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The complicated language in the huge new law has muddied the fight .
The Ways and Means Committee will hold a hearing on the bill next Tuesday .
This time around , they 're moving even faster .
Shearson Lehman Hutton Inc. by yesterday afternoon had already written new TV ads .
This time , the firms were ready .
Ad Notes ... .
ARNOLD ADVERTISING :
EDUCATION ADS :
`` I 'm for the Giants today , but only because they lost yesterday .
I love 'em both .
The above represents a triumph of either apathy or civility .
Not his autograph ; power-hitter McGwire 's .
They went a collective 5-for-24 here , with zero homers and ribbies .
`` That 's baseball .
Average shares outstanding dropped to 75.8 million from 82.1 million .
Now , would n't that be a novelty .
Phyllis Kyle Stephenson Newport News , Va .
By lunchtime , the selling was at near-panic fever .
So it went yesterday in the trading rooms of London 's financial district .
And it left mixed signals for London .
Red figures on the screens indicated falling stocks ; blue figures , rising stocks .
`` It 's very frustrating . ''
He temporarily abandoned his search for the Reuters shares .
we 're in for a lot of turbulence ... . ''
He was right .
By midday , the London market was in full retreat .
Conversation was subdued as most patrons watched the latest market statistics on television .
Suddenly , after about 45 minutes , the U.S. markets rallied .
As Wall Street strengthened , the London trading room went wild .
Traders shouted as their screens posted an ever-narrowing loss on Wall Street .
`` This is panic buying ! ''
Frank Tremdine
Work at Boeing continues with supervisors and other non-striking personnel manning the lines .
Under Kansas right-to-work laws , contracts can not require workers to be union members .
European investors have further reason for optimism today , after the U.S. rebound .
Share prices fell in Milan , Amsterdam , Zurich , Madrid and Stockholm .
FRANKFURT :
The index closed at 1385.72 , down 203.56 points .
Some of West Germany 's bluest chips took some of the biggest hits .
LONDON :
Volume was 959.3 million shares , more than triple recent levels .
PARIS :
J.P. Morgan & Co .
NCNB Corp .
Security Pacific Corp .
The loan growth offset continuing real-estate loan losses in the depressed Arizona market .
Non-interest expense grew only 4 % in the period .
Mrs. Hills said yesterday that the dispute-settlement panel rejected this Canadian government argument .
Idle Thought
-- May Richstone .
-- Dick Emmons .
BSN currently has 4.6 million common shares outstanding .
The market upheaval apparently has n't triggered any cash crunch -- yet .
`` That 's good news , because we all swim in this water . ''
But markets can operate with greater or lesser efficiency .
Options markets stopped trading in many securities .
The New York Stock Exchange , under its own rules , remained open .
As liquidity on that market weakened , prices fell sharply .
Traders can vary their strategies and execute their orders in any one of them .
A UNIFIED EUROPE poses labor problems and prospects for U.S. firms .
Many also use recruiting bonuses , tuition reimbursement , loan repayment or child-care help .
Some give lump-sum incentives .
It 's in their top five `` work values . ''
About 72 % reimburse for all or some losses .
The loss of more customers is the latest in a string of problems .
Reluctant Advertisers Try Soft-Sell Spots
But such spots can be too soft .
Retailer Sees Pitfalls In Environmental Push
But the chain is quickly realizing the pitfalls of such endorsements .
That does n't thrill Procter & Gamble Co. , maker of Cascade dishwasher detergent .
Odds and Ends
NEATNESS does count -- at least in the grocery store .
She has also served on several task forces on acquired immune deficiency syndrome .
The continuing series of HUD scandals is a sadly predictable result of pork-barrel politics .
There 's nothing unusual about business groups pushing for more government spending .
Yet on matters close to , er , home ...
`` We 've taken more than our fair share .
Indirect subsidies , through the FHA , for instance , are little better .
Mr. Bandow is a Cato Institute fellow .
Deal stocks led the market down as they absorbed the heaviest losses .
Hilton lost 20 % on Friday ; Paramount lost almost 11 % .
Absolutely not .
Not surprisingly , he sometimes bites .
The truth is , Washington understands politics better than economics .
The index slid 647.33 points , or 1.8 % , on Monday .
