21464051@unknown@formal@none@1@S@Treasury bonds ended with losses of as much as 1/4 point, or about $2.50 for each $1,000 face amount.@@@@1@19@@oe@2-2-2013
21464052@unknown@formal@none@1@S@The benchmark 30-year bond, which traded as high as 102 1/4 during the day, ended at 101 17/32.@@@@1@18@@oe@2-2-2013
21464053@unknown@formal@none@1@S@The yield on the benchmark bond rose slightly to 7.98% from 7.96%.@@@@1@12@@oe@2-2-2013
21464054@unknown@formal@none@1@S@In the corporate bond market, traders said the new-issue market for junk bonds is likely to pick up following Chicago & North Western Acquisition Corp.'s $475 million junk bond offering Friday.@@@@1@31@@oe@2-2-2013
21464055@unknown@formal@none@1@S@Today, for example, underwriters at Morgan Stanley & Co. said they expect to price a $150 million, 12-year senior subordinated debenture offering by Imo Industries Inc.@@@@1@26@@oe@2-2-2013
21464056@unknown@formal@none@1@S@Traders expect the issue to be priced to yield 12%.@@@@1@10@@oe@2-2-2013
21464057@unknown@formal@none@1@S@Shearson Lehman Hutton Inc. said that a $150 million senior subordinated discount debenture issue by R.P. Scherer Drugs is expected by the end of the month.@@@@1@26@@oe@2-2-2013
21464058@unknown@formal@none@1@S@However, despite the big new-issue calendar, many junk bond investors and analysts are skeptical the deals will get done.@@@@1@19@@oe@2-2-2013
21464059@unknown@formal@none@1@S@"There are about a dozen more deals coming," said Michael McNamara, director of fixed-income research at Kemper Financial Services Inc.@@@@1@20@@oe@2-2-2013
21464060@unknown@formal@none@1@S@"If they had this much trouble with Chicago & North Western, they are going to have an awful time with the rest."@@@@1@22@@oe@2-2-2013
21464061@unknown@formal@none@1@S@Last week, underwriters were forced to postpone three junk bond deals because of recent weakness in the market.@@@@1@18@@oe@2-2-2013
21464062@unknown@formal@none@1@S@And pressure by big investors forced Donaldson Lufkin & Jenrette Securities Corp. to sweeten Chicago & North Western's $475 million junk bond offering.@@@@1@23@@oe@2-2-2013
21464063@unknown@formal@none@1@S@After hours of negotiating that stretched late into Thursday night, underwriters priced the 12-year issue of resettable senior subordinated debentures at par to yield 14.75%, higher than the 14.5% that had been expected.@@@@1@33@@oe@2-2-2013
21464064@unknown@formal@none@1@S@The coupon on the issue will be reset in one year at a rate that will give the issue a market value of 101.@@@@1@24@@oe@2-2-2013
21464065@unknown@formal@none@1@S@However, the maximum coupon rate on the issue when it is reset is 15.50%.@@@@1@14@@oe@2-2-2013
21464066@unknown@formal@none@1@S@Debenture holders also will receive the equivalent of 10% of the common stock in Chicago & North Western's parent company.@@@@1@20@@oe@2-2-2013
21464067@unknown@formal@none@1@S@"The coupon was raised to induce some of the big players on the fence to come in," said a spokesman for Donaldson.@@@@1@22@@oe@2-2-2013
21464068@unknown@formal@none@1@S@"We put a price on the deal that the market required to get it done."@@@@1@15@@oe@2-2-2013
21464069@unknown@formal@none@1@S@The spokesman said the issue was sold out and met with strong interest abroad, particularly from Japanese investors.@@@@1@18@@oe@2-2-2013
21464070@unknown@formal@none@1@S@In the secondary, or resale, market, junk bonds closed 1/2 point higher, while investment-grade corporate bonds fell 1/8 to 1/4 point.@@@@1@21@@oe@2-2-2013
21465001@unknown@formal@none@1@S@Sotheby's Inc.'s gamble in the art-dealing business appears to have paid off.@@@@1@12@@oe@2-2-2013
21465002@unknown@formal@none@1@S@The New York arm of the London-based auction house auctioned off the estate of John T. Dorrance Jr., the Campbell's Soup Co. heir, for $131 million last week, a record for a single-owner art collection.@@@@1@35@@oe@2-2-2013
21465003@unknown@formal@none@1@S@That total was below the $140 million the auction house estimated the collection might sell for, but was enough to ensure that an unprecedented financial arrangement Sotheby's had made with the Dorrance family proved profitable to the auction house.@@@@1@39@@oe@2-2-2013
21465004@unknown@formal@none@1@S@Sotheby's provided the Dorrance family a guarantee of at least $100 million, and as much as $120 million, to obtain the collection, people familiar with the transaction said, thus taking a greater than usual financial interest in the property to be sold.@@@@1@42@@oe@2-2-2013
21465005@unknown@formal@none@1@S@The Dorrance estate, auctioned off in a series of sales held over four days, included porcelains, furniture and paintings.@@@@1@19@@oe@2-2-2013
21465006@unknown@formal@none@1@S@An Henri Matisse, auctioned last Wednesday, fetched $12.4 million, a world record for the artist.@@@@1@15@@oe@2-2-2013
21465007@unknown@formal@none@1@S@In addition, a handful of paintings from the Dorrance collection remain to be sold at Sotheby's annual old masters paintings auction in January.@@@@1@23@@oe@2-2-2013
21466001@unknown@formal@none@1@S@The Better Business Bureau of San Diego and the state Attorney General's office entered into a settlement stemming from an investigation of bureau-sponsored business directories published by an outside firm, Better Book Inc.@@@@1@33@@oe@2-2-2013
21466002@unknown@formal@none@1@S@The settlement stems from charges that Better Book, now defunct, made misrepresentations in selling advertising for the directories and memberships in the bureau from 1984 to 1986.@@@@1@27@@oe@2-2-2013
21466003@unknown@formal@none@1@S@Without admitting any guilt, the bureau agreed to several conditions if it again contracts with an outside firm to publish its directories.@@@@1@22@@oe@2-2-2013
21466004@unknown@formal@none@1@S@The conditions include not misrepresenting how many directories will be distributed, and agreeing to make refunds to directory advertisers if any misrepresentations are involved in the sale.@@@@1@27@@oe@2-2-2013
21466005@unknown@formal@none@1@S@The Attorney General's investigation was sparked by lawsuits and charges by angry California businesspeople that they were swindled in a bureau-sponsored directory project contracted by Better Book.@@@@1@27@@oe@2-2-2013
21466006@unknown@formal@none@1@S@The uproar led to the closing of the Los Angeles Better Business Bureau in late 1987.@@@@1@16@@oe@2-2-2013
21467001@unknown@formal@none@1@S@McCaw Cellular Communications Inc. said it obtained "firm" financing commitments from three major banks in regard to its offer for 50.3% of LIN Broadcasting Corp.@@@@1@25@@oe@2-2-2013
21467002@unknown@formal@none@1@S@Morgan Guaranty Trust, Toronto-Dominion Bank and Provident National Bank, an affiliate of PNC Financial Corp., jointly committed $1.2 billion of financing, subject to certain conditions, McCaw said.@@@@1@27@@oe@2-2-2013
21467003@unknown@formal@none@1@S@Further, McCaw said the banks expressed confidence that the balance of the $4.5 billion bank facility will be committed within the next several weeks by a syndicate of foreign and domestic banks.@@@@1@32@@oe@2-2-2013
21467004@unknown@formal@none@1@S@Morgan, Toronto-Dominion and Provident are leading that syndicate.@@@@1@8@@oe@2-2-2013
21467005@unknown@formal@none@1@S@McCaw is offering to buy 22 million shares of LIN for $125 each in cash, which would result in McCaw owning 50.3% of the cellular-phone and broadcasting concern.@@@@1@28@@oe@2-2-2013
21467006@unknown@formal@none@1@S@The offer is in limbo, however, because LIN has agreed to merge its cellular-phone businesses with BellSouth Corp.@@@@1@18@@oe@2-2-2013
21467007@unknown@formal@none@1@S@In national over-the-counter trading Friday, LIN shares rose 62.5 cents to close at $110.625.@@@@1@14@@oe@2-2-2013
21467008@unknown@formal@none@1@S@Beijing lawmakers have called for jails to be built to house prostitutes and for severe punishment, including the death sentence, for anyone who induces or coerces women into prostitution.@@@@1@29@@oe@2-2-2013
21467009@unknown@formal@none@1@S@The official Xinhua News Agency said the municipal government was discussing a draft bill to give the capital its first anti-prostitution statutes.@@@@1@22@@oe@2-2-2013
21467010@unknown@formal@none@1@S@It quoted Liu Changyi, deputy director of the Beijing Public Security Bureau, as saying that there were many more people involved in prostitution now than in 1985, when there were about 100 cases.@@@@1@33@@oe@2-2-2013
21467011@unknown@formal@none@1@S@Foreigners involved in prostitution will be punished according to the law, and those with sexually transmitted diseases will be expelled from the country, according to the regulations.@@@@1@27@@oe@2-2-2013
21467012@unknown@formal@none@1@S@The Communists nearly succeeded in eliminating prostitution after taking over in 1949, but the practice has returned in recent years with the country's increased exposure to the outside world.@@@@1@29@@oe@2-2-2013
21467013@unknown@formal@none@1@S@Japan agreed to enforce a decision by an international wildlife conference to ban all trade in ivory, a spokesman for the Ministry of International Trade and Industry said.@@@@1@28@@oe@2-2-2013
21467014@unknown@formal@none@1@S@Earlier, Japan had said it might file a reservation against the ivory ban decided by ballot at the 103-nation United Nations Conference on International Trade in Endangered Species in Switzerland last week.@@@@1@32@@oe@2-2-2013
21467015@unknown@formal@none@1@S@The Japanese use 40% of the world's ivory.@@@@1@8@@oe@2-2-2013
21467016@unknown@formal@none@1@S@Italy should close the Leaning Tower of Pisa because it's a danger to tourists, government-appointed experts said.@@@@1@17@@oe@2-2-2013
21467017@unknown@formal@none@1@S@"In some places the stonework is so damaged it shows signs of breaking off," scientists and technicians said in a report to Public Works Minister Giovanni Prandini.@@@@1@27@@oe@2-2-2013
21467018@unknown@formal@none@1@S@Each year, nearly a million people pay about $3 to make the spiral climb up 294 steps to the top of the 800-year-old marble tower.@@@@1@25@@oe@2-2-2013
21467019@unknown@formal@none@1@S@East Germany pledged to reduce alcohol consumption by boosting production of soft drinks and fruit juices.@@@@1@16@@oe@2-2-2013
21467020@unknown@formal@none@1@S@Trade and Supply Minister Gerhard Briksa said in a letter published in the youth daily Junge Welt that the rise in alcohol consumption in East Germany had been halted; but to reduce it further, he said, production and supply of other beverages, including fruit juices, should be stepped up.@@@@1@49@@oe@2-2-2013
21467021@unknown@formal@none@1@S@He added that shops will have to continue reducing their stocks of liquor and avoid displaying them too prominently in the window.@@@@1@22@@oe@2-2-2013
21467022@unknown@formal@none@1@S@Hong Kong has built a detention center for illegal immigrants from China because China has refused for the past two weeks to accept them back.@@@@1@25@@oe@2-2-2013
21467023@unknown@formal@none@1@S@The center, close to Hong Kong's border with China, will be ready today and will be able to house 1,000 inmates, Police Deputy Director Peter Wong said.@@@@1@27@@oe@2-2-2013
21467024@unknown@formal@none@1@S@The dispute started when China, angry that Hong Kong had allowed dissident swimmer Yang Yang to flee to the U.S., halted the usual daily transfer of illegal immigrants caught in this British colony, which reverts to Beijing's control in 1997.@@@@1@40@@oe@2-2-2013
