22400001@unknown@formal@none@1@S@The economy's temperature will be taken from several vantage points this week, with readings on trade, output, housing and inflation.@@@@1@20@@oe@2-2-2013
22400002@unknown@formal@none@1@S@The most troublesome report may be the August merchandise trade deficit due out tomorrow.@@@@1@14@@oe@2-2-2013
22400003@unknown@formal@none@1@S@The trade gap is expected to widen to about $9 billion from July's $7.6 billion, according to a survey by MMS International, a unit of McGraw-Hill Inc., New York.@@@@1@29@@oe@2-2-2013
22400004@unknown@formal@none@1@S@Thursday's report on the September consumer price index is expected to rise, although not as sharply as the 0.9% gain reported Friday in the producer price index.@@@@1@27@@oe@2-2-2013
22400005@unknown@formal@none@1@S@That gain was being cited as a reason the stock market was down early in Friday's session, before it got started on its reckless 190-point plunge.@@@@1@26@@oe@2-2-2013
22400006@unknown@formal@none@1@S@Economists are divided as to how much manufacturing strength they expect to see in September reports on industrial production and capacity utilization, also due tomorrow.@@@@1@25@@oe@2-2-2013
22400007@unknown@formal@none@1@S@Meanwhile, September housing starts, due Wednesday, are thought to have inched upward.@@@@1@12@@oe@2-2-2013
22400008@unknown@formal@none@1@S@"There's a possibility of a surprise" in the trade report, said Michael Englund, director of research at MMS.@@@@1@18@@oe@2-2-2013
22400009@unknown@formal@none@1@S@A widening of the deficit, if it were combined with a stubbornly strong dollar, would exacerbate trade problems -- but the dollar weakened Friday as stocks plummeted.@@@@1@27@@oe@2-2-2013
22400010@unknown@formal@none@1@S@In any event, Mr. Englund and many others say that the easy gains in narrowing the trade gap have already been made.@@@@1@22@@oe@2-2-2013
22400011@unknown@formal@none@1@S@"Trade is definitely going to be more politically sensitive over the next six or seven months as improvement begins to slow," he said.@@@@1@23@@oe@2-2-2013
22400012@unknown@formal@none@1@S@Exports are thought to have risen strongly in August, but probably not enough to offset the jump in imports, economists said.@@@@1@21@@oe@2-2-2013
22400013@unknown@formal@none@1@S@Views on manufacturing strength are split between economists who read September's low level of factory job growth as a sign of a slowdown and those who use the somewhat more comforting total employment figures in their calculations.@@@@1@37@@oe@2-2-2013
22400014@unknown@formal@none@1@S@The wide range of estimates for the industrial output number underscores the differences: The forecasts run from a drop of 0.5% to an increase of 0.4%, according to MMS.@@@@1@29@@oe@2-2-2013
22400015@unknown@formal@none@1@S@A rebound in energy prices, which helped push up the producer price index, is expected to do the same in the consumer price report.@@@@1@24@@oe@2-2-2013
22400016@unknown@formal@none@1@S@The consensus view expects a 0.4% increase in the September CPI after a flat reading in August.@@@@1@17@@oe@2-2-2013
22400017@unknown@formal@none@1@S@Robert H. Chandross, an economist for Lloyd's Bank in New York, is among those expecting a more moderate gain in the CPI than in prices at the producer level.@@@@1@29@@oe@2-2-2013
22400018@unknown@formal@none@1@S@"Auto prices had a big effect in the PPI, and at the CPI level they won't," he said.@@@@1@18@@oe@2-2-2013
22400019@unknown@formal@none@1@S@Food prices are expected to be unchanged, but energy costs jumped as much as 4%, said Gary Ciminero, economist at Fleet/Norstar Financial Group.@@@@1@23@@oe@2-2-2013
22400020@unknown@formal@none@1@S@He also says he thinks "core inflation," which excludes the volatile food and energy prices, was strong last month.@@@@1@19@@oe@2-2-2013
22400021@unknown@formal@none@1@S@He expects a gain of as much as 0.5% in core inflation after a summer of far smaller increases.@@@@1@19@@oe@2-2-2013
22400022@unknown@formal@none@1@S@Housing starts are expected to quicken a bit from August's annual pace of 1,350,000 units.@@@@1@15@@oe@2-2-2013
22400023@unknown@formal@none@1@S@Economists say an August rebound in permits for multifamily units signaled an increase in September starts, though activity remains fairly modest by historical standards.@@@@1@24@@oe@2-2-2013
22401001@unknown@formal@none@1@S@Two-Way Street@@@@1@2@@oe@2-2-2013
22401002@unknown@formal@none@1@S@If the sixty-day plant-closing law's fair, Why should we not then amend the writ To require that all employees give Similar notice before they quit?@@@@1@25@@oe@2-2-2013
22401003@unknown@formal@none@1@S@-- Rollin S. Trexler.@@@@1@4@@oe@2-2-2013
22401004@unknown@formal@none@1@S@Candid Comment@@@@1@2@@oe@2-2-2013
22401005@unknown@formal@none@1@S@When research projects are curtailed due to government funding cuts, are we "caught with our grants down"?@@@@1@17@@oe@2-2-2013
22401006@unknown@formal@none@1@S@-- C.E. Friedman.@@@@1@3@@oe@2-2-2013
22402001@unknown@formal@none@1@S@Assuming the stock market doesn't crash again and completely discredit yuppies and trading rooms, American television audiences in a few months may be seeing Britain's concept of both.@@@@1@28@@oe@2-2-2013
22402002@unknown@formal@none@1@S@"Capital City" is a weekly series that premiered here three weeks ago amid unprecedented hype by its producer, Thames Television.@@@@1@20@@oe@2-2-2013
22402003@unknown@formal@none@1@S@The early episodes make you long for a rerun of the crash of 1987.@@@@1@14@@oe@2-2-2013
22402004@unknown@formal@none@1@S@Let's make that 1929, just to be sure.@@@@1@8@@oe@2-2-2013
22402005@unknown@formal@none@1@S@According to the program's publicity prospectus, "Capital City," set at Shane Longman, a fictional mid-sized securities firm with #500 million capital, "follows the fortunes of a close-knit team of young, high-flying dealers, hired for their particular blend of style, genius and energy.@@@@1@42@@oe@2-2-2013
22402006@unknown@formal@none@1@S@But with all the money and glamour of high finance come the relentless pressures to do well; pressure to pull off another million before lunch; pressure to anticipate the market by a fraction of a second . . ."@@@@1@39@@oe@2-2-2013
22402007@unknown@formal@none@1@S@You needn't be a high-powered securities lawyer to realize the prospectus is guilty of less than full disclosure.@@@@1@18@@oe@2-2-2013
22402008@unknown@formal@none@1@S@The slickly produced series has been criticized by London's financial cognoscenti as inaccurate in detail, but its major weakness is its unrealistic depiction of the characters' professional and private lives.@@@@1@30@@oe@2-2-2013
22402009@unknown@formal@none@1@S@Turned loose in Shane Longman's trading room, the yuppie dealers do little right.@@@@1@13@@oe@2-2-2013
22402010@unknown@formal@none@1@S@Judging by the money lost and mistakes made in the early episodes, Shane Longman's capital should be just about exhausted by the final 13th week.@@@@1@25@@oe@2-2-2013
22402011@unknown@formal@none@1@S@In the opening episode we learn that Michelle, a junior bond trader, has indeed pulled off another million before lunch.@@@@1@20@@oe@2-2-2013
22402012@unknown@formal@none@1@S@Trouble is, she has lost it just as quickly.@@@@1@9@@oe@2-2-2013
22402013@unknown@formal@none@1@S@Rather than keep the loss a secret from the outside world, Michelle blabs about it to a sandwich man while ordering lunch over the phone.@@@@1@25@@oe@2-2-2013
22402014@unknown@formal@none@1@S@Little chance that Shane Longman is going to recoup today.@@@@1@10@@oe@2-2-2013
22402015@unknown@formal@none@1@S@Traders spend the morning frantically selling bonds, in the belief that the U.S. monthly trade figures will look lousy.@@@@1@19@@oe@2-2-2013
22402016@unknown@formal@none@1@S@Ah, perfidious Columbia!@@@@1@3@@oe@2-2-2013
22402017@unknown@formal@none@1@S@The trade figures turn out well, and all those recently unloaded bonds spurt in price.@@@@1@15@@oe@2-2-2013
22402018@unknown@formal@none@1@S@So much for anticipating the market by a fraction of a second.@@@@1@12@@oe@2-2-2013
22402019@unknown@formal@none@1@S@And a large slice of the first episode is devoted to efforts to get rid of some nearly worthless Japanese bonds (since when is anything Japanese nearly worthless nowadays?).@@@@1@29@@oe@2-2-2013
22402020@unknown@formal@none@1@S@Surprisingly, Shane Longman survives the week, only to have a senior executive innocently bumble his way into becoming the target of a criminal insider trading investigation.@@@@1@26@@oe@2-2-2013
22402021@unknown@formal@none@1@S@Instead of closing ranks to protect the firm's reputation, the executive's internal rivals, led by a loutish American, demand his resignation.@@@@1@21@@oe@2-2-2013
22402022@unknown@formal@none@1@S@The plot is thwarted when the firm's major stockholder, kelp farming on the other side of the globe, hurries home to support the executive.@@@@1@24@@oe@2-2-2013
22402023@unknown@formal@none@1@S@But the investigation continues.@@@@1@4@@oe@2-2-2013
22402024@unknown@formal@none@1@S@If you can swallow the premise that the rewards for such ineptitude are six-figure salaries, you still are left puzzled, because few of the yuppies consume very conspicuously.@@@@1@28@@oe@2-2-2013
22402025@unknown@formal@none@1@S@In fact, few consume much of anything.@@@@1@7@@oe@2-2-2013
22402026@unknown@formal@none@1@S@Two share a house almost devoid of furniture.@@@@1@8@@oe@2-2-2013
22402027@unknown@formal@none@1@S@Michelle lives in a hotel room, and although she drives a canary-colored Porsche, she hasn't time to clean or repair it; the beat-up vehicle can be started only with a huge pair of pliers because the ignition key has broken off in the lock.@@@@1@44@@oe@2-2-2013
22402028@unknown@formal@none@1@S@And it takes Declan, the obligatory ladies' man of the cast, until the third episode to get past first base with any of his prey.@@@@1@25@@oe@2-2-2013
22402029@unknown@formal@none@1@S@Perhaps the explanation for these anomalies is that class-conscious Britain isn't ready to come to terms with the wealth created by the Thatcherian free-enterprise regime.@@@@1@25@@oe@2-2-2013
22402030@unknown@formal@none@1@S@After all, this isn't old money, but new money, and in many cases, young money.@@@@1@15@@oe@2-2-2013
22402031@unknown@formal@none@1@S@This attitude is clearly illustrated in the treatment of Max, the trading room's most flamboyant character.@@@@1@16@@oe@2-2-2013
22402032@unknown@formal@none@1@S@Yuppily enough, he lives in a lavishly furnished converted church, wears designer clothes and drives an antique car.@@@@1@18@@oe@2-2-2013
22402033@unknown@formal@none@1@S@But apparently to make him palatable, even lovable, to the masses, the script inflates pony-tailed Max into an eccentric genius, master of 11 Chinese dialects.@@@@1@25@@oe@2-2-2013
