20085002@unknown@formal@none@1@S@A high-balance customer that banks pine for, she didn't give much thought to the rates she was receiving, nor to the fees she was paying.@@@@1@25@@oe@2-2-2013
20085003@unknown@formal@none@1@S@But in August, First Atlanta National Bank introduced its Crown Account, a package designed to lure customers such as Ms. Driskill.@@@@1@21@@oe@2-2-2013
20085004@unknown@formal@none@1@S@Among other things, it included checking, safe deposit box and credit card -- all for free -- plus a good deal on installment loans.@@@@1@24@@oe@2-2-2013
20085005@unknown@formal@none@1@S@All she had to do was put $15,000 in a certificate of deposit, or qualify for a $10,000 personal line of credit.@@@@1@22@@oe@2-2-2013
20085006@unknown@formal@none@1@S@"I deserve something for my loyalty," she says.@@@@1@8@@oe@2-2-2013
20085007@unknown@formal@none@1@S@She took her business to First Atlanta.@@@@1@7@@oe@2-2-2013
20085008@unknown@formal@none@1@S@So it goes in the competitive world of consumer banking these days.@@@@1@12@@oe@2-2-2013
20085009@unknown@formal@none@1@S@For nearly a decade, banks have competed for customers primarily with the interest rates they pay on their deposits and charge on their loans.@@@@1@24@@oe@2-2-2013
20085010@unknown@formal@none@1@S@The competitive rates were generally offset by hefty fees on various services.@@@@1@12@@oe@2-2-2013
20085011@unknown@formal@none@1@S@But many banks are turning away from strict price competition.@@@@1@10@@oe@2-2-2013
20085012@unknown@formal@none@1@S@Instead, they are trying to build customer loyalty by bundling their services into packages and targeting them to small segments of the population.@@@@1@23@@oe@2-2-2013
20085013@unknown@formal@none@1@S@"You're dead in the water if you aren't segmenting the market," says Anne Moore, president of Synergistics Research Corp., a bank consulting firm in Atlanta.@@@@1@25@@oe@2-2-2013
20085014@unknown@formal@none@1@S@NCNB Corp. of Charlotte, N.C., recently introduced its Financial Connections Program aimed at young adults just starting careers.@@@@1@18@@oe@2-2-2013
20085015@unknown@formal@none@1@S@The program not only offers a pre-approved car loan up to $18,000, but throws in a special cash-flow statement to help in saving money.@@@@1@24@@oe@2-2-2013
20085016@unknown@formal@none@1@S@In September, Union Planters Corp. of Memphis, Tenn., launched The Edge account, a package designed for the "thirtysomething" crowd with services that include a credit card and line of credit with no annual fees, and a full percentage point off on installment loans.@@@@1@43@@oe@2-2-2013
20085017@unknown@formal@none@1@S@The theory: Such individuals, many with young children, are in their prime borrowing years -- and, having borrowed from the bank, they may continue to use it for other services in later years.@@@@1@33@@oe@2-2-2013
20085018@unknown@formal@none@1@S@For some time, banks have been aiming packages at the elderly, the demographic segment with the highest savings.@@@@1@18@@oe@2-2-2013
20085019@unknown@formal@none@1@S@Those efforts are being stepped up.@@@@1@6@@oe@2-2-2013
20085020@unknown@formal@none@1@S@Judie MacDonald, vice president of retail sales at Barnett Banks Inc. of Jacksonville, Fla., says the company now targets sub-segments within the market by tailoring its popular Seniors Partners Program to various life styles.@@@@1@34@@oe@2-2-2013
20085021@unknown@formal@none@1@S@"Varying age, geography and life-style differences create numerous sub-markets," Ms. MacDonald says.@@@@1@12@@oe@2-2-2013
20085022@unknown@formal@none@1@S@She says individual Barnett branches can add different benefits to their Seniors Partners package -- such as athletic activities or travel clubs -- to appeal to local market interests.@@@@1@29@@oe@2-2-2013
20085023@unknown@formal@none@1@S@"An active 55-year-old in Boca Raton may care more about Senior Olympic games, while a 75-year-old in Panama City may care more about a seminar on health," she says.@@@@1@29@@oe@2-2-2013
20085024@unknown@formal@none@1@S@Banks have tried packaging before.@@@@1@5@@oe@2-2-2013
20085025@unknown@formal@none@1@S@In 1973, Wells Fargo & Co. of San Francisco launched the Gold Account, which included free checking, a credit card, safe-deposit box and travelers checks for a $3 monthly fee.@@@@1@30@@oe@2-2-2013
20085026@unknown@formal@none@1@S@The concept begot a slew of copycats, but the banks stopped promoting the packages.@@@@1@14@@oe@2-2-2013
20085027@unknown@formal@none@1@S@One big reason: thin margins.@@@@1@5@@oe@2-2-2013
20085028@unknown@formal@none@1@S@Many banks, particularly smaller ones, were slow to computerize and couldn't target market niches that would have made the programs more profitable.@@@@1@22@@oe@2-2-2013
20085029@unknown@formal@none@1@S@As banks' earnings were squeezed in the mid-1970s, the emphasis switched to finding ways to cut costs.@@@@1@17@@oe@2-2-2013
20085030@unknown@formal@none@1@S@But now computers are enabling more banks to analyze their customers by age, income and geography.@@@@1@16@@oe@2-2-2013
20085031@unknown@formal@none@1@S@They are better able to get to those segments in the wake of the deregulation that began in the late 1970s.@@@@1@21@@oe@2-2-2013
20085032@unknown@formal@none@1@S@Deregulation has effectively removed all restrictions on what banks can pay for deposits, as well as opened up the field for new products such as high-rate CDs.@@@@1@27@@oe@2-2-2013
20085033@unknown@formal@none@1@S@Where a bank once offered a standard passbook savings account, it began offering money-market accounts, certificates of deposit and interest-bearing checking, and staggering rates based on the size of deposits.@@@@1@30@@oe@2-2-2013
20085034@unknown@formal@none@1@S@The competition has grown more intense as bigger banks such as Norwest Corp. of Minneapolis and Chemical Banking Corp. of New York extend their market-share battles into small towns across the nation.@@@@1@32@@oe@2-2-2013
20085035@unknown@formal@none@1@S@"Today, a banker is worrying about local, regional and money-center {banks}, as well as thrifts and credit unions," says Ms. Moore at Synergistics Research.@@@@1@24@@oe@2-2-2013
20085036@unknown@formal@none@1@S@"So people who weren't even thinking about targeting 10 years ago are scrambling to define their customer base."@@@@1@18@@oe@2-2-2013
20085037@unknown@formal@none@1@S@The competition has cultivated a much savvier consumer.@@@@1@8@@oe@2-2-2013
20085038@unknown@formal@none@1@S@"The average household will spread 19 accounts over a dozen financial institutions," says Michael P. Sullivan, who runs his own bank consulting firm in Charlotte, N.C.@@@@1@26@@oe@2-2-2013
20085039@unknown@formal@none@1@S@"This much fragmentation makes attracting and keeping today's rate-sensitive customers costly."@@@@1@11@@oe@2-2-2013
20085040@unknown@formal@none@1@S@Packages encourage loyalty by rewarding customers for doing the bulk of their banking in one place.@@@@1@16@@oe@2-2-2013
20085041@unknown@formal@none@1@S@For their troubles, the banks get a larger captive audience that is less likely to move at the drop of a rate.@@@@1@22@@oe@2-2-2013
20085042@unknown@formal@none@1@S@The more accounts customers have, Mr. Sullivan says, the more likely they are to be attracted to a package -- and to be loyal to the bank that offers it.@@@@1@30@@oe@2-2-2013
20085043@unknown@formal@none@1@S@That can pay off down the road as customers, especially the younger ones, change from borrowers to savers/investors.@@@@1@18@@oe@2-2-2013
20085044@unknown@formal@none@1@S@Packaging has some drawbacks.@@@@1@4@@oe@2-2-2013
20085045@unknown@formal@none@1@S@The additional technology, personnel training and promotional effort can be expensive.@@@@1@11@@oe@2-2-2013
20085046@unknown@formal@none@1@S@Chemical Bank spent more than $50 million to introduce its ChemPlus line, several packages aimed at different segments, in 1986, according to Thomas Jacob, senior vice president of marketing.@@@@1@29@@oe@2-2-2013
20085047@unknown@formal@none@1@S@"It's not easy to roll out something that comprehensive, and make it pay," Mr. Jacob says.@@@@1@16@@oe@2-2-2013
20085048@unknown@formal@none@1@S@Still, bankers expect packaging to flourish, primarily because more customers are demanding that financial services be tailored to their needs.@@@@1@20@@oe@2-2-2013
20085049@unknown@formal@none@1@S@"These days, banking customers walk in the door expecting you to have a package especially for them," Ms. Moore says.@@@@1@20@@oe@2-2-2013
20085050@unknown@formal@none@1@S@Some banks are already moving in that direction, according to Alvin T. Sale, marketing director at First Union Corp. in Charlotte.@@@@1@21@@oe@2-2-2013
20085051@unknown@formal@none@1@S@First Union, he says, now has packages for seven customer groups.@@@@1@11@@oe@2-2-2013
20085052@unknown@formal@none@1@S@Soon, it will split those into 30.@@@@1@7@@oe@2-2-2013
20085053@unknown@formal@none@1@S@Says Mr. Sale: "I think more banks are starting to realize that we have to be more like the department store, not the boutique."@@@@1@24@@oe@2-2-2013
20085054@unknown@formal@none@1@S@IRAs.@@@@1@1@@oe@2-2-2013
20086001@unknown@formal@none@1@S@SHAREDATA Inc. said it will amend a registration statement filed with the Securities and Exchange Commission to delete a plan to sell 500,000 newly issued common shares.@@@@1@27@@oe@2-2-2013
20086002@unknown@formal@none@1@S@The Chandler, Ariz., company said it will resubmit the registration to cover only the 2.3 million warrants, each exercisable for the purchase of one common share.@@@@1@26@@oe@2-2-2013
20086003@unknown@formal@none@1@S@Currently, ShareData has about 4.1 million common shares outstanding.@@@@1@9@@oe@2-2-2013
20086004@unknown@formal@none@1@S@ShareData develops and markets low-cost software, peripheral equipment and accessories for computers.@@@@1@12@@oe@2-2-2013
20087001@unknown@formal@none@1@S@Five things you can do for $15,000 or less:@@@@1@9@@oe@2-2-2013