21467025@unknown@formal@none@1@S@Sweating under the glare of newly installed television lights, British members of Parliament demanded a halt to the experimental televising of debates.@@@@1@22@@oe@2-2-2013
21467026@unknown@formal@none@1@S@A group of senior Conservative legislators, complaining the House of Commons was like a sauna, demanded that the experiment be stopped unless the intensity of the lights is reduced.@@@@1@29@@oe@2-2-2013
21467027@unknown@formal@none@1@S@One Conservative MP, David Wilshire, said: "I should have a wonderful suntan by Christmas."@@@@1@14@@oe@2-2-2013
21467028@unknown@formal@none@1@S@Debates are due to be broadcast nationally starting Nov. 21 in a six-month experiment.@@@@1@14@@oe@2-2-2013
21467029@unknown@formal@none@1@S@A majority of Japanese banks are said to be wary of making new loans to Mexico under the Brady plan because they're uncertain the Mexican economy will remain stable.@@@@1@29@@oe@2-2-2013
21467030@unknown@formal@none@1@S@Instead, many small and medium-sized banks, and some larger ones, are likely to take one of the other two options open to them under the plan, Japanese banking officials said.@@@@1@30@@oe@2-2-2013
21467031@unknown@formal@none@1@S@The plan, proposed by U.S. Secretary of State Nicholas Brady, calls for banks either to make new loans or to reduce the principle on existing loans or to cut the interest rate on those existing loans.@@@@1@36@@oe@2-2-2013
21467032@unknown@formal@none@1@S@The officials said that most Japanese banks prefer the losses they'd suffer in either of the latter options to the risk of new lending.@@@@1@24@@oe@2-2-2013
21467033@unknown@formal@none@1@S@But an official at a long-term credit bank explained that since some larger banks have already taken loss provisions for loans to other Third World nations, further write-offs could be viewed as intolerable.@@@@1@33@@oe@2-2-2013
21467034@unknown@formal@none@1@S@"They can't take the hit" to their earnings, he said.@@@@1@10@@oe@2-2-2013
21467035@unknown@formal@none@1@S@As a result, the official said, they may be forced into a no-win situation in which they make risky loans that they could have to write off later.@@@@1@28@@oe@2-2-2013
21467036@unknown@formal@none@1@S@A poll in male-dominated South Korea put Margaret Thatcher first on a list of most-respected foreign leaders.@@@@1@17@@oe@2-2-2013
21467037@unknown@formal@none@1@S@The British prime minister was the only woman singled out by respondents, who put Soviet President Mikhail Gorbachev in second place. . . .@@@@1@24@@oe@2-2-2013
21467038@unknown@formal@none@1@S@The Soviet newspaper Trud reported that Mickey Mouse will appear in a Russian-language comic book to be issued four times a year by Soviet publisher Fizkultura i Sport and Denmark's Gutenberghus Group.@@@@1@32@@oe@2-2-2013
21467039@unknown@formal@none@1@S@The comic book will cost about $2.@@@@1@7@@oe@2-2-2013
21468001@unknown@formal@none@1@S@Ekco Group Inc., Nashua, N.H., expects to report that net income in the third quarter, ended Oct. 1, fell 50% to 60% from $2.1 million, or 11 cents a share, a year earlier.@@@@1@33@@oe@2-2-2013
21468002@unknown@formal@none@1@S@Robert Stein, president and chief executive officer, attributed the expected decline partly to the effects of a two-week strike last month at the company's Masillon, Ohio, bakeware facility.@@@@1@28@@oe@2-2-2013
21468003@unknown@formal@none@1@S@Softer-than-expected orders in early September also played a role, he said in an interview.@@@@1@14@@oe@2-2-2013
21468004@unknown@formal@none@1@S@But Mr. Stein said he is "reasonably confident" that earnings for the full year will exceed the $3.1 million, or 17 cents a share, in 1988.@@@@1@26@@oe@2-2-2013
21468005@unknown@formal@none@1@S@That would require fourth-quarter net of more than about 22 cents to 24 cents a share, assuming that Mr. Stein's third-quarter estimate proves accurate.@@@@1@24@@oe@2-2-2013
21468006@unknown@formal@none@1@S@In the year-earlier fourth quarter, the company had profit of $2.7 million, or 15 cents a share.@@@@1@17@@oe@2-2-2013
21468007@unknown@formal@none@1@S@Third-quarter revenue is expected to be $40 million to $45 million, up from $38.2 million a year earlier, according to Neil Gordon, treasurer.@@@@1@23@@oe@2-2-2013
21468008@unknown@formal@none@1@S@The year-earlier periods don't reflect results of the company's Woodstream Corp. unit, acquired last January, but include some Canadian operations that were sold at the end of 1988.@@@@1@28@@oe@2-2-2013
21468009@unknown@formal@none@1@S@August through October traditionally is the busiest season for the bakeware business, as many retailers use the goods as autumn promotional items.@@@@1@22@@oe@2-2-2013
21468010@unknown@formal@none@1@S@Mr. Stein said some retailers -- perhaps anxious about minimizing inventories -- appear to have held back on orders in September but have been ordering more heavily in October.@@@@1@29@@oe@2-2-2013
21468011@unknown@formal@none@1@S@Mr. Stein said Woodstream is "marginally profitable" but hasn't performed as well as expected.@@@@1@14@@oe@2-2-2013
21468012@unknown@formal@none@1@S@Woodstream's Victor-brand mousetraps and other pest-control products are "doing very well," and its plastic storage-case products "are poised for growth," he said.@@@@1@22@@oe@2-2-2013
21468013@unknown@formal@none@1@S@But the unit's third segment, wildlife traps, is suffering from a "depressed market," and Ekco is seeking to sell that segment, he said.@@@@1@23@@oe@2-2-2013
21468014@unknown@formal@none@1@S@Mr. Stein said he expects profit to be higher in 1990 than in 1989, reflecting a number of measures taken since the acquisition of Ekco Housewares in late 1987.@@@@1@29@@oe@2-2-2013
21468015@unknown@formal@none@1@S@(Prior to acquiring the housewares business, the company was known as Centronics Corp.; Centronics had been a maker of computer printers, but Mr. Stein and other officers decided to sell that business after Japanese competitors grabbed a dominant share of the market.)@@@@1@42@@oe@2-2-2013
21468016@unknown@formal@none@1@S@Mr. Stein said tighter operating controls have enabled Ekco to reduce inventory levels 25% to 30%; improve on-time delivery of orders to about 95% from around 70%; and to lower the number of labor hours required to produce a unit.@@@@1@40@@oe@2-2-2013
21468017@unknown@formal@none@1@S@By moving the design of new products in-house -- instead of contracting out the work -- the company also has been able to come up with designs that can be manufactured more efficiently, he said.@@@@1@35@@oe@2-2-2013
21468018@unknown@formal@none@1@S@In addition to those measures, the company spent heavily earlier this year to install displays at its customers' retail outlets -- a strategy that Mr. Stein said has helped bolster awareness of the company's brands.@@@@1@35@@oe@2-2-2013
21468019@unknown@formal@none@1@S@Ekco's housewares operation makes kitchen tools and gadgets, as well as bakeware, at factories in the U.S. and Canada.@@@@1@19@@oe@2-2-2013
21468020@unknown@formal@none@1@S@The main issue in the strike at the Ohio facility was health-care benefits, Mr. Stein said.@@@@1@16@@oe@2-2-2013
21468021@unknown@formal@none@1@S@The strike ended Oct.@@@@1@4@@oe@2-2-2013
21468022@unknown@formal@none@1@S@Ekco continues to seek further acquisitions in the consumer-products industry, Mr. Stein said.@@@@1@13@@oe@2-2-2013
21468023@unknown@formal@none@1@S@He indicated that Ekco may be interested in acquiring another company with revenue in the range of $75 million to $100 million, partly because mass merchandisers increasingly want to rely on larger, and fewer, suppliers.@@@@1@35@@oe@2-2-2013
21469001@unknown@formal@none@1@S@After several years of booming business with China, foreign traders are bracing for the biggest slump in a decade.@@@@1@19@@oe@2-2-2013
21469002@unknown@formal@none@1@S@The imposition of austerity measures, starting last October, already had begun to pinch when the massacre in Tiananmen Square on June 4 and subsequent events tugged the belt far tighter.@@@@1@30@@oe@2-2-2013
21469003@unknown@formal@none@1@S@Foreign lending has been virtually suspended since then, choking liquidity and hobbling many projects.@@@@1@14@@oe@2-2-2013
21469004@unknown@formal@none@1@S@And Beijing has pulled back on domestic loans and subsidies, leaving many domestic buyers and export-oriented plants strapped for cash.@@@@1@20@@oe@2-2-2013
21469005@unknown@formal@none@1@S@Givaudan Far East Ltd., a Swiss concern that sells chemicals to shampoo and soap factories in China, typifies the problems.@@@@1@20@@oe@2-2-2013
21469006@unknown@formal@none@1@S@Last year's retrenchment dried up the working capital of Chinese factories.@@@@1@11@@oe@2-2-2013
21469007@unknown@formal@none@1@S@The company's sales flattened during 1989's first half.@@@@1@8@@oe@2-2-2013
21469008@unknown@formal@none@1@S@The June killings magnified the problems.@@@@1@6@@oe@2-2-2013
21469009@unknown@formal@none@1@S@In Canton, Givaudan's representative office received no orders in June.@@@@1@10@@oe@2-2-2013
21469010@unknown@formal@none@1@S@At first it attributed the slump to temporary business disruptions, but when no orders were logged in August and September, manager Donald Lai became convinced that business would be bad for many months.@@@@1@33@@oe@2-2-2013
21469011@unknown@formal@none@1@S@"Things have grown worse since June 4," Mr. Lai says.@@@@1@10@@oe@2-2-2013
21469012@unknown@formal@none@1@S@He predicts that sales will drop between 30% and 40% from last year's $3 million.@@@@1@15@@oe@2-2-2013
21469013@unknown@formal@none@1@S@The consumer-products and light-industrial sectors are bearing the brunt of China's austerity measures, and foreign companies such as Givaudan that deal with those industries are being hit the hardest.@@@@1@29@@oe@2-2-2013
21469014@unknown@formal@none@1@S@But in general, all foreign-trading companies are feeling the pinch.@@@@1@10@@oe@2-2-2013
21469015@unknown@formal@none@1@S@"The import pie will shrink," says John Kamm, first vice president of the American Chamber of Commerce in Hong Kong and a China trade specialist.@@@@1@25@@oe@2-2-2013
21469016@unknown@formal@none@1@S@"On the down side, sales could fall as much as 90% for some companies; on the upper side, sales will be flat."@@@@1@22@@oe@2-2-2013
21469017@unknown@formal@none@1@S@China's foreign trade has gone in cycles during the past decade.@@@@1@11@@oe@2-2-2013
21469018@unknown@formal@none@1@S@The last time that traders experienced a trough was during 1985-86, when Beijing imposed tough measures to curb imports and conserve foreign exchange.@@@@1@23@@oe@2-2-2013
21469019@unknown@formal@none@1@S@The current trough is expected to be much deeper, because Beijing has cut off domestic funds from factories for the first time to slow inflation.@@@@1@25@@oe@2-2-2013
21469020@unknown@formal@none@1@S@In addition, the suspension of loans and export credits from foreign governments and institutions following the June killings have been a big setback.@@@@1@23@@oe@2-2-2013
21469021@unknown@formal@none@1@S@"The freeze on new lending is dealing the single biggest blow to trading," says Raymond Wong, China manager for Mannesmann AG, a West German machinery-trading company.@@@@1@26@@oe@2-2-2013
21469022@unknown@formal@none@1@S@Import growth from the year-earlier months slowed to 16% in July and 7.1% in August, compared with an average growth rate of 26% in the first half.@@@@1@27@@oe@2-2-2013
21469023@unknown@formal@none@1@S@In the first eight months of 1989, imports grew 21%, to $38.32 billion, down slightly from a growth rate of 23% a year earlier.@@@@1@24@@oe@2-2-2013