22402034@unknown@formal@none@1@S@He takes his wash to the laundromat, where he meets a punky French girl who dupes him into providing a home for her pet piranha and then promptly steals his car and dumps it in Dieppe.@@@@1@36@@oe@2-2-2013
22402035@unknown@formal@none@1@S@In producing and promoting "Capital City," Thames has spent about as much as Shane Longman loses on a good day.@@@@1@20@@oe@2-2-2013
22402036@unknown@formal@none@1@S@The production costs are a not inconsiderable #8 million ($12.4 million), and would have been much higher had not the cost of the trading floor set been absorbed in the budget of "Dealers," an earlier made-for-TV movie.@@@@1@37@@oe@2-2-2013
22402037@unknown@formal@none@1@S@Another half million quid went for a volley of full-page advertisements in six major British newspapers and for huge posters in the London subway.@@@@1@24@@oe@2-2-2013
22402038@unknown@formal@none@1@S@These expenses create a special incentive for "Capital City's" producers to flog it, or a Yank-oriented version of it, in America.@@@@1@21@@oe@2-2-2013
22402039@unknown@formal@none@1@S@Thames's U.S. marketing agent, Donald Taffner, is preparing to do just that.@@@@1@12@@oe@2-2-2013
22402040@unknown@formal@none@1@S@He is discreetly hopeful, citing three U.S. comedy series -- "Three's Company," "Too Close for Comfort" and "Check It Out" -- that had British antecedents.@@@@1@25@@oe@2-2-2013
22402041@unknown@formal@none@1@S@Perhaps without realizing it, Mr. Taffner simultaneously has put his finger on the problem and an ideal solution: "Capital City" should have been a comedy, a worthy sequel to the screwball British "Carry On" movies of the 1960s.@@@@1@38@@oe@2-2-2013
22402042@unknown@formal@none@1@S@The seeds already are in the script.@@@@1@7@@oe@2-2-2013
22402043@unknown@formal@none@1@S@The first episode concluded with a marvelously cute scene in which the trading-room crew minded a baby, the casualty of a broken marriage at the firm.@@@@1@26@@oe@2-2-2013
22402044@unknown@formal@none@1@S@And many in the young cast bear striking resemblances to American TV and movie personalities known for light roles.@@@@1@19@@oe@2-2-2013
22402045@unknown@formal@none@1@S@Joanna Kanska looks like a young Zsa Zsa Gabor; William Armstrong, who plays Max, could pass for Hans Conreid, and Douglas Hodge (Declan) for James Farentino; Rolf Saxon is a passable Tommy Noonan and Dorian Healy could easily double for Huntz Hall, the blank-faced foil of the Bowery Boys comedies.@@@@1@50@@oe@2-2-2013
22402046@unknown@formal@none@1@S@So, OK kids, everybody on stage for "Carry On Trading": The cast is frantically searching the office for misplaced Japanese bonds that suddenly have soared in value because Dai-Ichi Kangyo Bank has just bought the White House.@@@@1@37@@oe@2-2-2013
22402047@unknown@formal@none@1@S@The pressure is too much for Zsa Zsa, who slaps a security guard.@@@@1@13@@oe@2-2-2013
22402048@unknown@formal@none@1@S@He backflips into a desktop computer terminal, which explodes, covering Huntz Hall's face with microchips.@@@@1@15@@oe@2-2-2013
22402049@unknown@formal@none@1@S@And all the while, the bonds are in the baby's diaper.@@@@1@11@@oe@2-2-2013
22402050@unknown@formal@none@1@S@It should run forever.@@@@1@4@@oe@2-2-2013
22402051@unknown@formal@none@1@S@Mr. Rustin is senior correspondent in the Journal's London bureau.@@@@1@10@@oe@2-2-2013
22403001@unknown@formal@none@1@S@Axa-Midi Assurances of France gave details of its financing plans for its proposed $4.5 billion acquisition of Farmers Group Inc., in amended filings with insurance regulators in the nine U.S. states where Farmers operates.@@@@1@34@@oe@2-2-2013
22403002@unknown@formal@none@1@S@The proposed acquisition is part of Sir James Goldsmith's unfriendly takeover attempt for B.A.T Industries PLC, the British tobacco, retailing, paper and financial services concern that is parent of Los Angeles-based Farmers.@@@@1@32@@oe@2-2-2013
22403003@unknown@formal@none@1@S@In an attempt to appease U.S. regulators' concern over a Goldsmith acquisition of Farmers, Sir James in August agreed to sell Farmers to Axa if he is successful in acquiring B.A.T.@@@@1@31@@oe@2-2-2013
22403004@unknown@formal@none@1@S@As part of the agreement, Axa agreed to invest $1 billion in Hoylake Investments Ltd., Sir James's acquisition vehicle.@@@@1@19@@oe@2-2-2013
22403005@unknown@formal@none@1@S@Of the total $5.5 billion to be paid to Hoylake by Axa, about $1 billion will come from available resources of Axa's parent, Axa-Midi Group, $2.25 billion will be in the form of notes issued by Axa, and the remaining $2.25 billion will be in long-term bank loans.@@@@1@48@@oe@2-2-2013
22403006@unknown@formal@none@1@S@In an interview Thursday, Claude Bebear, chairman and chief executive officer of Axa, said his group has already obtained assurances from a group of banks led by Cie. Financiere de Paribas that they can provide the loan portion of the financing.@@@@1@41@@oe@2-2-2013
22403007@unknown@formal@none@1@S@The other banking companies in the group are Credit Lyonnais, Societe Generale, BankAmerica Corp. and Citicorp, he said.@@@@1@18@@oe@2-2-2013
22403008@unknown@formal@none@1@S@Mr. Bebear said Axa-Midi Group has "more than $2.5 billion of non-strategic assets that we can and will sell" to help pay off debt from the acquisition.@@@@1@27@@oe@2-2-2013
22403009@unknown@formal@none@1@S@He said the assets to be sold would be "non-insurance" assets, including a beer company and a real estate firm, and wouldn't include any pieces of Farmers.@@@@1@27@@oe@2-2-2013
22403010@unknown@formal@none@1@S@"We won't put any burden on Farmers," he said.@@@@1@9@@oe@2-2-2013
22403011@unknown@formal@none@1@S@The amended filings also point out that under a new agreement, Hoylake has an absolute obligation to sell Farmers to Axa upon an acquisition of B.A.T.@@@@1@26@@oe@2-2-2013
22403012@unknown@formal@none@1@S@"We hope that with what we did, the regulators will not need to evaluate Hoylake, and they can directly look at the agreement with us, because Hoylake won't be an owner of Farmers at anytime," Mr. Bebear said.@@@@1@38@@oe@2-2-2013
22403013@unknown@formal@none@1@S@Any change of control in Farmers needs approval of the insurance commissioners in the nine states where Farmers and its related companies are incorporated.@@@@1@24@@oe@2-2-2013
22403014@unknown@formal@none@1@S@The amended filings were required because of the new agreement between Axa and Hoylake, and to reflect the extension that Sir James received last month under British takeover rules to complete his proposed acquisition.@@@@1@34@@oe@2-2-2013
22403015@unknown@formal@none@1@S@Hoylake dropped its initial #13.35 billion ($20.71 billion) takeover bid after it received the extension, but said it would launch a new bid if and when the propsed sale of Farmers to Axa receives regulatory approval.@@@@1@36@@oe@2-2-2013
22403016@unknown@formal@none@1@S@A spokesman for B.A.T said of the amended filings that, "It would appear that nothing substantive has changed.@@@@1@18@@oe@2-2-2013
22403017@unknown@formal@none@1@S@The new financing structure is still a very-highly leveraged one, and Axa still plans to take out 75% of Farmers' earnings as dividends to service their debt."@@@@1@27@@oe@2-2-2013
22403018@unknown@formal@none@1@S@That dividend is almost double the 35% currently taken out of Farmers by B.A.T, the spokesman added.@@@@1@17@@oe@2-2-2013
22403019@unknown@formal@none@1@S@"It would have severe implications for Farmers' policy holders."@@@@1@9@@oe@2-2-2013
22403020@unknown@formal@none@1@S@To fend off Sir James's advances, B.A.T has proposed a sweeping restructuring that would pare it to a tobacco and financial services concern.@@@@1@23@@oe@2-2-2013
22404001@unknown@formal@none@1@S@Dismal sales at General Motors Corp. dragged the U.S. car and truck market down below year-ago levels in early October, the first sales period of the 1990 model year.@@@@1@29@@oe@2-2-2013
22404002@unknown@formal@none@1@S@The eight major domestic auto makers sold 160,510 North American-made cars in the first 10 days of October, a 12.6% drop from a year earlier.@@@@1@25@@oe@2-2-2013
22404003@unknown@formal@none@1@S@Domestically built truck sales were down 10.4% to 86,555 pickups, vans and sport utility vehicles.@@@@1@15@@oe@2-2-2013
22404004@unknown@formal@none@1@S@The heavy use of incentives to clear out 1989 models appears to have taken the steam, at least initially, out of 1990 model sales, which began officially Oct. 1.@@@@1@29@@oe@2-2-2013
22404005@unknown@formal@none@1@S@This appears particularly true at GM, which had strong sales in August and September but saw its early October car and truck results fall 26.3% from last year's unusually high level.@@@@1@31@@oe@2-2-2013
22404006@unknown@formal@none@1@S@Overall, sales of all domestic-made vehicles fell 11.9% from a year ago.@@@@1@12@@oe@2-2-2013
22404007@unknown@formal@none@1@S@Without GM, overall sales for the other U.S. automakers were roughly flat with 1989 results.@@@@1@15@@oe@2-2-2013
22404008@unknown@formal@none@1@S@Some of the U.S. auto makers have already adopted incentives on many 1990 models, but they may have to broaden their programs to keep sales up.@@@@1@26@@oe@2-2-2013
22404009@unknown@formal@none@1@S@"We've created a condition where, without incentives, it's a tough market," said Tom Kelly, sales manager for Bill Wink Chevrolet in Dearborn, Mich.@@@@1@23@@oe@2-2-2013
22404010@unknown@formal@none@1@S@Car sales fell to a seasonally adjusted annual selling rate of 5.8 million vehicles, the lowest since October 1987.@@@@1@19@@oe@2-2-2013
22404011@unknown@formal@none@1@S@The poor performance contrasts with a robust selling rate of almost eight million last month.@@@@1@15@@oe@2-2-2013
22404012@unknown@formal@none@1@S@Furthermore, dealers contacted late last week said they couldn't see any immediate impact on sales of Friday's steep market decline.@@@@1@20@@oe@2-2-2013
22404013@unknown@formal@none@1@S@GM's domestic car sales dropped 24.3% and its domestic trucks were down an even steeper 28.7% from the same period a year ago.@@@@1@23@@oe@2-2-2013
22404014@unknown@formal@none@1@S@All of the GM divisions except Cadillac showed big declines.@@@@1@10@@oe@2-2-2013
22404015@unknown@formal@none@1@S@Cadillac posted a 3.2% increase despite new competition from Lexus, the fledging luxury-car division of Toyota Motor Corp.@@@@1@18@@oe@2-2-2013
22404016@unknown@formal@none@1@S@Lexus sales weren't available; the cars are imported and Toyota reports their sales only at month-end.@@@@1@16@@oe@2-2-2013