20087002@unknown@formal@none@1@S@1. Buy a new Chevrolet.@@@@1@5@@oe@2-2-2013
20087003@unknown@formal@none@1@S@2. Take a Hawaiian vacation.@@@@1@5@@oe@2-2-2013
20087004@unknown@formal@none@1@S@3. Send your child to a university.@@@@1@7@@oe@2-2-2013
20087005@unknown@formal@none@1@S@4. Buy a diamond necklace.@@@@1@5@@oe@2-2-2013
20087006@unknown@formal@none@1@S@5. Make a lasting difference in the regulatory life of an American savings-and-loan association through the Foster Corporate Parents Plan.@@@@1@20@@oe@2-2-2013
20087007@unknown@formal@none@1@S@Americans today spend $15,000 like pocket change -- they don't think much about it.@@@@1@14@@oe@2-2-2013
20087008@unknown@formal@none@1@S@But for an ailing savings-and-loan association -- teetering on insolvency -- it can lead to safety from imminent demise and to a future full of promise.@@@@1@26@@oe@2-2-2013
20087009@unknown@formal@none@1@S@Your $15,000 will help keep a needy savings and loan solvent -- and out of the federal budget deficit.@@@@1@19@@oe@2-2-2013
20087010@unknown@formal@none@1@S@As a Foster Corporate Parent, you'll be helping a neighborhood S&L in areas crucial to its survival.@@@@1@17@@oe@2-2-2013
20087011@unknown@formal@none@1@S@Like healthy regulatory capital.@@@@1@4@@oe@2-2-2013
20087012@unknown@formal@none@1@S@A steady deposit base.@@@@1@4@@oe@2-2-2013
20087013@unknown@formal@none@1@S@Performing loans.@@@@1@2@@oe@2-2-2013
20087014@unknown@formal@none@1@S@At the same time, you'll give your Foster Savings Institution the gift of hope and freedom from the federal regulators who want to close its doors -- for good.@@@@1@29@@oe@2-2-2013
20087015@unknown@formal@none@1@S@As a Foster Corporate Parent, you will experience the same joy felt by Robert Bass, Lewis Ranieri, William Simon and others, who find ways to help troubled savings institutions and their employees help themselves.@@@@1@34@@oe@2-2-2013
20087016@unknown@formal@none@1@S@That builds confidence, self sufficiency, not to mention critical regulatory net worth.@@@@1@12@@oe@2-2-2013
20087017@unknown@formal@none@1@S@Don't wait -- a savings institution needs your help now!@@@@1@10@@oe@2-2-2013
20087018@unknown@formal@none@1@S@Every day you delay, a savings institution's health -- and the federal budget deficit -- grows worse.@@@@1@17@@oe@2-2-2013
20087019@unknown@formal@none@1@S@Think about the good you can do for just $15,000 a month, about the cost of a mid-size Chevrolet or two semesters at a state university.@@@@1@26@@oe@2-2-2013
20087020@unknown@formal@none@1@S@Then send your support to a savings institution that has taken a bad rap in the press and on its bottom line.@@@@1@22@@oe@2-2-2013
20087021@unknown@formal@none@1@S@Every $15,000 you send will go a long way to boost sagging net worth and employee morale -- and keep your Foster Savings Institution off the federal budget deficit!@@@@1@29@@oe@2-2-2013
20087022@unknown@formal@none@1@S@Mr. Baris is a lawyer in New York.@@@@1@8@@oe@2-2-2013
20088001@unknown@formal@none@1@S@The Chicago Mercantile Exchange said it plans to institute an additional "circuit breaker" aimed at stemming market slides.@@@@1@18@@oe@2-2-2013
20088002@unknown@formal@none@1@S@Separately, John Phelan told a closed House subcommittee meeting in Washington that he would support Securities and Exchange Commission halts of program trading during market emergencies.@@@@1@26@@oe@2-2-2013
20088003@unknown@formal@none@1@S@But the New York Stock Exchange chairman said he doesn't support reinstating a "collar" on program trading, arguing that firms could get around such a limit.@@@@1@26@@oe@2-2-2013
20088004@unknown@formal@none@1@S@The Chicago Merc said a new one-hour price limit would take effect in its Standard & Poor's 500 stock-index futures pit once S&P 500 futures fell 20 index points -- the equivalent of about a 150-point drop in the Dow Jones Industrial Average.@@@@1@43@@oe@2-2-2013
20088005@unknown@formal@none@1@S@If the 20-point limit is triggered after 1:30 p.m. Chicago time, it would remain in effect until the normal close of trading at 3:15 p.m.@@@@1@25@@oe@2-2-2013
20088006@unknown@formal@none@1@S@With the limit in effect, members would be able to execute trades at the limit price or at higher prices, but not below it.@@@@1@24@@oe@2-2-2013
20088007@unknown@formal@none@1@S@The exchange said it decided a new circuit breaker was needed following a review of the tumultuous trading in stocks and stock-index futures on Friday Oct. 13, when the Dow Jones industrials plunged 190 points and stock-index futures prices skidded as well.@@@@1@42@@oe@2-2-2013
20088008@unknown@formal@none@1@S@Late that afternoon the S&P 500 stock-index futures contract fell a total of 30 index points, hitting a Merc circuit breaker limit that remained in effect for the rest of the trading session.@@@@1@33@@oe@2-2-2013
20088009@unknown@formal@none@1@S@The Merc said that its existing 30-minute, 12-point limit on S&P 500 stock-index futures trading (equal to about 100 points on the Dow Jones industrials), which was triggered Oct. 13, will remain in effect.@@@@1@34@@oe@2-2-2013
20088010@unknown@formal@none@1@S@Leo Melamed, Merc executive committee chairman, said that the 12-point limit appeared to lessen the selling panic Oct. 13.@@@@1@19@@oe@2-2-2013
20088011@unknown@formal@none@1@S@But when the contract reopened, the subsequent flood of sell orders that quickly knocked the contract down to the 30-point limit indicated that the intermediate limit of 20 points was needed to help keep stock and stock-index futures prices synchronized.@@@@1@40@@oe@2-2-2013
20088012@unknown@formal@none@1@S@Several traders maintained that the Merc's 12-point circuit-breaker aggravated the market slide Oct. 13 by directing additional selling pressure to the floor of the New York Stock Exchange.@@@@1@28@@oe@2-2-2013
20088013@unknown@formal@none@1@S@All of the changes require regulatory approval, which is expected shortly.@@@@1@11@@oe@2-2-2013
20088014@unknown@formal@none@1@S@The exchange also said that the 30-point circuit breaker, which currently provides only a one-hour respite during market sell-offs, will become the maximum one-day limit for the S&P 500 stock-index futures contract; the one-day limit now is 50 index points.@@@@1@40@@oe@2-2-2013
20088015@unknown@formal@none@1@S@A final modification was made to the five-point opening limit for the contract.@@@@1@13@@oe@2-2-2013
20088016@unknown@formal@none@1@S@The Merc said that five-point limit will remain in effect for the first 10 minutes of trading.@@@@1@17@@oe@2-2-2013
20088017@unknown@formal@none@1@S@The limit lapses under current exchange rules if contracts trade above the limit price during the opening 10 minutes of trading.@@@@1@21@@oe@2-2-2013
20088018@unknown@formal@none@1@S@In Washington, House aides said Mr. Phelan told congressmen that the collar, which banned program trades through the Big Board's computer when the Dow Jones Industrial Average moved 50 points, didn't work well.@@@@1@33@@oe@2-2-2013
20088019@unknown@formal@none@1@S@He said that firms could get around the collar by executing trades manually.@@@@1@13@@oe@2-2-2013
20088020@unknown@formal@none@1@S@In a post-hearing news conference, Mr. Phelan, who has publicly expressed concern about market volatility, said he told the House finance and telecommunications subcommittee that he would support the program-trading halt proposal "providing the SEC would be comfortable with the language" in a bill.@@@@1@44@@oe@2-2-2013
20088021@unknown@formal@none@1@S@The program-trading issue is heating up on Capitol Hill as it is on Wall Street, and several legislators want to grant the SEC the power to shut off the programs when trading becomes too volatile.@@@@1@35@@oe@2-2-2013
20088022@unknown@formal@none@1@S@SEC Chairman Richard Breeden has said he would be willing to consider circuit breakers that have preset trigger points, but he doesn't want discretionary power to stop programs.@@@@1@28@@oe@2-2-2013
20088023@unknown@formal@none@1@S@A House aide suggested that Mr. Phelan was so "vague and mushy" that it was the kind of meeting where people of all viewpoints could "come out feeling good."@@@@1@29@@oe@2-2-2013
20088024@unknown@formal@none@1@S@At one point, Mr. Phelan angered the subcommittee's chairman, Rep. Edward Markey (D., Mass.), by not going much beyond what already had been reported in the morning newspapers.@@@@1@28@@oe@2-2-2013
20088025@unknown@formal@none@1@S@"Markey said we could have done this in public" because so little sensitive information was disclosed, the aide said.@@@@1@19@@oe@2-2-2013
20088026@unknown@formal@none@1@S@Mr. Phelan then responded that he would have been happy just writing a report to the panel, the aide added.@@@@1@20@@oe@2-2-2013
20088027@unknown@formal@none@1@S@At another point during the hearing, Rep. Markey asked Mr. Phelan what would be discussed at a New York exchange board meeting today.@@@@1@23@@oe@2-2-2013
20088028@unknown@formal@none@1@S@Mr. Phelan said the Big Board is likely to study the program-trading issue.@@@@1@13@@oe@2-2-2013
20088029@unknown@formal@none@1@S@That response annoyed Rep. Markey, House aides said, and the congressman snapped back that there had been enough studies of the issue and that it was time for action on the matter.@@@@1@32@@oe@2-2-2013
20088030@unknown@formal@none@1@S@Fifteen of the 26 subcommittee members attended the hearing, most notably Rep. John Dingell (D., Mich.), the full House Energy and Commerce Committee chairman, who has been willing to let Mr. Markey carry the legislation in recent months.@@@@1@38@@oe@2-2-2013
20088031@unknown@formal@none@1@S@Mr. Dingell expressed concern, sources said, about jurisdictional problems in regulating program trading, which uses futures to offset stock trades.@@@@1@20@@oe@2-2-2013
20088032@unknown@formal@none@1@S@The futures industry is regulated by the Commodity Futures Trading Commission, which reports to the Agriculture committees in both houses.@@@@1@20@@oe@2-2-2013
