@none@1@S@BellSouth has notified LIN that it would "shortly respond to the McCaw proposal in as full and effective a manner as is warranted."@@@@1@23@@oe@2-2-2013
22212006@unknown@formal@none@1@S@The LIN board said holders may be misled by the provision in the McCaw proposal that "guarantees" private market value after five years for the remaining shares.@@@@1@27@@oe@2-2-2013
22212007@unknown@formal@none@1@S@McCaw has "no obligation to purchase and the definition of private market value is uncertain," the LIN board said.@@@@1@19@@oe@2-2-2013
22212008@unknown@formal@none@1@S@The board added that McCaw would be able to control LIN's operations and could, "therefore, operate LIN in a manner which could diminish its private market value and attractiveness to a third-party purchaser in five years."@@@@1@36@@oe@2-2-2013
22212009@unknown@formal@none@1@S@In national over-the-counter trading, LIN closed at $104.75, down $2.75.@@@@1@10@@oe@2-2-2013
22213001@unknown@formal@none@1@S@A group of institutional investors in Telerate Inc. said that Dow Jones & Co.'s $18-a-share offer for the electronic financial information services company is "grossly inadequate."@@@@1@26@@oe@2-2-2013
22213002@unknown@formal@none@1@S@In a letter filed with the Securities and Exchange Commission, the group, which holds about 4.5 million Telerate shares, or about 4.7% of the shares outstanding, said " . . . at present none of us believes an offer for less than $25 per share would be fair and some believe that $25 is too low."@@@@1@56@@oe@2-2-2013
22213003@unknown@formal@none@1@S@The letter was dated Oct. 6.@@@@1@6@@oe@2-2-2013
22213004@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, Telerate shares closed yesterday at $18.875, down 75 cents a share.@@@@1@20@@oe@2-2-2013
22213005@unknown@formal@none@1@S@Dow Jones, publisher of The Wall Street Journal, has launched an $18-a-share, or $576 million, tender offer to acquire the remaining Telerate shares outstanding; Dow Jones owns 67% of Telerate.@@@@1@30@@oe@2-2-2013
22213006@unknown@formal@none@1@S@Telerate has rejected the offer, which expires Nov. 3.@@@@1@9@@oe@2-2-2013
22213007@unknown@formal@none@1@S@The group includes Putnam Cos. and various affiliates based in Boston; Wells Fargo Bank, San Francisco; the California Public Employees Retirement System, Sacramento, Calif., and T. Rowe Price Associates Inc., Baltimore.@@@@1@31@@oe@2-2-2013
22213008@unknown@formal@none@1@S@Among other issues, the group's letter said it has "concerns as to whether Dow Jones's offer meets the applicable requirements of procedural fairness."@@@@1@23@@oe@2-2-2013
22213009@unknown@formal@none@1@S@A spokesman for Dow Jones said he hadn't seen the group's filing, but added, "obviously Dow Jones disagrees with their conclusions.@@@@1@21@@oe@2-2-2013
22213010@unknown@formal@none@1@S@Our offer is to buy any and all shares tendered at $18 a share.@@@@1@14@@oe@2-2-2013
22214001@unknown@formal@none@1@S@U.S. Trade Representative Carla Hills said the first dispute-settlement panel set up under the U.S.-Canadian "free trade" agreement has ruled that Canada's restrictions on exports of Pacific salmon and herring violate the accord.@@@@1@33@@oe@2-2-2013
22214002@unknown@formal@none@1@S@Mrs. Hills said the U.S. and Canada have until Nov. 13 to resolve the dispute.@@@@1@15@@oe@2-2-2013
22214003@unknown@formal@none@1@S@If a solution isn't reached by then, she said, the U.S. would have the right to suspend some trade concessions to Canada equivalent in value to the losses suffered by U.S. fish-processing companies in Alaska and the Pacific Northwest.@@@@1@39@@oe@2-2-2013
22214004@unknown@formal@none@1@S@However, in Ottawa, Canadian Trade Minister John Crosbie said the dispute-settlement panel accepted the "legitimacy of Canada's position on the use of these landing requirements to conserve and manage these important fisheries."@@@@1@32@@oe@2-2-2013
22214005@unknown@formal@none@1@S@Questioned about the seeming contradiction in the U.S. and Canadian government views of the panel's report, an aide for Mrs. Hills said the panel had clearly ruled that the Canadian trade restrictions "are illegal."@@@@1@34@@oe@2-2-2013
22214006@unknown@formal@none@1@S@The U.S. trade representative declined to put a dollar estimate on the losses resulting from the Canadian export restrictions.@@@@1@19@@oe@2-2-2013
22214007@unknown@formal@none@1@S@Canada initially had an export prohibition that was replaced by regulations requiring that such fish had to be brought ashore in British Columbia by commercial fishermen prior to export.@@@@1@29@@oe@2-2-2013
22214008@unknown@formal@none@1@S@This action was defended by the Canadian government on conservation grounds.@@@@1@11@@oe@2-2-2013
22214009@unknown@formal@none@1@S@Mrs. Hills said yesterday that the dispute-settlement panel rejected this Canadian government argument.@@@@1@13@@oe@2-2-2013
22214010@unknown@formal@none@1@S@"We fully expect that Canada will comply with the panel's ruling" that the "landing requirement" also must be ended, she said.@@@@1@21@@oe@2-2-2013
22214011@unknown@formal@none@1@S@Earlier, an international panel set up under the rules of the General Agreement on Tariffs and Trade in Geneva determined that the original Canadian fish-export restrictions violated GATT rules.@@@@1@29@@oe@2-2-2013
22214012@unknown@formal@none@1@S@Mrs. Hills said the U.S. won't accept any delays after Nov. 13 because U.S. fish-processing firms enter into contracts in the fall to purchase the next season's catch.@@@@1@28@@oe@2-2-2013
22214013@unknown@formal@none@1@S@She said the Canadian restrictions must be removed before such contracts are concluded.@@@@1@13@@oe@2-2-2013
22215001@unknown@formal@none@1@S@Idle Thought@@@@1@2@@oe@2-2-2013
22215002@unknown@formal@none@1@S@To spend a carefree, idle day, When duty calls, to pay no heed, To while the precious hours away -- Character is what you need.@@@@1@25@@oe@2-2-2013
22215003@unknown@formal@none@1@S@-- May Richstone.@@@@1@3@@oe@2-2-2013
22215004@unknown@formal@none@1@S@Telecussed@@@@1@1@@oe@2-2-2013
22215005@unknown@formal@none@1@S@The guy who throws an intercept 'Cause his receiver slips Should somehow be advised that we At home can read his lips.@@@@1@22@@oe@2-2-2013
22215006@unknown@formal@none@1@S@-- Dick Emmons.@@@@1@3@@oe@2-2-2013
22216001@unknown@formal@none@1@S@BancOklahoma Corp. said it completed a restructuring agreement previously agreed to by the Federal Deposit Insurance Corp., creditor banks and subordinated debenture holders.@@@@1@23@@oe@2-2-2013
22216002@unknown@formal@none@1@S@The plan would permit the bank holding company to retire its bank and debenture obligations through exchanges of cash and equity.@@@@1@21@@oe@2-2-2013
22216003@unknown@formal@none@1@S@The FDIC, which in 1986 provided $130 million in open-bank assistance to BancOklahoma's Bank of Oklahoma, Tulsa, unit will continue to maintain $90 million in preferred stock in the Tulsa bank unit.@@@@1@32@@oe@2-2-2013
22216004@unknown@formal@none@1@S@In exchange for the other $40 million, the FDIC will receive additional warrants entitling it to buy 60% of BancOklahoma's common stock outstanding, up from the 55% option the FDIC received under terms of the 1986 capital infusion.@@@@1@38@@oe@2-2-2013
22216005@unknown@formal@none@1@S@In exchange for the $76 million they are owed, creditor banks will receive 3.9 million shares of BancOklahoma common stock and the proceeds from the future sales of four subsidiary banks to private buyers, the bank holding company said.@@@@1@39@@oe@2-2-2013
22216006@unknown@formal@none@1@S@Also under the agreement, debenture holders will get one million shares of common stock in exchange for $7.7 million in debentures and holders of BancOklahoma's series A preferred stock will receive 1.25 shares of common stock for every share of preferred they own, the company said.@@@@1@46@@oe@2-2-2013
22217001@unknown@formal@none@1@S@Bear Stearns's chief economist, Lawrence Kudlow, in the Sept. 29 issue of the firm's Global Spectator:@@@@1@16@@oe@2-2-2013
22217002@unknown@formal@none@1@S@Were it true that a weak currency paves the way for trade surpluses, then presumably Argentina would be the center of today's global economy.@@@@1@24@@oe@2-2-2013
22218001@unknown@formal@none@1@S@BSN Corp. said it will begin an offer tomorrow to exchange up to one million of its common shares and all of its $16.6 million in 7 3/4% convertible debentures due 2001 for a package of new debt and common stock warrants.@@@@1@42@@oe@2-2-2013
22218002@unknown@formal@none@1@S@Under terms of the offer, the sporting goods maker will swap $9 face amount of 9 1/4% subordinated notes due 1996 and one warrant for each common share.@@@@1@28@@oe@2-2-2013
22218003@unknown@formal@none@1@S@Each warrant allows the holder to buy one BSN share for $10.75 a share at any time over the next seven years.@@@@1@22@@oe@2-2-2013
22218004@unknown@formal@none@1@S@BSN currently has 4.6 million common shares outstanding.@@@@1@8@@oe@2-2-2013
22218005@unknown@formal@none@1@S@BSN also is offering $850 face amount of new notes and 64 common-stock warrants for each $1,000 face amount of its convertible debt outstanding.@@@@1@24@@oe@2-2-2013
22218006@unknown@formal@none@1@S@The company said it can redeem the warrants at its option for $1 each.@@@@1@14@@oe@2-2-2013
22218007@unknown@formal@none@1@S@The offer isn't contingent on a certain amount of debt or stock being exchanged.@@@@1@14@@oe@2-2-2013
22218008@unknown@formal@none@1@S@BSN said it is making the offer to shrink its capital and increase shareholder value.@@@@1@15@@oe@2-2-2013
22218009@unknown@formal@none@1@S@If all the bondholders and holders of one million common shares accept the offer, BSN will increase its debt by $9 million, but it also will recognize a $2 million gain from retiring the old debt, said Michael J. Blumenfeld, president.@@@@1@41@@oe@2-2-2013
22218010@unknown@formal@none@1@S@"We have sufficient cash flow to handle that," he said.@@@@1@10@@oe@2-2-2013
22218011@unknown@formal@none@1@S@The offers are scheduled to expire in mid to late November.@@@@1@11@@oe@2-2-2013
22219001@unknown@formal@none@1@S@Merrill Lynch & Co.'s net income dropped 37%, while Bear Stearns Cos. posted a 7.5% gain in net, and PaineWebber Group Inc.'s profit fell, but would have risen without a special gain a year ago.@@@@1@35@@oe@2-2-2013
22219002@unknown@formal@none@1@S@At Merrill Lynch, third-period net was $41 million, or 34 cents a share, down from $65.6 million, or 58 cents a share, a year ago.@@@@1@25@@oe@2-2-2013
22219003@unknown@formal@none@1@S@Total revenue reached $2.83 billion, up 10% from $2.57 billion.@@@@1@10@@oe@2-2-2013
22219004@unknown@formal@none@1@S@The firm's drop in net reflected weaker revenue in transactions for its own account -- a decline of 19% to $314.6 million on reduced revenue from trading fixed-income securities.@@@@1@29@@oe@2-2-2013
22219005@unknown@formal@none@1@S@Investment banking revenue fell 22% to $296.6 million on fewer equity and municipal underwritings.@@@@1@14@@oe@2-2-2013
22219006@unknown@formal@none@1@S@Merrill Lynch's commission revenue grew 21%, however, to $462.8 million, on higher share prices and volume and on strong sales of mutual funds.@@@@1@23@@oe@2-2-2013
22219007@unknown@formal@none@1@S@Revenue derived from interest and dividends jumped 30% to $1.4 billion.@@@@1@11@@oe@2-2-2013
22219008@unknown@formal@none@1@S@Asset-management fee revenue grew 12% to $151 million.@@@@1@8@@oe@2-2-2013
22219009@unknown@formal@none@1@S@The brokerage also reported a loss of $2.2 million from the discontinued operations and disposal of its Fine Homes International Limited Partnership real-estate subsidiary.@@@@1@24@@oe@2-2-2013
22219010@unknown@formal@none@1@S@Bear Stearns said net in the first quarter ended Sept. 29 reached $22.1 million, or 23 cents a share, from $20.5 million, or 20 cents a share, in the year-earlier quarter.@@@@1@31@@oe@2-2-2013
22219011@unknown@formal@none@1@S@Gross revenue rose 21% to $580.4 million from $478.9 million.@@@@1@10@@oe@2-2-2013
22219012@unknown@formal@none@1@S@Profit from trading for its own account dropped, the securities firm said.@@@@1@12@@oe@2-2-2013
22219013@unknown@formal@none@1@S@Investment banking revenue climbed 25%, while commission revenue advanced 31% on a stronger retail market.@@@@1@15@@oe@2-2-2013
22219014@unknown@formal@none@1@S@Bear Stearns is the holding company for Bear, Stearns & Co., the investment banking and brokerage firm.@@@@1@17@@oe@2-2-2013
22219015@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, Bear Stearns shares closed at $13.625, down 25 cents.@@@@1@17@@oe@2-2-2013
22219016@unknown@formal@none@1@S@Separately, PaineWebber posted net income for the third quarter of $16.8 million, or 41 cents a share, reflecting a "broad-based improvement" in the company's core businesses.@@@@1@26@@oe@2-2-2013
22219017@unknown@formal@none@1@S@Retail profit surged, but the company said it was only a "modest contributor" to third-quarter results.@@@@1@16@@oe@2-2-2013
22219018@unknown@formal@none@1@S@A year ago, net at the New York investment banking firm was $20.9 million, or 50 cents a share, including a special pretax gain of $46.3 million from the sale of the company's interest in National Car Rental Systems Inc.@@@@1@40@@oe@2-2-2013
22219019@unknown@formal@none@1@S@Revenue was $444.9 million, including net interest, down slightly from $450.7 million.@@@@1@12@@oe@2-2-2013
22219020@unknown@formal@none@1@S@In Big Board composite trading yesterday, PaineWebber closed at $18.50, up 75 cents.@@@@1@13@@oe@2-2-2013
22220001@unknown@formal@none@1@S@Seafirst Corp. said it signed an agreement with builder Martin Selig to purchase its headquarters building, the Columbia Seafirst Center, for $354 million.@@@@1@23@@oe@2-2-2013
22220002@unknown@formal@none@1@S@Purchase of the 76-story structure is subject to execution of a definitive agreement, approval by the boards of Seafirst and its parent company BankAmerica Corp., and approval by regulators.@@@@1@29@@oe@2-2-2013
22221001@unknown@formal@none@1@S@The market upheaval apparently hasn't triggered any cash crunch -- yet.@@@@1@11@@oe@2-2-2013
22221002@unknown@formal@none@1@S@Individual investors, investment firms and arbitragers who speculate in the stocks of takeover candidates can suffer liquidity and payment problems when stocks dive; those investors often borrow heavily to buy their holdings and use the stocks as collateral for loans.@@@@1@40@@oe@2-2-2013
22221003@unknown@formal@none@1@S@But several large banks said yesterday they detected no signs of unusual demand for credit that would signal such difficulties.@@@@1@20@@oe@2-2-2013
22221004@unknown@formal@none@1@S@"We're seeing nothing out of the ordinary," said one official at a Top 10 bank.@@@@1@15@@oe@2-2-2013
22221005@unknown@formal@none@1@S@"That's good news, because we all swim in this water."@@@@1@10@@oe@2-2-2013
22221006@unknown@formal@none@1@S@Added another executive at a big bank: "We were all a little goosey over the weekend trying to forecast what would happen {Monday}, but it's been very quiet.@@@@1@28@@oe@2-2-2013
22221007@unknown@formal@none@1@S@Now, as for tomorrow, hell, who knows?@@@@1@7@@oe@2-2-2013
22222001@unknown@formal@none@1@S@What happened Friday shows that financial markets are not yet sufficiently coordinated to handle another meltdown in prices.@@@@1@18@@oe@2-2-2013
22222002@unknown@formal@none@1@S@No fiddling with systems and procedures will ever prevent markets from suffering a panic wave of selling.@@@@1@17@@oe@2-2-2013
22222003@unknown@formal@none@1@S@But markets can operate with greater or lesser efficiency.@@@@1@9@@oe@2-2-2013
22222004@unknown@formal@none@1@S@After the 1987 plunge, markets agreed that it would be wise to halt trading whenever panic conditions arose.@@@@1@18@@oe@2-2-2013
22222005@unknown@formal@none@1@S@The New York Stock Exchange adopted two specific circuit breakers: If the Dow Jones index falls 250 points in a day, the exchange will halt trading for one hour; if the decline hits 400 points, the exchange will close for an additional two hours.@@@@1@44@@oe@2-2-2013
22222006@unknown@formal@none@1@S@The rationale is that an interruption of trading will allow investors to reconsider their strategies, calm sellers and lead buyers to enter the market at indicated new price levels.@@@@1@29@@oe@2-2-2013
22222007@unknown@formal@none@1@S@It is impossible to know whether that theory is realistic.@@@@1@10@@oe@2-2-2013
22222008@unknown@formal@none@1@S@A temporary cessation of trading may indeed discourage a selling panic from feeding on itself.@@@@1@15@@oe@2-2-2013
22222009@unknown@formal@none@1@S@But there is also the possibility that shutting down markets will intensify fears and cause an even more abrupt slide in prices.@@@@1@22@@oe@2-2-2013
22222010@unknown@formal@none@1@S@What happened Friday was the worst of all worlds.@@@@1@9@@oe@2-2-2013
22222011@unknown@formal@none@1@S@The futures exchanges followed their own pre-set circuit breakers and shut down at about 3 p.m. for 30 minutes, after the Standard & Poor's 500 stock index had fallen 12 points, or about 100 points on the Dow Jones index.@@@@1@40@@oe@2-2-2013
22222012@unknown@formal@none@1@S@Options markets stopped trading in many securities.@@@@1@7@@oe@2-2-2013
22222013@unknown@formal@none@1@S@The New York Stock Exchange, under its own rules, remained open.@@@@1@11@@oe@2-2-2013
22222014@unknown@formal@none@1@S@With nowhere else to go, sellers, and particularly program traders, focused all their selling on the New York Stock Exchange.@@@@1@20@@oe@2-2-2013
22222015@unknown@formal@none@1@S@As liquidity on that market weakened, prices fell sharply.@@@@1@9@@oe@2-2-2013
22222016@unknown@formal@none@1@S@Had the futures and options markets been open, additional liquidity would have been provided and the decline, most probably, would have been less intense.@@@@1@24@@oe@2-2-2013
22222017@unknown@formal@none@1@S@At 3:30, after intense telephone negotiations between the trading markets and Washington, the futures exchanges reopened.@@@@1@16@@oe@2-2-2013
22222018@unknown@formal@none@1@S@Futures trading, however, was halted altogether at 3:45, after the futures markets had dropped an additional 30 points, which is the daily limit for price declines.@@@@1@26@@oe@2-2-2013
22222019@unknown@formal@none@1@S@At this point, the options markets also shut down and once more left all sales to be handled by the New York Stock Exchange.@@@@1@24@@oe@2-2-2013
22222020@unknown@formal@none@1@S@It is time to recognize that the New York Stock Exchange, the futures markets and the options markets, though physically separate, have actually become so closely intertwined as to constitute one market effectively.@@@@1@33@@oe@2-2-2013
22222021@unknown@formal@none@1@S@Traders can vary their strategies and execute their orders in any one of them.@@@@1@14@@oe@2-2-2013
22222022@unknown@formal@none@1@S@It therefore makes no sense for each market to adopt different circuit breakers.@@@@1@13@@oe@2-2-2013
22222023@unknown@formal@none@1@S@To achieve maximum liquidity and minimize price volatility, either all markets should be open to trading or none.@@@@1@18@@oe@2-2-2013
22222024@unknown@formal@none@1@S@Synchronized circuit breakers would not have halted the slide in prices on Friday, but they probably would have made for smoother, less volatile executions.@@@@1@24@@oe@2-2-2013
22222025@unknown@formal@none@1@S@It's time for the exchanges and the Securities and Exchange Commission to agree on joint conditions for halting trading or staying open.@@@@1@22@@oe@2-2-2013
22222026@unknown@formal@none@1@S@Let's not have one market shut down for 30 minutes when the Dow declines 100 points and another shut down for an hour after a 250-point decline.@@@@1@27@@oe@2-2-2013
22222027@unknown@formal@none@1@S@The need for hurried last-minute telephone negotiations among market officials will disappear once rules are in place that synchronize circuit breakers in all markets.@@@@1@24@@oe@2-2-2013
22222028@unknown@formal@none@1@S@The new circuit breakers, if they are to be applied at all, will require that futures and options trading continue as long as the New York Stock Exchange remains open.@@@@1@30@@oe@2-2-2013
22222029@unknown@formal@none@1@S@The rules should be established by agreement of the officials of all affected exchanges acting under the oversight and with the approval of the government regulatory agencies.@@@@1@27@@oe@2-2-2013
22222030@unknown@formal@none@1@S@Should the SEC and the Commodities Futures Trading Commission (which, with the SEC, regulates the Chicago stock-index markets) be unable to agree, the issue may have to be resolved by decision of the Treasury secretary.@@@@1@35@@oe@2-2-2013
22222031@unknown@formal@none@1@S@In many ways, our financial markets are better prepared today to handle a decline than they were two years ago.@@@@1@20@@oe@2-2-2013
22222032@unknown@formal@none@1@S@The New York Stock Exchange now has the capacity to handle a volume of nearly a billion shares a day.@@@@1@20@@oe@2-2-2013
22222033@unknown@formal@none@1@S@Telephone service has been improved for customers trying to reach their brokers, and specialists -- who I believe should stay, despite the urgings of some post-crash critics -- have larger capital positions.@@@@1@32@@oe@2-2-2013
22222034@unknown@formal@none@1@S@(Of course, specialists' actions alone can never prevent a major crack in stock prices.@@@@1@14@@oe@2-2-2013
22222035@unknown@formal@none@1@S@Witness the fact that trading in some stocks closed early Friday and opened late Monday because of an excess of sell orders.)@@@@1@22@@oe@2-2-2013
22222036@unknown@formal@none@1@S@But the task of improving market performance remains unfinished.@@@@1@9@@oe@2-2-2013
22222037@unknown@formal@none@1@S@Mr. Freund, former chief economist of the New York Stock Exchange, is a professor of economics at Pace University's business school in New York.@@@@1@24@@oe@2-2-2013
22223001@unknown@formal@none@1@S@A UNIFIED EUROPE poses labor problems and prospects for U.S. firms.@@@@1@11@@oe@2-2-2013
22223002@unknown@formal@none@1@S@The "social dimension" -- worker concerns -- of the European Community's plan to open its internal borders in 1992 could set the effort "off the rails" if not done reasonably, says General Electric senior vice president Frank Doyle.@@@@1@38@@oe@2-2-2013
22223003@unknown@formal@none@1@S@U.S. companies wanting to expand in Europe face "tough pressure" from unions in nations such as West Germany, which play a big consulting role in management decisions, he says.@@@@1@29@@oe@2-2-2013
22223004@unknown@formal@none@1@S@FMC Corp. and Baxter International say unions also won't like plant relocations and needed restructuring, which means layoffs.@@@@1@18@@oe@2-2-2013
22223005@unknown@formal@none@1@S@Many employers have already begun moving to southern countries such as Spain and Italy, where wages are low and unions are weaker; demand for trained labor and managers will rise there, FMC says.@@@@1@33@@oe@2-2-2013
22223006@unknown@formal@none@1@S@Pfizer, Fluor and GE see big "EC 92" pluses: a push for job training and ease in moving and finding workers.@@@@1@21@@oe@2-2-2013
22223007@unknown@formal@none@1@S@CLUBBING A FAN wasn't the Baltimore Orioles' fault.@@@@1@8@@oe@2-2-2013
22223008@unknown@formal@none@1@S@So said a federal judge, in a case involving two players for the minor league Bluefield, Va., Orioles, a Baltimore farm team.@@@@1@22@@oe@2-2-2013
22223009@unknown@formal@none@1@S@The players were heckled by a patron during a July 4, 1988, game with the Martinsville Phillies.@@@@1@17@@oe@2-2-2013
22223010@unknown@formal@none@1@S@Like its parent that year, "Bluefield was not having a good year," the judge said.@@@@1@15@@oe@2-2-2013
22223011@unknown@formal@none@1@S@After the game ("Bluefield lost, 9-8, stranding three runners in . . . the ninth," he noted), trouble began.@@@@1@19@@oe@2-2-2013
22223012@unknown@formal@none@1@S@More taunting in the parking lot, the players said, led to a fight.@@@@1@13@@oe@2-2-2013
22223013@unknown@formal@none@1@S@The fan said he was punched and kicked by one player and that the other broke his jaw with a baseball bat.@@@@1@22@@oe@2-2-2013
22223014@unknown@formal@none@1@S@The judge dismissed the fan's suit against the team, however, ruling the Orioles innocent of negligent hiring, and not responsible for a fight that was outside the players' employment.@@@@1@29@@oe@2-2-2013
22223015@unknown@formal@none@1@S@PROPOSALS ARISE for coping with the shortage of nurses.@@@@1@9@@oe@2-2-2013
22223016@unknown@formal@none@1@S@An Association of Academic Health Centers report urges freeing nurses from duties that don't require special skills.@@@@1@17@@oe@2-2-2013
22223017@unknown@formal@none@1@S@It also recommends better retirement and day-care benefits, and basing pay on education, experience and nurses' demanding work schedules.@@@@1@19@@oe@2-2-2013
22223018@unknown@formal@none@1@S@But it opposes an American Medical Association proposal for creating a "registered care technologist," as "potentially divisive"; it says the job would entail an unwanted new doctor's "bedside" extension.@@@@1@29@@oe@2-2-2013
22223019@unknown@formal@none@1@S@Over a third of 618 hospitals surveyed by consultant Hewitt Associates use a "clinical ladder," basing advancement on performance and education.@@@@1@21@@oe@2-2-2013
22223020@unknown@formal@none@1@S@Many also use recruiting bonuses, tuition reimbursement, loan repayment or child-care help.@@@@1@12@@oe@2-2-2013
22223021@unknown@formal@none@1@S@Some give lump-sum incentives.@@@@1@4@@oe@2-2-2013
22223022@unknown@formal@none@1@S@MRA Staffing Systems signs up nurses for paid travel, promising annual income up to $50,000 and free or subsidized housing.@@@@1@20@@oe@2-2-2013
22223023@unknown@formal@none@1@S@TREATING EMPLOYEES with respect is crucial for managers, says consultant Hay Group after surveys of a million workers.@@@@1@18@@oe@2-2-2013
22223024@unknown@formal@none@1@S@It's in their top five "work values."@@@@1@7@@oe@2-2-2013
22223025@unknown@formal@none@1@S@Fully 80% of employees who say their bosses treat them with respect, but only a third of those who don't feel respected say they're satisfied with where they work.@@@@1@29@@oe@2-2-2013
22223026@unknown@formal@none@1@S@SPRUCING UP THE DIGS: About 200 employees of the Maryland Department of Economic and Employment Development for four months painted walls, polished and carpeted floors, bought plants, cleaned windows and blinds, and hung pictures at the agency's Baltimore office.@@@@1@39@@oe@2-2-2013
22223027@unknown@formal@none@1@S@The 3,000 hours of work will save the state $55,000.@@@@1@10@@oe@2-2-2013
22223028@unknown@formal@none@1@S@CURBING WAGE BOOSTS will get high priority again in 1990 collective bargaining, a Bureau of National Affairs survey of 250 companies with pacts expiring next year indicates.@@@@1@27@@oe@2-2-2013
22223029@unknown@formal@none@1@S@Despite labor-shortage warnings, 80% aim for first-year wage increases of under 4%; and 77% say they'd try to replace workers, if struck, or would consider it.@@@@1@26@@oe@2-2-2013
22223030@unknown@formal@none@1@S@TEMPORARY WORKERS have good educations, the National Association of Temporary Services says; its survey of 2,508 such employees shows 82% with more than a high-school education, and 31% with college degrees.@@@@1@31@@oe@2-2-2013
22223031@unknown@formal@none@1@S@About 12% have retired from a full-time job, while 54% were asked to stay on full time.@@@@1@17@@oe@2-2-2013
22223032@unknown@formal@none@1@S@HOME-SALE LOSSES rise, but they're often covered by employers.@@@@1@9@@oe@2-2-2013
22223033@unknown@formal@none@1@S@But they search for ways to limit the damage.@@@@1@9@@oe@2-2-2013
22223034@unknown@formal@none@1@S@A third of 439 companies surveyed by the Employee Relocation Council report a rise in 1988 sales losses over 1987.@@@@1@20@@oe@2-2-2013
22223035@unknown@formal@none@1@S@About 72% reimburse for all or some losses.@@@@1@8@@oe@2-2-2013
22223036@unknown@formal@none@1@S@Since 1984, more companies give sales-loss aid, as many real-estate values depreciated, the council says.@@@@1@15@@oe@2-2-2013
22223037@unknown@formal@none@1@S@RJR Nabisco pays up to $30,000 of losses, including improvements.@@@@1@10@@oe@2-2-2013
22223038@unknown@formal@none@1@S@Goodrich won't ensure loss coverage, but will prevent a "catastrophic loss"; it has given some employees the full purchase price when values fell from concern over dangers posed by a disposal site.@@@@1@32@@oe@2-2-2013
22223039@unknown@formal@none@1@S@Federal Express, Dow Chemical, Ford and National City Corp. will buy the home or let the worker sell to an outside firm, but usually won't cover a loss.@@@@1@28@@oe@2-2-2013
22223040@unknown@formal@none@1@S@Since 1984, firms offering prepurchase house appraisals, to deter overpaying, rose to 40% of those the council polled, from 28%.@@@@1@20@@oe@2-2-2013
22223041@unknown@formal@none@1@S@THE CHECKOFF: The National Academy of Engineering gives two inventors of the semiconductor microchip a $350,000 achievement award. . . .@@@@1@21@@oe@2-2-2013
22223042@unknown@formal@none@1@S@Now, that's reactionary: Letter Carriers union president Vincent Sombrotto accuses Philadelphia postmaster Charles James of "12th century . . . oppressive management tactics.@@@@1@23@@oe@2-2-2013
22224001@unknown@formal@none@1@S@Yesterday was, in the words of New York Stock Exchange Chairman John J. Phelan Jr., just your "reasonably normal, 400 million-share, up 88-points day."@@@@1@24@@oe@2-2-2013
22224002@unknown@formal@none@1@S@When it was all over and stocks had staged a huge recovery, Big Board officials were self-congratulatory about how well the day had gone.@@@@1@24@@oe@2-2-2013
22224003@unknown@formal@none@1@S@They said the exchange's trading procedures, personnel, equipment and links with other exchanges couldn't have performed better.@@@@1@17@@oe@2-2-2013