22404017@unknown@formal@none@1@S@The sales drop for the No. 1 car maker may have been caused in part by the end in September of dealer incentives that GM offered in addition to consumer rebates and low-interest financing, a company spokesman said.@@@@1@38@@oe@2-2-2013
22404018@unknown@formal@none@1@S@Last year, GM had a different program in place that continued rewarding dealers until all the 1989 models had been sold.@@@@1@21@@oe@2-2-2013
22404019@unknown@formal@none@1@S@Aside from GM, other car makers posted generally mixed results.@@@@1@10@@oe@2-2-2013
22404020@unknown@formal@none@1@S@Ford Motor Co. had a 1.8% drop in domestic car sales but a 2.4% increase in domestic truck sales.@@@@1@19@@oe@2-2-2013
22404021@unknown@formal@none@1@S@Chrysler Corp. had a 7.5% drop in car sales, echoing its generally slow performance all year.@@@@1@16@@oe@2-2-2013
22404022@unknown@formal@none@1@S@However, sales of trucks, including the company's popular minivans, rose 4.3%.@@@@1@11@@oe@2-2-2013
22404023@unknown@formal@none@1@S@Honda Motor Co.'s sales of domestically built vehicles plunged 21.7% from a year earlier.@@@@1@14@@oe@2-2-2013
22404024@unknown@formal@none@1@S@Honda's plant in Marysville, Ohio, was gearing up to build 1990 model Accords, a Honda spokesman said.@@@@1@17@@oe@2-2-2013
22404025@unknown@formal@none@1@S@"We're really confident everything will bounce back to normal," he added.@@@@1@11@@oe@2-2-2013
22404026@unknown@formal@none@1@S@Separately, Chrysler said firm prices on its 1990-model domestic cars and minivans will rise an average of 5% over comparably equipped 1989 models.@@@@1@23@@oe@2-2-2013
22404027@unknown@formal@none@1@S@Firm prices were generally in line with the tentative prices announced earlier this fall.@@@@1@14@@oe@2-2-2013
22404028@unknown@formal@none@1@S@At that time, Chrysler said base prices, which aren't adjusted for equipment changes, would rise between 4% and 9% on most vehicle.@@@@1@22@@oe@2-2-2013
22404029@unknown@formal@none@1@S@a-Totals include only vehicle sales reported in period.@@@@1@8@@oe@2-2-2013
22404030@unknown@formal@none@1@S@c-Domestic car@@@@1@2@@oe@2-2-2013
22404031@unknown@formal@none@1@S@d-Percentage change is greater than 999%.@@@@1@6@@oe@2-2-2013
22404032@unknown@formal@none@1@S@x-There were 8 selling days in the most recent period and 8 a year earlier.@@@@1@15@@oe@2-2-2013
22404033@unknown@formal@none@1@S@Percentage differences based on daily sales rate rather than sales volume.@@@@1@11@@oe@2-2-2013
22405001@unknown@formal@none@1@S@Antonio L. Savoca, 66 years old, was named president and chief executive officer of the Atlantic Research Corp. subsidiary.@@@@1@19@@oe@2-2-2013
22405002@unknown@formal@none@1@S@Mr. Savoca had been a consultant to the subsidiary's rocket-propulsion operations.@@@@1@11@@oe@2-2-2013
22405003@unknown@formal@none@1@S@Mr. Savoca succeeds William H. Borten, who resigned to pursue personal interests.@@@@1@12@@oe@2-2-2013
22405004@unknown@formal@none@1@S@Sequa makes and repairs jet engines.@@@@1@6@@oe@2-2-2013
22405005@unknown@formal@none@1@S@It also has interests in military electronics and electro-optics, marine transportation and machinery used to make food and beverage cans.@@@@1@20@@oe@2-2-2013
22406001@unknown@formal@none@1@S@It wasn't so long ago that a radio network funded by the U.S. Congress -- and originally by the Central Intelligence Agency -- was accused by officials here of employing propagandists, imperialists and spies.@@@@1@34@@oe@2-2-2013
22406002@unknown@formal@none@1@S@Now, the network has opened a news bureau in the Hungarian capital.@@@@1@12@@oe@2-2-2013
22406003@unknown@formal@none@1@S@Employees held an open house to celebrate and even hung out a sign: "Szabad Europa Radio" -- Radio Free Europe.@@@@1@20@@oe@2-2-2013
22406004@unknown@formal@none@1@S@"I think this is a victory for the radio," says Barnabas de Bueky, a 55-year-old former Hungarian refugee who works in the Munich, West Germany, headquarters as deputy director of the Hungarian service.@@@@1@33@@oe@2-2-2013
22406005@unknown@formal@none@1@S@In fact, the network hopes to set up offices in Warsaw and anywhere else in the East Bloc that will have it.@@@@1@22@@oe@2-2-2013
22406006@unknown@formal@none@1@S@But the rapid changes brought on by glasnost and open borders are altering the network's life in more ways than one.@@@@1@21@@oe@2-2-2013
22406007@unknown@formal@none@1@S@In fact, Radio Free Europe is in danger of suffering from its success.@@@@1@13@@oe@2-2-2013
22406008@unknown@formal@none@1@S@While the network currently can operate freely in Budapest, so can others.@@@@1@12@@oe@2-2-2013
22406009@unknown@formal@none@1@S@In addition, competition for listeners is getting tougher in many ways than when broadcasting here was strictly controlled.@@@@1@18@@oe@2-2-2013
22406010@unknown@formal@none@1@S@Instead of being denounced as an evil agent of imperialism, Radio Free Europe is more likely to draw the criticism that its programs are too tame, even boring.@@@@1@28@@oe@2-2-2013
22406011@unknown@formal@none@1@S@"They have a lot to do these days to compete with Hungarian radio," says Andrew Deak, a computer-science student at the Technical University in Budapest.@@@@1@25@@oe@2-2-2013
22406012@unknown@formal@none@1@S@"The Hungarian {radio} reporters seem better informed and more critical about about what's going on here."@@@@1@16@@oe@2-2-2013
22406013@unknown@formal@none@1@S@Indeed, Hungary is in the midst of a media explosion.@@@@1@10@@oe@2-2-2013
22406014@unknown@formal@none@1@S@Boys on busy street corners peddle newspapers of every political stripe.@@@@1@11@@oe@2-2-2013
22406015@unknown@formal@none@1@S@Newsstands are packed with a colorful array of magazines.@@@@1@9@@oe@2-2-2013
22406016@unknown@formal@none@1@S@Radio and television are getting livelier and bolder.@@@@1@8@@oe@2-2-2013
22406017@unknown@formal@none@1@S@The British Broadcasting Corp. and the U.S. State Department's Voice of America broadcast over Hungarian airwaves, though only a few hours a day each in Hungarian.@@@@1@26@@oe@2-2-2013
22406018@unknown@formal@none@1@S@Australian press magnate Rupert Murdoch has bought 50% stakes in two popular and gossipy Hungarian newspapers, while Britain's Robert Maxwell has let it be known here that he is thinking about similar moves.@@@@1@33@@oe@2-2-2013
22406019@unknown@formal@none@1@S@But Radio Free Europe doesn't plan to fade away.@@@@1@9@@oe@2-2-2013
22406020@unknown@formal@none@1@S@With its mission for free speech and the capitalist way, the network's staff says it still has plenty to do -- in Hungary and in the "Great Eastern Beyond."@@@@1@29@@oe@2-2-2013
22406021@unknown@formal@none@1@S@Radio Free Europe and its sister station for the Soviet Union, Radio Liberty, say they won't cut back their more than 19 hours of daily broadcasts.@@@@1@26@@oe@2-2-2013
22406022@unknown@formal@none@1@S@They are still an important source of news for 60 million listeners in 23 exotic tongues: from Bulgarian and Belorussian to Kazakh and Kirghiz.@@@@1@24@@oe@2-2-2013
22406023@unknown@formal@none@1@S@The establishment of its first bureau in Warsaw Pact territory shows the depth of some of the changes in Eastern Europe.@@@@1@21@@oe@2-2-2013
22406024@unknown@formal@none@1@S@Months before the decision by the Hungarian Communist Party to rename itself Socialist and try to look more appealing to voters, the country's rulers were trying to look more hospitable.@@@@1@30@@oe@2-2-2013
22406025@unknown@formal@none@1@S@It proved a perfect time for Radio Free Europe to ask for permission to set up office.@@@@1@17@@oe@2-2-2013
22406026@unknown@formal@none@1@S@Not only did the Hungarian Ministry of Foreign Affairs approve Radio Free Europe's new location, but the Ministry of Telecommunications did something even more amazing: "They found us four phone lines in central Budapest," says Geza Szocs, a Radio Free Europe correspondent who helped organize the Budapest location.@@@@1@48@@oe@2-2-2013
22406027@unknown@formal@none@1@S@"That is a miracle."@@@@1@4@@oe@2-2-2013
22406028@unknown@formal@none@1@S@It's a far cry from the previous treatment of the network, which had to overcome jamming of its frequencies and intimidation of local correspondents (who filed reports to the network by phone, secret messengers or letters).@@@@1@36@@oe@2-2-2013
22406029@unknown@formal@none@1@S@In fact, some of the network's Hungarian listeners say they owe Radio Free Europe loyalty because it was responsible in many ways for keeping hope alive through what one writer here calls the "Dark Ages of the 20th Century."@@@@1@39@@oe@2-2-2013
22406030@unknown@formal@none@1@S@"During the past four years, many of us have sat up until late at night listening to our radios," says the writer.@@@@1@22@@oe@2-2-2013
22406031@unknown@formal@none@1@S@"There were some very brave broadcasts."@@@@1@6@@oe@2-2-2013
22406032@unknown@formal@none@1@S@The listeners, too, had to be brave.@@@@1@7@@oe@2-2-2013
22406033@unknown@formal@none@1@S@Through much of the post-World War II period, listening to Western broadcasts was a crime in Hungary.@@@@1@17@@oe@2-2-2013
22406034@unknown@formal@none@1@S@"When we listen to the Europe station, my mother still gets nervous," says a Budapest translator.@@@@1@16@@oe@2-2-2013
22406035@unknown@formal@none@1@S@"She wants to turn down the volume and close the curtains."@@@@1@11@@oe@2-2-2013
22406036@unknown@formal@none@1@S@Now, the toughest competition for Radio Free Europe comes during the late-night slot.@@@@1@13@@oe@2-2-2013
22406037@unknown@formal@none@1@S@Hungarian radio often saves its most politically outspoken broadcasts for around midnight.@@@@1@12@@oe@2-2-2013
22406038@unknown@formal@none@1@S@Television, which most of the time is considered rather tame, has entered the running with a new program, "The End of the Day," which comes on after 11 p.m.@@@@1@29@@oe@2-2-2013
22406039@unknown@formal@none@1@S@It is a talk show with opposition leaders and political experts who discuss Hungary's domestic problems as well as foreign affairs.@@@@1@21@@oe@2-2-2013
22406040@unknown@formal@none@1@S@Those who want to hear even more radical views have to get up at five on Sunday morning for "Sunday Journal," on Hungarian Radio.@@@@1@24@@oe@2-2-2013
22406041@unknown@formal@none@1@S@The competitive spirit is clearly influencing Radio Free Europe, which is trying to beef up programs.@@@@1@16@@oe@2-2-2013
22406042@unknown@formal@none@1@S@The Budapest office plans to hire free-lance reporters to cover the latest happenings in Hungarian country towns from Nagykanizsa in the west to Nyiregyhaza in the east.@@@@1@27@@oe@2-2-2013
22406043@unknown@formal@none@1@S@The Hungarian service has a daily 40-minute news show called Newsreel, with international and domestic news, plus a daily news review of opinions from around the world.@@@@1@27@@oe@2-2-2013
