22400001@unknown@formal@none@1@S@The economy's temperature will be taken from several vantage points this week, with readings on trade, output, housing and inflation.@@@@1@20@@oe@2-2-2013
22400002@unknown@formal@none@1@S@The most troublesome report may be the August merchandise trade deficit due out tomorrow.@@@@1@14@@oe@2-2-2013
22400003@unknown@formal@none@1@S@The trade gap is expected to widen to about $9 billion from July's $7.6 billion, according to a survey by MMS International, a unit of McGraw-Hill Inc., New York.@@@@1@29@@oe@2-2-2013
22400004@unknown@formal@none@1@S@Thursday's report on the September consumer price index is expected to rise, although not as sharply as the 0.9% gain reported Friday in the producer price index.@@@@1@27@@oe@2-2-2013
22400005@unknown@formal@none@1@S@That gain was being cited as a reason the stock market was down early in Friday's session, before it got started on its reckless 190-point plunge.@@@@1@26@@oe@2-2-2013
22400006@unknown@formal@none@1@S@Economists are divided as to how much manufacturing strength they expect to see in September reports on industrial production and capacity utilization, also due tomorrow.@@@@1@25@@oe@2-2-2013
22400007@unknown@formal@none@1@S@Meanwhile, September housing starts, due Wednesday, are thought to have inched upward.@@@@1@12@@oe@2-2-2013
22400008@unknown@formal@none@1@S@"There's a possibility of a surprise" in the trade report, said Michael Englund, director of research at MMS.@@@@1@18@@oe@2-2-2013
22400009@unknown@formal@none@1@S@A widening of the deficit, if it were combined with a stubbornly strong dollar, would exacerbate trade problems -- but the dollar weakened Friday as stocks plummeted.@@@@1@27@@oe@2-2-2013
22400010@unknown@formal@none@1@S@In any event, Mr. Englund and many others say that the easy gains in narrowing the trade gap have already been made.@@@@1@22@@oe@2-2-2013
22400011@unknown@formal@none@1@S@"Trade is definitely going to be more politically sensitive over the next six or seven months as improvement begins to slow," he said.@@@@1@23@@oe@2-2-2013
22400012@unknown@formal@none@1@S@Exports are thought to have risen strongly in August, but probably not enough to offset the jump in imports, economists said.@@@@1@21@@oe@2-2-2013
22400013@unknown@formal@none@1@S@Views on manufacturing strength are split between economists who read September's low level of factory job growth as a sign of a slowdown and those who use the somewhat more comforting total employment figures in their calculations.@@@@1@37@@oe@2-2-2013
22400014@unknown@formal@none@1@S@The wide range of estimates for the industrial output number underscores the differences: The forecasts run from a drop of 0.5% to an increase of 0.4%, according to MMS.@@@@1@29@@oe@2-2-2013
22400015@unknown@formal@none@1@S@A rebound in energy prices, which helped push up the producer price index, is expected to do the same in the consumer price report.@@@@1@24@@oe@2-2-2013
22400016@unknown@formal@none@1@S@The consensus view expects a 0.4% increase in the September CPI after a flat reading in August.@@@@1@17@@oe@2-2-2013
22400017@unknown@formal@none@1@S@Robert H. Chandross, an economist for Lloyd's Bank in New York, is among those expecting a more moderate gain in the CPI than in prices at the producer level.@@@@1@29@@oe@2-2-2013
22400018@unknown@formal@none@1@S@"Auto prices had a big effect in the PPI, and at the CPI level they won't," he said.@@@@1@18@@oe@2-2-2013
22400019@unknown@formal@none@1@S@Food prices are expected to be unchanged, but energy costs jumped as much as 4%, said Gary Ciminero, economist at Fleet/Norstar Financial Group.@@@@1@23@@oe@2-2-2013
22400020@unknown@formal@none@1@S@He also says he thinks "core inflation," which excludes the volatile food and energy prices, was strong last month.@@@@1@19@@oe@2-2-2013
22400021@unknown@formal@none@1@S@He expects a gain of as much as 0.5% in core inflation after a summer of far smaller increases.@@@@1@19@@oe@2-2-2013
22400022@unknown@formal@none@1@S@Housing starts are expected to quicken a bit from August's annual pace of 1,350,000 units.@@@@1@15@@oe@2-2-2013
22400023@unknown@formal@none@1@S@Economists say an August rebound in permits for multifamily units signaled an increase in September starts, though activity remains fairly modest by historical standards.@@@@1@24@@oe@2-2-2013
22401001@unknown@formal@none@1@S@Two-Way Street@@@@1@2@@oe@2-2-2013
22401002@unknown@formal@none@1@S@If the sixty-day plant-closing law's fair, Why should we not then amend the writ To require that all employees give Similar notice before they quit?@@@@1@25@@oe@2-2-2013
22401003@unknown@formal@none@1@S@-- Rollin S. Trexler.@@@@1@4@@oe@2-2-2013
22401004@unknown@formal@none@1@S@Candid Comment@@@@1@2@@oe@2-2-2013
22401005@unknown@formal@none@1@S@When research projects are curtailed due to government funding cuts, are we "caught with our grants down"?@@@@1@17@@oe@2-2-2013
22401006@unknown@formal@none@1@S@-- C.E. Friedman.@@@@1@3@@oe@2-2-2013
22402001@unknown@formal@none@1@S@Assuming the stock market doesn't crash again and completely discredit yuppies and trading rooms, American television audiences in a few months may be seeing Britain's concept of both.@@@@1@28@@oe@2-2-2013
22402002@unknown@formal@none@1@S@"Capital City" is a weekly series that premiered here three weeks ago amid unprecedented hype by its producer, Thames Television.@@@@1@20@@oe@2-2-2013
22402003@unknown@formal@none@1@S@The early episodes make you long for a rerun of the crash of 1987.@@@@1@14@@oe@2-2-2013
22402004@unknown@formal@none@1@S@Let's make that 1929, just to be sure.@@@@1@8@@oe@2-2-2013
22402005@unknown@formal@none@1@S@According to the program's publicity prospectus, "Capital City," set at Shane Longman, a fictional mid-sized securities firm with #500 million capital, "follows the fortunes of a close-knit team of young, high-flying dealers, hired for their particular blend of style, genius and energy.@@@@1@42@@oe@2-2-2013
22402006@unknown@formal@none@1@S@But with all the money and glamour of high finance come the relentless pressures to do well; pressure to pull off another million before lunch; pressure to anticipate the market by a fraction of a second . . ."@@@@1@39@@oe@2-2-2013
22402007@unknown@formal@none@1@S@You needn't be a high-powered securities lawyer to realize the prospectus is guilty of less than full disclosure.@@@@1@18@@oe@2-2-2013
22402008@unknown@formal@none@1@S@The slickly produced series has been criticized by London's financial cognoscenti as inaccurate in detail, but its major weakness is its unrealistic depiction of the characters' professional and private lives.@@@@1@30@@oe@2-2-2013
22402009@unknown@formal@none@1@S@Turned loose in Shane Longman's trading room, the yuppie dealers do little right.@@@@1@13@@oe@2-2-2013
22402010@unknown@formal@none@1@S@Judging by the money lost and mistakes made in the early episodes, Shane Longman's capital should be just about exhausted by the final 13th week.@@@@1@25@@oe@2-2-2013
22402011@unknown@formal@none@1@S@In the opening episode we learn that Michelle, a junior bond trader, has indeed pulled off another million before lunch.@@@@1@20@@oe@2-2-2013
22402012@unknown@formal@none@1@S@Trouble is, she has lost it just as quickly.@@@@1@9@@oe@2-2-2013
22402013@unknown@formal@none@1@S@Rather than keep the loss a secret from the outside world, Michelle blabs about it to a sandwich man while ordering lunch over the phone.@@@@1@25@@oe@2-2-2013
22402014@unknown@formal@none@1@S@Little chance that Shane Longman is going to recoup today.@@@@1@10@@oe@2-2-2013
22402015@unknown@formal@none@1@S@Traders spend the morning frantically selling bonds, in the belief that the U.S. monthly trade figures will look lousy.@@@@1@19@@oe@2-2-2013
22402016@unknown@formal@none@1@S@Ah, perfidious Columbia!@@@@1@3@@oe@2-2-2013
22402017@unknown@formal@none@1@S@The trade figures turn out well, and all those recently unloaded bonds spurt in price.@@@@1@15@@oe@2-2-2013
22402018@unknown@formal@none@1@S@So much for anticipating the market by a fraction of a second.@@@@1@12@@oe@2-2-2013
22402019@unknown@formal@none@1@S@And a large slice of the first episode is devoted to efforts to get rid of some nearly worthless Japanese bonds (since when is anything Japanese nearly worthless nowadays?).@@@@1@29@@oe@2-2-2013
22402020@unknown@formal@none@1@S@Surprisingly, Shane Longman survives the week, only to have a senior executive innocently bumble his way into becoming the target of a criminal insider trading investigation.@@@@1@26@@oe@2-2-2013
22402021@unknown@formal@none@1@S@Instead of closing ranks to protect the firm's reputation, the executive's internal rivals, led by a loutish American, demand his resignation.@@@@1@21@@oe@2-2-2013
22402022@unknown@formal@none@1@S@The plot is thwarted when the firm's major stockholder, kelp farming on the other side of the globe, hurries home to support the executive.@@@@1@24@@oe@2-2-2013
22402023@unknown@formal@none@1@S@But the investigation continues.@@@@1@4@@oe@2-2-2013
22402024@unknown@formal@none@1@S@If you can swallow the premise that the rewards for such ineptitude are six-figure salaries, you still are left puzzled, because few of the yuppies consume very conspicuously.@@@@1@28@@oe@2-2-2013
22402025@unknown@formal@none@1@S@In fact, few consume much of anything.@@@@1@7@@oe@2-2-2013
22402026@unknown@formal@none@1@S@Two share a house almost devoid of furniture.@@@@1@8@@oe@2-2-2013
22402027@unknown@formal@none@1@S@Michelle lives in a hotel room, and although she drives a canary-colored Porsche, she hasn't time to clean or repair it; the beat-up vehicle can be started only with a huge pair of pliers because the ignition key has broken off in the lock.@@@@1@44@@oe@2-2-2013
22402028@unknown@formal@none@1@S@And it takes Declan, the obligatory ladies' man of the cast, until the third episode to get past first base with any of his prey.@@@@1@25@@oe@2-2-2013
22402029@unknown@formal@none@1@S@Perhaps the explanation for these anomalies is that class-conscious Britain isn't ready to come to terms with the wealth created by the Thatcherian free-enterprise regime.@@@@1@25@@oe@2-2-2013
22402030@unknown@formal@none@1@S@After all, this isn't old money, but new money, and in many cases, young money.@@@@1@15@@oe@2-2-2013
22402031@unknown@formal@none@1@S@This attitude is clearly illustrated in the treatment of Max, the trading room's most flamboyant character.@@@@1@16@@oe@2-2-2013
22402032@unknown@formal@none@1@S@Yuppily enough, he lives in a lavishly furnished converted church, wears designer clothes and drives an antique car.@@@@1@18@@oe@2-2-2013
22402033@unknown@formal@none@1@S@But apparently to make him palatable, even lovable, to the masses, the script inflates pony-tailed Max into an eccentric genius, master of 11 Chinese dialects.@@@@1@25@@oe@2-2-2013
22402034@unknown@formal@none@1@S@He takes his wash to the laundromat, where he meets a punky French girl who dupes him into providing a home for her pet piranha and then promptly steals his car and dumps it in Dieppe.@@@@1@36@@oe@2-2-2013
22402035@unknown@formal@none@1@S@In producing and promoting "Capital City," Thames has spent about as much as Shane Longman loses on a good day.@@@@1@20@@oe@2-2-2013
22402036@unknown@formal@none@1@S@The production costs are a not inconsiderable #8 million ($12.4 million), and would have been much higher had not the cost of the trading floor set been absorbed in the budget of "Dealers," an earlier made-for-TV movie.@@@@1@37@@oe@2-2-2013
22402037@unknown@formal@none@1@S@Another half million quid went for a volley of full-page advertisements in six major British newspapers and for huge posters in the London subway.@@@@1@24@@oe@2-2-2013
22402038@unknown@formal@none@1@S@These expenses create a special incentive for "Capital City's" producers to flog it, or a Yank-oriented version of it, in America.@@@@1@21@@oe@2-2-2013
22402039@unknown@formal@none@1@S@Thames's U.S. marketing agent, Donald Taffner, is preparing to do just that.@@@@1@12@@oe@2-2-2013
22402040@unknown@formal@none@1@S@He is discreetly hopeful, citing three U.S. comedy series -- "Three's Company," "Too Close for Comfort" and "Check It Out" -- that had British antecedents.@@@@1@25@@oe@2-2-2013
22402041@unknown@formal@none@1@S@Perhaps without realizing it, Mr. Taffner simultaneously has put his finger on the problem and an ideal solution: "Capital City" should have been a comedy, a worthy sequel to the screwball British "Carry On" movies of the 1960s.@@@@1@38@@oe@2-2-2013
22402042@unknown@formal@none@1@S@The seeds already are in the script.@@@@1@7@@oe@2-2-2013
22402043@unknown@formal@none@1@S@The first episode concluded with a marvelously cute scene in which the trading-room crew minded a baby, the casualty of a broken marriage at the firm.@@@@1@26@@oe@2-2-2013
22402044@unknown@formal@none@1@S@And many in the young cast bear striking resemblances to American TV and movie personalities known for light roles.@@@@1@19@@oe@2-2-2013
22402045@unknown@formal@none@1@S@Joanna Kanska looks like a young Zsa Zsa Gabor; William Armstrong, who plays Max, could pass for Hans Conreid, and Douglas Hodge (Declan) for James Farentino; Rolf Saxon is a passable Tommy Noonan and Dorian Healy could easily double for Huntz Hall, the blank-faced foil of the Bowery Boys comedies.@@@@1@50@@oe@2-2-2013
22402046@unknown@formal@none@1@S@So, OK kids, everybody on stage for "Carry On Trading": The cast is frantically searching the office for misplaced Japanese bonds that suddenly have soared in value because Dai-Ichi Kangyo Bank has just bought the White House.@@@@1@37@@oe@2-2-2013
22402047@unknown@formal@none@1@S@The pressure is too much for Zsa Zsa, who slaps a security guard.@@@@1@13@@oe@2-2-2013
22402048@unknown@formal@none@1@S@He backflips into a desktop computer terminal, which explodes, covering Huntz Hall's face with microchips.@@@@1@15@@oe@2-2-2013
22402049@unknown@formal@none@1@S@And all the while, the bonds are in the baby's diaper.@@@@1@11@@oe@2-2-2013
22402050@unknown@formal@none@1@S@It should run forever.@@@@1@4@@oe@2-2-2013
22402051@unknown@formal@none@1@S@Mr. Rustin is senior correspondent in the Journal's London bureau.@@@@1@10@@oe@2-2-2013
22403001@unknown@formal@none@1@S@Axa-Midi Assurances of France gave details of its financing plans for its proposed $4.5 billion acquisition of Farmers Group Inc., in amended filings with insurance regulators in the nine U.S. states where Farmers operates.@@@@1@34@@oe@2-2-2013
22403002@unknown@formal@none@1@S@The proposed acquisition is part of Sir James Goldsmith's unfriendly takeover attempt for B.A.T Industries PLC, the British tobacco, retailing, paper and financial services concern that is parent of Los Angeles-based Farmers.@@@@1@32@@oe@2-2-2013
22403003@unknown@formal@none@1@S@In an attempt to appease U.S. regulators' concern over a Goldsmith acquisition of Farmers, Sir James in August agreed to sell Farmers to Axa if he is successful in acquiring B.A.T.@@@@1@31@@oe@2-2-2013
22403004@unknown@formal@none@1@S@As part of the agreement, Axa agreed to invest $1 billion in Hoylake Investments Ltd., Sir James's acquisition vehicle.@@@@1@19@@oe@2-2-2013
22403005@unknown@formal@none@1@S@Of the total $5.5 billion to be paid to Hoylake by Axa, about $1 billion will come from available resources of Axa's parent, Axa-Midi Group, $2.25 billion will be in the form of notes issued by Axa, and the remaining $2.25 billion will be in long-term bank loans.@@@@1@48@@oe@2-2-2013
22403006@unknown@formal@none@1@S@In an interview Thursday, Claude Bebear, chairman and chief executive officer of Axa, said his group has already obtained assurances from a group of banks led by Cie. Financiere de Paribas that they can provide the loan portion of the financing.@@@@1@41@@oe@2-2-2013
22403007@unknown@formal@none@1@S@The other banking companies in the group are Credit Lyonnais, Societe Generale, BankAmerica Corp. and Citicorp, he said.@@@@1@18@@oe@2-2-2013
22403008@unknown@formal@none@1@S@Mr. Bebear said Axa-Midi Group has "more than $2.5 billion of non-strategic assets that we can and will sell" to help pay off debt from the acquisition.@@@@1@27@@oe@2-2-2013
22403009@unknown@formal@none@1@S@He said the assets to be sold would be "non-insurance" assets, including a beer company and a real estate firm, and wouldn't include any pieces of Farmers.@@@@1@27@@oe@2-2-2013
22403010@unknown@formal@none@1@S@"We won't put any burden on Farmers," he said.@@@@1@9@@oe@2-2-2013
22403011@unknown@formal@none@1@S@The amended filings also point out that under a new agreement, Hoylake has an absolute obligation to sell Farmers to Axa upon an acquisition of B.A.T.@@@@1@26@@oe@2-2-2013
22403012@unknown@formal@none@1@S@"We hope that with what we did, the regulators will not need to evaluate Hoylake, and they can directly look at the agreement with us, because Hoylake won't be an owner of Farmers at anytime," Mr. Bebear said.@@@@1@38@@oe@2-2-2013
22403013@unknown@formal@none@1@S@Any change of control in Farmers needs approval of the insurance commissioners in the nine states where Farmers and its related companies are incorporated.@@@@1@24@@oe@2-2-2013
22403014@unknown@formal@none@1@S@The amended filings were required because of the new agreement between Axa and Hoylake, and to reflect the extension that Sir James received last month under British takeover rules to complete his proposed acquisition.@@@@1@34@@oe@2-2-2013
22403015@unknown@formal@none@1@S@Hoylake dropped its initial #13.35 billion ($20.71 billion) takeover bid after it received the extension, but said it would launch a new bid if and when the propsed sale of Farmers to Axa receives regulatory approval.@@@@1@36@@oe@2-2-2013
22403016@unknown@formal@none@1@S@A spokesman for B.A.T said of the amended filings that, "It would appear that nothing substantive has changed.@@@@1@18@@oe@2-2-2013
22403017@unknown@formal@none@1@S@The new financing structure is still a very-highly leveraged one, and Axa still plans to take out 75% of Farmers' earnings as dividends to service their debt."@@@@1@27@@oe@2-2-2013
22403018@unknown@formal@none@1@S@That dividend is almost double the 35% currently taken out of Farmers by B.A.T, the spokesman added.@@@@1@17@@oe@2-2-2013
22403019@unknown@formal@none@1@S@"It would have severe implications for Farmers' policy holders."@@@@1@9@@oe@2-2-2013
22403020@unknown@formal@none@1@S@To fend off Sir James's advances, B.A.T has proposed a sweeping restructuring that would pare it to a tobacco and financial services concern.@@@@1@23@@oe@2-2-2013
22404001@unknown@formal@none@1@S@Dismal sales at General Motors Corp. dragged the U.S. car and truck market down below year-ago levels in early October, the first sales period of the 1990 model year.@@@@1@29@@oe@2-2-2013
22404002@unknown@formal@none@1@S@The eight major domestic auto makers sold 160,510 North American-made cars in the first 10 days of October, a 12.6% drop from a year earlier.@@@@1@25@@oe@2-2-2013
22404003@unknown@formal@none@1@S@Domestically built truck sales were down 10.4% to 86,555 pickups, vans and sport utility vehicles.@@@@1@15@@oe@2-2-2013
22404004@unknown@formal@none@1@S@The heavy use of incentives to clear out 1989 models appears to have taken the steam, at least initially, out of 1990 model sales, which began officially Oct. 1.@@@@1@29@@oe@2-2-2013
22404005@unknown@formal@none@1@S@This appears particularly true at GM, which had strong sales in August and September but saw its early October car and truck results fall 26.3% from last year's unusually high level.@@@@1@31@@oe@2-2-2013
22404006@unknown@formal@none@1@S@Overall, sales of all domestic-made vehicles fell 11.9% from a year ago.@@@@1@12@@oe@2-2-2013
22404007@unknown@formal@none@1@S@Without GM, overall sales for the other U.S. automakers were roughly flat with 1989 results.@@@@1@15@@oe@2-2-2013
22404008@unknown@formal@none@1@S@Some of the U.S. auto makers have already adopted incentives on many 1990 models, but they may have to broaden their programs to keep sales up.@@@@1@26@@oe@2-2-2013
22404009@unknown@formal@none@1@S@"We've created a condition where, without incentives, it's a tough market," said Tom Kelly, sales manager for Bill Wink Chevrolet in Dearborn, Mich.@@@@1@23@@oe@2-2-2013
22404010@unknown@formal@none@1@S@Car sales fell to a seasonally adjusted annual selling rate of 5.8 million vehicles, the lowest since October 1987.@@@@1@19@@oe@2-2-2013
22404011@unknown@formal@none@1@S@The poor performance contrasts with a robust selling rate of almost eight million last month.@@@@1@15@@oe@2-2-2013
22404012@unknown@formal@none@1@S@Furthermore, dealers contacted late last week said they couldn't see any immediate impact on sales of Friday's steep market decline.@@@@1@20@@oe@2-2-2013
22404013@unknown@formal@none@1@S@GM's domestic car sales dropped 24.3% and its domestic trucks were down an even steeper 28.7% from the same period a year ago.@@@@1@23@@oe@2-2-2013
22404014@unknown@formal@none@1@S@All of the GM divisions except Cadillac showed big declines.@@@@1@10@@oe@2-2-2013
22404015@unknown@formal@none@1@S@Cadillac posted a 3.2% increase despite new competition from Lexus, the fledging luxury-car division of Toyota Motor Corp.@@@@1@18@@oe@2-2-2013
22404016@unknown@formal@none@1@S@Lexus sales weren't available; the cars are imported and Toyota reports their sales only at month-end.@@@@1@16@@oe@2-2-2013
22404017@unknown@formal@none@1@S@The sales drop for the No. 1 car maker may have been caused in part by the end in September of dealer incentives that GM offered in addition to consumer rebates and low-interest financing, a company spokesman said.@@@@1@38@@oe@2-2-2013
22404018@unknown@formal@none@1@S@Last year, GM had a different program in place that continued rewarding dealers until all the 1989 models had been sold.@@@@1@21@@oe@2-2-2013
22404019@unknown@formal@none@1@S@Aside from GM, other car makers posted generally mixed results.@@@@1@10@@oe@2-2-2013
22404020@unknown@formal@none@1@S@Ford Motor Co. had a 1.8% drop in domestic car sales but a 2.4% increase in domestic truck sales.@@@@1@19@@oe@2-2-2013
22404021@unknown@formal@none@1@S@Chrysler Corp. had a 7.5% drop in car sales, echoing its generally slow performance all year.@@@@1@16@@oe@2-2-2013
22404022@unknown@formal@none@1@S@However, sales of trucks, including the company's popular minivans, rose 4.3%.@@@@1@11@@oe@2-2-2013
22404023@unknown@formal@none@1@S@Honda Motor Co.'s sales of domestically built vehicles plunged 21.7% from a year earlier.@@@@1@14@@oe@2-2-2013
22404024@unknown@formal@none@1@S@Honda's plant in Marysville, Ohio, was gearing up to build 1990 model Accords, a Honda spokesman said.@@@@1@17@@oe@2-2-2013
22404025@unknown@formal@none@1@S@"We're really confident everything will bounce back to normal," he added.@@@@1@11@@oe@2-2-2013
22404026@unknown@formal@none@1@S@Separately, Chrysler said firm prices on its 1990-model domestic cars and minivans will rise an average of 5% over comparably equipped 1989 models.@@@@1@23@@oe@2-2-2013
22404027@unknown@formal@none@1@S@Firm prices were generally in line with the tentative prices announced earlier this fall.@@@@1@14@@oe@2-2-2013
22404028@unknown@formal@none@1@S@At that time, Chrysler said base prices, which aren't adjusted for equipment changes, would rise between 4% and 9% on most vehicle.@@@@1@22@@oe@2-2-2013
22404029@unknown@formal@none@1@S@a-Totals include only vehicle sales reported in period.@@@@1@8@@oe@2-2-2013
22404030@unknown@formal@none@1@S@c-Domestic car@@@@1@2@@oe@2-2-2013
22404031@unknown@formal@none@1@S@d-Percentage change is greater than 999%.@@@@1@6@@oe@2-2-2013
22404032@unknown@formal@none@1@S@x-There were 8 selling days in the most recent period and 8 a year earlier.@@@@1@15@@oe@2-2-2013
22404033@unknown@formal@none@1@S@Percentage differences based on daily sales rate rather than sales volume.@@@@1@11@@oe@2-2-2013
22405001@unknown@formal@none@1@S@Antonio L. Savoca, 66 years old, was named president and chief executive officer of the Atlantic Research Corp. subsidiary.@@@@1@19@@oe@2-2-2013
22405002@unknown@formal@none@1@S@Mr. Savoca had been a consultant to the subsidiary's rocket-propulsion operations.@@@@1@11@@oe@2-2-2013
22405003@unknown@formal@none@1@S@Mr. Savoca succeeds William H. Borten, who resigned to pursue personal interests.@@@@1@12@@oe@2-2-2013
22405004@unknown@formal@none@1@S@Sequa makes and repairs jet engines.@@@@1@6@@oe@2-2-2013
22405005@unknown@formal@none@1@S@It also has interests in military electronics and electro-optics, marine transportation and machinery used to make food and beverage cans.@@@@1@20@@oe@2-2-2013
22406001@unknown@formal@none@1@S@It wasn't so long ago that a radio network funded by the U.S. Congress -- and originally by the Central Intelligence Agency -- was accused by officials here of employing propagandists, imperialists and spies.@@@@1@34@@oe@2-2-2013
22406002@unknown@formal@none@1@S@Now, the network has opened a news bureau in the Hungarian capital.@@@@1@12@@oe@2-2-2013
22406003@unknown@formal@none@1@S@Employees held an open house to celebrate and even hung out a sign: "Szabad Europa Radio" -- Radio Free Europe.@@@@1@20@@oe@2-2-2013
22406004@unknown@formal@none@1@S@"I think this is a victory for the radio," says Barnabas de Bueky, a 55-year-old former Hungarian refugee who works in the Munich, West Germany, headquarters as deputy director of the Hungarian service.@@@@1@33@@oe@2-2-2013
22406005@unknown@formal@none@1@S@In fact, the network hopes to set up offices in Warsaw and anywhere else in the East Bloc that will have it.@@@@1@22@@oe@2-2-2013
22406006@unknown@formal@none@1@S@But the rapid changes brought on by glasnost and open borders are altering the network's life in more ways than one.@@@@1@21@@oe@2-2-2013
22406007@unknown@formal@none@1@S@In fact, Radio Free Europe is in danger of suffering from its success.@@@@1@13@@oe@2-2-2013
22406008@unknown@formal@none@1@S@While the network currently can operate freely in Budapest, so can others.@@@@1@12@@oe@2-2-2013
22406009@unknown@formal@none@1@S@In addition, competition for listeners is getting tougher in many ways than when broadcasting here was strictly controlled.@@@@1@18@@oe@2-2-2013
22406010@unknown@formal@none@1@S@Instead of being denounced as an evil agent of imperialism, Radio Free Europe is more likely to draw the criticism that its programs are too tame, even boring.@@@@1@28@@oe@2-2-2013
22406011@unknown@formal@none@1@S@"They have a lot to do these days to compete with Hungarian radio," says Andrew Deak, a computer-science student at the Technical University in Budapest.@@@@1@25@@oe@2-2-2013
22406012@unknown@formal@none@1@S@"The Hungarian {radio} reporters seem better informed and more critical about about what's going on here."@@@@1@16@@oe@2-2-2013
22406013@unknown@formal@none@1@S@Indeed, Hungary is in the midst of a media explosion.@@@@1@10@@oe@2-2-2013
22406014@unknown@formal@none@1@S@Boys on busy street corners peddle newspapers of every political stripe.@@@@1@11@@oe@2-2-2013
22406015@unknown@formal@none@1@S@Newsstands are packed with a colorful array of magazines.@@@@1@9@@oe@2-2-2013
22406016@unknown@formal@none@1@S@Radio and television are getting livelier and bolder.@@@@1@8@@oe@2-2-2013
22406017@unknown@formal@none@1@S@The British Broadcasting Corp. and the U.S. State Department's Voice of America broadcast over Hungarian airwaves, though only a few hours a day each in Hungarian.@@@@1@26@@oe@2-2-2013
22406018@unknown@formal@none@1@S@Australian press magnate Rupert Murdoch has bought 50% stakes in two popular and gossipy Hungarian newspapers, while Britain's Robert Maxwell has let it be known here that he is thinking about similar moves.@@@@1@33@@oe@2-2-2013
22406019@unknown@formal@none@1@S@But Radio Free Europe doesn't plan to fade away.@@@@1@9@@oe@2-2-2013
22406020@unknown@formal@none@1@S@With its mission for free speech and the capitalist way, the network's staff says it still has plenty to do -- in Hungary and in the "Great Eastern Beyond."@@@@1@29@@oe@2-2-2013
22406021@unknown@formal@none@1@S@Radio Free Europe and its sister station for the Soviet Union, Radio Liberty, say they won't cut back their more than 19 hours of daily broadcasts.@@@@1@26@@oe@2-2-2013
22406022@unknown@formal@none@1@S@They are still an important source of news for 60 million listeners in 23 exotic tongues: from Bulgarian and Belorussian to Kazakh and Kirghiz.@@@@1@24@@oe@2-2-2013
22406023@unknown@formal@none@1@S@The establishment of its first bureau in Warsaw Pact territory shows the depth of some of the changes in Eastern Europe.@@@@1@21@@oe@2-2-2013
22406024@unknown@formal@none@1@S@Months before the decision by the Hungarian Communist Party to rename itself Socialist and try to look more appealing to voters, the country's rulers were trying to look more hospitable.@@@@1@30@@oe@2-2-2013
22406025@unknown@formal@none@1@S@It proved a perfect time for Radio Free Europe to ask for permission to set up office.@@@@1@17@@oe@2-2-2013
22406026@unknown@formal@none@1@S@Not only did the Hungarian Ministry of Foreign Affairs approve Radio Free Europe's new location, but the Ministry of Telecommunications did something even more amazing: "They found us four phone lines in central Budapest," says Geza Szocs, a Radio Free Europe correspondent who helped organize the Budapest location.@@@@1@48@@oe@2-2-2013
22406027@unknown@formal@none@1@S@"That is a miracle."@@@@1@4@@oe@2-2-2013
22406028@unknown@formal@none@1@S@It's a far cry from the previous treatment of the network, which had to overcome jamming of its frequencies and intimidation of local correspondents (who filed reports to the network by phone, secret messengers or letters).@@@@1@36@@oe@2-2-2013
22406029@unknown@formal@none@1@S@In fact, some of the network's Hungarian listeners say they owe Radio Free Europe loyalty because it was responsible in many ways for keeping hope alive through what one writer here calls the "Dark Ages of the 20th Century."@@@@1@39@@oe@2-2-2013
22406030@unknown@formal@none@1@S@"During the past four years, many of us have sat up until late at night listening to our radios," says the writer.@@@@1@22@@oe@2-2-2013
22406031@unknown@formal@none@1@S@"There were some very brave broadcasts."@@@@1@6@@oe@2-2-2013
22406032@unknown@formal@none@1@S@The listeners, too, had to be brave.@@@@1@7@@oe@2-2-2013
22406033@unknown@formal@none@1@S@Through much of the post-World War II period, listening to Western broadcasts was a crime in Hungary.@@@@1@17@@oe@2-2-2013
22406034@unknown@formal@none@1@S@"When we listen to the Europe station, my mother still gets nervous," says a Budapest translator.@@@@1@16@@oe@2-2-2013
22406035@unknown@formal@none@1@S@"She wants to turn down the volume and close the curtains."@@@@1@11@@oe@2-2-2013
