21000001@unknown@formal@none@1@S@Kemper Financial Services Inc., charging that program trading is ruining the stock market, cut off four big Wall Street firms from doing any of its stock-trading business.@@@@1@27@@oe@2-2-2013
21000002@unknown@formal@none@1@S@The move is the biggest salvo yet in the renewed outcry against program trading, with Kemper putting its money -- the millions of dollars in commissions it generates each year -- where its mouth is.@@@@1@35@@oe@2-2-2013
21000003@unknown@formal@none@1@S@The Kemper Corp. unit and other critics complain that program trading causes wild swings in stock prices, such as on Tuesday and on Oct. 13 and 16, and has increased chances for market crashes.@@@@1@34@@oe@2-2-2013
21000004@unknown@formal@none@1@S@Over the past nine months, several firms, including discount broker Charles Schwab & Co. and Sears, Roebuck & Co.'s Dean Witter Reynolds Inc. unit, have attacked program trading as a major market evil.@@@@1@33@@oe@2-2-2013
21000005@unknown@formal@none@1@S@Several big securities firms backed off from program trading a few months after the 1987 crash.@@@@1@16@@oe@2-2-2013
21000006@unknown@formal@none@1@S@But most of them, led by Morgan Stanley & Co., moved back in earlier this year.@@@@1@16@@oe@2-2-2013
21000007@unknown@formal@none@1@S@The most volatile form of program trading is index arbitrage -- the rapid-fire, computer-guided buying and selling of stocks offset with opposite trades in stock-index futures and options.@@@@1@28@@oe@2-2-2013
21000008@unknown@formal@none@1@S@The object is to capture profits from fleeting price discrepancies between the futures and options and the stocks themselves.@@@@1@19@@oe@2-2-2013
21000009@unknown@formal@none@1@S@Index arbitrage recently has accounted for about half of all program trading on the New York Stock Exchange.@@@@1@18@@oe@2-2-2013
21000010@unknown@formal@none@1@S@Last month, program trading accounted for 20.9 million shares a day, or a record 13.8% of the Big Board's average daily volume.@@@@1@22@@oe@2-2-2013
21000011@unknown@formal@none@1@S@On Tuesday afternoon, Kemper told Bear, Stearns & Co., General Electric Co.'s Kidder, Peabody & Co. unit, Morgan Stanley and Oppenheimer & Co. that it will no longer do business with them because of their commitment to index arbitrage, officials inside and outside these firms confirmed.@@@@1@46@@oe@2-2-2013
21000012@unknown@formal@none@1@S@Kemper officials declined to identify the firms but acknowledged a long-simmering dispute with four securities firms and said the list of brokers it won't do business with may be lengthened in the months ahead.@@@@1@34@@oe@2-2-2013
21000013@unknown@formal@none@1@S@"We've been opposed to" index arbitrage "for a long time," said Stephen B. Timbers, chief investment officer at Kemper, which manages $56 billion, including $8 billion of stocks.@@@@1@28@@oe@2-2-2013
21000014@unknown@formal@none@1@S@"Index arbitrage doesn't work, and it scares natural buyers" of stock.@@@@1@11@@oe@2-2-2013
21000015@unknown@formal@none@1@S@While Mr. Timbers explained he's "not totally convinced index arbitrage changes the overall level of the stock market," he said that "on an intraday basis, it has major effects.@@@@1@29@@oe@2-2-2013
21000016@unknown@formal@none@1@S@We've talked to proponents of index arbitrage and told them to cool it because they're ruining the market.@@@@1@18@@oe@2-2-2013
21000017@unknown@formal@none@1@S@They said, `Too bad,' so we finally said we're not going to do business with them."@@@@1@16@@oe@2-2-2013
21000018@unknown@formal@none@1@S@Kemper also blasted the Big Board for ignoring the interests of individual and institutional holders.@@@@1@15@@oe@2-2-2013
21000019@unknown@formal@none@1@S@"The New York Stock Exchange has vested interests" in its big member securities firms "that cloud its objectivity," Mr. Timbers said.@@@@1@21@@oe@2-2-2013
21000020@unknown@formal@none@1@S@"It has never been interested in what we think.@@@@1@9@@oe@2-2-2013
21000021@unknown@formal@none@1@S@The Big Board also has a terrible communication problem with individual investors," he added.@@@@1@14@@oe@2-2-2013
21000022@unknown@formal@none@1@S@Small investors perceive that "big operators" dominate the market, said Thomas O'Hara, chairman of the National Association of Investors and head of the exchange's Individual Investors Advisory Committee set up after the 1987 crash.@@@@1@34@@oe@2-2-2013
21000023@unknown@formal@none@1@S@"The impression I've got is they'd love to do away with it {program trading}, but they {the exchange} can't do it," he said.@@@@1@23@@oe@2-2-2013
21000024@unknown@formal@none@1@S@Big Board Chairman John J. Phelan said in a recent interview that he has no inclination to eliminate program trading.@@@@1@20@@oe@2-2-2013
21000025@unknown@formal@none@1@S@He said the market's volatility disturbs him, but that all the exchange can do is "slow down the process" by using its circuit breakers and shock absorbers.@@@@1@27@@oe@2-2-2013
21000026@unknown@formal@none@1@S@Mr. Timbers countered that "the mere fact they put in circuit breakers is an admission of their problems."@@@@1@18@@oe@2-2-2013
21000027@unknown@formal@none@1@S@Morgan Stanley and Kidder Peabody, the two biggest program trading firms, staunchly defend their strategies.@@@@1@15@@oe@2-2-2013
21000028@unknown@formal@none@1@S@"We continue to believe the position we've taken is reasonable," a Morgan Stanley official said.@@@@1@15@@oe@2-2-2013
21000029@unknown@formal@none@1@S@"We would stop index arbitrage when the market is under stress, and we have recently," he said, citing Oct. 13 and earlier this week.@@@@1@24@@oe@2-2-2013
21000030@unknown@formal@none@1@S@Michael Carpenter, president and chief executive officer at Kidder Peabody, said in a recent interview, "We don't think that index arbitrage has a negative impact on the market as a whole."@@@@1@31@@oe@2-2-2013
21000031@unknown@formal@none@1@S@According to Lawrence Eckenfelder, a securities industry analyst at Prudential-Bache Securities Inc., "Kemper is the first firm to make a major statement with program trading."@@@@1@25@@oe@2-2-2013
21000032@unknown@formal@none@1@S@He added that "having just one firm do this isn't going to mean a hill of beans.@@@@1@17@@oe@2-2-2013
21000033@unknown@formal@none@1@S@But if this prompts others to consider the same thing, then it may become much more important.@@@@1@17@@oe@2-2-2013
21001001@unknown@formal@none@1@S@The following were among yesterday's offerings and pricings in the U.S. and non-U.S. capital markets, with terms and syndicate manager, as compiled by Dow Jones Capital Markets Report:@@@@1@28@@oe@2-2-2013
21001002@unknown@formal@none@1@S@Blockbuster Entertainment Corp. -- $300 million (redemption amount) of zero-coupon convertible notes, also known as liquid yield option notes, due Nov. 1, 2004, priced at 308.32 to yield at maturity 8%.@@@@1@31@@oe@2-2-2013
21001003@unknown@formal@none@1@S@The notes are zero-coupon securities and will not pay interest periodically.@@@@1@11@@oe@2-2-2013
21001004@unknown@formal@none@1@S@The size of the offering was increased from the originally planned $250 million (redemption amount).@@@@1@15@@oe@2-2-2013
21001005@unknown@formal@none@1@S@The notes are convertible into common stock of Blockbuster Entertainment at $22.26 a share, representing a 12% conversion premium over yesterday's closing price.@@@@1@23@@oe@2-2-2013
21001006@unknown@formal@none@1@S@Rated Ba-3 by Moody's Investors Service Inc. and single-B-plus by Standard & Poor's Corp., the issue will be sold through Merrill Lynch Capital Markets.@@@@1@24@@oe@2-2-2013
21001007@unknown@formal@none@1@S@Merrill Lynch & Co. -- $200 million of 8.4% notes due Nov. 1, 2019, priced at 99.771 to yield 8.457%.@@@@1@20@@oe@2-2-2013
21001008@unknown@formal@none@1@S@The issue, which is puttable back to the company Nov. 1, 1994, was priced at a spread of 70 basis points above the Treasury's five-year note.@@@@1@26@@oe@2-2-2013
21001009@unknown@formal@none@1@S@Rated single-A-1 by Moody's and single-A-plus by S&P, the noncallable issue will be sold through underwriters led by Merrill Lynch Capital Markets.@@@@1@22@@oe@2-2-2013
21001010@unknown@formal@none@1@S@Boise Cascade Corp. -- $150 million of 9.45% debentures due 2009, priced at 99.7.@@@@1@14@@oe@2-2-2013
21001011@unknown@formal@none@1@S@ITT Financial Corp. -- $150 million of 8.35% subordinated notes due Nov. 1, 2004, priced at 99.85 to yield 8.387%.@@@@1@20@@oe@2-2-2013
21001012@unknown@formal@none@1@S@The noncallable issue, which is puttable back to the company Nov. 1, 1994, was priced at a spread of 62.5 basis points above the Treasury's five-year note.@@@@1@27@@oe@2-2-2013
21001013@unknown@formal@none@1@S@Rated single-A-2 by Moody's and single-A by S&P, the issue will be sold through underwriters led by Merrill Lynch Capital Markets.@@@@1@21@@oe@2-2-2013
21001014@unknown@formal@none@1@S@ITT Financial is a subsidiary of ITT Corp.@@@@1@8@@oe@2-2-2013
21001015@unknown@formal@none@1@S@Arco Chemical Co. -- $100 million of 9.35% debentures due Nov. 1, 2019, priced at 98.518 to yield 9.50%.@@@@1@19@@oe@2-2-2013
21001016@unknown@formal@none@1@S@Rated single-A-2 by Moody's and single-A by S&P, the issue will be sold through underwriters led by Salomon Brothers Inc.@@@@1@20@@oe@2-2-2013
21001017@unknown@formal@none@1@S@Trinity River Authority, Texas -- $134.8 million of regional wastewater system improvement revenue bonds, Series 1989, due 1992-2000, 2009 and 2016, through a Shearson Lehman Hutton Inc. group.@@@@1@28@@oe@2-2-2013
21001018@unknown@formal@none@1@S@The bonds, insured and rated triple-a by Moody's and S&P, were priced to yield from 6.30% in 1992 to 7.25% in 2016.@@@@1@22@@oe@2-2-2013
21001019@unknown@formal@none@1@S@There are $46,245,000 of 7% term bonds due 2009, priced at 97 7/8 to yield 7.20%, and $64.9 million of 7.1% term bonds due 2016, priced at 98 1/4 to yield 7.25%.@@@@1@32@@oe@2-2-2013
21001020@unknown@formal@none@1@S@Serial bonds, which all carry 7% coupons, are priced to yield from 6.30% in 1992 to 7% in 2000.@@@@1@19@@oe@2-2-2013
21001021@unknown@formal@none@1@S@Beverly Hills, Calif. -- $116,385,000 of refunding certificates of participation (civic center improvements project), due 1990-2004, 2007, 2016 and 2019, tentatively priced by a Goldman, Sachs & Co. group to yield from 6% in 1990 to 7.19% in 2016.@@@@1@39@@oe@2-2-2013
21001022@unknown@formal@none@1@S@Serial certificates yield to 7.10% in 2004.@@@@1@7@@oe@2-2-2013
21001023@unknown@formal@none@1@S@They are all priced at par.@@@@1@6@@oe@2-2-2013
21001024@unknown@formal@none@1@S@There are $12,915,000 of 7% term certificates due 2007, priced to yield 7.15%.@@@@1@13@@oe@2-2-2013
21001025@unknown@formal@none@1@S@The $58.9 million of 7% certificates due 2016 carry the issue's high yield, priced at 97 3/4 to yield 7.19%.@@@@1@20@@oe@2-2-2013
21001026@unknown@formal@none@1@S@There are also $29 million of 6 3/4% certificates due 2019, priced to yield 7.10%.@@@@1@15@@oe@2-2-2013
21001027@unknown@formal@none@1@S@The bonds are rated single-A-1 by Moody's and double-A-minus by S&P, according to the lead underwriter.@@@@1@16@@oe@2-2-2013
21001028@unknown@formal@none@1@S@Michigan -- $80 million of first general obligation bonds (Series 1989 environmental protection program and recreation program), tentatively priced by a Shearson Lehman Hutton group to yield from 6% for current interest bonds due 1990 to 7.25% for convertible capital appreciation bonds.@@@@1@42@@oe@2-2-2013
21001029@unknown@formal@none@1@S@Environmental protection program current interest bonds are due 1995-1999, 2005 and 2009.@@@@1@12@@oe@2-2-2013