22406044@unknown@formal@none@1@S@There's also a host of new programs, trying to lighten up on the traditional diet of politics.@@@@1@17@@oe@2-2-2013
22406045@unknown@formal@none@1@S@A daily 35-minute program called "The March of Time" tries to find interesting tidbits of lighthearted news and gossip from around the world.@@@@1@23@@oe@2-2-2013
22406046@unknown@formal@none@1@S@There's a program for women and a science show.@@@@1@9@@oe@2-2-2013
22406047@unknown@formal@none@1@S@And to attract younger listeners, Radio Free Europe intersperses the latest in Western rock groups.@@@@1@15@@oe@2-2-2013
22406048@unknown@formal@none@1@S@The Pet Shop Boys are big this year in Budapest.@@@@1@10@@oe@2-2-2013
22406049@unknown@formal@none@1@S@"We are starving for all the news," says Mr. Deak, the student.@@@@1@12@@oe@2-2-2013
22406050@unknown@formal@none@1@S@"Every moment we want to know everything about the world.@@@@1@10@@oe@2-2-2013
22407001@unknown@formal@none@1@S@Proposals for government-operated "national service," like influenza, flare up from time to time, depress the resistance of the body politic, run their course, and seem to disappear, only to mutate and afflict public life anew.@@@@1@35@@oe@2-2-2013
22407002@unknown@formal@none@1@S@The disease metaphor comes to mind, of course, not as an aspersion on the advocates of national service.@@@@1@18@@oe@2-2-2013
22407003@unknown@formal@none@1@S@Rather, it is born of frustration with having to combat constantly changing strains of a statist idea that one thought had been eliminated in the early 1970s, along with smallpox.@@@@1@30@@oe@2-2-2013
22407004@unknown@formal@none@1@S@It is back with us again, in the form of legislation to pay volunteers under a "National and Community Service Act," a proposal with a serious shot at congressional passage this fall.@@@@1@32@@oe@2-2-2013
22407005@unknown@formal@none@1@S@Why does the national-service virus keep coming back?@@@@1@8@@oe@2-2-2013
22407006@unknown@formal@none@1@S@Perhaps it is because utopian nostalgia evokes both military experience and the social gospel.@@@@1@14@@oe@2-2-2013
22407007@unknown@formal@none@1@S@If only we could get America's wastrel youth into at least a psychic uniform we might be able to teach self-discipline again and revive the spirit of giving.@@@@1@28@@oe@2-2-2013
22407008@unknown@formal@none@1@S@A quarter of a century ago national service was promoted as a way of curing the manifest inequities of the draft -- by, of all things, expanding the draft.@@@@1@29@@oe@2-2-2013
22407009@unknown@formal@none@1@S@Those of us who resisted the idea then suspect today that an obligation of government service for all young people is still the true long-term aim of many national-service backers, despite their protests that present plans contain no coercion.@@@@1@39@@oe@2-2-2013
22407010@unknown@formal@none@1@S@Choice of the volunteer military in the 1970s seemed to doom national service as much as the draft.@@@@1@18@@oe@2-2-2013
22407011@unknown@formal@none@1@S@But the virus was kept alive in sociology departments until a couple of years ago, when it again was let loose.@@@@1@21@@oe@2-2-2013
22407012@unknown@formal@none@1@S@This time it attempted to invade two connected problems, the rising cost of higher education and the rising expense to the federal government of educational grants and loans.@@@@1@28@@oe@2-2-2013
22407013@unknown@formal@none@1@S@Why not keep and even expand the loans and grants, the advocates reasoned, but require some form of service from each recipient?@@@@1@22@@oe@2-2-2013
22407014@unknown@formal@none@1@S@Military service, moreover, could be a national-service option.@@@@1@8@@oe@2-2-2013
22407015@unknown@formal@none@1@S@Thus, undoubtedly it was hoped that the new strain of national service would prove contagious, infecting patriotic conservatives, pay-as-you-go moderates, and idealistic liberals.@@@@1@23@@oe@2-2-2013
22407016@unknown@formal@none@1@S@The Democratic Leadership Council, a centrist group sponsoring the plan, surely thought it might help the party to attract support, especially among college students and their parents.@@@@1@27@@oe@2-2-2013
22407017@unknown@formal@none@1@S@A provision allowing grants to be applied to first-home purchases was added to appeal to those who had had enough of schooling.@@@@1@22@@oe@2-2-2013
22407018@unknown@formal@none@1@S@The DLC plan envisaged "volunteers" planting trees, emptying bedpans, tutoring children, and assisting librarians for $100 a week, tax free, plus medical care.@@@@1@23@@oe@2-2-2013
22407019@unknown@formal@none@1@S@With a tax-free $10,000 voucher payment at the end of each year, the volunteers would be making a wage comparable to $17,500 a year.@@@@1@24@@oe@2-2-2013
22407020@unknown@formal@none@1@S@Mind you, most of "the volunteers" would be unskilled 17- to 18-year-olds, some not even high school graduates, and many saving money by living at home.@@@@1@26@@oe@2-2-2013
22407021@unknown@formal@none@1@S@They would be doing better financially under national service than many taxpayers working at the same kinds of jobs and perhaps supporting families.@@@@1@23@@oe@2-2-2013
22407022@unknown@formal@none@1@S@As it happened, political resistance developed among educational and minority interests that count on the present education grant system, so the national-service devotees decided to abandon the supposedly crucial principle of "give in order to get."@@@@1@36@@oe@2-2-2013
22407023@unknown@formal@none@1@S@Opposition to national service from the Pentagon, which wants to protect its own recruitment process, also led to the military-service option being dropped.@@@@1@23@@oe@2-2-2013
22407024@unknown@formal@none@1@S@Clearly, a new rationale for national service had to be cooked up.@@@@1@12@@oe@2-2-2013
22407025@unknown@formal@none@1@S@What better place to turn than Sen. Edward Kennedy's Labor Committee, that great stove of government expansionism, where many a stagnant pot of porridge is kept on the back burner until it can be brought forward and presented as nouvelle cuisine?@@@@1@41@@oe@2-2-2013
22407026@unknown@formal@none@1@S@In this case, the new recipe for national service called for throwing many assorted legislative leftovers into one kettle: a demonstration project for educational aid (particularly satisfying to the DLC and Sen. Sam Nunn), a similar demonstration program for youth conservation (a la Sen. Chris Dodd), a competitive grants program to states to spark youth and senior citizen volunteer projects (a Kennedy specialty), a community service work-study program for students (pleasing to the palate of Sen. Dale Bumpers, among others), plus engorgement of the VISTA volunteer program and the Retired Senior Volunteer, Foster Grandparent, and Senior Companion programs.@@@@1@98@@oe@2-2-2013
22407027@unknown@formal@none@1@S@Before the menu is printed, the House may add more ingredients, also changing the initial price, now posted at some $330 million.@@@@1@22@@oe@2-2-2013
22407028@unknown@formal@none@1@S@It is widely known that "too many cooks spoil the broth," but that wisdom does not necessarily reflect the view of the cooks, especially if they are senators.@@@@1@28@@oe@2-2-2013
22407029@unknown@formal@none@1@S@The "omnibus" bill coming out of Congress may be unwholesome glop, but the assorted chefs are happy and the restaurant is pushing the dish very hard.@@@@1@26@@oe@2-2-2013
22407030@unknown@formal@none@1@S@The aroma of patronage is in the air.@@@@1@8@@oe@2-2-2013
22407031@unknown@formal@none@1@S@Is the voluntary sector so weak that it needs such unsolicited assistance?@@@@1@12@@oe@2-2-2013
22407032@unknown@formal@none@1@S@On the contrary, it is as robust as ever.@@@@1@9@@oe@2-2-2013
22407033@unknown@formal@none@1@S@According to the Gallup Poll, American adults contribute an average of two hours a week of service, while financial contributions to charity in the 1980s have risen 30% (adjusted for inflation).@@@@1@31@@oe@2-2-2013
22407034@unknown@formal@none@1@S@Even if government does see various "unmet needs," national service is not the way to meet them.@@@@1@17@@oe@2-2-2013
22407035@unknown@formal@none@1@S@If we want to support students, we might adopt the idea used in other countries of offering more scholarships based on something called "scholarship," rather than on the government's idea of "service."@@@@1@32@@oe@2-2-2013
22407036@unknown@formal@none@1@S@Or we might provide a tax credit for working students.@@@@1@10@@oe@2-2-2013
22407037@unknown@formal@none@1@S@What we do not need to do is start a war, and then try to justify it by creating a GI Bill.@@@@1@22@@oe@2-2-2013
22407038@unknown@formal@none@1@S@To the extent we lack manpower to staff menial jobs in hospitals, for example, we should raise pay, pursue labor-saving technology, or allow more legal immigration, rather than overpay high school graduates as short-term workers and cause resentment among permanent workers paid lesser amounts to do the same jobs.@@@@1@49@@oe@2-2-2013
22407039@unknown@formal@none@1@S@Will national service, in the current highly politicized and opportunistic form exert enough appeal to get adopted?@@@@1@17@@oe@2-2-2013
22407040@unknown@formal@none@1@S@Not necessarily.@@@@1@2@@oe@2-2-2013
22407041@unknown@formal@none@1@S@Polls show wide, generalized support for some vague concept of service, but the bill now under discussion lacks any passionate public backing.@@@@1@22@@oe@2-2-2013
22407042@unknown@formal@none@1@S@Nonetheless, Senate Democrats are organizing a roll of supporting "associations," "societies" and "councils," some of which may hope to receive the paid "volunteers."@@@@1@23@@oe@2-2-2013
22407043@unknown@formal@none@1@S@So far, the president seems ill-disposed to substitute any of the omnibus for his own free-standing proposal to endow a "Points of Light" foundation with $25 million to inform citizens of all ages and exhort them to genuine volunteerism.@@@@1@39@@oe@2-2-2013
22407044@unknown@formal@none@1@S@However, even this admirable plan could become objectionable if the White House gives in to congressional Democratic pressure to add to the scope of the president's initiative or to involve the independent foundation in "brokering" federal funds for volunteer projects.@@@@1@40@@oe@2-2-2013
22407045@unknown@formal@none@1@S@There's no need for such concessions.@@@@1@6@@oe@2-2-2013
22407046@unknown@formal@none@1@S@The omnibus can be defeated, the virus controlled, and real service protected.@@@@1@12@@oe@2-2-2013
22407047@unknown@formal@none@1@S@National service, the utopian idea, still won't go away then, of course, but the millions of knee-socked youth performing works of "civic content" will be mobilized only in the imagination of their progenitors.@@@@1@33@@oe@2-2-2013
22407048@unknown@formal@none@1@S@Mr. Chapman is a fellow at the Indianapolis-based Hudson Institute.@@@@1@10@@oe@2-2-2013