The day 's decline was generally in line with analysts ' weekend predictions .
Declining issues swamped advancers , 941-105 .
But volume was thin at 526.2 million shares , compared with 574.7 million Friday .
Thus , market participants yesterday were looking ahead nervously to Wall Street 's opening .
`` For us institutional investors , the chance for buying has come . ''
Other fund managers were similarly sanguine .
Bangkok , Manila , Seoul , Taipei and Jakarta escaped with slightly smaller losses .
Trading was heavy at about one billion shares , compared with 473.9 million Friday .
But volume rose only to 162 million shares from 143 million Friday .
The Financial Times 30-share index closed 79.3 points lower at 1738.7 .
Volume more than doubled to 959.3 million shares from 457.7 million Friday .
Prices on the Frankfurt Stock Exchange tumbled in heavy trading .
The percentage change is since year-end .
Not only Californians but all Americans would pay if this thing passed .
The proposed initiative would mandate a reduction of carbon dioxide of 40 % .
The key here is the ambition of state Attorney General John Van de Kamp .
He 's running for governor .
That 's also the day of the gubernatorial election .
And it allows Mr. Van de Kamp to get around campaign spending limits .
Of course the state 's liberals are not yet a nation unto themselves .
First , there was a death watch .
The Nasdaq OTC index closed down 6.31 to 460.98 .
It 's just a strange feeling .
But to traders , it looked like disaster on the 9:30 a.m. opening bell .
The Dow Jones Industrial Average opened down 1.64 shortly after 9:30 .
The program traders were in there , too , of course .
Trading in Walt Disney Co. particularly caught traders ' eyes .
The stock opened late at 114 1\/2 , down 8 1\/2 .
It was orderly .
We put some orders together .
There was n't a lot of panic selling , either domestically or internationally ... .
On the Big Board floor and on trading desks , traders yelped their approval .
But not everybody was making money .
Merck is one of the most important stocks in the Major Market Index .
And yesterday , the top performing industry group was oil field equipment issues .
Shares of three brokerage firms rose after they reported earnings .
Mr. Phelan expressed relief that the market rebounded yesterday .
They used their judgment .
They did n't panic during the first round of selling this morning .
Maybe they learned from experience . ''
Wall Street traders on Friday had complained about the trading suspensions .
James A. White and Sonja Steptoe contributed to this article .
`` But if you make a request , you should support the committee . ''
Congress previously cut six airports this year .
Senator Pete Domenici calls this effort `` the first gift of democracy . ''
There were n't any extraordinary items .
`` It was a pretty wild day .
In fact , some economists contend that the latest easing started last week .
The reversal was even more evident among shorter-term Treasury securities .
Investment-grade corporate bonds , mortgage-backed securities and municipal bonds also fell .
But as Japanese stocks rebounded , Treasurys retreated and ended just modestly higher .
It could do damage to us . ''
`` We have a couple or three tough weeks coming . ''
Treasury Securities
Prices of Treasury bonds tumbled in moderate to active trading .
The yield on the benchmark issue rose to 7.97 % from 7.82 % .
Short-term interest rates fell yesterday at the government 's weekly Treasury bill auction .
Here are auction details :
Thus , higher bidding narrows the investor 's return while lower bidding widens it .
Corporate Issues
Investment-grade corporate bonds ended one to 1 1\/2 point lower .
There were no new issues .
Foreign Bonds
Foreign bonds surged as the dollar weakened against most major currencies .
The yield was 5.245 % .
Mortgage-Backed Securities
On Friday , mortgage issues gained as much as 1 5\/32 .
There was no new-issue activity in the derivative market .
Professionals dominated municipal trading throughout the session .
Serial bond yields were up about 0.05 percentage point .
Sales surged 40 % to 250.17 billion yen from 178.61 billion .
Net income rose 11 % to 29.62 billion yen from 26.68 billion .
Domestic leisure sales , however , were lower .
Both of the New York-based companies print stock certificates and currency .
The old and revised numbers both include over-allotment provisions .
Goldman , Sachs & Co. , and Drexel Burnham Lambert Inc. are lead underwriters .
Mr. Goldberg is the sole general partner in Rose Partners .