21001030@unknown@formal@none@1@S@They are tentatively priced to yield from 6.45% in 1995 to 7.10% in 2009.@@@@1@14@@oe@2-2-2013
21001031@unknown@formal@none@1@S@The standard capital appreciation bonds in the issue, due 1998-2011, yield to maturity from 6.70% in 1998 to 7.10% in 2009-2011.@@@@1@21@@oe@2-2-2013
21001032@unknown@formal@none@1@S@The convertible capital appreciation bonds all yield 7.25% to their respective conversion dates, when they become 7 1/4% current interest-bearing bonds until maturity.@@@@1@23@@oe@2-2-2013
21001033@unknown@formal@none@1@S@Convertible capital appreciation bonds with a final stated maturity of Nov. 15, 2014, convert Nov. 15, 1999.@@@@1@17@@oe@2-2-2013
21001034@unknown@formal@none@1@S@Convertible capital appreciation bonds with a final stated maturity of Nov. 15, 2019, convert Nov. 15, 2004.@@@@1@17@@oe@2-2-2013
21001035@unknown@formal@none@1@S@Recreation program current interest bonds are due 1990-1995, and are priced to yield from 6% in 1990 to 6.45% in 1995.@@@@1@21@@oe@2-2-2013
21001036@unknown@formal@none@1@S@All of the bonds are rated single-A-1 by Moody's and double-A by S&P.@@@@1@13@@oe@2-2-2013
21001037@unknown@formal@none@1@S@Federal National Mortgage Association -- $300 million of Remic securities in 10 classes through Goldman Sachs.@@@@1@16@@oe@2-2-2013
21001038@unknown@formal@none@1@S@The issue is backed by Fannie Mae 9% securitiess.@@@@1@9@@oe@2-2-2013
21001039@unknown@formal@none@1@S@The offering is Fannie Mae's Series 1989-88.@@@@1@7@@oe@2-2-2013
21001040@unknown@formal@none@1@S@Fuji Heavy Industries Ltd. (Japan) -- $300 million of 8 3/4% bonds due Nov. 17, 1999, priced at 101 3/8 to yield 8.85% less full fees annually, via Daiwa Europe Ltd.@@@@1@31@@oe@2-2-2013
21001041@unknown@formal@none@1@S@Guarantee by Industrial Bank of Japan.@@@@1@6@@oe@2-2-2013
21001042@unknown@formal@none@1@S@Fees 2.@@@@1@2@@oe@2-2-2013
21001043@unknown@formal@none@1@S@European Investment Bank (agency) -- $150 million of 8 1/2% bonds due Nov. 22, 1999, priced at 99.75 to yield 8.54% at reoffered price, via lead manager JP Morgan Securities Ltd.@@@@1@31@@oe@2-2-2013
21001044@unknown@formal@none@1@S@Nippon Meat Packers Inc. (Japan) -- $200 million of bonds due Nov. 9, 1993, with equity-purchase warrants, indicating a 3 7/8% coupon at par, via Yamaichi International Europe.@@@@1@28@@oe@2-2-2013
21001045@unknown@formal@none@1@S@Each $5,000 bond carries a warrant exercisable Nov. 24, 1989, through Oct. 29, 1993, to buy company shares at an expected premium of 2 1/2% to the closing share price when terms are fixed Oct. 31.@@@@1@36@@oe@2-2-2013
21001046@unknown@formal@none@1@S@GMAC Canada Ltd. (U.S. parent) -- 150 million Canadian dollars of floating-rate notes due November 1996, via Banque Paribas Capital Markets Ltd.@@@@1@22@@oe@2-2-2013
21001047@unknown@formal@none@1@S@Coupon, paid monthly, is one-month Canadian bankers acceptance rate.@@@@1@9@@oe@2-2-2013
21001048@unknown@formal@none@1@S@Guarantee by General Motors Acceptance Corp.@@@@1@6@@oe@2-2-2013
21001049@unknown@formal@none@1@S@Call at par after two years and thereafter at par every six months.@@@@1@13@@oe@2-2-2013
21001050@unknown@formal@none@1@S@Swedish Export Credit Corp. -- #100 million of 12% bonds due June 15, 1994, priced at 101 5/8 to yield 12.39% annually less full fees, via Samuel Montagu & Co.@@@@1@30@@oe@2-2-2013
21001051@unknown@formal@none@1@S@Fees 1 7/8.@@@@1@3@@oe@2-2-2013
21001052@unknown@formal@none@1@S@Skopbank (Finland) -- 10 billion yen of 5 3/4% bonds due Nov. 20, 1992, priced at 101 3/8 to yield 5 3/4% less full fees, via IBJ International.@@@@1@28@@oe@2-2-2013
21001053@unknown@formal@none@1@S@Fees 1 3/8.@@@@1@3@@oe@2-2-2013
21001054@unknown@formal@none@1@S@Hokkaido Takushoku Bank (Japan) -- 300 million Swiss francs of notes and bonds due March 31, 1994, with fixed 0.375% coupon at par via Swiss Bank Corp.@@@@1@27@@oe@2-2-2013
21001055@unknown@formal@none@1@S@Put option March 31, 1992, at 107 3/4 to yield a fixed 3.52%.@@@@1@13@@oe@2-2-2013
21001056@unknown@formal@none@1@S@The issue is in two parts: 200 million Swiss francs of privately placed notes, 100 million Swiss francs of publicly listed bonds.@@@@1@22@@oe@2-2-2013
21001057@unknown@formal@none@1@S@Indentical conditions for the two parts.@@@@1@6@@oe@2-2-2013
21001058@unknown@formal@none@1@S@Other terms to be fixed Nov. 1.@@@@1@7@@oe@2-2-2013
21001059@unknown@formal@none@1@S@Kingdom of Morocco -- $208 million (redemption amount) of zero-coupon government trust certificates, with maturities stretching from May 15, 1990, to Nov. 15, 1999, priced at yields ranging from 8.23% to 8.43%.@@@@1@32@@oe@2-2-2013
21001060@unknown@formal@none@1@S@All the issues were priced at a spread of 37 basis points above the Treasury strips with similar maturities.@@@@1@19@@oe@2-2-2013
21001061@unknown@formal@none@1@S@Proceeds from the offering are about $160.4 million.@@@@1@8@@oe@2-2-2013
21001062@unknown@formal@none@1@S@Rated triple-A by Moody's and S&P, the issue will be sold through underwriters led by BT Securities, a subsidiary of Bankers Trust New York Corp.@@@@1@25@@oe@2-2-2013
21002001@unknown@formal@none@1@S@At a time when Jon Levy should be planning the biggest spring season in his dress company's 17 years, his work day is studded with intense moments of concern about one of his biggest customers, Campeau Corp.@@@@1@37@@oe@2-2-2013
21002002@unknown@formal@none@1@S@"The dress business has always been a gamble, but it's never been like this," says Mr. Levy, president of St. Gillian Group Ltd., which has become a hot name thanks to a campaign of sexy TV commercials.@@@@1@37@@oe@2-2-2013
21002003@unknown@formal@none@1@S@Every day, Mr. Levy checks orders from Campeau department store chains, trying to guess if he will be paid.@@@@1@19@@oe@2-2-2013
21002004@unknown@formal@none@1@S@"I'm now monitoring every major account."@@@@1@6@@oe@2-2-2013
21002005@unknown@formal@none@1@S@Campeau, owner of such retailers as Bloomingdale's, Bon Marche, and Jordan Marsh, sidestepped financial collapse last month after an emergency $250 million loan from Olympia & York Developments Ltd., a Canadian developer and a major shareholder in Campeau.@@@@1@38@@oe@2-2-2013
21002006@unknown@formal@none@1@S@The need for the loan surprised many analysts and bond holders who had been told at the company's annual meeting in July that there weren't any major problems ahead.@@@@1@29@@oe@2-2-2013
21002007@unknown@formal@none@1@S@The risk of doing business with Campeau's Federated and Allied department store chains is about to increase greatly, not only for Mr. Levy but for hundreds of other small apparel makers, button suppliers, trucking firms and fabric houses.@@@@1@38@@oe@2-2-2013
21002008@unknown@formal@none@1@S@Next week, the country's top designers and manufacturers will begin showing fashions for spring 1990, the second most important selling season of the year.@@@@1@24@@oe@2-2-2013
21002009@unknown@formal@none@1@S@And as the applause dies down in showrooms along Seventh Avenue and Broadway, stylishly clad Campeau buyers will begin writing orders.@@@@1@21@@oe@2-2-2013
21002010@unknown@formal@none@1@S@Orders from Campeau retailers used to be cause for celebration.@@@@1@10@@oe@2-2-2013
21002011@unknown@formal@none@1@S@This is no longer true because of Campeau's massive debt load.@@@@1@11@@oe@2-2-2013
21002012@unknown@formal@none@1@S@"It's all anybody wants to talk about," says Richard Posner, executive vice president for Credit Exchange Inc., a leading credit service.@@@@1@21@@oe@2-2-2013
21002013@unknown@formal@none@1@S@"People wonder what's going to happen next."@@@@1@7@@oe@2-2-2013
21002014@unknown@formal@none@1@S@Many manufacturers are worried about being paid for merchandise already shipped to Campeau stores.@@@@1@14@@oe@2-2-2013
21002015@unknown@formal@none@1@S@But those dollars at risk pale in comparison to the investment required to make and ship spring goods to Campeau stores.@@@@1@21@@oe@2-2-2013
21002016@unknown@formal@none@1@S@"The few million dollars I could lose today is nothing against what I could lose on the spring line," says Mr. Levy, who estimates that Campeau stores will sell $25 million worth of his clothes this year.@@@@1@37@@oe@2-2-2013
21002017@unknown@formal@none@1@S@"I'm buying fabric right now for clothes which I may not be paid for until April or May.@@@@1@18@@oe@2-2-2013
21002018@unknown@formal@none@1@S@What happens to me if Campeau collapses between now and then?"@@@@1@11@@oe@2-2-2013
21002019@unknown@formal@none@1@S@Some credit concerns, such as Bernard Sands Credit Consultants Inc., have told clients not to ship anything to Federated or Allied stores on credit.@@@@1@24@@oe@2-2-2013
21002020@unknown@formal@none@1@S@"This is especially true for spring merchandise," says Jim Rindos, credit manager at Bernard Sands.@@@@1@15@@oe@2-2-2013
21002021@unknown@formal@none@1@S@"Campeau has too much debt."@@@@1@5@@oe@2-2-2013
21002022@unknown@formal@none@1@S@Other credit houses, such as Credit Exchange and Solo Credit Service Corp., are suggesting that their clients study each order before shipping.@@@@1@22@@oe@2-2-2013
21002023@unknown@formal@none@1@S@"Payments are good right now, but we aren't recommending any long-term lines of credit," says Richard Hastings, a retail credit analyst, referring to credit lines which make inventory purchases automatic.@@@@1@30@@oe@2-2-2013
21002024@unknown@formal@none@1@S@"The Campeau situation is a little uncertain and very difficult to analyze."@@@@1@12@@oe@2-2-2013
21002025@unknown@formal@none@1@S@Because of those concerns, some manufacturers say they will ask for letters of credit before shipping spring merchandise.@@@@1@18@@oe@2-2-2013
21002026@unknown@formal@none@1@S@"We're being paid today, but we're worried about tomorrow and will want" letters of credit, says the sales director at one major dress maker who asked not to be identified.@@@@1@30@@oe@2-2-2013
21002027@unknown@formal@none@1@S@Howard Bloom, president of the dress firm Chetta B Inc., says: "It's big time chaos today.@@@@1@16@@oe@2-2-2013
21002028@unknown@formal@none@1@S@I'm going to ship and hope I get paid.@@@@1@9@@oe@2-2-2013
21002029@unknown@formal@none@1@S@If I need to ask for money up front later, I will."@@@@1@12@@oe@2-2-2013
21002030@unknown@formal@none@1@S@Carol Sanger, vice president, corporate communications at Campeau, says that all of the Federated and Allied chains are paying their bills in a timely manner.@@@@1@25@@oe@2-2-2013
21002031@unknown@formal@none@1@S@"They continue to pay their bills and will do so," says Ms. Sanger.@@@@1@13@@oe@2-2-2013
21002032@unknown@formal@none@1@S@"We're confident we'll be paying our bills for spring merchandise as well."@@@@1@12@@oe@2-2-2013
21002033@unknown@formal@none@1@S@Typically, manufacturers are paid 10 days after the month in which they ship.@@@@1@13@@oe@2-2-2013
21002034@unknown@formal@none@1@S@If goods are shipped to Bloomingdale's between Oct. 1 and Oct. 20, manufacturers expect to be paid by Nov. 10.@@@@1@20@@oe@2-2-2013
21002035@unknown@formal@none@1@S@But manufacturers now buying fabric for spring season goods won't be paid until March, April or even May.@@@@1@18@@oe@2-2-2013
21002036@unknown@formal@none@1@S@Some in the market question whether Campeau will be in a position to pay bills at that time.@@@@1@18@@oe@2-2-2013
21002037@unknown@formal@none@1@S@"Everybody is worried about the possibility of cancellations," says Kurt Barnard, publisher of Barnard's Retail Marketing Report.@@@@1@17@@oe@2-2-2013
21002038@unknown@formal@none@1@S@"The buyers who work for the various Campeau chains may lose their jobs.@@@@1@13@@oe@2-2-2013
