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+8	At the same time , he remains fairly pessimistic about the outlook for imports , given continued high consumer and capital goods inflows	He reckons the current account deficit will narrow to only # 1.8 billion in September
+9	However , Mr. Dillow said he believes that a reduction in raw material stockbuilding by industry could lead to a sharp drop in imports	Combined with at least some rebound in exports after August 's unexpected decline , the deficit could narrow to as little as # 1.3 billion
+6	Meanwhile , overall evidence on the economy remains fairly clouded	In his Mansion House speech , Mr. Lawson warned that a further slowdown can be expected as the impact of the last rise in interest rates earlier this month takes effect
+8	But consumer expenditure data released Friday do n't suggest that the U.K. economy is slowing that quickly	The figures show that spending rose 0.1 % in the third quarter from the second quarter and was up 3.8 % from a year ago
+8	Certainly , the chancellor has made it clear that he is prepared to increase interest rates again if necessary to both ensure that a substantial slowdown does take place and that sterling does n't decline further	Thursday , he reminded his audience that the government `` can not allow the necessary rigor of monetary policy to be undermined by exchange rate weakness
+3	Sterling was already showing some signs of a lack of confidence in Mr. Lawson 's promise Friday	In European trading it declined to $ 1.5890 and 2.9495 marks from $ 1.5940 and 2.9429 marks late Thursday
+2	that it boosted its stake in A.P . Green to 8.7 %	It now holds 233,000 A.P . Green common shares
+8	Trucking , shipping and air-freight companies have announced rate increases , scheduled for this fall or early next year , reflecting higher costs and tightened demand for freight transport	they expect freight rates to rise at least as fast as inflation and maybe faster in the next few years
+5	Shippers surveyed recently by Ohio State University said they expect their freight-transport , storage and distribution costs to rise about 4 % this year	Only 10 % of the 250 shippers polled expected their freight-transport costs to decrease , compared with 30 % who had looked to freight transport to reduce costs in past years
+8	Only 10 % of the 250 shippers polled expected their freight-transport costs to decrease , compared with 30 % who had looked to freight transport to reduce costs in past years	This is the first year since transportation deregulation in 1980 that we have had such a dramatic and broad-based upturn in perceived transportation rates
+2	The deregulation of railroads and trucking companies that began in 1980 enabled shippers to bargain for transportation	Carriers could use their equipment more efficiently
+2	Carriers could use their equipment more efficiently , leading to overcapacity they were eager to fill	Shippers cut about $ 35 billion from their annual , inter-city truck and rail costs , to about $ 150 billion , or about 6.4 % of gross national product , down from 8 % of GNP in 1981
+2	Shippers are saying ` the party 's over	Shippers wo n't be able to look for transportation-cost savings as they have for the last eight or nine years
+2	Shippers wo n't be able to look for transportation-cost savings as they have for the last eight or nine years	Transport rates wo n't be an opportunity for offsetting cost increases in other segments of the economy
+2	We 've gotten all the benefits of deregulation in freight-cost reductions	Now we are starting to see real freight-rate increases as carriers replace equipment , pay higher fuel costs and pay more for labor
+5	Now we are starting to see real freight-rate increases as carriers replace equipment , pay higher fuel costs and pay more for labor	You 'll see carriers try to recoup some of the price cutting that occurred previously
+6	Not everyone believes that the good times are over for shippers	There 's still a lot of pressure on rates in both rail and truck , '' said Gerard McCullough , lecturer in transportation at Massachusetts Institute of Technology
+8	There 's still a lot of pressure on rates in both rail and truck	Less-than-truckload companies discounted away a 4.7 % rate increase implemented last April
+2	Less-than-truckload companies discounted away a 4.7 % rate increase implemented last April	The carriers were competing fiercely for market share
+2	rate discounting in that industry has begun to `` stabilize	Consolidated Freightways plans to raise its rates 5.3 % late this year or early next year , and at least two competitors have announced similar increases
+8	Ship companies carrying bulk commodities , such as oil , grain , coal and iron ore , have been able to increase their rates in the last couple of years	Some bulk shipping rates have increased `` 3 % to 4 % in the past few months
+6	And ship lines carrying containers are also trying to raise their rates	Carriers boosted rates more than 10 % in the North Atlantic between the U.S. and Europe last September , hoping to partly restore rates to earlier levels
+5	Carriers boosted rates more than 10 % in the North Atlantic between the U.S. and Europe last September	Ship lines operating in the Pacific plan to raise rates on containers carrying U.S. exports to Asia about 10 % , effective next April
+2	Bob Stone stewed over a letter from his manager putting him on probation for insubordination	Mr. Stone thought the discipline was unfair
+2	the discipline was unfair	that his manager wanted to get rid of him for personal reasons
+2	Mr. Stone thought the discipline was unfair ; he believed that his manager wanted to get rid of him for personal reasons	Unable to persuade the manager to change his decision , he went to a `` company court '' for a hearing
+9	At the scheduled time , Mr. Stone entered a conference room in a building near where he worked	After the three members of the court introduced themselves , the chairman of the panel said : `` Go ahead and tell us what happened
+5	No lawyers or tape recorders were present	The only extra people were a couple of personnel specialists , one of whom knew Mr. Stone 's case intimately and would help fill in any facts needed to give the court the full picture
+9	He talked about 20 minutes	When he was through , the court members asked many questions
+9	then the chairman said they would like to hear his manager 's side and talk to witnesses	The chairman promised Mr. Stone a decision within two weeks
+8	Bob Stone is a fictional name , but the incident described is real	It happened at Northrop Corp. in Los Angeles
+2	Alter some details of this example and it could be taking place today at Federal Express in Memphis , the Defense and Underseas Systems divisions of Honeywell in Minneapolis , a General Electric plant in Columbia , Md. , or a number of other companies	These firms are pioneers in a significant new trend in the corporate world : the rise of what I call corporate due process
+8	These firms are pioneers in a significant new trend in the corporate world : the rise of what I call corporate due process	Although corporate due process is practiced today in few companies -- perhaps 40 to 60 -- it is one of the fastest developing trends in industry
+8	it is one of the fastest developing trends in industry	In the coming decade a majority of people-oriented companies are likely to adopt it
+8	Corporate due process appeals to management for a variety of reasons	It reduces lawsuits from disgruntled employees and ex-employees , with all that means for reduced legal costs and better public relations
+7	It reduces lawsuits from disgruntled employees and ex-employees , with all that means for reduced legal costs and better public relations	It helps to keep out unions
+7	It reduces lawsuits from disgruntled employees and ex-employees , with all that means for reduced legal costs and better public relations.It helps to keep out unions	It increases employee commitment to the company , with all that means for efficiency and quality control
+2	It increases employee commitment to the company , with all that means for efficiency and quality control	What must your management team do to establish corporate due process
+2	Make sure you have a strong personnel department	It must be able to handle most of the complaints that can not be solved in the trenches by managers and their subordinates , else the company court or adjudicators will be inundated with cases
+6	It must be able to handle most of the complaints that can not be solved in the trenches by managers and their subordinates , else the company court or adjudicators will be inundated with cases	At Polaroid , the Personnel Policy Planning Committee may hear only about 20 cases a year
+1	At Polaroid , the Personnel Policy Planning Committee may hear only about 20 cases a year	the rest of the many hundreds of complaints are resolved at earlier stages
+7	At Polaroid , the Personnel Policy Planning Committee may hear only about 20 cases a year ; the rest of the many hundreds of complaints are resolved at earlier stages	At TWA , the System Board of Adjustment hears 50 to 75 cases a year , only a fraction of the complaints brought to personnel specialists
+7	At Polaroid , the Personnel Policy Planning Committee may hear only about 20 cases a year ; the rest of the many hundreds of complaints are resolved at earlier stages.At TWA , the System Board of Adjustment hears 50 to 75 cases a year , only a fraction of the complaints brought to personnel specialists	At Citicorp , the Problem Review Board may hear only 12 or so cases because of personnel 's skill in complaint-resolution
+8	In a typical year , up to 20 % of the work force goes to personnel specialists with complaints of unfair treatment	In a large company that means many hundreds of complaints for personnel to handle
+7	Formally or informally , train all your managers and supervisors in the company 's due-process approach	See that they know company personnel policy backwards and forwards , for it is the `` law '' governing company courts and adjudicators
+7	Formally or informally , train all your managers and supervisors in the company 's due-process approach.See that they know company personnel policy backwards and forwards , for it is the `` law '' governing company courts and adjudicators	Coach them in handling complaints so that they can resolve problems immediately
+7	Formally or informally , train all your managers and supervisors in the company 's due-process approach.See that they know company personnel policy backwards and forwards , for it is the `` law '' governing company courts and adjudicators.Coach them in handling complaints so that they can resolve problems immediately	In case managers and personnel specialists are unsuccessful and subordinates take their complaints to a company court or adjudicator , teach managers to accept reversals as a fact of business life , for in a good due-process system they are bound to happen
+6	for in a good due-process system they are bound to happen	In the 15 companies I studied , reversal rates range on the average from 20 % to 40 %
+8	Decide whether you want a panel system or a single adjudicator	A panel system like that in the Bob Stone example enjoys such advantages as high credibility and , for the panelists , mutual support
+1	A panel system like that in the Bob Stone example enjoys such advantages as high credibility and , for the panelists , mutual support	An adjudicator system -- that is , an investigator who acts first as a fact-finder and then switches hats and arbitrates the facts -- has such advantages as speed , flexibility and maximum privacy
+2	Make your due-process system visible	It wo n't do any good for anybody unless employees know about it
+1	It wo n't do any good for anybody unless employees know about it	Most managements hesitate to go all out in advertising their due-process systems for fear of encouraging cranks and chronic soreheads to file complaints
+6	is for top management to support it	At IBM , the company 's Open Door system is sometimes the subject of memorandums from the chief executive
+5	At IBM , the company 's Open Door system is sometimes the subject of memorandums from the chief executive	Federal Express goes further in this respect than any company I know of with both Frederick Smith and James Barksdale , chief executive and chief operating officer , respectively , sitting in on the Appeals Board almost every Tuesday to decide cases
+1	At Tokyo , the Nikkei index of 225 selected issues was up 112.16 points to 35486.38	The index advanced 266.66 points Thursday
+5	The Second Section index , which rose 15.72 points Thursday , was up 11.88 points , or 0.32 % , to close at 3717.46	Volume in the second section was estimated at 30 million shares , up from 28 million Thursday
+8	But the Nikkei fell an overall 1.8 % in value that day compared with Wall Street 's far sharper 6.9 % drop on Oct. 13	The Tokyo market 's resiliency helped participants to regain confidence gradually
+8	The Tokyo market 's resiliency helped participants to regain confidence gradually as they spent more time on analyzing factors that caused the Friday plunge and realized these problems were unique to New York stocks and not directly related to Tokyo	The Nikkei continued to gain for the rest of the week , adding 1017.69 points in four days -- more than erasing Monday 's losses
+2	But further major advances on the Nikkei are n't foreseen this week by market observers	Investors are still waiting to see how the U.S. government will decide on interest rates and how the dollar will be stabilized
+7	Pioneer surged 450 yen ( $ 3.16 ) to 6,050 yen ( $ 42.60 )	Kyocera advanced 80 yen to 5,440
+7	Pioneer surged 450 yen ( $ 3.16 ) to 6,050 yen ( $ 42.60 ) .Kyocera advanced 80 yen to 5,440	Fanuc gained 100 to 7,580
+7	Daiwa House gained 50 to 2,660	Misawa Homes was up 20 at 2,960
+1	The key Financial Times-Stock Exchange 100-share index ended 10.2 points lower at 2179.1 , above its intraday low of 2176.9 , but off the day 's high of 2189	The index finished 2.4 % under its close of 2233.9 the previous Friday
+8	London was weak throughout Friday 's trading	The FT-SE 100 largely remained within an 11-point range establshed within the first hour of trading before it eased to an intraday low late in the session when a flurry of program selling pushed Wall Street lower
+5	The FT 30-share index closed 11.0 points lower at 1761.0	Volume was extremely thin at 351.3 million shares , the lightest volume of the week and modestly under Thursday 's 387.4 million shares
+5	that market-makers were largely sidelined after aggressively supporting the market Thursday in their quest to cover internal shortages of FT-SE 100 shares	Interest may remain limited into tomorrow 's U.K. trade figures , which the market will be watching closely to see if there is any improvement after disappointing numbers in the previous two months
+10	Interest may remain limited into tomorrow 's U.K. trade figures , which the market will be watching closely to see if there is any improvement after disappointing numbers in the previous two months	The key corporate news of the day was that British Airways decided to withdraw from a management-led bid for UAL Corp. , the parent of United Airlines
+2	British Airways rose initially after announcing its withdrawal from the UAL deal	they viewed the initial # 390-million ( $ 622 million ) outlay for a 15 % stake in the airline as a bit much
+5	The company gained shareholder approval Thursday to restructure in a bid to fend off the hostile takeover	Sir James said Thursday night that his plans for the takeover had n't changed
+1	Elsewhere in Europe , share prices closed higher in Stockholm , Brussels and Milan	Prices were lower in Frankfurt , Zurich , Paris and Amsterdam
+10	Elsewhere in Europe , share prices closed higher in Stockholm , Brussels and Milan	Prices were lower in Frankfurt , Zurich , Paris and Amsterdam
+1	Prices were lower in Frankfurt , Zurich , Paris and Amsterdam	South African gold stocks closed moderately lower
+10	Prices were lower in Frankfurt , Zurich , Paris and Amsterdam	South African gold stocks closed moderately lower
+8	since President Bush disclosed them privately to seven Republican senators at a White House meeting last Monday	Mr. Bush cited the policy as an example of the sort of congressional requirements the administration contends contribute to the failure of such covert actions as this month 's futile effort to oust Panamanian dictator Manuel Noriega
+1	According to the officials , Mr. Bush even read to the senators selections from a highly classified letter from the committee to the White House discussing the guidelines	the notification requirement did n't affect his decision to lend only minor support to this month 's Panama coup effort
+8	the notification requirement did n't affect his decision to lend only minor support to this month 's Panama coup effort	No notification was ever considered
+8	that are being rewritten by the panel and the White House	The rewriting was launched at a meeting between Mr. Bush and intelligence committee leaders Oct. 12
+8	However , the disclosure of the guidelines is already being interpreted on Capitol Hill as an unfair effort to pressure Congress	It has reopened the bitter wrangling between the White House and Congress over who is responsible for the failure to oust Mr. Noriega
+5	that the disclosure is part of a continuing effort to shift the criticism for the failure of the recent coup attempt in Panama	Someone has regrettably chosen to selectively summarize portions of highly classified correspondence between the two branches of government
+2	Someone has regrettably chosen to selectively summarize portions of highly classified correspondence between the two branches of government	Not only does this come close to a violation of law , it violates the trust we have all worked to develop
+2	It 's time to stop bickering and work together to develop a clear and appropriate policy to help the country in the future	I 've invited the president to send his suggestions to the committee
+6	In fact , yesterday the administration and Congress were still differing on what had been agreed to	One administration official said notification was required even if the U.S. `` gets wind '' of somebody else 's coup plans that seem likely to endanger a dictator 's life
+8	that it may have led to hesitation and uncertainty on the part of U.S. intelligence and military operatives in Panama	it could make U.S. operatives reluctant to even listen to coup plans for fear they may get into legal trouble
+2	the intelligence committees can exercise influence over its interpretation	Last week , Central Intelligence Agency Director William Webster publicly called on Congress to provide new interpretations of the assassination order that would permit the U.S. more freedom to act in coups
+2	Nevertheless , the administration 's criticisms appeared to have made some headway with Sens.Boren and Cohen after their Oct. 12 meeting with the president	The three men agreed to rewrite the guidelines , without changing the basic assassination ban , to clear up any ambiguities that may have hampered U.S. encouragement of coups against anti-American leaders
+2	until the money market fund was created in the 1970s	By 1980 , there were more than 100 such funds
+9	The idea was to let small investors , the backbone of the fund business , deal in the money market 's high short-term interest rates	This had been the exclusive province of those rich enough to use six-figure sums to get income that was figured beyond the third or fourth decimal place
+8	The now-standard price of $ 1 a share came about by accident	An early fund had filed a registration with the Securities and Exchange Commission that included a fixed $ 1 price
+9	It arrived just as the regulator handling such operations was retiring	His successor approved the $ 1 price in the process of clearing the backed-up papers on his desk
+9	His successor approved the $ 1 price in the process of clearing the backed-up papers on his desk	When Dreyfus started the first advertising-backed retail fund in February 1974 , it was priced at $ 10 a share ( and reached $ 1 billion in assets in one year
+9	When Dreyfus started the first advertising-backed retail fund in February 1974 , it was priced at $ 10 a share	Dreyfus moved to the $ 1 price after the SEC set standards -- an average 120-day maturity of high-grade paper -- that are still the rule
+2	Keeping the listed price at a dollar is primarily a convenience	Actually , the funds do fluctuate , but beyond the third decimal place
+1	Today more than 470 money market funds have total assets exceeding $ 350 billion	The companion tax-exempt funds add $ 71 billion
+5	Today more than 470 money market funds have total assets exceeding $ 350 billion	The companion tax-exempt funds add $ 71 billion
+2	toward a possible recession	In addition to softer production data , weaker housing starts and lower corporate profits currently in evidence , some analysts believe the two recent natural disasters -- Hurricane Hugo and the San Francisco earthquake -- will carry economic ramifications in the fourth quarter
+8	The stock market is sick because profits are crumbling	The economy moves the market , not vice versa
+5	On the other hand , Mr. Evans expects the hurricane and the earthquake `` to take a hunk out of fourth-quarter GNP	His estimate of 3.3 % for third-quarter GNP is higher than the consensus largely because he believes current inventories are n't as low as official figures indicate
+4	current inventories are n't as low as official figures indicate	Demand is being met from overhang rather than new production
+6	By and large , economists believe the two natural catastrophes will limit economic damage to their regions	Edward J. Campbell , economist at Brown Brothers Harriman & Co. , New York , noted that large increases in construction activity along with government and private relief efforts could offset loss of production in those areas
+5	Gary Ciminero , economist at Fleet/Norstar Financial Group , Providence , R.I. , expects the deflator to rise 3.7 % , well below the second quarter 's 4.6 % , partly because of what he believes will be temporarily better price behavior	He expects real GNP growth of only 2.1 % for the quarter , noting a wider trade deficit , slower capital and government spending and the lower inventory figures
+1	The consensus calls for a 0.5 % increase in September personal income and a 0.3 % gain in consumption	In August , personal income rose 0.4 % and personal consumption increased 0.9 %
+1	Durable goods orders for September , due out tomorrow , are expected to show a slip of 1 % , compared with August 's 3.9 % increase	As usual , estimates on the fickle report are wide , running from a drop of 3.5 % to a gain of 1.6 %
+5	HASTINGS MANUFACTURING Co. declared a regular quarterly dividend of 10 cents a share and an extra dividend of five cents a share on its common stock , payable Dec. 15 to shares of record Nov. 17	This is the 11th consecutive quarter in which the company has paid shareholders an extra dividend of five cents
+9	The latest purchase follows small increases in his holdings made over the past five months	In May , Mr. Brierley 's stake shrank to 8.7 % after ranging between 9 % and 11 % for much of the previous year
+1	Ron Brierley clearly views our company as a good investment , '' a Vickers spokesman said	The spokesman refused to comment on speculation that Industrial Equity might use its interest as a platform to launch a hostile bid for the company
+2	It turned out to be lucky for us	If the whole market thinks what you 're doing is crazy you do n't have much competition
+2	On Tuesday , Trelleborg 's directors announced plans to spin off two big divisions -- minerals processing , and building and distribution -- as separately quoted companies on Stockholm 's Stock Exchange	At current market prices , the twin public offerings to be completed next year would add an estimated 2.5 billion Swedish kronor ( $ 386 million ) to Trelleborg 's coffers , analysts say
+1	Trelleborg 's internationally traded `` Bfree '' series stock plunged SKr29 ( $ 4.48 ) to SKr205 ( $ 31.65 ) in volatile trading Monday in Stockholm	Tuesday , the shares regained SKr20 , closing at SKr225
+9	Trelleborg 's internationally traded `` Bfree '' series stock plunged SKr29 ( $ 4.48 ) to SKr205 ( $ 31.65 ) in volatile trading Monday in Stockholm	Tuesday , the shares regained SKr20 , closing at SKr225
+1	that taking parts of the company public will help erase the `` conglomerate stigma '' that has held down Trelleborg 's share price	Trelleborg plans to remain the dominant shareholder with stakes of slightly less than 50 % of both units
+8	The spinoff should solve a problem for the parent	A family foundation set up by late founder Henry Dunker controls 59 % of Trelleborg 's voting shares outstanding.But the foundation bylaws require the entire Trelleborg stake to be sold in the open market if control drops below 50 %
+2	Most of the new additions were barely profitable , if not outright loss makers	Applying prowess gained during earlier stints at appliance maker AB Electrolux , Mr. Andersson and a handful of loyal lieutenants aggressively stripped away dead wood -- and got quick results
+8	The treatment turned Trelleborg into one of Scandinavia 's biggest and fastest-growing industrial concerns	Between 1985 and 1988 , sales multipled more than 10 times and pretax profit surged almost twelvefold
+8	But Trelleborg still must clear some tough hurdles	that the company 's mining division `` will be busy for a while digesting its recent expansion
+4	that Trelleborg and Noranda have n't discussed a Falconbridge break-up	Falconbridge will continue operating in its current form
+1	The whole of Europe and the industrialized world is suffering from a breakdown in infrastructure investment	That 's beginning to change
+5	Excluding the gain , the company registered a modest 4.6 % increase for the quarter ended Sept. 29 to $ 113 million , or 87 cents a share , from the year-earlier $ 107.9 million , or 84 cents a share	Proceeds of the Adobe sale brought net income in the quarter to $ 161.1 million , or $ 1.24 a share
+1	Without the Adobe gain , Apple 's full-year operating profit edged up 1.5 % to $ 406 million , or $ 3.16 a share , from $ 400.3 million , or $ 3.08 a share	Including the Adobe gain , full-year net was $ 454 million , or $ 3.53 a share
+2	Sales for the year rose nearly 30 % to $ 5.28 billion from $ 4.07 billion a year earlier	the Macintosh SE/30 and IIcx computers , introduced in the winter , for the brightened sales performance
+5	Adverse pressure on gross margins . . . has subsided	Margins in the fiscal fourth quarter perked up , rising to 51 % from 49.2 % a year earlier
+10	Martin Schrager , 51 , who had been president , was named vice chairman	He remains chief executive officer
+5	Also , Larry A. Kushkin , executive vice president , North American operations , was named head of the company 's international automotive operations , another new position	He remains an executive vice president
+2	The Environmental Protection Agency is getting a lot out of the Superfund program	Of the $ 4.4 billion spent so far on the program , 60 % is going for administrative costs , management and research
+10	Of the $ 4.4 billion spent so far on the program , 60 % is going for administrative costs , management and research	Only 36 of 1,200 priority cleanup sites have been `` decontaminated
+2	At current allocations , that means EPA will be spending $ 300 billion on itself	It may not be toxic , but we know where one waste dump is
+9	David H. Eisenberg , 53 years old , was named president and chief operating officer of Imasco 's 500-store Peoples Drug Stores Inc. unit , based in Alexandria , Va	Mr. Eisenberg was senior executive vice president and chief operating officer
+9	Signal provides stock quotes over an FM radio band that can be received by specially equipped personal computers	The computers will display stock prices selected by users
+5	Recently , the trust failed to auction off the paper mill , a bank , an office building and a small cotton-ginning plant	Of the four , only the bank and the plant drew bids -- one apiece
+1	In October 1987 , President Corazon Aquino vowed that her government would `` get out of business '' by selling all or part of the state 's holdings in the many companies taken over by the government during the 20-year rule of Ferdinand Marcos	Two years later , Mrs. Aquino 's promise remains largely unfulfilled
+2	October is a critical month for the privatization program	Manila is offering several major assets for the first time and is trying to conclude sales already arranged
+8	Rather than gathering momentum , the program is in danger of slowing even more as the government tackles several big assets	The axiom appears to be that the more valuable the asset , the harder the privatization process
+2	that the more valuable the asset , the harder the privatization process	You just do n't see a whole lot happening
+2	To be sure , the program has n't completely stalled	The Asset Privatization Trust , the agency chiefly responsible for selling government-held properties , has recorded sales of more than $ 500 million since it began functioning in December 1986
+8	because almost every problem that has hobbled the program in the past is popping up again	Ramon Garcia , the Asset Trust 's executive trustee , admits to what he calls `` temporary setbacks
+2	what he calls `` temporary setbacks	In light of the poor results recently the agency is adopting an `` attitude of flexibility
+2	when the trust failed to sell a state-owned commercial bank , Associated Bank , for the minimum price of 671 million pesos ( $ 31 million	At the end of the month , the agency again will offer the bank
+2	that the government may have difficulty selling the institution even without a floor price	The bank has a negative net worth
+9	Mr. Ty lost control to the government in 1980 when a government bank made emergency loans to the cash-strapped institution	In 1983 , the loans were converted into equity , giving Manila 98 % of the bank , but with the understanding that Mr. Ty had repurchase rights
+9	but with the understanding that Mr. Ty had repurchase rights	His ability to match any bid has scared off many potential buyers
+8	Separately , the government will try again within a month to sell the 36 % stake in Paper Industries Corp. of the Philippines	The price will depend on how much Picop shares fetch on the local stock market
+2	But according to bankers and stock analysts who have studied the paper mill , price is n't the only consideration	As it stands now , the government would continue to hold 45 % of Picop after the 36 % stake is sold
+5	As it stands now , the government would continue to hold 45 % of Picop after the 36 % stake is sold	About 7.5 % of Picop is publicly traded and other shareholders own the rest of the equity
+6	critics have accused the trust of selling out to foreigners	A series of newspaper articles accused the trust of short-changing the government over the Picop sale
+9	A series of newspaper articles accused the trust of short-changing the government over the Picop sale	he has been notified of congressional hearings on the Picop bidding and possible legislation covering the paper mill 's sale , both prompted by the criticism of the agency
+7	The new holding company , Webster/Eagle Bancorp Inc. , will have about $ 1.2 billion of assets and 19 banking offices in Connecticut	Tangible capital will be about $ 115 million
+1	In the merger , each share of Webster , based in Waterbury , will be converted into one share of the new company	Each share of Eagle , based in Bristol , will become 0.95 share of Webster/Eagle
+1	In American Stock Exchange composite trading Friday , Eagle shares rose 12.5 cents to $ 11	In national over-the-counter trading , Webster shares fell 25 cents to $ 12.375
+5	the banks ' `` markets are contiguous and their business philosophies are similar and conservative	Nonperforming loans will make up only about 0.5 % of the combined banks ' total loans outstanding
+1	At June 30 , Webster had assets of $ 699 million	Eagle had assets of $ 469.6 million on that date
+8	It is not quite true , for example , that the Mexican government has `` privatized '' Mexicana de Aviacion , as Mr. Ortiz claims	In the same sentence he contradicts himself when he reports that the government still retains 40 % of the total equity of the airline
+1	In the same sentence he contradicts himself when he reports that the government still retains 40 % of the total equity of the airline	How can a company be considered `` privatized '' if the state is so heavily represented in it
+2	Those enterprises , however , are not going to be privatized	They are officially considered `` strategic , '' and their privatization is prohibited by the Mexican Constitution
+9	The bottom line , however , is not economic but political reform	A long succession of Mexican presidents arbitrarily nationalized whatever industry they took a fancy to , without having to answer to the public
+2	A long succession of Mexican presidents arbitrarily nationalized whatever industry they took a fancy to , without having to answer to the public	To guarantee that Mexicana de Aviacion and other companies will really be privatized , Mexico needs a pluri-party political system that will ensure democracy and hence accountability
+0	The board of this Ponce , Puerto Rico concern voted to suspend payment of its quarterly of 11 cents a share for the third quarter	it expects a return to profitability in the third quarter when it reports operating results this week
+0	it expects a return to profitability in the third quarter when it reports operating results this week	the dividend was suspended in anticipation of more stringent capital requirements under the Financial Institutions Reform , Recovery , and Enforcement Act of 1989
+0	bank financing could be obtained	After the collapse of the last effort , the group does n't plan to make any formal proposal without binding commitments from banks covering the entire amount to be borrowed
+5	It was n't clear how the ownership would stack up under the new plan , but employees would keep more than 50 %	Management 's total could be reduced , and the public could get more than the 15 % control that had been earmarked for British Air
+2	One option the board is likely to consider today is some sort of cooling-off period	Although the pilots are expected to continue to pursue the bid , UAL Chairman Stephen Wolf may be asked to withdraw from the buy-out effort , at least temporarily , and to return to running the company full time
+10	The board could eventually come under some pressure to sell the company because its members can be ousted by a majority shareholder vote	The labor-management buy-out group plans to keep its offer on the table in an apparent attempt to maintain its bargaining position with the board
+5	The board could eventually come under some pressure to sell the company because its members can be ousted by a majority shareholder vote	The labor-management buy-out group plans to keep its offer on the table in an apparent attempt to maintain its bargaining position with the board
+1	$ 60.3 million of the proceeds were used to prepay the remaining amounts on the note outstanding to National Intergroup Inc. , the parent of National Steel	Remaining proceeds were used to pay other debt and to finance the company 's capital spending program
+1	that he sold the stock to decrease his position in the Evanston , Ill. , banking concern	He may sell more shares in the open market or in private transactions , but would n't rule out changing his intentions and buying shares
+6	Stock prices edged up in quiet trading Friday	The Dow Jones industrials rose 5.94 , to 2689.14
+1	The Dow Jones industrials rose 5.94 , to 2689.14	Most bond prices fell
+10	The Dow Jones industrials rose 5.94 , to 2689.14	Most bond prices fell
+6	More banks are being hurt by Arizona 's worsening real-estate slump	First Interstate Bancorp of Los Angeles said Friday it expects a $ 16 million quarterly loss , citing property-loan losses at its Arizona unit
+8	Freight rates are bottoming out and starting to rebound	Trucking , shipping and air-freight firms are all planning rate increases , reflecting higher costs and tightened demand
+5	Texaco has purchased an oil-producing company in Texas for $ 476.5 million	It is Texaco 's first major acquisition since the legal battle with Pennzoil began over four years ago
+0	Inmac recently disclosed a $ 12.3 million write-off related to a corporate restructuring that resulted in the company 's posting a $ 6.4 million net loss for the year ended July 29	Sales rose 12 % to $ 249.5 million from $ 222.8 million
+5	No safety problems with the products are known	the drugs are still available under other brand names
+0	Like other refiners , Lyondell 's margins for chemicals and gasoline were narrower	While the company said chemical margins continued to worsen this quarter , costs will be lower because the maintenance and expansions are complete
+9	Management and unions representing 2,400 employees at Torstar Corp. 's Toronto Star reached a tentative contract agreement Friday , averting a strike by most employees of Canada 's largest daily newspaper	Members of the largest union , representing 1,700 workers , voted in favor of the pact yesterday
+1	The Thousand Oaks , Calif.-based biotechnology company reported a 97 % increase in revenue to $ 42.5 million for the quarter ended Sept. 30	In the year-ago period , Amgen reported net income of $ 320,000 , or two cents a share , on revenue of $ 21.5 million
+0	The shuttle Atlantis 's crew prepared to return to Earth today several hours earlier than planned to avoid high winds forecast at the landing site at Edwards Air Force Base , Calif	they were unconcerned about the touchy weather expected in the Mojave Desert
+5	Commonwealth leaders issued a declaration giving South Africa six months to deliver on pledges to ease apartheid or face new reprisals	The 49-nation organization called for tighter financial pressure immediately
+0	East Germany 's leadership vowed swift action to ease travel to the West	Despite the pledge by the Communist rulers , tens of thousands of people across the country staged marches over the weekend to demand democratic freedoms
+5	Despite the pledge by the Communist rulers , tens of thousands of people across the country staged marches over the weekend to demand democratic freedoms	In Leipzig , more than 500 people met with local party officials to discuss internal changes
+8	The Senate convicted federal Judge Alcee Hastings of Miami of eight impeachment articles , removing him from the bench	The chamber voted 69-26 Friday to convict the judge of perjury and bribery conspiracy
+8	The chamber voted 69-26 Friday to convict the judge of perjury and bribery conspiracy	It marked the first time a U.S. official was impeached on charges of which a jury had acquitted him
+8	Scientists have isolated a molecule that may hold potential as a treatment for disruptions of the immune system , ranging from organ-transplant rejection , to allergies and asthma	The molecule is the mouse version of a protein called the interleukin-4 receptor , which directs the growth and function of white blood cells
+1	while federal-systems earnings declined 33 % to $ 4 million from $ 6 million	Information systems posted a loss of $ 8 million , compared with a loss of $ 9 million a year earlier
+2	In East Germany , where humor has long been the only way to express political criticism , they 're not laughing about their new leader Egon Krenz	Mr. Krenz is such a contradictory figure that nobody has even come up with any good jokes about him
+1	You have to have clear feelings about someone before you can make jokes	With Krenz , we just do n't know what to expect
+8	With Krenz , we just do n't know what to expect	Mr. Krenz does n't seem to be the knee-jerk hardliner many initially thought he was when the 52-year-old Politburo member was selected last week to succeed Erich Honecker
+5	According to East Germany 's ADN news agency , Mr. Krenz spoke to Soviet leader Mikhail Gorbachev by telephone over the weekend and acknowledged East Germany could learn from Moscow 's glasnost policies	Already last week , Mr. Krenz started overhauling East Germany 's heavily censored and notoriously boring news media
+6	Already last week , Mr. Krenz started overhauling East Germany 's heavily censored and notoriously boring news media	On Thursday , a day after he took office , East German television broke into regular programming to launch a talk show in which viewers call in questions for a panel of officials to answer
+2	It was quite a shock	For the first time in my life , I was n't sure whether I was listening to our news or West German television
+2	And that 's a problem	Mr. Krenz is not only closely identified with his mentor , Mr. Honecker , but also blamed for ordering violent police action against protesters this month and for praising China for sending tanks against student demonstrators
+5	I hope he grows with the job	The most important thing is that he have a chance
+6	there is much about his style that sets him apart from his party comrades	Unlike Mr. Honecker Mr. Krenz enjoys asking questions
+6	He was later shown on television , fielding questions	At one point , he asked a worker whether he thought East Germans were fleeing the country because of restrictive travel policies
+9	At one point , he asked a worker whether he thought East Germans were fleeing the country because of restrictive travel policies	The worker 's tart reply : `` It 's more than just travel
+4	It 's more than just travel	People have a sense the government is ignoring the real problems in our society
+6	This same tendency toward openness impressed a group of visiting U.S. congressmen this spring	Rather than trying to `` lecture us , '' says one congressional aide who attended the two-hour meeting , Mr. Krenz `` wanted to listen
+5	Rather than trying to `` lecture us Mr. Krenz `` wanted to listen	he was particularly impressed by Mr. Krenz 's ready admission that East Germany needed to change
+8	But there 's another side to Mr. Krenz	Born in a Baltic town in an area which is now part of Poland , he has dedicated his life to the party apparatus
+5	he 's a true reformer	Even if he is he appears to have only limited room for maneuver within the Communist Party 's ruling Politburo
+2	Against this background , the new East German leader must move quickly to shore up his government 's standing	The sudden growth of the opposition movement , together with the steady outflow of citizens escaping through Poland and Hungary , has plunged the country into its deepest political crisis since an anti-Soviet workers ' uprising in 1953
+5	But if he 's sharp and quick , he has a chance	that Mr. Krenz has several things going for him
+6	that Mr. Krenz has several things going for him	The East German economy is strong compared with other East bloc nations
+8	For average East Germans , Mr. Krenz remains a puzzle	Either he was n't being real in the past , or he is n't being real right now
+5	Either he was n't being real in the past , or he is n't being real right now	Either way , I have a problem with how quickly he 's changed
+6	Meanwhile , East Germany 's growing openness may even allow the state-controlled news media to display a muted sense of humor	Television last week carried a new report on East Berlin 's main wallpaper factory and the need to boost production
+10	Television last week carried a new report on East Berlin 's main wallpaper factory and the need to boost production	East Germans remember a comment a few years ago by Kurt Hager , the government 's top ideologist , that just because a neighbor hangs new wallpaper , there 's no reason to change your own
+5	But the experiments continue to be plagued by lack of firm evidence that the extra heat is coming from the fusing of hydrogen atoms	New experiments at some of the big national laboratories are still unable to find hints of nuclear fusion reactions
+2	The meeting offered stark evidence of a dramatic fall in scientific interest in cold fusion research	Of the 1,300 chemists registered for the society 's weeklong meeting , fewer than 200 sat through the day and a half of cold fusion presentations at week 's end
+8	their experiments also produced large amounts of heat	The heat energy plus the energy consumed by the breakup of the water molecules added to far more energy coming out of the apparatus than electrical energy going in
+2	The heat energy plus the energy consumed by the breakup of the water molecules added to far more energy coming out of the apparatus than electrical energy going in	Because they also detected tritium and indications of nuclear radiation , they asserted that the `` excess '' heat energy must be coming from energy released by the nuclear fusion of deuterium atoms inside the palladium rod
+8	The results were fascinating	On the fourth `` run '' with the borrowed rod , the experiment began producing excess heat
+9	On the fourth `` run '' with the borrowed rod , the experiment began producing excess heat	The experiment was stopped briefly to change an instrument
+9	The experiment was stopped briefly to change an instrument	When it was restarted , heat output `` really took off
+2	his experiment was `` very erratic	It would go along doing nothing but dissociating the heavy water and then at totally unpredictable times , it would begin producing excess heat for as long as 10 or 11 hours before quieting down
+4	the heat bursts were too large and too long to be explained by the sudden release of energy that might have slowly accumulated during the experiments ' quiescent times , as some scientists have suggested	There is a reality to the excess energy
+8	they also were getting sporadic bursts of excess heat lasting several hours at a time	The bursts often occur after they `` perturbed '' the experiments by raising or lowering the amount of electric current being applied , or switching the current off and on
+2	The bursts often occur after they `` perturbed '' the experiments by raising or lowering the amount of electric current being applied , or switching the current off and on	that some `` anomalous '' chemical reactions might be producing the heat
+6	that they involve unusually meticulous measurements	Typically , the input energy ranges from a third of a watt to one watt and the excess energy is measured in tenths of a watt
+1	Typically , the input energy ranges from a third of a watt to one watt and the excess energy is measured in tenths of a watt	One exception is a continuing experiment at Stanford University where as much as 10 watts of energy are being put into the electrolytic cells
+8	One exception is a continuing experiment at Stanford University where as much as 10 watts of energy are being put into the electrolytic cells	A cell filled with heavy water is producing 1.0 to 1.5 watts more heat than an identical electrolytic cell filled with ordinary water next to it
+9	Mr. Bockris previously reported getting bursts of excess heat and of detecting increasing amounts of tritium forming in the heavy water	he 's gotten evidence that there is a `` weak correlation '' between the time the heat bursts occur and the production of tritium
+1	he 's gotten evidence that there is a `` weak correlation '' between the time the heat bursts occur and the production of tritium	There is n't any way to continuously measure the amount of tritium in the heavy water
+10	Fleischmann and Pons initially reported indirect evidence of neutrons being produced in their experiment but later conceded the measurements were questionable	Researchers at Sandia National Laboratories in Albuquerque , N.M. , reported they went so far as to take a `` cold fusion '' experiment and three neutron detectors into a tunnel under 300 feet of granite to shield the detectors from cosmic rays
+1	researchers there detected a burst of neutrons from an early cold fusion experiment last April but decided not to announce it until they could confirm it	In subsequent experiments , one of two neutron detectors occasionally indicated a burst of neutrons but neutron bursts were never recorded in both detectors at the same time
+2	In subsequent experiments , one of two neutron detectors occasionally indicated a burst of neutrons but neutron bursts were never recorded in both detectors at the same time	They concluded the indications of neutrons stemmed from faults in the detectors rather than from the cold fusion experiment
+5	Newsprint and postage prices this year have not gone up	We have invested in improved editorial quality and expanded our quality audience without substantially increasing our costs
+10	Advertising rates for the Eastern , Midwest , Western and Southwest editions will increase an average 5.5 % , and rates for localized advertising editions will increase 7.5	Rates for the Wall Street Journal Reports will remain unchanged
+7	Advertising rates for The Wall Street Journal/Europe , published in Brussels and printed in the Netherlands and Switzerland , will increase 9 %	Rates for The Asian Wall Street Journal , published and printed in Hong Kong and also printed in Singapore and Tokyo , will rise 8 %
+7	Advertising rates for The Wall Street Journal/Europe , published in Brussels and printed in the Netherlands and Switzerland , will increase 9 % .Rates for The Asian Wall Street Journal , published and printed in Hong Kong and also printed in Singapore and Tokyo , will rise 8 %	Rates for The Asian Wall Street Journal Weekly , published in New York for North American readers , will rise 6 %
+5	Dow Jones also publishes Barron 's magazine , other periodicals and community newspapers and operates electronic business information services	It owns 67 % of Telerate Inc. , a leading supplier of computerized financial information on global markets
+1	Net fell to $ 65 million , or 67 cents a common share , from $ 93.7 million or $ 1.03 a share , a year ago	Sales fell 2.5 % to $ 1.54 billion from $ 1.58 billion
+1	For the nine months , the electronics and defense concern had net of $ 255.8 million , or $ 2.70 a share , down 5.6 % from $ 271 million , or $ 3.01 a share , in the year-ago period	Sales were $ 4.66 billion , up 1.3 % from $ 4.6 billion
+5	However , the quarter results included $ 28 million in royalty income from patent licenses , up from $ 21 million in the year-earlier period	The nine months include $ 125 million of royalty income , up from $ 98 million last year
+5	The transaction represents Lynch 's entry into the telephone business	it plans to make other acquisitions in the telephone industry
+2	Hunt 's attempt to squeeze the silver market 10 years ago is still indirectly to blame for today 's market depression	While some 100 million ounces of silver once held by Mr. Hunt and Middle Eastern associates are n't hanging over the market anymore , the price surge of 1979-80 precipitated an expansion of mine production and scrap recovery and encouraged silver consumers to economize on silver use
+6	Meanwhile , the photographic industry continues to look for substitutes	Japanese and U.S. photographic firms are beginning to produce electronic cameras and X-rays that do n't require silver
+2	Silver 's history of volatility is also discouraging investors	Even in the present uncertain investment climate , investors are preferring `` quality assets '' such as Treasury bills and bonds to gold , silver and platinum
+8	Even in the present uncertain investment climate , investors are preferring `` quality assets '' such as Treasury bills and bonds to gold , silver and platinum	precious metals are out of favor for the moment because of high interest rates and a determination by industrial nations to curb inflation
+8	that silver is cheap now that prices are languishing at levels last seen in the mid-1970s	that silver offers the best value amongst precious metals
+5	A further decline in prices will lead to mine production cuts in the U.S	Scrap merchants are converting smaller quantities of metal into silver
+5	Scrap merchants are converting smaller quantities of metal into silver , while low prices are discouraging exports from India and the Soviet Union	Silver prices could also be boosted by strikes in leading producing nations Peru and Mexico
+6	Meanwhile , total fabrication demand for silver has risen six years in a row	Japanese demand grew by 70 % in the first half of this year and the nation plans an issue of a silver commemorative coin that will require 4.5 million ounces
+1	The government reported that the number of young cattle placed on feedlots during the quarter dropped 5 % compared with the year-earlier quarter	Many industry analysts had been projecting a 3 % decline in placements for the quarter
+2	The number of cattle moving onto feedlots in the recent quarter was also lower because fattening cattle is less profitable	A shortage of young cattle has made them more expensive for feedlot operators to buy
+1	Most traders and analysts attributed the decline to technical factors associated with the contract 's going off the board	Others said that the drop continued the downward correction that 's been due in the petroleum pits
+8	and that such a trend could well continue in the next several trading sessions	Barring any petroleum-related news events , trading in the days ahead should further test recent projections by oil economists and other market watchers that strong fourth-quarter demand will keep prices firm
+8	Pressure came from several developments including the settlement of two long-term strikes	On Friday rank-and-file workers ratified a new labor agreement ending a three-month strike at the Highland Valley mine in British Columbia
+5	On Friday , selling dominated the afternoon `` curb '' session in London	The premium of cash copper to the three-month forward offerings narrowed , indicating weaker demand for cash copper
+10	On Friday , selling dominated the afternoon `` curb '' session in London	The premium of cash copper to the three-month forward offerings narrowed , indicating weaker demand for cash copper
+2	Long-term support for the December contract was believed to be at $ 1.25 a pound	there were a number of stop-loss orders under that level that were touched off when the contract 's price fell below it
+2	That brought in considerable fund selling , which continued until the close of trading	In general , it was a bearish close
+5	we will know more when the London Metal Exchange copper stock levels are released Monday morning	he expected LME inventories to be down by about 15,000 tons when the weekly report is issued
+8	that the Japanese apparently pulled back from the market on Friday	a possibility of the December contract dropping to $ 1.05 a pound
+8	Called Task Broker , the program acts something like an auctioneer among a group of computers wired together	If a machine has a big computing task , Task Broker asks other computers in the network for `` bids '' on the job
+2	The new Hewlett-Packard program is a key building block as people move to this new model of distributed processing	In today 's computer networks , some machines often sit idle while others are overtaxed
+1	In today 's computer networks , some machines often sit idle while others are overtaxed	With the Hewlett-Packard program You get more bang for the buck you 've spent on computers
+5	The program now works on all Hewlett-Packard and Apollo workstations and on computers made by Multiflow Computer Inc. of Branford , Conn	it will sell versions later next year that run on Sun Microsystems Inc. and Digital Equipment Corp. machines
+2	and the user of a computer wo n't be able to tell that another machine is doing the work	The Task Broker `` turns that network into -- as far as the user is concerned -- one giant computer
+2	As hamburger and pizza outlets saturate one area after another , franchisers are struggling desperately for market share , slashing prices and stepping up costly promotions	The fight is putting a tight squeeze on profits of many , threatening to drive the smallest ones out of business and straining relations between the national fast-food chains and their franchisees
+2	The chains `` used to offer discounts during winter when business was slow , but in the last year or so , discounting has become a 12-month thing	Though Charisma 's sales are up slightly this year , Mr. Harty says profits will be flat or lower
+8	so are 99-cent specials on sandwiches normally priced twice as high	The discounting occurs on a scale and with a frequency they have n't seen before
+8	discounting is so prevalent that `` we have to serve 15 % to 20 % more customers '' to keep sales level	It 's almost as if you 're doing extra work to give away the food
+0	All we 're doing is keeping the customers coming , but we are n't increasing sales	With fast-food outlets on every corner , he , like many , does n't think he has a choice in the price war
+2	With fast-food outlets on every corner , he , like many , does n't think he has a choice in the price war	Our customers say that they wo n't go into a fast-food store unless they get a coupon
+2	If the battle continues much longer , many fast-food businesses will close or merge	The industry is overbuilt
+2	The industry is overbuilt	Fast-food franchisers have managed to squeeze in stores into every corner available
+2	quick-service restaurant units in the U.S. rose 14 % to 131,146 between 1983 and 1987 , the last year for which figures are available	With the market so crowded If you 're doing well , you 're doing well at someone else 's expense
+5	According to Mr. Rohs , inflation-adjusted , same-store sales at company-owned Wendy 's units in the U.S. have trailed year-earlier levels throughout 1989 , except for August	McDonald 's has also been running negative all year
+2	Spokesmen for Wendy 's and McDonald 's criticized Mr. Rohs 's calculations	the company does n't compute , much less disclose , inflation-adjusted , same-store sales
+8	Spokesmen for Wendy 's and McDonald 's criticized Mr. Rohs 's calculations	the company does n't compute , much less disclose , inflation-adjusted , same-store sales
+5	the company does n't compute , much less disclose , inflation-adjusted , same-store sales	that short-term comparisons `` can be very misleading because of differences in timing of marketing programs from year to year
+8	Profit margins at company-owned McDonald 's outlets in the U.S. `` are holding up quite nicely	Profits of franchisees have n't been higher since the mid-1970s
+4	But Mr. Greenberg 's sanguine outlook is n't matched by many fast-food industry observers	Smaller chains and single-store operators will be the first to fail
+1	Smaller chains and single-store operators will be the first to fail	Big franchise groups `` can ride out the storm a lot longer
+2	The prolonged price pressures are driving a wedge between some franchisers and their franchisees	that most franchise owners must absorb increases in expenses without any cut in the royalties , or portion of sales , that they must pay franchisers
+5	But once a franchisee agrees to a promotional program , the franchiser can demand full participation to the very end	courts have held that antitrust considerations are outweighed in such cases by the need to protect consumers from deceptive marketing
+2	In any case , many franchisees , in order to stay on good terms with franchisers , routinely go along with promotions	If you resisted on prices , maybe you would never get that telephone call about a new franchise
+8	Reggie Jackson , the retired baseball star , has found another use for them	Mr. Jackson is selling some of his canceled checks to autograph collectors through a dealer for as much as $ 500 each
+8	Dealers say the budding trade in Mr. Jackson 's canceled checks is unusual	I do n't know of any living ballplayer that 's ever done it
+6	But these players were dead	Maybe three years ago , there were a lot of { Ty } Cobbs in the hobby , and awhile back there were Babe Ruth checks
+6	However , the thought of a living player selling his checks rubs some people the wrong way	Maybe I 'm a little stuffy , but I would n't sell them , '' sniffs Bob Machon , owner of Papa 's Sports Cards in Menlo Park , Calif
+2	Maybe I 'm a little stuffy , but I would n't sell them	Who knows how much they 'll be worth 100 years from now
+5	Maybe I 'm a little stuffy , but I would n't sell them	Who knows how much they 'll be worth 100 years from now
+8	they 're worth all that much now	the checks are worth $ 15 apiece
+8	Why Mr. Jackson has made some of his checks available for sale is n't clear	He probably has n't done it for the cash
+0	Why Mr. Jackson has made some of his checks available for sale is n't clear	He probably has n't done it for the cash
+2	I would say he 's definitely not in need of money	He has good investments
+2	I assume those accounts are closed	he 'd want to give out his current account numbers
+8	The move by the nation 's largest steelmaker follows a string of earlier announcements by other major steel companies	Bethlehem Steel Corp. , LTV Corp. and Armco Inc. all have plans to build additional lines for such coated corrosion-resistant steel
+2	The surge in production raises questions about capacity outpacing demand	that most of the new plants will come on line in 1992 , when the current import trade restraint program ends , which could result in more imports
+2	There 's too much capacity	there 's anyone not building one
+8	There 's too much capacity	there 's anyone not building one
+2	ONCE YOU MAKE UP your mind about an investment , the rest is easy , right	You just call your broker and say `` buy '' or `` sell
+2	Dream on	There are all sorts of ways to give buy and sell instructions to a broker -- and just as many ways to get burned if you do n't know what you 're doing
+5	So here 's a rundown of the most common types of market orders permitted by the stock and commodity exchanges	Two things to keep in mind
+5	Two things to keep in mind	Not all exchanges accept every type of order
+2	With a market order , an investor tells a broker to buy or sell `` at the market	It 's like saying , `` get me in now '' or `` get me out now
+5	For example , if wheat is being offered at $ 4.065 and bid at $ 4.060 , a market order to buy would be filled at the higher price and a market order to sell at the lower price	that some floor brokers at the two largest Chicago commodity exchanges used market orders to fill customers ' orders at unfavorable prices by arranging trades with fellow brokers
+6	Investors do this by specifying a minimum price at which the investment may be sold or the maximum price that may be paid for it	Suppose an investor wants to sell a stock , but not for less than $ 55
+2	Suppose an investor wants to sell a stock , but not for less than $ 55	A limit order to sell could be entered at that price
+1	A limit order to sell could be entered at that price	One risk
+2	Stop orders tell a floor broker to buy or sell an investment once the price reaches a certain level	Once the price reaches that level , a stop order turns into a market order , and the order is filled at whatever price the broker can get
+5	Once the price reaches that level , a stop order turns into a market order , and the order is filled at whatever price the broker can get	Stop orders are sometimes called `` stop-loss '' orders because they are frequently used to protect profits or limit losses
+8	While stop orders sound similar to limit orders , there is a difference	Sell stops must be entered at a price below the current market price and buy stops above.In contrast , sell limit orders must be placed above the market price and buy limit orders are placed below
+8	The crash in October 1987 and last Friday 's sell-off painfully taught some investors exactly what stop orders will and wo n't do	An investor who may have placed a stop-loss order at $ 90 under a stock that was trading at $ 100 a share on the Friday before the crash was stunned to discover that the order was filled at $ 75 when the stock opened at that price on Monday
+1	Stop-limit orders turn into limit orders when an investment trades at the price specified in the order	Unlike stop orders -- which are filled at the market price when the stop price is hit -- stop-limit orders demand that the trades be made only at the specified price
+2	Unlike stop orders stop-limit orders demand that the trades be made only at the specified price	If it ca n't be made at that price , it does n't get filled
+9	However , unlike a buy-stop order , a buy market-if-touched order is entered at a price below the current price , while a sell market-if-touched order is entered at a price above it	As soon as the market trades at the specified price the floor broker will fill it at the best possible price
+8	The fill-or-kill order is one of several associated with the timing of trades	It instructs a broker to buy or sell an investment at the specified price or better
+2	he uses fill-or-kill orders almost exclusively when trading options	I like to use them to feel out the market
+8	I like to use them to feel out the market	If they do n't fill it immediately , then I can start over at a new price or try again with the same price
+8	This is another timing order	It is a market order that allows floor brokers to take more time to buy or sell an investment , if they think they can get a better price by waiting
+2	This is really two orders in one , generally for the same security or commodity , instructing floor brokers to fill whichever order they can first and then cancel the other order	In a fast-moving market , it prevents an investor from getting stuck with having made two trades on the same security
+6	This type of order couples many of the orders described above with instructions that the order must be carried out at or by a certain time	On the close '' can be added to many types of orders
+5	Stop-close-only orders '' are stop orders that only become active during the closing minutes of trading	Day orders '' expire at the end of the day on which they are entered , `` good-till-canceled orders '' have no expiration date
+2	On Oct. 19 , 1987 , some investors learned the consequences of entering `` good-til-canceled limit orders '' and then forgetting about them	They found they had bought stock from limit orders that they might have entered weeks or months earlier and had forgotten to cancel
+2	It is always the responsibility of investors to keep track of the orders they have placed	Investors who change their mind about buying or selling after an order has been filled are , usually , stuck with the consequences
+8	Beta is a handy gauge that measures the volatility of a stock or stock mutual fund	For any given move in the overall market , it suggests how steeply that particular issue might rise or fall
+1	Cautious investors should generally go with stocks that have low betas	Go with high-beta stocks to get the biggest payoff from a bet on a bull market
+6	Remember , though , that beta also has important limitations	Beta is only part of the risk in a stock
+2	Beta is only part of the risk in a stock	There is risk that is not associated with market moves , and the beta does n't tell you the magnitude of that
+0	In particular , beta does n't measure the company- and industry-specific risk associated with an individual stock	That `` business '' risk is very significant for an investor with only a few stocks
+1	Our fear was people would look just at the beta { of a gold fund } and say here is an investment with very low risk	In reality it 's very volatile , but the movements are not because of market movements
+8	This is clearly not good news to all you people who sleep like babies every night , lulled by visions of your money sitting risk-free in six-month CDs	Risk wears many disguises , and investments that are low in one type of obvious risk can be distressingly high in other , less obvious kinds
+7	They estimate the return a person 's current portfolio is likely to generate over time , along with a standard deviation that suggests how much the return will vary year by year	They try to figure out the long-term results the person needs to meet major goals
+2	When it comes to investing , trying to weigh risk and reward can seem like throwing darts blindfolded	Investors do n't know the actual returns that securities will deliver , or the ups and downs that will occur along the way
+8	A letter from Senator John Kerry chides us today for implying that he had `` flip-flopped '' on Manuel Noriega	He correctly says he has been down on Noriega for some time , hence his criticism of administration mishandling of the attempted coup
+8	Our October 12 editorial should have been more precise	It meant to convey our hope that the Senator and other members of the congressional left are broadening their dislike of Noriega to include other notorious Central American drug runners
+1	The Sandinistas of Nicaragua , for example , also are part of the Castro-Medellin cartel nexus	he has not made that intellectual leap
+2	he has not made that intellectual leap	We were wrong
+2	THROUGHOUT THE 1980s , investors have been looking for creative alternatives to traditional modes of financial planning	Capital has been democratized , and people want in
+3	My revolutionary system is also useful for those who have tried customary forms of growing their currency cushion	Like all Americans seeking chronic prosperity , I do find it necessary to plunge certain funds into conservative monetary tools , if only to assuage my father-in-law , who believes in such things
+8	So throughout the decade I have maintained my share of individual retirement accounts and CDs , and tinkered with stocks , bonds and mutual funds , as well as preserving my necessary position in the residential real-estate market	Return on this fine portfolio has been modest when it has not been negative
+6	Figure 1 demonstrates the performance of those businesses I 've invested in during this prosperous decade	Oil-related properties suffered a huge decline until I divested myself of all such stocks in 1985 , at which point the industry , while not lighting up any Christmas trees , began a slow recovery
+1	Likewise , mutual funds remained relatively flat until I made what was , for me , a serious investment	By 1987 , these properties were in a tailspin , causing my broker at Pru-Bache to remark that she 'd `` never seen anything like it
+2	By 1987 , these properties were in a tailspin , causing my broker at Pru-Bache to remark that she 'd `` never seen anything like it	Concerned for her state of mind , I dropped them -- and the market instantly began its steady climb back to health
+1	Concerned for her state of mind , I dropped them -- and the market instantly began its steady climb back to health	Perhaps most dramatic was the performance of the metropolitan New York real-estate market , which was booming until I entered it in late 1988 , at which time it posted the first negative compound annual growth rate in years
+2	We 've all got money to spend , some of it clearly disposable since we keep disposing of it	Bank it
+8	but here in Figure 2 is where I 've chosen to build for the future : personal space ; automotive pursuits ; children 's toys ; gardening equipment , bulbs and shrubs ; and finally , entertainment , perhaps the best investment of all	All have paid off for me in double-digit annual growth and continue to provide significant potential
+5	Continued investment in my 1984 subcompact has been part of my strategy ( Figure 5 ) , with present annual contributions now equaling more than 60 % of the car 's original value	According to my calculations , these outlays should have brought the value of my sedan to more than $ 22,000 on the open market
+5	I have thus committed sufficient personal outlay to ensure that my grounds and lodgings will never be short of greens and flowers	My initial stake in this blooming enterprise has grown tenfold , according to my conservative calculations
+6	With this personal strategy firmly in place , I look forward to years of fine life-style investments and increasing widespread leverage	My kids ' college education looms as perhaps the greatest future opportunity for spending , although I 'll probably have to cash in their toy portfolio to take advantage of it
+2	So go out there and eat that debt	You 're right there in the mainstream of American business , building value on the back of insupportable expenditures
+8	WHEN JAMES SCHWARTZ was just a lad his father gave him a piece of career advice	He told me to choose an area where just by being mediocre I could be great
+2	He told me to choose an area where just by being mediocre I could be great	He tried management consulting , traded in turquoise for a while , and even managed professional wrestlers
+1	He tried management consulting , traded in turquoise for a while , and even managed professional wrestlers	Now he has settled into a career that fits the bill -- financial planning
+2	But in this case the needle has a very sharp point	Though it 's probably safe to assume that the majority of financial planners are honest and even reasonably competent , the fact remains that , as one wag puts it , `` anybody who can fog a mirror '' can call himself a financial planner
+2	but in effect they operate in the dark	There is no effective regulation of planners , no accepted standard for admission into their ranks no way to assess their performance , no way even to know how many of them there are
+8	There is no effective regulation of planners , no accepted standard for admission into their ranks no way to assess their performance , no way even to know how many of them there are	All anyone need do is hang up a shingle and start planning
+2	So it should come as no shock that the profession , if that 's what it is , has attracted a lot of people whose principal talents seem to be frittering away or flat-out stealing their clients ' money	Alarmed , state and federal authorities are trying to devise ways to certify and regulate planners
+5	Alarmed , state and federal authorities are trying to devise ways to certify and regulate planners	Industry groups and reputable planners who are members of them want comprehensive standards , too
+2	Industry groups and reputable planners who are members of them want comprehensive standards , too	they 're tired of seeing practitioners depicted collectively in the business press as dumber than chimpanzees and greedier than a herd of swine
+4	But reform has n't taken hold yet	The industry is still pretty much in its Wild West days
+6	An admittedly limited survey by NASAA found that between 1986 and 1988 `` fraud and abuse '' by financial planners cost 22,000 investors $ 400 million	The rogues ' gallery of planners involved includes some convicted felons , a compulsive gambler or two , various businessmen who had planned their own previous ventures right into bankruptcy , and one man who scammed his wife 's grandmother
+5	So do just about all the losses that could be attributed to the sheer incompetence of unqualified planners	Nobody can estimate the toll , but John Gargan , a Tampa , Fla. , planner and head of one trade group , the International Association of Registered Financial Planners , thinks the danger to investors from incompetence is `` humongous , '' far greater than that from crookery
+2	the danger to investors from incompetence is `` humongous , '' far greater than that from crookery	His group , like others , wants minimum standards applied to all who call themselves financial planners
+2	the best planner might be no planner at all	For most investors `` the benefits just are n't worth the risks
+2	but as a consumer advocate she feels impelled to take it	her group used to give tips on selecting planners -- check educational and experience credentials , consult regulators and Better Business Bureaus -- but found that even some people who took these steps `` were still getting ripped off
+1	The bad news , however , has n't been bad enough to kill the growing demand for financial planning	The Tax Reform Act of 1986 , which eliminated many tax shelters peddled by planners , and the stock market crash the next year did cause a sharp slump in such demand , and many planners had to make an unplanned exit from the business
