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consumers may want to move their telephones a little closer to the tv set
<unk> <unk> watching abc 's monday night football can now vote during <unk> for the greatest play in N years from among four or five <unk> <unk>
two weeks ago viewers of several nbc <unk> consumer segments started calling a N number for advice on various <unk> issues
and the new syndicated reality show hard copy records viewers ' opinions for possible airing on the next day 's show
interactive telephone technology has taken a new leap in <unk> and television programmers are racing to exploit the possibilities
eventually viewers may grow <unk> with the technology and <unk> the cost
but right now programmers are figuring that viewers who are busy dialing up a range of services may put down their <unk> control <unk> and stay <unk>
we 've been spending a lot of time in los angeles talking to tv production people says mike parks president of call interactive which supplied technology for both abc sports and nbc 's consumer minutes
with the competitiveness of the television market these days everyone is looking for a way to get viewers more excited
one of the leaders behind the expanded use of N numbers is call interactive a joint venture of giants american express co. and american telephone & telegraph co
formed in august the venture <unk> at&t 's newly expanded N service with N <unk> computers in american express 's omaha neb. service center
other long-distance carriers have also begun marketing enhanced N service and special consultants are <unk> up to exploit the new tool
blair entertainment a new york firm that advises tv stations and sells ads for them has just formed a subsidiary N blair to apply the technology to television
the use of N toll numbers has been expanding rapidly in recent years
for a while <unk> <unk> lines and services that <unk> children to dial and <unk> movie or music information earned the service a somewhat <unk> image but new legal restrictions are aimed at trimming excesses
the cost of a N call is set by the <unk> abc sports for example with the cheapest starting at N cents
billing is included in a caller 's regular phone bill
from the fee the local phone company and the long-distance carrier extract their costs to carry the call passing the rest of the money to the <unk> which must cover advertising and other costs
in recent months the technology has become more flexible and able to handle much more volume
before callers of N numbers would just listen and not talk or they 'd vote yes or no by calling one of two numbers
people in the phone business call this technology N <unk>
now callers are led through complex <unk> of choices to retrieve information they want and the hardware can process N calls in N seconds
up to now N numbers have mainly been used on local tv stations and cable channels
<unk> used one to give away the house that rock star jon <unk> <unk> grew up in
for several years turner broadcasting system 's cable news network has invited viewers to respond <unk> to <unk> issues should the u.s. military intervene in panama but even the hottest <unk> on <unk> <unk> only about N calls
the newest uses of the <unk> technology demonstrate the growing variety of applications
capital cities\/abc inc. cbs inc. and general electric co. 's national broadcasting co. unit are expected to announce soon a joint campaign to raise awareness about <unk>
the subject will be written into the <unk> of prime-time shows and viewers will be given a N number to call
callers will be sent educational booklets and the call 's modest cost will be an immediate method of raising money
other network applications have very different goals
abc sports was looking for ways to lift <unk> <unk> ratings for monday night football
kurt <unk> abc sports 's marketing director says that now tens of thousands of fans call its N number each week to vote for the best <unk> return <unk> <unk> etc
profit from the calls goes to charity but abc sports also uses the calls as a sales tool after <unk> callers for voting frank <unk> offers a football <unk> for $ N and N N of callers stay on the line to order it
jackets may be sold next
meanwhile nbc sports recently began scores plus a <unk> 24-hour N line providing a complex array of scores analysis and fan news
a spokesman said its purpose is to bolster the impression that nbc sports is always there for people
nbc 's <unk> consumer minutes have increased advertiser spending during the day the network 's weakest period
each <unk> matches a sponsor and a topic on <unk> unilever n.v. 's <unk> bros. sponsors tips on diet and exercise followed by a <unk> <unk> bros. commercial
viewers can call a N number for additional advice which will be tailored to their needs based on the numbers they <unk> press one if you 're pregnant etc
if the caller stays on the line and leaves a name and address for the sponsor coupons and a newsletter will be <unk> and the sponsor will be able to gather a list of desirable potential customers
<unk> <unk> an <unk> vice president says nbc has been able to charge premium rates for this ad time
she would n't say what the premium is but it 's believed to be about N N above regular <unk> rates
we were able to get advertisers to use their promotion budget for this because they get a chance to do <unk> says ms. <unk>
and we were able to attract some new advertisers because this is something new
mr. parks of call interactive says tv executives are considering the use of N numbers for talk shows game shows news and opinion surveys
experts are predicting a big influx of new shows in N when a service called automatic number information will become widely available
this service <unk> each caller 's phone number and it can be used to generate instant mailing lists
hard copy the new syndicated tabloid show from paramount pictures will use its N number for additional purposes that include research says executive producer mark b. von s. <unk>
for a piece on local heroes of world war ii we can ask people to leave the name and number of anyone they know who won a <unk> he says
that 'll save us time and get people involved
but mr. <unk> sees much bigger changes ahead
these are just baby steps toward real interactive video which i believe will be the biggest thing yet to affect television he says
although it would be costly to shoot multiple versions tv programmers could let audiences vote on different <unk> for a movie
fox broadcasting <unk> with this concept last year when viewers of married with children voted on whether al should say i love you to <unk> on <unk> 's day
someday viewers may also choose different <unk> of news coverage
a <unk> by phone could let you decide i 'm interested in just the beginning of story no. N and i want story no. N in <unk> mr. <unk> says
you 'll start to see shows where viewers program the program
integrated resources inc. the troubled financial-services company that has been trying to sell its core companies to restructure debt said talks with a potential buyer ended
integrated did n't identify the party or say why the talks failed
last week another potential buyer <unk> financial group which had agreed in august to purchase most of integrated 's core companies for $ N million ended talks with integrated
integrated said that it would continue to pursue other alternatives to sell the five core companies and that a group of senior executives plans to make a proposal to purchase three of the companies integrated resources equity corp. resources trust co. and integrated resources asset management corp
a price was n't disclosed
integrated also said it expects to report a second-quarter loss wider than the earlier estimate of about $ N million
the company did n't disclose the new estimate but said the change was related to integrated 's failure to sell its core businesses as well as other events which it did n't detail that occurred after its announcement last week that it was in talks with the unidentified prospective buyer
meanwhile a number of top sales producers from integrated resources equity will meet this afternoon in chicago to discuss their options
the unit is a <unk> constructed group of about N independent brokers and financial planners who sell insurance annuities limited partnerships mutual funds and other investments for integrated and other firms
the sales force is viewed as a critical asset in integrated 's attempt to sell its core companies
<unk> cited concerns about how long integrated would be able to hold together the sales force as one reason its talks with integrated failed
in composite trading on the new york stock exchange yesterday integrated closed at $ N a share down N cents
integrated has been struggling to avoid a bankruptcy-law filing since june when it failed to make interest payments on nearly $ N billion of debt
integrated senior and junior creditors are owed a total of about $ N billion
an earthquake struck northern california killing more than N people
the violent temblor which lasted about N seconds and registered N on the richter scale also caused the collapse of a <unk> section of the san <unk> bay bridge and shook candlestick park
the tremor was centered near <unk> southeast of san francisco and was felt as far as N miles away
numerous injuries were reported
some buildings collapsed gas and water lines <unk> and fires <unk>
the quake which also caused damage in san jose and berkeley knocked out electricity and telephones <unk> roadways and disrupted subway service in the bay area
major injuries were n't reported at candlestick park where the third game of baseball 's world series was canceled and fans <unk> from the stadium
bush vowed to veto a bill allowing federal financing for abortions in cases of rape and incest saying tax dollars should n't be used to compound a violent act with the taking of an <unk> life
his pledge in a letter to democratic sen. byrd came ahead of an expected senate vote on spending legislation containing the provision
east germany 's politburo met amid speculation that the ruling body would oust hard-line leader honecker whose rule has been challenged by mass emigration and calls for democratic freedoms
meanwhile about N refugees flew to <unk> west germany from warsaw the first <unk> in east germany 's <unk> exodus
the world psychiatric association voted at an <unk> <unk> to <unk> <unk> the soviet union
moscow which left the group in N to avoid <unk> over allegations that political <unk> were being certified as <unk> could be suspended if the <unk> of <unk> against <unk> is discovered during a review within a year
nasa postponed the <unk> of the space shuttle atlantis because of rain near the site of the launch <unk> in <unk> <unk> fla
the flight was <unk> for today
the spacecraft 's five <unk> are to <unk> the <unk> galileo space probe on an <unk> mission to jupiter
senate democratic leaders said they had enough votes to defeat a proposed constitutional amendment to ban flag burning
the amendment is aimed at <unk> a supreme court ruling that threw out the conviction of a texas <unk> on grounds that his freedom of speech was violated
federal researchers said lung-cancer mortality rates for people under N years of age have begun to decline particularly for white males
the national cancer institute also projected that overall u.s. mortality rates from lung cancer should begin to drop in several years if cigarette smoking continues to <unk>
bush met with south korean president roh who indicated that seoul plans to further ease trade rules to ensure that its economy becomes as open as the other industrialized nations by the mid-1990s
bush assured roh that the u.s. would stand by its security commitments as long as there is a threat from communist north korea
the bush administration is seeking an understanding with congress to ease restrictions on u.s. involvement in foreign coups that might result in the death of a country 's leader
a white house spokesman said that while bush would n't alter a longstanding ban on such involvement there 's a <unk> needed on its interpretation
india 's gandhi called for parliamentary elections next month
the balloting considered a test for the prime minister and the ruling congress i party comes amid charges of <unk> leadership and government corruption
gandhi 's family has ruled independent india for all but five years of its <unk> history
the soviet union <unk> from a u.n. general assembly vote to reject israel 's credentials
it was the first time in seven years that moscow has n't joined efforts led by <unk> nations to <unk> israel from the world body and was viewed as a sign of improving <unk> ties
israel was <unk> by a vote of N with N <unk>
black activist walter sisulu said the african national congress would n't reject violence as a way to pressure the south african government into concessions that might lead to negotiations over apartheid
the <unk> sisulu was among eight black political activists freed sunday from prison
london has concluded that <unk> president <unk> was n't responsible for the execution of six british <unk> in world war ii although he probably was aware of the <unk>
the report by the defense ministry also rejected allegations that britain covered up evidence of <unk> 's activities as a german army officer
an international group approved a formal ban on ivory trade despite objections from southern african governments which threatened to find alternative channels for selling elephant <unk>
the move by the convention on trade in endangered <unk> meeting in switzerland places the elephant on the <unk> list
an <unk> in colombia killed a federal judge on a <unk> street
an <unk> caller to a local radio station said cocaine traffickers had <unk> the <unk> in <unk> for the <unk> of <unk> wanted on drug charges in the u.s.
<unk> leader <unk> met with egypt 's president <unk> and the two officials pledged to respect each other 's laws security and stability
they stopped short of <unk> diplomatic ties <unk> in N
the reconciliation talks in the <unk> desert town of <unk> followed a meeting monday in the egyptian resort of <unk> <unk>
<unk> group inc. revised its exchange offer for $ N million face amount of N N senior subordinated debt due N and extended the offer to oct. N from oct. N
the <unk> n.j. company said holders would receive for each $ N face amount $ N face amount of a new issue of secured senior subordinated notes convertible into common stock at an initial rate of $ N a share and N common shares
the new notes will bear interest at N N through july N N and thereafter at N N
under the original proposal the maker of specialty coatings and a developer of <unk> technologies offered $ N of notes due N N common shares and $ N in cash for each $ N face amount
completion of the exchange offer is subject to the tender of at least N N of the debt among other things
<unk> which said it does n't plan to further extend the offer said it received $ N face amount of debt under the original offer
the stock of ual corp. continued to be <unk> amid signs that british airways may <unk> at any <unk> <unk> of the aborted $ N billion buy-out of united airlines ' parent
ual stock plummeted a further $ N to $ N on volume of more than N million shares in new york stock exchange composite trading
the plunge followed a drop of $ N monday amid indications the takeover may take weeks to be revived
the stock has fallen $ N or N N in the three trading days since announcement of the collapse of the $ 300-a-share takeover jolted the entire stock market into its <unk> plunge ever
this is a total <unk> for takeover-stock traders one investment banker said
los angeles financier marvin davis who put united in play with a $ N billion bid two months ago last night <unk> both a ray of hope and an extra element of uncertainty by saying he remains interested in acquiring ual
but he dropped his earlier $ 300-a-share <unk> bid saying he must first explore bank financing
even as citicorp and chase manhattan corp. scrambled to line up bank financing for a revised version of the <unk> labor-management bid british airways a N N partner in the buying group indicated it wants to start from <unk>
its partners are united 's pilots who were to own N N and ual management at N N
adding <unk> to injury united 's <unk> machinists ' union which helped scuttle financing for the first bid yesterday asked ual chairman stephen wolf and other ual directors to resign
a similar demand was made by a group that represents some of united 's N <unk> employees
john <unk> machinists union general vice president attacked mr. wolf as greedy and irresponsible for pursuing the buy-out
although mr. wolf and john pope ual 's chief financial officer stood to <unk> $ N million for stock and options in the buy-out ual executives planned to reinvest only $ N million in the new company
the blue-collar machinists longtime rivals of the white-collar pilots say the <unk> would load the company with debt and weaken its finances
confusion about the two banks ' <unk> efforts to round up financing for a new bid that the ual board has n't even seen yet helped send ual stock <unk> downward
and rumors of forced selling by takeover-stock traders triggered a <unk> <unk> in the dow jones industrial average around N a.m. edt yesterday
yesterday 's selling began after a japanese news agency reported that japanese banks which balked at the first bid were ready to reject a revised version at around $ N a share or $ N billion
several reports as the day <unk> gave vague or <unk> indications about whether banks would sign up
citicorp for example said only that it had <unk> of interest of a transaction from both the borrowers and the banks but did n't have an agreement
late in the day mr. wolf issued a <unk> statement calling mr. <unk> 's blast divisive and <unk> for
but he gave few details on the progress toward a new bid saying only we are working toward a revised proposal for majority employee ownership
meanwhile in another sign that a new bid is n't imminent it was learned that the ual board held a telephone meeting monday to hear an update on the situation but that a formal board meeting is n't likely to be <unk> until early next week
in london british airways chairman lord king was quoted in the times as declaring he is not prepared to take my shareholders into a <unk> deal
observers said it appeared that british air was angered at the way the bid has <unk> into confusion as well as by the banks ' effort to round up financing for what one called a deal that is n't a deal
the effort to revive the bid was complicated by the <unk> nature of the <unk> buying group
the pilots were meeting outside chicago yesterday
but british air which was to have supplied $ N million out of $ N million in equity financing apparently was n't involved in the second proposal and could well reject it even if banks obtain financing
a group of united 's <unk> employees said in a statement the fact that wolf and other officers were going to line their pockets with literally millions of dollars while <unk> severe pay cuts on the <unk> employees of united is not only <unk> but <unk>
the machinists also asked for an investigation by the securities and exchange commission into possible <unk> violations in the original bid for ual by mr. davis as well as in the response by ual
last week just before the bank commitments were due the union asked the u.s. labor department to study whether the bid violated legal standards of fairness governing employee investment funds
in his statement mr. wolf said we continue to believe our approach is sound and that it is far better for all employees than the alternative of having an outsider own the company with employees paying for it just the same
mr. wolf has <unk> merger advice from a major wall street securities firm relying instead only on a takeover lawyer peter <unk> of <unk> <unk> slate <unk> & flom
the huge drop in ual stock prompted one takeover stock trader george <unk> managing partner of <unk> <unk> & co. to deny publicly rumors that his firm was going out of business
mr. <unk> said that despite losses on ual stock his firm 's health is excellent
the stock 's decline also has left the ual board in a <unk>
although it may not be legally obligated to sell the company if the buy-out group ca n't revive its bid it may have to explore alternatives if the buyers come back with a bid much lower than the group 's original $ 300-a-share proposal
at a meeting sept. N to consider the labor-management bid the board also was informed by its investment adviser first boston corp. of interest expressed by buy-out funds including kohlberg kravis roberts & co. and <unk> little & co. as well as by robert bass morgan stanley 's buy-out fund and pan am corp
the takeover-stock traders were hoping that mr. davis or one of the other interested parties might <unk> with the situation in disarray or that the board might consider a recapitalization
meanwhile japanese bankers said they were still <unk> about accepting citicorp 's latest proposal
macmillan inc. said it plans a public offering of N million shares of its berlitz international inc. unit at $ N to $ N a share
the offering for the language school unit was announced by robert maxwell chairman and chief executive officer of london-based maxwell communication corp. which owns macmillan
after the offering is completed macmillan will own about N N of the berlitz common stock outstanding
five million shares will be offered in the u.s. and N million additional shares will be offered in <unk> international offerings outside the u.s.
goldman sachs & co. will manage the offering
macmillan said berlitz intends to pay quarterly dividends on the stock
the company said it expects to pay the first dividend of N cents a share in the N first quarter
berlitz will borrow an amount equal to its expected net proceeds from the offerings plus $ N million in connection with a credit agreement with lenders
the total borrowing will be about $ N million the company said
proceeds from the borrowings under the credit agreement will be used to pay an $ N million cash dividend to macmillan and to lend the remainder of about $ N million to maxwell communications in connection with a <unk> note
proceeds from the offering will be used to repay borrowings under the short-term parts of a credit agreement
berlitz which is based in princeton n.j. provides language instruction and translation services through more than N language centers in N countries
in the past five years more than N N of its sales have been outside the u.s.
macmillan has owned berlitz since N
in the first six months of this year berlitz posted net income of $ N million on sales of $ N million compared with net income of $ N million on sales of $ N million
right away you notice the following things about a philip glass concert
it attracts people with funny hair or with no hair in front of me a girl with <unk> <unk> sat <unk> a boy who had <unk> his
whoever constitute the local left bank come out in force dressed in black along with a <unk> of <unk> who want to be on the cutting edge
people in glass houses tend to look <unk>
and if still <unk> at the evening 's end you notice something else the audience at first <unk> and <unk> by the music releases its <unk> feelings in collective <unk>
currently in the middle of a <unk> <unk> tour as a solo <unk> mr. glass has left behind his <unk> equipment and <unk> in favor of going it alone
he sits down at the piano and plays
and plays
either one likes it or one does n't
the typical glass audience which is more likely to be composed of music students than their teachers certainly does
the work though sounds like <unk> for <unk>
philip glass is the <unk> and his music the new clothes of the <unk>
his success is easy to understand
<unk> introducing and explaining his pieces mr. glass looks and sounds more like a <unk> <unk> describing his work than a classical <unk> playing a recital
the piano <unk> which have been labeled <unk> as <unk> <unk> <unk> cyclical <unk> and <unk> are <unk> <unk> therefore <unk> <unk> <unk> therefore <unk> and <unk> <unk> but <unk> therefore both pretty and <unk>
it is music for people who want to hear something different but do n't want to work especially hard at the task
it is <unk> listening for the now generation
mr. glass has <unk> the famous <unk> <unk> less is more
his more is always less
far from being <unk> the music <unk> <unk> us with apparent <unk> not so <unk> <unk> in the <unk> of N time <unk> <unk> and <unk> or <unk> <unk> <unk>
but the music has its <unk> and mr. glass has constructed his solo program around a move from the simple to the relatively complex
opening N from <unk> <unk> the audience to the glass technique never <unk> too far from the piano 's center mr. glass works in the two <unk> on either side of middle c and his fingers seldom leave the <unk>
there is a <unk> musical style here but not a particular performance style
the music is not especially <unk> indeed it 's hard to imagine a bad performance of it
nothing <unk> no <unk> no <unk> <unk> problems challenge the performer
we hear we may think inner voices but they all seem to be saying the same thing
with planet news music meant to <unk> <unk> of allen <unk> 's wichita <unk> <unk> mr. glass gets going
his hands sit <unk> apart on the <unk>
seventh <unk> make you feel as though he may break into a very slow <unk> <unk>
the <unk> <unk> but there is little <unk> even though his fingers begin to <unk> over more of the <unk>
contrasts predictably <unk> first the music is loud then it becomes soft then you realize it becomes <unk> again
the fourth <unk> play an <unk> from <unk> on the beach is like a <unk> but it does n't seem to move much beyond its <unk> ground in three blind mice
when mr. glass decides to get really fancy he <unk> his hands and hits a <unk> bass note with his right hand
he does this in at least three of his solo pieces
you might call it a <unk> or a <unk> <unk>
in mad rush which came from a commission to write a piece of <unk> length mr. glass <unk> and <unk> confessed that this was no problem for me an a <unk> with a b section several times before the piece ends <unk>
not only is the typical <unk> <unk> it is also often multiple in its context s
mad rush began its life as the <unk> to the <unk> lama 's first public address in the u.s. when mr. glass played it on the <unk> at new york 's <unk> of st. john the <unk>
later it was performed on radio <unk> in germany and then <unk> <unk> took it for one of her dance pieces
the point is that any piece can be used as background music for virtually anything
the evening ended with mr. glass 's <unk> another multiple work
parts N N and N come from the <unk> of <unk> morris 's <unk> film the thin blue line and the two other parts from <unk> music to two separate <unk> of the <unk> story of the same name
when used as background in this way the music has an appropriate <unk> as when a <unk> phrase a <unk> minor third <unk> the seemingly endless <unk> of reports interviews and <unk> of witnesses in the morris film
served up as a solo however the music lacks the <unk> provided by a context within another medium
<unk> of mr. glass may agree with the critic richard <unk> 's sense that the N music in twelve parts is as <unk> and <unk> as the <unk> <unk>
but while making the obvious point that both <unk> develop variations from themes this comparison <unk> the intensely <unk> nature of mr. glass 's music
its supposedly <unk> <unk> <unk> a <unk> that makes one <unk> for the <unk> of <unk> <unk> the <unk> radical <unk> of <unk> and <unk> and what in <unk> even seems like <unk> in <unk>
mr. <unk> is professor of english at southern <unk> university and editor of the southwest review
honeywell inc. said it hopes to complete shortly the first of two sales of shares in its japanese joint venture <unk> for about $ N million
the company would n't disclose the buyer of the initial N N stake
proceeds of the sale expected to be completed next week would be used to repurchase as many as N million shares of honeywell stock the company said
honeywell said it is negotiating the sale of a second stake in <unk> but indicated it intends to hold at least N N of the joint venture 's stock long term
a N N stake would allow honeywell to include <unk> earnings in its results
honeywell previously said it intended to reduce its holding in the japanese concern as part of a restructuring plan which also calls for a reduction of <unk> on weapons sales
yesterday a spokeswoman said the company was pleased with our progress in that regard and hopes to provide additional details soon
honeywell said its defense and marine systems group incurred delays in shipping some undisclosed contracts during the third quarter resulting in lower operating profit for that business
overall honeywell reported earnings of $ N million or $ N a share for the three months ended oct. N compared with a loss of $ N million or N cents a share a year earlier
the previous period 's results included a $ N million pretax charge related to <unk> contract costs and a $ N million pretax gain on real estate sales
sales for the latest quarter were flat at $ N billion
for the nine months honeywell reported earnings of $ N million or $ N a share compared with earnings of $ N million or $ N a share a year earlier
sales declined slightly to $ N billion
once again your editorial page <unk> the law to conform to your almost <unk> <unk>
in an <unk> of little <unk> to his central point about private enforcement suits by environmental groups michael s. <unk> <unk> your readers the clean water act is written upon the <unk> the <unk> rather that nothing but zero risk will do it <unk> a legal standard of zero <unk> <unk> environmental <unk> sept. N
this statement surely <unk> your editorial viewpoint that environmental protection is generally silly or excessive but it is simply wrong
the clean water act contains no legal standard of zero <unk>
it requires that <unk> of <unk> into the waters of the united states be authorized by permits that reflect the <unk> limitations developed under section N
whatever may be the problems with this system it <unk> reflects zero risk or zero <unk>
perhaps mr. <unk> was confused by congress 's <unk> statement of the national goal in section N which indeed calls for the elimination of <unk> by N no less
this <unk> statement was not taken seriously when enacted in N and should not now be confused with the <unk> provisions of the statute
thus you do the public a great <unk> when mr. <unk> suggests even <unk> that the clean water act prohibits the preparation of a <unk> and water your <unk> readers may be led to believe that nothing but chance or oversight protects them as they <unk> in the night with their <unk> and waters from the <unk> knock of the sierra club at their doors
robert j. <unk>
national geographic the <unk> u.s. magazine is attracting more readers than ever and offers the glossy <unk> pages that upscale advertisers love
so why did advertising pages plunge by almost N N and ad revenue by N N in the first half
to hear advertisers tell it the magazine just has n't kept up with the times
despite renewed interest by the public in such topics as the environment and the third world it has n't been able to shake its reputation as a magazine boys like to <unk> through in search of <unk> tribe women
worse it lagged behind competitors in offering <unk> <unk> from regional editions to discounts for frequent advertisers
but now the magazine is attempting to fight back with an ambitious plan including a revamped sales strategy and a surprisingly aggressive ad campaign
advertisers do n't think of the magazine first says joan <unk> who joined in april as national advertising director
what we want to do is take a more aggressive stance
people did n't believe we were in tune with the marketplace and in many ways we were n't
the <unk> magazine has never had to woo advertisers with quite so much <unk> before
it largely <unk> on its <unk> <unk> N million subscribers in the first half up from N million a year ago an average age of N for readers at the <unk> of their <unk> years loyalty to the tune of an N N average subscription renewal rate
the magazine had its best year yet in N when it <unk> its centennial and racked up a N N gain in ad pages to N
but this year when the <unk> surrounding its centennial died so too did some advertiser interest
the reason ad executives say is that the entire magazine business has been soft and national geographic has some <unk> that make it especially <unk> during a soft market
perhaps the biggest of those factors is its high ad prices $ N for a <unk> page vs. $ N for the <unk> a comparable publication with a far smaller circulation
when ad dollars are tight the high page cost is a major <unk> for advertisers who generally want to appear regularly in a publication or not at all
even though national geographic offers far more readers than does a magazine like <unk> the page costs you an arm and a leg to develop any frequency says harry glass new york media manager for bozell inc
to combat that problem national geographic like other magazines began offering regional editions allowing advertisers to appear in only a portion of its magazines for example ads can run only in the magazines sent to subscribers in the largest N markets
but the magazine was slower than its competitors to come up with its regional editions and until last year offered fewer of them than did competitors
time magazine for example has more than N separate editions going to different regions top management and other groups
another sticking point for advertisers was national geographic 's tradition of <unk> its ads together usually at the beginning or end of the magazine rather than spreading ads out among its articles as most magazines do
and national geographic 's <unk> size means extra production costs for advertisers
but ms. <unk> says the magazine is fighting back
it now offers N regional editions it very recently began running ads adjacent to articles and it has been <unk> up its sales force
and it just launched a promotional campaign to tell chief executives marketing directors and media executives just that
the centerpiece of the promotion is its new ad campaign into which the magazine will pour about $ N mostly in the next few weeks
the campaign created by <unk> group 's ddb needham agency takes advantage of the <unk> photography that national geographic is known for
in one ad a photo of the interior of the <unk> in paris is <unk> with the headline the only book more respected than <unk> does n't accept advertising
another ad pictures a tree <unk> magnified N times with the headline for impact far beyond your size consider our regional editions
ms. <unk> says she wants the campaign to help attract advertisers in N categories including corporate financial services consumer electronics insurance and food
her goal to top N ad pages in N up from about N this year
whether she can meet that ambitious goal is still far from certain
the ad campaign is meant to <unk> the thought of national geographic she says
we want it to be a <unk> kind of image
wcrs plans <unk> sale
wcrs group hopes to announce perhaps today an agreement to sell the majority of its ad unit to <unk> eurocom a european ad executive said
wcrs has been in discussions with eurocom for several months
however when negotiations <unk> down recently wcrs 's chief executive peter scott met in paris with another french firm <unk> <unk> <unk> <unk> or <unk>
according to the executive <unk> 's involvement prompted renewed <unk> in the <unk> talks and the two agencies were hoping to <unk> out details by today
executives of the two agencies could n't be reached last night
ad notes
new account procter & gamble co. cincinnati awarded the ad accounts for its line of professional <unk> <unk> <unk> and oil products to <unk> <unk> <unk> cincinnati
billings were n't disclosed
professional <unk> products are specially made for the <unk> industry
who 's news stephen <unk> N was named executive vice president deputy creative director at grey advertising new york
he was executive vice president director of broadcast production
the commodity futures trading commission plans to restrict dual trading on commodity exchanges a move almost certain to <unk> exchange officials and traders
the cftc said it will propose the restrictions after the release of a study that shows little economic benefit resulting from dual trading and cites problems associated with the practice
dual trading gives an exchange trader the right to trade both for his own account and for customers
the issue exploded this year after a federal bureau of investigation operation led to charges of widespread trading abuses at the chicago board of trade and chicago mercantile exchange
while not specifically mentioned in the fbi charges dual trading became a focus of attempts to tighten industry regulations
critics contend that traders were putting buying or selling for their own accounts ahead of other traders ' customer orders
traders are likely to oppose such restrictions because dual trading provides a way to make money in slower markets where there is a shortage of customer orders
the exchanges contend that dual trading improves liquidity in the markets because traders can buy or sell even when they do n't have a customer order in hand
the exchanges say liquidity becomes a severe problem for <unk> traded contracts such as those with a long time remaining before expiration
the cftc may take those arguments into account by allowing exceptions to its restrictions
the agency did n't cite specific situations where dual trading might be allowed but smaller exchanges or contracts that need additional liquidity are expected to be among them
wendy <unk> the agency 's chairman told the senate agriculture committee that she expects the study to be released within two weeks and the rule changes to be completed by <unk>
the study by the cftc 's division of economic analysis shows that a trade is a trade a member of the study team said
whether a trade is done on a dual or <unk> basis the member said does n't seem to have much economic impact
currently most traders on commodity exchanges specialize in trading either for customer accounts which makes them brokers or for their own accounts as <unk> <unk>
the tests indicate that dual and <unk> traders are similar in terms of the trade executions and liquidity they provide to the market mrs. <unk> told the senate panel
members of congress have proposed restricting dual trading in bills to <unk> cftc operations
the house 's bill would prohibit dual trading in markets with daily average volume of N contracts or more <unk> those considered too difficult to track without a sophisticated computer system
the senate bill would force the cftc to suspend dual trading if an exchange ca n't show that its oversight system can detect <unk> abuses
so far one test of restricting dual trading has worked well
the chicago merc banned dual trading in its standard & poor 's 500-stock index futures pit in N
under the rules traders decide before a session begins whether they will trade for their own account or for customers
traders who stand on the pit 's top step where most customer orders are executed ca n't trade for themselves
a merc spokesman said the plan has n't made much difference in liquidity in the pit
it 's too soon to tell but people do n't seem to be unhappy with it he said
he said he would n't comment on the cftc plan until the exchange has seen the full proposal
but at a meeting last week tom <unk> the board of trade 's president told commodity lawyers dual trading is definitely worth saving
it adds something to the market
japanese firms push <unk> car <unk>
japanese luxury-car makers are trying to set strict design standards for their dealerships
but some dealers are negotiating <unk> terms while others decline to deal at all
nissan motor co. 's infiniti division likes to insist that every dealer construct and <unk> a building in a japanese style
specifications include a <unk> <unk> <unk> at the center of each showroom and a <unk> bridge <unk> a stream that flows into the building from outside
infiniti has it down to the <unk> says jay <unk> a partner at <unk> power & associates an auto research firm
toyota motor corp. 's lexus division also provides specifications
but only two-thirds of lexus dealers are <unk> new buildings according to the lexus <unk>
some are even coming up with their own novel designs
in louisville ky. for example david peterson has built a lexus dealership with the showroom on the second floor
yet some dealers have turned down infiniti or lexus <unk> because they were unwilling or unable to meet the design requirements
lee seidman of cleveland says infiniti was a bear on <unk> but at least let him <unk> an existing building without the stream
mr. seidman says he turned down a lexus franchise in part because the building was <unk> but very expensive
to head off arguments infiniti offers dealers cash bonuses and <unk> construction loans
<unk> device 's <unk> plays back a lesson
products <unk> have to be first to be winners
that 's the lesson offered through one case study featured in a design exhibit
dictaphone corp. was caught off guard in N when its main competitor <unk> office products of japan introduced a <unk> <unk> recorder half the size of standard <unk> devices
blocked by patent protection from following suit dictaphone decided to go a step further and cut the <unk> in half again down to the length of a <unk>
by N designers and engineers at dictaphone a pitney bowes subsidiary had produced a working model of a <unk> recorder
by N however the patent status of the <unk> <unk> had changed permitting dictaphone to develop its own competitive micro system which it did
marketing and sales departments then urged <unk> of the <unk> project
but others said <unk> should proceed
both were right
dictaphone went ahead and introduced the <unk> in N but it has n't sold well
to date says <unk> <unk> a dictaphone vice president it has broken even or shown a small loss
nevertheless the device has been successful in other ways
it helped dictaphone attract better engineers and it provided new technology for other company products
the <unk> recorder also helped transform the company 's reputation from <unk> to <unk> <unk>
it gave me great pride to see the inventor of the <unk> in japan look at the <unk> and shake his head and say <unk> says mr. <unk>
dictaphone 's <unk> recorder is one of N case studies in the <unk> design project sponsored by the design management institute of boston and harvard business school
the studies are on exhibit at harvard this month and will travel to chicago 's institute of design and the university of california at berkeley
a rake 's progress means <unk> out
one day carl barrett of mobile ala. was <unk> some <unk> leaves but the rake kept riding up over the <unk>
the harder he tried to push them into large <unk> the closer he came to breaking the rake and <unk> his back
so mr. barrett then vice president of the alabama <unk> association took a <unk> garden rake and taped it to the <unk> of a <unk> rake about nine inches up
his crude device worked the lower teeth gathered the leaves into a pile while the higher harder teeth moved the top of the pile
now incorporated into a <unk> rake the <unk> <unk> or <unk> also are supposed to aid in picking up leaves
one customer donald <unk> of mobile says the barrett rake allowed him to do his lawn in N N hours two hours less than usual
but other rake makers have their doubts
richard mason president of <unk> co. in <unk> w. va. says the barrett rake makes sense but it would be tough to explain to consumers
john <unk> marketing director for true <unk> corp. a subsidiary of black & decker says people do n't want to move a <unk> pile
they either pick it up he says or they start pulling from a fresh direction
odds and ends
no more <unk> <unk> or <unk> <unk> promises <unk> corp. of <unk> ind. the designer of a bed support to replace traditional <unk>
four <unk> steel <unk> each roughly in the shape of a <unk> are attached to the bottom of the box spring in a <unk> position
nearly half of u.s. consumers say they 'll pay up to N N more for packaging that can be recycled or is <unk> according to a survey commissioned by the michael peters group a design consultant
the pentagon is a <unk> house
living there for six years was really scary
the ghosts of the past are everywhere they are kept at bay only by feeding them vast quantities of our defense budget
some can be bought off relatively <unk>
during the korean war gen. douglas <unk> demanded and got in addition to his u.n. command in korea his own naval command in japan <unk>
those <unk> operations cost less than $ N billion a year and keep mac 's ghost quiet
that 's about all it costs to <unk> adm. erich <unk> 's ghost
in N <unk> and the german navy threatened to attack the panama <unk> so we created the southern command in panama
the southern command has grown even bigger since the war because <unk> 's ghost sometimes runs through the e ring dressed like gen. noriega
the command 's huge bureaucracy is needed to analyze whether leaders of coups against gen. noriega meet the war powers act 's six points cap <unk> 's seven points the intelligence committee 's N points and <unk> wilson 's N points necessary to justify u.s. support
so far no one has
the ghost of the soviet <unk> discovered in cuba back in the <unk> costs just a few hundred million the price of the caribbean command in key west that president carter created in N
the <unk> has n't been heard from since but we keep the staff around just in case
george marshall 's ghost is much more difficult to keep happy
we keep a lot of <unk> to him around the pentagon <unk> <unk> <unk> and such
the army headquarters on the third deck of the pentagon used to <unk> a lot of <unk> to him but the navy headquarters on the fourth deck made them stop it
you see marshall had this thing about the navy and the <unk> he wanted to make them part of the army but secretary of the navy james <unk> blocked him
now his ghost wo n't let up till it 's done
to keep him quiet we <unk> a new unified command every year or so run by the army or the air force and put more of the navy and <unk> under it
but we still hear him <unk> at night because the navy has a few ships left and to satisfy him the navy 's sea lift forces were given to a new air force bureaucracy in illinois its space operations to another command in colorado the <unk> to a new army bureaucracy in fort <unk> and the navy 's indian ocean and persian gulf forces to an army bureaucracy in florida
which brings up the worst and <unk> ghost of all the ghost of the shah of iran
when the shah died president carter was so scared that the shah 's ghost would blame him for <unk> him out to make way for the <unk> that he declared the carter doctrine
mr. carter said he would go to war to stop anyone from trying to grab iran
but that ghost would n't settle for words he wanted money and people lots
so mr. carter formed three new army divisions and gave them to a new bureaucracy in tampa called the rapid <unk> force
but that ghost was n't <unk> he knew the <unk> was neither rapid nor <unk> nor a force even though it cost $ N billion or $ N billion a year
after mr. carter was defeated in N the shah 's ghost claimed the credit and then went after president reagan and cap <unk>
i saw what he did to them <unk>
it made my <unk> dance with <unk>
why he used to lay in wait for cap suddenly he 'd leap from behind some <unk> of marshall onto cap 's <unk> and grab him by the <unk> and <unk> him till he <unk> up an additional $ N billion or so
cap added four more divisions to the army two active and two reserve two carrier groups to the navy a division equivalent to the <unk> and the <unk> <unk> <unk> and a thousand tactical aircraft to the air force
he bought $ N billion in <unk> ships and $ N billion in <unk> and equipment to fill them and <unk> them at a new $ N billion base at diego garcia in the middle of the indian ocean
he dedicated all these new forces to the persian gulf
one night both marshall 's ghost and the shah 's ghost together caught cap and threw him to the ground
before they let him go he added a thousand bureaucrats to the <unk> in tampa and renamed it central command
he gave those bureaucrats charge of all naval operations in the persian gulf and indian ocean
marshall figured it would be good training for those soldiers someday maybe they would get the whole navy
they had fun moving the carriers around but it turned out that they had forgotten all about mine <unk>
but the shah still kept leaping out at cap so cap bought a hundred merchant ships more and $ N billion of <unk> <unk> <unk> etc. in order that those seven new army divisions and three marine <unk> could unload from all those new ships and aircraft and go to war in the <unk> <unk>
then suddenly <unk> 's ghost came to visit and said what the hell are you doing planning for a land war in asia N miles away
we 'd get our <unk> kicked
lucky for cap <unk> was <unk> and soon went away while the shah he kept coming back
so the u.s. found itself paying about $ N billion in <unk> to various arab <unk> for <unk> rights around the indian ocean
we had great success in somalia
but then it turned out that president <unk> <unk> was not at all a nice person and the navy pointed out that the base he promised us in <unk> had <unk> up about a hundred years ago and anyway was N miles from the mouth of the gulf
but who 's counting
still <unk> was the best we could get so we stay in bed with president <unk>
all these reports about him committing <unk> are probably <unk> anyway
but would n't you know now that we are spending <unk> of dollars and have built those new divisions and new air wings and have positioned all these ships and supplies to fight the russians in iran the russians seem to have lost interest in the whole subject
meanwhile congress is cutting huge chunks out of the rest of the defense budget
predictably some navy guys said do we still need to keep all N army divisions on active duty and all those extra <unk> aircraft without bases and all those army guys playing <unk> in tampa
could n't we save $ N billion or $ N billion a year by shifting that stuff to the reserves
and why not save the costs of a thousand bureaucrats by <unk> central command and putting responsibility for gulf naval operations back where it belongs afloat with the task force <unk> in the gulf
and where were all our <unk> paid indian ocean allies last year when our <unk> were being attacked
questions like that really stir up marshall 's ghost
he appeared late one night in the <unk> of the new defense secretary dick cheney
marshall came <unk> in like <unk> 's ghost dragging those chains of <unk> and air wings and links with arab <unk>
he would n't leave until mr. cheney promised to do whatever the pentagon systems analysts told him
so next day mr. cheney went out and did just that he canceled the <unk> navy and cut back one carrier and N <unk>
then he canceled production of the navy 's most important carrier aircraft the f-14 and the <unk>
on the other hand mr. cheney retained all those new land forces
marshall 's ghost is satisfied for now but he 'll be back
what with halloween coming and bigger defense cuts looming more and more pentagon bureaucrats are <unk> under their desks
they know that they can hold off the ghosts only a little while longer by cutting carriers and ships
then the whole thing will start to collapse just as it did in the 1970s and the ghosts and <unk> will be <unk> through the place turning people 's hair white
gives me the <unk> just thinking about it
mr. lehman a reagan navy secretary is a managing director of painewebber
the metal and marble lobby of centrust bank 's headquarters is <unk> than your average savings and loan
for one thing there is an old master on the wall samuel <unk> david a big <unk> <unk> painted by <unk> <unk> a <unk> <unk>
at the moment however the painting is a nagging reminder of the problems that have <unk> centrust and its flamboyant chairman and chief executive david l. paul
in an international buying spree that began barely two years ago mr. paul <unk> a collection of about N <unk> works including the <unk> at a total cost of $ N million
by midnight oct. N all of the paintings were supposed to have been sold off under orders from florida 's comptroller whose office <unk> the state 's s&ls
centrust did n't meet the deadline
the collection was at the heart of a <unk> plan mr. paul had in which the art was to do double duty as an investment for centrust and as <unk> for the s&l 's new office tower designed by <unk> <unk>
the <unk> is that the $ N million was <unk> from the funds of this federally insured institution even as centrust was losing money hand over <unk>
mr. paul had no right to buy art for the s&l in the first place it is n't on the comptroller 's permissible list without seeking a special <unk> which he did not do
besides that some of the paintings that were to grace the walls of centrust actually ended up hanging in the chairman 's estate on la <unk> <unk> off miami beach
last spring the comptroller 's office called a halt to mr. paul 's <unk> giving him six months to sell the paintings
the acquisitions officials said in a letter to mr. paul were <unk> <unk> and unauthorized
so far mr. paul has <unk> but three of his <unk> he wo n't say to whom
the comptroller 's office says it is monitoring the situation
though the agency could remove mr. paul it has no current intention to do that
it 's not like selling <unk> mr. paul says as he takes a drag on a <unk> st. <unk> cigarette
the last six months has established the quality of the collection
there 's no fire sale here
despite mr. paul 's characteristic <unk> the <unk> <unk> <unk> is finding that getting centrust florida 's largest thrift institution out of its <unk> investments is much tougher than getting into them had been
paintings are just part of the picture
although mr. paul has <unk> a $ N billion junk-bond portfolio to less than $ N million since april the high-yield debt market has plummeted
<unk> itself of what is left as is required of all thrift institutions by july N under the new federal s&l bailout law may well prove difficult
and centrust has other problems
late last week federal regulators ordered the thrift institution to stop paying dividends on its preferred stock a move that suggests deep concern about an institution
mr. paul has a plan to bring in $ N million by selling off N of centrust 's N branches but it has yet to be approved by regulators
it is mr. paul 's art venture however that has drawn the most attention from investors and regulators not to mention <unk> throughout the world
<unk> shareholders some of whom are suing say the chairman and his collection <unk> the excesses of speculation that set off the national s&l crisis
centrust shares have fallen sharply in price from a high of $ N in N to close yesterday at $ N
gallery directors meanwhile say mr. paul and others of his <unk> have left an <unk> mark on the art world and not for the better
collectors do n't say it 's a van <unk> anymore <unk> harry brooks the president of <unk> & co. a new york gallery
they say <unk> <unk> got $ N million for his so certainly $ N million is n't too much for mine
the great collectors we depended on such as paul mellon or norton simon have stopped buying and the new buyers are brilliant men who made money in the stock market or in takeovers and rushed into collecting
mr. <unk> an art dealer and <unk> sold vincent van <unk> 's <unk> at a sotheby 's auction in november N to australian businessman alan bond
trouble is mr. bond has yet to pay up and until he does sotheby 's has the painting under lock and key
when mr. paul moved in on the art market he let it be known that virtually no piece was too costly to be considered by centrust
he established his reputation as a <unk> in january last year at sotheby 's auction of the linda and gerald guterman collection in new york
there on one of his first shopping trips mr. paul picked up several paintings at stunning prices
he paid $ N million for instance for a still life by jan <unk> <unk> <unk> that was expected to fetch perhaps $ N
the price paid was a record for the artist
some N N of items offered at the guterman auction were sold at an average price of $ N
the rest were withdrawn for lack of acceptable bids
afterward mr. paul is said by mr. guterman to have <unk> mr. guterman the new york developer selling the collection and <unk>
he says he <unk> them recalls mr. guterman
and he tells me if you want to see your paintings you 'll have to come to my house in florida
mr. paul denies <unk> and <unk>
it 's just not true he says
mr. paul quickly became more aggressive in his collecting with the help of george wachter a sotheby 's expert in old masters whom he met at an exhibition of the guterman items
mr. wachter who became his principal adviser searched <unk> in london paris and <unk>
and according to one dealer mr. wachter had a <unk> for introducing mr. paul with the phrase he can buy anything
nicholas hall the president of the <unk> u.s.a. ltd. gallery in new york sold mr. paul <unk> and <unk> in the <unk> by giovanni <unk> <unk>
mr. hall says mr. paul was known to spend a lot of money
people were interested in seeing him but it was recognized that the route was through sotheby 's and particularly george wachter
mr. paul thus developed a close <unk> relationship with sotheby 's
mr. paul was eager to <unk> a collection for the headquarters centrust has been moving into for the greater part of a year
sotheby 's the auction house founded in london N and now under the <unk> of sotheby 's holdings inc. was hoping to stir up interest in old masters as it <unk> to build its u.s. business
european dealers continued to dominate the action in old masters which sotheby 's north america had lately been touting in this country
for several months there was optimism all around
last october mr. paul paid out $ N million of centrust 's cash plus a $ N million commission for portrait of a man as <unk>
the painting attributed to <unk> artist peter paul rubens was purchased privately through sotheby 's not at auction
in march N just N months into his campaign mr. paul was named by art & <unk> magazine as one of the top N individual collectors in the u.s.