21469024@unknown@formal@none@1@S@The picture for China's exports is just as bleak, mainly because of the domestic credit squeeze.@@@@1@16@@oe@2-2-2013
21469025@unknown@formal@none@1@S@Exports in the first eight months grew only 9%, to $31.48 billion, compared with a growth rate of 25% a year earlier, according to Chinese customs figures.@@@@1@27@@oe@2-2-2013
21469026@unknown@formal@none@1@S@The threat to China's balance of payments is further aggravated by the plunge in its foreign-exchange reserves, excluding gold holdings.@@@@1@20@@oe@2-2-2013
21469027@unknown@formal@none@1@S@The reserves dropped for the first time in recent years, to $14 billion in June from $19 billion in April.@@@@1@20@@oe@2-2-2013
21469028@unknown@formal@none@1@S@The trend has prompted Beijing to intensify efforts to curb imports.@@@@1@11@@oe@2-2-2013
21469029@unknown@formal@none@1@S@In recent weeks, China's leaders have recentralized trading in wool and scores of chemical products and commodities.@@@@1@17@@oe@2-2-2013
21469030@unknown@formal@none@1@S@The Ministry of Foreign Economic Relations and Trade set up a special bureau last month to monitor the issue of import and export licenses.@@@@1@24@@oe@2-2-2013
21469031@unknown@formal@none@1@S@Beijing's periodic clampdowns on imports have taught many trading companies that the best way to get through the drought is by helping China export.@@@@1@24@@oe@2-2-2013
21469032@unknown@formal@none@1@S@For example, Nissho Iwai Corp., one of the biggest Japanese trading houses, now buys almost twice as many goods from China as it sells to that country.@@@@1@27@@oe@2-2-2013
21469033@unknown@formal@none@1@S@Three years ago, the ratio was reversed.@@@@1@7@@oe@2-2-2013
21469034@unknown@formal@none@1@S@But the strategy isn't helping much this time.@@@@1@8@@oe@2-2-2013
21469035@unknown@formal@none@1@S@"Both sectors of imports and exports look just as bad," says Masahiko Kitamura, general manager of Nissho Iwai's Canton office.@@@@1@20@@oe@2-2-2013
21469036@unknown@formal@none@1@S@He expects the company's trading business to drop as much as 40% this year.@@@@1@14@@oe@2-2-2013
21469037@unknown@formal@none@1@S@For a short time after June 4, it appeared that the trade picture would remain fairly bright.@@@@1@17@@oe@2-2-2013
21469038@unknown@formal@none@1@S@Many foreign trading offices in Hong Kong were swamped with telexes and telephone calls from Chinese trade officials urging them not to sever ties.@@@@1@24@@oe@2-2-2013
21469039@unknown@formal@none@1@S@Even the Bank of China, which normally took weeks to process letters of credit, was settling the letters at record speed to dispel rumors about the bank's financial health.@@@@1@29@@oe@2-2-2013
21469040@unknown@formal@none@1@S@But when foreign traders tried to do business, they discovered that the eagerness of Chinese trade officials was just a smokescreen.@@@@1@21@@oe@2-2-2013
21469041@unknown@formal@none@1@S@The suspension of foreign loans has weakened the buying power of China's national trading companies, which are among the country's biggest importers.@@@@1@22@@oe@2-2-2013
21469042@unknown@formal@none@1@S@Business isn't any better on the provincial or municipal level, foreign traders say.@@@@1@13@@oe@2-2-2013
21469043@unknown@formal@none@1@S@Shanghai Investment & Trust Co., known as Sitco, is the city's main financier for trading business.@@@@1@16@@oe@2-2-2013
21469044@unknown@formal@none@1@S@Sitco had customarily tapped the Japanese bond market for funds, but it can't do that any longer.@@@@1@17@@oe@2-2-2013
21469045@unknown@formal@none@1@S@Foreign traders say the company is strapped for cash.@@@@1@9@@oe@2-2-2013
21469046@unknown@formal@none@1@S@"It has difficulties paying its foreign debts," says a Hong Kong executive who is familiar with Sitco's business.@@@@1@18@@oe@2-2-2013
21469047@unknown@formal@none@1@S@"How can it make available funds for purchases?"@@@@1@8@@oe@2-2-2013
21469048@unknown@formal@none@1@S@Foreign traders also say many of China's big infrastructural projects have been canceled or postponed because of the squeeze on domestic and foreign credit.@@@@1@24@@oe@2-2-2013
21469049@unknown@formal@none@1@S@Albert Lee, a veteran trader who specializes in machinery sales, estimates that as many as 70% of projects that had obtained approval to proceed have been canceled in recent months.@@@@1@30@@oe@2-2-2013
21469050@unknown@formal@none@1@S@"There are virtually no new projects, and that means no new business for us," he says.@@@@1@16@@oe@2-2-2013
21469051@unknown@formal@none@1@S@Even when new lending resumes, foreign exchange would still be tight because Beijing will likely try to rein in foreign borrowing, which has grown between 30% and 40% in the past few years.@@@@1@33@@oe@2-2-2013
21469052@unknown@formal@none@1@S@And foreign creditors are likely to be more cautious about extending new loans because China is nearing a peak repayment period as many loans start falling due in the next two to five years.@@@@1@34@@oe@2-2-2013
21469053@unknown@formal@none@1@S@Another reason for the intensity of the trade problems is that Beijing has extended the current clampdown on imports beyond the usual target of consumer products to include steel, chemical fertilizers and plastics.@@@@1@33@@oe@2-2-2013
21469054@unknown@formal@none@1@S@These have been among the country's leading imports, particularly last year when there were shortages that led many traders to buy heavily and pay dearly.@@@@1@25@@oe@2-2-2013
21469055@unknown@formal@none@1@S@But the shortages also spawned rampant speculation and spiraling prices.@@@@1@10@@oe@2-2-2013
21469056@unknown@formal@none@1@S@To stem speculation, Beijing imposed ceiling prices that went into effect earlier this year.@@@@1@14@@oe@2-2-2013
21469057@unknown@formal@none@1@S@Traders who had bought the goods at prices above the ceiling don't want to take a loss on resales and are holding onto their stock.@@@@1@25@@oe@2-2-2013
21469058@unknown@formal@none@1@S@The resulting stockpiling has depressed the market.@@@@1@7@@oe@2-2-2013
21469059@unknown@formal@none@1@S@But Beijing can't cut back on such essential imports as raw materials for too long without hampering the country's export business.@@@@1@21@@oe@2-2-2013
21469060@unknown@formal@none@1@S@Mr. Kamm, the China trade expert, estimates that as much as 50% of Guangdong's exports is made up of processed imported raw materials.@@@@1@23@@oe@2-2-2013
21470001@unknown@formal@none@1@S@Oil Spill Case Shows Liability Fund Flaws@@@@1@7@@oe@2-2-2013
21470002@unknown@formal@none@1@S@AN UNRESOLVED two-year-old dispute stemming from an Alaskan oil spill has helped spur a drive for tougher federal laws to protect victims of such accidents.@@@@1@25@@oe@2-2-2013
21470003@unknown@formal@none@1@S@The class-action suit highlights shortcomings of the Trans-Alaska Pipeline Liability Fund, which gets its money from oil companies using the pipeline and compensates those harmed by oil spills.@@@@1@28@@oe@2-2-2013
21470004@unknown@formal@none@1@S@On July 2, 1987, the tanker S.S. Glacier Bay struck a rock and spilled almost 150,000 gallons of oil into the Cook Inlet.@@@@1@23@@oe@2-2-2013
21470005@unknown@formal@none@1@S@Commercial fishermen and fish processors filed suit in federal court in a claim that has ballooned to more than $104.8 million.@@@@1@21@@oe@2-2-2013
21470006@unknown@formal@none@1@S@Defendants include British Petroleum America; Trinidad Corp., the shipper; and the pipeline liability fund.@@@@1@14@@oe@2-2-2013
21470007@unknown@formal@none@1@S@The fund was created by the Trans-Alaska Pipeline Act, which provides that the owner or operator of a vessel involved in an oil spill must pay the first $14 million in damages.@@@@1@32@@oe@2-2-2013
21470008@unknown@formal@none@1@S@The fund is required to pay claims up to an additional $86 million.@@@@1@13@@oe@2-2-2013
21470009@unknown@formal@none@1@S@The fund's purpose is to provide quick and adequate relief.@@@@1@10@@oe@2-2-2013
21470010@unknown@formal@none@1@S@But the Glacier Bay case, the fund's first test, shows how easily the fund can be undermined.@@@@1@17@@oe@2-2-2013
21470011@unknown@formal@none@1@S@Trinidad Corp. is contesting liability.@@@@1@5@@oe@2-2-2013
21470012@unknown@formal@none@1@S@It claims the Coast Guard failed to chart the rock and refuses to pay damages.@@@@1@15@@oe@2-2-2013
21470013@unknown@formal@none@1@S@That means the fund isn't obligated to pay anything, at least so far.@@@@1@13@@oe@2-2-2013
21470014@unknown@formal@none@1@S@The Oil Pollution Act, scheduled to come up for a vote in Congress this fall, would provide that if claimants aren't paid within 90 days of a spill, the liability fund would compensate them and seek reimbursement from the owner or operator of the vessel, says a spokesman for Rep. George Miller (D., Calif.), a sponsor of the bill.@@@@1@59@@oe@2-2-2013
21470015@unknown@formal@none@1@S@The spokesman says the "glitch" in the statute is "the worst kind of Catch-22."@@@@1@14@@oe@2-2-2013
21470016@unknown@formal@none@1@S@Many Law School Grads Find Classes Never End@@@@1@8@@oe@2-2-2013
21470017@unknown@formal@none@1@S@RECENT LAW school graduates are starting jobs with law firms this fall -- and heading back to class.@@@@1@18@@oe@2-2-2013
21470018@unknown@formal@none@1@S@Bar associations and consultants are offering more programs to teach associates all they need to know about law but didn't learn in law school.@@@@1@24@@oe@2-2-2013
21470019@unknown@formal@none@1@S@"Law school teaches wonderful theory, but it doesn't teach the nuts and bolts of practical lawyering," says Aaron Weitz, head of a New York County Lawyers' Association committee that sponsors such a course.@@@@1@33@@oe@2-2-2013
21470020@unknown@formal@none@1@S@In the past, associates learned the basics from senior lawyers who acted as mentors.@@@@1@14@@oe@2-2-2013
21470021@unknown@formal@none@1@S@But these days, large firms hire as many as 30 new associates a year, and it's impossible to personally train everyone, says Joel Henning of Hildebrandt Inc., a consulting firm that runs training classes.@@@@1@34@@oe@2-2-2013
21470022@unknown@formal@none@1@S@The Hildebrandt course enables students to brush up on negotiation skills by role playing in simulated deals.@@@@1@17@@oe@2-2-2013
21470023@unknown@formal@none@1@S@Students also are taught to return clients' phone calls immediately and to treat the support staff with respect.@@@@1@18@@oe@2-2-2013
21470024@unknown@formal@none@1@S@Many law firms sponsor their own programs.@@@@1@7@@oe@2-2-2013
21470025@unknown@formal@none@1@S@At the Baltimore firm of Weinberg & Green, new corporate and banking associates are required to enroll in a 20-class course.@@@@1@21@@oe@2-2-2013
21470026@unknown@formal@none@1@S@Partners lecture on how to form corporations, draft agreements and defend clients against unwanted tender offers.@@@@1@16@@oe@2-2-2013
21470027@unknown@formal@none@1@S@Now, clients know that new associates have had some practical training before working on their cases, says James J. Hanks, a partner at the firm.@@@@1@25@@oe@2-2-2013
21470028@unknown@formal@none@1@S@Los Angeles Creates A Courthouse for Kids@@@@1@7@@oe@2-2-2013
21470029@unknown@formal@none@1@S@THE CHILDREN of Los Angeles will soon have their own $52 million courthouse.@@@@1@13@@oe@2-2-2013
21470030@unknown@formal@none@1@S@The building, which will handle child abuse, custody and foster care cases, will be "less formal, less threatening and just basically less grim than most courthouses," says Edmund Edelman, chairman of the Los Angeles County Board of Supervisors.@@@@1@38@@oe@2-2-2013
