21316010@unknown@formal@none@1@S@Industry analysts have said that the purchase price for the paper was too high, causing a strain on Goodson's finances.@@@@1@20@@oe@2-2-2013
21316011@unknown@formal@none@1@S@Investment bankers familiar with the company said Goodson is seeking a new bank credit line of $190 million and may have to sell additional newspapers.@@@@1@25@@oe@2-2-2013
21316012@unknown@formal@none@1@S@David N. Hurwitz, president and chief operating officer of Goodson, said in a telephone interview that the company doesn't currently have any plans to sell additional newspapers.@@@@1@27@@oe@2-2-2013
21316013@unknown@formal@none@1@S@Goodson said David Carr, former president of Ingersoll Publications, and Ray Cockburn, former senior vice president, would head the new in-house management team at Goodson, which had revenue of $225 million in 1988.@@@@1@33@@oe@2-2-2013
21316014@unknown@formal@none@1@S@The association between the two companies stretches back thirty years to a friendship between television producer Mark Goodson and Ingersoll founder Ralph Ingersoll.@@@@1@23@@oe@2-2-2013
21316015@unknown@formal@none@1@S@The latter's son, Ralph Ingersoll Jr., took over the company and has been managing the Goodson properties and acting as an agent in the purchase of newspapers for Goodson.@@@@1@29@@oe@2-2-2013
21316016@unknown@formal@none@1@S@But in recent years, Mr. Ingersoll began focusing more on expanding his own newspaper empire in partnership with investment banking firm Warburg, Pincus & Co.@@@@1@25@@oe@2-2-2013
21316017@unknown@formal@none@1@S@Ingersoll has 28 dailies and 200 other non-daily papers in the U.S. and Europe.@@@@1@14@@oe@2-2-2013
21316018@unknown@formal@none@1@S@The company said its revenue will exceed $750 million this year.@@@@1@11@@oe@2-2-2013
21316019@unknown@formal@none@1@S@Ingersoll President Robert M. Jelenic said in a statement that the company is "delighted by the conclusion of the Goodson relationship" and will be able to "concentrate all our energies" on Ingersoll's own papers.@@@@1@34@@oe@2-2-2013
21316020@unknown@formal@none@1@S@Mr. Goodson, in his own statement, was less upbeat, saying "unfortunately over the past few years, it has become increasingly clear that Ralph and I have different agendas," and that he feels "more comfortable with a management team whose sole interest and responsibility is in the Goodson papers.@@@@1@48@@oe@2-2-2013
21317001@unknown@formal@none@1@S@Just five months after Ogilvy Group was swallowed up in an unsolicited takeover, Kenneth Roman, Ogilvy's chairman and chief executive officer, said he is leaving to take a top post at American Express Co.@@@@1@34@@oe@2-2-2013
21317002@unknown@formal@none@1@S@Mr. Roman, 59 years old, abruptly announced he will leave the venerable ad agency, whose largest client is American Express, to become American Express's executive vice president for corporate affairs and communications.@@@@1@32@@oe@2-2-2013
21317003@unknown@formal@none@1@S@He will succeed Harry L. Freeman, 57, who has said he will retire in December.@@@@1@15@@oe@2-2-2013
21317004@unknown@formal@none@1@S@Mr. Freeman said in August that he would retire by the end of this year to take "executive responsibility" for an embarrassing effort to discredit banker Edmond Safra.@@@@1@28@@oe@2-2-2013
21317005@unknown@formal@none@1@S@American Express representatives apparently influenced the publication of unfavorable articles about Mr. Safra.@@@@1@13@@oe@2-2-2013
21317006@unknown@formal@none@1@S@The company later apologized and agreed to make $8 million in contributions to charities chosen by him.@@@@1@17@@oe@2-2-2013
21317007@unknown@formal@none@1@S@Although Mr. Freeman is retiring, he will continue to work as a consultant for American Express on a project basis.@@@@1@20@@oe@2-2-2013
21317008@unknown@formal@none@1@S@Ad industry executives weren't surprised by Mr. Roman's decision to leave Ogilvy.@@@@1@12@@oe@2-2-2013
21317009@unknown@formal@none@1@S@The agency, under his direction, bitterly fought a takeover attempt by WPP Group PLC of London before succumbing in May.@@@@1@20@@oe@2-2-2013
21317010@unknown@formal@none@1@S@And although Mr. Roman and WPP's chief executive, Martin Sorrell, have gone out of their way to be publicly supportive of each other, people close to Mr. Roman say he was unhappy giving up control of the company.@@@@1@38@@oe@2-2-2013
21317011@unknown@formal@none@1@S@Some executives also cite tension because of efforts by Mr. Sorrell, a financial man, to cut costs at the agency.@@@@1@20@@oe@2-2-2013
21317012@unknown@formal@none@1@S@Mr. Roman will be succeeded as the head of Ogilvy's flagship ad agency, Ogilvy & Mather Worldwide, by Graham Phillips, 50, who had been president of North American operations and who, like Mr. Sorrell, is British.@@@@1@36@@oe@2-2-2013
21317013@unknown@formal@none@1@S@Alexander Brody, 56, will take on the newly created position of president of the world-wide agency and chief executive of its international operations.@@@@1@23@@oe@2-2-2013
21317014@unknown@formal@none@1@S@He had been president of the international operations.@@@@1@8@@oe@2-2-2013
21317015@unknown@formal@none@1@S@Mr. Roman also had overseen Ogilvy Group's two other units, the Scali McCabe Sloves advertising agency and its research division, but those units will now report directly to WPP.@@@@1@29@@oe@2-2-2013
21317016@unknown@formal@none@1@S@Mr. Roman appears custom-made for the American Express job.@@@@1@9@@oe@2-2-2013
21317017@unknown@formal@none@1@S@Known as a traditional executive, he is very much in the conservative American Express mold.@@@@1@15@@oe@2-2-2013
21317018@unknown@formal@none@1@S@Moreover, after 26 years at Ogilvy he had honed a reputation for being squeaky-clean and a straight arrow -- which can only help American Express in the wake of the Safra incident.@@@@1@32@@oe@2-2-2013
21317019@unknown@formal@none@1@S@He also is close to American Express's chairman and chief executive officer, James D. Robinson III.@@@@1@16@@oe@2-2-2013
21317020@unknown@formal@none@1@S@Aside from working with Mr. Robinson on the American Express advertising account for about 11 years, Mr. Roman serves on several of the same charities and boards as Mr. Robinson.@@@@1@30@@oe@2-2-2013
21317021@unknown@formal@none@1@S@The abrupt management change sparked widespread speculation that Mr. Roman had been pushed out of Ogilvy's top spot by Mr. Sorrell.@@@@1@21@@oe@2-2-2013
21317022@unknown@formal@none@1@S@But Mr. Roman flatly denied the speculation, saying Mr. Sorrell had tried several times to persuade him to stay, offering various incentives and in one instance sending a note with a case of wine (The wine, naturally, was Seagram's brand, an Ogilvy client).@@@@1@43@@oe@2-2-2013
21317023@unknown@formal@none@1@S@"He asked me not to resign.@@@@1@6@@oe@2-2-2013
21317024@unknown@formal@none@1@S@The implication that I was pushed aside wouldn't be accurate," Mr. Roman said.@@@@1@13@@oe@2-2-2013
21317025@unknown@formal@none@1@S@Mr. Sorrell, traveling in the Far East, couldn't be reached.@@@@1@10@@oe@2-2-2013
21317026@unknown@formal@none@1@S@Mr. Roman said American Express's Mr. Robinson first approached him about the job in late September.@@@@1@16@@oe@2-2-2013
21317027@unknown@formal@none@1@S@According to industry executives, Peter Sutherland, a former European Community commissioner from Ireland, was also a serious contender for the American Express job.@@@@1@23@@oe@2-2-2013
21317028@unknown@formal@none@1@S@Although it ultimately wasn't offered to him, he will be on retainer to American Express as an adviser on international matters.@@@@1@21@@oe@2-2-2013
21317029@unknown@formal@none@1@S@After talking on and off for the past four weeks, Mr. Roman said, he agreed to take the job because "it's the right time, it's a terrific opportunity, and I think I leave the company in very strong hands.@@@@1@39@@oe@2-2-2013
21317030@unknown@formal@none@1@S@It was my decision, not anyone else's."@@@@1@7@@oe@2-2-2013
21317031@unknown@formal@none@1@S@Mr. Roman also brushed aside reports about infighting between him and Mr. Phillips, his successor at Ogilvy.@@@@1@17@@oe@2-2-2013
21317032@unknown@formal@none@1@S@The two executives could hardly be more different.@@@@1@8@@oe@2-2-2013
21317033@unknown@formal@none@1@S@Mr. Roman comes across as a low-key executive; Mr. Phillips has a flashier personality.@@@@1@14@@oe@2-2-2013
21317034@unknown@formal@none@1@S@During time off, Mr. Roman tends to his garden; Mr. Phillips confesses to a fondness for, among other things, fast cars and planes.@@@@1@23@@oe@2-2-2013
21317035@unknown@formal@none@1@S@Industry executives say that although the two executives used to clash more frequently, the WPP takeover brought them closer together.@@@@1@20@@oe@2-2-2013
21317036@unknown@formal@none@1@S@"I'm the guy who made him head of New York, head of the U.S., president of North America, and recommended him {to Mr. Sorrell} as my successor.@@@@1@27@@oe@2-2-2013
21317037@unknown@formal@none@1@S@Would I have done all those things successively if I didn't think he was the right guy?" Mr. Roman asked.@@@@1@20@@oe@2-2-2013
21317038@unknown@formal@none@1@S@He labeled reports of friction "ridiculous," and said that he spent part of the weekend on Mr. Phillips's boat in Connecticut.@@@@1@21@@oe@2-2-2013
21317039@unknown@formal@none@1@S@Mr. Roman will oversee American Express's public relations and government affairs, among other things, but he won't be involved in its advertising, which is handled by the operating units.@@@@1@29@@oe@2-2-2013
21317040@unknown@formal@none@1@S@"I consider this a second career," he said.@@@@1@8@@oe@2-2-2013
21317041@unknown@formal@none@1@S@He also will sit on the company's corporate planning and policy committee, made up of the top corporate and operating executives.@@@@1@21@@oe@2-2-2013
21317042@unknown@formal@none@1@S@Mr. Roman's departure isn't expected to have any enormous repercussions at Ogilvy.@@@@1@12@@oe@2-2-2013
21317043@unknown@formal@none@1@S@American Express, Kraft General Foods, and Mattel executives said the move won't affect their relationships with the ad agency.@@@@1@19@@oe@2-2-2013
21317044@unknown@formal@none@1@S@"General Foods's relationships with its agencies are based on the agencies' work, and will continue to be," said David Hurwitt, a vice president of Kraft General Foods.@@@@1@27@@oe@2-2-2013
21317045@unknown@formal@none@1@S@But some clients and analysts expressed concern that Mr. Phillips isn't as well-known to many clients.@@@@1@16@@oe@2-2-2013
21317046@unknown@formal@none@1@S@"Ken was my key contact," said J. Nicholas Hahn, president and chief executive officer of Cotton Inc., which represents cotton producers.@@@@1@21@@oe@2-2-2013