an unknown quantity to most of the art world paul is no <unk> to <unk> spending the magazine said noting that he does n't stop at <unk> on <unk> but also spends big on art you can eat
he recently bid $ N at a paris charity auction for a dinner <unk> by six of the world 's great chefs but the final party cost closer to $ N
mr. paul says it was n't that high
the art collection might have come to rival the <unk> ' had the florida comptroller 's office not got wind of mr. paul 's <unk> <unk>
in its letter to him dated march N and shared with reporters alex <unk> the chief of the <unk> bureau in the comptroller 's office expressed <unk> that the s&l could be so <unk> when it had reported losses of more than $ N million in its two preceding quarters
the state gave centrust N days to sell the rubens
the comptroller 's office eventually extended the deadline to six months but <unk> its demands ordering that the book value of the collection be reduced to zero
in other words get rid of all the pictures
the state <unk> noted that <unk> banking practices are grounds for removing an officer or director and closed with the <unk> to mr. paul govern yourself <unk>
the state agency was particularly <unk> to learn that the rubens and a <unk> other paintings listed among the bank 's furniture and <unk> were actually hanging in the chairman 's house
mr. paul says that at one point he did indeed have eight or nine of the paintings at home and that the rest were in storage at sotheby 's
he explains that he was merely <unk> the paintings at home with some display because of the special <unk> environment required for their <unk> until centrust 's new building was ready for them
still the incident was embarrassing
it came on the heels of a number of local newspaper articles suggesting that mr. paul has benefited <unk> from his association with centrust
for instance he got a $ N million loan from the s&l negotiated at a <unk> rate
he owns N N of centrust 's shares
adding to mr. paul 's problems dealers some with vested interests insist that he relying rather too heavily on sotheby 's advice paid much too much for several pieces in the centrust collection
the $ N million <unk> on the rubens for example was a record price for the artist and maybe twice its value given a dispute among scholars about its <unk>
david <unk> the president of david <unk> inc. a new york gallery says scholars question the <unk> of the rubens
it may have been painted instead by a rubens associate
the feeling among many experts on the commercial side is that the price paid at the time was excessive in any event mr. <unk> says
it sounds like with the rubens he got absolutely taken to the <unk>
victor <unk> the executive director of the <unk> association of america agrees that mr. paul paid very <unk> for the rubens and adds that getting rid of it any time soon for a similar sum would be quite a feat
it 's not beyond credibility the rubens will someday be worth $ N million but whether it could be sold for that amount tomorrow remains to be seen
still predicting is tricky
i 'm forever <unk> by what i see making these high prices
jonathan h. <unk> the son of the painting 's former owner mrs. rush <unk> <unk> the price talk as sour <unk>
dealers <unk> of the purchase price he says were themselves interested in buying the rubens but lost out
mr. paul for his part <unk> the rubens price saying a lot of the experts have never seen the thing itself
most of them were n't even born the last time the painting was displayed publicly he says
art prices are <unk> but a good deal of <unk> is involved in <unk> statistics on sales
salomon brothers inc. the investment-banking firm in its annual tally of investment returns reported that old masters <unk> N N in the year ended june N the greatest return of any of N assets it tracked
<unk> and modern paintings not tracked by salomon are ranked even higher at N N by sotheby 's
salomon moreover gets its data on art appreciation from sotheby 's whose prices go up with clients like mr. paul in its <unk>
the <unk> <unk> from consideration the many paintings that go <unk> at auction
art indexes track winners not losers
but art that has fallen sharply in value is rarely put up for sale
also at any of sotheby 's auctions of old masters roughly one-third to <unk> of what is offered does n't sell at any price
it 's not that there are n't any bids but the bids do n't meet the minimum reserve prices set by the sellers
in january the <unk> painting that now hangs at centrust was expected to bring no more than $ N at auction until mr. paul came along with his $ N million
mr. hall of the <unk> gallery says $ N million would have been an impossible price for anyone to ask for a <unk> four years ago
but from his <unk> point it is n't that mr. paul a customer of his too <unk> for the work a <unk> painting by an artist who is not a household word
the painting is N feet wide seven feet high
rather it just shows things have changed
mr. paul boasts that he spotted bargains in old masters just before they took an upward turn
they went up N N last year and they 'll do it again this year he declares
they were a <unk>
everybody was out buying <unk>
sotheby 's vice president <unk> <unk> says the auction house has been <unk> mr. paul in selling the paintings
and while sotheby 's chief rivals in the art world private art dealers wo n't be happy to hear it she adds a number of the <unk> have already been sold and at a substantial profit
mr. paul claims to have sold three paintings at more than a N N profit
that is n't N N and the claim is n't <unk>
he furthermore denies that he relied too heavily on sotheby 's or mr. wachter
mr. paul says he had not one but four advisers and that he never bid <unk>
after all he had the counsel of <unk> from the most reputable <unk> in the world
he says he expects to sell the collection including the controversial rubens carefully and <unk> just as it was put together
but in <unk> <unk> mr. paul 's holdings are <unk>
that is he is being <unk> to put them on the market too soon and has already gotten offers that are less than he paid for some of the art works
after a few years you can argue there has been natural appreciation says susan <unk> the publisher of leonard 's annual price index of art auctions
but quick turnover in <unk> is like <unk> your jewelry you end up with N N
people hold out and try to get a bargain
sotheby 's <unk> itself and mr. paul in the matter
mr. wachter says mr. paul was a quick study who worked intensely and bought the best pictures available at the moment
on occasion he paid a high price mr. wachter concedes but he says those who bid less and dropped out were dealers who would then have marked up the paintings to <unk> them at a profit to collectors
<unk> <unk> <unk> a <unk> <unk> at <unk> associates in san francisco considers it <unk> conflict of interest for an auction house to both advise a client on purchases and to set price estimates on the paintings to be purchased
sotheby 's she says is wearing both hats
i ca n't see why there would be a conflict of interest says sotheby 's ms. <unk>
estimates are based on the previous price of similar works sold at auction and current market conditions and are not affected by any knowledge of who the potential buyer could be
frequently clients express interest in paintings but do n't end up bidding she adds so we do n't know who the potential buyer will be
mr. paul in selling off his paintings is seeking at least a N N return on the bank 's investment so as to prove that the venture was sound
mr. paul says that he has <unk> out over much of the globe and that potential buyers from as far away as japan and italy have examined the collection
because of the pressure on centrust to sell dealers and collectors have been trying to get the paintings at <unk> prices
but so far mr. paul and his advisers are holding fast
one dealer martin <unk> of french & co. in new york says he would have loved to buy a jan <unk> de <unk> painting from the bank
i tried to steal the picture to buy it <unk> and sotheby 's would n't do it
they were protecting his interests
meanwhile mr. paul and centrust executives are getting <unk> about <unk>
mr. paul has been characterized as the great <unk> or something complains karen e. <unk> an executive vice president of centrust
the media she says have distorted his personal life
mr. paul <unk> in agreement
i do n't think i have a life style that is frankly so flamboyant he says
but at just that moment he is interrupted in his office by a <unk> in <unk> who <unk> coffee from silver into a cup of china and <unk> the <unk> with <unk>
mr. paul says yes the ceiling in his executive <unk> is <unk> <unk>
the offices are done in <unk> and <unk> <unk> <unk> books and of course a $ N million rubens
but he <unk> that the <unk> be played down
do n't say it 's a gold ceiling
just say the offices are <unk> appointed he says
otherwise the regulators will take it for <unk> and <unk> everything 's got to be <unk>
figures do n't include taxes or transaction costs
companies listed below reported quarterly profit substantially different from the average of analysts ' estimates
the companies are followed by at least three analysts and had a minimum five-cent change in actual earnings per share
estimated and actual results involving losses are omitted
the percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past N days
otherwise actual profit is compared with the 300-day estimate
during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history
creative accounting mostly by <unk> forced <unk> to change their way of setting standards to be followed by corporations reporting financial results standards that had become all too flexible
the new financial accounting standards board fasb was created in N to replace the accounting principles board of the american institute of certified public accountants
all of the former board 's members were <unk> <unk> <unk> criticism because they were writing rules while handling clients ' books at the same time
the new board 's <unk> structure kept four <unk> but the others were from industry and <unk>
francis m. wheat a former securities and exchange commission member headed the panel that had studied the issues for a year and proposed the fasb on march N N
the former board had produced N opinions and N critics in its 12-year life its chairman had conceded
the climate was right for the new fasb
in the late 1960s some <unk> failed to correct such abuses as clients picking <unk> rules that <unk> earnings and stock prices
and in november N congress had passed a special act to <unk> one board rule
also james needham an sec commissioner in april N had warned that the industry might face a federal agency writing accounting rules if they rejected the fasb idea
<unk> of the books dubbed figure <unk> <unk> the threat
the fasb had its initial meeting on march N N
on dec. N N it issued its first rule it required companies to disclose foreign currency <unk> in u.s. dollars
the fasb since then has issued N rules and some still <unk> industry
since late N for example it has put off a rule dealing with deferred income taxes because of the continuing controversy over the issue
<unk> industrial corp. said it plans to repurchase N shares or about N N of its shares outstanding in open market transactions
the metal products concern currently has N million common shares outstanding
<unk> previously had said it planned to repurchase shares but did n't disclose when or how many shares it intended to buy back
the company named dillon read & co. as its exclusive agent for the stock buy-back program
a seat on the chicago board of trade was sold for $ N down $ N from the previous sale last tuesday
seats currently are quoted at $ N bid $ N asked
the record price for a full membership on the exchange is $ N set aug. N N
an associate member seat was sold for $ N up $ N from the previous sale oct. N
associate member seats currently are quoted at $ N bid $ N asked
the record price for associate membership is $ N set aug. N N
<unk> industries ltd. said its link flight <unk> division was awarded a contract by the u.s. army for two helicopter <unk> which the company valued at as much as N million canadian dollars us$ N million
<unk> said the fixed price for the first of the <unk> <unk> combat mission <unk> is c$ N million
it is scheduled for delivery in late N
the price of the second <unk> ranges between c$ N million and c$ N million <unk> said depending on when the army exercises its option
<unk> is a toronto-based maker of commercial and military aircraft <unk> and training equipment
<unk> inc. said it agreed to team with a unit of <unk> honeywell inc. to provide power <unk> for a new military <unk> system being proposed by honeywell
total value of the contract could be $ N million <unk> said and work on the project would be about evenly divided
as previously reported <unk> emerged from chapter N bankruptcy-law protection in february
this los angeles company and its union federal savings bank subsidiary said more than N N of their N N N convertible subordinated debentures due N were tendered for conversion into <unk> common stock
the conversion increased total equity capital by about $ N million to a total of $ N million
union federal a federally insured savings bank has $ N billion in assets
david d. lung was appointed president and chief operating officer of this maker of building materials for manufactured homes and recreational vehicles
as president mr. lung N years old succeeds his father <unk> d. lung N who founded the company in N
<unk> lung remains chairman and chief executive officer
david lung has been with patrick since N and has served as vice president for administration and purchasing since N
general dynamics services co. a unit of general dynamics corp. won a $ N million army contract to establish maintenance facilities for tracked vehicles in pakistan
grumman corp. was given a $ N million navy contract for <unk> improvements
hughes aircraft co. a unit of general motors corp. got a $ N million air force contract for <unk> equipment
reynolds metals co. said third-quarter net income dropped nearly N N to $ N million or $ N a share from $ N million or $ N a share a year earlier
the latest earnings reflect an increase of about N million in common shares outstanding
revenue rose N N to $ N billion from $ N billion
reynolds is the third big aluminum company since friday to report disappointing earnings
the no. N domestic aluminum producer aluminum co. of america friday said its earnings fell N N to $ N million or $ N a share
and <unk> <unk> ltd. yesterday reported net income slid N N to $ N million or N cents a share from $ N million or $ N a share
analysts on average had been expecting about $ N for <unk> and $ N for <unk>
it 's a good indication that level of profitability has peaked for the industry says <unk> <unk> metals analyst with <unk> ball & <unk> inc. who had estimated reynolds would earn about $ N a share
the nation 's no. N aluminum company said earnings were hurt by lower prices for certain <unk> aluminum products which typically follow price fluctuations of primary <unk>
the base metal price has dropped N N from a year earlier to N cents a pound
much of the price decline has been blamed on a slowing economy and the third quarter is typically the industry 's <unk> period
but william o. <unk> chairman and chief executive officer said the <unk> price appears to have <unk> out
he said shipments are continuing at a healthy pace and the company has no excess inventory
aluminum shipments of N metric tons were nearly equal to the year-earlier period the company said
nevertheless the company said that in the latest quarter there were increased material and labor costs including a new employee <unk> plan
in composite trading on the new york stock exchange reynolds closed at $ N up $ N
no <unk> but certainly no home run
that 's how the <unk> game is shaping up for the months ahead according to money managers and a few brokers
yesterday 's <unk> recovery from friday 's <unk> in the dow jones industrials had many brokerage houses <unk> that stocks are a good bargain again
but quite a few money managers are n't buying it
weakening corporate earnings they say are no prescription for a bull market
the stock market ai n't going to do much of anything for a while says john <unk> of wellington management who runs the $ N billion windsor fund
he suspects that friday 's market decline may have a second leg perhaps a N N to N N drop later on
mr. <unk> says the stock market has lost some powerful driving forces namely earnings growth and the lbo <unk> buy-out fever that <unk> investors to bid up whole groups of stocks such as media and airlines
after sitting with N N of his fund in cash before friday 's sell-off mr. <unk> says he bought a narrow list of stocks yesterday
with flat corporate profits on the horizon for N money managers say price-earnings multiples that look cheap today might go on being cheap for a long time
this is not a grossly <unk> market but it 's not cheap either says george collins president of the mutual fund company t. rowe price associates in baltimore
according to institutional brokers estimate system wall street market strategists see only a N N jump in company profits in N unlike in N when profits a year out looked good they did soar N N in N
bulls say the market is an incredible bargain priced at only about N times estimated N earnings for stocks in the standard & poor 's N index
before the N crash the <unk> was more than N
the common view says <unk> cohen strategist for drexel burnham lambert is that there will be mild economic growth modest profit expansion and things are going to be <unk>
our view is that we may see a profit decline
some think investors should sell into rallies
the market is going to wind down says gerald w. <unk> a chicago money manager
things are a little less <unk> after friday 's jolt in the market
he expects stocks to decline an additional N N to N N with the dow perhaps <unk> out between N and N between now and june
after friday 's decline mr. <unk> 's firm ran statistical tests on N high-quality stocks using old-fashioned value criteria devised by benjamin graham an analyst and author in the 1930s and <unk> who is widely considered to be the father of modern securities analysis
he found N still <unk> and N fairly valued
nicholas parks a new york money manager expects the market to decline about N N
i 've been two-thirds in cash since july and i continue to think that having a defensive position is appropriate he says
companies that <unk> on debt in leveraged buy-outs during the past two years will continue to surface as business problems
<unk> about value are n't useful says new york money manager john <unk> of delta capital management
for instance he says international business machines and unisys might look cheap but investors might continue to do better with stocks like walt disney procter & gamble and coca-cola strong performers in recent years
money manager robert ross head of <unk> ross associates ltd. in vancouver british columbia says stocks would have to fall N N to N N before they are competitive with less risky investment alternatives
<unk> russell a money manager in <unk> okla. says friday 's <unk> is going to have more of a permanent impact on the <unk> of many investors than wall street would want to admit
there are still bulls out there
i still think we will have a N dow whether it 's six months or N months from now i do n't know says david <unk> managing partner of <unk> value management in new york
we 're doing a little buying in some stocks that have really been <unk> down
many brokerage house officials also are optimistic
yesterday goldman sachs merrill lynch and dean witter all increased the proportion of assets they recommend investors commit to stocks
dean witter now recommends N N goldman N N and merrill lynch N N
some investors say friday 's sell-off was a good thing because it <unk> a lot of crazy takeover speculation
it was a healthy <unk> says michael <unk> who runs salomon brothers asset management in new york
from here out these investors see a return to old-fashioned investing based on a company 's ability to show profit growth
the fundamentals are pretty strong mr. <unk> says
i do n't see this as a bear market at all
it 's a recognition that there was much too much <unk> in the lbo market
friday 's big fall was just a <unk> by the stock market says john connolly chief strategist for dean witter
it was an <unk> to an event the failure of a management and union group to get bank financing for a takeover of ual that does n't mean that much to lots of stocks
many investors have nagging worries however
newspapers are full of <unk> about companies <unk> on their debts and banks writing off real estate loans
that <unk> investors ' confidence in the economy and stocks
not even all the brokerage firms see clear sailing ahead
disappointing profits are likely to get worse in the next two quarters says mary farrell a market strategist at painewebber
she thinks the market could drop about N N in the next few months then recover and go higher
companies with steady earnings growth could do well she says while others with high debt or poor earnings could see their shares decline far more than N N
the turmoil on wall street may benefit some retailers attempting to lead leveraged buy-outs of their specialty and department-store chains investment bankers and retailers said
managers at five chains have said in recent weeks that they intend to bid for their companies
the chains include bloomingdale 's owned by campeau corp. toronto saks fifth avenue and marshall field 's owned by b.a.t industries plc london and b. altman & co. and <unk> inc. owned by hooker corp. which is now being managed by a court-appointed provisional <unk>
hooker is based in sydney australia
the combination of so many chains available for sale the recent failures of such retailing lbo 's as miller & <unk> inc. and declining investor confidence will drive down prices retailing observers said
the pricing will become more realistic which should help management said bruce rosenthal a new york investment banker with nathan s. <unk> & co
investors are n't going to be throwing money at any of the proposed lbos but doing deals on the basis of ridiculous assumptions never made sense either
earlier this year bankers and other investors were willing to provide financing because they assumed there would be major gains in both profitability and sales mr. rosenthal added
those days are over now he believes
competition from third parties who have cash and are prepared to buy has always existed and will continue added mr. rosenthal
but when prices were crazy it was even harder to do an lbo
bankers believed in the <unk> theory that says somebody else is always willing to pay more
this is no longer true today
at saks fifth avenue paul <unk> senior vice president marketing agreed that lower prices will help his management team in their proposed lbo
having to take on less debt would certainly be an advantage said mr. <unk>
it would also help us in our search for equity partners
to make an lbo work now we are going to need more than just junk bonds
none believe the proposed management lbos will be easy to complete especially at b. altman & co. which is under chapter N bankruptcy protection
not only could the wall street gyrations damp christmas sales if consumers lose confidence in the economy but potential junk-bond buyers are sure to demand even stronger <unk> and greater management equity participation
further many institutions today holding troubled retailers ' debt securities will be <unk> to consider additional retailing investments
it 's called bad money driving out good money said one retailing <unk>
institutions that usually buy retail paper have to be more concerned
however the lower prices these retail chains are now expected to bring should make it easier for managers to raise the necessary capital and pay back the resulting debt
in addition the fall selling season has generally been a good one especially for those retailers dependent on apparel sales for the majority of their revenues
what 's encouraging about this is that retail chains will be sold on the basis of their sales and earnings not liquidation values said joseph e. brooks chairman and chief executive officer of ann taylor inc. a specialty chain
retailers who had good track records of producing profits will have a better chance to buy back their companies
still most retailing observers expect that all the proposed retailing lbos will depend partly on the sale of junk bonds a market already in <unk> in part because of concerns associated with bonds issued by the federated and allied units of campeau
prices for retail chains are lower today than they were last week which will help management said <unk> harrison chairman of <unk> inc. an investment-banking firm specializing in retailing acquisitions
but the hurdle of financing still has to be resolved
potential bondholders will either look for greater equity participation on behalf of management or insist the equity component of the deals be substantially greater than in the past
sony corp. won a pretrial order blocking u.s. sales of justin products inc. 's my own line of portable audio players for children
judge john e. <unk> issued the order in manhattan federal court where sony has accused the tiny company of illegally knocking off the my first sony line
the judge held that the combination of colors used for the sony products is distinctive and subject to protection under new york state law rather than federal law
the legal fight was the subject of a wall street journal story yesterday
justin 's attorney charles e. <unk> said justin would ask an appeals court to set aside the order temporarily pending an <unk> appeal
he also repeated justin 's <unk> of sony 's charges
their likelihood of <unk> us is very slim said lewis h. <unk> sony 's attorney who said he doubts justin will go ahead with a trial
continental mortgage & equity trust said it will resume dividend payments with a <unk> payout on nov. N to shares of record oct. N
the dallas real estate investment trust last paid a dividend on dec. N N when shareholders received $ N a share
despite continuing troubles with problem assets and nonperforming loans the trust said it expects to be able to maintain or increase the rate of distributions because of operations of joint-venture properties
a federal appeals court struck down a natural-gas regulation that had prevented pipeline companies from passing to customers part of $ N billion in costs from controversial <unk> contracts
the court in a N ruling threw out a deadline set by the federal energy regulatory commission for settling old contract disputes over gas that the pipeline companies reserved but did n't use
ferc 's regulation had given pipelines until march N N to pass on to customers as much as N N of the costs of buying out their broken contracts which were made with producers when gas prices were high and supplies short
a majority of old contracts were <unk> by the deadline and settled at steep discounts
but pipeline companies estimate they still face $ N billion in liabilities from <unk> disputes including $ N billion they fear they wo n't be able to pass on to customers
according to industry lawyers the ruling gives pipeline companies an important second chance to resolve remaining disputes and take advantage of the cost-sharing mechanism
the court left open whether ferc could <unk> a new deadline later
the court agreeing with pipeline companies found the march N deadline was <unk> and <unk> and highly <unk> to the bargaining power of pipelines that were forced to negotiate settlement of the old <unk> contracts to meet the deadline
a report last month by the interstate natural gas association of america found that pipelines ' settlement costs had jumped in the three months before the deadline to N cents on the dollar from N cents on the dollar in N
the court ordered ferc to justify within N days not only its cost-sharing deadline but other major elements of its proposed regulation for introducing more competition into natural-gas transportation
the court also questioned a <unk> mechanism that could be used to resolve <unk> liabilities
the complex regulation known in the industry as order N has been <unk> contested by all sides including natural-gas producers pipelines local distribution companies and consumers
the court 's decision would allow ferc to change some of its provisions but <unk> it will be reviewed again quickly by the court
<unk> corp. said it voluntarily prepaid $ N million on its original $ N million term loan bringing the total debt reduction for the year to $ N million
after the payment the cleveland company owes $ N million on the loan
the cement producer said the payment was made from excess cash flow
national income realty trust said it will resume dividend payments with a <unk> dividend to be paid nov. N to shares of record oct. N
the mortgage and equity real estate investment trust last paid a dividend on aug. N N when holders received N cents a share
despite continuing troubles with problem properties and nonperforming loans the dallas trust said it has <unk> reserves abandoned properties with little potential and experienced improved operating results from joint ventures
mlx corp. said it reached a preliminary agreement with senior lenders to its <unk> and <unk> group to restructure the $ N million of credit facilities the lenders provide to the group
mlx which also makes aircraft and <unk> truck parts said the debt was accumulated during its acquisition of nine businesses that make up the group the biggest portion of which was related to the N purchase of a <unk> co. unit
among other things the restructured facilities will substantially reduce the group 's required amortization of the term loan portion of the credit facilities through september N mlx said
certain details of the restructured facilities remain to be negotiated
the agreement is subject to completion of a definitive amendment and appropriate approvals
william p. <unk> mlx chairman and chief executive said the pact will provide mlx with the additional time and flexibility necessary to complete the restructuring of the company 's capital structure
mlx has filed a registration statement with the securities and exchange commission covering a proposed offering of $ N million in long-term senior subordinated notes and warrants
dow jones & co. said it acquired a N N interest in <unk> corp. a subsidiary of oklahoma publishing co. oklahoma city that provides electronic research services
terms were n't disclosed
customers of either <unk> or dow jones <unk> are able to access the information on both services
dow jones is the publisher of the wall street journal
flowers industries inc. said it will report a charge of eight cents to N cents a share for its fiscal first quarter ended sept. N from the sale of two <unk> in high point n.c. and <unk> <unk>
the <unk> company said it sold the <unk> to mills family <unk> for an undisclosed amount
it said the sales were part of a N federal trade commission consent order
a year earlier flowers had fiscal first-quarter net income of $ N million or N cents a share on revenue of $ N million
<unk> production by the nation 's mills decreased N N last week to N tons from N tons the previous week the american iron and steel institute said
last week 's output rose N N from the N tons produced a year earlier
the industry used N N of its capability last week compared with N N the previous week and N N a year ago
the capability utilization rate is a <unk> designed to indicate at what percent of its production capability the industry is operating in a given week
<unk> b. <unk> was named executive director of the commission effective early november
mr. <unk> N years old succeeds <unk> <unk> N who resigned to join hong kong 's securities and futures commission
mr. <unk> was vice president and director corporate finance of <unk> thomson <unk> inc. a toronto investment dealer
dun & bradstreet corp. 's market data <unk> unit said it acquired school and college construction reports service from intelligence for education inc
terms were n't disclosed
the service supplies weekly reports on school and college construction plans
market data <unk> is a <unk> of educational information and provides related services
closely held intelligence in education of <unk> n.y. is an educational publisher and consultant
a battle is <unk> in venice over plans to have the <unk> italian city be the site for a universal <unk> in N
the plans include a subway system a congress center floating trees <unk> <unk> and as many as N additional tourists a day
<unk> enthusiasts argue that holding the fair would attract businesses create jobs and help <unk> abandoned sections of town
but opponents fear <unk>
this city already has too many tourists and it ca n't hold them all says <unk> <unk> the president of the venice <unk> association
about N italian businesses including fiat s.p a. and <unk> c. olivetti & co. have formed a consortium to lobby for holding the <unk> in venice
three gambling casinos have opened in poland
the three <unk> two in warsaw and one in <unk> accept only foreign currency and are joint ventures between polish firms and western companies
not all poles are pleased
what do we want casinos for when we have n't got anything in the shops one <unk> asked
but <unk> <unk> who runs the casino at warsaw 's <unk> hotel said the ventures would help poland service its $ N billion foreign debt by pouring dollars into the state firms in the joint ventures the lot airline and <unk> tourist organization
<unk> plans to increase natural-gas sales to europe and the u.s.