21470031@unknown@formal@none@1@S@Designs call for an L-shaped structure with a playground in the center.@@@@1@12@@oe@2-2-2013
21470032@unknown@formal@none@1@S@There will be recreation and movie rooms.@@@@1@7@@oe@2-2-2013
21470033@unknown@formal@none@1@S@Teens will be able to listen to music with headsets.@@@@1@10@@oe@2-2-2013
21470034@unknown@formal@none@1@S@Study halls, complete with reference materials, will be available.@@@@1@9@@oe@2-2-2013
21470035@unknown@formal@none@1@S@And there will be a nurse's station and rooms for children to meet with social workers.@@@@1@16@@oe@2-2-2013
21470036@unknown@formal@none@1@S@The building's 25 courtrooms will be smaller, says Charlene Saunders, a court administrator.@@@@1@13@@oe@2-2-2013
21470037@unknown@formal@none@1@S@The bench will be lower so the judge seems less intimidating, and walls will be painted in bright colors and covered with murals.@@@@1@23@@oe@2-2-2013
21470038@unknown@formal@none@1@S@Cases in Los Angeles County involving dependent children are usually heard in the Criminal Courts Building.@@@@1@16@@oe@2-2-2013
21470039@unknown@formal@none@1@S@"We need to get the kids away from the criminals into a less traumatic environment," says Mr. Edelman.@@@@1@18@@oe@2-2-2013
21470040@unknown@formal@none@1@S@About 45,000 children in Los Angeles County are under court supervision, Mr. Edelman says, and an average of 1,500 new children are added each month.@@@@1@25@@oe@2-2-2013
21470041@unknown@formal@none@1@S@The courthouse, to be built in Monterey Park, is expected to open in the spring of 1992.@@@@1@17@@oe@2-2-2013
21470042@unknown@formal@none@1@S@Law Firm Management Can Be Quite Rewarding@@@@1@7@@oe@2-2-2013
21470043@unknown@formal@none@1@S@IT PAYS to follow a management career path -- even at law firms.@@@@1@13@@oe@2-2-2013
21470044@unknown@formal@none@1@S@That's the conclusion of a recent study of large law firms conducted by Altman & Weil Inc., an Ardmore, Pa., law firm consultant.@@@@1@23@@oe@2-2-2013
21470045@unknown@formal@none@1@S@Its survey of 96 firms, each with 100 to 1,000 lawyers, shows that managing partners earned an average of $395,974 in compensation and cash benefits in the firms' 1988 fiscal years.@@@@1@31@@oe@2-2-2013
21470046@unknown@formal@none@1@S@Managing partners who responded to the survey typically spend over half their time supervising their firms' day-to-day operations and just a little more than a third of their time practicing law.@@@@1@31@@oe@2-2-2013
21470047@unknown@formal@none@1@S@Partners in the survey who devote most of their time to practicing law earned an average of about $217,000.@@@@1@19@@oe@2-2-2013
21471001@unknown@formal@none@1@S@Chairman Jamie Whitten (D., Miss.) of the House Appropriations Committee proposed a $2.85 billion emergency funding package to assist California's recovery from last week's earthquake and extend further aid to East Coast victims of Hurricane Hugo.@@@@1@36@@oe@2-2-2013
21471002@unknown@formal@none@1@S@The sweeping measure incorporates $500 million in small-business loans, $1 billion in highway-construction funds and $1.25 billion divided between general emergency assistance and a reserve to be available to President Bush to meet unanticipated costs from the two disasters.@@@@1@39@@oe@2-2-2013
21471003@unknown@formal@none@1@S@The funds would be attached to a stop-gap spending bill required to keep most of the government operating past Wednesday.@@@@1@20@@oe@2-2-2013
21471004@unknown@formal@none@1@S@The measure is scheduled to be taken up by the Appropriations Committee today.@@@@1@13@@oe@2-2-2013
21471005@unknown@formal@none@1@S@The panel is expected to add provisions waiving restrictions on the use of federal highway funds and may also shift money within the package to bolster the share for the Small Business Administration.@@@@1@33@@oe@2-2-2013
21471006@unknown@formal@none@1@S@"We will support it, we will thank him, and we will augment it where appropriate," said Rep. Vic Fazio (D., Calif.).@@@@1@21@@oe@2-2-2013
21471007@unknown@formal@none@1@S@Dubbed the "Dire Emergency Supplemental to Meet the Needs of Natural Disasters of National Significance," the measure is vintage Whitten in asserting federal responsibility and in disdaining budget impediments.@@@@1@29@@oe@2-2-2013
21471008@unknown@formal@none@1@S@"Such other amounts will be made available subsequently as required," the legislation reads, and the new obligations "shall not be a charge against the Budget Act, Gramm-Rudman-Hollings, or other ceilings.@@@@1@30@@oe@2-2-2013
21472001@unknown@formal@none@1@S@Moody's Investors Service Inc. said it lowered the ratings of some $145 million of Pinnacle debt because of "accelerating deficiency in liquidity," which it said was evidenced by Pinnacle's elimination of dividend payments.@@@@1@33@@oe@2-2-2013
21472002@unknown@formal@none@1@S@Henry Sargent Jr., Pinnacle executive vice president, said the action "won't really have any effect on us.@@@@1@17@@oe@2-2-2013
21472003@unknown@formal@none@1@S@We aren't selling bonds right now, and I don't think it will affect the value of our existing bonds."@@@@1@19@@oe@2-2-2013
21472004@unknown@formal@none@1@S@The rating agency said it lowered the ratings on $75 million of the holding company's convertible subordinated Eurodebentures to B-3 from B-1.@@@@1@22@@oe@2-2-2013
21472005@unknown@formal@none@1@S@Moody's said it also lowered the ratings of $70 million of Pinnacle's MeraBank thrift unit long-term deposits to B-3 from B-2, and on its subordinated debt to Ca from Caa.@@@@1@30@@oe@2-2-2013
21472006@unknown@formal@none@1@S@MeraBank's rating for short-term deposits remains Not Prime.@@@@1@8@@oe@2-2-2013
21472007@unknown@formal@none@1@S@Securities of MeraBank were placed under review last May, and will remain under review for downgrade, the agency said.@@@@1@19@@oe@2-2-2013
21473001@unknown@formal@none@1@S@First, the somewhat affected idealism of the 1960s.@@@@1@8@@oe@2-2-2013
21473002@unknown@formal@none@1@S@Then, the all-too-sincere opportunism of the 1970s and 1980s.@@@@1@9@@oe@2-2-2013
21473003@unknown@formal@none@1@S@What now?@@@@1@2@@oe@2-2-2013
21473004@unknown@formal@none@1@S@To judge from novels that mirror the contemporary scene, we're back in the age of anxiety.@@@@1@16@@oe@2-2-2013
21473005@unknown@formal@none@1@S@Where '60s dropouts professed to scorn middle-class life and ambitious yuppies hoped to leave it far behind as they scaled the upper reaches of success, it now seems that so many people feel they're slipping between the cracks, that middle-class life is viewed with nostalgia or outright longing.@@@@1@48@@oe@2-2-2013
21473006@unknown@formal@none@1@S@Lisa Zeidner's third novel, "Limited Partnerships" (North Point Press, 256 pages, $18.95) is a stylish, funny and thoughtful look at the way love relationships are affected by the pressures of money, or, more specifically, the lack of it.@@@@1@38@@oe@2-2-2013
21473007@unknown@formal@none@1@S@Nora Worth and Malcolm DeWitt, 33 and 39 respectively, live together in a townhouse in a transitional Philadelphia neighborhood.@@@@1@19@@oe@2-2-2013
21473008@unknown@formal@none@1@S@Malcolm, a former film-maker turned architect, has just seen his first big chance at a lucrative commission turn to dust with the arrest of his shady, obnoxious client, a fly-by-night real estate developer.@@@@1@33@@oe@2-2-2013
21473009@unknown@formal@none@1@S@Nora, who still has artistic aspirations, knows she is lucky to be working as a food stylist, prepping pies, burgers, frosty cold drinks and other comestibles to look as appetizing as possible in front of the camera.@@@@1@37@@oe@2-2-2013
21473010@unknown@formal@none@1@S@After all, she reasons, "there were housewives with Nikons and degrees from cooking schools in France who would kill for her job."@@@@1@22@@oe@2-2-2013
21473011@unknown@formal@none@1@S@But Nora and Malcolm feel trapped.@@@@1@6@@oe@2-2-2013
21473012@unknown@formal@none@1@S@They seem to be having the "worst of both worlds: artistic work with none of art's integrity and no control over the finished product; self-employment without fun or profit."@@@@1@29@@oe@2-2-2013
21473013@unknown@formal@none@1@S@It's a downbeat, "thirtysomething" world, in which bright, still youngish people are engaged in a glossy version of day labor, doing free-lance, semi-professional work that brings little satisfaction or security but that they know they should be grateful to do.@@@@1@40@@oe@2-2-2013
21473014@unknown@formal@none@1@S@Uncertainty dogs every aspect of their lives.@@@@1@7@@oe@2-2-2013
21473015@unknown@formal@none@1@S@Malcolm faces bankruptcy and an IRS audit, but Nora finds an extra $30,000 in her bank account, suddenly increasing her available funds some fifteenfold.@@@@1@24@@oe@2-2-2013
21473016@unknown@formal@none@1@S@While she is wondering whether to live it up, and do something even more dramatic, say get married, her life is further complicated by the reappearance of an old flame, David, a film critic and actor who always seems to be just on the brink of stardom.@@@@1@47@@oe@2-2-2013
21473017@unknown@formal@none@1@S@In novels of an earlier vintage, David would have represented excitement and danger; Malcolm, placid, middle-class security.@@@@1@17@@oe@2-2-2013
21473018@unknown@formal@none@1@S@The irony in this novel is that neither man represents a "safe" middle-class haven: Nora's decision is between emotional excitement and emotional security, with no firm economic base anywhere.@@@@1@29@@oe@2-2-2013
21473019@unknown@formal@none@1@S@The characters confront a world in which it seems increasingly difficult to find a "middle way" between the extremes of success and failure, wealth and poverty.@@@@1@26@@oe@2-2-2013
21473020@unknown@formal@none@1@S@In making Malcolm and Nora such wonderfully representative specimens of their class and generation, Ms. Zeidner has somewhat neglected the task of making them distinctively individual characters.@@@@1@27@@oe@2-2-2013
21473021@unknown@formal@none@1@S@The humor of the story owes much to the fact that no hearts (even the characters' own) are likely to bleed for the plight of health-food eaters.@@@@1@27@@oe@2-2-2013
21473022@unknown@formal@none@1@S@But readers may well feel the pangs of recognition.@@@@1@9@@oe@2-2-2013
21473023@unknown@formal@none@1@S@In any case, the foundering middle classes aren't the only ones in trouble -- or whose troubles provide material for fiction.@@@@1@21@@oe@2-2-2013
21473024@unknown@formal@none@1@S@"Rascal Money" (Contemporary Books, 412 pages, $17.95), a novel by consultant and business analyst Joseph R. Garber, tells the story of an innovative, well-run, widely respected computer manufacturing company called PegaSys as it faces a hostile takeover attempt by AIW, a much smaller corporation that is so incompetently managed as to constitute a standing joke in the business world.@@@@1@59@@oe@2-2-2013
21473025@unknown@formal@none@1@S@Patrician, dynamic Scott Thatcher, founder and head of PegaSys, initially finds the takeover threat risible.@@@@1@15@@oe@2-2-2013
21473026@unknown@formal@none@1@S@But, as he and his skilled team soon discover, they're up against two factors they hadn't counted on: first, a business climate in which a failing company with few assets and many debts can borrow against the assets of the successful company it hopes to acquire in order to finance the takeover; second, that standing behind AIW is a sinister consortium of much bigger, shadier and shrewder foreign interests secretly providing the money and muscle for the deal.@@@@1@78@@oe@2-2-2013