+6	and the pool of capital they influence is enormous	A survey of 54,000 of them conducted by the IAFP in April showed that these practitioners alone had controlled or guided the investment of $ 154 billion of their clients ' money in the previous 12 months
+6	The sheer number of planners makes the business extremely difficult , if not impossible , to regulate	Even the minority of them who must register with the Securities and Exchange Commission as `` investment advisers have been enough to swamp the agency 's capacity
+2	Even the minority of them who must register with the Securities and Exchange Commission as `` investment advisers have been enough to swamp the agency 's capacity	The SEC has only about 200 staffers assigned to keep tabs on investment advisers -- about the same as in 1980 -- even though the number of advisers has tripled to about 15,000 over the past decade
+2	The SEC has only about 200 staffers assigned to keep tabs on investment advisers -- about the same as in 1980 -- even though the number of advisers has tripled to about 15,000 over the past decade	Currently , a registered investment adviser can expect an SEC audit only once every 12 years
+1	Currently , a registered investment adviser can expect an SEC audit only once every 12 years	A lot of bad things can happen in 12 years
+2	A lot of bad things can happen in 12 years	It does n't take a rocket scientist to figure out our problem
+9	So the SEC has proposed to Congress that much of the job of oversight be turned over to an industry-funded , self-regulatory organization patterned on the National Association of Securities Dealers	Such an organization could , among other things , set minimum standards for competence , ethics and finances and punish those investment advisers who broke the rules
+6	The proposal has set off a lively debate within an industry that was far from united to begin with	Mr. Schwartz , the puckish planner from Englewood , Colo. , says that allowing the business to police itself would be `` like putting Dracula in charge of the blood bank
+1	Mr. Schwartz , the puckish planner from Englewood , Colo. , says that allowing the business to police itself would be `` like putting Dracula in charge of the blood bank	Mr. Gargan , the Tampa planner who heads one trade group , favors simply assessing the industry and giving the money to the SEC to hire more staff
+8	Mr.Gargan 's views are not greeted with wild enthusiasm over at the IAFP , the major industry organization	When the IAFP recently assembled other industry groups to discuss common standards that might be applied to planners , Mr. Gargan 's group was excluded
+8	The states have their own ideas about regulation and certification	NASAA , the organization of state securities regulators , is pushing for a model regulatory statute already adopted in eight states
+8	NASAA , the organization of state securities regulators , is pushing for a model regulatory statute already adopted in eight states	It requires financial planners to register with states , pass competency tests and reveal to customers any conflicts of interest
+2	The most common conflict involves compensation	that nearly 90 % of planners receive some or all of their income from sales commissions on securities , insurance and other financial products they recommend
+2	that nearly 90 % of planners receive some or all of their income from sales commissions on securities , insurance and other financial products they recommend	The issue : Is the planner putting his clients into the best investments , or the ones that garner the biggest commissions
+2	In 1986 the New York attorney general 's office got an order from a state court in Albany shutting down First Meridian Corp. , an Albany financial-planning firm that had invested $ 55 million on behalf of nearly 1,000 investors	In its notice of action , the attorney general said the company had promised to put clients into `` balanced '' investment portfolios ; instead , the attorney general alleged , the company consistently shoved unwary customers into high-risk investments in paintings , coins and Florida condos
+2	the company consistently shoved unwary customers into high-risk investments in paintings , coins and Florida condos	Those investments paid big commissions to First Meridian , payments investors were never told about
+1	Investors were further assured that only those with a minimun net worth would be accepted	In practice if an investor had access to cash `` the chances of being turned down by First Meridian were about as probable as being rejected by the Book-of-the-Month Club
+2	And First Meridian 's president , Roger V. Sala , portrayed himself as a `` financial expert '' when his qualifications largely consisted of a high-school diploma , work as a real-estate and insurance salesman , and a stint as supervisor at a highway toll booth	First Meridian and its officials are currently under investigation for possible criminal wrongdoing , according to a spokeswoman for the attorney general
+5	that the attorney general 's contentions about First Meridian 's business practices are incorrect	As for Mr. Sala 's qualifications , `` the snooty attorneys for the state of New York decided Mr. Sala was n't qualified because he did n't have a Harvard degree
+8	Civil suits against planners by clients seeking recovery of funds are increasingly common	Two such actions could be particularly embarrassing to the industry
+2	Two such actions could be particularly embarrassing to the industry	both name J. Chandler Peterson , an Atlanta financial planner who is a founder and past chairman of the IAFP , as defendant
+9	Mr. Peterson promised the bank purchase would be completed by the end of 1988 or the money returned	Mr. Peterson took the plaintiffs ' and other investors ' money to a meeting of the bank 's directors
+2	Wearing a business suit and western-style hat and boots , he opened up his briefcase and dumped $ 1 million in cash on a table in front of the directors	he wanted to show the color of his money
+1	and the sale never came off	According to the suit , Mr. Peterson has yet to return the plaintiffs ' investment
+1	According to the suit , Mr. Peterson has yet to return the plaintiffs ' investment	They want it back
+5	They want it back	Mr. Peterson declines to comment on specific allegations in the two suits
+10	They want it back	Mr. Peterson declines to comment on specific allegations in the two suits
+2	he is considering a defamation suit against the plaintiffs	The suit is almost in the nature of a vendetta by a handful of disgruntled people
+1	Rearding the suit over the bank bid , Mr. Peterson says it is filled with `` inflammatory language and half truths	He declines to go into specifics
+8	the suits against him are less a measure of his work than they are a `` sign of the times '' in which people generally are more prone to sue	anybody in the industry who has n't experienced litigation
+4	he does n't consider himself a financial planner anymore	He now calls himself an `` investment banker
+2	In many scams or alleged scams involving planners , it 's plain that only a modicum of common sense on the part of the investors would have kept them out of harm 's way	Using it , would n't a proessional hesitate to pay tens of thousands of dollars just for a chance to invest witha planner
+2	Certificates of deposit do n't pay 23 % a year , for example , but that did n't give pause to clients of one Alabama planner	Now they 're losers and he 's in jail in Mobile County
+2	Never mind	You already know the answer
+7	They root among the designer offerings at Neiman-Marcus and Bullocks Wilshire	They stroll through the marble-encased corridors of the Atrium Court
+7	They root among the designer offerings at Neiman-Marcus and Bullocks Wilshire.They stroll through the marble-encased corridors of the Atrium Court	They graze at the Farmers Market , a combination gourmet food court and grocery store , while a pianist accompanies the noon fashion show with a selection of dreamy melodies
+10	while a pianist accompanies the noon fashion show with a selection of dreamy melodies	The beautiful look of wool , '' croons the show 's narrator , `` slightly Victorian in its influence
+2	Meanwhile , in the squat office buildings that ring Fashion Island , the odds are good that someone is getting fleeced	that at any given time , a host of fraudulent telemarketing operations mingle with the many legitimate businesses here
+2	that at any given time , a host of fraudulent telemarketing operations mingle with the many legitimate businesses here	They seem to like these industrial parks
+8	and lots of sunshine	You do n't hear much about unusual concentrations of fraud in Green Bay or Buffalo
+2	You do n't hear much about unusual concentrations of fraud in Green Bay or Buffalo	Con men hate snow
+2	Newport Beach fits the scam artists ' specifications perfectly	What more could a con man in search of the easy life ask for
+6	Nothing seems hard here	The breezes are soft , the waves lap gently and the palm trees sway lazily
+7	The breezes are soft , the waves lap gently and the palm trees sway lazily	Nightlife is plentiful
+6	Moreover , ostentation is appreciated	The median price of homes is $ 547,000
+5	The median price of homes is $ 547,000	more than 9,000 vessels fill what the chamber of commerce calls the nation 's largest pleasure-boat harbor
+8	The rich image of Newport Beach also helps lend the con artists ' operation an air of respectability	One reason they use Newport Beach is that it sounds swankier than most addresses
+8	One reason they use Newport Beach is that it sounds swankier than most addresses	Newport Beach is known in Rhode Island for having a lot of rich people
+1	nobody really knows how much money bogus telemarketing operators really harvest	I 've heard that there is $ 40 billion taken in nationwide by boiler rooms every year
+5	Newport Beach telemarketers concentrate on precious metals and oil-leasing deals that typically cost thousands of dollars a shot	The investors range from elderly widows to affluent professionals
+9	In one ingenious recent example of a Newport Beach boiler room , prospective investors in Capital Trust Inc. were allegedly told that their investment in precious metals was insured against losses `` caused by employees due to dishonesty , destruction or disappearance , '' according to an indictment handed up by a federal grand jury in Los Angeles last month	Thus falsely reassured , investors sent $ 11.4 million to the Newport Beach company , most of which was diverted to unauthorized uses
+4	his client denies that there was any attempt to defraud investors	There were some business deals that went bad
+2	There were some business deals that went bad , '' Mr. Jones says , `` but no intent to defraud	Newport Beach operations differ from the Hollywood boiler rooms in style as well as in dollars
+6	Newport Beach operations differ from the Hollywood boiler rooms in style as well as in dollars	Traditionally , boiler rooms operate on the cheap , since few , if any , customers ever visit their offices
+8	that they give themselves the indulgence of beautiful offices , with plush furnishings	When we go there , it 's quite different from these Hollywood places where the sandwiches are spread out on the table and the people are picking their noses
+6	The Newport Beach operators also tend to indulge themselves privately	the case of Matthew Valentine , who is currently serving a six-year sentence at Lompoc Federal Prison for his role in Intech Investment Corp. , which promised investors returns of as much as 625 % on precious metals
+8	the case of Matthew Valentine	Mr. Valentine , who pleaded guilty to five counts of fraud in federal court in Los Angeles , drove a leased Mercedes and lived in an expensive home on Lido Isle , an island in Newport 's harbor , according to investigators
+5	Mr. Valentine drove a leased Mercedes and lived in an expensive home on Lido Isle , an island in Newport 's harbor , according to investigators	With the $ 3 million received from investors , he took frequent junkets with friends to exotic locales and leased an expensive BMW for his girlfriend , whom he met at the shop where he got his custom-tailored suits
+8	With the $ 3 million received from investors , he took frequent junkets with friends to exotic locales and leased an expensive BMW for his girlfriend , whom he met at the shop where he got his custom-tailored suits	It 's amazing the amount of money that goes up their nose , out to the dog track or to the tables in Las Vegas
+6	All this talk of boiler rooms and fraud is unnerving to the city 's legitimate business element	Vincent M Ciavarella , regional manager of Property Management Systems , insists he does n't know of any bogus telemarketers operating in the 1.6 million square feet of office space around Fashion Island that his company leases for Irvine Co. , the owner and developer of the project
+1	Vincent M Ciavarella , regional manager of Property Management Systems , insists he does n't know of any bogus telemarketers operating in the 1.6 million square feet of office space around Fashion Island that his company leases for Irvine Co. , the owner and developer of the project	that illegitimate operators `` are not easily detectable
+5	Mr. Ciavarella has rejected a few prospective tenants who provided `` incomplete '' financial information and acknowledges that illegitimate operators `` are not easily detectable	that building owners are victims , too , since boiler rooms often leave without paying rent
+1	boiler rooms a `` negative we wish we could get rid of	Actually , `` we do n't get much negative publicity about this except for the press who write about it
+1	YOU WENT to college and thought you got an education	Now you discover that you never learned the most important lesson : How to send your kids to college
+8	True , when you went to college , there was n't that much to learn	Stick some money in an interest-bearing account and watch it grow
+1	Stick some money in an interest-bearing account and watch it grow	Now , investment salesmen say it 's time to take some risks if you want the kind of returns that will buy your toddler a ticket to Prestige U. in 18 years
+8	Nothing in the annals of tuition readied parents for the 1980s	Tuitions at private colleges rose 154 % in the 10 years ended in June of this year
+1	Tuitions at private colleges rose 154 % in the 10 years ended in June of this year	that 's twice the 77 % increase in consumer prices for the same period
+1	A year at Harvard now goes for $ 19,395	By 2007 , when this year 's newborns hit campus , a four-year Ivy League sheepskin will cost $ 300,000 , give or take a few pizzas-with-everything at exam time
+5	By 2007 , when this year 's newborns hit campus , a four-year Ivy League sheepskin will cost $ 300,000 , give or take a few pizzas-with-everything at exam time	Stanford , MIT and other utmosts will cost no less
+1	Some investment advisers are suggesting , in effect , a bet on a start-up investment pool -- maybe even on margin	Others prefer deep-discount zero-coupon bonds
+5	Some investment advisers are suggesting , in effect , a bet on a start-up investment pool -- maybe even on margin.Others prefer deep-discount zero-coupon bonds	Still others say , Why not take a chance on a high-octane growth fund
+4	You 're not going to make it in a 5 % bank account	To get the necessary growth you need to go to the stock market
+8	Or the zero-coupon bonds turn out not to have been discounted deeply enough to pay your kid 's tuition	That 's the dilemma for today 's parent
+2	Help may be on the way	The antitrust division of the Justice Department is investigating the oddly similar tuition charges and increases among the top schools
+2	The antitrust division of the Justice Department is investigating the oddly similar tuition charges and increases among the top schools	Fear of the price police could help cool things off in the 1990s
+2	that a good college will cost so much by whenever you want it that the tried and true wo n't do anymore	Forget about Treasury bills or a money-market fund
+6	The latest wave of marketing is instructive	Several outfits are advertising `` college planner '' tables and charts that tell you how much you need to put aside regularly
+6	The figures are shocking	To build a nest egg that would pay for Stanford when a current first-grader reaches college age , parents would need to set aside $ 773.94 a month -- for 12 years
+1	To build a nest egg that would pay for Stanford when a current first-grader reaches college age , parents would need to set aside $ 773.94 a month -- for 12 years	They can cut this to $ 691.09 a month if the investing keeps up through college
+6	Plugging a cheaper college into the formulas still does n't generate an installment most people can live with	Using a recent average private-school cost of about $ 12,500 a year , T. Rowe Price 's planner prescribes $ 450 monthly if the plan begins when the child is six
+5	Using a recent average private-school cost of about $ 12,500 a year , T. Rowe Price 's planner prescribes $ 450 monthly if the plan begins when the child is six	Since the formula assumes an 8 % before-tax return in a mutual fund , there would also be $ 16,500 in taxes to pay over the 12 years
+6	Not everyone is so pessimistic	People are basically peddling a lot of fear , '' says Arthur Hauptman , a consultant to the American Council on Education in Washington
+2	People are basically peddling a lot of fear , '' says Arthur Hauptman , a consultant to the American Council on Education in Washington	He takes issue with projections that do n't factor in students ' own contribution
+8	People are basically peddling a lot of fear , '' says Arthur Hauptman , a consultant to the American Council on Education in Washington	He takes issue with projections that do n't factor in students ' own contribution
+2	Still it 's no bad thing '' if all the marketing prods people into putting aside a little more	The situation you want to avoid is having somebody not save anything and hope they 'll be able to do it out of current income
+2	The situation you want to avoid is having somebody not save anything and hope they 'll be able to do it out of current income	That 's crazy
+4	Do n't panic	Parents should aim at whatever regular investment sum they can afford
+6	Parents should aim at whatever regular investment sum they can afford	Half the amount that the investment tables suggest might be a good goal
+2	Half the amount that the investment tables suggest might be a good goal	That way , parents will reduce borrowings and outlays from current income when the time comes to pay tuition
+8	that the best investment choice is mutual funds because they are managed and over time have nearly kept up with the broad stock averages	He favors either an all-stock fund or a balanced fund that mixes both stocks and bonds
+6	In their anxiety , however , parents and other student benefactors are flocking to new schemes	They have laid out about $ 1 billion for so-called baccalaureate zero-coupon municipal bonds
+2	The baccalaureate bonds seem to be tailor-made for college savers	Like other zeros , they pay all their interest at maturity , meaning that buyers can time things so that their bonds pay off just when Junior graduates from high school
+6	The baccalaureate bonds seem to be tailor-made for college savers	Like other zeros , they pay all their interest at maturity , meaning that buyers can time things so that their bonds pay off just when Junior graduates from high school
+6	Their compounding effect is also alluring	In June , Virginia sold bonds for $ 268.98 that will pay $ 1,000 in 2009
+2	But Richard Anderson , head of the Forum for College Financing Alternatives , at Columbia University , a research group partly financed by the federal government , says zeros are particularly ill-suited	Their price falls further than that of other bonds when inflation and interest rates kick up
+2	Their price falls further than that of other bonds when inflation and interest rates kick up	That wo n't matter if they are held to maturity , but if , for any reason , the parents need to sell them before then , there could be a severe loss of principal
+10	Issuing states generally limit the guarantees to in-state institutions , however , and buyers get refunds without much interest if the children do n't attend the specified schools	Two private groups are seeking Securities and Exchange Commission approval for plans that could be more broadly transferable
+2	The issue here may be the soundness of the guarantee	Prepayments , much like mutual-fund purchases , are pooled for investment
+5	Prepayments , much like mutual-fund purchases , are pooled for investment	Sponsors are naturally counting on their ability to keep ahead of tuition inflation with investment returns
+1	One problem is that the Internal Revenue Service has decided that the investment earnings and gains of the sponsors ' funds are taxable	The colleges , as educational institutions , had hoped that would n't be the case
+2	And they 're leaning more toward fixed income , whose returns after tax have trailed tuition increases	I 'm not sure they 're going to make it work
+1	Florida and Wyoming have backed up their guarantees with the full faith and credit of the state governments , meaning that taxpayers will pick up any slack	Not so Michigan
+4	Not so Michigan	Its plan is set up as an independent agency
+0	Its plan is set up as an independent agency	The state says there 's no worry -- investment returns , combined with fees and the gains from unused plans , will provide all the cash it needs
+0	Along the way , Mr. Tharp omitted a total of $ 1.5 million from his receipts reported on federal tax returns for three years	The returns landed in the hands of an Internal Revenue Service criminal investigator , Samuel James Baker
+9	Along the way , Mr. Tharp omitted a total of $ 1.5 million from his receipts reported on federal tax returns for three years	The returns landed in the hands of an Internal Revenue Service criminal investigator , Samuel James Baker
+9	The returns landed in the hands of an Internal Revenue Service criminal investigator , Samuel James Baker	Mr. Baker interviewed or wrote to hundreds of catfish farmers , live-haulers and processors throughout the South
+9	Unknown to Mr. Tharp , he had fouled his net on a special IRS project to catch catfish farmers and haulers inclined to cheat on their taxes	Confronted with the evidence , Mr. Tharp pleaded guilty to one charge of filing a false return and was fined $ 5,000 and sentenced to 18 months in prison
+2	Unknown to Mr. Tharp , he had fouled his net on a special IRS project to catch catfish farmers and haulers inclined to cheat on their taxes	Confronted with the evidence , Mr. Tharp pleaded guilty to one charge of filing a false return and was fined $ 5,000 and sentenced to 18 months in prison
+0	A lot of taxpayers out there are n't as paranoid as one might think	Federal and state tax enforcers develop many group targets for investigation , on the basis of occupation , high income , type of income , or some other characteristic that may signal an opportunity or tendency to hide income or exaggerate deductions
+5	dentists who invested in dubiously dubbed foreign films or airline pilots who raised racehorses on their days off	Mail-order ministers have been squelched
+5	dentists who invested in dubiously dubbed foreign films or airline pilots who raised racehorses on their days off.Mail-order ministers have been squelched	Now , television and radio evangelists are under scrutiny
+2	Once such abuses become so pervasive , the IRS builds another factor into its secret computer formula for selecting returns for audit and does n't need special projects for them	San Franciscans have a much higher incidence of audits than average because more of them score high under that formula , not because IRS agents envy their life styles
+6	Many openings for mass cheating , such as questionable tax shelters and home offices , have gaped so broadly that Congress has passed stringent laws to close them	Deductions of charitable gifts of highly valued art now must be accompanied by appraisals
+5	Unreported alimony income can be spotted by computer because a payer of alimony ( who gets a deduction ) must report the former spouse 's Social Security number	Passport applicants now must give Social Security numbers , enabling the IRS to see whether Americans living abroad are filing required U.S. returns
+5	It prompted an IRS study that found many sellers were concealing income and treating large amounts of nondeductible travel and other personal expenses as business costs	The study provided criteria for singling out returns of `` potentially noncompliant '' taxpayers who report low income and large expenses from a part-time business
+8	who both were part-time distributors of Amway products in addition to their regular jobs as sales people in other fields	For 1984 , they reported gross income of $ 1,647 from Amway sales , offset by expenses totaling $ 16,746 -- including car costs of $ 6,805 and travel and entertainment costs of $ 5,088
+1	For 1984 , they reported gross income of $ 1,647 from Amway sales , offset by expenses totaling $ 16,746 -- including car costs of $ 6,805 and travel and entertainment costs of $ 5,088	The Tax Court did n't believe that the Rubins , who earned $ 65,619 in their regular jobs , treated the sideline as a real business and derived `` merely incidental elements of recreation and other personal pleasure and benefits '' from it
+8	The independent-contractor project involves about 350 IRS agents	In the fiscal nine months ended June 30 they examined about 13,000 employers , assessed more than $ 67 million in delinquent employment taxes , and reclassified about 56,000 workers as employees instead of self-employed contractors
+2	The number of misclassified workers may be in the millions , mostly paid by small firms	Many workers , especially professionals , want to remain independent to avoid tax withholding and to continue to deduct many expenses that employees ca n't
+9	But a medical clinic with about 20 employees wrongly listed all of them -- including physicians and receptionists -- as independent contractors	The IRS assessed the clinic $ 350,000 in back payroll taxes
+2	But a medical clinic with about 20 employees wrongly listed all of them -- including physicians and receptionists -- as independent contractors	The IRS assessed the clinic $ 350,000 in back payroll taxes
+5	The IRS assessed the clinic $ 350,000 in back payroll taxes	It assessed nearly $ 500,000 against a cruise-ship company that carried about 100 deckhands , cooks , bartenders , entertainers and other employees as self-employed independents
+8	and perhaps none tracks them down with more relish than does New York since it acquired an $ 80 million computer system in 1985	The state 's tax enforcers have amassed data bases from other New York agencies that license or register professionals and businesses ; from exchange agreements with the IRS , 24 other states , and two Canadian provinces , and even from phonebook Yellow Pages
+9	The state 's tax enforcers have amassed data bases from other New York agencies that license or register professionals and businesses ; from exchange agreements with the IRS , 24 other states , and two Canadian provinces , and even from phonebook Yellow Pages	Thus armed for massive matching of documents by computer , they single out high-income groups , looking primarily for people who have n't filed New York income-tax returns
+5	The state has combed through records relating to architects , stockbrokers , lawyers in the New York City area , construction workers from out of the state , and homeowners who claim to be residents of other states -- especially Florida , which has no personal income tax	Soon to feel the glare of attention are lawyers elsewhere in the state , doctors , dentists , and accountants
+5	The department has collected over $ 6.5 million from brokers so far and recommended more than 30 of them for criminal prosecution	In the early stage of checking people with incomes exceeding $ 500,000 who were filing nonresident returns , it squeezed $ 7.5 million out of a man who was posing as a Florida resident
+2	In the early stage of checking people with incomes exceeding $ 500,000 who were filing nonresident returns , it squeezed $ 7.5 million out of a man who was posing as a Florida resident	we can reclaim hundreds of millions of dollars just through the nonresident project
+2	But that does n't mean `` half of the students attending Berkeley '' will be admitted this way	The plan is talking about applicants admitted , not students who enroll
+8	One of the plan 's authors has defended the `` socioeconomic disadvantage '' category as perhaps making more sense than the current affirmative-action preferences based on race	Perhaps it does
+2	FOR THOSE WHO DELIGHT in the misfortune of others , read on	This is a story about suckers
+5	Most of us know a sucker	Many of us are suckers
+6	But what we may not know is just what makes somebody a sucker	What makes people blurt out their credit-card numbers to a caller they 've never heard of
+8	These people are very skilled at finding out what makes a person tick	Once they size them up , then they know what buttons to push
+2	John Blodgett agrees -- and he ought to know	He used to be a boiler-room salesman , peddling investments in oil and gas wells and rare coins
+2	The most obvious pitch , of course , is the lure of big returns	We 're all a little greedy
+2	We 're all a little greedy	Everyone is vulnerable
+8	The overnight success story is part of our culture , and our society puts an emphasis on it with lotteries and Ed McMahon making millionaires out of people	Other people are making it overnight , and the rest who toil daily do n't want to miss that opportunity when it seems to come along
+2	Why do people play the lottery when the odds are great against them	People are shooting for a dream
+8	Between 1978 and 1987 , for instance , SH Oil in Winter Haven , Fla. , sold interests in oil wells to a very select group of local residents , while turning away numerous other eager investors	The owner of the company confided to investors that he had a secret agreement with Amoco Oil Co. and said the location of his wells was confidential , according to a civil suit filed in a Florida state court by the Florida comptroller 's office
+1	The owner of the company confided to investors that he had a secret agreement with Amoco Oil Co. and said the location of his wells was confidential , according to a civil suit filed in a Florida state court by the Florida comptroller 's office	Neither the Amoco agreement nor the wells existed
+2	At times , salesmen may embellish the inside information with `` the notion that this is some slightly shady , slightly illegal investment the person is being included in	In appealing to those with a bit of larceny in their hearts , the fraud artist can insist that a person keep an investment secret -- insulating himself from being discovered and keeping his victim from consulting with others
+8	It also adds to the mystery of the venture	that for many investors , the get-rich-quick scams carry a longed-for element of excitement
+2	that for many investors , the get-rich-quick scams carry a longed-for element of excitement	Once people got into it , I was allowing them to live a dream
+6	Once people got into it , I was allowing them to live a dream	He phoned them with updates on the investment , such as `` funny things that happened at the well that week
+2	He phoned them with updates on the investment , such as `` funny things that happened at the well that week	You gave them some excitement that they did n't have in their lives
+8	For some investors , it 's the appearances that leave them deceived	The trappings of success go a long way -- wearing the right clothes , doing the right things
+6	The trappings of success go a long way -- wearing the right clothes , doing the right things	Conservative appearances make people think it 's a conservative investment
+2	Conservative appearances make people think it 's a conservative investment	People honestly lose money on risky investments that they did n't realize were a crapshoot
+5	a salesman `` used a business-venture approach '' with him , sending investment literature , a contract limiting the firm 's liability , and an insurance policy	When he visited the company 's office , he says , it had `` all the trappings of legitimacy
+8	Still others are stung by a desire to do both well and good	Born-again Christians are the most visible targets of unscrupulous do-gooder investment pitches
+2	But hardly the only ones	The scams promise -- among other things -- to help save the environment , feed starving families and prevent the disappearance of children
+2	Psychologists say isolated people who do n't discuss their investments with others are particularly at risk for fraud	Scam artists seek out such people -- or try to make sure that their victims isolate themselves
+6	Often con artists will try to disarm their victims by emphasizing similarities between them	he and his wife , Lily , warmed to the investment pitches of a penny-stock peddler from Stuart-James Co. in Atlanta after the broker told them he , too , had once worked with Lockheed
+7	the broker took them out for lunch frequently	He urged them to refer their friends , who also lost money
+1	He urged them to refer their friends , who also lost money	Donald Trinen , an attorney for the penny-brokerage firm , denies the fraud allegations and says the Lyneses were fully apprised that they were pursuing a high-risk investment
+5	It 's not uncommon for these guys to send pictures of themselves or their families to ingratiate themselves to their clients	We 've seen cases where salesmen will affect the accent of the region of the country they are calling
+8	We 've seen cases where salesmen will affect the accent of the region of the country they are calling	Anything to make a sale
+2	that whatever a person 's particular weak point , timing is crucial	People may be particularly vulnerable to flim-flam pitches when they are in the midst of a major upheaval in their lives
+2	People may be particularly vulnerable to flim-flam pitches when they are in the midst of a major upheaval in their lives	Sometimes when people are making big changes , retiring from their jobs , moving to a new area , they lose their bearings
+2	Sometimes when people are making big changes , retiring from their jobs , moving to a new area , they lose their bearings	They may be susceptible to some song and dance if it hits them at the right time
+3	These people are n't necessarily stupid or naive	Almost all of us in comparable circumstances might be victimized in some way
+8	that 's what happened to him	Mr. Cortese , a 33-year-old Delta Air Lines engineer , invested some $ 2,000 in penny stocks through a broker who promised quick returns
+10	Mr. Cortese , a 33-year-old Delta Air Lines engineer , invested some $ 2,000 in penny stocks through a broker who promised quick returns	We were saving up to buy a house , and my wife was pregnant
+5	We were saving up to buy a house , and my wife was pregnant	It was just before the Christmas holidays , and I figured we could use some extra cash
+5	It was just before the Christmas holidays , and I figured we could use some extra cash	The investment is worth about $ 130 today
+8	Maybe it was just a vulnerable time	Maybe the next day or even an hour later , I would n't have done it
+1	Two seats on the Big Board were sold yesterday for $ 455,000 , and then $ 500,000	The previous sale was $ 436,000 on Oct. 17
+5	The previous sale was $ 436,000 on Oct. 17	the last time prices were that low was November 1985 , when a seat sold for $ 425,000
+1	the last time prices were that low was November 1985 , when a seat sold for $ 425,000	Prices peaked at $ 1,150,000 in September 1987
+5	but at least it 's exercise	At least it has a little dash
+1	At least it has a little dash	Most of us have to spend our time on pursuits that afford neither , drab duties rather than pleasures
+8	Like trying to buy life insurance , for instance , an endeavor notably lacking in dash	Call it the uninformed trudging after the incomprehensible
+6	Over the past decade or two the insurance industry has spawned an incredible number of products , variations on products , and variations on the variations	Besides term life and whole life ( the old standbys ) , we now have universal life , universal variable life , flexible adjustable universal life , policies with persistency bonuses , policies festooned with exotic riders , living benefit policies , and on and on
+2	Besides term life and whole life ( the old standbys ) , we now have universal life , universal variable life , flexible adjustable universal life , policies with persistency bonuses , policies festooned with exotic riders , living benefit policies , and on and on	What to do
+8	First , generalize	Shorn of all their riders , special provisions , and other bells and whistles , insurance policies can still be grouped under two broad categories : so-called pure insurance , which amasses no cash value in the policy and pays off only upon death , and permanent insurance , which provides not only a death benefit but also a cash value in the policy that can be used in various ways while the insured is still alive
+5	If all you want is death-benefit coverage , pure insurance -- a term policy -- gives you maximum bang for your buck , within limits	It 's much cheaper than permanent insurance bought at the same age
+8	But `` term '' means just that	the policy is written for a specific time period only and must be renewed when it expires
+2	It may also stipulate that the insured must pass another medical exam before renewal	if you flunk you may not be able to buy it
+5	if you flunk you may not be able to buy it	Even if you 're healthy and can renew , your premium will go up sharply because you 're that much older
+2	Amex said it would charge me $ 576 a year for $ 100,000 of coverage -- and would pay me back all the premiums I put in if I canceled the policy after 10 years	Sounds great -- or does it
+5	Second , the $ 5,760 I 'd get back would be much diminished in purchasing power by 10 years of inflation	Amex , not I , would get the benefit of the investment income on my money
+2	Third and most important , Amex would charge me a far higher premium than other reputable companies would on a straight term policy for the same amount	I 'd be paying so heavily just to have the option of getting my premiums back that I 'd almost have to cancel to make the whole thing worthwhile
+2	I 'd be paying so heavily just to have the option of getting my premiums back that I 'd almost have to cancel to make the whole thing worthwhile	That would be all right with Amex , which could then lock in its investment profit , but it does n't add up to a `` smart money '' move for me
+8	Which goes to show that the First Law applies in insurance as in anything else	There is no free lunch , there is only marketing
+2	This is worth remembering when insurers and their salesmen try to sell you permanent insurance , the kind that amasses cash value	The word `` death '' can not be escaped entirely by the industry , but salesmen dodge it wherever possible or cloak it in euphemisms , preferring to talk about `` savings '' and `` investment '' instead
+2	but salesmen dodge it wherever possible or cloak it in euphemisms , preferring to talk about `` savings '' and `` investment '' instead	The implication is that your permanent-insurance policy is really some kind of CD or mutual-fund account with an added feature
+2	That is gilding the lily	The fact is that as a savings or investment vehicle , insurance generally runs a poor second to any direct investment you might make in the same things the insurance company is putting your money into
+2	That 's because you have to pay for the insurance portion of the policy and the effort required to sell and service the whole package	Again , no free lunch
+8	And in most cases , a huge hunk of your premium in the initial year or two of the the policy is , in effect , paying the salesman 's commission as well	investment returns on most policies are actually negative for several years , largely because of this
+8	The simplest , most traditional form of permanent insurance is the straight whole life policy	You pay a set premium for a set amount of coverage , the company invests that premium in a portfolio of its choosing , and your cash value and dividends grow over the years
+2	One newer wrinkle has been immensely popular in recent years for tax reasons	the insured could extract cash value in the form of policy `` loans , '' and none of the proceeds were taxable even though they included gains on investment
+2	I 'm not prepared in any case to put that much money into a policy immediately , so I look into the broad category called universal life	it is far more flexible than straight whole life
+6	Hugely popular , it is far more flexible than straight whole life	I can adjust the amount of insurance I want against the amount going into investment
+7	I can adjust the amount of insurance I want against the amount going into investment	I can pay more or less than the so-called target premium in a given year
+1	Also , some policy illustrations assume that mortality costs will decline or that I will get some sort of dividend bonus after the 10th year	These are not certain , either
+2	At a back-yard barbecue , for example , a friend boasts that she 'll only have to pay premiums on her John Hancock policy for seven years and that her death benefits will then be `` guaranteed	I call her agent , David Dominici
+1	Yes , he says , premiums on such variable-rate coverage can be structured to `` vanish '' after a certain period -- but usually only if interest rates stay high enough to generate sufficient cash to cover the annual cost of insurance protection	If interest rates plunge , the insurer may be knocking on my door , asking for steeper premium payments to maintain the same amount of protection
+8	So-called living-benefits provisions also merit a close inspection	these policy riders let me tap a portion of my death benefits while I 'm still alive
+8	these policy riders let me tap a portion of my death benefits while I 'm still alive	Some provisions would let me collect a percentage of the policy 's face value to pay for long-term care such as nursing-home stays
+5	Some provisions would let me collect a percentage of the policy 's face value to pay for long-term care such as nursing-home stays	others would allow payments for catastrophic illnesses and conditions such as cancer , heart attarcks , renal failure and kidney transplants
+2	Insureres selling these policies market them directly to the public or otherwise do n't use commissioned salesmen	there is still a load -- annual administrative fees and initial `` setup '' charges -- but I figure that the lack of commission and of `` surrender fees '' for dropping the policy early still saves me a lot
+8	I compared one universal policy for $ 130,000 face amount from such an insurer , American Life Insurance Corp. of Lincoln , Neb. , with a similar offering from Equitable Life Assurance Society of the U.S. , which operates through 11,000 commissioned salesmen	After one year I could walk away from the Ameritas policy with $ 792 , but Id get only $ 14 from the Equitable
+8	The difference is magnified by time , too	At age 65 , when I 'd stop paying premiums , the Ameritas offering would have a projected cash value $ 14,000 higher than the other , even though the Equitable 's policy illustration assumed a fractionally higher interest rate
+4	Well , not yet	I 'm thinking about using the $ 871 annual premium to finance a trip to Paris first
+2	I 'm thinking about using the $ 871 annual premium to finance a trip to Paris first	A person can do some heavy thinking about insurance there -- and shop for something more exciting while she 's doing it
+1	that sales will show an increase from a year ago of `` somewhat less than 10 %	Through the first six months of 1989 , sales had grown about 12 % from the year-earlier period
+8	the profit growth in the latest quarter was due to the sale of two Rorer drugs	Asilone , an antacid , was sold to Boots PLC , London
+7	Asilone , an antacid , was sold to Boots PLC , London	Thrombinar , a drug used to stanch bleeding , was sold to Jones Medical Industries Inc. , St. Louis
+5	As the gain from the sales indicates , operating profit was `` significantly '' below the year-earlier level	Rorer in July had projected lower third-quarter operating profit
+2	Rorer in July had projected lower third-quarter operating profit but higher profit for all of 1989	the company is still looking for `` a strong fourth quarter in all areas -- sales , operating income and net income
+2	whose sales and market share in the U.S. had slipped in the first half of 1989	Rorer opted to sell Asilone and Thrombinar to raise revenue that would `` kick start '' its increased marketing efforts behind Maalox
+2	He said Rorer opted to sell Asilone and Thrombinar to raise revenue that would `` kick start '' its increased marketing efforts behind Maalox	We had underfunded Maalox for a year
+5	Rorer will spend $ 15 million to $ 20 million more on Maalox advertising and promotion in the second half of 1989 than in the year-earlier period	A `` big chunk '' of that additional spending came in the third quarter
+2	It was the second anniversary of the 1987 crash , but this time it was different	Stocks rallied on good earnings reports and on data that showed less inflation than expected
+2	Blue chips led the march up in heavy trading	The Dow Jones Industrial Average rose 39.55 points to 2683.20
+5	The Dow Jones Industrial Average rose 39.55 points to 2683.20	The 30 industrials led the market higher from the opening bell as foreign buyers stepped in
+9	The 30 industrials led the market higher from the opening bell as foreign buyers stepped in	By afternoon , the broader market joined the advance in full strength
+6	By afternoon , the broader market joined the advance in full strength	Standard & Poor 's 500-stock Index rose 5.37 to 347.13 and the Nasdaq composite index jumped 7.52 to 470.80
+7	Standard & Poor 's 500-stock Index rose 5.37 to 347.13 and the Nasdaq composite index jumped 7.52 to 470.80	New York Stock Exchange volume swelled to 198,120,000 shares
+6	Traders said a variety of factors triggered the rally	The consumer price index rose 0.2 % in September , while many economists were looking for a 0.4 % increase
+5	The consumer price index rose 0.2 % in September , while many economists were looking for a 0.4 % increase	Stock-index arbitrage buy programs helped the rally 's momentum
+4	Stock-index arbitrage trading was a minor influence in yesterday 's rally	Institutional buyers were the main force pushing blue chips higher
+1	Hilton rose 2 7/8 to 100 , for example	Last Friday , takeover traders spilled out of Hilton , knocking the stock down 21 1/2 to 85
+5	Last Friday , takeover traders spilled out of Hilton , knocking the stock down 21 1/2 to 85	Among other stocks involved in restructurings or rumored to be so : Holiday Corp. gained 1 7/8 to 73 and Honeywell rose 2 7/8 to 81 1/2
+2	One floor trader noted in astonishment that nobody seemed to mind the news that British Airways is n't making a special effort to revive the UAL buy-out	The announcement of the buy-out 's troubles triggered the market 's nose dive a week ago
+2	when an investor group disclosed yesterday that it had obtained all the financing required to complete its $ 1.6 billion leveraged buy-out of American Medical International	That 's put some oomph back into this market
+6	But some traders thought there was less to the rally than met the eye	There is no strength behind this rally , '' asserted Chung Lew , head trader at Kleinwort Benson North America
+4	There is no strength behind this rally	It 's traders squaring positions
+2	It 's traders squaring positions	It 's not good
+8	It 's not good	the market is setting up for another fall
+5	The MMI is a 20-stock index that mimics the Dow Jones Industrial Average	Outstanding contracts are those that remain to be liquidated
+8	By Wednesday , the outstanding October contracts amounted to 8,524 , representing about $ 1.13 billion in stock	There has been a tremendous increase '' in MMI positions
+2	Consumer stocks once again set the pace for blue-chip issues	Philip Morris added 1 1/8 to 44 1/2 in Big Board composite trading of 3.7 million shares , Coca-Cola Co. gained 2 3/8 to 70 3/8 , Merck gained 1 3/8 to 77 3/8 and American Telephone & Telegraph advanced 7/8 to 43 3/8 on 2.5 million shares
+8	Consumer stocks once again set the pace for blue-chip issues	Philip Morris added 1 1/8 to 44 1/2 in Big Board composite trading of 3.7 million shares , Coca-Cola Co. gained 2 3/8 to 70 3/8 , Merck gained 1 3/8 to 77 3/8 and American Telephone & Telegraph advanced 7/8 to 43 3/8 on 2.5 million shares
+5	Chemical Bank had made arrangements for 23 other banks to provide $ 509 million in bank financing for the buy-out offer	Chemical and six other banks , along with First Boston , are providing the rest of the $ 1.6 billion
+10	Elsewhere on the takeover front , Time Warner advanced 2 5/8 to 136 5/8 and Warner Communications tacked on 7/8 to 63 7/8	The Delaware Supreme Court affirmed a ruling that barred Chris-Craft Industries from voting its Warner preferred stock as a separate class in deciding on the companies ' proposed merger
+7	Paramount Communications climbed 1 1/4 to 58 1/2 and MCA rose 1 1/2 to 64 ; both media companies have long been mentioned as potential acquisition candidates	Among other actual and rumored targets , Woolworth rose 1 1/4 to 60 1/2 , Upjohn went up 1 1/8 to 39 3/4 , Armstrong World Industries gained 1 to 40 1/8 and Kollmorgen rose 3/4 to 13 7/8
+7	Compaq Computer soared 4 5/8 to 111 1/8 on 1.8 million shares in response to the company 's announcement of plans to introduce several products next month	Digital Equipment gained 1 3/8 to 89 3/4 despite reporting earnings for the September quarter that were on the low end of expectations
+8	Insurance stocks continued to climb on expectations that premium rates will rise in the aftermath of the earthquake in the San Francisco area	American International Group climbed 4 to 106 5/8 , General Re rose 3 1/8 to 89 5/8 , Kemper added 2 1/2 to 48 , AON went up 1 3/8 to 36 and Chubb rose 1 1/4 to 82 1/4
+8	Stocks of major toy makers rallied in the wake of strong third-quarter earnings reports	Mattel added 1 1/4 to 19 5/8 , Tonka firmed 1 to 18 1/2 and Lewis Galoob Toys rose 7/8 to 13 5/8 on the Big Board , while Hasbro gained 1 to 21 7/8 on the American Stock Exchange
+2	Capital Cities-ABC surged 42 5/8 to 560	Kidder Peabody raised its investment rating on the stock and its earnings estimates for 1989 and 1990 , based on optimism that the company 's ABC television network will continue to fare well in the ratings
+2	Dun & Bradstreet lost 1 7/8 to 51 7/8 on 1.8 million shares	Merrill Lynch lowered its short-term rating on the stock and its estimate of 1990 earnings
+5	The Amex Market Value Index recorded its sharpest gain of the year by climbing 4.74 to 382.81	Volume totaled 14,580,000 shares
+9	B.A.T Industries , the most active Amex issue , rose 3/8 to 12 3/8	The company received shareholder approval for its restructuring plan , designed to fend off a hostile takeover bid from a group headed by financier Sir James Goldsmith
+2	B.A.T Industries , the most active Amex issue , rose 3/8 to 12 3/8	The company received shareholder approval for its restructuring plan , designed to fend off a hostile takeover bid from a group headed by financier Sir James Goldsmith
+1	In order to defuse pressure for an amendment , Mr. Mitchell and House Speaker Thomas Foley ( D. , Wash. ) had arranged for lawmakers to pass a statute barring flag desecration before voting on the constitutional change	Mr. Bush said he would allow the bill to become law without his signature , because he said only a constitutional amendment can protect the flag adequately
+8	If you think you have stress-related problems on the job , there 's good news and bad news	You 're probably right , and you are n't alone
+8	It is one of a series of studies on health commissioned by the New York Business Group , a non-profit organization with about 300 members	The stress study was undertaken because problems related to stress `` are much more prevalent than they seem
+2	In presenting the study late last week , Dr. Warshaw estimated the cost of these types of disorders to business is substantial	Occupational disability related to anxiety , depression and stress costs about $ 8,000 a case in terms of worker 's compensation
+8	In presenting the study late last week , Dr. Warshaw estimated the cost of these types of disorders to business is substantial	Occupational disability related to anxiety , depression and stress costs about $ 8,000 a case in terms of worker 's compensation
+5	Occupational disability related to anxiety , depression and stress costs about $ 8,000 a case in terms of worker 's compensation	In terms of days lost on the job , the study estimated that each affected employee loses about 16 work days a year because of stress , anxiety or depression
+2	We hope to sensitize employers '' to recognize the problems so they can do something about them	Early intervention into these types of problems can apparently save businesses long-term expense associated with hospitalization
+8	The poll also noted fear of a takeover as a stress-producing event in larger companies	More than eight in 10 respondents reported such a stress-provoking situation in their company
+1	More than eight in 10 respondents reported such a stress-provoking situation in their company	Mid-sized companies were most affected by talk of layoffs or plant closings
+5	47 % of the managers said stress , anxiety and depression contribute to decreased production	Alcohol and substance abuse as a result of stress-related problems was cited by 30 % of those polled
+1	We all like stress , but there 's a limit	The problem is that `` it 's very hard to get any hard measures on how stress affects job performance
+2	One of the best deals , though , may mean skipping Christmas dinner with the relatives	This week , many carriers are announcing cut-rate fares designed to get people to fly on some of the most hallowed -- and slowest -- days of the year , including Christmas
+1	In recent years , the airlines had waited until the last moment to court Christmas season vacationers with bargain fares	That approach flopped
+6	That approach flopped	Last Christmas Day , a USAir Group Inc. DC-9 jetliner flew about seven passengers from Chicago to Pittsburgh
+6	So this year , the airlines are getting a jump on holiday discounts	They are cutting ticket prices by as much as 70 % from normal levels for travel to most U.S. locations on Dec. 24 , 25 , 29 , 30 and 31 , and Jan. 4 , 5 and 6
+2	They are cutting ticket prices by as much as 70 % from normal levels for travel to most U.S. locations on Dec. 24 , 25 , 29 , 30 and 31 , and Jan. 4 , 5 and 6	The promotions put round-trip fares at $ 98 , $ 148 and $ 198
+6	That irritates many women who have n't taken their husbands ' last name	What a bunch of nonsense , '' says Jessica Crosby , president of the New York chapter of the National Association of Women Business Owners
+8	What a bunch of nonsense	This sets things way back
+4	It does n't want business companions abusing the promotion by falsely claiming to be related	We accommodate their choice of names by allowing them to demonstrate '' family affiliation with legal documents
+6	But gay rights advocates are angry , too	The Lambda Legal Defense and Education Fund of New York City has received complaints from homosexual couples whom the airline does n't recognize as family
+8	Since the hurricane , Midway Airlines Inc. and American Airlines , a unit of AMR Corp. , trimmed their one-way fares to the Virgin Islands to $ 109 from prices that were at times double that before the storm	The fares are code-named Hugo , Compassion and Virgin Islands Aid
+10	Some hotels in the hurricane-stricken Caribbean promise money-back guarantees	In Myrtle Beach , S.C. , the damaged Yachtsman Resort offers daily rates as low as $ 35 , or as much as 22 % below regular prices
+5	Some hotels in the hurricane-stricken Caribbean promise money-back guarantees	In Myrtle Beach , S.C. , the damaged Yachtsman Resort offers daily rates as low as $ 35 , or as much as 22 % below regular prices
+1	SENIOR CITIZENS have long received cheap air fares	This year , the older someone is the bigger the discount
+1	A senior citizen between 62 and 70 saves 70 % off regular coach fare	Travelers up to age 99 get a percentage discount matching their age
+7	A senior citizen between 62 and 70 saves 70 % off regular coach fare	Travelers up to age 99 get a percentage discount matching their age
+7	THE NATION 'S carriers also provide discounts to Red Cross workers , retired military personnel and medical students	There 's even a special fare for clergy that does n't require the usual stay over Saturday night
+2	There 's even a special fare for clergy that does n't require the usual stay over Saturday night	That way , they can be home in time for work Sunday
+2	and reduce the deficit	Repeal would generate more in new taxes than the government would lose in increased Social Security benefit payments
+1	When his Seventh Avenue fur business here was flying high 20 years ago , Jack Purnick had 25 workers and a large factory	Now his half-dozen employees work in an eighth-floor shop that he says is smaller than his old storage room
+8	The difference lies in how the two entrepreneurial furriers reacted to the foreign competition and transformation of their industry over the past 10 years	One stuck to old-line business traditions , while the other embraced the change
+8	The small , good fur salon is not what it used to be	We make the finest product in the world , and the Americans are being kicked around
+1	imports have reinvigorated the industry in which he has worked for most of his 57 years	You 've got some minds here that wo n't think progressively
+2	Import competition for U.S. furs has risen sharply since furriers started aggressively marketing `` working-girl mink '' and similar lower-priced imported furs in recent years	Merchants discovered a consumer largely ignored by higher-priced furriers
+2	Merchants discovered a consumer largely ignored by higher-priced furriers : the younger woman -- even in her late 20s -- who never thought she could buy a mink	The new market helped boost U.S. fur sales to about $ 1.8 billion a year now , triple the level in the late 1970s
+6	It also opened the door to furs made in South Korea , China , Hong Kong and other countries	it operates 35 retail outlets in the U.S. and plans to open 15 more by the end of next year
+0	it operates 35 retail outlets in the U.S. and plans to open 15 more by the end of next year	many of the the imports unstylish and poorly made
+2	many of the the imports unstylish and poorly made	these imports have n't squeezed them
+2	But low-priced and middle-priced furriers like Mr. Purnick say imports have cut their sales	A woman who once would have saved for two or three seasons to buy a U.S.-made mink can now get an imported mink right away for less than $ 2,000
+8	Yet Mr. Rosen has turned the import phenomenon to his advantage	Early in the decade he saw that fur workers in many foreign countries were willing to work longer hours at lower wages than their American counterparts and were more open to innovation
+2	Early in the decade he saw that fur workers in many foreign countries were willing to work longer hours at lower wages than their American counterparts and were more open to innovation	In 1982 , he started a factory in Greece
+9	In 1982 , he started a factory in Greece	Two years later , he opened one in West Germany
+2	He also noticed that foreign makers were introducing many variations on the traditional fur , and he decided to follow suit	By combining his strengths in innovation and quality control with the lower costs of production abroad , he says he has been able to produce high-quality goods at low cost
+1	By combining his strengths in innovation and quality control with the lower costs of production abroad he has been able to produce high-quality goods at low cost	To maintain control over production and avoid overdependence on foreign sources he still makes most of his furs in the U.S
+5	Inspired by imports , Mr. Rosen now makes fur muffs , hats and flings	This year he produced a men 's line and offers dyed furs in red , cherry red , violet , royal blue and forest green
+7	This year he produced a men 's line and offers dyed furs in red , cherry red , violet , royal blue and forest green	He has leather jackets from Turkey that are lined with eel skin and topped off with raccoon-skin collars
+7	This year he produced a men 's line and offers dyed furs in red , cherry red , violet , royal blue and forest green.He has leather jackets from Turkey that are lined with eel skin and topped off with raccoon-skin collars	From Asia , he has mink jackets with floral patterns made by using different colored furs
+7	This year he produced a men 's line and offers dyed furs in red , cherry red , violet , royal blue and forest green.He has leather jackets from Turkey that are lined with eel skin and topped off with raccoon-skin collars.From Asia , he has mink jackets with floral patterns made by using different colored furs	Next he will be testing pictured embroidery ( called kalega ) made in the Far East
+6	Other furriers have also benefited from leathers	Seymour Schreibman , the 65-year-old owner of Schreibman Raphael Furs Inc. , treats the reverse side of a Persian lambskin to produce a reversible fur-and-leather garment
+5	Seymour Schreibman , the 65-year-old owner of Schreibman Raphael Furs Inc. , treats the reverse side of a Persian lambskin to produce a reversible fur-and-leather garment	it accounts for 25 % of total sales
+6	Mr. Rosen is also pushing retail sales	This year he bought two stores , one in Brooklyn and one in Queens
+5	This year he bought two stores , one in Brooklyn and one in Queens	Other furriers have also placed more weight on retailing
+2	and can now bring his furs to the front door of retailers as far away as the Midwest	Small retailers who ca n't afford to travel to his New York showroom have become fair game
+8	The industry enjoyed six prosperous years beginning in 1980 , but since 1986 sales have languished at their $ 1.8 billion peak	Large furriers such as Antonovich Inc. , Fur Vault Inc. and Evans Inc. all reported losses in their latest fiscal years
+5	In addition , competition has glutted the market with both skins and coats , driving prices down	The animal-rights movement has n't helped sales
+2	And those who did n't move some production overseas suffer labor shortages	The intensive labor needed to manufacture furs { in the U.S. } is not as available as it was
+6	But even those who have found a way to cope with the imports and the slump , fear that furs are losing part of their allure	People are promoting furs in various ways and taking the glamour out of the fur business , '' says Stephen Sanders , divisional merchandise manager for Marshall Field 's department store in Chicago
+2	You ca n't make a commodity out of a luxury	that chasing consumers with low-priced imports will harm the industry in the long run by reducing the prestige of furs
+2	Whatever people want to buy , I 'll sell	The name of the game is to move goods
+2	I was appalled to read the misstatements of facts in your Oct. 13 editorial `` Colombia 's Brave Publisher	It is the right-wing guerrillas who are aligned with the drug traffickers , not the left wing
+5	It is the right-wing guerrillas who are aligned with the drug traffickers , not the left wing	This information was gleaned from your own news stories on the region
+8	I suggest that The Wall Street Journal should put its money where its mouth is	Lend computer equipment to replace that damaged at El Espectador , buy ad space , publish stories under the bylines of El Espectador journalists
+4	Lend computer equipment to replace that damaged at El Espectador , buy ad space , publish stories under the bylines of El Espectador journalists	Perhaps an arrangement could be worked out to `` sponsor '' El Espectador journalists and staff by paying for added security in exchange for exclusive stories
+8	Perhaps an arrangement could be worked out to `` sponsor '' El Espectador journalists and staff by paying for added security in exchange for exclusive stories	Reward El Espectador 's courage with real support
+9	Mr. Gourlay , 48 , is manager for corporate manufacturing operations	he was assistant vice president at the company
+2	In a speech prepared for delivery to London 's financial community , Mr. Lawson summed up current economic policy as a battle to wring inflation out of the British economy , using high interest rates as `` the essential instrument '' to carry out the campaign	that `` rates will have to remain high for some time to come
+2	that he would be watching exchange rates carefully	A sinking pound makes imports more expensive
+8	A sinking pound makes imports more expensive and increases businesses ' expectations of future inflation	that the exchange rates will have a `` major role in the assessment of monetary conditions
+6	In reaffirming the current monetary policy of using high interest rates to fight inflation and shore up the pound , Mr. Lawson dismissed other approaches to managing the economy	he monitors the money-supply figures , but does n't give them paramount importance , as some private and government economists have suggested
+2	Mr. Lawson 's speech came on the heels of a grueling period for the U.K. economy	Two weeks ago , in a campaign to blunt inflation at home and arrest a world-wide plunge in the pound , he raised base rates a full percentage point to 15 %
+1	Two weeks ago , in a campaign to blunt inflation at home and arrest a world-wide plunge in the pound , he raised base rates a full percentage point to 15 %	Despite the increase , the British currency slid below a perceived threshold of three marks early last week
+8	Despite the increase , the British currency slid below a perceived threshold of three marks early last week	It was quoted at 2.9428 marks in late New York trading Wednesday
+6	Leading up to the speech was a drumroll of economic statistics suggesting that the British war on inflation will be more bruising than previously assumed	Unemployment in September dropped to 1,695,000 , the lowest level since 1980
+5	that `` demand pressures were even more buoyant than had been appreciated '' when the British economy was heating up last year	that `` there 's no quick-fix solution '' to the economic woes
+5	Discussing the recent slide in stock prices , the central bank governor stated that `` the markets now appear to have steadied '' after the `` nasty jolt '' of the 190.58-point plunge in the Dow Jones Industrial Average a week ago	Although the New York market plunge prompted a 70.5-point drop in the London Financial Times-Stock Exchange 100 Share Index , Mr. Leigh-Pemberton declared `` that the experience owed nothing to the particular problems of the British economy
+2	and it is important that Olivetti be one of the first out on the market with this product	that in the past they have lagged at getting new technology to market
+8	Olivetti 's restructuring last fall and its introduction of new products will begin to bear fruit with an earnings rebound next year , especially if it can fulfill its promise to deliver the new machines by December	We think the worst is over '' in the European information-technology market
+2	Depending on the type of software and peripherals used , the machines can serve either as the main computer in a network of many terminals ( a role usually filled by a minicomputer ) , as a technical workstation or as a very fast personal computer	It 's the missing link '' in Olivetti 's product line between small personal computers and higher-priced minicomputers
+10	It 's the missing link '' in Olivetti 's product line between small personal computers and higher-priced minicomputers	that Olivetti will continue making its LSX minicomputer line
+5	erembal , the second-largest maker of food cans in France , had 1988 sales of $ 150 million	Ferembal has 930 workers at four canning manufacturing plants and one plastic container facility
+5	The inflation adjustment also means that the maximum annual level of earnings subject to the wage tax that generates revenue for the Social Security trust fund will rise to $ 50,400 in 1990 from $ 48,000 this year	As mandated by law , the tax rate will rise to 7.65 % in 1990 from 7.51 % and wo n't rise any further in the future
+5	Beneficiaries aged 65 through 69 will be able to earn $ 9,360 without losing any Social Security benefits in 1990 , up from $ 8,880 this year	The exempt amount for beneficiaries under 65 will rise to $ 6,840 from $ 6,480
+2	Medical-supply houses are expected to report earnings increases of about 15 % on average for the third quarter , despite sales increases of less than 10 %	To offset sluggish sales growth , companies have been cutting staff , mostly through attrition , and slowing the growth in research and development spending
+7	Suppliers were also hurt by the stronger U.S. dollar , which makes sales abroad more difficult	In some cases , competition has squeezed margins
+0	Becton , Dickinson & Co. , for example , faces stiff competition from a Japanese supplier in the important syringe market	The Franklin Lakes , N.J. , company is expected to report sales growth of only 5 % to 6 % , but should still maintain earnings growth of 10 %
+5	third-quarter net income jumped 14 % to $ 196 million , or 88 cents a share , from $ 172 million , or 76 cents a share , a year earlier	Sales for the company , based in Abbott Park , Ill. , rose 8.3 % to $ 1.31 billion from $ 1.21 billion
+5	Baxter International Inc. yesterday reported net climbed 20 % in the third period to $ 102 million , or 34 cents a share , from $ 85 million , or 28 cents a share , a year earlier	Sales for the Deerfield , Ill. , company rose 5.8 % to $ 1.81 billion from $ 1.71 billion
+6	But not every company expects to report increased earnings	third-quarter net plunged 51 % to $ 9.9 million , or 18 cents a share , from $ 20 million , or 35 cents a share , a year earlier
+5	C.R . Bard Inc. yesterday said third-quarter net plunged 51 % to $ 9.9 million , or 18 cents a share , from $ 20 million , or 35 cents a share , a year earlier	Sales fell 1.2 % to $ 190.1 million from $ 192.5 million
+5	Sales fell 1.2 % to $ 190.1 million from $ 192.5 million	full-year earnings may be off 33 cents a share because the company removed a catheter from the market
+1	Net for the quarter ended Sept. 30 fell to $ 150.8 million , or $ 1.20 a share , from $ 223 million , or $ 1.71 a share , a year ago	Revenue rose 6.4 % to $ 3.13 billion from $ 2.94 billion
+1	The lack of a strong product at the high end of Digital 's line was a significant drag on sales	Digital hopes to address that with the debut of its first mainframe-class computers next Tuesday
+8	Digital hopes to address that with the debut of its first mainframe-class computers next Tuesday	The new line is aimed directly at International Business Machines Corp
+2	that against the backdrop of a nearly 40-point rise in the Dow Jones Industrial Average , that should n't necessarily be taken as a sign of great strength	Some cut their earnings estimates for the stock this year and predicted more efforts to control costs ahead
+2	I think the next few quarters will be difficult	Margins will remain under pressure , and when the new mainframe does ship , I 'm not sure it will be a big winner
+2	Margins will remain under pressure , and when the new mainframe does ship , I 'm not sure it will be a big winner	he was revising his estimate for DEC 's current year from $ 8.20 a share to `` well below $ 8 , '' although he has n't settled on a final number
+0	One troubling aspect of DEC 's results was its performance in Europe	its overseas business , which now accounts for more than half of sales , improved in the quarter
+5	DEC said its overseas business , which now accounts for more than half of sales , improved in the quarter	It even took the unusually frank step of telling analysts in a morning conference call that orders in Europe were up in `` double digits '' in foreign-currency terms
+2	That gain probably translated into about 5 % to 7 % in dollar terms , well below recent quarters ' gains of above 20 %	That was a disappointment '' and a sign of overall computer-market softness in Europe
+2	Marc Schulman , with UBS Securities in New York , dropped his estimate of DEC 's full-year net to $ 6.80 a share from $ 8	Although overall revenues were stronger DEC `` drew down its European backlog '' and had flat world-wide orders overall
+1	current expectations are for an entry level machine to be shipped in December , with all of the more sophisticated versions out by June	he 's sure that schedule wo n't be met , meaning less profit impact from the product for DEC in the next few quarters
+1	net income for the quarter rose to $ 76.7 million , or $ 1.06 a share , on sales that increased 6 % to $ 1.3 billion	In the year-earlier period , Colgate posted net income of $ 60.2 million , or 88 cents a share
+5	In the year-earlier period , Colgate posted net income of $ 60.2 million , or 88 cents a share	Last year 's results included earnings from discontinued operations of $ 13.1 million , or 19 cents a share
+2	and a lot more will be done	Improving profitability of U.S. operations is an extremely high priority in the company
+5	Colgate 's results were at the high end of the range of analysts ' forecasts	The scope of the improvement in the U.S. business caught some analysts by surprise
+2	The scope of the improvement in the U.S. business caught some analysts by surprise	The company 's domestic business has performed poorly for years
+5	The company 's domestic business has performed poorly for years	the earnings improvement came from cutting costs rather than increasing sales
+5	For the nine months , net increased 14 % to $ 217.5 million , or $ 3.09 a share	Sales rose 7 % to $ 3.8 billion
+5	The company earned $ 191.1 million , or $ 2.79 a share , in the year-earlier period	Colgate 's 1988 net income included $ 40.1 million , or 59 cents a share , from discontinued operations
+8	Colgate 's 1988 net income included $ 40.1 million , or 59 cents a share , from discontinued operations	Colgate sold its hospital supply and home health care business last year
+1	The sale of the system has been challenged in a class-action suit on behalf of unit holders filed last week in a Delaware court	the suit is without merit
+5	its amended pension program will nearly double to 34,000 the number of managers eligible to retire with immediate pension payments	about one-third of its eligible managers to retire under the new program
+8	third-quarter net income grew , despite stiff competition in all of the company 's markets	Net income rose to $ 699 million , or 65 cents a share , from the year-earlier $ 587 million , or 55 cents a share
+5	Net income rose to $ 699 million , or 65 cents a share , from the year-earlier $ 587 million , or 55 cents a share	Revenue edged up to $ 8.9 billion from $ 8.81 billion
+5	AT & T managers who have at least five years of service will have five years added to their age and length of service for pension purposes	Managers who retire Dec. 30 will have an additional 15 % added to their monthly pension for as long as five years or age 65 , whichever comes earlier
+5	the company would likely replace about one-third of its managers who choose to retire with new employees	Analysts hailed the sweetened pension package
+2	Analysts hailed the sweetened pension package	This tells you AT & T is serious about continuing to manage their cost structure
+6	But other analysts expressed disappointment that the cost-cutting move wo n't result in even greater earnings growth	This is a good move , but it only gets you to where people 's expectations already are , '' in terms of earnings growth , said Joel D. Gross , an analyst with Donaldson , Lufkin & Jenrette