according to the middle east economic survey the north african nation is holding talks with italy for adding a fourth pipe to a section of the <unk> pipeline expanding capacity by up to six billion cubic <unk> a year from N billion
<unk> also wants to build a pipeline through <unk> and across the <unk> of <unk> to supply spain france and west germany with up to N billion cubic <unk> a year by the late 1990s
south africa 's national union of <unk> agreed to suspend the strike by diamond workers and resume negotiations with de beers consolidated mines ltd. over their wage dispute de beers said
it also said the union had agreed to meet the company for further talks tomorrow
the strike at five de beers mines began last thursday with N out of a total N <unk> members employed on de beers mines participating according to the union while de beers said there were N participants
the union has demanded a N N increase in the minimum wage while de beers 's final offer was an increase of N N
a <unk> environmental conference opened in <unk> <unk>
the gathering is expected to focus on curbing the <unk> of <unk> and <unk> limiting damage from industrial <unk> and improving the handling of harmful chemicals
west german environment minister <unk> <unk> said bonn is convinced of the need for cooperation especially with our neighbors in the east because we are directly affected by their ecological progress or lack of it
the u.s. and canada joined every european country except <unk> at the meeting
the swedish publishers of a new <unk> newspaper rushed an extra edition across the <unk> on oct. N after the first run sold out in one day
editor <unk> <unk> said plans had called for N copies of the monthly are <unk> business paper to be sold at <unk> and an additional N promotion issues to be sent by direct mail
he said N more copies were sent to <unk> because of strong sales
the swedish publishing company <unk> owns N N of are <unk> and the <unk> management company minor owns N N
<unk> <unk> mexico 's top debt negotiator said the country 's creditor banks are responding <unk> to mexico 's <unk> package
mr. <unk> 's optimism contrasts with some bankers ' views that the deal may require a lot of arm <unk> by the u.s. treasury in order to succeed
mr. <unk> mexico 's <unk> of the ministry of finance met yesterday with european bankers in london at the <unk> point on a so-called road show to market the package around the world
an increasing number of banks appear to be considering the option under the deal <unk> they can swap their mexican loans for 30-year bonds with a face value discounted by N N mr. <unk> said
the other two options consist of <unk> loans for bonds with N N interest rates or providing fresh loans
the accord which covers $ N billion of mexico 's medium and long-term debt is expected to go into effect in early
china 's top film actress <unk> <unk> paid $ N in back taxes and fines in <unk> province the people 's daily reported
the amount is equal to about N years earnings for the average peasant who makes $ N a year
china will spend $ N million for <unk> maintenance on <unk> 's <unk> palace former home of the <unk> lama the china news service said
the <unk> lama who was just awarded the nobel peace prize lives in <unk> in india
george w. koch N years old president and chief executive officer of grocery manufacturers of america inc. was elected a director of this maker of <unk> <unk> and specialty foods succeeding <unk> n. white jr. N who resigned
american business computer corp. said it privately placed N common shares at $ N a share
the placement was made through gray <unk> securities new york to institutional investors
proceeds will be used to <unk> recently <unk> technology and support the company 's international expansion
the company develops and markets products for the food service industry
the r.h. macy & co department-store chain is n't for sale
in yesterday 's edition it was incorrectly included with a list of new york chains up for sale
korean car exports have slid about N N so far this year but auto makers here are n't <unk>
they are enjoying domestic sales that are more than making up for lost overseas sales
south korean consumers are expected to buy almost N passenger cars this year up N N from N
in fact some auto executives suggest that <unk> demand for their cars in the u.s. and canada is a blessing otherwise they would n't be able to keep up with demand in the more profitable local market
we are very lucky to easily change an export loss to domestic plus says hong <unk> <unk> managing director of domestic marketing for hyundai motor co
as it is waiting lists of a month are n't unusual for popular models
demand is so strong that all of the domestic makers hyundai kia motors corp. daewoo motor co. and even <unk> ssangyong motor co. plan to build more factories
industry analysts predict that by N south korea will be building three million cars a year about half of that for export
it 's an optimistic move in a industry already facing world-wide overcapacity
but south korean auto makers are confident that the export market will bounce back and that demand in korea will stay strong
currently only one in N south koreans owns a car up from one in N a decade ago
in the year N it will be one car per family
at that point domestic sales will slow down says kim <unk> <unk> director of marketing for daewoo motor
the reason for the tremendous demand is simple south koreans suddenly have a lot more money
we never thought we 'd own a car says <unk> ok <unk> who just bought a daewoo <unk> on a five-year loan
she and her husband started a small printing business and need the car for work as well as for weekend <unk>
pay raises of N N over the past three years have given many south koreans the money to enjoy the things they were supplying the rest of the world
the success of <unk> ssangyong motor shows the strength of the auto market and its growing diversity
a part of the <unk> conglomerate ssangyong group it took over the dying <unk> motor co. in N
ssangyong began making variations of the <unk> <unk> vehicle
<unk> had had a technology agreement with jeep maker american motors corp. now a part of chrysler corp
the most popular style is the stretched family which resembles a ford <unk> or chevy <unk>
the <unk> vehicles start at $ N a family can cost over $ N
ssangyong which has only about N N of the domestic market will sell about N of its models this year twice as many as last year
it sees sales rising N N to N units next year
the company plans to expand plant capacity N N by N
by then it also hopes to begin producing a passenger car based on the <unk> N and selling for about $ N
hyundai and daewoo seem <unk> about the ssangyong threat but kia the <unk> <unk> auto maker is selling <unk> vehicles through its asia unit
it plans to sell N units in N
kia the only korean car maker that has seen its overseas sales grow in N aims at korea 's common man
its advantage has been the <unk> little pride sold as the ford <unk> in the u.s.
at N million won or $ N the <unk> is the <unk> car in south korea
along with two larger models the company claims N N of the domestic market
ford motor co. and japan 's mazda motor corp. have equity interests in kia
kia is the most aggressive of the korean big three in offering financing
loans for as long as five years make the cars very accessible with monthly payments as low as N won or $ N
daewoo motor a N joint venture with general motors corp. and the daewoo group conglomerate is the only auto maker that appears to be hurting
shipments of its <unk> to gm 's <unk> division are off about N N from a year ago <unk> a N N decline for hyundai and an N N increase for kia
moreover daewoo 's domestic sales have grown half as fast as sales of its rivals
the big problem for daewoo which holds about N N of the market is the long series of labor disruptions it suffered this year
but daewoo is expanding too
in fact a sister company daewoo shipbuilding and heavy machinery plans to build N <unk> by the mid-1990s
hyundai the korean market leader with a N N share also plans to jump into <unk> at the same time
it has a similar project for N cars a year
kia is reportedly also considering such a plan
even giant <unk> group is rumored in the korean press to be considering getting into the <unk> business a company spokesman had no comment
robert p. <unk> N years old was named president and chief administrative officer of this regional commercial bank
both posts had been vacant
robert <unk> N was named to the new positions of vice chairman and chief credit officer
many <unk> mutual fund investors picked up the phone yesterday but decided not to cash in their chips after all
as the stock market bounced back withdrawals of money from stock funds amounted to a mere <unk> compared with black monday when investors dumped $ N billion or about N N of <unk> assets
fidelity investments the nation 's largest fund company said phone volume was more than double its typical level but still half that of oct. N N
net outflows from fidelity 's stock funds stood at less than $ N million or below N N of the $ N billion cash position of the firm 's stock portfolios
much of the money was switched into the firm 's money market funds
outflows since the close of trading friday remain below one-third their level of two years ago fidelity said
other mutual fund companies reported even lighter withdrawal requests
and some investors at fidelity and elsewhere even began buying stock funds during the day
two years ago there was a lot of redemption activity and trouble with people getting through on the phone said <unk> <unk> head of the investment management division of the securities and exchange commission
this time we do n't have that at all
of course the relative calm could be jolted if the market <unk> again
and any strong surge in redemptions could force some funds to dump stocks to raise cash as some did during black monday
but funds generally are better prepared this time around
as a group their cash position of N N of assets in august the latest figure available is N N higher than two years earlier
many fund managers have boosted their cash levels in recent weeks
the biggest flurry of investor activity came early in the day
vanguard group inc. saw heavy exchanges from stock funds into money market funds after the telephone lines opened at N a.m
in the first hour the real nervous folks came along a spokesman said
but the <unk> pace of call volume in the first half-hour slowed considerably
at <unk> stevens & clark inc. phone calls came in at N N more than the normal pace through early afternoon
most of that increase came in the first hour after the phone lines opened at N a.m
as stocks rose in fact some investors changed course and reversed their sell orders
many funds allow investors to <unk> orders before the close of trading
at <unk> and at the smaller ivy funds group in <unk> mass. for instance some shareholders called early in the morning to switch money from stock funds to money market funds but later called back to reverse the switches
because mutual fund trades do n't take effect until the market close in this case at N p.m. these shareholders effectively stayed put
at fidelity 's office in downtown boston gerald sherman walked in shortly after N a.m. and placed an order to switch his retirement accounts out of three stock funds and into a money market fund
but by N p.m. with the market <unk> ahead for the day mr. sherman was preparing to undo his switch
it 's a nice feeling to know that things stabilized said mr. sherman the <unk> <unk> of a discount department store
but some investors continued to switch out of high-risk high-yield junk funds despite yesterday 's rebound from that market 's recent price declines
shareholders have been steadily <unk> out of several big junk funds the past several weeks as the $ N billion market was jolted by a cash crunch at campeau corp. and steadily declining prices
much of the money has been switched into money market funds fund executives say
instead of selling bonds to meet redemptions however some funds have borrowed from banks to meet withdrawal requests
this <unk> knocking down prices further
the $ N billion t. rowe price high yield fund was among the funds that borrowed during the campeau crisis says george j. collins president of t. rowe price associates inc
that way mr. collins says we did n't have to sell securities in a sloppy market
when the market stabilized he added the firm sold the bonds and quickly paid the loans back
tom <unk> contributed to this article
<unk> financial inc. said it agreed to acquire central of illinois inc. in a stock swap
shareholders of central a bank holding company based in sterling ill. will receive <unk> stock equal to N times central 's N earnings <unk> said
for the first nine months of N central earned $ N million
<unk> also a bank holding company has assets of $ N billion
central 's assets are $ N million
during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history
soft contact lenses won federal blessing on march N N and quickly became eye <unk> for their makers
the food and drug administration that day said bausch & <unk> could start selling them in the u.s.
the <unk> product was more comfortable and less prone to falling out than hard contact lenses which had been around since N
bausch & <unk> sold the <unk> under a <unk> from national patent development which had gained the rights from the czechoslovakia academy of sciences
<unk> <unk> a <unk> invented them in N
the plastic lens <unk> itself over the <unk> <unk> eye <unk> while permitting <unk> to pass through
but the new lens became the eye of a storm
in september N california officials seized <unk> lenses made by <unk> companies after some showed <unk> of bacteria
in october doctors were <unk> the product 's safety some claiming it caused <unk>
and there were senate hearings on the questions in july N
the product <unk> the bad publicity and kept <unk>
the early soft lenses which cost $ N a set were expected to last for a year
in N extended wear versions designed to be <unk> for N days at a time <unk> offered
<unk> months ago a disposable seven-day model bowed a year 's supply costs about $ N
last month the fda and contact lens institute cautioned users that serious eye <unk> could result from wearing lenses more than seven days at a stretch
today N million of the N million americans using contact lenses are using the soft type
including the <unk> eye care products contacts account for $ N billion in annual retail sales
although bausch remains the leader among the six <unk> johnson & johnson with its new <unk> is coming on fast
the roller-coaster stock market is making life tougher for small companies trying to raise money
in the wake of friday 's plunge and yesterday 's rebound some companies are already <unk> deals and others wish they could
as in other jittery times many small businesses expect a particularly rough time raising funds as investors <unk> risky deals seeking safety in bigger companies
even if stock prices fully recover from friday 's sharp decline the unsettled conditions will <unk> many investors
the implication of an unsettled situation is that the thing could drop dramatically says henry <unk> jr. chairman of <unk> corp. a four-year-old biotechnology company that is planning a private placement of stock
the more <unk> that indicate risk the more the investor is going to drive a hard bargain
earlier this month <unk> inc. a <unk> mass. <unk> <unk> said it would accelerate expansion plans nationwide and offer more of its stock to the public
at the time its shares were selling above their initial offering price of $ N and bankers believed <unk> would sell new stock without a <unk>
but with the company 's shares standing at $ N yesterday a new offering seems unlikely company officials say
business however continues to be robust and the stock market has n't affected the concern 's expansion plans says <unk> <unk> a senior executive
other companies figure they ca n't avoid the market
we have capital requirements says mr. <unk> so we have to go ahead with a planned $ N billion private placement
unless the market goes right back up he says it may take us six to nine months to find the money instead of three
and the columbia md. company may have to settle for a lower price he adds
life is particularly <unk> for companies that had planned to go public this week
<unk> is becoming an investment-banking job requirement
robertson <unk> & co. a san francisco investment banking concern has a client that looked forward to making its initial public offering yesterday
officers of the company a health-care concern were very discouraged on friday and felt they should n't go public we felt they should says sanford robertson partner in the banking concern
as the market dropped friday robertson <unk> slashed the value of the offering by N N
yesterday when similar securities rebounded it <unk> the valuation up again
as of late yesterday the ipo was still on
for many the situation is especially discouraging because the market for <unk> was showing signs of strengthening after several years of weakness
we were just beginning to look at the increase in <unk> seeing the light at the end of the tunnel says frank <unk> jr. partner in <unk> funds a beverly hills calif. venture capital concern
but the tunnel 's just gotten longer
companies planning to go public are definitely taking a second look says allen <unk> senior analyst at the institute for <unk> research fort <unk> fla. which publishes the new issues newsletter on <unk>
he <unk> that the recent market slide translated into a N N to N N reduction in ipo proceeds to companies
many companies are <unk>
<unk> corp. had been planning to sell N N of its stock this week in an ipo that would raise up to $ N million
but now peter <unk> president says we 're making decisions on a day-to-day basis
<unk> and profitable the <unk> colo. <unk> concern could borrow funds if it decides against an ipo now he says
<unk> inc. an atlanta <unk> concern says it is still planning to go ahead with its ipo this week or next unless conditions change
it 's a <unk> situation right now says terry <unk> president
delayed financings also would affect the operations of many companies
sierra tucson cos. a tucson ariz. operator of <unk> centers has a planned doubling of capacity riding on an ipo scheduled for next week
william <unk> president says he still thinks the ipo will succeed
if it does n't he says the company would have to change its expansion timetable
but the market turmoil could be partially beneficial for some small businesses
in a sagging market the federal reserve system might flood the market with funds and that should bring interest rates down says leonard t. <unk> vice president of the bank of new england boston
james g. <unk> president of <unk> savings bank <unk> mass. says the market turmoil is an <unk> <unk> for small business
for small companies he says interest rates are far more important than what happens on stock exchanges
mr. <unk> thinks rates are heading down helping small companies
peter <unk> biotechnology analyst for <unk> securities international chicago thinks market uncertainty may encourage small companies to form more strategic alliances with big corporations
partly because the N market crash made it harder for them to find financing many high-technology concerns have made such alliances recently
some even see a silver <unk> in the dark clouds
alan wells president of <unk> wells <unk> & co. a new york merger specialist thinks <unk> investors may lose their enthusiasm for leveraged buy-out and giant takeover deals
instead they could turn to investing in smaller deals involving smaller companies he says
and william e. <unk> jr. a university of new hampshire management professor and director of venture capital network inc. says the market 's gyrations will <unk> the investors ' lack of control in big stock investments
this will add to the appeal of small business he says where investors often have a degree of influence
bay financial corp. hurt by high debts and deteriorating real estate investments reported a wider loss for the fourth quarter and said it might be forced to seek a bankruptcy-court reorganization if it ca n't <unk> its borrowings
bay said a substantial part of its debt outstanding is in default as a result of inability to sell certain properties quickly and lower-than-expected prices for sales made
the company said its real estate portfolio is highly leveraged while about two-thirds of its investments are n't <unk>
thus it is coming up short on a big bet that quick sales at higher prices would enable it to keep up with mortgage and other debt payments
according to its latest annual report about a quarter of the company 's holdings are in massachusetts in the midst of a real-estate slump
the company said it had a net loss in its fourth quarter ended june N of $ N million or $ N a share on revenue of $ N million
a year earlier the company had a loss of $ N million or $ N a share on revenue of $ N million
for the year it had a net loss of $ N million or $ N a share on revenue of $ N million
in the previous year it had a loss of $ N million or $ N a share on revenue of $ N million
although it is having serious <unk> problems bay said the <unk> value of its holdings minus debt was equal to $ N a share at june N based on a recent <unk>
book value per share which is based on investments at cost was a negative $ N a share
a year earlier <unk> value per share was $ N and book value was $ N a share
annualized interest rates on certain investments as reported by the federal reserve board on a <unk> basis N and wednesday october N N
<unk> adjusted for constant maturity
<unk> inc. reported a N N decline in third-quarter net income but the company said that excluding unusual gains in both quarters operating profit rose N N
the electronics automotive and aerospace concern said third-quarter net was $ N million or N cents a share down from $ N million or $ N a share a year earlier
share earnings are reported on a fully diluted basis by company tradition
results for the N quarter included a gain of $ N a share from sale of the <unk> pump and <unk> cable units partly offset by a charge of N cents a share for recall of <unk> truck steering systems
the latest quarter included a gain of N cents a share as a partial reversal of the recall charge because the reserve established last year exceeded the actual recall costs
sales for the quarter rose N N to $ N billion from $ N billion with all three major product groups reporting gains
the company said aerospace and defense sales were up N N for the quarter to $ N million and operating profit climbed N N to $ N million mainly because of improved program performance in spacecraft and <unk> contracts
automotive sales jumped N N to $ N million mainly because of higher sales of air bags and other passenger restraint systems <unk> said
the group had an operating profit of $ N million against a loss of $ N million a year earlier
however excluding the year-earlier charge for recall of steering gear operating profit in the latest quarter declined N N reflecting higher start-up and product development expenses in <unk> systems
materials and production costs also rose <unk> said
the information systems segment had a N N jump sales to $ N million
an acquisition accounted for half the sales rise <unk> said
operating profit rose <unk> to $ N million from $ N million
for the nine months <unk> 's net was $ N million or $ N a share down N N from $ N million or $ N a share a year earlier
sales rose N N to $ N billion from $ N billion
a <unk> <unk> by an <unk> not <unk> though <unk> <unk> english butler in his <unk> proceeds as if the realistic english novel of <unk> like <unk> herself still ruled the waves
in fact <unk> <unk> 's the remains of the day <unk> N pages $ N is both an <unk> to traditional english forms and a dramatic <unk> of them
it implies that the british empire was rooted in its subjects ' minds <unk> and <unk> and argues <unk> that its <unk> flaws were <unk> in the defensive <unk> willful <unk> <unk> and especially the <unk> of its domestic <unk>
as the <unk> stevens the <unk> butler of <unk> hall <unk> over such <unk> terms as <unk> dignity service and loyalty we see how <unk> <unk> <unk> the soul
stevens 's <unk> <unk> of the public and private <unk> like his <unk> master 's <unk> all it was designed to preserve
such <unk> <unk> the <unk>
the <unk> cuts to the quick
it 's N the year the suez crisis marked the final end of empire
as he stands on a hill at the beginning of a <unk> motor <unk> from <unk> to <unk> where a former <unk> <unk> perhaps the victim of an unhappy 20-year marriage perhaps he hopes with more <unk> than he will ever acknowledge not <unk> to return to domestic service stevens surveys the view and thereby provides a <unk> a <unk> and the author 's <unk> for the <unk> of the novel we 're reading
we call this land of <unk> great britain and there may be those who believe this a somewhat <unk> practice
yet i would venture that the landscape of our country alone would justify the use of this <unk> <unk>
it is the very lack of obvious drama or <unk> that sets the beauty of our land apart
what is <unk> is the <unk> of that beauty its sense of restraint
it is as though the land knows of its own beauty of its own <unk> and feels no need to <unk> it
in comparison the sorts of sights offered in such places as africa and america though undoubtedly very exciting would i am sure strike the objective <unk> as <unk> on account of their <unk> <unk>
an <unk> landscape
an <unk> mountain
but let stevens continue in his <unk> comic manner his <unk> efforts at <unk> always fail most <unk> this whole question is very <unk> to the question that has caused much debate in our profession over the years what is a great butler
his answer is one <unk> of a dignity in keeping with his position
such dignity has to do <unk> with a butler 's ability not to abandon the professional being he <unk>
he will not be shaken out by external events however surprising <unk> or <unk>
<unk> are unable to be <unk> because they are as a breed <unk> of the emotional restraint which only the english race are capable of
despite his racial advantage to be a great butler is a <unk> calling one 's <unk> is not unlike general 's headquarters during a battle
if for example in the midst of a great social occasion such as an international conference on <unk> the <unk> treaty in N one 's <unk> father himself a great butler once should happen to die of a <unk> one must continue to serve the port please do n't think me <unk> improper in not <unk> to see my father in his <unk> condition just at this moment
you see i know my father would have <unk> me to carry on just now
it is this kind of dignity and restraint that allows stevens to declare for all its sad associations whenever i recall that evening today i find i do so with a large sense of <unk>
we note the imperial public word used to deny private rage and <unk>
that stevens himself is not <unk> or <unk> but funny and sad and <unk> is entirely the author 's <unk>
mr. <unk> 's ability to create a <unk> <unk> voice that permits him to explore such <unk> domestic cultural and political themes was <unk> clear in his previous novel an artist of the floating world set in japan after the war
now shifting his scene from the country he left at five to the england he has lived in for nearly N years he has <unk> a novel in the mode of henry james and <unk> <unk>
with great <unk> he considers not only <unk> <unk> and utterly <unk> sexual love but british <unk> the <unk> 's <unk> with democracy and support of <unk> and the moral <unk> of loyalty it is in practice simply not possible to adopt such a critical attitude <unk> an employer and at the same time provide good service
this employer <unk> all that i find noble and <unk>
i will <unk> devote myself to serving him
this is loyalty <unk> <unk>
in the end after meeting with the former <unk> stevens sits by the <unk> at <unk> thinking of her and of his employer and declares i trusted
i trusted in his <unk> 's wisdom
i ca n't even say i made my own mistakes
really one has to ask <unk> what dignity is there in that
the loyal <unk> has come full circle
what is <unk>
what is dignity
we understand such <unk> wisdom must be <unk> the <unk> of <unk> only spreads her wings at <unk>
but as the remains of the day so <unk> demonstrates with quiet <unk> such wisdom can be <unk> <unk> in art
mr. <unk> teaches english and <unk> literature at columbia university
<unk> corp. said its <unk> subsidiary completed the previously announced sale of its air separation plant and related assets in <unk> wis. to aga gas inc. cleveland
the price was n't disclosed
the transaction is part of <unk> 's continuing program to shed <unk> 's industrial gas interests and expand the subsidiary 's propane business
since june <unk> has <unk> more than $ N million from industrial gas <unk> and reinvested more than $ N million to acquire three propane distributors
<unk> is a gas and electric utility and distributes propane nationally through its <unk> subsidiary
<unk> <unk> who represents the soviet airline aeroflot here has some <unk> that are wild even by the current standards of perestroika
in his office <unk> the runway of shannon airport mr. <unk> <unk> throws out what he calls just ideas
first he suggests <unk> group ltd. the international aircraft leasing company based in ireland could lease some of its boeing <unk> to the soviet airline
then aer <unk> the irish flag carrier could teach aeroflot pilots to fly the <unk> and the fleet could be based here at shannon airport
that 's not all he says
aer <unk> the irish airport authority could build a cargo terminal in the soviet union
aeroflot could lease some of its cargo planes to aer <unk> through <unk> for a joint-venture cargo airline
and then there is his notion of an <unk> charter airline to ferry <unk> to los angeles via shannon
have the freedoms of glasnost gone to mr. <unk> 's head
the <unk> aviation connection is alive and well here at shannon airport
<unk> is indeed talking about leasing western planes to aeroflot and even about buying <unk> <unk> <unk>
aer <unk> is in discussions with the soviet carrier about a cargo venture and other possibilities
aer <unk> already has so many ventures with aeroflot that its chief executive is studying russian
unlikely as it may seem tiny politically neutral ireland has <unk> the mighty soviet airline bureaucracy
and as aeroflot struggles to boost its service standards upgrade its fleet and pursue commercial opportunities the irish aviation industry seems poised to benefit
irish and soviet people are similar says mr. <unk>
they look the same
they 're very friendly
moreover he says irish companies are small but <unk>
we have to study their experience very well he says
we must find any way to get business
the two groups have been working together since the late 1970s long before soviet joint ventures were the rage in the west
aeroflot carried about N million passengers last year and shannon airport the airline 's largest transit airport outside the soviet union saw N aeroflot flights and N passengers pass through
an apartment complex down the road is the <unk> and staging area for more than N aeroflot pilots and flight attendants
the airport 's biggest supplier of aircraft fuel is the soviet union
<unk> from the <unk> port of <unk> each year unload N million gallons of fuel into a special tank farm at the airport
what aeroflot does n't pour into its own <unk> <unk> is <unk> to the airport authority which <unk> it to N western carriers including air france trans world airlines and pakistan international airlines
aeroflot thus pays its landing fees <unk> and <unk> bills with fuel preserving its hard currency
that is n't all
last year the irish airport authority in a joint venture with aeroflot opened four <unk> duty-free shops at moscow 's <unk> airport
aer <unk> now manages duty-free sales on all aeroflot international flights out of moscow
duty-free shops in <unk> 's <unk> airport opened in july and <unk> shops in <unk> hotels and on the <unk> <unk> are coming soon
aer <unk> is talking about similar joint ventures in <unk> and in <unk> a black sea resort and even has a <unk> project cooking with the <unk> city of <unk>
aeroflot 's international fleet of N planes is being <unk> and <unk> at shannon airport
thanks to a new <unk> agreement and the ability of irish travel agents to issue aeroflot tickets tourists here are taking advantage of aeroflot 's reasonable prices to board flights in shannon for holidays in <unk> <unk> and mexico city
the <unk> fare to <unk> is N irish punts $ N
jamaica costs N punts
a formal blessing of sorts was <unk> on this friendship in april when mikhail and <unk> gorbachev stopped here for talks with irish prime minister charles <unk>
new trade accords were signed
it all started with geography
when it opened in N shannon was the first <unk> in europe for <unk> airplanes flying from north america
advances in aircraft fuel efficiency over the years made a shannon stop unnecessary for most western air fleets but aeroflot still flies inefficient <unk> that ca n't make it from moscow to managua on one <unk>
as a result ireland did n't <unk> the soviets after they shot down a korean air lines jetliner over the sea of japan in N though it suspended direct <unk> flights for two months
in fact aer <unk> started <unk> russians from shannon to new york when washington stripped aeroflot of its u.s. landing rights
today aer <unk> is making a <unk> of money from its soviet friendship
and with those contacts in place it could be relatively simple to add aer <unk> and <unk> to the team
then perhaps mr. <unk> 's ideas would n't sound like so much <unk>
britain 's industrial production rose N N in august from july and was up N N from august N according to provisional data from the central statistical office
output in the energy sector which can vary greatly with swings in the oil market rose N N in august from may but was down N N from a year earlier
the latest figures compare with july 's N N <unk> rise and N N year-to-year fall
when <unk> corp. begins shipping steel from the world 's first <unk> plant this month it will begin testing the competitive <unk> of its giant competitors
the new technology which creates a very thin piece of steel <unk> reduces the costs of making flat-rolled sheets
an <unk> kenneth iverson <unk> 's chairman says the company 's plant eventually will make a ton of steel in N man hours compared with four to six man hours at a conventional mill
we 've had the russians and chinese and people from india visiting us mr. iverson <unk>
everyone in the world is watching us very closely
especially his neighbors the major u.s. steelmakers
already usx corp. and armco inc. are studying <unk> 's technology to see if they can adopt it
says the chief executive officer of a major midwest steel company it 's damn worrisome
the <unk> steel industry is about to be turned <unk> by a 1990s technology revolution
new efficient and sophisticated processes make it easier for smaller less <unk> companies to make steel at a fraction of what big steel paid decades ago
it also enables minimills finally to get a <unk> in the flat-rolled steel market the major steelmakers ' largest most <unk> and until now <unk> market
but such <unk> technology is only the beginning
eager engineers <unk> <unk> and direct casting which by the end of the 1990s will enable production without coke <unk> and blast <unk>
those massive structures while <unk> cost and environmental headaches effectively locked out all but <unk> giants from <unk>
there 's a revolution ahead of us that will ultimately change the way we market and distribute steel says william dennis vice president manufacturing and technology for the american iron <unk> and steel institute
it is n't that major steelmakers have <unk> ignored high technology
in fact they 've spent billions of dollars to boost the percentage of <unk> cast steel to N N in N from N N five years before
moreover their balance sheets are rich with diversity their old plants <unk> and work forces lean
but that wo n't <unk>
it 's no longer enough to beat the guy down the street
you have to beat everyone around the world says mr. dennis
he wants to see steelmakers more involved in computers and <unk> intelligence
the problem they 're <unk> with huge plants that require costly maintenance
and try <unk> new dollars free in a market that is softening hurt by a strong dollar and concerned about overcapacity the industry 's <unk> <unk>
the technology revolution is going to be very threatening to established producers says peter marcus an analyst with painewebber inc
they 've got too much invested in the old stuff and they ca n't get their workers to be flexible
no one expects minimills to <unk> major integrated steelmakers who remain the <unk> <unk> of <unk> steel used for autos and refrigerators
<unk> 's plant in <unk> ind. ultimately will produce only one million tons annually a drop in the <unk> flat-rolled steel <unk> and it will be years before such plants can compete in the <unk> market
still flat-rolled is the steel industry 's bread and butter representing about half of the N million tons of steel expected to be shipped this year
moreover the process is n't without its headaches
because all operations are connected one equipment failure forces a complete plant shutdown
on some days the <unk> plant does n't produce anything
at this point the <unk> capacity wo n't make a great <unk> in the integrated market but it does challenge them to develop new markets says james mccall vice president materials at <unk> a technology and <unk> giant based in columbus ohio
indeed with demand for steel not growing fast enough to absorb capacity steelmakers will have to change the way they do business
in the past says armco 's chief economist john <unk> steelmakers made a product and set it out on the <unk> <unk>
we said we 've got a product if you want it you can buy it he says adding now we 're figuring out what people need and are going back to make it
armco 's sales representatives visit the general motors corp. 's <unk> assembly plant in kansas city mo. two or three days a week
when they determined that gm needed parts more quickly armco convinced a steel service center to build a processing plant nearby so shipments could be delivered within N minutes
<unk> such relationships with major clients car and <unk> makers is a means of survival especially when those key clients are relying on a smaller pool of producers and <unk> with plastic and aluminum makers
for example when detroit began talking about <unk> cars the american iron and steel institute began a major lobbying effort to show auto makers how they could use steel more efficiently by simply <unk> how a car door is assembled
but steelmakers must also find new markets
after letting <unk> take the recycling lead a group of the nation 's largest steelmakers started a recycling institute to promote steel cans to an environmentally <unk> nation
<unk> 's mr. mccall thinks steelmakers should concentrate more on construction
weirton steel corp. weirton w. va. for example is touting to homeowners fashionable steel doors with <unk> glass <unk> as a secure and <unk> alternative to wooden or aluminum ones
other steelmakers <unk> steel <unk> covering <unk>
still others are looking at overseas markets
usx is <unk> drilling pipe to <unk> soviet union
this year the nation 's largest steelmaker <unk> its overseas sales operation
producers also are trying to <unk> by concentrating on <unk> output such as coated and <unk> products which remain beyond the reach of minimills
almost all <unk> programs announced by major steelmakers within the past year involve building <unk> lines used to produce steel for such products as household appliances and car doors
but unfortunately that segment is much smaller than the bread-and-butter flat-rolled steel
it 's like everyone climbing out of the <unk> ii and getting into a <unk> says john jacobson an analyst with <unk> consultants
after a while someone has to go over the side
although he does n't expect any <unk> he does see more plants being sold or closed
robert crandall with the <unk> institute agrees
unless there is an enormous rate of economic growth or a further drop in the dollar it 's unlikely that consumption of u.s. produced steel will grow sufficiently to offset the growth of minimills
not to mention the <unk> of imports
japanese and european steelmakers which have led the recent technology developments are <unk> awaiting the lifting of trade restraints in N
moreover the u.s. can expect more competition from low-cost producing pacific <unk> and latin american countries
a taiwanese steelmaker recently announced plans to build a <unk> plant
people think of the steel business as an old and mundane <unk> business says mr. iverson
they 're dead wrong
\* usx ltv bethlehem inland armco national steel
\*\* projected
polaroid corp. 's <unk> damages case against eastman kodak co. one of the highest stakes corporate trials ever is getting <unk> attention on wall street
after N days of <unk> testimony in federal court in boston the trial is being all but ignored by analysts and patent attorneys
most have read the pre-trial documents however and estimate kodak will be ordered to pay $ N billion to $ N billion for <unk> on seven polaroid patents
that may be the largest patent award ever but it is well below the $ N billion polaroid seeks
the highest patent damage award to date was in N when smith international inc. was ordered to pay $ N million to baker hughes inc. for <unk> on a patent on an oil drilling bit seal
the two companies later agreed to settle for $ N million
few analysts think it is worth their time to <unk> through the polaroid trial testimony
it 's like <unk> for gold outside of grand central station
you might find something but the chances are low said michael <unk> an analyst at wertheim schroder & co
and eugene glazer an analyst at dean witter reynolds inc. said if you hired an attorney to be there all the time and give you a prediction of the eventual award i would be willing to bet that he would be off by a lot
a <unk> trial in the early 1980s determined that kodak based in rochester n.y. infringed on patents of polaroid of cambridge mass
the main issues remaining are how to calculate damages and whether the infringement was willful and <unk>
if so the damages could be tripled
two analysts who have read the <unk> david nelson of shearson lehman hutton inc. and <unk> d. <unk> a litigation analyst at <unk> simpson & co. think judge a. david <unk> will decide in kodak 's favor on the willful and <unk> issue
mr. <unk> said testimony by kodak 's patent counsel francis t. carr of <unk> & <unk> showed that he worked with kodak <unk> from the outset of the project in an effort to avoid infringement
carr told kodak on many occasions to avoid various features because of polaroid 's patent positions and kodak followed his advice in every instance mr. <unk> said
but irving <unk> a patent expert at george mason university school of law who is familiar with the case said the fact that seven patents were infringed suggests that infringement was willful
it 's difficult to be that consistently wrong
observers also wonder whether judge <unk> will use the <unk> method of determining damages which polaroid favors because it would result in a larger award or the reasonable royalty method
polaroid claims it could have manufactured and sold all the instant cameras and film sold by kodak if kodak had n't entered the market
moreover polaroid contends it could have sold them at a higher price and thus made higher profits because it would n't have been forced to match kodak 's lower prices
each side has called a harvard business school professor to testify on that issue
kodak hired robert <unk> and polaroid brought in robert j. <unk>
there 's nothing that says that people at harvard business school have to agree with each other said mr. <unk>
testimony is expected to continue until early december
a decision is n't expected until some time next year
international business machines corp. said earnings tumbled N N in the third quarter even a bit further than expected <unk> the outlook doubtful for the next few quarters
the main reason was a delay in shipment of new high-end disk drives a business that accounts for some N N of ibm 's $ N billion of annual revenue
ibm which <unk> the poor results three weeks ago also cited an increase in its leasing business which tends to lock in business long-term but cut revenue in the near term
in addition ibm noted that the stronger dollar has cut the value of overseas revenue and earnings when they are translated into dollars
earnings fell to $ N million or $ N a share somewhat below securities analysts ' revised expectations of around $ N a share
that compared with the year-earlier $ N billion or $ N a share which was inflated by a <unk> gain from the sale of some mci communications corp. stock and by an unspecified amount from a payment by fujitsu ltd. relating to a software dispute
revenue climbed N N to $ N billion from $ N billion
ibm armonk n.y. remained upbeat
the computer giant whose u.s. results have been dismal for years noted that revenue rose again in the u.s. in the third quarter following an increase in the second period
the company said in a statement that demand for ibm products and services continues to be good world-wide
we do not see anything in the fundamentals of our business that would cause us to change our strategy of investing for profitable growth
securities analysts however remained <unk>
i think N will be another <unk> year said steve <unk> of first boston
jay stevens of dean witter actually cut his per-share earnings estimate to $ N from $ N for N and to $ N from $ N in N because he decided sales would be even weaker than he had expected
both estimates would mark declines from the N net of $ N billion or $ N a share which itself was well below the record ibm set in N
mr. stevens said he kept a <unk> recommendation on the stock only because all the damage has been done
he said the stock has n't traded below N N times book value over the past N years which at the moment <unk> to a stock price of $ N
the stock closed yesterday at $ N a share up just $ N in composite trading on the new york stock exchange as the market surged
analysts worry that the disk-drive and leasing problems will last at least through the first quarter
a key part of the question is how soon does this disk-drive come and how soon does production <unk> up said steve cohen at <unk> financial group
and the input i 've had from customers is that it still could be a while
on leasing bob <unk> at <unk> research said he thinks ibm has hurt itself <unk>
he said ibm has priced its leases aggressively thinking that would help win business
but he said ibm would have won the business anyway as a sale to a third party that would have then leased the equipment to the customer
he said ibm has not only hurt its short-term revenue outlook but has also been losing money on its leases
bob <unk> executive vice president of marketing at <unk> inc. a huge leasing firm said to put it mildly ibm credit has been doing some of the worst economic deals of any leasing company we have ever seen
ibm is expected to get a boost soon when it <unk> some new versions of its mainframes
but the basic technology in the line is almost five years old which means it is long in the <unk> and competitors are rolling out strong products of their own
ibm is gaining momentum in the personal-computer market and is expected to introduce some impressive workstations early next year
but it 's hard to squeeze much profit out of the personal-computer business these days and the workstation market while important is too small to rely on for much growth
the disk drives will <unk> sell well when they finally become available
but the <unk> ibm 's highly successful <unk> line is losing its momentum and some analysts said sales could even decline in the fourth quarter
in addition ibm 's growth in software in the third quarter was just N N well below historical levels even when adjusted to reflect last year 's payment from fujitsu and the stronger dollar
and expenses up N N in the quarter have stayed <unk> high
in the nine months ibm earned $ N billion or $ N a share down N N from the year-earlier $ N billion or $ N a share
revenue increased N N to $ N billion from $ N billion
pepsico inc. 's chairman said he is more than comfortable with analysts ' estimates that third-quarter earnings rose to at least N cents to $ N a share from N cents the year earlier
d. wayne calloway also chief executive officer of the company indicated that he expects analysts to raise their forecasts for N after the company releases its earnings today
so far analysts have said they are looking for $ N to $ N a share
after today 's announcement that range could increase to $ N to $ N a share
the official said he also would be comfortable with that new range
in N the soft-drink giant earned $ N a share
results for N will include about N cents a share from the <unk> effects of snack-food and bottling company acquisitions
in composite trading on the new york stock exchange the company closed yesterday at $ N a share up $ N
the company said third-quarter sales are expected to increase N N from $ N billion of last year 's third quarter
domestic soft-drink <unk> case sales are estimated to have risen only N N in the third quarter well below the N N to N N growth of recent years but about in line with the rest of the soft-drink industry
mr. calloway blamed the slower volume on <unk> weather a <unk> of new products in the industry and to a much lesser extent pricing
pepsico said its soft-drink prices were about N N higher in the quarter
mr. calloway also noted that soft-drink volume rose a hefty N N in last year 's third quarter making the comparison more difficult
international soft-drink volume was up about N N
snack-food <unk> increased a strong N N in the third quarter while domestic profit increased in double <unk> mr. calloway said
excluding the british snack-food business acquired in july snack-food international <unk> jumped N N with sales strong in spain mexico and brazil
total snack-food profit rose N N
led by pizza hut and <unk> bell restaurant earnings increased about N N in the third quarter on a N N sales increase
