20116024@unknown@formal@none@1@S@Some 3.8 million of the five million who will get letters were preapproved for credit with GMAC.@@@@1@17@@oe@2-2-2013
20116025@unknown@formal@none@1@S@These 3.8 million people also are eligible to get one percentage point off GMAC's advertised finance rates, which start at 6.9% for two-year loan contracts.@@@@1@25@@oe@2-2-2013
20116026@unknown@formal@none@1@S@A spokesman for Visa International's U.S. subsidiary says his company is using promotions to increase use of its cards, but doesn't have plans for a tie-in similar to the American Express-Buick link.@@@@1@32@@oe@2-2-2013
20116027@unknown@formal@none@1@S@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.@@@@1@36@@oe@2-2-2013
20116028@unknown@formal@none@1@S@The vacation packages include hotel accommodations and, in some cases, tours or tickets to local attractions, but not meals.@@@@1@19@@oe@2-2-2013
20116029@unknown@formal@none@1@S@Destinations are Chicago; Honolulu; Las Vegas, Nev.; Los Angeles; Miami Beach, Fla.; New Orleans; New York; Orlando, Fla.; San Francisco; and Washington, D.C.@@@@1@23@@oe@2-2-2013
20116030@unknown@formal@none@1@S@A buyer who chooses to fly to his destination must pay for his own ticket but gets a companion's ticket free if they fly on United Airlines.@@@@1@27@@oe@2-2-2013
20116031@unknown@formal@none@1@S@In lieu of the vacation, buyers can choose among several prizes, including a grandfather clock or a stereo videocassette recorder.@@@@1@20@@oe@2-2-2013
20116032@unknown@formal@none@1@S@Card holders who receive the letter also are eligible for a sweepstakes with Buick cars or a Hawaii vacation as prizes.@@@@1@21@@oe@2-2-2013
20116033@unknown@formal@none@1@S@If they test-drive a Buick, they get an American Express calculator.@@@@1@11@@oe@2-2-2013
20116034@unknown@formal@none@1@S@This isn't Buick's first travel-related promotion.@@@@1@6@@oe@2-2-2013
20116035@unknown@formal@none@1@S@A few years ago, the company offered two round-trip tickets on Trans World Airlines to buyers of its Riviera luxury car.@@@@1@21@@oe@2-2-2013
20116036@unknown@formal@none@1@S@The promotion helped Riviera sales exceed the division's forecast by more than 10%, Buick said at the time.@@@@1@18@@oe@2-2-2013
20117001@unknown@formal@none@1@S@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.@@@@1@24@@oe@2-2-2013
20117002@unknown@formal@none@1@S@The ruling could lead to the cancellation of huge bank debts the London Borough of Hammersmith and Fulham ran up after losing heavily on swap transactions.@@@@1@26@@oe@2-2-2013
20117003@unknown@formal@none@1@S@As many as 70 U.K. and international banks stand to lose several hundred million pounds should the decision be upheld and set a precedent for other municipalities.@@@@1@27@@oe@2-2-2013
20117004@unknown@formal@none@1@S@An appeal is expected.@@@@1@4@@oe@2-2-2013
20117005@unknown@formal@none@1@S@In response to the ruling, gilt futures swiftly plunged more than a point yesterday before recovering much of the loss by the end of the session.@@@@1@26@@oe@2-2-2013
20117006@unknown@formal@none@1@S@Gilts, or British government bonds, which also fell sharply initially, retraced some of the losses to end about 3/8 point lower.@@@@1@21@@oe@2-2-2013
20117007@unknown@formal@none@1@S@The council, which is alleged to have engaged in over 600 deals valued at over #6 billion ($9.5 billion), lost millions of pounds from soured swap deals.@@@@1@27@@oe@2-2-2013
20117008@unknown@formal@none@1@S@At one point, Hammersmith is reported to have accounted for as much as 10% of the sterling market in interest-rate swap dealings.@@@@1@22@@oe@2-2-2013
20117009@unknown@formal@none@1@S@When two parties engage in an interest-rate swap, they are betting against each other on future rates.@@@@1@17@@oe@2-2-2013
20117010@unknown@formal@none@1@S@Thus, an institution obligated to make fixed-rate interest payments on debt swaps the payments with another making floating-rate payments.@@@@1@19@@oe@2-2-2013
20117011@unknown@formal@none@1@S@In most of the British transactions, the municipalities agreed to make floating-rate payments to banks, which would make fixed-rate payments.@@@@1@20@@oe@2-2-2013
20117012@unknown@formal@none@1@S@As interest rates rose, municipalities owed the banks more than the banks were paying them.@@@@1@15@@oe@2-2-2013
20117013@unknown@formal@none@1@S@The court hearing began in early October at the request of Anthony Hazell, district auditor for Hammersmith, who argued that local councils aren't vested with constitutional authority to engage in such capital-markets activities.@@@@1@33@@oe@2-2-2013
20117014@unknown@formal@none@1@S@The council backed the audit commission's stand that the swap transactions are illegal.@@@@1@13@@oe@2-2-2013
20117015@unknown@formal@none@1@S@Although the Hammersmith and Fulham council was by far the most active local authority engaging in such capital-markets transactions, the court decision could set a precedent for similar transactions by 77 other local councils.@@@@1@34@@oe@2-2-2013
20117016@unknown@formal@none@1@S@"While this court ruling was only on Hammersmith, it will obviously be very persuasive in other cases of a similar nature," a solicitor representing one of the banks said.@@@@1@29@@oe@2-2-2013
20117017@unknown@formal@none@1@S@Already, 10 local councils have refused to honor fees and payments to banks incurred during various swaps dealings.@@@@1@18@@oe@2-2-2013
20117018@unknown@formal@none@1@S@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.@@@@1@25@@oe@2-2-2013
20117019@unknown@formal@none@1@S@If the banks exhaust all avenues of appeal, it is possible that they would seek to have the illegality ruling work both ways, some market sources said.@@@@1@27@@oe@2-2-2013
20117020@unknown@formal@none@1@S@Banks could seek to recover payments to local authorities in instances where the banks made net payments to councils.@@@@1@19@@oe@2-2-2013
20117021@unknown@formal@none@1@S@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.@@@@1@26@@oe@2-2-2013
20117022@unknown@formal@none@1@S@The banks have 28 days to file an appeal against the ruling and are expected to do so shortly.@@@@1@19@@oe@2-2-2013
20118001@unknown@formal@none@1@S@In the aftermath of the stock market's gut-wrenching 190-point drop on Oct. 13, Kidder, Peabody & Co.'s 1,400 stockbrokers across the country began a telephone and letter-writing campaign aimed at quashing the country's second-largest program trader.@@@@1@36@@oe@2-2-2013
20118002@unknown@formal@none@1@S@The target of their wrath?@@@@1@5@@oe@2-2-2013
20118003@unknown@formal@none@1@S@Their own employer, Kidder Peabody.@@@@1@5@@oe@2-2-2013
20118004@unknown@formal@none@1@S@Since October's minicrash, Wall Street has been shaken by an explosion of resentment against program trading, the computer-driven, lightning-fast trades of huge baskets of stocks and futures that can send stock prices reeling in minutes.@@@@1@35@@oe@2-2-2013
20118005@unknown@formal@none@1@S@But the heated fight over program trading is about much more than a volatile stock market.@@@@1@16@@oe@2-2-2013
20118006@unknown@formal@none@1@S@The real battle is over who will control that market and reap its huge rewards.@@@@1@15@@oe@2-2-2013
20118007@unknown@formal@none@1@S@Program trading itself, according to many academics who have studied it, is merely caught in the middle of this battle, unfairly labeled as the evil driving force of the marketplace.@@@@1@30@@oe@2-2-2013
20118008@unknown@formal@none@1@S@The evidence indicates that program trading didn't, in fact, cause the market's sharp fall on Oct. 13, though it may have exacerbated it.@@@@1@23@@oe@2-2-2013
20118009@unknown@formal@none@1@S@On one side of this power struggle stand the forces in ascendency on Wall Street -- the New Guard -- consisting of high-tech computer wizards at the major brokerage firms, their pension fund clients with immense pools of money, and the traders at the fast-growing Chicago futures exchanges.@@@@1@48@@oe@2-2-2013
20118010@unknown@formal@none@1@S@These are the main proponents of program trading.@@@@1@8@@oe@2-2-2013
20118011@unknown@formal@none@1@S@Defending their ramparts are Wall Street's Old Guard -- the traditional, stock-picking money managers, tens of thousands of stock brokers, the New York Stock Exchange's listed companies and the clannish floor traders, known as specialists, who make markets in their stocks.@@@@1@41@@oe@2-2-2013
20118012@unknown@formal@none@1@S@So far, Wall Street's Old Guard seems to be winning the program-trading battle, successfully mobilizing public and congressional opinion to bludgeon their tormentors.@@@@1@23@@oe@2-2-2013
20118013@unknown@formal@none@1@S@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.@@@@1@44@@oe@2-2-2013
20118014@unknown@formal@none@1@S@Stung by charges that their greed is turning the stock market into a gigantic crapshoot, 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.@@@@1@41@@oe@2-2-2013
20118015@unknown@formal@none@1@S@A few, such as giant Merrill Lynch & Co., now refuse even to do index arbitrage trades for clients.@@@@1@19@@oe@2-2-2013
20118016@unknown@formal@none@1@S@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 livelihood is at stake.@@@@1@29@@oe@2-2-2013
20118017@unknown@formal@none@1@S@Some, such as traditional money manager Neuberger & Berman, have taken out national newspaper advertisements demanding that market regulators "stop the numbers racket on Wall Street."@@@@1@26@@oe@2-2-2013
20118018@unknown@formal@none@1@S@Big Board stock specialists, in a bold palace revolt, began shortly after Oct. 13 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.@@@@1@40@@oe@2-2-2013
20118019@unknown@formal@none@1@S@Charles Wohlstetter, the chairman of Contel Corp. who is rallying other CEOs to the anti-program trading cause, says he has received "countless" letters offering support.@@@@1@25@@oe@2-2-2013
20118020@unknown@formal@none@1@S@"They said universally, without a single exception: Don't even compromise.@@@@1@10@@oe@2-2-2013
20118021@unknown@formal@none@1@S@Kill it," he says.@@@@1@4@@oe@2-2-2013
20118022@unknown@formal@none@1@S@Wall Street's New Guard isn't likely to take all this lying down for long, however.@@@@1@15@@oe@2-2-2013
20118023@unknown@formal@none@1@S@Its new products and trading techniques have been highly profitable.@@@@1@10@@oe@2-2-2013
