 aer banknote berlitz calloway centrust cluett fromstein gitano guterman hydro-quebec ipo kia memotec mlx nahb punts rake regatta rubens sim snack-food ssangyong swapo wachter 
 pierre <unk> N years old will join the board as a nonexecutive director nov. N 
 mr. <unk> is chairman of <unk> n.v. the dutch publishing group 
 rudolph <unk> N years old and former chairman of consolidated gold fields plc was named a nonexecutive director of this british industrial conglomerate 
 a form of asbestos once used to make kent cigarette filters has caused a high percentage of cancer deaths among a group of workers exposed to it more than N years ago researchers reported 
 the asbestos fiber <unk> is unusually <unk> once it enters the <unk> with even brief exposures to it causing symptoms that show up decades later researchers said 
 <unk> inc. the unit of new york-based <unk> corp. that makes kent cigarettes stopped using <unk> in its <unk> cigarette filters in N 
 although preliminary findings were reported more than a year ago the latest results appear in today 's new england journal of medicine a forum likely to bring new attention to the problem 
 a <unk> <unk> said this is an old story 
 we 're talking about years ago before anyone heard of asbestos having any questionable properties 
 there is no asbestos in our products now 
 neither <unk> nor the researchers who studied the workers were aware of any research on smokers of the kent cigarettes 
 we have no useful information on whether users are at risk said james a. <unk> of boston 's <unk> cancer institute 
 dr. <unk> led a team of researchers from the national cancer institute and the medical schools of harvard university and boston university 
 the <unk> spokeswoman said asbestos was used in very modest amounts in making paper for the filters in the early 1950s and replaced with a different type of <unk> in N 
 from N to N N billion kent cigarettes with the filters were sold the company said 
 among N men who worked closely with the substance N have died more than three times the expected number 
 four of the five surviving workers have <unk> diseases including three with recently <unk> cancer 
 the total of N deaths from malignant <unk> lung cancer and <unk> was far higher than expected the researchers said 
 the <unk> rate is a striking finding among those of us who study <unk> diseases said dr. <unk> 
 the percentage of lung cancer deaths among the workers at the west <unk> mass. paper factory appears to be the highest for any asbestos workers studied in western industrialized countries he said 
 the plant which is owned by <unk> & <unk> co. was under contract with <unk> to make the cigarette filters 
 the finding probably will support those who argue that the u.s. should regulate the class of asbestos including <unk> more <unk> than the common kind of asbestos <unk> found in most schools and other buildings dr. <unk> said 
 the u.s. is one of the few industrialized nations that does n't have a higher standard of regulation for the smooth <unk> fibers such as <unk> that are classified as <unk> according to <unk> t. <unk> a professor of <unk> at the university of vermont college of medicine 
 more common <unk> fibers are <unk> and are more easily rejected by the body dr. <unk> explained 
 in july the environmental protection agency imposed a gradual ban on virtually all uses of asbestos 
 by N almost all remaining uses of <unk> asbestos will be outlawed 
 about N workers at a factory that made paper for the kent filters were exposed to asbestos in the 1950s 
 areas of the factory were particularly dusty where the <unk> was used 
 workers dumped large <unk> <unk> of the imported material into a huge <unk> poured in cotton and <unk> fibers and <unk> mixed the dry fibers in a process used to make filters 
 workers described clouds of blue dust that hung over parts of the factory even though <unk> fans <unk> the area 
 there 's no question that some of those workers and managers contracted <unk> diseases said <unk> phillips vice president of human resources for <unk> & <unk> 
 but you have to recognize that these events took place N years ago 
 it has no bearing on our work force today 
 yields on money-market mutual funds continued to slide amid signs that portfolio managers expect further declines in interest rates 
 the average seven-day compound yield of the N taxable funds tracked by <unk> 's money fund report eased a fraction of a percentage point to N N from N N for the week ended tuesday 
 compound yields assume reinvestment of dividends and that the current yield continues for a year 
 average maturity of the funds ' investments <unk> by a day to N days the longest since early august according to donoghue 's 
 longer maturities are thought to indicate declining interest rates because they permit portfolio managers to retain relatively higher rates for a longer period 
 shorter maturities are considered a sign of rising rates because portfolio managers can capture higher rates sooner 
 the average maturity for funds open only to institutions considered by some to be a stronger indicator because those managers watch the market closely reached a high point for the year N days 
 nevertheless said <unk> <unk> <unk> editor of money fund report yields may <unk> up again before they <unk> down because of recent rises in short-term interest rates 
 the yield on six-month treasury bills sold at monday 's auction for example rose to N N from N N 
 despite recent declines in yields investors continue to pour cash into money funds 
 assets of the N taxable funds grew by $ N billion during the latest week to $ N billion 
 typically money-fund yields beat comparable short-term investments because portfolio managers can vary maturities and go after the highest rates 
 the top money funds are currently yielding well over N N 
 dreyfus world-wide dollar the <unk> fund had a seven-day compound yield of N N during the latest week down from N N a week earlier 
 it invests heavily in dollar-denominated securities overseas and is currently <unk> management fees which boosts its yield 
 the average seven-day simple yield of the N funds was N N down from N N 
 the 30-day simple yield fell to an average N N from N N the 30-day compound yield slid to an average N N from N N 
 j.p. <unk> vice chairman of <unk> grace & co. which holds a N N interest in this <unk> company was elected a director 
 he succeeds <unk> d. <unk> formerly a <unk> grace vice chairman who resigned 
 <unk> grace holds three of grace energy 's seven board seats 
 pacific first financial corp. said shareholders approved its acquisition by royal <unk> ltd. of toronto for $ N a share or $ N million 
 the thrift holding company said it expects to obtain regulatory approval and complete the transaction by year-end 
 <unk> international inc. said its <unk> & <unk> unit completed the sale of its <unk> controls operations to <unk> s.p a. for $ N million 
 <unk> is an italian state-owned holding company with interests in the mechanical engineering industry 
 <unk> controls based in <unk> ohio makes computerized industrial controls systems 
 it employs N people and has annual revenue of about $ N million 
 the federal government suspended sales of u.s. savings bonds because congress has n't lifted the ceiling on government debt 
 until congress acts the government has n't any authority to issue new debt obligations of any kind the treasury said 
 the government 's borrowing authority dropped at midnight tuesday to $ N trillion from $ N trillion 
 legislation to lift the debt ceiling is <unk> in the fight over cutting capital-gains taxes 
 the house has voted to raise the ceiling to $ N trillion but the senate is n't expected to act until next week at the earliest 
 the treasury said the u.s. will default on nov. N if congress does n't act by then 
 clark j. <unk> was named senior vice president and general manager of this u.s. sales and marketing arm of japanese auto maker mazda motor corp 
 in the new position he will oversee mazda 's u.s. sales service parts and marketing operations 
 previously mr. <unk> N years old was general marketing manager of chrysler corp. 's chrysler division 
 he had been a sales and marketing executive with chrysler for N years 
 when it 's time for their <unk> <unk> the nation 's manufacturing <unk> typically jet off to the <unk> <unk> of resort towns like <unk> <unk> and hot springs 
 not this year 
 the national association of manufacturers settled on the <unk> capital of indianapolis for its fall board meeting 
 and the city decided to treat its guests more like royalty or rock stars than factory owners 
 the idea of course to prove to N corporate decision makers that the buckle on the <unk> belt is n't so <unk> after all that it 's a good place for a company to expand 
 on the receiving end of the message were officials from giants like du pont and <unk> along with lesser <unk> like <unk> steel and the valley queen <unk> factory 
 for <unk> the executives joined mayor william h. <unk> iii for an evening of the indianapolis <unk> <unk> and a guest <unk> victor <unk> 
 champagne and <unk> followed 
 the next morning with a police <unk> <unk> of executives and their wives <unk> to the indianapolis motor <unk> <unk> by traffic or red lights 
 the governor could n't make it so the <unk> governor welcomed the special guests 
 a buffet breakfast was held in the museum where food and drinks are banned to everyday visitors 
 then in the guests ' honor the <unk> <unk> out four drivers crews and even the official indianapolis N announcer for a <unk> exhibition race 
 after the race fortune N executives <unk> like <unk> over the cars and drivers 
 no <unk> the drivers pointed out they still had space on their machines for another sponsor 's name or two 
 back downtown the <unk> squeezed in a few meetings at the hotel before <unk> the buses again 
 this time it was for dinner and <unk> a block away 
 under the stars and <unk> of the <unk> indiana <unk> <unk> nine of the hottest chefs in town fed them indiana <unk> <unk> <unk> <unk> <unk> <unk> and <unk> <unk> with a <unk> <unk> 
 knowing a <unk> and free <unk> when they eat one the executives gave the chefs a standing <unk> 
 more than a few <unk> say the <unk> treatment <unk> them to return to a <unk> city for future meetings 
 but for now they 're looking forward to their winter meeting <unk> in february 
 south korea registered a trade deficit of $ N million in october reflecting the country 's economic <unk> according to government figures released wednesday 
 preliminary <unk> by the trade and industry ministry showed another trade deficit in october the fifth monthly setback this year casting a cloud on south korea 's <unk> economy 
 exports in october stood at $ N billion a mere N N increase from a year earlier while imports increased sharply to $ N billion up N N from last october 
 south korea 's economic boom which began in N stopped this year because of prolonged labor disputes trade conflicts and sluggish exports 
 government officials said exports at the end of the year would remain under a government target of $ N billion 
 despite the gloomy forecast south korea has recorded a trade surplus of $ N million so far this year 
 from january to october the nation 's accumulated exports increased N N from the same period last year to $ N billion 
 imports were at $ N billion up N N 
 newsweek trying to keep pace with rival time magazine announced new advertising rates for N and said it will introduce a new incentive plan for advertisers 
 the new ad plan from newsweek a unit of the washington post co. is the second incentive plan the magazine has offered advertisers in three years 
 plans that give advertisers discounts for maintaining or increasing ad spending have become permanent <unk> at the news <unk> and underscore the fierce competition between newsweek time warner inc. 's time magazine and <unk> b. <unk> 's u.s. news & world report 
 alan <unk> recently named newsweek president said newsweek 's ad rates would increase N N in january 
 a full <unk> page in newsweek will cost $ N 
 in mid-october time magazine lowered its guaranteed circulation rate base for N while not increasing ad page rates with a lower circulation base time 's ad rate will be effectively N N higher per subscriber a full page in time costs about $ N 
 u.s. news has yet to announce its N ad rates 
 newsweek said it will introduce the circulation credit plan which <unk> space credits to advertisers on renewal advertising 
 the magazine will reward with page bonuses advertisers who in N meet or exceed their N spending as long as they spent $ N in N and $ N in N 
 mr. <unk> said the plan is not an attempt to shore up a decline in ad pages in the first nine months of N newsweek 's ad pages totaled N a drop of N N from last year according to publishers information bureau 
 what matters is what advertisers are paying per page and in that department we are doing fine this fall said mr. <unk> 
 both newsweek and u.s. news have been gaining circulation in recent years without heavy use of electronic <unk> to subscribers such as telephones or watches 
 however none of the big three <unk> recorded circulation gains recently 
 according to audit bureau of <unk> time the largest <unk> had average circulation of N a decrease of N N 
 newsweek 's circulation for the first six months of N was N flat from the same period last year 
 u.s. news ' circulation in the same time was N down N N 
 new england electric system bowed out of the bidding for public service co. of new hampshire saying that the risks were too high and the potential <unk> too far in the future to justify a higher offer 
 the move leaves united illuminating co. and northeast utilities as the remaining outside bidders for ps of new hampshire which also has proposed an internal reorganization plan in chapter N bankruptcy proceedings under which it would remain an independent company 
 new england electric based in <unk> mass. had offered $ N billion to acquire ps of new hampshire well below the $ N billion value united illuminating places on its bid and the $ N billion northeast says its bid is worth 
 united illuminating is based in new haven conn. and northeast is based in hartford conn 
 ps of new hampshire <unk> n.h. values its internal reorganization plan at about $ N billion 
 john rowe president and chief executive officer of new england electric said the company 's return on equity could suffer if it made a higher bid and its forecasts related to ps of new hampshire such as growth in electricity demand and improved operating <unk> did n't come true 
 when we <unk> raising our bid the risks seemed substantial and persistent over the next five years and the rewards seemed a long way out 
 that got hard to take he added 
 mr. rowe also noted that political concerns also worried new england electric 
 no matter who owns ps of new hampshire after it emerges from bankruptcy proceedings its rates will be among the highest in the nation he said 
 that attracts attention 
 it was just another one of the risk factors that led to the company 's decision to withdraw from the bidding he added 
 wilbur ross jr. of rothschild inc. the financial adviser to the troubled company 's equity holders said the withdrawal of new england electric might speed up the reorganization process 
 the fact that new england proposed lower rate increases N N over seven years against around N N boosts proposed by the other two outside bidders complicated negotiations with state officials mr. ross asserted 
 now the field is less <unk> he added 
 separately the federal energy regulatory commission turned down for now a request by northeast seeking approval of its possible purchase of ps of new hampshire 
 northeast said it would <unk> its request and still hopes for an <unk> review by the ferc so that it could complete the purchase by next summer if its bid is the one approved by the bankruptcy court 
 ps of new hampshire shares closed yesterday at $ N off N cents in new york stock exchange composite trading 
 norman <unk> N years old and former president and chief operating officer of toys r us inc. and frederick <unk> jr. N chairman of <unk> banking corp. were elected directors of this consumer electronics and appliances retailing chain 
 they succeed daniel m. <unk> retired circuit city executive vice president and robert r. <unk> u.s. treasury undersecretary on the <unk> board 
 commonwealth edison co. was ordered to refund about $ N million to its current and former <unk> for illegal rates collected for cost overruns on a nuclear power plant 
 the refund was about $ N million more than previously ordered by the illinois commerce commission and trade groups said it may be the largest ever required of a state or local utility 
 state court judge richard curry ordered edison to make average refunds of about $ N to $ N each to edison customers who have received electric service since april N including about two million customers who have moved during that period 
 judge curry ordered the refunds to begin feb. N and said that he would n't <unk> any appeals or other attempts to block his order by commonwealth edison 
 the refund pool may not be held <unk> through another round of appeals judge curry said 
 commonwealth edison said it is already appealing the underlying commission order and is considering appealing judge curry 's order 
 the exact amount of the refund will be determined next year based on actual <unk> made until dec. N of this year 
 commonwealth edison said the ruling could force it to slash its N earnings by $ N a share 
 for N commonwealth edison reported earnings of $ N million or $ N a share 
 a commonwealth edison spokesman said that tracking down the two million customers whose addresses have changed during the past N N years would be an administrative nightmare 
 in new york stock exchange composite trading yesterday commonwealth edison closed at $ N down N cents 
 the $ N billion <unk> N plant near <unk> ill. was completed in N 
 in a disputed N ruling the commerce commission said commonwealth edison could raise its electricity rates by $ N million to pay for the plant 
 but state courts upheld a challenge by consumer groups to the commission 's rate increase and found the rates illegal 
 the illinois supreme court ordered the commission to audit commonwealth edison 's construction expenses and refund any <unk> expenses 
 the utility has been collecting for the plant 's construction cost from its N million customers subject to a refund since N 
 in august the commission ruled that between $ N million and $ N million of the plant 's construction cost was <unk> and should be <unk> plus interest 
 in his ruling judge curry added an additional $ N million to the commission 's calculations 
 last month judge curry set the interest rate on the refund at N N 
 commonwealth edison now faces an additional <unk> refund on its <unk> rate <unk> <unk> that the illinois appellate court has estimated at $ N million 
 and consumer groups hope that judge curry 's <unk> N order may set a precedent for a second nuclear rate case involving commonwealth edison 's <unk> N plant 
 commonwealth edison is seeking about $ N million in rate increases to pay for <unk> N 
 the commission is expected to rule on the <unk> N case by year end 
 last year commonwealth edison had to refund $ N million for poor performance of its <unk> i nuclear plant 
 japan 's domestic sales of cars trucks and buses in october rose N N from a year earlier to N units a record for the month the japan automobile dealers ' association said 
 the strong growth followed year-to-year increases of N N in august and N N in september 
 the monthly sales have been setting records every month since march 
 october sales compared with the previous month inched down N N 
 sales of passenger cars grew N N from a year earlier to N units 
 sales of medium-sized cars which benefited from price reductions arising from introduction of the consumption tax more than doubled to N units from N in october N 
 texas instruments japan ltd. a unit of texas instruments inc. said it opened a plant in south korea to manufacture control devices 
 the new plant located in <unk> about N miles from seoul will help meet increasing and diversifying demand for control products in south korea the company said 
 the plant will produce control devices used in motor vehicles and household appliances 
 the survival of spinoff cray computer corp. as a fledgling in the supercomputer business appears to depend heavily on the creativity and <unk> of its chairman and chief designer seymour cray 
 not only is development of the new company 's initial machine tied directly to mr. cray so is its balance sheet 
 documents filed with the securities and exchange commission on the pending spinoff disclosed that cray research inc. will withdraw the almost $ N million in financing it is providing the new firm if mr. cray leaves or if the <unk> project he heads is scrapped 
 the documents also said that although the <unk> mr. cray has been working on the project for more than six years the cray-3 machine is at least another year away from a fully operational prototype 
 moreover there have been no orders for the cray-3 so far though the company says it is talking with several prospects 
 while many of the risks were anticipated when <unk> cray research first announced the spinoff in may the <unk> it attached to the financing had n't been made public until yesterday 
 we did n't have much of a choice cray computer 's chief financial officer gregory <unk> said in an interview 
 the theory is that seymour is the chief designer of the cray-3 and without him it could not be completed 
 cray research did not want to fund a project that did not include seymour 
 the documents also said that cray computer anticipates <unk> perhaps another $ N million in financing beginning next september 
 but mr. <unk> called that a <unk> scenario 
 the filing on the details of the spinoff caused cray research stock to jump $ N yesterday to close at $ N in new york stock exchange composite trading 
 analysts noted yesterday that cray research 's decision to link its $ N million <unk> note to mr. cray 's presence will complicate a valuation of the new company 
 it has to be considered as an additional risk for the investor said gary p. <unk> of <unk> group inc. minneapolis 
 cray computer will be a concept stock he said 
 you either believe seymour can do it again or you do n't 
 besides the designer 's age other risk factors for mr. cray 's new company include the cray-3 's tricky <unk> chip technology 
 the sec documents describe those chips which are made of <unk> <unk> as being so fragile and minute they will require special <unk> handling equipment 
 in addition the cray-3 will contain N processors twice as many as the largest current supercomputer 
 cray computer also will face intense competition not only from cray research which has about N N of the world-wide supercomputer market and which is expected to roll out the <unk> machine a direct competitor with the cray-3 in N 
 the spinoff also will compete with international business machines corp. and japan 's big three hitachi ltd. nec corp. and fujitsu ltd 
 the new company said it believes there are fewer than N potential customers for <unk> priced between $ N million and $ N million presumably the cray-3 price range 
 under terms of the spinoff cray research stockholders are to receive one cray computer share for every two cray research shares they own in a distribution expected to occur in about two weeks 
 no price for the new shares has been set 
 instead the companies will leave it up to the marketplace to decide 
 cray computer has applied to trade on nasdaq 
 analysts calculate cray computer 's initial book value at about $ N a share 
 along with the note cray research is <unk> about $ N million in assets primarily those related to the cray-3 development which has been a drain on cray research 's earnings 
 <unk> balance sheets clearly show why cray research favored the spinoff 
 without the cray-3 research and development expenses the company would have been able to report a profit of $ N million for the first half of N rather than the $ N million it posted 
 on the other hand had it existed then cray computer would have incurred a $ N million loss 
 mr. cray who could n't be reached for comment will work for the new colorado springs colo. company as an independent contractor the arrangement he had with cray research 
 regarded as the father of the supercomputer mr. cray was paid $ N at cray research last year 
 at cray computer he will be paid $ N 
 besides messrs. cray and <unk> other senior management at the company includes neil <unk> N president and chief executive officer joseph m. <unk> N vice president engineering malcolm a. <unk> N vice president software and douglas r. <unk> N vice president hardware 
 all came from cray research 
 cray computer which currently employs N people said it expects a work force of N by the end of N 
 john r. stevens N years old was named senior executive vice president and chief operating officer both new positions 
 he will continue to report to donald <unk> president and chief executive officer 
 mr. stevens was executive vice president of this <unk> holding company 
 arthur a. hatch N was named executive vice president of the company 
 he was previously president of the company 's eastern edison co. unit 
 john d. <unk> N was named to succeed mr. hatch as president of eastern edison 
 previously he was vice president of eastern edison 
 robert p. <unk> N was named senior vice president of eastern utilities 
 he was previously vice president 
 the u.s. claiming some success in its trade <unk> removed south korea taiwan and saudi arabia from a list of countries it is closely watching for allegedly failing to honor u.s. patents <unk> and other <unk> rights 
 however five other countries china thailand india brazil and mexico will remain on that so-called priority watch list as a result of an interim review u.s. trade representative carla hills announced 
 under the new u.s. trade law those countries could face accelerated <unk> investigations and stiff trade sanctions if they do n't improve their protection of intellectual property by next spring 
 mrs. hills said many of the N countries that she placed under <unk> degrees of scrutiny have made genuine progress on this touchy issue 
 she said there is growing <unk> around the world that <unk> of <unk> rights <unk> all trading nations and particularly the creativity and <unk> of an <unk> country 's own citizens 
 u.s. trade negotiators argue that countries with inadequate <unk> for <unk> rights could be hurting themselves by discouraging their own scientists and authors and by <unk> u.s. high-technology firms from investing or marketing their best products there 
 mrs. hills <unk> south korea for creating an <unk> task force and special enforcement teams of police officers and prosecutors trained to pursue movie and book <unk> 
 seoul also has instituted effective <unk> procedures to aid these teams she said 
 taiwan has improved its standing with the u.s. by <unk> a <unk> copyright agreement <unk> its trademark law and introducing legislation to protect foreign movie producers from unauthorized <unk> of their films 
 that measure could <unk> taipei 's growing number of small <unk> <unk> to pay movie producers for showing their films 
 saudi arabia for its part has vowed to enact a copyright law compatible with international standards and to apply the law to computer software as well as to literary works mrs. hills said 
 these three countries are n't completely off the hook though 
 they will remain on a <unk> list that includes N other countries 
 those countries including japan italy canada greece and spain are still of some concern to the u.s. but are deemed to pose <unk> problems for american patent and copyright owners than those on the priority list 
 gary hoffman a washington lawyer specializing in <unk> cases said the threat of u.s. <unk> combined with a growing recognition that protecting intellectual property is in a country 's own interest prompted the improvements made by south korea taiwan and saudi arabia 
 what this tells us is that u.s. trade law is working he said 
 he said mexico could be one of the next countries to be removed from the priority list because of its efforts to craft a new patent law 
 mrs. hills said that the u.s. is still concerned about disturbing developments in turkey and continuing slow progress in malaysia 
 she did n't elaborate although earlier u.s. trade reports have complained of videocassette <unk> in malaysia and <unk> for u.s. pharmaceutical patents in turkey 
 the N trade act requires mrs. hills to issue another review of the performance of these countries by april N 
 so far mrs. hills has n't deemed any cases bad enough to merit an accelerated investigation under the so-called special N provision of the act 
 argentina said it will ask creditor banks to <unk> its foreign debt of $ N billion the <unk> in the developing world 
 the declaration by economy minister <unk> <unk> is believed to be the first time such an action has been called for by an <unk> official of such <unk> 
 the latin american nation has paid very little on its debt since early last year 
 argentina <unk> to reach a reduction of N N in the value of its external debt mr. <unk> said through his spokesman <unk> <unk> 
 mr. <unk> met in august with u.s. assistant treasury secretary david mulford 
 <unk> negotiator carlos <unk> was in washington and new york this week to meet with banks 
 mr. <unk> recently has said the government of president carlos <unk> who took office july N feels a significant reduction of principal and interest is the only way the debt problem may be solved 
 but he has not said before that the country wants half the debt <unk> 
 during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history 
 three computers that changed the face of personal computing were launched in N 
 that year the apple ii commodore pet and tandy <unk> came to market 
 the computers were crude by today 's standards 
 apple ii owners for example had to use their television sets as screens and <unk> data on <unk> 
 but apple ii was a major advance from apple i which was built in a garage by stephen <unk> and steven jobs for <unk> such as the <unk> computer club 
 in addition the apple ii was an affordable $ N 
 crude as they were these early pcs triggered explosive product development in desktop models for the home and office 
 big mainframe computers for business had been around for years 
 but the new N pcs unlike earlier <unk> types such as the <unk> <unk> and <unk> had <unk> and could store about two pages of data in their memories 
 current pcs are more than N times faster and have memory capacity N times greater than their N counterparts 
 there were many pioneer pc <unk> 
 william gates and paul allen in N developed an early <unk> system for pcs and gates became an industry billionaire six years after ibm adapted one of these versions in N 
 alan f. <unk> currently chairman of seagate technology led the team that developed the disk drives for pcs 
 dennis <unk> and dale <unk> two atlanta engineers were <unk> of the internal <unk> that allow pcs to share data via the telephone 
 ibm the world leader in computers did n't offer its first pc until august N as many other companies entered the market 
 today pc shipments annually total some $ N billion world-wide 
 <unk> <unk> & co. an australian pharmaceuticals company said its <unk> inc. affiliate acquired <unk> inc. for $ N million 
 <unk> is a new <unk> pharmaceuticals concern that sells products under the <unk> label 
 <unk> said it owns N N of <unk> 's voting stock and has an agreement to acquire an additional N N 
 that stake together with its convertible preferred stock holdings gives <unk> the right to increase its interest to N N of <unk> 's voting stock 
 oil production from australia 's bass <unk> fields will be raised by N barrels a day to about N barrels with the launch of the <unk> field the first of five small fields scheduled to be brought into production before the end of N 
 esso australia ltd. a unit of new york-based exxon corp. and broken hill <unk> operate the fields in a joint venture 
 esso said the <unk> field started production tuesday 
 output will be gradually increased until it reaches about N barrels a day 
 the field has reserves of N million barrels 
 reserves for the five new fields total N million barrels 
 the <unk> and <unk> fields are expected to start producing early next year and the <unk> and <unk> fields later next year 
 esso said the fields were developed after the australian government decided in N to make the first N million barrels from new fields free of <unk> tax 
 <unk> <unk> corp. said it completed the $ N million sale of its southern optical subsidiary to a group led by the unit 's president thomas r. sloan and other managers 
 following the acquisition of <unk> <unk> by a buy-out group led by shearson lehman hutton earlier this year the maker of <unk> <unk> decided to <unk> itself of certain of its <unk> businesses 
 the sale of southern optical is a part of the program 
 the white house said president bush has approved duty-free treatment for imports of certain types of watches that are n't produced in significant quantities in the u.s. the virgin islands and other u.s. <unk> 
 the action came in response to a petition filed by <unk> inc. for changes in the u.s. <unk> system of preferences for imports from developing nations 
 previously watch imports were denied such duty-free treatment 
 <unk> had requested duty-free treatment for many types of watches covered by N different u.s. tariff <unk> 
 the white house said mr. bush decided to grant duty-free status for N categories but turned down such treatment for other types of watches because of the potential for material injury to watch producers located in the u.s. and the virgin islands 
 <unk> is a major u.s. producer and seller of watches including <unk> <unk> watches assembled in the philippines and other developing nations covered by the u.s. tariff preferences 
 u.s. trade officials said the philippines and thailand would be the main beneficiaries of the president 's action 
 imports of the types of watches that now will be eligible for duty-free treatment totaled about $ N million in N a relatively small share of the $ N billion in u.s. watch imports that year according to an aide to u.s. trade representative carla hills 
 magna international inc. 's chief financial officer james mcalpine resigned and its chairman frank <unk> is stepping in to help turn the <unk> manufacturer around the company said 
 mr. <unk> will direct an effort to reduce overhead and curb capital spending until a more satisfactory level of profit is achieved and maintained magna said 
 stephen <unk> currently vice president finance will succeed mr. mcalpine 
 an ambitious expansion has left magna with excess capacity and a heavy debt load as the automotive industry enters a downturn 
 the company has reported declines in operating profit in each of the past three years despite steady sales growth 
 magna recently cut its quarterly dividend in half and the company 's class a shares are <unk> far below their 52-week high of N canadian dollars us$ N 
 on the toronto stock exchange yesterday magna shares closed up N canadian cents to c$ N 
 mr. <unk> founder and controlling shareholder of magna resigned as chief executive officer last year to seek unsuccessfully a seat in canada 's parliament 
 analysts said mr. <unk> wants to resume a more influential role in running the company 
 they expect him to cut costs throughout the organization 
 the company said mr. <unk> will personally direct the restructuring <unk> by <unk> <unk> president and chief executive 
 neither they nor mr. mcalpine could be reached for comment 
 magna said mr. mcalpine resigned to pursue a consulting career with magna as one of his clients 
 lord <unk> <unk> chairman of english china <unk> plc was named a nonexecutive director of this british chemical company 
 japanese investors nearly <unk> bought up two new mortgage <unk> mutual funds totaling $ N million the u.s. federal national mortgage association said 
 the purchases show the strong interest of japanese investors in u.s. <unk> instruments fannie mae 's chairman david o. maxwell said at a news conference 
 he said more than N N of the funds were placed with japanese institutional investors 
 the rest went to investors from france and hong kong 
 earlier this year japanese investors snapped up a similar $ N million mortgage-backed securities mutual fund 
 that fund was put together by blackstone group a new york investment bank 
 the latest two funds were assembled jointly by goldman sachs & co. of the u.s. and japan 's daiwa securities co 
 the new seven-year funds one offering a fixed-rate return and the other with a floating-rate return linked to the london interbank offered rate offer two key advantages to japanese investors 
 first they are designed to eliminate the risk of prepayment mortgage-backed securities can be retired early if interest rates decline and such prepayment forces investors to <unk> their money at lower rates 
 second they channel monthly mortgage payments into semiannual payments reducing the administrative burden on investors 
 by addressing those problems mr. maxwell said the new funds have become extremely attractive to japanese and other investors outside the u.s. 
 such devices have boosted japanese investment in mortgage-backed securities to more than N N of the $ N billion in such instruments outstanding and their purchases are growing at a rapid rate 
 they also have become large purchasers of fannie mae 's corporate debt buying $ N billion in fannie mae bonds during the first nine months of the year or almost a <unk> of the total amount issued 
 james l. <unk> <unk> executive vice president was named a director of this oil concern expanding the board to N members 
 ltv corp. said a federal bankruptcy court judge agreed to extend until march N N the period in which the steel aerospace and energy products company has the exclusive right to file a reorganization plan 
 the company is operating under chapter N of the federal bankruptcy code giving it court protection from creditors ' lawsuits while it attempts to work out a plan to pay its debts 
 italian chemical giant montedison <unk> through its montedison acquisition n.v. indirect unit began its $ <unk> tender offer for all the common shares outstanding of erbamont n.v. a maker of pharmaceuticals incorporated in the netherlands 
 the offer advertised in today 's editions of the wall street journal is scheduled to expire at the end of november 
 montedison currently owns about N N of erbamont 's common shares outstanding 
 the offer is being launched <unk> to a previously announced agreement between the companies 
 japan 's reserves of gold convertible foreign currencies and special drawing rights fell by a hefty $ N billion in october to $ N billion the finance ministry said 
 the total marks the sixth consecutive monthly decline 
 the <unk> downturn reflects the intensity of bank of japan <unk> intervention since june when the u.s. currency temporarily surged above the N yen level 
 the announcement follows a sharper $ N billion decline in the country 's foreign reserves in september to $ N billion 
 pick a country any country 
 it 's the latest investment craze sweeping wall street a rash of new closed-end country funds those publicly traded portfolios that invest in stocks of a single foreign country 
 no fewer than N country funds have been launched or registered with regulators this year triple the level of all of N according to charles e. simon & co. a washington-based research firm 
 the turf recently has ranged from chile to <unk> to portugal 
 next week the philippine fund 's launch will be capped by a visit by philippine president <unk> aquino the first time a head of state has kicked off an issue at the big board here 
 the next province 
 anything 's possible how about the new guinea fund <unk> george foot a managing partner at <unk> management associates of <unk> mass 
 the recent explosion of country funds <unk> the closed-end fund mania of the 1920s mr. foot says when narrowly focused funds grew wildly popular 
 they fell into <unk> after the N crash 
 unlike traditional <unk> mutual funds most of these <unk> portfolios are the closed-end type issuing a fixed number of shares that trade publicly 
 the surge brings to nearly N the number of country funds that are or soon will be listed in new york or london 
 these funds now account for several billions of dollars in assets 
 people are looking to stake their claims now before the number of available nations runs out says michael porter an analyst at smith barney harris upham & co. new york 
 behind all the <unk> is some <unk> competition 
 as individual investors have turned away from the stock market over the years securities firms have scrambled to find new products that brokers find easy to sell 
 and the firms are stretching their <unk> far and wide to do it 
 financial planners often urge investors to diversify and to hold a <unk> of international securities 
 and many emerging markets have <unk> more mature markets such as the u.s. and japan 
 country funds offer an easy way to get a taste of foreign stocks without the hard research of seeking out individual companies 
 but it does n't take much to get burned 
 political and currency gyrations can <unk> the funds 
 another concern the funds ' share prices tend to swing more than the broader market 
 when the stock market dropped nearly N N oct. N for instance the mexico fund plunged about N N and the spain fund fell N N 
 and most country funds were clobbered more than most stocks after the N crash 
 what 's so wild about the funds ' frenzy right now is that many are trading at historically fat premiums to the value of their underlying portfolios 
 after trading at an average discount of more than N N in late N and part of last year country funds currently trade at an average premium of N N 
 the reason share prices of many of these funds this year have climbed much more sharply than the foreign stocks they hold 
 it 's probably worth paying a premium for funds that invest in markets that are partially closed to foreign investors such as south korea some specialists say 
 but some european funds recently have skyrocketed spain fund has surged to a startling N N premium 
 it has been targeted by japanese investors as a good long-term play tied to N 's european economic integration 
 and several new funds that are n't even fully invested yet have jumped to trade at big premiums 
 i 'm very alarmed to see these rich <unk> says smith barney 's mr. porter 
 the newly <unk> premiums reflect the increasingly global marketing of some country funds mr. porter suggests 
 unlike many u.s. investors those in asia or europe seeking <unk> exposure may be less <unk> to paying higher prices for country funds 
 there may be an international viewpoint cast on the funds listed here mr. porter says 
 nonetheless plenty of u.s. analysts and money managers are <unk> at the <unk> trading levels of some country funds 
 they argue that u.s. investors often can buy american depositary receipts on the big stocks in many funds these so-called adrs represent shares of foreign companies traded in the u.s. 
 that way investors can essentially buy the funds without paying the premium 
 for people who insist on jumping in now to buy the funds <unk> 's mr. foot says the only advice i have for these folks is that those who come to the party late had better be ready to leave quickly 
 the u.s. and soviet union are holding technical talks about possible repayment by moscow of $ N million in <unk> russian debts owed to the u.s. government the state department said 
 if the debts are repaid it could clear the way for soviet bonds to be sold in the u.s. 
 however after two meetings with the soviets a state department spokesman said that it 's too early to say whether that will happen 
 <unk> with the talks the state department said it has permitted a soviet bank to open a new york branch 
 the branch of the bank for foreign economic affairs was approved last spring and opened in july 
 but a soviet bank here would be <unk> unless moscow found a way to settle the $ N million debt which was lent to the country 's short-lived democratic <unk> government before the communists seized power in N 
 under a N law the johnson debt default act as amended it 's illegal for americans to extend credit to countries in default to the u.s. government unless they are members of the world bank and international monetary fund 
 the u.s.s.r. belongs to neither organization 
 moscow has settled <unk> debts with other countries in recent years at less than face value 
 the state department stressed the <unk> debts as the key to satisfying the johnson act 
 but the soviets might still face legal obstacles to raising money in the u.s. until they settle hundreds of millions of dollars in additional debt still outstanding from the world war ii <unk> program 
 in another reflection that the growth of the economy is <unk> off the government said that orders for manufactured goods and spending on construction failed to rise in september 
 meanwhile the national association of purchasing management said its latest survey indicated that the manufacturing economy contracted in october for the sixth consecutive month 
 its index inched up to N N in october from N N in september 
 any reading below N N suggests the manufacturing sector is generally declining 
 the purchasing managers however also said that orders turned up in october after four months of decline 
 factories booked $ N billion in orders in september nearly the same as the $ N billion in august the commerce department said 
 if not for a N N surge in orders for capital goods by defense contractors factory orders would have fallen N N 
 in a separate report the department said construction spending ran at an annual rate of $ N billion not significantly different from the $ N billion reported for august 
 private construction spending was down but government building activity was up 
 the figures in both reports were adjusted to remove the effects of usual seasonal patterns but were n't adjusted for inflation 
 kenneth <unk> economist for society corp. a cleveland bank said demand for exports of factory goods is beginning to <unk> off 
 at the same time the drop in interest rates since the spring has failed to revive the residential construction industry 
 what sector is stepping forward to pick up the slack he asked 
 i draw a blank 
 by most measures the nation 's industrial sector is now growing very slowly if at all 
 factory <unk> fell in september 
 so did the federal reserve board 's <unk> index 
 yet many economists are n't predicting that the economy is about to slip into recession 
 they cite a lack of imbalances that provide early warning signals of a downturn 
 inventories are closely watched for such clues for instance 
 economists say a buildup in inventories can <unk> cutbacks in production that can lead to a recession 
 but yesterday 's factory orders report had good news on that front it said factory inventories fell N N in september the first decline since february N 
 this <unk> to the soft landing scenario said elliott <unk> an economist at donaldson lufkin & jenrette securities corp 
 i do n't see any signs that inventories are excessive 
 a soft landing is an economic slowdown that <unk> inflation without leading to a recession 
 the department said orders for <unk> goods those intended to last fewer than three years fell N N in september to $ N billion after climbing N N the month before 
 orders for durable goods were up N N to $ N billion after rising N N the month before 
 the department previously estimated that <unk> orders fell N N in september 
 factory shipments fell N N to $ N billion after rising N N in august 
 shipments have been relatively level since january the commerce department noted 
 manufacturers ' backlogs of unfilled orders rose N N in september to $ N billion helped by strength in the defense capital goods sector 
 excluding these orders backlogs declined N N 
 in its construction spending report the commerce department said residential construction which accounts for nearly half of all construction spending was off N N in september to an annual rate of $ N billion 
 david <unk> economist for the mortgage bankers association predicted the drop in interest rates eventually will boost spending on single-family homes but probably not until early next year 
 spending on private <unk> construction was off N N to an annual rate of $ N billion with no sector showing strength 
 government construction spending rose N N to $ N billion 
 after adjusting for inflation the commerce department said construction spending did n't change in september 
 for the first nine months of the year total construction spending ran about N N above last year 's level 
 the government 's construction spending figures contrast with a report issued earlier in the week by mcgraw-hill inc. 's <unk> dodge group 
 dodge reported an N N increase in construction contracts awarded in september 
 the <unk> counts money as it is spent dodge counts contracts when they are awarded 
 the government includes money spent on residential <unk> dodge does n't 
 although the purchasing managers ' index continues to indicate a slowing economy it is n't <unk> an imminent recession said robert <unk> chairman of the association 's survey committee and director of materials management at pitney bowes inc. stamford conn 
 he said the index would have to be in the low N N range for several months to be considered a forecast of recession 
 the report offered new evidence that the nation 's export growth though still continuing may be slowing 
 only N N of the purchasing managers reported better export orders in october down from N N in september 
 and N N said export orders were down last month compared with N N the month before 
 the <unk> managers ' report also added evidence that inflation is under control 
 for the fifth consecutive month purchasing managers said prices for the goods they purchased fell 
 the decline was even <unk> than in september 
 they also said that vendors were delivering goods more quickly in october than they had for each of the five previous months 
 economists consider that a sign that <unk> pressures are <unk> 
 when demand is stronger than suppliers can handle and delivery times <unk> prices tend to rise 
 the purchasing managers ' report is based on data provided by more than N purchasing executives 
 each of the survey 's indicators <unk> the difference between the number of purchasers reporting improvement in a particular area and the number reporting a worsening 
 for the first time the october survey polled members on imports 
 it found that of the N N who import N N said they imported more in october and N N said they imported less than the previous month 
 while acknowledging one month 's figures do n't prove a trend mr. <unk> said it does lead you to suspect imports are going down or at least not increasing that much 
 items listed as being in short supply numbered only about a dozen but they included one <unk> milk and milk <unk> 
 it 's an odd thing to put on the list mr. <unk> noted 
 he said that for the second month in a row food processors reported a shortage of <unk> dry milk 
 they blamed increased demand for dairy products at a time of exceptionally high u.s. exports of dry milk coupled with very low import quotas 
 <unk> <unk> in new york contributed to this article 
 here are the commerce department 's figures for construction spending in billions of dollars at seasonally adjusted annual rates 
 here are the commerce department 's latest figures for manufacturers in billions of dollars seasonally adjusted 
 judging from the <unk> in <unk> <unk> 's a wild sheep chase <unk> N pages $ N baby boomers on both sides of the pacific have a lot in common 
 although set in japan the novel 's <unk> is almost entirely western especially american 
 characters drink <unk> dogs <unk> <unk> b. <unk> and watch bugs bunny reruns 
 they read <unk> <unk> and talk about <unk> and <unk> 
 they worry about their careers drink too much and suffer through broken <unk> and <unk> affairs 
 this is japan 
 for an american reader part of the <unk> of this engaging novel should come in recognizing that japan is n't the <unk> society of contemporary american <unk> 
 it 's also <unk> to read a japanese author who clearly does n't belong to the <unk> <unk> school of writers who <unk> the notion of the unique japanese <unk> by outsiders 
 if a wild sheep chase carries an implicit message for international relations it 's that the japanese are more like us than most of us think 
 that 's not to say that the <unk> plot of a wild sheep chase is rooted in reality 
 it 's <unk> and often funny 
 a <unk> <unk> <unk> hero sets off for snow country in search of an <unk> sheep with a star on its back at the <unk> of a <unk> <unk> <unk> with a stanford degree 
 he has in <unk> his <unk> girlfriend whose sassy <unk> mark her as anything but a <unk> <unk> 
 along the way he meets a <unk> christian <unk> who offers the hero god 's phone number and the sheep man a sweet <unk> figure who wears what else a <unk> 
 the 40-year-old mr. <unk> is a publishing <unk> in japan 
 a more recent novel norwegian wood every japanese under N seems to be <unk> in <unk> <unk> has sold more than four million copies since <unk> published it in N 
 but he is just one of several <unk> writers tokyo 's <unk> pack who are <unk> the <unk> charts in japan 
 their books are written in <unk> contemporary language and usually carry hefty <unk> of <unk> 
 in robert <unk> 's you <unk> have macmillan N pages $ N the <unk> give way to baseball in the <unk> version we would be hard put to call a game 
 as mr. <unk> describes it <unk> baseball is a mirror of japan 's <unk> <unk> of hard work and harmony 
 <unk> is japanese for team spirit and japanese <unk> have miles and miles of it 
 a player 's commitment to practice and team image is as important as his <unk> average 
 polls once named tokyo giants star <unk> <unk> a <unk> <unk> <unk> soul as the male symbol of japan 
 but other than the fact that <unk> is played with a ball and a bat it 's <unk> fans <unk> return <unk> balls to stadium <unk> the strike zone <unk> depending on the size of the <unk> ties are permitted even welcomed since they <unk> <unk> the shame of defeat players must <unk> by strict rules of conduct even in their personal lives players for the tokyo giants for example must always wear ties when on the road 
 you <unk> have <unk> is the often amusing <unk> of how american <unk> <unk> to two per team fare in japan 
 despite the enormous sums of money they 're paid to stand up at a japanese plate a good number decide it 's not worth it and run for home 
 funny business <unk> N pages $ N by gary <unk> is anything but 
 it 's the <unk> complaint of an <unk> american whom sony <unk> for a year while he was on a <unk> <unk> in tokyo to the regret of both parties 
 in sometimes amusing more often <unk> even vicious <unk> mr. <unk> describes how sony <unk> even the most mundane aspects of its workers ' lives at the <unk> office where employees are assigned lunch partners and at home in the <unk> company <unk> run by a <unk> <unk> 
 some of his <unk> about japanese management style are on the mark 
 it 's probably true that many <unk> put in <unk> overtime just for the <unk> of solidarity that the system is so <unk> that only the assistant manager can talk to the manager and the manager to the general manager and that sony was <unk> of letting a young short-term american employee take on any responsibility 
 all of this must have been <unk> frustrating to mr. <unk> who went to sony with degrees in business and computer science and was <unk> to <unk> another <unk> 
 but sony ultimately took a lesson from the american management books and fired mr. <unk> after he committed the social crime of making an appointment to see the venerable <unk> <unk> founder of sony 
 it 's a shame their meeting never took place 
 mr. <unk> certainly would have learned something and it 's even possible mr. <unk> would have too 
 ms. <unk> the journal 's deputy editorial features editor worked in tokyo for three years 
 more and more corners of the globe are becoming free of tobacco smoke 
 in singapore a new law requires smokers to put out their cigarettes before entering restaurants department stores and sports centers or face a $ N fine 
 <unk> and private clubs are exempt from the ban and smoking will be permitted in bars except during <unk> hours an official said 
 singapore already bans smoking in all theaters buses public elevators hospitals and fast-food restaurants 
 in malaysia <unk> <unk> <unk> a deputy minister in the prime minister 's office launched a <unk> week at the <unk> institute of technology near kuala lumpur and urged other schools to ban <unk> smoking 
 south korea has different concerns 
 in seoul officials began visiting about N cigarette <unk> to remove illegal <unk> and <unk> advertising imported cigarettes 
 south korea has opened its market to foreign cigarettes but restricts advertising to designated places 
 a marketing study indicates that hong kong consumers are the most <unk> in the N major markets where the survey was carried out 
 the study by the backer spielvogel bates ad agency also found that the colony 's consumers feel more pressured than those in any of the other surveyed markets which include the u.s. and japan 
 the survey found that nearly half of hong kong consumers <unk> what it identified as <unk> values compared with about one-third in japan and the u.s. 
 more than three in five said they are under a great deal of stress most of the time compared with less than one in two u.s. consumers and one in four in japan 
 the <unk> cabinet endorsed finance minister <unk> <unk> 's proposal to build a $ N million conference center for a joint meeting of the world bank and international monetary fund two years from now 
 the meeting which is expected to draw N to <unk> was going to be held at the central plaza hotel but the government balked at the hotel 's conditions for undertaking necessary expansion 
 a major concern about the current plan is whether the new center can be built in such a short time 
 <unk> arafat has written to the chairman of the international olympic committee asking him to back a palestinian bid to join the committee the <unk> liberation organization news agency <unk> said 
 an official of the palestinian olympic committee said the committee first applied for membership in N and renewed its application in august of this year 
 the plo in recent months has been trying to join international organizations but failed earlier this year to win membership in the world health organization and the world tourism organization 
 a beijing <unk> assistant has become the first <unk> chinese to get aids through sex the people 's daily said 
 it said the man whom it did not name had been found to have the disease after hospital tests 
 once the disease was confirmed all the man 's associates and family were tested but none have so far been found to have aids the newspaper said 
 the man had for a long time had a chaotic sex life including relations with foreign men the newspaper said 
 the polish government increased home electricity charges by N N and doubled gas prices 
 the official news agency <unk> said the increases were intended to bring <unk> low energy charges into line with production costs and compensate for a rise in coal prices 
 in <unk> news south korea in establishing diplomatic ties with poland yesterday announced $ N million in loans to the financially strapped warsaw government 
 in a victory for environmentalists hungary 's parliament terminated a multibillion-dollar river <unk> dam being built by <unk> firms 
 the <unk> dam was designed to be <unk> with another dam now nearly complete N miles <unk> in czechoslovakia 
 in ending hungary 's part of the project parliament authorized prime minister <unk> <unk> to modify a N agreement with czechoslovakia which still wants the dam to be built 
 mr. <unk> said in parliament that czechoslovakia and hungary would suffer environmental damage if the <unk> <unk> were built as planned 
 czechoslovakia said in may it could seek $ N billion from hungary if the <unk> contract were broken 
 the <unk> dam ca n't be operated solely at peak periods without the <unk> project 
 a painting by august <unk> set a <unk> price record when it sold at auction in stockholm for $ N million 
 <unk> ii was painted in oils by the playwright in N 
 after years of decline <unk> in france showed a N N <unk> last year with N more couples <unk> <unk> in N than in the previous year the national statistics office said 
 but the number of <unk> last year N was still well below the N registered in N the last year of increasing <unk> 
 <unk> ltd. said it agreed to issue N million canadian dollars us$ N million of N N senior debentures due nov. N N together with N bond purchase warrants 
 the toronto-based real estate concern said each bond warrant <unk> the holder to buy c$ N principal amount of debentures at par plus accrued interest to the date of purchase 
 the warrants expire nov. N N 
 the issue will be <unk> into fixed-rate u.s. dollars at a rate the company said is less than N N a spokesman declined to elaborate 
 lead underwriters for the issue are <unk> <unk> inc. and <unk> dominion securities inc. both toronto-based investment dealers 
 <unk> said it expects to complete the issue by the end of the month 
 as an actor charles lane is n't the <unk> of charlie <unk> 's spirit 
 steve martin has already laid his claim to that 
 but it is mr. lane as movie director producer and writer who has been <unk> with <unk> <unk> 's little tramp in a contemporary way 
 in N as a film student at the purchase campus of the state university of new york mr. lane shot a place in time a <unk> black-and-white film about a <unk> artist a man of the streets 
 now N years later mr. lane has revived his artist in a <unk> movie called sidewalk stories a <unk> piece of work about a <unk> tramp 
 of course if the film contained dialogue mr. lane 's artist would be called a homeless person 
 so would the little tramp for that matter 
 i say contained dialogue because sidewalk stories is n't really silent at all 
 <unk> marc <unk> a college friend of mr. lane 's who earns his living playing the double bass in classical music <unk> has prepared an exciting <unk> score that tells you what the characters are thinking and feeling far more precisely than <unk> or even words would 
 much of mr. lane 's film takes a highly <unk> view of life on the streets though probably no more <unk> than mr. <unk> 's notion of the tramp as the <unk> free spirit 
 <unk> in lovely black and white by bill <unk> the new york streets of sidewalk stories seem benign 
 on wall street men and women walk with great purpose <unk> one another only when they <unk> for <unk> 
 the artist hangs out in greenwich village on a strip of sixth avenue <unk> by <unk> <unk> and other <unk> <unk> 
 this clearly is not real life no crack dealers no <unk> men selling four-year-old copies of <unk> no one <unk> up in a <unk> box 
 the artist has his routine 
 he spends his days <unk> <unk> or trying to 
 at night he returns to the <unk> building he calls home 
 his life including his <unk> with a competing <unk> artist seems <unk> 
 he is his own man 
 then just as the tramp is given a blind girl to cure in city lights the artist is put in charge of returning a <unk> <unk> <unk> <unk> whose father has been murdered by <unk> to her mother 
 this <unk> child turns out to be a blessing and a <unk> 
 she gives the artist a sense of purpose but also <unk> him to the serious <unk> of his <unk> life 
 the <unk> at the <unk> mission seem far <unk> when he has to <unk> a little girl into one of them at night 
 to further load the stakes mr. lane <unk> up a highly <unk> <unk> for the artist with a young woman who owns her own children 's shop and who lives in an expensive <unk> apartment building 
 this story line might <unk> more strongly if mr. lane had as strong a presence in front of the camera as he does behind it 
 mr. lane 's final purpose is n't to <unk> the artist 's <unk> existence 
 he has a point he wants to make and he makes it with a great deal of force 
 the movie ends with sound the sound of street people talking and there is n't anything <unk> or <unk> in those rough beaten voices 
 the french film maker <unk> <unk> has managed another kind of weird achievement with his story of women 
 he has made a harsh brilliant picture one that 's <unk> about a character who viewed from the most sympathetic <unk> would seem <unk> 
 yet this woman <unk> <unk> carries historical significance both as one of the last women to be executed in france and as a symbol of the <unk> government 's <unk> 
 while <unk> <unk> with the germans during world war ii in the deaths of thousands of resistance <unk> and <unk> its officials needed a <unk> <unk> <unk> 
 <unk> a <unk> <unk> was their woman 
 she became an <unk> <unk> and continued because it enabled her to buy <unk> cocoa and other <unk> <unk> 
 she was <unk> and in one <unk> job killed a client 
 her <unk> was <unk> and brief 
 although she was kind and <unk> to her children she was <unk> to her <unk> husband she openly brought her <unk> into their home 
 as presented by mr. <unk> and played with <unk> intensity by <unk> <unk> <unk> called <unk> <unk> in the film was not a nice person 
 but she did n't deserve to have her head <unk> off 
 there is very little to recommend old <unk> a confused <unk> of the carlos <unk> novel of the mexican revolution 
 most of the picture is taken up with endless scenes of many people either fighting or eating and drinking to <unk> victory 
 i mention the picture only because many bad movies have a bright spot and this one has gregory peck in a <unk> loose and energetic portrayal of an old man who wants to die the way he wants to die 
 video tip before seeing sidewalk stories take a look at city lights <unk> 's tramp at his <unk> 
 boeing co. said it is discussing plans with three of its regular japanese suppliers to possibly help build a larger version of its popular N <unk> 
 the discussions are still in preliminary stages and the specific details have n't been worked out between the seattle aerospace company and <unk> heavy industries ltd. mitsubishi heavy industries ltd. and fuji heavy industries ltd 
 the three japanese companies build the body sections of the N accounting for a combined N N of the aircraft 
 japanese press reports have speculated that the japanese contribution could rise to between N N and N N under the new program 
 if boeing goes ahead with the larger N the plane could hit the market in the mid-1990s 
 this is the year the negative ad for years a secondary presence in most political campaigns became the main event 
 the irony is that the attack commercial after getting a boost in last year 's presidential campaign has come of age in an <unk> election year with only a few <unk> scattered across the country 
 but in the three leading political <unk> of N the negative ads have reached new levels of <unk> raising fears that this kind of <unk> empty of significant issues is <unk> in a new era of campaigns without content 
 now says joseph <unk> a pioneer in political television the idea is to attack first last and always 
 a trend that started with the first <unk> of politics accelerated with the <unk> of the television age and became a <unk> art form in N has reached an entirely new stage 
 to get people 's attention these days says douglas <unk> a political consultant your tv ad needs to be bold and entertaining and more often than not that means <unk> 
 and unlike a few years ago you do n't even have to worry whether the ad is <unk> 
 in N as often as not the principal fights in the major campaigns are prompted by the ads themselves 
 take a look then at the main attack commercials that set the tone for tuesday 's elections in new york city new jersey and virginia 
 new york city 
 the screen <unk> with a small tight <unk> shot of david dinkins democratic candidate for mayor of new york city 
 david dinkins failed to file his income taxes for four straight years says a <unk> male voice 
 and then this television commercial paid for by republican rudolph giuliani 's campaign and produced by roger <unk> the master of negative tv ads really gets down to business 
 mr. dinkins the ad charges also failed to report his campaign contributions accurately <unk> his links to a failing insurance company and paid a convicted <unk> through a phony organization with no members no receipts and no office 
 david dinkins says the <unk> why does he always wait until he 's caught 
 nasty <unk> says john <unk> mr. dinkins 's issues director designed to <unk> a case of political corruption that simply does n't exist 
 <unk> by the giuliani ads mr. dinkins 's tv consultants robert <unk> and david <unk> finally <unk> a negative ad of their own 
 the screen shows two distorted <unk> photos presumably of two politicians 
 compare two candidates for mayor says the announcer 
 one says he 's for banning <unk> bullets 
 the other has opposed a ban on <unk> bullets 
 one claims he 's pro-choice 
 the other has opposed a woman 's right to choose 
 funny thing says the <unk> both these candidates are named rudolph giuliani 
 who 's telling the truth 
 everybody and nobody 
 it 's a classic situation of ads that are true but not always fully accurate 
 mr. dinkins did fail to file his income taxes for four years but he insists he voluntarily admitted the oversight when he was being considered for a city job 
 he was on the board of an insurance company with financial problems but he insists he made no secret of it 
 the city 's campaign finance board has refused to pay mr. dinkins $ N in matching funds because his campaign records are incomplete 
 the campaign has blamed these reporting problems on computer errors 
 and says mr. dinkins he did n't know the man his campaign paid for a <unk> effort had been convicted of <unk> 
 but say mr. dinkins 's managers he did have an office and his organization did have members 
 mr. giuliani 's campaign chairman peter powers says the dinkins ad is deceptive 
 the other side he argues knows giuliani has always been pro-choice even though he has personal reservations 
 they know he is generally opposed to <unk> bullets but that he had some reservations about the language in the legislation 
 virginia 
 democratic <unk> gov. douglas wilder opened his gubernatorial battle with republican marshall coleman with an abortion commercial produced by frank <unk> that analysts of every political <unk> agree was a tour de force 
 against a shot of <unk> <unk> on an american flag an announcer talks about the strong tradition of freedom and individual liberty that <unk> have <unk> for generations 
 then just as an image of the <unk> of thomas jefferson <unk> from the screen the announcer continues on the issue of abortion marshall coleman wants to take away your right to choose and give it to the politicians 
 that commercial which said mr. coleman wanted to take away the right of abortion even in cases of rape and incest a charge mr. coleman denies changed the dynamics of the campaign <unk> it at least in part into a <unk> on abortion 
 the ad prompted mr. coleman the former virginia attorney general to launch a series of advertisements created by bob goodman and designed to shake mr. wilder 's support among the very women who were attracted by the abortion ad 
 the coleman <unk> featured a <unk> of a young woman in <unk> and the ad suggested that she was <unk> an <unk> courtroom <unk> 
 a voice says <unk> now do n't you have <unk> 
 then an announcer <unk> it was douglas wilder who introduced a bill to force rape victims age N and younger to be <unk> about their private lives by lawyers for accused <unk> 
 so the next time mr. wilder talks about the rights of women ask him about this law he tried to pass 
 mr. wilder did introduce such legislation N years ago but he did so at the request of a <unk> a common legislative technique used by lawmakers 
 the legislation itself noted that it was introduced by request and in N mr. wilder introduced a bill to protect rape victims from <unk> <unk> 
 people have grown tired of these ads and coleman has gotten the <unk> of being a negative <unk> says mark <unk> a political scientist at mary washington college 
 wilder has managed to get across the idea that coleman will say anything to get elected governor and more important has been able to put the <unk> for all the negative <unk> on coleman 
 mr. coleman said this week that he would devote the remainder of the political season to positive <unk> but the truce lasted only hours 
 by tuesday night television stations were carrying new ads featuring mr. coleman himself raising questions about mr. wilder 's <unk> to rape victims 
 new jersey 
 the attacks began when democratic rep. james florio aired an ad featuring a drawing of <unk> and a photograph of mr. florio 's rival republican rep. jim courter 
 remember <unk> says a female voice 
 consider jim courter 
 and then this commercial produced by bob <unk> gets down to its own mean and <unk> business 
 pictures of <unk> oil <unk> <unk> into focus and the female voice <unk> that hazardous waste on his mr. courter 's property the neighbors are suing for consumer fraud 
 and the nose on mr. courter 's face grows 
 the only fraud involved cry mr. courter 's <unk> is the florio commercial itself and so the courter campaign has responded with its own <unk> commercial produced by mr. <unk> 
 in this one the screen <unk> with photographs of both candidates 
 who 's really lying asks a female voice 
 florio 's lying the voice goes on because the barrel on courter 's land contained heating oil was <unk> up and caused no pollution 
 mr. courter 's long nose <unk> while mr. florio 's grows 
 who 's telling the truth 
 stephen <unk> a political scientist at new jersey 's <unk> institute says it 's another example of an ad that 's true but not fully accurate 
 barrels were dumped on the courter property a complaint was made but there is no evidence the barrels were a serious threat to the environment 
 even so according to mr. <unk> the ad was devastating because it raised questions about mr. courter 's credibility 
 but it 's building on a long tradition 
 in N on route to a re-election rout of democrat frank <unk> gop gov. nelson rockefeller of new york appeared in person saying if you want to keep the crime rates high <unk> is your man 
 a seat on the chicago board of trade was sold for $ N down $ N from the previous sale last friday 
 seats currently are quoted at $ N bid and $ N asked 
 the record price for a full membership on the exchange is $ N set aug. N N 
 japanese investment in southeast asia is <unk> the region toward economic integration 
 interviews with analysts and business people in the u.s. suggest that japanese capital may produce the economic cooperation that southeast asian politicians have pursued in fits and starts for decades 
 but japan 's power in the region also is <unk> fears of domination and <unk> fresh policy questions 
 the flow of japanese funds has set in motion a process <unk> these economies will be <unk> together by the great japanese investment machine says robert <unk> vice chairman of goldman sachs international corp 
 in the past five years japanese companies have tripled their commitments in asia to $ N billion 
 in thailand for example the government 's board of investment approved $ N million of japanese investment in N N times the u.s. investment figure for the year 
 japan 's commitment in southeast asia also includes steep increases in foreign assistance and trade 
 asia 's other <unk> countries are following japan 's lead and pumping capital into the region 
 in taiwan and south korea rising wages are forcing manufacturers to seek other overseas sites for <unk> production 
 these nations known as asia 's little <unk> also are contributing to southeast asia 's integration but their influence will remain subordinate to japan 's 
 for <unk> countries such as thailand and malaysia the investment will provide needed jobs and spur growth 
 but asian nations ' harsh memories of their military domination by japan in the early part of this century make them fearful of falling under japanese economic <unk> now 
 because of budget constraints in washington the u.s. encourages japan to share economic burdens in the region 
 but it <unk> yielding political ground 
 in the coming decade analysts say <unk> relations will be tested as tokyo comes to terms with its new status as the region 's economic <unk> 
 japan 's swelling investment in southeast asia is part of its economic evolution 
 in the past decade japanese manufacturers concentrated on domestic production for export 
 in the 1990s spurred by rising labor costs and the strong yen these companies will increasingly turn themselves into <unk> with plants around the world 
 to capture the investment southeast asian nations will move to accommodate japanese business 
 these nations ' internal decisions will be made in a way not to <unk> their largest aid <unk> largest private investor and largest lender says richard <unk> director of the international business and research program at the university of southern california 's graduate school of business 
 japanese money will help turn southeast asia into a more <unk> economic region 
 but analysts say asian cooperation is n't likely to parallel the european common market approach 
 rather japanese investment will spur integration of certain sectors says kent <unk> a specialist in east asian economies at the <unk> wilson school for public and <unk> affairs at princeton university 
 in electronics for example a japanese company might make television picture <unk> in japan <unk> the sets in malaysia and export them to indonesia 
 the effect will be to pull asia together not as a common market but as an integrated production zone says goldman sachs 's mr. <unk> 
 countries in the region also are beginning to consider a <unk> for closer economic and political ties 
 the economic and foreign ministers of N asian and pacific nations will meet in australia next week to discuss global trade issues as well as regional matters such as transportation and telecommunications 
 participants will include the u.s. australia canada japan south korea and new zealand as well as the six members of the association of southeast asian nations thailand malaysia singapore indonesia the philippines and <unk> 
 in addition the u.s. this year offered its own plan for cooperation around the pacific <unk> in a major speech by secretary of state james baker following up a proposal made in january by australian prime minister bob <unk> 
 the baker proposal <unk> washington 's intention to continue playing a leading political role in the region 
 in asia as in europe a new order is taking shape mr. baker said 
 the u.s. with its regional friends must play a crucial role in designing its architecture 
 but maintaining u.s. influence will be difficult in the face of japanese dominance in the region 
 japan not only <unk> the u.s. in investment flows but also <unk> it in trade with most southeast asian countries although the u.s. remains the leading trade partner for all of asia 
 moreover the japanese government now the world 's largest aid <unk> is pumping far more assistance into the region than the u.s. is 
 while u.s. officials voice optimism about japan 's <unk> role in asia they also convey an <unk> of caution 
 there 's an understanding on the part of the u.s. that japan has to expand its functions in asia says j. michael <unk> undersecretary of commerce for trade 
 if they approach it with a <unk> <unk> attitude there will be a net gain for everyone 
 some asian nations are <unk> about washington 's demand that tokyo step up its military spending to ease the u.s. security burden in the region 
 the issue is further complicated by uncertainty over the future of the u.s. 's leases on military bases in the philippines and by a possible u.s. troop reduction in south korea 
 many <unk> regard a u.s. presence as a desirable <unk> to japanese influence 
 no one wants the u.s. to pick up its <unk> and go home mr. <unk> says 
 for their part taiwan and south korea are expected to step up their own investments in the next decade to try to slow the japanese <unk> 
 they do n't want japan to <unk> the region and <unk> it up says <unk> lee professor of east asian politics at the university of pennsylvania 
 <unk> rice could hardly believe her eyes 
 while giving the comprehensive test of basic skills to ninth <unk> at greenville high school last march N she spotted a student looking at <unk> sheets 
 she had seen cheating before but these notes were <unk> 
 a <unk> is an example of a profession in trade and finance 
 at the end of world war ii germany surrendered before japan 
 the <unk> conference committee is used when a bill is passed by the house and senate in different forms 
 virtually word for word the notes matched questions and answers on the <unk> section of the test the student was taking 
 in fact the student had the answers to almost all of the N questions in that section 
 the student surrendered the notes but not without a protest 
 my teacher said it was ok for me to use the notes on the test he said 
 the teacher in question was nancy yeargin considered by many students and parents to be one of the best at the school 
 confronted mrs. yeargin admitted she had given the questions and answers two days before the examination to two <unk> geography classes 
 she had gone so far as to display the questions on an overhead <unk> and <unk> the answers 
 mrs. yeargin was fired and prosecuted under an unusual south carolina law that makes it a crime to breach test security 
 in september she pleaded guilty and paid a $ N fine 
 her alternative was N days in jail 
 her story is partly one of personal <unk> 
 she was an <unk> teacher who won <unk> and inspired students but she will probably never teach again 
 in her wake she left the <unk> and anger of a principal who was her friend and now calls her a <unk> of colleagues who say she brought them shame of students and parents who defended her and insist she was treated <unk> and of <unk> officials stunned that despite the <unk> nature of her actions she became something of a local <unk> 
 mrs. yeargin 's case also <unk> some light on the dark side of school reform where pressures on teachers are growing and where <unk> testing has enhanced the temptation to <unk> 
 the N statute mrs. yeargin violated was designed to enforce provisions of south carolina 's <unk> laws 
 prosecutors alleged that she was trying to bolster students ' scores to win a bonus under the state 's N education improvement act 
 the bonus depended on her ability to produce higher <unk> scores 
 there is incredible pressure on school systems and teachers to raise test scores says walt <unk> an education professor and testing specialist at boston college 
 so efforts to beat the tests are also on the rise 
 and most disturbing it is educators not students who are blamed for much of the wrongdoing 
 a <unk> study released in september by friends for education an <unk> n.m. <unk> group concluded that outright cheating by american educators is common 
 the group says standardized achievement test scores are greatly inflated because teachers often teach the test as mrs. yeargin did although most are never caught 
 evidence of widespread cheating has surfaced in several states in the last year or so 
 california 's education department suspects adult responsibility for <unk> at N schools that changed wrong answers to right ones on a statewide test 
 after numerous <unk> of questionable teacher help to students texas is <unk> its security practices 
 and sales of <unk> booklets for classroom instruction are booming 
 these materials including <unk> school publishing co. 's scoring high and learning materials are nothing short of sophisticated <unk> sheets according to some recent academic research 
 by using them teachers with administrative blessing telegraph to students <unk> the precise areas on which a test will concentrate and sometimes give away a few exact questions and answers 
 use of scoring high is widespread in south carolina and common in greenville county mrs. yeargin 's school district 
 experts say there is n't another state in the country where tests mean as much as they do in south carolina 
 under the state 's education improvement act low test scores can block students ' promotions or force entire districts into <unk> <unk> <unk> that can mean <unk> 
 high test scores on the other hand bring recognition and extra money a new computer lab for a school grants for special projects a bonus for the <unk> 
 and south carolina says it is getting results 
 since the reforms went in place for example no state has posted a higher rate of improvement on the <unk> <unk> test than south carolina although the state still posts the lowest average score of the about N states who use the sat as the primary college <unk> examination 
 critics say south carolina is paying a price by stressing improved test scores so much 
 friends of education rates south carolina one of the worst seven states in its study on academic cheating 
 says the organization 's founder john <unk> <unk> mrs. yeargin is a way for administrators to protect themselves and look like they take cheating seriously when in fact they do n't take it seriously at all 
 paul <unk> director of testing for the south carolina department of education says mr. <unk> 's allegations of cheating are <unk> without foundation and based on unfair <unk> 
 partly because of worries about potential abuse however he says the state will begin keeping closer track of <unk> preparation booklets next spring 
 south carolina 's reforms were designed for schools like greenville high school 
 standing on a <unk> hill in a <unk> area of this old textile city the school has educated many of south carolina 's best and <unk> including the state 's last two governors nobel prize winning <unk> charles <unk> and actress <unk> <unk> 
 but by the early 1980s its glory had faded like the yellow bricks of its broad <unk> 
 it was full of violence and gangs and kids cutting class says linda ward the school 's principal 
 crime was awful test scores were low and there was no <unk> in <unk> programs 
 mrs. ward took over in N becoming the school 's seventh principal in N years 
 her immediate predecessor suffered a nervous breakdown 
 prior to his term a teacher <unk> to death in the halls <unk> by a student 
 <unk> mrs. ward says the school was having trouble serving in harmony its two <unk> and evenly split student groups a <unk> white elite from old <unk> neighborhoods and blacks many of them poor from <unk> inner city neighborhoods 
 mrs. ward resolved to clean out <unk> in the school 's faculty and restore safety and she also had some new factors working in her behalf 
 one was statewide school reform which raised overall educational funding and <unk> in a new public spirit for school <unk> 
 another was nancy yeargin who came to greenville in N full of the energy and ambitions that reformers wanted to reward 
 being a teacher just became my life says the <unk> mrs. yeargin a teacher for N years before her dismissal 
 i loved the school its history 
 i even <unk> about school and new things to do with my students 
 while mrs. ward fired and restructured staff and struggled to improve <unk> mrs. yeargin worked <unk> days and fast became a student favorite 
 in N and N she applied for and won bonus pay under the reform law 
 encouraged by mrs. ward mrs. yeargin taught honor students in the state teacher <unk> program a reform creation designed to encourage good students to consider teaching as a career 
 she won grant money for the school advised <unk> ran the <unk> club proposed and taught a new cultural <unk> class in western <unk> and was chosen by the school <unk> as teacher of the year 
 she was an <unk> lady she had it all together says <unk> <unk> a freshman at the university of south carolina who had mrs. yeargin in the <unk> class last year 
 she says that because of mrs. yeargin she gave up ambitions in architecture and is studying to become a teacher 
 mary beth <unk> a greenville <unk> <unk> also says mrs. yeargin inspired her to go into education 
 she taught us more in western <unk> than i 've ever learned in other classes says <unk> green a greenville senior 
 in the classroom students say mrs. yeargin distinguished herself by <unk> teaching approaches forcing kids to pair up to complete classroom work or using <unk> type <unk> 
 on <unk> she came to work to prepare study plans or sometimes even to polish the furniture in her classroom 
 she just never gave it up says mary <unk> mary beth 's mother 
 you 'd see her <unk> <unk> in the stands at a football game 
 some fellow teachers however viewed mrs. yeargin as <unk> and too yielding to students 
 mrs. ward says she often defended her to colleagues who called her a <unk> 
 pressures began to build 
 friends told her she was pushing too hard 
 because of deteriorating hearing she told colleagues she feared she might not be able to teach much longer 
 mrs. yeargin 's extra work was also helping her earn points in the state 's <unk> program 
 but the most important source of points was student improvement on tests 
 huge gains by her students in N and N meant a total of $ N in bonuses over two years a meaningful addition to her annual salary of $ N 
 winning a bonus for a third year was n't that important to her mrs. yeargin insists 
 but others at greenville high say she was eager to win if not for money then for pride and recognition 
 mary elizabeth <unk> another <unk> teacher says she believed mrs. yeargin wanted to keep her standing high so she could get a new job that would n't demand good hearing 
 indeed mrs. yeargin was interested in a possible job with the state teacher <unk> program 
 last march after attending a teaching <unk> in washington mrs. yeargin says she returned to greenville two days before annual testing feeling that she had n't prepared her <unk> geography students adequately 
 when test booklets were passed out N hours ahead of time she says she <unk> questions in the social studies section and gave the answers to students 
 mrs. yeargin admits she made a big mistake but insists her <unk> were correct 
 i was trying to help kids in an unfair testing situation she says 
 only five of the N questions were geography questions 
 the rest were history <unk> finance subjects they never had 
 mrs. yeargin says that she also wanted to help lift greenville high school 's overall test scores usually near the bottom of N district high schools in <unk> carried annually by local newspapers 
 mostly she says she wanted to prevent the damage to <unk> that her <unk> students would suffer from doing badly on the test 
 these kids broke my heart she says 
 a whole day goes by and no one even knows they 're alive 
 they desperately needed somebody who showed they <unk> for them who loved them 
 the last thing they needed was another <unk> blow 
 school officials and prosecutors say mrs. yeargin is lying 
 they found students in an advanced class a year earlier who said she gave them similar help although because the case was n't tried in court this evidence was never presented publicly 
 that pretty much <unk> any <unk> that she was out to help the poor <unk> child says joe watson the prosecutor in the case who is also president of greenville high school 's <unk> association 
 mrs. yeargin concedes that she went over the questions in the earlier class adding i wanted to help all students 
 mr. watson says mrs. yeargin never complained to school officials that the standardized test was unfair 
 do i have much <unk> for her mr. watson asks 
 not really 
 i believe in the system 
 i believe you have to use the system to change it 
 what she did was like taking the law into your own hands 
 mrs. ward says that when the cheating was discovered she wanted to avoid the <unk> public disclosure that a trial would bring 
 she says she offered mrs. yeargin a quiet resignation and thought she could help save her teaching certificate 
 mrs. yeargin declined 
 she said something like you just want to make it easy for the school 
 i was <unk> mrs. ward recalls 
 it was like someone had turned a <unk> in me 
 to the <unk> and <unk> of her <unk> and legal authorities and perhaps as a measure of the <unk> of standardized tests <unk> yeargin won widespread local support 
 the <unk> hearing at which she was dismissed was crowded with students teachers and parents who came to testify on her behalf 
 supportive callers <unk> unfair testing not mrs. yeargin on a local radio talk show on which she appeared 
 the show did n't give the <unk> of mrs. yeargin 's <unk> saying only that she helped students do better on the test 
 the message to the board of education out of all this is we 've got to take a serious look at how we 're doing our <unk> and our testing policies in this state said the <unk> host 
 <unk> in the greenville newspaper allowed that mrs. yeargin was wrong but also said the case showed how testing was being <unk> 
 the radio show <unk> us says mrs. ward 
 partly because of the show mr. watson says the district decided not to recommend mrs. yeargin for a first-time offenders program that could have <unk> the charges and the conviction from her record 
 and legal authorities <unk> up an investigation worthy of a murder case 
 over N witnesses mostly students were interviewed 
 at greenville high school meanwhile some students especially on the <unk> <unk> were crushed 
 it 's hard to explain to a <unk> why someone they like had to go says mrs. ward 
 soon <unk> appeared in the <unk> that carried the school 's familiar <unk> <unk> <unk> on the front 
 on the back the shirts read we have all the answers 
 many colleagues are angry at mrs. yeargin 
 she did a lot of harm says <unk> rice who had discovered the <unk> notes 
 we work damn hard at what we do for damn little pay and what she did cast unfair <unk> on all of us 
 but several teachers also say the incident <unk> doubt on the wisdom of evaluating teachers or schools by using standardized test scores 
 says <unk> key a <unk> teacher the incentive pay thing has opened up a can of <unk> 
 there may be others doing what she did 
 mrs. yeargin says she pleaded guilty because she realized it would no longer be possible to win <unk> and because she was afraid of further charges 
 mrs. ward for one was relieved 
 despite the strong evidence against mrs. yeargin popular sentiment was so strong in her favor mrs. ward says that i 'm afraid a jury would n't have convicted her 
 since <unk> first touched slate <unk> have wanted to know what 's on the test 
 these days students can often find the answer in <unk> <unk> and <unk> their teachers give them in the weeks prior to taking standardized achievement tests 
 the <unk> section of the widely used california achievement test asks fifth <unk> what is another name for the roman <unk> <unk> 
 it also asks them to add <unk> and <unk> 
 <unk> in a <unk> <unk> called learning materials sold to schools across the country by <unk> school publishing co. contain the same questions 
 in many other <unk> there is almost no difference between the real test and learning materials 
 what 's more the test and learning materials are both produced by the same company <unk> a joint venture of mcgraw-hill inc. and macmillan 's parent britain 's maxwell communication corp 
 close parallels between tests and practice tests are common some educators and researchers say 
 <unk> booklets software and <unk> are a booming publishing <unk> 
 but some practice products are so similar to the tests themselves that critics say they represent a form of <unk> cheating 
 if i took these preparation booklets into my classroom i 'd have a hard time <unk> to my students and parents that it was n't cheating says john <unk> a <unk> city mich. teacher who has studied test <unk> 
 he and other critics say such <unk> aids can defeat the purpose of standardized tests which is to gauge learning progress 
 it 's as if france decided to give only french history questions to students in a european history class and when everybody <unk> the test they say their kids are good in european history says john <unk> an <unk> n.m. <unk> and founder of an educational research organization friends for education which has studied standardized testing 
 standardized achievement tests are given about N million times a year across the country to students generally from <unk> through eighth grade 
 the most widely used of these tests are <unk> 's cat and comprehensive test of basic skills the iowa test of basic skills by <unk> <unk> co. and <unk> <unk> <unk> inc. 's metropolitan achievement test and stanford achievement test 
 sales figures of the <unk> materials are n't known but their reach into schools is significant 
 in arizona california florida louisiana maryland new jersey south carolina and texas educators say they are common classroom tools 
 <unk> says well over N million of its scoring high <unk> books have been sold since their introduction N years ago with most sales in the last five years 
 about N sets of learning materials teachers ' <unk> have also been sold in the past four years 
 the materials in each set reach about N students 
 scoring high and learning materials are the <unk> preparation tests 
 michael kean director of marketing for <unk> <unk> the <unk> division that publishes learning materials says it is n't aimed at improving test scores 
 he also asserted that exact questions were n't <unk> 
 when referred to the questions that matched he said it was <unk> 
 mr. <unk> the <unk> and william <unk> a michigan state university education professor concluded in a study last june that cat test versions of scoring high and learning materials should n't be used in the classroom because of their similarity to the actual test 
 they devised a <unk> scale <unk> one point for each <unk> measured on the cat test to rate the <unk> of test <unk> to the <unk> cat 
 because many of these <unk> the <unk> of <unk> figures metric measurement of volume or pie and bar <unk> for example are only a small part of the total <unk> <unk> mr. <unk> says the preparation <unk> would n't <unk> too many if their real intent was general instruction or even general <unk> with test procedures 
 but learning materials matched on N of N <unk> 
 scoring high matched on N 
 in cat sections where students ' knowledge of <unk> <unk> sounds is tested the authors noted that scoring high concentrated on the same sounds that the test does to the exclusion of other sounds that fifth <unk> should know 
 learning materials for the <unk> contains at least a dozen examples of exact matches or close parallels to test items 
 rick <unk> senior editor of scoring high says that messrs. <unk> and <unk> are ignoring the need students have for becoming familiar with tests and testing format 
 he said authors of scoring high <unk> avoid <unk> exact questions but he does n't deny that some items are similar 
 when scoring high first came out in N it was a publication of random house 
 mcgraw-hill was <unk> 
 in a N advisory to educators mcgraw-hill said scoring high should n't be used because it represented a parallel form of the cat and <unk> tests 
 but in N mcgraw-hill purchased the random house unit that publishes scoring high which later became part of <unk> 
 messrs. <unk> and kean say they are <unk> of any efforts by mcgraw-hill to modify or <unk> scoring high 
 <unk> corp. said it completed the acquisition of sacramento savings & loan association from the <unk> & <unk> c. <unk> foundation for $ N million 
 the <unk> s&l which has N branch offices in north central california had assets of $ N billion at the end of september 
 new york-based <unk> is an insurance and financial services concern 
 the purchase price includes two <unk> companies 
 the department of health and human services plans to extend its <unk> on federal funding of research involving fetal-tissue transplants 
 medical researchers believe the <unk> of small amounts of <unk> tissue into humans could help treat <unk> <unk> and such <unk> diseases as <unk> 's <unk> 's and <unk> 's 
 but anti-abortionists oppose such research because they worry that the development of <unk> using fetal-tissue transplants could lead to an increase in abortions 
 james mason assistant secretary for health said the ban on federal funding of fetal-tissue transplant research should be continued indefinitely 
 he said the ban wo n't stop privately funded <unk> research or federally funded fetal-tissue research that does n't involve transplants 
 department officials say that hhs secretary louis sullivan will support dr. mason 's ruling which will be issued soon in the form of a letter to the acting director of the national institutes of health 
 both dr. mason and dr. sullivan oppose federal funding for abortion as does president bush except in cases where a woman 's life is threatened 
 the controversy began in N when the national institutes of health aware of the policy implications of its research asked for an hhs review of its plan to <unk> <unk> tissue into the brain of a patient suffering from <unk> 's disease 
 the department placed a <unk> on the research pending a review of scientific legal and ethical issues 
 a majority of an <unk> panel recommended late last year that the research continue under carefully controlled conditions but the issue became <unk> in politics as anti-abortion groups continued to oppose federal funding 
 the dispute has hampered the administration 's efforts to recruit prominent doctors to fill prestigious posts at the helm of the nih and the centers for disease control 
 several candidates have withdrawn their names from consideration after administration officials asked them for their views on abortion and fetal-tissue transplants 
 antonio novello whom mr. bush <unk> to serve as surgeon general reportedly has assured the administration that she opposes abortion 
 dr. novello is deputy director of the national institute of child health and human development 
 some researchers have charged that the administration is imposing new ideological tests for top scientific posts 
 earlier this week dr. sullivan tried to <unk> these charges by stressing that candidates to head the nih and the <unk> will be <unk> by standards of scientific and administrative <unk> not politics 
 but the administration 's handling of the fetal-tissue transplant issue <unk> many scientists 
 when scientific progress moves into <unk> ground there has to be a role for society to make judgments about its applications says <unk> <unk> associate dean of the yale medical school 
 the disturbing thing about this abortion issue is that the debate has become <unk> so that no mechanism exists for finding a middle ground 
 yale is one of the few medical institutions conducting privately funded research on fetal-tissue transplants 
 but dr. <unk> warns that dr. mason 's ruling may discourage private funding 
 the <unk> of federal funds and the climate in which the decision was made certainly do n't provide any incentive for one of the more visible foundations to provide support he said 
 despite the <unk> over transplants federal funding of research involving <unk> <unk> will continue on a number of fronts 
 such research may ultimately result in the ability to <unk> damaged <unk> or to turn off genes that cause cancer or to regulate genes that cause down 's syndrome the leading cause of mental <unk> according to an nih summary 
 the nih currently spends about $ N million annually on fetal-tissue research out of a total research budget of $ N billion 
 <unk> hope that two new england states will allow broader interstate banking boosted nasdaq 's bank stocks but the over-the-counter market was up only slightly in lackluster trading 
 the nasdaq composite index added N to N on <unk> volume of N million shares 
 in terms of volume it was an <unk> beginning for november 
 yesterday 's share turnover was well below the year 's daily average of N million 
 in october the busiest month of the year so far daily volume averaged roughly N million shares 
 the nasdaq N index of the biggest <unk> stocks gained N to N 
 the index of the N largest nasdaq financial stocks rose modestly as well gaining N to N 
 but the broader nasdaq bank index which tracks thrift issues jumped N to N 
 the bank stocks got a boost when connecticut bank & trust and bank of new england said they no longer oppose pending legislation that would permit banks from other regions to merge with connecticut and massachusetts banks 
 the two banks merged in N 
 bank of new england 's shares are traded on the new york stock exchange 
 the stocks of banking concerns based in massachusetts were n't helped much by the announcement traders said because many of those concerns have financial problems tied to their real-estate loan portfolios making them <unk> takeover targets 
 but speculators anticipating that connecticut will approve a law permitting such interstate banking soon immediately bid up shares of connecticut banks on the news 
 a lot of the stocks that have been under water finally saw a reason to uptick said george <unk> head trader of banking issues in shearson lehman hutton 's otc department 
 the biggest <unk> was northeast bancorp which surged N N to N 
 the stamford conn. concern has agreed to a buy-out by bank of new york in a transaction with an indicated value of about $ N a share that expires next august 
 ed <unk> a <unk> conn. money manager who follows bank stocks said the announcement effectively gives the deal the green light 
 mr. <unk> said northeast bancorp also fared well because takeover stocks have returned to favor among investors 
 another otc bank stock involved in a buy-out deal first constitution financial was higher 
 it rose N to N N 
 first constitution has signed a merger agreement with <unk> l.p. and <unk> corp. under which all of its common shares will be acquired for $ N each or $ N million 
 among other connecticut banks whose shares trade in the otc market society for savings bancorp based in hartford saw its stock rise N N to N N 
 <unk> added N to N N shares of <unk> a new london-based bank holding company rose N to N N 
 among other banking issues <unk> savings association <unk> more than N N with a gain of N N to N N 
 the pennsylvania bank agreed to be acquired in a merger with <unk> corp. of pennsylvania for $ N a share 
 valley federal savings & loan a california thrift issue gained N to N N after reporting a third-quarter loss of $ N million after an $ N million pretax charge mostly related to its mobile home financing unit 
 dan e. <unk> valley federal 's president and chief executive officer said the one-time charge substantially <unk> future losses associated with the unit 
 he said the company 's core business remains strong 
 he also said that after the charges and assuming no dramatic <unk> in interest rates the company expects to achieve <unk> earnings in N 
 weisfield 's surged N N to N N and ratners group 's american depositary receipts or adrs gained N to N N 
 the two concerns said they entered into a definitive merger agreement under which ratners will begin a tender offer for all of weisfield 's common shares for $ N each 
 also on the takeover front jaguar 's adrs rose N to N N on turnover of N million 
 since the british auto maker became a takeover target last month its adrs have jumped about N N 
 after troubled heritage media proposed acquiring pop radio in a stock swap pop radio 's shares tumbled N to N N 
 heritage media which already owns about N N of pop radio proposed paying pop radio shareholders with shares of a new class of heritage media preferred stock that would be convertible into four shares of heritage media 's common 
 rally 's lost N N to N N 
 the restaurant operator said it has redeemed its rights issued monday under its shareholder rights plan 
 the fast-food company said its decision was based on discussions with a shareholder group giant group ltd. in an effort to resolve certain disputes with the company 
 giant group is led by three rally 's directors burt sugarman james m. trotter iii and william e. trotter ii who earlier this month indicated they had a N N stake in rally 's and planned to seek a majority of seats on rally 's <unk> board 
 sci systems slipped N to N on volume of N shares 
 the <unk> ala. electronic products maker said it expects to post a significant loss for its fiscal first quarter ended sept. N 
 in the year-earlier period sci had net income of $ N million or N cents a share on revenue of $ N million 
 the internal revenue service has threatened criminal sanctions against lawyers who fail to report detailed information about clients who pay them more than $ N in cash 
 the warnings issued to at least N criminal defense attorneys in several major cities in the last week have led to an outcry by members of the organized bar who claim the information is protected by <unk> privilege 
 the irs warnings stem from a N law that requires anyone who receives more than $ N in cash from a client or customer in one or more related transactions in the course of trade or business to report the payment on a document known as form N 
 the form asks for such details as the client 's name social security number <unk> number and details about the services provided for the payment 
 failure to complete the form had been punishable as a <unk> until last november when congress determined that the crime was a felony punishable by up to N years in prison 
 attorneys have argued since N when the law took effect that they can not provide information about clients who do n't wish their <unk> to be known 
 many attorneys have returned incomplete forms to the irs in recent years citing <unk> privilege 
 until last week the irs rarely acted on the incomplete forms 
 this form forces a lawyer to become in effect a witness against his client said neal r. <unk> president of the national association of criminal defense lawyers 
 the irs is asking lawyers to <unk> a criminal problem to the government added mr. <unk> a miami lawyer who has heard from dozens of attorneys who received letters in recent days and has himself received the <unk> irs forms sent by certified mail 
 mr. <unk> said that clients who pay cash may include alleged drug dealers who do n't have domestic bank accounts 
 these individuals may not necessarily be under investigation when they hire lawyers 
 mr. <unk> said there also may be other circumstances under which individuals would n't want the government to know they had retained criminal defense lawyers 
 filling out detailed forms about these individuals would tip the irs off and spark action against the clients he said 
 the defense lawyers ' group formed a task force this week <unk> by new york attorney gerald <unk> to deal with the matter 
 the american bar association 's house of delegates passed a resolution in N <unk> the irs reporting requirement 
 michael ross a new york lawyer who heads the aba 's grand jury committee said that lawyers are prohibited by the aba 's code of ethics from disclosing information about a client except where a court orders it or to prevent the client from committing a criminal act that could result in death 
 mr. ross said he met with officials of the irs and the justice department which would bring any enforcement actions against taxpayers to discuss the issue last may 
 at that meeting he said the justice department assured him that enforcement procedures would n't be threatened against attorneys without further review and advance notice 
 mr. ross said irs officials opposed the justice department 's moderate stance on the matter 
 but in the letters sent in recent days christopher j. <unk> of the irs computing center in detroit told attorneys that failing to voluntarily submit the requested information could result in <unk> enforcement action being initiated 
 in some cases the irs asked for information dating back to forms it received in N 
 a spokesman for the irs confirmed that there has been <unk> <unk> about incomplete <unk> but he declined to say why the letters were sent to lawyers now 
 individuals familiar with the justice department 's policy said that justice officials had n't any knowledge of the irs 's actions in the last week 
 lawyers worry that if they provide information about clients that data could quickly end up in the hands of prosecutors 
 prosecutors need court permission to obtain the tax returns of an individual or a business 
 but they have obtained N forms without court permission and used the information to help develop criminal cases 
 some criminal lawyers speculated that the irs was sending the letters to test the issue 
 in a number of recent cases federal courts have refused to recognize attorneys ' <unk> that information relating to fees from clients should be confidential 
 the war over federal judicial salaries takes a victim 
 often judges ease into more lucrative private practice with little fanfare but not federal judge <unk> a. ramirez in sacramento calif 
 on tuesday the judge called a news conference to say he was <unk> effective dec. N to join a san francisco law firm 
 the reason the refusal of congress to give federal judges a raise 
 a couple of my law <unk> were going to pass me in three or four years and i was afraid i was going to have to ask them for a loan the judge <unk> in an interview 
 federal judges make $ N annually in february congress rejected a bill that would have increased their pay by N N 
 judge ramirez N said it is <unk> for judges to make what they do 
 judges are not getting what they deserve 
 you look around at professional <unk> or accountants and nobody <unk> an eye 
 when you become a federal judge all of a sudden you are <unk> to a <unk> sum 
 at his new job as partner in charge of federal litigation in the sacramento office of <unk> <unk> & <unk> he will make out much better 
 the judge declined to discuss his salary in detail but said i 'm going to be a high-priced lawyer 
 <unk> <unk> union troubles are no laughing matter 
 <unk> <unk> trudeau is suing the writers guild of america east for $ N million alleging it mounted a campaign to <unk> and punish him for crossing a <unk> ' picket line 
 the dispute involves <unk> productions inc. a tv production company in which mr. trudeau is a <unk> 
 mr. trudeau a writers guild member also was employed as a writer for <unk> which was covered by a guild <unk> agreement 
 the guild began a strike against the tv and movie industry in march N 
 in his lawsuit mr. trudeau says the strike illegally included <unk> and the <unk> refused to honor the strike against the company 
 a spokesman for the guild said the union 's lawyers are reviewing the suit 
 he said disciplinary proceedings are confidential and declined to comment on whether any are being held against mr. trudeau 
 mr. trudeau 's attorney norman k. <unk> said the <unk> consists mainly of the guild 's <unk> threats of disciplinary action 
 mr. <unk> said a guild disciplinary hearing is scheduled next monday in new york 
 mr. <unk> who will go before the disciplinary panel said the proceedings are unfair and that any punishment from the guild would be <unk> 
 in addition to the damages the suit seeks a court order preventing the guild from <unk> or <unk> against mr. trudeau 
 abortion ruling upheld 
 a federal appeals court upheld a lower court ruling that the u.s. can bar the use of federal funds for <unk> programs that include <unk> services 
 a department of health and human services rule adopted in N prohibits the use of so-called title x funds for programs that assist a woman in obtaining an abortion such as abortion counseling and <unk> 
 the rule also prohibits funding for activities that encourage promote or advocate abortion 
 title x funds are the single largest source of federal funding for <unk> services according to the opinion by the second u.s. circuit court of appeals in new york 
 the panel ruled that the restrictions do n't violate the freedom of speech of health care <unk> and that the limits on counseling services do n't violate the rights of pregnant women 
 inquiry clears texas judge of bias in comments on homosexual murder victims 
 dallas district judge jack <unk> had sparked calls for a judicial inquiry with his remarks to the press last december two weeks after sentencing an <unk> defendant to N years in state prison for killing two homosexual men in a city park 
 the judge was quoted as referring to the victims as <unk> and saying they would n't have been killed if they had n't been <unk> the streets picking up <unk> boys 
 but robert r. murray a special master appointed by the texas supreme court said judge <unk> did n't breach any judicial standards of fairness although he did violate the state 's judicial code by commenting publicly on a pending case 
 <unk> that the judge has never <unk> any bias or <unk> mr. murray concluded that he would be <unk> in any case involving a homosexual or <unk> as a victim 
 mr. murray also said judge <unk> 's comments did n't <unk> the judiciary or the administration of justice 
 the report is subject to review by the state commission on judicial conduct which is <unk> to impose sanctions 
 gaf trial goes to round three 
 attorneys in the third <unk> trial of gaf corp. began opening arguments yesterday in the manhattan courtroom of u.s. district judge mary johnson lowe 
 in an <unk> indictment the government has charged gaf a wayne n.j. specialty chemical maker and its vice chairman james t. sherwin with attempting to manipulate the common stock of union carbide corp. in advance of gaf 's planned sale of a large block of the stock in november N 
 the first two gaf trials ended in <unk> earlier this year 
 this trial is expected to last five weeks 
 switching to the defense 
 a former member of the prosecution team in the <unk> affair joined the chicago firm of mayer brown & <unk> 
 michael r. <unk> a member since january N of the <unk> trial team in the prosecution of oliver north became a partner in the washington d.c. office of the <unk> firm 
 he will specialize in white-collar criminal defense work 
 mr. <unk> N also has served as deputy chief and chief of the narcotics unit for the u.s. attorney 's office for the southern district of new york based in manhattan 
 <unk> tire & rubber co. said it has reached an agreement in principle to buy buildings and related property in albany ga. from <unk> inc 
 terms were n't disclosed 
 the tire maker said the buildings consist of N million square feet of office manufacturing and <unk> space on N acres of land 
 fujitsu ltd. 's top executive took the unusual step of publicly <unk> for his company 's making bids of just one yen for several local government projects while computer rival nec corp. made a written <unk> for <unk> in the same practice 
 meanwhile business and government leaders <unk> the computer makers and <unk> about the broader statement the companies ' actions make about japanese <unk> pricing 
 fujitsu said it bid the equivalent of less than a u.s. penny on three separate municipal contracts during the past two years 
 the company also disclosed that during that period it offered N yen or about $ N for another contract 
 but fujitsu japan 's no. N computer maker is n't alone 
 nec one of its largest domestic competitors said it bid one yen in two separate public auctions since N 
 in both cases nec lost the contract to fujitsu which made the same bid and won a <unk> <unk> 
 all the contracts were for <unk> contracts and involved no hardware or software 
 the ministry of international trade and industry summoned executives from the companies to make sure they understood the concern about such practices according to a government spokesman 
 these cases lead to the loss of the firms ' social and international credibility a ministry statement said 
 japan 's fair trade commission has said it is considering investigating the bids for possible <unk> violations 
 we would like to <unk> for having caused huge trouble fujitsu president <unk> <unk> read from a prepared statement as he stood before a packed news conference at his company 's downtown headquarters 
 the bids he added were contrary to common sense 
 nec released a statement saying we feel sorry for having caused trouble to society a form of <unk> common in japan for companies caught in embarrassing situations 
 japanese companies have long had a reputation for <unk> short-term profits to make a sale that may have long-term benefits 
 but the growing controversy comes as many practices historically accepted as normal here such as politicians accepting substantial gifts from businessmen or having <unk> affairs are coming under close ethical scrutiny 
 the fire is also fueled by growing international interest in japanese behavior 
 so far there have been no public overseas complaints about the issue 
 but in one of the auctions in question international business machines corp. made a bid substantially higher than the fujitsu offer according to the <unk> 
 the <unk> bids touch on issues central to the increasingly <unk> trade debate 
 foreigners complain that they have limited access to government procurement in japan in part because japanese companies unfairly undercut them 
 the u.s. government in recent years has accused japanese companies of <unk> slashing prices on semiconductors and <unk> products fujitsu and nec make 
 asked whether the bidding <unk> would hurt <unk> relations mr. <unk> said this will be a minus factor 
 the <unk> controversy first came to a head last week when the city of hiroshima announced that fujitsu won a contract to design a computer system to <unk> its waterworks 
 the city had expected to pay about N million yen $ N but fujitsu essentially offered to do it for free 
 then wednesday fujitsu said it made a similar bid to win a library contract in <unk> <unk> two weeks earlier 
 it also said that in july it bid N yen to design a system for the <unk> <unk> library and two years ago it bid one yen to plan the telecommunications system for <unk> <unk> 
 the company said it has offered to withdraw its bids in hiroshima and <unk> 
 the municipalities said they have n't decided whether to try to force the company to go through with the contracts 
 fujitsu and nec said they were still investigating and that knowledge of more such bids could emerge 
 mr. <unk> insisted that headquarters had n't approved the bids and that he did n't know about most of the cases until wednesday 
 other major japanese computer companies contacted yesterday said they have never made such bids 
 one yen is not ethical <unk> <unk> an official at <unk> the japan federation of economic organizations said 
 profit may be low but at least costs should be covered 
 papers 
 <unk> group inc. agreed to acquire atlantic publications inc. which has N community papers and annual sales of $ N million 
 terms were n't disclosed 
 <unk> is a closely held media firm run by former cbs inc. president john <unk> 
 tv 
 price communications corp. completed the sale of four of its tv stations to <unk> inc. for $ N million in cash and notes retaining a N N equity stake in the new concern 
 <unk> was formed by <unk> communications corp. and <unk> capital 
 <unk> stores inc. which owns and operates a chain of specialty retail stores said october sales rose N N to $ N million from $ N million a year earlier 
 sales in stores open more than one year rose N N to $ N million from $ N million 
 furukawa co. of japan said it will acquire two construction machinery plants and a sales unit in france formerly <unk> to <unk> industries inc. of the u.s. 
 the company said it made the purchase in order to locally produce <unk> operated <unk> 
 last october the company also bought a <unk> manufacturing plant in <unk> west germany from <unk> 
 furukawa said the purchase of the french and german plants together will total about N billion yen $ N million 
 structural dynamics research corp. which makes <unk> engineering software said it introduced new technology in mechanical design <unk> that will improve mechanical engineering productivity 
 <unk> 
 money market <unk> N N 
 a average rate paid yesterday by N large banks and thrifts in the N largest metropolitan areas as compiled by bank rate monitor 
 b current annual yield 
 guaranteed minimum N N 
 lsi logic corp. reported a surprise $ N million third-quarter net loss including a special restructuring charge that reflects a continuing <unk> slowdown in semiconductor demand 
 in september the <unk> maker said excess capacity and lagging billings would result in an estimated $ N million to $ N million net loss for the third quarter 
 but company officials said yesterday that they decided to take a $ N million pretax charge for the period to cover a restructuring of world-wide manufacturing operations citing extended weakness in the market as well as a decision to switch to more <unk> production techniques 
 over the summer months there has been a slowing in the rate of new orders from the computer sector our primary market said wilfred j. <unk> chairman and chief executive officer 
 in addition recent industry forecasts for N indicate a slow environment at least until midyear 
 as a result the company said it decided to phase out its oldest capacity and make appropriate reductions in operating expenses 
 the $ N million net loss <unk> N cents a share 
 not counting the extraordinary charge the company said it would have had a net loss of $ N million or seven cents a share 
 a year earlier it had profit of $ N million or N cents a share 
 revenue rose N N to $ N million from $ N million 
 the charge partly reflects a switch from older <unk> to <unk> <unk> silicon <unk> with which to <unk> chips 
 related to that decision the company said it was converting its santa clara calif. factory to a research and development facility 
 a spokesman declined to speculate about possible reductions in force 
 this is a company that has invested in capacity additions more aggressively than any other company in the industry and now the industry is growing more slowly and they are suddenly poorly positioned said michael stark chip analyst at robertson <unk> & co 
 i think the stock is dead money for a while 
 yesterday 's announcement was made after markets closed 
 u.s. chip makers are facing continued slack demand following a traditionally slow summer 
 part of the problem is that chip buyers are keeping inventories low because of jitters about the course of the u.s. economy 
 <unk> co <unk> lake n.j 
 william g. <unk> former chairman and chief executive officer of general public utilities corp. was elected a director of this maker of industrial and construction equipment increasing board membership to N 
 the dollar posted gains against all major currencies yesterday buoyed by persistent japanese demand for u.s. bond issues 
 while market sentiment remains cautiously bearish on the dollar based on sluggish u.s. economic indicators dealers note that japanese demand has helped <unk> the dollar against the yen and has kept the u.s. currency from plunging below key levels against the mark 
 at the same time dealers said the u.s. unit has been locked into a relatively narrow range in recent weeks in part because the hefty japanese demand for dollars has been offset by the mark 's strength resulting in a <unk> 
 jay <unk> with capital insight inc. reasons that while the mark has posted significant gains against the yen as well the mark climbed to N yen from N yen late tuesday in new york the strength of the u.s. bond market compared to its foreign counterparts has helped lure investors to dollar-denominated bonds rather than mark bonds 
 <unk> trade is the driving force in the market said tom <unk> a vice president with banque paribas in new york but i 'm not convinced it will continue 
 who knows what will happen down the road in three to six months if foreign investment starts to erode 
 in late new york trading yesterday the dollar was quoted at N marks up from N marks late tuesday and at N yen up from N yen late tuesday 
 sterling was quoted at $ N down from $ N late tuesday 
 in tokyo thursday the u.s. currency opened for trading at N yen up from wednesday 's tokyo close of N yen 
 douglas madison a corporate trader with bank of america in los angeles <unk> the dollar 's recent solid performance against the yen to purchases of securities by japanese insurance companies and trust banks and the sense that another wave of investment is waiting in the wings 
 he contends that the perception in japan of a <unk> u.s. response to sony corp. 's announcement of its purchase of columbia pictures entertainment inc. has been temporarily <unk> 
 he cites the recent deal between the mitsubishi estate co. and the rockefeller group as well as the possible white knight role of an undisclosed japanese company in the georgia-pacific corp. takeover bid for great northern nekoosa corp. as evidence 
 the <unk> maturity in november of a 10-year japanese government <unk> bond issue valued at about $ N billion has prompted speculation in the market that investors <unk> the bonds will diversify into dollar-denominated instruments according to mr. madison 
 it remains unclear whether the bond issue will be rolled over 
 meanwhile traders in tokyo say that the prospect of lower u.s. interest rates has spurred dollar buying by japanese institutions 
 they point out that these institutions want to lock in returns on high-yield u.s. treasury debt and suggest demand for the u.s. unit will continue <unk> until rates in the u.s. <unk> 
 the market again showed little interest in further evidence of a slowing u.s. economy and traders note that the market in recent weeks has taken its <unk> more from wall street than u.s. economic indicators 
 dealers said the dollar merely drifted lower following the release wednesday of the u.s. purchasing managers ' report 
 the managers ' index which measures the health of the manufacturing sector stood at N N in october above september 's N N and also above average forecasts for the index of N N 
 some dealers said the dollar was pressured slightly because a number of market participants had boosted their expectations in the past day and were looking for an index above N which indicates an expanding manufacturing economy 
 but most said the index had no more than a minimal effect on trade 
 on the commodity exchange in new york gold for current delivery settled at $ N an ounce down N cents 
 estimated volume was a moderate N million ounces 
 in early trading in hong kong thursday gold was quoted at $ N an ounce 
 the cosby show may have <unk> turned around ratings at nbc since its debut in N and the <unk> family still keeps millions of viewers laughing thursday night on the network 
 but some of the tv stations that bought cosby reruns for record prices two years ago are n't laughing much these days 
 the reruns have helped ratings at many of the N network affiliates and independent tv stations that air the shows 
 but the ratings are considerably below expectations and some stations say they may not buy new episodes when their current contracts expire 
 meanwhile stations are <unk> because many of them say the show 's distributor viacom inc. is giving an <unk> either sign new long-term commitments to buy future episodes or risk losing cosby to a competitor 
 at the same time viacom is trying to persuade stations to make commitments to a different world a <unk> of cosby whose reruns will become available in N 
 viacom denies it 's using pressure tactics 
 we 're willing to negotiate says dennis <unk> executive vice president of marketing 
 we 're offering this plan now because we feel it 's the right time 
 but says the general manager of a network affiliate in the midwest i think if i tell them i need more time they 'll take cosby across the street 
 viacom 's move comes as the <unk> market is being flooded with situation <unk> that are still running on the networks 
 one station manager says he believes viacom 's move is a <unk> strike because the company is worried that cosby ratings will continue to drop in <unk> over the next few years 
 cosby is down a full ratings point in the week of oct. N over the same week a year ago according to a.c. nielsen co 
 mr. <unk> at viacom says the ratings are rising 
 and executives at stations in such major markets as washington <unk> r.i. cleveland <unk> n.c. minneapolis and louisville ky. say they may very well not renew cosby 
 dick <unk> the general manager of <unk> the <unk> station in miami for example says the show has been a major disappointment to us 
 at the prices we were charged there should have been some return for the dollar 
 there was n't 
 neil <unk> the general manager of <unk> the cbs affiliate in louisville says cosby gets the station 's highest ratings and he 's pleased 
 but he adds i feel pressured disappointed uncomfortable and frankly quite angry with viacom 
 the life insurance co. of georgia has officially opened an office in taipei 
 david <unk> the company 's representative in taiwan said atlanta-based life of georgia will sell conventional life-insurance products 
 life of georgia is part of the <unk> <unk> group based in the netherlands 
 in this era of <unk> competition for ad dollars a lot of <unk> magazines are getting pretty <unk> with advertisers <unk> over them in articles and offering pages of <unk> space 
 so can a magazine survive by downright <unk> its nose at major advertisers 
 garbage magazine billed as the practical journal for the environment is about to find out 
 founded by brooklyn n.y. publishing entrepreneur <unk> <unk> garbage made its debut this fall with the promise to give consumers the straight <unk> on the u.s. waste crisis 
 the magazine combines <unk> pieces on topics like <unk> <unk> <unk> <unk> on such things as what happens after you flush your toilet and <unk> pieces on alleged environmental offenders 
 garbage editors have dumped considerable energy into a <unk> <unk> through supermarket <unk> in a bid to identify corporate america 's good guys and bad boys 
 in one feature called in the <unk> editors point out a product they <unk> to be a particularly bad <unk> 
 from an advertising standpoint the problem is these offenders are likely to be some of the same folks that are major magazine advertisers these days 
 with only two issues under its belt garbage has <unk> some would-be advertisers and raised the <unk> of others 
 campbell soup for one is <unk> its <unk> <unk> microwave product was <unk> in the premiere in the <unk> column 
 the magazine 's editors ran a giant <unk> of the product with <unk> pointing to the packaging 's <unk> foam <unk> and <unk> film all plastic items they say are <unk> 
 it 's precisely the kind of product that 's created the municipal landfill monster the editors wrote 
 i think that this magazine is not only called garbage but it is practicing <unk> garbage <unk> a spokesman for campbell soup 
 he says campbell was n't even contacted by the magazine for the opportunity to comment 
 modifications had been made to the <unk> <unk> product at the time the issue was printed he says making it less an <unk> than was portrayed 
 he admits though it is n't one of campbell soup 's better products in terms of <unk> 
 campbell soup not surprisingly does n't have any plans to <unk> in the magazine according to its spokesman 
 some media experts question whether a young magazine can risk turning off madison avenue 's big <unk> 
 you really need the campbell <unk> of the world to be interested in your magazine if you 're going to make a run of it says mike white senior vice president and media director at ddb needham chicago 
 the economics of magazine publishing pretty much require that you have a pretty solid base of big-time ad <unk> he adds 
 the first two issues featured ads from only a handful of big advertisers including general electric and <unk> coors but the majority were from companies like waste management inc. and <unk> international firms that do n't spend much money advertising and ca n't be relied on to support a magazine over the long haul 
 a waste management spokeswoman says its ad in the premiere issue was a one-time purchase and it does n't have any plans to <unk> in future issues 
 we do n't spend much on print advertising she says 
 but ms. <unk> the magazine 's editor and publisher contends garbage can survive at least initially on subscription revenues 
 individual copies of the magazine sell for $ N and yearly <unk> cost $ N 
 it is of course printed on recycled paper 
 according to ms. <unk> <unk> journal corp. her publishing company printed and sold all N copies of the premiere issue 
 the first and second issues sold out on <unk> she says and the magazine has orders for N <unk> 
 asked whether potential advertisers will be scared away by the magazine 's direct policy ms. <unk> replies i do n't know and i do n't care 
 i 'm not saying advertising revenue is n't important she says but i could n't sleep at night if the magazine bowed to a company because they once took out an ad 
 ad notes 
 interpublic on tv 
 interpublic group said its television programming operations which it expanded earlier this year agreed to supply more than N hours of original programming across europe in N 
 it said the programs largely game shows will be provided by its <unk> television unit along with <unk> international a producer and distributor of game shows of which it recently bought N N 
 it said that volume makes it the largest supplier of original tv programming in europe 
 interpublic is providing the programming in return for advertising time which it said will be valued at more than $ N million in N and $ N million in N 
 it plans to sell the ad time to its clients at a discount 
 new account 
 <unk> financial corp. philadelphia named <unk> palmer brown & <unk> philadelphia as agency of record for its $ N million account 
 the business had been handled by <unk> <unk> baltimore 
 at&t fax 
 american telephone & telegraph 's general business systems division new york awarded the ad account for its fax product line to ogilvy & mather new york a wpp group agency 
 billings were n't disclosed for the small account which had been <unk> at young & rubicam new york 
 first campaign 
 enterprise <unk> inc. breaks its first national ad campaign this week 
 the st. louis firm specializes in <unk> <unk> those provided by insurance companies for cars damaged in <unk> 
 developed by <unk> free & <unk> new york the $ N million campaign pitches enterprise 's <unk> service and its free <unk> and <unk> service 
 <unk> associates 
 young & rubicam said it completed its acquisition of <unk> associates a san francisco <unk> firm 
 acquisition 
 <unk> communications pittsburgh acquired <unk> & co. a los angeles <unk> and <unk> firm 
 terms were n't disclosed 
 sea containers ltd. said it might increase the price of its $ <unk> buy-back plan if pressed by temple holdings ltd. which made an earlier tender offer for sea containers 
 sea containers a hamilton <unk> shipping concern said tuesday that it would sell $ N billion of assets and use some of the proceeds to buy about N N of its common shares for $ N apiece 
 the move is designed to ward off a hostile takeover attempt by two european shipping concerns <unk> holding ag and <unk> plc 
 in may the two companies through their jointly owned holding company temple offered $ N a share or $ N million for sea containers 
 in august temple sweetened the offer to $ N a share or $ N million 
 yesterday sea containers ' chief executive officer james <unk> said in an interview that under the <unk> plan sea containers would end up with a cash surplus of approximately $ N million 
 about $ N million of that would be allocated to the buy-back leaving about $ N million he said 
 that $ N million mr. <unk> said gives us some flexibility in case temple raises its bid 
 we are able to increase our price above the $ N level if necessary 
 he declined to say however how much sea containers might raise its price 
 mr. <unk> speculated that the <unk> that sea containers has means that temple would have to substantially increase their bid if they 're going to top us 
 temple however <unk> criticized sea containers ' plan yesterday <unk> it as a highly conditional device designed to <unk> management <unk> shareholders and prevent them from accepting our superior cash offer 
 a spokesman for temple estimated that sea containers ' plan if all the asset sales <unk> would result in shareholders receiving only $ N to $ N a share in cash 
 the lower figures the spokesman said would stem from preferred shares being converted to common stock and the possibility that sea containers ' subsidiaries might be required to place their shares in the open market 
 temple added that sea containers is still mired in legal problems in <unk> where the supreme court has temporarily barred sea containers from buying back its own stock in a case brought by <unk> and <unk> 
 the court has indicated it will rule on the case by the end of the month 
 temple also said sea containers ' plan raises numerous legal regulatory financial and fairness issues but did n't elaborate 
 mr. <unk> said reaction to sea containers ' proposal has been very positive 
 in new york stock exchange composite trading yesterday sea containers closed at $ N up N cents 
 the transportation department responding to pressure from safety advocates took further steps to impose on light trucks and vans the safety requirements used for automobiles 
 the department proposed requiring stronger <unk> for light trucks and minivans beginning with N models 
 it also issued a final rule requiring auto makers to <unk> light trucks and minivans with <unk> belts for rear seats beginning in the N model year 
 such belts already are required for the vehicles ' front seats 
 today 's action transportation secretary samuel skinner said represents another <unk> in the ongoing program to promote vehicle <unk> safety in light trucks and minivans through its extension of passenger car standards 
 in september the department had said it will require trucks and minivans to be equipped with the same <unk> <unk> that have long been required on passenger cars 
 the big three auto makers said the rule changes were n't surprising because bush administration officials have long said they planned to impose car safety standards on light trucks and vans 
 safety advocates including some members of congress have been urging the department for years to extend <unk> requirements to light trucks and vans which now account for almost one-third of all vehicle sales in the u.s. 