22224004@unknown@formal@none@1@S@"We had no operating problems at all," Mr. Phelan said after the market closed.@@@@1@14@@oe@2-2-2013
22224005@unknown@formal@none@1@S@"All the things that we set up to slow down the process, to let people know that the market was in an extreme position, worked extremely well."@@@@1@27@@oe@2-2-2013
22224006@unknown@formal@none@1@S@Prices for the 416.3 million shares that changed hands during the session were carried on the exchange's trading tape with barely a delay, officials said.@@@@1@25@@oe@2-2-2013
22224007@unknown@formal@none@1@S@While reaching blockbuster proportions yesterday, the volume was still well within the 600 million-share capacity that the exchange has said it can handle daily since beefing up its computers after the October 1987 crash.@@@@1@34@@oe@2-2-2013
22224008@unknown@formal@none@1@S@The so-called circuit breakers devised by the Big Board and the Chicago Mercantile Exchange to quell free falls in stock and futures prices weren't triggered yesterday because the markets were higher for most of the day.@@@@1@36@@oe@2-2-2013
22224009@unknown@formal@none@1@S@Despite traders' complaints, Mr. Phelan said the links with the Chicago futures market worked as planned in Friday's rout to provide a cooling-off period.@@@@1@24@@oe@2-2-2013
22224010@unknown@formal@none@1@S@Of greater help, the Big Board chairman said, was the "natural circuit breaker" of the weekend, that provided a breathing period that "brought rationality back to the market.@@@@1@28@@oe@2-2-2013
22225001@unknown@formal@none@1@S@Chicken Chains Ruffled By Loss of Customers@@@@1@7@@oe@2-2-2013
22225002@unknown@formal@none@1@S@FAST-FOOD chicken chains, faced with a worsening business slump, are struggling to hatch some new marketing strategies.@@@@1@17@@oe@2-2-2013
22225003@unknown@formal@none@1@S@The Crest Report, which tracks consumer purchases, says customer traffic at chicken restaurants fell 10% in the second quarter, while the overall fast-food customer count was down 2%.@@@@1@28@@oe@2-2-2013
22225004@unknown@formal@none@1@S@Chicken business is off largely because of more competition from grocery-store convenience food, home-delivered pizza and other takeout fare, says a spokesman for the report, a publication of NPD Group, a market research firm in Port Washington, N.Y.@@@@1@38@@oe@2-2-2013
22225005@unknown@formal@none@1@S@The loss of more customers is the latest in a string of problems.@@@@1@13@@oe@2-2-2013
22225006@unknown@formal@none@1@S@Church's Fried Chicken Inc. and Popeye's Famous Fried Chicken Inc., which have merged, are still troubled by overlapping restaurant locations.@@@@1@20@@oe@2-2-2013
22225007@unknown@formal@none@1@S@Chicken chains also are feeling more pressure from McDonald's Corp., which introduced its McChicken sandwich this year and recently tested the sale of individual pieces of chicken.@@@@1@27@@oe@2-2-2013
22225008@unknown@formal@none@1@S@New management at Kentucky Fried Chicken, a unit of PepsiCo Inc., has fought back with new medium and large chicken sandwiches for the lunch crowd.@@@@1@25@@oe@2-2-2013
22225009@unknown@formal@none@1@S@And the chain is testing products that aren't fried, such as "char-grilled" chicken, to try to win health-conscious consumers.@@@@1@19@@oe@2-2-2013
22225010@unknown@formal@none@1@S@Kentucky Fried Chicken also is testing home-delivery of chicken, which could be a hit with stay-at-home diners.@@@@1@17@@oe@2-2-2013
22225011@unknown@formal@none@1@S@But some fast-food industry analysts say problems with keeping chicken warm and fresh must be solved first.@@@@1@17@@oe@2-2-2013
22225012@unknown@formal@none@1@S@A Kentucky Fried Chicken spokesman, however, disputed the notion that the delivery service experienced problems in some markets where testing has been discontinued.@@@@1@23@@oe@2-2-2013
22225013@unknown@formal@none@1@S@He says the test is continuing in Chicago, Columbus, Ohio, and a few other cities.@@@@1@15@@oe@2-2-2013
22225014@unknown@formal@none@1@S@The advertising industry is buzzing with rumors that Kentucky Fried Chicken will drop Young & Rubicam and seek a new ad agency.@@@@1@22@@oe@2-2-2013
22225015@unknown@formal@none@1@S@But the company declines to comment.@@@@1@6@@oe@2-2-2013
22225016@unknown@formal@none@1@S@Emanuel Goldman, a PaineWebber Inc. analyst, predicts Kentucky Fried Chicken will post an 11% drop in 1989 net income.@@@@1@19@@oe@2-2-2013
22225017@unknown@formal@none@1@S@"They've been laggard," he says, "but they'll have to become more aggressive."@@@@1@12@@oe@2-2-2013
22225018@unknown@formal@none@1@S@Reluctant Advertisers Try Soft-Sell Spots@@@@1@5@@oe@2-2-2013
22225019@unknown@formal@none@1@S@CALL IT un-advertising.@@@@1@3@@oe@2-2-2013
22225020@unknown@formal@none@1@S@Pittsburgh consultant David Bear is selling a soft approach to clients who want exposure yet shun pushy ads.@@@@1@18@@oe@2-2-2013
22225021@unknown@formal@none@1@S@His ploy: 60-second radio spots that offer helpful hints.@@@@1@9@@oe@2-2-2013
22225022@unknown@formal@none@1@S@The only plug for the sponsor is a brief mention at the end of the spot.@@@@1@16@@oe@2-2-2013
22225023@unknown@formal@none@1@S@The messages resemble the Business Traveler, a daily dose of travel tips developed by Mr. Bear and sponsored by travel agencies in several major cities.@@@@1@25@@oe@2-2-2013
22225024@unknown@formal@none@1@S@New un-advertisers include Burt Hill Kosar Rittlemann Associates, a Butler, Pa., architectural firm.@@@@1@13@@oe@2-2-2013
22225025@unknown@formal@none@1@S@Its radio series features such spots as "Floodlights: Evening Wear for Urban Structures" and "Building a Place to Park."@@@@1@19@@oe@2-2-2013
22225026@unknown@formal@none@1@S@A harder sell, says John Kosar, the firm's president, would "detract from the profession."@@@@1@14@@oe@2-2-2013
22225027@unknown@formal@none@1@S@Hospitals have signed up to use the messages to promote fundraisers, and Equitable Gas Co. is considering the format to offer energy tips to consumers.@@@@1@25@@oe@2-2-2013
22225028@unknown@formal@none@1@S@But such spots can be too soft.@@@@1@7@@oe@2-2-2013
22225029@unknown@formal@none@1@S@"There's always a risk of lost messages," says John Fitzgerald, chairman of Ketchum Advertising USA, which created similar radio spots for Pittsburgh National Bank.@@@@1@24@@oe@2-2-2013
22225030@unknown@formal@none@1@S@"It's a question of how much credibility you gain for the possible loss of recognition."@@@@1@15@@oe@2-2-2013
22225031@unknown@formal@none@1@S@Retailer Sees Pitfalls In Environmental Push@@@@1@6@@oe@2-2-2013
22225032@unknown@formal@none@1@S@HERE'S a retailer that's getting tough in the push for environmentally safe packaging and products.@@@@1@15@@oe@2-2-2013
22225033@unknown@formal@none@1@S@Big Bear Supermarkets Inc., a grocery chain based in San Diego, plans to display shelf cards and distribute pamphlets recommending products deemed safe for the environment.@@@@1@26@@oe@2-2-2013
22225034@unknown@formal@none@1@S@The choices will be based on research by the San Diego Environmental Health Coalition and will include products like Murphy's Oil Soap and other noncorrosive cleaners.@@@@1@26@@oe@2-2-2013
22225035@unknown@formal@none@1@S@But the chain is quickly realizing the pitfalls of such endorsements.@@@@1@11@@oe@2-2-2013
22225036@unknown@formal@none@1@S@For example, it recommends nonchlorinated dishwasher detergent and puts Sunlight on its environmentally safe list.@@@@1@15@@oe@2-2-2013
22225037@unknown@formal@none@1@S@That doesn't thrill Procter & Gamble Co., maker of Cascade dishwasher detergent.@@@@1@12@@oe@2-2-2013
22225038@unknown@formal@none@1@S@A company spokesman questioned the validity of the list, noting that chlorine is present in all major dishwasher detergents.@@@@1@19@@oe@2-2-2013
22225039@unknown@formal@none@1@S@In fact, Lever Bros. confirms that its Sunlight brand does contain chlorine bleach, even though it isn't listed on the label for the powder version.@@@@1@25@@oe@2-2-2013
22225040@unknown@formal@none@1@S@Thomas G. Dahlen, Big Bear's executive vice president, said the chain is still reviewing its product list to avoid such problems.@@@@1@21@@oe@2-2-2013
22225041@unknown@formal@none@1@S@"Our intent is to promote the best alternative," he says.@@@@1@10@@oe@2-2-2013
22225042@unknown@formal@none@1@S@"And it's important that we be accurate."@@@@1@7@@oe@2-2-2013
22225043@unknown@formal@none@1@S@But in the end, customers' wishes are what will prevail.@@@@1@10@@oe@2-2-2013
22225044@unknown@formal@none@1@S@Big Bear doesn't care for disposable diapers, which aren't biodegradable.@@@@1@10@@oe@2-2-2013
22225045@unknown@formal@none@1@S@Yet parents demand them.@@@@1@4@@oe@2-2-2013
22225046@unknown@formal@none@1@S@Says Mr. Dahlen, "We'll still be forced to sell items we might not philosophically agree with."@@@@1@16@@oe@2-2-2013
22225047@unknown@formal@none@1@S@Odds and Ends@@@@1@3@@oe@2-2-2013
22225048@unknown@formal@none@1@S@NEATNESS does count -- at least in the grocery store.@@@@1@10@@oe@2-2-2013
22225049@unknown@formal@none@1@S@A study by Safeway's Scanner Marketing Research shows soap sales climbed 5% when bars were neatly stacked on shelves instead of dumped in a wire basket. . . .@@@@1@29@@oe@2-2-2013
22225050@unknown@formal@none@1@S@Which celebrity endorsers are most believable?@@@@1@6@@oe@2-2-2013
22225051@unknown@formal@none@1@S@For the third year in a row, consumers voted Bill Cosby first and James Garner second in persuasiveness as spokesmen in TV commercials, according to Video Storyboard Tests, New York.@@@@1@30@@oe@2-2-2013
22225052@unknown@formal@none@1@S@Michael J. Fox replaced Bruce Willis in third place; Cher placed fourth for the second time.@@@@1@16@@oe@2-2-2013
22226001@unknown@formal@none@1@S@Health and Human Services Secretary Louis Sullivan has chosen Antonia Novello to be the next surgeon general, Bush administration officials said.@@@@1@21@@oe@2-2-2013
22226002@unknown@formal@none@1@S@If she is nominated by President Bush and confirmed by the Senate, Dr. Novello would succeed C. Everett Koop, who rattled liberals and conservatives alike with his outspoken views on a range of health issues.@@@@1@35@@oe@2-2-2013
22226003@unknown@formal@none@1@S@Dr. Novello, an expert on pediatric kidney diseases, is deputy director of the National Institute of Child Health and Human Development.@@@@1@21@@oe@2-2-2013
22226004@unknown@formal@none@1@S@She has also served on several task forces on acquired immune deficiency syndrome.@@@@1@13@@oe@2-2-2013
22226005@unknown@formal@none@1@S@Dr. Novello's office said she wouldn't talk with reporters, and it refused to release any information about her.@@@@1@18@@oe@2-2-2013
22226006@unknown@formal@none@1@S@The newsletter Medicine & Health, which first disclosed her selection by Dr. Sullivan, said she is 44 years old and she studied at the University of Puerto Rico School of Medicine.@@@@1@31@@oe@2-2-2013
22227001@unknown@formal@none@1@S@The continuing series of HUD scandals is a sadly predictable result of pork-barrel politics.@@@@1@14@@oe@2-2-2013
22227002@unknown@formal@none@1@S@Nevertheless, lobbies such as the National Association of Home Builders (NAHB) continue to pressure Capitol Hill for more special-interest spending.@@@@1@20@@oe@2-2-2013
22227003@unknown@formal@none@1@S@Kent Colton, NAHB executive vice president, argues that the U.S. faces a multifaceted housing crisis -- reduced affordability of homes for first-time buyers, increased homelessness, and lower apartment construction rates -- that will be "very difficult" to solve "without expanded federal resources."@@@@1@42@@oe@2-2-2013
22227004@unknown@formal@none@1@S@There's nothing unusual about business groups pushing for more government spending.@@@@1@11@@oe@2-2-2013
22227005@unknown@formal@none@1@S@But the NAHB was created in 1943 out of an organization that made its name fighting a Roosevelt administration proposal to take over all defense housing production.@@@@1@27@@oe@2-2-2013
22227006@unknown@formal@none@1@S@Through the years the association has been an active member of the taxpayer's coalition, pushing for such initiatives as the balanced-budget amendment.@@@@1@22@@oe@2-2-2013
22227007@unknown@formal@none@1@S@Yet on matters close to, er, home . . .@@@@1@10@@oe@2-2-2013
22227008@unknown@formal@none@1@S@"The HUD budget has dropped by more than 70% since 1980," argues Mr. Colton.@@@@1@14@@oe@2-2-2013
22227009@unknown@formal@none@1@S@"We've taken more than our fair share.@@@@1@7@@oe@2-2-2013
22227010@unknown@formal@none@1@S@I wouldn't have a problem if other programs had taken a similar hit."@@@@1@13@@oe@2-2-2013
22227011@unknown@formal@none@1@S@But NAHB support for subsidies is not related to the current housing crunch; over the years the NAHB has backed a host of public programs.@@@@1@25@@oe@2-2-2013
22227012@unknown@formal@none@1@S@It once pushed for a national housing production goal set by the federal government and has regularly advanced anti-recession housing measures.@@@@1@21@@oe@2-2-2013
22227013@unknown@formal@none@1@S@Moreover, explains one HUD official, the NAHB remains susceptible to internal pressure from members that specialize in subsidized production.@@@@1@19@@oe@2-2-2013
22227014@unknown@formal@none@1@S@The association is pushing an extensive and expensive wish-list, which would substantially boost spending above the current level of more than $15 billion annually.@@@@1@24@@oe@2-2-2013
22227015@unknown@formal@none@1@S@It would like to peg the ceiling on Federal Housing Administration mortgage guarantees to 95% of the median price in a particular market, instead of limiting it to $101,250; reduce (or even eliminate) FHA down-payment requirements and increase the availability of variable-rate mortgages; expand the Veterans Affairs Department loan guarantee program; provide "adequate" funding for the Farmers Home Administration (FmHA); increase federal funding and tax incentives for the construction of low-income and rental housing, including $4 billion in block grants to states and localities; and "fully fund" the McKinney Act, a $656 million potpourri for the homeless.@@@@1@97@@oe@2-2-2013
22227016@unknown@formal@none@1@S@Direct federal subsidies for housing construction have proved intolerably expensive in the past, and inevitably are twisted to the benefit of well-connected developers and lobbyists, as demonstrated by the ongoing HUD scandal, or congressmen.@@@@1@34@@oe@2-2-2013
22227017@unknown@formal@none@1@S@Indirect subsidies, through the FHA, for instance, are little better.@@@@1@10@@oe@2-2-2013
22227018@unknown@formal@none@1@S@Though Mr. Colton says expanding FHA lending would result in "no cost to the government," the mere diversion of funds from other parts of the economy and from other forms of housing (such as low-income) to the single-family home market would result in a major expense.@@@@1@46@@oe@2-2-2013
22227019@unknown@formal@none@1@S@More important, housing programs run by HUD, the VA, and FmHA are awash in red ink.@@@@1@16@@oe@2-2-2013
22227020@unknown@formal@none@1@S@The FHA alone lost $4.2 billion in fiscal 1988; the government's equity in the agency, essentially its reserve fund, fell to minus $2.9 billion.@@@@1@24@@oe@2-2-2013
22227021@unknown@formal@none@1@S@The federal government has had to pump in $2.28 billion into the VA housing program since 1984 to keep the fund afloat and the VA requested an additional $120 million for the fiscal year just ended.@@@@1@36@@oe@2-2-2013
22227022@unknown@formal@none@1@S@All told, the federal government already guarantees more than $900 billion of mortgages.@@@@1@13@@oe@2-2-2013
22227023@unknown@formal@none@1@S@In its nicely produced publication "Where Will Our Children Live?" the NAHB does acknowledge that "of course, the full measure of housing affordability cannot be provided by the federal government."@@@@1@30@@oe@2-2-2013
22227024@unknown@formal@none@1@S@It points to the pernicious impact of local government regulation, particularly zoning and building fees, which pushes the price of housing out of the reach of low- and middle-income people.@@@@1@30@@oe@2-2-2013
22227025@unknown@formal@none@1@S@But while the NAHB has suggested actions that states and localities should take to reduce regulatory barriers, the association has proposed no activist legislative program -- comparable to, say, its detailed request for more federal subsidies -- to eliminate counterproductive controls.@@@@1@41@@oe@2-2-2013
22227026@unknown@formal@none@1@S@The association, a majority of whose 156,000 members build fewer than 25 units a year, is like many other business lobbies.@@@@1@21@@oe@2-2-2013
22227027@unknown@formal@none@1@S@Explains Sheila MacDonald of the National Taxpayers Union: "It treads in two worlds.@@@@1@13@@oe@2-2-2013
22227028@unknown@formal@none@1@S@The builders like the subsidies, but at the same time they tend to be fiscal conservatives in terms of major issues, such as the balanced-budget amendment."@@@@1@26@@oe@2-2-2013
22227029@unknown@formal@none@1@S@Unfortunately, the organization's desire for pork tends to override its commitment to overall fiscal responsibility.@@@@1@15@@oe@2-2-2013
22227030@unknown@formal@none@1@S@Two years ago when the NAHB lobbied for the $19 billion omnibus housing bill, the organization "basically dropped out of the taxpayers' coalition," says Ms. MacDonald.@@@@1@26@@oe@2-2-2013
22227031@unknown@formal@none@1@S@As Mr. Colton of the NAHB acknowledges: "Government is not going to solve the problem. . . .@@@@1@18@@oe@2-2-2013
22227032@unknown@formal@none@1@S@The real key is to have the economy working and interest rates down."@@@@1@13@@oe@2-2-2013
22227033@unknown@formal@none@1@S@More money for HUD will increase the deficit and destabilize the economy; more money to municipalities that are wrecking their local housing markets will further insulate them from the destructive effects of their policies.@@@@1@34@@oe@2-2-2013
22227034@unknown@formal@none@1@S@Is this what the home builders want?@@@@1@7@@oe@2-2-2013
22227035@unknown@formal@none@1@S@Mr. Bandow is a Cato Institute fellow.@@@@1@7@@oe@2-2-2013
22227036@unknown@formal@none@1@S@(See related story: "And Bills to Make Wishes Come True" -- WSJ Oct. 17, 1989.@@@@1@15@@oe@2-2-2013
22228001@unknown@formal@none@1@S@In an attempt to give new momentum to European Community plans for a single currency, EC government leaders are likely to agree to set a date for starting formal talks on amending the EC's founding Treaty of Rome.@@@@1@38@@oe@2-2-2013
22228002@unknown@formal@none@1@S@According to diplomatic sources in Brussels, most EC leaders agree that talks should begin in the second half of 1990, and will make a declaration on that during a summit meeting in Strasbourg, France, on Dec. 8 and 9.@@@@1@39@@oe@2-2-2013
22228003@unknown@formal@none@1@S@The only strong opposition to changing the EC treaty comes from British Prime Minister Margaret Thatcher, who is opposed to creating a single EC currency.@@@@1@25@@oe@2-2-2013
22228004@unknown@formal@none@1@S@But the process of convening the intergovernmental conference doesn't require unanimity.@@@@1@11@@oe@2-2-2013
22228005@unknown@formal@none@1@S@Setting a date to start treaty negotiations has no legal significance in itself, but could be viewed as an important psychological push.@@@@1@22@@oe@2-2-2013
22228006@unknown@formal@none@1@S@French President Francois Mitterrand fought to set a date for the conference during the EC summit in Madrid last June, but the move was scuttled because of opposition by Mrs. Thatcher and West German Chancellor Helmut Kohl.@@@@1@37@@oe@2-2-2013
22228007@unknown@formal@none@1@S@Diplomatic sources said Mr. Kohl may now agree to set a date for the conference to make it clear that West Germany is still committed to EC unity.@@@@1@28@@oe@2-2-2013
22229001@unknown@formal@none@1@S@The latest crewcut in the equities markets reminds me of the joke T. Boone Pickens tells about the guy who was run over by the parade.@@@@1@26@@oe@2-2-2013
22229002@unknown@formal@none@1@S@When asked "What went wrong?" the unfortunate victim replied, "It was a combination of things."@@@@1@15@@oe@2-2-2013
22229003@unknown@formal@none@1@S@And so it was on Gray Friday.@@@@1@7@@oe@2-2-2013
22229004@unknown@formal@none@1@S@The grand marshal of this parade would appear to have been excess leverage.@@@@1@13@@oe@2-2-2013
22229005@unknown@formal@none@1@S@Even if that is so, however, it's probably the case that no barriers should have been erected to stop the procession before the end of the rout(e).@@@@1@27@@oe@2-2-2013
22229006@unknown@formal@none@1@S@The ceremonies began Friday afternoon when word spread that the UAL buy-out was collapsing.@@@@1@14@@oe@2-2-2013
22229007@unknown@formal@none@1@S@Although the union-bidder expects to patch together a substitute offer, consisting of less cash, the failure to get cash from Japanese and American banks confirmed a growing fear among arbitragers that the pageant of high-leverage takeover deals is ending.@@@@1@39@@oe@2-2-2013
22229008@unknown@formal@none@1@S@Lots of other entries made up the parade, of course -- notably a surprisingly large increase in producer prices, signalling Federal Reserve tightness; and the Bush administration's (temporary?) defeat in trying to lower the capital-gains tax.@@@@1@36@@oe@2-2-2013
22229009@unknown@formal@none@1@S@As usual, few favorable reviews were heard for that ever-present marching band of program traders, although most serious studies suggest they only play the music that others write.@@@@1@28@@oe@2-2-2013
22229010@unknown@formal@none@1@S@What really spooked the crowds along Wall Street, however, was the sudden concern that, whatever the reason, the pool of debt capital is drying up.@@@@1@25@@oe@2-2-2013
22229011@unknown@formal@none@1@S@Gray Friday reflects a panic mainly by the takeover arbitragers, rather than the small investor, as their highly margined investments in the "deal" stocks are jeopardized by the unexpected drying up of the lubricant for deal financing.@@@@1@37@@oe@2-2-2013
22229012@unknown@formal@none@1@S@Deal stocks led the market down as they absorbed the heaviest losses.@@@@1@12@@oe@2-2-2013
22229013@unknown@formal@none@1@S@UAL, which triggered the slide, opened Monday at $224, down about 20% from Thursday's close.@@@@1@15@@oe@2-2-2013
22229014@unknown@formal@none@1@S@AMR opened Monday at $80, down nearly 20% from Thursday's close.@@@@1@11@@oe@2-2-2013
22229015@unknown@formal@none@1@S@(Both took further hits yesterday.)@@@@1@5@@oe@2-2-2013
22229016@unknown@formal@none@1@S@Hilton lost 20% on Friday; Paramount lost almost 11%.@@@@1@9@@oe@2-2-2013
22229017@unknown@formal@none@1@S@A careful look reveals that where deal financing has been secured, the target's stock price was not affected on Friday.@@@@1@20@@oe@2-2-2013
22229018@unknown@formal@none@1@S@The multibillion-dollar prospects, where the bidder must line up a consortium of banks and/or issue billions in high-yield debt, were where the damage was concentrated.@@@@1@25@@oe@2-2-2013
22229019@unknown@formal@none@1@S@The market for so-called junk bonds has been setting the stage for Friday's dramatic march for several weeks.@@@@1@18@@oe@2-2-2013
22229020@unknown@formal@none@1@S@The growing financial difficulties of recent high-leverage restructurings or takeovers, such as Resorts International, Integrated Resources, and Campeau's retailing empire, have cast a pall over the entire market for high-yield securities.@@@@1@31@@oe@2-2-2013
22229021@unknown@formal@none@1@S@Investors have reacted by ignoring recent efforts to float junk bonds by Ohio Mattress and by forcing Ramada to postpone indefinitely its planned junk-bond sale and restructuring.@@@@1@27@@oe@2-2-2013
22229022@unknown@formal@none@1@S@As a result, high-yield mutual funds have declined across the board and the many firms planning to sell $11 billion in junk bonds before year-end are experiencing anxious times.@@@@1@29@@oe@2-2-2013
22229023@unknown@formal@none@1@S@These are all market excesses (putting aside the artificial boosts that the tax code gives to debt over equity), and what we've seen is the market reining them in.@@@@1@29@@oe@2-2-2013
22229024@unknown@formal@none@1@S@Of course, Washington hadn't been silent in the days leading up to the debacle, and its tendency to meddle in the leverage equation remains a troublesome prospect, but those preliminary steps shouldn't distract us from the basic market fundamentalism that was at work on Friday.@@@@1@45@@oe@2-2-2013
22229025@unknown@formal@none@1@S@If it is correct to find that concerns over corporate debt and LBOs caused Gray Friday, what are the implications for policy makers?@@@@1@23@@oe@2-2-2013
22229026@unknown@formal@none@1@S@After all, the stock market's response to the collapse of the UAL deal might be taken to confirm the anti-debt direction of regulators.@@@@1@23@@oe@2-2-2013
22229027@unknown@formal@none@1@S@Is this a case where private markets are approving of Washington's bashing of Wall Street?@@@@1@15@@oe@2-2-2013
22229028@unknown@formal@none@1@S@Absolutely not.@@@@1@2@@oe@2-2-2013
22229029@unknown@formal@none@1@S@To the extent that Friday's sell-off reflected a sudden reappraisal of the excesses of leverage, the message is that Wall Street and the private markets are fully capable of imposing the appropriate incentives and sanctions on corporate behavior.@@@@1@38@@oe@2-2-2013
22229030@unknown@formal@none@1@S@The national economic interests are much better served allowing the private interests of bankers and investors be the ultimate judges of the investment quality of various LBO deals and leveraged restructurings.@@@@1@31@@oe@2-2-2013
22229031@unknown@formal@none@1@S@The recent difficulties in the junk-bond markets and the scarcity of bank capital for recent deals underscores the wisdom of letting the free markets operate.@@@@1@25@@oe@2-2-2013
22229032@unknown@formal@none@1@S@If takeover premiums become excessive, if LBO dealmakers become too aggressive, then the private market will recognize these problems more quickly and accurately than will policy makers, and the markets will move with lightning speed to impose appropriate sanctions.@@@@1@39@@oe@2-2-2013
22229033@unknown@formal@none@1@S@Yes, the broader exchanges got caught up in the spiral, but they rode the tiger up all year.@@@@1@18@@oe@2-2-2013
22229034@unknown@formal@none@1@S@Not surprisingly, he sometimes bites.@@@@1@5@@oe@2-2-2013
22229035@unknown@formal@none@1@S@The arbitragers and takeover initiatiors got killed on Gray Friday, while the besieged managers of prospective targets cheered lustily.@@@@1@19@@oe@2-2-2013
22229036@unknown@formal@none@1@S@If you identify with the besieged managers, you must concede that speedy and effective relief from the excesses of the takeover market is more likely to come from the marketplace than from Washington.@@@@1@33@@oe@2-2-2013
22229037@unknown@formal@none@1@S@If you side with the arbitragers and raiders, you clearly have more to fear from private investors than from regulators, although the Delaware courts should never be underestimated.@@@@1@28@@oe@2-2-2013
22229038@unknown@formal@none@1@S@The truth is, Washington understands politics better than economics.@@@@1@9@@oe@2-2-2013
22229039@unknown@formal@none@1@S@Although the average citizen is probably not harmed too much from Washington's rhetorical war against Wall Street regarding excessive financial leveraging, actual legislation would probably impose considerable harm.@@@@1@28@@oe@2-2-2013
22229040@unknown@formal@none@1@S@Any such attempt to distinguish "good debt" from "bad debt," or to draw the line at a particular industry, such as the airlines, is likely to blunt the spur that the proper amount of leverage provides both to equity markets and economic efficiency in general.@@@@1@45@@oe@2-2-2013
22229041@unknown@formal@none@1@S@Far better for policy makers to concentrate on the war against drugs, Panama and the deficit, all of them parades that seem never to end.@@@@1@25@@oe@2-2-2013
22229042@unknown@formal@none@1@S@Mr. Jarrell, former top economist at the Securities and Exchange Commission, teaches at the University of Rochester's Simon Business School.@@@@1@20@@oe@2-2-2013
22230001@unknown@formal@none@1@S@Tokyo share prices rebounded Tuesday morning, with the Nikkei index of 225 selected stocks rising 618.69 points to close the morning session at 35087.38.@@@@1@24@@oe@2-2-2013
22230002@unknown@formal@none@1@S@The index slid 647.33 points, or 1.8%, on Monday.@@@@1@9@@oe@2-2-2013
22230003@unknown@formal@none@1@S@In the first 25 minutes of Tuesday's trading the Nikkei index soared 664.83 points, to 35133.83.@@@@1@16@@oe@2-2-2013
22230004@unknown@formal@none@1@S@By 10 a.m. Tokyo time, the index was up 435.11 points, to 34903.80 as investors hailed New York's overnight rally.@@@@1@20@@oe@2-2-2013
22230005@unknown@formal@none@1@S@Monday's slide came in a relatively calm session that didn't provide much direction for other markets.@@@@1@16@@oe@2-2-2013
22230006@unknown@formal@none@1@S@Shares also closed sharply lower across Europe, particularly in Frankfurt, although London and a few other markets recovered some ground after stocks began to rebound in New York.@@@@1@28@@oe@2-2-2013
22230007@unknown@formal@none@1@S@Other Asian and Pacific markets had sharper losses than Tokyo, but the selling wave stopped short of precipitating another market crash.@@@@1@21@@oe@2-2-2013
22230008@unknown@formal@none@1@S@All eyes were on Tokyo at the opening because it was the first major market to trade since Friday's 190.58-point plunge on Wall Street.@@@@1@24@@oe@2-2-2013
22230009@unknown@formal@none@1@S@But rather than set the tone for other markets, Japan's major institutional investors chose to remain on the sidelines.@@@@1@19@@oe@2-2-2013
22230010@unknown@formal@none@1@S@Still, despite the sudden reappearance of stock-market turbulence, managers of Japanese investment funds said they weren't planning to unload U.S. or European equities.@@@@1@23@@oe@2-2-2013