22406036@unknown@formal@none@1@S@Now, the toughest competition for Radio Free Europe comes during the late-night slot.@@@@1@13@@oe@2-2-2013
22406037@unknown@formal@none@1@S@Hungarian radio often saves its most politically outspoken broadcasts for around midnight.@@@@1@12@@oe@2-2-2013
22406038@unknown@formal@none@1@S@Television, which most of the time is considered rather tame, has entered the running with a new program, "The End of the Day," which comes on after 11 p.m.@@@@1@29@@oe@2-2-2013
22406039@unknown@formal@none@1@S@It is a talk show with opposition leaders and political experts who discuss Hungary's domestic problems as well as foreign affairs.@@@@1@21@@oe@2-2-2013
22406040@unknown@formal@none@1@S@Those who want to hear even more radical views have to get up at five on Sunday morning for "Sunday Journal," on Hungarian Radio.@@@@1@24@@oe@2-2-2013
22406041@unknown@formal@none@1@S@The competitive spirit is clearly influencing Radio Free Europe, which is trying to beef up programs.@@@@1@16@@oe@2-2-2013
22406042@unknown@formal@none@1@S@The Budapest office plans to hire free-lance reporters to cover the latest happenings in Hungarian country towns from Nagykanizsa in the west to Nyiregyhaza in the east.@@@@1@27@@oe@2-2-2013
22406043@unknown@formal@none@1@S@The Hungarian service has a daily 40-minute news show called Newsreel, with international and domestic news, plus a daily news review of opinions from around the world.@@@@1@27@@oe@2-2-2013
22406044@unknown@formal@none@1@S@There's also a host of new programs, trying to lighten up on the traditional diet of politics.@@@@1@17@@oe@2-2-2013
22406045@unknown@formal@none@1@S@A daily 35-minute program called "The March of Time" tries to find interesting tidbits of lighthearted news and gossip from around the world.@@@@1@23@@oe@2-2-2013
22406046@unknown@formal@none@1@S@There's a program for women and a science show.@@@@1@9@@oe@2-2-2013
22406047@unknown@formal@none@1@S@And to attract younger listeners, Radio Free Europe intersperses the latest in Western rock groups.@@@@1@15@@oe@2-2-2013
22406048@unknown@formal@none@1@S@The Pet Shop Boys are big this year in Budapest.@@@@1@10@@oe@2-2-2013
22406049@unknown@formal@none@1@S@"We are starving for all the news," says Mr. Deak, the student.@@@@1@12@@oe@2-2-2013
22406050@unknown@formal@none@1@S@"Every moment we want to know everything about the world.@@@@1@10@@oe@2-2-2013
22407001@unknown@formal@none@1@S@Proposals for government-operated "national service," like influenza, flare up from time to time, depress the resistance of the body politic, run their course, and seem to disappear, only to mutate and afflict public life anew.@@@@1@35@@oe@2-2-2013
22407002@unknown@formal@none@1@S@The disease metaphor comes to mind, of course, not as an aspersion on the advocates of national service.@@@@1@18@@oe@2-2-2013
22407003@unknown@formal@none@1@S@Rather, it is born of frustration with having to combat constantly changing strains of a statist idea that one thought had been eliminated in the early 1970s, along with smallpox.@@@@1@30@@oe@2-2-2013
22407004@unknown@formal@none@1@S@It is back with us again, in the form of legislation to pay volunteers under a "National and Community Service Act," a proposal with a serious shot at congressional passage this fall.@@@@1@32@@oe@2-2-2013
22407005@unknown@formal@none@1@S@Why does the national-service virus keep coming back?@@@@1@8@@oe@2-2-2013
22407006@unknown@formal@none@1@S@Perhaps it is because utopian nostalgia evokes both military experience and the social gospel.@@@@1@14@@oe@2-2-2013
22407007@unknown@formal@none@1@S@If only we could get America's wastrel youth into at least a psychic uniform we might be able to teach self-discipline again and revive the spirit of giving.@@@@1@28@@oe@2-2-2013
22407008@unknown@formal@none@1@S@A quarter of a century ago national service was promoted as a way of curing the manifest inequities of the draft -- by, of all things, expanding the draft.@@@@1@29@@oe@2-2-2013
22407009@unknown@formal@none@1@S@Those of us who resisted the idea then suspect today that an obligation of government service for all young people is still the true long-term aim of many national-service backers, despite their protests that present plans contain no coercion.@@@@1@39@@oe@2-2-2013
22407010@unknown@formal@none@1@S@Choice of the volunteer military in the 1970s seemed to doom national service as much as the draft.@@@@1@18@@oe@2-2-2013
22407011@unknown@formal@none@1@S@But the virus was kept alive in sociology departments until a couple of years ago, when it again was let loose.@@@@1@21@@oe@2-2-2013
22407012@unknown@formal@none@1@S@This time it attempted to invade two connected problems, the rising cost of higher education and the rising expense to the federal government of educational grants and loans.@@@@1@28@@oe@2-2-2013
22407013@unknown@formal@none@1@S@Why not keep and even expand the loans and grants, the advocates reasoned, but require some form of service from each recipient?@@@@1@22@@oe@2-2-2013
22407014@unknown@formal@none@1@S@Military service, moreover, could be a national-service option.@@@@1@8@@oe@2-2-2013
22407015@unknown@formal@none@1@S@Thus, undoubtedly it was hoped that the new strain of national service would prove contagious, infecting patriotic conservatives, pay-as-you-go moderates, and idealistic liberals.@@@@1@23@@oe@2-2-2013
22407016@unknown@formal@none@1@S@The Democratic Leadership Council, a centrist group sponsoring the plan, surely thought it might help the party to attract support, especially among college students and their parents.@@@@1@27@@oe@2-2-2013
22407017@unknown@formal@none@1@S@A provision allowing grants to be applied to first-home purchases was added to appeal to those who had had enough of schooling.@@@@1@22@@oe@2-2-2013
22407018@unknown@formal@none@1@S@The DLC plan envisaged "volunteers" planting trees, emptying bedpans, tutoring children, and assisting librarians for $100 a week, tax free, plus medical care.@@@@1@23@@oe@2-2-2013
22407019@unknown@formal@none@1@S@With a tax-free $10,000 voucher payment at the end of each year, the volunteers would be making a wage comparable to $17,500 a year.@@@@1@24@@oe@2-2-2013
22407020@unknown@formal@none@1@S@Mind you, most of "the volunteers" would be unskilled 17- to 18-year-olds, some not even high school graduates, and many saving money by living at home.@@@@1@26@@oe@2-2-2013
22407021@unknown@formal@none@1@S@They would be doing better financially under national service than many taxpayers working at the same kinds of jobs and perhaps supporting families.@@@@1@23@@oe@2-2-2013
22407022@unknown@formal@none@1@S@As it happened, political resistance developed among educational and minority interests that count on the present education grant system, so the national-service devotees decided to abandon the supposedly crucial principle of "give in order to get."@@@@1@36@@oe@2-2-2013
22407023@unknown@formal@none@1@S@Opposition to national service from the Pentagon, which wants to protect its own recruitment process, also led to the military-service option being dropped.@@@@1@23@@oe@2-2-2013
22407024@unknown@formal@none@1@S@Clearly, a new rationale for national service had to be cooked up.@@@@1@12@@oe@2-2-2013
22407025@unknown@formal@none@1@S@What better place to turn than Sen. Edward Kennedy's Labor Committee, that great stove of government expansionism, where many a stagnant pot of porridge is kept on the back burner until it can be brought forward and presented as nouvelle cuisine?@@@@1@41@@oe@2-2-2013
22407026@unknown@formal@none@1@S@In this case, the new recipe for national service called for throwing many assorted legislative leftovers into one kettle: a demonstration project for educational aid (particularly satisfying to the DLC and Sen. Sam Nunn), a similar demonstration program for youth conservation (a la Sen. Chris Dodd), a competitive grants program to states to spark youth and senior citizen volunteer projects (a Kennedy specialty), a community service work-study program for students (pleasing to the palate of Sen. Dale Bumpers, among others), plus engorgement of the VISTA volunteer program and the Retired Senior Volunteer, Foster Grandparent, and Senior Companion programs.@@@@1@98@@oe@2-2-2013
22407027@unknown@formal@none@1@S@Before the menu is printed, the House may add more ingredients, also changing the initial price, now posted at some $330 million.@@@@1@22@@oe@2-2-2013
22407028@unknown@formal@none@1@S@It is widely known that "too many cooks spoil the broth," but that wisdom does not necessarily reflect the view of the cooks, especially if they are senators.@@@@1@28@@oe@2-2-2013
22407029@unknown@formal@none@1@S@The "omnibus" bill coming out of Congress may be unwholesome glop, but the assorted chefs are happy and the restaurant is pushing the dish very hard.@@@@1@26@@oe@2-2-2013
22407030@unknown@formal@none@1@S@The aroma of patronage is in the air.@@@@1@8@@oe@2-2-2013
22407031@unknown@formal@none@1@S@Is the voluntary sector so weak that it needs such unsolicited assistance?@@@@1@12@@oe@2-2-2013
22407032@unknown@formal@none@1@S@On the contrary, it is as robust as ever.@@@@1@9@@oe@2-2-2013
22407033@unknown@formal@none@1@S@According to the Gallup Poll, American adults contribute an average of two hours a week of service, while financial contributions to charity in the 1980s have risen 30% (adjusted for inflation).@@@@1@31@@oe@2-2-2013
22407034@unknown@formal@none@1@S@Even if government does see various "unmet needs," national service is not the way to meet them.@@@@1@17@@oe@2-2-2013
22407035@unknown@formal@none@1@S@If we want to support students, we might adopt the idea used in other countries of offering more scholarships based on something called "scholarship," rather than on the government's idea of "service."@@@@1@32@@oe@2-2-2013
22407036@unknown@formal@none@1@S@Or we might provide a tax credit for working students.@@@@1@10@@oe@2-2-2013
22407037@unknown@formal@none@1@S@What we do not need to do is start a war, and then try to justify it by creating a GI Bill.@@@@1@22@@oe@2-2-2013
22407038@unknown@formal@none@1@S@To the extent we lack manpower to staff menial jobs in hospitals, for example, we should raise pay, pursue labor-saving technology, or allow more legal immigration, rather than overpay high school graduates as short-term workers and cause resentment among permanent workers paid lesser amounts to do the same jobs.@@@@1@49@@oe@2-2-2013
22407039@unknown@formal@none@1@S@Will national service, in the current highly politicized and opportunistic form exert enough appeal to get adopted?@@@@1@17@@oe@2-2-2013
22407040@unknown@formal@none@1@S@Not necessarily.@@@@1@2@@oe@2-2-2013
22407041@unknown@formal@none@1@S@Polls show wide, generalized support for some vague concept of service, but the bill now under discussion lacks any passionate public backing.@@@@1@22@@oe@2-2-2013
22407042@unknown@formal@none@1@S@Nonetheless, Senate Democrats are organizing a roll of supporting "associations," "societies" and "councils," some of which may hope to receive the paid "volunteers."@@@@1@23@@oe@2-2-2013
22407043@unknown@formal@none@1@S@So far, the president seems ill-disposed to substitute any of the omnibus for his own free-standing proposal to endow a "Points of Light" foundation with $25 million to inform citizens of all ages and exhort them to genuine volunteerism.@@@@1@39@@oe@2-2-2013
22407044@unknown@formal@none@1@S@However, even this admirable plan could become objectionable if the White House gives in to congressional Democratic pressure to add to the scope of the president's initiative or to involve the independent foundation in "brokering" federal funds for volunteer projects.@@@@1@40@@oe@2-2-2013
22407045@unknown@formal@none@1@S@There's no need for such concessions.@@@@1@6@@oe@2-2-2013
22407046@unknown@formal@none@1@S@The omnibus can be defeated, the virus controlled, and real service protected.@@@@1@12@@oe@2-2-2013
22407047@unknown@formal@none@1@S@National service, the utopian idea, still won't go away then, of course, but the millions of knee-socked youth performing works of "civic content" will be mobilized only in the imagination of their progenitors.@@@@1@33@@oe@2-2-2013
22407048@unknown@formal@none@1@S@Mr. Chapman is a fellow at the Indianapolis-based Hudson Institute.@@@@1@10@@oe@2-2-2013
22407049@unknown@formal@none@1@S@This article is adapted from remarks at a Hoover Institution conference on national service, in which Mr. Szanton also participated.@@@@1@20@@oe@2-2-2013
22408001@unknown@formal@none@1@S@Drug Emporium Inc. said Gary Wilber, 39 years old, who had been president and chief operating officer for the past year, was named chief executive officer of this drugstore chain.@@@@1@30@@oe@2-2-2013
22408002@unknown@formal@none@1@S@He succeeds his father, Philip T. Wilber, who founded the company and remains chairman.@@@@1@14@@oe@2-2-2013
22408003@unknown@formal@none@1@S@Robert E. Lyons III, 39, who headed the company's Philadelphia region, was appointed president and chief operating officer, succeeding Gary Wilber.@@@@1@21@@oe@2-2-2013
22409001@unknown@formal@none@1@S@American Physicians Service Group Inc. said it purchased about 42% of Prime Medical Services Inc. for about $5 million from Texas American Energy Corp.@@@@1@24@@oe@2-2-2013
22409002@unknown@formal@none@1@S@American Physicians said it also replaced four Texas American representatives on Prime's five-member board.@@@@1@14@@oe@2-2-2013
22409003@unknown@formal@none@1@S@American provides a variety of financial services to doctors and hospitals.@@@@1@11@@oe@2-2-2013
22409004@unknown@formal@none@1@S@Prime, based in Bedminster, N.J., provides management services to cardiac rehabilitation clinics and diagnostic imaging centers.@@@@1@16@@oe@2-2-2013
22409005@unknown@formal@none@1@S@For the year ended June 30, Prime had a net loss of $3 million on sales of $13.8 million.@@@@1@19@@oe@2-2-2013
22410001@unknown@formal@none@1@S@The inflation-adjusted growth rate for France's gross domestic product for the second quarter was revised upward to 0.8% from the previous three months from the initial estimate of 0.7%, the National Statistics Institute said.@@@@1@34@@oe@2-2-2013
22410002@unknown@formal@none@1@S@The state agency said the latest revision left the growth rate for the first-quarter compared with the previous three months unchanged at 1.3%.@@@@1@23@@oe@2-2-2013
22410003@unknown@formal@none@1@S@If the economy continues to expand by 0.8% a quarter for the rest of the year, it would leave GDP growth for all of 1989 at 3%, the institute said.@@@@1@30@@oe@2-2-2013
22410004@unknown@formal@none@1@S@That would be down from the 3.8% rise posted in 1988.@@@@1@11@@oe@2-2-2013
22411001@unknown@formal@none@1@S@The Canadian government announced a new, 12-year Canada Savings Bond issue that will yield investors 10.5% in the first year.@@@@1@20@@oe@2-2-2013
22411002@unknown@formal@none@1@S@The annual interest rate for each of the next 11 years will be set each fall, when details of a new series are released.@@@@1@24@@oe@2-2-2013
22411003@unknown@formal@none@1@S@Canada Savings Bonds are major government instruments for meeting its financial requirements.@@@@1@12@@oe@2-2-2013
22411004@unknown@formal@none@1@S@The government has about 41.4 billion Canadian dollars (US$35.2 billion) of such bonds currently outstanding.@@@@1@15@@oe@2-2-2013
22411005@unknown@formal@none@1@S@Only Canadian residents are permitted to buy Canada Savings Bonds, which may be redeemed any time at face value.@@@@1@19@@oe@2-2-2013
22411006@unknown@formal@none@1@S@The bonds go on sale Oct. 19.@@@@1@7@@oe@2-2-2013
22412001@unknown@formal@none@1@S@The debate over National Service has begun again.@@@@1@8@@oe@2-2-2013
22412002@unknown@formal@none@1@S@After a decade in which more than 50 localities established their own service or conservation corps and dozens of school systems made community service a prerequisite to high-school graduation, the focus has shifted to Washington.@@@@1@35@@oe@2-2-2013
22412003@unknown@formal@none@1@S@At least 10 bills proposing one or another national program were introduced in Congress this spring.@@@@1@16@@oe@2-2-2013
22412004@unknown@formal@none@1@S@One, co-sponsored by Sen. Sam Nunn (D., Ga.) and Rep. Dave McCurdy (D., Okla.), would have restricted federal college subsidies to students who had served.@@@@1@25@@oe@2-2-2013
22412005@unknown@formal@none@1@S@An omnibus bill assembled by Sen. Edward Kennedy (D., Mass.), and including some diluted Nunn-McCurdy provisions along with proposals by fellow Democratic Sens. Claiborne Pell, Barbara Mikulski and Christopher Dodd, has been reported out of the Senate Labor Committee.@@@@1@39@@oe@2-2-2013
22412006@unknown@formal@none@1@S@It might well win Senate passage.@@@@1@6@@oe@2-2-2013
22412007@unknown@formal@none@1@S@President Bush has outlined his own Youth Entering Service (YES) plan, though its details remain to be specified.@@@@1@18@@oe@2-2-2013
22412008@unknown@formal@none@1@S@What is one to think of all this?@@@@1@8@@oe@2-2-2013
22412009@unknown@formal@none@1@S@Doctrine and special interests govern some responses.@@@@1@7@@oe@2-2-2013
22412010@unknown@formal@none@1@S@People eager to have youth "pay their dues to society" favor service proposals -- preferably mandatory ones.@@@@1@17@@oe@2-2-2013
22412011@unknown@formal@none@1@S@So do those who seek a "re-energized concept of citizenship," a concept imposing stern obligations as well as conferring rights.@@@@1@20@@oe@2-2-2013
22412012@unknown@formal@none@1@S@Then there are instinctive opponents.@@@@1@5@@oe@2-2-2013
22412013@unknown@formal@none@1@S@To libertarians, mandatory service is an abomination and voluntary systems are illegitimate uses of tax money.@@@@1@16@@oe@2-2-2013
22412014@unknown@formal@none@1@S@Devotees of the market question the value of the work national service would perform:@@@@1@14@@oe@2-2-2013
22412015@unknown@formal@none@1@S@If the market won't pay for it, they argue, it can't be worth its cost.@@@@1@15@@oe@2-2-2013
22412016@unknown@formal@none@1@S@Elements of the left are also reflexively opposed; they see service as a cover for the draft, or fear the regimentation of youth, or want to see rights enlarged, not obligations.@@@@1@31@@oe@2-2-2013
22412017@unknown@formal@none@1@S@But what about those of us whose views are not predetermined by formula or ideology?@@@@1@15@@oe@2-2-2013
22412018@unknown@formal@none@1@S@How should we think about national service?@@@@1@7@@oe@2-2-2013
22412019@unknown@formal@none@1@S@Let's begin by recognizing a main source of confusion -- "national service" has no agreed meaning.@@@@1@16@@oe@2-2-2013
22412020@unknown@formal@none@1@S@Would service be voluntary or compulsory?@@@@1@6@@oe@2-2-2013
22412021@unknown@formal@none@1@S@Short or long?@@@@1@3@@oe@2-2-2013
22412022@unknown@formal@none@1@S@Part-time or full-time?@@@@1@3@@oe@2-2-2013
22412023@unknown@formal@none@1@S@Paid or unpaid?@@@@1@3@@oe@2-2-2013
22412024@unknown@formal@none@1@S@Would participants live at home and work nearby or live in barracks and work on public lands?@@@@1@17@@oe@2-2-2013
22412025@unknown@formal@none@1@S@What kinds of work would they do?@@@@1@7@@oe@2-2-2013
22412026@unknown@formal@none@1@S@What does "national" mean?@@@@1@4@@oe@2-2-2013
22412027@unknown@formal@none@1@S@Would the program be run by the federal government, by local governments, or by private voluntary organizations?@@@@1@17@@oe@2-2-2013
22412028@unknown@formal@none@1@S@And who would serve?@@@@1@4@@oe@2-2-2013
22412029@unknown@formal@none@1@S@Only males, as with the draft, or both sexes?@@@@1@9@@oe@2-2-2013
22412030@unknown@formal@none@1@S@Youth only or all ages?@@@@1@5@@oe@2-2-2013
22412031@unknown@formal@none@1@S@Middle-class people, or poor people, or a genuine cross-section?@@@@1@9@@oe@2-2-2013
22412032@unknown@formal@none@1@S@Many or few?@@@@1@3@@oe@2-2-2013
22412033@unknown@formal@none@1@S@Those are not trivial questions, and the label "national service" answers none of them.@@@@1@14@@oe@2-2-2013
22412034@unknown@formal@none@1@S@Then how should we think about national service?@@@@1@8@@oe@2-2-2013
22412035@unknown@formal@none@1@S@As a starting point, here are five propositions: 1. Consider the ingredients, not the name.@@@@1@15@@oe@2-2-2013
22412036@unknown@formal@none@1@S@Ignore "national service" in the abstract; consider specific proposals.@@@@1@9@@oe@2-2-2013
22412037@unknown@formal@none@1@S@They will differ in crucial ways.@@@@1@6@@oe@2-2-2013
22412038@unknown@formal@none@1@S@2. "Service" should be service.@@@@1@5@@oe@2-2-2013
22412039@unknown@formal@none@1@S@As commonly understood, service implies sacrifice.@@@@1@6@@oe@2-2-2013
22412040@unknown@formal@none@1@S@It involves accepting risk, or giving up income, or deferring a career.@@@@1@12@@oe@2-2-2013
22412041@unknown@formal@none@1@S@It follows that proposals like Nunn-McCurdy, whose benefits to enrollees are worth some $17,500 a year, do not qualify.@@@@1@19@@oe@2-2-2013
22412042@unknown@formal@none@1@S@There is a rationale for such bills: Federal subsidies to college students amount to "a GI Bill without the GI"; arguably those benefits should be earned, not given.@@@@1@28@@oe@2-2-2013
22412043@unknown@formal@none@1@S@But the earnings exceed by 20% the average income of young high-school graduates with full-time jobs.@@@@1@16@@oe@2-2-2013
22412044@unknown@formal@none@1@S@Why call that service?@@@@1@4@@oe@2-2-2013
22412045@unknown@formal@none@1@S@3. Encouragement is fine; compulsion is not.@@@@1@7@@oe@2-2-2013
22412046@unknown@formal@none@1@S@Compelled service is unconstitutional.@@@@1@4@@oe@2-2-2013
22412047@unknown@formal@none@1@S@It is also unwise and unenforceable.@@@@1@6@@oe@2-2-2013
22412048@unknown@formal@none@1@S@(Who will throw several hundred thousand refusers in jail each year?)@@@@1@11@@oe@2-2-2013
22412049@unknown@formal@none@1@S@But through tax policy and in other ways the federal government encourages many kinds of behavior.@@@@1@16@@oe@2-2-2013
22412050@unknown@formal@none@1@S@It should also encourage service -- preferably by all classes and all ages.@@@@1@13@@oe@2-2-2013
22412051@unknown@formal@none@1@S@Its encouragement should strengthen and not undercut the strong tradition of volunteering in the U.S., should build on the service programs already in existence, and should honor local convictions about which tasks most need doing.@@@@1@35@@oe@2-2-2013
22412052@unknown@formal@none@1@S@4. Good programs are not cheap.@@@@1@6@@oe@2-2-2013
22412053@unknown@formal@none@1@S@Enthusiasts assume that national service would get important work done cheaply: forest fires fought, housing rehabilitated, students tutored, day-care centers staffed.@@@@1@21@@oe@2-2-2013
22412054@unknown@formal@none@1@S@There is important work to be done, and existing service and conservation corps have shown that even youths who start with few skills can do much of it well -- but not cheaply.@@@@1@33@@oe@2-2-2013
22412055@unknown@formal@none@1@S@Good service programs require recruitment, screening, training and supervision -- all of high quality.@@@@1@14@@oe@2-2-2013
22412056@unknown@formal@none@1@S@They involve stipends to participants.@@@@1@5@@oe@2-2-2013
22412057@unknown@formal@none@1@S@Full-time residential programs also require housing and full-time supervision; they are particularly expensive -- more per participant than a year at Stanford or Yale.@@@@1@24@@oe@2-2-2013
22412058@unknown@formal@none@1@S@Non-residential programs are cheaper, but good ones still come to some $10,000 a year.@@@@1@14@@oe@2-2-2013
22412059@unknown@formal@none@1@S@Are they worth that?@@@@1@4@@oe@2-2-2013
22412060@unknown@formal@none@1@S@Evaluations suggest that good ones are -- especially so if the effects on participants are counted.@@@@1@16@@oe@2-2-2013
22412061@unknown@formal@none@1@S@But the calculations are challengeable.@@@@1@5@@oe@2-2-2013
22412062@unknown@formal@none@1@S@5. Underclass youth are a special concern.@@@@1@7@@oe@2-2-2013
22412063@unknown@formal@none@1@S@Are such expenditures worthwhile, then?@@@@1@5@@oe@2-2-2013
22412064@unknown@formal@none@1@S@Yes, if targeted.@@@@1@3@@oe@2-2-2013
22412065@unknown@formal@none@1@S@People of all ages and all classes should be encouraged to serve, but there are many ways for middle-class kids, and their elders, to serve at little public cost.@@@@1@29@@oe@2-2-2013
22412066@unknown@formal@none@1@S@They can volunteer at any of thousands of non-profit institutions, or participate in service programs required by high schools or encouraged by colleges or employers.@@@@1@25@@oe@2-2-2013
22412067@unknown@formal@none@1@S@Underclass youth don't have those opportunities.@@@@1@6@@oe@2-2-2013
22412068@unknown@formal@none@1@S@They are not enrolled in high school or college.@@@@1@9@@oe@2-2-2013
22412069@unknown@formal@none@1@S@They are unlikely to be employed.@@@@1@6@@oe@2-2-2013
22412070@unknown@formal@none@1@S@And they have grown up in unprecedentedly grim circumstances, among family structures breaking down, surrounded by self-destructive behaviors and bleak prospects.@@@@1@21@@oe@2-2-2013
22412071@unknown@formal@none@1@S@But many of them can be quite profoundly reoriented by productive and disciplined service.@@@@1@14@@oe@2-2-2013
22412072@unknown@formal@none@1@S@Some won't accept the discipline; others drop out for other reasons.@@@@1@11@@oe@2-2-2013
22412073@unknown@formal@none@1@S@But some whom nothing else is reaching are transformed.@@@@1@9@@oe@2-2-2013
22412074@unknown@formal@none@1@S@Learning skills, producing something cooperatively, feeling useful, they are no longer dependent -- others now depend on them.@@@@1@18@@oe@2-2-2013
22412075@unknown@formal@none@1@S@Even if it is cheaper to build playgrounds or paint apartments or plant dune-grass with paid professionals, the effects on the young people providing those services alter the calculation.@@@@1@29@@oe@2-2-2013
22412076@unknown@formal@none@1@S@Strictly speaking, these youth are not performing service.@@@@1@8@@oe@2-2-2013
22412077@unknown@formal@none@1@S@They are giving up no income, deferring no careers, incurring no risk.@@@@1@12@@oe@2-2-2013
22412078@unknown@formal@none@1@S@But they believe themselves to be serving, and they begin to respect themselves (and others), to take control of their lives, to think of the future.@@@@1@26@@oe@2-2-2013
22412079@unknown@formal@none@1@S@That is a service to the nation.@@@@1@7@@oe@2-2-2013
22412080@unknown@formal@none@1@S@It is what federal support should try hardest to achieve.@@@@1@10@@oe@2-2-2013
22412081@unknown@formal@none@1@S@Mr. Szanton, a Carter administration budget official, heads his own Washington-based strategic planning firm.@@@@1@14@@oe@2-2-2013
22412082@unknown@formal@none@1@S@He is a co-author of "National Service: What Would It Mean?"@@@@1@11@@oe@2-2-2013
22412083@unknown@formal@none@1@S@(Lexington Books, 1986).@@@@1@3@@oe@2-2-2013
22413001@unknown@formal@none@1@S@Government officials here and in other countries laid plans through the weekend to head off a Monday market meltdown -- but went out of their way to keep their moves quiet.@@@@1@31@@oe@2-2-2013
22413002@unknown@formal@none@1@S@Federal Reserve Chairman Alan Greenspan was on the telephones, making it clear to officials in the U.S. and abroad that the Fed was prepared to inject massive amounts of money into the banking system, as it did in October 1987, if the action were needed to prevent a financial crisis.@@@@1@50@@oe@2-2-2013
22413003@unknown@formal@none@1@S@And at the Treasury, Secretary Nicholas Brady talked with friends and associates on Wall Street while Assistant Secretary David Mullins carefully analyzed data on the Friday market plunge.@@@@1@28@@oe@2-2-2013
22413004@unknown@formal@none@1@S@But the officials feared that any public announcements would only increase market jitters.@@@@1@13@@oe@2-2-2013
22413005@unknown@formal@none@1@S@In addition, officials at the Fed and in the Bush administration decided that avoiding overt actions and statements over the weekend would give them more strength and flexibility should Friday's market drop turn into this morning's rout.@@@@1@37@@oe@2-2-2013
22413006@unknown@formal@none@1@S@"The disadvantage at this point is that anything you do that looks like you are doing too much tends to reinforce a sense of crisis," said one government official, insisting on anonymity.@@@@1@32@@oe@2-2-2013
22413007@unknown@formal@none@1@S@The Fed's efforts at secrecy were partly foiled Sunday morning, when both the New York Times and the Washington Post carried stories quoting a senior Fed official saying the central bank was prepared to pour cash into the banking system Monday morning.@@@@1@42@@oe@2-2-2013
22413008@unknown@formal@none@1@S@Fed Chairman Greenspan was surprised by both stories, according to knowledgeable sources, and insisted he hadn't authorized any public comment.@@@@1@20@@oe@2-2-2013
22413009@unknown@formal@none@1@S@Nevertheless, Fed officials acknowledged the stories were reasonably accurate portrayals of the central bank's game plan.@@@@1@16@@oe@2-2-2013
22413010@unknown@formal@none@1@S@It is prepared to assume the same role it played in October 1987, providing money to the markets if necessary to keep the financial system afloat.@@@@1@26@@oe@2-2-2013
22413011@unknown@formal@none@1@S@The Fed provides money to the banking system by buying government securities from financial institutions.@@@@1@15@@oe@2-2-2013
22413012@unknown@formal@none@1@S@The reticence of federal officials was evident in the appearance Sunday of Budget Director Richard Darman on ABC's "This Week."@@@@1@20@@oe@2-2-2013
22413013@unknown@formal@none@1@S@"Secretary of the Treasury Brady and Chairman Greenspan and the chairman of the SEC and others have been in close contact.@@@@1@21@@oe@2-2-2013
22413014@unknown@formal@none@1@S@I'm sure they'll do what's right, what's prudent, what's sensible," he said.@@@@1@12@@oe@2-2-2013
22413015@unknown@formal@none@1@S@When it was suggested his comment was a "non-answer," Mr. Darman replied: "It is a non-answer.@@@@1@16@@oe@2-2-2013
22413016@unknown@formal@none@1@S@But, in this context, that's the smart thing to do."@@@@1@10@@oe@2-2-2013
22413017@unknown@formal@none@1@S@At the Treasury, Secretary Brady issued a statement minimizing the stock market's drop.@@@@1@13@@oe@2-2-2013
22413018@unknown@formal@none@1@S@"Today's stock market decline doesn't signal any fundamental change in the condition of the economy," he said.@@@@1@17@@oe@2-2-2013
22413019@unknown@formal@none@1@S@"The economy remains well-balanced, and the outlook is for continued moderate growth."@@@@1@12@@oe@2-2-2013
22413020@unknown@formal@none@1@S@But administration officials conceded that Friday's drop carried the chance of further declines this week.@@@@1@15@@oe@2-2-2013