20089001@unknown@formal@none@1@S@The art of change-ringing is peculiar to the English, and, like most English peculiarities, unintelligible to the rest of the world.@@@@1@21@@oe@2-2-2013
20089002@unknown@formal@none@1@S@-- Dorothy L. Sayers, "The Nine Tailors"@@@@1@7@@oe@2-2-2013
20089003@unknown@formal@none@1@S@ASLACTON, England@@@@1@2@@oe@2-2-2013
20089004@unknown@formal@none@1@S@-- Of all scenes that evoke rural England, this is one of the loveliest: An ancient stone church stands amid the fields, the sound of bells cascading from its tower, calling the faithful to evensong.@@@@1@35@@oe@2-2-2013
20089005@unknown@formal@none@1@S@The parishioners of St. Michael and All Angels stop to chat at the church door, as members here always have.@@@@1@20@@oe@2-2-2013
20089006@unknown@formal@none@1@S@In the tower, five men and women pull rhythmically on ropes attached to the same five bells that first sounded here in 1614.@@@@1@23@@oe@2-2-2013
20089007@unknown@formal@none@1@S@But there is also a discordant, modern note in Aslacton, though it can't be heard by the church-goers enjoying the peal of bells this cool autumn evening.@@@@1@27@@oe@2-2-2013
20089008@unknown@formal@none@1@S@Like most of the other 6,000 churches in Britain with sets of bells, St. Michael once had its own "band" of ringers, who would herald every Sunday morning and evening service.@@@@1@31@@oe@2-2-2013
20089009@unknown@formal@none@1@S@Now, only one local ringer remains: 64-year-old Derek Hammond.@@@@1@9@@oe@2-2-2013
20089010@unknown@formal@none@1@S@The others here today live elsewhere.@@@@1@6@@oe@2-2-2013
20089011@unknown@formal@none@1@S@They belong to a group of 15 ringers -- including two octogenarians and four youngsters in training -- who drive every Sunday from church to church in a sometimes-exhausting effort to keep the bells sounding in the many belfries of East Anglia.@@@@1@42@@oe@2-2-2013
20089012@unknown@formal@none@1@S@"To ring for even one service at this tower, we have to scrape," says Mr. Hammond, a retired water-authority worker.@@@@1@20@@oe@2-2-2013
20089013@unknown@formal@none@1@S@"We've tried to train the youngsters, but they have their discos and their dances, and they just drift away."@@@@1@19@@oe@2-2-2013
20089014@unknown@formal@none@1@S@Mr. Hammond worries that old age and the flightiness of youth will diminish the ranks of the East Anglian group that keeps the Aslacton bells pealing.@@@@1@26@@oe@2-2-2013
20089015@unknown@formal@none@1@S@History, after all, is not on his side.@@@@1@8@@oe@2-2-2013
20089016@unknown@formal@none@1@S@According to a nationwide survey taken a year ago, nearly a third of England's church bells are no longer rung on Sundays because there is no one to ring them.@@@@1@30@@oe@2-2-2013
20089017@unknown@formal@none@1@S@It is easy to see why the ancient art is on the ropes.@@@@1@13@@oe@2-2-2013
20089018@unknown@formal@none@1@S@The less complicated version of playing tunes on bells, as do the carillons of continental Europe, is considered by the English to be childish, fit only for foreigners.@@@@1@28@@oe@2-2-2013
20089019@unknown@formal@none@1@S@Change-ringing, a mind-boggling exercise the English invented 380 years ago, requires physical dexterity -- some bells weigh more than a ton -- combined with intense mental concentration.@@@@1@27@@oe@2-2-2013
20089020@unknown@formal@none@1@S@Proper English bells are started off in "rounds," from the highest-pitched bell to the lowest -- a simple descending scale using, in larger churches, as many as 12 bells.@@@@1@29@@oe@2-2-2013
20089021@unknown@formal@none@1@S@Then, at a signal, the ringers begin varying the order in which the bells sound without altering the steady rhythm of the striking.@@@@1@23@@oe@2-2-2013
20089022@unknown@formal@none@1@S@Each variation, or change, can occur only once, the rules state.@@@@1@11@@oe@2-2-2013
20089023@unknown@formal@none@1@S@Ringers memorize patterns of changes, known as "methods," which have odd-sounding names like Kent Treble Bob Major or Grandsire Caters.@@@@1@20@@oe@2-2-2013
20089024@unknown@formal@none@1@S@A series of 5,000 or so changes is a "peal" and takes about three hours.@@@@1@15@@oe@2-2-2013
20089025@unknown@formal@none@1@S@A look at a Thursday night practice at St. Mary Abbot church in the Kensington district of London gives an idea of the work involved.@@@@1@25@@oe@2-2-2013
20089026@unknown@formal@none@1@S@Ten shirt-sleeved ringers stand in a circle, one foot ahead of the other in a prize-fighter's stance, each pulling a rope that disappears through a small hole in the high ceiling of the ringing chamber.@@@@1@35@@oe@2-2-2013
20089027@unknown@formal@none@1@S@No one speaks, and the snaking of the ropes seems to make as much sound as the bells themselves, muffled by the ceiling.@@@@1@23@@oe@2-2-2013
20089028@unknown@formal@none@1@S@Totally absorbed, the ringers stare straight ahead, using peripheral vision (they call it "rope-sight") to watch the other ropes and thus time their pulls.@@@@1@24@@oe@2-2-2013
20089029@unknown@formal@none@1@S@Far above in the belfry, the huge bronze bells, mounted on wheels, swing madly through a full 360 degrees, starting and ending, surprisingly, in the inverted, or mouth-up position.@@@@1@29@@oe@2-2-2013
20089030@unknown@formal@none@1@S@Skilled ringers use their wrists to advance or retard the next swing, so that one bell can swap places with another in the following change.@@@@1@25@@oe@2-2-2013
20089031@unknown@formal@none@1@S@In a well-known detective-story involving church bells, English novelist Dorothy L. Sayers described ringing as a "passion {that} finds its satisfaction in mathematical completeness and mechanical perfection."@@@@1@27@@oe@2-2-2013
20089032@unknown@formal@none@1@S@Ringers, she added, are "filled with the solemn intoxication that comes of intricate ritual faultlessly performed."@@@@1@16@@oe@2-2-2013
20089033@unknown@formal@none@1@S@"Ringing does become a bit of an obsession," admits Stephanie Pattenden, master of the band at St. Mary Abbot and one of England's best female ringers.@@@@1@26@@oe@2-2-2013
20089034@unknown@formal@none@1@S@It is a passion that usually stays in the tower, however.@@@@1@11@@oe@2-2-2013
20089035@unknown@formal@none@1@S@More often than not, ringers think of the church as something stuck on the bottom of the belfry.@@@@1@18@@oe@2-2-2013
20089036@unknown@formal@none@1@S@When their changes are completed, and after they have worked up a sweat, ringers often skip off to the local pub, leaving worship for others below.@@@@1@26@@oe@2-2-2013
20089037@unknown@formal@none@1@S@This does not sit well with some clerics.@@@@1@8@@oe@2-2-2013
20089038@unknown@formal@none@1@S@With membership of the Church of England steadily dwindling, strong-willed vicars are pressing equally strong-willed and often non-religious ringers to attend services.@@@@1@22@@oe@2-2-2013
20089039@unknown@formal@none@1@S@Two years ago, the Rev. Jeremy Hummerstone, vicar of Great Torrington, Devon, got so fed up with ringers who didn't attend service he sacked the entire band; the ringers promptly set up a picket line in protest.@@@@1@37@@oe@2-2-2013
20089040@unknown@formal@none@1@S@"They were a self-perpetuating club that treated the tower as sort of a separate premises," the Vicar Hummerstone says.@@@@1@19@@oe@2-2-2013
20089041@unknown@formal@none@1@S@An entirely new band rings today at Great Torrington, several of whom are members of the congregation.@@@@1@17@@oe@2-2-2013
20089042@unknown@formal@none@1@S@But there still aren't enough ringers to ring more than six of the eight bells.@@@@1@15@@oe@2-2-2013
20089043@unknown@formal@none@1@S@At St. Mary's Church in Ilminster, Somerset, the bells have fallen silent following a dust-up over church attendance.@@@@1@18@@oe@2-2-2013
20089044@unknown@formal@none@1@S@The vicar, W.D. Jones, refuses to talk about it, saying it would "reopen the wound."@@@@1@15@@oe@2-2-2013
20089045@unknown@formal@none@1@S@But C.J.B. Marshall, vicar of a nearby church, feels the fault is in the stairs from the bell tower that are located next to the altar.@@@@1@26@@oe@2-2-2013
20089046@unknown@formal@none@1@S@"So crunch, crunch, crunch, bang, bang, bang -- here come the ringers from above, making a very obvious exit while the congregation is at prayer," he says.@@@@1@27@@oe@2-2-2013
20089047@unknown@formal@none@1@S@Vicar Marshall admits to mixed feelings about this issue, since he is both a vicar and an active bell-ringer himself.@@@@1@20@@oe@2-2-2013
20089048@unknown@formal@none@1@S@"The sound of bells is a net to draw people into the church," he says.@@@@1@15@@oe@2-2-2013
20089049@unknown@formal@none@1@S@"I live in hopes that the ringers themselves will be drawn into that fuller life."@@@@1@15@@oe@2-2-2013
20089050@unknown@formal@none@1@S@The Central Council of Church Bell Ringers, a sort of parliament of ringing groups, aims to improve relations with vicars, says John C. Baldwin, president.@@@@1@25@@oe@2-2-2013
20089051@unknown@formal@none@1@S@It hopes to speak to students at theological colleges about the joys of bell ringing and will shortly publish a booklet for every vicar in the country entitled, "The Bells in Your Care."@@@@1@33@@oe@2-2-2013
20089052@unknown@formal@none@1@S@Says Mr. Baldwin, "We recognize that we may no longer have as high a priority in church life and experience."@@@@1@20@@oe@2-2-2013
20089053@unknown@formal@none@1@S@Mr. Baldwin is also attacking the greater problem: lack of ringers.@@@@1@11@@oe@2-2-2013
20089054@unknown@formal@none@1@S@One survey says that of the 100,000 trained bellringers in England today, only 40,000 of them still ring.@@@@1@18@@oe@2-2-2013
20089055@unknown@formal@none@1@S@Also, ringers don't always live where the bells need to be rung -- like in small, rural parishes and inner-city churches.@@@@1@21@@oe@2-2-2013
20089056@unknown@formal@none@1@S@But the council's program to attract and train ringers is only partly successful, says Mr. Baldwin.@@@@1@16@@oe@2-2-2013