 they say that many vehicles <unk> as commercial light trucks actually carry more people than cargo and therefore should have the same safety features as cars 
 they did n't have much luck during the reagan administration 
 but now there seems to be a fairly <unk> effort to address the problem said chuck <unk> vice president of communications for the insurance institute for highway safety 
 we 're in a very different regulatory environment 
 sen. john <unk> r. <unk> praised the department 's actions noting that <unk> crashes account for almost half of all <unk> deaths 
 we could prevent many of these <unk> with minimum <unk> standards he said 
 sen. <unk> and others also want the department to require additional safety equipment in light trucks and minivans including air bags or automatic seat belts in front seats and improved <unk> protection 
 the department 's <unk> proposal would apply to vehicles weighing N pounds or less 
 the <unk> would be required to withstand a force of N times the <unk> weight of the vehicle 
 during the test the <unk> could n't be depressed more than five inches 
 in detroit a chrysler corp. official said the company currently has no <unk> <unk> and shoulder belts in its light trucks but plans to begin <unk> them in by the end of the N model year 
 he said chrysler fully expects to have them installed across its <unk> line by the sept. N N deadline 
 chrysler said its trucks and vans already meet the <unk> resistance standard for cars 
 john <unk> executive engineer of ford motor co. 's <unk> office said ford trucks have met car standards for <unk> resistance since N 
 ford began <unk> the <unk> belts in trucks with its <unk> crew <unk> <unk> in the N model year 
 the new <unk> <unk> vehicle set for introduction next spring will also have the <unk> belts 
 mr. <unk> said he expects ford to meet the deadline easily 
 consolidated rail corp. said it would spend more than $ N million on N <unk> <unk> for <unk> autos 
 the <unk> <unk> scheduled for delivery in N will be made by <unk> manufacturing co. a chicago heights ill. division of closely held <unk> industries inc. <unk> ill 
 this year the railroad holding company acquired N such <unk> 
 sir peter walters <unk> chairman of british petroleum co. until next march joins the board of this cement products company on dec. N 
 sir peter will succeed sir john <unk> N who <unk> as blue circle nonexecutive chairman on june N 
 bank of new england corp. said it has held talks with potential merger partners outside new england although it added that nothing is imminent and it has n't received any formal offers 
 the discussions were disclosed as the bank holding company said that it has dropped its longstanding opposition to full interstate banking bills in connecticut and in massachusetts 
 later yesterday a massachusetts senate committee approved a bill to allow national interstate banking by banks in the state beginning in N 
 currently both massachusetts and connecticut where most of bank of new england 's operations are allow interstate banking only within new england 
 richard <unk> vice chairman of bank of new england told the dow jones professional investor report certainly there are those outside the region who think of us <unk> as a good partner 
 we have and i 'm sure others have considered what our options are and we 've had conversations with people who in the future might prove to be interesting partners 
 he added there 's nothing very hot 
 mr. <unk> did n't elaborate about who the potential partners were or when the talks were held 
 a bank spokeswoman also declined to comment on any <unk> matters but said the company decided to drop its opposition to the interstate banking legislation because prevailing sentiment is in favor of passage 
 bank of new england has been hit hard by the region 's real-estate slump with its net income declining N N to $ N million or N cents a share in the first nine months of N from the year-earlier period 
 the company recently said it would sell some operations and lay off N N of its work force altogether reducing employment to less than N from about N 
 it recently signed a preliminary agreement to negotiate exclusively with the bank of tokyo ltd. for the sale of part of its leasing business to the japanese bank 
 <unk> products inc. cut its quarterly dividend to five cents a share from N cents a share 
 the reduced dividend is payable jan. N to stock of record dec. N 
 the <unk> <unk> maker of hair accessories and other cosmetic products said it cut the dividend due to its third-quarter loss of $ N or N cents a share 
 in the year-ago quarter the company reported net income of $ N million or N cents a share 
 the company also adopted an anti-takeover plan 
 michael henderson <unk> group chief executive of this u.k. metals and industrial materials maker will become chairman in may succeeding ian butler N who is retiring 
 mr. butler will remain on the board as a nonexecutive director 
 rally 's inc. said it has redeemed its rights outstanding issued monday in its shareholder rights plan 
 the company said holders of stock of record nov. N will receive <unk> of one cent a share as the redemption payment 
 the fast-food company said its decision was based upon discussions with a shareholder group giant group ltd. in an effort to resolve certain disputes with the company 
 giant group is led by three rally 's directors burt sugarman james m. trotter iii and william e. trotter ii who last month indicated they hold a N N stake in rally 's and plan to seek a majority of seats on rally 's <unk> board 
 when warren <unk> <unk> of <unk> 's leap wine <unk> in <unk> valley announced a $ N price tag for his N <unk> N cabernet this fall few wine shops and restaurants around the country balked 
 this is the peak of my <unk> experience mr. <unk> declared when he introduced the wine at a dinner in new york and i wanted to single it out as such 
 it is in my <unk> the best wine <unk> 's leap has produced and with fewer than N cases available it is sure to sell quickly 
 the price is a new high for california cabernet <unk> but it is not the highest 
 diamond creek N lake <unk> cabernet weighed in this fall with a <unk> price of $ N a bottle 
 one of the fastest growing segments of the wine market is the category of <unk> wines limited in production of <unk> quality or so perceived at any rate and with <unk> high prices 
 for years this group included a stable of <unk> <unk> first <unk> <unk> <unk> <unk> <unk> grand <unk> <unk> <unk> and la <unk> <unk> <unk> <unk> <unk> or <unk> <unk> <unk> sweet wines <unk> <unk> or <unk> <unk> from germany and <unk> <unk> <unk> from <unk> 
 these first magnitude wines ranged in price from $ N to $ N a bottle 
 in the last year or so however this exclusive club has taken in a host of flashy new members 
 the <unk> have <unk> in price to meet the competition and it almost seems that there 's a race on to come up with the <unk> single bottle among current releases from every major wine region on the globe 
 france can <unk> the lion 's share of high-priced bottles 
 <unk> 's first <unk> from N and N are $ N to $ N each except for the smallest in terms of production <unk> <unk> which costs around $ N 
 these prices seem rather modest however in light of other french wines from current <unk> 
 <unk> <unk> the leading <unk> now goes for well over $ N a bottle for a lighter vintage like N the <unk> rich N runs $ N 
 in champagne some of the prestige <unk> are <unk> toward $ N a bottle 
 the first champagne to crack that price barrier was the N salon de <unk> <unk> de <unk> 
 the <unk> salon is $ N 
 <unk> <unk> at $ N a bottle sells out around the country and <unk> 's <unk> de champagne <unk> de <unk> is <unk> upon that level 
 the great <unk> of the <unk> valley have soared in price as well 
 e. <unk> 's N <unk> <unk> la <unk> for example is $ N 
 none of france 's wine regions can steal a march on <unk> however 
 the six wines of the <unk> de la <unk> N of the most precious acres of <unk> anywhere in the world have <unk> <unk> price <unk> for several years now 
 with the N vintage they soared higher la <unk> $ N <unk> $ N <unk> $ N 
 another small <unk> estate <unk> has just offered its N <unk> for $ N 
 from italy there is angelo <unk> <unk> at $ N a bottle <unk> <unk> 's la <unk> a $ N cabernet from <unk> and <unk> <unk> at $ N 
 spain 's <unk> <unk> <unk> N released only in its <unk> year is $ N as is australia 's <unk> <unk> N 
 there are certain <unk> wines that can command these higher prices says larry shapiro of <unk> 's one of the largest wine shops in dallas 
 what 's different is that it is happening with young wines just coming out 
 we 're seeing it partly because older <unk> are growing more scarce 
 wine auctions have almost exhausted the limited supply of those wines mr. shapiro continued we 've seen a dramatic decrease in demand for wines from the <unk> and <unk> which go for $ N to $ N a bottle 
 some of the newer wines even at $ N to $ N a bottle or so almost offer a bargain 
 take lake <unk> cabernet from diamond creek 
 it 's made only in years when the <unk> <unk> perfectly the last was N and comes from a single <unk> of <unk> that yielded a mere N cases in N 
 owner al <unk> originally planned to sell it for $ N a bottle but when a retailer in southern california asked is that wholesale or retail he <unk> the matter 
 offering the wine at roughly $ N a bottle wholesale $ N retail he sent merchants around the country a form asking them to check one of three answers N no the wine is too high N responses N yes it 's high but i 'll take it N responses N i 'll take all i can get N responses 
 the wine was shipped in <unk> cases instead of the usual N but even at that it was spread thin going to N retailers in N states 
 we thought it was <unk> expensive said sterling <unk> wine director at <unk> 's in <unk> ill. one of the top stores in suburban chicago but there are people out there with very different opinions of value 
 we got our two <unk> and they 're gone 
 mr. <unk> <unk> that he thinks <unk> prices have come about because producers do n't like to see a hit wine dramatically increase in price later on 
 even if there is consumer resistance at first a wine that wins high ratings from the critics will eventually move 
 there may be <unk> reaction initially said mr. <unk> but as the wine is talked about and starts to sell they eventually get excited and decide it 's worth the <unk> price to add it to their collection 
 it 's just sort of a <unk> thing with some people added larry shapiro 
 they like to talk about having the new red rock <unk> one of diamond creek 's <unk> or the dunn N cabernet or the <unk> 
 producers have seen this market opening up and they 're now creating wines that appeal to these people 
 that explains why the number of these wines is expanding so rapidly 
 but consumers who buy at this level are also more knowledgeable than they were a few years ago 
 they wo n't buy if the quality is not there said <unk> martin of martin wine <unk> in new orleans 
 or if they feel the wine is <unk> and they can get something equally good for less 
 mr. martin has increased prices on some wines like <unk> hills <unk> now $ N just to slow down movement but he is beginning to see some resistance to high-priced red <unk> and <unk> and <unk> in the $ N to $ N range 
 image has of course a great deal to do with what sells and what does n't and it ca n't be forced 
 wine merchants ca n't keep <unk> <unk> in stock but they have to push salon <unk> <unk> even lowering the price from $ N to $ N 
 it 's hardly a question of quality the N salon is a beautiful wine but as mr. <unk> noted people have their own ideas about value 
 it 's interesting to find that a lot of the expensive wines are n't always walking out the door 
 in every major market in the u.s. for instance you can buy <unk> la <unk> or <unk> virtually all of the first growth <unk> except <unk> as well as <unk> one and <unk> from california and at the moment the <unk> 's leap N <unk> N 
 with the biggest <unk> period of the year looming as the holidays approach it will be interesting to see how the <unk> fare 
 by january it should be fairly clear what 's hot and what 's not 
 ms. <unk> is a free-lance wine writer in new york 
 signs of a slowing economy are increasing pressure on the federal reserve to cut short-term interest rates but it is n't clear whether the central bank will do so 
 a survey by the fed 's N district banks shows economic growth has been sluggish in recent weeks while upward pressures on prices have <unk> 
 the economy is clearly slowing says robert black president of the richmond federal reserve bank 
 if you look at the third quarter as posting roughly N N growth i do see some slowing in the fourth quarter agrees kansas city fed president roger <unk> 
 nevertheless both mr. <unk> and mr. black say the slowdown so far is no cause for concern 
 we 're coming closer to <unk> the stated objective of slowing the economy to a point where hopefully some downward trend in prices will occur said mr. <unk> 
 bush administration officials are looking to the fed to bring down rates and financial markets seem to be expecting easier credit as well 
 i think the market had been expecting the fed to ease sooner and a little more than it has to date said robert johnson vice president of global markets for bankers trust co 
 the fed cut the key federal funds interest rate by about N percentage point to N N after the oct. N stock market plunge but has shown no sign of movement since 
 the report from the fed found that manufacturing in particular has been weak in recent weeks 
 the philadelphia fed for instance reported that manufacturing activity continues to decline for the fourth month in a row 
 and in the chicago district the report said a manufacturer of capital goods noted slower orders for some types including defense equipment petroleum equipment food packaging machinery and material handling equipment 
 retail sales also were reported slow in most districts particularly for discretionary <unk> items such as furniture home appliances and consumer electronics 
 and construction also was described as slow in most areas 
 despite the economic slowdown there are few clear signs that growth is coming to a halt 
 as a result fed officials may be divided over whether to ease credit 
 several fed governors in washington have been pushing for easier credit but many of the regional fed presidents have been <unk> such a move 
 mr. black said he is pleased with the economy 's recent performance and does n't see a lot of excesses out there that would tilt us into recession 
 there is always a chance of recession added mr. <unk> but if you ask me to put a percentage on it i would think it 's well below a N N chance 
 <unk> hotel & restaurant co. said its planned rights offering to raise about $ N million was declared effective and the company will begin mailing materials to shareholders at the end of this week 
 under the offer shareholders will receive one right for each N common shares owned 
 each right <unk> the shareholder to buy $ N face amount of N N bonds due N and warrants to buy N common shares at N cents a share 
 the rights which expire nov. N can be exercised for $ N each 
 <unk> which owns and operates hotels said that <unk> group inc. has agreed to exercise any rights that are n't exercised by other shareholders 
 <unk> a cleveland merchant bank owns about N N of <unk> 
 <unk> corp. a specialty steelmaker said N workers at a plant in <unk> ohio began a strike after the united steelworkers local N rejected a new contract on tuesday 
 the previous contract between <unk> 's ohio steel tube division and the union expired at midnight tuesday 
 the union vote to reject the proposed pact was N 
 <unk> said it does n't expect a <unk> strike 
 it said it has taken measures to continue shipments during the work <unk> 
 the treasury said it plans to sell $ N billion in notes and bonds next week but said the auctions will be postponed unless congress acts quickly to lift the federal debt ceiling 
 michael <unk> deputy assistant secretary for federal finance said the treasury may wait until late monday or even early tuesday to announce whether the <unk> are to be <unk> 
 unless it can raise money in financial markets mr. <unk> said the federal government wo n't have the cash to pay off $ N billion in treasury bills that mature on thursday 
 without congressional action the treasury ca n't sell any new securities even savings bonds 
 but despite <unk> <unk> over the debt ceiling which has become <unk> in the fight over cutting capital-gains taxes congress is almost certain to act in time to avoid default 
 each day that congress fails to act will cause additional disruption in our borrowing schedule possibly resulting in higher interest costs to the taxpayer treasury secretary nicholas brady said in a speech prepared for delivery last night to a group of bankers 
 to avoid these costs and a possible default immediate action is <unk> 
 the securities to be sold next week will raise about $ N billion in cash and redeem $ N billion in maturing notes 
 the new securities part of the federal government 's regular quarterly refunding will consist of 
 $ N billion of three-year notes to be auctioned tuesday and to mature nov. N N 
 $ N billion of 10-year notes to be auctioned wednesday and to mature nov. N N 
 $ N billion of 30-year bonds to be auctioned thursday and to mature aug. N N 
 the treasury also said it plans to sell $ N billion in <unk> cash management bills on thursday 
 they will mature dec. N 
 none of the securities will be eligible for when-issued trading until congress approves an increase in the debt ceiling clearing the way for a formal offering mr. <unk> said 
 the treasury said it needs to raise $ N billion in the current quarter in order to end december with a $ N billion cash balance 
 auctions held in october and those scheduled for next week will raise a total of $ N billion 
 the remaining $ N billion could be raised through the sale of short-term treasury bills two-year notes in november and five-year notes in early december the treasury said 
 in the first three months of N the treasury estimates that it will have to raise between $ N billion and $ N billion assuming that it decides to aim for a $ N billion cash balance at the end of march 
 lancaster colony corp. said it acquired <unk> foods inc. in a cash transaction 
 terms were n't disclosed 
 <unk> a maker and marketer of frozen <unk> and <unk> pasta based in <unk> iowa has annual sales of about $ N million lancaster said 
 investors took advantage of tuesday 's stock rally to book some profits yesterday leaving stocks up fractionally 
 bond prices and the dollar both gained modestly 
 the dow jones industrial average finished less than a point higher to close at N in moderate trading 
 but advancing issues on the new york stock exchange were <unk> ahead of declining stocks N to N 
 long-term bond prices rose despite prospects of a huge new supply of treasury debt this month 
 continuing demand for dollars from japanese investors boosted the u.s. currency 
 analysts were disappointed that the enthusiasm investors showed for stocks in the wake of georgia-pacific 's $ N billion bid for great northern nekoosa <unk> so quickly 
 the industrial average jumped more than N points tuesday as speculators rushed to buy shares of potential takeover targets 
 but with the end of the year in sight money managers are eager to take profits and cut their risks of losing what for many have been exceptionally good returns in 
 economic news had little effect on financial markets 
 as expected a national purchasing managers ' report indicated the nation 's manufacturing sector continues to contract modestly 
 the federal reserve 's <unk> book a summary of economic conditions across the country indicated that the overall economy remains in a pattern of sluggish growth 
 in major market activity 
 stock prices rose fractionally in moderate trading 
 big board volume totaled N million shares 
 bond prices were up 
 the treasury 's benchmark 30-year bond gained about a quarter of a point or $ N for each $ N of face amount 
 the yield fell to N N 
 the dollar rose 
 in late afternoon new york trading the currency was at N marks and N yen compared with N marks and N yen 
 mitsui mining & <unk> co. posted a N N rise in pretax profit to N billion yen $ N million in its fiscal first half ended sept. N compared with N billion yen a year earlier 
 net income more than tripled to N billion yen from N billion yen a year earlier 
 eaton corp. said it sold its pacific sierra research corp. unit to a company formed by employees of that unit 
 terms were n't disclosed 
 pacific sierra based in los angeles has about N employees and supplies professional services and advanced products to industry 
 eaton is an automotive parts controls and aerospace electronics concern 
 investor harold simmons and nl industries inc. offered to acquire georgia gulf corp. for $ N a share or about $ N billion stepping up the pressure on the commodity chemicals concern 
 the offer follows an earlier proposal by nl and mr. simmons to help georgia gulf restructure or go private in a transaction that would pay shareholders $ N a share 
 georgia gulf rebuffed that offer in september and said it would study other alternatives 
 however it has n't yet made any proposals to shareholders 
 late yesterday georgia gulf said it reviewed the nl proposal as well as interests from third parties regarding business <unk> 
 georgia gulf said it has n't eliminated any alternatives and that discussions are being held with interested parties and work is also continuing on other various transactions 
 it did n't elaborate 
 analysts saw the latest offer as proof that mr. simmons an aggressive and persistent investor wo n't leave georgia gulf alone until some kind of transaction is completed 
 he has <unk> on their <unk> like a pit bull says paul <unk> a vice president with morgan stanley & co 
 he appears to be in it for the long haul 
 mr. simmons and nl already own a N N stake in georgia gulf 
 mr. simmons owns N N of valhi inc. which in turn owns two-thirds of nl 
 nl is officially making the offer 
 mr. <unk> was n't surprised by the lower price cited by nl saying he believes that $ N a share is the most you can pay for georgia gulf before it becomes a bad acquisition 
 georgia gulf stock rose $ N a share yesterday to close at $ N a share while nl shares closed unchanged at $ N and valhi rose N cents to $ N all in new york stock exchange composite trading 
 j. <unk> martin nl president and chief executive officer said nl and mr. simmons cut the price they were proposing for georgia gulf because they initially planned a transaction that included about $ N million in equity and a substantial amount of high-yield subordinated debt 
 however the junk-bond market has collapsed in recent weeks <unk> the likelihood that such a transaction would succeed 
 now he said the group plans to put in several hundred million dollars in equity and finance the remainder with bank debt 
 he also said that the group reduced its offer because it was n't allowed to see georgia gulf 's confidential financial information without agreeing that it would n't make an offer unless it had georgia gulf 's consent 
 in a letter to georgia gulf president jerry r. <unk> mr. martin asked georgia gulf to answer its offer by tuesday 
 it was n't clear how nl and mr. simmons would respond if georgia gulf <unk> them again 
 mr. martin said they have n't yet decided what their next move would be but he did n't rule out the possibility of a consent solicitation aimed at replacing georgia gulf 's board 
 in other transactions mr. simmons has followed friendly offers with a hostile tender offer 
 although georgia gulf has n't been eager to negotiate with mr. simmons and nl a specialty chemicals concern the group apparently believes the company 's management is interested in some kind of transaction 
 the management group owns about N N of the stock most purchased at nominal prices and would stand to gain millions of dollars if the company were sold 
 in the third quarter georgia gulf earned $ N million or $ N a share down from $ N million or $ N a share on fewer shares outstanding 
 sales fell to $ N million from $ N million 
 a licensing company representing the university of pennsylvania added johnson & johnson to its lawsuit challenging a university faculty member over rights to <unk> <unk> medicine 
 university patents inc. based in <unk> conn. said it seeks johnson & johnson 's profits from sales of <unk> estimated at $ N million a similar amount of punitive damages and the right to license <unk> elsewhere 
 in may university patents filed a suit in federal court in philadelphia against albert m. <unk> a researcher and professor at the university of pennsylvania school of medicine who developed <unk> in the 1960s to combat <unk> 
 dr. <unk> <unk> the medicine while employed by the university but later licensed the <unk> to a division of johnson & johnson 
 in new <unk> n.j. a johnson & johnson spokesman declined comment 
 criticism in the u.s. over recent japanese acquisitions is looming ever larger in the two countries ' relations 
 officials from both nations say the u.s. public 's <unk> about japanese investment could color a second round of <unk> economic talks scheduled for next week in washington 
 not that washington and tokyo disagree on the japanese acquisitions indeed each has come out in favor of <unk> investment in the u.s. 
 where they disagree is on the subject of u.s. direct investment in japan 
 the u.s. wants the removal of what it <unk> as barriers to investment japan denies there are real barriers 
 the <unk> talk <unk> up by recent japanese investments in the u.s. is focusing attention on the differences in investment climate even though it 's only one of many subjects to be covered in the <unk> talks known as the structural <unk> initiative 
 the japanese should see this rhetoric as a signal of the need for a change in their own economy says charles <unk> u.s. assistant treasury secretary who has been in tokyo this week <unk> discussing the impending negotiations with government and business leaders 
 we have a long history of maintaining an open <unk> policy mr. <unk> says 
 u.s. investors should have a greater opportunity at direct investment in japan 
 the japanese <unk> openly about the u.s. public 's <unk> 
 one clear sign of japan 's nervousness came this week when a spokesman for japan 's foreign ministry devoted nearly all of a regular half-hour briefing for foreign journalists to the subject of recent japanese investments in the u.s. 
 we believe that it is <unk> important for those japanese business interests in the u.s. to be more aware of the <unk> and concerns of the american people said the spokesman <unk> <unk> 
 at the same time though he <unk> the media for paying such close attention to japanese investment when other foreign countries notably britain are acquiring more american assets 
 fears that japanese investors are buying up america have <unk> sharply in the past several weeks with sony corp. 's purchase of columbia pictures entertainment inc. from coca-cola co. and mitsubishi estate co. 's acquisition of a N N holding in rockefeller group the owner of some of <unk> manhattan 's most exclusive real estate 
 even before those moves added fuel the fires of <unk> had been well <unk> by the highly publicized experience in japan of one u.s. investor t. boone pickens jr 
 the texas <unk> has acquired a N N stake valued at more than $ N billion in an <unk> company <unk> manufacturing co 
 but he has failed to gain any influence at the company 
 <unk> has refused to grant mr. pickens seats on its board <unk> he is a <unk> trying to pressure <unk> 's other shareholders into buying him out at a profit 
 mr. pickens made considerable political <unk> with his troubles in japan 
 the senate finance committee <unk> by a fellow <unk> democratic sen. lloyd <unk> last month urged u.s. trade representative carla hills to use mr. pickens 's experience in talks with tokyo to highlight this problem facing americans who seek access to the japanese capital markets 
 while mr. <unk> and japanese officials say the question of investors ' access to the u.s. and japanese markets may get a disproportionate share of the public 's attention a number of other important economic issues will be on the table at next week 's talks 
 among them are differences in savings and investment rates corporate structures and management and government spending 
 each side has a <unk> of recommendations for the other 
 the u.s. says it is anxious for results 
 we feel very strongly that we really need action across the full range of issues we 've identified and we need it by next spring mr. <unk> says 
 both sides have agreed that the talks will be most successful if negotiators start by focusing on the areas that can be most easily changed 
 but they have n't <unk> what those might be 
 after the first set of meetings two months ago some u.s. officials complained that japan had n't come up with specific changes it was prepared to make 
 the japanese <unk> that the first round was too early to make concessions 
 just to say the distribution system is wrong does n't mean anything says a ministry of international trade and industry official 
 we need to clarify what exactly is wrong with it 
 that process of <unk> out <unk> is likely to take time the japanese say no matter how badly the u.s. wants quick results 
 for instance at the first meeting the two sides could n't even agree on basic data used in price discussions 
 since then a team of about N <unk> and u.s. commerce department officials have crossed the globe <unk> consumer prices 
 by monday they hope to have a <unk> of documents both sides can trust 
 little by little there is progress says the <unk> official 
 both sides are taking action 
 <unk> <unk> contributed to this article 
 while worry grows about big japanese investments in the u.s. japan 's big trading companies are rapidly increasing their stake in america 's smaller business 
 for japan the controversial trend improves access to american markets and technology 
 but for small american companies it also provides a growing source of capital and even marketing help 
 take the deal with candela laser corp. a <unk> mass. manufacturer of high-tech medical devices which three years ago set its sights on japan as an export market 
 partly to help clear the <unk> obstacles facing any overseas company trying to <unk> japan tiny candela turned to mitsui & co. one of japan 's largest trading companies for investment 
 in a joint-venture deal mitsui <unk> candela through tokyo 's bureaucratic <unk> 
 it eventually secured ministry of health import approval for two candela laser products one that breaks up kidney stones and another that <unk> skin <unk> 
 at last count candela had sold $ N million of its medical devices in japan 
 the deal also gave mitsui access to a high-tech medical product 
 they view this as a growth area so they went about it with a <unk> approach says richard <unk> a candela vice president 
 indeed for many japanese trading companies the favorite u.s. small business is one whose research and development can be <unk> for future japanese use 
 the japanese companies <unk> many small u.s. companies with promising products or ideas frequently putting their money behind projects that commercial banks wo n't touch 
 japanese companies have financed small and medium-sized u.s. firms for years but in recent months the pace has taken off 
 in the first half of N alone japanese corporations invested $ N million in minority positions in u.s. companies a N N rise from the figure for all of N reports venture economics inc 
 the needham mass. concern tracks investments in new businesses 
 in addition of course some of the japanese investments involved outright purchase of small u.s. firms 
 heightened japanese interest in american small business parallels an acceleration of investments giving japanese companies control of large highly visible u.s. corporations such as columbia pictures entertainment inc 
 only this week it was announced that mitsubishi estate co. had acquired a N N stake in rockefeller group which owns new york 's prestigious rockefeller center 
 while the small deals are far less <unk> they add to japanese <unk> of the u.s. market 
 as the deals also improve japanese access to american technology and market knowledge they feed american <unk> in this area too 
 even a <unk> product like plate glass can catch a trading company 's fancy if there 's a strategic fit 
 free state glass industries of <unk> va. a small <unk> of architectural glass was <unk> under its original management 
 last year mitsubishi international corp. the new york-based arm of mitsubishi corp. bought controlling interest in the glass company in a joint venture with ronald <unk> a glass industry executive and mitsubishi consultant 
 the deal is <unk> designed to give mitsubishi a window on the u.s. glass industry says <unk> <unk> an executive in mitsubishi 's general merchandise department in new york 
 it 's not just a simple investment in a small company mr. <unk> says 
 we want to see the glass market from the inside not the outside 
 mitsubishi 's investment in free state is very small less than $ N million mr. <unk> says 
 mr. <unk> declines to comment on the arrangement 
 trading companies such as mitsubishi mitsui c. <unk> & co. and <unk> corp. which make many of the japanese investments in small u.s. concerns have no u.s. counterpart 
 these <unk> integrated combines some of which got their start in japan 's <unk> period deal <unk> in commodities construction and manufacturing 
 they operate ships and banks 
 all the <unk> are looking for new business says arthur <unk> adviser to the president of mitsui u.s.a. using the japanese term for the largest of the global trading houses 
 adds <unk> <unk> senior vice president of c. <unk> america inc. we have a great interest in making investments particularly in new ventures 
 a host of electronics firms in california 's silicon valley were financed with <unk> venture capital 
 profit at least in the short term is usually a secondary goal 
 strategic objectives not financial return drive many of the deals says a venture economics spokesman 
 in investing on the basis of future transactions a role often performed by merchant banks trading companies can cut through the <unk> that <unk> owners often face with their local commercial banks 
 it 's the classic problem of the small businessman says malcolm <unk> managing director of trading alliance corp. of new york 
 people are <unk> at the door to take his product but he does n't have the working capital to make the thing and commercial banks are very <unk> 
 they want assets they want a balance sheet which has no <unk> to the business a company can generate 
 adds mitsui 's mr. <unk> unlike corporations in this country trading companies are n't so much interested in a high return on investment as they are on increasing trade flows 
 to the extent they can do this they 're quite content to get a return on investment of N N to N N 
 mr. <unk> says mitsui has N u.s. subsidiaries in which it holds N N interest or more and the trading company hopes to double the number of its u.s. affiliates in N 
 sales by these subsidiaries in the fiscal year ending last march were more than $ N billion 
 a N N to N N return on $ N billion ai n't <unk> mr. <unk> says 
 hudson general corp. 's president and chief executive officer alan j. <unk> resigned 
 mr. <unk> N years old could n't be reached for comment 
 a company spokesman declined to elaborate on the departure 
 hudson general which provides maintenance fueling and other services to airlines and airports reported a loss for its most recent fiscal year and last month omitted the semiannual dividend on its common shares 
 mr. <unk> who had been with the company more than N years and had been president since N will act as a consultant to hudson general 
 his duties as chief executive will be assumed by chairman jay b. <unk> 
 for N years <unk> <unk> went to her neighborhood bank because it was convenient 
 a <unk> customer that banks <unk> for she did n't give much thought to the rates she was receiving nor to the fees she was paying 
 but in august first atlanta national bank introduced its crown account a package designed to lure customers such as ms. <unk> 
 among other things it included checking safe deposit box and credit card all for free plus a good deal on installment loans 
 all she had to do was put $ N in a certificate of deposit or qualify for a $ N personal line of credit 
 i deserve something for my loyalty she says 
 she took her business to first atlanta 
 so it goes in the competitive world of consumer banking these days 
 for nearly a decade banks have <unk> for customers primarily with the interest rates they pay on their deposits and charge on their loans 
 the competitive rates were generally offset by hefty fees on various services 
 but many banks are turning away from strict price competition 
 instead they are trying to build customer loyalty by <unk> their services into packages and targeting them to small segments of the population 
 you 're dead in the water if you are n't <unk> the market says anne moore president of <unk> research corp. a bank consulting firm in atlanta 
 ncnb corp. of charlotte n.c. recently introduced its financial connections program aimed at young adults just starting careers 
 the program not only offers a <unk> car loan up to $ N but throws in a special <unk> statement to help in saving money 
 in september union <unk> corp. of memphis tenn. launched the edge account a package designed for the <unk> crowd with services that include a credit card and line of credit with no annual fees and a full percentage point off on installment loans 
 the theory such individuals many with young children are in their prime borrowing years and having borrowed from the bank they may continue to use it for other services in later years 
 for some time banks have been aiming packages at the elderly the <unk> segment with the highest savings 
 those efforts are being stepped up 
 <unk> macdonald vice president of retail sales at barnett banks inc. of <unk> fla. says the company now targets <unk> within the market by <unk> its popular seniors partners program to various life styles 
 <unk> age geography and <unk> differences create numerous <unk> ms. macdonald says 
 she says individual barnett branches can add different benefits to their seniors partners package such as athletic activities or travel clubs to appeal to local market interests 
 an active <unk> in <unk> <unk> may care more about senior olympic games while a <unk> in panama city may care more about a <unk> on health she says 
 banks have tried packaging before 
 in N wells fargo & co. of san francisco launched the gold account which included free checking a credit card <unk> box and travelers checks for a $ N monthly fee 
 the concept <unk> a slew of <unk> but the banks stopped promoting the packages 
 one big reason thin margins 
 many banks particularly smaller ones were slow to <unk> and could n't target market <unk> that would have made the programs more profitable 
 as banks ' earnings were squeezed in the mid-1970s the emphasis switched to finding ways to cut costs 
 but now computers are enabling more banks to analyze their customers by age income and geography 
 they are better able to get to those segments in the wake of the deregulation that began in the late 1970s 
 deregulation has effectively removed all restrictions on what banks can pay for deposits as well as opened up the field for new products such as <unk> cds 
 where a bank once offered a standard <unk> savings account it began offering money-market accounts certificates of deposit and <unk> checking and staggering rates based on the size of deposits 
 the competition has grown more intense as bigger banks such as <unk> corp. of minneapolis and chemical banking corp. of new york extend their market-share <unk> into small towns across the nation 
 today a banker is worrying about local regional and <unk> banks as well as thrifts and credit unions says ms. moore at <unk> research 
 so people who were n't even thinking about targeting N years ago are scrambling to define their customer base 
 the competition has <unk> a much <unk> consumer 
 the average household will spread N accounts over a dozen financial institutions says michael p. sullivan who runs his own bank consulting firm in charlotte n.c 
 this much <unk> makes attracting and keeping today 's <unk> customers costly 
 packages encourage loyalty by rewarding customers for doing the bulk of their banking in one place 
 for their troubles the banks get a larger <unk> audience that is less likely to move at the drop of a rate 
 the more accounts customers have mr. sullivan says the more likely they are to be attracted to a package and to be loyal to the bank that offers it 
 that can pay off down the road as customers especially the younger ones change from borrowers to <unk> 
 packaging has some <unk> 
 the additional technology personnel training and promotional effort can be expensive 
 chemical bank spent more than $ N million to introduce its <unk> line several packages aimed at different segments in N according to thomas jacob senior vice president of marketing 
 it 's not easy to roll out something that comprehensive and make it pay mr. jacob says 
 still bankers expect packaging to <unk> primarily because more customers are demanding that financial services be tailored to their needs 
 these days banking customers walk in the door expecting you to have a package especially for them ms. moore says 
 some banks are already moving in that direction according to alvin t. sale marketing director at first union corp. in charlotte 
 first union he says now has packages for seven customer groups 
 soon it will split those into N 
 says mr. sale i think more banks are starting to realize that we have to be more like the department store not the <unk> 
 iras 
 <unk> inc. said it will <unk> a registration statement filed with the securities and exchange commission to <unk> a plan to sell N newly issued common shares 
 the chandler ariz. company said it will <unk> the registration to cover only the N million warrants each exercisable for the purchase of one common share 
 currently <unk> has about N million common shares outstanding 
 <unk> develops and markets low-cost software peripheral equipment and accessories for computers 
 five things you can do for $ N or less 
 N buy a new chevrolet 
 N take a <unk> vacation 
 N send your child to a university 
 N buy a diamond <unk> 
 N make a lasting difference in the regulatory life of an american savings-and-loan association through the foster corporate parents plan 
 americans today spend $ N like <unk> change they do n't think much about it 
 but for an ailing savings-and-loan association <unk> on <unk> it can lead to safety from imminent demise and to a future full of promise 
 your $ N will help keep a <unk> savings and loan <unk> and out of the federal budget deficit 
 as a foster corporate parent you 'll be helping a neighborhood s&l in areas crucial to its survival 
 like healthy regulatory capital 
 a steady deposit base 
 performing loans 
 at the same time you 'll give your foster savings institution the gift of hope and freedom from the federal regulators who want to close its doors for good 
 as a foster corporate parent you will experience the same <unk> felt by robert bass lewis <unk> william simon and others who find ways to help troubled savings institutions and their employees help themselves 
 that builds confidence <unk> <unk> not to mention critical regulatory net worth 
 do n't wait a savings institution needs your help now 
 every day you delay a savings institution 's health and the federal budget deficit grows worse 
 think about the good you can do for just $ N a month about the cost of a <unk> chevrolet or two <unk> at a state university 
 then send your support to a savings institution that has taken a bad <unk> in the press and on its bottom line 
 every $ N you send will go a long way to boost sagging net worth and employee morale and keep your foster savings institution off the federal budget deficit 
 mr. <unk> is a lawyer in new york 
 the chicago mercantile exchange said it plans to institute an additional circuit breaker aimed at stemming market <unk> 
 separately john phelan told a closed house subcommittee meeting in washington that he would support securities and exchange commission halts of program trading during market <unk> 
 but the new york stock exchange chairman said he does n't support <unk> a collar on program trading arguing that firms could get around such a limit 
 the chicago merc said a new one-hour price limit would take effect in its standard & poor 's N stock-index futures pit once s&p N futures fell N index points the equivalent of about a <unk> drop in the dow jones industrial average 
 if the <unk> limit is triggered after N p.m chicago time it would remain in effect until the normal close of trading at N p.m 
 with the limit in effect members would be able to execute trades at the limit price or at higher prices but not below it 
 the exchange said it decided a new circuit breaker was needed following a review of the tumultuous trading in stocks and stock-index futures on friday oct. N when the dow jones industrials plunged N points and stock-index futures prices skidded as well 
 late that afternoon the s&p N stock-index futures contract fell a total of N index points hitting a merc circuit breaker limit that remained in effect for the rest of the trading session 
 the merc said that its existing <unk> <unk> limit on s&p N stock-index futures trading equal to about N points on the dow jones industrials which was triggered oct. N will remain in effect 
 leo <unk> merc executive committee chairman said that the <unk> limit appeared to <unk> the selling panic oct. N 
 but when the contract reopened the subsequent flood of sell orders that quickly knocked the contract down to the <unk> limit indicated that the intermediate limit of N points was needed to help keep stock and stock-index futures prices <unk> 
 several traders maintained that the merc 's <unk> <unk> <unk> the market slide oct. N by <unk> additional selling pressure to the floor of the new york stock exchange 
 all of the changes require regulatory approval which is expected shortly 
 the exchange also said that the <unk> circuit breaker which currently provides only a one-hour <unk> during market <unk> will become the maximum one-day limit for the s&p N stock-index futures contract the one-day limit now is N index points 
 a final <unk> was made to the <unk> opening limit for the contract 
 the merc said that <unk> limit will remain in effect for the first N minutes of trading 
 the limit <unk> under current exchange rules if contracts trade above the limit price during the opening N minutes of trading 
 in washington house aides said mr. phelan told congressmen that the collar which banned program trades through the big board 's computer when the dow jones industrial average moved N points did n't work well 
 he said that firms could get around the collar by executing trades <unk> 
 in a <unk> news conference mr. phelan who has publicly expressed concern about market volatility said he told the house finance and telecommunications subcommittee that he would support the program-trading halt proposal providing the sec would be comfortable with the language in a bill 
 the program-trading issue is heating up on capitol hill as it is on wall street and several legislators want to grant the sec the power to shut off the programs when trading becomes too volatile 
 sec chairman richard breeden has said he would be willing to consider circuit breakers that have <unk> trigger points but he does n't want discretionary power to stop programs 
 a house aide suggested that mr. phelan was so vague and <unk> that it was the kind of meeting where people of all <unk> could come out feeling good 
 at one point mr. phelan angered the subcommittee 's chairman rep. edward markey d. mass. by not going much beyond what already had been reported in the morning newspapers 
 markey said we could have done this in public because so little sensitive information was disclosed the aide said 
 mr. phelan then responded that he would have been happy just writing a report to the panel the aide added 
 at another point during the hearing rep. markey asked mr. phelan what would be discussed at a new york exchange board meeting today 
 mr. phelan said the big board is likely to study the program-trading issue 
 that response <unk> rep. markey house aides said and the congressman snapped back that there had been enough studies of the issue and that it was time for action on the matter 
 <unk> of the N subcommittee members attended the hearing most notably rep. john dingell d. mich. the full house energy and commerce committee chairman who has been willing to let mr. markey carry the legislation in recent months 
 mr. dingell expressed concern sources said about <unk> problems in <unk> program trading which uses futures to offset stock trades 
 the futures industry is regulated by the commodity futures trading commission which reports to the agriculture committees in both houses 
 the art of <unk> is <unk> to the english and like most english <unk> <unk> to the rest of the world 
 <unk> l. <unk> the nine <unk> 
 <unk> england 
 of all scenes that <unk> rural england this is one of the <unk> an ancient stone church stands amid the fields the sound of bells <unk> from its tower calling the <unk> to <unk> 
 the <unk> of st. michael and all angels stop to <unk> at the church door as members here always have 
 in the tower five men and women pull <unk> on ropes attached to the same five bells that first sounded here in N 
 but there is also a <unk> modern note in <unk> though it ca n't be heard by the <unk> enjoying the <unk> of bells this cool autumn evening 
 like most of the other N <unk> in britain with sets of bells st. michael once had its own band of ringers who would herald every sunday morning and evening service 
 now only one local ringer remains <unk> <unk> hammond 
 the others here today live elsewhere 
 they belong to a group of N ringers including two <unk> and four youngsters in training who drive every sunday from church to church in a <unk> effort to keep the bells <unk> in the many <unk> of east <unk> 
 to ring for even one service at this tower we have to <unk> says mr. hammond a retired <unk> worker 
 we 've tried to train the youngsters but they have their <unk> and their <unk> and they just <unk> away 
 mr. hammond worries that old age and the <unk> of youth will <unk> the ranks of the east <unk> group that keeps the <unk> bells <unk> 
 history after all is not on his side 
 according to a nationwide survey taken a year ago nearly a third of england 's church bells are no longer <unk> on <unk> because there is no one to ring them 
 it is easy to see why the ancient art is on the ropes 
 the less complicated version of playing <unk> on bells as do the <unk> of continental europe is considered by the english to be <unk> fit only for foreigners 
 <unk> a <unk> exercise the english invented N years ago requires physical <unk> some bells weigh more than a ton combined with intense mental concentration 
 proper english bells are started off in <unk> from the <unk> bell to the lowest a simple <unk> scale using in larger <unk> as many as N bells 
 then at a signal the ringers begin <unk> the order in which the bells sound without <unk> the steady <unk> of the striking 
 each <unk> or change can occur only once the rules state 
 ringers <unk> patterns of changes known as methods which have <unk> names like kent <unk> bob major or <unk> <unk> 
 a series of N or so changes is a <unk> and takes about three hours 
 a look at a thursday night practice at st. mary <unk> church in the <unk> district of london gives an idea of the work involved 
 ten <unk> ringers stand in a circle one foot ahead of the other in a <unk> 's stance each pulling a <unk> that disappears through a small hole in the high ceiling of the ringing chamber 
 no one speaks and the <unk> of the ropes seems to make as much sound as the bells themselves <unk> by the ceiling 
 totally absorbed the ringers <unk> straight ahead using peripheral vision they call it <unk> to watch the other ropes and thus time their pulls 
 far above in the <unk> the huge <unk> bells mounted on wheels swing <unk> through a full N degrees starting and ending surprisingly in the <unk> or <unk> position 
 skilled ringers use their <unk> to advance or <unk> the next swing so that one bell can swap places with another in the following change 
 in a well-known <unk> involving church bells english novelist <unk> l. <unk> described ringing as a passion that finds its satisfaction in <unk> <unk> and mechanical <unk> 
 ringers she added are filled with the <unk> <unk> that comes of <unk> <unk> <unk> performed 
 ringing does become a bit of an <unk> admits <unk> <unk> master of the band at st. mary <unk> and one of england 's best female ringers 
 it is a passion that usually stays in the tower however 
 more often than not ringers think of the church as something stuck on the bottom of the <unk> 
 when their changes are completed and after they have worked up a sweat ringers often <unk> off to the local <unk> leaving <unk> for others below 
 this does not sit well with some <unk> 
 with membership of the church of england steadily <unk> <unk> <unk> are pressing equally <unk> and often <unk> ringers to attend services 
 two years ago the rev. <unk> <unk> vicar of great <unk> <unk> got so fed up with ringers who did n't attend service he <unk> the entire band the ringers promptly set up a picket line in protest 
 they were a <unk> club that treated the tower as sort of a separate premises the vicar <unk> says 
 an entirely new band <unk> today at great <unk> several of whom are members of the <unk> 
 but there still are n't enough ringers to ring more than six of the eight bells 
 at st. mary 's church in <unk> <unk> the bells have fallen silent following a <unk> over church attendance 
 the vicar <unk> jones refuses to talk about it saying it would reopen the wound 
 but <unk> marshall vicar of a nearby church feels the fault is in the <unk> from the bell tower that are located next to the <unk> 
 so crunch crunch crunch bang bang bang here come the ringers from above making a very obvious exit while the <unk> is at <unk> he says 
 vicar marshall admits to mixed feelings about this issue since he is both a vicar and an active <unk> himself 
 the sound of bells is a net to draw people into the church he says 
 i live in hopes that the ringers themselves will be drawn into that <unk> life 
 the central council of church bell ringers a sort of parliament of ringing groups aims to improve relations with <unk> says john c. baldwin president 
 it hopes to speak to students at <unk> colleges about the <unk> of bell ringing and will shortly publish a <unk> for every vicar in the country entitled the bells in your care 
 says mr. baldwin we recognize that we may no longer have as high a priority in church life and experience 
 mr. baldwin is also attacking the greater problem lack of ringers 
 one survey says that of the N trained <unk> in england today only N of them still ring 
 also ringers do n't always live where the bells need to be <unk> like in small rural <unk> and inner-city <unk> 
 but the council 's program to attract and train ringers is only partly successful says mr. baldwin 
 right now we 're lucky if after five years we keep one new ringer out of N he adds 
 one bright sign is that a growing number of women have entered the once <unk> field more than a third of the ringers today are women 
 they are n't accepted everywhere however 
 the oldest <unk> group in the country the ancient society of college <unk> founded in N remains <unk> a fact that 's particularly <unk> to women because the group is the sole source of ringers for britain 's most prestigious <unk> st. paul 's <unk> and <unk> <unk> 
 this being britain no woman has filed an <unk> suit but the extent of the problem surfaced this summer in a series of letters to the ringing world a weekly newspaper for ringers 
 one writer signing his letter as <unk> balanced male <unk> on the frequency of women <unk> in <unk> and suggested that they settle back into their traditional role of making tea at meetings 
 in the <unk> of replies that followed one woman ringer from <unk> observed that the average male ringer leaves quite a lot to be <unk> badly dressed <unk> with <unk> and a large <unk> frequently <unk> and <unk> <unk> in <unk> 
 another women wrote from <unk> to say that in her N years of ringing i have never known a lady to <unk> in the <unk> 
 i have seen one or two men die <unk> them 
 investors unsettled by the stock market 's gyrations can take some comfort in the predictable <unk> of quarterly dividend checks 
 that has been particularly true this year with many companies raising their payouts more than N N 
 but do n't <unk> too easy those dividend increases may signal trouble ahead for stock prices some analysts warn 
 in the past they say the strongest dividend growth has often come at times when the stock-market party was almost over 
 that can be a trap for <unk> investors says richard bernstein senior <unk> analyst at merrill lynch & co 
 strong dividend growth he says is the black widow of valuation a reference to the female <unk> that attract males and then kill them after <unk> 
 stephen boesel president of t. rowe price growth and income fund explains that companies raise their payouts most <unk> only after the economy and corporate profits have been growing for some time 
 invariably those strong periods in the economy give way to <unk> environments he says 
 and <unk> environments are n't <unk> to the stock market 
 indeed analysts say that payouts have sometimes risen most sharply when prices were already on their way down from cyclical <unk> 
 in N for example dividends on the stocks in standard & poor 's 500-stock index soared N N following much slower growth the year before 
 the s&p index started sliding in price in september N and fell N N in N despite a N N expansion in dividends that year 
 that pattern has n't always held but recent strong growth in dividends makes some market watchers anxious 
 payouts on the s&p N stocks rose N N in N according to standard & poor 's corp. and wall street estimates for N growth are generally between N N and N N 
 many people believe the growth in dividends will slow next year although a minority see double-digit gains continuing 
 meanwhile many market watchers say recent dividend trends raise another warning flag while dividends have risen <unk> their expansion has n't kept pace with even stronger advances in stock prices 
 as a result the market 's dividend yield dividends as a percentage of price has slid to a level that is fairly low and <unk> by historical standards 
 put another way the decline in the yield suggests stocks have gotten pretty rich in price relative to the dividends they pay some market analysts say 
 they are keeping a close watch on the yield on the s&p N 
 the figure is currently about N N up from N N before the recent market slide 
 some analysts say investors should run for the <unk> if a sustained market rebound <unk> the yield below N N 
 a drop below that N N benchmark has always been a strong warning sign that stocks are fully valued says mr. boesel of t. rowe price 
 in fact the market has always <unk> 
 always 
 there 's never been an exception says gerald w. <unk> a chicago investment adviser and money manager based on a review of six decades of stock-market data 
 the last time the s&p N yield dropped below N N was in the summer of N 
 stockholders who took the hint and sold shares escaped the october debacle 
 there have been only seven other times in N N N N N N and N when the yield on the s&p N dropped below N N for at least two consecutive months mr. <unk> found 
 and in each case he says a sharp drop in stock prices began within a year 
 still some market analysts say the current N N reading is n't as troublesome as it might have been in years past 
 it 's not a very meaningful indicator currently because corporations are not <unk> in a traditional manner says james h. <unk> head of stock investments for cigna corp. the <unk> insurer 
 in particular mr. <unk> says businesses are paying out a smaller percentage of their profits and cash flow in the form of dividends than they have historically 
 so while stock prices may look fairly high relative to dividends they are not excessive relative to the underlying corporate strength 
 rather than increasing dividends some companies have used cash to buy back some of their shares notes steven g. einhorn <unk> of the investment policy committee at goldman sachs & co 
 he factors that into the market yield to get an adjusted yield of about N N 
 that is just a <unk> below the average of the past N years or so he says 
 what will happen to dividend growth next year 
 common wisdom suggests a <unk> rate of growth reflecting a weakening in the economy and corporate profits 
 painewebber inc. for instance is forecasting growth in s&p N dividends of just under N N in N down from an estimated N N this year 
 in other years in which there have been moderate economic <unk> the environment the firm expects in N the change in dividends ranged from a gain of N N to a decline of N N according to painewebber analyst thomas <unk> 
 the minority argument meanwhile is that businesses have the financial <unk> this time around to declare sharply higher dividends even if their earnings weaken 
 dividend growth on the order of N N is expected by both mr. <unk> of cigna and mr. einhorn of goldman sachs 
 those dividend bulls argue that corporations are in the unusual position of having plenty of cash left over after paying dividends and making capital expenditures 
 one indicator investors might want to watch is the monthly tally from standard & poor 's of the number of public companies adjusting their dividends 
 a total of N companies raised dividends in october basically unchanged from N a year ago s&p said wednesday 
 that followed four straight months in which the number of increases trailed the year-earlier pace 
 while the s&p tally does n't measure the magnitude of dividend changes a further <unk> in the number of dividend increases could be a <unk> of slower dividend growth next year 
 in any case opinion is mixed on how much of a boost the overall stock market would get even if dividend growth continues at double-digit levels 
 mr. einhorn of goldman sachs estimates the stock market will deliver a N N to N N total return from appreciation and dividends over the next N months vs. a cash rate of return of perhaps N N or N N if dividend growth is weak 
 but mr. boesel of t. rowe price who also expects N N growth in dividends next year does n't think it will help the overall market all that much 
 having the dividend increases is a supportive element in the market outlook but i do n't think it 's a main consideration he says 
 with slower economic growth and flat corporate earnings likely next year i would n't look for the market to have much upside from current levels 
 your oct. N page-one story on the renewed plight of western union says that western union had lost its chance to be in the telephone business by turning down alexander graham bell 's offer to it of his <unk> because it supposedly felt that voice communication would never replace the telegraph 
 such is hardly the case 
 bell 's <unk> <unk> g. hubbard wealthy and <unk> obtained financing to start the american bell telephone co. in boston which even had a subsidiary in new york called the telephone co. of new york 
 this is where bell 's patents went 
 western union indeed wanted to get into the telephone business 
 it acquired thomas edison 's <unk> patent and then immediately sued the bell co. claiming that the <unk> invented by my <unk> <unk> <unk> which had been sold to bell for a <unk> $ N infringed upon western union 's edison patent 
 when bell established that the <unk> patent <unk> was registered N days before edison 's application western union dropped the lawsuit and agreed never to enter the telephone business the basis for the company 's current plight 
 oliver <unk> beverly hills calif 
 troubled nbi inc. said it fired more than half its work force and is <unk> its hardware business to focus on its software and service operations 
 the ailing company which has reported net losses for N consecutive quarters said it wo n't manufacture network computer systems any more and will greatly reduce its costly direct sales force 
 altogether nbi said it will eliminate N jobs at its <unk> headquarters N field sales jobs and N jobs at its canadian and united kingdom headquarters 
 the company 's work force will fall to about N people 
 stephen g. <unk> president and chief executive officer said customers were n't willing to commit to an expensive nbi hardware systems because of the company 's financial troubles 
 further he said the company does n't have the capital needed to build the business over the next year or two 
 we flat ran out of financing resources mr. <unk> said 
 we had to do something <unk> and <unk> different 
 as a result he said nbi will focus on <unk> its installed base of systems trying to provide maintenance for other manufacturers and expanding its software business using some of the applications it developed for its hardware 
 the company currently offers a <unk> package for personal computers called <unk> 
 the company which recently said it lacked the profits and capital to pay dividends on its series a convertible preferred stock said it has hired an investment banker to help it raise additional cash 
 in new york stock exchange composite trading yesterday nbi common closed at N cents a share up N cents 
 it was richard nixon 's first visit to china in N that set in motion the historic <unk> between beijing and washington 
 but the former u.s. president 's sixth visit to china during which he spoke at length with chinese leaders was nowhere near as successful at easing <unk> that have recently <unk> the <unk> relationship 
 mr. nixon the most prominent american to come to china since beijing 's bloody <unk> of pro-democracy demonstrators in june <unk> on international <unk> over the massacre 
 the chinese in turn took aim at american <unk> in china 's domestic affairs 
 one official newspaper legal daily even directly criticized mr. nixon who is normally referred to here as an old friend 
 the paper accused him of being a leading <unk> of peaceful evolution a catch phrase to describe what china believes is the policy of western countries to <unk> socialist nations into the capitalist <unk> 
 the tension was evident on wednesday evening during mr. nixon 's final <unk> <unk> normally an opportunity for <unk> <unk> about <unk> friendship 
 instead mr. nixon reminded his host chinese president <unk> <unk> that americans have n't <unk> china 's leaders for the military assault of june N that killed hundreds and perhaps thousands of demonstrators 
 many in the united states including many friends of china believe the crackdown was excessive and <unk> mr. nixon told mr. <unk> who was directly involved in ordering the attack 
 the events of april through june damaged the respect and confidence which most americans previously had for the leaders of china 
 the chinese responded in an equally <unk> fashion 
 in talks with mr. nixon chinese leaders expressed no regret for the killings and even suggested that the u.s. was <unk> involved in the demonstrations this spring 
 in a meeting tuesday supreme leader deng <unk> told mr. nixon frankly speaking the u.s. was involved too deeply in the turmoil and <unk> <unk> which occurred in beijing not long ago 
 china was the real victim and it is <unk> to <unk> china for it 
 despite the harsh exchanges the u.s. and china still seem to be looking for a way to <unk> relations which have deteriorated into what mr. nixon referred to as the greatest crisis in <unk> relations since his initial visit to china N years ago 
 in his return <unk> to mr. nixon mr. <unk> said the relationship had reached a <unk> 
 relations between china and the u.s. have been <unk> since june N when chinese dissident <unk> <unk> and his wife <unk> <unk> took refuge in the u.s. embassy in beijing 
 shortly <unk> mr. bush imposed a series of <unk> sanctions including suspension of most <unk> talks which could be <unk> in u.s. congressional legislation in the coming weeks 
 mr. nixon is traveling in china as a private citizen but he has made clear that he is an <unk> <unk> for the bush administration 
 mr. nixon met mr. bush and his national security adviser <unk> scowcroft before coming to china on saturday 
 and he plans to brief the president at the end of the week u.s. sources said 
 mr. nixon was to leave china today 
 according to an american member of the nixon party the former president raised a number of controversial issues in his N hours of talks with <unk> chinese officials 
 these included china 's economic policies human rights and the question of mr. <unk> 
 mr. nixon also proposed that china restore its participation in the <unk> program a u.s. <unk> academic exchange 
 china pulled out of the program in july 
 in his talks the former president urged china 's leaders to acknowledge that their nation is part of the world community and welcome the <unk> of outside contacts and ideas 
 ideas are going over borders and there 's no sdi ideological weapon that can shoot them down he told a group of americans at the u.s. embassy on wednesday 
 there are no signs however of china 's yielding on key issues 
 but in one minor matter mr. nixon appears to have gained a <unk> 
 in a meeting with premier <unk> <unk> on monday mr. nixon said that he hoped he would n't <unk> guards with machine guns during his visit to the u.s. embassy 
 sure enough when he arrived at the embassy two days later the <unk> guards were gone for the first time in five months 
 a few blocks away at the u.s. ambassador 's residence the guards <unk> the compound also had discarded their <unk> arms for the first time since early june 
 but the guards there retained their <unk> and a large contingent of <unk> police remained nearby in <unk> cars 
 moreover police and soldiers continue to <unk> americans who have filed several protests with the foreign ministry in the past week 
 several times chinese guards have pointed their automatic <unk> at young children of u.s. diplomats and <unk> the trigger 
 the <unk> were n't loaded 
 your oct. N article japan 's financial firms lure science graduates states industrial companies are <unk> financial institutions of <unk> japan 's economy by raising the salary stakes for new employees 
 the japanese industrial companies should know better 
 they are <unk> up the wrong tree because it is basically their fault they ca n't attract new employees 
 <unk> <unk> president of fujitsu ltd. believes the money <unk> among young people caused the problem 
 he is just passing the buck to young people 
 what 's wrong with asking for more money 
 money is not everything but it is necessary and business is not volunteer work 
 it is not <unk> to choose a <unk> job 
 unfortunately japanese manufacturers have neither good working conditions nor good compensation packages 
 i get the impression that some japanese managers believe working harder for less money is beautiful 
 i visited a lot of major japanese manufacturers but i never felt i would want to be employed by any of them 
 many of them recently have been spending a lot of money on public relations and advertising to improve their images but they should realize that the most important thing is real change not changing people 's perceptions 
 if the japanese companies are seriously considering their survival they could do at least three things to improve the situation raise salaries higher than those of financial institutions improve working conditions better offices and more <unk> for example accept and hire more labor from outside japan 
 <unk> <unk> 
 in reference to your oct. N page-one article barbara bush earns even higher ratings than the president it is <unk> that you must continually define blacks by our <unk> among liberals N N have positive views of her while N N approve of the president 's job performance 
 in part this may reflect the fact that she speaks a more <unk> language than her husband as columbia 's <unk> <unk> klein puts it 
 among professionals N N have a favorable opinion of her compared to N N who approve of her husband 's performance 
 while a quarter of black voters <unk> of mr. bush 's handling of his job only N N have a negative view of his spouse 
 the statistics <unk> that <unk> of blacks approve of mr. bush 's job performance and N N of blacks approve of mrs. bush 
 if the assumption is that it is surprising that so few blacks find mr. and mrs. bush <unk> the positive view is even more <unk> 
 such an editorial point of view <unk> an <unk> <unk> perspective 
 why are we blacks continually defined by our minority and the lowest common <unk> 
 <unk> g. foster birmingham <unk> 
 the national association of securities dealers the <unk> organization for the over-the-counter securities markets disciplined a number of firms and individuals for alleged violations of industry rules 
 two firms were expelled from the nasd three were suspended or barred and nine were fined 
 first securities group of california and a principal of the firm louis fernando <unk> of marina del rey calif. were jointly fined $ N and expelled for alleged violations of reporting requirements on securities sales 
 also mr. <unk> was barred from association with any nasd member 
 neither first securities of beverly hills nor mr. <unk> could be reached for comment 
 a <unk> operator had no listing for either party 
 <unk> henry & co. miami and a principal of the firm henry i. <unk> of miami were jointly fined $ N and expelled for alleged improper use of a customer 's funds among other things 
 also mr. <unk> was barred from association with any nasd member 
 <unk> henry has n't any miami telephone listing an operator said 
 mr. <unk> who apparently has an unpublished number also could n't be reached 
 <unk> securities corp. of <unk> fla. and a principal of the firm alvin <unk> of <unk> fla. were jointly fined $ N and given <unk> <unk> for allegedly selling securities at unfair prices 
 <unk> has n't any telephone listing an operator said 
 mr. <unk> who apparently has an unpublished phone number also could n't be reached 
 <unk> securities of <unk> calif. and a principal of the firm <unk> george chase also of <unk> were jointly fined $ N and given 30-day <unk> as part of a settlement 
 while neither admitting nor denying wrongdoing <unk> and mr. chase consented to findings of violations in connection with <unk> sales 
 officials of <unk> could n't be reached for comment 
 mr. chase did n't return a telephone call to his office 
 crane & co. securities inc. of mount <unk> mich. and its president glenn r. crane of sterling heights mich. consented to a joint fine of $ N 
 without admitting or denying wrongdoing they consented to findings of violations of escrow and <unk> rules 
 mr. crane did n't return a call seeking comment 
 first commonwealth securities corp. of new orleans and its president kenneth j. <unk> also of new orleans consented to a $ N fine 
 also mr. <unk> received a <unk> suspension in a principal capacity 
 without admitting or denying wrongdoing they consented to findings that they had <unk> represented the firm 's net capital maintained inaccurate books and records and made other violations 
 mr. <unk> confirmed he had consented to the sanctions but declined to comment further 
 <unk> securities corp. new york and three of its principals dell eugene <unk> and william <unk> <unk> jr. both of <unk> island wash. and thomas albert <unk> of red bank n.j consented to a fine of $ N 
 without admitting or denying wrongdoing they consented to findings that they failed to return funds owed to customers in connection with a <unk> offering 
 reached at his office mr. <unk> currently chairman said an implication that we failed to return investor funds is inappropriate and inaccurate 
 he described the situation as an escrow problem a timing issue which he said was rapidly <unk> with no losses to customers 
 <unk> <unk> & co. of <unk> del. and its president william n. <unk> jr. also of <unk> were barred from <unk> principal trades for N days and were jointly fined $ N 
 the firm and mr. <unk> allegedly sold securities to the public at unfair prices among other alleged violations 
 mr. <unk> denied the firm had sold securities at unfair prices and suggested that the examination practices of the nasd need improvement 
 the firm and the nasd differ over the meaning of <unk> and <unk> he added 
 shearson lehman hutton inc. new york which is <unk> by american express co. consented to a $ N fine 
 without admitting or denying wrongdoing the firm consented to findings that it failed to respond in a timely manner to the nasd 's requests for information in connection with a customer complaint 
 a shearson spokesman had no comment 
 the following individuals were fined as indicated and barred from association with nasd members or where noted suspended 
 except where noted none of these people could be reached for comment or had any comment 
 john william davis <unk> <unk> fined $ N jeffrey gerard <unk> <unk> fla. $ N and <unk> suspension eugene michael <unk> la canada calif. fined $ N ordered to <unk> $ N and suspended one year <unk> stewart <unk> la canada fined $ N ordered to <unk> $ N and suspended six months 
 mr. <unk> said we got what amounted to a parking ticket and by complaining about it we ended up with a sizable fine and suspension 
 the matter did n't involve anybody 's securities transactions he added 
 the following were neither barred nor suspended <unk> <unk> <unk> rolling hills calif. fined $ N and ordered to <unk> $ N stuart lane <unk> <unk> calif. fined $ N and ordered to <unk> $ N <unk> <unk> <unk> <unk> valley calif. fined $ N 
 mr. <unk> a registered representative in the insurance business said he <unk> up because he did n't realize he was breaking securities laws 
 insurance agents have been forced by their companies into becoming registered <unk> he said but they are not providing compliance and <unk> training so that we can avoid stupid mistakes 
 i was n't ever actively engaged in any securities activities said mr. <unk> 
 i never had any clients at all 
 it was just a stupid mistake to get the license he said adding i 'd just as soon not get into details of the settlement 
 program traders are <unk> of predicting that if they are blocked in the u.s. they will simply <unk> to foreign stock markets 
 but in london and tokyo where computer-driven trading now plays a small but growing role traders say a number of hurdles <unk> 
 government officials especially in japan probably would resist any <unk> of program trading by players trying to <unk> off the u.s. furor over their activities and <unk> abroad with their business 
 japan is very concerned about the possible effects of program trading a senior japanese official said after the oct. N stock plunge in new york 
 u.s. stock-index futures are n't even traded in japan now 
 and because of the time difference the japanese and the u.s. markets ' trading hours do n't <unk> 
 it all adds up to a barrier to <unk> index arbitrage the most popular form of u.s. program trading that seeks to exploit brief differences between prices of stocks in new york and the price of a futures contract in chicago based on those stocks 
 about N N of all program trading by new york stock exchange firms in september took place in foreign markets according to big board data 
 yet it is difficult to imagine japan racing to introduce <unk> stock-index futures 
 japan 's finance ministry already is <unk> institutional investors ' activity to see whether policy changes are needed to cope with the current level of program trading said <unk> utsumi vice minister for international finance 
 program trading has taken off in japan since last year 's introduction of <unk> stock-index futures trading on the tokyo and osaka stock exchanges 
 but regulators are wary 
 they have n't forgotten the leap in share prices last dec. N when the first <unk> of <unk> index arbitrage drove stocks <unk> in the last half-hour of trading startling regulators who thought they had written enough rules to prevent such a swing 
 japan 's finance ministry had set up <unk> to limit how far futures prices could fall in a single session and to give market operators the authority to suspend trading in futures at any time 
 maybe it was n't enough a finance ministry official noted after the dec. N surge 
 japan 's regulators have since tightened controls on <unk> stock purchases 
 tokyo 's leading program traders are the big u.s. securities houses though the japanese are playing <unk> 
 some u.s. firms notably salomon inc. and morgan stanley group inc. have <unk> a hefty chunk of their japanese earnings from index arbitrage both for customers and for their own accounts 
 morgan stanley last week joined a growing list of u.s. securities firms that have stopped doing index arbitrage for their own accounts 
 both <unk> c. <unk> who heads salomon in tokyo and john s. <unk> who heads morgan stanley there <unk> a good part of their firms ' success in tokyo to their ability to offer sophisticated futures-related investment strategies to big institutional clients 
 they do n't have plans to cut back 
 it has not been <unk> in the markets here mr. <unk> said 
 the real difference seems to be that the cash market here is big enough and liquid enough that the futures market is n't having the same impact it does in america 
 the british also are <unk> program trades 
 index-arbitrage trading is something we want to watch closely an official at london 's stock exchange said 
 we do n't think there is cause for concern at the moment 
 london serves increasingly as a <unk> for program trading of u.s. stocks 
 market professionals said london has several <unk> 
 first the trading is done over the counter and is n't reported on either the u.s. or london stock trading tapes 
 second it can be used to <unk> positions before u.s. trading begins but at prices pegged to the previous session 's big board close 
 in addition to the extra privacy of these trades the transactions can often be less expensive to execute because the parties do n't have to pay a floor brokerage fee or a specialist 's fee 
 still much less index-arbitrage activity is done over here than in the u.s. said richard <unk> chief investment manager at standard life assurance co. which manages about # N billion $ N billion in united kingdom institutional funds 
 britain has two main index-arbitrage instruments 
 a financial times-stock exchange 100-share index option contract is traded on the london stock exchange 's traded options market 
 and an ft-se futures contract is traded on the london international financial futures exchange 
 both contracts have gained a following since the N global market crash 
 the average number of ft-se option contracts traded on the london exchange has surged nearly tenfold since the contract 's launch in N 
 this year the average of daily contracts traded totaled N up from N a year earlier and from N in N 
 but a survey early this summer indicated that the volume of <unk> trading was only N N of the size of the underlying equity market exchange officials said 
 this compares with estimates that the u.s. <unk> market is perhaps four times as large as the underlying domestic market 
 the house voted to boost the federal minimum wage for the first time since early N casting a solid N vote for a compromise measure backed by president bush 
 the vote came after a debate <unk> with complaints from both proponents and critics of a substantial increase in the wage floor 
 advocates said the <unk> rise to $ N an hour by april N is too small for the working poor while opponents argued that the increase will still hurt small business and cost many thousands of jobs 
 but the legislation reflected a compromise agreed to on tuesday by president bush and democratic leaders in congress after congressional republicans urged the white house to <unk> a bit from its previous resistance to compromise 
 so both sides accepted the compromise which would lead to the first lifting of the minimum wage since a four-year law was enacted in N raising the wage to $ N an hour from $ N 
 under the measure passed yesterday the minimum wage would rise to $ N next april 
 the senate plans to take up the measure quickly and is expected to pass it 
 there are no <unk> about this bill rep. pat williams d. <unk> said during house floor debate yesterday 
 but because it 's all we 've got i 'm going to vote for it 
 while the minimum wage had traditionally been pegged at half the average u.s. manufacturing wage the level of $ N an hour in N will still be less than N N of average factory pay mr. williams said 
 but rep. <unk> <unk> r. n.j instead praised the house 's acceptance of a new youth training wage a <unk> that gop <unk> have sought for many years 
 adopting a <unk> policy means getting beyond the nickel and <unk> of the minimum wage mrs. <unk> said 
 policy makers regard the youth wage as helping to limit the loss of jobs from an increase in the minimum wage but they have lately touted it as necessary to help <unk> job skills to <unk> into the work force 
 labor unions and democrats long fought the idea but recently <unk> to it in the face of bush administration insistence 
 the compromise sets the training wage at $ N an hour next april and at $ N an hour or N N of the minimum wage in april N 
 employers can pay the <unk> for N days without restriction to workers with less than six months of job experience and for another N days if the company uses a <unk> training program for the young workers 
 the training wage covers only workers who are N to N years old 
 the white house previously insisted on an <unk> six-month training wage that could be paid any time a worker of any age took a new job 
 the u.s. chamber of commerce still opposed to any <unk> increase said the compromise plan to lift the wage floor N N in two stages between april N and april N will be impossible for many employers to accommodate and will result in the elimination of jobs for american workers and higher prices for american consumers 
 zenith data systems corp. a subsidiary of zenith electronics corp. received a $ N million navy contract for software and services of <unk> over an <unk> period 
 rockwell international corp. won a $ N million air force contract for <unk> <unk> replacement aircraft 
 martin <unk> corp. was given a $ N million air force contract for <unk> navigation and targeting equipment 
 federal data corp. got a $ N million air force contract for intelligence data handling 
 for six years t. marshall hahn jr. has made corporate acquisitions in the george bush mode kind and <unk> 
 the question now can he act more like <unk> teddy <unk> 
 mr. hahn the <unk> chairman and chief executive officer of georgia-pacific corp. is leading the <unk> concern 's unsolicited $ N billion bid for great northern nekoosa corp 
 nekoosa has given the offer a public cold shoulder a reaction mr. hahn has n't faced in his N earlier acquisitions all of which were negotiated behind the scenes 
 so far mr. hahn is trying to <unk> nekoosa into negotiating a friendly surrender while talking tough 
 we are prepared to pursue aggressively completion of this transaction he says 
 but a takeover battle opens up the possibility of a bidding war with all that implies 
 if a competitor enters the game for example mr. hahn could face the dilemma of paying a premium for nekoosa or seeing the company fall into the arms of a rival 
 given that choice associates of mr. hahn and industry observers say the former university president who has developed a reputation for not <unk> for anything would <unk> 
 there 's a price above which i 'm positive marshall has the <unk> not to pay says <unk> <unk> georgia-pacific 's executive vice president for pulp and paper 
 says <unk> associate jerry <unk> vice president corporate development at <unk> industries inc. he is n't of the old school of winning at any cost 
 he also is a consensus manager insiders say 
 the decision to make the bid for nekoosa for example was made only after all six members of georgia-pacific 's management committee signed onto the deal even though mr. hahn knew he wanted to go after the company early on says mr. <unk> 
 associates say mr. hahn picked up that careful approach to management as president of virginia <unk> institute 
 assuming that post at the age of N he managed by consensus as is the rule in universities says warren h. <unk> a university official who is <unk> a book on mr. hahn 
 but he also showed a willingness to take a strong stand 
 in N mr. hahn called in state police to arrest student protesters who were <unk> a university building 
 that impressed robert b. <unk> georgia-pacific 's chief executive at the time whom mr. hahn had met while <unk> for the institute 
 in N mr. <unk> <unk> mr. hahn into joining the company as executive vice president in charge of chemicals the move <unk> many in georgia-pacific who did n't believe a university administrator could make the transition to the corporate world 
 but mr. hahn rose swiftly through the ranks <unk> a raw intelligence that he says he knew he <unk> early on 
 the son of a <unk> mr. hahn <unk> first grade because his reading ability was so far above his <unk> 
 moving rapidly through school he <unk> <unk> beta <unk> from the university of kentucky at age N after spending only N N years in college 
 he earned his <unk> in nuclear physics from the massachusetts institute of technology 
 mr. hahn agrees that he has a <unk> memory but friends say that 's an <unk> 
 they call it photographic 
 mr. hahn also has engineered a surprising turnaround of georgia-pacific 
 taking over as chief executive officer in N he inherited a company that was mired in debt and hurt by a <unk> slide in its <unk> business 
 mr. hahn began selling <unk> businesses such as oil and gas and chemicals 
 he even sold one unit that made <unk> <unk> covers 
 at the same time he began building up the pulp and paper segment of the company while <unk> building products on home repair and remodeling rather than materials for new-home construction 
 the idea was to buffet building products from cycles in new-home construction 
 the formula has paid off so far 
 georgia-pacific 's sales climbed to $ N billion last year compared with $ N billion in N when mr. hahn took the reins 
 profit from continuing operations has soared to $ N million from $ N million 
 mr. hahn attributes the gains to the philosophy of concentrating on what a company knows best 
 the record of companies that have diversified is n't all that impressive he says 
 nekoosa would n't be a diversification 
 it would be a good match mr. hahn and many analysts say of two healthy companies with high-quality assets and strong cash flows 
 the resulting company would be the largest forest-products concern in the world with combined sales of more than $ N billion 
 but can mr. hahn carry it off 
 in this instance industry observers say he is entering <unk> waters 
 says <unk> <unk> an analyst at first manhattan co. this is the greatest acquisition challenge he has faced 
 a house-senate conference approved major portions of a package for more than $ N million in economic aid for poland that relies heavily on $ N million in credit and loan guarantees in fiscal N in hopes of <unk> future trade and investment 
 for the agency for international development <unk> approved $ N million in secondary loan guarantees under an expanded trade credit insurance program and total loan guarantees for the overseas private investment corp. are increased by $ N million over fiscal N as part of the same poland package 
 the conference approved at least $ N million in direct cash and development assistance as well and though no decision was made both sides are committed to adding more than $ N million in economic support funds and environmental initiatives sought by the bush administration 
 the agreement on poland contrasts with the major differences remaining over the underlying foreign aid bill which has already provoked veto threats by the white house and is sharply confined under this year 's budget 
 these fiscal pressures are also a factor in shaping the poland package and while more ambitious <unk> legislation is still pending the appropriations bill in conference will be more decisive on u.s. aid to eastern europe 
 to accommodate the additional cash assistance the house appropriations committee last week was required to <unk> an estimated $ N million from the pentagon 
 and though the size of the loan guarantees approved yesterday is significant recent experience with a similar program in central america indicates that it could take several years before the new polish government can fully use the aid effectively 
 the action on poland came as the conference separately approved $ N million for international population planning activities an N N increase over fiscal N 
 the house and senate are divided over whether the united nations population fund will receive any portion of these appropriations but the size of the increase is itself significant 
 in a second area of common concern the world environment an additional $ N million will be provided in development assistance to fund a series of initiatives related both to global warming and the plight of the african elephant 
 the sweeping nature of the bill draws a variety of special interest amendments running from an import exemption for a california <unk> museum to a small but intriguing struggle among sugar producing nations over the fate of panama 's quota of exports to the profitable u.s. market 
 panama was stripped of this right because of u.s. differences with the noriega regime but the central american country would have received a quota of N metric tons over a <unk> period ending sept. N N 
 about a quarter of this share has already been <unk> according to the industry but the remaining N tons are still a lucrative target for growers because the current u.s. price of N cents a pound runs as much as a nickel a pound above the world rate 
 the potential sales are nearly $ N million and house majority whip william gray d. pa began the bidding this year by proposing language that the quota be allocated to <unk> countries of the caribbean such as jamaica and <unk> 
 rep. jerry lewis a conservative <unk> added a provision of his own intended to assist <unk> and the senate then <unk> the list further by including all countries in the u.s. caribbean basin <unk> as well as the philippines backed by the powerful hawaii democrat sen. daniel inouye 
 jamaica wary of <unk> its caribbean basin allies has apparently instructed its lobbyist to abandon the provision initially drafted by mr. gray but the greater question is whether mr. inouye who has strong ties to the sugar industry is able to <unk> a claim by the philippines 
 in separate floor action the house <unk> budget restrictions and gave quick approval to $ N billion in supplemental appropriations for law enforcement and anti-drug programs in fiscal N 
 the funding is attached to an estimated $ N billion transportation bill that goes next to the senate and carries with it a proposed permanent smoking ban on virtually all u.s. domestic airline flights 
 the leadership hopes to move the compromise measure promptly to the white house but in recent days the senate has been as likely to bounce bills back to the house 
 the most recent example was a nearly $ N billion fiscal N bill funding the state justice and commerce departments 
 and after losing a battle tuesday night with the senate foreign relations committee <unk> from both houses are expected to be forced back to conference 
 beauty takes <unk> to safety on bridges 
 everyone agrees that most of the nation 's old bridges need to be repaired or replaced 
 but there 's disagreement over how to do it 
 highway officials insist the <unk> <unk> on older bridges are n't strong enough to prevent vehicles from <unk> through 
 but other people do n't want to lose the bridges ' beautiful sometimes historic features 
 the primary purpose of a <unk> is to contain a vehicle and not to provide a <unk> view says jack white a planner with the indiana highway department 
 he and others prefer to install <unk> such as the type f safety shape a <unk> concrete <unk> with no <unk> 
 in richmond ind. the type f <unk> is being used to replace <unk> <unk> on the <unk> street bridge 
 <unk> boone who teaches art at <unk> college calls the new structure just an <unk> bridge and one that blocks the view of a new park below 
 in hartford conn. the charter oak bridge will soon be replaced the <unk> <unk> from its <unk> <unk> to a park 
 <unk> are possible 
 citizens in peninsula ohio upset over changes to a bridge negotiated a deal the bottom half of the <unk> will be type f while the top half will have the old bridge 's <unk> pattern 
 similarly highway engineers agreed to keep the old <unk> on the key bridge in washington d.c. as long as they could install a crash barrier between the sidewalk and the road 
 <unk> <unk> 
 drink carrier competes with <unk> 
 <unk> <unk> just got easier or so claims <unk> corp. the maker of the <unk> 
 the chicago company 's beverage carrier meant to replace <unk> <unk> at <unk> stands and fast-food outlets resembles the plastic <unk> used on <unk> of beer only the <unk> hang from a <unk> of <unk> 
 the new carrier can <unk> as many as four <unk> at once 
 inventor <unk> marvin says his design virtually <unk> <unk> 
 <unk> are n't even needed 
 he also claims the carrier costs less and takes up less space than most paper carriers 
 a few fast-food outlets are giving it a try 
 the company acknowledges some problems 
 a driver has to find something to hang the carrier on so the company supplies a window hook 
 while it breaks down in prolonged <unk> it is n't <unk> 
 and unlike some <unk> there 's no place for food 
 spirit of perestroika <unk> design world 
 an exchange of u.s. and soviet designers promises change on both sides 
 an exhibition of american design and architecture opened in september in moscow and will travel to eight other soviet cities 
 the show runs the <unk> from a <unk> to chairs to a model of the citicorp building 
 the event continues into next year and includes an exchange program to swap design teachers at <unk> and <unk> 's <unk> institute 
 dan <unk> leader of the <unk> group sees benefits all around 
 the soviets who normally have few clients other than the state will get exposure to a market system he says 
 americans will learn more about making products for the soviets 
 mr. <unk> says the soviets could even help u.s. designers renew their sense of purpose 
 in moscow they kept asking us things like why do you make N different <unk> when all you need is one good one he says 
 they got us thinking maybe we should be helping u.s. companies improve existing products rather than always developing new ones 
 seed for jail solution fails to take root 
 it 's a two birds with one stone deal <unk> group architects propose using grain elevators to house <unk> 
 it would ease jail <unk> while preserving historic structures the company says 
 but new york state which is seeking solutions to its prison cell shortage says no 
 grain elevators built in the 1920s and <unk> have <unk> concrete walls and a <unk> shape that would easily contain <unk> cells with a control point in the middle the new york firm says 
 many are far enough from residential areas to pass public <unk> yet close enough to permit family visits 
 besides <unk> says grain elevators are worth preserving for <unk> reasons one <unk> architect compared them to the <unk> of egypt 
 a number of cities including minneapolis philadelphia and houston have vacant grain elevators <unk> says 
 a medium-sized one in brooklyn it says could be altered to house up to N <unk> at a lower cost than building a new prison in <unk> new york 
 a spokesman for the state however calls the idea not effective or cost efficient 
 the labor department cited usx corp. for numerous health and safety violations at two pennsylvania plants and proposed $ N million in fines the largest penalty ever proposed for alleged workplace violations by an employer 
 the department 's <unk> safety and health administration proposed fines of $ N million for alleged violations at the company 's <unk> hills pa. steel mill that was a record for proposed penalties at any single facility 
 osha cited nearly N alleged violations of federal electrical <unk> <unk> and other requirements 
 a second <unk> covering the company 's <unk> pa. coke works involved more than N alleged violations of <unk> and other requirements for which osha proposed $ N million in fines 
 labor secretary elizabeth dole said the magnitude of these penalties and <unk> is matched only by the magnitude of the hazards to workers which resulted from corporate <unk> to worker safety and health and severe cutbacks in the maintenance and repair programs needed to remove those hazards 
 osha said there have been three worker <unk> at the two plants in the past two years and N deaths since N 
 gerard <unk> the head of osha said usx managers have known about many of the safety and health deficiencies at the plants for years yet have failed to take necessary action to <unk> the hazards 
 particularly <unk> mrs. dole said are the company 's numerous failures to properly record injuries at its <unk> works in spite of the firm promise it had made in an earlier <unk> settlement agreement to correct such discrepancies 
 that settlement was in april N 
 a usx spokesman said the company had n't yet received any documents from osha regarding the penalty or fine 
 once we do they will receive very serious evaluation the spokesman said 
 no consideration is more important than the health and safety of our employees 
 usx said it has been <unk> with osha since the agency began investigating the <unk> and <unk> works 
 he said that if and when safety problems were identified they were corrected 
 the usx <unk> represented the first sizable enforcement action taken by osha under mr. <unk> 
 he has promised <unk> fines though the size of penalties sought by osha have been rising in recent years even before he took office this year 
 the big problem is that usx management has proved unwilling to devote the necessary resources and manpower to removing hazards and to <unk> safety and health in the plants said linda <unk> osha regional administrator in philadelphia 
 usx has N working days to contest the <unk> and proposed penalties before the independent <unk> safety and health review commission 
 before the usx case osha 's largest proposed fine for one employer was $ N million for alleged safety violations at john <unk> & co. a <unk> subsidiary of united brands co. cincinnati 
 the company is <unk> the fine 
 due to an <unk> error a letter to the editor in yesterday 's edition from frederick h. <unk> mistakenly identified the <unk> 
 it should be the natural resources defense council 
 your oct. N editorial the ill homeless referred to research by us and six of our colleagues that was reported in the sept. N issue of the journal of the american medical association 
 your comments implied we had discovered that the principal cause of homelessness is to be found in the large numbers of <unk> ill and <unk> people in the homeless population 
 we have made no such statement 
 it is clear that most <unk> ill people and most <unk> do not become homeless 
 the causes of homelessness are poorly understood and complex in any individual case 
 in <unk> from our research you emphasized the high <unk> of mental illness and <unk> 
 you did not note that the homeless people we examined had a <unk> of physical disorders in addition to their psychiatric problems and substance abuse 
 they suffered from <unk> <unk> diseases cardiovascular disorders skin problems <unk> diseases and the <unk> of <unk> and rape 
 homeless people not only lack safety privacy and shelter they also lack the <unk> <unk> of <unk> <unk> and basic health care 
 in a recent report the institute of medicine pointed out that certain health problems may <unk> a person to homelessness others may be a consequence of it and a third category is composed of disorders whose treatment is difficult or impossible if a person lacks adequate shelter 
 the <unk> between health and homelessness are complex <unk> sweeping <unk> as to cause or effect 
 if we look to the future preventing homelessness is an important objective 
 this will require us to develop a much more sophisticated understanding of the dynamics of homelessness than we currently <unk> an understanding that can be developed only through careful study and research 
 william r. <unk> <unk> <unk> j. <unk> <unk> department of <unk> johns hopkins university school of medicine baltimore 
 a study by <unk> prof. james wright says homelessness is due to a complex array of problems with the common <unk> of poverty 
 the study shows that nearly N N of the homeless population is made up of women and children and that only N N of the homeless <unk> some combination of drug alcohol and mental problems 
 according to dr. wright homelessness is simultaneously a housing problem an employment problem a <unk> problem a problem of social <unk> a mental health problem a family violence problem a problem created by the cutbacks in social welfare spending a problem resulting from the <unk> of the traditional nuclear family and a problem <unk> connected to the recent increase in the number of persons living below the poverty level 
 <unk> e. <unk> <unk> president robert wood johnson foundation princeton n.j 
 to quote the highly regarded director of a privately funded <unk> center for the homeless in new york if you 're homeless you do n't sleep for fear of being robbed or murdered 
 after your first three weeks of sleep <unk> you 're <unk> in touch with reality any more without psychiatric treatment you may well be unable to fend for yourself ever again 
 some of the homeless obviously had <unk> mental illness or <unk> 
 but many others have fallen through cracks in the economy into the grim <unk> world of our city streets 
 once there what ways of escape are open to them other than drink drugs or <unk> 
 maxwell <unk> <unk> brooklyn n.y 
 you dismiss as <unk> the view that the reduction of federal <unk> programs by N N might have played a significant role in the increased number of men and women sleeping on our city streets during the <unk> years 
 there is no sign that you bothered to consider the <unk> of your logic namely that mental illness and substance abuse might be to some degree consequences rather than causes of homelessness 
 your research stopped when a convenient <unk> could be made 
 robert s. <unk> cambridge mass 
 of the approximately N sponsors of the recent march in washington for the homeless you chose to cite such groups as the national association of home builders and the international union of <unk> and allied <unk> <unk> that the march got its major support from <unk> groups that know a good thing when they see it and that the crusade was based on greed or the profit motive 
 but is n't the desire for profit the driving force behind those who subscribe to and <unk> in your paper 
 why did n't you mention the <unk> or the <unk> or catholic charities usa or a hundred other nonprofit organizations that participated in the march 
 as for the findings on the N baltimore homeless who <unk> psychiatric <unk> i suggest you conduct your own survey 
 choose N business executives including perhaps someone from your own staff and put them out on the streets to be deprived for one month of their homes families and income 
 i would predict that within a short time most of them would find <unk> a satisfactory substitute for chivas <unk> and that their normal <unk> <unk> <unk> and substance abuse would increase dramatically 
 ruth k. nelson <unk> n.c 
 rogers communications inc. said it plans to raise N million to N million canadian dollars us$ N million to $ N million through a private placement of perpetual preferred shares 
 perpetual preferred shares are n't <unk> by the holders the company said 
 rogers said the shares will be convertible into class b shares but that the company has the option to redeem the shares before a conversion takes place 
 a spokesman for the toronto cable television and telecommunications concern said the coupon rate has n't yet been fixed but will probably be set at around N N 
 he declined to discuss other terms of the issue 
 the house passed legislation designed to make it easier for the transportation department to block airline leveraged buy-outs 
 the final vote came after the house rejected republican efforts to weaken the bill and approved two amendments sought by organized labor 
 the bush administration has threatened to veto such a bill because of what it views as an <unk> <unk> into the affairs of industry but the N vote suggests that supporters have the potential to override a veto 
 the broader question is where the senate stands on the issue 
 while the senate commerce committee has approved legislation similar to the house bill on airline leveraged buy-outs the measure has n't yet come to the full floor 
 although the legislation would apply to acquisitions involving any major airline it is aimed at giving the transportation department the chance to review in advance transactions financed by large amounts of debt 
 the purpose of the bill is to put the <unk> on airline acquisitions that would so load a carrier up with debt that it would <unk> safety or a carrier 's ability to compete rep. john paul <unk> r. ark said 
 the bill as it was approved by the house public works and transportation committee would give the transportation department up to N days to review any purchase of N N or more of the stock in an airline 
 the department would be required to block the buy-out if the acquisition is likely to financially weaken a carrier so that safety would be <unk> its ability to compete would be sharply diminished it would be put into foreign control or if the transaction would result in the sale of <unk> assets unless selling such assets had an <unk> public benefit 
 the house approved an amendment offered by rep. peter <unk> d. ore. that would in addition to the previous criteria also require the department to block the acquisition of an airline if the added debt incurred were likely to result in a reduction in the number of the carrier 's employees or their wages or benefits 
 rep. james <unk> d. ohio said the amendment which passed N would let the american worker know that we consider them occasionally 
 but rep. <unk> said that the provision which he dubbed a special interest amendment was likely to make the bill even more controversial 
 on tuesday the house approved a <unk> amendment that would require the transportation department to reject airline acquisitions if the person seeking to purchase a carrier had run two or more airlines previously that have filed for protection from creditors under chapter N of the federal bankruptcy code 
 the provision called the <unk> amendment by its supporters apparently was aimed at preventing texas air corp. chairman frank lorenzo from attempting to take over another airline 
 <unk> report 
 you now may drop by the voice of america offices in washington and read the text of what the voice is broadcasting to those N million people around the world who tune in to it each week 
 you can even take notes extensive notes for the voice folks wo n't look over your shoulder about what you read 
 you can do all this even if you 're not a reporter or a researcher or a scholar or a member of congress 
 and my newspaper can print the text of those <unk> 
 until the other day you as an ordinary citizen of this democracy had no right to see what your government was telling your <unk> around the world 
 that was the law 
 and i apparently had no right to print <unk> what the voice was booming to <unk> 
 it was censorship 
 it was <unk> 
 and it was stupid 
 the theory was that the voice is a propaganda agency and this government should n't <unk> its own people 
 that sounds neat but this government any government <unk> its own people every day 
 government press releases <unk> <unk> tours of military facilities publications are all propaganda of sorts 
 propaganda is just information to support a viewpoint and the beauty of a democracy is that it enables you to hear or read every viewpoint and then make up your own mind on an issue 
 the restrictions on <unk> and <unk> of voice material were especially absurd an agency in the information business was not being allowed to inform 
 in june N i wrote in this space about this issue 
 assuming it was n't one of those columns that you <unk> and put on the <unk> door i 'll review the facts 
 the voice of america is a government agency that <unk> news and views some might say propaganda in N <unk> to N million <unk> around the world 
 it does a <unk> job 
 its budget $ N million is paid for by you 
 but a N law barred the <unk> of that material in the u.s. 
 the law let scholars reporters and researchers read <unk> of <unk> material only at <unk> headquarters in washington but it barred them from copying <unk> 
 and of course there 's that word <unk> 
 how 's that again 
 you may come by the agency to read but not copy either <unk> or by <unk> a voice official explained when i asked 
 what if i tune in my <unk> radio <unk> an editorial or program and print it in my newspaper 
 nor are you free to <unk> such material i was advised 
 that sounded a lot like censorship so after years of letters and conversations that went nowhere i sued 
 a couple of weeks ago i lost the case in federal district court in des <unk> 
 at least that 's the way it was reported 
 and indeed the lawsuit was dismissed 
 but i i like to think of it in terms of we all of us won the point 
 for a funny thing happened on the way to the ruling the united states information agency which runs the voice changed its position on three key points 
 the usia said that on reflection of course i could print anything i could get my hands on 
 the word <unk> it decided referred only to itself 
 the usia officially and publicly declared the <unk> right of everyone except the usia to <unk> agency program materials in the united states my lawyer the <unk> mark mccormick of des <unk> said in a memo pointing out the facts and trying to make me feel good after the press reported that i had lost 
 the court noted the new usia position but just in case officially found that congress did not intend to preclude plaintiffs from <unk> usia information domestically 
 the usia said that on reflection anyone could view the <unk> materials not just the reporters scholars researchers and congressmen who are mentioned in the statute 
 the usia publicly and officially stated in the litigation that all persons are allowed access to the materials notwithstanding the statutory <unk> because the usia has determined that it will not check the credentials of any person appearing and <unk> to see the materials mr. mccormick noted 
 and the usia said that all of us could take extensive notes 
 the agency publicly and officially declared in the lawsuit that persons who examine the materials may make notes and while the agency position is that persons may not take <unk> notes no one will check to determine what notes a person has taken mr. mccormick reported 
 i had sought in my suit the right to print voice material which had been denied me and i had sought a right to receive the information arguing in effect that a right to print government information is n't very helpful if i have no right to get the information 
 but the court disagreed 
 the first amendment <unk> the government from passing laws <unk> the right to free speech judge donald o'brien ruled 
 the first amendment does not <unk> a duty upon the government to assure easy access to information for members of the press 
 so now the situation is this 
 you have a right to read voice of america scripts if you do n't mind traveling to washington every week or so and visiting the voice office during business hours 
 i have a right to print those scripts if i go there and <unk> but no longer <unk> copy them out in long hand 
 but neither of us can copy the material on a xerox machine or have it sent to us 
 in an era when every government agency has a public-relations machine that sends you stuff whether you want it or not this does seem odd 
 indeed judge o'brien ruled that it would be easy to conclude that the usia 's position is inappropriate or even stupid but it 's the law 
 so the next step i suspect is to try to get the law changed 
 we i assume you 're in this with me at this point need to get three words for examination only eliminated from the law 
 section N of the united states information and educational exchange act of N says voice material shall be available to certain of us but now thanks to the usia 's new position all of us for examination only 
 if those words were n't there the nice people at the voice would be able to send you the information or at the very least let you <unk> it 
 this is not a <unk> issue 
 you have raised important questions which ought to be answered what does usia say about america abroad how do we say it and how can american taxpayers get the answers to these questions a man wrote me a couple of years ago 
 the man was charles <unk> <unk> 
 at the time he was director of the 
 he had no answers then 
 now there are some 
 this democracy is suddenly a little more democratic 
 i feel pretty good about it 
 mr. gartner is editor and <unk> of the daily tribune in <unk> iowa and president of nbc news in new york 
 r. gordon mcgovern was forced out as campbell soup co. 's president and chief executive officer the strongest evidence yet of the power that dorrance family members intend to <unk> in <unk> the troubled food company 
 herbert m. baum the <unk> president of the company 's campbell u.s.a. unit and edwin l. harper N the chief financial officer will run campbell as a team <unk> responsibilities rather evenly until a successor is named 
 the board already has been searching for strong outside candidates including <unk> executives with considerable international experience 
 wall street reacted <unk> to mr. mcgovern 's departure and its implications 
 in heavy trading on the new york stock exchange campbell 's shares rose $ N to close at $ N 
 the profit motive of the major shareholders has clearly changed for the better said john <unk> a food industry analyst for prudential-bache in new york 
 mr. mcgovern was widely seen as sales and not profit <unk> 
 new managers would think a little more like wall street mr. <unk> added 
 some of the surge in the stock 's price appeared to be linked to revived takeover speculation which has contributed to volatility of campbell shares in recent months 
 campbell 's international businesses particularly in the u.k. and italy appear to be at the heart of its problems 
 growth has fallen short of targets and operating earnings are far below results in u.s. units 
 for example campbell is a distant third in the u.k. frozen foods market where it recently paid N times earnings for <unk> foods plc and wound up with far more capacity than it could use 
 similarly campbell 's italian <unk> operation d. <unk> & co. has been hurt by <unk> and distribution problems 
 such problems will require considerable <unk> to resolve 
 however neither mr. baum nor mr. harper has much international experience 
 mr. baum a <unk> marketer who is said to have a good <unk> with campbell employees will have responsibility for all domestic operations except the <unk> farm unit 
 mr. harper a veteran of several manufacturing companies who joined campbell in N will take charge of all overseas operations as well as <unk> 
 in an joint interview yesterday both men said they would like to be the company 's next chief executive 
 mr. mcgovern N had been under intense pressure from the board to boost campbell 's <unk> performance to the level of other food companies 
 the board is dominated by the <unk> of the late john t. dorrance jr. who controlled about N N of campbell 's stock when he died in april 
 in recent months mr. dorrance 's children and other family members have pushed for improved profitability and higher returns on their equity 
 in august the company took a $ N million pretax charge against fiscal N earnings when it announced a world-wide restructuring plan 
 the plan calls for closing at least nine plants and eliminating about N jobs 
 but analysts said early results from the reorganization have been disappointing especially in europe and there were signs that the board became <unk> 
 campbell officials said mr. mcgovern was n't available yesterday to discuss the circumstances of his departure 
 the company 's prepared statement quoted him as saying the ceo succession is well along and i 've decided for personal reasons to take early retirement 
 but people familiar with the agenda of the board 's meeting last week in london said mr. mcgovern was fired 
 mr. mcgovern himself had said repeatedly that he intended to stay on until he reached the conventional retirement age of N in october N unless i get fired 
 campbell said mr. mcgovern had withdrawn his name as a candidate for re-election as a director at the annual shareholder meeting scheduled for nov. N 
 for fiscal N mr. mcgovern received a salary of $ N 
 he owns about N shares of campbell stock and has options to buy more than N additional shares 
 he will be eligible for an annual pension of more than $ N with certain other <unk> benefits 
 during mr. mcgovern 's <unk> term as president the company 's sales rose to $ N billion from $ N billion and net income increased to $ N million from $ N million the statement said 
 mr. baum said he and mr. harper both <unk> closing some plants as long ago as early N 
 you 've got to make the restructuring work said mr. baum 
 you 've got to make those savings now 
 mr. harper expressed confidence that he and mr. baum can convince the board of their <unk> to run the company 
 we look upon this as a great opportunity to prove the fact that we have a tremendous management team he said 
 he predicted that the board would give the current duo until early next year before naming a new chief executive 
 mr. baum said the two have orders to focus on <unk> profits and to take a hard look at our businesses what is good what is not so good 
 analysts generally <unk> the performance of campbell u.s.a. the company 's largest division which posted N N unit sales growth and a N N improvement in operating profit for fiscal N 
 the way that we 've been managing campbell u.s.a. can hopefully spread to other areas of the company mr. baum said 
 in the interview at headquarters yesterday afternoon both men <unk> confidence and seemed to work well together 
 you 've got two <unk> sitting right before you said mr. baum 
 we play to win 
 wednesday november 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 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 
 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 days 
 N N standard conventional fixed-rate 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-rate mortgages 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 
 robert l. bernstein chairman and president of random house inc. announced his resignation from the publishing house he has run for N years 
 a successor was n't named which fueled speculation that mr. bernstein may have <unk> with <unk> newhouse jr. whose family company advance publications inc. owns random house 
 abrupt departures are n't <unk> of within the newhouse empire 
 in an interview mr. bernstein said his departure <unk> out of discussions with <unk> newhouse and that 's the decision i reached 
 he declined to elaborate other than to say it just seemed the right thing to do at this minute 
 sometimes you just go with your gut 
 mr. bernstein said he will stay until dec. N and work with his successor who is to be named soon 
 mr. newhouse meanwhile insisted that he is n't unhappy with mr. bernstein or the performance of random house the largest trade publishing house in the u.s. 
 the company said the publisher 's annual sales volume increased to $ N million from $ N million during mr. bernstein 's tenure 
 bob has handled the extraordinary growth of the company quite <unk> said mr. newhouse 
 the company is doing well it 's stable it 's got good people 
 bob has an agenda and this seemed like the natural time 
 publishing officials believe that while random house has enjoyed spectacular growth and has smoothly integrated many acquisitions in recent years some of the bigger ones have n't been absorbed so easily 
 crown publishing group acquired last year is said to be turning in disappointing results 
 as a private company random house does n't report its earnings 
 mr. bernstein who succeeded bennett <unk> has been only the second president of random house since it was founded in N 
 speculation on his successor centers on a number of division heads at the house 
 possible candidates include susan <unk> president of <unk> <unk> random house 's huge and successful <unk> division 
 some say anthony <unk> head of a recently acquired british company century hutchinson could be chosen 
 there is also speculation that mr. newhouse could bring in a powerhouse businessman or another newhouse family member to run the business side in combination with a publishing executive like robert <unk> who left random house 's alfred a. <unk> to run the new yorker also owned by the newhouse family 
 not included on the <unk> list are <unk> evans recruited two years ago to be publisher of adult trade books for random house and <unk> mehta president of the prestigious alfred a. <unk> unit 
 when ms. evans took her job several important divisions that had reported to her predecessor were n't included partly because she did n't wish to be a full-time administrator 
 mr. mehta is widely viewed as a brilliant editor but a <unk> administrator and his own departure was rumored recently 
 mr. bernstein a tall energetic man who is widely respected as a publishing executive has spent much of his time in recent years on human rights issues 
 congress learned during the reagan administration that it could <unk> the executive branch by <unk> again and again the same seven words provided that no funds shall be spent 
 this phrase once again is found throughout the many appropriations bills now moving through congress 
 it signals congress 's attempt under the <unk> of <unk> the public <unk> to deny the president the funding necessary to execute certain of his duties and prerogatives specified in article ii of the constitution 
 this <unk> of congressional action is <unk> on an interpretation of the appropriations clause that is <unk> and unconstitutional 
 the appropriations clause states that no money shall be drawn from the treasury but in consequence of appropriations made by law 
 the prevailing interpretation of the clause on capitol hill is that it gives congress an <unk> veto over every <unk> action of the president through the ability to <unk> funding 
 this interpretation was officially endorsed by congress in N in the iran-contra report 
 as <unk> of congressional power understand a power of the <unk> so broadly <unk> would <unk> the presidency and <unk> the principle of separation of powers 
 it is not supported by the text or history of the constitution 
 the <unk> hardly discussed the appropriations clause at the constitutional convention of N according to madison 's notes 
 to the extent they did their concern was to ensure fiscal accountability 
 moreover the <unk> believed that the nation needed a <unk> executive with the independence and resources to perform the executive functions that the confederation congress had performed poorly under the articles of confederation 
 it would <unk> that objective if the appropriations clause technically a <unk> on legislative power could be read as placing the president on congress 's short <unk> making the executive consist of the president and every member of congress 
 as it went to the conference panel now <unk> the appropriations bill for the executive office of the president for fiscal N contained some <unk> attempts by congress to rewrite the constitution under the <unk> of protecting the public 's money 
 during the coming weeks president bush must decide whether to veto the bills containing them or alternatively to sign these bills into law with a statement declaring their <unk> on executive power to be in violation of article ii and thus <unk> and <unk> 
 the N appropriations legislation attempts to strip the president of his powers to make certain appointments as provided by article ii 
 article ii places on the president the duty to <unk> and by and with the advice and consent of the senate <unk> <unk> judges and other officers of the u.s. 
 it also <unk> the president to make <unk> appointments without senate approval the president shall have power to fill up all <unk> that may happen during the <unk> of the senate by granting commissions which shall expire at the end of their next session 
 yet section N of the appropriations bill for the executive office provides no part of any <unk> for the current fiscal year contained in this or any other act shall be paid to any person for the filling of any position for which he or she has been <unk> after the senate has voted not to approve the nomination of said person 
 thus with one brief passage in an appropriations bill congress <unk> the president 's power to make <unk> appointments under article ii 
 section N also imposes unconstitutional conditions on the president 's ability to <unk> candidates of his choosing 
 the language of the appropriations rider implies that any nomination to any position of a rejected <unk> will result in the president being denied funding to pay that person 's salary 
 the president could probably not avoid this restriction by choosing people willing to serve without pay because the <unk> act prohibits voluntary service to the government 
 the N appropriations bills also contain a number of <unk> provisions that violate the recommendation clause in article ii of the constitution 
 <unk> provisions which might be called <unk> laws as well prevent the executive branch from even looking at certain policy options let alone from recommending them to congress 
 such laws violate the provision in article ii that requires the president to make recommendations to congress but which gives the president the discretion to select the subject matter of those recommendations 
 typically these laws seek to prevent executive branch officials from <unk> into whether certain federal programs make any economic sense or proposing more <unk> alternatives to regulations 
 probably the most <unk> example is a <unk> in the appropriations bill for the executive office that prevents the president 's office of management and budget from <unk> agricultural marketing orders to any <unk> scrutiny 
 there is something <unk> suspect about congress 's <unk> the executive from even studying whether public funds are being wasted in some favored program or other 
 perhaps none of the unconstitutional conditions contained in the appropriations bills for fiscal N better illustrates congress 's attempt to <unk> executive power than section N of the <unk> bill none of the funds made available <unk> to the provisions of this act shall be used to implement <unk> or enforce any regulation which has been <unk> <unk> to a resolution of <unk> <unk> adopted in <unk> with the applicable law of the united states 
 this provision amounts to a legislative veto over the president 's execution of the law since a <unk> resolution could be said to be <unk> adopted even though it would require neither <unk> action in congress nor presentation to the president for his signature or veto 
 the supreme court 's decision in <unk> v. <unk> held that legislative <unk> are unconstitutional 
 president bush should veto appropriations acts that contain these kinds of unconstitutional conditions on the president 's ability to <unk> his duties and exercise his prerogatives 
 if president bush fails to do so in his first year he will <unk> congress for the remainder of his presidency to rewrite article ii of the constitution to suit its purposes 
 what becomes custom in the bush administration will only become more difficult for future presidents including democrats to undo 
 president reagan learned that lesson 
 by N <unk> jim wright was discussing arms control in moscow with mikhail gorbachev and then attempting to direct the president through an appropriations rider to treat the soviets as though the senate had ratified salt ii 
 if a veto is <unk> because it would leave part of the executive branch <unk> the president could sign the appropriations bills into law and <unk> a power of <unk> declaring the rider restricting his article ii powers to be unconstitutional and <unk> 
 the constitution does not <unk> give the president such power 
 however the president does have a duty not to violate the constitution 
 the question is whether his only means of defense is the veto 
 <unk> of appropriations riders that trespass on the president 's duties and <unk> under article ii would be different from the line-item veto 
 as discussed in the context of controlling federal spending the line-item veto is characterized as a way for the president to <unk> perfectly constitutional provisions in a spending bill that are <unk> merely because they conflict with his policy objectives 
 the <unk> of unconstitutional conditions in an appropriations bill would be a power of far more limited <unk> 
 one could argue that it is not an <unk> of a item veto at all for the president by <unk> a power of <unk> to resist unconstitutional conditions in legislation that violate the separation of powers 
 there is no downside if the president asserts a right of <unk> over unconstitutional conditions in the fiscal N appropriations bills 
 if congress does nothing president bush will have won 
 if congress takes the dispute to the supreme court assuming it can establish standing to sue president bush might win 
 in that case he might receive an opinion from the court that is a <unk> of the president 's right to perform the duties and exercise the prerogatives the <unk> thought should be <unk> to the executive 
 if president bush loses at the court it might be disappointing as morrison v. <unk> was for the reagan administration 
 but the presidency would be no worse off than it is now 
 moreover the <unk> would have received a valuable <unk> lesson in how the separation of powers works in practice 
 as it stands now congress <unk> after the reagan administration that the white house will take unconstitutional provisions in appropriations bills lying down 
 president bush should set things straight 
 if he does not he will help realize madison 's fear in the <unk> no. N of a legislature everywhere extending the <unk> of its activity and drawing all powers into its <unk> <unk> 
 mr. <unk> served as an attorney in the reagan administration 
 his longer analysis of executive power and the appropriations clause is to appear in the duke law journal later this year 
 despite one of the most devastating <unk> on record net cash income in the farm belt rose to a new high of $ N billion last year 
 the previous record was $ N billion in N according to the agriculture department 
 net cash income the amount left in farmers ' pockets after <unk> expenses from gross cash income increased in N states in N as the drought cut into crop yields and drove up commodity prices the department 's economic research service reported yesterday 
 most of those states set farm income records 
 the worst crop damage occurred in the midwestern corn belt and the northern great plains 
 what saved many farmers from a bad year was the opportunity to reclaim large quantities of grain and other crops that they had <unk> to the government under <unk> loan programs 
 with prices soaring they were able to sell the <unk> commodities at considerable profit the agency 's <unk> report said 
 in less <unk> areas meanwhile farmers who had little or no loss of production <unk> greatly from the higher prices 
 to the surprise of some analysts net cash income rose in some of the <unk> states including indiana illinois nebraska and the <unk> 
 analysts attributed the increases partly to the $ N billion <unk> package enacted by congress 
 last year 's record net cash income confirms the farm sector 's rebound from the agricultural depression of the early 1980s 
 it also helps explain the reluctance of the major farm <unk> and many lawmakers to make any significant changes in the N farm program next year 
 commodity prices have been rising in recent years with the farm price index hitting record <unk> earlier this year as the government curtailed production with <unk> programs to reduce <unk> surpluses 
 at the same time export demand for u.s. wheat corn and other commodities strengthened said keith collins a department analyst 
 farmers also benefited from strong livestock prices as the nation 's cattle inventory dropped close to a 30-year low 
 all of these forces came together in N to benefit agriculture mr. collins said 
 california led the nation with $ N billion in net cash income last year followed by texas $ N billion iowa $ N billion florida $ N billion and minnesota $ N billion 
 iowa and minnesota were among the few major farm states to <unk> a decline in net cash income 
 despite federal disaster relief the drought of N was a severe financial setback for an estimated N to N farmers according to the department 
 many lost their farms 
 department economists do n't expect N to be as good a year as N was 
 indeed net cash income is likely to fall this year as farm expenses rise and government payments to farmers decline 
 at the same time an increase of land under <unk> after the drought has boosted production of corn soybeans and other commodities causing a fall in prices that has been only partly <unk> by heavy grain buying by the soviets 
 last year government payments to farmers slipped to less than $ N billion from a record $ N billion in N 
 payments are expected to range between $ N billion and $ N billion this year 
 after years of struggling the los angeles herald examiner will publish its last edition today shut down by its parent hearst corp. following unsuccessful efforts to sell the venerable newspaper 
 the demise of the <unk> herald once the nation 's largest afternoon newspaper with circulation exceeding N turns the country 's second-largest city into a <unk> town at least in some <unk> 
 the los angeles times with a circulation of more than N million dominates the region 
 but it faces stiff competition in orange county from the orange county register which sells more than N copies a day and in the san fernando valley from the los angeles daily news which sells more than N 
 nearby cities such as pasadena and long beach also have large <unk> 
 in july closely held hearst based in new york put the paper on the block 
 speculation had it that the company was asking $ N million for an operation said to be losing about $ N million a year but others said hearst might have virtually given the paper away 
 an attempted buy-out led by john j. <unk> chief operating officer never materialized and a stream of what one staff member dismissed as <unk> and <unk> had filed through since 
 the prospective buyers included investor marvin davis and the toronto sun 
 the death of the herald a <unk> paper in a freeway town was perhaps inevitable 
 los angeles is a <unk> <unk> newspaper market and advertisers seemed to feel they could buy space in the <unk> times then target a particular area with one of the regional <unk> 
 the herald was left in limbo 
 further the herald seemed torn <unk> between keeping its <unk> hearst <unk> blue-collar and <unk> and trying to provide a <unk> upscale alternative to the sometimes <unk> times 
 hearst had <unk> with a conversion to tabloid format for years but never executed the plan 
 the herald joins the baltimore <unk> which <unk> and the boston <unk> which was sold as <unk> of the old hearst newspaper empire abandoned by the company in the 1980s 
 many felt hearst kept the paper alive as long as it did if marginally because of its place in family history 
 its <unk> offices were designed by architect <unk> morgan who built the hearst castle at san <unk> 
 william <unk> hearst had kept an apartment in the spanish <unk> building 
 analysts said the herald 's demise does n't necessarily represent the overall condition of the newspaper industry 
 the herald was a <unk> from a <unk> age said j. <unk> noble a media analyst with painewebber inc 
 actually the long deterioration in daily newspapers shows signs of coming to an end and the industry looks pretty healthy 
 founded as the examiner in N by mr. hearst the herald was <unk> by a bitter <unk> strike that began in N and cut circulation in half 
 financially it never recovered <unk> it had its moments 
 in N hearst hired editor james <unk> who <unk> the editorial product considerably 
 he and his successor mary anne <unk> restored respect for the editorial product and though in recent years the paper had been <unk> along on limited resources its <unk> were notable 
 for example the herald consistently beat its <unk> rival on disclosures about los angeles mayor tom bradley 's financial dealings 
 the herald 's sports coverage and arts criticism were also highly regarded 
 robert j. <unk> vice president and general manager of hearst newspapers stood up in the paper 's <unk> yesterday and announced that no buyers had stepped forward and that the paper would <unk> putting more than N full-time employees out of work 
 hearst said it would provide employees with a placement service and pay them for N days 
 some <unk> employees will receive additional benefits the company said 
 hours after the announcement representatives of the orange county register were in a bar across the street recruiting 
 the reaction in the <unk> was emotional 
 i 've never seen so many people <unk> in one place at one time said bill johnson an assistant city editor 
 so long l.a. was chosen as the paper 's final headline 
 i 'm doing the main story and i 'm already two beers drunk said reporter andy <unk> whom the times hired away several years ago but who returned to the herald out of preference 
 his wife also works for the paper as did his father 
 outside a young <unk> filling a news box with an extra edition <unk> herald examiner closes refused to take a reader 's quarter 
 forget it he said as he handed her a paper 
 it does n't make any difference now 
 olympia broadcasting corp. said it did n't make a $ N million semiannual interest payment due yesterday on $ N million of senior subordinated debentures 
 the <unk> owner and <unk> said it was trying to obtain additional working capital from its senior secured lenders and other financial institutions 
 it said it needs to make the payment by dec. N to avoid a default that could lead to an acceleration of the debt 
 in september the company said it was seeking offers for its five radio stations in order to concentrate on its programming business 
 if you 'd really rather have a buick do n't leave home without the american express card 
 or so the <unk> might go 
 american express co. and general motors corp. 's beleaguered buick division are joining forces in a promotion aimed at boosting buick 's sales while encouraging broader use of the american express card 
 the companies are giving four-day <unk> for two to buick buyers who charge all or part of their down payments on the american express green card 
 they have begun sending letters explaining the program which began oct. N and will end dec. N to about five million card holders 
 neither company would disclose the program 's cost 
 buick approached american express about a joint promotion because its card holders generally have a good credit history and are good at making payments says a spokeswoman for the division 
 american express also represents the upscale image we 're trying to project she adds 
 buick has been seeking for the past few years to restore its reputation as the doctor 's car a product for upscale professionals 
 sales were roughly flat in the N model year compared with a year earlier though industry sales fell 
 but since the N model year began oct. N buick sales have plunged N N 
 for american express the promotion is part of an effort to broaden the use of its card for retail sales where the company expects to get much of the future growth in its card business 
 traditionally the card has been used mainly for travel and entertainment expenses 
 <unk> <unk> an american express executive vice president says the promotion with buick is his company 's first with an auto maker but hopefully will be the first of many in the company 's effort to promote its green card as the total <unk> card 
 to that end american express has been signing up gasoline companies car repair shops tire companies and car dealers to accept the card 
 many auto dealers now let car buyers charge part or all of their purchase on the american express card but few card holders realize this mr. <unk> says 
 until now however buyers who wanted to finance part of a car purchase through general motors acceptance corp. could n't put their down payment on a charge card because of possible conflicts with <unk> and state disclosure laws over finance rates says a spokesman for the gm finance arm 
 but gmac approved the buick program he says because the american express green card requires payment in full upon billing and so does n't carry any finance rates 
 mr. <unk> says american express considers gm and buick very sophisticated direct-mail marketers so by joining forces with them we have managed to maximize our direct-mail capability 
 in addition buick is a relatively respected <unk> among american express card holders says an american express spokeswoman 
 when the company asked members in a mailing which cars they would like to get information about for possible future purchases buick came in fourth among u.s. cars and in the top N of all cars the spokeswoman says 
 american express has more than N million card holders in the u.s. and over half have the green card 
 gmac <unk> the <unk> list for holders more than N years old with household incomes over $ N who had n't missed any payments the buick spokeswoman says 
 some N million of the five million who will get letters were <unk> for credit with gmac 
 these N million people also are eligible to get one percentage point off gmac 's advertised finance rates which start at N N for two-year loan contracts 
 a spokesman for visa international 's u.s. subsidiary says his company is using promotions to increase use of its cards but does n't have plans for a <unk> similar to the american <unk> link 
 three divisions at american express are working with buick on the promotion the establishment services division which is responsible for all merchants and companies that accept the card the travel division and the merchandise sales division 
 the vacation packages include hotel <unk> and in some cases tours or tickets to local <unk> but not meals 
 <unk> are chicago <unk> las vegas nev. los angeles miami beach fla. new orleans new york <unk> fla. san francisco and washington d.c. 