+4	This is a good move , but it only gets you to where people 's expectations already are , '' in terms of earnings growth	he had hoped that a cost savings of $ 450 million would result in even greater growth than the 20 % annual earnings increase AT & T has told analysts it expects in the future
+1	For the nine months , AT & T said net income was $ 1.99 billion , or $ 1.85 a share , up 19 % from $ 1.67 billion , or $ 1.56 a share	Revenue gained 3.1 % to $ 26.81 billion from $ 26 billion
+2	But wait a second	Westridge Capital is an index fund -- the type of stolid long-term investor whose goal is to be nothing more than average
+9	Westridge Capital 's frenetic trading reflects the changes sweeping through the previously sleepy world of indexing	Indexing for the most part has involved simply buying and then holding stocks in the correct mix to mirror a stock market barometer , such as Standard & Poor 's 500-stock index , and match its performance
+8	Institutional investors have poured $ 210 billion into stock and bond indexing as a cheap and easy form of investment management that promises to post average market returns	These big investors have flocked to indexing because relatively few `` active '' stock pickers have been able to consistently match the returns of the S & P 500 or other bellwethers , much less beat it
+8	But today , indexing is moving from a passive investment strategy to an increasingly active one	Because index-fund managers are no longer satisfied with merely being average , they have developed `` enhanced '' indexing strategies that are intended to outperform the market as much as three percentage points
+1	Indexing has been the most single successful investment concept in the last decade , but the index money has been just sort of sitting there	Now the interest is in what else can I do with that money
+5	Indexed portfolios can be built around thousands of stocks , or just a few dozen , rather than being restricted to the S & P 500 companies	They can ignore the S & P 500 stocks altogether and focus on particular types of stocks , such as smaller companies , those paying high dividends or companies in a particular industry , state or country
+2	that indexing 's rapid growth is slowing , particularly for those `` plain vanilla '' funds that mirror the S & P 500	There is n't a boatload { of big investors } out there still waiting to get into indexing
+8	A further problem is razor-thin profits	Plain-vanilla funds have become so commonplace that fees they can charge have plunged to almost nothing , and in some cases are just that
+5	Plain-vanilla funds have become so commonplace that fees they can charge have plunged to almost nothing , and in some cases are just that	To land customers for their well-paying stock custodial business , big banks sometimes will throw in basic indexing services for free
+8	To land customers for their well-paying stock custodial business , big banks sometimes will throw in basic indexing services for free	It 's like getting a free toaster when you open an account
+6	Strategies vary for Westridge Capital , which has $ 300 million under management	The firm sometimes buys S & P 500 futures when they are selling at a discount to the actual stocks , and will switch back and forth between stocks and stock-index futures to take advantages of any momentary price discrepencies
+2	And in some months , he buys stock-index futures and not stocks at all	By their nature , our trades are very short-term and are going to create high turnover
+5	By their nature , our trades are very short-term and are going to create high turnover	The more turnover , the better for our clients
+5	Big indexer Bankers Trust Co. also uses futures in a strategy that on average has added one percentage point to its enhanced fund 's returns	it 's a good idea to jump between the S & P 500 stocks and futures
+2	it 's a good idea to jump between the S & P 500 stocks and futures	You 're buying the S & P , and you always want to hold the cheapest form of it
+2	that these instruments present added risks for investors	If the futures markets have a problem , then those products could have a problem
+8	There are many other strategies to bolster the returns of index funds	They include : LIMITED RISK FUNDS
+8	LIMITED RISK FUNDS	These guarantee protection against stock market declines while still passing along most gains
+6	These guarantee protection against stock market declines while still passing along most gains	Here a fund may promise to pay back , say , $ 95 of every $ 100 invested for a year , even if the market goes much lower
+2	Here a fund may promise to pay back , say , $ 95 of every $ 100 invested for a year , even if the market goes much lower	The fund could invest $ 87 for one year in Treasury bills yielding 8 % to return the guaranteed $ 95.That leaves $ 13 , which could be used to buy S & P 500 options that will nearly match any gain in the S & P index
+9	Instead of hiring one of the many active managers specializing in growth stocks , indexers can design a portfolio around the same stocks	the portfolio will be maintained by computer , reducing both fees and , in theory , risk ( because of the large number of stocks
+2	We see a lot of interest in those kind of things	People comfortable with the passive approach are using them for other strategies
+8	This is an index fund with a bet	Instead of replicating the S & P 500 or some other index exactly , some stocks are overweighted or underweighted in the portfolio
+1	One simple approach is to exclude S & P 500 companies considered bankruptcy candidates	this can avoid weak sisters , but also can hurt when a company like Chrysler Corp. rebounds
+5	such as eliminating the stocks of companies doing business in South Africa	Other funds have been designed to concentrate on stocks in a geographic area in order to encourage local investment
+1	The Big Board reported that short interest dropped to 523,920,214 shares as of Oct. 13 from 547,347,585 shares in mid-September	Amex short interest climbed 3 % to 53,496,665 shares from 51,911,566 shares
+5	Fluctuation in short interest of certain stocks also may be caused partly by arbitraging	The figures occasionally include incomplete transactions in restricted stock
+2	Varity Corp. led the Big Board list of largest short volumes with 12,822,563 shares	Varity has proposed to acquire K-H Corp. , consisting of the auto parts division and some debt of Fruehauf Corp. , for $ 577.3 million of cash and securities
+1	Chemical Waste Management posted the biggest increase in short volume on the New York exchange , up 3,383,477 shares to 5,267,238	Bristol-Myers Squibb Co. , the entity formed from the recent acquisition of Squibb Corp. by Bristol-Myers Co. , logged the largest volume decline , 7,592,988 shares , to 12,017,724
+5	The Amex short interest volume leader again was Texas Air Corp. , rising to 3,820,634 shares from 3,363,949	Bolar Pharmaceutical Co. posted the largest volume increase , 552,302 shares , to 2,157,656
+2	Bolar Pharmaceutical Co. posted the largest volume increase , 552,302 shares , to 2,157,656	The company is under an investigation concerning procedures to gain Food and Drug Administration approval of generic drugs
+1	The company is under an investigation concerning procedures to gain Food and Drug Administration approval of generic drugs	Bolar has denied any wrongdoing
+1	First Iberian Fund led the percentage increases , rising to 73,100 shares from 184	Nelson Holdings International Ltd. dropped the most on a percentage basis , to 1,000 shares from 255,923
+2	You are absolutely wrong , however , in opining that this position is some kind of `` flip-flop , '' something newly arrived at as a result of reading the opinion polls	My position is one founded on both the facts and the law
+5	You are absolutely wrong , however , in opining that this position is some kind of `` flip-flop , '' something newly arrived at as a result of reading the opinion polls	My position is one founded on both the facts and the law
+8	public opinion about Gen. Noriega is where it is in large measure because of my investigation of his years of involvement in narcotics smuggling ( and simultaneous work as a U.S. operative	The public made up its mind about Gen. Noriega largely as a result of the hearings I chaired in the Subcommittee on Terrorism and Narcotics of the Foreign Relations Committee on Feb. 8 , 9 , 10 and 11 , 1988 , and again on April 4 , 1988
+2	The public made up its mind about Gen. Noriega largely as a result of the hearings I chaired in the Subcommittee on Terrorism and Narcotics of the Foreign Relations Committee on Feb. 8 , 9 , 10 and 11 , 1988 , and again on April 4 , 1988	It was during those hearings that the nation first learned the breadth and depth of Gen. Noriega 's criminality , and of his enduring relationships with a variety of U.S. government agencies . Those hearings also highlighted how Gen. Noriega was able to use his relationships with these agencies to delay U.S. action against him , and to exploit the administration 's obsession with overthrowing the Sandinistas to protect his own drug-dealing
+5	how Gen. Noriega was able to use his relationships with these agencies to delay U.S. action against him , and to exploit the administration 's obsession with overthrowing the Sandinistas to protect his own drug-dealing	the Reagan administration knew that Gen. Noriega was involved with narcotics , but made a decision in the summer of 1986 `` to put Gen. Noriega on the shelf until Nicaragua was settled
+2	Unfortunately , this problem continued even after Gen. Noriega 's indictment	Throughout 1988 and this year , I and others in Congress have pressed the U.S. to develop a plan for pushing this `` narcokleptocrat '' out of Panama
+1	Throughout 1988 and this year , I and others in Congress have pressed the U.S. to develop a plan for pushing this `` narcokleptocrat '' out of Panama	two administrations in a row have been unwilling and unable to develop any plan , military or economic , for supporting the Panamanian people in their attempts to restore democracy
+2	For Vietnamese , these are tricky , often treacherous , times	After years of hesitation , economic and political reform was embraced at the end of 1986 , but ringing declarations have yet to be translated into much action
+1	Mr. Chan used to be an oddity in Hanoi : a private entrepreneur	His business success made him an official target in pre-reform days
+5	Mr. Chan , now 64 years old , invented a fountain pen he and his family produced from plastic waste.Later , he marketed glue	Both products were immensely popular
+1	Both products were immensely popular	For his troubles , Mr. Chan was jailed three times between 1960 and 1974
+8	For his troubles , Mr. Chan was jailed three times between 1960 and 1974	Though his operation was registered and used only scrap , he was accused of conducting illegal business and possessing illegal materials
+5	Though his operation was registered and used only scrap , he was accused of conducting illegal business and possessing illegal materials	Once he was held for three months without being charged
+5	After years of experimenting , Mr. Chan produced a heavy-duty bicycle tire that outlasted its state-produced rival	By 1982 , he was selling thousands of tires
+10	By 1982 , he was selling thousands of tires	Newspapers published articles about him , and he was hailed as `` the tire king
+5	Newspapers published articles about him , and he was hailed as `` the tire king	His efforts earned a gold medal at a national exhibition -- and attracted renewed attention from local authorities
+2	and demanded proof the house and equipment were his	He produced it
+5	He produced it	That was the first time they lost and I won
+1	He was further questioned to determine if he was `` a real working man or an exploiter	When I showed it was from my own brain , they lost for the second time
+2	But a few days later the police accused him of stealing electricity , acquiring rubber without permission and buying stolen property	Warned he was to be jailed again , he fled to the countryside
+5	Warned he was to be jailed again , he fled to the countryside	His family was given three hours to leave before the house and contents were confiscated
+2	His family was given three hours to leave before the house and contents were confiscated	With only the clothes they were wearing , family members moved to a home owned by one of Mr. Chan 's sons
+2	After six months on the run , Mr. Chan learned the order for his arrest had been canceled	He rejoined his family in January 1984 and began the long struggle for justice , pressing everyone from Hanoi municipal officials to National Assembly deputies for restoration of his rights
+5	In 1988 , 18 months after the sixth congress formally endorsed family-run private enterprise , district authorities allowed Mr. Chan to resume work	By late last year he was invited back as `` the tire king '' to display his products at a national exhibition
+5	By late last year he was invited back as `` the tire king '' to display his products at a national exhibition	National leaders stopped by his stand to commend his achievements
+2	First , however , he has unfinished business	When district authorities allowed him to resume manufacturing , they released only one of his machines
+8	First , however , he has unfinished business	When district authorities allowed him to resume manufacturing , they released only one of his machines
+5	When district authorities allowed him to resume manufacturing , they released only one of his machines	They did n't return the rubber stocks that represent his capital
+2	Mr. Ngoc , 57 years old , had solid reformist credentials	He had lost his official position in the association in he early 1980s because he questioned the intrusion of politics into literature
+9	He had lost his official position in the association in he early 1980s because he questioned the intrusion of politics into literature	Appointed editor in chief in July 1987 , Mr. Ngoc rapidly turned the staid Van Nghe into Vietnam 's hottest paper
+5	Circulation soared as the weekly went way beyond standard literary themes to cover Vietnamese society and its ills	Readers were electrified by the paper 's audacity and appalled by the dark side of life it uncovered
+10	Circulation soared as the weekly went way beyond standard literary themes to cover Vietnamese society and its ills	Readers were electrified by the paper 's audacity and appalled by the dark side of life it uncovered
+5	One article recounted a decade-long struggle by a wounded soldier to prove , officially , he was alive	Another described how tax-collection officials in Thanh Hoa province one night stormed through homes and confiscated rice from starving villagers
+8	Van Nghe quickly made influential enemies	Those who manage ideology and a large number of writers reacted badly '' to the restyled paper
+2	Those who manage ideology and a large number of writers reacted badly '' to the restyled paper	After months of internal rumblings , Mr. Ngoc was fired last December
+2	Under Mr. Ngoc , Van Nghe protected the people instead of the government	The paper reflected the truth
+1	The paper reflected the truth	For the leadership , that was too painful to bear
+1	Mrs. Thi did n't wait for the reforms to get her start	She charged ahead of the government and the law to establish Hochiminh City Food Co. as the biggest rice dealer in the country
+5	She charged ahead of the government and the law to establish Hochiminh City Food Co. as the biggest rice dealer in the country	Her success helped persuade Hanoi to take the reform path
+5	Her success , which included alleviating an urban food shortage in the early 1980s , helped persuade Hanoi to take the reform path	Her story is becoming part of local folklore
+8	she switched effortlessly to commerce after the war	Her instincts were capitalistic , despite her background
+6	Mrs. Thi has become the darling of `` doi moi '' , the Vietnamese version of perestroika	The authorities have steered foreign reporters to her office to see an example of `` the new way of thinking
+5	Foreign publications have responded with articles declaring her Vietnam 's richest woman	Some people call me the communist billionaire
+5	The heart of the business is the purchase of rice and other commodities , such as corn and coffee , from farmers in the south , paying with fertilizer , farm tools and other items	Last year it bought two million metric tons of unhusked rice , more than 10 % of the country 's output
+9	The company operates a fleet of trucks and boats to transport the commodities to its warehouses	A subsidiary company processes commodities into foods such as instant noodles that are sold with the rice through a vast retail network
+5	Hochiminh City Food last year increased pretax profit 60 % to the equivalent of about $ 2.7 million on sales of $ 150 million	both revenue and profit to gain this year
+6	She is almost cavalier about the possibility Vietnam 's reforms will create rivals on her home turf	I do n't mind the competition inside the country , '' she says
+8	The only securities so far to be singled out are those issued by Bay View Federal Savings & Loan	it is reviewing , with an eye toward a possible downgrade , the ratings on Bay View Federal bonds , long-term deposits and the preferred-stock rating of its parent company , Bay View Capital Corp
+8	Your Oct. 5 editorial `` A Democratic Tax Cut '' contained an error	In the third paragraph it referred to the senators seeking loophole suggestions from lobbyists for various sectors of the economy
+1	The only significant commercial banana farmers in the U.S. are in Hawaii	The Hawaii Banana Industry Association has no lobbyist
+1	on sales of $ 247 million	Sales for the just-ended period fell to about $ 225 million
+8	the company to be profitable in the current quarter	We are positioned to come through
+2	Western Digital 's plant in Puerto Rico was affected by Hurricane Hugo , losing three days ' production because of the storm	millions of dollars in first-quarter revenue were lost
+1	millions of dollars in first-quarter revenue were lost	The revenue will be regained in the current period
+5	The other areas of the business -- storage and microcomputers -- were very good	Western Digital has reacted swiftly to the movement to video graphics array , VGA , graphics technology from the old enhanced graphics adapter , EGA , which has a lower resolution standard , technology and now is one of the leading producers of these newer units
+2	and now is one of the leading producers of these newer units	Other makers of video controller equipment also were caught in the EGA-VGA shift but we were able to respond much more quickly
+2	our stock is grossly undervalued	the company has cut operating expenses by about 10 % over the last few quarters , while maintaining research and development at about 8 % to 9 % of sales
+8	Storage , which includes computer controllers and 3.5-inch disk drives , represents nearly two-thirds of the company 's business	Disk drives generated 38 % more revenue in the most recent period compared with the fiscal first quarter a year earlier
+2	Mr. Johnson expects that proportion to continue	Plans to dissolve many of the trade barriers within Europe in 1992 creates significant opportunities for the company
+2	Plans to dissolve many of the trade barriers within Europe in 1992 creates significant opportunities for the company particularly since Western Digital already manufactures there	Capitalizing on that presence , Western Digital is launching a major effort to develop the embryonic reseller market in Europe
+5	The year-earlier figures included $ 9.9 million , or three cents a share , in income from discontinued operations	Income from continuing operations was up 26 %
+5	Income from continuing operations was up 26 %	Revenue rose 24 % to $ 6.5 billion from $ 5.23 billion
+1	The travel , investment services , insurance and banking concern added $ 110 million to reserves for credit losses at its American Express Bank unit , boosting the reserve to $ 507 million as of Sept. 30	The bank 's Third World debt portfolio totals $ 560 million , down from $ 2.2 billion at the end of 1986
+1	At the American Express Travel Related Services Co. unit , net rose 17 % to a record $ 240.8 million on a 19 % revenue increase	The figures exclude businesses now organized as American Express Information Services Co
+5	American Express card charge volume rose 12 %	Travel sales rose 11 % , led by gains in the U.S
+5	At IDS Financial Services , the financial planning and mutual fund unit , net rose 19 % to a record $ 47.6 million on a 33 % revenue gain	Assets owned or managed rose 20 % to $ 45 billion , and mutual fund sales rose 45 % in the quarter to $ 923 million
+5	American Express Bank earnings fell 50 % to $ 21.3 million from $ 42.5 million despite a 29 % revenue gain	The results include $ 106 million of tax benefits associated with previous years ' Third World loan activity , compared with $ 15 million a year earlier
+8	Shearson Lehman Hutton Holdings Inc. , as previously reported , had net of $ 65.9 million , reversing a $ 3.5 million loss a year earlier	its latest results include a $ 37 million gain from the sale of an institutional money management business
+2	American Express 's share of Shearson 's earnings was $ 41 million , after preferred stock dividends	it owns about 68 % of Shearson 's common
+5	For the nine months , American Express said net rose 11 % to $ 899.8 million , or $ 2.09 a share , from $ 807.5 million , or $ 1.89 a share	Revenue rose 24 % to $ 18.73 billion from $ 15.09 billion
+5	net income fell 5 % to $ 59.5 million from $ 62.8 million	Revenue of $ 1.73 billion was almost unchanged from last year 's $ 1.72 billion
+1	that improved results in its financial-services sector were negated by increased costs in its government contract business , lower operating earnings in its commercial-products sector and soft automotive markets	Net was aided by a lower income tax rate
+1	For the nine months , Textron reported net of $ 182.1 million , or $ 2.06 a share , on revenue of $ 5.41 billion	A year ago , net was $ 170.4 million , or $ 1.93 a share , on revenue of $ 5.3 billion
+1	but do include interest costs of $ 16.4 million on borrowings related to the proposed purchase of Avdel	A federal judge has issued a preliminary injunction against the purchase
+5	W. Herbert Hunt has agreed to the Peruvian mineral concern 's proposal	Nelson Bunker Hunt is considering it , although his attorney says he wo n't do it if the proposal jeopardizes a tentative settlement he has reached with the Internal Revenue Service
+8	The tentative agreement between the IRS and Nelson Bunker Hunt is awaiting U.S. Justice Department approval	Under it , the former billionaire 's assets would be liquidated with the IRS getting 80 % of the proceeds and the rest being divided among other creditors
+6	In both cases , Minpeco and Manufacturers Hanover have been fighting ferociously over their shares of the pie	With support from the IRS , Manufacturers Hanover has filed suit asking Judge Abramson to subordinate Minpeco 's claim to those of Manufacturer Hanover and the IRS
+5	With support from the IRS , Manufacturers Hanover has filed suit asking Judge Abramson to subordinate Minpeco 's claim to those of Manufacturer Hanover and the IRS	Minpeco has threatened a `` volcano '' of litigation if the Manufacturers Hanover Corp. unit attempts to force such a plan through the court
+8	The thing is so fluid right now that there 's really no way to say what will happen	Developments like this are hard to predict
+5	The 473 funds tracked by the Investment Company Institute , a Washington-based trade group , rose to $ 356.1 billion , a record	The $ 6.07 billion increase was the strongest weekly inflow since January 1988
+8	Yields on money funds dropped in the week ended Tuesday , according to Donoghue 's Money Fund Report , a Holliston , Mass. , newsletter	The average seven-day compounded yield fell to 8.55 % from 8.60 % the week earlier
+5	The 142 institutional-type money funds rose $ 2.23 billion to $ 85.49 billion	The 235 general-purpose funds increased $ 2.53 billion to $ 116.56 billion
+2	The predicament was similar to the Hong Kong 1982-83 property-price collapse , which exposed the involvement of Bank Bumiputra 's former subsidiary in the colony in the largest banking scandal in Malaysia 's history	The subsidiary , Bumiputra Malaysia Finance Ltd. , was left with M $ 2.26 billion in bad loans made to Hong Kong property speculators
+9	Both episodes wiped out Bank Bumiputra 's shareholders ' funds	Each time , the bank 's 90 % shareholder -- Petroliam Nasional Bhd. , or Petronas , the national oil company -- has been called upon to rescue the institution
+8	Each time , the bank 's 90 % shareholder -- Petroliam Nasional Bhd. , or Petronas , the national oil company -- has been called upon to rescue the institution	In five years , Petronas has spent about M $ 3.5 billion to prop up the troubled bank
+9	the capital restructuring plan has been approved by Malaysia 's Capital Issues Committee and central bank	Malaysia 's High Court is expected to approve the plan
+1	and the bank will be on track to report a pretax profit of between M $ 160 million and M $ 170 million for the fiscal year ending March 31	For the previous financial year , the bank would have reported a pretax profit of M $ 168 million if it had n't made provisions for the nonperforming loans
+2	Heidi Ehman might have stepped from a recruiting poster for young Republicans	White , 24 years old , a singer in her church choir , she symbolizes a generation that gave its heart and its vote to Ronald Reagan
+2	White , 24 years old , a singer in her church choir , she symbolizes a generation that gave its heart and its vote to Ronald Reagan	I felt kind of safe
+2	No longer	When the Supreme Court opened the door this year to new restrictions on abortion , Ms. Ehman opened her mind to Democratic politics
+2	When the Supreme Court opened the door this year to new restrictions on abortion , Ms. Ehman opened her mind to Democratic politics	Then a political novice , she stepped into a whirl of `` pro-choice '' marches , house parties and fund-raisers
+9	When the Supreme Court opened the door this year to new restrictions on abortion , Ms. Ehman opened her mind to Democratic politics	Then a political novice , she stepped into a whirl of `` pro-choice '' marches , house parties and fund-raisers
+0	This is one where I cross party lines	People my age thought it was n't going to be an issue
+1	People my age thought it was n't going to be an issue	Now it has -- especially for people my age
+2	the new politics of abortion have contributed to a world turned upside down for Mr. Courter	Unless he closes the gap , Republicans risk losing not only the governorship but also the assembly next month
+5	Unless he closes the gap , Republicans risk losing not only the governorship but also the assembly next month	Going into the 1990s , the GOP is paying a price for the same conservative social agenda that it used to torment Democrats in the past
+2	This change comes less from a shift in public opinion than in the boundaries of the debate	New Jersey 's own highest court remains a liberal bulwark against major restrictions on abortion , but the U.S. Supreme Court ruling , Webster vs.Missouri , has engaged voters across the nation who had been insulated from the issue
+1	Before July , pro-choice voters could safely make political decisions without focusing narrowly on abortion	Now , the threat of further restrictions adds a new dimension , bringing an upsurge in political activity by abortion-rights forces
+6	Now , the threat of further restrictions adds a new dimension , bringing an upsurge in political activity by abortion-rights forces	A recent pro-choice rally in Trenton drew thousands , and in a major reversal , Congress is defying a presidential veto and demanding that Medicaid abortions be permitted in cases of rape and incest
+1	If Webster had n't happened , you would n't be here	We could have shouted from the rooftops about Courter . . . and no one would have heard us
+1	New Jersey is a proving ground for this aggressive women's-rights movement this year	The infusion of activists can bring a clash of cultures
+6	The infusion of activists can bring a clash of cultures	In Cherry Hill , the National Abortion Rights Action League targets a union breakfast to build labor support for its cause
+1	In Cherry Hill , the National Abortion Rights Action League targets a union breakfast to build labor support for its cause	The league organizers seem more a fit with a convention next door of young aerobics instructors in leotards than the beefy union leaders
+5	I wish I could go work out , '' says a slim activist	A labor chief speaks sardonically of having to `` man and woman '' Election Day phones
+6	No age group is more sensitive than younger voters , like Ms. Ehman	A year ago this fall , New Jersey voters under 30 favored George Bush by 56 % to 39 % over Michael Dukakis , according to a survey then by Rutgers University 's Eagleton Institute
+1	A year ago this fall , New Jersey voters under 30 favored George Bush by 56 % to 39 % over Michael Dukakis , according to a survey then by Rutgers University 's Eagleton Institute	A matching Eagleton-Newark Star Ledger poll last month showed a complete reversal
+5	A matching Eagleton-Newark Star Ledger poll last month showed a complete reversal	Voters in the same age group backed Democrat Florio 55 % to 29 % over Republican Courter
+8	Abortion alone ca n't explain this shift , but New Jersey is a model of how so personal an issue can become a baseline of sorts in judging a candidate	By a 2-to-1 ratio , voters appear more at ease with Mr. Florio 's stance on abortion , and polls indicate his lead widens when the candidates are specifically linked to the issue
+1	Looking back , he says he erred by stating his `` personal '' opposition to abortion instead of assuring voters that he would n't impose his views on `` policy '' as governor	It is a distinction that satisfies neither side in the debate
+2	He does n't know himself	Even abortion opponents , however angry with Mr. Florio , ca n't hide their frustration with the Republican 's ambivalence
+6	Even abortion opponents , however angry with Mr. Florio , ca n't hide their frustration with the Republican 's ambivalence	He does n't want to lead the people , '' says Richard Traynor , president of New Jersey Right to Life
+6	but the abortion issue is only a reminder of the gap between his record and that of the more moderate , pro-choice Gov . Kean	While the Warren County congressman pursued an anti-government , anti-tax agenda in Washington , Gov . Kean was approving increased income and sales taxes at home and overseeing a near doubling in the size of New Jersey 's budget in his eight years in office
+5	but this history makes it harder for the conservative to run against government	Mr. Courter 's free-market plan to bring down auto insurance rates met criticism from Gov . Kean 's own insurance commissioner
+6	Fluent in Spanish from his days in the Peace Corps , Mr. Courter actively courts minority voters but seems oddly over his head	He is warm and polished before a Puerto Rican Congress in Asbury Park.Yet minutes after promising to appoint Hispanics to high posts in state government , he is unable to say whether he has ever employed any in his congressional office
+8	Yet minutes after promising to appoint Hispanics to high posts in state government , he is unable to say whether he has ever employed any in his congressional office	I do n't think we do now , '' he says . `` I think we did
+1	I do n't think we do now	I think we did
+5	Asked the same question after his appearance , Democrat Florio identifies a staff member by name and explains her whereabouts today	When he is presented with a poster celebrating the organization 's 20th anniversary , he recognizes a photograph of one of the founders and recalls time spent together in Camden
+2	In the opinion of many , he has n't stopped running since	His base in South Jersey and on the House Energy and Commerce Committee helped him sustain a network of political-action committees to preserve his edge
+5	His base in South Jersey and on the House Energy and Commerce Committee helped him sustain a network of political-action committees to preserve his edge	With limited budgets for television in a high-priced market , Mr. Florio 's higher recognition than his rival is a major advantage
+2	More than ever , his pro-consumer and pro-environment record is in sync with the state	Auto insurance rates are soaring
+8	More than ever , his pro-consumer and pro-environment record is in sync with the state	Auto insurance rates are soaring
+5	Auto insurance rates are soaring	A toxic-waste-dump fire destroyed part of an interstate highway this summer
+2	A toxic-waste-dump fire destroyed part of an interstate highway this summer	In Monmouth , an important swing area , Republican freeholders now run on a slogan promising to keep the county `` clean and green
+2	but at age 52 , the congressman is also a product of his times and losses	He speaks for the death penalty as if reading from Exodus 21
+5	He speaks for the death penalty as if reading from Exodus 21	to increase state revenue he focuses not on `` taxes '' but on `` audits '' to cut waste
+5	He speaks for the death penalty as if reading from Exodus 21 ; to increase state revenue he focuses not on `` taxes '' but on `` audits '' to cut waste	Hard-hitting consultants match ads with Mr. Courter 's team
+6	and Mr. Florio retools himself as the lean , mean Democratic fighting machine of the 1990s	Appealing to a young audience , he scraps an old reference to Ozzie and Harriet and instead quotes the Grateful Dead
+5	and instead quotes the Grateful Dead	The lyric chosen -- `` long strange night '' -- may be an apt footnote to television spots by both candidates intended to portray each other as a liar
+2	but his ties to Camden remain a sore point because of the county 's past corruption	His campaign hierarchy is chosen from elsewhere in the state , and faced with criticism of a sweetheart bank investment , he has so far blunted the issue by donating the bulk of his profits to his alma mater , Trenton State College
+6	Mr. Florio 's forcefulness on the abortion issue after the Webster ruling divides some of his old constituency	Pasquale Pignatelli , an unlikely but enthusiastic pipe major in an Essex County Irish bagpipe band , speaks sadly of Mr. Florio
+8	Pasquale Pignatelli , an unlikely but enthusiastic pipe major in an Essex County Irish bagpipe band , speaks sadly of Mr. Florio	I am a devout Catholic , '' says Mr. Pignatelli , a 40-year-old health officer
+2	I am a devout Catholic	I ca n't support him because of abortion
+2	If you want more opinions ask my wife	She has lots of opinions
+2	But many economists were not nearly as jubilant	The climb in wholesale energy prices is certain to push up retail energy prices in the next few months
+2	I think inflation is going to pick up through the fall	It has been in what I would describe as a lull for the past several months
+1	But retail energy prices declined 0.9 % in September	Though analysts say competition will probably hold down increases in retail energy prices , many expect some of the wholesale rise to be passed along to the consumer before the end of the year
+6	Still , some analysts insisted that the worst of the inflation is behind	It increasingly appears that 1987-88 was a temporary inflation blip and not the beginning of a cyclical inflation problem , '' argued Edward Yardeni , chief economist at Prudential-Bache Securities Inc. in New York
+8	In both 1987 and 1988 , consumer prices rose 4.4 %	A run-up in world oil prices last winter sent consumer prices soaring at a 6.7 % annual rate in the first five months of this year , but the subsequent decline in energy prices has pulled the annual rate back down to 4.4 %
+8	Mr. Yardeni predicted that world business competition will continue to restrain prices	The bottom line is , it seems to me that the economic environment has become very , very competitve for a lot of businesses
+1	The bottom line is , it seems to me that the economic environment has become very , very competitve for a lot of businesses	Back in 1987-88 , business was operating at fairly tight capacity , so businesses felt they could raise prices
+1	Back in 1987-88 , business was operating at fairly tight capacity , so businesses felt they could raise prices	Now a slowdown in economic activity has slackened demand
+9	The mild inflation figures renewed investors ' hopes that the Federal Reserve will ease its interest-rate stance	The steep climb in producer prices reported last Friday fostered pessimism about lower interest rates and contributed to the stock market 's 6.9 % plunge that day
+1	In the past several days , however , the U.S. 's central bank has allowed a key interest rate to fall slightly to try to stabilize the markets	Fed policy makers have been wary of relaxing credit too much because they were still uncertain about the level of inflation in the economy
+5	Excluding the volatile categories of energy and food consumer prices still rose only 0.2 % in September	Transportation costs actually fell 0.5 % , and housing costs gained only 0.1 %
+5	Transportation costs actually fell 0.5 % , and housing costs gained only 0.1 %	Apparel prices rocketed up 1.7 % , but that was after three months of declines
+5	Apparel prices rocketed up 1.7 % , but that was after three months of declines	Medical costs continued their steep ascent , rising 0.8 % after four consecutive months of 0.7 % increases
+8	Car prices still showed declines at the consumer level	They dropped 0.4 % as dealers continued to offer rebates to attract customers
+5	Across the country , resorts are using everything from fireworks to classical-music concerts to attract new customers	Some have built health spas , business centers and shopping villages so visitors have more to do than ski
+8	Such efforts are the latest attempts to revive the sagging $ 1.76 billion U.S. ski industry	Since the start of the decade , lift-ticket sales have grown only 3 % a year on average , compared with 16 % annual growth rates in the '60s and '70s
+5	Since the start of the decade , lift-ticket sales have grown only 3 % a year on average , compared with 16 % annual growth rates in the '60s and '70s	Last season , lift-ticket sales fell for the first time in seven years
+5	Last season , lift-ticket sales fell for the first time in seven years	By some estimates , nearly a fourth of all U.S. ski areas have been forced to shut down since the early '80s
+2	But another big problem has been the aging of baby boomers	Skiing , after all , has mainly been for the young and daring and many baby boomers have outgrown skiing or have too many family responsibilities to stick with the sport
+6	In its new ad campaign the ski industry is trying to change its image as a sport primarily for young white people	One 60-second TV spot features a diverse group of skiers gracefully gliding down sun-drenched slopes : senior citizens , minorities , families with children -- even a blind skier
+5	Ski school is great , '' cries out a tot , bundled in a snowsuit as he plows down a bunny slope	`` You 'll never know 'til you try says a black skier
+2	But the new commercials deal with it indirectly by showing a woman smiling as she tries to get up from a fall	We wanted to show it 's okay if you fall
+2	We wanted to show it 's okay if you fall	Most people think if you slip , you 'll wind up in a body cast
+6	Many resorts also are focusing more on the service side of their business	Since 40 % of skiers are parents , many slopes are building nurseries , expanding ski schools and adding entertainment for kids
+6	and adding entertainment for kids	Vail , Colo. , now has a playland that looks like an old mining town
+5	kids can ski through and pan for fool 's gold	For $ 15 , they can enjoy their own nightly entertainment , with dinner , without mom and dad
+1	A few years ago , parents usually had to hire a sitter or take turns skiing while one spouse stayed with the children	Most parents who had to go through that never came back
+2	To make skiing more convenient for time-strapped visitors , several resorts are buying or starting their own travel agencies	In one phone call , ski buffs can make hotel and restaurant reservations , buy lift tickets , rent ski equipment and sign up for lessons
+6	because skiing is still expensive	a lift ticket can cost up to $ 35 a day and equipment prices are rising
+8	And most vacationers still prefer a warm climate for their winter excursions	that only 34 % believe their clients will pick a trip this winter based on the availability of winter sports , as opposed to 69 % who think that warm-weather sports will be the deciding factor
+2	Even if they could bring in that many new skiers , I do n't know if { the industry } could handle that kind of an increase	Most people will come on the weekend , the slopes will be overcrowded and then these { new skiers } wo n't come back
+1	The theory is that the stadium , damaged by Tuesday 's earthquake , will be repaired by then , and that people will be able to get there	Like just about everything else , that remains to be seen
+2	Like just about everything else , that remains to be seen	Aftershocks could intervene
+5	You might be interested to know that baseball , not survival , appeared to be the first thought of most of the crowd of 60,000-odd that had gathered at Candlestick at 5:04 p.m. Tuesday , a half-hour before game time , when the quake struck	As soon as the tremor passed , many people spontaneously arose and cheered , as though it had been a novel kind of pre-game show
+1	I 'd slept through my only previous brush with natural disaster , a tornado 15 or so summers ago near Traverse City , Mich. , so I was unprepared for one reaction to such things : the urge to talk about them	Perhaps primed by the daily diet of radio and TV reporters thrusting microphones into people 's faces and asking how they `` feel '' about one calamity or another , fellow reporters and civilians who spied my press credential were eager to chat
+5	It felt like I was on a station platform and a train went by , '' said one man , describing my own reaction	A women said she saw the park 's light standards sway
+5	It felt like I was on a station platform and a train went by , '' said one man , describing my own reaction.A women said she saw the park 's light standards sway	A man said he saw the upper rim undulate
+1	A women said she saw the park 's light standards sway.A man said he saw the upper rim undulate	I saw neither
+6	the general inclination was to believe that the disturbance would be brief and that ball would be played	I was near the top of the stadium , and saw a steel girder bow six feet from where I sat , but I stayed put for 10 or 15 minutes
+2	I was near the top of the stadium , and saw a steel girder bow six feet from where I sat , but I stayed put for 10 or 15 minutes	I thought , ` This is the World Series and I 'm not gon na wimp out
+2	Here in the Global Village , though , folks do not stay uninformed for long	Electrical power was out in still-daylighted Candlestick Park , but battery-operated radios and television sets were plentiful
+2	but battery-operated radios and television sets were plentiful	Within a few minutes , the true extent of the catastrophe was becoming clear
+8	Within a few minutes , the true extent of the catastrophe was becoming clear	Its Richter Scale measurement was reported as 6.5 , then 6.9 , then 7.0
+5	Its Richter Scale measurement was reported as 6.5 , then 6.9 , then 7.0	A section of the Bay Bridge had collapsed , as had a part of Interstate Highway 880 in Oakland
+5	Its Richter Scale measurement was reported as 6.5 , then 6.9 , then 7.0.A section of the Bay Bridge had collapsed , as had a part of Interstate Highway 880 in Oakland	People had died
+1	At 5:40 p.m. , scheduled game time having passed , some fans chanted `` Let 's Play Ball	No longer innocent , they qualified as fools
+2	The stadium was ordered evacuated soon afterward	that there also had been damage of the sort reported by my friend
+5	that there also had been damage of the sort reported by my friend	Outside , I spotted two young men lugging blocks of concrete
+5	TV reporters interviewed fans in the parking lots while , a few feet away , others watched the interviews on their portable TVs	The only frenzy I saw was commercial
+8	The only frenzy I saw was commercial	Booths selling World Series commemorative stamps and dated postmarks were besieged by fledgling speculators who saw future profit in the items
+8	The traffic jam out of the park was monumental	It took me a half-hour to move 10 feet from my parking spot in an outer lot to an aisle , and an additional hour to reach an inner roadway a half-block away
+5	It took me a half-hour to move 10 feet from my parking spot in an outer lot to an aisle , and an additional hour to reach an inner roadway a half-block away	The six-mile trip to my airport hotel that had taken 20 minutes earlier in the day took more than three hours
+1	At my hotel , the Westin , power was out , some interior plaster had broken loose and there had been water damage , but little else	With Garpian randomness , a hotel across the street , the Amfac , had been hit harder
+8	With Garpian randomness , a hotel across the street , the Amfac , had been hit harder	A large sheet of its concrete facade and several window balconies were torn away
+1	that the earthquake made the World Series seem unimportant	that sports rarely are important , only diverting , and the quake merely highlighted that fact
+5	that the earthquake made the World Series seem unimportant	that sports rarely are important , only diverting , and the quake merely highlighted that fact
+2	Sure	The quake and baseball were n't related , unlike the massacre of athletes that attended the 1972 Olympics
+1	The quake and baseball were n't related , unlike the massacre of athletes that attended the 1972 Olympics	That heavily politicized event learned nothing from the horrifying experience , and seems doomed to repeat it
+5	Two ironies intrude	This has been widely dubbed the BART Series , after the local subway line , and the Bay Bridge Series
+5	This has been widely dubbed the BART Series , after the local subway line , and the Bay Bridge Series	Flags fly at half-staff for the death of Bart Giamatti , the late baseball commissioner , and now the Bay Bridge lies in ruins
+2	Flags fly at half-staff for the death of Bart Giamatti , the late baseball commissioner , and now the Bay Bridge lies in ruins	A Series that was shaping up as the dullest since the one-sided Detroit-over-San Diego go of 1984 has become memorable in the least fortunate way
+2	Still , its edge is lost	It now will be played mostly for the record , and should be wrapped up as quickly as possible , without `` off '' days
+2	One of the major selling points used by Los Angeles financier Alfred Checchi in getting the takeover approved was that the deal did n't include any junk bonds	That was seen as an advantage in lobbying airline employees and Washington regulators for approval of the contested takeover
+5	that in the past , banks would normally have loaned 65 % of a total buy-out price	Another 20 % of the borrowed funds would come from the sale to investors of junk bonds
+5	that Citicorp 's `` failure to deliver '' on its promise to raise the UAL bank debt for a labor-management buy-out group `` is very distressing to potential users of a ` highly-confident ' letter from commercial banks	His client , Mr. Davis , used just such a letter from Citicorp in pursuing UAL
+2	that fees from syndicating loans to other banks dropped 48 % , to $ 21 million	We did n't take part in a lot of deals because their credit quality was poor
+2	Beyond the current weakness in the junk bond market , banks have another advantage over investment banks in financing contested takeovers	that `` a political and emotional bias '' has developed against junk bonds
+1	One hostile bidder who deliberately avoided using junk bonds was Paramount Communications Inc. in its initial offer to acquire Time Inc. for $ 10.7 billion , or $ 175 a share	that decision was based on the financial , not political , drawbacks of junk bonds
+1	that it may seek a controlling interest in Harley-Davidson , or seek representation on the company 's board	it does n't intend to be acquired by the Glazer group or any other party
+5	The nation 's fourth-largest steelmaker earned $ 18.3 million , or 43 cents a share , compared with $ 61 million , or $ 1.70 a share , a year earlier , when the industry was enjoying peak demand and strong pricing	Sales fell to $ 981.2 million from $ 1.02 billion
+8	However , the company also lost orders because of prolonged labor talks in the second quarter	Third-quarter shipments slipped 7 % from the year-ago period , and 17 % from this year 's second quarter
+2	that the disappointing results do n't reflect lower prices for steel products	higher prices for galvanized and cold-rolled products offset lower prices for bar , hot-rolled and structural steel
+5	higher prices for galvanized and cold-rolled products offset lower prices for bar , hot-rolled and structural steel	Structural steel , which primarily serves the construction market , was especially hurt by a 15 % price drop
+8	its integrated steel sector was also hurt by higher raw material , repair and maintenance , and labor costs	The increased labor costs became effective Aug. 1 under terms of the four-year labor agreement with the United Steelworkers union
+8	The `` seismic '' activity of a financial market bears a resemblance to the seismic activity of the earth	When things are quiet ( low volatility ) , the structures on which markets stand can be relatively inefficient and still perform their functions adequately
+1	And liquidity is what markets need to damp quakes and aftershocks	In today 's markets , specialists ( on the New York Stock Exchange ) and `` upstairs '' market makers ( in the over-the-counter market ) are the only market participants allowed to play a direct role in the price-determination process
+2	In today 's markets , specialists ( on the New York Stock Exchange ) and `` upstairs '' market makers ( in the over-the-counter market ) are the only market participants allowed to play a direct role in the price-determination process	When they halt trading , all market liquidity is gone
+2	When that happened , `` seismic '' tremors of fear coursed through the market and increased the market 's volatility	Lack of important , needed information can cause fear
+1	When market tremors start , it is crucial that as much information about transaction prices and the supply-demand curve be made available to all , not just to market makers	Because of a lack of information and access , many investors are forced to stand on the sidelines when they are most needed
+2	Because of a lack of information and access , many investors -- including the very ones whose buying power could restore stability and damp volatility -- are forced to stand on the sidelines when they are most needed , because of their ignorance of important market information	To add aftershock-damping power to America 's markets , a modern , electronic trading system should be implemented that permits equal access to the trading arena ( and the information that would automatically accompany such access ) by investors -- particularly institutional investors
+1	Contrary to some opinions , the trading activities of specialists and other market makers do not provide liquidity to the market as a whole	What market makers provide is immediacy , a very valuable service
+1	What market makers provide is immediacy , a very valuable service	Liquidity is not a service
+1	Liquidity is not a service	It is a market attribute
+8	As a result the market as a whole remains in the same circumstances it was before the transaction	The unwanted position is still an unwanted position
+5	The unwanted position is still an unwanted position	only the identity of the seller has changed
+2	In an open electronic system , any investor wishing to pay for real-time access to the trading arena through a registered broker-dealer would be able to see the entire supply-demand curve ( buy and sell orders at each price ) entered by dealers and investors alike , and to enter and execute orders	Current quotations would reflect the combined financial judgment of all market participants -- not just those of intermediaries who become extremely risk-averse during times of crisis
+2	The recession , that is	The economy 's stutter steps leave investors wondering whether things are slowing down or speeding up
+5	The economy 's stutter steps leave investors wondering whether things are slowing down or speeding up	So often are government statistics revised that they seem to resemble a spinning weather vane
+2	For the past seven years , investors have had the wind at their backs , in the form of a generally growing economy	Some may have forgotten what it 's like to invest during a recession
+5	Some may have forgotten what it 's like to invest during a recession	Different tactics are called for , as losing money becomes easier and making money becomes tougher
+5	In a nutshell , pros advise investors who expect a slowdown to hold fewer stocks than usual and to favor shares of big companies in `` defensive '' industries	A heavy dose of cash is prescribed , along with a heavier-than-usual allotment to bonds -- preferably government bonds
+8	because recessions often take investors by surprise	They always seem to come a bit later than you expect
+1	They always seem to come a bit later than you expect	When they do hit , they hit fast
+2	Interest rates almost always decline during recession	As surely as a seesaw tilts , falling interest rates force up the price of previously issued bonds
+5	As surely as a seesaw tilts , falling interest rates force up the price of previously issued bonds	They are worth more because they pay higher interest than newly issued bonds do
+1	But short-term bonds ca n't rise too much	Long-term bonds swing more widely in price
+8	But not just any bonds will do	Corporate bonds `` are usually not a good bet in a recession
+2	Corporate bonds `` are usually not a good bet in a recession	As times get tougher , investors fret about whether companies will have enough money to pay their debts
+2	As times get tougher , investors fret about whether companies will have enough money to pay their debts	This hurts the price of corporate bonds
+5	That means that a corporation , after a specified amount of time has passed , can buy back its bonds by paying investors the face value ( plus , in some cases , a sweetener	When interest rates have dropped , it makes sense for corporations to do just that
+2	When interest rates have dropped , it makes sense for corporations to do just that	they then save on interest costs
+2	If corporate bonds are bad in recessions , junk bonds are likely to be the worst of all	It 's an `` absolute necessity '' to get out of junk bonds when a recession is in the offing
+2	It 's an `` absolute necessity '' to get out of junk bonds when a recession is in the offing	Such bonds are very sensitive to the downside
+2	Municipal bonds are generally a bit safer than corporate bonds in a recession , but not as safe as bonds issued by the federal government	During an economic slump , local tax revenues often go down , raising the risks associated with at least some municipals
+8	What 's more , he thinks this could be a nastier recession than usual	Once the downturn comes , it 's going to be very hard to reverse
+2	and also shunning bonds	Because he sees a `` 5 % to 6 % base rate of inflation in the economy , '' he doubts that interest rates will fall much any time soon
+1	Greg Confair , president of Sigma Financial Inc. in Allentown , Pa. , also recommends that investors go heavily for cash	He is n't sure a recession is coming
+5	This late in an expansion , '' the economy tends to veer off either into damaging inflation or into a recession	The Federal Reserve Board 's plan for a `` soft landing requires the Fed to navigate `` an ever-narrowing corridor
+1	A soft landing is n't something that can be achieved once and for all	It has to be engineered over and over again , month after month
+5	It has to be engineered over and over again , month after month	that the task facing Fed Chairman Alan Greenspan is so difficult that it resembles `` juggling a double-bladed ax and a buzz saw
+8	And , in a sense , that 's the kind of task individuals face in deciding what to do about stocks	It comes down to a question of whether to try to `` time '' the market
+8	For people who can ride out market waves through good times and bad , stocks have been rewarding long-term investments	that buy-and-hold investors historically have earned an annual return from stocks of 9 % to 10 %
+2	investors should n't even worry too much about timing	Trying to time the economy is a mistake
+5	Trying to time the economy is a mistake , '' says David Katz , chief investment officer of Value Matrix Management Inc. in New York	that some economists have been predicting a recession for at least two years
+1	that some economists have been predicting a recession for at least two years	Investors who listened , and lightened up on stocks , `` have just hurt themselves
+5	that people who jump in and out of the stock market need to be right about 70 % of the time to beat a buy-and-hold strategy	Frequent trading runs up high commission costs
+2	Still , few investors are able to sit tight when they are convinced a recession is coming	After all , in all five recessions since 1960 , stocks declined
+8	After all , in all five recessions since 1960 , stocks declined	According to Ned Davis , president of Ned Davis Research Inc. in Nokomis , Fla. , the average drop in the Dow Jones Industrial Average was about 21 % , and the decrease began an average of six months before a recession officially started
+9	By the time a recession is `` official much of the damage to stocks has already been done	About six months before a recession ends , stocks typically begin to rise again
+6	For the portion of an investor 's portfolio that stays in stocks , professionals have a number of suggestions	Mr. Katz advocates issues with low price-earnings ratios
+2	Mr. Katz advocates issues with low price-earnings ratios	Low P-E '' stocks vastly outperform others `` during a recession or bear market
+1	Low P-E '' stocks vastly outperform others `` during a recession or bear market	In good times they lag a bit
+2	Prof Arbel urges investors to discard stocks in small companies	Small-company shares typically fall more than big-company stocks in a recession
+1	For example stocks of small companies are selling for about 19 times cash flow . ( Cash flow , basically earnings plus depreciation , is one common gauge of a company 's financial health	That ratio is dangerously close to the ratio of 19.7 that prevailed before the 1987 stock-market crash
+2	Food , tobacco , drugs and utilities are the classic examples	Recession or not , people still eat , smoke , and take medicine when they 're sick
+8	George Putnam III , editor of Turnaround Letter in Boston , offers one final tip for recession-wary investors	Keep some money available for opportunities , '' he says
+2	Keep some money available for opportunities	If the recession does hit , there will be some great investment opportunities just when things seem the blackest
+6	Since last week 's junk-bond market debacle , many new issues of high-yield , high-risk corporate bonds have either been scaled back , delayed or dropped	On Wednesday , Drexel Burnham Lambert Inc. had to slash the size of Continental Airlines ' junk-bond offering to $ 71 million from $ 150 million
+5	On Wednesday , Drexel Burnham Lambert Inc. had to slash the size of Continental Airlines ' junk-bond offering to $ 71 million from $ 150 million	Salomon Brothers Inc. has delayed Grand Union Co. 's $ 1.16 billion junk-bond offering while it restructures the transaction
+8	Salomon Brothers Inc. has delayed Grand Union Co. 's $ 1.16 billion junk-bond offering while it restructures the transaction	Last week , the Grand Union offering was sweetened to include warrants that allow bondholders to acquire common stock
+2	the Chicago & North Western offering was restructured in part because `` several large insurance buyers right now are demanding equity as part of the package	If you 're going to take the risk in this market , you want something extra
+5	Donaldson Lufkin sweetened the transaction by offering the bonds with a resettable interest rate and a 10 % equity kicker	to have a 14 1/2 % coupon rate
+8	Despite the problems with new issues , high-yield bonds showed gains in the secondary , or resell , market	Junk bonds ended about one-half point higher with so-called high-quality issues from RJR Capital Holdings Corp. and Petrolane Gas Service Limited Partnership rising one point
+2	In the Treasury market , the benchmark 30-year bond rose seven-eighths point , or $ 8.75 for each $ 1,000 face amount	that inflation is moderating while the economy slows
+2	The gain reflects fresh economic evidence that inflation is moderating while the economy slows	That raised hopes that interest rates will continue to move lower
+5	That raised hopes that interest rates will continue to move lower	that consumer prices rose just 0.2 % last month
+9	Yesterday , the Fed executed four-day matched sales , a technical trading operation designed to drain reserves from the banking system	The move was interpreted by some economists as a sign that the Fed does n't want the federal funds rate to move any lower than the 8 3/4 % at which it has been hovering around during the past week
+4	they are not in a mood to ease aggressively	They are telling us that { 8 3/4 % } is as low as they want to see the fed funds rate
+5	The benchmark 30-year bond was quoted late at a price of 101 25/32 to yield 7.955 % , compared with 100 29/32 to yield 8.032 % Wednesday	The latest 10-year notes were quoted late at 100 9/32 to yield 7.937 % , compared with 99 26/32 to yield 8.007 %
+8	Short-term rates rose yesterday	The discount rate on three-month Treasury bills rose to 7.56 % from 7.51 % Wednesday , while the rate on six-month bills rose to 7.57 % from 7.53 %
+5	that more than $ 140 million of high-grade bonds was put up for sale via bid-wanted lists circulated by a handful of major brokers	that the supply was coming from a commercial bank 's portfolios
+6	Away from the general obligation sector , activity was modest	Long dollar bonds were flat to up 3/8 point
+1	The largest sale in the competitive arena was a $ 55.7 million issue of school financing bonds from the Virginia Public School Authority	A balance of $ 25.8 million remained in late order-taking , according to the lead manager
+5	Ginnie Mae 9 % securities ended at 98 6/32 , up 9/32 , and Federal Home Loan Mortgage Corp. 9 % securities were at 97 10/32 , up 6/32	The Ginnie Mae 9 % issue was yielding 9.42 % to a 12-year average life assumption , as the spread above the Treasury 10-year note widened 0.03 percentage point to 1.48
+2	Collectively , the statements raised questions about whether a new bid for UAL will ever get off the ground	The transaction has had a series of setbacks since the financing problems became known last Friday , with no signs or statements from the buy-out group to indicate that any progress has taken place
+2	However , in response to the British Air decision , United 's pilot union vowed to continue efforts to revive the buy-out	advisers to UAL management and the union will begin meeting in New York today and will work through the weekend to devise a new proposal to present to UAL 's board `` at the earliest time possible
+5	advisers to UAL management and the union will begin meeting in New York today and will work through the weekend to devise a new proposal to present to UAL 's board `` at the earliest time possible	Pilot union advisers appeared confident that a new bid could go forward even without British Air 's participation
+5	In another setback yesterday , United 's machinist union asked the Treasury Department to investigate whether certain aspects of the original buy-out proposal violated tax laws	In an effort to derail the buy-out , the union has already called for investigations by the Securities and Exchange Commission , Transportation Department and Labor Department
+8	But there was one bright spot yesterday	The United flight-attendants union agreed to negotiations that could lead to the flight attendants contributing concessions to a revived bid in exchange for an ownership stake
+9	The United flight-attendants union agreed to negotiations that could lead to the flight attendants contributing concessions to a revived bid in exchange for an ownership stake	The pilot union , the only one to support the buy-out thus far , said the flight attendants ' decision `` enforces our belief that an all-employee owned airline is practical and achievable
+8	We 're in no way committed to a deal going through at all	We 're not rushing into anything
+2	We 're not rushing into anything	We do n't want to be party to a second rejection
+9	Indeed , British Air seemed to be distancing itself from the troubled transaction early in an effort to avoid any further embarrassment	The original transaction fell through on the same day British Air shareholders approved the plan at a special meeting after the British succeeded in arranging the financing for its equity contribution
+6	The carrier also seemed eager to place blame on its American counterparts	The { buy-out } consortium ceased to exist because our American partners were not capable of organizing the financing , '' a British Air spokesman said
+5	British Airways may have begun to have second thoughts about the transaction after the Transportation Department forced Northwest 's Airlines ' new owners to restructure the equity contribution of KLM Royal Dutch Airlines in that carrier	it planned to curtail foreign ownership stakes in U.S. carriers
+10	UAL 's advisers have indicated previously that it may take a while to come forward with a revised plan since they want to have firm bank commitments before launching a new bid	They have maintained that banks remain interested in financing the transaction
+5	UAL 's advisers have indicated previously that it may take a while to come forward with a revised plan since they want to have firm bank commitments before launching a new bid	They have maintained that banks remain interested in financing the transaction
+5	Sales of capital goods to foreign and domestic destinations increased 16.6 % in the January-June period from a year earlier	Sales of consumer goods rose 6.9 % in the same period , while sales of intermediate goods were up 13.8 % from a year ago
+5	A core group of six or so Democratic senators has been working behind the scenes to develop a proposal to reduce the tax on the gain from the sale of assets	The plan was complete except for finishing touches , and there was talk that it would be unveiled as early as yesterday
+5	But Senate Majority Leader George Mitchell ( D. , Maine ) , a vigorous opponent of the capital-gains tax cut , called the group to meet with him Wednesday night and again yesterday	Sen. Mitchell urged them to desist
+10	But Senate Majority Leader George Mitchell ( D. , Maine ) , a vigorous opponent of the capital-gains tax cut , called the group to meet with him Wednesday night and again yesterday	Sen. Mitchell urged them to desist
+2	The decision is a setback for President Bush	Having a proposal sponsored by Democrats would have given the president an advantage
+1	Having a proposal sponsored by Democrats would have given the president an advantage	Having only a Republican measure makes the task harder
+2	that the tax cut would be enacted this year	a clear majority of senators back the tax reduction
+8	But Sen. Mitchell strongly disagreed	Mr. Mitchell has been predicting that the president 's initiative would fail this year
+5	that the president 's initiative would fail this year	that the Democrats ' decision `` increases the likelihood that a capital-gains tax cut will not pass this year
+5	that the Democrats ' decision `` increases the likelihood that a capital-gains tax cut will not pass this year	Mr. Mitchell 's first victory came last week , when the Senate passed a deficit-reduction bill that did n't contain a capital-gains provision
+2	Mr. Mitchell 's first victory came last week , when the Senate passed a deficit-reduction bill that did n't contain a capital-gains provision	That vote made it unlikely that a capital-gains tax cut would be included in the final bill
+1	That vote made it unlikely that a capital-gains tax cut would be included in the final bill , now being drafted by House and Senate negotiators	The House version of the bill does include the tax cut
+2	Now Republican leaders are concentrating on attaching a capital-gains amendment to some other bill	To help lay the groundwork for that fight , President Bush plans early next week to meet at the White House with some 20 Democratic senators who favor cutting the capital-gains tax or are undecided on the issue
+1	and at least some of the dissident Democrats plan to support it	I may want to offer additional amendments to improve it when the bill comes to the floor
+5	The Packwood plan , as expected , would allow individuals to exclude from income 5 % of the gain from the sale of a capital asset held for more than one year	The exclusion would rise five percentage points for each year the asset was held , until it reached a maximum of 35 % after seven years
+5	The Packwood plan , as expected , would allow individuals to exclude from income 5 % of the gain from the sale of a capital asset held for more than one year.The exclusion would rise five percentage points for each year the asset was held , until it reached a maximum of 35 % after seven years	The exclusion would apply to assets sold after Oct. 1
+5	For corporations , the top tax rate on the sale of assets held for more than three years would be cut to 33 % from the current top rate of 34 %	That rate would gradually decline to as little as 29 % for corporate assets held for 15 years
+8	The Packwood plan also would include a proposal , designed by Sen. William Roth ( R. , Del . ) , that would create new tax benefits for individual retirement accounts	The Roth plan would create a new , non-deductible IRA from which money could be withdrawn tax-free not only for retirement , but also for the purchase of a first home , education expenses and medical expenses
+5	The Roth plan would create a new , non-deductible IRA from which money could be withdrawn tax-free not only for retirement , but also for the purchase of a first home , education expenses and medical expenses	Current IRAs could be rolled over into the new IRAs , but would be subject to tax though no penalty
+1	net income for the quarter was $ 5.9 million , or 71 cents a share , on revenue of $ 145.4 million	For the year-earlier period , the company reported a loss of $ 520,000 or six cents a share
+5	In the latest nine months , the company earned $ 8.5 million , or $ 1.03 a share	Last year 's net loss of $ 3,524,000 included a benefit of $ 1,640,000 from an accounting change
+5	In the latest nine months , the company earned $ 8.5 million , or $ 1.03 a share.Last year 's net loss of $ 3,524,000 included a benefit of $ 1,640,000 from an accounting change	Revenue for the nine months rose to $ 449 million from $ 441.1 million
+5	In addition , long-term debt has been trimmed to about $ 72 million from $ 96 million since Jan. 1	the debt ratio will improve further in coming quarters
+6	For the past couple of years , Westmoreland has undertaken an aggressive streamlining of all aspects of its business	Marginal operations and assets have been sold
+7	Marginal operations and assets have been sold	The size of the company 's board has been reduced to eight directors from 13
+7	Marginal operations and assets have been sold.The size of the company 's board has been reduced to eight directors from 13	About 140 salaried management jobs and hundreds of hourly wage positions have been eliminated
+7	Marginal operations and assets have been sold.The size of the company 's board has been reduced to eight directors from 13.About 140 salaried management jobs and hundreds of hourly wage positions have been eliminated	Even perks have been reduced
+9	For example , the chief executive himself now pays 20 % of the cost of his health benefits	the company used to pay 100 %
+8	I think the ship is now righted , the bilges are pumped and we are on course	Much of what we set out to do is completed
+2	that Westmoreland 's third quarter is typically better than the fourth	One difference is that the fourth quarter has significantly fewer workdays because of holidays and the hunting season
+1	I do n't want to give the impression that everybody can relax now	We have to keep working at improving our core business to stay efficient
+5	We have to keep working at improving our core business to stay efficient	It 's a process that never really ends
+1	that 1989 would be `` solidly profitable '' for Westmoreland and that 1990 would bring `` more of the same	For all of 1988 , the company reported an after-tax operating loss of $ 134,000 on revenue of $ 593.5 million
+1	For all of 1988 , the company reported an after-tax operating loss of $ 134,000 on revenue of $ 593.5 million	An accounting adjustment made net income $ 1.5 million , or 18 cents a share
+5	Mr. Hutchinson predicted that the unit 's contribution to company results in the 1990s `` will be exciting	He said Westmoreland is looking at investment stakes in other cogeneration plants east of the Mississippi River
+5	Westmoreland expects energy demand to grow annually in the 2.5 % range in the early 1990s	We see coal 's piece of the action growing
+2	We see coal 's piece of the action growing	Coal prices , while not skyrocketing , will grow modestly in real terms
+8	The current transaction cost the bank approximately $ 140 million	Of that amount , $ 20 million was payment for the land underneath the building and the rest was for the building itself
+2	Chase tried to sell its interest , along with the Atlas estate 's interest , shortly after the October 1987 stock market crash	the bank decided to exercise its option after bids fell short of expectations
+8	the bank decided to exercise its option after bids fell short of expectations	Chase and the Atlas estate were looking to sell the entire building for $ 400 million to $ 475 million , but did n't get an offer for more than $ 375 million
+2	As the building 's new owner , Chase will have its work cut out for it	Chase is vacating 1.1 million square feet of space , and Salomon Brothers Inc. , whose headquarters is in the building , also plans to move shortly
+1	The author of the futuristic novel `` 1984 '' invented a language called Newspeak that made it impossible to fully develop a heretical thought -- that is , anything negative about the policies and practices of the state	Wall Street has n't gotten that far yet , but it has made a promising start
+5	Its language -- call it Streetspeak -- is increasingly mellifluous , reassuring , and designed to make financial products and maneuvers appear better , safer or cheaper than they really are	When something undeniably nasty happens , a few euphemisms are deployed to simply make it disappear , much as a fresh grave may be covered by a blanket of flowers
+1	For example , we 'll bet you thought that the stock market crashed two years ago	Wrong
+2	Wrong	According to some of the grand panjandrums of the market , it never happened
+1	According to some of the grand panjandrums of the market , it never happened	In their lexicon the 508-point collapse in the Dow Jones Industrial Average on Oct. 19 , 1987 , was just a big blip
+6	In their lexicon the 508-point collapse in the Dow Jones Industrial Average on Oct. 19 , 1987 , was just a big blip	Trotting out a much-beloved Streetspeak term , New York Stock Exchange Chairman John Phelan recently declared that history would record the event as only `` a major technical correction