21317047@unknown@formal@none@1@S@"I don't know {Mr. Phillips} all that well.@@@@1@8@@oe@2-2-2013
21317048@unknown@formal@none@1@S@I haven't seen or talked to him in several years."@@@@1@10@@oe@2-2-2013
21317049@unknown@formal@none@1@S@And some analysts questioned whether Mr. Phillips would have the skills Ogilvy needs to turn the agency around.@@@@1@18@@oe@2-2-2013
21317050@unknown@formal@none@1@S@While the agency has done well in many parts of the world, its flagship New York office has had a dismal track record recently; it has won few new accounts while losing big ones, including Maxwell House.@@@@1@37@@oe@2-2-2013
21317051@unknown@formal@none@1@S@"I think {Mr. Phillips} is going to need some help.@@@@1@10@@oe@2-2-2013
21317052@unknown@formal@none@1@S@I think they need creative leadership, and I don't think they have it," said Emma Hill, an analyst with Wertheim & Co.@@@@1@22@@oe@2-2-2013
21317053@unknown@formal@none@1@S@Ogilvy & Mather's top creative executive, Norman Berry, left the agency earlier this year.@@@@1@14@@oe@2-2-2013
21317054@unknown@formal@none@1@S@"Norm Berry was a creative inspiration at the company, and nobody has filled that void," said Ms. Hill.@@@@1@18@@oe@2-2-2013
21317055@unknown@formal@none@1@S@But other analysts said that having Mr. Phillips succeed Mr. Roman would make for a smooth transition.@@@@1@17@@oe@2-2-2013
21317056@unknown@formal@none@1@S@"Graham Phillips has been there a long time, knows the culture well, is aggressive, and apparently gets along well with" Mr. Sorrell, said Andrew Wallach, an analyst with Drexel Burnham Lambert.@@@@1@31@@oe@2-2-2013
21317057@unknown@formal@none@1@S@"It's probably a reasonable transition.@@@@1@5@@oe@2-2-2013
21317058@unknown@formal@none@1@S@Hopefully, he'll be the answer to the problems they've had in New York."@@@@1@13@@oe@2-2-2013
21317059@unknown@formal@none@1@S@Sale of Saatchi Unit Close@@@@1@5@@oe@2-2-2013
21317060@unknown@formal@none@1@S@Computer Sciences Corp., El Segundo, Calif., said it is close to making final an agreement to buy Cleveland Consulting Associates from Saatchi & Saatchi@@@@1@24@@oe@2-2-2013
21317061@unknown@formal@none@1@S@Computer Sciences wouldn't disclose the proposed purchase price for Cleveland Consulting, which counsels companies on logistics and supply.@@@@1@18@@oe@2-2-2013
21317062@unknown@formal@none@1@S@But David Lord, managing editor of Consultants News, an industry publication based in Fitzwilliam, N.H., said an industry standard would suggest a purchase price of between one and two times Cleveland Consulting's approximately $15 million annual revenue.@@@@1@37@@oe@2-2-2013
21317063@unknown@formal@none@1@S@Both Saatchi & Saatchi, which announced its intention to sell off most of its consulting business in June, and Cleveland Consulting declined to comment on the proposed sale.@@@@1@28@@oe@2-2-2013
21317064@unknown@formal@none@1@S@Ad Notes. . . .@@@@1@5@@oe@2-2-2013
21317065@unknown@formal@none@1@S@NEW ACCOUNT:@@@@1@2@@oe@2-2-2013
21317066@unknown@formal@none@1@S@AmBase Corp., New York, awarded the ad account for its Home Insurance Co. unit to Biederman, Kelly & Shaffer, New York.@@@@1@21@@oe@2-2-2013
21317067@unknown@formal@none@1@S@Billings weren't disclosed. . . .@@@@1@6@@oe@2-2-2013
21317068@unknown@formal@none@1@S@Puerto Rico Telephone Co. awarded its $3 million account to West Indies & Grey, Grey Advertising's office in Puerto Rico.@@@@1@20@@oe@2-2-2013
21317069@unknown@formal@none@1@S@DIET COKE:@@@@1@2@@oe@2-2-2013
21317070@unknown@formal@none@1@S@Coca-Cola Co. yesterday said singer Elton John signed to appear in an ad for Diet Coke.@@@@1@16@@oe@2-2-2013
21317071@unknown@formal@none@1@S@Details of the commercial, which will be part of the brand's 1990 advertising campaign, weren't disclosed.@@@@1@16@@oe@2-2-2013
21317072@unknown@formal@none@1@S@Mr. John becomes the latest of many music stars, including George Michael and Whitney Houston, to appear in ads for the diet drink.@@@@1@23@@oe@2-2-2013
21318001@unknown@formal@none@1@S@Turner Broadcasting System Inc. said it formed a unit to make and distribute movies to theaters overseas and, eventually, to U.S. theaters, too.@@@@1@23@@oe@2-2-2013
21318002@unknown@formal@none@1@S@The operator of cable-television networks said the new Turner Pictures unit will produce movies that will premiere on Turner Broadcasting's Turner Network Television channel, or TNT, and then will be released internationally in movie theaters.@@@@1@35@@oe@2-2-2013
21318003@unknown@formal@none@1@S@The unit's first two offerings are slated to be "The Secret Life of Ian Fleming," a dramatization about the former British spy who wrote the James Bond novels, and "Treasure Island," produced by Charlton Heston, who also stars in the movie.@@@@1@41@@oe@2-2-2013
21318004@unknown@formal@none@1@S@Ted Turner, Turner Broadcasting's chairman, was named chairman of Turner Pictures, and Gerry Hogan, president of Turner Entertainment Networks, was named president of the unit.@@@@1@25@@oe@2-2-2013
21318005@unknown@formal@none@1@S@In an interview, Mr. Hogan said the subsidiary's primary mission will be to make movies for TNT and to distribute them internationally.@@@@1@22@@oe@2-2-2013
21318006@unknown@formal@none@1@S@But he said Turner Broadcasting already has found some ideas that might work well as films for theatrical release in the U.S.@@@@1@22@@oe@2-2-2013
21318007@unknown@formal@none@1@S@"When that occurs, and when the time is right, we'll release the films in the U.S.," he said, adding that Turner Pictures may develop such movies next year for domestic release in 1991.@@@@1@33@@oe@2-2-2013
21318008@unknown@formal@none@1@S@Turner has made several movies, docudramas and documentaries for its networks in recent years, but the company has never acted as a full-fledged movie studio and released its own pictures to theaters.@@@@1@32@@oe@2-2-2013
21318009@unknown@formal@none@1@S@Mr. Hogan said "The Secret Life of Ian Fleming" and "Treasure Island" cost more than $6 million each to make, which is only about one-third the cost of most movies made for theatrical release.@@@@1@34@@oe@2-2-2013
21318010@unknown@formal@none@1@S@The Turner move is in line with a cable-TV trend toward more original programming -- and toward finding more ways to amortize the high cost of producing films.@@@@1@28@@oe@2-2-2013
21318011@unknown@formal@none@1@S@In July, Viacom Inc. formed Viacom Pictures to produce 12 low-budget movies a year that will premiere on Showtime network and be distributed later in various markets, including foreign theaters.@@@@1@30@@oe@2-2-2013
21319001@unknown@formal@none@1@S@In a sign the stock slump hasn't quieted Europe's takeover fever, Cie. Financiere de Paribas said it intends to bid for one of France's other large financial and industrial holding companies, Cie. de Navigation Mixte.@@@@1@35@@oe@2-2-2013
21319002@unknown@formal@none@1@S@Paribas said that once it receives the go-ahead from French stock market authorities, it will offer to boost its Navigation Mixte stake to 66.7% from the current 18.7%.@@@@1@28@@oe@2-2-2013
21319003@unknown@formal@none@1@S@Its cash-or-shares bid values Navigation Mixte at about 22.82 billion francs ($3.62 billion), making this one of France's largest-ever attempted takeovers.@@@@1@21@@oe@2-2-2013
21319004@unknown@formal@none@1@S@The cost of buying the additional 48% stake would be 10.95 billion francs ($1.74 billion).@@@@1@15@@oe@2-2-2013
21319005@unknown@formal@none@1@S@The move would greatly boost Paribas's stake in the insurance, transport and food businesses, where Navigation Mixte is strong.@@@@1@19@@oe@2-2-2013
21319006@unknown@formal@none@1@S@It also would make Paribas a major French ally of West Germany's Allianz AG insurance group.@@@@1@16@@oe@2-2-2013
21319007@unknown@formal@none@1@S@Allianz holds a 50% stake in Navigation Mixte's insurance interests, acquired three weeks ago.@@@@1@14@@oe@2-2-2013
21319008@unknown@formal@none@1@S@Those include Rhin et Moselle Vie and Via Assurances.@@@@1@9@@oe@2-2-2013
21319009@unknown@formal@none@1@S@Long considered a potential takeover target, Navigation Mixte had hoped Allianz would help protect it from raiders.@@@@1@17@@oe@2-2-2013
21319010@unknown@formal@none@1@S@That idea may have backfired.@@@@1@5@@oe@2-2-2013
21319011@unknown@formal@none@1@S@Paribas is Allianz's main French bank, and the Munich-based group said it intends to stay neutral.@@@@1@16@@oe@2-2-2013
21319012@unknown@formal@none@1@S@Navigation Mixte said it wouldn't have any comment until its board meets Wednesday.@@@@1@13@@oe@2-2-2013
21319013@unknown@formal@none@1@S@But Navigation Mixte is loosely held and hard to defend.@@@@1@10@@oe@2-2-2013
21319014@unknown@formal@none@1@S@"The defensive options are limited," says Philippe Braye, a partner in portfolio management concern France Finance Quatre.@@@@1@17@@oe@2-2-2013
21319015@unknown@formal@none@1@S@"Who would bid against Paribas?"@@@@1@5@@oe@2-2-2013
21319016@unknown@formal@none@1@S@If the Paribas bid succeeds, it will be the second time in two months a big French investment banking group has snapped up an insurance group.@@@@1@26@@oe@2-2-2013
21319017@unknown@formal@none@1@S@Last month, Paribas's archrival, Cie. Financiere de Suez, won a battle for Groupe Victoire, France's second-largest private-sector insurer, which itself had just acquired West Germany's Colonia Versicherung AG.@@@@1@28@@oe@2-2-2013
21319018@unknown@formal@none@1@S@That complex bid was billed as France's largest takeover ever (this one is slightly smaller).@@@@1@15@@oe@2-2-2013
21319019@unknown@formal@none@1@S@Moreover, Suez had just finished winning an even larger battle last year for control of Societe Generale de Belgique.@@@@1@19@@oe@2-2-2013
21319020@unknown@formal@none@1@S@Paribas officials, once considered France's toughest bankers, felt abashed at Suez's success and its rapid growth.@@@@1@16@@oe@2-2-2013
21319021@unknown@formal@none@1@S@Although Paribas denies it, analysts say the new bid in part simply reflects the continuing rivalry between France's two largest investment banking groups.@@@@1@23@@oe@2-2-2013
21319022@unknown@formal@none@1@S@It also reflects the broader pressure on companies in Europe to keep up as the European Community prepares to reduce internal trade barriers by 1992.@@@@1@25@@oe@2-2-2013
21319023@unknown@formal@none@1@S@Although Paribas Chairman Michel Francois-Poncet wouldn't rule out eventually selling all of Navigation Mixte's insurance operations to Allianz, he stressed the potential for the two groups instead to cooperate.@@@@1@29@@oe@2-2-2013
21319024@unknown@formal@none@1@S@He also told reporters the acquisition would give Paribas fresh diversity, bringing it properties in food and transport where it has been weak.@@@@1@23@@oe@2-2-2013