20089057@unknown@formal@none@1@S@"Right now, we're lucky if after five years we keep one new ringer out of 10," he adds.@@@@1@18@@oe@2-2-2013
20089058@unknown@formal@none@1@S@One bright sign is that a growing number of women have entered the once male-dominated field; more than a third of the ringers today are women.@@@@1@26@@oe@2-2-2013
20089059@unknown@formal@none@1@S@They aren't accepted everywhere, however.@@@@1@5@@oe@2-2-2013
20089060@unknown@formal@none@1@S@The oldest bell-ringing group in the country, the Ancient Society of College Youths, founded in 1637, remains male-only, a fact that's particularly galling to women because the group is the sole source of ringers for Britain's most prestigious churches, St. Paul's Cathedral and Westminster Abbey.@@@@1@45@@oe@2-2-2013
20089061@unknown@formal@none@1@S@This being Britain, no woman has filed an equal-opportunity suit, but the extent of the problem surfaced this summer in a series of letters to "The Ringing World," a weekly newspaper for ringers.@@@@1@33@@oe@2-2-2013
20089062@unknown@formal@none@1@S@One writer, signing his letter as "Red-blooded, balanced male," remarked on the "frequency of women fainting in peals," and suggested that they "settle back into their traditional role of making tea at meetings."@@@@1@33@@oe@2-2-2013
20089063@unknown@formal@none@1@S@In the torrent of replies that followed, one woman ringer from Solihull observed that "the average male ringer leaves quite a lot to be desired: badly dressed, decorated with acne and a large beer-belly, frequently unwashed and unbearably flatulent in peals."@@@@1@41@@oe@2-2-2013
20089064@unknown@formal@none@1@S@Another women wrote from Sheffield to say that in her 60 years of ringing, "I have never known a lady to faint in the belfry.@@@@1@25@@oe@2-2-2013
20089065@unknown@formal@none@1@S@I have seen one or two men die, bless them.@@@@1@10@@oe@2-2-2013
20090001@unknown@formal@none@1@S@Investors unsettled by the stock market's gyrations can take some comfort in the predictable arrival of quarterly dividend checks.@@@@1@19@@oe@2-2-2013
20090002@unknown@formal@none@1@S@That has been particularly true this year with many companies raising their payouts more than 10%.@@@@1@16@@oe@2-2-2013
20090003@unknown@formal@none@1@S@But don't breathe too easy: Those dividend increases may signal trouble ahead for stock prices, some analysts warn.@@@@1@18@@oe@2-2-2013
20090004@unknown@formal@none@1@S@In the past, they say, the strongest dividend growth has often come at times when the stock-market party was almost over.@@@@1@21@@oe@2-2-2013
20090005@unknown@formal@none@1@S@That can be a trap for unwary investors, says Richard Bernstein, senior quantitative analyst at Merrill Lynch & Co.@@@@1@19@@oe@2-2-2013
20090006@unknown@formal@none@1@S@Strong dividend growth, he says, is "the black widow of valuation" -- a reference to the female spiders that attract males and then kill them after mating.@@@@1@27@@oe@2-2-2013
20090007@unknown@formal@none@1@S@Stephen Boesel, president of T. Rowe Price Growth and Income Fund, explains that companies raise their payouts most robustly only after the economy and corporate profits have been growing for some time.@@@@1@32@@oe@2-2-2013
20090008@unknown@formal@none@1@S@"Invariably, those strong periods in the economy give way to recessionary environments," he says.@@@@1@14@@oe@2-2-2013
20090009@unknown@formal@none@1@S@"And recessionary environments aren't hospitable to the stock market."@@@@1@9@@oe@2-2-2013
20090010@unknown@formal@none@1@S@Indeed, analysts say that payouts have sometimes risen most sharply when prices were already on their way down from cyclical peaks.@@@@1@21@@oe@2-2-2013
20090011@unknown@formal@none@1@S@In 1976, for example, dividends on the stocks in Standard & Poor's 500-stock index soared 10%, following much slower growth the year before.@@@@1@23@@oe@2-2-2013
20090012@unknown@formal@none@1@S@The S&P index started sliding in price in September 1976, and fell 12% in 1977 -- despite a 15% expansion in dividends that year.@@@@1@24@@oe@2-2-2013
20090013@unknown@formal@none@1@S@That pattern hasn't always held, but recent strong growth in dividends makes some market watchers anxious.@@@@1@16@@oe@2-2-2013
20090014@unknown@formal@none@1@S@Payouts on the S&P 500 stocks rose 10% in 1988, according to Standard & Poor's Corp., and Wall Street estimates for 1989 growth are generally between 9% and 14%.@@@@1@29@@oe@2-2-2013
20090015@unknown@formal@none@1@S@Many people believe the growth in dividends will slow next year, although a minority see double-digit gains continuing.@@@@1@18@@oe@2-2-2013
20090016@unknown@formal@none@1@S@Meanwhile, many market watchers say recent dividend trends raise another warning flag: While dividends have risen smartly, their expansion hasn't kept pace with even stronger advances in stock prices.@@@@1@29@@oe@2-2-2013
20090017@unknown@formal@none@1@S@As a result, the market's dividend yield -- dividends as a percentage of price -- has slid to a level that is fairly low and unenticing by historical standards.@@@@1@29@@oe@2-2-2013
20090018@unknown@formal@none@1@S@Put another way, the decline in the yield suggests stocks have gotten pretty rich in price relative to the dividends they pay, some market analysts say.@@@@1@26@@oe@2-2-2013
20090019@unknown@formal@none@1@S@They are keeping a close watch on the yield on the S&P 500.@@@@1@13@@oe@2-2-2013
20090020@unknown@formal@none@1@S@The figure is currently about 3.3%, up from 3.2% before the recent market slide.@@@@1@14@@oe@2-2-2013
20090021@unknown@formal@none@1@S@Some analysts say investors should run for the exits if a sustained market rebound pushes the yield below 3%.@@@@1@19@@oe@2-2-2013
20090022@unknown@formal@none@1@S@A drop below that 3% benchmark "has always been a strong warning sign that stocks are fully valued," says Mr. Boesel of T. Rowe Price.@@@@1@25@@oe@2-2-2013
20090023@unknown@formal@none@1@S@In fact, "the market has always tanked.@@@@1@7@@oe@2-2-2013
20090024@unknown@formal@none@1@S@Always.@@@@1@1@@oe@2-2-2013
20090025@unknown@formal@none@1@S@There's never been an exception," says Gerald W. Perritt, a Chicago investment adviser and money manager, based on a review of six decades of stock-market data.@@@@1@26@@oe@2-2-2013
20090026@unknown@formal@none@1@S@The last time the S&P 500 yield dropped below 3% was in the summer of 1987.@@@@1@16@@oe@2-2-2013
20090027@unknown@formal@none@1@S@Stockholders who took the hint and sold shares escaped the October debacle.@@@@1@12@@oe@2-2-2013
20090028@unknown@formal@none@1@S@There have been only seven other times -- in 1929, 1933, 1961, 1965, 1968, 1971 and 1972 -- when the yield on the S&P 500 dropped below 3% for at least two consecutive months, Mr. Perritt found.@@@@1@37@@oe@2-2-2013
20090029@unknown@formal@none@1@S@And in each case, he says, a sharp drop in stock prices began within a year.@@@@1@16@@oe@2-2-2013
20090030@unknown@formal@none@1@S@Still, some market analysts say the current 3.3% reading isn't as troublesome as it might have been in years past.@@@@1@20@@oe@2-2-2013
20090031@unknown@formal@none@1@S@"It's not a very meaningful indicator currently because corporations are not behaving in a traditional manner," says James H. Coxon, head of stock investments for Cigna Corp., the Philadelphia-based insurer.@@@@1@30@@oe@2-2-2013
20090032@unknown@formal@none@1@S@In particular, Mr. Coxon says, businesses are paying out a smaller percentage of their profits and cash flow in the form of dividends than they have historically.@@@@1@27@@oe@2-2-2013
20090033@unknown@formal@none@1@S@So, while stock prices may look fairly high relative to dividends, they are not excessive relative to the underlying corporate strength.@@@@1@21@@oe@2-2-2013
20090034@unknown@formal@none@1@S@Rather than increasing dividends, some companies have used cash to buy back some of their shares, notes Steven G. Einhorn, co-chairman of the investment policy committee at Goldman, Sachs & Co.@@@@1@31@@oe@2-2-2013
20090035@unknown@formal@none@1@S@He factors that into the market yield to get an adjusted yield of about 3.6%.@@@@1@15@@oe@2-2-2013
20090036@unknown@formal@none@1@S@That is just a tad below the average of the past 40 years or so, he says.@@@@1@17@@oe@2-2-2013
20090037@unknown@formal@none@1@S@What will happen to dividend growth next year?@@@@1@8@@oe@2-2-2013
20090038@unknown@formal@none@1@S@Common wisdom suggests a single-digit rate of growth, reflecting a weakening in the economy and corporate profits.@@@@1@17@@oe@2-2-2013
20090039@unknown@formal@none@1@S@PaineWebber Inc., for instance, is forecasting growth in S&P 500 dividends of just under 5% in 1990, down from an estimated 11% this year.@@@@1@24@@oe@2-2-2013
20090040@unknown@formal@none@1@S@In other years in which there have been moderate economic slowdowns -- the environment the firm expects in 1990 -- the change in dividends ranged from a gain of 4% to a decline of 1% , according to PaineWebber analyst Thomas Doerflinger.@@@@1@42@@oe@2-2-2013
20090041@unknown@formal@none@1@S@The minority argument, meanwhile, is that businesses have the financial wherewithal this time around to declare sharply higher dividends even if their earnings weaken.@@@@1@24@@oe@2-2-2013
20090042@unknown@formal@none@1@S@Dividend growth on the order of 12% is expected by both Mr. Coxon of Cigna and Mr. Einhorn of Goldman Sachs.@@@@1@21@@oe@2-2-2013
20090043@unknown@formal@none@1@S@Those dividend bulls argue that corporations are in the unusual position of having plenty of cash left over after paying dividends and making capital expenditures.@@@@1@25@@oe@2-2-2013
20090044@unknown@formal@none@1@S@One indicator investors might want to watch is the monthly tally from Standard & Poor's of the number of public companies adjusting their dividends.@@@@1@24@@oe@2-2-2013
20090045@unknown@formal@none@1@S@A total of 139 companies raised dividends in October, basically unchanged from 138 a year ago, S&P said Wednesday.@@@@1@19@@oe@2-2-2013
