22223028@unknown@formal@none@1@S@CURBING WAGE BOOSTS will get high priority again in 1990 collective bargaining, a Bureau of National Affairs survey of 250 companies with pacts expiring next year indicates.@@@@1@27@@oe@2-2-2013
22223029@unknown@formal@none@1@S@Despite labor-shortage warnings, 80% aim for first-year wage increases of under 4%; and 77% say they'd try to replace workers, if struck, or would consider it.@@@@1@26@@oe@2-2-2013
22223030@unknown@formal@none@1@S@TEMPORARY WORKERS have good educations, the National Association of Temporary Services says; its survey of 2,508 such employees shows 82% with more than a high-school education, and 31% with college degrees.@@@@1@31@@oe@2-2-2013
22223031@unknown@formal@none@1@S@About 12% have retired from a full-time job, while 54% were asked to stay on full time.@@@@1@17@@oe@2-2-2013
22223032@unknown@formal@none@1@S@HOME-SALE LOSSES rise, but they're often covered by employers.@@@@1@9@@oe@2-2-2013
22223033@unknown@formal@none@1@S@But they search for ways to limit the damage.@@@@1@9@@oe@2-2-2013
22223034@unknown@formal@none@1@S@A third of 439 companies surveyed by the Employee Relocation Council report a rise in 1988 sales losses over 1987.@@@@1@20@@oe@2-2-2013
22223035@unknown@formal@none@1@S@About 72% reimburse for all or some losses.@@@@1@8@@oe@2-2-2013
22223036@unknown@formal@none@1@S@Since 1984, more companies give sales-loss aid, as many real-estate values depreciated, the council says.@@@@1@15@@oe@2-2-2013
22223037@unknown@formal@none@1@S@RJR Nabisco pays up to $30,000 of losses, including improvements.@@@@1@10@@oe@2-2-2013
22223038@unknown@formal@none@1@S@Goodrich won't ensure loss coverage, but will prevent a "catastrophic loss"; it has given some employees the full purchase price when values fell from concern over dangers posed by a disposal site.@@@@1@32@@oe@2-2-2013
22223039@unknown@formal@none@1@S@Federal Express, Dow Chemical, Ford and National City Corp. will buy the home or let the worker sell to an outside firm, but usually won't cover a loss.@@@@1@28@@oe@2-2-2013
22223040@unknown@formal@none@1@S@Since 1984, firms offering prepurchase house appraisals, to deter overpaying, rose to 40% of those the council polled, from 28%.@@@@1@20@@oe@2-2-2013
22223041@unknown@formal@none@1@S@THE CHECKOFF: The National Academy of Engineering gives two inventors of the semiconductor microchip a $350,000 achievement award. . . .@@@@1@21@@oe@2-2-2013
22223042@unknown@formal@none@1@S@Now, that's reactionary: Letter Carriers union president Vincent Sombrotto accuses Philadelphia postmaster Charles James of "12th century . . . oppressive management tactics.@@@@1@23@@oe@2-2-2013
22224001@unknown@formal@none@1@S@Yesterday was, in the words of New York Stock Exchange Chairman John J. Phelan Jr., just your "reasonably normal, 400 million-share, up 88-points day."@@@@1@24@@oe@2-2-2013
22224002@unknown@formal@none@1@S@When it was all over and stocks had staged a huge recovery, Big Board officials were self-congratulatory about how well the day had gone.@@@@1@24@@oe@2-2-2013
22224003@unknown@formal@none@1@S@They said the exchange's trading procedures, personnel, equipment and links with other exchanges couldn't have performed better.@@@@1@17@@oe@2-2-2013
22224004@unknown@formal@none@1@S@"We had no operating problems at all," Mr. Phelan said after the market closed.@@@@1@14@@oe@2-2-2013
22224005@unknown@formal@none@1@S@"All the things that we set up to slow down the process, to let people know that the market was in an extreme position, worked extremely well."@@@@1@27@@oe@2-2-2013
22224006@unknown@formal@none@1@S@Prices for the 416.3 million shares that changed hands during the session were carried on the exchange's trading tape with barely a delay, officials said.@@@@1@25@@oe@2-2-2013
22224007@unknown@formal@none@1@S@While reaching blockbuster proportions yesterday, the volume was still well within the 600 million-share capacity that the exchange has said it can handle daily since beefing up its computers after the October 1987 crash.@@@@1@34@@oe@2-2-2013
22224008@unknown@formal@none@1@S@The so-called circuit breakers devised by the Big Board and the Chicago Mercantile Exchange to quell free falls in stock and futures prices weren't triggered yesterday because the markets were higher for most of the day.@@@@1@36@@oe@2-2-2013
22224009@unknown@formal@none@1@S@Despite traders' complaints, Mr. Phelan said the links with the Chicago futures market worked as planned in Friday's rout to provide a cooling-off period.@@@@1@24@@oe@2-2-2013
22224010@unknown@formal@none@1@S@Of greater help, the Big Board chairman said, was the "natural circuit breaker" of the weekend, that provided a breathing period that "brought rationality back to the market.@@@@1@28@@oe@2-2-2013
22225001@unknown@formal@none@1@S@Chicken Chains Ruffled By Loss of Customers@@@@1@7@@oe@2-2-2013
22225002@unknown@formal@none@1@S@FAST-FOOD chicken chains, faced with a worsening business slump, are struggling to hatch some new marketing strategies.@@@@1@17@@oe@2-2-2013
22225003@unknown@formal@none@1@S@The Crest Report, which tracks consumer purchases, says customer traffic at chicken restaurants fell 10% in the second quarter, while the overall fast-food customer count was down 2%.@@@@1@28@@oe@2-2-2013
22225004@unknown@formal@none@1@S@Chicken business is off largely because of more competition from grocery-store convenience food, home-delivered pizza and other takeout fare, says a spokesman for the report, a publication of NPD Group, a market research firm in Port Washington, N.Y.@@@@1@38@@oe@2-2-2013
22225005@unknown@formal@none@1@S@The loss of more customers is the latest in a string of problems.@@@@1@13@@oe@2-2-2013
22225006@unknown@formal@none@1@S@Church's Fried Chicken Inc. and Popeye's Famous Fried Chicken Inc., which have merged, are still troubled by overlapping restaurant locations.@@@@1@20@@oe@2-2-2013
22225007@unknown@formal@none@1@S@Chicken chains also are feeling more pressure from McDonald's Corp., which introduced its McChicken sandwich this year and recently tested the sale of individual pieces of chicken.@@@@1@27@@oe@2-2-2013
22225008@unknown@formal@none@1@S@New management at Kentucky Fried Chicken, a unit of PepsiCo Inc., has fought back with new medium and large chicken sandwiches for the lunch crowd.@@@@1@25@@oe@2-2-2013
22225009@unknown@formal@none@1@S@And the chain is testing products that aren't fried, such as "char-grilled" chicken, to try to win health-conscious consumers.@@@@1@19@@oe@2-2-2013
22225010@unknown@formal@none@1@S@Kentucky Fried Chicken also is testing home-delivery of chicken, which could be a hit with stay-at-home diners.@@@@1@17@@oe@2-2-2013
22225011@unknown@formal@none@1@S@But some fast-food industry analysts say problems with keeping chicken warm and fresh must be solved first.@@@@1@17@@oe@2-2-2013
22225012@unknown@formal@none@1@S@A Kentucky Fried Chicken spokesman, however, disputed the notion that the delivery service experienced problems in some markets where testing has been discontinued.@@@@1@23@@oe@2-2-2013
22225013@unknown@formal@none@1@S@He says the test is continuing in Chicago, Columbus, Ohio, and a few other cities.@@@@1@15@@oe@2-2-2013
22225014@unknown@formal@none@1@S@The advertising industry is buzzing with rumors that Kentucky Fried Chicken will drop Young & Rubicam and seek a new ad agency.@@@@1@22@@oe@2-2-2013
22225015@unknown@formal@none@1@S@But the company declines to comment.@@@@1@6@@oe@2-2-2013
22225016@unknown@formal@none@1@S@Emanuel Goldman, a PaineWebber Inc. analyst, predicts Kentucky Fried Chicken will post an 11% drop in 1989 net income.@@@@1@19@@oe@2-2-2013
22225017@unknown@formal@none@1@S@"They've been laggard," he says, "but they'll have to become more aggressive."@@@@1@12@@oe@2-2-2013
22225018@unknown@formal@none@1@S@Reluctant Advertisers Try Soft-Sell Spots@@@@1@5@@oe@2-2-2013
22225019@unknown@formal@none@1@S@CALL IT un-advertising.@@@@1@3@@oe@2-2-2013
22225020@unknown@formal@none@1@S@Pittsburgh consultant David Bear is selling a soft approach to clients who want exposure yet shun pushy ads.@@@@1@18@@oe@2-2-2013
22225021@unknown@formal@none@1@S@His ploy: 60-second radio spots that offer helpful hints.@@@@1@9@@oe@2-2-2013
22225022@unknown@formal@none@1@S@The only plug for the sponsor is a brief mention at the end of the spot.@@@@1@16@@oe@2-2-2013
22225023@unknown@formal@none@1@S@The messages resemble the Business Traveler, a daily dose of travel tips developed by Mr. Bear and sponsored by travel agencies in several major cities.@@@@1@25@@oe@2-2-2013
22225024@unknown@formal@none@1@S@New un-advertisers include Burt Hill Kosar Rittlemann Associates, a Butler, Pa., architectural firm.@@@@1@13@@oe@2-2-2013
22225025@unknown@formal@none@1@S@Its radio series features such spots as "Floodlights: Evening Wear for Urban Structures" and "Building a Place to Park."@@@@1@19@@oe@2-2-2013
22225026@unknown@formal@none@1@S@A harder sell, says John Kosar, the firm's president, would "detract from the profession."@@@@1@14@@oe@2-2-2013
22225027@unknown@formal@none@1@S@Hospitals have signed up to use the messages to promote fundraisers, and Equitable Gas Co. is considering the format to offer energy tips to consumers.@@@@1@25@@oe@2-2-2013
22225028@unknown@formal@none@1@S@But such spots can be too soft.@@@@1@7@@oe@2-2-2013
22225029@unknown@formal@none@1@S@"There's always a risk of lost messages," says John Fitzgerald, chairman of Ketchum Advertising USA, which created similar radio spots for Pittsburgh National Bank.@@@@1@24@@oe@2-2-2013
22225030@unknown@formal@none@1@S@"It's a question of how much credibility you gain for the possible loss of recognition."@@@@1@15@@oe@2-2-2013
22225031@unknown@formal@none@1@S@Retailer Sees Pitfalls In Environmental Push@@@@1@6@@oe@2-2-2013
22225032@unknown@formal@none@1@S@HERE'S a retailer that's getting tough in the push for environmentally safe packaging and products.@@@@1@15@@oe@2-2-2013
22225033@unknown@formal@none@1@S@Big Bear Supermarkets Inc., a grocery chain based in San Diego, plans to display shelf cards and distribute pamphlets recommending products deemed safe for the environment.@@@@1@26@@oe@2-2-2013
22225034@unknown@formal@none@1@S@The choices will be based on research by the San Diego Environmental Health Coalition and will include products like Murphy's Oil Soap and other noncorrosive cleaners.@@@@1@26@@oe@2-2-2013
22225035@unknown@formal@none@1@S@But the chain is quickly realizing the pitfalls of such endorsements.@@@@1@11@@oe@2-2-2013
22225036@unknown@formal@none@1@S@For example, it recommends nonchlorinated dishwasher detergent and puts Sunlight on its environmentally safe list.@@@@1@15@@oe@2-2-2013
22225037@unknown@formal@none@1@S@That doesn't thrill Procter & Gamble Co., maker of Cascade dishwasher detergent.@@@@1@12@@oe@2-2-2013
22225038@unknown@formal@none@1@S@A company spokesman questioned the validity of the list, noting that chlorine is present in all major dishwasher detergents.@@@@1@19@@oe@2-2-2013
22225039@unknown@formal@none@1@S@In fact, Lever Bros. confirms that its Sunlight brand does contain chlorine bleach, even though it isn't listed on the label for the powder version.@@@@1@25@@oe@2-2-2013