21002039@unknown@formal@none@1@S@The stores they work for may be sold.@@@@1@8@@oe@2-2-2013
21002040@unknown@formal@none@1@S@What that will mean for manufacturers is anybody's guess."@@@@1@9@@oe@2-2-2013
21002041@unknown@formal@none@1@S@Campeau's financial situation is complicated by an estimated $1.23 billion in debt due next spring.@@@@1@15@@oe@2-2-2013
21002042@unknown@formal@none@1@S@This includes a working capital facility for Allied Stores of $350 million that matures March 15, 1990, and an $800 million bridge loan due April 30, 1990.@@@@1@27@@oe@2-2-2013
21002043@unknown@formal@none@1@S@The company has stated in recently filed financial documents that it anticipates refinancing its March 1990 payments.@@@@1@17@@oe@2-2-2013
21002044@unknown@formal@none@1@S@In recent months, numerous retailers have filed for Chapter 11 bankruptcy protection, including Bonwit Teller, B. Altman & Co., and Miller & Rhoads Inc.@@@@1@24@@oe@2-2-2013
21002045@unknown@formal@none@1@S@Those filings, plus the expected sale of a number of financially healthy chains, such as Saks Fifth Avenue, Marshall Field's and Bloomingdale's, have added to the anxiety.@@@@1@27@@oe@2-2-2013
21002046@unknown@formal@none@1@S@"Right now, Federated owes us a considerable amount of money," says Morris Marmalstein, president of David Warren Enterprises, a major dress manufacturer.@@@@1@22@@oe@2-2-2013
21002047@unknown@formal@none@1@S@"We expect they will be current with their debts by the end of the week, but we are considering asking them for letters of credit before we take more orders."@@@@1@30@@oe@2-2-2013
21002048@unknown@formal@none@1@S@Mr. Marmalstein adds that his company is now holding some goods in anticipation of being paid in full.@@@@1@18@@oe@2-2-2013
21002049@unknown@formal@none@1@S@"It's become a day-by-day business," he says.@@@@1@7@@oe@2-2-2013
21002050@unknown@formal@none@1@S@"Business has never been this tough before.@@@@1@7@@oe@2-2-2013
21002051@unknown@formal@none@1@S@Not only does your product have to be excellent, but you also have to be able to collect."@@@@1@18@@oe@2-2-2013
21002052@unknown@formal@none@1@S@Other manufacturers are equally cautious.@@@@1@5@@oe@2-2-2013
21002053@unknown@formal@none@1@S@Bud Konheim, president of Nicole Miller Inc., says his company is now shipping only to the flagship stores of the Federated and Allied chains.@@@@1@24@@oe@2-2-2013
21002054@unknown@formal@none@1@S@This limits his financial exposure, he says.@@@@1@7@@oe@2-2-2013
21002055@unknown@formal@none@1@S@"The branches are just warmed over, empty halls," says Mr. Konheim.@@@@1@11@@oe@2-2-2013
21002056@unknown@formal@none@1@S@"Why should I be part of that problem?@@@@1@8@@oe@2-2-2013
21002057@unknown@formal@none@1@S@I've got limited production, and I can't give it to underperformers."@@@@1@11@@oe@2-2-2013
21002058@unknown@formal@none@1@S@Campeau's Ms. Sanger disputes Mr. Konheim's comments.@@@@1@7@@oe@2-2-2013
21002059@unknown@formal@none@1@S@"Many of the branches are very lucrative," she says.@@@@1@9@@oe@2-2-2013
21002060@unknown@formal@none@1@S@"That's just nonsense."@@@@1@3@@oe@2-2-2013
21002061@unknown@formal@none@1@S@As for Mr. Levy at St. Gillian, he says he will maintain his credit lines with the various Campeau stores unless they miss a payment.@@@@1@25@@oe@2-2-2013
21002062@unknown@formal@none@1@S@"If they slip for 10 cents for 10 minutes, I'll stop," he says.@@@@1@13@@oe@2-2-2013
21003001@unknown@formal@none@1@S@Bethlehem Steel Corp., hammered by higher costs and lower shipments to key automotive and service-center customers, posted a 54% drop in third-quarter profit.@@@@1@23@@oe@2-2-2013
21003002@unknown@formal@none@1@S@Separately, two more of the nation's top steelmakers -- Armco Inc. and National Intergroup Inc. -- reported lower operating earnings in their steel businesses, marking what is generally believed to be the end of a two-year boom in the industry.@@@@1@40@@oe@2-2-2013
21003003@unknown@formal@none@1@S@Wall Street analysts expect the disappointing trend to continue into the fourth quarter and through at least the first two quarters of 1990, when the industry will increasingly see the effect of price erosion in major product lines, such as rolled sheet used for cars, appliances and construction.@@@@1@48@@oe@2-2-2013
21003004@unknown@formal@none@1@S@"It doesn't bode well for coming quarters," said John Jacobson, who follows the steel industry for AUS Consultants.@@@@1@18@@oe@2-2-2013
21003005@unknown@formal@none@1@S@In fact, he thinks several steelmakers will report actual losses through the third quarter of 1990.@@@@1@16@@oe@2-2-2013
21003006@unknown@formal@none@1@S@Bethlehem, the nation's second largest steelmaker, earned $46.9 million, or 54 cents a share.@@@@1@14@@oe@2-2-2013
21003007@unknown@formal@none@1@S@The figures include $15 million in costs related to a blast furnace outage and $8 million in losses from unauthorized work outages at the company's coal operations.@@@@1@27@@oe@2-2-2013
21003008@unknown@formal@none@1@S@In the year-ago period, Bethlehem earned $101.4 million, or $1.27 a share, including a $3.8 million gain from early retirement of debt.@@@@1@22@@oe@2-2-2013
21003009@unknown@formal@none@1@S@Third-quarter sales dropped 11% to $1.27 billion from $1.43 billion a year ago.@@@@1@13@@oe@2-2-2013
21003010@unknown@formal@none@1@S@In composite trading on the New York Stock Exchange, Bethlehem shares rose 50 cents to $17.375.@@@@1@16@@oe@2-2-2013
21003011@unknown@formal@none@1@S@Of all the major steelmakers, Bethlehem would seem to be the most vulnerable to a slowdown.@@@@1@16@@oe@2-2-2013
21003012@unknown@formal@none@1@S@It hasn't diversified beyond steel, nor has it linked up with a joint venture partner to share costs and risks.@@@@1@20@@oe@2-2-2013
21003013@unknown@formal@none@1@S@However, in spite of the difficult industrywide environment of high cost and low volume, Bethlehem "had pretty good earnings numbers," said Michelle Galanter Applebaum, an analyst with Salomon Brothers Inc.@@@@1@30@@oe@2-2-2013
21003014@unknown@formal@none@1@S@Ms. Applebaum had estimated third-quarter earnings of 55 cents a share, but said the losses for the unusual items were larger than expected.@@@@1@23@@oe@2-2-2013
21003015@unknown@formal@none@1@S@Still, Bethlehem's core basic steel operations experienced a steep drop in operating profit to $58.6 million from $186.4 million a year ago, when the industry enjoyed strong demand and pricing.@@@@1@30@@oe@2-2-2013
21003016@unknown@formal@none@1@S@The company said its shipments declined as a result of a reduction in inventories by service centers, a lackluster automotive market and increasing competitive pressures in the construction market.@@@@1@29@@oe@2-2-2013
21003017@unknown@formal@none@1@S@At the same time, production costs, compared with a year ago, were boosted by higher raw material and employment costs, which resulted from the company's new labor pact effective June 1.@@@@1@31@@oe@2-2-2013
21003018@unknown@formal@none@1@S@"We anticipate that steel market conditions will exhibit a further moderate decline in the fourth quarter as the automotive sector remains weak and customers continue to adjust inventories," said Bethlehem Chairman Walter F. Williams.@@@@1@34@@oe@2-2-2013
21003019@unknown@formal@none@1@S@He noted, however, that the company's order entry has increased from the low levels of the early summer, following the end of labor negotiations.@@@@1@24@@oe@2-2-2013
21003020@unknown@formal@none@1@S@Armco, hampered by lower volume in its specialty steel business, said third-quarter net income dropped 8% to $33 million, or 35 cents a share, from $36 million, or 39 cents a share in the year-ago quarter.@@@@1@36@@oe@2-2-2013
21003021@unknown@formal@none@1@S@Sales dropped to $441.1 million from $820.4 million, because the company no longer consolidates its Eastern Steel division, which is now a joint venture with Kawasaki Steel Corp.@@@@1@28@@oe@2-2-2013
21003022@unknown@formal@none@1@S@Along with reduced volume, analysts said the nation's fifth largest steelmaker was hurt by holding higher-cost inventory when raw material costs of such key products as nickel dropped.@@@@1@28@@oe@2-2-2013
21003023@unknown@formal@none@1@S@Operating profit dropped 46% in its specialty flat-rolled steel segment.@@@@1@10@@oe@2-2-2013
21003024@unknown@formal@none@1@S@Moreover, the company said higher sales and shipments to service centers from its Armco Steel Co. joint venture failed to offset weakness in the automotive market, higher production costs and a poorer product mix.@@@@1@34@@oe@2-2-2013
21003025@unknown@formal@none@1@S@Armco shares closed unchanged at $10.625 in composite trading on the New York Stock Exchange.@@@@1@15@@oe@2-2-2013
21003026@unknown@formal@none@1@S@National Intergroup, which owns 50% of the nation's sixth largest steelmaker -- National Steel Corp. -- posted net income for the fiscal second-quarter of $8.6 million, or 33 cents a share, compared with a net loss of $50.3 million.@@@@1@39@@oe@2-2-2013
21003027@unknown@formal@none@1@S@Sales increased in the quarter ended Sept. 30 to $747.8 million from $623.5 million a year ago.@@@@1@17@@oe@2-2-2013
21003028@unknown@formal@none@1@S@The latest period includes gains of $9.1 million from early retirement of debt and tax loss carry-forward.@@@@1@17@@oe@2-2-2013
21003029@unknown@formal@none@1@S@Last year's results were hurt by $41.3 million in restructuring charges.@@@@1@11@@oe@2-2-2013
21003030@unknown@formal@none@1@S@National Intergroup stock closed at $15, unchanged in composite trading on the New York Stock Exchange.@@@@1@16@@oe@2-2-2013
21003031@unknown@formal@none@1@S@The company noted that its Fox-Meyer Drug Co., Ben Franklin Stores Inc. and Permian Corp. operations showed improvements as a result of restructuring moves.@@@@1@24@@oe@2-2-2013
21003032@unknown@formal@none@1@S@However, its equity in the net income of National Steel declined to $6.3 million from $10.9 million as a result of softer demand and lost orders following prolonged labor talks and a threatened strike.@@@@1@34@@oe@2-2-2013
21003033@unknown@formal@none@1@S@National Intergroup is negotiating for the sale of its 50% interest in National Steel to concentrate more fully on drug distribution operations.@@@@1@22@@oe@2-2-2013
21004001@unknown@formal@none@1@S@International Business Machines Corp. said it agreed to let Motorola Inc. participate in a semiconductor research project as part of its effort to bolster the U.S. semiconductor industry.@@@@1@28@@oe@2-2-2013
21004002@unknown@formal@none@1@S@IBM, which made the announcement at the dedication of a research center here, said it invited many other companies to participate as well, including some from Europe.@@@@1@27@@oe@2-2-2013
21004003@unknown@formal@none@1@S@Jack Kuehler, IBM's president, said IBM is also considering letting other companies participate in additional semiconductor work but declined to be more specific.@@@@1@23@@oe@2-2-2013
21004004@unknown@formal@none@1@S@IBM, which said a year ago it was inviting companies to participate in some semiconductor work, has become far more open about its technology as it has tried to rally U.S. industry to head off the Japanese, who now dominate the market for dynamic random access memory chips.@@@@1@48@@oe@2-2-2013
21004005@unknown@formal@none@1@S@While IBM, Armonk, N.Y., makes the bulk of the DRAMs it uses, it doesn't make the equipment needed to produce those chips.@@@@1@22@@oe@2-2-2013
21004006@unknown@formal@none@1@S@And IBM worries that the Japanese will take over that equipment market, too, unless U.S. semiconductor companies produce enough memory chips here to keep U.S. equipment makers healthy.@@@@1@28@@oe@2-2-2013