22413021@unknown@formal@none@1@S@"One possibility is that this is a surgical setback, reasonably limited in its breadth, and not a major problem," said one senior administration official, who also asked that he not be named.@@@@1@32@@oe@2-2-2013
22413022@unknown@formal@none@1@S@"The other is that we see another major disaster, like two years ago.@@@@1@13@@oe@2-2-2013
22413023@unknown@formal@none@1@S@I think that's less likely."@@@@1@5@@oe@2-2-2013
22413024@unknown@formal@none@1@S@Nevertheless, Fed Chairman Greenspan and Vice Chairman Manuel Johnson were in their offices Sunday evening, monitoring events as they unfolded in markets around the world.@@@@1@25@@oe@2-2-2013
22413025@unknown@formal@none@1@S@The action was expected to begin with the opening of the New Zealand foreign exchange markets at 5 p.m. EST -- when stocks there plunged -- and to continue as the trading day began later in the evening in Tokyo and through early this morning in Europe.@@@@1@47@@oe@2-2-2013
22413026@unknown@formal@none@1@S@Both the Treasury and the Fed planned to keep market rooms operating throughout the night to monitor the developments.@@@@1@19@@oe@2-2-2013
22413027@unknown@formal@none@1@S@In Tokyo, share prices dropped sharply by 1.7% in early Monday morning trading.@@@@1@13@@oe@2-2-2013
22413028@unknown@formal@none@1@S@After the initial slide, the market appeared to be turning around but by early afternoon was headed lower.@@@@1@18@@oe@2-2-2013
22413029@unknown@formal@none@1@S@In the Bush administration, the lead is being taken by Treasury Secretary Brady, Undersecretary Robert Glauber and Assistant Secretary Mullins.@@@@1@20@@oe@2-2-2013
22413030@unknown@formal@none@1@S@The three men worked together on the so-called Brady Commission, headed by Mr. Brady, which was established after the 1987 crash to examine the market's collapse.@@@@1@26@@oe@2-2-2013
22413031@unknown@formal@none@1@S@As a result they have extensive knowledge in financial markets, and financial market crises.@@@@1@14@@oe@2-2-2013
22413032@unknown@formal@none@1@S@Mr. Brady was at the White House Friday afternoon when the stock market's decline began.@@@@1@15@@oe@2-2-2013
22413033@unknown@formal@none@1@S@He was quickly on the phone with Mr. Mullins, who in turn was talking with the chairmen of the New York and Chicago exchanges.@@@@1@24@@oe@2-2-2013
22413034@unknown@formal@none@1@S@Later, Mr. Brady phoned Mr. Greenspan, SEC Chairman Richard Breeden and numerous contacts in New York and overseas.@@@@1@18@@oe@2-2-2013
22413035@unknown@formal@none@1@S@Aides say he continued to work the phones through the weekend.@@@@1@11@@oe@2-2-2013
22413036@unknown@formal@none@1@S@Administration officials say President Bush was briefed throughout Friday afternoon and evening, even after leaving for Camp David.@@@@1@18@@oe@2-2-2013
22413037@unknown@formal@none@1@S@He had frequent telephone consultations with Mr. Brady and Michael Boskin, chairman of the counsel of economic advisers.@@@@1@18@@oe@2-2-2013
22413038@unknown@formal@none@1@S@Government officials tried throughout the weekend to render a business-as-usual appearance in order to avoid any sense of panic.@@@@1@19@@oe@2-2-2013
22413039@unknown@formal@none@1@S@Treasury Undersecretary David Mulford, for instance, was at a meeting of the Business Council in Hot Springs, Va., when the stock market fell, and remained there through the following day.@@@@1@30@@oe@2-2-2013
22413040@unknown@formal@none@1@S@And as of last night, Fed Chairman Greenspan hadn't canceled his plans to address the American Bankers Association convention in Washington at 10 a.m. this morning.@@@@1@26@@oe@2-2-2013
22413041@unknown@formal@none@1@S@Ironically, Mr. Greenspan was scheduled to address the same convention in Dallas on Oct. 20, 1987.@@@@1@16@@oe@2-2-2013
22413042@unknown@formal@none@1@S@He flew to Dallas on Oct. 19, when the market plummeted 508 points, but then turned around the next morning and returned to Washington without delivering his speech.@@@@1@28@@oe@2-2-2013
22414001@unknown@formal@none@1@S@Following is a weekly listing of unadited net asset values of publicly traded investment fund shares, reported by the companies as of Friday's close.@@@@1@24@@oe@2-2-2013
22414002@unknown@formal@none@1@S@Also shown is the closing listed market price or a dealer-to-dealer asked price of each fund's shares, with the percentage of difference.@@@@1@22@@oe@2-2-2013
22414003@unknown@formal@none@1@S@b-As of Thursday's close.@@@@1@4@@oe@2-2-2013
22414004@unknown@formal@none@1@S@c-Translated at Commercial Rand exchange rate.@@@@1@6@@oe@2-2-2013
22414005@unknown@formal@none@1@S@e-In Canadian dollars.@@@@1@3@@oe@2-2-2013
22414006@unknown@formal@none@1@S@f-As of Wednesday's close.@@@@1@4@@oe@2-2-2013
22414007@unknown@formal@none@1@S@g-10.06.89 NAV:22.15.@@@@1@2@@oe@2-2-2013
22414008@unknown@formal@none@1@S@z-Not available.@@@@1@2@@oe@2-2-2013
22415001@unknown@formal@none@1@S@Put down that phone.@@@@1@4@@oe@2-2-2013
22415002@unknown@formal@none@1@S@Walk around the room; take two deep breaths.@@@@1@8@@oe@2-2-2013
22415003@unknown@formal@none@1@S@Resist the urge to call your broker and sell all your stocks.@@@@1@12@@oe@2-2-2013
22415004@unknown@formal@none@1@S@That's the advice of most investment professionals after Friday's 190-point drop in the Dow Jones Industrial Average.@@@@1@17@@oe@2-2-2013
22415005@unknown@formal@none@1@S@No one can say for sure what will happen today.@@@@1@10@@oe@2-2-2013
22415006@unknown@formal@none@1@S@And investment pros are divided on whether stocks will perform well or badly in the next six months.@@@@1@18@@oe@2-2-2013
22415007@unknown@formal@none@1@S@But they're nearly unanimous on one point: Don't sell into a panic.@@@@1@12@@oe@2-2-2013
22415008@unknown@formal@none@1@S@Investors who sold everything after the crash of 1987 lived to regret it.@@@@1@13@@oe@2-2-2013
22415009@unknown@formal@none@1@S@Even after Friday's plunge, the Dow Jones Industrial Average was 48% above where it landed on Oct. 19 two years ago.@@@@1@21@@oe@2-2-2013
22415010@unknown@formal@none@1@S@Panic selling also was unwise during other big declines in the past.@@@@1@12@@oe@2-2-2013
22415011@unknown@formal@none@1@S@The crash of 1929 was followed by a substantial recovery before the great Depression and awful bear market of the 1930s began.@@@@1@22@@oe@2-2-2013
22415012@unknown@formal@none@1@S@The "October massacres" of 1978 and 1979 were scary, but didn't lead to severe or sustained downturns.@@@@1@17@@oe@2-2-2013
22415013@unknown@formal@none@1@S@Indeed, some pros see Friday's plunge, plus any further damage that might occur early this week, as a chance for bargain hunting.@@@@1@22@@oe@2-2-2013
22415014@unknown@formal@none@1@S@"There has been a lot of emotional selling that presents a nice buying opportunity if you've got the cash," says Stephen B. Timbers, chief investment officer of Chicago-based Kemper Financial Services Inc.@@@@1@32@@oe@2-2-2013
22415015@unknown@formal@none@1@S@But most advisers think the immediate course for individual investors should be to stand pat.@@@@1@15@@oe@2-2-2013
22415016@unknown@formal@none@1@S@"When you see a runaway train," says Steve Janachowski, partner in the San Francisco investment advisory firm Brouwer & Janachowski, "you wait for the train to stop."@@@@1@27@@oe@2-2-2013
22415017@unknown@formal@none@1@S@Even for people who expect a bear market in coming months -- and a sizable number of money managers and market pundits do -- the advice is: Wait for the market to bounce back, and sell shares gradually during rallies.@@@@1@40@@oe@2-2-2013
22415018@unknown@formal@none@1@S@The best thing individual investors can do is "just sit tight," says Marshall B. Front, executive vice president and head of investment counseling at Stein Roe & Farnham Inc., a Chicago-based investment counseling firm that manages about $18 billion.@@@@1@39@@oe@2-2-2013
22415019@unknown@formal@none@1@S@On the one hand, Mr. Front says, it would be misguided to sell into "a classic panic."@@@@1@17@@oe@2-2-2013
22415020@unknown@formal@none@1@S@On the other hand, it's not necessarily a good time to jump in and buy.@@@@1@15@@oe@2-2-2013
22415021@unknown@formal@none@1@S@"This is all emotion right now, and when emotion starts to run, it can run further than anyone anticipates," he said.@@@@1@21@@oe@2-2-2013
22415022@unknown@formal@none@1@S@"So it's more prudent to wait and see how things stabilize."@@@@1@11@@oe@2-2-2013
22415023@unknown@formal@none@1@S@Roger Ibbotson, professor of finance at Yale University and head of the market information firm Ibbotson Associates Inc., says, "My real advice would be to just ride through it.@@@@1@29@@oe@2-2-2013
22415024@unknown@formal@none@1@S@Generally, it isn't wise to be in and out" of the stock market.@@@@1@13@@oe@2-2-2013
22415025@unknown@formal@none@1@S@Mr. Ibbotson thinks that this week is "going to be a roller-coaster week."@@@@1@13@@oe@2-2-2013
22415026@unknown@formal@none@1@S@But he also thinks it is "a good week to consider buying."@@@@1@12@@oe@2-2-2013
22415027@unknown@formal@none@1@S@John Snyder, former president of the Los Angeles chapter of the National Association of Investors Corp., an organization of investment clubs and individual investors, says his fellow club members didn't sell in the crash of 1987, and see no reason to sell now.@@@@1@43@@oe@2-2-2013
22415028@unknown@formal@none@1@S@"We're dedicated long-term investors, not traders," he says.@@@@1@8@@oe@2-2-2013
22415029@unknown@formal@none@1@S@"We understand panics and euphoria.@@@@1@5@@oe@2-2-2013
22415030@unknown@formal@none@1@S@And we hope to take advantage of panics and buy stocks when they plunge."@@@@1@14@@oe@2-2-2013
22415031@unknown@formal@none@1@S@One camp of investment pros sees what happened Friday as an opportunity.@@@@1@12@@oe@2-2-2013
22415032@unknown@formal@none@1@S@Over the next days and weeks, they say, investors should look for stocks to buy.@@@@1@15@@oe@2-2-2013
22415033@unknown@formal@none@1@S@Friday's action "was an old-fashioned panic," says Alfred Goldman, director of technical market analysis for A.G. Edwards & Sons in St. Louis.@@@@1@22@@oe@2-2-2013
22415034@unknown@formal@none@1@S@"Stocks were being thrown out of windows at any price."@@@@1@10@@oe@2-2-2013
22415035@unknown@formal@none@1@S@His advice: "You ought to be there with a basket catching them."@@@@1@12@@oe@2-2-2013
22415036@unknown@formal@none@1@S@James Craig, portfolio manager for the Denver-based Janus Fund, which has one of the industry's better track records, started his buying during Friday's plunge.@@@@1@24@@oe@2-2-2013
22415037@unknown@formal@none@1@S@Stocks such as Hershey Foods Corp., Wal-Mart Stores Inc., American International Group Inc. and Federal National Mortgage Association became such bargains that he couldn't resist them, he says.@@@@1@28@@oe@2-2-2013
22415038@unknown@formal@none@1@S@And Mr. Craig expects to pick up more shares today.@@@@1@10@@oe@2-2-2013
22415039@unknown@formal@none@1@S@"It will be chaotic at first, but I would not be buying if I thought we were headed for real trouble," he says.@@@@1@23@@oe@2-2-2013
22415040@unknown@formal@none@1@S@He argues that stocks are reasonably valued now, and that interest rates are lower now than in the fall of 1987.@@@@1@21@@oe@2-2-2013
22415041@unknown@formal@none@1@S@Mr. Front of Stein Roe suggests that any buying should "concentrate in stocks that have lagged the market on the up side, or stocks that have been beaten down a lot more than the market in this correction."@@@@1@38@@oe@2-2-2013
22415042@unknown@formal@none@1@S@His firm favors selected computer, drug and pollution-control stocks.@@@@1@9@@oe@2-2-2013
22415043@unknown@formal@none@1@S@Other investment pros are more pessimistic.@@@@1@6@@oe@2-2-2013
22415044@unknown@formal@none@1@S@They say investors should sell stocks -- but not necessarily right away.@@@@1@12@@oe@2-2-2013
22415045@unknown@formal@none@1@S@Many of them stress that the selling can be orderly, gradual, and done when stock prices are rallying.@@@@1@18@@oe@2-2-2013
22415046@unknown@formal@none@1@S@On Thursday, William Fleckenstein, a Seattle money manager, used futures contracts in his personal account to place a bet that the broad market averages would decline.@@@@1@26@@oe@2-2-2013
22415047@unknown@formal@none@1@S@He thinks the underlying inflation rate is around 5% to 6%, far higher than most people suppose.@@@@1@17@@oe@2-2-2013
22415048@unknown@formal@none@1@S@In the pension accounts he manages, Mr. Fleckenstein has raised cash positions and invested in gold and natural gas stocks, partly as an inflation hedge.@@@@1@25@@oe@2-2-2013
22415049@unknown@formal@none@1@S@He thinks government officials are terrified to let a recession start when government, corporate and personal debt levels are so high.@@@@1@21@@oe@2-2-2013
22415050@unknown@formal@none@1@S@So he thinks the government will err on the side of rekindled inflation.@@@@1@13@@oe@2-2-2013
22415051@unknown@formal@none@1@S@As a result, Mr. Fleckenstein says, "I think the ball game's over," and investors are about to face a bear market.@@@@1@21@@oe@2-2-2013
22415052@unknown@formal@none@1@S@David M. Jones, vice president at Aubrey G. Lanston & Co., recommends Treasury securities (of up to five years' maturity).@@@@1@20@@oe@2-2-2013
22415053@unknown@formal@none@1@S@He says the Oct. 6 employment report, showing slower economic growth and a severe weakening in the manufacturing sector, is a warning sign to investors.@@@@1@25@@oe@2-2-2013
22415054@unknown@formal@none@1@S@One strategy for investors who want to stay in but hedge their bets is to buy "put" options, either on the individual stocks they own or on a broad market index.@@@@1@31@@oe@2-2-2013
22415055@unknown@formal@none@1@S@A put option gives its holder the right (but not the obligation) to sell a stock (or stock index) for a specified price (the strike price) until the option expires.@@@@1@30@@oe@2-2-2013
22415056@unknown@formal@none@1@S@Whether this insurance is worthwhile depends on the cost of an option.@@@@1@12@@oe@2-2-2013
22415057@unknown@formal@none@1@S@The cost, or premium, tends to get fat in times of crisis.@@@@1@12@@oe@2-2-2013
22415058@unknown@formal@none@1@S@Thus, buying puts after a big market slide can be an expensive way to hedge against risk.@@@@1@17@@oe@2-2-2013
22415059@unknown@formal@none@1@S@The prices of puts generally didn't soar Friday.@@@@1@8@@oe@2-2-2013
22415060@unknown@formal@none@1@S@For example, the premium as a percentage of the stock price for certain puts on Eli Lilly & Co. moved up from 3% at Thursday's close to only 3.3% at Friday's close, even though the shares dropped more than $5.50.@@@@1@40@@oe@2-2-2013
22415061@unknown@formal@none@1@S@But put-option prices may zoom when trading resumes today.@@@@1@9@@oe@2-2-2013
22415062@unknown@formal@none@1@S@It's hard to generalize about a reasonable price for puts.@@@@1@10@@oe@2-2-2013
22415063@unknown@formal@none@1@S@But investors should keep in mind, before paying too much, that the average annual return for stock holdings, long-term, is 9% to 10% a year; a return of 15% is considered praiseworthy.@@@@1@32@@oe@2-2-2013
22415064@unknown@formal@none@1@S@Paying, say, 10% for insurance against losses takes a deep bite out of the return.@@@@1@15@@oe@2-2-2013
22415065@unknown@formal@none@1@S@James A. White and Tom Herman contributed to this article.@@@@1@10@@oe@2-2-2013
22416001@unknown@formal@none@1@S@Coldwell Banker Commercial Group said it sold $47 million of common stock to its employees at $10 a share, giving them a total stake of more than 40% in the commercial real estate brokerage firm.@@@@1@35@@oe@2-2-2013
22416002@unknown@formal@none@1@S@The firm, which was acquired in April from Sears, Roebuck & Co. in a management-led buy-out, had planned to sell up to $56.4 million of stock, or a 50% stake in the company, to its 5,000 employees.@@@@1@37@@oe@2-2-2013
22416003@unknown@formal@none@1@S@Though the offering didn't sell out, James J. Didion, chairman and chief executive officer, said, "We're pretty proud of the employees' response."@@@@1@22@@oe@2-2-2013
22416004@unknown@formal@none@1@S@He noted that unlike an employee stock ownership plan, where a company usually borrows money from third party lenders to buy stock that it sets aside to award employees over time, here employees had to fork out their own cash for the stock.@@@@1@43@@oe@2-2-2013
22416005@unknown@formal@none@1@S@"They came up with their own money instead of borrowed money," Mr. Didion said.@@@@1@14@@oe@2-2-2013
22416006@unknown@formal@none@1@S@"It's totally different."@@@@1@3@@oe@2-2-2013
22416007@unknown@formal@none@1@S@He said the offering was designed to create long-term incentives for employees.@@@@1@12@@oe@2-2-2013
22416008@unknown@formal@none@1@S@"We're in a service business, and in that context, it's vital to have your employees involved in the ownership so they have a stake in the success."@@@@1@27@@oe@2-2-2013
22416009@unknown@formal@none@1@S@The brokerage firm won't pay a dividend on the stock.@@@@1@10@@oe@2-2-2013
22416010@unknown@formal@none@1@S@Employees have the right to trade stock among themselves, and the company will establish an internal clearing house for these transactions.@@@@1@21@@oe@2-2-2013
22416011@unknown@formal@none@1@S@They may also eventually sell the shares to third parties, but the outside investors who own the remaining 60% of Coldwell Banker have the right to first refusal.@@@@1@28@@oe@2-2-2013
22416012@unknown@formal@none@1@S@Those outside investors in Coldwell Banker include Carlyle Group, a closely held Washington, D.C., merchant banking firm whose co-chairman is Frank Carlucci, former secretary of defense; Frederic V. Malek, senior adviser to Carlyle Group; Mellon Family Trust of Pittsburgh; Westinghouse Credit Corp., the financial services unit of Westinghouse Electric Corp.; Bankers Trust Co., a unit of Bankers Trust New York Corp.; and a group of Japanese investors represented by the investment banking unit of Tokyo-based Sumitomo Bank.@@@@1@77@@oe@2-2-2013
22416013@unknown@formal@none@1@S@Bankers Trust and Sumitomo financed the $300 million acquisition from Sears Roebuck.@@@@1@12@@oe@2-2-2013
22416014@unknown@formal@none@1@S@Coldwell Banker also named three outside director nominees for its 17 member board.@@@@1@13@@oe@2-2-2013
22416015@unknown@formal@none@1@S@The nominees are Gary Wilson, chief financial officer of Walt Disney Co.; James Montgomery, chief executive officer of Great Western Financial Corp.; and Peter Ubberroth, former commissioner of baseball and now a private investor.@@@@1@34@@oe@2-2-2013
22417001@unknown@formal@none@1@S@The first major event this morning in U.S. stock and futures trading may be a pause at the Chicago Mercantile Exchange.@@@@1@21@@oe@2-2-2013
22417002@unknown@formal@none@1@S@Under a reform arising from the 1987 crash, trading in the Merc's stock-index futures will break for 10 minutes if the contract opens and stays five points from Friday's close, a move equal to 40 points on the Dow Jones Industrial Average.@@@@1@42@@oe@2-2-2013
22417003@unknown@formal@none@1@S@The aim of the interruption would be to ease the opening of the New York Stock Exchange, which would be hammered by such a volatile move on the Merc.@@@@1@29@@oe@2-2-2013
22417004@unknown@formal@none@1@S@That early-morning breather is just one of a number of safeguards adopted after the 1987 crash.@@@@1@16@@oe@2-2-2013
22417005@unknown@formal@none@1@S@The Big Board also added computer capacity to handle huge surges in trading volume.@@@@1@14@@oe@2-2-2013
22417006@unknown@formal@none@1@S@Several of those post-crash changes kicked in during Friday's one-hour collapse and worked as expected, even though they didn't prevent a stunning plunge.@@@@1@23@@oe@2-2-2013
22417007@unknown@formal@none@1@S@But the major "circuit breakers" have yet to be evaluated.@@@@1@10@@oe@2-2-2013
22417008@unknown@formal@none@1@S@A deeper market plunge today could give them their first test.@@@@1@11@@oe@2-2-2013
22417009@unknown@formal@none@1@S@A further slide also would resurrect debate over a host of other, more sweeping changes proposed -- but not implemented -- after the last crash.@@@@1@25@@oe@2-2-2013
22417010@unknown@formal@none@1@S@Most notably, several of the regulatory steps recommended by the Brady Task Force, which analyzed the 1987 crash, would be revived -- especially because that group's chairman is now the Treasury secretary.@@@@1@32@@oe@2-2-2013
22417011@unknown@formal@none@1@S@The most controversial of the Brady recommendations involved establishing a single overarching regulator to handle crucial cross-market questions, such as setting consistent margin requirements for the stock and futures markets.@@@@1@30@@oe@2-2-2013
22417012@unknown@formal@none@1@S@But for the moment, attention focuses on the reforms that were put into place, and market regulators and participants said the circuit breakers worked as intended.@@@@1@26@@oe@2-2-2013
22417013@unknown@formal@none@1@S@Big Board and Merc officials expressed satisfaction with the results of two limits imposed on of the Merc's Standard & Poor's 500 contract, as well as "hot-line" communications among exchanges.@@@@1@30@@oe@2-2-2013
22417014@unknown@formal@none@1@S@Those pauses -- from 2:07 p.m. to 2:30 p.m. CDT and from 2:45 p.m. until the close of trading a half-hour later -- forced traders to buy and sell contracts at prices at or higher than their frozen levels.@@@@1@39@@oe@2-2-2013
22417015@unknown@formal@none@1@S@During the first halt, after the S&P index had fallen 12 points, the Big Board's "Sidecar" computer program automatically was triggered.@@@@1@21@@oe@2-2-2013
22417016@unknown@formal@none@1@S@That system is designed to separate computer-generated program trades from all other trades to help exchange officials resolve order imbalances in individual stocks.@@@@1@23@@oe@2-2-2013
22417017@unknown@formal@none@1@S@One Merc broker compared the action in the S&P pit during the two freezes to a fire at a well-drilled school.@@@@1@21@@oe@2-2-2013
22417018@unknown@formal@none@1@S@"You don't want the fire but you know what to do," said Howard Dubnow, an independent floor broker and a Merc governor.@@@@1@22@@oe@2-2-2013
22417019@unknown@formal@none@1@S@"There was no panic.@@@@1@4@@oe@2-2-2013
22417020@unknown@formal@none@1@S@The system worked the way we devised it to work."@@@@1@10@@oe@2-2-2013
22417021@unknown@formal@none@1@S@After reopening for about 15 minutes, the S&P index tumbled to its 30-point limit and the second freeze went into effect.@@@@1@21@@oe@2-2-2013
22417022@unknown@formal@none@1@S@Traders then spent the last half-hour "watching to see if the Dow would drop 250 points," Mr. Dubnow added, referring to the level at which the stock market itself would have closed for an hour.@@@@1@35@@oe@2-2-2013
22417023@unknown@formal@none@1@S@One observer estimated that 80% to 90% of the S&P traders "were just standing around watching."@@@@1@16@@oe@2-2-2013
22417024@unknown@formal@none@1@S@But the 250-point circuit breaker never had to kick in, and freezes on the Chicago Board of Trade's Major Market Index also weren't triggered.@@@@1@24@@oe@2-2-2013
22417025@unknown@formal@none@1@S@The MMI and the S&P 500 are the two major indexes used by program traders to run their computerized trading strategies.@@@@1@21@@oe@2-2-2013
22417026@unknown@formal@none@1@S@The programs are considered by many to be a major cause of the 1987 crash.@@@@1@15@@oe@2-2-2013
22417027@unknown@formal@none@1@S@The process of post-crash reforms began with calls to remake the markets and wound up a year later with a series of rather technical adjustments.@@@@1@25@@oe@2-2-2013
22417028@unknown@formal@none@1@S@In October 1987, just after the market drop, Washington was awash in talk of sweeping changes in the way the financial markets are structured and regulated.@@@@1@26@@oe@2-2-2013
22417029@unknown@formal@none@1@S@Over the next year that grand agenda was whittled down to a series of steps to soften big stock drops by interrupting trading to give market players time to pause and reconsider positions.@@@@1@33@@oe@2-2-2013
22417030@unknown@formal@none@1@S@In addition, limits were placed on computer-driven trading, and steps were taken to better link the stock and futures markets.@@@@1@20@@oe@2-2-2013
22417031@unknown@formal@none@1@S@Few changes were made in the way the markets are regulated.@@@@1@11@@oe@2-2-2013
22417032@unknown@formal@none@1@S@At the outset the prime target was program trading, which was much discussed but little understood on Capitol Hill.@@@@1@19@@oe@2-2-2013
22417033@unknown@formal@none@1@S@There were also calls to strip the stock markets of "derivative" products, such as stock-index futures and options, which Federal Judge Stanley Sporkin, for example, likened to "barnacles attached to the basic market."@@@@1@33@@oe@2-2-2013
22417034@unknown@formal@none@1@S@And there was much criticism of the New York Stock Exchange's system of having stock trades flow through specialists, or market makers.@@@@1@22@@oe@2-2-2013
22417035@unknown@formal@none@1@S@When the Brady Task Force's powerful analysis of the crash was released in January 1988, it immediately reshaped the reformers' agenda.@@@@1@21@@oe@2-2-2013
22417036@unknown@formal@none@1@S@Arguing that the separate financial marketplaces acted as one, and concluding that the crash had "raised the possibility of a full-scale financial system breakdown," the presidential task force called for establishing a super-regulator to oversee the markets, to make margins consistent across markets, to unify clearing systems and to install circuit breakers.@@@@1@52@@oe@2-2-2013
22417037@unknown@formal@none@1@S@Only the last of those recommendations ever was implemented.@@@@1@9@@oe@2-2-2013
22417038@unknown@formal@none@1@S@The Reagan White House held the Brady recommendations at arm's length and named a second panel -- the Working Group on the Financial Markets -- to review its analysis and those of other crash studies.@@@@1@35@@oe@2-2-2013
22417039@unknown@formal@none@1@S@In May 1988, the Working Group, made up of representatives from the Federal Reserve, the Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, finally endorsed only circuit breakers.@@@@1@32@@oe@2-2-2013
22417040@unknown@formal@none@1@S@After several more months of arguments among various stock exchanges and futures markets, circuit breakers were set in place, with the most notable suspending trading after 250 and 400 point drops in the Dow Jones Industrial Average.@@@@1@37@@oe@2-2-2013
22417041@unknown@formal@none@1@S@Privately, some free marketeers dismissed such mechanisms as sops to interventionists.@@@@1@11@@oe@2-2-2013
22417042@unknown@formal@none@1@S@After all, this free-market argument went, the Dow only dropped more than 250 points once this century.@@@@1@17@@oe@2-2-2013
22417043@unknown@formal@none@1@S@"Circuit breakers" set to soften big drops:@@@@1@7@@oe@2-2-2013
22417044@unknown@formal@none@1@S@-- If S&P futures fall 5 points at opening, contract trading pauses for 10 minutes.@@@@1@15@@oe@2-2-2013
22417045@unknown@formal@none@1@S@-- If Dow Industrials fall 25 points at opening, contract trading pauses for 10 minutes.@@@@1@15@@oe@2-2-2013
22417046@unknown@formal@none@1@S@-- If S&P futures fall 12 points (equivalent to about 100 points on DJIA), trading is frozen for half hour to that price or higher.@@@@1@25@@oe@2-2-2013
22417047@unknown@formal@none@1@S@On NYSE program trades are diverted into a separate computer file to determine buy and sell orders.@@@@1@17@@oe@2-2-2013
22417048@unknown@formal@none@1@S@-- If S&P futures fall 30 points, trading is restricted for an hour to that price or higher.@@@@1@18@@oe@2-2-2013
22417049@unknown@formal@none@1@S@-- If Dow Industrials fall 250 points, trading on the Big Board halts for an hour.@@@@1@16@@oe@2-2-2013
22417050@unknown@formal@none@1@S@S&P and MMI contracts also halt.@@@@1@6@@oe@2-2-2013
22417051@unknown@formal@none@1@S@-- If DJIA drops 400 points, Big Board halts trading for two hours.@@@@1@13@@oe@2-2-2013
22417052@unknown@formal@none@1@S@Trading in MMI and S&P futures also halted.@@@@1@8@@oe@2-2-2013
22417053@unknown@formal@none@1@S@Brady Task Force recommendations (Jan. 1988):@@@@1@6@@oe@2-2-2013
22417054@unknown@formal@none@1@S@-- Establish an overarching regulator for financial markets@@@@1@8@@oe@2-2-2013
22417055@unknown@formal@none@1@S@-- Unify trade-clearing systems@@@@1@4@@oe@2-2-2013
22417056@unknown@formal@none@1@S@-- Make margins consistent across stock and futures markets@@@@1@9@@oe@2-2-2013
22417057@unknown@formal@none@1@S@SEC proposals (May 1988):@@@@1@4@@oe@2-2-2013
22417058@unknown@formal@none@1@S@-- Require prompt reports of large securities trades.@@@@1@8@@oe@2-2-2013
22417059@unknown@formal@none@1@S@-- Give SEC authority to monitor risk-taking by affiliates of brokerage firms.@@@@1@12@@oe@2-2-2013
22417060@unknown@formal@none@1@S@-- Transfer jurisdiction over stock-related futures to SEC from CFTC.@@@@1@10@@oe@2-2-2013
22417061@unknown@formal@none@1@S@(Opposed by new SEC chairman)@@@@1@5@@oe@2-2-2013
22417062@unknown@formal@none@1@S@-- Give SEC authority to halt securities trading, (also opposed by new SEC chairman).@@@@1@14@@oe@2-2-2013
22417063@unknown@formal@none@1@S@Congressional proposal:@@@@1@2@@oe@2-2-2013
22417064@unknown@formal@none@1@S@-- Create a task force to review current state of the securities markets and securities laws.@@@@1@16@@oe@2-2-2013
22417065@unknown@formal@none@1@S@Breaking the Soviet government's television monopoly, an independent company has gained rights to show world programming, including American films.@@@@1@19@@oe@2-2-2013
22417066@unknown@formal@none@1@S@"There must not be a monopoly, there must be freedom of choice for both journalists and viewers," Nikolai I. Lutsenko, the president of the Nika TV company, told the weekly newspaper Nedelya.@@@@1@32@@oe@2-2-2013
22417067@unknown@formal@none@1@S@The company is already working on its own programming in several provincial cities and hopes to be on the air regularly in about a year, the newspaper said.@@@@1@28@@oe@2-2-2013
22417068@unknown@formal@none@1@S@Mr. Lutsenko told Nedelya that he recently had been to the U.S. to pick up the rights to show 5,000 U.S. films in the Soviet Union.@@@@1@26@@oe@2-2-2013
22417069@unknown@formal@none@1@S@Nedelya's article was accompanied by a picture of Mr. Lutsenko interviewing singer John Denver in Colorado.@@@@1@16@@oe@2-2-2013
22417070@unknown@formal@none@1@S@Even though it will be independent of official television, Nika will have an oversight board that will include members of the Communist youth league.@@@@1@24@@oe@2-2-2013
22417071@unknown@formal@none@1@S@South Africa's National Union of Mineworkers said that about 10,000 diamond miners struck for higher wages at De Beers Consolidated Mines Ltd.@@@@1@22@@oe@2-2-2013