22225040@unknown@formal@none@1@S@Thomas G. Dahlen, Big Bear's executive vice president, said the chain is still reviewing its product list to avoid such problems.@@@@1@21@@oe@2-2-2013
22225041@unknown@formal@none@1@S@"Our intent is to promote the best alternative," he says.@@@@1@10@@oe@2-2-2013
22225042@unknown@formal@none@1@S@"And it's important that we be accurate."@@@@1@7@@oe@2-2-2013
22225043@unknown@formal@none@1@S@But in the end, customers' wishes are what will prevail.@@@@1@10@@oe@2-2-2013
22225044@unknown@formal@none@1@S@Big Bear doesn't care for disposable diapers, which aren't biodegradable.@@@@1@10@@oe@2-2-2013
22225045@unknown@formal@none@1@S@Yet parents demand them.@@@@1@4@@oe@2-2-2013
22225046@unknown@formal@none@1@S@Says Mr. Dahlen, "We'll still be forced to sell items we might not philosophically agree with."@@@@1@16@@oe@2-2-2013
22225047@unknown@formal@none@1@S@Odds and Ends@@@@1@3@@oe@2-2-2013
22225048@unknown@formal@none@1@S@NEATNESS does count -- at least in the grocery store.@@@@1@10@@oe@2-2-2013
22225049@unknown@formal@none@1@S@A study by Safeway's Scanner Marketing Research shows soap sales climbed 5% when bars were neatly stacked on shelves instead of dumped in a wire basket. . . .@@@@1@29@@oe@2-2-2013
22225050@unknown@formal@none@1@S@Which celebrity endorsers are most believable?@@@@1@6@@oe@2-2-2013
22225051@unknown@formal@none@1@S@For the third year in a row, consumers voted Bill Cosby first and James Garner second in persuasiveness as spokesmen in TV commercials, according to Video Storyboard Tests, New York.@@@@1@30@@oe@2-2-2013
22225052@unknown@formal@none@1@S@Michael J. Fox replaced Bruce Willis in third place; Cher placed fourth for the second time.@@@@1@16@@oe@2-2-2013
22226001@unknown@formal@none@1@S@Health and Human Services Secretary Louis Sullivan has chosen Antonia Novello to be the next surgeon general, Bush administration officials said.@@@@1@21@@oe@2-2-2013
22226002@unknown@formal@none@1@S@If she is nominated by President Bush and confirmed by the Senate, Dr. Novello would succeed C. Everett Koop, who rattled liberals and conservatives alike with his outspoken views on a range of health issues.@@@@1@35@@oe@2-2-2013
22226003@unknown@formal@none@1@S@Dr. Novello, an expert on pediatric kidney diseases, is deputy director of the National Institute of Child Health and Human Development.@@@@1@21@@oe@2-2-2013
22226004@unknown@formal@none@1@S@She has also served on several task forces on acquired immune deficiency syndrome.@@@@1@13@@oe@2-2-2013
22226005@unknown@formal@none@1@S@Dr. Novello's office said she wouldn't talk with reporters, and it refused to release any information about her.@@@@1@18@@oe@2-2-2013
22226006@unknown@formal@none@1@S@The newsletter Medicine & Health, which first disclosed her selection by Dr. Sullivan, said she is 44 years old and she studied at the University of Puerto Rico School of Medicine.@@@@1@31@@oe@2-2-2013
22227001@unknown@formal@none@1@S@The continuing series of HUD scandals is a sadly predictable result of pork-barrel politics.@@@@1@14@@oe@2-2-2013
22227002@unknown@formal@none@1@S@Nevertheless, lobbies such as the National Association of Home Builders (NAHB) continue to pressure Capitol Hill for more special-interest spending.@@@@1@20@@oe@2-2-2013
22227003@unknown@formal@none@1@S@Kent Colton, NAHB executive vice president, argues that the U.S. faces a multifaceted housing crisis -- reduced affordability of homes for first-time buyers, increased homelessness, and lower apartment construction rates -- that will be "very difficult" to solve "without expanded federal resources."@@@@1@42@@oe@2-2-2013
22227004@unknown@formal@none@1@S@There's nothing unusual about business groups pushing for more government spending.@@@@1@11@@oe@2-2-2013
22227005@unknown@formal@none@1@S@But the NAHB was created in 1943 out of an organization that made its name fighting a Roosevelt administration proposal to take over all defense housing production.@@@@1@27@@oe@2-2-2013
22227006@unknown@formal@none@1@S@Through the years the association has been an active member of the taxpayer's coalition, pushing for such initiatives as the balanced-budget amendment.@@@@1@22@@oe@2-2-2013
22227007@unknown@formal@none@1@S@Yet on matters close to, er, home . . .@@@@1@10@@oe@2-2-2013
22227008@unknown@formal@none@1@S@"The HUD budget has dropped by more than 70% since 1980," argues Mr. Colton.@@@@1@14@@oe@2-2-2013
22227009@unknown@formal@none@1@S@"We've taken more than our fair share.@@@@1@7@@oe@2-2-2013
22227010@unknown@formal@none@1@S@I wouldn't have a problem if other programs had taken a similar hit."@@@@1@13@@oe@2-2-2013
22227011@unknown@formal@none@1@S@But NAHB support for subsidies is not related to the current housing crunch; over the years the NAHB has backed a host of public programs.@@@@1@25@@oe@2-2-2013
22227012@unknown@formal@none@1@S@It once pushed for a national housing production goal set by the federal government and has regularly advanced anti-recession housing measures.@@@@1@21@@oe@2-2-2013
22227013@unknown@formal@none@1@S@Moreover, explains one HUD official, the NAHB remains susceptible to internal pressure from members that specialize in subsidized production.@@@@1@19@@oe@2-2-2013
22227014@unknown@formal@none@1@S@The association is pushing an extensive and expensive wish-list, which would substantially boost spending above the current level of more than $15 billion annually.@@@@1@24@@oe@2-2-2013
22227015@unknown@formal@none@1@S@It would like to peg the ceiling on Federal Housing Administration mortgage guarantees to 95% of the median price in a particular market, instead of limiting it to $101,250; reduce (or even eliminate) FHA down-payment requirements and increase the availability of variable-rate mortgages; expand the Veterans Affairs Department loan guarantee program; provide "adequate" funding for the Farmers Home Administration (FmHA); increase federal funding and tax incentives for the construction of low-income and rental housing, including $4 billion in block grants to states and localities; and "fully fund" the McKinney Act, a $656 million potpourri for the homeless.@@@@1@97@@oe@2-2-2013
22227016@unknown@formal@none@1@S@Direct federal subsidies for housing construction have proved intolerably expensive in the past, and inevitably are twisted to the benefit of well-connected developers and lobbyists, as demonstrated by the ongoing HUD scandal, or congressmen.@@@@1@34@@oe@2-2-2013
22227017@unknown@formal@none@1@S@Indirect subsidies, through the FHA, for instance, are little better.@@@@1@10@@oe@2-2-2013
22227018@unknown@formal@none@1@S@Though Mr. Colton says expanding FHA lending would result in "no cost to the government," the mere diversion of funds from other parts of the economy and from other forms of housing (such as low-income) to the single-family home market would result in a major expense.@@@@1@46@@oe@2-2-2013
22227019@unknown@formal@none@1@S@More important, housing programs run by HUD, the VA, and FmHA are awash in red ink.@@@@1@16@@oe@2-2-2013
22227020@unknown@formal@none@1@S@The FHA alone lost $4.2 billion in fiscal 1988; the government's equity in the agency, essentially its reserve fund, fell to minus $2.9 billion.@@@@1@24@@oe@2-2-2013
22227021@unknown@formal@none@1@S@The federal government has had to pump in $2.28 billion into the VA housing program since 1984 to keep the fund afloat and the VA requested an additional $120 million for the fiscal year just ended.@@@@1@36@@oe@2-2-2013
22227022@unknown@formal@none@1@S@All told, the federal government already guarantees more than $900 billion of mortgages.@@@@1@13@@oe@2-2-2013
22227023@unknown@formal@none@1@S@In its nicely produced publication "Where Will Our Children Live?" the NAHB does acknowledge that "of course, the full measure of housing affordability cannot be provided by the federal government."@@@@1@30@@oe@2-2-2013
22227024@unknown@formal@none@1@S@It points to the pernicious impact of local government regulation, particularly zoning and building fees, which pushes the price of housing out of the reach of low- and middle-income people.@@@@1@30@@oe@2-2-2013
22227025@unknown@formal@none@1@S@But while the NAHB has suggested actions that states and localities should take to reduce regulatory barriers, the association has proposed no activist legislative program -- comparable to, say, its detailed request for more federal subsidies -- to eliminate counterproductive controls.@@@@1@41@@oe@2-2-2013
22227026@unknown@formal@none@1@S@The association, a majority of whose 156,000 members build fewer than 25 units a year, is like many other business lobbies.@@@@1@21@@oe@2-2-2013
22227027@unknown@formal@none@1@S@Explains Sheila MacDonald of the National Taxpayers Union: "It treads in two worlds.@@@@1@13@@oe@2-2-2013
22227028@unknown@formal@none@1@S@The builders like the subsidies, but at the same time they tend to be fiscal conservatives in terms of major issues, such as the balanced-budget amendment."@@@@1@26@@oe@2-2-2013
22227029@unknown@formal@none@1@S@Unfortunately, the organization's desire for pork tends to override its commitment to overall fiscal responsibility.@@@@1@15@@oe@2-2-2013
22227030@unknown@formal@none@1@S@Two years ago when the NAHB lobbied for the $19 billion omnibus housing bill, the organization "basically dropped out of the taxpayers' coalition," says Ms. MacDonald.@@@@1@26@@oe@2-2-2013
22227031@unknown@formal@none@1@S@As Mr. Colton of the NAHB acknowledges: "Government is not going to solve the problem. . . .@@@@1@18@@oe@2-2-2013
22227032@unknown@formal@none@1@S@The real key is to have the economy working and interest rates down."@@@@1@13@@oe@2-2-2013
22227033@unknown@formal@none@1@S@More money for HUD will increase the deficit and destabilize the economy; more money to municipalities that are wrecking their local housing markets will further insulate them from the destructive effects of their policies.@@@@1@34@@oe@2-2-2013
22227034@unknown@formal@none@1@S@Is this what the home builders want?@@@@1@7@@oe@2-2-2013
22227035@unknown@formal@none@1@S@Mr. Bandow is a Cato Institute fellow.@@@@1@7@@oe@2-2-2013
22227036@unknown@formal@none@1@S@(See related story: "And Bills to Make Wishes Come True" -- WSJ Oct. 17, 1989.@@@@1@15@@oe@2-2-2013
22228001@unknown@formal@none@1@S@In an attempt to give new momentum to European Community plans for a single currency, EC government leaders are likely to agree to set a date for starting formal talks on amending the EC's founding Treaty of Rome.@@@@1@38@@oe@2-2-2013
22228002@unknown@formal@none@1@S@According to diplomatic sources in Brussels, most EC leaders agree that talks should begin in the second half of 1990, and will make a declaration on that during a summit meeting in Strasbourg, France, on Dec. 8 and 9.@@@@1@39@@oe@2-2-2013
22228003@unknown@formal@none@1@S@The only strong opposition to changing the EC treaty comes from British Prime Minister Margaret Thatcher, who is opposed to creating a single EC currency.@@@@1@25@@oe@2-2-2013
22228004@unknown@formal@none@1@S@But the process of convening the intergovernmental conference doesn't require unanimity.@@@@1@11@@oe@2-2-2013
22228005@unknown@formal@none@1@S@Setting a date to start treaty negotiations has no legal significance in itself, but could be viewed as an important psychological push.@@@@1@22@@oe@2-2-2013