21004007@unknown@formal@none@1@S@Failure of U.S. equipment makers, IBM fears, would leave it dependent on many of the Japanese companies that compete with it in other parts of the market.@@@@1@27@@oe@2-2-2013
21004008@unknown@formal@none@1@S@IBM also said it expects to benefit from the expertise that Motorola and other companies can bring to bear on the difficult problems involved in semiconductor manufacturing.@@@@1@27@@oe@2-2-2013
21004009@unknown@formal@none@1@S@IBM already participates in one industrywide effort to improve semiconductor-manufacturing techniques.@@@@1@11@@oe@2-2-2013
21004010@unknown@formal@none@1@S@IBM said it expects industrywide efforts to become prevalent because semiconductor manufacturing has become so expensive.@@@@1@16@@oe@2-2-2013
21004011@unknown@formal@none@1@S@A state-of-the-art plant cost $40 million in the mid-1970s but costs $500 million today because the technology is so complex.@@@@1@20@@oe@2-2-2013
21004012@unknown@formal@none@1@S@And IBM said it expects the costs to continue climbing.@@@@1@10@@oe@2-2-2013
21004013@unknown@formal@none@1@S@IBM, which said Motorola is paying just a nominal fee to cover the 21-month agreement, acknowledged some companies had turned down its invitation to join in.@@@@1@26@@oe@2-2-2013
21004014@unknown@formal@none@1@S@But it said that was mainly because the project may not bear fruit until the mid-1990s.@@@@1@16@@oe@2-2-2013
21004015@unknown@formal@none@1@S@IBM said it thought more companies would become interested as the project progresses.@@@@1@13@@oe@2-2-2013
21004016@unknown@formal@none@1@S@The project involving Motorola concerns a technique, called X-ray lithography, that figures to be crucial to future generations of memory chips.@@@@1@21@@oe@2-2-2013
21004017@unknown@formal@none@1@S@Currently, chips are produced by shining light through a mask to produce an image on the chip, much as a camera produces an image on film.@@@@1@26@@oe@2-2-2013
21004018@unknown@formal@none@1@S@But details on chips must now be extraordinarily fine, and the wavelengths of even ultraviolet light are long enough so that the images they draw may be too blurry -- much as someone using a wide paintbrush could produce a broad line but would have trouble painting a thin one.@@@@1@50@@oe@2-2-2013
21004019@unknown@formal@none@1@S@X-rays, by contrast, travel straighter and can be focused more tightly than light.@@@@1@13@@oe@2-2-2013
21004020@unknown@formal@none@1@S@X-rays have problems, too.@@@@1@4@@oe@2-2-2013
21004021@unknown@formal@none@1@S@They can make the masks brittle and can pass through material they're not supposed to.@@@@1@15@@oe@2-2-2013
21004022@unknown@formal@none@1@S@But, assuming those problems can be overcome, they should allow for memory chips that could approach one billion bits of information -- 250 times as much as is contained in the four-megabit chips that are just reaching the market and a million times what was possible in the mid-1970s.@@@@1@49@@oe@2-2-2013
21005001@unknown@formal@none@1@S@Allied-Signal Aerospace Co. received a $65 million contract to outfit Continental Airlines' 393 planes with the Bendix/King Traffic Alert and Collision Avoidance System.@@@@1@23@@oe@2-2-2013
21005002@unknown@formal@none@1@S@The airborne system operates independent of ground-based radar systems, informing pilots of nearby aircraft, Allied-Signal said.@@@@1@16@@oe@2-2-2013
21005003@unknown@formal@none@1@S@The system also provides course-correction advisories.@@@@1@6@@oe@2-2-2013
21005004@unknown@formal@none@1@S@Allied-Signal is a unit of Allied-Signal Inc., a manufacturer with interests in aerospace, automotive products and engineered materials.@@@@1@18@@oe@2-2-2013
21005005@unknown@formal@none@1@S@Continental Airlines is a unit of Texas Air Corp., Houston.@@@@1@10@@oe@2-2-2013
21006001@unknown@formal@none@1@S@In a stunning shift in direction, Provigo Inc. said it will sell all its non-food operations to concentrate solely on its retail and wholesale grocery business.@@@@1@26@@oe@2-2-2013
21006002@unknown@formal@none@1@S@The non-food operations accounted for about 27% of Provigo's 7.38 billion Canadian dollars (US$6.3 billion) in sales in the latest fiscal year.@@@@1@22@@oe@2-2-2013
21006003@unknown@formal@none@1@S@In a related move, Pierre Lortie, chairman and chief executive, resigned.@@@@1@11@@oe@2-2-2013
21006004@unknown@formal@none@1@S@Mr. Lortie joined Provigo in 1985 and spearheaded the company's drive to grow outside its traditional food business.@@@@1@18@@oe@2-2-2013
21006005@unknown@formal@none@1@S@He couldn't be reached for comment.@@@@1@6@@oe@2-2-2013
21006006@unknown@formal@none@1@S@Bertin Nadeau, newly appointed chairman and interim chief executive of Provigo, wouldn't say if Mr. Lortie was asked to leave.@@@@1@20@@oe@2-2-2013
21006007@unknown@formal@none@1@S@"Mr. Lortie felt less pertinent," Mr. Nadeau said, given the decision to dump Provigo's non-food operations.@@@@1@16@@oe@2-2-2013
21006008@unknown@formal@none@1@S@"At this stage it was felt I was perhaps more pertinent as chief executive."@@@@1@14@@oe@2-2-2013
21006009@unknown@formal@none@1@S@Mr. Nadeau also is chairman and chief executive of Unigesco Inc., Provigo's controlling shareholder.@@@@1@14@@oe@2-2-2013
21006010@unknown@formal@none@1@S@At a news conference, Mr. Nadeau said the sale of the three non-food businesses, which account for nearly half the company's C$900 million in assets, should be completed in a "matter of months."@@@@1@33@@oe@2-2-2013
21006011@unknown@formal@none@1@S@The three units are a nationwide pharmaceutical and health-products distributor, a small sporting-goods chain, and a combination catalog showroom and toy-store chain.@@@@1@22@@oe@2-2-2013
21006012@unknown@formal@none@1@S@Investors and analysts applauded the news.@@@@1@6@@oe@2-2-2013
21006013@unknown@formal@none@1@S@Provigo was the most active industrial stock on the Montreal Exchange, where it closed at C$9.75 (US$8.32), up 75 Canadian cents.@@@@1@21@@oe@2-2-2013
21006014@unknown@formal@none@1@S@"I think it's a pretty positive development," said Ross Cowan, a financial analyst with Levesque Beaubien Geoffrion Inc., of the decision to concentrate on groceries.@@@@1@25@@oe@2-2-2013
21006015@unknown@formal@none@1@S@Mr. Lortie's departure, while sudden, was seen as inevitable in light of the shift in strategy.@@@@1@16@@oe@2-2-2013
21006016@unknown@formal@none@1@S@"The non-food operations were largely Mr. Lortie's creation {and} his strategy didn't work," said Steven Holt, a financial analyst with Midland Doherty Ltd.@@@@1@23@@oe@2-2-2013
21006017@unknown@formal@none@1@S@Provigo's profit record over the past two years tarnished the company's and Mr. Lortie's reputations.@@@@1@15@@oe@2-2-2013
21006018@unknown@formal@none@1@S@For the six months ended Aug. 12, Provigo posted net income of C$6.5 million, or eight Canadian cents a share, compared with C$18.1 million, or 21 Canadian cents a share, a year earlier.@@@@1@33@@oe@2-2-2013
21006019@unknown@formal@none@1@S@Sales were C$4.2 billion compared with C$3.7 billion.@@@@1@8@@oe@2-2-2013
21006020@unknown@formal@none@1@S@Last month, Canadian Bond Rating Service downgraded Provigo's commercial paper and debentures because of its lackluster performance.@@@@1@17@@oe@2-2-2013
21006021@unknown@formal@none@1@S@Analysts are skeptical Provigo will be able to sell the non-food businesses as a group for at least book value, and are expecting write-downs.@@@@1@24@@oe@2-2-2013
21006022@unknown@formal@none@1@S@Mr. Nadeau said he couldn't yet say if the sale prices would match book values.@@@@1@15@@oe@2-2-2013
21006023@unknown@formal@none@1@S@He said all three non-food operations are profitable.@@@@1@8@@oe@2-2-2013
21006024@unknown@formal@none@1@S@Mr. Nadeau said discussions are under way with potential purchasers of each of the units.@@@@1@15@@oe@2-2-2013
21006025@unknown@formal@none@1@S@He declined to confirm or deny reports that Provigo executive Henri Roy is trying to put together a management buy-out of the catalogue showroom unit.@@@@1@25@@oe@2-2-2013
21006026@unknown@formal@none@1@S@Mr. Roy couldn't be reached.@@@@1@5@@oe@2-2-2013
21006027@unknown@formal@none@1@S@Yvon Bussieres was named senior executive vice president and chief operating officer of Provigo, a new position.@@@@1@17@@oe@2-2-2013
21006028@unknown@formal@none@1@S@Mr. Bussieres was president and chief operating officer of Provigo's Quebec retail and wholesale grocery unit.@@@@1@16@@oe@2-2-2013
21006029@unknown@formal@none@1@S@Mr. Nadeau said he intends to remain Provigo's chief executive only until the non-food businesses are sold, after a which a new chief executive will be named.@@@@1@27@@oe@2-2-2013
21007001@unknown@formal@none@1@S@Comments by Federal Reserve Board Chairman Alan Greenspan lent some support to the dollar, but the U.S. unit ended yesterday lower against most major currencies.@@@@1@25@@oe@2-2-2013
21007002@unknown@formal@none@1@S@Foreign-exchange dealers noted that the impact of the chairman's remarks was slight and warned that the currency remains sensitive to developments on Wall Street.@@@@1@24@@oe@2-2-2013
21007003@unknown@formal@none@1@S@Traders said that Mr. Greenspan, whose statements are ordinarily cautious, was especially careful to avoid any jarring proclamations, with fears about equities still unnerving financial markets.@@@@1@26@@oe@2-2-2013
21007004@unknown@formal@none@1@S@Testifying before a panel of the House Banking Committee, Mr. Greenspan said the short-term value of the dollar on foreign-exchange markets isn't the primary policy focus of the central bank.@@@@1@30@@oe@2-2-2013
21007005@unknown@formal@none@1@S@"Our essential focus is on domestic policy," Mr. Greenspan said, referring to the goals of price stability and a stable economy.@@@@1@21@@oe@2-2-2013
21007006@unknown@formal@none@1@S@In perhaps his most telling remark, Mr. Greenspan termed the current U.S. inflation rate of around 4.5% as "much too high to be ignored."@@@@1@24@@oe@2-2-2013
21007007@unknown@formal@none@1@S@He added, however, that inflation could be brought down "close to zero" without throwing the economy into a recession.@@@@1@19@@oe@2-2-2013
21007008@unknown@formal@none@1@S@Analysts viewed the chairman's comments as an indication that the central bank is disinclined to ease monetary policy further in the near future.@@@@1@23@@oe@2-2-2013
21007009@unknown@formal@none@1@S@The dollar climbed immediately higher on news of Mr. Greenspan's testimony, settling lower in later trade as dealers squared positions ahead of today's preliminary report on third-quarter U.S. gross national product.@@@@1@31@@oe@2-2-2013
21007010@unknown@formal@none@1@S@In late New York trading yesterday, the dollar was quoted at 1.8353 marks, down from 1.8355 marks Tuesday, and at 141.52 yen, up from 141.45 yen late Tuesday.@@@@1@28@@oe@2-2-2013
21007011@unknown@formal@none@1@S@Sterling was quoted at $1.6145, up from $1.6055 late Tuesday.@@@@1@10@@oe@2-2-2013
21007012@unknown@formal@none@1@S@In Tokyo Thursday, the U.S. currency opened for trading at 141.60 yen, up from Wednesday's Tokyo close of 141.55 yen.@@@@1@20@@oe@2-2-2013
21007013@unknown@formal@none@1@S@Many traders forecast a continuation of the market's recent bearish trend and predict the U.S. currency will remain stuck in its relatively narrow ranges in the near term and then shift lower.@@@@1@32@@oe@2-2-2013
21007014@unknown@formal@none@1@S@But according to Doug Madison, a corporate trader with Bank of America in Los Angeles, a large number of short positions must first be corrected, spurring a temporary upswing, before the unit can turn lower.@@@@1@35@@oe@2-2-2013