22230011@unknown@formal@none@1@S@"We didn't trade much today, as our policy now is to wait and see," said a fund manager at Taisho Life Insurance Co.@@@@1@23@@oe@2-2-2013
22230012@unknown@formal@none@1@S@"We would like to wait and see until trading goes around through Europe and New York."@@@@1@16@@oe@2-2-2013
22230013@unknown@formal@none@1@S@The institutions appeared confident that Japanese regulators would step in to ensure orderly trading if necessary, and there was considerable speculation during the day that the Finance Ministry was working behind the scenes to do just that.@@@@1@37@@oe@2-2-2013
22230014@unknown@formal@none@1@S@But in the absence of panicky trading, its presence was never overtly felt.@@@@1@13@@oe@2-2-2013
22230015@unknown@formal@none@1@S@At the close, the Nikkei average of 225 stocks stood at 34468.69, down 647.33 points, or 1.8%.@@@@1@17@@oe@2-2-2013
22230016@unknown@formal@none@1@S@The broader Tokyo Stock Price Index sank 45.66, or 1.7%, to 2600.88.@@@@1@12@@oe@2-2-2013
22230017@unknown@formal@none@1@S@The day's decline was generally in line with analysts' weekend predictions.@@@@1@11@@oe@2-2-2013
22230018@unknown@formal@none@1@S@Declining issues swamped advancers, 941-105.@@@@1@5@@oe@2-2-2013
22230019@unknown@formal@none@1@S@But volume was thin at 526.2 million shares, compared with 574.7 million Friday.@@@@1@13@@oe@2-2-2013
22230020@unknown@formal@none@1@S@The market opened sharply lower, with the Nikkei average down nearly 600 after 20 minutes.@@@@1@15@@oe@2-2-2013
22230021@unknown@formal@none@1@S@A midmorning rebound brought it back to show a gain of about 200 at the end of the morning session, but the rally failed in the afternoon, and the market closed near the day's low.@@@@1@35@@oe@2-2-2013
22230022@unknown@formal@none@1@S@The smaller stocks in the Tokyo market's second section also posted their biggest decline of the year.@@@@1@17@@oe@2-2-2013
22230023@unknown@formal@none@1@S@The Tokyo Stock Exchange index for the second section fell 100.96, or 2.7%, to 3655.40.@@@@1@15@@oe@2-2-2013
22230024@unknown@formal@none@1@S@Many investors, trying to outperform the market's major indexes, have flocked to these small issues in recent weeks.@@@@1@18@@oe@2-2-2013
22230025@unknown@formal@none@1@S@Japanese investors and traders expressed relief that the Tokyo market didn't fall more sharply.@@@@1@14@@oe@2-2-2013
22230026@unknown@formal@none@1@S@But its performance did bear some resemblance to events of two years ago, during the October 1987 global stock market crash.@@@@1@21@@oe@2-2-2013
22230027@unknown@formal@none@1@S@On Oct. 16, 1987 -- the Friday before the Black Monday crash -- the New York market dropped 4.6%, and Tokyo followed on Monday with a 2.4% drop.@@@@1@28@@oe@2-2-2013
22230028@unknown@formal@none@1@S@This time, Wall Street's plunge of 6.9% Friday was followed by yesterday's 1.8% loss in Tokyo.@@@@1@16@@oe@2-2-2013
22230029@unknown@formal@none@1@S@Two years ago, Tokyo's biggest fall came the day after New York's 22.6% Black Monday plunge, when the Nikkei average fell 14.9%.@@@@1@22@@oe@2-2-2013
22230030@unknown@formal@none@1@S@Thus, market participants yesterday were looking ahead nervously to Wall Street's opening.@@@@1@12@@oe@2-2-2013
22230031@unknown@formal@none@1@S@But in New York yesterday, the Dow Jones Industrial Average surged 88.12 to close at 2657.38 on heavy volume of 416,290,000 shares, although declining issues still outnumbered advancing ones on the broad market.@@@@1@33@@oe@2-2-2013
22230032@unknown@formal@none@1@S@Nobuto Yasuda, a director at Yamaichi Investment Trust & Management Co., called yesterday's session "a good scenario" for Japan.@@@@1@19@@oe@2-2-2013
22230033@unknown@formal@none@1@S@"Now we are looking for the time to place buy orders," he said.@@@@1@13@@oe@2-2-2013
22230034@unknown@formal@none@1@S@"For us institutional investors, the chance for buying has come."@@@@1@10@@oe@2-2-2013
22230035@unknown@formal@none@1@S@Isao Ushikubo, general manager of the investment research department at Toyo Trust & Banking Co., also was optimistic.@@@@1@18@@oe@2-2-2013
22230036@unknown@formal@none@1@S@He described Friday's plunge in the U.S. as a "fleeting" event resulting in part from excessive merger and acquisition activity.@@@@1@20@@oe@2-2-2013
22230037@unknown@formal@none@1@S@"Unless there is a panic, this is the best time to buy, as was the case two years ago," he said.@@@@1@21@@oe@2-2-2013
22230038@unknown@formal@none@1@S@"Those shares which had posted gains on M&A speculation were dashed with cold water, but as far as major stocks are concerned, there isn't much impact."@@@@1@26@@oe@2-2-2013
22230039@unknown@formal@none@1@S@Other fund managers were similarly sanguine.@@@@1@6@@oe@2-2-2013
22230040@unknown@formal@none@1@S@"We have no plans to adjust our asset allocation in foreign equities," said Masato Murakami, chief portfolio manager in the pension fund management department at Yasuda Trust & Banking Co.@@@@1@30@@oe@2-2-2013
22230041@unknown@formal@none@1@S@He said Friday's Wall Street decline was "well within the range of volatility" that Yasuda Trust plans for when it charts its overseas investment strategy.@@@@1@25@@oe@2-2-2013
22230042@unknown@formal@none@1@S@Among other Asian and Pacific markets, Malaysia and Singapore had the biggest losses, with the Kuala Lumpur composite index in Malaysia falling 11.5% and Singapore's Straits Times Industrial Index down 10%.@@@@1@31@@oe@2-2-2013
22230043@unknown@formal@none@1@S@Major indexes declined more than 8% in Australia and New Zealand and 6.5% in Hong Kong.@@@@1@16@@oe@2-2-2013
22230044@unknown@formal@none@1@S@Bangkok, Manila, Seoul, Taipei and Jakarta escaped with slightly smaller losses.@@@@1@11@@oe@2-2-2013
22230045@unknown@formal@none@1@S@Brokers and fund managers said the region's markets were reacting to Friday's Wall Street plunge even though that decline was due to local factors such as failed corporate buy-outs and a deteriorating junk-bond market.@@@@1@34@@oe@2-2-2013
22230046@unknown@formal@none@1@S@"It's pure psychology," said William Au Yeung, an account executive for Drexel Burnham Lambert (HK) Ltd. in Hong Kong.@@@@1@19@@oe@2-2-2013
22230047@unknown@formal@none@1@S@"Markets in this region aren't so geared to leveraged buy-outs, and their economies generally are in good shape, but there's no doubt that Asia is still following America's lead."@@@@1@29@@oe@2-2-2013
22230048@unknown@formal@none@1@S@Several analysts said Malaysia and Singapore had the biggest losses because they are relatively open to rapid cash flows.@@@@1@19@@oe@2-2-2013
22230049@unknown@formal@none@1@S@Hong Kong is the region's next most open market, but many foreign investors have been staying away from it since it plunged in June amid political turmoil in China.@@@@1@29@@oe@2-2-2013
22230050@unknown@formal@none@1@S@"Singapore took the hit because when people want to get out, they tend to go where the liquidity is," said Elizabeth Hambrecht, a regional analyst with Baring Securities (Hong Kong) Ltd.@@@@1@31@@oe@2-2-2013
22230051@unknown@formal@none@1@S@She pointed out that even after Monday's 10% decline, the Straits Times index is up 24% this year, so investors who bailed out generally did so profitably.@@@@1@27@@oe@2-2-2013
22230052@unknown@formal@none@1@S@Similarly, Kuala Lumpur's composite index yesterday ended 27.5% above its 1988 close.@@@@1@12@@oe@2-2-2013
22230053@unknown@formal@none@1@S@In Hong Kong, the Hang Seng Index fell 180.60 to finish at 2601.70.@@@@1@13@@oe@2-2-2013
22230054@unknown@formal@none@1@S@Trading was heavy at about one billion shares, compared with 473.9 million Friday.@@@@1@13@@oe@2-2-2013
22230055@unknown@formal@none@1@S@But the session was orderly, in contrast to the market's four-day closure after the 1987 crash.@@@@1@16@@oe@2-2-2013
22230056@unknown@formal@none@1@S@Richard Chenevix-Trench, a director at Hong Kong-based Baring International Fund Managers Ltd., said the market probably hasn't hit bottom yet but is close.@@@@1@23@@oe@2-2-2013
22230057@unknown@formal@none@1@S@"If New York doesn't collapse, I see maybe another 5% on the downside, not counting the risk of bad news out of China," he said.@@@@1@25@@oe@2-2-2013
22230058@unknown@formal@none@1@S@In Australia, Sydney's All Ordinaries index closed at 1601.5, down 8.1%, its biggest drop since October 1987.@@@@1@17@@oe@2-2-2013
22230059@unknown@formal@none@1@S@But volume rose only to 162 million shares from 143 million Friday.@@@@1@12@@oe@2-2-2013
22230060@unknown@formal@none@1@S@Nestor Hinzack, an analyst at brokerage firm Burdett, Buckeridge & Young Ltd., described the market's performance as "sheep-like" as investors fled to bluechip Australian stocks and shunned entrepreneurial companies they perceived as having any takeover premium built into the price.@@@@1@40@@oe@2-2-2013
22230061@unknown@formal@none@1@S@London's Financial Times-Stock Exchange 100-share index, the most closely watched market barometer, ended at its intraday high of 2163.4, down 70.5, or 3.2%.@@@@1@23@@oe@2-2-2013
22230062@unknown@formal@none@1@S@At its low, shortly before Wall Street opened, it was off more than 130 points.@@@@1@15@@oe@2-2-2013
22230063@unknown@formal@none@1@S@The Financial Times 30-share index closed 79.3 points lower at 1738.7.@@@@1@11@@oe@2-2-2013
22230064@unknown@formal@none@1@S@Volume more than doubled to 959.3 million shares from 457.7 million Friday.@@@@1@12@@oe@2-2-2013
22230065@unknown@formal@none@1@S@Prices on the Frankfurt Stock Exchange tumbled in heavy trading.@@@@1@10@@oe@2-2-2013
22230066@unknown@formal@none@1@S@The decline in the German Stock Index of 203.56 points, or 12.8%, to 1385.72 was the Frankfurt market's steepest fall ever.@@@@1@21@@oe@2-2-2013
22230067@unknown@formal@none@1@S@Retail investors dumped holdings on a massive scale, pushing some blue-chip shares down as much as 20%.@@@@1@17@@oe@2-2-2013
22230068@unknown@formal@none@1@S@Analysts cited memories of two years ago, when many small investors held on to their shares after the October crash but the West German market continued to decline steeply for the next three months.@@@@1@34@@oe@2-2-2013
22230069@unknown@formal@none@1@S@Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.@@@@1@19@@oe@2-2-2013
22230070@unknown@formal@none@1@S@To make them directly comparable, each index is based on the close of 1969 equaling 100.@@@@1@16@@oe@2-2-2013
22230071@unknown@formal@none@1@S@The percentage change is since year-end.@@@@1@6@@oe@2-2-2013
22231001@unknown@formal@none@1@S@Frank Lloyd Wright is reported to have said once that if you tipped the world on its side, everything loose would end up in California.@@@@1@25@@oe@2-2-2013
22231002@unknown@formal@none@1@S@We've always thought that Mr. Wright underestimated California's vitality, but maybe the state's la-la factions are starting to overwhelm the forces that made it such a significant place.@@@@1@28@@oe@2-2-2013
22231003@unknown@formal@none@1@S@What else is one to make of the whacky save-the-earth initiative just proposed by several major environmental groups and organized by the state's attorney general?@@@@1@25@@oe@2-2-2013
22231004@unknown@formal@none@1@S@If passed by the voters, the recently announced initiative would phase out major pesticides, reduce carbon dioxide emissions by 40%, ban new offshore drilling, ban chemicals thought to deplete the ozone layer, and create a new state environmental officer armed with a $40 million budget to sue any firm or agency he thinks is being too dirty.@@@@1@57@@oe@2-2-2013
22231005@unknown@formal@none@1@S@The initiative is based largely on the wish-lists of the green lobby: the Sierra Club, the League of Conservation Voters, the Natural Resources Defense Council, the National Toxics Campaign and the Citizens for a Better Environment.@@@@1@36@@oe@2-2-2013
22231006@unknown@formal@none@1@S@Interestingly, the Environmental Defense Fund is having nothing to do with this one.@@@@1@13@@oe@2-2-2013
22231007@unknown@formal@none@1@S@Not only Californians but all Americans would pay if this thing passed.@@@@1@12@@oe@2-2-2013
22231008@unknown@formal@none@1@S@The initiative bars the sale of any crops in California that don't meet the initiative's standards.@@@@1@16@@oe@2-2-2013
22231009@unknown@formal@none@1@S@Kansas wheat farmers and Florida fruit growers would have to adjust or give up the California market.@@@@1@17@@oe@2-2-2013
22231010@unknown@formal@none@1@S@In other words, California is presuming to take control of the nation's farm policy.@@@@1@14@@oe@2-2-2013
22231011@unknown@formal@none@1@S@As usual the green lobby's proposal is disconnected from scientific reality.@@@@1@11@@oe@2-2-2013
22231012@unknown@formal@none@1@S@Consider the greenhouse-effect provision.@@@@1@4@@oe@2-2-2013
22231013@unknown@formal@none@1@S@The proposed initiative would mandate a reduction of carbon dioxide of 40%.@@@@1@12@@oe@2-2-2013
22231014@unknown@formal@none@1@S@Even if one buys into the whole greenhouse theory, it is inconceivable that reductions in a single state could have any impact on what is billed as a global problem.@@@@1@30@@oe@2-2-2013
22231015@unknown@formal@none@1@S@But if rational science and economics have nothing to do with the new environment initiative, what is going on?@@@@1@19@@oe@2-2-2013
22231016@unknown@formal@none@1@S@The first place to look under these circumstances is at the ways in which the sponsors themselves will benefit.@@@@1@19@@oe@2-2-2013
22231017@unknown@formal@none@1@S@The key here is the ambition of state Attorney General John Van de Kamp.@@@@1@14@@oe@2-2-2013
22231018@unknown@formal@none@1@S@He's running for governor.@@@@1@4@@oe@2-2-2013
22231019@unknown@formal@none@1@S@Mr. Van de Kamp is the one who collected the plans from the various radical environmental groups and cobbled them into a single unwieldy initiative to be placed on the ballot for election on Nov. 6, 1990.@@@@1@37@@oe@2-2-2013
22231020@unknown@formal@none@1@S@That's also the day of the gubernatorial election.@@@@1@8@@oe@2-2-2013
22231021@unknown@formal@none@1@S@The initiative seems to have been crafted to include all the hot issues that set off the wealthy Hollywood weepers who donate money.@@@@1@23@@oe@2-2-2013
22231022@unknown@formal@none@1@S@And it allows Mr. Van de Kamp to get around campaign spending limits.@@@@1@13@@oe@2-2-2013
22231023@unknown@formal@none@1@S@He can spend the legal maximum for his campaign; all the spending for the Van de Kamp initiative (on which there are no limits) is gravy.@@@@1@26@@oe@2-2-2013
22231024@unknown@formal@none@1@S@This initiative is being labeled The Big Green, but maybe it should be called The Big Greenback.@@@@1@17@@oe@2-2-2013
22231025@unknown@formal@none@1@S@(The Republican candidate, Sen. Pete Wilson, is playing the initiative fundraising game too, sponsoring his own crime initiative.)@@@@1@18@@oe@2-2-2013
22231026@unknown@formal@none@1@S@While it is possible that the Big Green initiative will be ruled unconstitutional, it is of course conceivable that in modern California it could slide through.@@@@1@26@@oe@2-2-2013
22231027@unknown@formal@none@1@S@This is the state that recently passed the Prop. 65 anti-toxic initiative.@@@@1@12@@oe@2-2-2013
22231028@unknown@formal@none@1@S@If this new proposal ever does become law, the green lobby will benefit directly.@@@@1@14@@oe@2-2-2013
22231029@unknown@formal@none@1@S@The initiative creates a free floating state environmental officer to sue companies or government agencies that do things he doesn't like.@@@@1@21@@oe@2-2-2013
22231030@unknown@formal@none@1@S@That means the NRDC and such groups no longer would have to spend as much money on litigation; taxpayers would bear the cost.@@@@1@23@@oe@2-2-2013
22231031@unknown@formal@none@1@S@Mr. Van de Kamp and his allies may be hoping that the environment is such a mom and apple-pie issue among certain segments of California's population now that almost any collection of anti-scientific, anti-pocketbook nonsense can pass under its rubric.@@@@1@40@@oe@2-2-2013
22231032@unknown@formal@none@1@S@Of course the state's liberals are not yet a nation unto themselves.@@@@1@12@@oe@2-2-2013
22231033@unknown@formal@none@1@S@George Bush, for example, may decide that he doesn't want to be the President who lost control of interstate commerce to an attorney general from California.@@@@1@26@@oe@2-2-2013
22231034@unknown@formal@none@1@S@And some other segments of California's political and media culture may yet start to point out that the initiative would impose significant costs on the state's less affluent citizens in the form of higher food prices and lost jobs.@@@@1@39@@oe@2-2-2013
22231035@unknown@formal@none@1@S@This grandiose initiative will help California define itself for the futureeither as a state still tethered to economic and scientific reality, or as one being led to wherever its la-la activists want to take it.@@@@1@35@@oe@2-2-2013
22232001@unknown@formal@none@1@S@First, there was a death watch.@@@@1@6@@oe@2-2-2013
22232002@unknown@formal@none@1@S@Then exhilaration.@@@@1@2@@oe@2-2-2013
22232003@unknown@formal@none@1@S@Spurred by waves of large-scale buying in blue-chip stocks, the Dow Jones Industrial Average rallied yesterday and erased about a half of Friday's 190.58-point plunge, gaining 88.12 to 2657.38.@@@@1@29@@oe@2-2-2013
22232004@unknown@formal@none@1@S@It was the fourth-biggest advance for the average of 30 blue chips, on frenetic New York Stock Exchange volume of 416,290,000 shares -- the highest since the days after the 1987 crash.@@@@1@32@@oe@2-2-2013
22232005@unknown@formal@none@1@S@While the advance cheered investors who feared a 1987-style crash would occur yesterday, it was strictly a big-stock rally fed by huge buying by bargain-hunting institutions and program traders.@@@@1@29@@oe@2-2-2013
22232006@unknown@formal@none@1@S@A troubling sign: Declining stocks on the Big Board outnumbered advancers, 975 to 749, and the over-the-counter market that includes many smaller stocks suffered aftershocks of Friday's late Big Board plunge.@@@@1@31@@oe@2-2-2013
22232007@unknown@formal@none@1@S@The Nasdaq OTC index closed down 6.31 to 460.98.@@@@1@9@@oe@2-2-2013
22232008@unknown@formal@none@1@S@Meanwhile, in a divergence in two of the market's most important indicators, the Dow industrials' sister average, the 20-stock Dow Jones Transportation Average, tumbled 102.06 to 1304.23 -- its second-worst decline next to the 164.78-point fall during the 1987 crash.@@@@1@40@@oe@2-2-2013
22232009@unknown@formal@none@1@S@Transports plunged on takeover disappointments in two airline stocks, UAL and AMR, which each fell more than 20% when they reopened for trading yesterday after being suspended Friday afternoon.@@@@1@29@@oe@2-2-2013
22232010@unknown@formal@none@1@S@UAL, the takeover stock at the center of Friday's 190.58-point market plunge, fell 56 7/8 to 222 7/8 on nearly 2.3 million shares.@@@@1@23@@oe@2-2-2013
22232011@unknown@formal@none@1@S@Overall, "this is a pleasant rally but it's very selective," said Arthur Cashin Jr., a veteran PaineWebber Inc. trader at the Big Board.@@@@1@23@@oe@2-2-2013
22232012@unknown@formal@none@1@S@"Everyone was a little concerned about the general narrowness of the rally and failure of the OTC market to get into plus territory.@@@@1@23@@oe@2-2-2013
22232013@unknown@formal@none@1@S@It's just a strange feeling.@@@@1@5@@oe@2-2-2013
22232014@unknown@formal@none@1@S@I don't think anyone left the place whistling Dixie."@@@@1@9@@oe@2-2-2013
22232015@unknown@formal@none@1@S@The rally gave credence, at least for now, to the pre-trading declaration of Big Board Chairman John J. Phelan Jr. that Friday's market debacle was "an abnormal condition, and not a disaster."@@@@1@32@@oe@2-2-2013
22232016@unknown@formal@none@1@S@But to traders, it looked like disaster on the 9:30 a.m. opening bell.@@@@1@13@@oe@2-2-2013
22232017@unknown@formal@none@1@S@The Dow Jones Industrial Average opened down 1.64 shortly after 9:30.@@@@1@11@@oe@2-2-2013
22232018@unknown@formal@none@1@S@But most of the 30 blue-chip stocks in the average, including Eastman Kodak and General Motors, couldn't trade because of the heavy backlog of sell orders left over from Friday's late-afternoon rout.@@@@1@32@@oe@2-2-2013
22232019@unknown@formal@none@1@S@At 9:45, Procter & Gamble -- one of the most important Dow bellwethers of late -- opened down 2 3/4 to 117.@@@@1@22@@oe@2-2-2013
22232020@unknown@formal@none@1@S@The Dow dropped to a quick 27-point loss, and to many traders it looked as if stocks were headed for yet another big tumble.@@@@1@24@@oe@2-2-2013
22232021@unknown@formal@none@1@S@More stocks opened over the ensuing half hour, as the 49 Big Board specialist firms in charge of keeping the market orderly groped to find buy orders from major brokerage firms to match the selling flood.@@@@1@36@@oe@2-2-2013
22232022@unknown@formal@none@1@S@Then, to make matters worse, computerized sell programs kicked in, hammering stocks into steeper losses.@@@@1@15@@oe@2-2-2013
22232023@unknown@formal@none@1@S@There was heavy stock-index arbitrage, as traders sold big baskets of stock and bought stock-index futures to profit from the price discrepancies between the two markets.@@@@1@26@@oe@2-2-2013
22232024@unknown@formal@none@1@S@This was a hangover from Friday, when Standard & Poor's 500-stock index futures had closed at a sharp discount to stocks.@@@@1@21@@oe@2-2-2013
22232025@unknown@formal@none@1@S@The onslaught of the program selling dashed any hopes that some of the big program trading firms would hold off until the market stabilized.@@@@1@24@@oe@2-2-2013
22232026@unknown@formal@none@1@S@They didn't.@@@@1@2@@oe@2-2-2013
22232027@unknown@formal@none@1@S@The Dow accelerated its slide, losing 63.52 in the first 40 minutes of trading.@@@@1@14@@oe@2-2-2013
22232028@unknown@formal@none@1@S@With program traders seemingly in charge, buyers backed away from the market and watched stocks fall.@@@@1@16@@oe@2-2-2013
22232029@unknown@formal@none@1@S@Then at 10:15 the Dow suddenly started to rebound, and when it shot upward it did so even faster than the early-morning fall.@@@@1@23@@oe@2-2-2013
22232030@unknown@formal@none@1@S@And this time, it wasn't just the program traders who were responsible.@@@@1@12@@oe@2-2-2013
22232031@unknown@formal@none@1@S@All the selling had pushed stocks to such cheap values that big investment banks and major money management firms started buying stocks heavily.@@@@1@23@@oe@2-2-2013
22232032@unknown@formal@none@1@S@The program traders were in there, too, of course.@@@@1@9@@oe@2-2-2013
22232033@unknown@formal@none@1@S@But according to one trader, the programmers "didn't look as dominant on the upside as on the downside because there was {also} a lot of bargain-hunting" by institutions.@@@@1@28@@oe@2-2-2013
22232034@unknown@formal@none@1@S@Roland M. Machold, director of the New Jersey Division of Investment, which oversees $29 billion in investments, said the "first thing we did was to double our orders" yesterday morning.@@@@1@30@@oe@2-2-2013
22232035@unknown@formal@none@1@S@"With the market down like this, we'll probably take another $50 million and put it in" the market.@@@@1@18@@oe@2-2-2013
22232036@unknown@formal@none@1@S@Trading in Walt Disney Co. particularly caught traders' eyes.@@@@1@9@@oe@2-2-2013
22232037@unknown@formal@none@1@S@According to Big Board officials, Disney had one of the biggest sell-order imbalances on Friday; it was one of the seven stocks that couldn't finish trading that day.@@@@1@28@@oe@2-2-2013
22232038@unknown@formal@none@1@S@The stock opened late at 114 1/2, down 8 1/2.@@@@1@10@@oe@2-2-2013
22232039@unknown@formal@none@1@S@But then it shot upward 7 1/2 as Goldman, Sachs & Co. stepped in and bought, traders said.@@@@1@18@@oe@2-2-2013
22232040@unknown@formal@none@1@S@However, Disney specialist Robert Fagenson said: "I would be surprised if Goldman represented 4% of the opening volume."@@@@1@18@@oe@2-2-2013
22232041@unknown@formal@none@1@S@Around Wall Street, trading desks were relieved that they could at least play the market yesterday, in contrast to Friday's gridlock.@@@@1@21@@oe@2-2-2013
22232042@unknown@formal@none@1@S@At Donaldson, Lufkin & Jenrette Inc., head equity trader Dudley Eppel said: "I think the opening was constructive.@@@@1@18@@oe@2-2-2013
22232043@unknown@formal@none@1@S@It was orderly.@@@@1@3@@oe@2-2-2013
22232044@unknown@formal@none@1@S@We put some orders together.@@@@1@5@@oe@2-2-2013
22232045@unknown@formal@none@1@S@There wasn't a lot of panic selling, either domestically or internationally. . . .@@@@1@14@@oe@2-2-2013
22232046@unknown@formal@none@1@S@Not like Friday where they just took {the market} apart."@@@@1@10@@oe@2-2-2013
22232047@unknown@formal@none@1@S@Still, the market hadn't yet crossed into positive territory, and traders were glum.@@@@1@13@@oe@2-2-2013
22232048@unknown@formal@none@1@S@But in another dramatic burst, the Dow tacked on 42 points in five minutes, and at 10:25 the index showed a gain of 5.74.@@@@1@24@@oe@2-2-2013
22232049@unknown@formal@none@1@S@On the Big Board floor and on trading desks, traders yelped their approval.@@@@1@13@@oe@2-2-2013
22232050@unknown@formal@none@1@S@Grinned Griffith Peck, a trader in Shearson Lehman Hutton Inc.'s OTC department: "I tell you, this market acts healthy."@@@@1@19@@oe@2-2-2013
22232051@unknown@formal@none@1@S@Around him, scores of traders seemed to get a burst of energy; their boss broke out bottles of Perrier water to cool them off.@@@@1@24@@oe@2-2-2013
22232052@unknown@formal@none@1@S@Among Big Board specialists, the cry was "Pull your offers" -- meaning that specialists soon expected to get higher prices for their shares.@@@@1@23@@oe@2-2-2013
22232053@unknown@formal@none@1@S@"It was bedlam on the upside," said one Big Board specialist.@@@@1@11@@oe@2-2-2013
22232054@unknown@formal@none@1@S@But not everybody was making money.@@@@1@6@@oe@2-2-2013
22232055@unknown@formal@none@1@S@The carnage on the Chicago Board Options Exchange, the nation's major options market, was heavy after the trading in S&P 100 stock-index options was halted Friday.@@@@1@26@@oe@2-2-2013
22232056@unknown@formal@none@1@S@Many market makers in the S&P 100 index options contract had bullish positions Friday, and when the shutdown came they were frozen with huge losses.@@@@1@25@@oe@2-2-2013
22232057@unknown@formal@none@1@S@Over the weekend, clearing firms told the Chicago market makers to get out of their positions at any cost Monday morning.@@@@1@21@@oe@2-2-2013
22232058@unknown@formal@none@1@S@"They were absolutely killed, slaughtered," said one Chicago-based options trader.@@@@1@10@@oe@2-2-2013
22232059@unknown@formal@none@1@S@Some traders said that the closely watched Major Market Index, whose 20 stocks mimic the Dow industrials, didn't lead yesterday's big rally.@@@@1@22@@oe@2-2-2013
22232060@unknown@formal@none@1@S@James Gallagher, a partner at specialist Fowler & Rosenau, said, "The difference between today and two years ago" -- "Terrible Tuesday," Oct. 20, 1987 -- "is that then we needed a savior to go into the Major Market Index, spend $2 million and get the program rally started.@@@@1@48@@oe@2-2-2013
22232061@unknown@formal@none@1@S@This time {institutions} saw the programs coming and backed away and backed away.@@@@1@13@@oe@2-2-2013
22232062@unknown@formal@none@1@S@Then when the market was at a technical level to buy, they came in with a vengeance."@@@@1@17@@oe@2-2-2013
22232063@unknown@formal@none@1@S@However, according to one analyst, the timing of Major Market Index futures buying just before the turnaround was similar to that of Terrible Tuesday.@@@@1@24@@oe@2-2-2013
22232064@unknown@formal@none@1@S@"Futures were pulling the stock market higher," said Donald Selkin, head of stock-index futures research at Prudential-Bache Securities Inc.@@@@1@19@@oe@2-2-2013
22232065@unknown@formal@none@1@S@Although the Big Board's specialist firms struggled through another highly volatile trading session, their performance yesterday was better than during Friday's late-afternoon chaos, according to traders and brokers who work with them.@@@@1@32@@oe@2-2-2013
22232066@unknown@formal@none@1@S@Specialists were criticized for their inability to maintain orderly markets during the Friday plunge.@@@@1@14@@oe@2-2-2013
22232067@unknown@formal@none@1@S@But yesterday, even with halts in such major blue-chip stocks as Merck, "we expected (the halts) and it wasn't too bad," said Donaldson's Mr. Eppel, who had been critical of the specialists' performance on Friday.@@@@1@35@@oe@2-2-2013
22232068@unknown@formal@none@1@S@According to a Big Board official, while many stocks opened late, there were subsequent trading halts in only three issues -- AMR, Merck and Valero Energy.@@@@1@26@@oe@2-2-2013
22232069@unknown@formal@none@1@S@Merck is one of the most important stocks in the Major Market Index.@@@@1@13@@oe@2-2-2013
22232070@unknown@formal@none@1@S@No sector of the market has been spared during the past two days' gyrations.@@@@1@14@@oe@2-2-2013
22232071@unknown@formal@none@1@S@Yet from the Dow industrials' high on Oct. 9 through Friday's plunge, relatively good performances have been turned in by real-estate, utilities, precious metals and life insurance stocks.@@@@1@28@@oe@2-2-2013
22232072@unknown@formal@none@1@S@And yesterday, the top performing industry group was oil field equipment issues.@@@@1@12@@oe@2-2-2013
22232073@unknown@formal@none@1@S@For example, Halliburton jumped 3 1/4 to 38, Schlumberger rose 2 1/2 to 43 1/4 and Baker Hughes rose 1 1/8 to 22.@@@@1@23@@oe@2-2-2013
22232074@unknown@formal@none@1@S@Because of the UAL and AMR tumbles, airlines were the weakest sector of the market yesterday.@@@@1@16@@oe@2-2-2013
22232075@unknown@formal@none@1@S@Philip Morris was the Big Board's most active issue, rising 2 1/4 to 43 1/4 on nearly eight million shares.@@@@1@20@@oe@2-2-2013
22232076@unknown@formal@none@1@S@Among other major issues, Coca-Cola Co. closed up 2 at 66 3/4 on 1.7 million shares and American Telephone & Telegraph rose 3 1/4 to 43 on nearly 7.8 million shares.@@@@1@31@@oe@2-2-2013