<unk> sales for pizza hut rose about N N while <unk> bell 's increased N N as the chain continues to benefit from its <unk> strategy
<unk> bell has turned around declining customer counts by permanently lowering the price of its <unk>
same <unk> for kentucky fried chicken which has struggled with increased competition in the fast-food chicken market and a lack of new products rose only N N
the operation which has been slow to respond to consumers ' shifting <unk> away from fried foods has been developing a <unk> product that may be introduced nationally at the end of next year
the new product has performed well in a market test in las vegas nev. mr. calloway said
after a four-year $ N billion acquisition binge that brought a major soft-drink company soda <unk> a fast-food chain and an overseas snack-food giant to pepsi mr. calloway said he does n't expect any major acquisition in the next year or so
but you never can tell he added you have to take advantage of opportunities
president bush chose martin <unk> a longtime friend from texas to be chairman of the federal energy regulatory commission
mr. <unk> would succeed <unk> <unk> who is resigning
the white house said ms. <unk> a chicago <unk> who previously held posts at the energy department and ferc is leaving to become a vice president of first chicago corp
mr. <unk> an attorney in midland texas has been <unk> at the interior department
he met mr. bush in the 1950s when the president was a young oil man in midland and mr. <unk> was a lawyer for an oil firm
the ferc is a <unk> commission that <unk> billions of dollars of interstate wholesale energy transactions
mr. <unk> 's appointment is subject to confirmation by the senate
administration officials said a date for ms. <unk> 's departure has n't been set
california real estate investment corp. said its directors declared a dividend of five cents per class a common stock payable nov. N to stock of record oct. N
the dividend represents the balance of its regular quarterly payout of N cents a share of which half was paid july N in a final distribution prior to its merger with <unk> real estate investment corp. also in july
the company said it hopes to resume its schedule of regular quarterly dividends at the end of this year
hydro-quebec said it notified central maine power co. it will cancel a $ N billion contract to supply electricity to the maine utility
the <unk> owned utility said it is <unk> up the deal because the contract 's objectives ca n't be <unk>
hydro-quebec said maine regulators ' refusal to approve the contract earlier this year halted work on transmission lines and stopped negotiations for resale of electricity carried through maine to other utilities
it would now be <unk> impossible to begin deliveries in N a hydro-quebec official said
the contract was to run from N to N
under the contract hydro-quebec was to supply N <unk> of power to central maine power starting in N N <unk> starting in N and N <unk> starting in
hydro-quebec said maine regulators ' refusal to approve the contract means central maine power has lost its place in line
we wo n't sign any new contracts with deliveries beginning earlier than N the hydro-quebec official said
he said hydro-quebec already has some customers in mind for the power that was to be delivered to maine
nothing has happened since we signed the contract to undermine our conviction that hydro-quebec was the <unk> most environmentally acceptable choice for meeting a part of our customers ' energy needs through the year N said central maine senior vice president donald f. kelly
central maine said it is evaluating many energy options to make up for the lost future power including new energy generation and management proposals from new england and possibly new canadian purchases
chicago options traders were among the big victims of friday 's plunging stock market including one small firm that required an emergency $ N million bailout
while monday 's rebounding markets helped other investors recoup losses many options customers and professional traders in stock-index options and the options on takeover stocks were left with multimillion-dollar losses traders here and in new york said
options traders were hurt worse than others on friday because of the highly volatile nature of options which often rise or fall in value several times the amount of the price change in the individual stock or index of stocks on which they are based
thus options traders friday were stuck with losses that also were several times larger than those suffered by many stock traders in new york
jeffrey miller of miller <unk> <unk> & co. said that given the high degree of leverage in the options market it is very easy for these guys to get wiped out
that may just be the nature of these highly leveraged little creatures
an options contract gives the holder the right to buy call or sell put a specific amount of stock or in this case the value of a stock index based on a <unk> price within a given time period
options traders who in return for a small fee or premium had previously sold put options on stocks or stock indexes were forced on friday to buy those contracts back at the previously agreed prices which were substantially above those in the market as it was falling
they then had no choice in many cases but to sell the contracts at prevailing prices in most cases at a substantial loss
the latest round of losses is likely to be a serious blow to the chicago board options exchange which has never fully recovered from the <unk> of black monday when investors fled the market because of huge losses
making matters worse was the fact that late friday afternoon the cboe halted stock-index options trading in step with the chicago mercantile exchange 's halt in stock-index futures
but while the merc reopened a half hour later the cboe remained closed leaving many options traders unable to make trades that might have reduced the losses
cboe chairman <unk> duke <unk> said that unlike the futures market the options exchange has to open in a <unk> that allows each different options series to trade
exchange officials <unk> that they would n't have been able to make such a <unk> with the time remaining friday afternoon and with the stock-index futures on the verge of closing for a second and final time the cboe <unk> that its best course was to remain closed
the damage was so bad at fossett corp. an options trading firm here that it was forced to transfer its accounts to first options of chicago a unit of continental bank corp. as a result of options trading losses
<unk> so far is the only member of a financial exchange to be forced to be taken over by another firm as a result of friday 's rout
fossett still had several million dollars in capital left after friday 's close of trading but not enough that regulators worried about another potential market plunge yesterday would let it reopen for trading options exchange officials said
thus in an unprecedented arrangement <unk> the <unk> of the transfer the cboe the american stock exchange and the options clearing corp. as well as the firm 's owner stephen fossett put up a total of $ N million to guarantee the customer positions being transferred to the bank holding company subsidiary in case the market plunged again yesterday
s. <unk> <unk> iii vice chairman of continental bank first options ' parent company said the firm took on about N accounts formerly held by fossett almost all of them <unk> to professional floor traders
steve and his firm were still worth a lot of money mr. <unk> said
a package of credit support was put together including the assets of steve and his firm
the bailout was <unk> together over the weekend with officials from the federal reserve board securities and exchange commission comptroller of the currency and treasury as well as the options exchanges
it was great to have the luxury of time mr. <unk> said
at one point an options industry official had to talk the federal reserve bank of chicago 's night <unk> into giving him the home phone number of <unk> <unk> chicago fed president
first options did n't have to put any money into the bailout
yesterday 's rally in the stock futures and options markets led cboe and amex officials to conclude that the $ N million in guarantees almost certainly wo n't need to be tapped by first options
the fossett firm had some losses and liquidity problems during the october N crash as well mr. <unk> said
a federal official said that continental bank worked with securities and banking regulators over the weekend to fashion the fossett bailout but that conditions were n't <unk> by those agencies
it was their business decision the official said
officials at options clearing corp. which processes all options trades for u.s. exchanges said that the $ N million guarantee was unprecedented but was necessary to help insure the integrity of the options markets
it was an extraordinary situation that needed extraordinary steps said paul stevens <unk> president and chief operating officer
mr. stevens declined to give the specific contributions to the $ N million guarantee from each participant
but cboe and amex officials said that options clearing corp. contributed $ N million to the guarantee the cboe put up $ N million the amex added $ N million and $ N million came from mr. fossett 's own assets
mr. fossett could n't be reached to comment
<unk> foster takes off her <unk> <unk> herself on a <unk> chair and gently <unk> forward
with a <unk> tape playing <unk> in the background the <unk> hands of <unk> <unk> begin to work on ms. foster 's neck and <unk>
it 's like an <unk> in this room ms. foster <unk>
the room in question is the directors ' <unk> of <unk> <unk> co. N floors above the <unk> of pittsburgh
there amid oil paintings and marble tables massages are <unk> every wednesday
on days that i 'm really busy says ms. foster who works in public relations for the company it seems <unk> to take time off for a massage
although such sessions may never replace coffee breaks on-site massage as it is known in the trade is certainly <unk> corporate america
in some companies middle managers <unk> massage <unk> into the office fearful that <unk> executives wo n't approve
ms. foster 's <unk> is nothing like the <unk> <unk> <unk> enjoyed by <unk> visitors
nor does it at all resemble despite what some executives think the more intimate variety offered at specialty <unk> in bad parts of town
on the contrary office <unk> usually take place in <unk> <unk> conference rooms where <unk> employees relax in specially designed chairs fully <unk>
the massages last N minutes and typically cost about $ N
some companies including <unk> even pay part of the fee
ms. <unk> has been seeing some N clients a visit since the program was started at <unk> last year
anthony <unk> <unk> the company 's chairman <unk> by her firm touch saying regular massages are a <unk> for his old football injuries
massage advocates say that <unk> the head <unk> neck and back can go a long way toward easing tension and improving morale
they also insist that <unk> is a basic need as powerful as the need for food or sleep and that the office is as good a place as any to do it
the blood flows to your head you feel <unk> and you do n't feel tension around the head or neck says <unk> <unk> an operations supervisor at the social security office in grand <unk> mich. where massages began last month
when you leave the room after your massage people say you look like you 're <unk>
adds <unk> <unk> the <unk> <unk> who <unk> her trade in the grand <unk> office they fall in love with my hands
not everyone however is at ease with office massage
three years ago the internal revenue service 's office in san jose calif. opened its doors to on-site massage
and even though employees paid the bill taxpayers <unk>
sometimes with the release of stress you hear <unk> and <unk> coming out of the room explains morgan banks the agency 's health specialist
and you ca n't have taxpayers coming into an audit hearing <unk> and <unk>
last month the complaints <unk> and the massages ended
now we 're looking for a room with <unk> walls ms. banks says
massage also has an image problem to contend with
some <unk> have tried to get around this by calling themselves <unk> and describing their office visits as <unk> breaks
but massage no matter how <unk> is still associated in many minds with <unk> fronts for <unk> and that makes some executives nervous
last year the research and development division of weyerhaeuser co. the large <unk> concern invited a <unk> to its <unk> wash. offices
phil <unk> a software engineer was an eager customer
you build up a lot of tension working at a terminal all day he says
but after about eight months the vice president of the division ed <unk> learned about the sessions and brought them to a halt
mr. <unk> says his only beef was that the massages were being given in a company conference room the department 's <unk> health facility would have been fine
in my view massages should be managed with an appropriate <unk> of males and <unk> around he says
given such attitudes some corporate <unk> prefer to go about their business quietly
russell <unk> of park <unk> n.j. says he has been working for the past year at a huge chemical and manufacturing concern in new york <unk> to the company 's executives
he visits the same department every two or three weeks
his massage chair is kept in a <unk> and a secretary <unk> him past security
this is common with a lot of large companies says mr. <unk> who worked for american telephone & telegraph co. for N years before choosing his current trade
managers he contends are afraid how they 're going to look in the eyes of their <unk>
my vision is to change human <unk> <unk> touch
my attitude is let 's come out of the <unk>
occasionally all that 's needed is a little <unk>
<unk> <unk> a st. louis <unk> won over officials at emerson electric co. a maker of electrical and electronic equipment by providing documents and other articles <unk> the <unk> benefits of massage
she notes that she also <unk> <unk> during her weekly visits
i pull my hair back wear a little makeup and look corporate says ms. <unk> who has been visiting emerson since january
if i go in there as i normally dress they 'd ask who is this <unk>
the <unk> father of on-site massage is david palmer a <unk> san francisco <unk> whose mission is to save the <unk> <unk>
to help do this mr. palmer developed a portable massage chair three years ago that he hopes will bring structured <unk> into mainstream america
the culture is not ready to take off its clothes lie down and be touched for an hour for $ N he says
the idea is to keep the clothes on and to keep people <unk>
the chair is a way to package massage
sitting in one of mr. palmer 's chairs which cost $ N and have since been <unk> by others is a bit like <unk> a <unk>
customers lean forward rest their <unk> on side supports and <unk> their face in <unk> on the back of the chair
ms. <unk> the grand <unk> <unk> says she has heard the <unk> <unk> compared to something out of the spanish <unk>
mr. palmer who serves as president of the on-site massage association and writes an industry newsletter says some N practitioners out of about N certified <unk> across the country now use massage chairs in the workplace as well as on street corners in airports and <unk> and at <unk> and other <unk> where <unk> people can be found
<unk> <unk> a <unk> in <unk> colo. had a scary experience while <unk> a man in a <unk> supermarket as part of a store promotion
three minutes into the massage the man <unk> up began shaking and turned red
<unk> were called
a week later the man told mr. <unk> he had suffered a mild heart attack unrelated to the massage
it was a powerful point in my career says the <unk> mr. <unk> who has since taken out a $ N million liability policy for his business
but he pulled through and after the <unk> left there were still six people in line waiting for a massage
the next woman was older and i was afraid to touch her
but it 's like falling off a horse and getting back on
despite the number of fans that office massage has won some <unk> look down on it arguing that naked <unk> <unk> are the only way to go
linda <unk> who does <unk> work in pittsburgh says that while on-site massage is better than nothing tired workers should realize it is only the tip of the <unk>
whole areas of their bodies are neglected she says adding that clothes <unk> the experience
there 's nothing like skin to skin
in what is believed to be the first cancellation of a loan to china since the june N killings in beijing an international bank syndicate has terminated a $ N million credit for a shanghai property project
the syndicate led by <unk> asia ltd. agreed last november to provide the loan to asia development corp. a u.s. property developer
but several weeks ago in the wake of the beijing killings the loan was canceled according to bankers and executives close to the project
asia development and <unk> declined to comment on the move
lenders had doubts about the project even before june N but the harsh crackdown which caused many businesses to <unk> their china transactions gave the banks the out they wanted says an official close to the shanghai venture
the decision to cancel the loan <unk> the tough attitude bankers have taken toward china since june N
while some commercial lending has resumed international lenders remain nervous about china 's economic troubles and foreign debt $ N billion at the end of N
many loans are being <unk> especially those tied to the hotel sector which has been hit hard by a <unk> N tourism slump
many bankers view <unk> loans as particularly risky
the canceled shanghai loan leaves asia development a small concern <unk> with a <unk> <unk> apartment building and heavy debts
the company owes $ N million to the <unk> on group the project 's hong kong contractor and a significant though unspecified amount in legal fees to <unk> brothers a u.s. law firm the sources say
the project known as lotus mansion has been mired in controversy
when the loan agreement was announced it was hailed as one of the first western-style financing transactions ever used in china
unlike most loans to china there was no chinese <unk>
instead the banks secured a promise from state-owned bank of communications that it would lend asia development the entire $ N million at maturity to finance repayment of the original borrowing
the loan was to have <unk> in just two to three years as soon as construction was completed
but in a letter sent in august to asia development <unk> said the loan was terminated because the developer had failed to deliver adequate financial data and pay certain fees to the <unk> committee on time according to officials close to the project
creditors involved in the project contend however that the termination actually had nothing to do with these technical violations
instead the creditors say the loan fell victim to nervousness about china 's political turmoil as well as to concern about the loan 's security
the bank syndicate is made up mostly of european banks but it includes china 's state-owned <unk> industrial bank
the N banks in the syndicate sustained no monetary losses because none of the credit facility had been drawn down
k mart corp. agreed to acquire pace membership warehouse inc. for $ N a share or $ N million in a move to expand its presence in the rapidly growing <unk> business
the proposed merger comes as k mart 's profit is declining and sales at its core discount stores are rising more slowly than at such competitors as <unk> stores inc
k mart based in <unk> mich. recently said net income would fall for the third consecutive quarter after a N N drop in the first half of its current fiscal year
the membership <unk> concept has great potential the company 's chairman joseph e. <unk> said in a statement
warehouse clubs typically carry general merchandise and food products which they sell for close to wholesale prices in <unk> stores
shoppers many of whom operate small businesses pay annual membership fees which provide an income base for the stores
k mart tested the <unk> sector last year with its acquisition of a N N interest in <unk> inc
but the <unk> chain which operates as a joint venture between k mart and shv holdings n.v. of the netherlands has only six stores and annual sales that one analyst estimated at about $ N million
<unk> pace based in <unk> colo. operates N <unk> stores
the company had losses for several years before turning profitable in fiscal N
in the year ended jan. N pace <unk> up profit of $ N million or N cents a share after a tax-loss carry-forward on sales of $ N billion and analysts expect its results to continue to improve
the company turned the corner fairly recently in profitability said <unk> <unk> of painewebber inc. who had been forecasting a N N jump in pace 's net income from operations this year and another N N increase next year
warehouse productivity is really beginning to take off
but some analysts contend k mart has agreed to pay too much for pace
even if you look at it as a turnaround situation it 's expensive said wayne <unk> of prudential-bache securities inc
in my opinion you would only pay that kind of price if you were getting a premier player in the industry
ms. <unk> of painewebber raised a more fundamental question about the deal
if k mart ca n't get its act together in discounting why is it spending time worrying about other growing markets
she said i would say k mart 's number one job is to address its market-share loss in discount stores which longer-term will lead to improved profit margins
at that point perhaps diversification would be appropriate
but k mart 's mr. <unk> is intent on pushing the company into new retail businesses
for instance k mart is opening big food and general merchandise stores called <unk> and <unk> stores specializing in office products and sporting goods
it also operates <unk> pay less drug stores and builders square home improvement stores
in composite trading on the new york stock exchange k mart closed yesterday at $ N a share up N cents
pace rose $ N to close at $ N a share in national over-the-counter trading
a k mart spokesman said the acquisition would be financed with short-term borrowings
under terms of the agreement a k mart subsidiary will soon make a tender offer for pace shares
among the conditions of the offer is that pace shareholders tender a majority of the company 's shares outstanding
the companies said pace would ill continue to operate under its present management
g. william <unk> president of <unk> stations was named chief executive officer of the unit of this media company effective jan. N
he will succeed joel <unk> who will remain a vice president of the company and continue to represent <unk> stations in several industry organizations the company said
traders nervously watching their quotron <unk> machines yesterday morning were stunned to see the dow jones industrial average plummet N points in seconds
a minute later it soared N points then <unk> back down N points N below friday 's close
it was crazy said neil <unk> general partner of <unk> capital corp
it was like flying without a pilot in the front of the plane
but those who said this ca n't be happening were right
the <unk> were wrong
quotron systems inc. a citicorp unit blamed the <unk> <unk> on a timing problem in our software caused by the enormous early volume about N million shares in the first hour of new york stock exchange trading
the prices of the individual stocks that make up the average were correct quotron said but the average was wrong
meanwhile there was an awful lot of confusion
at about N a.m. on the over-the-counter trading desk at a major brokerage firm a veteran trader who buys and sells some of the most active stocks looked at a senior official and asked what 's going on
is the market up or down
at the time quotron was reporting that the industrial average was down N points
in fact it was up N
<unk> stark a vice president who heads the trading desk at dillon read capital corp. said that once she figured out the quotron numbers were wrong she called brokers to tell them
it 's been kind of <unk> to say the least she said
to <unk> matters further when ual corp. stock finally opened on the new york stock exchange at N a.m. the price was listed at $ N a share up about $ N from friday in fact its true price was $ N down $ N
that was the new york stock exchange 's <unk>
a spokesman cited a technical error and declined to elaborate
and there were other <unk>
when the market opened at N a.m. est a reporter for the reuters <unk> <unk> the industrial average 's drop as a N N decline when it really was down N N
it was a case of human error which we found almost immediately and corrected a spokesman for reuter in new york said
meanwhile some currency traders at west german banks in frankfurt said they sold dollars on the news and had to buy them back later at higher prices
but it was the quotron problems that had <unk> effects
dillon read 's ms. stark said in early afternoon that she was still <unk> prices and other data as subject to <unk> and she said portfolio managers continued to question the numbers they saw on the screen
it was the second time in less than a week that quotron has had problems <unk> the industrial average
at the start of trading last wednesday the average appeared to plunge more than N points
actually it was down only a few points at the time
quotron said that <unk> which lasted nine minutes resulted from a failure to adjust for a <unk> stock split at philip morris <unk>
a quotron spokeswoman said recent software changes may have contributed to yesterday 's problems
she said quotron switched to a backup system until the problems were corrected
today of all days she <unk>
the eyes of the world were watching us
steven f. <unk> was named a senior vice president of this graphics equipment company
he retains his current positions as chief strategic officer of am international and president of am ventures
houston attorney dale friend representing a plaintiff in a damage suit says he has negotiated a settlement that will strike a blow for his client
it turns out mr. friend 's client <unk> parks of cincinnati did n't like the way defense attorney tom alexander acted during the legal proceedings
so she has agreed to <unk> monetary damages against mr. alexander 's client in return for the right to <unk> the attorney
ms. parks 's mother also gets to <unk> mr. alexander
so does mr. friend and his law partner <unk> <unk>
the bizarre arrangement grows out of mr. alexander 's representation of <unk> construction co. one of several defendants in a <unk> death lawsuit brought by ms. parks the widow of a construction worker killed in january N while working on a new houston convention center
last month mr. friend says mr. alexander 's associate agreed that <unk> would pay $ N as part of an overall settlement
but mr. alexander <unk> the deal at the last minute <unk> the plaintiff 's side
i never agreed to it mr. alexander says adding that it 's not necessary to pay these <unk> settlements
when ms. parks and her mother heard about what had happened mr. friend says they <unk> that they would like to give mr. alexander a good <unk>
mr. friend says he passed that along to his adversary and soon they were talking about the ground rules under which <unk> could keep its money and the plaintiffs could take a shot at mr. alexander
although time and place have yet to be determined some details are in place
mr. friend says he agreed to strike mr. alexander above the belt
ms. parks and her mother indicated they want to catch him <unk> from behind he says
mr. alexander for his part insisted that the <unk> ca n't <unk> their <unk> rights to anyone else ca n't use a blunt instrument and ca n't take a running start
mr. alexander says he <unk> the agreement which has n't been submitted to a judge as something of a joke
however he acknowledges they have the option of taking a <unk> at me if they really want to
mr. friend says his side is dead serious
although they do n't <unk> delivering any <unk> <unk> he says that mr. alexander will be asked to sign a release from liability just in case
after two years of drought it <unk> money in the stock-index futures markets yesterday
as financial markets rebounded trading volume in the chicago mercantile exchange 's huge standard & poor 's N stock-index futures pit soared reaching <unk> levels for the first time since october N
the sudden influx of liquidity enabled several traders to reap <unk> <unk> in a matter of minutes as prices soared traders said
guys were <unk> money in there today said john <unk> a futures broker for elders futures inc. in chicago
the s&p N futures contract which moves in <unk> of an index point under normal conditions jumped two to three points in seconds early yesterday after an initial downturn then moved strongly higher the rest of the day
each index point represents a $ N profit for each s&p N contract held
for the first time since the N crash traders said that they were able to trade several hundred s&p N contracts at a time in a highly liquid market
many institutions and individual investors have <unk> away from stock-index futures blaming them for speeding the stock market crash on black monday two years ago
since the crash many futures traders have n't assumed large positions for fear that the s&p N market with much of its customer order flow missing would dry up if prices turned against them
more than N traders <unk> the s&p N futures pit to await the opening bell
traders were shouting bids and offers a full five minutes before the start of trading at N am
the contract fell five points at the open to N the maximum opening move allowed under <unk> adopted by the merc to stem a market slide
but several traders quickly stepped up and bid for contracts driving prices sharply higher
the market <unk> near friday 's closing price of N for about a half hour moving several index points higher or lower in seconds then broke higher and did n't look back
the s&p N contract that expires in december closed up a record N points on volume of nearly N contracts
traders five feet from each other were making bids and offers that were a full point apart said one s&p N broker
you could buy at the bid and sell at the offer and make a fortune he <unk>
several of wall street 's largest securities firms including salomon brothers inc. and painewebber inc. were also large buyers traders said
salomon brothers was among the largest sellers of stock-index futures last week traders said
brokerage firms as a rule do n't comment on their market activity
unlike the week following black monday two years ago individual traders in the s&p N pit were also being <unk> <unk> about their one-day profits
with the fbi around here <unk> rights are a thing of the past said one trader referring to the federal investigation of futures trading that so far has resulted in N <unk> <unk> against individuals on the merc and the chicago board of trade
the market for $ N billion of high-yield junk bonds regained some of its footing as the dow jones industrial average rebounded from friday 's plunge
but the junk recovery led by the bellwether rjr holdings bonds was <unk>
no trading existed for the vast majority of junk bonds securities industry officials said
on friday trading in practically every issue ground to a halt as potential buyers fled and brokerage firms were unwilling to provide bid and offer prices for most issues
nothing traded on friday and people were n't really sure where the market should have opened yesterday said raymond <unk> <unk> of merchant banking at merrill lynch & co
but we had a fairly active day yesterday
at drexel burnham lambert inc. the leading underwriter of junk bonds i was prepared to be in a very bad mood tonight said david <unk> a junk bond trader
now i feel maybe there 's a little bit of euphoria
but before the stock market rebounded from a sharp early sell-off yesterday he said you could n't buy junk bonds and you could n't give them away
yesterday 's rally was led by rjr holdings N N N bonds which initially tumbled three points or $ N for each $ N face amount to N N before rebounding to N N
bonds issued by <unk> <unk> <unk> and american standard also showed big gains recovering almost all their losses from friday and early yesterday
but traders said the junk bond market increasingly is <unk> into a <unk> group in which trades can be executed easily and a larger group of <unk> bonds in which liquidity or the ability to trade without too much difficulty has steadily deteriorated this year
liquidity has n't returned to the vast middle ground of the market said mr. <unk> of merrill
the <unk> are still <unk> said mr. <unk> of drexel
analysts are concerned that much of the high-yield market will remain <unk> for investors
paul <unk> associate professor at the massachusetts institute of technology 's sloan school of management citing a pattern of junk-bond default rates that are low in the early years after issuance and rise later says we 're now in a period where we 're starting to see defaults from the big issue years of N to N
mark <unk> a senior vice president at standard & poor 's corp. confirms that there is increasing concern about the future liquidity of the junk bond market
junk bonds are a highly <unk> market said lewis <unk> vice chairman of smith barney harris upham & co
there 's a whole bunch of stuff that 's money good and a whole bunch of stuff that 's not so good
analysts at standard & poor 's say junk bond offerings by tightly stretched issuers seem to be growing
almost $ N billion of junk bonds that are considered <unk> include issues from sci tv gillette holdings not related to gillette co. <unk> <unk> furniture allied stores federated department stores national <unk> <unk> holdings <unk> leaseway transportation and price communications
you could still have some very bad times ahead said mr. <unk>
it 's possible to have a N N default rate in one year because we 're already seeing big problems in the midst of a pretty strong economy
i 'm certainly not comfortable saying we 've seen the bottom
but yesterday 's rally among good junk was a badly needed <unk> for the market
many issues bounced off the floor mr. <unk> said and benchmark junk issues recovered all of their losses from friday and early yesterday
in contrast he says the stock market gained back only about half what it lost friday and the government bond market lost about half what it gained friday
traders said yesterday 's rally was fueled by insurance companies looking for bargains after a drastic slide in prices the past month
in addition mutual funds did n't appear to be major sellers of high-yield securities as was expected
sometimes a <unk> is healthy said drexel 's mr. <unk>
people will learn to be more <unk>
if they do good credit analysis they will avoid the hand <unk>
i think the market is in good shape
should you really own stocks
that 's a question a lot of people are asking following the stock market 's stunning display of volatility
<unk> financially and <unk> by friday 's <unk> 190-point drop in the dow jones industrial average and yesterday 's <unk> rebound they 're wondering if an individual has any business being in the market
the answer say academic researchers money managers and investment specialists is yes as long as you approach the stock market as an investor
but they say people should n't try to be traders who buy and sell in an effort to ride the latest economic trend or catch the next hot stock
the case for owning stocks over the long-term is compelling
if you look at N years worth of investment history including the great depression and every bear market since stocks have outperformed almost everything an individual could have owned by a long shot says barry berlin vice president at first wachovia capital management
a dollar invested in the stock market in N would have grown to $ N by the end of last june according to laurence <unk> managing director at <unk> associates inc
but a dollar invested in long-term bonds in N would have grown to only $ N and a dollar put in treasury bills would equal a <unk> $ N
the longer the time period the less risk there is of losing money in the stock market
over time the odds increasingly favor the investor with a diversified portfolio
for instance ken gregory a san francisco money manager <unk> that if an investor holds a basket of stocks that tracks the standard & poor 's 500-stock index the chance of losing money is N N to N N over a 10-year period compared with N N over three years and N N over one year
if you do n't need the money for N years there 's a <unk> case for sticking to a steady core of stocks mr. gregory says
stock-market investments also help balance the other assets an individual owns says john <unk> jr. president of the institute of certified financial planners
stocks have a place in an investors ' portfolio along with real estate bonds international securities and cash he says
there are some important <unk> before investing in stocks individuals should have at least three to six months of living expenses set aside in the bank most investment advisers say
individuals also should focus on building equity in a home which provides some protection against inflation as well as a <unk> that can be <unk> in late in life to help cover the cost of retirement living
people also should n't invest money in stocks that they 'll need in the near future for example for college tuition payments or retirement expenses
you may have to sell your stocks at a time when the market takes a plunge says mr. <unk> a del <unk> calif. financial planner
but once the <unk> are covered then i would start to invest even if it 's as little as $ N says michael lipper president of lipper analytical services inc
he says individuals should consider not just stocks but other long-term investments such as high-quality bonds
despite the strong case for stocks however most pros warn that individuals should n't try to profit from short-term developments
it 's very difficult to do says donald holt a market strategist for <unk> morgan securities a los angeles brokerage firm
our markets move so fast and they are so volatile there 's no way the average investor can compete with the pros
individual investors face high transaction costs of moving in and out of the market
the cost of executing stock orders <unk> from brokerage to brokerage and with the size of the order but N N of the order 's value is an average says stephen boesel manager of t. rowe price 's growth and income mutual fund
and assuming their first investment is successful investors will have to pay taxes on their gains
that can reduce returns by a third or more once local taxes are included mr. lipper says
after that individual traders face the risk that the new investment they choose wo n't perform well so their trading costs could be sustained for nothing
it 's very tough for most individuals to <unk> the mutual funds or the market says mr. lipper
you should really think twice if you think you can <unk> the system
then too many individual investors lack the <unk> emotional makeup professionals say is needed to plunge in and out of the market
so what 's the best way to buy stocks
unless an individual has a minimum of between $ N and $ N to invest in stocks he 's still better off in mutual funds than in individual stocks in terms of getting enough attention from a competent broker says mr. lipper
still he adds i could see owning both given that individuals often have an advantage over big investors in <unk> special situations based on their own <unk> he adds
george douglas first vice president at drexel burnham lambert inc. says that individuals have a particular edge now in small to <unk> niche companies with exciting earnings prospects a traditional <unk> ground for small investors
this growth sector which usually carries a <unk> multiple about twice that of the standard & poor 's N happens to include some of the market 's most attractive bargains right now
it 's now selling at a multiple about even with the market says mr. douglas
moreover mr. douglas sees a revival of institutional interest in smaller growth stocks that could boost the performance of these stocks in the medium term
many big wall street brokerage firms who eliminated their research effort in stocks of emerging growth companies a few years ago are now <unk> coverage of this area he notes
we 're seeing a real turnaround in interest in small growth stocks he says
the pros <unk> advise individuals to stay away from the latest investment fad
they say that 's especially important this late in the growth phase of the economic cycle when there 's no robust bull market to bail investors out of their mistakes
friday 's correction presents a pretty good buying opportunity but let 's not speculate at this point in the business cycle says <unk> <unk> chief equity portfolio strategist at first boston corp
buy stocks on weakness for their long-term fundamentals he says
in the long run investment advisers say most investors will be better off using the <unk> averaging method of buying stocks
in this method a person invests a regular amount every month or quarter into the stock market whether the market is up or down
that cuts the risk mr. gregory the san francisco money manager points out
when the market is low you are buying more shares and when it 's high you 're buying fewer shares he says
otherwise if you put all your money in at one time by sheer bad luck you might pick a terrible time and have to wait three years to get even mr. gregory says
a disciplined program will work the best mr. boesel says
one of the hardest things to do is to buy stocks when the market is down he says
but that 's just the time when you should be buying them
compound annual returns including price changes and income from interest and dividends
\* actual performance not annualized
source <unk> associates inc
the following issues were recently filed with the securities and exchange commission <unk> co. initial public offering of two million shares of common stock of which N shares are being offered by the company and N shares by holders via blunt ellis & <unk> inc. and robert w. <unk> & co
giant industries inc. initial public offering of N common shares of which N will be sold by the company and the rest by holders via shearson lehman hutton inc. and <unk> <unk> inc
<unk> fund inc. initial offering of five million common shares via smith barney harris upham & co
<unk> overseas ltd. initial offering of four million common shares of which N million will be sold in the u.s. and the balance outside the u.s. via smith barney harris upham & co. and <unk> <unk> & co
donald trump who faced rising doubt about his bid for american airlines parent amr corp. even before a united airlines buy-out came apart friday withdrew his $ N billion offer
separately bankers representing the group trying to buy united 's parent ual corp. met with other banks about <unk> that purchase at a lower price possibly around $ N a share or $ N billion
but a lower bid could face rejection by the ual board
mr. trump who vowed wednesday to go forward with the bid said he was dropping it in light of the recent change in market conditions
he said he might now sell his amr stake buy more shares or make another offer at a lower price
the manhattan real-estate developer acted after the ual buyers failed to obtain financing for their earlier $ 300-a-share bid which sparked a selling panic among that <unk> into a 190-point drop friday in the dow jones industrial average
news about ual and amr whose shares never reopened after trading was halted friday for the ual announcement sent both stocks <unk> in composite trading on the new york stock exchange
ual tumbled $ N to $ N on volume of N million shares and amr declined by $ N to $ N as N million shares changed hands
together the two stocks <unk> havoc among takeover stock traders and caused a N N drop in the dow jones transportation average second in size only to the stock-market crash of oct. N N
some said friday 's market debacle had given mr. trump an excuse to bail out of an offer that showed signs of <unk> even before problems emerged with the ual deal
after reaching an intraday high of $ N the day mr. trump disclosed his bid oct. N amr 's stock had retreated as low as $ N last week
some takeover stock traders had been betting against mr. trump because he has a record of disclosing stakes in companies that are potential takeover targets then selling at a profit without making a bid
he still has n't proven his <unk> as a <unk> <unk> artist said airline analyst kevin murphy of morgan stanley & co
he 's done this thing where he 'll buy a little bit of a company and then trade out of it
he 's written this book the art of the deal
why does n't he just follow through on one of these things
mr. trump withdrew his bid before the amr board which is due to meet tomorrow ever formally considered it
amr had weighed a wide range of possible responses from flat rejection to <unk> and leveraged buy-outs that might have included either employees a <unk> buyer such as texas billionaire robert bass or both
amr had also sought to <unk> mr. trump in congress by lobbying for legislation that would have bolstered the authority of the transportation department to reject airline buy-outs
yesterday mr. trump tried to put the blame for the collapse of the ual deal on congress saying it was rushing through a bill to protect amr executives
i believe that the perception that legislation in this area may be hastily approved contributed to the collapse of the ual transaction and the resulting disruption in the financial markets experienced this past friday mr. trump wrote members of congress
amr declined to comment and mr. trump did n't respond to requests for interviews
mr. trump never said how much amr stock he had bought only that his holdings were substantial
however he only received federal clearance to buy more than $ N million of the stock on sept. N when the price rose $ N a share to $ N
between then and his bid on oct. N the price <unk> between $ N and $ N
in an attempt to persuade investors that his bid was n't just a stock play mr. trump promised last week to notify the market before selling any shares
amr was trading at around $ N yesterday before his withdrawal announcement then immediately fell to about $ N
assuming that he paid a rough average price of $ N a share and assuming he did n't sell before his announcement reached the market mr. trump could be sitting with a modest loss with the stock at $ N
some analysts said amr chairman robert crandall might seize the opportunity presented by the stock price drop to protect the nation 's largest airline with a defensive transaction such as the sale of stock to a friendly holder or company employees
however other knowledgeable observers said they believed mr. crandall and the amr board might well decide to tough it out without taking any extra steps
some analysts said they believed mr. trump whose <unk> <unk> had been viewed by some as a reason to believe he would n't back out might come back with a lower bid
ray <unk> of dillon read & co. said mr. trump is stepping back and waiting for the dust to settle
i 'm sure he still wants amr
but others remained skeptical
i was never sure donald trump really wanted to take amr said john <unk> a bond analyst with shearson lehman hutton inc
what happened with united was a <unk> way for him to <unk> out
mr. trump never obtained financing for his bid
that skepticism would leave him with an even greater credibility problem should he return that would <unk> him in any effort to oust the board in a proxy fight
meanwhile citicorp and chase manhattan corp. the two lead lenders on the ual buy-out met with other banks yesterday to determine if they would be willing to finance the buy-out at a lower price
officials familiar with the talks said citicorp had discussed lowering the offer to $ N a share but said that price was a talking point and that no decision has been made
at $ N a share the group would have to borrow about $ N billion from banks
the first ual deal unraveled after citibank and chase could n't raise $ N billion
citibank and chase had agreed to commit $ N billion and said they were highly confident of raising another $ N billion
together citicorp and chase received $ N million in fees to raise the rest of the financing
but other banks balked at the low interest rate and banking fees the ual group was willing to pay them
officials familiar with the bank talks said the ual buy-out group ual pilots management and british airways plc is now willing to pay higher bank fees and interest but is n't likely to boost its $ N million equity contribution
nor is the group likely to come forward with a revised offer within the next N hours despite the hopes of many traders
the group 's advisers want to make certain they have firm bank commitments the second time around
even if the buy-out group is able to obtain financing the transaction still faces obstacles
ual 's board could reject the new price as too low especially since there are n't any competing bids
los angeles investor marvin davis whose $ <unk> offer was rejected by ual 's board has n't shown signs of pursuing a $ 300-a-share <unk> bid he made last month
in addition the coalition of labor and management longtime enemies who joined forces only under the threat of mr. davis 's bid could break apart now
the group 's resilience gets its first test today when N top pilot union leaders <unk> outside chicago in a previously scheduled meeting
union chairman <unk> rick <unk> faces the tough task of explaining why banks refused to finance a buy-out the members approved <unk> last week
the pilot union is <unk> to pursue an acquisition whatever the board decides
but if the board <unk> a reduced bid and decides to explore other alternatives it could transform what has been a <unk> process into an <unk> one
the pilots could play <unk> by noting they are crucial to any sale or restructuring because they can refuse to fly the airplanes
if they were to insist on a low bid of say $ N a share the board might n't be able to obtain a higher offer from other bidders because banks might hesitate to finance a transaction the pilots oppose
also because ual chairman stephen wolf and other ual executives have joined the pilots ' bid the board might be forced to exclude him from its deliberations in order to be fair to other bidders
that could cost him the chance to influence the outcome and perhaps join the winning bidder