21319025@unknown@formal@none@1@S@Navigation Mixte has investments in a sugar company, a food and canning concern, a bakery and bus and trucking firms, among others.@@@@1@22@@oe@2-2-2013
21319026@unknown@formal@none@1@S@And Navigation Mixte has a huge hidden attraction.@@@@1@8@@oe@2-2-2013
21319027@unknown@formal@none@1@S@Payment by Allianz for the insurance interests it has just bought will help swell the French concern's treasury to an estimated 11 billion francs.@@@@1@24@@oe@2-2-2013
21319028@unknown@formal@none@1@S@Paribas said it will bid 1,850 francs a share for Navigation Mixte shares that qualify for a full yearly dividend, and 1,800 francs for those created July 1, which are eligible for partial dividends.@@@@1@34@@oe@2-2-2013
21319029@unknown@formal@none@1@S@Alternatively, it said it would offer three Paribas shares, themselves eligible for dividends as of next Jan. 1, for one Navigation Mixte share.@@@@1@23@@oe@2-2-2013
21319030@unknown@formal@none@1@S@Paribas shares closed down 30 francs at 610 francs, and Navigation Mixte shares were suspended at 1,800 francs pending the outcome of the bid.@@@@1@24@@oe@2-2-2013
21319031@unknown@formal@none@1@S@Paribas said it would publish details of its bid once authorities clear it.@@@@1@13@@oe@2-2-2013
21319032@unknown@formal@none@1@S@This is one of the first bids under new takeover rules aimed at encouraging open bids instead of gradual accumulation of large stakes.@@@@1@23@@oe@2-2-2013
21319033@unknown@formal@none@1@S@Some financial sources said privately that Paribas blundered in failing to move sooner for the insurance and industrial group, bidding only after speculation had pushed up the price.@@@@1@28@@oe@2-2-2013
21319034@unknown@formal@none@1@S@Mr. Francois-Poncet responded that his group initially intended to take only a minority stake, striking an alliance with current management.@@@@1@20@@oe@2-2-2013
21319035@unknown@formal@none@1@S@When notoriously independent-minded Navigation Mixte Chairman Marc Fournier rejected Paribas's offer and began buying Paribas shares in retaliation, Mr. Francois-Poncet said, he felt obliged to bid for control.@@@@1@28@@oe@2-2-2013
21319036@unknown@formal@none@1@S@He told reporters he had information that Mr. Fournier was preparing to buy as much as 20% of Paribas, up from less than 5% currently.@@@@1@25@@oe@2-2-2013
21319037@unknown@formal@none@1@S@A bid against Paribas couldn't be ruled out.@@@@1@8@@oe@2-2-2013
21319038@unknown@formal@none@1@S@France's second-largest government-owned insurance company, Assurances Generales de France, has been building its own Navigation Mixte stake, currently thought to be between 8% and 10%.@@@@1@25@@oe@2-2-2013
21319039@unknown@formal@none@1@S@Analysts said they don't think it is contemplating a takeover, however, and its officials couldn't be reached.@@@@1@17@@oe@2-2-2013
21320001@unknown@formal@none@1@S@Crude oil futures prices fell further as analysts and traders said OPEC oil producers aren't putting the brakes on output ahead of the traditionally weak first quarter.@@@@1@27@@oe@2-2-2013
21320002@unknown@formal@none@1@S@In trading on the New York Mercantile Exchange, the U.S. benchmark West Texas Intermediate crude fell 39 cents a barrel to $19.76 for December delivery.@@@@1@25@@oe@2-2-2013
21320003@unknown@formal@none@1@S@Petroleum products prices also declined.@@@@1@5@@oe@2-2-2013
21320004@unknown@formal@none@1@S@Analysts pointed to reports that the Organization of Petroleum Exporting Countries is producing substantially more than its official limit of 20.5 million barrels a day, with some accounts putting the 13-nation group's output as high as 23 million barrels a day.@@@@1@41@@oe@2-2-2013
21320005@unknown@formal@none@1@S@That level of production didn't take its toll on futures prices for the fourth quarter, when demand is traditionally strong.@@@@1@20@@oe@2-2-2013
21320006@unknown@formal@none@1@S@But because first-quarter demand is normally the weakest of the year, several market participants say, OPEC production will have to decline to keep prices from eroding further.@@@@1@27@@oe@2-2-2013
21320007@unknown@formal@none@1@S@The group plans to meet in a month to discuss production strategy for early 1990.@@@@1@15@@oe@2-2-2013
21320008@unknown@formal@none@1@S@With prices already headed lower, news of a series of explosions at a major Phillips Petroleum Co. chemical facility on the Houston Ship Channel also was bearish for prices.@@@@1@29@@oe@2-2-2013
21320009@unknown@formal@none@1@S@Even though such facilities use a relatively small amount of crude, analysts say, now the facility won't need any, at a time of already high availability.@@@@1@26@@oe@2-2-2013
21320010@unknown@formal@none@1@S@The Phillips plant makes polyethylene, polypropylene and other plastic products.@@@@1@10@@oe@2-2-2013
21320011@unknown@formal@none@1@S@A company official said the explosions began when a seal blew out.@@@@1@12@@oe@2-2-2013
21320012@unknown@formal@none@1@S@Dozens of workers were injured, authorities said.@@@@1@7@@oe@2-2-2013
21320013@unknown@formal@none@1@S@There was no immediate estimate of damage from the company.@@@@1@10@@oe@2-2-2013
21320014@unknown@formal@none@1@S@Some petroleum futures traders say technical considerations now will help to put downward pressure on futures prices.@@@@1@17@@oe@2-2-2013
21320015@unknown@formal@none@1@S@For instance, one trader said that prices inevitably will go lower now that they've fallen below $20 a barrel.@@@@1@19@@oe@2-2-2013
21320016@unknown@formal@none@1@S@"Our technician is a little bearish now that we've taken out $20," he said.@@@@1@14@@oe@2-2-2013
21320017@unknown@formal@none@1@S@In other commodity markets yesterday:@@@@1@5@@oe@2-2-2013
21320018@unknown@formal@none@1@S@COPPER:@@@@1@1@@oe@2-2-2013
21320019@unknown@formal@none@1@S@The selling that started on Friday continued yesterday.@@@@1@8@@oe@2-2-2013
21320020@unknown@formal@none@1@S@The December contract fell 3.85 cents a pound to $1.1960.@@@@1@10@@oe@2-2-2013
21320021@unknown@formal@none@1@S@London Metal Exchange warehouse stocks were down only 4,800 metric tons for the week to 84,500 tons; expectations late last week were a drop of 10,000 to 15,000 tons.@@@@1@29@@oe@2-2-2013
21320022@unknown@formal@none@1@S@The New York market made its high for the day on the opening and when it dropped below the $1.23-a-pound level, selling picked up as previous buyers bailed out of their positions and aggressive short sellers -- anticipating further declines -- moved in.@@@@1@43@@oe@2-2-2013
21320023@unknown@formal@none@1@S@Fund selling also picked up at that point.@@@@1@8@@oe@2-2-2013
21320024@unknown@formal@none@1@S@According to Bernard Savaiko, senior commodity analyst at PaineWebber, the only stability to the market came when short sellers periodically moved in to cover their positions by buying contracts.@@@@1@29@@oe@2-2-2013
21320025@unknown@formal@none@1@S@This activity produced small rallies, which in turn attracted new short selling.@@@@1@12@@oe@2-2-2013
21320026@unknown@formal@none@1@S@Mr. Savaiko noted that copper had a steep fall in spite of a weak dollar, which would normally support the U.S. copper market.@@@@1@23@@oe@2-2-2013
21320027@unknown@formal@none@1@S@Such support usually comes from arbitragers who use a strong British pound to buy copper in New York.@@@@1@18@@oe@2-2-2013
21320028@unknown@formal@none@1@S@"The sell-off would probably have been worse if the dollar had been strong," he said.@@@@1@15@@oe@2-2-2013
21320029@unknown@formal@none@1@S@Copper has been stuck in a trading range of $1.19 to $1.34.@@@@1@12@@oe@2-2-2013
21320030@unknown@formal@none@1@S@Mr. Savaiko believes that if copper falls below the bottom of this range the next significant support level will be about $1.04.@@@@1@22@@oe@2-2-2013
21320031@unknown@formal@none@1@S@PRECIOUS METALS:@@@@1@2@@oe@2-2-2013
21320032@unknown@formal@none@1@S@Platinum and palladium struggled to maintain their prices all day despite news stories over the weekend that recent cold fusion experiments, which use both metals, showed signs of producing extra heat.@@@@1@31@@oe@2-2-2013
21320033@unknown@formal@none@1@S@January platinum closed down $2.80 an ounce at $486.30, nearly $4 above its low for the day.@@@@1@17@@oe@2-2-2013
21320034@unknown@formal@none@1@S@December palladium was off $1.55 an ounce at $137.20.@@@@1@9@@oe@2-2-2013
21320035@unknown@formal@none@1@S@Platinum is believed to have good support around $480 and palladium at around $130.@@@@1@14@@oe@2-2-2013
21320036@unknown@formal@none@1@S@Some traders were thought to be waiting for the auto sales report, which will be released today.@@@@1@17@@oe@2-2-2013
21320037@unknown@formal@none@1@S@Such sales are watched closely by platinum and palladium traders because both metals are used in automobile catalytic converters.@@@@1@19@@oe@2-2-2013
21320038@unknown@formal@none@1@S@Mr. Savaiko theorized that the news on cold fusion didn't affect the market yesterday because many traders have already been badly burnt by such stories.@@@@1@25@@oe@2-2-2013
21320039@unknown@formal@none@1@S@He said the traders are demanding a higher level of proof before they will buy palladium again.@@@@1@17@@oe@2-2-2013
21320040@unknown@formal@none@1@S@Also weighing on both metals' prices is the role of the chief supplier, the Soviet Union.@@@@1@16@@oe@2-2-2013
21320041@unknown@formal@none@1@S@Many analysts believe that the Soviets' thirst for dollars this year to buy grain and other Western commodities and goods will bring them to the market whenever prices rally very much.@@@@1@31@@oe@2-2-2013
21320042@unknown@formal@none@1@S@GRAINS AND SOYBEANS:@@@@1@3@@oe@2-2-2013
21320043@unknown@formal@none@1@S@Prices closed mixed as contracts reacted to largely offsetting bullish and bearish news.@@@@1@13@@oe@2-2-2013
21320044@unknown@formal@none@1@S@On the Chicago Board of Trade, soybeans for November delivery closed at $5.63 a bushel, down half a cent, while the December wheat contract rose three-quarters of a cent to $4.0775 a bushel.@@@@1@33@@oe@2-2-2013
21320045@unknown@formal@none@1@S@Supporting prices was the announcement late Friday of additional grain sales to the Soviet Union.@@@@1@15@@oe@2-2-2013
21320046@unknown@formal@none@1@S@But acting as a drag on prices was the improved harvest weather over the weekend and the prospect for continued fair weather this week over much of the Farm Belt.@@@@1@30@@oe@2-2-2013
21320047@unknown@formal@none@1@S@Strong farmer selling over the weekend also weighed on prices.@@@@1@10@@oe@2-2-2013
21320048@unknown@formal@none@1@S@SUGAR:@@@@1@1@@oe@2-2-2013
21320049@unknown@formal@none@1@S@World prices tumbled, mostly from their own weight, according to analysts.@@@@1@11@@oe@2-2-2013