22228006@unknown@formal@none@1@S@French President Francois Mitterrand fought to set a date for the conference during the EC summit in Madrid last June, but the move was scuttled because of opposition by Mrs. Thatcher and West German Chancellor Helmut Kohl.@@@@1@37@@oe@2-2-2013
22228007@unknown@formal@none@1@S@Diplomatic sources said Mr. Kohl may now agree to set a date for the conference to make it clear that West Germany is still committed to EC unity.@@@@1@28@@oe@2-2-2013
22229001@unknown@formal@none@1@S@The latest crewcut in the equities markets reminds me of the joke T. Boone Pickens tells about the guy who was run over by the parade.@@@@1@26@@oe@2-2-2013
22229002@unknown@formal@none@1@S@When asked "What went wrong?" the unfortunate victim replied, "It was a combination of things."@@@@1@15@@oe@2-2-2013
22229003@unknown@formal@none@1@S@And so it was on Gray Friday.@@@@1@7@@oe@2-2-2013
22229004@unknown@formal@none@1@S@The grand marshal of this parade would appear to have been excess leverage.@@@@1@13@@oe@2-2-2013
22229005@unknown@formal@none@1@S@Even if that is so, however, it's probably the case that no barriers should have been erected to stop the procession before the end of the rout(e).@@@@1@27@@oe@2-2-2013
22229006@unknown@formal@none@1@S@The ceremonies began Friday afternoon when word spread that the UAL buy-out was collapsing.@@@@1@14@@oe@2-2-2013
22229007@unknown@formal@none@1@S@Although the union-bidder expects to patch together a substitute offer, consisting of less cash, the failure to get cash from Japanese and American banks confirmed a growing fear among arbitragers that the pageant of high-leverage takeover deals is ending.@@@@1@39@@oe@2-2-2013
22229008@unknown@formal@none@1@S@Lots of other entries made up the parade, of course -- notably a surprisingly large increase in producer prices, signalling Federal Reserve tightness; and the Bush administration's (temporary?) defeat in trying to lower the capital-gains tax.@@@@1@36@@oe@2-2-2013
22229009@unknown@formal@none@1@S@As usual, few favorable reviews were heard for that ever-present marching band of program traders, although most serious studies suggest they only play the music that others write.@@@@1@28@@oe@2-2-2013
22229010@unknown@formal@none@1@S@What really spooked the crowds along Wall Street, however, was the sudden concern that, whatever the reason, the pool of debt capital is drying up.@@@@1@25@@oe@2-2-2013
22229011@unknown@formal@none@1@S@Gray Friday reflects a panic mainly by the takeover arbitragers, rather than the small investor, as their highly margined investments in the "deal" stocks are jeopardized by the unexpected drying up of the lubricant for deal financing.@@@@1@37@@oe@2-2-2013
22229012@unknown@formal@none@1@S@Deal stocks led the market down as they absorbed the heaviest losses.@@@@1@12@@oe@2-2-2013
22229013@unknown@formal@none@1@S@UAL, which triggered the slide, opened Monday at $224, down about 20% from Thursday's close.@@@@1@15@@oe@2-2-2013
22229014@unknown@formal@none@1@S@AMR opened Monday at $80, down nearly 20% from Thursday's close.@@@@1@11@@oe@2-2-2013
22229015@unknown@formal@none@1@S@(Both took further hits yesterday.)@@@@1@5@@oe@2-2-2013
22229016@unknown@formal@none@1@S@Hilton lost 20% on Friday; Paramount lost almost 11%.@@@@1@9@@oe@2-2-2013
22229017@unknown@formal@none@1@S@A careful look reveals that where deal financing has been secured, the target's stock price was not affected on Friday.@@@@1@20@@oe@2-2-2013
22229018@unknown@formal@none@1@S@The multibillion-dollar prospects, where the bidder must line up a consortium of banks and/or issue billions in high-yield debt, were where the damage was concentrated.@@@@1@25@@oe@2-2-2013
22229019@unknown@formal@none@1@S@The market for so-called junk bonds has been setting the stage for Friday's dramatic march for several weeks.@@@@1@18@@oe@2-2-2013
22229020@unknown@formal@none@1@S@The growing financial difficulties of recent high-leverage restructurings or takeovers, such as Resorts International, Integrated Resources, and Campeau's retailing empire, have cast a pall over the entire market for high-yield securities.@@@@1@31@@oe@2-2-2013
22229021@unknown@formal@none@1@S@Investors have reacted by ignoring recent efforts to float junk bonds by Ohio Mattress and by forcing Ramada to postpone indefinitely its planned junk-bond sale and restructuring.@@@@1@27@@oe@2-2-2013
22229022@unknown@formal@none@1@S@As a result, high-yield mutual funds have declined across the board and the many firms planning to sell $11 billion in junk bonds before year-end are experiencing anxious times.@@@@1@29@@oe@2-2-2013
22229023@unknown@formal@none@1@S@These are all market excesses (putting aside the artificial boosts that the tax code gives to debt over equity), and what we've seen is the market reining them in.@@@@1@29@@oe@2-2-2013
22229024@unknown@formal@none@1@S@Of course, Washington hadn't been silent in the days leading up to the debacle, and its tendency to meddle in the leverage equation remains a troublesome prospect, but those preliminary steps shouldn't distract us from the basic market fundamentalism that was at work on Friday.@@@@1@45@@oe@2-2-2013
22229025@unknown@formal@none@1@S@If it is correct to find that concerns over corporate debt and LBOs caused Gray Friday, what are the implications for policy makers?@@@@1@23@@oe@2-2-2013
22229026@unknown@formal@none@1@S@After all, the stock market's response to the collapse of the UAL deal might be taken to confirm the anti-debt direction of regulators.@@@@1@23@@oe@2-2-2013
22229027@unknown@formal@none@1@S@Is this a case where private markets are approving of Washington's bashing of Wall Street?@@@@1@15@@oe@2-2-2013
22229028@unknown@formal@none@1@S@Absolutely not.@@@@1@2@@oe@2-2-2013
22229029@unknown@formal@none@1@S@To the extent that Friday's sell-off reflected a sudden reappraisal of the excesses of leverage, the message is that Wall Street and the private markets are fully capable of imposing the appropriate incentives and sanctions on corporate behavior.@@@@1@38@@oe@2-2-2013
22229030@unknown@formal@none@1@S@The national economic interests are much better served allowing the private interests of bankers and investors be the ultimate judges of the investment quality of various LBO deals and leveraged restructurings.@@@@1@31@@oe@2-2-2013
22229031@unknown@formal@none@1@S@The recent difficulties in the junk-bond markets and the scarcity of bank capital for recent deals underscores the wisdom of letting the free markets operate.@@@@1@25@@oe@2-2-2013
22229032@unknown@formal@none@1@S@If takeover premiums become excessive, if LBO dealmakers become too aggressive, then the private market will recognize these problems more quickly and accurately than will policy makers, and the markets will move with lightning speed to impose appropriate sanctions.@@@@1@39@@oe@2-2-2013
22229033@unknown@formal@none@1@S@Yes, the broader exchanges got caught up in the spiral, but they rode the tiger up all year.@@@@1@18@@oe@2-2-2013
22229034@unknown@formal@none@1@S@Not surprisingly, he sometimes bites.@@@@1@5@@oe@2-2-2013
22229035@unknown@formal@none@1@S@The arbitragers and takeover initiatiors got killed on Gray Friday, while the besieged managers of prospective targets cheered lustily.@@@@1@19@@oe@2-2-2013
22229036@unknown@formal@none@1@S@If you identify with the besieged managers, you must concede that speedy and effective relief from the excesses of the takeover market is more likely to come from the marketplace than from Washington.@@@@1@33@@oe@2-2-2013
22229037@unknown@formal@none@1@S@If you side with the arbitragers and raiders, you clearly have more to fear from private investors than from regulators, although the Delaware courts should never be underestimated.@@@@1@28@@oe@2-2-2013
22229038@unknown@formal@none@1@S@The truth is, Washington understands politics better than economics.@@@@1@9@@oe@2-2-2013
22229039@unknown@formal@none@1@S@Although the average citizen is probably not harmed too much from Washington's rhetorical war against Wall Street regarding excessive financial leveraging, actual legislation would probably impose considerable harm.@@@@1@28@@oe@2-2-2013
22229040@unknown@formal@none@1@S@Any such attempt to distinguish "good debt" from "bad debt," or to draw the line at a particular industry, such as the airlines, is likely to blunt the spur that the proper amount of leverage provides both to equity markets and economic efficiency in general.@@@@1@45@@oe@2-2-2013
22229041@unknown@formal@none@1@S@Far better for policy makers to concentrate on the war against drugs, Panama and the deficit, all of them parades that seem never to end.@@@@1@25@@oe@2-2-2013
22229042@unknown@formal@none@1@S@Mr. Jarrell, former top economist at the Securities and Exchange Commission, teaches at the University of Rochester's Simon Business School.@@@@1@20@@oe@2-2-2013
22230001@unknown@formal@none@1@S@Tokyo share prices rebounded Tuesday morning, with the Nikkei index of 225 selected stocks rising 618.69 points to close the morning session at 35087.38.@@@@1@24@@oe@2-2-2013
22230002@unknown@formal@none@1@S@The index slid 647.33 points, or 1.8%, on Monday.@@@@1@9@@oe@2-2-2013
22230003@unknown@formal@none@1@S@In the first 25 minutes of Tuesday's trading the Nikkei index soared 664.83 points, to 35133.83.@@@@1@16@@oe@2-2-2013
22230004@unknown@formal@none@1@S@By 10 a.m. Tokyo time, the index was up 435.11 points, to 34903.80 as investors hailed New York's overnight rally.@@@@1@20@@oe@2-2-2013
22230005@unknown@formal@none@1@S@Monday's slide came in a relatively calm session that didn't provide much direction for other markets.@@@@1@16@@oe@2-2-2013
22230006@unknown@formal@none@1@S@Shares also closed sharply lower across Europe, particularly in Frankfurt, although London and a few other markets recovered some ground after stocks began to rebound in New York.@@@@1@28@@oe@2-2-2013
22230007@unknown@formal@none@1@S@Other Asian and Pacific markets had sharper losses than Tokyo, but the selling wave stopped short of precipitating another market crash.@@@@1@21@@oe@2-2-2013
22230008@unknown@formal@none@1@S@All eyes were on Tokyo at the opening because it was the first major market to trade since Friday's 190.58-point plunge on Wall Street.@@@@1@24@@oe@2-2-2013
22230009@unknown@formal@none@1@S@But rather than set the tone for other markets, Japan's major institutional investors chose to remain on the sidelines.@@@@1@19@@oe@2-2-2013
22230010@unknown@formal@none@1@S@Still, despite the sudden reappearance of stock-market turbulence, managers of Japanese investment funds said they weren't planning to unload U.S. or European equities.@@@@1@23@@oe@2-2-2013
22230011@unknown@formal@none@1@S@"We didn't trade much today, as our policy now is to wait and see," said a fund manager at Taisho Life Insurance Co.@@@@1@23@@oe@2-2-2013
22230012@unknown@formal@none@1@S@"We would like to wait and see until trading goes around through Europe and New York."@@@@1@16@@oe@2-2-2013
22230013@unknown@formal@none@1@S@The institutions appeared confident that Japanese regulators would step in to ensure orderly trading if necessary, and there was considerable speculation during the day that the Finance Ministry was working behind the scenes to do just that.@@@@1@37@@oe@2-2-2013