22407049@unknown@formal@none@1@S@This article is adapted from remarks at a Hoover Institution conference on national service, in which Mr. Szanton also participated.@@@@1@20@@oe@2-2-2013
22408001@unknown@formal@none@1@S@Drug Emporium Inc. said Gary Wilber, 39 years old, who had been president and chief operating officer for the past year, was named chief executive officer of this drugstore chain.@@@@1@30@@oe@2-2-2013
22408002@unknown@formal@none@1@S@He succeeds his father, Philip T. Wilber, who founded the company and remains chairman.@@@@1@14@@oe@2-2-2013
22408003@unknown@formal@none@1@S@Robert E. Lyons III, 39, who headed the company's Philadelphia region, was appointed president and chief operating officer, succeeding Gary Wilber.@@@@1@21@@oe@2-2-2013
22409001@unknown@formal@none@1@S@American Physicians Service Group Inc. said it purchased about 42% of Prime Medical Services Inc. for about $5 million from Texas American Energy Corp.@@@@1@24@@oe@2-2-2013
22409002@unknown@formal@none@1@S@American Physicians said it also replaced four Texas American representatives on Prime's five-member board.@@@@1@14@@oe@2-2-2013
22409003@unknown@formal@none@1@S@American provides a variety of financial services to doctors and hospitals.@@@@1@11@@oe@2-2-2013
22409004@unknown@formal@none@1@S@Prime, based in Bedminster, N.J., provides management services to cardiac rehabilitation clinics and diagnostic imaging centers.@@@@1@16@@oe@2-2-2013
22409005@unknown@formal@none@1@S@For the year ended June 30, Prime had a net loss of $3 million on sales of $13.8 million.@@@@1@19@@oe@2-2-2013
22410001@unknown@formal@none@1@S@The inflation-adjusted growth rate for France's gross domestic product for the second quarter was revised upward to 0.8% from the previous three months from the initial estimate of 0.7%, the National Statistics Institute said.@@@@1@34@@oe@2-2-2013
22410002@unknown@formal@none@1@S@The state agency said the latest revision left the growth rate for the first-quarter compared with the previous three months unchanged at 1.3%.@@@@1@23@@oe@2-2-2013
22410003@unknown@formal@none@1@S@If the economy continues to expand by 0.8% a quarter for the rest of the year, it would leave GDP growth for all of 1989 at 3%, the institute said.@@@@1@30@@oe@2-2-2013
22410004@unknown@formal@none@1@S@That would be down from the 3.8% rise posted in 1988.@@@@1@11@@oe@2-2-2013
22411001@unknown@formal@none@1@S@The Canadian government announced a new, 12-year Canada Savings Bond issue that will yield investors 10.5% in the first year.@@@@1@20@@oe@2-2-2013
22411002@unknown@formal@none@1@S@The annual interest rate for each of the next 11 years will be set each fall, when details of a new series are released.@@@@1@24@@oe@2-2-2013
22411003@unknown@formal@none@1@S@Canada Savings Bonds are major government instruments for meeting its financial requirements.@@@@1@12@@oe@2-2-2013
22411004@unknown@formal@none@1@S@The government has about 41.4 billion Canadian dollars (US$35.2 billion) of such bonds currently outstanding.@@@@1@15@@oe@2-2-2013
22411005@unknown@formal@none@1@S@Only Canadian residents are permitted to buy Canada Savings Bonds, which may be redeemed any time at face value.@@@@1@19@@oe@2-2-2013
22411006@unknown@formal@none@1@S@The bonds go on sale Oct. 19.@@@@1@7@@oe@2-2-2013
22412001@unknown@formal@none@1@S@The debate over National Service has begun again.@@@@1@8@@oe@2-2-2013
22412002@unknown@formal@none@1@S@After a decade in which more than 50 localities established their own service or conservation corps and dozens of school systems made community service a prerequisite to high-school graduation, the focus has shifted to Washington.@@@@1@35@@oe@2-2-2013
22412003@unknown@formal@none@1@S@At least 10 bills proposing one or another national program were introduced in Congress this spring.@@@@1@16@@oe@2-2-2013
22412004@unknown@formal@none@1@S@One, co-sponsored by Sen. Sam Nunn (D., Ga.) and Rep. Dave McCurdy (D., Okla.), would have restricted federal college subsidies to students who had served.@@@@1@25@@oe@2-2-2013
22412005@unknown@formal@none@1@S@An omnibus bill assembled by Sen. Edward Kennedy (D., Mass.), and including some diluted Nunn-McCurdy provisions along with proposals by fellow Democratic Sens. Claiborne Pell, Barbara Mikulski and Christopher Dodd, has been reported out of the Senate Labor Committee.@@@@1@39@@oe@2-2-2013
22412006@unknown@formal@none@1@S@It might well win Senate passage.@@@@1@6@@oe@2-2-2013
22412007@unknown@formal@none@1@S@President Bush has outlined his own Youth Entering Service (YES) plan, though its details remain to be specified.@@@@1@18@@oe@2-2-2013
22412008@unknown@formal@none@1@S@What is one to think of all this?@@@@1@8@@oe@2-2-2013
22412009@unknown@formal@none@1@S@Doctrine and special interests govern some responses.@@@@1@7@@oe@2-2-2013
22412010@unknown@formal@none@1@S@People eager to have youth "pay their dues to society" favor service proposals -- preferably mandatory ones.@@@@1@17@@oe@2-2-2013
22412011@unknown@formal@none@1@S@So do those who seek a "re-energized concept of citizenship," a concept imposing stern obligations as well as conferring rights.@@@@1@20@@oe@2-2-2013
22412012@unknown@formal@none@1@S@Then there are instinctive opponents.@@@@1@5@@oe@2-2-2013
22412013@unknown@formal@none@1@S@To libertarians, mandatory service is an abomination and voluntary systems are illegitimate uses of tax money.@@@@1@16@@oe@2-2-2013
22412014@unknown@formal@none@1@S@Devotees of the market question the value of the work national service would perform:@@@@1@14@@oe@2-2-2013
22412015@unknown@formal@none@1@S@If the market won't pay for it, they argue, it can't be worth its cost.@@@@1@15@@oe@2-2-2013
22412016@unknown@formal@none@1@S@Elements of the left are also reflexively opposed; they see service as a cover for the draft, or fear the regimentation of youth, or want to see rights enlarged, not obligations.@@@@1@31@@oe@2-2-2013
22412017@unknown@formal@none@1@S@But what about those of us whose views are not predetermined by formula or ideology?@@@@1@15@@oe@2-2-2013
22412018@unknown@formal@none@1@S@How should we think about national service?@@@@1@7@@oe@2-2-2013
22412019@unknown@formal@none@1@S@Let's begin by recognizing a main source of confusion -- "national service" has no agreed meaning.@@@@1@16@@oe@2-2-2013
22412020@unknown@formal@none@1@S@Would service be voluntary or compulsory?@@@@1@6@@oe@2-2-2013
22412021@unknown@formal@none@1@S@Short or long?@@@@1@3@@oe@2-2-2013
22412022@unknown@formal@none@1@S@Part-time or full-time?@@@@1@3@@oe@2-2-2013
22412023@unknown@formal@none@1@S@Paid or unpaid?@@@@1@3@@oe@2-2-2013
22412024@unknown@formal@none@1@S@Would participants live at home and work nearby or live in barracks and work on public lands?@@@@1@17@@oe@2-2-2013
22412025@unknown@formal@none@1@S@What kinds of work would they do?@@@@1@7@@oe@2-2-2013
22412026@unknown@formal@none@1@S@What does "national" mean?@@@@1@4@@oe@2-2-2013
22412027@unknown@formal@none@1@S@Would the program be run by the federal government, by local governments, or by private voluntary organizations?@@@@1@17@@oe@2-2-2013
22412028@unknown@formal@none@1@S@And who would serve?@@@@1@4@@oe@2-2-2013
22412029@unknown@formal@none@1@S@Only males, as with the draft, or both sexes?@@@@1@9@@oe@2-2-2013
22412030@unknown@formal@none@1@S@Youth only or all ages?@@@@1@5@@oe@2-2-2013
22412031@unknown@formal@none@1@S@Middle-class people, or poor people, or a genuine cross-section?@@@@1@9@@oe@2-2-2013
22412032@unknown@formal@none@1@S@Many or few?@@@@1@3@@oe@2-2-2013
22412033@unknown@formal@none@1@S@Those are not trivial questions, and the label "national service" answers none of them.@@@@1@14@@oe@2-2-2013
22412034@unknown@formal@none@1@S@Then how should we think about national service?@@@@1@8@@oe@2-2-2013
22412035@unknown@formal@none@1@S@As a starting point, here are five propositions: 1. Consider the ingredients, not the name.@@@@1@15@@oe@2-2-2013
22412036@unknown@formal@none@1@S@Ignore "national service" in the abstract; consider specific proposals.@@@@1@9@@oe@2-2-2013
22412037@unknown@formal@none@1@S@They will differ in crucial ways.@@@@1@6@@oe@2-2-2013
22412038@unknown@formal@none@1@S@2. "Service" should be service.@@@@1@5@@oe@2-2-2013
22412039@unknown@formal@none@1@S@As commonly understood, service implies sacrifice.@@@@1@6@@oe@2-2-2013
22412040@unknown@formal@none@1@S@It involves accepting risk, or giving up income, or deferring a career.@@@@1@12@@oe@2-2-2013
22412041@unknown@formal@none@1@S@It follows that proposals like Nunn-McCurdy, whose benefits to enrollees are worth some $17,500 a year, do not qualify.@@@@1@19@@oe@2-2-2013
22412042@unknown@formal@none@1@S@There is a rationale for such bills: Federal subsidies to college students amount to "a GI Bill without the GI"; arguably those benefits should be earned, not given.@@@@1@28@@oe@2-2-2013
22412043@unknown@formal@none@1@S@But the earnings exceed by 20% the average income of young high-school graduates with full-time jobs.@@@@1@16@@oe@2-2-2013
22412044@unknown@formal@none@1@S@Why call that service?@@@@1@4@@oe@2-2-2013
22412045@unknown@formal@none@1@S@3. Encouragement is fine; compulsion is not.@@@@1@7@@oe@2-2-2013
22412046@unknown@formal@none@1@S@Compelled service is unconstitutional.@@@@1@4@@oe@2-2-2013
22412047@unknown@formal@none@1@S@It is also unwise and unenforceable.@@@@1@6@@oe@2-2-2013
22412048@unknown@formal@none@1@S@(Who will throw several hundred thousand refusers in jail each year?)@@@@1@11@@oe@2-2-2013
22412049@unknown@formal@none@1@S@But through tax policy and in other ways the federal government encourages many kinds of behavior.@@@@1@16@@oe@2-2-2013
22412050@unknown@formal@none@1@S@It should also encourage service -- preferably by all classes and all ages.@@@@1@13@@oe@2-2-2013
22412051@unknown@formal@none@1@S@Its encouragement should strengthen and not undercut the strong tradition of volunteering in the U.S., should build on the service programs already in existence, and should honor local convictions about which tasks most need doing.@@@@1@35@@oe@2-2-2013
22412052@unknown@formal@none@1@S@4. Good programs are not cheap.@@@@1@6@@oe@2-2-2013
22412053@unknown@formal@none@1@S@Enthusiasts assume that national service would get important work done cheaply: forest fires fought, housing rehabilitated, students tutored, day-care centers staffed.@@@@1@21@@oe@2-2-2013
22412054@unknown@formal@none@1@S@There is important work to be done, and existing service and conservation corps have shown that even youths who start with few skills can do much of it well -- but not cheaply.@@@@1@33@@oe@2-2-2013
22412055@unknown@formal@none@1@S@Good service programs require recruitment, screening, training and supervision -- all of high quality.@@@@1@14@@oe@2-2-2013
