21294028@unknown@formal@none@1@S@Mr. Kendrick is professor emeritus of economics at George Washington University.@@@@1@11@@oe@2-2-2013
21294029@unknown@formal@none@1@S@He is co-author of "Personal Productivity: How to Increase Your Satisfaction in Living" (M.E. Sharp, 1988).@@@@1@16@@oe@2-2-2013
21295001@unknown@formal@none@1@S@Union Carbide Corp. said third-quarter net income plunged 35% from a year earlier on weakness in the company's mainstay chemicals and plastics business.@@@@1@23@@oe@2-2-2013
21295002@unknown@formal@none@1@S@Net was $139 million, or 98 cents a share, for the quarter, compared with $213 million, or $1.56 a share, a year ago.@@@@1@23@@oe@2-2-2013
21295003@unknown@formal@none@1@S@Sales were $2.14 billion, up 1.6% from $2.11 billion the previous year.@@@@1@12@@oe@2-2-2013
21295004@unknown@formal@none@1@S@Carbide, like other companies with a heavy reliance on the so-called commodity end of the chemicals industry, was expected to post earnings sharply lower than in an exceptionally strong 1988 third quarter.@@@@1@32@@oe@2-2-2013
21295005@unknown@formal@none@1@S@But the company's latest quarter was a few pennies a share lower than the more pessimistic projections on Wall Street.@@@@1@20@@oe@2-2-2013
21295006@unknown@formal@none@1@S@"It certainly wasn't a disaster, but it does show weakness" in some of the company's chief markets, said George Krug, a chemicals-industry analyst at Oppenheimer & Co.@@@@1@27@@oe@2-2-2013
21295007@unknown@formal@none@1@S@In New York Stock Exchange composite trading, Carbide closed at $24.50 a share, down 50 cents.@@@@1@16@@oe@2-2-2013
21295008@unknown@formal@none@1@S@Prices for polyethylene, a common plastic and an important Carbide product, started to fall early this year; the slide accelerated in the third quarter as buyers continued to trim inventories.@@@@1@30@@oe@2-2-2013
21295009@unknown@formal@none@1@S@Prices also fell for ethylene oxide and glycols, products used in making antifreeze.@@@@1@13@@oe@2-2-2013
21295010@unknown@formal@none@1@S@Some producers of polyethylene, figuring the inventory reductions are near an end, have announced price boosts.@@@@1@16@@oe@2-2-2013
21295011@unknown@formal@none@1@S@The first real test of whether prices have hit bottom may come in the next several weeks, when the new prices become effective.@@@@1@23@@oe@2-2-2013
21295012@unknown@formal@none@1@S@A Carbide spokesman said "the conditions are right for the increase to hold."@@@@1@13@@oe@2-2-2013
21295013@unknown@formal@none@1@S@For the third quarter, operating profit from Carbide's chemicals and plastics business fell to $238 million from $352 million a year ago, before accounting for taxes and interest expense.@@@@1@29@@oe@2-2-2013
21295014@unknown@formal@none@1@S@Operating profit from carbon products, such as graphite electrodes, also declined, to $6 million from $20 million.@@@@1@17@@oe@2-2-2013
21295015@unknown@formal@none@1@S@In the industrial-gases segment, operating profit climbed to $87 million from $58 million.@@@@1@13@@oe@2-2-2013
21295016@unknown@formal@none@1@S@The latest quarter included a gain of about $62 million on the sale of the company's urethane polyols and propylene glycols businesses.@@@@1@22@@oe@2-2-2013
21295017@unknown@formal@none@1@S@Propylene glycols are used in making personal-care products such as shampoo, and urethane polyols are used in making the polyurethane foam found in furniture cushioning and other products.@@@@1@28@@oe@2-2-2013
21295018@unknown@formal@none@1@S@That gain was mostly offset by a loss of about $55 million from a write-down in its polysilicon business.@@@@1@19@@oe@2-2-2013
21295019@unknown@formal@none@1@S@Polysilicon is used in making integrated circuits.@@@@1@7@@oe@2-2-2013
21295020@unknown@formal@none@1@S@For the nine months, net totaled $526 million, or $3.74 a share, up 5% from $501 million, or $3.71 a share, a year ago.@@@@1@24@@oe@2-2-2013