20118024@unknown@formal@none@1@S@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 wedded them to the ability to move rapidly in and out the market that program trading gives them.@@@@1@48@@oe@2-2-2013
20118025@unknown@formal@none@1@S@What's more, the last time major Wall Street firms said they were getting out of program trading -- in the aftermath of the 1987 crash -- they waited a few months and then sneaked back into it.@@@@1@37@@oe@2-2-2013
20118026@unknown@formal@none@1@S@Even some members of the Old Guard, despite their current advantage, seem to be conceding that the future belongs with the New Guard.@@@@1@23@@oe@2-2-2013
20118027@unknown@formal@none@1@S@Last week, Robert M. Bradley, one of the Big Board's most respected floor traders and head of a major traders' organization, surrendered.@@@@1@22@@oe@2-2-2013
20118028@unknown@formal@none@1@S@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.@@@@1@33@@oe@2-2-2013
20118029@unknown@formal@none@1@S@He said the exchange is "headed for a real crisis" if program trading isn't curbed.@@@@1@15@@oe@2-2-2013
20118030@unknown@formal@none@1@S@"I do not want my money invested in what I consider as nothing more than a casino," Mr. Bradley wrote.@@@@1@20@@oe@2-2-2013
20118031@unknown@formal@none@1@S@The battle has turned into a civil war at some firms and organizations, causing internal contradictions and pitting employee against employee.@@@@1@21@@oe@2-2-2013
20118032@unknown@formal@none@1@S@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.@@@@1@24@@oe@2-2-2013
20118033@unknown@formal@none@1@S@Corporations like Contel denounce program trading, yet Contel has in the past hired pension fund managers like Bankers Trust Co. that are also big program traders.@@@@1@26@@oe@2-2-2013
20118034@unknown@formal@none@1@S@The Big Board -- the nation's premier stock exchange -- is sharply divided between its floor traders and its top executives.@@@@1@21@@oe@2-2-2013
20118035@unknown@formal@none@1@S@Its entrenched 49 stock specialists firms are fighting tooth and nail against programs.@@@@1@13@@oe@2-2-2013
20118036@unknown@formal@none@1@S@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.@@@@1@26@@oe@2-2-2013
20118037@unknown@formal@none@1@S@"A lot of people would like to go back to 1970," before program trading, Mr. Phelan said this week.@@@@1@19@@oe@2-2-2013
20118038@unknown@formal@none@1@S@"I would like to go back to 1970.@@@@1@8@@oe@2-2-2013
20118039@unknown@formal@none@1@S@But we are not going back to 1970."@@@@1@8@@oe@2-2-2013
20118040@unknown@formal@none@1@S@Again and again, program-trading's critics raise the "casino" theme.@@@@1@9@@oe@2-2-2013
20118041@unknown@formal@none@1@S@They say greedy market manipulators have made a shambles of the nation's free-enterprise system, turning the stock market into a big gambling den, with the odds heavily stacked against the small investor.@@@@1@32@@oe@2-2-2013
20118042@unknown@formal@none@1@S@"The public didn't come to the market to play a game; they can go to Off-Track Betting for that," says A. Brean Murray, chairman of Brean Murray, Foster Securities, a traditional money management firm.@@@@1@34@@oe@2-2-2013
20118043@unknown@formal@none@1@S@The program traders, on the other hand, portray old-fashioned stock pickers as the Neanderthals of the industry.@@@@1@17@@oe@2-2-2013
20118044@unknown@formal@none@1@S@Critics like Mr. Murray "are looking for witches, and people who use computers to trade are a convenient boogieman," says J. Thomas Allen, president of Advanced Investment Management Inc., a Pittsburgh firm that runs a $200 million fund that uses index arbitrage.@@@@1@42@@oe@2-2-2013
20118045@unknown@formal@none@1@S@"Just a blind fear of the unknown is causing them to beg the regulators for protection."@@@@1@16@@oe@2-2-2013
20118046@unknown@formal@none@1@S@For all the furor, there is nothing particularly complex about the concept of stock-index arbitrage, the most controversial type of computer-assisted program trading.@@@@1@23@@oe@2-2-2013
20118047@unknown@formal@none@1@S@Like other forms of arbitrage, it merely seeks to take advantage of momentary 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.@@@@1@47@@oe@2-2-2013
20118048@unknown@formal@none@1@S@That divergence is what stock index traders seek.@@@@1@8@@oe@2-2-2013
20118049@unknown@formal@none@1@S@When it occurs, the traders place orders via computers to buy the basket of stocks (such as the 500 stocks that constitute the Standard & Poor's 500 stock index) in whichever market is cheaper and sell them in the more expensive market; they lock in the difference in price as profit.@@@@1@51@@oe@2-2-2013
20118050@unknown@formal@none@1@S@Such program trades, which can involve the purchase or sale of millions of dollars of stock, occur in a matter of seconds.@@@@1@22@@oe@2-2-2013
20118051@unknown@formal@none@1@S@A program trade of $5 million of stock typically earns a razor-thin profit of $25,000.@@@@1@15@@oe@2-2-2013
20118052@unknown@formal@none@1@S@To keep program-trading units profitable in the eyes of senior brokerage executives, traders must seize every opportunity their computers find.@@@@1@20@@oe@2-2-2013
20118053@unknown@formal@none@1@S@The speed with which such program trades take place and the volatile price movements they can cause are what program trading critics profess to despise.@@@@1@25@@oe@2-2-2013
20118054@unknown@formal@none@1@S@"If you continue to do this, the investor becomes frightened -- any investor: the odd lotter, mutual funds and pension funds," says Larry Zicklin, managing partner at Neuberger & Berman.@@@@1@30@@oe@2-2-2013
20118055@unknown@formal@none@1@S@But many experts and traders say that program trading isn't the main reason for stock-market gyrations.@@@@1@16@@oe@2-2-2013
20118056@unknown@formal@none@1@S@"I have not seen one iota of evidence" to support restrictions on program trading, says a Vanderbilt University finance professor, Hans Stoll, an authority on the subject.@@@@1@27@@oe@2-2-2013
20118057@unknown@formal@none@1@S@Says the Big Board's Mr. Phelan, "Volatility is greater than program trading."@@@@1@12@@oe@2-2-2013
20118058@unknown@formal@none@1@S@The Oct. 13 plunge was triggered not by program traders, but by news of the unraveling of the $6.79 billion buy-out of UAL Corp.@@@@1@24@@oe@2-2-2013
20118059@unknown@formal@none@1@S@Unable to unload UAL and other airline shares, takeover-stock speculators, or risk arbitragers, dumped every blue-chip stock they had.@@@@1@19@@oe@2-2-2013
20118060@unknown@formal@none@1@S@While program trades swiftly kicked in, a "circuit breaker" that halted trading in stock futures in Chicago made some program trading impossible.@@@@1@22@@oe@2-2-2013
20118061@unknown@formal@none@1@S@Susan Del Signore, head trader at Travelers Investment Management Co., says critics are ignoring "the role the {takeover stock} speculator is taking in the market as a source of volatility."@@@@1@30@@oe@2-2-2013
20118062@unknown@formal@none@1@S@Many arbs are "overleveraged," she says, and they "have to sell when things look like they fall apart."@@@@1@18@@oe@2-2-2013
20118063@unknown@formal@none@1@S@Like virtually everything on Wall Street, the program-trading battle is over money, and the traditionalists have been losing out on bundles of it to the New Guard in recent years.@@@@1@30@@oe@2-2-2013
20118064@unknown@formal@none@1@S@Take the traditional money managers, or "stock pickers," as they are derisively known among the computer jockeys.@@@@1@17@@oe@2-2-2013
20118065@unknown@formal@none@1@S@Traditional stock managers like to charge 50 cents to 75 cents for every $100 they manage for big institutional investors, and higher fees for smaller investors.@@@@1@26@@oe@2-2-2013
20118066@unknown@formal@none@1@S@Yet many such managers consistently fail to even keep up with, much less beat, the returns of standard benchmarks like the S&P@@@@1@22@@oe@2-2-2013
20118067@unknown@formal@none@1@S@Not surprisingly, old-style money managers have been losing clients to giant stock-index funds that use computers to juggle portfolios so they mirror the S&P 500.@@@@1@25@@oe@2-2-2013
20118068@unknown@formal@none@1@S@The indexers charge only a few pennies per $100 managed.@@@@1@10@@oe@2-2-2013
20118069@unknown@formal@none@1@S@Today, about $200 billion, or 20% of all pension-fund stock investments, is held by index funds.@@@@1@16@@oe@2-2-2013
20118070@unknown@formal@none@1@S@The new Wall Street of computers and automated trading threatens to make dinosaurs of the 49 Big Board stock-specialist firms.@@@@1@20@@oe@2-2-2013
20118071@unknown@formal@none@1@S@These small but influential floor brokers long have earned fat returns of 30% to 40% a year on their capital, by virtue of their monopoly in making markets in individual stocks.@@@@1@31@@oe@2-2-2013
20118072@unknown@formal@none@1@S@The specialists see any step to electronic trading as a death knell.@@@@1@12@@oe@2-2-2013
20118073@unknown@formal@none@1@S@And they believe the Big Board, under Mr. Phelan, has abandoned their interest.@@@@1@13@@oe@2-2-2013
20118074@unknown@formal@none@1@S@The son of a specialist and once one himself, Mr. Phelan has nonetheless been striving -- 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.@@@@1@46@@oe@2-2-2013
20118075@unknown@formal@none@1@S@Meanwhile, specialists' trading risks have skyrocketed as a result of stock-market volatility.@@@@1@12@@oe@2-2-2013
20118076@unknown@formal@none@1@S@"When the sell programs hit, you can hear the order printers start to go" on the Big Board trading floor, says one specialist there.@@@@1@24@@oe@2-2-2013
20118077@unknown@formal@none@1@S@"The buyers walk away, and the specialist is left alone" as the buyer of last resort for his stable of stocks, he contends.@@@@1@23@@oe@2-2-2013
20118078@unknown@formal@none@1@S@No one is more unhappy with program trading than the nation's stockbrokers.@@@@1@12@@oe@2-2-2013
20118079@unknown@formal@none@1@S@They are still trying to lure back small investors spooked by the 1987 stock-market crash and the market's swings since then.@@@@1@21@@oe@2-2-2013
20118080@unknown@formal@none@1@S@"Small investors are absolutely dismayed that Wall Street is stacking 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.@@@@1@36@@oe@2-2-2013
20118081@unknown@formal@none@1@S@Stockbrokers' business and pay has been falling.@@@@1@7@@oe@2-2-2013