 a buyer who chooses to fly to his <unk> must pay for his own ticket but gets a companion 's ticket free if they fly on united airlines 
 in <unk> of the vacation buyers can choose among several prizes including a <unk> <unk> or a stereo videocassette recorder 
 card holders who receive the letter also are eligible for a <unk> with buick cars or a hawaii vacation as prizes 
 if they <unk> a buick they get an american express <unk> 
 this is n't buick 's first <unk> promotion 
 a few years ago the company offered two <unk> tickets on trans world airlines to buyers of its <unk> luxury car 
 the promotion helped <unk> sales exceed the division 's forecast by more than N N buick said at the time 
 the united kingdom high court declared illegal a variety of interest-rate swap transactions and options deals between a london borough council and commercial banks 
 the ruling could lead to the cancellation of huge bank debts the london borough of <unk> and <unk> ran up after losing heavily on swap transactions 
 as many as N u.k. and international banks stand to lose several hundred million pounds should the decision be upheld and set a precedent for other municipalities 
 an appeal is expected 
 in response to the ruling <unk> futures swiftly plunged more than a point yesterday before recovering much of the loss by the end of the session 
 <unk> or british government bonds which also fell sharply initially <unk> some of the losses to end about N point lower 
 the council which is alleged to have engaged in over N deals valued at over # N billion $ N billion lost millions of pounds from <unk> swap deals 
 at one point <unk> is reported to have accounted for as much as N N of the sterling market in interest-rate swap dealings 
 when two parties engage in an interest-rate swap they are betting against each other on future rates 
 thus an institution obligated to make fixed-rate interest payments on debt swaps the payments with another making floating-rate payments 
 in most of the british transactions the municipalities agreed to make floating-rate payments to banks which would make fixed-rate payments 
 as interest rates rose municipalities owed the banks more than the banks were paying them 
 the court hearing began in early october at the request of anthony <unk> district <unk> for <unk> who argued that local <unk> are n't vested with constitutional authority to engage in such <unk> activities 
 the council backed the audit commission 's stand that the swap transactions are illegal 
 although the <unk> and <unk> council was by far the most active local authority engaging in such <unk> transactions the court decision could set a precedent for similar transactions by N other local <unk> 
 while this court ruling was only on <unk> it will obviously be very <unk> in other cases of a similar nature a <unk> representing one of the banks said 
 already N local <unk> have refused to honor fees and payments to banks incurred during various swaps dealings 
 other financial institutions involved include barclays bank plc midland bank plc security pacific corp. chemical banking corp. 's chemical bank citicorp 's citibank and mitsubishi finance international 
 if the banks <unk> all <unk> of appeal it is possible that they would seek to have the <unk> ruling work both ways some market sources said 
 banks could seek to recover payments to local authorities in <unk> where the banks made net payments to <unk> 
 officials from the various banks involved are expected to meet during the next few days to consider other arrangements with local authorities that could be questionable 
 the banks have N days to file an appeal against the ruling and are expected to do so shortly 
 in the aftermath of the stock market 's <unk> 190-point drop on oct. N kidder peabody & co. 's N stockbrokers across the country began a telephone and <unk> campaign aimed at <unk> the country 's second-largest program trader 
 the target of their <unk> 
 their own employer kidder peabody 
 since october 's <unk> wall street has been shaken by an explosion of <unk> against program trading the computer-driven <unk> trades of huge baskets of stocks and futures that can send stock prices reeling in minutes 
 but the <unk> fight over program trading is about much more than a volatile stock market 
 the real battle is over who will control that market and reap its huge rewards 
 program trading itself according to many <unk> who have studied it is merely caught in the middle of this battle unfairly labeled as the evil driving force of the marketplace 
 the evidence indicates that program trading did n't in fact cause the market 's sharp fall on oct. N though it may have <unk> it 
 on one side of this power struggle stand the forces in <unk> on wall street the new guard consisting of high-tech computer <unk> at the major brokerage firms their pension fund clients with <unk> pools of money and the traders at the fast-growing chicago futures exchanges 
 these are the main proponents of program trading 
 defending their <unk> are wall street 's old guard the traditional <unk> money managers tens of thousands of stock brokers the new york stock exchange 's listed companies and the <unk> floor traders known as specialists who make markets in their stocks 
 so far wall street 's old guard seems to be winning the program-trading battle successfully <unk> public and congressional opinion to <unk> their <unk> 
 the chicago mercantile exchange a major futures marketplace yesterday announced the addition of another layer of trading halts designed to slow program traders during a rapidly falling stock market and the big board is expected today to approve some additional restrictions on program trading 
 <unk> by charges that their greed is turning the stock market into a <unk> <unk> almost all the big investment banking houses have abandoned index arbitrage a common form of program trading for their own accounts in the past few days 
 a few such as giant merrill lynch & co. now refuse even to do index arbitrage trades for clients 
 the old guard 's assault on program trading and its practitioners has been fierce and broad-based in part because some old guard members feel their very <unk> is at stake 
 some such as traditional money manager neuberger & <unk> have taken out national newspaper advertisements demanding that market regulators stop the numbers <unk> on wall street 
 big board stock specialists in a bold palace <unk> began shortly after oct. N to telephone the corporate executives of the companies whose stock is listed on the big board to have them pressure the exchange to ban program trading 
 charles wohlstetter the chairman of contel corp. who is <unk> other <unk> to the <unk> trading cause says he has received <unk> letters offering support 
 they said <unk> without a single exception do n't even compromise 
 kill it he says 
 wall street 's new guard is n't likely to take all this lying down for long however 
 its new products and trading techniques have been highly profitable 
 program trading money managers have gained control over a big chunk of the invested funds in this country and the pressures on such money managers to produce consistent profits has <unk> them to the ability to move rapidly in and out the market that program trading gives them 
 what 's more the last time major wall street firms said they were getting out of program trading in the aftermath of the N crash they waited a few months and then <unk> back into it 
 even some members of the old guard despite their current advantage seem to be <unk> that the future belongs with the new guard 
 last week robert m. bradley one of the big board 's most respected floor traders and head of a major traders ' organization surrendered 
 he sold his exchange seat and wrote a bitter letter to big board chairman john j. phelan jr. in which he said the big board is too focused on machines rather than people 
 he said the exchange is headed for a real crisis if program trading is n't <unk> 
 i do not want my money invested in what i consider as nothing more than a casino mr. bradley wrote 
 the battle has turned into a civil war at some firms and organizations causing internal <unk> and <unk> employee against employee 
 at kidder a unit of general electric co. and other big brokerage firms stockbrokers battle their own firm 's program traders a few floors away 
 corporations like contel <unk> program trading yet contel has in the past hired pension fund managers like bankers trust co. that are also big program traders 
 the big board the nation 's premier stock exchange is sharply divided between its floor traders and its top executives 
 its entrenched N stock specialists firms are fighting <unk> and <unk> against programs 
 but the big board 's leadership over the specialists ' protests two weeks ago began trading a new stock basket product designed to facilitate program trading 
 a lot of people would like to go back to N before program trading mr. phelan said this week 
 i would like to go back to N 
 but we are not going back to N 
 again and again program-trading 's critics raise the casino theme 
 they say greedy market <unk> have made a <unk> of the nation 's <unk> system turning the stock market into a big gambling <unk> with the odds heavily <unk> against the small investor 
 the public did n't come to the market to play a game they can go to <unk> betting for that says a. <unk> murray chairman of <unk> murray foster securities a traditional money management firm 
 the program traders on the other hand <unk> old-fashioned stock pickers as the <unk> of the industry 
 critics like mr. murray are looking for <unk> and people who use computers to trade are a convenient <unk> says j. thomas allen president of advanced investment management inc. a pittsburgh firm that runs a $ N million fund that uses index arbitrage 
 just a blind fear of the unknown is causing them to <unk> the regulators for protection 
 for all the furor there is nothing particularly complex about the concept of stock-index arbitrage the most controversial type of <unk> program trading 
 like other forms of arbitrage it merely seeks to take advantage of <unk> discrepancies in the price of a single product in this case a basket of stocks in different markets in this case the new york stock exchange and the chicago futures markets 
 that divergence is what stock index traders seek 
 when it occurs the traders place orders via computers to buy the basket of stocks such as the N stocks that constitute the standard & poor 's N stock index in whichever market is cheaper and sell them in the more expensive market they lock in the difference in price as profit 
 such program trades which can involve the purchase or sale of millions of dollars of stock occur in a matter of seconds 
 a program trade of $ N million of stock typically earns a <unk> profit of $ N 
 to keep program-trading units profitable in the eyes of senior brokerage executives traders must seize every opportunity their computers find 
 the speed with which such program trades take place and the volatile price movements they can cause are what program trading critics <unk> to <unk> 
 if you continue to do this the investor becomes frightened any investor the odd <unk> mutual funds and pension funds says larry <unk> managing partner at neuberger & <unk> 
 but many experts and traders say that program trading is n't the main reason for stock-market gyrations 
 i have not seen one <unk> of evidence to support restrictions on program trading says a <unk> university finance professor <unk> stoll an authority on the subject 
 says the big board 's mr. phelan volatility is greater than program trading 
 the oct. N plunge was triggered not by program traders but by news of the <unk> of the $ N billion buy-out of ual corp 
 unable to unload ual and other airline shares takeover-stock speculators or risk arbitragers dumped every blue-chip stock they had 
 while program trades swiftly kicked in a circuit breaker that halted trading in stock futures in chicago made some program trading impossible 
 susan del <unk> head trader at travelers investment management co. says critics are ignoring the role the takeover stock <unk> is taking in the market as a source of volatility 
 many <unk> are <unk> she says and they have to sell when things look like they fall apart 
 like virtually everything on wall street the program-trading battle is over money and the <unk> have been losing out on <unk> of it to the new guard in recent years 
 take the traditional money managers or stock pickers as they are <unk> known among the computer <unk> 
 traditional stock managers like to charge N cents to N cents for every $ N they manage for big institutional investors and higher fees for smaller investors 
 yet many such managers consistently fail to even keep up with much less beat the returns of standard <unk> like the s&p 
 not surprisingly <unk> money managers have been losing clients to giant stock-index funds that use computers to <unk> portfolios so they mirror the s&p N 
 the <unk> charge only a few pennies per $ N managed 
 today about $ N billion or N N of all <unk> stock investments is held by index funds 
 the new wall street of computers and automated trading threatens to make <unk> of the N big board <unk> firms 
 these small but influential floor brokers long have earned fat returns of N N to N N a year on their capital by virtue of their monopoly in making markets in individual stocks 
 the specialists see any step to electronic trading as a death <unk> 
 and they believe the big board under mr. phelan has abandoned their interest 
 the son of a specialist and once one himself mr. phelan has nonetheless been <unk> with products like the new stock basket that his former colleagues dislike so much to keep index funds and other program traders from taking their business to overseas markets 
 meanwhile specialists ' trading risks have skyrocketed as a result of stock-market volatility 
 when the sell programs hit you can hear the order printers start to go on the big board trading floor says one specialist there 
 the buyers walk away and the specialist is left alone as the buyer of last resort for his stable of stocks he contends 
 no one is more unhappy with program trading than the nation 's stockbrokers 
 they are still trying to lure back small investors spooked by the N stock-market crash and the market 's swings since then 
 small investors are absolutely <unk> that wall street is <unk> the deck against them and these wide swings are scaring them to death says raymond a. mason chairman of regional broker legg mason inc. in baltimore 
 stockbrokers ' business and pay has been falling 
 last year the average broker earned $ N N N lower than in N 
 corporate executives <unk> that their company 's stock has been transformed into a <unk> piece of a stock-index basket 
 index traders who buy all N stocks in the s&p N often do n't even know what the companies they own actually do complains andrew <unk> chairman of champion international corp 
 do you make <unk> or <unk> 
 oh you 're in the paper business is one reaction mr. <unk> says he 's gotten from his big institutional shareholders 
 by this september program traders were doing a record N N of the big board 's average daily trading volume 
 among the top practitioners were wall street blue <unk> morgan stanley & co. kidder peabody merrill lynch salomon brothers inc. and painewebber group inc 
 but then came oct. N and the negative publicity <unk> by the old guard particularly against index arbitrage 
 the <unk> ' strategy for the moment is to <unk> down and let the furor die 
 there 's a <unk> psychology right now says the top program-trading official at a wall street firm 
 wall street 's cash <unk> has been <unk> but i do n't think anyone has proven that index arbitrage is the problem 
 too much money is at stake for program traders to give up 
 for example stock-index futures began trading in chicago in N and within two years they were the fastest-growing futures contract ever launched 
 stock futures trading has <unk> dozens of <unk> in their <unk> and <unk> 
 now on a good day chicago 's stock-index traders trade more dollars worth of stock futures than the big board trades in stock 
 now the stage is set for the battle to play out 
 the <unk> are getting some helpful <unk> from congress 
 program traders ' power to create total panic is so great that they ca n't be allowed to have their way says rep. edward markey a massachusetts democrat 
 we have to have a system that says to those largest investors 
 sit down 
 you will not panic 
 you will not put the financial system in jeopardy 
 but the prospects for legislation that targets program trading is unlikely anytime soon 
 many people including the big board think that it 's too late to put the <unk> back in the bottle 
 the big board 's directors meet today to approve some program-trading restrictions but a total ban is n't being considered big board officials say 
 you 're not going to stop the idea of trading a basket of stocks says <unk> 's prof. stoll 
 program trading is here to stay and computers are here to stay and we just need to understand it 
 short of a total ban some <unk> have proposed several <unk> reforms which they say would take away certain advantages program traders currently enjoy in the marketplace that other investors do n't 
 one such proposal regarding stock-index futures is an increase in the margin requirement or the <unk> payment of cash needed to trade them to about the same level as the margin requirement for stocks 
 currently margins on stock futures purchases are much lower roughly N N compared with N N for stocks making the futures market much faster and potentially more speculative 
 program trading critics also want the federal reserve board rather than the futures industry to set such margins 
 futures traders respond that low margins help keep their markets active 
 higher margins would chase away dozens of smaller traders who help larger traders buy and sell they say 
 another proposed reform is to have program traders answer to an uptick rule a reform instituted after the great crash of N that protects against stocks being <unk> beaten downward by those seeking to profit from lower prices namely short sellers 
 the big board 's uptick rule prevents the short sale of a stock when the stock is falling in price 
 but in N program traders received what amounted to an exemption from the uptick rule in certain situations to make it easier to link the stock and futures markets 
 a <unk> of the uptick rule for program traders would slow their activity considerably 
 program traders argue that a <unk> of the rule would destroy the pricing efficiency of the futures and stock markets 
 james a. white contributed to this article 
 <unk> <unk> 
 big board chairman john phelan said yesterday that he could support letting federal regulators suspend program trading during wild <unk> swings 
 thus the <unk> psychology of recent days picks up new impetus 
 index arbitrage is a common form of program trading 
 as usually practiced it takes advantage of a rather basic concept two separate markets in different locations trading basically the same <unk> ca n't trade them for long at prices that are widely different 
 in index arbitrage the widget is the s&p N and its price is constantly compared between the futures market in chicago and the stock markets largely in new york 
 to profit from an index-arbitrage opportunity someone who owns the s&p N widget in new york must sell it and replace it with a cheaper s&p N widget in chicago 
 if the money manager performing this service is being paid by his clients to match or beat the return of the s&p N index he is likely to remain fully invested at all times 
 few if any <unk> managers will risk <unk> performance by owning more than N N exposure to stocks and equally few will want to own less than a N N position should stocks rise 
 by constantly seeking to own the cheapest widget index-arbitrage traders hope to add between N N and N N to the annual return of the s&p N 
 that represents a very thin excess return certainly far less than what most fundamental stock pickers claim to seek as their performance objective 
 the fact that a vast majority of <unk> money managers fail to beat the s&p N may contribute to the <unk> surrounding the issue 
 as more managers pursue the index-arbitrage strategy these small opportunities between markets will be reduced and eventually eliminated 
 the current opportunities arise because the process for executing a buy or sell order in the actual stocks that make up the s&p N is more <unk> than <unk> in the futures market 
 the new york stock exchange 's attempt to introduce a new portfolio basket is evidence of investors ' <unk> to make fast and easy transactions of large numbers of shares 
 so if index arbitrage is simply taking advantage of thin <unk> between two markets for the same widget how did program trading <unk> into the evil <unk> that is <unk> the <unk> of so many observers 
 all arguments against program trading even those pressed without fact conclude with three expected results after reforms are implemented N reduced volatility N a long-term investment focus and N a level playing field for the small investor 
 but many of these reforms are <unk> even harmful 
 reducing volatility 
 an index-arbitrage trade is never executed unless there is sufficient difference between the markets in new york and chicago to cover all transaction costs 
 arbitrage does n't cause volatility it <unk> to it 
 think about what causes the difference in prices between the two markets for s&p N stocks usually it is large investors <unk> a buy or sell in chicago 
 a large investor will likely cause the futures market to decline when he sells his futures 
 arbitrage simply transfers his selling pressure from chicago to new york while <unk> as a buyer in chicago 
 the start of the whole process is the key someone must fundamentally increase or decrease his ownership in <unk> to make widget prices move 
 why does this large hypothetical seller trade in chicago instead of new york 
 perhaps he is willing to sacrifice to the arbitrage trader some small profit in order to get quick and certain execution of his large trade 
 in a competitive market this investor has many ways to execute his transactions and he will have more alternatives both foreign and domestic if his volume is profitable for an exchange to handle 
 if not chicago then in new york if not the u.s. then overseas 
 volatility surrounding his trades occurs not because of index arbitrage but because his is a large addition or <unk> to a widget market with <unk> liquidity 
 eliminate arbitrage and liquidity will decline instead of rising creating more volatility instead of less 
 the speed of his transaction is n't to be feared either because faster and cleaner execution is desirable not <unk> 
 if slowing things down could reduce volatility stone <unk> should become the trade ticket of the future 
 encouraging long-term investing 
 we must be very cautious about <unk> investors as long-term or short-term 
 policies designed to encourage one type of investor over another are <unk> to placing a sign over the big board 's door saying buyers welcome sellers please go away 
 the ultimate goal of any investor is a profit motive and regulators should not concern themselves with whether investors are sufficiently focused on the long term 
 a free market with a profit motive will attract each investor to the liquidity and risks he can <unk> 
 in point of fact volatility as measured by the annualized standard deviation of daily stock price movements has frequently been much higher than it is today 
 periods before the advent of futures or program trading were often more volatile usually when fundamental market conditions were <unk> change N N and N for example 
 it is interesting to see the fundamental stock pickers <unk> <unk> on program trading when the markets decline while <unk> the great values still <unk> as the markets rise 
 could rising volatility possibly be related to uncertainty about the economics of stocks instead of the evil <unk> of program-trading <unk> 
 some of the proposed <unk> for what is labeled program-trading volatility could be far worse than the perceived problem 
 in using program trading as a <unk> boy <unk> investors stand to gain the high ground in wooing small investors for their existing <unk> products 
 they may however risk bringing some damaging <unk> from outside the markets themselves 
 how does a nice new tax say N N on any financial transaction sound 
 that ought to make sure we 're all thinking for the long term 
 getting a level playing field 
 this argument is perhaps the most interesting one for <unk> program trading not because of its merits but because of the firms <unk> the cause 
 the <unk> of these reformers are money managers who cater to smaller investors 
 they continually advise their clients on which individual stocks to buy or sell while their clients continue to hope for superior performance 
 even with mutual funds the little investor continues to <unk> high fees high commissions and poor performance while <unk> managers slowly <unk> a better record with lower fees lower commissions and less risk 
 yet our efforts are somehow less noble than those of an investment expert <unk> <unk> press <unk> on each company he follows 
 almost all new regulation is introduced in the interests of protecting the little guy and he invariably is the one least able to cope with its consequences 
 if spreads available from index arbitrage are so enormous surely any sizable mutual-fund company could profit from offering it to small investors 
 the sad reality is that the retail investor continues to pursue <unk> performers first while leaving institutions to <unk> with basis points of performance on large sums of money quarter by quarter 
 <unk> index funds just are n't <unk> enough to justify the high fees and commissions that retail customers frequently pay and that institutional customers refuse to pay 
 each new trading <unk> is likely to be beaten by institutions seeking better ways to serve their <unk> clients here or overseas 
 <unk> new trading <unk> will only make things harder on the least sophisticated investors 
 so what is next for program trading 
 left to its own devices index arbitrage will become more and more efficient making it harder and harder to do profitably 
 spreads will become so tight that it wo n't matter which market an investor chooses arbitrage will prevent him from gaining any temporary profit 
 if government or private <unk> insist however on introducing greater <unk> between the markets limits on price moves <unk> execution higher margin requirements taxation etc. the end loser will be the markets themselves 
 instead we ought to be inviting more liquidity with cheaper ways to trade and transfer capital among all participants 
 mr. allen 's pittsburgh firm advanced investment management inc. <unk> program trades for institutions 
 some democrats in congress are warning that a complicated new funding device for the two federal antitrust agencies could result in further cutbacks in a regulatory area already reduced sharply in recent years 
 the funding mechanism which has received congressional approval and is expected to be signed by president bush would affect the antitrust operations of the justice department and the federal trade commission 
 as a part of overall efforts to reduce spending congress cut by $ N million the bush administration 's request for antitrust enforcement for fiscal N which began oct. N 
 to offset the reduction congress approved a $ N fee that investors and companies will have to pay each time they make required filings to antitrust regulators about mergers acquisitions and certain other transactions 
 some democrats led by rep. jack brooks d. texas unsuccessfully opposed the measure because they fear that the fees may not fully make up for the budget cuts 
 but justice department and ftc officials said they expect the filing fees to make up for the budget reductions and possibly exceed them 
 it could operate to <unk> our budget james <unk> the justice department 's antitrust chief said in an interview 
 under measures approved by both houses of congress the administration 's request for $ N million for the antitrust division would be cut $ N million 
 the ftc budget request of $ N million about $ N million of which would go for antitrust enforcement would also be cut by $ N million 
 the administration had requested roughly the same amount for antitrust enforcement for fiscal N as was appropriated in fiscal N 
 the offsetting fees would apply to filings made under the hart-scott-rodino act 
 under that law parties proposing mergers or acquisitions valued at $ N million or more must notify ftc and justice department antitrust regulators before completing the transactions 
 currently the government charges nothing for such filings 
 proponents of the funding arrangement predict that based on recent filing levels of more than N a year the fees will yield at least $ N million this fiscal year or $ N million more than the budget cuts 
 when you do that there is not a cut but there is in fact a program increase of $ N million each for the ftc and the justice department rep. neal smith d. iowa said during house debate 
 but rep. don edwards d. calif responded that a recession could <unk> merger activity reducing the amount of fees collected 
 the antitrust staffs of both the ftc and justice department were cut more than N N in the reagan administration and enforcement of major merger cases fell off drastically during that period 
 today is not the time to signal that congress in any way sanctions the dismal state into which antitrust enforcement has fallen mr. edwards argued 
 any money in excess of $ N million collected from the fees in fiscal N would go to the treasury at large 
 corporate lawyers said the new fees would n't inhibit many mergers or other transactions 
 though some lawyers reported that prospective <unk> were scrambling to make filings before the fees take effect government officials said they had n't noticed any surge in filings 
 fall ballot issues set a record for <unk> elections 
 <unk> elections attract relatively few ballot issues 
 but the N fall total of N while well below N activity shows a steady <unk> up in citizen <unk> and initiatives says patrick <unk> editor of family law and democracy report 
 he says the N <unk> issues on state <unk> this fall represent the most in any <unk> this decade 
 ballot questions range from a maine initiative on banning cruise missiles to a <unk> on increasing the north <unk> income tax 
 ballot watchers say attention already is focused on the N elections 
 in california two petition drives for next year 's election are essentially finished says david <unk> author of citizen lawmakers 
 mr. <unk> cites three completed efforts in oklahoma 
 hot ballot topics are expected to be abortion the environment and insurance reform 
 taking a <unk> from california more politicians will launch their campaigns by backing initiatives says david <unk> of <unk> young university 
 photograph collecting gains new <unk> as prices rise 
 price records are being set at auctions this week 
 at christie 's a <unk> of N prints from alfred <unk> 's equivalents series sold for $ N a <unk> record 
 other works also have been exceeding price estimates 
 in part prices reflect development of a market structure based on such <unk> as the number of prints 
 this information used to be poorly <unk> and largely <unk> says beth <unk> of sotheby 's 
 there is finally some sort of sense in the market she says 
 corporations and <unk> are among the serious buyers giving greater market stability says robert <unk> of the photograph <unk> 
 when i see prints going into the hands of institutions i know they are n't going to come back on the market 
 most in demand classic photographs by masters such as <unk> and man ray 
 but much contemporary work is also <unk> a great deal of money says miles <unk> of the international center of photography 
 dialing N brings callers a growing number of services 
 currently a $ N <unk> business N telephone service is expected to hit $ N million next year and near $ N billion by N as uses for the service continue to expand says joel gross of donaldson lufkin & jenrette inc 
 the service which costs the caller from N cents to $ N a minute currently is dominated by celebrity <unk> <unk> and <unk> lines 
 but more serious applications are in the wings and that is where the future growth is expected 
 i 'm starting to see more business transactions says <unk> west of american telephone & telegraph co. noting growing interest in use of N service for stock sales software <unk> and even service contracts 
 colleges she says are <unk> registration through N service 
 charities test the waters but they face legal barriers to electronic fund raising 
 the thing that will really break this market right open is merchandising ms. west says 
 much of the N service will <unk> to N predicts jack <unk> general manager of us <unk> 's N product 
 family <unk> are improving recovery rates of patients at columbia hospital milwaukee 
 patients who receive <unk> or <unk> visitors are found to have lower blood pressure and improved appetite and be more <unk> to therapy says mary ann <unk> program coordinator 
 tired of trimming 
 <unk> <unk> & co. offers a <unk> christmas tree that <unk> the need to string lights 
 the $ N tree is designed to send <unk> changing <unk> light to dozens of <unk> <unk> 
 medicine transplant growth of japanese trade and travel <unk> beth israel medical center new york to set up a <unk> medical practice 
 funded by a $ N million gift from <unk> marine & fire insurance the service will follow japanese medical <unk> including emphasis on <unk> medicine 
 diaper services make a comeback amid growing environmental concerns 
 concerned about shrinking <unk> and the safety of chemicals used in <unk> <unk> parents are returning to the <unk> diaper 
 tiny <unk> inc. campbell calif. says business is up N N in the past year 
 we 're gaining N new customers each week says jack <unk> of general health care corp. <unk> n.j 
 in <unk> n.y. <unk> service 's new marketing push <unk> environmental awareness 
 among its new customers <unk> centers that previously <unk> the service 
 the national association of diaper services philadelphia says that since january it has gotten more than N inquiries from people interested in starting diaper services 
 <unk> <unk> launched a diaper service last year because state college pa. where she lives did n't have one 
 diaper shortages this summer limited growth at <unk> diaper services <unk> mass. where business is up N N in 
 also spurring the move to <unk> diaper covers with <unk> fasteners that eliminate the need for safety <unk> 
 briefs 
 only N N of new <unk> watch the local news the lowest <unk> in the country says a new study by impact resources inc. columbus ohio 
 <unk> a <unk> bearing the <unk> of <unk> <unk> is marketed as a $ N tool for <unk> analysis 
 program trading is a <unk> complains edward <unk> a white plains n.y. investor and electronics sales executive and it 's not to the benefit of the small investor that 's for sure 
 but although he thinks that it is hurting him he doubts it could be stopped 
 mr. <unk> 's dislike of program trading is <unk> by many small investors interviewed by wall street journal reporters across the country 
 but like mr. <unk> few expect it to be halted entirely and a surprising number doubt it should be 
 i think program trading is basically unfair to the individual investor says leo fields a dallas investor 
 he notes that program traders have a commission cost advantage because of the quantity of their trades that they have a smaller margin requirement than individual investors do and that they often can figure out earlier where the market is heading 
 but he blames program trading for only some of the market 's volatility 
 he also considers the market <unk> and cites the troubles in junk bonds 
 he adds the market may be giving us another message that a recession is looming 
 or as <unk> <unk> an interior <unk> in arnold calif. puts it all kinds of funny things <unk> the market these days 
 but she believes that program trading creates <unk> swings 
 it 's not a sound thing there 's no inherent virtue in it 
 she adds that legislation curbing it would be a <unk> good idea 
 at the charles schwab & co. office in atlanta 's <unk> district a group of investors voices skepticism that federal officials would curb program trading 
 citing the october N crash glenn miller says it 's like the last crash they threatened but no one did anything 
 a. donald anderson a <unk> los angeles investor who says the stock market 's fluctuations and gyrations give me the <unk> does n't see much point in <unk> program trading 
 those who still want to do it will just find some way to get around any attempt to curb it 
 similarly rick <unk> a <unk> asset manager for a dallas real-estate firm would like to see program trading disappear because i ca n't see that it does anything for the market or the country 
 yet he is n't in favor of new legislation 
 i think we 've got enough securities laws he says 
 i 'd much rather see them dealing with interest rates and the deficit 
 peter anthony who runs an employment agency in new york <unk> program trading as limiting the game to a few but he also is n't sure it should be more strictly regulated 
 i do n't want to <unk> it because <unk> it would be like <unk> capitalism he explains 
 and surprising numbers of small investors seem to be <unk> to greater stock market volatility and say they can live with program trading 
 glenn <unk> a <unk> new york financial analyst who plays options for his personal account says he is <unk> the market 's volatility into investment decisions 
 he adds that program trading increases liquidity in the market 
 you ca n't hold back technology 
 and the practice should n't be stopped he says because even big players are n't immune to the <unk> of program trading 
 also in new york israel <unk> an <unk> lawyer comments that program trading increases volatility but i do n't think it should be banned 
 there 's no <unk> here 
 the market is just becoming more efficient 
 <unk> on differences between spot and futures prices is an important part of many financial markets he says 
 he adds that his shares in a company savings plan are invested in a mutual fund and volatility on a given day may hurt the fund 
 but i 'm a long-term investor he says 
 if you were a short-term investor you might be more leery about program trading 
 jim <unk> of atlanta <unk> program trading because he believes that it can bring the market back up after a plunge 
 if we have a real bad day the program would say buy he explains 
 if you could get the <unk> of the program trading you could take advantage of it 
 what else can a small investor do 
 scott <unk> a chicago <unk> is going into money-market funds 
 mr. <unk> says he had just <unk> the $ N he lost in the N crash when he lost more money last oct. N 
 now he plans to sell all his stocks by the first quarter of N 
 in october before the market dropped mrs. <unk> of arnold calif. moved to sell the speculative stocks in her family trust so we will be able to withstand all this <unk> caused by program trading 
 she believes that the only answer for individuals is to buy stocks that 'll weather any storm 
 <unk> <unk> an <unk> chicago <unk> has become <unk> immune to stock-market <unk> 
 mrs. <unk> took advantage of low prices after the N crash to buy stocks and has <unk> for other bargains since the oct. N plunge 
 my stocks are all blue chips she says 
 if the market goes down i figure it 's paper profits i 'm losing 
 on the other hand if it goes way sky high i always sell 
 you do n't want to get yourself too upset about these things 
 young 's market co. a <unk> of spirits wines and other goods said it will merge with a new corporation formed by the <unk> family which controls young 's 
 under terms of the agreement shareholders other than the <unk> will receive $ N a share at closing which is expected in december 
 the <unk> family said that holders of more than a majority of the stock of the company have approved the transaction by written consent 
 researchers at american telephone & telegraph co. 's bell laboratories reported they raised the electrical current-carrying capacity of new superconductor crystals by a factor of N moving the materials closer to commercial use 
 the scientists said they created small changes in the <unk> structures of the superconductors to raise the amount of current that single crystals could carry to N <unk> per square <unk> in a moderately strong magnetic field 
 the scientists said they made the advance with <unk> superconductors cooled to <unk> <unk> or minus N degrees <unk> 
 their report appears in today 's issue of the journal nature 
 the finding marks a significant step in research on bulk superconductors which are aimed at use in wires for motors <unk> <unk> and other applications 
 scientists had obtained even higher current-carrying capacity in thin films of the new superconductors but have had problems increasing the amount of current that bulk crystals could carry 
 superconductors conduct electricity without resistance when cooled 
 a family of ceramic superconductors discovered during the past three years promise new technologies such as cheaper electrical generation but only if their current-carrying capacity can be raised 
 the at&t advance shows how one aspect of the current-carrying problem can be overcome 
 but it wo n't lead to imminent use of new superconductors cautioned robert b. van dover one of the at&t researchers 
 he added that the current-carrying capacity of <unk> samples of superconductors remains too low for most practical uses because of so-called weak links between crystals 
 such <unk> materials will probably be needed for commercial applications 
 mr. van dover said the at&t team created the <unk> crystal changes by <unk> superconductor samples with neutrons a process that creates some <unk> in the samples and may not be <unk> for large-scale commercial use 
 still scientists <unk> a collective sigh of relief about the finding because it demonstrates how to overcome the <unk> <unk> problem that earlier this year was widely publicized as <unk> new superconductors ' potential 
 the problem involves the motion of small magnetic fields within superconductor crystals limiting their current-carrying capacity 
 mr. van dover said the crystal changes his team introduced apparently <unk> the magnetic fields in place preventing them from lowering current-carrying capacity 
 mr. van dover added that researchers are trying to determine precisely what crystal changes solved the problem 
 determining that may enable them to develop better ways to introduce the needed <unk> patterns 
 the at&t team also is trying to combine their latest superconductor process with <unk> growth a process discovered earlier at bell laboratories 
 the combined processes may significantly raise the current-carrying capacity of <unk> samples 
 william c. <unk> jr. an executive at san <unk> <unk> nationwide bank was named president and chief executive officer of <unk> holding corp. and its principal operating unit fidelity federal bank 
 the appointment takes effect nov. N 
 he succeeds james a. taylor who stepped down as chairman president and chief executive in march for health reasons 
 edward l. kane succeeded mr. taylor as chairman 
 separately <unk> posted a third-quarter net loss of $ N million or N cents a share <unk> net income of $ N million or $ N a share a year earlier 
 the latest results include some unusual write-downs which had an after-tax impact of $ N million 
 those included costs associated with the potential valley federal savings and loan association acquisition which was terminated on sept. N N 
 in addition operating results were hit by an increase in loan and real estate loss reserves 
 in american stock exchange composite trading <unk> shares closed yesterday at $ N down N cents 
 the following were among yesterday 's offerings and pricings in the u.s. and non-u.s. capital markets with terms and syndicate manager as compiled by dow jones capital markets report 
 international business machines corp. 
 $ N million of N N N debentures due nov. N N priced at N to yield N N 
 the 30-year <unk> issue was priced at a spread of N basis points above the treasury 's N N N bellwether long bond 
 rated triple-a by both moody 's investors service inc. and standard & poor 's corp. the issue will be sold through underwriters led by salomon brothers inc 
 the size of the issue was increased from an originally planned $ N million 
 detroit 
 $ N million of general obligation <unk> state aid bonds due N and N tentatively priced by a chemical securities inc. group to yield from N N in N to N N in N 
 there is $ N million of N N term bonds due N priced at N N to yield N N 
 serial bonds are priced to yield from N N in N to N N in N 
 the bonds are insured and <unk> 
 santa ana community redevelopment agency calif. 
 $ N million of tax allocation bonds N series <unk> due N N and N tentatively priced by a donaldson lufkin & jenrette securities corp. group to yield from N N in N to N N in N 
 the N N N term bonds due N are priced at N N to yield N N and N N N term bonds due N are priced at N to yield N N 
 serial bonds are priced at par to yield from N N in N to N N in N 
 the bonds are rated single-a by s&p according to the lead underwriter 
 maryland community development administration department of housing and community development 
 $ N million of single-family program bonds N fourth and fifth series tentatively priced by a merrill lynch capital markets group to yield from N N in N for fourth series bonds to N N in N for fifth series bonds 
 there is $ N million of fourth series bonds the interest on which is not subject to the federal alternative minimum tax 
 they mature N N and N 
 fourth series serial bonds are priced at par to yield from N N in N to N N in N 
 the N N term bonds due N are priced to yield N N and N N term bonds due N are priced to yield N N 
 there is $ N million of fifth series bonds which are subject to the federal alternative minimum tax 
 they mature in N N and N 
 bonds due in N have a N N N coupon and are priced at par 
 the N N N bonds due N are priced to yield N N and N N N bonds due N are priced at N N to yield N N 
 the underwriters expect a double-a rating from moody 's 
 <unk> co japan 
 $ N million of eurobonds due nov. N N with equity-purchase warrants indicating a N N N coupon at par via daiwa europe ltd 
 each $ N bond carries one warrant exercisable from nov. N N through nov. N N to buy shares at an expected premium of N N N to the closing price when terms are fixed tuesday 
 fees N N 
 <unk> <unk> <unk> <unk> sweden 
 N billion yen of N N eurobonds due nov. N N priced at N N to yield N N less full fees via mitsui finance international 
 guaranteed by <unk> <unk> 
 fees N N 
 <unk> & co japan 
 N million swiss francs of privately placed convertible notes due march N N with a fixed N N coupon at par via yamaichi bank switzerland 
 put option march N N at a fixed N N to yield N N 
 each N swiss franc note is convertible from nov. N N to march N N at a N N premium over the closing share price monday when terms are scheduled to be fixed 
 fees N N 
 mitsubishi pencil co japan 
 N million swiss francs of privately placed convertible notes due dec. N N with a fixed N N coupon at par via union bank of switzerland 
 put option on dec. N N at a fixed N N to yield N N 
 each N swiss franc note is convertible from dec. N N to dec. N N at a N N premium over the closing share price tuesday when terms are scheduled to be fixed 
 fees N N 
 <unk> <unk> corp japan 
 N million swiss francs of N N N privately placed notes due nov. N N priced at N N via dai-ichi kangyo bank <unk> 
 guarantee by dai-ichi kangyo bank ltd 
 fees N N 
 although his team lost the world series san francisco giants owner bob <unk> hopes to have a new home for them 
 he is an <unk> fan of a proposition on next week 's ballot to help build a replacement for candlestick park 
 small wonder since he 's asking san francisco taxpayers to sink up to $ N million into the new stadium 
 as san francisco digs out from the pretty big one opponents say the last thing the city can afford is an expensive new stadium 
 a stadium craze is sweeping the country 
 it 's fueled by the increasing profitability of <unk> teams 
 something like one-third of the nation 's N largest cities are thinking about new stadiums ranging from cleveland to san antonio and st. <unk> 
 most <unk> claim the new sports <unk> will be <unk> for their city 
 <unk> university economist dean <unk> <unk> at that 
 he has looked at N baseball and football stadiums and found that only one private <unk> stadium brought more money into a city than it took out 
 stadiums tend to <unk> existing wealth within a community not create more of it 
 voters generally agree when they are given a chance to decide if they want to sink their own tax dollars into a new <unk> 
 san francisco voters rejected a new <unk> two years ago 
 last month phoenix voters turned <unk> down on a $ N million stadium bond and tax proposition 
 its backers <unk> every important interest on their team a popular mayor the chamber of commerce the major media and spent $ N on promotion 
 but voters decided that if the stadium was such a good idea someone would build it himself and rejected it N N to N N 
 in san francisco its backers concede the <unk> is at best running even in the polls 
 george christopher the former san francisco mayor who built candlestick park for the giants in the 1960s wo n't <unk> the new <unk> 
 he says he had candlestick built because the giants claimed they needed N parking <unk> 
 since the new park will have only N <unk> mr. christopher thinks backers are playing some fiscal games of their own with the voters 
 stadium <unk> claim that without public money they would never be built 
 miami <unk> owner joe <unk> <unk> and he can prove it 
 several years ago he gave up trying to persuade miami to improve its <unk> orange bowl and instead built his own $ N million <unk> with private funds 
 he did n't see why the taxpayers should help build something he would then use to turn a healthy profit 
 this stadium shows that anything government can do we can do better mr. <unk> says 
 but to moon <unk> the former new orleans mayor who helped build that city 's <unk> money-losing <unk> questions of who benefits or the bottom line are of little <unk> 
 the <unk> is an exercise in optimism a statement of faith he has said 
 it is the very building of it that is important not how much of it is used or its economics 
 an egyptian <unk> could n't have justified his <unk> any better 
 but <unk> has moved forward since then 
 today taxpayers get to vote most of the time on whether they want to finance the building schemes of our modern political <unk> or let private money <unk> these <unk> for public <unk> 
 reed international plc said that net income for the six months ended oct. N slipped N N to # N million $ N million or N pence a share from # N million $ N million or N pence a share 
 the british paper packaging and publishing concern said profit from continuing lines fell N N to # N million from # N million 
 while there were no one-time gains or losses in the latest period there was a one-time gain of # N million in the N period 
 and while there was no profit this year from discontinued operations last year they contributed # N million before tax 
 pretax profit fell N N to # N million from # N million and was below analysts ' expectations of # N million to # N million but shares rose N pence to N pence in early trading yesterday in london 
 reed is paying an interim dividend of N pence up N N from N pence a year earlier 
 sales fell N N to # N million 
 earnings were hurt by disposal of operations in its restructuring reed said 
 wall street 's big securities firms face the prospect of having their credit ratings lowered 
 the reason risks from the firms ' new merchant banking activities are rising as revenue from the industry 's traditional business <unk> 
 the downgrading of debt issued by cs first boston inc. parent of first boston corp. by moody 's investors service inc. coupled with a moody 's announcement that shearson lehman hutton holdings inc. is under review for a possible downgrade sent <unk> through the brokerage community this week 
 with the <unk> came the <unk> that some of wall street 's biggest players are struggling to maintain the <unk> credit standing required to finance their activities profitably 
 securities firms are among the biggest issuers of commercial paper or short-term corporate <unk> which they sell to finance their daily operations 
 the biggest firms still retain the highest ratings on their commercial paper 
 but moody 's warned that shearson 's commercial paper rating could be lowered soon a move that would reduce shearson 's profit margins on its borrowings and signal trouble ahead for other firms 
 shearson is <unk> by american express co 
 just as the 1980s bull market transformed the u.s. securities business so too will the more difficult environment of the 1990s says christopher t. <unk> a moody 's vice president 
 a sweeping restructuring of the industry is possible 
 standard & poor 's corp. says first boston shearson and drexel burnham lambert inc. in particular are likely to have difficulty <unk> up their credit standing in months ahead 
 what worries <unk> concerns the most is that wall street firms are taking long-term risks with their own capital via leveraged buy-out and junk bond financings 
 that 's a departure from their traditional practice of <unk> almost all financing risks to investors 
 <unk> conventional securities financings are structured to be sold quickly wall street 's new <unk> for leveraged buy-outs and junk bonds is resulting in long-term lending commitments that stretch out for months or years 
 the recent disarray in the junk bond market suggests that brokers may become longer-term creditors than they anticipated and may face long delays in getting their money back says jeffrey <unk> a vice president at s&p which raised a warning flag for the industry in april when it downgraded cs first boston 
 wall street is facing a <unk> situation says mr. <unk> of moody 's 
 merchant banking where firms commit their own money is getting riskier and there 's less of it to go around 
 in addition he says the buy-out business is under pressure because of the junk bond collapse meaning that returns are likely to decline as the volume of junk-bond financings <unk> 
 in a leveraged buy-out a small group of investors acquires a company in a transaction financed largely by borrowing with the expectation that the debt will be paid with funds generated by the acquired company 's operations or sales of its assets 
 in a recent report moody 's said it expects intense competition to occur through the rest of the century in the securities industry which combined with overcapacity will create poor prospects for profitability 
 it said that the temptation for <unk> to ease this profit pressure by taking greater risks is an additional rating factor 
 both moody 's and s&p cited first boston 's reliance in recent years on merchant banking which has been responsible for a significant portion of the closely held firm 's profit 
 the recent cash squeeze at campeau corp. first boston 's most lucrative client of the decade is proving costly to first boston because it arranged more than $ N billion of high-yield high-risk junk financings for campeau units 
 in addition a big loan that first boston made to ohio <unk> co was n't repaid on time when its $ N million junk financing for a buy-out of the <unk> company was withdrawn 
 these two exposures alone represent a very substantial portion of cs first boston 's equity moody 's said 
 total merchant banking exposures are in excess of the firm 's equity 
 cs first boston however benefits from the backing of its largest shareholder credit suisse switzerland 's third largest bank 
 shearson also has been an aggressive participant in the leveraged buy-out business 
 but its earnings became a major disappointment as its traditional retail or individual investor business showed no signs of rebounding from the slump that followed the october N stock market crash 
 in addition shearson 's listed $ N billion of capital is <unk> according to the rating concerns because it includes $ N billion of goodwill 
 shearson really only has $ N million of capital says mr. <unk> of s&p 
 a shearson spokesman said the firm is n't worried 
 a year ago moody 's also had shearson under review for possible downgrade he said 
 after two months of talks our rating was maintained 
 drexel meanwhile already competes at a disadvantage to its big wall street rivals because it has a slightly lower commercial paper rating 
 the collapse of junk bond prices and the cancellation of many junk bond financings apparently have taken their toll on closely held drexel the leading underwriter in that market 
 the firm also has been hit with big financial settlements with the government stemming from its guilty plea to six <unk> related to a big insider-trading scandal 
 drexel this year eliminated its retail or individual customer business cutting the firm 's <unk> almost in half to just over N 
 recently drexel circulated a private financial statement among several securities firms showing that its earnings performance has diminished this year from previous years 
 the firm 's capital moreover has n't grown at the same rate as in the past officials at these firms say 
 drexel remains confident of its future <unk> 
 we 're well positioned with $ N billion of capital a drexel spokesman said 
 and as a leading investment and merchant banking firm the fact that we are no longer subject to the uncertainties and <unk> of the retail business is a major plus in our view 
 moreover we 've probably been the most aggressive firm on the street in reducing costs which are down around N N over the last six months 
 lewis c. <unk> the father of the team that created the highly successful ford <unk> and mercury <unk> cars retired early after experiencing recent heart problems 
 most recently mr. <unk> N years old has been vice president of product and manufacturing engineering at ford motor co 
 but he is best known in the auto industry as the <unk> of a team <unk> approach that produced the two midsized cars that were instrumental in helping the no. N auto maker record profits in recent years and in enabling the company 's ford division to <unk> general motors corp. 's chevrolet division as the <unk> <unk> in the u.s. 
 under the so-called team <unk> approach mr. <unk> and other ford product planners sought the involvement of parts suppliers <unk> workers auto designers and financial staff members from the initial stages of the development cycle 
 the concept 's goal was to eliminate bureaucracy and make ford 's product development more responsive to consumer demands 
 it was later applied to other <unk> programs including those that produced the ford <unk> and mercury <unk> 
 ford chairman donald e. <unk> said yesterday that mr. <unk> has helped to change the world 's perception of <unk> cars 
 mr. <unk> worked at ford for N years holding a variety of car and <unk> positions 
 the limits to legal <unk> stretched another <unk> this week when the supreme court refused to hear an appeal from a case that says corporate defendants must pay damages even after proving that they could not possibly have caused the harm 
 we can understand and share the <unk> that makes judges sometimes wish to offer a kind of <unk> aid to those who 've been hurt 
 but this case is a stark lesson in how the failures of the traditional <unk> process have left the courts as the only forum this country has to debate risk technology and innovation 
 too often now a single court decision becomes the precedent for other less compelling cases 
 from the <unk> until N some two million women took the synthetic <unk> <unk> des to prevent <unk> and morning <unk> 
 the drug was approved by the food and drug administration and marketed by some N pharmaceutical companies often under generic labels 
 in the 1970s scientists reported cancer cases among the daughters of des users 
 the cases quickly went to court but the mothers of several thousand des plaintiffs could n't recall whose brand they used 
 beginning in N courts in several states including california and new york decided to suspend the <unk> rule that plaintiffs must prove that the defendants are the ones who are liable 
 courts made the assumption that all des pills were essentially the same and created a market-share test so that damages would be assessed against drug makers in the proportion of their share of the original sales 
 this has some logic 
 drug makers should n't be able to duck liability because people could n't identify precisely which identical drug was used 
 but courts quickly tumbled down a <unk> <unk> 
 just as all plaintiffs are not alike it turns out that des defendants marketed the drugs differently and may have offered different <unk> 
 the ultimate result came in <unk> v. lilly where the highest new york court expanded the market-share approach for the first time to say that drug makers that could prove <unk> <unk> 's mother did n't use their pill must still pay their share of any damages 
 but as duke university law professor william van <unk> notes by this <unk> a defendant could be held liable in new york for a bad apple even if he sold all his apples in california 
 despite the supreme court 's refusal to hear the case there are serious constitutional issues of due process and <unk> <unk> from the defendants 
 the big problem however is that there 's no guarantee that this <unk> will be limited to des or to drugs 
 the problem here goes well beyond <unk> legal doctrine 
 the california supreme court last year reversed direction to make it much harder to win des cases because the justices saw how all the pharmaceutical litigation has <unk> the introduction of new drugs 
 the court rejected strict liability for prescription drugs citing the huge hidden social costs 
 public policy favors the development and marketing of beneficial new drugs even though some risks perhaps serious ones might <unk> their introduction because drugs can save lives and reduce pain and suffering the <unk> court said 
 the california justices noted that the fear of litigation already forced the only remaining <unk> drug <unk> off the u.s. market 
 this raises the key issue what to do about people who suffer serious injuries from beneficial drugs 
 we now know that holding drug makers liable where there 's no evidence that they or anyone else knew of any risks only means the drugs wo n't be available to anyone 
 as liability expert peter <unk> tells us after the <unk> case if any drug maker <unk> an <unk> drug it 's time to sell that company 's stock short 
 we also know that the <unk> system is a <unk> way to compensate victims anyway some win the legal <unk> others get much less and <unk> lawyers take a big cut either way 
 des daughters and other victims of drugs would be better off if their cases were taken out of the courts 
 congress could create a compensation program to help such victims while protecting the national interest in encouraging new drugs 
 but a N law that supposedly replaced lawsuits over children 's <unk> with a compensation fund has predictably led to even more litigation 
 everyone by now understands that congress is utterly <unk> of writing legislation to help <unk> people without its becoming some billion-dollar <unk> 
 we have no doubt this is one reason judges in new york and justices on the supreme court are willing to trash the law in the des cases 
 they must figure that justice has to get done by somebody but know it wo n't be done by congress 
 <unk> partners limited partnership an investment firm completed the purchase of may department stores co. 's <unk> discount chain for $ N million plus the assumption of $ N million in debt 
 <unk> based in <unk> conn. operates N stores in the northeast it reported revenue of $ N billion last year 
 may stores st. louis runs such well-known department stores as lord & taylor 
 n.v <unk> said net income in the third quarter jumped N N as the company had substantially lower extraordinary charges to account for a restructuring program 
 the dutch chemical group said net income gained to N million guilders $ N million or N guilders a share from N million guilders or N guilders a share a year ago 
 the N N state-owned <unk> had eight million guilders of extraordinary charges in the latest quarter mainly to reflect one-time losses in connection with the disposal of some operations 
 the charges were offset in part by a gain from the sale of the company 's construction division 
 last year <unk> had N million guilders of extraordinary charges for the restructuring program and other transactions 
 the earnings growth also was fueled by the company 's ability to cut net financing spending by half to around N million guilders 
 also substantially lower dutch corporate tax rates helped the company keep its tax <unk> flat relative to earnings growth the company added 
 sales however were little changed at N billion guilders compared with N billion guilders 
 <unk> inc. said it received food and drug administration approval to sell the <unk> <unk> lens the first <unk> <unk> lens available for <unk> surgery 
 the <unk> 's <unk> enables it to be inserted in smaller <unk> than are now possible for <unk> surgery the eye care and skin care concern said 
 <unk> refer to a <unk> of the eye 's natural lens 
 a man from the bush administration came before the house agriculture committee yesterday to talk about the u.s. 's intention to send some $ N million in food aid to poland with more to come from the ec 
 the committee 's members are worried what all this free food might do to the economic prospects of poland 's own farmers 
 rep. gary ackerman noted that past food aid had <unk> farmers in el salvador and egypt 
 however well <unk> food transfers have the habit of growing larger and <unk> the market incentives for the <unk> country 's own farmers 
 the first world has for some time had the bad habit of <unk> other people 's economies with this kind of <unk> <unk> 
 it should be constantly stressed that poland 's farmers mostly need a real market for their products 
 <unk> industries inc. said it expects net income in the year ending june N N to fall below a recent analyst 's estimate of $ N a share 
 the <unk> ill. maker of fasteners also said it expects to post sales in the current fiscal year that are slightly above fiscal N sales of $ N million 
 the company said its industrial unit continues to face margin pressures and lower demand 
 in fiscal N <unk> earned $ N million or $ N a share 
 the company 's stock fell $ N to $ N in over-the-counter trading yesterday 
 <unk> truck corp. <unk> wis. estimated earnings for its fourth quarter ended sept. N fell N N to N N below the year-earlier $ N million or N cents a share 
 the truck maker said the significant drop in net income will result in lower earnings for the fiscal year 
 in fiscal N the company earned $ N million or $ N a share on revenue of $ N million 
 <unk> truck attributed the downturn in its earnings to higher start-up costs of its new <unk> division a softer <unk> market and higher administrative costs of compliance with government contractor regulations 
 the company said it is in the process of <unk> out john deere its current source of production for midsized motor home <unk> 
 in anticipation of the start-up of its new factory the company said a <unk> <unk> supply has been built to carry it through the transition period 
 tokyo stocks edged up wednesday in relatively active but <unk> trading 
 london shares finished moderately higher 
 at tokyo the nikkei index of N selected issues which gained N points tuesday added N points to N 
 in early trading in tokyo thursday the nikkei index fell N points to N 
 wednesday 's volume on the first section was estimated at N million shares in line with tuesday 's N million 
 declining issues slightly outnumbered advancing issues N to N 
 investors switched trading focus quickly as they did tuesday reflecting uncertainty about long-term commitments to any issue or sector traders said 
 speculation on the other hand sparked buying in certain <unk> issues though rumors underlying such shares eventually proved <unk> 
 the development traders said showed that there is more than ample liquidity available for investment despite the market 's recent <unk> trend 
 dealers led the market wednesday by actively trading for their own accounts observers said 
 institutions mostly remained on the sidelines because of uncertainty regarding interest rates and the dollar 
 the tokyo stock price index <unk> of all issues listed in the first section which gained N points tuesday was down N points or N N at N 
 the second section index which added N points tuesday was up N points or N N to close at N 
 volume in the second section was estimated at N million shares up from N million tuesday 
 <unk> <unk> managing director of nomura investment trust management said that if the u.s. federal funds rate declines to around N N institutions would acquire a <unk> idea regarding the direction of the market and thus more <unk> participate in active buying 
 tokyu group mitsubishi estate and <unk> which advanced tuesday declined on profit-taking 
 wednesday 's dominant issue was <unk> fire & marine insurance which continued to surge on rumors of speculative buying 
 it ended the day up N yen N cents to N yen $ N 
 due to <unk> high gold prices tied to uncertainty about the u.s. currency investor interest was directed toward oil and mining shares which traders called a defensive action frequently taken when the dollar is expected to fall or during times of inflation 
 <unk> oil also <unk> by rumors of speculative buying advanced N yen to N 
 <unk> shell gained N to N and mitsubishi oil rose N to N 
 <unk> metal mining fell five yen to N and nippon mining added N to N 
 among other winners wednesday was nippon <unk> which was up N at N 
 <unk> advanced N to N 
 london share prices were bolstered largely by continued gains on wall street and technical factors affecting demand for london 's blue-chip stocks 
 the financial times-stock exchange 100-share index closed N points higher at N 
 it rose largely throughout the session after posting an intraday low of N in the first N minutes of trading 
 the index ended the day near its session high of N which was posted within the last half-hour of trading 
 dealers said most investor interest was focused on defensive blue-chip stocks particularly those with limited u.k. exposure 
 also several key blue chips were pushed higher in thin volume because of a technical squeeze among market makers 
 sterling 's firm tone combined with a steady opening on wall street also <unk> some investors to come back to the market dealers said 
 there were concerns early in the day that wall street 's sharp gains on tuesday were <unk> and due for a reversal 
 the <unk> 30-share index settled N points higher at N 
 volume was N million shares up from N million on tuesday 
 dealers said institutions were still largely <unk> the sidelines on fears that the market 's recent technical rally might prove fragile 
 they cited wall street 's recent volatility and the lack of a clear indication over the market 's short-term direction as factors in the institutional caution 
 jaguar a u.k. luxury auto maker being pursued by ford motor and general motors gained N pence N cents a share to close at N pence $ N 
 it shed about N pence however after dealers said the market was disappointed that ford did n't move to tender a bid for control of the company 
 dealers said the u.k. government 's decision tuesday to waive its <unk> golden share in the auto maker raised prospects of a bidding war between the two u.s. auto giants 
 but the waiver also was seen as a signal that ford a major u.k. auto industry employer was able to gain government acceptance of its bid for control of jaguar 
 dealers said that interpretation sparked expectations of an imminent bid by ford 
 b.a.t industries which is being pursued by sir james goldsmith 's <unk> investments rose N to N on speculation that <unk> will <unk> its bid dealers said 
 like jaguar b.a.t also eased off its highs in afternoon dealings 
 reed international a u.k. publishing group gained N to N despite reporting a N N drop in interim pretax profit 
 analysts said the fall in pretax profit was due to the group 's recent restructuring and sale of peripheral units and that its remaining businesses are performing well 
 dealers said the market agreed 
 stocks boosted by market-makers shopping to cover book requirements in ft-se N shares included <unk> communications which climbed N to N 
 drug companies in the key index also <unk> gains as market-makers searched for stock in anticipation of demand due to the sector 's defensive <unk> 
 wellcome gained N to N on a modest N million shares 
 <unk> the u.k. 's largest pharmaceutical concern advanced N to # N 
 stock prices closed higher in stockholm amsterdam and frankfurt and lower in zurich 
 paris brussels and milan were closed for a holiday 
 south african gold stocks closed marginally lower 
 elsewhere share prices closed higher in singapore taipei and wellington were mixed in hong kong lower in seoul and little changed in sydney 
 manila markets were closed for a holiday 
 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 
 the following issues were recently filed with the securities and exchange commission 
 <unk> corp. offering of N common shares via goldman sachs & co. and <unk> <unk> & <unk> inc 
 <unk> water co. offering of N shares of common stock via legg mason wood walker inc. and howard weil <unk> <unk> inc 
 <unk> <unk> resources inc. initial offering of N common shares to be offered by the company via chicago corp 
 <unk> municipal fund inc. offering of five million common shares 
 occidental petroleum corp. shelf offering of $ N billion in senior debt securities 
 prime motor <unk> inc. offering of up to $ N million zero coupon convertible debentures via drexel burnham lambert inc. and montgomery securities 
 service <unk> co. proposed offering of N million shares of common stock via <unk> mitchell <unk> & garrison inc. and blunt ellis & <unk> inc 
 western gas resources inc. initial offering of N shares of common stock of which N shares will be sold by the company and N shares by a holder via prudential-bache capital funding smith barney harris upham & co. and <unk> <unk> inc 
 hold the <unk> 
 with <unk> <unk> <unk> and <unk> there are still beauty plans left to tackle but as the years go by it seems that before i <unk> i should <unk> 
 pat <unk> 
 criminal charges were filed against <unk> electronics inc. and two company officials alleging waste disposal violations in its <unk> calif. facility 
 the los angeles county district attorney 's office filed seven felony and five <unk> counts charging that late last year and early this year the irvine calif.-based <unk> manufacturer illegally <unk> of acid <unk> and heavy metals into the <unk> system and <unk> hazardous materials in <unk> <unk> or <unk> containers 
 named as defendants were <unk> matthews president and peter <unk> executive vice president and chief financial officer as well as a former plant manager 
 the company said local authorities held hearings on the allegations last spring and had returned the plant to routine inspection in august 
 the company does not feel that it or any of the individuals violated any criminal statute and the company expects full <unk> in court 
 <unk> are scheduled for nov. N 
 consumer confidence stayed strong in october despite the <unk> gyrations of the stock market 
 the sharp stock market decline in late october appears to have had little or no effect on consumers said <unk> <unk> executive director of the conference board 's consumer research center 
 survey returns received after the drop in the dow jones average were about the same as the views expressed prior to that event 
 the nonprofit <unk> group said its consumer confidence index was N in october barely changed from a revised N in september 
 the index was N in october N and in the past year has ranged from a low of N to a high of N 
 it uses a base of N in N 
 in october more people said that present business conditions were good than in september 
 an equal number in each month said that employment conditions were good 
 and N N of consumers contacted believed business conditions will improve in the coming six months compared with N N in september 
 also more people said conditions will worsen in the period 
 fewer said conditions wo n't change 
 in october N N N said business conditions would improve 
 in october N N N said more jobs will be created in the coming six months compared with N N in september and N N in october N 
 only N N in october compared with N N in september and N N in october N said income would increase 
 the sustained level of confidence can be attributed to the continued favorable circumstances which affect the consumer 's day-to-day economic life said mr. <unk> 
 unemployment continues at a relatively low level providing a sense of job security and a low inflation rate has kept the purchasing power of the weekly <unk> reasonably strong 
 the consumer confidence survey covering N u.s. households is conducted in the first two weeks of each month for the conference board by national family opinion inc. a toledo ohio market researcher 
 buying plans were mixed in october with fewer households indicating plans to buy cars and more saying they will buy homes and appliances in the coming six months 
 in october N N of respondents said they will buy a car easing from september when N N anticipated a purchase 
 in october N N N said they would buy a car 
 home purchase plans increased to N N from N N in the two recent months 
 in october N N N said they would buy a house 
 in N home purchase plans have ranged monthly from N N to N N of respondents 
 in october N N said they will buy appliances in the coming six months compared with N N in september and N N in october N 
 despite a <unk> of economic news the treasury market remained quiet but the corporate market was <unk> over international business machines corp. 's huge debt offering 
 there were so many economic reports but the market did n't care about any of them said <unk> <unk> a money market economist at drexel burnham lambert inc 
 so the focus turned to other fixed-income markets corporate and mortgages in particular she said 
 ibm the giant computer maker offered $ N million of <unk> 30-year debentures priced to yield N N or about N percentage point higher than the yield on 30-year treasury bonds 
 the size of ibm 's issue was increased from an originally planned $ N million as money managers and investors scrambled to buy the bonds 
 in the investment-grade corporate market it 's rare that you get an opportunity to buy a name that has such broad appeal and has such attractive call features said james <unk> a drexel industrial bond trader 
 money managers ranked ibm 's offering as the most significant investment-grade sale of the year because large issues of long-term debt by companies with triple-a credit are <unk> 
 syndicate officials at lead underwriter salomon brothers inc. said the debentures were snapped by up pension funds banks insurance companies and other institutional investors 
 in the treasury market investors paid <unk> attention to the day 's economic reports which for the most part provided a mixed view of the economy 
 whether you thought the economy was growing weak or holding steady yesterday 's economic indicators did n't change your opinion said charles <unk> a managing director at manufacturers hanover securities corp 
 the government reported that orders for manufactured goods were essentially unchanged in september while construction spending was slightly lower 
 both indicators were viewed as signs that the nation 's industrial sector is growing very slowly if at all 
 a survey by the federal reserve 's N district banks and the latest report by the national association of purchasing management <unk> that picture of the economy 
 in a monthly report prepared for use at the fed 's next federal open market committee meeting on nov. N the nation 's central bank found that price increases have <unk> and economic activity has grown at a sluggish pace in recent weeks 
 among other things the survey found that manufacturing activity <unk> considerably across districts and among industries 
 the philadelphia and cleveland districts for example reported declines in manufacturing activity while the boston dallas and san francisco banks noted that business expanded 
 the purchasing managers index of economic activity rose in october although it remains below N N 
 a reading below N N indicates that the manufacturing sector is slowing while a reading above N N suggests that the industry is expanding 
 mr. <unk> said the diverse showing in yesterday 's reports only <unk> the importance of the employment data 
 the employment report which at times has caused wide swings in bond prices is due out tomorrow 
 the average estimate of N economists polled by dow jones capital markets report was that <unk> <unk> expanded by N in october 
 the economists forecast a N N rise in the unemployment rate to N N 
 treasury securities 
 in a surprise announcement the treasury said it will reopen the outstanding benchmark 30-year bond rather than create a new one for next week 's quarterly refunding of the federal debt 
 the treasury will raise $ N billion in fresh cash by selling $ N billion of securities including $ N billion of new three-year notes and $ N billion of new 10-year notes 
 but rather than sell new 30-year bonds the treasury will issue $ N billion of <unk> nine-month bonds essentially increasing the size of the current benchmark 30-year bond that was sold at the previous refunding in august 
 credit market analysts said the decision to reopen the current benchmark the N N N bond due august N is unusual because the issue trades at a premium to its face amount 
 some dealers said the treasury 's intent is to help government bond dealers gauge investor demand for the securities given uncertainties about when the auction will occur 
 the treasury said the refunding is contingent upon congressional and presidential passage of an increase in the federal debt ceiling 
 until such action takes places the treasury has no ability to issue new debt of any kind 
 meanwhile treasury bonds ended modestly higher in quiet trading 
 the benchmark 30-year bond about N point or $ N for each $ N face amount 
 the benchmark was priced at N N to yield N N compared with N N to yield N N tuesday 
 the latest 10-year notes were quoted at N N to yield N N compared with N N to yield N N 
 the discount rate on three-month treasury bills was essentially unchanged at N N while the rate on six-month bills was slightly lower at N N compared with N N tuesday 
 corporate issues 
 ibm 's $ N million debenture offering dominated activity in the corporate debt market 
 meanwhile most investment-grade bonds ended unchanged to as much as N point higher 
 in its latest <unk> of performance statistics moody 's investors service found that investment-grade bonds posted a total return of N N in october while junk bonds showed a negative return of N N 
 moody 's said those returns compare with a N N total return for longer-term treasury notes and bonds 
 total return measures price changes and interest income 
 for the year to date moody 's said total returns were topped by the N N of longer-term treasury issues closely followed by N N for investment-grade bonds 
 junk bonds trailed the group again 
 even the N N return from the <unk> three-month treasury bill has easily <unk> the N N return from junk bonds wrote moody 's economist john <unk> in yesterday 's market report 
 little wonder that buyers for junk have been found wanting he said 
 moody 's said the average net asset value of N junk-bond mutual funds fell by N N in october 
 mortgage-backed issues 
 mortgage securities ended slightly higher but trailed gains in the treasury market 
 ginnie mae 's N N issue for november delivery finished at N N up N and its N N N issue at N N also up N 
 the ginnie mae N N securities were yielding N N to a 12-year average life 
 activity was light in derivative markets with no new issues priced 
 municipal issues 
 municipal bonds were mostly unchanged to up N point in light cautious trading prior to tomorrow 's unemployment report 
 a $ N million issue of health facility revenue bonds from the california health facilities financing authority was temporarily withdrawn after being tentatively priced by a first boston corp. group 
 an official for the lead underwriter declined to comment on the reason for the delay but market participants speculated that a number of factors including a lack of investor interest were responsible 
 the issue could be <unk> possibly in a restructured form as early as next week according to the lead underwriter 
 a $ N million offering of santa ana community redevelopment agency calif. tax allocation bonds got off to a slow start and may be <unk> at lower levels today according to an official with lead underwriter donaldson lufkin & jenrette securities corp 
 the santa ana bonds were tentatively priced to yield from N N in N to N N in 
 <unk> the market trend an issue of $ N million general obligation <unk> state aid bonds from detroit mich. apparently drew solid investor interest 
 they were tentatively priced to yield from N N in N to N N in 
 foreign bond 
 west german dealers said there was little interest in treasury bonds ahead of thursday 's new government bond issue 
 so far they said investors appear <unk> about the new issue which might force the government to raise the coupon to more than N N 
 it is generally expected to be the usual 10-year four billion mark issue 
 rumors to the contrary have been that it would be a six billion mark issue or that the last <unk> a N N issue due october N would be increased by two billion marks 
 elsewhere 
 in japan the benchmark no. N N N issue due N ended on brokers screens unchanged at N to yield N N 
 in britain the benchmark N N N bond due N fell N to N N to yield N N 
 the N N notes due N fell N to N N to yield N N 
 standard & poor 's corp. lowered to <unk> from <unk> the rating on about $ N million of debt 
 the rating concern said the textile and clothing company 's interest expense exceeds operating profit by a wide margin and it noted united 's estimated after-tax loss of $ N million for the year ended june N 
 travelers corp. 's third-quarter net income rose N N even though claims stemming from hurricane hugo reduced results $ N million 
 net advanced to $ N million or N cents a share from $ N million or N cents a share including net realized investment gains of $ N million up from $ N million a year ago 
 but revenue declined to $ N billion from $ N billion 
 travelers estimated that the california earthquake last month will result in a fourth-quarter <unk> charge of less than $ N million 
 the insurer 's earnings from commercial property\/casualty lines fell N N in the latest quarter while it lost $ N million in its personal property\/casualty business compared with earnings of $ N million a year ago 
 travelers 's employee benefits group which includes its group health insurance operations posted earnings of $ N million compared with a loss of $ N million last year 
 in the first nine months net was $ N million compared with a loss of $ N million in the N period 
 the year-ago results included a $ N million charge in the N second quarter for <unk> real estate and mortgage loans 
 the british department of trade and industry ordered an investigation of the competitive impact of michelin <unk> plc 's planned acquisition of national <unk> service ltd 
 the department said it referred the takeover to the monopolies and mergers commission because of the purchase 's possible effects on the u.k. market for distribution of replacement tires 
 <unk> plc a u.k. industrial conglomerate said in june it had sold its national <unk> service business to michelin investment ltd. a u.k. unit of the tire maker for # N million $ N million 
 michelin <unk> is a unit of france 's michelin s.a 
 michelin officials could n't immediately comment on the <unk> but they noted the purchase from <unk> has already been concluded 
 national <unk> which has N branches throughout the u.k. had N pretax profit of # N million 
 rep. john dingell an important sponsor of president bush 's clean-air bill plans to unveil a surprise proposal that would break with the white house on a centerpiece issue acid rain 
 the michigan democrat 's proposal which is expected today is described by government sources and lobbyists as significantly weaker than the bush administration 's plan to cut utility emissions that lead to acid rain 
 the administration 's plan could cost utilities mainly those that use coal up to $ N billion a year 
 the proposal comes as a surprise even to administration officials and temporarily throws into chaos the house 's work on clean-air legislation 
 as chairman of the house energy and commerce committee mr. dingell has almost <unk> control over clean-air legislation 
 people close to the utility industry said mr. dingell 's proposal appears to guarantee only an estimated <unk> cut in annual <unk> emissions that lead to acid rain though additional cuts could be ordered later 
 mr. bush 's legislative package promises to cut emissions by N million tons basically in half by the year N 
 although final details were n't available sources said the dingell plan would abandon the president 's proposal for a cap on utilities ' <unk> emissions 
 that proposal had been hailed by environmentalists but <unk> by utilities because they feared it would limit their growth 
 it also would junk an innovative <unk> system for trading emissions credits among <unk> 
 in addition it is believed to offer a cost-sharing mechanism that would help subsidize the <unk> costs for the <unk> <unk> utilities in the country <unk> their customers from <unk> <unk> in their electric bills 
 the administration sticking to its <unk> of avoiding tax increases has <unk> opposed cost-sharing 
 mr. dingell 's staff was expected to present its <unk> alternative to other committee members apparently in an attempt to <unk> midwestern lawmakers from <unk> states who insist on cost-sharing 
 it is n't clear however whether support for the proposal will be broad enough to pose a serious challenge to the white house 's <unk> plan 
 while the new proposal might appeal to the <unk> utilities it might not win the support of utilities many in the west that already have added expensive cleanup equipment or <unk> <unk> fuels 
 lawmakers representing some of the cleaner utilities have been quietly working with the white house to devise ways to <unk> with the administration bill to address their <unk> concerns 
 american city business <unk> inc. said its president michael k. russell will resign rather than <unk> to new headquarters in charlotte n.c 
 mr. russell who <unk> the kansas city <unk> local business publications concern here said he would have a five-year consulting agreement with the company which recently <unk> an ownership change 
 earlier this year shaw publishing inc. charlotte acquired N N of american city and has an agreement to acquire a further N N from <unk> <unk> co. next year 
 ray shaw chairman of american city said he would assume mr. russell 's responsibilities if a successor is n't found this month 
 a <unk> for measures to stop the market from plunging too far too fast 
 several moves were taken following the october N crash to coordinate and sometimes deliberately <unk> the stock and futures markets in times of heightened volatility 
 on the big board a side car is put into effect when the s&p futures rise or fall N points 
 the side car routes program trades into a special computer file that <unk> for imbalances of buy and sell orders 
 on the chicago mercantile exchange s&p N futures are not allowed to fall further than N points from the previous day 's close for half an hour 
 if when trading <unk> the s&p futures fall N points from the previous day 's close a one-hour trading halt takes effect 
 also the reforms allow the big board to halt trading for one hour if the dow jones industrial average falls N points and for two more hours if the dow <unk> an additional N points on the same day 
 <unk> system the designated order turnaround system was launched by the new york stock exchange in march N to offer automatic <unk> order processing 
 a faster version the <unk> was launched in N 
 used by program traders and others to zip orders into the exchange <unk> handles about N N of all orders entered at the exchange 
 futures contracts obligations to buy for those who have purchased a contract or deliver for those who sold one a quantity of the underlying commodity or financial instrument at the <unk> price by a certain date 
 most contracts are simply <unk> by an opposite trade before they come due 
 indexing many investors mainly institutions follow an investment strategy of buying and holding a mix of stocks to match the performance of a broad stock-market barometer such as the s&p N 
 many institutional index funds are active program traders <unk> their stocks for futures when profitable to do so 
 program trading a wide range of <unk> portfolio trading strategies involving the simultaneous purchase or sale of N or more stocks 
 <unk> generally any wall street analyst who employs <unk> research techniques 
 the newest breed also called rocket scientists because of their backgrounds in physics and <unk> devise the complex hedging and trading strategies that are <unk> known as program trading 
 stock-index arbitrage buying or selling baskets of stocks while at the same time executing offsetting trades in stock-index futures or options 
 traders profit by trying to capture fleeting price discrepancies between stocks and the index futures or options 
 if stocks are temporarily cheaper than futures for example an <unk> will buy stocks and sell futures 
 stock-index futures contracts to buy or sell the cash value of a stock index by a certain date 
 the cash value is determined by <unk> the index number by a specified amount 
 the most common program-trading vehicles are futures contracts on standard & poor 's 500-stock index traded on the chicago mercantile exchange the major market index a <unk> index that <unk> the dow jones industrial average traded on the chicago board of trade and the s&p N options traded on the chicago board options exchange and based on N stocks selected from the s&p N 
 stock-index options options give holders the right but not the obligation to buy a call or sell a put a specified amount of an underlying investment by a <unk> date at a <unk> price known as the strike price 
 for stock indexes the underlying investment may be a stock-index futures contract or the cash value of a stock index 
 for example there are options on the s&p N futures contract and on the s&p N index 
 uptick an expression <unk> that a transaction in a listed security occurred at a higher price than the previous transaction in that security 
 new york financier saul steinberg sought federal permission to buy more than N N of united airlines ' parent ual corp. saying he might seek control of the nation 's second-largest airline 
 although takeover experts said they <unk> mr. steinberg will make a bid by himself the application by his reliance group holdings inc. could signal his interest in helping revive a failed labor-management bid 
 such an application for federal antitrust clearance is necessary for any investor that might seek control 
 but some investors have used such filings to boost the value of their stock holdings which without buying more stock they then sold 
 takeover stock traders were <unk> by the reliance filing and cautioned that it does n't mean mr. steinberg will definitely seek control 
 maybe he just wants to make something happen said one takeover expert 
 one investment banker said mr. steinberg may be trying to position himself as a friendly investor who could help ual chairman stephen wolf revive a failed labor-management bid 
 mr. steinberg he suggested could replace british airways plc which has withdrawn from the buy-out group 
 reliance had already bought and sold ual stock at a big profit without making an antitrust filing before the collapse oct. N of the $ N billion $ 300-a-share labor-management buy-out 
 reliance acquired a N N ual stake early this year at an average cost of $ N a share and reduced its stake to N N after ual accepted the bid at prices higher than $ N a share 
 market sources said reliance has already sold its entire ual stake and thus would n't have any reason to file the application simply to boost the value of its stock 
 but the exact amount of reliance 's current holding has n't been formally disclosed 
 the filing adds a new twist to market speculation that coniston partners a new york money manager has bought more than N N of ual stock and may challenge the ual board 's decision last week to remain independent 
 speculation about coniston has caused the stock to rebound from a low of $ N 
 ual 's announcement came after the market closed yesterday 
 in composite new york stock exchange trading the shares closed at $ N up $ N 
 ual would n't elaborate on a statement that it had been notified of the filing by reliance 
 reliance confirmed the filing but would n't elaborate 
 some takeover experts were skeptical saying it was possible that mr. steinberg made the filing only to help boost the value of any remaining reliance stake in ual 
 mr. steinberg is thought to be on friendly terms with ual 's mr. wolf 
 the investor was instrumental in <unk> mr. wolf to run the air cargo unit of tiger international inc 
 mr. wolf 's success in that job helped him land the top job with ual in december N 
 but any potential acquirer must attempt to reach some kind of accord with the company 's employees primarily its pilots and the powerful machinists ' union which has opposed a takeover 
 <unk> williams corp. was merged into primerica corp. new york after a special meeting of williams shareholders cleared the transaction the companies said 
 primerica which had owned nearly N N of williams will pay about N million shares currently valued at almost $ N million for the rest of williams 
 the financial-services company will pay N share for each williams share 
 williams shares which were to be <unk> from the new york stock exchange after the close of composite trading yesterday closed at $ N off N cents 
 primerica closed at $ N down N cents 
 williams <unk> ga. is an insurance and financial-services holding company 
 its subsidiaries ' services are marketed by closely held <unk> williams & associates 
 primerica as expected also acquired certain assets of the agency and assumed certain of its liabilities 
 terms were n't disclosed 
 intelogic <unk> inc. san antonio texas said it bought N million shares or about N N of its common stock from an <unk> shareholder for $ N a share or $ N million 
 the move boosts intelogic chairman <unk> edelman 's stake to N N from N N and may help prevent martin ackerman from making a run at the <unk> concern 
 mr. ackerman already is seeking to oust mr. edelman as chairman of datapoint corp. an intelogic affiliate 
 the action followed by one day an intelogic announcement that it will retain an investment banker to explore alternatives to maximize shareholder value including the possible sale of the company 
 in new york stock exchange composite trading yesterday intelogic shares rose N cents to close at $ N 
 mr. edelman declined to specify what prompted the recent moves saying they are meant only to benefit shareholders when the company is on a roll 
 he added this has nothing to do with <unk> ackerman and it is not designed particularly to take the company private 
 but mr. ackerman said the buy-back and the <unk> price paid prove that mr. edelman is running scared 
 dow jones & co. said it extended its $ <unk> offer for telerate inc. common stock until N p.m. est nov. N 
 the offer valued at about $ N million for the N N of telerate that dow jones does n't already own had been set to expire nov. N 
 dow jones which owns about N million of telerate 's N million common shares outstanding said that about N shares have been tendered under its offer 
 telerate 's two independent directors have rejected the offer as inadequate 
 in composite trading on the new york stock exchange telerate shares closed at $ N up N cents 
 telerate provides an electronic financial information network 
 dow jones publishes the wall street journal barron 's magazine and community newspapers and operates financial news services and computer data bases 
 rockwell international corp. reported flat operating earnings for the fourth quarter ended sept. N 
 the aerospace automotive supply electronics and <unk> concern also indicated that the first half of fiscal N could be rough 
 in an interview donald <unk> chairman said first-half profit certainly would trail the past year 's primarily because of weakness in the <unk> and <unk> markets 
 still he added if the industrial sector remains relatively stable rockwell should be able to recover in the second half and about equal fiscal N 's operating profit of $ N million 
 for fiscal N 's fourth quarter rockwell 's net income totaled $ N million or N cents a share 
 that compares with operating earnings of $ N million or N cents a share the year earlier 
 the <unk> period includes a one-time favorable tax adjustment on the <unk> bomber program and another gain from sale of the industrial <unk> business which made net $ N million or N cents a share 
 sales rose N N to $ N billion from $ N billion 
 mr. <unk> said that he was generally pleased with the latest numbers and cited a particularly strong showing by the company 's electronics segment 
 overall pretax electronics earnings soared N N to $ N million from $ N million 
 all four areas had higher revenue for the three months ended sept. N 
 for the year electronics emerged as rockwell 's largest sector in terms of sales and earnings <unk> out aerospace for the first time 
 the graphics business which also was singled out by the chairman as a positive saw its operating earnings for the quarter jump N N to $ N million from $ N million 
 for the year bolstered by the introduction of the <unk> <unk> press graphics earnings almost doubled 
 aerospace earnings sagged N N for the quarter and N N for the year largely due to lower <unk> program profit the last of the <unk> rolled out in april N 
 that was partially offset by the <unk> of space shuttle flights and increased demand for <unk> <unk> engines 
 the company also took hits in the fourth quarters of N and N on a fixed-price <unk> development program probably the <unk> <unk> according to analysts 
 for fiscal N the company posted net of $ N million or $ N a share down from $ N million or $ N a share in fiscal N 
 excluding one-time additions to profit in each year earnings per share were $ N up N N from $ N in fiscal N 
 sales for the year rose N N to $ N billion from $ N billion in fiscal N 
 dell computer corp. said it cut prices on several of its personal computer lines by N N to N N 
 the austin <unk> company which specializes in the direct sale of personal computers and accessories said its price cuts include a $ N reduction on its system N computer with N <unk> of memory a <unk> hard disk and a color monitor 
 that package now sells for about $ N 
 a computer using the <unk> intel corp. N microprocessor with four <unk> of memory and a <unk> hard disk now sells for $ N down from $ N 
 personal computer prices for models using the intel N and N microprocessors which the dell models use generally have been coming down as chip prices have fallen 
 world sugar futures prices soared on rumors that brazil a major grower and exporter might not ship sugar this crop year and next 
 prices also were boosted by another rumor that mexico usually a large producer and exporter might have to buy a large quantity of sugar 
 although traders rushed to buy futures contracts many remained skeptical about the brazilian development which could n't be confirmed analysts said 
 the march and may contracts rose to fresh <unk> highs of N cents and N cents at their best levels of the day 
 the march delivery which has no limits settled at N cents up N cent a pound 
 the may contract which also is without restraints ended with a gain of N cent to N cents 
 the july delivery rose its daily permissible limit of N cent a pound to N cents while other contract months showed <unk> advances 
 according to reports carried by various news services the brazilian government told its sugar producers that they wo n't be allowed to export sugar during the current N season which began may N and the N season so that it can be used to produce alcohol for automobile fuel 
 one analyst arthur stevenson of prudential-bache securities new york estimated that N N or more of brazil 's newly made automobiles run on alcohol and ca n't use gasoline 
 this is a demand that must be met regardless of the price of oil said mr. stevenson 
 brazil is the third-largest producer and the <unk> exporter of sugar in the world 
 a shift to producing more alcohol and less sugar had been expected but the latest news if true indicates a more drastic shift than had been anticipated 
 during the current crop year brazil was expected to produce N million tons of sugar a drop from N million tons in N 
 its N exports were expected to total N tons in contrast to shipments of N million tons in 
 it is these N tons that are in question for this crop year explained <unk> <unk> analyst for shearson lehman hutton new york 
 producers were granted the right earlier this year to ship sugar and the export licenses were expected to have begun to be issued yesterday 
 as a result ms. <unk> said it is believed that little or no sugar from the N crop has been shipped yet even though the crop year is six months old 
 more than a half of all sugar produced in brazil goes for alcohol production according to ms. <unk> 
 also there has been a switch in the past decade to <unk> of orange trees in areas that were previously used for cane and this change is being felt now she said 
 most important ms. <unk> noted brazilian officials said that no decision has as yet been made on the suspension of exports 
 thomas <unk> sugar analyst for painewebber in <unk> n.j. said i am highly skeptical that brazil will curtail sugar exports particularly with the price of sugar at over N cents a pound 
 above all mr. <unk> noted the situation is extremely confused 
 professional sugar people here who have strong contacts with the brazilian sugar industry have been unable to confirm the reports or get enough information to clarify the situation he said 
 it 's the type of nervous atmosphere in which a report can be put out such as the one saying exports will be suspended and no one can confirm it 
 mr. <unk> observed that the situation in brazil is also very complicated 
 on the one hand brazil started an <unk> program about N years ago to fuel a huge portion of its national fleet of cars and is now committed to this program 
 it has to weigh on the other hand the relatively high price of sugar it can earn on the export market in making decisions as to whether to produce sugar or alcohol mr. <unk> said 
 mexico which is normally a sugar exporter has had production problems in the past two years analysts said 
 last year it had to buy sugar on the world market to meet export commitments they noted 
 this year it is expected to be a net importer and is said to be seeking to buy about N tons of sugar to meet internal needs analysts said 
 in other commodity markets yesterday 
 energy 
 petroleum futures were generally higher with heating oil leading the way 
 on the new york mercantile exchange heating oil for december delivery increased N cents to settle at N cents a <unk> 
 gasoline futures were mixed to unchanged 
 but the strength in heating oil helped push up crude oil 
 west texas intermediate crude for december delivery rose N cents a barrel to settle at $ N 
 the <unk> in heating oil was attributed to <unk> weather in parts of the u.s. and to the latest weekly report by the american petroleum institute which showed a decline in inventories of the fuel 
 grains and soybeans 
 prices closed mostly higher in relatively light trading as farmers continued to <unk> their crops from the marketplace in the hope of higher prices to come 
 trading was <unk> in part because of the <unk> of all <unk> ' day across much of europe 
 continued export demand also supported prices 
 as an indicator of the tight grain supply situation in the u.s. market analysts said that late tuesday the chinese government which often buys u.s. grains in quantity turned instead to britain to buy N metric tons of wheat 
 traders said prices also were supported by widespread rumors that the soviet union is on the verge of receiving most favored nation status from the u.s. 
 that <unk> would among other things provide more generous credit terms under which the soviets could purchase grain 
 the soviets are widely believed to need additional supplies despite running up record <unk> purchases of N million <unk> of corn in october 
 copper 
 futures prices rose extending tuesday 's gains 
 the december contract advanced N cents a pound to $ N 
 buying for the most part carried over from the previous session and traders apparently ignored reports that a <unk> mine strike may have ended almost before it began an analyst said 
 according to news service reports most workers at the <unk> mines owned by exxon corp. agreed to a new two-year wage contract that includes a N N increase and other benefits 
 however some workers have n't yet accepted the new contract and are continuing negotiations the analyst said 
 separately reuter reported that the <unk> guinea government urged its parliament to extend a state of emergency in <unk> bougainville island for two months 
 the bougainville copper mine has been <unk> since may N because of attacks by native <unk> who want bougainville to <unk> from <unk> guinea 
 the parent of younkers after failing to find a buyer for the chain of midwestern department stores said it will sell a stake in the chain to management and take other steps to reduce its investment in retailing 
 equitable of iowa cos. des <unk> had been seeking a buyer for the <unk> younkers chain since june when it announced its intention to free up capital to expand its insurance business 
 but equitable said it was unable to find a buyer willing to pay what it considers fair value for younkers because of recent turmoil in the bond and stock markets and in retailing 
 younkers <unk> up sales in N of $ N million 
 it operates stores mostly in iowa and nebraska 
 younkers management is likely to buy a N N to N N interest in the chain in january said fred s. <unk> equitable 's president and chief executive officer 
 he said equitable hopes to eventually reduce its stake in younkers to less than N N 
 tony lama co. said that <unk> investment ii limited partnership has proposed changing the offer for the company to $ N in cash and stock from an <unk> transaction 
 under terms of the new proposal <unk> managed by <unk> capital corp. houston would pay $ N cash and one new preferred share with a liquidation preference of $ N a share for each of tony lama 's N million shares outstanding 
 previously it offered $ N a share in cash or $ N million 
 the el paso texas maker of western <unk> and leather accessories said the preferred stock would <unk> dividends at a N N rate but would n't be paid for the first two years 
 the stock would be redeemed in five years subject to terms of the surviving company 's debt 
 neither <unk> nor tony lama gave a reason for the changed offer and tony lama could n't be reached for comment 
 however tony lama said it would promptly submit the offer to a special committee of the company 's board 
 reuters holdings plc said michael reupke resigned as general manager to pursue unspecified interests a move the news organization termed an amicable separation 
 mr. reupke N years old and a <unk> reuters veteran had been the <unk> company 's general manager for only six months 
 his appointment to that post which has senior administrative staff and policy responsibilities followed a <unk> tenure as reuters 's editor in chief 
 no successor was named and mr. reupke 's duties will be split among three other senior reuters executives the company said 
 in a telephone interview mr. reupke said his departure was for personal reasons which he declined to specify 
 there is no business reason for my departure nor any disagreement over policy he added 
 he also rejected reports that his departure stemmed from disappointment the general manager 's post had n't also led to a board <unk> at the london-based news organization 
 mr. reupke was one of three executives on reuters 's <unk> executive committee who did n't also serve on the company 's board of directors 
 if i were choosing the people of tomorrow i would have chosen the people who are now on the board he said 
 a reuters spokesman said the departure reflects no change in strategy or profits 
 mark <unk> an analyst at <unk> phillips & drew in london said i suspect the departure will be fairly irrelevant for the company 
 i would be very surprised if his departure signals any change in strategy or change in profit expectations 
 on london 's stock exchange reuters shares rose five pence to N pence $ N 
 in the u.s. over-the-counter market american depositary shares for reuters each representing three shares in the london market closed unchanged at $ N 
 the senior of the three executives who will assume mr. reupke 's duties is nigel <unk> N finance director and a reuters board director 
 peter <unk> N deputy general manager becomes director of corporate affairs 
 and patrick <unk> N international technical manager becomes director of group quality programs 
 dd acquisition corp. a partnership of unicorp canada corp. 's <unk> capital group and cara operations ltd. extended to nov. N its $ <unk> offer for all <unk> donuts inc. shares outstanding 
 the offer which was due to expire yesterday is conditional on N N of <unk> common shares on a fully diluted basis being tendered and on the withdrawal of the company 's poison pill rights plan 
 dd acquisition has launched a suit in a delaware court seeking the withdrawal of dunkin 's poison pill rights and employee stock ownership plans which it claims were put in place to deter bidders 
 dd acquisition said N million shares or about N N of the shares outstanding have been tendered under its offer 
 the partners said they already hold N N of all shares outstanding 
 <unk> has set nov. N as the deadline for the <unk> of any competing bids 
 dd acquisition said the extension is to allow this process to be completed 
 <unk> is based in <unk> mass 
 cara a food services chain operator and unicorp a holding company are based in toronto 
 <unk> corp. reported a third-quarter net loss of $ N million or N cents a share compared with year-earlier profit of $ N million or one cent a share 
 a spokesman for the stamford <unk> company said operations had a loss of $ N million for the quarter in addition the loss was magnified by nonrecurring charges totaling $ N million and $ N million in <unk> adjustments that he described as unusual 
 the charges were partly offset by a $ N million gain on the sale of investments of two joint ventures he said 
 revenue declined N N to $ N million from $ N million a year earlier 
 <unk> cited a general softening in the demand for office products in the market segments in which <unk> competes 
 <unk> corp. said it expects to report a third-quarter net loss of $ N million to $ N million because of special reserves and continued low natural-gas prices 
 the oklahoma city energy and defense concern said it will record a $ N million reserve for its defense group including a $ N million charge related to problems under a fixed-price development contract and $ N million in overhead costs that wo n't be <unk> 
 in addition <unk> said it will write off about $ N million in costs related to international exploration leases where exploration efforts have been unsuccessful 
 the company also cited interest costs and amortization of goodwill as factors in the loss 
 a year earlier net income was $ N million or six cents a share on revenue of $ N million 
 a lack of enthusiasm with the latest economic data hampered the stock market 's bid to extend tuesday 's sharp gains as prices closed slightly higher in sluggish trading 
 while renewed optimism about the outlook for takeover activity boosted several so-called deal stocks traders said profit-taking weighed on the market with <unk> bearing the brunt of the selling 
 the dow jones industrial average which had jumped N points on tuesday drifted on either side of its previous close and finished with a gain of just N at N 
 standard & poor 's 500-stock index added N to N the rise was equivalent to a gain of about six points in the industrial average 
 the dow jones equity market index gained N to N and the new york stock exchange composite index went up N to N 
 advancing stocks led decliners on the new york stock exchange by N to N 
 big board volume amounted to N shares down from N million tuesday 
 the october survey of corporate purchasing managers as expected provided evidence that economic growth remains subdued 
 an index of economic activity drawn from the survey stood last month at N N a reading above N N would have indicated that the manufacturing sector was improving 
 but with the index proving somewhat better than expected and the widely anticipated report on october employment scheduled to arrive tomorrow stock prices firmed only modestly in response to the report and then faltered 
 this market 's still going through its <unk> said philip <unk> head of equity trading at prudential-bache securities 
 the psychology is still we want stocks up but if they do n't carry we 're going to sell them 
 uncertainty about the prospects for further action to curtail stock-index arbitrage a form of program trading blamed for recent volatility in the market also contributed to its lack of direction mr. <unk> said 
 <unk> trading during the session was confined largely to a round of buy programs near the close which helped offset the impact of profit-taking among blue chips 
 trading is expected to remain subdued as the market <unk> tomorrow 's release of the jobs data with the hope that it will point toward a decline in interest rates 
 i sense that some people are reluctant to stick their <unk> out in any aggressive way until after the figures come out said richard <unk> president of <unk> associates fair haven 
 campbell soup jumped N N to N N as the resignation of r. gordon mcgovern as president and chief executive officer sparked a revival of rumors that the company could become a takeover target 
 prudential-bache securities boosted the stock 's short-term investment rating in response to the departure analyst john <unk> said he believes the company will turn to new management that 's more financially <unk> 
 other rumored takeover and restructuring candidates to attract buyers included woolworth which went up N N to N N avon products up N N to N N paramount communications up N to N N and <unk> up N N to N N 
 upjohn a rumored target within the drug industry advanced N to N N 
 the company said it plans a fourth-quarter charge which it did n't specify for an <unk> program 
 amr climbed N N to N N amid rumors that new york developer donald trump was seeking financing to mount a new lower offer for the parent company of american airlines 
 mr. trump withdrew a $ <unk> bid last month 
 ual rose N N to N 
 drexel burnham lambert analyst michael <unk> said he sees a N N chance that the parent of united airlines the target of a failed $ 300-a-share offer from a labor-management group will be acquired or restructured within six months 
 georgia gulf added N N to N N after nl industries controlled by dallas investor harold simmons offered to acquire the stock it does n't already own for $ N a share 
 nl which closed unchanged at N N has a stake of just under N N 
 great northern nekoosa which surged N N tuesday after georgia-pacific launched a $ N billion offer for the company dropped N N to N N in big board composite trading of N million shares 
 georgia-pacific which went down N N tuesday lost another N to N N 
 other paper and forest-products stocks closed mixed 
 mead rose N to N N federal paper board added N to N N and scott paper gained N to N N while international paper fell N to N N champion international lost N to N N and <unk> dropped N to N N 
 texaco rose N to N N as N million shares changed hands 
 most of the volume came from trades designed to capture the stock 's next dividend texaco has a yield of N N and goes ex-dividend today 
 santa fe pacific dropped N N to N N 
 the company 's proposal to sell a N N stake in its real-estate unit for around $ N million has caused analysts to consider whether to cut their estimates of santa fe 's asset value 
 <unk> tumbled N to N 
 the company forecast that fourth-quarter income from continuing operations would be significantly lower than a year earlier 
 <unk> went up N to N N 
 the food and drug administration allowed the company to begin marketing a new lens for use in <unk> patients 
 the american stock exchange market value index gained N to N 
 volume totaled N shares 
 old <unk> warehouse rose N to N N 
 its net income for the september quarter rose about N N from a year ago 
 freeport-mcmoran inc. said it will convert its freeport-mcmoran energy partners ltd. partnership into a publicly traded company through the exchange of units of the partnership for common shares 
 the company said the restructuring is n't expected to have any impact adverse or otherwise on its financial results 
 freeport-mcmoran a new <unk> diversified energy conglomerate said the partnership will exchange its assets for common shares of a <unk> entity 
 freeport-mcmoran energy partners will be liquidated and shares of the new company distributed to the partnership 's <unk> 
 <unk> will receive two additional N <unk> distribution payments before the trust is liquidated in early N the company said 
 it is expected that common shares equal to the number of units outstanding about N million on sept. N will be issued during the first quarter of N 
 freeport-mcmoran the parent company holds roughly N N of the units outstanding 
 nissan motor co. japan 's second-largest car maker announced wednesday that the parent concern 's pretax earnings in the first half ended last sept. N rose N N to N billion yen $ N million from N billion yen a year earlier 
 nissan cited strong domestic sales against the backdrop of <unk> economic expansion 
 profit surged N N to N billion yen or N yen a share from N billion yen or N yen a share 
 sales totaled N trillion yen climbing N N from N trillion yen in the year-earlier period 
 nissan scheduled a <unk> interim dividend payment unchanged 
 <unk> <unk> executive vice president and chief financial officer of nissan said the company has experienced a remarkable turnaround in terms of profitability since the fiscal year ending march N when the sharp and rapid appreciation of the yen caused many difficulties 
 it can be said that the trend of financial improvement has been firmly set he added 
 heritage media corp. new york said it offered to buy the shares of pop radio corp. it does n't already own in a stock swap 
 heritage which owns N N of pop 's N million shares outstanding said it will exchange one share of a new preferred stock for each pop common share it does n't already own 
 depending upon how many warrants and options are exercised prior to completion of the transaction heritage would issue between N million and N million preferred shares a heritage spokesman estimated 
 in national over-the-counter trading yesterday pop plunged $ N to $ N 
 the preferred stock which would have a dividend rate of $ N a year would be convertible into heritage common at a rate of four common shares for each preferred 
 new york-based pop radio provides through a national <unk> network a <unk> music information and advertising service which <unk> live radio 
 heritage owns and operates television and radio stations and <unk> advertising and promotion programs 
 <unk> inc. hurt by a plant accident and other unexpected costs said it expects to report that fiscal fourth-quarter profit from continuing operations will be significantly below last year 's $ N million 
 the <unk> <unk> company also said that full-year profit from continuing operations will be far below last year 's $ N million 
 last year 's figures include a one-time loss of $ N million for restructuring and unusual items 
 but the automotive parts and aerospace concern expects that net for the year ending nov. N will exceed last fiscal year 's net of $ N million or $ N a share primarily because of $ N million in gains from sales of discontinued operations 
 harry <unk> an analyst at mcdonald & co. in cleveland said <unk> 's unanticipated losses come largely from an accident at a government-owned assembly plant in kansas run by a private <unk> that makes <unk> <unk> for <unk> 's <unk> <unk> business 
 <unk> corp. san francisco said third-quarter profit was essentially flat despite a large one-time gain a year earlier 
 the insurance and financial services concern said profit for the quarter rose N N to $ N million or $ N a share compared with $ N million or $ N a share the year earlier 
 the results reflected a N N gain in income from its finance businesses and a N N slide in income from insurance operations 
 <unk> said third-quarter investment gains were $ N million compared with $ N million the year earlier 
 it said insurance profit reflected a $ N million loss from hurricane hugo 
 it also estimated that losses from the oct. N earthquake in california would be no more than $ N million and would be included in fourth-quarter results 
 <unk> international inc. <unk> heights n.j. facing a <unk> squeeze said it is seeking other financing sources and <unk> from debenture holders 
 the company said that because of softening sales it is n't in compliance with requirements that it maintain $ N million in working capital 
 <unk> distributes electronic devices and produces power supplies and plastic literature displays 
 <unk> said it had a loss of $ N or N cents a share in the third quarter compared with a year-earlier loss of $ N or two cents a share 
 sales rose to $ N million from $ N million 
 for the nine months the company reported a net loss of $ N or N cents a share compared with year-earlier net income of $ N or N cents a share 
 sales rose to $ N million from $ N million 
 meridian national corp. said it sold N shares of its common stock to the mcalpine family interests for $ N million or $ N a share 
 the sale represents N N of meridian 's shares outstanding 
 the mcalpine family which operates a number of multinational companies including a london-based engineering and construction company also lent to meridian national $ N 
 that amount is convertible into shares of meridian common stock at $ N a share during its one-year term 
 the loan may be extended by the mcalpine group for an additional year with an increase in the conversion price to $ N a share 
 the sale of shares to the mcalpine family along with the recent sale of N shares of meridian stock to <unk> <unk> holding plc of <unk> england and a recent public offering have increased meridian 's net worth to $ N million said william <unk> chief executive officer of toledo <unk> meridian 
 ratners group plc a fast-growing <unk> london-based <unk> raised its price for <unk> specialty <unk> weisfield 's inc. to $ N a share or $ N million from $ N a share or $ N million after another concern said it would be prepared to <unk> ratners 's initial offer 
 the other concern was n't identified 
 ratners 's chairman gerald <unk> said the deal remains of substantial benefit to ratners 
 in london at <unk> yesterday ratners 's shares were up N pence N cents at N pence $ N 
 the sweetened offer has acceptances from more than N N of weisfield 's shareholders and it is scheduled for completion by dec. N 
 the acquisition of <unk> weisfield 's raises ratners 's u.s. presence to N stores 
 about N N of ratners 's profit already is derived from the u.s. 
 carnival cruise lines inc. said potential problems with the construction of two big cruise ships from finland have been <unk> 
 last week miami-based carnival disclosed that waertsilae marine industries the finnish shipyard that is building carnival 's new cruise ships planned to file for bankruptcy 
 yesterday carnival said a new company has been formed in finland that will carry on waertsilae 's shipbuilding operations 
 carnival said it will be an N N shareholder in the new company 
 carnival said the fantasy a <unk> ship that was slated to be delivered this month will be delivered in january 
 a second ship is now expected to be delivered late next year or early in N 
 carnival had expected that ship to be delivered next fall 
 a planned third ship still may be built in the finnish shipyard or may be built elsewhere carnival said 
 valley federal savings & loan association took an $ N million charge as it reported a third-quarter loss of $ N million or $ N a share 
 the van <unk> calif. thrift had net income of $ N or three cents a share a year ago 
 the bulk of the pretax charge is a $ N million write-off of capitalized <unk> at the mobile home financing subsidiary which the company said had been a big drain on earnings 
 the company said the one-time provision would substantially eliminate all future losses at the unit 
 valley federal also added $ N million to <unk> loan reserves and eliminated $ N million of good will 
 the thrift said that after these charges and assuming no dramatic <unk> in interest rates the association expects to achieve near record earnings in N 
 valley federal is currently being examined by regulators 
 new loans continue to slow they were $ N million in the quarter compared with $ N million a year ago 
 the thrift has assets of $ N billion 
 first of america bank corp. said it completed its acquisition of midwest financial group inc. for about $ N million 
 first of america which now has N banks and $ N billion in assets announced an agreement to acquire the <unk> ill. bank holding company in january 
 midwest financial has $ N billion in assets and eight banks 
 the midwest financial subsidiary banks will continue to operate under their current names until early N when each will adopt the first of america name 
 <unk> <unk> first of america said it will eliminate the N management positions of the former midwest financial parent company 
 first of america said some of the managers will take other jobs with first of america 
 but it said that severance payments to those executives not staying with the company will reduce first of america 's operating results for N by $ N million to $ N million or N cents to N cents a share 
 <unk> industries inc. a once <unk> toy maker whose stock peaked at $ N a share in the early 1980s filed a chapter N reorganization plan that provides just N cents a share for common stockholders 
 under the plan unsecured creditors who are owed about $ N million would receive about $ N million or N cents for each dollar they are owed 
 in addition they will receive stock in the <unk> company which will be named <unk> industries inc 
 after these payments about $ N will be available for the N million common shares outstanding 
 the avon conn. company 's stock hit a high in N after it unveiled its <unk> home computer but the product was plagued with <unk> and the company 's fortunes plunged 
 but <unk> bounced back with the introduction of the <unk> patch <unk> whose sales hit $ N million in N 
 but as the craze died <unk> failed to come up with another winner and filed for bankruptcy-law protection in july N 
 the plan was filed jointly with unsecured creditors in federal bankruptcy court in new york and must be approved by the court 
 ortega ended a truce with the contras and said elections were threatened 
 the nicaraguan president citing attacks by the <unk> rebels suspended a <unk> cease-fire and accused bush of promoting death 
 while he <unk> support for the country 's feb. N elections ortega indicated that renewed u.s. military aid to the contras could thwart the balloting 
 he said u.s. assistance should be used to <unk> the rebels 
 a white house spokesman <unk> the truce suspension as <unk> but brushed off talk of renewing military funding for the <unk> 
 the contra military command in a statement from honduras said sandinista troops had launched a major offensive against the rebel forces 
 east german leader krenz called the protests in his country a good sign saying that many of those <unk> for democratic freedoms were showing support for the <unk> for socialism 
 the communist party chief in moscow for talks with soviet officials also said east germany would follow gorbachev 's restructuring plans 
 thousands of east germans fled to czechoslovakia after the east berlin government lifted travel restrictions 
 the ban on cross-border movement was imposed last month after a massive exodus of <unk> to west germany 
 also a communist official for the first time said the future of the berlin wall could be open to discussion 
 health officials plan to extend a <unk> on federal funding of research involving fetal-tissue transplants 
 the assistant hhs secretary said the ban should be continued indefinitely 
 while researchers believe such transplants could help treat diseases like <unk> 's anti-abortionists oppose the research 
 rep. dingell of michigan plans to unveil today a proposal that would break with bush 's clean-air bill on the issue of emissions that lead to acid rain 
 the democrat 's proposal is described by government sources and lobbyists as significantly weaker than the president 's plan to cut utility emissions 
 house-senate conferees approved major portions of a package for more than $ N million in economic aid for poland 
 the plan relies heavily on $ N million in credit and loan guarantees in fiscal N in hopes of <unk> future trade and investment 
 south africa accused armed <unk> <unk> guerrillas of crossing from bases in neighboring <unk> violating <unk> peace plans for the territory 's independence from pretoria 
 south african troops were placed on alert 
 guerrilla leaders said pretoria was attempting to sabotage next week 's elections in namibia 
 <unk> in lebanon <unk> a saudi <unk> embassy employee and the <unk> <unk> <unk> took responsibility for the <unk> to <unk> the <unk> of N <unk> by <unk> 's government in september 
 also in <unk> a <unk> group vowed to kill americans if the u.s. <unk> a policy to seize suspects abroad 
 nixon concluded five days of private talks with chinese leaders in beijing but apparently failed to ease <unk> in <unk> ties caused by china 's crackdown against pro-democracy protesters in june 
 beijing 's <unk> complained to the former president about u.s. <unk> in china 's domestic affairs 
 mexico 's president salinas said the country 's recession had ended and the economy was growing again 
 in his first state of the nation address salinas pledged to continue his program of modernization and warned opposition politicians that <unk> progress could cost them popular support 
 pakistan 's <unk> defeated the first <unk> motion in the nation 's <unk> history surviving the vote that could have brought down her <unk> government 
 the prime minister 's opponents claimed the balloting N votes short of a majority in <unk> 's <unk> assembly was <unk> 
 the white house said the <unk> meetings next month between bush and soviet leader gorbachev will take place in the waters off <unk> 
 the location was disclosed as the u.s. began planning the issues to be discussed at the dec. N <unk> 
 bush unveiled a package of trade initiatives to help establish economic alternatives to drug trafficking in the <unk> nations of south america 
 the president 's plan includes a commitment to help negotiate a new international coffee agreement 
 pan am has <unk> several government agencies including the cia and fbi to determine whether they were warned that a bomb had been planted aboard a jet that exploded over scotland last december killing N people 
 the airline is attempting to show that israel and west germany warned the u.s. about the impending attack 
 died james a. <unk> N retired chairman and president of mutual life insurance co. of new york tuesday in new york city of an <unk> <unk> condition 
 sony corp. completed its tender offer for columbia pictures entertainment inc. with columbia shareholders <unk> N N of all common shares outstanding by the tuesday deadline 
 sony columbia acquisition corp. formed for the columbia deal will formally take ownership of the movie studio later this month a spokesman said 
 sony is paying $ N a share or $ N billion cash and is assuming $ N billion of long-term debt 
 still <unk> is sony 's effort to hire producers jon peters and peter guber to run the studio 
 sony 's planned acquisition of <unk> entertainment co. for $ N million is scheduled to close monday 
 <unk> has been locked in litigation with warner communications inc. in an attempt to get out of an exclusive production contract with warner 
 both sides are in talks to settle the dispute 
 xerox corp. has told employees in its <unk> & <unk> personal insurance operations that it is laying off about N people or N N of the staff 
 a spokeswoman for <unk> & <unk> said employees were told early this week that numerous staff functions for the personal insurance lines were going to be <unk> as a cost-cutting move 
 she said the move would result in a after-tax charge of less than $ N million to be spread over the next three quarters 
 by comparison for the first nine months xerox earned $ N million or $ N a share on revenue of $ N billion 
 earnings at xerox 's financial-services operations actually rose slightly but that was largely because capital gains at <unk> & <unk> offset hurricane hugo payments and the reserves set up to cover future payments 
 property\/casualty insurance has been a tough business in recent quarters as pricing has been <unk> and natural disasters such as hurricane hugo and the california earthquake have resulted in huge payments 
 <unk> ltd. a large integrated maker of construction machinery posted a N N unconsolidated gain in first-half pretax profit 
 for the period ended <unk> it earned N billion yen us$ N million up from N billion yen the year before 
 sales rose N N to N billion yen from N billion yen 
 net income surged N N to N billion yen from N billion yen 
 per-share net rose to N yen from N yen 
 brisk domestic demand due to increasing capital investment pushed up sales sharply in construction and industrial machinery divisions 
 domestic sales of construction machinery such as power <unk> and <unk> rose to N billion yen from N billion yen 
 demand from europe and southeast asia also grew but due to increasing production at local plants overseas sales edged down N N 
 <unk> predicted that for the fiscal year ending march N sales will climb to N billion yen from N billion yen pretax profit was forecast at N billion yen up from N billion yen in fiscal N 
 net is expected to rise to N billion yen from N billion yen a year earlier 
 economic growth appears to be <unk> off latest reports suggest 
 factory orders and construction outlays were largely flat in september while purchasing agents said manufacturing shrank further in october 
 still many economists are n't predicting a recession anytime soon 
 the fed is coming under pressure to cut short-term interest rates due to the apparent slowing of the economy 
 but it is n't clear yet whether the central bank will make such a move 
 campbell soup forced out its president and chief executive r. gordon mcgovern the strongest indication yet that the dorrance family plans to take charge of <unk> the troubled food company 
 campbell 's stock rose $ N to $ N in reaction 
 the chicago merc plans an additional circuit breaker to stem sharp drops in the market 
 also big board chairman phelan said he would support sec halts of program trading during market crises but not any revival of a collar on trading 
 georgia gulf received a new takeover bid from investor harold simmons and nl industries of $ N a share or about $ N billion 
 the offer which follows a $ <unk> bid that was rejected in september steps up pressure on the chemicals concern 
 the minimum-wage bill worked out by congress and bush won easy approval in the house 
 the compromise plan which boosts the minimum wage for the first time since N is expected to clear the senate soon 
 steinberg sought clearance to buy more than N N of united air 's parent saying he may seek control 
 takeover experts said they <unk> the financier would make a bid by himself 
 an airline buy-out bill was approved by the house 
 the measure would make it easier for the transportation department to block leveraged buy-outs in the industry 
 usx was cited by osha for several health and safety violations at two pennsylvania plants and may face a record fine of $ N million 
 random house chairman robert bernstein said he is resigning from the publishing house he has run for N years 
 a successor was n't named 
 cray research indicated that the survival of a spinoff company which is developing a new supercomputer depends heavily on its chairman and chief designer seymour cray 
 light trucks and vans will face the same safety requirements as automobiles under new proposals by the transportation department 
 the treasury plans to sell $ N billion in notes and bonds next week but will delay the auction unless congress quickly raises the debt ceiling 
 u.s. farmers ' net income rose to a record $ N billion last year despite one of the worst <unk> ever 
 two antitrust agencies may face further cutbacks because of a complicated new funding device some democrats in congress are warning 
 markets 
 stocks volume N shares 
 dow jones industrials N up N transportation N up N utilities N up N 
 bonds shearson lehman hutton treasury index N up 
 commodities dow jones futures index N up N spot index N up N 
 dollar N yen up N N marks up N 
 junk-bond <unk> an ongoing securities and exchange commission investigation a drexel burnham lambert connection a <unk> buy-out rumor 
 all this has cast a pall over columbia savings & loan association and its <unk> <unk> chairman thomas spiegel who built the $ N billion beverly hills calif. thrift with high-yield junk bonds 
 bears have targeted columbia 's stock because of the thrift 's exposure to the shaky junk market 
 and some investors fault mr. spiegel 's life style he earns millions of dollars a year and flies around in columbia 's jet planes 
 columbia stock recently hit N N after reaching N N earlier this year on rumors that mr. spiegel would take the thrift private 
 moreover junk professionals think columbia 's huge third-quarter <unk> of its junk portfolio to $ N billion was n't enough meaning another <unk> could be coming 
 but in recent days columbia has edged up closing at N N up N yesterday on revived speculation that the thrift might restructure 
 mr. spiegel 's fans say columbia 's southern california branches are highly <unk> and the thrift has $ N million of shareholders equity underlying its assets 
 that 's almost $ N of equity for each columbia share including convertible preferred shares though more junk <unk> would reduce the cushion 
 columbia has only about N million common shares in public hands 
 the spiegel family has N N of the common and N N of the votes 
 other big common holders are carl <unk> 's american financial investor <unk> jacobs and pacific financial research though the latter cut its stake this summer 
 while many problems would attend a restructuring of columbia investors say mr. spiegel is <unk> such a plan to <unk> columbia 's junk problems 
 indeed columbia executives recently told reporters they were interested in creating a separate unit to hold columbia 's junk bonds and perhaps do merchant banking 
 columbia wo n't comment on all the speculation 
 but like other thrifts it 's expected to seek regulators ' consent to create a distinct junk-bond entity 
 plans to do this are due to be filed in a week or so 
 new rules force thrifts to write down their junk to market value then sell the bonds over five years 
 that 's why columbia just wrote off $ N million of its junk and reserved $ N million for future junk losses 
 but if columbia could keep its junk bonds separate from the thrift till they mature at full value unless the issuer goes <unk> or <unk> the junk portfolio might do all right 
 columbia a longtime drexel client wo n't provide current data on its junk 
 but its N big junk holdings at year end showed only a few bonds that have been really battered 
 these were allied stores western union telegraph gillett holdings sci television and texas air though many other bonds in columbia 's portfolio also have lost value 
 possibly offsetting that columbia recently estimated it has <unk> gains on publicly traded equity investments of more than $ N million 
 it also hopes for ultimate gains of as much as $ N million on equity investments in buy-outs and restructurings 
 one trial balloon mr. spiegel is said to have <unk> to investors columbia might be broken up as mellon bank was split into a good bank and a bad bank 
 but columbia 's good bank would be a regulated thrift while the bad bank would be a private investment company holding some of columbia 's junk bonds real estate and equity investments 
 some think columbia 's thrift which now is seeking a new chief operating officer might be capitalized at say $ N million and <unk> to a commercial bank that wants a california presence 
 the thrift surely could be sold for more than the value of its equity financial industry executives say 
 meanwhile the bad bank with the junk bonds and some capital might be spun off to columbia shareholders including mr. spiegel who might then have a new career investors say 
 it is n't clear how much a restructuring would help columbia stockholders 
 but the concept is <unk> 
 you sell the good bank as an ongoing operation and use some of the proceeds to capitalize the bad bank says thrift specialist lewis <unk> of <unk> associates in new york 
 mr. spiegel 's next career move is a subject of speculation on wall street 
 few people think mr. spiegel wants to run a bread-and-butter thrift which current rules would force columbia to become 
 they are n't really a thrift says jonathan gray a sanford c. bernstein analyst 
 of course regulators would have to approve columbia 's reorganization 
 and some investment bankers say a restructuring is n't <unk> while the sec still is <unk> mr. spiegel 's past junk-bond trades 
 <unk> <unk> in los angeles contributed to this article 
 columbia savings & loan nyse symbol <unk> 
 business savings and loan 
 year ended dec. N N net income $ N million or $ N a share 
 third quarter sept. N N net loss $ N a share vs. net income N cents a share 
 average daily trading volume N shares 
 common shares outstanding N million 
 note all per-share figures are fully diluted 
 genetics institute inc. cambridge mass. said it was awarded u.s. patents for <unk> and bone <unk> protein 
 the patent for <unk> covers materials and methods used to make the human blood cell growth factor via <unk> dna technology 
 <unk> ltd. has licensed certain manufacturing and marketing rights for <unk> from genetics institute and is conducting <unk> studies with it 
 <unk> may help in treating blood cell deficiencies associated with cancer treatment bone <unk> transplants and other <unk> disorders genetics institute said 
 the second patent describes bone <unk> <unk> a substance that can induce formation of new <unk> 
 the patent covers <unk> type proteins and pharmaceutical <unk> and methods for treating bone or <unk> defects genetics institute said 
 the company added that it has filed patent applications on a large number of different <unk> proteins and the patent on <unk> is the first it has received 
 <unk> products may be useful in <unk> <unk> and in treating bone loss associated with <unk> disease and certain cancers the company said 
 the bush administration 's nomination of <unk> thomas to a seat on the federal appeals court here received a blow this week when the american bar association gave mr. thomas only a qualified rating rather than well qualified 
 people familiar with the senate judiciary committee which will vote on the nomination said some liberal members of the panel are likely to question the aba rating in hearings on the matter 
 mr. thomas currently chairman of the equal employment opportunity commission would add another conservative voice to the closely divided court 
 groups have accused him of <unk> policies that narrowed rights of older workers and of ignoring discrimination by large companies 
 <unk> members of the house with jurisdiction over the <unk> have said they oppose mr. thomas 's nomination because of serious questions about his judgment and respect for the law 
 a senior justice department official however said the administration is n't worried about the aba rating 
 we 're pleased the aba rated him qualified david runkel the department 's chief spokesman said in an interview 
 the aba gives a qualified rating to <unk> it believes would perform <unk> on the bench 
 in contrast the lawyers ' association gives a well qualified rating to those regarded as one of the best available for the vacancy 
 <unk> ag said it agreed to acquire N N of <unk> ag from the ferdinand <unk> foundation 
 terms were n't disclosed 
 <unk> a diversified frankfurt west <unk> metals group said it is buying the stake in the specialized engineering company to expand its production of environmental supplies for power plants 
 <unk> ' product mix of specialized <unk> and pipes provides a good fit with its own <unk> g.m.b h. plant engineering unit the company said 
 the move is part of a strategy to focus on its core metals trading processing and plant engineering activities while shedding peripheral units the company said 
 <unk> had N sales of N million marks $ N million and has a current order backlog of N billion marks 
 the sale comes in place of a planned initial public offering of <unk> stock 
 a plan to bring the stock to market before year end apparently was upset by the recent weakness of frankfurt share prices 
 the u.s. international trade commission issued preliminary rulings under the u.s. <unk> act that imports of <unk> from hong kong taiwan and south korea may be <unk> a domestic industry 
 because of the rulings the commerce department will continue to investigate complaints by u.s. <unk> makers that the imports are reaching the u.s. at unfairly low prices in violation of the u.s. <unk> act 
 the law <unk> unfairly low prices as ones below the cost of production or below prices in an exporter 's home market 
 <unk> officials said final commerce department and <unk> rulings wo n't come until next march or later 
 if both agencies find violations of the u.s. trade law the u.s. would assess penalty duties on the imports which already are subject to import quotas under <unk> textile and apparel trade agreements 
 imports of <unk> <unk> in N totaled about $ N million from taiwan $ N million from south korea and $ N million from hong kong according to the <unk> 
 in another action the <unk> dismissed <unk> act complaints filed by du pont co. of wilmington del. against imports of <unk> a type of synthetic rubber from france and west germany 
 these imports totaled about $ N million last year 
 upjohn co. said it will offer an early retirement package to as many as N employees in a cost-cutting move expected to result in a fourth-quarter charge 
 upjohn officials said they could n't estimate the size of the charge until they determine which employees and how many will participate in the retirement plan 
 but the pharmaceutical company said it anticipates the long-term savings resulting from the plan 's <unk> will more than offset short-term costs 
 the program available to upjohn employees N years old or older could increase an individual 's retirement benefits N N to N N 
 in addition upjohn is offering a one-time retirement bonus equal to six months of base pay 
 chairman <unk> <unk> called the program part of the company 's two-year strategy to implement budget constraints and an effective <unk> program 
 but some analysts questioned how much of an impact the retirement package will have because few jobs will end up being eliminated 
 it 's a cosmetic move said jonathan s. <unk> of wertheim schroder & co 
 according to upjohn 's estimates only N N to N N of the N eligible employees will take advantage of the plan 
 upjohn further estimated that about N N of the employees who leave for early retirement may be replaced 
 as a result upjohn will likely trim only about N to N of its more than N jobs world-wide 
 in composite trading on the new york stock exchange yesterday upjohn shares rose N cents to $ N apiece 
 an upjohn spokesman said he had heard nothing to suggest the early retirement package was spurred by shareholder pressure or a potential bidder for the company which occasionally has been the target of takeover speculation 
 the company earlier this year adopted a <unk> plan to ward off unwanted suitors 
 the spokesman said it is the first early retirement plan offered under its two-year <unk> strategy 
 earlier <unk> moves have trimmed about N jobs the spokesman said 
 <unk> inc chandler ariz. 
 jerry <unk> managing director of <unk> associates was elected a director of this business telecommunications software and systems concern 
 he increases the board to seven 
 feeding frenzy henry holt N pages $ N a highly detailed account of the wedtech scandal begins on a reassuring note 
 right up front in the <unk> co-author william <unk> gives us an example of his own integrity 
 when offered a free trip from the bronx wedtech 's home to washington d.c. by one of wedtech 's principals he tells the reader <unk> of accepting anything of value from those i was writing about i declined 
 any question as to why an author would believe this <unk> <unk> note of assurance is necessary is answered by reading this book about <unk> fingers and <unk> <unk> 
 bribe by bribe mr. <unk> and his co-author <unk> c. harrison jr. lead us along the path wedtech traveled from its inception as a small manufacturing company to the status of <unk> defense contractor <unk> with the task of producing vital equipment for the army and navy 
 the book <unk> around john <unk> the founder of the company and fred neuberger who became his partner soon after wedtech 's creation 
 although started in N wedtech did n't really get rolling until N when mr. neuberger discovered the federal government 's section N a minority business program 
 this is a <unk> great society creation that <unk> certain government contracts be awarded <unk> to minority businesses 
 mr. neuberger realized that although of italian <unk> mr. <unk> still could qualify as a minority person since he was born in puerto rico 
 the two partners merely had to <unk> the true ownership of the corporation 
 instead of N it became on paper only two-thirds <unk> one-third neuberger and they were in the program and off to the races 
 besides being a <unk> company wedtech was located in the south bronx a <unk> area made famous by <unk> carter in his N presidential campaign 
 the company <unk> itself right into carter campaign rhetoric about rebuilding the south bronx and kept using the minority south bronx <unk> through the reagan '80s 
 starting with congressman mario <unk> now serving a jail sentence the company began a career of <unk> federal state and local public officials and those close to public officials right up to and including e. robert <unk> close friend and adviser to former attorney general ed <unk> 
 wedtech did n't just use old <unk> bribery 
 it made ample use of the modern techniques of influence peddling retaining politically connected respectable law firms investment bankers and political consultants including reagan <unk> <unk> <unk> 
 when necessary it sought and received assistance from organized crime 
 sometimes the <unk> became partners in the company 
 wedtech management used the merit system 
 if you were especially helpful in a corrupt scheme you received not just cash in a bag but equity 
 if you were not an effective <unk> you found yourself out in the cold a fate that eventually <unk> mr. <unk> the firm 's <unk> minority person 
 but despite the <unk> nature of the <unk> and the <unk> <unk> tabloid writing style feeding frenzy often falls short of <unk> reading 
 none of the scams show much <unk> auditors found <unk> the first day on the job 
 wedtech 's <unk> simply <unk> them to shut up 
 the <unk> themselves were <unk> low <unk> <unk> consumers who wanted big houses mercedes cars beautiful women expensive clothes 
 among the lot of them not one is <unk> with good and evil or especially <unk> or even temporarily <unk> 
 the one character at least somewhat interesting was irving louis <unk> a <unk> who changed his name to <unk> kent london and became a master <unk> and author of a book on <unk> 
 he enters the story toward the end just in time to get arrested 
 absorbed in <unk> out feeding frenzy 's <unk> the authors <unk> over the root causes of wedtech namely the section N a federal program under whose <unk> the scandal took place 
 they do at least come around to saying that the courts might want to end rigid <unk> action programs 
 programs like section N a are a little like leaving gold in the street and then <unk> surprise when thieves walk by to <unk> it up 
 numerous other scandals among them the ones at hud have the same <unk> as wedtech 
 they take place in government programs that seem <unk> for corruption 
 why are programs like this not eliminated 
 feeding frenzy does provide a few clues 
 in and around all levels of government in the u.s. are groups of people who can best be described as <unk> to a political insider commercial party 
 they know that whenever government is <unk> wealth <unk> commerce or maintaining a large defense establishment there is big money to be made in <unk> <unk> or selling the processes and decisions of government 
 they are our version of the east bloc 's <unk> and they have absolutely no wish to see anything change 
 how many government programs and policies exist because they line the pockets of political insiders 
 this is the real issue raised by the wedtech scandal 
 mr. stern was chairman and chief executive officer of the new york state urban development corp. N 
 the finnish government and major creditors of bankrupt shipyard waertsilae marine industries oy agreed in principle to form a new company to complete most of the troubled shipyard 's backlog of N ships 
 the new company will attempt to limit the shipyard 's losses participants said 
 the situation is that the bankruptcy court will get out of the shipbuilding business 
 everything will be taken over by the new company said christian andersson executive vice president of oy waertsilae former parent of waertsilae marine 
 once its ownership is <unk> the new company will open talks with <unk> <unk> to buy or lease waertsilae marine 's shipyard facilities 
 <unk> will be offered a settlement and a swift transition to new management is expected to <unk> an exodus of skilled workers from waertsilae marine 's two big <unk> government officials said 
 under an accord signed yesterday the government and union bank of finland would become major shareholders in the new company each <unk> N million finnish <unk> $ N million 
 oy waertsilae is to contribute N million <unk> most of it as subordinated debt and take a minority stake in the new company 
 customers holding contracts for waertsilae marine 's <unk> ships are expected to subscribe most of the remaining N million <unk> in share capital government officials said 
 waertsilae marine 's biggest creditor is miami-based carnival cruise lines inc 
 carnival which has three ships on order from waertsilae marine presented claims for $ N billion damages in the bankruptcy court this week 
 waertsilae marine 's bankruptcy proceedings began tuesday in a <unk> court 
 its plans to be acquired dashed comprehensive care corp. said it plans to sell most of its psychiatric and drug abuse facilities in california and some other assets to pay its debt and provide working capital 
 in all the company hopes to repay $ N million in debt through the sales which will completely <unk> its secured debt the company said 
 in addition the company has replaced its president and chief executive naming w. james <unk> head of the company 's contract health services to succeed b. lee <unk> 
 mr. <unk> said he was extremely disappointed in the continuing deterioration of the company 's operations while it attempted to conclude the reorganization during the past four months 
 <unk> with mr. <unk> 's appointment comprehensive care moved its corporate headquarters from irvine calif. to st. louis where the company maintained its contract services offices 
 mr. <unk> continues as chairman 
 comprehensive care had agreed to be acquired by closely held first hospital corp. of norfolk va. but the sale <unk> almost from the beginning and finally collapsed last week 
 in composite trading on the new york stock exchange yesterday comprehensive care closed at $ N a share up N cents 
 ralston <unk> co. reported a N N decline in fourth-quarter earnings reflecting restructuring costs as well as a more difficult pet food market 
 the st. louis company earned $ N million or N cents a share compared with $ N million or $ N a share a year earlier 
 sales in the latest period were $ N billion a N N increase from last year 's $ N billion 
 for the year ended sept. N ralston earned $ N million or $ N a share up N N from $ N million or $ N a share 
 this year 's results included a gain of $ N million on the disposal of <unk> operations 
 sales for the full year were $ N billion up N N from $ N billion 
 ralston said its restructuring costs include the <unk> of a battery facility in greenville n.c. the recent closing of a <unk> <unk> <unk> in cincinnati and a reduction in staff throughout the company 
 the battery plant which makes <unk> nickel <unk> and carbon <unk> products will be closed over the next year or so a spokesman said 
 ralston attributed its fourth-quarter slump partly to higher costs of <unk> in the pet food business as well as competitive pressures which required higher advertising spending 
 for the year pet food volume was flat the company said 
 its cereal division realized higher operating profit on volume increases but also spent more on promotion 
 the continental <unk> business benefited from higher margins on bread and on increased <unk> sales it added 
 ralston said its <unk> battery unit was hurt by continuing economic problems in south america 
 ralston shares closed yesterday at $ N off $ N in new york stock exchange composite trading 
 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 
 first chicago corp. said it completed its $ N million <unk> acquisition of closely held <unk> financial corp. another chicago bank holding company 
 the record <unk> binge by the soviet union is causing serious <unk> in the u.s. grain pipeline 
 the soviet purchases are so massive that exporters are struggling to find enough river <unk> and trains to move the recently <unk> midwest crop to ports for <unk> onto soviet ships 
 river <unk> rates have soared N N this fall from a year earlier 
 railroad companies and some ports are <unk> a sudden <unk> of business 
 and some grain analysts are predicting that corn prices might <unk> this month as exporters <unk> to find enough of the crop to meet their obligations to the soviets 
 the soviet union bought roughly N million <unk> of u.s. corn in october which is the most ever sold to the soviet union in one month from the u.s. 