21320050@unknown@formal@none@1@S@The March contract ended at 13.79 cents a pound, down 0.37 cent.@@@@1@12@@oe@2-2-2013
21320051@unknown@formal@none@1@S@For the past week or so, traders have been expecting India to buy between 150,000 and 200,000 tons of refined sugar, and there have been expectations of a major purchase by Japan.@@@@1@32@@oe@2-2-2013
21320052@unknown@formal@none@1@S@But with no reports of either country actually entering the market, analysts said, futures prices became vulnerable.@@@@1@17@@oe@2-2-2013
21320053@unknown@formal@none@1@S@Developing countries such as India, some analysts said, seem to have made it a point to stay away whenever sugar reached the top of its trading range, around 14.75 cents, and wait for prices to return to the bottom of the range, around 13.50 cents.@@@@1@45@@oe@2-2-2013
21320054@unknown@formal@none@1@S@But Erik Dunlaevy, a sugar analyst with Balfour Maclaine International Ltd., said the explanation for the latest drop in sugar prices is much simpler: Speculators, he said, "got too long too soon and ran into resistance around the old contract highs."@@@@1@41@@oe@2-2-2013
21320055@unknown@formal@none@1@S@A PaineWebber analyst said that in light of a new estimate of a production increase of four million metric tons and only a modest increase in consumption, sugar isn't likely to rise above the top of its trading range without a crop problem in a major producing country.@@@@1@48@@oe@2-2-2013
21320056@unknown@formal@none@1@S@COCOA:@@@@1@1@@oe@2-2-2013
21320057@unknown@formal@none@1@S@Futures rallied modestly.@@@@1@3@@oe@2-2-2013
21320058@unknown@formal@none@1@S@The December contract rose $33 a metric ton to $1,027, near its high for the day.@@@@1@16@@oe@2-2-2013
21320059@unknown@formal@none@1@S@Gill & Duffus Ltd., a British cocoa-trading house, estimated that the 1989-90 world cocoa surplus would be 231,000 tons, down from 314,000 tons for the previous year.@@@@1@27@@oe@2-2-2013
21320060@unknown@formal@none@1@S@Market technicians were encouraged by the price patterns, which in the past have preceded sharp rallies.@@@@1@16@@oe@2-2-2013
21320061@unknown@formal@none@1@S@Recent prices for cocoa have been near levels last seen in the mid-1970s.@@@@1@13@@oe@2-2-2013
21320062@unknown@formal@none@1@S@At such prices, according to Mr. Savaiko, bargain hunting and short-covering -- buying back of contracts previously sold -- by speculators isn't uncommon.@@@@1@23@@oe@2-2-2013
21320063@unknown@formal@none@1@S@But Mr. Savaiko expects stepped-up producer selling at around the $1,040 to $1,050 level.@@@@1@14@@oe@2-2-2013
21320064@unknown@formal@none@1@S@He also noted that a strong sterling market yesterday might have helped cocoa in New York as arbitragers took advantage of the currency move.@@@@1@24@@oe@2-2-2013
21320065@unknown@formal@none@1@S@Sandra Kaul, research analyst at Shearson Lehman Hutton, said the market pushed higher mainly in anticipation of a late harvest in the Ivory Coast, a major cocoa producer.@@@@1@28@@oe@2-2-2013
21321001@unknown@formal@none@1@S@Rockwell International Corp. bought out Ikegai Corp.'s interest in Ikegai-Goss, a joint venture of the two companies based in Tokyo.@@@@1@20@@oe@2-2-2013
21321002@unknown@formal@none@1@S@The price was 3.6 billion yen ($25 million).@@@@1@8@@oe@2-2-2013
21321003@unknown@formal@none@1@S@The agreement provides that Ikegai Corp. will remain a supplier to Ikegai-Goss, which makes printing presses for the newspaper industry.@@@@1@20@@oe@2-2-2013
21321004@unknown@formal@none@1@S@The purchase was made by Rockwell Graphic Systems, a Chicago subsidiary of the El Segundo, Calif., concern.@@@@1@17@@oe@2-2-2013
21321005@unknown@formal@none@1@S@Ikegai-Goss, which has about 200 employees, is among the industry leaders in keyless inking technology, which reduces time and materials waste when preparing a press for printing.@@@@1@27@@oe@2-2-2013
21322001@unknown@formal@none@1@S@The bond market, which sometimes thrives on bad news, cheered yesterday's stock market sell-off and perceptions that the economy is growing weaker.@@@@1@22@@oe@2-2-2013
21322002@unknown@formal@none@1@S@Early in the day, bonds rose modestly on economists' forecasts that this week's slate of economic data will portray an economy headed for trouble.@@@@1@24@@oe@2-2-2013
21322003@unknown@formal@none@1@S@Such news is good for bonds because economic weakness sometimes causes the Federal Reserve to lower interest rates in an effort to stimulate the economy and stave off a recession.@@@@1@30@@oe@2-2-2013
21322004@unknown@formal@none@1@S@For example, today the Department of Commerce is scheduled to release the September durable goods report.@@@@1@16@@oe@2-2-2013
21322005@unknown@formal@none@1@S@The consensus forecast of 14 economists surveyed by Dow Jones Capital Markets Report is for a 1.2% drop in September orders.@@@@1@21@@oe@2-2-2013
21322006@unknown@formal@none@1@S@That would follow a 3.9% advance in August.@@@@1@8@@oe@2-2-2013
21322007@unknown@formal@none@1@S@Bonds received a bigger boost later in the day when stock prices moved broadly lower.@@@@1@15@@oe@2-2-2013
21322008@unknown@formal@none@1@S@The Dow Jones Industrial Average fell 26.23 points to 2662.91.@@@@1@10@@oe@2-2-2013
21322009@unknown@formal@none@1@S@"Bond investors have been watching stocks closely," said Joel Marver, chief fixed-income analyst at Technical Data Global Markets Group.@@@@1@19@@oe@2-2-2013
21322010@unknown@formal@none@1@S@"When you get a big sell-off in equities, money starts to shift into bonds," which are considered safer, he said.@@@@1@20@@oe@2-2-2013
21322011@unknown@formal@none@1@S@The Treasury's benchmark 30-year bond ended about 1/2 point higher, or up about $5 for each $1,000 face amount, while the yield slid to 7.93% from 7.98% Friday.@@@@1@28@@oe@2-2-2013
21322012@unknown@formal@none@1@S@Municipals ended mixed, while mortgage-backed and investment-grade corporate bonds rose.@@@@1@10@@oe@2-2-2013
21322013@unknown@formal@none@1@S@Prices of high-yield, high-risk corporate securities ended unchanged.@@@@1@8@@oe@2-2-2013
21322014@unknown@formal@none@1@S@In more evidence of the growing division between "good" and "bad" junk bonds, a $150 million issue by Imo Industries Inc. was snapped up by investors while underwriters for Beatrice Co.'s $350 million issue are considering restructuring the deal to attract buyers.@@@@1@42@@oe@2-2-2013
21322015@unknown@formal@none@1@S@In the Treasury market, analysts expect bond prices to trade in narrow ranges this week as the market takes in positive and negative news.@@@@1@24@@oe@2-2-2013
21322016@unknown@formal@none@1@S@"On the negative side, the market will be affected by constant supply in all sectors of the market," said William M. Brachfeld, economist at Daiwa Securities America Inc.@@@@1@28@@oe@2-2-2013
21322017@unknown@formal@none@1@S@"On the other hand, we have economic news that is {expected to be} relatively positive for the bond market.@@@@1@19@@oe@2-2-2013
21322018@unknown@formal@none@1@S@We will go back and forth with a tilt toward slightly lower yields," he said.@@@@1@15@@oe@2-2-2013
21322019@unknown@formal@none@1@S@Today, the Treasury will sell $10 billion of new two-year notes.@@@@1@11@@oe@2-2-2013
21322020@unknown@formal@none@1@S@Tomorrow, Resolution Funding Corp., a division of a new government agency created to bail out the nation's troubled thrifts, will hold its first bond auction at which it will sell $4.5 billion of 30-year bonds.@@@@1@35@@oe@2-2-2013
21322021@unknown@formal@none@1@S@So far, money managers and other bond buyers haven't shown much interest in the Refcorp bonds.@@@@1@16@@oe@2-2-2013
21322022@unknown@formal@none@1@S@Analysts have mixed views about the two-year note auction.@@@@1@9@@oe@2-2-2013
21322023@unknown@formal@none@1@S@While some say the auction should proceed smoothly, others contend that yesterday's sale of $2.58 billion of asset-backed securities by Ford Motor Credit Corp. may have siphoned some potential institutional buyers from the government's note sale.@@@@1@36@@oe@2-2-2013
21322024@unknown@formal@none@1@S@The division of auto maker Ford Motor Co. made its debut in the asset-backed securities market with the second-largest issue in the market's four-year history.@@@@1@25@@oe@2-2-2013
21322025@unknown@formal@none@1@S@The company offered securities backed by automobile loans through an underwriting group headed by First Boston Corp.@@@@1@17@@oe@2-2-2013
21322026@unknown@formal@none@1@S@The issue yields 8.90% and carries a guarantee covering 9% of the deal from the company.@@@@1@16@@oe@2-2-2013
21322027@unknown@formal@none@1@S@First Boston sweetened the terms from the original yield estimate in an apparent effort to place the huge offering.@@@@1@19@@oe@2-2-2013
21322028@unknown@formal@none@1@S@The issue was offered at a yield nearly one percentage point above the yield on two-year Treasurys.@@@@1@17@@oe@2-2-2013
21322029@unknown@formal@none@1@S@The only asset-backed deal larger than Ford's was a $4 billion offering by General Motors Acceptance Corp. in 1986.@@@@1@19@@oe@2-2-2013
21322030@unknown@formal@none@1@S@Treasury Securities@@@@1@2@@oe@2-2-2013
21322031@unknown@formal@none@1@S@Treasury bonds were 1/8 to 1/2 point higher yesterday in light trading.@@@@1@12@@oe@2-2-2013
21322032@unknown@formal@none@1@S@The benchmark 30-year bond ended at a price of 102 3/32, compared with 101 17/32 Friday.@@@@1@16@@oe@2-2-2013
21322033@unknown@formal@none@1@S@The latest 10-year notes were quoted late at 100 17/32 to yield 7.90%, compared with 100 3/32 to yield 7.97%.@@@@1@20@@oe@2-2-2013
21322034@unknown@formal@none@1@S@The latest two-year notes were quoted late at 100 28/32 to yield 7.84%.@@@@1@13@@oe@2-2-2013
21322035@unknown@formal@none@1@S@Short-term rates rose yesterday at the government's weekly Treasury bill auction, compared with the previous bill sale.@@@@1@17@@oe@2-2-2013
21322036@unknown@formal@none@1@S@The Treasury sold $7.81 billion of three-month bills with an average discount rate of 7.52%, the highest since the average of 7.63% at the auction on Oct. 10.@@@@1@28@@oe@2-2-2013
21322037@unknown@formal@none@1@S@The $7.81 billion of six-month Treasury bills were sold with an average discount rate of 7.50%, the highest since the average of 7.60% at the Oct. 10 auction.@@@@1@28@@oe@2-2-2013
21322038@unknown@formal@none@1@S@The rates were up from last week's auction, when they were 7.37% and 7.42%, respectively.@@@@1@15@@oe@2-2-2013
21322039@unknown@formal@none@1@S@Here are auction details:@@@@1@4@@oe@2-2-2013
21322040@unknown@formal@none@1@S@Rates are determined by the difference between the purchase price and face value.@@@@1@13@@oe@2-2-2013
21322041@unknown@formal@none@1@S@Thus, higher bidding narrows the investor's return while lower bidding widens it.@@@@1@12@@oe@2-2-2013