21007015@unknown@formal@none@1@S@He predicts a downward move in dollar-mark trade and a less dramatic slip in dollar-yen, noting that there continues to be a large pool of Japanese investor interest in U.S. securities, which could provide a solid base for the dollar at around 140 yen.@@@@1@44@@oe@2-2-2013
21007016@unknown@formal@none@1@S@Market participants hope today's GNP report will offer more substantial evidence on U.S. economic growth, although analysts are quick to point out that the figures may overstate the economy's vigor.@@@@1@30@@oe@2-2-2013
21007017@unknown@formal@none@1@S@"The `r' word is looming again," says one dealer, referring to persistent concern among some market analysts that the U.S. economy is heading toward a major slowdown if not a recession.@@@@1@31@@oe@2-2-2013
21007018@unknown@formal@none@1@S@Some dealers note that while the third-quarter figures may appear relatively bullish -- the market consensus calls for a 2.5% annual growth rate, unchanged from the second-quarter rate -- it would take a significantly stronger figure to alter market perceptions that the economy is softening.@@@@1@45@@oe@2-2-2013
21007019@unknown@formal@none@1@S@Some analysts reckon that the next quarter's figures will present a more accurate picture of the U.S. economy, showing a marked slowdown in a number of sectors, including housing starts and equities.@@@@1@32@@oe@2-2-2013
21007020@unknown@formal@none@1@S@On the Commodity Exchange in New York, gold for current delivery settled at $369.10 an ounce, down $1.10.@@@@1@18@@oe@2-2-2013
21007021@unknown@formal@none@1@S@Estimated volume was a light 1.7 million ounces.@@@@1@8@@oe@2-2-2013
21007022@unknown@formal@none@1@S@In early trading in Hong Kong Thursday, gold was quoted at $368.24 an ounce.@@@@1@14@@oe@2-2-2013
21008001@unknown@formal@none@1@S@Lawrence Insurance Group Inc. said it acquired United Republic Reinsurance Co., a Houston property and casualty reinsurance company, from United Savings Association of Texas for $28 million.@@@@1@27@@oe@2-2-2013
21008002@unknown@formal@none@1@S@Lawrence Insurance also sold 3.2 million of its shares for $7.125 each to its parent, Lawrence Group Inc.@@@@1@18@@oe@2-2-2013
21008003@unknown@formal@none@1@S@Lawrence Insurance, based in Albany, N.Y., plans to use the $22.5 million in proceeds to help finance the acquisition of United Republic.@@@@1@22@@oe@2-2-2013
21008004@unknown@formal@none@1@S@By acquiring the shares, Lawrence Group increased its stake in Lawrence Insurance to 93.2% from 91.2%.@@@@1@16@@oe@2-2-2013
21008005@unknown@formal@none@1@S@Lawrence Insurance underwrites mostly primary insurance, a company spokesman said.@@@@1@10@@oe@2-2-2013
21008006@unknown@formal@none@1@S@A reinsurance company effectively insures insurance companies that wish to spread the risk of a particular policy.@@@@1@17@@oe@2-2-2013
21008007@unknown@formal@none@1@S@Lawrence Group also owns Lawrence Agency Corp., Schenectady, N.Y., an insurance agency and brokerage.@@@@1@14@@oe@2-2-2013
21009001@unknown@formal@none@1@S@Levi Strauss Associates Inc., the closely held owner of Levi Strauss & Co., said its fiscal third-quarter earnings jumped to $128.6 million from $31.3 million a year earlier, aided by a $69.8 million gain from the sale of stock in a Japanese subsidiary.@@@@1@43@@oe@2-2-2013
21009002@unknown@formal@none@1@S@The apparel holding company had sales in the quarter ended Aug. 27 of $1 billion, up 12% from $908.8 million a year ago.@@@@1@23@@oe@2-2-2013
21009003@unknown@formal@none@1@S@The company said its quarterly results are now being publicly filed as the result of the formation earlier this year of employee stock investment plans.@@@@1@25@@oe@2-2-2013
21010001@unknown@formal@none@1@S@Wall Street would like UAL Corp.'s board to change its mind about keeping the company independent.@@@@1@16@@oe@2-2-2013
21010002@unknown@formal@none@1@S@But what happens next in the continuing takeover drama may depend more on the company's two most powerful and fractious unions: the pilots and machinists.@@@@1@25@@oe@2-2-2013
21010003@unknown@formal@none@1@S@Some people familiar with the situation believe that the collapse of the previous $6.79 billion buy-out, if anything, may have strengthened the hands of these two labor groups.@@@@1@28@@oe@2-2-2013
21010004@unknown@formal@none@1@S@As a result, both may now have virtual veto power over any UAL transaction.@@@@1@14@@oe@2-2-2013
21010005@unknown@formal@none@1@S@One reason: banks -- likely to react to any new UAL deal with even more caution than the first time around -- probably will insist on labor harmony before they agree to put up cash for any new bid or even a less-ambitious recapitalization plan.@@@@1@45@@oe@2-2-2013
21010006@unknown@formal@none@1@S@"United pilots have shown on a number of occasions they are willing and able to strike," said an executive at Fuji Bank, one of UAL's large lenders.@@@@1@27@@oe@2-2-2013
21010007@unknown@formal@none@1@S@"If you have both {labor} groups on strike, you've got no revenue and that's a very scary thing for a bank to be looking at."@@@@1@25@@oe@2-2-2013
21010008@unknown@formal@none@1@S@Just this past week, a leading Japanese bank asked for a meeting with the machinists' union leaders to determine where the union would stand if another bid or recapitalization became possible.@@@@1@31@@oe@2-2-2013
21010009@unknown@formal@none@1@S@Another reason: Emboldened by their success in helping to scuttle the previous transaction, the machinists are likely to be more aggressive if a second buy-out attempt occurs.@@@@1@27@@oe@2-2-2013
21010010@unknown@formal@none@1@S@The two unions already had significant leverage simply because their employer has yet to settle with either on new contracts.@@@@1@20@@oe@2-2-2013
21010011@unknown@formal@none@1@S@That gives them both the threat of a strike and the ability to resist any wage concessions that may be necessary to make a transaction work.@@@@1@26@@oe@2-2-2013
21010012@unknown@formal@none@1@S@Thus, even investors who are pushing for the board to do a recapitalization that would pay shareholders a special dividend and possibly grant employees an ownership stake acknowledge that the unions are key.@@@@1@33@@oe@2-2-2013
21010013@unknown@formal@none@1@S@"There's less likelihood of creating and completing a transaction without the unions' cooperation and wage concessions," said Richard Nye, of Baker, Nye Investments, a New York takeover stock-trader.@@@@1@28@@oe@2-2-2013
21010014@unknown@formal@none@1@S@Mr. Nye thinks the UAL board should be ousted if it doesn't move soon to increase shareholder value.@@@@1@18@@oe@2-2-2013
21010015@unknown@formal@none@1@S@Both the pilots and machinists have made it clear that they intend to block any transaction they don't like.@@@@1@19@@oe@2-2-2013
21010016@unknown@formal@none@1@S@"The pilots will be involved in any transaction that takes place around here," pilot union chairman Frederick C. Dubinsky declared yesterday.@@@@1@21@@oe@2-2-2013
21010017@unknown@formal@none@1@S@But whether the pilots can team up with their longtime adversaries, the machinists, is another question.@@@@1@16@@oe@2-2-2013
21010018@unknown@formal@none@1@S@The pilots' Mr. Dubinsky says his union would like majority ownership for employees.@@@@1@13@@oe@2-2-2013
21010019@unknown@formal@none@1@S@At the very least, the pilots want some form of control over the airline, perhaps through super-majority voting rights.@@@@1@19@@oe@2-2-2013
21010020@unknown@formal@none@1@S@On the other hand, the machinists have always opposed majority ownership in principle, saying they don't think employees should be owners.@@@@1@21@@oe@2-2-2013
21010021@unknown@formal@none@1@S@Still, in recent days, machinists' union leaders have shown some new flexibility.@@@@1@12@@oe@2-2-2013
21010022@unknown@formal@none@1@S@"We may be able to reach a tradeoff where we can accommodate {the pilot union's} concerns and ours," said Brian M. Freeman, the machinists' financial adviser.@@@@1@26@@oe@2-2-2013
21010023@unknown@formal@none@1@S@Mr. Freeman said machinists' union advisers plan to meet this week to try to draw up a blueprint for some form of recapitalization that could include a special dividend for shareholders, an employee stake and, perhaps, an equity investment by a friendly investor.@@@@1@43@@oe@2-2-2013
21010024@unknown@formal@none@1@S@If a compromise can't be reached, the pilots maintain they can do a transaction without the support of the machinists.@@@@1@20@@oe@2-2-2013
21010025@unknown@formal@none@1@S@But at this point, that may just be wishful thinking.@@@@1@10@@oe@2-2-2013
21010026@unknown@formal@none@1@S@The machinists lobbied heavily against the original bid from UAL pilots and management for the company.@@@@1@16@@oe@2-2-2013
21010027@unknown@formal@none@1@S@Their opposition helped scare off some Japanese banks.@@@@1@8@@oe@2-2-2013
21010028@unknown@formal@none@1@S@The pilots' insistence on majority ownership also may make the idea of a recapitalization difficult to achieve.@@@@1@17@@oe@2-2-2013
21010029@unknown@formal@none@1@S@"Who wants to be a public shareholder investing in a company controlled by the pilots' union?" asks Candace Browning, an analyst at Wertheim Schroeder & Co.@@@@1@26@@oe@2-2-2013
21010030@unknown@formal@none@1@S@"Who would the board be working for -- the public shareholders or the pilots?" she adds.@@@@1@16@@oe@2-2-2013
21010031@unknown@formal@none@1@S@Ms. Browning says she believes a recapitalization involving employee ownership would succeed only if the pilots relent on their demand for control.@@@@1@22@@oe@2-2-2013
21010032@unknown@formal@none@1@S@She also notes that even if the pilots accept a minority stake now, they still could come back at a later time and try to take control.@@@@1@27@@oe@2-2-2013
21010033@unknown@formal@none@1@S@Another possibility is for the pilots' to team up with an outside investor who might try to force the ouster of the board through the solicitation of consents.@@@@1@28@@oe@2-2-2013
21010034@unknown@formal@none@1@S@In that way, the pilots may be able to force the board to approve a recapitalization that gives employees a majority stake, or to consider the labor-management group's latest proposal.@@@@1@30@@oe@2-2-2013
21010035@unknown@formal@none@1@S@The group didn't make a formal offer, but instead told UAL's advisers before the most-recent board meeting that it was working on a bid valued at between $225 and $240 a share.@@@@1@32@@oe@2-2-2013
21010036@unknown@formal@none@1@S@But again, they may need the help of the machinists.@@@@1@10@@oe@2-2-2013
21010037@unknown@formal@none@1@S@"I think the dynamics of this situation are that something's got to happen," said one official familiar with the situation.@@@@1@20@@oe@2-2-2013
21010038@unknown@formal@none@1@S@The board and UAL's management, he says, "can't go back" to business as usual.@@@@1@14@@oe@2-2-2013
21010039@unknown@formal@none@1@S@"The pilots won't let them.@@@@1@5@@oe@2-2-2013
21011001@unknown@formal@none@1@S@Delta Air Lines earnings soared 33% to a record in the fiscal first quarter, bucking the industry trend toward declining profits.@@@@1@21@@oe@2-2-2013
21011002@unknown@formal@none@1@S@The Atlanta-based airline, the third largest in the U.S., attributed the increase to higher passenger traffic, new international routes and reduced service by rival Eastern Airlines, which is in bankruptcy proceedings in the wake of a strike that began last spring.@@@@1@41@@oe@2-2-2013
21011003@unknown@formal@none@1@S@For the quarter ended Sept. 30, Delta posted net income of $133.1 million, or $2.53 a share, up from $100 million, or $2.03 a share, a year earlier.@@@@1@28@@oe@2-2-2013