 the soviet union wants much of it delivered by january which would be a strain in most years 
 but it is particularly difficult this autumn because of low water levels on the mississippi river on which flows much of the u.s. corn that is shipped overseas 
 we are shipping the most corn in that short of time period to one customer on record said william <unk> a u.s. agriculture department transportation expert 
 it is going to be real tight 
 because of persistent dry weather in the northern plains the water level on the upper section of the mississippi river is so low that many river operators are already trimming the number of <unk> their <unk> push at one time 
 in a few weeks many <unk> probably wo n't be able to operate fully loaded south of st. louis because the u.s. army corps of engineers is beginning to reduce the flow of the missouri river which feeds into the mississippi river 
 the army corps is cutting the flow of the missouri river about two weeks earlier than normal because of low water levels in the <unk> that feed it 
 <unk> rates on the mississippi river sank yesterday on speculation that widespread rain this week in the midwest might temporarily alleviate the situation 
 but the army corps of engineers expects the river level to continue falling this month 
 at st. louis the water level of the mississippi river is already N feet below normal and it could drop an additional N feet when the flow of the missouri river is slowed an army corps spokesman said 
 similar levels <unk> <unk> shipments last year in the wake of the worst drought in N years 
 so far the grain industry 's <unk> <unk> problems have n't been a major factor in the trading of corn contracts at the chicago board of trade 
 many grain processors and exporters use the price of the corn futures contracts traded there to calculate the price they offer to buy corn from farmers 
 at the board of trade yesterday the price of the corn contract for december delivery slipped N cents a bushel to settle at $ N a bushel 
 corn prices have been sluggish this fall despite the huge soviet orders because the harvest has allowed farmers to rebuild the <unk> <unk> by the N drought 
 with the harvest <unk> down however some analysts are <unk> that prices might jump in some regions as u.s. exporters try to gather the corn they are obligated to deliver 
 farmers are in the best position of many years to push up corn prices 
 because the drought reduced u.s. <unk> they have more than enough storage space for their new crop and that permits them to wait for prices to rise 
 in parts of iowa for example some grain elevators are offering farmers $ N a bushel for corn 
 many farmers probably would n't sell until prices rose at least N cents a bushel said <unk> reed president of chicago central & pacific railroad co. of <unk> iowa 
 it is n't clear however who would win a waiting game 
 although u.s. corn <unk> shrank by roughly half in the wake of the drought the agriculture department projects that nearly <unk> of the harvest will still be in storage before the N corn harvest begins 
 some analysts are worried that reports of the grain industry 's problems might spark investors to begin buying corn futures contracts only to see little appreciation 
 the public is buying the market when in reality there is plenty of grain to be shipped said bill <unk> <unk> inc. research director 
 although much of this country 's export corn goes to new orleans by <unk> it is possible for exporters to <unk> the mississippi river by shipping a <unk> amount of corn by train to the port 
 ports in the great <unk> and atlantic coast can also relieve pressure on new orleans 
 one railroad for example is already increasing its grain <unk> service from indiana to baltimore 
 and it is n't clear that the soviet union will stay on its record buying pace 
 the soviet orders were <unk> into the month of october because of delays 
 the soviet union usually begins buying u.s. crops earlier in the fall 
 but its purchases apparently were delayed by a reorganization of its agricultural bureaucracy as well as budget problems 
 in other commodity markets yesterday 
 energy crude oil futures prices increased in moderate trading but much of the action was in heating oil 
 prices rose on the news that a sizable west german refinery was damaged in a fire tightening an already tight european market 
 heating oil for november delivery ended at N cents a <unk> up one cent on the new york mercantile exchange 
 west texas intermediate for december delivery advanced N cents to $ N a barrel 
 gasoline futures continued a sell-off that began monday 
 precious metals futures prices eased as increased stability and strength came into the securities markets 
 december delivery gold fell $ N an ounce to $ N 
 december silver declined N cents an ounce to $ N 
 january platinum was down $ N an ounce at $ N 
 precious metals gold in particular currently are being influenced more by stock market gyrations than the dollar as traders seek greater investment stability according to william <unk> vice president of research at elders futures in new york 
 the recent rally in precious metals was a result of uncertainty and volatility in equities he said 
 yesterday the stock market rose strongly creating a more defensive attitude among precious metals traders he said 
 silver and platinum which have more of an industrial nature than gold were even weaker he said 
 silver is also under pressure of extremely high inventories in warehouses of the commodity exchange he said 
 yesterday these stocks rose by N ounces to a record of N ounces according to an exchange spokesman 
 copper futures prices partially recovered monday 's declines because <unk> miners voted to strike 
 the december contract rose N cents a pound to $ N 
 in chile workers at two copper mines los <unk> and el <unk> which belong to the <unk> <unk> <unk> yesterday voted to begin a full strike tomorrow an analyst said 
 reasons for the <unk> the analyst said included a number of procedural issues such as a right to strike 
 the analyst noted that also inherent in all metal markets was a sympathetic reaction to stocks 
 in the case of copper he said the upbeat mood of stocks was reflected in demand for futures contracts because a stronger economy means greater buying interest for the metal 
 also contributing to the <unk> in copper the analyst noted was a report by chicago purchasing agents which <unk> the full purchasing agents ' report that is due out today and gives an indication of what the full report might hold 
 the purchasing management association of chicago 's october index rose to N N after three previous months of <unk> below N N 
 the september index was N N 
 a reading below N N generally indicates a slowing in the industrial sector of the economy while a reading above N N points to expansion 
 the chicago report raised the possibility that the october survey of the national association of purchasing management would also show a reading above N N 
 ncr corp. unveiled two models of its tower line of <unk> computers and introduced advanced <unk> software to allow the tower family to operate as a central hub in a network of computers 
 the new software is based on <unk> inc. 's <unk> network operating system software 
 usx corp. posted a N N drop in third-quarter profit as improved oil results failed to offset weakness in steel and natural gas operations 
 the nation 's largest steelmaker earned $ N million or N cents a share compared with the year-earlier $ N million or N cents a share 
 the recent quarter includes pretax gains of $ N million from asset sales while like gains in the year-earlier quarter totaled $ N million 
 in the N period usx also had a $ N million after-tax gain from a tax dispute settlement 
 sales rose N N to $ N billion from $ N billion 
 the earnings drop appears particularly steep in comparison with last year 's unusually strong third quarter when the company was riding an industrywide boom in demand and pricing 
 however third-quarter operating profit fell N N as usx sold sizable chunks of its diversified and steel segments eliminating income from those operations 
 among segments that continue to operate though the company 's steel division continued to suffer from soft demand for its <unk> goods serving the oil industry and other markets 
 peter marcus an analyst with painewebber inc. said that a downturn in the <unk> industry coupled with sluggish automotive sales hurt usx results 
 moreover usx exports more than other steelmakers and the overseas market has been under more severe pricing pressure 
 the company attributed lower sales and earnings for the steel segment to the loss of results from the <unk> ohio plant which now is a N joint venture with japan 's kobe steel ltd 
 in the steel division operating profit dropped N N to $ N million 
 profit per ton of steel shipped dropped to about $ N a ton from $ N a ton last year and $ N a ton in the second quarter analysts said 
 still usx fared better than other major steelmakers earning more per ton of steel shipped than either bethlehem steel corp. which posted a N N drop in net income or inland steel industries inc. whose profit plummeted N N 
 in new york stock exchange composite trading yesterday usx shares closed up $ N at $ N as the reported earnings exceeded projections by some analysts who had n't expected as great a volume of asset sales 
 the rise in the stock 's price may also reflect the fact that usx 's steel segment fared better than some other steelmakers ' 
 charles bradford an analyst with merrill lynch capital markets said usx may have received orders lost by competitors who were involved in labor contracts earlier this year 
 he said usx also appeared to sell a richer mix of steel products such as the more profitable pipe and galvanized coated sheet than <unk> structural goods 
 the energy segment with a N N rise in operating profit is clearly the company 's strongest 
 higher crude oil prices helped boost operating profit for the marathon oil co. unit to $ N million from $ N million 
 the texas oil & gas division continues to operate in the red although losses narrowed to $ N million from $ N million 
 usx announced in october that it was soliciting bids to sell <unk> 's oil and gas reserves 
 proceeds of that sale are to be used to reduce debt and buy back shares 
 the company noted that it has reduced debt by $ N billion since the end of N and bought back about N million shares of common stock since the fourth quarter of N 
 usx has about $ N billion in long-term debt and N million shares outstanding 
 the announced sale of the reserves was followed by news that investor carl icahn had increased his stake in usx to N N and threatened a takeover or other business combination 
 mr. icahn has said he believes usx would be worth more if broken up into steel and energy segments 
 profit for the nine months jumped N N to $ N million or $ N a share from $ N million or $ N a share 
 sales rose N N to $ N billion from $ N billion 
 john f. barrett N formerly executive vice president and chief financial officer was named president and chief operating officer posts which had been vacant 
 leon j. level vice president and chief financial officer of this computer services concern and f. warren <unk> a professor at harvard university 's graduate school of business were elected directors increasing board membership to nine 
 david a. <unk> president of metal container division was named to the additional post of group vice president packaging products at this packaging industrial and aerospace products concern succeeding <unk> a. davis who was named president and chief operating officer in august 
 two leading <unk> experts said president bush does n't have the legal authority to exercise a line-item veto 
 professors philip <unk> of the university of chicago and laurence tribe of harvard law school said any effort by president bush to claim authority for a line-item veto would <unk> the text of the constitution and the intent of its authors as well as the views of previous presidents 
 a line-item veto is a procedure that would allow a president to veto part of a big congressional spending bill without having to scuttle the entire measure 
 mr. bush has said he would like to be able to use this procedure 
 a white house spokesman said last week that the president is considering declaring that the constitution <unk> gives him the authority for a line-item veto to <unk> a test case 
 but the two legal experts responding to an inquiry by sen. edward kennedy d. mass. wrote in a joint letter that the president lacks the constitutional authority to exercise a line-item veto 
 the two professors represent different ends of the political spectrum mr. <unk> is a conservative and mr. tribe is a liberal 
 the two professors said the constitution <unk> the president to veto entire bills not partial measures 
 moreover they said the first appropriations bill passed N years ago covered many different items and there was no discussion of a line-item veto 
 they also said that more than a dozen presidents have called for line-item veto authority since the civil war and all have shared the view that such <unk> power is beyond the reach of the president 
 sen. kennedy said in a separate statement that he supports legislation to give the president line-item veto power but that it would be a reckless course of action for president bush to claim the authority without congressional approval 
 trinity industries inc. said it reached a preliminary agreement to sell N <unk> <unk> to <unk> train co. of chicago 
 terms were n't disclosed 
 trinity said it plans to begin delivery in the first quarter of next year 
 in an oct. N review of the <unk> at chicago 's goodman theatre <unk> <unk> take the stage in <unk> city leisure & arts the role of <unk> played by kim <unk> was mistakenly attributed to <unk> <unk> 
 ms. <unk> plays <unk> 
 <unk> motor cars inc. said it expects its u.s. sales to remain steady at about N cars in N 
 the luxury auto maker last year sold N cars in the u.s. 
 howard <unk> president and chief executive officer said he anticipates growth for the luxury auto maker in britain and europe and in far eastern markets 
 bell industries inc. increased its quarterly to N cents from seven cents a share 
 the new rate will be payable feb. N 
 a record date has n't been set 
 bell based in los angeles makes and distributes electronic computer and building products 
 investors are appealing to the securities and exchange commission not to limit their access to information about stock purchases and sales by corporate insiders 
 a sec proposal to ease reporting requirements for some company executives would undermine the <unk> of information on insider trades as a <unk> tool individual investors and professional money managers contend 
 they make the argument in letters to the agency about rule changes proposed this past summer that among other things would exempt many <unk> executives from reporting trades in their own companies ' shares 
 the proposed changes also would allow executives to report exercises of options later and less often 
 many of the letters maintain that investor confidence has been so shaken by the N stock market crash and the markets already so <unk> against the little guy that any decrease in information on insider-trading patterns might prompt individuals to get out of stocks altogether 
 the sec has historically paid <unk> to the ideal of a level playing field wrote <unk> s. <unk> of <unk> ill. in one of the N letters the agency has received since the changes were proposed aug. N 
 apparently the commission did not really believe in this ideal 
 currently the rules force executives directors and other corporate insiders to report purchases and sales of their companies ' shares within about a month after the transaction 
 but about N N of the insiders according to sec figures file their reports late 
 the changes were proposed in an effort to streamline federal bureaucracy and boost compliance by the executives who are really calling the shots said brian lane special counsel at the sec 's office of disclosure policy which proposed the changes 
 investors money managers and corporate officials had until today to comment on the proposals and the issue has produced more mail than almost any other issue in memory mr. lane said 
 the sec will probably vote on the proposal early next year he said 
 not all those who wrote oppose the changes 
 the committee on federal regulation of securities for the american bar association argues for example in its lengthy letter to the sec that the proposed changes would substantially improve the law by <unk> it more closely to contemporary business realities 
 what the investors who oppose the proposed changes object to most is the effect they say the proposal would have on their ability to spot <unk> <unk> of trading activity buying or selling by more than one officer or director within a short period of time 
 according to some estimates the rule changes would cut insider filings by more than a third 
 the sec 's mr. lane <unk> disputed those estimates 
 the rules will eliminate filings <unk> divisions such as sales marketing finance and research and development mr. lane said 
 the proposed rules also would be tougher on the insiders still required to file reports he said 
 companies would be <unk> to publish in annual proxy statements the names of insiders who fail to file reports on time 
 considered as a whole mr. lane said the filings required under the proposed rules will be at least as effective if not more so for investors following transactions 
 but robert <unk> president of <unk> a north miami fla. company that packages and sells the insider-trading data said the proposal is <unk> so <unk> that key officials may fail to file the reports 
 many investors wrote asking the sec to require insiders to report their purchases and sales immediately not a month later 
 but mr. lane said that while the sec <unk> who files the law tells them when to do so 
 investors who want to change the required timing should write their representatives in congress he added 
 the sec would likely be <unk> to legislation that required insiders to file transactions on a more timely basis he said 
 the nation 's largest pension fund which oversees $ N billion for college employees plans to offer two new investment options to its N million participants 
 the teachers insurance and annuity <unk> retirement equities fund said it will introduce a stock and bond fund that will invest in <unk> responsible companies and a bond fund 
 both funds are expected to begin operation around march N subject to securities and exchange commission approval 
 for its employees to sign up for the options a college also must approve the plan 
 some N institutions are part of the pension fund 
 the new options carry out part of an agreement that the pension fund under pressure to relax its strict participation rules and to provide more investment options reached with the sec in december 
 the new social choice fund will <unk> securities of companies linked to south africa nuclear power and in some cases northern ireland 
 also excluded will be investments in companies with significant business stemming from weapons manufacture <unk> <unk> or tobacco 
 <unk> percent of the fund will be invested in stocks with the rest going into bonds or short-term investments 
 the bond fund will invest in high-grade or <unk> bonds mortgages or asset-backed securities including as much as N N in foreign securities 
 the fund also might buy and sell futures and options contracts subject to approval by the new york state insurance department 
 under two new features participants will be able to transfer money from the new funds to other investment funds or if their jobs are terminated receive cash from the funds 
 the investment choices offered by the pension fund currently are limited to a stock fund an annuity and a money-market fund 
 new <unk> scientific co. a maker of biotechnology instrumentation and equipment said it adopted an anti-takeover plan giving shareholders the right to purchase shares at half price under certain conditions 
 the company said the plan under review for some time will protect shareholders against <unk> takeover tactics 
 w. ed tyler N years old a senior vice president at this printing concern was elected president of its technology group a new position 
 solo <unk> players have to be creative if they want to work a lot because their <unk> and audience appeal are limited 
 the <unk> <unk> <unk> has taken a hard line about the problem he commissions and <unk> <unk> <unk> contemporary scores and does some conducting so he does n't have to play the same <unk> and <unk> <unk> over and over again 
 richard stoltzman has taken a <unk> more <unk> approach 
 years ago he <unk> with the new music <unk> peter <unk> and fred <unk> in the very <unk> chamber group <unk> which won audiences over to <unk> contemporary scores like <unk> 's <unk> for the end of time 
 today the <unk> <unk> has mostly dropped the <unk> work though a touch of the old <unk> still <unk> and now goes on the road with piano bass a slide show and a <unk> that ranges from light classical to light jazz to light pop with a few notable exceptions 
 just the thing for the <unk> set the <unk> audience that has embraced new age as its very own easy listening 
 but you ca n't dismiss mr. stoltzman 's music or his <unk> as merely commercial and <unk> 
 he believes in what he plays and he plays <unk> 
 his recent appearance at the metropolitan museum dubbed a musical <unk> was a case in point 
 it felt more like a party or a highly <unk> <unk> session with a few friends than a classical concert 
 <unk> in his trademark black <unk> suit the <unk> <unk> announced that his new <unk> inner voices had just been released that his family was in the front row and that it was his mother 's birthday so he was going to play her favorite tune from the record 
 he launched into <unk> 's the <unk> from carnival of the animals a favorite <unk> piece for <unk> with lovely glossy tone and no <unk> 
 then as if to show that he could play fast as well he offered the second movement from <unk> 's <unk> for <unk> a <unk> <unk> <unk> that reflected the <unk> side of the stoltzman <unk> 
 and so it went through the first half an <unk> chosen <unk> of pieces none longer than five minutes none that would <unk> or challenge a <unk> 
 mr. stoltzman introduced his colleagues bill douglas <unk> and an old buddy from yale and jazz <unk> eddie <unk> 
 an <unk> section was built around pieces by mr. douglas beginning with golden rain a <unk> <unk> lead in to the <unk> sky which gave mr. stoltzman the opportunity to <unk> in a high register and show off his fleet fingers 
 <unk> 's air followed 
 mr. stoltzman tied the <unk> in by <unk> him the great <unk> of the <unk> century and then built on the image by joining with mr. douglas in some <unk> two-part <unk> <unk> arranged for <unk> and <unk> by mr. douglas 
 keeping the mood light the two then <unk> and <unk> their way through some <unk> <unk> devised by mr. douglas as an alternative to <unk> 's dry <unk> techniques and then with mr. <unk> soared and <unk> on the <unk> 's tight <unk> <unk> 
 the end of the first half however brought what the <unk> crowd seemed to be waiting for the pop singer <unk> collins who appears on inner voices 
 glamorous and <unk> as ever ms. collins sang <unk> mitchell 's for free about an <unk> with a <unk> <unk> to which mr. stoltzman contributed a <unk> <unk> and mr. douglas 's <unk> setting of a <unk> blessing deep peace 
 deep peace also featured a slide show of lovely but predictable images of clouds <unk> <unk> <unk> etc 
 it was all too <unk> to be believed but they probably would have gotten away with it had they not felt <unk> to add ms. collins 's signature tune amazing grace and ask for audience participation 
 that went over the permissible line for warm and <unk> feelings 
 was this why some of the audience <unk> before or during the second half 
 or was it because ms. collins had gone 
 either way it was a <unk> because mr. <unk> offered the most substantial music of the evening just after <unk> steve reich 's new york <unk> one of a series of reich works that <unk> a live performer with recorded tracks of his or her own playing 
 mr. reich 's new different trains for string <unk> uses the technique <unk> 
 mr. stoltzman must have worried that his audience might not be able to take it he warned us in advance that new york <unk> lasts N N minutes 
 he also unfortunately illustrated this <unk> <unk> <unk> with mr. <unk> 's images this time of <unk> or <unk> <unk> in a <unk> <unk> of the musical structure that was <unk> <unk> from mr. reich 's piece and mr. stoltzman 's elegant execution of it 
 the rest of the concert was more straight jazz and <unk> sounds written by charlie parker <unk> coleman bill douglas and eddie <unk> with pictures for the douglas pieces 
 it was <unk> to hear accomplished jazz without having to sit in a <unk> club but like the first half much of it was easy to take and ultimately <unk> 
 is this the future of chamber music 
 managers and <unk> insist that chamber music <unk> are a hard sell but can audiences really enjoy them only if the music is <unk> of threatening elements served up in <unk> <unk> and accompanied by <unk> 
 what 's next 
 <unk> to illustrate <unk> <unk> 
 it was not an <unk> evening certainly thanks to the high level of performance the <unk> <unk> of mr. douglas and the obvious <unk> with which mr. stoltzman chooses his <unk> 
 but it was neither deep nor lasting light entertainment that was no substitute for an evening of <unk> 
 ms. <unk> is a free-lance writer based in new york 
 one of ronald reagan 's attributes as president was that he rarely gave his blessing to the <unk> that passes for consensus in various international institutions 
 in fact he <unk> the u.s. from one of the world 's most corrupt organizations unesco 
 this is the u.n. group that managed to <unk> its own charter of promoting education science and culture 
 ever since the remaining members have been desperate for the united states to <unk> this <unk> group 
 now unesco <unk> are lobbying president bush to <unk> on president reagan 's decision to <unk> 
 but we can think of many reasons to stay out for the foreseeable future and well beyond 
 the u.s. along with britain and singapore left the agency when its <unk> <unk> financial corruption and top leadership got out of hand 
 the personal <unk> of agency director <unk> <unk> drew much attention such as when several of his top aides were uncovered as kgb plants and <unk> from france and when a <unk> office fire was set just before congress sent accountants to <unk> u.s. funds 
 mr. <unk> was an extreme case but even his replacement the more personally <unk> spanish <unk> <unk> mayor has had little success at <unk> reforms 
 several ridiculous projects continue including the new international economic order which means <unk> from the west to pay for everyone else 's <unk> 
 the <unk> new world information order would give government officials rights against the press journalists would be obliged to <unk> to their government which would have licensing and censorship powers and indeed duties to block printing of wrong ideas 
 unesco somehow converted the founding u.n. <unk> of individual rights and liberty into peoples ' rights 
 <unk> conferences were held to <unk> on subjects such as ethical responsibilities of scientists in support of <unk> and the impact of the activities of <unk> corporations 
 the agency was so totally <unk> from the high principles of its founding that even the soviets now wonder about an agency that seemed so <unk> to them 
 glasnost may be partly responsible but soviet foreign minister eduard shevardnadze last year admitted the <unk> ideological approach undermined <unk> <unk> to unesco 
 unesco is now holding its <unk> meetings in paris to devise its next projects 
 mr. mayor 's hope that <unk> to press freedom would survive <unk> seems doomed to failure the current <unk> is <unk> the public and media to avoid manipulation 
 he has n't been able to replace the <unk> <unk> 
 soviets remain in charge of education programs a former head of an african military <unk> for executions is in charge of culture and a hard-line polish communist in <unk> directs the human-rights and peace division 
 of the agency 's N staff members N are in the field working on actual projects such as <unk> and <unk> research 
 the position of the united states which once contributed N N of the budget is that nothing has changed 
 john <unk> the assistant secretary of state for international organizations told congress that the continuing <unk> restrictive <unk> programs make <unk> any time soon extremely unlikely 
 this has n't much bothered the unesco delegates who last week could n't even agree to raise funds by selling off a fancy <unk> french <unk> the agency somehow owns 
 other countries including west germany may have a hard time <unk> continued membership 
 we see an even stronger argument against unesco than its <unk> failure to reform 
 this is that the reagan revolution <unk> eastern europe and <unk> square shows the power of ideas <unk> by international civil <unk> or government <unk> 
 free markets free minds and free elections have an appeal that seems to get <unk> only when delivered through u.n. organizations which of course are made up largely of governments that fear these principles at home 
 the <unk> of the united nations are experts at <unk> 
 this can have its purposes at times but there 's no reason to cloud the importance and <unk> of western <unk> of freedom and justice 
 we can see plenty of reasons to stay out and none to <unk> unesco 
 researchers at plant genetic systems n.v. in belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of key crops 
 the researchers said they have isolated a plant gene that prevents the production of <unk> 
 the gene thus can prevent a plant from <unk> itself 
 such so-called <unk> plants can then be <unk> by <unk> from another strain of the plant thereby producing hybrid seed 
 the new generation of plants will <unk> the <unk> <unk> <unk> known as hybrid <unk> similar to that now seen in hybrid corn 
 the development could have a dramatic effect on farm production especially cotton said murray robinson president of delta & <unk> land co. a <unk> inc. subsidiary that is one of the largest cotton seed producers in the u.s. 
 on a commercial scale the <unk> of the <unk> male part has only been achieved in corn and <unk> feed grains 
 that 's because the male part the <unk> and the female the <unk> are some distance apart on the corn plant 
 in a <unk> process the seed companies cut off the <unk> of each plant making it male <unk> 
 they <unk> a row of <unk> plants nearby which then <unk> the <unk> plants 
 the first hybrid corn seeds produced using this mechanical approach were introduced in the 1930s and they yielded as much as N N more corn than naturally <unk> plants 
 the vast majority of the u.s. corn crop now is grown from hybrid seeds produced by seed companies 
 a similar technique is almost impossible to apply to other crops such as cotton soybeans and rice 
 the male part the <unk> of the plant and the female the <unk> of the same plant are within a fraction of an inch or even attached to each other 
 the <unk> in these plants are difficult to <unk> off 
 in china a great number of workers are engaged in pulling out the male <unk> of rice plants using <unk> and one-third of rice produced in that country is grown from hybrid seeds 
 at plant genetic systems researchers have isolated a <unk> gene that can be inserted in a plant to <unk> male <unk> 
 jan <unk> research director said this gene was successfully introduced in <unk> <unk> plants a major crop in europe and canada using as a carrier a <unk> gene developed by robert goldberg at the university of california in los angeles 
 the <unk> gene is expressed just before the <unk> is about to develop and it <unk> the <unk> of every <unk> in the plant 
 mr. <unk> said this genetic manipulation does n't hurt the growth of that plant 
 the researchers also pulled off a second genetic engineering <unk> in order to get <unk> plants in large enough numbers to produce a commercial hybrid seed crop 
 they attached a second gene for <unk> resistance to the <unk> gene 
 both genes are then inserted into a few greenhouse plants which are then <unk> and allowed to mature and produce seed 
 the laws of <unk> <unk> that half of the plants <unk> from these <unk> seeds will be male <unk> and <unk> <unk> and half will be male <unk> and <unk> susceptible 
 the application of <unk> would kill off the <unk> plants leaving a large field of <unk> plants that can be <unk> to produce hybrid seed 
 mr. <unk> said the hybrid <unk> created with this genetic engineering yield N N to N N more output than the commercial <unk> used currently 
 this technique is applicable to a wide variety of crops he said and added that some modifications may be necessary to accommodate the <unk> of each type of crop 
 he said the company is <unk> with the technique on <unk> and plans to include cotton and corn among other crops 
 he said that even though virtually all corn seeds currently planted are <unk> the genetic approach will <unk> the need for mechanical <unk> of <unk> which costs u.s. seed producers about $ N million annually 
 in recent years demand for hybrid seeds has spurred research at a number of chemical and biotechnology companies including monsanto co. shell oil co. and eli lilly & co 
 one technique developed by some of these companies involves a chemical <unk> supposed to kill only a plant 's <unk> 
 but there have been problems with chemical <unk> damaging plants ' female reproductive <unk> and concern for the <unk> of such chemical <unk> to humans animals and beneficial <unk> 
 however paul <unk> monsanto 's director of plant sciences said the company 's chemical <unk> <unk> these problems and is <unk> on the female <unk> 
 <unk> genetics corp. <unk> calif. is developing a <unk> containing a gene that spreads from cell to cell and <unk> with the genes that are responsible for producing <unk> 
 this gene called <unk> is carried into the plant by a virus that remains active for a few days 
 robert <unk> president of <unk> called plant genetic 's approach interesting and novel and <unk> rather than competitive 
 there is a large market out there <unk> for hybrid seeds he said 
 mr. robinson of delta & <unk> the seed producer in scott <unk> said plant genetic 's success in creating genetically engineered male <unk> does n't automatically mean it would be simple to create <unk> in all crops 
 that 's because <unk> while easy in corn because the carrier is wind is more complex and involves <unk> as carriers in crops such as cotton 
 it 's one thing to say you can <unk> and another to then successfully <unk> the plant he said 
 nevertheless he said he is negotiating with plant genetic to acquire the technology to try breeding hybrid cotton 
 a bitter conflict with global implications has erupted between nomura securities co. and industrial bank of japan two of the world 's most powerful financial companies 
 the clash is a sign of a new <unk> and <unk> in japan 's <unk> financial circles 
 not only are japan 's financial institutions putting their enormous clout to work increasingly they 're <unk> off against one another in unprecedented public fashion 
 already the consequences are being felt by other players in the financial markets even governments 
 what triggered the latest clash was a <unk> over the timing of a new zealand government bond issue 
 nomura was attempting to <unk> the N <unk> $ N million borrowing in japan at a time when many japanese banks led by industrial bank of japan were <unk> the wellington government to help them recover loans made to a <unk> investment bank that had been owned by new zealand 's <unk> pension fund 
 unwilling to put up new money for new zealand until those debts are repaid most banks refused even to play administrative roles in the new financing forcing an embarrassed nomura to postpone it this week 
 the dispute shows clearly the global power of japan 's financial <unk> 
 aside from nomura 's injured pride the biggest victim so far has been the new zealand government 
 barred by its budget law from making any new domestic bond issues wellington 's debt management office had been casting abroad to raise the N billion new zealand dollars us$ N billion to <unk> N billion it needs to come up with by the end of its fiscal year next june N 
 with japan 's <unk> banks aligned against it though raising money may be difficult 
 not only can they block wellington from raising money in japan bankers here say but as the largest underwriters in the <unk> market they might be able to scuttle borrowings there too 
 new zealand 's finance minister david <unk> <unk> out at such suggestions 
 he told reporters in wellington tuesday that the government had n't guaranteed the loans to <unk> new zealand ltd. an investment bank <unk> by the national <unk> fund and would n't bail it out 
 it may very well be what the japanese banks want he told radio new zealand 
 i think it would be irresponsible and i am not about to be <unk> by japanese banks or any other international interests 
 no less significant than the japanese banks ' attempt to cut off funds to pressure a foreign government are the implications of a confrontation between japan securities and banking industries 
 anxiety is rising over recent government proposals to eventually lower the strict barriers that now separate and protect the two industries from each other 
 both sides are <unk> <unk> their turf and relations have been at a <unk> for months 
 the banks badly want to break into all aspects of the securities business 
 meanwhile the securities companies most of them smaller than the banks are seeking access only to limited kinds of banking that would n't open them to the full brunt of competition from the banks 
 nomura the world 's biggest securities company largely by virtue of its protected home field and industrial bank of japan japan 's most innovative and aggressive bank in capital markets abroad <unk> the opposing sides 
 and their <unk> of each other run deep 
 in the past year both have tried to stretch the limits of their businesses 
 nomura started a credit-card venture with american express co. that allowed <unk> to use their nomura securities accounts like a bank account attracting the <unk> of banks 
 and industrial bank of japan started up a london securities subsidiary that sells japanese stocks to <unk> institutions overseas a move that <unk> the anger of the stock brokerage firms 
 the new zealand bond issue simply has brought the two institutions face-to-face 
 itel corp. reported third-quarter earnings which were mistakenly shown in the quarterly earnings surprises table in yesterday 's edition to be lower than the average of analysts ' estimates 
 on a pretax basis itel 's third-quarter earnings of N cents a share were actually N N higher than the average of estimates 
 raymond e. ross N years old formerly group vice president u.s. plastics machinery at this machine tool plastics machinery and robots concern was named senior vice president industrial systems succeeding david a. <unk> who resigned monday 
 john a. <unk> jr. N was named a managing director at this investment-banking company 
 he will be in charge of research equity sales and trading and the syndicate operation of rothschild 
 mr. <unk> was executive vice president and director of the equity division of the international division of nikko securities co 
 as <unk> <unk> might say it 's <unk> <unk> all over again 
 <unk> at <unk> <unk> <unk> once oakland 's master thief <unk> <unk> up a <unk> and <unk> it to second 
 in the <unk> paul blair the <unk> ' <unk> gold <unk> winner <unk> <unk> a fly 
 on the <unk> former red <unk> great luis <unk> the <unk> master of N moves throws an <unk> strike 
 <unk> <unk> <unk> their manager a fellow named <unk> <unk> who in a different time handled four world series teams and now handles the gold coast <unk> 
 <unk> <unk> he says 
 perhaps 
 but for the next few months these boys of <unk> long past are going to be <unk> in an indian summer of the soul 
 now that the baseball season is officially over you see it 's time for a new season to begin 
 today is the debut of the senior professional baseball association a new <unk> pro sports circuit <unk> after the highly successful senior tennis and golf tours and complete with good salaries a cable television contract and even expansion plans 
 one hundred and <unk> two former <unk> near <unk> hardly <unk> and <unk> begin a <unk> three-month season in <unk> stadiums up and down florida 
 for everyone involved it 's one more <unk> of that <unk> of youth baseball 
 someone always makes you quit says legendary st. louis <unk> <unk> <unk> flood the league 's commissioner 
 you feel you want one more one more <unk> one more hit one more game 
 until the <unk> heroes of today reclaim these <unk> for spring training there is one more 
 and not just for the players 
 it 's one more for the <unk> lawyers accountants and real estate developers who <unk> up about $ N million each for the chance to be an owner to step into the shoes of a gene <unk> or have a beer with <unk> fingers 
 nothing can be better than this says don <unk> owner of the west palm beach <unk> 
 early in the morning mr. <unk> an estate lawyer <unk> over last <unk> and <unk> 
 midmorning he <unk> an <unk> uniform and for fun may field a <unk> from dave <unk> 
 it 's one more too for the fans who dream of a season that never ends 
 i feel like a little kid says a <unk> alex de <unk> a car salesman who has stopped by a workout of the <unk> to slip six <unk> cards to the great man himself to be <unk> 
 the league 's <unk> hope <unk> and tourists will join <unk> fans like mr. de <unk> and pack the stands to see the seniors 
 the league is the <unk> of colorado real estate developer james <unk> once a <unk> himself who says he had the idea last january while lying on a beach in australia 
 when he sent letters offering N retired major <unk> the chance of another season N responded 
 eventually about N made the trip to florida to compete for the available <unk> 
 players have to be N or older except for <unk> who are eligible at N because life behind the plate is so rough 
 for some players the lure is money up to $ N a month 
 others just released from the <unk> hope the senior league will be their bridge back into the big-time 
 but as they <unk> <unk> that <unk> rather than <unk> and <unk> old <unk> in the sun it 's clear that most are there to make their fans <unk> again or <unk> the <unk> of seasons past or prove to themselves and their colleagues that they still have it or something close to it 
 my <unk> is good 
 real good says <unk> pete <unk> working in the midday heat of the <unk> camp 
 mr. <unk> who started with the <unk> washington senators says that when he left baseball in N he never looked back 
 for a long time he ignored baseball altogether even the sports pages 
 now mr. <unk> a lawyer claims he 'd play for free 
 you ca n't give it up that easily he says 
 i tried 
 the nagging memory of one afternoon <unk> years ago drove jim <unk> a lean <unk> <unk> to take a <unk> leave from selling insurance in texas to try out for mr. <unk> 's team 
 it does n't replace pitching in the <unk> but it proves to me that i would have been able to play if i 'd stayed healthy he says 
 back in N late in the season a <unk> mr. <unk> made his only major league appearance five and two-thirds <unk> for the texas <unk> against the chicago white <unk> 
 he gave up seven hits walked five and did n't get a decision 
 arm troubles forced him back to the <unk> the next year 
 there 's a satisfaction in going against the rules offers will <unk> once a <unk> with cincinnati 's big red machine 
 he means the rule that a player ca n't cut it after a certain age 
 these days he <unk> to <unk> jobs in his chevy pickup before and after training with the <unk> 
 while <unk> a beer after practice he <unk> <unk> getting the red <unk> 's carl <unk> to pop out to end the N world series and <unk> the feat against the <unk> ' roy white in N 
 some of the game 's <unk> <unk> dislike the idea of <unk> men attempting a young man 's sport 
 i personally do n't enjoy seeing players who i remember <unk> from their playing days running about and being <unk> about their deficiencies says roger <unk> new yorker magazine 's resident baseball <unk> 
 i feel people should be allowed to remember players as they were 
 worse says baseball author lawrence <unk> someone will get a heart attack and that will be the end of the whole story 
 but the <unk> disagree 
 most are trim 
 some have been training for months others only recently left active status 
 no one has worked out the players ' average age but most appear to be in their late <unk> 
 and there 's pride 
 i 'm not going to look stupid <unk> former pittsburgh <unk> second <unk> <unk> <unk> sweat <unk> his <unk> as he prepares for some practice swings 
 it 's going to be a tough league promises the <unk> mr. <unk> 
 there will be a lot of <unk> 
 men who have played hard all their lives are n't about to change their habits he says 
 nonetheless one ca n't help wonder whether the game will be just a little bit slower 
 at the <unk> <unk> beach municipal stadium mr. blair the 45-year-old former <unk> knows his power is n't what it used to be 
 so he <unk> 
 he no longer <unk> the plate 
 he 's not thinking about home runs anymore just base hits 
 still how sweet it is he says <unk> the fat sound of the <unk> line drive that <unk> off the center field wall 
 and do n't expect many complete games by <unk> perhaps three out of N <unk> mr. fingers the former oakland <unk> 
 expect tricky stuff from <unk> says mr. <unk> the manager 
 expect <unk> but no <unk> says mr. <unk> 
 even expect stolen bases says the <unk> and fit mr. <unk> if you know how to slide it 's no problem he says 
 and expect slower <unk> 
 i 'm not so young anymore concedes the <unk> <unk> mr. <unk> 
 i wo n't be throwing N mph but i will throw <unk> he says 
 <unk> <unk> <unk> at N the league 's oldest player and a <unk> with the <unk> has lost even more speed 
 <unk> a <unk> of red man into his <unk> he admits the <unk> he brought into the <unk> in N has become a <unk> 
 its maximum <unk> is N mph 
 but he is n't worried 
 he will compensate with the <unk> learned from his years in the <unk> 
 he has good control 
 he will keep the ball down move it around 
 after all he says even to make love you need experience 
 <unk> corp. said it will acquire the N N of <unk> branch telephone company inc. 's cellular franchise that it does n't own already 
 terms were n't disclosed 
 <unk> holds N N of the franchise which has operations in <unk> s.c. and <unk> <unk> 
 <unk> which provides local telephone service in N states said it exercised its right of first refusal following an offer from an undisclosed third party to acquire the majority position in the franchise 
 stewart & stevenson services inc. said it received two contracts totaling $ N million to build <unk> <unk> 
 the separate contracts were from <unk> light & water commission a utility in <unk> <unk> and pse inc. a <unk> operator in houston 
 stewart & stevenson makes equipment <unk> with diesel and gas <unk> 
 liberty national bancorp said its acquisition of <unk> deposit bank <unk> ky. first announced in april has been completed in a transaction valued at $ N million 
 liberty national exchanged about N shares of its common stock for each of <unk> deposit 's N shares outstanding 
 liberty national a bank holding company has assets exceeding $ N billion 
 <unk> <unk> was appointed president and chief executive officer of this financially troubled department store chain effective nov. N succeeding frank robertson who is retiring early 
 mr. <unk> was previously president and chief operating officer of <unk> inc. a retail chain that is owned by toronto-based hudson 's bay co. canada 's largest department store operator 
 tuesday 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 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 days 
 N N standard conventional fixed-rate 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-rate mortgages 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 
 canada 's gross domestic product rose an inflation-adjusted N N in august mainly as a result of <unk> growth statistics canada a federal agency said 
 the august <unk> was up N N from its year-earlier level 
 <unk> is the total value of a nation 's output of goods and services 
 statistics canada said <unk> output in august rose N N from july 
 output of <unk> industries increased N N 
 separately statistics canada reported that its <unk> price index dropped N N in september its third consecutive monthly decline 
 it also reported a N N decline in its <unk> price index for september 
 columbia pictures entertainment inc. was dropped effective today from the recreational products and services industry group of the dow jones equity market index 
 columbia pictures is being acquired by sony corp. which is based in japan 
 people 's savings financial corp. said it will buy back as much as N N of its N million shares outstanding because the stock is undervalued 
 the holding company said it has been unfairly associated with other banks in new england that have had major loan losses in recent quarters 
 the company said its people 's savings bank unit does n't have a large exposure to construction and commercial loans that have caused the loan-loss problems in many of the banks 
 a seat on the chicago mercantile exchange was sold for $ N down $ N from the previous sale <unk> 
 seats currently are quoted at $ N bid $ N asked 
 the record price for a full membership on the exchange is $ N set march N 
 in a surprise move the british government cleared the way for a bidding war for jaguar plc by agreeing to remove an obstacle to a takeover of the auto maker 
 trade and industry secretary nicholas ridley told the house of commons yesterday that he will <unk> the government 's so-called golden share in the company as long as jaguar shareholders agree 
 the golden share restricts any individual holding to N N and expires at the end of N 
 it was in jaguar 's best interests for the company 's future to be assured and the present climate of uncertainty resolved as quickly as possible mr. ridley said 
 mr. ridley 's decision fires the starting <unk> for perhaps a costly contest between the world 's auto giants for britain 's leading luxury-car maker 
 both general motors corp. and ford motor co. have been trying to <unk> N N stakes in jaguar 
 ford which already has an unwelcome N N holding is prepared to bid for the entire company and had lobbied the government to lift the takeover restrictions early 
 gm has been negotiating a friendly transaction with jaguar that likely would involve joint ventures and an eventual stake of just under N N 
 but the government 's action which caught jaguar management <unk> may scuttle the gm minority deal by forcing it to fight for all of jaguar 
 i ca n't believe they gm will let ford have a free run said stephen reitman a european auto industry analyst at <unk> & drew 
 i am sure they will be going for a full bid 
 many investors certainly believe a bidding war is imminent 
 jaguar shares skyrocketed yesterday after mr. ridley 's announcement following their temporary suspension on london 's stock exchange 
 in late trading the shares were up a <unk> N pence $ N a N N gain to a record N pence on very heavy volume of N million shares 
 in the u.s. over-the-counter market jaguar shares trading as american depositary receipts closed at $ N up $ N 
 analysts expect ford will make the first move perhaps today with an initial offer of about N pence $ N a share 
 such a proposal values jaguar at more than # N billion $ N billion 
 speculation about a takeover fight has sent jaguar shares soaring in the past six weeks 
 the share price was <unk> at about N pence before ford 's sept. N announcement of its interest in a minority stake 
 ford is in the driving seat at the moment observed bob barber an auto analyst at brokers james capel & co 
 an aggressive ford bid for jaguar would put pressure on gm to make a better offer as the british company 's white knight 
 such a <unk> could end jaguar 's hopes for remaining independent and <unk> 
 but it is n't clear how long gm would be willing to fight ford for jaguar 
 because of their longstanding <unk> gm just wants to make sure ford pays a huge <unk> for jaguar said john lawson an auto analyst at london 's nomura research institute 
 people close to the <unk> talks agreed that ford now may be able to shut out general motors 
 it 's either going to be a <unk> or there only may be one player in town one person said 
 another person close to the talks said it is very hard to justify paying a silly price for jaguar if an <unk> bidding war were to start now 
 in a statement jaguar 's board said they were not <unk> about the ridley decision in advance and were surprised at the action taken 
 the statement emphasized that holders representing N N of the shares voting at a special shareholders ' meeting must agree to lift the takeover restrictions 
 jaguar officials in the u.s. noted that ford as jaguar 's largest shareholder now has the power to call for such a meeting 
 u.s. auto analysts also noted that ford is in the best position to benefit from the large number of jaguar shares that have moved over the past month into the hands of arbitragers waiting for the highest takeover bid 
 jaguar 's own defenses against a hostile bid are weakened analysts add because fewer than N N of its shares are owned by employees and management 
 ford officials in the u.s. declined to comment on the british government 's action or on any plans to call a special jaguar shareholders meeting 
 but gm officials said they too were surprised by the move which left them to consider all our options and explore matters further 
 although gm has u.s. approval to buy up to N N of jaguar 's stock it has n't yet disclosed how many shares it now owns 
 in a prepared statement gm suggested its plans for jaguar would be more valuable in the long run than the initial <unk> investors might reap from a hostile ford bid 
 our intensive discussions with jaguar at their invitation gm said have as their objectives to create a cooperative business relationship with jaguar that would provide for the continued independence of this great british car company to ensure a secure future for its employees and to provide an attractive long-term return for its shareholders 
 jaguar was shocked by mr. ridley 's decision because management had believed the government would n't lift the golden share without consulting the company first 
 indeed the government is taking a calculated risk 
 mr. ridley 's announcement set off a <unk> of protests from members of the opposition labor party who accused the thatcher administration of backing down on promised protection for a privatized company 
 the british government retained the single golden share after selling its stake in jaguar in 
 the conservative government 's decision may reflect its desire to shed a politically sensitive issue well before the next election expected in late N 
 it 's now a very good time politically to get this over and done with observed daniel jones professor of motor industry management at the university of <unk> in <unk> 
 the government already <unk> by high interest rates and a slowing economy has been badly hurt by last week 's <unk> in mrs. thatcher 's cabinet 
 at the same time the government did n't want to appear to favor gm by allowing a minority stake that might preclude a full bid by ford 
 mr. ridley hinted at this motive in <unk> questions from members of parliament after his announcement 
 he said he was giving up the golden share to clear the way so the playing field is level between all <unk> 
 bradley a. <unk> in detroit contributed to this article 
 dow chemical co. midland mich. and eli lilly & co. indianapolis said they completed the formation of dow <unk> a joint venture combining their <unk> businesses as well as dow 's industrial <unk> business 
 the companies said dow <unk> will be the largest <unk> agricultural concern in north america with projected <unk> revenue of $ N billion 
 dow will own N N of the venture with eli lilly holding the rest 
 the venture will be based in indianapolis 
 william a. <unk> N years old president of the el paso natural gas co. unit of this energy and <unk> concern was named to the additional post of chief executive officer succeeding <unk> h. <unk> N who continues as a vice chairman of the parent 
 <unk> <unk> the <unk> founder of this maker of data communications products and a former chairman and chief executive resigned as a director 
 dataproducts is fighting a hostile tender offer by dpc acquisition partners a group led by new york-based <unk> investments associates 
 under the circumstances dataproducts said mr. <unk> said he was unable to devote the time required because of other commitments 
 mr. <unk> will remain as a director <unk> 
 the company had no comment on whether a replacement would be named 
 robert <unk> <unk> president <unk> university of florida and a director of this maker of medical devices was named chairman 
 dr. <unk> N years old succeeds alexander t. <unk> N who did n't stand for re-election due to mandatory board retirement policy 
 <unk> technologies said william p. <unk> was elected chairman and chief executive officer of this troubled electronics parts maker 
 the 45-year-old mr. <unk> who has a background in crisis management succeeds alan d. <unk> N 
 jerome j. <unk> executive vice president and chief financial officer said mr. <unk> was resigning by mutual agreement with the board 
 he is going to pursue other interests mr. <unk> said 
 mr. <unk> could n't be reached 
 mr. <unk> the company said will retain the rest of the current management team 
 for the nine months ended july N <unk> technologies reported a net loss of $ N on sales of $ N million 
 that compared with an operating loss of $ N million on sales of $ N million in the year-earlier period 
 in national over-the-counter trading <unk> technologies shares closed yesterday at N cents a share up N cents 
 sales of new cars in europe fell N N in september from a year earlier and analysts say the market could continue to soften in the months ahead 
 after a <unk> pace early this year analysts say the market after a series of sharp swings in recent months now shows signs of retreating 
 statistics from N countries which normally account for N N of <unk> europe 's passenger car sales showed new car <unk> totaled N in september down N N from august and down N N for the year to date 
 tokyo stocks rebounded tuesday from two consecutive daily losses in relatively active dealings 
 london shares also rose while trading in frankfurt west germany ended higher 
 in tokyo the nikkei index of N selected issues was up N points to N 
 the index fell N monday 
 volume on the first section was estimated at N million shares up from N million shares monday 
 advancing issues outnumbered decliners N to N while N issues were unchanged 
 <unk> buying targeted at <unk> issues pushed up the nikkei 
 but other sectors failed to attract investor interest and remained sluggish making overall trading appear mixed 
 individuals and corporations as well as dealers trading for their own account actively bought tuesday 
 an official at <unk> securities said these investors feel the need to make quick profits despite <unk> external factors such as political uncertainty tied to the ruling party 's fate at next year 's lower house elections an event which could directly affect the stock market 
 the tokyo stock price index of all issues listed in the first section which declined N on monday was up N or N N at N on tuesday 
 the second section index which fell N points monday was up N points or N N to close at N 
 second section volume was estimated at N million shares unchanged from monday 
 institutional investors mostly remained on the sidelines tuesday 
 a fund manager at a life-insurance company said three factors make it difficult to read market direction 
 first he said domestic interest rates are likely to stay at higher levels as increased anticipation of inflation followed rising consumer prices reported last week 
 second the dollar is showing persistent strength despite a slowdown in the u.s. economy shown by economic indicators 
 third oil prices have n't declined although supply has been increasing 
 the topic that attracted participants ' attention was mitsubishi estate 's purchase of N N of rockefeller center properties announced late monday in new york 
 mitsubishi estate ended the day at N up N 
 the gains also sparked buying interest in other real-estate companies traders said 
 <unk> realty & development rose N to N 
 <unk> real estate gained N to N 
 investor focus shifted quickly traders said 
 many of the <unk> winners turned out to be losers by afternoon 
 in other stock-market news the tokyo stock exchange said that for the week ended friday the balance of margin buying rose N billion yen $ N billion to N trillion yen $ N billion 
 the balance of short positions outstanding fell N billion yen to N billion yen 
 in london prices finished at intraday <unk> <unk> by a reassuring early performance on wall street and news that the british government will waive its golden share in auto maker jaguar 
 but trading was very <unk> as investment decision makers remain wary from gyrations and <unk> of recent weeks 
 volume has been <unk> said a dealer at a british brokerage concern 
 the market was dragged up by the <unk> of its neck by wall street and by market makers getting caught short 
 no one wants stock on their books 
 meanwhile the broad-based financial times 100-share index added N points to end at N while reaching its minimum of N a half hour into the session 
 at the close the narrower 30-share index was up N points to N 
 volume totaled a modest N million shares up from N million shares monday 
 the market also moved at early afternoon on news that jaguar shares were being temporarily suspended at N pence $ N each 
 secretary of state for trade and industry nicholas ridley said later in the day that the government would abolish its golden share in jaguar the luxury auto maker being <unk> by general motors and ford motor 
 the golden share dates from jaguar 's public offering in N and was designed to protect the company from takeover 
 the golden share was scheduled to expire at the beginning of 
 but although the golden share has been <unk> a hostile bidder for jaguar would still have to alter the british concern 's articles of association which ban <unk> of more than N N 
 jaguar shares closed at N pence up N pence on hefty turnover of N million shares 
 as the london trading session drew to a close the market was still listening to the parliamentary debate on the economy with new chancellor of the exchequer john major expected to clarify his approach to the british economy and currency issues 
 on the frankfurt stock exchange share prices closed higher in fairly thin trading as selective buying by foreigners helped <unk> prices 
 the dax index closed at N up from N 
 despite the modest gains traders said the market remains <unk> with investors remaining cautiously on the sidelines 
 contributing to the market 's reserved stance was the release later in the day of new data on the health of the u.s. economy in the form of the u.s. index of leading indicators 
 additionally the end of the month <unk> might have also played a minor role traders said 
 elsewhere share prices closed higher in amsterdam brussels milan and paris 
 prices were mixed in zurich and lower in stockholm 
 stocks closed higher in hong kong manila singapore sydney and wellington but were lower in seoul 
 taipei was closed for a holiday 
 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 
 french consumer prices rose N N in september from the previous month and were up N N from a year earlier according to definitive figures from the national statistics institute 
 the state agency 's figures confirm previous estimates and leave the index at N up from N in august and N a year earlier 
 the index is based on N equaling N 
 a breakdown showed that food prices were the most active part of growth with a rise of N N 
 an official linked the gain essentially to higher prices for beef and pork 
 he said summer drought problems that had hit several southern agricultural regions had stopped being a major source of price pressure in september 
 japan 's index of leading indicators rose to N in august above the so-called <unk> line of N for the first time since may the economic planning agency said 
 the leading index recovered from july 's revised level of N on strong performances in consumer <unk> and machinery orders among other factors according to an agency spokeswoman 
 the index is intended to measure future economic performance 
 a figure above N indicates the economy is likely to expand one below N indicates a <unk> may be ahead 
 metromedia co. said its metromedia long distance unit has been renamed <unk> long distance reflecting acquisitions from itt corp. which licenses its name to closely held metromedia 
 metromedia said its unit is the <unk> provider of long-distance communications service in the u.s. with projected N revenue of more than $ N million 
 metromedia headed by john w. <unk> has interests in telecommunications <unk> painting computer software restaurants and entertainment 
 south korean consumer prices rose N N in the first N months of this year matching the government 's target for the entire year according to the bank of korea and the economic planning board 
 according to reports released by the two government agencies domestic consumer and wholesale prices each rose by N N in october from the previous month 
 as a result consumer prices for the first N months of N surged by N N and wholesale prices by N N 
 the south korean government had been projecting a N N consumer price increase for the entire year 
 martin <unk> corp. said it won a $ N million contract from the u.s. postal service to manufacture and install automated <unk> machines 
 under terms of the three-year contract martin <unk> said it will make and install N of the new machines at N postal offices 
 the new machines are capable of <unk> by zip code up to N large flat mail pieces including magazines and <unk> an hour 
 thomas a. <unk> N years old formerly vice president west coast operations at this <unk> <unk> concern was named executive vice president and chief operating officer both newly created posts and a director filling a vacancy 
 <unk> said it anticipates naming mr. <unk> to succeed richard f. <unk> N as president and chief executive officer effective march N 
 mr. <unk> will remain a <unk> board member and will be a consultant to the company 
 yields on <unk> certificates of deposit dropped slightly in the week ended yesterday 
 the average yield on a six-month cd of $ N or less was N N compared with N N a week earlier 
 the average one-year <unk> cd was down to N N from N N according to banxquote money markets a new york information service that tracks cd yields 
 this week was <unk> for the cd market said <unk> mehl chairman of banxquote 
 the major banks have n't even reacted to sharp rises in the three-month treasury bill rates in the past two weeks 
 banks that adjusted payouts on cds in the most recent week made only <unk> moves he said 
 the cd trend runs counter to the direction of short-term interest rates at the treasury bill auction monday 
 the average six-month bill was sold with a yield of N N up from N N 
 the average three-month issue rose to N N from N N 
 typically banks offer cd yields higher than those on treasury bills which are considered the <unk> short-term investments banks need a competitive edge to sell their products 
 but when market interest rates move up rapidly increases in bank cd yields sometimes lag 
 most yields on short-term jumbo cds those with denominations over $ N also moved in the opposite direction of treasury bill yields 
 the average six-month yield on a jumbo cd was at N N down from N N banxquote said 
 for longer-term cds yields were up 
 the average two-year and five-year <unk> were up N of a percentage point to N N and N N respectively 
 however cds sold through major broker-dealer networks were up slightly almost across the board 
 the average six-month cd in that category added N percentage point to N N for example 
 mr. mehl attributed the rise specifically to the treasury bill increase 
 among the major banks surveyed by banxquote in six regions of the country N N is the highest yield available 
 it is offered by the flagship banks of new york 's manufacturers hanover corp. in the one-year maturity only 
 the yield is offered across a range of maturities at san francisco 's bankamerica corp. and wells fargo & co 
 just two weeks ago bankamerica 's yields in many of those maturities was N N 
 still on average the major california banks have the highest yields on cds according to banxquote 
 the average yield there on six-month issues is N N 
 i had to reach back to french N when the <unk> <unk> <unk> <unk> over my shoulder during the coffee phase of dinner and asked whether i wanted to ride in a <unk> 
 i was a last-minute read <unk> <unk> at a french journalism convention and so far the <unk> had been taken up entirely by eating drinking smoking sleeping and drinking 
 the man with the <unk> represented a <unk> attempt to introduce a bit of <unk> <unk> into our <unk> 
 but as the french <unk> a <unk> state of <unk> when it comes to athletics try finding a <unk> machine in paris my fellow <unk> were having none of it 
 the <unk> at my table simply <unk> more <unk> and <unk> at the suggestion of <unk> a perfectly good saturday morning to go <unk> or even <unk> ballooning to you the brothers <unk> french of course were the world 's first <unk> <unk> 
 back in the u.s.a. this kind of <unk> <unk> activity wins <unk> <unk> responses 
 as in you went ballooning 
 in france 
 americans it seems have followed malcolm <unk> 's <unk> lead and taken to ballooning in a <unk> way 
 during the past N years the number of <unk> those who have passed a federal aviation authority <unk> test have swelled from a couple hundred to several thousand with some estimates running as high as N 
 some N balloon shows are held annually in the u.s. including the world 's largest <unk> of <unk> <unk> <unk> the <unk> <unk> international balloon <unk> that attracts some N enthusiasts and more than N <unk> some of which are <unk> <unk> to resemble <unk> <unk> <unk> or a <unk> <unk> 
 the <unk> balloon was denied official entry status this year 
 but in <unk> a gray <unk> river town adjacent to france 's <unk> mountain region none of these <unk> <unk> for things <unk> was evident 
 ballooning at the de <unk> hour of N a.m. held all the attraction for most people of <unk> <unk> work 
 feeling the <unk> of a culture <unk> i promptly signed up 
 the first thing anybody will tell you about ballooning is that it requires zip in the way of athletic <unk> or even a measure of <unk> 
 so long as you do n't look down 
 they will also tell you that even if you hate heights you can still balloon 
 i still say do n't look down 
 at least not when you are <unk> 
 what they wo n't tell you is not to go <unk> in anything you do n't want to get <unk> 
 i 'm not referring to the traditional champagne <unk> during the <unk> <unk> 
 i 'm talking about landing in a <unk> 
 in a <unk> <unk> basket 
 with a pilot who speaks no english 
 to <unk> my <unk> <unk> and <unk> are referred to as <unk> began at <unk> on a <unk> <unk> and ended at noon in a <unk> field 
 balloon flights almost always occur at <unk> or <unk> when the <unk> are <unk> 
 in between came lots of coffee drinking while watching the <unk> <unk> and lots of standing around deciding who would fly in what balloon and in what order the baskets hold no more than four passengers 
 when it was n't my turn in the balloon i followed its progress from the chase car listening to the driver <unk> into a <unk> 
 after long <unk> of this <unk> ground activity came N or so lovely minutes of <unk> above the <unk> watching the silver <unk> rise off the river and the french <unk> <unk> about the fields 
 it 's hard not to feel that god 's in his <unk> with this kind of <unk> view of the world even if your <unk> in silly <unk> <unk> kept pointing out how <unk> it all was 
 eventually little french farmers and their little french <unk> came out of their stone houses and put their hands above their tiny eyes and <unk> at us 
 no wonder 
 we were coming down straight into their <unk> 
 see the other rule of <unk> about ballooning is that you ca n't steer 
 and neither can your pilot 
 you can go only up or down by heating the balloon 's air with a propane <unk> which does make the top of your head feel hot and ride the air <unk> 
 which makes the chase car necessary 
 most <unk> seldom go higher than N feet and most average a <unk> N miles an hour 
 when the balloon is <unk> along at a steady <unk> there is little sense of motion 
 only when one is <unk> or in our case <unk> a <unk> <unk> <unk> does one feel well <unk> in a <unk> basket 
 what 's he doing <unk> my companion who was the only other <unk> member of the convention and whose <unk> were white 
 attention <unk> our pilot as our basket plunged into the <unk> 
 you bet attention i <unk> back leaping <unk> the propane tanks i 'm wearing <unk> <unk> 
 our pilot simply <unk> fired up the <unk> and with another blast of <unk> lifted us oh a good <unk> above the water level 
 we <unk> along for a few feet before he plunged us into the drink again 
 eventually we came to rest in a <unk> patch of field where we had the <unk> pleasure of scrambling out of the basket into the <unk> while the french half of our ballooning tag team scrambled in 
 i looked at my watch 
 barely <unk> <unk> 
 back in the chase car we drove around some more got stuck in a <unk> <unk> the aid of a local farmer to get out the <unk> <unk> and pull us out of the <unk> 
 we finally <unk> with our balloon which had come to rest on a <unk> road amid a <unk> of <unk> who watched us <unk> our craft another <unk> of <unk> activity that included the precision routine of <unk> the balloon to the ground <unk> all the air out of it rolling it up and <unk> it and the basket into the <unk> 
 it was the most exercise we 'd had all morning and it was followed by our driving immediately to the <unk> <unk> hole 
 this meant returning to the golf course where we watched a few french <unk> <unk> the first <unk> while we sat under <unk> <unk> me nursing an <unk> and my <unk> 
 a whole morning of ballooning and i had been off the ground barely N minutes 
 still i figured the event 's <unk> back in the u.s.a. was near <unk> 
 as for the ride back to camp our pilot and all the other <unk> passengers <unk> into the chase car 
 my american companion and i were left to ride <unk> in the <unk> basket 
 as we <unk> by a <unk> <unk> i could n't resist <unk> up on my <unk> <unk> and <unk> 
 ms. de <unk> is a free-lance writer 
 treasury undersecretary david mulford defended the treasury 's efforts this fall to drive down the value of the dollar saying it helped minimize damage from the 190-point drop in the stock market oct. N 
 <unk> before a house subcommittee mr. mulford said that if the treasury had n't intervened in foreign-exchange markets in september and early october to reduce the dollar 's value the plunge in the stock market might have provoked a steep fall in the currency that might have <unk> financial markets 
 mr. mulford responding to critics of intervention also said intervention is highly visible is taken seriously by financial markets and works better than was recognized some time ago 
 differences between the treasury and the federal reserve on the <unk> of intervention to help restrain the dollar <unk> at the hearing 
 fed vice chairman manuel johnson who had <unk> from the treasury 's policy told lawmakers i became convinced about what looked to me like an attempt to push the dollar down against the fundamentals in the market 
 intervention he added is useful only to smooth <unk> markets not to fundamentally influence the dollar 's value 
 rep. john <unk> d. n.y said mr. johnson refused to testify jointly with mr. mulford and instead asked to appear after the treasury official had completed his testimony 
 a fed spokesman denied mr. <unk> 's statement 
 mr. mulford said reports of tension between the treasury and fed have been <unk> insisting that they involved <unk> 
 mr. johnson also said that in the scheme of things these things are minor 
 on other matters mr. mulford said west germany is contributing to imbalances in the world economy because of its success as an exporter 
 the solution is stronger domestic growth in germany he said 
 but because the growth of the german economy has been stronger than expected mr. mulford said it 's difficult for the u.s. to argue that germany ought to adopt more <unk> monetary and fiscal policies 
 germany 's trade surplus is largely with other european countries rather than with the u.s. mr. mulford acknowledged 
 but nonetheless u.s. companies might be more successful in european markets if not for the german export push he said 
 the board increased by one to N members 
 in the past year one inside director resigned while three others retired 
 some u.s. allies are complaining that president bush is pushing <unk> talks too quickly creating a risk that negotiators will make errors that could affect the security of western europe for years 
 concerns about the pace of the vienna talks which are aimed at the destruction of some N weapons as well as major reductions and <unk> of troops in central europe also are being registered at the pentagon 
 mr. bush has called for an agreement by next september at the latest 
 but some american defense officials believe the north atlantic treaty organization should take more time to examine the long-term implications of the options being considered 
 for one thing pentagon officials who asked not to be identified worry that the u.s. will have a much tougher time <unk> europeans to keep some <unk> nuclear weapons on their soil once soviet <unk> forces are <unk> out 
 at the same time they contend that a reduction of nato forces under a treaty will increase the possibility of a conventional soviet attack unless the west retains a <unk> force of nuclear weapons in europe 
 allies concerned about the deadline include the british french and smaller nato allies some of whom do n't have adequate staffs to provide quick answers to the questions being raised by what generally are considered the most complex arms-control talks ever attempted 
 so far no ally has complained openly preserving the impression that nato is in line with the bush position that a quick agreement bringing soviet conventional forces down to parity with nato is the west 's top bargaining priority 
 but even though nato negotiators have only N months left under the bush timetable they are still <unk> over such seemingly fundamental questions as what is a tank 
 five of the six categories of weapons under negotiation have n't even been defined 
 tanks currently are defined as <unk> vehicles weighing N tons or more that carry large guns 
 the soviets complicated the issue by offering to include light tanks which are as light as N tons 
 <unk> a. <unk> the chief soviet negotiator in the <unk> talks argued that this would mean the soviets would have to destroy some N tanks while the u.s. would lose none because it has no light tanks in europe 
 but the issue is <unk> than it seems 
 france britain and italy all have light tanks they would like to keep out of the talks 
 and some u.s. army analysts worry that the proposed soviet <unk> is aimed at blocking the u.s. from developing lighter more <unk> high-technology tanks 
 <unk> combat aircraft is even tougher 
 the soviets insisted that aircraft be brought into the talks then argued for <unk> some N russian planes because they are solely defensive 
 nato has n't <unk> from its insistence that any <unk> plane has offensive capability 
 the dispute over that issue according to one u.s. official is a potential treaty <unk> and only president bush and soviet leader mikhail gorbachev may be able to resolve it 
 accounting problems raise more <unk> issues 
 greece and turkey for example are suspected of <unk> their <unk> in hopes that they can emerge from the <unk> treaty with large remaining forces to deter each other 
 other nations are n't sure how many weapons they have in their own <unk> 
 it 's just going to be sloppy both on our side and theirs the warsaw pact 's says one nato analyst 
 so far neither the bush administration nor arms-control experts in congress seem moved by arguments that these problems may take more time to <unk> out than president bush has allowed 
 they argue that the bigger danger would be that the west would delay action so long that the soviets might back away from the current <unk> attitude 
 so what if you miss N tanks somewhere asks rep. norman <unk> d. wash. a member of the house group that visited the talks in vienna 
 the bottom line is that if we can get that warsaw pact <unk> brought down to parity we ought to keep pressing ahead as quickly as possible 
 i worry more about things becoming so unraveled on the other side that they might become unable to negotiate 
 international lease finance corp. announced a leasing contract with charter carrier american trans air inc. in a transaction involving six boeing co. <unk> 
 the value of the jets including <unk> is in excess of $ N million 
 two of the <unk> are new aircraft to be delivered to american trans air the main subsidiary of <unk> inc. in december N and january N 
 four of the planes were purchased by international lease from singapore airlines in a previously announced transaction 
 delivery of the first aircraft is set for early november a second for december and two for april N 
 norway 's unemployment rate for october was N N unchanged from september but up from N N in the same month last year 
 the figure <unk> a record number employed by extraordinary government work programs the labor <unk> announced tuesday 
 including those in the state programs there were N <unk> or about N N of the work force without permanent employment in october up from september 's N 
 the number of people registered as jobless at the end of october declined by N from september to N 
 those employed in <unk> special programs increased by N to N in the same period the <unk> said 
 in october N there were N fewer employed by government programs 
 coca-cola co. aiming to boost soft-drink volume in singapore said it is discussing a joint venture with fraser & <unk> ltd. its bottling franchisee in that country 
 the venture would be the latest in coke 's rapid expansion of overseas investment 
 so far this year it has put nearly $ N million into bottling operations in australia new zealand and france 
 the move also reflects coke 's eagerness to have a hand in developing the soft-drink markets in pacific basin countries 
 aside from europe the pacific division is where coke will be focusing much of its attention for years to come 
 that 's because when coke looks to the pacific area it sees an economic and <unk> gold mine 
 in countries such as taiwan south korea and singapore economies are growing resulting in a rise in disposable income that consumers can use for soft drinks 
 and unlike europe and the u.s. where <unk> are aging the pacific basin countries have growing <unk> of <unk> the heaviest consumers of coca-cola and other <unk> 
 a coca-cola spokesman said it is too early to say how the joint venture would be structured or how much the company would invest in the transaction 
 in the past however coke has typically taken a minority stake in such ventures 
 by acquiring stakes in bottling companies in the u.s. and overseas coke has been able to improve <unk> ' efficiency and production and in some cases marketing 
 coke has <unk> to increase its control when results were sluggish in a given country 
 that does n't appear to be the case in singapore a country of about three million people with a relatively high soft-drink consumption rate a key indicator of coke 's success in a market 
 in singapore <unk> consumption is about one-third that of the u.s. 
 and combining fraser & <unk> 's own soft drinks with coca-cola 's gives the singapore company more than half the share of the soda market there coke said 
 fraser & <unk> which also has interests in packaging beer and dairy products holds the coke licenses for malaysia and <unk> where <unk> consumption is n't as high as in singapore 
 coke could be interested in more quickly developing some of the <unk> potential in those markets 
 a coke spokesman said he could n't say whether that is the direction of the talks 
 coke said the joint-venture arrangement which needs approval from both companies ' boards should be completed early next year 
 american brands inc. old greenwich conn. said it increased its quarterly N N to N cents a share from N cents payable dec. N to stock of record nov. N 
 the increase follows the company 's report of strong earnings for the third quarter and reflects what american brands called its tradition of sharing earnings growth with shareholders 
 american brands is a consumer products company with core businesses in tobacco <unk> spirits and life insurance 
 as of sept. N american brands had N million shares outstanding 
 giovanni agnelli & co. announced a transaction that will strengthen its indirect control of fiat s.p a. and will admit prince <unk> aga khan as its first <unk> shareholder 
 giovanni agnelli a limited partnership that is the master holding company for fiat 's agnelli family owns approximately N N of the shares in <unk> <unk> <unk> which in turn owns approximately N N of fiat italy 's biggest private-sector industrial group 
 the company said maria sole agnelli <unk> sister of fiat chairman giovanni agnelli agreed to trade her shares in ifi for new ordinary shares in the limited partnership which will give her control of N N of giovanni agnelli & co 
 the aga khan meanwhile agreed to trade some of his stake in <unk> <unk> s.a. another agnelli family company for N N of giovanni agnelli & co. 's capital 
 his new stake would be in the form of preferred shares which receive higher dividends but have voting rights only in extraordinary shareholders <unk> 
 the aga khan owns N N of <unk> 's capital while ifi owns N N 
 as a result of the transaction which is expected to be approved at a shareholders meeting nov. N giovanni agnelli & co. will control N N of ifi 's ordinary shares 
 its capital will also be raised to N billion lire $ N million from the current N billion lire 
 ifi also has <unk> preferred shares which are quoted on the milan stock exchange 
 the value of the two transactions was n't disclosed but an ifi spokesman said no cash would change hands 
 the move <unk> the existing links between the <unk> and the aga khan the head of the world 's <unk> <unk> who is a longtime family friend and frequently goes sailing with mr. agnelli 
 mr. agnelli and the aga khan also have some business ties and a spokesman for the agnelli company did n't rule out that the current agreement could lead to further collaboration 
 for instance <unk> earlier this year bought an N N stake in <unk> the aga khan 's airline which flies between italy and <unk> 
 giovanni agnelli & co. which was formed in january N as a way of keeping the <unk> ' controlling stake in fiat together despite an <unk> family tree has been playing a more active role in the agnelli group of late 
 it raised financing of N billion lire for the purchase this summer by another <unk> group of the food concern <unk> s.p a. by selling a chunk of its ifi shares to <unk> s.p a. 
 <unk> said during the weekend that it agreed to sell the shares back to giovanni agnelli for N billion lire 
 your oct. N page-one article on people riding so-called <unk> on railroad tracks was a <unk> to your readers 
 it unfortunately encourages others to engage in a highly dangerous and illegal activity that only a very few are doing now 
 and it <unk> such activities in a <unk> <unk> fashion with total <unk> to common sense and public safety 
 saul <unk> 
 vice president 
 public affairs 
 <unk> 
 mci communications corp. said it received a three-year contract valued at more than $ N million to provide network credit-card and other telecommunications services to drexel burnham lambert inc 
 congressional democrats and the bush administration agreed on a compromise minimum-wage bill opening the way for the first <unk> boost in more than nine years 
 the agreement ended a long <unk> between the congressional leaders and the white house over the wage issue 
 president bush in june vetoed a measure passed by congress and said he would n't accept any minimum-wage rise that went beyond limits he set early in this year 's debate on the issue 
 the compromise was a somewhat <unk> version of what the white house had said it would accept 
 under the agreement with the house and senate leaders the minimum wage would rise from the current $ N an hour to $ N an hour by april N 
 employers could also pay a <unk> training wage for N days to new workers who are up to N years old and then for another N days if the company institutes a specific training program for the newcomers 
 white house officials were <unk> that the compromise includes the concept of a training wage which mr. bush has fought for throughout the year 
 for the first time in history we have a training wage that will be part of the nation 's labor laws said roger porter assistant to the president for economic and domestic policy 
 white house aides said that although they made a small compromise on the length of a training wage the final minimum-wage increase will meet the standards set by mr. bush 
 the bill vetoed by the president in june which the house failed to override would have lifted the minimum wage to $ N an hour by late N with a training wage for up to two months generally for a worker 's first job 
 mr. bush had been holding out for a bill boosting the wage floor to $ N an hour by the end of N coupled with a six-month training wage for workers newly hired by any employer 
 under the compromise the $ N level would be reached nine months earlier while the training <unk> would be shorter unless it is tied to a training plan 
 democrats argued that the training wage was a way of allowing employers to pay less than the minimum wage while new workers need far less than six months to be trained for their jobs 
 democrats had been negotiating with some republican congressional leaders on a compromise lately 
 with congressional elections next year gop leaders have worried about opposing a minimum-wage rise for <unk> workers at a time when congress is moving toward a capital-gains tax cut that would directly benefit <unk> taxpayers 
 republicans have been <unk> the white house to compromise on the wage issue 
 in the senate edward kennedy d. mass. chairman of the labor committee and pete <unk> r. <unk> ranking minority member of the budget committee have been working on a compromise and their <unk> showed that the senate appeared to be heading toward enough strength to override another bush veto a democratic staff official said 
 the house is scheduled to vote this week on the compromise as a substitute to a new democratic bill itself <unk> down from last spring 's version 
 the senate will probably vote not long afterward 
 some democrats thought they might have <unk> too much 
 rep. austin murphy d. pa. chairman of the house labor standards subcommittee said they might have done better if we 'd held their feet to the fire 
 mr. kennedy suggested democrats yielded a great deal on the size of the increase but he cited concessions from the white house on the training wage which he said make it less harsh 
 with only <unk> to <unk> eligible N N of workers getting less than $ N an hour who are adults wo n't be subject to the training wage he said 
 the <unk> which previously opposed the administration 's <unk> idea said the compromise has adequate <unk> so the youth are not <unk> and older workers are not <unk> 
 gerald f. <unk> contributed to this article 
 moody 's investors service inc. said it lowered the ratings on about $ N billion of houston lighting & power co. 's securities because of the company 's low levels of interest coverage and internal cash generation 
 houston lighting is a unit of houston industries inc. a utility holding company in houston 
 downgraded by moody 's were houston lighting 's <unk> bonds and secured <unk> bonds to single-a-3 from single-a-2 unsecured <unk> bonds to <unk> from single-a-3 preferred stock to single-a-3 from single-a-2 a shelf registration for preferred stock to a preliminary rating of single-a-3 from a preliminary rating of single-a-2 two shelf <unk> for collateralized debt securities to a preliminary rating of single-a-3 from a preliminary rating of single-a-2 and the unit 's rating for commercial paper to <unk> from <unk> 
 moody 's said houston lighting 's current situation has some positive aspects including managing very well the construction and commercial operation risks of units N and N of the south texas project nuclear power plant 
 capital requirements will be declining and no new generating facilities will be required for several years moody 's said 
 scott c. smith formerly vice president finance and chief financial officer of this media concern was named senior vice president 
 mr. smith N retains the title of chief financial officer 
 armstrong world industries inc. agreed in principle to sell its carpet operations to shaw industries inc 
 the price was n't disclosed but one analyst estimated that it was $ N million 
 armstrong which has faced a takeover threat from the <unk> family of canada since july said that <unk> of the carpet business would improve total financial performance 
 the move also would allow the company to concentrate on core businesses which include ceramic <unk> floor <unk> and furniture 
 moreover such a sale could help armstrong <unk> its investors and deter the <unk> who own a N N stake in the lancaster pa. company 
 analysts expect armstrong to use proceeds of the sale to reduce debt buy back stock or perhaps finance an acquisition 
 the carpet division had N sales of $ N million or almost N N of armstrong 's $ N billion total revenue 
 the company has been manufacturing carpet since N 
 recently it upgraded its plants so that it could make <unk> products with higher quality <unk> 
 for the past year or two the carpet division 's operating profit margins have <unk> around N N high by industry standards but disappointing compared with the N N to N N margins for two of armstrong 's chief businesses <unk> and building products 
 analysts hailed the planned transaction as being beneficial to armstrong and shaw the market leader in the u.s. carpet industry with an estimated N N to N N share 
 shaw based in <unk> ga. has annual sales of about $ N billion and has economies of scale and lower <unk> costs that are expected to boost the profitability of armstrong 's brands sold under the armstrong and <unk> names 
 yesterday in composite trading on the new york stock exchange shaw 's shares closed ex-dividend at $ N up $ N 
 armstrong 's shares also listed on the big board closed at $ N up N cents 
 yesterday armstrong reported flat earnings for the third quarter and nine months <unk> by the stock <unk> of an employee stock ownership plan adopted earlier this year 
 for the quarter earnings were $ N million or N cents a share including a one-time gain of $ N million 
 in the year-ago quarter earnings were $ N million or N cents a share 
 yesterday armstrong announced an agreement to sell its small applied color systems unit to a subsidiary of the swiss company <unk> <unk> ltd 
 the price was n't disclosed 
 armstrong expects to close the sale of the color unit in late november and the carpet sale in december with the gains to be applied to fourth quarter or first-quarter results 
 the government 's primary <unk> gauge rose a slight N N in september but economists said the report offered little new information on the degree to which the u.s. economy is slowing 
 the small increase in the index of leading indicators which had climbed N N in august but was unchanged in july does lend support to the view that the economy has slowed <unk> 
 however it does n't give much of a clue as to whether a recession is on the horizon 
 i do n't think it provides much new information on the economy said richard <unk> economist at dean witter reynolds inc 
 so far this year the index of leading indicators has risen in four months fallen in four months and remained unchanged in the other month 
 in another report yesterday the commerce department said sales of new single-family houses plunged N N in september to an annual rate of N from N in august 
 the declines were particularly <unk> in the northeast and in the south where hurricane hugo was a factor 
 although september 's weakness followed two strong months for home sales the decline supports other indications that the drop in mortgage rates earlier this year has had only a limited beneficial effect on the housing market 
 the september drop was the largest since a N N drop in january N but monthly changes in this measure are even less <unk> than those in other economic indicators 
 because the figures are based on a small sample the department said it is N N confident only that new-home sales fell somewhere between N N and N N during the month 
 the department also said it takes four months to establish a trend 
 so far this year N newly built homes have been sold down N N from the like months of N 
 the index of leading indicators got a major boost in september from a surge in consumer expectations as measured by the university of michigan 
 this measure had dropped sharply in august 
 the commerce department said that as a result of a new adjustment to the formula used to calculate the index the influence of this component has been reduced 
 of the N components to the index only three others rose in september the money supply the length of the average work week and stock prices 
 several components that track the health of the manufacturing sector of the economy turned down in september 
 these include new orders for manufactured consumer goods lead times on vendor deliveries orders for new plant and equipment and backlogs of orders for durable goods 
 meanwhile the national association of manufacturers said yesterday a recent poll of N executives on its board found that N N do n't expect a recession to occur until N or later 
 the remainder expect a downturn to begin sometime in 
 although manufacturers often are quick to call for lower interest rates N N of the executives said they would prefer that the fed keep <unk> as its top priority even if that means higher rates 
 the other N N said the fed ought to worry less about inflation and bring interest rates down 
 all the figures are adjusted to remove usual seasonal patterns 
 here are the net contributions of the components of the commerce department 's index of leading indicators 
 after various adjustments they produced a N N rise in the index for august and a N N rise for september 
 september and the change from august are from N in the previous month 
 boston edison co. said it will take a previously reported $ N million charge against earnings in the fourth quarter 
 the charge resulted from a settlement approved yesterday by the massachusetts department of public utilities 
 as expected the settlement limits rate increases for three years and ties future charges to customers for operation of the troubled <unk> nuclear power station to that plant 's performance 
 in its order the state regulatory agency said the company must be held <unk> for the mistakes made in the management of the plant 's operation 
 <unk> had been closed for N months 
 the average interest rate rose to N N at citicorp 's $ N million weekly auction of <unk> commercial paper or corporate <unk> from N N at last week 's sale 
 bids totaling $ N million were submitted 
 accepted bids ranged from N N to N N 
 citicorp also said that the average rate rose to N N at its $ N million auction of <unk> commercial paper from N N at last week 's sale 
 bids totaling $ N million were submitted 
 accepted bids ranged from N N to N N 
 the bank holding company will auction another $ N million in each maturity next tuesday 
 an <unk> novelist writing a <unk> about <unk> <unk> might <unk> a clifford stoll but it 's unlikely 
 it 's also unnecessary 
 <unk> <unk> clifford stoll is a real person or as he might <unk> put it a <unk> person 
 he is N an <unk> with impressive credentials and something of a <unk> at making computers do his bidding 
 he once described himself as a berkeley <unk> and played the role well <unk> <unk> jeans a <unk> of long hair and rejection of all things conventional including for a time at least formal marriage to his <unk> <unk> matthews 
 he also is an entertaining writer combining <unk> and <unk> with <unk> detail and <unk> <unk> of how computers work 
 in the <unk> 's egg <unk> N pages $ N he <unk> a remarkable tale of his efforts over N months to catch a computer spy 
 the result last spring was the arrest by west german authorities of five young west germans accused of stealing information from computers in the u.s. and europe and selling it to the soviet kgb 
 one of them <unk> <unk> hess of <unk> allegedly used the international telecommunications network to break into more than N <unk> computers in the u.s. searching for secrets 
 he probably did n't <unk> any <unk> files but the kgb in east berlin was willing to pay two of his associates peter carl and <unk> <unk> $ N for some of the material hess collected 
 they promised yet more for really good stuff 
 mr. stoll draws his title from the <unk> 's habit of laying eggs in the <unk> of other birds making them <unk> parents 
 the computer spy had discovered that a popular <unk> mail program called <unk> could do <unk> with the widely used unix operating system created by at&t 
 using <unk> the spy could substitute a <unk> <unk> program for the one that routinely <unk> up the unix system every five minutes 
 once his <unk> 's egg was laid he could enter unix and become a <unk> with access to everything 
 mr. stoll was <unk> the <unk> at the <unk> <unk> of the lawrence berkeley laboratory in N when his grant ran low and he was asked to switch to helping run the lab 's computers 
 he discovered a <unk> <unk> in the charges made to various departments for computer time and <unk> it to a user named hunter who had no valid billing address 
 mr. stoll suspected the <unk> was one of those <unk> students who has fun breaking into computers 
 but after much tracking it became evident to mr. stoll through various clues that the hacker was not on the berkeley campus or even in california 
 finding him became an <unk> for mr. stoll 
 he made a midnight <unk> of all the printers he could lay hands on so that he could monitor all the telephone lines coming into the lab 's computers 
 after <unk> that the hacker had taken over the <unk> account of a legitimate user named joe <unk> he <unk> up an alarm system including a portable <unk> to alert him when <unk> came on the line 
 some nights he <unk> under his desk 
 his boss complained about <unk> of other chores 
 the hacker was <unk> over the berkeley files but also using berkeley and other easily accessible computers as stepping stones to the network of computers used by the military and national security agencies 
 the white <unk> missile range and cia contractor <unk> inc. were among the targets 
 when the hacker moved mr. stoll moved too calling up other systems managers to alert them but keeping his own system open to avoid <unk> <unk> 
 sometimes if the hacker seemed to be into a sensitive file he would drag his <unk> across the terminal to create <unk> or slow the system down to <unk> his <unk> 
 the fbi initially showed little interest and he had the impression other federal security agencies were <unk> up in legal red tape 
 the cia told him it does not do domestic <unk> 
 one <unk> a lot from this book or seems to about <unk> federal bureaucracy 
 seems to because it 's possible that the cia and the national security agency were more interested than they let on to mr. stoll 
 finally he got help 
 <unk> is a major network linking computers 
 one of its international specialists steve white took a quick interest in mr. stoll 's hunt ultimately <unk> the hacker to west germany 
 the west germans then took over and finally found <unk> hess 
 eventually mr. stoll was invited to both the cia and <unk> to brief <unk> officers on computer theft 
 he <unk> the humor of his <unk> appearance among these <unk> <unk> 
 back in berkeley he was <unk> <unk> by a <unk> lady friend for <unk> with such people 
 he became angry in return 
 he had developed a <unk> for the hacker and a <unk> appreciation of the federal <unk> who make national security their business 
 at several different levels it 's a <unk> tale 
 mr. <unk> is deputy editor of the journal 
 mips computer systems inc. today will unveil a new <unk> computer that will compete with more expensive machines from companies such as sun microsystems inc. and digital equipment corp 
 the closely held sunnyvale calif. company also will announce an agreement to supply computers to control data corp. which will sell mips machines under its own label 
 the new mips machine called the <unk> will cost $ N for a basic system 
 the computer processes N million instructions per second and uses only one central processing chip unlike many rival machines using several processors 
 the machine employs reduced <unk> computing or risc technology 
 at that price an analyst familiar with the machine said the computer offers up to N times the performance of similar machines 
 in the price range it 's a <unk> <unk> product said <unk> <unk> an analyst at the <unk> firm <unk> 
 the machine is part of an effort by mips to establish itself as a supplier of computers not just of <unk> technology 
 mips also wants to wedge into markets other than traditional risc applications such as engineering mips said the new machine will also be used by businesses and for communications 
 this clearly demonstrates that mips is a systems company rather than just a chip company said mips vice president john <unk> 
 the control data deal is a <unk> for mips because it gives the the <unk> company one more ally as it <unk> more established electronic concerns such as sun hewlett-packard co. motorola inc. and intel corp. for the emerging market for risc machines 
 risc technology speeds up a computer by <unk> the internal software 
 for mips which expects revenue of $ N million this year <unk> allies such as control data are essential to attract software developers to the company 's risc architecture 
 the thing it says about mips is that they 're on a roll right now said ms. <unk> at <unk> 
 they 're getting some major wins she added 
 last month for example mips agreed to supply its computers to <unk> computer ag of west germany and france 's <unk> bull 
 sony corp. tandem computers inc. and digital equipment have agreed to sell mips computers and companies such as japan 's nec corp. and west germany 's siemens a.g. have agreed to make mips chips under license 
 today 's agreement gives control data a machine to compete against digital and other <unk> computer makers said john <unk> a <unk> analyst at <unk> group inc. of boston 
 the machine is essentially a mainframe computer he said 
 suddenly <unk> control data has a competitive product to fight back against the <unk> a machine digital announced last month he added 
 control data based in minneapolis minn. expects its sales of mips systems including the new <unk> to amount to more than $ N million by the end of N mips said 
 <unk> bull and others will also sell versions of the machine said mips president robert miller 
 mips will start shipping its new machine in the first quarter of N he said 
 the machine uses a single <unk> which makes it easier to program than competing machines using several processors 
 the computer can process N million calculations called <unk> operations every second 
 the machine can run software written for other mips computers the company said 
 another fight is brewing between congress and the bush administration over how to pay for the savings-and-loan bailout without adding to the federal budget deficit 
 in a hearing before the house ways and means committee the general accounting office and the congressional budget office which both are arms of congress advised the new s&l bailout agency to abandon plans to raise temporary working capital through debt issued from an agency that would n't be counted on the federal budget 
 officials of the resolution trust corp. have said privately that such a plan was the most likely alternative to raise short-term cash for the bailout 
 instead the <unk> and the congressional budget office said the rtc should consider using treasury debt which is less expensive and subject to oversight by congress 
 the spending could be <unk> from meeting deficit-reduction targets in the gramm-rudman budget law 
 the rtc has projected that it will require between $ N billion to $ N billion in temporary working capital 
 the borrowing to raise these funds would be paid off as assets of sick thrifts are sold 
 the new s&l law allows the rtc to issue notes for as much as N N of the value of the assets it holds 
 but higher interest rates paid on <unk> debt could add billions to the bailout costs and would n't be subject to congressional scrutiny ways and means members argued 
 to allow this massive level of <unk> federal borrowing without prior congressional approval would be irresponsible said rep. <unk> stark d. calif. who has introduced a bill to limit the rtc 's authority to issue debt 
 the rtc will have to sell or merge hundreds of insolvent thrifts over the next three years 
 the new s&l bailout law allows $ N billion to be spent to sell or merge sick s&ls and their assets but that is a net cost 
 in the meantime the agency must raise cash to maintain assets such as real estate until they can be sold 
 then the short-term debt is paid off through the proceeds of selling the assets 
 david mullins assistant secretary of the treasury said that the working capital is necessary to reduce the final costs of the bailout by allowing the agency to sell savings and loans without their bad assets then hold the assets until they can be sold under favorable conditions 
 he said it has n't yet been determined how the rtc will raise the cash but the administration does n't want it to be included on the federal budget because it would <unk> the budget process by requiring either <unk> from gramm-rudman or big increases in the budget deficit 
 but the worst possibility would be raising no working capital he said 
 if working capital financing is not provided he said the rtc may have to slow s&l sales or dump acquired assets through fire sales 
 <unk> eastern corp. said it applied on behalf of two of its subsidiaries to the federal energy regulatory commission for permission to build a <unk> $ N million pipeline system from <unk> county okla. to independence miss 
 the natural gas pipeline concern said the N million cubic feet a day capacity pipeline would be built by a proposed joint venture between two <unk> eastern units texas eastern transmission corp. and <unk> gas co 
 texas eastern transmission will build and operate the system which will <unk> the <unk> basin with several interstate pipelines 
 now was that a quarter cup or a half cup 
 not a <unk> question unless you 're the <unk> <unk> of this city 's <unk> <unk> restaurant and you 've just lost your <unk> personal <unk> notebook 
 <unk> <unk> was listed among the top N restaurants in the world this year by <unk> magazine 
 the <unk> black <unk> <unk> with N years ' worth of <unk> held together by rubber <unk> was in <unk> <unk> shere 's <unk> when it was stolen from her house recently 
 the berkeley police do n't have any leads but doubt the crime was driven by a passion for <unk> 
 instead they figure the <unk> probably took money from ms. shere 's <unk> and discarded all the tips in the <unk> <unk> 
 <unk> <unk> whose founder alice waters is considered the inventor of the cooking style known as california <unk> and whose <unk> make reservations a month in advance has n't exactly <unk> <unk> to <unk> ice <unk> because of the theft 
 for one thing ms. shere can draw on her <unk> published by random house four years ago which is <unk> with <unk> for such <unk> as <unk> <unk> <unk> fool a <unk> <unk> made with crushed <unk> <unk> and <unk> <unk> a la <unk> 
 for another sympathetic fans have sent ms. shere copies of her <unk> <unk> from magazines over the years 
 still the restaurant 's <unk> <unk> of <unk> <unk> it supposedly has n't repeated a <unk> since opening in N requires constant <unk> 
 and that puts added pressure on <unk> <unk> <unk> planners 
 we make what we know how to make says business manager richard <unk> 
 many in the bay area 's <unk> community express <unk> that ms. shere kept only one copy of such valuable notes but she has received moral support from baker 's dozen a group of california <unk> chefs that meets regularly to discuss issues like how to keep <unk> from <unk> and how <unk> eating habits affect butter <unk> 
 ms. shere has offered a $ N reward for the book 's return but figures she 'll have to <unk> many <unk> from <unk> 
 it 's an overwhelming job she says 
 there are so many possible <unk> when you consider how many things are made out of eggs and butter and milk 
 newport electronics inc. named a new slate of officers a move that follows replacement of the company 's five incumbent directors last week 
 milton b. hollander N years old was named chief executive officer succeeding barrett b. weekes 
 mr. hollander 's stamford <unk> high technology holding co. acquired most of its N N stake in newport in august 
 mr. hollander was named chairman last week succeeding mr. weekes who was among the ousted directors 
 the company has declined requests to discuss the changes but mr. weekes has said that mr. hollander wanted to have his own team 
 scott <unk> was named president and chief operating officer of u.s. operations titles that had been held by mr. weekes 
 mr. <unk> was vice president of the instrument and controls division of closely held <unk> engineering inc. another company controlled by mr. hollander 
 a company spokesman did n't know mr. <unk> 's age 
 james r. <unk> N vice president of newport 's european operations was named executive vice president and chief operating officer of european operations assuming some former duties of mr. weekes 
 arthur b. <unk> N an attorney was named secretary succeeding john virtue who was another of the ousted directors 
 <unk> corp. declared a 2-for-1 stock split 
 the wilmington mass. <unk> service company also boosted its quarterly dividend N N to three cents a share adjusted for the split 
 the dividend had been five cents a share 
 the split and quarterly dividend will be payable jan. N to stock of record nov. N the company said 
 the split will raise the number of shares outstanding to about N million 
 separately <unk> reported that net income rose N N to $ N million or N cents a share adjusted for the split for the fourth quarter ended aug. N 
 a year earlier <unk> earned $ N million or N cents a share adjusted for the split 
 sales rose to $ N million from $ N million 
 <unk> corp. said it completed the previously reported sale of approximately N acres of <unk> near <unk> calif. to closely held sierra pacific industries corp. <unk> calif. for $ N million 
 the lumber <unk> and <unk> concern said the transaction which includes a swap of other <unk> interests would result in a $ N million after-tax gain to be recorded in the fourth quarter 
 healthcare international inc. said it reached a <unk> standstill agreement with its healthvest affiliate calling for healthcare to pay healthvest $ N million right away and additional amounts in the future 
 under the agreement healthcare a manager of health-care facilities said it would pay healthvest $ N million in overdue rent and mortgage payments and repay $ N million in funds that healthvest advanced for construction work on facilities 
 in return healthvest agreed that it wo n't exercise its rights and <unk> against healthcare during the <unk> period 
 after the payment healthcare still will be $ N million in <unk> on rent and mortgage payments to healthvest a real estate investment trust whose portfolio consists largely of properties operated by healthcare 
 healthcare has given healthvest a N N note for that overdue amount to be repaid over three years 
 in addition healthcare agreed to make monthly rent and mortgage payments of $ N million to $ N million to healthvest during the standstill period to be paid when healthcare successfully <unk> asset sales 
 because healthcare actually owes healthvest $ N million in rent and mortgage payments each month the amount due above the amount paid will be added to the three-year note 
 the funds should help ease a cash <unk> at healthvest which has been unable to pay its debts because healthcare has n't made complete rent and mortgage payments since july 
 a spokesman said healthvest has paid two of the three banks it owed interest to in october and is in negotiations with the third bank 
 healthcare which has been in a severe liquidity <unk> said it is able to make the payments because it completed a transaction with <unk> rehabilitation group inc. in which <unk> purchased stock and warrants for $ N and <unk> healthcare $ N million 
 the loan is backed by healthcare 's N N stake in healthvest and interest in certain facilities 
 i was pleased to note that your oct. N centennial journal item recognized the money-fund concept as one of the significant events of the past century 
 actually about two years ago the journal listed the creation of the money fund as one of the N most significant events in the world of finance in the 20th century 
 but the reserve fund america 's first money fund was not named nor were the <unk> of the money-fund concept harry brown and myself 
 we <unk> telephone redemptions daily dividends total elimination of share certificates and the constant $ N <unk> pricing all of which were painfully thought out and not the result of some <unk> on the part of the sec 
 president 
 the reserve fund 
 the <unk> moment in the career of joseph f. o'kicki came as N local and state <unk> packed into his elegant <unk> courtroom here last year for his <unk> in as president judge of cambria county 
 baskets of <unk> and <unk> <unk> <unk> his bench 
 the local american <unk> color guard led the way 
 as the judge marched down the center <unk> in his flowing black <unk> he was <unk> by a <unk> fanfare 
 to many it was a <unk> more <unk> a king than a rural judge <unk> in the isolated foothills of the southern <unk> <unk> 
 but then judge o'kicki often behaved like a man who would be king and some say an arrogant and <unk> one 
 while his case may be extreme it reflects the <unk> of many small communities to <unk> judges 
 last march nine months after the judge 's <unk> the state attorney general 's office indicted him on a sweeping array of charges alleging more than N years of official <unk> in cambria county a depressed steel and mining community in western pennsylvania 
 the allegations ranging from theft and bribery to <unk> and <unk> <unk> a <unk> picture 
 according to testimony in a public <unk> <unk> report handed up to the state attorney general judge o'kicki <unk> cash from lawyers <unk> favorable loans from banks and <unk> local businesses for more than a decade 
 prosecutors in an indictment based on the grand jury 's report maintain that at various times since N he owned a secret and illegal interest in a beer <unk> <unk> hidden ownership interests in real estate that presented an alleged conflict of interest set up a <unk> corporation to buy a car and obtain insurance for his former girlfriend now his second wife and maintained N accounts in six banks in cambria county 
 in testimony recorded in the grand jury report court employees said the judge now N years old <unk> his secretaries made imperial demands on his staff and <unk> anyone who crossed him 
 <unk> claimed they were required to <unk> him to and from work <unk> his lawn <unk> his wood fix his car and even drop by his house to feed his two grown <unk> <unk> and <unk> 
 one former <unk> charged that the judge <unk> him by <unk> on a promise of a better paying job after <unk> a $ N bribe 
 some of the allegations are simply bizarre 
 two former secretaries told the grand jury they were summoned to the judge 's chambers on separate occasions to take <unk> only to find the judge in his <unk> underwear 
 one secretary testified that the judge once called her to his office while wearing nothing at all 
 the judge suspended from his bench pending his trial which began this week <unk> denies all the allegations against him calling them <unk> and <unk> political <unk> 
 he blames the indictment on local political <unk> <unk> with his aggressive efforts to clear the courthouse 's <unk> and a <unk> by state investigators and prosecutors angered by some of his rulings against them 
 i do n't know whose <unk> i 've stepped on says the judge 
 i 'll find out eventually who pushed the state police <unk> into action 
 even if only some of the allegations stand up however they provide ample testimony to the <unk> power of judges in rural communities 
 that power can sometimes be abused particularly since <unk> in smaller <unk> operate without many of the restraints that serve as <unk> measures in urban areas 
 lawyers and their clients who frequently bring business to a country courthouse can expect to appear before the same judge year after year 
 fear of <unk> that judge is pervasive says maurice <unk> founder and director of the rural justice center in <unk> <unk> a public interest group that <unk> rural justice issues 
 as a result says mr. <unk> lawyers think twice before appealing a judge 's ruling are reluctant to mount or even support challenges against him for re-election and are usually loath to file complaints that might <unk> a judge 's integrity 
 judge o'kicki a stern and <unk> man has been a <unk> in the local legal community for more than two decades 
 the son of an <unk> <unk> of <unk> <unk> he was raised in a small borough outside <unk> the cambria county seat and put himself through the university of pittsburgh law school 
 he <unk> near the top of his class serving on the school law review with richard thornburgh who went on to become governor of pennsylvania and now u.s. attorney general 
 it was also in law school that mr. o'kicki and his first wife had the first of seven daughters 
 he <unk> his first wife three years ago and married the daughter of his court clerk 
 last year pennsylvania supreme court justice john p. <unk> called mr. o'kicki one of the <unk> judges not only in pennsylvania but in the united states 
 clearly the judge has had his share of <unk> 
 after practicing law locally he was elected to his first 10-year term as judge in N in N he was effectively <unk> 
 six years ago judge o'kicki was voted president of the pennsylvania conference of state trial judges by the state 's N judges 
 he has been considered several times for appointments to federal district and appellate court <unk> in pennsylvania 
 and when he ran unsuccessfully for a state appellate court seat in N the pennsylvania bar association rated him one of the best available after <unk> local lawyers 
 he probably was the <unk> guy who ever sat on our bench says a former president of cambria county 's <unk> bar association who like most lawyers in cambria county refuses to talk about the judge publicly 
 he 's sharp as a <unk> 
 he could grasp an issue with the <unk> of an eye 
 for more than a decade virtually no one complained about judge o'kicki 
 what about those institutions that are supposed to be the <unk> of society the banks and the bar association wrote a columnist for the <unk> a newspaper in nearby <unk> shortly after the scandal became public 
 if only a banker or a lawyer had spoken out years ago the judicial process would n't be under the <unk> it is today 
 officials with the pennsylvania judicial inquiry and review board the arm of the state that <unk> judicial misconduct counter that they had no <unk> of anything <unk> in <unk> 
 nobody told us nobody called us says an official close to the case who asked not to be named 
 nobody had the <unk> to complain 
 certainly not the lawyers 
 <unk> attorney richard j. green jr. <unk> out $ N in loans to the judge over five years he said in testimony to the grand jury 
 the judge never made a <unk> of <unk> the money said mr. green 
 eventually mr. green testified he began <unk> out of his office rather than face the judge when he visited 
 when mr. green won a $ N verdict in a land <unk> case against the state in june N he says judge o'kicki unexpectedly awarded him an additional $ N 
 mr. green thought little of it he told the grand jury until the judge walked up to him after the courtroom had cleared and suggested a <unk> 
 do n't you think i ought to get a commission or part of your fee in this case mr. green said the judge asked him 
 <unk> mr. green never paid the money he testified 
 but he did n't complain to the state 's judicial inquiry and review board either saying later that he feared <unk> 
 mr. o'kicki said he will respond to mr. green 's <unk> at his trial 
 like most of cambria county 's lawyers and residents who had dealings with the judge mr. green declined to be interviewed for this article 
 and no one with a complaint about the judge would allow his name to be printed 
 i do n't have anything much to say and i think that 's what you 're going to find from everyone else you talk to up here says local attorney edward f. <unk> 
 says another lawyer the practice of law is a matter of <unk> one 's <unk> when you live in a small community 
 one had best not dance on top of a <unk> until the lid is <unk> tightly shut 
 the judge was considered <unk> <unk> and ambitious those who practiced before him say 
 he <unk> tea sweetened with <unk> from his <unk> leather chair at his bench while <unk> notes ordering <unk> to stop <unk> or to take off their hats in his courtroom 
 four years ago he jailed all nine members of the cambria county school board for several hours after they <unk> his order to extend the school year by several weeks to make up for time lost during a teachers ' strike 
 visitors in his chambers say he could cite precisely the years months weeks and days remaining until mandatory retirement would force aside the <unk> president judge giving judge o'kicki the seniority required to take over as the county 's top court administrator 
 the judge they say was fiercely proud of his <unk> and <unk> 
 my name is judge judge o'kicki told a car salesman in <unk> when he bought a new red <unk> <unk> in october N according to the <unk> report 
 the dealership <unk> recorded the sale under the name judge o'kicki 
 yet despite the judge 's imperial bearing no one ever had reason to suspect possible wrongdoing says john <unk> president of cambria county 's <unk> bar association 
 the <unk> of a judge his <unk> the way he handles people are not a basis for filing a complaint says mr. <unk> 
 until this came up and hit the press there was never any indication that he was doing anything wrong 
 state investigators dispute that view now particularly in light of the judge 's various business dealings in cambria county 
 the judge came under scrutiny in late N after the state attorney general 's office launched an unrelated investigation into corruption in cambria county 
 the inquiry soon focused on the judge 
 even his routine business transactions caused trouble according to the grand jury report 
 when the judge bought his new <unk> from james e. black <unk> in <unk> five years ago the dealership had certain <unk> about the judge 's reputation according to the <unk> report 
 the dealership took the extra step of having all the paper work for the transaction <unk> by <unk> 's local lender laurel bank 
 then as an additional <unk> the car dealership took the judge 's photograph as he stood next to his new car with sales papers in hand proof that he had received the loan documents 
 but when the judge received his payment book he <unk> the deal 
 there was no loan there is no loan there never shall be a loan the judge wrote the bank on his judicial <unk> according to the report 
 later the judge went a step <unk> 
 after laurel bank tried to <unk> the car a vice president asked him to intervene in an unrelated legal dispute involving a trust account 
 the judge wrote again 
 i find myself in an adversary relationship with laurel bank and i am not inclined to extend myself as far as any favors are concerned the judge wrote back in a letter attached to the grand jury 's report 
 perhaps if my personal matters can be resolved with laurel bank in the near future i may be inclined to reconsider your request 
 the judge now says it was unfortunate that he chose to write the letter but says there was certainly no intent to <unk> there 
 the bank <unk> 
 it <unk> the judge 's loan lowered its interest rate and accepted a <unk> that had n't originally been part of the deal a beat up N chevy <unk> the dealer had to repair before it could be <unk> 
 the incident was n't the only time the judge got special treatment from his local bank 
 two years later he wrote to complain that the interest he was paying on an unsecured $ N loan was absolutely onerous 
 paul l. kane laurel 's president at the time quickly responded 
 the bank he wrote back was immediately lowering the rate by N N as a <unk> to you 
 the judge says he ca n't discuss in detail how he will defend himself at his trial although he contends that if he were as corrupt as state prosecutors believe he would be far <unk> than he is 
 his <unk> <unk> and brick house outside of <unk> is up for sale to pay for his lawyers 
 the judge says he is confident he will return to his old bench 
 already he notes the N charges originally filed against him have been trimmed to N 
 most of the allegations no longer pending were ethics charges withdrawn by state prosecutors as part of a pre-trial agreement 
 the heart of the case official <unk> remains intact 
 if i lose i lose my position my career my pension my home and my investments says the judge 
 my god and i know i am correct and innocent 
 many thanks for alexander <unk> 's comic <unk> u.s. economy a house built on junk-bond sand viewpoint oct. N 
 the use of the <unk> construction practices in the soviet union as <unk> by the collapse of sand apartment blocks during the <unk> earthquake as a <unk> for the u.s. economic system was a <unk> example of mr. <unk> 's <unk> <unk> 
 i await his <unk> the economic and social <unk> of the san francisco bay area and the outstanding work of the local governments and the private charitable organizations there as <unk> for the <unk> of whatever failed system mr. <unk> now believes in 
 it should be a <unk> 
 william s. smith 
 as a money manager and a <unk> <unk> i was very disappointed to read in the premiere issue of garbage that the wall street journal uses N metric tons of newsprint each year but that only N N of it comes from recycled paper 
 by contrast the los angeles times for example uses N N recycled paper 
 with newspapers being the largest single component of solid waste in our <unk> and with our country <unk> with trash all sectors of our society and all types of businesses must become more responsible in our use and disposal of precious natural resources 
 the wall street journal is an excellent publication that i enjoy reading and must read daily 
 please make me and thousands of other readers more comfortable with our daily purchase of your newspaper by raising your environmental standards to your overall <unk> quality levels and increase your use of recycled paper 
 virginia <unk> <unk> 
 first american financial corp. declared a special dividend of one share of class b common stock for each share of class a common stock payable to holders of record on nov. N if the securities and exchange commission approves this as the effective date of the registration statement 
 shareholders of the santa ana calif. <unk> company approved the creation of this second class of stock which will be traded on the national over-the-counter market and which the company said would be used for acquisitions and other general corporate purposes 
 the following were among yesterday 's offerings and pricings in the u.s. and non-u.s. capital markets with terms and syndicate manager as compiled by dow jones capital markets report 
 continental <unk> inc. 
 $ N million of senior subordinated debentures due nov. N N was priced at par to yield N N N 
 rated <unk> by moody 's investors service inc. and <unk> by standard & poor 's corp. the issue which is <unk> for five years will be sold through underwriters led by morgan stanley & co 
 beatrice co. 
 $ N million of notes due nov. N N was priced in a two-part offering through underwriters at salomon brothers inc 
 the size of the issue was scaled back from an originally planned $ N million 
 the first part consisting of $ N million of N N N senior subordinated reset notes was priced at N 
 the rate on the notes will be reset annually to give the issue a market value of N 
 however the maximum coupon at which the notes can be reset is N N N 
 the minimum coupon is N N N 
 the second part consisting of $ N million of senior subordinated floating-rate notes was priced at N N to float N N above the three-month london interbank offered rate 
 the initial coupon on the floating-rate notes will be N N 
 the issue is rated <unk> by moody 's and <unk> by s&p 
 new jersey wastewater treatment trust 
 $ N million two-part offering of bonds apparently was won by a merrill lynch capital markets group 
 the group 's bid for $ N million of wastewater treatment insured bonds series N a produced a N N true interest cost 
 the series N a bonds are insured and rated triple-a by moody 's and s&p 
 the group 's bid for $ N million of wastewater treatment bonds series N b produced a N N true interest cost 
 the series N b bonds are uninsured and rated double-a by moody 's and s&p 
 both the series N a and series N b bonds were priced to yield from N N in N to N N in N according to a merrill lynch official 
 <unk> county navigation district no. N texas 
 $ N million of pollution control revenue bonds houston lighting & power co project due oct. N N were tentatively priced by a goldman sachs & co. group at N N to yield N N with a coupon of N N N 
 interest on the bonds will be treated as a preference item in <unk> the federal alternative minimum tax that may be imposed on certain investors 
 the bonds are insured and rated triple-a by moody 's and s&p 
 federal home loan mortgage corp. 
 $ N million of remic mortgage securities is being offered in N classes by a morgan stanley group 
 the offering series N is backed by freddie mac N N securities 
 complete details were n't immediately available 
 <unk> mortgage funding corp. ii 
 $ N million issue of collateralized mortgage obligations is being offered in four classes by a morgan stanley group 
 the securities yield from N N to N N for a 30-year issue with an average life of N years 
 the N N yield represents a spread to the 20-year treasury of N percentage points 
 the collateral consists of collateralized whole loans with a weighted average coupon rate of N N and weighted average remaining term to maturity of N years 
 the issue is rated triple-a by s&p moody 's and <unk> investors service inc 
 the issue is N N to N N <unk> and N N of the loans are covered by a general electric pool policy covering losses of as much as N N of the original principal balance of the loans 
 j.c. penney co. 
 $ N million of <unk> master credit card trust asset-backed certificates series b with a final stated maturity of oct. N N was priced at N to yield N N with a coupon of N N 
 the certificates which have average life of N years were priced at N percentage points over the benchmark treasury 10-year note 
 rated triple-a by moody 's and s&p the issue will be sold through first boston corp 
 the issue is backed by a N N letter of credit from credit suisse 
 <unk> <unk> electric railway co japan 
 $ N million of bonds due nov. N N with equity-purchase warrants indicating a N N N coupon at par via nomura international ltd 
 each $ N bond carries one warrant exercisable from nov. N through nov. N N to buy company shares at an expected premium of N N N to the closing share price when terms are fixed tuesday 
 diesel <unk> co japan 
 $ N million of bonds due nov. N N with equity-purchase warrants indicating a N N N coupon at par via yamaichi international europe ltd 
 each $ N bond carries one warrant exercisable from nov. N through nov. N N to buy company shares at an expected premium of N N N to the closing share price when terms are fixed monday 
 <unk> electric power co japan 
 $ N million of N N N bonds due nov. N N priced at N N to yield N N N less full fees via nikko securities ltd 
 fees N N 
 monte <unk> <unk> di <unk> singapore branch italian parent via the law debenture trust corp. 