22230014@unknown@formal@none@1@S@But in the absence of panicky trading, its presence was never overtly felt.@@@@1@13@@oe@2-2-2013
22230015@unknown@formal@none@1@S@At the close, the Nikkei average of 225 stocks stood at 34468.69, down 647.33 points, or 1.8%.@@@@1@17@@oe@2-2-2013
22230016@unknown@formal@none@1@S@The broader Tokyo Stock Price Index sank 45.66, or 1.7%, to 2600.88.@@@@1@12@@oe@2-2-2013
22230017@unknown@formal@none@1@S@The day's decline was generally in line with analysts' weekend predictions.@@@@1@11@@oe@2-2-2013
22230018@unknown@formal@none@1@S@Declining issues swamped advancers, 941-105.@@@@1@5@@oe@2-2-2013
22230019@unknown@formal@none@1@S@But volume was thin at 526.2 million shares, compared with 574.7 million Friday.@@@@1@13@@oe@2-2-2013
22230020@unknown@formal@none@1@S@The market opened sharply lower, with the Nikkei average down nearly 600 after 20 minutes.@@@@1@15@@oe@2-2-2013
22230021@unknown@formal@none@1@S@A midmorning rebound brought it back to show a gain of about 200 at the end of the morning session, but the rally failed in the afternoon, and the market closed near the day's low.@@@@1@35@@oe@2-2-2013
22230022@unknown@formal@none@1@S@The smaller stocks in the Tokyo market's second section also posted their biggest decline of the year.@@@@1@17@@oe@2-2-2013
22230023@unknown@formal@none@1@S@The Tokyo Stock Exchange index for the second section fell 100.96, or 2.7%, to 3655.40.@@@@1@15@@oe@2-2-2013
22230024@unknown@formal@none@1@S@Many investors, trying to outperform the market's major indexes, have flocked to these small issues in recent weeks.@@@@1@18@@oe@2-2-2013
22230025@unknown@formal@none@1@S@Japanese investors and traders expressed relief that the Tokyo market didn't fall more sharply.@@@@1@14@@oe@2-2-2013
22230026@unknown@formal@none@1@S@But its performance did bear some resemblance to events of two years ago, during the October 1987 global stock market crash.@@@@1@21@@oe@2-2-2013
22230027@unknown@formal@none@1@S@On Oct. 16, 1987 -- the Friday before the Black Monday crash -- the New York market dropped 4.6%, and Tokyo followed on Monday with a 2.4% drop.@@@@1@28@@oe@2-2-2013
22230028@unknown@formal@none@1@S@This time, Wall Street's plunge of 6.9% Friday was followed by yesterday's 1.8% loss in Tokyo.@@@@1@16@@oe@2-2-2013
22230029@unknown@formal@none@1@S@Two years ago, Tokyo's biggest fall came the day after New York's 22.6% Black Monday plunge, when the Nikkei average fell 14.9%.@@@@1@22@@oe@2-2-2013
22230030@unknown@formal@none@1@S@Thus, market participants yesterday were looking ahead nervously to Wall Street's opening.@@@@1@12@@oe@2-2-2013
22230031@unknown@formal@none@1@S@But in New York yesterday, the Dow Jones Industrial Average surged 88.12 to close at 2657.38 on heavy volume of 416,290,000 shares, although declining issues still outnumbered advancing ones on the broad market.@@@@1@33@@oe@2-2-2013
22230032@unknown@formal@none@1@S@Nobuto Yasuda, a director at Yamaichi Investment Trust & Management Co., called yesterday's session "a good scenario" for Japan.@@@@1@19@@oe@2-2-2013
22230033@unknown@formal@none@1@S@"Now we are looking for the time to place buy orders," he said.@@@@1@13@@oe@2-2-2013
22230034@unknown@formal@none@1@S@"For us institutional investors, the chance for buying has come."@@@@1@10@@oe@2-2-2013
22230035@unknown@formal@none@1@S@Isao Ushikubo, general manager of the investment research department at Toyo Trust & Banking Co., also was optimistic.@@@@1@18@@oe@2-2-2013
22230036@unknown@formal@none@1@S@He described Friday's plunge in the U.S. as a "fleeting" event resulting in part from excessive merger and acquisition activity.@@@@1@20@@oe@2-2-2013
22230037@unknown@formal@none@1@S@"Unless there is a panic, this is the best time to buy, as was the case two years ago," he said.@@@@1@21@@oe@2-2-2013
22230038@unknown@formal@none@1@S@"Those shares which had posted gains on M&A speculation were dashed with cold water, but as far as major stocks are concerned, there isn't much impact."@@@@1@26@@oe@2-2-2013
22230039@unknown@formal@none@1@S@Other fund managers were similarly sanguine.@@@@1@6@@oe@2-2-2013
22230040@unknown@formal@none@1@S@"We have no plans to adjust our asset allocation in foreign equities," said Masato Murakami, chief portfolio manager in the pension fund management department at Yasuda Trust & Banking Co.@@@@1@30@@oe@2-2-2013
22230041@unknown@formal@none@1@S@He said Friday's Wall Street decline was "well within the range of volatility" that Yasuda Trust plans for when it charts its overseas investment strategy.@@@@1@25@@oe@2-2-2013
22230042@unknown@formal@none@1@S@Among other Asian and Pacific markets, Malaysia and Singapore had the biggest losses, with the Kuala Lumpur composite index in Malaysia falling 11.5% and Singapore's Straits Times Industrial Index down 10%.@@@@1@31@@oe@2-2-2013
22230043@unknown@formal@none@1@S@Major indexes declined more than 8% in Australia and New Zealand and 6.5% in Hong Kong.@@@@1@16@@oe@2-2-2013
22230044@unknown@formal@none@1@S@Bangkok, Manila, Seoul, Taipei and Jakarta escaped with slightly smaller losses.@@@@1@11@@oe@2-2-2013
22230045@unknown@formal@none@1@S@Brokers and fund managers said the region's markets were reacting to Friday's Wall Street plunge even though that decline was due to local factors such as failed corporate buy-outs and a deteriorating junk-bond market.@@@@1@34@@oe@2-2-2013
22230046@unknown@formal@none@1@S@"It's pure psychology," said William Au Yeung, an account executive for Drexel Burnham Lambert (HK) Ltd. in Hong Kong.@@@@1@19@@oe@2-2-2013
22230047@unknown@formal@none@1@S@"Markets in this region aren't so geared to leveraged buy-outs, and their economies generally are in good shape, but there's no doubt that Asia is still following America's lead."@@@@1@29@@oe@2-2-2013
22230048@unknown@formal@none@1@S@Several analysts said Malaysia and Singapore had the biggest losses because they are relatively open to rapid cash flows.@@@@1@19@@oe@2-2-2013
22230049@unknown@formal@none@1@S@Hong Kong is the region's next most open market, but many foreign investors have been staying away from it since it plunged in June amid political turmoil in China.@@@@1@29@@oe@2-2-2013
22230050@unknown@formal@none@1@S@"Singapore took the hit because when people want to get out, they tend to go where the liquidity is," said Elizabeth Hambrecht, a regional analyst with Baring Securities (Hong Kong) Ltd.@@@@1@31@@oe@2-2-2013
22230051@unknown@formal@none@1@S@She pointed out that even after Monday's 10% decline, the Straits Times index is up 24% this year, so investors who bailed out generally did so profitably.@@@@1@27@@oe@2-2-2013
22230052@unknown@formal@none@1@S@Similarly, Kuala Lumpur's composite index yesterday ended 27.5% above its 1988 close.@@@@1@12@@oe@2-2-2013
22230053@unknown@formal@none@1@S@In Hong Kong, the Hang Seng Index fell 180.60 to finish at 2601.70.@@@@1@13@@oe@2-2-2013
22230054@unknown@formal@none@1@S@Trading was heavy at about one billion shares, compared with 473.9 million Friday.@@@@1@13@@oe@2-2-2013
22230055@unknown@formal@none@1@S@But the session was orderly, in contrast to the market's four-day closure after the 1987 crash.@@@@1@16@@oe@2-2-2013
22230056@unknown@formal@none@1@S@Richard Chenevix-Trench, a director at Hong Kong-based Baring International Fund Managers Ltd., said the market probably hasn't hit bottom yet but is close.@@@@1@23@@oe@2-2-2013
22230057@unknown@formal@none@1@S@"If New York doesn't collapse, I see maybe another 5% on the downside, not counting the risk of bad news out of China," he said.@@@@1@25@@oe@2-2-2013
22230058@unknown@formal@none@1@S@In Australia, Sydney's All Ordinaries index closed at 1601.5, down 8.1%, its biggest drop since October 1987.@@@@1@17@@oe@2-2-2013
22230059@unknown@formal@none@1@S@But volume rose only to 162 million shares from 143 million Friday.@@@@1@12@@oe@2-2-2013
22230060@unknown@formal@none@1@S@Nestor Hinzack, an analyst at brokerage firm Burdett, Buckeridge & Young Ltd., described the market's performance as "sheep-like" as investors fled to bluechip Australian stocks and shunned entrepreneurial companies they perceived as having any takeover premium built into the price.@@@@1@40@@oe@2-2-2013
22230061@unknown@formal@none@1@S@London's Financial Times-Stock Exchange 100-share index, the most closely watched market barometer, ended at its intraday high of 2163.4, down 70.5, or 3.2%.@@@@1@23@@oe@2-2-2013
22230062@unknown@formal@none@1@S@At its low, shortly before Wall Street opened, it was off more than 130 points.@@@@1@15@@oe@2-2-2013
22230063@unknown@formal@none@1@S@The Financial Times 30-share index closed 79.3 points lower at 1738.7.@@@@1@11@@oe@2-2-2013
22230064@unknown@formal@none@1@S@Volume more than doubled to 959.3 million shares from 457.7 million Friday.@@@@1@12@@oe@2-2-2013
22230065@unknown@formal@none@1@S@Prices on the Frankfurt Stock Exchange tumbled in heavy trading.@@@@1@10@@oe@2-2-2013
22230066@unknown@formal@none@1@S@The decline in the German Stock Index of 203.56 points, or 12.8%, to 1385.72 was the Frankfurt market's steepest fall ever.@@@@1@21@@oe@2-2-2013
22230067@unknown@formal@none@1@S@Retail investors dumped holdings on a massive scale, pushing some blue-chip shares down as much as 20%.@@@@1@17@@oe@2-2-2013
22230068@unknown@formal@none@1@S@Analysts cited memories of two years ago, when many small investors held on to their shares after the October crash but the West German market continued to decline steeply for the next three months.@@@@1@34@@oe@2-2-2013
22230069@unknown@formal@none@1@S@Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.@@@@1@19@@oe@2-2-2013
22230070@unknown@formal@none@1@S@To make them directly comparable, each index is based on the close of 1969 equaling 100.@@@@1@16@@oe@2-2-2013
22230071@unknown@formal@none@1@S@The percentage change is since year-end.@@@@1@6@@oe@2-2-2013
22231001@unknown@formal@none@1@S@Frank Lloyd Wright is reported to have said once that if you tipped the world on its side, everything loose would end up in California.@@@@1@25@@oe@2-2-2013
22231002@unknown@formal@none@1@S@We've always thought that Mr. Wright underestimated California's vitality, but maybe the state's la-la factions are starting to overwhelm the forces that made it such a significant place.@@@@1@28@@oe@2-2-2013
22231003@unknown@formal@none@1@S@What else is one to make of the whacky save-the-earth initiative just proposed by several major environmental groups and organized by the state's attorney general?@@@@1@25@@oe@2-2-2013
22231004@unknown@formal@none@1@S@If passed by the voters, the recently announced initiative would phase out major pesticides, reduce carbon dioxide emissions by 40%, ban new offshore drilling, ban chemicals thought to deplete the ozone layer, and create a new state environmental officer armed with a $40 million budget to sue any firm or agency he thinks is being too dirty.@@@@1@57@@oe@2-2-2013
22231005@unknown@formal@none@1@S@The initiative is based largely on the wish-lists of the green lobby: the Sierra Club, the League of Conservation Voters, the Natural Resources Defense Council, the National Toxics Campaign and the Citizens for a Better Environment.@@@@1@36@@oe@2-2-2013