21295021@unknown@formal@none@1@S@Sales rose 7.7% to $6.66 billion from $6.19 billion.@@@@1@9@@oe@2-2-2013
21296001@unknown@formal@none@1@S@At least 10 states are resisting Drexel Burnham Lambert Inc.'s nationwide effort to settle its legal troubles, and some might instead try to revoke the firm's license to sell securities within their borders.@@@@1@33@@oe@2-2-2013
21296002@unknown@formal@none@1@S@The reluctance of some states to let Drexel off the hook could hamper the firm's attempts to polish its image after its guilty plea to six felonies last month, say several people familiar with the discussions.@@@@1@36@@oe@2-2-2013
21296003@unknown@formal@none@1@S@Up to now, Drexel has made a rapid-fire series of settlements with 25 states and the commonwealth of Puerto Rico.@@@@1@20@@oe@2-2-2013
21296004@unknown@formal@none@1@S@Just yesterday, New Hampshire announced it made a $75,000 settlement with Drexel, a record-tying fine for a securities-law matter in that state.@@@@1@22@@oe@2-2-2013
21296005@unknown@formal@none@1@S@These states have been entering into settlements with Drexel as part of the firm's efforts to operate freely anywhere in the U.S. despite its record as an admitted felon.@@@@1@29@@oe@2-2-2013
21296006@unknown@formal@none@1@S@But individuals familiar with the generally successful Drexel talks say the firm is meeting resistance from some big states, including New Jersey, New York, California, Pennsylvania, Connecticut and Missouri.@@@@1@29@@oe@2-2-2013
21296007@unknown@formal@none@1@S@Officials in some of these states say they don't want to simply accept the settlements offered by Drexel.@@@@1@18@@oe@2-2-2013
21296008@unknown@formal@none@1@S@They question if Drexel is getting easier treatment than the many small penny-stock firms whose brokerage licenses are routinely revoked.@@@@1@20@@oe@2-2-2013
21296009@unknown@formal@none@1@S@Drexel has to settle with state securities regulators in the wake of its criminal guilty plea and a related civil settlement with the Securities and Exchange Commission that includes payment of $650 million in penalties.@@@@1@35@@oe@2-2-2013
21296010@unknown@formal@none@1@S@These stem from a two-year federal investigation of insider trading and securities fraud on Wall Street.@@@@1@16@@oe@2-2-2013
21296011@unknown@formal@none@1@S@Ohio, the District of Columbia, Tennessee and Illinois have been less resistant to Drexel than the other six states, but nonetheless have refused to settle so far, say those familiar with the discussions.@@@@1@33@@oe@2-2-2013
21296012@unknown@formal@none@1@S@Drexel says it doesn't expect any of its state brokerage licenses will be revoked, and even if some are, its securities business wouldn't be directly hurt.@@@@1@26@@oe@2-2-2013
21296013@unknown@formal@none@1@S@It already has sold its retail, or individual-investor, brokerage network; securities firms don't need brokerage licenses for non-retail activities such as investment banking.@@@@1@23@@oe@2-2-2013
21296014@unknown@formal@none@1@S@Still, if nothing else, a revoked brokerage license could be a burden because it must be disclosed in many of the transactions in which Drexel could be involved.@@@@1@28@@oe@2-2-2013
21296015@unknown@formal@none@1@S@Securities regulators praise Drexel for its energetic effort, led by government-approved general counsel Saul S. Cohen, to settle its legal problems with the states.@@@@1@24@@oe@2-2-2013
21296016@unknown@formal@none@1@S@But they disagree about the message these settlements give to the public.@@@@1@12@@oe@2-2-2013
21296017@unknown@formal@none@1@S@"There was a lot of internal debate about that specific issue," said Susan Bryant, Oklahoma's chief securities regulator and president of the North American Securities Administrators Association, which drafted a voluntary settlement plan for the states with Drexel.@@@@1@38@@oe@2-2-2013
21296018@unknown@formal@none@1@S@The question, she said, is whether Drexel should be allowed to pay and move on, or "whether you should (simply) revoke the license when someone is convicted of a felony."@@@@1@30@@oe@2-2-2013