 N billion yen $ N million of N N bonds due feb. N N priced at N N via daiwa europe ltd 
 <unk> finland 
 N billion yen of N N bonds due nov. N N priced at N to yield N N via <unk> international 
 <unk> inc. said it acquired <unk> prof. dr. <unk> a german maker of scientific instruments 
 terms were n't disclosed 
 the <unk> mass. maker of scientific instruments and electronic parts said <unk> expects N sales of more than N million deutsche marks $ N million and employs about N people 
 <unk> is based in <unk> west germany and also has operations in belgium 
 john m. <unk> <unk> 's chairman and chief executive said the acquisition will extend <unk> 's core technologies strengthen its position in the european economic community and assure a strength and presence in the eastern european market 
 he said it especially will strengthen the company 's efforts in the rapidly growing field of <unk> instrumentation and in applied nuclear physics 
 separately <unk> said it sold most of its mason research institute subsidiary to <unk> sciences inc. a closely held biotechnology company based in <unk> mass 
 the sale for $ N million in cash and securities will leave <unk> with a N N stake in <unk> executives said 
 mason is the largest <unk> lab in new england with annual revenue of $ N million and N employees 
 mason serves commercial and government customers including the national institutes of health 
 the combined companies will become profitable by january N said james p. <unk> <unk> 's chairman and chief executive officer 
 the internal revenue service said it is willing to let the u.s. tax court decide how much oil man william herbert hunt will owe the government after his assets are liquidated 
 the surprise announcement came after the irs broke off negotiations with mr. hunt on a settlement of the one-time <unk> 's personal bankruptcy case 
 although the action <unk> one obstacle in the way of an overall settlement to the case it also means that mr. hunt could be stripped of virtually all of his assets if the tax court rules against him in a N case heard earlier this year in washington <unk> 
 the irs has been seeking more than $ N million in back taxes from mr. hunt 
 separately a federal judge hearing mr. hunt 's bankruptcy case yesterday turned down a proposed $ N million settlement between mr. hunt and minpeco s.a. another major creditor in the case 
 the <unk> minerals concern had been seeking a claim of $ N million against mr. hunt 
 in addition to turning down the compromise judge harold c. abramson said he would allow a claim of only $ N million 
 minpeco attorneys said they would appeal the decision to a federal district court 
 regarding mr. hunt 's taxes he and the irs have apparently agreed on a basic formula for <unk> his estate in which the irs would get N N of the proceeds from a <unk> trust and N N would go to other creditors 
 but they have been at odds over how much mr. hunt would owe the government after his assets are sold 
 the irs had demanded $ N million but mr. hunt would agree to no more than $ N million 
 <unk> <unk> iii a government lawyer warned that mr. hunt stood to lose certain oil and gas properties $ N in english <unk> a colorado <unk> and other assets he might have kept if he had settled with the irs 
 but they wanted to roll the <unk> and we 're going to let them mr. <unk> said 
 stephen <unk> mr. hunt 's attorney said his client welcomed the gamble 
 the tax court is n't expected to rule before early next year 
 japan has found another safe <unk> for its money u.s. home mortgages 
 an increasing number of big japanese investors are buying up u.s. home mortgages that have been <unk> and packaged for sale as <unk> instruments known as mortgage-backed securities 
 as much as N N of new u.s. mortgage securities issued by the federal national mortgage association or fannie mae and federal home loan mortgage corp. or freddie mac now flow into japanese hands 
 that may not come as a surprise to americans who have watched the japanese <unk> up properties in the u.s. from golf courses to a stake in rockefeller center 
 but it marks a big change for the japanese who <unk> mortgage securities after getting burned by a big downturn in interest rates a few years back 
 you ca n't say it 's a <unk> <unk> wave but we 're making some <unk> says fannie mae 's chairman david o. maxwell who visits tokyo at least once a year to explain and drum up investor interest in mortgage securities 
 interest is a great deal higher than it was a year ago 
 the steady growth of the mortgage securities market in the u.s. has even triggered talk of building up a similar market here 
 evidence of the growing japanese demand for mortgage securities <unk> 
 earlier this year blackstone group a new york investment bank had no trouble selling out a special $ N million <unk> trust it created for japanese investors 
 industrial bank of japan which claims to be the biggest japanese buyer of u.s. mortgage securities says it will more than double its purchases this year to an amount one official puts at several billion dollars 
 and a fannie mae <unk> this week promises to draw hundreds of prospective investors who can be expected to channel tens of billions of dollars into the market in the next few years 
 last year there were only several big investors who were interested says <unk> <unk> a vice president at the international arm of nomura securities co 
 this year some investors are changing their policies and investing a lot 
 ultimately he says strong demand could help to drive down interest rates on mortgage securities 
 at the moment nomura is the only japanese institution authorized to act as a primary seller of fannie mae instruments 
 but other japanese institutions say privately that they are considering asking to join the <unk> selling group 
 these securities are attractive to japanese investors for three reasons 
 first they are safe 
 while they are n't backed by the full faith and credit of the u.s. government as treasury bonds are it is widely assumed that the government would support them if necessary 
 u.s. treasury bonds are still the dollar-denominated investment of choice for long-term japanese investors 
 second they are liquid 
 the secondary market in federally backed mortgage securities now exceeds $ N billion or nearly half of the $ N trillion in u.s. residential mortgages issued 
 third they offer high yields 
 at the moment some offer as much as N to N percentage points over treasury securities of similar maturities 
 but there is a risk which the japanese discovered when they first dipped their <unk> into the market nearly five years ago 
 since most mortgages can be prepaid or <unk> at any time issuers of mortgage securities retain the right to buy back their bonds before maturity 
 that 's a <unk> for long-term investors since it forces them to reinvest their money usually at lower rates than the original mortgage securities carried 
 two or three years ago the problem was that people did n't understand the prepayment risk says nomura 's mr. <unk> 
 so they were surprised and very disappointed by prepayment 
 <unk> the trouble to japanese investors mortgage securities pay interest monthly since most mortgages require homeowners to make monthly payments 
 but japanese institutional investors are used to quarterly or semiannual payments on their investments so the monthly cash flow posed administrative problems 
 as a result japanese investors <unk> clear of the mortgage securities 
 but they did n't lose touch with the u.s. issuers 
 since N japanese investors have bought nearly N N of $ N billion in fannie mae corporate debt issued to foreigners money that fannie mae uses to buy mortgages from u.s. banks 
 and japanese investors took up nearly all of two $ N million real estate mortgage investment <unk> a kind of collateralized mortgage obligation that were offered to foreigners this year 
 in addition further packaging of mortgage-backed securities such as blackstone 's fund have reduced the effects of prepayment risk and automatically reinvest monthly payments so institutions do n't have to 
 freddie mac for years has offered a so-called participation certificate that guarantees it wo n't be prepaid for a set number of years and offers semiannual payments 
 as georgia-pacific 's bid for great northern nekoosa has shown <unk> takeovers are still alive despite <unk> reports of their demise 
 therefore the debate about poison pills will continue to rage in the <unk> of corporations and the halls of <unk> 
 although poison pills come in different colors and <unk> they usually give current shareholders the right to buy more stock of their corporation at a large discount if certain events occur typically if a hostile bidder acquires more than a specified percentage of the corporation 's stock 
 however these discount purchase rights may generally be redeemed at a nominal cost by the corporation 's directors if they approve of a bidder 
 supporters of poison pills argue that their adoption forces bidders to negotiate with a corporation 's directors who are thereby put in a better position to pursue the long-term interests of the corporation 
 recent studies by <unk> & co. conclude that corporations with poison pills have experienced greater <unk> appreciation than corporations without poison pills during the past few years 
 critics of poison pills argue that they harm shareholders by letting corporate management defeat takeover bids at premium prices and by <unk> premium bids from ever being made to shareholders 
 these critics are backed by several academic studies showing that the adoption of poison pills reduces shareholder values not merely in the short run but also over longer periods 
 institutional investors that must evaluate poison pills on a regular basis are interested less in this general debate than in the answers to specific questions about the corporation issuing the pill 
 does this corporation have a high-quality management team with a good track record 
 does this team have a viable strategy for improving shareholder values and does this strategy require <unk> over an extended period 
 will the adoption of this particular form of a poison pill significantly improve the chances for management to carry out this strategy 
 if the answers to these questions are <unk> then institutional investors are likely to be <unk> <unk> toward a specific poison pill 
 however the problem is that once most poison pills are adopted they survive forever 
 although the current management team may be outstanding who will be the ceo in N years 
 although the five-year strategy may be excellent what will be the strategy in N years 
 the solution to this problem is a <unk> poison pill 
 the limit could range from three years to seven years depending on the <unk> of the management team and the nature of its strategic plan 
 at the end of this period the poison pill would be eliminated automatically unless a new poison pill were approved by the <unk> shareholders who would have an opportunity to evaluate the corporation 's strategy and management team at that time 
 one rare example of a <unk> poison pill is the shareholder rights plan adopted by pennzoil last year after it received a huge litigation settlement from texaco 
 pennzoil 's poison pill covers five years in order to give current management enough time to put these proceeds to work in a prudent manner 
 another interesting example is the poison pill adopted recently by <unk> national intergroup inc. a diversified holding company 
 the state of wisconsin investment board which owned about N N of the company 's voting stock worked with management to devise a <unk> poison pill 
 this pill automatically expires after three years unless continued by a vote of the shareholders 
 the attitude of the wisconsin investment board reflects a growing <unk> to <unk> poison pills on the part of institutional investors as shown by the discussions at recent meetings of the council of institutional investors and my informal survey of several retirement plans with large stock positions 
 more widespread time limits on poison pills would allow shareholders to evaluate a specific poison pill within the context of a specific management team 's strategy 
 such concrete analysis is likely to lead to more <unk> dialogue between management and shareholders than the <unk> debate about poison pills 
 mr. <unk> is the general counsel and a managing director of fidelity investments in boston 
 michael blair former president and chief executive officer of enfield corp. failed to win election to the company 's board at a special shareholder meeting 
 mr. blair said after the meeting that he had filed separate lawsuits in the ontario supreme court for <unk> dismissal against enfield and for libel against its largest shareholder canadian express ltd. and two executives of hees international bancorp inc. which controls canadian express 
 holders at the meeting elected a full slate of canadian express <unk> to enfield 's <unk> board 
 mr. blair and hees have been <unk> for months 
 yesterday 's election was a <unk> to enfield 's annual meeting in june when mr. blair <unk> <unk> in favor of two hees <unk> 
 the ontario supreme court <unk> mr. blair 's decision 
 he later resigned from his executive positions with enfield saying that actions by its board amounted to my dismissal 
 mr. blair said his libel suit seeks N million canadian dollars us$ N million from canadian express and hees executives <unk> walt and <unk> <unk> 
 he said his suit against enfield seeks two years severance pay equivalent to c$ N 
 hees and canadian express executives could n't be reached for comment 
 enfield is a holding company with interests in manufacturing concerns 
 it is N N owned by canadian express another holding company 
 hees is a merchant bank controlled by toronto financiers peter and edward bronfman 
 all the concerns are based in toronto 
 buying N N of rockefeller group inc. is right up mitsubishi estate co. 's alley in one sense the huge japanese real estate company is entering a long-term relationship with a similarly conservative u.s. owner of tony urban property 
 but in another sense the $ N million purchase is <unk> <unk> industry analysts say 
 the usually cautious giant will become the majority owner of the company that owns new york 's <unk> rockefeller center at a time when <unk> over japanese purchases of u.s. property are at an <unk> high 
 officials of rockefeller group and mitsubishi estate prefer to focus on the <unk> nearly <unk> the threat of a backlash from the u.s. public 
 we think there will be positive as well as negative reactions says raymond <unk> senior vice president and chief financial officer of rockefeller group 
 on balance we think it will be positive 
 but some japanese government officials and businessmen worry that the prominent purchase is just the sort of deal that should be avoided for the time being 
 in particular they <unk> the timing coming as it does on the heels of sony corp. 's controversial purchase of columbia pictures entertainment inc 
 officially yes we encourage the free flow of direct investment says a foreign ministry official 
 but they did n't have to choose this particular moment 
 during the past year government officials and leading business organizations have repeatedly urged japanese companies to <unk> from flashy real estate purchases in the 
 since the mid-1980s japan 's other major real estate purchases in the u.s. include dai-ichi <unk> america corp. 's $ N million purchase of an office building at N east <unk> st. in manhattan in N and mitsui <unk> inc. 's $ N million purchase of the exxon building part of rockefeller center in N 
 in los angeles arco plaza was sold to <unk> corp. for $ N million in N and <unk> life insurance co. paid $ N million for atlanta 's ibm tower last year 
 altogether annual japanese investment in u.s. commercial real estate grew from about $ N billion in N to about $ N billion in N 
 many japanese companies have taken the warnings by the country 's leaders to heart and sought development partnerships rather than landmark properties 
 critics say mitsubishi estate 's decision to buy into rockefeller reflects the degree to which companies are <unk> by the pressure to act for the good of japan 
 those who have no money and are n't buying think it 's right to <unk> but those with money who want to buy for themselves pay no attention says an official of the <unk> business council 
 but to mitsubishi estate the acquisition has just the elements that should win support from both sides 
 first of all it is a friendly acquisition in which rockefeller sought out mitsubishi estate and asked it to buy a majority share 
 <unk> the two companies found a similarity in their business and development <unk> and intend to cooperate in a range of activities from real estate to telecommunications 
 finally mitsubishi estate has no plans to interfere with rockefeller 's management beyond taking a place on the board 
 we 'll continue to work with them in keeping with the reputation of the company and we 'll rely very much on their leadership says mitsubishi estate president <unk> <unk> 
 rockefeller may well have found its match in mitsubishi estate a company of long history strong government ties and sound resources 
 in asset terms mitsubishi estate is the largest real estate firm in japan 
 the core of its holdings is N square <unk> of <unk> expensive property in the <unk> district the business and financial center of tokyo often <unk> called mitsubishi village 
 the mitsubishi family company acquired that property from the government some N years ago when it was a portion of <unk> residential land running from the <unk> of the imperial palace east toward the <unk> of tiny shops and <unk> <unk> that made up the merchants ' district 
 at the time japan had just opened its doors to the world after about N years of <unk> and needed a western-style business center 
 mitsubishi built the government 's dream development the story goes in exchange for the official decision to <unk> tokyo 's central railway station there 
 that was just an early step in a relationship with government that has earned the mitsubishi group the dubious <unk> of <unk> literally <unk> a title that has the <unk> <unk> of doing the government 's bidding but also suggests the clout inherent in maintaining such close ties 
 mitsubishi estate is one of the dozens of companies in today 's mitsubishi group 
 it 's known for its <unk> in part because it has had little need for bold overseas ventures in the year ended march N N N of its total revenue came from office building management 
 its earnings can rise N N to N N annually simply from the natural turnover of tenants and automatic rent increases says <unk> mcdonald an industry analyst at james capel pacific ltd 
 for the latest fiscal year the company 's net income jumped a robust N N to N billion yen $ N million 
 for mitsubishi estate the rockefeller purchase will <unk> it firmly into the overseas real estate business the one area where it has lagged notably behind japanese competitors such as mitsui which had purchased the exxon building 
 japanese companies need to invest in overseas real estate for diversification says <unk> <unk> an industry analyst at goldman sachs japan corp 
 rockefeller is n't the first overseas purchase for mitsubishi estate it has already played a leading role in designing los angeles 's citicorp plaza 
 but the rockefeller investment is its largest 
 nonetheless it will barely make a <unk> in mitsubishi estate 's finances analysts say 
 mitsubishi estate has n't decided how it will raise the funds for the purchase which are due in cash next april but the <unk> holdings alone are estimated to have a market value of as much as N trillion yen to N trillion yen 
 moreover as a member of the mitsubishi group which is headed by one of japan 's largest banks it is sure to win a favorable loan 
 analysts say the company also could easily issue new convertible bonds or warrants 
 meanwhile at home mitsubishi has control of some major projects 
 it is the largest private-sector <unk> of the <unk> N project a <unk> development in the port city of <unk> about an hour outside tokyo 
 the project is one of a select group of public projects opened to u.s. firms under a <unk> construction trade agreement reached last year 
 the centerpiece of that complex the landmark tower will be japan 's <unk> building when it is completed in N 
 mitsubishi is also pushing ahead with a controversial plan to <unk> <unk> into a business center of high-tech buildings a project <unk> for N years and six trillion yen 
 time warner inc. and sony corp. may be today 's public enemies but the two entertainment giants could end up becoming partners in a number of ventures as part of a settlement of their <unk> legal dispute over hollywood producers peter guber and jon peters 
 the warner bros. studio and sony signaled they are close to a settlement yesterday asking a los angeles superior court to postpone a hearing scheduled for tomorrow on warner 's request for a preliminary injunction blocking mr. guber and mr. peters from taking the top posts at columbia pictures entertainment inc 
 in separate statements the two sides said they want to have further discussions 
 sony is acquiring columbia and guber-peters entertainment co. in two separate transactions valued at more than $ N billion 
 warner communications inc. which is being acquired by time warner has filed a $ N billion <unk> suit against sony and the two producers 
 warner has a five-year exclusive contract with mr. guber and mr. peters that requires them to make movies exclusively at the warner bros. studio 
 the two sides in the legal battle have <unk> accusations of <unk> at each other for weeks and both warner and sony have accused each other of trying to sabotage each other 's prospects for success in the entertainment business 
 but it may amount to little more than <unk> the two have continued <unk> <unk> settlement talks over the last few weeks and people familiar with the talks say the matter could be resolved within a week 
 both warner and sony declined to comment on the terms of the settlement discussions 
 but the people familiar with the talks said that warner is n't expected to get any cash in the settlement 
 instead sony is likely to agree to let warner participate in certain of its businesses such as the record club of sony 's cbs records unit 
 warner has <unk> sony as the largest record company but it does n't have a powerful world-wide record club like cbs 
 the two sides are also discussing certain business ventures involving cable rights to columbia 's movies 
 in addition sony is expected to agree to swap columbia 's N N stake in the <unk> <unk> calif. studio that warner and columbia share in exchange for the old mgm studio lot that warner acquired with the purchase of <unk> <unk> corp 
 still it may be tough for the two to have a smooth partnership in anything in the wake of sworn affidavits filed over the last week 
 one for example came from cbs records chairman walter yetnikoff who will head a committee that will oversee sony 's entertainment division including both records and movies 
 in his affidavit mr. yetnikoff accused warner chairman steven j. ross of having an <unk> <unk> bias and said that mr. ross had tried to talk him out of letting sony buy cbs records two years ago for that reason 
 mr. ross who will be chairman and co-chief executive officer of time warner after the merger is complete denied that in his own affidavit and called mr. yetnikoff 's remarks vicious and his claims reckless irresponsible and <unk> saying warner under his leadership has started a number of businesses in japan 
 mr. ross also said he enjoys warm professional and personal relationships with japanese executives including sony chairman <unk> <unk> who has visited my home here 
 but despite the <unk> between mr. ross and mr. yetnikoff officials of the time side of time warner have reportedly been increasingly interested in a settlement that might yield attractive business opportunities 
 time executives such as the company 's president n.j nicholas who will eventually be co-chief executive of time warner alongside mr. ross have no personal relationships or <unk> at stake in the fight over the guber-peters duo and were never directly drawn into the fray 
 talks between the two sides could <unk> of course as they have more than once since sony announced its plans to hire mr. guber and mr. peters 
 but both sides appear to be more willing now to meet each other 's terms to resolve the issue 
 and although warner has said it wanted the producers to fulfill the terms of their contract the producers said in sworn court <unk> that they did n't believe the relationship could be repaired after the <unk> of the legal battle 
 any settlement is also expected to exclude mr. guber and mr. peters from any of the projects they were working on at warner 
 the guber-peters duo have N projects in various stages of development and production at warner including <unk> of the <unk> and a bright <unk> lie 
 but that does n't mean mr. guber and mr. peters might not eventually get their hands on some of their projects studios develop hundreds of movies but produce only N to N each year 
 once a studio chooses not to actually make a movie that is in development producers are typically free to take it elsewhere 
 mr. guber and mr. peters also almost certainly would n't be able to participate in future <unk> to batman the blockbuster hit they produced for warner 
 but in acquiring guber-peters entertainment sony will actually get a piece of the profits from batman since the publicly held concern gets certain revenue from the movies mr. guber and mr. peters produce 
 the two producers own a combined N N stake in guber-peters 
 southern co. 's gulf power co. subsidiary pleaded guilty to two felony charges of conspiracy to make illegal political contributions and tax evasion and paid $ N in fines 
 gulf power 's guilty plea before u.s. district judge robert l. <unk> yesterday marks the end of only one part of a <unk> inquiry of southern co 
 the company is the subject of a federal grand jury investigation into whether its officials and its utility subsidiaries conspired to cover up their accounting for spare parts to <unk> federal income taxes 
 the terms announced today are strictly between the united states and gulf power said u.s. attorney robert l. <unk> 
 this is only a further step in a lengthy investigation 
 the plea settlement does not allow southern co. to charge any of the $ N to its customers or take action against employees who provided information during the federal inquiry 
 gulf power had been under investigation for violating the utility holding company act which prohibits public utilities from making political contributions 
 in a statement southern co. president edward l. <unk> said we believe our decision to plead guilty to these charges is responsible and proper 
 and our action today will allow gulf power to avoid prolonged <unk> legal proceedings 
 he did not say what effect if any the $ N fine would have on the company 's earnings 
 mr. <unk> said yesterday 's plea by gulf power which came after months of negotiations was based on evidence that gulf power had set up an elaborate payment system through which it <unk> outside vendors primarily three florida advertising agencies for making illegal political contributions on its behalf 
 the <unk> agency for example allegedly made contributions from N to N to various funds for political candidates then submitted bills to gulf power 
 the contributions were funded by monthly payments of $ N to $ N to <unk> in the <unk> of a special production fee in effect <unk> the nature of the payments from the internal revenue service federal prosecutors said 
 the government also indicated that former gulf power senior vice president jacob f. <unk> <unk> was the <unk> behind the use of the ad agencies <unk> dick leonard group ii inc. and <unk> & <unk> corp. to make payments to various political candidates from N to N 
 mr. <unk> who <unk> gulf power 's <unk> efforts died <unk> in a plane crash in april after learning he might be fired following the <unk> of <unk> in a company audit 
 government officials declined to say whether the investigation includes the ad agencies or the politicians involved 
 in new york stock exchange trading southern co. rose N cents a share to $ N 
 frequent <unk> offer <unk> up <unk> debate 
 to grab a bigger piece of the declining <unk> market seagram co. has launched a controversial frequent <unk> promotion for its chivas <unk> brand 
 under the program dubbed chivas class customers who send in two labels from chivas bottles will receive an upgrade in <unk> class on some trans world airlines flights 
 repeat customers also can purchase luxury items at reduced prices 
 but at a time of mounting concern over alcohol abuse some liquor marketers consider seagram 's frequent buyer promotion risky 
 i 'm surprised they 're doing this says penn <unk> president of <unk> & <unk> co. which markets <unk> walker <unk> 
 i would be very leery of anything that says if you drink more you get more 
 others question the impact on chivas 's upscale image of a promotion that has customers <unk> off labels 
 it 's really bizarre says albert <unk> creative director at the wells rich greene ad agency 
 chivas has an image of something you would <unk> rather than <unk> 
 chivas class is n't the first such promotion 
 last year <unk> <unk> offered N <unk> frequent <unk> miles in exchange for a label 
 and <unk> 's gave discounts on scottish merchandise to people who sent in bottle labels 
 but the scope of seagram 's chivas promotion sets it apart 
 the current campaign is just the first leg of an aggressive <unk> direct marketing plan 
 seagram says the promotion is designed to build brand loyalty rather than promote heavy drinking 
 seagram asks customers to buy only two or three bottles over a 12-month period says richard shaw vice president of u.s. direct marketing 
 we 're not asking them to save up N <unk> 
 we 're not saying drink more we 're saying trade up 
 <unk> <unk> a milk for hispanic <unk> 
 most food companies these days are trimming the fat and cholesterol content of their products to appeal to <unk> consumers 
 but <unk> foods inc. believes it can milk some sales by <unk> the trend 
 the <unk> n.j. company has formed a joint venture with a distributor called la <unk> to market a <unk> milk targeted at hispanic consumers 
 to give <unk> <unk> the <unk> taste <unk> says hispanics prefer the new brand has a <unk> content of N N 
 that compares with N N <unk> for whole milk 
 a spokesman for <unk> inc. the nation 's largest milk producer concedes <unk> may be on to something 
 <unk> sells considerably more whole milk than <unk> <unk> in southern and hispanic markets he says 
 <unk> even tested a milk with N N <unk> in the south but decided the market was too small 
 <unk> is selling <unk> <unk> in nearly N grocery stores and <unk> in new york and parts of new jersey 
 and it 's adding N to N new outlets a day says <unk> <unk> sales director at la <unk> 
 because of <unk> <unk> 's success he says the joint venture is developing other dairy products tailored to hispanic <unk> 
 jewelry makers copy cosmetics sales <unk> 
 for years <unk> jewelry makers fought a losing battle 
 jewelry displays in department stores were often <unk> and <unk> 
 and the merchandise was well fake 
 as a result marketers of <unk> <unk> steadily lost space in department stores to more fashionable rivals cosmetics makers 
 but lately retailers say fake has become more fashionable 
 and jewelry makers are beginning to use many of the same marketing <unk> <unk> in the aggressive world of cosmetics 
 last year the total women 's fashion jewelry business topped $ N billion says karen <unk> editor of accessories magazine 
 and it 's growing fast with annual sales gains of more than N N 
 to increase their share of that business jewelry makers such as crystal brands inc. 's <unk> and <unk> units and <unk> inc. maker of anne klein jewelry are launching new lines with as much fanfare as the <unk> companies 
 they 're hiring models to <unk> the <unk> sporting their <unk> and they 're even beginning to borrow a <unk> favorite of the beauty business offering a gift when consumers make a purchase 
 we 've started trying just about anything to keep sales moving in the stores says kim <unk> a <unk> vice president 
 but there are limits 
 ms. <unk> says retailers <unk> a promotion for <unk> with animal <unk> 
 her idea bring in live <unk> animals 
 <unk> whose national ads earlier this year included paper <unk> of its <unk> <unk> takes a <unk> approach 
 the company focuses on the <unk> aspects says andrew e. philip president 
 <unk> now trains sales help to advise customers on the best <unk> styles 
 but cosmetics firms still have one big marketing edge they <unk> sales people with commissions 
 jewelry makers rarely pay commissions and are n't expected to anytime soon 
 odds and ends 
 despite growing interest in the environment u.s. consumers have n't shown much interest in <unk> packages for household products 
 procter & gamble co. recently introduced <unk> versions of four products including tide and mr. clean in canada but does n't plan to bring them to the u.s. 
 marketers believe most americans wo n't make the convenience <unk> 
 <unk> ltd. tests a beer <unk> with oat bran rather than rice or corn 
 called <unk> 's original oat bran beer the <unk> costs about $ N a case 
 no cholesterol of course 
 northwest airlines settled the remaining lawsuits filed on behalf of N people killed in a N crash but claims against the jetliner 's maker are being pursued a federal judge said 
 northwest a unit of nwa inc. and mcdonnell douglas corp. which made the <unk> aircraft also are pursuing <unk> against each other in the crash near detroit metropolitan airport 
 terms of the settlements for the remaining N lawsuits against northwest were n't disclosed 
 a total of N lawsuits were filed on behalf of crash victims 
 u.s. district judge <unk> a. cook jr. announced the settlements as the jury trial was to begin yesterday 
 he reset opening arguments for today 
 the jury will resolve the claims against mcdonnell douglas northwest 's claim that a <unk> in the aircraft caused the crash and mcdonnell douglas ' claim that the plane was improperly <unk> 
 the national transportation safety board ruled that pilots failed to set the plane 's <unk> <unk> and <unk> properly for <unk> and failed to make mandatory <unk> checks that would have detected the error 
 also a <unk> warning system failed to alert the pilots the <unk> and <unk> were not set for <unk> the <unk> said 
 the only passenger who survived the crash was <unk> <unk> then N of <unk> ariz. whose parents and brother died in the crash 
 she now lives with <unk> in alabama 
 sun <unk> moon the korean <unk> who in N founded the unification church remains the mystery man behind a multimillion-dollar political and publishing operation based in this country and <unk> to the american right 
 but there may be less there than meets the eye 
 mr. moon planned to convert millions of americans to his unique brand of <unk> in which he plays the role of old <unk> <unk> political messiah and then to make the u.s. part of a unified international <unk> 
 his original strategy in itself a brilliant innovation for spreading a <unk> was to create new economic enterprises each time he wanted to extend and fund his various <unk> <unk> 
 tax-exempt airport and <unk> <unk> were intended only to provide start-up funds 
 more stable industries were to build an economically viable infrastructure for the moon movement in north america as they had in japan and south korea 
 then he would move his movement to europe 
 but that was not to be 
 throughout the 1970s and early 1980s spokesmen for both the unification church and its opponents in the <unk> movement gave wildly <unk> membership figures 
 their <unk> lives on 
 it is still common to read in the press that the church has N or more full-time american members and N associates 
 some estimates have gone as high as N members 
 but internal church documents clearly show that at its <unk> heights as when it organized a spectacular yankee stadium <unk> rally in N there actually were only about N full-time unification church members in the u.s. 
 mr. moon 's support for a <unk> richard nixon the <unk> scandal and his prison sentence for income-tax evasion did not help the church 's <unk> efforts 
 <unk> <unk> and <unk> <unk> kept member turnover high 
 that the membership number has even kept close to its N size is the result of the <unk> of the church 
 many of the enthusiastic young <unk> of the nixon era who remained <unk> to father moon are now parents producing new members by <unk> rather than conversion 
 the <unk> wealth of the unification church is another matter of <unk> 
 yet these purchases can be misleading 
 most were obtained with huge <unk> of church money from south korea and japan minimum cash <unk> and sizable mortgages 
 those teams of young <unk> selling flowers peanuts or <unk> outright at traffic <unk> brought in somewhere near $ N million a year during the <unk> 1970s but those revenues were a <unk> compared to the costs of mr. moon 's <unk> international conferences speaking tours and <unk> land buys 
 only his factories in japan and korea <unk> his <unk> at <unk> wages and producing everything from <unk> to <unk> to expensive marble <unk> kept the money flowing <unk> 
 virginia commonwealth university sociologist david <unk> who more than any other researcher has <unk> into the complex world of <unk> finances has concluded that profitable operations in the u.s. have been the exceptions rather than the rule 
 likewise journalists john burgess and michael <unk> of the washington post have estimated that at least $ N million was transferred from japan to the u.s. to deal with the church 's annual operating losses in this country 
 mr. moon 's two <unk> u.s. newspapers illustrate the scope of this financial drain 
 start-up costs for the washington times alone were close to $ N million and the total amount lost in this <unk> black hole was estimated at $ N million by N 
 since then moon 's organization has <unk> a pair of high-quality glossy opinion magazines the world and i and insight which are a further drain 
 insiders say that not even their editors know for sure how much these <unk> publications along with the newspapers have cost mr. moon 
 many american <unk> businesses such as a $ N million factory to build fishing vessels are <unk> 
 some components of the american church had their budgets cut in half last year and again this year 
 the relatively small academic conferences that have attracted conservative guests and press scrutiny in recent years are much more narrowly targeted and <unk> than the <unk> <unk> in fancy digs and exotic <unk> of years past 
 i attended several of these in the dual role as a <unk> of research findings as well as an investigator of my hosts 
 mr. moon 's <unk> house eventually even published three of my <unk> books on <unk> and politics 
 according to veteran watchers of <unk> affairs such as dr. j. gordon <unk> director of the institute for the study of american <unk> almost all operations are being drastically reduced as mr. moon now <unk> more on developing his empire in the far east 
 everything one <unk> senior consultant to the unification church recently told me in an interview is going back to korea and japan 
 europe had proved even less <unk> than north america 
 european politicians were less reluctant to have their governments investigate and <unk> new <unk> 
 so mr. moon is in retreat <unk> on the far east 
 south korea and japan continue to be profitable 
 moon 's <unk> industry conglomerate is now investing heavily in china where church accountants have high hopes of expanding and attracting <unk> even in the wake of the bloody massacre in <unk> square 
 <unk> motors is one such investment 
 according to senior consultants to the church mr. moon has successfully negotiated a joint venture with the chinese government to build an <unk> plant in <unk> province an area of china with a substantial korean minority 
 mr. moon has agreed to put up $ N million a year for N years and keep the profits in china 
 in return he has the government 's blessing to build <unk> and spread <unk> in that country 
 whatever respectability and ties to intellectuals and <unk> the publications and conferences bring really are salvage not the rev. moon 's original final goals but the ones for which he will have to settle 
 mr. <unk> is co-author with david g. <unk> of <unk> in america <unk> church and crusade and strange <unk> the great american <unk> scare 
 the manville personal injury settlement trust said it is considering several ways to ease a liquidity crunch that could include the sale of manville corp. to a third party 
 in a filing with the securities and exchange commission the majority holder of manville acknowledged that the cash portion of its initial funding of $ N million will be <unk> next year and that alternative sources of funds will be necessary to meet its obligations 
 the trust which was created as part of manville 's bankruptcy-law reorganization to compensate victims of <unk> diseases ultimately expects to receive $ N billion from manville but its cash flow from investments has so far lagged behind its payments to victims 
 <unk> for both the trust and the company refused to comment on whether any talks with a possible acquirer of manville had actually taken place 
 the trust is considering a sale of its manville holdings but manville has the right of first refusal on any sales of its stock held by the trust 
 manville a forest and building products concern has offered to pay the trust $ N million for a majority of manville 's convertible preferred stock 
 manville and the trust are discussing the offer but no decision has been made 
 the filing also said the trust is considering a sale of manville securities in the open market an extraordinary dividend on the common stock or a recapitalization of manville 
 the soviet union 's jobless rate is soaring to N N in some areas pravda said 
 it said the situation is caused by efforts to streamline bloated factory <unk> 
 unemployment has reached N N in <unk> N N in <unk> N N in <unk> N N in <unk> N N in <unk> and N N in <unk> the communist party newspaper said 
 all are <unk> republics along the southern border of the soviet union and all but <unk> have reported <unk> in the past six months 
 the newspaper said it is past time for the soviet union to create unemployment insurance and <unk> programs like those of the west 
 pravda gave no estimate for overall unemployment but said an association of the <unk> has <unk> up that says the number of jobless is N million soviets or N N of the work force 
 an <unk> dispute involving australia 's N domestic pilots has slashed airline earnings and <unk> much of the continent 's tourist industry 
 the only people who are flying are those who have to said frank moore chairman of the australian tourist industry association 
 he added how is a travel agent going to sell a holiday when he can not guarantee a return flight 
 transport giant <unk> which owns half of one of the country 's two major domestic carriers said the cost of the dispute had been heavy cutting <unk> 's profits N N to $ N million in the three months to sept. N 
 brazilian financier <unk> <unk> who was arrested on monday after N days in <unk> is likely to be <unk> next week by the brazilian judiciary 
 mr. <unk> who <unk> provoked a one-day <unk> of brazil 's stock markets in june when he failed to honor a debt of $ N million owed to his brokers yesterday blamed his <unk> on the president of the <unk> <unk> stock exchange a few days before mr. <unk> 's failure the exchange raised the required margin on <unk> transactions 
 china 's parliament ousted two hong kong residents from a panel <unk> a new constitution for the colony 
 the two <unk> <unk> and martin lee were deemed <unk> because they had <unk> china 's crackdown on its pro-democracy movement 
 the committee is <unk> hong kong 's constitution for when it <unk> to chinese control in N and chinese lawmakers said the two can only return if they abandon their <unk> stand against the chinese government and their attempt to <unk> the <unk> joint declaration on hong kong 
 nuclear <unk> for israel 
 israeli officials confirmed that energy minister <unk> <unk> and his canadian counterpart <unk> <unk> discussed a possible israeli purchase of a $ N billion canadian nuclear <unk> for producing electricity 
 however a canadian embassy official in <unk> <unk> said that canada was unlikely to sell the <unk> <unk> <unk> to israel since israel has n't signed the nuclear <unk> treaty 
 israel has been accused in the past of using <unk> to seek elements needed to develop nuclear weapons 
 the south korean government is signing a protocol today establishing formal diplomatic relations with poland 
 the two are also signing a trade agreement 
 south korean government officials said they do n't expect that seoul can loan money to warsaw but it can offer experience 
 poland is the second communist nation to recognize the seoul government south korea established diplomatic relations with hungary in february N 
 venezuela will hold a <unk> auction friday with N potential bidders participating 
 earlier this year venezuela announced it was opening up <unk> swaps to foreign investors but said the program would be limited to a net <unk> of $ N million a year 
 friday 's auction will be limited to $ N million <unk> by the central bank to potential investors 
 the office of foreign investment has authorized some $ N billion worth of investment proposals said edwin <unk> <unk> of foreign investment 
 most of the proposals are in tourism basic industry and <unk> and <unk> projects he said 
 under the <unk> program potential investors will submit <unk> bids on the percentage of discount they are willing to purchase the debt at and the bids will be allocated based on these discount offers 
 the <unk> central bank set a N N floor on the bidding 
 a song by american singer <unk> <unk> <unk> jailed black leader nelson <unk> was banned from south african state radio and television 
 the south african broadcasting corp. said the song freedom now was <unk> for broadcasting 
 britain 's house of commons passed a law that will force english <unk> fans to carry identity cards to enter stadiums 
 the <unk> law which would <unk> <unk> of cards must be ratified by the house of <unk> and is expected to become effective early next year 
 a federal judge ruled that <unk> marcos was n't brought to the u.s. against her will and that <unk> privileges which protect spouses from <unk> each other do n't apply in her case 
 as a result judge john f. keenan of new york ordered mrs. marcos to turn over to the court all <unk> and documents she may have filed in foreign countries in opposition to u.s. requests for evidence 
 mrs. marcos had claimed that she did n't have to turn over the documents because she was brought here <unk> and because providing the materials would violate her <unk> privilege 
 in N a year and a half after mrs. marcos and her late husband ferdinand marcos the ousted president of the philippines fled the philippines for hawaii they were charged with racketeering conspiracy <unk> of justice and mail fraud in a scheme in which they allegedly <unk> more than $ N million from their <unk> 
 much of the money was <unk> <unk> through purchases of prime manhattan real estate federal prosecutors have charged 
 mrs. marcos 's trial is expected to begin in march 
 u.s. law requires criminal defendants to turn over foreign documents such as those sought in the marcos case 
 the law is meant to overcome delays caused by defendants ' use of foreign procedures to block u.s. requests for records judge keenan said in his opinion 
 for instance the documents could involve foreign business dealings or bank accounts 
 the u.s. has charged that the <unk> ' alleged crimes involved bank accounts in the philippines hong kong the u.s. and other countries 
 on the <unk> of <unk> judge keenan wrote the suggestion that mrs. marcos was brought to this country against her will is <unk> by affidavit or <unk> 
 the judge also said the two <unk> <unk> privileges cited by mrs. marcos do n't apply 
 the first one permits a witness to refuse to testify against her spouse 
 but judge keenan said that privilege 's purpose is <unk> harmony in marriage 
 because mr. marcos died sept. N the privilege can no longer apply the judge said 
 the second <unk> privilege cited by mrs. marcos protects confidential communications between spouses 
 but judge keenan said that privilege is meant to protect private <unk> not litigation papers filed with foreign governments as mrs. marcos 's attorneys maintained 
 though judge keenan threw out most of mrs. marcos 's objections he agreed with one of her concerns that turning over the foreign documents could violate the defendant 's constitutional right against <unk> 
 as a result he said he will examine the marcos documents sought by the prosecutors to determine whether turning over the filings is <unk> 
 judge keenan also directed the prosecutors to show that mrs. marcos 's fifth amendment right against <unk> wo n't be violated 
 mrs. marcos 's attorney in new york <unk> <unk> declined to comment on the ruling 
 mrs. marcos has n't admitted that she filed any documents such as those sought by the government 
 charles <unk> the assistant u.s. attorney <unk> the marcos case did n't return phone calls seeking comment 
 u.s. and british law firms announce rare joint venture in tokyo 
 <unk> & austin a leading chicago-based law firm and <unk> morris <unk> a midsized london firm of <unk> are scheduled today to announce plans to open a joint office in tokyo 
 the firms will be registered under japanese law as foreign legal consultants and their practice with japanese clients will be limited to advising them on matters of foreign law 
 the office may also be able to advise foreign and multinational clients on international law and general matters 
 the office will provide <unk> shopping for japanese financial institutions and other clients seeking advice on access to the world capital markets according to a. bruce <unk> <unk> 's senior banking specialist who will move to tokyo from chicago to open the office next year 
 the <unk> venture will also be <unk> by another <unk> partner specializing in corporate law a partner from <unk> concentrating on acquisitions and a japanese attorney 
 the office will tap the resources of <unk> 's N lawyers in the u.s. london and singapore as well as the N <unk> staff members in london and brussels 
 <unk> is new to the far east 
 <unk> will maintain its association with the <unk> law office in tokyo 
 the united auto workers said it will seek a <unk> of a u.s. appellate court ruling against the union 's claim that the state of michigan <unk> in <unk> against female employees 
 a <unk> panel of the court in cincinnati made the ruling saturday 
 the <unk> is seeking a hearing by the full <unk> panel 
 the union sued the state in november N alleging that it intentionally <unk> job <unk> by sex and paid employees in <unk> female jobs less than males in comparable jobs 
 the <unk> also charged that the state applied its own standards for determining pay in a <unk> manner 
 in november N a district court judge in detroit ruled against the <unk> 
 the union is the bargaining representative for more than N michigan state employees 
 new jersey merger 
 one of the largest law firms in central new jersey has been created through the merger of <unk> <unk> & marcus a <unk> firm and <unk> <unk> <unk> & <unk> a health-care specialty law firm with N lawyers 
 <unk> <unk> is a <unk> firm that has expanded recently into such <unk> as banking labor and environmental work 
 the merged firm will carry <unk> <unk> 's name 
 drug wars 
 a texas legislator proposes <unk> drivers ' licenses of some drug offenders 
 the bill would <unk> courts to order the licenses as a condition of <unk> 
 state senator <unk> <unk> brown a republican who is running for texas attorney general introduced the bill 
 he said an altered license would be an embarrassment to <unk> and young adults and would act as a <unk> to drug use 
 richard <unk> executive director of the texas civil <unk> union called the proposal political <unk> and said it fails to recognize the drug problem as a health issue 
 the amendment offered by rep. douglas <unk> d. calif. was approved N during debate on a bill designed to strengthen the transportation department 's authority in dealing with leveraged buy-outs of airlines 
 the bill would require the agency to block the acquisition of N N or more of an airline 's stock if the purchase threatened safety reduced the carrier 's ability to compete or put the airline under foreign control 
 debate on the legislation which faces a veto threat from president bush is to continue today 
 the amendment would require the department to block the purchase of a major airline by anyone who has run two or more carriers that have filed for protection from creditors under chapter N of the bankruptcy code 
 in N texas air 's continental airlines filed for bankruptcy 
 earlier this year texas air 's eastern airlines filed for bankruptcy 
 this ought to be <unk> the do n't let frank lorenzo take over another airline amendment said rep. james <unk> d. minn. chairman of the house aviation subcommittee who argued that the provision was unnecessary because the bill already would give the department ample power to block <unk> deals 
 for years a strict <unk> <unk> the staff meetings at nissan motor co. 's technical center in tokyo 's western <unk> 
 employees wore <unk> <unk> listing not only their names but also their dates of hire 
 no one could voice an opinion until everybody with more seniority had spoken first so younger employees often the most enthusiastic and innovative seldom spoke up at all 
 but in N the <unk> and the do n't speak out of turn rule were abolished early steps in a cultural revolution still rolling on with all the <unk> of a freight train 
 in recent years nissan has instituted <unk> work schedules and allowed employees to dress <unk> even in blue jeans 
 a rule <unk> staffers to own competitors ' cars has been lifted and now many designers drive foreign cars to get useful ideas 
 nissan 's <unk> corporate song filled with <unk> to mount fuji has been scrapped in favor of a <unk> tune sung by a popular japanese <unk> 
 and in a japanese corporate first nissan recently opened the first <unk> company <unk> for single employees at the suburban tokyo technical center 
 we had lots of internal debate about this one concedes <unk> <unk> a senior public-relations official 
 but in the end top management decided to follow the voice of the younger generation 
 this corporate glasnost is a big reason nissan after years of making lackluster cars and <unk> profits has <unk> up its rigid ways and now is riding a string of hits ranging from the <unk> <unk> sedan and <unk> <unk> to the <unk> <unk> <unk> a <unk> sold only in japan 
 the company 's turnaround is far from complete many crucial tests are just beginning 
 but its surprising progress so far holds important <unk> for companies in trouble 
 the big one a company 's culture ca n't be <unk> changed unless top management first admits that things have gone badly <unk> and then publicly leads the charge 
 <unk> <unk> nissan 's executive vice president for finance helped set the tone in december N when the company was heading toward the first operating loss by a japanese auto maker since the nation 's postwar recovery 
 this is a time of <unk> to discover what is wrong with us he said 
 <unk> kume who took the helm as nissan 's president in june N added simply i am deeply disappointed 
 no wonder 
 nissan japan 's second-largest auto maker and the world 's <unk> was getting beat up not only by its bigger rival toyota motor corp. but also by honda motor co. the most successful japanese car company in the u.s. but a relative <unk> in japan 
 nissan 's market share in japan had been dropping year by year since the beginning of the decade 
 its u.s. sales sagged partly because of price increases due to the rising yen 
 worst of all nissan was <unk> with management <unk> <unk> and corporate <unk> 
 consider the experience of <unk> <unk> a <unk> designer of vehicle <unk> who joined nissan in N 
 at that time tasks were assigned strictly on the basis of seniority 
 the oldest designer got to work on the <unk> she recalls 
 the next level down did doors 
 if a new person got to work on part of the <unk> that was a big deal 
 this system produced boring <unk> cars that consumers just were n't buying 
 desperately hoping to spark sales nissan transferred N middle managers and plant workers to dealerships 
 meanwhile president kume ordered everyone from top executives to <unk> designers to go town watching to visit <unk> parts of tokyo to try to gain <unk> into developing cars for <unk> 
 some <unk> <unk> were downright comic 
 one group of <unk> manufacturing men from the company 's <unk> plant outside tokyo was supposed to check out a trendy restaurant in the city 
 but when they arrived at the door all were afraid to go in <unk> that they would be out of place 
 other trips were more productive 
 mr. kume himself visited honda 's headquarters in tokyo 's upscale <unk> district 
 he liked the <unk> lobby display of honda 's cars and trucks so much that he had nissan 's gloomy lobby exhibit <unk> 
 later nissan borrowed other honda practices including an engineering idea contest to promote <unk> 
 one engineer developed a <unk> car that moves <unk> 
 such sudden cultural shifts may come across as a bit forced but they seem to be genuine so much so in fact that some older employees have resisted 
 nissan handled the <unk> in a typically japanese fashion they were n't fired but instead were neglected says <unk> <unk> the personnel manager at the nissan technical center 
 despite the pain of adjusting the cultural revolution has begun to yield exciting cars 
 a year ago the company completely revamped its <unk> sedan the $ N <unk> which competes against a broad range of upscale <unk> it replaced its <unk> <unk> body with <unk> <unk> lines 
 since then nissan also has launched new versions of the $ N <unk> <unk> <unk> and <unk> sports car 
 the <unk> <unk> costs as much as $ N and is <unk> off against the <unk> N which begins at $ N 
 besides new <unk> the new <unk> have more powerful engines and more sophisticated suspension systems 
 all three new models are <unk> their <unk> by wide margins 
 in its home market nissan has grabbed attention with <unk> <unk> featuring <unk> odd enough to be <unk> 
 one is the <unk> a tiny <unk> with a <unk> <unk> top and <unk> <unk> that give it a <unk> look 
 nissan initially planned to sell just N <unk> but sales have passed N and there 's a one-year waiting list for the car 
 then there 's the <unk> an <unk> delivery van with a <unk> body that inspired its name 
 nissan helped develop a tokyo restaurant with both vehicles as its design theme 
 the chairs are <unk> seats and a gift shop sells such items as alarm <unk> <unk> like the <unk> 's <unk> <unk> 
 all these vehicles have sharply improved nissan 's morale and image but have n't done much for its market share 
 nissan had N N of the japanese car market in N before beginning a <unk> <unk> slide that continued through last year 
 strong sales so far this year are certain to turn the tide but even the N N market share that nissan expects in N will leave it far below its position at the beginning of the decade 
 nissan concedes that it wo n't recoup all its market-share losses in japan until at least N and even that timetable might prove optimistic 
 everyone else is going to catch up with nissan 's innovative designs says a. <unk> <unk> auto analyst at first boston japan ltd 
 nissan 's pace of <unk> hits will slow he adds just as <unk> toyota <unk> its own batch of new cars 
 likewise in the u.s. nissan has grabbed N N of the car market so far this year up from N N a year ago 
 but even that brings nissan only to the share it had in N and leaves the company behind its high of N N in N and N 
 why 
 so far nissan 's <unk> successes are mostly specialized vehicles with limited sales potential 
 in compact and <unk> cars the bread-and-butter sales <unk> for japanese auto makers nissan still trails toyota and honda 
 nissan hopes that that will start to change this fall with its new version of the stanza compact sedan 
 the stanza has been a <unk> compared with honda 's <unk> successful accord and toyota 's <unk> 
 but this year honda has revamped the accord and made it a midsized car 
 nissan instead has kept its new stanza a bit smaller than that and cut the base price N N at $ N stanza prices start $ N below the predecessor model yet have a <unk> engine 
 accord prices start at $ N 
 nissan 's risk is that its <unk> strategy might get lost amid the highly publicized rebates being offered by detroit 's big three 
 but on a new car a <unk> does n't work well because it <unk> the vehicle 's image contends thomas d. <unk> executive vice president of nissan 's u.s. sales arm 
 even if the new stanza succeeds nissan will remain behind in the <unk> segment where its <unk> does n't measure up to the honda civic and toyota <unk> 
 nissan will introduce a completely revamped <unk> next fall 
 at the opposite end of the market nissan <unk> its luxury infiniti division on nov. N three years after honda <unk> japanese luxury cars and two months after toyota 's lexus went on sale 
 nissan started advertising infiniti fully eight months before the cars hit american <unk> 
 the ads featured <unk> rocks and <unk> <unk> almost anything but the cars themselves 
 the ads have generated some <unk> but also plenty of attention because they are so unlike any other u.s. auto advertising 
 on the other hand nissan 's sales goals for infiniti are modest compared with toyota 's targets for lexus 
 nissan will build only about N of the $ N infiniti <unk> <unk> each month sending about N of them to the u.s. and keeping the rest for sale in japan 
 toyota wants to sell about N lexus <unk> <unk> next year in the u.s. alone 
 when i saw the lexus sales projections i got worried <unk> <unk> <unk> who led the infiniti development team 
 but on reflection mr. <unk> says he concluded that nissan is being prudent in following its <unk> strategy instead of simply copying lexus 
 infiniti is nissan 's big business move for the <unk> century and we 're in no hurry to generate large profits right away mr. <unk> says 
 despite plans to add two new infiniti models next year bringing the total to four infiniti wo n't show profits for at least five years he adds 
 these days nissan can afford that strategy even though profits are n't exactly robust 
 nissan had record net income of N billion yen $ N million in the fiscal year ended last march N a remarkable recovery from the N billion yen of two years earlier when the company lost money on operations 
 nissan has increased earnings more than market share by cutting costs and by taking advantage of a general surge in japanese car sales 
 but nissan expects to earn only N billion yen in the current fiscal year a modest increase of N N 
 the big reason for all its cost-cutting nissan remains less efficient than toyota 
 in its last fiscal year nissan 's profit represented just N N of sales compared with N N at toyota 
 to help close the gap nissan recently established a <unk> cost-cutting committee 
 nissan is the world 's only auto maker currently building vehicles in all three of the world 's key economic <unk> the u.s. japan and europe 
 that gives it an <unk> strategic advantage at least until its rivals catch up but also plenty of <unk> headaches 
 for example nissan 's u.s. operations include N separate subsidiaries for manufacturing sales design research etc. that report separately back to japan 
 and in july nissan 's tennessee manufacturing plant beat back a united auto workers organizing effort with aggressive tactics that have left some workers bitter 
 we are in a <unk> phase from being a japanese company to becoming an international company based in japan says mr. <unk> the executive vice president 
 he promises that nissan will soon establish a holding company overseeing all u.s. operations just as it 's doing in europe 
 perhaps the biggest challenge however will be to prevent a return to its former corporate <unk> as its recovery continues 
 already personnel officials are talking about the need for a phase two <unk> effort of some sort 
 we are still only half way through the turnaround of this company and there are many more things to do president kume says 
 he adds however that the momentum we have generated is <unk> 
 as expected warner <unk> records said it agreed to form a <unk> and <unk> joint venture with former mca records chairman irving azoff 
 warner said it will provide financing for the venture but did n't disclose terms 
 mr. azoff has n't named the company yet but any records it produces will be distributed by warner 
 warner is part of warner communications inc. which is in the process of being acquired by time warner inc 
 mr. azoff resigned as head of mca records a unit of mca inc. in september and had been discussing a joint venture with both warner and mca 
 in a statement yesterday mr. azoff said he chose warner the largest record company because their standing in the entertainment industry is second to none 
 president bush and soviet leader mikhail gorbachev will hold an informal meeting in early december a move that should give both leaders a political boost at home 
 the white house is <unk> not calling the meeting a summit so that there wo n't be any expectation of detailed negotiations or agreements 
 rather senior administration officials said that the unexpected meeting was scheduled at mr. bush 's request because of his preference for conducting <unk> through highly personal and informal meetings with other leaders 
 the two leaders will meet on dec. N and N <unk> the two days of meetings between a u.s. and a soviet naval vessel in the <unk> sea 
 the unusual <unk> meeting wo n't disrupt plans for a formal summit meeting next spring or summer at which an arms-control treaty is likely to be completed 
 in announcing the meeting yesterday mr. bush told reporters at the white house that neither he nor mr. gorbachev expects any substantial decisions or agreements 
 instead he said that the purpose is simply for the two to get better <unk> and discuss a wide range of issues without a formal agenda 
 despite the informal nature of the session and the calculated effort to hold down expectations the meeting could pay significant political dividends for both leaders 
 mr. gorbachev badly needs a diversion from the serious economic problems and ethnic unrest he faces at home 
 american officials have said that a meeting with the leader of the u.s. could help bolster his <unk> among soviet politicians and <unk> whose support he needs 
 for his part mr. bush has been criticized regularly at home for moving too slowly and cautiously in reacting to mr. gorbachev 's reforms and the historic moves away from communism in eastern europe 
 a face-to-face meeting with mr. gorbachev should damp such criticism though it will hardly eliminate it 
 senate majority leader george mitchell d. maine who has been the most prominent democratic critic of mr. bush 's handling of the soviet relationship praised the president for arranging the meeting 
 but he added the mere fact of a meeting does n't deal with the substance of policy 
 mr. bush said that the december meeting which was announced simultaneously in moscow will be held in the unusual setting of ships at sea to hold down the fanfare and force the two sides to limit participation to just small groups of advisers 
 by doing it in this manner we can have i would say more time without the press of social activities or mandatory joint appearances things of that nature for public consumption mr. bush said 
 soviet foreign minister eduard shevardnadze at a news conference in moscow said as the two sides plan to hold a <unk> summit in late <unk> summer next year they found it useful i would say even necessary to hold an interim informal meeting 
 although no specific agreements are expected mr. shevardnadze said that does n't mean they will be without an agenda 
 if the two leaders cover the subjects that have been featured in lower level u.s.-soviet meetings their talks would include human rights soviet reforms regional disputes relations with allies economic cooperation arms control and joint efforts to fight narcotics terrorism and pollution 
 the president specifically mentioned u.s. economic advice to moscow as a possible topic 
 mr. gorbachev has for months been publicly urging the u.s. to drop its restrictions on soviet trade 
 he recently told a small group of american businessmen in moscow that he hoped to sign a general trade agreement with the u.s. possibly at the N summit 
 the soviets hope a trade agreement would give them <unk> nation status which would lower the tariffs on soviet exports to the u.s. 
 in an unusually <unk> article about the latest economic <unk> unemployment pravda yesterday reported that three million soviets have lost their jobs as a result of perestroika and the number could grow to N million by the year N 
 economists in moscow are now proposing that the state start a system of unemployment benefits 
 but one bush administration official knowledgeable about the summit plan cautioned against assuming that there will be bold new initiatives on the soviet economy or other issues 
 do n't take this as some big opening for major movement on economic cooperation or arms control or the environment he said 
 those things will all come up but in a fairly informal way 
 instead this official said this is vintage george bush 
 this was george bush 's own idea 
 it 's george bush wanting to meet a foreign leader and talk to him directly 
 aside from the soviet economic plight and talks on cutting strategic and chemical arms one other issue the soviets are likely to want to raise is naval force reductions 
 western analysts say that given the meeting 's setting at sea gorbachev is unlikely to pass up the opportunity to press once again for negotiated cuts in the <unk> of both the north atlantic treaty organization and the warsaw pact 
 that theme has been a <unk> one for soviet military officials for much of this year 
 they argue that as the kremlin follows through on announced plans to cut land forces the soviets ' area of greatest strength the u.s. should show more willingness to cut sea forces washington 's area of greatest <unk> 
 one of the reasons bush administration aides are anxious to insist that the coming meeting will be informal is to avoid comparisons with the last such <unk> structured <unk> gathering former president reagan 's N meeting with mr. gorbachev in <unk> <unk> 
 that meeting sent <unk> through the western alliance because mr. reagan was pulled into discussing the possible elimination of nuclear weapons without consulting american allies 
 mr. bush said that he initiated talks with the soviets on the informal meeting by sending a proposal to mr. gorbachev last july which the soviet leader readily accepted 
 but word of the possible session was closely held by the president and a handful of top aides and word of it did n't reach many <unk> officials until the past few days 
 indeed many senior officials had been insisting for weeks that mr. bush was n't interested in such an informal <unk> 
 though president bush 's political critics at home have been urging him to open a more direct dialogue with mr. gorbachev it actually was the arguments of leaders within the soviet bloc itself that led the president to seek the december meeting 
 mr. bush decided he wanted the meeting after talking in europe in july with the leaders of poland and hungary who urged him to support mr. gorbachev 's efforts to transform the soviet system and to urge him to loosen his grip on eastern europe a senior aide said 
 while flying home from those discussions mr. bush drafted a letter to mr. gorbachev suggesting an informal <unk> to <unk> their formal summit next year 
 peter <unk> in moscow contributed to this article 
 <unk> <unk> del <unk> said its potential losses from lending to <unk> could reach N trillion lire $ N million marking the bank 's first <unk> of potential costs of unauthorized lending by its atlanta branch 
 bnl previously reported that its georgia branch had taken on loan commitments <unk> $ N billion without the <unk> management 's approval 
 state-owned bnl italy 's largest bank has filed charges against the branch 's former manager christopher <unk> and a former branch vice president alleging fraud and breach of their fiduciary duties 
 bnl also said that its board had approved after an <unk> discussion a letter to the bank of italy <unk> measures the state-owned bank has taken or plans to take to improve controls on its foreign branches 
 the central bank had ordered bnl to come up with a suitable program by yesterday 
 bank of italy has also ordered bnl to shore up its capital base to account for potential foreign loan losses and the rome bank has outlined a N trillion lire <unk> operation 
 bnl was unable to elaborate on what measures were planned by the bank to improve controls on its branches abroad 
 hardly a day passes without news photos of the police dragging <unk> protesters from some building or <unk> in one of our cities 
 of recent note are the activities of the <unk> and anti-abortionists anti-nuclear activists animal rights protesters college students concerned about <unk> <unk> groups various <unk> environmentalists and those <unk> with the pace of the war against aids 
 maybe he did n't start it but <unk> gandhi certainly provided a <unk> beginning to non-violent civil disobedience as we know it today 
 the <unk> or great <unk> one <unk> several campaigns of passive resistance against the british government in india 
 unfortunately according to webster 's <unk> <unk> his policies went beyond his control and resulted in <unk> and <unk> and later a renewed campaign of civil disobedience resulted in <unk> and a second <unk> 
 i am not a <unk> of everything gandhi did but some of his law breaking was justified because india was then under <unk> by a foreign power and indians were not able to participate fully in decisions that <unk> affected them 
 it is difficult however to justify civil disobedience non-violent or not where citizens have full <unk> to the ballot box to effect change 
 where truly representative governments are <unk> by constitutional <unk> of human rights and an independent judiciary to <unk> those rights there is no excuse for breaking the law because some individual or group <unk> with it 
 there may be a few cases where the law breaking is well <unk> and so completely <unk> of the rights of others that it is difficult to <unk> it 
 the case of <unk> parks the black woman who refused to sit at the back of the bus comes to mind as an illustration 
 but most cases of non-violent civil disobedience are not nearly so benign 
 the public has a tendency to <unk> <unk> demonstrations with non-violent civil disobedience 
 it is true that both are non-violent but there is a fundamental difference between them 
 <unk> demonstrations such as peaceful <unk> and other <unk> that do not <unk> the peace or cause a public <unk> or interfere with the rights of others are rights guaranteed by any truly free system of government 
 civil disobedience violent or non-violent is <unk> law breaking 
 the subject of this discussion is non-violent civil disobedience but before we get on with that let me make just a few <unk> remarks about <unk> demonstrations 
 they are useful to call public attention to <unk> but they have little value in <unk> anyone about the issues in dispute 
 the <unk> of television in dramatic confrontation encourages <unk> of <unk> <unk> through <unk> <unk> gestures <unk> signs and other <unk> inspired tactics 
 <unk> <unk> and an environment where compromise can begin are lost in a hostile posture <unk> by <unk> media interviews 
 at best demonstrations are <unk> and <unk> <unk> at worst they can become the <unk> that lead to law breaking 
 demonstrations are particularly apt to <unk> into criminal conduct when they leave the site of the <unk> and become mobile 
 <unk> criminals and street people looking for excitement <unk> themselves like <unk> to the <unk> of the crowd and use the protest as an excuse for rock throwing auto <unk> <unk> window breaking <unk> <unk> picking and general <unk> 
 soon the whole purpose of the demonstration is lost in <unk> mania 
 there are better ways to promote a cause 
 where non-violent civil disobedience is the centerpiece rather than a <unk> demonstration that may only attract crime it is difficult to justify 
 some find no harm in the <unk> of trespass minor property destruction blocking traffic and the like 
 they say these are small prices to pay for <unk> action for the <unk> cause 
 the crimes may appear small but the prices can be huge 
 here are two cases to illustrate 
 assume a neighborhood demonstration to protest speeding on a certain road or a <unk> accident involving a police car 
 the protesters lie down in the street blocking traffic and will not move until the authorities carry them away 
 assume that someone caught in the <unk> has a heart attack 
 there is no way to get an <unk> in quickly to move him to a hospital 
 he dies 
 the demonstration was non-violent and involved only a simple <unk> but its impact on that individual was violent and terminal 
 assume that a tv network is airing a celebrity interview program with a live audience 
 the politician appearing is highly controversial and has recently generated a good deal of <unk> amid certain groups 
 in a planned protest against his appearance several members of the studio audience chain themselves in front of the tv cameras in such a way that the program can not continue 
 the network must refund money to the advertisers and loses considerable revenue and prestige 
 the demonstrators have been non-violent but the result of their <unk> has been to seriously <unk> the rights of others <unk> with their dispute 
 it might be alleged that tv has done more than its share to <unk> and promote non-violent civil disobedience so the second situation <unk> above would be simply a case of <unk> coming home to <unk> 
 or maybe the tv network would lose nothing 
 <unk> or phil would probably pull up another camera and interview the <unk> protesters 
 let us look for a moment at another type of non-violent civil disobedience that only <unk> other people indirectly yet does <unk> damage to the nation as a whole 
 i am referring to those young men who chose to <unk> their country 's call to arms during the vietnam war and fled to canada or some other <unk> to avoid combat 
 their <unk> acts of civil disobedience which they tried to hide under the <unk> of <unk> at a war they characterized as <unk> weakened the national fabric and threw additional burdens on those who served <unk> in that conflict 
 even more at fault are those leaders in and out of government who urged and supported their <unk> thereby giving great help and comfort to the enemy <unk> 
 it is amazing that the <unk> mass executions in vietnam and cambodia do not weight more heavily on minds so morally <unk> 
 worse it remained to a <unk> but <unk> president of the united states to <unk> the final <unk> upon those who fought and died in vietnam 
 under the <unk> of <unk> the <unk> of the nation president carter <unk> thousands of draft <unk> thus giving dignity to their allegations of the war 's <unk> 
 the precedent having been set who can complain if future generations called upon to defend the u.s. yield to the temptation to avoid the danger of combat by simply declaring the war <unk> and <unk> until it is over 
 finally i think it important to point out the extraordinarily high <unk> of non-violent civil disobedience in these days of intensive media coverage 
 give television a chance to cover live any breaking of the law and no second invitation will be required 
 this brings into question the <unk> of those who lead civil disobedience demonstrations 
 do they want the <unk> for themselves or for their cause 
 here is a good rule of <unk> if the movement produced the leader the chance that he is <unk> is much greater than if the leader produced the movement 
 in either case ask yourself whether you have become better informed on the issues under protest by watching the act of civil disobedience 
 if you have not it is probable that a <unk> airing of the dispute by calm and rational debate would have been the better course 
 mr. <unk> was vice president of the u.s. from N until he resigned in N 
 gov. george deukmejian and key legislators agreed to back a temporary <unk> increase in the state sales tax to raise $ N million for repairs and relief associated with last month 's earthquake 
 the tax increase which will be considered at a special session of the state legislature that begins tomorrow would cover only part of the estimated $ N billion to $ N billion in total damage caused by the oct. N quake 
 aside from as much as $ N billion in recently approved federal aid the state is expected to draw from a gubernatorial emergency fund that currently stands at an estimated $ N million 
 i am not aware that there is anything but bipartisan agreement for the general <unk> of the <unk> plan said a spokesman for the governor after a monday meeting with legislative leaders over the <unk> question 
 the tax increase on top of the current <unk> per dollar sales tax would become effective this dec. N and expire dec. N N 
 the <unk> plan was preferred over an alternative that would have boosted the state gasoline tax 
 some legislators expressed concern that a <unk> increase would take too long and possibly damage chances of a major <unk> ballot initiative that voters will consider next june 
 despite continuing problems in its newsprint business <unk> corp. posted a N N gain in third-quarter net income 
 the consumer-products and newsprint company said net rose to $ N million or $ N a share from $ N million or $ N a share a year ago 
 sales rose N N to $ N billion from $ N billion 
 after a flat second quarter tied largely to lower newsprint earnings <unk> attributed the gain to improved results in its consumer businesses in north america brazil and korea 
 those gains came from higher prices particularly for disposable <unk> and tissue products and from increased sales primarily for <unk> products the company said 
 newsprint results continued to be depressed the company added because of industrywide price discounting 
 the <unk> comparison was also enhanced by charges taken in the year-earlier period including $ N million related to the modernization of a pulp and newsprint mill in alabama 
 in the N period also interest expense and tax rates were lower than a year ago 
 in the first nine months profit rose N N to $ N million or $ N a share from $ N million or $ N a share 
 sales rose N N to $ N billion from $ N billion 
 in new york stock exchange composite trading <unk> closed at $ N a share up $ N 
 intensive audits are coming to N taxpayers as research guinea pigs 
 this is the year <unk> <unk> of N personal returns are being picked <unk> for <unk> audits to help the irs update its criteria for enforcement audit selection and use of resources 
 the last taxpayer compliance measurement program survey covered N returns 
 the <unk> project starts jan. N and is to be done by may N N 
 specially trained irs agents will look for <unk> income and <unk> deductions and credits 
 the agents will make more than routine inquiries about such items as <unk> status and dependents they want to look at living standards and business assets 
 but they also are to see that taxpayers get all <unk> tax benefits and to ask if <unk> who sought irs aid were satisfied with it 
 courts have ruled that taxpayers must submit to <unk> audits but the irs will excuse from the <unk> <unk> anyone who was <unk> without change for either N or N 
 rewards have been suggested but never adopted for <unk> who come through <unk> audits without change 
 penalty overhaul is still likely congressional sources say 
 <unk> proposals to <unk> the more than N civil penalties and make them <unk> and easier to <unk> are in the house tax bill 
 but they were stripped from the senate bill after staffers estimated penalty revenue would fall by $ N million over five years 
 still congressional aides say penalty reform is a strong candidate for enactment even if not this time around although some provisions may be modified 
 sen. <unk> d. <unk> a leader on the issue who generally backs the house plan wants some changes for one separate sanctions for negligence and large <unk> of tax owed not a single penalty 
 he would ease the proposed penalties for delayed <unk> deposits and for <unk> form N and other reports that taxpayers correct voluntarily 
 the general accounting office urges congress to ensure that all penalties retain their force as <unk> 
 taxpayers ' rights are defined by a growing number of states 
 the N tax act created a federal bill of rights <unk> out irs duties to protect taxpayers ' rights in the assessment and collection of taxes 
 states are following suit 
 california enacted a rights law in N 
 in N illinois kansas ohio oregon and south carolina have adopted rights laws the federation of tax administrators a state officials ' group reports the features vary 
 and taxpayer groups are urging legislation in many other states 
 one group is the committee on state taxation which <unk> N <unk> corporations and advises the council of state chambers of commerce 
 the group 's mark <unk> says its efforts begun in N have led to the introduction of bills in massachusetts minnesota and colorado to establish <unk> procedures affecting all kinds of taxpayers 
 the group also seeks <unk> among states in provisions for taxpayers ' rights 
 this week new york city announced a <unk> policy <unk> on the federal bill of rights for taxpayers 
 the <unk> rate allowed for business use of a car in N has risen to N cents a mile for the first N from N cents in N the irs says the rate stays N cents for each added mile 
 also <unk> N cents for charitable activities and nine cents for medical and moving costs 
 ira <unk> could be used to qualify for bank services under a bill entered by <unk> chandler r. wash and <unk> d. texas 
 the bill would thwart a recent labor department opinion that investing <unk> funds to earn free checking violates the law 
 hugo <unk> vast <unk> 
 south carolina 's congressional delegation has entered senate and house bills to provide special <unk> treatment and other tax relief for <unk> growers in the hurricane disaster areas 
 he rode his <unk> but he could n't milk it the tax court says 
 the court often <unk> deductions of <unk> costs do they stem from a <unk> activity or a <unk> <unk> 
 but it 's rare to see both functions in one case 
 charles o. <unk> of mount <unk> ind. investment broker <unk> and son of a former stable owner <unk> tennessee walking horses for six years raised cattle for four and never made a profit on either 
 he claimed losses totaling $ N and the irs denied them all 
 special judge <unk> noted that <unk> managed <unk> in a <unk> way he kept detailed accounts practiced soil conservation enhanced his experience by consulting experts spent several hours a day doing chores and dropped the sideline when his best <unk> <unk> died 
 yet he took little <unk> care with his cattle he had no prior experience and did n't seek business counsel about them 
 the judge said <unk> may <unk> his $ N of losses from horse breeding but rejected the $ N in deductions from the cattle operation 
 briefs 
 the irs already is doing intensive <unk> audits of N returns for N and fiscal N filed by corporations with under $ N million in assets 
 president bush says he will name donald e. <unk> to the new treasury post of inspector general which has responsibilities for the irs 
 the u.s. and finland signed an income-tax treaty subject to <unk> 
 an arbitrator awarded eastern airlines pilots between $ N million and $ N million in back pay a decision that could complicate the carrier 's bankruptcy-law reorganization 
 eastern a unit of texas air corp. said it is <unk> the ruling to determine if it can appeal 
 it 's unclear whether eastern will succeed in <unk> the arbitrator 's decision made in a <unk> pay parity dispute that <unk> both the carrier 's chapter N petition and its N acquisition by texas air 
 all eastern 's previous court efforts to head off the pilots ' demands have failed 
 an eastern spokesman said he does n't expect that the arbitrator 's ruling will have any overall material effect on the company 's strategic plan 
 bankruptcy experts said the law is n't clear on how such an arbitration ruling can affect a company 's case 
 like any other creditor the pilots will have to apply to the court for payment of their claim 
 that may leave a lot of <unk> for u.s. bankruptcy judge burton r. <unk> to decide what if anything the pilots actually collect 
 in august he issued the ruling that let the pilots pursue their <unk> <unk> before the arbitrator 
 the pilots ' contract with eastern calls for a <unk> acceptable private arbitrator to resolve such <unk> 
 in a statement to employees eastern said the company was disappointed by the ruling 
 the obligation is totally unwarranted the statement said 
 james <unk> a lawyer for the air line pilots association said the pilots were extremely pleased 
 this is a blow not only to eastern but to the creditors committee he said 
 eastern 's creditors committee along with the company has consistently opposed the pilots ' claim which if paid would have to come out of money both hope to use to pay off other bankruptcy claims 
 eastern and its creditors are in the final delicate stages of negotiating a second reorganization plan to pay off the airline 's debts 
 an earlier plan which had received the creditors ' approval in july fell apart when eastern changed its business plan 
 it is n't known whether the pilot claim was figured into either plan 
 the dispute between eastern and its pilots is over a pay parity clause in the pilots ' contract 
 the clause was part of an agreement in which pilots accepted a substantial pay cut as long as no other labor group got a raise 
 shortly after texas air took control of eastern some machinists union supervisors received a N N pay raise 
 the pilots argued that this triggered a pay raise for them 
 eastern has disputed the claim but a federal district court an appeals court and now the arbitrator have all <unk> with the pilots 
 the two sides do n't even agree about how much money is at issue 
 the pilots put the amount as high as $ N million the company at $ N million 
 another arbitrator is hearing another pay parity case between eastern and its pilots resulting from a similar set of circumstances involving a separate pay raise granted another union 
 a decision on that case is n't expected before <unk> 
 ironically many of the pilots involved have left eastern or are still striking the carrier which filed for bankruptcy protection march N 
 about N have crossed the picket lines and returned to work 
 few people in the advertising business have raised as many <unk> as alvin a. achenbaum 
 the general public may not know his name but he 's famous make that <unk> in advertising circles a marketing consultant he <unk> slashing ad agency commissions to the <unk> of advertising clients and the <unk> of agencies 
 now after beating them mr. achenbaum is joining them 
 backer spielvogel bates worldwide named mr. achenbaum N vice chairman of professional services reporting directly to carl spielvogel chairman and chief executive officer 
 he joins nov. N <unk> his consulting firm <unk> achenbaum associates 
 in years past the ad industry 's most distinguished executives did n't hesitate to <unk> mr. achenbaum 
 they have since <unk> although one senior young & rubicam executive <unk> others said i think ad agencies owe carl spielvogel a vote of thanks for getting him out of the consulting business 
 but industry executives also believe hiring mr. achenbaum is a <unk> move for backer spielvogel a unit of saatchi & saatchi 
 mr. achenbaum has counted among his clients some of the most visible blue-chip advertisers in the country including nissan toyota seagram and backer spielvogel clients hyundai and j.p. morgan 
 at backer spielvogel he will work with clients and potential clients on marketing strategies aside from agency compensation issues he helped nissan for example come up with its <unk> and pricing for its new infiniti line 
 his client contacts meanwhile could prove a gold mine for an agency that has had few new business wins of late 
 i 've done over N ad agency searches for clients so i have a pretty good notion of what clients are interested in when they look for an agency mr. achenbaum said 
 as a consultant he has given <unk> at agencies including ogilvy & mather on how to win new business 
 mr. spielvogel said he hopes mr. achenbaum will do some strategic consulting at the agency for <unk> in hopes that they become clients 
 at backer spielvogel mr. spielvogel 's <unk> has been personal involvement with all major clients 
 he <unk> them he invites them to <unk> parties he strokes them 
 mr. achenbaum too <unk> into his clients ' business 
 carl has a much higher degree of <unk> with his clients than is ordinary for an agency his size 
 and with al 's record of being a <unk> and a detail guy you can see how the two fit said alan <unk> an analyst with painewebber 
 mr. achenbaum 's move follows the announcement last month that his consulting partner stanley <unk> N would retire 
 when the announcement came out i picked up the phone and said why do n't you come to us mr. spielvogel said 
 mr. achenbaum who had been considering <unk> down his firm or <unk> it with another small consulting outfit soon agreed 
 the two men are longtime friends and tennis partners having met about N years ago 
 before becoming a consultant in N mr. achenbaum was a senior executive at j. walter thompson co 
 he spent most of his career <unk> marketing strategies but became best-known for <unk> away at ad agency compensation 
 ad agencies typically earned a straight N N commission if a client spent $ N million on tv time the agency made $ N million 
 but mr. achenbaum <unk> negotiated fees which often worked out to less than N N 
 more recently he negotiated <unk> <unk> in which an ad agency in some cases must pay a client if it drops the account 
 he ultimately became so well-known for cutting compensation however that clients did n't seek him out for anything else 
 i was very frustrated he said 
 the fact of the matter is i am a marketer 
 that 's another reason for the backer spielvogel job 
 it struck me as a way to get back to what i really want to do 
 mr. spielvogel added <unk> the pressure on commissions did n't begin with al achenbaum 
 mr. spielvogel said mr. achenbaum will work with clients to determine the mix of promotion merchandising publicity and other marketing outlets and to integrate those services 
 he will concentrate on among others j.p. morgan and hyundai 
 mr. achenbaum helped morgan in its recent agency search and he has a long relationship with hyundai which is having severe troubles including declining sales 
 the trail of revenue is increasingly going away from pure advertising and going <unk> other services mr. spielvogel said 
 instead of being just an ad agency he said we have <unk> our mission here 
 our mission is to help our clients grow and to use every tool of marketing communications to accomplish that 
 industry executives are <unk> mr. achenbaum well 
 leonard matthews <unk> of the american association of advertising agencies called mr. achenbaum a <unk> in an <unk> N speech 
 yesterday mr. matthews now a consultant with the stamford conn. firm matthews & johnston <unk> i think he 'll be very good at that new job 
 and much better at that than at the <unk> he 's been doing recently 
 cotton inc campaign 
 cotton inc. the fiber company that represents cotton growers will begin a new ad campaign developed by ogilvy & mather <unk> day 
 j. nicholas hahn cotton inc. 's president and chief executive was an outspoken critic of wpp group 's acquisition of ogilvy group earlier this year 
 during the takeover mr. hahn said he would put his account up for review if wpp 's bid were successful but he did n't 
 cotton inc. 's new $ N million campaign calls cotton the fabric of our lives 
 the campaign <unk> its take comfort in cotton ads and marks the end of its national cooperative advertising efforts 
 for years the company 's ads were tied in with pitches for <unk> sheets or <unk> <unk> for example and an announcer at the end of the ads would tell customers where to find the true performance label 
 with the new tv spots ogilvy & mather has opted for a family style with lots of <unk> <unk> and <unk> 
 we 're making a fairly obvious plea for some emotional reaction says tom <unk> creative director at ogilvy & mather 
 cotton inc. will spend nearly $ N million on broadcasting on <unk> day alone advertising on such programs as good morning america macy 's <unk> day parade and the nfl holiday game 
 frank <unk> dies at N 
 frank l. <unk> one of the <unk> of advertising targeted at black audiences died at the age of N after a <unk> 
 mr. <unk> was chief executive officer of the <unk> group which he founded in N and which created ads for the black market 
 clients include miller brewing co. and general motors 
 mr. <unk> was <unk> sept. N and died monday according to samuel j. <unk> the agency 's president and chief operating officer 
 ad notes 
 earnings 
 <unk> group inc. new york reported third-quarter net income rose N N to $ N million or N cents a share from $ N million or N cents a share a year earlier 
 revenue increased N N to $ N million from $ N million 
 prime minister lee <unk> <unk> singapore 's leader and one of asia 's leading <unk> for N years recently announced his intention to retire next year though not necessarily to end his influence 
 the prime minister whose hair is <unk> and gray and whose face has a perpetual <unk> nonetheless continues to display an energy a precision of thought and a willingness to say publicly what most other asian leaders <unk> say only privately 
 the <unk> mr. lee recently spent an hour discussing the state of asia and the world with two journal reporters in his <unk> <unk> <unk> office 
 the interview did not touch on singapore 's domestic affairs 
 <unk> personal <unk> mr. lee picked up exactly where he left off several months earlier before the government crackdown in china when he had warned that the orthodox leadership in beijing feared a <unk> of views 
 <unk> follow 
 on china 's turmoil it is a very unhappy scene he said 
 it took <unk> <unk> former premier and party chief N years to build a team of economists who understood how the western economies work and now that team is part in <unk> part being <unk> and part missing 
 rebuilding that team mr. lee predicted will take another N years 
 that 's very sad for china and for asia because china could have been a good engine for growth not just for hong kong and taiwan but for japan korea and the rest of asia 
 on <unk> between china and the soviet union in important <unk> the soviets are different from the chinese 
 they are already industrialized 
 their problem is one of <unk> of an industrial economy 
 the chinese problem is much greater it 's how to <unk> to begin with 
 asked if the soviets like chinese officials wo n't one day face a similar conflict between the desire to <unk> economically and yet retain political control mr. lee said i would think that the soviets face a deeper dilemma because they have been more in <unk> than the chinese i mean keeping their people cut off from the outside world 
 mikhail gorbachev he said is ahead of china 's leaders in his awareness of the world 
 but i think the soviet peoples are more <unk> than the chinese 
 regardless he said he still believes the soviet union while falling far short of the efficiency of a western economy may well manage to improve considerably 
 on <unk> prosperity if america can keep up the present situation her markets open for another N years with adjustments and japan can grow and not cut back and so too korea taiwan hong kong singapore <unk> australia and new zealand then in N years the economies of these countries would be totally restructured to be able to almost sustain growth by themselves 
 in such an arrangement all benefit he said 
 and if the europeans come in they benefit too 
 it 's not a <unk> game 
 asked about the possibility of greater economic cooperation among <unk> nations which will be discussed nov. N and N at a <unk> meeting in <unk> mr. lee said the goal is to have a free and open world trading system 
 an asian bloc is n't intended he said 
 that 's not possible 
 on <unk> relations i 'm encouraged 
 i think the earlier <unk> notes struck by u.s. commerce secretary robert mosbacher and u.s. trade representative carla hills have been more <unk> 
 i believe the u.s. is becoming more patient and <unk> he said 
 it 's the total relationship that is important 
 the total relationship as mr. lee sees it is the flow of dollars to the u.s. to fund the deficits the investments the japanese are making in the u.s. in order to satisfy american demand that american products consumed in america should be made as much as possible in america by americans with japanese technology and capital 
 japan 's recent political turbulence mr. lee said may mean japan will slow market adjustments 
 they 'll be more <unk> in <unk> their own voters like opening up more to agricultural imports from america hurting their farmers 
 on u.s. military presence in asia asked if his offer to allow the american military to use facilities in singapore would help preserve america 's presence in the region at bases in the philippines he said what we have done is make it easier for the philippines to continue to host american bases without it being said they are <unk> of the <unk> and the only ones in asia or in southeast asia 
 we are willing to share the political burden of being host to america an imperial power 
 we think it is n't such a great burden that it carries no <unk> and we are prepared to do it 
 on <unk> relations it 's such a <unk> relationship going back into history 
 i really do not understand how it is that <unk> feel so <unk> involved in this father figure that they want to <unk> of and yet they need 
 i just do n't understand it 
 my relationships with the british are totally different 
 they <unk> it over me 
 they did me some good 
 they did themselves even more good 
 they let me down when the japanese came down during world war ii 
 i do n't feel down or done in because i show british <unk> on my television network or read their books 
 i mean it is a normal adult relationship 
 but the <unk> and the americans when i talk to them there 's so much passion about filipino <unk> being diminished as a result of being <unk> upon by the americans and so on 
 the <unk> <unk> tries to put on <unk> but we let it pass 
 it 's just comic when they try to <unk> they 're still the master race 
 mr. lee added that the <unk> are making it very difficult for the u.s. military presence to last beyond five or N years 
 on military alternatives if the u.s. pulls back the soviets already are present 
 i <unk> sooner or later the japanese would have to fill up a large part of the gap on the naval side 
 maybe the chinese maybe even the indians 
 on economic consequences of a diminished u.s. presence america is the only major power in recent history that has used its military might to sustain a system that enables all participants to equally benefit without her as the provider of the security taking royalties 
 asked why so few nations seem to share his views of america he said many people see it that way 
 but they have just taken it for granted 
 on cambodia let 's assume that former <unk> leader prince <unk> <unk> does what the press wants him to do and joins up with <unk> <unk> leader <unk> sen 
 is the trouble over 
 can <unk> and <unk> sen knock off the khmer rouge still supported by china 
 he ca n't 
 what is the way forward 
 to get the khmer rouge as part of a process for elections 
 and when they lose then we can expect china to stop aid 
 let 's put it <unk> 
 the chinese can not be seen to have made use of the khmer rouge and then <unk> them 
 ms. house is vice president of dow jones international group 
 mr. <unk> is editor of the asian wall street journal 
 everything looked good as <unk> walter levy and colleagues carefully cut away a woman 's <unk> tumor at the cleveland clinic in N 
 using small electrical shocks applied to her feet they were able to monitor <unk> nerves 
 the shocks generated <unk> <unk> that traveled via <unk> to brain and showed up clearly on a <unk> monitor indicating no damage to the delicate <unk> tissue 
 then says dr. levy she <unk> up <unk> 
 the damage was to her motor nerves which could n't be monitored along with the <unk> nerves he explains 
 the tragedy he adds galvanized me to look for a way to prevent similar cases 
 dr. levy 's answer may come with a new kind of magnetic brain probe a device that he and dozens of u.s. researchers are studying with great hope 
 besides holding the promise of safer <unk> surgery the probe could improve the <unk> of brain and <unk> disorders such as strokes and multiple <unk> 
 perhaps most exciting the device is <unk> open a window to the workings of the brain 
 the probe which is <unk> <unk> and apparently <unk> employs strong magnetic fields to induce small <unk> of electricity within the brain 
 if positioned over the brain 's <unk> area the hand-held <unk> generate <unk> <unk> that zip down motor nerves and <unk> <unk> making say a finger <unk> 
 in principle they will enable doctors to check the body 's motor system the way an <unk> tests a home 's electrical circuits by running current through them 
 until now we 've had no objective way of measuring motor function says keith <unk> a <unk> conducting clinical tests with the devices at boston 's massachusetts general hospital 
 all we could do was tell a patient squeeze my fingers as hard as you can or raise your arm 
 under the best circumstances such tests are <unk> when a patient is <unk> they do n't work at all 
 magnetic brain <unk> started in the early <unk> when researchers produced <unk> of light in the <unk> field with <unk> 
 in the 1960s <unk> clinic researchers developed magnetic devices to stimulate motor nerves in the hand and other <unk> 
 but for brain tests the <unk> machines would have required patients to stand on their heads says <unk> <unk> a researcher at the university of california at san diego 
 the field took off in N after scientists at britain 's <unk> university developed a handy compact <unk> for brain <unk> 
 since then at least two commercial versions have been put on the u.s. market and an estimated N have been sold 
 in august a chicago conference on such devices attracted more than N researchers who reported studies on everything from brain <unk> to physical therapy 
 we do n't feel we can use the devices routinely in surgery yet but we 're getting close says dr. levy who is now with the university of pittsburgh 
 a problem he adds is that <unk> brains are more <unk> to magnetic <unk> than <unk> ones 
 the devices could help indicate when surgery would help says charles <unk> a university of toronto <unk> 
 for example <unk> <unk> victims occasionally have some intact <unk> <unk> that if <unk> by emergency surgery enable partial recovery 
 but such operations typically are n't performed because there is no sign right after an injury that surgery would be beneficial 
 the cost of magnetic stimulators would seem like peanuts if we could retrieve <unk> function in such people dr. <unk> says 
 scientists caution there is a chance the <unk> technique might spark seizures in <unk> 
 but no significant problems have been reported among hundreds of people tested with the devices 
 the main <unk> besides feeling like a <unk> <unk> with <unk> <unk> is like a <unk> on the head says sam <unk> a <unk> who has studied the brain stimulators at yale university 
 one apparent side effect is a minor increase in a brain <unk> 
 and some doctors who have conducted hours of tests on themselves report temporary headaches 
 at least two companies <unk> laboratories inc. of <unk> wash. and <unk> medical systems inc. of <unk> conn. now sell versions of the magnetic devices 
 the machines which at $ N are <unk> by medical standards have n't been approved in the u.s. for marketing as brain stimulators but are sold for <unk> nerves in the hand <unk> and other <unk> areas 
 researchers can apply for permission to use the <unk> for brain studies 
 at the university of kentucky a team led by dean <unk> a physical therapy researcher is testing the stimulators in <unk> with electric shocks to induce muscle <unk> to help prevent <unk> of <unk> <unk> after <unk> surgery 
 similarly a <unk> university team led by heart researcher <unk> <unk> hopes to develop ways to <unk> induce <unk> muscle <unk> 
 the devices might someday serve as temporary <unk> or <unk> for stopped hearts says dr. <unk> whose prototype was dubbed the <unk> <unk> 
 the devices ' most remarkable possibilities though involve the brain 
 probing with the stimulators national institutes of health scientists recently showed how the brain <unk> <unk> resources after an <unk> 
 similar studies are expected to reveal how <unk> patients ' brains <unk> a first step toward finding ways to bolster that process and speed rehabilitation 
 scientists also are exploring memory and perception with the new machines 
 at the state university of new york at brooklyn researchers <unk> two groups of different letters on a computer screen in front of human guinea pigs 
 between <unk> certain areas in subjects ' brains are jolted with a magnetic <unk> 
 when the jolt is <unk> just right the subjects do n't recall seeing the first group of letters 
 where does that first <unk> go <unk> <unk> <unk> paul <unk> 
 trying to answer that is suggesting all kinds of theories such as precisely where and how the brain processes <unk> signals from the eyes 
 he and others say that the machines are weak enough that they do n't jeopardize the memory 
 both the <unk> team and researchers at the national <unk> laboratory in cambridge mass. are working with more potent magnetic brain stimulators 
 among other things the stronger devices may be able to <unk> forth <unk> memories and induce mood changes <unk> say 
 du pont co. hewlett-packard co. and los <unk> national laboratory said they signed a three-year $ N million agreement to <unk> on superconductor research 
 the collaboration will include at least N researchers and will be aimed primarily at developing thin films of <unk> superconductors for use in electronics the companies said 
 the materials discovered during the past three years conduct electricity without resistance and promise smaller faster computers and other new technologies 
 <unk> programs have <unk> as u.s. companies seek to spread the risks and costs of <unk> new superconductors and to meet the challenges posed by foreign <unk> especially in japan 
 the latest research pact <unk> du pont 's growing portfolio of investments in superconductors 
 the wilmington del. chemicals concern previously signed research superconductor agreements with oak <unk> national laboratory and with <unk> national laboratory 
 last year du pont agreed to pay $ N million for rights to superconductor work at the university of houston 
 hewlett-packard is a palo alto calif. computer maker 
 the los <unk> laboratory is one of three u.s. department of energy national laboratories designed as pilot centers to foster joint <unk> programs to speed the transfer of new superconductors to the marketplace 
 j.c. penney co. dallas said it issued $ N million of securities backed by credit-card receivables 
 the offering was priced with an N N coupon rate at N N to yield N N 
 the retailer said the securities are expected to be rated triple-a by standard & poor 's corp. and <unk> by moody 's investors service inc 
 they pay interest only for N months with principal payments beginning thereafter 
 the expected average life of the certificates is N years with the final scheduled payment in october N 
 first boston corp. is sole underwriter 
 as part of the transaction j.c. penney will sell a portion of its credit-card receivables to its <unk> receivables inc. unit which will then transfer them to a master trust 
 the trust will issue the certificates 
 credit support will be provided by a letter of credit facility from credit suisse in favor of the trustee fuji bank & trust co. for the benefit of the certificate holders 
 j.c. penney will continue to service the receivables 
 <unk> japanese industrial managers here always buck up nervous newcomers with the tale of the first of their <unk> to visit mexico a <unk> of <unk> <unk> <unk> <unk> N years ago 
 from the beginning it took a man with extraordinary <unk> to succeed in mexico says <unk> <unk> president of mitsui group 's <unk> engineering inc. unit 
 here in this new center for japanese assembly plants just across the border from san diego turnover is dizzying infrastructure <unk> bureaucracy intense 
 even <unk> drag <unk> bars where japanese <unk> <unk> over recorded music are prohibited by mexico 's powerful musicians union 
 still N japanese companies including giants such as <unk> industries corp. <unk> electronics components corp. and sony corp. have set up shop in the state of northern <unk> california 
 keeping the japanese happy will be one of the most important tasks facing conservative leader <unk> <unk> when he takes office nov. N as the first opposition governor in mexico 's modern history 
 mexico with its desperate need for investment and japan with its huge budget surplus would seem like a perfect match 
 but the two countries remain <unk> by a cultural barrier wider than the ocean 
 conservative japanese investors are put off by what they consider mexico 's restrictive investment regulations and loose work habits 
 from the <unk> ' viewpoint <unk> tactics of <unk> japanese managers do n't count for much in a land where a saying says there are no fixed rules 
 japan ranks as only the fourth largest foreign investor in mexico with N N of the total investments 
 that is just N N of all the money japan has invested abroad 
 mexican president carlos salinas de <unk> would like to change that 
 the young president so <unk> japanese discipline that he sends his children to a japanese school in mexico city 
 he already has <unk> a $ N billion loan from the japanese government 
 but mexico <unk> needs more help 
 mr. salinas 's unpopular institutional revolutionary party or <unk> faces congressional elections in N 
 for the <unk> to stand a chance mr. salinas has to press on with an economic program that so far has succeeded in lowering inflation and providing moderate economic growth 
 but maintaining the key components of his strategy a stable exchange rate and high level of imports will consume enormous amounts of foreign exchange 
 mr. salinas needs big investment inflows quickly 
 the problem is that japanese businesses make decisions with a view well beyond the coming months that weigh so heavily on mr. salinas 
 the japanese will come to mexico but not immediately says <unk> <unk> <unk> of the japanese external trade organization in mexico 
 if not now when 
 when the fruit is <unk> it falls from the tree by itself he says 
 pressed on the matter he is more specific 
 there will be big japanese investments probably five to N years from now 
 <unk> <unk> japan 's ambassador to mexico agrees that mexico may be too eager 
 there seems to be a <unk> in some sectors of mexico 's government that there is a lot of japanese money waiting behind the gate and that by slightly opening the gate that money will enter mexico 
 i do n't think that is the case 
 mexican officials maintain the japanese reserve is only a result of <unk> 
 because of distance it takes a while for them to appreciate the economic stability we 've achieved says one economic <unk> 
 mexico is sending a number of <unk> to japan looking for a major <unk> investment in telecommunications petrochemicals or tourism 
 it is hoped that other japanese would then follow the leader 
 but japanese investors say that their reluctance to invest stems not only from concerns about mexico 's economic outlook but also reservations about mexico 's recently revamped investment law 
 unable to get a new law through a congress with a strong leftist bloc mexico <unk> the existing law 's regulations 
 it created special 20-year trusts to allow foreigners N N ownership in some <unk> industries 
 it also made <unk> use of <unk> <unk> as <unk> industries some that had been in the national <unk> 
 those devices do n't give sufficient <unk> to our bosses in japan says <unk> <unk> representative of the industrial bank of japan 
 mr. <unk> cites the case of a customer who wants to build a giant tourism complex in <unk> and has been trying for eight years to get around mexican restrictions on foreign ownership of <unk> property 
 he could develop the beach through a trust but instead is trying have his <unk> become a <unk> mexican so his family gains direct control 
 some say the best hope for the <unk> is catching the eye of japan by promoting the one industry the japanese clearly like the border assembly plants known as <unk> which are open to N N foreign control 
 we must do more to help the japanese here in <unk> if we want them to invest elsewhere says mr. <unk> the <unk> of the national action party and himself a <unk> businessman 
 plant operators are <unk> by mr. <unk> 's pledge to cut corruption associated with the ruling party officials 
 but mr. <unk> <unk> that an even bigger problem could be <unk> from the u.s. where some politicians oppose what they consider japanese efforts to use <unk> to crack the u.s. market through the back door 
 shaken by tumbling stock prices and pessimistic projections of u.s. economic growth currency analysts around the world have <unk> down their <unk> of the dollar 's near-term performance 
 most of the N analysts polled last week by dow jones international news service in frankfurt tokyo london and new york expect the u.s. dollar to ease only mildly in november 
 opinion is mixed over its three-month prospects 
 half of those polled see the currency <unk> lower over the next three months while the others forecast a modest rebound after the new year 
 in late afternoon new york trading yesterday the dollar stood at N west german marks up from N marks late monday and at N yen up from N yen late monday 
 a month ago a similar survey predicted the dollar would be trading at N marks and N yen by the end of october 
 sterling was trading at $ N down from $ N late monday 
 in tokyo wednesday the u.s. currency was trading at about N yen at midmorning up from N yen at the opening and up from tuesday 's tokyo close of N yen 
 the average of estimates of the N economists polled puts the dollar around N marks at the end of november and at N yen 
 by late january the consensus calls for the dollar to be trading around N marks and near N yen 
 those with a bullish view see the dollar trading up near N marks and N yen while the dollar bears see the u.s. currency trading around N marks and N yen 
 a number of those polled predict the dollar will slip as the federal reserve <unk> interest rates 
 david owen an economist at kleinwort benson & co. in london said he expects further cuts in short-term u.s. rates in an effort to encourage a narrowing of the trade gap and to ensure a soft landing in the u.s. economy 
 robert white a vice president and manager of corporate trade at first interstate of california agreed with that view and predicted the u.s. federal funds rate will drop to between N N N and N N within N days from its current level at N N N 
 fed funds is the rate banks charge each other on overnight loans the fed influences the rate by adding or <unk> reserves from the banking system 
 mr. white also predicted a <unk> cut in the u.s. discount rate in the near future 
 the discount rate currently N N is the rate the fed charges member banks for loans using government securities as collateral 
 he expects such a cut because of problems in several sectors of the economy particularly real estate and automobiles 
 <unk> his argument the commerce department reported yesterday that new home sales for september were down N N from august 's revised N N fall 
 the drop marked the largest monthly tumble since a N N slide in january N 
 in last month 's survey a number of currency analysts predicted the dollar would be pressured by a narrowing of interest rate <unk> between the u.s. and west germany 
 indeed in early october the west german central bank raised its discount and <unk> rates by a full percentage point 
 several other european central banks notably in britain followed the west german <unk> 's lead by raising their own key rates 
 and a week later japan raised its official discount rate by a half point to N N 
 the japanese discount rate is the central bank 's base rate on loans to commercial banks 
 after a surprisingly sharp widening in the u.s. august merchandise trade deficit $ N billion from a revised $ N billion in july and well above expectations and a startling 190-point drop in stock prices on oct. N the federal reserve <unk> short-term interest rates knocking fed funds from around N N to N N N 
 but predictions that central banks of the group of seven <unk> major industrial nations would continue their massive dollar sales went <unk> as the market drove the dollar downward on its own reacting to wall street 's plunge and subsequent price volatility lower u.s. interest rates and signs of a slowing u.s. economy 
 <unk> consists of the u.s. japan britain west germany canada france and italy 
 <unk> <unk> senior deputy manager in the treasury department of mitsui bank ltd. in tokyo suggested that uncertainty about u.s. stocks and bonds has made japanese investors leery of holding those securities in the near term thus <unk> dollar demand 
 but mr. <unk> added once u.s. equities regain some stability players will move back into dollar-denominated investments especially treasury bonds whose value rises when interest rates decline 
 mr. <unk> said the key <unk> exchange rate is at N yen 
 if N is broken some panic will be seen he predicted explaining that japanese institutions are comfortable with the dollar anywhere between current levels and N yen 
 <unk> <unk> a senior trader at manufacturers hanover trust co. in frankfurt said he expects the dollar to recover within the next three months to around N marks as u.s. economic data particularly u.s. trade figures level off 
 he contended that the fed wo n't ease rates further but predicted <unk> officials will relax key rates in west germany 
 alfred <unk> chief trader at bank of boston in frankfurt took an opposite stance 
 he said he expects u.s. interest rates to decline dragging the dollar down to around N marks by the end of january after a short-lived <unk> to N marks by the end of november 
 west german interest rates he said will remain unchanged 
 but i 'm not one of these great dollar bears you see more of these days mr. <unk> said 
 i ca n't really see it dropping far below N marks 
 scott greene chief foreign exchange dealer with <unk> <unk> & co. in new york fits the <unk> of a great dollar bear 
 he predicted the u.s. unit will <unk> below N marks to around N marks this month and N marks by the beginning of the new year 
 we 're finally seeing the culmination of all the <unk> buildup of the last few months he said noting a continuing downward trend in u.s. interest rates a shaky stock market and <unk> economic times ahead all signal a significantly lower dollar 
 in the wake of british chancellor of the exchequer nigel lawson 's surprise resignation and sterling 's subsequent <unk> most analysts had little good to say about the pound 's near-term prospects 
 mr. owen of kleinwort benson suggested that the new chancellor john major will take a tough line in his autumn statement later this month helping to <unk> the pound 
 but he warned the currency will remain at risk 
 on the commodity exchange in new york gold for current delivery dropped $ N to $ N an ounce in moderate trading 
 estimated volume was N million ounces 
 in early trading in hong kong wednesday gold was quoted at $ N an ounce 
 christopher hill in tokyo nicholas hastings in london <unk> <unk> in frankfurt and <unk> <unk> and douglas <unk> in new york contributed to this article 
 west germany will repeal the unpopular turnover tax on securities transactions as of jan. N N economics minister helmut <unk> said 
 he said the government will also repeal the N N transaction tax on the first-time purchase of stakes in companies 
 the announcement follows several comments by government officials that the government will speed up the repeal of the tax which was originally scheduled to fall with the start of the single internal market in the european community at the end of N 
 the <unk> tax has been long criticized by the west german financial community because it tends to drive securities trading and other banking activities out of frankfurt into rival financial centers especially london where trading transactions is n't taxed 
 the tax has raised less than one billion marks $ N million annually in recent years but the government has been reluctant to abolish the levy for budgetary concerns 
 in the interview mr. <unk> did n't specify the amount of revenue the government will lose after the tax disappears 
 the new date means that the tax will be officially <unk> before the end of the current parliamentary term at the end of N and guarantees its <unk> even if the current <unk> coalition loses the elections in december N 
 earlier this year president bush made a final <unk> it offer on the minimum wage an increase to $ N an hour over three years and only if accompanied by a lower wage for the first six months of a job 
 now the white house has decided to accept the higher wage over only two years 
 the <unk> wage would apply only to first-time <unk> workers for N days 
 the white house had enough votes to sustain a veto but chose to avoid a confrontation 
 the only permanent losers will be the N or so workers everyone agrees will be priced out of a job at the $ N rate congress is likely to approve today 
 it is <unk> such as this that convince washington 's liberals that if they simply stay the course this administration will <unk> from its own course on this and other issues 
 the head trader of chemical banking corp. 's interest-rate options group has left the company following valuation errors that resulted in a $ N million charge against its third-quarter results 
 chemical said steven <unk> resigned recently but one individual close to the situation said the resignation was forced 
 mr. <unk> could n't be reached for comment 
 a separate inquiry by chemical cleared mr. <unk> of allegations that he had been <unk> <unk> by a new york money broker 
 that inquiry has n't resolved similar allegations involving another chemical options trader 
 in other personnel changes stemming from problems in its options unit 
 chemical named james kennedy a trader in swaps contracts for the bank to assume mr. <unk> 's duties and to be trading manager for derivative products including swaps and interest-rate options 
 lee <unk> vice president in charge of options research who discovered the valuation errors and was asked by senior management to <unk> out the mess resigned to take a position in asset and liability management at continental bank in chicago 
 mr. <unk> whom chemical tried to keep did n't return calls for comment 
 separately chemical confirmed that it took an undisclosed charge in the second quarter for losses on <unk> agreements involving foreign currency written by its branch in frankfurt west germany 
 a chemical spokeswoman said the second-quarter charge was not material and that no personnel changes were made as a result 
 the spokeswoman said the frankfurt situation was totally different from problems in the interest-rate options unit 
 according to individuals familiar with the situation the frankfurt loss stemmed from a computer program for <unk> prices on <unk> agreements that failed to <unk> an interest-rate environment where short-term rates were equal to or higher than long-term rates 
 while the incidents involving interest-rate options and <unk> agreements are unrelated some observers say they echo a N incident in which bankers trust new york corp. restated the value of its foreign exchange options contracts downward by about $ N million 
 these complex products require close monitoring because each must be valued separately in light of current market conditions 
 in an interest-rate options contract a client pays a fee to a bank for <unk> protection against adverse interest-rate swings for a specified period 
 in a <unk> agreement a client agrees to an exchange rate on a future currency transaction 
 some competitors maintain the <unk> option loss in particular may have resulted more from chemical 's taking large and often <unk> positions than a valuation problem 
 started three years ago chemical 's interest-rate options group was a leading force in the field 
 from N to N the value of chemical 's option contracts outstanding <unk> to $ N billion from $ N billion 
 more <unk> the volume of options written exceeded those purchased by almost <unk> 
 with such a <unk> book of options traders say chemical was more vulnerable to <unk> valuation assumptions 
 the chemical spokeswoman said the bank has examined its <unk> and internal controls 
 we consider our internal controls to have worked well she said adding that some procedures have been strengthened 
 its valuation <unk> she said are recognized as some of the best on the street 
 not a lot was needed to be done 
 when thomas w. wathen went big league last year he acquired a <unk> of <unk> along with a well-known but ailing security business pinkerton 's inc 
 there was a wanted <unk> offering rewards for the arrest of express and train <unk> frank james and <unk> w. james and the original pinkerton 's <unk> with an open eye and the <unk> we never sleep which inspired the phrase private eye 
 then there were two gold watches once owned by <unk> pinkerton who founded the company in chicago in N 
 but there were supposed to be three mr. wathen 's company claims 
 the missing watch is <unk> of the problems mr. wathen encountered in building his closely held california plant protection security service into the largest <unk> and security agency in the u.s. through acquisitions 
 the <unk> mr. wathen has learned that while acquiring a big <unk> company can be a <unk> to growth it can also bring a host of <unk> problems 
 we cleared out a lot of <unk> ' <unk> says the <unk> security veteran 
 mr. wathen who started his career as an air force investigator and worked as a security officer for several large companies built his california plant protection from a tiny <unk> security <unk> firm here in the san fernando valley 
 he joined the firm in N and bought it from the owners the next year 
 over the next N years california plant protection opened N offices around the country 
 yet although california plant protection was <unk> bigger and bigger clients the firm provided security for the N summer olympics in los angeles it still did n't have the name recognition of pinkerton 's 
 so when american brands inc. decided to sell the unit in N as part of a divestiture of its food and security industries operations mr. wathen saw a chance to accomplish several objectives 
 he decided he could easily merge pinkerton 's operations with his own while slashing overhead costs because the two already operated in many of the same cities 
 he could acquire a staff of loyal pinkerton 's employees many of whom had spent their entire careers with the firm he could eliminate a competitor and he could get the name recognition he 'd wanted 
 mr. wathen also <unk> the chance to demonstrate an entrepreneur like himself who 'd spent his whole career in the security business could run pinkerton 's better than an <unk> conglomerate or investment banker 
 the security business is my favorite subject 
 i love this business he says 
 most of the lbo guys do n't know how to run a business anyway 
 but there were <unk> not the least of which was that mr. wathen says he <unk> almost <unk> in doing the $ N million acquisition which was completed in january N 
 we were n't allowed to do any due <unk> because of competitive reasons 
 if we had it might have scared us off he says 
 five years of rapid expansion under american brands with an emphasis on marketing the agency 's services instead of improving them had hurt pinkerton 's profits mr. wathen claims 
 he says his team could n't tell whether accounts <unk> had been paid or not 
 pinkerton 's had locked itself into <unk> contracts to win new business with no hope of profitability until the contracts expired he adds 
 and regional offices were <unk> <unk> he claims 
 one office had N people doing the work of three and half of the employees had company automobiles 
 american brands declined to comment on mr. wathen 's accusations 
 the acquisition combined the country 's second-largest security company pinkerton 's with N sales of $ N million and the fourth largest california plant protection with $ N million in sales creating the industry 's biggest firm which took on the pinkerton 's name 
 even after <unk> itself of $ N million of unprofitable business the new pinkerton 's will have sales of about $ N million this year and operating profit roughly double the industry average of N N of sales says lloyd <unk> of <unk> & co. in los angeles which arranged the pinkerton 's acquisition 
 mr. wathen says his turnaround strategy has been simple just <unk> away at the fat 
 he began by closing N of the combined companies ' N offices in two months eliminating about N N of the company 's <unk> <unk> staff including more than N sales positions 
 he shut down the company 's tony new york headquarters 
 pinkerton 's world headquarters today is a <unk> <unk> office building across the street from the small van <unk> airport 
 next mr. wathen raised pinkerton 's rates which were <unk> lower than california plant protection 's average rate of around $ N 
 and he got rid of <unk> businesses that just were n't making money for the company 
 mr. wathen who says pinkerton 's had a loss of nearly $ N million in N under american brands boasts that he 's made pinkerton 's profitable again 
 but mr. wathen 's team still must pay down about $ N million of long-term bank debt from the acquisition within the next four years 
 last year earnings of the combined companies did n't cover debt service and pinkerton 's was forced to borrow $ N million of subordinated debt 
 we would n't have had to <unk> if a lot of the problems had n't been there mr. wathen says 
 this year mr. wathen says the firm will be able to service debt and still turn a modest profit 
 now pinkerton 's could become <unk> in a <unk> legal <unk> with its former parent 
 the company recently filed suit in state court in los angeles against american brands seeking at least $ N million in damages from the old greenwich <unk> company 
 the suit alleges that american brands <unk> the financial condition of pinkerton 's before the sale failed to disclose pending lawsuits and material contracts in which pinkerton 's was in default had n't registered the pinkerton 's name and trademark in the united kingdom and did n't tell california plant protection about some labor <unk> 
 we have previously had discussions with representatives of pinkerton 's inc. concerning the sale of the company and we concluded that we did not have liability under the contract says american brands 
 as this is now a litigation matter we have no further comment 
 and then there 's the case of the missing gold watch 
 the lawsuit alleges that an inventory of pinkerton 's <unk> disclosed that one of the watches had n't been <unk> over by american brands 
 american brand 's failure to surrender the gold watch has damaged new pinkerton 's in an amount as yet to be determined and deprived it of a valuable <unk> for which it had <unk> the suit charges 
 the key to pinkerton 's future will be sticking to what it does best being a security company says mr. wathen 
 the company is also renewing its emphasis on investigations particularly <unk> investigations for corporations 
 although investigations now account for only about N N of pinkerton 's total revenue that side of the business has traditionally been the more glamorous of the two and it carries historical and <unk> value 
 author <unk> <unk> who wrote the <unk> falcon was a former pinkerton 's <unk> 
 american brands just had a different approach mr. wathen says 
 their approach did n't work mine is 
 farm prices in october edged up N N from september as raw milk prices continued their rise the agriculture department said 
 milk sold to the nation 's dairy plants and dealers averaged $ N for each hundred pounds up N cents from september and up $ N from october N the department said 
 commercial <unk> led by <unk> and <unk> rose N N in october <unk> and other <unk> rose N N 
 <unk> prices fell N cents in october to N cents a pound while turkey prices rose N cents a pound to N cents 
 egg prices averaged N cents a dozen down N cent from september 
 <unk> rose $ N to $ N a <unk> in october while beef cattle slipped N cents to $ N for each hundred pounds and <unk> dropped N cents to $ N 
 soybeans averaged $ N a bushel down N cents from september corn averaged $ N down seven cents and <unk> grain averaged $ N for each hundred pounds down N cents according to the department 
 paramount communications inc. new york completed the sale of its associates corp. consumer and commercial finance subsidiary to a unit of ford motor co. for $ N billion 
 paramount which agreed to sell the unit in july said it would realize net proceeds from the sale of $ N billion with an after-tax gain of $ N billion 
 paramount said the gain would be recorded in its fourth quarter which ended yesterday 
 paramount said the sale <unk> the strategic restructuring it began in N and would enable it to focus on its entertainment and publishing businesses 
 ford said in july it planned to operate associates based in dallas as a separate entity in its ford financial services group 
 paramount said associates has about $ N billion in total assets making it third-largest in terms of assets among independent finance companies in the u.s. 