21473027@unknown@formal@none@1@S@Mr. Garber manages to invest this tale of financial wars with the colorful characters and fast-paced action of a suspense novel.@@@@1@21@@oe@2-2-2013
21473028@unknown@formal@none@1@S@And like a spy or mystery story, this novel has strong elements of allegory, as the good and evil forces battle it out.@@@@1@23@@oe@2-2-2013
21473029@unknown@formal@none@1@S@Mr. Garber depicts these moral qualities with the broad brush strokes of a satire that occasionally descends to the realm of cliched caricatures.@@@@1@23@@oe@2-2-2013
21473030@unknown@formal@none@1@S@Standard-issue portraits of flaky Californians, snobbish homosexuals and Neanderthal union leaders undermine the force of the author's perceptions.@@@@1@18@@oe@2-2-2013
21473031@unknown@formal@none@1@S@Yet the heavy-handedness of the satire also can be effective in a book like this: If the head of AIW were not portrayed as an utterly contemptible, malicious dolt, we would not much care whether his schemes were defeated, and would not be so diverted in the process.@@@@1@48@@oe@2-2-2013
21473032@unknown@formal@none@1@S@Ms. Rubin is a free-lance writer based in Los Angeles.@@@@1@10@@oe@2-2-2013
21474001@unknown@formal@none@1@S@High-definition television promises to be the TV of tomorrow, so it is a natural multibillion-dollar market.@@@@1@16@@oe@2-2-2013
21474002@unknown@formal@none@1@S@Although major U.S. manufacturers have all but ceded the main segment of that future business to Japan, not everyone here is ready to give up.@@@@1@25@@oe@2-2-2013
21474003@unknown@formal@none@1@S@A handful of small U.S. companies are struggling to develop the technology to build the screens for the thin, high-quality televisions that are expected to hang on living room walls by the end of the 1990s.@@@@1@36@@oe@2-2-2013
21474004@unknown@formal@none@1@S@With only small help from the government, these start-up concerns are trying to compete with the Goliaths of the Japanese consumer electronics industry, which enjoy considerable backing from the Japanese government.@@@@1@31@@oe@2-2-2013
21474005@unknown@formal@none@1@S@Photonics Technology Inc. of Northwood, Ohio, aims to use a new form of plasma technology to put movie-quality images on a TV display that is 40 inches in diameter but only a few inches thick.@@@@1@35@@oe@2-2-2013
21474006@unknown@formal@none@1@S@Planar Systems Inc. of Beaverton, Ore., the largest of these firms, with $20 million in annual revenue, has similar plans.@@@@1@20@@oe@2-2-2013
21474007@unknown@formal@none@1@S@It already has had success in electroluminescence, another promising technology adaptable for high-definition television.@@@@1@14@@oe@2-2-2013
21474008@unknown@formal@none@1@S@Two other firms, Ovonic Imaging Systems Inc. of Troy, Mich., and Magnascreen Corp. of Pittsburgh are developing a variation of the flat-panel screens called active-matrix liquid crystal displays.@@@@1@28@@oe@2-2-2013
21474009@unknown@formal@none@1@S@The new technologies are intended to retire the cathode-ray tube, which accounts for most of the bulk of the conventional TV set.@@@@1@22@@oe@2-2-2013
21474010@unknown@formal@none@1@S@Replacing the cathode-ray tube with a large, thin screen is the key to the creation of a high-definition television, or HDTV, which is expected to become a $30 billion business world-wide within a decade.@@@@1@34@@oe@2-2-2013
21474011@unknown@formal@none@1@S@Large U.S. companies are interested in other segments of the HDTV business, such as signal-processing and broadcast equipment.@@@@1@18@@oe@2-2-2013
21474012@unknown@formal@none@1@S@But except for Zenith Electronics Corp. and International Business Machines Corp., which is collaborating with Toshiba on computer displays, they are poorly positioned to exploit advances in large panels.@@@@1@29@@oe@2-2-2013
21474013@unknown@formal@none@1@S@General Electric Co. recently sold off its interests in liquid-crystal displays to Thompson-CSF of France.@@@@1@15@@oe@2-2-2013
21474014@unknown@formal@none@1@S@"We found the market not developing as we thought it would," a GE spokesman says.@@@@1@15@@oe@2-2-2013
21474015@unknown@formal@none@1@S@The small U.S. firms are persisting because of their strong positions in patents, and because the prize is still there to be seized.@@@@1@23@@oe@2-2-2013
21474016@unknown@formal@none@1@S@"No one yet has shown the ability to manufacture these panels" at commercial costs, says Zvi Yaniv, the president of Ovonic Imaging.@@@@1@22@@oe@2-2-2013
21474017@unknown@formal@none@1@S@He says he thinks his company is just a few years from doing that.@@@@1@14@@oe@2-2-2013
21474018@unknown@formal@none@1@S@The Bush administration, hearing conflicting advice about what its role in HDTV should be, isn't doing much for now.@@@@1@19@@oe@2-2-2013
21474019@unknown@formal@none@1@S@The only material support it is extending to the struggling U.S. industry is $30 million in awards from the Pentagon's Defense Advanced Research Projects Agency.@@@@1@25@@oe@2-2-2013
21474020@unknown@formal@none@1@S@The DARPA funds are a pittance compared with what Japan and other prospective competitors are spending.@@@@1@16@@oe@2-2-2013
21474021@unknown@formal@none@1@S@The Commerce Department estimates that Japanese government and industry spending on HDTV research is already over $1 billion.@@@@1@18@@oe@2-2-2013
21474022@unknown@formal@none@1@S@"Unless it gets more help, the U.S. industry won't have a chance," says Peter Friedman, Photonics's executive vice president.@@@@1@19@@oe@2-2-2013
21474023@unknown@formal@none@1@S@Thus far, almost all of the basic technology relating to high-definition television has come from U.S. laboratories.@@@@1@17@@oe@2-2-2013
21474024@unknown@formal@none@1@S@But Peter Brody, Magnascreen's president, says Japanese companies are poised to snatch the technology and put it to commercial use, just as they did with earlier U.S. innovations in color television and video recording.@@@@1@34@@oe@2-2-2013
21474025@unknown@formal@none@1@S@In the 1970s, Mr. Brody helped develop the first display panels based on active-matrix liquid crystals at Westinghouse Electric Corp.'s research labs in Pittsburgh.@@@@1@24@@oe@2-2-2013
21474026@unknown@formal@none@1@S@The panels are like oversized semiconductors surfaced with a million or more picture elements, each contributing to the color and tone of a TV image.@@@@1@25@@oe@2-2-2013
21474027@unknown@formal@none@1@S@In 1979, however, Westinghouse abandoned the project along with its stake in advanced television.@@@@1@14@@oe@2-2-2013
21474028@unknown@formal@none@1@S@Mr. Brody left the company to find other backers.@@@@1@9@@oe@2-2-2013
21474029@unknown@formal@none@1@S@He has a claim to the right to commercialize the Westinghouse patents, but he contends that those patents are being infringed by a number of Japanese producers.@@@@1@27@@oe@2-2-2013
21474030@unknown@formal@none@1@S@"Most American investors have just given up," Mr. Brody says.@@@@1@10@@oe@2-2-2013
21474031@unknown@formal@none@1@S@"They aren't prepared to compete in an area where the Japanese want to enter."@@@@1@14@@oe@2-2-2013
21474032@unknown@formal@none@1@S@Many critics question the industry's need for federal support; the Pentagon justifies its help on national-security grounds.@@@@1@17@@oe@2-2-2013
21474033@unknown@formal@none@1@S@"We don't see a domestic source for some of our {HDTV} requirements, and that's a source of concern," says Michael Kelly, director of DARPA's defense manufacturing office.@@@@1@27@@oe@2-2-2013
21474034@unknown@formal@none@1@S@So DARPA is trying to keep the industry interested in developing large display panels by doling out research funds.@@@@1@19@@oe@2-2-2013
21474035@unknown@formal@none@1@S@HDTV already has some military applications, such as creating realistic flight simulations and transmitting information to combat commanders.@@@@1@18@@oe@2-2-2013
21474036@unknown@formal@none@1@S@The Navy is ordering displays for its Aegis cruisers and the Army wants smaller versions for its Abrams battle tanks.@@@@1@20@@oe@2-2-2013
21474037@unknown@formal@none@1@S@The Commerce Department also is trying to encourage HDTV because of the benefits that could spin off to the semiconductor and computer industries.@@@@1@23@@oe@2-2-2013
21474038@unknown@formal@none@1@S@"It isn't just yuppie television," argues Jack Clifford, director of the department's office of microelectronics and instrumentation.@@@@1@17@@oe@2-2-2013
21474039@unknown@formal@none@1@S@"The industry will create industrial products such as displays for work stations and medical diagnostic equipment before it acquires a mass consumer market."@@@@1@23@@oe@2-2-2013
21474040@unknown@formal@none@1@S@Although some HDTV advocates are calling for other forms of aid, such as antitrust relief for research consortia, the small firms simply would prefer more DARPA funds.@@@@1@27@@oe@2-2-2013
21474041@unknown@formal@none@1@S@Each claims to possess the right technology and wants just a bit more money to make it commercial.@@@@1@18@@oe@2-2-2013
21474042@unknown@formal@none@1@S@They also want U.S. trade policy to reflect the Pentagon and Commerce department's concern over their future.@@@@1@17@@oe@2-2-2013
21474043@unknown@formal@none@1@S@They all are strongly opposed to a petition from several Japanese TV manufacturers, including Matsushita, Hitachi, and Toshiba, to exempt portable color TVs with liquid-crystal displays from anti-dumping duties that the U.S. imposes on the larger Japanese color TVs.@@@@1@39@@oe@2-2-2013
21474044@unknown@formal@none@1@S@And they want the U.S. to help them sell overseas.@@@@1@10@@oe@2-2-2013
21474045@unknown@formal@none@1@S@Planar President James Hurd says he has to pay tariffs as high as 15% to sell his display panels in Japan and South Korea, while panels from those countries enter the U.S. duty-free.@@@@1@33@@oe@2-2-2013
21474046@unknown@formal@none@1@S@"This isn't a technology issue, but an attitude issue," he says.@@@@1@11@@oe@2-2-2013
21474047@unknown@formal@none@1@S@"We just haven't learned what it takes to compete.@@@@1@9@@oe@2-2-2013
21475001@unknown@formal@none@1@S@Burmah Oil PLC, a British independent oil and specialty-chemicals marketing concern, said SHV Holdings N.V. has built up a 7.5% stake in the company.@@@@1@24@@oe@2-2-2013
21475002@unknown@formal@none@1@S@The holding of 13.6 million shares is up from a 6.7% stake that Burmah announced SHV held as of last Monday.@@@@1@21@@oe@2-2-2013
21475003@unknown@formal@none@1@S@SHV, of the Netherlands, which last year merged its North Sea oil and gas operations with those of Calor Group PLC and which owns 40% of Calor, was identified as a possible suitor for Burmah.@@@@1@35@@oe@2-2-2013
21475004@unknown@formal@none@1@S@Burmah said it hadn't held any discussions with SHV and that "no deal of any nature is in contemplation.@@@@1@19@@oe@2-2-2013
21476001@unknown@formal@none@1@S@The top state environmental official in Massachusetts said Clean Harbors Inc.'s environmental-impact statement for a proposed incinerator in Braintree was inadequate.@@@@1@21@@oe@2-2-2013
21476002@unknown@formal@none@1@S@The official, John DeVillars, asked Clean Harbors for more information before ruling on a permit for the site.@@@@1@18@@oe@2-2-2013
21476003@unknown@formal@none@1@S@Critics of the plan, including the town of Braintree, say the incinerator is a health hazard.@@@@1@16@@oe@2-2-2013
21476004@unknown@formal@none@1@S@Clean Harbors, based in Quincy, said it "will proceed expeditiously" to submit the data requested.@@@@1@15@@oe@2-2-2013