22417072@unknown@formal@none@1@S@De Beers said that workers at five of the group's mines were on strike, which it said was peaceful, with orderly picketing occurring at one of the mines.@@@@1@28@@oe@2-2-2013
22417073@unknown@formal@none@1@S@The deadlock in negotiations occurred with De Beers offering a 17% increase in the minimum-wage category while the union demanded a 37.6% increase in the minimum wage.@@@@1@27@@oe@2-2-2013
22417074@unknown@formal@none@1@S@Japan's opposition Socialist Party denied that its legislators had been bribed by pinball-parlor owners.@@@@1@14@@oe@2-2-2013
22417075@unknown@formal@none@1@S@The allegation had been raised in Parliament by the governing Liberal Democratic Party following magazine reports suggesting that money from Japanese-style pinball, called pachinko, had infiltrated politics.@@@@1@27@@oe@2-2-2013
22417076@unknown@formal@none@1@S@Tsuruo Yamaguchi, secretary general of the Socialist Party, acknowledged that nine party lawmakers had received donations from the pachinko association totaling 8 million yen (about $55,000) but said the donations were legal and none of its members acted to favor the industry.@@@@1@42@@oe@2-2-2013
22417077@unknown@formal@none@1@S@The World Wide Fund for Nature said that Spain, Argentina, Thailand and Indonesia were doing too little to prevent illegal trade in endangered wildlife across their borders.@@@@1@27@@oe@2-2-2013
22417078@unknown@formal@none@1@S@A report by the conservation group presented at the U.N.-sponsored Convention on International Trade in Endangered Species in Lausanne accused the four of trading protected species ranging from parakeets to orchids.@@@@1@31@@oe@2-2-2013
22417079@unknown@formal@none@1@S@Fund official Simon Lyster said world trade in wildlife was estimated to total $5 billion of business annually.@@@@1@18@@oe@2-2-2013
22417080@unknown@formal@none@1@S@A NATO project to build a frigate for the 1990s was torpedoed by the pull-out of three of its eight participating nations.@@@@1@22@@oe@2-2-2013
22417081@unknown@formal@none@1@S@Britain, France and Italy announced technical reasons for withdrawing, but some officials pointed to growing reluctance among the allies to commit themselves to big defense spending while East-West disarmament talks show signs of success.@@@@1@34@@oe@2-2-2013
22417082@unknown@formal@none@1@S@Small wonder that Britain's Labor Party wants credit controls.@@@@1@9@@oe@2-2-2013
22417083@unknown@formal@none@1@S@A few hours after the party launched its own affinity credit card earlier this month, the Tories raised the nation's base interest rate.@@@@1@23@@oe@2-2-2013
22417084@unknown@formal@none@1@S@Labor's Visa card is believed to be the first linked to a British political party.@@@@1@15@@oe@2-2-2013
22417085@unknown@formal@none@1@S@Labor gets 25 pence (39 cents) for every 100 (about $155) that a user charges to the card.@@@@1@18@@oe@2-2-2013
22417086@unknown@formal@none@1@S@As with other plastic in Britain's high-interest-rate environment, the Labor card, administered by Co-operative Bank, carries a stiff (in this case, 29.8%) annual rate on the unpaid balance.@@@@1@28@@oe@2-2-2013
22417087@unknown@formal@none@1@S@China's year-long austerity program has achieved some successes in harnessing runaway economic growth and stabilizing prices but has failed to eliminate serious defects in state planning and an alarming drain on state budgets.@@@@1@33@@oe@2-2-2013
22417088@unknown@formal@none@1@S@The official China Daily said retail prices of non-staple foods haven't risen since last December but acknowledged that huge government subsidies were a main factor in keeping prices down.@@@@1@29@@oe@2-2-2013
22417089@unknown@formal@none@1@S@The State Statistical Bureau found that more than 1 billion yuan ($270 million) was spent in the first half of the year for pork subsidies.@@@@1@25@@oe@2-2-2013
22417090@unknown@formal@none@1@S@The newspaper quoted experts as saying the subsidies would cause the difference between prices and real values of commodities to "become very unreasonable" and reduce needed funds for investment in the "already difficult state budget."@@@@1@35@@oe@2-2-2013
22417091@unknown@formal@none@1@S@The aim of the austerity measures was to slice economic growth, which soared to 20.7% last year, to 8% in 1990.@@@@1@21@@oe@2-2-2013
22417092@unknown@formal@none@1@S@Economists now predict the growth rate will be about 11.5% for the year.@@@@1@13@@oe@2-2-2013
22417093@unknown@formal@none@1@S@In a sign of growing official tolerance for religion, Russian Orthodox priests were allowed to celebrate the 400th anniversary of the Moscow patriarchate in the Kremlin's 15th-century Uspensky Cathedral, where czars were crowned. . . .@@@@1@36@@oe@2-2-2013
22417094@unknown@formal@none@1@S@A 34-foot-tall, $7.7 million statue of Buddha was completed on a hill outside Hong Kong, facing China.@@@@1@17@@oe@2-2-2013
22417095@unknown@formal@none@1@S@The statue is the brainchild of Sik Chi Wan, director of the Po Lin Monastery, who said: "Hong Kong is such a prosperous place, we also need some kind of religious symbol.@@@@1@32@@oe@2-2-2013
22418001@unknown@formal@none@1@S@It all seemed innocent enough: Last April, one Steven B. Iken visited Justin Products Inc. here, identified himself as a potential customer and got the word on the little company's new cassette players for children.@@@@1@35@@oe@2-2-2013
22418002@unknown@formal@none@1@S@"It is almost identical to the Sony product," Mr. Iken remarked, after seeing prototypes and pictures.@@@@1@16@@oe@2-2-2013
22418003@unknown@formal@none@1@S@Replied a Justin salesman: "Exactly."@@@@1@5@@oe@2-2-2013
22418004@unknown@formal@none@1@S@The Justin merchandise carried wholesale prices some 40% below those of Sony Corp. of Japan's "My First Sony" line.@@@@1@19@@oe@2-2-2013
22418005@unknown@formal@none@1@S@The visitor waxed enthusiastic and promised to return.@@@@1@8@@oe@2-2-2013
22418006@unknown@formal@none@1@S@But instead of a new customer -- part of a hoped-for bonanza from underselling Sony -- Justin got a costly legal morass.@@@@1@22@@oe@2-2-2013
22418007@unknown@formal@none@1@S@Mr. Iken, it turned out, was a private detective using a hidden tape recorder to gather information for Sony.@@@@1@19@@oe@2-2-2013
22418008@unknown@formal@none@1@S@His recording later turned up as a court exhibit.@@@@1@9@@oe@2-2-2013
22418009@unknown@formal@none@1@S@Seeking to keep Justin's "My Own" product line off the U.S. market, Sony last May filed a suit in Manhattan federal court accusing the upstart of trademark infringement, unfair competition and other violations of business law.@@@@1@36@@oe@2-2-2013
22418010@unknown@formal@none@1@S@Since then, life has changed a lot for 61-year-old Leonard Kaye, Justin's owner.@@@@1@13@@oe@2-2-2013
22418011@unknown@formal@none@1@S@"I haven't been able to get a decent night's sleep since this has been going on," he says.@@@@1@18@@oe@2-2-2013
22418012@unknown@formal@none@1@S@"It's the most distracting thing in my life -- I can't even attend to my business."@@@@1@16@@oe@2-2-2013
22418013@unknown@formal@none@1@S@His company (annual sales: about $25 million) may suffer a costly blow -- losing an estimated 10% of total sales -- if Sony (annual sales: about $16 billion) prevails.@@@@1@29@@oe@2-2-2013
22418014@unknown@formal@none@1@S@Justin's plight shows what can happen when a tiny company suddenly faces the full legal might of a wrathful multinational.@@@@1@20@@oe@2-2-2013
22418015@unknown@formal@none@1@S@With considerable irony, the case also shows how completely Japan has turned the tables on U.S. business.@@@@1@17@@oe@2-2-2013
22418016@unknown@formal@none@1@S@Americans used to complain bitterly about being undersold by look-alike products from Japan.@@@@1@13@@oe@2-2-2013
22418017@unknown@formal@none@1@S@Now Sony, whose innovative, premium-priced products are among the most admired in consumer electronics, is bitterly complaining about a little U.S. firm with a cheap look-alike produced in China.@@@@1@29@@oe@2-2-2013
22418018@unknown@formal@none@1@S@"The gist of this is that Justin knocked off the Sony line and Sony wants to stop it," says Lewis H. Eslinger, Sony's attorney, who previously guarded Rubik's Cube.@@@@1@29@@oe@2-2-2013
22418019@unknown@formal@none@1@S@(Sony itself declines to comment.)@@@@1@5@@oe@2-2-2013
22418020@unknown@formal@none@1@S@If Sony wins, Mr. Eslinger says, its little rival will have to try to sell the products overseas.@@@@1@18@@oe@2-2-2013
22418021@unknown@formal@none@1@S@At worst, he adds, "They'd have to grind them all up and throw them away."@@@@1@15@@oe@2-2-2013
22418022@unknown@formal@none@1@S@Mr. Kaye denies the suit's charges and says his only mistake was taking on Sony in the marketplace.@@@@1@18@@oe@2-2-2013
22418023@unknown@formal@none@1@S@"I made a similar line and I produced it cheaper," he says.@@@@1@12@@oe@2-2-2013
22418024@unknown@formal@none@1@S@Today, U.S. Judge John E. Sprizzo is expected to rule on Sony's renewed request for a pre-trial order blocking sale of the disputed products, on which deliveries began in July.@@@@1@30@@oe@2-2-2013
22418025@unknown@formal@none@1@S@The judge turned down an earlier Sony request for such an order -- a decision upheld on appeal -- but Sony returned with additional evidence and arguments.@@@@1@27@@oe@2-2-2013
22418026@unknown@formal@none@1@S@Though hoping to settle the case, Justin vows to fight on, if necessary.@@@@1@13@@oe@2-2-2013
22418027@unknown@formal@none@1@S@But the battle is more than Justin bargained for.@@@@1@9@@oe@2-2-2013
22418028@unknown@formal@none@1@S@"I had no idea I was getting in so deep," says Mr. Kaye, who founded Justin in 1982.@@@@1@18@@oe@2-2-2013
22418029@unknown@formal@none@1@S@Mr. Kaye had sold Capetronic Inc., a Taiwan electronics maker, and retired, only to find he was bored.@@@@1@18@@oe@2-2-2013
22418030@unknown@formal@none@1@S@With Justin, he began selling toys and electronics made mostly in Hong Kong, beginning with Mickey Mouse radios.@@@@1@18@@oe@2-2-2013
22418031@unknown@formal@none@1@S@The company has grown -- to about 40 employees, from four initially, Mr. Kaye says.@@@@1@15@@oe@2-2-2013
22418032@unknown@formal@none@1@S@Justin has been profitable since 1986, adds the official, who shares his office with numerous teddy bears, all samples from his line of plush toys.@@@@1@25@@oe@2-2-2013
22418033@unknown@formal@none@1@S@Like many others, Mr. Kaye took notice in 1987 when Sony, in a classic example of market segmentation, changed the plastic skin and buttons on the famous Walkman line of portable audio equipment and created the My First Sony line for children.@@@@1@42@@oe@2-2-2013
22418034@unknown@formal@none@1@S@The brightly colored new products looked more like toys than the adult models.@@@@1@13@@oe@2-2-2013
22418035@unknown@formal@none@1@S@(In court papers, Sony says it has spent more than $3 million to promote the line, with resulting sales of over a million units.)@@@@1@24@@oe@2-2-2013
22418036@unknown@formal@none@1@S@Sony found a new market niche, but Mr. Kaye figured that its prices left plenty of room for a lower-priced competitor.@@@@1@21@@oe@2-2-2013
22418037@unknown@formal@none@1@S@His products aren't exact copies of Sony's but strongly resemble them in size, shape and, especially, color.@@@@1@17@@oe@2-2-2013
22418038@unknown@formal@none@1@S@Sony uses mostly red and blue, with traces of yellow -- and so does Justin, on the theory that kids prefer these colors.@@@@1@23@@oe@2-2-2013
22418039@unknown@formal@none@1@S@("To be successful, a product can be any color whatsoever, as long as it is fire-engine red," says Charles E. Baxley, Justin's attorney.)@@@@1@23@@oe@2-2-2013
22418040@unknown@formal@none@1@S@By last winter, Justin was showing prototypes at toy fairs in Hong Kong and New York -- and Sony noticed.@@@@1@20@@oe@2-2-2013
22418041@unknown@formal@none@1@S@Indeed, concerned that Sony sales personnel were threatening legal action or other retaliation -- such as withholding desirable Sony products -- against Justin's customers, Mr. Baxley fired off a letter to Sony in April.@@@@1@34@@oe@2-2-2013
22418042@unknown@formal@none@1@S@He himself threatened to take the matter to the Federal Trade Commission or U.S. Justice Department.@@@@1@16@@oe@2-2-2013
22418043@unknown@formal@none@1@S@But Justin hasn't pursued those charges (which were without merit, according to Mr. Eslinger, the Sony attorney).@@@@1@17@@oe@2-2-2013
22418044@unknown@formal@none@1@S@Recalls Mr. Baxley: "Our purpose was to influence them to leave us alone.@@@@1@13@@oe@2-2-2013
22418045@unknown@formal@none@1@S@We never intended taking on Sony -- we don't have the resources."@@@@1@12@@oe@2-2-2013
22418046@unknown@formal@none@1@S@Sony answered the empty threat with its real suit.@@@@1@9@@oe@2-2-2013
22418047@unknown@formal@none@1@S@Off and on since then, the companies have skirmished in court.@@@@1@11@@oe@2-2-2013
22418048@unknown@formal@none@1@S@And Justin, in a news release, says, "Once competitive, Sony now resorts to strong-arm tactics in American courtrooms to carve out and protect niche markets."@@@@1@25@@oe@2-2-2013
22418049@unknown@formal@none@1@S@Sony's lawyer insists that the company's tactics -- including the use of a private detective posing as a buyer -- are routine in such matters.@@@@1@25@@oe@2-2-2013
22418050@unknown@formal@none@1@S@He also insists that Sony, no less than others, has a legal right to protect its "trade dress," in this case, mostly the colors that it claims make My First Sony products distinctive.@@@@1@33@@oe@2-2-2013
22418051@unknown@formal@none@1@S@(Justin claims it began using the same colors on electronic goods for children long before Sony entered the children's market.)@@@@1@20@@oe@2-2-2013
22418052@unknown@formal@none@1@S@Whatever its merits, Sony's aggressive defense is debilitating for Justin.@@@@1@10@@oe@2-2-2013
22418053@unknown@formal@none@1@S@It's also costly.@@@@1@3@@oe@2-2-2013
22418054@unknown@formal@none@1@S@Mr. Kaye says he has paid more than $70,000 in legal fees so far.@@@@1@14@@oe@2-2-2013
22418055@unknown@formal@none@1@S@Of Sony, Mr. Kaye says: "They know there's no way for them to lose.@@@@1@14@@oe@2-2-2013
22418056@unknown@formal@none@1@S@They just keep digging me in deeper until I reach the point where I give up and go away."@@@@1@19@@oe@2-2-2013
22418057@unknown@formal@none@1@S@For now, though, he vows to hang in.@@@@1@8@@oe@2-2-2013
22419001@unknown@formal@none@1@S@\s Charles H. Tenney II, chairman of Unitil Corp., purchased 34,602 shares, or 4.9%, of Unitil's common, according to a filing with the Securities and Exchange Commission.@@@@1@27@@oe@2-2-2013
22419002@unknown@formal@none@1@S@The stock was bought on Thursday in a privately negotiated transaction, the filing said.@@@@1@14@@oe@2-2-2013
22419003@unknown@formal@none@1@S@As previously reported, Unitil, Exeter, N.H., and Fitchburg Gas & Electric Co., Fitchburg, Mass., are targets of unsolicited tender offers from Boston-based Eastern Utilities Associates.@@@@1@25@@oe@2-2-2013
22419004@unknown@formal@none@1@S@Eastern Utilities has offered $40 a share for Unitil and $36 a share for Fitchburg Gas and has extended both offers to Dec. 4.@@@@1@24@@oe@2-2-2013
22419005@unknown@formal@none@1@S@Both companies rejected the offers.@@@@1@5@@oe@2-2-2013
22420001@unknown@formal@none@1@S@Dresdner Bank AG of West Germany has announced a friendly tender offer for control of Banque Internationale de Placements, a French bank whose main shareholder is France's Societe Generale, the Societe de Bourses Francaises said.@@@@1@35@@oe@2-2-2013
22420002@unknown@formal@none@1@S@The tender offer by West Germany's second-biggest commercial bank is in two stages.@@@@1@13@@oe@2-2-2013
22420003@unknown@formal@none@1@S@Dresdner is offering to acquire 32.99% of BIP's capital for 1,015 francs ($156.82) a share.@@@@1@15@@oe@2-2-2013
22420004@unknown@formal@none@1@S@The terms of the offer put a value of 528 million francs ($81.6 million) on the 32.99% shareholding.@@@@1@18@@oe@2-2-2013
22420005@unknown@formal@none@1@S@The Societe Generale banking group controls 18.2% of the shareholding, while Societe Generale de Belgique S.A. owns 9.69% and Financiere Tradition, a holding company, owns 5.1%.@@@@1@26@@oe@2-2-2013
22421001@unknown@formal@none@1@S@Mexican investor Joel Rocha Garza said he sold a block of 600,000 shares of Smith Laboratories Inc. common stock to companies affiliated with him.@@@@1@24@@oe@2-2-2013
22421002@unknown@formal@none@1@S@In a filing with the Securities and Exchange Commission, Mr. Rocha Garza said Biscayne Syndicate Inc., Lahus II Inc., and Lahus III Inc. bought the 600,000 shares on Oct. 11 for $1.4 million, or $2.375 a share.@@@@1@37@@oe@2-2-2013
22421003@unknown@formal@none@1@S@Mr. Rocha Garza said that he, Clarendon Group Ltd., Biscayne, Lahus II, and Lahus III are all affiliated and hold a combined stake of 1,234,100 shares, or 9.33%.@@@@1@28@@oe@2-2-2013
22421004@unknown@formal@none@1@S@Mr. Rocha Garza has said he wants to purchase more shares.@@@@1@11@@oe@2-2-2013
22421005@unknown@formal@none@1@S@In San Diego, Smith Laboratories President Timothy Wollaeger said the transfer of the shares isn't significant.@@@@1@16@@oe@2-2-2013
22422001@unknown@formal@none@1@S@Investcorp, New York, said it and the management of Sports & Recreation Inc. bought the operator of the 10-store Sports Unlimited chain for some $40 million.@@@@1@26@@oe@2-2-2013
22422002@unknown@formal@none@1@S@The investment bank becomes majority shareholder in Sports & Recreation, a 10-year-old sporting goods retailer, said Oliver E. Richardson, a member of Investcorp's management committee and a director of the chain.@@@@1@31@@oe@2-2-2013
22422003@unknown@formal@none@1@S@Sports Unlimited, Tampa, Fla., posted revenue of $59 million for the year ended July 31.@@@@1@15@@oe@2-2-2013
22422004@unknown@formal@none@1@S@The company is "very profitable" on an operating basis, Mr. Richardson said, but he declined to specify numbers.@@@@1@18@@oe@2-2-2013
22422005@unknown@formal@none@1@S@In 1982, Sports & Recreation's managers and certain passive investors purchased the company from Brunswick Corp. of Skokie, Ill.@@@@1@19@@oe@2-2-2013
22422006@unknown@formal@none@1@S@In the latest transaction, management bought out the passive investors' holding, Mr. Richardson said.@@@@1@14@@oe@2-2-2013
22423001@unknown@formal@none@1@S@Hammond Co., Newport Beach, Calif., said Fidelity National Financial Inc. extended its previous agreement, under which it won't purchase any more of the mortgage banker's common stock, through Oct. 31.@@@@1@30@@oe@2-2-2013
22423002@unknown@formal@none@1@S@The previous agreement expired Thursday.@@@@1@5@@oe@2-2-2013
22423003@unknown@formal@none@1@S@Hammond said that its discussions with Fidelity, an Irvine, Calif., title-insurance underwriter, are continuing, but that prospects for a longer-term standstill agreement are uncertain.@@@@1@24@@oe@2-2-2013
22423004@unknown@formal@none@1@S@Fidelity has increased its stake in Hammond to 23.57% in recent months.@@@@1@12@@oe@2-2-2013
22423005@unknown@formal@none@1@S@Statements made in Securities and Exchange Commission filings led Hammond to request a standstill agreement.@@@@1@15@@oe@2-2-2013
22424001@unknown@formal@none@1@S@Giant Group Ltd. said it terminated negotiations for the purchase of Aspen Airways, a Denver-based regional carrier that operates the United Express connector service under contract to UAL Corp.'s United Airlines.@@@@1@31@@oe@2-2-2013
22424002@unknown@formal@none@1@S@Giant, a Beverly Hills, Calif., collection of companies that is controlled by Hollywood producer Burt Sugarman, didn't give a reason for halting its plan to acquire the airline, and Aspen officials couldn't be reached for comment.@@@@1@36@@oe@2-2-2013
22424003@unknown@formal@none@1@S@Giant agreed last month to purchase the carrier.@@@@1@8@@oe@2-2-2013
22424004@unknown@formal@none@1@S@Giant hasn't ever disclosed the proposed price, although Avmark Inc., an Arlington, Va.-based aircraft consulting concern, has valued Aspen's fleet at about $46 million.@@@@1@24@@oe@2-2-2013
22424005@unknown@formal@none@1@S@The airline would have become the latest in a peculiar blend of Giant companies, which are involved in making cement, recycling newsprint and operating fast-food restaurants.@@@@1@26@@oe@2-2-2013
22425001@unknown@formal@none@1@S@The state-controlled insurer Assurances Generales de France said it has obtained regulatory approval to increase its stake in the financial holding company Cie. de Navigation Mixte above 10% from the current level of about 8%.@@@@1@35@@oe@2-2-2013
22425002@unknown@formal@none@1@S@Friday's approval was needed to conform with Bourse rules regarding companies with bank interests and follows a similar approval given Wednesday to Cie. Financiere de Paribas.@@@@1@26@@oe@2-2-2013
22425003@unknown@formal@none@1@S@Both Paribas and AGF have been increasing their stakes in Navigation Mixte recently for what they have termed "investment purposes," although the issue has been surrounded by takeover speculation in recent weeks.@@@@1@32@@oe@2-2-2013
22425004@unknown@formal@none@1@S@AGF didn't comment officially on its reasons for seeking the approval, but people close to the group said it was done to make sure the group would have the flexibility to increase its stake in the future, should interesting price opportunities arise.@@@@1@42@@oe@2-2-2013
22425005@unknown@formal@none@1@S@An AGF official did specify, however, that there was no foundation to recent rumors the group might be acting in concert with Paribas.@@@@1@23@@oe@2-2-2013
22426001@unknown@formal@none@1@S@Lockheed Aeronautical Systems Co., a unit of Lockheed Corp., said it agreed to join with Aermacchi S.p.A. of Varese, Italy, to propose a new generation of jet trainers for the U.S. Air Force.@@@@1@33@@oe@2-2-2013
22426002@unknown@formal@none@1@S@The Air Force is looking to buy 540 new primary jet trainers, with a total value of $1.5 billion to $2 billion, between 1994 and 2004.@@@@1@26@@oe@2-2-2013
22426003@unknown@formal@none@1@S@The aircraft would replace the T-37, made by the Cessna Aircraft Co. unit of General Dynamics Corp., which the Air Force uses to train jet pilots.@@@@1@26@@oe@2-2-2013
22426004@unknown@formal@none@1@S@Lockheed said the U.S. Navy may also buy an additional 340 trainer aircraft to replace its T34C trainers made by the Beech Aircraft Corp. unit of Raytheon Corp.@@@@1@28@@oe@2-2-2013
22426005@unknown@formal@none@1@S@Under the agreement with Lockheed, Aermacchi will license Lockheed to build the Aermacchi MB-339 jet tandem-trainer and will supply certain structures.@@@@1@21@@oe@2-2-2013
22426006@unknown@formal@none@1@S@Lockheed will build additional structures and perform final assembly of the tandem-seat trainer at its Marietta, Ga., plant should the Air Force order the craft.@@@@1@25@@oe@2-2-2013
22426007@unknown@formal@none@1@S@A Lockheed spokesman in Burbank, Calif., said he wasn't aware of which other companies would be competing for the Air Force contract.@@@@1@22@@oe@2-2-2013
22427001@unknown@formal@none@1@S@Striking auto workers ended their 19-day occupation of a metal shop at a Peugeot S.A. factory in eastern France Friday as pay talks got under way in the capital.@@@@1@29@@oe@2-2-2013
22427002@unknown@formal@none@1@S@But the Peugeot breakthrough came as a nationwide dispute by Finance Ministry employees disrupted border checkpoints and threatened the government's ability to pay its bills.@@@@1@25@@oe@2-2-2013
22427003@unknown@formal@none@1@S@The Peugeot metalworkers began filing out of the shop, which makes auto parts, at the plant in Mulhouse after voting 589 to 193 to abandon the occupation.@@@@1@27@@oe@2-2-2013
22427004@unknown@formal@none@1@S@Their withdrawal was based on promises by Peugeot to open negotiations in Paris at the same time the last man left the premises.@@@@1@23@@oe@2-2-2013
22427005@unknown@formal@none@1@S@The strike by customs officers, tax collectors, treasury workers and other civil servants attached to the Ministry of Finance may pose a more serious challenge to the government and the average Frenchman.@@@@1@32@@oe@2-2-2013
22427006@unknown@formal@none@1@S@Ministry employees complain that they are poorly paid because of a complex job-rating system they say fails to take into account their education and level of technical expertise.@@@@1@28@@oe@2-2-2013
22428001@unknown@formal@none@1@S@The market for $200 billion of high-risk junk bonds, battered by a succession of defaults and huge price declines this year, practically vanished Friday.@@@@1@24@@oe@2-2-2013
22428002@unknown@formal@none@1@S@Trading ground to a halt as investors rushed to sell bonds, only to find themselves deserted by potential buyers.@@@@1@19@@oe@2-2-2013
22428003@unknown@formal@none@1@S@Stunned, they watched brokerage houses mark down price quotations on their junk holdings while being able to execute very few actual trades.@@@@1@22@@oe@2-2-2013
22428004@unknown@formal@none@1@S@"The junk bond market is in a state of gridlock now -- there are no bids, only offers," says independent investor Martin D. Sass, who manages nearly $4 billion and who recently decided to buy distressed securities for a new fund.@@@@1@41@@oe@2-2-2013
22428005@unknown@formal@none@1@S@This calamity is "far from over," he says.@@@@1@8@@oe@2-2-2013
22428006@unknown@formal@none@1@S@Junk's collapse helped stoke the panicky selling of stocks that produced the deepest one-day dive in the Dow Jones Industrial Average since the Oct. 19, 1987, crash.@@@@1@27@@oe@2-2-2013
22428007@unknown@formal@none@1@S@Simultaneously, it also helped trigger this year's biggest rally in the U.S. government bond market as investors rushed to move capital into the highest-quality securities they could find.@@@@1@28@@oe@2-2-2013
22428008@unknown@formal@none@1@S@But "an eerie silence pervaded" the junk market Friday as prices tumbled on hundreds of high-yield bonds despite "no active trading," says John Lonski, an economist at Moody's Investors Service Inc.@@@@1@31@@oe@2-2-2013
22428009@unknown@formal@none@1@S@For example, the price of Southland Corp.'s $500 million of 16 3/4% bonds due 2002 -- sold less than two years ago by Goldman, Sachs & Co. -- plummeted 25% to just 30 cents on the dollar.@@@@1@37@@oe@2-2-2013
22428010@unknown@formal@none@1@S@But not even Goldman would make a market in the securities of Southland, the owner of the nationwide chain of 7-11 convenience stores that is strapped for cash.@@@@1@28@@oe@2-2-2013
22428011@unknown@formal@none@1@S@Goldman officials declined to comment.@@@@1@5@@oe@2-2-2013
22428012@unknown@formal@none@1@S@Junk bonds, which mushroomed from less than $2 billion at the start of this decade, have been declining for months as issuer after issuer sank beneath the weight of hefty interest payments.@@@@1@32@@oe@2-2-2013
22428013@unknown@formal@none@1@S@The shaky market received its biggest jolt last month from Campeau Corp., which created its U.S. retailing empire with junk financing.@@@@1@21@@oe@2-2-2013
22428014@unknown@formal@none@1@S@Campeau developed a cash squeeze that caused it to be tardy on some interest payments and to put its prestigious Bloomingdales department-store chain up for sale.@@@@1@26@@oe@2-2-2013
22428015@unknown@formal@none@1@S@Now, dozens of corporations, including Ethan Allen, TW Services and York International, that are counting on at least $7 billion of scheduled new junk financings to keep their highly leveraged takeovers and buy-outs afloat, may never get the money.@@@@1@39@@oe@2-2-2013
22428016@unknown@formal@none@1@S@"The music has stopped playing," says Michael Harkins, a principal in the investment firm of Levy Harkins.@@@@1@17@@oe@2-2-2013
22428017@unknown@formal@none@1@S@"You've either got a chair or you don't."@@@@1@8@@oe@2-2-2013
22428018@unknown@formal@none@1@S@In Friday's aftermath, says R. Douglas Carleton, a director of high-yield finance at First Boston Corp., "much of the $7 billion forward calendar could be deferred, depending on the hysteria."@@@@1@30@@oe@2-2-2013
22428019@unknown@formal@none@1@S@In August, First Boston withdrew a $475 million junk offering of Ohio Mattress bonds because potential buyers were "very skittish."@@@@1@20@@oe@2-2-2013
22428020@unknown@formal@none@1@S@The outlook "looks shaky because we're still waiting" for mutual funds, in particular, to dump some of their junk bond holdings to pay off redemptions by individual investors, says King Penniman, senior vice president at McCarthy, Crisanti & Maffei, an investment arm of Xerox Financial Services.@@@@1@46@@oe@2-2-2013
22428021@unknown@formal@none@1@S@Indeed, a Moody's index that tracks the net asset values of 24 high-yield mutual funds declined for the 17th consecutive day Friday.@@@@1@22@@oe@2-2-2013
22428022@unknown@formal@none@1@S@In a stark contrast, the benchmark 30-year Treasury bond climbed more than 2 1/2 points, or about $25 for each $1,000 face amount, to 103 12/32, its biggest gain of the year.@@@@1@32@@oe@2-2-2013
22428023@unknown@formal@none@1@S@The bond's yield dropped to 7.82%, the lowest since March 31, 1987, according to Technical Data Global Markets Group.@@@@1@19@@oe@2-2-2013
22428024@unknown@formal@none@1@S@The yield on three-month Treasury bills, considered the safest of all investments, plummeted about 0.7 percentage point to 7.16%, the largest one-day decline since 1982.@@@@1@25@@oe@2-2-2013
22428025@unknown@formal@none@1@S@The main catalyst for government bond market rally was the 190.58-point drop in the Dow Jones Industrial Average.@@@@1@18@@oe@2-2-2013
22428026@unknown@formal@none@1@S@"When you get panic in one market, you get flight to quality in the other," said Maria Ramirez, money market economist at Drexel Burnham Lambert Inc.@@@@1@26@@oe@2-2-2013
22428027@unknown@formal@none@1@S@Nevertheless, the problems of the junk market could prompt the Federal Reserve to ease credit in the months ahead.@@@@1@19@@oe@2-2-2013
22428028@unknown@formal@none@1@S@"This marks a significant shift in the interest rate outlook," says William Sullivan, director of money market research at Dean Witter Reynolds Inc., New York.@@@@1@25@@oe@2-2-2013
22428029@unknown@formal@none@1@S@Any sustained credit-easing could be a lift for junk bonds as well as other securities.@@@@1@15@@oe@2-2-2013
22428030@unknown@formal@none@1@S@Robert Dow, a partner and portfolio manager at Lord, Abbett & Co., which manages $4 billion of high-yield bonds, says he doesn't "think there is any fundamental economic rationale {for the junk bond rout}.@@@@1@34@@oe@2-2-2013
22428031@unknown@formal@none@1@S@It was herd instinct."@@@@1@4@@oe@2-2-2013
22428032@unknown@formal@none@1@S@He adds: "The junk market has witnessed some trouble and now some people think that if the equity market gets creamed that means the economy will be terrible and that's bad for junk.@@@@1@33@@oe@2-2-2013