+1	On Oct. 29 , 1929 -- a date historians stubbornly insist on associating with the dreaded C-word -- the DJ industrials fell 12.8 %	In the `` technical correction '' of two years ago , they lost a whopping 22.6 %
+2	These people used to be called brokers , but apparently this word either is not grandiose enough or carries too many negative connotations from the aforementioned technical correction , when terrified customers could n't raise brokers on the phone	Either way , the word `` broker '' is clearly out of favor
+1	Of the major New York-based securities firms , only Morgan Stanley & Co. still calls its salespeople brokers	At Merrill Lynch & Co. and Shearson Lehman Hutton Inc. , they are `` financial consultants
+5	At Merrill Lynch & Co. and Shearson Lehman Hutton Inc. , they are `` financial consultants	At Drexel Burnham Lambert Inc. , Prudential Bache Securities , and Dean Witter Reynolds Inc. , they are `` account executives
+5	At Merrill Lynch & Co. and Shearson Lehman Hutton Inc. , they are `` financial consultants . '' At Drexel Burnham Lambert Inc. , Prudential Bache Securities , and Dean Witter Reynolds Inc. , they are `` account executives	At PaineWebber Inc. , they are `` investment executives
+1	Such titles are designed to convey a sense of dignified , broad-scale competence and expertise in selling today 's myriad financial products	It is a competence and expertise that some brokers themselves , overwhelmed by all the new things being dreamed up for them to peddle , do n't feel
+6	It is a competence and expertise that some brokers themselves , overwhelmed by all the new things being dreamed up for them to peddle , do n't feel	Its almost product de jour , '' grouses one account executive at Dean Witter
+5	The transmogrified brokers never let the C-word cross their lips , instead stressing such terms as `` safe , '' `` insured '' and `` guaranteed '' -- even though these terms may be severely limited in their application to a particular new financial product	The names of some of these products do n't suggest the risk involved in buying them , either
+2	A case in point : `` government-plus '' bond funds	What could imply more safety than investing in government bonds
+6	When a certain class of investment performs so poorly that its reputation is tarnished , look for Wall Street to give it a new moniker	This seems to be happening now to limited partnerships
+8	This seems to be happening now to limited partnerships	They are still being sold , but more and more often as `` direct investments '' -- with all the same risks they had under the old label
+1	In such cases , the game has n't changed , only the name	In others a familiar old name still prevails , but the underlying game has changed
+2	In recent years , though , a passel of others flying the no-load flag have been imposing hefty charges when an investor sells his shares	Should n't they properly be called exit-load funds
+2	on the advent of program trading	Blue chips are now being referred to as poker chips
+2	Finally , even the time-honored strategy called `` value investing '' no longer means what it once did	Before the takeover mania of the '80s , it referred to rooting out through analysis undervalued stocks
+1	Before the takeover mania of the '80s , it referred to rooting out through analysis undervalued stocks , especially those with shrewd management , sound fundamentals and decent prospects	Now value investing often means `` looking for downtrodden companies with terrible management that are in real trouble
+5	Now value investing often means `` looking for downtrodden companies with terrible management that are in real trouble	To institutional investors or brokers a company with value is a company at risk of being swallowed up
+1	I was amused to read your recent news stories on the banking industry 's reserve additions and concomitant threats to cease making new loans to less-developed countries	If the whole story were told , it would read something like this
+1	its third-quarter earnings rose 2 % to $ 65.2 million , or 57 cents a share , from $ 63.9 million , or 57 cents a share , in the year-earlier period	per-share earnings remained flat despite an increase in net income in part because the company paid a $ 10.4 million dividend on the new preferred stock in the period
+5	per-share earnings remained flat despite an increase in net income in part because the company paid a $ 10.4 million dividend on the new preferred stock in the period	Sales rose 9 % to $ 921.6 million from $ 845.7 million , with sales of the company 's international/diversified operations `` well above '' the year earlier-period
+5	For the nine months , Gillette 's net income declined 1 % to $ 205.3 million , or $ 2.02 a share , from $ 207 million , or $ 1.82 a share , in the 1988 period	Sales rose 6 % to $ 2.77 billion from $ 2.61 billion
+8	There was just one sticking point	The two had a prior commitment
+8	The two had a prior commitment	Just seven months earlier , they had signed a five-year exclusive contract to make movies for Warner Bros
+2	He figured wrong	Last week Warner filed a $ 1 billion breach of contract suit in Los Angeles Superior Court against both Sony and Guber Peters
+9	Last week Warner filed a $ 1 billion breach of contract suit in Los Angeles Superior Court against both Sony and Guber Peters	Sony promptly countersued , charging Warner with trying to sabotage its acquisitions and hurt its efforts to enter the U.S. movie business
+5	Last week Warner filed a $ 1 billion breach of contract suit in Los Angeles Superior Court against both Sony and Guber Peters	Sony promptly countersued , charging Warner with trying to sabotage its acquisitions and hurt its efforts to enter the U.S. movie business
+5	Sony promptly countersued , charging Warner with trying to sabotage its acquisitions and hurt its efforts to enter the U.S. movie business	The accusations of lying and duplicity are flying thick and fast on both sides
+2	And they are a very odd team in any case	Mr. Guber was raised in Boston and educated in New York
+8	And they are a very odd team in any case	Mr. Guber was raised in Boston and educated in New York
+5	Mr. Guber was raised in Boston and educated in New York	He is a lawyer with a string of academic degrees
+1	He is a lawyer with a string of academic degrees	Mr. Peters is a high-school dropout who came to fame as Barbra Streisand 's hairdresser
+2	rivals such as Warner , Paramount Pictures , Walt Disney Co. and Universal Studios have been thrashing Columbia at the box office	After five years of management turmoil , with four different studio heads , Columbia sorely needs a stable , savvy team to restore its credibility and get it back in the business of making hits
+5	Their stock in trade as `` executive producers '' is sniffing out hot properties , locking them up and then getting big studios to bankroll and distribute them	Sometimes Mr. Guber and Mr. Peters do little more than grab the first draft of a screenplay for a `` Flashdance , '' or buy rights to a best seller such as `` The Color Purple
+9	Sometimes Mr. Guber and Mr. Peters do little more than grab the first draft of a screenplay for a `` Flashdance , '' or buy rights to a best seller such as `` The Color Purple	It falls to others to do the writing , directing and producing
+1	With MGM/UA 's `` Rainman , '' for instance , Messrs.Guber and Peters had virtually nothing to do with day-to-day production , but their names still appear in big letters on the credits , and they are inevitably associated with its success	Sometimes , as with `` Batman , '' the pair really do make the film
+5	And when you 're making a movie this big , you need all the help you can get	I wish they were around 24 hours a day
+6	And some movies seem to have been hurt by their inattention	Warner executives blame Mr. Guber 's and Mr. Peters 's lack of involvement in `` Caddyshack II '' for casting and production problems
+5	Warner executives blame Mr. Guber 's and Mr. Peters 's lack of involvement in `` Caddyshack II '' for casting and production problems and the film 's ultimate dismal failure	We 've had a few bombs
+5	But by and large this company has only been profitable	his company 's prowess at packaging and marketing `` is why we 'll be good at Columbia
+5	his company 's prowess at packaging and marketing `` is why we 'll be good at Columbia	We practically ran our own studio
+5	Peter is a major piece of Hollywood manpower who has really earned his success , '' says Robert Bookman , an agent at Creative Artists Agency	Mark Johnson , the producer of `` Rainman , '' chimes in : `` He has a great ability to hire terrific people and delegate authority
+2	He has a great ability to hire terrific people and delegate authority	It 's no accident that they 've been able to develop such successful material
+1	and his detractors like to characterize him as something of a hot-tempered bully	He gets better reviews as a creative whiz , an enthusiast , an idea man
+2	He also had to fight harder for credibility than his partner did	Barbra Streisand made him famous
+8	Barbra Streisand made him famous	He cut her hair
+5	He cut her hair	He lived with her
+9	He lived with her	He came to produce her records and her movies -- `` A Star Is Born '' and `` The Main Event
+8	they make the perfect `` good cop , bad cop '' team	Peter is the bright , sympathetic guy when you 're doing a deal If there 's a problem , Peter disappears , and all of a sudden Jon shows up
+1	Peter is the bright , sympathetic guy when you 're doing a deal	If there 's a problem , Peter disappears , and all of a sudden Jon shows up
+6	Mr. Guber and Mr. Peters rub many people in Hollywood the wrong way	Producers Don Simpson and Jerry Bruckheimer bristle when Messrs.Guber and Peters take credit for the film
+2	Producers Don Simpson and Jerry Bruckheimer , who shepherded `` Flashdance '' through several scripts and ultimately produced the movie , bristle when Messrs.Guber and Peters take credit for the film	The script was unreadable
+2	The script was unreadable	We reinvented it
+5	We reinvented it	We are the producers of that movie
+1	We are the producers of that movie	They got a small piece of the net profits and a screen credit '' as executive producers
+5	they made him forfeit all credits and financial interest in the films he had helped develop , including `` Rainman '' and `` Batman	Mr. Peters acknowledges that and says it 's not unlike the situation he and Mr. Guber are in with Warner
+5	Mr. Peters acknowledges that and says it 's not unlike the situation he and Mr. Guber are in with Warner	I was upset with Roger , I fumpered and schmumpered
+2	his relationship with Guber Peters was `` one of the most successful I 've had in Hollywood	The two `` have a wonderful chemistry -- Jon is very impulsive , and Peter is very compulsive
+6	The two `` have a wonderful chemistry -- Jon is very impulsive , and Peter is very compulsive	Jon Peters will come barreling into a room , say he 's got a great idea , and be gone.Peter will take the kernel of that idea and make it grow into something specific
+9	Jon Peters will come barreling into a room , say he 's got a great idea , and be gone	Peter will take the kernel of that idea and make it grow into something specific
+8	that Mr. Guber and Mr. Peters shifted into high gear a few years back upon learning that they had competition for the story of the murdered naturalist Dian Fossey	Within a few weeks , we made deals with the government of Rwanda and everyone who had ever met or talked to Dian Fossey
+5	Within a few weeks , we made deals with the government of Rwanda and everyone who had ever met or talked to Dian Fossey	I think Peter even made some deals with the gorillas
+2	The sale caused a rift between the widow and some of her husband 's followers	Some of the money will go to the Chico Mendes Foundation , but it is n't earmarked for groups trying to save the rain forest
+5	But it is puzzling to some Hollywood executives that Sony rushed to hire them without clearing up the Warner situation first	Some note that Sony might have saved itself some trouble by just hiring Mr. Guber and letting Mr. Peters stay on to fulfill the Warner contract
+8	its about whether the ink is red or black	In the case of Peter and Jon , the ink has been very , very black
+8	Mr. Guber got his start in the movie business at Columbia two decades ago	Recruited from New York University 's MBA program , he rose within two years to head of production , overseeing such films as `` The Way We Were , '' `` Taxi Driver , '' `` Tommy '' and `` Shampoo
+9	Recruited from New York University 's MBA program , he rose within two years to head of production , overseeing such films as `` The Way We Were , '' `` Taxi Driver , '' `` Tommy '' and `` Shampoo	In 1976 , he teamed up with record producer Neil Bogart in Casablanca Records and Filmworks -- later called Polygram Pictures -- where they produced such hits as as `` The Deep , '' and `` Midnight Express
+1	In 1980 , Mr. Guber got together with Mr. Peters	While Guber Peters produced a number of hits for Warner and others , their record was n't always so impressive
+6	While Guber Peters produced a number of hits for Warner and others , their record was n't always so impressive	Among their clinkers were `` The Legend of Billie Jean , '' `` VisionQuest , '' `` Clue '' and `` Clan of the Cave Bear
+5	And the failures make it possible for Warner in its current lawsuit to paint the producers as ingrates	The studio says it stuck with them `` even in the early years when the creative partnership was not particularly profitable for Warner
+8	that executives at Warner have always known of their ambitions to run a major entertainment powerhouse	From the beginning , { they } knew we had a goal and a dream
+5	From the beginning , { they } knew we had a goal and a dream	On a number of occasions he tried to get Warner to buy Guber Peters outright
+1	On a number of occasions he tried to get Warner to buy Guber Peters outright	They always listened , but they never acted
+9	In 1987 , Mr. Guber and Mr. Peters contributed their company 's assets in exchange for a 28 % stake in Barris Entertainment , a small-fry TV production company controlled by Giant Industries Inc. Chairman Burt Sugarman	In July a year later , Warner agreed to release the producers from their old contract when Messrs.Guber , Peters and Sugarman made a $ 100 million offer to buy 25 % of MGM/UA
+8	when Messrs.Guber , Peters and Sugarman made a $ 100 million offer to buy 25 % of MGM/UA	Mr. Guber and Mr. Peters planned to run the nearly dormant MGM studio
+2	But the MGM plan collapsed just two weeks later	they got a look at the books and balked at the price
+2	Their relationship with Mr. Sugarman soured shortly thereafter	Last May , he sold his 24 % stake in Barris to a passive Australian investor and Barris was renamed Guber Peters Entertainment Co
+6	And earnings have been erratic	In the the latest quarter , thanks in part to `` Batman , '' Guber Peters earned $ 5.8 million , or 50 cents a share , compared to a loss of $ 6.8 million , or 62 cents a share , in last year 's quarter
+5	In the the latest quarter , thanks in part to `` Batman , '' Guber Peters earned $ 5.8 million , or 50 cents a share , compared to a loss of $ 6.8 million , or 62 cents a share , in last year 's quarter	Guber Peters stock , which traded as low as $ 6 a share last year , closed yesterday at $ 16.625
+8	The two sides now are accusing each other of lying	Mr. Guber and Mr. Peters claim they have an oral agreement with Warner executives that allows them to terminate their contract should the opportunity to run a major studio arise
+1	But in affidavits filed yesterday in the Los Angeles court , Mr. Ross , Warner Bros.Chairman Robert Daly and President Semel deny that such an oral agreement was ever made	Warner , in its court filings , calls it `` a piece of fiction created for this litigation
+10	and the lineup of Guber Peters pictures for Warner was n't as strong as it is now	Warner itself was in negotiations with MGM over certain movie and other rights , and it was `` in Warner 's interest to accommodate MGM/UA , Guber and Peters by permitting them to become MGM executives
+5	and the lineup of Guber Peters pictures for Warner was n't as strong as it is now	Warner itself was in negotiations with MGM over certain movie and other rights , and it was `` in Warner 's interest to accommodate MGM/UA , Guber and Peters by permitting them to become MGM executives
+1	that it is in its own interests to let Mr. Guber and Mr. Peters go off to Columbia	At the very least an opportunity to use the two men to get a pound of flesh from Sony
+5	During settlement talks , for example , Warner demanded such things as cable TV rights to Columbia movies and Columbia 's interest in the studio it jointly owns with Warner , according to executives involved in the talks	In any settlement , Warner is almost certain to demand rights to most of the 50 or so projects Mr. Guber and Mr. Peters have locked up for the next few years , notably sequels to `` Batman
+6	there are plenty of precedents in Hollywood for letting people out of contracts	The last time Columbia Pictures was looking for a studio chief Warner released producer David Puttnam from his contract
+1	The last time Columbia Pictures was looking for a studio chief , they note , Warner released producer David Puttnam from his contract , then took him back after he was subsequently fired by his bosses at Columbia	In his affidavit filed yesterday , Warner 's Mr. Ross indicated he is n't buying any such argument
+2	In his affidavit filed yesterday , Warner 's Mr. Ross indicated he is n't buying any such argument	If Sony succeeds here , no written contract in Hollywood will be worth the paper it 's written on
+2	First , there 's the name : `` asset-backed securities	Better than all those offers you get to buy securities backed by nothing
+6	And there 's more	The assets backing the securities come from some of the country 's biggest -- and most secure -- institutions
+7	The assets backing the securities come from some of the country 's biggest -- and most secure -- institutions	Most earn high ratings from credit agencies
+7	The assets backing the securities come from some of the country 's biggest -- and most secure -- institutions.Most earn high ratings from credit agencies	Their yields are higher than those of U.S. Treasury issues
+2	Well , think twice	The concept may be simple : Take a bunch of loans , tie them up in one neat package , and sell pieces of the package to investors.But the simplicity may be misleading
+2	the slightly higher returns are n't enough to compensate for the extra risk	that asset-backed securities are only as good as the assets and credit backing that support them -- and those are hard to evaluate
+2	A lot of this stuff really is in untested waters	We do n't know how this whole market will work in a serious economic downturn
+5	Such concerns , however , have n't stopped asset-backed securities from becoming one of Wall Street 's hottest new products	Since the spring of 1985 , financial alchemists have transformed a wide variety of debt into these new securities
+5	They have sold issues backed by car loans , boat loans and recreational-vehicle loans	They have offered bundles of homeequity loans , as well as packages of loans used to buy vacation time-shares
+5	They have offered bundles of homeequity loans , as well as packages of loans used to buy vacation time-shares	Last year , there was an issue of `` death-backed bonds
+5	Last year , there was an issue of `` death-backed bonds '' -- securities backed by loans to life-insurance policyholders	Some predict there will be `` Third World bonds , '' backed by loans to Brazil , Argentina and other debt-ridden nations
+2	This is the heyday of debt	Before the sun sets on the '80s , it seems nothing will be left unhocked
+2	and lately brokers have been pushing smaller investors into the asset-backed market	The entry fee is affordable
+8	The entry fee is affordable	Issues typically are sold in minimum denominations of $ 1,000
+5	The trust then issues securities that are underwritten by Wall Street brokerage firms and offered to investors	Issues typically come with `` credit enhancements , '' such as a bank letter of credit , and thus have received high credit ratings
+8	the booming market has opened up a valuable new source of funds to issuers , while providing a valuable new investment for individuals and institutions	Asset-backed securities `` are an attractive investment compared to bank certificates of deposit or other corporate bonds
+8	Consider a $ 500 million offering of 9 % securities issued last spring and backed by Citibank credit-card receivables	The triple-A-rated issue offered a yield of only about 0.5 percentage point above four-year Treasury issues
+2	The triple-A-rated issue offered a yield of only about 0.5 percentage point above four-year Treasury issues	On a $ 10,000 investment , that 's a difference of only $ 50 a year
+2	But Mr . Powers has purchased asset-backed issues for individuals with tax-deferred accounts , such as retirement plans	that institutions buying asset-backed issues in large quantities can earn higher spreads over Treasurys than individuals buying smaller amounts
+8	Another concern is liquidity	The secondary , or resale , market for asset-backed securities is relatively new and much less active than for Treasury issues
+5	That 's particularly true for certain of the securities , such as those backed by time-share loans	You could see massive gyrations here because it 's such a thinly traded market
+1	In addition , an investor who wants to know the daily value of Treasury bonds , or corporate bonds traded on the New York Stock Exchange , can simply check newspaper listings	There are n't any such listings for asset-backed securities
+1	Investors , for instance , may mistakenly assume that the bank or company that originally held the assets is guaranteeing the securities	It is n't
+1	That means investors have to focus on the quality of the debt that lies beneath the securities , as well as on the credit enhancement for the issue and the credit ratings the issue has received	That also is n't easy
+8	Take the `` credit enhancements , '' which typically include a bank letter of credit or insurance from a bond-insurance company	The letter of credit typically is not offered by the bank selling the assets to back the securities
+2	But skeptics ask why you should bother buying this stuff when you can get only slightly lower yields on government-guaranteed paper	When you buy an asset-backed issue , you take the risk that a bank or an insurer could run into unexpected difficulties
+2	some money managers still worry that a recession could wreak havoc on the underlying assets	At a time when Americans are leveraged to their eyeballs , asset-backed investors may be taking a heady gamble that consumers will be able to repay loans in hard times
+9	At the very least , a recession would prompt investors to buy the highest-quality bonds they can find -- that is , Treasurys	That could widen the yield spread between Treasurys and asset-backed securities , as well as make it tougher to unload the latter
+2	At the very least , a recession would prompt investors to buy the highest-quality bonds they can find -- that is , Treasurys	That could widen the yield spread between Treasurys and asset-backed securities , as well as make it tougher to unload the latter
+6	But it could be much worse	Some analysts are especially wary of credit-card issues
+2	Some analysts are especially wary of credit-card issues	For one thing , credit-card loans are unsecured
+2	Nope , we still say to stick with Treasurys	Ratings are subject to change
+2	Those portfolios are remarkably diversified	By spreading their wealth among several investment alternatives , the respondents have protected themselves against squalls in any one area , be it stocks , bonds or real estate
+1	For example , 12 % of this year 's respondents said they expect a recession within 12 months	Last year , only 8 % were expecting a recession
+1	An additional 56 % of this year 's respondents expect the economy to slow down during the next 12 months	Only 42 % of last year 's respondents anticipated slowing growth
+5	Apparently , the respondents do n't think that an economic slowdown would harm the major investment markets very much	A slim majority ( 51 % ) think stock prices will be higher in August 1990 than they were in August 1989
+8	Their verdict on real estate is almost the same	Some 50 % expect real estate in their local area to increase in value over the next 12 months
+2	By contrast , only 32 % expect an increase in the price of gold	Since gold tends to soar when inflation is high , that finding suggests that people believe inflation remains under control
+8	many respondents were taking a better-safe-than sorry investment stance	Nearly a third said they have made some portfolio changes to anticipate a possible recession
+1	Nearly a third said they have made some portfolio changes to anticipate a possible recession	For the most part , the changes were `` slight
+2	A buy-and-hold approach to stocks continues to be the rule among respondents	Most own two to 10 stocks , and buy or sell no more than three times a year
+5	Most own two to 10 stocks , and buy or sell no more than three times a year	Some 71 % had bought some stock in the past year
+1	Some 71 % had bought some stock in the past year	only 57 % had sold any
+8	But the lurking shadow of 1987 's stock-market crash still seems dark	About 33 % considered another crash `` likely , '' while about 63 % said one is `` unlikely
+8	And the respondents ' commitment to the stock market remains somewhat lighter than usual	About 60 % of them said they would `` ordinarily '' have at least 25 % of their money in stocks.But as of August , only 50 % actually had stock-market investments of that size
+8	it lowered its rating on about $ 75 million of this Chatsworth , Calif. , concern 's convertible subordinated debentures , due 2012 , to Caa from B2	the reduction reflects impaired business prospects and reduced financial flexibility caused by continuing losses at the maker of Winchester disk drives
+2	it lowered its rating on about $ 400 million of this bank holding company 's senior debt to B2 from Ba3	Moody 's said it expects Valley National , of Phoenix , Ariz. , to make substantial further provisions against its real-estate portfolio , and that it continues to suffer from the high cost of carrying nonperforming assets , and from high loan-loss provisions
+8	That was the message delivered by government and private security experts at an all-day conference on corporate electronic espionage	Hostile and even friendly nations routinely steal information from U.S. companies and share it with their own companies
+5	Any secret can be pirated if it is transmitted over the air	Even rank amateurs can do it if they spend a few thousand dollars for a commercially available microwave receiver with amplifier and a VCR recorder
+9	if they spend a few thousand dollars for a commercially available microwave receiver with amplifier and a VCR recorder	They need only position themselves near a company 's satellite dish and wait
+2	They need only position themselves near a company 's satellite dish and wait	You can have a dozen competitors stealing your secrets at the same time
+5	You can have a dozen competitors stealing your secrets at the same time	It 's a pretty good bet they wo n't get caught
+2	It 's a pretty good bet they wo n't get caught	The only way to catch an electronic thief is to set him up with erroneous information
+6	By contrast , European firms will spend $ 150 million this year on electronic security	Already many foreign firms , especially banks , have their own cryptographers
+2	Still , encrypting corporate communications is only a partial remedy	the expected influx of East European refugees over the next few years will greatly increase the chances of computer-maintenance workers , for example , doubling as foreign spies
+8	Still , encrypting corporate communications is only a partial remedy	the expected influx of East European refugees over the next few years will greatly increase the chances of computer-maintenance workers , for example , doubling as foreign spies
+6	Moreover technology now exists for stealing corporate secrets after they 've been `` erased '' from a computer 's memory	that Oliver North of Iran-Contra notoriety thought he had erased his computer but that the information was later retrieved for congressional committees to read
+8	that Oliver North of Iran-Contra notoriety thought he had erased his computer but that the information was later retrieved for congressional committees to read	No personal computer , not even the one on a chief executive 's desk , is safe
+8	W. Mark Goode , president of Micronyx Inc provided a new definition for Mikhail Gorbachev 's campaign for greater openness , known commonly as glasnost	Under Mr. Gorbachev the Soviets are openly stealing Western corporate communications
+6	Under Mr. Gorbachev the Soviets are openly stealing Western corporate communications	the case of a Swiss oil trader who recently put out bids via telex for an oil tanker to pick up a cargo of crude in the Middle East
+5	the two companies agreed to spend 25 million Canadian dollars ( $ 21.3 million ) over 10 years on research at Canadian universities if they are successful in acquiring the vaccine maker	$ 10 million would go to the University of Toronto
+1	and Institut Merieux S.A. of France has made a rival bid of C $ 942 million	The University is seeking an injunction against the Merieux bid
+5	that it would drop its opposition to foreign ownership if Ciba-Geigy and Chiron are successful with their lower bid	the new agreement would `` replace '' the old one that forms the basis of its suit against the Merieux takeover
+2	the new agreement would `` replace '' the old one that forms the basis of its suit against the Merieux takeover	Notwithstanding foreign ownership of Connaught , this accord would enhance research and development in Canada
+5	the French company is still determined to acquire Connaught	Merieux can transfer new products and technologies to Connaught more rapidly than other companies `` not currently producing and marketing vaccines { who } can only promise this for some . . . years in the future
+1	The Nasdaq composite leaped 7.52 points , or 1.6 % , to 470.80	Its largest previous rise this year came Aug. 7 , when it gained 4.31
+5	as the Nasdaq 100 Index jumped 10.01 , or 2 % , to 463.06	The Nasdaq Financial Index rose 5.04 , or 1.1 % , to 460.33
+5	Among broader Nasdaq industry groups , the utility index gained 18.11 to 761.38	The transportation and insurance sectors each posted gains of 8.59
+5	The transportation and insurance sectors each posted gains of 8.59 , with the transports finishing at 486.74 and the insurers at 537.91	The Nasdaq industrial index climbed 8.17 to 458.52 , and the `` other finance '' index , made up of commercial banks and real estate and brokerage firms , rose 3.97 to 545.96
+5	and the `` other finance '' index , made up of commercial banks and real estate and brokerage firms , rose 3.97 to 545.96	The index of smaller banks improved 1.97
+5	Microsoft 's surge followed a report this week of substantially improved earnings for its first quarter , ended Sept. 30	The stock was trading at 69 just two weeks ago
+9	Rick Sherlund , a Goldman Sachs analyst , has raised his earnings estimates for the company twice in the past two weeks , citing improved margins	After the earnings were announced , he raised his fiscal 1990 estimate to between $ 3.80 and $ 4 a share
+1	After the earnings were announced , he raised his fiscal 1990 estimate to between $ 3.80 and $ 4 a share	Microsoft earned $ 3.03 a share in fiscal 1989
+8	Another recently offered Alex.Brown issue , Rally 's , surged 3 1/8 to 23	The operator of fast-food restaurants climbed 3 1/8 to 23 on 944,000 shares
+1	The operator of fast-food restaurants climbed 3 1/8 to 23 on 944,000 shares	Its 1.7 million-share offering was priced at 15
+1	Valley National 's slide of 5 3/4 points to 18 1/2 on 4.2 million shares followed its report late Wednesday of a $ 72.2 million third-quarter loss	In the 1988 quarter , the Phoenix , Ariz. , commercial banking concern earned $ 18.7 million
+5	The offering was for about 2.8 million shares of the data storage equipment maker	more than 2.2 million shares changed hands after trading began
+2	Nutmeg Industries lost 1 3/4 to 14	Raymond James & Associates in St. Petersburg , Fla. , lowered its third-quarter earnings estimate for the company , according to Dow Jones Professional Investor Report
+1	It was five in the afternoon , but that was Pacific time	Back in New York the work day was already over , so I did n't have to feel guilty
+2	Maybe it was their peculiar sense of history	The broadcasters were , after all , documenting the game , ratifying its occurrence for millions outside the Stick
+2	The broadcasters were , after all , documenting the game , ratifying its occurrence for millions outside the Stick	Why not watch or hear your experience historicized while you were living it
+2	The day was saturated with the weight of its own impending history	Long lines of people waited to buy special souvenir World Series postcards with official postmarks
+5	Long lines of people waited to buy special souvenir World Series postcards with official postmarks	Thousands of us had paid $ 5 for the official souvenir book with its historical essays on Series trivia , its historical photographs of great moments in Series past , and its instructions , in English and Spanish , for filling in the scorecard
+2	Players ran out on the field way below , and the stands began to reverberate	It must be a local custom stamping feet to welcome the team
+5	And no one was shouting	No one around me was saying anything
+8	Because we all were busy riding a wave	Sixty thousand surfers atop a concrete wall , waiting for the wipeout
+8	Then I remembered the quake of '71 , which I experienced in Santa Barbara in a second-story motel room	When the swaying of the building woke me up , I reasoned that a ) I was in Southern California ; b ) the bed was moving ; c ) it must be a Magic Fingers bed that had short-circuited
+2	and realized what had happened	What should I do
+1	But the lot might split into crevasses , so I had better stand on my car , which probably was wider than the average crevasse	Fortunately , the quake was over before I managed to run out and stand naked on the hood
+8	and then it struck me that this time was different	If I survived , I would have achieved every journalist 's highest wish
+8	If I survived , I would have achieved every journalist 's highest wish	I was an eyewitness of the most newsworthy event on the planet at that moment
+2	I was an eyewitness of the most newsworthy event on the planet at that moment	What was my angle
+1	All these thoughts raced through my head in the 15 seconds of the earthquake 's actual duration	The rest is , of course , history
+2	The rest is , of course , history	The Stick did n't fall
+1	The Stick did n't fall	The real tragedies occurred elsewhere
+6	But for a few minutes there , relief abounded	A young mother found her boy , who had been out buying a hotdog
+5	A young mother found her boy , who had been out buying a hotdog	The wall behind me was slightly deformed , but the center had held
+2	It was during the quiet exodus down the pristine concrete ramps of the Stick that I really understood the point of all those Walkmen and Watchmen	The crowd moved in clumps , clumps magnetized around an electronic nucleus
+6	In this way , while the Stick itself was blacked out , we kept up to date on events	Within 15 minutes of the quake itself , I was able to see pictures of the collapsed section of the Bay Bridge
+5	Within 15 minutes of the quake itself , I was able to see pictures of the collapsed section of the Bay Bridge	Increasingly accurate estimates of the severity of the quake became available before I got to my car
+2	In fact , the entire population of the Bay Area had ended up with this dual role of actor and audience	The reporters were victims and some of the victims turned into unofficial reporters
+5	The tape was on tv before the night was out	Marshall McLuhan , you should have been there at that hour
+1	The first 10 pages of the 76-page Weekly Portfolio Perspective are completely blank , except for the page numbers	Rather than printing devils , Shearson puts all the blame on the unpredictable stock market
+2	Rather than printing devils , Shearson puts all the blame on the unpredictable stock market	The plunge made Shearson 's market commentary instantly out of date
+2	that print their weekly market commentaries on Fridays for dissemination the following week	Shearson , a 62 % -owned unit of American Express Co. , did n't have enough time to update its market commentary
+2	that a red-faced Shearson must have been wildly bullish on stocks in its original commentary , and that 's why it purged its pages	that Shearson last week had been advising that `` the market is still exhibiting all the signs of a further advance
+2	And by late Friday afternoon , actually after the close , we decided that was the wrong tone to take	With the market down , we wanted to tell people to put their orders in on the opening
+5	that industrial output last month rose 0.9 % from a year earlier	Retail sales are plummeting , while consumer prices still are rising
+8	Chinese and foreign economists now predict prolonged stagflation : low growth and high inflation	The economy is crashing hard
+8	The economy is crashing hard	The slowdown is taking hold a lot more quickly and devastatingly than anyone had expected
+2	Experts predict the coming year will be characterized by flat or negative industrial growth , rising unemployment and a widening budget deficit	Unless the government suddenly reverses course , wages for most workers wo n't keep pace with inflation
+8	The economy 's slowdown is due only partly to the austerity program launched in September 1988 to cool an overheated economy and tame inflation	Industrial output surged 21 % in 1988 , while inflation peaked last February at nearly 30 %
+5	That would benefit Chinese enterprises as well as Sino-foreign joint ventures	A dangerous buildup this year of billions of dollars in inter-company debts threatens , if unchecked , to bring the economy to a collapse
+5	it also runs the risk of triggering another period of runaway growth and steep inflation	The cycle has been repeated several times since China began reforming its planned economy in 1979
+1	that industrial output in September totaled $ 29.4 billion , a rise of just 0.9 % from a year earlier	Output declined in several provinces , including Jiangsu and Zhejiang , two key coastal areas , and Sichuan , the nation 's agricultural breadbasket
+5	Output declined in several provinces , including Jiangsu and Zhejiang , two key coastal areas , and Sichuan , the nation 's agricultural breadbasket	Production in Shanghai , China 's industrial powerhouse and the largest source of tax revenue for the central government , fell 1.8 % for the month
+2	that state banks extend more credit to shopkeepers so that they can purchase manufacturers ' goods	This will prevent a slide in industrial production , which will otherwise cause new panic buyings
+5	Real-estate executives are lobbying to ease anti-tax-shelter rules	Charitable groups are trying to reinstate the write-off for contributions made by individuals who do n't itemize their deductions
+5	Real-estate executives are lobbying to ease anti-tax-shelter rules.Charitable groups are trying to reinstate the write-off for contributions made by individuals who do n't itemize their deductions	Big auction houses want to make collectibles eligible for lower capital-gains taxes
+8	Everything is up for grabs	It appears as though the whole thing is wide open again
+5	The catalyst has been the congressional move to restore preferential tax treatment for capital gains , an effort that is likely to succeed in this Congress	Other fundamental `` reforms '' of the 1986 act have been threatened as well
+6	Other fundamental `` reforms '' of the 1986 act have been threatened as well	The House seriously considered raising the top tax rate paid by individuals with the highest incomes
+5	The House seriously considered raising the top tax rate paid by individuals with the highest incomes	The Senate Finance Committee voted to expand the deduction for individual retirement accounts
+5	As part of the same bill , the finance panel also voted in favor of billions of dollars in narrow tax breaks for individuals and corporations	The beneficiaries would range from pineapple growers to rich grandparents to tuxedo-rental shops
+2	that the streamlining was temporary	Other bills will be moving soon that are expected to carry many of the tax cuts
+5	There is n't any doubt that the thread of the '86 code has been given a mighty tug	You 'll see the annual unraveling of it
+2	It 's back to tax-give-away time for the select few	Next year , every special-interest group is going to be there knocking on Lloyd Bentsen 's door , on Danny Rostenkowski 's door
+6	Many groups are n't waiting that long	Just last week , a House Ways and Means subcommittee held a lengthy meeting to hear the pleas of individual cities , companies and interest groups who want to open their own special loopholes
+8	Just last week , a House Ways and Means subcommittee held a lengthy meeting to hear the pleas of individual cities , companies and interest groups who want to open their own special loopholes	It 's a Swiss-cheese factory and the cheese smells pretty good
+2	Even lobbyists for heavy industry are encouraged	The return of pro-investment tax breaks such as those for capital gains and IRAs `` creates more of a mood or a mindset that is helpful for getting better depreciation ( write-offs ) or investment credits
+5	The return of pro-investment tax breaks such as those for capital gains and IRAs `` creates more of a mood or a mindset that is helpful for getting better depreciation ( write-offs ) or investment credits	Corporate lobbyist Charls Walker is planning a spring conference to discuss what tax changes to make to improve `` competitiveness
+8	Real-estate interests , for example , are protesting an omission in President Bush 's capital-gains proposal	It does n't include real-estate gains
+2	Real-estate interests , for example , are protesting an omission in President Bush 's capital-gains proposal : It does n't include real-estate gains	If there is going to be a tax scheme that contemplates lower treatment of capital gains , they certainly want to be part of it
+8	In the House-passed tax bill , Mr. Thevenot got his wish	real-estate assets are included in the capital-gains provision
+2	But Sotheby 's , Christie 's and the National Association of Antique Dealers are still trying to get theirs	They have sent a letter to congressional tax-writers asking that gains from the sale of collectibles also be given preferential treatment
+8	They have sent a letter to congressional tax-writers asking that gains from the sale of collectibles also be given preferential treatment	Collectibles should continue to be recognized as capital assets , '' the letter states
+2	All of this talk is antithetical to the Tax Reform Act of 1986	In exchange for dramatically lower tax rates , the framers of that legislation sought to eliminate most of the exemptions , deductions and credits that gave some taxpayers an advantage over others
+5	In exchange for dramatically lower tax rates , the framers of that legislation sought to eliminate most of the exemptions , deductions and credits that gave some taxpayers an advantage over others	The goal was to tax people with roughly equivalent incomes equally , and to eliminate the many shelters that allowed the wealthy to escape taxes
+2	This year Congress , with prodding from President Bush , has been busy trying to put many of these same tax preferences back into the code	It appears likely that , this year or next , some form of capital-gains preference and passive-loss restoration will be enacted
+5	It appears likely that , this year or next , some form of capital-gains preference and passive-loss restoration will be enacted	Other tax benefits probably will be restored and created
+1	Other tax benefits probably will be restored and created	The main obstacle is finding a way to pay for them
+2	The '86 act was a fluke	They wanted reform and they got a revolution
+2	Mr. Juliano thinks so	One recent Saturday morning he stayed inside the Capitol monitoring tax-and-budget talks instead of flying to San Francisco for a fund-raiser and then to his hometown of Chicago for the 30th reunion of St. Ignatius High School
+2	I 'm too old to waste a weekend , but that 's what I did	These days , anything can happen
+8	Raymond Chandler , in a 1950 letter defending a weak Hemingway book , likened a champion writer to a baseball pitcher	When the champ has lost his stuff , the great mystery novelist wrote , `` when he can no longer throw the high hard one , he throws his heart instead
+8	when he can no longer throw the high hard one , he throws his heart instead	He throws something
+1	He throws something	He does n't just walk off the mound and weep
+2	Chandler might have been predicting the course of his own career	His last published novel featuring private detective Philip Marlowe , the inferior `` Playback '' ( 1958 ) , at times read almost like a parody of his previous work
+9	His last published novel featuring private detective Philip Marlowe , the inferior `` Playback '' ( 1958 ) , at times read almost like a parody of his previous work	When he died in 1959 , Chandler left behind four chapters of yet another Marlowe book , `` The Poodle Springs Story , '' which seemed to go beyond parody into something like burlesque
+2	But the lovebirds have a conflict	He wants to continue being a low-paid private eye , and she wants him to live off the million dollars she 's settled on him
+8	Mr. Parker spins it into a pretty satisfying tale involving Poodle Springs high life , Hollywood low life and various folk who hang their hats in both worlds	The supporting lineup is solid , the patter is amusing and there 's even a cameo by Bernie Ohls , the `` good cop '' of previous Chandler books who still does n't hesitate to have Marlowe jailed when it suits his purposes
+5	The supporting lineup is solid , the patter is amusing and there 's even a cameo by Bernie Ohls , the `` good cop '' of previous Chandler books who still does n't hesitate to have Marlowe jailed when it suits his purposes	The style throughout bears a strong resemblance to Chandler 's prose at its most pared down
+6	But there are grounds for complaint	At one point , the reader is two steps ahead of Marlowe in catching on to a double identity scam -- and Marlowe is supposed to be the pro
+1	At one point , the reader is two steps ahead of Marlowe in catching on to a double identity scam -- and Marlowe is supposed to be the pro	More bothersome , there are several apparent anachronisms
+6	More bothersome , there are several apparent anachronisms	Contact lenses , tank tops , prostitutes openly working the streets of Hollywood and the Tequila Sunrise cocktail all seem out of place in the 1950s
+2	Contact lenses , tank tops , prostitutes openly working the streets of Hollywood and the Tequila Sunrise cocktail all seem out of place in the 1950s	A little more care in re-creating Marlowe 's universe would have made the book that much more enjoyable
+2	Mr. Shioya has turned the tables	Today , he is publisher of Business Tokyo magazine , the first English-language business magazine devoted to coverage of Japanese business
+5	Japanese publishers want to be introduced to the publishing and information industries	While there are n't any major deals in the works currently on the scale of Sony Corp. 's recent $ 3.4 billion agreement to buy Columbia Pictures Entertainment Inc. , observers do n't rule out a transaction of that size
+2	observers do n't rule out a transaction of that size	The Japanese take the long view
+2	The Japanese take the long view	It may not be weeks or months , but they are also opportunistic and if they feel comfortable , they will move on a deal
+9	When Keizaikai launched Business Tokyo in 1987 , it appealed to a more multinational audience	The magazine was overhauled with the aid of American magazine design gurus Milton Glaser and Walter Bernard
+6	American publishers appear more than ready to do some selling	he receives telephone calls weekly from media bankers on whether his parent company is interested in buying a U.S. consumer or business magazine
+1	and they saw magazines as soft	Now they realize magazines are as much a franchise as Nabisco is a franchise
+8	Rate settlements in Minnesota and Colorado depressed U S West 's third-quarter profit	net income dropped 8.9 %
+1	Revenue dropped 4.3 % to $ 2.3 billion from $ 2.4 billion , reflecting declines in its consumer-telephone sector , long-distance carrier business and diversified division	Revenue from business-telephone operations grew 3.3 % to $ 618.9 million from $ 599.4 million a year ago
+5	Overall they increased 2.8 % to 12.1 million	Business lines increased 3.7 % to 3.3 million
+5	On a truly comparable basis , we 've seen modest earnings growth this year from the operations of our company	The major negative factor was the cumulative impact of regulatory activity over the past two years
+8	Revenue jumped 5.6 % to $ 2.9 billion from $ 2.8 billion in the year-ago quarter	Revenue from financial and real-estate services jumped 23 % to $ 177.4 million from $ 144.1 million a year ago
+5	Revenue from financial and real-estate services jumped 23 % to $ 177.4 million from $ 144.1 million a year ago	Network-access revenue from long-distance telephone companies increased 6.4 % to $ 618.6 million
+5	State and local taxes increased to $ 131.3 million from $ 99.1 million a year ago	expenses rose 4.5 % to $ 2.73 billion from $ 2.61 billion , a $ 119 million increase
+5	expenses rose 4.5 % to $ 2.73 billion from $ 2.61 billion , a $ 119 million increase	Most of the higher costs were associated with acquisitions and growth in nonregulated business units
+5	Our net income is n't where we would want it to be at this point	This deviation from our past growth patterns is caused largely by lower earnings at New York Telephone
+2	The three-month-old strike at Nynex seriously hurt the installation of new telephone lines in the quarter	access lines in service at the end of the quarter were off 18,000 from the previous quarter
+2	This is a good quarter for us in terms of our business fundamentals	new telephone lines increased 4.5 % for a total of about $ 13.5 million for the quarter ; toll calls increased 9.6 % to 807 million and minutes of telephone usage increased to 9.9 billion
+5	new telephone lines increased 4.5 % for a total of about $ 13.5 million for the quarter	toll calls increased 9.6 % to 807 million
+2	A charge of $ 80 million related to projected environmental costs in its refining and marketing operations further depressed results	Amoco completed an environmental analysis last quarter but that no single clean-up project was responsible
+5	In the 1988 third quarter , the Chicago-based oil company earned $ 552 million , or $ 1.07 a share	Revenue in the latest quarter rose 12 % to $ 6.6 billion from $ 5.91 billion
+2	Aside from the special charge , Amoco 's results were in line with Wall Street estimates	The company 's stock ended at $ 48.375 , up 25 cents in New York Stock Exchange composite trading
+1	Amoco is the first major oil company to report third-quarter results	Analysts expect others to show a similar pattern
+5	Generally in the quarter , overproduction of gasoline and higher crude oil prices pressured profitability	The industry 's chemical profits also declined because excess capacity has depressed prices
+5	The industry 's chemical profits also declined because excess capacity has depressed prices	Gasoline margins may rebound this quarter but they believe chemical margins could worsen
+2	its third-quarter earnings declined by more than half	lower chemical prices , reduced gasoline margins and refinery maintenance shutdowns
+5	net income dropped to $ 15.1 million , or 98 cents a share , from $ 35.2 million , or $ 2.66 a share	Sales rose 2.2 % to $ 711.9 million from $ 696.1 million
+5	Amoco 's refining and marketing profit in the quarter fell to $ 134 million from $ 319 million	Chemical earnings declined by one-third to $ 120 million last year 's robust levels
+2	But foreign exploration and production earnings fell sharply , to $ 12 million from $ 95 million	Higher oil prices were n't enough to offset a roughly $ 20 million charge related to a 10 % reduction in Amoco 's Canadian work force as well as increased exploration expenses
+6	the outlook for industry profits is n't good	Management Horizons forecasts a 1.4 % profit decline for non-auto retailers this year
+8	Management Horizons forecasts a 1.4 % profit decline for non-auto retailers this year , after annual drops that averaged 4.5 % in 1988 and 1987	For the last two and a half years , retailing has been in a mild recession
+6	This year , many stores are entering the Christmas season in turmoil	Bonwit Teller and B. Altman parent L.J . Hooker Corp. is operating under Chapter 11 of the federal Bankruptcy Code
+5	Bonwit Teller and B. Altman parent L.J . Hooker Corp. is operating under Chapter 11 of the federal Bankruptcy Code	B.A.T Industries PLC 's healthy Saks Fifth Avenue and Marshall Field 's chains are on the auction block
+2	Industry observers expect a wide divergence in performance	Stores in a state of confusion are likely to fare poorly , and to lose customers to stable chains such as Limited Inc. , May Department Stores Co. and Dillard Department Stores Inc. , which should do well
+10	that healthy stores hawking mostly apparel could ring up gains of as much as 25 % to 30 %	Troubled chains could see their sales drop as much as 8 % as managers distracted by fears about the future allow their stores to get sloppy
+1	that healthy stores hawking mostly apparel could ring up gains of as much as 25 % to 30 %	Troubled chains could see their sales drop as much as 8 % as managers distracted by fears about the future allow their stores to get sloppy
+5	as managers distracted by fears about the future allow their stores to get sloppy	Thin merchandise selections at the most troubled chains are also expected to hurt sales
+2	Catalog companies are likely to pose a bigger threat to all stores this year , particularly in December	More than 200 catalog outfits are promoting a low-cost Federal Express service that guarantees pre-Christmas delivery of orders made by a certain date
+1	Traditionally , consumers were concerned about ordering after the first of December because they did n't believe they would get it by Christmas	Using Federal Express delivery last year December was our biggest month
+8	K mart Corp. Chairman Joseph E. Antonini summed up his outlook for the Christmas season as `` not troublesome	He 's not predicting a blockbuster , but he is `` more optimistic than three months ago '' because employment remains strong and inflation low
+6	Other retailers are also preparing for a ho-hum holiday	Philip M. Hawley , chairman of Carter Hawley Hale Stores Inc. , expects sales at department stores open at least a year to rise a modest 3 % to 5 % over last year 's totals , both for his company and the industry in general
+1	sales at department stores open at least a year to rise a modest 3 % to 5 % over last year 's totals , both for his company and the industry in general	I 'm not looking for a runaway Christmas at all
+8	but it is n't going to be a bust either	fourth-quarter sales at his company to rise `` pretty much in line '' with its year-to-date increases of between 8 % and 9 %
+8	a modest holiday	Of the 450 survey respondents , 35 % said they expect to spend less buying Christmas gifts this year than last year , while 28 % said they expect to spend more and 37 % said their gift budget would stay the same
+2	Retailers could get a boost this year from the calendar	Christmas falls on a Monday , creating a big last-minute weekend opportunity for stores
+2	Christmas falls on a Monday , creating a big last-minute weekend opportunity for stores	Most will stay open late Saturday night and open their doors again Sunday
+2	But many consumers probably will use the extra time to put off some purchasing until the last minute	What you 'll hear as we get into December is that sales are sluggish
+1	What you 'll hear as we get into December is that sales are sluggish	The week ending the 24th is going to save the entire month for everyone
+2	a surprising choice , but given the Swedish Academy 's past perversities , hardly the most undeserved and ridiculous accolade handed out by the awarding committee	In Spain , anyway , the 73-year-old Mr. Cela enjoys some renown for the novels and travel books he wrote during the parched Franco years
+5	Fate directs some men down the flower-bordered path , and others down the road bordered with thistles and prickly pears	The lucky ones gaze out at life with serene eyes and smile with a face of innocence at their perfumed happiness.The others endure the hot sun of the plains and scowl like cornered wild beasts
+1	The lucky ones gaze out at life with serene eyes and smile with a face of innocence at their perfumed happiness	The others endure the hot sun of the plains and scowl like cornered wild beasts
+8	These days , he is as known for his flamboyant tastes and the youthful muse who shares his life as he is for his books	The man who wore out his shoes wandering around Guadalajara in 1958 , describing in his travel book `` Viaje a la Alcarria '' how he scrounged for food and stayed in squalid inns , now tours Spain in a Rolls-Royce
+10	The lonely woman walks on in the direction of the Plaza de Alonso Martinez	Two men have a conversation behind one of the windows of the cafe on the corner of the boulevard
+5	I do n't doubt it for a moment	It does not matter if one is defeated , provided the work that gets the award has unmistakable qualities
+1	It does not matter if one is defeated , provided the work that gets the award has unmistakable qualities	What 's so discouraging is
+1	The company earned $ 66 million , or $ 1.19 a share , on revenue of $ 2.1 billion in the year-ago fourth quarter	For fiscal 1988 , Ashland had net of $ 224 million , or $ 4.01 a share , on revenue of $ 7.8 billion
+8	The Panamanian affair is only the tip of a more alarming iceberg	It originates in a Bush administration decision not to antagonize the U.S. Congress and avoid , at all costs , being accused of meddling in the region
+8	The result has been a dangerous vacuum of U.S. leadership , which leaves Central America open to Soviet adventurism	The { influence of the } U.S. is not being felt in Central America ; Washington 's decisions do not respond to a policy , and are divorced from reality
+5	The { influence of the } U.S. is not being felt in Central America	Washington 's decisions do not respond to a policy
+9	The disarray of the Bush administration 's Latin diplomacy was evident in the failure of the Organization of American States to condemn categorically Gen. Noriega	Faced with this embarrassment , U.S. diplomats expressed confidence that the influential Rio Group of South American nations , which gathered last week in Peru , would take a stronger posture toward the Panamanian dictator
+8	But other than a few slaps on the wrist , Gen. Noriega went unpunished by that body , too	he was not even singled out in the closing statement
+8	Formally upgrading the Sandinistas to a democratic status was an initiative harshly criticized in the Costa Rican press	Even Carlos Manuel Castillo made public his opposition to the presence of Nicaragua `` in a democratic festivity
+2	Nevertheless , the Bush administration agreed to the dubious arrangement in July	According to officials in Washington , the State Department hoped that by pleasing President Arias , it would gain his support to postpone any decision on the Contras until after Mr. Ortega 's promises of democratic elections were tested next February
+8	Prior to this episode , Sen. Christopher Dodd ( D. , Conn. ) , sensing an open field , undertook a personal diplomatic mission through Central America to promote an early disbanding of the rebels	Visiting Nicaragua , he praised the Sandinistas for their electoral system and chided the Bush administration for not rewarding the Sandinistas
+9	Visiting Nicaragua , he praised the Sandinistas for their electoral system and chided the Bush administration for not rewarding the Sandinistas	In Honduras he promised to help unblock some $ 70 million in assistance withheld due to the failure of local agencies to comply with conditions agreed upon with Washington
+2	Aid was also the gist of the talks Sen. Dodd had with Salvadoran President Alfredo Cristiani	Mr. Cristiani 's government is very much at the mercy of U.S. largess and is forced to listen very carefully to Sen. Dodd 's likes and dislikes
+2	It was therefore not surprising that close allies of the U.S. , virtually neglected by the Bush administration , ordered the Nicaraguan insurgents dismantled by December , long before the elections	Fittingly , the Tela Accords were nicknamed by Hondurans `` the Dodd plan
+6	The individual foreign policy carried out by U.S. legislators adds to a confusing U.S. performance that has emboldened Soviet initiatives in Central America	On Oct. 3 , following conversations with Secretary of State James Baker , Soviet Foreign Minister Eduard Shevardnadze arrived in Managua to acclaim `` Nicaragua 's great peace efforts
+8	There , Mr. Shevardnadze felt legitimized to unveil his own peace plan	The U.S.S.R. would prolong a suspension of arms shipments to Nicaragua after the February election if the U.S. did likewise with its allies in Central America
+1	He also called on Nicaragua 's neighbors to accept a `` military equilibrium '' guaranteed by both superpowers	The Pentagon claims that in spite of Moscow 's words , East bloc weapons continue to flow into Nicaragua through Cuba at near-record levels
+2	Since Mr. Shevardnadze 's proposals followed discussions with Mr. Baker , speculations arose that the Bush administration was seeking an accommodation with the Soviets in Central America	This scheme would fit the Arias Plan , which declared a false symmetry between Soviet military aid to the Sandinista dictatorship and that provided by Washington to freely elected governments
+8	The sad condition of U.S. policy in Central America is best depicted by the recent end to U.S. sponsorship of Radio Costa Rica	In 1984 , the Costa Rican government requested help to establish a radio station in the northern part of the country , flooded by airwaves of Sandinista propaganda
+9	In 1984 , the Costa Rican government requested help to establish a radio station in the northern part of the country , flooded by airwaves of Sandinista propaganda	Recovering radiophonic sovereignty was the purpose of Radio Costa Rica , funded by the U.S. and affiliated with the Voice of America ( VOA
+2	It is capable of reaching the entire Caribbean area and deep into North America	Perhaps its loud signal may generate some awareness of the Soviet condominium being created in the isthmus thanks to U.S. default
+5	President Arias voiced expectations of direct U.S. action	that 64 % of Costa Ricans believe that if their country is militarily attacked by either Nicaragua or Panama , the U.S. will come to its defense
+8	Holiday said third-quarter earnings rose to $ 39.8 million , or $ 1.53 a share , from $ 21 million , or 84 cents a share , a year earlier	Results for the quarter included $ 19.2 million in pretax gains from property transactions , including the sale of one Embassy Suites hotel , and $ 3.5 million of nonrecurring costs associated with the acquisition of the Holiday Inn business by Bass
+5	For the nine months , earnings fell 2.9 % to $ 99.1 million , or $ 3.86 a share , from $ 102.1 million , or $ 4.10 a share , a year earlier	Revenue dropped 1.6 % to $ 1.21 billion from $ 1.23 billion
+8	The two companies , like Fox , already have their own TV stations	MCA owns WWOR in New York and Paramount last month agreed to purchase a 79 % stake in the TVX Broadcast Group from Salomon Inc. in a deal valued at $ 140 million
+5	MCA owns WWOR in New York and Paramount last month agreed to purchase a 79 % stake in the TVX Broadcast Group from Salomon Inc. in a deal valued at $ 140 million	TVX owns five stations , including WTXF , a Fox affiliate , in Philadelphia
+2	Fox was n't pleased by the possible Paramount-MCA venture into prime-time programming	To make the venture work , they would need Fox affiliates
+1	To make the venture work , they would need Fox affiliates	We spent a lot of time and money in building our group of stations
+1	The executive said Paramount and MCA have also held discussions with Chris-Craft Industries ' broadcasting unit	A Chris-Craft station manager said there have been no formal talks
+2	I think it 's to Fox 's advantage to be associated with the Paramount-MCA venture	the Fox shows appearing on nights when Paramount-MCA shows would n't be offered could be promoted on the programs produced by Paramount-MCA
+1	The real question is whether the Paramount-MCA offering is practical	It is n't . . . . Why would I consider giving up Fox , a proven commodity , '' for an unknown venture
+5	The holding company will be called BanPonce Corp	The primary subsidiary will be the combined banking operations of the two companies and will be known as Banco Popular de Puerto Rico
+9	Banco Popular just kept waiting	They got a transaction that 's good for both companies
+2	The two banks appear to be a good fit	BanPonce caters to a more affluent customer , while Banco Popular has always had a large presence among middle-income and lower-income markets
+5	The merger should also allow the companies to reduce costs by combining operations in many locations in Puerto Rico	They 're often right across the street from one another
+2	the merger will result in a `` larger and stronger locally based bank	We 'll be able to better compete with large foreign banks
+2	We 'll be able to better compete with large foreign banks	It makes sense from a strategic standpoint
+2	the merger to face any regulatory hurdles	the merger should be completed in six to nine months
+5	third-quarter profit fell to $ 108 million , or $ 1.07 a share , from $ 190 million , or $ 1.87 a share , a year earlier	Sales dropped 6 % to $ 2.58 billion from $ 2.74 billion , reflecting eight fewer business days in the latest quarter
+1	But yesterday , the company said this year 's profit will be lower	It did n't say by how much
+5	For the first nine months of the year earnings fell 14 % to $ 390 million , or $ 3.85 a share , from $ 453 million , or $ 4.46 a share , a year earlier	Sales rose to $ 8.19 billion from $ 7.65 billion
+9	B.A.T aims to sell such U.S. retailing units as Marshall Field and Saks Fifth Avenue and float its big paper and British retailing businesses via share issues to existing holders	Proceeds will help pay for a planned buy-back of 10 % , or about 153 million , of its shares and a 50 % dividend increase
+8	B.A.T yesterday started its share buy-back	it acquired 2.5 million shares for 785 pence ( $ 12.48 ) each , or a total of # 19.6 million ( $ 31.2 million ) , from its broker , Barclays de Zoete Wedd
+1	Shareholder approval sets the stage for a lengthy process of restructuring that might not be completed until next year 's second half	Before the recent tumult in global financial markets , B.A.T officials , holders and analysts had expected a substantial part of the restructuring to be complete by the end of the first half
+2	We are not in any hurry to sell '' Saks , Marshall Field or B.A.T 's other U.S. retail properties	This is n't a distress sale
+2	This is n't a distress sale	We are determined to get good prices
+5	Meanwhile , Sir James still is pursuing efforts to gain U.S. insurance regulators ' approval for a change in control of B.A.T 's Farmers Group Inc. unit	The Anglo-French financier has indicated he intends to bid again for B.A.T if he receives approval
+5	it had net income of $ 31.3 million , or 53 cents a share , up from $ 18.1 million , or 31 cents a share , a year earlier	Revenue rose to $ 403 million from $ 368.4 million
+5	The company cited sales gains at its Milton Bradley and Playskool units and in its international business for the increase in revenue	that Hasbro 's new line of battery-powered racing cars , called Record Breakers , and its acquisition of Cabbage Patch Kids , Scrabble and other lines from Coleco Industries Inc. puts the company `` in a good position as we enter the Christmas buying season
+5	net rose to $ 49.9 million , or 44 cents a share , from $ 37.1 million , or 32 cents a share , a year earlier	Sales declined 3 % to $ 524.5 million from $ 539.4 million
+9	the decision was based on a long-term analysis of the compatibility of Wheeler Group 's marketing business with other Pitney Bowes operations	Pitney Bowes acquired the core of what evolved into Wheeler Group in 1979 by buying Dictaphone Corp
+5	third-quarter net income gained 15 % to $ 62 million , or 78 cents a share , from $ 54 million , or 68 cents a share , a year ago	Revenue grew 13 % to $ 734.8 million from $ 650.9 million
+5	Red tractors gingerly picked at the rubble while jackhammers tried to break up some of the massive slabs of concrete	Giant yellow cranes were wheeled up alongside the collapsed segment , preparing to lift off chunks of the debris
+5	the retrofitting was part of a planned , three-stage reinforcement of the Cypress structure begun by the California transportation department several years ago	The Cypress reinforcement project itself was part of an annual effort to shore up structures believed vulnerable to earthquakes
+9	We had just finished phase two '' of the Cypress project that involved installing a series of retaining cables designed to prevent sections of the roadway from separating as a result of seismic shock	After completing installation of the jackets on `` one frame '' of the freeway last year , the state DOT had sent the project over to its Sacramento engineers to draw up a final design
+8	the project had been stymied somewhat by `` the difficulty of designing '' the jackets	The procedure involves encasing the concrete columns with steel , then connecting them more securely to the double-decker roadbed
+8	the project may have been snagged by budgetary concerns	One preliminary estimate put the retrofitting cost at as much as $ 50 million
+6	The collapse of the span has provoked surprise and anger among state officials	Gov . George Deukmejian called for an immediate investigation
+2	I want to know who made the decision that it was safe for 186,000 people to use every day	he would convene hearings within two weeks
+6	The Cypress structure opened in June 1957 , and as such , like many buildings in the San Francisco Bay area , does not meet current building codes requiring considerably more steel support	The northern piers of the span lie in estuarian deposits that were of a type to have liquefied easily during the 1906 quake
+2	they were as surprised as anyone by the Cypress destruction	previous earthquakes suggested that multiple-column viaducts would stand up well
+2	Bonn and Washington have taken a leading role in aid for the reformist countries , pledging billions of dollars in fresh credit and forgiving old debt while urging other industrial nations to follow suit	Both hope to encourage pressure for change in East bloc countries still ruled by Stalinist holdouts by arranging liberal financial aid and trade benefits for Poland , Hungary and , to a lesser extent , the Soviet Union
+8	Meanwhile , the U.S. House of Representatives yesterday approved an $ 837.5 million aid package for Poland and Hungary that more than doubles the amount President Bush had requested	The package was brought to the House just 15 days after it was introduced , indicating Congress 's eagerness to reward Poland and Hungary for their moves toward democracy and freemarket economic reforms
+8	The legislation establishes two enterprise funds which will make loans and investments in new business ventures in Hungary and Poland	The Polish fund would be seeded with $ 160 million , the Hungarian fund with $ 40 million
+5	When Chancellor Helmut Kohl travels to Poland Nov. 9 , he is expected to take with him a promise of three billion West German marks ( $ 1.6 billion ) in new credit guarantees for industrial projects	Last week , Bonn agreed to reschedule 2.5 billion marks in Polish debt that came due last year
+1	Deutsche Bank AG is now moving to become the first West German bank to set up independent business offices in Hungary and Poland	A maxim of Frankfurt banking holds that wherever Deutsche Bank goes , other West German banks follow
+5	For the nine months , Mattel net more than doubled to $ 58.9 million , or $ 1.19 a share , from $ 25.4 million , or 53 cents a share , a year ago	Revenue rose 25 % , to $ 877.6 million , from $ 702.4 million
+1	the company 's sale of rights to land and buildings at its Hawthorne , Calif. , headquarters resulted in a $ 13 million charge to third-quarter operating profit	The charge did n't affect net for the quarter as it was offset by tax benefits
+2	Democracy can be cruel to politicians	Sometimes it forces them to make choices
+6	Democracy can be cruel to politicians : Sometimes it forces them to make choices	Now that the Supreme Court opened the door on the subject of abortion , politicians are squinting under the glare of democratic choice
+1	Now that the Supreme Court opened the door on the subject of abortion , politicians are squinting under the glare of democratic choice	Their discomfort is a healthy sign for the rest of us
+2	they 've been shielded the most	So long as abortion was a question for litigation , not legislation , Republicans could find political security in absolutism
+2	So long as abortion was a question for litigation , not legislation , Republicans could find political security in absolutism	They could attract one-issue voters by adopting the right-to-life movement 's strongest position , even as pro-choice Republicans knew this mattered little on an issue monopolized by the court
+1	even as pro-choice Republicans knew this mattered little on an issue monopolized by the court	Now it matters
+8	Much of Washington thought it detected George Bush in a characteristic waffle on abortion the past week	Only a month ago he 'd warned Congress not to pass legislation to pay for abortions in cases of rape or incest.Last Friday , after Congress passed it anyway , he hinted he was looking for compromise
+1	Only a month ago he 'd warned Congress not to pass legislation to pay for abortions in cases of rape or incest	Last Friday , after Congress passed it anyway , he hinted he was looking for compromise
+9	Only a month ago he 'd warned Congress not to pass legislation to pay for abortions in cases of rape or incest	Last Friday , after Congress passed it anyway , he hinted he was looking for compromise
+2	Last Friday , after Congress passed it anyway , he hinted he was looking for compromise	Was the man who once was pro-choice , but later pro-life , converting again
+2	In fact , Mr. Bush 's dance was more wiggle than waffle	the White House never wavered over the veto
+1	the White House never wavered over the veto	Christopher Smith ( R. , N.J. ) , a pro-life leader in the House , suggested a compromise that would have adapted restrictive language from rape and incest exceptions in the states
+2	and Mr. Bush quickly signaled a veto	Amid charges of `` timidity '' on Panama and elsewhere , the president was n't about to offend his most energetic constituency
+8	The GOP doubters were in Congress	In last week 's House vote , 41 Republicans defected
+5	In last week 's House vote , 41 Republicans defected	After the vote , Connecticut Rep. Nancy Johnson rounded up nearly as many signatures on a letter to Mr. Bush urging him not to veto