22232077@unknown@formal@none@1@S@Shares of International Business Machines, which reported earnings yesterday, finished at 103, up 1, after slipping below 100 during Friday's session for the first time in five years.@@@@1@28@@oe@2-2-2013
22232078@unknown@formal@none@1@S@Shares of three brokerage firms rose after they reported earnings.@@@@1@10@@oe@2-2-2013
22232079@unknown@formal@none@1@S@Merrill Lynch added 1 3/4 to 28, PaineWebber rose 3/4 to 18 1/2 and Bear Stearns rose 3/8 to 14 1/4.@@@@1@21@@oe@2-2-2013
22232080@unknown@formal@none@1@S@Federal National Mortgage Association, a recently hot stock, climbed 4 to 124 on nearly 1.6 million shares.@@@@1@17@@oe@2-2-2013
22232081@unknown@formal@none@1@S@At a news conference after the close of trading yesterday, the Big Board's Mr. Phelan and other exchange officials praised the performance of their computers and personnel.@@@@1@27@@oe@2-2-2013
22232082@unknown@formal@none@1@S@Mr. Phelan said that program trading strategies weren't responsible for triggering Friday's decline despite a jump in the use of the computer-driven strategies in recent months.@@@@1@26@@oe@2-2-2013
22232083@unknown@formal@none@1@S@Some 24 million of the more than 100 million shares traded in the final 90 minutes of Friday's session, when the plunge in stock prices was concentrated, were program-related, he said.@@@@1@31@@oe@2-2-2013
22232084@unknown@formal@none@1@S@Program trades make up 10% of the exchange's volume on an average day, but despite the increase Friday, it was "certainly not something you would say precipitated the market decline," Mr. Phelan said.@@@@1@33@@oe@2-2-2013
22232085@unknown@formal@none@1@S@Mr. Phelan expressed relief that the market rebounded yesterday.@@@@1@9@@oe@2-2-2013
22232086@unknown@formal@none@1@S@"Obviously, every time we get this kind of reaction, it's going to make everybody nervous, including me," he said.@@@@1@19@@oe@2-2-2013
22232087@unknown@formal@none@1@S@He said that exchange officials had conversations with Wall Street firms throughout the weekend and that "all the participants behaved very, very responsibly today."@@@@1@24@@oe@2-2-2013
22232088@unknown@formal@none@1@S@Meanwhile, Peter DaPuzzo, Shearson's head of retail equity trading, praised institutional investors in the OTC market, who were heavy buyers of the Nasdaq's biggest technology issues yesterday amid a flood of selling by other investors.@@@@1@35@@oe@2-2-2013
22232089@unknown@formal@none@1@S@"The institutions can't be criticized for their behavior," Mr. DaPuzzo said in an interview.@@@@1@14@@oe@2-2-2013
22232090@unknown@formal@none@1@S@"It was the opposite of what happened on Oct. 19.@@@@1@10@@oe@2-2-2013
22232091@unknown@formal@none@1@S@They used their judgment.@@@@1@4@@oe@2-2-2013
22232092@unknown@formal@none@1@S@They didn't panic during the first round of selling this morning.@@@@1@11@@oe@2-2-2013
22232093@unknown@formal@none@1@S@Instead, they bought on weakness and sold into the strength, which kept the market orderly.@@@@1@15@@oe@2-2-2013
22232094@unknown@formal@none@1@S@Maybe they learned from experience."@@@@1@5@@oe@2-2-2013
22232095@unknown@formal@none@1@S@Mr. Phelan said the performance of specialists during Friday's plunge was admirable, because out of 1,640 Big Board common stocks traded during the day only seven were closed and weren't reopened before the close.@@@@1@34@@oe@2-2-2013
22232096@unknown@formal@none@1@S@"They did an excellent job," Mr. Phelan said of the specialists.@@@@1@11@@oe@2-2-2013
22232097@unknown@formal@none@1@S@Wall Street traders on Friday had complained about the trading suspensions.@@@@1@11@@oe@2-2-2013
22232098@unknown@formal@none@1@S@James A. White and Sonja Steptoe contributed to this article.@@@@1@10@@oe@2-2-2013
22233001@unknown@formal@none@1@S@West Germany's Green Party joined its ideological soulmates Jeremy Rifkin and the Christic Institute in the legal battle to ground the Atlantis shuttle and its plutonium-powered Galileo probe to Jupiter.@@@@1@30@@oe@2-2-2013
22233002@unknown@formal@none@1@S@The anti-defense Greens wanted a Washington federal appeals court to block today's scheduled liftoff long enough for them to ask the World Court to "order" a permanent cancellation of the $1.5 billion flight.@@@@1@33@@oe@2-2-2013
22233003@unknown@formal@none@1@S@A three-judge appeals panel yesterday refused to comply, though liberal Judge Pat Wald went out of her way to deny that this was a "frivolous" case.@@@@1@26@@oe@2-2-2013
22233004@unknown@formal@none@1@S@Of course it was.@@@@1@4@@oe@2-2-2013
22233005@unknown@formal@none@1@S@NASA should now sue for fines against all three politico-plaintiffs, foreign and domestic, for bringing this mischievous case.@@@@1@18@@oe@2-2-2013
22234001@unknown@formal@none@1@S@A House-Senate conference approved a permanent smoking ban on all domestic airline routes within the continental U.S. and on all flights of six hours or less to Alaska and Hawaii.@@@@1@30@@oe@2-2-2013
22234002@unknown@formal@none@1@S@The restrictions would cover all but a small percentage of domestic air traffic, and represent a major expansion of the current smoking ban on flights of two hours or less.@@@@1@30@@oe@2-2-2013
22234003@unknown@formal@none@1@S@The exemption allowed on longer flights to Alaska and Hawaii appears to be largely a face-saving concession for the traditionally powerful tobacco industry, which has found itself increasingly isolated in the face of public pressure in recent years.@@@@1@38@@oe@2-2-2013
22234004@unknown@formal@none@1@S@By a 6-4 margin, House negotiators initially rejected last night a Senate provision covering all domestic flights.@@@@1@17@@oe@2-2-2013
22234005@unknown@formal@none@1@S@But the six-hour compromise was soon agreed to in subsequent discussions.@@@@1@11@@oe@2-2-2013
22234006@unknown@formal@none@1@S@As a practical matter, flights from the West Coast to Hawaii would be covered as they are under the time limit, but the language would exempt longer routes beginning, for example, in Chicago or on the East Coast.@@@@1@38@@oe@2-2-2013
22234007@unknown@formal@none@1@S@Within the Senate, the ban has had aggressive support from Sen. Frank Lautenberg (D., N.J.), who has used his position as a Senate Appropriations subcommittee chairman to garner votes for the initiative.@@@@1@32@@oe@2-2-2013
22234008@unknown@formal@none@1@S@The measure is attached to the more than $26 billion fiscal 1990 transportation bill within Mr. Lautenberg's jurisdiction, and the final compromise is laced with more than $205 million in road projects earmarked by members as well as funds sought by major airports, including Denver.@@@@1@45@@oe@2-2-2013
22234009@unknown@formal@none@1@S@From the outset, the tobacco industry has been uncertain as to what strategy to follow.@@@@1@15@@oe@2-2-2013
22234010@unknown@formal@none@1@S@But the industry retains support in the House leadership through the influence of grower states, such as North Carolina.@@@@1@19@@oe@2-2-2013
22234011@unknown@formal@none@1@S@Majority Whip William Gray owes a political debt to Southern agriculture lawmakers for his rise in the House, and the Philadelphia Democrat used his position in the conference to salvage the exemption from a total ban.@@@@1@36@@oe@2-2-2013
22234012@unknown@formal@none@1@S@Although the smoking provision has attracted the most public interest, the underlying bill was the subject of behind-the-scenes lobbying because of its impact on air transportation and the more mundane, but politically important, projects of members.@@@@1@36@@oe@2-2-2013
22234013@unknown@formal@none@1@S@In a stark lesson in the power of the appropriations committees, the House deliberately killed a handful of projects backed by lawmakers in Florida, Illinois and Pennsylvania who had voted against the panel leadership on the House floor.@@@@1@38@@oe@2-2-2013
22234014@unknown@formal@none@1@S@"Anybody can vote as they want," said Rep. William Lehman (D., Fla.), head of the House conferees.@@@@1@17@@oe@2-2-2013
22234015@unknown@formal@none@1@S@"But if you make a request, you should support the committee."@@@@1@11@@oe@2-2-2013
22234016@unknown@formal@none@1@S@Within the Federal Aviation Administration, the final bill promises to increase spending for facilities and equipment by more than 20% from last year, and total operations would rise to $3.84 billion -- a 12% boost.@@@@1@35@@oe@2-2-2013
22234017@unknown@formal@none@1@S@The facilities account includes $40 million for Denver's ambitious new airport, and the competition for these funds created shifting alliances between urban lawmakers representing established airports in Philadelphia and Michigan and the major carriers to Denver, United and Continental.@@@@1@39@@oe@2-2-2013
22234018@unknown@formal@none@1@S@Leery of the costs -- and, critics say, competition -- the airlines have sought to gain leverage over the city of Denver.@@@@1@22@@oe@2-2-2013
22234019@unknown@formal@none@1@S@Texas Air Corp., which owns Continental, and the Air Transport Association were prominent in the lobbying.@@@@1@16@@oe@2-2-2013
22234020@unknown@formal@none@1@S@The industry sought to impose conditions that would have delayed funds for the project until Denver and the airlines had agreed to leases for 50% of the gates.@@@@1@28@@oe@2-2-2013
22234021@unknown@formal@none@1@S@But this was rejected in favor of much looser language directing the Transportation Department to review the costs of the first phase, expected to cost about $2 billion.@@@@1@28@@oe@2-2-2013
22234022@unknown@formal@none@1@S@Though smaller in total dollars, the conference agreed to preserve an estimated $30.6 million in controversial subsidies to carriers serving rural or isolated airports.@@@@1@24@@oe@2-2-2013
22234023@unknown@formal@none@1@S@The sum is more than double what the House had approved for the program, but the list of qualified airports would be cut by 22 under new distance requirements and limits on the level of subsidy.@@@@1@36@@oe@2-2-2013
22234024@unknown@formal@none@1@S@Congress previously cut six airports this year.@@@@1@7@@oe@2-2-2013
22234025@unknown@formal@none@1@S@The impact of the changes is to eliminate many of the most excessive cases where the government has been paying more than $200 for each passenger in subsidies.@@@@1@28@@oe@2-2-2013
22234026@unknown@formal@none@1@S@Among rail and highway accounts, the agreement provides $615 million for Amtrak, including $85 million for capital improvements.@@@@1@18@@oe@2-2-2013
22234027@unknown@formal@none@1@S@And federal-formula grants for mass transit would be effectively frozen at $1.625 billion, or $20 million more than last fiscal year.@@@@1@21@@oe@2-2-2013
22235001@unknown@formal@none@1@S@Enjoying several blockbuster movie hits including "Batman," Los Angeles-based Guber-Peters Entertainment Co. reported earnings for the first quarter ended Aug. 31 of $5.8 million, or 50 cents a share, compared with a year-earlier loss.@@@@1@34@@oe@2-2-2013
22235002@unknown@formal@none@1@S@Sony Corp., which has offered to acquire the movie-production company, is seeking to free its top executives, Peter Guber and Jon Peters, from an exclusive agreement with Time Warner Inc.'s Warner Communications Inc. so they can run Columbia Pictures Entertainment Inc.@@@@1@41@@oe@2-2-2013
22235003@unknown@formal@none@1@S@Sony two weeks ago agreed to acquire Columbia for $3.4 billion, or $27 a share.@@@@1@15@@oe@2-2-2013
22235004@unknown@formal@none@1@S@Warner sued Sony and Guber-Peters late last week; Sony and Guber-Peters have countersued, charging Warner with attempting to interfere in Sony's acquisition of the two companies.@@@@1@26@@oe@2-2-2013
22235005@unknown@formal@none@1@S@Guber-Peters's net income in the latest quarter compared with a net loss of $6.9 million, or 62 cents a share, in the year-earlier period.@@@@1@24@@oe@2-2-2013
22235006@unknown@formal@none@1@S@The company said revenue rose 138%, to $10.9 million from $4.6 million, reflecting the success of its movies "Gorillas in the Mist" and "Rainman," as well as the box-office smash "Batman.@@@@1@31@@oe@2-2-2013
22236001@unknown@formal@none@1@S@A group including Jon M. Huntsman of Salt Lake City, said it boosted its stake in Aristech Chemical Corp. to 8.36% of the the common shares outstanding.@@@@1@27@@oe@2-2-2013
22236002@unknown@formal@none@1@S@As previously reported, Huntsman Holdings Corp., owned by Jon M. Huntsman and other members of his family, proposed that Banstar Corp., an affiliate of Huntsman Holdings, acquire Aristech in a friendly transaction for $25-a-share in cash, or $817.5 million.@@@@1@39@@oe@2-2-2013
22236003@unknown@formal@none@1@S@In a filing with the Securities and Exchange Commission, the Huntsman group said it controls 2,720,675 Aristech common shares, including 306,000 shares bought from Aug. 21 to Oct. 13 for $20 to $20.875 per share.@@@@1@35@@oe@2-2-2013
22236004@unknown@formal@none@1@S@Officials at Aristech, based in Pittsburgh, declined comment.@@@@1@8@@oe@2-2-2013
22237001@unknown@formal@none@1@S@Congress has been critical of the Bush administration for not sending enough aid to Poland, so it is getting ready to send its own version of a CARE package.@@@@1@29@@oe@2-2-2013
22237002@unknown@formal@none@1@S@Last month, the Senate voted to send a delegation of congressional staffers to Poland to assist its legislature, the Sejm, in democratic procedures.@@@@1@23@@oe@2-2-2013
22237003@unknown@formal@none@1@S@Senator Pete Domenici calls this effort "the first gift of democracy."@@@@1@11@@oe@2-2-2013
22237004@unknown@formal@none@1@S@The Poles might do better to view it as a Trojan Horse.@@@@1@12@@oe@2-2-2013
22237005@unknown@formal@none@1@S@It is the vast shadow government of 15,000 congressional staffers that helps create such legislative atrocities as the 1,376 page, 13-pound reconciliation bill that claimed to be the budget of the United States.@@@@1@33@@oe@2-2-2013
22237006@unknown@formal@none@1@S@Maybe after the staffers explain their work to the Poles, they'd be willing to come back and do the same for the American people.@@@@1@24@@oe@2-2-2013
22238001@unknown@formal@none@1@S@Waterford Wedgwood PLC, a financially troubled Irish maker of fine crystal and Wedgwood china, reported that its pretax loss for the first six months widened to 10.6 million Irish punts ($14.9 million) from 5.8 million Irish punts a year earlier.@@@@1@40@@oe@2-2-2013
22238002@unknown@formal@none@1@S@The results for the half were worse than market expectations, which suggested an interim loss of around 10 million Irish punts.@@@@1@21@@oe@2-2-2013
22238003@unknown@formal@none@1@S@In a sharply weaker London market yesterday, Waterford shares were down 15 pence at 50 pence (79 cents).@@@@1@18@@oe@2-2-2013
22238004@unknown@formal@none@1@S@The company reported a loss after taxation and minority interests of 14 million Irish punts, compared with a loss of 9.3 million Irish punts for the year-earlier period.@@@@1@28@@oe@2-2-2013
22238005@unknown@formal@none@1@S@There weren't any extraordinary items.@@@@1@5@@oe@2-2-2013
22238006@unknown@formal@none@1@S@Sales for the total group rose 27% to 168.1 million Irish punts compared with 132.6 million Irish punts a year ago.@@@@1@21@@oe@2-2-2013
22238007@unknown@formal@none@1@S@Waterford has decided against paying an interim dividend.@@@@1@8@@oe@2-2-2013
22238008@unknown@formal@none@1@S@Waterford said the appointment of a new management team and the signing of a comprehensive labor agreement are expected to enhance the company's long-term prospects.@@@@1@25@@oe@2-2-2013
22239001@unknown@formal@none@1@S@The sudden "flight to quality" that triggered Friday's explosive bond-market rally was reversed yesterday in a "flight from quality" rout.@@@@1@20@@oe@2-2-2013
22239002@unknown@formal@none@1@S@The setback, in which Treasury bond prices plummeted, reflected a rebound in the stock market and profit-taking.@@@@1@17@@oe@2-2-2013
22239003@unknown@formal@none@1@S@"It was a pretty wild day.@@@@1@6@@oe@2-2-2013
22239004@unknown@formal@none@1@S@Our markets were closely tied to the stock market," said Joel Kazis, manager of trading at Smith Barney, Harris Upham & Co.@@@@1@22@@oe@2-2-2013
22239005@unknown@formal@none@1@S@"Friday's flight to quality was no longer needed once the stock market found its legs," he said.@@@@1@17@@oe@2-2-2013
22239006@unknown@formal@none@1@S@Some fixed-income investors had expected a further drop in stock prices after the nearly 200-point drop in the Dow Jones Industrial Average on Friday.@@@@1@24@@oe@2-2-2013
22239007@unknown@formal@none@1@S@That caused investors to flee stocks and buy high-quality Treasury bonds, which are safer than other types of securities.@@@@1@19@@oe@2-2-2013
22239008@unknown@formal@none@1@S@But when stocks began to climb instead, prices of Treasury bonds declined.@@@@1@12@@oe@2-2-2013
22239009@unknown@formal@none@1@S@Contributing to the selling pressure were dispatches by several investment firms advising clients to boost their stock holdings and reduce the size of their cash or bond portfolios.@@@@1@28@@oe@2-2-2013
22239010@unknown@formal@none@1@S@Among the firms were Merrill Lynch & Co. and Dean Witter Reynolds Inc.@@@@1@13@@oe@2-2-2013
22239011@unknown@formal@none@1@S@The bond market seemed to ignore evidence that the Federal Reserve eased credit conditions slightly by allowing the federal funds rate to drift as low as 8 1/2%.@@@@1@28@@oe@2-2-2013
22239012@unknown@formal@none@1@S@The closely watched rate on federal funds, or overnight loans between banks, slid to about 8 3/4% last week, down from its perceived target level of about 9%.@@@@1@28@@oe@2-2-2013
22239013@unknown@formal@none@1@S@The rate is considered an early signal of changes in Fed policy.@@@@1@12@@oe@2-2-2013
22239014@unknown@formal@none@1@S@Traders said yesterday's modest easing didn't stir much enthusiasm because it had been widely expected.@@@@1@15@@oe@2-2-2013
22239015@unknown@formal@none@1@S@In fact, some economists contend that the latest easing started last week.@@@@1@12@@oe@2-2-2013
22239016@unknown@formal@none@1@S@Others note that some investors were disappointed because they had expected a more aggressive easing.@@@@1@15@@oe@2-2-2013
22239017@unknown@formal@none@1@S@The Treasury's benchmark 30-year bond, ended about 1 3/4 points lower, or down about $17.50 for each $1,000 face amount.@@@@1@20@@oe@2-2-2013
22239018@unknown@formal@none@1@S@The reversal was even more evident among shorter-term Treasury securities.@@@@1@10@@oe@2-2-2013
22239019@unknown@formal@none@1@S@After Treasury bill rates plummeted as much as 0.70 percentage point on Friday, they gave back three-fourths of that amount yesterday.@@@@1@21@@oe@2-2-2013
22239020@unknown@formal@none@1@S@The bond-equivalent yield on three-month Treasury bills, for example, was quoted late yesterday at 7.72%, compared with 7.16% Friday.@@@@1@19@@oe@2-2-2013
22239021@unknown@formal@none@1@S@Investment-grade corporate bonds, mortgage-backed securities and municipal bonds also fell.@@@@1@10@@oe@2-2-2013
22239022@unknown@formal@none@1@S@But prices of junk bonds, which were battered Friday in near standstill trading, rebounded to post small gains after a volatile trading session.@@@@1@23@@oe@2-2-2013
22239023@unknown@formal@none@1@S@Junk bonds opened as much as four points lower but staged a modest comeback as stock prices firmed.@@@@1@18@@oe@2-2-2013
22239024@unknown@formal@none@1@S@Some traders said the high-yield market was helped by active institutional buying.@@@@1@12@@oe@2-2-2013
22239025@unknown@formal@none@1@S@In particular, they said, firms such as First Boston Corp. and Drexel Burnham Lambert Inc. began making a market in junk issues early in the session when prices hit severely depressed levels.@@@@1@32@@oe@2-2-2013
22239026@unknown@formal@none@1@S@"I think the willingness of securities companies to make markets for high-yield issues improved the sentiment for junk bonds," said John Lonski, an economist at Moody's Investors Service Inc.@@@@1@29@@oe@2-2-2013
22239027@unknown@formal@none@1@S@U.S. Treasury bonds were higher in overnight trading in Japan, which opened at about 7:30 p.m. EDT.@@@@1@17@@oe@2-2-2013
22239028@unknown@formal@none@1@S@The benchmark 30-year bond, for example rose one point in early Japanese trading in reaction to a quick 600-point drop in the Tokyo stock market.@@@@1@25@@oe@2-2-2013
22239029@unknown@formal@none@1@S@But as Japanese stocks rebounded, Treasurys retreated and ended just modestly higher.@@@@1@12@@oe@2-2-2013
22239030@unknown@formal@none@1@S@Many U.S. trading operations, wanting to keep a watchful eye on Japanese trading as an indication of where U.S. trading would begin, were fully staffed during the Tokyo trading session.@@@@1@30@@oe@2-2-2013
22239031@unknown@formal@none@1@S@"Most of the action was during the night session," said Michael Moore, trading manager at Continental Bank.@@@@1@17@@oe@2-2-2013
22239032@unknown@formal@none@1@S@Jay Goldinger, who often trades overnight for Capital Insight Inc., Beverly Hills, Calif., said trading in Tokyo was "very active" but highly volatile.@@@@1@23@@oe@2-2-2013
22239033@unknown@formal@none@1@S@"We went down 3/4 point in 10 minutes right before lunch, then after lunch we went up 3/4 point in 12 minutes," he said.@@@@1@24@@oe@2-2-2013
22239034@unknown@formal@none@1@S@In Tokyo, trading is halted during lunchtime.@@@@1@7@@oe@2-2-2013
22239035@unknown@formal@none@1@S@Tokyo's market turned out to be a bad bellwether for U.S. trading.@@@@1@12@@oe@2-2-2013
22239036@unknown@formal@none@1@S@When the market opened here, bonds prices fell as the stock market regained strength.@@@@1@14@@oe@2-2-2013
22239037@unknown@formal@none@1@S@The bond market's focus on stock activity was so strong yesterday that it overshadowed today's slate of economic data, which includes the government's report on August U.S. merchandise trade and September industrial production.@@@@1@33@@oe@2-2-2013
22239038@unknown@formal@none@1@S@Industrial production is expected to have declined 0.2%, according to a consensus of economists surveyed by Dow Jones Capital Markets Report.@@@@1@21@@oe@2-2-2013
22239039@unknown@formal@none@1@S@The August trade deficit is expected to have widened to $9.1 billion from $7.58 billion in July.@@@@1@17@@oe@2-2-2013
22239040@unknown@formal@none@1@S@A widening of that magnitude, said one New York trader, is "not a favorable number. . . .@@@@1@18@@oe@2-2-2013
22239041@unknown@formal@none@1@S@It could do damage to us."@@@@1@6@@oe@2-2-2013
22239042@unknown@formal@none@1@S@Meanwhile, agency supply is expected to weigh heavily on the market today when the Federal Home Loan Bank prices a $2.3 billion offering of one-year, three-year, five-year and 10-year maturities.@@@@1@30@@oe@2-2-2013
22239043@unknown@formal@none@1@S@Tomorrow, the Resolution Funding Corp. will provide details of its first bond issue, which is expected to total between $4 billion and $6 billion and carry a maturity greater than 20 years.@@@@1@32@@oe@2-2-2013
22239044@unknown@formal@none@1@S@Resolution Funding is a division of Resolution Trust Corp., the new federal agency created to bail out the nation's troubled thrifts.@@@@1@21@@oe@2-2-2013
22239045@unknown@formal@none@1@S@And this week the Tennessee Valley Authority plans to price a $3 billion offering, its first public debt borrowing in 15 years.@@@@1@22@@oe@2-2-2013
22239046@unknown@formal@none@1@S@"There's lots of supply," the New York trader said.@@@@1@9@@oe@2-2-2013
22239047@unknown@formal@none@1@S@"We have a couple or three tough weeks coming."@@@@1@9@@oe@2-2-2013
22239048@unknown@formal@none@1@S@Treasury Securities@@@@1@2@@oe@2-2-2013
22239049@unknown@formal@none@1@S@Prices of Treasury bonds tumbled in moderate to active trading.@@@@1@10@@oe@2-2-2013
22239050@unknown@formal@none@1@S@The benchmark 30-year Treasury bond was quoted late at a price of 101 19/32, compared with a closing price of 103 12/32 Friday.@@@@1@23@@oe@2-2-2013
22239051@unknown@formal@none@1@S@The yield on the benchmark issue rose to 7.97% from 7.82%.@@@@1@11@@oe@2-2-2013
22239052@unknown@formal@none@1@S@The latest 10-year notes were quoted late at 100 3/32 for a yield of 7.97%, compared with 101 9/32 to yield 7.84%.@@@@1@22@@oe@2-2-2013
22239053@unknown@formal@none@1@S@Short-term interest rates fell yesterday at the government's weekly Treasury bill auction.@@@@1@12@@oe@2-2-2013
22239054@unknown@formal@none@1@S@The average discount rate on new three-month Treasury bills was 7.37%, the lowest since the average of 7.36% at the auction on Oct. 17, 1988.@@@@1@25@@oe@2-2-2013
22239055@unknown@formal@none@1@S@The average discount rate was 7.42% on new six-month bills, the lowest since the average of 7.35% at the auction on July 31, 1989.@@@@1@24@@oe@2-2-2013
22239056@unknown@formal@none@1@S@Here are auction details:@@@@1@4@@oe@2-2-2013
22239057@unknown@formal@none@1@S@Rates are determined by the difference between the purchase price and face value.@@@@1@13@@oe@2-2-2013
22239058@unknown@formal@none@1@S@Thus, higher bidding narrows the investor's return while lower bidding widens it.@@@@1@12@@oe@2-2-2013
22239059@unknown@formal@none@1@S@The percentage rates are calculated on a 360-day year, while the coupon-equivalent yield is based on a 365-day year.@@@@1@19@@oe@2-2-2013
22239060@unknown@formal@none@1@S@Both issues are dated Oct. 19.@@@@1@6@@oe@2-2-2013
22239061@unknown@formal@none@1@S@The 13-week bills mature Jan. 18, 1990, and the 26-week bills mature April 19, 1990.@@@@1@15@@oe@2-2-2013
22239062@unknown@formal@none@1@S@Corporate Issues@@@@1@2@@oe@2-2-2013
22239063@unknown@formal@none@1@S@Investment-grade corporate bonds ended one to 1 1/2 point lower.@@@@1@10@@oe@2-2-2013
22239064@unknown@formal@none@1@S@There were no new issues.@@@@1@5@@oe@2-2-2013
22239065@unknown@formal@none@1@S@Foreign Bonds@@@@1@2@@oe@2-2-2013
22239066@unknown@formal@none@1@S@Foreign bonds surged as the dollar weakened against most major currencies.@@@@1@11@@oe@2-2-2013
22239067@unknown@formal@none@1@S@Among benchmark issues: -- Japan's No. 111 4.6% bond due 1998 ended on brokers screens at 96.15, up 1.17 point.@@@@1@20@@oe@2-2-2013
22239068@unknown@formal@none@1@S@The yield was 5.245%.@@@@1@4@@oe@2-2-2013
22239069@unknown@formal@none@1@S@-- West Germany's 6 3/4% issue due June 1999 ended at 98.30, up 0.91 point to yield 6.99%.@@@@1@18@@oe@2-2-2013
22239070@unknown@formal@none@1@S@-- Britain's 11 3/4% bond due 2003/2007 ended 1 1/8 higher at 111 19/32 to yield 10.12%, while the 11 3/4% notes due 1991 rose 21/32 to 98 26/32 to yield 12.74%.@@@@1@32@@oe@2-2-2013
22239071@unknown@formal@none@1@S@Mortgage-Backed Securities@@@@1@2@@oe@2-2-2013
22239072@unknown@formal@none@1@S@Mortgage securities gave up most of Friday's gains as active issues ended 24/32 to 30/32 point lower.@@@@1@17@@oe@2-2-2013
22239073@unknown@formal@none@1@S@Dealers said morning activity was hectic as prices dropped in response to gains in the stock market and losses in Treasury securities, but trading slowed to moderate levels in the afternoon.@@@@1@31@@oe@2-2-2013
22239074@unknown@formal@none@1@S@Government National Mortgage Association 9% securities for November delivery were quoted late yesterday at 98 4/32, down 30/32 from Friday; 9 1/2% securities were down 27/32 at 100 5/32; and 10% securities were at 102 2/32, off 24/32.@@@@1@38@@oe@2-2-2013
22239075@unknown@formal@none@1@S@Federal Home Loan Mortgage Corp. 9% securities were at 97 1/4, down 3/4.@@@@1@13@@oe@2-2-2013
22239076@unknown@formal@none@1@S@On Friday, mortgage issues gained as much as 1 5/32.@@@@1@10@@oe@2-2-2013
22239077@unknown@formal@none@1@S@Late yesterday Ginnie Mae 9% securities were yielding 9.39% to a 12-year average life assumption, as the spread above the Treasury 10-year note narrowed 0.01 percentage point to 1.42.@@@@1@29@@oe@2-2-2013
22239078@unknown@formal@none@1@S@Traders said there were some busy dealings in Freddie Mac and Federal National Mortgage Association securities because underwriters from last week's heavy slate of real estate mortgage investment conduit issues moved to gather collateral for new deals.@@@@1@37@@oe@2-2-2013
22239079@unknown@formal@none@1@S@Offsetting the Remic-related purchases were continued heavy sales by mortgage originators, which are producing increased amounts of fixed-rate mortgage-backed issues with lower rates.@@@@1@23@@oe@2-2-2013
22239080@unknown@formal@none@1@S@There was no new-issue activity in the derivative market.@@@@1@9@@oe@2-2-2013
22239081@unknown@formal@none@1@S@Municipals@@@@1@1@@oe@2-2-2013
22239082@unknown@formal@none@1@S@Rebounding stocks and weaker Treasury prices drove municipal bonds 1/4 to 3/4 point lower in late dealings.@@@@1@17@@oe@2-2-2013
22239083@unknown@formal@none@1@S@The session losses left municipal dollar bonds close to where they were before the 190.58-point drop in the Dow Jones Industrial Average Friday prompted a capital markets rally.@@@@1@28@@oe@2-2-2013
22239084@unknown@formal@none@1@S@Trading was hectic during the morning, with players trying to gauge whether equities would continue Friday's free fall or stabilize after a brief spot of weakness.@@@@1@26@@oe@2-2-2013
22239085@unknown@formal@none@1@S@Tax-exempts started the session flat to a touch higher on anticipation of further stock market erosion, but bond prices rapidly turned south as it became more clear that a repeat of the October 1987 crash wasn't at hand.@@@@1@38@@oe@2-2-2013
22239086@unknown@formal@none@1@S@Professionals dominated municipal trading throughout the session.@@@@1@7@@oe@2-2-2013
22239087@unknown@formal@none@1@S@Traders said retail investors seemed to be hugging the sidelines until a measure of volatility is wrung out of the market.@@@@1@21@@oe@2-2-2013
22239088@unknown@formal@none@1@S@New Jersey Turnpike Authority's 7.20% issue of 2018 was off 3/4 at 98 1/2 bid, yielding 7.32%, up 0.07 percentage point from late Friday.@@@@1@24@@oe@2-2-2013
22239089@unknown@formal@none@1@S@Florida Board of Education's 7 1/4% issue of 2023 was 5/8 point weaker at 99 1/2 bid.@@@@1@17@@oe@2-2-2013