22412056@unknown@formal@none@1@S@They involve stipends to participants.@@@@1@5@@oe@2-2-2013
22412057@unknown@formal@none@1@S@Full-time residential programs also require housing and full-time supervision; they are particularly expensive -- more per participant than a year at Stanford or Yale.@@@@1@24@@oe@2-2-2013
22412058@unknown@formal@none@1@S@Non-residential programs are cheaper, but good ones still come to some $10,000 a year.@@@@1@14@@oe@2-2-2013
22412059@unknown@formal@none@1@S@Are they worth that?@@@@1@4@@oe@2-2-2013
22412060@unknown@formal@none@1@S@Evaluations suggest that good ones are -- especially so if the effects on participants are counted.@@@@1@16@@oe@2-2-2013
22412061@unknown@formal@none@1@S@But the calculations are challengeable.@@@@1@5@@oe@2-2-2013
22412062@unknown@formal@none@1@S@5. Underclass youth are a special concern.@@@@1@7@@oe@2-2-2013
22412063@unknown@formal@none@1@S@Are such expenditures worthwhile, then?@@@@1@5@@oe@2-2-2013
22412064@unknown@formal@none@1@S@Yes, if targeted.@@@@1@3@@oe@2-2-2013
22412065@unknown@formal@none@1@S@People of all ages and all classes should be encouraged to serve, but there are many ways for middle-class kids, and their elders, to serve at little public cost.@@@@1@29@@oe@2-2-2013
22412066@unknown@formal@none@1@S@They can volunteer at any of thousands of non-profit institutions, or participate in service programs required by high schools or encouraged by colleges or employers.@@@@1@25@@oe@2-2-2013
22412067@unknown@formal@none@1@S@Underclass youth don't have those opportunities.@@@@1@6@@oe@2-2-2013
22412068@unknown@formal@none@1@S@They are not enrolled in high school or college.@@@@1@9@@oe@2-2-2013
22412069@unknown@formal@none@1@S@They are unlikely to be employed.@@@@1@6@@oe@2-2-2013
22412070@unknown@formal@none@1@S@And they have grown up in unprecedentedly grim circumstances, among family structures breaking down, surrounded by self-destructive behaviors and bleak prospects.@@@@1@21@@oe@2-2-2013
22412071@unknown@formal@none@1@S@But many of them can be quite profoundly reoriented by productive and disciplined service.@@@@1@14@@oe@2-2-2013
22412072@unknown@formal@none@1@S@Some won't accept the discipline; others drop out for other reasons.@@@@1@11@@oe@2-2-2013
22412073@unknown@formal@none@1@S@But some whom nothing else is reaching are transformed.@@@@1@9@@oe@2-2-2013
22412074@unknown@formal@none@1@S@Learning skills, producing something cooperatively, feeling useful, they are no longer dependent -- others now depend on them.@@@@1@18@@oe@2-2-2013
22412075@unknown@formal@none@1@S@Even if it is cheaper to build playgrounds or paint apartments or plant dune-grass with paid professionals, the effects on the young people providing those services alter the calculation.@@@@1@29@@oe@2-2-2013
22412076@unknown@formal@none@1@S@Strictly speaking, these youth are not performing service.@@@@1@8@@oe@2-2-2013
22412077@unknown@formal@none@1@S@They are giving up no income, deferring no careers, incurring no risk.@@@@1@12@@oe@2-2-2013
22412078@unknown@formal@none@1@S@But they believe themselves to be serving, and they begin to respect themselves (and others), to take control of their lives, to think of the future.@@@@1@26@@oe@2-2-2013
22412079@unknown@formal@none@1@S@That is a service to the nation.@@@@1@7@@oe@2-2-2013
22412080@unknown@formal@none@1@S@It is what federal support should try hardest to achieve.@@@@1@10@@oe@2-2-2013
22412081@unknown@formal@none@1@S@Mr. Szanton, a Carter administration budget official, heads his own Washington-based strategic planning firm.@@@@1@14@@oe@2-2-2013
22412082@unknown@formal@none@1@S@He is a co-author of "National Service: What Would It Mean?"@@@@1@11@@oe@2-2-2013
22412083@unknown@formal@none@1@S@(Lexington Books, 1986).@@@@1@3@@oe@2-2-2013
22413001@unknown@formal@none@1@S@Government officials here and in other countries laid plans through the weekend to head off a Monday market meltdown -- but went out of their way to keep their moves quiet.@@@@1@31@@oe@2-2-2013
22413002@unknown@formal@none@1@S@Federal Reserve Chairman Alan Greenspan was on the telephones, making it clear to officials in the U.S. and abroad that the Fed was prepared to inject massive amounts of money into the banking system, as it did in October 1987, if the action were needed to prevent a financial crisis.@@@@1@50@@oe@2-2-2013
22413003@unknown@formal@none@1@S@And at the Treasury, Secretary Nicholas Brady talked with friends and associates on Wall Street while Assistant Secretary David Mullins carefully analyzed data on the Friday market plunge.@@@@1@28@@oe@2-2-2013
22413004@unknown@formal@none@1@S@But the officials feared that any public announcements would only increase market jitters.@@@@1@13@@oe@2-2-2013
22413005@unknown@formal@none@1@S@In addition, officials at the Fed and in the Bush administration decided that avoiding overt actions and statements over the weekend would give them more strength and flexibility should Friday's market drop turn into this morning's rout.@@@@1@37@@oe@2-2-2013
22413006@unknown@formal@none@1@S@"The disadvantage at this point is that anything you do that looks like you are doing too much tends to reinforce a sense of crisis," said one government official, insisting on anonymity.@@@@1@32@@oe@2-2-2013
22413007@unknown@formal@none@1@S@The Fed's efforts at secrecy were partly foiled Sunday morning, when both the New York Times and the Washington Post carried stories quoting a senior Fed official saying the central bank was prepared to pour cash into the banking system Monday morning.@@@@1@42@@oe@2-2-2013
22413008@unknown@formal@none@1@S@Fed Chairman Greenspan was surprised by both stories, according to knowledgeable sources, and insisted he hadn't authorized any public comment.@@@@1@20@@oe@2-2-2013
22413009@unknown@formal@none@1@S@Nevertheless, Fed officials acknowledged the stories were reasonably accurate portrayals of the central bank's game plan.@@@@1@16@@oe@2-2-2013
22413010@unknown@formal@none@1@S@It is prepared to assume the same role it played in October 1987, providing money to the markets if necessary to keep the financial system afloat.@@@@1@26@@oe@2-2-2013
22413011@unknown@formal@none@1@S@The Fed provides money to the banking system by buying government securities from financial institutions.@@@@1@15@@oe@2-2-2013
22413012@unknown@formal@none@1@S@The reticence of federal officials was evident in the appearance Sunday of Budget Director Richard Darman on ABC's "This Week."@@@@1@20@@oe@2-2-2013
22413013@unknown@formal@none@1@S@"Secretary of the Treasury Brady and Chairman Greenspan and the chairman of the SEC and others have been in close contact.@@@@1@21@@oe@2-2-2013
22413014@unknown@formal@none@1@S@I'm sure they'll do what's right, what's prudent, what's sensible," he said.@@@@1@12@@oe@2-2-2013
22413015@unknown@formal@none@1@S@When it was suggested his comment was a "non-answer," Mr. Darman replied: "It is a non-answer.@@@@1@16@@oe@2-2-2013
22413016@unknown@formal@none@1@S@But, in this context, that's the smart thing to do."@@@@1@10@@oe@2-2-2013
22413017@unknown@formal@none@1@S@At the Treasury, Secretary Brady issued a statement minimizing the stock market's drop.@@@@1@13@@oe@2-2-2013
22413018@unknown@formal@none@1@S@"Today's stock market decline doesn't signal any fundamental change in the condition of the economy," he said.@@@@1@17@@oe@2-2-2013
22413019@unknown@formal@none@1@S@"The economy remains well-balanced, and the outlook is for continued moderate growth."@@@@1@12@@oe@2-2-2013
22413020@unknown@formal@none@1@S@But administration officials conceded that Friday's drop carried the chance of further declines this week.@@@@1@15@@oe@2-2-2013
22413021@unknown@formal@none@1@S@"One possibility is that this is a surgical setback, reasonably limited in its breadth, and not a major problem," said one senior administration official, who also asked that he not be named.@@@@1@32@@oe@2-2-2013
22413022@unknown@formal@none@1@S@"The other is that we see another major disaster, like two years ago.@@@@1@13@@oe@2-2-2013
22413023@unknown@formal@none@1@S@I think that's less likely."@@@@1@5@@oe@2-2-2013
22413024@unknown@formal@none@1@S@Nevertheless, Fed Chairman Greenspan and Vice Chairman Manuel Johnson were in their offices Sunday evening, monitoring events as they unfolded in markets around the world.@@@@1@25@@oe@2-2-2013
22413025@unknown@formal@none@1@S@The action was expected to begin with the opening of the New Zealand foreign exchange markets at 5 p.m. EST -- when stocks there plunged -- and to continue as the trading day began later in the evening in Tokyo and through early this morning in Europe.@@@@1@47@@oe@2-2-2013
22413026@unknown@formal@none@1@S@Both the Treasury and the Fed planned to keep market rooms operating throughout the night to monitor the developments.@@@@1@19@@oe@2-2-2013
22413027@unknown@formal@none@1@S@In Tokyo, share prices dropped sharply by 1.7% in early Monday morning trading.@@@@1@13@@oe@2-2-2013
22413028@unknown@formal@none@1@S@After the initial slide, the market appeared to be turning around but by early afternoon was headed lower.@@@@1@18@@oe@2-2-2013
22413029@unknown@formal@none@1@S@In the Bush administration, the lead is being taken by Treasury Secretary Brady, Undersecretary Robert Glauber and Assistant Secretary Mullins.@@@@1@20@@oe@2-2-2013
22413030@unknown@formal@none@1@S@The three men worked together on the so-called Brady Commission, headed by Mr. Brady, which was established after the 1987 crash to examine the market's collapse.@@@@1@26@@oe@2-2-2013
22413031@unknown@formal@none@1@S@As a result they have extensive knowledge in financial markets, and financial market crises.@@@@1@14@@oe@2-2-2013
22413032@unknown@formal@none@1@S@Mr. Brady was at the White House Friday afternoon when the stock market's decline began.@@@@1@15@@oe@2-2-2013
22413033@unknown@formal@none@1@S@He was quickly on the phone with Mr. Mullins, who in turn was talking with the chairmen of the New York and Chicago exchanges.@@@@1@24@@oe@2-2-2013
22413034@unknown@formal@none@1@S@Later, Mr. Brady phoned Mr. Greenspan, SEC Chairman Richard Breeden and numerous contacts in New York and overseas.@@@@1@18@@oe@2-2-2013
22413035@unknown@formal@none@1@S@Aides say he continued to work the phones through the weekend.@@@@1@11@@oe@2-2-2013
22413036@unknown@formal@none@1@S@Administration officials say President Bush was briefed throughout Friday afternoon and evening, even after leaving for Camp David.@@@@1@18@@oe@2-2-2013
22413037@unknown@formal@none@1@S@He had frequent telephone consultations with Mr. Brady and Michael Boskin, chairman of the counsel of economic advisers.@@@@1@18@@oe@2-2-2013