21296019@unknown@formal@none@1@S@While Ms. Bryant's state went ahead and accepted Drexel's settlement offer of $25,000, she said: "I don't have any argument with those who came to different conclusions.@@@@1@27@@oe@2-2-2013
21296020@unknown@formal@none@1@S@I can see both sides."@@@@1@5@@oe@2-2-2013
21296021@unknown@formal@none@1@S@Similarly, Alfred Rubega, New Hampshire's director of securities regulation, said his state hadn't received any complaints about Drexel, so it really couldn't press the issue.@@@@1@25@@oe@2-2-2013
21296022@unknown@formal@none@1@S@Still, "I understand the reasons" that other states are holding out, he said.@@@@1@13@@oe@2-2-2013
21296023@unknown@formal@none@1@S@Mr. Cohen, the Drexel general counsel, said, "I don't think, as we say in investment banking, that `by the end of the day' we'll be losing any licenses."@@@@1@28@@oe@2-2-2013
21296024@unknown@formal@none@1@S@Asked about states that are taking a hard line, he said, "There are states that have asked for additional information, which we are providing to them."@@@@1@26@@oe@2-2-2013
21296025@unknown@formal@none@1@S@Mr. Cohen said more than $2.8 million has been paid to 26 states and that Drexel still expects to pay out a total of $11.5 million.@@@@1@26@@oe@2-2-2013
21296026@unknown@formal@none@1@S@By the end of this week, Drexel should have another three to four settlements, Mr. Cohen said.@@@@1@17@@oe@2-2-2013
21296027@unknown@formal@none@1@S@"The rate we're going, I think that by the end of the month, we're looking to have a total of 30 to 35," he said.@@@@1@25@@oe@2-2-2013
21296028@unknown@formal@none@1@S@That total would be important for Drexel.@@@@1@7@@oe@2-2-2013
21296029@unknown@formal@none@1@S@The investment bank has previously announced that as part of its punishment it would create an independent foundation to promote ethical behavior in the securities industry.@@@@1@26@@oe@2-2-2013
21296030@unknown@formal@none@1@S@A proviso to that promise is that a minimum of 35 states reach settlement agreements before next Tuesday.@@@@1@18@@oe@2-2-2013
21296031@unknown@formal@none@1@S@There are, according to several securities commissioners, at least 16 states that are either close to settlements with Drexel or who don't appear opposed to settling.@@@@1@26@@oe@2-2-2013
21296032@unknown@formal@none@1@S@Drexel's proposed state fines have been based on a state's population and on the size of Drexel's business in the state.@@@@1@21@@oe@2-2-2013
21296033@unknown@formal@none@1@S@New Jersey, for example, was asked to accept $300,000, but refused.@@@@1@11@@oe@2-2-2013
21296034@unknown@formal@none@1@S@The state isn't ruling out revoking Drexel's brokerage license.@@@@1@9@@oe@2-2-2013
21296035@unknown@formal@none@1@S@The state can also bar Drexel as an investment adviser.@@@@1@10@@oe@2-2-2013
21296036@unknown@formal@none@1@S@State officials won't describe their position in detail, but James McLelland Smith, state securities chief, said: "We really are still looking at it and have informed (Drexel) that the proposal is really not sufficient for settlement."@@@@1@36@@oe@2-2-2013
21296037@unknown@formal@none@1@S@Connecticut already has issued a "notice of intent" to revoke Drexel's brokerage license.@@@@1@13@@oe@2-2-2013
21296038@unknown@formal@none@1@S@It is one of the states that have met with Mr. Cohen and asked for additional information about investors' accounts and other matters.@@@@1@23@@oe@2-2-2013
21296039@unknown@formal@none@1@S@"This particular issue goes to the very integrity of the capital-formation market," state Banking Commissioner Howard Brown said.@@@@1@18@@oe@2-2-2013
21296040@unknown@formal@none@1@S@A banking department spokesman added: "Commissioner Brown doesn't feel that money alone is the issue here."@@@@1@16@@oe@2-2-2013