21322042@unknown@formal@none@1@S@The percentage rates are calculated on a 360-day year, while the coupon-equivalent yield is based on a 365-day year.@@@@1@19@@oe@2-2-2013
21322043@unknown@formal@none@1@S@Both issues are dated Oct. 26.@@@@1@6@@oe@2-2-2013
21322044@unknown@formal@none@1@S@The 13-week bills mature Jan. 25, 1990, and the 26-week bills mature April 26, 1990.@@@@1@15@@oe@2-2-2013
21322045@unknown@formal@none@1@S@Corporate Issues@@@@1@2@@oe@2-2-2013
21322046@unknown@formal@none@1@S@Investment-grade corporates closed about 1/4 point higher in quiet trading.@@@@1@10@@oe@2-2-2013
21322047@unknown@formal@none@1@S@In the junk bond market, Imo Industries' issue of 12-year debentures, considered to be one of the market's high-quality credits, was priced at par to yield 12%.@@@@1@27@@oe@2-2-2013
21322048@unknown@formal@none@1@S@Peter Karches, managing director at underwriter Morgan Stanley & Co., said the issue was oversubscribed.@@@@1@15@@oe@2-2-2013
21322049@unknown@formal@none@1@S@"It's a segmented market, and if you have a good, strong credit, people have an appetite for it," he said.@@@@1@20@@oe@2-2-2013
21322050@unknown@formal@none@1@S@Morgan Stanley is expected to price another junk bond deal, $350 million of senior subordinated debentures by Continental Cablevision Inc., next Tuesday.@@@@1@22@@oe@2-2-2013
21322051@unknown@formal@none@1@S@In light of the recent skittishness in the high-yield market, junk bond analysts and traders expect other high-yield deals to be sweetened or restructured before they are offered to investors.@@@@1@30@@oe@2-2-2013
21322052@unknown@formal@none@1@S@In the case of Beatrice, Salomon Brothers Inc. is considering restructuring the reset mechanism on the $200 million portion of the offering.@@@@1@22@@oe@2-2-2013
21322053@unknown@formal@none@1@S@Under the originally contemplated terms of the offering, the notes would have been reset annually at a fixed spread above Treasurys.@@@@1@21@@oe@2-2-2013
21322054@unknown@formal@none@1@S@Under the new plan being considered, the notes would reset annually at a rate to maintain a market value of 101.@@@@1@21@@oe@2-2-2013
21322055@unknown@formal@none@1@S@Price talk calls for the reset notes to be priced at a yield of between 13 1/4% and 13 1/2%.@@@@1@20@@oe@2-2-2013
21322056@unknown@formal@none@1@S@Mortgage-Backed Securities@@@@1@2@@oe@2-2-2013
21322057@unknown@formal@none@1@S@Activity in derivative markets was strong with four new real estate mortgage investment conduits announced and talk of several more deals in today's session.@@@@1@24@@oe@2-2-2013
21322058@unknown@formal@none@1@S@The Federal National Mortgage Association offered $1.2 billion of Remic securities in three issues, and the Federal Home Loan Mortgage Corp. offered a $250 million Remic backed by 9% 15-year securities.@@@@1@31@@oe@2-2-2013
21322059@unknown@formal@none@1@S@Part of the reason for the heavy activity in derivative markets is that underwriters are repackaging mortgage securities being sold by thrifts.@@@@1@22@@oe@2-2-2013
21322060@unknown@formal@none@1@S@Traders said thrifts have stepped up their mortgage securities sales as the bond market has risen in the past two weeks.@@@@1@21@@oe@2-2-2013
21322061@unknown@formal@none@1@S@In the mortgage pass-through sector, active issues rose but trailed gains in the Treasury market.@@@@1@15@@oe@2-2-2013
21322062@unknown@formal@none@1@S@Government National Mortgage Association 9% securities for November delivery were quoted late yesterday at 98 10/32, up 10/32; and Freddie Mac 9% securities were at 97 1/2, up 1/4.@@@@1@29@@oe@2-2-2013
21322063@unknown@formal@none@1@S@The Ginnie Mae 9% issue was yielding 8.36% to a 12-year average life assumption, as the spread above the Treasury 10-year note widened slightly to 1.46 percentage points.@@@@1@28@@oe@2-2-2013
21322064@unknown@formal@none@1@S@Municipals@@@@1@1@@oe@2-2-2013
21322065@unknown@formal@none@1@S@A $575 million San Antonio, Texas, electric and gas system revenue bond issue dominated the new issue sector.@@@@1@18@@oe@2-2-2013
21322066@unknown@formal@none@1@S@The refunding issue, which had been in the wings for two months, was one of the chief offerings overhanging the market and limiting price appreciation.@@@@1@25@@oe@2-2-2013
21322067@unknown@formal@none@1@S@But alleviating that overhang failed to stimulate much activity in the secondary market, where prices were off 1/8 to up 3/8 point.@@@@1@22@@oe@2-2-2013
21322068@unknown@formal@none@1@S@An official with lead underwriter First Boston said orders for the San Antonio bonds were "on the slow side."@@@@1@19@@oe@2-2-2013
21322069@unknown@formal@none@1@S@He attributed that to the issue's aggressive pricing and large size, as well as the general lethargy in the municipal marketplace.@@@@1@21@@oe@2-2-2013
21322070@unknown@formal@none@1@S@In addition, he noted, the issue would normally be the type purchased by property and casualty insurers, but recent disasters, such as Hurricane Hugo and the Northern California earthquake, have stretched insurers' resources and damped their demand for bonds.@@@@1@39@@oe@2-2-2013
21322071@unknown@formal@none@1@S@A $137.6 million Maryland Stadium Authority sports facilities lease revenue bond issue appeared to be off to a good start.@@@@1@20@@oe@2-2-2013
21322072@unknown@formal@none@1@S@The issue was oversubscribed and "doing very well," according to an official with lead underwriter Morgan Stanley.@@@@1@17@@oe@2-2-2013
21322073@unknown@formal@none@1@S@Activity quieted in the New York City bond market, where heavy investor selling last week drove yields on the issuer's full faith and credit backed bonds up as much as 0.50 percentage point.@@@@1@33@@oe@2-2-2013
21322074@unknown@formal@none@1@S@Foreign Bonds@@@@1@2@@oe@2-2-2013
21322075@unknown@formal@none@1@S@Japanese government bonds ended lower after the dollar rose modestly against the yen.@@@@1@13@@oe@2-2-2013
21322076@unknown@formal@none@1@S@The turnaround in the dollar fueled bearish sentiment about Japan's bond market.@@@@1@12@@oe@2-2-2013
21322077@unknown@formal@none@1@S@The benchmark No. 111 4.6% bond due 1998 ended on brokers' screens at a price of 95.39, off 0.28.@@@@1@19@@oe@2-2-2013
21322078@unknown@formal@none@1@S@The yield rose to 5.38%.@@@@1@5@@oe@2-2-2013
21322079@unknown@formal@none@1@S@West German bond prices ended lower after a day of aimless trading.@@@@1@12@@oe@2-2-2013
21322080@unknown@formal@none@1@S@The benchmark 7% bond due October 1999 fell 0.20 point to 99.80 to yield 7.03%, while the 6 3/4% notes due July 1994 fell 0.10 to 97.65 to yield 7.34%.@@@@1@30@@oe@2-2-2013
21322081@unknown@formal@none@1@S@British government bonds ended slightly higher in quiet trading as investors looked ahead to today's British trade report.@@@@1@18@@oe@2-2-2013
21322082@unknown@formal@none@1@S@The benchmark 11 3/4% Treasury bond due 2003/2007 rose 1/8 to 111 21/32 to yield 10.11%, while the 12% issue of 1995 rose 3/32 to 103 23/32 to yield 11.01%.@@@@1@30@@oe@2-2-2013
21323001@unknown@formal@none@1@S@"The croaker's done gone from the hook --@@@@1@8@@oe@2-2-2013
21323002@unknown@formal@none@1@S@damn!@@@@1@1@@oe@2-2-2013
21323003@unknown@formal@none@1@S@My language sure goes to pot down here on the coast."@@@@1@11@@oe@2-2-2013
21323004@unknown@formal@none@1@S@The husky blond guide with the Aggie cap twists his face in mock fury.@@@@1@14@@oe@2-2-2013
21323005@unknown@formal@none@1@S@"I got to get back to school and straighten out my English."@@@@1@12@@oe@2-2-2013
21323006@unknown@formal@none@1@S@He has two more years at Texas A&M.@@@@1@8@@oe@2-2-2013
21323007@unknown@formal@none@1@S@Right now he takes people out to fish in the bays behind the barrier islands that curve for hundreds of miles along the eastern coast of Texas, enclosing milky green lagoons behind ridges of sand and grassy scrub that rim the deep blue of the Gulf beyond.@@@@1@47@@oe@2-2-2013
21323008@unknown@formal@none@1@S@There have been three days of hot, wind-swept rain, and now with the first sun we are after speckled seatrout, which with redfish provides most of the game fishing hereabouts.@@@@1@30@@oe@2-2-2013
21323009@unknown@formal@none@1@S@The little radio fizzes as other boats want to see if we have found any fish -- spotting location is everything in this sport.@@@@1@24@@oe@2-2-2013
21323010@unknown@formal@none@1@S@Negative answers crackle back.@@@@1@4@@oe@2-2-2013
21323011@unknown@formal@none@1@S@The fish often are plentiful around the pilings of the old gas wells that dot the flat surface like the remains of sunken ships.@@@@1@24@@oe@2-2-2013
21323012@unknown@formal@none@1@S@We go from one to the other.@@@@1@7@@oe@2-2-2013
21323013@unknown@formal@none@1@S@The sun is hot now though it's only 8 in the morning.@@@@1@12@@oe@2-2-2013
21323014@unknown@formal@none@1@S@The great silver clouds on the horizon build themselves on the pale water.@@@@1@13@@oe@2-2-2013
21323015@unknown@formal@none@1@S@We cruise toward another set of pilings.@@@@1@7@@oe@2-2-2013
21323016@unknown@formal@none@1@S@The guide scoops into a pail and puts a frantically wiggling croaker on the hook.@@@@1@15@@oe@2-2-2013
21323017@unknown@formal@none@1@S@Then he casts out.@@@@1@4@@oe@2-2-2013
21323018@unknown@formal@none@1@S@"Just wait for that tap-tap, that thump-thump.@@@@1@7@@oe@2-2-2013
21323019@unknown@formal@none@1@S@It comes real gentle before it pulls.@@@@1@7@@oe@2-2-2013
21323020@unknown@formal@none@1@S@Don't forget, trout have very soft mouths."@@@@1@7@@oe@2-2-2013
21323021@unknown@formal@none@1@S@The radio queries again.@@@@1@4@@oe@2-2-2013
21323022@unknown@formal@none@1@S@"Pickin' one or two," says the guide, chuckling.@@@@1@8@@oe@2-2-2013
21323023@unknown@formal@none@1@S@"You can tell they've got nothin'."@@@@1@6@@oe@2-2-2013
21323024@unknown@formal@none@1@S@A pair of black skimmers zig-zag past close to the surface.@@@@1@11@@oe@2-2-2013
21323025@unknown@formal@none@1@S@Soon we have our limit of the shimmering fish stippled in rose-gold and black.@@@@1@14@@oe@2-2-2013
21323026@unknown@formal@none@1@S@And we are the first back at the dock, where the great blue herons stand waiting by the cleaning benches.@@@@1@20@@oe@2-2-2013
21323027@unknown@formal@none@1@S@The guide is young and he knows this business but he wants a different life after college, such as working for IBM and wearing a necktie.@@@@1@26@@oe@2-2-2013
21323028@unknown@formal@none@1@S@This must be the last big stretch of the American seacoast that is "undeveloped."@@@@1@14@@oe@2-2-2013
21323029@unknown@formal@none@1@S@There are a few ramshackle fishing towns with quiet atolls of resort houses nearby.@@@@1@14@@oe@2-2-2013
21323030@unknown@formal@none@1@S@People are not apt to be self-conscious about the place or themselves.@@@@1@12@@oe@2-2-2013