influential members of the house ways and means committee introduced legislation that would restrict how the new savings-and-loan bailout agency can raise capital creating another potential obstacle to the government 's sale of sick thrifts
the bill whose backers include chairman dan <unk> d. ill. would prevent the resolution trust corp. from raising temporary working capital by having an <unk> bank or thrift issue debt that would n't be counted on the federal budget
the bill intends to restrict the rtc to treasury borrowings only unless the agency receives specific congressional authorization
such agency <unk> borrowing is unauthorized and expensive far more expensive than direct treasury borrowing said rep. <unk> stark d. calif. the bill 's chief sponsor
the complex financing plan in the s&l bailout law includes raising $ N billion from debt issued by the newly created rtc
this financing system was created in the new law in order to keep the bailout spending from swelling the budget deficit
another $ N billion would be raised through treasury bonds which pay lower interest rates
but the rtc also requires working capital to maintain the bad assets of thrifts that are sold until the assets can be sold separately
that debt would be paid off as the assets are sold leaving the total spending for the bailout at $ N billion or $ N billion including interest over N years
it 's a problem that clearly has to be resolved said david <unk> executive director of the rtc
the agency has already spent roughly $ N billion selling N insolvent s&ls and it is likely to sell or merge N by the time the bailout concludes
<unk> other working capital he said the rtc would be forced to delay other thrift resolutions until cash could be raised by selling the bad assets
we would have to wait until we have collected on those assets before we can move forward he said
the complicated language in the huge new law has <unk> the fight
the law does allow the rtc to borrow from the treasury up to $ N billion at any time
moreover it says the rtc 's total obligations may not exceed $ N billion but that figure is derived after including notes and other debt and <unk> from it the market value of the assets the rtc holds
but congress did n't anticipate or intend more public debt say opponents of the rtc 's <unk> plan and rep. charles <unk> d. n.y said the rtc oversight board has been <unk> in not keeping congress informed
that <unk> leads to a proposal like the one from ways and means which seems to me sort of <unk> he said
the rtc is going to have to pay a price of prior <unk> on the hill if they want that kind of flexibility
the ways and means committee will hold a hearing on the bill next tuesday
we 're about to see if advertising works
hard on the heels of friday 's 190-point stock-market plunge and the uncertainty that 's followed a few big brokerage firms are rolling out new ads <unk> a familiar message keep on investing the market 's just fine
their mission is to keep clients from <unk> the market as individual investors did in <unk> after the crash in october
just days after the N crash major brokerage firms rushed out ads to calm investors
this time around they 're moving even faster
painewebber inc. <unk> a new television commercial at N p.m. edt yesterday and had it on the air by last night
fidelity investments placed new ads in newspapers yesterday and wrote another new ad appearing today
shearson lehman hutton inc. by yesterday afternoon had already written new tv ads
it considered running them during tomorrow night 's world series broadcast but decided not to when the market recovered yesterday
other brokerage firms including merrill lynch & co. were <unk> out potential new ad strategies
the brokerage firms learned a lesson the last time around when frightened investors flooded the phone lines and fled the market in a panic
this time the firms were ready
fidelity for example prepared ads several months ago in case of a market plunge
when the market went into its free fall friday afternoon the investment firm ordered full pages in the monday editions of half a dozen newspapers
the ads touted fidelity 's automated <unk> beneath the huge headline fidelity is ready for your call
a fidelity spokesman says the <unk> which already was operating but which many clients did n't know about received about double the usual volume of calls over the weekend
a lot of investor confidence comes from the fact that they can speak to us he says
to maintain that dialogue is absolutely crucial
it would have been too late to think about on friday
we had to think about it ahead of time
today 's fidelity ad goes a step further encouraging investors to stay in the market or even to plunge in with fidelity
<unk> the headline diversification it <unk> based on the events of the past week all investors need to know their portfolios are balanced to help protect them against the market 's volatility
it goes on to plug a few diversified fidelity funds by name
painewebber also was able to gear up quickly thanks to the N crash
in the aftermath of the N debacle the brokerage firm began taping commercials in-house ultimately getting its timing down fast enough to tape a commercial after the market closed and rush it on the air that night
it also negotiated an arrangement with cable news network under which <unk> would agree to air its last-minute <unk>
the new painewebber commercial created with ad agency saatchi & saatchi co. features mary farrell one of the firm 's most visible investment strategists <unk> particularly bullish
taped just as the market closed yesterday it offers ms. farrell advising we view the market here as going through a relatively normal cycle
we continue to feel that the stock market is still the place to be for long-term appreciation
the spot was scheduled to appear three times on <unk> last night
painewebber considered an even harder sell recommending specific stocks
instead it settled on just urging the clients who are its <unk> to keep that money in the market
we 're saying the worst thing that anyone can do is to see the market go down and dump everything which just drives the prices down further says john <unk> painewebber 's director of advertising
if you owned it and liked it friday the true value has n't changed
he adds this is n't N <unk>
with the market <unk> and then closing up more than N points yesterday investment firms had to constantly revise their approach
at shearson lehman executives created potential new commercials friday night and throughout the weekend then had to <unk> yesterday afternoon
the plan had been to make one of shearson 's <unk> black-and-white where we stand commercials which have been running occasionally in response to news events since N
the ad would have run during the world series tomorrow replacing the debut commercial of shearson 's new ad campaign leadership by example
but in a meeting after the market closed yesterday shearson executives decided not to go ahead with the stock-market ad
we do n't think at this point anything needs to be said
the market seems to be <unk> out we 're taking a <unk> attitude says <unk> b. stewart executive vice president of marketing
in any case the brokerage firms are clearly moving faster to create new ads than they did in the fall of N
but it remains to be seen whether their ads will be any more effective
in N despite a <unk> of ads from most of the major investment firms individuals ran from the market en <unk>
now the firms must try their hardest to prove that advertising can work this time around
ad notes
arnold advertising
edward <unk> former chairman of della femina mcnamee <unk> reached an agreement in principle to acquire a majority stake in arnold advertising a small boston shop
terms were n't disclosed
mr. <unk> who resigned his della femina post in september becomes chairman and chief executive of arnold
john <unk> the agency 's president and chief executive will retain the title of president
separately mcdonald 's corp. oak <unk> ill. named arnold to handle its estimated $ N million cooperative ad account for the hartford conn. area
that account had been handled by della femina mcnamee wcrs
education ads
a <unk> ad supplement to business week 's special corporate elite issue calls on business leaders to use their clout to help solve the nation 's education crisis
the supplement the largest ever for the magazine includes ads from N corporate advertisers and <unk> off a two-year business week initiative on education
the magazine will distribute N N of the gross revenues from the supplement as grants to innovative teachers
you know what the law of averages is do n't you
it 's what N explains why we are like well ourselves rather than <unk> jackson N <unk> that it 's possible to <unk> in a lake that averages two feet deep and N predicts that N <unk> placed before N <unk> would produce N <unk> rock <unk> roll <unk>
baseball that game of the long haul is the <unk> sport of the mean and the mean <unk> law caught up with the san francisco giants in the world series last weekend
the team that dumped runs by the bushel on the chicago cubs in the national league playoffs was held to just one in two games by the <unk> oakland a 's the gang that had been done <unk> similarly by the los angeles <unk> and <unk> <unk> in last year 's <unk>
<unk> much of the damage was accomplished by a 's who had some catching up to do
in game two on a cool sunday evening in this land of perpetual autumn a lot of the catching up was done by the a 's <unk> terry <unk>
he hit a N pitch from rick <unk> into the <unk> stands in inning four to stretch his team 's lead from N to a decisive N where it stayed
so what if <unk> had struck just seven home runs in N regular-season games and <unk> in the seventh position of the a 's lineup
if you get your pitch and take a good swing anything can happen he later <unk>
on saturday night quite a few of the boys in green and gold <unk> away successes to <unk> the pain of past and no doubt future <unk>
mark <unk> the big <unk> oakland first <unk> had three hits in four at <unk> two more than he 'd had in the <unk> <unk> series in which he 'd gone <unk>
the <unk> <unk> <unk> N through N <unk> the bottom of the order got seven of their team 's N hits and scored four of its runs in a N decision
<unk> dave stewart held the giants to five hits to account for the zero on the other side of the saturday <unk>
that he was the a 's <unk> <unk> during its american league campaign with a N mark plus two wins over toronto in the playoffs indicates he may have some evening up coming but with the way his <unk> <unk> is <unk> that might not be this week
the same goes for mike moore another veteran who <unk> early struggles to permit the giants but a run and four hits in seven <unk> in sunday 's contest
every guy they put out there had a better <unk> than the guy before <unk> giant manager roger craig
he 's an <unk> who 's one of the leading <unk> of the fashionable delivery which looks like a <unk> until it <unk> beneath the <unk> bat
the <unk> of the <unk> is that the a 's go into san francisco 's candlestick park tonight up two games to none in the <unk> <unk>
the <unk> to <unk> with here says that about three of four clubs N of N that took N series leads went on to win it all
that 's not an average to <unk> giant <unk>
one might think that the home fans in this series of the subway called bart that 's a better name for a public <unk> than desire do n't you think would have been <unk> over the proceedings but they <unk> them in relative calm
<unk> of the two <unk> sat side by side in the <unk> seats of oakland <unk> and while they cheered their <unk> and <unk> the opposition <unk> advanced no further at least as far as i could see
a few folks even showed up wearing <unk> bearing the colors and <unk> of both teams
i 'm for the giants today but only because they lost yesterday
i love <unk> both
the only thing i 'm <unk> for is for the series to go seven games said david williams a sacramento <unk> at the <unk> before sunday 's go
the above represents a <unk> of either <unk> or <unk>
i choose to believe it 's the latter although it probably springs from the fact that just about everyone out here including the a 's and giants is originally from somewhere else
<unk> it to say that if this were a new york <unk> series or one between the chicago cubs and white <unk> <unk> it 's possible you 'd need <unk> police in every other seat to separate opposing fans and only the <unk> would <unk> their <unk>
anyway the a 's gave you a lot of heroes to root for
in the opening game besides <unk> and stewart there was walt weiss a <unk> <unk> <unk> who had lost a couple months of the season to <unk> surgery
he was <unk> <unk> <unk> in game two moved a <unk> along in the a 's <unk> second inning and <unk> for his team 's final tally
such is his reputation among the east bay <unk> that when he hit his first career home run last season the fan who caught it agreed to turn the ball over to him in return for an <unk>
not his <unk> <unk> <unk> 's
an a 's <unk> of the second game was <unk> henderson who <unk> the hot side of the <unk> equation
he <unk> toronto in the playoffs with six hits seven walks and eight stolen bases in N at <unk> and continued that by going <unk> at the plate sunday along with walking stealing a base and scoring a run
when you 're in the <unk> you see every ball <unk> he <unk>
the cold guys in the set were will clark kevin mitchell and <unk> williams the giants ' N <unk>
they combined for N hits six home runs and N runs <unk> in in the five games against the cubs
they went a collective <unk> here with zero <unk> and <unk>
it 's that last set of numbers as much as anything else that gives the giants hope in the series games to come
i believe in the law of averages declared san francisco <unk> coach dusty baker after game two
i 'd rather see a <unk> <unk> who 's hot come up for the other side than a good <unk> who 's cold
but the old <unk> <unk> <unk> offered no prediction about when good times would return to his side
when it goes you never know when you 'll get it back he said
that 's baseball
ncr corp. reported a N N drop in third-quarter net income citing intense competition that caused its gross profit margins to dip
net income for the quarter fell to $ N million from $ N million roughly what analysts had expected
but per-share profit dropped only N N to $ N a share from $ N a share as the company continued its stock buy-back plan
average shares outstanding dropped to N million from N million
revenue fell N N to $ N billion from $ N billion
the computer maker which sells more than half its goods outside the u.s. also said the negative effect of a stronger u.s. dollar will <unk> affect its fourth-quarter performance and make it difficult to better N results
ncr said revenue declined both in the u.s. and overseas reflecting a world-wide softening of the computer markets
the company however said orders in the u.s. showed good gains during the latest quarter
analysts estimate those gains at N N to N N a good part of it coming from large orders placed by a few of ncr 's major customers
in addition to a general slowing of the computer industry ncr which sells automated teller machines and computerized cash <unk> is also affected by the retail and financial sectors areas of the economy that have generally not been robust notes <unk> g. <unk> an analyst for salomon brothers inc
these factors combined with a strong dollar should <unk> affect the current quarter 's results ncr said
in the year-earlier fourth quarter ncr had profit of $ N million or $ N a share on revenue of $ N billion
mr. <unk> said he lowered his full-year estimates for N to $ N a share from $ N a share
revenue projections were slashed to $ N billion from $ N billion
last year ncr had net income of $ N million or $ N a share on $ N billion in revenue
for the nine months the company 's earnings fell N N to $ N million or $ N a share from $ N million or $ N a share
revenues declined N N to $ N billion from $ N billion
in new york stock exchange composite trading yesterday ncr shares fell N cents to close at $ N
concerning your sept. N article wall street firms link analysts ' pay to performance i 'm <unk> that wall street is finally <unk> in to the hard cold facts of the real working world
if the firms are serious however why limit the practice to the poor <unk> analysts whose ability to see into the future is fragile at best
why not extend the same harsh standards to the sales force and pay brokers a base salary with annual bonus based on how much money they made for their clients during the year
that should stop a lot of <unk> and produce a stock market driven only by professional concern careful thought and good sense
now would n't that be a <unk>
<unk> <unk> <unk> newport news va
steve clark a shearson lehman hutton inc. trader reported for work at N a.m. two and a half hours before the usual monday morning strategy meeting
at jefferies & co. j. francis <unk> did n't reach the office until N a.m. but then he had been up most of the night at home
i had calls all night long from the states he said
i was <unk> up every hour N N N N
people are looking for possible opportunities to buy but nobody wants to stick their <unk> out
for many of london 's securities traders it was a day that started nervously in the small hours
by <unk> the selling was at <unk> fever
but as the day ended in a <unk> wall <unk> rally the city <unk> a sigh of relief
so it went yesterday in the trading rooms of london 's financial district
in the wake of wall street 's plunge last friday the london market was considered especially vulnerable
and before the opening of trading here yesterday all eyes were on early trading in tokyo for a clue as to how widespread the fallout might be
by the time trading officially got under way at N a.m. the news from asia was in
and it left mixed signals for london
tokyo stocks closed off a significant but <unk> N N on thin volume hong kong stocks declined N N in orderly trading
at jefferies ' trading room on <unk> circus a <unk> circle at the edge of the financial district desktop computer screens displayed the london market 's major barometer the financial times-stock exchange N share index
red figures on the screens indicated falling stocks blue figures rising stocks
right away the <unk> outnumbered the blues N to N as the index opened at N off N points or N N
i see concern but i do n't see any panic said mr. <unk> a big <unk> new york native who runs the <unk> office
the jefferies office a branch of the los angeles-based firm played it <unk> seeking to avoid risk
this is not the sort of market to have a big position in said david smith who heads trading in all non-u.s. stocks
we tend to run a very tight book
jefferies spent most of its <unk> in the morning trying to match buyers and sellers and there were n't many buyers
all the takeover stocks scottish & <unk> b.a.t <unk> are getting pretty well <unk> this morning mr. smith said
seconds later a <unk> sell order for scottish & <unk> came in
for the third time in N minutes a trader next to mr. smith left the <unk> area to have a cigarette
on the screens only two <unk> blue figures remained but the index had recovered a few points and was off about N
because tokyo did n't collapse let 's pick up a little stock mr. smith said
he targeted N shares of reuters and <unk> a <unk> to call up on his screen other dealers ' price quotes
the vivid yellow figures showed the best price at N pence $ N and mr. smith 's traders started putting out <unk>
but the market <unk> a serious buyer on a day dominated by selling and the quotes immediately jumped to N pence
when i want to buy they run from you they keep changing their prices mr. smith said
it 's very frustrating
he temporarily abandoned his search for the reuters shares
by this time it was N a.m. in new york and mr. smith <unk> a call from a new york customer wanting an opinion on the british stock market which had been having troubles of its own even before friday 's new york market break
fundamentally dangerous mr. smith said almost in a <unk> fundamentally weak fairly vulnerable still extremely <unk> poised
we 're in for a lot of turbulence
he was right
by midday the london market was in full retreat
it 's falling like a stone said danny <unk> a pit trader who was standing outside the london international financial futures exchange
only half the usual <unk> crowd gathered at the tony <unk> & <unk> wine bar on old broad street nearby
conversation was subdued as most <unk> watched the latest market statistics on television
at N p.m. the index hit its low N off N points
france opened the limit down off at least N N if you could calculate the index which you could n't mr. clark the shearson trader said early in the afternoon
spain is down N N and suspended sweden 's down N N norway N N
this market has been very badly damaged
as N p.m. wall street 's opening time <unk> shearson traders and salesmen traded bets on how low the new york market would open
in the center of the trading floor chief trader roger <unk> and two colleagues scrambled for the telephones as soon as the new york market opened <unk> more than N points in the first few minutes
they saw an opportunity created by the sell-off
as wall street traders dumped american depositary receipts in jaguar plc mr. <unk> and trader sam <unk> bought them to <unk> in the <unk>
investors here still expect ford motor co. or general motors corp. to bid for jaguar
suddenly after about N minutes the u.s. markets rallied
the mmi has gone better shouted one trader at about N london time as the u.s. major markets index contract suddenly indicated a <unk>
as wall street strengthened the london trading room went wild
traders shouted as their screens posted an <unk> loss on wall street
then nine minutes later wall street suddenly rebounded to a gain on the day
rally rally rally shouted shearson trader andy rosen selling more jaguar shares
this is panic buying
as the london market rallied some <unk> whether the weekend of worrying and jitters had been worth it
the london index closed at N its high for the day off N or about N N
ambassador paul <unk> 's statement notable & <unk> sept. N if you have a million people working for you every bad thing that has one chance in a million of going wrong will go wrong at least once a year is a pretty negative way of looking at things
is n't it just as fair to say that if you have a million people working for you every good thing that has one chance in a million of going right will go right at least once a year
do n't be such a <unk> mr. ambassador
frank <unk>
the house aviation subcommittee approved a bill that would give the transportation secretary authority to review and approve leveraged buy-outs of major u.s. airlines
the collapsed plan to acquire ual corp. parent of united airlines spurred quick action on the legislation introduced wednesday and approved by the subcommittee on a voice vote yesterday
the bill is expected to be taken up by the public works and transportation committee tomorrow and a floor vote by next week will be urged
the measure drew criticism from the bush administration and a <unk> shot from financier donald trump who yesterday withdrew his takeover bid for amr corp. the parent of american airlines
in a letter to subcommittee chairman james <unk> d. minn. mr. trump criticized the bill as an explicit effort to thwart his bid for amr and said it contributed to the collapse of the deal
<unk> <unk> deputy transportation secretary also sent a letter to express the administration 's opposition to the bill in its present form
rep. <unk> brushed off mr. trump 's allegations as an excuse for his own deal failing
he also said the fact that the other letter had n't come from transportation secretary samuel skinner indicated there is <unk> room in the administration 's position
mr. <unk> and other committee members repeatedly stressed that the legislation was n't a response to any particular market situation
but they cited the ual and amr examples as reasons to move quickly to enact this legislation
aides both in the house and senate said the withdrawal of the trump bid for amr is n't likely to <unk> efforts to push the legislation
it 's still on the fast track and we still want to do it said one senate aide
the bill is aimed at addressing the concern that an airline might sacrifice costly safety measures to pay off the debt incurred in a leveraged buy-out
currently the transportation secretary does n't have clearly established authority to block mergers but can take the drastic step of <unk> the operating certificate of any carrier the official considers <unk>
supporters of the legislation view the bill as an effort to add stability and <unk> to the <unk> process and to preserve the safety and fitness of the industry
in general the bill would give the transportation department a 30-day review period before N N or more of the voting stock of a major u.s. air carrier could be acquired
it also would require the acquiring party to notify the transportation secretary and to provide all information relevant to determining the intent of the acquisition
the bill would allow the secretary to reject a buy-out if sufficient information has n't been provided or if the buy-out is likely to weaken the carrier financially result in a substantial reduction in size of the airline through disposal of assets or give control to a foreign interest
if more information is needed the secretary would have authority to extend the review period N days
all the witnesses both congressmen and industry experts expressed support for the bill in order to prevent <unk> from <unk> in on airline profits at the expense of safe <unk> service
but several committee members <unk> some backing mr. trump 's claim that the threat of regulation caused the failure of the ual deal and the stock-market plunge
one of the major concerns expressed by the <unk> was that large airlines would be prohibited from <unk> themselves of smaller entities and producing independent <unk> companies
in a possible prelude to the <unk> of talks between boeing co. and striking machinists union members a federal mediator said representatives of the two sides will meet with him tomorrow
it could be a long meeting or it could be a short one said doug hammond the mediator who called the agreement to meet a first step toward a <unk> of negotiations
we 're encouraged that talks are scheduled again but beyond that we have made no expression of expectations a boeing spokesman said
the machinists union has rejected a three-year contract offer that would have provided a N N wage increase over the life of the pact plus some bonuses
currently average pay for machinists is $ N an hour boeing said
now in its 13th day the strike has <unk> about N machinists and has started to delay delivery of some <unk>
with a strike fund of about $ N million the union had said it was prepared for a long strike
after the third week on strike union members will begin receiving $ N a week from the fund
work at boeing continues with supervisors and other <unk> personnel <unk> the lines
and at the company 's wichita kan. plant about N of the N machinists still are working boeing said
under kansas <unk> laws contracts can not require workers to be union members
boeing has declined to say how many employees are working at its giant <unk> wash. plant
union officials could n't be reached for comment
dpc acquisition partners a hostile suitor for dataproducts corp. said it intends to launch a tender offer for the computer printer maker 's common stock
dpc a group led by the new york investment firm <unk> inc. also said it plans to file preliminary materials with the securities and exchange commission regarding a shareholder solicitation to oust dataproducts ' board
dpc holds a N N stake in dataproducts and made a $ <unk> bid for the company in may but dataproducts management considered the $ N million proposal <unk>
a dpc spokesman declined to elaborate on the group 's new plan
in american stock exchange composite trading yesterday dataproducts shares jumped N cents to close at $ N
dataproducts which had been seeking a buyer for several months announced a restructuring plan in september and took itself off the auction block
the company 's restructuring includes plans to split into three sectors to phase out domestic printer manufacturing operations and to sell its new england subsidiary
as part of the plan dataproducts announced a pact to sell $ N million of its real estate holdings to <unk> properties inc. a unit of canada 's <unk> corp
jack davis dataproducts ' president chairman and chief executive officer said the company is at a loss to understand dpc 's intentions
he called today 's announcement <unk> and <unk> and said the company intends to proceed with its restructuring
share prices plummeted across europe yesterday in response to friday 's new york sell-off but some issues staged a late comeback after wall street opened without another rout
european investors have further reason for optimism today after the u.s. rebound
the frankfurt stock exchange which closed before the new york exchanges opened was the hardest hit of the major european markets with the dax index dropping N N
in london prices plummeted in early trading and were off as much as N N before coming back strong after the new york opening to close down only N N
west german economics minister helmut <unk> said in my view the stock market will stabilize relatively quickly
there may be one or other psychological or technical reactions but they are n't based on fundamentals
the economy of west germany and the ec european community is highly stable
paris which has been the center of speculation fever in recent weeks also was hard hit
share prices fell in milan amsterdam zurich madrid and stockholm
prices in brussels where a computer breakdown disrupted trading also tumbled
following is a breakdown of major market activity
one of the sharpest declines came in the financial center of europe 's strongest economy
the dax index of N west german blue chips plunged N N a one-day record <unk> out the summer 's gains
the index closed at N down N points
by comparison two years ago on black monday the new index would have dropped N N according to a projection by the exchange
investors may have reacted so strongly to friday 's u.s. stock market loss because they had vivid memories of the frankfurt exchange 's losing N N of its value in the N crash and its wake
this time however many small investors may have been hurt by acting so swiftly
they all went in the wrong direction said andreas <unk> an investment adviser for the bank in <unk> 's frankfurt branch
he said he told clients to buy selected west german blue chips after they fell by about N N
after the opening was delayed N minutes because of the crush of sell orders frankfurt 's normal <unk> trading session was extended N minutes to handle the heavy volume
the beginning was chaotic said nigel <unk> a broker for commerzbank ag
it took <unk> of an hour before enough prices could be worked out to get a reading on the market
institutional investors and bankers many of whom spent the night before in their offices watching far eastern markets were cautiously optimistic after the mild N N decline in tokyo stock prices
everybody was still confident including most institutional investors
that is why everybody was a little surprised by the storm of sell orders from small private investors said <unk> <unk> a senior trader for <unk> <unk>
some big institutions including banks began picking up <unk> shares late yesterday but most investors wanted to see what would happen in new york before acting
but even if wall street continues to stabilize analysts here say the latest blow to investor confidence could inhibit a swift recovery for the frankfurt exchange which already was showing signs of weakness after the dax had slipped from a N high of N on sept. N
some of west germany 's <unk> chips took some of the biggest hits
a N N drop for <unk> ag and dresdner bank ag 's N N decline were especially <unk> for their respective boards whose plans for major rights issues in november could now be in jeopardy
dresdner bank last month said it hoped to raise N billion marks $ N million by issuing four million shares at N marks each
yet yesterday 's market <unk> dresdner 's share price by N marks to N marks a share leaving little incentive for investors to subscribe to the standing price unless the market <unk> quickly
headed toward a record drop at midday the london stock market <unk> two-thirds of its losses in the wake of new york 's early rally
the financial times-stock exchange N share index closed off N points at N its high for the day after having plunged N points at N p.m
it was big institutions such as <unk> union insurance group scottish amicable investment managers and standard life assurance co. that <unk> the rally
attracted by low prices and encouraged by new york 's performance they <unk> up equities across the board
volume was N million shares more than triple recent levels
late buying gave the paris <unk> a <unk> after its free fall early in the day
the <unk> general index ended down N N at N a drop of N points from friday
there was a volatility in the market that i have never seen before said <unk> <unk> a partner in brokerage firm <unk> <unk>
when wall street turned around shortly after the opening there was panic buying in paris
brokers said that as the news spread that wall street was moving up traders who had called to place sell orders changed their line in <unk> ordering buys instead
trading was driven primarily by small investors and speculators with large institutions waiting on the sidelines until late in the day
when wall street turned however the big boys entered the market looking for bargains
j.p. morgan & co. swung to a loss in the third quarter while ncnb corp. reported net income more than doubled and security pacific corp. net rose N N
j.p. morgan & co
j.p. morgan as expected posted a $ N billion net loss for the quarter reflecting the new york bank 's decision last month to add $ N billion to reserves for losses on loans to less-developed countries
the reserve addition placed the parent of morgan guaranty trust co. among a few major u.s. banks that have covered nearly all their medium and long-term portfolios to less-developed countries with reserves
the latest quarter 's loss <unk> $ N a share
in the year-earlier quarter morgan earned $ N million or $ N a share
george m. <unk> analyst at prudential-bache securities inc. called the results mildly disappointing
excluding the $ N billion provision and allowing for the taxes morgan paid earnings were about N cents a share mr. <unk> said
in new york stock exchange composite trading yesterday morgan climbed $ N a share to $ N
net interest income sank N N in the quarter to $ N million from $ N million
the interest rate on short-term funds which banks borrow to finance longer-term loans to customers was sharply higher morgan said
morgan received $ N million of interest payments on its medium and long-term brazilian loans had they been <unk> interest net interest income would have been $ N million higher in the quarter morgan said
such loans to argentina also remain classified as <unk> costing the bank $ N million of interest income in the third period
income from sources other than interest climbed N N to $ N million reflecting higher <unk> and other fees and gains on sales of investment securities
these increases were partly offset by lower <unk> income the bank said
non-interest expenses grew N N to $ N million
ncnb corp
ncnb corp. 's net income more than doubled in the period largely because of continued strong performance by the bank 's texas operations
the charlotte n.c. company said earnings rose to $ N million or $ N a share from $ N million or N cents a share a year earlier
the latest quarter included a gain of $ N million or N cents a share related to the purchase of the remaining N N of ncnb texas national bank from the federal deposit insurance corp
the strong performance however <unk> with an unexpectedly large increase in the size of ncnb 's problem loans particularly in the southeast
in the third quarter nonperforming assets jumped to $ N million or N N of net loans and leases from $ N million or N N in the second quarter
<unk> totaled $ N million or N N in the year-ago third quarter
included in the increase in the most recent quarter is a $ N million loan which ncnb said it expects to be fully repaid with no loss early in the fourth quarter
the deterioration in credit quality offset strong loan growth of N N in ncnb 's southeast operations as well as a N N growth in deposits resulting from an aggressive marketing campaign
the higher rates paid on deposits also helped squeeze ncnb 's net interest margin in the southeast to N N from N N a year earlier
in big board composite trading yesterday ncnb jumped $ N a share to $ N
results were released after the market closed
ncnb texas national formed from the <unk> of of the failed first <unk> corp. of dallas contributed $ N million to ncnb 's bottom line in the third quarter
ncnb said its third-quarter results reflect N N of earnings of the texas operation since aug. N
ncnb raised some $ N billion in new capital during the quarter to complete the ncnb texas purchase and to acquire several small failed thrifts to fill out its regional franchise
last week the banking company said it purchased both freedom savings & loan association tampa fla. and university federal savings association of san antonio texas for $ N million
in the first nine months ncnb 's net income climbed N N to $ N million or $ N a share from $ N million or $ N a share a year earlier
security pacific corp
security pacific 's earnings growth slowed in the third quarter but the los angeles bank holding company was still able to post a N N increase in net income because of robust growth in residential real-estate and consumer loans
net rose to $ N million or $ N a share from $ N million or $ N a share a year earlier
the company said the gain resulted mainly from a $ N million increase in net interest income reflecting a N N increase in real estate loans mainly residential and a N N rise in consumer loans
these <unk> loans in effect replaced some <unk> assets such as <unk> loans which were allowed to decrease
as a result security pacific 's net interest margin fell only N basis points a more mild decrease than some major banks outside california which have been reporting more sluggish earnings
security pacific shares closed at $ N down N cents in big board composite trading
the earnings represent a N N return on assets for security pacific and an N N return on equity
the loan growth offset continuing real-estate loan losses in the depressed arizona market
security pacific reported a N N increase in net credit losses for the quarter to $ N million from $ N million in the year-ago period
nonperforming loans grew slightly to $ N billion at sept. N from $ N billion a year ago
security pacific 's loan-loss provision was down N N or $ N million because it added to its <unk> reserve the year before
non-interest income fell N N in the quarter mainly because of an unusual gain a year earlier from the sale of hong kong banking operations
non-interest expense grew only N N in the period
for the nine months net rose N N to $ N million or $ N a share from $ N million or $ N a share a year earlier
lin broadcasting corp. said it wo n't take a position on a revised tender offer by mccaw cellular communications inc. to buy lin and has asked for <unk> of the offer
the new offer which seeks N N of the cellular and broadcasting concern is for $ N a share for N million lin shares
mccaw 's revised tender offer would require mccaw to begin an auction process in july N that would buy out remaining holders at a per-share price roughly equivalent to what a third party might then have to pay for all of lin
lin is asking mccaw to clarify its tender offer which challenges an agreement between bellsouth corp. and lin to merge their <unk> businesses
bellsouth has notified lin that it would shortly respond to the mccaw proposal in as full and effective a manner as is <unk>
the lin board said holders may be <unk> by the provision in the mccaw proposal that guarantees private market value after five years for the remaining shares
mccaw has no obligation to purchase and the definition of private market value is uncertain the lin board said
the board added that mccaw would be able to control lin 's operations and could therefore operate lin in a manner which could <unk> its private market value and <unk> to a <unk> <unk> in five years
in national over-the-counter trading lin closed at $ N down $ N
a group of institutional investors in telerate inc. said that dow jones & co. 's $ <unk> offer for the electronic financial information services company is grossly inadequate
in a letter filed with the securities and exchange commission the group which holds about N million telerate shares or about N N of the shares outstanding said at present none of us believes an offer for less than $ N per share would be fair and some believe that $ N is too low
the letter was dated oct. N
in composite trading on the new york stock exchange telerate shares closed yesterday at $ N down N cents a share
dow jones publisher of the wall street journal has launched an $ <unk> or $ N million tender offer to acquire the remaining telerate shares outstanding dow jones owns N N of telerate
telerate has rejected the offer which expires nov. N
the group includes <unk> cos. and various affiliates based in boston wells fargo bank san francisco the california public employees retirement system sacramento calif. and t. rowe price associates inc. baltimore
among other issues the group 's letter said it has concerns as to whether dow jones 's offer meets the applicable requirements of procedural fairness
a spokesman for dow jones said he had n't seen the group 's filing but added obviously dow jones <unk> with their conclusions
our offer is to buy any and all shares tendered at $ N a share
u.s. trade representative carla hills said the first <unk> panel set up under the <unk> free trade agreement has ruled that canada 's restrictions on exports of pacific <unk> and <unk> violate the accord
mrs. hills said the u.s. and canada have until nov. N to resolve the dispute
if a solution is n't reached by then she said the u.s. would have the right to suspend some trade concessions to canada equivalent in value to the losses suffered by u.s. <unk> companies in alaska and the pacific northwest
however in <unk> canadian trade minister john <unk> said the <unk> panel accepted the legitimacy of canada 's position on the use of these landing requirements to <unk> and manage these important <unk>
questioned about the <unk> <unk> in the u.s. and canadian government views of the panel 's report an aide for mrs. hills said the panel had clearly ruled that the canadian trade restrictions are illegal
the u.s. trade representative declined to put a dollar estimate on the losses resulting from the canadian export restrictions
canada initially had an export prohibition that was replaced by regulations requiring that such fish had to be brought <unk> in british columbia by commercial <unk> prior to export
this action was defended by the canadian government on conservation grounds
mrs. hills said yesterday that the <unk> panel rejected this canadian government argument
we fully expect that canada will comply with the panel 's ruling that the landing requirement also must be ended she said
earlier an international panel set up under the rules of the general agreement on tariffs and trade in geneva determined that the original canadian <unk> restrictions violated gatt rules
mrs. hills said the u.s. wo n't accept any delays after nov. N because u.s. <unk> firms enter into contracts in the fall to purchase the next season 's catch
she said the canadian restrictions must be removed before such contracts are concluded
idle thought
to spend a <unk> idle day when duty calls to pay no <unk> to while the precious hours away character is what you need
may <unk>
the guy who throws an <unk> <unk> his receiver <unk> should somehow be advised that we at home can read his <unk>
dick <unk>
<unk> corp. said it completed a restructuring agreement previously agreed to by the federal deposit insurance corp. creditor banks and subordinated debenture holders
the plan would permit the bank holding company to retire its bank and debenture obligations through exchanges of cash and equity
the fdic which in N provided $ N million in <unk> assistance to <unk> 's bank of oklahoma <unk> unit will continue to maintain $ N million in preferred stock in the <unk> bank unit
in exchange for the other $ N million the fdic will receive additional warrants <unk> it to buy N N of <unk> 's common stock outstanding up from the N N option the fdic received under terms of the N capital <unk>
in exchange for the $ N million they are owed creditor banks will receive N million shares of <unk> common stock and the proceeds from the future sales of four subsidiary banks to private buyers the bank holding company said
also under the agreement debenture holders will get one million shares of common stock in exchange for $ N million in debentures and holders of <unk> 's series a preferred stock will receive N shares of common stock for every share of preferred they own the company said
bear stearns 's chief economist lawrence <unk> in the sept. N issue of the firm 's global <unk>
were it true that a weak currency <unk> the way for trade surpluses then presumably argentina would be the center of today 's global economy
bsn corp. said it will begin an offer tomorrow to exchange up to one million of its common shares and all of its $ N million in N N N convertible debentures due N for a package of new debt and common stock warrants
under terms of the offer the sporting goods maker will swap $ N face amount of N N N subordinated notes due N and one warrant for each common share
each warrant allows the holder to buy one bsn share for $ N a share at any time over the next seven years
bsn currently has N million common shares outstanding
bsn also is offering $ N face amount of new notes and N <unk> warrants for each $ N face amount of its convertible debt outstanding
the company said it can redeem the warrants at its option for $ N each
the offer is n't contingent on a certain amount of debt or stock being exchanged
bsn said it is making the offer to shrink its capital and increase shareholder value
if all the bondholders and holders of one million common shares accept the offer bsn will increase its debt by $ N million but it also will recognize a $ N million gain from retiring the old debt said michael j. blumenfeld president
we have sufficient cash flow to handle that he said
the offers are scheduled to expire in <unk> to late november
merrill lynch & co. 's net income dropped N N while bear stearns cos. posted a N N gain in net and painewebber group inc. 's profit fell but would have risen without a special gain a year ago
at merrill lynch <unk> net was $ N million or N cents a share down from $ N million or N cents a share a year ago
total revenue reached $ N billion up N N from $ N billion
the firm 's drop in net reflected weaker revenue in transactions for its own account a decline of N N to $ N million on reduced revenue from trading fixed-income securities
investment banking revenue fell N N to $ N million on fewer equity and municipal <unk>
merrill lynch 's commission revenue grew N N however to $ N million on higher share prices and volume and on strong sales of mutual funds
revenue derived from interest and dividends jumped N N to $ N billion
<unk> fee revenue grew N N to $ N million
the brokerage also reported a loss of $ N million from the discontinued operations and disposal of its fine homes international limited partnership real-estate subsidiary
bear stearns said net in the first quarter ended sept. N reached $ N million or N cents a share from $ N million or N cents a share in the year-earlier quarter
gross revenue rose N N to $ N million from $ N million
profit from trading for its own account dropped the securities firm said
investment banking revenue climbed N N while commission revenue advanced N N on a stronger retail market
bear stearns is the holding company for bear stearns & co. the investment banking and brokerage firm
in new york stock exchange composite trading yesterday bear stearns shares closed at $ N down N cents
separately painewebber posted net income for the third quarter of $ N million or N cents a share reflecting a broad-based improvement in the company 's core businesses
retail profit surged but the company said it was only a modest <unk> to third-quarter results
a year ago net at the new york investment banking firm was $ N million or N cents a share including a special pretax gain of $ N million from the sale of the company 's interest in national car rental systems inc
revenue was $ N million including net interest down slightly from $ N million
in big board composite trading yesterday painewebber closed at $ N up N cents
<unk> corp. said it signed an agreement with <unk> martin <unk> to purchase its headquarters building the columbia <unk> center for $ N million
purchase of the <unk> structure is subject to execution of a definitive agreement approval by the boards of <unk> and its parent company bankamerica corp. and approval by regulators
the market upheaval apparently has n't triggered any cash crunch yet
individual investors investment firms and arbitragers who speculate in the stocks of takeover candidates can suffer liquidity and payment problems when stocks dive those investors often borrow heavily to buy their holdings and use the stocks as collateral for loans
but several large banks said yesterday they detected no signs of unusual demand for credit that would signal such difficulties
we 're seeing nothing out of the ordinary said one official at a top N bank
that 's good news because we all <unk> in this water
added another executive at a big bank we were all a little <unk> over the weekend trying to forecast what would happen monday but it 's been very quiet
now as for tomorrow hell who knows
what happened friday shows that financial markets are not yet sufficiently <unk> to handle another <unk> in prices
no <unk> with systems and procedures will ever prevent markets from suffering a panic wave of selling