 sea containers ltd. in a long-awaited move to <unk> a hostile takeover bid said it will sell $ N billion of assets and use some of the proceeds to buy about N N of its common shares for $ N apiece 
 together with the N million shares currently controlled by management subsidiaries and directors the completed tender offer would give sea containers a controlling stake 
 describing itself as asset rich sea containers said it will move immediately to sell two ports various <unk> ferry services containers and other investments 
 of the proceeds $ N million will be used to fund its tender offer 
 sea containers added that the recapitalization plan will reduce its debt by more than $ N million 
 the company which has N million common shares outstanding said in <unk> that it was considering a restructuring to ward off a hostile takeover attempt by two european shipping concerns 
 in late may <unk> holding ag and <unk> plc launched a $ <unk> or $ N million tender offer for the hamilton <unk> sea containers 
 in <unk> the companies through their jointly owned holding company temple holdings ltd. sweetened the offer to $ N a share or $ N million 
 officials for temple declined to comment 
 news of the restructuring plan sent sea containers ' shares up $ N to $ N in new york stock exchange composite trading 
 walter <unk> an analyst with painewebber inc. said that offering holders a higher $ <unk> price is a fairly effective method of blocking the <unk> bid 
 michael <unk> an analyst with tucker anthony & <unk> day added that the sale of assets would allow sea containers to focus on its core container businesses 
 for holders who decide not to tender their shares sea containers will issue one share of preferred stock with a stated value of $ N plus a cash dividend on the common stock 
 the company said its directors management and subsidiaries will remain long-term investors and wo n't tender any of their shares under the offer 
 sea containers said the offer will proceed after the <unk> supreme court <unk> or <unk> an interim injunction <unk> the company from buying its shares 
 that injunction resulted from litigation between temple and sea containers last may 
 the company said the court has indicated it will make a decision on or about nov. N 
 sea containers will soon set a date for its annual shareholder meeting to seek holder approval for the offer 
 you 'd think all the stories about <unk> communities and developers getting hud grants would prompt congress to tighten up on upscale housing subsidies 
 no way 
 congress has just made it easier for the affluent to qualify for insured loans from the <unk> federal housing administration 
 it appears that the only thing congress is learning from the hud story is how to <unk> its control of the <unk> pot going to special interests 
 right now the largest loan the fha can insure in <unk> housing markets is $ N 
 last week housing <unk> persuaded congress to raise the ceiling to $ N making fha loans more accessible to the <unk> 
 but it does that at the cost of <unk> the taxpayer 's exposure if the fha is forced to pay for more loans going sour 
 this is no idle fear last year the fha lost $ N billion in loan defaults 
 but the higher mortgage ceiling is only the <unk> <unk> for what senator alan cranston and majority leader george mitchell have in mind for housing 
 the senate banking committee will begin hearings next week on their proposal to expand existing federal housing programs 
 other senators want to lower the down payments required on <unk> loans 
 that would be a formula for ensuring even more fha red ink 
 experience has shown that the most important element in predicting a <unk> default is the down payment 
 because a <unk> can use an fha loan to finance all points and closing costs the fha can wind up lending more than a house is worth 
 if housing prices continue to fall many borrowers would be better off walking away from their homes and leaving taxpayers with the losses 
 much the same thing happened with <unk> s&ls a problem congress just solved with a $ N billion bailout 
 we hear that hud secretary jack kemp is <unk> with going along with some of the <unk> proposals 
 that sounds like a formula for ensuring that he gets dragged into the next hud <unk> pit 
 a group of N senators has written mr. kemp urging him to reject <unk> and focus on programs that <unk> the poor rather than create vast new government obligations 
 but even if he agrees mr. kemp does n't write the nation 's housing law congress does 
 and the majority of members <unk> view the current <unk> of hud as mainly a chance to <unk> through their own slate of projects 
 exhibit a is last week 's house vote to fund N pet projects out of the same discretionary fund that is at the heart of the hud scandal 
 none of the grants had been requested by hud <unk> <unk> or were the subject of a single hearing 
 more and more observers now realize that the key to ending future hud scandals lies in forcing congress to clean up its own act 
 this week a baltimore sun editorial said the <unk> subcommittee on hud should forget about sam <unk> 's testimony for the moment and call some other witnesses the various congressional sponsors of the N pork-barrel projects 
 the sun concluded that mr. <unk> is only part of the problem and a part that 's gone 
 if hud is to be <unk> it concluded members of congress will have to start looking into and doing something about the practices of their colleagues 
 of course <unk> is about the last thing this congress is interested in 
 proponents of expanding fha programs say they merely want to help home buyers who are frozen out of high-priced markets 
 but the fha program is hemorrhaging bad loans 
 jack kemp has submitted a package of reforms and they are surely headed for the capitol hill <unk> 
 like the s&l mess before it this is a problem congress should be solving not ignoring 
 gillette co. boston said it is planning to restructure its south african subsidiary 
 under the plan gillette south africa will sell manufacturing facilities in springs south africa and its business in <unk> and plastic bags to <unk> pharmaceuticals ltd. an affiliate of <unk> american corp. a south african company 
 terms were not disclosed 
 a final agreement has not been signed and the moves will not have a material effect on the company gillette said 
 the company said it is part of a continuing world-wide restructuring in which it has <unk> or sold operations in several countries 
 gillette said its continued presence in south africa enables it to make meaningful contributions to south african society to the lives of its employees and to the communities in which it operates 
 gillette south africa employs about N people 
 about N N of the work force will continue with gillette or transfer to <unk> pharmaceuticals the company said 
 the soviet legislature approved a N budget yesterday that <unk> its huge deficit with cuts in defense spending and capital outlays while <unk> to improve supplies to frustrated consumers 
 the vote to approve was 
 a proposal to raise prices of beer tobacco and <unk> was rejected N 
 soviet president mikhail s. gorbachev told the legislators they had made a good start but that the most difficult work was still ahead 
 the tass news agency said the N budget anticipates income of N billion rubles us$ N billion and expenditures of N billion rubles us$ N billion 
 those figures are almost exactly what the government proposed to legislators in september 
 if the government can stick with them it will be able to <unk> this year 's N billion ruble us$ N billion deficit 
 officials proposed a cut in the defense budget this year to N billion rubles us$ N billion from N billion rubles us$ N billion as well as large cuts in outlays for new factories and equipment 
 tass said the final budget and economic plan calls for a sharp increase in the production of consumer goods 
 trial and <unk> 
 at times i sequester my mind when i must think with precision <unk> from all other thoughts while trying to reach a decision 
 but often nothing 's resolved to my frustration and <unk> with pros and <unk> in limbo i feel like a hung jury 
 arnold j. <unk> 
 daffynition 
 <unk> applause <unk> <unk> 
 marvin <unk> 
 ocean drilling & exploration co. will sell its <unk> business and took a $ N million loss from discontinued operations in the third quarter because of the planned sale 
 the new orleans oil and gas exploration and <unk> operations company added that it does n't expect any further adverse financial impact from the restructuring 
 in the third quarter the company which is <unk> by murphy oil corp. of arkansas had a net loss of $ N million or N cents a share compared with a restated loss of $ N million or N cents a share a year ago 
 the latest period had profit from continuing operations of $ N million 
 revenue gained N N to $ N million from $ N million 
 ocean drilling said it will offer N N to N N of the <unk> business through an initial public offering in the near future 
 it has long been rumored that ocean drilling would sell the unit to concentrate on its core oil and gas business 
 ocean drilling said it wo n't hold any shares of the new company after the restructuring 
 after N years of pushing labor proposals to overhaul the nation 's health-care system <unk> seidman of the <unk> is finding interest from an unlikely quarter big business 
 corporate leaders frustrated by double-digit increases in health-care costs are beginning to sound like liberal democrats 
 failure to check rising medical costs ultimately could lead some of us who today are free-market advocates to <unk> our thinking and positions with respect to <unk> national health insurance arthur <unk> a general electric co. vice president warned earlier this year 
 the <unk> impact of health benefits has driven business and labor to a surprising consensus 
 both the <unk> and the national association of manufacturers are calling for measures to control rising costs improve quality and provide care to the N million americans who currently lack health insurance 
 agreement on these points is a long way from a specific program and nobody expects the u.s. to rush toward radical restructuring of the health-care system 
 but there are signs that labor-management cooperation could change the politics of health-care legislation and the economics of medicine 
 i ca n't remember a time when virtually everyone can agree on what the problem is says mr. seidman who heads the <unk> 's department dealing with health matters 
 because the bush administration is n't taking the initiative on health issues business executives are dealing with congressional democrats who champion health-care revision 
 business across the country is spending more time addressing this issue says sen. edward kennedy d. mass 
 it 's a <unk> issue 
 business complained earlier this year when sen. kennedy introduced a bill that would require employers to provide a minimum level of health insurance to workers but does n't contain <unk> measures 
 partly in response a bipartisan group of senators from the finance and labor committees is <unk> a plan to attract broader support 
 it will feature a <unk> provision designed to keep expanded benefits from fueling higher care prices 
 at N N of gross national product u.s. health costs already are the highest in the world 
 by contrast japan 's equal N N of gnp a nation 's total output of goods and services 
 management and labor worry that the gap makes u.s. companies less competitive 
 chrysler corp. estimates that health costs add $ N to the price of each of its cars about $ N to $ N more per car than foreign competitors pay for health 
 the cost of health care is eroding standards of living and <unk> industrial strength complains walter <unk> a chrysler <unk> specialist 
 labor is upset because many companies are using higher employee insurance premiums <unk> and <unk> to <unk> surging medical costs to workers 
 health benefits are contentious issues in the strikes against pittston co. and nynex corp 
 in their new contract this year american telephone & telegraph co. and the communications workers of america agreed to look for prompt and lasting national solutions to rising health-care costs 
 some analysts are <unk> about the new corporate interest in health-care overhaul 
 carl <unk> president of the health insurance association of america <unk> at capitalists who want to <unk> the entire financing system for health 
 they hope they can buy some government cost discipline but this is a false hope mr. <unk> says 
 he asserts that government has done an even worse job of controlling its health bill than business 
 so far neither the bush administration nor congress is prepared to lead the way toward revamping health care 
 the administration lacks a comprehensive health-care policy 
 congress still is struggling to <unk> the unpopular catastrophic care act of N which boosted benefits for the elderly and taxed them to pay for the new coverage 
 a bipartisan commission established by congress and headed by sen. john rockefeller d. <unk> is scheduled to present new plans for dealing with the uninsured and long-term care for the elderly by next march N 
 a <unk> commission appointed by health and human services secretary louis sullivan is taking a broad look at the economics of medicare for the elderly medicaid for the poor and the health system in general 
 it is expected to report next summer 
 no magic bullet will be discovered next year an election year says rep. <unk> stark d. calif 
 but N could be a window for action 
 the pressure for change will rise with costs 
 i think employers are really going to be the ones to push for major change says sharon <unk> a health expert at nam 
 any major attempt to <unk> the health-care system is likely to trigger opposition from politically powerful interest groups particularly the american medical association and perhaps from the public as well if congress takes steps that patients fear will limit the availability of care 
 the nam <unk> efforts which both the administration and the medical profession have begun to measure the effectiveness of medical <unk> and then to draft <unk> guidelines 
 advocates hope that such standards will improve treatment while limiting unnecessary tests and medical procedures 
 hhs secretary sullivan estimates that as much as N N of the medical procedures performed each year may be inappropriate or unnecessary 
 limiting care wo n't be easy or popular 
 to slow the rise in total spending it will be necessary to reduce <unk> use of services the nam warns in a policy statement 
 this will require us to define and <unk> what is necessary or appropriate care 
 this involves <unk> and it cuts against the grain of existing consumer and even provider <unk> of what is necessary 
 the <unk> also <unk> treatment guidelines 
 in addition it 's <unk> with an approach that would impose <unk> <unk> or budgets on the government as a whole and on individual states as a way to slow health-care spending 
 at a meeting here on nov. N the labor federation plans to launch a major effort to build <unk> support for health-care overhaul 
 <unk> inc. said it plans to shut down three <unk> plants moving their <unk> operations to a leased facility in <unk> ontario 
 the company said the <unk> business has been under severe cost pressures for some time 
 the fasteners <unk> and <unk> are sold to the north american auto market 
 a company spokesman declined to estimate the impact of the <unk> on earnings 
 he said the new facility will employ N of the existing N employees 
 the steelmaker employs about N people 
 <unk> said it has an option to lease a <unk> building in <unk> and proposes to spend N million canadian dollars us$ N million on the facility 
 the three existing plants and their land will be sold 
 first security corp. said it tentatively agreed to acquire <unk> <unk> for stock valued at about $ N million 
 terms call for first security to issue about N share of its stock for each <unk> share held or a total of about N first security shares 
 it has about N million shares outstanding 
 <unk> with about $ N million in assets is the parent of the <unk> bank which has six offices and headquarters at <unk> <unk> utah 
 the purchase price is equal to about N times <unk> 's roughly $ N million book value or assets less liabilities 
 salt lake <unk> first security with $ N billion in assets said the agreement is subject to shareholder and regulatory approval and that it hopes to complete the transaction early next year 
 georgia-pacific corp. 's unsolicited $ N billion bid for great northern nekoosa corp. was hailed by wall street despite a cool reception by the target company 
 william r. <unk> nekoosa 's chairman chief executive officer and president characterized the $ <unk> bid as <unk> and said nekoosa 's board would consider the offer in due course 
 t. marshall hahn jr. georgia-pacific 's chairman and chief executive said in an interview that all terms of the offer are negotiable 
 he added that he had spoken with mr. <unk> whom he referred to as a friend by telephone monday evening 
 i 'm hopeful that we 'll have further discussions mr. hahn said 
 on wall street takeover stock traders bid nekoosa 's stock well above the georgia-pacific bid assuming that nekoosa 's will either be sold to a rival bidder or to georgia-pacific at a higher price as much as $ N a share according to some estimates 
 yesterday nekoosa common closed in composite new york stock exchange trading at $ N up $ N on volume of almost N million shares 
 georgia-pacific closed down $ N at $ N in big board trading 
 takeover stock traders noted that with the junk-bond market in disarray georgia-pacific 's bid is an indication of where the takeover game is headed namely industrial companies can continue bidding for one another but financial buyers such as leveraged buy-out firms will be at a disadvantage in obtaining financing 
 the way the world is shaping up the strategic buyer is going to be the rule and the financial buyer is going to be the exception said one trader 
 for the paper industry specifically most analysts said the deal will spur a wave of <unk> takeovers possibly involving such companies as union camp corp. federal <unk> co. and mead corp 
 the analysts argued that georgia-pacific 's offer the first hostile bid ever among major players in the paper industry ends the <unk> <unk> on hostile bids and will push <unk> to look closely at the industry 's several attractive takeover candidates 
 consolidation has been long overdue 
 it was just the culture of the industry that kept it from happening 
 the georgia-pacific offer has definitely changed the landscape said gary <unk> of oppenheimer & co 
 added mark rogers of prudential-bache securities inc. it 's much easier to be second 
 a georgia-pacific acquisition of nekoosa would create the largest u.s. forest-products company 
 based on N sales georgia-pacific ranked third at $ N billion behind weyerhaeuser co. at $ N billion and international paper co. at $ N billion 
 nekoosa ranked <unk> with sales of $ N billion 
 the combined company would have had N sales of $ N billion 
 but such a combination also presents great risks 
 at a time when most analysts and industry consultants say pulp and paper prices are heading for a dive adding capacity and debt could squeeze georgia-pacific if the industry declines more than the company expects 
 moreover any unexpected strengthening of the dollar would hurt georgia-pacific because two of nekoosa 's major product lines <unk> which is used to make shipping boxes and market pulp are exported in large quantities 
 nobody knows how deep the cycle is going to be said rod young vice president of resource information systems inc. a <unk> mass. <unk> firm 
 depending on how far down you go it may be difficult to pay off that debt 
 one person familiar with georgia-pacific said the acquisition would more than double the company 's debt of almost $ N billion 
 it also could be a drag on georgia-pacific earnings because the roughly $ N billion in goodwill the amount by which the bid exceeds nekoosa 's book value of $ N billion will have to be <unk> from earnings over a period of decades 
 georgia-pacific 's mr. hahn said that a combined operation would allow savings in many ways 
 the two companies each produce market pulp <unk> and white paper 
 that means goods could be manufactured closer to customers saving shipping costs he said 
 moreover production runs would be longer cutting <unk> from adjusting machinery between production cycles 
 and georgia-pacific could save money in selling pulp because the company uses its own sales organization while nekoosa employs <unk> agents 
 mr. hahn said georgia-pacific has accounted in its strategy for a significant downturn in the pulp and paper industry an event that he said would temporarily <unk> earnings 
 but he said that even under those conditions the company still would realize a savings of tens of millions of dollars in the first year following a merger 
 the fit is so good we see this as a time of opportunity he said 
 georgia-pacific which has suspended its <unk> program would finance the acquisition with all bank debt provided by banks led by bankamerica corp 
 georgia-pacific owns N nekoosa shares and would need federal antitrust clearance to buy more than $ N million worth 
 u.s. clearance also is needed for the proposed acquisition 
 for nekoosa defense options may be undercut somewhat by the <unk> state of the junk-bond market which limits how much value the target could reach in a <unk> recapitalization 
 the company 's chairman mr. <unk> and a group of advisers met at the offices of <unk> lipton rosen & katz a law firm specializing in takeover defense 
 nekoosa also is being advised by goldman sachs & co 
 georgia-pacific 's advisers are <unk> <unk> & co. which stands to receive a $ N million fee if the takeover succeeds and the law firm of <unk> & sterling 
 people familiar with nekoosa said its board is n't likely to meet before the week after next to respond to the bid 
 the board has N business days to respond 
 in addition to the usual array of defenses including a so-called poison pill and a <unk> board nekoosa has another takeover defense a maine state law barring hostile bidders from <unk> acquired businesses for five years 
 nekoosa is incorporated in maine 
 georgia-pacific has filed a lawsuit in federal court in maine challenging the poison pill and the maine merger law 
 nekoosa 's poison pill allows shareholders to vote to <unk> it but georgia-pacific is n't likely to pursue such a course immediately because that would take N to N days and would n't affect the provisions of the maine law 
 among companies mentioned by analysts as possible <unk> for nekoosa are international paper weyerhaeuser canadian pacific ltd. and macmillan <unk> ltd 
 i 'm sure everybody else is putting pencil to paper said <unk> <unk> an analyst with first manhattan co 
 international paper and weyerhaeuser declined to comment 
 canadian pacific could n't be reached for comment and macmillan <unk> said it has n't any plans to make a bid for nekoosa 
 investors were quick to spot other potential takeover candidates all of which have strong cash flows and low-cost operations 
 among paper company stocks that rallied on the big board because of the offer were union camp up $ N to $ N federal <unk> up $ N to $ N mead up $ N to $ N and temple inland inc. up $ N to $ N 
 in over-the-counter national trading <unk> inc. jumped $ N to $ N 
 some analysts argued that there wo n't be a flurry of takeovers because the industry 's continuing <unk> program is eating up available cash 
 moreover some analysts said they expect a foreign paper company with deeper pockets than georgia-pacific to end up acquiring nekoosa <unk> to the rest of the industry that hostile bids are <unk> 
 this is a one-time event said lawrence ross of painewebber inc. referring to the georgia-pacific bid 
 but many analysts believe that given the <unk> of paper companies ' cash flows as well as the <unk> consolidation of the paper industry in europe there will be at least a few more big hostile bids for u.s. companies within the next several months 
 the buyers these analysts added could be either foreign or other u.s. concerns 
 the georgia-pacific bid may open the door to a new era of consolidation in the paper industry said mark <unk> of shearson lehman hutton inc 
 i do n't think anyone is now immune from takeover said robert <unk> of duff & phelps inc. chicago 
 he added every paper company management has to be saying to itself before someone comes after me i 'm going to go after somebody 
 prudential-bache 's mr. <unk> said he does n't see the industry 's <unk> program <unk> takeover activity 
 several projects he said are still on the drawing board 
 moreover it 's a lot cheaper and <unk> to buy a plant than to build one 
 indeed a number of analysts said that japanese paper companies are <unk> to acquire additional manufacturing capacity anywhere in the world 
 some predicted that nekoosa will end up being owned by a japanese company 
 meanwhile shearson lehman 's mr. <unk> said that to stay competitive the u.s. paper industry needs to catch up with the european industry 
 since the <unk> wave of friendly takeovers was completed in the u.s. in N there have been more than N mergers and acquisitions within the european paper industry he said 
 <unk> inc. <unk> ill. and <unk> research inc. los angeles said the food and drug administration granted full marketing approval for a new drug for the treatment of a condition in which the heart <unk> between N and N <unk> a minute 
 the condition known as <unk> <unk> <unk> leads to <unk> and <unk> 
 the typical healthy heart <unk> N times a minute 
 the drug called <unk> returns the heart to a normal <unk> within seconds according to <unk> 
 <unk> research developed the drug and licensed it to <unk> for sale in the u.s. and canada 
 private industry 's labor costs rose N N in the third quarter matching the second-quarter pace as health insurance costs continued to soar the labor department said 
 the increase in wage and benefit costs in the third quarter was greater than the N N rise reported for the third quarter of N 
 wage increases and overall compensation increases are beginning to <unk> upward a little bit said <unk> <unk> a labor economist at the conference board a business research organization 
 one would have thought this would have happened two or three years ago as the labor market tightened 
 it is a considerably delayed reaction and it 's not a severe one at all she added 
 the new data underscored the <unk> of the nation 's health-care cost problem 
 in the N months ended in september wages and salaries of private-sector workers rose N N while health insurance costs <unk> by N N 
 the consumer price index climbed N N in the same period 
 despite the big increases in health-care costs wages still account for a far greater share of overall labor costs 
 the overall private-sector employment cost index which includes both wages and benefits rose N N in the N months ended in september compared with N N for both the N months ended in june and the N months ended september N 
 labor costs are climbing at a far more rapid pace in the health care industry than in other industries 
 for instance wages of private-sector hospital workers leaped N N in the N months ended in september compared with N N for workers in all industries 
 in the third quarter wages and salaries in all private industry rose N N compared with N N increases in both the second quarter and in the third quarter of N 
 for the past five years unions have n't managed to win wage increases as large as those granted to <unk> workers 
 for private-sector union workers the cost of wages and benefits rose N N in the third quarter 
 for <unk> workers the costs rose N N 
 labor costs continued to rise more rapidly in service industries than in <unk> industries the report showed 
 it also found them rising much more in the northeast than elsewhere 
 including employees of state and local but not the federal governments the employment cost index rose N N in the third quarter compared with a N N rise in the same quarter in N 
 the index rose N N in the second quarter 
 for the N months ended in september this index was up N N 
 it rose N N for the N months ended in june and N N in the N months ended in september N 
 unlike most economic indicators none of these figures are adjusted for seasonal variations 
 <unk> inc. said it is <unk> N employees as part of a restructuring aimed at producing pretax savings of $ N million annually 
 under the plan <unk> said it will sell certain assets and businesses that do n't meet strategic and profitability objectives 
 the des <unk> ill. chemical coatings concern which has about N employees world-wide said it plans to sell its domestic rigid container packaging and flexible <unk> businesses and its chicago heights ill. <unk> plant 
 the company said it plans to use the sale proceeds to invest in business opportunities more closely identified with the company 's <unk> direction 
 stateswest airlines phoenix ariz. said it withdrew its offer to acquire mesa airlines because the <unk> n.m. carrier did n't respond to its offer by the close of business yesterday a deadline stateswest had set for a response 
 however stateswest is n't abandoning its pursuit of the <unk> mesa 
 stateswest which has a N N stake in mesa said it may purchase more mesa stock or make a tender offer directly to mesa shareholders 
 stateswest had proposed acquiring mesa for $ N a share and one share of a new series of stateswest N N convertible preferred stock it values at $ N a share 
 earlier mesa had rejected a general proposal from stateswest to combine the two carriers in some way 
 stateswest serves N cities in california arizona and nevada 
 mesa flies to N cities in new mexico arizona wyoming colorado and texas 
 a <unk> new takeover deal sparked a big rally in stock prices which buoyed the dollar 
 bond prices also edged higher 
 georgia-pacific 's $ N billion bid for great northern nekoosa helped drive the dow jones industrial average up N points to N in active trading 
 the dollar drew strength from the stock market 's climb 
 long-term bond prices rose despite <unk> about what a key economic report will show today 
 analysts said the offer for great northern nekoosa broke the pall that settled over the takeover business for the past three weeks in the wake of the collapsed ual corp buy-out 
 great northern nekoosa soared $ N a share to $ N substantially above the $ N a share georgia-pacific is offering 
 that indicates speculators are betting a higher offer is in the wings 
 prices of other paper makers rose sharply although georgia-pacific fell $ N a share to $ N 
 despite all the furor over program trading program trading played a big role in yesterday 's rally 
 some traders point out that as the big brokerage firms back out of program trading for their own accounts or for clients opportunities increase for others to engage in the controversial practice 
 that 's what happened yesterday 
 the rally notwithstanding there are plenty of worries about the short-term course of stock prices 
 a slowing economy and its effect on corporate earnings is the <unk> concern of many traders and analysts 
 unless the federal reserve <unk> interest rates soon to stimulate the economy profits could remain disappointing 
 yesterday 's major economic news a N N rise in the september index of leading economic indicators had little impact on financial markets 
 but the next important piece of news on the economy 's health this morning 's release of the national purchasing manager 's survey for october could prompt investors into action 
 a report late yesterday that the <unk> purchasing managers survey showed increased economic activity in that part of the country cut into <unk> gains 
 if the national survey confirms a pickup in the manufacturing sector it could further depress bond prices while <unk> stock prices and the dollar 
 meanwhile bond investors are <unk> under the <unk> of a national debt ceiling debate 
 although the treasury is expected to announce details of its november quarterly refunding operation today the nov. N schedule could be delayed unless congress and the president act soon to lift the nation 's debt ceiling 
 in major market activity 
 stock prices rallied in active trading 
 volume on the new york stock exchange totaled N million shares 
 advancing issues on the big board surged ahead of decliners N to 
 bond prices rose 
 the treasury 's benchmark 30-year bond gained less than a quarter of a point or less than $ N for each $ N of face amount 
 the yield on the issue slipped to N N 
 the dollar gained against most foreign currencies 
 in late afternoon new york trading the dollar was at N marks and N yen compared with N marks and N yen late monday 
 <unk> s.a. a diversified construction concern based in paris said its consolidated profit for the N first half after payments to minority interests surged to N million french francs $ N million from N million francs a year earlier 
 revenue rose N N to N billion francs from N billion francs 
 the company did n't specify reasons for the strong earnings gain 
 but <unk> said its first-half profit is n't <unk> of the full-year trend because of the highly seasonal nature of many of the company 's activities 
 for all of N <unk> had consolidated profit of N million francs after payments to minority interests on revenue of N billion francs 
 the group has forecast N revenue of N billion francs 
 <unk> network inc. said it completed its acquisition of <unk> cos. for about $ N million 
 <unk> agreed to pay $ N and <unk> <unk> share for each of <unk> 's N million fully diluted shares 
 the acquisition brings together the two largest competitors to home shopping network inc. which now reaches more viewers than any other company in the video shopping industry 
 among them home shopping <unk> and <unk> already control most of that young and fast-growing market which last year had sales of about $ N billion 
 coast savings financial inc. reported a third-quarter loss citing a previously announced capital restructuring program 
 the los angeles thrift holding company said it had a loss of $ N million or $ N a share for the quarter ended sept. N 
 coast earned $ N million or N cents a share in the year-ago quarter 
 the year-ago results have been restated to comply with government regulations 
 the restructuring program is designed to increase the company 's tangible capital ratio 
 it includes removing $ N million in good will from the books issuing $ N million in preferred stock and <unk> an exchange offer for $ N million in convertible bonds 
 during the third quarter the company charged about $ N million against earnings in reducing goodwill added $ N million to its general loan loss reserves and established a $ N million reserve for its high-yield bond portfolio 
 the company said its junk-bond portfolio after these moves had been reduced to less than N N of assets 
 philip morris cos. is launching a massive corporate advertising campaign that will put the tobacco giant 's name in tv commercials for the first time since the early 1950s when it stopped advertising its <unk> cigarette brand on television 
 the campaign a <unk> celebration of the <unk> anniversary of the bill of rights does n't mention cigarettes or smoking cigarette ads have been prohibited on television since N 
 but even before it begins the campaign is drawing fire from <unk> advocates who <unk> philip morris 's attempt to bolster its beleaguered image by <unk> itself in the document that is a <unk> of american democracy 
 philip morris which became the u.s. 's largest food company last year with its $ N billion acquisition of kraft inc. seems determined to <unk> beyond its roots in <unk> country 
 the company 's research suggests that its name recognition among most consumers remains unusually low although its array of brands including maxwell house coffee <unk> <unk> <unk> and miller beer blanket supermarket shelves 
 the company is expected to spend about $ N million a year on its two-year corporate campaign created by wpp group 's ogilvy & mather unit in new york 
 the initial spots will appear during morning and prime-time news shows 
 philip morris hopes that by taking its bill of rights theme to the <unk> in addition to publications it will reach the <unk> possible audience 
 until now its corporate ads mainly promoting its <unk> of the arts have appeared almost exclusively in newspapers and magazines 
 most people whether in toledo tucson or <unk> have n't got a clue who we are says guy l. smith philip morris 's vice president of corporate affairs 
 if they think well of the company through our support of the bill of rights it follows they 'll think well of our products 
 mr. smith says the bill of rights commercial which <unk> the themes of liberty and freedom of expression is n't designed to have any special appeal for smokers 
 although philip morris typically tries to defend the rights of smokers with <unk> arguments this has nothing to do with cigarettes nor will it ever the spokesman says 
 but some <unk> activists disagree <unk> anger at what they see as the company 's attempt to purchase <unk> by association 
 i 'm <unk> because this company is portraying itself at the heart of american culture and political freedom and in fact it 's a killer says michael <unk> former chairman of the federal trade commission and a <unk> critic 
 it should be treated like the <unk> drug mafia not the founding <unk> 
 mr. <unk> adds that the new commercial <unk> perfectly with major aspects of philip morris 's political strategy 
 these include trying to protect its print advertising by <unk> the first amendment and wooing blacks by portraying itself as a <unk> of civil rights 
 the commercial features among others the voice of martin <unk> king jr. the <unk> civil rights leader 
 many marketers say philip morris 's approach will be effective but they agree that the ads ' implied smoking message is <unk> 
 this is <unk> <unk> advertising that really says smokers have rights too says al <unk> chairman of <unk> & <unk> inc. a greenwich conn. marketing strategy firm 
 this is designed to get the <unk> in a circle and defend the smoking franchise 
 richard <unk> a partner at boston consulting group adds it 's very popular to <unk> yourself in the flag these days 
 if you can do that and at the same time send a message that supports your business that 's brilliant 
 rjr nabisco inc. and american brands inc. say they have no plans to follow philip morris 's lead 
 indeed rjr nabisco is currently under fire for having sent <unk> <unk> touting its now brand to consumers who smoke american brands ' <unk> 
 despite the criticism philip morris 's corporate campaign runs little risk of getting <unk> off the tube 
 they are n't showing james madison taking a <unk> or lighting up says laurence tribe a professor of constitutional law at harvard university 
 all they are trying to do is borrow some of the legitimacy of the bill of rights itself 
 technology stocks <unk> up helping the over-the-counter market rise from its recent doldrums 
 the nasdaq composite index surged N or about N N to N 
 it was the market 's biggest gain since rising more than N points on oct. N 
 advancing otc stocks <unk> decliners by N to N 
 but the move lagged a stronger rise in new york stock exchange issues 
 the big board 's composite index was up more than N N and the dow jones industrial average jumped N N 
 nasdaq 's gain was led by its biggest industrial stocks 
 the nasdaq N rose N to N 
 the financial index of N biggest banks and insurance issues added N to N 
 other strong sectors were indicated in gains of the transportation index up N to N and the utility index up N to N 
 national market system volume improved to N shares from N million monday 
 many of nasdaq 's biggest technology stocks were in the <unk> of the rally 
 microsoft added N N to N N and <unk> systems rose N N to N N 
 intel was up N N to N N 
 but traders who watch the stocks warned the rise may be yet another one-day phenomenon 
 technology stocks <unk> the brunt of the otc market 's recent sell-off and traders say it 's natural that they rebound sharply now that the market has turned around 
 but they caution conservative investors would do well to sell into the strength 
 they are always the first to be sold when people are taking profits because people are most scared of the high-technology stocks said robin west director of research for <unk> <unk> 's <unk> division which specializes in emerging growth stocks 
 the technology group includes many of the otc market 's biggest stocks which dominate the <unk> nasdaq composite index 
 analysts say rallies in the group historically have lifted the market while weakness in the sector often sank <unk> share prices broadly 
 but increasing volatility in the sector has exhausted investors who try to follow its <unk> and swings 
 the stocks have been <unk> repeatedly by inventory <unk> and disappointing earnings as the industry <unk> and <unk> 
 some even claim the group has become a lagging not leading indicator 
 the technology sector of the dow jones equity market index has risen only about N N this year while the nasdaq composite index has gained N N 
 while the composite index lost less than a third of its <unk> gains in the market 's recent decline the technology group 's gains were more than <unk> 
 the otc technology sector is far from a <unk> unit 
 the group is divided primarily between software semiconductors and computers 
 while computer stocks have taken the biggest hit from the slowdown in the industry many software and semiconductor stocks have continued to outperform the market 
 microsoft is up more than N N this year while intel is up more than N N 
 the technology group is also split between large companies and small with the biggest stocks trading as blue-chip issues in the institutional marketplace while the smaller stocks <unk> on their individual merits or <unk> analysts say 
 the volatility of smaller technology companies has served the group well overall in recent stock trading according to hambrecht & quist 's technology stock indexes 
 the brokerage firm tracks technology stocks with its technology index which <unk> only N N in the first nine months of this year 
 but the firm also tracks smaller technology companies as a <unk> of the larger group 
 that index which contains technology companies with annual revenues of $ N million or less gained N N by sept. N this year still lagging the s&p N but leading larger technology firms 
 yesterday bank stocks lagged behind the overall otc market 
 the nasdaq bank index rose N to N 
 george <unk> who trades bank stocks for shearson lehman hutton said the stocks tend to fall behind because they are n't traded as much as many other issues 
 but he added <unk> stocks in general are stalled 
 the interest-rate <unk> are n't <unk> with the rest of the market because of fears about what the federal reserve will do mr. <unk> said 
 he said that investors will <unk> the october employment report due out friday for clues about the direction of the economy and the immediate outlook for interest rates 
 on the other hand mr. <unk> noted that the recent slide in bank and thrift stocks was at least halted yesterday 
 shearson lehman hutton gave small investors some welcome news by announcing that it would no longer handle <unk> program trades for its accounts 
 shearson with its in-house order execution system has handled the bulk of such program trades in the over-the-counter market 
 the trading has been blamed for much of the market 's recent volatility 
 jaguar topped the <unk> list as its american depository receipts climbed N N to N N with more than N million adrs traded 
 britain said it would waive its golden share in the luxury auto maker if shareholders vote to allow a suitor to acquire more than N N of the company 
 the announcement effectively <unk> the british government as an <unk> to a takeover of the company which is being <unk> by general motors and ford 
 gen-probe was another active takeover stock 
 it surged N N to N on volume of more than N million shares after the company agreed to be acquired by japan 's chugai pharmaceutical for about $ N million almost double the market price of gen-probe 's stock 
 <unk> corp. lost N to N after filing for protection from its creditors under chapter N of the federal bankruptcy code 
 mci communications added N N to N N 
 the company has <unk> up over $ N million in contracts in the past two days 
 monday mci announced a $ N million <unk> contract with the investment bank <unk> 
 yesterday it received a $ N million three-year contract from drexel burnham lambert 
 florida national banks of fla. slid N N to N N 
 late monday the federal reserve board said it is delaying approval of first union corp. 's proposed $ N million acquisition of florida national banks pending the outcome of an examination into first union 's lending practices in low-income <unk> 
 florida national said yesterday that it remains committed to the merger 
 <unk> industries gained N to N N after it said it agreed to buy <unk> & associates and two affiliates for cash and stock 
 the value of the transaction was n't disclosed 
 the companies being acquired provide telecommunications services to the telephone industry 
 <unk> industries whose stock has suffered steep losses in recent sessions surged N N to N 
 the stock was one of many in the paper products industry that rose following georgia-pacific 's $ N billion bid for great northern nekoosa 
 a permanent smoking ban on virtually all domestic airline routes won approval from the house which separately sent to president bush a nearly $ N billion fiscal N bill including the first construction funds for the space station 
 the smoking prohibition remains attached to a $ N billion transportation bill that must still overcome budget obstacles in congress 
 but yesterday 's action put to rest any <unk> resistance from tobacco interests 
 faced with inevitable defeat the once dominant industry declined any recorded vote on the ban which covers all but a fraction of N N of daily flights in the u.s. 
 the sole exceptions are an estimated N flights of six hours or more beginning or ending in hawaii and alaska 
 assuming final enactment this month the prohibition will take effect N days later or in early february 
 on a N roll call the house adopted the underlying transportation measure 
 but the bill still faces budget questions because it also is the vehicle for an estimated $ N billion in supplemental appropriations for law enforcement and anti-drug programs 
 the additional spending <unk> the measure more than $ N billion above its prescribed budget ceiling and the house appropriations committee leadership must now seek a waiver in hopes of completing action today 
 the separate $ N billion bill sent to the white house had budget difficulties too but was saved ultimately by its importance to a broad spectrum of interests in congress and the administration itself 
 no single bill this year includes more discretionary spending for domestic programs and apart from the space station the measure <unk> far-reaching provisions affecting the federal mortgage market 
 the current ceiling on home loans insured by the federal housing administration is increased to $ N during fiscal N 
 and in anticipation of increased lending the cap on fha loan guarantees would rise to approximately $ N billion 
 separately the bill gives authority to the department of housing and urban development to facilitate the refinancing of high-interest loans subsidized by the government under the so-called section N <unk> program for <unk> families 
 this provision met early and strong resistance from investment bankers worried about disruptions in their clients ' portfolios 
 but the promise of at least $ N million in new savings helped to forge a partnership between hud secretary jack kemp and lawmakers wanting to protect their projects elsewhere 
 the estimated $ N billion for the space station would be double last year 's level and total appropriations for the national aeronautics and space administration would grow N N to nearly $ N billion 
 a string of costly projects including the <unk> national aerospace plane and the advanced communications technology satellite would continue to be developed within these limits 
 and while imposing a statutory cap of $ N billion on future spending the bill would give nasa $ N million for the start-up of the <unk> mission a successor to the <unk> space probe 
 separately the national science foundation is promised a N N increase to bring its appropriations to $ N billion 
 and while pursuing these initiatives congress and the white house are squeezed too by steady increases $ N million in veteran 's medical care 
 the result is that all sides resort to <unk> of hand to make room for competing housing and environmental programs and the commitments now will drive excess spending into fiscal N 
 senior members of the house budget committee are reduced in frustration to raising doomed parliamentary obstacles to individual bills yet admit that much of the <unk> now stems from the fiscal <unk> associated with their own summit agreement with the white house this past spring 
 it 's hard to get the administration 's attention on anything said rep. bill <unk> r. minn. because the whole agreement was built on <unk> 
 among the subsidies continued in the transportation bill is $ N million to maintain commercial air service for an estimated N communities often in rural areas 
 senate appropriations committee chairman robert byrd d. <unk> strongly resisted deeper cuts sought by the house 
 but at a time when the white house wants to kill the entire program republicans have been among its leading <unk> 
 sen. pete <unk> r. n.m. the ranking republican on the senate budget committee used his influence to preserve more than $ N in subsidies for air service to <unk> fe n.m. and more than $ N million would go for service to eight communities in the western nebraska district of gop rep. virginia smith on the house appropriations committee 
 <unk> express an independent airline serving much of nebraska estimates that nearly N N of its revenues come from the subsidies that in some cases exceed the cost of a ticket 
 for example a passenger can fly from <unk> neb. to denver for as little as $ N to $ N according to prices quoted by the company 
 but given the few number of users the cost to the federal government per passenger is estimated at $ N according to house and senate appropriations committees 
 the house action yesterday came as the senate remained mired in difficulties over a $ N billion measure covering the budgets for the state commerce and justice departments in fiscal N 
 the compromise bill passed the house last week but has now provoked <unk> fights with the senate foreign relations committee which <unk> protects its prerogatives over operations at the state department 
 the same <unk> can breed confusion however in the absence of any authorization bill this year 
 house and senate <unk> sought to establish a nov. N deadline after which their bill would become the last word on how funds are distributed 
 but on a N roll call this provision was stripped from the bill last night after foreign relations chairman <unk> <unk> d. <unk> complained that it was an <unk> on exclusive powers vested in his panel for more than three decades 
 coda energy inc. said it arranged a $ N million credit facility with ncnb texas national bank a unit of ncnb corp. of charlotte n.c 
 the dallas oil and gas concern said that $ N million of the facility would be used to consolidate the company 's $ N million of existing bank debt to repurchase N million of its N million shares outstanding of series d convertible preferred stock and to purchase a N N <unk> interest in certain oil and gas properties from one of its existing lenders national canada corp 
 the remaining $ N million can be used over three years for oil and gas acquisitions the company said 
 ted <unk> coda 's president said the loan carries an interest rate of prime plus one percentage point with N N of the company 's net oil and gas revenue each month dedicated to repayment 
 the company put up virtually all of its oil and gas properties as collateral he said 
 general dynamics corp. was given an $ N million air force contract for <unk> aircraft and related equipment 
 loral corp. 's defense systems division received a $ N million air force contract for a <unk> weapons system <unk> 
 southern air transport inc. won $ N million in air force and navy contracts for transportation services 
 international business machines corp. was given a $ N million air force contract for satellite data systems equipment 
 directed technologies received a $ N million defense advanced research projects agency contract for advanced <unk> systems research 
 <unk> international inc. got a $ N million defense <unk> agency contract for combat <unk> <unk> 
 santa fe pacific was the kind of story wall street loved 
 since the value of its assets was n't known analysts were free to pick a number 
 in one of many <unk> scenarios bear stearns 's gary <unk> wrote in march that its real estate alone had a value of $ N billion 
 throw in its railroad minerals pipeline and oil assets he and others argued and the chicago-based conglomerate should be worth N a share 
 and why should holders expect to realize that presumed worth 
 that was another reason the street loved santa fe 
 with real estate experts olympia & york and samuel <unk> 's itel owning close to N N of santa fe 's stock management was under pressure in a favored phrase of wall street to quickly maximize values 
 but value it turns out is only what a buyer will pay 
 and with the company 's recent announcement that it is contemplating a partial sale of its real estate the values suddenly look poorer 
 santa fe has disclosed that it is negotiating to sell a N N interest in its real estate unit to the california public employees retirement system for roughly $ N million 
 since the real estate unit also includes debt the <unk> value of the real estate itself is close to $ N billion 
 the implied current net asset value of N per share is well below the N level that the street believed painewebber says 
 the upside was in the <unk> real estate which is no longer an <unk> 
 so what is santa fe worth 
 if the railroad is valued on a private market basis at the same multiple of earnings as in the recent sale of cnw it would have a value of $ N billion 
 a compromise between bulls and bears puts remaining assets and cash including its N N stake in its publicly traded pipeline at $ N billion 
 santa fe also has $ N billion in debt 
 in addition its railroad lost a $ N million antitrust suit which is on appeal and which analysts say could be settled for one-third that amount 
 that <unk> out to about $ N a share for the company on a private market basis 
 but santa fe currently trading at N N is n't likely to realize private market values by selling assets because the tax against it would be onerous 
 its plan instead is to spin off the remainder of its real estate unit and to possibly do the same with its mining and energy assets 
 robert d. <unk> santa fe 's chairman argues that since its businesses are valued in different ways the sum of the parts may be greater than the whole 
 but it is n't clear why that should be so 
 the spinoff argument after all <unk> the current notion that assets are worth more to private buyers than to public shareholders 
 and real estate usually has n't traded well under public ownership 
 salomon brothers says we believe the real estate properties would trade at a discount after the realty unit is spun off 
 and what about the cost and risk of waiting to realize the hypothetical private market values 
 some analysts remain bullish 
 mr. <unk> of bear stearns says he is <unk> the worth of the company 's assets and in the meantime is sticking to his buy recommendation on the belief that he will find values of N a share 
 he adds if for any reason i do n't have the values then i wo n't recommend it 
 first boston 's <unk> anne <unk> values santa fe at N down from her earlier estimate of N 
 her recent report <unk> the stock as a hold 
 but it appears to be the sort of hold one makes while heading for the door 
 <unk> from the report the stock 's narrow discount to asset valuation makes it a relatively <unk> investment at current prices especially given the risk that our projections could be on the aggressive side 
 chairman <unk> says the california pension fund is getting a bargain price that would n't have been offered to others 
 in other words the real estate has a higher value than the pending deal suggests 
 since most of the unit 's real estate is in california the pension fund will be a useful political ally in a state where development is often held <unk> to <unk> boards 
 and as mr. <unk> says with itel and <unk> on the unit 's board the real estate will be run by a very unusual group to say the least 
 it is possible then that santa fe 's real estate even in a state <unk> by earthquakes could one day fetch a king 's <unk> 
 but as drexel analyst linda dunn notes its properties will be developed over N to N years 
 so despite wall street 's <unk> talk of quickly <unk> values holders could be in for a long wait 
 santa fe pacific nyse symbol <unk> 
 business railroad natural resources and real estate 
 year ended dec. N N 
 revenue $ N billion 
 net loss $ N million N cents a share 
 third quarter sept. N N 
 net income N cents a share vs. net loss of $ N a share 
 average daily trading volume N shares 
 orkem s.a. a french state-controlled chemical manufacturer is making a friendly bid of N pence $ N a share for the N N of u.k. specialty chemical group coates brothers plc which it does n't already own the two sides said 
 the offer which values the whole of coates at # N million has already been accepted by coates executives and other shareholders owning N N of the company 
 the acceptances give orkem a controlling N N stake in the company 
 orkem and coates said last wednesday that the two were considering a merger through orkem 's british subsidiary orkem coatings u.k. ltd 
 orkem france 's third-largest chemical group said it would fund the acquisition through internal resources 
 the takeover would be followed by a restructuring of orkem 's u.k. unit including the addition of related orkem businesses and possibly further acquisitions 
 orkem said it eventually would seek to make a public share offering in its u.k. business 
 intelogic <unk> inc. said it is exploring alternatives to maximize shareholder value including the possible sale of the company 
 but <unk> b. edelman who controls about N N of the san antonio texas <unk> company insisted that the announcement did n't have anything to do with the ongoing battle for control of datapoint corp 
 any sale of intelogic could have an impact on the battle between mr. edelman and new york attorney martin ackerman for control of datapoint 
 intelogic holds N N of datapoint 's common shares outstanding 
 mr. edelman said the decision has nothing to do with <unk> ackerman 
 mr. ackerman contended that it was a direct response to his efforts to gain control of datapoint 
 intelogic was spun off from datapoint four years ago shortly after mr. edelman took control of datapoint 
 marks & spencer plc reported a N N gain in first-half pretax profit mainly because of improving performances in the u.k. and continental europe 
 in the six months ended sept. N pretax profit at the british clothing and food retailer rose to # N million $ N million from # N million a year ago 
 the results <unk> analysts ' forecasts which averaged around # N million and marks & spencer responded in trading on london 's stock exchange with an eight pence rise to N pence 
 profit after tax and minority interest but before extraordinary items rose N N to # N million per-share earnings rose to five pence from N pence 
 marks declared an interim per-share dividend of N pence compared with N pence a year earlier 
 sales increased N N to # N billion from # N billion while operating profit climbed N N to # N million from # N million 
 sales in north america and the far east were inflated by acquisitions rising N N to # N million 
 operating profit dropped N N however to # N million 
 brooks brothers which marks bought last year saw operating profit drop in half to # N million 
 federal and state thrift <unk> said they saw evidence of criminal wrongdoing in the collapse of lincoln savings & loan association and a california regulator described an attempted <unk> by deputies of chief federal regulator danny wall 
 in a <unk> day of hearings before the house banking committee the <unk> described finding <unk> documents a <unk> panamanian subsidiary millions of dollars <unk> into a swiss bank and a <unk> attitude by mr. wall 's deputies one of whom was portrayed as acting more like a public-relations man for the thrift than a federal regulator 
 a california official also said he sent the federal bureau of investigation a <unk> of documents relating to a previously reported $ N contribution from lincoln 's parent <unk> by sen. alan cranston d. calif 
 federal examiner alex <unk> said lincoln 's operations amounted to <unk> debt to provide a <unk> life style for its owners 
 another federal examiner john <unk> said lincoln 's principal owner charles keating jr. and his family drew off at least $ N million from the thrift in salaries bonuses and proceeds from securities sales in the N N years before federal authorities seized it earlier this year 
 lincoln 's collapse may cost taxpayers as much as $ N billion according to estimates making it the most expensive thrift failure in history 
 i think there 's overwhelming evidence to indicate probable criminal activity said mr. <unk> who participated last year in an examination of the irvine calif. thrift 
 he said the evidence pointed to wrongdoing by mr. keating and others although he did n't <unk> any specific violation 
 richard <unk> a california state official who last year examined lincoln 's parent american continental corp. said he also saw evidence that crimes had been committed 
 it sure <unk> like it he said 
 he said N N of the loans he <unk> were dead meat on the day they were made 
 the state examiner also said supervisors of a parallel federal examination seemed so reluctant to demand write-downs of lincoln 's bad loans that he immediately grew <unk> 
 later on my concerns about a <unk> became even more serious he said 
 he called the sour loans <unk> and added you opened the file up and it just jumped at you 
 leonard <unk> a washington attorney for lincoln 's parent corporation said in an interview we deny any criminal behavior by the association or its officers 
 those who testified yesterday have consistently maintained that anyone who did n't agree with them is part of a <unk> a <unk> or the subject of excessive influence mr. <unk> said 
 we simply do n't agree with that or the findings of their investigation 
 mr. wall 's deputies complained that they had n't been given an opportunity to respond to the criticism brought out during the banking committee 's hearings which committee chairman henry gonzalez d. texas has used as a forum to <unk> mr. wall 's handling of the affair and to demand that he step aside from his job 
 a couple of things mr. <unk> said were at least misleading said kevin o'connell one of the washington regulators responsible for the handling of lincoln 
 in an interview he said federal regulators eventually declared one of the loans the state regulator cited to be a total loss and forced lincoln to make an $ N million downward adjustment on another 
 our response to the <unk> would simply be look what happened another washington official alvin <unk> said in an interview 
 federal officials seized the association in april a day after the parent corporation entered bankruptcy-law proceedings 
 the government later brought a $ N billion fraud suit against mr. keating and others 
 rep. gonzalez has complained that regulators waited far too long however ignoring a recommendation from regional officials to place lincoln into <unk> two years before it failed 
 he took the reckless course of ignoring the evidence rep. gonzalez said 
 state thrift examiner eugene <unk> said he found the chief federal examiner steve scott to be totally <unk> in one allegedly fraudulent series of transactions 
 frankly it was like he worked for the lincoln public-relations department mr. <unk> testified 
 and david <unk> a federal examiner who worked under mr. scott said he found his chief oddly upbeat about lincoln 
 asked to comment a spokesman for mr. scott said mr. scott has spoken to his attorney who has advised him not to talk to anybody 
 mr. <unk> said that a day or two before lincoln 's parent entered bankruptcy proceedings he and other <unk> saw a truck with a sign on it that said it was from the document destruction center 
 we observed at least two large plastic bags of <unk> paper loaded into this truck 
 mr. <unk> said the paper had been donated to a charitable organization that sells it for recycling 
 they <unk> it simply because it contained financial information about their creditors and <unk> 
 mr. <unk> said his <unk> were aroused by several foreign investments by lincoln including $ N million paid to credit suisse of switzerland an $ N million interest in saudi european bank in paris a $ N million investment in a <unk> trading company and a recently discovered holding in a <unk> company <unk> holdings 
 mr. <unk> said i can see why an s&l examiner would regard these as unusual activities but said the overseas investments essentially broke even for the s&l 
 ltv steel co. is boosting the prices of flat rolled steel products by an average of N N following a recent erosion in the prices of such crucial steel products 
 the big questions are whether the increase effective jan. N N will stick and whether other major steelmakers will follow suit 
 it is widely expected that they will 
 the increase is on the base price which is already being discounted by virtually all steel producers 
 but ltv 's move marks the first effort by a major steelmaker to counter the free fall in spot prices 
 major steel producers are selling cold rolled sheet steel at about $ N a ton compared with a peak price of $ N a ton in N 
 <unk> companies are receiving even less per ton 
 ltv 's planned increase which was announced in an oct. N memo to district managers does n't affect <unk> steel or <unk> plate 
 ltv confirmed the <unk> plan saying the move is designed to more accurately reflect the value of products and to put steel on more equal footing with other commodities 
 a spokesman for ltv steel which is a unit of dallas-based ltv corp. noted that steel prices adjusted for inflation increased only N N between N and the fourth quarter of N while the prices of other industrial commodities increased nearly five times as much 
 at the same time steelmakers are trying to invest more to modernize technology and make themselves more competitive 
 but analysts say the company is also trying to prevent further price drops 
 moreover they note that ltv may be trying to send a signal to major customers such as chrysler corp. and <unk> corp. that steelmakers need more money 
 both companies are in the process of negotiating contracts with ltv and others 
 they ltv may believe this can impact contract negotiations and is their signal to the world that now is the time to get tough on prices said peter marcus an analyst with painewebber inc 
 mr. marcus believes spot steel prices will continue to fall through early N and then reverse themselves 
 he is n't convinced though that the price decline reflects falling demand because the world economy remains relatively strong 
 and while customers such as steel service centers are continuing to reduce inventories through the fourth quarter they eventually will begin <unk> up again he notes 
 it wo n't be clear for months whether the price increase will stick 
 steelmakers announced a round of <unk> increases last year but began offering sizable discounts over the summer 
 in fact ltv was the first steelmaker to publicly boost discounts for buyers of cold rolled sheet steel and hot-dipped galvanized sheet steel 
 in composite new york stock exchange trading yesterday ltv common shares fell N cents to close at $ N 
 the treasury plans to raise $ N billion in new cash with the sale monday of about $ N billion in short-term bills to redeem $ N billion in maturing bills 
 however the treasury said it will postpone the auction unless it has assurances of enactment of legislation to raise the statutory debt limit before the scheduled auction date 
 the offering will be divided evenly between 13-week and 26-week bills maturing on feb. N N and may N N respectively 
 tenders for the bills available in minimum $ N denominations must be received by N p.m. est monday at the treasury or at federal reserve banks or branches 
 j.c. penney co. is extending its involvement in a televised <unk> service by five to N years 
 shop television network inc. of los angeles said penney agreed to continue its exclusive arrangement with shop television which does the production marketing and cable distribution for the j.c. penney television shopping channel 
 the channel reaches N million homes a penney spokesman said 
 michael rosen president of shop television said penney decided to extend its involvement with the service for at least five years 
 if by that time the network reaches N million homes the contract will be renewed for five more years 
 earlier this year penney abandoned another home shopping venture <unk> corp. after investing $ N million in it 
 the company took a $ N million charge in the fiscal first quarter ended april N related to <unk> the service 
 during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history 
 <unk> <unk> <unk> plants to produce the billion-dollar idaho potato 
 <unk> set out to <unk> that feat <unk> and <unk> with new life forms 
 in N james watson and his colleagues <unk> the double <unk> of dna <unk> acid the genetic key to <unk> 
 <unk> years later two california <unk> stanley cohen and herbert boyer made <unk> dna <unk> a <unk> 's gene into bacteria which then <unk> <unk> genes 
 when boyer met robert <unk> an <unk> <unk> in N they saw dollar signs 
 with $ N apiece and an injection of outside capital they formed genentech inc 
 commercial <unk> was born 
 genentech 's first product a brain protein called <unk> proved its technology 
 the next to be <unk> human insulin had market potential and genentech licensed it to eli lilly which produced N N of the insulin used by N million u.s. diabetics 
 their laboratory credentials established boyer and <unk> headed for wall street in N 
 at the time genentech had only one profitable year behind it a modest $ N on revenue of $ N million in N and no product of its own on the market 
 nonetheless the $ N million issue they <unk> in N opened at $ N and leaped to $ N within N minutes 
 the trip from the test tube was not without <unk> 
 boyer and cohen for instance both still university researchers had to be talked into applying for a patent on their <unk> technique and then the patent office refused to grant it 
 that judgment in turn was reversed by the u.s. supreme court leaving cohen and boyer holding the first patents for making <unk> dna now assigned to their schools 
 <unk> now is an <unk> part of the drug business 
 genentech 's N sales were $ N million both from licensing and its own products 
 the portfolio unit of the french bank group credit lyonnais told stock market regulators that it bought N shares of cie. de navigation mixte apparently to help fend off an unwelcome takeover bid for the company 
 earlier yesterday the societe de <unk> <unk> was told that a unit of <unk> s.a. also bought navigation mixte shares this purchase covering more than N shares 
 both companies are allies of navigation mixte in its fight against a hostile takeover bid launched last week by cie 
 financiere de paribas at N french francs $ N a share 
 navigation mixte 's chairman had suggested that friendly institutions were likely to buy its stock as soon as trading opened monday 
 the credit lyonnais purchase for N regular common shares and N newly created shares is valued at about slightly more than N million french francs 
 unocal corp. los angeles said it and <unk> de venezuela s.a. would create a petroleum marketing and refining general partnership in the midwest 
 the joint venture <unk> co. would generate total annual revenue of about $ N million and have N employees a unocal spokesman said 
 unocal said the venture would enable it to recover more of its refining and marketing investment and prepare for expected growth in exploration production chemicals and other areas 
 it said financing would consist of $ N million from a private placement obtained through shearson lehman hutton inc. and a $ N million revolving credit line underwritten by chase manhattan bank 
 in addition to unocal 's N <unk> refinery near <unk> ill. the new venture would control N distribution terminals a <unk> <unk> and packaging plant and N company-owned unocal service stations 
 it said the venture expected to take control of the facilities dec. N would also serve another N independent unocal gasoline stations 
 <unk> will supply N barrels of oil a day for the refinery unocal said 
 mitsubishi heavy industries ltd. said unconsolidated pretax earnings in the fiscal first half surged N N to a record N billion yen $ N million reflecting strong demand for a variety of products 
 in the period ended sept. N net income rose N N to N billion yen or N yen a share from N billion yen or N yen a share 
 a year ago the tokyo company had pretax profit of N billion yen 
 sales amounted to N trillion yen climbing N N from N billion yen 
 encouraged by the brisk performance mitsubishi plans to raise its per-share dividend to N yen from three yen 
 company officials said the current robust domestic demand that has been fueling sustained economic expansion helped push up sales of products like ships steel structures power systems and machinery and resulted in sharply higher profit 
 senate leaders traded proposals aimed at speeding action on legislation to narrow the deficit and raise the federal government 's debt limit but the major <unk> block remains president bush 's proposal to cut the capital-gains tax rate 
 democrats want the tax provision to be a separate bill subject to the usual procedural obstacles 
 republicans meanwhile want to try to protect the measure by combining it with two politically popular issues that democrats could find hard to block 
 the talks between senate majority leader george mitchell of maine and his gop counterpart sen. robert dole of kansas are expected to resume today 
 last night after meeting with mr. bush and administration officials at the white house mr. dole proposed streamlining the fiscal N deficit-reduction bill now stalled in a house-senate conference committee and passing a long-term extension of the federal debt ceiling without any accompanying amendments 
 under this plan two provisions currently in the house version of the <unk> bill repeal of both the <unk> insurance program and a controversial N tax provision intended to counter discrimination in <unk> plans would be made into a separate bill 
 republicans would try to <unk> a capital-gains provision to that legislation hoping the political popularity of its other two parts would <unk> democrats from blocking it 
 democrats want to avoid having to make that choice by making the capital-gains tax cut an individual bill 
 sen. mitchell is confident he has sufficient votes to block such a measure with procedural actions 
 both plans would drop child-care provisions from the house version of the deficit-reduction legislation and let it progress as a separate bill 
 while that could make it vulnerable to a veto by mr. bush democrats argue that a presidential rejection would give their party a valuable issue in next year 's congressional elections 
 senate democrats are to meet today to consider the gop proposal 
 yesterday mr. dole seemed <unk> of the bush administration 's strategy of pushing the capital-gains measure at every chance in the face of democratic procedural hurdles 
 pushing the issue on legislation needed to avoid default by the federal government he told reporters does n't seem to be very good strategy to me 
 at N a.m. est today the federal government 's temporary $ N trillion debt limit expired 
 to avoid default lawmakers must pass legislation raising the limit to $ N trillion from $ N trillion by next wednesday according to the treasury 
 pressed by chairman dan <unk> d. ill of the house ways and means committee treasury undersecretary robert <unk> told a congressional hearing that the administration would give up its demand for the capital-gains tax cut if faced with a potential default 
 price stern sloan inc. said it hired an investment banking firm to assist in evaluating restructuring or merger alternatives and reported a net loss of $ N million or $ N a share for the third quarter ended <unk> 
 these results compare with net income of $ N million or N cents a share for the corresponding period last year 
 this quarter 's loss includes pretax charges of $ N million on the proposed <unk> of the company 's troubled british subsidiary and $ N million of other write-offs the company said were <unk> and <unk> related to inventory publishing advances and <unk> costs 
 the publishing concern said it retained the investment banking firm of donaldson lufkin & jenrette securities inc. to act as its financial adviser <unk> in the evaluation of various financial and strategic alternatives including debt refinancing raising capital recapitalization a merger or sale of the company 
 the company also retained attorney martin p. <unk> a director of the company and former head of the <unk> publishing group as an adviser 
 net sales for this year 's third quarter were $ N million down from $ N million last year 
 the company attributed the decrease in part to the exclusion of the company 's british sales from the current year 's figures as a result of the subsidiary 's status as a proposed discontinued operation and in part to lower sales in certain key foreign and domestic accounts 
 u.k. sales for last year 's quarter were about $ N million 
 stock prices surged as a multibillion-dollar takeover proposal helped restore market players ' confidence about the prospects for further <unk> 
 paper and forest-products stocks were especially strong as the offer for great northern nekoosa by georgia-pacific triggered speculation that the industry could be in for a wave of merger activity 
 the dow jones industrial average climbed N to N even though some late selling caused the market to retreat from session highs 
 trading was moderate with N shares changing hands on the new york stock exchange 
 aside from the takeover news big buy orders were placed for blue-chip shares in afternoon trading 
 traders said the buy programs came from very large institutional accounts that were also active in the stock-index futures markets 
 at one point almost all of the shares in the <unk> major market index which <unk> the industrial average were sharply higher 
 some N big board issues advanced in price and only N declined while broader market averages rose sharply 
 standard & poor 's 500-stock index climbed N to N the dow jones equity market index added N to N and the new york stock exchange composite index climbed N to 
 great northern surged N N to N N well above georgia-pacific 's offering price of $ N a share amid speculation that other suitors for the company would surface or that the bid would be raised 
 nearly N million shares or about N N of the company 's shares outstanding changed hands in big board composite trading 
 with stocks having been battered lately because of the collapse of takeover offers for ual the parent company of united airlines and amr the parent of american airlines analysts viewed the proposal as a psychological lift for the market 
 the $ N billion bid which had been rumored since last week creates a better feeling that there 's value in the market at current levels and <unk> prospects for a hot tape says a.c. moore director of research at <unk> research corp 
 traders and analysts alike said the market 's surge also reflected an easing of concerns about volatility because of moves by a number of brokerage firms to curtail or cease stock-index arbitrage 
 much of the <unk> in stock prices lately has been blamed on arbitrage trading designed to profit from differences in prices between stocks and index futures 
 people are looking for an ability to try and read the market rather than be <unk> said <unk> a. <unk> manager of equity trading at donaldson lufkin & jenrette 
 he noted that institutional investors showed pretty general interest in stocks in the latest session 
 but traders also said <unk> trading contributed to the market 's surge as buy programs boosted prices shortly after the opening and <unk> through the remainder of the session 
 georgia-pacific fell N N to N N but most paper and forest-products stocks firmed as market players speculated about other potential industry takeover targets 
 within the paper sector mead climbed N N to N N on N million shares union camp rose N N to N N federal paper board added N N to N N <unk> gained N N to N N stone container rose N to N N and <unk> jumped N N to N N 
 forest-products issues showing strength included champion international which went up N N to N N weyerhaeuser up N to N N <unk> up N N to N N and <unk> cascade up N to N 
 the theme of industry consolidation had surfaced earlier this year among drug stocks which posted solid gains in the latest session 
 pfizer gained N N to N N schering-plough added N N to N N eli lilly rose N N to N N and upjohn firmed N to N 
 also <unk> <unk> rose N N to N N 
 an advisory committee of the food and drug administration recommended that the agency approve <unk> the company 's heart drug 
 two rumored restructuring candidates in the oil industry moved higher chevron which rose N N to N N on N million shares and usx which gained N N to N N 
 pennzoil is rumored to be <unk> a stake in chevron in order to push for a revamping of the company investor carl icahn has recently increased his stake in usx which separately reported earnings that were in line with expectations 
 paramount communications which completed the $ N billion sale of its associates corp financial-services unit to ford motor gained N N to N N after losing one point monday amid rumors of a delay 
 the company said the sale would produce a $ N billion gain in the fourth quarter 
 bankamerica climbed N N to N after painewebber boosted its investment opinion on the stock to its highest rating 
 the upgrade reflected the N N decline in shares of the bank since the firm lowered its rating in early october based on the belief the stock had become expensive 
 sea containers which unveiled a proposed restructuring advanced N to N 
 the company said it would repurchase half of its common shares at $ N each sell an estimated $ N billion in assets and pay a special <unk> dividend to <unk> holders 
 shaw industries which agreed to acquire armstrong world industries ' carpet operations for an undisclosed price rose N N to N N 
 armstrong added N to N N 
 <unk> corp. rose N to N 
 the company agreed definitively to be acquired by ogden corp. in a stock swap valued at about $ N million 
 ogden gained N N to N N 
 ocean drilling & research dropped N N to N N following news of a restructuring plan that calls for the company to <unk> its drilling business into a separate company and offer a N N to N N stake to the public 
 the american stock exchange market value index rose N to N 
 volume totaled N shares 
 imperial <unk> fell N N to N N in the wake of its third-quarter earnings report 
 net income was down from a year ago when a gain from the restructuring of a retirement plan boosted <unk> 
 cilcorp inc. <unk> ill. said it agreed to acquire the environmental consulting and analytical service businesses of hunter environmental services inc. of <unk> conn 
 the utility holding company said hunter will receive N shares of a new series of cilcorp convertible preferred stock with a face value of $ N million for the businesses 
 cilcorp will also assume $ N million of hunter 's existing debt 
 as part of the agreement cilcorp said it will pay hunter $ N million in exchange for agreements not to compete 
 cilcorp said the businesses to be acquired had revenue of $ N million for the year ended march N 
 separately cilcorp said it plans to purchase as many as N million shares or N N of its common stock outstanding from time to time on the open market and through privately negotiated transactions 
 the company which currently has N million common shares outstanding said it has no specific plans for the shares 
 bush and gorbachev will hold two days of informal talks next month 
 the president said that he and the kremlin leader would meet dec. N aboard u.s. and soviet naval vessels in the <unk> to discuss a wide range of issues without a formal agenda 
 a simultaneous announcement was made in moscow 
 bush said that neither he nor gorbachev expected any substantial decisions or agreements 
 the <unk> meetings wo n't disrupt plans for a formal summit next spring or summer at which an arms-control treaty is likely to be completed 
 the two leaders are expected to discuss changes sweeping the east bloc as well as human-rights issues regional disputes and economic cooperation 
 israel 's army lifted a <unk> around a palestinian town in the occupied west bank ending a <unk> campaign of <unk> cars furniture and other goods to crush a tax <unk> 
 while residents claimed a victory military authorities said they had confiscated the equivalent of more than $ N million to make up for the unpaid taxes 
 east german leader krenz arrived in moscow for talks today with gorbachev on restructuring proposals 
 in east berlin communist party officials considered <unk> new forum the country 's largest opposition alliance as about N demonstrators staged protests in three cities to press demands for democratic freedoms 
 the house approved a permanent smoking ban on nearly all domestic airline routes as part of a $ N billion transportation bill that must still overcome budget obstacles in congress 
 the chamber also sent to bush a nearly $ N billion fiscal N measure that includes the first construction funds for a space station 
 nicaragua 's ortega postponed until today a decision on whether to end a <unk> cease-fire in the conflict with the contra rebels 
 in washington the senate voted to condemn ortega 's threat to cancel the truce and bush said he would review u.s. policy toward managua including the possibility of renewing military aid to the rebels 
 chinese leader deng told former president nixon that the u.s. was deeply involved in the turmoil and <unk> <unk> that <unk> beijing last spring 
 nixon on the fourth day of a private visit to china said that damage to <unk> relations was very great calling the situation the most serious since N 
 afghanistan 's troops broke through a guerrilla <unk> on the strategic <unk> highway allowing trucks carrying food and other <unk> to reach kabul after a missile attack on rebel <unk> 
 the <unk> of about N vehicles was the first to make deliveries to the capital in about N days 
 turkey 's legislature elected prime minister <unk> as the country 's first civilian president since N opening the way for a change of government under a new premier he will select 
 the vote in <unk> was <unk> by opposition politicians who vowed to oust <unk> 
 he begins his seven-year term nov. N succeeding <unk> <unk> 
 south africa 's government dismissed demands by <unk> conservatives the nation 's main opposition party for emergency talks on pretoria 's recent <unk> of dissent 
 the government also urged whites to <unk> from panic over growing black protests such as the massive <unk> rally sunday on the <unk> of <unk> 
 researchers in belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of crops such as cotton soybeans and rice 
 the scientists at plant genetic systems n.v. isolated a gene that could lead to a generation of plants <unk> a <unk> <unk> 
 a bomb exploded at a leftist union hall in san salvador killing at least eight people and <unk> about N others including two americans authorities said 
 the blast which <unk> the opposition labor group 's offices was the latest in a series of attacks in el salvador 's <unk> civil war 
 hungary 's parliament voted to hold a national <unk> on an election to fill the new post of president 
 the balloting to decide when and how to fill the position which <unk> a collective presidency under a pact signed by the ruling <unk> and opposition groups is to be held <unk> 
 the state department denied <unk> to a vietnamese man who escaped from his <unk> by <unk> himself to the <unk> housing of a tanker for two days in <unk> <unk> 
 a spokesman for democratic sen. <unk> of <unk> island said however that the <unk> and <unk> service would review the <unk> 's request 
 ogden projects inc. said net income jumped to $ N million or N cents a share in the third quarter 
 the fairfield n.j. company which is <unk> by ogden corp. new york had net of $ N million or four cents a share a year ago 
 revenue soared to $ N million from $ N million 
 ogden projects whose shares began trading on the new york stock exchange in august closed yesterday at $ N down N cents 
 the stock began trading this summer at $ N apiece 
 ogden projects which has interests in <unk> recovery and <unk> cleanup said it has N facilities in operation up from seven a year ago 
 meanwhile ogden corp. which also has interests in building maintenance and management reported third-quarter net income of $ N million or N cents a share more than twice the $ N million or N cents a share a year earlier 
 revenue rose N N to $ N million from $ N million 
 under attack by its own listed companies and powerful floor traders the new york stock exchange is considering <unk> a collar on program trading that it abandoned last year according to people familiar with the big board 
 the exchange also may step up its disclosure of firms engaged in program trading these people said 
 big board officials would n't comment publicly 
 but in an interview in which he called the stock market 's volatility a national problem big board chairman john j. phelan jr. said we are going to try to do some things in the short intermediate term to help the situation 
 mr. phelan has been viewed by many exchange members as being <unk> to <unk> swings caused by program trades 
 he said he is very surprised by the furor over program trading and the exchange 's role in it that has <unk> in recent days 
 mr. phelan said that the big board has been trying to deal quietly with the issue but that banning <unk> trading strategies entirely as some investors want would be like taking everybody out of an automobile and making them ride a horse 
 the exchange has a board meeting scheduled for tomorrow and it is expected that some public announcement could be made after that 
 big board officials have been under <unk> from both investors and the exchange 's own floor traders since the dow jones industrial average 's 190-point tumble on oct. N 
 mr. phelan has n't been making public remarks in recent days and many people have urged him to take more of a leadership role on the program trading issue 
 what the big board is considering is <unk> a collar on program trading when the market moves significantly 
 early last year after a <unk> one-day drop in the dow the big board instituted the collar which banned program trading through the big board 's computers whenever the dow moved N points up or down in a day 
 it did n't work 
 the collar was <unk> on a number of occasions meaning securities firms figured out ways to conduct program trades to <unk> the collar and use the big board 's electronic trading system mr. phelan said 
 that was when the exchange took a new <unk> by publishing monthly statistics listing the top N program trading firms 
 exchange officials emphasized that the big board is considering a variety of actions to deal with program trading 
 people familiar with the exchange said another idea likely to be approved is expanding the monthly reports on program trading to cover specific days or even hours of heavy program trading and who was doing it 
 meanwhile another big wall street brokerage firm joined others that have been pulling back from program trading 
 american express co. 's shearson lehman hutton inc. unit said it <unk> all index-arbitrage program trading for client accounts 
 in stock-index arbitrage traders buy and sell large amounts of stock with offsetting trades in stock-index futures to profit from fleeting price discrepancies between the two markets 
 shearson which in september was the <unk> program trader on the big board had already suspended stock-index arbitrage for its own account 
 also cs first boston inc. 's first boston corp. unit the <unk> program trader in september is preparing a response to the program-trading outcry officials of the firm said 
 first boston is one of the few major wall street firms that have n't pulled back from program trading in recent days 
 mr. phelan is an <unk> diplomat who normally appears to be <unk> in control of the big board 's <unk> 
 but he has been getting heat from all sides over program trading 
 mr. phelan 's recent remarks that investors simply must get used to the stock-market volatility from program trading have drawn criticism from both the exchange 's stock specialists who make markets in individual stocks and from many companies that have shares listed on the big board 
 mr. phelan said that his predicting continued volatility is just how the world is 
 if bringing the message is a crime i 'm guilty of it 
 but he said this does n't mean he is satisfied with the market 's big swings 
 we 're trying to take care of a <unk> of a lot of constituents mr. phelan said 
 each one has a different agenda 
 for example in a special meeting monday with mr. phelan senior officials of some of the big board 's N stock specialist firms complained that the exchange is no longer representing their interests 
 we are looking for representation we have n't had a specialist said 
 we 've had <unk> 
 after another session mr. phelan held yesterday with major brokerage firms such as morgan stanley & co. goldman sachs & co. painewebber group inc. and first boston all of which have engaged in program trading an executive of a top brokerage firm said clearly the firms want the exchange to take leadership 
 many specialist firms <unk> the big board 's new basket product that allows institutions to buy or sell all stocks in the standard & poor 's 500-stock index in one shot 
 ultimately the specialists view this as yet another step toward electronic trading that could eventually destroy their franchise 
 his phelan 's own interests are in building an electronic marketplace said a market maker 
 the basket product while it has got off to a slow start is being supported by some big brokerage firms another member of mr. phelan 's <unk> constituency 
 mr. phelan has had difficulty convincing the public that the big board is serious about curbing volatility especially as the exchange clearly <unk> its role as the home for $ N billion in stock-index funds which buy huge baskets of stocks to mimic popular stock-market indexes like the standard & poor 's N and which sometimes employ program trading 
 the big board wants to keep such index funds from <unk> to overseas markets but only as long as it handles it <unk> mr. phelan said 
 despite what some investors are suggesting the big board is n't even considering a total ban on program trading or stock futures exchange officials said 
 most revisions it will propose will be geared toward slowing down program trading during <unk> periods said officials working with the exchange 
 computers have made trading more rapid but that can be fixed with some <unk> 
 i think if you can speed things up you can slow them down mr. phelan said 
 that 's different than <unk> them 
 while volatility wo n't go away he said volatility is greater than program trading 
 what i 'm trying to say to people is it 's proper to worry about program trading but it 's only a piece of the business 
 for example mr. phelan said that big institutions have so much control over public investments that they can cause big swings in the market regardless of index arbitrage 
 a lot of people would like to go back to N before program trading he said 
 i would like to go back to N 
 but we 're not going back to N 
 indeed mr. phelan said that if stock-market volatility <unk> the u.s. may lose its edge as being the best place to raise capital 
 japan 's markets are more stable he said 
 if that continues a significant number of u.s. companies will go over there to raise money 
 in coming days when the big board <unk> its responses to the program-trading problem mr. phelan may take a more public role in the issue 
 lewis l. <unk> vice chairman of smith barney harris upham & co. said this is a problem that 's taking on a life of its own 
 the program trading situation seems to have driven individual investors as well as others out of the market and even europeans are <unk> 
 the exchange should take a <unk> position 
 for now however mr. phelan said i refuse to get out there and tell everybody everything is <unk> 
 we have a major problem and that problem is volatility 
 craig <unk> contributed to this article 
 a new minimum-wage plan has been worked out by congress and bush opening the way for the first increase in over nine years 
 the compromise proposal ending a long <unk> between democrats and the president would boost the minimum wage to $ N an hour by april N from $ N now 
 the legislation also includes a lower training wage for new workers who are <unk> 
 the big board is considering <unk> a curb on program trading when the market is volatile 
 the exchange which abandoned such a collar last year because it did n't prevent sharp price swings has been under attack recently for not taking action against program trading 
 great northern nekoosa reacted <unk> to georgia-pacific 's takeover bid of $ N a share or $ N billion though the suitor said all terms are negotiable 
 great northern 's stock soared $ N to $ N on speculation that a higher bid would emerge 
 stock prices rallied as the georgia-pacific bid broke the market 's recent <unk> 
 the dow jones industrials finished up N at N 
 the dollar and bond prices also closed higher 
 leading indicators rose a slight N N in september a further indication the economy is slowing but without any clear sign of whether a recession looms 
 meanwhile new-home sales plunged N N in the month 
 labor costs climbed N N in private industry during the third quarter matching the second-quarter rise 
 <unk> costs soared 
 time warner and sony could end up becoming partners in several business ventures as part of a settlement of their dispute over hollywood producers peter guber and jon peters 
 a bidding war for jaguar became more likely as britain unexpectedly decided to end restrictions blocking a takeover of the luxury car maker 
 sea containers plans to sell $ N billion of assets and use some of the proceeds to buy about N N of its common shares for $ N each 
 the company is trying to fend off a hostile bid by two european shipping firms 
 eastern airlines pilots were awarded between $ N million and $ N million in back pay by an arbitrator a decision that could complicate the carrier 's bankruptcy reorganization 
 ltv steel is boosting prices of flat rolled steel products an average N N but it 's unclear whether the increases set for jan. N N will stick 
 southern 's gulf power unit paid $ N in fines after <unk> guilty to conspiracy to make illegal political contributions and tax evasion 
 more big japanese investors are buying u.s. mortgage-backed securities <unk> a recent trend 
 usx 's profit dropped N N in the third quarter as improved oil results failed to offset weakness in the firm 's steel and natural gas operations 
 miniscribe reported a negative net worth and hinted it may file for chapter N 
 the disk-drive maker disclosed a major fraud two months ago 
 markets 
 stocks volume N shares 
 dow jones industrials N up N transportation N up N utilities N up N 
 bonds shearson lehman hutton treasury index N up 
 commodities dow jones futures index N up N spot index N off N 
 dollar N yen up N N marks up N 
 bond prices <unk> in <unk> trading rising on reports of economic weakness and falling on reports of economic strength 
 treasury bonds got off to a strong start advancing modestly during overnight trading on foreign markets 
 we saw good buying in japan and excellent buying in london said jay <unk> market strategist and trader at capital insight inc. beverly hills calif 
 the market 's <unk> was helped by the dollar 's <unk> he said 
 late in london the dollar was quoted at N west german marks and N japanese yen up from late monday in new york 
 british sterling eased to $ N from $ N 
 when u.s. trading began treasury bonds received an additional boost from news that sales of new single-family homes fell N N in september 
 the <unk> was twice as large as economists projected and was the sharpest decline since a N N drop in january N 
 economists said the report raised speculation that the economic slowdown could turn into a recession which would <unk> the way for the federal reserve to lower interest rates 
 but later in the day a report by the purchasing management association of chicago cast doubt on the recession scenario 
 the association said its october index of economic activity rose to N N after having been below N N for three consecutive months 
 a reading below N N indicates that the manufacturing industry is slowing while a reading above N N suggests that the industry is expanding 
 bond prices fell after the chicago report was released 
 by the end of the day bond prices were mixed 
 the benchmark 30-year bond was nearly N point higher or up about $ N for each $ N face amount 
 new two-year notes ended unchanged while three-year and four-year notes were slightly lower 
 municipal bonds ended unchanged to as much as N point higher while mortgage-backed securities were up about N point 
 corporate bonds were unchanged 
 in the corporate market an expected debt offering today by international business machines corp. generated considerable attention 
 the giant computer maker is slated to offer $ N million of 30-year <unk> debentures through underwriters led by salomon brothers inc 
 traders expect the bonds to yield about N to N percentage point above the treasury 's benchmark 30-year bond which ended tuesday with a yield of about N N 
 the last time ibm tapped the corporate debt market was in april N when it offered $ N million of debt securities 
 ibm 's visits to the debt market are closely watched by <unk> at other corporations and by credit market analysts 
 some analysts believe the company has the ability to pinpoint the trough in interest-rate cycles 
 in october N just days before the federal reserve raised interest rates ibm offered $ N billion in debt securities 
 the boost in rates sent ibm 's bonds tumbling leaving underwriters with millions of dollars of losses and triggering a sell-off in the overall market 
 the company ca n't be bullish if they 're doing a sizable 30-year bullet said one analyst 
 others said ibm might increase the size of the offering to as much as $ N billion if investor demand is strong 
 the company has $ N billion in debt filed with the securities and exchange commission 
 i think the $ N million is a little bit of a fire drill said jim <unk> head of the industrial bond department at drexel burnham lambert inc 
 i think as the pricing time <unk> the bonds will come a little richer and in a larger amount 
 treasury securities 
 treasury prices ended mixed in light trading 
 the benchmark 30-year bond was quoted late at N N to yield N N compared with N N to yield N N monday 
 the latest 10-year notes were unchanged at N N to yield N N 
 short-term rates also were mixed 
 the discount rate on three-month treasury bills rose slightly from the average rate at monday 's auction to N N for a bond-equivalent yield of N N 
 the discount rate on six-month treasury bills fell slightly to N N for a bond-equivalent yield of N N 
 corporate issues 
 two junk bond issues were priced yesterday including a <unk> offering by beatrice co 
 a spokesman for underwriters salomon brothers inc. said beatrice cut its high-yield offering to $ N million from a planned $ N million after it became clear the company would have to give investors higher yields 
 in the two-part offering $ N million of senior subordinated reset notes were priced at N and carried a rate of N N N while the $ N million of senior subordinated floating rate notes were priced to float at N percentage points above the london interbank offered rate or libor 
 the one-year libor rate yesterday was N N N 
 since the recent deterioration of the junk-bond market at least two other junk issuers have said they plan to scale back planned high-yield offerings and several issues have been postponed 
 william <unk> beatrice chief financial officer said favorable market conditions in september prompted the company to plan more debt than necessary 
 however given the changes in the market conditions that have occurred since then we decided to sell only the amount needed to proceed with our contemplated recapitalization he said 
 under the firm 's original bank credit agreement it was required to raise $ N million of subordinated debt to be used to repay some of the bank borrowings drawn to redeem $ N million of increasing rate debentures in august 
 a month ago when beatrice first filed to sell debt the company had planned to offer $ N million of its senior subordinated reset notes at a yield of N N N 
 the $ N million in senior subordinated floating-rate notes were targeted to be offered at a price to float four percentage points above the three-month libor 
 by october however market conditions had deteriorated and the reset notes were targeted to be offered at a yield of between N N N and N N N 
 mr. <unk> said investors also demanded <unk> <unk> 
 continental <unk> inc. via underwriters at morgan stanley & co. priced $ N million of junk bonds at par to yield N N N 
 mortgage-backed securities 
 j.c. penney & co. issued $ N million of securities backed by credit-card receivables 
 the securities were priced at N to yield about N N 
 underwriters at first boston corp. said the j.c. penney credit-card securities are the first with a 10-year average life which is much longer than previous such issues 
 elsewhere ginnie mae 's N N issue for november delivery was quoted at N N bid up N from late monday to yield about N N to a 12-year average life assumption 
 freddie mac 's N N N issue was quoted at N N up N from monday 
 fannie mae 's N N issue was at N N up N 
 on the pricing front an <unk> issue of $ N million federal home loan mortgage corp 
 remic mortgage securities was launched by a morgan stanley group 
 the offering is backed by freddie mac 's N N issue with a weighted average term to maturity of N months 
 municipal issues 
 municipal bonds were little changed to N point higher in late dealings 
 we were <unk> and today we bounced back 
 some accounts came in for some blocks in the secondary market which we have n't seen for a while said one trader 
 there were no sell lists and the calendar is <unk> up a bit 
 there 's light at the end of the tunnel for municipals he said adding that he expects prices to inch up in the near term 
 the market 's tone improved after monday 's pricing of $ N million new york city general obligation bonds 
 the issue 's smooth <unk> eased fears that supply would <unk> demand in coming sessions traders said 
 demand for the bonds was strong enough to permit underwriters to trim some yields in the tax-exempt portion of the offering late monday 
 a two-part $ N million offering of wastewater treatment bonds by the new jersey wastewater treatment trust was more than half sold by late in the session according to lead underwriter merrill lynch capital markets 
 the debt was reoffered priced to yield from N N in N to N N in N 
 foreign bonds 
 most foreign government bonds markets were quiet 
 west german bonds firmed a bit after monday 's fall but traders said the market remains bearish due to speculation that interest rates could rise again 
 in a speech given friday but released late monday <unk> vice president helmut <unk> suggested that it was risky to claim that the booming german economy has reached the peak of its cycle 
 his comments were interpreted as a sign that higher interest rates are possible 
 on oct. N the <unk> raised the <unk> and discount rates by one percentage point to N N and N N respectively the highest levels in seven years 
 germany 's N N bond due october N was unchanged at N to yield N N while the N N N notes due july N rose N point to N to yield N N 
 japanese government bonds showed little change 
 japan 's benchmark no. N issue due N ended on brokers ' screens at N down N point to yield N N 
 british government bonds were little changed as investors <unk> an address on economic policy by john major the new chancellor of the exchequer 
 britain 's benchmark N N N bond due N rose N to N N to yield N N while the N N N notes due N were unchanged at N N to yield N N 
 paramount communications inc. said it sold two simon & <unk> information services units to macmillan inc. a subsidiary of maxwell communication corp 
 the two units are prentice hall information services which publishes tax financial planning and business law information among other services and prentice hall information network which electronically <unk> tax information 
 terms were n't disclosed but industry executives said the units were sold for $ N million 
 arthur h. <unk> previously president of the prentice hall tax and professional services division was named president of the newly formed macmillan professional and business reference division 
 simon & <unk> retains the corporation law <unk> service which will become part of its prentice hall law & business unit 
 a governing body of both the financial accounting standards board and the <unk> accounting standards board voted to give the fasb jurisdiction over accounting standards for certain government-owned entities 
 the financial accounting foundation voted N that fasb accounting rules <unk> gasb rules in regard to utilities hospitals and colleges and universities owned by the government 
 gasb rules still apply for other government units 
 after the gasb was founded in N N years after the fasb the government-owned entities were supposed to follow fasb rules unless the gasb <unk> them 
 the gasb had told governments they did n't have to follow fasb rules on depreciation making it difficult for <unk> agencies to compare private and state-owned schools which compete in the public bond market 
 the foundation vote is effective for the affected government entities with fiscal years that begin starting next jan. N and makes the financial results of the hospitals colleges and schools easier to compare with <unk> businesses 
 but it may lead to separate financial reports based on different rules for the government entities under fasb rules and those still under gasb rules 
 managers of government entities are often more concerned with the political and legal structure and <unk> <unk> with <unk> businesses is n't always as high a priority a foundation spokesman said 
 avery inc. said it completed the sale of uniroyal chemical holding co. to a group led by management of uniroyal chemical co. the unit 's main business 
 it valued the transaction at $ N million 
 avery which continues to operate a coal company it expects to sell at a loss said in proxy materials it intends to seek control of one or more companies 
 after fees and repayment of debt avery is left with about $ N million in cash and securities from the uniroyal sale 
 avery paid $ N million including various legal and financing fees to acquire uniroyal chemical <unk> conn. in N a move that <unk> avery with debt 
 in over-the-counter trading avery shares were quoted yesterday at a bid price of N cents a share 
 according to avery for the year ended sept. N N uniroyal chemical had sales of $ N million and a net loss of $ N million 
 an avery spokesman said that the loss was magnified by accounting adjustments and that the company 's loss was smaller on a cash basis 
 uniroyal has N employees and facilities in the u.s. canada brazil italy and taiwan 
 in a related development avery said it completed a recapitalization in which its controlling shareholders and top officers nelson <unk> and peter w. may surrendered warrants and preferred stock in exchange for a larger stake in avery 's common shares 
 on a fully diluted basis the two raised their stake to N N from N N 
 in december N messrs. <unk> and may sold their stock in <unk> industries inc. a packaging company they controlled to <unk> corp. of france 
 the executives had <unk> <unk> by building american national can co. <unk> 's chief asset 
 in january N the two men acquired the <unk> assets of <unk> including a controlling stake in avery and by extension uniroyal chemical 
 in the august proxy material avery said that unless it sold uniroyal its ability to service debt would be hurt and avery 's shareholder value would continue to erode 
 until avery makes an acquisition messrs. <unk> and may will waive their direct salaries and bonuses the company said 
 for at least the next six months however avery will continue to pay $ N a month for management services to a company controlled by messrs. <unk> and may according to the proxy material 
 <unk> inc. said a plan to sell its <unk> clark inc. subsidiary to a group headed by anderson industries inc. for $ N million has been terminated 
 <unk> a maker of packaging and <unk> products said the two companies could n't agree on terms of a definitive agreement 
 the sale price of the unit which makes packaging products was to consist of cash notes and an amount to be determined by the unit 's future performance 
 <unk> said it is inviting proposals from other prospective purchasers of the unit 
 both <unk> and anderson are based in <unk> ill 
 rally 's inc. said it adopted a shareholders rights plan to protect shareholders from an <unk> priced takeover offer 
 the plan provides for the distribution of one common <unk> right as a dividend for each share of common outstanding 
 each right <unk> shareholders to buy one-half share of common for $ N 
 earlier this month a group led by three of the company 's directors burt sugarman james m. trotter iii and <unk> e. trotter ii indicated it had a N N stake in the louisville ky. fast-food company and that it planned to seek a majority of seats on rally 's <unk> board 
 the company said it was concerned about the announced intent to acquire control of the company by a <unk> group 
 fujitsu ltd. said it wants to withdraw its controversial <unk> bid to design a waterworks computer system for the city of hiroshima 
 meanwhile japan 's fair trade commission said it was considering launching an investigation into whether the bid the equivalent of less than a penny violates <unk> laws 
 hiroshima last week held an auction to pick the contractor expecting to pay about N million yen for the project 
 eight companies submitted bids but fujitsu won the contract by essentially saying it would do the job for free 
 news of the bid drew sharp criticism from other computer companies and industry observers 
 fujitsu itself which said the bid had n't been approved by its headquarters was clearly embarrassed 
 the bid was n't <unk> acceptable a company spokeswoman said 
 hiroshima officials said they still consider the contract in effect and had no immediate plans to cancel it 
 they said they wanted to wait for the outcome of any government investigation before deciding what to do 
 the city 's department of consumer affairs charged <unk> & lewis inc. with failing to deliver on its promise of lowering prices 
 in a civil suit <unk> in state supreme court in new york the agency alleged that the <unk> and <unk> <unk> chain engaged in deceptive advertising by claiming to have lowered every price on every item as part of an advertising campaign that began june N 
 the agency said it monitored <unk> & lewis 's advertised prices before and after the ad campaign and found that the prices of at least N different items either increased or stayed the same 
 in late may <unk> & lewis announced a plan to cut prices N N to N N and eliminate what it called a standard <unk> practice of negotiating individual deals with customers 
 the consumer agency also disputed <unk> & lewis 's continuing strategy of advertising new lower prices when <unk> there have n't been price reductions since june N 
 richard d. lewis president of the <unk> chain defended the company 's pricing campaign saying it did n't use the misleading expression reduced from original prices 
 mr. lewis said the company marked price <unk> and advertised at its lowest possible prices for all its merchandise to reduce public confusion 
 mr. lewis said the company gave the consumer affairs department volumes of documents to <unk> its statements and made every effort to comply with all the agency 's policies 
 in its suit the consumer agency seeks fines of $ N per violation of the city 's consumer protection law costs of investigation and an injunction to prevent <unk> & lewis from continuing its allegedly deceptive advertising 
 wary investors have been running for the stock market 's equivalent of bomb shelters buying shares of <unk> and utility companies 
 those two groups have recently been leading the list of stocks setting new highs 
 on friday when only a dozen common stocks hit 52-week highs on the new york stock exchange five were <unk> issues and another four were utilities 
 on monday when a mere seven common stocks managed new highs six were utilities or <unk> 
 at first <unk> gold and utilities seem strange <unk> 
 after all gold prices usually soar when inflation is high 
 utility stocks on the other hand <unk> on <unk> because the fat dividends utilities pay look more attractive when prices are falling or rising slowly 
 but the two groups have something very important in common they are both <unk> for scared money stocks for people who hate stocks 
 it 's as if investors the past few days are betting that something is going to go wrong even if they do n't know what 
 if the stock market and the economy catch their breath and show that they 're on firmer footing these stocks might well fall back 
 indeed that happened to some extent yesterday as industrial stocks rebounded partly on news of takeovers in the paper industry 
 still a lot of investors clearly have revived their interest in gold and utility shares 
 the primary <unk> thing is that people are frightened says martin <unk> a new york money manager 
 the aftershocks of oct. N when the dow jones industrial average dropped N points are still <unk> 
 certainly the oct. N sell-off did n't settle any <unk> 
 beyond that money managers and analysts see other problems 
 inventories are creeping up car inventories are already high and big auto makers are <unk> plants 
 takeover fever has cooled removing a major horse from the market 's <unk> 
 britain 's unsettled political scene also worries some investors 
 the gyrations in the british government add political uncertainty on top of high inflation and a <unk> stock market says john hoffman assistant director of research at smith barney harris upham & co 
 one of the three major markets in the world is getting <unk> up pretty bad 
 if the fed does not come to the rescue and produce lower short-term interest rates over the next N days the market 's going to <unk> says larry <unk> a market analyst with prudential-bache securities 
 with this sort of sentiment common it 's natural for investors to seek out defensive investments 
 utilities are a classic example even in recessions people continue to use electric power water and gas at a fairly steady rate 
 such defensive issues as food tobacco and drug stocks have been in favor for some time 
 but many of these stocks have now become expensive 
 mr. <unk> points to coca-cola co. and pepsico inc. as examples they 're selling for N to N times estimated N per-share earnings 
 gold stocks are n't cheap on this basis either with many selling for N times earnings or more 
 even utility stocks are n't all that <unk> at an average of N times earnings 
 but the two groups represent a further step in <unk> 
 if gold stocks and utilities continue to lead it may signal that the market is in for rough times 
 that 's just what joseph <unk> expects 
 we are going to <unk> lower says the flamboyant market <unk> who had a huge following a few years back 
 anyone telling you to buy stocks in this market is technically irresponsible 
 you do n't want to own anything long except gold stocks 
 one reason for his <unk> is a weekly tally he keeps of stocks within a point of hitting new highs or lows 
 last friday N stocks on the big board hit new 12-month lows 
 but by mr. <unk> 's count N issues were within one point of such lows 
 robert <unk> a veteran new york money manager and president of <unk> securities has money in both gold and utility issues 
 i think we could very well have an economic slowdown beginning very soon if not already he says 
 mr. <unk> does n't expect an actual recession 
 but he does expect a <unk> <unk> of an economy with very slow growth maybe one quarter of no growth at all 
 in such a climate utility stocks look good to him 
 he favors <unk> group inc. florida progress corp. <unk> energy inc. wisconsin energy corp. and dominion resources inc 
 the appeal of gold issues mr. <unk> says is that they 're a counter group 
 you go into them because they move counter to the general market 
 he adds that gold stocks had been down so long they were ready for a bounce 
 his <unk> are american <unk> resources corp. echo bay mines ltd. and <unk> <unk> mines corp 
 nevertheless mr. <unk> <unk> that you do n't buy gold stocks based on powerful fundamentals 
 in addition to having high price-earnings ratios most pay <unk> dividends if any 
 the earning power of gold mining companies is restricted unless the gold price <unk> up over $ N an ounce he says 
 <unk> cohen an investment strategist for drexel burnham lambert also thinks it makes sense to have some money in both utilities and gold 
 my outlook is for a decline of about N N in corporate profits in N she says 
 but a bunch of utilities should post profit increases 
 among utilities drexel currently favors <unk> corp. and general public utilities corp 
 as for gold she notes that it usually rises when the dollar is weak as it has been lately 
 among gold stocks drexel likes battle mountain gold co. <unk> gold co. and freeport-mcmoran gold co 
 it never <unk> to <unk> me how the business world continues to <unk> the world 's environmental problems is science or private gain driving ozone policy by george <unk> business world oct. N 
 to suggest that a N N drop in ozone by the middle of the next century would be negligible is irresponsible and <unk> 
 consider the fact that a mere N N drop in ozone would increase birth defects and <unk> by allowing solar radiation to alter the dna structure 
 even a small reduction is <unk> and to suggest otherwise is <unk> and <unk> 
 the reason environmentalists do n't mind seeing new crises arise is because there are new crises 
 crises larger and more dangerous to the quality of life than they were N years ago 
 if you are doubtful consider for a moment that the <unk> <unk> <unk> in northern new jersey which supply the <unk> area with drinking water are <unk> with toxic <unk> 
 this is a fact and not the product of some environmental <unk> or a group 's <unk> to create a market 
 it 's time business leaders and the general public learn that <unk> does not rule over this natural environment but is rather the <unk> <unk> player within nature 's workings 
 mark t. <unk> jersey city n.j 
 mr. <unk> 's column was right on the money but i wish it could have gone one step further 
 as an employee of a major <unk> and <unk> manufacturer i have been heavily involved in dealing with the political <unk> of the <unk> theory named after the researchers who found in N that chlorofluorocarbons contributed to the depletion of ozone in the earth 's atmosphere and the montreal protocol 
 an important part of my effort has been to understand the science so i can explain it to corporate colleagues facing major changes in product design 
 in my research i have found a paper by joseph <unk> of the national cancer institute and several colleagues reporting an <unk> decrease in uv-b radiation at eight u.s. measurement sites 
 our concern for the ozone layer of course grows out of the potential for increasing uv-b radiation which could damage <unk> and <unk> 
 the last of the measurements reported was in N but recent conversations with mr. <unk> indicated that he knew of no recent changes in the trend 
 i understand but have n't yet <unk> that there are studies by <unk> russians and the max <unk> institute that show either <unk> or declining uv-b at the surface 
 to me this calls into question the <unk> of the <unk> theory and hence the whole chlorofluorocarbons replacement effort 
 this in turn threatens the massive vested interests of which you have written 
 my questions on this subject at a recent meeting at the world resources institute with representatives of the national resource development commission the environmental protection agency friends of the earth etc. were greeted with <unk> and some <unk> comments about that report being <unk> 
 when i expressed <unk> that no one was undertaking a more current and credible uv-b study i was urged to get back to the agenda topic which was ironically a schedule for getting rid of <unk> the so-called soft cfcs that are such an important part of the <unk> <unk> scenario 
 subsequently i have learned that a private group of which du pont is a part is funding a modest program to continue data gathering at the <unk> report stations as well as to develop more sophisticated <unk> measuring instruments 
 but this is almost an underground activity 
 to my knowledge no government entities including the epa are pursuing uv-b measurements 
 the topic never comes up in <unk> establishment meetings of which i have attended many 
 it seems to me that such measurements are a vital part of any <unk> honest evaluation of the threat posed by cfcs 
 while recognizing that professional environmentalists may feel threatened i intend to urge that uv-b be monitored whenever i can 
 frederick h. <unk> vice president industry and government relations white consolidated industries inc washington 
 the relationship between surface release of cfcs and global <unk> ozone loss was identified back in N 
 although like all scientific theories it had its initial opponents few experts question the connection now 
 the discovery of the ozone hole over <unk> and the results of <unk> and <unk> aircraft experiments conducted over the past several years serve as evidence that ozone depletion is related to <unk> <unk> 
 in the september issue of scientific american thomas e. <unk> distinguished member of the technical staff at at&t bell laboratories and paul j. <unk> director of the air chemistry division of the max <unk> institute for chemistry in <unk> west germany wrote it is now quite evident that chlorofluorocarbons particularly <unk> and <unk> are the major <unk> responsible for ozone depletion 
 mr. <unk> quotes peter teagan and <unk> the name of arthur d. little inc. to support his statement 
 however unlike messrs. <unk> and <unk> who are both <unk> in the study of atmospheric chemistry mr. teagan has no special expertise in the area 
 he is a mechanical engineer not an atmospheric <unk> 
 it is <unk> and <unk> to say that scientists needed new crises to generate new grants and contracts and that environmental groups need them to stay in business 
 solving the global environmental problems we all face will require an unprecedented level of cooperation and communication among industry policy makers and the scientific community world-wide 
 karen fine <unk> publisher global environmental change report <unk> mass 
 nearly two months after saying it had been the victim of widespread fraud miniscribe corp. disclosed it had a negative net worth of $ N million as of july N and hinted that it might be forced to file for protection under bankruptcy laws 
 richard rifenburgh chairman and chief executive of the <unk> colo. disk-drive maker also said the company continued losing money in the third quarter and expects to sustain further losses through the end of the year 
 mr. rifenburgh told industry analysts he is moving aggressively to negotiate <unk> settlements on a number of shareholder lawsuits but noted that the company could file for bankruptcy-law protection if settlement talks fail 
 mr. rifenburgh also noted that N million shares of miniscribe common stock were traded during the past three years so there 's a tremendous amount of exposure 
 miniscribe has said that its financial results for the past three fiscal years would have to be restated because of the allegedly fraudulent accounting and marketing practices that inflated revenues and net income 
 miniscribe also has n't filed any financial statements for N 
 mr. rifenburgh said such statements should be ready by the end of november 
 he said he expects the company to have $ N million in sales for this year 
 he did n't say what the company expected to report for year-earlier sales which will be restated from the previously reported $ N million 
 the release of miniscribe 's new balance sheet came one day after it introduced its new line of <unk> disk drives on which it is <unk> much of its hope for survival 
 although it is not the first company to produce the <unk> drives which store information in personal computers miniscribe says it is the first with an <unk> drive the company plans to introduce a <unk> drive next year 
 analysts and consultants had mixed reactions to yesterday 's announcements <unk> mr. rifenburgh 's efforts but questioning whether the company can survive in a highly competitive marketplace 
 it 's a <unk> attitude said dave <unk> vice president of storage research for international data corp 
 others pointed out that at least four other disk-drive makers will have competitive <unk> drives early next year and that the industry already operates on very thin margins 
 the company also faces <unk> by the national association of securities dealers 
 the company continues to trade in the over-the-counter market with an exception to listing requirements 
 miniscribe filed a status report with the nasd on monday detailing its efforts to comply with listing requirements and <unk> an extension of the exception but has n't received a response 
 miniscribe common closed yesterday at $ N down N cents and has been trading for several months at less than $ N a share 
 meanwhile u.s. attorney jerry <unk> in denver is reviewing the report prepared by miniscribe 's outside directors to determine if criminal charges should be brought before a grand jury 
 the miniscribe report <unk> a host of allegedly fraudulent practices including the shipment of bricks and defective disk drives that were booked as sales and inventory <unk> in accounting records 
 the internal investigation also criticized miniscribe 's auditors coopers & <unk> for allegedly ignoring numerous red flags 
 mr. rifenburgh said the board still has n't acted on most of the internal report 's recommendations pending <unk> of the balance sheet 
 he added that he expects to make a recommendation within a few weeks on whether miniscribe should file its own lawsuits against former company officers and directors 
 american enterprise institute scholar norman <unk> in the oct. N tv guide on what tv news does n't report about congress and should 
 by concentrating all their resources on the pay raise wright and tower the networks actually <unk> some major stories that showed the flaws and <unk> of the institution 
 an <unk> producer could easily have created a <unk> and interesting piece about how congress really works and why voters in say west virginia got a federally funded university project and building while voters in arkansas did not 
 but nobody did such a piece reflecting a contemporary <unk> the more a scandal has to do with a congressman 's duties as a congressman the less likely it is to catch the fancy of a network 
 <unk> michael <unk> in one of his institute 's recent publications on journalism in the year N 
 the <unk> definition of <unk> will favor virtually <unk> use of personal sensitive and intimate facts 
 traditional standards of <unk> and importance is this something the public ought to know will be replaced by a much broader test is this something the public is interested in knowing 
 and since the public has always been <unk> by <unk> and <unk> reporters and editors will strain for creative <unk> to justify the <unk> of collateral facts about private lives including sexual activities and domestic relationships activities of family members and all matters about mental and physical health 
 similarly <unk> images will be more vivid <unk> and sometimes <unk> 
 one consequence of the trend toward tabloid standards of taste will be fierce attacks from politicians who will find sufficient evidence of abuse to <unk> an already <unk> public to control the press 
 bankers trust new york corp. won permission from the federal reserve board to move the company 's private placement department to its fledgling securities subsidiary 
 the seemingly mundane action which was opposed by the securities industry association a trade group has important implications for banks ' recent entry into the underwriting of corporate securities 
 the fed 's action increases the volume of publicly registered securities that banks ' securities affiliates will be able to underwrite 
 several other banks have similar applications pending 
 over the past two years the fed has given a handful of banks ' securities affiliates permission to underwrite and deal in a variety of corporate asset-backed and municipal securities that had previously been the sole <unk> of securities firms 
 securities firms have challenged those fed approvals saying they violate federal laws <unk> the banking and securities businesses 
 however the fed limited the revenue that banks could earn from these new underwriting activities to no more than N N of the revenue earned from other securities activities long open to banks such as dealing in u.s. treasurys 
 for some banks that N N ceiling created problems 
 but by allowing <unk> securities inc. to handle private <unk> the fed boosted the volume of new types of underwriting that the unit can do 
 private <unk> involve debt and equity securities typically in denominations of $ N million that are sold to institutional investors and are n't registered with the securities and exchange commission 
 last year bankers trust said it placed $ N billion of corporate debt and equities privately 
 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 
 <unk> j. <unk> was named an executive vice president of the american express travel related services co. unit of this travel and financial services firm 
 she retains her duties of <unk> director 
 joe f. lynch the <unk> chairman and chief executive officer of first continental real estate investment trust was named to the new post of vice chairman of this bank holding company 
 every <unk> at N a.m. 40-year-old mike sinyard <unk> cycling clothes <unk> on a bike he keeps at his morgan hill calif. office and sets out to cover a distance most people would travel only by car 
 as many as N of his employees at specialized bicycle components inc. ride with him 
 when they return to their desks at N p.m. they have <unk> N miles 
 such <unk> for cycling helped mr. sinyard build a creative company at the <unk> of its industry 
 founded by bike enthusiasts rather than businessmen specialized spotted the appeal of <unk> bikes that go almost anywhere and began <unk> them in N 
 in the past five years the company 's sales have grown to $ N million from $ N million 
 today so-called mountain bikes account for two-thirds of the $ N billion spent annually on all <unk> in the u.s. 
 with N N of its sales coming from mountain bikes specialized is widely considered to be a market leader 
 accessories largely for mountain-bike users account for much of the rest of sales 
 but today the company needs its entrepreneurial spirit more than ever 
 one large competitor after another is leaping into the booming market specialized helped create turning out mountain bikes with such well-known names as <unk> <unk> <unk> and <unk> 
 thus mr. sinyard 's company must <unk> more than ever to stay ahead of them by developing new products specifically for mountain <unk> 
 at the same time though it must become more structured to better manage its growth 
 <unk> both will be a <unk> act as challenging as riding a <unk> 
 it is a problem common to small companies that have grown fast especially when their success attracts big-time competitors 
 the big word around specialized is passion says <unk> eidsmo a former <unk> executive whom mr. sinyard recruited from citicorp to run marketing and sales 
 what i hope to bring to this is another word process 
 that 's my challenge 
 it 's mike 's challenge as well 
 mr. eidsmo is one of several key people from outside the cycling industry who were hired to bring the <unk> fast-growing company under tighter control 
 we had a lot of problems mr. sinyard says 
 while the company 's sales were soaring we still had a system that was probably appropriate for $ N million to $ N million in sales 
 adds mr. eidsmo what felt good that day was done that day 
 since his <unk> in may mr. eidsmo has put in place techniques learned while working for citicorp such as <unk> detailed project plans and forecasts of company sales and product trends 
 we 're finally getting and it 's been very painful some understanding of what the company 's long-term horizon should begin to look like mr. eidsmo says 
 but it 's risky he says of specialized 's attempt to adopt a corporate structure 
 you do n't want to lose the magic of the company 's creative drive 
 hoping to stay ahead of the pack the company is <unk> innovation 
 at a recent trade show <unk> lined up to view a new specialized bike frame that <unk> just N pounds a pound less than the <unk> mountain-bike frame on the market 
 by replacing the frame 's steel <unk> with titanium ones mr. sinyard 's company plans to make its next generation of <unk> even lighter 
 at the trade show specialized also unveiled a revolutionary <unk> bike <unk> developed jointly by specialized and du pont co 
 made of <unk> materials the <unk> <unk> are designed like <unk> wings to <unk> N minutes off the time of a rider in a <unk> race the company claims 
 it currently costs $ N though mr. sinyard thinks the price can be reduced within three years to between $ N and $ N 
 he was able to slash the price of the company 's least expensive mountain bike to $ N from $ N in 
 but demands on the company 's creativity are certain to grow 
 competition is <unk> as larger companies <unk> a mountain-bike market mr. sinyard 's company once had virtually all to itself 
 u.s. cycling federation official philip <unk> says mountain <unk> is growing at such a <unk> rate that a lot of companies are getting into this 
 one especially <unk> specialized market the new players are targeting is mountain-bike accessories which mr. eidsmo calls the future of our business 
 accessories not only sell faster than whole bikes they also offer profit margins nearly double the N N to N N or so on sales of complete cycles 
 to get a piece of the business <unk> inc. <unk> ore. introduced a line of mountain-bike shoes 
 about a month ago michelin tire corp. greenville s.c. began selling mountain-bike tires for years a specialized <unk> 
 competition in the sale of complete bikes is heating up too 
 <unk> bicycle corp. which accounts for <unk> of the $ N million in annual sales at its <unk> parent <unk> corp. entered the mountain-bike business in N 
 <unk> previously made only traditional road bikes but it did n't take a rocket scientist to change a road bike into a mountain bike says <unk> 's president dick burke 
 the segment now makes up roughly two-thirds of his company 's total sales 
 at giant bicycle inc. <unk> <unk> calif. sales have tripled since the company entered the u.s. mountain-bike business in N 
 a subsidiary of a taiwanese holding company with world-wide sales of $ N million giant is one example of the sudden <unk> of mr. sinyard 's <unk> market niche 
 <unk> bicycle co. chicago established joint ventures with bike companies in <unk> china and hungary to sell bikes 
 in the past year <unk> international corp. <unk> has acquired such major brands as <unk> <unk> and <unk> 
 in response to the <unk> of the business mr. sinyard 's company is replacing independent distributors overseas with wholly owned subsidiaries 
 the move will cut out the cost of a <unk> and give specialized more control over marketing and sales 
 but as bill austin giant 's president puts it with some of the bigger players consolidating their strength the game has changed 
 carl e. pfeiffer chief executive officer was named to the additional post of chairman of this <unk> manufacturing concern 
 robert c. <unk> a director and chief operating officer of the company succeeds mr. pfeiffer as president 
 roger m. <unk> president was named to the new post of vice chairman 
 michael <unk> who had been executive vice president operations was named president and chief operating officer 
 <unk> manufactures <unk> systems for mainframes and minicomputers 
 richard j. <unk> was elected a director of this single-family home <unk> increasing the board to nine 
 he is a senior partner with the law firm of <unk> & <unk> and is a partner in <unk> venture management 
 john franco N years old formerly vice chairman of capital holding corp. and president of its accumulation investment group was named chief executive officer of this insurance holding company effective dec. N succeeding robert t. shaw who remains chairman 
 <unk> also named steven b. <unk> N senior vice president since N as president succeeding john w. <unk> who will join the <unk> acquisition corp. division of <unk> <unk> & co. which has agreed to buy most of <unk> 's <unk> subsidiaries 
 mci communications corp. said it won a $ N million contract from <unk> co. a denver investment banking concern to provide voice and data telecommunications services 
 the agreement calls for mci to provide data service N and <unk> service a <unk> private network service 
 the companies would n't disclose the length of the contract except to say it was a <unk> agreement 
 the head of british satellite broadcasting ltd. said he hopes to raise about # N million $ N million before the <unk> venture makes its delayed debut next spring with a major chunk coming from new investors 
 we 'll raise it through bank loans 
 we 'll raise it through new equity 
 and we 'll raise it through existing shareholders as well as through junk bonds said anthony <unk> the private consortium 's chief executive 
 he said he believes the bank loan to be arranged by february will supply about half of the financing 
 british satellite which already has raised # N million from N backers initially expected to seek an additional # N million 
 mr. <unk> said the additional financing may leave british satellite owned by about N investors including australian entrepreneur alan bond whose nearly N N stake would be reduced to as little as N N 
 bond corp. british satellite 's biggest investor would like to withdraw from the <unk> consortium and analysts have speculated hollywood studios might buy the bond stake 
 but mr. <unk> said he is n't talking to any studios about investing 
 besides bond corp. british satellite 's other backers include <unk> plc reed international plc and <unk> group plc 
 the consortium faced a setback in may when technical problems forced it to postpone the september launch until next spring 
 continued uncertainty about the timing of the consortium 's debut could make it hard to find a # N million cash injection 
 mr. <unk> conceded that british satellite 's potential u.k. lenders are saying when you 're on the air you 'll actually get the money 
 the bankers also insist that the loans depend on the consortium raising more money from new and existing backers 
 british satellite today is <unk> a # N million advertising and promotional drive for the consortium 's planned five channels of movies sports entertainment and news shows 
 as part of the drive the first N viewers who put up # N each will get a package valued at # N including a satellite receiving <unk> equipment installation and a three-month subscription to its <unk> service 
 british satellite faces competition from sky television a <unk> venture begun last february and owned by rupert murdoch 's news corp 
 the rivals currently are locked in a costly bidding contest for hollywood film rights 
 shares closed sharply higher in london in the year 's <unk> volume monday supported largely by a technical bounce after last week 's sharp declines 
 tokyo stocks posted a <unk> loss monday while trading in frankfurt west germany was mixed 
 in london the financial times 100-share index finished N points higher at N 
 the index settled off the high of N posted after wall street opened stronger 
 but it showed strength throughout the session hitting a low of only N within the first few minutes of dealings 
 the 30-share index settled N points higher at N 
 volume was only N million shares breaking the previous N low of N million shares recorded oct. N 
 turnover was also down substantially from N million shares on friday 
 dealers said the market was supported to some extent by a firmer pound gains on wall street and shopping by market-makers to cover internal requirements for selected stocks in the 100-share index 
 dealers attributed most of the day 's gains to market-makers moving prices higher rather than an <unk> of significant buying interest 
 prices were up across the board with most blue-chip stocks <unk> solid gains 
 though the market was stronger dealers said fresh buying interest was <unk> ahead of a potential <unk> debate in the house of commons set for tuesday 
 it will be chancellor of the exchequer john major 's first appearance before the opposition labor party 
 the market is <unk> interested in hearing what he has to say about the status of the current N N base lending rate 
 in london trading courtaulds a chemicals and <unk> company increased N pence to N after it disclosed plans to spin off its <unk> operations into a separately listed company on jan. N 
 it was the most active of the 100-share index at N million shares N million of which were traded by midday 
 jaguar ended N higher at N 
 dealers said fresh buying was drawn into jaguar after a senior executive of daimler-benz the auto maker told a british television <unk> during the weekend that the west german company held talks with the luxury auto maker over possible joint ventures 
 although <unk> has said it is n't interested in mounting a bid for jaguar dealers said its name further <unk> the growing interest in the british concern 
 <unk> was the biggest <unk> jumping N to # N $ N on anticipation of a stock split next week 
 total turnover in <unk> was a thin N shares 
 in tokyo stocks had a <unk> loss monday in quiet trading with the exception of concentrated buying in some <unk> issues 
 the nikkei index of N selected issues fell N points to N 
 the index fell N friday 
 in early trading in tokyo tuesday the nikkei index rose N points to N 
 on monday volume on the first section was estimated at N million shares down from N billion shares friday 
 declining issues outnumbered advancers N to N N issues were unchanged 
 investors who took profits friday mostly took a <unk> attitude monday amid uncertainty in the foreign-currency market and new york stocks traders said 
 <unk> <unk> an analyst at <unk> securities said <unk> expectation for lower interest rates made investors step back from real-estate shares which advanced last week 
 some traders said institutions were waiting to see the u.s. jobless rate to be issued friday 
 the tokyo stock price index of all issues listed in the first section which fell N points friday was down N points or N N at N 
 the second section index which fell N points friday was down N points or N N to close at N 
 second section volume was estimated at N million shares down from N million shares friday 
 monday 's losers included railway <unk> and high-technology issues 
 the energy of participating investors <unk> into tokyu group shares pushing prices of its companies up across the board 
 tokyu group announced during the weekend that each group company will buy the others ' stocks to defend themselves against a rumored takeover 
 the announcement fueled speculation for future advances in the shares 
 tokyu department store advanced N to N 
 tokyu corp. was up N at N 
 tokyu construction gained N to N 
 other winners monday included <unk> metals which attracted investors because of a surge in gold prices on the back of the unstable dollar 
 petroleum companies were also popular because of expectations of a weaker dollar which cuts dollar-denominated <unk> prices 
 share prices in frankfurt closed narrowly mixed after <unk> and <unk> trading 
 the dax index closed at N up only N 
 traders said turnover was particularly thin as investors waited for wall street to set the direction for the week 
 most expect the decline in new york stock prices to continue this week 
 another factor weighing on the frankfurt market involves fears about the impending wage talks between the ig metall <unk> union and industry representatives which could result in a wave of strikes next spring traders said 
 a few blue-chip stocks posted strong gains boosted by special factors while the majority of shares ended little changed 
 elsewhere stock prices were lower in brussels milan and stockholm and mixed in amsterdam paris and zurich 
 stocks closed higher in hong kong manila seoul sydney taipei and wellington but were lower in singapore 
 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 
 deere & co. said it reached a tentative agreement with the machinists ' union at its <unk> wis. plant ending a <unk> strike by workers at the facility 
 the maker of farm equipment said the three-year labor agreement with the international association of machinists and aerospace workers at john deere <unk> works deere 's primary facility for producing lawn and <unk> equipment takes effect immediately and <unk> through oct. N N 
 about N employees are covered by the new agreement deere said 
 courtaulds plc announced plans to spin off its <unk> operations to existing shareholders in a restructuring to boost shareholder value 
 the british chemical and textile company 's plan which requires shareholder approval would create a new listed u.k. stock with a probable market capitalization between # N million $ N million and # N million analysts said 
 the establishment of the separate company to be called courtaulds <unk> could be effective as early as next year 's first quarter 
 investors welcomed the move 
 courtaulds ' shares rose N pence to N pence <unk> the entire company at about # N billion 
 courtaulds ' spinoff reflects pressure on british industry to boost share prices beyond the reach of corporate raiders 
 courtaulds ' restructuring is among the largest thus far in britain though it is <unk> by b.a.t industries plc 's plans to spin off roughly # N billion in assets to help fend off a takeover bid from <unk> financier sir james goldsmith 
 the <unk> courtaulds textile operations had operating profit of # N million on # N million in revenue in the year ended march N 
 some analysts have said courtaulds ' moves could boost the company 's value by N N to N N because the two entities separately will carry a higher price earnings multiple than they did combined 
 in addition courtaulds said the moves are logical because they will allow both the chemicals and textile businesses to focus more closely on core activities 
 courtaulds has been under pressure to enhance shareholder value since takeover speculators including australian financier kerry <unk> surfaced holding small stakes last year 
 though mr. <unk> has since sold his stake courtaulds is moving to keep its institutional shareholders happy 
 even without a specific takeover threat courtaulds is giving shareholders choice and value said <unk> <unk> an analyst at london stockbrokers barclays de zoete wedd 
 in a statement the company said both parts can only realize their full potential and be <unk> valued by the market if they are separately quoted companies 
 the sharper definition and the <unk> which each will thereby gain will benefit shareholders customers and employees 
 courtaulds chairman and chief executive sir christopher <unk> will remain in both posts at the surviving chemical company after the spinoff 
 <unk> <unk> corp. said its affiliated company in malaysia established this april will begin manufacturing steel doors wednesday 
 its partner in the joint venture is <unk> kean <unk> metal industries <unk> malaysia 
 company officials said the new company <unk> kean <unk> <unk> is capitalized at the equivalent of N million yen $ N 
 the japanese concern has a N N stake while the local partner has a N N stake 
 the new company was created to meet growing demand for steel doors <unk> with increasing local concern about fire prevention the company said 
 barbara <unk> franklin president of franklin associates was elected a director of this building products maker 
 ms. franklin N years old <unk> the position vacated by <unk> g. <unk> who retired earlier this year at age N 
 nec corp. said it plans to more than double its british subsidiary 's capacity for the production of semiconductor <unk> 
 officials at the japanese semiconductor maker said the company intends to increase investment in plant and equipment by N billion yen $ N million to N billion yen in the year ending march N with the extra funds used to increase production overseas 
 officials said they were n't sure how the money will be distributed among overseas units but added that nec semiconductors u.k. ltd. will receive priority 
 officials also disclosed it 's possible that nec may reduce domestic production of <unk> chips to five million a month from six million beginning january because of deteriorating market prices 
 japan 's steel exports fell N N in september from a year earlier and were down N N from the previous month the japan iron and steel federation reported 
 september was the <unk> consecutive month in which steel exports failed to reach the year-earlier level 
 a federation official attributed the decline to brisk demand from domestic industries backed by continuing economic expansion in japan 
 japanese steel companies are apparently focusing on domestic sales but the official said it does n't necessarily mean that local sales contracts are increasing that <unk> 
 they are just too busy to meet domestic demand and have little room for overseas shipments the official said 
 after a bad start treasury bonds were buoyed by a late burst of buying to end modestly higher 
 the market was pretty <unk> for most of the day said robert h. <unk> vice president at <unk> bank plc 
 he said some investors were reluctant to plunge into the market ahead of several key economic indicators due this week especially friday 's potentially <unk> employment report 
 during the first hour of trading yesterday prices fell as much as N point or down about $ N for each $ N face amount 
 but market activity was <unk> as investors started to view the lower price levels as attractive 
 and the treasury 's $ N billion auction of short-term bills which generated strong buying interest helped to lift the bond market out of the doldrums 
 we saw good retail demand by small banks individuals and institutions and that is one reason why the market advanced late in the day said sung won <unk> senior vice president and chief economist at <unk> corp. minneapolis 
 he said the change in sentiment also reflected perceptions that the slate of economic <unk> due this week will be <unk> to a bond market rally 
 the employment report which will provide the first official measure of the economy 's strength in october is expected to show smaller gains in the generation of new jobs 
 other key economic indicators due this week include today 's release of the september leading indicators index and new-home sales 
 tomorrow the october purchasing managers report is due and on thursday comes october <unk> sales 
 despite yesterday 's modest bond market gains economists say investors are anxious about the treasury 's huge quarterly refunding of government debt the timing of which depends on congressional efforts to raise the debt ceiling 
 although the treasury will announce details of the november refunding tomorrow it could be delayed if congress and president bush fail to increase the treasury 's borrowing capacity 
 the debt ceiling is scheduled to fall to $ N trillion from $ N trillion at midnight tonight 
 the treasury 's benchmark 30-year bond rose N point 
 mortgage-backed securities were up less than N point and investment-grade corporate bonds were unchanged 
 strong demand for new york city 's $ N million general obligation bonds <unk> up the municipal market 
 traders said most municipal bonds ended N point higher 
 the new york city issue included $ N million of tax-exempt bonds priced to yield between N N to N N depending on the maturity 
 the $ N million of new york 's taxable general obligation bonds were priced to yield between N N to N N 
 as expected the longer-term tax-exempt new york bonds had yields nearly as high as those on taxable long-term treasury bonds 
 the yield on the benchmark 30-year treasury bond ended yesterday at about N N 
 bond dealers said the rates for the long-term tax-exempt new york city bonds were among the highest as a percentage of treasury rates for any new york city issue in recent memory 
 a spokesman for new york city comptroller harrison <unk> said the high rates reflect investors concerns about the city 's financial health and political uncertainties 
 new york bonds which have been <unk> in recent weeks on the pending supply and reports that the city 's economy is growing weaker rose N point yesterday 
 treasury securities 
 treasury bonds ended slightly higher in light trading 
 the benchmark 30-year bond ended at N N to yield N N compared with friday 's price of N N to yield N N 
 the latest 10-year notes ended at about N N to yield N N compared with N N to yield N N on friday 
 short-term interest rates rose at the government 's regular weekly <unk> auction 
 the average discount rate on three-month bills was N N and the rate on six-month bills was N N 
 those rates are up from N N and N N respectively at last week 's auction 
 due to the treasury 's need to raise funds quickly before the current authority to issue debt expires at midnight tonight yesterday 's auction was structured differently from previous sales 
 the treasury bills sold yesterday settle today rather than the standard settlement day of thursday 
 and because of the early settlement the three-month bills actually have a <unk> maturity and the six-month bills have an <unk> maturity 
 because of the early settlement the federal reserve was unable to purchase bills for its system account 
 however analysts expect the fed to buy treasury bills that were auctioned yesterday in the secondary market 
 the treasury also held a hastily scheduled $ N billion sale of <unk> management bills yesterday 
 here are details of yesterday 's three-month and six-month bill auction 
 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 coupon equivalent yield is based on a <unk> year 
 both issues are dated oct. N 
 the 13-week bills mature feb. N and the 26-week bills mature may N N 
 here are details of yesterday 's <unk> cash management bill auction 
 interest rate N N 
 the bills are dated oct. N and mature dec. N N 
 corporate issues 
 the junk bond prices of western union corp. tumbled after the company said it wo n't proceed with an exchange offer to holders of its reset notes 
 the upper <unk> river n.j. communications firm said it is considering alternatives to the restructuring of the senior secured notes because of changes in the high-yield market 
 in june western union was forced to reset the interest rate on the senior secured notes due in N to N N N from N N N a move which increased the firm 's annual interest payments by $ N million 
 although the notes held at a price of N to N immediately after the reset they started falling soon afterward 
 yesterday western union 's senior secured reset notes fell N N points or about $ N for each $ N face amount to close at N N 
 other western union securities were also lower 
 the company 's N N sinking fund debentures were quoted at a bid price of N N and an offered price of N while the N N N subordinated debentures of N were being bid for at N and offered at around N N 
 the N N N debentures last traded at N 
 high-yield traders said spreads between the bid and offered prices of western union junk bonds have been widening for some time and in certain cases bids for western union securities are not available 
 elsewhere prices of investment-grade and high-risk high-yield junk bonds ended unchanged 
 in the new-issue market for junk securities underwriters at salomon brothers inc. are expected to price today a $ N million junk bond offering by beatrice co. 