20118082@unknown@formal@none@1@S@Last year, the average broker earned $71,309, 24% lower than in 1987.@@@@1@12@@oe@2-2-2013
20118083@unknown@formal@none@1@S@Corporate executives resent that their company's stock has been transformed into a nameless piece of a stock-index basket.@@@@1@18@@oe@2-2-2013
20118084@unknown@formal@none@1@S@Index traders who buy all 500 stocks in the S&P 500 often don't even know what the companies they own actually do, complains Andrew Sigler, chairman of Champion International Corp.@@@@1@30@@oe@2-2-2013
20118085@unknown@formal@none@1@S@"Do you make sweatshirts or sparkplugs?@@@@1@6@@oe@2-2-2013
20118086@unknown@formal@none@1@S@Oh, you're in the paper business," is one reaction Mr. Sigler says he's gotten from his big institutional shareholders.@@@@1@19@@oe@2-2-2013
20118087@unknown@formal@none@1@S@By this September, program traders were doing a record 13.8% of the Big Board's average daily trading volume.@@@@1@18@@oe@2-2-2013
20118088@unknown@formal@none@1@S@Among the top practitioners were Wall Street blue bloods: Morgan Stanley & Co., Kidder Peabody, Merrill Lynch, Salomon Brothers Inc. and PaineWebber Group Inc.@@@@1@24@@oe@2-2-2013
20118089@unknown@formal@none@1@S@But then came Oct. 13 and the negative publicity orchestrated by the Old Guard, particularly against index arbitrage.@@@@1@18@@oe@2-2-2013
20118090@unknown@formal@none@1@S@The indexers' strategy for the moment is to hunker down and let the furor die.@@@@1@15@@oe@2-2-2013
20118091@unknown@formal@none@1@S@"There's a lynch-mob psychology right now," says the top program-trading official at a Wall Street firm.@@@@1@16@@oe@2-2-2013
20118092@unknown@formal@none@1@S@"Wall Street's cash cow has been gored, but I don't think anyone has proven that index arbitrage is the problem."@@@@1@20@@oe@2-2-2013
20118093@unknown@formal@none@1@S@Too much money is at stake for program traders to give up.@@@@1@12@@oe@2-2-2013
20118094@unknown@formal@none@1@S@For example, stock-index futures began trading in Chicago in 1982, and within two years they were the fastest-growing futures contract ever launched.@@@@1@22@@oe@2-2-2013
20118095@unknown@formal@none@1@S@Stock futures trading has minted dozens of millionaires in their 20s and 30s.@@@@1@13@@oe@2-2-2013
20118096@unknown@formal@none@1@S@Now, on a good day, Chicago's stock-index traders trade more dollars worth of stock futures than the Big Board trades in stock.@@@@1@22@@oe@2-2-2013
20118097@unknown@formal@none@1@S@Now the stage is set for the battle to play out.@@@@1@11@@oe@2-2-2013
20118098@unknown@formal@none@1@S@The anti-programmers are getting some helpful thunder from Congress.@@@@1@9@@oe@2-2-2013
20118099@unknown@formal@none@1@S@Program traders' "power to create total panic is so great that they can't be allowed to have their way," says Rep. Edward Markey, a Massachusetts Democrat.@@@@1@26@@oe@2-2-2013
20118100@unknown@formal@none@1@S@"We have to have a system that says to those largest investors:@@@@1@12@@oe@2-2-2013
20118101@unknown@formal@none@1@S@`Sit down!@@@@1@2@@oe@2-2-2013
20118102@unknown@formal@none@1@S@You will not panic,@@@@1@4@@oe@2-2-2013
20118103@unknown@formal@none@1@S@you will not put the financial system in jeopardy.'"@@@@1@9@@oe@2-2-2013
20118104@unknown@formal@none@1@S@But the prospects for legislation that targets program trading is unlikely anytime soon.@@@@1@13@@oe@2-2-2013
20118105@unknown@formal@none@1@S@Many people, including the Big Board, think that it's too late to put the genie back in the bottle.@@@@1@19@@oe@2-2-2013
20118106@unknown@formal@none@1@S@The Big Board's directors meet today to approve some program-trading restrictions, but a total ban isn't being considered, Big Board officials say.@@@@1@22@@oe@2-2-2013
20118107@unknown@formal@none@1@S@"You're not going to stop the idea of trading a basket of stocks," says Vanderbilt's Prof. Stoll. "@@@@1@18@@oe@2-2-2013
20118108@unknown@formal@none@1@S@Program trading is here to stay, and computers are here to stay, and we just need to understand it."@@@@1@19@@oe@2-2-2013
20118109@unknown@formal@none@1@S@Short of a total ban, some anti-programmers have proposed several middle-ground reforms, which they say would take away certain advantages program traders currently enjoy in the marketplace that other investors don't.@@@@1@31@@oe@2-2-2013
20118110@unknown@formal@none@1@S@One such proposal regarding stock-index futures is an increase in the margin requirement -- or the "good-faith" payment of cash needed to trade them -- to about the same level as the margin requirement for stocks.@@@@1@36@@oe@2-2-2013
20118111@unknown@formal@none@1@S@Currently, margins on stock futures purchases are much lower -- roughly 7% compared with 50% for stocks -- making the futures market much faster and potentially more speculative.@@@@1@28@@oe@2-2-2013
20118112@unknown@formal@none@1@S@Program trading critics also want the Federal Reserve Board, rather than the futures industry, to set such margins.@@@@1@18@@oe@2-2-2013
20118113@unknown@formal@none@1@S@Futures traders respond that low margins help keep their markets active.@@@@1@11@@oe@2-2-2013
20118114@unknown@formal@none@1@S@Higher margins would chase away dozens of smaller traders who help larger traders buy and sell, they say.@@@@1@18@@oe@2-2-2013
20118115@unknown@formal@none@1@S@Another proposed reform is to have program traders answer to an "uptick rule"a reform instituted after the Great Crash of 1929 that protects against stocks being relentlessly beaten downward by those seeking to profit from lower prices, namely short sellers.@@@@1@40@@oe@2-2-2013
20118116@unknown@formal@none@1@S@The Big Board's uptick rule prevents the short sale of a stock when the stock is falling in price.@@@@1@19@@oe@2-2-2013
20118117@unknown@formal@none@1@S@But in 1986, 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.@@@@1@29@@oe@2-2-2013
20118118@unknown@formal@none@1@S@A reinstatement of the uptick rule for program traders would slow their activity considerably.@@@@1@14@@oe@2-2-2013
20118119@unknown@formal@none@1@S@Program traders argue that a reinstatement of the rule would destroy the "pricing efficiency" of the futures and stock markets.@@@@1@20@@oe@2-2-2013
20118120@unknown@formal@none@1@S@James A. White contributed to this article.@@@@1@7@@oe@2-2-2013
20118121@unknown@formal@none@1@S@Fundamentalists Jihad@@@@1@2@@oe@2-2-2013
20118122@unknown@formal@none@1@S@Big Board Chairman John Phelan said yesterday that he could support letting federal regulators suspend program trading during wild stock-price swings.@@@@1@21@@oe@2-2-2013
20118123@unknown@formal@none@1@S@Thus the band-wagon psychology of recent days picks up new impetus.@@@@1@11@@oe@2-2-2013
20118124@unknown@formal@none@1@S@Index arbitrage is a common form of program trading.@@@@1@9@@oe@2-2-2013
20118125@unknown@formal@none@1@S@As usually practiced it takes advantage of a rather basic concept: Two separate markets in different locations, trading basically the same widgets, can't trade them for long at prices that are widely different.@@@@1@33@@oe@2-2-2013
20118126@unknown@formal@none@1@S@In index arbitrage, the widget is the S&P 500, and its price is constantly compared between the futures market in Chicago and the stock markets largely in New York.@@@@1@29@@oe@2-2-2013
20118127@unknown@formal@none@1@S@To profit from an index-arbitrage opportunity, someone who owns the S&P 500 widget in New York must sell it and replace it with a cheaper S&P 500 widget in Chicago.@@@@1@30@@oe@2-2-2013
20118128@unknown@formal@none@1@S@If the money manager performing this service is being paid by his clients to match or beat the return of the S&P 500 index, he is likely to remain fully invested at all times.@@@@1@34@@oe@2-2-2013
20118129@unknown@formal@none@1@S@(Few, if any, index-fund managers will risk leveraging performance by owning more than 100% exposure to stocks, and equally few will want to own less than a 100% position should stocks rise.)@@@@1@32@@oe@2-2-2013
20118130@unknown@formal@none@1@S@By constantly seeking to own the cheapest widget, index-arbitrage traders hope to add between 1% and 3% to the annual return of the S&P 500.@@@@1@25@@oe@2-2-2013
20118131@unknown@formal@none@1@S@That represents a very thin "excess" return, certainly far less than what most fundamental stock pickers claim to seek as their performance objective.@@@@1@23@@oe@2-2-2013
20118132@unknown@formal@none@1@S@The fact that a vast majority of fundamentalist money managers fail to beat the S&P 500 may contribute to the hysteria surrounding the issue.@@@@1@24@@oe@2-2-2013
20118133@unknown@formal@none@1@S@As more managers pursue the index-arbitrage strategy, these small opportunities between markets will be reduced and, eventually, eliminated.@@@@1@18@@oe@2-2-2013
20118134@unknown@formal@none@1@S@The current opportunities arise because the process for executing a buy or sell order in the actual stocks that make up the S&P 500 is more cumbersome than transacting in the futures market.@@@@1@33@@oe@2-2-2013
20118135@unknown@formal@none@1@S@The New York Stock Exchange's attempt to introduce a new portfolio basket is evidence of investors' desires to make fast and easy transactions of large numbers of shares.@@@@1@28@@oe@2-2-2013
20118136@unknown@formal@none@1@S@So if index arbitrage is simply taking advantage of thin inefficiencies between two markets for the same widget, how did "program trading" evolve into the evil creature that is evoking the curses of so many observers?@@@@1@36@@oe@2-2-2013
20118137@unknown@formal@none@1@S@All arguments against program trading, even those pressed without fact, conclude with three expected results after "reforms" are implemented: 1) reduced volatility, 2) a long-term investment focus, and 3) a level playing field for the small investor.@@@@1@37@@oe@2-2-2013
20118138@unknown@formal@none@1@S@But many of these reforms are unneeded, even harmful.@@@@1@9@@oe@2-2-2013
20118139@unknown@formal@none@1@S@Reducing volatility.@@@@1@2@@oe@2-2-2013
20118140@unknown@formal@none@1@S@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.@@@@1@24@@oe@2-2-2013
20118141@unknown@formal@none@1@S@Arbitrage doesn't cause volatility; it responds to it.@@@@1@8@@oe@2-2-2013
20118142@unknown@formal@none@1@S@Think about what causes the difference in prices between the two markets for S&P 500 stocks -- usually it is large investors initiating a buy or sell in Chicago.@@@@1@29@@oe@2-2-2013