but markets can operate with greater or lesser efficiency
after the N plunge markets agreed that it would be <unk> to halt trading whenever panic conditions arose
the new york stock exchange adopted two specific circuit breakers if the dow jones index falls N points in a day the exchange will halt trading for one hour if the decline hits N points the exchange will close for an additional two hours
the rationale is that an <unk> of trading will allow investors to reconsider their strategies calm sellers and lead buyers to enter the market at indicated new price levels
it is impossible to know whether that theory is realistic
a temporary <unk> of trading may indeed discourage a selling panic from feeding on itself
but there is also the possibility that <unk> down markets will intensify fears and cause an even more abrupt slide in prices
what happened friday was the worst of all <unk>
the futures exchanges followed their own <unk> circuit breakers and shut down at about N p.m. for N minutes after the standard & poor 's N stock index had fallen N points or about N points on the dow jones index
options markets stopped trading in many securities
the new york stock exchange under its own rules remained open
with nowhere else to go sellers and particularly program traders focused all their selling on the new york stock exchange
as liquidity on that market weakened prices fell sharply
had the futures and options markets been open additional liquidity would have been provided and the decline most probably would have been less intense
at N after intense telephone negotiations between the trading markets and washington the futures exchanges reopened
futures trading however was halted altogether at N after the futures markets had dropped an additional N points which is the daily limit for price declines
at this point the options markets also shut down and once more left all sales to be handled by the new york stock exchange
it is time to recognize that the new york stock exchange the futures markets and the options markets though <unk> separate have actually become so closely <unk> as to constitute one market effectively
traders can vary their strategies and execute their orders in any one of them
it therefore makes no sense for each market to adopt different circuit breakers
to achieve maximum liquidity and minimize price volatility either all markets should be open to trading or none
<unk> circuit breakers would not have halted the slide in prices on friday but they probably would have made for <unk> less volatile executions
it 's time for the exchanges and the securities and exchange commission to agree on joint conditions for <unk> trading or staying open
let 's not have one market shut down for N minutes when the dow declines N points and another shut down for an hour after a <unk> decline
the need for <unk> last-minute telephone negotiations among market officials will disappear once rules are in place that <unk> circuit breakers in all markets
the new circuit breakers if they are to be applied at all will require that futures and options trading continue as long as the new york stock exchange remains open
the rules should be established by agreement of the officials of all affected exchanges acting under the oversight and with the approval of the government regulatory agencies
should the sec and the commodities futures trading commission which with the sec <unk> the chicago stock-index markets be unable to agree the issue may have to be resolved by decision of the treasury secretary
in many ways our financial markets are better prepared today to handle a decline than they were two years ago
the new york stock exchange now has the capacity to handle a volume of nearly a billion shares a day
telephone service has been improved for customers trying to reach their brokers and specialists who i believe should stay despite the <unk> of some post-crash critics have larger capital positions
of course specialists ' actions alone can never prevent a major crack in stock prices
witness the fact that trading in some stocks closed early friday and opened late monday because of an excess of sell orders
but the task of improving market performance remains <unk>
mr. <unk> former chief economist of the new york stock exchange is a professor of economics at pace university 's business school in new york
a unified europe <unk> labor problems and prospects for u.s. firms
the social <unk> worker concerns of the european community 's plan to open its internal borders in N could set the effort off the <unk> if not done reasonably says general electric senior vice president frank doyle
u.s. companies wanting to expand in europe face tough pressure from unions in nations such as west germany which play a big consulting role in management decisions he says
<unk> corp. and <unk> international say unions also wo n't like plant <unk> and needed restructuring which means layoffs
many employers have already begun moving to southern countries such as spain and italy where wages are low and unions are weaker demand for trained labor and managers will rise there <unk> says
pfizer fluor and ge see big ec N <unk> a push for job training and ease in moving and finding workers
<unk> a fan was n't the baltimore <unk> ' fault
so said a federal judge in a case involving two players for the minor league <unk> va. <unk> a baltimore farm team
the players were <unk> by a <unk> during a july N N game with the <unk> <unk>
like its parent that year <unk> was not having a good year the judge said
after the game <unk> lost N <unk> three <unk> in the ninth he noted trouble began
more <unk> in the parking lot the players said led to a fight
the fan said he was <unk> and kicked by one player and that the other broke his <unk> with a baseball bat
the judge dismissed the fan 's suit against the team however ruling the <unk> innocent of <unk> hiring and not responsible for a fight that was outside the players ' employment
proposals arise for coping with the shortage of nurses
an association of academic health centers report urges <unk> nurses from duties that do n't require special skills
it also recommends better retirement and <unk> benefits and <unk> pay on education experience and nurses ' demanding work schedules
but it opposes an american medical association proposal for creating a registered care <unk> as potentially divisive it says the job would <unk> an unwanted new doctor 's <unk> extension
over a third of N hospitals surveyed by consultant <unk> associates use a clinical <unk> <unk> <unk> on performance and education
many also use recruiting bonuses tuition <unk> loan repayment or child-care help
some give <unk> incentives
<unk> <unk> systems signs up nurses for paid travel promising annual income up to $ N and free or subsidized housing
treating employees with respect is crucial for managers says consultant <unk> group after surveys of a million workers
it 's in their top five work values
fully N N of employees who say their bosses treat them with respect but only a third of those who do n't feel respected say they 're satisfied with where they work
<unk> up the digs about N employees of the maryland department of economic and employment development for four months painted walls <unk> and <unk> floors bought plants <unk> windows and <unk> and hung pictures at the agency 's baltimore office
the N hours of work will save the state $ N
curbing wage boosts will get high priority again in N collective bargaining a bureau of national affairs survey of N companies with <unk> <unk> next year indicates
despite <unk> warnings N N aim for <unk> wage increases of under N N and N N say they 'd try to replace workers if struck or would consider it
temporary workers have good <unk> the national association of temporary services says its survey of N such employees shows N N with more than a high-school education and N N with college degrees
about N N have retired from a full-time job while N N were asked to stay on full time
<unk> losses rise but they 're often covered by employers
but they search for ways to limit the damage
a third of N companies surveyed by the employee relocation council report a rise in N sales losses over N
about N N reimburse for all or some losses
since N more companies give <unk> aid as many real-estate values <unk> the council says
rjr nabisco pays up to $ N of losses including improvements
<unk> wo n't ensure loss coverage but will prevent a catastrophic loss it has given some employees the full purchase price when values fell from concern over dangers posed by a disposal site
federal express dow chemical ford and national city corp. will buy the home or let the worker sell to an outside firm but usually wo n't cover a loss
since N firms offering <unk> house <unk> to deter <unk> rose to N N of those the council polled from N N
the <unk> the national academy of engineering gives two <unk> of the semiconductor <unk> a $ N achievement award
now that 's <unk> letter carriers union president vincent <unk> <unk> philadelphia <unk> charles james of <unk> century <unk> management tactics
yesterday was in the words of new york stock exchange chairman john j. phelan jr. just your reasonably normal N <unk> up <unk> day
when it was all over and stocks had staged a huge recovery big board officials were <unk> about how well the day had gone
they said the exchange 's trading procedures personnel equipment and links with other exchanges could n't have performed better
we had no operating problems at all mr. phelan said after the market closed
all the things that we set up to slow down the process to let people know that the market was in an extreme position worked extremely well
prices for the N million shares that changed hands during the session were carried on the exchange 's trading tape with barely a delay officials said
while reaching blockbuster <unk> yesterday the volume was still well within the N <unk> capacity that the exchange has said it can handle daily since <unk> up its computers after the october N crash
the so-called circuit breakers devised by the big board and the chicago mercantile exchange to <unk> free falls in stock and futures prices were n't triggered yesterday because the markets were higher for most of the day
despite traders ' complaints mr. phelan said the links with the chicago futures market worked as planned in friday 's rout to provide a <unk> period
of greater help the big board chairman said was the natural circuit breaker of the weekend that provided a breathing period that brought <unk> back to the market
chicken chains <unk> by loss of customers
fast-food chicken chains faced with a worsening business slump are struggling to hatch some new marketing strategies
the crest report which tracks consumer purchases says customer traffic at chicken restaurants fell N N in the second quarter while the overall fast-food customer count was down N N
chicken business is off largely because of more competition from <unk> convenience food <unk> pizza and other <unk> fare says a spokesman for the report a publication of <unk> group a market research firm in port washington n.y
the loss of more customers is the latest in a string of problems
church 's fried chicken inc. and <unk> 's famous fried chicken inc. which have merged are still troubled by <unk> restaurant locations
chicken chains also are feeling more pressure from mcdonald 's corp. which introduced its <unk> <unk> this year and recently tested the sale of individual pieces of chicken
new management at kentucky fried chicken a unit of pepsico inc. has fought back with new medium and large chicken <unk> for the lunch crowd
and the chain is testing products that are n't fried such as <unk> chicken to try to win <unk> consumers
kentucky fried chicken also is testing <unk> of chicken which could be a hit with <unk> <unk>
but some fast-food industry analysts say problems with keeping chicken warm and fresh must be solved first
a kentucky fried chicken spokesman however disputed the notion that the delivery service experienced problems in some markets where testing has been discontinued
he says the test is continuing in chicago columbus ohio and a few other cities
the advertising industry is <unk> with rumors that kentucky fried chicken will drop young & rubicam and seek a new ad agency
but the company declines to comment
<unk> goldman a painewebber inc. analyst predicts kentucky fried chicken will post an N N drop in N net income
they 've been <unk> he says but they 'll have to become more aggressive
reluctant advertisers try <unk> spots
call it <unk>
pittsburgh consultant david bear is selling a soft approach to clients who want exposure yet <unk> <unk> ads
his <unk> <unk> radio spots that offer helpful hints
the only plug for the sponsor is a brief mention at the end of the spot
the messages resemble the business <unk> a daily <unk> of travel tips developed by mr. bear and sponsored by travel agencies in several major cities
new <unk> include burt hill <unk> <unk> associates a butler pa. architectural firm
its radio series features such spots as <unk> evening wear for urban structures and building a place to park
a harder sell says john <unk> the firm 's president would <unk> from the profession
hospitals have signed up to use the messages to promote <unk> and equitable gas co. is considering the format to offer energy tips to consumers
but such spots can be too soft
there 's always a risk of lost messages says john <unk> chairman of <unk> advertising usa which created similar radio spots for pittsburgh national bank
it 's a question of how much credibility you gain for the possible loss of recognition
retailer sees <unk> in environmental push
here 's a retailer that 's getting tough in the push for environmentally safe packaging and products
big bear supermarkets inc. a grocery chain based in san diego plans to display shelf cards and distribute <unk> recommending products deemed safe for the environment
the choices will be based on research by the san diego environmental health coalition and will include products like murphy 's oil soap and other <unk> <unk>
but the chain is quickly <unk> the <unk> of such <unk>
for example it recommends <unk> <unk> detergent and puts <unk> on its environmentally safe list
that does n't <unk> procter & gamble co. maker of cascade <unk> detergent
a company spokesman questioned the <unk> of the list noting that <unk> is present in all major <unk> <unk>
in fact <unk> bros. confirms that its <unk> brand does contain <unk> <unk> even though it is n't listed on the label for the <unk> version
thomas g. <unk> big bear 's executive vice president said the chain is still reviewing its product list to avoid such problems
our intent is to promote the best alternative he says
and it 's important that we be accurate
but in the end customers ' wishes are what will prevail
big bear does n't care for disposable <unk> which are n't <unk>
yet parents demand them
says mr. <unk> we 'll still be forced to sell items we might not <unk> agree with
odds and ends
<unk> does count at least in the grocery store
a study by <unk> 's <unk> marketing research shows soap sales climbed N N when bars were neatly <unk> on shelves instead of dumped in a wire basket
which celebrity <unk> are most <unk>
for the third year in a row consumers voted bill cosby first and james <unk> second in <unk> as spokesmen in tv commercials according to video <unk> tests new york
michael j. fox replaced bruce <unk> in third place <unk> placed fourth for the second time
health and human services secretary louis sullivan has chosen <unk> novello to be the next surgeon general bush administration officials said
if she is <unk> by president bush and confirmed by the senate dr. novello would succeed c. <unk> <unk> who rattled liberals and conservatives alike with his outspoken views on a range of health issues
dr. novello an expert on pediatric kidney diseases is deputy director of the national institute of child health and human development
she has also served on several task forces on acquired immune deficiency syndrome
dr. novello 's office said she would n't talk with reporters and it refused to release any information about her
the newsletter medicine & health which first disclosed her selection by dr. sullivan said she is N years old and she studied at the university of puerto rico school of medicine
the continuing series of hud scandals is a <unk> predictable result of pork-barrel politics
nevertheless <unk> such as the national association of home builders nahb continue to pressure capitol hill for more special-interest spending
kent <unk> nahb executive vice president argues that the u.s. faces a <unk> housing crisis reduced <unk> of homes for first-time buyers increased homelessness and lower apartment construction rates that will be very difficult to solve without expanded federal resources
there 's nothing unusual about business groups pushing for more government spending
but the nahb was created in N out of an organization that made its name fighting a <unk> administration proposal to take over all defense housing production
through the years the association has been an active member of the taxpayer 's coalition pushing for such initiatives as the <unk> amendment
yet on matters close to <unk> home
the hud budget has dropped by more than N N since N argues mr. <unk>
we 've taken more than our fair share
i would n't have a problem if other programs had taken a similar hit
but nahb support for subsidies is not related to the current housing crunch over the years the nahb has backed a host of public programs
it once pushed for a national housing production goal set by the federal government and has regularly advanced <unk> housing measures
moreover explains one hud official the nahb remains susceptible to internal pressure from members that specialize in subsidized production
the association is pushing an extensive and expensive <unk> which would substantially boost spending above the current level of more than $ N billion annually
direct federal subsidies for housing construction have proved <unk> expensive in the past and inevitably are <unk> to the benefit of <unk> developers and lobbyists as demonstrated by the ongoing hud scandal or congressmen
indirect subsidies through the fha for instance are little better
though mr. <unk> says expanding fha lending would result in no cost to the government the mere diversion of funds from other parts of the economy and from other forms of housing such as low-income to the single-family home market would result in a major expense
more important housing programs run by hud the va and <unk> are <unk> in red ink
the fha alone lost $ N billion in fiscal N the government 's equity in the agency essentially its reserve fund fell to minus $ N billion
the federal government has had to pump in $ N billion into the va housing program since N to keep the fund afloat and the va requested an additional $ N million for the fiscal year just ended
all told the federal government already guarantees more than $ N billion of mortgages
in its <unk> produced publication where will our children live the nahb does acknowledge that of course the full measure of housing <unk> can not be provided by the federal government
it points to the <unk> impact of local government regulation particularly <unk> and building fees which <unk> the price of housing out of the reach of <unk> and <unk> people
but while the nahb has suggested actions that states and <unk> should take to reduce regulatory barriers the association has proposed no activist legislative program comparable to say its detailed request for more federal subsidies to eliminate <unk> controls
the association a majority of whose N members build fewer than N units a year is like many other business <unk>
explains <unk> macdonald of the national taxpayers union it <unk> in two <unk>
the builders like the subsidies but at the same time they tend to be fiscal conservatives in terms of major issues such as the <unk> amendment
unfortunately the organization 's desire for pork tends to override its commitment to overall fiscal responsibility
two years ago when the nahb lobbied for the $ N billion omnibus housing bill the organization basically dropped out of the taxpayers ' coalition says ms. macdonald
as mr. <unk> of the nahb acknowledges government is not going to solve the problem
the real key is to have the economy working and interest rates down
more money for hud will increase the deficit and <unk> the economy more money to municipalities that are <unk> their local housing markets will further <unk> them from the <unk> effects of their policies
is this what the home builders want
mr. <unk> is a <unk> institute fellow
see related story and bills to make wishes come true wsj oct. N N
in an attempt to give new momentum to european community plans for a single currency ec government leaders are likely to agree to set a date for starting formal talks on <unk> the ec 's founding treaty of rome
according to diplomatic sources in brussels most ec leaders agree that talks should begin in the second half of N and will make a declaration on that during a summit meeting in <unk> france on dec. N and N
the only strong opposition to changing the ec treaty comes from british prime minister margaret thatcher who is opposed to creating a single ec currency
but the process of <unk> the <unk> conference does n't require <unk>
setting a date to start treaty negotiations has no legal significance in itself but could be viewed as an important psychological push
french president <unk> mitterrand fought to set a date for the conference during the ec summit in madrid last june but the move was <unk> because of opposition by mrs. thatcher and west german chancellor helmut kohl
diplomatic sources said mr. kohl may now agree to set a date for the conference to make it clear that west germany is still committed to ec unity
the latest <unk> in the equities markets <unk> me of the joke t. boone pickens tells about the guy who was run over by the parade
when asked what went wrong the unfortunate victim replied it was a combination of things
and so it was on gray friday
the grand <unk> of this parade would appear to have been excess leverage
even if that is so however it 's probably the case that no barriers should have been <unk> to stop the <unk> before the end of the rout e
the <unk> began friday afternoon when word spread that the ual buy-out was <unk>
although the <unk> expects to patch together a substitute offer consisting of less cash the failure to get cash from japanese and american banks confirmed a growing fear among arbitragers that the <unk> of <unk> takeover deals is ending
lots of other <unk> made up the parade of course notably a surprisingly large increase in producer prices <unk> federal reserve <unk> and the bush administration 's temporary defeat in trying to lower the capital-gains tax
as usual few favorable reviews were heard for that <unk> <unk> band of program traders although most serious studies suggest they only play the music that others write
what really spooked the <unk> along wall street however was the sudden concern that whatever the reason the pool of debt capital is <unk> up
gray friday reflects a panic mainly by the takeover arbitragers rather than the small investor as their highly <unk> investments in the deal stocks are <unk> by the unexpected <unk> up of the <unk> for deal financing
deal stocks led the market down as they absorbed the heaviest losses
ual which triggered the slide opened monday at $ N down about N N from thursday 's close
amr opened monday at $ N down nearly N N from thursday 's close
both took further hits yesterday
hilton lost N N on friday paramount lost almost N N
a careful look reveals that where deal financing has been secured the target 's stock price was not affected on friday
the multibillion-dollar prospects where the bidder must line up a consortium of banks <unk> issue billions in high-yield debt were where the damage was concentrated
the market for so-called junk bonds has been setting the stage for friday 's dramatic march for several weeks
the growing financial difficulties of recent <unk> restructurings or takeovers such as resorts international integrated resources and campeau 's retailing empire have cast a pall over the entire market for high-yield securities
investors have reacted by ignoring recent efforts to float junk bonds by ohio <unk> and by forcing ramada to postpone indefinitely its planned junk-bond sale and restructuring
as a result high-yield mutual funds have declined across the board and the many firms planning to sell $ N billion in junk bonds before year-end are experiencing anxious times
these are all market excesses putting aside the <unk> boosts that the tax code gives to debt over equity and what we 've seen is the market <unk> them in
of course washington had n't been silent in the days leading up to the debacle and its tendency to <unk> in the leverage equation remains a troublesome prospect but those preliminary steps should n't <unk> us from the basic market <unk> that was at work on friday
if it is correct to find that concerns over corporate debt and lbos caused gray friday what are the implications for policy makers
after all the stock market 's response to the collapse of the ual deal might be taken to confirm the <unk> direction of regulators
is this a case where private markets are <unk> of washington 's <unk> of wall street
absolutely not
to the extent that friday 's sell-off reflected a sudden <unk> of the excesses of leverage the message is that wall street and the private markets are fully capable of imposing the appropriate incentives and sanctions on corporate behavior
the national economic interests are much better served allowing the private interests of bankers and investors be the ultimate judges of the investment quality of various lbo deals and leveraged restructurings
the recent difficulties in the junk-bond markets and the <unk> of bank capital for recent deals <unk> the wisdom of letting the free markets operate
if takeover premiums become excessive if lbo <unk> become too aggressive then the private market will recognize these problems more quickly and accurately than will policy makers and the markets will move with <unk> speed to impose appropriate sanctions
yes the broader exchanges got caught up in the <unk> but they rode the tiger up all year
not surprisingly he sometimes <unk>
the arbitragers and takeover <unk> got killed on gray friday while the besieged managers of prospective targets cheered <unk>
if you identify with the besieged managers you must concede that <unk> and effective relief from the excesses of the takeover market is more likely to come from the marketplace than from washington
if you side with the arbitragers and raiders you clearly have more to fear from private investors than from regulators although the delaware courts should never be underestimated
the truth is washington understands politics better than economics
although the average citizen is probably not <unk> too much from washington 's <unk> war against wall street regarding excessive financial <unk> actual legislation would probably impose considerable harm
any such attempt to <unk> good debt from bad debt or to draw the line at a particular industry such as the airlines is likely to blunt the spur that the proper amount of leverage provides both to equity markets and economic efficiency in general
far better for policy makers to concentrate on the war against drugs panama and the deficit all of them <unk> that seem never to end
mr. <unk> former top economist at the securities and exchange commission teaches at the university of rochester 's simon business school
tokyo share prices rebounded tuesday morning with the nikkei index of N selected stocks rising N points to close the morning session at N
the index slid N points or N N on monday
in the first N minutes of tuesday 's trading the nikkei index soared N points to N
by N a.m. tokyo time the index was up N points to N as investors hailed new york 's overnight rally
monday 's slide came in a relatively calm session that did n't provide much direction for other markets
shares also closed sharply lower across europe particularly in frankfurt although london and a few other markets recovered some ground after stocks began to rebound in new york
other asian and pacific markets had sharper losses than tokyo but the selling wave stopped short of <unk> another market crash
all eyes were on tokyo at the opening because it was the first major market to trade since friday 's 190.58-point plunge on wall street
but rather than set the tone for other markets japan 's major institutional investors chose to remain on the sidelines
still despite the sudden <unk> of stock-market turbulence managers of japanese investment funds said they were n't planning to unload u.s. or european equities
we did n't trade much today as our policy now is to wait and see said a fund manager at <unk> life insurance co
we would like to wait and see until trading goes around through europe and new york
the institutions appeared confident that japanese regulators would step in to ensure orderly trading if necessary and there was considerable speculation during the day that the finance ministry was working behind the scenes to do just that
but in the absence of <unk> trading its presence was never <unk> felt
at the close the nikkei average of N stocks stood at N down N points or N N
the broader tokyo stock price index sank N or N N to N
the day 's decline was generally in line with analysts ' weekend predictions
declining issues <unk> advancers N
but volume was thin at N million shares compared with N million friday
the market opened sharply lower with the nikkei average down nearly N after N minutes
a midmorning rebound brought it back to show a gain of about N at the end of the morning session but the rally failed in the afternoon and the market closed near the day 's low
the smaller stocks in the tokyo market 's second section also posted their biggest decline of the year
the tokyo stock exchange index for the second section fell N or N N to N
many investors trying to outperform the market 's major indexes have <unk> to these small issues in recent weeks
japanese investors and traders expressed relief that the tokyo market did n't fall more sharply
but its performance did bear some <unk> to events of two years ago during the october N global stock market crash
on oct. N N the friday before the black monday crash the new york market dropped N N and tokyo followed on monday with a N N drop
this time wall street 's plunge of N N friday was followed by yesterday 's N N loss in tokyo
two years ago tokyo 's biggest fall came the day after new york 's N N black monday plunge when the nikkei average fell N N
thus market participants yesterday were looking ahead nervously to wall street 's opening
but in new york yesterday the dow jones industrial average surged N to close at N on heavy volume of N shares although declining issues still outnumbered advancing ones on the broad market
<unk> <unk> a director at yamaichi investment trust & management co. called yesterday 's session a good scenario for japan
now we are looking for the time to place buy orders he said
for us institutional investors the chance for buying has come
<unk> <unk> general manager of the investment research department at <unk> trust & banking co. also was optimistic
he described friday 's plunge in the u.s. as a fleeting event resulting in part from excessive merger and acquisition activity
unless there is a panic this is the best time to buy as was the case two years ago he said
those shares which had posted gains on <unk> speculation were dashed with cold water but as far as major stocks are concerned there is n't much impact
other fund managers were similarly <unk>
we have no plans to adjust our asset allocation in foreign equities said <unk> <unk> chief portfolio manager in the pension fund management department at <unk> trust & banking co
he said friday 's wall street decline was well within the range of volatility that <unk> trust plans for when it charts its overseas investment strategy
among other asian and pacific markets malaysia and singapore had the biggest losses with the kuala lumpur composite index in malaysia falling N N and singapore 's <unk> times industrial index down N N
major indexes declined more than N N in australia and new zealand and N N in hong kong
<unk> manila seoul taipei and <unk> escaped with slightly smaller losses
brokers and fund managers said the region 's markets were reacting to friday 's wall street plunge even though that decline was due to local factors such as failed corporate buy-outs and a deteriorating junk-bond market
it 's pure psychology said william <unk> <unk> an account executive for drexel burnham lambert <unk> ltd. in hong kong
markets in this region are n't so geared to leveraged buy-outs and their economies generally are in good shape but there 's no doubt that asia is still following america 's lead
several analysts said malaysia and singapore had the biggest losses because they are relatively open to rapid cash flows
hong kong is the region 's next most open market but many foreign investors have been staying away from it since it plunged in june amid political turmoil in china
singapore took the hit because when people want to get out they tend to go where the liquidity is said elizabeth hambrecht a regional analyst with baring securities hong kong ltd
she pointed out that even after monday 's N N decline the <unk> times index is up N N this year so investors who <unk> out generally did so profitably
similarly kuala lumpur 's composite index yesterday ended N N above its N close
in hong kong the hang seng index fell N to finish at N
trading was heavy at about one billion shares compared with N million friday
but the session was orderly in contrast to the market 's four-day <unk> after the N crash
richard <unk> a director at hong <unk> baring international fund managers ltd. said the market probably has n't hit bottom yet but is close
if new york does n't collapse i see maybe another N N on the downside not counting the risk of bad news out of china he said
in australia sydney 's all <unk> index closed at N down N N its biggest drop since october N
but volume rose only to N million shares from N million friday
<unk> <unk> an analyst at brokerage firm <unk> <unk> & young ltd. described the market 's performance as <unk> as investors fled to <unk> australian stocks and <unk> entrepreneurial companies they perceived as having any takeover premium built into the price
london 's financial times-stock exchange 100-share index the most closely watched market barometer ended at its intraday high of N down N or N N
at its low shortly before wall street opened it was off more than N points
the financial times 30-share index closed N points lower at N
volume more than doubled to N million shares from N million friday
prices on the frankfurt stock exchange tumbled in heavy trading
the decline in the german stock index of N points or N N to N was the frankfurt market 's <unk> fall ever
retail investors dumped holdings on a massive scale pushing some blue-chip shares down as much as N N
analysts cited memories of two years ago when many small investors held on to their shares after the october crash but the west german market continued to decline <unk> for the next three months
here are price trends on the world 's major stock markets as calculated by morgan stanley capital international perspective geneva
to make them directly comparable each index is based on the close of N equaling N
the percentage change is since year-end
frank lloyd wright is reported to have said once that if you <unk> the world on its side everything loose would end up in california
we 've always thought that mr. wright underestimated california 's <unk> but maybe the state 's <unk> <unk> are starting to <unk> the forces that made it such a significant place
what else is one to make of the <unk> <unk> initiative just proposed by several major environmental groups and organized by the state 's attorney general
if passed by the voters the recently announced initiative would phase out major pesticides reduce carbon dioxide emissions by N N ban new offshore drilling ban chemicals thought to <unk> the ozone layer and create a new state environmental officer armed with a $ N million budget to sue any firm or agency he thinks is being too <unk>
the initiative is based largely on the <unk> of the green lobby the sierra club the league of conservation voters the natural resources defense council the national <unk> campaign and the citizens for a better environment
<unk> the environmental defense fund is having nothing to do with this one
not only californians but all americans would pay if this thing passed
the initiative bars the sale of any crops in california that do n't meet the initiative 's standards
kansas wheat farmers and florida fruit growers would have to adjust or give up the california market
in other words california is <unk> to take control of the nation 's farm policy
as usual the green lobby 's proposal is <unk> from scientific reality
consider the <unk> provision
the proposed initiative would mandate a reduction of carbon dioxide of N N
even if one buys into the whole greenhouse theory it is <unk> that reductions in a single state could have any impact on what is billed as a global problem
but if rational science and economics have nothing to do with the new environment initiative what is going on
the first place to look under these circumstances is at the ways in which the sponsors themselves will benefit
the key here is the <unk> of state attorney general john van de <unk>
he 's running for governor
mr. van de <unk> is the one who collected the plans from the various radical environmental groups and <unk> them into a single <unk> initiative to be placed on the ballot for election on nov. N N
that 's also the day of the gubernatorial election
the initiative seems to have been <unk> to include all the hot issues that set off the wealthy hollywood <unk> who <unk> money
and it allows mr. van de <unk> to get around campaign spending limits
he can spend the legal maximum for his campaign all the spending for the van de <unk> initiative on which there are no limits is <unk>
this initiative is being labeled the big green but maybe it should be called the big <unk>
the republican candidate sen. pete wilson is playing the initiative <unk> game too <unk> his own crime initiative
while it is possible that the big green initiative will be ruled unconstitutional it is of course <unk> that in modern california it could slide through
this is the state that recently passed the <unk> N <unk> initiative
if this new proposal ever does become law the green lobby will benefit directly
the initiative creates a free floating state environmental officer to sue companies or government agencies that do things he does n't like
that means the <unk> and such groups no longer would have to spend as much money on litigation taxpayers would bear the cost
mr. van de <unk> and his allies may be hoping that the environment is such a mom and <unk> issue among certain segments of california 's population now that almost any collection of <unk> <unk> nonsense can pass under its <unk>
of course the state 's liberals are not yet a nation <unk> themselves
george bush for example may decide that he does n't want to be the president who lost control of interstate commerce to an attorney general from california
and some other segments of california 's political and media culture may yet start to point out that the initiative would impose significant costs on the state 's less affluent citizens in the form of higher food prices and lost jobs
this <unk> initiative will help california define itself for the future either as a state still <unk> to economic and scientific reality or as one being led to wherever its <unk> activists want to take it
first there was a death watch
then <unk>
spurred by waves of large-scale buying in blue-chip stocks the dow jones industrial average rallied yesterday and erased about a half of friday 's 190.58-point plunge gaining N to N
it was the <unk> advance for the average of N blue chips on <unk> new york stock exchange volume of N shares the highest since the days after the N crash
while the advance cheered investors who feared a <unk> crash would occur yesterday it was strictly a <unk> rally fed by huge buying by bargain-hunting institutions and program traders
a troubling sign declining stocks on the big board outnumbered advancers N to N and the over-the-counter market that includes many smaller stocks suffered aftershocks of friday 's late big board plunge
the nasdaq otc index closed down N to N
meanwhile in a divergence in two of the market 's most important indicators the dow industrials ' sister average the <unk> dow jones transportation average tumbled N to N its <unk> decline next to the <unk> fall during the N crash
<unk> plunged on takeover disappointments in two airline stocks ual and amr which each fell more than N N when they reopened for trading yesterday after being suspended friday afternoon
ual the takeover stock at the center of friday 's 190.58-point market plunge fell N N to N N on nearly N million shares
overall this is a <unk> rally but it 's very selective said arthur <unk> jr. a veteran painewebber inc. trader at the big board
everyone was a little concerned about the general <unk> of the rally and failure of the otc market to get into plus territory
it 's just a strange feeling
i do n't think anyone left the place <unk> <unk>
the rally gave <unk> at least for now to the <unk> declaration of big board chairman john j. phelan jr. that friday 's market debacle was an <unk> condition and not a disaster
but to traders it looked like disaster on the N a.m. opening bell
the dow jones industrial average opened down N shortly after N
but most of the N blue-chip stocks in the average including eastman kodak and general motors could n't trade because of the heavy backlog of sell orders left over from friday 's <unk> rout
at N procter & gamble one of the most important dow <unk> of late opened down N N to N
the dow dropped to a quick <unk> loss and to many traders it looked as if stocks were headed for yet another big tumble
more stocks opened over the <unk> half hour as the N big board specialist firms in charge of keeping the market orderly <unk> to find buy orders from major brokerage firms to match the selling flood
then to make matters worse computerized sell programs kicked in <unk> stocks into <unk> losses
there was heavy stock-index arbitrage as traders sold big baskets of stock and bought stock-index futures to profit from the price discrepancies between the two markets
this was a <unk> from friday when standard & poor 's 500-stock index futures had closed at a sharp discount to stocks
the <unk> of the program selling dashed any hopes that some of the big program trading firms would hold off until the market stabilized
they did n't
the dow accelerated its slide losing N in the first N minutes of trading
with program traders seemingly in charge buyers backed away from the market and watched stocks fall
then at N the dow suddenly started to rebound and when it shot upward it did so even faster than the <unk> fall
and this time it was n't just the program traders who were responsible
all the selling had pushed stocks to such cheap values that big investment banks and major money management firms started buying stocks heavily
the program traders were in there too of course
but according to one trader the programmers did n't look as dominant on the upside as on the downside because there was also a lot of bargain-hunting by institutions
<unk> m. <unk> director of the new jersey division of investment which oversees $ N billion in investments said the first thing we did was to double our orders yesterday morning
with the market down like this we 'll probably take another $ N million and put it in the market
trading in walt disney co. particularly caught traders ' eyes
according to big board officials disney had one of the biggest <unk> imbalances on friday it was one of the seven stocks that could n't finish trading that day
the stock opened late at N N down N N
but then it shot upward N N as goldman sachs & co. stepped in and bought traders said
however disney specialist robert <unk> said i would be surprised if goldman represented N N of the opening volume
around wall street trading desks were relieved that they could at least play the market yesterday in contrast to friday 's gridlock
at donaldson lufkin & jenrette inc. head equity trader <unk> <unk> said i think the opening was <unk>
it was orderly
we put some orders together
there was n't a lot of panic selling either domestically or internationally
not like friday where they just took the market apart
still the market had n't yet crossed into positive territory and traders were <unk>
but in another dramatic burst the dow tacked on N points in five minutes and at N the index showed a gain of N
on the big board floor and on trading desks traders <unk> their approval
<unk> <unk> peck a trader in shearson lehman hutton inc. 's otc department i tell you this market acts healthy
around him scores of traders seemed to get a burst of energy their boss broke out bottles of <unk> water to cool them off
among big board specialists the cry was pull your offers meaning that specialists soon expected to get higher prices for their shares
it was <unk> on the upside said one big board specialist
but not everybody was making money
the <unk> on the chicago board options exchange the nation 's major options market was heavy after the trading in s&p N stock-index options was halted friday
many market makers in the s&p N index options contract had bullish positions friday and when the shutdown came they were frozen with huge losses
over the weekend clearing firms told the chicago market makers to get out of their positions at any cost monday morning
they were absolutely killed <unk> said one chicago-based options trader
some traders said that the closely watched major market index whose N stocks mimic the dow industrials did n't lead yesterday 's big rally
james <unk> a partner at specialist <unk> & <unk> said the difference between today and two years ago terrible tuesday oct. N N is that then we needed a <unk> to go into the major market index spend $ N million and get the program rally started
this time institutions saw the programs coming and backed away and backed away
then when the market was at a technical level to buy they came in with a <unk>
however according to one analyst the timing of major market index futures buying just before the turnaround was similar to that of terrible tuesday
futures were pulling the stock market higher said donald <unk> head of stock-index futures research at prudential-bache securities inc
although the big board 's specialist firms struggled through another highly volatile trading session their performance yesterday was better than during friday 's <unk> chaos according to traders and brokers who work with them
specialists were criticized for their inability to maintain orderly markets during the friday plunge
but yesterday even with halts in such major blue-chip stocks as merck we expected the halts and it was n't too bad said donaldson 's mr. <unk> who had been critical of the specialists ' performance on friday
according to a big board official while many stocks opened late there were subsequent trading halts in only three issues amr merck and <unk> energy
merck is one of the most important stocks in the major market index
no sector of the market has been <unk> during the past two days ' gyrations
yet from the dow industrials ' high on oct. N through friday 's plunge relatively good performances have been turned in by real-estate utilities precious metals and life insurance stocks
and yesterday the top performing industry group was oil field equipment issues
for example <unk> jumped N N to N <unk> rose N N to N N and baker hughes rose N N to N
because of the ual and amr <unk> airlines were the weakest sector of the market yesterday
philip morris was the big board 's most active issue rising N N to N N on nearly eight million shares
among other major issues coca-cola co. closed up N at N N on N million shares and american telephone & telegraph rose N N to N on nearly N million shares
shares of international business machines which reported earnings yesterday finished at N up N after slipping below N during friday 's session for the first time in five years
shares of three brokerage firms rose after they reported earnings
merrill lynch added N N to N painewebber rose N to N N and bear stearns rose N to N N
federal national mortgage association a recently hot stock climbed N to N on nearly N million shares
at a news conference after the close of trading yesterday the big board 's mr. phelan and other exchange officials praised the performance of their computers and personnel
mr. phelan said that program trading strategies were n't responsible for triggering friday 's decline despite a jump in the use of the computer-driven strategies in recent months
some N million of the more than N million shares traded in the final N minutes of friday 's session when the plunge in stock prices was concentrated were <unk> he said
program trades make up N N of the exchange 's volume on an average day but despite the increase friday it was certainly not something you would say <unk> the market decline mr. phelan said
mr. phelan expressed relief that the market rebounded yesterday
obviously every time we get this kind of reaction it 's going to make everybody nervous including me he said
he said that exchange officials had conversations with wall street firms throughout the weekend and that all the participants behaved very very <unk> today
meanwhile peter dapuzzo shearson 's head of retail equity trading praised institutional investors in the otc market who were heavy buyers of the nasdaq 's biggest technology issues yesterday amid a flood of selling by other investors
the institutions ca n't be criticized for their behavior mr. dapuzzo said in an interview
it was the opposite of what happened on oct. N
they used their judgment
they did n't panic during the first round of selling this morning
instead they bought on weakness and sold into the strength which kept the market orderly
maybe they learned from experience