22239090@unknown@formal@none@1@S@The 7 1/8% issue of Triborough Bridge and Tunnel Authority of New York, due 2019, was off 5/8 at 98 1/8 bid.@@@@1@22@@oe@2-2-2013
22239091@unknown@formal@none@1@S@And Fairfax County, Va., Water Authority's 7 1/4% issue of 2027 was down 3/4 at 99 7/8 bid.@@@@1@18@@oe@2-2-2013
22239092@unknown@formal@none@1@S@Serial bond yields were up about 0.05 percentage point.@@@@1@9@@oe@2-2-2013
22240001@unknown@formal@none@1@S@BMA Corp., Kansas City, Mo., said it's weighing "strategic alternatives," for its Business Men's Assurance Co. unit, and is contacting possible buyers of the life and health insurance operation.@@@@1@29@@oe@2-2-2013
22240002@unknown@formal@none@1@S@A BMA spokesman said "runaway medical costs" have made health insurance "a significant challenge," and margins also have been pinched by changes in the mix of life-insurance products consumers now demand.@@@@1@31@@oe@2-2-2013
22240003@unknown@formal@none@1@S@The Business Men's Assurance unit represented about $288 million of the company's $488 million in 1988 revenue, and the unit's operating income was about $10 million, said the spokesman.@@@@1@29@@oe@2-2-2013
22240004@unknown@formal@none@1@S@BMA's investment banker, Alex. Brown & Sons Inc., has been authorized to contact possible buyers for the unit.@@@@1@18@@oe@2-2-2013
22241001@unknown@formal@none@1@S@Laidlaw Transportation Ltd. said it raised its stake in ADT Ltd. of Bermuda to 29.4% from 28%.@@@@1@17@@oe@2-2-2013
22241002@unknown@formal@none@1@S@A spokesman for Laidlaw declined to disclose the price the Toronto transportation and waste services concern paid for the additional shares, which he said were acquired "over the last couple of weeks."@@@@1@32@@oe@2-2-2013
22241003@unknown@formal@none@1@S@The spokesman said Laidlaw wouldn't increase its stake in ADT beyond 30% "without a great deal of thought" because of British takeover regulations that require a company acquiring more than 30% to extend an offer to the rest of the company's shareholders.@@@@1@42@@oe@2-2-2013
22241004@unknown@formal@none@1@S@ADT, a security services and auctions company, trades on London's Stock Exchange.@@@@1@12@@oe@2-2-2013
22241005@unknown@formal@none@1@S@Laidlaw is 47%-controlled by Canadian Pacific Ltd., a Montreal transportation, resources and industrial holding concern.@@@@1@15@@oe@2-2-2013
22242001@unknown@formal@none@1@S@Nintendo Co., a Japanese maker of video games, electronic information systems and playing cards, posted a 23% unconsolidated surge in pretax profit to 61.41 billion yen ($429 million) from 50 billion yen ($349.9 million) for the fiscal year ended Aug. 31.@@@@1@41@@oe@2-2-2013
22242002@unknown@formal@none@1@S@Sales surged 40% to 250.17 billion yen from 178.61 billion.@@@@1@10@@oe@2-2-2013
22242003@unknown@formal@none@1@S@Net income rose 11% to 29.62 billion yen from 26.68 billion.@@@@1@11@@oe@2-2-2013
22242004@unknown@formal@none@1@S@Pershare net fell to 423.3 yen from 457.7 yen because of expenses and capital adjustments.@@@@1@15@@oe@2-2-2013
22242005@unknown@formal@none@1@S@Without detailing specific product breakdowns, Nintendo credited its bullish upsurge in sales -- including advanced computer games and television entertainment systems -- to surging "leisure-oriented" sales in foreign markets.@@@@1@29@@oe@2-2-2013
22242006@unknown@formal@none@1@S@Export sales for leisure items alone, for instance, totaled 184.74 billion yen in the 12 months, up from 106.06 billion in the previous fiscal year.@@@@1@25@@oe@2-2-2013
22242007@unknown@formal@none@1@S@Domestic leisure sales, however, were lower.@@@@1@6@@oe@2-2-2013
22243001@unknown@formal@none@1@S@Hertz Corp. of Park Ridge, N.J., said it retained Merrill Lynch Capital Markets to sell its Hertz Equipment Rental Corp. unit.@@@@1@21@@oe@2-2-2013
22243002@unknown@formal@none@1@S@"There is no pressing need to sell the unit, but we are doing it so we can concentrate on our core business, renting automobiles in the U.S. and abroad," said William Slider, Hertz's executive vice president.@@@@1@36@@oe@2-2-2013
22243003@unknown@formal@none@1@S@"We are only going to sell at the right price."@@@@1@10@@oe@2-2-2013
22243004@unknown@formal@none@1@S@Hertz Equipment had operating profit before depreciation of $90 million on revenue of $150 million in 1988.@@@@1@17@@oe@2-2-2013
22243005@unknown@formal@none@1@S@The closely held Hertz Corp. had annual revenue of close to $2 billion in 1988, of which $1.7 billion was contributed by its Hertz Rent A Car operations world-wide.@@@@1@29@@oe@2-2-2013
22243006@unknown@formal@none@1@S@Hertz Equipment is a major supplier of rental equipment in the U.S., France, Spain and the U.K.@@@@1@17@@oe@2-2-2013
22243007@unknown@formal@none@1@S@It supplies commercial and industrial equipment including earth-moving, aerial, compaction and electrical equipment, compressors, cranes, forklifts and trucks.@@@@1@18@@oe@2-2-2013
22244001@unknown@formal@none@1@S@Interspec Inc. reported a net loss of $2.4 million for the fiscal third quarter ended Aug. 31.@@@@1@17@@oe@2-2-2013
22244002@unknown@formal@none@1@S@It said the loss resulted from startup and introduction costs related to a new medical ultrasound equipment system.@@@@1@18@@oe@2-2-2013
22244003@unknown@formal@none@1@S@In the year-earlier quarter, the company reported net income of $955,000, or 15 cents a share.@@@@1@16@@oe@2-2-2013
22244004@unknown@formal@none@1@S@The manufacturer of ultrasound diagnostic systems, based in Ambler, Pa., reported a nine-month net loss of $2.43 million compared with net income of $2.71 million, or 44 cents a share, for the nine-month period a year earlier.@@@@1@37@@oe@2-2-2013
22244005@unknown@formal@none@1@S@In over-the-counter trading, Interspec fell 37.5 cents to $4.25.@@@@1@9@@oe@2-2-2013
22245001@unknown@formal@none@1@S@Allegheny Ludlum Corp. expects to report third-quarter net of about $34 million, or $1.50 a share, down from $38.4 million, or $1.70 a share, a year earlier, Richard P. Simmons, chairman and chief executive officer, told institutional investors in New York.@@@@1@41@@oe@2-2-2013
22245002@unknown@formal@none@1@S@Sales for the Pittsburgh-based producer of specialty steels and other materials fell to about $265 million in the third quarter from $320.5 million a year earlier, he said.@@@@1@28@@oe@2-2-2013
22245003@unknown@formal@none@1@S@He said the third-quarter estimate indicates profit for the nine months of $4.65 a share, "almost equal to the full-year 1988 earnings" of $108.6 million, or $4.81 a share.@@@@1@29@@oe@2-2-2013
22245004@unknown@formal@none@1@S@In the first nine months of 1988, net was $85 million, or $3.76 a share.@@@@1@15@@oe@2-2-2013
22245005@unknown@formal@none@1@S@Mr. Simmons said the third-quarter results reflect continued improvements in productivity and operating margins.@@@@1@14@@oe@2-2-2013
22245006@unknown@formal@none@1@S@He said capital spending next year will rise to about $45 million from about $35 million this year.@@@@1@18@@oe@2-2-2013
22246001@unknown@formal@none@1@S@U.S. Banknote Co. said it again extended the expiration date of its $7-a-share tender offer for International Banknote Co. to Nov. 15.@@@@1@22@@oe@2-2-2013
22246002@unknown@formal@none@1@S@U.S. Banknote said it is in negotiations to sell "certain facilities," which it didn't name, to a third party, and it needs the extension to try to reach a definitive agreement on the sale.@@@@1@34@@oe@2-2-2013
22246003@unknown@formal@none@1@S@U.S. Banknote said it believes the sale, if completed, apparently would satisfy antitrust issues raised by the U.S. Justice Department about U.S. Banknote's offer to buy International Banknote.@@@@1@28@@oe@2-2-2013
22246004@unknown@formal@none@1@S@Both of the New York-based companies print stock certificates and currency.@@@@1@11@@oe@2-2-2013
22246005@unknown@formal@none@1@S@U.S. Banknote said "there can be no assurance" a sale agreement would be concluded.@@@@1@14@@oe@2-2-2013
22246006@unknown@formal@none@1@S@It also said the tender offer would probably have to be extended further to complete financing arrangements.@@@@1@17@@oe@2-2-2013
22246007@unknown@formal@none@1@S@U.S. Banknote said Citibank extended the expiration date of its commitment for senior secured financing to Nov. 15.@@@@1@18@@oe@2-2-2013
22246008@unknown@formal@none@1@S@The offer, made June 1, has been extended several times.@@@@1@10@@oe@2-2-2013
22246009@unknown@formal@none@1@S@Closely held U.S. Banknote offered the $7 a share, or $126 million, for as many as 14.9 million shares, or 78.6%, of International Banknote's shares outstanding.@@@@1@26@@oe@2-2-2013
22246010@unknown@formal@none@1@S@U.S. Banknote said that as of Oct. 13, 16.1 million shares, or about 84.3% of the fully diluted shares outstanding, had been tendered.@@@@1@23@@oe@2-2-2013
22247001@unknown@formal@none@1@S@Gitano Group Inc. said it agreed to buy 50% of Regatta Sport Ltd., a closely held apparel maker, with the assumption of $3 million of contingent debt.@@@@1@27@@oe@2-2-2013
22247002@unknown@formal@none@1@S@Under the terms of the contract, New York-based Gitano has the option to acquire the remaining 50% of Regatta, a maker of men's and women's clothes sold primarily in department stores, under certain conditions.@@@@1@34@@oe@2-2-2013
22247003@unknown@formal@none@1@S@That 50% is now held by Clifford Parker, Regatta's president and chief executive officer, who will continue to manage Regatta's operations under Gitano.@@@@1@23@@oe@2-2-2013
22247004@unknown@formal@none@1@S@In 1989, Regatta will have sales "in excess of $10 million" and will show a profit, Mr. Parker said.@@@@1@19@@oe@2-2-2013
22247005@unknown@formal@none@1@S@Gitano, which makes budget-priced apparel sold mainly through mass merchandisers like K mart and Wal-Mart, said the Regatta acquisition will enhance its strategy to expand into department stores.@@@@1@28@@oe@2-2-2013
22247006@unknown@formal@none@1@S@This fall, Gitano began manufacturing moderately priced clothes aimed at department stores under the Gloria Vanderbilt trademark, which Gitano recently acquired.@@@@1@21@@oe@2-2-2013
22248001@unknown@formal@none@1@S@Enron Corp., Houston, said the sale of preference units of its newly formed Enron NGL Partners L.P. master limited partnership subsidiary will result in an undetermined gain in the fourth quarter.@@@@1@31@@oe@2-2-2013
22248002@unknown@formal@none@1@S@In the year-ago quarter, the natural gas concern had net income of $25.2 million, or 34 cents a share, on revenue of about $1.46 billion.@@@@1@25@@oe@2-2-2013
22248003@unknown@formal@none@1@S@Those results included a $2.7 million charge related to the retirement of debt.@@@@1@13@@oe@2-2-2013
22248004@unknown@formal@none@1@S@In a related move, Enron said it increased the number of the partnership's units it will offer to 6,930,000 from 5,500,000.@@@@1@21@@oe@2-2-2013
22248005@unknown@formal@none@1@S@The old and revised numbers both include over-allotment provisions.@@@@1@9@@oe@2-2-2013
22248006@unknown@formal@none@1@S@Enron said each unit will be priced in the $19-to-$21 range and will represent about 80% of the partnership equity.@@@@1@20@@oe@2-2-2013
22248007@unknown@formal@none@1@S@Net proceeds from the offering are expected to be close to $200 million.@@@@1@13@@oe@2-2-2013
22248008@unknown@formal@none@1@S@Goldman, Sachs & Co., and Drexel Burnham Lambert Inc. are lead underwriters.@@@@1@12@@oe@2-2-2013
22249001@unknown@formal@none@1@S@Arthur M. Goldberg said he extended his unsolicited tender offer of $32 a share tender offer, or $154.3 million, for Di Giorgio Corp. to Nov. 1.@@@@1@26@@oe@2-2-2013
22249002@unknown@formal@none@1@S@DIG Acquisition Corp., the New Jersey investor's acquisition vehicle, said that as of the close of business yesterday, 560,839 shares had been tendered.@@@@1@23@@oe@2-2-2013
22249003@unknown@formal@none@1@S@Including the stake DIG already held, DIG holds a total of about 25% of Di Giorgio's shares on a fully diluted basis.@@@@1@22@@oe@2-2-2013
22249004@unknown@formal@none@1@S@The offer, which also includes common and preferred stock purchase rights, was to expire last night at midnight.@@@@1@18@@oe@2-2-2013
22249005@unknown@formal@none@1@S@The new expiration date is the date on which DIG's financing commitments, which total about $240 million, are to expire.@@@@1@20@@oe@2-2-2013
22249006@unknown@formal@none@1@S@DIG is a unit of DIG Holding Corp., a unit of Rose Partners L.P.@@@@1@14@@oe@2-2-2013
22249007@unknown@formal@none@1@S@Mr. Goldberg is the sole general partner in Rose Partners.@@@@1@10@@oe@2-2-2013
22249008@unknown@formal@none@1@S@In August, Di Giorgio, a San Francisco food products and building materials marketing and distribution company, rejected Mr. Goldberg's offer as inadequate.@@@@1@22@@oe@2-2-2013
22249009@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, Di Giorgio closed at $31.50 a share, down $1.75.@@@@1@17@@oe@2-2-2013
22250001@unknown@formal@none@1@S@What doesn't belong here?@@@@1@4@@oe@2-2-2013
22250002@unknown@formal@none@1@S@A. manual typewriters, B. black-and-white snapshots, C. radio adventure shows.@@@@1@10@@oe@2-2-2013
22250003@unknown@formal@none@1@S@If you guessed black-and-white snapshots, you're right.@@@@1@7@@oe@2-2-2013
22250004@unknown@formal@none@1@S@After years of fading into the background, two-tone photography is coming back.@@@@1@12@@oe@2-2-2013
22250005@unknown@formal@none@1@S@Trendy magazine advertisements feature stark black-and-white photos of Hollywood celebrities pitching jeans, shoes and liquor.@@@@1@15@@oe@2-2-2013
22250006@unknown@formal@none@1@S@Portrait studios accustomed to shooting only in color report a rush to black-and-white portrait orders.@@@@1@15@@oe@2-2-2013
22250007@unknown@formal@none@1@S@And black-and-white photography classes are crowded with students.@@@@1@8@@oe@2-2-2013
22250008@unknown@formal@none@1@S@What's happening in photography mirrors the popularity of black and white in fashion, home furnishings and cinematography.@@@@1@17@@oe@2-2-2013
22250009@unknown@formal@none@1@S@On Seventh Avenue, designers have been advancing the monochrome look with clothing collections done entirely in black and white.@@@@1@19@@oe@2-2-2013
22250010@unknown@formal@none@1@S@And classic black-and-white movies are enjoying a comeback on videocassette tapes, spurred, in part, by the backlash against colorization of old films.@@@@1@22@@oe@2-2-2013
22250011@unknown@formal@none@1@S@"The pendulum is swinging back to black and white," says Richard DeMoulin, the general manager of Eastman Kodak Co.'s professional photography division.@@@@1@22@@oe@2-2-2013
22250012@unknown@formal@none@1@S@Until two years ago, sales of black-and-white film had been declining steadily since the 1960s.@@@@1@15@@oe@2-2-2013
22250013@unknown@formal@none@1@S@But last year, buoyed by increased use in advertising and other commercial applications, sales increased 5%, and they are expected to jump at least that much again this year.@@@@1@29@@oe@2-2-2013
22250014@unknown@formal@none@1@S@Photographic companies are scrambling to tap the resurging market, reviving some black-and-white product lines and developing new ones.@@@@1@18@@oe@2-2-2013
22250015@unknown@formal@none@1@S@At Kodak, which largely ignored the market for years, black-and-white film sales now account for nearly 15% of the company's $3 billion in film and paper sales annually, up from 10% three years ago.@@@@1@34@@oe@2-2-2013
22250016@unknown@formal@none@1@S@The Rochester, N.Y., photographic giant recently began marketing T-Max 3200, one of the fastest and most sensitive monochrome films.@@@@1@19@@oe@2-2-2013
22250017@unknown@formal@none@1@S@Aimed at commercial photographers, the film can be used in very low light without sacrificing quality, says Donald Franz of Photofinishing Newsletter.@@@@1@22@@oe@2-2-2013
22250018@unknown@formal@none@1@S@Also trying to snare a portion of the $2 billion-a-year industry is Agfa Corp., a unit of Bayer AG.@@@@1@19@@oe@2-2-2013
22250019@unknown@formal@none@1@S@Agfa recently signed Olympic gold medalist Florence Griffith-Joyner to endorse a new line of black-and-white paper that's geared to consumers and will compete directly with Kodak's papers.@@@@1@27@@oe@2-2-2013
22250020@unknown@formal@none@1@S@Slated for market by the end of the year, the paper "could have been introduced a long time ago but the market wasn't there then," says an Agfa spokesman.@@@@1@29@@oe@2-2-2013
22250021@unknown@formal@none@1@S@The biggest beneficiary of the black-and-white revival is likely to be International Paper Co.'s Ilford division, known in the industry for its premium products.@@@@1@24@@oe@2-2-2013
22250022@unknown@formal@none@1@S@Sales of Ilford's four varieties of black-and-white film this year are outpacing growth in the overall market, although the company won't say by exactly how much.@@@@1@26@@oe@2-2-2013
22250023@unknown@formal@none@1@S@"We hope the trend lasts," says Laurie DiCara, Ilford's marketing communications director.@@@@1@12@@oe@2-2-2013
22250024@unknown@formal@none@1@S@Why all the interest?@@@@1@4@@oe@2-2-2013
22250025@unknown@formal@none@1@S@For baby boomers who grew up being photographed in color, black and white seems eye-catching and exotic.@@@@1@17@@oe@2-2-2013
22250026@unknown@formal@none@1@S@"It has an archival, almost nostalgic quality to it," says Owen B. Butler, the chairman of the applied photography department at Rochester Institute of Technology.@@@@1@25@@oe@2-2-2013
22250027@unknown@formal@none@1@S@"You can shift out of reality with black and white," he adds.@@@@1@12@@oe@2-2-2013
22250028@unknown@formal@none@1@S@Such features have been especially attractive to professional photographers and marketing executives, who have been steadily increasing their use of black and white in advertising.@@@@1@25@@oe@2-2-2013
22250029@unknown@formal@none@1@S@Processing of black-and-white commercial film jumped 24% last year to 18.7 million rolls.@@@@1@13@@oe@2-2-2013
22250030@unknown@formal@none@1@S@Consider Gap Inc., whose latest ad campaign features black-and-white shots of Hollywood stars, artists and other well-known personalities modeling the retailer's jeans and T-shirts.@@@@1@24@@oe@2-2-2013
22250031@unknown@formal@none@1@S@Richard Crisman, the account manager for the campaign, says Gap didn't intentionally choose black and white to distinguish its ads from the color spreads of competitors.@@@@1@26@@oe@2-2-2013
22250032@unknown@formal@none@1@S@"We wanted to highlight the individual, not the environment," he says, "and black and white allows you to do that better than color."@@@@1@23@@oe@2-2-2013
22250033@unknown@formal@none@1@S@The campaign won a Cleo award as this year's best ad by a specialty retailer.@@@@1@15@@oe@2-2-2013
22250034@unknown@formal@none@1@S@Even food products and automobiles, which have long depended on color, are making the switch.@@@@1@15@@oe@2-2-2013
22250035@unknown@formal@none@1@S@Companies "feel black and white will convey a stronger statement," says Marc L. Hauser, a Chicago photographer who is working on a black-and-white print ad for Stouffer Food Corp.'s Lean Cuisine.@@@@1@31@@oe@2-2-2013
22250036@unknown@formal@none@1@S@Other companies that are currently using two-tone ads include American Express Co. and Epson America Inc.@@@@1@16@@oe@2-2-2013
22250037@unknown@formal@none@1@S@Portrait studios have also latched onto the trend.@@@@1@8@@oe@2-2-2013
22250038@unknown@formal@none@1@S@Using black and white, "we can make housewives look like stars," says John Perrin.@@@@1@14@@oe@2-2-2013
22250039@unknown@formal@none@1@S@His On-Broadway Photography studio in Portland, Ore., doubled its business last year and, he says, is booked solid for the next five.@@@@1@22@@oe@2-2-2013
22250040@unknown@formal@none@1@S@One customer, Dayna Brunsdon, says she spurned a color portrait for black and white because "it's more dramatic.@@@@1@18@@oe@2-2-2013
22250041@unknown@formal@none@1@S@I show it to my friends, and they all say 'wow.'@@@@1@11@@oe@2-2-2013
22250042@unknown@formal@none@1@S@It isn't ordinary like color."@@@@1@5@@oe@2-2-2013
22250043@unknown@formal@none@1@S@Still, most consumers aren't plunking black-and-white film into their cameras to take family snapshots.@@@@1@14@@oe@2-2-2013
22250044@unknown@formal@none@1@S@One big obstacle is that few drugstores develop the film anymore.@@@@1@11@@oe@2-2-2013
22250045@unknown@formal@none@1@S@Typically, it must be mailed to a handful of processors and may take a week or more to be processed and returned.@@@@1@22@@oe@2-2-2013
22250046@unknown@formal@none@1@S@Black-and-white film costs consumers a little less than color film, and processing costs the same.@@@@1@15@@oe@2-2-2013
22250047@unknown@formal@none@1@S@But for photofinishers, developing costs for black-and-white film are higher.@@@@1@10@@oe@2-2-2013
22250048@unknown@formal@none@1@S@Some companies are starting to tackle that problem.@@@@1@8@@oe@2-2-2013
22250049@unknown@formal@none@1@S@Ilford, for example, recently introduced a black-and-white film that can be processed quickly by color labs.@@@@1@16@@oe@2-2-2013
22250050@unknown@formal@none@1@S@Intent on wooing customers, the company is also increasing its sponsorship of black-and-white photography classes.@@@@1@15@@oe@2-2-2013
22250051@unknown@formal@none@1@S@Similarly, Agfa is sponsoring scores of photography contests at high schools and colleges, offering free black-and-white film and paper as prizes.@@@@1@21@@oe@2-2-2013
22250052@unknown@formal@none@1@S@And Kodak is distributing an instructional video to processors on how to develop its monochrome film more efficiently.@@@@1@18@@oe@2-2-2013
22250053@unknown@formal@none@1@S@Other companies are introducing related products.@@@@1@6@@oe@2-2-2013
22250054@unknown@formal@none@1@S@Charles Beseler Co., a leading maker of photographic enlargers, introduced last month a complete darkroom starter kit targeted at teen-agers who want to process their own black-and-white photographs.@@@@1@28@@oe@2-2-2013
22250055@unknown@formal@none@1@S@The kit, which has a suggested retail price of $250 and has already become a bestseller, was introduced after retailers noticed numerous requests from parents for children's photography equipment.@@@@1@29@@oe@2-2-2013
22250056@unknown@formal@none@1@S@"It seems computers as hobbies have waned," says Ian Brightman, Beseler's chairman and chief executive officer.@@@@1@16@@oe@2-2-2013
22250057@unknown@formal@none@1@S@But some industry observers believe the resurgence of black and white is only a fad.@@@@1@15@@oe@2-2-2013
22250058@unknown@formal@none@1@S@They cite the emergence of still electronic photography, more newspapers turning to color on their pages and measurable improvements in the quality of color prints.@@@@1@25@@oe@2-2-2013
22250059@unknown@formal@none@1@S@"Black and white hasn't made the same quantum leaps in technological development as color," says Mr. Butler of the Rochester Institute.@@@@1@21@@oe@2-2-2013
22250060@unknown@formal@none@1@S@"The color print today is far superior to prints of 10 years ago.@@@@1@13@@oe@2-2-2013
22250061@unknown@formal@none@1@S@You can't say the same with black and white."@@@@1@9@@oe@2-2-2013
22250062@unknown@formal@none@1@S@But when Popular Photography, a leading magazine for photographers, selected 15 of the greatest photos ever made for its latest issue celebrating photography's 150th anniversary, all were black and white.@@@@1@30@@oe@2-2-2013
22250063@unknown@formal@none@1@S@"It's got a classic spirit and carries over emotionally," says Alfred DeBat of Professional Photographers of America.@@@@1@17@@oe@2-2-2013
22250064@unknown@formal@none@1@S@"That's the appeal.@@@@1@3@@oe@2-2-2013
22251001@unknown@formal@none@1@S@McClatchy Newspapers Inc. said improvements in advertising and subscription revenue led to a 21% gain in third-quarter profit to $8.8 million, or 31 cents a share, from $7.2 million, or 25 cents a share.@@@@1@34@@oe@2-2-2013
22251002@unknown@formal@none@1@S@Sales rose more than 7% to $94.9 million from $88.3 million.@@@@1@11@@oe@2-2-2013
22251003@unknown@formal@none@1@S@The Sacramento, Calif., company also attributed improved performance to a lower effective tax rate and higher interest income.@@@@1@18@@oe@2-2-2013
22251004@unknown@formal@none@1@S@For the nine months, the newspaper chain had almost a 23% increase in profit to $23.6 million, or 83 cents a share, from $19.2 million, or 68 cents a share.@@@@1@30@@oe@2-2-2013
22251005@unknown@formal@none@1@S@Sales grew almost 7% to $279.1 million from $261.3 million.@@@@1@10@@oe@2-2-2013
22251006@unknown@formal@none@1@S@McClatchy publishes the Sacramento (Calif.) Bee and Tacoma (Wash.) News Tribune, and other papers in Western states.@@@@1@17@@oe@2-2-2013
22251007@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, the company closed at $25.25 a share, down 25 cents.@@@@1@19@@oe@2-2-2013
22252001@unknown@formal@none@1@S@Agip S.p.A. and Societe National Elf Aquitaine, the state oil companies of Italy and France, respectively, submitted an offer to buy Gatoil Suisse S.A.@@@@1@24@@oe@2-2-2013
22252002@unknown@formal@none@1@S@The price wasn't disclosed.@@@@1@4@@oe@2-2-2013
22252003@unknown@formal@none@1@S@A spokesman for Gatoil said that the Swiss oil concern was examining the offer, submitted last Friday, along with two other offers, also submitted last week.@@@@1@26@@oe@2-2-2013
22252004@unknown@formal@none@1@S@Those two offers were private and the spokesman refused to identify the bidding companies.@@@@1@14@@oe@2-2-2013
22252005@unknown@formal@none@1@S@The spokesman further said that at least two more offers are expected from other companies within two weeks.@@@@1@18@@oe@2-2-2013
22252006@unknown@formal@none@1@S@Gatoil Suisse owns an oil refinery in Switzerland with a capacity of 70,000 barrels a day, along with a network of gasoline retailing outlets.@@@@1@24@@oe@2-2-2013
22253001@unknown@formal@none@1@S@While Friday's plunging stock market prompted new fears about the economy's prospects, a little-known indicator that has faithfully foreshadowed the economy's ups and downs by exceptionally long lead times points to a sustained rise in overall business activity.@@@@1@38@@oe@2-2-2013
22253002@unknown@formal@none@1@S@The barometer, developed by analysts at Columbia University's Center for International Business Cycle Research here, reached a record high of 223.0 in August, the latest month available, and the Columbia researchers estimate that it has moved even higher since then.@@@@1@40@@oe@2-2-2013
22253003@unknown@formal@none@1@S@The latest reading of 223.0 was up from 222.3 in July and 215.3 as recently as March.@@@@1@17@@oe@2-2-2013
22253004@unknown@formal@none@1@S@The August rise marked the fifth straight monthly gain for the indicator, which uses the 1967 average as a base of 100.@@@@1@22@@oe@2-2-2013
22253005@unknown@formal@none@1@S@In contrast, the Commerce Department's widely followed index of leading indicators, while up in August, has fallen repeatedly since reaching a high early this year.@@@@1@25@@oe@2-2-2013
22253006@unknown@formal@none@1@S@Its ragged behavior through much of 1989 has prompted some forecasters to anticipate the start of a new recession perhaps before year's end.@@@@1@23@@oe@2-2-2013
22253007@unknown@formal@none@1@S@But the far stronger showing of the Columbia index "makes a recession any time soon highly unlikely," says Geoffrey H. Moore, the director of the Columbia facility.@@@@1@27@@oe@2-2-2013
22253008@unknown@formal@none@1@S@A leading authority on the business cycle, Mr. Moore also is a member of the Business Cycle Dating Group, the panel of private economists that decides for the government when expansions and recessions begin and end.@@@@1@36@@oe@2-2-2013
22253009@unknown@formal@none@1@S@The group normally convenes only when a change in the economy's general course seems likely.@@@@1@15@@oe@2-2-2013
22253010@unknown@formal@none@1@S@"No meeting is scheduled because the expansion shows no sign of going off the tracks," Mr. Moore reports.@@@@1@18@@oe@2-2-2013
22253011@unknown@formal@none@1@S@Based largely on the recent strength in their index, called the long leading indicator, the Columbia analysts foresee uninterrupted economic growth through the rest of this year and next year as well.@@@@1@32@@oe@2-2-2013
22253012@unknown@formal@none@1@S@They expect a 2.6% rise in 1990 in the gross national product, after adjustment for inflation.@@@@1@16@@oe@2-2-2013
22253013@unknown@formal@none@1@S@Underlying this optimism is the index's longstanding ability to signal recessions or recoveries, as the case may be, by substantially greater periods than the Commerce Department's index of leading indicators.@@@@1@30@@oe@2-2-2013
22253014@unknown@formal@none@1@S@Over the full post-World War II era, the Columbia index, on the average, has entered sustained declines 14 months before the onset of recessions and turned up eight months before recoveries.@@@@1@31@@oe@2-2-2013
22253015@unknown@formal@none@1@S@The comparable lead times for the Commerce index, whose components include the stock market, are far shorter -- 10 months before recessions and only three months before recoveries.@@@@1@28@@oe@2-2-2013
22253016@unknown@formal@none@1@S@The Columbia economists also have reconstructed how the long leading index would have behaved, had it existed, in 1929, before the stock market crash in October that ushered in the Great Depression.@@@@1@32@@oe@2-2-2013
22253017@unknown@formal@none@1@S@The indicator reached a peak in January 1929 and then fell steadily up to and through the crash.@@@@1@18@@oe@2-2-2013
22253018@unknown@formal@none@1@S@"It was an entirely different pattern from what we're seeing now," Mr. Moore says.@@@@1@14@@oe@2-2-2013
22253019@unknown@formal@none@1@S@A major source of the recent strength in the long leading indicator has been the performance of the Dow Jones corporate bond-price index, which is not a part of the Commerce index.@@@@1@32@@oe@2-2-2013
22253020@unknown@formal@none@1@S@In August, the bond measure was at its highest monthly average since early 1987.@@@@1@14@@oe@2-2-2013