20118143@unknown@formal@none@1@S@A large investor will likely cause the futures market to decline when he sells his futures.@@@@1@16@@oe@2-2-2013
20118144@unknown@formal@none@1@S@Arbitrage simply transfers his selling pressure from Chicago to New York, while functioning as a buyer in Chicago.@@@@1@18@@oe@2-2-2013
20118145@unknown@formal@none@1@S@The start of the whole process is the key-someone must fundamentally increase or decrease his ownership in widgets to make widget prices move.@@@@1@23@@oe@2-2-2013
20118146@unknown@formal@none@1@S@Why does this large hypothetical seller trade in Chicago instead of New York?@@@@1@13@@oe@2-2-2013
20118147@unknown@formal@none@1@S@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.@@@@1@25@@oe@2-2-2013
20118148@unknown@formal@none@1@S@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.@@@@1@33@@oe@2-2-2013
20118149@unknown@formal@none@1@S@If not Chicago, then in New York; if not the U.S., then overseas.@@@@1@13@@oe@2-2-2013
20118150@unknown@formal@none@1@S@Volatility surrounding his trades occurs not because of index arbitrage, but because his is a large addition or subtraction to a widget market with finite liquidity.@@@@1@26@@oe@2-2-2013
20118151@unknown@formal@none@1@S@Eliminate arbitrage and liquidity will decline instead of rising, creating more volatility instead of less.@@@@1@15@@oe@2-2-2013
20118152@unknown@formal@none@1@S@The speed of his transaction isn't to be feared either, because faster and cleaner execution is desirable, not loathsome.@@@@1@19@@oe@2-2-2013
20118153@unknown@formal@none@1@S@If slowing things down could reduce volatility, stone tablets should become the trade ticket of the future.@@@@1@17@@oe@2-2-2013
20118154@unknown@formal@none@1@S@Encouraging long-term investing.@@@@1@3@@oe@2-2-2013
20118155@unknown@formal@none@1@S@We must be very cautious about labeling investors as "long-term" or "short-term."@@@@1@12@@oe@2-2-2013
20118156@unknown@formal@none@1@S@Policies designed to encourage one type of investor over another are akin to placing a sign over the Big Board's door saying: "Buyers welcome, sellers please go away!"@@@@1@28@@oe@2-2-2013
20118157@unknown@formal@none@1@S@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.@@@@1@26@@oe@2-2-2013
20118158@unknown@formal@none@1@S@A free market with a profit motive will attract each investor to the liquidity and risks he can tolerate.@@@@1@19@@oe@2-2-2013
20118159@unknown@formal@none@1@S@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.@@@@1@26@@oe@2-2-2013
20118160@unknown@formal@none@1@S@Periods before the advent of futures or program trading were often more volatile, usually when fundamental market conditions were undergoing change (1973-75, 1937-40, and 1928-33 for example).@@@@1@27@@oe@2-2-2013
20118161@unknown@formal@none@1@S@It is interesting to see the fundamental stock pickers scream "foul" on program trading when the markets decline, while hailing the great values still abounding as the markets rise.@@@@1@29@@oe@2-2-2013
20118162@unknown@formal@none@1@S@Could rising volatility possibly be related to uncertainty about the economics of stocks, instead of the evil deeds of program-trading goblins?@@@@1@21@@oe@2-2-2013
20118163@unknown@formal@none@1@S@Some of the proposed fixes for what is labeled "program-trading volatility" could be far worse than the perceived problem.@@@@1@19@@oe@2-2-2013
20118164@unknown@formal@none@1@S@In using program trading as a whipping boy, fundamentalist investors stand to gain the high ground in wooing small investors for their existing stock-selection products.@@@@1@25@@oe@2-2-2013
20118165@unknown@formal@none@1@S@They may, however, risk bringing some damaging interference from outside the markets themselves.@@@@1@13@@oe@2-2-2013
20118166@unknown@formal@none@1@S@How does a nice new tax, say 5%, on any financial transaction sound?@@@@1@13@@oe@2-2-2013
20118167@unknown@formal@none@1@S@That ought to make sure we're all thinking for the long term.@@@@1@12@@oe@2-2-2013
20118168@unknown@formal@none@1@S@Getting a level playing field.@@@@1@5@@oe@2-2-2013
20118169@unknown@formal@none@1@S@This argument is perhaps the most interesting one for abolishing program trading -- not because of its merits, but because of the firms championing the cause.@@@@1@26@@oe@2-2-2013
20118170@unknown@formal@none@1@S@The loudest of these reformers are money managers who cater to smaller investors.@@@@1@13@@oe@2-2-2013
20118171@unknown@formal@none@1@S@They continually advise their clients on which individual stocks to buy or sell, while their clients continue to hope for superior performance.@@@@1@22@@oe@2-2-2013
20118172@unknown@formal@none@1@S@Even with mutual funds, the little investor continues to tolerate high fees, high commissions and poor performance, while index-fund managers slowly amass a better record with lower fees, lower commissions and less risk.@@@@1@33@@oe@2-2-2013
20118173@unknown@formal@none@1@S@Yet our efforts are somehow less noble than those of an investment expert studiously devouring press clippings on each company he follows.@@@@1@22@@oe@2-2-2013
20118174@unknown@formal@none@1@S@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.@@@@1@27@@oe@2-2-2013
20118175@unknown@formal@none@1@S@If spreads available from index arbitrage are so enormous, surely any sizable mutual-fund company could profit from offering it to small investors.@@@@1@22@@oe@2-2-2013
20118176@unknown@formal@none@1@S@The sad reality is that the retail investor continues to pursue stellar performers first, while leaving institutions to grapple with basis points of performance on large sums of money quarter by quarter.@@@@1@32@@oe@2-2-2013
20118177@unknown@formal@none@1@S@Cost-effective index funds just aren't sexy enough to justify the high fees and commissions that retail customers frequently pay, and that institutional customers refuse to pay.@@@@1@26@@oe@2-2-2013
20118178@unknown@formal@none@1@S@Each new trading roadblock is likely to be beaten by institutions seeking better ways to serve their high-volume clients, here or overseas.@@@@1@22@@oe@2-2-2013
20118179@unknown@formal@none@1@S@Legislating new trading inefficiencies will only make things harder on the least sophisticated investors.@@@@1@14@@oe@2-2-2013
20118180@unknown@formal@none@1@S@So what is next for program trading?@@@@1@7@@oe@2-2-2013
20118181@unknown@formal@none@1@S@Left to its own devices, index arbitrage will become more and more efficient, making it harder and harder to do profitably.@@@@1@21@@oe@2-2-2013
20118182@unknown@formal@none@1@S@Spreads will become so tight that it won't matter which market an investor chooses -- arbitrage will prevent him from gaining any temporary profit.@@@@1@24@@oe@2-2-2013
20118183@unknown@formal@none@1@S@If government or private watchdogs insist, however, on introducing greater friction between the markets (limits on price moves, two-tiered execution, higher margin requirements, taxation, etc.), the end loser will be the markets themselves.@@@@1@33@@oe@2-2-2013
20118184@unknown@formal@none@1@S@Instead, we ought to be inviting more liquidity with cheaper ways to trade and transfer capital among all participants.@@@@1@19@@oe@2-2-2013
20118185@unknown@formal@none@1@S@Mr. Allen's Pittsburgh firm, Advanced Investment Management Inc., executes program trades for institutions.@@@@1@13@@oe@2-2-2013
20119001@unknown@formal@none@1@S@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.@@@@1@33@@oe@2-2-2013
20119002@unknown@formal@none@1@S@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.@@@@1@31@@oe@2-2-2013
20119003@unknown@formal@none@1@S@As a part of overall efforts to reduce spending, Congress cut by $30 million the Bush administration's request for antitrust enforcement for fiscal 1990, which began Oct. 1.@@@@1@28@@oe@2-2-2013
20119004@unknown@formal@none@1@S@To offset the reduction, Congress approved a $20,000 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.@@@@1@33@@oe@2-2-2013
20119005@unknown@formal@none@1@S@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.@@@@1@28@@oe@2-2-2013
20119006@unknown@formal@none@1@S@But Justice Department and FTC officials said they expect the filing fees to make up for the budget reductions and possibly exceed them.@@@@1@23@@oe@2-2-2013
20119007@unknown@formal@none@1@S@"It could operate to augment our budget," James Rill, the Justice Department's antitrust chief, said in an interview.@@@@1@18@@oe@2-2-2013
20119008@unknown@formal@none@1@S@Under measures approved by both houses of Congress, the administration's request for $47 million for the Antitrust Division would be cut $15 million.@@@@1@23@@oe@2-2-2013
20119009@unknown@formal@none@1@S@The FTC budget request of $70 million, about $34 million of which would go for antitrust enforcement, would also be cut by $15 million.@@@@1@24@@oe@2-2-2013
20119010@unknown@formal@none@1@S@The administration had requested roughly the same amount for antitrust enforcement for fiscal 1990 as was appropriated in fiscal 1989.@@@@1@20@@oe@2-2-2013
20119011@unknown@formal@none@1@S@The offsetting fees would apply to filings made under the Hart-Scott-Rodino Act.@@@@1@12@@oe@2-2-2013
20119012@unknown@formal@none@1@S@Under that law, parties proposing mergers or acquisitions valued at $15 million or more must notify FTC and Justice Department antitrust regulators before completing the transactions.@@@@1@26@@oe@2-2-2013
20119013@unknown@formal@none@1@S@Currently, the government charges nothing for such filings.@@@@1@8@@oe@2-2-2013
20119014@unknown@formal@none@1@S@Proponents of the funding arrangement predict that, based on recent filing levels of more than 2,000 a year, the fees will yield at least $40 million this fiscal year, or $10 million more than the budget cuts.@@@@1@37@@oe@2-2-2013
20119015@unknown@formal@none@1@S@"When you do that, there is not a cut, but there is in fact a program increase of $5 million" each for the FTC and the Justice Department, Rep. Neal Smith (D., Iowa) said during House debate.@@@@1@37@@oe@2-2-2013
20119016@unknown@formal@none@1@S@But Rep. Don Edwards (D., Calif.) responded that a recession could stifle merger activity, reducing the amount of fees collected.@@@@1@20@@oe@2-2-2013
20119017@unknown@formal@none@1@S@The antitrust staffs of both the FTC and Justice Department were cut more than 40% in the Reagan administration, and enforcement of major merger cases fell off drastically during that period.@@@@1@31@@oe@2-2-2013