20090046@unknown@formal@none@1@S@That followed four straight months in which the number of increases trailed the year-earlier pace.@@@@1@15@@oe@2-2-2013
20090047@unknown@formal@none@1@S@While the S&P tally doesn't measure the magnitude of dividend changes, a further slippage in the number of dividend increases could be a harbinger of slower dividend growth next year.@@@@1@30@@oe@2-2-2013
20090048@unknown@formal@none@1@S@In any case, opinion is mixed on how much of a boost the overall stock market would get even if dividend growth continues at double-digit levels.@@@@1@26@@oe@2-2-2013
20090049@unknown@formal@none@1@S@Mr. Einhorn of Goldman Sachs estimates the stock market will deliver a 12% to 15% total return from appreciation and dividends over the next 12 months -- vs. a "cash rate of return" of perhaps 7% or 8% if dividend growth is weak.@@@@1@43@@oe@2-2-2013
20090050@unknown@formal@none@1@S@But Mr. Boesel of T. Rowe Price, who also expects 12% growth in dividends next year, doesn't think it will help the overall market all that much.@@@@1@27@@oe@2-2-2013
20090051@unknown@formal@none@1@S@"Having the dividend increases is a supportive element in the market outlook, but I don't think it's a main consideration," he says.@@@@1@22@@oe@2-2-2013
20090052@unknown@formal@none@1@S@With slower economic growth and flat corporate earnings likely next year, "I wouldn't look for the market to have much upside from current levels.@@@@1@24@@oe@2-2-2013
20091001@unknown@formal@none@1@S@Your Oct. 13 page-one story on the renewed plight of Western Union says that Western Union had lost its chance to be in the telephone business by turning down Alexander Graham Bell's offer to it of his invention, because it supposedly felt that voice communication would never replace the telegraph.@@@@1@50@@oe@2-2-2013
20091002@unknown@formal@none@1@S@Such is hardly the case.@@@@1@5@@oe@2-2-2013
20091003@unknown@formal@none@1@S@Bell's father-in-law, Gardner G. Hubbard, wealthy and well-connected, obtained financing to start the American Bell Telephone Co. in Boston, which even had a subsidiary in New York called the Telephone Co. of New York.@@@@1@34@@oe@2-2-2013
20091004@unknown@formal@none@1@S@This is where Bell's patents went.@@@@1@6@@oe@2-2-2013
20091005@unknown@formal@none@1@S@Western Union indeed wanted to get into the telephone business.@@@@1@10@@oe@2-2-2013
20091006@unknown@formal@none@1@S@It acquired Thomas Edison's microphone patent and then immediately sued the Bell Co. claiming that the microphone invented by my grandfather, Emile Berliner, which had been sold to Bell for a princely $50,000, infringed upon Western Union's Edison patent.@@@@1@39@@oe@2-2-2013
20091007@unknown@formal@none@1@S@When Bell established that the Berliner patent caveat was registered 10 days before Edison's application, Western Union dropped the lawsuit and agreed never to enter the telephone business -- the basis for the company's current plight.@@@@1@36@@oe@2-2-2013
20091008@unknown@formal@none@1@S@Oliver Berliner Beverly Hills, Calif.@@@@1@5@@oe@2-2-2013
20092001@unknown@formal@none@1@S@Troubled NBI Inc. said it fired more than half its work force and is discontinuing its hardware business to focus on its software and service operations.@@@@1@26@@oe@2-2-2013
20092002@unknown@formal@none@1@S@The ailing company, which has reported net losses for 16 consecutive quarters, said it won't manufacture network computer systems any more and will greatly reduce its costly direct sales force.@@@@1@30@@oe@2-2-2013
20092003@unknown@formal@none@1@S@Altogether, NBI said it will eliminate 266 jobs at its Boulder headquarters, 176 field sales jobs and 50 jobs at its Canadian and United Kingdom headquarters.@@@@1@26@@oe@2-2-2013
20092004@unknown@formal@none@1@S@The company's work force will fall to about 400 people.@@@@1@10@@oe@2-2-2013
20092005@unknown@formal@none@1@S@Stephen G. Jerritts, president and chief executive officer, said customers weren't willing to commit to an expensive NBI hardware systems because of the company's financial troubles.@@@@1@26@@oe@2-2-2013
20092006@unknown@formal@none@1@S@Further, he said, the company doesn't have the capital needed to build the business over the next year or two.@@@@1@20@@oe@2-2-2013
20092007@unknown@formal@none@1@S@"We flat ran out of financing resources," Mr. Jerritts said.@@@@1@10@@oe@2-2-2013
20092008@unknown@formal@none@1@S@"We had to do something structurally and radically different."@@@@1@9@@oe@2-2-2013
20092009@unknown@formal@none@1@S@As a result, he said NBI will focus on servicing its installed base of systems, trying to provide maintenance for other manufacturers and expanding its software business, using some of the applications it developed for its hardware.@@@@1@37@@oe@2-2-2013
20092010@unknown@formal@none@1@S@The company currently offers a word-processing package for personal computers called Legend.@@@@1@12@@oe@2-2-2013
20092011@unknown@formal@none@1@S@The company, which recently said it lacked the profits and capital to pay dividends on its Series A convertible preferred stock, said it has hired an investment banker to help it raise additional cash.@@@@1@34@@oe@2-2-2013
20092012@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, NBI common closed at 93 cents a share, up 31 cents.@@@@1@19@@oe@2-2-2013
20093001@unknown@formal@none@1@S@It was Richard Nixon's first visit to China in 1972 that set in motion the historic rapprochement between Beijing and Washington.@@@@1@21@@oe@2-2-2013
20093002@unknown@formal@none@1@S@But the former U.S. president's sixth visit to China, during which he spoke at length with Chinese leaders, was nowhere near as successful at easing strains that have recently afflicted the Sino-U.S. relationship.@@@@1@33@@oe@2-2-2013
20093003@unknown@formal@none@1@S@Mr. Nixon, the most prominent American to come to China since Beijing's bloody suppression of pro-democracy demonstrators in June, harped on international outrage over the massacre.@@@@1@26@@oe@2-2-2013
20093004@unknown@formal@none@1@S@The Chinese, in turn, took aim at American "interference" in China's domestic affairs.@@@@1@13@@oe@2-2-2013
20093005@unknown@formal@none@1@S@One official newspaper, Legal Daily, even directly criticized Mr. Nixon, who is normally referred to here as an "old friend."@@@@1@20@@oe@2-2-2013
20093006@unknown@formal@none@1@S@The paper accused him of being a leading proponent of "peaceful evolution," a catch phrase to describe what China believes is the policy of Western countries to seduce socialist nations into the capitalist sphere.@@@@1@34@@oe@2-2-2013
20093007@unknown@formal@none@1@S@The tension was evident on Wednesday evening during Mr. Nixon's final banquet toast, normally an opportunity for reciting platitudes about eternal friendship.@@@@1@22@@oe@2-2-2013
20093008@unknown@formal@none@1@S@Instead, Mr. Nixon reminded his host, Chinese President Yang Shangkun, that Americans haven't forgiven China's leaders for the military assault of June 3-4 that killed hundreds, and perhaps thousands, of demonstrators.@@@@1@31@@oe@2-2-2013
20093009@unknown@formal@none@1@S@"Many in the United States, including many friends of China, believe the crackdown was excessive and unjustified," Mr. Nixon told Mr. Yang, who was directly involved in ordering the attack.@@@@1@30@@oe@2-2-2013
20093010@unknown@formal@none@1@S@"The events of April through June damaged the respect and confidence which most Americans previously had for the leaders of China."@@@@1@21@@oe@2-2-2013
20093011@unknown@formal@none@1@S@The Chinese responded in an equally undiplomatic fashion.@@@@1@8@@oe@2-2-2013
20093012@unknown@formal@none@1@S@In talks with Mr. Nixon, Chinese leaders expressed no regret for the killings, and even suggested that the U.S. was prominently involved in the demonstrations this spring.@@@@1@27@@oe@2-2-2013
20093013@unknown@formal@none@1@S@In a meeting Tuesday, supreme leader, Deng Xiaoping, told Mr. Nixon, "Frankly speaking, the U.S. was involved too deeply in the turmoil and counterrevolutionary rebellion which occurred in Beijing not long ago.@@@@1@32@@oe@2-2-2013
20093014@unknown@formal@none@1@S@China was the real victim and it is unjust to reprove China for it."@@@@1@14@@oe@2-2-2013
20093015@unknown@formal@none@1@S@Despite the harsh exchanges, the U.S. and China still seem to be looking for a way to mend relations, which have deteriorated into what Mr. Nixon referred to as "the greatest crisis in Chinese-American relations" since his initial visit to China 17 years ago.@@@@1@44@@oe@2-2-2013
20093016@unknown@formal@none@1@S@In his return toast to Mr. Nixon, Mr. Yang said the relationship had reached a "stalemate."@@@@1@16@@oe@2-2-2013
20093017@unknown@formal@none@1@S@Relations between China and the U.S. have been tense since June 7, when Chinese dissident Fang Lizhi and his wife, Li Shuxian, took refuge in the U.S. Embassy in Beijing.@@@@1@30@@oe@2-2-2013
20093018@unknown@formal@none@1@S@Shortly afterwards, Mr. Bush imposed a series of anti-China sanctions, including suspension of most high-level talks, which could be codified in U.S. congressional legislation in the coming weeks.@@@@1@28@@oe@2-2-2013
20093019@unknown@formal@none@1@S@Mr. Nixon is traveling in China as a private citizen, but he has made clear that he is an unofficial envoy for the Bush administration.@@@@1@25@@oe@2-2-2013
20093020@unknown@formal@none@1@S@Mr. Nixon met Mr. Bush and his national security adviser, Brent Scowcroft, before coming to China on Saturday.@@@@1@18@@oe@2-2-2013
20093021@unknown@formal@none@1@S@And he plans to brief the president at the end of the week, U.S. sources said.@@@@1@16@@oe@2-2-2013
20093022@unknown@formal@none@1@S@Mr. Nixon was to leave China today.@@@@1@7@@oe@2-2-2013
20093023@unknown@formal@none@1@S@According to an American member of the Nixon party, the former president raised a number of controversial issues in his 20 hours of talks with top-level Chinese officials.@@@@1@28@@oe@2-2-2013