22231006@unknown@formal@none@1@S@Interestingly, the Environmental Defense Fund is having nothing to do with this one.@@@@1@13@@oe@2-2-2013
22231007@unknown@formal@none@1@S@Not only Californians but all Americans would pay if this thing passed.@@@@1@12@@oe@2-2-2013
22231008@unknown@formal@none@1@S@The initiative bars the sale of any crops in California that don't meet the initiative's standards.@@@@1@16@@oe@2-2-2013
22231009@unknown@formal@none@1@S@Kansas wheat farmers and Florida fruit growers would have to adjust or give up the California market.@@@@1@17@@oe@2-2-2013
22231010@unknown@formal@none@1@S@In other words, California is presuming to take control of the nation's farm policy.@@@@1@14@@oe@2-2-2013
22231011@unknown@formal@none@1@S@As usual the green lobby's proposal is disconnected from scientific reality.@@@@1@11@@oe@2-2-2013
22231012@unknown@formal@none@1@S@Consider the greenhouse-effect provision.@@@@1@4@@oe@2-2-2013
22231013@unknown@formal@none@1@S@The proposed initiative would mandate a reduction of carbon dioxide of 40%.@@@@1@12@@oe@2-2-2013
22231014@unknown@formal@none@1@S@Even if one buys into the whole greenhouse theory, it is inconceivable that reductions in a single state could have any impact on what is billed as a global problem.@@@@1@30@@oe@2-2-2013
22231015@unknown@formal@none@1@S@But if rational science and economics have nothing to do with the new environment initiative, what is going on?@@@@1@19@@oe@2-2-2013
22231016@unknown@formal@none@1@S@The first place to look under these circumstances is at the ways in which the sponsors themselves will benefit.@@@@1@19@@oe@2-2-2013
22231017@unknown@formal@none@1@S@The key here is the ambition of state Attorney General John Van de Kamp.@@@@1@14@@oe@2-2-2013
22231018@unknown@formal@none@1@S@He's running for governor.@@@@1@4@@oe@2-2-2013
22231019@unknown@formal@none@1@S@Mr. Van de Kamp is the one who collected the plans from the various radical environmental groups and cobbled them into a single unwieldy initiative to be placed on the ballot for election on Nov. 6, 1990.@@@@1@37@@oe@2-2-2013
22231020@unknown@formal@none@1@S@That's also the day of the gubernatorial election.@@@@1@8@@oe@2-2-2013
22231021@unknown@formal@none@1@S@The initiative seems to have been crafted to include all the hot issues that set off the wealthy Hollywood weepers who donate money.@@@@1@23@@oe@2-2-2013
22231022@unknown@formal@none@1@S@And it allows Mr. Van de Kamp to get around campaign spending limits.@@@@1@13@@oe@2-2-2013
22231023@unknown@formal@none@1@S@He can spend the legal maximum for his campaign; all the spending for the Van de Kamp initiative (on which there are no limits) is gravy.@@@@1@26@@oe@2-2-2013
22231024@unknown@formal@none@1@S@This initiative is being labeled The Big Green, but maybe it should be called The Big Greenback.@@@@1@17@@oe@2-2-2013
22231025@unknown@formal@none@1@S@(The Republican candidate, Sen. Pete Wilson, is playing the initiative fundraising game too, sponsoring his own crime initiative.)@@@@1@18@@oe@2-2-2013
22231026@unknown@formal@none@1@S@While it is possible that the Big Green initiative will be ruled unconstitutional, it is of course conceivable that in modern California it could slide through.@@@@1@26@@oe@2-2-2013
22231027@unknown@formal@none@1@S@This is the state that recently passed the Prop. 65 anti-toxic initiative.@@@@1@12@@oe@2-2-2013
22231028@unknown@formal@none@1@S@If this new proposal ever does become law, the green lobby will benefit directly.@@@@1@14@@oe@2-2-2013
22231029@unknown@formal@none@1@S@The initiative creates a free floating state environmental officer to sue companies or government agencies that do things he doesn't like.@@@@1@21@@oe@2-2-2013
22231030@unknown@formal@none@1@S@That means the NRDC and such groups no longer would have to spend as much money on litigation; taxpayers would bear the cost.@@@@1@23@@oe@2-2-2013
22231031@unknown@formal@none@1@S@Mr. Van de Kamp and his allies may be hoping that the environment is such a mom and apple-pie issue among certain segments of California's population now that almost any collection of anti-scientific, anti-pocketbook nonsense can pass under its rubric.@@@@1@40@@oe@2-2-2013
22231032@unknown@formal@none@1@S@Of course the state's liberals are not yet a nation unto themselves.@@@@1@12@@oe@2-2-2013
22231033@unknown@formal@none@1@S@George Bush, for example, may decide that he doesn't want to be the President who lost control of interstate commerce to an attorney general from California.@@@@1@26@@oe@2-2-2013
22231034@unknown@formal@none@1@S@And some other segments of California's political and media culture may yet start to point out that the initiative would impose significant costs on the state's less affluent citizens in the form of higher food prices and lost jobs.@@@@1@39@@oe@2-2-2013
22231035@unknown@formal@none@1@S@This grandiose initiative will help California define itself for the futureeither as a state still tethered to economic and scientific reality, or as one being led to wherever its la-la activists want to take it.@@@@1@35@@oe@2-2-2013
22232001@unknown@formal@none@1@S@First, there was a death watch.@@@@1@6@@oe@2-2-2013
22232002@unknown@formal@none@1@S@Then exhilaration.@@@@1@2@@oe@2-2-2013
22232003@unknown@formal@none@1@S@Spurred by waves of large-scale buying in blue-chip stocks, the Dow Jones Industrial Average rallied yesterday and erased about a half of Friday's 190.58-point plunge, gaining 88.12 to 2657.38.@@@@1@29@@oe@2-2-2013
22232004@unknown@formal@none@1@S@It was the fourth-biggest advance for the average of 30 blue chips, on frenetic New York Stock Exchange volume of 416,290,000 shares -- the highest since the days after the 1987 crash.@@@@1@32@@oe@2-2-2013
22232005@unknown@formal@none@1@S@While the advance cheered investors who feared a 1987-style crash would occur yesterday, it was strictly a big-stock rally fed by huge buying by bargain-hunting institutions and program traders.@@@@1@29@@oe@2-2-2013
22232006@unknown@formal@none@1@S@A troubling sign: Declining stocks on the Big Board outnumbered advancers, 975 to 749, and the over-the-counter market that includes many smaller stocks suffered aftershocks of Friday's late Big Board plunge.@@@@1@31@@oe@2-2-2013
22232007@unknown@formal@none@1@S@The Nasdaq OTC index closed down 6.31 to 460.98.@@@@1@9@@oe@2-2-2013
22232008@unknown@formal@none@1@S@Meanwhile, in a divergence in two of the market's most important indicators, the Dow industrials' sister average, the 20-stock Dow Jones Transportation Average, tumbled 102.06 to 1304.23 -- its second-worst decline next to the 164.78-point fall during the 1987 crash.@@@@1@40@@oe@2-2-2013
22232009@unknown@formal@none@1@S@Transports plunged on takeover disappointments in two airline stocks, UAL and AMR, which each fell more than 20% when they reopened for trading yesterday after being suspended Friday afternoon.@@@@1@29@@oe@2-2-2013
22232010@unknown@formal@none@1@S@UAL, the takeover stock at the center of Friday's 190.58-point market plunge, fell 56 7/8 to 222 7/8 on nearly 2.3 million shares.@@@@1@23@@oe@2-2-2013
22232011@unknown@formal@none@1@S@Overall, "this is a pleasant rally but it's very selective," said Arthur Cashin Jr., a veteran PaineWebber Inc. trader at the Big Board.@@@@1@23@@oe@2-2-2013
22232012@unknown@formal@none@1@S@"Everyone was a little concerned about the general narrowness of the rally and failure of the OTC market to get into plus territory.@@@@1@23@@oe@2-2-2013
22232013@unknown@formal@none@1@S@It's just a strange feeling.@@@@1@5@@oe@2-2-2013
22232014@unknown@formal@none@1@S@I don't think anyone left the place whistling Dixie."@@@@1@9@@oe@2-2-2013
22232015@unknown@formal@none@1@S@The rally gave credence, at least for now, to the pre-trading declaration of Big Board Chairman John J. Phelan Jr. that Friday's market debacle was "an abnormal condition, and not a disaster."@@@@1@32@@oe@2-2-2013
22232016@unknown@formal@none@1@S@But to traders, it looked like disaster on the 9:30 a.m. opening bell.@@@@1@13@@oe@2-2-2013
22232017@unknown@formal@none@1@S@The Dow Jones Industrial Average opened down 1.64 shortly after 9:30.@@@@1@11@@oe@2-2-2013
22232018@unknown@formal@none@1@S@But most of the 30 blue-chip stocks in the average, including Eastman Kodak and General Motors, couldn't trade because of the heavy backlog of sell orders left over from Friday's late-afternoon rout.@@@@1@32@@oe@2-2-2013
22232019@unknown@formal@none@1@S@At 9:45, Procter & Gamble -- one of the most important Dow bellwethers of late -- opened down 2 3/4 to 117.@@@@1@22@@oe@2-2-2013
22232020@unknown@formal@none@1@S@The Dow dropped to a quick 27-point loss, and to many traders it looked as if stocks were headed for yet another big tumble.@@@@1@24@@oe@2-2-2013
22232021@unknown@formal@none@1@S@More stocks opened over the ensuing half hour, as the 49 Big Board specialist firms in charge of keeping the market orderly groped to find buy orders from major brokerage firms to match the selling flood.@@@@1@36@@oe@2-2-2013
22232022@unknown@formal@none@1@S@Then, to make matters worse, computerized sell programs kicked in, hammering stocks into steeper losses.@@@@1@15@@oe@2-2-2013
22232023@unknown@formal@none@1@S@There was heavy stock-index arbitrage, as traders sold big baskets of stock and bought stock-index futures to profit from the price discrepancies between the two markets.@@@@1@26@@oe@2-2-2013
22232024@unknown@formal@none@1@S@This was a hangover from Friday, when Standard & Poor's 500-stock index futures had closed at a sharp discount to stocks.@@@@1@21@@oe@2-2-2013
22232025@unknown@formal@none@1@S@The onslaught of the program selling dashed any hopes that some of the big program trading firms would hold off until the market stabilized.@@@@1@24@@oe@2-2-2013
22232026@unknown@formal@none@1@S@They didn't.@@@@1@2@@oe@2-2-2013
22232027@unknown@formal@none@1@S@The Dow accelerated its slide, losing 63.52 in the first 40 minutes of trading.@@@@1@14@@oe@2-2-2013
22232028@unknown@formal@none@1@S@With program traders seemingly in charge, buyers backed away from the market and watched stocks fall.@@@@1@16@@oe@2-2-2013
22232029@unknown@formal@none@1@S@Then at 10:15 the Dow suddenly started to rebound, and when it shot upward it did so even faster than the early-morning fall.@@@@1@23@@oe@2-2-2013
22232030@unknown@formal@none@1@S@And this time, it wasn't just the program traders who were responsible.@@@@1@12@@oe@2-2-2013
22232031@unknown@formal@none@1@S@All the selling had pushed stocks to such cheap values that big investment banks and major money management firms started buying stocks heavily.@@@@1@23@@oe@2-2-2013
22232032@unknown@formal@none@1@S@The program traders were in there, too, of course.@@@@1@9@@oe@2-2-2013
22232033@unknown@formal@none@1@S@But according to one trader, the programmers "didn't look as dominant on the upside as on the downside because there was {also} a lot of bargain-hunting" by institutions.@@@@1@28@@oe@2-2-2013
22232034@unknown@formal@none@1@S@Roland M. Machold, director of the New Jersey Division of Investment, which oversees $29 billion in investments, said the "first thing we did was to double our orders" yesterday morning.@@@@1@30@@oe@2-2-2013