20119018@unknown@formal@none@1@S@"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.@@@@1@25@@oe@2-2-2013
20119019@unknown@formal@none@1@S@Any money in excess of $40 million collected from the fees in fiscal 1990 would go to the Treasury at large.@@@@1@21@@oe@2-2-2013
20119020@unknown@formal@none@1@S@Corporate lawyers said the new fees wouldn't inhibit many mergers or other transactions.@@@@1@13@@oe@2-2-2013
20119021@unknown@formal@none@1@S@Though some lawyers reported that prospective acquirers were scrambling to make filings before the fees take effect, government officials said they hadn't noticed any surge in filings.@@@@1@27@@oe@2-2-2013
20120001@unknown@formal@none@1@S@FALL BALLOT ISSUES set a record for off-year elections.@@@@1@9@@oe@2-2-2013
20120002@unknown@formal@none@1@S@Odd-year elections attract relatively few ballot issues.@@@@1@7@@oe@2-2-2013
20120003@unknown@formal@none@1@S@But the 1989 fall total of 80, while well below 1988 activity, shows "a steady ratcheting up in citizen referenda and initiatives," says Patrick McGuigan, editor of Family, Law and Democracy Report.@@@@1@32@@oe@2-2-2013
20120004@unknown@formal@none@1@S@He says the 10 citizen-sparked issues on state ballots this fall represent the most in any odd-year this decade.@@@@1@19@@oe@2-2-2013
20120005@unknown@formal@none@1@S@Ballot questions range from a Maine initiative on banning Cruise missiles to a referendum on increasing the North Dakota income tax.@@@@1@21@@oe@2-2-2013
20120006@unknown@formal@none@1@S@Ballot watchers say attention already is focused on the 1990 elections.@@@@1@11@@oe@2-2-2013
20120007@unknown@formal@none@1@S@In California, two petition drives for next year's election are "essentially finished," says David Schmidt, author of "Citizen Lawmakers."@@@@1@19@@oe@2-2-2013
20120008@unknown@formal@none@1@S@Mr. McGuigan cites three completed efforts in Oklahoma.@@@@1@8@@oe@2-2-2013
20120009@unknown@formal@none@1@S@Hot ballot topics are expected to be abortion, the environment and insurance reform.@@@@1@13@@oe@2-2-2013
20120010@unknown@formal@none@1@S@Taking a cue from California, more politicians will launch their campaigns by backing initiatives, says David Magleby of Brigham Young University.@@@@1@21@@oe@2-2-2013
20120011@unknown@formal@none@1@S@PHOTOGRAPH COLLECTING gains new stature as prices rise.@@@@1@8@@oe@2-2-2013
20120012@unknown@formal@none@1@S@Price records are being set at auctions this week.@@@@1@9@@oe@2-2-2013
20120013@unknown@formal@none@1@S@At Christie's, a folio of 21 prints from Alfred Stieglitz's "Equivalents" series sold for $396,000, a single-lot record.@@@@1@18@@oe@2-2-2013
20120014@unknown@formal@none@1@S@Other works also have been exceeding price estimates.@@@@1@8@@oe@2-2-2013
20120015@unknown@formal@none@1@S@In part, prices reflect development of a market structure based on such variables as the number of prints.@@@@1@18@@oe@2-2-2013
20120016@unknown@formal@none@1@S@This information used to be poorly documented and largely anecdotal, says Beth Gates-Warren of Sotheby's.@@@@1@15@@oe@2-2-2013
20120017@unknown@formal@none@1@S@"There is finally some sort of sense in the market," she says.@@@@1@12@@oe@2-2-2013
20120018@unknown@formal@none@1@S@Corporations and museums are among the serious buyers, giving greater market stability, says Robert Persky of the Photograph Collector.@@@@1@19@@oe@2-2-2013
20120019@unknown@formal@none@1@S@"When I see prints going into the hands of institutions, I know they aren't going to come back on the market."@@@@1@21@@oe@2-2-2013
20120020@unknown@formal@none@1@S@Most in demand: classic photographs by masters such as Stieglitz and Man Ray.@@@@1@13@@oe@2-2-2013
20120021@unknown@formal@none@1@S@But much contemporary work is also fetching "a great deal of money," says Miles Barth of the International Center of Photography.@@@@1@21@@oe@2-2-2013
20120022@unknown@formal@none@1@S@DIALING 900 brings callers a growing number of services.@@@@1@9@@oe@2-2-2013
20120023@unknown@formal@none@1@S@Currently a $300 million-a-year business, 900 telephone service is expected to hit $500 million next year and near $2 billion by 1992 as uses for the service continue to expand, says Joel Gross of Donaldson, Lufkin & Jenrette Inc.@@@@1@39@@oe@2-2-2013
20120024@unknown@formal@none@1@S@The service -- which costs the caller from 30 cents to $25 a minute -- currently is dominated by celebrity chatter, horoscopes and romance lines.@@@@1@25@@oe@2-2-2013
20120025@unknown@formal@none@1@S@But more serious applications are in the wings, and that is where the future growth is expected.@@@@1@17@@oe@2-2-2013
20120026@unknown@formal@none@1@S@"I'm starting to see more business transactions," says Andrea West of American Telephone & Telegraph Co., noting growing interest in use of 900 service for stock sales, software tutorials and even service contracts.@@@@1@33@@oe@2-2-2013
20120027@unknown@formal@none@1@S@Colleges, she says, are eyeing registration through 900 service.@@@@1@9@@oe@2-2-2013
20120028@unknown@formal@none@1@S@Charities test the waters, but they face legal barriers to electronic fund raising.@@@@1@13@@oe@2-2-2013
20120029@unknown@formal@none@1@S@"The thing that will really break this market right open is merchandising," Ms. West says.@@@@1@15@@oe@2-2-2013
20120030@unknown@formal@none@1@S@Much of the 800 service will "migrate to 900," predicts Jack Lawless, general manager of US Sprint's 900 product.@@@@1@19@@oe@2-2-2013
20120031@unknown@formal@none@1@S@FAMILY PETS are improving recovery rates of patients at Columbia Hospital, Milwaukee.@@@@1@12@@oe@2-2-2013
20120032@unknown@formal@none@1@S@Patients who receive canine or feline visitors are found to have lower blood pressure and improved appetite and be more receptive to therapy, says Mary Ann O'Loughlin, program coordinator.@@@@1@29@@oe@2-2-2013
20120033@unknown@formal@none@1@S@TIRED OF TRIMMING?@@@@1@3@@oe@2-2-2013
20120034@unknown@formal@none@1@S@Hammacher Schlemmer & Co. offers a fiber-optic Christmas tree that eliminates the need to string lights.@@@@1@16@@oe@2-2-2013
20120035@unknown@formal@none@1@S@The $6,500 tree is designed to send continuously changing colored light to dozens of fiber-end bunches.@@@@1@16@@oe@2-2-2013
20120036@unknown@formal@none@1@S@MEDICINE TRANSPLANT: Growth of Japanese trade and travel prompts Beth Israel Medical Center, New York, to set up a bilingual medical practice.@@@@1@22@@oe@2-2-2013
20120037@unknown@formal@none@1@S@Funded by a $1 million gift from Tokio Marine & Fire Insurance, the service will follow Japanese medical protocols, including emphasis on preventative medicine.@@@@1@24@@oe@2-2-2013
20120038@unknown@formal@none@1@S@DIAPER SERVICES make a comeback amid growing environmental concerns.@@@@1@9@@oe@2-2-2013
20120039@unknown@formal@none@1@S@Concerned about shrinking landfills and the safety of chemicals used in super-absorbent disposables, parents are returning to the cloth diaper.@@@@1@20@@oe@2-2-2013
20120040@unknown@formal@none@1@S@Tiny Tots Inc., Campbell, Calif., says business is up 35% in the past year.@@@@1@14@@oe@2-2-2013
20120041@unknown@formal@none@1@S@"We're gaining 1,200 new customers each week," says Jack Mogavero of General Health Care Corp., Piscataway, N.J.@@@@1@17@@oe@2-2-2013
20120042@unknown@formal@none@1@S@In Syracuse, N.Y., DyDee Service's new marketing push stresses environmental awareness.@@@@1@11@@oe@2-2-2013
20120043@unknown@formal@none@1@S@Among its new customers: day-care centers that previously spurned the service.@@@@1@11@@oe@2-2-2013
20120044@unknown@formal@none@1@S@The National Association of Diaper Services, Philadelphia, says that since January it has gotten more than 672 inquiries from people interested in starting diaper services.@@@@1@25@@oe@2-2-2013
20120045@unknown@formal@none@1@S@Elisa Hollis launched a diaper service last year because State College, Pa., where she lives, didn't have one.@@@@1@18@@oe@2-2-2013
20120046@unknown@formal@none@1@S@Diaper shortages this summer limited growth at Stork Diaper Services, Springfield, Mass., where business is up 25% in@@@@1@18@@oe@2-2-2013
20120047@unknown@formal@none@1@S@Also spurring the move to cloth: diaper covers with Velcro fasteners that eliminate the need for safety pins.@@@@1@18@@oe@2-2-2013
20120048@unknown@formal@none@1@S@BRIEFS:@@@@1@1@@oe@2-2-2013
20120049@unknown@formal@none@1@S@Only 57.6% of New Yorkers watch the local news, the lowest viewership in the country, says a new study by Impact Resources Inc., Columbus, Ohio. . . .@@@@1@28@@oe@2-2-2013
20120050@unknown@formal@none@1@S@FreudToy, a pillow bearing the likeness of Sigmund Freud, is marketed as a $24.95 tool for do-it-yourself analysis.@@@@1@18@@oe@2-2-2013
20121001@unknown@formal@none@1@S@Program trading is "a racket," complains Edward Egnuss, 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."@@@@1@30@@oe@2-2-2013
20121002@unknown@formal@none@1@S@But although he thinks that it is hurting him, he doubts it could be stopped.@@@@1@15@@oe@2-2-2013
20121003@unknown@formal@none@1@S@Mr. Egnuss's dislike of program trading is echoed by many small investors interviewed by Wall Street Journal reporters across the country.@@@@1@21@@oe@2-2-2013
20121004@unknown@formal@none@1@S@But like Mr. Egnuss, few expect it to be halted entirely, and a surprising number doubt it should be.@@@@1@19@@oe@2-2-2013
20121005@unknown@formal@none@1@S@"I think program trading is basically unfair to the individual investor," says Leo Fields, a Dallas investor.@@@@1@17@@oe@2-2-2013
20121006@unknown@formal@none@1@S@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.@@@@1@41@@oe@2-2-2013
20121007@unknown@formal@none@1@S@But he blames program trading for only some of the market's volatility.@@@@1@12@@oe@2-2-2013
20121008@unknown@formal@none@1@S@He also considers the market overvalued and cites the troubles in junk bonds.@@@@1@13@@oe@2-2-2013
20121009@unknown@formal@none@1@S@He adds: "The market may be giving us another message, that a recession is looming."@@@@1@15@@oe@2-2-2013
20121010@unknown@formal@none@1@S@Or, as Dorothy Arighi, an interior decorator in Arnold, Calif., puts it: "All kinds of funny things spook the market these days."@@@@1@22@@oe@2-2-2013
20121011@unknown@formal@none@1@S@But she believes that "program trading creates deviant swings.@@@@1@9@@oe@2-2-2013