21476005@unknown@formal@none@1@S@Alan McKim, chief executive officer of Clean Harbors said he was "very much encouraged" by the official's praise of Clean Harbors for the quality of some of the data in the report.@@@@1@32@@oe@2-2-2013
21477001@unknown@formal@none@1@S@Citizens & Southern Corp. said it signed a definitive agreement to acquire Security Pacific Corp.'s New York-based factoring unit.@@@@1@19@@oe@2-2-2013
21477002@unknown@formal@none@1@S@Terms of the bank holding companies' agreement weren't disclosed.@@@@1@9@@oe@2-2-2013
21477003@unknown@formal@none@1@S@Factoring involves the purchase and collection of another company's receivables.@@@@1@10@@oe@2-2-2013
21477004@unknown@formal@none@1@S@Citizens, based in Atlanta, said it has about $4.6 billion in factored sales annually; the Security Pacific unit has about $1.8 billion annually.@@@@1@23@@oe@2-2-2013
21477005@unknown@formal@none@1@S@Security Pacific's factoring business works with companies in the apparel, textile and food industries, among others.@@@@1@16@@oe@2-2-2013
21478001@unknown@formal@none@1@S@The Office of Thrift Supervision banned B.J. Garman, a former director of the failed Vision Banc Savings Association of Kingsville, Texas, from working in any financial institution insured by the government.@@@@1@31@@oe@2-2-2013
21478002@unknown@formal@none@1@S@The office, a Treasury Department unit that is the successor to the Federal Home Loan Bank Board, said this was the first announcement of an enforcement action since this year's thrift-bailout legislation ordered that all such actions by federal banking regulators be made public.@@@@1@44@@oe@2-2-2013
21478003@unknown@formal@none@1@S@Generally, regulators haven't announced enforcement actions in the past.@@@@1@9@@oe@2-2-2013
21478004@unknown@formal@none@1@S@Indeed, the OTS said that before the law took effect Aug. 9, it banned another "key Vision Banc insider" from insured financial institutions.@@@@1@23@@oe@2-2-2013
21478005@unknown@formal@none@1@S@That individual wasn't identified.@@@@1@4@@oe@2-2-2013
21478006@unknown@formal@none@1@S@Vision Banc was placed in government conservatorship in March, and it operates under the control of the Resolution Trust Corp., the agency created to sell or liquidate insolvent thrifts.@@@@1@29@@oe@2-2-2013
21478007@unknown@formal@none@1@S@The OTS didn't say specifically why the action was taken against Ms. Garman.@@@@1@13@@oe@2-2-2013
21478008@unknown@formal@none@1@S@However, it said examiners found a variety of insider dealings at the thrift, including "extraordinary loan commissions" paid to a firm associated with Vision Banc officials, and loans diverted through borrowers back to the thrift officials.@@@@1@36@@oe@2-2-2013
21478009@unknown@formal@none@1@S@Ms. Garman couldn't be reached for comment.@@@@1@7@@oe@2-2-2013
21479001@unknown@formal@none@1@S@Arizona Instrument Corp. said it expects to post a third-quarter net loss of about $600,000, or 25 cents to 27 cents a share, compared with net income of $214,000, or 10 cents a share, a year earlier.@@@@1@37@@oe@2-2-2013
21479002@unknown@formal@none@1@S@The Tempe, Ariz., maker of underground fuel-storage systems said the most recent period was affected by customers' problems complying with recent Environmental Protection Agency regulations.@@@@1@25@@oe@2-2-2013
21479003@unknown@formal@none@1@S@For the nine months, the company expects to post a net loss of about $879,000, or 35 cents to 40 cents a share, on revenue of $6.5 million.@@@@1@28@@oe@2-2-2013
21479004@unknown@formal@none@1@S@A year earlier, it had a loss of $199,203 or nine cents a share, on revenue of $7.6 million.@@@@1@19@@oe@2-2-2013
21480001@unknown@formal@none@1@S@Growth is good.@@@@1@3@@oe@2-2-2013
21480002@unknown@formal@none@1@S@At least, that's a theme emerging among many money managers who are anxious both to preserve the handsome stock-market gains they have already achieved this year and to catch the next wave of above-average performers.@@@@1@35@@oe@2-2-2013
21480003@unknown@formal@none@1@S@They are starting to buy growth stocks.@@@@1@7@@oe@2-2-2013
21480004@unknown@formal@none@1@S@Remember them?@@@@1@2@@oe@2-2-2013
21480005@unknown@formal@none@1@S@The upper echelon of this group were shares of the "nifty 50" companies whose profits of the 1960s and early 1970s grew steadily, if not spectacularly, through thick and thin.@@@@1@30@@oe@2-2-2013
21480006@unknown@formal@none@1@S@That sort of workhorse performance sounds made to order for a time when corporate profits overall have been weakening from the brisk increases of recent years.@@@@1@26@@oe@2-2-2013
21480007@unknown@formal@none@1@S@The current flood of third-quarter reports are producing many more negative surprises than positive ones.@@@@1@15@@oe@2-2-2013
21480008@unknown@formal@none@1@S@Those are unwelcome trends in a year that the Dow Jones Industrial Average has risen 23% so far, even with the 190.58-point plunge on Oct. 13; broader market measures are in the same neighborhood.@@@@1@34@@oe@2-2-2013
21480009@unknown@formal@none@1@S@The question for investors is, how to protect these returns and yet reach a little for additional gains.@@@@1@18@@oe@2-2-2013
21480010@unknown@formal@none@1@S@That's the path of reasoning leading to growth stocks.@@@@1@9@@oe@2-2-2013
21480011@unknown@formal@none@1@S@"I think it is a good theme for what looks to be an uncertain market," says Steven Einhorn, partner at Goldman Sachs.@@@@1@22@@oe@2-2-2013
21480012@unknown@formal@none@1@S@Growth stocks may be as big as Philip Morris or medium-sized such as Circuit City Stores, but their common characteristic is a history of increasing profits on the order of at least 15% to 20% a year, money managers say.@@@@1@40@@oe@2-2-2013
21480013@unknown@formal@none@1@S@"The period when growth stocks should be performing well is when their earnings are growing at a superior rate to the general level of corporate profits," says Stephen Boesel, president of T. Rowe Price's Growth and Income Fund.@@@@1@38@@oe@2-2-2013
21480014@unknown@formal@none@1@S@Growth stocks also are attractive in periods of market volatility, which many investors and analysts expect in the weeks ahead as everybody tries to discern where the economy is heading.@@@@1@30@@oe@2-2-2013
21480015@unknown@formal@none@1@S@This kind of jumpy uncertainty reminds John Calverley, senior economist for American Express Bank, of the 1969-72 period, when the industrial average rolled through huge ranges and investors flocked to the shares of companies with proven earnings records, which became known as the "nifty 50."@@@@1@45@@oe@2-2-2013
21480016@unknown@formal@none@1@S@And they will again, say money-manager proponents of the growth-stock theme.@@@@1@11@@oe@2-2-2013
21480017@unknown@formal@none@1@S@Cabanne Smith, president of a money management company bearing his name, predicts that investment companies using computers to identify companies with earnings "momentum" will climb on the growth-stock bandwagon as the overall corporate earnings outlook deteriorates further.@@@@1@37@@oe@2-2-2013
21480018@unknown@formal@none@1@S@He also thinks foreign investors, who are showing signs of more discriminate investing, will join the pursuit and pump up prices.@@@@1@21@@oe@2-2-2013
21480019@unknown@formal@none@1@S@"We're just seeing the beginning of a shift," Mr. Smith says.@@@@1@11@@oe@2-2-2013
21480020@unknown@formal@none@1@S@Mr. Smith recommends Cypress Semiconductor that is currently showing a robust 63% earnings growth rate.@@@@1@15@@oe@2-2-2013
21480021@unknown@formal@none@1@S@Ronald Sloan, executive vice president of Siebel Capital Management, likes Wellman Inc., a company that recycles plastic into synthetic fibers for carpeting.@@@@1@22@@oe@2-2-2013
21480022@unknown@formal@none@1@S@Mr. Sloan praises the company as recession resistant and notes that it has an annual earnings growth rate of 32% a year over the past five years.@@@@1@27@@oe@2-2-2013
21480023@unknown@formal@none@1@S@Wellman stock closed Friday at 39 3/8, up 1/8; Mr. Sloan thinks that in a year it could hit 60.@@@@1@20@@oe@2-2-2013
21480024@unknown@formal@none@1@S@Others preach the gospel of buying only blue-chip growth stocks.@@@@1@10@@oe@2-2-2013
21480025@unknown@formal@none@1@S@Carmine Grigoli, chief market strategist for First Boston, who still says, "We expect the Dow average {to be at} 3000 by mid-1990," nonetheless foresees a sluggish economy in the meantime.@@@@1@30@@oe@2-2-2013
21480026@unknown@formal@none@1@S@He recommends such blue-chip growth stalwarts as Philip Morris, PepsiCo, CPC International, Reebok International, and Limited Inc.@@@@1@17@@oe@2-2-2013
21480027@unknown@formal@none@1@S@All have a fiveyear earnings growth rate of more than 20% a year.@@@@1@13@@oe@2-2-2013
21480028@unknown@formal@none@1@S@Some money managers are pursuing growth stocks at the expense of those that rise and fall along with the economic cycle.@@@@1@21@@oe@2-2-2013
21480029@unknown@formal@none@1@S@"One of the stories of the fourth quarter is that we will get an unusual number of earnings disappointments from companies sensitive to the economy," says Mr. Boesel of T. Rowe Price.@@@@1@32@@oe@2-2-2013
21480030@unknown@formal@none@1@S@James Wright, chief investment officer for Banc One Asset Management, says, "We've been selling a disproportionate share of cyclical companies and buying a disproportionate share of high earnings stocks."@@@@1@29@@oe@2-2-2013
21480031@unknown@formal@none@1@S@He recently trimmed his portfolio of International Paper, Dow Chemical, Quantum Chemical, International Business Machines and Digital Equipment.@@@@1@18@@oe@2-2-2013
21480032@unknown@formal@none@1@S@He is putting money in Dress Barn, Circuit City Stores, Bruno's, and Rubbermaid.@@@@1@13@@oe@2-2-2013
21480033@unknown@formal@none@1@S@Big cyclical companies are using "all the tricks they can to stabilize earnings," says Mr. Sloan.@@@@1@16@@oe@2-2-2013
21480034@unknown@formal@none@1@S@He cites IBM, which reported a 30% earnings decline in the third quarter, and which last week announced a $1 billion buy-back of its shares.@@@@1@25@@oe@2-2-2013
21480035@unknown@formal@none@1@S@"What they are telling you is that they don't have the ability to generate higher returns internally," says Mr. Sloan.@@@@1@20@@oe@2-2-2013
21480036@unknown@formal@none@1@S@"When they are buying back stock at 10 times earnings, they are suggesting that the rate of return on competing internal projects is below" returns on the stock.@@@@1@28@@oe@2-2-2013
21480037@unknown@formal@none@1@S@IBM says it considers its shares a good investment.@@@@1@9@@oe@2-2-2013
21480038@unknown@formal@none@1@S@But not all strategists or money managers are ready to throw in the towel completely on cyclicals.@@@@1@17@@oe@2-2-2013
21480039@unknown@formal@none@1@S@Growth stocks may underperform cyclical stocks next year if the Federal Reserve begins to let interest rates drift sufficiently lower to boost the economy.@@@@1@24@@oe@2-2-2013
21480040@unknown@formal@none@1@S@Goldman Sachs's Mr. Einhorn, for one, subscribes to that scenario.@@@@1@10@@oe@2-2-2013
21480041@unknown@formal@none@1@S@He suggests investors think about buying cyclical shares in the weeks ahead, as well as growth issues.@@@@1@17@@oe@2-2-2013
21480042@unknown@formal@none@1@S@Friday's Market Activity@@@@1@3@@oe@2-2-2013
21480043@unknown@formal@none@1@S@Stock prices finished about unchanged Friday in quiet expiration trading.@@@@1@10@@oe@2-2-2013
21480044@unknown@formal@none@1@S@Traders anticipated a volatile session due to the October expiration of stock-index futures and options, and options on individual stocks.@@@@1@20@@oe@2-2-2013