22428033@unknown@formal@none@1@S@I don't believe that's the case, but I believe that people are running scared.@@@@1@14@@oe@2-2-2013
22428034@unknown@formal@none@1@S@There is a flight to quality, and the quality is not in equities and not in junk -- it's in Treasurys."@@@@1@21@@oe@2-2-2013
22428035@unknown@formal@none@1@S@Even as trading in high-yield issues dried up over the past month, corporations sold more than $2 billion of new junk bonds.@@@@1@22@@oe@2-2-2013
22428036@unknown@formal@none@1@S@For example, a recent $375 million offering of Petrolane Gas Services L.P. bonds sold by First Boston was three times oversubscribed.@@@@1@21@@oe@2-2-2013
22428037@unknown@formal@none@1@S@A $550 million offering of Turner Broadcasting System Inc. high-yield securities sold last week by Drexel was increased $50 million because of strong demand.@@@@1@24@@oe@2-2-2013
22428038@unknown@formal@none@1@S@First Boston estimates that in November and December alone, junk bond investors will receive $4.8 billion of coupon interest payments.@@@@1@20@@oe@2-2-2013
22428039@unknown@formal@none@1@S@"That's a clear indication that there is and will be an undercurrent of basic business going on," says Mr. Carleton of First Boston.@@@@1@23@@oe@2-2-2013
22428040@unknown@formal@none@1@S@"I don't know how people can say the junk bond market disappeared when there were $1.5 billion of orders for $550 million of junk bonds sold last week by Turner," says Raymond Minella, co-head of merchant banking at Merrill Lynch & Co.@@@@1@42@@oe@2-2-2013
22428041@unknown@formal@none@1@S@"When the rally comes, insurance companies will be leading it because they have billions to invest and invest they will.@@@@1@20@@oe@2-2-2013
22428042@unknown@formal@none@1@S@There is plenty of money available from people who want to buy well-structured deals; it's the stuff that's financed on a shoestring that people are wary of."@@@@1@27@@oe@2-2-2013
22428043@unknown@formal@none@1@S@But such highly leveraged transactions seemed to have multiplied this year, casting a pall over much of the junk market.@@@@1@20@@oe@2-2-2013
22428044@unknown@formal@none@1@S@Michael McNamara, director of fixed-income research at Kemper Financial Services, says the quality of junk issues has been getting poorer, contributing to the slide in prices.@@@@1@26@@oe@2-2-2013
22428045@unknown@formal@none@1@S@"Last year we probably bought one out of every three new deals," he says.@@@@1@14@@oe@2-2-2013
22428046@unknown@formal@none@1@S@"This year, at best, it's in one in every five or six.@@@@1@12@@oe@2-2-2013
22428047@unknown@formal@none@1@S@And our credit standards haven't changed one iota."@@@@1@8@@oe@2-2-2013
22428048@unknown@formal@none@1@S@However, Mr. McNamara said the slide in junk is creating "one hell of a buying opportunity" for selective buyers.@@@@1@19@@oe@2-2-2013
22428049@unknown@formal@none@1@S@For the moment, investors seem more preoccupied with the "bad" junk than the "good" junk.@@@@1@15@@oe@2-2-2013
22428050@unknown@formal@none@1@S@"The market has been weak since" the announcement of the Campeau cash squeeze and the company's subsequent bailout by Olympia & York, says Mr. Minella of Merrill Lynch.@@@@1@28@@oe@2-2-2013
22428051@unknown@formal@none@1@S@"That really affected the market in that people started to ask 'What else is in trouble?'"@@@@1@16@@oe@2-2-2013
22428052@unknown@formal@none@1@S@Well before Campeau, though, there were signs that the junk market was stumbling through one of its worst years ever.@@@@1@20@@oe@2-2-2013
22428053@unknown@formal@none@1@S@Despite the relatively strong economy, junk bond prices did nothing except go down, hammered by a seemingly endless trail of bad news:@@@@1@22@@oe@2-2-2013
22428054@unknown@formal@none@1@S@-- In June, two months before it would default on interest payments covering some of its $1.2 billion of speculative debt securities, New York-based Integrated Resources Inc. said it ran out of borrowed money.@@@@1@34@@oe@2-2-2013
22428055@unknown@formal@none@1@S@-- In July, Southmark Corp., the Dallas-based real estate and financial services company with about $1.3 billion of junk bonds, voluntarily filed for protection under U.S. bankruptcy law.@@@@1@28@@oe@2-2-2013
22428056@unknown@formal@none@1@S@-- By the end of July, the difference in yield between an index of junk bonds and seven-year Treasury notes widened to more than 5.5 percentage points.@@@@1@27@@oe@2-2-2013
22428057@unknown@formal@none@1@S@-- In August, Resorts International Inc., which sold more than $500 million of junk bonds, suspended interest payments.@@@@1@18@@oe@2-2-2013
22428058@unknown@formal@none@1@S@-- In September, just as the cash squeeze hit Campeau, Lomas Financial Corp. defaulted on $145 million of notes and appeared unlikely to pay interest on a total of $1.2 billion of debt securities.@@@@1@34@@oe@2-2-2013
22428059@unknown@formal@none@1@S@Meantime, regulators are becoming increasingly worried as the rush to leverage shows no signs of abating.@@@@1@16@@oe@2-2-2013
22428060@unknown@formal@none@1@S@Moody's says the frequency of corporate credit downgrades is the highest this year since 1982.@@@@1@15@@oe@2-2-2013
22428061@unknown@formal@none@1@S@In addition, there are six times as many troubled banks as there were in the recession of 1981, according to the Federal Deposit Insurance Corp.@@@@1@25@@oe@2-2-2013
22428062@unknown@formal@none@1@S@"The era of the 1980s is about compound interest and the reaching for it," says James Grant, editor of Grant's Interest Rate Observer, an early critic of the junk bond market.@@@@1@31@@oe@2-2-2013
22428063@unknown@formal@none@1@S@"What we've begun to see is the damage to businesses of paying exorbitant compound interest.@@@@1@15@@oe@2-2-2013
22428064@unknown@formal@none@1@S@Businesses were borrowing at interest rates higher than their own earnings.@@@@1@11@@oe@2-2-2013
22428065@unknown@formal@none@1@S@What we're seeing now is the wrenching readjustment of asset values to a future when speculative-grade debt will be hard to obtain rather than easy."@@@@1@25@@oe@2-2-2013
22428066@unknown@formal@none@1@S@Friday's Market Activity@@@@1@3@@oe@2-2-2013
22428067@unknown@formal@none@1@S@Prices of Treasury bonds surged in the biggest rally of the year as investors fled a plummeting stock market.@@@@1@19@@oe@2-2-2013
22428068@unknown@formal@none@1@S@The benchmark 30-year Treasury bond was quoted 6 p.m. EDT at 103 12/32, compared with 100 27/32 Thursday, up 2 1/2 points.@@@@1@22@@oe@2-2-2013
22428069@unknown@formal@none@1@S@The yield on the benchmark fell to 7.82%, the lowest since March 31, 1987, according to Technical Data Global Markets Group.@@@@1@21@@oe@2-2-2013
22428070@unknown@formal@none@1@S@The "flight to quality" began late in the day and followed a precipitous fall in the stock market.@@@@1@18@@oe@2-2-2013
22428071@unknown@formal@none@1@S@Treasurys opened lower, reacting negatively to news that the producer price index -- a measure of inflation on the wholesale level -- accelerated in September.@@@@1@25@@oe@2-2-2013
22428072@unknown@formal@none@1@S@Bond prices barely budged until midday.@@@@1@6@@oe@2-2-2013
22428073@unknown@formal@none@1@S@Many bond market participants will be closely eying the action of the Federal Reserve, which might repeat its October 1987 injection of huge amounts of liquidity to buoy the financial markets and keep the economy from slowing into a recession.@@@@1@40@@oe@2-2-2013
22428074@unknown@formal@none@1@S@Prices of municipals, investment-grade corporates and mortgage-backed bonds also rose, but lagged behind their Treasury counterparts.@@@@1@16@@oe@2-2-2013
22428075@unknown@formal@none@1@S@Mortgage securities rose in hectic trading, with most of the activity concentrated in Government National Mortgage Association 9% coupon securities, the most liquid mortgage issue.@@@@1@25@@oe@2-2-2013
22428076@unknown@formal@none@1@S@The Ginnie Mae November 9% issue ended at 98 25/32, up 7/8 point on the day, to yield about 9.28% to a 12-year average life assumption.@@@@1@26@@oe@2-2-2013
22428077@unknown@formal@none@1@S@Investment-grade corporate bonds were up about 1/2 to 3/4 point.@@@@1@10@@oe@2-2-2013
22428078@unknown@formal@none@1@S@But the yield spread between lower-quality, investment-grade issues and higher-quality bonds widened.@@@@1@12@@oe@2-2-2013
22428079@unknown@formal@none@1@S@And the yields on telephone and utility issues rose relative to other investment-grade bonds in anticipation of this week's $3 billion bond offering by the Tennessee Valley Authority.@@@@1@28@@oe@2-2-2013
22428080@unknown@formal@none@1@S@Despite rumors that the TVA's long-awaited offering would be postponed because of the debacle in the equity markets, sources in the underwriting syndicate said they expect the issue will be priced as scheduled.@@@@1@33@@oe@2-2-2013
22428081@unknown@formal@none@1@S@One of the sources said the smaller portions of $750 million each of five-year and 10-year bonds have already been "substantially oversubscribed."@@@@1@22@@oe@2-2-2013
22428082@unknown@formal@none@1@S@Municipal bonds rose as much as 3/4 point.@@@@1@8@@oe@2-2-2013
22428083@unknown@formal@none@1@S@Roger Lowenstein contributed to this article.@@@@1@6@@oe@2-2-2013
22429001@unknown@formal@none@1@S@Friday's 190-point plunge in stocks does not come atop the climate of anxiety that dominated financial markets just prior to their 1987 October crash, and mechanisms have been put in place to keep markets more orderly.@@@@1@36@@oe@2-2-2013
22429002@unknown@formal@none@1@S@Still, the lesson is about the same: On Friday the 13th, the market was spooked by Washington.@@@@1@17@@oe@2-2-2013
22429003@unknown@formal@none@1@S@The consensus along the street seems to be that the plunge was triggered by the financing problems of the UAL takeover, and it's certainly true the rout began immediately after the UAL trading halt.@@@@1@34@@oe@2-2-2013
22429004@unknown@formal@none@1@S@Still, the consensus seems almost as wide that one faltering bid is no reason to write down the value of all U.S. business.@@@@1@23@@oe@2-2-2013
22429005@unknown@formal@none@1@S@This observation leads us to another piece of news moving on the Dow Jones ticker shortly before the downturn: the success of Senate Democrats in stalling the capital gains tax cut.@@@@1@31@@oe@2-2-2013
22429006@unknown@formal@none@1@S@The real value of all shares, after all, is directly impacted by the tax on any profits (all the more so given the limits on deductions for losses that show gains are not "ordinary income").@@@@1@35@@oe@2-2-2013
22429007@unknown@formal@none@1@S@And market expectations clearly have been raised by the capital gains victory in the House last month.@@@@1@17@@oe@2-2-2013
22429008@unknown@formal@none@1@S@An hour before Friday's plunge, that provision was stripped from the tax bill, leaving it with $5.4 billion in tax increases without a capital gains cut.@@@@1@26@@oe@2-2-2013
22429009@unknown@formal@none@1@S@There is a great deal to be said, to be sure, for stripping the garbage out of the reconciliation bill.@@@@1@20@@oe@2-2-2013
22429010@unknown@formal@none@1@S@It would be a good thing if Congress started to decide issues one-by-one on their individual merits without trickery.@@@@1@19@@oe@2-2-2013
22429011@unknown@formal@none@1@S@For one thing, no one doubts that the capital gains cut would pass on an up-or-down vote.@@@@1@17@@oe@2-2-2013
22429012@unknown@formal@none@1@S@Since Senate leaders have so far fogged it up with procedural smokescreens, promises of a cleaner bill are suspect.@@@@1@19@@oe@2-2-2013
22429013@unknown@formal@none@1@S@Especially so since President Bush has been weakened by the Panama fiasco.@@@@1@12@@oe@2-2-2013
22429014@unknown@formal@none@1@S@To the extent that the UAL troubles contributed to the plunge, they are another instance of Washington's sticky fingers.@@@@1@19@@oe@2-2-2013
22429015@unknown@formal@none@1@S@As the best opportunities for corporate restructurings are exhausted of course, at some point the market will start to reject them.@@@@1@21@@oe@2-2-2013
22429016@unknown@formal@none@1@S@But the airlines are scarcely a clear case, given anti-takeover mischief by Secretary of Transportation Skinner, who professes to believe safety will be compromised if KLM and British Airways own interests in companies that fly airplanes.@@@@1@36@@oe@2-2-2013
22429017@unknown@formal@none@1@S@Worse, Congress has started to jump on the Skinner bandwagon.@@@@1@10@@oe@2-2-2013
22429018@unknown@formal@none@1@S@James Oberstar, the Minnesota Democrat who chairs the Public Works and Transportation Committee's aviation subcommittee, has put an anti-airline takeover bill on supersonic speed so that it would be passed in time to affect the American and United Air Lines bids.@@@@1@41@@oe@2-2-2013
22429019@unknown@formal@none@1@S@It would give Mr. Skinner up to 50 days to "review" any bid for 15% or more of the voting stock of any U.S. carrier with revenues of $1 billion or more.@@@@1@32@@oe@2-2-2013
22429020@unknown@formal@none@1@S@So the UAL deal has problems, and the market loses 190 points.@@@@1@12@@oe@2-2-2013
22429021@unknown@formal@none@1@S@Congratulations, Mr. Secretary and Mr. Congressman.@@@@1@6@@oe@2-2-2013
22429022@unknown@formal@none@1@S@In the 1987 crash, remember, the market was shaken by a Danny Rostenkowski proposal to tax takeovers out of existance.@@@@1@20@@oe@2-2-2013
22429023@unknown@formal@none@1@S@Even more important, in our view, was the Treasury's threat to thrash the dollar.@@@@1@14@@oe@2-2-2013
22429024@unknown@formal@none@1@S@The Treasury is doing the same thing today; thankfully, the dollar is not under 1987-style pressure.@@@@1@16@@oe@2-2-2013
22429025@unknown@formal@none@1@S@Also, traders are in better shape today than in 1987 to survive selling binges.@@@@1@14@@oe@2-2-2013
22429026@unknown@formal@none@1@S@They are better capitalized.@@@@1@4@@oe@2-2-2013
22429027@unknown@formal@none@1@S@They are in less danger of losing liquidity simply because of tape lags and clearing and settlement delays.@@@@1@18@@oe@2-2-2013
22429028@unknown@formal@none@1@S@The Fed promises any needed liquidity.@@@@1@6@@oe@2-2-2013
22429029@unknown@formal@none@1@S@The Big Board's liaison with the Chicago Board of Trade has improved; it will be interesting to learn if "circuit breakers" prove to be a good idea.@@@@1@27@@oe@2-2-2013
22429030@unknown@formal@none@1@S@In any event, some traders see stocks as underpriced today, unlike 1987.@@@@1@12@@oe@2-2-2013
22429031@unknown@formal@none@1@S@There is nothing wrong with the market that can't be cured by a little coherence and common sense in Washington.@@@@1@20@@oe@2-2-2013
22429032@unknown@formal@none@1@S@But on the bearish side, that may be too much to expect.@@@@1@12@@oe@2-2-2013
22430001@unknown@formal@none@1@S@First Chicago Corp. posted a third-quarter loss of $23.3 million after joining other big banks in further adding to its reserves for losses on foreign loans.@@@@1@26@@oe@2-2-2013
22430002@unknown@formal@none@1@S@The parent company of First National Bank of Chicago, with $48 billion in assets, said it set aside $200 million to absorb losses on loans and investments in financially troubled countries.@@@@1@31@@oe@2-2-2013
22430003@unknown@formal@none@1@S@The addition, on top of two big 1987 additions to foreign-loan reserves, brings the reserve to a level equaling 79% of medium-term and long-term loans outstanding to troubled nations.@@@@1@29@@oe@2-2-2013
22430004@unknown@formal@none@1@S@First Chicago since 1987 has reduced its loans to such nations to $1.7 billion from $3 billion.@@@@1@17@@oe@2-2-2013
22430005@unknown@formal@none@1@S@Despite this loss, First Chicago said it doesn't need to sell stock to raise capital.@@@@1@15@@oe@2-2-2013
22430006@unknown@formal@none@1@S@During the quarter, the company realized a pretax gain of $60.4 million from the sale of its First Chicago Investment Advisors unit.@@@@1@22@@oe@2-2-2013
22430007@unknown@formal@none@1@S@Combined foreign exchange and bond trading profits dipped 24% against last year's third quarter, to $38.2 million from $50.5 million.@@@@1@20@@oe@2-2-2013
22430008@unknown@formal@none@1@S@Gains from First Chicago's venture capital unit, a big leveraged buy-out investor, rose 32% to $34 million from $25.7 million a year ago.@@@@1@23@@oe@2-2-2013
22430009@unknown@formal@none@1@S@Interest income and most fee income was strong.@@@@1@8@@oe@2-2-2013
22431001@unknown@formal@none@1@S@Greece's second bout of general elections this year is slated for Nov. 5.@@@@1@13@@oe@2-2-2013
22431002@unknown@formal@none@1@S@For those hoping to see a modicum of political normalcy restored -- in view of Greece's eight-year misadventure under autocratic pseudosocialism and subsequent three-month hitch with a conservative-communist coalition government -- there is but one bright sign: The scandals still encircling former Prime Minister Andreas Papandreou and his fallen socialist government are like flies buzzing around a rotting carcass.@@@@1@59@@oe@2-2-2013
22431003@unknown@formal@none@1@S@In the mid-June round of voting, Greeks gave no clear mandate to any single political party.@@@@1@16@@oe@2-2-2013
22431004@unknown@formal@none@1@S@The ad interim coalition government that emerged from post-electoral hagglings was, in essence, little more than the ill-conceived offspring of ideological miscegenation: On one side, the center-right New Democracy Party, headed by Constantine Mitsotakis.@@@@1@34@@oe@2-2-2013
22431005@unknown@formal@none@1@S@On the other, the so-called Coalition of the Left and Progress -- a quaint and rather deceptive title for a merger of the pro-Soviet Communist Party of Greece and its Euro-Communist cousin, the Hellenic Left.@@@@1@35@@oe@2-2-2013
22431006@unknown@formal@none@1@S@The unifying bond for this left-right mismatch was plain: PASOK (Mr. Papandreou's party) as common political enemy.@@@@1@17@@oe@2-2-2013
22431007@unknown@formal@none@1@S@The ostensible goal was a mop-up of government corruption, purportedly at all levels, but the main marks were Mr. Papandreou and his closest associates.@@@@1@24@@oe@2-2-2013
22431008@unknown@formal@none@1@S@In point of fact, this catharsis was overdue by decades.@@@@1@10@@oe@2-2-2013
22431009@unknown@formal@none@1@S@When reduced to buzzword status in ex parte pledges, however, the notion transmogrified into a promised assault, with targets primarily for political gains, not justice.@@@@1@25@@oe@2-2-2013
22431010@unknown@formal@none@1@S@With regard to Greece's long-bubbling bank-looting scandal, Mr. Papandreou's principal accuser remains George Koskotas, former owner of the Bank of Crete and self-confessed embezzler, now residing in a jail cell in Salem, Mass., from where he is fighting extradition proceedings that would return him to Greece.@@@@1@46@@oe@2-2-2013
22431011@unknown@formal@none@1@S@Mr. Koskotas's credibility is, at best, problematic.@@@@1@7@@oe@2-2-2013
22431012@unknown@formal@none@1@S@He has ample motive to shift the blame, and his testimony has also been found less than forthright on numerous points.@@@@1@21@@oe@2-2-2013
22431013@unknown@formal@none@1@S@Nevertheless, the New Democracy and Communist parties herald his assertions as proof of PASOK complicity.@@@@1@15@@oe@2-2-2013
22431014@unknown@formal@none@1@S@Among unanswered questions are whether Mr. Papandreou received $23 million of stolen Bank of Crete funds and an additional $734,000 in bribes, as contended; whether the prime minister ordered state agencies to deposit some $57 million in Mr. Koskotas's bank and then skim off the interest; and, what PASOK's cut was from the $210 million Mr. Koskotas pinched.@@@@1@58@@oe@2-2-2013
22431015@unknown@formal@none@1@S@Two former ministers were so heavily implicated in the Koskotas affair that PASOK members of Parliament voted to refer them to the special court.@@@@1@24@@oe@2-2-2013
22431016@unknown@formal@none@1@S@But eluding parliamentary probe was the case of millions of drachmas Mr. Koskotas funneled into New Democracy coffers.@@@@1@18@@oe@2-2-2013
22431017@unknown@formal@none@1@S@In the end, the investigation produced only circumstantial evidence and "indications" that point to PASOK, not clinching proof.@@@@1@18@@oe@2-2-2013
22431018@unknown@formal@none@1@S@On another issue, Greeks were told how their national intelligence agency, the EYP, regularly monitored the telephone conversations of prominent figures, including key opposition politicians, journalists and PASOK cabinet members.@@@@1@30@@oe@2-2-2013
22431019@unknown@formal@none@1@S@Despite convincing arguments, it was never established that Mr. Papandreou personally ordered or directed the wiretaps.@@@@1@16@@oe@2-2-2013
22431020@unknown@formal@none@1@S@The central weakness of the "scandals" debates was pointed up especially well when discussions focused on arms deals and kickbacks.@@@@1@20@@oe@2-2-2013
22431021@unknown@formal@none@1@S@The coalition government tried to show that PASOK ministers had received hefty sums for OKing the purchase of F-16 Fighting Falcon and Mirage 2000 combat aircraft, produced by the U.S.based General Dynamics Corp. and France's Avions Marcel Dassault, respectively.@@@@1@39@@oe@2-2-2013
22431022@unknown@formal@none@1@S@Naturally, neither General Dynamics nor Dassault could be expected to hamper its prospective future dealings by making disclosures of sums paid (or not) to various Greek officials for services rendered.@@@@1@30@@oe@2-2-2013
22431023@unknown@formal@none@1@S@So it seems that Mr. Mitsotakis and his communist chums may have unwittingly served Mr. Papandreou a moral victory on a platter: PASOK, whether guilty or not, can now traipse the countryside condemning the whole affair as a witch hunt at Mr. Papandreou's expense.@@@@1@44@@oe@2-2-2013
22431024@unknown@formal@none@1@S@But while verbal high jinks alone won't help PASOK regain power, Mr. Papandreou should never be underestimated.@@@@1@17@@oe@2-2-2013
22431025@unknown@formal@none@1@S@First came his predictable fusillade: He charged the Coalition of the Left and Progress had sold out its leftist tenets by collaborating in a right-wing plot aimed at ousting PASOK and thwarting the course of socialism in Greece.@@@@1@38@@oe@2-2-2013
22431026@unknown@formal@none@1@S@Then, to buttress his credibility with the left, he enticed some smaller leftist parties to stand for election under the PASOK banner.@@@@1@22@@oe@2-2-2013
22431027@unknown@formal@none@1@S@Next, he continued to court the communists -- many of whom feel betrayed by the left-right coalition's birth -- by bringing into PASOK a well-respected Communist Party candidate.@@@@1@28@@oe@2-2-2013
22431028@unknown@formal@none@1@S@For balance, and in hopes of gaining some disaffected centrist votes, he managed to attract a former New Democracy Party representative and known political enemy of Mr. Mitsotakis.@@@@1@28@@oe@2-2-2013
22431029@unknown@formal@none@1@S@Thus PASOK heads for the polls not only with diminished scandal-stench, but also with "seals of approval" from representatives of its harshest accusers.@@@@1@23@@oe@2-2-2013
22431030@unknown@formal@none@1@S@Crucial as these elections are for Greece, pressing issues of state are getting lost in the shuffle.@@@@1@17@@oe@2-2-2013
22431031@unknown@formal@none@1@S@The country's future NATO participation remains unsure, for instance.@@@@1@9@@oe@2-2-2013
22431032@unknown@formal@none@1@S@Greece also must revamp major pieces of legislation in preparation for the 1992 targets of heightened Common Market cooperation.@@@@1@19@@oe@2-2-2013
22431033@unknown@formal@none@1@S@Greece's bilateral relations with the U.S. need attention soon as well.@@@@1@11@@oe@2-2-2013
22431034@unknown@formal@none@1@S@For one, the current accord concerning U.S. military bases in Greece lapses in May 1990.@@@@1@15@@oe@2-2-2013
22431035@unknown@formal@none@1@S@Negotiations for a new agreement were frozen before the June elections, but the clock is running.@@@@1@16@@oe@2-2-2013
22431036@unknown@formal@none@1@S@Another matter of concern is the extradition of Mohammed Rashid, a Palestinian terrorist who is wanted in the U.S. for the 1982 bombing of a Pan American Airways flight.@@@@1@29@@oe@2-2-2013
22431037@unknown@formal@none@1@S@The Greek courts have decided in favor of extradition in the Rashid case, but the matter awaits final approval from Greece's next justice minister.@@@@1@24@@oe@2-2-2013
22431038@unknown@formal@none@1@S@The Greeks seem barely aware of the importance of the case as a litmus test of whether Greece will be counted in or out for international efforts to combat terrorism.@@@@1@30@@oe@2-2-2013
22431039@unknown@formal@none@1@S@That PASOK could win the elections outright is improbable; the Greek press, previously eager to palm off PASOK's line, has turned on Mr. Papandreou with a wild-eyed vengeance.@@@@1@28@@oe@2-2-2013
22431040@unknown@formal@none@1@S@Yet the possibility of another lash-up government is all too real.@@@@1@11@@oe@2-2-2013
22431041@unknown@formal@none@1@S@If Mr. Papandreou becomes the major opposition leader, he could hamstring a conservative-led coalition.@@@@1@14@@oe@2-2-2013
22431042@unknown@formal@none@1@S@Also, he could force new elections early next year by frustrating the procedures for the election of the president of the republic in March.@@@@1@24@@oe@2-2-2013
22431043@unknown@formal@none@1@S@New Democracy has once again glaringly underestimated the opponent and linked its own prospects to negative reaction against PASOK, forgetting to tend to either program clarity or the rectification of internal squabbles.@@@@1@32@@oe@2-2-2013
22431044@unknown@formal@none@1@S@As for Mr. Papandreou?@@@@1@4@@oe@2-2-2013
22431045@unknown@formal@none@1@S@He's not exactly sitting pretty at this stage.@@@@1@8@@oe@2-2-2013
22431046@unknown@formal@none@1@S@But since he is undoubtedly one of the most proficient bull slingers who ever raked muck, it seems far wiser to view him as sidelined, but certainly not yet eliminated.@@@@1@30@@oe@2-2-2013
22431047@unknown@formal@none@1@S@Mr. Carpenter, a regional correspondent for National Review, has lived in Athens since 1981.@@@@1@14@@oe@2-2-2013
22432001@unknown@formal@none@1@S@U.S. OFFICIALS MOVED to head off any repeat of Black Monday today following Friday's plunge in stock prices.@@@@1@18@@oe@2-2-2013
22432002@unknown@formal@none@1@S@Fed Chairman Greenspan signaled that the central bank was prepared to inject massive amounts of money into the banking system to prevent a financial crisis.@@@@1@25@@oe@2-2-2013
22432003@unknown@formal@none@1@S@Other U.S. and foreign officials also mapped out plans, though they kept their moves quiet to avoid making the financial markets more jittery.@@@@1@23@@oe@2-2-2013
22432004@unknown@formal@none@1@S@Friday's sell-off was triggered by the collapse of UAL's buy-out plan and a big rise in producer prices.@@@@1@18@@oe@2-2-2013
22432005@unknown@formal@none@1@S@The Dow Jones industrials skidded 190.58, to 2569.26.@@@@1@8@@oe@2-2-2013
22432006@unknown@formal@none@1@S@The junk bond market came to a standstill, while Treasury bonds soared and the dollar fell.@@@@1@16@@oe@2-2-2013
22432007@unknown@formal@none@1@S@Japanese stocks dropped early Monday, but by late morning were turning around.@@@@1@12@@oe@2-2-2013
22432008@unknown@formal@none@1@S@The dollar was trading sharply lower in Tokyo.@@@@1@8@@oe@2-2-2013
22432009@unknown@formal@none@1@S@Prospects for a new UAL buy-out proposal appear bleak.@@@@1@9@@oe@2-2-2013
22432010@unknown@formal@none@1@S@Many banks refused to back the $6.79 billion transaction, but bankers said it was not from any unwillingness to finance takeovers.@@@@1@21@@oe@2-2-2013
22432011@unknown@formal@none@1@S@The decision was based solely on problems with the UAL management-pilot plan, they said.@@@@1@14@@oe@2-2-2013
22432012@unknown@formal@none@1@S@The surge in producer prices in September followed three months of declines, but analysts were divided on whether the 0.9% jump signaled a severe worsening of inflation.@@@@1@27@@oe@2-2-2013
22432013@unknown@formal@none@1@S@Also, retail sales grew 0.5% last month.@@@@1@7@@oe@2-2-2013
22432014@unknown@formal@none@1@S@A capital-gains tax cut was removed from the Senate's deficit reduction bill, but proponents still hope to enact the cut this year.@@@@1@22@@oe@2-2-2013
22432015@unknown@formal@none@1@S@Bush won't press for a capital-gains provision in the final deficit bill when House-Senate conferees meet later this week.@@@@1@19@@oe@2-2-2013
22432016@unknown@formal@none@1@S@General Motors signaled that up to five North American assembly plants may close by the mid-1990s as it tries to cut excess capacity.@@@@1@23@@oe@2-2-2013
22432017@unknown@formal@none@1@S@U.S. car and truck sales fell 12.6% in early October, the first sales period of the 1990-model year, dragged down by a sharp decline in GM sales.@@@@1@27@@oe@2-2-2013
22432018@unknown@formal@none@1@S@Warner and Sony are entangled in a legal battle over movie producers Peter Gruber and Jon Peters.@@@@1@17@@oe@2-2-2013
22432019@unknown@formal@none@1@S@The fight could set back Sony's plans to enter the U.S. movie business.@@@@1@13@@oe@2-2-2013
22432020@unknown@formal@none@1@S@Hooker's U.S. unit received a $409 million bid for most of its real-estate and shopping-center assets from an investor group.@@@@1@20@@oe@2-2-2013
22432021@unknown@formal@none@1@S@The offer doesn't include Bonwit Teller or B. Altman.@@@@1@9@@oe@2-2-2013
22432022@unknown@formal@none@1@S@The Boeing strike is starting to affect airlines.@@@@1@8@@oe@2-2-2013
22432023@unknown@formal@none@1@S@America West said Friday it will postpone its new service out of Houston because of delays in receiving aircraft from Boeing.@@@@1@21@@oe@2-2-2013
22432024@unknown@formal@none@1@S@Saatchi & Saatchi would launch a management buy-out if a hostile suitor emerged, an official said.@@@@1@16@@oe@2-2-2013
22432025@unknown@formal@none@1@S@British Aerospace and France's Thomson-CSF are nearing a pact to merge guided-missile divisions.@@@@1@13@@oe@2-2-2013
22432026@unknown@formal@none@1@S@New U.S. steel-import quotas will give a bigger share to developing nations that have relatively unsubsidized steel industries.@@@@1@18@@oe@2-2-2013
22432027@unknown@formal@none@1@S@Japan's steel quota will be cut significantly.@@@@1@7@@oe@2-2-2013
22432028@unknown@formal@none@1@S@Four ailing S&Ls were sold off by government regulators, but low bids prevented the sale of a fifth.@@@@1@18@@oe@2-2-2013
22432029@unknown@formal@none@1@S@Markets --@@@@1@2@@oe@2-2-2013
22432030@unknown@formal@none@1@S@Stocks: Volume 251,170,000 shares.@@@@1@4@@oe@2-2-2013
22432031@unknown@formal@none@1@S@Dow Jones industrials 2569.26, off 190.58; transportation 1406.29, off 78.06; utilities 211.96, off 7.29.@@@@1@14@@oe@2-2-2013