20121012@unknown@formal@none@1@S@It's not a sound thing; there's no inherent virtue in it."@@@@1@11@@oe@2-2-2013
20121013@unknown@formal@none@1@S@She adds that legislation curbing it would be "a darned good idea."@@@@1@12@@oe@2-2-2013
20121014@unknown@formal@none@1@S@At the Charles Schwab & Co. office in Atlanta's Buckhead district, a group of investors voices skepticism that federal officials would curb program trading.@@@@1@24@@oe@2-2-2013
20121015@unknown@formal@none@1@S@Citing the October 1987 crash, Glenn Miller says, "It's like the last crash -- they threatened, but no one did anything."@@@@1@21@@oe@2-2-2013
20121016@unknown@formal@none@1@S@A. Donald Anderson, a 59-year-old Los Angeles investor who says the stock market's "fluctuations and gyrations give me the heebie-jeebies," doesn't see much point in outlawing program trading.@@@@1@28@@oe@2-2-2013
20121017@unknown@formal@none@1@S@Those who still want to do it "will just find some way to get around" any attempt to curb it.@@@@1@20@@oe@2-2-2013
20121018@unknown@formal@none@1@S@Similarly, Rick Wamre, a 31-year-old asset manager for a Dallas real-estate firm, would like to see program trading disappear because "I can't see that it does anything for the market or the country."@@@@1@33@@oe@2-2-2013
20121019@unknown@formal@none@1@S@Yet he isn't in favor of new legislation.@@@@1@8@@oe@2-2-2013
20121020@unknown@formal@none@1@S@"I think we've got enough securities laws," he says.@@@@1@9@@oe@2-2-2013
20121021@unknown@formal@none@1@S@"I'd much rather see them dealing with interest rates and the deficit."@@@@1@12@@oe@2-2-2013
20121022@unknown@formal@none@1@S@Peter Anthony, who runs an employment agency in New York, decries program trading as "limiting the game to a few," but he also isn't sure it should be more strictly regulated.@@@@1@31@@oe@2-2-2013
20121023@unknown@formal@none@1@S@"I don't want to denounce it because denouncing it would be like denouncing capitalism," he explains.@@@@1@16@@oe@2-2-2013
20121024@unknown@formal@none@1@S@And surprising numbers of small investors seem to be adapting to greater stock market volatility and say they can live with program trading.@@@@1@23@@oe@2-2-2013
20121025@unknown@formal@none@1@S@Glenn Britta, a 25-year-old New York financial analyst who plays options for his personal account, says he is "factoring" the market's volatility "into investment decisions."@@@@1@25@@oe@2-2-2013
20121026@unknown@formal@none@1@S@He adds that program trading "increases liquidity in the market.@@@@1@10@@oe@2-2-2013
20121027@unknown@formal@none@1@S@You can't hold back technology."@@@@1@5@@oe@2-2-2013
20121028@unknown@formal@none@1@S@And the practice shouldn't be stopped, he says, because "even big players aren't immune to the rigors of program trading."@@@@1@20@@oe@2-2-2013
20121029@unknown@formal@none@1@S@Also in New York, Israel Silverman, an insurance-company lawyer, comments that program trading "increases volatility, but I don't think it should be banned.@@@@1@23@@oe@2-2-2013
20121030@unknown@formal@none@1@S@There's no culprit here.@@@@1@4@@oe@2-2-2013
20121031@unknown@formal@none@1@S@The market is just becoming more efficient."@@@@1@7@@oe@2-2-2013
20121032@unknown@formal@none@1@S@Arbitraging on differences between spot and futures prices is an important part of many financial markets, he says.@@@@1@18@@oe@2-2-2013
20121033@unknown@formal@none@1@S@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.@@@@1@26@@oe@2-2-2013
20121034@unknown@formal@none@1@S@But "I'm a long-term investor," he says.@@@@1@7@@oe@2-2-2013
20121035@unknown@formal@none@1@S@"If you were a short-term investor, you might be more leery about program trading."@@@@1@14@@oe@2-2-2013
20121036@unknown@formal@none@1@S@Jim Enzor of Atlanta defends program trading because he believes that it can bring the market back up after a plunge.@@@@1@21@@oe@2-2-2013
20121037@unknown@formal@none@1@S@"If we have a real bad day, the program would say, `Buy,'" he explains.@@@@1@14@@oe@2-2-2013
20121038@unknown@formal@none@1@S@"If you could get the rhythm of the program trading, you could take advantage of it."@@@@1@16@@oe@2-2-2013
20121039@unknown@formal@none@1@S@What else can a small investor do?@@@@1@7@@oe@2-2-2013
20121040@unknown@formal@none@1@S@Scott Taccetta, a Chicago accountant, is going into money-market funds.@@@@1@10@@oe@2-2-2013
20121041@unknown@formal@none@1@S@Mr. Taccetta says he had just recouped the $5,000 he lost in the 1987 crash when he lost more money last Oct. 13.@@@@1@23@@oe@2-2-2013
20121042@unknown@formal@none@1@S@Now, he plans to sell all his stocks by the first quarter of 1990.@@@@1@14@@oe@2-2-2013
20121043@unknown@formal@none@1@S@In October, before the market dropped, Mrs. Arighi of Arnold, Calif., moved to sell the "speculative stocks" in her family trust "so we will be able to withstand all this flim-flammery" caused by program trading.@@@@1@35@@oe@2-2-2013
20121044@unknown@formal@none@1@S@She believes that the only answer for individuals is to "buy stocks that'll weather any storm."@@@@1@16@@oe@2-2-2013
20121045@unknown@formal@none@1@S@Lucille Gorman, an 84-year-old Chicago housewife, has become amazingly immune to stock-market jolts.@@@@1@13@@oe@2-2-2013
20121046@unknown@formal@none@1@S@Mrs. Gorman took advantage of low prices after the 1987 crash to buy stocks and has hunted for other bargains since the Oct. 13 plunge.@@@@1@25@@oe@2-2-2013
20121047@unknown@formal@none@1@S@"My stocks are all blue chips," she says.@@@@1@8@@oe@2-2-2013
20121048@unknown@formal@none@1@S@"If the market goes down, I figure it's paper profits I'm losing.@@@@1@12@@oe@2-2-2013
20121049@unknown@formal@none@1@S@On the other hand, if it goes way sky high, I always sell.@@@@1@13@@oe@2-2-2013
20121050@unknown@formal@none@1@S@You don't want to get yourself too upset about these things.@@@@1@11@@oe@2-2-2013
20122001@unknown@formal@none@1@S@Young's Market Co., a wholesaler of spirits, wines and other goods, said it will merge with a new corporation formed by the Underwood family, which controls Young's.@@@@1@27@@oe@2-2-2013
20122002@unknown@formal@none@1@S@Under terms of the agreement, shareholders other than the Underwoods will receive $3,500 a share at closing, which is expected in December.@@@@1@22@@oe@2-2-2013
20122003@unknown@formal@none@1@S@The Underwood family said that holders of more than a majority of the stock of the company have approved the transaction by written consent.@@@@1@24@@oe@2-2-2013
20123001@unknown@formal@none@1@S@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 100, moving the materials closer to commercial use.@@@@1@32@@oe@2-2-2013
20123002@unknown@formal@none@1@S@The scientists said they created small changes in the crystal-lattice structures of the superconductors to raise the amount of current that single crystals could carry to 600,000 amps per square centimeter in a moderately strong magnetic field.@@@@1@37@@oe@2-2-2013
20123003@unknown@formal@none@1@S@The scientists said they made the advance with yttrium-containing superconductors cooled to liquid-nitrogen temperature, or minus 321 degrees Fahrenheit.@@@@1@19@@oe@2-2-2013
20123004@unknown@formal@none@1@S@Their report appears in today's issue of the journal Nature.@@@@1@10@@oe@2-2-2013
20123005@unknown@formal@none@1@S@The finding marks a significant step in research on "bulk" superconductors, which are aimed at use in wires for motors, magnets, generators and other applications.@@@@1@25@@oe@2-2-2013
20123006@unknown@formal@none@1@S@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.@@@@1@28@@oe@2-2-2013
20123007@unknown@formal@none@1@S@Superconductors conduct electricity without resistance when cooled.@@@@1@7@@oe@2-2-2013
20123008@unknown@formal@none@1@S@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.@@@@1@29@@oe@2-2-2013
20123009@unknown@formal@none@1@S@The AT&T advance shows how one aspect of the current-carrying problem can be overcome.@@@@1@14@@oe@2-2-2013
20123010@unknown@formal@none@1@S@But "it won't lead to imminent use" of new superconductors, cautioned Robert B. van Dover, one of the AT&T researchers.@@@@1@20@@oe@2-2-2013
20123011@unknown@formal@none@1@S@He added that the current-carrying capacity of multi-crystal samples of superconductors remains too low for most practical uses because of so-called weak links between crystals.@@@@1@25@@oe@2-2-2013
20123012@unknown@formal@none@1@S@Such multi-crystal materials will probably be needed for commercial applications.@@@@1@10@@oe@2-2-2013
20123013@unknown@formal@none@1@S@Mr. van Dover said the AT&T team created the desired crystal changes by bombarding superconductor samples with neutrons, a process that creates some radioactivity in the samples and may not be feasible for large-scale commercial use.@@@@1@36@@oe@2-2-2013
20123014@unknown@formal@none@1@S@Still, scientists breathed a collective sigh of relief about the finding, because it demonstrates how to overcome the "flux pinning" problem that earlier this year was widely publicized as undercutting new superconductors' potential.@@@@1@33@@oe@2-2-2013
20123015@unknown@formal@none@1@S@The problem involves the motion of small magnetic fields within superconductor crystals, limiting their current-carrying capacity.@@@@1@16@@oe@2-2-2013
20123016@unknown@formal@none@1@S@Mr. van Dover said the crystal changes his team introduced apparently pins the magnetic fields in place, preventing them from lowering current-carrying capacity.@@@@1@23@@oe@2-2-2013
20123017@unknown@formal@none@1@S@Mr. van Dover added that researchers are trying to determine precisely what crystal changes solved the problem.@@@@1@17@@oe@2-2-2013
20123018@unknown@formal@none@1@S@Determining that may enable them to develop better ways to introduce the needed crystal-lattice patterns.@@@@1@15@@oe@2-2-2013
20123019@unknown@formal@none@1@S@The AT&T team also is trying to combine their latest superconductor process with "melt-textured growth," a process discovered earlier at Bell Laboratories.@@@@1@22@@oe@2-2-2013
20123020@unknown@formal@none@1@S@The combined processes may significantly raise the current-carrying capacity of multi-crystal samples.@@@@1@12@@oe@2-2-2013
20124001@unknown@formal@none@1@S@William C. Walbrecher Jr., an executive at San Francisco-based 1st Nationwide Bank, was named president and chief executive officer of Citadel Holding Corp. and its principal operating unit, Fidelity Federal Bank.@@@@1@31@@oe@2-2-2013