21480045@unknown@formal@none@1@S@But there were fewer price swings than expected.@@@@1@8@@oe@2-2-2013
21480046@unknown@formal@none@1@S@Buy order imbalances on several big stocks were posted by the New York Stock Exchange.@@@@1@15@@oe@2-2-2013
21480047@unknown@formal@none@1@S@But block trading desks and money managers made a concerted effort to meet the imbalances with stock to sell, one trader said.@@@@1@22@@oe@2-2-2013
21480048@unknown@formal@none@1@S@As a result, the Dow Jones Industrial Average drifted in narrow ranges in the final hour of trading, and closed 5.94 higher to 2689.14.@@@@1@24@@oe@2-2-2013
21480049@unknown@formal@none@1@S@New York Stock Exchange volume was 164,830,000.@@@@1@7@@oe@2-2-2013
21480050@unknown@formal@none@1@S@Advancers on the Big Board lagged decliners 662 to 829.@@@@1@10@@oe@2-2-2013
21480051@unknown@formal@none@1@S@For the week, the industrial average gained 119.88 points, or 4.7%, the biggest weekly point advance ever and a better than 50% rebound from the 190.58 point loss the industrial average logged Oct. 13.@@@@1@34@@oe@2-2-2013
21480052@unknown@formal@none@1@S@Broader market averages were little changed in the latest session.@@@@1@10@@oe@2-2-2013
21480053@unknown@formal@none@1@S@Standard & Poor's 500-Stock Index gained 0.03 to 347.16, the Dow Jones Equity Market Index fell 0.02 to 325.50, and the New York Stock Exchange Composite Index fell 0.05 to 192.12.@@@@1@31@@oe@2-2-2013
21480054@unknown@formal@none@1@S@Most of last week's surge in the industrial average came on Monday, when the average rose 88.12 points as market players snapped up blue-chip issues and shunned the broad market.@@@@1@30@@oe@2-2-2013
21480055@unknown@formal@none@1@S@That contrast was reflected in the smaller weekly percentage gains recorded by the broader averages.@@@@1@15@@oe@2-2-2013
21480056@unknown@formal@none@1@S@The S&P 500 rose 4%, the Dow Jones Equity Market index gained 3.7% and the New York Stock Exchange composite index added 3.5%.@@@@1@23@@oe@2-2-2013
21480057@unknown@formal@none@1@S@The Dow Jones Transportation Average fell 32.71 to 1230.80 amid renewed weakness in the airline sector.@@@@1@16@@oe@2-2-2013
21480058@unknown@formal@none@1@S@UAL skidded 21 5/8 to 168 1/2 on 2.2 million shares.@@@@1@11@@oe@2-2-2013
21480059@unknown@formal@none@1@S@On the week, UAL was down nearly 40%.@@@@1@8@@oe@2-2-2013
21480060@unknown@formal@none@1@S@The latest drop followed a decision by British Airways, which had supported the $300-a-share buy-out offer for UAL from a labor-management group, not to participate in any revised bid.@@@@1@29@@oe@2-2-2013
21480061@unknown@formal@none@1@S@British Airways fell 1 to 31 7/8.@@@@1@7@@oe@2-2-2013
21480062@unknown@formal@none@1@S@While most other airline issues took their cue from UAL, USAir Group rose 1 3/4 to 43 1/4 on 1.5 million shares amid speculation about a possible takeover proposal from investor Marvin Davis.@@@@1@33@@oe@2-2-2013
21480063@unknown@formal@none@1@S@USA Today reported that Mr. Davis, who had pursued UAL before dropping his bid Wednesday, has acquired a stake of about 3% in USAir.@@@@1@24@@oe@2-2-2013
21480064@unknown@formal@none@1@S@Unocal fell 1 1/2 to 52 1/4 and Burlington Resources declined 7/8 to 45 5/8.@@@@1@15@@oe@2-2-2013
21480065@unknown@formal@none@1@S@At a meeting with analysts, British Petroleum officials dispelled speculation that the company may take over a U.S. oil company, according to Dow Jones Professional Investor Report.@@@@1@27@@oe@2-2-2013
21480066@unknown@formal@none@1@S@Both Unocal and Burlington had been seen as potential targets for a British Petroleum bid.@@@@1@15@@oe@2-2-2013
21480067@unknown@formal@none@1@S@Paper and forest-products stocks declined after Smith Barney, Harris Upham & Co. lowered investment ratings on a number of issues in the two sectors, based on a forecast that pulp prices will fall sharply.@@@@1@34@@oe@2-2-2013
21480068@unknown@formal@none@1@S@International Paper dropped 5/8 to 51, Georgia-Pacific fell 1 3/4 to 56 1/4, Stone Container tumbled 1 1/2 to 26 5/8, Great Northern Nekoosa went down 5/8 to 38 3/8 and Weyerhaeuser lost 7/8 to 28 1/8.@@@@1@37@@oe@2-2-2013
21480069@unknown@formal@none@1@S@Dun & Bradstreet dropped 3/4 to 51 1/8 on 1.9 million shares on uncertainty about the company's earnings prospects.@@@@1@19@@oe@2-2-2013
21480070@unknown@formal@none@1@S@Merrill Lynch cut its rating and 1990 earnings estimate Thursday, citing weakness in its credit-rating business.@@@@1@16@@oe@2-2-2013
21480071@unknown@formal@none@1@S@Lamson & Sessions, which posted sharply lower third-quarter earnings and forecast that results for the fourth quarter might be "near break-even," fell 1/2 to 9 1/4.@@@@1@26@@oe@2-2-2013
21480072@unknown@formal@none@1@S@Winnebago Industries slid 5/8 to 5 1/4.@@@@1@7@@oe@2-2-2013
21480073@unknown@formal@none@1@S@The company, which reported that its loss for the fiscal quarter ended Aug. 26 widened from a year earlier, cut its semiannual dividend in half in response to the earnings weakness.@@@@1@31@@oe@2-2-2013
21480074@unknown@formal@none@1@S@MassMutual Corporate Investors fell 3 to 29 after declaring a quarterly dividend of 70 cents a share, down from 95 cents a share.@@@@1@23@@oe@2-2-2013
21481001@unknown@formal@none@1@S@Stoneridge Resources Inc. said it will begin an offering of rights equivalent to 2.6 million common shares and valued at $22,750,000.@@@@1@21@@oe@2-2-2013
21481002@unknown@formal@none@1@S@The Bloomfield Hills, Mich.-based real-estate holding company said it will offer the rights at $8.75 a share to shareholders of record on Oct. 26.@@@@1@24@@oe@2-2-2013
21481003@unknown@formal@none@1@S@The offering is scheduled to expire on Nov. 30.@@@@1@9@@oe@2-2-2013
21481004@unknown@formal@none@1@S@The company said it will use the proceeds of the offering for debt reduction and general corporate purposes, including acquisitions.@@@@1@20@@oe@2-2-2013
21481005@unknown@formal@none@1@S@Stockholders may buy one share at the subscription price for every four shares of stock they own.@@@@1@17@@oe@2-2-2013
21481006@unknown@formal@none@1@S@Stockholders who exercise all their rights may buy additional shares, the company said.@@@@1@13@@oe@2-2-2013
21481007@unknown@formal@none@1@S@The company said it has an option to increase the offering by up to 350,000 shares.@@@@1@16@@oe@2-2-2013
21482001@unknown@formal@none@1@S@The following U.S. Treasury, corporate and municipal offerings are tentatively scheduled for sale this week, according to Dow Jones Capital Markets Report: $15.6 billion three-month and six-month bills.@@@@1@28@@oe@2-2-2013
21482002@unknown@formal@none@1@S@$10 billion of two-year notes.@@@@1@5@@oe@2-2-2013
21482003@unknown@formal@none@1@S@Resolution Funding Corp. to sell $4.5 billion 30-year bonds.@@@@1@9@@oe@2-2-2013
21482004@unknown@formal@none@1@S@Aim Prime Rate Plus Fund Inc. -- 10 million common shares, via PaineWebber Inc.@@@@1@14@@oe@2-2-2013
21482005@unknown@formal@none@1@S@Allied Capital Corp. II -- 6,500,000 common shares, via Shearson Lehman Hutton Inc.@@@@1@13@@oe@2-2-2013
21482006@unknown@formal@none@1@S@American Cyanamid Co. -- 1,250,000 common shares, via Merrill Lynch Capital Markets.@@@@1@12@@oe@2-2-2013
21482007@unknown@formal@none@1@S@Associated Natural Gas Corp. -- 1,400,000 common shares, via Dillon Read & Co.@@@@1@13@@oe@2-2-2013
21482008@unknown@formal@none@1@S@B & H Crude Carriers Ltd. -- Four million common shares, via Salomon Brothers Inc.@@@@1@15@@oe@2-2-2013
21482009@unknown@formal@none@1@S@Baldwin Technology Co. -- 2,600,000 Class A shares, via Smith Barney, Harris Upham & Co.@@@@1@15@@oe@2-2-2013
21482010@unknown@formal@none@1@S@Blockbuster Entertainment Corp. -- $250 million (face amount) Liquid Yield Option Notes, via Merrill Lynch.@@@@1@15@@oe@2-2-2013
21482011@unknown@formal@none@1@S@Chemex Pharmaceuticals Inc. -- 1,200,000 units, via PaineWebber.@@@@1@8@@oe@2-2-2013
21482012@unknown@formal@none@1@S@Immune Response Corp. -- Three million common shares, via Merrill Lynch.@@@@1@11@@oe@2-2-2013
21482013@unknown@formal@none@1@S@Marsam Pharmaceuticals Inc. -- 1,300,000 common shares, via Smith Barney, Harris Upham.@@@@1@12@@oe@2-2-2013
21482014@unknown@formal@none@1@S@RMI Titanium Co. -- 15 million common shares, via Salomon Brothers Inc.@@@@1@12@@oe@2-2-2013
21482015@unknown@formal@none@1@S@Tidewater Inc. -- 4,631,400 common shares, via Salomon Brothers Inc.@@@@1@10@@oe@2-2-2013
21482016@unknown@formal@none@1@S@Massachusetts -- Approximately $230 million of general bonds, consolidated loan of 1989, Series D, via competitive bid.@@@@1@17@@oe@2-2-2013
21482017@unknown@formal@none@1@S@Montgomery County, Maryland -- $75 million of general consolidated public improvement bonds of 1989, Series B, via competitive bid.@@@@1@19@@oe@2-2-2013
21482018@unknown@formal@none@1@S@Trinity River Authority, Texas -- $134,750,000 of regional wastewater system improvement revenue bonds, Series 1989, via competitive bid.@@@@1@18@@oe@2-2-2013
21482019@unknown@formal@none@1@S@City and County of Honolulu, Hawaii -- $75 million of obligation bonds, 1989 Series B, due 1993-2009, via competitive bid.@@@@1@20@@oe@2-2-2013
21482020@unknown@formal@none@1@S@Beverly Hills -- $110 million of civic center project certificates of participation, Series 1989, via a Goldman, Sachs & Co. group.@@@@1@21@@oe@2-2-2013
21482021@unknown@formal@none@1@S@Broward County School District, Florida -- $185 million of school district general bonds, via a First Boston Corp. group.@@@@1@19@@oe@2-2-2013
21482022@unknown@formal@none@1@S@Connecticut Housing Finance Authority -- $132,620,000 of housing mortgage revenue (AMT and non-AMT) bonds, via a PaineWebber group.@@@@1@18@@oe@2-2-2013
21482023@unknown@formal@none@1@S@Maryland Stadium Authority -- $137,550,000 of sports facilities lease revenue Alternative Minimum Tax (AMT) bonds, Series 1989 D, via a Morgan Stanley & Co. group.@@@@1@25@@oe@2-2-2013
21482024@unknown@formal@none@1@S@Michigan -- $80 million of Michigan First general bonds, including $70 million of environmental protection project bonds and $10 million of recreation project bonds, via a Shearson Lehman Hutton group.@@@@1@30@@oe@2-2-2013
21482025@unknown@formal@none@1@S@West Virginia Parkways Economic Development and Tourism Authority -- $143 million of parkway revenue bonds, Series 1989, via a PaineWebber group.@@@@1@21@@oe@2-2-2013
21482026@unknown@formal@none@1@S@San Antonio, Texas -- $640 million of gas and electric revenue refunding bonds, via a First Boston group.@@@@1@18@@oe@2-2-2013
21483001@unknown@formal@none@1@S@MCI COMMUNICATIONS Corp. said it filed a shelf registration with the Securities and Exchange Commission for issuance of as much as $750 million of debt securities.@@@@1@26@@oe@2-2-2013
21483002@unknown@formal@none@1@S@The debt will include medium-term notes sold through Merrill Lynch Capital Markets; Drexel Burnham Lambert Inc.; Goldman, Sachs & Co. and Salomon Brothers Inc.@@@@1@24@@oe@2-2-2013
21483003@unknown@formal@none@1@S@The funds will be used for refinancing existing debt of the Washington, D.C., concern at lower interest rates and for other general purposes.@@@@1@23@@oe@2-2-2013
21483004@unknown@formal@none@1@S@The effective date of the registration is to be determined by the SEC.@@@@1@13@@oe@2-2-2013
21484001@unknown@formal@none@1@S@A group including ESL Partners Ltd., a Fort Worth, Texas, investment partnership, and Richard E. Rainwater, a former adviser to the Fort Worth Bass family, said it reduced its stake in Anacomp Inc. to 3.6% of the common shares outstanding.@@@@1@40@@oe@2-2-2013