22232035@unknown@formal@none@1@S@"With the market down like this, we'll probably take another $50 million and put it in" the market.@@@@1@18@@oe@2-2-2013
22232036@unknown@formal@none@1@S@Trading in Walt Disney Co. particularly caught traders' eyes.@@@@1@9@@oe@2-2-2013
22232037@unknown@formal@none@1@S@According to Big Board officials, Disney had one of the biggest sell-order imbalances on Friday; it was one of the seven stocks that couldn't finish trading that day.@@@@1@28@@oe@2-2-2013
22232038@unknown@formal@none@1@S@The stock opened late at 114 1/2, down 8 1/2.@@@@1@10@@oe@2-2-2013
22232039@unknown@formal@none@1@S@But then it shot upward 7 1/2 as Goldman, Sachs & Co. stepped in and bought, traders said.@@@@1@18@@oe@2-2-2013
22232040@unknown@formal@none@1@S@However, Disney specialist Robert Fagenson said: "I would be surprised if Goldman represented 4% of the opening volume."@@@@1@18@@oe@2-2-2013
22232041@unknown@formal@none@1@S@Around Wall Street, trading desks were relieved that they could at least play the market yesterday, in contrast to Friday's gridlock.@@@@1@21@@oe@2-2-2013
22232042@unknown@formal@none@1@S@At Donaldson, Lufkin & Jenrette Inc., head equity trader Dudley Eppel said: "I think the opening was constructive.@@@@1@18@@oe@2-2-2013
22232043@unknown@formal@none@1@S@It was orderly.@@@@1@3@@oe@2-2-2013
22232044@unknown@formal@none@1@S@We put some orders together.@@@@1@5@@oe@2-2-2013
22232045@unknown@formal@none@1@S@There wasn't a lot of panic selling, either domestically or internationally. . . .@@@@1@14@@oe@2-2-2013
22232046@unknown@formal@none@1@S@Not like Friday where they just took {the market} apart."@@@@1@10@@oe@2-2-2013
22232047@unknown@formal@none@1@S@Still, the market hadn't yet crossed into positive territory, and traders were glum.@@@@1@13@@oe@2-2-2013
22232048@unknown@formal@none@1@S@But in another dramatic burst, the Dow tacked on 42 points in five minutes, and at 10:25 the index showed a gain of 5.74.@@@@1@24@@oe@2-2-2013
22232049@unknown@formal@none@1@S@On the Big Board floor and on trading desks, traders yelped their approval.@@@@1@13@@oe@2-2-2013
22232050@unknown@formal@none@1@S@Grinned Griffith Peck, a trader in Shearson Lehman Hutton Inc.'s OTC department: "I tell you, this market acts healthy."@@@@1@19@@oe@2-2-2013
22232051@unknown@formal@none@1@S@Around him, scores of traders seemed to get a burst of energy; their boss broke out bottles of Perrier water to cool them off.@@@@1@24@@oe@2-2-2013
22232052@unknown@formal@none@1@S@Among Big Board specialists, the cry was "Pull your offers" -- meaning that specialists soon expected to get higher prices for their shares.@@@@1@23@@oe@2-2-2013
22232053@unknown@formal@none@1@S@"It was bedlam on the upside," said one Big Board specialist.@@@@1@11@@oe@2-2-2013
22232054@unknown@formal@none@1@S@But not everybody was making money.@@@@1@6@@oe@2-2-2013
22232055@unknown@formal@none@1@S@The carnage on the Chicago Board Options Exchange, the nation's major options market, was heavy after the trading in S&P 100 stock-index options was halted Friday.@@@@1@26@@oe@2-2-2013
22232056@unknown@formal@none@1@S@Many market makers in the S&P 100 index options contract had bullish positions Friday, and when the shutdown came they were frozen with huge losses.@@@@1@25@@oe@2-2-2013
22232057@unknown@formal@none@1@S@Over the weekend, clearing firms told the Chicago market makers to get out of their positions at any cost Monday morning.@@@@1@21@@oe@2-2-2013
22232058@unknown@formal@none@1@S@"They were absolutely killed, slaughtered," said one Chicago-based options trader.@@@@1@10@@oe@2-2-2013
22232059@unknown@formal@none@1@S@Some traders said that the closely watched Major Market Index, whose 20 stocks mimic the Dow industrials, didn't lead yesterday's big rally.@@@@1@22@@oe@2-2-2013
22232060@unknown@formal@none@1@S@James Gallagher, a partner at specialist Fowler & Rosenau, said, "The difference between today and two years ago" -- "Terrible Tuesday," Oct. 20, 1987 -- "is that then we needed a savior to go into the Major Market Index, spend $2 million and get the program rally started.@@@@1@48@@oe@2-2-2013
22232061@unknown@formal@none@1@S@This time {institutions} saw the programs coming and backed away and backed away.@@@@1@13@@oe@2-2-2013
22232062@unknown@formal@none@1@S@Then when the market was at a technical level to buy, they came in with a vengeance."@@@@1@17@@oe@2-2-2013
22232063@unknown@formal@none@1@S@However, according to one analyst, the timing of Major Market Index futures buying just before the turnaround was similar to that of Terrible Tuesday.@@@@1@24@@oe@2-2-2013
22232064@unknown@formal@none@1@S@"Futures were pulling the stock market higher," said Donald Selkin, head of stock-index futures research at Prudential-Bache Securities Inc.@@@@1@19@@oe@2-2-2013
22232065@unknown@formal@none@1@S@Although the Big Board's specialist firms struggled through another highly volatile trading session, their performance yesterday was better than during Friday's late-afternoon chaos, according to traders and brokers who work with them.@@@@1@32@@oe@2-2-2013
22232066@unknown@formal@none@1@S@Specialists were criticized for their inability to maintain orderly markets during the Friday plunge.@@@@1@14@@oe@2-2-2013
22232067@unknown@formal@none@1@S@But yesterday, even with halts in such major blue-chip stocks as Merck, "we expected (the halts) and it wasn't too bad," said Donaldson's Mr. Eppel, who had been critical of the specialists' performance on Friday.@@@@1@35@@oe@2-2-2013
22232068@unknown@formal@none@1@S@According to a Big Board official, while many stocks opened late, there were subsequent trading halts in only three issues -- AMR, Merck and Valero Energy.@@@@1@26@@oe@2-2-2013
22232069@unknown@formal@none@1@S@Merck is one of the most important stocks in the Major Market Index.@@@@1@13@@oe@2-2-2013
22232070@unknown@formal@none@1@S@No sector of the market has been spared during the past two days' gyrations.@@@@1@14@@oe@2-2-2013
22232071@unknown@formal@none@1@S@Yet from the Dow industrials' high on Oct. 9 through Friday's plunge, relatively good performances have been turned in by real-estate, utilities, precious metals and life insurance stocks.@@@@1@28@@oe@2-2-2013
22232072@unknown@formal@none@1@S@And yesterday, the top performing industry group was oil field equipment issues.@@@@1@12@@oe@2-2-2013
22232073@unknown@formal@none@1@S@For example, Halliburton jumped 3 1/4 to 38, Schlumberger rose 2 1/2 to 43 1/4 and Baker Hughes rose 1 1/8 to 22.@@@@1@23@@oe@2-2-2013
22232074@unknown@formal@none@1@S@Because of the UAL and AMR tumbles, airlines were the weakest sector of the market yesterday.@@@@1@16@@oe@2-2-2013
22232075@unknown@formal@none@1@S@Philip Morris was the Big Board's most active issue, rising 2 1/4 to 43 1/4 on nearly eight million shares.@@@@1@20@@oe@2-2-2013
22232076@unknown@formal@none@1@S@Among other major issues, Coca-Cola Co. closed up 2 at 66 3/4 on 1.7 million shares and American Telephone & Telegraph rose 3 1/4 to 43 on nearly 7.8 million shares.@@@@1@31@@oe@2-2-2013
22232077@unknown@formal@none@1@S@Shares of International Business Machines, which reported earnings yesterday, finished at 103, up 1, after slipping below 100 during Friday's session for the first time in five years.@@@@1@28@@oe@2-2-2013
22232078@unknown@formal@none@1@S@Shares of three brokerage firms rose after they reported earnings.@@@@1@10@@oe@2-2-2013
22232079@unknown@formal@none@1@S@Merrill Lynch added 1 3/4 to 28, PaineWebber rose 3/4 to 18 1/2 and Bear Stearns rose 3/8 to 14 1/4.@@@@1@21@@oe@2-2-2013
22232080@unknown@formal@none@1@S@Federal National Mortgage Association, a recently hot stock, climbed 4 to 124 on nearly 1.6 million shares.@@@@1@17@@oe@2-2-2013
22232081@unknown@formal@none@1@S@At a news conference after the close of trading yesterday, the Big Board's Mr. Phelan and other exchange officials praised the performance of their computers and personnel.@@@@1@27@@oe@2-2-2013
22232082@unknown@formal@none@1@S@Mr. Phelan said that program trading strategies weren't responsible for triggering Friday's decline despite a jump in the use of the computer-driven strategies in recent months.@@@@1@26@@oe@2-2-2013
22232083@unknown@formal@none@1@S@Some 24 million of the more than 100 million shares traded in the final 90 minutes of Friday's session, when the plunge in stock prices was concentrated, were program-related, he said.@@@@1@31@@oe@2-2-2013
22232084@unknown@formal@none@1@S@Program trades make up 10% of the exchange's volume on an average day, but despite the increase Friday, it was "certainly not something you would say precipitated the market decline," Mr. Phelan said.@@@@1@33@@oe@2-2-2013
22232085@unknown@formal@none@1@S@Mr. Phelan expressed relief that the market rebounded yesterday.@@@@1@9@@oe@2-2-2013
22232086@unknown@formal@none@1@S@"Obviously, every time we get this kind of reaction, it's going to make everybody nervous, including me," he said.@@@@1@19@@oe@2-2-2013
22232087@unknown@formal@none@1@S@He said that exchange officials had conversations with Wall Street firms throughout the weekend and that "all the participants behaved very, very responsibly today."@@@@1@24@@oe@2-2-2013
22232088@unknown@formal@none@1@S@Meanwhile, Peter DaPuzzo, Shearson's head of retail equity trading, praised institutional investors in the OTC market, who were heavy buyers of the Nasdaq's biggest technology issues yesterday amid a flood of selling by other investors.@@@@1@35@@oe@2-2-2013
22232089@unknown@formal@none@1@S@"The institutions can't be criticized for their behavior," Mr. DaPuzzo said in an interview.@@@@1@14@@oe@2-2-2013
22232090@unknown@formal@none@1@S@"It was the opposite of what happened on Oct. 19.@@@@1@10@@oe@2-2-2013
22232091@unknown@formal@none@1@S@They used their judgment.@@@@1@4@@oe@2-2-2013
22232092@unknown@formal@none@1@S@They didn't panic during the first round of selling this morning.@@@@1@11@@oe@2-2-2013
22232093@unknown@formal@none@1@S@Instead, they bought on weakness and sold into the strength, which kept the market orderly.@@@@1@15@@oe@2-2-2013
22232094@unknown@formal@none@1@S@Maybe they learned from experience."@@@@1@5@@oe@2-2-2013
22232095@unknown@formal@none@1@S@Mr. Phelan said the performance of specialists during Friday's plunge was admirable, because out of 1,640 Big Board common stocks traded during the day only seven were closed and weren't reopened before the close.@@@@1@34@@oe@2-2-2013
22232096@unknown@formal@none@1@S@"They did an excellent job," Mr. Phelan said of the specialists.@@@@1@11@@oe@2-2-2013
22232097@unknown@formal@none@1@S@Wall Street traders on Friday had complained about the trading suspensions.@@@@1@11@@oe@2-2-2013
22232098@unknown@formal@none@1@S@James A. White and Sonja Steptoe contributed to this article.@@@@1@10@@oe@2-2-2013
22233001@unknown@formal@none@1@S@West Germany's Green Party joined its ideological soulmates Jeremy Rifkin and the Christic Institute in the legal battle to ground the Atlantis shuttle and its plutonium-powered Galileo probe to Jupiter.@@@@1@30@@oe@2-2-2013
22233002@unknown@formal@none@1@S@The anti-defense Greens wanted a Washington federal appeals court to block today's scheduled liftoff long enough for them to ask the World Court to "order" a permanent cancellation of the $1.5 billion flight.@@@@1@33@@oe@2-2-2013