21011004@unknown@formal@none@1@S@Revenue rose 15% to $2.17 billion from $1.89 billion.@@@@1@9@@oe@2-2-2013
21011005@unknown@formal@none@1@S@During the quarter, Delta issued 2.5 million shares of common stock to Swissair, and repurchased 1.1 million shares for use in a company employee stock ownership plan.@@@@1@27@@oe@2-2-2013
21011006@unknown@formal@none@1@S@"The key to Delta's record earnings continued to be excellent passenger revenue growth," said Thomas Roeck, chief financial officer.@@@@1@19@@oe@2-2-2013
21011007@unknown@formal@none@1@S@Passenger traffic jumped 14% in the quarter, while profit per passenger grew 2%.@@@@1@13@@oe@2-2-2013
21011008@unknown@formal@none@1@S@Delta has benefited more than other carriers from the weakness of Eastern Airlines, which shares the Atlanta hub.@@@@1@18@@oe@2-2-2013
21011009@unknown@formal@none@1@S@Although Eastern is back to about 80% of its pre-strike schedule now, the Texas Air Corp. subsidiary was only beginning to get back on its feet during the quarter.@@@@1@29@@oe@2-2-2013
21011010@unknown@formal@none@1@S@Separately, America West Airlines, Phoenix, Ariz., reported third-quarter profit jumped 45% to $5.8 million, or 28 cents a share, from $4 million, or 24 cents a share, a year earlier.@@@@1@30@@oe@2-2-2013
21011011@unknown@formal@none@1@S@The latest results include a $2.6 million one-time payment from a "foreign entity."@@@@1@13@@oe@2-2-2013
21011012@unknown@formal@none@1@S@America West wouldn't identify the entity, but said the payment was for the foreign company's use of certain tax benefits in connection with America West plane purchases.@@@@1@27@@oe@2-2-2013
21011013@unknown@formal@none@1@S@Year-earlier results included an extraordinary gain of $1.6 million from a buy-back of convertible subordinated debentures.@@@@1@16@@oe@2-2-2013
21011014@unknown@formal@none@1@S@Revenue rose 21% to $243.4 million from $201.2 million.@@@@1@9@@oe@2-2-2013
21011015@unknown@formal@none@1@S@For the nine months, America West posted earnings of $18.9 million, or 97 cents a share, compared with a loss of $9.7 million, or 74 cents a share, a year earlier.@@@@1@31@@oe@2-2-2013
21011016@unknown@formal@none@1@S@Revenue rose 27% to $715.1 million from $563.8 million.@@@@1@9@@oe@2-2-2013
21012001@unknown@formal@none@1@S@PAPERS:@@@@1@1@@oe@2-2-2013
21012002@unknown@formal@none@1@S@Thomson Corp.'s Globe & Mail newspaper in November will begin transmitting an experimental edition to selected subscribers' facsimile machines.@@@@1@19@@oe@2-2-2013
21012003@unknown@formal@none@1@S@The four-page news summary will be aimed at readers outside Canada or in Canadian locations where the national daily isn't available on the day of publication.@@@@1@26@@oe@2-2-2013
21012004@unknown@formal@none@1@S@In the U.S., the Hartford Courant has a facsimile edition and some other newspapers are considering the idea.@@@@1@18@@oe@2-2-2013
21012005@unknown@formal@none@1@S@WHO'S NEWS:@@@@1@2@@oe@2-2-2013
21012006@unknown@formal@none@1@S@Michael T. Carr, advertising director of Playboy magazine, was named publisher of National Lampoon and Heavy Metal magazines, succeeding George Agoglia.@@@@1@21@@oe@2-2-2013
21012007@unknown@formal@none@1@S@It was the first management change since film-makers Daniel Grodnik and Tim Matheson took control of National Lampoon Inc. in March.@@@@1@21@@oe@2-2-2013
21012008@unknown@formal@none@1@S@They are looking for a new editor for National Lampoon and are trying to sell Heavy Metal.@@@@1@17@@oe@2-2-2013
21013001@unknown@formal@none@1@S@Columbia Savings & Loan Association, reeling from thrift-accounting changes mandated by Congress and the recent collapse of the junk-bond market, announced a loss for the third quarter of $226.3 million, or $11.57 a share.@@@@1@34@@oe@2-2-2013
21013002@unknown@formal@none@1@S@For the quarter a year ago, Columbia reported earnings of $16.3 million, or 37 cents a share.@@@@1@17@@oe@2-2-2013
21013003@unknown@formal@none@1@S@Total assets increased to $12.7 billion in the latest quarter from $12.4 billion a year earlier.@@@@1@16@@oe@2-2-2013
21013004@unknown@formal@none@1@S@The loss stems from $357.5 million of write-downs on Columbia's $4.4 billion high-yield investment securities portfolio, which includes about $3.7 billion of junk bonds, $400 million of preferred stock, and Treasury securities.@@@@1@32@@oe@2-2-2013
21013005@unknown@formal@none@1@S@Columbia owes its spectacular growth in recent years to its junk-bond portfolio, the largest of any U.S. thrift.@@@@1@18@@oe@2-2-2013
21013006@unknown@formal@none@1@S@Much of Columbia's junk-bond trading has been done through the high-yield department of its Beverly Hills neighbor, Drexel Burnham Lambert Inc.@@@@1@21@@oe@2-2-2013
21013007@unknown@formal@none@1@S@For the nine months, losses totaled $212 million, or $10.83 a share, compared with net income of $48.7 million, or $1.11 a share, a year earlier.@@@@1@26@@oe@2-2-2013
21013008@unknown@formal@none@1@S@The results include a $130.2 million write-down of the securities in the high-yield portfolio to the lower of their cost or market value.@@@@1@23@@oe@2-2-2013
21013009@unknown@formal@none@1@S@Columbia also added $227.3 million to reserves for losses on the portfolio, increasing general reserves to $300 million, or about 6.7% of the total portfolio, as of Sept. 30.@@@@1@29@@oe@2-2-2013
21013010@unknown@formal@none@1@S@On June 30, loss reserves stood at $108.3 million.@@@@1@9@@oe@2-2-2013
21013011@unknown@formal@none@1@S@Thrift officials said the $300 million reserve will be adjusted quarterly and will reflect the rate of dispositions and market conditions.@@@@1@21@@oe@2-2-2013
21013012@unknown@formal@none@1@S@The adjustments result from the recently passed thrift-industry bailout legislation, which requires thrifts to divest all high-yield bond investments by 1994.@@@@1@21@@oe@2-2-2013
21013013@unknown@formal@none@1@S@Previously, Columbia didn't have to adjust the book value of its junk-bond holdings to reflect declines in market prices, because it held the bonds as long-term investments.@@@@1@27@@oe@2-2-2013
21013014@unknown@formal@none@1@S@Because Columbia now must sell the bonds within five years, accounting rules require the thrift to value the bonds at the lower of cost or market prices.@@@@1@27@@oe@2-2-2013
21013015@unknown@formal@none@1@S@For its future strategy, Columbia officials said the thrift may branch out into commercial lending or managing outside investments, as well as beefing up more traditional thrift activities.@@@@1@28@@oe@2-2-2013
21013016@unknown@formal@none@1@S@The quarterly results also reflected $21.4 million in non-recurring losses from commercial real-estate activities in California.@@@@1@16@@oe@2-2-2013
21013017@unknown@formal@none@1@S@Thomas Spiegel, Columbia's chairman, said in a statement that the thrift was "disappointed" by the effects of the accounting changes.@@@@1@20@@oe@2-2-2013
21013018@unknown@formal@none@1@S@But he said Columbia remains "one of the most strongly capitalized thrifts in the industry," based on the economic value of its assets and tangible capital.@@@@1@26@@oe@2-2-2013
21013019@unknown@formal@none@1@S@Columbia announced the results after the close of the stock market.@@@@1@11@@oe@2-2-2013
21013020@unknown@formal@none@1@S@Its shares closed at $5.125 each in composite New York Stock Exchange trading, down 37.5 cents.@@@@1@16@@oe@2-2-2013
21013021@unknown@formal@none@1@S@The price of Columbia shares has been cut nearly in half since August, when they traded at about $10, as investors apparently realized that the thrift would be forced to take a big write-down.@@@@1@34@@oe@2-2-2013
21013022@unknown@formal@none@1@S@The stock's decline accelerated in the past two weeks, from a price of $8 a share on Oct. 9.@@@@1@19@@oe@2-2-2013
21013023@unknown@formal@none@1@S@Columbia officials said they don't know how quickly they will dispose of the thrift's junk bonds, because federal regulations, such as those that would allow thrifts to continue holding the bonds in separately capitalized subsidiaries, haven't yet been completed.@@@@1@39@@oe@2-2-2013
21013024@unknown@formal@none@1@S@Columbia officials also said the thrift shouldn't face problems meeting regulatory capital requirements, despite the large reserves and write-downs and stiffer regulatory requirements that should be in place by year's end.@@@@1@31@@oe@2-2-2013
21013025@unknown@formal@none@1@S@Its ratio of tangible equity to total assets as of Sept. 30 was 3.6%, and total equity was $457.9 million.@@@@1@20@@oe@2-2-2013
21013026@unknown@formal@none@1@S@The thrift emphasized that it has a large portfolio of equity securities issued in connection with corporate restructurings and leveraged buy-outs, which has a book value of $90 million.@@@@1@29@@oe@2-2-2013
21013027@unknown@formal@none@1@S@Although many of the transactions related to those securities haven't been completed, Columbia said the ultimate gain on the sale of those assets will range from $200 million to $300 million.@@@@1@31@@oe@2-2-2013
21013028@unknown@formal@none@1@S@Columbia also has unrealized gains in its public equity securities portfolio of more than $70 million.@@@@1@16@@oe@2-2-2013
21013029@unknown@formal@none@1@S@David B. Hilder in New York contributed to this article.@@@@1@10@@oe@2-2-2013
21014001@unknown@formal@none@1@S@Anheuser-Busch Cos. said it plans to aggressively discount its major beer brands, setting the stage for a potentially bruising price war as the maturing industry's growth continues to slow.@@@@1@29@@oe@2-2-2013
21014002@unknown@formal@none@1@S@Anheuser, the world's largest brewer and U.S. market leader, has historically been reluctant to engage in price-cutting as a means of boosting sales volume.@@@@1@24@@oe@2-2-2013
21014003@unknown@formal@none@1@S@With the passing of the heady days of swelling industry sales, however, the once-sporadic and brief forays into discounting are becoming standard competitive weapons in the beer industry.@@@@1@28@@oe@2-2-2013
21014004@unknown@formal@none@1@S@Over the summer, Anheuser competitors offered more and deeper discounts than industry observers have seen for a long time.@@@@1@19@@oe@2-2-2013
21014005@unknown@formal@none@1@S@Some experts now predict Anheuser's entry into the fray means near-term earnings trouble for all the industry players.@@@@1@18@@oe@2-2-2013
21014006@unknown@formal@none@1@S@The St. Louis company said major rivals, Philip Morris Co.'s Miller Brewing unit and Adolph Coors Co. "have been following a policy of continuous and deep discounting for at least the past 18 months" on their premium brands, pricing their product as much as 25 cents a 12-pack below Anheuser's Budweiser label in many markets.@@@@1@55@@oe@2-2-2013
21014007@unknown@formal@none@1@S@Anheuser said it's discounting policy basically would involve matching such moves by rivals on a market-by-market basis.@@@@1@17@@oe@2-2-2013
21014008@unknown@formal@none@1@S@Anheuser-Busch announced its plan at the same time it reported third-quarter net income rose a lower-than-anticipated 5.2% to $238.3 million, or 83 cents a share, from $226.5 million, or 78 cents.@@@@1@31@@oe@2-2-2013
21014009@unknown@formal@none@1@S@Third-period sales were $2.49 billion, up from last year's $2.34 billion.@@@@1@11@@oe@2-2-2013
21014010@unknown@formal@none@1@S@Anheuser said its new strategy -- started in some markets last month and expected to be applied soon in selected markets nationwide -- will mean lower-than-anticipated earnings for the last half of 1989 and for 1990.@@@@1@36@@oe@2-2-2013