22432032@unknown@formal@none@1@S@Bonds: Shearson Lehman Hutton Treasury index 3421.29, up@@@@1@8@@oe@2-2-2013
22432033@unknown@formal@none@1@S@Commodities: Dow Jones futures index 129.87, up 0.01; spot index 129.25, up 0.28.@@@@1@13@@oe@2-2-2013
22432034@unknown@formal@none@1@S@Dollar: 142.10 yen, off 2.07; 1.8740 marks, off 0.0343.@@@@1@9@@oe@2-2-2013
22433001@unknown@formal@none@1@S@A federal appeals court in San Francisco ruled that shareholders can't hold corporate officials liable for false sales projections on new products if the news media concurrently revealed substantial information about the product's flaws.@@@@1@34@@oe@2-2-2013
22433002@unknown@formal@none@1@S@The ruling stems from a 1984 suit filed by shareholders of Apple Computer Inc., claiming that company officials misled investors about the expected success of the Lisa computer, introduced in 1983.@@@@1@31@@oe@2-2-2013
22433003@unknown@formal@none@1@S@Lawyers specializing in shareholder suits said they are concerned that use of the "press defense" by corporations may become popular as a result of the ruling.@@@@1@26@@oe@2-2-2013
22433004@unknown@formal@none@1@S@According to the suit, Apple officials created public excitement by touting Lisa as an office computer that would revolutionize the workplace and be extremely successful in its first year.@@@@1@29@@oe@2-2-2013
22433005@unknown@formal@none@1@S@The plaintiffs also alleged that prior to the fanfare, the company circulated internal memos indicating problems with Lisa.@@@@1@18@@oe@2-2-2013
22433006@unknown@formal@none@1@S@The suit claimed Apple's stock climbed to a high of $63.50 a share on the basis of the company's optimistic forecasts.@@@@1@21@@oe@2-2-2013
22433007@unknown@formal@none@1@S@But when the company revealed Lisa's poor sales late in 1983, the stock plummeted to a low of $17.37 a share, according to the suit.@@@@1@25@@oe@2-2-2013
22433008@unknown@formal@none@1@S@The shareholders claimed more than $150 million in losses.@@@@1@9@@oe@2-2-2013
22433009@unknown@formal@none@1@S@In 1987, the San Francisco district court dismissed the case largely because newspaper reports had sufficiently counterbalanced the company's statements by alerting consumers to Lisa's problems.@@@@1@26@@oe@2-2-2013
22433010@unknown@formal@none@1@S@Late last month, the appeals court agreed that most of the case should be dismissed.@@@@1@15@@oe@2-2-2013
22433011@unknown@formal@none@1@S@However, it gave the shareholders the right to pursue a small portion of their claim that pertains to Lisa's disk drive, known as Twiggy.@@@@1@24@@oe@2-2-2013
22433012@unknown@formal@none@1@S@The court ruled that the news media didn't reveal Twiggy's problems at the time.@@@@1@14@@oe@2-2-2013
22433013@unknown@formal@none@1@S@Lawyers are worried about the ruling's implication in other shareholder suits but pointed out that the court stressed that the ruling should be regarded as very specific to the Apple case.@@@@1@31@@oe@2-2-2013
22433014@unknown@formal@none@1@S@"The court was careful to say that the adverse information appeared in the very same articles and received the same attention as the company's statements," said Patrick Grannon, a Los Angeles lawyer at the firm of Greenfield & Chimicles, which wasn't involved in the case.@@@@1@45@@oe@2-2-2013
22433015@unknown@formal@none@1@S@"The court is saying that the adverse facts have to be transferred to the market with equal intensity and credibility as the statements of corporate insiders."@@@@1@26@@oe@2-2-2013
22433016@unknown@formal@none@1@S@Shareholders' attorneys at the New York firm of Milberg, Weiss, Bershad, Specthrie & Lerach last week petitioned for a rehearing of the case.@@@@1@23@@oe@2-2-2013
22433017@unknown@formal@none@1@S@They wrote: "The opinion establishes a new rule of immunity -- that if a wide variety of opinions on a company's business are publicly reported, the company can say anything without fear of securities liability."@@@@1@35@@oe@2-2-2013
22433018@unknown@formal@none@1@S@NFL ORDERED to pay $5.5 million in legal fees to defunct@@@@1@11@@oe@2-2-2013
22433019@unknown@formal@none@1@S@The National Football League is considering appealing the ruling stemming from the U.S. Football League's largely unsuccessful antitrust suit against the NFL.@@@@1@22@@oe@2-2-2013
22433020@unknown@formal@none@1@S@A jury in 1986 agreed with the USFL's claims that the NFL monopolized major league football.@@@@1@16@@oe@2-2-2013
22433021@unknown@formal@none@1@S@But the jury awarded the USFL only $1 in damages, trebled because of the antitrust claims.@@@@1@16@@oe@2-2-2013
22433022@unknown@formal@none@1@S@Last week, the U.S. Court of Appeals in New York upheld a $5.5 million award of attorneys fees to the defunct league.@@@@1@22@@oe@2-2-2013
22433023@unknown@formal@none@1@S@Harvey D. Myerson, of Myerson & Kuhn, then of Finley, Kumble, Wagner, Heine, Underberg, Manley, Myerson & Casey, was the lead trial lawyer, and his new firm pursued the application appeal.@@@@1@31@@oe@2-2-2013
22433024@unknown@formal@none@1@S@Douglas R. Pappas of Myerson & Kuhn says about $5.3 million of the award goes directly to the USFL to reimburse it for fees already paid.@@@@1@26@@oe@2-2-2013
22433025@unknown@formal@none@1@S@Myerson & Kuhn will get about $260,000 for the costs of pressing the application.@@@@1@14@@oe@2-2-2013
22433026@unknown@formal@none@1@S@The federal appeals court held that the nominal damages and the failure to prove all claims didn't exclude the USFL from being reimbursed.@@@@1@23@@oe@2-2-2013
22433027@unknown@formal@none@1@S@Antitrust laws provide that injured parties may be reimbursed for lawyers' fees.@@@@1@12@@oe@2-2-2013
22433028@unknown@formal@none@1@S@But Shepard Goldfein, an attorney for the NFL, says his client will consider asking for another hearing or appealing to the U.S. Supreme Court.@@@@1@24@@oe@2-2-2013
22433029@unknown@formal@none@1@S@Mr. Goldfein, of Skadden, Arps, Slate, Meagher & Flom in New York, says the ruling is wrong and the fee award is excessive because the USFL lost its major claims, including its contention that the NFL restrained trade through television contracts.@@@@1@41@@oe@2-2-2013
22433030@unknown@formal@none@1@S@"The USFL was not the prevailing party," Mr. Goldfein insists.@@@@1@10@@oe@2-2-2013
22433031@unknown@formal@none@1@S@HOUSTON-CALGARY ALLIANCE:@@@@1@2@@oe@2-2-2013
22433032@unknown@formal@none@1@S@Fulbright & Jaworski of Houston and Fenerty, Robertson, Fraser & Hatch of Calgary, Alberta, are affiliating to help serve their energy-industry clients.@@@@1@22@@oe@2-2-2013
22433033@unknown@formal@none@1@S@The affiliation is believed to be the first such cross-border arrangement among major law firms.@@@@1@15@@oe@2-2-2013
22433034@unknown@formal@none@1@S@The firms aren't required to refer work exclusively to each other and remain separate organizations.@@@@1@15@@oe@2-2-2013
22433035@unknown@formal@none@1@S@But they will work together on energy-, environmental- and fair-trade-related issues and conduct seminars on topics of mutual interest, said Gibson Gayle Jr. of 585-lawyer Fulbright & Jaworski.@@@@1@28@@oe@2-2-2013
22433036@unknown@formal@none@1@S@In addition, Fulbright & Jaworski's Washington, D.C., office will play a key role as the firms work together on regulatory issues, particularly natural-gas exports, for their clients.@@@@1@27@@oe@2-2-2013
22433037@unknown@formal@none@1@S@The arrangement, reached after about eight months of negotiations, grew out of 80-lawyer Fenerty Robertson's desire to develop ties with a U.S. firm in light of relaxed trade barriers between the U.S. and Canada, said Francis M. Saville of Fenerty Robertson.@@@@1@41@@oe@2-2-2013
22433038@unknown@formal@none@1@S@IN WHAT MAY SIGNAL a turnaround for asbestos manufacturers, W.R. Grace & Co. won a 3 1/2-week trial in Pittsburgh over whether it should be required to remove asbestos fireproofing from a local high school.@@@@1@35@@oe@2-2-2013
22433039@unknown@formal@none@1@S@Mount Lebanon High School, near Pittsburgh, sought $21 million in compensatory damages from Grace, arguing that the asbestos, which can cause respiratory diseases and lung cancer, posed a risk to students.@@@@1@31@@oe@2-2-2013
22433040@unknown@formal@none@1@S@Grace successfully contended that removing the fire retardant would pose a greater health risk than leaving it alone.@@@@1@18@@oe@2-2-2013
22433041@unknown@formal@none@1@S@A spokesman for the company said the verdict is thought to be the first in favor of an asbestos manufacturer where the plaintiff was a school and the asbestos in question was used for fireproofing.@@@@1@35@@oe@2-2-2013
22433042@unknown@formal@none@1@S@FCC COUNSEL JOINS FIRM:@@@@1@4@@oe@2-2-2013
22433043@unknown@formal@none@1@S@Diane S. Killory will join 500-lawyer Morrison & Foerster as a partner in its Washington, D.C., office in mid-November.@@@@1@19@@oe@2-2-2013
22433044@unknown@formal@none@1@S@She will help develop the mass-media practice of the San Francisco-based firm's communications group.@@@@1@14@@oe@2-2-2013
22433045@unknown@formal@none@1@S@Ms. Killory, 35 years old, resigned as Federal Communications Commission general counsel early this month after nearly three years in that post.@@@@1@22@@oe@2-2-2013
22433046@unknown@formal@none@1@S@She was the first woman to be appointed FCC general counsel.@@@@1@11@@oe@2-2-2013
22433047@unknown@formal@none@1@S@RICHARD P. MAGURNO, formerly Eastern Airlines' top lawyer, joined the New York law firm of Lord Day & Lord, Barrett Smith as a partner.@@@@1@24@@oe@2-2-2013
22433048@unknown@formal@none@1@S@Mr. Magurno, 45, spent 17 years at the Miami airline unit of Houston-based Texas Air Corp. and was named general counsel in 1984.@@@@1@23@@oe@2-2-2013
22433049@unknown@formal@none@1@S@He left the company in 1987.@@@@1@6@@oe@2-2-2013
22433050@unknown@formal@none@1@S@Mr. Magurno said he will split his time between the 200-lawyer firm's offices in Washington, D.C., and New York, with specialties in aviation and labor law.@@@@1@26@@oe@2-2-2013
22434001@unknown@formal@none@1@S@Apple Computer Inc. said it will offer cash rebates on several of its machines from Oct. 14 to Dec. 31., as part of a holiday-season sales promotion.@@@@1@27@@oe@2-2-2013
22434002@unknown@formal@none@1@S@Apple will offer a $150 rebate on its Apple IIGS with any Apple Monitor and disk drive; $200 on the basic Macintosh Plus central processing unit; $250 on the Macintosh SE central processing unit; $250 on the Macintosh SE/30 cpu, and $300 on a Macintosh IIcx with any Apple video card and Apple monitor.@@@@1@54@@oe@2-2-2013
22434003@unknown@formal@none@1@S@The rebates, as a percentage of the retail cost of the cpu of each system, amount to 6% to 13%.@@@@1@20@@oe@2-2-2013
22434004@unknown@formal@none@1@S@The company is also offering a free trial of its computers to consumers who qualify for its credit cards or leases.@@@@1@21@@oe@2-2-2013
22435001@unknown@formal@none@1@S@Matsushita Electric Industrial Co. of Japan and Siemens AG of West Germany announced they have completed a 100 million-mark ($52.2 million) joint venture to produce electronics parts.@@@@1@27@@oe@2-2-2013
22435002@unknown@formal@none@1@S@In the venture's first fiscal year, Siemens will hold 74.9% of the venture and a Matsushita subsidiary, Matsushita Electronic Components Co., 25.1%.@@@@1@22@@oe@2-2-2013
22435003@unknown@formal@none@1@S@A basic agreement between the two companies was announced in June.@@@@1@11@@oe@2-2-2013
22435004@unknown@formal@none@1@S@The new company is to be called Siemens Matsushita Components G.m.b.H.@@@@1@11@@oe@2-2-2013
22435005@unknown@formal@none@1@S@It will have its headquarters in Munich.@@@@1@7@@oe@2-2-2013
22435006@unknown@formal@none@1@S@Matsushita's share in the venture will rise to 35% Oct. 1, 1990, and to 50% the following Oct. 1.@@@@1@19@@oe@2-2-2013
22435007@unknown@formal@none@1@S@Siemens will retain majority voting rights.@@@@1@6@@oe@2-2-2013
22435008@unknown@formal@none@1@S@The parent companies forecast sales for the venture of around 750 million marks for its first fiscal year, Matsushita said.@@@@1@20@@oe@2-2-2013
22435009@unknown@formal@none@1@S@Sales are expected to rise to one billion marks after four years.@@@@1@12@@oe@2-2-2013
22435010@unknown@formal@none@1@S@The company will have production facilities in West Germany, Austria, France and Spain.@@@@1@13@@oe@2-2-2013
22436001@unknown@formal@none@1@S@Roger Rosenblatt, editor of U.S. News & World Report, resigned Friday from the weekly news magazine.@@@@1@16@@oe@2-2-2013
22436002@unknown@formal@none@1@S@Mr. Rosenblatt said he resigned because of difficulties with commuting between his home in New York and the magazine's editorial offices in Washington.@@@@1@23@@oe@2-2-2013
22436003@unknown@formal@none@1@S@"Frankly, I missed my family," said Mr. Rosenblatt.@@@@1@8@@oe@2-2-2013
22436004@unknown@formal@none@1@S@In Mr. Rosenblatt's tenure, the magazine's advertising pages and circulation have grown significantly.@@@@1@13@@oe@2-2-2013
22436005@unknown@formal@none@1@S@But at 2.3 million weekly paid circulation, U.S. News still ranks third behind Time Warner Inc.'s Time magazine, with 4.4 million circulation, and Washington Post Co.'s Newsweek, with 3.3 million circulation.@@@@1@31@@oe@2-2-2013
22436006@unknown@formal@none@1@S@Mortimer B. Zuckerman, chairman and editor in chief, said Mr. Rosenblatt would be succeeded starting today by Michael Ruby, the magazine's executive editor, and Merrill McLoughlin, a senior writer.@@@@1@29@@oe@2-2-2013
22436007@unknown@formal@none@1@S@Mr. Ruby and Ms. McLoughlin are married to each other.@@@@1@10@@oe@2-2-2013
22436008@unknown@formal@none@1@S@Mr. Zuckerman said his magazine would maintain its editorial format, which is a mix of analysis and trend stories with service-oriented, how-to articles.@@@@1@23@@oe@2-2-2013
22436009@unknown@formal@none@1@S@Mr. Rosenblatt, a senior writer at Time magazine before joining U.S. News & World Report, said he had numerous job offers from other magazines while he was editor.@@@@1@28@@oe@2-2-2013
22436010@unknown@formal@none@1@S@The offers were to work as a writer, not an editor.@@@@1@11@@oe@2-2-2013
22436011@unknown@formal@none@1@S@He said he will now consider those offers.@@@@1@8@@oe@2-2-2013
22437001@unknown@formal@none@1@S@Avions Marcel Dassault-Breguet Aviation S.A. said group profit before taxes and contributions to employee profit-sharing soared 97% to 839 million francs ($129.6 million) in the first half of 1989 from 425 million francs a year earlier.@@@@1@36@@oe@2-2-2013
22437002@unknown@formal@none@1@S@The French aircraft group pointed out, however, that financial results from its sector of industry are frequently erratic because of irregular cash flow from large contracts.@@@@1@26@@oe@2-2-2013
22437003@unknown@formal@none@1@S@It noted, for example, that group revenue for the first half was 8.734 billion francs, down about 12% from 9.934 billion francs a year earlier.@@@@1@25@@oe@2-2-2013
22437004@unknown@formal@none@1@S@Still, it said it expects sales for all of 1989 to be on the order of 20 billion francs, reflecting anticipated billings for two large contracts in the second half of the year.@@@@1@33@@oe@2-2-2013
22437005@unknown@formal@none@1@S@For all of 1988, Dassault had group profit of 428 million francs on revenue of 18.819 billion francs.@@@@1@18@@oe@2-2-2013
22437006@unknown@formal@none@1@S@The group hasn't yet released earnings figures for the first half of 1989, nor has it made a detailed forecast of its full-year earnings.@@@@1@24@@oe@2-2-2013
22438001@unknown@formal@none@1@S@Keystone Consolidated Industries Inc. expects to report earnings before extraordinary tax benefits of about $1.5 million, or about 41 cents a share, for the third quarter, compared with a loss last year, said Glenn R. Simmons, chairman and chief executive officer.@@@@1@41@@oe@2-2-2013
22438002@unknown@formal@none@1@S@After a tax benefit of about $780,000, Keystone expects to report net income of $2.3 million, or about 62 cents a share, Mr. Simmons said.@@@@1@25@@oe@2-2-2013
22438003@unknown@formal@none@1@S@For third quarter last year, Keystone reported a $1 million loss from continuing operations and a $200,000 loss from discontinued operations, for a net loss of $1.2 million.@@@@1@28@@oe@2-2-2013
22438004@unknown@formal@none@1@S@Revenue for the latest third quarter was about $70.5 million, up 10% from $63.6 million last year, he said.@@@@1@19@@oe@2-2-2013
22438005@unknown@formal@none@1@S@Mr. Simmons said the results signal a turnaround for the maker of wire and wire products, which has struggled to remain competitive in the face of lower-priced, imported steel.@@@@1@29@@oe@2-2-2013
22438006@unknown@formal@none@1@S@A new $46 million steel rod minimill, which got off to a rocky start in early 1988, now is running efficiently and a new management team is more heavily marketing Keystone's products, Mr. Simmons said.@@@@1@35@@oe@2-2-2013
22438007@unknown@formal@none@1@S@As a result, the company hopes to report net income for the year of about $11.6 million, or about $3.10 to $3.15 a share, compared with a net loss of $24.4 million last year, after a loss from discontinued operations of $18.4 million.@@@@1@43@@oe@2-2-2013
22438008@unknown@formal@none@1@S@Revenue for 1989 is expected to be about $300 million, up about 21% from $247.3 million in 1988.@@@@1@18@@oe@2-2-2013
22438009@unknown@formal@none@1@S@For the nine months ended Sept. 30, Keystone expects to report net income of $9.3 milion, or about $2.53 a share, after an extraordinary gain from $3.2 million in tax benefits.@@@@1@31@@oe@2-2-2013
22438010@unknown@formal@none@1@S@Last year, the company had a net loss of $6.5 million, including a $6.1 million loss from continuing operations and a $400,000 loss from discontinued operations.@@@@1@26@@oe@2-2-2013
22438011@unknown@formal@none@1@S@Revenue for the nine months is expected to be about $230.5 million, up about 21% from $190.4 million last year.@@@@1@20@@oe@2-2-2013
22438012@unknown@formal@none@1@S@Mr. Simmons said Keystone's new mill is expected to produce about 585,000 tons of steel rods this year, up from 413,000 tons in 1988.@@@@1@24@@oe@2-2-2013
22438013@unknown@formal@none@1@S@Production at the mill has exceeded the ability of Keystone's casting operation to supply it, he said, which will force Keystone to purchase billet, or unfinished steel bars, from outside the company during the fourth quarter and next year.@@@@1@39@@oe@2-2-2013
22438014@unknown@formal@none@1@S@Keystone will have to consider expanding its casting operation, at an estimated cost of $8 million to $10 million, within the next 18 to 24 months, Mr. Simmons said.@@@@1@29@@oe@2-2-2013
22438015@unknown@formal@none@1@S@Under Robert W. Singer, who was named president and chief operating officer last year, Keystone has expanded its sales force to about 20 people from about 15 and hopes to expand its sales from the middle portion of the country toward the East and West coasts.@@@@1@46@@oe@2-2-2013
22438016@unknown@formal@none@1@S@"Prior to a year ago, Keystone was an order-taker.@@@@1@9@@oe@2-2-2013
22438017@unknown@formal@none@1@S@Now I think we have a group of marketing people who are out selling to retailers and wholesalers," Mr. Simmons said.@@@@1@21@@oe@2-2-2013
22438018@unknown@formal@none@1@S@Still, he said, the 100-year-old company plans to continue its premium-priced strategy for its distinctive brand of red-tipped wire fencing and other products.@@@@1@23@@oe@2-2-2013
22438019@unknown@formal@none@1@S@The company claims a 40% share of the U.S. field fence business, a 35% share of poultry netting sales and a 30% share of barbed wire sales.@@@@1@27@@oe@2-2-2013
22439001@unknown@formal@none@1@S@Freeport-McMoRan Inc. said a temporary cessation of operations at its Sunshine Bridge uranium-recovery facility in Donaldsonville, La., will result in slight earnings improvement to both the company and its Freeport-McMoRan Resource Partners Limited Partnership unit.@@@@1@35@@oe@2-2-2013
22439002@unknown@formal@none@1@S@The company didn't elaborate.@@@@1@4@@oe@2-2-2013
22439003@unknown@formal@none@1@S@The diversified energy and minerals concern said that a depressed uranium market is responsible for the temporary mothballing of the plant, but that the plant can be reactivated quickly when the market improves.@@@@1@33@@oe@2-2-2013
22439004@unknown@formal@none@1@S@More than 400,000 pounds of uranium a year have been produced at the facility during the past seven years.@@@@1@19@@oe@2-2-2013
22439005@unknown@formal@none@1@S@A second uranium-recovery plant at Uncle Sam, La., that produces more than 700,000 pounds of uranium annually, will continue to operate.@@@@1@21@@oe@2-2-2013
22439006@unknown@formal@none@1@S@Freeport-McMoRan said the shutdown won't affect sales volumes under long-term sales contracts of its Freeport Uranium Recovery Co. unit, but will reduce the amount of product sold on the spot market.@@@@1@31@@oe@2-2-2013
22439007@unknown@formal@none@1@S@Freeport-McMoRan Resource Partners, as owner of the uranium-recovery technology, receives royalty payments.@@@@1@12@@oe@2-2-2013
22440001@unknown@formal@none@1@S@Business Week subscribers may hear this week's issue talking back to them.@@@@1@12@@oe@2-2-2013
22440002@unknown@formal@none@1@S@A four-page ad from Texas Instruments Inc., running in approximately 140,000 issues of the Oct. 20 "Corporate Elite" issue of the McGraw-Hill Inc. publication, contains a speech synthesizer laminated between two of the pages.@@@@1@34@@oe@2-2-2013
22440003@unknown@formal@none@1@S@Readers who pull off a piece of tape and press a switch will hear a tiny -- but distinctly human-sounding -- voice announce, "I am the talking chip," as it launches into a 15-second discourse on its own attributes.@@@@1@39@@oe@2-2-2013
22440004@unknown@formal@none@1@S@The talking chip isn't cheap -- the per-ad cost to Texas Instruments is about $4, and that's without adding in Business Week's charge -- but Texas Instruments believes it is a first.@@@@1@32@@oe@2-2-2013
22440005@unknown@formal@none@1@S@Previous efforts have included musical ads, featuring simple tone-generating chips that play a tune, but the voice synthesizer in this effort is much more sophisticated, with none of the robotic flatness that one hears, for example, when calling telephone directory services.@@@@1@41@@oe@2-2-2013
22440006@unknown@formal@none@1@S@And for those who miss the message the first time around, not to worry: Three tiny batteries provide enough juice for as many as 650 replays.@@@@1@26@@oe@2-2-2013
22441001@unknown@formal@none@1@S@Lomas Financial Corp., Dallas, said it will ask a U.S. bankruptcy court to allow it to hire Lazard Freres & Co. to help it sell its leasing unit.@@@@1@28@@oe@2-2-2013
22441002@unknown@formal@none@1@S@Lomas, assisted by Merrill Lynch Capital Markets, has been trying to sell its Equitable Lomas Leasing Co. for several months, apparently without success.@@@@1@23@@oe@2-2-2013
22441003@unknown@formal@none@1@S@The real estate and mortgage banking concern had hoped to use proceeds from the sale to reduce its debt.@@@@1@19@@oe@2-2-2013
22441004@unknown@formal@none@1@S@Without cash from asset sales and unable to reach a new bank-credit agreement, Lomas defaulted on $145 million in notes that became due Sept. 1.@@@@1@25@@oe@2-2-2013
22441005@unknown@formal@none@1@S@It filed for protection from creditors under Chapter 11 of the federal Bankruptcy Code Sept. 24 to give it additional time to work on a plan to restructure its $1.45 billion in senior debt.@@@@1@34@@oe@2-2-2013
22441006@unknown@formal@none@1@S@Lomas said Merrill Lynch, which owns bonds and equity in Lomas, couldn't continue as Lomas's investment banker because it is also a creditor.@@@@1@23@@oe@2-2-2013
22441007@unknown@formal@none@1@S@It said it chose Lazard in part because of Lazard's offices in Europe and Japan, where investors might be interested in a U.S. leasing company.@@@@1@25@@oe@2-2-2013
22442001@unknown@formal@none@1@S@Canadian Imperial Bank of Commerce said it will increase its loan-loss provisions to cover all its loans to lesser developed countries, except Mexico, resulting in an after-tax charge to 1989 earnings of 300 million Canadian dollars (US$255 million).@@@@1@38@@oe@2-2-2013
22442002@unknown@formal@none@1@S@Don Bowder, senior vice president and chief accountant, said the bank's strong earnings enable it to be the first major Canadian bank to set aside provisions covering all its C$1.17 billion in non-Mexican LDC debt.@@@@1@35@@oe@2-2-2013
22442003@unknown@formal@none@1@S@"It eliminates the continuing uncertainty with respect to the ultimate value of the loans," he said.@@@@1@16@@oe@2-2-2013
22442004@unknown@formal@none@1@S@The bank said about C$525 million will be added to its existing LDC and general loss provisions in its fourth quarter, ending Oct. 31.@@@@1@24@@oe@2-2-2013
22442005@unknown@formal@none@1@S@Mr. Bowder said the C$300 million charge to earnings would amount to about C$1.34 a share.@@@@1@16@@oe@2-2-2013
22442006@unknown@formal@none@1@S@The bank's net income for the nine months ended July 31 was C$577 million, or C$3.10 a share.@@@@1@18@@oe@2-2-2013
22442007@unknown@formal@none@1@S@Mr. Bowder said the bank will restructure its C$604 million of Mexican debt, of which C$255 million is in Mexican notes secured by U.S. government bonds.@@@@1@26@@oe@2-2-2013
22442008@unknown@formal@none@1@S@The bank has a 45% reserve against the remaining C$349 million of Mexican debt and expects to swap that for other Mexican notes supported by U.S. Treasury zero-coupon bonds.@@@@1@29@@oe@2-2-2013
22442009@unknown@formal@none@1@S@Mr. Bowder said the bank's experience with LDC debt has been "painful" and this latest move represents the final phase of a program begun seven years ago to reduce its exposure through provisioning, debt sales and debt swaps.@@@@1@38@@oe@2-2-2013
22442010@unknown@formal@none@1@S@He said the bank will no longer participate in LDC sovereign lending, but will support trade financing and other transactions that meet the bank's standards.@@@@1@25@@oe@2-2-2013
22443001@unknown@formal@none@1@S@The carnage among takeover stocks Friday doesn't mean the end of mega-mergers but simply marks the start of a less ambitious game, Wall Street's big-time deal makers say.@@@@1@28@@oe@2-2-2013
22443002@unknown@formal@none@1@S@Suitors from now on are more likely to be expansion-minded companies, rather than raiders or debt-happy financiers.@@@@1@17@@oe@2-2-2013
22443003@unknown@formal@none@1@S@And they will be launching lower-priced and perhaps fewer deals, now that it's tougher to finance them.@@@@1@17@@oe@2-2-2013
22443004@unknown@formal@none@1@S@This is an ominous sign for a stock market that lately has been fueled by takeover speculation and bidding wars for companies that put themselves up for sale.@@@@1@28@@oe@2-2-2013
22443005@unknown@formal@none@1@S@Whenever the 1980s merger boom seems to be stalling, shock waves ripple through the stock market.@@@@1@16@@oe@2-2-2013
22443006@unknown@formal@none@1@S@"The market is overvalued, not cheap," says Alan Gaines of the New York money-management firm Gaines Berland.@@@@1@17@@oe@2-2-2013
22443007@unknown@formal@none@1@S@He recently began increasing his cash position to 45% of his portfolio.@@@@1@12@@oe@2-2-2013
22443008@unknown@formal@none@1@S@"I look at where deals can get done," he says, "and they're not getting done" at current prices.@@@@1@18@@oe@2-2-2013
22443009@unknown@formal@none@1@S@Lenders are growing increasingly nervous about debt-financed takeovers, investment bankers say.@@@@1@11@@oe@2-2-2013
22443010@unknown@formal@none@1@S@"You had a week of a deteriorating junk-bond market that ran smack into the news on Friday about what appeared to be happening to the bank debt market," says Steven Rattner, a partner and merger specialist with Lazard Freres & Co.@@@@1@41@@oe@2-2-2013
22443011@unknown@formal@none@1@S@Trading dried up Friday in the market for high-yield junk bonds, often used to finance takeovers.@@@@1@16@@oe@2-2-2013
22443012@unknown@formal@none@1@S@It was the latest in a series of setbacks for the junk bond market, where prices began weakening last month after Campeau hit a cash crunch.@@@@1@26@@oe@2-2-2013
22443013@unknown@formal@none@1@S@And banks appear to be taking an increasingly skeptical view of requests for high-risk takeover loans.@@@@1@16@@oe@2-2-2013
22443014@unknown@formal@none@1@S@The group trying to buy UAL announced Friday that it couldn't arrange the $7.2 billion in bank loans it needs to buy the parent of United Airlines for $300 a share.@@@@1@31@@oe@2-2-2013
22443015@unknown@formal@none@1@S@Takeover-stock traders today will be scrambling to learn of any UAL developments, and other takeover stocks are likely to trade in sympathy.@@@@1@22@@oe@2-2-2013
22443016@unknown@formal@none@1@S@Investment bankers representing the buy-out group and UAL's board spent a frantic weekend trying to hammer out new terms that would be more acceptable to the banks.@@@@1@27@@oe@2-2-2013
22443017@unknown@formal@none@1@S@After UAL, the stock viewed as most vulnerable is American Airlines' parent AMR, the target of a $120-a-share takeover proposal from New York real estate developer Donald Trump.@@@@1@28@@oe@2-2-2013
22443018@unknown@formal@none@1@S@Trading in AMR shares was suspended shortly after 3 p.m. EDT Friday and didn't resume.@@@@1@15@@oe@2-2-2013
22443019@unknown@formal@none@1@S@Before the halt, AMR last traded at 98 5/8.@@@@1@9@@oe@2-2-2013
22443020@unknown@formal@none@1@S@Late Friday night, the London office of Jefferies & Co., a Los Angeles securities firm, traded AMR shares at prices as low as 80.@@@@1@24@@oe@2-2-2013
22443021@unknown@formal@none@1@S@Similarly, Delta Air Lines and USAir Group dropped 10.1% and 8.5%, respectively, on Friday and could weaken further.@@@@1@18@@oe@2-2-2013
22443022@unknown@formal@none@1@S@Over the weeked, however, two developments in other deals indicated that commerical banks and Wall Street firms still are willing to commit billions of dollars to finance takeover bids launched by major companies.@@@@1@33@@oe@2-2-2013
22443023@unknown@formal@none@1@S@Vitro S.A., a major Mexican glass maker, said yesterday that it agreed to buy Anchor Glass Container in a tender offer for $21.25 a share, sweetened from the original $20-a-share offer Vitro launched two months ago.@@@@1@36@@oe@2-2-2013
22443024@unknown@formal@none@1@S@On Friday, Anchor shares fell 1 1/4 to close at 18 1/2.@@@@1@12@@oe@2-2-2013
22443025@unknown@formal@none@1@S@For the broader market, the greatest significance of the Vitro-Anchor deal may be that it was put together late Friday night -- after the market rout -- and involves a $155 million temporary "bridge" loan from Donaldson, Lufkin & Jenrette Securities and a $139 million loan from Security Pacific National Bank.@@@@1@51@@oe@2-2-2013