A. manual typewriters , B. black-and-white snapshots , C. radio adventure shows .
If you guessed black-and-white snapshots , you 're right .
And black-and-white photography classes are crowded with students .
Processing of black-and-white commercial film jumped 24 % last year to 18.7 million rolls .
Portrait studios have also latched onto the trend .
I show it to my friends , and they all say ` wow . '
It is n't ordinary like color . ''
One big obstacle is that few drugstores develop the film anymore .
But for photofinishers , developing costs for black-and-white film are higher .
Other companies are introducing related products .
`` The color print today is far superior to prints of 10 years ago .
You ca n't say the same with black and white . ''
`` That 's the appeal .
It also rose last Friday , while the stock market sagged .
The acquisition strengthens BSN 's position in the European pasta market .
The dollar also rebounded , while bond prices plummeted and Treasury bill rates soared .
Junk bonds also recovered somewhat , though trading remained stalled .
Gold also rose .
The dollar also moved higher in Tokyo .
Analysts are downbeat about IBM 's outlook for the next few quarters .
Merrill Lynch 's profit slid 37 % in the third quarter .
The moves may help the firm solidify its dominance of the U.S. temporary-help market .
NCNB 's profit more than doubled .
Markets --
Stocks : Volume 416,290,000 shares .
Bonds : Shearson Lehman Hutton Treasury index 3393.51 , off
Dollar : 141.85 yen , off 0.25 ; 1.8685 marks , off 0.0055 .
Monday , October 16 , 1989
PRIME RATE : 10 1\/2 % .
The base rate on corporate loans at large U.S. money center commercial banks .
DISCOUNT RATE : 7 % .
The charge on loans to depository institutions by the New York Federal Reserve Bank .
The charge on loans to brokers on stock exchange collateral .
Negotiable , bank-backed business credit instruments typically financing an import order .
These rate indications are n't directly comparable ; lending practices vary widely by location .
Source : Telerate Systems Inc .
Source : Telerate Systems Inc .
MERRILL LYNCH READY ASSETS TRUST : 8.49 % .
SHV also owns 40 % of Calor .
The group consists of Weslock Corp. and JPI Modern Inc .
An American journalist now is standing trial in Namibia .
The most likely winner will be the Marxist-dominated SWAPO rebels .
Both South African and SWAPO extremists are intimidating voters .
Yesterday , the stock market 's influence at first created nervousness .
Trading in cotton and sugar was nervous and showed small declines .
In Chicago , grain and soybean prices rose slightly .
Silver performed quietly .
ENERGY :
COPPER :
London Metal Exchange copper inventories last week declined 13,575 tons , to 89,300 tons .
COTTON :
SUGAR :
Futures prices declined .
The March contract was off 0.32 cent a pound at 13.97 cents .
FARM PRODUCTS :
Earlier in the session , the prices of several soybean contracts set new lows .
The utility company currently has about 82.1 million shares outstanding .
Morgan Stanley & Co. will act as the exclusive broker for the repurchase .
The ratification follows a 23-day strike against the Philadelphia-based company .
The unions and the company last week agreed to mediation .
The CWA represents 40,000 Nynex workers and the IBEW represents 20,000 workers .
For the moment , at least , euphoria has replaced anxiety on Wall Street .
Many went bargain-hunting .
At first , it seemed as if history might repeat itself .
It ended with a gain of 88.12 points .
World-wide , trading was generally manageable .
Many other factors played a part in yesterday 's comeback .
The relative calm in Tokyo proved little comfort to markets opening up in Europe .
The screen was a sea of red .
By 9:45 , the industrial average had dropped 27 points .
By 10 a.m. , it was down 49 .
Shearson 's London trading room went wild .
`` This is panic buying . ''
German and Dutch investors reportedly loaded up on Kellogg Co .
Not everybody was making money .
The public is still cautious .
EAST GERMANS RALLIED as officials reportedly sought Honecker 's ouster .
Police did n't intervene .
Mubarak held reconciliation talks with Gadhafi at the Egyptian resort of Mersa Metruh .
It was the Libyan leader 's first trip to Egypt in 16 years .
Such family reunions would be the second since 1945 .
At Applied , Mr. Sim set growth as his first objective .