21484002@unknown@formal@none@1@S@In a filing with the Securities and Exchange Commission, the group said it sold 1,325,900 Anacomp common shares from Aug. 31 to last Wednesday for $4.48 to $5.84 a share, resulting in a drop in its holdings to 1,351,662 shares.@@@@1@40@@oe@2-2-2013
21484003@unknown@formal@none@1@S@No reason was given in the filing for the sales.@@@@1@10@@oe@2-2-2013
21484004@unknown@formal@none@1@S@An Anacomp official said the Indianapolis computer-services concern had no comment on the group's share sales.@@@@1@16@@oe@2-2-2013
21484005@unknown@formal@none@1@S@In March, the group disclosed it held a 7.2% stake in Anacomp for investment purposes.@@@@1@15@@oe@2-2-2013
21484006@unknown@formal@none@1@S@It said then it had had and would continue to have discussions with Anacomp's management concerning its investment.@@@@1@18@@oe@2-2-2013
21485001@unknown@formal@none@1@S@Home Beneficial Corp., Richmond, Va., said it contracted to sell its 50% interest in a Richmond-area shopping mall to a buyer that wasn't identified.@@@@1@24@@oe@2-2-2013
21485002@unknown@formal@none@1@S@The life-insurance holding company said the sale would result in an after-tax gain of about $32 million, or $3.09 a share, in the first quarter of@@@@1@26@@oe@2-2-2013
21485003@unknown@formal@none@1@S@The company also said it will adopt new accounting standards in the first quarter.@@@@1@14@@oe@2-2-2013
21485004@unknown@formal@none@1@S@The change will result in a charge of about $8.5 million, or 82 cents a share, because of an increase in deferred income-tax liability.@@@@1@24@@oe@2-2-2013
21485005@unknown@formal@none@1@S@In the first quarter of 1988, the company earned $10 million, or 94 cents a share.@@@@1@16@@oe@2-2-2013
21486001@unknown@formal@none@1@S@Following is a weekly listing of unadited net asset values of publicly traded investment fund shares, reported by the companies as of Friday's close.@@@@1@24@@oe@2-2-2013
21486002@unknown@formal@none@1@S@Also shown is the closing listed market price or a dealer-to-dealer asked price of each fund's shares, with the percentage of difference.@@@@1@22@@oe@2-2-2013
21486003@unknown@formal@none@1@S@Closed End Bond Funds@@@@1@4@@oe@2-2-2013
21486004@unknown@formal@none@1@S@Flexible Portfolio Funds@@@@1@3@@oe@2-2-2013
21486005@unknown@formal@none@1@S@Specialized Equity and Convertible Funds@@@@1@5@@oe@2-2-2013
21486006@unknown@formal@none@1@S@a-Ex-dividend.@@@@1@1@@oe@2-2-2013
21486007@unknown@formal@none@1@S@b-As of Thursday's close.@@@@1@4@@oe@2-2-2013
21486008@unknown@formal@none@1@S@c-Translated at Commercial Rand exchange rate.@@@@1@6@@oe@2-2-2013
21486009@unknown@formal@none@1@S@e-In Canadian dollars.@@@@1@3@@oe@2-2-2013
21486010@unknown@formal@none@1@S@f-As of Wednesday's close.@@@@1@4@@oe@2-2-2013
21487001@unknown@formal@none@1@S@A shareholder filed suit, seeking to block Unitel Video Inc.'s proposed plan to be acquired by a new affiliate of closely held Kenmare Capital Corp. for $15 a share, or $33.6 million.@@@@1@32@@oe@2-2-2013
21487002@unknown@formal@none@1@S@The suit, which seeks class-action status, was filed in Delaware Chancery Court.@@@@1@12@@oe@2-2-2013
21487003@unknown@formal@none@1@S@The complaint alleges that the price is "unfair and grossly inadequate" and that the defendants are seeking to ensure a "lockup" of the purchase of Unitel, thereby discouraging other bids.@@@@1@30@@oe@2-2-2013
21487004@unknown@formal@none@1@S@It seeks unspecified money damages.@@@@1@5@@oe@2-2-2013
21487005@unknown@formal@none@1@S@The New York company called the lawsuit without merit.@@@@1@9@@oe@2-2-2013
21487006@unknown@formal@none@1@S@Shareholders are scheduled to vote on the transaction Nov.@@@@1@9@@oe@2-2-2013
21488001@unknown@formal@none@1@S@This Toronto closed-end fund cut the annual dividend on its Class A common shares to one Canadian cent from 10 Canadian cents.@@@@1@22@@oe@2-2-2013
21488002@unknown@formal@none@1@S@The fund invests mainly in gold and silver bullion.@@@@1@9@@oe@2-2-2013
21488003@unknown@formal@none@1@S@It said the reduced dividend reflects the low price for precious metals.@@@@1@12@@oe@2-2-2013
21488004@unknown@formal@none@1@S@Greg Davies, Central Fund's vice president, finance, said losses for the fiscal year ending Oct. 31 could be as high as one million Canadian dollars (US$852,000).@@@@1@26@@oe@2-2-2013
21488005@unknown@formal@none@1@S@The fund last had a profit in 1985.@@@@1@8@@oe@2-2-2013
21488006@unknown@formal@none@1@S@The new dividend rate is payable Nov. 15 to holders of record Oct. 31.@@@@1@14@@oe@2-2-2013
21488007@unknown@formal@none@1@S@In American Stock Exchange composite trading Friday, Central Fund was unchanged at $4.6875 a share.@@@@1@15@@oe@2-2-2013
21489001@unknown@formal@none@1@S@Comair Holdings Inc. said in Cincinnati that it bought Airline Aviation Academy, a pilot training school based at Sanford Regional Airport near Orlando, Fla.@@@@1@24@@oe@2-2-2013
21489002@unknown@formal@none@1@S@Comair said it paid cash but declined to disclose the price.@@@@1@11@@oe@2-2-2013
21489003@unknown@formal@none@1@S@Comair Holdings is the parent of Comair Inc., a regional air carrier.@@@@1@12@@oe@2-2-2013
21489004@unknown@formal@none@1@S@Airline Aviation, which has annual revenue of $5 million to $6 million, has great growth potential because of the large number of U.S. pilots nearing retirement age, Comair said.@@@@1@29@@oe@2-2-2013
21489005@unknown@formal@none@1@S@The unit will be renamed Comair Aviation Academy and will continue to be headed by Scott Williams, a son of its founder, Comair said.@@@@1@24@@oe@2-2-2013
21490001@unknown@formal@none@1@S@The collapse of a $6.79 billion buy-out of United Airlines parent UAL Corp. has handed Wall Street's takeover stock speculators their worst loss ever on a single deal.@@@@1@28@@oe@2-2-2013
21490002@unknown@formal@none@1@S@Their $700 million-plus in estimated paper losses easily tops the $400 million in paper losses the takeover traders, known as arbitragers, suffered in 1982 when Gulf Oil Co. dropped a $4.8 billion offer for Cities Service Co.@@@@1@37@@oe@2-2-2013
21490003@unknown@formal@none@1@S@In the six trading days since the UAL labor-management buy-out group failed to get bank financing, culminating Friday with the withdrawal of its partner British Airways PLC, UAL stock has plummeted by 41% to 168 1/2 from 285 1/4.@@@@1@39@@oe@2-2-2013
21490004@unknown@formal@none@1@S@The arbs may recoup some of their paper losses if the UAL deal gets patched up again, as they did in 1982 when Occidental Petroleum Co. rescued them with a $4 billion takeover of Cities Service.@@@@1@36@@oe@2-2-2013
21490005@unknown@formal@none@1@S@In the meantime, the question faced by investors is: What is UAL stock worth?@@@@1@14@@oe@2-2-2013
21490006@unknown@formal@none@1@S@The short answer, on a fundamental basis, is that airline analysts say the stock is worth somewhere between $135 and $150 a share.@@@@1@23@@oe@2-2-2013
21490007@unknown@formal@none@1@S@That's based on a multiple of anywhere between 8.5 to 10 times UAL earnings, which are estimated to come in somewhere around $16 a share this year.@@@@1@27@@oe@2-2-2013
21490008@unknown@formal@none@1@S@Airline stocks typically sell at a discount of about one-third to the stock market's price-earnings ratio -- which is currently about 13 times earnings.@@@@1@24@@oe@2-2-2013
21490009@unknown@formal@none@1@S@That's because airline earnings, like those of auto makers, have been subject to the cyclical ups-and-downs of the economy.@@@@1@19@@oe@2-2-2013
21490010@unknown@formal@none@1@S@That analysis matches up with stock traders' reports that, despite the huge drop in the stock, UAL hasn't returned to the level at which it could attract buying by institutions solely on the basis of earnings.@@@@1@36@@oe@2-2-2013
21490011@unknown@formal@none@1@S@So anyone buying the stock now is betting on some special transaction such as a recapitalization or takeover, and must do so using some guesswork about the likelihood of such an event.@@@@1@32@@oe@2-2-2013
21490012@unknown@formal@none@1@S@One analyst, who asked not to be identified, said he believes that the UAL pilots and management can put together a bid "in the $225 area," but that it could take three to four months to close.@@@@1@37@@oe@2-2-2013
21490013@unknown@formal@none@1@S@At that level, and given the uncertainty, he believes UAL stock should trade closer to@@@@1@15@@oe@2-2-2013
21490014@unknown@formal@none@1@S@Other observers note that UAL's board, having accepted a bid of $300 a share, might hold out for a new bid much closer to the original level -- even if it means that the management goes back to running the company for a while and lets things return to normal.@@@@1@50@@oe@2-2-2013
21490015@unknown@formal@none@1@S@By that logic, the closing of a deal could be much further away than three to four months, even though the eventual price might be higher.@@@@1@26@@oe@2-2-2013
21490016@unknown@formal@none@1@S@Investment bankers following UAL agree that the strongest impetus for an eventual deal is that the pilots have been attempting a buy-out for more than two years, and aren't likely to stop, having come so close to success.@@@@1@38@@oe@2-2-2013
21490017@unknown@formal@none@1@S@The pilots have a strong financing tool in their willingness to cut their annual compensation by $200 million, and to commit $200 million from their retirement funds.@@@@1@27@@oe@2-2-2013
21490018@unknown@formal@none@1@S@On Friday, they also persuaded the UAL flight attendants to join them.@@@@1@12@@oe@2-2-2013
21490019@unknown@formal@none@1@S@However, investment bankers say that banks aren't likely to lend the almost $5 billion that would be necessary for a takeover even at a lower price without someone putting up a hefty wad of cash -- probably even greater than the 17% in cash put up by investors in the leveraged takeover of Northwest Airlines parent NWA Corp. in July.@@@@1@60@@oe@2-2-2013
21490020@unknown@formal@none@1@S@Banks want to see someone putting up real cash at risk, that is, subordinate to the bank debt in any deal.@@@@1@21@@oe@2-2-2013
21490021@unknown@formal@none@1@S@That way, they figure, someone else has an even stronger motivation to make sure the deal is going to work, because they would be losing their money before the banks lost theirs.@@@@1@32@@oe@2-2-2013
21490022@unknown@formal@none@1@S@Banks also want to be able to call someone on the telephone to fix a problem with a deal that goes bad -- preferably someone other than a union leader.@@@@1@30@@oe@2-2-2013
21490023@unknown@formal@none@1@S@That leaves the pilots still in need of cash totaling around $1 billion -- far more than either they or the flight attendants can lay their hands on from retirement funds alone.@@@@1@32@@oe@2-2-2013
21490024@unknown@formal@none@1@S@One obstacle to the pilots' finding such a huge amount of cash is their insistence on majority ownership.@@@@1@18@@oe@2-2-2013
21490025@unknown@formal@none@1@S@Investors such as Marvin Davis of Los Angeles who have sought airline ownership this year have insisted they, not the pilots, must have control.@@@@1@24@@oe@2-2-2013
21490026@unknown@formal@none@1@S@One way out of that dilemma could be a partial recapitalization in which the pilots would wind up sharing the value of their concessions with public shareholders.@@@@1@27@@oe@2-2-2013
21490027@unknown@formal@none@1@S@The pilots could borrow against the value of their concessions, using the proceeds to buy back stock from the public and give themselves the majority control they have been seeking.@@@@1@30@@oe@2-2-2013