20124002@unknown@formal@none@1@S@The appointment takes effect Nov. 13.@@@@1@6@@oe@2-2-2013
20124003@unknown@formal@none@1@S@He succeeds James A. Taylor, who stepped down as chairman, president and chief executive in March for health reasons.@@@@1@19@@oe@2-2-2013
20124004@unknown@formal@none@1@S@Edward L. Kane succeeded Mr. Taylor as chairman.@@@@1@8@@oe@2-2-2013
20124005@unknown@formal@none@1@S@Separately, Citadel posted a third-quarter net loss of $2.3 million, or 68 cents a share, versus net income of $5.3 million, or $1.61 a share, a year earlier.@@@@1@28@@oe@2-2-2013
20124006@unknown@formal@none@1@S@The latest results include some unusual write-downs, which had an after-tax impact of $4.9 million.@@@@1@15@@oe@2-2-2013
20124007@unknown@formal@none@1@S@Those included costs associated with the potential Valley Federal Savings and Loan Association acquisition, which was terminated on Sept. 27, 1989.@@@@1@21@@oe@2-2-2013
20124008@unknown@formal@none@1@S@In addition, operating results were hit by an increase in loan and real estate loss reserves.@@@@1@16@@oe@2-2-2013
20124009@unknown@formal@none@1@S@In American Stock Exchange composite trading, Citadel shares closed yesterday at $45.75, down 25 cents.@@@@1@15@@oe@2-2-2013
20125001@unknown@formal@none@1@S@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:@@@@1@28@@oe@2-2-2013
20125002@unknown@formal@none@1@S@International Business Machines Corp. --@@@@1@5@@oe@2-2-2013
20125003@unknown@formal@none@1@S@$750 million of 8 3/8% debentures due Nov. 1, 2019, priced at 99 to yield 8.467%.@@@@1@16@@oe@2-2-2013
20125004@unknown@formal@none@1@S@The 30-year non-callable issue was priced at a spread of 57 basis points above the Treasury's 8 1/8% bellwether long bond.@@@@1@21@@oe@2-2-2013
20125005@unknown@formal@none@1@S@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.@@@@1@25@@oe@2-2-2013
20125006@unknown@formal@none@1@S@The size of the issue was increased from an originally planned $500 million.@@@@1@13@@oe@2-2-2013
20125007@unknown@formal@none@1@S@Detroit --@@@@1@2@@oe@2-2-2013
20125008@unknown@formal@none@1@S@$130 million of general obligation distributable state aid bonds due 1991-2000 and 2009, tentatively priced by a Chemical Securities Inc. group to yield from 6.20% in 1991 to 7.272% in 2009.@@@@1@31@@oe@2-2-2013
20125009@unknown@formal@none@1@S@There is $81.8 million of 7.20% term bonds due 2009 priced at 99 1/4 to yield 7.272%.@@@@1@17@@oe@2-2-2013
20125010@unknown@formal@none@1@S@Serial bonds are priced to yield from 6.20% in 1991 to 7% in 2000.@@@@1@14@@oe@2-2-2013
20125011@unknown@formal@none@1@S@The bonds are insured and triple-A-rated.@@@@1@6@@oe@2-2-2013
20125012@unknown@formal@none@1@S@Santa Ana Community Redevelopment Agency, Calif. --@@@@1@7@@oe@2-2-2013
20125013@unknown@formal@none@1@S@$107 million of tax allocation bonds, 1989 Series A-D, due 1991-1999, 2009 and 2019, tentatively priced by a Donaldson Lufkin & Jenrette Securities Corp. group to yield from 6.40% in 1991 to 7.458% in 2019.@@@@1@35@@oe@2-2-2013
20125014@unknown@formal@none@1@S@The 7 3/8% term bonds due 2009 are priced at 99 1/2 to yield 7.422%, and 7 3/8% term bonds due 2019 are priced at 99 to yield 7.458%.@@@@1@29@@oe@2-2-2013
20125015@unknown@formal@none@1@S@Serial bonds are priced at par to yield from 6.40% in 1991 to 7.15% in 1999.@@@@1@16@@oe@2-2-2013
20125016@unknown@formal@none@1@S@The bonds are rated single-A by S&P, according to the lead underwriter.@@@@1@12@@oe@2-2-2013
20125017@unknown@formal@none@1@S@Maryland Community Development Administration, Department of Housing and Community Development --@@@@1@11@@oe@2-2-2013
20125018@unknown@formal@none@1@S@$80.8 million of single-family program bonds, 1989 fourth and fifth series, tentatively priced by a Merrill Lynch Capital Markets group to yield from 6.25% in 1992 for fourth series bonds to 7.74% in 2029 for fifth series bonds.@@@@1@38@@oe@2-2-2013
20125019@unknown@formal@none@1@S@There is $30.9 million of fourth series bonds, the interest on which is not subject to the federal alternative minimum tax.@@@@1@21@@oe@2-2-2013
20125020@unknown@formal@none@1@S@They mature 1992-1999, 2009 and 2017.@@@@1@6@@oe@2-2-2013
20125021@unknown@formal@none@1@S@Fourth series serial bonds are priced at par to yield from 6.25% in 1992 to 7% in 1999.@@@@1@18@@oe@2-2-2013
20125022@unknown@formal@none@1@S@The 7.40% term bonds due 2009 are priced to yield 7.45%, and 7.40% term bonds due 2017 are priced to yield 7.50%.@@@@1@22@@oe@2-2-2013
20125023@unknown@formal@none@1@S@There is $49.9 million of fifth series bonds, which are subject to the federal alternative minimum tax.@@@@1@17@@oe@2-2-2013
20125024@unknown@formal@none@1@S@They mature in 2005, 2009 and 2029.@@@@1@7@@oe@2-2-2013
20125025@unknown@formal@none@1@S@Bonds due in 2005 have a 7 1/2% coupon and are priced at par.@@@@1@14@@oe@2-2-2013
20125026@unknown@formal@none@1@S@The 7 5/8% bonds due 2009 are priced to yield 7.65%, and 7 5/8% bonds due 2029 are priced at 98 1/2 to yield 7.74%.@@@@1@25@@oe@2-2-2013
20125027@unknown@formal@none@1@S@The underwriters expect a double-A rating from Moody's.@@@@1@8@@oe@2-2-2013
20125028@unknown@formal@none@1@S@Heiwado Co. (Japan) --@@@@1@4@@oe@2-2-2013
20125029@unknown@formal@none@1@S@$100 million of Eurobonds due Nov. 16, 1993, with equity-purchase warrants, indicating a 3 7/8% coupon at par, via Daiwa Europe Ltd.@@@@1@22@@oe@2-2-2013
20125030@unknown@formal@none@1@S@Each $5,000 bond carries one warrant, exercisable from Nov. 30, 1989, through Nov. 2, 1993, to buy shares at an expected premium of 2 1/2% to the closing price when terms are fixed Tuesday.@@@@1@34@@oe@2-2-2013
20125031@unknown@formal@none@1@S@Fees 2 1/4.@@@@1@3@@oe@2-2-2013
20125032@unknown@formal@none@1@S@Svenska Intecknings Garanti Aktiebolaget (Sweden) --@@@@1@6@@oe@2-2-2013
20125033@unknown@formal@none@1@S@20 billion yen of 6% Eurobonds due Nov. 21, 1994, priced at 101 3/4 to yield 6.03% less full fees, via Mitsui Finance International.@@@@1@24@@oe@2-2-2013
20125034@unknown@formal@none@1@S@Guaranteed by Svenska Handelsbanken.@@@@1@4@@oe@2-2-2013
20125035@unknown@formal@none@1@S@Fees 1 7/8.@@@@1@3@@oe@2-2-2013
20125036@unknown@formal@none@1@S@Takashima & Co. (Japan) --@@@@1@5@@oe@2-2-2013
20125037@unknown@formal@none@1@S@50 million Swiss francs of privately placed convertible notes due March 31, 1994, with a fixed 0.25% coupon at par via Yamaichi Bank (Switzerland).@@@@1@24@@oe@2-2-2013
20125038@unknown@formal@none@1@S@Put option March 31, 1992, at a fixed 107 7/8 to yield 3.43%.@@@@1@13@@oe@2-2-2013
20125039@unknown@formal@none@1@S@Each 50,000 Swiss franc note is convertible from Nov. 30, 1989, to March 16, 1994 at a 5% premium over the closing share price Monday, when terms are scheduled to be fixed.@@@@1@32@@oe@2-2-2013
20125040@unknown@formal@none@1@S@Fees 1 3/4.@@@@1@3@@oe@2-2-2013
20125041@unknown@formal@none@1@S@Mitsubishi Pencil Co. (Japan) --@@@@1@5@@oe@2-2-2013
20125042@unknown@formal@none@1@S@60 million Swiss francs of privately placed convertible notes due Dec. 31, 1993, with a fixed 0.25% coupon at par via Union Bank of Switzerland.@@@@1@25@@oe@2-2-2013
20125043@unknown@formal@none@1@S@Put option on Dec. 31, 1991, at a fixed 106 7/8 to yield 3.42%.@@@@1@14@@oe@2-2-2013
20125044@unknown@formal@none@1@S@Each 50,000 Swiss franc note is convertible from Dec. 5, 1989, to Dec. 31, 1993, at a 5% premium over the closing share price Tuesday, when terms are scheduled to be fixed.@@@@1@32@@oe@2-2-2013
20125045@unknown@formal@none@1@S@Fees 1 5/8.@@@@1@3@@oe@2-2-2013
20125046@unknown@formal@none@1@S@Koizumi Sangyo Corp. (Japan) --@@@@1@5@@oe@2-2-2013
20125047@unknown@formal@none@1@S@20 million Swiss francs of 6 1/2% privately placed notes due Nov. 29, 1996, priced at 99 1/2 via Dai-Ichi Kangyo Bank (Schweiz).@@@@1@23@@oe@2-2-2013
20125048@unknown@formal@none@1@S@Guarantee by Dai-Ichi Kangyo Bank Ltd.@@@@1@6@@oe@2-2-2013
20125049@unknown@formal@none@1@S@Fees 1 3/4.@@@@1@3@@oe@2-2-2013
20126001@unknown@formal@none@1@S@Although his team lost the World Series, San Francisco Giants owner Bob Lurie hopes to have a new home for them.@@@@1@21@@oe@2-2-2013
20126002@unknown@formal@none@1@S@He is an avid fan of a proposition on next week's ballot to help build a replacement for Candlestick Park.@@@@1@20@@oe@2-2-2013
20126003@unknown@formal@none@1@S@Small wonder, since he's asking San Francisco taxpayers to sink up to $100 million into the new stadium.@@@@1@18@@oe@2-2-2013
20126004@unknown@formal@none@1@S@As San Francisco digs out from The Pretty Big One, opponents say the last thing the city can afford is an expensive new stadium.@@@@1@24@@oe@2-2-2013
20126005@unknown@formal@none@1@S@A stadium craze is sweeping the country.@@@@1@7@@oe@2-2-2013
20126006@unknown@formal@none@1@S@It's fueled by the increasing profitability of major-league teams.@@@@1@9@@oe@2-2-2013
20126007@unknown@formal@none@1@S@Something like one-third of the nation's 60 largest cities are thinking about new stadiums, ranging from Cleveland to San Antonio and St. Petersburg.@@@@1@23@@oe@2-2-2013
20126008@unknown@formal@none@1@S@Most boosters claim the new sports complexes will be moneymakers for their city.@@@@1@13@@oe@2-2-2013
20126009@unknown@formal@none@1@S@Pepperdine University economist Dean Baim scoffs at that.@@@@1@8@@oe@2-2-2013
20126010@unknown@formal@none@1@S@He has looked at 14 baseball and football stadiums and found that only one -- private Dodger Stadium -- brought more money into a city than it took out.@@@@1@29@@oe@2-2-2013
20126011@unknown@formal@none@1@S@Stadiums tend to redistribute existing wealth within a community, not create more of it.@@@@1@14@@oe@2-2-2013
20126012@unknown@formal@none@1@S@Voters generally agree when they are given a chance to decide if they want to sink their own tax dollars into a new mega-stadium.@@@@1@24@@oe@2-2-2013
20126013@unknown@formal@none@1@S@San Francisco voters rejected a new ballpark two years ago.@@@@1@10@@oe@2-2-2013
20126014@unknown@formal@none@1@S@Last month, Phoenix voters turned thumbs down on a $100 million stadium bond and tax proposition.@@@@1@16@@oe@2-2-2013
20126015@unknown@formal@none@1@S@Its backers fielded every important interest on their team -- a popular mayor, the Chamber of Commerce, the major media -- and spent $100,000 on promotion.@@@@1@26@@oe@2-2-2013