21323031@unknown@formal@none@1@S@Texas is big and beautiful and they live here, that's all.@@@@1@11@@oe@2-2-2013
21323032@unknown@formal@none@1@S@Jutting out just to the north of us is the Blackjack Peninsula (after the oak, not the game) which forms the core of the Aransas Wildlife Refuge.@@@@1@27@@oe@2-2-2013
21323033@unknown@formal@none@1@S@It is famous as the winter home of the whooping crane, that symbol of the destruction of wild America.@@@@1@19@@oe@2-2-2013
21323034@unknown@formal@none@1@S@Last year a gunner shot a whooper by mistake thinking that it was a snow goose.@@@@1@16@@oe@2-2-2013
21323035@unknown@formal@none@1@S@He paid an immense fine and was lucky, according to a local wag, to escape the gas chamber.@@@@1@18@@oe@2-2-2013
21323036@unknown@formal@none@1@S@The peninsula comes off the vast southeastern alluvial plain with fields of rice and cotton and sorghum as far as the eye can see.@@@@1@24@@oe@2-2-2013
21323037@unknown@formal@none@1@S@Near the coast there are dense coverts of live oak interspersed with marshes and prairies.@@@@1@15@@oe@2-2-2013
21323038@unknown@formal@none@1@S@Deer, wild hog, armadillos and alligators are the glamour quadrupeds and the birds are innumerable, especially the herons and the spoonbills.@@@@1@21@@oe@2-2-2013
21323039@unknown@formal@none@1@S@Above the blossoms of lantana and scarlet pea the inky-brown and golden palamedes butterfly floats on its lazy wingbeat.@@@@1@19@@oe@2-2-2013
21323040@unknown@formal@none@1@S@Inland a few miles from the refuge there is a place called Tivoli, with a white church, a gas station and a grocery, the houses relatively close together for such a settlement in these parts.@@@@1@35@@oe@2-2-2013
21323041@unknown@formal@none@1@S@"Tivoli Motel," I read a sign in the usual pronunciation of the name as we whoosh through.@@@@1@17@@oe@2-2-2013
21323042@unknown@formal@none@1@S@"Here in south Texas we say Tie-vole-ee," my host gently corrects.@@@@1@11@@oe@2-2-2013
21323043@unknown@formal@none@1@S@Mr. King is the director of the Foreign Press Center in New York.@@@@1@13@@oe@2-2-2013
21324001@unknown@formal@none@1@S@AEG AG and Siemens AG said they will launch their previously announced joint venture for power semiconductors in January.@@@@1@19@@oe@2-2-2013
21324002@unknown@formal@none@1@S@The two West German electronics concerns said they have set up European Power Semiconductor Co. to merge their activities in the field.@@@@1@22@@oe@2-2-2013
21324003@unknown@formal@none@1@S@AEG and Siemens each will hold a 50% stake in the venture.@@@@1@12@@oe@2-2-2013
21324004@unknown@formal@none@1@S@The joint venture will have nominal capital of 50 million marks ($26.9 million) and 700 employees.@@@@1@16@@oe@2-2-2013
21324005@unknown@formal@none@1@S@It will develop, produce and market high-performance electronic parts.@@@@1@9@@oe@2-2-2013
21324006@unknown@formal@none@1@S@Siemens is West Germany's largest electronics group.@@@@1@7@@oe@2-2-2013
21324007@unknown@formal@none@1@S@AEG is 80% owned by Daimler-Benz AG, the country's biggest industrial concern.@@@@1@12@@oe@2-2-2013
21325001@unknown@formal@none@1@S@Dana Corp. said its third-quarter net income fell 27% to $29.6 million, or 72 cents a share, from $40.7 million, or $1 a share, a year earlier.@@@@1@27@@oe@2-2-2013
21325002@unknown@formal@none@1@S@Sales dropped 4% to $1.12 billion from $1.17 billion.@@@@1@9@@oe@2-2-2013
21325003@unknown@formal@none@1@S@The company, which supplies transmissions and other drive-train parts to auto makers, said about half the earnings drop came from the "virtual collapse" of the Venezuelan auto industry.@@@@1@28@@oe@2-2-2013
21325004@unknown@formal@none@1@S@The Venezuelan currency plummeted this year, making it difficult for auto makers there to afford imported parts.@@@@1@17@@oe@2-2-2013
21325005@unknown@formal@none@1@S@Dana also said it was hurt by slumping U.S. truck sales and by a strike at a parts supplier.@@@@1@19@@oe@2-2-2013
21325006@unknown@formal@none@1@S@The company, based in Toledo, Ohio, had said it expected reduced third-quarter profit.@@@@1@13@@oe@2-2-2013
21325007@unknown@formal@none@1@S@Mary Anne Sudol, an analyst at Fitch Investors in New York, said automotive suppliers were reporting lower profit almost "across the board."@@@@1@22@@oe@2-2-2013
21325008@unknown@formal@none@1@S@Southwood J. Morcott, Dana's president, said the company's decision to approve its normal fourth-quarter dividend indicated its underlying strength.@@@@1@19@@oe@2-2-2013
21326001@unknown@formal@none@1@S@Norimasa Furuta, president of Japan's Mazda Motor Corp., said the Japanese car maker is planning joint production with Ford Motor Co. in Europe ahead of the European Community's 1992 integration.@@@@1@30@@oe@2-2-2013
21326002@unknown@formal@none@1@S@Mr. Furuta didn't disclose further details of the arrangement at a news conference, but said the project would be undertaken with Ford's European subsidiary.@@@@1@24@@oe@2-2-2013
21326003@unknown@formal@none@1@S@A Ford official confirmed in Tokyo that the U.S. motor vehicle maker is studying such an arrangement.@@@@1@17@@oe@2-2-2013
21327001@unknown@formal@none@1@S@At age eight, Josephine Baker was sent by her mother to a white woman's house to do chores in exchange for meals and a place to sleep -- a place in the basement with the coal.@@@@1@36@@oe@2-2-2013
21327002@unknown@formal@none@1@S@At age 19, she was a Paris sensation, transformed from unwanted child to international sex symbol in just over a decade.@@@@1@21@@oe@2-2-2013
21327003@unknown@formal@none@1@S@It is the stuff of dreams, but also of traumas.@@@@1@10@@oe@2-2-2013
21327004@unknown@formal@none@1@S@Only the bravest spirits survive such roller coasters.@@@@1@8@@oe@2-2-2013
21327005@unknown@formal@none@1@S@And, for Ms. Baker, the ride was far from over.@@@@1@10@@oe@2-2-2013
21327006@unknown@formal@none@1@S@Her bare breasts, her dancing, her voice, her beauty and, perhaps most famously, her derriere, were prominent attractions, but courage of a rare sort made her remarkable life possible.@@@@1@29@@oe@2-2-2013
21327007@unknown@formal@none@1@S@Bricktop, another American black woman who found a measure of fame in Paris, said: "I don't think I've ever known anyone with a less complicated view of life, or whose life was more complicated than Josephine's."@@@@1@36@@oe@2-2-2013
21327008@unknown@formal@none@1@S@Men were a constant complication.@@@@1@5@@oe@2-2-2013
21327009@unknown@formal@none@1@S@Baker had lots of them.@@@@1@5@@oe@2-2-2013
21327010@unknown@formal@none@1@S@But she didn't trust them and didn't reward trust.@@@@1@9@@oe@2-2-2013
21327011@unknown@formal@none@1@S@As she saw one key love affair, the problem wasn't her infidelity, it was his jealousy.@@@@1@16@@oe@2-2-2013
21327012@unknown@formal@none@1@S@Her appetite for children also was large.@@@@1@7@@oe@2-2-2013
21327013@unknown@formal@none@1@S@She adopted 12 of assorted races, naming them the Rainbow Tribe, and driving her husband first to despair and then to Argentina.@@@@1@22@@oe@2-2-2013
21327014@unknown@formal@none@1@S@She made money, but spent more.@@@@1@6@@oe@2-2-2013
21327015@unknown@formal@none@1@S@Friends pitched in.@@@@1@3@@oe@2-2-2013
21327016@unknown@formal@none@1@S@Finally, Prince Rainier and Princess Grace saved her with the offer of a house in Monaco.@@@@1@16@@oe@2-2-2013
21327017@unknown@formal@none@1@S@Another lifelong complication, as Phyllis Rose makes clear in "Jazz Cleopatra: Josephine Baker in Her Time" (Doubleday, 321 pages, $22.50), was racism.@@@@1@22@@oe@2-2-2013
21327018@unknown@formal@none@1@S@Baker had the good luck to arrive in 1925 Paris, where blacks had become exotic.@@@@1@15@@oe@2-2-2013
21327019@unknown@formal@none@1@S@African art was in vogue and some intellectuals were writing breathlessly of a dawning age to be inspired by blacks.@@@@1@20@@oe@2-2-2013
21327020@unknown@formal@none@1@S@To be exotic was to be patronized as well as prized, but for the most part Paris was a friendly island in a racist world.@@@@1@25@@oe@2-2-2013
21327021@unknown@formal@none@1@S@Baker had bitter experience of bigotry from her St. Louis childhood and her days in New York theater, where she was judged too dark for an all-black chorus line (performing of course for all-white audiences).@@@@1@35@@oe@2-2-2013
21327022@unknown@formal@none@1@S@Paris loved her at first sight.@@@@1@6@@oe@2-2-2013
21327023@unknown@formal@none@1@S@"She just wiggled her fanny and all the French fell in love with her," sniffed the literary world's Maria Jolas, not entirely inaccurately.@@@@1@23@@oe@2-2-2013
21327024@unknown@formal@none@1@S@"One can hardly overemphasize the importance of her rear end," Ms. Rose writes.@@@@1@13@@oe@2-2-2013
21327025@unknown@formal@none@1@S@Ms. Rose, who teaches literature at Wesleyan University, quickly proceeds to overemphasize, claiming that Baker's dancing "had uncovered a new region for desire" and thereby ignoring centuries of tributes to the callipygous.@@@@1@32@@oe@2-2-2013
21327026@unknown@formal@none@1@S@"Jazz Cleopatra" contains other, more important, false notes that undermine what is, for the most part, a lively account of a life already familiar from earlier works.@@@@1@27@@oe@2-2-2013
21327027@unknown@formal@none@1@S@It is easy to see why Baker, a free spirit who broke many of the restraints convention places on women, attracts Ms. Rose, the author of "Parallel Lives," a wonderful study of Victorian marriage.@@@@1@34@@oe@2-2-2013
21327028@unknown@formal@none@1@S@Still, even the title raises questions about the author's vision of her subject.@@@@1@13@@oe@2-2-2013
21327029@unknown@formal@none@1@S@Baker's art was jazz only by the widest stretch of the term.@@@@1@12@@oe@2-2-2013
21327030@unknown@formal@none@1@S@To find parallels, other than sexual appeal, with Cleopatra, requires an equal stretch.@@@@1@13@@oe@2-2-2013
21327031@unknown@formal@none@1@S@Baker was 68 years old when she died in Paris, two days after the sold-out opening of her newest show: a movie-like ending to what was a cinematic life.@@@@1@29@@oe@2-2-2013
21327032@unknown@formal@none@1@S@In fact, Ms. Baker played scenes in Casablanca that could have made it into "Casablanca."@@@@1@15@@oe@2-2-2013
21327033@unknown@formal@none@1@S@During World War II, her uncomplicated view of life led her to the conclusion that the Nazis were evil and must be resisted, a decision made by only about 2% of French citizens.@@@@1@33@@oe@2-2-2013
21327034@unknown@formal@none@1@S@She was devoted to Charles de Gaulle's cause, accepting great financial sacrifice and considerable risk to become first a spy and then a one-woman USO tour for the forces of Free France.@@@@1@32@@oe@2-2-2013