21014011@unknown@formal@none@1@S@The projection sent Anheuser shares plunging $4.375 in New York Stock Exchange composite trading yesterday.@@@@1@15@@oe@2-2-2013
21014012@unknown@formal@none@1@S@The stock closed at $38.50 on heavy volume of about 3.5 million shares.@@@@1@13@@oe@2-2-2013
21014013@unknown@formal@none@1@S@Shares of Coors, the company's sole publicly traded major competitor, fell $1.50 apiece to $19.125 in national over-the-counter trading, apparently on investor concerns over potential fallout from the coming pricing struggle.@@@@1@31@@oe@2-2-2013
21014014@unknown@formal@none@1@S@Anheuser noted that "beer industry sales volume is 1989 is following the trend that has characterized the last half of the '80s, with sales volume being essentially flat" while consolidation creates fewer, bigger players.@@@@1@34@@oe@2-2-2013
21014015@unknown@formal@none@1@S@"We cannot permit a further slowing in our volume trend," Anheuser said, adding it will take "appropriate competitive pricing actions to support our long-term market share growth strategy" for the premium brands.@@@@1@32@@oe@2-2-2013
21014016@unknown@formal@none@1@S@Anheuser said it continues to hold to its earlier-announced goal of a 50% U.S. market share by the mid-1990s.@@@@1@19@@oe@2-2-2013
21014017@unknown@formal@none@1@S@Beneath the tepid news-release jargon lies a powerful threat from the brewing giant, which last year accounted for about 41% of all U.S. beer sales and is expected to see that grow to 42.5% in the current year.@@@@1@38@@oe@2-2-2013
21014018@unknown@formal@none@1@S@"Anheuser is the biggest guy in the bar, and he just decided to join in the barroom brawl," said Joseph J. Doyle, an analyst with Smith Barney, Harris Upham & Co.@@@@1@31@@oe@2-2-2013
21014019@unknown@formal@none@1@S@"It's going to get bloody."@@@@1@5@@oe@2-2-2013
21014020@unknown@formal@none@1@S@Jerry Steinman, publisher of Beer Marketers Insights, a trade newsletter, said Anheuser's announcement means "everybody else in the industry is going to have a difficult time reaching their profit objectives."@@@@1@30@@oe@2-2-2013
21014021@unknown@formal@none@1@S@Prudential-Bache Securities Inc. analyst George E. Thompson downplayed the importance of the announcement, and called any comparison between the coming beer-industry tiff and the seemingly unending "cola wars," unwarranted.@@@@1@29@@oe@2-2-2013
21014022@unknown@formal@none@1@S@Mr. Thompson calls discounting "a loser's game for anyone without a dominant market share," and projected that Anheuser's statement of intent could simply be a means of warning competitors to ease up on price-cutting or face a costly and fruitless battle.@@@@1@41@@oe@2-2-2013
21014023@unknown@formal@none@1@S@Mr. Thompson noted that the disappointing earnings, which fell five cents a share short of his own projections, contributed to the sell-off by an edgy and currently unforgiving investing public.@@@@1@30@@oe@2-2-2013
21014024@unknown@formal@none@1@S@But Smith Barney's Mr. Doyle, who yesterday trimmed his 1990 Anheuser earnings projection to $2.95 a share from $3.10, called the market's reaction "justified."@@@@1@24@@oe@2-2-2013
21014025@unknown@formal@none@1@S@While the third-quarter earnings were a "moderate disappointment," he said, "the real bad news is the intensity of price competition" in the premium-beer sector.@@@@1@24@@oe@2-2-2013
21014026@unknown@formal@none@1@S@According to Mr. Steinman, the newsletter publisher, Anheuser's market share is nearly twice that of its nearest competitor, Miller Brewing, which had a 21.2% stake last year.@@@@1@27@@oe@2-2-2013
21014027@unknown@formal@none@1@S@It's followed by Stroh Brewery Co., which has agreed to sell its assets to Coors.@@@@1@15@@oe@2-2-2013
21014028@unknown@formal@none@1@S@Both Coors and Stroh have recently been ceding market share to Miller and Anheuser.@@@@1@14@@oe@2-2-2013
21015001@unknown@formal@none@1@S@Tokyo stocks closed easier for the second consecutive day, finishing at the intraday low on index-linked investment trust fund selling toward the end of the afternoon session.@@@@1@27@@oe@2-2-2013
21015002@unknown@formal@none@1@S@Stocks rose in London, but fell again in Frankfurt.@@@@1@9@@oe@2-2-2013
21015003@unknown@formal@none@1@S@Tokyo's Nikkei index fell 84.15 points to 35442.40.@@@@1@8@@oe@2-2-2013
21015004@unknown@formal@none@1@S@Trading was active.@@@@1@3@@oe@2-2-2013
21015005@unknown@formal@none@1@S@Volume on the first section was estimated at 1 billion shares, up from 914 million Tuesday.@@@@1@16@@oe@2-2-2013
21015006@unknown@formal@none@1@S@The Tokyo stock price index of first section issues was down 8.65 at@@@@1@13@@oe@2-2-2013
21015007@unknown@formal@none@1@S@In early trading in Tokyo Thursday, the Nikkei index rose 145.45 points to 35587.85.@@@@1@14@@oe@2-2-2013
21015008@unknown@formal@none@1@S@On Wednesday, the market opened bullishly with high turnover, ignoring the volatility in New York stocks.@@@@1@16@@oe@2-2-2013
21015009@unknown@formal@none@1@S@But losers were spread in a broad range by the end of the session.@@@@1@14@@oe@2-2-2013
21015010@unknown@formal@none@1@S@A trader said that the more an issue gained recently, the sharper the loss sustained Wednesday.@@@@1@16@@oe@2-2-2013
21015011@unknown@formal@none@1@S@A trader at Yamaichi Securities said the market's mood was undercut by the continuing fall of Nippon Telegraph & Telephone shares, which declined to their lowest level since the begining of this year.@@@@1@33@@oe@2-2-2013
21015012@unknown@formal@none@1@S@NTT lost 30,000 yen to 1,380,000 yen ($9,756).@@@@1@8@@oe@2-2-2013
21015013@unknown@formal@none@1@S@Some traders noted individual investors dumped NTT shares amid growing expectation for a division of the company as suggested by a recent government-sponsored panel.@@@@1@24@@oe@2-2-2013
21015014@unknown@formal@none@1@S@Dealers said they also took profits to reduce holdings in their own account at the end of the October transaction period.@@@@1@21@@oe@2-2-2013
21015015@unknown@formal@none@1@S@Among pharmaceutical shares, Chugai lost 60 yen to 2,290 yen ($16.20), and Mochida fell 150 to 4,290.@@@@1@17@@oe@2-2-2013
21015016@unknown@formal@none@1@S@Other losing issues included Showa Shell, which fell 40 to 1,520.@@@@1@11@@oe@2-2-2013
21015017@unknown@formal@none@1@S@Toyota Motor fell 40 to 2,680.@@@@1@6@@oe@2-2-2013
21015018@unknown@formal@none@1@S@Sekisui House, which gained 150 Tuesday, lost 70 to 2640.@@@@1@10@@oe@2-2-2013
21015019@unknown@formal@none@1@S@Daiwa House also ended easier, but Misawa Home was firmer.@@@@1@10@@oe@2-2-2013
21015020@unknown@formal@none@1@S@Pioneer Electronic and Sony, both of which dominated buying earlier this month, continued to fall Wednesday.@@@@1@16@@oe@2-2-2013
21015021@unknown@formal@none@1@S@Pioneer was down 90 at 5,810, and Sony lost 40 to 8,550, down 10% from its record set Oct. 11.@@@@1@20@@oe@2-2-2013
21015022@unknown@formal@none@1@S@London share prices closed modestly higher largely on technical factors, although the market was underpinned near the end of the session by Wall Street's firmer trend.@@@@1@26@@oe@2-2-2013
21015023@unknown@formal@none@1@S@The Financial Times 100-share index finished at 2161.9, up 12.6 points.@@@@1@11@@oe@2-2-2013
21015024@unknown@formal@none@1@S@The 30-share index ended 12.6 points higher at 1751.9.@@@@1@9@@oe@2-2-2013
21015025@unknown@formal@none@1@S@Volume was thin at 374.6 million shares traded, down from 405.4 million Tuesday.@@@@1@13@@oe@2-2-2013
21015026@unknown@formal@none@1@S@Dealers said the market gained some late steam on a flurry of buying by market-makers looking at blue-chip issues and stocks viewed as oversold during the market's recent downtrend.@@@@1@29@@oe@2-2-2013
21015027@unknown@formal@none@1@S@Outside what essentially amounted to a bookkeeping exercise, dealers said London dealings were largely dulled by the absence of active interest beyond the market-makers.@@@@1@24@@oe@2-2-2013
21015028@unknown@formal@none@1@S@The late buying was drawn into the London market, dealers added, after Wall Street showed signs of stability following its rocky opening.@@@@1@22@@oe@2-2-2013
21015029@unknown@formal@none@1@S@Stocks that suffered on the day were those with active U.S. operations, dealers noted.@@@@1@14@@oe@2-2-2013
21015030@unknown@formal@none@1@S@Among them were B.A.T Industries, which settled 6 pence a share lower at 753 ($12.10).@@@@1@15@@oe@2-2-2013
21015031@unknown@formal@none@1@S@Hanson, with 15 million shares traded, closed 2.5 lower at 212.5.@@@@1@11@@oe@2-2-2013
21015032@unknown@formal@none@1@S@Dealers said the shares were hit by fears of a slowdown in the U.S. economy.@@@@1@15@@oe@2-2-2013
21015033@unknown@formal@none@1@S@Cable & Wireless benefited from a market squeeze, bouncing 13 to 498 in moderately active volume.@@@@1@16@@oe@2-2-2013
21015034@unknown@formal@none@1@S@Jaguar was boosted 21 to 715 on follow-through buying after Ford Motor's announcement Tuesday that it might be prepared to mount a full bid for the U.K. luxury auto maker.@@@@1@30@@oe@2-2-2013
21015035@unknown@formal@none@1@S@It was further helped by Ford, which announced after London's close that it had raised its stake to 12% from just under 11% on Tuesday.@@@@1@25@@oe@2-2-2013
21015036@unknown@formal@none@1@S@Frankfurt prices closed sharply lower in thin dealings, hurt by the roller-coaster session on Wall Street Tuesday and worries about wage demands by the largest West German trade union.@@@@1@29@@oe@2-2-2013
21015037@unknown@formal@none@1@S@The German stock index tumbled 26.29 to end at@@@@1@9@@oe@2-2-2013
21015038@unknown@formal@none@1@S@"It was dead, listless, depressing and negative," said one trader at a U.S. bank in Frankfurt.@@@@1@16@@oe@2-2-2013
21015039@unknown@formal@none@1@S@"There was little turnover and nothing to stimulate the market."@@@@1@10@@oe@2-2-2013
21015040@unknown@formal@none@1@S@Equities tumbled at the opening as Tuesday's gyrations on Wall Street, where the Dow Jones Industrial Average recovered most of an 80-point loss, fueled fears of another stock market crash, brokers said.@@@@1@32@@oe@2-2-2013
21015041@unknown@formal@none@1@S@Tough talk from trade union officials at the conference of the powerful IG Metall metals worker union in West Berlin raised the specter of nationwide strikes next spring, they said.@@@@1@30@@oe@2-2-2013
21015042@unknown@formal@none@1@S@For the 1990 wage negotiations, the IG Metall is demanding a further cut in the German workweek and steep wage increases, which could sharply increase the costs for German industry.@@@@1@30@@oe@2-2-2013
21015043@unknown@formal@none@1@S@"All the positive figures on the economy are out already, and people are focusing more on the dangers for next year, mostly the wage talks and the {parliamentary} elections," the U.S. trader said.@@@@1@33@@oe@2-2-2013
21015044@unknown@formal@none@1@S@The market also shrugged off positive factors, such as higher bond prices and a slowdown in monetary growth in September, traders said.@@@@1@22@@oe@2-2-2013
21015045@unknown@formal@none@1@S@They said they expect the bearish mood to persist a while longer, as trading volume is falling toward the end of the year and the market is becoming more volatile.@@@@1@30@@oe@2-2-2013
21015046@unknown@formal@none@1@S@In the auto sector, Bayerische Motoren Werke plunged 14.5 marks to 529 marks ($288), Daimler-Benz dropped 10.5 to 700, and Volkswagen slumped 9 to 435.5.@@@@1@25@@oe@2-2-2013
21015047@unknown@formal@none@1@S@Continental gave up some of its recent gains, dropping 8 to 338, as rumors of an impending takeover attempt for the tiremaker faded, brokers said.@@@@1@25@@oe@2-2-2013