mr. phelan said the performance of specialists during friday 's plunge was <unk> because out of N big board common stocks traded during the day only seven were closed and were n't reopened before the close
they did an excellent job mr. phelan said of the specialists
wall street traders on friday had complained about the trading <unk>
james a. white and <unk> <unk> contributed to this article
west germany 's green party joined its ideological <unk> <unk> <unk> and the <unk> institute in the legal battle to ground the atlantis shuttle and its <unk> galileo probe to jupiter
the <unk> greens wanted a washington federal appeals court to block today 's scheduled <unk> long enough for them to ask the world court to order a permanent cancellation of the $ N billion flight
a <unk> appeals panel yesterday refused to comply though liberal judge pat <unk> went out of her way to deny that this was a <unk> case
of course it was
nasa should now sue for fines against all three <unk> foreign and domestic for bringing this <unk> case
a house-senate conference approved a permanent smoking ban on all domestic airline routes within the continental u.s. and on all flights of six hours or less to alaska and hawaii
the restrictions would cover all but a small percentage of domestic air traffic and represent a major expansion of the current smoking ban on flights of two hours or less
the exemption allowed on longer flights to alaska and hawaii appears to be largely a <unk> <unk> for the traditionally powerful tobacco industry which has found itself increasingly isolated in the face of public pressure in recent years
by a N margin house negotiators initially rejected last night a senate provision covering all domestic flights
but the <unk> compromise was soon agreed to in subsequent discussions
as a practical matter flights from the west coast to hawaii would be covered as they are under the time limit but the language would exempt longer routes beginning for example in chicago or on the east coast
within the senate the ban has had aggressive support from sen. frank <unk> d. n.j. who has used his position as a senate appropriations subcommittee chairman to <unk> votes for the initiative
the measure is attached to the more than $ N billion fiscal N transportation bill within mr. <unk> 's jurisdiction and the final compromise is <unk> with more than $ N million in road projects earmarked by members as well as funds sought by major airports including denver
from the outset the tobacco industry has been uncertain as to what strategy to follow
but the industry retains support in the house leadership through the influence of grower states such as north carolina
majority whip william gray owes a political debt to southern agriculture lawmakers for his rise in the house and the philadelphia democrat used his position in the conference to salvage the exemption from a total ban
although the smoking provision has attracted the most public interest the underlying bill was the subject of <unk> lobbying because of its impact on air transportation and the more mundane but politically important projects of members
in a stark lesson in the power of the appropriations committees the house deliberately killed a handful of projects backed by lawmakers in florida illinois and pennsylvania who had voted against the panel leadership on the house floor
anybody can vote as they want said rep. william lehman d. fla. head of the house conferees
but if you make a request you should support the committee
within the federal aviation administration the final bill promises to increase spending for facilities and equipment by more than N N from last year and total operations would rise to $ N billion a N N boost
the facilities account includes $ N million for denver 's ambitious new airport and the competition for these funds created shifting alliances between urban lawmakers representing established airports in philadelphia and michigan and the major carriers to denver united and continental
leery of the costs and critics say competition the airlines have sought to gain leverage over the city of denver
texas air corp. which owns continental and the air transport association were prominent in the lobbying
the industry sought to impose conditions that would have delayed funds for the project until denver and the airlines had agreed to leases for N N of the gates
but this was rejected in favor of much <unk> language <unk> the transportation department to review the costs of the first phase expected to cost about $ N billion
though smaller in total dollars the conference agreed to preserve an estimated $ N million in controversial subsidies to carriers serving rural or isolated airports
the sum is more than double what the house had approved for the program but the list of qualified airports would be cut by N under new distance requirements and limits on the level of subsidy
congress previously cut six airports this year
the impact of the changes is to eliminate many of the most excessive cases where the government has been paying more than $ N for each passenger in subsidies
among rail and highway accounts the agreement provides $ N million for <unk> including $ N million for capital improvements
and <unk> grants for mass transit would be effectively frozen at $ N billion or $ N million more than last fiscal year
enjoying several blockbuster movie hits including batman los angeles-based guber-peters entertainment co. reported earnings for the first quarter ended aug. N of $ N million or N cents a share compared with a year-earlier loss
sony corp. which has offered to acquire the <unk> company is seeking to free its top executives peter guber and jon peters from an exclusive agreement with time warner inc. 's warner communications inc. so they can run columbia pictures entertainment inc
sony two weeks ago agreed to acquire columbia for $ N billion or $ N a share
warner sued sony and guber-peters late last week sony and guber-peters have <unk> charging warner with attempting to interfere in sony 's acquisition of the two companies
guber-peters 's net income in the latest quarter compared with a net loss of $ N million or N cents a share in the year-earlier period
the company said revenue rose N N to $ N million from $ N million reflecting the success of its movies <unk> in the <unk> and <unk> as well as the <unk> <unk> batman
a group including jon m. <unk> of salt lake city said it boosted its stake in <unk> chemical corp. to N N of the the common shares outstanding
as previously reported <unk> holdings corp. owned by jon m. <unk> and other members of his family proposed that <unk> corp. an affiliate of <unk> holdings acquire <unk> in a friendly transaction for $ <unk> in cash or $ N million
in a filing with the securities and exchange commission the <unk> group said it controls N <unk> common shares including N shares bought from aug. N to oct. N for $ N to $ N per share
officials at <unk> based in pittsburgh declined comment
congress has been critical of the bush administration for not sending enough aid to poland so it is getting ready to send its own version of a care package
last month the senate voted to send a delegation of congressional staffers to poland to assist its legislature the <unk> in democratic procedures
senator pete <unk> calls this effort the first gift of democracy
the poles might do better to view it as a <unk> horse
it is the vast shadow government of N congressional staffers that helps create such legislative <unk> as the N page <unk> reconciliation bill that claimed to be the budget of the united states
maybe after the staffers explain their work to the poles they 'd be willing to come back and do the same for the american people
<unk> <unk> plc a financially troubled irish maker of fine crystal and <unk> china reported that its pretax loss for the first six months widened to N million irish punts $ N million from N million irish punts a year earlier
the results for the half were worse than market expectations which suggested an interim loss of around N million irish punts
in a sharply weaker london market yesterday <unk> shares were down N pence at N pence N cents
the company reported a loss after taxation and minority interests of N million irish punts compared with a loss of N million irish punts for the year-earlier period
there were n't any extraordinary items
sales for the total group rose N N to N million irish punts compared with N million irish punts a year ago
<unk> has decided against paying an interim dividend
<unk> said the appointment of a new management team and the signing of a comprehensive labor agreement are expected to enhance the company 's long-term prospects
the sudden flight to quality that triggered friday 's explosive <unk> rally was reversed yesterday in a flight from quality rout
the setback in which treasury bond prices plummeted reflected a rebound in the stock market and profit-taking
it was a pretty wild day
our markets were closely tied to the stock market said joel <unk> manager of trading at smith barney harris upham & co
friday 's flight to quality was no longer needed once the stock market found its <unk> he said
some fixed-income investors had expected a further drop in stock prices after the nearly <unk> drop in the dow jones industrial average on friday
that caused investors to <unk> stocks and buy high-quality treasury bonds which are safer than other types of securities
but when stocks began to climb instead prices of treasury bonds declined
contributing to the selling pressure were <unk> by several investment firms advising clients to boost their stock holdings and reduce the size of their cash or bond portfolios
among the firms were merrill lynch & co. and dean witter reynolds inc
the bond market seemed to ignore evidence that the federal reserve eased credit conditions slightly by allowing the federal funds rate to <unk> as low as N N N
the closely watched rate on federal funds or overnight loans between banks slid to about N N N last week down from its perceived target level of about N N
the rate is considered an early signal of changes in fed policy
traders said yesterday 's modest easing did n't stir much enthusiasm because it had been widely expected
in fact some economists contend that the latest easing started last week
others note that some investors were disappointed because they had expected a more aggressive easing
the treasury 's benchmark 30-year bond ended about N N points lower or down about $ N for each $ N face amount
the reversal was even more evident among <unk> treasury securities
after treasury bill rates plummeted as much as N percentage point on friday they gave back <unk> of that amount yesterday
the bond-equivalent yield on three-month treasury bills for example was quoted late yesterday at N N compared with N N friday
investment-grade corporate bonds mortgage-backed securities and municipal bonds also fell
but prices of junk bonds which were battered friday in near standstill trading rebounded to post small gains after a volatile trading session
junk bonds opened as much as four points lower but staged a modest comeback as stock prices firmed
some traders said the high-yield market was helped by active institutional buying
in particular they said firms such as first boston corp. and drexel burnham lambert inc. began making a market in junk issues early in the session when prices hit severely depressed levels
i think the willingness of securities companies to make markets for high-yield issues improved the sentiment for junk bonds said john <unk> an economist at moody 's investors service inc
u.s. treasury bonds were higher in overnight trading in japan which opened at about N p.m. edt
the benchmark 30-year bond for example rose one point in early japanese trading in reaction to a quick <unk> drop in the tokyo stock market
but as japanese stocks rebounded treasurys retreated and ended just modestly higher
many u.s. trading operations wanting to keep a <unk> eye on japanese trading as an indication of where u.s. trading would begin were fully <unk> during the tokyo trading session
most of the action was during the night session said michael moore trading manager at continental bank
jay <unk> who often trades overnight for capital insight inc. beverly hills calif. said trading in tokyo was very active but highly volatile
we went down N point in N minutes right before lunch then after lunch we went up N point in N minutes he said
in tokyo trading is halted during <unk>
tokyo 's market turned out to be a bad bellwether for u.s. trading
when the market opened here bonds prices fell as the stock market regained strength
the bond market 's focus on stock activity was so strong yesterday that it <unk> today 's slate of economic data which includes the government 's report on august u.s. merchandise trade and september industrial production
industrial production is expected to have declined N N according to a consensus of economists surveyed by dow jones capital markets report
the august trade deficit is expected to have widened to $ N billion from $ N billion in july
a widening of that magnitude said one new york trader is not a favorable number
it could do damage to us
meanwhile agency supply is expected to weigh heavily on the market today when the federal home loan bank prices a $ N billion offering of one-year three-year five-year and 10-year maturities
tomorrow the resolution funding corp. will provide details of its first bond issue which is expected to total between $ N billion and $ N billion and carry a maturity greater than N years
resolution funding is a division of resolution trust corp. the new federal agency created to bail out the nation 's troubled thrifts
and this week the tennessee valley authority plans to price a $ N billion offering its first public debt borrowing in N years
there 's lots of supply the new york trader said
we have a couple or three tough weeks coming
treasury securities
prices of treasury bonds tumbled in moderate to active trading
the benchmark 30-year treasury bond was quoted late at a price of N N compared with a closing price of N N friday
the yield on the benchmark issue rose to N N from N N
the latest 10-year notes were quoted late at N N for a yield of N N compared with N N to yield N N
short-term interest rates fell yesterday at the government 's weekly treasury bill auction
the average discount rate on new three-month treasury bills was N N the lowest since the average of N N at the auction on oct. N N
the average discount rate was N N on new six-month bills the lowest since the average of N N at the auction on july N N
here are auction details
rates are determined by the difference between the purchase price and face value
thus higher bidding narrows the investor 's return while lower bidding widens it
the percentage rates are calculated on a <unk> year while the <unk> yield is based on a <unk> year
both issues are dated oct. N
the 13-week bills mature jan. N N and the 26-week bills mature april N N
corporate issues
investment-grade corporate bonds ended one to N N point lower
there were no new issues
foreign bonds
foreign bonds surged as the dollar weakened against most major currencies
among benchmark issues japan 's no. N N N bond due N ended on brokers screens at N up N point
the yield was N N
west germany 's N N N issue due june N ended at N up N point to yield N N
britain 's N N N bond due N ended N N higher at N N to yield N N while the N N N notes due N rose N to N N to yield N N
mortgage-backed securities
mortgage securities gave up most of friday 's gains as active issues ended N to N point lower
dealers said morning activity was hectic as prices dropped in response to gains in the stock market and losses in treasury securities but trading slowed to moderate levels in the afternoon
government national mortgage association N N securities for november delivery were quoted late yesterday at N N down N from friday N N N securities were down N at N N and N N securities were at N N off N
federal home loan mortgage corp. N N securities were at N N down N
on friday mortgage issues gained as much as N N
late yesterday ginnie mae N N securities were yielding N N to a 12-year average life assumption as the spread above the treasury 10-year note narrowed N percentage point to N
traders said there were some busy dealings in freddie mac and federal national mortgage association securities because underwriters from last week 's heavy slate of real estate mortgage investment <unk> issues moved to gather collateral for new deals
offsetting the <unk> purchases were continued heavy sales by mortgage <unk> which are producing increased amounts of fixed-rate mortgage-backed issues with lower rates
there was no new-issue activity in the derivative market
rebounding stocks and weaker treasury prices drove municipal bonds N to N point lower in late dealings
the session losses left municipal dollar bonds close to where they were before the 190.58-point drop in the dow jones industrial average friday prompted a capital markets rally
trading was hectic during the morning with players trying to gauge whether equities would continue friday 's free fall or stabilize after a brief spot of weakness
<unk> started the session flat to a touch higher on anticipation of further stock market erosion but bond prices rapidly turned south as it became more clear that a repeat of the october N crash was n't at hand
professionals dominated municipal trading throughout the session
traders said retail investors seemed to be <unk> the sidelines until a measure of volatility is <unk> out of the market
new jersey turnpike authority 's N N issue of N was off N at N N bid yielding N N up N percentage point from late friday
florida board of education 's N N N issue of N was N point weaker at N N bid
the N N N issue of <unk> bridge and tunnel authority of new york due N was off N at N N bid
and <unk> county va. water authority 's N N N issue of N was down N at N N bid
serial bond yields were up about N percentage point
<unk> corp. kansas city mo. said it 's weighing strategic alternatives for its business men 's assurance co. unit and is <unk> possible buyers of the life and health insurance operation
a <unk> spokesman said runaway medical costs have made health insurance a significant challenge and margins also have been <unk> by changes in the mix of life-insurance products consumers now demand
the business men 's assurance unit represented about $ N million of the company 's $ N million in N revenue and the unit 's operating income was about $ N million said the spokesman
<unk> 's investment banker alex brown & sons inc. has been authorized to contact possible buyers for the unit
<unk> transportation ltd. said it raised its stake in <unk> ltd. of <unk> to N N from N N
a spokesman for <unk> declined to disclose the price the toronto transportation and waste services concern paid for the additional shares which he said were acquired over the last couple of weeks
the spokesman said <unk> would n't increase its stake in <unk> beyond N N without a great deal of thought because of british takeover regulations that require a company acquiring more than N N to extend an offer to the rest of the company 's shareholders
<unk> a security services and auctions company trades on london 's stock exchange
<unk> is <unk> by canadian pacific ltd. a montreal transportation resources and industrial holding concern
<unk> co. a japanese maker of video games electronic information systems and playing cards posted a N N unconsolidated surge in pretax profit to N billion yen $ N million from N billion yen $ N million for the fiscal year ended aug. N
sales surged N N to N billion yen from N billion
net income rose N N to N billion yen from N billion
<unk> net fell to N yen from N yen because of expenses and capital adjustments
without detailing specific product <unk> <unk> credited its bullish <unk> in sales including advanced computer games and television entertainment systems to surging <unk> sales in foreign markets
export sales for leisure items alone for instance totaled N billion yen in the N months up from N billion in the previous fiscal year
domestic leisure sales however were lower
hertz corp. of park <unk> n.j. said it retained merrill lynch capital markets to sell its hertz equipment rental corp. unit
there is no pressing need to sell the unit but we are doing it so we can concentrate on our core business <unk> automobiles in the u.s. and abroad said william <unk> hertz 's executive vice president
we are only going to sell at the right price
hertz equipment had operating profit before depreciation of $ N million on revenue of $ N million in N
the closely held hertz corp. had annual revenue of close to $ N billion in N of which $ N billion was contributed by its hertz rent a car operations world-wide
hertz equipment is a major supplier of rental equipment in the u.s. france spain and the <unk>
it supplies commercial and industrial equipment including <unk> <unk> <unk> and electrical equipment <unk> <unk> <unk> and trucks
<unk> inc. reported a net loss of $ N million for the fiscal third quarter ended aug. N
it said the loss resulted from <unk> and introduction costs related to a new medical <unk> equipment system
in the year-earlier quarter the company reported net income of $ N or N cents a share
the manufacturer of <unk> diagnostic systems based in <unk> pa. reported a nine-month net loss of $ N million compared with net income of $ N million or N cents a share for the nine-month period a year earlier
in over-the-counter trading <unk> fell N cents to $ N
<unk> <unk> corp. expects to report third-quarter net of about $ N million or $ N a share down from $ N million or $ N a share a year earlier richard p. simmons chairman and chief executive officer told institutional investors in new york
sales for the <unk> producer of specialty <unk> and other materials fell to about $ N million in the third quarter from $ N million a year earlier he said
he said the third-quarter estimate indicates profit for the nine months of $ N a share almost equal to the full-year N earnings of $ N million or $ N a share
in the first nine months of N net was $ N million or $ N a share
mr. simmons said the third-quarter results reflect continued improvements in productivity and operating margins
he said capital spending next year will rise to about $ N million from about $ N million this year
u.s. banknote co. said it again extended the expiration date of its $ <unk> tender offer for international banknote co. to nov. N
u.s. banknote said it is in negotiations to sell certain facilities which it did n't name to a third party and it needs the extension to try to reach a definitive agreement on the sale
u.s. banknote said it believes the sale if completed apparently would satisfy antitrust issues raised by the u.s. justice department about u.s. banknote 's offer to buy international banknote
both of the new york-based companies print stock certificates and currency
u.s. banknote said there can be no assurance a sale agreement would be concluded
it also said the tender offer would probably have to be extended further to complete financing arrangements
u.s. banknote said citibank extended the expiration date of its commitment for senior secured financing to nov. N
the offer made june N has been extended several times
closely held u.s. banknote offered the $ N a share or $ N million for as many as N million shares or N N of international banknote 's shares outstanding
u.s. banknote said that as of oct. N N million shares or about N N of the fully diluted shares outstanding had been tendered
gitano group inc. said it agreed to buy N N of regatta sport ltd. a closely held apparel maker with the assumption of $ N million of contingent debt
under the terms of the contract new york-based gitano has the option to acquire the remaining N N of regatta a maker of men 's and women 's clothes sold primarily in department stores under certain conditions
that N N is now held by clifford parker regatta 's president and chief executive officer who will continue to manage regatta 's operations under gitano
in N regatta will have sales in excess of $ N million and will show a profit mr. parker said
gitano which makes <unk> apparel sold mainly through mass <unk> like k mart and <unk> said the regatta acquisition will enhance its strategy to expand into department stores
this fall gitano began manufacturing moderately priced clothes aimed at department stores under the <unk> <unk> trademark which gitano recently acquired
enron corp. houston said the sale of preference units of its newly formed enron <unk> partners l.p. master limited partnership subsidiary will result in an <unk> gain in the fourth quarter
in the year-ago quarter the natural gas concern had net income of $ N million or N cents a share on revenue of about $ N billion
those results included a $ N million charge related to the retirement of debt
in a related move enron said it increased the number of the partnership 's units it will offer to N from N
the old and revised numbers both include <unk> provisions
enron said each unit will be priced in the $ <unk> range and will represent about N N of the partnership equity
net proceeds from the offering are expected to be close to $ N million
goldman sachs & co. and drexel burnham lambert inc. are lead underwriters
arthur m. goldberg said he extended his unsolicited tender offer of $ N a share tender offer or $ N million for di giorgio corp. to nov. N
dig acquisition corp. the new jersey investor 's acquisition vehicle said that as of the close of business yesterday N shares had been tendered
including the stake dig already held dig holds a total of about N N of di giorgio 's shares on a fully diluted basis
the offer which also includes common and preferred stock purchase rights was to expire last night at midnight
the new expiration date is the date on which dig 's financing commitments which total about $ N million are to expire
dig is a unit of dig holding corp. a unit of rose partners <unk>
mr. goldberg is the sole general partner in rose partners
in august di giorgio a san francisco food products and building materials marketing and distribution company rejected mr. goldberg 's offer as inadequate
in new york stock exchange composite trading yesterday di giorgio closed at $ N a share down $ N
what does n't belong here
a. <unk> <unk> b. black-and-white <unk> c. radio <unk> shows
if you <unk> black-and-white <unk> you 're right
after years of <unk> into the background <unk> photography is coming back
trendy magazine advertisements feature stark black-and-white photos of hollywood <unk> pitching jeans shoes and liquor
portrait studios accustomed to shooting only in color report a rush to black-and-white portrait orders
and black-and-white photography classes are crowded with students
what 's happening in photography <unk> the popularity of black and white in fashion home <unk> and <unk>
on seventh avenue designers have been advancing the <unk> look with clothing <unk> done entirely in black and white
and classic black-and-white movies are enjoying a comeback on videocassette tapes spurred in part by the backlash against <unk> of old films
the <unk> is <unk> back to black and white says richard <unk> the general manager of eastman kodak co. 's professional photography division
until two years ago sales of black-and-white film had been declining steadily since the 1960s
but last year buoyed by increased use in advertising and other commercial applications sales increased N N and they are expected to jump at least that much again this year
photographic companies are scrambling to tap the <unk> market <unk> some black-and-white product lines and developing new ones
at kodak which largely ignored the market for years black-and-white film sales now account for nearly N N of the company 's $ N billion in film and paper sales annually up from N N three years ago
the rochester n.y. photographic giant recently began marketing <unk> N one of the fastest and most sensitive <unk> films
aimed at commercial <unk> the film can be used in very low light without <unk> quality says donald <unk> of <unk> newsletter
also trying to <unk> a portion of the $ N <unk> industry is <unk> corp. a unit of <unk> ag
<unk> recently signed olympic gold <unk> <unk> <unk> to <unk> a new line of black-and-white paper that 's geared to consumers and will compete directly with kodak 's papers
slated for market by the end of the year the paper could have been introduced a long time ago but the market was n't there then says an <unk> spokesman
the biggest <unk> of the black-and-white revival is likely to be international paper co. 's <unk> division known in the industry for its premium products
sales of <unk> 's four <unk> of black-and-white film this year are <unk> growth in the overall market although the company wo n't say by exactly how much
we hope the trend lasts says <unk> <unk> <unk> 's marketing communications director
why all the interest
for baby boomers who grew up being <unk> in color black and white seems <unk> and exotic
it has an <unk> almost <unk> quality to it says owen b. butler the chairman of the applied photography department at rochester institute of technology
you can shift out of reality with black and white he adds
such features have been especially attractive to professional <unk> and marketing executives who have been steadily increasing their use of black and white in advertising
processing of black-and-white commercial film jumped N N last year to N million rolls
consider gap inc. whose latest ad campaign features black-and-white shots of hollywood stars artists and other well-known <unk> <unk> the retailer 's jeans and <unk>
richard <unk> the account manager for the campaign says gap did n't intentionally choose black and white to <unk> its ads from the color spreads of competitors
we wanted to highlight the individual not the environment he says and black and white allows you to do that better than color
the campaign won a <unk> award as this year 's best ad by a specialty retailer
even food products and automobiles which have long depended on color are making the switch
companies feel black and white will convey a stronger statement says marc l. <unk> a chicago <unk> who is working on a black-and-white print ad for <unk> food corp. 's lean <unk>
other companies that are currently using <unk> ads include american express co. and <unk> america inc
portrait studios have also <unk> onto the trend
using black and white we can make <unk> look like stars says john <unk>
his <unk> photography studio in <unk> ore. doubled its business last year and he says is booked solid for the next five
one customer <unk> <unk> says she <unk> a color portrait for black and white because it 's more dramatic
i show it to my friends and they all say <unk>
it is n't ordinary like color
still most consumers are n't <unk> black-and-white film into their cameras to take family <unk>
one big obstacle is that few <unk> develop the film anymore
typically it must be <unk> to a handful of processors and may take a week or more to be processed and returned
black-and-white film costs consumers a little less than color film and processing costs the same
but for <unk> developing costs for black-and-white film are higher
some companies are starting to tackle that problem
<unk> for example recently introduced a black-and-white film that can be processed quickly by color labs
intent on wooing customers the company is also increasing its <unk> of black-and-white photography classes
similarly <unk> is <unk> scores of photography <unk> at high schools and colleges offering free black-and-white film and paper as prizes
and kodak is distributing an <unk> video to processors on how to develop its <unk> film more efficiently
other companies are introducing related products
charles <unk> co. a leading maker of photographic <unk> introduced last month a complete <unk> <unk> <unk> targeted at <unk> who want to process their own black-and-white photographs
the <unk> which has a suggested retail price of $ N and has already become a <unk> was introduced after retailers noticed numerous requests from parents for children 's photography equipment
it seems computers as <unk> have <unk> says ian <unk> <unk> 's chairman and chief executive officer
but some industry observers believe the <unk> of black and white is only a fad
they cite the emergence of still electronic photography more newspapers turning to color on their pages and <unk> improvements in the quality of color prints
black and white has n't made the same quantum <unk> in technological development as color says mr. butler of the rochester institute
the color print today is far superior to prints of N years ago
you ca n't say the same with black and white
but when popular photography a leading magazine for <unk> selected N of the greatest photos ever made for its latest issue celebrating photography 's <unk> anniversary all were black and white
it 's got a classic spirit and carries over <unk> says alfred <unk> of professional <unk> of america
that 's the appeal
<unk> newspapers inc. said improvements in advertising and subscription revenue led to a N N gain in third-quarter profit to $ N million or N cents a share from $ N million or N cents a share
sales rose more than N N to $ N million from $ N million
the sacramento calif. company also attributed improved performance to a lower effective tax rate and higher interest income
for the nine months the newspaper chain had almost a N N increase in profit to $ N million or N cents a share from $ N million or N cents a share
sales grew almost N N to $ N million from $ N million
<unk> publishes the sacramento calif <unk> and <unk> wash news tribune and other papers in western states
in composite trading on the new york stock exchange the company closed at $ N a share down N cents
agip s.p a. and societe national <unk> <unk> the state oil companies of italy and france respectively submitted an offer to buy <unk> suisse s.a
the price was n't disclosed
a spokesman for <unk> said that the swiss oil concern was <unk> the offer submitted last friday along with two other offers also submitted last week
those two offers were private and the spokesman refused to identify the bidding companies
the spokesman further said that at least two more offers are expected from other companies within two weeks
<unk> suisse owns an oil refinery in switzerland with a capacity of N barrels a day along with a network of gasoline retailing outlets
while friday 's plunging stock market prompted new fears about the economy 's prospects a <unk> indicator that has <unk> <unk> the economy 's ups and <unk> by exceptionally long lead times points to a sustained rise in overall business activity
the barometer developed by analysts at columbia university 's center for international business cycle research here reached a record high of N in august the latest month available and the columbia researchers estimate that it has moved even higher since then
the latest reading of N was up from N in july and N as recently as march
the august rise marked the fifth straight monthly gain for the indicator which uses the N average as a base of N
in contrast the commerce department 's widely followed index of leading indicators while up in august has fallen repeatedly since reaching a high early this year
its <unk> behavior through much of N has prompted some <unk> to anticipate the start of a new recession perhaps before year 's end
but the far stronger showing of the columbia index makes a recession any time soon highly unlikely says <unk> h. moore the director of the columbia facility
a leading authority on the business cycle mr. moore also is a member of the business cycle dating group the panel of private economists that decides for the government when <unk> and recessions begin and end
the group normally <unk> only when a change in the economy 's general course seems likely
no meeting is scheduled because the expansion shows no sign of going off the tracks mr. moore reports
based largely on the recent strength in their index called the long leading indicator the columbia analysts <unk> <unk> economic growth through the rest of this year and next year as well
they expect a N N rise in N in the gross national product after adjustment for inflation
underlying this optimism is the index 's longstanding ability to signal recessions or <unk> as the case may be by substantially greater periods than the commerce department 's index of leading indicators
over the full <unk> war ii era the columbia index on the average has entered sustained declines N months before the <unk> of recessions and turned up eight months before <unk>
the comparable lead times for the commerce index whose components include the stock market are far shorter N months before recessions and only three months before <unk>
the columbia economists also have <unk> how the long leading index would have behaved had it existed in N before the stock market crash in october that <unk> in the great depression
the indicator reached a peak in january N and then fell steadily up to and through the crash
it was an entirely different pattern from what we 're seeing now mr. moore says
a major source of the recent strength in the long leading indicator has been the performance of the dow jones corporate <unk> index which is not a part of the commerce index
in august the bond measure was at its highest monthly average since early N
it also rose last friday while the stock market sagged
other components of the long leading indicator include a ratio of prices to unit labor costs in manufacturing industries the <unk> version of the money supply adjusted for inflation and the volume of new <unk> permits
notably <unk> from the columbia index is the stock market which mr. moore says is simply no longer such a good indicator of the economy 's <unk> prospects though it still is useful for anticipating some <unk> <unk> and turns
as recently as N the stock market as reflected in the standard & poor 's index of N common stocks was rated by the national bureau of economic research as the best of the N leading indicators that then made up the commerce index
it was assigned a mark of N out of a possible N compared with scores ranging as low as N for the other components
the stock market has lost some <unk> power analysts at the columbia center claim because of the growing impact of international developments
stocks have become more sensitive to factors not directly tied to the domestic economy mr. moore says citing the exchange rate for the dollar on currency markets the <unk> balance and inflows of foreign capital
he also feels that the rise of such <unk> practices as program trading has diminished the stock market 's <unk> to the economic outlook
bsn s.a. a leading french food group said it agreed to acquire <unk> g.m.b h. a west german pasta maker
the value of the acquisition was n't disclosed
the move is in line with bsn 's strategy of gradually building its share of the european pasta market through external growth
bsn will initially acquire a N N interest in <unk> a closely held concern
the french group has an agreement giving it the right to buy all the shares outstanding and this could be completed within a few months a bsn spokeswoman said
the takeover was submitted for approval by the west german <unk> office bsn said
<unk> is west germany 's <unk> producer of pasta with sales of N million marks $ N million in N
it has N workers at three production units in southwest germany and is that nation 's leading producer of pasta <unk>
the acquisition <unk> bsn 's position in the european pasta market
the french group currently ranks second after <unk> group of italy whose sales are <unk> in the italian market
moody 's investors service inc. said it reduced its rating on $ N million of senior and subordinated debt of this thrift holding company to c from ca saying it believes bondholders will recover only negligible principal
the agency said it confirmed american continental 's preferred stock rating at c
american continental 's thrift unit los angeles-based lincoln savings & loan association is in <unk> and the parent company has filed for protection from creditor lawsuits under chapter N of the federal bankruptcy code
centrust savings bank miami
moody 's investors service inc. downgraded its ratings on the subordinated debt of centrust to <unk> from <unk>
the rating agency also reduced the ratings for long-term deposits to <unk> from <unk> and for preferred stock to ca from <unk>
the rating agency said about $ N million in securities was affected
the <unk> were prompted moody 's said by the continuing turmoil in the junk bond market and the suspension of dividends on centrust 's preferred stock
moody 's also said it believed the proposed sale of N centrust branches to great western bank could if completed endanger the thrift 's funding and market position
the stock market avoided a repeat of black monday as prices recovered from an early slide spurred by bargain-hunting institutions and program traders
the dow jones industrials closed up N points at N the <unk> gain ever after being down as much as N points in the morning
the rally erased about half of friday 's 190.58-point plunge but analysts are cautious about the market 's outlook
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
tokyo stock prices bounced back in early trading tuesday following a N N plunge on monday
the dollar also moved higher in tokyo
donald trump withdrew his $ N billion offer for american air citing the recent change in market conditions
amr slid $ N to $ N
also a ual group tried to get financing for a lower bid possibly $ N a share
ual fell $ N to $ N
leveraged buy-outs of airlines would be subject to approval by the transportation secretary under a bill passed by a house subcommittee
ibm 's earnings tumbled N N in the third quarter slightly more than expected
the computer giant partly cited a stronger dollar and a delay in shipping a new high-end disk drive
analysts are <unk> about ibm 's outlook for the next few quarters
u.s. auto makers plan to decrease car production N N in the fourth quarter with virtually all the decline coming from the big three
output at <unk> and managed plants in the u.s. is due to rise N N
budget director darman said he wo n't give federal agencies much <unk> in coping with gramm-rudman spending cuts which took effect yesterday
darman hopes to <unk> congress to finish a deficit plan
the s&l bailout agency would be restricted by a new bill in how it raises capital
the ways and means plan would create another possible obstacle to selling sick thrifts
a natural gas rule was struck down by a federal appeals court
the regulation had prevented pipeline firms from passing part of $ N billion in costs along to customers
the supreme court agreed to decide whether a federal court may <unk> a merger that has won regulatory approval but been ruled <unk> in a private suit
merrill lynch 's profit slid N N in the third quarter
bear stearns posted a N N gain while painewebber had a decline due to a year-ago gain
blue arrow of britain plans to return to the name manpower and take a big write-off
the moves may help the firm <unk> its dominance of the u.s. <unk> market
j.p. morgan posted a $ N billion loss for the third quarter reflecting a big addition to loan-loss reserves
ncnb 's profit more than doubled
k mart agreed to acquire pace membership warehouse for $ N million expanding its presence in the growing <unk> business
stocks volume N shares
dow jones industrials N up N transportation N off N utilities N up N
bonds shearson lehman hutton treasury index N off
commodities dow jones futures index N off N spot index N up N
dollar N yen off N N marks off N
monday october N N
the key u.s. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions
prime rate N N N
the base rate on corporate loans at large u.s. money center commercial banks
federal funds N N N high N N N low N N N near closing bid N N N offered
reserves traded among commercial banks for overnight use in amounts of $ N million or more
source fulton prebon u.s.a inc
discount rate N N
the charge on loans to depository institutions by the new york federal reserve bank
call money N N N to N N
the charge on loans to brokers on stock exchange collateral
commercial paper placed directly by general motors acceptance corp. N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days
commercial paper high-grade unsecured notes sold through dealers by major corporations in multiples of $ N N N N days N N N days N N N days
certificates of deposit N N one month N N two months N N three months N N six months N N one year
average of top rates paid by major new york banks on primary new issues of negotiable c.d.s usually on amounts of $ N million and more
the minimum unit is $ N
typical rates in the secondary market N N one month N N three months N N six months
bankers acceptances N N N days N N N days N N N days N N N days N N N days N N N days
negotiable bank-backed business credit instruments typically financing an import order
london late eurodollars N N N to N N N one month N N N to N N N two months N N N to N N N three months N N N to N N N four months N N N to N N N five months N N N to N N N six months
london interbank offered rates libor N N N one month N N N three months N N N six months N N N one year
the average of interbank offered rates for dollar deposits in the london market based on quotations at five major banks
foreign prime rates canada N N germany N N japan N N switzerland N N britain N N
these rate indications are n't directly comparable lending practices vary widely by location
treasury bills results of the monday october N N auction of short-term u.s. government bills sold at a discount from face value in units of $ N to $ N million N N N weeks N N N weeks
federal home loan mortgage corp freddie mac posted yields on 30-year mortgage commitments for delivery within N <unk>
N N standard conventional <unk> mortgages N N N N rate capped one-year adjustable rate mortgages
source telerate systems inc
federal national mortgage association fannie mae posted yields on N year mortgage commitments for delivery within N days priced at par N N standard conventional fixed <unk> N N N rate capped one-year adjustable rate mortgages
source telerate systems inc
merrill lynch ready assets trust N N
annualized average rate of return after expenses for the past N days not a forecast of future returns
intel corp. said it reached an agreement with <unk> computer systems corp. to develop software standards for intel 's <unk> microprocessor
the <unk> introduced earlier this year is intel 's entry in the crowded market for reduced instruction set computing or risc computers
intel based in santa clara calif. is the market leader for traditional microprocessors with its N family that forms the heart of <unk> personal computers
under the agreement intel will invest $ N million to acquire a N N stake in <unk> a maker of <unk> for scientists and engineers
<unk> based in <unk> mass. will license its <unk> technologies to intel providing users a way to let many <unk> microprocessors in a single computer work on a problem simultaneously
<unk> said it plans to use the microprocessor in future products
it declined to discuss its plans for upgrading its current product line
<unk> inc. which intends to expand its position in the medical and <unk> markets said it acquired a cotton and <unk> products division from closely held <unk> products corp. for $ N million
<unk> said it expects the division to add substantial sales volume and to make a positive contribution to our earnings in N and beyond
in N the cincinnati company earned $ N million or N cents a share on revenue of $ N million
<unk> said the division operates under the trade name <unk> and supplies the medical and <unk> markets
the business based in st. louis had sales of more than $ N million in the fiscal year ended march N <unk> said
burmah oil plc a british independent oil and specialty chemicals marketing concern said shv holdings n.v. of the netherlands has built up a N N stake in the company
james alexander a burmah spokesman said shv had previously owned a little under N N of burmah for about two years
the dutch company had n't notified burmah of its reason for increasing the stake he said
shv which last year merged its north sea oil and gas operations with those of <unk> group plc has been pegged by speculators as a possible suitor for burmah oil in recent weeks
shv also owns N N of <unk>
burmah which owns the <unk> brand of <unk> oils reported a N N rise in net income to # N million $ N million in the first half
j.p. industries inc. said it signed a definitive agreement to sell its builders ' hardware group to closely held <unk> inc. of beverly hills calif
terms were n't disclosed but a j.p. industries spokesman said the amount j.p. industries will get for the group is a little better than expected by the marketplace and the marketplace had been expecting $ N million to $ N million
the group consists of <unk> corp. and <unk> modern inc
j.p. industries which is based in ann <unk> mich. said the sale <unk> a previously announced program to <unk> itself of its hardware and plumbing supplies operations
the company 's remaining business is the manufacture and sale of engine and <unk> products for industrial and transportation applications
citing a $ N million provision for doubtful accounts dallas-based national heritage inc. posted a loss for its fourth quarter ended june N
a unit of troubled southmark corp. the operator of nursing homes and retirement centers said it sustained a net loss of $ N million or nine cents a share compared with net income of $ N million or eight cents a share a year earlier
operating revenue rose N N to $ N million from $ N million in the year-earlier quarter
the company said the $ N million reserve was created to reflect doubt about the <unk> of receivables owed to national heritage by some of the real estate partnerships it manages
the company also said expenses incurred by the previous board and management in the recent contest for control were recognized primarily in the first quarter ended sept. N
national heritage stock fell N cents yesterday to close at $ N a share in new york stock exchange composite trading
united biscuits holdings plc a british food producer announced the creation of a european group to bring together its trading interests in the region
the new group will <unk> all of united <unk> 's manufacturing and marketing operations in the food sector apart from those based in the u.s.