21327035@unknown@formal@none@1@S@In Humphrey Bogart's nightclub, Victor Laszlo leads Free French sympathizers in "La Marseillaise" to drown out the Nazis.@@@@1@18@@oe@2-2-2013
21327036@unknown@formal@none@1@S@The night the Germans occupied all of France, Baker performed in Casablanca.@@@@1@12@@oe@2-2-2013
21327037@unknown@formal@none@1@S@The Free French wore black arm bands, and when she sang "J'ai deux amours" they wept.@@@@1@16@@oe@2-2-2013
21327038@unknown@formal@none@1@S@Ms. Rose is best on the early years and World War II.@@@@1@12@@oe@2-2-2013
21327039@unknown@formal@none@1@S@In her introduction, Ms. Rose writes that she feels she has much in common with Baker, but as "Jazz Cleopatra" goes on, it seems more rushed, as though the author were growing less interested.@@@@1@34@@oe@2-2-2013
21327040@unknown@formal@none@1@S@It doesn't help that sometimes Ms. Rose's language fails to deliver the effect she appears to want.@@@@1@17@@oe@2-2-2013
21327041@unknown@formal@none@1@S@One chapter opens: "World War II was not one of France's glorious moments."@@@@1@13@@oe@2-2-2013
21327042@unknown@formal@none@1@S@Elsewhere, in an attempt to explain without stating it plainly that Baker had a large gay following later in her career when she was an overdressed singer rather than underdressed dancer, Ms. Rose writes: "She was a female impersonator who happened to be a woman."@@@@1@45@@oe@2-2-2013
21327043@unknown@formal@none@1@S@One devoted fan who fell under Baker's spell in 1963 and began collecting Baker memorabilia was Bryan Hammond.@@@@1@18@@oe@2-2-2013
21327044@unknown@formal@none@1@S@In "Josephine Baker" (Jonathan Cape, 304 pages, $35), which was published in Britain last year and distributed in the U.S. this month, Mr. Hammond has used his collection to produce an album of photographs and drawings of the star.@@@@1@39@@oe@2-2-2013
21327045@unknown@formal@none@1@S@The text by Patrick O'Connor is a tough read, but the pictures make her magnetism clear and help explain why Ernest Hemingway called Baker "The most sensational woman anybody ever saw.@@@@1@31@@oe@2-2-2013
21327046@unknown@formal@none@1@S@Or ever will."@@@@1@3@@oe@2-2-2013
21327047@unknown@formal@none@1@S@Mr. Lescaze is foreign editor of the Journal.@@@@1@8@@oe@2-2-2013
21328001@unknown@formal@none@1@S@Manville, having rid itself of asbestos, now sells fiberglass, forest products, minerals and industrial goods.@@@@1@15@@oe@2-2-2013
21328002@unknown@formal@none@1@S@Heady stuff it's not.@@@@1@4@@oe@2-2-2013
21328003@unknown@formal@none@1@S@But Manville's ownership is unusual, and it has caught the eye of some canny -- and patient -- investors.@@@@1@19@@oe@2-2-2013
21328004@unknown@formal@none@1@S@The Denver-based concern, which emerged from bankruptcy-law proceedings late last year, is controlled by the Manville Personal Injury Settlement Trust.@@@@1@20@@oe@2-2-2013
21328005@unknown@formal@none@1@S@The trust, which owns 80% of Manville's stock on a fully diluted basis, is a separate legal entity that is settling claims with asbestos victims.@@@@1@25@@oe@2-2-2013
21328006@unknown@formal@none@1@S@When and if the trust runs out of cash -- which seems increasingly likely -- it will need to convert its Manville stock to cash.@@@@1@25@@oe@2-2-2013
21328007@unknown@formal@none@1@S@But as an 80% owner, if it tried to sell much of its stock in the market, it would likely depress the price of its shares.@@@@1@26@@oe@2-2-2013
21328008@unknown@formal@none@1@S@Some investors say there is a good chance that the trust will, instead, seek to convert the company's shares to cash, in some sort of friendly restructuring that wouldn't involve just dumping stock on the market.@@@@1@36@@oe@2-2-2013
21328009@unknown@formal@none@1@S@"Their principal asset is Manville common stock," says Jeffrey Halis, who runs Sabre Associates, an investment fund that owns Manville shares.@@@@1@21@@oe@2-2-2013
21328010@unknown@formal@none@1@S@"If they tried to sell, they'd be chasing their own tail.@@@@1@11@@oe@2-2-2013
21328011@unknown@formal@none@1@S@What makes the most sense is to find someone who wants to buy the whole company or cause a recapitalization of all shares."@@@@1@23@@oe@2-2-2013
21328012@unknown@formal@none@1@S@The trust isn't commenting on when it might need to liquefy its Manville stock.@@@@1@14@@oe@2-2-2013
21328013@unknown@formal@none@1@S@However, the trust's cash flow from investments is far short of its payments to asbestos victims.@@@@1@16@@oe@2-2-2013
21328014@unknown@formal@none@1@S@Its cash and liquid securities fell by $338 million in the first six months of 1989.@@@@1@16@@oe@2-2-2013
21328015@unknown@formal@none@1@S@The trust also will receive $75 million a year starting in 1991 on a bond it holds from Manville.@@@@1@19@@oe@2-2-2013
21328016@unknown@formal@none@1@S@And, beginning in 1992, it will have a claim on as much as 20% of Manville's annual net income.@@@@1@19@@oe@2-2-2013
21328017@unknown@formal@none@1@S@Even so, the trust would seem to be facing a cash crunch.@@@@1@12@@oe@2-2-2013
21328018@unknown@formal@none@1@S@As of June 30, it had settled only about 15,000 of the 81,000 received claims from asbestos victims, for an average of $40,424 each.@@@@1@24@@oe@2-2-2013
21328019@unknown@formal@none@1@S@(The average should drop over time, since the most expensive claims are being settled first).@@@@1@15@@oe@2-2-2013
21328020@unknown@formal@none@1@S@And as of midyear, settled but unpaid claims amounted to $136 million -- more than half the trust's total of $268 million in cash and marketable securities.@@@@1@27@@oe@2-2-2013
21328021@unknown@formal@none@1@S@"At some point, we're going to need an infusion of funds," a person close to the trust says.@@@@1@18@@oe@2-2-2013
21328022@unknown@formal@none@1@S@Even before then, the trust may be eager to unload Manville stock.@@@@1@12@@oe@2-2-2013
21328023@unknown@formal@none@1@S@It doesn't pay a dividend, and this trust needs income.@@@@1@10@@oe@2-2-2013
21328024@unknown@formal@none@1@S@Moreover, with 88% of its assets tied up in Manville, the trust is badly in need of diversification.@@@@1@18@@oe@2-2-2013
21328025@unknown@formal@none@1@S@"Obviously, a diversified portfolio would have less risk," the person close to the trust says.@@@@1@15@@oe@2-2-2013
21328026@unknown@formal@none@1@S@Manville itself doesn't rule out a restructuring.@@@@1@7@@oe@2-2-2013
21328027@unknown@formal@none@1@S@Though the ink is barely dry on its new, post-bankruptcy law structure, Bill Bullock, Manville's head of investor relations, says the company is continually pondering "whether there is a better way to be structured.@@@@1@34@@oe@2-2-2013
21328028@unknown@formal@none@1@S@We understand that the trust is ultimately going to need to sell some of our shares," he says.@@@@1@18@@oe@2-2-2013
21328029@unknown@formal@none@1@S@Of course, one option would be for Manville to buy out the trust's shares -- which would do little to benefit public stockholders.@@@@1@23@@oe@2-2-2013
21328030@unknown@formal@none@1@S@But the trust, in most cases, is forbidden from seeking a buyer for only its shares before November 1993.@@@@1@19@@oe@2-2-2013
21328031@unknown@formal@none@1@S@And both the trust and Manville are seeking to avoid the bad publicity that, in the asbestos era, tarred the Manville name.@@@@1@22@@oe@2-2-2013
21328032@unknown@formal@none@1@S@Thus, analysts say, the trust is unlikely to do anything that would hurt Manville's other shareholders.@@@@1@16@@oe@2-2-2013
21328033@unknown@formal@none@1@S@"This is a rare case of a company with a big majority holder which will probably act in the interests of the minority holders," one investor says.@@@@1@27@@oe@2-2-2013
21328034@unknown@formal@none@1@S@Even if there is no restructuring, Manville seems to be attractive long-term.@@@@1@12@@oe@2-2-2013
21328035@unknown@formal@none@1@S@Its stock, at 9 5/8, trades at about 8 1/2 times estimated 1989 earnings -- an appropriately low multiple for a company with recession-sensitive customers.@@@@1@25@@oe@2-2-2013
21328036@unknown@formal@none@1@S@Mr. Bullock says 45% of revenues are tied to construction.@@@@1@10@@oe@2-2-2013
21328037@unknown@formal@none@1@S@Analysts predict little or no near-term growth.@@@@1@7@@oe@2-2-2013
21328038@unknown@formal@none@1@S@They are, nonetheless, high on Manville's management.@@@@1@7@@oe@2-2-2013
21328039@unknown@formal@none@1@S@"It's one of the best in the business," says Salomon Brothers analyst Stephen Dobi.@@@@1@14@@oe@2-2-2013
21328040@unknown@formal@none@1@S@And he says Manville has the financial flexibility to buy other companies at the best possible momentwhen other construction-related firms are hurting and selling cheap.@@@@1@25@@oe@2-2-2013
21328041@unknown@formal@none@1@S@With a conservative debt-to-equity ratio of 1-to-1 -- and $329 million in cash -- Manville is indeed actively on the prowl.@@@@1@21@@oe@2-2-2013
21328042@unknown@formal@none@1@S@So far, as a price-conscious shopper, Manville hasn't bought much.@@@@1@10@@oe@2-2-2013
21328043@unknown@formal@none@1@S@Paul Kleinaitis, an analyst at Duff & Phelps, says, "Even though they have borrowing power, they have been disciplined about acquisitions."@@@@1@21@@oe@2-2-2013
21328044@unknown@formal@none@1@S@And Mr. Kleinaitis says that with 80% of its stock in friendly hands, Manville is the rare publicly traded company that can ignore short-term stock fluctuations and plan for the long haul.@@@@1@32@@oe@2-2-2013
21328045@unknown@formal@none@1@S@Manville (NYSE; Symbol: MVL)@@@@1@4@@oe@2-2-2013
21328046@unknown@formal@none@1@S@Business: Forest products and roofing@@@@1@5@@oe@2-2-2013
21328047@unknown@formal@none@1@S@Year ended Dec. 31, 1988: Sales: $2.06 billions Net loss: $1.30 billion*@@@@1@12@@oe@2-2-2013
21328048@unknown@formal@none@1@S@Third quarter, Sept. 30, 1989: Per-share earnings: 30 cents vs. 44 cents**@@@@1@12@@oe@2-2-2013
21328049@unknown@formal@none@1@S@Average daily trading volume: 74,351 shares@@@@1@6@@oe@2-2-2013
21328050@unknown@formal@none@1@S@Common shares outstanding: 120 million@@@@1@5@@oe@2-2-2013
21328051@unknown@formal@none@1@S@*Includes $1.29 billion extraordinary charge.@@@@1@5@@oe@2-2-2013
21328052@unknown@formal@none@1@S@**Year ago figure is restated.@@@@1@5@@oe@2-2-2013
21329001@unknown@formal@none@1@S@Emerson Electric Co. and Robert Bosch G.m.b.H. said the Federal Trade Commission has requested additional information from the two companies about their announced intention to acquire Vermont American Corp. for $40 a share, or about $440 million.@@@@1@37@@oe@2-2-2013
21329002@unknown@formal@none@1@S@Yesterday, in composite trading on the American Stock Exchange, Vermont American common closed at $39.75, off 25 cents.@@@@1@18@@oe@2-2-2013
21329003@unknown@formal@none@1@S@The FTC's request was "not unusual" and Emerson will make a "full and prompt" response, according to a spokesman.@@@@1@19@@oe@2-2-2013