22233003@unknown@formal@none@1@S@A three-judge appeals panel yesterday refused to comply, though liberal Judge Pat Wald went out of her way to deny that this was a "frivolous" case.@@@@1@26@@oe@2-2-2013
22233004@unknown@formal@none@1@S@Of course it was.@@@@1@4@@oe@2-2-2013
22233005@unknown@formal@none@1@S@NASA should now sue for fines against all three politico-plaintiffs, foreign and domestic, for bringing this mischievous case.@@@@1@18@@oe@2-2-2013
22234001@unknown@formal@none@1@S@A House-Senate conference approved a permanent smoking ban on all domestic airline routes within the continental U.S. and on all flights of six hours or less to Alaska and Hawaii.@@@@1@30@@oe@2-2-2013
22234002@unknown@formal@none@1@S@The restrictions would cover all but a small percentage of domestic air traffic, and represent a major expansion of the current smoking ban on flights of two hours or less.@@@@1@30@@oe@2-2-2013
22234003@unknown@formal@none@1@S@The exemption allowed on longer flights to Alaska and Hawaii appears to be largely a face-saving concession for the traditionally powerful tobacco industry, which has found itself increasingly isolated in the face of public pressure in recent years.@@@@1@38@@oe@2-2-2013
22234004@unknown@formal@none@1@S@By a 6-4 margin, House negotiators initially rejected last night a Senate provision covering all domestic flights.@@@@1@17@@oe@2-2-2013
22234005@unknown@formal@none@1@S@But the six-hour compromise was soon agreed to in subsequent discussions.@@@@1@11@@oe@2-2-2013
22234006@unknown@formal@none@1@S@As a practical matter, flights from the West Coast to Hawaii would be covered as they are under the time limit, but the language would exempt longer routes beginning, for example, in Chicago or on the East Coast.@@@@1@38@@oe@2-2-2013
22234007@unknown@formal@none@1@S@Within the Senate, the ban has had aggressive support from Sen. Frank Lautenberg (D., N.J.), who has used his position as a Senate Appropriations subcommittee chairman to garner votes for the initiative.@@@@1@32@@oe@2-2-2013
22234008@unknown@formal@none@1@S@The measure is attached to the more than $26 billion fiscal 1990 transportation bill within Mr. Lautenberg's jurisdiction, and the final compromise is laced with more than $205 million in road projects earmarked by members as well as funds sought by major airports, including Denver.@@@@1@45@@oe@2-2-2013
22234009@unknown@formal@none@1@S@From the outset, the tobacco industry has been uncertain as to what strategy to follow.@@@@1@15@@oe@2-2-2013
22234010@unknown@formal@none@1@S@But the industry retains support in the House leadership through the influence of grower states, such as North Carolina.@@@@1@19@@oe@2-2-2013
22234011@unknown@formal@none@1@S@Majority Whip William Gray owes a political debt to Southern agriculture lawmakers for his rise in the House, and the Philadelphia Democrat used his position in the conference to salvage the exemption from a total ban.@@@@1@36@@oe@2-2-2013
22234012@unknown@formal@none@1@S@Although the smoking provision has attracted the most public interest, the underlying bill was the subject of behind-the-scenes lobbying because of its impact on air transportation and the more mundane, but politically important, projects of members.@@@@1@36@@oe@2-2-2013
22234013@unknown@formal@none@1@S@In a stark lesson in the power of the appropriations committees, the House deliberately killed a handful of projects backed by lawmakers in Florida, Illinois and Pennsylvania who had voted against the panel leadership on the House floor.@@@@1@38@@oe@2-2-2013
22234014@unknown@formal@none@1@S@"Anybody can vote as they want," said Rep. William Lehman (D., Fla.), head of the House conferees.@@@@1@17@@oe@2-2-2013
22234015@unknown@formal@none@1@S@"But if you make a request, you should support the committee."@@@@1@11@@oe@2-2-2013
22234016@unknown@formal@none@1@S@Within the Federal Aviation Administration, the final bill promises to increase spending for facilities and equipment by more than 20% from last year, and total operations would rise to $3.84 billion -- a 12% boost.@@@@1@35@@oe@2-2-2013
22234017@unknown@formal@none@1@S@The facilities account includes $40 million for Denver's ambitious new airport, and the competition for these funds created shifting alliances between urban lawmakers representing established airports in Philadelphia and Michigan and the major carriers to Denver, United and Continental.@@@@1@39@@oe@2-2-2013
22234018@unknown@formal@none@1@S@Leery of the costs -- and, critics say, competition -- the airlines have sought to gain leverage over the city of Denver.@@@@1@22@@oe@2-2-2013
22234019@unknown@formal@none@1@S@Texas Air Corp., which owns Continental, and the Air Transport Association were prominent in the lobbying.@@@@1@16@@oe@2-2-2013
22234020@unknown@formal@none@1@S@The industry sought to impose conditions that would have delayed funds for the project until Denver and the airlines had agreed to leases for 50% of the gates.@@@@1@28@@oe@2-2-2013
22234021@unknown@formal@none@1@S@But this was rejected in favor of much looser language directing the Transportation Department to review the costs of the first phase, expected to cost about $2 billion.@@@@1@28@@oe@2-2-2013
22234022@unknown@formal@none@1@S@Though smaller in total dollars, the conference agreed to preserve an estimated $30.6 million in controversial subsidies to carriers serving rural or isolated airports.@@@@1@24@@oe@2-2-2013
22234023@unknown@formal@none@1@S@The sum is more than double what the House had approved for the program, but the list of qualified airports would be cut by 22 under new distance requirements and limits on the level of subsidy.@@@@1@36@@oe@2-2-2013
22234024@unknown@formal@none@1@S@Congress previously cut six airports this year.@@@@1@7@@oe@2-2-2013
22234025@unknown@formal@none@1@S@The impact of the changes is to eliminate many of the most excessive cases where the government has been paying more than $200 for each passenger in subsidies.@@@@1@28@@oe@2-2-2013
22234026@unknown@formal@none@1@S@Among rail and highway accounts, the agreement provides $615 million for Amtrak, including $85 million for capital improvements.@@@@1@18@@oe@2-2-2013
22234027@unknown@formal@none@1@S@And federal-formula grants for mass transit would be effectively frozen at $1.625 billion, or $20 million more than last fiscal year.@@@@1@21@@oe@2-2-2013
22235001@unknown@formal@none@1@S@Enjoying several blockbuster movie hits including "Batman," Los Angeles-based Guber-Peters Entertainment Co. reported earnings for the first quarter ended Aug. 31 of $5.8 million, or 50 cents a share, compared with a year-earlier loss.@@@@1@34@@oe@2-2-2013
22235002@unknown@formal@none@1@S@Sony Corp., which has offered to acquire the movie-production company, is seeking to free its top executives, Peter Guber and Jon Peters, from an exclusive agreement with Time Warner Inc.'s Warner Communications Inc. so they can run Columbia Pictures Entertainment Inc.@@@@1@41@@oe@2-2-2013
22235003@unknown@formal@none@1@S@Sony two weeks ago agreed to acquire Columbia for $3.4 billion, or $27 a share.@@@@1@15@@oe@2-2-2013
22235004@unknown@formal@none@1@S@Warner sued Sony and Guber-Peters late last week; Sony and Guber-Peters have countersued, charging Warner with attempting to interfere in Sony's acquisition of the two companies.@@@@1@26@@oe@2-2-2013
22235005@unknown@formal@none@1@S@Guber-Peters's net income in the latest quarter compared with a net loss of $6.9 million, or 62 cents a share, in the year-earlier period.@@@@1@24@@oe@2-2-2013
22235006@unknown@formal@none@1@S@The company said revenue rose 138%, to $10.9 million from $4.6 million, reflecting the success of its movies "Gorillas in the Mist" and "Rainman," as well as the box-office smash "Batman.@@@@1@31@@oe@2-2-2013
22236001@unknown@formal@none@1@S@A group including Jon M. Huntsman of Salt Lake City, said it boosted its stake in Aristech Chemical Corp. to 8.36% of the the common shares outstanding.@@@@1@27@@oe@2-2-2013
22236002@unknown@formal@none@1@S@As previously reported, Huntsman Holdings Corp., owned by Jon M. Huntsman and other members of his family, proposed that Banstar Corp., an affiliate of Huntsman Holdings, acquire Aristech in a friendly transaction for $25-a-share in cash, or $817.5 million.@@@@1@39@@oe@2-2-2013
22236003@unknown@formal@none@1@S@In a filing with the Securities and Exchange Commission, the Huntsman group said it controls 2,720,675 Aristech common shares, including 306,000 shares bought from Aug. 21 to Oct. 13 for $20 to $20.875 per share.@@@@1@35@@oe@2-2-2013
22236004@unknown@formal@none@1@S@Officials at Aristech, based in Pittsburgh, declined comment.@@@@1@8@@oe@2-2-2013
22237001@unknown@formal@none@1@S@Congress has been critical of the Bush administration for not sending enough aid to Poland, so it is getting ready to send its own version of a CARE package.@@@@1@29@@oe@2-2-2013
22237002@unknown@formal@none@1@S@Last month, the Senate voted to send a delegation of congressional staffers to Poland to assist its legislature, the Sejm, in democratic procedures.@@@@1@23@@oe@2-2-2013
22237003@unknown@formal@none@1@S@Senator Pete Domenici calls this effort "the first gift of democracy."@@@@1@11@@oe@2-2-2013
22237004@unknown@formal@none@1@S@The Poles might do better to view it as a Trojan Horse.@@@@1@12@@oe@2-2-2013
22237005@unknown@formal@none@1@S@It is the vast shadow government of 15,000 congressional staffers that helps create such legislative atrocities as the 1,376 page, 13-pound reconciliation bill that claimed to be the budget of the United States.@@@@1@33@@oe@2-2-2013
22237006@unknown@formal@none@1@S@Maybe after the staffers explain their work to the Poles, they'd be willing to come back and do the same for the American people.@@@@1@24@@oe@2-2-2013
22238001@unknown@formal@none@1@S@Waterford Wedgwood PLC, a financially troubled Irish maker of fine crystal and Wedgwood china, reported that its pretax loss for the first six months widened to 10.6 million Irish punts ($14.9 million) from 5.8 million Irish punts a year earlier.@@@@1@40@@oe@2-2-2013
22238002@unknown@formal@none@1@S@The results for the half were worse than market expectations, which suggested an interim loss of around 10 million Irish punts.@@@@1@21@@oe@2-2-2013
22238003@unknown@formal@none@1@S@In a sharply weaker London market yesterday, Waterford shares were down 15 pence at 50 pence (79 cents).@@@@1@18@@oe@2-2-2013
22238004@unknown@formal@none@1@S@The company reported a loss after taxation and minority interests of 14 million Irish punts, compared with a loss of 9.3 million Irish punts for the year-earlier period.@@@@1@28@@oe@2-2-2013
22238005@unknown@formal@none@1@S@There weren't any extraordinary items.@@@@1@5@@oe@2-2-2013
22238006@unknown@formal@none@1@S@Sales for the total group rose 27% to 168.1 million Irish punts compared with 132.6 million Irish punts a year ago.@@@@1@21@@oe@2-2-2013
22238007@unknown@formal@none@1@S@Waterford has decided against paying an interim dividend.@@@@1@8@@oe@2-2-2013