+5	After the vote , Connecticut Rep. Nancy Johnson rounded up nearly as many signatures on a letter to Mr. Bush urging him not to veto	Even such a pro-life stalwart as Sen. Orrin Hatch ( R. , Utah ) had counseled some kind of compromise
+5	Even such a pro-life stalwart as Sen. Orrin Hatch ( R. , Utah ) had counseled some kind of compromise	The Senate passed the same bill yesterday , with a veto-proof majority of 67
+8	The manuevering illustrates an emerging Republican donnybrook , pacified since the early 1980s	At the 1988 GOP convention , abortion was barely discussed at all , though delegates were evenly divided on the question of an anti-abortion constitutional amendment
+5	At the 1988 GOP convention , abortion was barely discussed at all , though delegates were evenly divided on the question of an anti-abortion constitutional amendment	Ms. Johnson made a passionate statement to the platform committee , but she was talking to herself
+2	Now many Republicans are listening	They 're frightened by what they see in New Jersey , and especially Virginia , where pro-life GOP candidates for governor are being pummeled on abortion
+1	where pro-life GOP candidates for governor are being pummeled on abortion	the two GOP candidates could have avoided trouble if they had framed the issue first
+2	But the Supreme Court 's opening of debate may have changed even that	that the single-issue voters had about evened out
+5	The Republican danger is that abortion could become for them what it 's long been for Democrats , a divisive litmus test	It 's already that in the Bush administration , at least for any job in which abortion is even remotely an issue
+5	Oklahoma official Robert Fulton lost a chance for a senior job in the Department of Health and Human Services after right-to-life activists opposed him	Caldwell Butler , a conservative former congressman , was barred from a Legal Services post , after he gave wrong answers on abortion
+5	Caldwell Butler , a conservative former congressman , was barred from a Legal Services post , after he gave wrong answers on abortion	Even the president 's doctor , Burton Lee , has said on the record that he 'd love to be surgeon general but could n't pass the pro-life test
+2	In the case of HHS Secretary Louis Sullivan , the litmus test could yet damage issues important to other parts of the Republican coalition	After Mr. Sullivan waffled on abortion last year , the White House appeased right-to-lifers by surrounding him with pro-life deputies
+1	After Mr. Sullivan waffled on abortion last year , the White House appeased right-to-lifers by surrounding him with pro-life deputies	Their views on health care and welfare did n't much matter , though HHS spends billions a year on both
+1	though HHS spends billions a year on both	It makes only a handful of abortion-related decisions
+2	Though Democrats can gloat at all this for now , they may want to contain their glee	On abortion , their own day will come
+2	On abortion , their own day will come	Eventually even Republicans will find a way to frame the issue in ways that expose pro-choice absolutism
+6	Eventually even Republicans will find a way to frame the issue in ways that expose pro-choice absolutism	Does the candidate favor parental consent for teen-age abortions
+9	Democracy is forcing the abortion debate toward healthy compromise , toward the unpolarizing middle	Roe v.Wade pre-empted political debate , so the extremes blossomed
+1	Roe v.Wade pre-empted political debate , so the extremes blossomed	Now the ambivalent middle , a moral majority of sorts , is reasserting itself
+2	Now the ambivalent middle , a moral majority of sorts , is reasserting itself	Within a few years , the outcome in most states is likely to be that abortion will be more restricted , but not completely banned
+2	Within a few years , the outcome in most states is likely to be that abortion will be more restricted , but not completely banned	This is where the voters are , which is where politicians usually end up
+1	Union Pacific Corp. third-quarter net income fell 17 %	Excluding earnings from discontinued operations a year earlier , net fell only 2 %
+1	The energy , natural resources and railroad concern had net of $ 137.4 million , or $ 1.35 a share , down from $ 165 million , or $ 1.44 a share , a year earlier	In the 1988 third quarter , profit from continuing operations totaled $ 140.1 million
+8	In the 1988 third quarter , profit from continuing operations totaled $ 140.1 million	A year earlier , the company had profit from discontinued operations of $ 24.9 million from sale of a pipeline , a refinery and an interest in a second refinery
+2	and a 4 % drop in car loadings	Most of the commodity traffic was off
+2	Earnings from continuing operations of the Union Pacific Resources unit almost doubled	that higher revenue , strong crude oil prices and higher natural gas prices offset declines in production of oil , gas and plant liquids
+5	Earnings from Union Pacific Realty dropped 50 % to $ 3 million	Before good will , Overnite Transportation earnings fell 11 % to $ 15 million
+5	In the nine months , net fell 6.3 % to $ 427.7 million , or $ 3.98 a share , from $ 456.4 million , or $ 4 a share , a year earlier	Profit from continuing operations in the year-earlier period was $ 402.7 million
+5	Profit from continuing operations in the year-earlier period was $ 402.7 million	Revenue was $ 4.75 billion , up 6 % from $ 4.49 billion
+2	John Christie , a lawyer here for the two Chicago Title & Trust units accused the FTC of `` second-guessing '' state-level regulations , with which , he said , his clients had complied	I expect all the companies to appeal
+5	it agreed to sell 75 million Canadian dollars ( US $ 63.9 million ) of 8 % convertible debentures to a group of securities dealers	the 15-year debentures are convertible before maturity at C $ 12.50 for each Mark common share , and can be redeemed at the company 's option , under certain conditions , after Nov. 30 , 1992
+8	The FADA real-estate package , with an asking price of $ 428 million , is comprised of 150 properties in Texas , California , Colorado , Arizona and Florida	It includes apartments , shopping centers , office buildings and undeveloped land
+2	The RTC is trying to sell FADA 's network of offices separately	FADA is being liquidated
+1	The properties held by FADA wo n't be sold piecemeal	You need to buy the entire lot
+5	The bonds , rated double-A by Moody 's and S & P , were priced to yield from 6 % in 1991 to 7.10 % in 2010	Serial bonds were priced to yield to 6.75 % in 2000
+5	Serial bonds were priced to yield to 6.75 % in 2000	Bonds due 1991-1996 carry 6.70 % coupons and bonds due 1997-2000 carry 6 3/4 % coupons
+5	They carry a 7 % coupon	Term bonds due 2010 are 7.10 % securities priced at par
+5	The issue is being sold through Freddie Mac 's 17-member securities selling group	The debentures mature Oct. 27 , 1999
+2	Then the computers give us more information than we can ever read	Now they plan to sell us products that sift through all the information to give us what we really want to know
+2	Filtered news is what people want	Most people read 10 times more than necessary in order to find out what they really need
+2	Old network hands have started to turn off the network because they do n't have time to wade through the muck	Mr. Goodfellow has started a Menlo Park , Calif. , company called Anterior Technology that provides human editors for public electronic networks
+8	that provides human editors for public electronic networks	I see it as a sewage treatment plant
+8	A new product , NewsEdge , carries five business news wires simultaneously into a user 's computer and beeps and flashes whenever an article appears that is of interest to the user	The product scans the wires looking for articles that contain key words specified by the user
+8	he uses it to track takeover developments	he told NewsEdge to look for stories containing such words as takeover , acquisition , acquire , LBO , tender , merger , junk and halted
+2	he told NewsEdge to look for stories containing such words as takeover , acquisition , acquire , LBO , tender , merger , junk and halted	I 'm pretty confident I 'm catching everything
+6	But some investors and consultants who have tried it are enthusiastic	Jeffrey Tarter , editor of SoftLetter , a Watertown , Mass. , industry newsletter , says : `` I 've seen a lot of people fooling around on the fringes of filtering information
+1	I 've seen a lot of people fooling around on the fringes of filtering information	This is the first time I 've seen something I could imagine a lot of people using
+6	Some organizations have devised their own systems to sort through news wire items as they come in	George Goodwin , an account manager at Royal Bank of Canada , adapted a Lotus Development Corp. program called Agenda to sort through international news wires
+8	to sort through international news wires	It automatically selects stories from particular countries for reading by the international bankers responsible for lending in those areas
+2	One early user is NEC Corp. 's U.S. printer marketing arm	They want the full press releases on printer announcements by their competition
+2	Individual Inc. 's technology goes beyond word searches by using a computerized thesaurus	If a customer asks for stories about `` IBM , '' the computer will also supply stories that mention `` I.B.M. , International Business Machines , or Big Blue
+8	Individual Inc. 's technology goes beyond word searches by using a computerized thesaurus	If a customer asks for stories about `` IBM , '' the computer will also supply stories that mention `` I.B.M. , International Business Machines , or Big Blue
+2	Moreover , Individual Inc. 's computers can weigh the value of an article based on how closely the story matches the subscriber 's interest area	It compares the position of key words in the story ; words in the headline or first paragraph get a higher value
+8	It compares the position of key words in the story	words in the headline or first paragraph get a higher value
+8	And it calculates how often the words appear in the story compared with how often they appear in the entire data base	The higher the ratio of hits to total words , the higher the presumed value to the reader
+8	Pinpoint Information Corp relies on 12 human readers to code news releases by topic in order to select items for each subscriber	The computers find all the key words they can , but the editors confirm every one
+2	The computers find all the key words they can , but the editors confirm every one	Computer picking is n't perfect
+9	Pinpoint 's computers pick the most relevant for each subscriber and lay them out in a three-to-five-page newsletter format	each newsletter is sent directly from the computer to the subscriber 's fax machine
+8	who has started a new company to cope with the problem	his firm , Beyond Inc. , has licensed technology known as Information Lens from Massachusetts Institute of Technology and plans to develop it for commercial use
+5	The MIT project devised ways for E-mail to be automatically categorized as top priority if it comes from certain designated senders or requires action in the next couple of days	that Beyond will refine the product `` so the message will be smart enough to know to come back and bother you again next week
+2	One thing that makes E-mail difficult to sift through is that each item looks the same	Notes allows mail senders to put different logos on their mail
+1	With E-mail , you do n't have the visual clues of paper	With Notes , they 're visually distinct
+2	Dean Witter lost a separate case involving a former bond executive earlier this year	in August it paid $ 666,666 in back pay and a bonus to a former corporate-bond trading chief , Harold Bachman
+5	Operating profit for world-wide tobacco products rose 10 % to $ 247.6 million	For distilled spirits , operating profit rose 36 % , to $ 24.8 million
+1	In the first nine months , net rose 1.5 % , to $ 458.8 million , or $ 4.76 a share , from $ 452 million , or $ 4.50 a share , a year earlier	The year-earlier period included $ 40.1 million , or 41 cents a share , from discontinued operations
+5	The year-earlier period included $ 40.1 million , or 41 cents a share , from discontinued operations	Revenue rose to $ 9.03 billion from $ 8.98 billion
+2	PLO chief Arafat is getting cold feet and may back off from his recent moderation and renunciation of terrorism	He is under intense fire from other Palestinian groups
+6	He is under intense fire from other Palestinian groups	Syria is pushing Ahmad Jibril as an alternative to Arafat
+8	Republicans as well as Democrats were angered by the budget director 's rejection of Speaker Foley 's effort to expedite a deficitcutting measure by stripping it of the capital-gains tax cut as well as pet Democratic projects	Darman now blames the clash on miscommunication , but House GOP leader Michel , who carried the offer to him , observes , `` I was speaking English at the time , and quite loud so I could be understood
+5	Senate GOP leader Dole ridicules the budget chief on the Senate floor	Democratic counterpart Mitchell , asked to interpret Darman 's threat to make permanent the across-the-board Gramm-Rudman cuts that took effect this week , says , `` I do n't even bother to interpret them
+2	such tensions will dissipate quickly	If I can show signs of maturity , almost anybody can
+5	Britain , France and Italy pull out of a proposal to build new NATO frigates	the U.S. and West Germany have each withdrawn from missile projects
+2	the U.S. and West Germany have each withdrawn from missile projects	joint projects are increasingly squeezed by budget pressures and the desire to save domestic jobs
+8	Virginia GOP lieutenant governor candidate Eddy Dalton tries to have it both ways on the abortion issue	Though she opposes abortion in almost all cases , she airs a TV commercial using pro-choice buzzwords
+8	Though she opposes abortion in almost all cases , she airs a TV commercial using pro-choice buzzwords	A woman ought to have a choice in cases where her life or health are in danger and in cases of rape or incest , '' she proclaims
+1	The company intends to pay dividends from available cash flow	the amount may vary from quarter to quarter
+1	Ever since the hotly contested America 's Cup race last year , the famous yachting match has run into more rough sailing out of the water than in it	Now that a key member of the San Diego Yacht Club team is splitting off to form his own team , even more competition lies ahead
+5	Isler Sailing International 's advisory board includes Ted Turner , Turner Broadcasting chairman and a former Cup victor ; Peter G. Diamandis , head of Diamandis Communications , and Joseph B. Vittoria , chairman and chief executive of Avis Inc	His steering committee includes other notable businessmen , including the California investor and old salt Roy E. Disney
+2	We have the structure , people and plan	Now , the first order of business is raising enough money to keep his team afloat
+8	The split comes in the midst of a court battle over whether the San Diego Yacht Club should be allowed to keep the international trophy for sailing a catamaran against the New Zealand challengers ' 90-foot monohull	In September , a New York appellate court overturned a state judge 's ruling that awarded the Cup to the New Zealand team
+5	If you do n't know what the rules of the game are , it 's hard to start your fund-raising or design	The Conner team wo n't be able to negotiate with corporate sponsors until the suit is resolved and the race site is determined
+5	the formation of the new syndicate has to do with Mr. Isler 's desire to skipper his own team and begin planning now , rather than any falling out between the two sportsmen	that the added competition for the defender 's spot will only improve the race
+5	on our farm there are four unoccupied houses	On my four-mile drive to farm headquarters each morning , I drive by another four empty houses
+5	Throughout the 1970s , Stamford school and city officials made no effort to locate the mural	Apparently the officials did n't even know the mural was missing until 1980
+5	Mr. Hoelzer did n't return phone calls seeking comment on the judge 's decision	The judge ordered that a hearing be held Nov. 17 to determine how much the city should pay Mr. Hoelzer for his services
+2	the city has discussed several possible plans for displaying the mural , which portrays various scenes from the Great Depression	the mural `` preserves an era in Stamford and in our country when this type of work was being done
+2	One sign that more Soviet purchases are possible is that U.S. grain companies yesterday bought an unusually large amount of corn futures contracts	That sometimes signals that they are laying plans to export corn
+5	Rumors of Soviet interest also pushed up the prices of soybean futures contracts	to be mulling whether to subsidize the sale of soybean oil to the Soviet Union
+2	The harvest delays , however , are expected to be temporary	Balmy temperatures are forecast for next week
+1	Many farmers used the jump in prices to sell their recently harvested crop to grain elevator companies	The heavy selling by farmers helped to damp the price rally
+2	Futures prices declined	A number of developments were negatively interpreted by traders
+2	A number of developments were negatively interpreted by traders	December delivery gold fell $ 1.80 an ounce to $ 370.60
+5	December delivery gold fell $ 1.80 an ounce to $ 370.60	December silver eased 2.7 cents an ounce to $ 5.133
+5	December delivery gold fell $ 1.80 an ounce to $ 370.60.December silver eased 2.7 cents an ounce to $ 5.133	January platinum was down $ 3.60 an ounce at $ 491.10
+5	that the `` core inflation rate , '' which excludes food and energy , was also low at 0.2 %	Other news that weighed on the market : Initial unemployment claims rose by 62,000 last week ; American Telephone & Telegraph Co. will reduce its managerial staff by 15,000 through attrition ; the oil market turned weaker ; there was n't any investor demand for bullion ; and the dollar strengthened during the day , putting pressure on gold
+7	American Telephone & Telegraph Co. will reduce its managerial staff by 15,000 through attrition	the oil market turned weaker
+7	the oil market turned weaker	there was n't any investor demand for bullion
+8	economic circumstances are such that both South Africa and the Soviet Union , the principal gold and platinum producers , are being forced to continue selling the metals	Both are in great need of foreign exchange
+8	Futures prices recovered in quiet trading	The December contract rose 1.50 cents a pound to $ 1.2795
+8	In recent days , however , there has been increased purchasing of copper in London	Some of this buying was by Japan
+5	which has had its supplies sharply reduced by long production stoppages at the Bougainville mine in Papua New Guinea , Highland Valley mine in British Columbia , and the Cananea mine in Mexico	The increasing likelihood that Cananea and Highland Valley will soon return to production may have cut some of that purchasing , but even if any of these mines begin operating soon , their output wo n't be significant until at least the end of the year
+6	Crude oil prices ended mixed	West Texas Intermediate for November delivery fell 14 cents a barrel to $ 20.42
+1	For instance , December contracts for WTI rose 17 cents to $ 20.42	Most energy futures opened lower
+8	Mr. Belli suspects that the earthquake will generate enough lawsuits to keep this city 's personal-injury and construction lawyers busy for quite some time	Suits are likely to be filed against engineering firms , contractors and developers , as well as against local-government agencies
+2	But lawyers looking to cash in on the quake may have a tough time once their cases reach a judge	protections afforded government agencies in such cases are pretty ironclad
+5	protections afforded government agencies in such cases are pretty ironclad	Even claims against individuals and companies face significant roadblocks
+8	Even claims against individuals and companies face significant roadblocks	The major legal barrier is the principle that no one can be held liable for an `` act of God
+2	For now the last thing we really need to worry about is whether anybody is going to get sued , or whether they have liability or not	We still have people wandering around in a daze in San Francisco worrying about whether it 's going to rain tonight
+2	But that wo n't stop plaintiffs ' lawyers from seeking a little room for maneuvering	In San Francisco an earthquake was a near certainty
+2	My prediction is there will be mass litigation over errors and omissions in engineering and contracting	that Interstate 880 suffered serious damage while surrounding buildings appeared to sustain no damage whatsoever
+8	My prediction is there will be mass litigation over errors and omissions in engineering and contracting	that Interstate 880 suffered serious damage while surrounding buildings appeared to sustain no damage whatsoever
+5	that Interstate 880 suffered serious damage while surrounding buildings appeared to sustain no damage whatsoever	that `` they were aware of the propensity for earthquakes and the San Andreas Fault
+8	he already has investigators looking into who could be held liable for the damage on the Bay Bridge and the interstate approaching it	but yes , we 're looking into it
+2	he wants to know whether state or federal engineers or private companies could have prevented the damage	he has hired civil engineers to check out his own mildly damaged building and to investigate the bridge collapse
+2	that the facts of each case must be looked at individually	A lot of this is going to be code-related
+2	A lot of this is going to be code-related	Plaintiffs will argue that damaged structures were n't built to proper design standards
+8	Government entities could be protected by the California Government Tort Liability Act	Under the statute , agencies are provided `` defenses that normally are n't available in the private sector
+2	Under the statute , agencies are provided `` defenses that normally are n't available in the private sector	The legislature does not want to inhibit the unique government activities by exposing public entities to liability
+8	Built into the statute are so-called design immunities , which are likely to protect government agencies , according to Mr. Ruvolo and Richard Covert , a lawyer with the California Department of Transportation , which oversees the damaged Bay Bridge	The state is protected when plans and designs for public structures were approved ahead of time or when structures met previously approved standards
+8	The state is protected when plans and designs for public structures were approved ahead of time or when structures met previously approved standards	those defenses might well apply to the Bay Bridge collapse
+2	If there 's going to be a race to the courthouse , it has n't started yet	Mr. Covert had to search through law books scattered on the floor of his office yesterday , and Mr. Belli 's courtyard was strewn with bricks
+9	and Mr. Belli 's courtyard was strewn with bricks	Wednesday , Mr. Belli 's staff was n't permitted into his office by city officials worried about their safety
+2	Wednesday , Mr. Belli 's staff was n't permitted into his office by city officials worried about their safety	he set up shop on the sidewalk in front of his town-house office and helped victims apply for federal aid -- free of charge
+5	In a news release issued by Mr. Drivon , the trial lawyers association also promised free assistance to victims	The association said it would monitor the conduct of lawyers and warned that solicitation of business is unethical
+2	The British firm has begun court proceedings in London to prevent the use of the name `` Deloitte '' by Deloitte , Haskins & Sells and Touche Ross & Co. in England and the rest of the world	The British Deloitte firm recently withdrew from the merger of Deloitte and Touche world-wide and joined Coopers & Lybrand
+2	the decision to start these proceedings has n't been taken lightly	the British firm has used the name `` Deloitte '' since 1845
+5	the British firm has used the name `` Deloitte '' since 1845	In the U.S. , Deloitte , Haskins & Sells was known as Haskins & Sells until 1978 , when it added the `` Deloitte '' name of its British affiliate
+5	there 's a lot of emotion involved in the name of an accounting firm with a long history and with roots in England	Although accountants are n't noted as `` being deeply emotional , they really hold it all in
+5	the legal action by the British firm `` to be without merit	that last June , the international executive committes of Deloitte and Touche agreed to a world-wide merger
+2	General Motors Corp. , a Deloitte audit client , for example , has agreed to keep its annual $ 18 million world-wide audit and associated tax work with the merged Deloitte-Touche firm	In England , this would mean that the British Deloitte would lose revenue for its audit of GM 's Vauxhill unit
+5	The defection of Deloitte 's affiliates in Britain and the Netherlands to Coopers & Lybrand will make Coopers one of the biggest accounting firms in Europe , rivaling KPMG Peat Marwick there	Although Coopers has n't been courted by other major accounting firms for a merger , it is benefiting greatly from fallout from the Deloitte-Touche merger
+1	Politics has essentially put up a roadblock '' to finding sites for new federal prisons	Without more space to incarcerate convicted criminals we will not win the war on drugs
+5	that Washington 's `` drug-related murder rate is intolerably high	The prisons are too crowded
+5	that Washington 's `` drug-related murder rate is intolerably high.The prisons are too crowded	Drugs continue to be sold openly around schools , parks and housing projects
+8	that the drug czar had exaggerated the amount of federal drug-related assistance provided to the capital	Our analysis was unable to even come close to documenting that figure
+5	that the federal Drug Enforcement Administration has established a federal-local task force responsible since April for 106 arrests and more than $ 2 million in seizures of drug dealers ' assets	The Defense Department has lent the Washington U.S. attorney 10 prosecutors , and the Federal Bureau of Investigation has provided crime laboratory facilities and training , he added
+8	many companies in disaster-prone areas are pondering the question of preparedness	Some are dusting off their evacuation plans , checking food stocks and reminding employees of what to do if emergency strikes
+1	Some , particularly in West Coast earthquake zones , are dusting off their evacuation plans , checking food stocks and reminding employees of what to do if emergency strikes	they feel confident that steps they 've already taken would see them through a disaster
+6	Preparedness involves more than flashlights and fire alarms these days	Some big companies have teams of in-house experts focusing on safety and business resumption
+5	Some big companies have teams of in-house experts focusing on safety and business resumption	Many companies in the path of potential disaster have set up contingency offices in safe regions , hoping they can transport employees there and resume operations quickly
+2	Self-sufficiency has to be the cornerstone of your plan	If you do n't save your critical people , you wo n't be able to bring up your vital business functions
+2	You need to capitalize on these moments when you have everyone 's attention	It was a good reminder that we all need to prepare prior to an event
+5	ARCO maintains an office in Dallas that would take over if payroll operations in Pasadena were disrupted	Two months ago the company set up a toll-free number , based outside California , to handle queries from employees about when they should report back to work after an earthquake or other disaster
+2	The ARCO plan takes into account such details as which aspects of business are busier at certain times of the year	This way , depending on when a quake might strike , priorities can be assigned to departments that should be brought back on line first
+8	At Hewlett-Packard Co. , the earthquake came just as the company was reviewing its own emergency procedures	We were talking about scheduling a practice drill for November
+1	to tell manufacturing and support staff to stay home Wednesday	Sales and service employees were asked to report to work to help Bay area clients who called with computer problems
+6	Some companies are confident that they 're prepared	Occidental Petroleum Corp. holds regular evacuation drills and stocks food , oxygen and non-prescription drugs at checkpoints in its 16-story headquarters
+5	The park also has emergency centers where specially trained employees would go to coordinate evacuation and rescue plans using walkie-talkies , cellular phones , and a public-address system	The centers are complete with maps detailing utility lines beneath rides and `` safe havens '' where people can be assembled away from major structures
+1	Vista Chemical Co. , with three chemical plants in and near Lake Charles , La. , `` prepares for every hurricane that enters the Gulf of Mexico	Hurricane Hugo , an Atlantic storm , did n't affect Vista
+8	Because hurricanes can change course rapidly , the company sends employees home and shuts down operations in stages -- the closer a storm gets , the more complete the shutdown	The company does n't wait until the final hours to get ready for hurricanes
+2	The company does n't wait until the final hours to get ready for hurricanes	There are just tons of things that have to be considered
+6	There are just tons of things that have to be considered	Empty tank cars will float away on you if you get a big tidal surge
+2	they 're relatively fortunate	With a hurricane you know it 's coming
+2	With a hurricane you know it 's coming	You have time to put precautionary mechanisms in place
+1	You have time to put precautionary mechanisms in place	A situation like San Francisco is so frightening because there 's no warning
+5	Mr. Gaubert had relinquished his control in exchange for federal regulators ' agreement to drop their inquiry into his activities at another savings and loan	As part of the agreement , Mr. Gaubert contributed real estate valued at $ 25 million to the assets of Independent American
+8	but said the judge should reconsider Mr. Gaubert 's claim for the loss of his property	It may depend on whether there was an express or implied promise . . . that the federal officials would not negligently cause the deterioration '' of Independent American , the court wrote
+2	the impact of the ruling on other cases involving thrift takeovers will depend on the degree of similarity in the facts	I do n't know if this will affect one institution or a hundred
+1	I do n't know if this will affect one institution or a hundred	It does establish a very clear precedent for suing the FHLBB where there was none before
+8	In a suit filed in state court in Manhattan , the American Civil Liberties Union is representing the former maitre 'd of the chic Odeon restaurant	The suit alleges that the firing of Marcia Trees Levine violated New York state 's human-rights law
+2	The suit alleges that the firing of Marcia Trees Levine violated New York state 's human-rights law	Among other things , the law prohibits discrimination on the basis of sex and pregnancy
+9	Ms. Levine told her employer that she was pregnant in February	a month later the restaurant manager told Ms. Levine that she would be demoted to his assistant because he felt customers would be uncomfortable with a pregnant maitre 'd
+5	They wanted a svelte-looking woman , and a pregnant woman is not svelte	They told her , 'We do n't hire fat people and we do n't hire cripples
+8	Paul H. Aloe , an attorney for Odeon owner Keith McNally , denied the allegations	He said Ms. Levine had never been fired
+1	Ms. Levine had never been fired	The Odeon made a written offer to Marcia Levine on July 10 to return to work as the maitre 'd , at the same pay , same hours and with back pay accrued
+2	their clients can no longer afford their services	The trial of the case lasted seven months
+1	they ca n't afford to put their law practices on hold for another seven-month trial	they would continue to represent their clients if the government pays their tab as court-appointed lawyers
+8	FEDERAL JUDGE ALCEE HASTINGS of Florida , facing impeachment , received an unanticipated boost yesterday	Sen. Arlen Specter ( R. , Pa. ) urged acquittal of the judge in a brief circulated to his Senate colleagues during closed-door deliberations
+8	Six partners in the Richmond , Va. , firm of Browder , Russell , Morris & Butcher announced they are resigning	Five of the partners are opening a boutique in Richmond to concentrate on corporate defense litigation , particularly in product liability cases
+5	Five of the partners are opening a boutique in Richmond to concentrate on corporate defense litigation , particularly in product liability cases	The sixth partner , John H. OBrion , Jr. , is joining Cowan & Owen , a smaller firm outside Richmond
+8	However , operating profit fell 35 % to $ 16.4 million	The decline reflected the expense of buying three magazines , lower earnings from the forest-products group , and what is proving to be a nagging major problem , continued declines in advertising linage at the New York Times , the company 's flagship daily newspaper
+8	Analysts said the company 's troubles mirror those of the industry	Retail advertising largely is n't rebounding in the second half from extended doldrums as expected
+6	At the same time , newspapers are bedeviled by lagging national advertising , especially in its financial component	Dow Jones & Co. recently reported net fell 9.9 % , a reflection , in part , of continued softness in financial advertising at The Wall Street Journal and Barron 's magazine
+2	next year to be a fairly soft year in newspaper-industry advertising	Next year , earnings will hold steady , but we just do n't see a big turnaround in the trend in advertising
+2	linage is down	It will be hard to do handstands until real linage starts heading back up
+8	that operating profit will be down this year and in 1990	the scheduled opening of a new color-printing plant in Edison , N.J. , in 1990 would involve heavy startup and depreciation costs
+2	they were impressed by the performance of the company 's newspaper group	group operating profit for the quarter increased slightly to $ 34.9 million from $ 34.5 million on flat revenue
+5	that `` profits held up in a tough revenue environment	That 's a good sign when profits are stable during a time revenue is in the trough
+2	Stock and bond investors were cheered by last month 's encouragingly low inflation rate	This news raised hopes for further interest-rate cuts
+2	This news raised hopes for further interest-rate cuts	Treasury-bond prices immediately rallied , setting the stock market rolling from the opening bell
+8	Indeed , over-the-counter stocks , led by technology issues , outleaped the industrial average	The Nasdaq Composite Index soared 7.52 , or 1.6 % , to 470.80 , its highest one-day jump in points this year
+5	Many takeover-related stocks rose after news that a group obtained financing commitments for the proposed buy-out of American Medical International Inc	Among the biggest winners were brokerage-house stocks , responding to heavy trading volume
+1	consumer prices rose only 0.2 % last month	Economists expected twice as large an increase
+6	That news , plus recent signs of economic sluggishness , greatly increases pressure on the Federal Reserve to ease credit further	I see a lot of evidence indicating a slower economy , and that means my interest-rate outlook has a downward tilt , '' said Garnett L. Keith Jr. , vice chairman of Prudential Insurance Co. of America , one of the nation 's largest institutional investors
+1	I see a lot of evidence indicating a slower economy , and that means my interest-rate outlook has a downward tilt	Fed officials probably wo n't drive down rates immediately
+2	Fed officials probably wo n't drive down rates immediately	Despite the inflation news , several Fed officials still fear consumer-price pressures will intensify because they insist the economy is stronger than generally believed
+2	Investors also are anxious about today 's `` witching hour	This phenomenon often makes stock prices swing wildly at the end of the trading session
+6	Stock prices surged in heavy trading	Volume on the New York Stock Exchange rose to 198.1 million shares from 166.9 million Wednesday
+8	The dollar was mixed	In New York late yesterday , it was at 141.70 yen , up from 141.45 yen late Wednesday.But it fell to 1.8470 marks from 1.8485
+8	that , at least at the federal level , political `` ticket splitting '' has been on the rise over the past half century	In only one presidential election year prior to 1948 did more than 20 % of the nation 's congressional districts choose a different party 's candidate for the White House than for the House of Representatives.Now that percentage routinely equals a third and twice has been above 40 %
+1	In only one presidential election year prior to 1948 did more than 20 % of the nation 's congressional districts choose a different party 's candidate for the White House than for the House of Representatives	Now that percentage routinely equals a third and twice has been above 40 %
+8	As we know , voters tend to favor Republicans more in races for president than in those for Congress	In every presidential election over the past half century , except for the Goldwater presidential candidacy , the GOP has captured a greater percentage of the major-party popular vote for president than it has of congressional seats or the popular vote for Congress
+1	In every presidential election over the past half century , except for the Goldwater presidential candidacy , the GOP has captured a greater percentage of the major-party popular vote for president than it has of congressional seats or the popular vote for Congress	Prior to 1932 , the pattern was nearly the opposite
+8	If these assumptions hold , voters in races for Congress face what in economic theory is called a prisoner 's dilemma and have an incentive , at the margin , to lean Democratic	If they put a Republican into office , not only will they acquire less in terms of local benefits but their selected legislator will be relatively powerless to prevent other legislators from `` bringing home the bacon '' to their respective constituencies
+2	but their selected legislator will be relatively powerless to prevent other legislators from `` bringing home the bacon '' to their respective constituencies	Each legislator , after all , is only one out of 535 when it comes to national policy making
+2	In races for the White House , a voter 's incentive , at the margin , is to lean Republican	Although a GOP president may limit local benefits to the voter 's particular district/state , such a president is also likely to be more effective at preventing other districts/states and their legislators from bringing home the local benefits
+2	such a president is also likely to be more effective at preventing other districts/states and their legislators from bringing home the local benefits	The individual voter 's standing consequently will be enhanced through lower taxes
+8	Second , it explains why voters hold Congress in disdain but generally love their own congressional representatives	Any individual legislator 's constituents appreciate the specific benefits that the legislator wins for them but not the overall cost associated with every other legislator doing likewise for his own constituency
+8	Fourth , the theory indicates why the Republican Party may have a difficult time attracting viable candidates for congressional office	Potential candidates may be discouraged from running less by the congressional salary than by the prospect of defeat at the hands of a Democratic opponent
+2	Potential candidates may be discouraged from running less by the congressional salary than by the prospect of defeat at the hands of a Democratic opponent	To the extent that potential Republican candidates and their financial backers realize that the congressional prisoner 's dilemma game works to their disadvantage , the Republican Party will be hindered in its attempts to field a competitive slate of congressional candidates
+8	Fifth , the theory may provide at least a partial reason for why ticket splitting has been particularly pronounced in the South	To the extent that Democratic legislators from the South have held a disproportionate share of power in Congress since 1932 and have been able to translate such clout into relatively more local benefits for their respective constituencies , voters in the South have had an especially strong incentive to keep such Democrats in office
+8	Finally , the theory suggests why Republicans generally have fared better in Senate races than in campaigns for the House	Since local benefit-seeking matters more and national policy making matters less in the lower chamber of Congress , this is precisely the pattern one would expect if Republicans are less willing to engage in local benefit-seeking than their Democratic counterparts
+2	that GOP senators turn back roughly 10 % more of their allocated personal staff budgets than Democrats do	To the extent that the primary duty of personal staff involves local benefit-seeking , this indicates that political philosophy leads congressional Republicans to pay less attention to narrow constituent concerns
+8	This is indeed what the data indicate , particularly in the case of the House	The Democratic House attendance rate has not exceeded the Republican House attendance rate since 1959
+8	Moreover , ticket splitting appears to take the same peculiar pattern at the state government level as it does at the federal level	State government is more typically split along Republican-governor/Democratic-legislature lines than the reverse
+5	The action came as Congress sent to President Bush a fiscal 1990 bill providing an estimated $ 156.7 billion for the Departments of Labor , Education , Health and Human Services	Final approval was on a 67-31 roll call in the Senate , which sets the stage for a veto confrontation with Mr. Bush over the issue of publicly financed abortions for poor women
+5	Reversing an eight-year federal policy , the measure supports Medicaid abortions in cases of rape and incest , but Mr. Bush has so far refused to support any specific exemption beyond instances in which the mother 's life is in danger	Mr. Bush 's veto power puts him a commanding position in the narrowly divided House , but a vote to override his position could well pick up new support because of the wealth of health and education programs financed in the underlying bill
+8	The measure before the conference yesterday funds the Departments of State , Justice and Commerce through fiscal 1990	An estimated $ 1.32 billion is provided for next year 's census , and negotiators stripped a Senate-passed rider seeking to block the counting of illegal aliens
+5	Fiscal pressures also forced the adoption of new fees charged by federal agencies , and an 18 % increase in the Securities and Exchange Commission 's budget would be financed entirely by an added $ 26 million in filing fees	In an unprecedented step , the measure anticipates another $ 30 million in receipts by having the Federal Bureau of Investigation charge for fingerprint services in civil cases
+5	and the assorted provisions attached by lawmakers run from $ 1.5 million for a fish farm in Arkansas to a music festival in Moscow under the United States Information Agency	Lawmakers scrapped all of a $ 7.4 million State Department request for the 1992 Expo in Seville , Spain , but agreed elsewhere to $ 15,000 for an oil portrait of former Chief Justice Warren Burger
+5	Senate Commerce Committee Chairman Ernest Hollings attached $ 10 million for an advanced technology initiative	His Republican counterpart , Sen. Warren Rudman ( R. , N.H. ) , has used his position to wage a legislative war with the conservative board of the Legal Services Corp
+2	but Mr. Rudman also succeeded in attaching language seeking to curb the authority of the current board until new members are confirmed	The effective date of any new regulations by the current board would be delayed until Oct. 1 next year
+1	The bill also provides $ 620.5 million to meet U.S. contributions to international organizations and $ 80 million for peace-keeping activities	Both accounts reflect significant increases from fiscal 1989
+8	Watching Congress sweat and grimace through its annual budget labors , fighting the urge to spend more , we 're reminded of those late-night movies in which the anguished serial killer turns himself in to police and says , `` Stop me before I kill again	The Members know they 're doing wrong , but they need help to restrain their darker compulsions
+8	I come to the floor tonight as one who ended up with a busload of extraneous matter	It was nothing more or nothing less than a feeding frenzy
+1	as I was walking back to get in my car , I heard many , many people . . . opening champagne bottles and celebrating individual victories that some of us had accomplished in getting our little deal in the tax bill and winking at this person for slipping this in	As I was driving home , I did not feel very good about myself
+2	that he and his confreres need restraint lest they kill again	A good place to start the rehabilitation is a `` legislative line-item veto '' bill now being offered by Indiana Senator Dan Coats
+9	Under the proposal , a President would have a chance twice each year to return a package of `` rescissions '' to the Hill -- once when he proposes his budget and again after Congress disposes	Congress would have 20 days to reject the package with a 50 % majority
+1	The proposal would restore some discipline erased from the budget process by the 1974 Budget `` Reform '' Act	Before 1974 , a President could `` impound , '' or refuse to spend , funds appropriated by Congress
+1	Before 1974 , a President could `` impound , '' or refuse to spend , funds appropriated by Congress	Presidents Kennedy and Johnson were both big users of the impoundment power , but Congress saw its chance against a weakened President Nixon and stripped it away
+1	Today a President can still send up spending rescissions , but they 're meaningless unless Congress has a guilty conscience and changes its mind	This is like asking foxes to feel remorse about chickens
+6	and naturally rescissions are almost never approved	In 1987 , President Reagan sent 73 rescissions back to the Hill , but only 3 % of the spending total was approved by Congress
+1	In 1987 , President Reagan sent 73 rescissions back to the Hill , but only 3 % of the spending total was approved by Congress	Senator Coats 's proposal would let the proposed spending cuts take place automatically unless Congress acts
+2	Senator Coats 's proposal would let the proposed spending cuts take place automatically unless Congress acts	The Members could still try to serve their constituents with special-interest goodies , but the police ( in the form of a President ) would be there with a straitjacket if they really get crazy , as they do now
+5	President Bush has endorsed the idea , and at least 50 sitting Senators have voted to support enhanced rescission authority in the past	but if he and his colleagues are serious about kicking their compulsions , they 'll sign up
+2	That is a minimum figure , and I underscore minimum	It 's impossible to put an exact figure on it at this time
+6	For the most part , major corporations ' headquarters and plants were unaffected or only slightly damaged by Tuesday 's earthquake	One of the last big employers in the Silicon Valley to report in , Seagate Technology , said it expects to be back at full strength Monday
+6	The city 's recovery from the earthquake was uneven	Banks indicated they were operating at greater than 90 % of their usual capacity , but a Nob Hill hotel said tourists had fled , leaving the previously full hotel with an 80 % vacancy rate
+5	Banks indicated they were operating at greater than 90 % of their usual capacity , but a Nob Hill hotel said tourists had fled , leaving the previously full hotel with an 80 % vacancy rate	City crews tallied the wreckage to buildings , but lacked a clear sense of how gravely transportation arteries were disabled
+5	Banks indicated they were operating at greater than 90 % of their usual capacity , but a Nob Hill hotel said tourists had fled , leaving the previously full hotel with an 80 % vacancy rate.City crews tallied the wreckage to buildings , but lacked a clear sense of how gravely transportation arteries were disabled	Among the city 's banks , Bank of America said all but eight of its 850 branches were open
+5	The closed branches , in San Francisco , Hayward , Santa Clara and Santa Cruz , sustained structural damage	Power failures kept just seven of its 1,500 automated-teller machines off-line
+10	Power failures kept just seven of its 1,500 automated-teller machines off-line	Securities-trading operations were moved to Bank of America 's Concord office , and foreign-exchange trading operations were shifted to Los Angeles , the bank said
+5	Power failures kept just seven of its 1,500 automated-teller machines off-line	Securities-trading operations were moved to Bank of America 's Concord office , and foreign-exchange trading operations were shifted to Los Angeles , the bank said
+5	Wells Fargo & Co. said its Emergency Operations Committee moved its global-funds transfer system to El Monte , Calif. , 500 miles to the south	Only five of 496 branches statewide remain closed , while 23 of 600 automated-teller machines remained out of order
+6	The most extensive damage was in small towns near the quake 's epicenter , 80 miles south of San Francisco	Santa Cruz County estimates total damage at nearly $ 600 million
+5	Santa Cruz County estimates total damage at nearly $ 600 million	Santa Clara County has a running total so far of $ 504 million , excluding the hard-hit city of Los Gatos
+5	That includes dwellings in the ravaged Marina district that must be demolished , peeled business facades south of Market Street , and houses in the city 's outer Richmond district that were heaved off their foundations	Many streets and sidewalks buckled , and subterranean water mains and service connections ruptured
+1	FEMA is already strapped by the costs of cleaning up after Hurricane Hugo	It is likely to get as much as $ 800 million initially in additional funds
+8	there is enough money on hand to deal with immediate requirements	The Bush administration has at its disposal $ 273 million in funds remaining from the $ 1.1 billion Congress released for the cleanup after Hurricane Hugo
+5	We feel we have the money necessary to handle the immediate , short-term requirements	that the Office of Management and Budget , the Transportation Department and other agencies are `` developing longer-term legislation '' that should be ready soon
+2	Much of the cost of cleaning up after the earthquake will involve repairing highways and bridges	California lawmakers are seeking changes in rules governing the federal highway relief program so more money can be made available for the state
+6	Some things ca n't be repaired	The Asian Art Museum in Golden Gate Park reports $ 10 million to $ 15 million in damage , including shattered porcelains and stone figures
+5	The Asian Art Museum in Golden Gate Park reports $ 10 million to $ 15 million in damage , including shattered porcelains and stone figures	Its neighbor , the De Young Museum , totaled $ 3 million to $ 5 million in structural damage and shattered sculpture
+5	The ground along the Embarcaderothe street that skirts the city 's eastern boundary and piers -- dropped six inches after the quake , wreaking major damage to at least one of the piers	At San Francisco International Airport , shock waves wrecked the control tower , knocking down computers and shattering glass
+5	At San Francisco International Airport , shock waves wrecked the control tower , knocking down computers and shattering glass	Offices of the city 's Rent Board were destroyed
+8	A major chunk of the $ 2 billion is expected to be eaten up by overtime for city workers deployed in the emergency	All of the city 's $ 5.9 million emergency reserve was spent in the first 24 hours '' on overtime salaries
+6	Claims range from a scratched fender to a major processing plant	We 're delivering a check for $ 750,000 to an automotive business in Berkeley that burned on Tuesday
+6	After that , the federal share diminishes	For interstate highways , the federal share normally would drop to 90 % of the cost of repairs , and the state would have to pick up the remainder of the cost
+2	Transportation officials are expecting utter traffic pandemonium beginning Monday and growing worse over the next several weeks	Some 250,000 cars normally cross the closed Bay Bridge between Oakland and San Francisco daily
+5	Some 250,000 cars normally cross the closed Bay Bridge between Oakland and San Francisco daily	it is clear that alternate routes ca n't handle the overflow
+1	Moreover , state officials are urging freight haulers to bypass many of the area 's main highways and to travel late at night or during predawn hours	Even so , `` We 're looking for chaos
+2	Even so , `` We 're looking for chaos	If there 's any way you can do it , you ought to go to Idaho and go fishing for a while
+8	Most of San Francisco 's tourists and business travelers already have left	Everyone left
+1	The Westin St. Francis hotel currently is less than 50 % occupied	We still have our die-hard baseball fans
+6	We still have our die-hard baseball fans	One lady from New York said she 's not going home until the { World Series } is over
+1	Apparently so	There are no easy choices in Cambodia , but we ca n't imagine that it benefits the U.S. to become the catalyst for an all-too-familiar process that could end in another round of horror in Cambodia
+8	the State Department is talking again about accepting an `` interim '' coalition government in the Cambodian capital of Phnom Penh	The coalition would include the current Vietnamese-backed Hun Sen regime , the two non-communist resistance groups led by Son Sann and Prince Sihanouk , and the Khmer Rouge
+1	The aim would be to end the guerrilla war for control of Cambodia by allowing the Khmer Rouge a small share of power	that any Khmer Rouge participation would have to be `` minimal
+6	that their ideology and methods require they squeeze out everyone else	Recall that Nicaragua 's Sandinistas came into Managua as partners in a coalition government with anti-Somoza moderates
+0	Recall that Nicaragua 's Sandinistas came into Managua as partners in a coalition government with anti-Somoza moderates	Within two years , the moderates were exiled or in prison
+7	Within two years , the moderates were exiled or in prison , Nicaragua had gone communist , and the Sandinistas were building one of the biggest armies in Latin America and threatening their neighbors	In Laos , when the Western powers bowed to pressure for such a coalition it turned out they were opening the door to communist domination
+7	In Laos , when the Western powers bowed to pressure for such a coalition it turned out they were opening the door to communist domination	Even Mao Tse-tung 's China began in 1949 with a partnership between the communists and a number of smaller , non-communist parties
+2	that the current regime is already communist , as are its Vietnamese overseers back in Hanoi , as are the Khmer Rouge -- who are the strongest of the three guerrilla groups	It 's not clear which crew of communists might prevail in a coalition government , but the one good bet is that the non-communists would disappear
+2	that the non-communists would disappear	That would leave Hun Sen and the Khmer Rouge
+2	The Khmer Rouge , however , carry an unsurpassed record for Cambodian tyranny	These utopians caused the deaths of well over one million Cambodians
+8	These utopians caused the deaths of well over one million Cambodians	The Cambodian horror was so bad that the Vietnamese occupation in 1978 was a perverse form of relief
+5	But there is no solid evidence that the Khmer Rouge have changed	Some of our sources in Thailand say the notorious old Khmer Rouge leader , Pol Pot , has been holed up this summer in Khmer Rouge camps near the Thai-Cambodian border
+2	Nor should the U.S. worry much about offending China	It 's time the State Department recognized that China does not play by gentlemen 's rules
+4	Nor should the U.S. worry much about offending China	It 's time the State Department recognized that China does not play by gentlemen 's rules
+2	For the U.S. to lend even the slightest support to the most infamous killers on Indochina 's bleak scene could only disturb America 's allies elsewhere	It would be entirely rational for communist insurgents in countries such as the Philippines or Peru to conclude the following : Fight viciously enough and the U.S. , under the banner of pragmatism , might eventually help negotiate your way to victory
+2	Fight viciously enough and the U.S. , under the banner of pragmatism , might eventually help negotiate your way to victory	U.S. diplomacy has done it before , and it will likely do it again
+3	Why the timidity	At the very least , the odds are heavily weighted against the prospects of preventing the Khmer Rouge and Cambodia 's communists from ultimately moving against their opponents.When that day comes , it would be particularly awful to know that the United States sat on military aid and deprived these people of the means to settle their fate with at least a little honor
+2	At the very least , the odds are heavily weighted against the prospects of preventing the Khmer Rouge and Cambodia 's communists from ultimately moving against their opponents	When that day comes , it would be particularly awful to know that the United States sat on military aid and deprived these people of the means to settle their fate with at least a little honor
+9	Michael F. Harris , 53 , was named executive vice president , North America , for the Financial Times	Mr. Harris had been vice president for the newspaper 's advertising in New York
+8	The restructuring calls for a 24 % reduction in its work force over the next two months , affecting about 525 jobs	It is eliminating the positions of president and chief operating officer , formerly held by Edward L. Marinaro
+5	it expects to report a third-quarter loss of about $ 1.8 million , or 17 cents a share , because of a $ 2.5 million reserve to be taken against potential losses on a contract with the state of California	Revenue is estimated at $ 18.6 million
+1	the state procurement division had declared FileNet in default on its contract with the secretary of state uniform commercial code division	the state has a valid basis of default
+5	They 're forgetting we 're all Texans	The Lone Star is on the rise again
+8	As the ad 's tone implies , the Texas spirit is pretty xenophobic these days , and Lone Star is n't alone in trying to take advantage of that	From Chevy trucks to Lipton iced tea to a host of battling banks , the state has been inundated with broadcast commercials and print advertising campaigns celebrating Texans and castigating outsiders
+2	While advertisers have long appealed to Texans ' state pride and prejudices , the latest trend has been sparked , in part , by the state 's recent hard economic times	That has taken some of the swagger out of natives who like to brag that Texas is the only state that was once a nation , but it has increased their legendary resentment of outsiders
+7	Lone Star 's Bond Corp. parent , for instance , hails from Perth , Australia	North Carolinians , New Yorkers , Californians , Chicagoans and Ohioans own Texas banks
+7	Lone Star 's Bond Corp. parent , for instance , hails from Perth , Australia.North Carolinians , New Yorkers , Californians , Chicagoans and Ohioans own Texas banks	All kinds of landmark Texas real estate has been snapped up by out-of-staters
+7	All kinds of landmark Texas real estate has been snapped up by out-of-staters	Even the beloved Dallas Cowboys were bought by an Arkansas oil man
+5	leaving Texans with a hunger to feel proud about themselves	This plays right into the hands of the advertising agencies
+7	Real Texans do not wear dock-siders -- ever	Real Texans do n't play paddleball , at least I hope not
+2	Real Texans do n't play paddleball , at least I hope not	This is football country
+6	And ad agencies insist that they do	Stan Richards of Richards Group Inc. , Dallas , tells of the Texan who saw the agency 's tear-jerking commercial for First Gibraltar Bank F.S.B . -- complete with the state 's anthem -- and promptly invested $ 100,000 in the thrift 's CDs
+2	And deposits at NCNB Texas National Bank , a unit of NCNB Corp. , Charlotte , N.C. , have increased $ 2 billion since last year after heavy advertising stressing commitment to Texas	Obviously , pride sells in Texas
+6	The ad campaigns usually follow one of three tracks -- stressing the company 's ` Texasness , ' pointing out the competition 's lack thereof , or trying to be more Texan than Texans	Ford trucks may outsell Chevy trucks in places like `` Connecticut and Long Island , '' sniffs a commercial for Chevrolet , a division of General Motors Corp
+9	Ford trucks may outsell Chevy trucks in places like `` Connecticut and Long Island , '' sniffs a commercial for Chevrolet , a division of General Motors Corp	The commercial adds derisively : `` I bet it takes a real tough truck to haul your Ivy League buddies to the yacht club
+1	I bet it takes a real tough truck to haul your Ivy League buddies to the yacht club	Because they want a truck that is `` Texas tough Texans drive Chevy
+8	The most-strident anti-outsider sentiment among bankers comes from the Independent Bankers Association of Texas , although it 's hard to tell from previews of the $ 5 million `` The I 's of Texas '' TV campaign	Commercials will highlight heart-rending scenes of Texas and chest-swelling , ain't-it-great-to-be-a-Texan music
+7	Commercials will highlight heart-rending scenes of Texas and chest-swelling , ain't-it-great-to-be-a-Texan music	Supporting banks will sign a `` Texas Declaration of Independents
+6	But in introductory material for the campaign , the trade group urges members to `` arm '' for a `` revolution '' against big , out-of-state bank-holding companies	A video sent to association members , featuring shots of the Alamo , cowboys , fajitas and a statue of Sam Houston , does n't mince words
+8	A video sent to association members does n't mince words	Texans can sniff a phony a mile away , '' the narrator warns outsiders
+9	Sunshine Biscuits Inc. , Woodbridge , N.J. , awarded its estimated $ 5 million account to Waring & LaRosa , New York	The account had been at Della Femina McNamee WCRS , New York
+2	MacNamara Clapp & Klein , a small New York shop , is asking magazine ad representatives to tell it when major advertising inserts will run in their publications	it may pull its clients ' ads from those magazines
+1	earnings are expected to be 25 cents to 35 cents a share , down from previous estimates of 50 cents to 60 cents	Earnings for fiscal 1989 were $ 14.4 million , or 80 cents a share , on sales of $ 257.8 million
+8	Results for the third quarter ending Oct. 31 , are expected to be released the third week of November , according to Michael Dell , chairman and chief executive officer	Mr. Dell said he does n't expect a loss in either the third or fourth quarter , but said third-quarter earnings could be as low as four cents a share
+1	third-quarter earnings could be as low as four cents a share	In the third quarter last year , Dell had net income of $ 5 million , or 26 cents a share , on sales of $ 75.2 million
+1	Mr. Dell attributed the earnings slide to new product delays	Some delays have been caused by a shortage of micoprocessors but others apparently have been caused by Dell 's explosive growth and thinly stretched resources
+5	In the year-earlier quarter , the well-servicing contractor had net income of $ 319,000 , or 3 cents a share , on revenue of about $ 15 million	Results for the earlier quarter included a $ 100,000 restructuring charge
+10	Nine-month net fell 9.5 % to $ 323.4 million , or $ 1.36 a share , from $ 357.2 million , or $ 1.32 a share , a year earlier	Revenue dropped 5.4 % to $ 3.48 billion from $ 3.68 billion
+5	Nine-month net fell 9.5 % to $ 323.4 million , or $ 1.36 a share , from $ 357.2 million , or $ 1.32 a share , a year earlier	Revenue dropped 5.4 % to $ 3.48 billion from $ 3.68 billion
+1	This year 's nine-month results include gains of $ 13 million , or five cents a share , from the sale of Schlumberger 's defense systems business , and $ 22 million , or nine cents a share , from an award by the IranU.S.Claims Tribunal	The year-earlier nine months include a gain of $ 35 million , or 13 cents a share , from sale of the company 's Electricity Control & Transformers division
+8	NEW ENGLAND CRITICAL CARE Inc. offered $ 35 million in convertible subordinated debentures through Morgan Stanley & Co. and Prudential-Bache Capital Funding	The debentures , due in 2014 , have a coupon of 7 3/4 % , payable semiannually
+5	The debentures , due in 2014 , have a coupon of 7 3/4 % , payable semiannually	The debentures may be converted into common stock of the Westborough , Mass. , home health care concern at $ 52.50 a share
+10	Dumez said group profit after payments to minority interests rose to 252 million francs ( $ 40.1 million ) from 148 million a year earlier	Revenue rose 40 % to 13.32 billion francs from 9.53 billion
+5	Dumez said group profit after payments to minority interests rose to 252 million francs ( $ 40.1 million ) from 148 million a year earlier	Revenue rose 40 % to 13.32 billion francs from 9.53 billion
+1	that 75 million francs of the advance reflected a one-time gain from the June offering by its United Westburne unit in Canada	if its year-earlier results were influenced significantly by nonrecurring elements
+10	For all of 1988 , Dumez had group profit of 452 million francs after payment to minority interests	Revenue was 21.98 billion francs
+5	For all of 1988 , Dumez had group profit of 452 million francs after payment to minority interests	Revenue was 21.98 billion francs
+2	California prices were already coming down	This is n't going to help
+2	One San Francisco neighborhood likely to test Mr. Rosen 's theory soon is the city 's fashionable Marina district	The district , built on landfill , suffered heavy quake damage , including collapsed buildings
+8	The district , built on landfill , suffered heavy quake damage , including collapsed buildings	Yesterday , the city demolished two dwellings in the district because of severe structural damage and said as many as 19 of the district 's 350 dwellings might have to be razed
+6	Brokers agreed with the two-tier price theory	My gut feeling is that the Marina properties will be affected , '' said Grace Perkins , senior vice president at Grubb & Ellis Residential Brokerage Inc
+1	My gut feeling is that the Marina properties will be affected , '' said Grace Perkins , senior vice president at Grubb & Ellis Residential Brokerage Inc	Neither she nor other real-estate executives and brokers could project how much less Marina properties might bring
+8	the quake will prod companies in certain industries , like semiconductors , computers and aerospace , to consider moving operations that involve particularly sensitive machinery to locations outside California	Because of the quake threat , `` some firms have evaluated what the cost is to shore up their buildings and compared it with the cost of building it elswehere
+8	One Southern California aerospace firm , for example , two months ago asked Location Management to compare the costs of reinforcing its current building against earthquakes with the cost of building a new structure elsewhere	A new dwelling would cost $ 21 million , Location Management found , compared with $ 22 million to make the present building earthquake-proof
+8	it would n't pay its fourth-quarter dividend , despite a 44 % increase in third-quarter earnings , to $ 3.5 million , or 42 cents a share	Net income included a gain of $ 708,000 on asset sales
+7	A year earlier , Nationwide Health earned $ 2.4 million , or 29 cents a share	Revenue rose 3 % to $ 9 million from $ 8.8 million
+1	that although it has the cash to cover the 25-cent-a-share dividend , its banks have denied the company 's request to pay it because the trust has n't met certain terms	it has `` numerous financing activities '' under way to remedy the problem and will make up the dividend payment later if possible
+10	Net income rose to $ 97.9 million , or $ 1.15 a share , from $ 50.5 million , or 60 cents a share , a year earlier	Sales increased 7 % to $ 1.49 billion from $ 1.39 billion
+5	Net income rose to $ 97.9 million , or $ 1.15 a share , from $ 50.5 million , or 60 cents a share , a year earlier	Sales increased 7 % to $ 1.49 billion from $ 1.39 billion
+1	The federal government initiative follows a recent Canadian Supreme Court decision that held that the major telephone companies in Alberta , Saskatchewan and Manitoba and in the Atlantic coast provinces were interprovincial undertakings and subject to federal legislative authority	Prior to the ruling the federal government had regulated only the telephone companies in Quebec , Ontario , British Columbia and the Northwest Territories
+1	it will omit the next quarterly dividends on its Series A , B , C and D preferred shares	it will pay all omitted dividends when debt-reduction requirements have been met
+8	Separately , Century Bank , Phoenix , Ariz. , was closed by Arizona banking officials	The Federal Deposit Insurance Corp. approved the assumption of Century 's deposits and fully secured liabilities by a newly chartered subsidiary of Valley Capital Corp. , Las Vegas
+1	The failed bank had assets of about $ 129.6 million	The newly chartered bank will assume about $ 125.7 million in 10,300 deposit accounts and pay the FDIC a purchase premium of $ 2.9 million
+2	But the partners did n't believe the market for the systems was developing as rapidly as they had hoped	After reportedly investing $ 100 million in the business , Discovision ceased manufacturing operations in 1982 and sold many of its assets to Tokyo-based Pioneer , among others
+5	Volume on the first section was estimated at 800 million shares , compared with 841 million Wednesday	Winners outnumbered losers 645-293 , with 186 issues unchanged
+5	encouraged by the market 's firmness	Sentiment was helped by the small gain made by New York stocks Wednesday despite anxiety over possible effects of the major earthquake that struck northern California Tuesday
+6	Pharmaceuticals made across-the-board advances	Fujisawa Pharmaceutical gained 130 to 1,930 yen ( $ 13.64 ) a share , Mochida Pharmaceutical was up 150 at 4,170 , and Eisai advanced 60 to 2,360
+8	Housing issues were boosted by a report that Daiwa House expects to post 43 % higher earnings for its latest fiscal year	Daiwa House advanced 100 to 2,610 , Misawa Homes was up 60 at 2,940 , and Sekisui House gained 100 to 2,490
+6	Steel shares fell back after advancing for three days	Kawasaki Steel was down 11 at 788 , Kobe Steel lost 5 to 723 , and Nippon Steel slipped 6 to 729
+1	London 's Financial Times-Stock Exchange 100-share index finished 19.2 points higher at 2189.3	The Financial Times 30-share index ended 13.6 higher at 1772.1
+8	Volume continued to ease from the active dealings at the start of the week	Turnover was 382.9 million shares , compared with 449.3 million Wednesday
+1	General Universal Stores gained 20 to # 10.44	Storehouse gained 2 to
+1	Royal Insurance was the sector 's hottest issue , ending 15 higher at 465	Sun Alliance fell 1 to close at 289
+8	B.A.T Industries surged in afternoon dealings	B.A.T closed at 783 , up 27
+5	including about four million shares traded in the afternoon after the shareholders ' meeting	it purchased 2.5 million shares at 785
+5	In other European markets , shares closed sharply higher in Stockholm , Frankfurt , Zurich and Paris and higher in Milan , Amsterdam and Brussels	South African gold stocks closed firmer
+5	Mr. Agnos complained that he was `` ticked off '' that Vice President Dan Quayle , who toured the earthquake site Wednesday , did n't schedule a private meeting with him	The mayor said the Quayle visit was `` a publicity stunt
+0	Mr. Quayle 's staff had invited the mayor to two meetings of the vice president and groups of local officials and had offered to dispatch a helicopter to pick him up	Mr. Agnos declined the invitations
+8	Marlin Fitzwater , White House press secretary , also asserted that Mr. Agnos had failed to return telephone calls from John Sununu , White House chief of staff	We regret very much that the mayor of San Francisco has decided not to cooperate with us on this matter in making sure that there is adequate federal support for the disaster in his city , '' Mr. Fitzwater said
+2	By late yesterday , both sides appeared prepared to bury the hatchet	The White House announced that Mr. Agnos , along with the mayors of Oakland and Alameda , are to accompany President Bush on a tour of the earthquake area today
+1	Mr. Semel and his firm , Semel & Co. , have appealed the Comex decision and the sanctions to the Commodity Futures Trading Commission	The commission denied Mr. Semel 's request that the fine and suspension be delayed pending the appeal
+5	that unless the sanctions are halted pending an appeal , the broker and his firm `` will be irreparably injured and their business will be totally and permanently destroyed	Already the firm has paid $ 211,666 of the fine and it will have to liquidate additional assets in order to pay the rest
+8	which offers four types of loans to people 62 years of age or older to help them maintain their home or obtain housing	The loans can be for accessory apartments , for cottages built in a relative 's yard , for home-sharing or for sale-lease-back transactions
+8	Fannie Mae makes a secondary market in home loans	It buys loans from lenders , packages some into securities for sale to investors and holds the remainder in a portfolio
+1	Mr. Gintel , head of Gintel & Co. , said he plans to conduct a proxy contest to elect a majority of Xtra 's board at the next annual stockholders meeting	Xtra , a transportation leasing company , said in a statement it would have no comment on Mr. Gintel 's plans until `` further information has been disclosed by him
+10	Mr. Gintel owns 300,000 of the company 's 6.3 million common shares outstanding	it recently bought back approximately 55,000 of its shares pursuant to its existing authorization to acquire as many as 650,000 shares
+1	Mr. Gintel owns 300,000 of the company 's 6.3 million common shares outstanding	it recently bought back approximately 55,000 of its shares pursuant to its existing authorization to acquire as many as 650,000 shares
+8	STOCKS AND BONDS SURGED on the second anniversary of Black Monday	The Dow Jones industrials closed up 39.55 , at 2683.20
+10	The rally brought the gain so far this week to about 114 points	The dollar finished mixed , while gold declined
+5	The rally brought the gain so far this week to about 114 points	The dollar finished mixed , while gold declined
+1	Consumer prices climbed a moderate 0.2 % in September , mostly due to higher clothing costs	Energy prices continued to fall at the retail level
+2	British Airways dropped out of the current bidding for United Air 's parent , leaving a UAL management-pilots group without a key partner	British Air 's move raised new questions about the buy-out group 's efforts to revive a stalled bid for UAL
+2	prompting forecasts of weaker results ahead	Analysts were troubled by signs of flat U.S. orders at the computer maker
+8	BankAmerica 's profit jumped 34 % in the third quarter	The rapid recovery continued to be fueled by growth in consumer loans , higher interest margins and only minor loan losses
+10	Big Board short interest fell 4.2 % for the month ended Oct. 13 , the second decline in a row	Borrowed shares on the Amex rose to another record
+5	Big Board short interest fell 4.2 % for the month ended Oct. 13 , the second decline in a row	Borrowed shares on the Amex rose to another record