22443026@unknown@formal@none@1@S@Moreover, to complete the entire Anchor Glass purchase and refinance existing debt, Donaldson said it is "highly confident" that it will be able to sell $400 million of junk bonds for Vitro, despite the current disarray in the junk bond market.@@@@1@41@@oe@2-2-2013
22443027@unknown@formal@none@1@S@Donaldson's statement isn't merely an idle boast, because those bonds will have to be sold before Donaldson's bridge loan can be paid back.@@@@1@23@@oe@2-2-2013
22443028@unknown@formal@none@1@S@Security Pacific, meanwhile, said it expects to arrange $430 million in bank loans for Vitro.@@@@1@15@@oe@2-2-2013
22443029@unknown@formal@none@1@S@In another takeover battle, a spokesman for McCaw Cellular Communications said yesterday that McCaw has been advised by three commercial banks that they remain "highly confident" they can arrange $4.5 billion of bank loans for McCaw's tender offer for about 45% of LIN Broadcasting, "notwithstanding recent events."@@@@1@47@@oe@2-2-2013
22443030@unknown@formal@none@1@S@McCaw is offering $125 a share for 22 million LIN shares, thereby challenging LIN's proposal to spin off its television properties, pay shareholders a $20-a-share special dividend and combine its cellular-telephone operations with BellSouth's cellular business.@@@@1@36@@oe@2-2-2013
22443031@unknown@formal@none@1@S@On Friday, LIN shares were among the few takeover issues that didn't fall much, dropping 5 1/2, or 4.9%, to close at 107 1/2.@@@@1@24@@oe@2-2-2013
22443032@unknown@formal@none@1@S@Traders and investment bankers said LIN shares weren't hurt much because BellSouth is viewed as a well-financed corporate buyer unlikely to be affected by skittishness among bankers or bond buyers.@@@@1@30@@oe@2-2-2013
22443033@unknown@formal@none@1@S@Investment bankers interviewed over the weekend see a silver lining for the merger business in the stock-market drop.@@@@1@18@@oe@2-2-2013
22443034@unknown@formal@none@1@S@Potential bidders for companies "were saying that things were beginning to look expensive," says Mr. Rattner of Lazard.@@@@1@18@@oe@2-2-2013
22443035@unknown@formal@none@1@S@"Nothing makes things look cheaper than a 200-point drop in the Dow," Mr. Rattner says.@@@@1@15@@oe@2-2-2013
22443036@unknown@formal@none@1@S@"Just as there are people waiting to become bargain hunters in the stock market, there are people waiting to become bargain hunters in the deal market."@@@@1@26@@oe@2-2-2013
22443037@unknown@formal@none@1@S@Investment bankers expect most of those bargain hunters to be well-heeled corporations.@@@@1@12@@oe@2-2-2013
22443038@unknown@formal@none@1@S@"In the past, corporate buyers were often discouraged from making bids because of competition from LBO firms, which were often prepared to outbid" the corporations, says J. Tomilson Hill, head of mergers and acquisitions at Shearson Lehman Hutton.@@@@1@38@@oe@2-2-2013
22443039@unknown@formal@none@1@S@Now, "corporate buyers should be willing to re-enter the acquisition market because the competition from junkbond-financed buyers has been reduced."@@@@1@20@@oe@2-2-2013
22443040@unknown@formal@none@1@S@Many takeover stocks plunged Friday, as speculators retained their confidence in corporate buyers but fled from the socalled whisper stocks, the targets of rumored deals.@@@@1@25@@oe@2-2-2013
22443041@unknown@formal@none@1@S@Columbia Pictures Entertainment, which has agreed to a friendly $27-a-share bid from Sony of Japan, fell only 1/8 to close at 26 5/8.@@@@1@23@@oe@2-2-2013
22443042@unknown@formal@none@1@S@But several stocks long rumored to be ripe for a takeover or restructuring fell 10% or more.@@@@1@17@@oe@2-2-2013
22443043@unknown@formal@none@1@S@They include USX, down 11.7%; Upjohn, down 11.1%; Campbell Soup, down 11%; Paramount Communications, off 10.3%; Woolworth, down 10.2%; Delta Air Lines, down 10.1%, and MCA, down 9.7%.@@@@1@28@@oe@2-2-2013
22443044@unknown@formal@none@1@S@The market -- and investment bankers -- are even less sanguine about companies that have had at least one bid, merger agreement or restructuring plan fall through already.@@@@1@28@@oe@2-2-2013
22443045@unknown@formal@none@1@S@Given the weakness in both the junk bond market and the stock market, traders fear that these transactions may be revised yet again.@@@@1@23@@oe@2-2-2013
22443046@unknown@formal@none@1@S@Examples include Kollmorgen, whose agreement to be acquired for $25 a share by Vernitron collapsed last month.@@@@1@17@@oe@2-2-2013
22443047@unknown@formal@none@1@S@Kollmorgen shares fell nearly 20% on Friday to close at 12 7/8.@@@@1@12@@oe@2-2-2013
22443048@unknown@formal@none@1@S@Ramada, which first delayed and then shelved a $400 million junk bond sale that was designed to help finance a restructuring, fell 15.6% to close at 9 1/2.@@@@1@28@@oe@2-2-2013
22443049@unknown@formal@none@1@S@Ramada has said it hopes to propose a new restructuring plan but hasn't indicated when it will do so.@@@@1@19@@oe@2-2-2013
22443050@unknown@formal@none@1@S@Shares of American Medical International, which agreed last week to accept a lower price from a buy-out group that includes First Boston Corp. and the Pritzker family of Chicago, fell 15.8% on Friday to close at 20.@@@@1@37@@oe@2-2-2013
22443051@unknown@formal@none@1@S@The buy-out group is offering $26.50 a share for 63 million American Medical shares, down from its offer in July of $28 a share for 68.8 million shares.@@@@1@28@@oe@2-2-2013
22443052@unknown@formal@none@1@S@But investment bankers say the market may have oversold some takeover-related stocks.@@@@1@12@@oe@2-2-2013
22443053@unknown@formal@none@1@S@Hilton Hotels, for example, was among the worst-hit issues, falling 20.2% to close at 85, down 21 1/2 on Friday.@@@@1@20@@oe@2-2-2013
22443054@unknown@formal@none@1@S@Hilton currently is soliciting bids for a sale of part or all of its hotel and casino businesses.@@@@1@18@@oe@2-2-2013
22443055@unknown@formal@none@1@S@People familiar with Hilton said over the weekend that the depth of the sell-off in Hilton shares was unwarranted because none of the likely buyers would be dependent on junk-bond financing.@@@@1@31@@oe@2-2-2013
22443056@unknown@formal@none@1@S@However, they conceded that some potential bidders would rely on bank loans and would be hurt if the troubles of the UAL buy-out group signified a general unwillingness among banks to provide credit for debt-financed takeovers.@@@@1@36@@oe@2-2-2013
22443057@unknown@formal@none@1@S@Hilton officials said they weren't worried about the drop in the company's stock.@@@@1@13@@oe@2-2-2013
22443058@unknown@formal@none@1@S@William Lebo, Hilton's general counsel, said plans to consider a sale of the company or some of its assets are "on track" for what has been described previously as "a slow and deliberate process."@@@@1@34@@oe@2-2-2013
22443059@unknown@formal@none@1@S@"I can't believe that any potential buyer for Hilton would be affected by one day's trading," Mr. Lebo said.@@@@1@19@@oe@2-2-2013
22443060@unknown@formal@none@1@S@But the stock market as a whole, bolstered as it is by takeover speculation, remains vulnerable to any further pullback by takeover financiers, both in the junkbond market and among commercial banks.@@@@1@32@@oe@2-2-2013
22443061@unknown@formal@none@1@S@For debt-ridden suitors, "the takeover game has been over for some time," says New York money manager Neil Weisman of Chilmark Capital, who has been keeping 85% of his portfolio in cash.@@@@1@32@@oe@2-2-2013
22443062@unknown@formal@none@1@S@"The market is just waking up to that point."@@@@1@9@@oe@2-2-2013
22443063@unknown@formal@none@1@S@Pauline Yoshihashi in Los Angeles contributed to this column.@@@@1@9@@oe@2-2-2013
22444001@unknown@formal@none@1@S@Of all the one-time expenses incurred by a corporation or professional firm, few are larger or longer term than the purchase of real estate or the signing of a commercial lease.@@@@1@31@@oe@2-2-2013
22444002@unknown@formal@none@1@S@To take full advantage of the financial opportunities in this commitment, however, the corporation or professional firm must do more than negotiate the best purchase price or lease terms.@@@@1@29@@oe@2-2-2013
22444003@unknown@formal@none@1@S@It must also evaluate the real-estate market in the chosen location from a new perspective.@@@@1@15@@oe@2-2-2013
22444004@unknown@formal@none@1@S@Specifically, it must understand how real-estate markets overreact to shifts in regional economies and then take advantage of these opportunities.@@@@1@20@@oe@2-2-2013
22444005@unknown@formal@none@1@S@When a regional economy catches cold, the local real-estate market gets pneumonia.@@@@1@12@@oe@2-2-2013
22444006@unknown@formal@none@1@S@In other words, real-estate market indicators, such as building permits and leasing activity, plummet much further than a local economy in recession.@@@@1@22@@oe@2-2-2013
22444007@unknown@formal@none@1@S@This was seen in the late 1960s in Los Angeles and the mid-1970s in New York.@@@@1@16@@oe@2-2-2013
22444008@unknown@formal@none@1@S@But the reverse is also true: When a region's economy rebounds from a slowdown, these real-estate indicators will rebound far faster than the improving economy.@@@@1@25@@oe@2-2-2013
22444009@unknown@formal@none@1@S@Why do local real-estate markets overreact to regional economic cycles?@@@@1@10@@oe@2-2-2013
22444010@unknown@formal@none@1@S@Because real-estate purchases and leases are such major long-term commitments that most companies and individuals make these decisions only when confident of future economic stability and growth.@@@@1@27@@oe@2-2-2013
22444011@unknown@formal@none@1@S@Metropolitan Detroit was written off economically during the early 1980s, as the domestic auto industry suffered a serious sales depression and adjustment.@@@@1@22@@oe@2-2-2013
22444012@unknown@formal@none@1@S@Area employment dropped by 13% from its 1979 peak and retail sales were down 14%.@@@@1@15@@oe@2-2-2013
22444013@unknown@formal@none@1@S@However, the real-estate market was hurt even more.@@@@1@8@@oe@2-2-2013
22444014@unknown@formal@none@1@S@For example, residential building permits in the trough year of 1982 were off 76% from the 1979 peak level.@@@@1@19@@oe@2-2-2013
22444015@unknown@formal@none@1@S@Once metropolitan Detroit's economy rallied in the mid-1980s, real estate rebounded.@@@@1@11@@oe@2-2-2013
22444016@unknown@formal@none@1@S@Building permits, for example, soared a staggering 400% between 1982 and the peak year of 1986.@@@@1@16@@oe@2-2-2013
22444017@unknown@formal@none@1@S@Where, savvy corporations and professional firms are now asking, are today's opportunities?@@@@1@12@@oe@2-2-2013
22444018@unknown@formal@none@1@S@Look no further than metropolitan Houston and Denver, two of the most depressed, overbuilt and potentially undervalued real-estate markets in the nation.@@@@1@22@@oe@2-2-2013
22444019@unknown@formal@none@1@S@Of course, some observers have touted Houston and Denver for the past five years as a counter-cyclical play.@@@@1@18@@oe@2-2-2013
22444020@unknown@formal@none@1@S@But now appears to be the time to act.@@@@1@9@@oe@2-2-2013
22444021@unknown@formal@none@1@S@Metropolitan Houston's economy did drop and then flatten in the years after its 1982 peak.@@@@1@15@@oe@2-2-2013
22444022@unknown@formal@none@1@S@In the mid-1980s, employment was down as much as 5% from the 1982 peak and retail sales were off 13%.@@@@1@20@@oe@2-2-2013
22444023@unknown@formal@none@1@S@The real-estate market suffered even more severe setbacks.@@@@1@8@@oe@2-2-2013
22444024@unknown@formal@none@1@S@Office construction dropped 97%.@@@@1@4@@oe@2-2-2013
22444025@unknown@formal@none@1@S@The vacancy rate soared more than 20% in nearly every product category, and more than 30% of office space was vacant.@@@@1@21@@oe@2-2-2013
22444026@unknown@formal@none@1@S@To some observers, the empty office buildings of Houston's "see-through skyline" were indicative of a very troubled economy.@@@@1@18@@oe@2-2-2013
22444027@unknown@formal@none@1@S@As usual, the real-estate market had overreacted.@@@@1@7@@oe@2-2-2013
22444028@unknown@formal@none@1@S@Actually, the region's economy retained a firm foundation.@@@@1@8@@oe@2-2-2013
22444029@unknown@formal@none@1@S@Metropolitan Houston's population has held steady over the past six years.@@@@1@11@@oe@2-2-2013
22444030@unknown@formal@none@1@S@And personal income, after slumping in the mid-1980s, has returned to its 1982 level in real dollar terms.@@@@1@18@@oe@2-2-2013
22444031@unknown@formal@none@1@S@Today, metropolitan Houston's real-estate market is poised for a significant turnaround.@@@@1@11@@oe@2-2-2013
22444032@unknown@formal@none@1@S@More than 42,000 jobs were added in metro Houston last year, primarily in biotechnology, petrochemical processing, and the computer industry.@@@@1@20@@oe@2-2-2013
22444033@unknown@formal@none@1@S@This growth puts Houston in the top five metro areas in the nation last year.@@@@1@15@@oe@2-2-2013
22444034@unknown@formal@none@1@S@And forecasts project a 2.5% to 3% growth rate in jobs over the next few years -- nearly twice the national average.@@@@1@22@@oe@2-2-2013
22444035@unknown@formal@none@1@S@Denver is another metropolitan area where the commercial real-estate market has overreacted to the region's economic trends, although Denver has not experienced as severe an economic downturn as Houston.@@@@1@29@@oe@2-2-2013
22444036@unknown@formal@none@1@S@By some measures, metropolitan Denver's economy has actually improved in the past four years.@@@@1@14@@oe@2-2-2013
22444037@unknown@formal@none@1@S@Its population has continued to increase since 1983, the peak year of the economic cycle.@@@@1@15@@oe@2-2-2013
22444038@unknown@formal@none@1@S@Employment is now 4% higher than in 1983.@@@@1@8@@oe@2-2-2013
22444039@unknown@formal@none@1@S@Buying income in real dollars actually increased 15% between 1983 and 1987 (the most recent year available).@@@@1@17@@oe@2-2-2013
22444040@unknown@formal@none@1@S@The rates of increase, however, are less than the rapid growth of the boom years, and this has resulted in a loss of confidence in the economy.@@@@1@27@@oe@2-2-2013
22444041@unknown@formal@none@1@S@In a self-fulfilling prophecy, therefore, the region's real-estate market all but collapsed in recent years.@@@@1@15@@oe@2-2-2013
22444042@unknown@formal@none@1@S@Housing building permits are down more than 75% from their 1983 peaks.@@@@1@12@@oe@2-2-2013
22444043@unknown@formal@none@1@S@Although no one can predict when metropolitan Denver's real-estate market will rebound, major public works projects costing several billion dollars are under way or planned -- such as a new convention center, a major beltway encircling the metropolitan area, and a new regional airport.@@@@1@44@@oe@2-2-2013
22444044@unknown@formal@none@1@S@When Denver's regional economy begins to grow faster -- such a recovery could occur as early as next year -- business and consumer confidence will return, and the resulting explosion of real-estate activity will dwarf the general economic rebound.@@@@1@39@@oe@2-2-2013
22444045@unknown@formal@none@1@S@What real-estate strategy should one follow in a metropolitan area whose economic health is not as easy to determine as Houston's or Denver's?@@@@1@23@@oe@2-2-2013
22444046@unknown@formal@none@1@S@Generally, overcapacity in commercial real estate is dropping from its mid-1980s peak, even in such economically healthy metropolitan areas as Washington, New York and Los Angeles.@@@@1@26@@oe@2-2-2013
22444047@unknown@formal@none@1@S@Vacancy rates in the 15% to 19% range today may easily rise to the low to mid-20% range in a couple of years.@@@@1@23@@oe@2-2-2013
22444048@unknown@formal@none@1@S@Under these conditions, even a flattening out of economic growth -- "catching cold" -- in the healthy metropolitan areas will create significant opportunities for corporations and professional service firms looking for bargains as the realestate industry catches pneumonia.@@@@1@38@@oe@2-2-2013
22444049@unknown@formal@none@1@S@Those looking for real-estate bargains in distressed metropolitan areas should lock in leases or buy now; those looking in healthy metropolitan areas should take a short-term (three-year) lease and wait for the bargains ahead.@@@@1@34@@oe@2-2-2013
22444050@unknown@formal@none@1@S@Mr. Leinberger is managing partner of a real-estate advisory firm based in Beverly Hills, Calif.@@@@1@15@@oe@2-2-2013
22445001@unknown@formal@none@1@S@Kysor Industrial Corp. said it expects its third-quarter net earnings to be between two cents and four cents a share, compared with 61 cents a share a year ago.@@@@1@29@@oe@2-2-2013
22445002@unknown@formal@none@1@S@Analysts had been projecting that the company's earnings would be between 25 cents and 30 cents a share.@@@@1@18@@oe@2-2-2013
22445003@unknown@formal@none@1@S@The year-earlier third-quarter earnings amounted to $4.1 million.@@@@1@8@@oe@2-2-2013
22445004@unknown@formal@none@1@S@The company said a drop in activity in the powerboat industry reduced sales volume at its two marine-related operations.@@@@1@19@@oe@2-2-2013
22445005@unknown@formal@none@1@S@Also, the company said its commercial products operation failed to meet forecasts.@@@@1@12@@oe@2-2-2013
22445006@unknown@formal@none@1@S@Kysor, a maker of heavy-duty truck and commercial refrigeration equipment, said it expects its fourth-quarter earnings to be more closely in line with usual levels, which are between 30 cents and 50 cents a share.@@@@1@35@@oe@2-2-2013
22446001@unknown@formal@none@1@S@Common Cause asked both the Senate Ethics Committee and the Justice Department to investigate $1 million in political gifts by Arizona businessman Charles Keating to five U.S. senators who interceded with thrift-industry regulators for him.@@@@1@35@@oe@2-2-2013
22446002@unknown@formal@none@1@S@Mr. Keating is currently the subject of a $1.1 billion federal anti-racketeering lawsuit accusing him of bleeding off assets of a California thrift he controlled, Lincoln Savings & Loan Association, and driving it into insolvency.@@@@1@35@@oe@2-2-2013
22446003@unknown@formal@none@1@S@Fred Wertheimer -- president of Common Cause, the self-styled citizens lobby -- said Mr. Keating already has conceded attempting to buy influence with the lawmakers -- Democratic Sens. Dennis DeConcini of Arizona, Alan Cranston of California, John Glenn of Ohio and Donald Riegle of Michigan; and GOP Sen. John McCain of Arizona.@@@@1@52@@oe@2-2-2013
22446004@unknown@formal@none@1@S@Mr. Wertheimer based this on a statement by Mr. Keating that was quoted in a Wall Street Journal story in April: "One question . . . had to do with whether my financial support in any way influenced several political figures to take up my cause.@@@@1@46@@oe@2-2-2013
22446005@unknown@formal@none@1@S@I want to say in the most forceful way I can: I certainly hope so."@@@@1@15@@oe@2-2-2013
22446006@unknown@formal@none@1@S@In a highly unusual meeting in Sen. DeConcini's office in April 1987, the five senators asked federal regulators to ease up on Lincoln.@@@@1@23@@oe@2-2-2013
22446007@unknown@formal@none@1@S@According to notes taken by one of the participants at the meeting, the regulators said Lincoln was gambling dangerously with depositors' federally insured money and was "a ticking time bomb."@@@@1@30@@oe@2-2-2013
22446008@unknown@formal@none@1@S@Mr. Keating had complained that the regulators were being too zealous.@@@@1@11@@oe@2-2-2013
22446009@unknown@formal@none@1@S@The notes show that Sen. DeConcini called the Federal Home Loan Bank Board's regulations "grossly unfair," and that Sen. Glenn insisted that Mr. Keating's thrift was "viable and profitable."@@@@1@29@@oe@2-2-2013
22446010@unknown@formal@none@1@S@For the next two years, the Bank Board, which at the time was the agency responsible for regulating thrifts, failed to act -- even after federal auditors warned in May 1987 that Mr. Keating had caused Lincoln to become insolvent.@@@@1@40@@oe@2-2-2013
22446011@unknown@formal@none@1@S@Lincoln's parent company, American Continental Corp., entered bankruptcy-law proceedings this April 13, and regulators seized the thrift the next day.@@@@1@20@@oe@2-2-2013
22446012@unknown@formal@none@1@S@The newly formed Resolution Trust Corp., successor to the Bank Board, filed suit against Mr. Keating and several others on Sept. 15.@@@@1@22@@oe@2-2-2013
22446013@unknown@formal@none@1@S@Mr. Keating has filed his own suit, alleging that his property was taken illegally.@@@@1@14@@oe@2-2-2013
22446014@unknown@formal@none@1@S@The cost to taxpayers of Lincoln's collapse has been estimated at as much as $2.5 billion.@@@@1@16@@oe@2-2-2013
22446015@unknown@formal@none@1@S@Details of the affair have become public gradually over the past two years, mostly as a result of reporting by several newspapers.@@@@1@22@@oe@2-2-2013
22446016@unknown@formal@none@1@S@In the midst of his 1988 re-election campaign, Sen. Riegle, chairman of the Senate Banking Committee, returned $76,000 in contributions after a Detroit newspaper said that Mr. Keating had gathered the money for him about two weeks before the meeting with regulators.@@@@1@42@@oe@2-2-2013
22446017@unknown@formal@none@1@S@Sen. DeConcini, after months of fending off intense press criticism, returned $48,000 only last month, shortly after the government formally accused Mr. Keating of defrauding Lincoln.@@@@1@26@@oe@2-2-2013
22446018@unknown@formal@none@1@S@In addition, Sen. McCain last week disclosed that he belatedly had paid $13,433 to American Continental as reimbursement for trips he and his family took aboard the corporate jet to Mr. Keating's vacation home at Cat Cay, the Bahamas, from 1984 through 1986.@@@@1@43@@oe@2-2-2013
22446019@unknown@formal@none@1@S@Sen. McCain said he had meant to pay for the trips at the time but that the matter "fell between the cracks."@@@@1@22@@oe@2-2-2013
22446020@unknown@formal@none@1@S@Mr. Keating, his family members and associates also donated $112,000 to Sen. McCain's congressional campaigns over the years, according to press accounts.@@@@1@22@@oe@2-2-2013
22446021@unknown@formal@none@1@S@But Sen. McCain says Mr. Keating broke off their friendship abruptly in 1987, because the senator refused to press the thrift executive's case as vigorously as Mr. Keating wanted.@@@@1@29@@oe@2-2-2013
22446022@unknown@formal@none@1@S@"He became very angry at that, left my office and told a number of people that I was a wimp," Sen. McCain recalls.@@@@1@23@@oe@2-2-2013
22446023@unknown@formal@none@1@S@In July, California newspapers disclosed that Mr. Keating gave $850,000 in corporate funds to three tax-exempt voter registration organizations in 1987 and 1988 at the behest of Sen. Cranston, who conceded that soliciting the money was "a pretty stupid thing to do politically."@@@@1@43@@oe@2-2-2013
22446024@unknown@formal@none@1@S@In addition, Sen. Cranston received $47,000 in campaign donations through Mr. Keating, and the California Democratic party received $85,000 in corporate donations for a 1986 get-out-the-vote drive that benefited the senator's re-election campaign that year.@@@@1@35@@oe@2-2-2013
22446025@unknown@formal@none@1@S@Also in July, Ohio newspapers disclosed $200,000 in corporate donations by Mr. Keating to the National Council on Public Policy, a political committee controlled by Sen. Glenn.@@@@1@27@@oe@2-2-2013
22446026@unknown@formal@none@1@S@That was in addition to $34,000 in direct campaign donations arranged by Mr. Keating to the Ohio senator.@@@@1@18@@oe@2-2-2013
22446027@unknown@formal@none@1@S@Mr. Wertheimer said the Senate Ethics Committee should hire a special outside counsel to conduct an investigation, as was done in the case of former House Speaker James Wright.@@@@1@29@@oe@2-2-2013
22446028@unknown@formal@none@1@S@Wilson Abney, staff director of the ethics panel, wouldn't comment.@@@@1@10@@oe@2-2-2013
22446029@unknown@formal@none@1@S@Sen. Riegle said he would cooperate with any inquiry, but that his conduct had been "entirely proper."@@@@1@17@@oe@2-2-2013
22446030@unknown@formal@none@1@S@Sen. McCain said he had been "deeply concerned" at the time of the meeting that it might seem to be improper, but decided it was "entirely appropriate" for him to seek fair treatment for a constituent.@@@@1@36@@oe@2-2-2013
22446031@unknown@formal@none@1@S@Sen. Glenn said he had already made a complete disclosure of his role in the affair and "I am completely satisfied to let this matter rest in the hands of the Senate Ethics Committee."@@@@1@34@@oe@2-2-2013
22446032@unknown@formal@none@1@S@Sen. DeConcini said, "When all is said and done, I expect to be fully exonerated."@@@@1@15@@oe@2-2-2013
22446033@unknown@formal@none@1@S@Sen. Cranston, who had already volunteered his help to the Federal Bureau of Investigation in any investigation of Mr. Keating, portrayed his role in 1987 as prodding regulators to act.@@@@1@30@@oe@2-2-2013
22446034@unknown@formal@none@1@S@"Why didn't the Bank Board act sooner?" he said.@@@@1@9@@oe@2-2-2013
22446035@unknown@formal@none@1@S@"That is what Common Cause should ask be investigated.@@@@1@9@@oe@2-2-2013
22447001@unknown@formal@none@1@S@Trinity Industries Inc. said it reached a preliminary agreement to manufacture 1,000 coal rail cars for Norfolk Southern Corp.@@@@1@19@@oe@2-2-2013
22447002@unknown@formal@none@1@S@Trinity estimated the value of the pact at more than $40 million.@@@@1@12@@oe@2-2-2013
22447003@unknown@formal@none@1@S@Trinity said it plans to begin delivery of the rail cars in the first quarter of 1990.@@@@1@17@@oe@2-2-2013
22447004@unknown@formal@none@1@S@It said the 1,000 rail cars are in addition to the 1,450 coal rail cars presently being produced for Norfolk Southern, a Norfolk, Va.-based railroad concern.@@@@1@26@@oe@2-2-2013
22448001@unknown@formal@none@1@S@When China opened its doors to foreign investors in 1979, toy makers from Hong Kong were among the first to march in.@@@@1@22@@oe@2-2-2013
22448002@unknown@formal@none@1@S@Today, with about 75% of the companies' products being made in China, the chairman of the Hong Kong Toys Council, Dennis Ting, has suggested a new sourcing label: "Made in China by Hong Kong Companies."@@@@1@35@@oe@2-2-2013
22448003@unknown@formal@none@1@S@The toy makers were pushed across the border by rising labor and land costs in the British colony.@@@@1@18@@oe@2-2-2013
22448004@unknown@formal@none@1@S@But in the wake of the shootings in Beijing on June 4, the Hong Kong toy industry is worrying about its strong dependence on China.@@@@1@25@@oe@2-2-2013
22448005@unknown@formal@none@1@S@Although the manufacturers stress that production hasn't been affected by China's political turmoil, they are looking for additional sites.@@@@1@19@@oe@2-2-2013
22448006@unknown@formal@none@1@S@The toy makers, and their foreign buyers, cite uncertainty about China's economic and political policies.@@@@1@15@@oe@2-2-2013
22448007@unknown@formal@none@1@S@"Nobody wants to have all his eggs in one basket," says David Yeh, chairman and chief executive officer of International Matchbox Group Ltd.@@@@1@23@@oe@2-2-2013
22448008@unknown@formal@none@1@S@Indeed, Matchbox and other leading Hong Kong toy makers were setting up factories in Southeast Asia, especially in Thailand, long before the massacre.@@@@1@23@@oe@2-2-2013
22448009@unknown@formal@none@1@S@Their steps were partly prompted by concern over a deterioration of business conditions in southern China.@@@@1@16@@oe@2-2-2013
22448010@unknown@formal@none@1@S@By diversifying supply sources, the toy makers don't intend to withdraw from China, manufacturers and foreign buyers say.@@@@1@18@@oe@2-2-2013
22448011@unknown@formal@none@1@S@It wouldn't be easy to duplicate quickly the manufacturing capacity built up in southern China during the past decade.@@@@1@19@@oe@2-2-2013
22448012@unknown@formal@none@1@S@A supply of cheap labor and the access to Hong Kong's port, airport, banks and support industries, such as printing companies, have made China's Guangdong province a premier manufacturing site.@@@@1@30@@oe@2-2-2013
22448013@unknown@formal@none@1@S@"South China is the most competitive source of toys in the world," says Henry Hu, executive director of Wah Shing Toys Consolidated Ltd.@@@@1@23@@oe@2-2-2013
22448014@unknown@formal@none@1@S@Hong Kong trade figures illustrate the toy makers' reliance on factories across the border.@@@@1@14@@oe@2-2-2013
22448015@unknown@formal@none@1@S@In 1988, exports of domestically produced toys and games fell 19% from 1987, to HK$10.05 billion (US$1.29 billion).@@@@1@18@@oe@2-2-2013
22448016@unknown@formal@none@1@S@But re-exports, mainly from China, jumped 75%, to HK$15.92 billion.@@@@1@10@@oe@2-2-2013
22448017@unknown@formal@none@1@S@In 1989's first seven months, domestic exports fell 29%, to HK$3.87 billion, while re-exports rose 56%, to HK$11.28 billion.@@@@1@19@@oe@2-2-2013
22448018@unknown@formal@none@1@S@Manufacturers say there is no immediate substitute for southern China, where an estimated 120,000 people are employed by the toy industry.@@@@1@21@@oe@2-2-2013
22448019@unknown@formal@none@1@S@"For the next few years, like it or not, China is going to be the main supplier," says Edmund Young, vice president of Perfecta Enterprises Ltd., one of the first big Hong Kong toy makers to move across the border.@@@@1@40@@oe@2-2-2013
22448020@unknown@formal@none@1@S@In the meantime, as manufacturers and buyers seek new sites, they are focusing mainly on Southeast Asia.@@@@1@17@@oe@2-2-2013
22448021@unknown@formal@none@1@S@Several big companies have established manufacturing joint ventures in Thailand, including Matchbox, Wah Shing and Kader Industrial Co., the toy manufacturer headed by Mr. Ting.@@@@1@25@@oe@2-2-2013
22448022@unknown@formal@none@1@S@Malaysia, the Philippines and Indonesia also are being studied.@@@@1@9@@oe@2-2-2013
22448023@unknown@formal@none@1@S@With the European Community set to remove its internal trade barriers in 1992, several Hong Kong companies are beginning to consider Spain, Portugal and Greece as possible manufacturing sites.@@@@1@29@@oe@2-2-2013
22448024@unknown@formal@none@1@S@Worries about China came just as Hong Kong's toy industry was recovering from a 1987 sales slump and bankruptcy filings by two major U.S. companies, Worlds of Wonder Inc. and Coleco Industries Inc.@@@@1@33@@oe@2-2-2013
22448025@unknown@formal@none@1@S@Hong Kong manufacturers say large debt writeoffs and other financial problems resulting from the 1987 difficulties chastened the local industry, causing it to tighten credit policies and financial management.@@@@1@29@@oe@2-2-2013
22448026@unknown@formal@none@1@S@The industry regards last year and this year as a period of recovery that will lead to improved results.@@@@1@19@@oe@2-2-2013