20126016@unknown@formal@none@1@S@But voters decided that if the stadium was such a good idea someone would build it himself, and rejected it 59% to 41%.@@@@1@23@@oe@2-2-2013
20126017@unknown@formal@none@1@S@In San Francisco, its backers concede the ballpark is at best running even in the polls.@@@@1@16@@oe@2-2-2013
20126018@unknown@formal@none@1@S@George Christopher, the former San Francisco mayor who built Candlestick Park for the Giants in the 1960s, won't endorse the new ballpark.@@@@1@22@@oe@2-2-2013
20126019@unknown@formal@none@1@S@He says he had Candlestick built because the Giants claimed they needed 10,000 parking spaces.@@@@1@15@@oe@2-2-2013
20126020@unknown@formal@none@1@S@Since the new park will have only 1,500 spaces, Mr. Christopher thinks backers are playing some fiscal "games" of their own with the voters.@@@@1@24@@oe@2-2-2013
20126021@unknown@formal@none@1@S@Stadium boosters claim that without public money they would never be built.@@@@1@12@@oe@2-2-2013
20126022@unknown@formal@none@1@S@Miami Dolphins owner Joe Robbie disagrees, and he can prove it.@@@@1@11@@oe@2-2-2013
20126023@unknown@formal@none@1@S@Several years ago he gave up trying to persuade Miami to improve its city-owned Orange Bowl, and instead built his own $100 million coliseum with private funds.@@@@1@27@@oe@2-2-2013
20126024@unknown@formal@none@1@S@He didn't see why the taxpayers should help build something he would then use to turn a healthy profit.@@@@1@19@@oe@2-2-2013
20126025@unknown@formal@none@1@S@"This stadium shows that anything government can do, we can do better," Mr. Robbie says.@@@@1@15@@oe@2-2-2013
20126026@unknown@formal@none@1@S@But to Moon Landrieu, the former New Orleans mayor who helped build that city's cavernous, money-losing Superdome, questions of who benefits or the bottom line are of little relevance.@@@@1@29@@oe@2-2-2013
20126027@unknown@formal@none@1@S@"The Superdome is an exercise in optimism, a statement of faith," he has said.@@@@1@14@@oe@2-2-2013
20126028@unknown@formal@none@1@S@"It is the very building of it that is important, not how much of it is used or its economics."@@@@1@20@@oe@2-2-2013
20126029@unknown@formal@none@1@S@An Egyptian Pharaoh couldn't have justified his pyramids any better.@@@@1@10@@oe@2-2-2013
20126030@unknown@formal@none@1@S@But civilization has moved forward since then.@@@@1@7@@oe@2-2-2013
20126031@unknown@formal@none@1@S@Today taxpayers get to vote, most of the time, on whether they want to finance the building schemes of our modern political pharaohs, or let private money erect these playgrounds for public passions.@@@@1@33@@oe@2-2-2013
20127001@unknown@formal@none@1@S@Reed International PLC said that net income for the six months ended Oct. 1 slipped 5% to #89.7 million ($141.9 million), or 16 pence a share, from #94.8 million ($149.9 million), or 17.3 pence a share.@@@@1@36@@oe@2-2-2013
20127002@unknown@formal@none@1@S@The British paper, packaging and publishing concern, said profit from continuing lines fell 10% to #118 million from #130.6 million.@@@@1@20@@oe@2-2-2013
20127003@unknown@formal@none@1@S@While there were no one-time gains or losses in the latest period, there was a one-time gain of #18 million in the 1988 period.@@@@1@24@@oe@2-2-2013
20127004@unknown@formal@none@1@S@And while there was no profit this year from discontinued operations, last year they contributed #34 million, before tax.@@@@1@19@@oe@2-2-2013
20127005@unknown@formal@none@1@S@Pretax profit fell 3.7% to #128 million from #133 million and was below analysts' expectations of #130 million to #135 million, but shares rose 6 pence to 388 pence in early trading yesterday in London.@@@@1@35@@oe@2-2-2013
20127006@unknown@formal@none@1@S@Reed is paying an interim dividend of 4.6 pence, up 15% from 4 pence a year earlier.@@@@1@17@@oe@2-2-2013
20127007@unknown@formal@none@1@S@Sales fell 20% to #722 million.@@@@1@6@@oe@2-2-2013
20127008@unknown@formal@none@1@S@Earnings were hurt by disposal of operations in its restructuring, Reed said.@@@@1@12@@oe@2-2-2013
20128001@unknown@formal@none@1@S@Wall Street's big securities firms face the prospect of having their credit ratings lowered.@@@@1@14@@oe@2-2-2013
20128002@unknown@formal@none@1@S@The reason: Risks from the firms' new "merchant banking" activities are rising as revenue from the industry's traditional business erodes.@@@@1@20@@oe@2-2-2013
20128003@unknown@formal@none@1@S@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 shivers through the brokerage community this week.@@@@1@46@@oe@2-2-2013
20128004@unknown@formal@none@1@S@With the shudders came the realization that some of Wall Street's biggest players are struggling to maintain the stellar credit standing required to finance their activities profitably.@@@@1@27@@oe@2-2-2013
20128005@unknown@formal@none@1@S@Securities firms are among the biggest issuers of commercial paper, or short-term corporate IOUs, which they sell to finance their daily operations.@@@@1@22@@oe@2-2-2013
20128006@unknown@formal@none@1@S@The biggest firms still retain the highest ratings on their commercial paper.@@@@1@12@@oe@2-2-2013
20128007@unknown@formal@none@1@S@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.@@@@1@30@@oe@2-2-2013
20128008@unknown@formal@none@1@S@Shearson is 62%-owned by American Express Co.@@@@1@7@@oe@2-2-2013
20128009@unknown@formal@none@1@S@"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. Mahoney, a Moody's vice president.@@@@1@29@@oe@2-2-2013
20128010@unknown@formal@none@1@S@"A sweeping restructuring of the industry is possible."@@@@1@8@@oe@2-2-2013
20128011@unknown@formal@none@1@S@Standard & Poor's Corp. says First Boston, Shearson and Drexel Burnham Lambert Inc., in particular, are likely to have difficulty shoring up their credit standing in months ahead.@@@@1@28@@oe@2-2-2013
20128012@unknown@formal@none@1@S@What worries credit-rating 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.@@@@1@26@@oe@2-2-2013
20128013@unknown@formal@none@1@S@That's a departure from their traditional practice of transferring almost all financing risks to investors.@@@@1@15@@oe@2-2-2013
20128014@unknown@formal@none@1@S@Whereas conventional securities financings are structured to be sold quickly, Wall Street's new penchant for leveraged buy-outs and junk bonds is resulting in long-term lending commitments that stretch out for months or years.@@@@1@33@@oe@2-2-2013
20128015@unknown@formal@none@1@S@"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 Bowman, a vice president at S&P, which raised a warning flag for the industry in April when it downgraded CS First Boston.@@@@1@52@@oe@2-2-2013
20128016@unknown@formal@none@1@S@"Wall Street is facing a Catch-22 situation," says Mr. Mahoney of Moody's.@@@@1@12@@oe@2-2-2013
20128017@unknown@formal@none@1@S@Merchant banking, where firms commit their own money, "is getting riskier, and there's less of it to go around."@@@@1@19@@oe@2-2-2013
20128018@unknown@formal@none@1@S@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 shrinks.@@@@1@30@@oe@2-2-2013
20128019@unknown@formal@none@1@S@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.@@@@1@41@@oe@2-2-2013
20128020@unknown@formal@none@1@S@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."@@@@1@32@@oe@2-2-2013
20128021@unknown@formal@none@1@S@It said that the "temptation for managements to ease this profit pressure by taking greater risks is an additional rating factor."@@@@1@21@@oe@2-2-2013
20128022@unknown@formal@none@1@S@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.@@@@1@28@@oe@2-2-2013
20128023@unknown@formal@none@1@S@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 $3 billion of high-yield, high-risk junk financings for Campeau units.@@@@1@36@@oe@2-2-2013
20128024@unknown@formal@none@1@S@In addition, a big loan that First Boston made to Ohio Mattress Co. wasn't repaid on time when its $450 million junk financing for a buy-out of the bedding company was withdrawn.@@@@1@32@@oe@2-2-2013
20128025@unknown@formal@none@1@S@"These two exposures alone represent a very substantial portion of CS First Boston's equity," Moody's said.@@@@1@16@@oe@2-2-2013
20128026@unknown@formal@none@1@S@"Total merchant banking exposures are in excess of the firm's equity."@@@@1@11@@oe@2-2-2013
20128027@unknown@formal@none@1@S@CS First Boston, however, benefits from the backing of its largest shareholder, Credit Suisse, Switzerland's third largest bank.@@@@1@18@@oe@2-2-2013
20128028@unknown@formal@none@1@S@Shearson also has been an aggressive participant in the leveraged buy-out business.@@@@1@12@@oe@2-2-2013
20128029@unknown@formal@none@1@S@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 1987 stock market crash.@@@@1@31@@oe@2-2-2013
20128030@unknown@formal@none@1@S@In addition, Shearson's listed $2 billion of capital is overstated, according to the rating concerns, because it includes $1.7 billion of goodwill.@@@@1@22@@oe@2-2-2013
20128031@unknown@formal@none@1@S@Shearson "really only has $300 million of capital," says Mr. Bowman of S&P.@@@@1@13@@oe@2-2-2013
20128032@unknown@formal@none@1@S@A Shearson spokesman said the firm isn't worried.@@@@1@8@@oe@2-2-2013
20128033@unknown@formal@none@1@S@"A year ago, Moody's also had Shearson under review for possible downgrade," he said.@@@@1@14@@oe@2-2-2013
20128034@unknown@formal@none@1@S@"After two months of talks, our rating was maintained."@@@@1@9@@oe@2-2-2013
20128035@unknown@formal@none@1@S@Drexel, meanwhile, already competes at a disadvantage to its big Wall Street rivals because it has a slightly lower commercial paper rating.@@@@1@22@@oe@2-2-2013
20128036@unknown@formal@none@1@S@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.@@@@1@29@@oe@2-2-2013
20128037@unknown@formal@none@1@S@The firm also has been hit with big financial settlements with the government stemming from its guilty plea to six felonies related to a big insider-trading scandal.@@@@1@27@@oe@2-2-2013
20128038@unknown@formal@none@1@S@Drexel this year eliminated its retail or individual customer business, cutting the firm's workforce almost in half to just over 5,000.@@@@1@21@@oe@2-2-2013
20128039@unknown@formal@none@1@S@Recently, Drexel circulated a private financial statement among several securities firms showing that its earnings performance has diminished this year from previous years.@@@@1@23@@oe@2-2-2013