20093024@unknown@formal@none@1@S@These included China's economic policies, human rights and the question of Mr. Fang.@@@@1@13@@oe@2-2-2013
20093025@unknown@formal@none@1@S@Mr. Nixon also proposed that China restore its participation in the Fulbright Program, a U.S. government-funded academic exchange.@@@@1@18@@oe@2-2-2013
20093026@unknown@formal@none@1@S@China pulled out of the program in July.@@@@1@8@@oe@2-2-2013
20093027@unknown@formal@none@1@S@In his talks, the former president urged China's leaders to acknowledge that their nation is part of the world community and welcome the infusion of outside contacts and ideas.@@@@1@29@@oe@2-2-2013
20093028@unknown@formal@none@1@S@"Ideas are going over borders, and there's no SDI ideological weapon that can shoot them down," he told a group of Americans at the U.S. Embassy on Wednesday.@@@@1@28@@oe@2-2-2013
20093029@unknown@formal@none@1@S@There are no signs, however, of China's yielding on key issues.@@@@1@11@@oe@2-2-2013
20093030@unknown@formal@none@1@S@But in one minor matter, Mr. Nixon appears to have gained a concession.@@@@1@13@@oe@2-2-2013
20093031@unknown@formal@none@1@S@In a meeting with Premier Li Peng on Monday, Mr. Nixon said that he hoped he wouldn't encounter guards with machine guns during his visit to the U.S. Embassy.@@@@1@29@@oe@2-2-2013
20093032@unknown@formal@none@1@S@Sure enough, when he arrived at the embassy two days later, the machine-gun-toting guards were gone -- for the first time in five months.@@@@1@24@@oe@2-2-2013
20093033@unknown@formal@none@1@S@A few blocks away, at the U.S. ambassador's residence, the guards encircling the compound also had discarded their Uzi-model arms for the first time since early June.@@@@1@27@@oe@2-2-2013
20093034@unknown@formal@none@1@S@But the guards there retained their pistols, and a large contingent of plainclothes police remained nearby in unmarked cars.@@@@1@19@@oe@2-2-2013
20093035@unknown@formal@none@1@S@Moreover, police and soldiers continue to harass Americans, who have filed several protests with the Foreign Ministry in the past week.@@@@1@21@@oe@2-2-2013
20093036@unknown@formal@none@1@S@Several times, Chinese guards have pointed their automatic rifles at young children of U.S. diplomats and clicked the trigger.@@@@1@19@@oe@2-2-2013
20093037@unknown@formal@none@1@S@The rifles weren't loaded.@@@@1@4@@oe@2-2-2013
20094001@unknown@formal@none@1@S@Your Oct. 6 article "Japan's Financial Firms Lure Science Graduates" states, "Industrial companies are accusing financial institutions of jeopardizing Japan's economy by raising the salary stakes for new employees."@@@@1@29@@oe@2-2-2013
20094002@unknown@formal@none@1@S@The Japanese industrial companies should know better.@@@@1@7@@oe@2-2-2013
20094003@unknown@formal@none@1@S@They are barking up the wrong tree, because it is basically their fault they can't attract new employees.@@@@1@18@@oe@2-2-2013
20094004@unknown@formal@none@1@S@Takuma Yamamoto, president of Fujitsu Ltd., believes "the `money worship' among young people . . . caused the problem."@@@@1@19@@oe@2-2-2013
20094005@unknown@formal@none@1@S@He is just passing the buck to young people.@@@@1@9@@oe@2-2-2013
20094006@unknown@formal@none@1@S@What's wrong with asking for more money?@@@@1@7@@oe@2-2-2013
20094007@unknown@formal@none@1@S@Money is not everything, but it is necessary, and business is not volunteer work.@@@@1@14@@oe@2-2-2013
20094008@unknown@formal@none@1@S@It is not unethical to choose a higher-salaried job.@@@@1@9@@oe@2-2-2013
20094009@unknown@formal@none@1@S@Unfortunately, Japanese manufacturers have neither good working conditions nor good compensation packages.@@@@1@12@@oe@2-2-2013
20094010@unknown@formal@none@1@S@I get the impression that some Japanese managers believe working harder for less money is beautiful.@@@@1@16@@oe@2-2-2013
20094011@unknown@formal@none@1@S@I visited a lot of major Japanese manufacturers, but I never felt I would want to be employed by any of them.@@@@1@22@@oe@2-2-2013
20094012@unknown@formal@none@1@S@Many of them recently have been spending a lot of money on public relations and advertising to improve their images, but they should realize that the most important thing is real change, not changing people's perceptions.@@@@1@36@@oe@2-2-2013
20094013@unknown@formal@none@1@S@If the Japanese companies are seriously considering their survival, they could do at least three things to improve the situation: raise salaries higher than those of financial institutions; improve working conditions (better offices and more vacations, for example); accept and hire more labor from outside Japan.@@@@1@46@@oe@2-2-2013
20094014@unknown@formal@none@1@S@Hiroshi Asada@@@@1@2@@oe@2-2-2013
20095001@unknown@formal@none@1@S@In reference to your Oct. 9 page-one article "Barbara Bush Earns Even Higher Ratings Than the President," it is regrettable that you must continually define blacks by our negatives: "Among liberals, 60% have positive views of her, while 50% approve of the president's job performance.@@@@1@45@@oe@2-2-2013
20095002@unknown@formal@none@1@S@In part, this may reflect the fact that `she speaks a more progressive language' than her husband, as Columbia's Prof. {Ethel} Klein puts it.@@@@1@24@@oe@2-2-2013
20095003@unknown@formal@none@1@S@Among professionals, 76% have a favorable opinion of her, compared to 62% who approve of her husband's performance.@@@@1@18@@oe@2-2-2013
20095004@unknown@formal@none@1@S@While a quarter of black voters disapprove of Mr. Bush's handling of his job, only 15% have a negative view of his spouse."@@@@1@23@@oe@2-2-2013
20095005@unknown@formal@none@1@S@The statistics imply that three-quarters of blacks approve of Mr. Bush's job performance and 85% of blacks approve of Mrs. Bush.@@@@1@21@@oe@2-2-2013
20095006@unknown@formal@none@1@S@If the assumption is that it is surprising that so few blacks find Mr. and Mrs. Bush distasteful, the positive view is even more newsworthy.@@@@1@25@@oe@2-2-2013
20095007@unknown@formal@none@1@S@Such an editorial point of view perpetuates an insidious, stereotyped perspective.@@@@1@11@@oe@2-2-2013
20095008@unknown@formal@none@1@S@Why are we blacks continually defined by our minority and the lowest common denominator.@@@@1@14@@oe@2-2-2013
20095009@unknown@formal@none@1@S@Preston G. Foster Birmingham, Ala.@@@@1@5@@oe@2-2-2013
20096001@unknown@formal@none@1@S@The National Association of Securities Dealers, the self-regulatory organization for the over-the-counter securities markets, disciplined a number of firms and individuals for alleged violations of industry rules.@@@@1@27@@oe@2-2-2013
20096002@unknown@formal@none@1@S@Two firms were expelled from the NASD, three were suspended or barred and nine were fined.@@@@1@16@@oe@2-2-2013
20096003@unknown@formal@none@1@S@First Securities Group of California and a principal of the firm, Louis Fernando Vargas of Marina del Rey, Calif., were jointly fined $15,000 and expelled for alleged violations of reporting requirements on securities sales.@@@@1@34@@oe@2-2-2013
20096004@unknown@formal@none@1@S@Also, Mr. Vargas was barred from association with any NASD member.@@@@1@11@@oe@2-2-2013
20096005@unknown@formal@none@1@S@Neither First Securities, of Beverly Hills, nor Mr. Vargas could be reached for comment.@@@@1@14@@oe@2-2-2013
20096006@unknown@formal@none@1@S@A telephone-information operator had no listing for either party.@@@@1@9@@oe@2-2-2013
20096007@unknown@formal@none@1@S@J.L. Henry & Co., Miami, and a principal of the firm, Henry I. Otero of Miami, were jointly fined $30,000 and expelled, for alleged improper use of a customer's funds, among other things.@@@@1@33@@oe@2-2-2013
20096008@unknown@formal@none@1@S@Also, Mr. Otero was barred from association with any NASD member.@@@@1@11@@oe@2-2-2013
20096009@unknown@formal@none@1@S@J.L. Henry hasn't any Miami telephone listing, an operator said.@@@@1@10@@oe@2-2-2013
20096010@unknown@formal@none@1@S@Mr. Otero, who apparently has an unpublished number, also couldn't be reached.@@@@1@12@@oe@2-2-2013
20096011@unknown@formal@none@1@S@Biscayne Securities Corp., of Lauderhill, Fla., and a principal of the firm, Alvin Rosenblum of Plantation, Fla., were jointly fined $20,000 and given 10-day suspensions for allegedly selling securities at unfair prices.@@@@1@32@@oe@2-2-2013
20096012@unknown@formal@none@1@S@Biscayne hasn't any telephone listing, an operator said.@@@@1@8@@oe@2-2-2013
20096013@unknown@formal@none@1@S@Mr. Rosenblum, who apparently has an unpublished phone number, also couldn't be reached.@@@@1@13@@oe@2-2-2013
20096014@unknown@formal@none@1@S@Triton Securities, of Danville, Calif., and a principal of the firm, Delwin George Chase, also of Danville, were jointly fined $10,000 and given 30-day suspensions as part of a settlement.@@@@1@30@@oe@2-2-2013
20096015@unknown@formal@none@1@S@While neither admitting nor denying wrongdoing, Triton and Mr. Chase consented to findings of violations in connection with limited-partnership sales.@@@@1@20@@oe@2-2-2013
20096016@unknown@formal@none@1@S@Officials of Triton couldn't be reached for comment.@@@@1@8@@oe@2-2-2013
20096017@unknown@formal@none@1@S@Mr. Chase didn't return a telephone call to his office.@@@@1@10@@oe@2-2-2013
20096018@unknown@formal@none@1@S@Crane & Co. Securities Inc., of Mount Clemens, Mich., and its president, Glenn R. Crane, of Sterling Heights, Mich., consented to a joint fine of $10,000.@@@@1@26@@oe@2-2-2013
20096019@unknown@formal@none@1@S@Without admitting or denying wrongdoing, they consented to findings of violations of escrow and record-keeping rules.@@@@1@16@@oe@2-2-2013
20096020@unknown@formal@none@1@S@Mr. Crane didn't return a call seeking comment.@@@@1@8@@oe@2-2-2013
20096021@unknown@formal@none@1@S@First Commonwealth Securities Corp., of New Orleans, and its president, Kenneth J. Canepa, also of New Orleans, consented to a $10,000 fine.@@@@1@22@@oe@2-2-2013