+9	but an appeal by Sterling Software Inc. of Dallas sent the contract to the General Services Administration Board of Contract Appeals and the board required NASA to re-evaluate bidders ' proposals	Sterling had completed a five-year contract for NASA but lost its bid for renewal
+1	three strong aftershocks , one measuring 5.0 on the Richter scale , jolted the region	Serious injuries or damages were n't reported
+5	that left scores dead and injured	Thousands remained homeless
+8	The Senate rejected a constitutional amendment sought by Bush to prohibit desecration of the U.S. flag	While the proposal won a slight majority , the 51-48 vote was well short of the two-thirds needed to approve changes in the Constitution
+2	While the proposal won a slight majority , the 51-48 vote was well short of the two-thirds needed to approve changes in the Constitution	It was considered a victory for Democratic leaders , who favor a law barring flag burning
+10	A leading U.S. human-rights monitor also was briefly held	Dissident playwright Vaclav Havel reportedly escaped the crackdown , the fourth against activists in recent days
+5	A leading U.S. human-rights monitor also was briefly held	Dissident playwright Vaclav Havel reportedly escaped the crackdown , the fourth against activists in recent days
+2	he would vote to acquit federal Judge Alcee Hastings in his impeachment trial on charges of perjury and bribery conspiracy	there was `` insufficient evidence to convict '' the Miami jurist
+2	The U.S. unit dipped to a session low against the mark just after the release of the U.S. consumer price index	The report showed that September consumer prices rose just 0.2 % , a smaller increase than expected
+2	The report showed that September consumer prices rose just 0.2 % , a smaller increase than expected	The market had anticipated a 0.4 % rise in the price index
+10	In late New York trading yesterday , the dollar was quoted at 1.8470 marks , down from 1.8485 marks late Wednesday , and at 141.70 yen , up from 141.45 yen late Wednesday	Sterling was quoted at $ 1.5990 , up from $ 1.5920 late Wednesday
+5	In late New York trading yesterday , the dollar was quoted at 1.8470 marks , down from 1.8485 marks late Wednesday , and at 141.70 yen , up from 141.45 yen late Wednesday	Sterling was quoted at $ 1.5990 , up from $ 1.5920 late Wednesday
+2	the consumer price index reflects a more significant slowdown in the U.S. economy than earlier indicated	that September 's producer-price index showed a 0.9 % increase
+5	The Deerfield , Ill. , medical products and services company posted net of $ 102 million , or 34 cents a share , compared with $ 85 million , or 28 cents a share , a year ago	Sales totaled $ 1.81 billion up from $ 1.71 billion the previous year
+5	it had received about $ 1 billion of senior debt financing from Chemical Bank and six other banks	it was `` highly confident '' it could arrange the balance of about $ 509 million
+0	H & R Block is one of the great success stories of U.S. business	Oddly enough , this presents a problem for the stock
+2	because they suspect the company 's glory days are past , or at least passing	Block 's tax-preparation business is mature and some of its diversifications are facing tough competition
+8	The Street knows all about the predictability of its earnings , which are headed for a ninth consecutive yearly increase	The company has consistently earned more than a 20 % annual return on its net worth while many companies would be happy with 15 %
+2	But the tax-preparation business simply has no more room to grow	You go to any medium-sized town in the U.S. and you 're going to see H & R Block tax services
+1	Mr. Cremonie 's firm once held about 4.8 % of H & R Block	That was before the 1986 tax `` reform '' made taxes more complex than ever
+8	That was before the 1986 tax `` reform '' made taxes more complex than ever	One thing you can bet on is that Congress will do stupid things with the Tax Code
+2	But Capital Supervisors sold the last of its H & R Block holdings earlier this year	They 're thrashing around for diversification
+5	They 're thrashing around for diversification	I think a lot of their businesses are just so-so
+9	Last week the stock hit an all-time high of 37 1/4 before getting roughed up in the Friday-the-13th minicrash	It closed yesterday at 34 3/4
+6	To be sure , the stock still has a lot of fans	If you invested $ 10,000 in the initial public offering in 1962 , it would be worth well over $ 5 million today , '' says Fredric E. Russell , a Tulsa , Okla. , money manager
+5	If you invested $ 10,000 in the initial public offering in 1962 , it would be worth well over $ 5 million today	I do n't know what the risk is { of holding the stock
+2	I do n't know what the risk is { of holding the stock	Taxes are not going out of business
+8	Many of his peers feel the same way	The number of big institutions that own H & R Block shares is 207 and growing , according to a midyear tally by CDA Investment Technologies
+5	The number of big institutions that own H & R Block shares is 207 and growing , according to a midyear tally by CDA Investment Technologies	Brokerage houses are sweet on H & R Block , too
+6	Brokerage houses are sweet on H & R Block , too	Zacks Investment Research counts five brokerage houses that consider the stock a buy , and four that call it a hold
+1	and four that call it a hold	None dare say to sell it
+4	That 's `` not bad , '' Mr . Sit says , but it sure does n't justify Block shares being priced at 15 to 16 times estimated earnings for fiscal 1990	He wants stocks whose price/earnings ratio is less than their growth rate ; as he figures it , H & R Block does n't even come close
+5	He wants stocks whose price/earnings ratio is less than their growth rate	as he figures it , H & R Block does n't even come close
+8	The stock was going no place and the earnings were so-so	In the past two years , the stock almost stalled out
+8	In the past two years , the stock almost stalled out	It was above 33 and has n't gotten much higher since
+4	There 's no more growth in the tax business { except } for increasing prices	The CompuServe subsidiary is `` where the growth is
+5	CompuServe provides about 20 % of both sales and earnings	The tax business still provides about 70 % of earnings , on about 50 % of sales
+5	The tax business still provides about 70 % of earnings , on about 50 % of sales	Personnel Pool ( temporary workers , mostly in the health-care area ) chips in close to 25 % of sales but only about 9 % of earnings
+5	The shortage of nurses is crimping profit at Personnel Pool	He concedes H & R Block is `` well-entrenched '' and `` a great company , '' but says `` it does n't grow fast enough for us
+4	it does n't grow fast enough for us	We 're looking for something that grows faster and sells at a comparable { price-earnings } multiple
+2	that a recent diversification attempt fell through	We 're still interested { in diversifying
+8	holders of the two issues can convert their stock into common shares through the close of business Dec. 1	Each $ 1 cumulative share can be converted into 4.92 common shares
+5	Each $ 1 cumulative share can be converted into 4.92 common shares	the ratio on the $ 3 cumulative is eight common shares for each $ 3 cumulative preferred
+9	So the men who ran the grain pits listened when Joseph Sullivan , a 35-year-old former Wall Street Journal newsman , offered them the idea of all-options trading	After four year of tinkering and $ 2.4 million in seed money , the board set up the new marketplace , titled it the Chicago Board Options Exchange , and named Sullivan its first president
+5	The CBOE opened for business on April 26 , 1973 , in what had been a Board of Trade lunchroom	It listed just 16 options to buy a `` pilot list '' of stocks on the New York Stock Exchange
+8	The CBOE opened for business on April 26 , 1973 , in what had been a Board of Trade lunchroom.It listed just 16 options to buy a `` pilot list '' of stocks on the New York Stock Exchange	Puts , or sell options , would not be added until 1977
+5	The CBOE opened for business on April 26 , 1973 , in what had been a Board of Trade lunchroom.It listed just 16 options to buy a `` pilot list '' of stocks on the New York Stock Exchange . ( Puts , or sell options , would not be added until 1977	The 282 members had paid $ 10,000 apiece for seats
+1	The first day 's business was 911 contracts	By the end of 1973 , the number of `` underlying '' Big Board stocks had been increased to 50 and the options exchange had run up volume of 1.1 million contracts
+1	By the end of 1973 , the number of `` underlying '' Big Board stocks had been increased to 50 and the options exchange had run up volume of 1.1 million contracts	A year later , it was 5.7 million
+1	A year later , it was 5.7 million	Last year , more than 1,800 traders on the CBOE bought and sold 112 million contracts on 178 listed stocks , 60 % of all U.S. listed options trading
+8	The new exchange drew instant recognition from an unwelcome quarter	The government promptly sued the CBOE over its minimum-fee system
+5	Massachusetts Attorney General James Shannon , opposing the license , said he will appeal the ruling in federal court	Seabrook officials said the plant could receive a full-power license by the end of the year
+1	but the new company reported third-period earnings for both companies	For the fourth quarter , Bristol-Myers Squibb will report one set of earnings
+5	Bristol-Myers said net income rose 15 % to $ 266.2 million , or 93 cents a share , from $ 232.3 million , or 81 cents a share , a year earlier	Sales gained 5 % to $ 1.59 billion from $ 1.52 billion
+5	Squibb Corp. said net rose 17 % to $ 144.5 million , or $ 1.47 a share , from $ 123 million , or $ 1.25 a share	Sales were $ 730.1 million , up 7 % from $ 679.5 million
+10	For the nine months , Jefferies said net fell 39 % , to $ 6.8 million , or $ 1.07 a share , from $ 11.1 million , or $ 1.50 a share	Revenue fell 3 % , to $ 105.2 million from $ 108.4 million
+5	For the nine months , Jefferies said net fell 39 % , to $ 6.8 million , or $ 1.07 a share , from $ 11.1 million , or $ 1.50 a share	Revenue fell 3 % , to $ 105.2 million from $ 108.4 million
+5	In a filing with the Securities and Exchange Commission , Sony also said two more suits have been filed opposing the company 's agreement to buy Columbia	Sony added that a hearing has been set for Thursday in the Delaware Chancery Court in one of the suits
+1	Both China and Taiwan are seeking seats in GATT	As one of China 's provinces , Taiwan has no right to join GATT on its own
+9	China , under the Nationalist government of Chiang Kai-shek , was a founding member of GATT in 1947	The Nationalists withdrew in 1950 , after their flight to Taiwan
+1	Our image is a company that makes women 's products	Now , we 're going to sell to men
+8	The British satirical magazine Private Eye won an appeal against the size of a $ 960,000 libel award to Sonia Sutcliffe , the estranged wife of the `` Yorkshire Ripper '' mass murderer	An appeals-court panel slashed all but $ 40,000 from the award
+5	that it and Nissho Iwai Corp. , a major Japanese trading house , will jointly build a 130-unit condominium in Queensland , Australia	the partners plan to rent to tourists but will also sell to interested parties
+8	A former vice president of the Singapore branch of Drexel Burnham Lambert Group Inc. was charged in court yesterday on 19 counts of cheating	Francis Dang , 41 , is alleged to have been involved in cheating Drexel Burnham Lambert of up to 2.1 million Singapore dollars ( US $ 1.1 million ) by carrying out unauthorized transactions on the London Commodities Exchange and the International Petroleum Exchange
+5	Francis Dang , 41 , is alleged to have been involved in cheating Drexel Burnham Lambert of up to 2.1 million Singapore dollars ( US $ 1.1 million ) by carrying out unauthorized transactions on the London Commodities Exchange and the International Petroleum Exchange	Mr. Dang is alleged to have used the account of Singapore hotel and property magnate Ong Beng Seng to effect the transactions
+2	that a study found that Japan 's annual economic growth rate would eventually be only 0.8 % if carbon-dioxide emissions remained at this year 's level of 300 million tons	The study will support arguments against capping carbon-dioxide emissions that Japan will make at a U.N.-backed conference on atmospheric pollution next month
+5	The study said Japan 's carbon-dioxide emissions would slightly more than double by 2010 unless the nation reduced its dependence on fossil fuels	It said that expanding nuclear-power capability is the quickest way to lessen that dependence
+8	Just in time for Halloween , Britain 's Oxford University Press is publishing a `` Dictionary of Superstitions	The books 1,500 entries include stepping on cracks and knocking on wood
+8	In New Zealand 's tiny township of Kaitaia about 30 angry phone-company customers questioned the size of their bills	It turned out their children had been dialing a `` sex fantasy '' service in the U.S
+5	About 5,500 hourly workers will be laid off for a week beginning Oct. 23 , and overtime has been eliminated at the plant for the fourth quarter	That 's a significant change from earlier this year when the plant worked substantial overtime only to have sales fall short of the company 's bullish expectations
+2	Instead , Chrysler officials in late May slapped $ 1,000 cash rebates on the vehicles	The incentives boosted sales for a while
+1	The result : Chrysler dealers had a bloated 82-day supply of the Cherokee as of the end of last month and a 161-day supply of the Comanche pickup , which Toledo also builds	A 60-day to 65-day supply is considered normal
+2	At Jasper Jeep-Eagle , one of the largest Jeep dealerships in the country , inventories have continued to swell	new rebates of $ 500 to $ 1,000 on the models have stimulated sales , but not enough to significantly cut dealer stocks
+5	it will idle for four weeks the St. Louis assembly plant	the plant is scheduled to resume production on Nov. 20. , and 3,300 hourly workers will be affected
+8	the assembly plant , which builds the Chevrolet Corsica and Beretta compact cars , originally was scheduled to reopen Monday but now will not resume production until Oct. 30	The shutdown affects 3,000 workers and will cut output by about 4,320 cars
+2	Sluggish sales of the Beretta and Corsica spurred GM to offer $ 800 rebates on those cars	The Corsica and Beretta make up the highest-volume car line at Chevrolet , but sales of the cars are off 9.6 % for the year , and fell a steep 34.2 % early this month
+8	it will shut down for one week its Kentucky Truck Plant because of a `` shortage of dealer orders	The shutdown will idle 2,000 hourly employees and eliminate production of about 1,300 medium and heavy duty trucks
+1	The bank holding company posted net income of $ 54.4 million , or 87 cents a share , including $ 1.7 million , or three cents a share , in one-time tax benefits	A year earlier , net was $ 71.6 million , or $ 1.22 a share
+1	The rise resulted from the transfer to non-accrual status of $ 96 million `` owed by two national borrowers and one local commercial real-estate customer	it does n't anticipate any loss of principal on two of the loans
+1	Coastal Corp. said it signed a definitive agreement with Aruba to restart a 150,000-barrel-a-day oil refinery	Coastal would n't disclose the terms
+5	it expects to begin operations in October 1990	it may install additional processing units at the refinery to produce higher octane gasolines and other products
+9	it was leasing the site of the refinery from Aruba	Exxon Corp. built the plant
+1	but would n't say how much that would be	The prime minister of Aruba has said it could cost around $ 100 million
+8	the recent increase in orders `` puts us well on the way to our goal of $ 1.6 billion in bookings for the year	I expect to see the earnings momentum we experienced this quarter continue for the rest of the year
+10	Loral 's profit from continuing operations for the first six months of fiscal 1990 was $ 36.4 million , or $ 1.44 a share , up 31 % from $ 27.8 million , or $ 1.11 a share , a year earlier	Net income fell 8.6 % to $ 37.1 million , or $ 1.43 a share , from $ 40.6 million , or $ 1.56 a share
+5	Loral 's profit from continuing operations for the first six months of fiscal 1990 was $ 36.4 million , or $ 1.44 a share , up 31 % from $ 27.8 million , or $ 1.11 a share , a year earlier	Net income fell 8.6 % to $ 37.1 million , or $ 1.43 a share , from $ 40.6 million , or $ 1.56 a share
+8	Bank of Tokyo Trust Co. also has notified it of a default	HealthVest missed an interest payment to Bank of Tokyo on Oct. 1
+8	the huge increase in net reflects `` strong sales '' of its tape products , particularly the 4400 Automated Cartridge System , which holds a library of tape cartridges	it recently sold its 750th cartridge system
+8	The stock market reacted strongly to the news	Storage rose $ 1.125 a share , to close at $ 14 , in New York Stock Exchange composite trading
+10	For the nine months , Storage had net of $ 25.5 million , or 98 cents a share , including an $ 11.3 million extraordinary gain for the anticipated proceeds from liquidating an Irish unit	Net was up 69 % from $ 15.1 million , or 57 cents a share , last year
+5	For the nine months , Storage had net of $ 25.5 million , or 98 cents a share , including an $ 11.3 million extraordinary gain for the anticipated proceeds from liquidating an Irish unit	Net was up 69 % from $ 15.1 million , or 57 cents a share , last year
+8	U.S. buyers have already been lined up	They include Enron Corp. , Texas Eastern Corp. , Pacific Interstate Transmission Co. and Tennessee Gas Pipeline Co
+7	Esso , a unit of Imperial Oil Ltd. which is 71 % -owned by Exxon Corp. , will be allowed to export 5.1 trillion cubic feet to the U.S. in the 20-year period	Shell , a subsidiary of Royal Dutch/Shell Group , will be allowed to export 0.9 trillion cubic feet
+8	Combustion Engineering also sold Illinois Minerals Co. , based in Cairo , Ill	That unit of its Georgia Kaolin Co. subsidiary was sold to a unit of Unimin Corp
+9	In 1900 , for instance , less than 8 % of assets went into bank deposits	That rose to nearly 18 % during the Depression
+2	although common wisdom would have expected an increase	There is a lot of attention paid to housing as a form of household wealth
+2	But it has n't increased much relative to other assets	It suggests that households accumulate wealth across a broad spectrum of assets
+8	In addition , investors ' desire to hold stocks has held surprisingly steady	stocks ' importance among assets largely reflects the ups and downs of the stock market , and not a shift in stock-holding preferences
+8	stocks ' importance among assets largely reflects the ups and downs of the stock market , and not a shift in stock-holding preferences	Stocks have not spread to the general public , despite the fact that the environment is much different
+2	Stocks have not spread to the general public , despite the fact that the environment is much different	that despite all the views that we spend too much of our wealth on paper assets , we have ways of holding wealth similar to 100 years ago
+5	The letter outlines broad powers for an independent group of directors provided for in the revised offer	We trust LIN will take no further actions that favor BellSouth
+5	the three independent directors provided for in the offer would be designated by the current board	The successors would be nominated by the independent directors
+7	the three independent directors provided for in the offer would be designated by the current board.The successors would be nominated by the independent directors . LIN would have a priority right to pursue all opportunities to acquire U.S. cellular interests in markets other than those in which McCaw holds an interest , or which are contiguous to those markets , unless LIN has an interest there or contiguous to it	Independent directors would have veto rights to any acquisition if they unanimously decide it is n't in LIN 's best interest
+7	the three independent directors provided for in the offer would be designated by the current board.The successors would be nominated by the independent directors . LIN would have a priority right to pursue all opportunities to acquire U.S. cellular interests in markets other than those in which McCaw holds an interest , or which are contiguous to those markets , unless LIN has an interest there or contiguous to it.Independent directors would have veto rights to any acquisition if they unanimously decide it is n't in LIN 's best interest . Independent directors would be able to block transactions they unanimously deem would be likely to depress the private market value of LIN at the time it is to be sold in five years . If LIN is put up for sale rather than purchased by McCaw in five years , McCaw wo n't submit a bid unless the independent directors request it , and the independent directors will run the bidding	The directors would be able to sell particular assets to enable such buyers as the regional Bell operating companies to purchase the company 's interests
+8	revenue rose 14 % to $ 918.4 million from $ 806.7 million	the success of several movies released during the quarter , including `` Parenthood '' and `` Uncle Buck , '' contributed to record revenue for its film unit
+1	net also included certain reserves related to the restructuring of its LJN Toys ' international operations	These items were partly offset by an unspecified gain on the sale of its Miller International unit
+10	In the nine months , net rose 35 % to $ 120.1 million , or $ 1.64 a share , from $ 89.2 million , or $ 1.22 a share , a year earlier	Revenue increased 22 % to $ 2.5 billion from $ 2.1 billion
+5	In the nine months , net rose 35 % to $ 120.1 million , or $ 1.64 a share , from $ 89.2 million , or $ 1.22 a share , a year earlier	Revenue increased 22 % to $ 2.5 billion from $ 2.1 billion
+1	New York State law prohibits insurance brokerages from deriving more than 10 % of revenue from insuring affiliated companies	Helmsley 's insurance division had slightly exceeded that percentage but the division was n't considered significant enough to the company to be restructured , particularly at a difficult time for the firm
+6	Helmsley 's insurance premiums are expected to be transferred to several different insurance brokerage companies	Frank B . Hall Inc. of Briarcliff Manor , N.Y. is reportedly working out an agreement with Helmsley
+1	Frank B . Hall Inc. of Briarcliff Manor , N.Y. is reportedly working out an agreement with Helmsley	Officials there declined to comment , as did Helmsley management
+7	A pickup truck driven by a white farmer rumbles past with a load of black workers bouncing in the back	Over at Conradies , the general store , a black stock boy scurries to help an elderly white woman with her packages
+7	Over at Conradies , the general store , a black stock boy scurries to help an elderly white woman with her packages	Down the street , a car pulls into the Shell station and is surrounded by black attendants
+6	But inside the white walls of the Orange Workers ' office South Africa 's neat racial order is awry	A dozen white office workers fold newsletters and stuff them into envelopes
+7	A dozen white office workers fold newsletters and stuff them into envelopes	White women serve tea and coffee , and then wash the cups and saucers afterwards
+7	A dozen white office workers fold newsletters and stuff them into envelopes.White women serve tea and coffee , and then wash the cups and saucers afterwards	White children empty the wastepaper baskets and squeegee the windows
+8	A dozen white office workers fold newsletters and stuff them into envelopes.White women serve tea and coffee , and then wash the cups and saucers afterwards.White children empty the wastepaper baskets and squeegee the windows	There is n't a black worker in sight
+8	There is n't a black worker in sight	Not in the kitchen , or the storeroom or the book shop
+8	Here , then , is where the Orange Workers have come to make apartheid 's last stand	Their idea is to create a city , first , and then an entire nation -- without blacks
+1	Their idea is to create a city , first , and then an entire nation -- without blacks	This may seem to be a preposterous and utterly futile effort in Africa
+5	But their ideal of an Afrikaner homeland is a mainstream desire of the right-wing	Afrikaner philosophers and theologians have long ruminated on the need for a white homeland
+2	Afrikaner philosophers and theologians have long ruminated on the need for a white homeland	The Orange Workers are just putting this preaching into practice
+1	Thus , farmer Johan Fischer crawls around under his planter , tightening bolts and fixing dents	On almost every other farm in South Africa , black workers do the repairs
+4	But not here	Mr. Fischer plows his own fields , sows his own corn and sunflowers , and feeds his own sheep
+10	and in their spare time they build townhouses across the road	On Main Street , Alida Verwoerd and her daughters look after the clothes and fabric shop , then hurry home to fix lunch for the rest of the family
+7	and in their spare time they build townhouses across the road	On Main Street , Alida Verwoerd and her daughters look after the clothes and fabric shop , then hurry home to fix lunch for the rest of the family
+10	On Main Street , Alida Verwoerd and her daughters look after the clothes and fabric shop , then hurry home to fix lunch for the rest of the family	Down by the stream , a group of Orange Workers puts the finishing touches on a golf course
+7	On Main Street , Alida Verwoerd and her daughters look after the clothes and fabric shop , then hurry home to fix lunch for the rest of the family	Down by the stream , a group of Orange Workers puts the finishing touches on a golf course
+2	Down by the stream , a group of Orange Workers puts the finishing touches on a golf course	If whites want to play there by themselves whites should also build it by themselves
+8	If we want to survive as a people we have to change our way of life	The Afrikaner must end his reliance on others
+8	In their quest to perfect apartheid , the Orange Workers have discovered a truth that most of privileged white South Africa tries mightily to deny	The master ca n't become dependent on the slave and expect to remain master forever
+3	Somewhere things went terribly wrong with apartheid	today , whites even rely on blacks to police their separation
+6	The Orange Workers speak sincerely	We agree with world opinion that the status quo in South Africa is morally wrong , '' says Pieter Bruwer , the Orange Workers ' chief scribe and pamphleteer
+8	We agree with world opinion that the status quo in South Africa is morally wrong	We must either integrate honestly or segregate honestly
+6	Morgenzon has long been a special domain of Afrikanerdom	According to Mr. Verwoerd , the early Afrikaner pioneers were the first people to settle in the eastern Transvaal , even before the blacks
+2	that only whites could reside in town	blacks could work there , but they had to leave at night
+7	Today , Morgenzon is a town of 800 whites and two paved roads	Weeds push up through the cracks in the sidewalks , and many houses and storefronts are empty
+7	Today , Morgenzon is a town of 800 whites and two paved roads.Weeds push up through the cracks in the sidewalks , and many houses and storefronts are empty	There are few factories and no mines
+2	There are few factories and no mines	It was an ideal place for the Orange Workers to start their new nation , unencumbered by the demographics that have undermined apartheid elsewhere in South Africa
+6	Still , complete and total segregation remains elusive	Just beyond the city limits is a shantytown of 2,000 blacks who are employed throughout the area
+2	The 650-or-so local whites who are n't Orange Workers are more troubled	Try as they might , they just ca n't conceive of life without black workers
+8	Impossible , impossible	We ca n't do without their help
+8	We ca n't do without their help	Oh no
+4	Oh no	We need them and I thank God for them
+2	Over at the Shell station , owner Rudi van Dyk worries that the Orange Workers have made his town the laughingstock of the nation	What they want us to do just is n't practical
+1	that he employs 16 blacks	I could n't afford to hire 16 whites
+5	I could n't afford to hire 16 whites	The only Afrikaners who would be willing to work for this salary would n't know how to handle money
+4	We urge our people not to wait until they have to fight for their own nation	By populating a place now , we make ourselves a power any new government will have to take into account
+8	Curiously , he compares the Orange Workers to the ANC	The ANC wo n't be stopped until there is a provision for black aspirations
+9	He apologizes for sounding pushy	Look , '' he says , `` If the rest of South Africa wants to have an integrated melting pot , that 's their choice
+1	We 'll leave them alone	We just want to have our own cup of tea
+8	After last Friday 's stock-market plunge , investment professionals cautioned people to resist the urge to call their brokers and sell stocks	Not selling into a panic turned out to be very good advice
+2	Not selling into a panic turned out to be very good advice	Despite the market 's volatility , the Dow Jones Industrial Average has surged 114 points in the past four days
+5	The market is sending nervous signals , '' says Peter J. Canelo , chief market strategist for Bear , Stearns & Co. , and it 's `` unwise '' to be overcommitted to stocks	Alan Weston , president of Weston Capital Management , a Los Angeles money-management firm , adds that in periods of uncertainty like today , `` it 's a good time to cut out the dead branches of your portfolio
+6	Not everybody agrees that it 's time to trim	We are n't inclined to prune stock portfolios now , '' says Steven G. Einhorn , chairman of the investment policy committee of Goldman , Sachs & Co
+4	We are n't inclined to prune stock portfolios now	Investors should stay with their stocks
+2	Investors should stay with their stocks	We expect a choppy and sloppy market for a short period , but we do n't think it will be ugly
+2	We expect a choppy and sloppy market for a short period , but we do n't think it will be ugly	The downside is limited
+8	GET RID OF THE DOGS	Sell stocks that are n't doing well now , and that do n't have good earnings prospects
+1	Sell stocks that are n't doing well now , and that do n't have good earnings prospects	Most people do just the opposite
+8	Most people do just the opposite	They sell their winners and keep their losers
+2	Most people do just the opposite : They sell their winners and keep their losers	Which types of stocks are most likely to qualify
+8	WATCH FOR EARNINGS DISAPPOINTMENTS	A company does n't have to post a loss to be a candidate for sale
+4	A company does n't have to post a loss to be a candidate for sale	If earnings do n't live up to analysts ' expectations that 's enough to dump the stock
+8	John Markese , director of research for the American Association of Individual Investors , raises a cautionary note	Substituting a rule of thumb for your own judgment '' can be a mistake
+2	Substituting a rule of thumb for your own judgment '' can be a mistake	An earnings disappointment may reflect a situation that 's short-term
+2	The risk is that earnings disappointments will continue	The economy is decelerating after six good years
+2	The economy is decelerating after six good years , and `` right now it 's better to shoot first and ask questions later	Which types of stocks currently have the greatest earnings risks
+2	BEWARE OF HEAVY DEBT	The companies apt to run into earnings problems soonest are the ones with heavy debt loads
+8	Mr. Canelo of Bear Stearns agrees	If we do have an economic slowdown companies with high debt ratios will be dumped en masse
+2	If we do have an economic slowdown companies with high debt ratios will be dumped en masse	The best course for individual investors is to sell these stocks now
+8	UAL Corp. 's difficulty in obtaining bank financing for its leveraged buy-out and its resulting price plunge is a tip-off to what 's going to happen to `` takeover stocks	Takeover activity will slow down as more and more banks tighten their lending requirements
+8	Takeover activity will slow down as more and more banks tighten their lending requirements	There 'll be fewer and fewer deals
+2	individuals should be in the stock market as long-term investors , not as traders trying to catch the next hot stock	In general avoid takeover stocks
+8	COMPARE P/E RATIOS WITH PROSPECTS	that investors compare price/earnings ratios ( the price of a share of stock divided by a company 's per-share earnings for a 12-month period ) with projected growth rates
+2	that investors compare price/earnings ratios ( the price of a share of stock divided by a company 's per-share earnings for a 12-month period ) with projected growth rates	If you think earnings will grow at 20 % a year , it 's all right to pay 20 times earnings
+2	that investors should n't slavishly follow any specific price/earnings sell trigger	If you say sell anytime a company 's price/earnings ratio exceeds 15 , that knocks out all your growth stocks
+6	that investors should n't slavishly follow any specific price/earnings sell trigger	If you say sell anytime a company 's price/earnings ratio exceeds 15 , that knocks out all your growth stocks
+2	If you say sell anytime a company 's price/earnings ratio exceeds 15 , that knocks out all your growth stocks	You eliminate companies with substantial prospects that are moving up in price
+6	EXAMINE WHAT HAS CHANGED	investors should consider selling if there has been a fundamental change in a company since they bought its stock
+6	investors should consider selling if there has been a fundamental change in a company since they bought its stock	Say you purchased a stock because of a new product that was in the works
+1	Say you purchased a stock because of a new product that was in the works	Now , because of various difficulties , the product has been scrapped
+2	Now , because of various difficulties , the product has been scrapped	Time to sell
+8	three men were elected directors	They are : James R. Eiszner , 62 years old and chairman and chief executive officer of CPC International Inc. ; Robert G. Schwartz , 61 , chairman , president and chief executive officer of Metropolitan Life Insurance Co. , and Walter V. Shipley , 53 , chairman and chief executive officer of Chemical Banking Corp
+6	preliminary reports indicate the company was n't materially affected by the Tuesday earthquake	All but eight of the 850 branches , which had some structural damage , reopened yesterday for business
+8	For the first time in nearly two years , BankAmerica results failed to improve in consecutive quarters	Third-quarter profit was 16 % below the $ 304 million , or $ 1.50 a share , earned in the 1989 second quarter
+2	The company cited higher tax credits in the second quarter , totaling $ 63 million , compared with $ 28 million in the third quarter	Excluding tax credits , profit was 6 % below the second quarter
+8	Moreover , BankAmerica continued to build its reserve against troubled foreign loans by boosting its loan-loss provision to $ 170 million	The provision rate was far above BankAmerica 's actual net credit losses of $ 24 million in the third quarter
+8	By any measure , third-quarter earnings were still robust , equivalent to a 0.92 % return on assets even excluding tax credits	By that key measure of operating efficiency , BankAmerica turned in a better performance than its well-regarded Los Angeles-based competitor , Security Pacific Corp. , which posted a 0.89 % return in the third quarter
+8	They { BankAmerica } continue to show good performance	In composite trading yesterday on the New York Stock Exchange , BankAmerica common stock edged up 12.5 cents to close at $ 32 a share
+5	Shareholder equity improved to 4.68 % from 4.23 % in the previous quarter	The 4.52 % net interest margin was still markedly higher than the 3.91 % ratio a year earlier , and is among the best in the industry
+5	So IBM will be announcing more than 50 products that will be aimed at letting even the dumbest machine tool talk to the smartest mainframe , or anything in between	In an unusual display of openness , IBM also will be helping customers tie together operations that include lots of equipment made by IBM 's competitors
+8	that `` a lot of this is intentions	We 'll have to wait and see '' how the plan develops
+8	The announcements also should help IBM go on the offensive against Digital Equipment Corp. on the plant floor	While IBM has traditionally dominated the market for computers on the business side of manufacturing operations and has done well in the market for design tools , Digital has dominated computerized manufacturing
+10	While IBM has traditionally dominated the market for computers on the business side of manufacturing operations and has done well in the market for design tools , Digital has dominated computerized manufacturing	Hewlett-Packard Co. also has begun to gain share in the whole computer-integrated-manufacturing arena
+5	While IBM has traditionally dominated the market for computers on the business side of manufacturing operations and has done well in the market for design tools , Digital has dominated computerized manufacturing	Hewlett-Packard Co. also has begun to gain share in the whole computer-integrated-manufacturing arena
+2	Both can be expected to go after the market aggressively	the Digital gets 30 % of its revenue from the manufacturing market , and Hewlett-Packard gets 50 %
+9	They could also check through the orders on file to find a customer that was willing to accept a lower grade of polyethylene	The computer would let the machine run just until that order was filled
+1	The move to halt imports kills the four-year-old Merkur brand in the U.S. market	It will continue to be sold in the European market
+5	and Ford 's trucks are losing ground to their GM rivals	This fall , Ford introduced only one new product : A restyled version of its hulking Lincoln Town Car luxury model
+5	The demise of Merkur ( pronounced mare-COOR ) comes after a September in which 670 Merkur dealers managed to sell only 93 Scorpios	Total Merkur sales for the first nine months dropped 46 % from a year ago to just 6,320 cars
+6	Merkur is n't the only European luxury brand having problems in the U.S	The Japanese assault on the luxury market is rapidly overshadowing such European makes as Audi and Saab , which at least have clear brand images
+1	which at least have clear brand images	Merkur , as an import on domestic car lots , suffered from the same sort of image confusion that is hobbling sales of imports at General Motors Corp. and Chrysler Corp
+5	The first Merkur , the XR4Ti , went on sale in early 1985	The sporty coupe foundered
+8	It was downhill from there , however	One major factor was the decline of the dollar against the mark
+2	One major factor was the decline of the dollar against the mark , which began less than a year after Merkur 's 1985 launch	As the West German currency rose , so did Merkur prices
+6	The Merkur cars also suffered from spotty quality , some dealers say	It was like a comedy of errors , '' says Martin J . `` Hoot '' McInerney
+2	Apparently , however , the improvement came too late	Last fall , Ford announced it would discontinue the XR4Ti in the U.S. at the end of the 1989 model year
+1	Ford said then it would keep the Scorpio	This year , Scorpio sales plummeted
+2	Canadian Pacific put its 56 % stake in Soo Line up for sale last year but could n't find any takers	Canadian Pacific finally took its majority block off the market this spring
+2	Canadian Pacific finally took its majority block off the market this spring	It turned out we could n't sell it
+10	Separately , for the first nine months , Soo Line reported a loss of $ 398,000 , or four cents a share , compared with net income of $ 12.5 million , or $ 1.32 a share , a year earlier	Revenue fell 5.8 % to $ 407.9 million from $ 433.2 million
+5	Separately , for the first nine months , Soo Line reported a loss of $ 398,000 , or four cents a share , compared with net income of $ 12.5 million , or $ 1.32 a share , a year earlier	Revenue fell 5.8 % to $ 407.9 million from $ 433.2 million
+5	Revenue fell 5.8 % to $ 407.9 million from $ 433.2 million	The company had a loss from operations of $ 1.7 million
+8	Results for the latest quarter include nonoperating items of $ 23.9 million , versus $ 8.4 million a year earlier	Most of the expenses stem from the company 's huge Mirage resort-casino scheduled to open next month along the Strip , and an April 1989 financing by units operating the downtown Golden Nugget property
+1	For the nine months , Golden Nugget reported a net loss of $ 11.4 million , or 69 cents a share , based on 16.6 million common and dilutive equivalents outstanding	The year earlier , the company had a net loss of $ 4.3 million , or 20 cents a share , based on 21 million common shares and dilutive equivalents outstanding
+0	The year earlier , the company had a net loss of $ 4.3 million , or 20 cents a share , based on 21 million common shares and dilutive equivalents outstanding	The 1988 results include a $ 10.7 million charge stemming from a litigation judgment
+5	Separately , the casino operator said its board approved a plan to buy-back as many as three million common shares from time to time , either in the open market or through private transactions	An additional 299,000 shares are authorized for repurchase under an earlier stock buy-back program
+1	that he has been considering and discussing a number of possible business ventures , but that `` nothing is at a mature stage	he `` did n't argue with '' the company 's decision to seek his resignation because contemplating outside business ventures can distract an executive from performing his best `` at the job he is paid to do
+5	that he had `` an amicable parting '' with Capital Holding and that he has `` a number of ventures in the financial-services area '' under consideration	that his resignation was a mutual decision with Capital Holding management , but that he was n't actually asked to resign
+5	Pencil pushers chew and put the plastic models behind their ears just like traditional pencils made of glued strips of California incense cedar filled with ceramic lead	It takes five steps to make standard pencils , just one for the plastic type
+8	just one for the plastic type	Automated machines coextrude long plastic sheaths with graphite-plastic cores that are printed , cut , painted and eraser-fitted
+2	just one for the plastic type	Automated machines coextrude long plastic sheaths with graphite-plastic cores that are printed , cut , painted and eraser-fitted
+1	Eagle 's plastic type sharpens and looks like a wooden pencil	A major difference is that a snapped wooden pencil will have a slivered break while a plastic model will break cleanly
+5	that produced about 2.3 billion pencils last year , according to the Pencil Makers Association	It 's a trade secret how many were plastic
+8	For the nine months , Los Angeles-based H. F. Ahmanson had profit of $ 128.1 million , or $ 1.29 a share , a 4.6 % decline from earnings of $ 134.2 million in the year-ago nine months	the decline was attributable to a 79 % reduction in net gains on loan sales this year
+8	But a reduction in one-time gains on the sale of various assets and an increase in the company 's provision for loan losses held down the earnings gain	Great Western 's provision for loan losses was increased to $ 27.9 million for the recent quarter compared with $ 21.8 million a year ago
+10	Net income rose to a record $ 155.3 million , or 83 cents a share , from $ 134.8 million , or 72 cents a share	Revenue fell to $ 1.04 billion from $ 1.07 billion
+1	Net income rose to a record $ 155.3 million , or 83 cents a share , from $ 134.8 million , or 72 cents a share	Revenue fell to $ 1.04 billion from $ 1.07 billion
+6	Analysts said the results were as expected , but several added that the earnings masked underlying weaknesses in several businesses	The quality of earnings was n't as high as I expected , '' said Eric Philo , an analyst for Goldman , Sachs & Co
+8	Third-quarter sales of U.S. credit services were `` disappointingly below sales '' of a year earlier	those sales have been declining this year in the wake of allegations that the company engaged in unfair sales practices that encouraged customers to overpurchase services
+5	that the company engaged in unfair sales practices that encouraged customers to overpurchase services	The company has denied the allegations but has negotiated a proposed $ 18 million settlement of related lawsuits
+10	The company has denied the allegations but has negotiated a proposed $ 18 million settlement of related lawsuits	Analysts predict the sales impact will linger
+5	The company has denied the allegations but has negotiated a proposed $ 18 million settlement of related lawsuits	Analysts predict the sales impact will linger
+6	Analysts predict the sales impact will linger	There is n't much question there will continue to be a ripple effect , '' said John Reidy , an analyst with Drexel Burnham Lambert Inc
+5	Dun & Bradstreet noted that price competition in its Nielsen Marketing Research , Nielsen Clearing House and Donnelley Marketing businesses also restrained revenue growth	It cited cyclical conditions in its Moody 's Investors Service Inc. and D & B Plan Services units
+5	For the nine months , net income rose 19 % to $ 449 million , or $ 2.40 a share , from $ 375.9 million , or $ 2.01 a share , a year earlier	Year-earlier earnings reflected costs of $ 14.3 million related to the acquisition of IMS International
+2	The new equipment is likely to cost more than $ 20 million	When the company last considered adding the equipment two years ago , it estimated the cost at $ 21 million to $ 22 million
+9	I was in my favorite watering hole	I felt the temblor begin
+1	That 's usually how long it takes for the temblors to pass	This time , it just got stronger and then the building started shaking violently up and down as though it were a child 's toy block that was being tossed
+1	Endless seconds wondering if those huge windows would buckle and shower us with glass	Only a few books fell in the reading room
+0	My younger daughter and I are fine	This building shook like hell
+1	and it kept getting stronger	Except for the gas tank at Hustead 's Towing Service exploding and burning in downtown Berkeley , things here are quite peaceful
+0	things here are quite peaceful	A lot of car alarms went off
+6	Areas that are made of ` fill ' liquefy	A woman in a three-story apartment was able to walk out the window of the third floor onto street level after the quake
+2	A woman in a three-story apartment was able to walk out the window of the third floor onto street level after the quake	The house just settled right down into the ground
+10	I rode it out on the second floor of Leo 's at 55th and Telegraph in Oakland	I heard parts of the building above my head cracking
+2	I heard parts of the building above my head cracking	I actually thought that I might die
+9	I could n't decide if I should come home to Marin , because my house is on stilts	I decided to brave the storm
+2	I have felt many aftershocks	My back is still in knots and my hands are still shaking
+5	My back is still in knots and my hands are still shaking	I think a few of the aftershocks might just be my body shaking
+5	Books and software everywhere	This being typed in a standing position
+8	Did n't feel a thing , but noticed some strange bird behavior	Duck swarms
+2	I just felt another aftershock a few seconds ago	I 'm just numb
+6	Downtown Bolinas seems to be the part of town that 's worst off	No power , minimal phones , and a mess of mayonnaise , wine , and everything else all over the floors of the big old general store and the People 's Co-op
+5	Then as things got rougher , we ran for the door and spent the next few minutes outside watching the brick sidewalk under our feet oozing up and down , and the flowers waving in an eerie rhythm	Amazing what it does to one 's heart rate and one 's short-term memory
+9	Then I noticed the car was bouncing up and down as if someone were jumping on it	I realized what was happening
+5	When I realized it was over , I went and stood out in front of the house , waiting and praying for Merrill to come home , shivering as if it were 20 below zero until he got there	Never in my life have I been so frightened
+9	Never in my life have I been so frightened	When I saw the pictures of 880 and the Bay Bridge , I began to cry
+2	and the building started shaking like crazy	It 's a flimsy structure , built up on supports
+2	Judy and I were in our back yard when the lawn started rolling like ocean waves	We ran into the house to get Mame
+1	but the next tremor threw me in the air and bounced me as I tried to get to my feet	We are all fine here , although Mame was extremely freaked
+8	Books and tapes all over my room	Not one thing in the house is where it is supposed to be
+8	I guess we 're all living very tentatively here , waiting for the expected but dreaded aftershock	It 's hard to accept that it 's over and only took 15 seconds
+5	Flesh goes to total alert for flight or fight	Nausea seems a commonplace symptom
+8	I agreed	It is
+8	It is	Great
+7	One reason : efforts to protect the spotted owl led to restrictions on logging in the Pacific Northwest , constricting supply and forcing prices up	Another reason : strikes , both at Georgia-Pacific and other lumber companies also cut supplies and raised prices
+10	For the nine months , Georgia-Pacific 's earnings increased 49 % to $ 504 million , or $ 5.58 a share , from $ 338 million , or $ 3.41 a share	Sales rose 11 % to $ 7.73 billion from $ 6.94 billion
+5	For the nine months , Georgia-Pacific 's earnings increased 49 % to $ 504 million , or $ 5.58 a share , from $ 338 million , or $ 3.41 a share	Sales rose 11 % to $ 7.73 billion from $ 6.94 billion
+1	The 23-5 vote clears the way for consideration on the House floor next week or the week after	Transportation Secretary Samuel Skinner , in a letter to the committee , warned that he would urge President Bush to veto the legislation if it passed Congress
+1	On Monday , a letter from Mr. Skinner 's deputy , Elaine Chao , said the administration opposed the legislation `` in its present form	Some of the bill 's supporters had taken heart from the fact that the letter was n't signed by Mr. Skinner and that it did n't contain a veto threat
+6	The stepped-up administration warnings annoyed some lawmakers , especially senior Republicans who supported the bill because they thought the Transportation Department favored it	We backed this bill because we thought it would help Skinner , '' one Republican said , `` and now we 're out there dangling in the wind
+5	Under the committee bill , the Transportation secretary would have 30 days , and an additional 20 days if needed , to review any proposed purchase of 15 % or more of a major U.S. airline 's voting stock	The secretary would be required to block an acquisition if he concluded that it would so weaken an airline financially that it would hurt safety or reduce the carrier 's ability to compete , or if it gave control to a foreign interest
+2	Although the legislation would apply to any acquisition of a major airline , it is aimed at transactions financed by large amounts of debt	an airline might sacrifice costly safety measures in order to repay debt
+2	It became apparent in hearings that there ought to be regulation of leveraged buy-outs of some sort	in the airline business you can be totally laissez-faire because of the high degree of public interest '' at stake
+8	It became apparent in hearings that there ought to be regulation of leveraged buy-outs of some sort	in the airline business you can be totally laissez-faire because of the high degree of public interest '' at stake
+1	In London , the Financial Times-Stock Exchange 100-share index jumped 34.6 points to close at its intraday high of 2170.1	The index was under pressure for most of the morning over concerns that the effects of Tuesday night 's major earthquake in the San Francisco area would undermine the U.S. market
+1	The index was under pressure for most of the morning over concerns that the effects of Tuesday night 's major earthquake in the San Francisco area would undermine the U.S. market	The mood changed after dealers reappraised the direct impact of the disaster on shares and Wall Street rebounded from early losses
+2	U.K. composite , or non-life , insurers helped support the London market by showing only narrow losses in early trading	The insurers ' relative resilience gave the market time to reappraise the impact of the California disaster on U.K. equities
+1	although Prudential fell 2 to 184 1/2	Pearl Group rose 5 to 628
+8	although National Westminister showed strength on positive comments from brokerage firms about its long-term prospects	NatWest , the most actively traded of the banks , finished at 300 , up 1
+2	B.A.T Industries fell in early dealings	the market was nervous ahead of a special B.A.T holders ' meeting today
+2	the market was nervous ahead of a special B.A.T holders ' meeting today	The session is to consider a defensive plan to spin off assets to fend off Sir James Goldsmith 's # 13.4 billion bid for B.A.T
+10	Merchant banker Morgan Grenfell climbed 14 to 406 on renewed takeover speculation	S.G. Warburg , also mentioned in the rumor mill , jumped 14 at to 414
+5	Merchant banker Morgan Grenfell climbed 14 to 406 on renewed takeover speculation	S.G. Warburg , also mentioned in the rumor mill , jumped 14 at to 414
+10	S.G. Warburg , also mentioned in the rumor mill , jumped 14 at to 414	Jaguar advanced 19 to 673 as traders contemplated a potential battle between General Motors and Ford Motor for control of the U.K. luxury auto maker
+5	S.G. Warburg , also mentioned in the rumor mill , jumped 14 at to 414	Jaguar advanced 19 to 673 as traders contemplated a potential battle between General Motors and Ford Motor for control of the U.K. luxury auto maker
+1	Tokyo 's Nikkei index of 225 issues rose 111.48 points , or 0.32 % , to 35107.56	The index gained 527.39 Tuesday
+10	Volume was estimated at 800 million shares , compared with 678 million Tuesday	Declining issues outnumbered advancers 505-455 , with 172 unchanged
+5	Volume was estimated at 800 million shares , compared with 678 million Tuesday	Declining issues outnumbered advancers 505-455 , with 172 unchanged
+5	Declining issues outnumbered advancers 505-455 , with 172 unchanged	The Tokyo Stock Price Index of all issues listed in the first section , which gained 41.76 Tuesday , was up 0.24 points , or 0.01 % , at 2642.88
+5	Institutions , meanwhile , stepped back to the sidelines as the direction of U.S. interest rates remained unclear	The uncertainty was multiplied by the persistent strength of the dollar , traders said , and by the U.S. trade deficit , which widened by 31 % in August from the previous month
+1	they did n't see any effect on Tokyo stocks from the California earthquake	The impact on Japanese insurers and property owners with interests in the San Francisco area is still being assessed
+2	Buying was scattered across a wide range of issues	With uncertainty still hanging over interest rates and the dollar , the market failed to find a focus that might lead to further investor commitments
+6	Some laggard food issues attracted bargain-hunters , traders said	Kirin Brewery was up 100 at 2,000 , and Ajinomoto gained 70 to 2,840
+10	Kirin Brewery was up 100 at 2,000 , and Ajinomoto gained 70 to 2,840	Pharmaceuticals were mostly higher , with SS Pharmaceutical gaining 140 to 1,980
+1	Kirin Brewery was up 100 at 2,000 , and Ajinomoto gained 70 to 2,840	Pharmaceuticals were mostly higher , with SS Pharmaceutical gaining 140 to 1,980
+1	Shares closed lower in other major Asian and Pacific markets , including Sydney , Hong Kong , Singapore , Taipei , Wellington , Seoul and Manila	Most of those markets had rebounded the day before from Monday 's slide
+7	Elsewhere , prices surged for a second day in Frankfurt , closed higher in Zurich , Stockholm and Amsterdam and were broadly lower in Milan , Paris and Brussels	South African gold stocks ended marginally firmer
+2	In Brussels , it was the first trading day for most major shares since stocks tumbled on Wall Street Friday	Trading had been impeded by a major computer failure that took place before the start of Monday 's session
+8	Work began on homes and apartments at an annual rate of 1,263,000 units last month , down 5.2 % from August	The September decline followed an even steeper drop of 6.2 % in August and left housing starts at their weakest since October 1982
+1	that the housing industry is still suffering the effects of the Federal Reserve 's battle against inflation	The industry had shown signs of recovery this summer , after the central bank began to relax its clamp on credit , allowing interest rates to drop a bit after pushing them up for a year
+2	The industry had shown signs of recovery this summer , after the central bank began to relax its clamp on credit , allowing interest rates to drop a bit after pushing them up for a year	Sales of new homes rose and inventories of houses , which had been climbing , dropped
+2	Another reason for the weakness , he said , may be that mortgage rates have hit a plateau since they began edging down after a peak in March	In August , rates on 30-year fixed-rate mortgages started creeping up a bit , but they inched down again through September
+8	Another reason for the weakness , he said , may be that mortgage rates have hit a plateau since they began edging down after a peak in March	In August , rates on 30-year fixed-rate mortgages started creeping up a bit , but they inched down again through September
+2	Rates have n't really peeled off that much	We 've kind of settled now into an interest-rate environment that 's fairly high
+8	The company said the improved performance from a year ago reflects higher commissions and revenue from marketmaking and trading for its own account	Commission revenue was $ 522 million , up 49 %
+1	In the nine months , net fell 3 % to $ 106 million , or 98 cents a share , from $ 110 million , or $ 1.05 a share	Revenue advanced 26 % to $ 9.6 billion from $ 7.6 billion
+8	sales and earnings for the third quarter and nine months were at record levels	Sales for the third quarter increased 6.5 % to $ 1.51 billion from $ 1.42 billion
+1	third-quarter sales increased 4 % to $ 1.44 billion from $ 1.38 billion	net income was flat because of investment in research and development and costs related to launches of several products
+5	Pfizer posted its largest gains in healthcare sales , up 3 % , and consumer products , up 23 %	Sales by the specialty chemicals and materials science segments were flat , and sales by the agriculture segment declined 5 %
+5	In the health-care segment , pharmaceutical sales increased 4 % and sales of hospital products increased 1 %	During the quarter , Pfizer received federal approval of Procardia XL , a calcium channel blocker approved for both angina and hypertension , and Monorail Piccolino , used to open obstructed coronary arteries
+1	In the period , the company completed the sale of its European cosmetics businesses , sold a majority interest in its Brazilian affiliate , and announced the reorganization of its over-the-counter drug businesses into a new unit , Schering-Plough Health Care Products	These actions did n't affect results because the gain on the sale of the European cosmetics businesses was offset by provisions relating to the Brazil divestiture and drug restructuring
+8	that you failed so miserably in reporting the Hurricane Hugo disaster	Your Sept. 27 page-one article `` Charleston Lost Quite a Lot to Hugo , Especially Gentility '' leaves the impression that the storm was little more than an inconvenience
+2	Your Sept. 27 page-one article `` Charleston Lost Quite a Lot to Hugo , Especially Gentility '' leaves the impression that the storm was little more than an inconvenience	The damage reported focused on a select few who owned irreplaceable historic homes on the Battery
+1	your reporter served to only perpetuate an outdated and stereotypically provincial view of this otherwise thriving port city	The damage will undoubtedly prove to be one of the epic human and economic disasters of the decade in this country
+1	Depicting the people of a traumatized city reeling from a disaster of unprecedented proportions was at the very best ludicrous under the circumstances	Your narrow focus appears to be a contrived attempt to show the people of that historic city to be doddering fools
+5	Depicting the people of a traumatized city reeling from a disaster of unprecedented proportions was at the very best ludicrous under the circumstances	Your narrow focus appears to be a contrived attempt to show the people of that historic city to be doddering fools
+1	President Carlos Salinas de Gortari used the army to oust La Quina	Now , Mr. Guzman Cabrera is facing accusations that he 's as much a company man as La Quina was a crook
+6	Mr. Guzman Cabrera 's new order has n't arrived without resistance	Brawls between union factions still erupt at Pemex installations
+5	Brawls between union factions still erupt at Pemex installations	Leftist leader Cuauhtemoc Cardenas publicly questioned Mr. Guzman Cabrera 's `` moral quality
+6	The 61-year-old Mr. Guzman Cabrera takes such criticisms in stride	This is n't a new kind of union leadership , it 's a new Mexico.We 're no longer afraid of associating with private or foreign capital , '' he says
+2	This is n't a new kind of union leadership , it 's a new Mexico	We 're no longer afraid of associating with private or foreign capital
+2	Pemex desperately needs new investment	Since world oil prices collapsed in 1982 , the government has siphoned Pemex 's coffers to make payments on Mexico 's $ 97 billion foreign debt
+1	Since world oil prices collapsed in 1982 , the government has siphoned Pemex 's coffers to make payments on Mexico 's $ 97 billion foreign debt	Little money has been returned to upgrade Pemex 's aging facilities
+5	Little money has been returned to upgrade Pemex 's aging facilities	While the government drains Pemex from above , the union has drained it from below
+8	the union has drained it from below	A bloated payroll and pervasive graft caused Pemex 's operating costs to balloon to 95 cents of each $ 1 in sales , far above the industry norm
+5	The declines in investment and efficiency explain in part why Mexico has been importing gasoline this year	Some projections show Mexico importing crude by the end of the century , barring an overhaul of operations
+8	union perks had simply gotten out of hand	They are `` at the base of all of the problems of corruption
+1	The union also ceded the 2 % commission it had received on all Pemex maintenance contracts	The union will keep a 2 % commission on construction projects
+5	The new contract also eliminates the $ 15 monthly coupon	About 9,800 technical workers , notably chemists and lawyers , were switched to non-union status
+1	Also , because of its reduced capital budget , Pemex has phased out about 50,000 transitory construction workers , reducing the work force to about 140,000	the union 's sacrifices will be offset by a wage and benefit package that amounts to a 22 % increase in compensation
+2	But Pemex managers are the ones most thrilled by the contract	We are retaking the instruments of administration
+2	it would never give notice to its customers	The capriciousness would completely disrupt our operations
+1	The capriciousness would completely disrupt our operations	This year , for the first time , Desc and other customers were consulted well in advance of the Pemex plant 's shutdown to ensure minimal inconvenience
+6	Taming the union complements previous moves by the government to attract private investment in petrochemicals	In May , the government unveiled new foreign investment regulations that create special trusts allowing foreigners , long limited to a 40 % stake in secondary petrochemical companies , to own up to 100 %
+6	But Pemex 's courtship with private companies , and especially foreign ones , is controversial in a country where oil has been a symbol of national sovereignty since foreign oil holdings were nationalized in 1938	They are preparing the workers for what 's coming : foreign control , '' wrote Heberto Castillo , a leftist leader
+2	But the new union leader makes no apologies for Pemex 's more outward-looking attitude	If we do not integrate into this new world of interdependence , sooner or later we 're going to become victims of our own isolation
+8	MORE EXECUTIVES and their spouses are seeking counseling as work and family pressures mount	Some employers initiate referrals , especially if work problems threaten a top manager 's job
+2	More dual-career couples also are getting help , with men increasingly bringing their working wives for joint counseling	The level of stress for a woman is often so high , it 's the husband who says , ' I 'm worried about her
+2	She urges client couples to begin a `` detoxification '' period , purging social and other nonproductive activities and setting time apart for themselves	Putting those times on the calendar is as important as remembering business appointments
+8	HERE 'S ONE more explanation for why Japan is a tough industrial competitor	Two of three Japanese employees submit suggestions to save money , increase efficiency and boost morale , while only 8 % of American workers do
+8	In Japan , small suggestions are encouraged	Each new employee is expected to submit four daily in the first few months on the job
+1	Each new employee is expected to submit four daily in the first few months on the job	U.S. companies tend to favor suggestions `` that go for the home runs
+2	A Security magazine survey places the effect of takeovers and buy-outs among the industry 's 10 biggest challenges	If it causes management to take their eye off the ball , inventory shrinkage is going to be affected
+8	Co-author Richard Hollinger cites what happened at one family-owned company absorbed by a foreign giant	Pilferage climbed dramatically as many angry employees `` felt abandoned by the former owners
+6	But top management should watch for other tell-tale signs of employee misdeeds , like expense-account fudging and phone misuse	Security consultant Dennis Dalton of Ventura , Calif. , thinks mergers often trigger longer lunch hours and increased absenteeism
+8	But both see a common enemy	About 66 % of employees and 73 % of investors think senior managers get too big a slice of the profit pie
+6	The move , subject to a definitive agreement , is part of a trend by big-city banks that have been buying up credit-card portfolios to expand their business	Just last month , a Bank of New York subsidiary agreed to buy the credit-card operation of Dreyfus Corp. 's Dreyfus Consumer Bank for $ 168 million
+8	because of increased competition in the credit-card business , it had decided it either had to expand its own holdings substantially or sell them	there 's a good prospect that competition is going to get pretty fierce in this market
+2	because of increased competition in the credit-card business , it had decided it either had to expand its own holdings substantially or sell them	there 's a good prospect that competition is going to get pretty fierce in this market
+8	We think there 's a good prospect that competition is going to get pretty fierce in this market	We see it becoming a bargain-basement kind of business
+2	it would use the proceeds to pursue additional expansion opportunities in the Southwest and elsewhere	the transaction was a positive move for First City
+2	I think they 'll be able to move faster to make acquisitions in Texas	That 's something they can do very well
+8	the airline is n't committed to going forward with any new bid	We 're in no way committed to a deal going through at all
+5	We 're in no way committed to a deal going through at all	We 're not rushing into anything
+2	We 're not rushing into anything	We do n't want to be party to a second rejection
+7	Under the original buy-out approved by the UAL board Sept. 14 , UAL 's pilots planned to put up $ 200 million in cash and make $ 200 million in annual cost concessions for a 75 % stake	UAL management was to pay $ 15 million for 10 % , and British Air was to receive a 15 % stake
+5	that British Air will take a more active , high-profile role in pursuing any new bid	He said he believes UAL management was badly advised on the funding of its original transaction
+8	British Air has n't received any new buy-out proposals from the labor-management group , led by UAL Chairman Stephen Wolf , and has n't received any indication of when one might be forthcoming	As far as we 're concerned , we 're waiting for the dust to settle
+5	a revised transaction with less debt leverage is likely to be more attractive to banks	the original proposal is dead , and all aspects of a revised version are up for change , in light of the changes in UAL 's market price , the amount of debt banks are willing to fund , and the price British Air would be willing to pay
+1	but declined to specify a figure	Asked whether a $ 230-a-share figure circulating in the market yesterday is too low , he said , `` It 's certainly not too low
+8	the original offer was `` a pretty full price	with paying $ 750 million
+1	If the { new } deal had us putting up less money but still having 15 % , that would be a point in our favor	In any new proposal , British Air would expect a greater rate of return than the 20 % -plus in the original proposal
+2	In the event that the buy-out group stalls in reviving its bid , the UAL board could remain under some pressure to seek another transaction , even without any legal obligation to do so	Roughly one-third of its stock is believed held by takeover stock traders , who could vote to oust the board if they become impatient
+2	UAL 's management agreed to reduce the seniority of those pilots in exchange for the support of the United pilot union for the buy-out proposal	The 220 pilots involved in the suit are n't members of the union
+9	The 220 pilots involved in the suit are n't members of the union	The airline had allowed them to move ahead of some union members in seniority following the 1985 strike , a move the union had contested in a previous lawsuit
+3	utilization management does n't appear to have altered the long-term rate of increase in health-care costs	Employers who saw a short-term moderation in benefit expenditures are seeing a return to previous trends
+2	The report suggested that current review programs are too narrow	The unnecessary and inappropriate use of the hospital , and not the actual need for a particular procedure , has been the main focus
+5	The unnecessary and inappropriate use of the hospital , and not the actual need for a particular procedure , has been the main focus	As a general rule , prior-review programs have not made case-by-case assessments of the comparative costs of alternative treatments or sites of care
+1	As a general rule , prior-review programs have not made case-by-case assessments of the comparative costs of alternative treatments or sites of care	that utilization management should have more of an impact as federal research on the effectiveness of medical treatments helps lead to medical practice guidelines
+8	There 's pretty good evidence that utilization management has reduced inappropriate hospitalization , '' he said.But at the same time , spending on physician services and ambulatory care have mushroomed	It 's like squeezing a balloon
+2	that administrative costs of utilization management programs can be high	You have a whole staff standing ready '' to evaluate the appropriateness of recommended treatment
+5	You have a whole staff standing ready '' to evaluate the appropriateness of recommended treatment	that the hospitals he runs deal with more than 100 utilization management firms and that many of them have different procedures and requirements
+2	that the hospitals he runs deal with more than 100 utilization management firms and that many of them have different procedures and requirements	The panel urged greater efforts to reduce the complexity , paperwork and cost of utilization review
+2	the joint venture represents considerable savings for both Renault and DAF , since both companies would in any case have had to renew their existing ranges of light goods vehicles	By pooling their resources , the two groups have effectively halved the design and development costs that would otherwise have been entailed
+5	Both Renault and DAF will have world-wide marketing rights for the new range of vans and light trucks	Under a separate arrangement , British Aerospace PLC 's Rover Group PLC subsidiary will also be able to offer the vehicles through its dealers in the U.K. , and Renault 's truck-building subsidiary Renault Vehicles Industriels will have similar rights in France
+8	First , its position in the government is anomalous	It has an unusual kind of independence from elected officials and still has authority over one of the most powerful of government 's instruments -- the control of the money supply
+8	Second , the responsibilities of the Federal Reserve as guardian of the currency sometimes lead it to take measures that are unpopular	As former Fed Chairman William McChesney Martin used to say , they would have to take the punch bowl away just as the party is getting interesting
+2	So the Federal Reserve is an attractive target for complaint by politicians	The Fed is easily assigned the blame for unpleasantness , like high interest rates or slow economic growth , while the politicians can escape responsibility by pointing to the Fed 's independence
+8	This leads to proposals for `` reform '' of the Fed	These proposals include changing the term of the chairman , shortening the terms of the members , eliminating the presidents of the Federal Reserve Banks from the decision-making process , putting the Secretary of the Treasury on the Federal Reserve Board , having the Fed audited by an arm of Congress ( the General Accounting Office ) , putting the Fed 's expenditures in the budget , and requiring prompt publication of the Fed 's minutes
+2	they rest on an incorrect view	They would not solve the problem
+4	They would not solve the problem	they would make it worse
+8	The price level in the U.S. is now about 4 1/4 times as high as it was 30 years ago	On average , something that cost $ 100 30 years ago now costs $ 425
+8	The enormous inflation over the past 30 years was largely due to monetary policy	At least , it would not have happened without the support of monetary policy that provided for a 10-fold increase in the money supply during the same period
+2	Even where the Fed did not share this view it felt the need to accommodate to it	Despite all the formal provisions for its independence , the Fed seems constantly to feel that if it uses its independence too freely it will lose it
+2	Putting the Secretary of the Treasury on the Board of Governors , one of the leading proposals today , is an example	The secretary is the world 's biggest borrower of money
+2	The secretary is the world 's biggest borrower of money	He has a built-in , constant longing for lower interest rates
+2	True , a succession of Fed chairmen has given color to the notion that the Secretary of the Treasury belongs on the Fed	By their constant readiness to advise all and sundry about federal budgetary matters the chairmen have encouraged the belief that fiscal policy and monetary policy are ingredients of a common stew , in which case it is natural that the Fed and the Treasury , and probably also the Congress , should be jointly engaged in stirring the pot
+2	By their constant readiness to advise all and sundry about federal budgetary matters the chairmen have encouraged the belief that fiscal policy and monetary policy are ingredients of a common stew	The Fed 's case for its own independence would be a little stronger if it were more solicitous of the independence of the rest of the government