united biscuits said the combined group which will include businesses such as <unk> biscuits and terry 's <unk> will have annual sales of more than # N billion $ N billion and trading profit of more than # N million $ N million
the new structure will enable united biscuits to focus clearly upon opportunities for planned growth during the 1990s said bob <unk> deputy chairman and group chief executive
last month united biscuits agreed to sell its entire restaurant operations to grand metropolitan plc for # N million
an american journalist now is standing trial in namibia
this is the place that world opinion has been celebrating over in the expectation that it 's going to hold an election
the most likely winner will be the <unk> swapo rebels
the u.s. journalist 's crime was writing that the head of the commission charged with overseeing the election 's fairness <unk> <unk> was openly sympathetic to swapo
shortly after that mr. <unk> had scott stanley arrested and his <unk> confiscated
mr. stanley is on trial over charges that he violated a <unk> issued by the south african administrator general earlier this year which made it a crime punishable by two years in prison for any person to <unk> <unk> or <unk> the election commission
the stanley affair does n't <unk> well for the future of democracy or freedom of anything in namibia when swapo starts running the government
to the extent mr. stanley has done anything wrong it may be that he is out of step with the consensus of world intellectuals that the <unk> guerrillas were above all else the victims of <unk> by neighboring south africa
swapo has enjoyed favorable western media treatment ever since the u.n. general assembly declared it the sole <unk> representative of namibia 's people in
last year the u.s. <unk> a peace settlement to remove cuba 's <unk> <unk> from <unk> and hold free and fair elections that would end south africa 's control of namibia
the elections are set for nov. N
in july mr. stanley editor of american press international a washington <unk> conservative wire service visited namibia to report on the <unk> election campaign
he interviewed mr. <unk> head of a commission charged with investigating electoral <unk> and reported that mr. <unk> was openly sympathetic to swapo and indeed had defended its leaders in court
after mr. stanley 's article was published in two <unk> newspapers mr. <unk> had criminal charges brought against their editors publisher and lawyer
mr. stanley was arrested and charged along with the others when he returned to namibia this month
both the state department and the lawyers committee for freedom of the press have <unk> mr. stanley 's <unk>
mr. stanley 's arrest is the latest in a series of incidents that threaten to <unk> namibia 's elections
both south african and swapo <unk> are <unk> voters
the u.s. is in the habit of arranging peace settlements and then <unk> its hands over the <unk> results
it now has the chance to <unk> that record in namibia
state and the human-rights community should insist that mr. stanley and his fellow defendants be released and that the united nation 's monitors make certain that mr. <unk> commission <unk> election complaints from all sides
commodity futures prices generally reflected the stability of the stock market following its plunge friday
yesterday the stock market 's influence at first created nervousness
later however it became more of an <unk> than a <unk> force as individual markets reacted more to their own factors
gold the traditional haven in times of financial crisis continued its <unk> <unk> with the dollar rising early in the day as the currency fell and then giving up some of its gains as the dollar recovered
copper and crude oil reacted sharply to the concern that a crash yesterday could have a potentially devastating effect on the economy
copper fell and showed little rebound through the day as one of the major supply problems that had been supporting prices appeared to be solved
crude oil declined early but as the stock market retained early gains it too became stronger ending with a small net loss
trading in cotton and sugar was nervous and showed small declines
in chicago grain and soybean prices rose slightly
livestock and meat prices however dropped on concern that a financial crisis would cut consumption of beef and pork
in commodity markets yesterday precious metals futures prices were moderately higher as gold gave up some of its early gains and platinum behaved <unk> first falling and then later rising
silver performed quietly
the spot october gold price rose $ N to $ N an ounce
the more active december delivery gold settled with a gain of $ N an ounce at $ N after trading as high as $ N
december silver was up N cents an ounce at $ N
platinum behaved more like an industrial metal easing early on concern over a possible weaker economy but recovering later as the stock market strengthened
gold was nowhere the spectacular performer it was two years ago on black monday
for one thing last friday precious metals markets closed before the stock market went into its <unk> nose dive so it could n't react to it
back on friday oct. N <unk> the stock market declined during the day and gold prices surged as the stock market fell
the october N contract that day rose as much as $ N to as high as $ N and the more deferred positions due to mature as late as march N rose as much as $ N
on black monday oct. N N the october contract tacked on further gains rising to as high as $ N for a gain of almost $ N on top of the friday advances before giving up almost $ N of that at the close
yesterday 's october gain of $ N was <unk> compared with that
one analyst peter <unk> of <unk> & co. new york said the gold market already had some good <unk> technical factors that would have caused prices to rise with or without the stock market
what the stock market did was cause the rise to take place earlier than it would have happened said mr. <unk>
there 's a good chance that gold will retain its gains and rise further he said
he expects a drop in interest rates which would help gold by keeping the dollar from rising
finally according to mr. <unk> the impact of the strong dollar should be reflected in reduced exports in the august merchandise trade deficit when the figures are released today
this would be damaging to the dollar and supportive for gold he said
worried that friday 's 190-point stock market plunge might be a <unk> of things to come for the economy petroleum futures traders called a halt to the recent string of increases in crude oil futures prices
the u.s. benchmark crude west texas intermediate closed at $ N a barrel for november delivery down N cents
some analysts said crude was due for a correction <unk> following several days of significant gains
but most market observers agreed that friday 's stock market drop is what <unk> spirits in the petroleum pits yesterday
until yesterday futures prices had been headed up on expectations that world oil demand will continue to be strong
the organization of petroleum exporting countries increased its production ceiling for the fourth quarter based on projections of robust demand
so any bearish indicator such as friday 's <unk> drop in the stock market sends <unk> through the oil markets as well
indeed after reacting early in the trading day to friday 's plummet futures prices firmed up again as traders took note of the stock market 's partial recovery yesterday
futures prices fell and showed little rebound as one major labor problem that had been <unk> prices appeared to be solved
the december contract declined N cents a pound to $ N
prices were down from the outset of trading on concern that a drop in the stock market might create a weakened economy and a <unk> reduction in copper use
but the recovery in the stock market provided little help for copper as word spread that a three-month strike at the highland valley mine in british columbia was about over according to an analyst
highland valley is a large canadian producer and principal supplier to japan which recently began seeking copper elsewhere as its inventories shrank
last week it was reported that company and union negotiations had overcome the major hurdle the contracting out of work by the company
now the analyst said only minor points remain to be <unk> up
for all <unk> and purposes an agreement appears to have been achieved he said
copper inventories in new york 's commodity exchange warehouses rose yesterday by N tons to N tons
london metal exchange copper inventories last week declined N tons to N tons
the <unk> stocks decline was about as expected but the comex gain was n't
however this was brushed aside by concern over the stock market the analyst said
at one point in futures trading as the stock market firmed the december contract rose to as high as $ N but it was n't able to sustain the gain
it was simply <unk> he said and selling by funds that are computer <unk> helped depress prices
futures prices eased more in reaction to hurricane jerry than to any influence of the stock market
the december contract ended with a loss of N cent a pound at N cents
technical considerations following the hurricane which was a factor in the market friday caused prices to decline yesterday said ernest simon cotton specialist for prudential-bache securities new york
prices rose sharply friday as the storm approached texas and louisiana which is part of the mississippi delta <unk> area
however after <unk> the potential effect of the hurricane prices began to slip late friday mr. simon said
that selling continued yesterday and kept prices under pressure he said
<unk> weather is being predicted for the high plains of texas and the northern states of the delta during the coming weekend mr. simon said
that has n't yet captured traders ' attention he added
futures prices declined
the march contract was off N cent a pound at N cents
at one point in early trading the march price rose to as high as N cents when the stock market recovered but the price then fell back
a <unk> factor one analyst said was that india which had been expected to buy around N tons of sugar in the world market did n't make any purchases
india recently bought N tons and was expected to buy more the analyst said
another analyst thought that india may have pulled back because of the concern over the stock market
india may have felt that if there was a severe drop in the stock market and it affected sugar it could buy at lower prices said <unk> <unk> analyst for shearson lehman hutton new york
at any rate she added india needs the sugar so it will be in sooner or later to buy it
farm products
the prices of cattle and <unk> futures contracts dropped sharply because traders speculated that the stock market plunge friday will <unk> in the minds of u.s. consumers long enough to prompt them to rein in their spending at the supermarket which would hurt demand for beef and pork
the price of the <unk> contract for october delivery dropped its maximum permissible daily limit of N cents a pound
the prices of most grain futures contracts rose slightly yesterday out of relief that the stock market was showing signs of recovering
earlier in the session the prices of several soybean contracts set new lows
a broad rally began when several major processors began buying futures contracts apparently to take advantage of the price dip
knight-ridder inc. said it would report increased earnings per share for the third quarter contrary to reported analysts ' comments that the publishing company 's earnings would be down
a company spokesman said he believed the confusion was caused when james <unk> knight-ridder 's chairman and chief executive told new york analysts two weeks ago that knight-ridder 's earnings per share for the first nine months of N would be behind a little bit from like period of
the knight-ridder spokesman said the third-quarter earnings that the company plans to report oct. N are expected to be up
the spokesman said he was comfortable with revised analysts ' projections that the company would report earnings of between N cents and N cents a share compared with the N cents a share it reported for the N third quarter
knight-ridder said it agreed with estimates that net income for all of N would be around $ N a share compared with $ N a share a year earlier
in new york stock exchange composite trading yesterday knight-ridder closed at $ N down N cents
dd acquisition corp. said it extended its $ <unk> offer for dunkin donuts inc. to nov. N from yesterday
the offer has an indicated value of $ N million
dd acquisition is a partnership of unicorp canada corp. 's <unk> capital group unit and cara operations ltd
as previously reported under the terms of a <unk> agreement with dunkin donuts the partners agreed to keep their offer open until nov. N and not to acquire any additional shares except through a tender offer <unk> on that date
dd acquisition said that it already owns N N of the common shares of the <unk> shop chain and that as of the close of business friday an additional N N had been tendered to its offer
dunkin donuts is based in <unk> mass
cara operations a food services concern and unicorp a holding company with interests in oil and natural gas and financial services are based in toronto
golden west financial corp. riding above the turbulence that has troubled most of the thrift industry posted a N N increase of third-quarter earnings to $ N <unk> or N cents a share
the company earned $ N million or N cents a share in the year-ago quarter
herbert m. <unk> chairman and chief executive officer of the oakland calif. savings-and-loan holding company credited the high number of loans added to the company 's portfolio over the last N months for <unk> its earning asset base and improving profit performance
however the executive noted that <unk> demand for new mortgages depressed new loan <unk> to $ N billion N N below the same period last year
in savings activity mr. <unk> said consumer deposits have enjoyed a steady increase throughout N and topped $ N billion at quarter 's end for the first time in the company 's history
deposit growth amounted to $ N million more than double the year-ago figure
<unk> corp. benton harbor mich. said it has developed a process to recover environmentally harmful chlorofluorocarbons or cfcs that previously entered the atmosphere during <unk> repair of refrigerators and <unk>
the maker of home appliances said the process which involves the use of a <unk> plastic bag during repairs to capture the <unk> substance and transport it to a recycling center is already in use at a number of its service centers and will be available to all authorized repair centers by spring
earlier repairs <unk> the cfcs out of the home through a <unk> directly into the atmosphere
cfcs are widely used as <unk> <unk> and fire <unk>
but their use has been linked to a potentially dangerous depletion of the earth 's ozone layer and a number of companies are seeking to curtail use or at least <unk> of the substance
<unk> said we see this process as a small but important step toward eventual elimination of <unk> use in <unk> manufacture
<unk> energy corp. dallas said it discovered a new oil field northeast of its previously discovered <unk> field in the southeast <unk> area of indonesia
<unk> said it did n't run a production test on the three discovery wells it <unk> in the field which is about N miles from the <unk> field because the wells are similar to others <unk> at its <unk> and <unk> fields
however <unk> said it believes the reserves in the field are about N million barrels of oil
the <unk> field has estimated reserves of N million barrels and the <unk> field has estimated reserves of N million barrels
<unk> an independent oil and gas concern is the operator and owns a N N interest in the new field called northeast <unk>
other interests are owned by <unk> petroleum development <unk> ltd. c. <unk> energy co. ltd. <unk> <unk> <unk> g.m.b h. <unk> <unk> production ltd. <unk> oil indonesia ltd. <unk> <unk> co. ltd. <unk> <unk> ltd. <unk> shell <unk> <unk> a.g. and <unk> oil co
the <unk> contract area is held with <unk> the <unk> state oil company
environmental systems co. said it is <unk> its results to reduce its reported net income for the first nine months of its fiscal year after <unk> it took tax credits that already had been taken last year
the little rock <unk> <unk> services company said the <unk> will reduce its net for the nine months ended july N to $ N million or N cents a share from $ N million or N cents a share
net for the third quarter restated is $ N million or N cents a share
the company previously reported net of $ N million or N cents a share
the company said that for financial reporting purposes last year it took tax credits that will be recognized for tax purposes this year
but because of confusion it took those credits again in reporting its results through the first nine months
jack w. <unk> environmental systems president and chief executive officer said the change increases the company 's effective tax rate to about N N from N N
memotec data inc. said it signed a definitive merger agreement with isi systems inc. under which memotec will acquire isi for $ N u.s. a share or about $ N million in cash and securities
in american stock exchange composite trading isi closed up $ N at $ N
in montreal exchange trading memotec closed unchanged at N canadian dollars us$ N
memotec said under the agreement isi a <unk> mass. provider of computer software and services to the insurance industry will merge with a u.s. unit of memotec created for that purpose
memotec is a <unk> maker of telecommunications products and provider of telecommunications and computer services
memotec said the agreement calls for it to make a $ <unk> cash tender offer for all shares outstanding of isi
but it said charles johnston isi chairman and president agreed to sell his N N stake in isi to memotec upon completion of the tender offer for a combination of cash memotec stock and debentures
memotec said the tender offer is <unk> on among other things holders <unk> at least N N of the shares outstanding other than the shares held by mr. johnston
isi said its board has instructed management to accept inquiries from any others interested in making a bid
isi said it can withdraw from the merger agreement with memotec if a better bid <unk>
cms energy corp. jackson mich. said it has resumed the purchase of its common stock under a program approved by its directors in N
at the time of the original announcement cms said its board authorized the purchase of as many as five million of its shares
a spokesman said N million shares have been purchased since then
the company said it will buy additional shares from time to time in the open market or in private transactions at prevailing market prices
in composite trading on the new york stock exchange cms energy closed at $ N a share down N cents from the closing price of $ N a share on thursday before friday 's plunge
the utility company currently has about N million shares outstanding
morgan stanley & co. will act as the exclusive broker for the repurchase
hughes aircraft co. a unit of general motors corp. said it agreed to purchase the <unk> technology division of <unk> corp
terms of the agreement were n't disclosed
but for the fiscal year ended july N N the most recent period for which results were broken out the <unk> unit accounted for more than half the $ N million in sales recorded by the company 's government systems sector
<unk> which is based in <unk> conn. said the sale of the <unk> conn. unit is consistent with its restructuring strategy announced in april
in addition to making <unk> systems the unit also makes laser warning <unk>
these are used aboard military <unk> to warn pilots that a laser weapon has been focused on them
hughes of los angeles said the <unk> unit 's work <unk> efforts by its <unk> and data systems group which makes <unk> <unk> military <unk> and night vision equipment
hughes said it expects the sale to close by year end
the communications workers of america ratified a new regional contract and all but one of the local agreements with bell atlantic corp
<unk> 's new jersey commercial local which represents about N service representatives and marketing employees rejected the tentative agreement
both the union and the regional telephone company said they were working together to resolve differences
the new three-year contracts which replace ones that expired aug. N cover N bell atlantic employees
the <unk> follows a <unk> strike against the <unk> company
meanwhile <unk> and international <unk> of electrical workers members remain on strike against nynex corp. the new york-based regional phone company
the unions and the company last week agreed to <unk>
the <unk> represents N nynex workers and the <unk> represents N workers
for the moment at least euphoria has replaced anxiety on wall street
the dow jones industrial average jumped sharply yesterday to close at N panic did n't sweep the world 's markets and investors large and small seemed to accept friday 's dizzying 190-point plunge as a sharp correction not a <unk>
many went bargain-hunting
among those <unk> with relief was john h. gutfreund chairman of salomon brothers who took to the firm 's trading floor to monitor yesterday 's events
as the rally gained strength at N p.m. he <unk> broadly <unk> his <unk> <unk> and <unk> stanley <unk> his top stock trader on the back
at first it seemed as if history might repeat itself
as trading opened yesterday morning on the big board stocks of many of the nation 's biggest companies could n't open for trading because a wave of sell orders was overwhelming buyers
by N the dow industrials were off N points and the stock of ual corp. whose troubles had kicked off friday 's plunge still had n't opened
but then as quickly as the dow had fallen it began to turn around
it ended with a gain of N points
by the market 's close volume on the new york exchange totaled more than N million the fourth highest on record
the big board handled the huge volume without any obvious strain in sharp contrast to black monday of N
but the rally was largely confined to the blue-chip stocks which had been hard hit during friday 's selling frenzy
overall more big board stocks lost money than gained
and many arbitragers already reeling from friday 's collapse of the ual deal were further hurt yesterday when a proposed takeover of amr corp. the parent of american airlines collapsed
indeed the dow jones transportation average plunged N points its <unk> drop in history
world-wide trading was generally <unk>
the frankfurt stock exchange was hardest hit of the major markets with blue chips there falling N N
in london a midday rally left the market 's major index off N N and tokyo 's leading stock index fell only N N in surprisingly lackluster trading
other more <unk> traded asian markets were hit harder than tokyo 's but there were no <unk> declines
investors big and small say they learned valuable <unk> since the N crash in this age of computerized trading huge <unk> or <unk> in a few hours ' time must be expected
what 's more such short-term <unk> are <unk> and are no cause for panic selling
stephen boesel a major money manager for t. rowe price in baltimore says there was less panic than in N we had been through it once
in <unk> wis. <unk> <unk> who owns a supplier of <unk> equipment and is n't active in the stock market agrees
i look at it as a <unk> matter he says
many other factors played a part in yesterday 's comeback
the federal reserve signaled its willingness to provide liquidity the interest rate on its loans to major banks inched downward early in the day
foreign stock markets which kicked off black monday with a huge selling spree began the day off by relatively modest amounts
the dollar after falling sharply in overnight trading to N yen bounced back strongly to N thus easing fears that foreigners would unload u.s. stocks
and the widely <unk> opinion among most market experts that a crash was n't in store also helped calm investors
many major institutions for example came into work yesterday ready to buy some of the blue chips they felt had been sharply undervalued on friday
still amid all the <unk> and signs of relief over yesterday 's events some market professionals cautioned that there is nothing present in the current market system to prevent another dizzying drop such as friday 's
there is too much <unk> says money manager barry <unk>
computers have increasingly connected securities markets world-wide so that a buying or selling wave in one market is often passed around the globe
so investors everywhere nervously <unk> yesterday 's opening in tokyo where the nikkei average of N blue-chip stocks got off to a rocky start
the average plunged some N points or N N in the first N minutes of trading
but the selling wave had no conviction and the market first surged upward by N points then drifted lower closing down N
unlike two years ago most of japan 's major investors chose to sit this <unk> out
in merrill lynch & co. 's tokyo trading room some N traders and <unk> sat quietly with few orders to process
clients are all staying out of the market one merrill trader says
the relative calm in tokyo proved little comfort to markets opening up in europe
frankfurt 's opening was delayed a half hour because of a crush of sell orders
the beginning was chaotic says nigel <unk> a broker for commerzbank
in london the view from the trading floor of an american securities firm jefferies & co. also was troubling
a computer screen <unk> N blue-chip stocks colors each one red when its price is falling
the screen was a sea of red
i see concern but i do n't see panic says j. francis <unk> a new yorker who runs the <unk> office
london 's blue-chip stock index turned up just before N a.m new york time sending an encouraging message to wall street
when trading opened in new york at N a.m. edt stocks fell sharply as expected
futures markets in chicago had opened at a level suggesting the dow would fall by about N points
with sell orders <unk> up from friday about half the stocks in the dow could n't open on time
by N the industrial average had dropped N points
by N a.m. it was down N
ten minutes later the dow hit bottom down N points another N N
but shortly before then some of wall street 's sharpest traders say they <unk> a turn
the first thing that caught my eye that was encouraging was treasury bonds were off says austin george head of stock trading at t. rowe price
it meant that people were n't running <unk> to the safety of bonds
shortly after N a.m. the major market index a chicago board of trade futures contract of N stocks designed to mimic the <unk> exploded upward
stock traders were buoyed because an <unk> in the mmi had also started the recovery in stocks on the tuesday following black monday
the mmi has gone better shouted a trader in the london office of shearson lehman hutton
shearson 's london trading room went wild
traders shouted out as their reuters quotron and telerate screens posted an <unk> loss on wall street
then nine minutes later wall street suddenly rebounded to a gain on the day
rally rally rally shouted shearson 's andy rosen
this is panic buying
major blue-chip stocks like philip morris general motors and <unk> & gamble led the rally
japanese were said to be heavy buyers
german and dutch investors reportedly loaded up on kellogg co
then traders say corporations with share buy-back programs kicked into high gear triggering gains in among other issues <unk> <unk> and mcdonald 's
walt disney co. which had one of the biggest <unk> imbalances on friday and was one of seven stocks that halted trading and never reopened that day opened yesterday late at N down N
but then it suddenly burst upward N as goldman sachs & co. stepped in and bought almost every share offer traders said
by N the dow had turned up for the day prompting <unk> on trading desks and exchange floors
among big board specialists the cry was pull your offers meaning that specialists soon expected to get higher prices for their shares
it was <unk> on the upside said one big board specialist
what we had was a real old-fashioned rally
this technical strength spurred buying from wall street 's black boxes computer programs designed to trigger large stock purchases during bullish periods
typical perhaps was <unk> 's dean <unk>
mr. <unk> who manages $ N billion says we turned the trading system on and it did whatever it was <unk> to do
asked what stocks the computer bought the money manager says i do n't know
not everybody was making money
the <unk> on the chicago board options exchange the nation 's major options market was heavy after the trading in s&p N stock-index options was halted friday
many market makers in the s&p N index options contract had bullish positions friday and when the shutdown came they were frozen with huge losses
over the weekend clearing firms told the chicago market makers to get out of their positions at any cost monday morning
they were absolutely killed <unk> said one chicago-based options trader
meanwhile a test of the stock market 's rally came at about N p.m. with the dow at N up N points on the day
charles <unk> a strategist at merrill lynch says bargain hunting had explained the dow 's strength up to that point and that many market professionals were anticipating a drop in the dow
moreover the announcement that real estate <unk> and sometime raider donald trump was <unk> his offer for amr corp. might have been expected to <unk> traders
instead the rally only <unk> for about N minutes and then <unk> forward as institutions resumed buying
the market closed minutes after reaching its high for the day of
across the country many people took yesterday 's events in <unk> while remaining generally uneasy about the stock market in general
says james norman the mayor of <unk> mo. i do n't invest in stocks
i much prefer money i can put my hands on
while mayor norman found the market 's performance monday reassuring he says he remains uneasy
we have half the experts saying one thing and half the other about the course of the economy
ralph <unk> a farmer and <unk> store operator in <unk> neb. says of the last few days events if anything good comes out of this it might be that it puts some of these lbos on the <unk>
says gordon fines a money manager at <unk> financial services in minneapolis you 're on a roller <unk> and that may last
the public is still cautious
skipper 's inc. <unk> wash. said it signed a definitive merger agreement for a national pizza corp. unit to acquire the N N of skipper 's inc. it does n't own for $ N a share or about $ N million
<unk> acquisition co. a national pizza unit plans to begin a tender offer for skipper 's on friday <unk> on at least two-thirds of skipper 's shares being tendered
<unk> <unk> national pizza said the transaction will be financed under its revolving credit agreement
in national over-the-counter trading skipper 's shares rose N cents to $ N
skipper 's said the merger will help finance remodeling and future growth
skipper 's previously turned down a $ <unk> proposal from national pizza and pizza hut inc. questioned whether the purchase would violate national pizza 's franchise agreements
national pizza said it settled its dispute with pizza hut allowing it to make the purchase
also skipper 's results began to turn around permitting a higher offer national pizza said
for the N weeks ended sept. N skipper 's had net income of $ N or N cents a share compared with a net loss a year earlier
revenue was $ N million
east germans rallied as officials reportedly sought honecker 's <unk>
in what was considered the largest protest in the communist state 's <unk> history at least N demonstrators marched through the southern city of leipzig to press demands for democratic freedoms opposition activists said
police did n't intervene
meanwhile as the first of more than N east germans trying to <unk> to the west through poland <unk> their <unk> a west german newspaper reported that regional communist officials demanded the dismissal of hard-line leader honecker
secretary of state baker in a foreign policy speech called for the reunification of germany saying it was the legitimate right of the german people
gorbachev blamed the soviet union 's press for contributing to the nation 's mounting problems
at a meeting friday the kremlin leader complained about recent articles that raised the <unk> of civil unrest and accused the media of fueling panic buying of goods by publishing stories about impending shortages
house-senate conferees approved a permanent smoking ban on domestic airline routes within the continental u.s. and on flights of less than six hours to alaska and hawaii
the curbs would cover all but a small percentage of flights and represent an expansion of the current ban on flights of less than two hours
e. robert <unk> was sentenced by a u.s. judge in new york to six years in prison and fined $ N for his racketeering conviction in the wedtech scandal
<unk> an associate of <unk> general <unk> was found guilty in august of taking $ N in illegal <unk> from the <unk> defense contractor
nasa resumed the <unk> for today 's launch of the space shuttle atlantis and a federal appeals court in washington dismissed a lawsuit by anti-nuclear groups to delay the flight because the <unk> galileo space probe was aboard
the space agency said it did n't expect weather or protesters to block the <unk>
the bush administration is preparing to extend a ban on federal financing of research using <unk> tissue government sources said
a temporary prohibition was imposed in march N
while anti-abortion groups are opposed to such research scientists have said <unk> such tissue could be effective in treating <unk>
delegates from N nations endorsed a ban on world ivory trade in an attempt to rescue the endangered elephant from <unk>
five african nations however said they would continue selling the valuable <unk>