22413038@unknown@formal@none@1@S@Government officials tried throughout the weekend to render a business-as-usual appearance in order to avoid any sense of panic.@@@@1@19@@oe@2-2-2013
22413039@unknown@formal@none@1@S@Treasury Undersecretary David Mulford, for instance, was at a meeting of the Business Council in Hot Springs, Va., when the stock market fell, and remained there through the following day.@@@@1@30@@oe@2-2-2013
22413040@unknown@formal@none@1@S@And as of last night, Fed Chairman Greenspan hadn't canceled his plans to address the American Bankers Association convention in Washington at 10 a.m. this morning.@@@@1@26@@oe@2-2-2013
22413041@unknown@formal@none@1@S@Ironically, Mr. Greenspan was scheduled to address the same convention in Dallas on Oct. 20, 1987.@@@@1@16@@oe@2-2-2013
22413042@unknown@formal@none@1@S@He flew to Dallas on Oct. 19, when the market plummeted 508 points, but then turned around the next morning and returned to Washington without delivering his speech.@@@@1@28@@oe@2-2-2013
22414001@unknown@formal@none@1@S@Following is a weekly listing of unadited net asset values of publicly traded investment fund shares, reported by the companies as of Friday's close.@@@@1@24@@oe@2-2-2013
22414002@unknown@formal@none@1@S@Also shown is the closing listed market price or a dealer-to-dealer asked price of each fund's shares, with the percentage of difference.@@@@1@22@@oe@2-2-2013
22414003@unknown@formal@none@1@S@b-As of Thursday's close.@@@@1@4@@oe@2-2-2013
22414004@unknown@formal@none@1@S@c-Translated at Commercial Rand exchange rate.@@@@1@6@@oe@2-2-2013
22414005@unknown@formal@none@1@S@e-In Canadian dollars.@@@@1@3@@oe@2-2-2013
22414006@unknown@formal@none@1@S@f-As of Wednesday's close.@@@@1@4@@oe@2-2-2013
22414007@unknown@formal@none@1@S@g-10.06.89 NAV:22.15.@@@@1@2@@oe@2-2-2013
22414008@unknown@formal@none@1@S@z-Not available.@@@@1@2@@oe@2-2-2013
22415001@unknown@formal@none@1@S@Put down that phone.@@@@1@4@@oe@2-2-2013
22415002@unknown@formal@none@1@S@Walk around the room; take two deep breaths.@@@@1@8@@oe@2-2-2013
22415003@unknown@formal@none@1@S@Resist the urge to call your broker and sell all your stocks.@@@@1@12@@oe@2-2-2013
22415004@unknown@formal@none@1@S@That's the advice of most investment professionals after Friday's 190-point drop in the Dow Jones Industrial Average.@@@@1@17@@oe@2-2-2013
22415005@unknown@formal@none@1@S@No one can say for sure what will happen today.@@@@1@10@@oe@2-2-2013
22415006@unknown@formal@none@1@S@And investment pros are divided on whether stocks will perform well or badly in the next six months.@@@@1@18@@oe@2-2-2013
22415007@unknown@formal@none@1@S@But they're nearly unanimous on one point: Don't sell into a panic.@@@@1@12@@oe@2-2-2013
22415008@unknown@formal@none@1@S@Investors who sold everything after the crash of 1987 lived to regret it.@@@@1@13@@oe@2-2-2013
22415009@unknown@formal@none@1@S@Even after Friday's plunge, the Dow Jones Industrial Average was 48% above where it landed on Oct. 19 two years ago.@@@@1@21@@oe@2-2-2013
22415010@unknown@formal@none@1@S@Panic selling also was unwise during other big declines in the past.@@@@1@12@@oe@2-2-2013
22415011@unknown@formal@none@1@S@The crash of 1929 was followed by a substantial recovery before the great Depression and awful bear market of the 1930s began.@@@@1@22@@oe@2-2-2013
22415012@unknown@formal@none@1@S@The "October massacres" of 1978 and 1979 were scary, but didn't lead to severe or sustained downturns.@@@@1@17@@oe@2-2-2013
22415013@unknown@formal@none@1@S@Indeed, some pros see Friday's plunge, plus any further damage that might occur early this week, as a chance for bargain hunting.@@@@1@22@@oe@2-2-2013
22415014@unknown@formal@none@1@S@"There has been a lot of emotional selling that presents a nice buying opportunity if you've got the cash," says Stephen B. Timbers, chief investment officer of Chicago-based Kemper Financial Services Inc.@@@@1@32@@oe@2-2-2013
22415015@unknown@formal@none@1@S@But most advisers think the immediate course for individual investors should be to stand pat.@@@@1@15@@oe@2-2-2013
22415016@unknown@formal@none@1@S@"When you see a runaway train," says Steve Janachowski, partner in the San Francisco investment advisory firm Brouwer & Janachowski, "you wait for the train to stop."@@@@1@27@@oe@2-2-2013
22415017@unknown@formal@none@1@S@Even for people who expect a bear market in coming months -- and a sizable number of money managers and market pundits do -- the advice is: Wait for the market to bounce back, and sell shares gradually during rallies.@@@@1@40@@oe@2-2-2013
22415018@unknown@formal@none@1@S@The best thing individual investors can do is "just sit tight," says Marshall B. Front, executive vice president and head of investment counseling at Stein Roe & Farnham Inc., a Chicago-based investment counseling firm that manages about $18 billion.@@@@1@39@@oe@2-2-2013
22415019@unknown@formal@none@1@S@On the one hand, Mr. Front says, it would be misguided to sell into "a classic panic."@@@@1@17@@oe@2-2-2013
22415020@unknown@formal@none@1@S@On the other hand, it's not necessarily a good time to jump in and buy.@@@@1@15@@oe@2-2-2013
22415021@unknown@formal@none@1@S@"This is all emotion right now, and when emotion starts to run, it can run further than anyone anticipates," he said.@@@@1@21@@oe@2-2-2013
22415022@unknown@formal@none@1@S@"So it's more prudent to wait and see how things stabilize."@@@@1@11@@oe@2-2-2013
22415023@unknown@formal@none@1@S@Roger Ibbotson, professor of finance at Yale University and head of the market information firm Ibbotson Associates Inc., says, "My real advice would be to just ride through it.@@@@1@29@@oe@2-2-2013
22415024@unknown@formal@none@1@S@Generally, it isn't wise to be in and out" of the stock market.@@@@1@13@@oe@2-2-2013
22415025@unknown@formal@none@1@S@Mr. Ibbotson thinks that this week is "going to be a roller-coaster week."@@@@1@13@@oe@2-2-2013
22415026@unknown@formal@none@1@S@But he also thinks it is "a good week to consider buying."@@@@1@12@@oe@2-2-2013
22415027@unknown@formal@none@1@S@John Snyder, former president of the Los Angeles chapter of the National Association of Investors Corp., an organization of investment clubs and individual investors, says his fellow club members didn't sell in the crash of 1987, and see no reason to sell now.@@@@1@43@@oe@2-2-2013
22415028@unknown@formal@none@1@S@"We're dedicated long-term investors, not traders," he says.@@@@1@8@@oe@2-2-2013
22415029@unknown@formal@none@1@S@"We understand panics and euphoria.@@@@1@5@@oe@2-2-2013
22415030@unknown@formal@none@1@S@And we hope to take advantage of panics and buy stocks when they plunge."@@@@1@14@@oe@2-2-2013
22415031@unknown@formal@none@1@S@One camp of investment pros sees what happened Friday as an opportunity.@@@@1@12@@oe@2-2-2013
22415032@unknown@formal@none@1@S@Over the next days and weeks, they say, investors should look for stocks to buy.@@@@1@15@@oe@2-2-2013
22415033@unknown@formal@none@1@S@Friday's action "was an old-fashioned panic," says Alfred Goldman, director of technical market analysis for A.G. Edwards & Sons in St. Louis.@@@@1@22@@oe@2-2-2013
22415034@unknown@formal@none@1@S@"Stocks were being thrown out of windows at any price."@@@@1@10@@oe@2-2-2013
22415035@unknown@formal@none@1@S@His advice: "You ought to be there with a basket catching them."@@@@1@12@@oe@2-2-2013
22415036@unknown@formal@none@1@S@James Craig, portfolio manager for the Denver-based Janus Fund, which has one of the industry's better track records, started his buying during Friday's plunge.@@@@1@24@@oe@2-2-2013
22415037@unknown@formal@none@1@S@Stocks such as Hershey Foods Corp., Wal-Mart Stores Inc., American International Group Inc. and Federal National Mortgage Association became such bargains that he couldn't resist them, he says.@@@@1@28@@oe@2-2-2013
22415038@unknown@formal@none@1@S@And Mr. Craig expects to pick up more shares today.@@@@1@10@@oe@2-2-2013
22415039@unknown@formal@none@1@S@"It will be chaotic at first, but I would not be buying if I thought we were headed for real trouble," he says.@@@@1@23@@oe@2-2-2013
22415040@unknown@formal@none@1@S@He argues that stocks are reasonably valued now, and that interest rates are lower now than in the fall of 1987.@@@@1@21@@oe@2-2-2013
22415041@unknown@formal@none@1@S@Mr. Front of Stein Roe suggests that any buying should "concentrate in stocks that have lagged the market on the up side, or stocks that have been beaten down a lot more than the market in this correction."@@@@1@38@@oe@2-2-2013
22415042@unknown@formal@none@1@S@His firm favors selected computer, drug and pollution-control stocks.@@@@1@9@@oe@2-2-2013
22415043@unknown@formal@none@1@S@Other investment pros are more pessimistic.@@@@1@6@@oe@2-2-2013
22415044@unknown@formal@none@1@S@They say investors should sell stocks -- but not necessarily right away.@@@@1@12@@oe@2-2-2013
22415045@unknown@formal@none@1@S@Many of them stress that the selling can be orderly, gradual, and done when stock prices are rallying.@@@@1@18@@oe@2-2-2013
22415046@unknown@formal@none@1@S@On Thursday, William Fleckenstein, a Seattle money manager, used futures contracts in his personal account to place a bet that the broad market averages would decline.@@@@1@26@@oe@2-2-2013
22415047@unknown@formal@none@1@S@He thinks the underlying inflation rate is around 5% to 6%, far higher than most people suppose.@@@@1@17@@oe@2-2-2013
22415048@unknown@formal@none@1@S@In the pension accounts he manages, Mr. Fleckenstein has raised cash positions and invested in gold and natural gas stocks, partly as an inflation hedge.@@@@1@25@@oe@2-2-2013
22415049@unknown@formal@none@1@S@He thinks government officials are terrified to let a recession start when government, corporate and personal debt levels are so high.@@@@1@21@@oe@2-2-2013
22415050@unknown@formal@none@1@S@So he thinks the government will err on the side of rekindled inflation.@@@@1@13@@oe@2-2-2013
22415051@unknown@formal@none@1@S@As a result, Mr. Fleckenstein says, "I think the ball game's over," and investors are about to face a bear market.@@@@1@21@@oe@2-2-2013
22415052@unknown@formal@none@1@S@David M. Jones, vice president at Aubrey G. Lanston & Co., recommends Treasury securities (of up to five years' maturity).@@@@1@20@@oe@2-2-2013
22415053@unknown@formal@none@1@S@He says the Oct. 6 employment report, showing slower economic growth and a severe weakening in the manufacturing sector, is a warning sign to investors.@@@@1@25@@oe@2-2-2013
22415054@unknown@formal@none@1@S@One strategy for investors who want to stay in but hedge their bets is to buy "put" options, either on the individual stocks they own or on a broad market index.@@@@1@31@@oe@2-2-2013
22415055@unknown@formal@none@1@S@A put option gives its holder the right (but not the obligation) to sell a stock (or stock index) for a specified price (the strike price) until the option expires.@@@@1@30@@oe@2-2-2013