21015048@unknown@formal@none@1@S@Deutsche Bank plummeted 12 to 645, hurt by the general mood.@@@@1@11@@oe@2-2-2013
21015049@unknown@formal@none@1@S@Other banks were slightly more resilient, with Dresdner Bank shedding 4.8 to 320, and Commerzbank slipping 2.5 to@@@@1@18@@oe@2-2-2013
21015050@unknown@formal@none@1@S@Meanwhile, Wall Street's volatility unnerved investors in other markets.@@@@1@9@@oe@2-2-2013
21015051@unknown@formal@none@1@S@Share prices closed lower in Paris, Zurich, Brussels, Milan and Stockholm, and mixed in Amsterdam.@@@@1@15@@oe@2-2-2013
21015052@unknown@formal@none@1@S@Among Pacific markets, prices closed lower in Sydney, Seoul, Hong Kong, Manila, Singapore and Wellington.@@@@1@15@@oe@2-2-2013
21015053@unknown@formal@none@1@S@Trading in Taipei was suspended for a national holiday.@@@@1@9@@oe@2-2-2013
21015054@unknown@formal@none@1@S@Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.@@@@1@19@@oe@2-2-2013
21015055@unknown@formal@none@1@S@To make them directly comparable, each index is based on the close of 1969 equaling 100.@@@@1@16@@oe@2-2-2013
21015056@unknown@formal@none@1@S@The percentage change is since year-end.@@@@1@6@@oe@2-2-2013
21016001@unknown@formal@none@1@S@French chemicals group, Orkem S.A., said Wednesday it has made a bid for control of Coates Brothers PLC, a British manufacturer of inks and polyester resins.@@@@1@26@@oe@2-2-2013
21016002@unknown@formal@none@1@S@State-controlled Orkem already owns 40.6% of Coates.@@@@1@7@@oe@2-2-2013
21016003@unknown@formal@none@1@S@The remainder is held by the public and by family interests, a spokeswoman for the French group said.@@@@1@18@@oe@2-2-2013
21016004@unknown@formal@none@1@S@Orkem declined to give details of its offer, saying only that the bid will be submitted for approval by the board of the British company.@@@@1@25@@oe@2-2-2013
21017001@unknown@formal@none@1@S@The Democratic-controlled House, by a margin of 51 votes, failed to override President Bush's veto of legislation renewing federal support of Medicaid abortions for poor women who are victims of rape and incest.@@@@1@33@@oe@2-2-2013
21017002@unknown@formal@none@1@S@The 231-191 roll call illustrates the limits of power a resurgent abortion-rights movement still faces.@@@@1@15@@oe@2-2-2013
21017003@unknown@formal@none@1@S@It continues to gain strength in the chamber but remains far short of the two-thirds majority required to prevail over Mr. Bush.@@@@1@22@@oe@2-2-2013
21017004@unknown@formal@none@1@S@Democrats voted to override by a 3-1 margin, but Republicans were equally firm in support of the president, who has threatened to make abortion a decisive issue on at least three separate fiscal 1990 spending bills.@@@@1@36@@oe@2-2-2013
21017005@unknown@formal@none@1@S@Yesterday's vote dealt with the largest of these bills, an estimated $156.7 billion measure funding the departments of Labor, Education, and Health and Human Services.@@@@1@25@@oe@2-2-2013
21017006@unknown@formal@none@1@S@To gain more leverage, abortion-rights advocates may seek to fold the bill into an omnibus continuing resolution next month.@@@@1@19@@oe@2-2-2013
21017007@unknown@formal@none@1@S@But the stark numbers yesterday -- when 282 votes were needed -- indicate the president is in a commanding position for at least this year.@@@@1@25@@oe@2-2-2013
21017008@unknown@formal@none@1@S@"Unless he changes, they lose," said a Democratic leadership aide.@@@@1@10@@oe@2-2-2013
21017009@unknown@formal@none@1@S@The action came as Congress sent to the president last night a stopgap spending bill to keep the government operating through Nov. 15 and provide $2.85 billion in emergency funds to assist in the recovery from Hurricane Hugo and the California earthquake.@@@@1@42@@oe@2-2-2013
21017010@unknown@formal@none@1@S@By a lopsided 97-1 margin, the Senate approved the measure after attaching further provisions sought by the influential California delegation and, despite reservations, the House adopted the bill on a 303-107 roll call.@@@@1@33@@oe@2-2-2013
21017011@unknown@formal@none@1@S@The package is more than $1 billion above the recommendations of Budget Director Richard Darman this week.@@@@1@17@@oe@2-2-2013
21017012@unknown@formal@none@1@S@But given the political importance of California, the administration was content to use its influence to prevent any Senate amendments adding further new appropriations.@@@@1@24@@oe@2-2-2013
21017013@unknown@formal@none@1@S@The $2.85 billion measure comes on top of $1.1 billion appropriated after Hugo struck the Carolinas and Caribbean last month, and these totals don't reflect the additional benefit of low-interest disaster loans.@@@@1@32@@oe@2-2-2013
21017014@unknown@formal@none@1@S@The bill last night includes $500 million to help finance this credit and further raises the obligation ceiling for the Small Business Administration sixfold to $1.8 billion to accommodate the expected loan activity.@@@@1@33@@oe@2-2-2013
21017015@unknown@formal@none@1@S@In direct cash assistance, $1 billion is provided in federal highway construction funds, and $1.35 billion is divided between general emergency aid and a reserve to be available to the president to meet unanticipated costs from the two disasters.@@@@1@39@@oe@2-2-2013
21017016@unknown@formal@none@1@S@In the Senate, Majority Whip Alan Cranston used his position to win not only the expanded credit but also more generous treatment than the House had permitted in the distribution of highway funds in the next six months.@@@@1@38@@oe@2-2-2013
21017017@unknown@formal@none@1@S@The emergency assistance wouldn't be counted against a state's normal allocation of annual highway funds, and the bill circumvents existing restrictions that otherwise would prevent the use of federal aid to repair a toll road, such as the San Francisco-Oakland Bay Bridge damaged in last week's earthquake.@@@@1@47@@oe@2-2-2013
21017018@unknown@formal@none@1@S@The underlying stopgap bill is the second required by Congress this fall and, since the current fiscal year began Oct. 1, only the Energy and Interior departments are operating on permanent appropriations enacted into law.@@@@1@35@@oe@2-2-2013
21017019@unknown@formal@none@1@S@The standoff over abortion is certain to contribute to further delays and, apart from the health and education measure vetoed by Mr. Bush, bills funding the District of Columbia and the entire U.S. foreign-aid budget are in jeopardy because of related abortion or family-planning issues.@@@@1@45@@oe@2-2-2013
21017020@unknown@formal@none@1@S@The vote yesterday was the most partisan in many years, and though the Democratic leadership is ambivalent about how to address the abortion issue, the debate is increasingly measured in party terms.@@@@1@32@@oe@2-2-2013
21017021@unknown@formal@none@1@S@The 189 Democrats who supported the override yesterday compare with 175 who initially backed the rape-and-incest exemption two weeks ago and 136 last year on a similar vote.@@@@1@28@@oe@2-2-2013
21017022@unknown@formal@none@1@S@By comparison, Republicans have held closer to the anti-abortion movement.@@@@1@10@@oe@2-2-2013
21017023@unknown@formal@none@1@S@Only 42 GOP members opposed the president's veto, a marginal increase over the vote two weeks ago and just 12 more than the 30 who supported the rape-and-incest exemption last year.@@@@1@31@@oe@2-2-2013
21017024@unknown@formal@none@1@S@At a recent White House meeting, Rep. Silvio Conte (R., Mass.), the ranking minority member of the House Appropriations Committee, argued with his friend Mr. Bush against a veto, and though Mr. Conte and Minority Leader Robert Michel of Illinois stood with the president yesterday, they are plainly uncomfortable with his position.@@@@1@52@@oe@2-2-2013
21017025@unknown@formal@none@1@S@"This isn't a political issue, this is a moral issue," said Rep. Henry Hyde (R., Ill.), the most eloquent spokesman for the anti-abortion movement.@@@@1@24@@oe@2-2-2013
21017026@unknown@formal@none@1@S@But after years of using the issue for its benefit, the GOP finds its candidates on the defensive.@@@@1@18@@oe@2-2-2013
21017027@unknown@formal@none@1@S@New Jersey gubernatorial candidate Rep. James Florio pointedly returned from campaigning to vote against the president yesterday in contrast with his opponent, GOP Rep. James Courter, who has ardently supported abortion restrictions in the past but was absent.@@@@1@38@@oe@2-2-2013
21017028@unknown@formal@none@1@S@In an extraordinary mix of cultures and church-state powers, Rep. Robert Dornan (R., Calif.) lectured his fellow Roman Catholics -- including Mr. Florio -- for having the "chutzpah" to disagree with the hierarchy of their church on abortion.@@@@1@38@@oe@2-2-2013
21017029@unknown@formal@none@1@S@Rep. Les AuCoin was as blunt on behalf of the abortion-rights movement.@@@@1@12@@oe@2-2-2013
21017030@unknown@formal@none@1@S@"This may not make George Bush a one-term president," said the Oregon liberal, addressing the Republican side of the House.@@@@1@20@@oe@2-2-2013
21017031@unknown@formal@none@1@S@"But if you support him over rape victims, this may be your last term."@@@@1@14@@oe@2-2-2013
21017032@unknown@formal@none@1@S@Separately, the House last night approved a nearly $67 billion compromise spending bill providing the first construction funds for the administration's ambitious space station in fiscal 1990 and incorporating far-reaching provisions affecting the federal mortgage market.@@@@1@36@@oe@2-2-2013
21017033@unknown@formal@none@1@S@The current ceiling on home loans insured by the Federal Housing Administration would be increased to $124,875, and the bill gives the Department of Housing and Urban Development new authority to facilitate the refinancing of subsidized loans for low-income homeowners.@@@@1@40@@oe@2-2-2013
21017034@unknown@formal@none@1@S@By a 325-92 margin, the Appropriations Committee leadership beat back an early challenge by House Banking Chairman Henry Gonzalez (D., Texas) to the FHA provision.@@@@1@25@@oe@2-2-2013
21017035@unknown@formal@none@1@S@And on a closer 250-170 roll call, lawmakers upheld controversial agreements made by a House-Senate conference earmarking community development funds for more than 40 projects backed by often influential members.@@@@1@30@@oe@2-2-2013
21018001@unknown@formal@none@1@S@Rupert Murdoch acquired a 25% stake in Grupo Zeta S.A., the leading Spanish magazine and newspaper publisher said.@@@@1@18@@oe@2-2-2013
21018002@unknown@formal@none@1@S@The transaction called for Mr. Murdoch's News International PLC, a unit of Australia-based News Corp., to subscribe to a rights issue by Zeta valued at 6.65 billion pesetas ($57 million).@@@@1@30@@oe@2-2-2013
21018003@unknown@formal@none@1@S@Also participating in the issue was Servifilm Spain Cinematografica S.A.@@@@1@10@@oe@2-2-2013
21018004@unknown@formal@none@1@S@The film producer, owned by Madrid-based financier Jacques Hachuel, received a 5% stake in the Barcelona-based publishing group.@@@@1@18@@oe@2-2-2013
21018005@unknown@formal@none@1@S@The cash injection boosted Zeta's capital more than four-fold, to 8.47 billion pesetas from 1.82 billion pesetas, greatly enhancing the group's ability to make investments, Zeta officials said.@@@@1@28@@oe@2-2-2013
21018006@unknown@formal@none@1@S@Following its failure last month to win a license for one of Spain's first three private television stations, Zeta is seeking investment opportunities in communications and publishing.@@@@1@27@@oe@2-2-2013
21018007@unknown@formal@none@1@S@With annual sales of about 30 billion pesetas, Zeta publishes over a dozen magazines, including the popular Tiempo, Interviu and Panorama, and three regional dailies.@@@@1@25@@oe@2-2-2013