 the two-part issue consists of $ N million of senior subordinated reset notes maturing in N and $ N million of subordinated floating rate notes also maturing in N 
 portfolio managers said expectations are for the issue to be priced at a discount with a coupon of N N N and a yield of about N N 
 the chicago-based food and consumer goods concern was acquired in april N in a $ N billion leveraged buy-out engineered by kohlberg kravis roberts & co 
 proceeds from the note sale will be used to repay a portion of the bank borrowings used by beatrice to redeem its $ N million principal amount of increasing rate debentures in august 
 meanwhile underwriters at morgan stanley & co. are expected today to price a $ N million high-yield offering by continental <unk> inc 
 the senior subordinated debentures maturing in N are targeted to be offered at a yield of between N N N to N N N 
 mortgage-backed securities 
 mortgage securities ended N to N higher in light trading 
 ginnie mae 's N N issue for november delivery finished at N N up N and its N N issue at N N up N 
 freddie mac 's N N issue ended at N N up N 
 in the derivative market insurance companies have scaled back their purchases of remic securities or real estate mortgage investment <unk> as they assess potential claims from the recent california earthquake and hurricane in the carolinas 
 this could mean diminished issuance of derivative mortgage issues during the next few weeks 
 insurance companies have been major buyers of <unk> planned amortization classes <unk> during the past few months 
 the <unk> appeal to insurance companies and other investors because they have higher yields than <unk> corporate bonds and carry the guarantee of freddie mac and fannie mae <unk> agencies 
 in the asset-backed market beneficial corp. offered $ N million of securities backed by home-equity loans the second large deal in the past week 
 last week a unit of <unk> financial corp. offered $ N million of home-equity securities 
 both the <unk> and beneficial offering were underwritten by merrill lynch capital markets the leading wall street firm in the home-equity securities market which was created early this year 
 municipal issues 
 the improved tone in the municipal market largely an <unk> of the new york city sale 's reception helped municipal futures rebound from early lows but the spread between the contract and <unk> futures continued to grow more negative 
 the <unk> spread or difference between the municipal and <unk> futures contracts has been near <unk> lows in recent trading driven basically by concerns that new-issue supply would <unk> demand 
 december municipal futures ended up N point to N having pulled off a morning low of N as cash municipals rebounded 
 but front month <unk> futures settled the afternoon session up a slightly greater N at N 
 foreign bonds 
 british government bonds ended moderately higher encouraged by a <unk> pound and a rise in british stocks 
 the benchmark N N N bond due N rose N to N N to yield N N while the treasury 's N N notes due N rose N to N N to yield N N 
 west german government bonds fell as much as N point in light nervous trading 
 the N N treasury bond due october N ended off N point to N to yield N N while the N N N notes due N fell N point to N to yield N N 
 japanese government bonds continued to erode as the dollar remained <unk> against the yen 
 japan 's no. N N N bond due N ended the day on brokers screens at N to yield N N 
 so-called cross-border acquisitions totaled $ N billion in the second quarter down from $ N billion a year earlier according to the accounting firm <unk> peat <unk> 
 in a cross-border transaction the buyer is in a different region of the globe from the target 
 such transactions numbered N in the second quarter up from N a year earlier 
 however the total value declined for deals of $ N million and up 
 the downturn in total value may be only temporary suggested <unk> <unk> a <unk> peat <unk> partner 
 he explained in part that restructuring to prepare for the common market expansion due in N has become more of a strategic priority both for companies inside and outside the european community 
 in the second quarter <unk> cross-border transactions deals under $ N million each numbered N and totaled $ N billion compared with N such transactions totaling $ N billion a year earlier the firm said 
 large cross-border deals numbered N and totaled $ N billion in the second quarter the firm added 
 that compared with N such transactions totaling $ N billion as year earlier 
 <unk> foods inc. said its board authorized the purchase of as many as N of its common stock purchase warrants at a price of $ N a warrant 
 the food company which has N warrants and about N million common shares outstanding said it may increase the offer to purchase any or all warrants that are properly tendered 
 a warrant permits a holder to acquire one share of common stock for $ N a share 
 the warrants expire on oct. N N and may be called by the company at a price of $ N 
 the offer is scheduled to expire on nov. N unless extended 
 in new york stock exchange composite trading <unk> closed yesterday at $ N down N cents 
 seasonal <unk> 
 <unk> problems though often quite grim this time of year leave us in <unk> when we notice around our airport a holding pattern for <unk> 
 edward f. <unk> 
 <unk> 
 i am <unk> myself i 've said in moments of heat without ever <unk> to <unk> at the feat 
 <unk> adams 
 <unk> <unk> 
 the ultimate blow to the <unk> is learning that even your mistakes go <unk> 
 <unk> ball 
 gen-probe inc. a biotechnology concern said it signed a definitive agreement to be acquired by chugai pharmaceutical co. of tokyo for about $ N million or almost double the market price of gen-probe 's stock 
 the move is sure to <unk> concerns about increased japanese investment in u.s. biotechnology firms 
 it is also likely to bolster fears that the japanese will use their <unk> in u.s. biotechnology concerns to gain certain trade and competitive advantages 
 gen-probe an industry leader in the field of genetic <unk> which is a new technology used in diagnostic tests last year signed an agreement for chugai to exclusively market its diagnostic products in japan for <unk> diseases and cancer 
 chugai agreed then to fund certain associated research and development costs 
 that arrangement apparently has worked well and thomas a. bologna president and chief executive officer of gen-probe founded in N said the sale of the company means we will be able to concentrate on running the business rather than always looking for sources of financing 
 chugai agreed to pay $ N a share for gen-probe 's N million common shares outstanding on a fully diluted basis 
 yesterday in national trading in the over-the-counter market gen-probe common closed at $ N a share 
 because the u.s. leads in most areas of biotechnology largely because of research investment by the u.s. government the sale is sure to increase concerns that japanese companies will buy american know-how and use it to obtain the upper hand in biotechnology trade and competition 
 the biotechnology firms may be setting up their own competitors said richard <unk> president of the industrial biotechnology association 
 he added that until now the japanese have only acquired equity positions in u.s. biotechnology companies 
 they are <unk> onto developed technology he said 
 during the past five years japanese concerns have invested in several of the u.s. 's N independent biotechnology companies 
 chugai has been one of the most active japanese players in u.s. biotechnology companies it has an equity investment in genetics institute inc. cambridge mass. and a joint-venture agreement with upjohn co. <unk> mich 
 the japanese government mr. <unk> said has stated that it wants N N to N N of its gross national product to come from biotechnology products 
 it is becoming more of a horse race every day between the u.s. and japan he said adding that some fear that as with the semiconductor electronics and automobile industries japanese companies will use <unk> technology to gain trade advantages 
 mr. bologna said the sale would allow gen-probe to speed up the development of new technology and to more quickly apply existing technology to an array of diagnostic products the company wants to offer 
 by N when only N genetic <unk> tests of diagnostic <unk> diseases of humans had been approved for marketing by the food and drug administration eight of them had been developed and sold by gen-probe 
 <unk> <unk> deputy president of chugai which spends about N N of its sales on research and development was unable to pinpoint how much money chugai would pump into gen-probe 
 we think gen-probe has technology important to people 's health he said adding we think it is important for us to have such technology 
 he and mr. bologna emphasized that both companies would gain technological knowledge through the sale of gen-probe which will expand significantly as a result of the acquisition 
 in N chugai had net income of $ N million on revenue of $ N million 
 <unk> had a net loss of $ N million on revenue of $ N million 
 recently gen-probe received a broad u.s. patent for a technology that helps detect identify and <unk> <unk> <unk> through the targeting of a form of genetic material called <unk> <unk> 
 among other things mr. bologna said that the sale will facilitate gen-probe 's marketing of a diagnostic test for acquired immune deficiency syndrome or aids 
 chugai also will help gen-probe with its regulatory and marketing expertise in asia mr. bologna said 
 the tender offer for gen-probe 's shares is expected to begin next monday the company said 
 it was supposed to be a routine <unk> call 
 a <unk> soviet space officials in tokyo in july for an exhibit stopped by to see their counterparts at the national space development agency of japan 
 but after a few <unk> the soviets unexpectedly got serious 
 the soviets have a <unk> space program the guests noted 
 would n't the japanese like a piece of it 
 the visitors then listed technologies up for sale including launch services and <unk> hardware 
 we were just surprised says <unk> <unk> <unk> 's director for international affairs 
 shocked 
 that moscow with its <unk> economic machine would try to sell high technology to japan one of the world 's high-tech leaders sounds like a <unk> notion 
 but the soviet union has areas where it is n't behind japan says mikhail <unk> of the soviet ministry of foreign economic relations 
 we have obtained through the development of <unk> the soviet space program technologies you do n't see anywhere else 
 the sales pitch might n't be as <unk> as it seems 
 <unk> trade relations are <unk> these days and some japanese favor <unk> their reliance on u.s. technology in light of the <unk> <unk> <unk> when u.s. officials reversed an earlier decision and refused to share certain crucial <unk> technology 
 and despite its image as a technology <unk> japan has a lot of weaknesses 
 it 's a world leader in semiconductors but behind the u.s. in making the computers that use those chips 
 it 's a world leader in auto manufacturing but its aviation industry is struggling and its space program is years behind the u.s. the europeans and the soviets 
 one question being <unk> in the soviet union is how to use the defense sector 's <unk> expertise in the rest of the economy 
 many plants that used to make military equipment are now being ordered to produce <unk> videocassette recorders small <unk> and <unk> machinery 
 the soviets also hope to make better use of their considerable expertise in theoretical science which has helped them win twice as many nobel science prizes as the japanese 
 where they lag behind the japanese is in turning the scientific <unk> into improved production 
 by contrast the japanese have proved <unk> at making use of soviet <unk> 
 kobe steel ltd. adopted soviet casting technology in N and used it for N years until it developed its own system 
 <unk> steel corp. bought a soviet <unk> patent two years ago and has jointly developed the system with the soviets 
 in N the soviets will take a japanese journalist into space the first japanese to go into <unk> 
 soviet efforts to sell their technology abroad do n't appear to worry the u.s. japan 's principal ally 
 we have never opposed the development of economic relations between our allies and the soviet union says a state department official 
 frankly i would n't expect the japanese to get <unk> on anybody 's technology least of all the soviets 
 under mikhail gorbachev 's perestroika the soviets have sought economic ties all over the world including new export markets 
 they believe technology is one of their best bets and some soviet officials say moscow will even consider <unk> military know-how if the price is right 
 the soviets held export <unk> that included high-tech items in new york and west germany 
 last week a soviet delegation came to japan to push more space technologies 
 japan is a major target for the soviets 
 in august representatives of <unk> japan 's largest business organization visited moscow to explore exports and investments that would help the soviet economy 
 out of the blue the soviet chamber of commerce handed over details on N technologies that the japanese might want to buy 
 these mainly involved such areas as materials advanced <unk> machines for example and medical developments derived from <unk> in space such as <unk> blood vessels 
 a main motive is hard cash 
 but while the soviets ca n't expect direct technology flow from japan they also hope to benefit from japanese manufacturing expertise 
 the soviet union has a lot of know-how but it has been difficult to put that into actual production because of various structural problems in the economy says mr. <unk> the foreign ministry official 
 the soviets are contemplating a flexible system under which it would be possible to develop technology jointly and even to market it jointly he says 
 even if the japanese find soviet technology desirable such discussions would be <unk> with political <unk> 
 still <unk> from the international backlash over the sale two years ago of sensitive military technology to the soviets by a subsidiary of japan 's toshiba corp. many japanese are eager to avoid appearing to help the soviets in any way 
 another hurdle concerns japan 's attempts to persuade the soviet union to <unk> its <unk> war ii control of four islands north of japan 
 so far the soviets have provided only the <unk> information about their technology and business plans 
 and what they have shown is n't impressive 
 my impression is that there is n't anything which <unk> our interest at first <unk> says an official from japan 's ministry of international trade and industry 
 peter <unk> in moscow contributed to this article 
 during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history 
 may N N signaled a <unk> may day for securities houses which were forced to end N years of charging fixed commissions 
 it scared brokers but most survived 
 it took effect after seven years of bitter debate between the securities and exchange commission and traders and exchanges 
 despite warnings from such leaders as former federal reserve board chairman william <unk> martin that <unk> commissions would undo the industry the sec in september N said full competition must start may <unk> N 
 the timing for change was right 
 institutions had become active market players in the early 1970s and sought exchange seats to handle their own trades 
 and the industry was <unk> with brokers trying to secure big client orders by using <unk> gifts women and <unk> 
 within three weeks of the N end to fixed rates there were <unk> price wars among brokers fighting for institutional business with rate <unk> of N N to N N below <unk> N levels 
 ray <unk> jr. sec chairman said the <unk> and <unk> of the discounting is more than i expected 
 even a federal measure in june allowing houses to add research fees to their commissions did n't stop it 
 longer term the impact is unclear 
 the change prompted the rise of discount brokers and a reduction in securities research firms 
 but there are currently more exchange members than in N with the bigger houses gaining a larger share of total commissions 
 commissions however account for a smaller share of <unk> business as takeover advisory fees have soared 
 foreign stock markets with which the u.s. is <unk> also have ended fixed commissions in recent years 
 it came in london 's big bang N deregulation and toronto 's little bang the same year 
 paris is currently <unk> out fixed commissions under its <unk> <unk> bang plan 
 president bush said that three members of his cabinet will lead a presidential mission to poland to gauge how the u.s. can help the new <unk> government 's economic changes 
 mr. bush announced several weeks ago that he intended to send such a mission composed of top government aides and business and labor leaders 
 the mission will visit poland from nov. N to dec. N the white house said 
 in remarks at a white house <unk> marking polish heritage month mr. bush announced that agriculture secretary <unk> <unk> commerce secretary robert mosbacher and labor secretary elizabeth dole will lead the u.s. group 
 michael <unk> chairman of the council of economic advisers also will be a member 
 in addition the white house said that charles harper chairman of <unk> inc. and john <unk> chairman of manufacturers hanover corp. will be among a group of at least N business and labor representatives in the presidential mission 
 mr. bush said the group is to focus on economic sectors where u.s. expertise and cooperation can indeed make a difference 
 mr. bush has asked congress to provide more than $ N million in economic aid and food grants for poland 's new government but has been <unk> by democrats for failing to do more 
 warner communications inc. is close to an agreement to back a new recorded music and music publishing company in partnership with irving azoff who resigned in september as head of mca inc. 's mca records unit 
 warner and mr. azoff declined comment as did mca where mr. azoff had also been discussing such a venture 
 but record industry executives familiar with the talks said mr. azoff and warner came to an agreement yesterday to form a N joint-venture company funded by warner and run by mr. azoff 
 among other things they said mr. azoff would develop musical acts for a new record label 
 the agreement is said to be similar to warner 's N partnership with record and movie producer david <unk> whose films and records are distributed by the warner bros. studio and the warner records unit 
 although mr. azoff wo n't produce films at first it is possible that he could do so later the sources said 
 like mr. <unk> 's arrangement the venture gives mr. azoff a link to the world 's largest and most successful record distributor in the u.s. alone warner has a N N share of the market about double its <unk> competitor sony corp. 's cbs records 
 for warner meanwhile it gives the company a second young partner with a finger on the <unk> of the hottest trends in the music business 
 the <unk> mr. azoff a former rock <unk> roll manager is credited with turning around mca 's <unk> music division in his six years at the company 
 but mr. azoff had been negotiating for more than a year to get out of his mca contract which expired in N 
 mr. azoff reportedly was <unk> and frequently <unk> with top mca management over a number of issues such as compensation and business plans 
 mr. azoff also was eager to return to a more entrepreneurial role in which he had a big financial stake in his own efforts 
 in an interview at the time of his resignation from mca he said i 'd rather build a company than run one 
 part of a series 
 tom <unk> had a perfectly good reason for not using the $ N <unk> machine he bought three years ago 
 i <unk> a bad <unk> <unk> got food <unk> and had to have a shot in my shoulder he says making it too painful to row 
 the <unk> he admits went away about a week after the shot 
 yet the <unk> machine has n't been touched since even though he has moved it across the country with him twice 
 a san francisco lawyer mr. <unk> <unk> <unk> when he first got the machine but he complains it left <unk> marks on his carpet and it was boring 
 it 's a horrible machine actually 
 i 'm <unk> i own the stupid thing 
 mr. <unk> has plenty of company 
 nearly <unk> of the people who own home exercise equipment do n't use it as much as they planned according to the wall street journal 's american way of buying survey 
 the roper organization which conducted the survey said almost half of the exercise equipment owners found it <unk> than they expected 
 it is n't just exercise gear that is n't getting a good workout 
 the fitness craze itself has gone soft the survey found 
 fewer people said they were working up a sweat with such activities as <unk> tennis <unk> and <unk> 
 half of those surveyed said they simply walk these days for exercise 
 that 's good news for marketers of walking shoes 
 the survey also detected a bit more interest in golf a positive sign for country clubs and golf club makers 
 the survey 's findings certainly are n't encouraging for marketers of <unk> <unk> tennis <unk> and home exercise equipment but people 's good intentions if not their actions are keeping sales of some fitness products healthy 
 for instance sales of <unk> exercise bikes <unk> <unk> and the like are expected to rise N N to about $ N billion this year according to the national sporting goods association which sees the home market as one of the hottest growth areas for the 1990s 
 but even that group knows some people do n't use their machines as much as they should 
 the first excuse is they do n't have enough time says research director thomas doyle 
 the second is they do n't have enough discipline 
 with more than N million exercise bikes sold in the past five years he adds a lot of <unk> <unk> and <unk> must be <unk> with them 
 still the average price of such bikes rose last year to $ N 
 mr. doyle predicts a trend toward fewer pieces of home exercise equipment being sold at higher prices 
 electronic <unk> are key 
 <unk> international inc. for example <unk> the <unk> electronic cycling <unk> a $ N <unk> cycle 
 on a video screen riders can see N different <unk> including urban mountain and desert scenes and check how many <unk> are burned a minute 
 nancy <unk> who works in corporate payments at bank of america in san francisco may be a good prospect for such a <unk> 
 she 's trying to sell a $ N exercise bike she bought about five years ago for her <unk> 
 but rather than write off home fitness equipment she traded up ms. <unk> just paid about $ N for a <unk> <unk> bike with a <unk> <unk> showing average and maximum speeds and a comfortable seat that feels almost like a chair 
 i 'm using it a lot she says 
 i spent so much money that if i look at it and i 'm not on it i feel guilty 
 the poll points up some <unk> between what people say and what they do 
 a surprising N N of people said they exercise regularly up from N N in N 
 this <unk> up images of a nation full of trim <unk> folks and suggests <unk> potatoes are out of season 
 of course that is n't really the case 
 the <unk> may be because asking people about their fitness regime is a bit like <unk> about their love life 
 they 're bound to <unk> 
 people say they <unk> and that may mean they 've been to the beach this year says <unk> spain research specialist for the president 's council on physical fitness and sports 
 it 's hard to know if people are responding <unk> 
 people are too embarrassed to say they have n't done anything 
 while she <unk> the fact that more americans are getting up from the television to <unk> or garden she says the percentage of americans who do real exercise to build the heart is only N N to N N 
 so many people <unk> on answers about exercise the president 's council now uses specific criteria to determine what is considered vigorous it must produce <unk> of large muscle groups must achieve N N of maximum <unk> capacity and must be done three or more times a week for a minimum of N minutes 
 one of the council 's goals set in N was to see more than N N of adults under N years of age getting vigorous exercise by N 
 that target has been revised to N N by the year N 
 but even that goal may prove optimistic 
 of N activities the journal survey found that N including <unk> skiing and <unk> are being done by fewer americans today than eight years ago 
 time pressures and the <unk> of the fitness fad are cited as reasons for the decline 
 only walking and golf increased in popularity during the 1980s and only slightly 
 <unk> <unk> a california lawyer gave up running three times a week to play a weekly round of golf finding it more social and <unk> 
 it 's an activity she feels she can do for life and by pulling a golf <unk> she still gets a good workout 
 i 'm really wiped out after walking five hours she says 
 most people said they exercise both for health and <unk> 
 if you sit down all the time you 'll go stiff says <unk> <unk> a <unk> n.c. <unk> who walks several miles a week 
 and it 's <unk> 
 sometimes if you have a <unk> you can go out and walk it right off 
 only about a quarter of the respondents said they exercise to lose weight 
 slightly more like leslie <unk> a law <unk> in san francisco who <unk> dance <unk> five times a week exercise to relieve stress 
 working with lawyers she says i need it 
 but fully N N of those polled felt they did n't need to belong to a health club 
 they 're too crowded and everybody 's showing off says joel bryant a <unk> student from pasadena calif 
 the guys are being <unk> and the <unk> are walking around in little things 
 they 're not there to work out 
 but at least they show up 
 nearly half of those who joined health clubs said they did n't use their membership as often as they planned 
 feeling they should devote more time to their families or their jobs many <unk> are <unk> their <unk> workout 
 even so the association of quality clubs a <unk> trade group in boston says membership revenues will rise about N N this year from last year 's $ N billion 
 a spokeswoman adds however that the group is considering offering a <unk> course similar to a <unk> program to teach people ways to stay with it 
 there are <unk> bodies of course 
 the <unk> of <unk> west an <unk> studio in san francisco 's marina district which was hit hard by the earthquake says people were going <unk> the minute we opened three days after the quake 
 the emotional aspect is so <unk> they needed a good workout 
 perhaps the most disturbing finding is that the bowling alley may be an endangered american institution 
 the survey reported the number of people who said they bowl regularly has fallen to just N N from N N in N 
 the american bowling congress claims a higher percentage of the public <unk> regularly but concedes its membership has declined this decade 
 to find out why the group recently commissioned a study of the past N years of <unk> research 
 three reasons were <unk> a preference for watching bowling and other sports on television rather than actually bowling <unk> bowling centers and <unk> with bowling itself 
 people who start bowling expecting it to be a <unk> exercise have been generally disappointed the report said 
 but not richard <unk> a san francisco <unk> driver who <unk> in two weekly <unk> 
 he hit the <unk> three years ago on the advice of his doctor 
 it 's good exercise he says 
 i ca n't do anything <unk> but i like meeting the <unk> 
 he says bowling helps him shed pounds though that effort is sometimes <unk> by the fact that when i 'm drinking i bowl better 
 his tuesday night team the <unk> is in first place 
 wpp group 's ogilvy & mather expects profit margins to improve to N N in N in the u.s. 
 yesterday 's edition did n't specify where the improvement would take place 
 concerning your sept. N article retailers face cutbacks uncertain future the outcome of our leveraged <unk> is looking very positive 
 unlike most of the other retailers mentioned in the story <unk> a. bank <unk> inc. is not in serious financial problems 
 we did experience some difficulties with the initial lbo terms and as your article made clear successfully restructured our debt earlier this year something those other retailers have yet to accomplish 
 your were on target regarding industry problems but wide of the mark in portraying the financial health of this company 
 chairman and ceo <unk> a. bank <unk> inc. <unk> mills md 
 private housing starts in japan were unchanged in september from a year earlier at N units the construction ministry said 
 the flat report followed a <unk> string of declines 
 the down trend was partly the result of tighter credit sparked by a discount rate increase by the bank of japan in may 
 the central bank also unexpectedly raised the base rate by half a percentage point to N N oct. N as part of an <unk> move that indirectly increases interest rates charged on new home construction loans 
 if there 's <unk> strange in your neighborhood 
 if there 's something weird and it do n't look good 
 who <unk> <unk> <unk> call 
 for <unk> some people call ed and <unk> warren 
 when it comes to <unk> ghosts the <unk> conn. couple are perfect <unk> 
 they claim to have <unk> spirits <unk> and other <unk> in hundreds of houses around the country 
 they say they now get three or four legitimate calls a week from people <unk> by haunts 
 i firmly believe in angels <unk> and ghosts says mr. warren whose business card <unk> him as a <unk> 
 if <unk> do n't work but your house still seems <unk> you can call any one of a swelling band of skeptics such as richard <unk> 
 a professional <unk> and <unk> he heads the pittsburgh branch of the committee for the scientific investigation of the <unk> 
 mr. <unk> says there is a scientific explanation for all haunts and he can even tell you how to encourage the spirits 
 all you have to do is eat a big pizza and then go to bed he says 
 you 'll have weird dreams too 
 either way the <unk> business is going like <unk> 
 <unk> of haunts and <unk> are <unk> beyond the nation 's <unk> streets and <unk> 
 i get calls nearly every day from people who have ghosts in their house says raymond hyman a skeptical psychology professor at the university of oregon 
 in a public opinion poll published in the october issue of parents magazine a third of those <unk> said they believe that ghosts or spirits make themselves known to people 
 the movies the books the <unk> even nancy reagan is boosting this stuff says paul <unk> a philosophy professor at the state university of new york at <unk> who heads the committee for the scientific investigation of the <unk> 
 the committee formed in N now has N <unk> around the world 
 the spirits of course could hardly care less whether people do or do n't believe in them 
 they do n't even give a <unk> to human <unk> by celebrating halloween 
 for the <unk> it 's just another day of <unk> business as usual <unk> say the holiday seems to occasion no unusual number of ghost reports 
 one of the busiest <unk> is robert baker a <unk> <unk> university of kentucky psychology professor whose <unk> gray <unk> <unk> at the mere mention of a ghost 
 mr. baker says he has personally <unk> more than N haunts from aliens to <unk> 
 mr. baker heads the kentucky association of science educators and skeptics 
 like hollywood 's <unk> kentucky 's stand ready to roll when haunts get out of hand 
 but they do n't <unk> around in an old cadillac wear funny suits or blast away at <unk> spirits 
 mr. baker drives a N chevy and usually wears a <unk> <unk> on his <unk> <unk> 
 i 've never met a ghost that could n't be explained away by perfectly natural means he says 
 when a louisville woman complained that a ghost was <unk> her <unk> mr. baker discovered a <unk> dragging a trap across the <unk> 
 a <unk> <unk> supposedly plagued a house in <unk> <unk> 
 mr. baker found an opening under the house that led to a <unk> coal mine 
 when the weather <unk> mr. baker says <unk> often hole up in abandoned houses 
 people see activity in there and the next thing you know you 've got a <unk> he says 
 on a recent afternoon mr. baker and a reporter go <unk> visiting <unk> <unk> a lexington woman who has <unk> the university of kentucky to report <unk> <unk> in her house 
 mrs. <unk> says she never believed in ghosts before but lately her vacuum cleaner turned itself on a telephone flew off its stand doors <unk> <unk> and she heard <unk> in her empty kitchen 
 i was doing the <unk> and nearly broke my neck running <unk> to see who was there and it was nobody she says eyes wide at the <unk> 
 mr. baker <unk> her out <unk> around a bit asks a few questions and proposes some <unk> 
 of the <unk> vacuum cleaner he says could be <unk> mrs. <unk> 's dog 
 the flying telephone you <unk> the base <unk> around a chair leg and the receiver does seem to fly off 
 the <unk> <unk> interstate N is a block away and heavy traffic can sure set a house to <unk> 
 i 'm not sure he 's explained everything mrs. <unk> says <unk> 
 there are some things that have gone on here that nobody can explain she says 
 mr. baker promises to return if the <unk> continues 
 for especially <unk> haunts mr. baker carries a secret weapon a <unk> of <unk> 
 i tell people it 's the <unk> <unk> of <unk> he says 
 i <unk> a little around and tell the <unk> to leave 
 it 's reassuring and it usually works 
 oregon 's mr. hyman has investigated claims of flying <unk> <unk> and <unk> <unk> and has come up with a <unk> explanation he says for every one 
 invariably he says <unk> are <unk> 
 two years ago a canadian reader bet omni magazine $ N that it could n't <unk> the <unk> <unk> in the oregon <unk> a former indian <unk> ground in southern oregon 
 to viewers from a distance visitors to the spot seemed to shrink <unk> relative to the background 
 the magazine called in mr. hyman as a consultant 
 he showed up with a carpenter 's level carefully measured every surface and showed how the apparent <unk> was caused by the perspective 
 a very striking illusion mr. hyman says now his voice <unk> with skepticism but an illusion nevertheless 
 the canadian wound up writing a check 
 the rev. <unk> <unk> a <unk> professor and <unk> expert at st. <unk> university in <unk> n.y. frequently is asked to <unk> <unk> spirits and he often <unk> 
 on certain occasions a spirit could be <unk> and make itself known he says 
 it happens 
 father <unk> often uses what he calls a <unk> <unk> a few <unk> and an <unk> to the spirit to leave 
 if the person believes there 's an evil spirit you ask it to be gone he says 
 the suggestion itself may do the <unk> 
 but sometimes more energetic attacks are required 
 to <unk> with a <unk> in a house owned by a <unk> conn. woman the <unk> recently called in an <unk> the rev. robert <unk> a dissident <unk> who <unk> to the catholic church 's old latin <unk> 
 i attend and so does a television crew from new york city 
 mr. warren <unk> the <unk> case your typical <unk> <unk> 
 a scottish <unk> built the small red house N years ago and now his <unk> ghost haunts it mr. warren says 
 the owner who <unk> <unk> asserts that the <unk> appearing as a dark shadow has <unk> her <unk> her around the living room and <unk> out a <unk> of hair 
 two previous <unk> have failed 
 this is a very <unk> ghost mr. warren says <unk> 
 father <unk> moves through the house <unk> in latin urging the <unk> to split 
 suddenly the woman begins <unk> and then <unk> 
 she 's being attacked by the <unk> mrs. warren <unk> as the <unk> <unk> <unk> water over the <unk> woman and the television camera <unk> 
 a half-hour later the woman is smiling and <unk> the <unk> seems to have gone 
 but mr. warren says the woman has <unk> burns on her back from the confrontation 
 she declines to show them 
 this was an <unk> powerful force that 's almost impossible for a <unk> to <unk> mr. warren says <unk> as the <unk> <unk> <unk> up to leave 
 this time though he says i think we got it 
 <unk> from <unk> by ray s. parker jr. N by golden <unk> music corp. <unk> and <unk> music <unk> 
 all administrative rights for the u.s. jointly controlled by both companies 
 international copyright secured 
 made in usa 
 all rights reserved 
 <unk> by permission 
 brokerage hiring <unk> amid market turmoil 
 but <unk> earn more 
 shearson lehman hutton inc. counts under N workers down N from the start of the year and off N from after its merger and the market collapse two years ago 
 another major firm has cut N workers N N of its staff since black monday 
 the bureau of labor statistics says securities firms in new york city alone have slashed N jobs from the december N peak of N 
 average annual earnings of those who have hung on though surged to $ N last year from $ N in N 
 any hiring is confined to retail sales 
 illinois company investments had been trimming its ranks until last summer 
 but then it was acquired by household international inc 
 now it offers richer commissions to lure a broker a week 
 <unk> lane inc. this year adds N people N of them in retail to its <unk> staff 
 a.g. edwards & sons runs training classes and looks for experienced brokers 
 we 're always going to hire someone we consider to be a winner an edwards official says 
 skilled workers <unk> are available to cope with earthquake damage 
 i do n't <unk> any shortages over the next few months says ken allen an official of operating engineers local N in san francisco 
 ironically up until the quake we desperately tried to fill jobs especially for crane and <unk> operators 
 but the oct. N temblor put a halt to much <unk> building and heavy <unk> last week slowed the rest <unk> construction workers for earthquake repairs 
 the supply of experienced civil engineers though is tighter 
 in recent months california 's transportation department has been recruiting in pennsylvania arizona and texas for engineers experienced in road and bridge design 
 but with the state offering only $ N a year and california 's high standard of living there are n't too many to choose from says <unk> scott a recruiting officer 
 he says the department now has N <unk> and wants to hire N civil engineers over the next N months 
 the irs may <unk> what the labor department <unk> 
 but stay <unk> 
 <unk> specialists drew a collective sigh of relief in early october when the labor department backed away from a proposal that companies let former employees and beneficiaries along with active workers borrow against <unk> in N k and similar savings plans 
 in an advisory letter the department said that starting oct. N loans could be limited to parties in interest which generally means active workers but also includes <unk> who continue as directors and N N shareholders 
 now comes word that irs regulations being drafted could put companies in violation of the tax code if they make loans to <unk> shareholders and directors but do n't make them available to other former workers who usually earned less 
 the irs says the question wo n't be settled until the regulations are issued shortly 
 but violation could bring substantial tax penalties to both employer and employees 
 it 's a severe case of regulatory <unk> complains henry <unk> of consultant a. foster <unk> & co 
 frederick <unk> of buck consultants has asked labor to <unk> its rule to remove the irs threat 
 corporate <unk> digs deeper 
 <unk> consultant right associates says the average pay of its clients fell to $ N last year from $ N in N severance pay dropped to N weeks from N 
 both reflect the dismissal of <unk> and <unk> executives 
 first teach <unk> 
 executives <unk> believe workers should know their <unk> benefits 
 but three out of four managers ca n't accurately state the value of their own packages consultant noble <unk> says 
 <unk> <unk> 
 fully N N of the doctors surveyed for metropolitan life insurance co. think their fellow physicians are responsible for rising health-care costs ahead of hospitals N N and patients N N 
 no you work 
 only one in four companies with flexible benefit plans lets workers buy or sell vacation days consultant towers <unk> says 
 employees like the option but firms say it 's too tough to run 
 students <unk> burger <unk> for jobs tied to careers 
 some even study 
 fast-food jobs are n't popular no matter what they pay says a <unk> official 
 working students she explains want some satisfaction 
 university of michigan students look for jobs related to planned careers 
 <unk> mellon though says some students conclude they can help their careers most by hitting the books they 're <unk> to build their <unk> through good grades and leadership roles in <unk> 
 slowing economies in some areas limit student choice 
 student job <unk> at boston university slip N N this year following a N N drop in N 
 still the school says there are an ample number and pay is up to $ N an hour from $ N last year 
 <unk> candidates at the university of pittsburgh earn up to $ N an hour on marketing or computer projects 
 the <unk> <unk> <unk> 
 <unk> corp. <unk> a university of wyoming graduate with degrees in <unk> and petroleum engineering for $ N an hour to tend wood fires at a colorado ski resort 
 is somebody telling us something 
 our copy of <unk> <unk> labor comes through the mail <unk> around two sections of baseball card news 
 democracy is making a return with a <unk> to latin america 's most <unk> and deeply <unk> country 
 on nov. N when <unk> <unk> a president for the first time in N years the country 's N million voters will have N candidates to choose from 
 the candidates have been <unk> this huge country of N million people holding rallies and televised debates in hope of being elected to what must be one of the world 's most <unk> political jobs trying to drag brazil out of its economic and social mess 
 i feel sorry for whoever wins says a brazilian diplomat 
 who that winner will be is highly uncertain 
 a <unk> candidates backing policies ranging from <unk> to <unk> <unk> are given a chance of winning 
 whoever says he knows which of the six will win is out of his mind says antonio <unk> a <unk> member of parliament 
 the favorite remains fernando <unk> de <unk> a 40-year-old former governor of the state of <unk> 
 he came out of nowhere to grab the lead in opinion polls probably less because of his vague program to build a new brazil than because of his good looks the open backing of the powerful <unk> <unk> television network and his reputation as a hunter of <unk> or <unk> and <unk> civil <unk> 
 but after building up a commanding lead the moderate to conservative mr. <unk> has slipped to about N N in the polls from a high of about N N only a few weeks ago 
 to avoid a <unk> one candidate would have to win N N of the vote a feat that most analysts consider impossible with so many candidates running 
 two <unk> politicians socialist <unk> <unk> a former governor of <unk> de <unk> state and <unk> luis <unk> <unk> <unk> currently are running neck and neck at about N N and three other candidates are given a chance of reaching the dec. N <unk> election between the two biggest <unk> social democrat mario <unk> and two conservatives <unk> <unk> <unk> a former governor of the state of <unk> <unk> and <unk> <unk> <unk> 
 the uncertainty is sending <unk> through brazilian financial markets 
 the dollar the best indicator of the country 's mood has skyrocketed on the parallel market as has gold 
 capital flight is reported to be strong 
 the big question is whether the new president will have the strength and the political support in congress to take steps to cure brazil 's economic <unk> 
 president jose <unk> who took office in N when the man picked by an electoral college became <unk> ill appears to be simply trying to avoid <unk> 
 the unpopular mr. <unk> whose task was to bring about a smooth transition to democracy after N years of military rule is n't seeking re-election 
 what comes out of the ballot box could be crucial in determining whether brazil finally lives up to the potential of the world 's eighth largest economy or keeps living up to its other less <unk> title that of the developing world 's largest <unk> <unk> on the brink of <unk> mired in deficits and <unk> with huge economic <unk> and social <unk> <unk> under the surface 
 if brazil <unk> an economic strategy allowing it to resume growth and service debt this could lead it to open up and <unk> its <unk> economy analysts say just as <unk> president carlos saul <unk> has been doing even though he was elected on a <unk> platform 
 depending on the president we could either be a <unk> economy by the end of the century or stay where we are says political scientist <unk> de <unk> 
 and where we are is bad 
 despite <unk> efforts by finance minister <unk> <unk> <unk> <unk> inflation came to N N in september alone and is expected to top N N for the year 
 that might have been considered <unk> not long ago but argentina <unk> price increases of almost N N in july before bringing the rate down sharply in august and september 
 still massive internal debt has forced the government to borrow <unk> on the domestic market and to offer inflation-adjusted returns of N N to N N a month just to get investors to hold on to its paper 
 about $ N billion is estimated to be tied up in the short-term money market which acts both as a hedge against inflation for consumers and an <unk> of inflation and deficits for the government 
 by some estimates brazil 's internal debt or combined public deficit could reach N N of its $ N billion gross domestic product 
 much of the money goes into subsidies or keeping inefficient state-controlled companies operating 
 among the results is a frequent breakdown of public services 
 it 's not uncommon to wait three minutes for a dial tone after picking up the telephone and then to be interrupted by a busy signal before finishing dialing the number 
 officials also say a national electricity shortage might not be far off 
 economists businessmen and some politicians agree that the answer is an orthodox economic <unk> program including reduced state spending focusing spending on vital areas such as education health and welfare turning state companies private <unk> the tax system raising public service rates to match costs and possibly a temporary wage and price freeze and a devaluation of the <unk> 
 analysts also say it 's inevitable that brazil will seek to <unk> its $ N billion foreign debt on which it suspended interest payments last month 
 analysts say however that a tough economic program would have to be accompanied by measures to shield the poor from its <unk> effects for instance by subsidizing <unk> food items 
 about N N of brazil 's voters are believed to live near the poverty level 
 of the three candidates with a serious chance of winning mr. <unk> comes <unk> to <unk> the sort of measures that economists say are necessary 
 but his <unk> raises doubts that he would have the political power to carry them out 
 the <unk> mr. <unk> has been vague about his intentions and often <unk> in his rhetoric but analysts say he probably would be <unk> 
 mr. <unk> <unk> a <unk> former factory worker and labor leader is the most radical <unk> to <unk> payments on the foreign debt and saying he would n't go around putting the country up for sale to the highest bidder 
 but despite the differences in what they say according to some analysts here economic constraints mean the next president may not have many choices about what he does 
 hospital regulation <unk> kentucky <unk> 
 which is the best medicine for runaway health costs competition or regulation 
 the question is at the root of a <unk> between humana inc. the big <unk> hospital and insurance company and its <unk> <unk> in its home state of kentucky 
 the battle focuses on the state 's <unk> law which <unk> investment in new medical technology 
 the law has prevented $ N million of unnecessary expenditures since N according to william s. conn president of the kentucky hospital association 
 but according to david jones humana 's chief executive it <unk> technology monopolies <unk> innovation and raises prices 
 if the legislature does n't repeal the law due for revision in N mr. jones says humana may move its insurance operations including N jobs in louisville to another state 
 the company complains that it paid $ N million to <unk> hospitals in its latest fiscal year for services provided to its insurance plan members 
 but humana says its own facilities could serve its insured for less if they were properly equipped 
 mr. conn charges that humana 's own actions undermine its argument 
 when a hospital in lexington installed a <unk> last year demand for a similar <unk> <unk> machine at a humana hospital in louisville fell N N 
 the humana hospital responded by <unk> up prices to make up for lost revenue mr. conn says and now charges as much as $ N for the procedure which costs only about $ N in lexington 
 humana contends that $ N represents an extreme case and that its regular charge for <unk> is $ N 
 meanwhile another hospital 's proposal for a <unk> <unk> is pending before the board that <unk> the <unk> law 
 humana which wants to acquire one of the new machines itself is on the record as opposed to the proposal 
 <unk> doctors seek financial security 
 health-care experts have long worried that young doctors emerging from medical school with a mountain of debt will choose careers in <unk> <unk> instead of primary care where more physicians are needed most 
 now there 's a new <unk> in what young doctors want more than half of N residents responding to recent survey said they 'd prefer a guaranteed salary over traditional <unk> compensation in their first professional position 
 and N N preferred a group practice or health maintenance organization while just N N favored solo practice 
 ten years ago a physician would go to a town and take out a loan to start a practice says james <unk> president of <unk> <unk> & associates an irvine calif. physician <unk> that conducted the survey 
 they wo n't do that very often today at all 
 they 're looking for something that 's very safe 
 the numbers behind such fears the average debt of medical school graduates who borrowed to pay for their education jumped N N to $ N this year from $ N in N says the association of american medical colleges 
 that 's N N more than in N 
 money is n't the only reason for the shift in practice preferences 
 it reflects values of a generation that wants more time for families and personal interests says john h. <unk> iii who directs <unk> searches for <unk> international 
 this is a change in the social fabric of medicine he says 
 related <unk> trim hospital bills 
 when <unk> <unk> spent several weeks at the medical center of vermont recently with a bone infection in her <unk> she shared a room just like most patients 
 but unlike most patients her <unk> was her husband 
 it was certainly good to have him handy mrs. <unk> says 
 the <unk> cooperative care unit is one of about N nationwide where a family member or friend helps care for a patient in the hospital 
 the philosophy is to make the patient and the family very responsible for a portion of their own care says anthony j. <unk> medical director of cooperative care at new york university medical center where the concept began N years ago 
 it helps us and them while they 're here and it certainly makes them a better health-care team when they get home 
 it also <unk> money 
 because patients require less attention from nurses and other staff room charges are lower about $ N less per day than a regular room at the vermont hospital 
 cancer patients <unk> prolonged radiation therapy diabetics learning to manage their blood sugar levels and <unk> <unk> patients are among those who spend time on <unk> units 
 the approach has generated so much interest that <unk> is host to the first conference on cooperative care nov. N 
 it 's really part of the hospital of the <unk> century dr. <unk> says 
 odds and ends 
 the chief nursing officer can be responsible for more than N employees and at least one-third of a hospital 's budget a head <unk> typically oversees up to N employees and $ N million 
 so says the commonwealth fund a new york <unk> that 's <unk> a $ N million project to develop joint masters in business and nursing programs at N universities 
 <unk> medical college in <unk> tenn. <unk> a new research publication in the spring the journal on health care for the poor and <unk> 
 a group of michigan investors has offered to buy knight-ridder inc. 's ailing detroit free press for $ N million but has left unclear how the offer will be financed 
 the offer came just prior to arguments before the u.s. supreme court over whether the free press should be allowed to enter into a joint operating pact with <unk> co. 's detroit news 
 the group led by birmingham mich. <unk> william d. <unk> did n't name an investment banker backing the deal or say how much its members will contribute to the offer 
 indeed some individuals identified with the group said they have n't committed any money to the bid and were n't aware of it until they heard about it in local news accounts over the weekend 
 knight-ridder would n't comment on the offer 
 the company has said the paper is n't for sale and has rebuffed mr. <unk> 's earlier requests for access to free press financial statements 
 in his letter to knight-ridder president james k. <unk> mr. <unk> said he arrived at the $ N million figure using knight-ridder 's corporate financial statements and comments by knight-ridder officials that the free press has a $ N million value in salvage 
 but in an interview mr. <unk> said he and his investment banker would need access to full financial records before <unk> up the offer 
 mitsui & co. said it started a joint venture with <unk> <unk> chemical co. a major pharmaceutical manufacturer in south korea to manufacture <unk> <unk> 
 the new company is capitalized at about $ N million 
 mitsui expects the <unk> products to be exported to southeast asia and africa 
 it also hopes to enter the u.s. market 
 nrm energy co. said it filed materials with the securities and exchange commission calling for it to restructure into a corporation from a limited partnership 
 the partnership said it is proposing the change largely because the provisions of its senior notes restrict it from making distributions on its units outstanding 
 nrm suspended its common distribution in june N and the distribution on its $ N cumulative convertible acquisition preferred units in september 
 however unpaid distributions on the acquisition preferred are cumulative and would total $ N million a year hurting nrm 's financial flexibility and its ability to raise capital nrm said 
 in following several other oil and gas partnerships that have made the conversion to a corporation in the last year nrm also noted that tax advantages for partnerships have diminished under new tax laws and said it would save $ N million a year in administrative costs from the change 
 under the plan nrm said holders of its common units will receive one share of new common stock in edisto resources corp. for every N common units owned 
 holders of nrm 's $ N cumulative convertible acquisition preferred units will receive one new common share in edisto for every N units they own 
 after the transaction current common <unk> will own about N N of edisto current acquisition preferred holders will own N N and current stockholders of edisto will own about N N about the same stake as edisto owns now in nrm 
 edisto currently is the general partner of nrm 
 as the largest holder of acquisition preferred units mesa limited partnership would own about N N of edisto after the transaction 
 as part of the transaction edisto agreed to give mesa an <unk> texas oil and gas partnership managed by t. boone pickens jr. a seat on its board 
 nrm said its $ N senior cumulative convertible preferred units will be converted into an equal number of shares of $ N senior cumulative convertible preferred stock of edisto 
 the transaction is subject to approval of nrm <unk> of record on oct. N among other conditions 
 nrm said it expects <unk> to vote on the restructuring at a meeting dec. N 
 <unk> co. and <unk> corp. said they 've discontinued talks toward a definitive agreement regarding <unk> ' acquisition of <unk> 's chemical <unk> group 
 the companies reached an agreement in principle for the sale in august 
 terms were n't disclosed 
 <unk> <unk> produces <unk> and coatings while the los angeles-based <unk> coatings group produces industrial coatings 
 <unk> corp. agreed to sell its headquarters building here to manufacturers life insurance co. of toronto and will lease the <unk> facility until it moves to a new quarters in N 
 the <unk> concern did n't disclose terms of the sale which will close in the first quarter of next year 
 proceeds from the planned sale of the <unk> building will help reduce the debt incurred as a result of our july N recapitalization said a <unk> official 
 the recently revived enthusiasm among small investors for stock mutual funds has been <unk> by a jittery stock market and the <unk> over program trading 
 after hitting two-year highs this summer net sales of stock funds slowed in september according to the investment company institute a trade group 
 the sales recovery <unk> to a halt this month some analysts say 
 confidence was starting to come back because we did n't have wildly volatile days says tyler <unk> research director for <unk> <unk> <unk> & co. a boston research firm 
 now everything such as program trading and wide stock market swings that everyone had pushed back in their <unk> is just sitting right there 
 net sales of stock funds in september totaled $ N million down from $ N billion in august the institute said 
 but if reinvested dividends are excluded investors put in only $ N million more than they pulled out for the month 
 october 's numbers which wo n't be released for a month are down further mutual fund executives say 
 investors in stock funds did n't panic the weekend after mid-october 's 190-point market plunge 
 most of the those who left stock funds simply switched into money market funds 
 and some fund groups said investors actually became net buyers 
 but the stock market swings have continued 
 the recent outcry over program trading will cast a pall over the <unk> environment in the coming months some analysts say 
 the public is very close to having had it mr. <unk> says 
 investors pulled back from bond funds in september too 
 net sales of bond funds for the month totaled $ N billion down two-thirds from $ N billion in august 
 the major reason heavy outflows from high-risk high-yield junk bond funds 
 big withdrawals from the junk funds have continued this month 
 overall net sales of all mutual funds excluding money market funds fell to $ N billion in september from $ N billion in august the trade group said 
 small net inflows into stock and bond funds were offset by slight declines in the value of mutual fund stock and bond portfolios stemming from falling prices said jacob <unk> the institute 's chief economist 
 many small investors went for the safety of money market funds 
 assets of these and other short-term funds surged more than $ N billion in september the institute said 
 analysts say additional investors transferred their assets into money funds this month 
 at fidelity investments the nation 's largest fund group money funds continue to draw the most business says michael <unk> vice president marketing 
 in october net sales of stock funds at fidelity dropped sharply mr. <unk> said 
 but he emphasized that new accounts new sales inquiries and subsequent sales of stock funds are all up this month from september 's level 
 investor interest in stock funds has n't stalled at all mr. <unk> maintains 
 he notes that most of the net sales drop stemmed from a <unk> period following the friday the 13th plunge 
 if that follows through next month then it will be a different story he says 
 but mr. <unk> adds sales based on a few days ' events do n't tell you much about october 's trends 
 one trend that continues is growth in the money invested in funds 
 buoyed by the continued inflows into money funds assets of all mutual funds swelled to a record $ N billion in september up fractionally from $ N billion in august 
 <unk> managers meantime went into october with less cash on hand than they held earlier this year 
 these managers held N N of assets in cash at the end of september down from N N in august and N N in september N 
 large cash positions help buffer funds from market declines but can cut down on gains in rising markets 
 managers of junk funds were <unk> their cash <unk> after the september cash crunch at campeau corp 
 <unk> managers raised their cash position to N N of assets in september from N N in august 
 in september N that level was N N 
 investors in all funds will seek safety in the coming months some analysts say 
 among stock funds the conservative <unk> portfolios probably will remain popular fund specialists say 
 there will be a <unk> and possibly greater focus on conservative equity funds at the expense of growth and aggressive growth funds says <unk> <unk> an analyst at strategic insight a new york <unk> concern 
 secretary of state baker we read decided to kill a speech that robert gates deputy national security adviser and a career soviet expert was going to give to a student <unk> the national <unk> security conference 
 we keep wondering what mr. gates wanted to say 
 perhaps he might have cited mr. gorbachev 's need for a stable currency free and competitive markets private property and real prices and other <unk> reforms 
 perhaps he 'd have called for a <unk> political and economic system without a dominant communist party 
 or political arrangements to alleviate the <unk> and demands of soviet ethnic minorities and republics 
 why a bob gates might even have said nor are soviet problems susceptible to rescue from abroad through abundant western credits 
 if mr. gates had been allowed to say these things we would now be hearing about <unk> and disarray on foreign policy 
 dark hints would be raised that parts of the administration hope mr. gorbachev would fail just as they were when vice president quayle voiced similar <unk> 
 it 's somehow ok for secretary baker himself however to say all the same things 
 in fact he did the quotes above are from mr. baker 's speech of two weeks ago 
 so far as we can see there is no disagreement among mr. baker mr. quayle the mr. gates we 've read or for that matter president bush 
 they all understand point one nothing the u.s. can do will make much difference in whether mr. gorbachev succeeds with perestroika 
 perhaps mr. gates would <unk> more than mr. baker the many hurdles the soviet leader must leap if he is going to succeed 
 but everyone agrees that mr. gorbachev 's problems result from the failure of his own system 
 they can be relieved only by changing that system not by pouring western money into it 
 gatt membership will not matter to <unk> coal miners short of soap nor will a start treaty make any difference to <unk> <unk> 
 on the other hand so long as mr. gorbachev is easing his grip on his empire everyone we 've heard agrees that the u.s. can benefit by engaging him 
 if a deal can be made to cut the world 's <unk> loose from moscow why not 
 we do n't expect much good from <unk> control but <unk> talks might <unk> eastern europe 
 there 's nothing in the least <unk> in all this and it would be nice to think that washington could <unk> a reasonably sophisticated complex view 
 yet much of the political culture seems intent on <unk> the bush administration for not helping mr. gorbachev 
 so every time a bush official raises a doubt about mr. gorbachev the washington community <unk> cold war and <unk> and an administration spokesman is quickly <unk> out to <unk> mr. bush wants perestroika to succeed 
 mr. baker seems especially sensitive to the washington <unk> known as <unk> 
 its symptoms include a cold sweat at the sound of debate <unk> hands in the face of congressional criticism and <unk> <unk> when someone writes the word controversy 
 as one unidentified official clearly in the late stages of the disease told the times baker just felt that there were some lines in the speech that could be <unk> and seized by the press 
 in short the problem is not <unk> disagreement but <unk> with the prospect that <unk> might fail and its political opponents will ask who lost gorbachev 
 mr. baker may want to avoid criticism from senate majority leader george mitchell but as secretary of state his audience is the entire free world not just congress 
 in any case he 's likely to find that the more he <unk> his colleagues the more leaks will pop up all around washington a lesson once learned by henry <unk> 
 letting officials express their own <unk> can be educational 
 we note that in rome yesterday defense secretary cheney said that european euphoria over mr. gorbachev is starting to be <unk> by a recognition of the magnitude of the problems he was trying to deal with 
 it is in the western interest to see mr. gorbachev succeed 
 the odds are against him as he himself would no doubt tell you 
 the ultimate outcome depends on what he does not on what we do 
 even if the press is ready to seize and <unk> these are not very complicated thoughts 
 surely there is someone in the administration maybe bob gates who could explain them to college students or even <unk> 
 <unk> e. jordan was elected to the board of this transportation services concern 
 mr. jordan has served as executive director of the united <unk> college fund director of the voter education project of the southern regional council and <unk> to the u.s. office of economic opportunity 
 his election increases ryder 's board to N members 
 the american stock exchange said a seat was sold for $ N down $ N from the previous sale last friday 
 seats are currently quoted at $ N bid and $ N asked 
 two <unk> entered a maryland restaurant ordered two employees to lie on the floor and shot them in the backs of their heads 
 the <unk> fled with less than $ N 
 describing this and other <unk> killings sen. <unk> thurmond r. s.c recently urged fellow lawmakers to revive a broad federal death penalty 
 the ultimate punishment he declared will protect the <unk> from the vicious <unk> individuals who commit these crimes 
 there 's just one problem the law that sen. thurmond is pushing would be irrelevant in the case of the maryland restaurant <unk> and almost all other killings 
 most <unk> are state crimes so any federal <unk> law probably would turn out to be more <unk> than substance 
 yet the bill is riding high on the furor over drug trafficking 
 senate republicans after repeatedly failing to <unk> <unk> amendments to unrelated legislation have finally gotten a <unk> <unk> bill through committee 
 the democratic leadership agreed to allow a floor vote on the issue before the end of the year a debate certain to focus on the alleged racial <unk> of death sentencing 
 even some democrats concede that there is probably a majority in the senate that favors some kind of broad <unk> measure 
 the pending bill introduced by mr. thurmond would revive the <unk> federal <unk> laws by <unk> legal procedures required by the supreme court 
 in N the high court <unk> aside all <unk> laws federal and state alike as unconstitutional 
 but in N the court permitted <unk> of such laws if they meet certain procedural requirements 
 for instance <unk> would have to consider specific <unk> and <unk> factors before deciding whether to condemn someone to death 
 since that N ruling N states have <unk> the death penalty 
 but congressional democrats have blocked the same from <unk> at the federal level with the exception of a N law allowing capital punishment for certain drug-related <unk> 
 the thurmond bill would establish a federally <unk> death sentence for N crimes most of which were formerly punishable by death under federal statutes that the supreme court <unk> 
 among these crimes are murder on federal land presidential assassination and <unk> 
 the thurmond bill would also add five new crimes punishable by death including murder for hire 
 separately the senate last week passed a bill permitting execution of <unk> who kill americans abroad 
 amid the <unk> of punitive rhetoric surrounding the issue one critical question involves whether a federal death penalty on top of existing state laws would deter any would-be criminals 
 for one thing it 's unlikely that many people would receive federal death sentences let alone be executed 
 most of the crimes incorporated in the thurmond bill are <unk> rare killing a supreme court justice for instance or deliberately causing a train <unk> that results in a death 
 in fact only N defendants would have been eligible for federal death sentences if the thurmond bill had been in effect in the past three years according to a study by the senate judiciary committee 's democratic staff 
 the last federal execution before the supreme court 's N ruling banning the death penalty took place in N meaning that the federal government did n't exercise its execution authority for eight years 
 in that sense the whole debate is sort of a fraud argues a democratic senate staff member 
 it 's <unk> attention from serious issues like how to make <unk> fbi and customs work together on drug enforcement 
 republicans acknowledge that few people would be executed under the thurmond bill but they contend that is n't the point 
 many scholars are of the opinion that the mere existence of the penalty <unk> many people from the commission of capital crimes says sen. <unk> hatch r. utah 
 executions regardless of how frequently they occur are also proper <unk> for <unk> crimes mr. hatch argues 
 thomas boyd a senior justice department official says the new federal drug-related crimes punishable by death since last november may result in a jump in capital sentences though that has n't happened so far 
 in addition to <unk> the old issue of whether death sentences deter criminals this bill has made race a major part of the <unk> debate 
 before the bill left committee sen. edward kennedy d. mass attached an amendment that would allow a defendant to escape from a death sentence in <unk> shown to have <unk> out executions in a <unk> manner 
 the amendment prompted an ironic protest from mr. thurmond who complained that it would kill capital punishment 
 a large number of studies suggest that state judges and <unk> have imposed the penalty in a <unk> <unk> fashion 
 and the kennedy amendment would <unk> not only federal but state <unk> in two important ways 
 it would allow all defendants to introduce statistical evidence showing <unk> disproportionate application of the death penalty in the past 
 and it would shift the burden to prosecutors to <unk> that discrimination caused any statistical racial <unk> 
 that burden is very difficult if not impossible to meet says mr. boyd 
 how do you prove a negative 
 since most prosecutors would n't be able to demonstrate <unk> that racial considerations did n't affect sentencing executions everywhere might come to a halt mr. boyd explains 
 at least N major studies <unk> to show that particular states have imposed the death penalty <unk> against <unk> of whites compared with blacks and against black defendants compared with white defendants 
 conservatives question the <unk> of the studies and note that the supreme court ruled in N that such research regardless of its <unk> is n't relevant to a constitutional attack on a particular death sentence 
 the kennedy amendment would in effect <unk> around the supreme court ruling 
 lawyers would <unk> seize on the provision in their <unk> appeals says richard <unk> director of the <unk> legal defense and educational fund 's <unk> defense team 
 mr. kennedy failed to get his amendment incorporated into last year 's anti-drug legislation and it will be severely attacked on the senate floor this time around 
 but if it <unk> it could prompt other statutory changes according to the mr. <unk> 
 it might force congress and the states to narrow the death penalty only to convictions shown to be relatively free of racial <unk> <unk> by repeat offenders who <unk> their victims perhaps 
 narrowing the penalty in this fashion would clearly reduce whatever <unk> effect it now has 
 and that in turn would only strengthen the argument of those who oppose execution under any circumstances 
 a state judge postponed a decision on a move by holders of telerate inc. to block the tender offer of dow jones & co. for the N N of telerate it does n't already own 
 vice chancellor maurice a. <unk> iii of delaware 's court of chancery heard arguments for more than two hours here but he made no comment and asked no questions 
 he could rule as early as today on the motion seeking a temporary injunction against the dow jones offer 
 dow jones has offered to pay $ N a share or about $ N million for the remaining telerate stake 
 the offer will expire at N p.m. est on nov. N unless extended again 
 robert <unk> an attorney for the telerate holders told judge <unk> the dow jones offer is arrogant and hostile 
 he accused dow jones of using unfair means to obtain the stock at an unfair price 
 michael <unk> an attorney for dow jones defended the offer as adequate based on what the company considers realistic projections of telerate 's revenue growth in the range of N N 
 he also contended that the plaintiffs failed to cite any legal authority that would justify such an injunction 
 telerate provides information about financial markets through an electronic network 
 dow jones publishes the wall street journal barron 's magazine other <unk> and community newspapers and operates electronic business information services 
 japan 's exports of cars trucks and buses declined N N to N units in september from a year earlier the japan automobile manufacturers association said 
 the association attributed the drop to a trend among auto makers to move manufacturing operations overseas 
 with the exception of august when exports rose N N exports have declined every month from year-earlier levels since march 
 lone star technologies inc. said its lone star steel co. unit sued it in federal court here seeking to recover an <unk> <unk> valued at a minimum of $ N million 
 the lawsuit was filed by lone star steel 's unsecured creditors ' committee on behalf of lone star steel which has been operating under chapter N of the federal bankruptcy code since june N 
 lone star technologies said it and its subsidiary 's creditors agree that the parent company owes the unit money but they have n't been able to reach agreement on the amount 
 <unk> <unk> lawyer for the creditors said the creditors group is challenging certain accounting <unk> on the parent company 's books and estimates that the <unk> owed the steel company could be as much as $ N million 
 the lone star steel lawsuit also asks the court to rule that lone star technologies is jointly responsible for a $ N million lone star steel pension payment that was due but was n't paid in september and that the parent company ca n't recover the amount from its subsidiary if the parent company makes the payment 
 separately lone star technologies said the bankruptcy court granted lone star steel an extension until year end on its exclusive period to present a reorganization plan 
 the <unk> exclusivity period was to expire yesterday 
 under chapter N a company continues to operate but is protected from creditor lawsuits while it tries to work out a plan to pay its debt 
 nothing was going to hold up the <unk> settlement of <unk> vs. <unk> 
 not even an earthquake 
 on the afternoon of oct. N after hours of <unk> with five <unk> adjusters over settling a <unk> suit four lawyers had an agreement in hand 
 but as judge thomas m. <unk> <unk> his <unk> so he could give final approval the major earthquake struck its epicenter not far from his courtroom in <unk> city calif 
 the walls shook the building rocked 
 for a while it looked like the deal not to mention the courtroom itself was on the verge of collapse 
 the judge came out and said quick let 's put this on the record says <unk> <unk> the judge 's court reporter 
 i said now 
 i was shaking the whole time 
 a <unk> water <unk> had <unk> onto the floor <unk> the red carpeting 
 lights <unk> on and off <unk> dropped from the ceiling the walls still shook and an evacuation alarm <unk> outside 
 the four lawyers climbed out from under a table 
 let 's close the door said the judge as he climbed to his bench 
 at stake was an $ N settlement involving who should pay what share of cleanup costs at the site of a former gas station where underground fuel tanks had <unk> and <unk> the soil 
 and the lawyers were just as eager as the judge to wrap it up 
 we were never going to get these insurance companies to agree again says john v. trump a san francisco defense lawyer in the case 
 indeed the insurance adjusters had already <unk> out of the courtroom 
 the lawyers went to work anyway <unk> noting that the proceeding was taking place during a major earthquake 
 ten minutes later it was done 
 for the record jeffrey <unk> an attorney for fireman 's fund said he was rattled both literally and <unk> 
 my belief is always if you 've got a settlement you read it into the record says judge <unk> now known in his courthouse as shake <unk> down <unk> 
 the insurance adjusters think differently 
 i did n't know if it was world war iii or what says <unk> <unk> of morristown n.j 
 reading the settlement into the record was the last thing on my mind 
 edison brothers stores inc. said it agreed to buy N <unk> women 's apparel stores from <unk> specialty stores corp. a unit of <unk> ltd. of toronto 
 terms were n't disclosed 
 edison said the acquired stores would be integrated into its current operations 
 brown-forman corp louisville ky. 
 david r. jackson formerly vice president managing director of corporate communications for maxwell communication inc. was named vice president and assistant to the chairman of this maker of <unk> <unk> and consumer products 
 your oct. N front page noted that british lawyers have to wear <unk> in court and that these <unk> are made from horses ' <unk> 
 do you think the british know something that we do n't 
 yale jay <unk> 
 <unk> md 
 applause for sometimes talk is the best medicine in your oct. N marketplace section 
 indeed the art of <unk> does contribute to better health results and <unk> unwarranted <unk> litigation 
 <unk> on the concern about doctors ' <unk> earnings in order to spend talk time with patients we are finding the quality of the time spent is the key to true <unk> 
 even brief conversations can show <unk> and trust and need not restrict the efficiency of the communication or restrain the doctor 's earnings 
 the issue is far-reaching 
 right now the american <unk> is spending about N N of our gross national product on health care 
 that amounts to more than $ N billion a year 
 and it is estimated that more than N N of that $ N billion goes to defensive medicine those measures taken by doctors to protect themselves from the most unlikely possibilities 
 so we all stand to benefit if <unk> relations become a partnership 
 president north american physicians insurance risk <unk> group 
 chrysler corp. chairman lee a. <unk> said the nation 's no. N auto maker will need to close one or two of its assembly plants because of the slowdown hitting the industry 
 in an interview with the trade journal automotive news mr. <unk> declined to say which plants will close or when chrysler will make the moves 
 but he said we have too many plants in our system 
 so the older or most inefficient capacity has got to go 
 according to industry analysts chrysler plants most likely to close are the st. louis no. N facility which builds chrysler <unk> and dodge <unk> models the toledo ohio jeep plant which dates back to the early <unk> and two canadian plants that build the jeep <unk> and chrysler 's <unk> vans 
 chrysler has had to temporarily close the st. louis and toledo plants recently because of excess inventories of vehicles built there 
 at chrysler 's N model <unk> last month chrysler motors president robert a. <unk> said the no. N auto maker along with other u.s. manufacturers might be forced to <unk> capacity if market demand does n't improve 
 but mr. <unk> 's remarks are the most specific indication to date of how many plants could be in jeopardy 
 general motors corp. has signaled that as many as five of its u.s. and canadian plants may not survive the mid-1990s as it struggles to trim its excess <unk> capacity 
 the overcapacity problem has <unk> in recent years with foreign auto makers beginning car and truck production in the u.s. 
 with companies such as honda motor co. toyota motor corp. and nissan motor co. running so-called transplant auto operations japanese auto production in the u.s. will reach one million vehicles this year 
 unless the market goes to N million units which we all know it 's not going to do we have the <unk> fact that the transplants are adding capacity mr. <unk> said last month 
 the <unk> plants eventually will have the capacity to build some N million vehicles in the u.s. and that will translate into market share that is going to have to come out of somebody he added 
 already chrysler has closed the <unk> wis. plant it acquired when it bought american motors corp. in N 
 chrysler has also launched a $ N billion cost-cutting program that will cut about N white-collar workers from the payroll in the next few months 
 revco <unk> inc. the <unk> chain that filed for bankruptcy-court protection last year received a $ N million offer from a group led by texas billionaire robert bass 
 revco reacted cautiously saying the plan would add $ N million of new debt to the highly leveraged company 
 it was revco 's huge debt from its $ N billion leveraged buy-out in N that forced it to seek protection under chapter N of the federal bankruptcy code 
 revco insists that the proposal is simply an expression of interest because under chapter N revco has exclusivity rights until feb. N 
 those rights prevent anyone other than revco from proposing a reorganization plan 
 also under chapter N a reorganization plan is subject to approval by bondholders banks and other creditors 
 a financial adviser for revco bondholders david <unk> of <unk> partners had mixed reactions to the offer 
 he said he feared a revco reorganization might force bondholders to accept a cheap deal and that the bass group 's offer would give them more money 
 however the group is offering to pay off bondholders in cash only $ N million and no equity 
 the revco bonds are high-yield high-risk junk bonds holders have $ N million in claims against revco mr. <unk> said 
 revco received the offer oct. N but issued a response yesterday only after a copy of the proposal was made public by bondholders 
 acadia partners limited partnership a fort worth texas partnership that includes the robert m. bass group made the proposal 
 mr. bass is based in fort worth 
 analysts said the nation 's second-largest <unk> chain was a valuable company despite its financial woes 
 its problem they say is that management paid too much in the leveraged buy-out and the current $ N million debt load is keeping revco in the red 
 if bought at the right price it could still be profitable said jeffrey stein an analyst at mcdonald & co. cleveland 
 in addition revco 's N stores in N states represent a lot of real estate he said and <unk> are helping <unk> the nation 's aging population will boost demand for prescription drugs 
 last week revco 's parent company <unk> holding corp. said the company reported a loss of $ N million for the fiscal first quarter compared with a loss of $ N million in the year-earlier quarter 
 sales were $ N million up N N from the previous year 
 the company based in <unk> ohio said its operating profit before depreciation and amortization increased N N to $ N million from $ N million 
 acadia partners and the bass group declined to comment 
 the partnership also includes american express co. equitable life assurance society of the u.s. and shearson lehman hutton inc 
 the offer consists of $ N million in cash and the rest in notes 
 acadia would sell up to N N of the equity in the <unk> company to creditors and bondholders in exchange for the cash distribution but creditors and bondholders would receive no discount for their shares 
 revco 's chairman and chief executive officer <unk> a. sells said both the company and the bondholders have put forth reorganization plans but little progress has been made since negotiations began this summer 
 he said he has not met with representatives from acadia 
 any reorganization proposal mr. sells said is difficult to assess because it must be agreed upon by the company bondholders banks and other creditors 
 revco has $ N billion in claims outstanding 
 it 's not like the board can decide by itself mr. sells said adding we 're <unk> to the bass plan 
 we just want a plan that <unk> creditors and at the end leaves a healthy revco 
 but mr. <unk> the bondholders ' adviser said revco was dragging its feet in responding to the proposal 
 they want to <unk> it does n't exist he said 
 mr. <unk> who met with acadia representatives on oct. N said it 's certainly a responsible offer 
 it 's not an effort to steal the company in the middle of the night 
 copper futures prices failed to extend friday 's rally 
 declines came because of concern that demand for copper may slow down 
 the december contract was down three cents a pound settling at $ N which was just above the day 's low of $ N 
 futures prices fell during three of five sessions last week and the losses <unk> and <unk> were greater than the advances 
 two of the major factors <unk> prices the prolonged strikes at the highland valley mine in canada and the cananea mine in mexico were finally resolved 
 also the premiums paid by the u.s. government on a purchase of copper for the u.s. mint were lower than expected and acted as a price <unk> analysts said 
 the mint purchases were at premiums about N N cents a pound above the respective prices for the copper 
 at the time merchants were asking for premiums of about five cents a pound 
 all this has led to prolonged selling in futures mostly on the part of computer-guided funds 
 prices fell through levels regarded as important support areas which added to the selling 
 the reluctance of traders to buy contracts indicates that they have begun focusing on demand rather than supply 
 at least one analyst noted that as production improves the concern among traders is whether the prospective increased supply will find buyers because of uncertainty over national economies 
 demand from japan is expected to continue strong but not from other areas of the world into the first quarter of next year he said 
 japan normally depends heavily on the highland valley and cananea mines as well as the bougainville mine in <unk> new guinea 
 recently japan has been buying copper elsewhere 
 but as highland valley and cananea begin operating they are expected to resume their roles as japan 's suppliers 
 according to fred demler metals economist for drexel burnham lambert new york highland valley has already started operating and cananea is expected to do so soon 
 the bougainville mine is generally expected to remain closed until at least the end of the year 
 it has n't been operating since may N because of attacks by native <unk> 
 a recent attempt to resume operations was cut short quickly by these attacks 
 however traders <unk> a potential production disruption in chile and a continued drop in inventories 
 workers at two <unk> mines los <unk> and el <unk> which belong to the <unk> <unk> <unk> group will vote thursday on whether to strike after a two-year labor pact ends today 
 the mines produced a total of N tons of copper in N 
 according to drexel 's mr. demler the potential strike is expected to be resolved quickly which may be one reason why the situation did n't affect prices much 
 another analyst said that if there was any concern it was that a strike could encourage other <unk> in chile 
 london metal exchange copper inventories fell N tons last week to N tons a <unk> decline 
 but that development also had little effect on traders ' sentiment 
 mr. demler said that stocks of copper in u.s. producers ' hands at the end of september were down N metric tons from august to N tons 
 outside the u.s. he said producer stocks at the end of august were N tons down N tons from the end of july 
 consumer stocks of copper in the u.s. fell to N tons at the end of september from N tons a month earlier and stocks of copper held by consumers and merchants outside of the u.s. at the end of july stood at N tons down from N tons in june 
 the high point of foreigners ' copper stocks this year was N tons at the end of april according to mr. demler 
 in other commodity markets yesterday 
 grains and soybeans 
 the prices of most corn soybean and wheat futures contracts dropped slightly as farmers in the midwest continued to rebuild <unk> that were <unk> by the N drought 
 buying by the soviets has helped to <unk> up corn prices in recent weeks but a lack of any new purchases kept prices in the doldrums 
 coffee 
 futures prices rose slightly in a market filled with rumors that a new international coffee agreement might still be achieved 
 the december contract ended with a gain of N cents a pound at N cents 
 according to one analyst prices opened higher because of reports over the weekend that brazil and colombia at the <unk> summit meeting in costa rica had agreed to a reduction in their coffee export quotas for the <unk> of creating a new agreement 
 the reports attributed to the colombian minister of economic development said brazil would give up N bags of its quota and colombia N bags the analyst said 
 these reports were later denied by a high brazilian official who said brazil was n't involved in any coffee discussions on quotas the analyst said 
 the colombian minister was said to have referred to a letter that he said president bush sent to colombian president <unk> <unk> and in which president bush said it was possible to overcome obstacles to a new agreement 
 the minister was also quoted as saying that a new pact could be achieved during the first half of next year according to the analyst 
 precious metals 
 futures prices showed modest changes in light trading volume 
 december delivery gold eased N cents an ounce to $ N 
 december silver was off N cents an ounce at $ N 
 january platinum rose N cents an ounce at $ N 
 the market turned quiet after rising sharply late last week according to one analyst 
 last week 's uncertainty in the stock market and a weaker dollar triggered a flight to safety he said but yesterday the market lacked such <unk> 
 there was some profit-taking because prices for all the precious metals had risen to levels at which there was resistance to further advance he said 
 the dollar was also slightly firmer and prompted some selling as well according to the analyst 
 <unk> corp. said its board authorized the purchase of as many as five million of its common shares for employee stock plans and other general corporate purposes 
 the forest-products concern currently has about N million shares outstanding 
 in yesterday 's composite trading on the new york stock exchange <unk> shares closed at $ N down N cents 
 when the supreme soviet passed laws on workers ' rights in may N and on <unk> cooperatives a year later some western observers assumed mikhail gorbachev had launched the soviet union on a course that would lead inevitably to the creation of a market economy 
 their only doubt concerned the possibility that mr. gorbachev might not survive the opposition that his reforms would <unk> and that the whole process might be reversed 
 if mr. gorbachev 's goal is the creation of a free market he and these western observers have good reason to fear for his future as economic <unk> within communist <unk> leads <unk> to demands for fundamental political reform accompanied by civil unrest 
 these fears were clearly apparent when last week secretary of state james baker blocked a speech by robert gates deputy national security adviser and soviet expert on the ground that it was too pessimistic about the chances of mr. gorbachev 's economic reforms succeeding 
 yet the soviet leader 's <unk> to <unk> on foreign visits and steady accumulation of personal power particularly since the last politburo <unk> on sept. N do not suggest that mr. gorbachev is on the verge of being <unk> nor does he look likely to reverse the powers of perestroika 
 indeed the soviet miners strike this summer clearly demonstrated that mr. gorbachev must proceed with economic reform 
 but is he so <unk> that he has achieved the political equivalent of making water run <unk> 
 and has he truly persuaded the communist party to accept economic change of a kind that will sooner or later lead to its demise 
 an alternative and more convincing explanation confirmed by recent events and a close inspection of the gorbachev program is that the new soviet economic and social structures are intended to conform to a model other than that of the market 
 for example while the laws on individual labor activity allow a citizen to earn a living independent of the state strict provisions are attached on how far this may lead to the development of a free market 
 before becoming self-employed or setting up a cooperative workers must seek permission from the local soviet council 
 permission is far from automatic the soviets have the legal right to turn down applications and impose conditions and they appear to be exercising these powers 
 private <unk> for example is allowed in N soviet republics but banned by five <unk> is allowed in seven but illegal in nine 
 the controls on cooperatives appeared relatively liberal when first introduced 
 but that changed following a resolution from the supreme soviet banning cooperatives from operating in some areas of the economy and permitting activity in others only if the cooperatives are under contract to the state 
 all independent media activity is now illegal which perhaps is not surprising but so is the manufacture of <unk> cosmetics household chemicals and sand <unk> 
 medical cooperatives among the most successful in the u.s.s.r. are banned from providing <unk> services their main source of income carrying out surgery and treating cancer patients drug <unk> and pregnant women 
 earlier this month the supreme soviet adopted two more resolutions restricting the freedom of cooperatives the first enables the soviets to set prices for which goods may be sold the second bans cooperatives from buying industrial and food goods from the state or other cooperatives 
 if mr. gorbachev is looking toward <unk> the productive forces of the market these latest resolutions are nothing short of reckless 
 along with some other <unk> indicators these developments suggest that while mr. gorbachev wishes to move away from some rigid central controls he is <unk> on creating economic structures of a kind that would <unk> find favor with the <unk> or chicago schools of economic thought 
 mr. gorbachev has ruled out the use of the market to solve the problem of insufficient consumer goods 
 he told the congress of people 's deputies on may N we do not share this approach since it would immediately destroy the social situation and disrupt all the processes in the country 
 having rejected central economic planning for economic reasons and the market for fear of the social political consequences mr. gorbachev seeks a third way that would combine the discipline and controls of the former with the economic benefits of the latter 
 most important this would leave the party intact and its monopoly of political power largely <unk> 
 indeed mr. gorbachev 's proposals display a close conceptual <unk> to the <unk> of italian <unk> whose architects spoke specifically of a third way of having produced a historic <unk> of socialism and capitalism 
 they too promised to combine economic efficiency with order and discipline 
 the emergence of russian <unk> had been anticipated in journalist george urban 's introduction to a series of <unk> can the soviet system survive reform published this spring 
 communism will reach its final stage of development in a <unk> <unk> <unk> in form <unk> in content and <unk> in style that will <unk> the world with <unk> <unk> of <unk> and <unk> 
 the <unk> concept of <unk> <unk> an organic society in which citizens were <unk> and morally unified and prepared to sacrifice themselves for the nation 
 this unification was to be brought about through policies and institutions that would <unk> workers and employers with government in a fully integrated and <unk> society 
 the key to the creation of the organic state lay in the formation of natural groups that would <unk> the role of <unk> 
 by contrast a parliamentary system based on <unk> political rights and groups was held to cause rather than resolve conflict 
 the <unk> of soviet perestroika to the <unk> social blueprint of <unk> was evident when mr. gorbachev presented his economic vision to the soviet congress 
 in doing so he neither rejected a socialist planned economy nor embraced the free market 
 instead he proposed a <unk> economy in which there would be a <unk> division between state direction of the economy and economic management 
 the latter would be undertaken by enterprises joint stock companies and cooperatives 
 these would not function <unk> but would act together to form combines unions and associations to tackle problems and coordinate their activities 
 mr. gorbachev is in a much stronger position to pursue the <unk> ideal than was <unk> who was never able to influence business giants such as <unk> and fiat 
 the soviet communist party has the power to shape corporate development and <unk> it into a body dependent upon it 
 to ensure the loyalty of the business sector mr. gorbachev may offer concessions and powers that will allow the business community to preserve its own interests probably by restricting competition 
 however mr. gorbachev must ensure that within this alliance the business sector remains subordinate to the party 
 at the same time he must give it sufficient freedom to provide the economic benefits so desperately needed 
 it is the promise of economic returns that is supposed to make the <unk> model attractive to both the party and labor 
 the work force provides the third arm of the alliance 
 within the alliance it is supposed to act as a <unk> force <unk> against excessive control by government or abuse of its economic position by business for either could result in a deterioration of its living standards under the new resolutions workers <unk> may demand that a cooperative be closed or its prices be reduced 
 by providing workers with the opportunity to move into the private sector where wages tend to be higher and by holding out the promise of more consumer goods mr. gorbachev hopes to revive the popularity of the party 
 at the same time the strategy requires that he deal effectively with those who seek genuine western-style political <unk> 
 the most important development in mr. gorbachev 's policy for <unk> the opposition movement is the claim that the u.s.s.r. also <unk> from terrorism 
 an increasing number of <unk> by the soviet press to opposition groups now active in the u.s.s.r. particularly the democratic union <unk> that they show <unk> <unk> and claim that they would be prepared to kill in order to achieve their aims 
 it is possible that in <unk> such <unk> the ground is being laid for the arrest of opposition activists on the ground of terrorism 
 mr. gorbachev would appear to see his central task however as that of ensuring that foundations of an alliance among labor capital and the state are properly laid before the demands for a <unk> system reach a <unk> 
 if he were able to construct a popular and efficient <unk> system he or his heir would be <unk> to rein in political opposition and to <unk> control in eastern europe 
 the weaknesses in his plan do not lie in the political calculations mr. gorbachev is a <unk> political leader perhaps one of the greatest but in its economic prescription 
 contrary to widespread belief <unk> failed to live up to his promise to make the trains run on time it is doubtful whether <unk> <unk> will make soviet trains run on time or fill the shops with goods that the consumers so desperately <unk> 
 miss brady is deputy director of the russian research foundation in london 
 new construction contracting climbed N N in september to an annualized $ N billion with commercial industrial and <unk> contracts providing most of the increase according to <unk> dodge group 
 through the first nine months of the year the <unk> total of all new construction was $ N billion flat compared with a year earlier 
 the south was off N N after the first nine months while the north central region was up N N 
 the northeast and west regions were unchanged 
 a small decline in total construction for the entire year is possible if contracting for housing does n't increase in response to this year 's lower mortgage rates said george a. christie vice president and chief economist of dodge the forecasting division of publisher mcgraw-hill inc 
 the seasonally adjusted dodge index reached N in september its highest level this year from N in august 
 the index uses a base of N in N 
 newly contracted residential work edged up N N in september to an annualized $ N billion largely because <unk> building rebounded from a very weak august 
 at the end of the third quarter there was still no evidence of renewed home building in response to the midyear decline of mortgage rates mr. christie said 
 housing has been weak all year and especially so in the past five months 
 contracting for <unk> buildings rose N N in september to an annualized $ N billion 
 commercial and industrial construction rose sharply partly because of three large projects each expected to cost more than $ N million 
 institutional building such as hospitals and schools eased in september following a surge in august 
 although the third quarter was the best so far this year for <unk> building weakness early in the year held the nine-month total to $ N billion up just N N from a year earlier 
 <unk> and utility projects also known as <unk> contracting grew N N to $ N billion in september but the nine-month total of $ N billion was down N N from a year earlier 
 the sept. N end of the federal fiscal year may have <unk> contractors to get any <unk> road and bridge construction under way before the <unk> ran out mr. christie said referring to threatened N N across-the-board budget cuts 
 a monthly construction contract values are reported on an annualized seasonally adjusted basis 
 moody 's investors service inc. said it lowered ratings on long-term debt of cs first boston inc. the holding company of wall street giant first boston corp. because of first boston 's aggressive merchant banking risk in highly leveraged takeovers 
 in downgrading cs first boston 's subordinated domestic <unk> and swiss debt to single-a-3 from single-a-2 moody 's is matching a move made by the other major credit rating concern standard & poor 's corp. several months ago 
 moody 's also confirmed the <unk> rating its highest on cs first boston 's commercial paper or short-term corporate <unk> 
 in addition moody 's said it downgraded financiere credit <unk> boston 's senior and subordinated swiss debt to single-a-2 from single-a-1 and lowered financiere <unk> n.v. 's junior subordinated perpetual <unk> guaranteed by financiere credit suisse first boston to single-a-3 from single-a-2 
 about $ N million of long-term debt is affected according to moody 's 
 a spokesman for cs first boston said we remain committed to a full range of businesses including merchant banking 
 we think that the ratings revision is unfortunate but not unexpected 
 our commitment to manage these businesses profitably will continue 
 first boston 's merchant banking risks mounted last month as highly leveraged campeau corp. first boston 's most lucrative client of the decade was hit by a cash squeeze and the high-risk junk bond market tumbled 
 first boston incurred millions of dollars of losses on campeau securities it owned as well as on special securities it could n't sell 
 first boston financings for several other highly leveraged clients including ohio <unk> unraveled as the high-risk junk bond market plummeted 
 moody 's said its rating changes actions reflect cs first boston 's aggressive merchant banking risk as well as the risk profile of its current merchant banking exposures 
 it said cs first boston has consistently been one of the most aggressive firms in merchant banking and that a very significant portion of the firm 's profit in recent years has come from merchant <unk> business 
 moody 's believes that the uncertain environment for merchant banking could put pressure on cs first boston 's performance the rating concern said citing continued problems from the firm 's exposures to various <unk> firms and to ohio <unk> 
 these two exposures alone represent a very substantial portion of cs first boston 's equity moody 's said 
 total merchant banking exposures are in excess of the firm 's equity 
 quotron systems inc. plans to cut about N or N N of its N employees over the next several months 
 this action will continue to keep operating expenses in line with revenue said j. david <unk> president and chief executive officer of los angeles-based quotron 
 the move by the financial information and services subsidiary of citicorp is a response to changing conditions in the retail securities industry which has been contracting since october N 's stock market crash the executive added 
 quotron which citicorp purchased in N provides price quotations for securities particularly stocks 
 quotron also provides trading and other systems services for brokerage firms and <unk> services 
 independent <unk> of financial information including quotron have been under some pressure as the major securities houses try to regain their hold on the production of market data and on the related revenue 
 shearson goldman sachs & co. morgan stanley & co. and salomon inc. are discussing formation of a group to sell <unk> data 
 the job cuts to be made in a number of areas at various job levels are a streamlining of operations a spokeswoman said 
 the company has no immediate plans to close any operations she said but quotron may <unk> some work that it has been doing in-house including <unk> and production of quotron N equipment used in delivering financial data 
 the spokeswoman said the move is n't directly a response to quotron 's loss of its two biggest customers merrill lynch & co. and american express co. 's shearson lehman hutton inc. to automated data processing inc. earlier this year 
 the spokeswoman noted that last week kidder peabody & co. the securities subsidiary of general electric co. chose a quotron subsidiary to provide <unk> services 
 and oct. N quotron said it will market the automated trading system of broker-dealer <unk> government securities inc 
 quotron is n't profitable on citicorp 's books because of the interest charges the new york bank holding company incurred in buying the <unk> concern for $ N million says ronald i. <unk> analyst for sanford c. bernstein & co 
 but citicorp does view quotron as being crucial to the financial-services business in the 1990s the analyst added 
 this past summer quotron sold its <unk> unit <unk> N to phoenix technologies inc. a closely held <unk> firm in valley forge pa 
 terms were n't disclosed 
 the oakland athletics ' four-game sweep over the san francisco giants in the world series may widen <unk> losses that the abc network will incur on the current final year of its baseball contract 
 the N series disrupted by a devastating earthquake and diminished in national interest because both teams came from the san francisco bay area is likely to end up as the <unk> series of this decade and probably since the event has been broadcast 
 the first three games were seen by an average of only N N of u.s. homes a sharp decline from the N N rating for last year 's series 
 a final ratings tally from a.c. nielsen co. is due today 
 the sweep by the <unk> whose <unk> and <unk> <unk> dominated the <unk> giants will only make things worse for abc owned by capital cities\/abc inc 
 the network had been expected to have losses of as much as $ N million on baseball this year 
 it is n't clear how much those losses may widen because of the short series 
 had the contest gone a full seven games abc could have <unk> an extra $ N million in ad sales on the seventh game alone compared with the ad take it would have received for regular prime-time shows 
 abc had based its budget for baseball on a <unk> series 
 a network spokesman would n't comment and abc sports officials declined to be interviewed 
 but some industry executives said abc in anticipation of a four-game sweep limited its losses by <unk> up the number of commercials it aired in the third and fourth games 
 a world series <unk> typically carries N <unk> commercials but by the fourth game abc was <unk> in N to N ads to generate extra revenue 
 abc 's baseball experience may be of interest to cbs inc. which next season takes over the broadcasting of all baseball playoffs in a four-year television contract priced at $ N billion 
 cbs sports president neal pilson has conceded only that cbs will have a loss in the first year 
 but other industry executives contend the losses could reach $ N million over four years and could go even higher if the world series end in four-game <unk> 
 the series typically is among the <unk> sports events on television 
 last year 's series broadcast by general electric co. 's nbc was the <unk> series in four years instead of featuring a major east coast team against a west coast team it <unk> the los angeles <unk> against the losing oakland <unk> 
 abc 's hurdle was even higher this year with two teams from the same area 
 the series got off to a <unk> start oct. N with a N N rating the next night it drew N N of homes 
 then came the earthquake and a damaging delay of N days 
 some people had hoped abc 's ratings would go up because of the intense focus on the event in the aftermath of the earthquake 
 an analyst 's opinion to that effect even sent capital cities\/abc shares soaring two weeks ago 
 but interest instead decreased 
 the third game last friday night drew a disappointing N rating 
 bargain <unk> helped stock prices break a <unk> losing streak while bond prices and the dollar inched higher 
 the dow jones industrial average gained N points to N in light trading after losing more than N points last week 
 bond prices continued to edge higher in anticipation of more news showing a slower economy 
 although the dollar rose slightly against most major currencies the focus in currency markets was on the beleaguered british pound which gained slightly against the dollar 
 trading volume on the new york stock exchange <unk> to only N million shares yesterday as major brokerage firms continued to throw in the towel on program trading 
 kidder peabody became the most recent firm to <unk> off stock-index arbitrage trading for its own account and merrill lynch late yesterday took the major step of <unk> the trading strategy even for its clients 
 yet that did n't eliminate program trading from the market 
 the dow industrials shot up N points in the opening hour at least in part because of buy programs generated by stock-index arbitrage a form of program trading involving futures contracts 
 but interest <unk> as the day wore on and investors looked ahead to the release later this week of two important economic reports 
 the first is wednesday 's survey of purchasing managers considered a good indicator of how the nation 's manufacturing sector fared in october 
 the other is friday 's measure of october employment an indicator of the broader economy 's health 
 both are expected to show continued <unk> which would be good for bonds and bad for stocks 
 in major market activity stock prices rose in light trading 
 but declining issues on the new york stock exchange outnumbered gainers N to N and broader market indexes were virtually unchanged 
 bond prices <unk> higher 
 the treasury 's benchmark 30-year bond gained about an eighth of a point or about $ N for each $ N face amount 
 the yield on the issue slipped to N N 
 the dollar gained 
 in late new york trading the dollar was quoted at N marks and N yen compared with N marks and N yen friday 
 the british pound pressured by last week 's resignations of key thatcher administration officials nevertheless rose monday to $ N from friday 's $ N 
 if japanese companies are so efficient why does <unk> transportation co. sometimes need a week just to tell its clients how soon it can ship goods from here to osaka 
 why until last spring did the long-term credit bank of japan sometimes take several days to correct <unk> errors in its paper work for international transactions 
 because the companies have lacked office computers considered standard equipment in the u.s. and western europe japanese corporations ' reputation as <unk> <unk> is only half right 
 their factories may look like sets for a <unk> movie but their offices with rows of <unk> <unk> over <unk> and <unk> are more like scenes from a <unk> novel 
 now the personal-computer revolution is finally reaching japan 
 <unk> a freight company set up its own software subsidiary this year and is spending nearly a year 's profit to more than double the computer terminals at its main office 
 in april the long-term credit bank linked its computers in tokyo with its three american offices 
 overall pc sales in japan in the first half of N were N N higher than in the year-earlier period 
 combined pc and <unk> use in japan will jump as much as N N annually over the next five years according to some analysts compared with about N N in the u.s. 
 and with a labor shortage and intense competitive pressure to improve efficiency more and more japanese companies are concluding that they have no choice 
 we have too many people in our home offices says <unk> <unk> the president of the japan management association 
 productivity in japanese offices is relatively low 
 with japanese companies in a wide range of industries from heavy industry to securities firms increasing their market share world-wide the prospect of an even more efficient japanese economic army may <unk> foreigners 
 but it also offers opportunities americans are well poised to supply the weapons 
 japan may be a tough market for outsiders to <unk> and the u.s. is <unk> behind japan in certain technologies 
 but for now at least americans are far better at making pcs and the software that runs them 
 after years of talking about selling in japan more and more u.s. companies are seriously pouring in 
 apple computer inc. has doubled its staff here over the past year 
 lotus development corp. has slashed the lag between u.s. and japan product <unk> to six months from three years 
 <unk> inc. has a bigger share of the <unk> market in japan than at home 
 but the japanese have to go a long way to catch up 
 typical is one office of the ministry of international trade and industry 's machinery and information industries bureau the main bureaucracy overseeing the computer industry 
 personal computer <unk> are lined up on nearly every desk and <unk> copies of nikkei computer crowd magazine <unk> 
 but amid the two dozen bureaucrats and secretaries sits only one <unk> pc 
 while american pc sales have averaged roughly N N annual growth since N and west european sales a <unk> N N japanese sales were flat for most of that time 
 japanese office workers use pcs at half the rate of their european counterparts and one-third that of the americans 
 moreover japanese offices tend to use computers less efficiently than american offices do 
 in the u.s. pcs commonly perform many tasks and plug into a broad network 
 in japan many desktop terminals are limited to one function and ca n't <unk> with other machines 
 the market planning and sales promotion office of nomura securities co. for example has more than N computers for its N workers a respectable ratio 
 but the machines are n't on employees ' desks they ring the <unk> of the large office 
 some machines make charts for <unk> 
 others analyze the data 
 to transfer information from one to the other employees make <unk> and enter the data <unk> 
 to <unk> charts to branch offices they use a fax machine 
 meanwhile a woman sitting next to a new fujitsu terminal writes stock-market information on a chart with a pencil and adds it up with a hand <unk> 
 in an efficient <unk> the same pc could perform all those tasks 
 in the u.s. more than half the pc software sold is either for <unk> or for <unk> analysis according to lotus 
 in japan those functions account for only about a third of the software market 
 machines dedicated solely to word processing which have all but disappeared in the u.s. are still more common in japan than pcs 
 in the u.s. <unk> of the office pcs are <unk> up to some sort of network 
 in japan about N N are linked 
 computers here are used for data gathering says roger j. <unk> who manages the <unk> group in <unk> & co. 's tokyo office 
 some japanese operations such as <unk> rooms may be ahead of their american counterparts he says but basically there 's little analysis done on computers in japan 
 of course simply buying computers does n't always solve problems and many american companies have <unk> by purchasing technology they did n't understand 
 but healthy skepticism is only a small reason for japan 's pc lag 
 various cultural and economic forces have <unk> demand 
 because the japanese <unk> is so huge japan has no history of <unk> use and so <unk> <unk> especially among older workers remains a common <unk> 
 i have no experience before with such sophisticated machinery says <unk> <unk> a <unk> executive vice president of japan air lines explaining his reluctance before accepting a terminal in his office this summer 
 while most american employees have their own private space japanese <unk> usually share large common tables and rely heavily on old-fashioned personal contact 
 top japanese executives often make decisions based on consensus and personal relationships rather than complex financial projections and fancy <unk> 
 and japan 's management system makes it hard to impose a single integrated computer system <unk> 
 besides a computer processing the japanese language needs a huge memory and much processing capability while the screen and printer need far better definition to <unk> accurately the <unk> <unk> 
 until recently much of the necessary technology has been unavailable or at least <unk> 
 some analysts estimate the average pc costs about N N more in japan than the u.s. 
 but the complex language is n't the only reason 
 for the past decade nec corp. has owned more than half the japanese pc market and ruled it with <unk> power 
 with little competition the computer industry here is inefficient 
 the u.s. market too is dominated by a giant international business machines corp 
 but early on ibm offered its basic design to anybody wanting to copy it 
 dozens of small companies did swiftly establishing a standard operating system 
 that <unk> competition and growth allows users to change and mix brands easily and increases software firms ' incentive to write packages because they can be sold to users of virtually any computer 
 if a record industry lacked a common standard sony cd owners could listen to a sony version of <unk> 's like a <unk> but not one made for a <unk> player 
 that is the state of japan 's computer industry 
 nec wo n't release its code and every one of the dozen or so makers has its own <unk> operating system all <unk> with each other 
 ibm established its standard to try to stop falling behind <unk> apple computer but nec was ahead from the start and did n't need to <unk> in competitive allies 
 meanwhile the big players have n't tried to copy the nec standard 
 corporate pride as well as the close ties common among japanese manufacturers help explain why 
 most rivals have a working relationship with nec often through <unk> of technology the japan personal computer software association noted recently 
 they hesitate to market <unk> machines nec <unk> of such machines and marketing one would jeopardize their relationship 
 the result according to many analysts is higher prices and less innovation 
 while tens of thousands of software packages using the ibm standard are available in the u.s. they say only about N are written for nec 
 a year ago japan 's fair trade commission warned nec about possible violations of <unk> laws for discouraging retailers from discounting 
 in japan software is four to five years behind the u.s. because hardware is four to five years behind because nec is enjoying a monopoly complains <unk> <unk> the president of <unk> corp. one of japan 's leading <unk> publishing and software companies 
 there are no price wars no competition 
 an nec spokeswoman <unk> that prices are higher in japan because customers put a greater emphasis on quality and service than they do in the u.s. 
 she adds that some technological advances trail those in the u.s. because the japanese still import basic operating systems from american companies 
 but the market is changing 
 the government is funding several projects to push pc use 
 over the next three years public schools will get N million pcs a <unk> increase from current levels 
 in the private sector practically every major company is setting explicit goals to increase employees ' exposure to computers 
 toyota motor corp. 's sales offices in japan have <unk> the computers per employee that its own u.s. offices do over the next five years it is aiming for rough parity 
 within a year <unk> corp. a major cosmetics company plans to eliminate N <unk> jobs by putting on a central computer network some work such as credit reports currently performed in N separate offices 
 by increasing the number of pcs it uses from N to N <unk> <unk> electronics co. of <unk> hopes not only to make certain tasks easier but also to transform the way the company is run 
 managers have long been those who <unk> their subordinates so orders would be properly acted on a spokesman says 
 but new managers will have to be <unk> and <unk> and for that purpose it is necessary to create an environment where information from both inside and outside the company can be reached easily and also shared 
 meanwhile more computer makers now are competing for the new business 
 <unk> <unk> corp. a <unk> to the industry fought off a legal challenge and started selling nec <unk> last year 
 it has won about N N of the retail pc market 
 sony corp. which temporarily dropped out of the pc business three years ago started selling its work station in N and quickly became the leading japanese company in that market 
 in a country where <unk> room is scarce laptop machines will take a large portion of the industry 's future growth 
 toshiba corp. <unk> open that sector this summer with a <unk> machine that <unk> for less than N yen under $ N one of the smallest cheapest pcs available in the country 
 fujitsu ltd. is <unk> the most expensive promotion campaign in its history including a <unk> <unk> at tokyo <unk> for its sophisticated <unk> fm towns machine which it <unk> for everything from <unk> the family <unk> to practicing <unk> bar <unk> 
 many of the companies are even dropping their traditional independence and trying to band together to create some sort of standard 
 two years ago most of the smaller makers joined under the microsoft corp. <unk> to adopt a version of the american ibm at standard 
 that has n't generated much sales but this summer microsoft rallied all the major nec competitors to make their new machines compatible with the ibm <unk> standard 
 a healthy <unk> japanese market could also make it far easier for japanese companies to sell overseas where their share is still minimal 
 but it could also help american companies which also are starting to try to open the market 
 as with many other goods the american share of japan 's pc market is far below that in the rest of the world 
 u.s. makers have under N N share compared with half the market in europe and N N at home 
 though no formal trade barriers exist the japanese computer industry is difficult for outsiders to enter 
 if it were an open market we would have been in in N or N says <unk> pfeiffer who heads compaq computer corp. 's european and international operations 
 his company without any major effort sells more machines in china than in japan 
 although it has opened a new zealand subsidiary it is still only studying japan the only nation that has n't adopted <unk> specifications 
 and because general retail centers such as <unk> have little presence in japan sales remain in the iron grip of established computer makers 
 but the americans are also to blame 
 they long made little effort here 
 ibm though long a leader in the japanese mainframe business did n't introduce its first pc in japan until five years after nec did and that was n't compatible even with the u.s. ibm standard 
 apple did n't introduce a <unk> machine one that handles the chinese characters of written japanese until three years after entering the market 
 critics also say american companies charge too much 
 japan 's ftc says it is investigating apple for allegedly discouraging retailers from discounting 
 but the u.s. companies are <unk> their efforts 
 apple recently hired its first japanese president <unk> away an official of toshiba 's european operations as well as a whole japanese <unk> team 
 earlier this year it introduced a much more powerful <unk> operating system and a <unk> laser printer 
 ibm just last year started selling its first machine that could run in both japanese and english and that substantially <unk> <unk> with its american products 
 it may take five years to break even in japan says john a. <unk> who runs the <unk> office for <unk> & dodge a u.s. software company 
 but it 's an enormous business opportunity 
 from a reading of the somewhat <unk> <unk> medical literature on ru-486 the french abortion pill emerges as one of the <unk> <unk> around 
 this is not only because it <unk> the <unk> a job at which it actually is not <unk> efficient <unk> only N N to N N of them depending on which study you read <unk> taken in <unk> with the pill boosts the rate to N N 
 by contrast surgical abortion is N N effective 
 abortion via the pill is far more of an <unk> than conventional surgical abortion 
 it is <unk> the abortion part alone lasts three days and the clinical part <unk> a week 's worth of visits bloody one woman in a swedish trial required a <unk> although for most it resembles a <unk> period with bleeding lasting an average of N days and painful many women require <unk> shots to ease them through 
 <unk> and <unk> are other common side effects 
 timing is of the <unk> with ru-486 
 it is most effective taken about a week after a woman misses her <unk> period up through the seventh week of pregnancy when it is <unk> less effective 
 that is typically about a <unk> window 
 so far all the studies have concluded that ru-486 is safe 
 but safe in the definition of <unk> bass of the reproductive health technologies project means there 's been no evidence so far of mortality 
 no one has <unk> the long-term effects of ru-486 on a woman 's health or <unk> 
 the drug seems to <unk> <unk> for three to seven months after it is taken 
 some women clearly have no trouble eventually <unk> again the studies have reported <unk> in their programs 
 but there are no scientific data on this question 
 rather <unk> <unk> studies reveal that ru-486 can cause birth defects <unk> the british medical journal reported in N 
 however dr. <unk> <unk> the french physician who invented ru-486 wrote in a science magazine article last month that the <unk> results could not be <unk> in <unk> and <unk> 
 the drug has a <unk> structure similar to that of des the <unk> drug that has been linked to <unk> and <unk> cancer in some of the daughters of the women who took it 
 all the published studies recommend that women on whom the drug proves <unk> not carry the pregnancy to term but <unk> a surgical abortion 
 a risk of birth defects a sure source of lawsuits is one reason the u.s. pharmaceutical industry is steering clear of ru-486 
 one might well ask why bother with this drug at all 
 some abortion advocates have been asking themselves this very question 
 ru-486 probably represents a technical advance in an area where none is needed or at least not very much said <unk> <unk> president of the national abortion federation at a reproductive health conference in N 
 many physicians have expressed concern over the heavy bleeding which occurs even if the drug fails to induce an abortion 
 it typically takes from eight to N years to obtain the food and drug administration 's approval for a new drug and the cost of testing and marketing a new drug can range from $ N million to $ N million 
 the health and human services department currently <unk> the national institutes of health from funding abortion research as part of its $ N million contraceptive program 
 but the population council a <unk> $ N million nonprofit organization that has the backing of the rockefeller and mellon foundations and currently <unk> most u.s. research on <unk> has recently been paying for u.s. studies of ru-486 on a license from its french developer <unk> a joint subsidiary of the german pharmaceutical company hoechst and the french government 
 in the year since the pill went on the french market the national organization for women and its <unk> former now president <unk> <unk> 's fund for a <unk> majority have been trying to <unk> the u.s. pharmaceutical industry into getting involved 
 its <unk> prediction the pill will be available in the u.s. either legally or illegally in no more than N years 
 following the <unk> and <unk> lead has been a generally <unk> press 
 a june N article in mother jones magazine is typical of the general level of media ignorance 
 for a woman whose period is late using ru-486 means no waiting no walking past picket lines at abortion <unk> and no feet up in <unk> for surgery <unk> health writer <unk> fraser 
 it also means she will never have to know whether she had actually been pregnant 
 wrong on all counts miss fraser 
 ru-486 is being <unk> in france only under strict supervision in the presence of a doctor 
 <unk> reportedly has every pill marked and accounted for to make sure none <unk> into the black market 
 thus a woman who used ru-486 to have an abortion would have to make three trips to the clinic past those picket lines an initial visit for medical <unk> <unk> and those with previous pregnancy problems are eliminated and to take the pill a second trip N hours later for the <unk> <unk> either via injection or <unk> <unk> and a third trip a week later to make sure she has completely aborted 
 furthermore because timing is so critical with ru-486 she will learn via a <unk> examination and <unk> not only that she is pregnant but just how pregnant she is 
 no doctor who fears <unk> liability would likely <unk> a <unk> patient to the risk of hemorrhaging 
 many women may even see the dead embryo they have expelled a sight the <unk> industry typically <unk> them 
 at seven weeks an embryo is about <unk> of an inch long and <unk> human 
 at the <unk> of pro-choice members of congress a four-year <unk> bill for title x federal <unk> assistance now contains a $ N million grant for development evaluation and bringing to the marketplace of new improved contraceptive devices drugs and methods 
 if this passes a senate version has already been cleared for a floor vote that is likely early next year it would put the federal government into the contraceptive marketing business for the first time 
 it also could put the government into the ru-486 business which would please <unk> <unk> at what they view as <unk> in the private-sector drug industry 
 we do not know whether ru-486 will be as <unk> as some of the earlier <unk> methods released to <unk> <unk> <unk> from educated people who should have known better 
 remember the dalkon shield and the early <unk> pills 
 we will not know until a first generation of female guinea pigs all of whom will be more than happy to volunteer for the job has put the abortion pill through the clinical test of time 
 mrs. allen is a senior editor of insight magazine 
 this article is adapted from one in the october american <unk> 
 on june N a major part of our trade deficit went <unk> 
 no figure <unk> no <unk> just <unk> improved recording of some of our exports 
 the result 
 the commerce department found that u.s. exports in N net of imports were <unk> by $ N billion a year and <unk> at the annualized rate of $ N billion in the first quarter of N 
 more than half of the newly found net exports were from just a few <unk> categories 
 some of the biggest <unk> exporters american <unk> companies for example have yet to be fully included in our export statistics 
 nearly N years ago representatives of <unk> companies worked out a plan with the commerce department to improve the data on <unk> exports 
 both groups believed that tens of billions of dollars of service exports such as <unk> tourism legal accounting and other professional services <unk> to foreigners financial engineering and construction services and the like were not being counted as exports 
 the monthly trade deficit figure is limited to traditional merchandise trade manufactured goods and raw materials 
 in the quarterly <unk> report those merchandise trade figures are merged with statistics on exports and imports of services as well as returns on investments abroad by americans and returns on foreign investments in the u.s. 
 over time through benchmark surveys the corrected data on service exports and imports have been gathered 
 the first three major areas of the service sector to be revamped were expenditures by foreign students in the u.s. net after expenditures by americans studying abroad some exports by professional firms a law firm billing a german client for services <unk> in watching legislation in washington is as much an export as shipment of an american jet engine and improved data from travel and tourism 
 in just these three areas the commerce department found $ N billion more exports than previously reported and $ N billion more imports with the net result that the u.s. service surplus in N increased by $ N billion to $ N billion 
 combined with <unk> and revisions in other trade areas the value of u.s. net exports that had not previously been recorded was about $ N billion a year 
 that means that the u.s. trade deficit was running closer to $ N billion than to $ N billion in N and $ N billion annualized rather than $ N billion in the first quarter of N 
 these revised figures also may explain some of the recent strength of the dollar 
 the <unk> smaller trade deficit may have been already discounted in the market 
 what does this mean for trade policy 
 too early to tell but a trade deficit that is significantly smaller than we <unk> does suggest a review of our trade posture 
 it does not relieve the need for our <unk> efforts for both goods and services but it does suggest that it is our exports of services and not just borrowing that is financing our imports of goods 
 mr. freeman is an executive vice president of american express 
 the collapse of a $ N billion labor-management buy-out of united airlines parent ual corp. may not stop some of wall street 's top talent from collecting up to $ N million in fees 
 according to one person familiar with the airline the buy-out group led by united 's pilots union and ual chairman stephen wolf has begun billing ual for fees and expenses it owes to investment bankers law firms and banks 
 the <unk> even covers $ N million in commitment fees owed to citicorp and chase manhattan corp. even though their failure to obtain $ N billion in bank loans for the buy-out was the main reason for its collapse 
 under a merger agreement reached sept. N the ual board agreed to reimburse certain of the buy-out group 's expenses out of company funds even if the transaction was n't completed provided the group did n't breach the agreement 
 the failure to obtain financing does n't by itself constitute a breach 
 the merger agreement says the buy-out group is entitled to be repaid $ N million in fees for its investment bankers lazard <unk> & co. and salomon brothers inc. and its law firm paul weiss <unk> <unk> & garrison 
 the buy-out group is also entitled to $ N million to repay a fund created by the pilots union for an employee stock ownership plan 
 in addition to the $ N million for citicorp and chase salomon brothers is also owed $ N million for promising to make a $ N million bridge loan 
 a spokesman for the buy-out group was n't immediately available for comment 
 separately ual stock rose $ N a share to $ N in composite trading on the new york stock exchange on reports that los angeles investor marvin davis has asked united airlines unions if they 're interested in <unk> with mr. davis in a new bid for ual 
 but neither the pilots nor the machinists appear interested and mr. davis is barred from making a new bid under terms of an agreement he made with ual in september unless ual <unk> an offer below $ N a share 
 wall street continued to buckle under the public outcry against computer-driven program trading 
 kidder peabody & co. a unit of general electric co. announced it would stop doing stock-index arbitrage for its own account and merrill lynch & co. pulled out of the practice altogether 
 at the new york stock exchange which has been <unk> by complaints from angry individual investors and the exchange 's own listed companies chairman john j. phelan jr. held an emergency meeting with senior partners of some of the big board 's N stock specialist firms 
 the specialists a trader said were <unk> about mr. phelan 's recent remarks that sophisticated computer-driven trading strategies are here to stay 
 many investors blame program trading for wild swings in the stock market including the 190-point plunge in the dow jones industrial average on oct. N 
 a specialist is an exchange member designated to maintain a fair and orderly market in a specified stock 
 mr. phelan 's meeting with the floor brokers comes as he prepares to explain the exchange 's position on program trading to key congressional regulators in a closed session tomorrow according to exchange officials 
 a big board spokesman would only say we 're working the problem and looking at the issue and meeting with a broad number of customers and constituents to get their views and ideas on the issue 
 the program-trading outcry was taken to a new level when giant contel corp. said it and N or more of the big board 's listed companies are forming an unprecedented alliance to complain about the exchange 's role in program trading 
 the decision by merrill the nation 's largest securities firm represents the biggest retreat yet from program trading 
 merrill has been the <unk> stock-index arbitrage trader on the big board this year executing an average of N million shares a month in such trades or about one million shares a day 
 merrill 's move is one of the most sweeping program-trading <unk> of recent days because the big securities firm will no longer execute stock-index arbitrage trades for customers 
 most wall street firms in pulling back have merely stopped such trading for their own accounts 
 merrill has been one of the main firms executing index arbitrage for customers 
 merrill also said it is lobbying for significant regulatory controls on program trading including tough margin or <unk> requirements and limits on price moves for <unk> financial futures 
 merrill in a statement by chairman william a. <unk> and president daniel p. <unk> said index arbitrage has been clearly identified in the investing public 's mind as a contributing factor to excess market volatility so merrill wo n't execute such trades until effective controls are in place 
 in stock-index arbitrage traders buy and sell large amounts of stocks with offsetting trades in stock-index futures and options 
 the idea is to lock in profits from short-term swings in volatile markets 
 last thursday painewebber group inc. also said it would cease index arbitrage altogether but the firm was n't as big an index <unk> as merrill is 
 other large firms including bear stearns & co. and morgan stanley & co. last week announced a <unk> from index arbitrage but only for the firms ' own accounts 
 kidder made an abrupt <unk> on program trading yesterday after a special meeting between the firm 's president and chief executive officer michael carpenter and its senior managers 
 just a week ago mr. carpenter <unk> defended index arbitrage at kidder the most active index-arbitrage trading firm on the stock exchange this year 
 index arbitrage mr. carpenter said last week does n't have a negative impact on the market as a whole and kidder 's customers were sophisticated enough to know that 
 but yesterday mr. carpenter said big institutional investors which he would n't identify told us they would n't do business with firms that continued to do index arbitrage for their own accounts 
 we were following the trend of our competitors who were under pressure from institutions he said 
 kidder so far this year has executed a monthly average of N million shares in index-arbitrage trading and is second only to morgan stanley in overall program trading which includes index arbitrage 
 most of kidder 's program trading is for its own account according to the new york stock exchange 
 kidder denied that ge 's chairman and chief executive john f. welch had anything to do with kidder 's decision 
 but at least one chief executive said he called mr. welch to complain about kidder 's aggressive use of program trading and other market sources said they understood that mr. welch received many phone calls complaining about kidder 's reliance on index arbitrage as a major business 
 kidder has generally been sensitive to suggestions that ge makes decisions for its kidder unit 
 our decision had nothing to do with any pressure mr. welch received mr. carpenter said 
 this was a kidder peabody <unk> decision 
 a spokeswoman for ge in fairfield conn. said absolutely no one spoke to jack welch on this subject and added anyone who claims they talked to jack welch is n't telling the truth 
 supporters of index arbitrage have n't been publicly sticking up for the trading strategy as some did during the post-crash outcry of N 
 but merrill lynch in its statement about pulling out of index arbitrage suggested that the current debate has missed the mark 
 merrill said it continues to believe that the causes of excess market volatility are far more complex than any particular computer trading strategy 
 indeed there are legitimate hedging strategies used by managers of large portfolios such as pension funds that involve program trading as a means of protecting the assets of their pension beneficiaries 
 merrill 's index arbitragers will continue to do other kinds of <unk> program trading so there probably wo n't be any layoffs at the firm people familiar with merrill 's program operation said 
 meanwhile bear stearns chairman and chief executive alan c. greenberg said his firm will continue stock-index arbitrage for its clients 
 at the firm 's annual meeting last night he told shareholders that index arbitrage wo n't go away despite the public outcry 
 if they think they are going to stop index arbitrage by causing a few wall street firms to quit they are crazy mr. greenberg said 
 it 's not going to stop it at all 
 mr. greenberg noting that stock-index arbitrage rises and <unk> with stock market 's volatility said that for the first four months of the firm 's fiscal year beginning in july stock-index arbitrage had been a break-even proposition for bear stearns 
 in response to a shareholder 's suggestion mr. greenberg agreed that european firms will simply pick up the index-arbitrage business left behind by u.s. institutions 
 pressure from big institutional investors has been the major catalyst for wall street 's program-trading <unk> 
 and there was speculation yesterday that fidelity investments and other large mutual-fund companies might soon follow the lead of kemper corp. and other institutions in cutting off trading business to securities firms that do program trading 
 a fidelity spokesman in boston denied the speculation saying the program-trading issue was more of a regulatory problem 
 but a much smaller mutual fund company the <unk> investment management co. unit of <unk> san antonio texas said it informed nine national brokerage firms it will cease business with them unless they stop index-arbitrage trading 
 <unk> with N mutual fund accounts manages more than $ N billion $ N billion of which is in the stock market 
 michael j.c. roth <unk> executive vice president called program trading <unk> 
 he said there is no valid investment reason for stock-index futures to exist 
 a <unk> move is clearly on 
 charles wohlstetter chairman of contel who is helping <unk> the alliance of big <unk> firms said he had no time to work yesterday because he received so many phone calls <unk> and letters supporting his view that the big board has been turned into a gambling casino by program traders 
 we are reaching the moment of truth on wall street said rep. edward j. markey d. mass. chairman of the house subcommittee on telecommunications and finance 
 wall street is beginning to realize as shakespeare said the trouble is not in our stars but in ourselves 
 craig <unk> and anne <unk> contributed to this article 
 an ancient <unk> <unk> <unk> or drinking cup was recovered <unk> at sotheby 's this spring and has been returned to the manhattan couple who lost it in a <unk> three years ago 
 robert guy an associate <unk> at the princeton art museum was <unk> a june <unk> sale at the auction house when he recognized the <unk> which he as a specialist in <unk> <unk> and a careful reader of the stolen art alert in <unk> reports knew was stolen 
 the timing of his visit was <unk> the man who had brought it in for an estimate had returned to collect it and was waiting in the hall 
 to confirm mr. guy 's <unk> sotheby 's and <unk> exchanged photos by fax and the waiting man apparently innocent of knowledge that the <unk> was stolen agreed to release it 
 the cup had been insured and in short order it was given over to a <unk> & son representative 
 the original owners <unk> repaid the claim and took their <unk> home 
 a former <unk> of the museum of <unk> art in <unk> <unk> n.y. pleaded guilty in july to stealing and selling original signed and dated comic strips among them N dick <unk> strips by <unk> gould N prince <unk> sunday <unk> by <unk> foster and a dozen walt disney <unk> <unk> according to barbara hammond the museum 's director 
 he sold them well below market value to raise cash to pay off mounting credit-card debts incurred to buy presents for his girlfriend his attorney philip russell told <unk> 
 the <unk> <unk> sherman <unk> of greenwich conn. had worked his way up from <unk> in seven years at the museum 
 the theft was discovered early this year soon after ms. hammond took her post 
 sentencing was postponed on aug. N when mr. <unk> was <unk> for depression 
 his efforts to get back the stolen strips had resulted in recovery of just three 
 but on oct. N he had reason to <unk> 
 two days earlier his attorney met in a park avenue law office with a <unk> dealer who expected to sell N of the most important stolen strips to mr. russell for $ N 
 instead new york city police seized the stolen goods and mr. <unk> avoided jail 
 he was sentenced to N hours of community service and <unk> to the museum of $ N 
 authorities at london 's <unk> airport are investigating the disappearance of a paul <unk> <unk> young <unk> woman in a red <unk> that has two <unk> on its <unk> opposite side 
 valued at $ N million it was part of a <unk> shipment 
 the <unk> number was changed en route and paper work showing that the <unk> had cleared customs was <unk> so it was a week before three of the four <unk> could be located in a <unk> warehouse and the <unk> discovered missing 
 although <unk> authorities have been watching a group of allegedly <unk> <unk> <unk> for some time the <unk> may be lost 
 chief inspector peter <unk> of the criminal investigation department at the airport said it is not uncommon for property to be temporarily <unk> or <unk> 
 officials at the university of virginia art museum certainly would agree 
 their museum had purchased an <unk> <unk> column <unk> and shipped it from london 
 it was reported stolen in transit en route to washington d.c. in february 
 months later the <unk> <unk> arrived in good condition at the museum in <unk> having <unk> traveled by a <unk> route through <unk> 
 two mexican college <unk> not professional art thieves have been arrested for a N christmas <unk> <unk> from the national museum of <unk> in mexico city 
 about N <unk> <unk> <unk> and <unk> <unk> including some of mexico 's best-known <unk> <unk> were taken 
 the government offered a reward for the return of the <unk> but routine police work led to the recovery 
 as it turned out carlos <unk> <unk> and <unk> <unk> garcia had hidden the haul in a <unk> in the <unk> family 's home for a year 
 then they took the art to <unk> and began to trade some of it for cocaine 
 information from an arrested drug <unk> led to the two men and the recovery of almost all the stolen art 
 among other happy news <unk> from the german democratic republic the leipzig museum of fine arts announced that it has recovered cemetery in the snow a painting by the german romantic <unk> <unk> david <unk> 
 the artist 's <unk> subjects bring high prices on the world market and the u.s. state department notified <unk> of the theft in february N 
 according to a source at the east europe desk two previously convicted <unk> were charged tried convicted and sentenced to prison terms of four and N years 
 the precious <unk> cut from its frame at the time of the theft was found in nearby <unk> hidden in the <unk> of an easy chair in the home of the girlfriend of one of the thieves 
 no charges were brought against her 
 <unk> <unk> painting is meant to fool the eye but robert lawrence trotter N of <unk> square pa. took his <unk> seriously 
 he painted one himself in the style of john <unk> and sold it as a <unk> original to <unk> dealers in <unk> conn 
 mr. trotter 's painting showed a wall of wood boards with painted <unk> tacked down in a <unk> <unk> behind the <unk> were <unk> <unk> faded and <unk> papers and currency 
 mr. trotter 's fake <unk> was offered at a bargain price of $ N with a phony story that it <unk> to his wife 's late <unk> in new <unk> conn 
 the dealers immediately showed their new acquisition to an expert and came to see it as a fake 
 they persuaded mr. trotter to take it back and with the help of the fbi taped their conversation with him 
 after his arrest the <unk> admitted to <unk> and selling other paintings up and down the eastern <unk> 
 ms. <unk> is executive director of the international foundation for art research <unk> 
 ford motor co. said it is <unk> about N of its <unk> <unk> because the <unk> <unk> was improperly applied to some cars 
 separately ford and mazda motor corp. 's u.s. sales arm said they are <unk> about N <unk> mercury <unk> and N N N and N model mazda <unk> equipped with <unk> <unk> engines to replace the oil <unk> cap 
 mazda makes the <unk> for ford 
 as a result of the <unk> problem on the ford <unk> <unk> <unk> may easily separate from the car during <unk> impact the u.s. auto maker said 
 when properly applied the <unk> is designed to retain the <unk> in place in a crash test at N miles per hour 
 a ford spokesman said the dearborn mich. auto maker is n't aware of any injuries caused by the <unk> problem 
 ford said owners should return the cars to dealers so the <unk> can be removed and <unk> <unk> 
 mazda and ford said a combination of limited <unk> <unk> and improper maintenance could cause engine oil in some of the mercury <unk> and mazda <unk> to <unk> more rapidly than normal causing increased engine noise or reduced engine life 
 they said the problems are n't safety related 
 both companies will replace the oil <unk> cap with a <unk> oil <unk> cap 
 both also will <unk> and replace if necessary oil filters and oil <unk> at no charge to owners 
 for owners who have followed the recommended oil maintenance schedule mazda will extend to five years or N miles the warranty term for engine damage due to <unk> engine oil deterioration 
 the normal term for the N and N model N is two years or N miles the term for the N N is three years or N miles 
 ford said the term on its warranty is already six years or N miles 
 separately ford said it will offer $ N cash rebates to buyers of its <unk> ford <unk> sport utility vehicle 
 it said it will also offer buyers the option of financing as low as N N on <unk> loans 
 ford also offered the low financing rate option on <unk> <unk> which previously carried a $ N cash discount 
 ford said the new offer will begin saturday and run indefinitely 
 the supreme court agreed to decide whether the federal pension benefit guaranty corp. may require ltv corp. to <unk> funding responsibility for a $ N billion <unk> in the company 's pension plans 
 the high court 's decision expected next spring may affect the stability of many large corporate pension plans that have relied on the availability of pension insurance provided by the federal pension regulatory and insurance agency 
 the agency which is funded through insurance premiums from employers <unk> pension benefits for some N million private-sector workers who take part in <unk> pension plans 
 it recently reported assets of $ N billion and liabilities of $ N billion 
 in its appeal to the high court the agency said the federal appeals court ruling which favored ltv threatened to transform the agency from an insurer of troubled pension plans into an <unk> source of industry <unk> 
 the ruling also may determine how quickly ltv is able to complete its chapter N reorganization 
 ltv filed for protection under chapter N in federal bankruptcy court in N 
 the filing was partly the result of the $ N billion <unk> in ltv 's three pension plans operated for its ltv steel co. subsidiary 's employees 
 in january N as ltv steel continued operating while under reorganization the agency terminated the three ltv pension plans to keep its insurance liability from increasing 
 termination means that the agency 's insurance assumes the liabilities and pays the pension benefits already owed under the plans but workers do n't <unk> new benefits 
 a few months later under pressure from the united steelworkers of america ltv instituted a new program to provide retirement benefits similar to those in the terminated plans 
 because the federal pension agency had taken over the old plans ltv would be responsible only for benefits paid under the new pension plans 
 but the agency viewed the creation of the new plans as an abuse of federal pension law and an attempt to transfer the liability of the $ N billion <unk> from ltv to federal insurance 
 the agency also concluded that ltv 's financial status had improved while it was under reorganization 
 in september N it ordered ltv to <unk> liability and funding for the three original plans 
 ltv challenged the order and a federal district court in new york in june N ruled that the agency improperly ordered ltv to <unk> responsibility for the plans 
 in may a federal appeals court in new york agreed that the agency acted <unk> 
 the appeals court said there was no evidence that congress intended to allow the pension agency to consider a company 's creation of new benefit plans as a basis for ordering that company to <unk> liability for old plans 
 the appeals court also said the agency had to consider a company 's long-term ability to fund pension plans not just short-term improved financial status 
 in dallas ltv said that it was disappointed that the court agreed to hear the case because it believes the move will further delay its chapter N proceedings 
 the company has n't been able to come up with a reorganization plan in part because of the sizable disagreement with the pension agency 
 but ltv a steel aerospace and energy concern said it is confident that the supreme court will <unk> the <unk> decisions and said it expects to continue discussions with the agency about a settlement while the case is being reviewed 
 pension benefit guaranty corp. vs. ltv corp 
 the commercial was absolutely silent 
 breaking into the <unk> chicago <unk> <unk> match during last week 's monday night football game it was nothing but simple block letters <unk> on the tv screen 
 due to the earthquake in san francisco nissan is donating its commercial air time to broadcast american red cross emergency relief messages 
 please contribute what you can the ad said 
 the nissan <unk> <unk> on the screen for a moment and then came a taped plea for donations from former president reagan followed by the silent print telling viewers where to call 
 within two hours viewers pledged over $ N according to a red cross executive 
 call it disaster marketing 
 nissan motor is just one of a slew of advertisers that have <unk> their ads to the devastating san francisco quake and hurricane hugo 
 sometimes the ads attempt to raise money always they try to boost good will 
 by advertising disaster relief these companies are hoping to don a white hat and come out a hero 
 but the strategy can <unk> if the ads appear too <unk> the companies may end up looking like rank <unk> instead of good <unk> 
 that has n't <unk> plenty of companies 
 along with nissan grand metropolitan plc 's burger king and new york life insurance have tied ads to red cross donations 
 other ads do n't bother with the <unk> a <unk> if <unk> american telephone & telegraph ad that aired sunday <unk> <unk> of the devastation in san francisco and charleston s.c. with interviews of people <unk> how at&t helped 
 at nissan we felt we wanted to do something to help them gather money and we had this <unk> on monday night football explains <unk> <unk> a nissan advertising creative manager 
 what did we get out of it 
 we got some exposure and pretty much good will 
 the ads are just the latest evidence of how television advertising is getting faster on the draw 
 while tv commercials typically take weeks to produce advertisers in the past couple of years have learned to turn on a <unk> to crash out ads in days or even hours 
 the big brokerage houses learned the art of the instant commercial after the N crash when they turned out reassuring ads inviting investors right back into the stock market 
 they <unk> out another crop of instant commercials after the sudden market dip a few weeks ago 
 nissan created its quake ad in a weekend 
 but as advertisers <unk> onto disasters with increasing frequency they risk hurting themselves as much as helping the cause 
 they chance <unk> the customers they hope to woo by looking like <unk> <unk> 
 people see extra messages in advertising and if a manufacturer is clearly trying to get something out of it if it 's too <unk> then consumers will see through that warns john philip jones chairman of the advertising department at the newhouse school of public communications at <unk> university 
 it can <unk> because companies can step across the line and go too far be too <unk> agrees gary <unk> a principal with new england consulting group <unk> conn 
 the ultimate form of charity is when you do n't tell anyone 
 still he says that only a few of the <unk> campaigns have been <unk> and that the majority have been truly beneficial to the people who need the help 
 we do n't consider that <unk> chasing 
 the companies running the disaster ads certainly do n't see themselves as <unk> <unk> either 
 burger king 's chief executive officer barry <unk> stars in ads saying that the fast-food chain will <unk> N cents to the red cross for every purchase of a <unk> <unk> <unk> 
 the campaign which started last week and runs through nov. N with funds earmarked for both the quake and hugo was barry 's idea a spokeswoman says 
 barry felt very committed 
 he felt we should be giving something back 
 while the campaign was mr. <unk> 's idea however he wo n't be paying for it the donations will come out of the chain 's national advertising fund which is financed by the franchisees 
 and by <unk> donations on <unk> <unk> a new <unk> line the fast-food chain is trying to push burger king works a sales pitch into its <unk> message 
 toyota 's upscale lexus division a sponsor of the world series also put in a plug for red cross donations in a world series game it sponsored 
 the world series is brought to you by lexus who urges you to help relieve the suffering caused by the recent earthquake the game announcer said 
 and new york life made a plea for red cross donations in newspaper ads in the san francisco area <unk> onto the <unk> of the red cross 's <unk> reputation the red cross has been helping people for N years 
 new york life has been doing the same for over N years 
 nancy craig advertising manager for the red cross readily admits they 're <unk> on our reputation 
 but she has no problem with that she says in the meanwhile they 're helping us 
 the red cross does n't track contributions raised by the disaster ads but it has <unk> $ N million since it first launched its hurricane relief effort sept. N 
 ad notes 
 new account 
 <unk> king co. golden valley minn. awarded its $ N million <unk> account to <unk> <unk> <unk> & <unk> a <unk> <unk> iowa division of young & rubicam 
 the account had previously been handled by saatchi & saatchi <unk> new york 
 tv guide 
 <unk> & kennedy <unk> ore. was named to handle the news corp. publication 's $ N million to $ N million <unk> account 
 <unk> <unk> <unk> the new york agency that had handled the account since N resigned the account about two weeks ago 
 no alcohol 
 miller brewing co. will introduce its first <unk> beer jan. N 
 the <unk> called miller sharp 's will be supported by ads developed by <unk> <unk> & <unk> milwaukee 
 radio 
 viacom broadcasting inc. definitively agreed to acquire <unk> am and <unk> in san francisco for about $ N million from pacific fm inc 
 the supreme court let stand a new york court 's ruling that the manufacturers of a drug once used to prevent <unk> must share liability for injuries or deaths when the maker of an individual <unk> is unknown 
 the high court 's action refusing to hear appeals by several drug companies is likely to have a significant impact at several levels 
 the most immediate effect is in new york where former manufacturers of the <unk> drug des the synthetic female <unk> <unk> face the prospect of shared liability for damages in many of the N to N des lawsuits pending in that state 
 the lawsuits stemmed from the development of cancer and other problems in the daughters of women who took the drug 
 on a broader scale the ruling could encourage other states ' courts to adopt the logic of the new york court not only in des cases but in other <unk> lawsuits as well 
 the new york court of appeals ruling parallels a N decision by the california supreme court requiring shared liability among manufacturers for injuries when it ca n't be determined which company is at fault 
 paul <unk> a new york lawyer who represents des victims said that before the new york ruling only the states of washington and wisconsin had followed the california decision 
 now that the new york decision has been left intact other states may follow suit 
 generally when new york and california go one way it has a tremendous influence on other states especially small ones said mr. <unk> 
 the high court refused to hear appeals by <unk> drug co. which went out of business in N and was taken over by <unk> <unk> trust <unk> squibb & sons inc. a unit of squibb corp. and eli lilly & co 
 the appeals involved des which was approved by the food and drug administration for use from the <unk> until N to prevent <unk> during pregnancy 
 in N the fda banned the use of des after studies linked it to cancer and other problems in daughters of women who took the drug 
 lawsuits over the harm caused by des have flooded federal and state courts in the past decade 
 in many cases the lawsuit was filed long after the drug was used the cancer in the daughters was typically not detected for years and there is no way to prove which of several companies manufactured the <unk> consumed by certain women 
 under traditional legal theories inability to prove which company manufactured a drug that caused an injury or death would lead to the lawsuit being dismissed 
 but in its ruling last april the new york court said that all producers of the <unk> drug should share liability when the manufacturer of a specific <unk> ca n't be determined 
 each company 's share of liability would be based on their share of the national des market 
 the new york court also upheld a state law passed in N extending for one year the statute of limitations on filing des lawsuits 
 the effect is that lawsuits that might have been barred because they were filed too late could proceed because of the one-year extension 
 <unk> drug co. vs. <unk> <unk> squibb & sons inc. vs. <unk> and eli lilly & co. vs. <unk> 
 government contractors 
 the high court leaving intact a $ N million damage award against general dynamics corp. declined to resolve questions about a legal defense against civil lawsuits often used by government contractors 
 last year the supreme court defined when companies such as military contractors may defend themselves against lawsuits for deaths or injuries by <unk> that they were simply following specifications of a federal government contract 
 in that decision the high court said a company must prove that the government approved precise specifications for the contract that those specifications were met and that the government was warned of any dangers in use of the equipment 
 but last february a federal appeals court in new orleans upheld a damage award against general dynamics rejecting the company 's use of the government contractor defense 
 the appeals court said the defense is valid only if federal officials did more than rubber <unk> a company 's design or plans and engaged in a <unk> review and evaluation on a par with a policy decision 
 general dynamics appealed to the high court backed by numerous business trade groups arguing that the appeals court definition restricts the defense too severely 
 general dynamics was sued by the families of five navy <unk> who were killed in N after they <unk> a <unk> through a <unk> chamber 
 the accident was caused by <unk> operation of a <unk> 
 a federal district court awarded damages to the families and the appeals court <unk> the award 
 general dynamics corp. vs. <unk> 
 court in brief 
 in other action yesterday the high court 
 let stand the mail fraud and conspiracy conviction of john <unk> a former vice president of <unk> <unk> corp. a unit of nestle s.a 
 the conviction stemmed from federal charges of consumer fraud for sale of phony <unk> apple <unk> between N and N 
 <unk> vs. u.s. 