22238008@unknown@formal@none@1@S@Waterford said the appointment of a new management team and the signing of a comprehensive labor agreement are expected to enhance the company's long-term prospects.@@@@1@25@@oe@2-2-2013
22239001@unknown@formal@none@1@S@The sudden "flight to quality" that triggered Friday's explosive bond-market rally was reversed yesterday in a "flight from quality" rout.@@@@1@20@@oe@2-2-2013
22239002@unknown@formal@none@1@S@The setback, in which Treasury bond prices plummeted, reflected a rebound in the stock market and profit-taking.@@@@1@17@@oe@2-2-2013
22239003@unknown@formal@none@1@S@"It was a pretty wild day.@@@@1@6@@oe@2-2-2013
22239004@unknown@formal@none@1@S@Our markets were closely tied to the stock market," said Joel Kazis, manager of trading at Smith Barney, Harris Upham & Co.@@@@1@22@@oe@2-2-2013
22239005@unknown@formal@none@1@S@"Friday's flight to quality was no longer needed once the stock market found its legs," he said.@@@@1@17@@oe@2-2-2013
22239006@unknown@formal@none@1@S@Some fixed-income investors had expected a further drop in stock prices after the nearly 200-point drop in the Dow Jones Industrial Average on Friday.@@@@1@24@@oe@2-2-2013
22239007@unknown@formal@none@1@S@That caused investors to flee stocks and buy high-quality Treasury bonds, which are safer than other types of securities.@@@@1@19@@oe@2-2-2013
22239008@unknown@formal@none@1@S@But when stocks began to climb instead, prices of Treasury bonds declined.@@@@1@12@@oe@2-2-2013
22239009@unknown@formal@none@1@S@Contributing to the selling pressure were dispatches by several investment firms advising clients to boost their stock holdings and reduce the size of their cash or bond portfolios.@@@@1@28@@oe@2-2-2013
22239010@unknown@formal@none@1@S@Among the firms were Merrill Lynch & Co. and Dean Witter Reynolds Inc.@@@@1@13@@oe@2-2-2013
22239011@unknown@formal@none@1@S@The bond market seemed to ignore evidence that the Federal Reserve eased credit conditions slightly by allowing the federal funds rate to drift as low as 8 1/2%.@@@@1@28@@oe@2-2-2013
22239012@unknown@formal@none@1@S@The closely watched rate on federal funds, or overnight loans between banks, slid to about 8 3/4% last week, down from its perceived target level of about 9%.@@@@1@28@@oe@2-2-2013
22239013@unknown@formal@none@1@S@The rate is considered an early signal of changes in Fed policy.@@@@1@12@@oe@2-2-2013
22239014@unknown@formal@none@1@S@Traders said yesterday's modest easing didn't stir much enthusiasm because it had been widely expected.@@@@1@15@@oe@2-2-2013
22239015@unknown@formal@none@1@S@In fact, some economists contend that the latest easing started last week.@@@@1@12@@oe@2-2-2013
22239016@unknown@formal@none@1@S@Others note that some investors were disappointed because they had expected a more aggressive easing.@@@@1@15@@oe@2-2-2013
22239017@unknown@formal@none@1@S@The Treasury's benchmark 30-year bond, ended about 1 3/4 points lower, or down about $17.50 for each $1,000 face amount.@@@@1@20@@oe@2-2-2013
22239018@unknown@formal@none@1@S@The reversal was even more evident among shorter-term Treasury securities.@@@@1@10@@oe@2-2-2013
22239019@unknown@formal@none@1@S@After Treasury bill rates plummeted as much as 0.70 percentage point on Friday, they gave back three-fourths of that amount yesterday.@@@@1@21@@oe@2-2-2013
22239020@unknown@formal@none@1@S@The bond-equivalent yield on three-month Treasury bills, for example, was quoted late yesterday at 7.72%, compared with 7.16% Friday.@@@@1@19@@oe@2-2-2013
22239021@unknown@formal@none@1@S@Investment-grade corporate bonds, mortgage-backed securities and municipal bonds also fell.@@@@1@10@@oe@2-2-2013
22239022@unknown@formal@none@1@S@But prices of junk bonds, which were battered Friday in near standstill trading, rebounded to post small gains after a volatile trading session.@@@@1@23@@oe@2-2-2013
22239023@unknown@formal@none@1@S@Junk bonds opened as much as four points lower but staged a modest comeback as stock prices firmed.@@@@1@18@@oe@2-2-2013
22239024@unknown@formal@none@1@S@Some traders said the high-yield market was helped by active institutional buying.@@@@1@12@@oe@2-2-2013
22239025@unknown@formal@none@1@S@In particular, they said, firms such as First Boston Corp. and Drexel Burnham Lambert Inc. began making a market in junk issues early in the session when prices hit severely depressed levels.@@@@1@32@@oe@2-2-2013
22239026@unknown@formal@none@1@S@"I think the willingness of securities companies to make markets for high-yield issues improved the sentiment for junk bonds," said John Lonski, an economist at Moody's Investors Service Inc.@@@@1@29@@oe@2-2-2013
22239027@unknown@formal@none@1@S@U.S. Treasury bonds were higher in overnight trading in Japan, which opened at about 7:30 p.m. EDT.@@@@1@17@@oe@2-2-2013
22239028@unknown@formal@none@1@S@The benchmark 30-year bond, for example rose one point in early Japanese trading in reaction to a quick 600-point drop in the Tokyo stock market.@@@@1@25@@oe@2-2-2013
22239029@unknown@formal@none@1@S@But as Japanese stocks rebounded, Treasurys retreated and ended just modestly higher.@@@@1@12@@oe@2-2-2013
22239030@unknown@formal@none@1@S@Many U.S. trading operations, wanting to keep a watchful eye on Japanese trading as an indication of where U.S. trading would begin, were fully staffed during the Tokyo trading session.@@@@1@30@@oe@2-2-2013
22239031@unknown@formal@none@1@S@"Most of the action was during the night session," said Michael Moore, trading manager at Continental Bank.@@@@1@17@@oe@2-2-2013
22239032@unknown@formal@none@1@S@Jay Goldinger, who often trades overnight for Capital Insight Inc., Beverly Hills, Calif., said trading in Tokyo was "very active" but highly volatile.@@@@1@23@@oe@2-2-2013
22239033@unknown@formal@none@1@S@"We went down 3/4 point in 10 minutes right before lunch, then after lunch we went up 3/4 point in 12 minutes," he said.@@@@1@24@@oe@2-2-2013
22239034@unknown@formal@none@1@S@In Tokyo, trading is halted during lunchtime.@@@@1@7@@oe@2-2-2013
22239035@unknown@formal@none@1@S@Tokyo's market turned out to be a bad bellwether for U.S. trading.@@@@1@12@@oe@2-2-2013
22239036@unknown@formal@none@1@S@When the market opened here, bonds prices fell as the stock market regained strength.@@@@1@14@@oe@2-2-2013
22239037@unknown@formal@none@1@S@The bond market's focus on stock activity was so strong yesterday that it overshadowed today's slate of economic data, which includes the government's report on August U.S. merchandise trade and September industrial production.@@@@1@33@@oe@2-2-2013
22239038@unknown@formal@none@1@S@Industrial production is expected to have declined 0.2%, according to a consensus of economists surveyed by Dow Jones Capital Markets Report.@@@@1@21@@oe@2-2-2013
22239039@unknown@formal@none@1@S@The August trade deficit is expected to have widened to $9.1 billion from $7.58 billion in July.@@@@1@17@@oe@2-2-2013
22239040@unknown@formal@none@1@S@A widening of that magnitude, said one New York trader, is "not a favorable number. . . .@@@@1@18@@oe@2-2-2013
22239041@unknown@formal@none@1@S@It could do damage to us."@@@@1@6@@oe@2-2-2013
22239042@unknown@formal@none@1@S@Meanwhile, agency supply is expected to weigh heavily on the market today when the Federal Home Loan Bank prices a $2.3 billion offering of one-year, three-year, five-year and 10-year maturities.@@@@1@30@@oe@2-2-2013
22239043@unknown@formal@none@1@S@Tomorrow, the Resolution Funding Corp. will provide details of its first bond issue, which is expected to total between $4 billion and $6 billion and carry a maturity greater than 20 years.@@@@1@32@@oe@2-2-2013
22239044@unknown@formal@none@1@S@Resolution Funding is a division of Resolution Trust Corp., the new federal agency created to bail out the nation's troubled thrifts.@@@@1@21@@oe@2-2-2013
22239045@unknown@formal@none@1@S@And this week the Tennessee Valley Authority plans to price a $3 billion offering, its first public debt borrowing in 15 years.@@@@1@22@@oe@2-2-2013
22239046@unknown@formal@none@1@S@"There's lots of supply," the New York trader said.@@@@1@9@@oe@2-2-2013
22239047@unknown@formal@none@1@S@"We have a couple or three tough weeks coming."@@@@1@9@@oe@2-2-2013
22239048@unknown@formal@none@1@S@Treasury Securities@@@@1@2@@oe@2-2-2013
22239049@unknown@formal@none@1@S@Prices of Treasury bonds tumbled in moderate to active trading.@@@@1@10@@oe@2-2-2013
22239050@unknown@formal@none@1@S@The benchmark 30-year Treasury bond was quoted late at a price of 101 19/32, compared with a closing price of 103 12/32 Friday.@@@@1@23@@oe@2-2-2013
22239051@unknown@formal@none@1@S@The yield on the benchmark issue rose to 7.97% from 7.82%.@@@@1@11@@oe@2-2-2013
22239052@unknown@formal@none@1@S@The latest 10-year notes were quoted late at 100 3/32 for a yield of 7.97%, compared with 101 9/32 to yield 7.84%.@@@@1@22@@oe@2-2-2013
22239053@unknown@formal@none@1@S@Short-term interest rates fell yesterday at the government's weekly Treasury bill auction.@@@@1@12@@oe@2-2-2013
22239054@unknown@formal@none@1@S@The average discount rate on new three-month Treasury bills was 7.37%, the lowest since the average of 7.36% at the auction on Oct. 17, 1988.@@@@1@25@@oe@2-2-2013
22239055@unknown@formal@none@1@S@The average discount rate was 7.42% on new six-month bills, the lowest since the average of 7.35% at the auction on July 31, 1989.@@@@1@24@@oe@2-2-2013
22239056@unknown@formal@none@1@S@Here are auction details:@@@@1@4@@oe@2-2-2013
22239057@unknown@formal@none@1@S@Rates are determined by the difference between the purchase price and face value.@@@@1@13@@oe@2-2-2013
22239058@unknown@formal@none@1@S@Thus, higher bidding narrows the investor's return while lower bidding widens it.@@@@1@12@@oe@2-2-2013
22239059@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
22239060@unknown@formal@none@1@S@Both issues are dated Oct. 19.@@@@1@6@@oe@2-2-2013
22239061@unknown@formal@none@1@S@The 13-week bills mature Jan. 18, 1990, and the 26-week bills mature April 19, 1990.@@@@1@15@@oe@2-2-2013
22239062@unknown@formal@none@1@S@Corporate Issues@@@@1@2@@oe@2-2-2013
22239063@unknown@formal@none@1@S@Investment-grade corporate bonds ended one to 1 1/2 point lower.@@@@1@10@@oe@2-2-2013
22239064@unknown@formal@none@1@S@There were no new issues.@@@@1@5@@oe@2-2-2013
22239065@unknown@formal@none@1@S@Foreign Bonds@@@@1@2@@oe@2-2-2013
22239066@unknown@formal@none@1@S@Foreign bonds surged as the dollar weakened against most major currencies.@@@@1@11@@oe@2-2-2013
22239067@unknown@formal@none@1@S@Among benchmark issues: -- Japan's No. 111 4.6% bond due 1998 ended on brokers screens at 96.15, up 1.17 point.@@@@1@20@@oe@2-2-2013
22239068@unknown@formal@none@1@S@The yield was 5.245%.@@@@1@4@@oe@2-2-2013
22239069@unknown@formal@none@1@S@-- West Germany's 6 3/4% issue due June 1999 ended at 98.30, up 0.91 point to yield 6.99%.@@@@1@18@@oe@2-2-2013
22239070@unknown@formal@none@1@S@-- Britain's 11 3/4% bond due 2003/2007 ended 1 1/8 higher at 111 19/32 to yield 10.12%, while the 11 3/4% notes due 1991 rose 21/32 to 98 26/32 to yield 12.74%.@@@@1@32@@oe@2-2-2013
22239071@unknown@formal@none@1@S@Mortgage-Backed Securities@@@@1@2@@oe@2-2-2013
22239072@unknown@formal@none@1@S@Mortgage securities gave up most of Friday's gains as active issues ended 24/32 to 30/32 point lower.@@@@1@17@@oe@2-2-2013