22415056@unknown@formal@none@1@S@Whether this insurance is worthwhile depends on the cost of an option.@@@@1@12@@oe@2-2-2013
22415057@unknown@formal@none@1@S@The cost, or premium, tends to get fat in times of crisis.@@@@1@12@@oe@2-2-2013
22415058@unknown@formal@none@1@S@Thus, buying puts after a big market slide can be an expensive way to hedge against risk.@@@@1@17@@oe@2-2-2013
22415059@unknown@formal@none@1@S@The prices of puts generally didn't soar Friday.@@@@1@8@@oe@2-2-2013
22415060@unknown@formal@none@1@S@For example, the premium as a percentage of the stock price for certain puts on Eli Lilly & Co. moved up from 3% at Thursday's close to only 3.3% at Friday's close, even though the shares dropped more than $5.50.@@@@1@40@@oe@2-2-2013
22415061@unknown@formal@none@1@S@But put-option prices may zoom when trading resumes today.@@@@1@9@@oe@2-2-2013
22415062@unknown@formal@none@1@S@It's hard to generalize about a reasonable price for puts.@@@@1@10@@oe@2-2-2013
22415063@unknown@formal@none@1@S@But investors should keep in mind, before paying too much, that the average annual return for stock holdings, long-term, is 9% to 10% a year; a return of 15% is considered praiseworthy.@@@@1@32@@oe@2-2-2013
22415064@unknown@formal@none@1@S@Paying, say, 10% for insurance against losses takes a deep bite out of the return.@@@@1@15@@oe@2-2-2013
22415065@unknown@formal@none@1@S@James A. White and Tom Herman contributed to this article.@@@@1@10@@oe@2-2-2013
22416001@unknown@formal@none@1@S@Coldwell Banker Commercial Group said it sold $47 million of common stock to its employees at $10 a share, giving them a total stake of more than 40% in the commercial real estate brokerage firm.@@@@1@35@@oe@2-2-2013
22416002@unknown@formal@none@1@S@The firm, which was acquired in April from Sears, Roebuck & Co. in a management-led buy-out, had planned to sell up to $56.4 million of stock, or a 50% stake in the company, to its 5,000 employees.@@@@1@37@@oe@2-2-2013
22416003@unknown@formal@none@1@S@Though the offering didn't sell out, James J. Didion, chairman and chief executive officer, said, "We're pretty proud of the employees' response."@@@@1@22@@oe@2-2-2013
22416004@unknown@formal@none@1@S@He noted that unlike an employee stock ownership plan, where a company usually borrows money from third party lenders to buy stock that it sets aside to award employees over time, here employees had to fork out their own cash for the stock.@@@@1@43@@oe@2-2-2013
22416005@unknown@formal@none@1@S@"They came up with their own money instead of borrowed money," Mr. Didion said.@@@@1@14@@oe@2-2-2013
22416006@unknown@formal@none@1@S@"It's totally different."@@@@1@3@@oe@2-2-2013
22416007@unknown@formal@none@1@S@He said the offering was designed to create long-term incentives for employees.@@@@1@12@@oe@2-2-2013
22416008@unknown@formal@none@1@S@"We're in a service business, and in that context, it's vital to have your employees involved in the ownership so they have a stake in the success."@@@@1@27@@oe@2-2-2013
22416009@unknown@formal@none@1@S@The brokerage firm won't pay a dividend on the stock.@@@@1@10@@oe@2-2-2013
22416010@unknown@formal@none@1@S@Employees have the right to trade stock among themselves, and the company will establish an internal clearing house for these transactions.@@@@1@21@@oe@2-2-2013
22416011@unknown@formal@none@1@S@They may also eventually sell the shares to third parties, but the outside investors who own the remaining 60% of Coldwell Banker have the right to first refusal.@@@@1@28@@oe@2-2-2013
22416012@unknown@formal@none@1@S@Those outside investors in Coldwell Banker include Carlyle Group, a closely held Washington, D.C., merchant banking firm whose co-chairman is Frank Carlucci, former secretary of defense; Frederic V. Malek, senior adviser to Carlyle Group; Mellon Family Trust of Pittsburgh; Westinghouse Credit Corp., the financial services unit of Westinghouse Electric Corp.; Bankers Trust Co., a unit of Bankers Trust New York Corp.; and a group of Japanese investors represented by the investment banking unit of Tokyo-based Sumitomo Bank.@@@@1@77@@oe@2-2-2013
22416013@unknown@formal@none@1@S@Bankers Trust and Sumitomo financed the $300 million acquisition from Sears Roebuck.@@@@1@12@@oe@2-2-2013
22416014@unknown@formal@none@1@S@Coldwell Banker also named three outside director nominees for its 17 member board.@@@@1@13@@oe@2-2-2013
22416015@unknown@formal@none@1@S@The nominees are Gary Wilson, chief financial officer of Walt Disney Co.; James Montgomery, chief executive officer of Great Western Financial Corp.; and Peter Ubberroth, former commissioner of baseball and now a private investor.@@@@1@34@@oe@2-2-2013
22417001@unknown@formal@none@1@S@The first major event this morning in U.S. stock and futures trading may be a pause at the Chicago Mercantile Exchange.@@@@1@21@@oe@2-2-2013
22417002@unknown@formal@none@1@S@Under a reform arising from the 1987 crash, trading in the Merc's stock-index futures will break for 10 minutes if the contract opens and stays five points from Friday's close, a move equal to 40 points on the Dow Jones Industrial Average.@@@@1@42@@oe@2-2-2013
22417003@unknown@formal@none@1@S@The aim of the interruption would be to ease the opening of the New York Stock Exchange, which would be hammered by such a volatile move on the Merc.@@@@1@29@@oe@2-2-2013
22417004@unknown@formal@none@1@S@That early-morning breather is just one of a number of safeguards adopted after the 1987 crash.@@@@1@16@@oe@2-2-2013
22417005@unknown@formal@none@1@S@The Big Board also added computer capacity to handle huge surges in trading volume.@@@@1@14@@oe@2-2-2013
22417006@unknown@formal@none@1@S@Several of those post-crash changes kicked in during Friday's one-hour collapse and worked as expected, even though they didn't prevent a stunning plunge.@@@@1@23@@oe@2-2-2013
22417007@unknown@formal@none@1@S@But the major "circuit breakers" have yet to be evaluated.@@@@1@10@@oe@2-2-2013
22417008@unknown@formal@none@1@S@A deeper market plunge today could give them their first test.@@@@1@11@@oe@2-2-2013
22417009@unknown@formal@none@1@S@A further slide also would resurrect debate over a host of other, more sweeping changes proposed -- but not implemented -- after the last crash.@@@@1@25@@oe@2-2-2013
22417010@unknown@formal@none@1@S@Most notably, several of the regulatory steps recommended by the Brady Task Force, which analyzed the 1987 crash, would be revived -- especially because that group's chairman is now the Treasury secretary.@@@@1@32@@oe@2-2-2013
22417011@unknown@formal@none@1@S@The most controversial of the Brady recommendations involved establishing a single overarching regulator to handle crucial cross-market questions, such as setting consistent margin requirements for the stock and futures markets.@@@@1@30@@oe@2-2-2013
22417012@unknown@formal@none@1@S@But for the moment, attention focuses on the reforms that were put into place, and market regulators and participants said the circuit breakers worked as intended.@@@@1@26@@oe@2-2-2013
22417013@unknown@formal@none@1@S@Big Board and Merc officials expressed satisfaction with the results of two limits imposed on of the Merc's Standard & Poor's 500 contract, as well as "hot-line" communications among exchanges.@@@@1@30@@oe@2-2-2013
22417014@unknown@formal@none@1@S@Those pauses -- from 2:07 p.m. to 2:30 p.m. CDT and from 2:45 p.m. until the close of trading a half-hour later -- forced traders to buy and sell contracts at prices at or higher than their frozen levels.@@@@1@39@@oe@2-2-2013
22417015@unknown@formal@none@1@S@During the first halt, after the S&P index had fallen 12 points, the Big Board's "Sidecar" computer program automatically was triggered.@@@@1@21@@oe@2-2-2013
22417016@unknown@formal@none@1@S@That system is designed to separate computer-generated program trades from all other trades to help exchange officials resolve order imbalances in individual stocks.@@@@1@23@@oe@2-2-2013
22417017@unknown@formal@none@1@S@One Merc broker compared the action in the S&P pit during the two freezes to a fire at a well-drilled school.@@@@1@21@@oe@2-2-2013
22417018@unknown@formal@none@1@S@"You don't want the fire but you know what to do," said Howard Dubnow, an independent floor broker and a Merc governor.@@@@1@22@@oe@2-2-2013
22417019@unknown@formal@none@1@S@"There was no panic.@@@@1@4@@oe@2-2-2013
22417020@unknown@formal@none@1@S@The system worked the way we devised it to work."@@@@1@10@@oe@2-2-2013
22417021@unknown@formal@none@1@S@After reopening for about 15 minutes, the S&P index tumbled to its 30-point limit and the second freeze went into effect.@@@@1@21@@oe@2-2-2013
22417022@unknown@formal@none@1@S@Traders then spent the last half-hour "watching to see if the Dow would drop 250 points," Mr. Dubnow added, referring to the level at which the stock market itself would have closed for an hour.@@@@1@35@@oe@2-2-2013
22417023@unknown@formal@none@1@S@One observer estimated that 80% to 90% of the S&P traders "were just standing around watching."@@@@1@16@@oe@2-2-2013
22417024@unknown@formal@none@1@S@But the 250-point circuit breaker never had to kick in, and freezes on the Chicago Board of Trade's Major Market Index also weren't triggered.@@@@1@24@@oe@2-2-2013
22417025@unknown@formal@none@1@S@The MMI and the S&P 500 are the two major indexes used by program traders to run their computerized trading strategies.@@@@1@21@@oe@2-2-2013
22417026@unknown@formal@none@1@S@The programs are considered by many to be a major cause of the 1987 crash.@@@@1@15@@oe@2-2-2013
22417027@unknown@formal@none@1@S@The process of post-crash reforms began with calls to remake the markets and wound up a year later with a series of rather technical adjustments.@@@@1@25@@oe@2-2-2013
22417028@unknown@formal@none@1@S@In October 1987, just after the market drop, Washington was awash in talk of sweeping changes in the way the financial markets are structured and regulated.@@@@1@26@@oe@2-2-2013
22417029@unknown@formal@none@1@S@Over the next year that grand agenda was whittled down to a series of steps to soften big stock drops by interrupting trading to give market players time to pause and reconsider positions.@@@@1@33@@oe@2-2-2013
22417030@unknown@formal@none@1@S@In addition, limits were placed on computer-driven trading, and steps were taken to better link the stock and futures markets.@@@@1@20@@oe@2-2-2013
22417031@unknown@formal@none@1@S@Few changes were made in the way the markets are regulated.@@@@1@11@@oe@2-2-2013
22417032@unknown@formal@none@1@S@At the outset the prime target was program trading, which was much discussed but little understood on Capitol Hill.@@@@1@19@@oe@2-2-2013