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 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 