+8	The Fed 's problem is not that it is too independent , or too unpolitical	The Fed is responsive to , and can not help being responsive to , the more overtly political part of the government
+2	The Fed is responsive to , and can not help being responsive to , the more overtly political part of the government	The Fed exercises a power given to it by Congress and the president
+8	Critics of the present arrangement are correct to say that it is undemocratic	What is undemocratic is the unwillingness of the more political parts of the government to take the responsibility for deciding the basic question of monetary policy
+1	What is undemocratic is the unwillingness of the more political parts of the government to take the responsibility for deciding the basic question of monetary policy , which is what priority should be given to stabilizing the price level	To leave this decision to an `` independent '' agency is not only undemocratic
+5	The greatest contribution Congress could make at this time would be to declare that stabilizing the price level is the primary responsibility of the Federal Reserve System	Legislation to this effect has been introduced in Congress in this session by Rep. Stephen Neal ( D. , N.C . )
+2	It is not the kind of thing that is likely to be enacted , however	Congress would be required to make a hard decision , and Congress would much prefer to leave the hard decision to the Fed and retain its rights of complaint after the fact
+2	But that is not the same as saying that the Federal Reserve has other objectives	The government has other agencies and instruments for pursuing these other objectives
+1	The per-share loss was $ 5.32	In the year earlier period , the New York parent of Republic National Bank had net income of $ 38.7 million , or $ 1.12 a share
+5	Strict new regulations seem certain to pass the state House in Pennsylvania next week	Legislation to require the consent of parents before their daughters under the age of 18 can have abortions will probably pass both houses of the Michigan legislature
+2	Indeed , abortion-rights activists still face their greatest tests	The pro-choice movement has shown -- finally -- that it can mobilize But it still has n't shown that it can win in a state like Pennsylvania or Missouri , where abortion has been clearly an electoral issue and where it 's been an emotional issue for a long time
+8	But the Pennsylvania measure also includes an `` informed consent '' provision	Under this legislation , a woman must be informed 24 hours before the operation of the details of the procedure and its risks
+8	In Michigan , where the state Senate is expected to approve parental-consent legislation by the end of next week , Gov . Blanchard is the principal obstacle for anti-abortionists	Susan Rogin , a consultant to abortion-rights activists in the state , takes comfort from the fact that the state 's House abortion opponents `` have n't been able to muster the votes to overturn a veto on abortion in 16 years
+1	but anti-abortionists still may succeed in bringing the measure to the floor this fall	she and her allies are `` cautiously optimistic '' they can defeat it if it comes to a floor vote
+5	Abortion foes in Wisconsin , meanwhile , expect a parental-consent bill to be sent to the state assembly floor by early November and are hopeful of prevailing in both houses by next March	In Texas , abortion opponents want to pass parental-consent legislation along with a statewide ban on the use of public funds , personnel and facilities for abortion , and viability tests for fetuses 19 weeks and older
+10	Abortion foes in Wisconsin , meanwhile , expect a parental-consent bill to be sent to the state assembly floor by early November and are hopeful of prevailing in both houses by next March	In Texas , abortion opponents want to pass parental-consent legislation along with a statewide ban on the use of public funds , personnel and facilities for abortion , and viability tests for fetuses 19 weeks and older
+8	In Texas , abortion opponents want to pass parental-consent legislation along with a statewide ban on the use of public funds , personnel and facilities for abortion , and viability tests for fetuses 19 weeks and older	The anti-abortionists are urging GOP Gov . Bill Clements to press the issues in a special session scheduled to run Nov. 14 to Dec. 13
+2	The prognosis is only fair	Next year is an election year and the legislators just do n't want to do anything about this now
+8	on what reasonable measures that an overwhelming mainstream majority of Americans support	These include bans on the use of abortion for birth control and sex selection , and the public funding of alternatives for abortion
+2	and held a Washington seminar designed to train its leaders in political techniques , including how to put the anti-abortionists on the defensive in state legislatures	We now see pro-choice legislators going on the offensive for the first time
+8	it completed the sale of 2.85 million shares of common priced at $ 10 a share in an initial public offering	that it is selling two million shares and that the rest are being sold by certain stockholders
+5	and the budget for the official residence of Vice President Quayle is more than doubled	Even the Office of Management and Budget is remembered with an extra $ 1 million to help offset pay costs that other government departments are being asked to absorb
+8	The large increase in Customs Service air-interdiction funds is also intended to counter smuggling	The $ 196.7 million provided for fiscal 1990 anticipates the purchase of a Lockheed P-3 surveillance aircraft and five Cessna Citation II jets
+8	Less noticed is a bit of legislative legerdemain by Houston Republicans on behalf of HEI Corp. of Texas to retroactively `` move '' a Missouri hospital from one county to the next to justify higher Medicare reimbursements	The provision seeks to wipe out an estimated $ 1.4 million in claims made by the Health Care Finance Administration against HEI , which owned the hospital in Sullivan , Mo. , during most of the four-year period -- 1983-1987 -- covered in the amendment
+2	but Mr. Whitten has been adamant in insisting that the program be cut in 1990	The 79-year-old Mississippian takes a more orthodox , entrenched view of agriculture policy than those in the movement to reduce chemical use , but as a master of pork-barrel politics , he is believed to be annoyed as well that the project moved to Arkansas from a Tennessee center near Memphis and the northern Mississippi border
+2	The British conglomerate , planning its own defensive restructuring to fight off a # 13.35 billion ( $ 21.03 billion ) takeover bid by Anglo-French financier Sir James Goldsmith , intends to press ahead with an extraordinary shareholder vote today to clear the way for its value-boosting measures	If anything , the gyrations in world stock markets since last Friday 's sharp Wall Street sell-off have increased the likelihood of shareholder approval for the restructuring
+6	If anything , the gyrations in world stock markets since last Friday 's sharp Wall Street sell-off have increased the likelihood of shareholder approval for the restructuring	Thank God we have some deal on the table , '' said Stewart Gilchrist , a director at Scottish Amicable Investment Managers , which intends to vote its roughly 1 % stake in favor of the restructuring
+2	Investors in B.A.T have been on a roller coaster	B.A.T has been London 's best-performing blue chip over the past six months , up 40 % against a 4 % rise in the Financial Times 100-Share Index.But this week , B.A.T has been hit harder than other big U.K. stocks
+0	But this week , B.A.T has been hit harder than other big U.K. stocks	B.A.T rose five pence ( eight cents ) to 756 pence ( $ 11.91 ) in London yesterday as a late market rally erased a 28-pence fall earlier in the day
+9	To fight off predators , B.A.T plans to spin off about $ 6 billion in assets , largely by selling such U.S. retailing units as Marshall Field and Saks and by floating its big paper and U.K. retailing business via share issues to existing holders	Proceeds will help pay for a planned buy-back of 10 % of its shares and a 50 % dividend increase
+8	I think the restructuring will get the required support	The shareholders effectively will support the share price by clearing the share buy-back
+8	But B.A.T 's restructuring now will take longer because of the market upheaval	the market gyrations could delay the actions well into the second half
+3	the market gyrations could delay the actions well into the second half	We are n't forced sellers
+2	We are n't forced sellers	We do n't have an absolute deadline
+1	possible acquirers for the units include managers from both retailing chains , and General Cinema Corp	Other potential bidders for parts of B.A.T 's U.S. retail unit include Dillard Department Stores Inc. , May Department Stores Co. and Limited Inc
+1	Other potential bidders for parts of B.A.T 's U.S. retail unit include Dillard Department Stores Inc. , May Department Stores Co. and Limited Inc	B.A.T has declined to identify the potential bidders
+2	jitters over prospects for junk-bond financing and U.S. leverage buy-outs are making investors more skeptical about Sir James 's prospects	His initial offer indicated he needed to raise as much as 80 % of the takeover financing through the debt markets
+1	it is too early to quantify the level of potential claims	a material impact on Farmers
+2	Getting to and from the airport in coming weeks may be the problem , however	People 's ability to drive throughout the bay area is greatly restricted
+1	his organization urged trucking firms to halt all deliveries into the Bay area yesterday , except for emergency-medical supplies	Some foodstuff shipments will probably resume Thursday
+1	Some foodstuff shipments will probably resume Thursday	Right now most of the roads into the Bay area are closed , but the list of closings changes about every 20 minutes
+6	but the list of closings changes about every 20 minutes	This { Wednesday } morning the San Mateo bridge was open and now we are informed that it is closed
+2	its operations in the San Francisco area have been reduced to 40 % of normal	that although none of the company 's terminals , trucks or airplanes were damaged in the quake , road shutdowns and power failures have impeded its pickup and delivery of packages
+8	with Santa Fe Pacific Corp. 's rail unit the least affected by the quake	Santa Fe stopped freight trains Tuesday night while its officials inspected track but resumed service at 10:45 p.m. when they found no damage
+2	that except for damage to shipping containers in its Oakland yard , its track , bridges and structures were unharmed	That railroad is operating trains
+2	But service on the line is expected to resume by noon today	We had no serious damage on the railroad
+8	We had no serious damage on the railroad	We have no problem to our freight service at all expect for the fact businesses are shut down
+4	it suspended train service into its Oakland station	it terminated some runs in Sacramento , relying on buses to ferry passengers to the Bay area
+1	it terminated some runs in Sacramento , relying on buses to ferry passengers to the Bay area	it planned to resume some train operations to Oakland late yesterday
+8	Rail-transit operations suffered little damage , according to Albert Engelken , deputy executive director of the American Public Transit Association in Washington	The Bay Area Rapid Transit `` withstood the earthquake perfectly
+2	that the rail system was running a full fleet of 45 trains during the day to provide an alternative for highway travelers	The highway system is screwed up '' by the earthquake
+2	The highway system is screwed up '' by the earthquake	The transit system is how people are going to be getting around
+2	Although air-traffic delays in San Francisco were significant yesterday	The earthquake shattered windows at San Francisco International 's air-traffic control tower and rained pieces of the ceiling down on controllers , three of whom suffered minor injuries
+1	The earthquake shattered windows at San Francisco International 's air-traffic control tower and rained pieces of the ceiling down on controllers , three of whom suffered minor injuries	Terminals at San Francisco International also were damaged , but the tower itself was intact
+2	Terminals at San Francisco International also were damaged	Tuesday night , thousands were diverted to other airports and had to wait a day to resume travel
+5	While the airport was closed , flights were diverted to airports in Sacramento and Stockton , Calif. ; Reno and Las Vegas , Nev. ; and Los Angeles	United Airlines , the largest carrier at San Francisco , was operating only 50 % of its scheduled service in and out of the area
+8	because of damage to its terminal	14 of its 21 gates were unusable
+8	In terms of diversions , Denver 's Stapleton International may have experienced the most far-flung : A United flight from Japan was rerouted there	I think that 's the first nonstop commercial passenger flight from Japan to land here
+2	but getting information about its operations was difficult	Its telecommunications headquarters in Burlingame , Calif. , had been knocked out since the quake
+2	Its telecommunications headquarters in Burlingame , Calif. , had been knocked out since the quake	We 're in the dark
+8	Whitbread already has been approached by `` about half a dozen '' companies interested in buying all or part of the spirits business	the spirits operations and some California vineyards that also are being sold to fetch about # 500 million ( $ 788.8 million
+1	Beefeater alone is worth as much as # 300 million	Whitbread bought the Beefeater distillery two years ago for # 174.5 million
+2	But Whitbread has been squeezed by giant rivals amid widespread consolidation in the industry	Now , it wants to concentrate on beer and its newer hotel and restaurant operations
+3	For rival liquor companies , the Whitbread auction is a rare opportunity to acquire valuable brands	It 's not very often something like this comes up
+2	Among possible buyers , Grand Metropolitan PLC might find Beefeater a useful addition to its portfolio	Grand Met owns Bombay gin , the No . 3 imported gin in the U.S
+1	Grand Met owns Bombay gin , the No . 3 imported gin in the U.S	rival Guinness PLC has the No . 1 imported brand , Tanqueray
+2	Two other global liquor giants , Canada 's Seagram Co. and Britain 's Allied-Lyons PLC , also are possible buyers	Seagram 's gin is the world 's No . 2 gin brand , but the company does n't own any of the major gin brands imported in the U.S
+6	Two other global liquor giants , Canada 's Seagram Co. and Britain 's Allied-Lyons PLC , also are possible buyers	Seagram 's gin is the world 's No . 2 gin brand , but the company does n't own any of the major gin brands imported in the U.S
+5	Seagram 's gin is the world 's No . 2 gin brand , but the company does n't own any of the major gin brands imported in the U.S	Allied-Lyons , while powerful in whiskey , does n't own any major white-spirit brands
+2	Allied-Lyons , while powerful in whiskey , does n't own any major white-spirit brands	We will certainly have to take a look at '' the Whitbread spirits business
+2	We will certainly have to take a look at '' the Whitbread spirits business	We would certainly like to have a major white-spirits brand in our portfolio
+2	Smaller liquor companies , such as Brown-Forman Corp. and American Brands Inc. of the U.S. , also are likely to be interested	Such companies `` are increasingly being left behind '' in the global liquor business
+1	Whitbread 's wine , spirits and soft-drink operations had trading profit of # 35.4 million on sales of # 315.5 million in the year ended Feb. 25	The company did n't break out results for the businesses it plans to sell
+1	But analysts estimate their trading profit at # 30 million	Whitbread had total pretax profit in the year ended Feb. 25 of # 223.2 million , on sales of # 2.26 billion
+8	Whitbread 's spirits auction occurs amid a parallel shakeup in the British beer industry	Earlier this year , the government announced plans to foster increased competition in the industry
+1	British brewers currently own thousands of pubs , which in turn sell only the breweries ' beer and soft drinks	Under new rules , many of the country 's pubs would become `` free houses , '' selling beers of their choice
+5	Whitbread now intends to bolster its brewing interests , in an effort to grab a share of sales to free houses	The company has about 13 % of the British beer market
+8	In addition , Whitbread intends to focus on its newer hotel , liquor store and restaurant businesses in Europe and North America	In Britain , those interests include the Beefeater steakhouse chain and joint ownership with PepsiCo Inc. of the country 's Pizza Hut chain
+5	In Britain , those interests include the Beefeater steakhouse chain and joint ownership with PepsiCo Inc. of the country 's Pizza Hut chain	In Canada and the U.S. , Whitbread owns The Keg chain of steak and seafood restaurants
+1	Focusing on beer , restaurants and hotels means `` we can concentrate our skills and resources more effectively	The spirits business `` would require substantial additional investment to enable it to compete effectively in the first division of global players
+1	At that time Sam Whitbread will retire from executive duties	He will retain the honorary title of non-executive chairman
+5	The paper producer reported that net income fell to $ 102.1 million , or $ 1.09 a share , from $ 122.4 million , or $ 1.29 a share , in the year-earlier period	Sales rose 2.6 % to $ 1.32 billion from $ 1.29 billion
+8	On the morning of the long-planned announcement , International Business Machines Corp. is to introduce its own new mainframe	Their attitude is , ` You want to talk mainframes , we 'll talk mainframes
+5	They 're deliberately trying to steal our thunder	Maybe we should take it as a compliment
+8	That does n't scare Digital , which has grown to be the world 's second-largest computer maker by poaching customers of IBM 's mid-range machines	Digital hopes to stage a repeat performance in mainframes
+5	Digital , based in Maynard , Mass. , hopes to stage a repeat performance in mainframes , and it has spent almost $ 1 billion developing the new technology	A spoiler , nimble Tandem Computers Inc. in Cupertino , Calif. , jumped into the fray earlier this week with an aggressively priced entry
+2	IBM appears more worried about Digital	It 's going to be nuclear war
+8	where growth has slowed to single digits in recent years	IBM 's traditional mainframe rivals , including Unisys Corp. , Control Data Corp. and NCR Corp. , have struggled recently
+8	Digital is promising a new approach	Digital 's mainframe is designed not as a central computer around which everything revolves , but as part of a decentralized network weaving together hundreds of workstations , personal computers , printers and other devices
+6	The challengers will have a big price advantage	Digital is expected to tag its new line from about $ 1.24 million to $ 4.4 million and up , depending on configuration.That 's about half the price of comparably equipped IBM mainframes
+2	The heightened competition will hit IBM at a difficult time	The computer giant 's current mainframe line is starting to show its age
+1	The computer giant 's current mainframe line is starting to show its age	The new 3090s due next week will boost performance by only about 8 % to 10 %
+2	Still , no one expects IBM 's rivals to deliver a knockout	IBM has a near-monopoly on mainframes , with an estimated 70 % share of the market
+5	IBM has a near-monopoly on mainframes , with an estimated 70 % share of the market	IBM is five times the size of Digital -- and 40 times the size of Tandem -- and wields enormous market power
+5	IBM has a near-monopoly on mainframes , with an estimated 70 % share of the market.IBM is five times the size of Digital -- and 40 times the size of Tandem -- and wields enormous market power	It counts among its customers a majority of the world 's largest corporations , which entrust their most critical business information to IBM computers
+1	One such company is Bankers Trust Co	that despite Digital 's low prices , `` we are n't about to unplug our IBM mainframes for a DEC machine
+2	that despite Digital 's low prices , `` we are n't about to unplug our IBM mainframes for a DEC machine	The software conversion costs would dwarf any savings
+1	Bankers Trust uses Digital 's VAX to run its huge money-transfer and capital markets accounts , juggling hundreds of billions of dollars each day	As that system grows , larger computers may be needed
+1	In the past , customers had to go to IBM when they outgrew the VAX	Now they do n't have to
+2	Now they do n't have to	That 's going to cost IBM revenue
+8	Digital can expect this pent-up demand for the new VAX to fuel strong sales next year	the 9000 could boost sales by more than $ 1 billion in the fiscal year beginning in July
+8	to begin shipping in volume until next year	The first model available will be the 210 , which is likely to appeal to many technical and scientific buyers interested in the optional super-charger , or vector processor
+1	Four more models are expected to begin shipping in late June	Most analysts do n't expect the new mainframes to begin contributing significantly to revenue before the fiscal first quarter , which begins next July 1
+2	Digital 's new line has been a long time coming	The company has long struggled to deliver a strong mainframe-class product , and made a costly decision in 1988 to halt development of an interim product meant to stem the revenue losses at the high end
+8	The company has long struggled to deliver a strong mainframe-class product , and made a costly decision in 1988 to halt development of an interim product meant to stem the revenue losses at the high end	Digital 's failure to deliver a true mainframe-class machine before now may have cost the company as much as $ 1 billion in revenue in fiscal 1989
+6	IBM will face still more competition in coming months	Amdahl Corp has a growing share of the market with its low-priced , IBM-compatible machines
+5	Stocks rose slightly as trading activity slowed from the frenzied pace earlier this week	Prices of long-term Treasury bonds hovered in a narrow band most of the day
+2	I 'm surprised we did n't see more volatility '' in stocks	I think the problems in the junk-bond area are just beginning , and this will be very unsettling for companies that have issued junk bonds
+2	I think the problems in the junk-bond area are just beginning , and this will be very unsettling for companies that have issued junk bonds	In a bull market , credit does not matter But when it does matter , then it 's the only thing that matters
+2	However , many institutional investors are reacting to the stock market 's plunge as `` a great buying opportunity	Things are beginning to settle down
+8	Things are beginning to settle down	The markets are returning to normalcy
+10	Stock prices rose	New York Stock Exchange volume shrank to 166.9 million shares from 224.1 million Tuesday
+5	New York Stock Exchange volume shrank to 166.9 million shares from 224.1 million Tuesday	Advancers on the Big Board outpaced decliners by 822 to 668
+8	The dollar dropped	In New York late yesterday , the currency was at 141.45 yen and 1.8485 marks , down from 142.75 yen and 1.8667 marks late Tuesday
+2	AMR 's earnings decline comes a year after the parent company of American Airlines and the rest of the airline industry set profit records	Some analysts say the latest results only seem pale by comparison with a spectacular second half of 1988
+2	Still , AMR 's stumble does n't bode well for the rest of the industry	The Fort Worth , Texas , company is generally regarded as one of the best-run in the business
+1	In the third quarter , AMR said , net fell to $ 137 million , or $ 2.16 a share , from $ 150.3 million , or $ 2.50 a share	Revenue rose 17 % to $ 2.73 billion from $ 2.33 billion a year earlier
+8	We think these trends will continue and will produce a very disappointing fourth quarter as well	The business turned faster than expected
+2	The business turned faster than expected	Costs are giving them a little bit of trouble , and the whole industry is having a pricing problem
+5	For the nine months , AMR 's net rose 15 % to $ 415.9 million , or $ 6.59 a share , from $ 360.1 million , or $ 5.99 a share	Revenue jumped 22 % to $ 7.89 billion from $ 6.46 billion
+8	Ill-considered and reckless acquisition proposals adversely affect employee , financial and business relationships and are contrary to the best interests of AMR shareholders	AMR has not been , and is not , for sale
+1	This bill simply says that if you want to develop property on a barrier island you have to do so without taxpayer support	Private-property rights would be upheld because the legislation would not ban coastal development
+8	A Taxpayers Union study concluded the bill would save taxpayers up to $ 9.3 billion in barrier-island subsidies over 20 years	Already , the 1982 legislation has saved an estimated $ 800 million
+8	Poverty remains far more widespread among blacks than other Americans	In 1988 , 31.6 % of blacks lived in poverty , compared with 10.1 % for whites and 26.8 % for Hispanics
+5	But two-thirds of all poor Americans were white	More than half of poor families were headed by women living without men
+5	More than half of poor families were headed by women living without men	More than three-fourths of poor black families were headed by women
+1	The poverty rate of children under 18 years old dropped last year to 19.7 % from 20.5 % in 1987	The rate among the elderly -- 12 % in 1988 -- was n't significantly lower than the year before
+8	The rate among the elderly -- 12 % in 1988 -- was n't significantly lower than the year before	If it were n't for Social Security payments , more than three times as many elderly would be below the poverty line
+8	Some 17.2 % of all money income received by families in 1988 went to the wealthiest 5 % of all families , up from 16.9 % in 1987	That is the greatest share reported for any year since 1950 , although changing definitions over the years distort the comparison
+1	The top fifth of all families got 44 % of the income , up from 41.5 % a decade earlier	The bottom fifth of all families got 4.6 % of the income , down from 5.2 % a decade earlier
+1	earnings of year-round , full-time male workers fell 1.3 % in 1988 after adjusting for higher prices	Earnings of female workers were unchanged
+8	Median household income rose 0.3 % last year to $ 27,225 after inflation	It rose sharply in the Northeast and Midwest and fell slightly in the South and West
+8	its figures would look far rosier if it recalculated the poverty threshold using an improved consumer-price measure adopted in 1983	some 3.5 million fewer people would have fallen below the poverty line in 1988 -- and the poverty rate would have been 10.5 % instead of 13.1 % -- under the alternative calculation
+5	Critics on the left and right have been calling for all sorts of revisions to the measure for years	A report by the staff of the Joint Economic Committee of Congress released yesterday concluded , `` It is misleading to make this change without adjusting for other changes
+9	The $ 1.4 billion robot spacecraft faces a six-year journey to explore Jupiter and its 16 known moons	If all goes well , it will parachute a probe into the dense Jovian atmosphere in July 1995 to pick up detailed data about gases that may be similar to the material from which the solar system was formed 4.6 billion years ago
+2	that may be similar to the material from which the solar system was formed 4.6 billion years ago	Jupiter is so enormous that its gravity may have trapped these primordial gases and never let them escape
+2	Earth , on the other hand , has a diminished store of such material but is rich in life	Some scientists have suggested that comets and asteroids may have brought enough of this kind of material from the outer solar system to Earth to spawn life
+8	that showed them to be among the most intriguing bodies in the solar system	The photos showed active geysers on Io spewing sulfurous material 190 miles into its atmosphere and indicated that Europa may have an ocean hidden under a thick sheet of ice
+6	and a number of project veterans were on hand to watch the launch	An ebullient Mr. Johnson , wearing a NASA baseball cap and carrying a camera and binoculars , called the launch `` fantastic
+5	An ebullient Mr. Johnson , wearing a NASA baseball cap and carrying a camera and binoculars , called the launch `` fantastic	Benny Chin , manager of the Galileo probe , compared it to watching a child leave home
+8	Benny Chin , manager of the Galileo probe , compared it to watching a child leave home	I 'm happy and sad
+2	Having argued that Galileo 's plutonium power source could have released lethal doses of radiation if the shuttle exploded yesterday , they were n't quieted by yesterday 's successful launch	Galileo will skim past Earth in 1990 and 1992 , collecting energy from the planet 's gravitational field to gain momentum for its trip to Jupiter
+2	Galileo will skim past Earth in 1990 and 1992	that Galileo also could crash to Earth then
+8	One protest did get past NASA 's guard , though	a computer virus caused anti-Galileo messages to flash onto some computer screens at NASA centers
+6	The successful launch continues a remarkable recovery in the U.S. space-science program	An unmanned spacecraft , Magellan , already is heading to Venus and is due to begin mapping the planet next August
+5	An unmanned spacecraft , Magellan , already is heading to Venus and is due to begin mapping the planet next August	Voyager 2 sent back spectacular photos of Neptune and its moon , Triton , this summer
+9	Next month , NASA plans to launch a satellite to study cosmic rays dating from the birth of the universe	In December , the shuttle Columbia will try to retrieve a satellite that 's been in orbit for nearly five years measuring the deleterious effects of space on materials and instruments
+9	In December , the shuttle Columbia will try to retrieve a satellite that 's been in orbit for nearly five years measuring the deleterious effects of space on materials and instruments	Next March , the shuttle Discovery will launch the Hubble space telescope , a $ 1.5 billion instrument designed to see the faintest galaxies in the universe
+6	Not all of NASA 's space-science work will be so auspicious , though	Around Thanksgiving , the Solar Max satellite will tumble back into the Earth 's atmosphere
+0	Around Thanksgiving , the Solar Max satellite will tumble back into the Earth 's atmosphere	NASA wo n't attempt a rescue
+8	The Associated Press 's earthquake coverage drew attention to a phenomenon that deserves some thought by public officials and other policy makers	Private relief agencies , such as the Salvation Army and Red Cross , mobilized almost instantly to help people , while the Washington bureaucracy `` took hours getting into gear
+8	while the Washington bureaucracy `` took hours getting into gear	One news show we saw yesterday even displayed 25 federal officials meeting around a table
+9	One news show we saw yesterday even displayed 25 federal officials meeting around a table	that the mayor of Charleston complained bitterly about the federal bureaucracy 's response to Hurricane Hugo
+2	that the mayor of Charleston complained bitterly about the federal bureaucracy 's response to Hurricane Hugo	The sense grows that modern public bureaucracies simply do n't perform their assigned functions well
+0	when he sued Disney during his takeover battle , he filed on behalf of all shareholders	When Disney offered to pay Mr. Steinberg a premium for his shares , the New York investor did n't demand the company also pay a premium to other shareholders
+1	When Disney offered to pay Mr. Steinberg a premium for his shares , the New York investor did n't demand the company also pay a premium to other shareholders	When Mr. Trump sued Bally , he sued only on behalf of himself
+9	and is scheduled to vote on the impeachment tomorrow	If the judge is impeached , as is thought likely , he will be removed from office immediately
+8	The appeals court disagreed on both counts	Avondale was notified by Louisiana officials in 1986 that it was potentially responsible for a cleanup at an oil-recycling plant
+2	Avondale was notified by Louisiana officials in 1986 that it was potentially responsible for a cleanup at an oil-recycling plant	Avondale asked Travelers to defend it in the state proceeding , but the insurer did n't respond
+0	but the insurer did n't respond	The appeals court upheld a district judge 's ruling that the insurer had to defend the company in such proceedings
+2	that while other appeals courts have ruled differently on whether cleanup costs are damages , the influence of the appeals court in New York `` will make insurers sit up and listen	the decision was the first in which a federal appeals court has ruled whether administrative government proceedings qualify as litigation
+1	Nearly 36 % ranked housing problems as their most serious unmet legal need	Other areas targeted by the survey 's respondents included difficulty obtaining or maintaining public benefits ( 22 % ) , consumer fraud ( 15.4 % ) , and health-care issues ( 15 %
+6	Mr. Mastro has been with the New York U.S. attorney 's office for nearly five years	In 1987 he became deputy chief of the civil division
+9	Under the proposed agreement involving the world 's tallest building , Chicago-based Sears would receive about half the money through conventional mortgage financing and the other half as a convertible mortgage	At the end of the term of the convertible loan , Sears could still own half the building , and AEW could own the other half
+5	In a convertible mortgage , the investor lends the building owner a certain amount in return for the option to convert its interest into equity , usually less than 50 % , at the end of the loan term	During the term , the lender can either receive a percentage of cash flow , a percentage of the building 's appreciation or a fixed return
+8	During the term , the lender can either receive a percentage of cash flow , a percentage of the building 's appreciation or a fixed return	The main advantage of a convertible mortgage is that it is not a sale and therefore does not trigger costly transfer taxes and reappraisal
+0	Tandy Corp. said it signed a definitive agreement to acquire two units of Datatronic AB of Stockholm for cash	The amount was n't disclosed
+2	Wall Street is seething over the rules	The provisions could further cool the takeover boom that has been the driving force behind the bull market in stocks for much of the 1980s
+1	The House version of the legislation would kill that deduction , and label any such debt as equity , which is n't deductible	The less-rigorous Senate version would defer the deductibility for roughly five years
+2	You see these in just about every LBO	It becomes a source of cash '' for the company making the LBO because it gets a deduction and does n't have to repay the debt for several years
+6	Typically , Mr. Willens estimates , this type of debt makes up 15 % to 20 % of the financing for LBOs	These types of bonds have been used in buy-outs of companies such as RJR Nabisco Inc. , Storer Communications Inc. and Kroger Co
+2	But that rule is being virtually overlooked by Wall Street , which is concentrating on coping with the deduction issue	Prices for LBOs have to come down if you do n't have that feature
+6	the proposed legislation already is having an impact	An investment group led by Chicago 's Pritzker family recently lowered a $ 3.35 billion bid for American Medical International , Beverly Hills , Calif. , because of the threat of the legislation
+1	his firm did n't raise the ante for a target company earlier this month after a stronger bid emerged from a public company that was n't concerned about the financing provision	We would have paid more if we thought that law was n't going to pass
+2	One possible solution for Wall Street is to increase the equity part of the transaction -- that is , give lenders a bigger stake in the surviving company rather than just interest payments	That would force the buy-out firm and the target company 's management to reduce their level of ownership
+8	That would force the buy-out firm and the target company 's management to reduce their level of ownership	The pigs in the trough may have to give a little bit of the slop back and then the deal can go through
+2	Another solution is for firms to use convertible bonds that sell at a discount	they would n't fall under the junk-bond category that would lose its deductibility
+8	that would lose its deductibility	The House version of the bill would make debt non-deductible if it pays five percentage points above Treasury notes , has at least a five-year maturity and does n't pay interest for at least one year out of the first five
+1	The House version of the bill would make debt non-deductible if it pays five percentage points above Treasury notes , has at least a five-year maturity and does n't pay interest for at least one year out of the first five.The bill would then declare that the debt is equity and therefore is n't deductible	The Senate bill would only deny the deduction until interest is actually paid
+1	that its version of the provision would yield $ 17 million the first year and a total of $ 409 million over five years	The House version would raise slightly more
+8	a Senate aide contends LBOs will become somewhat more difficult	There 's no question it will make LBOs more expensive , '' he said
+2	There 's no question it will make LBOs more expensive	The interest deduction was the engine that made these things more productive
+5	that losers outnumbered gainers by more than three to one among the 122 funds it tracks	For the first nine months of the year the average fund has lost 3.3 %
+6	In addition , an unusually wide array of federal agencies moved to provide specialized assistance	The Department of Housing and Urban Development prepared to make as many as 100 vacant houses available for those left homeless , the Agriculture Department was set to divert food from the school-lunch program to earthquake victims , and the Pentagon was providing everything from radio communications to blood transfusions to military police for directing traffic
+9	But the pool of federal emergency-relief funds already is running low because of the heavy costs of cleaning up Hurricane Hugo , and Congress will be under pressure to allocate more money quickly	In Hugo 's wake , Congress allocated $ 1.1 billion in relief funds
+5	That obviously means that we wo n't have enough for all of the emergencies that are now facing us , and we will have to consider appropriate requests for follow-on funding	The federal government is n't even attempting yet to estimate how much the earthquake will cost it
+6	In Congress , lawmakers already are looking for ways to add relief funds	Money could be added to a pending spending bill covering the Federal Emergency Management Agency
+8	Money could be added to a pending spending bill covering the Federal Emergency Management Agency	More likely , relief funds could be added to an omnibus spending bill that Congress is to begin considering next week
+2	its relief manpower also is stretched	FEMA still has special disaster centers open to handle the aftermath of Hugo , and spokesman Russell Clanahan acknowledged that `` we 're pretty thin
+8	that `` we 're pretty thin	FEMA now possibly may have the heaviest caseload in its history
+8	the privately funded American Red Cross also finds itself strapped for funds after its big Hugo operation	It 's been a bad month money-wise and every other way
+1	It 's been a bad month money-wise and every other way	It just makes it a little rough when you have to worry about the budget
+1	It just makes it a little rough when you have to worry about the budget	The Red Cross has opened 30 shelters in the Bay area , serving 5,000 people
+5	The Red Cross has opened 30 shelters in the Bay area , serving 5,000 people	Twenty-five trucks capable of cooking food were dispatched from other states
+6	Still , some aid is moving westward from Washington almost immediately	HUD officials said they will make available as many as 100 Bay area houses that are under HUD loans
+5	HUD officials said they will make available as many as 100 Bay area houses that are under HUD loans but now are vacant after the houses have been inspected to ensure they are sound	Additional housing vouchers and certificates will be made available , officials said , and some housing and community-development funds may be shifted from other programs or made available for emergency use
+8	Another federal agency not normally associated with disaster relief moved quickly as well	it will waive certain tax penalties for earthquake victims unable to meet return deadlines or make payments because of the quake 's devastation
+5	One advantage that federal officials have in handling earthquake relief is the large number of military facilities in the San Francisco Bay area	Even before the full extent of the devastation was known , Defense Secretary Dick Cheney ordered the military services to set up an emergency command center in the Pentagon and prepare to respond to various FEMA requests for assistance
+10	By yesterday afternoon , Air Force transport planes began moving additional rescue and medical supplies , physicians , communications equipment and FEMA personnel to California	A military jet flew a congressional delegation and senior Bush administration officials to survey the damage
+1	and with federal aid , began a program to retrofit highways and bridges for earthquake hazards	The first phase of the program has been completed , but two other phases are continuing
+6	The harvest arrives in plenty after last year 's drought-ravaged effort	The government estimates corn output at 7.45 billion bushels , up 51 % from last fall
+5	The government estimates corn output at 7.45 billion bushels , up 51 % from last fall	Soybean production swells 24 %
+8	But do n't expect too much in the way of price breaks soon at the supermarket	Economists expect consumer food prices to jump 5.5 % this year to the highest level since 1980 and up from last year 's 4.1 % rise
+0	Economists expect consumer food prices to jump 5.5 % this year to the highest level since 1980 and up from last year 's 4.1 % rise	Next year may see a drop of one percentage point
+1	Beef prices could drop in earnest this winter if ranchers expand herds	Lower feed prices may help animals eat more cheaply , but humans have to factor in an expensive middleman : the processor
+8	blaming other costs	Labor takes the biggest single chunk out of the ` food dollar
+1	Stokely says stores revive specials like three cans of peas for 99 cents	Two cans cost 89 cents during the drought
+5	Costly infertility problems and procedures proliferate as aging baby boomers and others decide to have children	It 's estimated that one in six couples experiences infertility
+5	that 84 % of the 50 births they followed occurred after only two in vitro cycles	that births were `` extremely unlikely '' after the fourth cycle and concludes couples who do n't achieve a pregnancy after four to six procedures should be advised that success is unlikely
+1	and concludes couples who do n't achieve a pregnancy after four to six procedures should be advised that success is unlikely	Some couples continue to try
+1	Some couples continue to try	Such determination may translate into extreme physical , emotional and financial costs
+8	MARKET MOVES , these managers do n't	Only three of the 25 corporate pension fund managers attending a Lowry Consulting Group client conference say they plan to change the asset allocation mix in their portfolios because of the market drop
+6	Companies get more political clout plus a possible tax-deductible charitable donation -- so far no word from the IRS on deductibility	Detroit Edison , the plan pioneer , generated $ 54,000 in matching funds this year , up from $ 39,000 in 1988
+2	But the utility may not continue next year	We 're on a tight budget
+6	Two election commission members opposed the matching plans	Scott E. Thomas says the plans give employees `` a bonus in the form of charitable donations made from an employer 's treasury '' in exchange for the political donation
+8	the plans give employees `` a bonus in the form of charitable donations made from an employer 's treasury '' in exchange for the political donation	The U.S. government could be , in effect , subsidizing political contributions to corporate PACs
+6	some companies take steps to ease the usual 11th-hour crush	Spiegel promises a `` Guaranteed Christmas , '' with a pledge to deliver goods before Christmas if ordered by Dec. 20
+2	that since 1987 , sales have doubled during the week before Christmas	People are just used to living in a last-minute society
+5	People are just used to living in a last-minute society	part of the reason catalog sales grow in popularity is because consumers have more money but less time to spend it
+1	L.L . Bean hires about 2,700 workers for the season rush , about 300 more than last year	Land 's End hires 2,000
+2	Yuba City , Calif. , meanwhile , ranked dead last among 329 metro areas	Unamused , residents burned Rand McNally books and wore T-shirts that said : `` Kiss my Atlas
+6	but plans to accept its ouster graciously	The city 's Office of Promotion plans media events to welcome its successor
+2	We 're encouraging a graceful transition	Our attitude is that ( the ranking ) is like Miss America
+8	Our attitude is that ( the ranking ) is like Miss America	Once you 're Miss America , you 're always Miss America
+2	Tell that to Atlanta , which Pittsburgh replaced as the most-livable city in 1985	Many Atlantans thought Pittsburgh was an unworthy heir
+6	Many Atlantans thought Pittsburgh was an unworthy heir	A columnist in the Atlanta Journal and Constitution wrote : `` Who did the research for this report ? Two guys from Gary , Ind
+8	Not so	Co-authors David Savageau and Richard Boyer , live in Gloucester , Mass. , and Asheville , N.C. , respectively
+8	that cities have no way to rebut the book	It 's like fighting your way out of a fog
+2	It 's like fighting your way out of a fog	You do n't know which way to punch
+1	Los Angeles-based Northrop recorded an 8.2 % decline in sales	The aerospace concern earned $ 28.8 million , or 61 cents a share , a year earlier
+5	The aerospace concern earned $ 28.8 million , or 61 cents a share , a year earlier	Sales in the latest period were $ 1.25 billion , down from $ 1.36 billion in the 1988 quarter
+5	At St. Louis-based General Dynamics , sales rose 10 % to $ 2.52 billion from $ 2.29 billion	It earned $ 76.4 million , or $ 1.82 a share , in the 1988 quarter
+1	In composite trading on the New York Stock Exchange , Northrop shares closed at $ 21.125 , off 25 cents	General Dynamics closed at $ 54.875 , up 50 cents
+2	Northrop 's interest expense also soared to $ 35 million from $ 17 million a year ago	debt remained at the $ 1.22 billion that has prevailed since early 1989 , although that compared with $ 911 million at Sept. 30 , 1988
+5	For the nine months , Northrop reported a net loss of $ 46.9 million , or $ 1 a share , compared with profit of $ 190.3 million , or $ 4.05 a share , in 1988	Sales dipped 3.6 % to $ 3.92 billion from $ 4.07 billion
+5	Backlog at General Dynamics rose to $ 16.5 billion from $ 15.8 billion	Its interest expense surged to $ 21.5 million from $ 12.4 million
+5	Its interest expense surged to $ 21.5 million from $ 12.4 million	For the nine months , General Dynamics earned $ 210.3 million , or $ 5.03 a share , up marginally from $ 208.8 million , or $ 4.97 a share , on a 4.9 % rise in sales to $ 7.41 billion from $ 7.06 billion
+1	net rose to $ 23 million , or 54 cents a share , on sales of $ 153.9 million	A year ago , net was $ 14.3 million , or 31 cents a share , on sales of $ 116.8 million
+10	For the nine months , net of $ 38.5 million , or 92 cents a share , trailed the year earlier 's $ 49.9 million , or $ 1.08 a share	Sales rose to $ 406 million from $ 356 million the year earlier
+1	Sales rose to $ 406 million from $ 356 million the year earlier	In the first half , Lotus struggled to keep market share with costly promotions while customers awaited the launch of 1-2-3 Release 3 , the upgraded spreadsheet software
+8	Demand for the new version was enabling Lotus to raise prices with distributors and to hold market share against Microsoft and other competitors that tried to exploit the earlier delays in Release 3 's launch	that 1-2-3 outsold Microsoft 's Excel spreadsheet by four-to-one in the quarter , and held a 70 % or better share of the spreadsheet market
+8	Analysts and corporate officials said they expected practically no long-term disruption in shipments from the Valley of either hardware or software goods	Intel Corp. , Advanced Micro Devices Inc. and National Semiconductor Corp. were all up and running yesterday
+1	though many workers were forced to stay home because of damaged roadways	others elected to take the day off
+3	These systems are more rugged than many people would believe	It 's not the end of the world if you shake them up a little bit
+4	Other companies , including International Business Machines Corp. and Hewlett-Packard Co. , completely idled their operations because of Tuesday evening 's temblor	Personnel spent the morning inspecting buildings for structural weaknesses , mopping up water from broken pipes and clearing ceiling tiles and other debris from factory floors
+5	it anticipates returning to a normal work schedule by the weekend at its San Jose plant	that , while `` things are a big mess , '' some 18,000 Valley employees have been called back to work today
+8	that it was being `` cautiously optimistic , '' despite not yet closely eyeballing all of its 50 buildings in the region	Even the carefully calibrated machinery in its giant Fremont plant , to the north of the Valley , was believed to be undamaged
+2	the Sunnyvale chip maker is worried about blackouts	A sudden surge or drop in electric power could ruin integrated circuits being built
+8	In addition , some microelectronics companies said they were prepared for tremulous conditions like Tuesday 's	Their machine tools are even bolted to the shop floor
+5	Their machine tools are even bolted to the shop floor	that over the past decade , it has installed computer sensors and shutoff valves , sensitive to the shake of an earthquake , in the pipes that snake through its plants
+5	That 's certainly good news for such companies as Compaq Computer Corp. , Houston , which has only a four-day supply of microprocessors from the Valley on hand because of a just-in-time manufacturing approach that limits the buildup of inventory	it foresees no difficulties in obtaining parts in the immediate future
+6	Computer makers were scrambling to help customers recover from the disaster	Digital Equipment has set up disaster-recovery response centers in Dallas , Atlanta and Colorado Springs , Colo
+6	they , too , fared as well as could be expected	Lawrence Livermore National Laboratory had only `` superficial damage
+1	Michael Maynard offered the world a faster way to break eggs	As thanks , the egg industry tried to break him
+6	And the egg producers have done a pretty good job	They tried to put Mr. Maynard out of business by an act of Congress
+5	They tried to put Mr. Maynard out of business by an act of Congress	Egg-industry lobbying helped persuade six states to ban Mr. Maynard 's automatic egg-breaking machine because of fears over salmonella
+2	Egg-industry lobbying helped persuade six states to ban Mr. Maynard 's automatic egg-breaking machine because of fears over salmonella	His company , Misa Manufacturing Inc. , was forced to seek protection from creditors under federal bankruptcy law in 1987 and has since been liquidated
+5	His company , Misa Manufacturing Inc. , was forced to seek protection from creditors under federal bankruptcy law in 1987 and has since been liquidated	Monthly sales of his Egg King machine have sunk to about half a dozen from a peak of 75
+8	Part of the answer lies in the nature of the industry	Many larger egg producers are also egg processors , who crack , inspect , and sanitize billions of eggs , turning them into powdered , liquified or frozen egg products
+2	Chickens carry this bacteria	Hens sometimes pass salmonella to the eggs , and it can also be found on unclean shells
+6	Mr. Maynard claims this is a manageable problem	The Egg King carries written instructions to break only high-grade eggs that have been properly sanitized and , as an added precaution , to use the eggs only in products that will be cooked enough to kill bacteria
+8	The Egg King carries written instructions to break only high-grade eggs that have been properly sanitized and , as an added precaution , to use the eggs only in products that will be cooked enough to kill bacteria	With nearly 4,000 machines in use , there have been no salmonella problems as long as instructions were followed
+3	Opponents do n't buy such arguments	Human nature being what it is , people do n't always follow instructions
+6	Leading the assault against the Egg King has been United Egg Producers	The Decatur , Ga. , trade group has issued a `` briefing book '' that claims the machine is `` a health hazard '' and that Mr. Maynard is trying `` to make a fast buck at the expense of the nation 's egg producers
+5	and that Mr. Maynard is trying `` to make a fast buck at the expense of the nation 's egg producers	The UEP declines to comment , but the group 's attorney , Alfred Frawley , says the group 's actions are motivated solely by `` health concerns
+8	An early battleground was the U.S. Department of Agriculture	Mr. Maynard initially won approval for his machine to be used at egg-processing facilities regulated by the USDA 's Food Safety Inspection Service
+1	Mr. Maynard initially won approval for his machine to be used at egg-processing facilities regulated by the USDA 's Food Safety Inspection Service	Unfortunately for Mr. Maynard , another branch of the USDA , the Agricultural Marketing Service , was in charge of eggs
+2	Unfortunately for Mr. Maynard , another branch of the USDA , the Agricultural Marketing Service , was in charge of eggs	After receiving complaints from egg producers , this branch got the other branch to rescind its approval , thus limiting the machine 's potential market to bakeries and restaurants and other establishments that are n't regulated by the USDA
+5	So the producers went to Capitol Hill , where a congressman from Georgia introduced a measure to ban centrifugal egg-breaking machines	Mr. Maynard enlisted his local congressman
+1	Mr. Maynard 's forces finally defeated the measure , though it took a vote on the floor of the House of Representatives to do it	Even then , opponents managed to get a congressional hearing to examine what one congressman called an `` unscrupulous '' method for breaking eggs
+2	An antitrust suit that Mr. Maynard 's company filed in Los Angeles federal court against the United Egg Producers and others only added to the entrepreneur 's woes	The judge dismissed the suit and ordered Mr. Maynard 's company to pay over $ 100,000 in legal fees to the defendants ' lawyers
+2	But , so far , the change of scenery has n't ended his string of bad breaks	Mr. Maynard recently fell from a horse and fractured his arm
+8	As the tough , slinky lounge chanteuse in `` The Fabulous Baker Boys , '' Ms. Pfeiffer sings for herself , and more than passably well	Her Susie Diamond handles a song the way the greats do , like she 's hearing the way it should sound inside her head and she 's concentrating on matching that internal tone
+6	Yet her intensity stops and starts with the music	When she is n't performing for an audience , she prepares for a song by removing the wad of gum from her mouth , and indicates that she 's finished by sticking the gum back in
+8	Steve Kloves , the young writer and director ( he is n't yet 30 ) , has only one produced picture to his credit	he wrote the screenplay for `` Racing With the Moon , '' a lovely coming-of-age picture set in the '40s
+5	he wrote the screenplay for `` Racing With the Moon , '' a lovely coming-of-age picture set in the '40s	Both movies are infused with the nostalgic sensibility of someone much older , someone who does n't dismiss dreams , but who also has enough experience to see his limits
+2	However , Mr. Kloves directs his own material without sentimentality and at its own eccentric pace	Baker Boys '' is both bluesy and funny
+5	Much of the picture 's sensuality emerges from cinematographer Michael Ballhaus 's slyly seductive lens work	After working for years with Werner Rainer Fassbinder , the late German director , and more recently with Martin Scorsese ( `` After Hours , '' `` The Color of Money , '' `` The Last Temptation of Christ '' ) , Mr. Ballhaus has developed a distinctively fluid style
+8	heelsthe boys are pretty great , too	What seemed like a good idea , to cast the Bridges brothers ( Jeff and Beau ) as the Baker brothers , actually turned out to be a good idea
+6	When the movie opens the Baker brothers are doing what they 've done for 15 years professionally , and twice as long as that for themselves	They 're playing proficient piano , face-to-face , on twin pianos
+6	Yet they do n't disparage their audiences by disparaging their act	They wear tuxedos most nights , unless circumstances ( a regular gig at a `` tropical '' lounge , for example ) require them to wear special costumes , like Hawaiian shirts
+6	and approaches the work like any other job	He 's even able to think of a job that takes him out of the house 300 nights a week as an ordinary job
+5	He 's even able to think of a job that takes him out of the house 300 nights a week as an ordinary job	He 's got a wife and two kids and a house in the suburbs ; the audience sees only the house , and only near the end of the movie
+1	He 's got a wife and two kids and a house in the suburbs	the audience sees only the house , and only near the end of the movie
+2	Jeff Bridges is the younger brother , Jack , who fancies himself the rebellious artist	he lives in a loft with his sick dog and the occasional visit from the little girl upstairs , who climbs down the fire escape
+8	who 's managed to chisel his dreams to fit reality without feeling too cheated	He can live with little pleasures
+6	Mr. Kloves has put together some priceless moments	These include Jennifer Tilly 's audition to be the Baker Boys ' girl singer
+9	These include Jennifer Tilly 's audition to be the Baker Boys ' girl singer	Ms. Tilly of the tweety-bird voice showed great comic promise during her stint as the mobster 's girlfriend on the television show , `` Hill Street Blues
+5	Ms. Tilly of the tweety-bird voice showed great comic promise during her stint as the mobster 's girlfriend on the television show , `` Hill Street Blues	Here she delivers , especially during her enthusiastically awful rendition of the `` Candy Man , '' which she sings while prancing around in a little cotton candy pink angora sweater that could n't be more perfect
+2	that could n't be more perfect	It matches her voice
+8	If you 'd like to see the first time Michelle Pfeiffer sang on screen , and you have a lot of patience , take a look at `` Grease 2	You 'll find her there
+4	You 'll find her there	Better yet , check out the emergence of her comic persona in `` Married to the Mob , '' Jonathan Demme 's delightful Mafia comedy
+1	On Oct. 5 , the company estimated after-tax effects on the year 's earnings would be `` at least '' $ 1.3 million	Yesterday , the company said the negative after-tax effect on earnings for the year will be about $ 3.3 million
+8	Yesterday , the company said the negative after-tax effect on earnings for the year will be about $ 3.3 million	For the nine months ended July 31 , Bank Building had a net loss of $ 1 million , on revenue of $ 66.5 million
+2	And if I think that some people { on HUD Secretary Jack Kemp 's } staff are off base in terms in which they 're evaluating certain things affecting my hometown , I have to tell you something -- I 'm not going to take it	that I 'm elected to represent the people that sent me here
+9	In June , the Chicago Board of Trade said it suspended Capcom Financial	The Capcom Futures unit withdrew from Board of Trade membership voluntarily in August
+5	Formerly president and treasurer , Mr. Lang remains chief executive officer	Victor C. Benda , 58 , formerly executive vice president , succeeds Mr. Lang as president and becomes chief operating officer , a new post
+8	We were expecting it , following the fall of the Dow Friday	It 's the proverbial flight to safety
+6	money funds continue to offer better yields than other comparable investments	The average seven-day compound yield on the 400 taxable funds tracked by IBC/Donoghue 's was 8.55 % in the latest week , down from 8.60 %
+6	Money-fund assets have been rising at an average rate of $ 1.6 billion a week in recent months	In the latest week , funds open to institutions alone grew by $ 1.8 billion
+8	People are n't necessarily running scared	They 're maintaining their attitude toward investing , which has leaned toward the conservative recently
+1	The average maturity of the funds tracked by IBC/Donoghue 's remained at 38 days for the third consecutive week	It was as short as 29 days at the start of this year , when rates were marching steadily upward , and hit 42 days in August
+5	The average seven-day simple yield of the funds fell to 8.21 % this week from 8.26 %	The average 30-day simple yield was 8.26 % , compared with 8.27 % the week before , and the 30-day compound yield slid to 8.60 % from 8.61 %
+6	Some funds are posting yields far higher than the average	The highest yielding taxable fund this week was Harbor Money Market Fund , with a seven-day compound yield of 12.75 %
+5	Among the other high-yielding funds , Fidelity 's Spartan Fund had a seven-day compound yield of 9.33 % in the latest week	The seven-day compound yield of the Dreyfus Worldwide Dollar Fund was 9.51 %
+8	In an interview in New York , Mr. Breene outlined big plans for the new agency	Our goal is to develop quite rapidly to a top-10 position . . . by the end of three years from now
+5	Our goal is to develop quite rapidly to a top-10 position . . . by the end of three years from now	It implies very dramatic growth
+5	It implies very dramatic growth	that Eurocom and WCRS had agreed to provide a development fund of # 100 million for acquisitions
+5	that Eurocom and WCRS had agreed to provide a development fund of # 100 million for acquisitions	The new agency group is already in discussions about a possible purchase in Spain
+2	Cracking the top 10 within three years will be difficult at best	Della Femina had billings of just $ 660 million last year and ranked as the U.S. 's 24th-largest ad agency
+5	Della Femina had billings of just $ 660 million last year and ranked as the U.S. 's 24th-largest ad agency	The merged company that it now becomes part of will have billings of just more than $ 2.6 billion -- most of that in Europe -- bringing it to about 14th world-wide
+2	The merged company that it now becomes part of will have billings of just more than $ 2.6 billion -- most of that in Europe -- bringing it to about 14th world-wide	To make it to top-10 status , it would have to leapfrog over such formidable forces as Grey Advertising , D'Arcy Masius Benton & Bowles and Omnicom 's DDB Needham
+9	The merged agency 's game plan to attract multinational packaged-goods advertisers may prove equally difficult	When WCRS created Della Femina McNamee out of the merger of three smaller agency units in 1988 , it said it did so in order to attract larger clients , especially packaged-goods companies
+5	But major packaged-goods players of the world -- such as Procter & Gamble , Colgate-Palmolive and Unilever -- have steadfastly eluded the agency	Three of our favorite names
+5	Still , the restructuring could create one of the most powerful alliances between advertising and media-buying firms that Europe has seen	As part of the restructuring , WCRS and Eurocom said they will look for ways to combine their media buying across Europe
+8	What 's more , both Eurocom and brothers Francis and Gilbert Gross , who founded Carat , will acquire 14.99 % stakes in WCRS Group	Carat will receive its WCRS stake as part of payment for the 50 % Carat stake that WCRS is buying
+5	he plans to remain heavily involved in the creative product at the world-wide agency , serving as a sort of `` creative conscience	Louise McNamee , Della Femina 's president , will continue running the U.S. agency day-to-day
+5	In addition to Carat , WCRS will hold onto its public relations , TV programming and other businesses	its debt will be cut to # 24 million from # 66 million as a result of the transaction
+8	Carat 's Gross brothers invented the idea of large-scale buying of media space	By buying the space in bulk , they obtain discounts as high as 50 % , which they can pass on to customers
+6	the quake damaged the offices of J. Walter Thompson , Chiat/Day/Mojo and DDB Needham , among others	Staffers at Thompson , whose offices are in the ultramodern Embarcadero Center , watched pictures drop from the walls and then felt the skyscraper sway seven to eight feet , according to a spokeswoman
+10	Staffers at Thompson , whose offices are in the ultramodern Embarcadero Center , watched pictures drop from the walls and then felt the skyscraper sway seven to eight feet , according to a spokeswoman	Plaster fell and windows were broken at Chiat/Day/Mojo
+2	Late yesterday afternoon , DDB Needham executives were scrambling to figure out what to do about a new business presentation that had been scheduled for today	DDB Needham 's office building may have sustained structural damage
+2	DDB Needham 's office building may have sustained structural damage	All operations have stopped
+8	Chesebrough-Pond 's Inc. , Greenwich , Conn. , awarded its Faberge hair care accounts to J. Walter Thompson , New York	Thompson , a unit of WPP Group , will handle Faberge Organic shampoo and conditioner and Aqua Net hairspray
+9	William Morrissey , 44 , was named executive vice president , world-wide director of McCann Direct , the direct marketing unit of Interpublic Group 's McCann-Erickson agency	He had been president and chief operating officer of Ogilvy & Mather Direct
+0	One of the most remarkable features of the forced marches of the ethnic Turks out of Bulgaria over the past five months has been the lack of international attention	The deportation of more than 315,000 men , women and children by the Bulgarian regime adds up to one of the largest migrations seen in the postwar years
+6	As if this were n't enough , the Senate Judiciary Committee is getting into the act	On Tuesday it approved Senator Bob Dole 's proposed commemorative resolution designating April 24 , 1990 , as the `` National Day of Remembrance of the 75th Anniversary of the Armenian Genocide of 1915-1923
+2	but one has to wonder what possible good such a resolution will achieve	It puts great strain on a longstanding U.S. friendship with Turkey
+2	Turkey has been fighting its past for years , and thus far has been only partially successful	Must it now accept that one of its strongest allies blames it for the genocide of another people
+2	Turkey is n't really part of Europe	Why , they wonder , should it belong to the EC
+5	Why , they wonder , should it belong to the EC	Another anti-Turkish hook is the Islamic faith of the majority of the Turkish people
+8	Another anti-Turkish hook is the Islamic faith of the majority of the Turkish people	Turkey is not a Christian nation
+2	Turkey is not a Christian nation	its people simply wo n't fit in with the Western European Judeo-Christian tradition
+1	its people simply wo n't fit in with the Western European Judeo-Christian tradition	It 's when these rationalizations fall on deaf ears that the old standby of retribution for treatment at the hands of the Ottoman Empire comes to the fore
+5	No one has to accept the sins of the Ottoman Empire to reject that argument	Turkey in any event is long past it
+6	Turkey in any event is long past it	The country has in recent years accepted more than 500,000 refugees from at least four bordering nations
+6	The country has in recent years accepted more than 500,000 refugees from at least four bordering nations	Kurds have inundated eastern Turkey
+5	Kurds have inundated eastern Turkey	Now it is their fellow Turks arriving as refugees from Bulgaria
+2	The Turkish refugee tragedy and the ongoing crisis can not be ignored and shuttled off to that notorious dustbin of history that has become so convenient recently	Surely , the past suffering of any people at any time can not be simply filed away and forgotten
+8	But what the Senate Judiciary Committee has done in supporting the strongly worded Armenian resolution achieves no useful end	it merely produces more controversy and embittered memories
+1	Many in Washington say President Bush will have to raise taxes to pay for his war on drugs	We have a better idea : Dismantle HUD to pay for the war on drugs
+6	From what we and the nation have been reading , the money is n't being spent very well	The single most important contribution the government could make now to help the poor is to get the specter of drugs out of their neighborhoods
+2	The single most important contribution the government could make now to help the poor is to get the specter of drugs out of their neighborhoods	If that takes money , take it away from this discredited federal department
+1	This month , HUD Secretary Jack Kemp unveiled a series of proposed reforms to improve management at HUD	No doubt many of his ideas are worthy , but ultimately he is proposing to make fundamentally flawed programs work slightly more fairly and efficiently
+5	but ultimately he is proposing to make fundamentally flawed programs work slightly more fairly and efficiently	Congress is unlikely to go even that far
+2	Rep. Oakar , a Democrat from Cleveland , wants a $ 6.9 million grant so Cleveland can build an 18-story Rock and Roll Hall of Fame	it 'd create 600 jobs and bring Cleveland tourist revenue
+1	She says it 'd create 600 jobs and bring Cleveland tourist revenue	HUD says the project does n't qualify , and Mr. Kemp says that rock ' n ' roll musicians and the music industry ought to put up the money
+8	Rep. Chalmers Wylie , an Ohio Republican , rallied to the cause	I think the gentlelady is making an important statement
+2	the gentlelady is making an important statement	The implication that if a congressman calls about a project in his district there 's something wrong is most unfortunate
+1	some theologian can explain the difference between what the Republican consultants have been doing with HUD and what these gentleladies and gentlemen want to do with HUD	that given Congress 's attitude toward HUD , the place probably is beyond reform
+1	For more than 50 years the federal government has tried various ways to provide housing for the poor and revive cities	In the process HUD has wasted untold billions , created slums and invited corruption
+6	Much of HUD 's spending actually is disguised welfare for developers or the middle class	That includes the CDBG funds and the Federal Housing Administration
+5	and zeroing out housing middlemen would free up more money for public housing tenants to manage and even own their units	The rest ought to be used to clean out drugs from the neighbhorhoods
+8	Rival gangs have turned cities into combat zones	there have been a record 96 killings there this year , most of them drug-related
+6	Innocent bystanders often are the victims	A man in a wheelchair was gunned down in the crossfire of a Miami drug battle
+5	A man in a wheelchair was gunned down in the crossfire of a Miami drug battle	A three-year-old Brooklyn boy was used as a shield by a drug dealer
+2	Decent life in the inner cities wo n't be restored unless the government reclaims the streets from the drug gangs	Until then , the billions HUD spends on inner-city housing simply is wasted
+1	It 's still unclear whether Secretary Kemp wants to completely overhaul the engine room at HUD or just tighten a few screws here and there	No doubt he believes the place can be salvaged
+1	No doubt he believes the place can be salvaged	Having seen the hypocrisy with which Congress has addressed the HUD scandals , we disagree
+4	Having seen the hypocrisy with which Congress has addressed the HUD scandals , we disagree	It 's time to scrap the politically infested spending machine HUD has become and channel the resources into the drug war
+6	but also symbols through which the state of a society can be construed	The rubble after the Armenian earthquake a year ago disclosed , quite literally , a city whose larger structures had been built with sand
+6	The larger parallel after the earthquake centered south of San Francisco is surely with the state of the U.S. economy	Did the stock-market tremors of Friday , Oct. 13 , presage larger fragility , far greater upheavals
+6	The eerie complacency of the Reagan-Bush era has produced Panglossian paeans about the present perfection of U.S. economic and social arrangements	A licensed government intellectual , Francis Fukuyama , recently announced in The National Interest that history is , so to speak , at an end since the course of human progress has now culminated in the glorious full stop of American civilization
+9	Government statistics in fact show that the profit rate peaked in 1965 at 17.2 %	That same calculation saw profit rates fall to 4.6 % in the recession year 1982 and the supposed miracle that followed has seen the profit rate rise only to 8.1 % in 1986 and 8 % in 1987
+8	This is indeed what the market decided	By 1982 the ratio was 43.5 % , meaning that the market was valuing every dollar 's worth of the average firm 's assets at 43 cents
+2	that if it takes only 43 cents to buy a dollar 's worth of a firm 's capital stock , an alert entrepreneur wo n't look the other way	His assumption is that the underlying profitability rate will go up and the capital assets he bought on the cheap will soon be producing profits
+8	But here is where the entrepreneur made a very risky bet , and where society was maybe foolish to look the other way	The profit rate is still low and the Q ratio was only 65 % in 1987 and 68.9 % in 1988
+6	But there were enough promoters announcing the end of history for society to continue shielding its eyes	Mainstream economists and commentators , craning their necks up at the great pyramids of junk financing , swiveling their heads to watch the avalanche of leveraged buy-outs , claimed the end result would be a leaner , meaner corporate America , with soaring productivity and profits and the weaker gone to the wall
+4	But this is not where the rewards of junk financing were found	The beneficiaries were those financiers whose icon was the topic figure of '80s capitalism
+4	Left-stream economists I associate with were not hypnotized in the manner of their pliant colleagues	All along they have been noting the tremors and pointing out the underlying realities
+6	and pointing out the underlying realities	Profit rates after the great merger wave are no higher , and now we have an extremely high-interest burden relative to cash flow
+6	The consequences of building empires with sand are showing up	In contrast to previous estimates reckoning the default rate on junk bonds at 2 % or 3 % , a Harvard study published in April of this year found the default rate on these junk bonds is 34 %
+2	Corporations need liquidity , in the form of borrowed funds	Without liquidity from the junk-bond market or cash flow from profits , they look to the government
+1	which obediently assists the natural motions of the capitalist economy with charity in the form of cuts in the capital-gains tax rate or bailouts	The consequence can be inflation , brought on as the effect of a desperate bid to avoid the deflationary shock of a sudden crash
+6	Attacks on inflation come with another strategy of capital of a very traditional sort : an assault on wages	Mr. Fukuyama said in his essay that `` the class issue has actually been successfully resolved in the West