20096022@unknown@formal@none@1@S@Also, Mr. Canepa received a two-week suspension "in a principal capacity."@@@@1@11@@oe@2-2-2013
20096023@unknown@formal@none@1@S@Without admitting or denying wrongdoing, they consented to findings that they had inaccurately represented the firm's net capital, maintained inaccurate books and records, and made other violations.@@@@1@27@@oe@2-2-2013
20096024@unknown@formal@none@1@S@Mr. Canepa confirmed he had consented to the sanctions but declined to comment further.@@@@1@14@@oe@2-2-2013
20096025@unknown@formal@none@1@S@Weatherly Securities Corp., New York, and three of its principals -- Dell Eugene Keehn and William Northy Prater Jr., both of Mercer Island, Wash., and Thomas Albert McFall, of Red Bank, N.J. -- consented to a fine of $20,000.@@@@1@39@@oe@2-2-2013
20096026@unknown@formal@none@1@S@Without admitting or denying wrongdoing, they consented to findings that they failed to return funds owed to customers in connection with a limited-partnership offering.@@@@1@24@@oe@2-2-2013
20096027@unknown@formal@none@1@S@Reached at his office, Mr. McFall, currently chairman, said, "An implication that we failed to return investor funds is inappropriate and inaccurate."@@@@1@22@@oe@2-2-2013
20096028@unknown@formal@none@1@S@He described the situation as "an escrow problem, a timing issue," which he said was rapidly rectified, with no losses to customers.@@@@1@22@@oe@2-2-2013
20096029@unknown@formal@none@1@S@W.N. Whelen & Co., of Georgetown, Del., and its president, William N. Whelen Jr., also of Georgetown, were barred from transacting principal trades for 90 days and were jointly fined $15,000.@@@@1@31@@oe@2-2-2013
20096030@unknown@formal@none@1@S@The firm and Mr. Whelen allegedly sold securities to the public at unfair prices, among other alleged violations.@@@@1@18@@oe@2-2-2013
20096031@unknown@formal@none@1@S@Mr. Whelen denied the firm had sold securities at unfair prices and suggested that the examination practices of the NASD need improvement.@@@@1@22@@oe@2-2-2013
20096032@unknown@formal@none@1@S@The firm and the NASD differ over the meaning of markup and markdown, he added.@@@@1@15@@oe@2-2-2013
20096033@unknown@formal@none@1@S@Shearson Lehman Hutton Inc., New York, which is 62%-owned by American Express Co., consented to a $10,000 fine.@@@@1@18@@oe@2-2-2013
20096034@unknown@formal@none@1@S@Without admitting or denying wrongdoing, the firm consented to findings that it failed to respond "in a timely manner" to the NASD's requests for information in connection with a customer complaint.@@@@1@31@@oe@2-2-2013
20096035@unknown@formal@none@1@S@A Shearson spokesman had no comment.@@@@1@6@@oe@2-2-2013
20096036@unknown@formal@none@1@S@The following individuals were fined as indicated and barred from association with NASD members, or, where noted, suspended.@@@@1@18@@oe@2-2-2013
20096037@unknown@formal@none@1@S@Except where noted, none of these people could be reached for comment or had any comment.@@@@1@16@@oe@2-2-2013
20096038@unknown@formal@none@1@S@Andrew Derel Adams, Killeen, Texas, fined $15,000; John Francis Angier Jr., Reddington Shores, Fla., $15,000; Mark Anthony, Arlington Heights, Ill., $10,000 and 30-day suspension; William Stirlen, Arlington Heights, Ill., $7,500 and 30-day suspension; Fred W. Bonnell, Boulder, Colo., $2,500 and six-month suspension; Michael J. Boorse, Horsham, Pa.; David Chiodo, Dallas, $5,000, barred as a principal; Camille Chafic Cotran, London, $25,000; John William Curry, fined $5,000, ordered to disgorge $30,000, one-year suspension.@@@@1@71@@oe@2-2-2013
20096039@unknown@formal@none@1@S@John William Davis, Colonsville, Miss., fined $200,000; Jeffrey Gerard Dompierre, Valrico, Fla., $5,000 and 10-day suspension; Eugene Michael Felten, La Canada, Calif., fined $25,000, ordered to disgorge $16,072 and suspended one year; Marion Stewart Spitler, La Canada, fined $15,000, ordered to disgorge $18,444 and suspended six months.@@@@1@47@@oe@2-2-2013
20096040@unknown@formal@none@1@S@Mr. Felten said, "We got what amounted to a parking ticket, and by complaining about it, we ended up with a sizable fine and suspension."@@@@1@25@@oe@2-2-2013
20096041@unknown@formal@none@1@S@The matter "didn't involve anybody's securities transactions," he added.@@@@1@9@@oe@2-2-2013
20096042@unknown@formal@none@1@S@Victor Stanley Fishman, Longwood, Fla., fined $25,000; William Harold Floyd, Houston, $100,000; Michael Anthony Houston, Bronx, N.Y., $15,000; Amin Jalaalwalikraam, Glenham, N.Y., $60,000; Richard F. Knapp, London, $10,000 and 30-day suspension; Deborah Renee Martin, St. Louis, $15,000; Joseph Francis Muscolina Jr., Palisades Park, N.J., $15,000; Robert C. Najarian, Brooklyn Park, Minn., $15,000; Edward Robert Norwick, Nesconset, N.Y., $30,000.@@@@1@58@@oe@2-2-2013
20096043@unknown@formal@none@1@S@Charles D. Phipps Sr., Hermitage, Pa., fined $10,000; David Scott Rankin, Lake St. Louis, Mo., $15,000; Leigh A. Sanderoff, Gaithersburg, Md., fined $45,000, ordered to disgorge $12,252; Sandra Ann Smith, Ridgefield, N.J., $15,000; James G. Spence, Aloha, Ore., $5,000 and six-month suspension; Mona Sun, Jamaica Estates, N.Y., $60,000; William Swearingen, Minneapolis, $15,000 and six-month suspension; John Bew Wong, San Francisco, $25,000; Rabia M. Zayed, San Francisco, $50,000.@@@@1@67@@oe@2-2-2013
20096044@unknown@formal@none@1@S@The following were neither barred nor suspended: Stephanie Veselich Enright, Rolling Hills, Calif., fined $2,500 and ordered to disgorge $11,762; Stuart Lane Russel, Glendale, Calif., fined $2,500 and ordered to disgorge $14,821; Devon Nilson Dahl, Fountain Valley, Calif., fined $82,389.@@@@1@40@@oe@2-2-2013
20096045@unknown@formal@none@1@S@Mr. Dahl, a registered representative in the insurance business, said he "screwed up" because he didn't realize he was breaking securities laws.@@@@1@22@@oe@2-2-2013
20096046@unknown@formal@none@1@S@"Insurance agents have been forced by their companies into becoming registered reps," he said, "but they are not providing compliance and security-type training so that we can avoid stupid mistakes."@@@@1@30@@oe@2-2-2013
20096047@unknown@formal@none@1@S@The following were barred or, where noted, suspended and consented to findings without admitting or denying wrongdoing: Edward L. Cole, Jackson, Miss., $10,000 fine; Rita Rae Cross, Denver, $2,500 fine and 30-day suspension; Thomas Richard Meinders, Colorado Springs, Colo., $2,000 fine, five-day suspension and eight-month suspension as a principal; Ronald A. Cutrer, Baton Rouge, La., $15,000 fine and one-month suspension; Karl Grant Hale, Midvale, Utah, $15,000 fine; Clinton P. Hayne, New Orleans, $7,500 fine and one-week suspension; Richard M. Kane, Coconut Creek, Fla., $250,000 fine; John B. Merrick, Aurora, Colo., $1,000 fine and 10-day suspension; John P. Miller, Baton Rouge, $2,000 fine and two-week suspension; Randolph K. Pace, New York, $10,000 fine and 90-day suspension; Brian D. Pitcher, New Providence, N.J., $30,000 fine; Wayne A. Russo, Bridgeville, Pa., $4,000 fine and 15-day suspension; Orville Leroy Sandberg, Aurora, Colo., $3,500 fine and 10-day suspension; Richard T. Marchese, Las Vegas, Nev., $5,000 and one-year suspension; Eric G. Monchecourt, Las Vegas, $5,000 and one-year suspension; and Robert Gerhard Smith, Carson City, Nev., two-year suspension.@@@@1@171@@oe@2-2-2013
20096048@unknown@formal@none@1@S@"I wasn't ever actively engaged in any securities activities," said Mr. Cutrer.@@@@1@12@@oe@2-2-2013
20096049@unknown@formal@none@1@S@"I never had any clients at all.@@@@1@7@@oe@2-2-2013
20096050@unknown@formal@none@1@S@It was just a stupid mistake to get the license," he said, adding, "I'd just as soon not get into" details of the settlement.@@@@1@24@@oe@2-2-2013
20097001@unknown@formal@none@1@S@Program traders are fond of predicting that if they are blocked in the U.S., they will simply emigrate to foreign stock markets.@@@@1@22@@oe@2-2-2013
20097002@unknown@formal@none@1@S@But in London and Tokyo, where computer-driven trading now plays a small but growing role, traders say a number of hurdles loom.@@@@1@22@@oe@2-2-2013
20097003@unknown@formal@none@1@S@Government officials, especially in Japan, probably would resist any onslaught of program trading by players trying to shrug off the U.S. furor over their activities and marching abroad with their business.@@@@1@31@@oe@2-2-2013
20097004@unknown@formal@none@1@S@Japan is "very concerned" about the possible effects of program trading, a senior Japanese official said after the Oct. 13 stock plunge in New York.@@@@1@25@@oe@2-2-2013
20097005@unknown@formal@none@1@S@U.S. stock-index futures aren't even traded in Japan now.@@@@1@9@@oe@2-2-2013
20097006@unknown@formal@none@1@S@And because of the time difference, the Japanese and the U.S. markets' trading hours don't overlap.@@@@1@16@@oe@2-2-2013
20097007@unknown@formal@none@1@S@It all adds up to a barrier to American-style index arbitrage, the most popular form of U.S. program trading that seeks to exploit brief differences between prices of stocks in New York and the price of a futures contract in Chicago based on those stocks.@@@@1@45@@oe@2-2-2013
20097008@unknown@formal@none@1@S@About 11.6% of all program trading by New York Stock Exchange firms in September took place in foreign markets, according to Big Board data.@@@@1@24@@oe@2-2-2013
20097009@unknown@formal@none@1@S@Yet it is difficult to imagine Japan racing to introduce Chicago-style stock-index futures.@@@@1@13@@oe@2-2-2013
20097010@unknown@formal@none@1@S@Japan's Finance Ministry already is scrutinizing institutional investors' activity to see whether policy changes are needed to cope with the current level of program trading, said Makato Utsumi, vice minister for international finance.@@@@1@33@@oe@2-2-2013
20097011@unknown@formal@none@1@S@Program trading has taken off in Japan since last year's introduction of home-market stock-index futures trading on the Tokyo and Osaka stock exchanges.@@@@1@23@@oe@2-2-2013