22253021@unknown@formal@none@1@S@It also rose last Friday, while the stock market sagged.@@@@1@10@@oe@2-2-2013
22253022@unknown@formal@none@1@S@Other components of the long leading indicator include a ratio of prices to unit labor costs in manufacturing industries, the M2 version of the money supply, adjusted for inflation, and the volume of new home-building permits.@@@@1@36@@oe@2-2-2013
22253023@unknown@formal@none@1@S@Notably absent from the Columbia index is the stock market, which Mr. Moore says "is simply no longer such a good indicator of the economy's long-range prospects, though it still is useful for anticipating some short-run twists and turns."@@@@1@39@@oe@2-2-2013
22253024@unknown@formal@none@1@S@As recently as 1975, the stock market -- as reflected in the Standard & Poor's index of 500 common stocks -- was rated by the National Bureau of Economic Research as the best of the 12 leading indicators that then made up the Commerce index.@@@@1@45@@oe@2-2-2013
22253025@unknown@formal@none@1@S@It was assigned a mark of 80 out of a possible 100, compared with scores ranging as low as 69 for the other components.@@@@1@24@@oe@2-2-2013
22253026@unknown@formal@none@1@S@The stock market has lost some precursory power, analysts at the Columbia center claim, because of the growing impact of international developments.@@@@1@22@@oe@2-2-2013
22253027@unknown@formal@none@1@S@"Stocks have become more sensitive to factors not directly tied to the domestic economy," Mr. Moore says, citing the exchange rate for the dollar on currency markets, the foreign-trade balance and inflows of foreign capital.@@@@1@35@@oe@2-2-2013
22253028@unknown@formal@none@1@S@He also feels that the rise of such computer-based practices as program trading has diminished the stock market's relevancy to the economic outlook.@@@@1@23@@oe@2-2-2013
22254001@unknown@formal@none@1@S@BSN S.A., a leading French food group, said it agreed to acquire Birkel G.m.b.H., a West German pasta maker.@@@@1@19@@oe@2-2-2013
22254002@unknown@formal@none@1@S@The value of the acquisition wasn't disclosed.@@@@1@7@@oe@2-2-2013
22254003@unknown@formal@none@1@S@The move is in line with BSN's strategy of gradually building its share of the European pasta market through external growth.@@@@1@21@@oe@2-2-2013
22254004@unknown@formal@none@1@S@BSN will initially acquire a 15% interest in Birkel, a closely held concern.@@@@1@13@@oe@2-2-2013
22254005@unknown@formal@none@1@S@The French group has an agreement giving it the right to buy all the shares outstanding, and this could be completed within a few months, a BSN spokeswoman said.@@@@1@29@@oe@2-2-2013
22254006@unknown@formal@none@1@S@The takeover was submitted for approval by the West German cartel office, BSN said.@@@@1@14@@oe@2-2-2013
22254007@unknown@formal@none@1@S@Birkel is West Germany's second-biggest producer of pasta, with sales of 250 million marks ($133.4 million) in 1988.@@@@1@18@@oe@2-2-2013
22254008@unknown@formal@none@1@S@It has 750 workers at three production units in southwest Germany, and is that nation's leading producer of pasta sauces.@@@@1@20@@oe@2-2-2013
22254009@unknown@formal@none@1@S@The acquisition strengthens BSN's position in the European pasta market.@@@@1@10@@oe@2-2-2013
22254010@unknown@formal@none@1@S@The French group currently ranks second after Barilla Group of Italy, whose sales are chiefly in the Italian market.@@@@1@19@@oe@2-2-2013
22255001@unknown@formal@none@1@S@Moody's Investors Service Inc. said it reduced its rating on $281 million of senior and subordinated debt of this thrift holding company, to C from Ca, saying it believes bondholders will recover only "negligible principal."@@@@1@35@@oe@2-2-2013
22255002@unknown@formal@none@1@S@The agency said it confirmed American Continental's preferred stock rating at C.@@@@1@12@@oe@2-2-2013
22255003@unknown@formal@none@1@S@American Continental's thrift unit, Los Angeles-based Lincoln Savings & Loan Association, is in receivership and the parent company has filed for protection from creditor lawsuits under Chapter 11 of the federal Bankruptcy Code.@@@@1@33@@oe@2-2-2013
22255004@unknown@formal@none@1@S@CENTRUST SAVINGS BANK (Miami) --@@@@1@5@@oe@2-2-2013
22255005@unknown@formal@none@1@S@Moody's Investors Service Inc. downgraded its ratings on the subordinated debt of CenTrust to Caa from B-3.@@@@1@17@@oe@2-2-2013
22255006@unknown@formal@none@1@S@The rating agency also reduced the ratings for long-term deposits to B-3 from Ba-3 and for preferred stock to Ca from Caa.@@@@1@22@@oe@2-2-2013
22255007@unknown@formal@none@1@S@The rating agency said about $85 million in securities was affected.@@@@1@11@@oe@2-2-2013
22255008@unknown@formal@none@1@S@The downgrades were prompted, Moody's said, by the continuing turmoil in the junk bond market and the suspension of dividends on CenTrust's preferred stock.@@@@1@24@@oe@2-2-2013
22255009@unknown@formal@none@1@S@Moody's also said it believed the proposed sale of 63 CenTrust branches to Great Western Bank could, if completed, endanger the thrift's funding and market position.@@@@1@26@@oe@2-2-2013
22256001@unknown@formal@none@1@S@THE STOCK MARKET AVOIDED a repeat of Black Monday as prices recovered from an early slide, spurred by bargain-hunting institutions and program traders.@@@@1@23@@oe@2-2-2013
22256002@unknown@formal@none@1@S@The Dow Jones industrials closed up 88.12 points, at 2657.38, the fourth-biggest gain ever, after being down as much as 63.52 points in the morning.@@@@1@25@@oe@2-2-2013
22256003@unknown@formal@none@1@S@The rally erased about half of Friday's 190.58-point plunge, but analysts are cautious about the market's outlook.@@@@1@17@@oe@2-2-2013
22256004@unknown@formal@none@1@S@The dollar also rebounded, while bond prices plummeted and Treasury bill rates soared.@@@@1@13@@oe@2-2-2013
22256005@unknown@formal@none@1@S@Junk bonds also recovered somewhat, though trading remained stalled.@@@@1@9@@oe@2-2-2013
22256006@unknown@formal@none@1@S@Gold also rose.@@@@1@3@@oe@2-2-2013
22256007@unknown@formal@none@1@S@Tokyo stock prices bounced back in early trading Tuesday following a 1.8% plunge on Monday.@@@@1@15@@oe@2-2-2013
22256008@unknown@formal@none@1@S@The dollar also moved higher in Tokyo.@@@@1@7@@oe@2-2-2013
22256009@unknown@formal@none@1@S@Donald Trump withdrew his $7.54 billion offer for American Air, citing the "recent change in market conditions."@@@@1@17@@oe@2-2-2013
22256010@unknown@formal@none@1@S@AMR slid $22.125, to $76.50.@@@@1@5@@oe@2-2-2013
22256011@unknown@formal@none@1@S@Also, a UAL group tried to get financing for a lower bid, possibly $250 a share.@@@@1@16@@oe@2-2-2013
22256012@unknown@formal@none@1@S@UAL fell $56.875, to $222.875.@@@@1@5@@oe@2-2-2013
22256013@unknown@formal@none@1@S@Leveraged buy-outs of airlines would be subject to approval by the transportation secretary under a bill passed by a House subcommittee.@@@@1@21@@oe@2-2-2013
22256014@unknown@formal@none@1@S@IBM's earnings tumbled 30% in the third quarter, slightly more than expected.@@@@1@12@@oe@2-2-2013
22256015@unknown@formal@none@1@S@The computer giant partly cited a stronger dollar and a delay in shipping a new high-end disk drive.@@@@1@18@@oe@2-2-2013
22256016@unknown@formal@none@1@S@Analysts are downbeat about IBM's outlook for the next few quarters.@@@@1@11@@oe@2-2-2013
22256017@unknown@formal@none@1@S@U.S. auto makers plan to decrease car production 10.4% in the fourth quarter, with virtually all the decline coming from the Big Three.@@@@1@23@@oe@2-2-2013
22256018@unknown@formal@none@1@S@Output at Japanese-owned and managed plants in the U.S. is due to rise 42%.@@@@1@14@@oe@2-2-2013
22256019@unknown@formal@none@1@S@Budget director Darman said he won't give federal agencies much leeway in coping with Gramm-Rudman spending cuts, which took effect yesterday.@@@@1@21@@oe@2-2-2013
22256020@unknown@formal@none@1@S@Darman hopes to prod Congress to finish a deficit plan.@@@@1@10@@oe@2-2-2013
22256021@unknown@formal@none@1@S@The S&L bailout agency would be restricted by a new bill in how it raises capital.@@@@1@16@@oe@2-2-2013
22256022@unknown@formal@none@1@S@The Ways and Means plan would create another possible obstacle to selling sick thrifts.@@@@1@14@@oe@2-2-2013
22256023@unknown@formal@none@1@S@A natural gas rule was struck down by a federal appeals court.@@@@1@12@@oe@2-2-2013
22256024@unknown@formal@none@1@S@The regulation had prevented pipeline firms from passing part of $1 billion in costs along to customers.@@@@1@17@@oe@2-2-2013
22256025@unknown@formal@none@1@S@The Supreme Court agreed to decide whether a federal court may dismantle a merger that has won regulatory approval but been ruled anticompetitive in a private suit.@@@@1@27@@oe@2-2-2013
22256026@unknown@formal@none@1@S@Merrill Lynch's profit slid 37% in the third quarter.@@@@1@9@@oe@2-2-2013
22256027@unknown@formal@none@1@S@Bear Stearns posted a 7.5% gain, while PaineWebber had a decline due to a year-ago gain.@@@@1@16@@oe@2-2-2013
22256028@unknown@formal@none@1@S@Blue Arrow of Britain plans to return to the name Manpower and take a big write-off.@@@@1@16@@oe@2-2-2013
22256029@unknown@formal@none@1@S@The moves may help the firm solidify its dominance of the U.S. temporary-help market.@@@@1@14@@oe@2-2-2013
22256030@unknown@formal@none@1@S@J.P. Morgan posted a $1.82 billion loss for the third quarter, reflecting a big addition to loan-loss reserves.@@@@1@18@@oe@2-2-2013
22256031@unknown@formal@none@1@S@NCNB's profit more than doubled.@@@@1@5@@oe@2-2-2013
22256032@unknown@formal@none@1@S@K mart agreed to acquire Pace Membership Warehouse for $322 million, expanding its presence in the growing wholesale-store business.@@@@1@19@@oe@2-2-2013
22256033@unknown@formal@none@1@S@Markets --@@@@1@2@@oe@2-2-2013
22256034@unknown@formal@none@1@S@Stocks: Volume 416,290,000 shares.@@@@1@4@@oe@2-2-2013
22256035@unknown@formal@none@1@S@Dow Jones industrials 2657.38, up 88.12; transportation 1304.23, off 102.06; utilities 214.73, up 2.77.@@@@1@14@@oe@2-2-2013
22256036@unknown@formal@none@1@S@Bonds: Shearson Lehman Hutton Treasury index 3393.51, off@@@@1@8@@oe@2-2-2013
22256037@unknown@formal@none@1@S@Commodities: Dow Jones futures index 129.72, off 0.15; spot index 130.16, up 0.91.@@@@1@13@@oe@2-2-2013
22256038@unknown@formal@none@1@S@Dollar: 141.85 yen, off 0.25; 1.8685 marks, off 0.0055.@@@@1@9@@oe@2-2-2013
22257001@unknown@formal@none@1@S@Monday, October 16, 1989@@@@1@4@@oe@2-2-2013
22257002@unknown@formal@none@1@S@The key U.S. and foreign annual interest rates below are a guide to general levels but don't always represent actual transactions.@@@@1@21@@oe@2-2-2013
22257003@unknown@formal@none@1@S@PRIME RATE: 10 1/2%.@@@@1@4@@oe@2-2-2013
22257004@unknown@formal@none@1@S@The base rate on corporate loans at large U.S. money center commercial banks.@@@@1@13@@oe@2-2-2013
22257005@unknown@formal@none@1@S@FEDERAL FUNDS: 8 3/4% high, 8 1/2% low, 8 5/8% near closing bid, 8 3/4% offered.@@@@1@16@@oe@2-2-2013
22257006@unknown@formal@none@1@S@Reserves traded among commercial banks for overnight use in amounts of $1 million or more.@@@@1@15@@oe@2-2-2013
22257007@unknown@formal@none@1@S@Source: Fulton Prebon (U.S.A.) Inc.@@@@1@5@@oe@2-2-2013
22257008@unknown@formal@none@1@S@DISCOUNT RATE: 7%.@@@@1@3@@oe@2-2-2013
22257009@unknown@formal@none@1@S@The charge on loans to depository institutions by the New York Federal Reserve Bank.@@@@1@14@@oe@2-2-2013
22257010@unknown@formal@none@1@S@CALL MONEY: 9 3/4% to 10%.@@@@1@6@@oe@2-2-2013
22257011@unknown@formal@none@1@S@The charge on loans to brokers on stock exchange collateral.@@@@1@10@@oe@2-2-2013
22257012@unknown@formal@none@1@S@COMMERCIAL PAPER placed directly by General Motors Acceptance Corp.:8.30% 5 to 44 days; 8.20% 45 to 59 days; 8% 60 to 89 days; 7.875% 90 to 119 days; 7.75% 120 to 149 days; 7.625% 150 to 179 days; 7.375% 180 to 270 days.@@@@1@43@@oe@2-2-2013
22257013@unknown@formal@none@1@S@COMMERCIAL PAPER: High-grade unsecured notes sold through dealers by major corporations in multiples of $1,000:8.40% 30 days; 8.33% 60 days; 8.26% 90 days.@@@@1@23@@oe@2-2-2013
22257014@unknown@formal@none@1@S@CERTIFICATES OF DEPOSIT: 8.05% one month; 8.02% two months; 8% three months; 7.98% six months; 7.95% one year.@@@@1@18@@oe@2-2-2013
22257015@unknown@formal@none@1@S@Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s, usually on amounts of $1 million and more.@@@@1@25@@oe@2-2-2013
22257016@unknown@formal@none@1@S@The minimum unit is $100,000.@@@@1@5@@oe@2-2-2013
22257017@unknown@formal@none@1@S@Typical rates in the secondary market:8.40% one month; 8.40% three months; 8.40% six months.@@@@1@14@@oe@2-2-2013
22257018@unknown@formal@none@1@S@BANKERS ACCEPTANCES: 8.40% 30 days; 8.35% 60 days; 8.27% 90 days; 8.20% 120 days; 8.15% 150 days; 8.02% 180 days.@@@@1@20@@oe@2-2-2013
22257019@unknown@formal@none@1@S@Negotiable, bank-backed business credit instruments typically financing an import order.@@@@1@10@@oe@2-2-2013
22257020@unknown@formal@none@1@S@LONDON LATE EURODOLLARS: 8 5/8% to 8 1/2% one month; 8 5/8% to 8 1/2% two months; 8 9/16% to 8 7/16% three months; 8 1/2% to 8 3/8% four months; 8 1/2% to 8 3/8% five months; 8 1/2% to 8 3/8% six months.@@@@1@45@@oe@2-2-2013
22257021@unknown@formal@none@1@S@LONDON INTERBANK OFFERED RATES (LIBOR): 8 1/2% one month; 8 1/2% three months; 8 7/16% six months; 8 3/8% one year.@@@@1@21@@oe@2-2-2013
22257022@unknown@formal@none@1@S@The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks.@@@@1@20@@oe@2-2-2013
22257023@unknown@formal@none@1@S@FOREIGN PRIME RATES: Canada 13.50%; Germany 8.50%; Japan 4.875%; Switzerland 8.50%; Britain 15%.@@@@1@13@@oe@2-2-2013
22257024@unknown@formal@none@1@S@These rate indications aren't directly comparable; lending practices vary widely by location.@@@@1@12@@oe@2-2-2013
22257025@unknown@formal@none@1@S@TREASURY BILLS: Results of the Monday, October 16, 1989, auction of short-term U.S. government bills, sold at a discount from face value in units of $10,000 to $1 million: 7.37%, 13 weeks; 7.42%, 26 weeks.@@@@1@35@@oe@2-2-2013
22257026@unknown@formal@none@1@S@FEDERAL HOME LOAN MORTGAGE CORP. (Freddie Mac): Posted yields on 30-year mortgage commitments for delivery within 30 days.@@@@1@18@@oe@2-2-2013
22257027@unknown@formal@none@1@S@9.83%, standard conventional fixedrate mortgages; 7.875%, 2% rate capped one-year adjustable rate mortgages.@@@@1@13@@oe@2-2-2013
22257028@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
22257029@unknown@formal@none@1@S@FEDERAL NATIONAL MORTGAGE ASSOCIATION (Fannie Mae): Posted yields on 30 year mortgage commitments for delivery within 30 days (priced at par).9.82%, standard conventional fixed rate-mortgages; 8.70%, 6/2 rate capped one-year adjustable rate mortgages.@@@@1@33@@oe@2-2-2013
22257030@unknown@formal@none@1@S@Source: Telerate Systems Inc.@@@@1@4@@oe@2-2-2013
22257031@unknown@formal@none@1@S@MERRILL LYNCH READY ASSETS TRUST: 8.49%.@@@@1@6@@oe@2-2-2013
22257032@unknown@formal@none@1@S@Annualized average rate of return after expenses for the past 30 days; not a forecast of future returns.@@@@1@18@@oe@2-2-2013
22258001@unknown@formal@none@1@S@Intel Corp. said it reached an agreement with Alliant Computer Systems Corp. to develop software standards for Intel's i860 microprocessor.@@@@1@20@@oe@2-2-2013
22258002@unknown@formal@none@1@S@The i860, introduced earlier this year, is Intel's entry in the crowded market for reduced instruction set computing, or RISC, computers.@@@@1@21@@oe@2-2-2013
22258003@unknown@formal@none@1@S@Intel, based in Santa Clara, Calif., is the market leader for traditional microprocessors with its 8086 family that forms the heart of IBM-compatible personal computers.@@@@1@25@@oe@2-2-2013
22258004@unknown@formal@none@1@S@Under the agreement, Intel will invest $3 million to acquire a 4% stake in Alliant, a maker of minisupercomputers for scientists and engineers.@@@@1@23@@oe@2-2-2013
22258005@unknown@formal@none@1@S@Alliant, based in Littleton, Mass., will license its parallel-computing technologies to Intel, providing users a way to let many i860 microprocessors in a single computer work on a problem simultaneously.@@@@1@30@@oe@2-2-2013
22258006@unknown@formal@none@1@S@Alliant said it plans to use the microprocessor in future products.@@@@1@11@@oe@2-2-2013
22258007@unknown@formal@none@1@S@It declined to discuss its plans for upgrading its current product line.@@@@1@12@@oe@2-2-2013
22259001@unknown@formal@none@1@S@Omnicare Inc., which intends to expand its position in the medical and dental markets, said it acquired a cotton and gauze products division from closely held Sterile Products Corp. for $8.2 million.@@@@1@32@@oe@2-2-2013
22259002@unknown@formal@none@1@S@Omnicare said it expects the division to add "substantial sales volume and to make a positive contribution to our earnings in 1990 and beyond."@@@@1@24@@oe@2-2-2013
22259003@unknown@formal@none@1@S@In 1988 the Cincinnati company earned $3.1 million, or 32 cents a share, on revenue of $148.5 million.@@@@1@18@@oe@2-2-2013
22259004@unknown@formal@none@1@S@Omnicare said the division operates under the trade name ACCO and supplies the medical and dental markets.@@@@1@17@@oe@2-2-2013
22259005@unknown@formal@none@1@S@The business, based in St. Louis, had sales of more than $14 million in the fiscal year ended March 31, Omnicare said.@@@@1@22@@oe@2-2-2013
22260001@unknown@formal@none@1@S@Burmah Oil PLC, a British independent oil and specialty chemicals marketing concern, said SHV Holdings N.V. of the Netherlands has built up a 6.7% stake in the company.@@@@1@28@@oe@2-2-2013
22260002@unknown@formal@none@1@S@James Alexander, a Burmah spokesman, said SHV had previously owned "a little under 5%" of Burmah for about two years.@@@@1@20@@oe@2-2-2013
22260003@unknown@formal@none@1@S@The Dutch company hadn't notified Burmah of its reason for increasing the stake, he said.@@@@1@15@@oe@2-2-2013
22260004@unknown@formal@none@1@S@SHV, which last year merged its North Sea oil and gas operations with those of Calor Group PLC, has been pegged by speculators as a possible suitor for Burmah Oil in recent weeks.@@@@1@33@@oe@2-2-2013
22260005@unknown@formal@none@1@S@SHV also owns 40% of Calor.@@@@1@6@@oe@2-2-2013
22260006@unknown@formal@none@1@S@Burmah, which owns the Castrol brand of lubricant oils, reported a 17% rise in net income to #43.5 million ($68.3 million) in the first half.@@@@1@25@@oe@2-2-2013
22261001@unknown@formal@none@1@S@J.P. Industries Inc. said it signed a definitive agreement to sell its Builders' Hardware Group to closely held Nalcor Inc. of Beverly Hills, Calif.@@@@1@24@@oe@2-2-2013
22261002@unknown@formal@none@1@S@Terms weren't disclosed, but a J.P. Industries spokesman said the amount J.P. Industries will get for the group is "a little better than expected by the marketplace, and the marketplace had been expecting $25 million to $30 million."@@@@1@38@@oe@2-2-2013
22261003@unknown@formal@none@1@S@The group consists of Weslock Corp. and JPI Modern Inc.@@@@1@10@@oe@2-2-2013
22261004@unknown@formal@none@1@S@J.P. Industries, which is based in Ann Arbor, Mich., said the sale completes a previously announced program to divest itself of its hardware and plumbing supplies operations.@@@@1@27@@oe@2-2-2013
22261005@unknown@formal@none@1@S@The company's remaining business is the manufacture and sale of engine and transmissions products for industrial and transportation applications.@@@@1@19@@oe@2-2-2013
22262001@unknown@formal@none@1@S@Citing a $3.1 million provision for doubtful accounts, Dallas-based National Heritage Inc. posted a loss for its fourth quarter ended June 30.@@@@1@22@@oe@2-2-2013
22262002@unknown@formal@none@1@S@A unit of troubled Southmark Corp., the operator of nursing homes and retirement centers said it sustained a net loss of $1.6 million, or nine cents a share, compared with net income of $1.3 million, or eight cents a share, a year earlier.@@@@1@43@@oe@2-2-2013
22262003@unknown@formal@none@1@S@Operating revenue rose 13% to $22.2 million from $19.7 million in the year-earlier quarter.@@@@1@14@@oe@2-2-2013
22262004@unknown@formal@none@1@S@The company said the $3.1 million reserve was created to reflect doubt about the collectability of receivables owed to National Heritage by some of the real estate partnerships it manages.@@@@1@30@@oe@2-2-2013
22262005@unknown@formal@none@1@S@The company also said expenses incurred by the previous board and management in the recent contest for control were recognized primarily in the first quarter ended Sept. 30.@@@@1@28@@oe@2-2-2013
22262006@unknown@formal@none@1@S@National Heritage stock fell 12.5 cents yesterday to close at $1.375 a share in New York Stock Exchange composite trading.@@@@1@20@@oe@2-2-2013
22263001@unknown@formal@none@1@S@United Biscuits (Holdings) PLC, a British food producer, announced the creation of a European group to bring together its trading interests in the region.@@@@1@24@@oe@2-2-2013
22263002@unknown@formal@none@1@S@The new group will comprise all of United Biscuit's manufacturing and marketing operations in the food sector apart from those based in the U.S.@@@@1@24@@oe@2-2-2013
22263003@unknown@formal@none@1@S@United Biscuits said the combined group, which will include businesses such as McVities biscuits and Terry's confectionery, will have annual sales of more than #1.5 billion ($2.35 billion) and trading profit of more than #160 million ($251 million).@@@@1@38@@oe@2-2-2013
22263004@unknown@formal@none@1@S@"The new structure will enable United Biscuits to focus clearly upon opportunities for planned growth during the 1990s," said Bob Clarke, deputy chairman and group chief executive.@@@@1@27@@oe@2-2-2013
22263005@unknown@formal@none@1@S@Last month, United Biscuits agreed to sell its entire restaurant operations to Grand Metropolitan PLC for #180 million.@@@@1@18@@oe@2-2-2013
22264001@unknown@formal@none@1@S@An American journalist now is standing trial in Namibia.@@@@1@9@@oe@2-2-2013
22264002@unknown@formal@none@1@S@This is the place that world opinion has been celebrating over in the expectation that it's going to hold an election.@@@@1@21@@oe@2-2-2013
22264003@unknown@formal@none@1@S@The most likely winner will be the Marxist-dominated SWAPO rebels.@@@@1@10@@oe@2-2-2013
22264004@unknown@formal@none@1@S@The U.S. journalist's "crime" was writing that the head of the commission charged with overseeing the election's fairness, Bryan O'Linn, was openly sympathetic to SWAPO.@@@@1@25@@oe@2-2-2013
22264005@unknown@formal@none@1@S@Shortly after that, Mr. O'Linn had Scott Stanley arrested and his passport confiscated.@@@@1@13@@oe@2-2-2013
22264006@unknown@formal@none@1@S@Mr. Stanley is on trial over charges that he violated a proclamation, issued by the South African administrator general earlier this year, which made it a crime punishable by two years in prison for any person to "insult, disparate or belittle" the election commission.@@@@1@44@@oe@2-2-2013
22264007@unknown@formal@none@1@S@The Stanley affair doesn't bode well for the future of democracy or freedom of anything in Namibia when SWAPO starts running the government.@@@@1@23@@oe@2-2-2013
22264008@unknown@formal@none@1@S@To the extent Mr. Stanley has done anything wrong, it may be that he is out of step with the consensus of world intellectuals that the Namibian guerrillas were above all else the victims of suppression by neighboring South Africa.@@@@1@40@@oe@2-2-2013
22264009@unknown@formal@none@1@S@SWAPO has enjoyed favorable Western media treatment ever since the U.N. General Assembly declared it the "sole, authentic representative" of Namibia's people in@@@@1@23@@oe@2-2-2013
22264010@unknown@formal@none@1@S@Last year, the U.S. brokered a peace settlement to remove Cuba's "Afrika Korps" from Angola and hold "free and fair" elections that would end South Africa's control of Namibia.@@@@1@29@@oe@2-2-2013
22264011@unknown@formal@none@1@S@The elections are set for Nov. 7.@@@@1@7@@oe@2-2-2013
22264012@unknown@formal@none@1@S@In July, Mr. Stanley, editor of American Press International, a Washington D.C.-based conservative wire service, visited Namibia to report on the U.N.-monitored election campaign.@@@@1@24@@oe@2-2-2013
22264013@unknown@formal@none@1@S@He interviewed Mr. O'Linn, head of a commission charged with investigating electoral intimidation, and reported that Mr. O'Linn was openly sympathetic to SWAPO and indeed had defended its leaders in court.@@@@1@31@@oe@2-2-2013
22264014@unknown@formal@none@1@S@After Mr. Stanley's article was published in two Namibian newspapers, Mr. O'Linn had criminal charges brought against their editors, publisher and lawyer.@@@@1@22@@oe@2-2-2013
22264015@unknown@formal@none@1@S@Mr. Stanley was arrested and charged along with the others when he returned to Namibia this month.@@@@1@17@@oe@2-2-2013
22264016@unknown@formal@none@1@S@Both the State Department and the Lawyers Committee for Freedom of the Press have protested Mr. Stanley's detention.@@@@1@18@@oe@2-2-2013
22264017@unknown@formal@none@1@S@Mr. Stanley's arrest is the latest in a series of incidents that threaten to derail Namibia's elections.@@@@1@17@@oe@2-2-2013
22264018@unknown@formal@none@1@S@Both South African and SWAPO extremists are intimidating voters.@@@@1@9@@oe@2-2-2013
22264019@unknown@formal@none@1@S@The U.S. is in the habit of arranging peace settlements and then washing its hands over the tragic results.@@@@1@19@@oe@2-2-2013
22264020@unknown@formal@none@1@S@It now has the chance to redress that record in Namibia.@@@@1@11@@oe@2-2-2013
22264021@unknown@formal@none@1@S@State and the human-rights community should insist that Mr. Stanley and his fellow defendants be released and that the United Nation's monitors make certain that Mr. O'Linn's commission investigates election complaints from all sides.@@@@1@34@@oe@2-2-2013
22265001@unknown@formal@none@1@S@Commodity futures prices generally reflected the stability of the stock market following its plunge Friday.@@@@1@15@@oe@2-2-2013
22265002@unknown@formal@none@1@S@Yesterday, the stock market's influence at first created nervousness.@@@@1@9@@oe@2-2-2013
22265003@unknown@formal@none@1@S@Later, however, it became more of an undercurrent than a dominating force as individual markets reacted more to their own factors.@@@@1@21@@oe@2-2-2013
22265004@unknown@formal@none@1@S@Gold, the traditional haven in times of financial crisis, continued its inverse lockstep with the dollar, rising early in the day as the currency fell, and then giving up some of its gains as the dollar recovered.@@@@1@37@@oe@2-2-2013
22265005@unknown@formal@none@1@S@Copper and crude oil reacted sharply to the concern that a crash yesterday could have a potentially devastating effect on the economy.@@@@1@22@@oe@2-2-2013
22265006@unknown@formal@none@1@S@Copper fell and showed little rebound through the day as one of the major supply problems that had been supporting prices appeared to be solved.@@@@1@25@@oe@2-2-2013
22265007@unknown@formal@none@1@S@Crude oil declined early, but as the stock market retained early gains, it, too, became stronger, ending with a small net loss.@@@@1@22@@oe@2-2-2013
22265008@unknown@formal@none@1@S@Trading in cotton and sugar was nervous and showed small declines.@@@@1@11@@oe@2-2-2013
22265009@unknown@formal@none@1@S@In Chicago, grain and soybean prices rose slightly.@@@@1@8@@oe@2-2-2013
22265010@unknown@formal@none@1@S@Livestock and meat prices, however, dropped on concern that a financial crisis would cut consumption of beef and pork.@@@@1@19@@oe@2-2-2013
22265011@unknown@formal@none@1@S@In commodity markets yesterday: PRECIOUS METALS: Futures prices were moderately higher as gold gave up some of its early gains and platinum behaved independently, first falling and then later rising.@@@@1@30@@oe@2-2-2013
22265012@unknown@formal@none@1@S@Silver performed quietly.@@@@1@3@@oe@2-2-2013
22265013@unknown@formal@none@1@S@The spot October gold price rose $4 to $367.30 an ounce.@@@@1@11@@oe@2-2-2013
22265014@unknown@formal@none@1@S@The more active December delivery gold settled with a gain of $3.90 an ounce at $371.20, after trading as high as $374.@@@@1@22@@oe@2-2-2013
22265015@unknown@formal@none@1@S@December silver was up 2.3 cents an ounce at $5.163.@@@@1@10@@oe@2-2-2013
22265016@unknown@formal@none@1@S@Platinum behaved more like an industrial metal, easing early on concern over a possible weaker economy, but recovering later, as the stock market strengthened.@@@@1@24@@oe@2-2-2013
22265017@unknown@formal@none@1@S@Gold was nowhere the spectacular performer it was two years ago on Black Monday.@@@@1@14@@oe@2-2-2013
22265018@unknown@formal@none@1@S@For one thing, last Friday, precious metals markets closed before the stock market went into its late-in-the-day nose dive, so it couldn't react to it.@@@@1@25@@oe@2-2-2013
22265019@unknown@formal@none@1@S@Back on Friday, Oct. 16, l987, the stock market declined during the day, and gold prices surged as the stock market fell.@@@@1@22@@oe@2-2-2013
22265020@unknown@formal@none@1@S@The October 1987 contract that day rose as much as $8.70 to as high as $471.60, and the more deferred positions, due to mature as late as March 1989, rose as much as $9.60.@@@@1@34@@oe@2-2-2013
22265021@unknown@formal@none@1@S@On Black Monday, Oct. 19, 1987, the October contract tacked on further gains, rising to as high as $491.50 for a gain of almost $20 on top of the Friday advances, before giving up almost $10 of that at the close.@@@@1@41@@oe@2-2-2013
22265022@unknown@formal@none@1@S@Yesterday's October gain of $4 was miniscule compared with that.@@@@1@10@@oe@2-2-2013
22265023@unknown@formal@none@1@S@One analyst, Peter Cardillo of Josephthal & Co., New York, said the gold market already had some good price-supporting technical factors that would have caused prices to rise, with or without the stock market.@@@@1@34@@oe@2-2-2013
22265024@unknown@formal@none@1@S@"What the stock market did was cause the rise to take place earlier than it would have happened," said Mr. Cardillo.@@@@1@21@@oe@2-2-2013