22448027@unknown@formal@none@1@S@Still, they long for a "mega-hit" toy to excite retail sales in the U.S., Hong Kong's biggest market for toys and games.@@@@1@22@@oe@2-2-2013
22448028@unknown@formal@none@1@S@The closest thing the colony's companies have to a U.S. mega-hit this year is the Teenage Mutant Ninja Turtles series of action figures manufactured by Playmates Holdings Ltd.@@@@1@28@@oe@2-2-2013
22448029@unknown@formal@none@1@S@Introduced in mid-1988, the 15-centimeter-tall plastic turtles are based on an American comic book and television series.@@@@1@17@@oe@2-2-2013
22448030@unknown@formal@none@1@S@Paul Kwan, managing director of Playmates, says 10 million Ninja Turtles have been sold, placing the reptilian warriors among the 10 biggest-selling toys in the U.S.@@@@1@26@@oe@2-2-2013
22448031@unknown@formal@none@1@S@Should sales continue to be strong through the Christmas season, which accounts for about 60% of U.S. retail toy sales, Mr. Kwan said the Ninja Turtles could make 1989 a record sales year for Playmates.@@@@1@35@@oe@2-2-2013
22448032@unknown@formal@none@1@S@Other Hong Kong manufacturers expect their results to improve only slightly this year from 1988.@@@@1@15@@oe@2-2-2013
22448033@unknown@formal@none@1@S@Besides the lack of a fast-selling product, they cite the continued dominance of the U.S. market by Nintendo Entertainment System, an expensive video game made by Nintendo Co. of Japan.@@@@1@30@@oe@2-2-2013
22448034@unknown@formal@none@1@S@Nintendo buyers have little money left to spend on other products.@@@@1@11@@oe@2-2-2013
22448035@unknown@formal@none@1@S@Many of the toy makers' problems started well before June 4 as a result of overstrained infrastructure and Beijing's austerity programs launched late last year.@@@@1@25@@oe@2-2-2013
22448036@unknown@formal@none@1@S@Toy makers complain that electricity in Guangdong has been provided only three days a week in recent months, down from five days a week, as the province's rapid industrialization has outstripped its generating capacity.@@@@1@34@@oe@2-2-2013
22448037@unknown@formal@none@1@S@Manufacturers are upgrading standby power plants.@@@@1@6@@oe@2-2-2013
22448038@unknown@formal@none@1@S@Bank credit for China investments all but dried up following June 4.@@@@1@12@@oe@2-2-2013
22448039@unknown@formal@none@1@S@Also, concern exists that the harder-line Beijing leadership will tighten its control of Guangdong, which has been the main laboratory for the open-door policy and economic reforms.@@@@1@27@@oe@2-2-2013
22448040@unknown@formal@none@1@S@But, toy manufacturers and other industrialists say Beijing will be restrained from tightening controls on export-oriented southern China.@@@@1@18@@oe@2-2-2013
22448041@unknown@formal@none@1@S@They say China's trade deficit is widening and the country is too short of foreign exchange for it to hamper production in Guangdong.@@@@1@23@@oe@2-2-2013
22448042@unknown@formal@none@1@S@"The Chinese leaders have to decide whether they want control or whether the want exports," says Mr. Kwan of Playmates.@@@@1@20@@oe@2-2-2013
22449001@unknown@formal@none@1@S@The Bush administration, urging the Supreme Court to give states more leeway to restrict abortions, said minors haven't any right to abortion without the consent of their parents.@@@@1@28@@oe@2-2-2013
22449002@unknown@formal@none@1@S@Solicitor General Kenneth Starr argued that the 1973 Supreme Court decision, Roe vs. Wade, recognizing a constitutional right to abortion, was incorrect.@@@@1@22@@oe@2-2-2013
22449003@unknown@formal@none@1@S@He also argued that the high court was wrong in 1976 to rule that minors have a right to abortion that can't be absolutely vetoed by their parents.@@@@1@28@@oe@2-2-2013
22449004@unknown@formal@none@1@S@The administration's position was outlined in a friend-of-the-court brief filed in one of three abortion cases the Supreme Court will hear argued and will decide this term.@@@@1@27@@oe@2-2-2013
22449005@unknown@formal@none@1@S@The administration filed the brief in an appeal involving a Minnesota law that requires that both parents of a minor be notified before she may have an abortion.@@@@1@28@@oe@2-2-2013
22449006@unknown@formal@none@1@S@The administration urged the justices to adopt a legal standard suggested by Chief Justice William Rehnquist last July when the high court upheld Missouri's abortion restrictions.@@@@1@26@@oe@2-2-2013
22449007@unknown@formal@none@1@S@Under that standard, which garnered the votes of only three of the nine justices, a state restriction of abortion is constitutional if the state has a "reasonable" justification for adopting it.@@@@1@31@@oe@2-2-2013
22449008@unknown@formal@none@1@S@That is a much easier standard for a state to satisfy than the Supreme Court's test since 1973, which requires a state to have a "compelling" reason for restricting abortion.@@@@1@30@@oe@2-2-2013
22449009@unknown@formal@none@1@S@On the provisions of the Minnesota law, the Bush administration said that requiring that both parents be notified is a reasonable regulation, and that there is no need to have an alternative that allows minors to go to court for a judge's permission instead.@@@@1@44@@oe@2-2-2013
22449010@unknown@formal@none@1@S@The case, Hodgson vs. Minnesota, will be argued Nov. 29.@@@@1@10@@oe@2-2-2013
22450001@unknown@formal@none@1@S@Aluminum Co. of America, hit hard by the strength of the dollar overseas, said net income for the third quarter dropped 3.2% to $219 million, or $2.46 a share.@@@@1@29@@oe@2-2-2013
22450002@unknown@formal@none@1@S@The nation's No. 1 aluminum maker earned $226.3 million, or $2.56 a share, a year earlier.@@@@1@16@@oe@2-2-2013
22450003@unknown@formal@none@1@S@Revenue rose 11% to $2.83 billion from $2.56 billion.@@@@1@9@@oe@2-2-2013
22450004@unknown@formal@none@1@S@Analysts, who were expecting Alcoa to post around $2.70 to $3 a share, were surprised at the lackluster third-quarter results.@@@@1@20@@oe@2-2-2013
22450005@unknown@formal@none@1@S@"It's disappointing," said William Siedenburg, an analyst with Smith Barney, Harris Upham & Co.@@@@1@14@@oe@2-2-2013
22450006@unknown@formal@none@1@S@Much of the earnings decline was led by currency-exchange rate adjustments, which affected the bottom line by $15.3 million, or 17 cents a share, compared with $3.6 million, or four cents a share, the previous year.@@@@1@36@@oe@2-2-2013
22450007@unknown@formal@none@1@S@Lower prices for aluminum ingots and certain alloy products and a shift in the product mix also contributed to lower earnings, the company said.@@@@1@24@@oe@2-2-2013
22450008@unknown@formal@none@1@S@"In addition, costs were higher partly due to scheduled plant outages for modernization work," the company said.@@@@1@17@@oe@2-2-2013
22450009@unknown@formal@none@1@S@Excluding the higher tax rate, which rose two percentage points to 38%, and the negative exchange rate adjustment, the company would have met analysts' expectations, said R. Wayne Atwell, an analyst with Goldman, Sachs & Co.@@@@1@36@@oe@2-2-2013
22450010@unknown@formal@none@1@S@Noting that the third quarter is usually the aluminum industry's slowest, Mr. Atwell added, "the third quarter is never a bang up period for them anyway."@@@@1@26@@oe@2-2-2013
22450011@unknown@formal@none@1@S@Nevertheless, the company said shipments were up slightly to 679,000 metric tons from 671,000, buffing the impact of the unexpected earning decline.@@@@1@22@@oe@2-2-2013
22450012@unknown@formal@none@1@S@The results were announced after the stock market closed.@@@@1@9@@oe@2-2-2013
22450013@unknown@formal@none@1@S@In New York Stock Exchange composite trading Friday, Alcoa closed at $72 a share, down $4.75, in a sharply lower market.@@@@1@21@@oe@2-2-2013
22451001@unknown@formal@none@1@S@For 20 years, federal rules have barred the three major television networks from sharing in one of the most lucrative and fastest-growing parts of the television business.@@@@1@27@@oe@2-2-2013
22451002@unknown@formal@none@1@S@And for six years, NBC, ABC and CBS have negotiated with Hollywood studios in a futile attempt to change that.@@@@1@20@@oe@2-2-2013
22451003@unknown@formal@none@1@S@But with foreign companies snapping up U.S. movie studios, the networks are pressing their fight harder than ever.@@@@1@18@@oe@2-2-2013
22451004@unknown@formal@none@1@S@They hope the foreign deals will divide the Hollywood opposition and prod Congress to push for ending federal rules that prohibit the networks from grabbing a piece of rerun sales and owning part of the shows they put on the air.@@@@1@41@@oe@2-2-2013
22451005@unknown@formal@none@1@S@Even network executives, however, admit privately that victory -- either in Congress or in talks with the studios -- is highly doubtful any time soon.@@@@1@25@@oe@2-2-2013
22451006@unknown@formal@none@1@S@And so the networks also are pushing for new ways to sidestep the "fin-syn" provisions, known formally as the Financial Interest and Syndication Rules.@@@@1@24@@oe@2-2-2013
22451007@unknown@formal@none@1@S@That became clear last week with the disclosure that National Broadcasting Co., backed by the deep pockets of parent General Electric Co., had tried to help fund Qintex Australia Ltd.'s now-scuttled $1.5 billion bid for MGM/UA Communications Co.@@@@1@38@@oe@2-2-2013
22451008@unknown@formal@none@1@S@NBC's interest may revive the deal, which MGM/UA killed last week when the Australian concern had trouble raising cash.@@@@1@19@@oe@2-2-2013
22451009@unknown@formal@none@1@S@Even if that deal isn't revived, NBC hopes to find another.@@@@1@11@@oe@2-2-2013
22451010@unknown@formal@none@1@S@"Our doors are open," an NBC spokesman says.@@@@1@8@@oe@2-2-2013
22451011@unknown@formal@none@1@S@NBC may yet find a way to take a passive, minority interest in a program-maker without violating the rules.@@@@1@19@@oe@2-2-2013
22451012@unknown@formal@none@1@S@And any NBC effort could prompt CBS Inc. and ABC's parent, Capital Cities/ABC Inc., to look for ways of skirting the fin-syn regulations.@@@@1@23@@oe@2-2-2013
22451013@unknown@formal@none@1@S@But the networks' push may only aggravate an increasingly bitter rift between them and Hollywood studios.@@@@1@16@@oe@2-2-2013
22451014@unknown@formal@none@1@S@Both sides are to sit down next month for yet another meeting on how they might agree on reducing fin-syn restraints.@@@@1@21@@oe@2-2-2013
22451015@unknown@formal@none@1@S@Few people privy to the talks expect the studios to budge.@@@@1@11@@oe@2-2-2013
22451016@unknown@formal@none@1@S@The networks still are "uninhibited in their authority" over what shows get on the air, charges Motion Picture Association President Jack Valenti, the most vociferous opponent of rescinding the rules.@@@@1@30@@oe@2-2-2013
22451017@unknown@formal@none@1@S@Studios are "powerless" to get shows in prime-time lineups and keep them there long enough to go into lucrative rerun sales, he contends.@@@@1@23@@oe@2-2-2013
22451018@unknown@formal@none@1@S@And that's why the rules, for the most part, must stay in place, he says.@@@@1@15@@oe@2-2-2013
22451019@unknown@formal@none@1@S@Studio executives in on the talks-including officials at Paramount Communications Inc., Fries Entertainment Inc., Warner Communications Inc. and MCA Inc. -- declined to be interviewed.@@@@1@25@@oe@2-2-2013
22451020@unknown@formal@none@1@S@But Mr. Valenti, who represents the studios, asserts: "The whole production industry, to a man, is on the side of preserving" the rules.@@@@1@23@@oe@2-2-2013
22451021@unknown@formal@none@1@S@Such proclamations leave network officials all the more doubtful that the studios will bend.@@@@1@14@@oe@2-2-2013
22451022@unknown@formal@none@1@S@"They don't seem to have an incentive to negotiate," says one network executive.@@@@1@13@@oe@2-2-2013
22451023@unknown@formal@none@1@S@"And there's no indication that Washington is prepared to address the rules.@@@@1@12@@oe@2-2-2013
22451024@unknown@formal@none@1@S@That's the problem, isn't it?"@@@@1@5@@oe@2-2-2013
22451025@unknown@formal@none@1@S@Indeed it is.@@@@1@3@@oe@2-2-2013
22451026@unknown@formal@none@1@S@Congress has said repeatedly it wants no part of the mess, urging the studios and the networks, which license rights to air shows made by the studios, to work out their own compromise.@@@@1@33@@oe@2-2-2013
22451027@unknown@formal@none@1@S@But recent developments have made the networks -- and NBC President Robert Wright, in particular -- ever more adamant that the networks must be unshackled to survive.@@@@1@27@@oe@2-2-2013
22451028@unknown@formal@none@1@S@The latest provocation: Sony Corp.'s plan to acquire Columbia Pictures Entertainment Inc. for $3.4 billion, and to buy independent producer Guber Peters Entertainment Co. for $200 million.@@@@1@27@@oe@2-2-2013
22451029@unknown@formal@none@1@S@"I wonder what Walter Cronkite will think of the Sony/Columbia Broadcast System Trinitron Evening News with Dan Rather broadcast exclusively from Tokyo," wrote J.B. Holston, an NBC vice president, in a commentary in last week's issue of Broadcasting magazine.@@@@1@39@@oe@2-2-2013
22451030@unknown@formal@none@1@S@In his article, Mr. Holston, who was in Europe last week and unavailable, complained that the "archaic restraints" in fin-syn rules have "contributed directly to the acquisition of the studios by non-U.S. enterprises.@@@@1@33@@oe@2-2-2013
22451031@unknown@formal@none@1@S@" (He didn't mention that NBC, in the meantime, was hoping to assist Australia's Qintex in buying@@@@1@17@@oe@2-2-2013
22451032@unknown@formal@none@1@S@An NBC spokesman counters that Mr. Holston's lament was "entirely consistent" with NBC plans because the U.S. rules would limit NBC's involvement in the Qintex deal so severely as to be "light years away from the type of unrestrained deals available to Sony -- and everyone else except the three networks."@@@@1@51@@oe@2-2-2013
22451033@unknown@formal@none@1@S@The Big Three's drumbeat for deregulation began intensifying in the summer when the former Time Inc. went ahead with plans to acquire Warner.@@@@1@23@@oe@2-2-2013
22451034@unknown@formal@none@1@S@Although Time already had a long-term contract to buy movies from Warner, the merger will let Time's largely unregulated pay-cable channel, Home Box Office, own the Warner movies aired on HBO -- a vertical integration that is effectively blocked by fin-syn regulations.@@@@1@42@@oe@2-2-2013
22451035@unknown@formal@none@1@S@NBC's Mr. Wright led the way in decrying the networks' inability to match a Time-Warner combination.@@@@1@16@@oe@2-2-2013
22451036@unknown@formal@none@1@S@He spoke up again when the Sony bid for Columbia was announced.@@@@1@12@@oe@2-2-2013
22451037@unknown@formal@none@1@S@Since NBC's interest in the Qintex bid for MGM/UA was disclosed, Mr. Wright hasn't been available for comment.@@@@1@18@@oe@2-2-2013
22451038@unknown@formal@none@1@S@With a Qintex deal, NBC would move into uncharted territory -- possibly raising hackles at the studios and in Washington.@@@@1@20@@oe@2-2-2013
22451039@unknown@formal@none@1@S@"It's never really been tested," says William Lilley III, who as a top CBS executive spent years lobbying to have the rules lifted.@@@@1@23@@oe@2-2-2013
22451040@unknown@formal@none@1@S@He now runs Policy Communications in Washington, consulting to media companies.@@@@1@11@@oe@2-2-2013
22451041@unknown@formal@none@1@S@Fin-syn rules don't explicitly block a network from buying a passive, small stake in a company that profits from the rerun syndication networks can't enjoy.@@@@1@25@@oe@2-2-2013
22451042@unknown@formal@none@1@S@Hence, NBC might be able to take, say, a 5% stake in a company such as MGM/UA.@@@@1@17@@oe@2-2-2013
22451043@unknown@formal@none@1@S@If the transaction raised objections, the studio's syndication operations could be spun off into a separate firm in which the network doesn't have a direct stake.@@@@1@26@@oe@2-2-2013
22451044@unknown@formal@none@1@S@But such convolutions would still block the networks from grabbing a big chunk of the riches of syndication.@@@@1@18@@oe@2-2-2013
22451045@unknown@formal@none@1@S@Under current rules, even when a network fares well with a 100%-owned series -- ABC, for example, made a killing in broadcasting its popular crime/comedy "Moonlighting" -- it isn't allowed to share in the continuing proceeds when the reruns are sold to local stations.@@@@1@44@@oe@2-2-2013
22451046@unknown@formal@none@1@S@Instead, ABC will have to sell off the rights for a one-time fee.@@@@1@13@@oe@2-2-2013
22451047@unknown@formal@none@1@S@The networks admit that the chances of getting the relief they want are slim -- for several years at the least.@@@@1@21@@oe@2-2-2013
22451048@unknown@formal@none@1@S@Six years ago they were tantalizingly close.@@@@1@7@@oe@2-2-2013
22451049@unknown@formal@none@1@S@The Reagan-era Federal Communications Commission had ruled in favor of killing most of the rules.@@@@1@15@@oe@2-2-2013
22451050@unknown@formal@none@1@S@Various evidence, including a Brookings Institution study of some 800 series that the networks had aired and had partly owned in the 1960s, showed the networks didn't wield undue control over the studios as had been alleged.@@@@1@37@@oe@2-2-2013
22451051@unknown@formal@none@1@S@But just eight days before the rules were to die, former President Ronald Reagan, a one-time actor, intervened on behalf of Hollywood.@@@@1@22@@oe@2-2-2013
22451052@unknown@formal@none@1@S@The FCC effort collapsed.@@@@1@4@@oe@2-2-2013
22451053@unknown@formal@none@1@S@The networks and studios have bickered ever since.@@@@1@8@@oe@2-2-2013
22451054@unknown@formal@none@1@S@Network officials involved in the studio talks may hope the foreign influx builds more support in Washington, but that seems unlikely.@@@@1@21@@oe@2-2-2013
22451055@unknown@formal@none@1@S@In Congress, the issue falters: It's about money, not program quality, and Hollywood has lots of clout given its fund raising for senators and representatives overseeing the issue.@@@@1@28@@oe@2-2-2013
22451056@unknown@formal@none@1@S@A spokesman for Rep. Edward J. Markey (D-Mass.), who heads a subcommittee that oversees the FCC, says Mr. Markey feels "the world has been forever changed by the Sony-Columbia deal."@@@@1@30@@oe@2-2-2013
22451057@unknown@formal@none@1@S@But he said Mr. Markey hopes this pushes the networks and studios to work it out on their own.@@@@1@19@@oe@2-2-2013
22451058@unknown@formal@none@1@S@And at the FCC, meanwhile, new Chairman Alfred C. Sikes has said he wants the two sides to hammer out their own plan.@@@@1@23@@oe@2-2-2013
22452001@unknown@formal@none@1@S@Recognition Equipment Inc. said it settled a civil action filed against it by the federal government on behalf of the U.S. Postal Service.@@@@1@23@@oe@2-2-2013
22452002@unknown@formal@none@1@S@The government sued the company in April, seeking $23,000 and other unspecified damages related to an alleged contract-steering scheme.@@@@1@19@@oe@2-2-2013
22452003@unknown@formal@none@1@S@The suit named the company, former chief executive officer William G. Moore Jr., former vice president Robert W. Reedy and five defendants who weren't part of the company.@@@@1@28@@oe@2-2-2013
22452004@unknown@formal@none@1@S@The suit charged the defendants with causing Peter E. Voss, an ex-member of the Postal Service board of governors, to accept $23,000 in bribes, kickbacks and gratuities.@@@@1@27@@oe@2-2-2013
22452005@unknown@formal@none@1@S@Mr. Voss was previously sentenced to four years in prison and fined $11,000 for his role in the scheme.@@@@1@19@@oe@2-2-2013
22452006@unknown@formal@none@1@S@In the agreement, Recognition agreed to pay the government $20,000 in return for the release of all claims against the company, Mr. Moore and Mr. Reedy.@@@@1@26@@oe@2-2-2013
22452007@unknown@formal@none@1@S@The five additional defendants weren't parties to the settlement.@@@@1@9@@oe@2-2-2013
22452008@unknown@formal@none@1@S@A trial on criminal allegations against the company and the same two former executives began Sept. 27 in federal court for the District of Columbia.@@@@1@25@@oe@2-2-2013
22452009@unknown@formal@none@1@S@They were indicted last October on charges of fraud, theft and conspiracy related to an effort to win $400 million in Postal Service equipment contracts by the maker of data management equipment.@@@@1@32@@oe@2-2-2013
22452010@unknown@formal@none@1@S@The company and its executives deny the charges.@@@@1@8@@oe@2-2-2013
22452011@unknown@formal@none@1@S@In a related development, Recognition Equipment said the Postal Service has barred the company from bidding on postal contracts for an additional 120 days.@@@@1@24@@oe@2-2-2013
22452012@unknown@formal@none@1@S@The Postal Service originally suspended the company Oct. 7, 1988, and has been renewing the ban ever since.@@@@1@18@@oe@2-2-2013
22452013@unknown@formal@none@1@S@The company said it will continue to pursue a lifting of the suspension.@@@@1@13@@oe@2-2-2013
22453001@unknown@formal@none@1@S@Intel Corp. reported a 50% drop in third-quarter net income, partly because of a one-time charge for discontinued operations.@@@@1@19@@oe@2-2-2013
22453002@unknown@formal@none@1@S@The big semiconductor and computer maker, said it had net of $72 million, or 38 cents, down 50% from $142.7 million, or 78 cents a share.@@@@1@26@@oe@2-2-2013
22453003@unknown@formal@none@1@S@The lower net included a charge of $35 million, equal to 12 cents a share on an after-tax basis, for the cost of abandoning a computer-systems joint venture with Siemens AG of West Germany.@@@@1@34@@oe@2-2-2013
22453004@unknown@formal@none@1@S@Earning also fell from the year-ago period because of slowing microchip demand.@@@@1@12@@oe@2-2-2013
22453005@unknown@formal@none@1@S@Sales amounted to $771.4 million, down 1.7% from $784.9 million.@@@@1@10@@oe@2-2-2013
22453006@unknown@formal@none@1@S@Intel's stock rose in early over-the-counter trading Friday, as investors appeared relieved that the company's income from continuing operations was only slightly below the second quarter's earnings of $99.3 million, or 53 cents a share, and that sales actually exceeded the $747.3 million for the second period.@@@@1@47@@oe@2-2-2013
22453007@unknown@formal@none@1@S@But Intel later succumbed to the stock market's plunge, closing at $31.75, down $2.125.@@@@1@14@@oe@2-2-2013
22453008@unknown@formal@none@1@S@In August, Intel warned that third-quarter earnings might be "flat to down" from the previous period's because of slowing sales growth of its 80386 microprocessor, start-up costs associated with a line of computers and costs of preparing for mass shipments of the company's new 80486 chip in the current quarter.@@@@1@50@@oe@2-2-2013
22453009@unknown@formal@none@1@S@On Friday, Andrew S.Grove, Intel president and chief executive officer, said "Intel's business is strong.@@@@1@15@@oe@2-2-2013
22453010@unknown@formal@none@1@S@Our bookings improved as the quarter progressed and September was especially good.@@@@1@12@@oe@2-2-2013
22453011@unknown@formal@none@1@S@For the full quarter, our bookings were higher than the previous quarter, and our book-to-bill ratio exceeded 1.0."@@@@1@18@@oe@2-2-2013
22453012@unknown@formal@none@1@S@For the nine-month period, Intel reported net of $268.3 million, or $1.43 a share, down 27% from $367.1 million, or $2.05 a share.@@@@1@23@@oe@2-2-2013
22453013@unknown@formal@none@1@S@Revenue amounted to $2.23 billion, up slightly from $2.15 billion.@@@@1@10@@oe@2-2-2013
22454001@unknown@formal@none@1@S@Walter Sisulu and the African National Congress came home yesterday.@@@@1@10@@oe@2-2-2013
22454002@unknown@formal@none@1@S@After 26 years in prison, Mr. Sisulu, the 77-year-old former secretary-general of the liberation movement, was dropped off at his house by a prison services' van just as the sun was coming up.@@@@1@33@@oe@2-2-2013
22454003@unknown@formal@none@1@S@At the same time, six ANC colleagues, five of whom were arrested with him in 1963 and sentenced to life imprisonment, were reunited with their families at various places around the country.@@@@1@32@@oe@2-2-2013
22454004@unknown@formal@none@1@S@And as the graying men returned to their homes, the ANC, outlawed in South Africa since 1960 and still considered to be the chief public enemy by the white government, defiantly returned to the streets of the country's black townships.@@@@1@40@@oe@2-2-2013
22454005@unknown@formal@none@1@S@A huge ANC flag, with black, green and gold stripes, was hoisted over the rickety gate at Mr. Sisulu's modest house, while on the street out front, boys displayed the ANC colors on their shirts, caps and scarves.@@@@1@38@@oe@2-2-2013
22454006@unknown@formal@none@1@S@At the small four-room home of Elias Motsoaledi, a leading ANC unionist and a former commander in the group's armed wing, Umkhonto we Sizwe, well-wishers stuck little ANC flags in their hair and a man tooted on an antelope horn wrapped in ANC ribbons.@@@@1@44@@oe@2-2-2013
22454007@unknown@formal@none@1@S@"I am happy to see the spirit of the people," said Mr. Sisulu, looking dapper in a new gray suit.@@@@1@20@@oe@2-2-2013
22454008@unknown@formal@none@1@S@As the crowd outside his home shouted "ANC, ANC," the old man shot his fists into the air.@@@@1@18@@oe@2-2-2013
22454009@unknown@formal@none@1@S@"I'm inspired by the mood of the people."@@@@1@8@@oe@2-2-2013
22454010@unknown@formal@none@1@S@Under the laws of the land, the ANC remains an illegal organization, and its headquarters are still in Lusaka, Zambia.@@@@1@20@@oe@2-2-2013
22454011@unknown@formal@none@1@S@But the unconditional release of the seven leaders, who once formed the intellectual and organizational core of the ANC, is a de facto unbanning of the movement and the rebirth of its internal wing.@@@@1@34@@oe@2-2-2013
22454012@unknown@formal@none@1@S@"The government can never put the ANC back into the bottle again," said Cassim Saloojee, a veteran anti-apartheid activist on hand to welcome Mr. Sisulu.@@@@1@25@@oe@2-2-2013
22454013@unknown@formal@none@1@S@"Things have gone too far for the government to stop them now.@@@@1@12@@oe@2-2-2013
22454014@unknown@formal@none@1@S@There's no turning back."@@@@1@4@@oe@2-2-2013
22454015@unknown@formal@none@1@S@There was certainly no stopping the tide of ANC emotion last night, when hundreds of people jammed into the Holy Cross Anglican Church in Soweto for what became the first ANC rally in the country in 30 years.@@@@1@38@@oe@2-2-2013
22454016@unknown@formal@none@1@S@Deafening chants of "ANC" and "Umkhonto we Sizwe" shook the church as the seven aging men vowed that the ANC would continue its fight against the government and the policies of racial segregation on all fronts, including the armed struggle.@@@@1@40@@oe@2-2-2013
22454017@unknown@formal@none@1@S@And they called on the government to release Nelson Mandela, the ANC's leading figure, who was jailed with them and remains in prison.@@@@1@23@@oe@2-2-2013
22454018@unknown@formal@none@1@S@Without him, said Mr. Sisulu, the freeing of the others "is only a half-measure."@@@@1@14@@oe@2-2-2013
22454019@unknown@formal@none@1@S@President F.W. de Klerk released the ANC men -- along with one of the founding members of the Pan Africanist Congress, a rival liberation group -- as part of his efforts to create a climate of trust and peace in which his government can begin negotiations with black leaders over a new constitution aimed at giving blacks a voice in national government.@@@@1@62@@oe@2-2-2013
22454020@unknown@formal@none@1@S@But Pretoria may instead be creating a climate for more turmoil and uncertainty in this racially divided country.@@@@1@18@@oe@2-2-2013
22454021@unknown@formal@none@1@S@As other repressive governments, particularly Poland and the Soviet Union, have recently discovered, initial steps to open up society can create a momentum for radical change that becomes difficult, if not impossible, to control.@@@@1@34@@oe@2-2-2013
22454022@unknown@formal@none@1@S@As the days go by, the South African government will be ever more hard pressed to justify the continued imprisonment of Mr. Mandela as well as the continued banning of the ANC and enforcement of the state of emergency.@@@@1@39@@oe@2-2-2013
22454023@unknown@formal@none@1@S@If it doesn't yield on these matters, and eventually begin talking directly to the ANC, the expectations and promise raised by yesterday's releases will turn to disillusionment and unrest.@@@@1@29@@oe@2-2-2013
22454024@unknown@formal@none@1@S@If it does, the large number of right-wing whites, who oppose any concessions to the black majority, will step up their agitation and threats to take matters into their own hands.@@@@1@31@@oe@2-2-2013
22454025@unknown@formal@none@1@S@The newly released ANC leaders also will be under enormous pressure.@@@@1@11@@oe@2-2-2013
22454026@unknown@formal@none@1@S@The government is watching closely to see if their presence in the townships leads to increased anti-government protests and violence; if it does, Pretoria will use this as a reason to keep Mr. Mandela behind bars.@@@@1@36@@oe@2-2-2013
22454027@unknown@formal@none@1@S@Pretoria hasn't forgotten why they were all sentenced to life imprisonment in the first place: for sabotage and conspiracy to overthrow the government.@@@@1@23@@oe@2-2-2013
22454028@unknown@formal@none@1@S@In addition, the government is figuring that the releases could create a split between the internal and external wings of the ANC and between the newly freed leaders and those activists who have emerged as leaders inside the country during their imprisonment.@@@@1@42@@oe@2-2-2013
22454029@unknown@formal@none@1@S@In order to head off any divisions, Mr. Mandela, in a meeting with his colleagues before they were released, instructed them to report to the ANC headquarters in Lusaka as soon as possible.@@@@1@33@@oe@2-2-2013
22454030@unknown@formal@none@1@S@The men also will be faced with bridging the generation gap between themselves and the country's many militant black youths, the so-called young lions who are anxious to see the old lions in action.@@@@1@34@@oe@2-2-2013
22454031@unknown@formal@none@1@S@Says Peter Mokaba, president of the South African Youth Congress: "We will be expecting them to act like leaders of the ANC."@@@@1@22@@oe@2-2-2013
22454032@unknown@formal@none@1@S@They never considered themselves to be anything else.@@@@1@8@@oe@2-2-2013
22454033@unknown@formal@none@1@S@At last night's rally, they called on their followers to be firm, yet disciplined, in their opposition to apartheid.@@@@1@19@@oe@2-2-2013
22454034@unknown@formal@none@1@S@"We emphasize discipline because we know that the government is very, very sensitive," said Andrew Mlangeni, another early Umkhonto leader who is now 63.@@@@1@24@@oe@2-2-2013
22454035@unknown@formal@none@1@S@"We want to see Nelson Mandela and all our comrades out of prison, and if we aren't disciplined we may not see them here with us.@@@@1@26@@oe@2-2-2013