21296041@unknown@formal@none@1@S@Particularly touchy are the cases of New York, which is Drexel's base, and California, the base of Drexel's highly profitable junk-bond operation that led to the firm's legal difficulties.@@@@1@29@@oe@2-2-2013
21296042@unknown@formal@none@1@S@Neither state has settled, and officials in the two states won't discuss their reasons for not doing so.@@@@1@18@@oe@2-2-2013
21296043@unknown@formal@none@1@S@But Drexel has made it clear it could mount a significant legal battle in each state if its license is revoked, according to state officials.@@@@1@25@@oe@2-2-2013
21296044@unknown@formal@none@1@S@Ms. Bryant, the head of the state securities group, said Drexel has done a better job of settling with the states than E.F. Hutton did after its guilty plea to a massive check-kiting scheme several years ago.@@@@1@37@@oe@2-2-2013
21296045@unknown@formal@none@1@S@Still, she said, Drexel's trouble with some states isn't a bad thing.@@@@1@12@@oe@2-2-2013
21296046@unknown@formal@none@1@S@"This process should point out that it's not going to be easy for a firm that's convicted of a felony to immediately jump back into the retail business," Ms. Bryant said.@@@@1@31@@oe@2-2-2013
21296047@unknown@formal@none@1@S@"We need to have somebody worried so they don't do this again."@@@@1@12@@oe@2-2-2013
21296048@unknown@formal@none@1@S@These are the 26 states, including the commonwealth of Puerto Rico, that have settled with Drexel: Alaska, Arkansas, Delaware, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Minnesota, Mississippi, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Utah, Vermont, Washington, Wyoming and Puerto Rico.@@@@1@49@@oe@2-2-2013
21297001@unknown@formal@none@1@S@Time Warner Inc. reported a third-quarter net loss of $176 million, or $2.88 cents a share, reflecting acquisition costs for a 59.3% stake in Warner Communications Inc. and the purchase method of accounting for the transaction.@@@@1@36@@oe@2-2-2013
21297002@unknown@formal@none@1@S@Separately, Warner reported a net loss of $106 million, or 56 cents a share, including merger expenses of $100 million and $120 million in charges associated with stock-appreciation-based compensation plans.@@@@1@30@@oe@2-2-2013
21297003@unknown@formal@none@1@S@Time Warner is in the process of completing its acquisition of the remaining Warner shares.@@@@1@15@@oe@2-2-2013
21297004@unknown@formal@none@1@S@Time Warner emphasized in a news release that it should be evaluated based on its cash flow, which the company defined as earnings before interest, taxes, depreciation and amortization.@@@@1@29@@oe@2-2-2013
21297005@unknown@formal@none@1@S@On a pro-forma basis, assuming the merger was effective Jan 1, 1988, including the results from both Time Inc. and all of Warner, that cash flow figure would be $526 million for the latest quarter, more than double the comparable figure a year ago, or $242 million, according to Time Warner.@@@@1@51@@oe@2-2-2013
21297006@unknown@formal@none@1@S@Some analysts at least are buying that argument, and weren't alarmed by the losses.@@@@1@14@@oe@2-2-2013
21297007@unknown@formal@none@1@S@"What really matters is the operating income of the divisions: I look at these numbers and I say, these businesses are doing well," said Mark Manson, a vice president of Donaldson, Lufkin & Jenrette Securities Corp.@@@@1@36@@oe@2-2-2013
21297008@unknown@formal@none@1@S@"For example, Warner made more than $100 million from filmed entertainment in three months.@@@@1@14@@oe@2-2-2013
21297009@unknown@formal@none@1@S@That's a big number.@@@@1@4@@oe@2-2-2013
21297010@unknown@formal@none@1@S@Warner also had a gain of more than 13% from records and music publishing, even though the domestic record business was sluggish this summer."@@@@1@24@@oe@2-2-2013
21297011@unknown@formal@none@1@S@In the year-ago third quarter, Time on its own reported net income of $81 million, or $1.42 a share.@@@@1@19@@oe@2-2-2013