22265025@unknown@formal@none@1@S@There's a good chance that gold will retain its gains and rise further, he said.@@@@1@15@@oe@2-2-2013
22265026@unknown@formal@none@1@S@He expects a drop in interest rates, which would help gold by keeping the dollar from rising.@@@@1@17@@oe@2-2-2013
22265027@unknown@formal@none@1@S@Finally, according to Mr. Cardillo, the impact of the strong dollar should be reflected in reduced exports in the August merchandise trade deficit, when the figures are released today.@@@@1@29@@oe@2-2-2013
22265028@unknown@formal@none@1@S@This would be damaging to the dollar and supportive for gold, he said.@@@@1@13@@oe@2-2-2013
22265029@unknown@formal@none@1@S@ENERGY:@@@@1@1@@oe@2-2-2013
22265030@unknown@formal@none@1@S@Worried that Friday's 190-point stock market plunge might be a harbinger of things to come for the economy, petroleum futures traders called a halt to the recent string of increases in crude oil futures prices.@@@@1@35@@oe@2-2-2013
22265031@unknown@formal@none@1@S@The U.S. benchmark crude, West Texas Intermediate, closed at $20.59 a barrel for November delivery, down 30 cents.@@@@1@18@@oe@2-2-2013
22265032@unknown@formal@none@1@S@Some analysts said crude was due for a correction anyhow, following several days of significant gains.@@@@1@16@@oe@2-2-2013
22265033@unknown@formal@none@1@S@But most market observers agreed that Friday's stock market drop is what dampened spirits in the petroleum pits yesterday.@@@@1@19@@oe@2-2-2013
22265034@unknown@formal@none@1@S@Until yesterday, futures prices had been headed up on expectations that world oil demand will continue to be strong.@@@@1@19@@oe@2-2-2013
22265035@unknown@formal@none@1@S@The Organization of Petroleum Exporting Countries increased its production ceiling for the fourth quarter based on projections of robust demand.@@@@1@20@@oe@2-2-2013
22265036@unknown@formal@none@1@S@So any bearish indicator, such as Friday's precipitous drop in the stock market, sends shivers through the oil markets as well.@@@@1@21@@oe@2-2-2013
22265037@unknown@formal@none@1@S@Indeed, after reacting early in the trading day to Friday's plummet, futures prices firmed up again as traders took note of the stock market's partial recovery yesterday.@@@@1@27@@oe@2-2-2013
22265038@unknown@formal@none@1@S@COPPER:@@@@1@1@@oe@2-2-2013
22265039@unknown@formal@none@1@S@Futures prices fell and showed little rebound as one major labor problem that had been underpinning prices appeared to be solved.@@@@1@21@@oe@2-2-2013
22265040@unknown@formal@none@1@S@The December contract declined 3.05 cents a pound to $1.2745.@@@@1@10@@oe@2-2-2013
22265041@unknown@formal@none@1@S@Prices were down from the outset of trading on concern that a drop in the stock market might create a weakened economy and a consequent reduction in copper use.@@@@1@29@@oe@2-2-2013
22265042@unknown@formal@none@1@S@But the recovery in the stock market provided little help for copper as word spread that a three-month strike at the Highland Valley mine in British Columbia was about over, according to an analyst.@@@@1@34@@oe@2-2-2013
22265043@unknown@formal@none@1@S@Highland Valley is a large Canadian producer and principal supplier to Japan, which recently began seeking copper elsewhere as its inventories shrank.@@@@1@22@@oe@2-2-2013
22265044@unknown@formal@none@1@S@Last week it was reported that company and union negotiations had overcome the major hurdle, the contracting out of work by the company.@@@@1@23@@oe@2-2-2013
22265045@unknown@formal@none@1@S@Now, the analyst said, only minor points remain to be cleaned up.@@@@1@12@@oe@2-2-2013
22265046@unknown@formal@none@1@S@"For all intents and purposes, an agreement appears to have been achieved," he said.@@@@1@14@@oe@2-2-2013
22265047@unknown@formal@none@1@S@Copper inventories in New York's Commodity Exchange warehouses rose yesterday by 516 tons, to 10,004 tons.@@@@1@16@@oe@2-2-2013
22265048@unknown@formal@none@1@S@London Metal Exchange copper inventories last week declined 13,575 tons, to 89,300 tons.@@@@1@13@@oe@2-2-2013
22265049@unknown@formal@none@1@S@The LME stocks decline was about as expected, but the Comex gain wasn't.@@@@1@13@@oe@2-2-2013
22265050@unknown@formal@none@1@S@However, this was brushed aside by concern over the stock market, the analyst said.@@@@1@14@@oe@2-2-2013
22265051@unknown@formal@none@1@S@At one point in futures trading, as the stock market firmed, the December contract rose to as high as $1.2965, but it wasn't able to sustain the gain.@@@@1@28@@oe@2-2-2013
22265052@unknown@formal@none@1@S@"It was simply overbought," he said, and selling by funds that are computer guided helped depress prices.@@@@1@17@@oe@2-2-2013
22265053@unknown@formal@none@1@S@COTTON:@@@@1@1@@oe@2-2-2013
22265054@unknown@formal@none@1@S@Futures prices eased, more in reaction to Hurricane Jerry than to any influence of the stock market.@@@@1@17@@oe@2-2-2013
22265055@unknown@formal@none@1@S@The December contract ended with a loss of 0.22 cent a pound, at 74.48 cents.@@@@1@15@@oe@2-2-2013
22265056@unknown@formal@none@1@S@Technical considerations following the hurricane, which was a factor in the market Friday, caused prices to decline yesterday, said Ernest Simon, cotton specialist for Prudential-Bache Securities, New York.@@@@1@28@@oe@2-2-2013
22265057@unknown@formal@none@1@S@Prices rose sharply Friday as the storm approached Texas and Louisiana, which is part of the Mississippi Delta cotton-growing area.@@@@1@20@@oe@2-2-2013
22265058@unknown@formal@none@1@S@However, after absorbing the potential effect of the hurricane, prices began to slip late Friday, Mr. Simon said.@@@@1@18@@oe@2-2-2013
22265059@unknown@formal@none@1@S@That selling continued yesterday and kept prices under pressure, he said.@@@@1@11@@oe@2-2-2013
22265060@unknown@formal@none@1@S@Colder weather is being predicted for the high plains of Texas and the northern states of the Delta during the coming weekend, Mr. Simon said.@@@@1@25@@oe@2-2-2013
22265061@unknown@formal@none@1@S@That hasn't yet captured traders' attention, he added.@@@@1@8@@oe@2-2-2013
22265062@unknown@formal@none@1@S@SUGAR:@@@@1@1@@oe@2-2-2013
22265063@unknown@formal@none@1@S@Futures prices declined.@@@@1@3@@oe@2-2-2013
22265064@unknown@formal@none@1@S@The March contract was off 0.32 cent a pound at 13.97 cents.@@@@1@12@@oe@2-2-2013
22265065@unknown@formal@none@1@S@At one point in early trading the March price rose to as high as 14.22 cents when the stock market recovered, but the price then fell back.@@@@1@27@@oe@2-2-2013
22265066@unknown@formal@none@1@S@A price-depressing factor, one analyst said, was that India, which had been expected to buy around 200,000 tons of sugar in the world market, didn't make any purchases.@@@@1@28@@oe@2-2-2013
22265067@unknown@formal@none@1@S@India recently bought 200,000 tons and was expected to buy more, the analyst said.@@@@1@14@@oe@2-2-2013
22265068@unknown@formal@none@1@S@Another analyst thought that India may have pulled back because of the concern over the stock market.@@@@1@17@@oe@2-2-2013
22265069@unknown@formal@none@1@S@"India may have felt that if there was a severe drop in the stock market and it affected sugar, it could buy at lower prices," said Judith Ganes, analyst for Shearson Lehman Hutton, New York.@@@@1@35@@oe@2-2-2013
22265070@unknown@formal@none@1@S@At any rate, she added, "India needs the sugar, so it will be in sooner or later to buy it."@@@@1@20@@oe@2-2-2013
22265071@unknown@formal@none@1@S@FARM PRODUCTS:@@@@1@2@@oe@2-2-2013
22265072@unknown@formal@none@1@S@The prices of cattle and hog futures contracts dropped sharply because traders speculated that the stock market plunge Friday will linger in the minds of U.S. consumers long enough to prompt them to rein in their spending at the supermarket, which would hurt demand for beef and pork.@@@@1@48@@oe@2-2-2013
22265073@unknown@formal@none@1@S@The price of the hog contract for October delivery dropped its maximum permissible daily limit of 1.5 cents a pound.@@@@1@20@@oe@2-2-2013
22265074@unknown@formal@none@1@S@The prices of most grain futures contracts rose slightly yesterday out of relief that the stock market was showing signs of recovering.@@@@1@22@@oe@2-2-2013
22265075@unknown@formal@none@1@S@Earlier in the session, the prices of several soybean contracts set new lows.@@@@1@13@@oe@2-2-2013
22265076@unknown@formal@none@1@S@A broad rally began when several major processors began buying futures contracts, apparently to take advantage of the price dip.@@@@1@20@@oe@2-2-2013
22266001@unknown@formal@none@1@S@Knight-Ridder Inc. said it would report increased earnings per share for the third quarter, contrary to reported analysts' comments that the publishing company's earnings would be down.@@@@1@27@@oe@2-2-2013
22266002@unknown@formal@none@1@S@A company spokesman said he believed the confusion was caused when James Batten, Knight-Ridder's chairman and chief executive, told New York analysts two weeks ago that Knight-Ridder's earnings per share for the first nine months of 1989 would "be behind a little bit" from like period of@@@@1@47@@oe@2-2-2013
22266003@unknown@formal@none@1@S@The Knight-Ridder spokesman said the third-quarter earnings that the company plans to report Oct. 24 are expected to be up.@@@@1@20@@oe@2-2-2013
22266004@unknown@formal@none@1@S@The spokesman said he was "comfortable" with revised analysts' projections that the company would report earnings of between 62 cents and 64 cents a share, compared with the 53 cents a share it reported for the 1988 third quarter.@@@@1@39@@oe@2-2-2013
22266005@unknown@formal@none@1@S@Knight-Ridder said it agreed with estimates that net income for all of 1989 would be around $2.86 a share, compared with $2.59 a share a year earlier.@@@@1@27@@oe@2-2-2013
22266006@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, Knight-Ridder closed at $51.75, down 37.5 cents.@@@@1@15@@oe@2-2-2013
22267001@unknown@formal@none@1@S@DD Acquisition Corp. said it extended its $45-a-share offer for Dunkin' Donuts Inc. to Nov. 1 from yesterday.@@@@1@18@@oe@2-2-2013
22267002@unknown@formal@none@1@S@The offer has an indicated value of $268 million.@@@@1@9@@oe@2-2-2013
22267003@unknown@formal@none@1@S@DD Acquisition is a partnership of Unicorp Canada Corp.'s Kingsbridge Capital Group unit and Cara Operations Ltd.@@@@1@17@@oe@2-2-2013
22267004@unknown@formal@none@1@S@As previously reported, under the terms of a confidentiality agreement with Dunkin' Donuts, the partners agreed to keep their offer open until Nov. 1, and not to acquire any additional shares except through a tender offer expiring on that date.@@@@1@40@@oe@2-2-2013
22267005@unknown@formal@none@1@S@DD Acquisition said that it already owns 15% of the common shares of the doughnut shop chain and that as of the close of business Friday an additional 11% had been tendered to its offer.@@@@1@35@@oe@2-2-2013
22267006@unknown@formal@none@1@S@Dunkin' Donuts is based in Randolph, Mass.@@@@1@7@@oe@2-2-2013
22267007@unknown@formal@none@1@S@Cara Operations, a food services concern, and Unicorp, a holding company with interests in oil and natural gas and financial services, are based in Toronto.@@@@1@25@@oe@2-2-2013
22268001@unknown@formal@none@1@S@Golden West Financial Corp., riding above the turbulence that has troubled most of the thrift industry, posted a 16% increase of third-quarter earnings to $41.8 millon, or 66 cents a share.@@@@1@31@@oe@2-2-2013
22268002@unknown@formal@none@1@S@The company earned $36 million, or 57 cents a share, in the year-ago quarter.@@@@1@14@@oe@2-2-2013
22268003@unknown@formal@none@1@S@Herbert M. Sandler, chairman and chief executive officer of the Oakland, Calif., savings-and-loan holding company, credited the high number of loans added to the company's portfolio over the last 12 months for broadening its earning asset base and improving profit performance.@@@@1@41@@oe@2-2-2013
22268004@unknown@formal@none@1@S@However, the executive noted that slackening demand for new mortgages depressed new loan originations to $1 billion, 30% below the same period last year.@@@@1@24@@oe@2-2-2013
22268005@unknown@formal@none@1@S@In savings activity, Mr. Sandler said consumer deposits have enjoyed a steady increase throughout 1989, and topped $11 billion at quarter's end for the first time in the company's history.@@@@1@30@@oe@2-2-2013
22268006@unknown@formal@none@1@S@Deposit growth amounted to $393 million, more than double the year-ago figure.@@@@1@12@@oe@2-2-2013
22269001@unknown@formal@none@1@S@Whirlpool Corp., Benton Harbor, Mich., said it has developed a process to recover environmentally harmful chlorofluorocarbons, or CFCs, that previously entered the atmosphere during in-home repair of refrigerators and freezers.@@@@1@30@@oe@2-2-2013
22269002@unknown@formal@none@1@S@The maker of home appliances said the process, which involves the use of a multilayer plastic bag during repairs to capture the gaseous substance and transport it to a recycling center, is already in use at a number of its service centers, and will be available to all authorized repair centers by spring.@@@@1@53@@oe@2-2-2013
22269003@unknown@formal@none@1@S@Earlier repairs vented the CFCs out of the home through a hose directly into the atmosphere.@@@@1@16@@oe@2-2-2013
22269004@unknown@formal@none@1@S@CFCs are widely used as solvents, coolants and fire suppressants.@@@@1@10@@oe@2-2-2013
22269005@unknown@formal@none@1@S@But their use has been linked to a potentially dangerous depletion of the Earth's ozone layer, and a number of companies are seeking to curtail use, or at least emission, of the substance.@@@@1@33@@oe@2-2-2013
22269006@unknown@formal@none@1@S@Whirpool said, "We see this process as a small but important step toward eventual elimination of CFC use in appliance manufacture.@@@@1@21@@oe@2-2-2013
22270001@unknown@formal@none@1@S@Maxus Energy Corp., Dallas, said it discovered a new oil field northeast of its previously discovered Intan Field in the southeast Sumatra area of Indonesia.@@@@1@25@@oe@2-2-2013
22270002@unknown@formal@none@1@S@Maxus said it didn't run a production test on the three discovery wells it drilled in the field, which is about 1.6 miles from the Intan Field, because the wells are similar to others drilled at its Intan and Widuri fields.@@@@1@41@@oe@2-2-2013
22270003@unknown@formal@none@1@S@However, Maxus said it believes the reserves in the field are about 10 million barrels of oil.@@@@1@17@@oe@2-2-2013
22270004@unknown@formal@none@1@S@The Intan Field has estimated reserves of 50 million barrels and the Widuri Field has estimated reserves of 225 million barrels.@@@@1@21@@oe@2-2-2013
22270005@unknown@formal@none@1@S@Maxus, an independent oil and gas concern, is the operator and owns a 56% interest in the new field, called Northeast Intan.@@@@1@22@@oe@2-2-2013
22270006@unknown@formal@none@1@S@Other interests are owned by BP Petroleum Development (SES) Ltd., C. Itoh Energy Co. Ltd., Deminex Sumatra OEL G.m.b.H., Hispanoil (Sumatra) Production Ltd., Hudbay Oil (Indonesia) Ltd., Inpex Sumatra Co. Ltd., Lasmo Sumatra Ltd., Sunda Shell, TCR Sumat A.G. and Warrior Oil Co.@@@@1@43@@oe@2-2-2013
22270007@unknown@formal@none@1@S@The production-sharing contract area is held with Pertamina, the Indonesian state oil company.@@@@1@13@@oe@2-2-2013
22271001@unknown@formal@none@1@S@Environmental Systems Co. said it is restating its results to reduce its reported net income for the first nine months of its fiscal year after discovering it took tax credits that already had been taken last year.@@@@1@37@@oe@2-2-2013
22271002@unknown@formal@none@1@S@The Little Rock, Ark., hazardous-waste services company said the restatement will reduce its net for the nine months ended July 31 to $2.5 million, or 17 cents a share, from $3.7 million, or 26 cents a share.@@@@1@37@@oe@2-2-2013
22271003@unknown@formal@none@1@S@Net for the third quarter, restated, is $1.6 million, or 10 cents a share.@@@@1@14@@oe@2-2-2013
22271004@unknown@formal@none@1@S@The company previously reported net of $2.3 million, or 15 cents a share.@@@@1@13@@oe@2-2-2013
22271005@unknown@formal@none@1@S@The company said that for financial reporting purposes last year it took tax credits that will be recognized for tax purposes this year.@@@@1@23@@oe@2-2-2013
22271006@unknown@formal@none@1@S@But because of confusion, it took those credits again in reporting its results through the first nine months.@@@@1@18@@oe@2-2-2013
22271007@unknown@formal@none@1@S@Jack W. Forrest, Environmental Systems president and chief executive officer, said the change increases the company's effective tax rate to about 35% from 20%.@@@@1@24@@oe@2-2-2013
22272001@unknown@formal@none@1@S@Memotec Data Inc. said it signed a definitive merger agreement with ISI Systems Inc. under which Memotec will acquire ISI for $20 (U.S.) a share, or about $130 million, in cash and securities.@@@@1@33@@oe@2-2-2013
22272002@unknown@formal@none@1@S@In American Stock Exchange composite trading, ISI closed up $3.125 at $18.625.@@@@1@12@@oe@2-2-2013
22272003@unknown@formal@none@1@S@In Montreal Exchange trading, Memotec closed unchanged at 10.625 Canadian dollars (US$9.05).@@@@1@12@@oe@2-2-2013
22272004@unknown@formal@none@1@S@Memotec said under the agreement, ISI, a Braintree, Mass., provider of computer software and services to the insurance industry, will merge with a U.S. unit of Memotec created for that purpose.@@@@1@31@@oe@2-2-2013
22272005@unknown@formal@none@1@S@Memotec is a Montreal-based maker of telecommunications products and provider of telecommunications and computer services.@@@@1@15@@oe@2-2-2013
22272006@unknown@formal@none@1@S@Memotec said the agreement calls for it to make a $20-a-share cash tender offer for all shares outstanding of ISI.@@@@1@20@@oe@2-2-2013
22272007@unknown@formal@none@1@S@But it said Charles Johnston, ISI chairman and president, agreed to sell his 60% stake in ISI to Memotec upon completion of the tender offer for a combination of cash, Memotec stock and debentures.@@@@1@34@@oe@2-2-2013
22272008@unknown@formal@none@1@S@Memotec said the tender offer is conditioned on, among other things, holders tendering at least 15% of the shares outstanding, other than the shares held by Mr. Johnston.@@@@1@28@@oe@2-2-2013
22272009@unknown@formal@none@1@S@ISI said its board has instructed management to accept inquiries from any others interested in making a bid.@@@@1@18@@oe@2-2-2013
22272010@unknown@formal@none@1@S@ISI said it can withdraw from the merger agreement with Memotec if a better bid surfaces.@@@@1@16@@oe@2-2-2013
22273001@unknown@formal@none@1@S@CMS Energy Corp., Jackson, Mich., said it has resumed the purchase of its common stock under a program approved by its directors in 1987.@@@@1@24@@oe@2-2-2013
22273002@unknown@formal@none@1@S@At the time of the original announcement, CMS said its board authorized the purchase of as many as five million of its shares.@@@@1@23@@oe@2-2-2013
22273003@unknown@formal@none@1@S@A spokesman said 2.6 million shares have been purchased since then.@@@@1@11@@oe@2-2-2013
22273004@unknown@formal@none@1@S@The company said it will buy additional shares "from time to time in the open market or in private transactions at prevailing market prices."@@@@1@24@@oe@2-2-2013
22273005@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, CMS Energy closed at $34.375 a share, down 62.5 cents, from the closing price of $37.375 a share on Thursday, before Friday's plunge.@@@@1@32@@oe@2-2-2013
22273006@unknown@formal@none@1@S@The utility company currently has about 82.1 million shares outstanding.@@@@1@10@@oe@2-2-2013
22273007@unknown@formal@none@1@S@Morgan Stanley & Co. will act as the exclusive broker for the repurchase.@@@@1@13@@oe@2-2-2013
22274001@unknown@formal@none@1@S@Hughes Aircraft Co., a unit of General Motors Corp., said it agreed to purchase the Electro-Optics Technology division of Perkin-Elmer Corp.@@@@1@21@@oe@2-2-2013
22274002@unknown@formal@none@1@S@Terms of the agreement weren't disclosed.@@@@1@6@@oe@2-2-2013
22274003@unknown@formal@none@1@S@But for the fiscal year ended July 31, 1988, the most recent period for which results were broken out, the Perkin-Elmer unit accounted for more than half the $145 million in sales recorded by the company's government systems sector.@@@@1@39@@oe@2-2-2013
22274004@unknown@formal@none@1@S@Perkin-Elmer, which is based in Norwalk, Conn., said the sale of the Danbury, Conn., unit is consistent with its restructuring strategy announced in April.@@@@1@24@@oe@2-2-2013
22274005@unknown@formal@none@1@S@In addition to making electro-optical systems, the unit also makes laser warning receivers.@@@@1@13@@oe@2-2-2013
22274006@unknown@formal@none@1@S@These are used aboard military helicopters to warn pilots that a laser weapon has been focused on them.@@@@1@18@@oe@2-2-2013
22274007@unknown@formal@none@1@S@Hughes of Los Angeles said the PerkinElmer unit's work complements efforts by its Electro-Optical and Data Systems group, which makes infrared sensors, military lasers and night vision equipment.@@@@1@28@@oe@2-2-2013
22274008@unknown@formal@none@1@S@Hughes said it expects the sale to close by year end.@@@@1@11@@oe@2-2-2013
22275001@unknown@formal@none@1@S@The Communications Workers of America ratified a new regional contract and all but one of the local agreements with Bell Atlantic Corp.@@@@1@22@@oe@2-2-2013
22275002@unknown@formal@none@1@S@CWA's New Jersey Commercial local, which represents about 2,500 service representatives and marketing employees, rejected the tentative agreement.@@@@1@18@@oe@2-2-2013
22275003@unknown@formal@none@1@S@Both the union and the regional telephone company said they were working together to resolve differences.@@@@1@16@@oe@2-2-2013
22275004@unknown@formal@none@1@S@The new three-year contracts, which replace ones that expired Aug. 5, cover 41,000 Bell Atlantic employees.@@@@1@16@@oe@2-2-2013
22275005@unknown@formal@none@1@S@The ratification follows a 23-day strike against the Philadelphia-based company.@@@@1@10@@oe@2-2-2013
22275006@unknown@formal@none@1@S@Meanwhile, CWA and International Brotherhood of Electrical Workers members remain on strike against Nynex Corp., the New York-based regional phone company.@@@@1@21@@oe@2-2-2013
22275007@unknown@formal@none@1@S@The unions and the company last week agreed to mediation.@@@@1@10@@oe@2-2-2013
22275008@unknown@formal@none@1@S@The CWA represents 40,000 Nynex workers and the IBEW represents 20,000 workers.@@@@1@12@@oe@2-2-2013
22276001@unknown@formal@none@1@S@For the moment, at least, euphoria has replaced anxiety on Wall Street.@@@@1@12@@oe@2-2-2013
22276002@unknown@formal@none@1@S@The Dow Jones Industrial Average jumped sharply yesterday to close at 2657.38, panic didn't sweep the world's markets, and investors large and small seemed to accept Friday's dizzying 190-point plunge as a sharp correction, not a calamity.@@@@1@37@@oe@2-2-2013
22276003@unknown@formal@none@1@S@Many went bargain-hunting.@@@@1@3@@oe@2-2-2013
22276004@unknown@formal@none@1@S@Among those sighing with relief was John H. Gutfreund, chairman of Salomon Brothers, who took to the firm's trading floor to monitor yesterday's events.@@@@1@24@@oe@2-2-2013
22276005@unknown@formal@none@1@S@As the rally gained strength at 3:15 p.m., he smiled broadly, brandished his unlit cigar and slapped Stanley Shopkorn, his top stock trader, on the back.@@@@1@26@@oe@2-2-2013
22276006@unknown@formal@none@1@S@At first, it seemed as if history might repeat itself.@@@@1@10@@oe@2-2-2013
22276007@unknown@formal@none@1@S@As trading opened yesterday morning on the Big Board, stocks of many of the nation's biggest companies couldn't open for trading because a wave of sell orders was overwhelming buyers.@@@@1@30@@oe@2-2-2013
22276008@unknown@formal@none@1@S@By 10:10, the Dow Industrials were off 63.52 points, and the stock of UAL Corp., whose troubles had kicked off Friday's plunge, still hadn't opened.@@@@1@25@@oe@2-2-2013
22276009@unknown@formal@none@1@S@But then, as quickly as the Dow had fallen, it began to turn around.@@@@1@14@@oe@2-2-2013
22276010@unknown@formal@none@1@S@It ended with a gain of 88.12 points.@@@@1@8@@oe@2-2-2013
22276011@unknown@formal@none@1@S@By the market's close, volume on the New York exchange totaled more than 416 million, the fourth highest on record.@@@@1@20@@oe@2-2-2013
22276012@unknown@formal@none@1@S@The Big Board handled the huge volume without any obvious strain, in sharp contrast to Black Monday of 1987.@@@@1@19@@oe@2-2-2013
22276013@unknown@formal@none@1@S@But the rally was largely confined to the blue-chip stocks, which had been hard hit during Friday's selling frenzy.@@@@1@19@@oe@2-2-2013
22276014@unknown@formal@none@1@S@Overall, more Big Board stocks lost money than gained.@@@@1@9@@oe@2-2-2013
22276015@unknown@formal@none@1@S@And many arbitragers, already reeling from Friday's collapse of the UAL deal, were further hurt yesterday when a proposed takeover of AMR Corp., the parent of American Airlines, collapsed.@@@@1@29@@oe@2-2-2013
22276016@unknown@formal@none@1@S@Indeed, the Dow Jones Transportation Average plunged 102.06 points, its second-worst drop in history.@@@@1@14@@oe@2-2-2013
22276017@unknown@formal@none@1@S@World-wide, trading was generally manageable.@@@@1@5@@oe@2-2-2013
22276018@unknown@formal@none@1@S@The Frankfurt stock exchange was hardest hit of the major markets, with blue chips there falling 12.8%.@@@@1@17@@oe@2-2-2013
22276019@unknown@formal@none@1@S@In London, a midday rally left the market's major index off 3.2%, and Tokyo's leading stock index fell only 1.8% in surprisingly lackluster trading.@@@@1@24@@oe@2-2-2013
22276020@unknown@formal@none@1@S@Other, more thinly traded Asian markets were hit harder than Tokyo's, but there were no free-fall declines.@@@@1@17@@oe@2-2-2013
22276021@unknown@formal@none@1@S@Investors big and small say they learned valuable lessons since the 1987 crash: In this age of computerized trading, huge corrections or runups in a few hours' time must be expected.@@@@1@31@@oe@2-2-2013
22276022@unknown@formal@none@1@S@What's more, such short-term cataclysms are survivable and are no cause for panic selling.@@@@1@14@@oe@2-2-2013
22276023@unknown@formal@none@1@S@Stephen Boesel, a major money manager for T. Rowe Price in Baltimore, says, "There was less panic than in 1987: We had been through it once."@@@@1@26@@oe@2-2-2013
22276024@unknown@formal@none@1@S@In Somerset, Wis., Adrian Sween, who owns a supplier of nursing-home equipment and isn't active in the stock market, agrees.@@@@1@20@@oe@2-2-2013
22276025@unknown@formal@none@1@S@"I look at it as a ho-hum matter," he says.@@@@1@10@@oe@2-2-2013
22276026@unknown@formal@none@1@S@Many other factors played a part in yesterday's comeback.@@@@1@9@@oe@2-2-2013
22276027@unknown@formal@none@1@S@The Federal Reserve signaled its willingness to provide liquidity; the interest rate on its loans to major banks inched downward early in the day.@@@@1@24@@oe@2-2-2013
22276028@unknown@formal@none@1@S@Foreign stock markets, which kicked off Black Monday with a huge selling spree, began the day off by relatively modest amounts.@@@@1@21@@oe@2-2-2013
22276029@unknown@formal@none@1@S@The dollar, after falling sharply in overnight trading to 139.10 yen, bounced back strongly to 141.8, thus easing fears that foreigners would unload U.S. stocks.@@@@1@25@@oe@2-2-2013
22276030@unknown@formal@none@1@S@And the widely disseminated opinion among most market experts that a crash wasn't in store also helped calm investors.@@@@1@19@@oe@2-2-2013
22276031@unknown@formal@none@1@S@Many major institutions, for example, came into work yesterday ready to buy some of the blue chips they felt had been sharply undervalued on Friday.@@@@1@25@@oe@2-2-2013
22276032@unknown@formal@none@1@S@Still, amid all the backslapping and signs of relief over yesterday's events, some market professionals cautioned that there is nothing present in the current market system to prevent another dizzying drop such as Friday's.@@@@1@34@@oe@2-2-2013
22276033@unknown@formal@none@1@S@"There is too much complacency," says money manager Barry Schrager.@@@@1@10@@oe@2-2-2013
22276034@unknown@formal@none@1@S@Computers have increasingly connected securities markets world-wide, so that a buying or selling wave in one market is often passed around the globe.@@@@1@23@@oe@2-2-2013
22276035@unknown@formal@none@1@S@So investors everywhere nervously eyed yesterday's opening in Tokyo, where the Nikkei average of 225 blue-chip stocks got off to a rocky start.@@@@1@23@@oe@2-2-2013
22276036@unknown@formal@none@1@S@The average plunged some 600 points, or 1.7%, in the first 20 minutes of trading.@@@@1@15@@oe@2-2-2013
22276037@unknown@formal@none@1@S@But the selling wave had no conviction, and the market first surged upward by 200 points, then drifted lower, closing down 647.@@@@1@22@@oe@2-2-2013
22276038@unknown@formal@none@1@S@Unlike two years ago, most of Japan's major investors chose to sit this calamity out.@@@@1@15@@oe@2-2-2013
22276039@unknown@formal@none@1@S@In Merrill Lynch & Co.'s Tokyo trading room, some 40 traders and assistants sat quietly, with few orders to process.@@@@1@20@@oe@2-2-2013
22276040@unknown@formal@none@1@S@Clients "are all staying out" of the market, one Merrill trader says.@@@@1@12@@oe@2-2-2013
22276041@unknown@formal@none@1@S@The relative calm in Tokyo proved little comfort to markets opening up in Europe.@@@@1@14@@oe@2-2-2013
22276042@unknown@formal@none@1@S@Frankfurt's opening was delayed a half hour because of a crush of sell orders.@@@@1@14@@oe@2-2-2013
22276043@unknown@formal@none@1@S@"The beginning was chaotic," says Nigel Longley, a broker for Commerzbank@@@@1@11@@oe@2-2-2013
22276044@unknown@formal@none@1@S@In London, the view from the trading floor of an American securities firm, Jefferies & Co., also was troubling.@@@@1@19@@oe@2-2-2013
22276045@unknown@formal@none@1@S@A computer screen displaying 100 blue-chip stocks colors each one red when its price is falling.@@@@1@16@@oe@2-2-2013