 left intact an award of $ N million in damages against dow chemical co. in the death of an oregon man from exposure to agent orange 
 the award was made by a federal court to the widow of a u.s. forest service employee who contracted <unk> 's disease after using <unk> containing agent orange in a <unk> program 
 it can be hoped that spanish prime minister <unk> gonzalez will draw the right conclusion from his narrow election victory sunday 
 a strong challenge from the far left the communist coalition <unk> <unk> failed to topple him 
 he should consider his victory a mandate to continue his <unk> economic reforms and not a demand that he move further left 
 if he follows the correct path he may be able to look back on this election as the <unk> mark of <unk> opposition 
 the far left had some good issues even if it did not have good programs for dealing with them 
 it could point to plenty of <unk> that the spanish economic <unk> so far has failed to cure 
 unemployment still is officially recorded at N N the highest rate in europe although actual <unk> may be lower 
 housing is scarce and public services the court system schools mail service telephone network and the highways are in <unk> condition 
 large pockets of poverty still exist 
 the left also is critical of the style of the socialist government a remarkable parallel to the situation in britain 
 mr. gonzalez and his colleagues particularly the finance minister carlos <unk> are charged with having abandoned their socialist principles and with having become arrogant <unk> who refuse even to go on television controlled by the state to face their <unk> 
 in response to this the socialist prime minister has simply cited his free-market <unk> 
 they are very considerable since N when spain joined the european community its gross domestic product has grown at an annual average of N N the fastest in the ec 
 in that time more than N million jobs have been created and the official jobless rate has been pushed below N N from N N 
 a N N inflation rate dropped below N N 
 net foreign investment through august this year has been running at a pace of $ N billion about double the year-earlier rate 
 mr. gonzalez also has split with the left in <unk> spain 's nato commitment and in renewing a defense treaty with the u.s. 
 mr. gonzalez is not quite a <unk> <unk> revolutionary however 
 he did not go as far as he could have in tax reductions indeed he combined them with increases in indirect taxes 
 yet the best the <unk> could do was not enough to deter the biggest voting bloc nearly N N from <unk> the direction spain is taking 
 now he can go further 
 he should do more to reduce tax rates on wealth and income in recognition of the fact that those cuts yield higher not lower revenues 
 he could do more to cut public subsidies and transfers thus making funds available for public services <unk> of money for six years 
 the voters delivered mr. gonzalez a third mandate for his successes 
 they as well as numerous latin american and east european countries that hope to adopt elements of the spanish model are supporting the direction spain is taking 
 it would be sad for mr. gonzalez to abandon them to <unk> his foes 
 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 days 
 N N standard conventional fixed-rate 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-rate mortgages 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 
 oh that terrible mr. ortega 
 just when american <unk> had pulled the arms plug on the contras and their friend ronald reagan along comes mr. ortega in costa rica this weekend to <unk> into the hands of what are often called conservatives 
 conservatives are the <unk> in u.s. politics which always said that mr. ortega and his friends do n't want to hold an election in nicaragua 
 liberals are the <unk> that says give peace a chance now they are saying mr. ortega should give them a break <unk> the conservatives ask them to vote for bullets instead of <unk> 
 we suspect daniel ortega knows the difference between a <unk> and a strategy 
 he knows that making george bush look silly in a photograph with him will trigger <unk> <unk> and that announcing an end to the liberals ' cease-fire will produce mainly their concern over the contras ' military activities in northern nicaragua 
 mr. ortega understands better than those who worry about his behavior that what <unk> the sandinista movement is not democratic peace but <unk> <unk> 
 it is the presence of internal and external enemies which justifies the need for a large active army that mikhail gorbachev 's soviet union continues to supply with bullets 
 annualized interest rates on certain investments as reported by the federal reserve board on a <unk> basis 
 a discounted rate 
 b week ended wednesday october N N and wednesday october N N 
 c yields adjusted for constant maturity 
 <unk> corp. said the government of spain approved the marketing of its <unk> <unk> drug to treat kidney cancer 
 the biotechnology concern said spanish authorities must still clear the price for the treatment but that it expects to receive such approval by year end 
 four other countries in europe have approved <unk> in recent months 
 <unk> is currently trying to obtain federal regulatory clearance for u.s. distribution 
 the treasury department proposed that banks be required to keep detailed records of international wire transfers which officials believe is the main vehicle used by drug traffickers to move billions of dollars in and out of the u.s. 
 in recent testimony on capitol hill treasury officials said they were considering the new reporting requirements and the expected publication of the proposal in the federal register today is the first official step toward creating final regulations 
 the treasury is still working out the details with bank trade associations and the other government agencies that have a hand in fighting money laundering 
 among the possibilities the treasury is considering are requirements that banks keep records identifying the <unk> and recipients of international wire transfers 
 another suggestion would draw banks more directly into tracking down money <unk> by developing a <unk> international wire transfer profile which banks would use to <unk> questionable payments 
 but banks may prefer using a profile that targets selected transactions rather than a blanket reporting requirement 
 banks now are required only to report cash deposits or withdrawals of $ N or more 
 but wire transfers from a standing account including those bigger than $ N are n't reported 
 officials believe this has left a <unk> <unk> that illegal drug businesses are <unk> 
 authorities estimate that revenues from illegal drugs in the u.s. total about $ N billion annually 
 sen. john kerry d. mass. chairman of a senate foreign relations subcommittee that oversees the issue of money laundering criticized the proposal for ignoring wire transfers between foreign banks that are executed and cleared on u.s. wire systems 
 the american bankers association did n't have any comment on the plan 
 the proposal now enters a <unk> comment period after which the treasury will propose final regulations followed by another comment period 
 western union corp. took steps to withdraw its proposed debt swap for $ N million in high-interest notes and said it is looking at other alternatives for refinancing the debt 
 western union had said two weeks ago that it might withdraw the pending offer which would have replaced $ N million in so-called reset notes now paying N N annual interest and set to come due in N with two new issues paying lower interest 
 yesterday the company said it had filed a request with the securities and exchange commission to withdraw the registration statement regarding the proposed swap 
 a western union spokesman citing adverse developments in the market for high-yield junk bonds declined to say what alternatives are under consideration 
 but some holders of the western union notes expect the company to propose a <unk> debt swap that will give them a substantial equity stake in the company 
 western union has had major losses in recent years as its <unk> business has faltered in the face of competition from facsimile machines and as other business ventures have gone <unk> 
 the major question said one holder who asked not to be named is whether new york investor bennett s. <unk> whose <unk> partners controls western union is willing to offer a large enough equity stake to <unk> bondholders into agreeing to a new swap 
 the $ N million in notes the largest chunk of western union 's $ N million in long-term debt stems from the company 's major restructuring in december N 
 the notes became <unk> when reset provisions allowed their interest rate to be raised to N N last june 
 western union had offered to swap each $ N face amount of the notes for six shares of common stock and two new debt issues a $ N note paying an interest rate starting at N N annually and rising in later years due in N and a $ N note due in N paying a fixed rate of N N and including rights protecting a holder against a decline in the trading price of the bond 
 western union must make $ N million in interest payments on the reset notes on dec. N and a company spokesman said it fully intends to meet the payments 
 but western union has said it must lower the interest rate on its debt to regain full financial health 
 genentech inc. said the west german distributor of its heart drug tpa reached a joint marketing agreement with a subsidiary of hoechst ag which makes the rival <unk> agent <unk> 
 the biotechnology concern said the agreement between its longtime west german distributor <unk> 's dr. <unk> <unk> <unk> subsidiary and hoechst 's <unk> subsidiary was an attempt to expand the market for <unk> drugs in general 
 a genentech spokeswoman said the agreement calls for hoechst to promote tpa for heart patients and <unk> for other <unk> purposes 
 investors in the over-the-counter market dumped banking and insurance issues sending the nasdaq composite index lower for the third consecutive session 
 all nasdaq industry indexes finished lower with financial issues hit the hardest 
 despite some early computer-guided program buying the nasdaq composite fell N to N 
 the otc market now has declined in eight of the past N sessions 
 the nasdaq bank index fell N to N while the insurance index fell N to N and the other finance index dropped N to N 
 the largest financial issues as measured by the nasdaq financial index tumbled N to 
 meanwhile the index of the N biggest <unk> stocks the nasdaq N gained N to N 
 profit-taking accounted for much of the slide in otc stock prices according to david mills senior vice president of boston company advisers 
 he said many portfolio managers whose year-end bonuses are tied to annual performance are selling now rather than risk seeing their gains erode further 
 the profit <unk> is definitely going on said mr. mills whose firm manages $ N million for boston co 
 tax-loss sellers those investors who sell <unk> stocks so they can <unk> their losses from this year 's income are also getting out mr. mills said 
 that 's helping put pressure on both the market 's winners and its losers 
 the stocks that have been the best are having big <unk> and the ones that have been the worst are getting clobbered mr. mills said 
 he expects the market to sink further and to reach a low sometime next month or in december 
 the selling by money managers and individual investors is turning traders bearish as well 
 we are advising a lot of our clients to make moves that make sense to them rather than waiting until the last minute because things have been so volatile said william <unk> head of otc trading at a.g. edwards & sons in st. louis 
 ralph <unk> head of the otc trading department at smith barney harris upham said many market players are awaiting some resolution of the current debate over program trading 
 much of the market 's recent volatility has been blamed on this large-scale computerized trading technique that can send stock prices surging or <unk> in a matter of minutes 
 the problem has been particularly damaging to the otc market traditionally a base for the small investor 
 weisfield 's surged N to N after agreeing in principle to be acquired by a unit of ratners group for $ N a share 
 the stock jumped N N friday when the company announced it was in takeover talks 
 ratners and weisfield 's said they expect to sign definitive agreements shortly and to complete the transaction by dec. N 
 <unk> federal savings bank advanced N N to N N after it said it is in talks with a possible acquirer 
 the bank said the talks resulted from <unk> by its financial adviser 
 jaguar assumed its recently <unk> place on the otc most active list as its american depository receipts gained N to N N on volume of N million shares and daimler-benz joined the list of companies interested in the british car maker 
 <unk> said it has had talks with jaguar about possible joint ventures 
 meanwhile general motors and ford motor continue their pursuit of the company 
 ford has acquired more than N N of jaguar 's shares and gm has received u.s. regulatory clearance to buy N N 
 <unk> pizza time gained N N to N 
 the company reported third-quarter operating profit of N cents a share compared with N cents a share a year earlier 
 a third-quarter charge of $ N million related to planned restaurant closings resulted in a net loss for the quarter 
 employers casualty which reported a $ N million third-quarter loss late friday fell N N to N N 
 the loss was largely due to a $ N million addition to reserves 
 employers casualty had a loss of $ N million in the year-earlier quarter 
 old stone fell N N to N N 
 late friday the company reported a loss of $ N million for the third quarter after earning $ N million a year before 
 the loss came after a $ N million addition to loan-loss reserves 
 the bank made a $ N million provision in the N quarter 
 old stone repeated projections that it will be profitable for the fourth quarter and will about break even for the year 
 <unk> lincoln federal savings bank sank N to N N after announcing a <unk> that will change senior management and <unk> the bank 's mortgage business as a separate unit 
 the bank also said it will establish a loan-loss reserve of $ N million to $ N million against a construction loan that is in default 
 the bank which previously said it was for sale said it has received no offers and that its board will review whether to continue soliciting bids 
 medical scientists are starting to <unk> a handful of genes which if damaged <unk> the chaotic growth of cells that <unk> cancer 
 scientists say the discovery of these genes in recent months is painting a new and startling picture of how cancer develops 
 an emerging understanding of the genes is expected to produce an array of new strategies for future cancer treatment and prevention 
 that is for the future 
 already scientists are developing tests based on the newly identified genes that for the first time can predict whether an otherwise healthy individual is likely to get cancer 
 it 's a <unk> set of <unk> says <unk> vogelstein a johns hopkins university researcher who has just found a gene <unk> to the triggering of colon cancer 
 only a decade ago cancer was a black box about which we knew nothing at the <unk> level 
 today we know that the accumulation of several of these altered genes can <unk> a cancer and then <unk> it into a deadly state 
 scientists call the new class of genes <unk> or simply <unk> genes 
 when <unk> normally they make proteins that hold a cell 's growth in check 
 but if the genes are damaged perhaps by radiation a chemical or through a chance accident in cell division their <unk> proteins no longer work and cells normally under control turn malignant 
 the newly identified genes differ from a family of genes discovered in the early 1980s called <unk> 
 <unk> must be present for a cell to become malignant but researchers have found them in normal as well as in <unk> cells suggesting that <unk> do n't cause cancer by themselves 
 in recent months researchers have come to believe the two types of cancer genes work in concert an <unk> may turn <unk> cells malignant only after the tumor-suppressor gene has been damaged 
 like all genes tumor-suppressor genes are inherited in two copies one from each parent 
 either copy can make the proteins needed to control cell growth so for cancer to arise both copies must be <unk> 
 a person who is born with one defective copy of a <unk> gene or in whom one copy is damaged early in life is especially prone to cancer because he need only lose the other copy for a cancer to develop 
 emerging genetic tests will be able to spot such <unk> individuals <unk> in what some scientists believe is a new age of <unk> cancer <unk> 
 bill and <unk> <unk> are among the first beneficiaries of the new findings 
 the <unk> mass. couple knew even before <unk> became pregnant in N that any child of theirs had a N N chance of being at risk for retinoblastoma an eye cancer that occurs about once every N <unk> 
 mr. <unk> N years old knew he carried a damaged gene having lost an eye to the rare tumor when he was only two months old after his mother had suffered the same fate when she was a baby 
 because of the <unk> of the retinoblastoma tumor-suppressor gene it became possible last january to find out what threat the <unk> baby faced 
 a test using new genetic <unk> showed that little will <unk> had not inherited a damaged retinoblastoma <unk> gene and therefore faced no more risk than other children of developing the rare cancer 
 it made our new year says mr. <unk> 
 this test was the first to predict <unk> whether an individual could expect to develop cancer 
 equally important the initial discovery of the gene that controls <unk> cell growth made by a boston doctor named <unk> <unk> has opened a field of cancer study which in recent months has exploded 
 it turns out that studying a <unk> but uncommon tumor made possible some fundamental <unk> about the most basic workings of cancer says samuel <unk> director of the national cancer institute 
 all this may not be obvious to the public which is concerned about advances in treatment but i am convinced this basic research will begin showing results there soon 
 to date scientists have <unk> two of these <unk> 
 dr. <unk> made his retinoblastoma discovery in N 
 then last spring researchers reported finding a gene called p53 which if <unk> turns healthy colon cells <unk> 
 soon after that report two other research teams uncovered evidence that the same damaged p53 gene is present in tissue from lung and <unk> cancers 
 colon lung and <unk> cancers are the most common and <unk> forms of the disease <unk> killing almost N americans a year 
 right now about a dozen laboratories in the u.s. canada and britain are racing to <unk> other suspected <unk> genes 
 they have about seven candidates 
 researchers say the <unk> of tumor-suppressor genes alone or in combination appears crucial to the development of such <unk> as cancer of the brain the skin kidney <unk> and <unk> 
 there is evidence that if people <unk> defective versions of these genes they are especially prone to cancer perhaps explaining finally why some cancers seem to <unk> certain families 
 the story of tumor-suppressor genes goes back to the 1970s when a <unk> named alfred g. <unk> jr. proposed that retinoblastoma stemmed from two separate genetic defects 
 he <unk> that in the eye cancer an <unk> inherited a damaged copy of a gene from one parent and a normal copy from the other 
 the tumor he suggested developed when the second normal copy also was damaged 
 but there was no way to prove dr. <unk> 's <unk> theory 
 back then scientists had no way of <unk> out specific genes but under a <unk> they could see the N <unk> of <unk> in the cells that contain the genes 
 occasionally gross chromosome damage was visible 
 dr. <unk> found that some children with the eye cancer had inherited a damaged copy of chromosome no. N from a parent who had had the disease 
 under a <unk> he could actually see that a bit of chromosome N was missing 
 he assumed the missing piece contained a gene or genes whose loss had a critical role in setting off the cancer 
 but he did n't know which gene or genes had disappeared 
 then a scientific team led by <unk> <unk> webster <unk> then at the university of utah found the answer 
 the team used a battery of the newly developed gene <unk> <unk> of genetic material that can track a gene 's presence in a cell 
 by analyzing cells <unk> from eye <unk> they found defects in the second copy of chromosome N in the exact area as in the first copy of the chromosome 
 the finding <unk> medicine 
 it was the first time anyone had showed that the loss of both copies of the same gene could lead to the <unk> of a cancer 
 it was extraordinarily satisfying says dr. <unk> now at fox chase cancer research center in philadelphia 
 i was convinced that what was true of retinoblastoma would be true for all cancers 
 it was an <unk> claim 
 but in baltimore dr. vogelstein a young <unk> <unk> at johns hopkins medical school believed dr. <unk> was right and set out to repeat the <unk> experiment in cells from other cancers 
 his was one of two research teams in N to report dual chromosome losses for a rare <unk> cancer of the kidney called <unk> 's tumor 
 dr. vogelstein next turned his attention to colon cancer the second biggest cancer killer in the u.s. after lung cancer 
 he believed colon cancer might also arise from multiple hits on cancer <unk> genes because it often seems to develop in stages 
 it often is <unk> by the development of <unk> in the <unk> which in some cases become increasingly malignant in <unk> stages <unk> from less severe to deadly as though a cascade of genetic damage might be <unk> 
 dr. vogelstein and a <unk> student eric <unk> began months of <unk> and often frustrating probing of the <unk> searching for signs of genetic damage 
 they began <unk> a confusing variety of genetic <unk> some existing only in benign <unk> others in malignant cells and many in both <unk> and malignant cells 
 gradually a <unk> picture of cancer development emerged 
 if both copies of a certain gene were knocked out benign <unk> would develop 
 if both copies of a second gene were then <unk> the <unk> would progress to <unk> 
 it was clear that more than one gene had to be damaged for colon cancer to develop 
 their report galvanized other <unk> <unk> 
 it was the confirming evidence we all needed that gene losses were critical to the development of a common tumor says ray white at howard hughes medical institute in salt lake city 
 but dr. vogelstein had yet to <unk> the identity of the gene that if damaged <unk> a colon cell into <unk> <unk> 
 they focused on chromosome N 
 for months the johns hopkins researchers using gene <unk> <unk> <unk> down the length of chromosome N looking for the smallest common bit of genetic material lost in all tumor cells 
 such a piece of dna would probably constitute a gene 
 when they found it last winter dr. vogelstein was dubious that the search was over 
 his doubts stemmed from the fact that several years earlier a princeton university researcher arnold levine had found in experiments with mice that a gene called p53 could transform normal cells into <unk> ones 
 the <unk> dr. vogelstein found was in exactly the same spot as p53 
 but mr. levine had said the p53 gene caused cancer by promoting growth <unk> the johns hopkins scientists were looking for a gene that <unk> growth 
 despite that when the johns hopkins scientists compared the gene they had found in the human cancer cells with the mr. levine 's p53 gene they found the two were identical it turned out that in mr. levine 's cancer studies he had <unk> been <unk> a damaged form of p53 a <unk> gene 
 the discovery suddenly puts an <unk> gene right in the <unk> of cancer formation says robert <unk> a leader in <unk> research at <unk> institute in cambridge mass 
 evidence now is emerging that the p53 <unk> gene is involved in other cancers too 
 researchers in <unk> scotland have found that in N of N <unk> <unk> one copy of chromosome N was <unk> at the spot where gene p53 lies 
 the scientists say that since <unk> cancer often strikes multiple members of certain families the gene when inherited in a damaged form may <unk> women to the cancer 
 the p53 gene has just been <unk> in lung cancer 
 in a report out last week john <unk> and colleagues at the national cancer institute say that about half the cells taken from lung cancer tissue they tested are missing this gene 
 there also are reports from several labs as yet unpublished of missing p53 genes in tissue taken from kidney brain and skin cancers 
 at the same time the johns hopkins team and others are rushing to pinpoint other tumor-suppressor genes 
 dr. vogelstein hopes soon to <unk> one on chromosome N also involved in colon cancer 
 ray white in utah and walter <unk> a researcher in great britain are close to finding another gene involved with some types of colon cancer thought to be on chromosome N 
 dr. <unk> believes people who <unk> a defective gene somewhere on one of their two copies of chromosome N are especially prone to lung cancer 
 recently he and others reported that the retinoblastoma <unk> gene may also be involved in some lung cancers as well as several other more common cancers too 
 where these <unk> will lead scientists can only speculate 
 already two major pharmaceutical companies the squibb unit of bristol-myers squibb co. and <unk> <unk> inc. are <unk> with gene <unk> to turn the anticipated cascade of <unk> into <unk> tests and maybe new <unk> 
 some researchers say new cancer drugs to slow or reverse tumor growth may be based on the <unk> proteins normally produced by the genes 
 the idea would be to <unk> to patients the <unk> proteins made by healthy versions of the damaged genes 
 it may even be possible to replace defective genes with healthy versions though no one has come close to doing that so far 
 in any case says dr. <unk> of the national cancer institute we 're <unk> the discovery of one of the most important steps in the <unk> of cancer 
 many investors give michael foods about as much chance of getting it together as <unk> <unk> 
 but now at least there 's a <unk> of hope for the stock 
 burger king which breaks thousands of fresh eggs each morning is quietly switching over to an alternative egg product made by michael foods 
 known as easy eggs the product has disappointed investors 
 when the company this month announced <unk> sales of easy eggs the stock dropped nearly N N 
 michael wo n't confirm the <unk> of any easy egg customers nor will it say much of anything else 
 two minneapolis shareholder suits in the past month have accused top officers of making various <unk> statements 
 these <unk> suits accuse the officers of failing to disclose that easy eggs were unlikely to sell <unk> enough to justify all of michael 's production capacity 
 but at least burger king has signed on and says that by year end it wo n't be using any shell eggs 
 the miami fast-food chain owned by grand metropolitan of britain expects to consume roughly N million pounds of <unk> eggs annually 
 so there is reason to believe that michael 's hopes for a <unk> <unk> egg were n't all <unk> 
 easy eggs are <unk> in a <unk> process 
 still caution is <unk> 
 a company official says michael 's break-even volume on easy eggs is around N million pounds a year apparently well above current shipments and a far cry from what the company once suggested was a <unk> market waiting for such a product 
 perhaps to <unk> the analysts ' talk of <unk> michael today will take some of the skeptics on a tour of its new <unk> minn. plant 
 there has been no announcement of the burger king arrangement by either party possibly for fear that mcdonald 's and other fast-food rivals would seize on it in <unk> advertising 
 but burger king operators <unk> confirm using michael 's product 
 other institutional users reportedly include <unk> which is moving away from fresh eggs on a <unk> basis 
 the extent of <unk> 's use is n't known and <unk> officials could n't be reached for comment 
 michael foods has attracted a good many <unk> the people who sell borrowed shares in a bet that a stock price will drop and allow the return of cheaper shares to the lender 
 many analysts question management 's credibility 
 the stock in my opinion is going to go lower not only because of disappointing earnings but because the credibility gap is certainly not closing says l. craig <unk> of <unk> <unk> 
 mr. <unk> says that at a recent <unk> conference in new york he asked michael 's chief executive officer if the fourth quarter would be down 
 the ceo richard g. <unk> replied yes but would n't elaborate 
 the company did n't put out a public announcement 
 a spokesman said later that mr. <unk> was being conservative in his estimate 
 but the spokesman added that while michael will earn less than last year 's $ N a share it thinks street estimates of $ N or so are low 
 analyst robin young of john <unk> & co. minneapolis calls himself the last remaining bull on the stock 
 he argues that michael foods is <unk> this is a growth company in the packaged food industry a rare breed like finding a white <unk> 
 earnings are n't keeping pace he says because of heavy investments in the egg technologies and <unk> costs in its potato business 
 mr. <unk> however believes the company 's egg product wo n't help the bottom line in the short run even though it makes sense it 's more convenient and justifies its price which is higher than shell eggs because of health and <unk> concerns 
 prospective competition is one problem 
 last week a closely held new jersey concern <unk> high-grade egg products co. rolled out an <unk> packaged <unk> item called table ready 
 company president steve <unk> says <unk> will be among his clients as well 
 michael shares closed at N N yesterday in national over-the-counter trading 
 says new york-based short seller mark <unk> in my mind this is a $ N stock 
 michael late yesterday announced a $ N million stock buy-back program 
 michael which also processes potatoes still relies on <unk> for about a fourth of its sales and nearly half its pretax profit 
 but dry growing conditions in the red river valley of minnesota and north <unk> are pushing spot prices of potatoes beyond what michael contracted to pay last spring 
 company lawyers recently sent letters to growers saying that michael would take very seriously any effort to <unk> its <unk> potatoes to other outlets 
 still analysts believe that profit margins in the potato business will be down again this year 
 pierre peladeau a canadian newspaper publisher <unk> in the u.s. figures to become a big player in north american printing and his ambitions do n't end there 
 yesterday quebecor inc. a montreal printing publishing and forest-products company <unk> by mr. peladeau agreed to acquire maxwell communication corp. 's u.s. printing subsidiary maxwell graphics inc. for $ N million in cash and securities 
 the purchase expected to be completed by year end will make quebecor the second-largest commercial printer in north america behind only <unk> <unk> & sons co. chicago 
 the printing customers that quebecor will gain through maxwell graphics include the sunday newspaper supplement parade time sports illustrated and tv guide 
 but the transaction is just mr. peladeau 's latest step in a larger design to build quebecor through acquisitions into an integrated paper publishing and printing concern with a reach throughout north america 
 he already has achieved <unk> integration on a limited scale quebecor can put a weekly newspaper on almost any quebec <unk> without using outside help from <unk> down the tree to making the newsprint to <unk> it up onto the <unk> 
 analysts say quebecor 's purchase is part of a trend toward consolidation in the north american printing industry 
 along with <unk> says <unk> <unk> an analyst with <unk> thomson <unk> inc. in montreal quebecor has positioned itself as one of the two key players 
 he adds i think this is a great strategic move for quebecor 
 they are buying an operation that is running well 
 mr. peladeau says he is n't trying to catch up to <unk> which has annual sales of over $ N billion 
 size does n't matter mr. peladeau says 
 what counts is the bottom line 
 some of mr. peladeau 's ventures including an earlier push into the u.s. market have n't paid off on the bottom line 
 quebecor started the philadelphia journal a daily tabloid in N and closed it three years later 
 the venture cost quebecor $ N million mr. peladeau says 
 more recently some former quebecor executives started their own printing company specializing in printing and distributing advertising <unk> 
 quebecor still <unk> in the quebec <unk> market while mr. peladeau 's former employees are expanding across canada 
 mr. peladeau took his first big gamble N years ago when he took advantage of a strike at la <unk> then montreal 's dominant <unk> newspaper to launch the journal de montreal 
 the tabloid 's circulation soared to N but plunged to under N when the la <unk> strike ended 
 still mr. peladeau stuck with the venture 
 now the journal flush with ads and <unk> profitable is even with la <unk> in weekend circulation and <unk> it N to N every <unk> 
 mr. peladeau has never made any <unk> for publishing the tabloid a <unk> mix of crime and sports 
 i 've read <unk> he answers critics 
 it 's tabloid news from a to z 
 quebecor also publishes a second tabloid in montreal the struggling <unk> montreal daily news <unk> in quebec city and <unk> manitoba and dozens of <unk> covering most of quebec 
 a series of recent acquisitions made it the dominant magazine publisher in quebec 
 after a recent merger it is also the only <unk> distributor of magazines and newspapers in quebec 
 finally with maxwell communication the company controls N N of <unk> inc. a quebec city pulp and paper concern 
 in yesterday 's accord quebecor agreed to pay $ N million in cash for maxwell graphics and to give maxwell communication a N N stake valued at $ N million in quebecor 's new printing subsidiary 
 the new as yet <unk> subsidiary will combine quebecor 's existing printing unit and maxwell graphics 
 it will have N plants from coast to coast and $ N billion in annual sales 
 quebecor will own N N of the new subsidiary 
 <unk> de <unk> <unk> placement the quebec government <unk> agency will pay $ N million for the remaining N N stake in the printing operation 
 <unk> peladeau the founder 's son and the executive in charge of the acquisition says quebecor has n't decided how it will finance its share of the purchase but he says it most likely will use debt 
 the maxwell deal is quebecor 's second big printing acquisition in just over a year 
 last october quebecor bought N canadian printing plants from <unk> inc. a montreal telecommunications manufacturing energy and real estate company 
 that purchase doubled quebecor 's annual printing revenue to $ N million 
 maxwell 's sale of its u.s. printing unit was expected the last major business to be <unk> of in a major <unk> of assets 
 according to its most recent annual report covering the N months ended march N maxwell communication bought $ N billion in assets including macmillan inc. and official airlines <unk> and sold $ N billion in <unk> businesses 
 now maxwell founder robert maxwell says he has an appetite for new acquisitions in the u.s. adding that he could spend a good deal more than $ N billion on another u.s. purchase 
 in london trading yesterday maxwell communication shares rose nine pence to N pence $ N 
 in montreal quebecor 's multiple voting class a stock closed at c$ N us$ N down N canadian cents 
 quebecor class b stock closed at c$ N up N canadian cents 
 craig <unk> in london contributed to this article 
 <unk> searle & co. said the food and drug administration approved the sale of <unk> a <unk> drug developed by a joint venture between searle and a french concern 
 searle a unit of monsanto co. said the <unk> <unk> drug <unk> is the first product to reach the market through <unk> pharmaceuticals the u.s. company jointly owned by searle and <unk> a french pharmaceutical concern owned by france 's <unk> s.a 
 the u.s. equal employment opportunity commission sued new york state for age discrimination against appointed state judges 
 the suit filed in federal court in manhattan charges that new york 's mandatory retirement age of N violates federal law 
 separately the commission intervened in a connecticut state judge 's <unk> suit in federal court in new haven 
 the commission 's filing in that case challenges connecticut 's mandatory retirement age of N for appointed judges 
 the new york suit was filed on behalf of justice <unk> rubin whose appointment to the state appellate division expires at year end and all other judges hurt by the alleged age discrimination 
 the suit assigned to federal judge <unk> wood seeks a permanent injunction back pay for judges who have been forced to retire <unk> of retired judges and other <unk> relief necessary to <unk> the effects of new york 's unlawful employment practices 
 justice rubin a state judge since N said the <unk> age <unk> the court system because it <unk> the state of experienced judges still capable of serving on the bench 
 the issue is n't age age is just a number 
 the issue is one of a judge 's experience his <unk> and his physical ability to serve on the bench justice rubin said 
 i 've had no problems performing my duties and responsibilities 
 because justice rubin turned N on may N he is n't eligible to be <unk> to the bench at the end of the year 
 the suit 's impact on new york may be narrow however 
 most new york judges are elected and the federal <unk> law does n't apply to elected officials said james l. lee regional attorney for the <unk> in new york 
 under new york law elected judges must retire at age N but then can be appointed to two-year terms until they reach N 
 a spokeswoman for the state 's office of court administration declined to comment on the suit 
 but she said the state currently has N appointed judges who are over N 
 in connecticut however most state judges are appointed by the governor and approved by the state legislature 
 the parties in the connecticut case have agreed to stay proceedings pending the appeal of another <unk> <unk> case against vermont 
 in the vermont case a federal judge ruled that the state 's mandatory age of N for appointed judges was illegal vermont 's appeal of that decision is pending before the u.s. second circuit court of appeals in manhattan 
 <unk> <unk> connecticut 's chief court administrator declined to comment on the suit and the <unk> 's intervention 
 he said the state has N appointed judges and N trial <unk> who are former judges over age N and serve a restricted role on the bench 
 organized crime strike forces likely to be abolished next month 
 u.s. attorney general dick thornburgh 's plan to <unk> the N regional <unk> strike forces is expected to go into effect next month despite the opposition of democratic congressional leaders and lawyers in the special units 
 the units are <unk> from u.s. attorneys ' offices and focus exclusively on <unk> <unk> cases 
 in february mr. thornburgh announced his plan to abolish the units 
 he says the <unk> lawyers will work more efficiently under the supervision of u.s. attorneys 
 mr. thornburgh will be free to <unk> the strike forces after congress approves a $ N million <unk> for federal law-enforcement and <unk> agencies according to david runkel a justice department spokesman 
 the bill is expected to pass in congress next month 
 congress temporarily halted mr. thornburgh 's effort with an <unk> resolution that prohibited him from using <unk> funds to implement his plan 
 opponents say mr. thornburgh 's plan will <unk> break up longtime tightly <unk> <unk> units that have successfully prosecuted major <unk> figures 
 they predict that <unk> activity will increase once the units are <unk> and their responsibilities transferred to u.s. attorneys ' offices 
 some former <unk> personnel say the units have already begun to break up 
 the eastern district unit in brooklyn n.y. lost seven of its N attorneys this year partly because the lawyers were troubled by the proposed reorganization says <unk> a. <unk> who left the strike force to join morrison cohen singer & <unk> a new york law firm 
 those who have left have expressed an opinion that the strike force should continue ms. <unk> says 
 but mr. runkel contends there has been no exodus of <unk> lawyers 
 he says N lawyers have left and N have been hired since mr. thornburgh announced his plan 
 at the time the plan was announced there were N lawyers 
 some congressional leaders intend to continue to fight for independent strike forces 
 a spokesman for sen. edward m. kennedy d. mass says mr. thornburgh would be required to <unk> the units next year if an proposed omnibus crime bill is passed 
 among other things the bill calls for a reorganization of the justice department 
 the senate is expected to consider the bill shortly says the senator 's spokesman 
 mr. runkel says he doubts mr. kennedy can <unk> enough congressional support to <unk> the justice department 
 we will vigorously oppose the bill he says 
 i do n't think the reorganization is going to happen 
 <unk> & <unk> <unk> lawyers from <unk> firm 
 the <unk> new york firm will bring in at least N partners and a not yet determined number of associates from <unk> & <unk> which will <unk> dec. N 
 <unk> with N lawyers has lost several partners during the past year 
 some <unk> lawyers wo n't be invited to join <unk> & <unk> according to partners at both firms 
 <unk> & <unk> managing partner <unk> f. <unk> said the <unk> <unk> will enhance the firm 's corporate and litigation departments 
 short <unk> not welcome in texas court 
 <unk> hancock a male county court judge in houston refused to let a woman plead guilty to a <unk> charge because her <unk> stopped three inches above her <unk> 
 the woman appeared in court thursday to enter her plea but when she started to approach the bench she was stopped by judge hancock 
 he told the woman 's lawyer victor <unk> that the short <unk> was inappropriate for a court appearance 
 despite mr. <unk> 's protests the judge <unk> her case for nov. N 
 kelly <unk> an assistant district attorney who was in the courtroom disputed suggestions the action was <unk> saying she had seen judge hancock turn away male defendants dressed in <unk> tank tops or muscle shirts many times 
 judge hancock did n't return phone calls 
 warner communications inc. and sony corp. resumed settlement talks on their legal battle over hollywood producers peter guber and jon peters but continued to level strong accusations at each other in legal documents 
 warner has filed a $ N billion breach of contract suit in los angeles superior court against sony and the guber-peters duo who in turn are <unk> warner for trying to interfere in sony 's acquisition of columbia pictures entertainment inc. and guber peters entertainment co. in two transactions valued at over $ N billion 
 although settlement talks had been dropped attorneys for the two sides apparently began talking again yesterday in an attempt to settle the matter before thursday when a judge is expected to rule on warner 's request for an injunction that would block the two producers from taking over the management of columbia 
 yesterday in documents filed in connection with that case warner accused sony officials of <unk> claiming that they never read the five-year contract requiring the two producers to make movies exclusively for columbia citing securities and exchange commission filings made by sony that described the contracts 
 warner was referring to documents filed last week in which sony corp. of america vice chairman michael <unk> and walter yetnikoff president of its cbs records unit said they had taken mr. guber and mr. peters at their word when the producers told them that getting out of the contract would be no problem because of a previous oral agreement 
 wayne smith an attorney at <unk> dunn & <unk> in los angeles representing sony said the sony executives had n't seen the contract because it was n't relevant once guber and peters told them warner would let them terminate it at any time 
 mr. smith said statements about the contract made in sec filings were made by attorneys who did have access to the contracts but who were n't part of the negotiations between sony and the duo 
 warner executives also filed new sworn affidavits denying claims by messrs. guber and peters that the two sides had an oral agreement that enabled the producers to terminate their contract with warner should the opportunity to run a major studio come up 
 but mr. smith said sony intends to prove that the oral agreement did in fact exist and that even the existing written contract does n't preclude the producers from taking executive posts at another studio 
 warner described as nonsense yesterday sony 's <unk> in prior court filings that mr. guber and mr. peters could in theory run columbia while still <unk> their contract to produce movies for warner 
 such a dual role would be <unk> and <unk> warner said adding that concept is as silly as suggesting that the head coach of the los angeles <unk> could simultaneously be general manager of the san francisco giants 
 warner which is in the process of being acquired by new york-based time warner inc. also said it paid the two producers a fixed annual salary of $ N million 
 dataproducts inc. said it filed a lawsuit in delaware chancery court to block a tender offer by dpc acquisition partners alleging that the hostile offer violates a standstill agreement between the two concerns 
 dpc an investor group led by new york-based <unk> investment associates had itself filed a suit in state court in los angeles seeking to <unk> the agreement 
 earlier this year dataproducts had rejected a $ N a share offer from dpc saying it was n't adequately financed 
 dpc last week launched a new $ <unk> offer for the <unk> hills calif.-based computer printer maker 
 dpc said it could n't comment on the suit 
 boeing co. 's third-quarter profit leaped N N but wall street 's attention was focused on the picket line not the bottom line 
 in fact the earnings report <unk> as representatives of the world 's no. N jet maker and the striking machinists union came back to the negotiating table for their first meeting in two weeks 
 doug hammond the federal mediator in seattle where boeing is based said the parties will continue to sit down daily until a new settlement proposal emerges or the talks break off again 
 despite the progress boeing indicated that the work <unk> now in its <unk> day will have a serious adverse impact on the current quarter 
 for the third quarter net rose to $ N million or $ N a share from $ N million or N cents a share 
 sales climbed N N to $ N billion from $ N billion as the company capitalized on the <unk> global demand for commercial <unk> 
 because it 's impossible to gauge how long the <unk> by N machinists rank and file will last the precise impact on boeing 's sales earnings cash flow and short-term investment position could n't be determined 
 the investment community however strongly believes that the strike will be settled before there is any lasting effect on either boeing or its work force 
 the company 's total firm backlog of unfilled orders at sept. N stood at a mighty $ N billion compared with $ N billion at the end of 
 although the company could see fourth-quarter revenue shrink by nearly $ N billion if it is n't able to deliver any more planes this year those dollars actually would just be deferred until N 
 and the company is certain to get out some aircraft with just supervisors and other <unk> employees on hand 
 before the union rejected the company 's offer and the strike was launched with the <unk> shift of oct. N boeing had been counting on turning N aircraft out the door in the present period 
 that included N of the company 's N jumbo jets its most successful product 
 it 's not a pretty picture said david smith an analyst with raymond james & associates 
 but it would just mean a great first and second quarter next year 
 <unk> <unk> of merrill lynch capital markets added you do n't want to minimize this and say nobody is looking at it 
 but the strike has n't gone on long enough for boeing to lose business in any real sense 
 that 's the primary reason the company 's share price has held up so well when in mr. smith 's words most companies would have unraveled by now 
 in new york stock exchange composite trading boeing closed yesterday at $ N a share off a <unk> N cents 
 still boeing went through its normal <unk> <unk> and played up the downside 
 in a statement chairman frank <unk> asserted that the company faces significant challenges and risks on both its commercial and government contracts 
 for instance he noted that spending on pentagon programs is shrinking and boeing is either the prime contractor or a major supplier on many important military projects including the b-2 <unk> bomber the <unk> <unk> <unk> aircraft and the air force 's <unk> tactical fighter 
 because of cost overruns on fixed-price military work mr. <unk> said the company 's defense business will record a significant loss in N 
 moreover mr. <unk> added <unk> increases that have been implemented on the N N N and N programs have resulted in serious work force <unk> problems 
 suppliers and <unk> are experiencing heightened pressure to support delivery schedules 
 and of course there 's the <unk> labor situation 
 besides the machinists pact accords representing N of the company 's engineering and technical employees in the <unk> sound and wichita kan. areas expire in early december 
 also a contract with the united auto workers at the company 's helicopter plant in philadelphia expired oct. N 
 this contract covering about N hourly production and maintenance workers is being extended on a day-to-day basis 
 the machinists rejected a proposal featuring a N N base wage increase over the life of the three-year contract plus bonuses of N N the first year and N N the second 
 on top of that boeing would make cost-of-living adjustments projected to be N N for each year of the contract 
 the union though has called the offer <unk> 
 the company reiterated yesterday that it 's willing to <unk> the package but not add to the substance of it 
 for the nine months boeing 's net increased N N to $ N million or $ N a share from $ N million or $ N a share 
 sales soared N N to $ N billion from $ N billion 
 in a separate matter the justice department yesterday said boeing agreed to pay the government $ N million to settle claims that the company provided inaccurate cost information to the air force while negotiating contracts to replace the aluminum <unk> on the <unk> tanker aircraft 
 the settlement <unk> to four contracts negotiated from N to N prosecutors said 
 they added that the settlement is the culmination of a N 1\/2-year investigation into the company 's aluminum pricing practices in connection with <unk> 
 a boeing spokesman responded all along the company has said there was no grounds for criminal prosecution 
 that was <unk> out by the justice department 's decision to settle the case 
 foothills pipe lines ltd. filed an application with canadian regulators to build a N billion canadian dollar us$ N billion pipeline to transport natural gas from canada 's arctic to u.s. markets beginning in 
 the application by foothills owned by calgary-based <unk> corp. of alberta and <unk> energy inc. of vancouver canada is expected to kick off what could be a contentious battle for the right to transport vast quantities of gas to southern markets from <unk> fields in canada 's mackenzie river delta 
 this is a <unk> strike by foothills said rick <unk> natural gas manager of the calgary-based independent petroleum association of canada an industry group 
 foothills wants to make it clear to other pipeline companies that it 's on first <unk> as <unk> gas from the arctic to southern markets mr. <unk> said 
 at least two rival applications are expected to emerge in coming months including one from transcanada pipelines ltd. canada 's largest natural gas pipeline operator 
 another is expected from a consortium of oil and gas producers who won conditional approval this month from canada 's national energy board to export about N trillion cubic feet of mackenzie delta gas to the u.s. starting in N 
 the producers include shell canada ltd. a unit of royal <unk> group esso resources canada ltd. a unit of imperial oil ltd. which is <unk> by exxon corp. and gulf canada resources ltd. a unit of olympia & york developments ltd 
 the national energy board approval of the exports just <unk> the starting flag for the next stage the rush to build facilities to transport the gas said bill <unk> an analyst with brady & <unk> a washington d.c. law firm 
 foothills ' main rival to build a mackenzie delta pipeline is likely to be transcanada pipelines 
 the toronto-based company together with tenneco inc. of houston has had an incomplete proposal filed with canadian regulators since N that it is now <unk> 
 like foothills transcanada 's <unk> gas consortium plans to build a pipeline directly south from the mackenzie river delta in canada 's western arctic with an initial capacity to transport N billion cubic feet of gas daily 
 industry sources said they expect a fierce battle to emerge between transcanada which has a monopoly on canadian gas transportation east of alberta and <unk> and <unk> which control the pipelines within and running west of alberta respectively 
 this is virgin territory <unk> and it 's going to be nasty said one <unk> who asked not to be named 
 neither is going to back down easily 
 transcanada declined to comment on the foothills application 
 but last week gerald <unk> president and chief executive officer of transcanada said the company intends to be a party to any transportation system that goes up there and that it would consider joint ventures with other players to ensure it has a role 
 a number of issues still need to be resolved before canadian regulators give any project the final <unk> 
 first the price of natural gas will have to almost double 
 kent <unk> president of foothills said the company believes the project would be viable if gas prices reach us$ N a thousand cubic feet by N in current dollars up from a current spot price of about us$ N 
 mr. <unk> 's us$ N estimate is somewhat below the $ N floor price that calgary-based consulting firm paul <unk> & co. recently said would be needed for mackenzie delta gas producers to see a return on their investment 
 u.s. gas buyers must also decide whether they want to enter firm contracts for mackenzie delta gas or develop alaskan reserves in the <unk> bay area first a project that has been on hold for more than a decade 
 robert <unk> chairman and chief executive of foothills said it 's too early to say whether alaskan or mackenzie delta gas would flow to market first 
 but foothills said it plans to seek regulatory approval to build an alternative line the alaska natural gas transportation system further north toward alaska 
 if that option is favored by gas buyers and regulators foothills said it would build another smaller pipeline connecting mackenzie delta reserves to the alaska <unk> 
 it 's also likely that regulators will try to forge some kind of consensus between the would-be pipeline builders before undertaking any hearings into rival projects 
 douglas <unk> vice president of shell canada noted that producers would prefer to avoid hearings into competing proposals that would <unk> the regulatory review process and <unk> down development 
 <unk> pipe line co. an oil pipeline operator rumored to be <unk> a gas pipeline proposal of its own said that is n't in the cards 
 instead richard <unk> president and chief executive of <unk> 's calgary-based parent <unk> energy inc. said the company would prefer to work with other interested parties on a joint proposal 
 as for foothills ' <unk> bid mr. <unk> said if they think it gives them some kind of priority position well that 's their strategy 
 the federal reserve board said it is delaying approval of first union corp. 's proposed $ N million acquisition of florida national banks of florida inc. pending the outcome of an examination into first union 's lending practices in low-income neighborhoods 
 the decision reflects the fed 's tougher stance on <unk> the community reinvestment act a federal law passed in N to help low-income residents obtain loans 
 in recent years unions and community groups have won big commitments from banks to make <unk> loans in certain neighborhoods by threatening to hold up proposed acquisitions with protests to the fed about reinvestment act compliance 
 few <unk> however have actually delayed or <unk> mergers 
 the current dispute involves allegations that charlotte <unk> first union has n't lived up to its responsibilities under the reinvestment act 
 during the summer legal services corp. a florida legal aid group filed a petition with the fed on behalf of residents in four florida counties 
 the petition challenged first union 's lending record in the state saying that the bank-holding company had shut itself off from contact with the low-income community and is <unk> almost every black neighborhood that it serves in the state 
 in deferring action on the merger the fed said the board does not believe that there is sufficient information in the record at this time to allow it to reach a final conclusion on first union 's record of helping to meet the credit needs of the communities it serves in florida and north carolina including low to <unk> neighborhoods in those communities 
 the fed said the comptroller of the currency is expected to begin a community reinvestment act examination of first union 's florida and north carolina banking units in the next two weeks 
 first union with assets of about $ N billion said it was disappointed by the delay but said it would cooperate with regulatory authorities 
 the bank added that it believes the review will demonstrate that first union is in compliance with the requirements of the community reinvestment act 
 the company has already missed its initial oct. N target date for completing the merger 
 it said yesterday it still expects to close the acquisition later this year or early in N 
 florida national if acquired would almost double first union 's banking franchise in florida to $ N billion in assets 
 that would make it the second-largest bank after barnett banks inc. in a state widely considered to be the most lucrative banking market in the country 
 in new york stock exchange composite trading yesterday first union shares rose N cents to $ N 
 florida national stock closed unchanged at $ N in national over-the-counter trading 
 earlier this year the fed denied an application by continental bank corp. to purchase grand <unk> state bank in <unk> ariz. on grounds that continental had n't fully <unk> with the community reinvestment act 
 at the time the fed said the <unk> the first ever on such grounds signaled the agency 's new emphasis on the community reinvestment act 
 eastern airlines ' creditors committee backed off a move to come up with its own alternative proposals to the carrier 's bankruptcy reorganization plans according to sources familiar with the committee 
 in a meeting in new york yesterday the committee put on hold instructions it gave two weeks ago to its experts to explore other options for eastern 's future the sources said 
 the consultants had been working to finish a report this week 
 that means eastern a unit of texas air corp. of houston can go forward with its pitch for creditor approval as early as today when it is expected to deliver a revised reorganization plan to the committee 
 the committee intends to meet next week to make a recommendation on the new plan 
 in another development yesterday creditors were told that $ N million they had expected to become available for <unk> a reorganization may not <unk> according to one source 
 texas air has run into difficulty <unk> about $ N million of debt securities because of problems in the junk bond market the person said 
 and plans to raise another $ N million through changes to an insurance policy have hit a <unk> the source said 
 an eastern spokesman said the $ N million will have no effect <unk> on the asset structure of eastern 's plan 
 <unk> million in the total scheme of things is not that significant 
 it is unclear what caused the creditors to do an <unk> on exploring alternatives to eastern 's new reorganization plan 
 however since eastern first filed for chapter N protection march N it has consistently promised to pay creditors N cents on the dollar 
 because the carrier is still <unk> to do that some committee members successfully argued that there 's little reason yet to explore a different plan according to one person familiar with the creditors ' position 
 earlier this month the accounting firm of ernst & young and the securities firm of goldman sachs & co. the experts hired by the creditors contended that eastern would have difficulty meeting earnings targets the airline was projecting 
 ernst & young said eastern 's plan would miss projections by $ N million 
 goldman said eastern would miss the same mark by at least $ N million 
 the consultants maintained eastern would n't generate the cash it needs and would have to issue new debt to meet its targets under the plan 
 eastern at the time disputed those <unk> and called the experts ' report completely off base 
 yesterday joel <unk> an attorney for eastern 's creditors committee declined to comment on whether the experts had ever been instructed to look at other choices and whether they now were asked not to 
 he said only that the committee has not yet taken any position on eastern 's reorganization plan and that the two sides were still negotiating 
 in every case people would like to see a <unk> plan he said 
 eastern and its creditors agreed in july on a reorganization plan that called for the carrier to sell off $ N billion in assets and to emerge from chapter N status in late N at two-thirds its former size 
 eastern eventually decided not to sell off a major chunk its south american routes which were valued at $ N million 
 such a change meant the reorganization plan the creditors had agreed on was no longer valid and the two sides had to begin negotiating again 
 eastern has publicly stated it is exceeding its goals for getting back into operation and has predicted it would emerge from chapter N proceedings early next year operating more flights than it originally had scheduled 
 the following were among yesterday 's offerings and pricings in the u.s. and non-u.s. capital markets with terms and syndicate manager as compiled by dow jones capital markets report 
 new york city 
 $ N million of general obligation bonds fiscal N series c and d including $ N million of tax-exempt bonds and $ N million of taxable bonds tentatively priced by a goldman sachs & co. group 
 yields for tax-exempt bonds range from N N N in N to N N in N 
 yields for taxable bonds range from N N N in N to N N in N and N 
 the bonds are all rated single-a by moody 's investors service inc 
 the underwriters expect a <unk> rating from standard & poor 's corp. which has the issue under review 
 collateralized mortgage securities corp. 
 $ N million of remic mortgage securities offered in N classes by first boston corp 
 the offering series N is by a company established by first boston for issuing remics and other derivative mortgage securities 
 it is backed by government national mortgage association N N N securities with a weighted average remaining term to maturity of N years and being offered at market prices 
 beneficial corp. 
 $ N million of securities backed by home-equity loans through merrill lynch capital markets 
 the offering with an expected average life of N years will float monthly at N basis points above the rate on an index of 30-day <unk> commercial paper which now yields about N N 
 the issue has an expected final maturity date of N 
 the offering is rated triple-a by moody 's and s&p based on the quality of the underlying home equity loans and a letter of credit covering N N of the deal from union bank of switzerland 
 the offering is being made through <unk> home equity loan asset-backed certificates series N 
 rochester community savings bank 
 $ N million of N N certificates backed by automobile loans priced to yield N N via first boston corp 
 the issue through <unk> <unk> <unk> trust was priced at a yield spread of N basis points above the treasury N N N note due july N 
 the offering has an expected average life of N years and a final maturity date of may N N 
 the issue is rated triple-a by moody 's based on the quality of the underlying auto loans and a letter of credit covering N N of the deal from credit suisse 
 south australian government finance authority agency 
 N million australian dollars of zero-coupon eurobonds due dec. N N priced at N to yield N N less fees via <unk> bank ltd 
 guaranteed by the south australian treasury 
 fees N N 
 government insurance office of new south <unk> agency 
 a$ N million of N N N eurobonds due dec. N N priced at N to yield N less fees via <unk> banking corp 
 fees N N 
 swedish export credit corp sweden 
 N million swiss francs of N N N privately placed notes due sept. N N priced at N N to yield N N via citicorp investment bank switzerland 
 call from sept. N N at N N declining by N point a year to to par 
 fees N N 
 west german insurance giant allianz ag entered the takeover battle between france 's cie financiere de paribas and cie. de navigation mixte 
 allianz said it won french government approval to buy as much as one-third of navigation mixte a diversified financial transport and food holding company 
 the move comes a week after paribas announced that it was preparing to bid for N N control of navigation mixte 
 <unk> allianz 's brief <unk> statement said it is acting to protect its own interests as a shareholder of navigation mixte 
 that would be a blow to both paribas and navigation mixte 
 each had claimed allianz europe 's largest insurance company as a <unk> ally 
 the allianz statement also reinforced the belief that the takeover battle could be a long one 
 it led to broad market speculation that paribas now will <unk> its bid which is expected to be formally launched later this week after approval from french government regulators 
 allianz 's entry reflects the increasing eagerness of west german companies looking ahead to the reduction in european community internal barriers in N to get involved in what until now were considered internal french affairs 
 deutsche bank dresdner bank and commerzbank all also have expressed eagerness to expand in france before N 
 dresdner bank this month moved to acquire banque <unk> des <unk> a small french merchant bank that deutsche bank had looked at and passed over 
 commerzbank had hoped to buy a stake in credit lyonnais until the <unk> returned to government last year and canceled plans to <unk> the large french bank 
 deutsche bank has actively sought a french acquisition for at least two years 
 lately analysts say deutsche bank has shocked some in the french financial community by indicating it wants a strong bank with a large number of branches 
 we are still looking said a deutsche bank spokesman 
 the banks we think would fit into our concept are either government-owned or not for sale though deutsche bank would be able to pay a good price 
 while allianz officials were n't willing to comment in any detail on their plans they said allianz currently holds between N N and N N of navigation mixte an apparent increase from the N N stake that navigation mixte officials had earlier announced 
 paris market sources said they believed allianz was buying yesterday morning and navigation mixte moved up N francs $ N to close at N francs in heavy trading 
 it was the first day of trading following the suspension of navigation mixte shares last monday when paribas announced its plan to pay N francs for each navigation mixte share 
 allianz also holds a N N stake in navigation mixte 's insurance subsidiary one of france 's largest insurance groups which it bought for about N billion francs just before paribas launched its bid 
 navigation mixte holds the remaining N N 
 allianz said in its statement that it was acting to protect that interest which ties it to navigation mixte as a partner 
 allianz 's statement stressed the company 's previously announced position that paribas 's offer price is too low 
 allianz also suggested without saying so directly that it regrets that paribas is n't bidding for all of navigation mixte 's shares 
 the problem here analysts say is that if paribas wins its N N remaining navigation mixte shares will fall in value 
 that <unk> many current holders such as allianz which could n't be sure of selling all their shares if they tendered to paribas 
 the allianz statement led to speculation that allianz eventually could sell to paribas 
 that would be bad news for navigation mixte 's current management which was counting on allianz to help fend off paribas 
 allianz did n't say whom if anyone it will support 
 it said simply that it will boost its navigation mixte stake as it sees fit over the coming days to protect itself as long as it has french regulatory officials ' approval 
 paribas currently intends to offer N francs a share for navigation mixte shares that receive full dividends this year 
 it is to offer N francs for shares created on july N which receive partial dividends 
 alternatively it would offer to swap three paribas shares for one navigation mixte share 
 paribas already holds about N N of navigation mixte and the acquisition of the additional N N would cost it about N billion francs under its current bid 
 the bid values navigation mixte at around N billion francs depending on how many holders of navigation mixte warrants exchange them for shares before the bid expires 
 penn central corp. cincinnati said it agreed in principle to acquire noranda inc. 's carol cable co. unit for $ N million 
 the company said carol cable based in <unk> r.i. is a leading supplier of electrical and electronic wire and cable for the distributor retail and original equipment manufacturer markets 
 carol cable which operates N manufacturing plants had operating profit of $ N million on sales of $ N million for the first six months of this year and operating profit of $ N million on sales of $ N million for all of N 
 the maker of telecommunications and defense equipment said carol cable 's portfolio and market focus would <unk> the company 's current wire and cable businesses 
 the plan is subject to a satisfactory due <unk> investigation of carol cable by penn central a definitive agreement and regulatory approvals 
 fletcher challenge ltd. said its <unk> unit agreed to acquire certain alberta oil and gas interests from amoco corp. 's canadian unit for about N million canadian dollars us$ N million 
 fletcher challenge a big new <unk> forest products concern with <unk> operations in canada said the assets include stakes in four natural gas fields and one oil field near <unk> alberta plus gas processing facilities and about N acres of undeveloped land 
 the proposed purchase requires approval from investment canada which monitors large foreign investments in canada 
 amoco canada petroleum co. which operates the major properties included in the asset package said the sale is part of a plan to streamline its assets 
 <unk> a new <unk> oil and gas producer said the planned purchase would be its first oil and gas acquisition outside its home country and would form the basis for a new <unk> exploration and production unit in canada 
 miniscribe corp. <unk> colo. said it introduced a <unk> high <unk> hard disk drive that it hopes will prove popular with makers of <unk> laptop and portable computers 
 the troubled disk drive maker aims with the new N <unk> disks to revive its reputation and sales growth 
 miniscribe said the disk drives have more memory capacity than other disks that size 
 miniscribe said it expects to begin full volume production of the drives in the u.s. and singapore in the first quarter next year 
 a drive with N <unk> of capacity is scheduled for release during the third quarter of N 
 miniscribe has been on the rocks since it disclosed early this year that its earnings reports for N were n't accurate 
 after an internal investigation the company found that senior officials used a variety of schemes to <unk> sales gains including counting shipments of bricks and defective drives as sales 
 the new york times co. said it reached a settlement with independent home delivery dealers in the metropolitan new york area that will free the newspaper to expand home delivery circulation 
 the settlement stemmed from a lawsuit the dealers filed in N when the times began its own competing direct delivery service 
 the pact calls for the times to pay dealers $ N million over six years as well as other payments in the form of subsidies over three years based on the number of new customers started by the dealers and on pricing structures the times said 
 the amount of the settlement will be taken as a charge against earnings in the fourth quarter 
 the settlement which involves most of the N independent newspaper dealers in the new york area will allow the times to freely operate its own direct home delivery system 
 home delivery is the fastest growing segment of the times 's N million daily circulation 
 currently about N N of home delivery subscribers in the new york area receive the paper directly from the times 
 mercury savings & loan association <unk> beach calif. reported a third-quarter loss of $ N million or N cents a share compared with net income of $ N million or N cents a share in the year-earlier quarter 
 mercury attributed the loss to rapid prepayments of loans and costs incurred in refinancing many house loans this past spring and summer when interest rates dipped 
 the thrift hired an investment banker earlier this month to advise it regarding a possible sale or merger 
 mercury also is shrinking itself part of its plan to change its emphasis from buying mortgage loans from mortgage brokers to making loans directly 
 such a focus is more profitable more efficient and gives us a greater sense of control said william a. <unk> mercury 's senior executive vice president 
 as of sept. N mercury 's assets were $ N billion down from $ N billion a year ago 
 for the nine months mercury posted a loss of $ N million or N cents share against net income of $ N million or N cents share a year earlier 
 mercury shares closed yesterday at $ N up N cents in new york stock exchange composite trading 
 bancroft convertible fund inc. new york likely will reject a renewed offer from florida investor robert i. green to buy bancroft for $ N a share 
 <unk> levine bancroft secretary and treasurer said the closed-end fund 's directors will consider mr. green 's offer in a couple of weeks at a regular meeting 
 he has n't added anything mr. levine said predicting the board will again reject mr. green 's proposal 
 in a securities and exchange commission filing mr. green said he had boosted his holdings in bancroft common to N N from N N and renewed an offer he made in march to acquire the fund 
 mr. levine noted that bancroft 's shares have been trading at or above mr. green 's offering price for the last several months 
 he said bancroft attorneys are scheduled to meet with mr. green 's attorneys in delaware chancery court at the end of this week to respond to the investor 's request for company records for the past five years 
 mr. green could n't be reached 
 giant group said a federal court in delaware has denied a motion by rally 's inc. seeking to block a group led by giant chairman burt sugarman from acquiring more of the company 's shares 
 rally 's a fast-food chain based in louisville ky. is <unk> that mr. sugarman and two other company directors failed to disclose to the securities and exchange commission that they intended to acquire a big rally stake 
 mr. sugarman has in turn contended that the other major shareholder group whose interests are represented by three other directors connected to trusts in the name of the children of the company 's founder james patterson has ties to a competing fast food chain wendy 's international inc 
 the company last week assembled a <unk> committee of directors aligned with neither side to analyze the situation 
 each group controls more than N N of rally 's stock 
 the company just went public earlier this month 
 rally 's had no comment but was expected to make an announcement this morning about the situation 
 singer <unk> midler won a $ N federal court jury verdict against young & rubicam in a case that threatens a popular advertising industry practice of using <unk> performers to <unk> products 
 the decision in los angeles federal court stems from a N mercury <unk> tv ad that young & rubicam worked up for ford motor co 
 the ad agency had approached ms. midler about appearing but she declined citing a longstanding policy of refusing advertising work 
 the agency then turned to a former backup singer for ms. midler who appeared in the ad and <unk> what was generally considered a more than credible <unk> of ms. midler 's N hit song do you <unk> dance 
 the appeals court held when a distinctive voice of a professional singer is widely known and is deliberately <unk> in order to sell a product the sellers have appropriated what is not theirs 
 the judge in the jury trial said there was insufficient evidence to hold ford liable in the case 
 in a statement young & rubicam called the award unfortunate but <unk> 
 peter <unk> a los angeles lawyer for ms. midler said we believe that the verdict <unk> her position and our position that advertisers and advertising agencies can not with <unk> <unk> the voices of well-known performers 
 that is a property right that belongs to the performer 
 the award although far less than the $ N million including punitive damages that ms. midler sought is likely to force madison avenue to further <unk> how they use famous <unk> in ads 
 last year 's appeals court decision for instance spawned several suits reportedly including a recent action by the <unk> of singer bobby <unk> against mcdonald 's corp. over its mac tonight tv commercials a rough <unk> of mr. <unk> 's mack the <unk> trademark 
 the <unk> decision last year was particularly surprising because the same court had dismissed a similar case in N involving singer nancy <unk> and a tire ad also a young & rubicam product 
 ms. <unk> sued over the use of her these <unk> are made for <unk> song in the ad 
 at that time the court held that such a claim would interfere with federal copyright law which has always <unk> down on the unauthorized copying of <unk> and musical <unk> but never actual performances 
 one thing that is a little <unk> is that you had three old men on the court of appeals in california coming up with a statement that nancy <unk> is not distinctive but that <unk> midler is 
 i am not sure that judges many of whom i like very much are proper <unk> for making <unk> about pop <unk> said richard <unk> a new york advertising lawyer 
 nonetheless mr. <unk> said that the latest decisions are having a <unk> effect 
 it has made people think twice about how they use music and is forcing them to be more <unk> about doing a particular <unk> of a song in its most famous form he said 
 <unk> <unk> contributed to this article 
 james river corp. richmond va. said it acquired the tissue operations of <unk> n.v. of the netherlands for about $ N million 
 the dutch unit known as <unk> <unk> is a leading maker of consumer and <unk> tissue products for the <unk> region 
 in addition the acquisition includes production assets of <unk> <unk> a maker of household tissue products for the u.k. and ireland 
 the combined operations had N revenue of about $ N million 
 james river a maker of pulp paper and plastic products already has interests in tissue businesses in france spain italy and turkey 
 the company said it plans to form european ventures with italian and finnish companies 
 the <unk> operations would become part of those ventures 
 vitro s.a. of <unk> mexico said its <unk> corp. subsidiary has entered into definitive loan agreements in connection with vitro 's $ <unk> tender offer for <unk> glass container corp 
 the agreements are with security pacific national bank and an affiliate of donaldson lufkin & jenrette securities corp 
 proceeds of the loan agreement together with funds from vitro will permit the purchase of all shares outstanding of <unk> and the payment of all related costs and expenses 
 vitro said the definitive agreements require that <unk> obtain a waiver from its bank lenders of existing <unk> defaults under its bank facilities 
 since <unk> is still seeking this waiver vitro said the tender offer is being extended until N p.m. est tomorrow 
 the dollar finished mostly stronger yesterday boosted by a modest recovery in share prices 
 the dow jones industrial average climbed N points in a spate of bargain-hunting following last week 's declines 
 attention is fixed on the stock market for lack of anything else to sink our teeth into said robert white a vice president at first interstate of california 
 some analysts predict that in the absence of <unk> news to push the u.s. unit sharply higher or lower the currency is likely to <unk> below N marks this week 
 but others reject the view and forecast the dollar will continue to hold its current tight trading pattern 
 they argue that weakness in both the yen and sterling have helped offset bearish u.s. economic news and have lent support to the dollar 
 in late new york trading yesterday the dollar was quoted at N marks up from N marks late friday and at N yen up from N yen late friday 
 sterling was quoted at $ N up from $ N late friday 
 the dollar rose against the swiss and french francs 
 in tokyo tuesday the u.s. currency opened for trading at N yen up from monday 's tokyo close of N yen 
 last week the surprise resignation of british chancellor of the exchequer nigel lawson sent the british pound into a tailspin 
 while sterling bounced back from session lows in a <unk> of <unk> yesterday foreign exchange dealers said that any hopes that the pound would soon post significant gains have <unk> 
 traders said that statements made over the weekend to <unk> concern about the stability of prime minister margaret thatcher 's government and the future of her economic program largely failed to <unk> investors and bolster the <unk> british unit 
 in her first televised interview following mr. lawson 's resignation mrs. thatcher reiterated her desire to keep sterling strong and warned again that full entry into the european monetary system 's exchange rate mechanism would provide no easy solution to britain 's economic troubles 
 she said that the timing of the united kingdom 's entry would depend on the speed with which other members <unk> their economies 
 mrs. thatcher 's remarks were seen as a <unk> to several leading members of her own conservative party who have called for a more <unk> british commitment to the ems 
 at the same time a recent poll shows that mrs. thatcher has hit the lowest popularity rating of any british leader since <unk> began N years ago 
 comments by john major who has succeeded mr. lawson also failed to damp market concern despite his pledge to maintain relatively high british interest rates 
 according to one london-based analyst even higher interest rates wo n't help the pound if britain 's government continues to appear unstable 
 one u.s. trader however dismissed sterling <unk> while acknowledging there is little immediate upside potential for the u.k. unit 
 there is no question that the situation is bad but we may be painting a <unk> picture than we should he said 
 he predicts the pound will continue to trade in a very volatile fashion with fits of being <unk> and <unk> before recovering its losses 
 dealers also note that the general lack of enthusiasm for the yen has helped bolster the u.s. dollar 
 they <unk> that persistent japanese investor demand for dollars for both portfolio and direct investment has kept a base of support for the dollar at around N yen 
 the dollar began yesterday on a firm note in tokyo closing higher in late trade 
 in europe the dollar closed slightly up in a market dominated by cross trades 
 on the commodity exchange in new york gold for current delivery settled at $ N an ounce down N cents 
 estimated volume was a moderate N million ounces 
 in early trading in hong kong tuesday gold was quoted at $ N an ounce 
 general electric capital corp. 's <unk> bank usa acquired a visa and <unk> portfolio from commercial federal savings & loan association an omaha neb. unit of commercial federal corp. of omaha 
 terms were n't disclosed 
 the portfolio currently includes $ N million in receivables ge capital said 
 ge capital is a financial services subsidiary of general electric co. of fairfield conn. which also has broadcasting and <unk> businesses 
 ge capital said commercial federal savings will continue to market visa and <unk> programs while <unk> provides operational and marketing support and actually owns the accounts 
 with the acquisition <unk> blue <unk> ohio has more than N million total accounts ge capital added 
 east germans rallied in three cities to demand democratic freedoms 
 as the country 's new leader egon krenz prepared to travel to moscow today for talks with soviet leader gorbachev hundreds of thousands of east germans <unk> in the streets of leipzig <unk> and <unk> to call for internal freedoms and the <unk> of the new forum opposition group 
 krenz however vowed to preserve the communist party 's hold on political power and said east germans should n't <unk> the nation with <unk> demands 
 communist officials this month have faced nearly daily pro-democracy protests accompanied by the flight to the west by thousands of east germans 
 soviet police <unk> with demonstrators in moscow following a <unk> <unk> around the kgb 's <unk> headquarters in memory of those <unk> under <unk> 
 more than N <unk> attended the service 
 a <unk> group demonstrated in <unk> square where the police <unk> and <unk> a number of protesters 
 police in <unk> <unk> about N ethnic <unk> who were <unk> the trial of the former communist party chief of the southern province of <unk> 
 <unk> <unk> and N others are accused of <unk> <unk> and strikes and opposing constitutional limits to <unk> 's <unk> 
 if convicted they could be sentenced to death 
 a court in <unk> sentenced a palestinian to N life terms for forcing a bus off a <unk> july N killing N people israeli radio reported 
 he also received 20-year sentences for each of the N passengers injured 
 it was considered the <unk> sentence passed since the start of the <unk> arab <unk> in the <unk> <unk> 
 u.s. and soviet negotiators opened talks in new york aimed at <unk> differences in proposals to reduce <unk> <unk> 
 while the kremlin has urged a ban on output of the poison <unk> the white house wants to continue producing the weapons even after an international treaty calling for their destruction is signed 
 south africa 's government said peaceful demonstrations such as the <unk> rally sunday near <unk> have helped ease <unk> and <unk> political changes 
 about N people attended the <unk> rally at which leaders of the banned african national congress refused to <unk> violence to end apartheid 
 secretary of state baker expressed concern that nicaraguan president ortega may attempt to use alleged attacks by the <unk> contra rebels as an excuse to scuttle elections scheduled for february 
 ortega had threatened to end a <unk> <unk> 
 baker 's remarks came as the white house urged both sides to honor the truce 
 the <unk> lexington returned to <unk> in <unk> fla. following an accident sunday in which the pilot of a training jet <unk> into the ship killing five <unk> 
 the <unk> of the aircraft carrier the oldest in the navy said the <unk> was making his first attempt to land on a carrier 
 four people <unk> three u.s. flags on the central steps of the u.s. capitol in a bid to test a new federal law protecting the american flag from <unk> 
 all four demonstrators were arrested 
 the law which bush allowed to take effect without his signature went into force friday 
 chinese officials said armed police would replace soldiers in <unk> square as part of a <unk> down of beijing 's <unk> state of emergency 
 separately the u.s. embassy has filed three protests in as many days with china 's government alleging <unk> of diplomats and their families an embassy source said 
 authorities in <unk> said the toll from two earthquakes sunday had reached at least N dead and about N injured 
 the heaviest damage was reported in <unk> about N miles west of <unk> 
 as rescue teams continued searching for victims hundreds of <unk> accused the government of a <unk> response following the <unk> 
 britain 's thatcher summoned senior advisers for strategy talks as opinion polls showed the prime minister 's popularity had hit a record low following the resignation last thursday of chancellor of the exchequer lawson 
 one poll conducted for the british broadcasting corp. found that N N of voters believed that she should quit 
 lawmakers in hungary approved legislation granting <unk> to many people convicted of crimes punishable by less than three years in prison 
 they also established an office to control government and party finances 
 the laws take effect next month 
 died robert v. van <unk> N chairman of mutual benefit life insurance co. sunday in morristown n.j. of cancer 
 fluor corp. said it was awarded a $ N million contract to provide engineering and <unk> services at a copper mine in <unk> <unk> indonesia for a unit of freeport-mcmoran copper co 
 fluor based in irvine calif. will direct expansion of the mine 's capacity to N metric tons a day from N metric tons a day 
 completion of the project is expected by <unk> 
 in N fluor had revenue of $ N billion and earnings of $ N million or N cents a share 
 <unk> computer ag citing continued profitability problems said it will have to reduce personnel further notably in research and development sectors 
 the troubled west german computer company said in a statement to its employees that the number of persons working in product development will be reduced world-wide to N from N by the end of N 
 the number of workers in production sectors will be cut by N to N by september 
 the cuts will be made half within germany and half abroad 
 in the first nine months of N <unk> said sales rose N N amid good growth in selected areas such as banks and trading companies 
 the company also cited some success in <unk> cost increases and said it wants to return to profitability in N 
 it cited the expected beneficial effects of a concentration on key products further structural changes within the group and cooperation agreements with other companies 
 great northern nekoosa is being sought by another big paper company georgia-pacific for $ N a share or about $ N billion 
 the tender offer which surprised analysts because it appeared to be unsolicited could spark a period of industry consolidation 
 analysts questioned whether georgia-pacific will ultimately prevail saying other paper concerns may make competing bids 
 two more securities firms bowed to the outcry over program trading 
 ge 's kidder peabody unit said it would stop doing stock-index arbitrage for its own account while merrill lynch said it was <unk> such trading entirely 
 also the big board met with angry stock specialists 
 a big <unk> case will be reviewed by the supreme court 
 the justices agreed to decide whether federal insurers can require ltv to take back <unk> for funding its $ N billion pension <unk> 
 drug companies lost a major liability case 
 the supreme court let stand a new york ruling that all manufacturers of an <unk> drug are liable for injuries or deaths if the actual maker is n't known 
 revco received a $ N million takeover offer from texas financier robert bass and acadia partners 
 the <unk> chain reacted cautiously saying the plan would further swell its huge debt which forced the company into chapter N protection last year 
 rockefeller group agreed to sell a N N interest to mitsubishi estate a major japanese developer and property owner for $ N million 
 officials at some rockefeller units are said to be unhappy with the agreement 
 continental air replaced its top executive for the sixth time in as many years 
 chairman and chief executive joseph corr was succeeded by frank lorenzo chief of parent texas air 
 united air 's parent may have to pay as much as $ N million to the labor-management buy-out group for fees and expenses incurred in their failed $ N billion takeover bid 
 gen-probe agreed to be bought by chugai pharmaceutical for about $ N million 
 the sale is likely to fuel concern about growing japanese investment in u.s. biotechnology firms 
 boeing posted a N N jump in third-quarter earnings but wall street 's attention was focused on the continued strike at the aircraft maker 
 the fed delayed approval of first union 's $ N million acquisition of florida national banks pending a review of first union 's lending practices in low-income neighborhoods 
 allianz of west germany entered the takeover battle between france 's paribas and navigation mixte 
 maxwell agreed to sell its u.s. printing unit to quebecor for $ N million making quebecor the no. N commercial printer in north america 
 new construction contracts rose N N in september led by commercial industrial and <unk> projects according to <unk> dodge group 
 western union took steps to withdraw a $ N million debt swap citing turmoil in the junk bond market 
 markets 
 stocks volume N shares 
 dow jones industrials N up N transportation N up N utilities N up N 
 bonds shearson lehman hutton treasury index N up 
 commodities dow jones futures index N off N spot index N off N 
 dollar N yen up N N marks up N 
 pacific telesis group said its pacific bell unit sustained property damage of about $ N million to $ N million from the california earthquake earlier this month 
 the san <unk> telecommunications company said it carries $ N million of earthquake insurance with a $ N million deductible provision 
 sam <unk> chairman and chief executive officer told securities analysts in new york that the company expects somewhat slower per-share earnings growth in N although annual growth should return to the traditional figure of about N N thereafter 
 as factors contributing to the temporary slowdown he cited one-time rate reductions prescribed by california regulators as a prelude to a new <unk> that <unk> profit constraints 
 he also mentioned increased capital investment by pacific bell for network improvements 
 mr. <unk> said the company 's cellular operations now serve about N customers up N N from a year ago 
 general motors corp. is planning to build a new engine plant in europe that may be built in britain provided the company can reach a satisfactory agreement with unions sources said 
 officials of <unk> motors ltd. gm 's british unit were meeting with union leaders late yesterday in hopes of winning such an accord 
 the engine plant may <unk> plans for a joint components venture with jaguar 
 alternatively a separate engine plant may be built as part of gm 's planned <unk> with the british luxury car maker the sources said 
 sources said a complex and detailed announcement of a joint agreement between general motors and jaguar would be made by jaguar some time in the next N N weeks 
 cray research inc. won government clearance for its proposed reorganization of founder seymour cray 's supercomputer design team into a separate company 
 internal revenue service approval of the move as a tax-free transaction was the last hurdle to splitting up the world 's dominant maker of <unk> which mr. cray founded in N 
 cray 's directors set nov. N as the record date for distribution of shares in the new company to be called cray computer corp 
 it will trade over the counter under the symbol cray 
 the plan calls for cray research holders to receive one share in the new company for every two shares held 
 an estimated N million cray computer shares will be distributed cray research said 
 under the accord cray research will transfer to mr. cray 's fledgling operation $ N million of assets primarily related to the cray-3 development project his team is undertaking and will lend cray computer $ N million 
 cray research will retain a N N interest in the new company which will be based in colorado springs <unk> 
 when it announced the planned breakup in may cray research said development costs of several competing projects were <unk> its earnings growth 
 after the split the two companies presumably will be rivals for orders from government and commercial customers 
 <unk> systems inc. ann <unk> mich. said it will report net income for the fourth quarter ended sept. N fell to $ N or N cents a share from $ N or N cents a share a year earlier 
 chairman carl l. <unk> said the decline occurred although revenue rose N N to more than $ N million from $ N million a year earlier 
 the company which makes computer parts said fiscal N earnings were down slightly from $ N million or N cents a share in fiscal <unk> 
 the company said fiscal N revenue increased about N N to more than $ N million from $ N million 
 mr. <unk> said that early signs point to improved earnings and revenue in the first quarter of fiscal N 
 the current backlog of orders is strong throughout the corporation he said 
 <unk> corp. said it filed for protection under chapter N of the federal bankruptcy code and announced a N N reduction in its world-wide employment 
 the filing in bankruptcy court here follows a string of quarterly losses and product <unk> for the maker of <unk> drives for minicomputers and <unk> 
 <unk> had a loss of $ N million for the fiscal year ended july N compared with year-earlier profit of $ N or two cents a share 
 revenue for the year fell N N to $ N million 
 the <unk> staff <unk> announced yesterday will bring <unk> 's employment to about N workers less than half of what it was before a similar <unk> reduction in august 
 the company yesterday also said it was <unk> one of its major new products a <unk> drive which while technically <unk> did n't hold much promise of generating substantial orders because financing problems caused a nine-month delay in getting the product to market 
 the french economics ministry approved a planned asset swap between the defense and electronics group <unk> s.a. and the bank group credit lyonnais 
 the ministry said the swap details of which were disclosed last thursday will allow both state-controlled companies to reinforce operations in their main markets and argued that the move shows the <unk> of france 's <unk> concerns 
 the approval also ends any hope that banque <unk> de paris another <unk> bank might have had about taking credit lyonnais 's place in the accord 
 it hinted over the weekend that it would have been interested in a <unk> with <unk> 
 under details of the accord credit lyonnais will take slightly more than N N of <unk> finance in exchange for about N N of its own shares 
 the move will help the bank to keep up with international <unk> ratios being phased in by the bank for international settlements and will also represent the first time that its voting shares have been held by a party other than the government 
 <unk> general corp. received tenders for N N of its N N convertible senior subordinated notes due april N N and N N of its N N convertible senior subordinated debentures due march N N 
 in exchange offers that expired friday holders of each $ N of notes will receive $ N face amount of series a N N senior secured convertible notes due jan. N N and N common shares 
 for each $ N face amount of debentures holders received $ N of series b N N senior secured convertible notes due oct. N N and N common shares 
 <unk> a new york maker of genetically engineered products for human and animal health care said it made the exchange offer to reduce its interest payments 
 japanese companies have long been accused of <unk> profit to boost sales 
 but fujitsu ltd. has taken that practice to a new extreme 
 japan 's biggest computer maker last week undercut seven competitors to win a contract to design a <unk> system for the city of hiroshima 's waterworks 
 its bid one yen or less than a u.s. penny 
 the bid created such a furor that fujitsu said it is now offering to withdraw from the project 
 from a <unk> viewpoint it was not <unk> acceptable a fujitsu spokeswoman said yesterday 
 hiroshima city officials could n't be reached to find out whether they would drop fujitsu 's bid 
 fujitsu said it issued the low bid because it wanted a foot in the door of a potentially lucrative market 
 we desperately wanted the contract because we want experience in the field the fujitsu spokeswoman said 
 we expect a big market in the future so in the long term it will be profitable 
 it 's a kind of an investment 
 hiroshima 's waterworks bureau said the municipal government had <unk> about N million yen $ N for the project 
 i was <unk> <unk> <unk> head of the bureau was quoted by <unk> news service as saying 
 i understand the firm 's enthusiasm in getting the deal but such a large company would have been better off showing a little more discretion 
 indeed fujitsu officials admitted they may have been a little <unk> 
 the fujitsu spokeswoman said <unk> officials did n't approve the bid in advance and will take measures so this kind of thing does n't happen in the future 
 it 's contrary to common sense she added 
 specifically fujitsu won the right to design the specifications for a computerized system that will show water lines throughout the city 
 the system could be used in a fire or earthquake to <unk> problems among other things 
 a waterworks official said fujitsu will have to design the system so it would be compatible with other makers ' equipment 
 but industry officials expressed concern that the initial project might give fujitsu an edge in winning more lucrative contracts later 
 fujitsu said it hopes the hiroshima contract will help it secure <unk> with other municipalities 
 japanese local governments are expected to invest heavily in computer systems over the next few years and many companies expect that field to provide substantial revenue 
 in the near future it will be a big market not just for waterworks but for all <unk> systems the fujitsu spokeswoman said 
 we can expect a <unk> market 
 no foreign companies bid on the hiroshima project according to the bureau 
 but the japanese practice of deep discounting often is cited by americans as a classic barrier to entry in japan 's market 
 earlier this year the u.s. complained that japan 's supercomputer makers were effectively closing out foreign competitors by slashing prices as much as N N for universities 
 fujitsu was n't the only company willing to sacrifice profit on the project 
 three competitors bid between N yen and N yen according to the hiroshima government office 
 other bids ranged from about N million yen to N million yen 
 american airlines will expand its <unk> service N N beginning next year with six new daily flights between the u.s. and europe officials announced yesterday 
 american a unit of amr corp. is the nation 's largest airline 
 the new <unk> flights starting next may will include <unk> <unk> <unk> <unk> a second daily <unk> flight and a second daily <unk> flight the officials said 
 chicago has the largest population of citizens of polish heritage in any city outside poland 
 with the new service american will fly N flights a week to N european cities 
 the additions <unk> american 's position as the third-largest u.s. transatlantic carrier behind <unk> corp. 's pan american world airways and trans world airlines 
 <unk> ag said sales for its domestic group rose N N in the first nine months of N from a year earlier 
 the west german retailing group also said that the results of the first three quarters suggest it will meet its profit goal for the year 
 earnings at the department-store division which generates the bulk of profit should remain at least stable while income at the mail-order and tourism units is likely to fall slightly from N the company said 
 <unk> did n't give any group sales or profit figures for the first nine months 
 georgia-pacific corp. offered to acquire great northern nekoosa corp. for $ N a share or about $ N billion 
 the offer capped a week of rumors that georgia-pacific an atlanta-based forest-products company was considering making a bid for nekoosa a <unk> concern based in <unk> conn 
 executives at nekoosa could n't be reached and officials at georgia pacific declined to comment 
 analysts however were surprised because the tender offer appeared unsolicited 
 it 's quite a <unk> said one adding that the offer could spark a period of industry consolidation 
 the two companies would appear to be a logical fit because of their <unk> lines and analysts described the offer representing a N N premium over nekoosa 's market price as fair 
 nekoosa closed yesterday at $ N up $ N in new york stock exchange composite trading 
 but industry observers still questioned whether georgia pacific will ultimately prevail 
 you have to watch out for <unk> said one analyst 
 international paper or weyerhaeuser could step in 
 the bid for great northern a notice of which appears in an <unk> in today 's wall street journal is the first big takeover offer since the collapse of a $ N billion buy-out of united airlines parent ual corp. oct. N 
 that collapse following on the heels of disarray in the market for high-risk high-yield bonds cast doubt on the entire takeover business which has fueled both big profits among wall street securities firms and big gains in the stock market generally 
 while georgia-pacific 's stock has outperformed the market in the past two years nekoosa has lagged the market in the same period 
 yesterday 's rise in nekoosa 's share price came on volume of N shares four times the daily average 
 according to dow jones professional investor report options trading in nekoosa was also heavy ranking only behind international business machines corp. and ual in volume on the chicago board options exchange 
 according to the value line investment survey demand for nekoosa 's commodity paper has weakened prompting earnings to decline by N N in the third quarter ended sept. N 
 value line added with discounts widening on business papers and with newsprint and <unk> shipments flat we expect negative earnings comparisons through next year 
 by contrast value line said georgia-pacific is in a <unk> good position to deal with weakening paper markets because its production is concentrated not in the northwest but in the south where it should be able to avoid some of the cost pressures from rising <unk> prices 
 also it is n't exposed to the weakening newsprint business and is strong in the <unk> tissue business 
 the purchase of nekoosa would easily <unk> georgia-pacific 's $ N million acquisition of <unk> pulp & paper co. last year 
 that acquisition which also included the assumption of $ N million in debt was designed to allow georgia-pacific to capitalize on the strong demand for <unk> pulp as well as reduce its exposure to the housing market 
 <unk> <unk> & co. is the <unk> for the offer which will expire nov. N unless extended 
 ratners group plc 's u.s. subsidiary has agreed to acquire jewelry retailer weisfield 's inc. for $ N a share or about $ N million 
 weisfield 's shares soared on the announcement yesterday closing up $ N to close at $ N in national over-the-counter trading 
 ratners and weisfield 's said they reached an agreement in principle for the acquisition of weisfield 's by sterling inc 
 the companies said the acquisition is subject to a definitive agreement 
 they said they expect the transaction to be completed by dec. N 
 weisfield 's based in seattle wash. currently operates N specialty jewelry stores in nine states 
 in the fiscal year ended jan. N the company reported sales of $ N million and pretax profit of $ N million 
 ratners which controls N N of the british jewelry market would increase the number of its u.s. stores to about N stores from N 
 it has said it hopes to control N N of jewelry business in the u.s. by N currently it controls about N N 
 mcdonnell douglas corp. received contracts totaling $ N million for N <unk> aircraft for the navy and helicopter spare parts for the army 
 <unk> general corp. a unit of <unk> inc. was awarded a $ N million air force contract for <unk> missile rocket motors 
 rockwell international corp. received a $ N million navy contract for <unk> <unk> missiles 
 honeywell inc. got a $ N million navy contract for aircraft missile warning sets 
 <unk> aircraft corp. a unit of <unk> co. received an $ N million air force contract for <unk> aircraft support 
 <unk> devices inc. said it may purchase as many as one million of its common shares over the next several months 
 <unk> also said that a one million share buy-back program announced in march is substantially complete 
 the company which makes integrated circuits and other electronic parts now has about N million common shares outstanding 
 in new york stock exchange composite trading yesterday <unk> devices closed at $ N up N cents 
 john lehman 's editorial-page article on the pentagon as a <unk> house <unk> the real roots of its ghost population in the pentagon the <unk> walk oct. N 
 the media 's treatment of the defense department during the vietnam war the carter administration 's <unk> of the military and the public <unk> of <unk> col. oliver north have all served to <unk> the poor <unk> who live there 
 the resulting <unk> house tends to reward <unk> not leadership it creates <unk> about wearing the uniform and raises doubt about having the will to fulfill the ghosts ' role <unk> to be able to win if called on 
 perhaps the halloween season is a good time for congress to be looking at funding for some <unk> equipment 
 mike greece former air force career officer new york 
 where does mr. lehman get off <unk> gen. george marshall for <unk> in on naval prerogatives 
 ever since the days of alfred <unk> <unk> u.s. naval officer and naval <unk> and teddy <unk> the navy has been the service most favored by washington <unk> 
 mr. lehman <unk> the fact that the navy <unk> its own air force the carrier fleet and its own army the <unk> which in turn has its own air force 
 of course these turf <unk> are <unk> <unk> and potentially dangerous and should be resolved in the interest of national security but mr. lehman seems to be part of the problem rather than part of the answer 
 <unk> <unk> <unk> texas 
 i agree with mr. lehman N N 
 is n't this the same guy who resigned as navy secretary because he could n't get his <unk> navy 
 i personally do not want to <unk> mr. lehman 's demise but i can see him figuring <unk> in his own article 
 carl <unk> jr birmingham mich 
 for the sixth time in as many years continental airlines has a new senior executive 
 gone is d. joseph corr the airline 's chairman chief executive and president appointed only last december 
 mr. corr resigned to pursue other business interests the airline said 
 he could not be reached for comment 
 succeeding him as chairman and chief executive will be frank lorenzo chairman and chief executive of continental 's parent texas air corp 
 mr. lorenzo N years old is <unk> the job that was his before mr. corr signed on 
 the airline also named <unk> <unk> as president 
 mr. <unk> N is a <unk> veteran of texas air and texas international airlines its predecessor 
 most recently he had been executive vice president for planning and finance at texas air 
 top executives at continental have n't lasted long especially those recruited from outside 
 but mr. corr 's tenure was shorter than most 
 the <unk> mr. corr was hired largely because he was credited with returning trans world airlines inc. to profitability while he was its president from N to N 
 before that he was an executive with a manufacturing concern 
 at continental he cut money-losing operations which helped produce a modest profit in this year 's second quarter 
 but mr. corr a <unk> pilot in his spare time was understood to be frustrated by what he regarded as limited freedom under mr. lorenzo 
 while not officially an executive at continental during mr. corr 's tenure mr. lorenzo is known for keeping close <unk> on texas air 's operating units 
 continental is texas air 's flagship and was built painfully to its present size under mr. lorenzo after emerging from bankruptcy proceedings in N 
 it 's unclear what role if any mr. lorenzo 's recent exploration of a possible sale of a stake in continental had in mr. corr 's departure 
 one source familiar with the airline said however that mr. corr was n't informed in advance during the summer when mr. lorenzo began discussions with potential buyers 
 during his tenure mr. corr attempted through a series of meetings to inform managers of some of the company 's future plans traveled widely to talk to employees and backed training sessions designed to improve the carrier 's image 
 mr. <unk> is one of a handful of executives mr. lorenzo has relied on over the years 
 previously he had served in financial planning positions at the company 's eastern airlines unit 
 another longtime ally phil <unk> currently heads eastern now in chapter N bankruptcy proceedings 
 mr. <unk> previously had a turn at running continental 
 among the other <unk> are stephen wolf now chairman of ual inc. and thomas <unk> president of pan am corp 
 <unk> cos. said its <unk> payments have been extended until may N N to give it more time to sell its wilson foods corp. retail and fresh meat operations 
 the company was to repay $ N million in debt on dec. N and $ N million on march N 
 the company acquired the debt when it paid $ N million to purchase wilson last year 
 an agreement to sell the wilson assets for $ N million in cash and notes collapsed in late september when the buyer a company controlled by george gillett could n't secure financing 
 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 
 charles d way president of this restaurant operator assumed the additional post of chief executive officer 
 he succeeds alvin a. mccall in the position 
 mr. mccall will remain chairman 
 australia 's inflation is expected to rise as high as N N in the quarter ending march N but could fall to around N N by june according to economists 
 the government said the consumer price index rose N N in the quarter ended sept. N from the previous quarter and N N from a year ago 
 charles a. pearce N years old will retire from his post as chief executive officer of this bank holding company effective dec. N 
 he will remain chairman 
 charles r. simpson jr. N president and chief operating officer will assume the chief executive 's post 
 it is a peaceful time in this part of western india 
 the summer crop is <unk> winter <unk> has yet to begin 
 farmers in loose <unk> and fancy <unk> spend their <unk> laughing and <unk> at the markets 
 one could imagine such a <unk> in the lives of the arabs before the <unk> of oil prices 
 for just as the arabs were in the 1960s the farmers of sidhpur are on the brink of global power and fame 
 the arabs had merely oil 
 these farmers may have a grip on the world 's very heart 
 or at least its heart disease 
 that is because sidhpur has a <unk> on the world 's supply of <unk> seed also known as <unk> <unk> or in western <unk> psyllium a tiny <unk> <unk> seed that according to early research may reduce cholesterol levels in the blood 
 ever since the link to cholesterol was disclosed americans have begun <unk> up psyllium in their breakfast <unk> 
 if further research proves the seed 's benefits this dusty farm district could become the epicenter of a <unk> fad to rival all <unk> since <unk> oil 
 this seed 's not grown anywhere else in india or anywhere else in the world says <unk> <unk> a vice president of procter & gamble india ltd. a major psyllium buyer and <unk> 
 the proper <unk> conditions do n't exist in many places in the world 
 <unk> patel a <unk> and exporter of the seed <unk> if psyllium takes the place of oat bran it will be huge 
 whether psyllium makes sidhpur 's fortune depends on <unk> americans the u.s. food and drug administration and of course the outcome of further research 
 only one thing is certain here <unk> is likely to remain solely an export item from sidhpur for a long time 
 local farmers say it is as good a cash crop as <unk> or <unk> a <unk> 
 but they have no desire to eat a bowl of psyllium each morning and perhaps little need lean <unk> <unk> the farmers are <unk> in the <unk> <unk> world of cholesterol 
 psyllium is an annual <unk> <unk> <unk> that has been used for centuries by folk doctors here mainly as a <unk> and <unk> 
 as such the <unk> fiber has an almost <unk> following in northern india 
 i can assure you <unk> a <unk> lawyer in new <unk> with a <unk> raised <unk> from personal experience it works 
 a prominent businessman in <unk> gives a similar <unk> i have been taking it daily since N 
 folk doctors also <unk> it for kidney <unk> and <unk> problems <unk> <unk> and <unk> 
 some apply it to <unk> <unk> 
 the plant has a <unk> stem that produces flowers and <unk> seeds 
 it is the seed 's <unk> and size N of them weigh only N <unk> or about as much as two paper <unk> that explain the historical <unk> to <unk> 
 the <unk> <unk> of the seed is removed <unk> and crushed the seed itself is fed to animals 
 some N N of the crop which was worth $ N million last year is exported 
 for decades psyllium <unk> has been the main <unk> in such <unk> as procter & gamble co. 's <unk> the <unk> brand in the u.s. and ciba-geigy corp. 's <unk> 
 but some time ago researchers discovered that <unk> fibers also lower cholesterol levels in the blood 
 <unk> p&g took an interest it ordered two studies on psyllium and cholesterol 
 one of the studies done at the university of minnesota tested N people with raised cholesterol levels 
 after N weeks the group that took three daily <unk> of <unk> saw a significant dip in their general cholesterol levels and an even larger reduction in levels of <unk> <unk> the so-called bad cholesterol 
 in late N p&g asked the fda for approval to market <unk> as the first <unk> <unk> product in the 
 in april the psyllium <unk> got more crowded 
 general mills inc. the food giant launched a breakfast cereal called benefit containing psyllium oat wheat and <unk> bran the words reduce cholesterol were <unk> displayed on its package 
 in september kellogg co. launched a competing <unk> cereal called <unk> 
 suddenly on television in advertisements and on their cereal boxes americans were <unk> with news about the <unk> seed 
 the flood of claims and <unk> worried consumers and actually hurt sales of the new <unk> 
 this month the food and drug administration expressed concern that americans might someday in various forms <unk> too much psyllium 
 currently there is a <unk> in the psyllium war 
 the fda has asked kellogg and general mills to show research that their <unk> are safe 
 it also ordered p&g to produce more studies to <unk> its claims that <unk> can lower cholesterol 
 but the agency has n't <unk> psyllium off store shelves 
 if the fda approves the new uses of psyllium other companies are expected to rush to market with psyllium products 
 it 's going to be a <unk> thing says mr. <unk> of p&g in <unk> 
 says psyllium exporter mr. patel i just got back yesterday from the u.s. 
 in the newspapers on the radio and tv psyllium is everywhere 
 but the news of the boom has yet to <unk> down to the farmers 
 they only know of one use for the crop as a <unk> and with psyllium prices currently <unk> in the wake of a <unk> crop they think of the seed as a marginal crop something to grow between summer wheat crops 
 psyllium 's not a good crop complains <unk> <unk> a <unk> farmer from the village of <unk> 
 you get a rain at the wrong time and the crop is <unk> 
 even at the basic chemicals pharmaceuticals and cosmetics export promotion council the government agency that <unk> the seed the psyllium boom is distant <unk> 
 the staff <unk> about psyllium 's hefty contribution to american <unk> without quite <unk> the implications of the research on cholesterol 
 the council 's annual report has psyllium on its last page <unk> with such <unk> export items as <unk> and <unk> <unk> a plant that <unk> <unk> 
 in one way the psyllium middlemen the buyers and exporters are glad to keep news of the boom to themselves 
 they want psyllium prices low for their purchases next year 
 but there 's a catch 
 sidhpur and adjacent districts are the only places in the world where psyllium is grown in large quantities 
 this is partly due to the particular demands of the crop 
 psyllium needs <unk> soil <unk> during the first few weeks and then total <unk> when its seeds are maturing 
 small crops are grown in pakistan france spain italy belgium and brazil but their quality ca n't compare to that of indian psyllium 
 big buyers like procter & gamble say there are other spots on the globe and in india where the seed could be grown 
 it 's not a crop that ca n't be doubled or tripled says mr. <unk> 
 but no one has made a serious effort to transplant the crop 
 in sidhpur it is almost time to <unk> this year 's crop 
 many farmers too removed to <unk> psyllium 's new <unk> in the west have decided to plant <unk> <unk> <unk> <unk> or <unk> seeds 
 mr. <unk> is thinking of passing up psyllium altogether this year in favor of a crop with a future such as <unk> or <unk> 
 maybe i 'll plant <unk> seeds 
 his brother <unk> whose head is <unk> in a <unk> <unk> <unk> <unk> vigorous <unk> 
 so when next year 's psyllium crop is <unk> in march it may be smaller than the N metric tons of the past few years right at the crest of the psyllium boom 
 and the world could experience its first psyllium shortage 
 <unk> co. said it completed a previously announced acquisition of <unk> manufacturing corp. a new york-based maker of <unk> <unk> and <unk> wear 
 the apparel maker would n't disclose terms of the agreement 
 <unk> said <unk> <unk> sr. president of <unk> will continue to head <unk> 's management group 
 a seat on the chicago mercantile exchange was sold for $ N down $ N from the previous sale <unk> 
 seats currently are quoted at $ N bid $ N asked 
 the record price for a full membership on the exchange is $ N set march N N 
 small businesses say a recent trend is like a dream come true <unk> rates for <unk> insurance initially at least 
 but then they wake up to a nightmare 
 the reasonable <unk> rates can be followed by increases of N N or more if a covered employee files a major claim they complain 
 insurance premiums for one small maryland concern went up N N in less than two years the last increase coming after one of its three workers developed a <unk> disk 
 there 's a distinct possibility that i may lose my job over this the employee karen allen of floor covering resources <unk> md. recently told a congressional hearing 
 she said her employer ca n't afford the rate increases and she fears she wo n't find another job with a benefit plan covering her <unk> 
 for employee and employer alike the worry is widespread 
 surveys repeatedly show that small-business owners rank the availability and rising cost of health insurance as one of their biggest concerns 
 the house energy and commerce committee 's health subcommittee headed by democratic rep. henry waxman of california is looking into complaints that small businesses not only ca n't keep reasonably priced <unk> insurance if claims are filed but often ca n't get coverage at all if a worker is termed <unk> <unk> 
 i have an old-fashioned name for people in that position sick people who need health insurance rep. waxman says 
 what we 're seeing now makes a <unk> of the idea of insurance collect premiums from the healthy dump the sick and let them pay their own bills 
 some lawmakers may seek legislation to limit overly restrictive insurance policies 
 the concern grows out of increased efforts by the insurers to woo the small-business market 
 as larger companies increasingly <unk> or use reserves to pay their own workers ' medical bills the insurance industry has turned to the <unk> market that was once a <unk> for them 
 insurance companies will offer a good rate if no one is sick but it 's a roll of the <unk> says <unk> <unk> of the small business service bureau a group representing N small businesses nationwide 
 one case of cancer or a high-risk pregnancy with a sick <unk> and rates go up N N to N N 
 small-business people end up paying insurance premiums worth two to three times the cost of one illness 
 in addition the group says some of its member companies have been denied insurance because individual workers had medical problems that ranged from a mild <unk> condition to psychological counseling after a <unk> <unk> and <unk> 
 the health insurance association of america an insurers ' trade group acknowledges that stiff competition among its members to insure businesses likely to be good risks during the first year of coverage has <unk> the problem in the small-business market 
 but it says that rapid rate increases are directly tied to the soaring cost of health care 
 some business analysts blame the problem on tough competition in the insurance market 
 they say insurance companies use policies aimed at excluding bad risks because their competitors do 
 but the general practice makes it more difficult to combine small groups of people into larger groups thus spreading the risk over a larger base of premiums 
 i 'm not <unk> insurers of <unk> of duty robert <unk> of the u.s. chamber of commerce told mr. waxman 's panel 
 you ca n't ask one carrier to underwrite on social grounds when that might destroy it in the marketplace 
 rep. waxman and democratic sen. edward kennedy of massachusetts have proposed regulation to deal with the problem 
 the proposal is just part of legislation that would require businesses to provide health benefits an idea that is strongly opposed by small business who say it would just compound the <unk> problems 
 but small-business lobbyists say they support the idea included in the <unk> bill of new laws or regulations requiring greater use of community rating which <unk> rates to the use of health care by a community or other large group and is designed to prevent insurance companies from taking only <unk> small companies as clients 
 but first on the list of priorities says the national federation of independent business is to prohibit state laws requiring the <unk> of specialty items such as psychiatric care in basic health plans 
 such requirements they argue make it difficult to provide a basic low-cost <unk> package 
 before the state of wisconsin mandated that <unk> care be covered there were only N <unk> <unk> in the state now there are N says <unk> miller an <unk> lobbyist 
 she contends that similar <unk> have driven up insurance costs N N in maryland and N N in california 
 the <unk> association also strongly <unk> with the proposed community rating which does n't save one dollar argues james <unk> <unk> 's washington counsel 
 it just makes healthy businesses subsidize <unk> ones and gives each employer less incentive to keep his workers healthy 
 mr. <unk> says the <unk> is working on a proposal to establish a privately funded reinsurance mechanism to help cover small groups that ca n't get insurance without excluding certain employees 
 the <unk> of the insurance problem make the outcome difficult to predict 
 but to ms. allen the employee whose back problem triggered a huge <unk> increase the issue was simple 
 what good is having health insurance she asked when it 's so expensive that it becomes impossible to keep after only one major claim 
 the belgian consumer price index rose a provisional N N in october from the previous month and was up N N from october N the ministry of economic affairs said 
 the index which uses a base of N as N was calculated at N points in october from N in september 
 annual inflation rose to N N in october from N N in september 
 belgium 's inflation has been rising steadily for the past year but the ministry said the latest rise is slower than gains in september and august 
 nashua corp. rumored a potential takeover target for six months said that a dutch company has sought u.s. approval to buy up to N N of nashua 's shares 
 nashua immediately responded by strengthening a <unk> plan and saying it will buy back up to one million of its shares or N N of the N million outstanding 
 nashua whose major business is selling <unk> facsimile machines and related supplies said <unk> & co <unk> of the netherlands filed a request with the federal trade commission under the hart-scott-rodino act for permission to buy more than $ N million of nashua 's stock but less than N N 
 previously an affiliate of unicorp canada disclosed a stake of less than N N in nashua according to daniel m. <unk> nashua 's treasurer 
 nashua 's stock has <unk> sharply on takeover speculation rising to a high for the year of $ N a share in june from $ N in march 
 but the company has had weak results so far this year with earnings declining N N to $ N million or $ N a share on a N N decline in revenue to $ N million through the first nine months of the year 
 its stock has slumped recently closing unchanged friday at $ N a share in composite trading on the new york stock exchange at that price the company has a market value of about $ N million 
 nashua announced the <unk> request after the market closed 
 mr. <unk> said nashua 's intention is to remain an independent public company 
 the company said it amended its shareholder rights plan by reducing to N N from N N the level of ownership by an outsider that would trigger the issuance to other holders of rights to buy additional shares of nashua common at half price 
 in addition the company 's board authorized the purchase of up to an additional one million shares 
 under a program approved by the company in N that did n't specify a share amount nashua had purchased N shares through sept. N 
 alex henderson an analyst at prudential-bache securities said that while nashua 's performance this year has been <unk> the company nonetheless is attractive as a classic breakup candidate because there 's no similarity between its four businesses 
 he estimated the breakup value at $ N a share 
 in addition to selling <unk> <unk> and facsimile machines in europe and <unk> supplies in the u.s. nashua has three other major businesses labels and tapes data storage disks for computers and mail-order <unk> 
 the closely held supermarket chain named frank <unk> vice president and treasurer 
 the <unk> mr. <unk> joins grand union from singer co. where he was treasurer 
 the current account deficit on france 's balance of payments narrowed to N billion french francs $ N million in august from a revised N billion francs in july the finance ministry said 
 previously the july figure was estimated at a deficit of N million francs 
 seasonally adjusted figures for august were n't available because of a recent strike that has disrupted the ministry 's data collection 
 weisfield 's inc. said it is in preliminary discussions regarding the possible sale of the company 
 a spokesman for the retail <unk> said the company would provide more details today and that it expects to reach a definitive agreement by the end of the week 
 in over-the-counter trading friday weisfield 's gained $ N to $ N 
 at that price the company has an indicated value of $ N million 
 weisfield 's had about N million shares outstanding as of july N 
 the stock gained $ N thursday to close at a <unk> week high 
 in the aftermath of the beijing massacre on june N economists advanced wildly <unk> views on how hong kong would be affected 
 among the most upbeat was <unk> brokerage asia ltd 
 in a june N reaction the bankers trust co. unit proclaimed the economy <unk> 
 others were more cautious 
 in a july analysis titled from euphoria to <unk> <unk> carr far east ltd. another securities firm said that eroding confidence might undermine future economic development 
 today with business activity in hong kong staggering along at an <unk> pace the economy itself seems locked in a struggle between hope and fear 
 manufacturers have survived the turmoil in china largely <unk> 
 signs of revival seem evident in hong kong 's <unk> hotel sector 
 but in the stock and real-estate markets activity remains <unk> even though prices have regained much of their lost ground 
 <unk> demand reported by <unk> retailers and even fancy restaurants all reinforce a profile of a community that is sharply tightening its belt 
 as many economists and businessmen see it those <unk> underscore a <unk> that seems likely to <unk> the economy throughout the 1990s 
 that <unk> is hong kong 's economically rewarding yet politically <unk> relationship with china 
 as a model of capitalist efficiency on southern china 's <unk> hong kong 's prospects look good 
 china 's land and labor offer <unk> alternatives to local industry 
 <unk> freight <unk> through the territory 's port 
 in the decade since the communist nation emerged from <unk> its <unk> trade with the west has lifted hong kong 's status as a regional business center 
 these benefits seem secure despite china 's current economic and political troubles 
 but to hong kong china is n't <unk> business 
 it is also the <unk> power that come N will take over this british colony 
 china 's leaders have promised generous <unk> for <unk> hong kong 
 that promise sounds shaky now that those same leaders have fallen back on marxist <unk> and <unk> force to crush their nation 's democracy movement 
 outflows of people and capital from hong kong have been growing since the sovereignty issue first arose in the early 1980s 
 a widely held assumption all along has been that given its robust economy hong kong will be able to attract sufficient foreign money and talent to <unk> offset the outflows 
 with interest in emigration and investment abroad soaring since june N that assumption no longer seems so safe 
 investment and emigration plans take time to come to <unk> 
 only four months have passed since the beijing massacre and few are prepared to predict its ultimate impact 
 the only consensus is that more money and people may leave hong kong than had been thought likely 
 this expected blow has cast a pall over the economy 's prospects 
 the question as many people see it is how long such uncertainty will last 
 <unk> fraser an economist with <unk> carr a subsidiary of france 's banque <unk> believes that the territory may not be able to regain its momentum until some time after N 
 it may experience an <unk> or two in between 
 but with local investors shaken by china 's political and economic turmoil she says a genuine recovery may not arrive until hong kong can prove itself secure under chinese sovereignty 
 investors have to accept the possibility of a significant slowdown in economic activity in the <unk> to N she says 
 over the next few years i would advise caution 
 in a <unk> published book on the territory a political economist <unk> <unk> has derived three future scenarios from interviews with N hong kong government officials and businessmen 
 nearly half of them argue that hong kong 's uneasy relationship with china will <unk> though not inhibit long-term economic growth 
 the rest are split roughly between <unk> who expect hong kong to <unk> along as before and <unk> who <unk> <unk> chaos 
 the interviews took place two years ago 
 since the china crisis erupted mr. <unk> says the scenario as <unk> by the <unk> group bears a remarkable <unk> to the difficulties hong kong currently faces 
 the consensus of this group which he <unk> <unk> is that the local economy will grow through the 1990s at annual rates averaging between N N and N N 
 such a pace of growth though respectable for mature industrialized economies would be unusually slow for hong kong 
 only twice since the 1960s has annual gross domestic product growth here fallen below N N for two or more consecutive years 
 the first instance occurred in N when china 's cultural revolution triggered bloody street <unk> in the colony 
 the other came in N from the combined shock of world recession and a severe local stock market crash 
 during the past N years hong kong 's economic growth has averaged N N annually 
 given hong kong 's record mr. <unk> 's <unk> might have sounded <unk> conservative when the interviews took place two years ago 
 under the current circumstances he says their scenario no longer seems <unk> 
 the city could lose some of its entrepreneurial flavor 
 it could lose some of its <unk> says mr. <unk> a director of baring securities hong kong ltd. a unit of britain 's <unk> plc 
 it does n't have to be a disaster 
 it just means that hong kong would become a less exciting place 
 going by official forecasts of <unk> which measures the colony 's output of goods and services minus foreign income mr. <unk> 's <unk> seem relatively close to the mark 
 after taking into account the fallout from the china crisis the government has projected N <unk> growth of N N 
 the <unk> forecast published aug. N compares with an earlier forecast of N N published march N and a N N rate achieved in 
 sir <unk> jacobs hong kong 's financial secretary says a further downward revision may be justified unless the economy stages a more convincing rally 
 we are n't looking at anything like a <unk> scenario he says 
 but clearly we 're entering a difficult period 
 many factors besides a <unk> of N will have a bearing on hong kong 's economy 
 one concerns japanese investors 
 barely visible on hong kong 's property scene in N by last year japan had become the top foreign investor spending $ N million 
 the market has grown relatively quiet since the china crisis 
 but if the japanese return in force their financial might could compensate to some extent for local investors ' <unk> commitment 
 another and critical factor is the u.s. hong kong 's biggest export market 
 even before the china crisis weak u.s. demand was slowing local economic growth 
 <unk> strong consumer spending in the u.s. two years ago helped <unk> the local economy at more than twice its current rate 
 indeed a few economists maintain that global forces will continue to govern hong kong 's economic <unk> 
 once external conditions such as u.s. demand swing in the territory 's favor they argue local businessmen will probably overcome their N worries and continue doing business as usual 
 but economic arguments however solid wo n't necessarily <unk> hong kong 's N million people 
 many are refugees having fled china 's <unk> cycles of political repression and poverty since the communist party took power in N 
 as a result many of those now planning to leave hong kong ca n't easily be <unk> by <unk> improvements in the colony 's political and economic climate 