21297012@unknown@formal@none@1@S@Combined revenue for the latest quarter of Time Warner was $2.2 billion, compared with the year-ago Time revenue of $1.1 billion.@@@@1@21@@oe@2-2-2013
21297013@unknown@formal@none@1@S@On a pro forma basis, including all of Warner's earnings, Time Warner had a third-quarter loss of $217 million, compared with a $342 million loss a year earlier.@@@@1@28@@oe@2-2-2013
21297014@unknown@formal@none@1@S@On the same basis, revenue rose to $2.7 billion from $2.2 billion.@@@@1@12@@oe@2-2-2013
21297015@unknown@formal@none@1@S@For the third quarter, Warner's $106 million loss compared with a year-ago loss of $113 million, or 90 cents a share.@@@@1@21@@oe@2-2-2013
21297016@unknown@formal@none@1@S@Revenue rose to $1.5 billion from $1.1 billion.@@@@1@8@@oe@2-2-2013
21297017@unknown@formal@none@1@S@The 1988 figures were restated to include the results of Lorimar Telepictures Corp., which Warner acquired in January.@@@@1@18@@oe@2-2-2013
21297018@unknown@formal@none@1@S@Time Warner's operating earnings got a boost from Warner's record box-office results.@@@@1@12@@oe@2-2-2013
21297019@unknown@formal@none@1@S@"Batman" alone has racked up more than $247 million in box-office receipts to date, making it Warner Bros.' largest grossing film ever.@@@@1@22@@oe@2-2-2013
21297020@unknown@formal@none@1@S@"Lethal Weapon II" was also a big hit.@@@@1@8@@oe@2-2-2013
21297021@unknown@formal@none@1@S@Warner also contributed record results from its music business, where unit sales of compact discs rose more than 50% from a year ago, the company said, helped by Prince's "Batman" soundtrack.@@@@1@31@@oe@2-2-2013
21297022@unknown@formal@none@1@S@Time Warner said its cable division turned in a 77% increase in operating cash flow, to $166 million from $94 million, reflecting higher per-subscriber revenue.@@@@1@25@@oe@2-2-2013
21297023@unknown@formal@none@1@S@In addition, the 1988 results included a $20 million charge reflecting a reserve for relocation related expenses at American Television & Communications Corp.@@@@1@23@@oe@2-2-2013
21297024@unknown@formal@none@1@S@On the other hand, Time Warner said its operating cash flow declined in the quarter for its magazine division, its books division and the Home Box Office programming division.@@@@1@29@@oe@2-2-2013
21297025@unknown@formal@none@1@S@In magazines, higher advertising revenues at Sports Illustrated and Fortune were offset by lower ad revenue for other major magazines.@@@@1@20@@oe@2-2-2013
21297026@unknown@formal@none@1@S@The programming division saw a decline in operating cash flow because the year-ago quarter included a $12 million dividend from Turner Broadcasting System and because the quarter includes expenses associated with the Nov. 15 launch of HBO's Comedy Channel.@@@@1@39@@oe@2-2-2013
21297027@unknown@formal@none@1@S@In New York Stock Exchange composite trading, Time Warner closed at $138.625 a share, up $1.875, while Warner closed at $63.875 a share, up 12.5 cents.@@@@1@26@@oe@2-2-2013
21298001@unknown@formal@none@1@S@Robert J. Penn, president and chief executive officer, will take early retirement from this steelmaker Dec 31.@@@@1@17@@oe@2-2-2013
21298002@unknown@formal@none@1@S@William S. Leavitt, chairman, said Mr. Penn, 58 years old, would continue as a consultant and would work with the board in selecting a successor.@@@@1@25@@oe@2-2-2013
21298003@unknown@formal@none@1@S@UNR recently emerged from bankruptcy-law proceedings that left 64% of the reorganized company's common stock in the hands of trustees of an asbestos-disease claims trust.@@@@1@25@@oe@2-2-2013
21298004@unknown@formal@none@1@S@The company said it would have no further comment.@@@@1@9@@oe@2-2-2013
21298005@unknown@formal@none@1@S@Mr. Leavitt, 37, was elected chairman earlier this year by the company's new board, having served as vice president for legal and corporate affairs.@@@@1@24@@oe@2-2-2013
21298006@unknown@formal@none@1@S@His father, David S. Leavitt, was chairman and chief executive until his death in an accident five years ago, at which time Mr. Penn was named president.@@@@1@27@@oe@2-2-2013