20097012@unknown@formal@none@1@S@But regulators are wary.@@@@1@4@@oe@2-2-2013
20097013@unknown@formal@none@1@S@They haven't forgotten the leap in share prices last Dec. 7, when the first bout of foreign-led index arbitrage drove stocks skyward in the last half-hour of trading, startling regulators who thought they had written enough rules to prevent such a swing.@@@@1@42@@oe@2-2-2013
20097014@unknown@formal@none@1@S@Japan's Finance Ministry had set up mechanisms to limit how far futures prices could fall in a single session and to give market operators the authority to suspend trading in futures at any time.@@@@1@34@@oe@2-2-2013
20097015@unknown@formal@none@1@S@"Maybe it wasn't enough," a Finance Ministry official noted after the Dec. 7 surge.@@@@1@14@@oe@2-2-2013
20097016@unknown@formal@none@1@S@Japan's regulators have since tightened controls on index-related stock purchases.@@@@1@10@@oe@2-2-2013
20097017@unknown@formal@none@1@S@Tokyo's leading program traders are the big U.S. securities houses, though the Japanese are playing catch-up.@@@@1@16@@oe@2-2-2013
20097018@unknown@formal@none@1@S@Some U.S. firms, notably Salomon Inc. and Morgan Stanley Group Inc., have reaped a hefty chunk of their Japanese earnings from index arbitrage, both for customers and for their own accounts.@@@@1@31@@oe@2-2-2013
20097019@unknown@formal@none@1@S@(Morgan Stanley last week joined a growing list of U.S. securities firms that have stopped doing index arbitrage for their own accounts.)@@@@1@22@@oe@2-2-2013
20097020@unknown@formal@none@1@S@Both Deryck C. Maughan, who heads Salomon in Tokyo, and John S. Wadsworth, who heads Morgan Stanley there, ascribe a good part of their firms' success in Tokyo to their ability to offer sophisticated, futures-related investment strategies to big institutional clients.@@@@1@41@@oe@2-2-2013
20097021@unknown@formal@none@1@S@They don't have plans to cut back.@@@@1@7@@oe@2-2-2013
20097022@unknown@formal@none@1@S@"It has not been disruptive in the markets here," Mr. Maughan said.@@@@1@12@@oe@2-2-2013
20097023@unknown@formal@none@1@S@"The real difference seems to be that the cash market here . . . is big enough and liquid enough that the futures market isn't having the same impact it does in America."@@@@1@33@@oe@2-2-2013
20097024@unknown@formal@none@1@S@The British also are scrutinizing program trades.@@@@1@7@@oe@2-2-2013
20097025@unknown@formal@none@1@S@Index-arbitrage trading is "something we want to watch closely," an official at London's Stock Exchange said.@@@@1@16@@oe@2-2-2013
20097026@unknown@formal@none@1@S@"We don't think there is cause for concern at the moment."@@@@1@11@@oe@2-2-2013
20097027@unknown@formal@none@1@S@London serves increasingly as a conduit for program trading of U.S. stocks.@@@@1@12@@oe@2-2-2013
20097028@unknown@formal@none@1@S@Market professionals said London has several attractions.@@@@1@7@@oe@2-2-2013
20097029@unknown@formal@none@1@S@First, the trading is done over the counter and isn't reported on either the U.S. or London stock trading tapes.@@@@1@20@@oe@2-2-2013
20097030@unknown@formal@none@1@S@Second, it can be used to unwind positions before U.S. trading begins, but at prices pegged to the previous session's Big Board close.@@@@1@23@@oe@2-2-2013
20097031@unknown@formal@none@1@S@In addition to the extra privacy of these trades, the transactions can often be less expensive to execute, because the parties don't have to pay a floor brokerage fee or a specialist's fee.@@@@1@33@@oe@2-2-2013
20097032@unknown@formal@none@1@S@Still, "Much less {index-arbitrage activity} is done over here than in the U.S." said Richard Barfield, chief investment manager at Standard Life Assurance Co., which manages about #15 billion ($23.72 billion) in United Kingdom institutional funds.@@@@1@36@@oe@2-2-2013
20097033@unknown@formal@none@1@S@Britain has two main index-arbitrage instruments.@@@@1@6@@oe@2-2-2013
20097034@unknown@formal@none@1@S@A Financial Times-Stock Exchange 100-share index option contract is traded on the London Stock Exchange's Traded Options Market.@@@@1@18@@oe@2-2-2013
20097035@unknown@formal@none@1@S@And an FT-SE futures contract is traded on the London International Financial Futures Exchange.@@@@1@14@@oe@2-2-2013
20097036@unknown@formal@none@1@S@Both contracts have gained a following since the 1987 global market crash.@@@@1@12@@oe@2-2-2013
20097037@unknown@formal@none@1@S@The average number of FT-SE option contracts traded on the London exchange has surged nearly tenfold since the contract's launch in 1984.@@@@1@22@@oe@2-2-2013
20097038@unknown@formal@none@1@S@This year, the average of daily contracts traded totaled 9,118, up from 4,645 a year earlier and from 917 in 1984.@@@@1@21@@oe@2-2-2013
20097039@unknown@formal@none@1@S@But a survey early this summer indicated that the volume of index-options trading was only 15% of the size of the underlying equity market, exchange officials said.@@@@1@27@@oe@2-2-2013
20097040@unknown@formal@none@1@S@This compares with estimates that the U.S. "derivatives" market is perhaps four times as large as the underlying domestic market.@@@@1@20@@oe@2-2-2013
20098001@unknown@formal@none@1@S@The House voted to boost the federal minimum wage for the first time since early 1981, casting a solid 382-37 vote for a compromise measure backed by President Bush.@@@@1@29@@oe@2-2-2013
20098002@unknown@formal@none@1@S@The vote came after a debate replete with complaints from both proponents and critics of a substantial increase in the wage floor.@@@@1@22@@oe@2-2-2013
20098003@unknown@formal@none@1@S@Advocates said the 90-cent-an-hour rise, to $4.25 an hour by April 1991, is too small for the working poor, while opponents argued that the increase will still hurt small business and cost many thousands of jobs.@@@@1@36@@oe@2-2-2013
20098004@unknown@formal@none@1@S@But the legislation reflected a compromise agreed to on Tuesday by President Bush and Democratic leaders in Congress, after congressional Republicans urged the White House to bend a bit from its previous resistance to compromise.@@@@1@35@@oe@2-2-2013
20098005@unknown@formal@none@1@S@So both sides accepted the compromise, which would lead to the first lifting of the minimum wage since a four-year law was enacted in 1977, raising the wage to $3.35 an hour from $2.65.@@@@1@34@@oe@2-2-2013
20098006@unknown@formal@none@1@S@Under the measure passed yesterday, the minimum wage would rise to $3.80 next April.@@@@1@14@@oe@2-2-2013
20098007@unknown@formal@none@1@S@The Senate plans to take up the measure quickly and is expected to pass it.@@@@1@15@@oe@2-2-2013
20098008@unknown@formal@none@1@S@"There are no smiles about this bill," Rep. Pat Williams (D., Mont.) said during House floor debate yesterday.@@@@1@18@@oe@2-2-2013
20098009@unknown@formal@none@1@S@But "because it's all we've got, I'm going to vote for it."@@@@1@12@@oe@2-2-2013
20098010@unknown@formal@none@1@S@While the minimum wage had traditionally been pegged at half the average U.S. manufacturing wage, the level of $4.25 an hour in 1991 will still be less than 35% of average factory pay, Mr. Williams said.@@@@1@36@@oe@2-2-2013
20098011@unknown@formal@none@1@S@But Rep. Marge Roukema (R., N.J.) instead praised the House's acceptance of a new youth "training" wage, a subminimum that GOP administrations have sought for many years.@@@@1@27@@oe@2-2-2013
20098012@unknown@formal@none@1@S@Adopting a training-wage policy means "getting beyond the nickel and diming of the minimum wage," Mrs. Roukema said.@@@@1@18@@oe@2-2-2013
20098013@unknown@formal@none@1@S@Policy makers regard the youth wage as helping to limit the loss of jobs from an increase in the minimum wage, but they have lately touted it as necessary to help impart job skills to entrants into the work force.@@@@1@40@@oe@2-2-2013
20098014@unknown@formal@none@1@S@Labor unions and Democrats long fought the idea, but recently acceded to it in the face of Bush administration insistence.@@@@1@20@@oe@2-2-2013
20098015@unknown@formal@none@1@S@The compromise sets the training wage at $3.35 an hour next April, and at $3.61 an hour, or 85% of the minimum wage, in April 1991.@@@@1@26@@oe@2-2-2013
20098016@unknown@formal@none@1@S@Employers can pay the subminimum for 90 days, without restriction, to workers with less than six months of job experience, and for another 90 days if the company uses a government-certified training program for the young workers.@@@@1@37@@oe@2-2-2013
20098017@unknown@formal@none@1@S@The training wage covers only workers who are 16 to 19 years old.@@@@1@13@@oe@2-2-2013
20098018@unknown@formal@none@1@S@The White House previously insisted on an unrestricted six-month training wage that could be paid any time a worker of any age took a new job.@@@@1@26@@oe@2-2-2013
20098019@unknown@formal@none@1@S@The U.S. Chamber of Commerce, still opposed to any mininum-wage increase, said the compromise plan to lift the wage floor 27% in two stages between April 1990 and April 1991 "will be impossible for many employers to accommodate and will result in the elimination of jobs for American workers and higher prices for American consumers.@@@@1@55@@oe@2-2-2013
20099001@unknown@formal@none@1@S@Zenith Data Systems Corp., a subsidiary of Zenith Electronics Corp., received a $534 million Navy contract for software and services of microcomputers over an 84-month period.@@@@1@26@@oe@2-2-2013
20099002@unknown@formal@none@1@S@Rockwell International Corp. won a $130.7 million Air Force contract for AC-130U gunship replacement aircraft.@@@@1@15@@oe@2-2-2013
20099003@unknown@formal@none@1@S@Martin Marietta Corp. was given a $29.9 million Air Force contract for low-altitude navigation and targeting equipment.@@@@1@17@@oe@2-2-2013
20099004@unknown@formal@none@1@S@Federal Data Corp. got a $29.4 million Air Force contract for intelligence data handling.@@@@1@14@@oe@2-2-2013