22276046@unknown@formal@none@1@S@The screen was a sea of red.@@@@1@7@@oe@2-2-2013
22276047@unknown@formal@none@1@S@"I see concern, but I don't see panic," says J. Francis Palamara, a New Yorker who runs the 15-trader office.@@@@1@20@@oe@2-2-2013
22276048@unknown@formal@none@1@S@London's blue-chip stock index turned up just before 8 a.m. New York time, sending an encouraging message to Wall Street.@@@@1@20@@oe@2-2-2013
22276049@unknown@formal@none@1@S@When trading opened in New York at 9:30 a.m. EDT, stocks fell sharply -- as expected.@@@@1@16@@oe@2-2-2013
22276050@unknown@formal@none@1@S@Futures markets in Chicago had opened at a level suggesting the Dow would fall by about 60 points.@@@@1@18@@oe@2-2-2013
22276051@unknown@formal@none@1@S@With sell orders piled up from Friday, about half the stocks in the Dow couldn't open on time.@@@@1@18@@oe@2-2-2013
22276052@unknown@formal@none@1@S@By 9:45, the industrial average had dropped 27 points.@@@@1@9@@oe@2-2-2013
22276053@unknown@formal@none@1@S@By 10 a.m., it was down 49.@@@@1@7@@oe@2-2-2013
22276054@unknown@formal@none@1@S@Ten minutes later, the Dow hit bottom-down 63.52 points, another 2.5%.@@@@1@11@@oe@2-2-2013
22276055@unknown@formal@none@1@S@But shortly before then, some of Wall Street's sharpest traders say, they sensed a turn.@@@@1@15@@oe@2-2-2013
22276056@unknown@formal@none@1@S@"The first thing that caught my eye that was encouraging was Treasury bonds were off," says Austin George, head of stock trading at T. Rowe Price.@@@@1@26@@oe@2-2-2013
22276057@unknown@formal@none@1@S@"It meant that people weren't running pell-mell to the safety of bonds."@@@@1@12@@oe@2-2-2013
22276058@unknown@formal@none@1@S@Shortly after 10 a.m., the Major Market Index, a Chicago Board of Trade futures contract of 20 stocks designed to mimic the DJIA, exploded upward.@@@@1@25@@oe@2-2-2013
22276059@unknown@formal@none@1@S@Stock traders were buoyed -- because an upturn in the MMI had also started the recovery in stocks on the Tuesday following Black Monday.@@@@1@24@@oe@2-2-2013
22276060@unknown@formal@none@1@S@"The MMI has gone better," shouted a trader in the London office of Shearson Lehman Hutton.@@@@1@16@@oe@2-2-2013
22276061@unknown@formal@none@1@S@Shearson's London trading room went wild.@@@@1@6@@oe@2-2-2013
22276062@unknown@formal@none@1@S@Traders shouted out as their Reuters, Quotron and Telerate screens posted an ever-narrowing loss on Wall Street.@@@@1@17@@oe@2-2-2013
22276063@unknown@formal@none@1@S@Then, nine minutes later, Wall Street suddenly rebounded to a gain on the day.@@@@1@14@@oe@2-2-2013
22276064@unknown@formal@none@1@S@"Rally, rally, rally," shouted Shearson's Andy Rosen.@@@@1@7@@oe@2-2-2013
22276065@unknown@formal@none@1@S@"This is panic buying."@@@@1@4@@oe@2-2-2013
22276066@unknown@formal@none@1@S@Major blue-chip stocks like Philip Morris, General Motors and Proctor & Gamble led the rally.@@@@1@15@@oe@2-2-2013
22276067@unknown@formal@none@1@S@Japanese were said to be heavy buyers.@@@@1@7@@oe@2-2-2013
22276068@unknown@formal@none@1@S@German and Dutch investors reportedly loaded up on Kellogg Co.@@@@1@10@@oe@2-2-2013
22276069@unknown@formal@none@1@S@Then, traders say, corporations with share buy-back programs kicked into high gear, triggering gains in, among other issues, Alcan Aluminium and McDonald's.@@@@1@22@@oe@2-2-2013
22276070@unknown@formal@none@1@S@Walt Disney Co., which had one of the biggest sell-order imbalances on Friday and was one of seven stocks that halted trading and never reopened that day, opened yesterday late at 114.5, down 8.5.@@@@1@34@@oe@2-2-2013
22276071@unknown@formal@none@1@S@But then it suddenly burst upward 7.5 as Goldman, Sachs & Co. stepped in and bought almost every share offer, traders said.@@@@1@22@@oe@2-2-2013
22276072@unknown@formal@none@1@S@By 10:25, the Dow had turned up for the day, prompting cheers on trading desks and exchange floors.@@@@1@18@@oe@2-2-2013
22276073@unknown@formal@none@1@S@Among Big Board specialists, the cry was "Pull your offers" -- meaning that specialists soon expected to get higher prices for their shares.@@@@1@23@@oe@2-2-2013
22276074@unknown@formal@none@1@S@"It was bedlam on the upside," said one Big Board specialist.@@@@1@11@@oe@2-2-2013
22276075@unknown@formal@none@1@S@"What we had was a real, old-fashioned rally."@@@@1@8@@oe@2-2-2013
22276076@unknown@formal@none@1@S@This technical strength spurred buying from Wall Street's "black boxes," computer programs designed to trigger large stock purchases during bullish periods.@@@@1@21@@oe@2-2-2013
22276077@unknown@formal@none@1@S@Typical, perhaps, was Batterymarch's Dean LeBaron.@@@@1@6@@oe@2-2-2013
22276078@unknown@formal@none@1@S@Mr. LeBaron, who manages $10 billion, says, "We turned the trading system on, and it did whatever it was programmed to do."@@@@1@22@@oe@2-2-2013
22276079@unknown@formal@none@1@S@Asked what stocks the computer bought, the money manager says, "I don't know."@@@@1@13@@oe@2-2-2013
22276080@unknown@formal@none@1@S@Not everybody was making money.@@@@1@5@@oe@2-2-2013
22276081@unknown@formal@none@1@S@The carnage on the Chicago Board Options Exchange, the nation's major options market, was heavy after the trading in S&P 100 stock-index options was halted Friday.@@@@1@26@@oe@2-2-2013
22276082@unknown@formal@none@1@S@Many market makers in the S&P 100 index options contract had bullish positions Friday, and when the shutdown came they were frozen with huge losses.@@@@1@25@@oe@2-2-2013
22276083@unknown@formal@none@1@S@Over the weekend, clearing firms told the Chicago market makers to get out of their positions at any cost Monday morning.@@@@1@21@@oe@2-2-2013
22276084@unknown@formal@none@1@S@"They were absolutely killed, slaughtered," said one Chicago-based options trader.@@@@1@10@@oe@2-2-2013
22276085@unknown@formal@none@1@S@Meanwhile, a test of the stock market's rally came at about 2 p.m., with the Dow at 2600, up 31 points on the day.@@@@1@24@@oe@2-2-2013
22276086@unknown@formal@none@1@S@Charles Clough, a strategist at Merrill Lynch, says bargain hunting had explained the Dow's strength up to that point and that many market professionals were anticipating a drop in the Dow.@@@@1@31@@oe@2-2-2013
22276087@unknown@formal@none@1@S@Moreover, the announcement that real estate magnate and sometime raider Donald Trump was withdrawing his offer for AMR Corp. might have been expected to rattle traders.@@@@1@26@@oe@2-2-2013
22276088@unknown@formal@none@1@S@Instead, the rally only paused for about 25 minutes and then steamed forward as institutions resumed buying.@@@@1@17@@oe@2-2-2013
22276089@unknown@formal@none@1@S@The market closed minutes after reaching its high for the day of@@@@1@12@@oe@2-2-2013
22276090@unknown@formal@none@1@S@Across the country, many people took yesterday's events in stride, while remaining generally uneasy about the stock market in general.@@@@1@20@@oe@2-2-2013
22276091@unknown@formal@none@1@S@Says James Norman, the mayor of Ava, Mo.: "I don't invest in stocks.@@@@1@13@@oe@2-2-2013
22276092@unknown@formal@none@1@S@I much prefer money I can put my hands on."@@@@1@10@@oe@2-2-2013
22276093@unknown@formal@none@1@S@While Mayor Norman found the market's performance Monday reassuring, he says, he remains uneasy.@@@@1@14@@oe@2-2-2013
22276094@unknown@formal@none@1@S@"We have half the experts saying one thing and half the other" about the course of the economy.@@@@1@18@@oe@2-2-2013
22276095@unknown@formal@none@1@S@Ralph Holzfaster, a farmer and farm-supply store operator in Ogallala, Neb., says of the last few days events, "If anything good comes out of this, it might be that it puts some of these LBOs on the skids."@@@@1@38@@oe@2-2-2013
22276096@unknown@formal@none@1@S@Says Gordon Fines, a money manager at IDS Financial Services in Minneapolis, "You're on a roller coaster, and that may last.@@@@1@21@@oe@2-2-2013
22276097@unknown@formal@none@1@S@The public is still cautious.@@@@1@5@@oe@2-2-2013
22277001@unknown@formal@none@1@S@Skipper's Inc., Bellevue, Wash., said it signed a definitive merger agreement for a National Pizza Corp. unit to acquire the 90.6% of Skipper's Inc. it doesn't own for $11.50 a share, or about $28.1 million.@@@@1@35@@oe@2-2-2013
22277002@unknown@formal@none@1@S@NP Acquisition Co., a National Pizza unit, plans to begin a tender offer for Skipper's on Friday, conditioned on at least two-thirds of Skipper's shares being tendered.@@@@1@27@@oe@2-2-2013
22277003@unknown@formal@none@1@S@Pittsburg, Kan.-based National Pizza said the transaction will be financed under its revolving credit agreement.@@@@1@15@@oe@2-2-2013
22277004@unknown@formal@none@1@S@In national over-the-counter trading, Skipper's shares rose 50 cents to $11.@@@@1@11@@oe@2-2-2013
22277005@unknown@formal@none@1@S@Skipper's said the merger will help finance remodeling and future growth.@@@@1@11@@oe@2-2-2013
22277006@unknown@formal@none@1@S@Skipper's previously turned down a $10-a-share proposal from National Pizza and Pizza Hut Inc. questioned whether the purchase would violate National Pizza's franchise agreements.@@@@1@24@@oe@2-2-2013
22277007@unknown@formal@none@1@S@National Pizza said it settled its dispute with Pizza Hut, allowing it to make the purchase.@@@@1@16@@oe@2-2-2013
22277008@unknown@formal@none@1@S@Also, Skipper's results began to turn around, permitting a higher offer, National Pizza said.@@@@1@14@@oe@2-2-2013
22277009@unknown@formal@none@1@S@For the 12 weeks ended Sept. 3, Skipper's had net income of $361,000, or 13 cents a share, compared with a net loss a year earlier.@@@@1@26@@oe@2-2-2013
22277010@unknown@formal@none@1@S@Revenue was $19.9 million.@@@@1@4@@oe@2-2-2013
22278001@unknown@formal@none@1@S@EAST GERMANS RALLIED as officials reportedly sought Honecker's ouster.@@@@1@9@@oe@2-2-2013
22278002@unknown@formal@none@1@S@In what was considered the largest protest in the Communist state's 40-year history, at least 120,000 demonstrators marched through the southern city of Leipzig to press demands for democratic freedoms, opposition activists said.@@@@1@33@@oe@2-2-2013
22278003@unknown@formal@none@1@S@Police didn't intervene.@@@@1@3@@oe@2-2-2013
22278004@unknown@formal@none@1@S@Meanwhile, as the first of more than 1,300 East Germans trying to flee to the West through Poland renounced their citizenship, a West German newspaper reported that regional Communist officials demanded the dismissal of hard-line leader Honecker.@@@@1@37@@oe@2-2-2013
22278005@unknown@formal@none@1@S@Secretary of State Baker, in a foreign policy speech, called for the reunification of Germany, saying it was the "legitimate right" of the German people.@@@@1@25@@oe@2-2-2013
22278006@unknown@formal@none@1@S@Gorbachev blamed the Soviet Union's press for contributing to the nation's mounting problems.@@@@1@13@@oe@2-2-2013
22278007@unknown@formal@none@1@S@At a meeting Friday, the Kremlin leader complained about recent articles that raised the possiblity of civil unrest, and accused the media of fueling panic buying of goods by publishing stories about impending shortages.@@@@1@34@@oe@2-2-2013
22278008@unknown@formal@none@1@S@House-Senate conferees approved a permanent smoking ban on domestic airline routes within the continental U.S. and on flights of less than six hours to Alaska and Hawaii.@@@@1@27@@oe@2-2-2013
22278009@unknown@formal@none@1@S@The curbs would cover all but a small percentage of flights, and represent an expansion of the current ban on flights of less than two hours.@@@@1@26@@oe@2-2-2013
22278010@unknown@formal@none@1@S@E. Robert Wallach was sentenced by a U.S. judge in New York to six years in prison and fined $250,000 for his racketeering conviction in the Wedtech scandal.@@@@1@28@@oe@2-2-2013
22278011@unknown@formal@none@1@S@Wallach, an associate of ex-Attorney General Meese, was found guilty in August of taking $425,000 in illegal payoffs from the now-defunct defense contractor.@@@@1@23@@oe@2-2-2013
22278012@unknown@formal@none@1@S@NASA resumed the countdown for today's launch of the space shuttle Atlantis, and a federal appeals court in Washington dismissed a lawsuit by anti-nuclear groups to delay the flight because the plutonium-powered Galileo space probe was aboard.@@@@1@37@@oe@2-2-2013
22278013@unknown@formal@none@1@S@The space agency said it didn't expect weather or protesters to block the liftoff.@@@@1@14@@oe@2-2-2013
22278014@unknown@formal@none@1@S@The Bush administration is preparing to extend a ban on federal financing of research using fetal tissue, government sources said.@@@@1@20@@oe@2-2-2013
22278015@unknown@formal@none@1@S@A temporary prohibition was imposed in March 1988.@@@@1@8@@oe@2-2-2013
22278016@unknown@formal@none@1@S@While anti-abortion groups are opposed to such research, scientists have said transplanting such tissue could be effective in treating diabetes.@@@@1@20@@oe@2-2-2013
22278017@unknown@formal@none@1@S@Delegates from 91 nations endorsed a ban on world ivory trade in an attempt to rescue the endangered elephant from extinction.@@@@1@21@@oe@2-2-2013
22278018@unknown@formal@none@1@S@Five African nations, however, said they would continue selling the valuable tusks.@@@@1@12@@oe@2-2-2013
22278019@unknown@formal@none@1@S@Mubarak held reconciliation talks with Gadhafi at the Egyptian resort of Mersa Metruh.@@@@1@13@@oe@2-2-2013
22278020@unknown@formal@none@1@S@It was the Libyan leader's first trip to Egypt in 16 years.@@@@1@12@@oe@2-2-2013
22278021@unknown@formal@none@1@S@They announced a reduction in formalities for travel, but didn't show any real signs of resuming full diplomatic ties.@@@@1@19@@oe@2-2-2013
22278022@unknown@formal@none@1@S@The Egyptian president said he would visit Libya today to resume the talks.@@@@1@13@@oe@2-2-2013
22278023@unknown@formal@none@1@S@Seoul and Pyongyang reached a tentative agreement to allow visits between families on the divided Korean peninsula.@@@@1@17@@oe@2-2-2013
22278024@unknown@formal@none@1@S@Such family reunions would be the second since 1945.@@@@1@9@@oe@2-2-2013
22278025@unknown@formal@none@1@S@Differences remained between the North and South Korean governments, however, over conditions for the exchanges.@@@@1@15@@oe@2-2-2013
22278026@unknown@formal@none@1@S@Freed black nationalists resumed political activity in South Africa and vowed to fight against apartheid, raising fears of a possible white backlash.@@@@1@22@@oe@2-2-2013
22278027@unknown@formal@none@1@S@The nation's main white opposition party warned that the government's release Sunday of eight black political prisoners risked bringing chaos and eventual black Marxist rule to the nation.@@@@1@28@@oe@2-2-2013
22278028@unknown@formal@none@1@S@The White House said Bush is "fully satisfied" with CIA Director Webster and the intelligence agency's performance during the Oct. 3 failed coup in Panama.@@@@1@25@@oe@2-2-2013
22278029@unknown@formal@none@1@S@The Washington Post reported that unidentified senior administration officials were frustrated with Webster's low-profile activities during the insurrection and wanted him replaced.@@@@1@22@@oe@2-2-2013
22278030@unknown@formal@none@1@S@Poland's legislature approved limits on automatic wage increases without special provisions for food price rises.@@@@1@15@@oe@2-2-2013
22278031@unknown@formal@none@1@S@The vote was considered a test of the Solidarity-led government's resolve to proceed with a harsh economic-restructuring program.@@@@1@18@@oe@2-2-2013
22278032@unknown@formal@none@1@S@Norway's King Olav V installed a three-party non-Socialist government as Gro Harlem Brundtland's three-year-old Labor regime relinquished power.@@@@1@18@@oe@2-2-2013
22278033@unknown@formal@none@1@S@The 19-member cabinet is led by Prime Minister Jan Syse, who acknowledged a "difficult situation" since the coalition controls only 62 seats in Oslo's 165-member legislature.@@@@1@26@@oe@2-2-2013
22278034@unknown@formal@none@1@S@El Salvador's government opened a new round of talks with the country's leftist rebels in an effort to end a decade-long civil war.@@@@1@23@@oe@2-2-2013
22278035@unknown@formal@none@1@S@A spokesman said the guerrillas would present a cease-fire proposal during the negotiations in Costa Rica that includes constitutional and economic changes.@@@@1@22@@oe@2-2-2013
22278036@unknown@formal@none@1@S@The State Department said there was a "possibility" that some Nicaraguan rebels were selling their U.S.-supplied arms to Salvadoran guerrillas, but insisted it wasn't an organized effort.@@@@1@27@@oe@2-2-2013
22278037@unknown@formal@none@1@S@Separately, Secretary of State Baker complained about a U.N. aide who last week told the Contras to disband as part of a regional peace accord.@@@@1@25@@oe@2-2-2013
22278038@unknown@formal@none@1@S@Died: Cornel Wilde, 74, actor and director, in Los Angeles, of leukemia. . . .@@@@1@15@@oe@2-2-2013
22278039@unknown@formal@none@1@S@Danilo Kis, 54, Yugoslav-born novelist and essayist, Sunday, in Paris, of cancer.@@@@1@12@@oe@2-2-2013
22279001@unknown@formal@none@1@S@British retail sales volume rose a provisional 0.4% in September from August and was up 2.2% from September 1988, the Department of Trade and Industry said.@@@@1@26@@oe@2-2-2013
22279002@unknown@formal@none@1@S@For the three months ended in September, retail sales volume was down 0.5% from the previous three months and up 1.2% from a year earlier.@@@@1@25@@oe@2-2-2013
22280001@unknown@formal@none@1@S@Chicago investor William Farley agreed to sell three divisions of Cluett Peabody & Co. for about $600 million to Bidermann S.A., a closely held clothing maker based in Paris.@@@@1@29@@oe@2-2-2013
22280002@unknown@formal@none@1@S@Shortly after completing the $1.56 billion acquisition of West Point-Pepperell Inc. in April, Mr. Farley's holding company, Farley Inc., said it was considering the sale of Cluett, a leading shirt maker and one of West Point-Pepperell's biggest units.@@@@1@38@@oe@2-2-2013
22280003@unknown@formal@none@1@S@Included in the sale are Cluett units that make men's shirts under the Arrow name, socks under the Gold Toe name and menswear through the Schoeneman division.@@@@1@27@@oe@2-2-2013
22280004@unknown@formal@none@1@S@The companies said the agreement is subject to Bidermann's receipt of financing and to regulatory and other approvals.@@@@1@18@@oe@2-2-2013
22280005@unknown@formal@none@1@S@They said the sale is expected to be concluded by the end of November.@@@@1@14@@oe@2-2-2013
22280006@unknown@formal@none@1@S@Mr. Farley said the sale of three of Cluett's four main divisions plus other "anticipated" West Point-Pepperell asset sales by December, should bring in a total of about $700 million.@@@@1@30@@oe@2-2-2013
22280007@unknown@formal@none@1@S@He didn't elaborate on other asset sales being considered.@@@@1@9@@oe@2-2-2013
22280008@unknown@formal@none@1@S@Mr. Farley followed a similar pattern when he acquired Northwest Industries Inc. and then sold much of its assets.@@@@1@19@@oe@2-2-2013
22280009@unknown@formal@none@1@S@But he kept Fruit of the Loom Inc., the underwear maker that he still controls and serves as chairman and chief executive.@@@@1@22@@oe@2-2-2013
22280010@unknown@formal@none@1@S@Cluett was an independent company until West Point-Pepperell acquired it for $375 million in cash and stock in 1986.@@@@1@19@@oe@2-2-2013
22280011@unknown@formal@none@1@S@In the fiscal year ended Sept. 30, 1988, Cluett had operating profit of $37 million on sales of $757 million.@@@@1@20@@oe@2-2-2013
22280012@unknown@formal@none@1@S@Bidermann sells clothes under various labels, including Yves Saint Laurent and Bill Robinson for men and Ralph Lauren for women.@@@@1@20@@oe@2-2-2013
22280013@unknown@formal@none@1@S@A spokesman said the company had sales of $400 million in 1988.@@@@1@12@@oe@2-2-2013
22280014@unknown@formal@none@1@S@In New York Stock Exchange composite trading, West Point-Pepperell fell 25 cents to $53.875.@@@@1@14@@oe@2-2-2013
22281001@unknown@formal@none@1@S@Britain's Blue Arrow PLC intends to change its name to Manpower PLC and write off a chunk of the nearly $1.2 billion in good will realized in the takeover of U.S.-based Manpower Inc.@@@@1@33@@oe@2-2-2013
22281002@unknown@formal@none@1@S@Blue Arrow Chairman Mitchell Fromstein said in an interview that the two steps may be a prelude to reincorporating the world's biggest employment-services group in the U.S.@@@@1@27@@oe@2-2-2013
22281003@unknown@formal@none@1@S@Mr. Fromstein disclosed the planned steps, expected within a few months, as Blue Arrow posted a 2.5% drop in its third-quarter pretax earnings.@@@@1@23@@oe@2-2-2013
22281004@unknown@formal@none@1@S@The name change and good will write-off could help solidify Blue Arrow's dominance of the U.S. temporary-help market and give it a more American image as U.S. investors turn jittery about foreign stocks after Friday's market plunge.@@@@1@37@@oe@2-2-2013
22281005@unknown@formal@none@1@S@U.S. holders now own more than 60% of Blue Arrow compared with 9% last January.@@@@1@15@@oe@2-2-2013
22281006@unknown@formal@none@1@S@"In the U.S. market, the recognition of the Manpower name is infinitely stronger than Blue Arrow," Mr. Fromstein said.@@@@1@19@@oe@2-2-2013
22281007@unknown@formal@none@1@S@The moves also could erase shareholders' perception of Blue Arrow as a company in turmoil.@@@@1@15@@oe@2-2-2013
22281008@unknown@formal@none@1@S@"It further reinforces the concept that Blue Arrow is a thing of the past," said Doug Arthur, an analyst at Kidder Peabody & Co. in New York.@@@@1@27@@oe@2-2-2013
22281009@unknown@formal@none@1@S@The proposed changes "all make a lot of sense to me," he added.@@@@1@13@@oe@2-2-2013
22281010@unknown@formal@none@1@S@In a widely publicized boardroom coup, Mr. Fromstein ousted Antony Berry as Blue Arrow chief executive in January, a month after Mr. Berry had forced Mr. Fromstein out as the $1 million-a-year chief of Milwaukee-based Manpower.@@@@1@36@@oe@2-2-2013
22281011@unknown@formal@none@1@S@Mr. Fromstein solidified his control in April by taking over from Mr. Berry as chairman.@@@@1@15@@oe@2-2-2013
22281012@unknown@formal@none@1@S@But the Blue Arrow tumult isn't over yet, as the British government is investigating a disputed #25 million ($39.4 million) loan which Mr. Fromstein has said was made under Mr. Berry's direction.@@@@1@32@@oe@2-2-2013
22281013@unknown@formal@none@1@S@Blue Arrow was able to pull off the $1.34 billion takeover of Manpower in 1987 largely because different British and American accounting standards produce higher reported earnings for British companies.@@@@1@30@@oe@2-2-2013
22281014@unknown@formal@none@1@S@Under British rules, Blue Arrow was able to write off at once the $1.15 billion in good will arising from the purchase.@@@@1@22@@oe@2-2-2013
22281015@unknown@formal@none@1@S@As a U.S.-based company, Blue Arrow would have to amortize the good will over as many as 40 years, creating a continuing drag on reported earnings.@@@@1@26@@oe@2-2-2013
22281016@unknown@formal@none@1@S@Good will is the excess of cost of an acquired firm, operating unit or assets over the current or fair market value of those assets.@@@@1@25@@oe@2-2-2013
22281017@unknown@formal@none@1@S@But with so many shares now held in the U.S., Blue Arrow reports its earnings two ways, based on both U.K. and U.S. accounting standards.@@@@1@25@@oe@2-2-2013
22281018@unknown@formal@none@1@S@"Our balance sheets look like they came from Alice's wonderland," Mr. Fromstein said.@@@@1@13@@oe@2-2-2013
22281019@unknown@formal@none@1@S@The British version shows "a handful of pounds of net worth" following the 1987 write-off of good will, while the American version reflects "$1 billion of net worth because almost none of {the good will} has been written off."@@@@1@39@@oe@2-2-2013
22281020@unknown@formal@none@1@S@Mr. Fromstein said he hopes to eradicate some of the good will left on Blue Arrow's U.S. books in one fell swoop, but wouldn't specify how much.@@@@1@27@@oe@2-2-2013
22281021@unknown@formal@none@1@S@People close to Blue Arrow suggested the write-down would represent a sizable chunk, with executives claiming prior management overstated the extent of Manpower's good will.@@@@1@25@@oe@2-2-2013
22281022@unknown@formal@none@1@S@That move, along with the return to the Manpower name, could bolster the company's prospects during possibly difficult times for temporary help.@@@@1@22@@oe@2-2-2013
22281023@unknown@formal@none@1@S@The number of U.S. temporary workers fell about 1% in the 12 months ending Aug. 31, after sliding nearly 3.5% in July, said Kidder Peabody's Mr. Arthur.@@@@1@27@@oe@2-2-2013
22281024@unknown@formal@none@1@S@Blue Arrow blamed the pretax profit drop in the quarter ended July 31 partly on slower earnings growth of non-Manpower units in Britain.@@@@1@23@@oe@2-2-2013
22281025@unknown@formal@none@1@S@Overall, pretax profit slid to #18.49 million in the quarter from #18.98 million a year earlier.@@@@1@16@@oe@2-2-2013
22282001@unknown@formal@none@1@S@Richard G. Sim, the man credited with transforming Applied Power Inc. from an underachiever into a feisty player in the global market for hydraulic tools, hopes to guide a similar turnaround at the company's latest acquisition, Barry Wright Corp.@@@@1@39@@oe@2-2-2013
22282002@unknown@formal@none@1@S@The 45-year-old former General Electric Co. executive figures it will be easier this time.@@@@1@14@@oe@2-2-2013
22282003@unknown@formal@none@1@S@But analysts, while applauding the acquisition, say Applied's chief executive faces a tough challenge in integrating the two companies.@@@@1@19@@oe@2-2-2013
22282004@unknown@formal@none@1@S@Barry Wright, acquired by Applied for $147 million, makes computer-room equipment and vibration-control systems.@@@@1@14@@oe@2-2-2013
22282005@unknown@formal@none@1@S@The Watertown, Mass., company's sales have been dormant and its profits have dropped.@@@@1@13@@oe@2-2-2013
22282006@unknown@formal@none@1@S@Last year's earnings of $1.3 million, including $815,000 from a restructuring gain, were far below the year-earlier $8.4 million.@@@@1@19@@oe@2-2-2013
22282007@unknown@formal@none@1@S@Besides spurring Barry Wright's sales, which were $201.7 million in 1988, Mr. Sim must pare its costs and product line.@@@@1@20@@oe@2-2-2013
22282008@unknown@formal@none@1@S@"The question is how long it's going to take Barry Wright to make a contribution," says F. John Mirek, an analyst at Blunt Ellis Loewi in Milwaukee.@@@@1@27@@oe@2-2-2013
22282009@unknown@formal@none@1@S@The answer will help determine whether Applied continues to reach the ambitious goals set by Mr. Sim.@@@@1@17@@oe@2-2-2013
22282010@unknown@formal@none@1@S@The Butler, Wis., manufacturer went public at $15.75 a share in August 1987, and Mr. Sim's goal then was a $29 per-share price by 1992.@@@@1@25@@oe@2-2-2013
22282011@unknown@formal@none@1@S@Strong earnings growth helped achieve that price far ahead of schedule, in August 1988.@@@@1@14@@oe@2-2-2013
22282012@unknown@formal@none@1@S@The stock has since softened, trading around $25 a share last week and closing yesterday at $23.00 in national over-the-counter trading.@@@@1@21@@oe@2-2-2013
22282013@unknown@formal@none@1@S@But Mr. Sim has set a fresh target of $50 a share by the end of@@@@1@16@@oe@2-2-2013
22282014@unknown@formal@none@1@S@Reaching that goal, says Robert T. Foote, Applied's chief financial officer, will require "efficient reinvestment" of cash by Applied and continuation of its healthy 19% rate of return on operating capital.@@@@1@31@@oe@2-2-2013
22282015@unknown@formal@none@1@S@In Barry Wright, Mr. Sim sees a situation "very similar" to the one he faced when he joined Applied as president and chief operating officer in 1985.@@@@1@27@@oe@2-2-2013
22282016@unknown@formal@none@1@S@Applied, then a closely held company, was stagnating under the management of its controlling family.@@@@1@15@@oe@2-2-2013
22282017@unknown@formal@none@1@S@While profitable, it "wasn't growing and wasn't providing a satisfactory return on invested capital," he says.@@@@1@16@@oe@2-2-2013
22282018@unknown@formal@none@1@S@Mr. Sim is confident that the drive to dominate certain niche markets will work at Barry Wright as it has at Applied.@@@@1@22@@oe@2-2-2013
22282019@unknown@formal@none@1@S@He also professes an "evangelical" fervor to develop a corporate culture that rewards managers who produce and where decision-making is shared.@@@@1@21@@oe@2-2-2013
22282020@unknown@formal@none@1@S@Mr. Sim considers the new unit's operations "fundamentally sound" and adds that Barry Wright has been fairly successful in moving into markets that haven't interested larger competitors.@@@@1@27@@oe@2-2-2013
22282021@unknown@formal@none@1@S@"With a little patience, these businesses will perform very satisfactorily," Mr. Sim says.@@@@1@13@@oe@2-2-2013
22282022@unknown@formal@none@1@S@Within about six months, "things will be moving in the right direction," he predicts.@@@@1@14@@oe@2-2-2013
22282023@unknown@formal@none@1@S@Mr. Sim figures it will be easier to turn Barry Wright around since he's now in the driver's seat.@@@@1@19@@oe@2-2-2013
22282024@unknown@formal@none@1@S@When he came to Applied, "I didn't have the power to execute as I do today," he says.@@@@1@18@@oe@2-2-2013
22282025@unknown@formal@none@1@S@He was named chief executive officer of Applied in 1986 and became chairman last November.@@@@1@15@@oe@2-2-2013
22282026@unknown@formal@none@1@S@At Applied, Mr. Sim set growth as his first objective.@@@@1@10@@oe@2-2-2013
22282027@unknown@formal@none@1@S@He took the company public in an offering that netted Applied about $12.6 million, which helped launch the company's acquisition program.@@@@1@21@@oe@2-2-2013
22282028@unknown@formal@none@1@S@Sales climbed to an estimated $245 million in fiscal 1989, ended Aug. 31, from $99.9 million in fiscal 1985.@@@@1@19@@oe@2-2-2013
22282029@unknown@formal@none@1@S@The company expects that earnings, which have marched steadily upward in recent years, reached about $20.8 million, or $1.58 a share, in the fiscal year just ended, up from $15.2 million in fiscal 1988 and $3.9 million in 1985.@@@@1@39@@oe@2-2-2013