21299001@unknown@formal@none@1@S@Some House Democrats are trying to head off an appointment by President Bush to the board that oversees the savings-and-loan bailout, contending that the prospective nominee is the head of troubled banks himself.@@@@1@33@@oe@2-2-2013
21299002@unknown@formal@none@1@S@Four Democrats on the House Banking Committee sent President Bush a letter stating their concerns about the expected appointment of James Simmons, an Arizona banker and former fund-raiser for Mr. Bush, to the Oversight Board of the Resolution Trust Corp.@@@@1@40@@oe@2-2-2013
21299003@unknown@formal@none@1@S@The Oversight Board, created in the savings-and-loan law signed in August, sets policy for the RTC, which will sell hundreds of the nation's sick thrifts and billions of dollars of their assets.@@@@1@32@@oe@2-2-2013
21299004@unknown@formal@none@1@S@Treasury Secretary Nicholas Brady, Federal Reserve Board Chairman Alan Greenspan and Housing and Urban Development Secretary Jack Kemp are members of the board.@@@@1@23@@oe@2-2-2013
21299005@unknown@formal@none@1@S@President Bush must appoint two other members, one a Democrat and one a Republican.@@@@1@14@@oe@2-2-2013
21299006@unknown@formal@none@1@S@An administration official confirmed last week that Mr. Simmons, the chairman of Valley National Bank in Phoenix, is the Republican appointee, and that a security clearance was under way.@@@@1@29@@oe@2-2-2013
21299007@unknown@formal@none@1@S@The Democratic appointee hasn't been determined, the official said.@@@@1@9@@oe@2-2-2013
21299008@unknown@formal@none@1@S@Mr. Simmons declined to comment, and the White House said the congressmen's letter is under review.@@@@1@16@@oe@2-2-2013
21299009@unknown@formal@none@1@S@The letter, dated last Thursday, cited the losses at Valley National, and at United Bank, also of Phoenix, where Mr. Simmons was chairman for 29 years.@@@@1@26@@oe@2-2-2013
21299010@unknown@formal@none@1@S@Both banks have been battered, as have other Arizona banks, by falling real estate prices.@@@@1@15@@oe@2-2-2013
21299011@unknown@formal@none@1@S@Valley National, for example, had $470 million in problem assets as of June.@@@@1@13@@oe@2-2-2013
21299012@unknown@formal@none@1@S@"We believe that there are numerous other candidates more qualified for this important position and we encourage you to give them your thorough consideration before making this key RTC appointment," the letter said.@@@@1@33@@oe@2-2-2013
21299013@unknown@formal@none@1@S@"The RTC needs the most able, competent management available."@@@@1@9@@oe@2-2-2013
21299014@unknown@formal@none@1@S@But Mr. Simmons has long ties to both Republicans and banking.@@@@1@11@@oe@2-2-2013
21299015@unknown@formal@none@1@S@He was co-chairman of Mr. Bush's Arizona campaign committee in last year's election, and also worked for Mr. Bush in the 1980 election.@@@@1@23@@oe@2-2-2013
21299016@unknown@formal@none@1@S@The two met more than 30 years ago, when Mr. Simmons worked for Commercial Bank & Trust Co. of Midland, Texas, where Mr. Bush was an organizing director.@@@@1@28@@oe@2-2-2013
21299017@unknown@formal@none@1@S@In 1986, Mr. Simmons also served on a committee of businessmen headed by William Seidman, chairman of the Federal Deposit Insurance Corp. and the Resolution Trust Corp.@@@@1@27@@oe@2-2-2013
21299018@unknown@formal@none@1@S@That committee determined to open Arizona to banking across state lines.@@@@1@11@@oe@2-2-2013
21299019@unknown@formal@none@1@S@Arizona Trend magazine referred to Mr. Simmons this year as one of the 25 most influential people in the state.@@@@1@20@@oe@2-2-2013
21299020@unknown@formal@none@1@S@The letter to Mr. Bush was signed by Reps. Bruce Vento (D., Minn.), the chairman of the Banking Committee's RTC Task Force, Thomas McMillen (D., Md.), Kweisi Mfume (D., Md.) and Paul Kanjorski (D., Pa.).@@@@1@35@@oe@2-2-2013