+2	Mr. Fukuyama might want to consult some American workers on the subject of class and egalitarianism	From its peak in 1972 of $ 198.41 , the average American weekly wage had fallen to $ 169.28 in 1987 -- both figures being expressed in 1977 dollars
+8	These are long-term Richter readings on American capitalism	The whole structure is extremely shaky
+1	The whole structure is extremely shaky	Governments have become sophisticated in handling moments of panic
+6	But sophistication has its limits	The S & L bailout could cost $ 300 billion , computing interest on the government 's loans
+8	The S & L bailout could cost $ 300 billion , computing interest on the government 's loans	These are real costs
+2	These are real costs	Under what weights will the Federal Deposit Insurance Corporation totter
+8	that the three giants plan to integrate their cargo computers and ground-cargo and air-cargo systems	They will invest a total of 20 billion yen ( $ 140 million ) in the venture
+2	The action follows Federal Express Corp. 's acquisition of Flying Tiger Line Inc. in August	After that , `` it would make sense for airlines to talk about doing things jointly
+2	such discussions are motivated by the competitive threat posed by Federal Express , United Parcel Service of America Inc. and other fast-growing air-freight companies	Many airlines are talking about cargo ventures
+8	JAL is talking to Lufthansa and Air France about some sort of cargo venture	It is just one of a number of strategies JAL has embarked upon to come to terms with the situation in Europe after 1992
+1	In Frankfurt , a Lufthansa spokesman confirmed talks are under way , but declined to comment	A Lufthansa spokeswoman in Tokyo said the head of Lufthansa 's cargo operations had been in Toyko last week for talks with JAL
+5	A Lufthansa spokeswoman in Tokyo said the head of Lufthansa 's cargo operations had been in Toyko last week for talks with JAL	In Paris , Air France declined to comment
+1	Nothing is defined or signed at this point	Whatever accord the three carriers reach he is skeptical it would create a separate airline
+2	If the three companies pool their air-freight businesses , their clout would be considerable	According to figures from the International Air Transport Association , they carried a combined 1.8 million tons of freight last year
+1	According to figures from the International Air Transport Association , they carried a combined 1.8 million tons of freight last year	Federal Express and Flying Tiger , as separate companies , carried a combined 2.6 million tons
+8	Air France and Lufthansa last month concluded a far-reaching cooperation accord that includes air-freight activities	They plan to increase cooperation in freight ground-handling and create a world-wide computer system to process cargo
+5	and create a world-wide computer system to process cargo	Other airlines would have access to the system
+6	JAL also has signaled it is looking for toeholds in Europe before the end of 1992	Last month , the carrier said it wanted to lease crews and planes from British Airways so it could funnel its passengers from London to other European destinations
+2	The decision , which affects millions of dollars of trading positions , was made late yesterday because the Pacific exchange 's options floor was shut down as a result of Tuesday 's earthquake	it was necessary to ensure that options listed on the exchange could be traded today and tomorrow
+5	well over 50 traders from the Pacific exchange were taking flights from San Francisco late yesterday to the American , New York and Philadelphia exchanges and to the CBOE	carpenters quickly erected a new options floor to accomodate 40 traders from the Pacific exchange
+2	The most pressing problem was the suspension of options trading	The Pacific exchange has options for 129 underlying stock issues , including highly active Hilton Hotels Corp. , which is listed on the Big Board
+2	that the shutdown would n't be a cause for alarm even if it were to persist for several days	that they still have the ability to exercise their options , because they are guaranteed by the Options Clearing Corp
+6	that the shutdown would n't be a cause for alarm even if it were to persist for several days	that they still have the ability to exercise their options , because they are guaranteed by the Options Clearing Corp
+2	While the exchange 's equities floor in San Francisco remained open on a limited basis , orders were being routed and executed in Los Angeles	Workers could dial out , but they could n't receive telephone calls
+2	Workers could dial out , but they could n't receive telephone calls	It 's a very uncertain situation right now
+2	Because the exchange 's computer was rerouting orders to the exchange 's trading operations in Los Angeles , `` business is as usual	If one city is down , the other can take over
+6	Meanwhile , the brokerage firms in San Francisco were trying to cope	traders came to work at 5 a.m. PDT -- many on foot because of uncertain road and traffic conditions -- but learned that they would have to await a required inspection by the city in order to turn the power back on at the company 's two main facilities there
+1	that they would have to await a required inspection by the city in order to turn the power back on at the company 's two main facilities there	That should happen by today
+2	Also , most of the telecommunications equipment was out	The traders were executing municipal bond , mutual fund and other orders through a sister firm , Tucker Anthony Inc
+2	The traders were executing municipal bond , mutual fund and other orders through a sister firm , Tucker Anthony Inc	We are having a regular day
+8	We are having a regular day	Volume is down out of San Francisco , but not out of the 11 outlying offices
+5	Volume is down out of San Francisco , but not out of the 11 outlying offices	Sutro 's Oakland office executed orders through the Sacramento office , which was n't affected by the quake
+1	At Kidder , Peabody & Co. 's Sacramento branch , Manager Janet White received calls yesterday morning from workers in San Francisco who offered to work in Sacramento	Then she discovered that Quotron Systems Inc. 's Sacramento lines were down , because they are normally tied in through a system that goes through San Francisco
+8	At Quotron , the company 's National Call-In Center assembled a tactical team at 5 a.m. yesterday to begin rerouting lines and restore service to brokers and traders	The company dispatched as many as 200 people in the San Francisco area to do the work , though most of the rerouting was done by computer
+2	The move by IBM was n't exactly a surprise	The company has spent some $ 5 billion over the past 3 1/2 years to buy back 42 million common shares , or roughly 7 % of those outstanding
+6	In addition , despite IBM 's well-publicized recent problems , the computer giant still generates enormous amounts of cash	As of the end of the second quarter , it had $ 4.47 billion of cash and marketable securities on hand
+2	In the short term , the move is likely to have little effect	At yesterday 's closing price , $ 1 billion would buy back about 10 million shares , or less than 2 % of the roughly 580 million outstanding
+10	None of the problems is necessarily fatal , and they are n't all necessarily even related	There are also other factors at work that are outside IBM 's control , such as currency exchange rates
+1	None of the problems is necessarily fatal , and they are n't all necessarily even related	There are also other factors at work that are outside IBM 's control , such as currency exchange rates
+6	There are also other factors at work that are outside IBM 's control , such as currency exchange rates	The strong dollar is expected to knock 80 to 85 cents off IBM 's per-share earnings for the full year
+8	The strong dollar is expected to knock 80 to 85 cents off IBM 's per-share earnings for the full year	Without that problem , IBM might have matched last year 's earnings of $ 5.81 billion , or $ 9.80 a share
+8	Still , investors will take some convincing before they get back into IBM 's stock in a big way	that while investors were looking for an excuse to buy IBM shares a year ago , even the big institutional investors are looking for a reason to avoid the stock these days
+9	At the opening bell , investors quickly began singling out shares of companies expected to profit or suffer in some way from the California disaster	Brokerage houses jumped in
+2	The most popular plays of the day were insurance companies such as General Re Corp. , which rose $ 2.75 to $ 86.50 , Nac Re Corp. , up $ 2 to $ 37.75 , American International Group Inc. , up $ 3.25 to $ 102.625 , and Cigna Corp. , up 87.5 cents to $ 62.50	insurers will use the earthquake as an excuse to raise insurance rates , ending their long price wars
+5	On the prospect for rebuilding northern California , investors bid up cement-makers Calmat Co. , up $ 2.75 to $ 28.75 , and Lone Star Industries Inc. , up $ 1.75 to $ 29.25	Bridge and road builders had a field day , including Kasler Corp. , up $ 2.125 to $ 9.875 , Guy F. Atkinson Co. , up 87.5 to $ 61.875 , and Morrison Knudsen Corp. , which reported higher third-quarter earnings yesterday , up $ 2.25 to $ 44.125
+5	Bridge and road builders had a field day , including Kasler Corp. , up $ 2.125 to $ 9.875 , Guy F. Atkinson Co. , up 87.5 to $ 61.875 , and Morrison Knudsen Corp. , which reported higher third-quarter earnings yesterday , up $ 2.25 to $ 44.125	Fluor Corp. , a construction engineering firm , gained 75 cents to $ 33.375
+8	Timber stocks got a big boost	Georgia Pacific Corp. , up $ 1.25 to $ 58 , and Maxxam Inc. , up $ 3 to $ 43.75 , both reported strong profits
+5	Georgia Pacific Corp. , up $ 1.25 to $ 58 , and Maxxam Inc. , up $ 3 to $ 43.75 , both reported strong profits	Merrill Lynch & Co. touted Georgia-Pacific , Louisiana Pacific Corp. and Willamette Industries Inc. as the best post-quake plywood plays
+6	Other gainers were companies with one or more undamaged California refineries	Tosco Corp. jumped $ 1.125 to $ 20.125 and Chevron Corp. , despite a temporary pipeline shutdown , rose $ 1 to $ 65
+6	Meanwhile , shares of some big housing lenders got hit , on the likelihood that the lenders ' collateral suffered physical damage and perhaps a loss in value	Wells Fargo & Co. fell 50 cents to $ 81.50 , and BankAmerica Corp. fell 50 cents to $ 31.875
+2	Pacific Telesis Group lost 62.5 cents to $ 44.625	A computer failure delayed its earnings announcement , and some investors think it might have extra costs to repair damaged telephone lines
+8	that Petco was withdrawing from the clearing business	The owners of the company got a look at the potential risks in this business , and after Monday they felt they did n't want to be exposed any more
+2	The unprecedented transfer of accounts underscored the options industry 's desire not to have its credibility tarnished by potentially widespread trading defaults on Monday	The CBOE , American Stock Exchange , Options Clearing Corp. and Stephen Fossett , owner of Fossett , joined in putting up $ 50 million to guarantee the accounts at First Options
+6	Money is n't the only thing that makes her dump once favorite brands	After she heard about the artery-clogging hazards of tropical oils in many cookies , she dropped Pepperidge Farm and started buying brands free of such oils
+9	After she heard about the artery-clogging hazards of tropical oils in many cookies , she dropped Pepperidge Farm and started buying brands free of such oils	I always thought Pepperidge Farm was tasty and high quality
+2	Clearly , people like Mrs. Lombardi are giving marketers fits	She represents a new breed of savvy consumer who puts bargain prices , nutritional and environmental concerns , and other priorities ahead of old-fashioned brand loyalty
+8	While brand loyalty is far from dead , marketing experts say it has eroded during the 1980s	Marketers themselves are partly to blame
+2	Marketers themselves are partly to blame	They 've increased spending for coupons and other short-term promotions at the expense of image-building advertising
+2	Marketers have brought this on themselves with their heavy use '' of promotions	Without some real product improvements , it 's going to be difficult to win that loyalty back
+8	The Wall Street Journal 's `` American Way of Buying '' survey this year found that most consumers switch brands for many of the products they use	For the survey , Peter D. Hart Research Associates asked some 2,000 consumers , including Mrs. Lombardi , whether they usually buy one brand of a certain type of product or have no brand loyalty.More than half the users of 17 of the 25 products included in the survey said they 're brand switchers
+5	For the survey , Peter D. Hart Research Associates asked some 2,000 consumers , including Mrs. Lombardi , whether they usually buy one brand of a certain type of product or have no brand loyalty	More than half the users of 17 of the 25 products included in the survey said they 're brand switchers
+5	Overall , 12 % of consumers are n't brand loyal for any of the 25 product categories	About 47 % are loyal for one to five of the products
+5	Overall , 12 % of consumers are n't brand loyal for any of the 25 product categories.About 47 % are loyal for one to five of the products	Only 2 % are brand loyal in 16 to 20 of the categories
+1	For such products as canned vegetables and athletic shoes , devotion to a single brand was quite low , with fewer than 30 % saying they usually buy the same brand	Only for cigarettes , mayonnaise and toothpaste did more than 60 % of users say they typically stick with the same brand
+6	People tend to be most loyal to brands that have distinctive flavors , such as cigarettes and ketchup	her husband is adamant about eating only Hunt 's ketchup
+8	her husband is adamant about eating only Hunt 's ketchup	He simply ca n't stomach the taste of Heinz
+1	He simply ca n't stomach the taste of Heinz	The only other thing I 'm really loyal to is my Virginia Slims cigarettes
+2	The only other thing I 'm really loyal to is my Virginia Slims cigarettes	Coke and Pepsi are all the same to me , and I usually buy whichever brand of coffee happens to be on sale
+8	Brand imagery plays a significant role in loyalty to such products as cigarettes , perfume and beer	People often stay with a particular brand because they want to be associated with the image its advertising conveys
+8	Loyalty lags most for utilitarian products like trash bags and batteries	Only 23 % of trash-bag users in the Journal survey usually buy the same brand , and just 29 % of battery buyers stick to one brand
+1	Underwear scored a middling 36 % in brand loyalty , but consumer researchers say that 's actually quite high for such a mundane product	In the past , you just wore Fruit of the Loom and did n't care
+2	In the past , you just wore Fruit of the Loom and did n't care	The high score reflects the attempts to make underwear more of a fashion image business for both men and women
+2	there 's opportunity for a smart gasoline marketer to create a strong brand image and more consumer loyalty	What loyalty there is to gas brands is a matter of stopping at the most conveniently located service stations
+8	Brand loyalty was stronger among older consumers in the Journal survey	Nearly one-fourth of participants age 60 and older claim brand loyalty for more than 10 of the 25 products in the survey
+1	Nearly one-fourth of participants age 60 and older claim brand loyalty for more than 10 of the 25 products in the survey	only 9 % of those age 18 to 29 have such strong allegiance
+2	Higher-income people also tend to be more brand loyal these days	that more affluent people tend to lead more pressured lives and do n't have time to research the products they buy for the highest quality and most reasonable price
+1	and do n't have time to research the products they buy for the highest quality and most reasonable price	An established brand name is insurance that at least the product will be of acceptable quality
+8	An established brand name is insurance that at least the product will be of acceptable quality , if not always the best value for the money	It 's sort of loyalty by default
+8	Meanwhile , `` the bottom end of the market is becoming less loyal	They 're buying whatever 's cheaper
+2	The biggest wild card in the brand loyalty game : How those hotly pursued but highly unpredictable baby boomers will behave as they move into middle age	They grew up with more brand choices than any generation and have shown less allegiance so far
+1	so	baby boomers will continue to be selective in their brand loyalties
+1	baby boomers will continue to be selective in their brand loyalties	Earlier generations were brand loyal across categories
+2	Rather , they tend to have a set of two or three favorites	Sometimes , they 'll choose Ragu spaghetti sauce
+6	Rather , they tend to have a set of two or three favorites	Sometimes , they 'll choose Ragu spaghetti sauce
+1	Sometimes , they 'll choose Ragu spaghetti sauce	other times , it will be Prego
+6	Advertisers attribute this shared loyalty to the striking similarity among brands	If a more absorbent Pampers hits the market , you can be sure a new and improved Huggies wo n't be far behind
+8	If a more absorbent Pampers hits the market , you can be sure a new and improved Huggies wo n't be far behind	The BBDO Worldwide ad agency studied `` brand parity '' and found that consumers believe all brands are about the same in a number of categories , particularly credit cards , paper towels , dry soups and snack chips
+8	When there 's a clutter of brands , consumers simplify the complexity by telling themselves , 'All brands are the same so what difference does it make which I buy	Too often , advertising imagery has n't done a good job of forging a special emotional bond between a brand and the consumer
+2	And perhaps with good reason	Every time 24 hours pass without any advertising reinforcement , brand loyalty will diminish ever so slightly -- even for a powerful brand like Budweiser
+8	Consider , for example , what happened to Maxwell House coffee	The Kraft General Foods brand stopped advertising for about a year in 1987 and gave up several market share points and its leadership position in the coffee business
+2	Now , Philip Morris { Kraft General Foods ' parent company } is committed to the coffee business and to increased advertising for Maxwell House	Even though brand loyalty is rather strong for coffee , we need advertising to maintain and strengthen it
+2	that it makes good sense to focus more on its most loyal customers than on people who buy competitive brands	The probability of converting a non-user to your brand is about three in 1,000
+2	The probability of converting a non-user to your brand is about three in 1,000	The best odds are with your core franchise
+6	The best odds are with your core franchise	Our heavy users consume two to three cans of soup a week , and we 'd like to increase that
+6	So Campbell is talking to its `` brand enthusiasts , '' probing their psychological attachment to its soup	In one consumer focus group , a fan declared that , `` Campbell 's soup is like getting a hug from a friend
+2	Getting a grip on the extent of the damages is proving a far more difficult task than what insurers faced after Hurricane Hugo ripped through the Caribbean and the Carolinas last month	The earthquake 's toll , including possible deep structural damage , goes far beyond the more easily observed damage from a hurricane
+5	Aetna and other insurers are hiring engineers and architects to help them assess structural damage	Most insurers already have mobilized their `` catastrophe '' teams to begin processing claims from their policyholders in northern California
+8	Earthquake insurance is sold as a separate policy or a specific endorsement `` rider '' on a homeowner 's policy in California , because of the area 's vulnerability to earthquakes	about 25 % of its policyholders in California have also purchased earthquake insurance
+1	about 25 % of its policyholders in California have also purchased earthquake insurance	about 23 % of its personal property policyholders -- about 28 % in the San Franciso area -- also have earthquake coverage
+1	Roads and bridges in the Bay area appear to have suffered some of the most costly damage	Highways generally do n't have insurance coverage
+9	For example , insurers may seek to limit their future exposure to catastrophes by increasing the amount of reinsurance they buy	Such increased demand for reinsurance , along with the losses the reinsurers will bear from these two disasters , are likely to spur increases in reinsurance prices that will later be translated into an overall price rise
+2	this is the event that will change the psychology of the marketplace	His firm , along with some others , issued new buy recommendations on insurer stocks yesterday
+8	Still , a few individual companies , most likely smaller ones , could be devastated	there is a damned good chance someone is going to hit the skids on this
+2	there is a damned good chance someone is going to hit the skids on this	some insurers who had purchased reinsurance to limit their exposure to catastrophes will discover that reinsurance was used up by Hurricane Hugo
+8	The catastrophe losses sustained by insurers this year will probably be the worst on an inflation-adjusted basis since 1906	that the 1906 San Francisco destruction , on an inflation-adjusted basis , included insured losses of $ 5.8 billion
+1	that the 1906 San Francisco destruction , on an inflation-adjusted basis , included insured losses of $ 5.8 billion	this week 's disaster will generate insured losses of $ 2 billion to $ 4 billion , following about $ 4 billion in costs to insurers from Hurricane Hugo
+1	Hunter Environmental Services Inc. said it reached a preliminary accord on the sale of its environmental consulting and services business for about $ 40 million and assumption of related debt	The buyer was n't identified
+2	he `` would be disappointed if we could n't do { the deal } within a month	the tie-up would mean Jaguar could `` develop cars down range { in price } from where we are '' by offering access to GM 's high-volume parts production
+6	But Ford , Jaguar 's biggest shareholder since lifting its stake to 10.4 % this week , is pressing harder for talks with Sir John	We 're getting to the point where we are going to have to meet '' with him , one Ford official said yesterday
+2	We 're getting to the point where we are going to have to meet '' with him	Ford probably will renew its request for such a meeting soon
+5	since the U.S. auto giant launched a surprise bid for as much as 15 % of Jaguar last month	Ford has signaled it might acquire a majority interest later
+1	Ford has signaled it might acquire a majority interest later	I 'm not obligated to sit down and talk to anybody
+1	He did n't rule out negotiations with Ford , however	The fiercely proud but financially strapped British company prefers to remain independent and publicly held , despite Ford 's promise of access to cash and technological know-how
+8	that GM , a longtime Jaguar supplier , agrees `` we should remain an independent company	Jaguar started negotiating with GM and several other car makers over a year ago , but the rest `` dropped by the wayside ever since the share price went above # 4 ( $ 6.30 ) a share
+2	but the subsequent takeover frenzy has driven them up	The stock traded late yesterday on London 's stock exchange at 673 pence , up 19 pence
+2	Developing an executive-model range would mark a major departure for Britain 's leading luxury-car maker	A typical British executive car is mass produced and smaller than a luxury car
+5	A typical British executive car is mass produced and smaller than a luxury car	It generally fetches no more than # 25,000 ( $ 39,400
+1	We have designs for such { executive } cars , but have never been able to develop them	GM 's help would `` make it possible { for Jaguar } to build a wider range of cars
+8	An executive model would significantly boost Jaguar 's yearly output of 50,000 cars	You are talking about a couple hundred thousand a year
+1	A pact with GM may emerge in as little as two weeks , according to sources close to the talks	The deal would require approval by a majority of Jaguar shareholders
+2	The deal would require approval by a majority of Jaguar shareholders	We have to make it attractive enough that { holders } would accept it
+8	That may be difficult when you have somebody else breathing down your neck	Ford probably would try to kill the proposal by enlisting support from U.S. takeover-stock speculators and holding out the carrot of a larger bid later , said
+8	until U.K. government restrictions expire	The anti-takeover measure prevents any outside investor from buying more than 15 % of Jaguar shares without permission until Dec. 31 , 1990
+8	But with its 10.4 % stake , Ford can convene a special Jaguar shareholders ' meeting and urge them to drop the restrictions prematurely	It 's a very valuable weapon in their armory , '' which could enable Ford to bid sooner for Jaguar
+1	Otherwise , Jaguar may have to tolerate the two U.S. auto giants each owning a 15 % stake for more than a year	It would be difficult to see how a car company can be owned by a collective
+1	It would be difficult to see how a car company can be owned by a collective	It has never been done before , but there 's always a first
+5	For the third quarter , total operating revenue grew 2.6 % to $ 3.55 billion from $ 3.46 billion	Total operating expenses increased 3.5 % to $ 2.78 billion from $ 2.69 billion
+5	Total operating expenses increased 3.5 % to $ 2.78 billion from $ 2.69 billion	Overall access minutes of use increased 10.3 % and toll messages jumped 5.2 %
+7	three factors accounted for the drop in third-quarter earnings	The refinancing of $ 481 million in long-term debt reduced net income by $ 22 million , or five cents a share
+5	The refinancing of $ 481 million in long-term debt reduced net income by $ 22 million , or five cents a share , but in the long run will save more than $ 250 million in interest costs	The company previously said that the recent acquisition of Mobile Communications Corp. of America would dilute 1989 earnings by about 3 %
+5	For the third quarter , revenue increased 1.9 % to $ 2.55 billion from $ 2.51 billion	Operating expenses increased 2.6 % to $ 2.04 billion , including one-time pretax charges of $ 40 million for labor contract signing bonuses
+5	Operating expenses increased 2.6 % to $ 2.04 billion , including one-time pretax charges of $ 40 million for labor contract signing bonuses	Local service revenue increased 3.5 % and directory and unregulated business revenue jumped 9.5 %
+5	The poll conducted by Peter D. Hart Research Associates interviewed 2,064 adults age 18 and older from June 15 to June 30 , 1989	The poll conducted by the Roper Organization interviewed 2,002 adults age 18 and older from July 7 to July 15 , 1989
+1	the findings would differ from these poll results by no more than 2 1/2 percentage points in either direction	The margin of error for subgroups would be larger
+1	They accounted for a hefty 16 % of New York Stock Exchange volume Monday , the fourth busiest session ever	On Friday , 13 % of volume was in computer-guided program trades
+5	In it , traders buy or sell stocks and offset those positions in stock-index futures contracts to profit from fleeting price discrepancies	Under the exchange 's definitions , program trading also describes a number of other strategies that , in the opinion of some traders , do n't cause big swings in the market
+2	The Big Board 's disclosure of program trading activity on these two days was unusual	Though it collects such data daily , its monthly reports on program trading usually come out about three weeks after each month ends
+6	Though it collects such data daily , its monthly reports on program trading usually come out about three weeks after each month ends	The September figures are due to be released this week
+1	Though brokerage officials defended their use of program trading , one sign of what an issue it remains was that few executives would comment on the record	Besides reciting the pardon for program trading contained in the Brady Commission report , they said stock-index arbitrage was actually needed Monday to restore the markets ' equilibrium
+9	On Friday , the stock-index futures market was unhinged from the stock market when the Chicago Mercantile Exchange halted trading in Standard & Poor 's 500 futures contract	Futures trading resumed a half-hour later , but the session ended shortly thereafter , leaving the stock market set up for more sell programs , traders said
+1	but the session ended shortly thereafter , leaving the stock market set up for more sell programs	By Monday morning stock-index arbitrage sell programs helped re-establish the link between stocks and futures
+6	But stunning volatility was produced in the process	The Dow Jones Industrial Average plunged a breathtaking 63.52 points in the first 40 minutes of trading Monday as stock-index arbitrage sell programs kicked in
+9	The Dow Jones Industrial Average plunged a breathtaking 63.52 points in the first 40 minutes of trading Monday as stock-index arbitrage sell programs kicked in	At about 10:10 a.m. EDT , the market abruptly turned upward on stock-index arbitrage buy programs
+8	At about 10:10 a.m. EDT , the market abruptly turned upward on stock-index arbitrage buy programs	By day 's end , the Dow industrials had rebounded 88.12 points , or nearly half of Friday 's drop
+1	For the nine months , Valley National posted a net loss of $ 136.4 million , or $ 6.90 a share	It had profit of $ 48.6 million , or $ 2.46 a share , in the 1988 period
+2	It had profit of $ 48.6 million , or $ 2.46 a share , in the 1988 period	Valley National had been paying a quarterly dividend of 36 cents a share
+2	and there is still uncertainty as to when values will recover	The decision to increase the loan-loss reserve and suspend the dividend is `` both prudent and in the best long-term interest of the shareholders
+1	In July , Moody 's downgraded $ 400 million of the company 's debt , saying the bank holding company had n't taken adequate write-offs against potential losses on real estate loans despite its second-quarter write-down	Richard M. Greenwood , Valley National 's executive vice president , said then that the company believed the write-downs were `` adequate '' and did n't plan to increase its reserves again
+8	Valley National `` is n't out of the woods yet	The key will be whether Arizona real estate turns around or at least stabilizes
+3	And until last Friday , it seemed those efforts were starting to pay off	Some of those folks were coming back
+6	Some of those folks were coming back	We had heard from people who had n't been active '' for a long time
+2	Then came the frightening 190-point plunge in the Dow Jones Industrial Average and a new wave of stock-market volatility	All of a sudden , it was back to square one
+8	It 's going to set things back for a period , because it reinforces the concern of volatility	it will shake confidence one more time , and a lot of this business is based on client confidence
+8	the reaction from individual investors this week has been almost eerie	Customers and potential customers are suddenly complaining about the stock market in the exact way they did in post-crash 1987
+8	The kinds of questions you had before have resurfaced	I can just tell the questions are right back where they were : ` What 's going on ? , ' ` Ca n't anything be done about program trading ? , ' ` Does n't the exchange understand ? , ' ` Where is the SEC on this
+2	But `` these wide swings scare them to death . '' All of this is bad news for the big brokerage firms such as Shearson and Merrill Lynch & Co. that have big `` retail , '' or individual-investor , businesses	After expanding rapidly during the bull-market years up to the 1987 crash , retail brokerage operations these days are getting barely enough business to pay the overhead
+6	But those dollars have been going into such `` safe '' products as money market funds	At discount brokerage Charles Schwab & Co. , such `` cash-equivalent '' investments recently accounted for a record $ 8 billion of the firm 's $ 25 billion of client 's assets
+9	In 1987 , an average 19.7 % of Big Board volume was retail business , with the monthly level never more than 21.4 %	The retail participation dropped to an average 18.2 % in 1988 , and shriveled to barely 14 % some months during the year
+2	that individual investors will eventually go back into the stock market	Investors will develop `` thicker skins , '' and their confidence will return
+5	Investors will develop `` thicker skins , '' and their confidence will return	Friday 's plunge was nothing more than a `` tremendous reaction to leveraged buy-out stocks
+2	Meanwhile , PaineWebber remains among the leaders in efforts to simply persuade investors to keep giving Wall Street their money	It 's more of an important issue to keep control of those assets , rather than push the investor to move into ( specific ) products such as equities
+3	It 's more of an important issue to keep control of those assets , rather than push the investor to move into ( specific ) products such as equities	The equity decision will come when the client is ready and when there 's a semblance of confidence
+2	It could be a long wait	Some investors will tiptoe back in
+1	Some investors will tiptoe back in	Then there 'll be another swing
+2	a market plunge like Friday 's `` shatters investors ' confidence in their ability to make any judgments on the market	The long-term outlook for the retail brokerage business is `` miserable
+5	The notes are rated MIG-1 by Moody 's Investors Service Inc	Standard & Poor 's Corp. has them under review
+1	Subsequent margins set by agreement between NatWest and Merrill	If no margin agreed , there is a fallback rate of Libor plus 0.75 point in years one to 15 , and Libor plus 1.25 point thereafter
+5	The first part , consisting of $ 2.5 million of 11 1/4 % secured equipment certificates due June 15 , 1990 , was priced at 98.481 with a yield to maturity of 13.75 %	The second part , consisting of $ 28 million of 11 3/4 % secured equipment certificates due June 15 , 1995 , was priced at 87.026 with a yield to maturity of 15.25 %
+5	The first part , consisting of $ 2.5 million of 11 1/4 % secured equipment certificates due June 15 , 1990 , was priced at 98.481 with a yield to maturity of 13.75 % .The second part , consisting of $ 28 million of 11 3/4 % secured equipment certificates due June 15 , 1995 , was priced at 87.026 with a yield to maturity of 15.25 %	The third part , consisting of $ 18.5 million of 12 1/8 % secured equipment certificates due April 15 , 1996 , was priced at 85.60 with a yield to maturity of 15.75 %
+5	The issue was rated single-B-2 by Moody 's and single-B by S & P	All parts of the issue are callable at any time at par
+9	Mr. Holmes was the subject of a page one profile in The Wall Street Journal in 1984 , after the SEC questioned him about ties between him and companies he touted in a newsletter	In 1986 Mr. Holmes was enjoined from violating the stock-registration and anti-fraud provisions of the securities laws
+5	He gave 10-to-1 odds that a capital-gains tax cut of some sort would be approved this year , though it probably wo n't be included in the pending deficit-reduction bill	that he expects to talk to the Democrats who also wanted to cut the gains tax about drafting a joint proposal
+5	For individuals , the Packwood plan would exclude from income 5 % of the gain from the sale of a capital asset held for more than one year	The exclusion would rise five percentage points for each year the asset was held until it reached a maximum of 35 %
+9	For corporations , the top tax rate on the sale of assets held for more than three years would be cut to 33 % from the current top rate of 34 %	That rate would gradually decline to as little as 29 % for corporate assets held for 15 years
+8	The Packwood plan would also include a proposal , designed by Sen. William Roth ( R. , Del . ) , that would expand and alter the deduction for individual retirement accounts	The Roth plan would create a new , non-deductible IRA from which money could be withdrawn tax-free not only for retirement , but also for the purchase of a first home and to pay education and medical expenses
+5	The Roth plan would create a new , non-deductible IRA from which money could be withdrawn tax-free not only for retirement , but also for the purchase of a first home and to pay education and medical expenses	Current IRAs could be rolled over into the new IRAs but would be subject to tax
+5	For their part , the group of Democrats are working on a plan that would grant larger exclusions to assets the longer they were held by individuals and companies	Newly acquired assets would get a bigger break than those currently held
+5	that , like the Packwood proposal , would grant larger exclusions to assets the longer they were held by individuals and companies.Newly acquired assets would get a bigger break than those currently held	An extra exclusion would be given to long-held stock in small and medium-size corporations just starting up
+8	the capital-gains plan passed by the House	That plan would provide a 30 % exclusion to assets sold over a 2 1/2-year period ending Dec. 31 , 1991
+8	After then , the House measure would boost the tax rate to 28 % and exclude from tax the gain attributable to inflation	Senators are focusing on making a capital-gains differential permanent
+2	But this quake was n't the big one , the replay of 1906 that has been feared for so many years	Despite the tragic loss of more than 270 lives , and damage estimated in the billions , most businesses and their plants and offices in the Bay area were n't greatly affected
+6	When the tremors struck , the region 's largely unseen high-tech fabric held up surprisingly well despite the devastation visible from the air	nearly all the network 's computer switches , which move thousands of calls a minute from one location to another , changed to battery power when the city lost power
+2	nearly all the network 's computer switches , which move thousands of calls a minute from one location to another , changed to battery power when the city lost power	The battery packs have enough power for only three hours , but that gave emergency crews time to turn on an emergency system that runs primarily on diesel fuel
+8	The battery packs have enough power for only three hours , but that gave emergency crews time to turn on an emergency system that runs primarily on diesel fuel	Of some 160 switches in Pacific Bell 's network , only four went down
+2	That 's because the widely used fiber-optic cable has been installed underground with 25 extra feet of cable between junction points	The slack absorbs the pulling strain generated by an earthquake
+7	Nevertheless , phone service was sporadic	many computer terminals remained dark
+5	Nevertheless , phone service was sporadic ; many computer terminals remained dark , and by late yesterday a third of San Francisco remained without power	Business in the nation 's fourth-largest metropolitan region was nearly paralyzed
+5	Nevertheless , phone service was sporadic ; many computer terminals remained dark , and by late yesterday a third of San Francisco remained without power.Business in the nation 's fourth-largest metropolitan region was nearly paralyzed	an estimated one million members of the work force stayed at home
+2	The economic dislocation was as abrupt as the earthquake itself , as virtually all businesses shut down	The $ 125-billion-a-year Bay area economy represents one-fourth of the economy of the nation 's most populous state and accounts for 2 % to 3 % of the nation 's total output of goods and services , according to the Center for Continuing Study of the California Economy in Palo Alto
+5	The $ 125-billion-a-year Bay area economy represents one-fourth of the economy of the nation 's most populous state and accounts for 2 % to 3 % of the nation 's total output of goods and services , according to the Center for Continuing Study of the California Economy in Palo Alto	In high-tech , the Bay area accounts for 15 % to 20 % of the U.S. computer-related industry
+2	This has been a major disruption for the Bay area economy	Obviously , things are going to have to go on hold for many companies
+2	The damage to the Bay area 's roadways could cause significant economic hardship	A quarter of a million people cross the Bay Bridge every day
+2	they nevertheless do n't expect serious problems for commerce in and out of the Bay area	All major roadways except Interstate 880 and the Bay Bridge were open by 1 p.m. yesterday
+2	Officials expect difficulty routing traffic through downtown San Francisco	The earthquake caused many streets to buckle and crack , making them impassible
+1	The earthquake caused many streets to buckle and crack , making them impassible	Other roads were obstructed by collapsed buildings and damaged water and power lines
+8	Other roads were obstructed by collapsed buildings and damaged water and power lines	San Francisco Mayor Art Agnos estimated the damage to his city alone at $ 2 billion
+8	But many predicted that the commercial disruption would be short-lived	Of the scores of companies contacted by this newspaper , few reported any damage that they did n't expect to have remedied within a day or two
+1	Of the scores of companies contacted by this newspaper , few reported any damage that they did n't expect to have remedied within a day or two	It is possible , of course , that some of the most seriously damaged companies could n't be reached
+8	Typical , perhaps , was the situation at New United Motor Manufacturing Inc	Ten of the plant 's workers were injured when the quake hit about a half-hour into the afternoon shift ; seven were hospitalized.Metal racks on the plant floor fell over , and water mains ruptured
+9	Ten of the plant 's workers were injured when the quake hit about a half-hour into the afternoon shift	seven were hospitalized
+5	seven were hospitalized	Metal racks on the plant floor fell over
+5	Metal racks on the plant floor fell over , and water mains ruptured	The plant was evacuated and workers sent home
+5	one of its buildings sustained severe damage when it was knocked off its foundation	Other buildings had broken glass , dangling light fixtures and broken pipes , a spokesperson says , estimating the cost of reconstruction `` in the millions
+5	Most banks were closed but were expected to reopen today with few problems anticipated	operations were `` steaming along as usual '' yesterday afternoon
+2	an operation that it handled smoothly Tuesday night after the quake	The volume we received from the banks was a lot lower than usual
+2	The volume we received from the banks was a lot lower than usual	A disaster-contingency plan in which the Los Angeles Fed would come to San Francisco 's aid was n't needed
+8	Most of the telephone problems in the immediate aftermath stemmed from congestion	The telephone network simply could n't handle the large number of people seeking to make a call at the same time
+8	The construction industry is sure to feel increased demand	There will be a big influx of federal dollars Õandå gains in state , federal and local employment
+5	There will be a big influx of federal dollars Õandå gains in state , federal and local employment , '' Ms. Mace says	Adds Stacy Kotman , an economist at Georgia State University , `` There 's nothing positive about an earthquake , but it will probably generate more construction activity
+6	Wall Street reacted swiftly yesterday to the disaster by bidding up stocks of construction and related companies	Shares of Lone Star Industries Inc. , a cement maker , rose sharply in anticipation of stepped-up demand
+1	But any increase is n't likely to be any kind of a surge	It 's something likely to be spread out over a long period of time
+2	It 's something likely to be spread out over a long period of time	There will be a lot of repair work that wo n't require the quantities of cement or concrete that new constructon would
+2	The earthquake is likely to reduce GNP negligibly in the near term	The first effects are , of course , negative as work is disrupted and people lose income and cut spending
+2	Many of the lost tourism dollars wo n't be recovered	many trips delayed never take place
+5	Subsequently , however , the ill effects are likely to be offset , at least in economic terms , as construction activity begins	Because of the way the government keeps its books , the damage to the Bay Bridge , however costly , wo n't be counted as a minus
+1	Because of the way the government keeps its books , the damage to the Bay Bridge , however costly , wo n't be counted as a minus	The money spent on repairs will be counted as a plus
+1	It 's very difficult to model the long-term impact of this	You certainly can say it 's going to be extremely severe
+2	You certainly can say it 's going to be extremely severe	We really are talking about shutting down a major American city for a number of days , maybe for a few weeks
+5	the cost of the earthquake will definitely top $ 1 billion and could reach $ 4 billion	that early damage estimates are often low
+6	that early damage estimates are often low	the damage totals in Hurricane Hugo increased tenfold as more information was received
+8	The earthquake damage , of course , would have been far greater if the epicenter had been in downtown San Francisco	A direct hit on a major city would cause $ 20 billion to $ 40 billion of damage
+8	insured losses resulting the earthquake could total $ 2 billion	The impact on the insurance industry `` will be big and harsh , but less than { Hurricane } Hugo
+8	But many Californians may not have adequate insurance coverage to pay for damages to their property	fewer than one of every five California homeowners has earthquake insurance
+8	The Independent Insurance Agents of America says fewer than one of every five California homeowners has earthquake insurance	A somewhat higher percentage of people living in the Bay area have bought the additional insurance protection , but the great majority are n't covered
+6	the scene from the helicopter above Oakland is one of tragedy	Gargantuan sections of a double-decker freeway have been heaved about like plastic building blocks
+5	Gargantuan sections of a double-decker freeway have been heaved about like plastic building blocks	Atop them sit cars and trucks abandoned in a terrifying scramble to safety the day before
+1	Atop them sit cars and trucks abandoned in a terrifying scramble to safety the day before	In areas where the freeway made giant concrete sandwiches of itself lie cars that police say have been flattened into foot-thick slabs
+10	On the periphery , rescue workers seem , from the air , to move in slow motion	They peck away at the 1 1/2-mile section of rubble , searching for more of the 250 people thought to have died here
+5	but its terrible fist struck here on the Nimitz Freeway	Along the way , the quake toppled a mall in Santa Cruz , knocked down buildings in San Francisco 's fashionable Marina District and sent a wall of bricks crashing on motorists in the city 's Financial District
+10	when one of the buildings exploded into a fireball shortly after the quake struck	Efforts to fight the blaze were hampered because water mains were severed as well
+10	From the air , ribbons of yellow fire hose carry water from the bay to high-pressure nozzles trained on the site	As onlookers stand behind barricades , helmeted firemen and building inspectors survey rows of nearby buildings that were twisted from their foundations and seem on the verge of collapse
+9	Now , we realize what our mothers must have gone through	We always heard about the earthquake , but as children we did n't always listen
+1	PRINCE HENRI is the crown prince and hereditary grand duke of Luxembourg	An article in the World Business Report of Sept. 22 editions incorrectly referred to his father , Grand Duke Jean , as the crown prince
+1	The bonds are subject to federal taxation in the U.S. , including income taxes	At the state and local level , the bonds are subject to surtaxes and estate , inheritance and gift taxes , but exempt from taxation as to principal and interest
+8	Called Patients in the Know , the program features fact sheets designed to be easy to understand	The sheets tell how the medicine works , describe how to use it and list its possible side effects
+8	Consumer groups have long advocated that drug companies and doctors make more information available to patients	that every drug that 's marketed to a consumer should have a consumer label
+1	that every drug that 's marketed to a consumer should have a consumer label	Searle is `` the only company I know that voluntarily '' will make consumer information available
+2	According to federal officials and drug-industry studies , nearly half of the 1.6 billion prescriptions filled each year are n't used properly , meaning that money is wasted on some prescriptions and patients are deprived of the benefits of medication	it 's very important to provide as much information as possible on the drugs consumers take
+2	With stocks not a major focus , `` we 're waiting for the next guiding light	If the stock market tremors are behind us , then the bond market will go back to looking at the next batch of economic numbers to determine '' where interest rates are heading
+5	The Treasury 's benchmark 30-year bond , which jumped 3/8 point , or about $ 3.75 for each $ 1,000 face amount , during the first hour of trading , ended little changed	Interest rates barely budged from Tuesday 's levels
+6	But some so-called high-quality junk issues fell as some mutual funds sold their most liquid issues to raise cash	RJR Holdings Capital Corp. 's 14.7 % bonds due 2009 fell one point
+1	RJR Holdings Capital Corp. 's 14.7 % bonds due 2009 fell one point	Other RJR issues fell between 1/2 point and 1 1/2 point
+8	the notes may be offered at a later date	This was not a do-or-die deal
+5	This was not a do-or-die deal	this is a market that required some level of security
+2	this is a market that required some level of security	It did not make sense to offer unsecured paper in an unsettling market
+2	We 're being bombarded by new Treasury and agency debt offerings	The market is concerned about its ability to underwrite all this debt at current levels
+2	Refcorp is the financing unit of Resolution Trust Corp. , a new government agency created to rescue the nation 's troubled thrifts	Its securities have been dubbed `` bailout bonds '' by traders
+1	There are certain bonds traders refer to as ` earthquake ' bonds because the ( issuers ) are on top of the San Andreas fault	Since those bonds already pay a slightly higher yield , an extra premium for the earthquake risk , they were n't materially affected
+1	The benchmark 30-year bond ended at a price of 100 29/32 to yield 8.03 % , compared with 100 28/32 to yield 8.04 % Tuesday	The latest 10-year notes were quoted late at a price of 99 26/32 to yield 8 % , compared with 99 25/32 to yield 8.01 %
+8	The Continental junk bond offering , underwritten by Drexel Burnham Lambert Inc. , was the only new issue priced yesterday	In the four-part offering , the $ 71 million of secured equipment certificates was priced to yield 13.75 % to 15.75 %
+2	a steady stream of bonds was put up for sale yesterday	investors were reacting to recent negative news on the city 's finances and are nervous ahead of the Nov. 7 election
+5	In late trading , New Jersey Turnpike Authority 's 7.20 % issue of 2018 was off 1/4 point at 98 bid	The yield was 7.35 % , up 0.01 percentage point
+5	Meanwhile , Government National Mortgage Association 9 % securities for November delivery ended at 97 29/32 , unchanged	Freddie Mac 9 % securities were at 97 4/32 , down 1/32
+2	today may be an anxious day for the market	Several key economic figures are due out and Chancellor of the Exchequer Nigel Lawson is scheduled to give the annual `` Mansion House '' address to the financial community
+1	The chancellor sometimes has used the occasion to announce major economic policy changes	Economists do n't expect any such changes in this year 's address
+8	Meanwhile , Japanese government bonds retreated in quiet trading	Japan 's bellwether 4.6 % bond due 1998 ended on brokers ' screens at 95.75 to yield 5.315 %
+6	In West Germany , investors stayed on the sidelines as the bond market searched for direction	The government 's 7 % issue due October 1999 fell 0.05 point to 99.90 to yield 7.01 %
+8	For the Politburo replaced Mr. Honecker with a man cut of the same cloth : Egon Krenz , the most recent internal-security chief and a longtime Honecker protege	East Germany , it is clear , is no Poland , where the Communist Party now shares power with the democratically elected Solidarity union
+6	Still , any change in East Germany has enormous implications , for both East and West	It raises the long-cherished hopes of many Germans for reunification -- a prospect that almost equally alarms political leaders in Moscow , Washington and Western Europe
+8	Although the East German news agency ADN claimed Mr. Honecker had asked to be relieved of his duties for `` health reasons , '' West German government sources said the 26-man Politburo had asked for his resignation at a separate meeting late Tuesday	Mr.Honecker was twice hospitalized this summer for a gall bladder ailment and his physical condition has been the subject of intense speculation in the Western media
+1	during which Mr. Honecker , now 77 years old , built East Germany into the most economically advanced nation in the Soviet bloc	His grip on power unraveled this summer as thousands of his countrymen , dissatisfied by the harshness of his rule , fled to the West
+5	as thousands of his countrymen , dissatisfied by the harshness of his rule , fled to the West	Thousands more have taken to the streets in the last month in East Germany 's largest wave of domestic unrest since a workers ' uprising in 1953
+10	as thousands of his countrymen , dissatisfied by the harshness of his rule , fled to the West	Thousands more have taken to the streets in the last month in East Germany 's largest wave of domestic unrest since a workers ' uprising in 1953
+0	In Washington , the Bush administration took a characteristically cautious and skeptical view of the leadership change	The official line was to offer warmer ties to Mr. Krenz , provided he is willing to institute reforms
+8	Because Mr. Krenz has been very much in accord with the policies of Honecker	There is no clear-cut champion of reform , that we know of , in the East German leadership
+2	that there will be no sharing of power with pro-democracy groups	while dialogue is important , enough forums already exist `` in which different interests '' can express themselves
+8	The removal of Mr. Honecker was apparently the result of bitter infighting within the top ranks of the Communist party	According to West German government sources , Mr. Honecker and several senior Politburo members fought over the last week to delay any decisions about a leadership change.But , with public demonstrations in the country growing in size and intensity , Mr. Honecker and several key allies lost out in this battle
+8	Mr. Honecker and several key allies lost out in this battle	Those allies included Politburo members Guenter Mittag and Joachim Hermann
+2	Those allies included Politburo members Guenter Mittag and Joachim Hermann	Both men were also relieved of their duties yesterday
+1	it 's still not clear to what extent the change in party personnel will alter the government 's resistance to fundamental change	Clearly , the central figure in this process is Egon Krenz
+2	Born in 1937 in a Baltic Sea town now part of Poland , he was eight years old when World War II ended	Like West German Chancellor Helmut Kohl , he represents the postwar generation that has grown up during Germany 's division
+6	Moreover , both men have hewn to a similar hard-line philosophy	Notably , one of Mr. Krenz 's few official visits overseas came a few months ago , when he visited China after the massacre in Beijing
+5	Notably , one of Mr. Krenz 's few official visits overseas came a few months ago , when he visited China after the massacre in Beijing	He later defended the Chinese government 's response during a separate visit to West Germany
+5	Indeed , according to West German government sources , he was one of the leaders in the power struggle that toppled Mr. Honecker	In recent days , Mr. Krenz has sought to project a kinder image
+6	In recent days , Mr. Krenz has sought to project a kinder image	According to a report widely circulating in East Berlin , it was Mr. Krenz who ordered police to stop using excessive force against demonstrators in Leipzig
+8	He does n't want to have the image of the gun man	He 's not a reformer -- he wants to have the image of a reformer
+8	He 's not a reformer	he wants to have the image of a reformer
+2	As part of his image polishing , Mr. Krenz is expected to take modest steps toward reform to rebuild confidence among the people and reassert the party 's authority	Besides sacking other senior Politburo officials who allied themselves with Mr. Honecker , Mr. Krenz could loosen controls on the news media , free up travel restrictions , and establish a dialogue with various dissident groups
+2	West German government officials and Western analysts are doubtful	He does n't signify what people want , so the unrest will go on
+2	At the same time , the expectations of the East German people are great and will continue to grow	What 's necessary now is the process of democratization
+8	What 's necessary now is the process of democratization	Not just that people are being heard but that their interests are being taken seriously
+1	Chancellor Kohl , meanwhile , has invited Mr. Krenz to open discussions with Bonn on a wide range of subjects	Mr. Krenz may serve only as a bridge between Mr. Honecker and a genuine reform leader
+2	The selection of Mr. Krenz may also disappoint Moscow	Soviet leader Mikhail Gorbachev has pressed hard for a change in East Germany 's rigid stance
+0	Soviet leader Mikhail Gorbachev has pressed hard for a change in East Germany 's rigid stance	Two reform-minded party leaders favored by Moscow as possible successors to Mr. Honecker , Dresden party secretary Hans Modrow and Politburo member Guenter Schabowski , were passed over
+8	that appeared to urge the new leadership to heed growing calls for change	According to the Soviet news agency Tass , `` Gorbachev expressed the conviction that the leadership of the Socialist Unity Party of { East } Germany , being sensitive to the demands of the time , . . . will find solutions to complicated problems the GDR { German Democratic Republic } encountered
+1	A force of younger pro-Gorbachev members in the East German bureaucracy has for some time been pushing for relaxation within their country	The older generation has been torn between a fear of tampering with the status quo and a fear of what might happen if they did n't
+2	From the perspective of East Germany 's old guard , reforms that smack of capitalism and Western-style democracy could eliminate their country 's reason for being	East Germany is a creature of the Cold War
+8	Unlike the other nations of the bloc , East Germany is a creature of the Cold War	Erasing the differences still dividing Europe , and the vast international reordering that implies , wo n't endanger the statehood of a Poland or a Hungary.But it could ultimately lead to German reunification and the disappearance of East Germany from the map
+2	Which is what the Old Guard fears	they 'll formulate a reform that will be a recipe for the GDR 's future as a separately identifiable state
+1	Up to now , that recipe has consisted of a dogged effort by former leader Walter Ulbricht to establish the country 's international legitimacy , followed by Mr. Honecker 's campaign to build the East bloc 's only successful Stalinist economy into a consumer paradise	Neither man achieved perfection
+8	The East German media soon began presenting Mr. Gorbachev 's speeches only as sketchy summaries , and giving space to his opponents	By late 1988 , they were banning Soviet publications
+10	The country abandoned its former devotion to socialist unity and took to insisting instead that each country in the bloc ought to travel its own road	Mr. Honecker spoke of `` generally valid objective laws of socialism '' and left no room for debate
+5	With this year 's dislocations in China and the Soviet Union , and the drive to democracy in Poland and Hungary , the East German leadership grew still more defensive	Politburo member Joachim Herrman confessed to a `` grave concern '' over Hungarian democracy
+3	Politburo member Joachim Herrman confessed to a `` grave concern '' over Hungarian democracy	Under the banner that proclaims the ` renewal of socialism forces are at work that are striving to eliminate socialism
+8	The first signs were economic	Despite heavily subsidized consumer industries , East Germans have for years watched the West pull farther out ahead
+9	Despite heavily subsidized consumer industries , East Germans have for years watched the West pull farther out ahead	In 1988 , for the first time , economic growth came to a dead stop
+8	Gingerly , some economists began to blame central planning	Some writers in theoretical journals even raised the notion of introducing democracy , at least in the workplace
+2	But they are stalwart socialists	Their proclaimed purpose is to cleanse East Germany of its Stalinist muck , not to merge with the West
+6	Their proclaimed purpose is to cleanse East Germany of its Stalinist muck	One of their pastors has envisioned a `` new utopia '' of `` creative socialism
+5	Mr. Honecker 's removal `` was bound to happen	It was only a matter of time
+1	Leading EC growth forecasts in 1989 was Ireland , seen growing 5 % at constant prices	Slower growth countries included Greece , at 2.5 % , the U.K. , at 2.25 % , and Denmark , at 1.75 %
+1	Brands made by the Kraft General Foods unit of Philip Morris Cos. had about 95 % of the market share	Nestle currently has only about a 2 % share with its Taster 's Choice coffee
+8	Poland plans to start negotiations soon on purchasing natural gas from Iran	Polish Prime Minister Tadeusz Mazowiecki told Iranian Deputy Foreign Minister Mahmoud Vaezi of Poland 's willingess to purchase the gas during Mr. Vaezi 's current visit to Warsaw
+1	The agency said Polish Prime Minister Tadeusz Mazowiecki told Iranian Deputy Foreign Minister Mahmoud Vaezi of Poland 's willingess to purchase the gas during Mr. Vaezi 's current visit to Warsaw	The agency did n't mention possible quantities and did n't say how the gas would be delivered
+8	plans to close a British naval base in downtown Hong Kong	that the base will be relocated to a small island to allow downtown redevelopment
+2	But Beijing wants to use the base for the People 's Liberation Army after 1997 , when the territory returns to Chinese sovereignty	Ke Zaishuo , head of China 's delegation to a Chinese-British Liaison Committee on Hong Kong , accused Britain of trying to impose a fait accompli and said , `` This is something we can not accept
+8	The Israeli and Soviet national airlines have reached preliminary agreement for launching the first direct flights between Tel Aviv and Moscow	El Al director Rafi Har-Lev and top officials of the Soviet Union 's Aeroflot negotiated a preliminary pact in Moscow this week
+1	El Al director Rafi Har-Lev and top officials of the Soviet Union 's Aeroflot negotiated a preliminary pact in Moscow this week	that concluding the deal requires approval by the governments of both countries
+8	One of the two British companies still making hard toilet paper stopped production of it	British Tissues decided to do away with its hard paper after a major customer , British Rail , switched to softer tissues for train bathrooms
+2	These rate indications are n't directly comparable	lending practices vary widely by location
+6	which has been dogged with the image of not being aggressive on major breaking stories	Last summer , the affiliates bitterly complained to network executives about the poor coverage of the student uprising in China
+10	the network was `` looking into what happened	they were pleased with the extended coverage yesterday , including a special five-hour edition of `` Today
+2	that `` we could n't get a signal out of San Francisco	We were out of the box
+2	The quake postponed the third and fourth games of the World Series	In place of the games it planned to broadcast next week 's episodes of its prime-time Wednesday and Thursday lineups , except for a one-hour special on the earthquake at 10 p.m. last night
+1	A company spokesman said the decision to eliminate the dividend resulted from a quarterly appraisal and that circumstances had changed since the December announcement	He declined to elaborate
+1	In other operations , losses at MeraBank totaled $ 85.7 million in the latest quarter , compared with a $ 2.5 million profit a year earlier	The latest quarter includes a $ 42.7 million addition to loan-loss reserves
+1	The latest quarter includes a $ 42.7 million addition to loan-loss reserves	As recently as August , the company said it did n't foresee a need for substantial additions to reserves
+1	Pinnacle 's SunCor Development Co. real-estate unit 's loss narrowed to $ 13.8 million from $ 78.4 million	The latest period included a $ 9 million write-down on undeveloped land , while the year-earlier period included a $ 46 million reserve for real-estate losses
+9	Under the proposal by Equitec , a financially troubled real-estate syndicator , New York-based Hallwood Group Inc. would replace Equitec as the newly formed master limited partnership 's general partner and manager	Shares of the new partnership would trade on an exchange like a stock
+2	the transfer will benefit both the company and investors in the 12 limited partnerships included in the proposed rollup	While he did n't describe the partnerships ' financial condition , he said their operations `` continue to drain the resources of Equitec
+8	Mr. Steinhardt was engaged in a duel with USAir	He was threatening to take over the carrier , after spending an estimated $ 167 million to build an 8.4 % USAir stake for his investment clients
+8	He was threatening to take over the carrier , after spending an estimated $ 167 million to build an 8.4 % USAir stake for his investment clients	The would-be raider even hired an investment banker to give teeth to his takeover threat
+2	Now , in the wake of UAL 's troubles in financing its buy-out , the airline raiding game has been grounded	Instead of hoping to sell his USAir stake at analysts ' estimated buy-out price of $ 80 a share , Mr. Steinhardt is stuck with roughly 3.7 million USAir shares that cost him $ 45 , on average , but yesterday closed at 40 1/2 , up 1/4 , in New York Stock Exchange composite trading
+8	this all goes to show that even the smartest money manager can get infected with crowd passions	In trying to raid USAir , Mr. Steinhardt abandoned his usual role as a passive investor , and ran into snags
+2	that Mr. Steinhardt , the trader , now is encumbered with a massive , illiquid airline holding	USAir stock might lose four or five points if the Steinhardt stake was dumped all at once
+8	Long-term investing -- that 's not Steinhardt 's style	He does n't usually risk that much unless he thinks he has an ace in the hole
+2	Mr. Steinhardt also could take that route	He confers big trading commissions on Wall Street firms
+2	USAir has great promise	By the second half of 1990 , USAir stock could hit 60
+2	By the second half of 1990 , USAir stock could hit 60	traders should buy the stock if it tumbles to 35
+8	he 's `` comfortable holding USAir as an investment	he has n't tried to unload his holding
+5	that contrary to rumors , he has n't tried to unload his holding	that he bought USAir stock earlier this year as `` part of a fundamental investment in the airline group
+5	that was an experiment he is unlikely to repeat	you 'll find I 'm making a radical change in my traditional investment style
+8	it had seemed to be engineering	that it was consolidating manufacturing to cut costs and expected to be profitable in the fiscal first quarter
+1	Reflecting concerns about Commodore 's outlook , its stock has plunged more than 50 % since May , closing yesterday unchanged at $ 8.875 a share in composite trading on the New York Stock Exchange	The price can be expected to erode further , because the loss estimate came after the market closed
+8	The Commodore 64 and 128 had surprised market researchers by continuing to produce strong sales	that sales of the low-end products may finally be trailing off
+1	Stock prices closed slightly higher in the first routine trading day since Friday 's big plunge	Some issues were affected by Tuesday 's devastating earthquake in the San Francisco area
+5	Broader averages also posted modest gains	Standard & Poor 's 500-Stock Index rose 0.60 to 341.76 , the Dow Jones Equity Market Index rose 0.71 to 320.54 and the New York Stock Exchange Composite Index gained 0.43 to 189.32
+8	Standard & Poor 's 500-Stock Index rose 0.60 to 341.76 , the Dow Jones Equity Market Index rose 0.71 to 320.54 and the New York Stock Exchange Composite Index gained 0.43 to 189.32	Some 822 New York Stock Exchange issues advanced in price , while 668 declined
+8	But the Dow Jones Transportation Average went down for the seventh consecutive session , due largely to further selling in UAL	The average dropped 6.40 to 1247.87
+8	Stocks retreated to session lows just after the opening amid worries about the market impact of the quake , but quickly snapped back to higher levels with the help of futures-related program buying	The early move essentially established the day 's trading range , and traders said they saw little of the program activity that has battered the market recently
+8	I did n't expect it to be this quiet	I expected to see more volatility
+8	as institutions re-evaluate their stance toward the market in light of its decline	that a lot of investment committees are looking into whether ( they ) want to be in stocks at all
+6	Issues of insurance brokers were especially strong	Marsh & McLennan advanced 3 1/8 to 75 7/8 , Alexander & Alexander Services climbed 2 to 32 and Corroon & Black firmed 1 7/8 to 37 1/2
+5	Elsewhere in the group , General Re rose 2 3/4 to 86 1/2 , American International Group gained 3 1/4 to 102 5/8 , Aetna Life & Casualty added 2 3/8 to 59 1/2 and Cigna advanced 7/8 to 62 1/2	Loews , the parent of CNA Financial , rose 1 3/8 to 123 1/8
+6	Companies in the construction , engineering and building-products sectors were among other beneficiaries of earthquake-related buying	The heavy-construction sector was the session 's best performer among Dow Jones industry groups
+6	The heavy-construction sector was the session 's best performer among Dow Jones industry groups	Fluor rose 3/4 to 33 3/8 , Morrison Knudsen gained 2 1/4 to 44 1/8 , Foster Wheeler added 3/8 to 18 1/4 and Ameron climbed 2 3/8 to 39 3/4
+5	Within the building-materials group , Georgia-Pacific climbed 1 1/4 to 58 and Louisiana-Pacific added 1 to 40 3/4 after Merrill Lynch recommended the forest-products issues	CalMat advanced 2 3/4 to 28 3/4 , Lone Star Industries gained 1 3/4 to 29 1/4 , Lafarge rose 1 to 19 1/2 , Southdown added 5/8 to 24 5/8 and Eljer Industries rose 1 1/4 to 24 7/8
+2	BankAmerica eased 1/2 to 31 7/8 and Wells Fargo lost 1/2 to 81 1/2	the two bank holding companies were forced to curtail some operations due to the temblor
+9	While UAL faltered , AMR , the parent of American Airlines , pulled out of its recent nosedive by rising 3/4 to 74	The stock had been on the decline
+8	Also , AMR was the most active Big Board issue	2.8 million shares changed hands
+10	GTE added 1 1/4 to 65 3/8	PaineWebber repeated a buy recommendation on the stock and raised its 1990 earnings estimate by 35 cents a share , to $ 5.10
+1	GTE added 1 1/4 to 65 3/8	PaineWebber repeated a buy recommendation on the stock and raised its 1990 earnings estimate by 35 cents a share , to $ 5.10
+5	Springs Industries dropped 1 3/8 to 36	Analysts at several brokerage firms lowered their 1989 and 1990 earnings estimates on the company after its third-quarter results proved disappointing
+5	Carnival Cruise Lines Class A rose 1 1/4 to 22 3/8	The company , citing market conditions , postponed a $ 200 million debt offer
+1	but needs to find new markets if it is to maintain its growth rate of 30 % and more each year	The market for system-management software for Digital 's hardware is fragmented enough that a giant such as Computer Associates should do well there
+2	At the same time , the market is smaller than the market for IBM-compatible software	For one thing , Digital , Maynard , Mass. , has sold fewer machines
+5	Wang Laboratories Inc. , Lowell , Mass reported a $ 62.1 million , 38-cents-a-share loss in its first quarter ended Sept. 30	Revenue fell 12.7 % to $ 596.8 million from $ 684 million
+1	Chicago-based Continental earned $ 65.2 million , or $ 1.04 a share , compared with $ 73.6 million , or $ 1.19 a share , a year earlier	The 1988 quarter also included one-time gains totaling about $ 35 million
+5	A subsidiary of Britain 's Imperial Chemical Industries would buy electricity and steam from the proposed station	Surplus power would be sold on the open market
+8	A year ago , Viacom had a net loss of $ 56.9 million , or $ 1.07 a share	Interest expense in the 1988 third quarter was $ 75.3 million
+8	Trinova said it will close , move or overhaul 40 of its 170 manufacturing facilities and over the next three years cut 1,500 jobs from its current world-wide payroll of 22,300 employees	Most of the factory closings and job cutbacks will affect Trinova 's Aeroquip operations
+5	The $ 29.7 million net loss compares with net income of $ 19.6 million , or 57 cents a share , a year earlier	Sales rose 8 % to $ 456.2 million from $ 422 million
+2	the investors would pay only a symbolic one lira for the station , `` but we have agreed to raise the capital that will enable the company to continue operating	It 's sort of a Chapter 11 situation
+5	that Pathe will take 50 % of Odeon , Rome film producer Bruno Lucisano will take 10 % and the remaining 16.66 % , currently owned by Sasea , will eventually be sold to other investors	Calisto Tanzi , Odeon 's owner , will retain his 23.34 % stake
+2	Italy 's Supreme Court this year ordered Parliament to write a law that will regulate media ownership	that it 's going to be far more favorable to own a station before the law is passed than to try to buy one afterward
+2	The press has been doing an excellent job	They are telling people what roads are closed and just keeping the public informed has helped to keep the panic down
+5	that television stations featured people holding up phone books , explaining where to call for help	Radio stations provided an emergency number for people who smelled gas but did n't know how to turn off their gas supply
+2	it lost its bid to supply software services to the National Aeronautics and Space Administration 's Ames Research Center at Moffett Field , Calif	NASA selected another bidder for final negotiations
+6	that earnings advanced `` in the face of a drop in business , brought on by the general economic slowdown	Revenue slipped 4.6 % to $ 835 million from $ 876 million
+5	For the nine months , Conrail earnings grew 0.4 % to $ 229 million , or $ 3.34 a share , from $ 228 million , or $ 3.31 a share	Revenue was flat at $ 2.59 billion
+2	lower prices hurt margins for most products	We did see some relief in raw material costs , but it was n't sufficient to offset the drop in sales prices
+8	because of the company 's share buy-back program	Georgia Gulf had 24.9 million shares outstanding on average in the quarter , compared with 28.6 million in the third quarter of 1988
+2	Los Angeles Mayor Tom Bradley used the opportunity to push the City Council harder to pass a measure establishing a loss-recovery reserve of $ 100 million	The amount would help Los Angeles cope in the first few weeks after its own anticipated quake