21329004@unknown@formal@none@1@S@Spokesmen for Emerson and Vermont American, which has agreed to be acquired, said they don't anticipate "any problems" with the completion of the transaction.@@@@1@24@@oe@2-2-2013
21329005@unknown@formal@none@1@S@An FTC spokesman said the matter is "in a non-public posture at this time" and declined to comment further.@@@@1@19@@oe@2-2-2013
21329006@unknown@formal@none@1@S@Emerson and Bosch, through their joint acquisition arm, Maple Acquisition, have begun a cash tender offer for all of Vermont's common shares outstanding.@@@@1@23@@oe@2-2-2013
21329007@unknown@formal@none@1@S@The offer, set to expire Nov. 1, may be extended pending the timing and resolution of the FTC request, the companies said.@@@@1@22@@oe@2-2-2013
21329008@unknown@formal@none@1@S@St. Louis-based Emerson and Stuttgart-based Bosch make electrical and electronic products, including power tools.@@@@1@14@@oe@2-2-2013
21329009@unknown@formal@none@1@S@The Vermont American acquisition is designed to enhance their position in the accessories portion of the power-tool industry.@@@@1@18@@oe@2-2-2013
21330001@unknown@formal@none@1@S@Santa Fe Pacific Corp. is preparing a plan to sell a 20% stake in its large real estate unit to a California public employee pension fund for $400 million, after which it would spin off the realty operation to shareholders.@@@@1@40@@oe@2-2-2013
21330002@unknown@formal@none@1@S@The plan places an indicated value on the real estate operation, Santa Fe Pacific Realty Corp., of $2 billion.@@@@1@19@@oe@2-2-2013
21330003@unknown@formal@none@1@S@Santa Fe Pacific directors are expected to review the plan at a meeting today, according to people familiar with the transaction.@@@@1@21@@oe@2-2-2013
21330004@unknown@formal@none@1@S@If approved, the sale is expected to close by year's end, with the spinoff occurring by the end of 1992.@@@@1@20@@oe@2-2-2013
21330005@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange yesterday, Santa Fe Pacific closed at $20.625, down 25 cents.@@@@1@19@@oe@2-2-2013
21330006@unknown@formal@none@1@S@Santa Fe Pacific Realty is a major California land and building owner whose prime properties include 1,850 undeveloped acres in the San Francisco Bay area, and several office sites.@@@@1@29@@oe@2-2-2013
21330007@unknown@formal@none@1@S@A spokesman said the properties survived without significant damage in last week's Northern California earthquake.@@@@1@15@@oe@2-2-2013
21330008@unknown@formal@none@1@S@As a result of the partial sale and spinoff, the $56 billion California Public Employees Retirement System would obtain two seats on the board of the real estate operation, according to officials of the fund, who described the plan.@@@@1@39@@oe@2-2-2013
21330009@unknown@formal@none@1@S@A spokesman for Chicago-based Santa Fe Pacific confirmed that negotiations were being held with the fund.@@@@1@16@@oe@2-2-2013
21330010@unknown@formal@none@1@S@Also holding two seats each on the board, they said, would be Olympia & York Developments Ltd., controlled by the Reichmann family of Canada, and Itel Corp., controlled by Chicago businessman Sam Zell.@@@@1@33@@oe@2-2-2013
21330011@unknown@formal@none@1@S@The Reichmanns and Mr. Zell, the largest holders of Santa Fe Pacific stock, have been looking for ways to raise the value of their investments, including possible spinoffs.@@@@1@28@@oe@2-2-2013
21330012@unknown@formal@none@1@S@Itel bought a 17% stake in Sante Fe Pacific last year and Olympia & York later purchased about a 20% stake; they would have interests in the new realty company in line with their holdings in Sante Fe Pacific.@@@@1@39@@oe@2-2-2013
21330013@unknown@formal@none@1@S@The sale and spinoff of the real estate unit is the first phase of what could lead to the breakup of Santa Fe Pacific into free-standing companies for its railroad and energy operations, as well as real estate.@@@@1@38@@oe@2-2-2013
21330014@unknown@formal@none@1@S@The debt-laden parent has been under pressure from large shareholders to boost the company's share price.@@@@1@16@@oe@2-2-2013
21330015@unknown@formal@none@1@S@At the same time it has been caught in an earnings squeeze.@@@@1@12@@oe@2-2-2013
21330016@unknown@formal@none@1@S@The California pension fund's planned investment in the real estate unit is unusual.@@@@1@13@@oe@2-2-2013
21330017@unknown@formal@none@1@S@Pension funds rarely own as much as a 20% stake in what is expected to be a publicly traded company.@@@@1@20@@oe@2-2-2013
21330018@unknown@formal@none@1@S@In addition, pension funds are rarely given seats on company boards and most often try to avoid them because of legal concerns.@@@@1@22@@oe@2-2-2013
21330019@unknown@formal@none@1@S@But fund officials said the Santa Fe Pacific Realty investment provides an opportunity to buy a stake in a large real estate portfolio heavily weighted with California properties.@@@@1@28@@oe@2-2-2013
21330020@unknown@formal@none@1@S@It also marks a "major commitment to {real estate} development, which we haven't been involved with before," said Dale Hanson, the fund's executive director.@@@@1@24@@oe@2-2-2013
21330021@unknown@formal@none@1@S@Under the proposed plan, the fund would also lend Santa Fe Pacific Realty $75 million in the form of a note that would be convertible into additional shares of the realty company after the second year at the then-prevailing market price.@@@@1@41@@oe@2-2-2013
21330022@unknown@formal@none@1@S@The note would accrue interest at the rate of 13.5% a year, which would be payable to the fund after five years, according to Stephen E. Roulac, a real estate consultant working for the fund.@@@@1@35@@oe@2-2-2013
21330023@unknown@formal@none@1@S@The purpose of the note is to provide added capital for the spun-off company in a form that will save it spending cash on immediate interest payments, Mr. Roulac said.@@@@1@30@@oe@2-2-2013
21330024@unknown@formal@none@1@S@The spun-off concern "clearly will be one of the dominant real estate development companies with a prime portfolio," he said.@@@@1@20@@oe@2-2-2013
21330025@unknown@formal@none@1@S@For the last year, Santa Fe Pacific has redirected its real estate operations toward longer-term development of its properties, hurting profits that the parent had generated in the past from periodic sales from its portfolio.@@@@1@35@@oe@2-2-2013
21330026@unknown@formal@none@1@S@Real estate operating income for the first nine months fell to $71.9 million from $143 million a year earlier, the company said.@@@@1@22@@oe@2-2-2013
21330027@unknown@formal@none@1@S@In a statement late yesterday, Santa Fe Pacific's chairman, Robert D. Krebs, said that Santa Fe Pacific Realty would repay more than $500 million in debt owed to the parent before the planned spinoff.@@@@1@34@@oe@2-2-2013
21330028@unknown@formal@none@1@S@That would help reduce Santa Fe Pacific's remaining debt to about $600 million from a high of $3.7 billion in early 1988.@@@@1@22@@oe@2-2-2013
21330029@unknown@formal@none@1@S@It wasn't clear where Santa Fe Pacific expected to obtain the payment of more than $500 million, which would be well above the $400 million that California pension fund officials say they plan to provide.@@@@1@35@@oe@2-2-2013
21330030@unknown@formal@none@1@S@The realty unit might take on new debt or obtain additional investors, among other possibilities.@@@@1@15@@oe@2-2-2013
21330031@unknown@formal@none@1@S@The Santa Fe Pacific spokesman declined to comment on that aspect, saying the deal was still under negotiation.@@@@1@18@@oe@2-2-2013
21330032@unknown@formal@none@1@S@Santa Fe Pacific Realty owns 2.8 million acres of property, including 219 buildings with more than 11 million square feet of space.@@@@1@22@@oe@2-2-2013
21330033@unknown@formal@none@1@S@It also holds nearly 40,000 acres of raw land with development potential, but under a previously announced strategy, the company has targeted building on 5,400 acres in California, Arizona and the Chicago area.@@@@1@33@@oe@2-2-2013
21330034@unknown@formal@none@1@S@Among those are the 1,850 acres in the San Francisco Bay area, including 208 acres in the Mission Bay area.@@@@1@20@@oe@2-2-2013
21330035@unknown@formal@none@1@S@The California pension fund, which has $16 billion already invested in real estate and mortgages, could be a valuable funding source for that development, although it isn't obliged to make further investments.@@@@1@32@@oe@2-2-2013
21330036@unknown@formal@none@1@S@The fund is the nation's largest public employee fund, and it has a growing cash flow now topping $3 billion a year.@@@@1@22@@oe@2-2-2013
21330037@unknown@formal@none@1@S@Fund officials negotiated the final structure of the proposed deal with Santa Fe Pacific, but they were approached with the idea by real estate brokers JMB Realty Corp. of Chicago.@@@@1@30@@oe@2-2-2013
21330038@unknown@formal@none@1@S@JMB officials are expected to be hired to represent the pension fund on the Santa Fe Pacific Realty board, Mr. Roulac said, to insulate the fund from potential liability problems.@@@@1@30@@oe@2-2-2013
21331001@unknown@formal@none@1@S@GAF, Part III is scheduled to begin today.@@@@1@8@@oe@2-2-2013
21331002@unknown@formal@none@1@S@After two mistrials, the stakes in the stock manipulation trial of GAF Corp. and its vice chairman, James T. Sherwin, have changed considerably.@@@@1@23@@oe@2-2-2013
21331003@unknown@formal@none@1@S@The first two GAF trials were watched closely on Wall Street because they were considered to be important tests of the government's ability to convince a jury of allegations stemming from its insider-trading investigations.@@@@1@34@@oe@2-2-2013
21331004@unknown@formal@none@1@S@In an eight-count indictment, the government charged GAF, a Wayne, N.J., chemical maker, and Mr. Sherwin with illegally attempting to manipulate the common stock of Union Carbide Corp. in advance of GAF's planned sale of a large block of the stock in 1986.@@@@1@43@@oe@2-2-2013
21331005@unknown@formal@none@1@S@The government's credibility in the GAF case depended heavily on its star witness, Boyd L. Jefferies, the former Los Angeles brokerage chief who was implicated by former arbitrager Ivan Boesky, and then pointed the finger at Mr. Sherwin, takeover speculator Salim B. Lewis and corporate raider Paul Bilzerian.@@@@1@48@@oe@2-2-2013
21331006@unknown@formal@none@1@S@The GAF trials were viewed as previews of the government's strength in its cases against Mr. Lewis and Mr. Bilzerian.@@@@1@20@@oe@2-2-2013
21331007@unknown@formal@none@1@S@Mr. Jefferies's performance as a witness was expected to affect his sentencing.@@@@1@12@@oe@2-2-2013
21331008@unknown@formal@none@1@S@But GAF's bellwether role was short-lived.@@@@1@6@@oe@2-2-2013