Neither Lorillard nor the researchers who studied the workers were aware of any research on smokers of the Kent cigarettes.  (wsj890171)
"We have no useful information on whether users are at risk," said James A. Talcott of Boston's Dana-Farber Cancer Institute.  (wsj890172)
Doctor Talcott led a team of researchers from the National Cancer Institute and the medical schools of Harvard University and Boston University.  (wsj890173)
Average maturity of the funds' investments lengthened by a day to forty one days, the longest since early August, according to Donoghue's.  (wsj8901191)
Longer maturities are thought to indicate declining interest rates because they permit portfolio managers to retain relatively higher rates for a longer period.  (wsj8901192)
Shorter maturities are considered a sign of rising rates because portfolio managers can capture higher rates sooner.  (wsj8901193)
The next morning, with a police escort, busloads of executives and their wives raced to the Indianapolis Motor Speedway, unimpeded by traffic or red lights.  (wsj8901401)
The governor couldn't make it, so the lieutenant governor welcomed the special guests.  (wsj8901402)
A buffet breakfast was held in the museum, where food and drinks are banned to everyday visitors.  (wsj8901403)
Then, in the guests' honor, the speedway hauled out four drivers, crews and even the official Indianapolis five hundred announcer for a ten-lap exhibition race.  (wsj8901404)
Mr. Rowe also noted that political concerns also worried New England Electric.  (wsj8901611)
No matter who owns P. S. of New Hampshire, after it emerges from bankruptcy proceedings its rates will be among the highest in the nation, he said.  (wsj8901612)
"That attracts attention... it was just another one of the risk factors" that led to the company's decision to withdraw from the bidding, he added.  (wsj8901613)
The exact amount of the refund will be determined next year based on actual collections made until December thirty one of this year.  (wsj8901701)
Commonwealth Edison said the ruling could force it to slash its nineteen eighty nine earnings by one dollar and fifty five cents a share.  (wsj8901702)
For nineteen eighty eight, Commonwealth Edison reported earnings of seven hundred thirty seven .point five million dollars, or three dollars and one cent a share.  (wsj8901703)
The two .point five billion dollars Byron one plant near Rockford, Illinois, was completed in nineteen eighty five.  (wsj8901731)
In a disputed nineteen eighty five ruling, the Commerce Commission said Commonwealth Edison could raise its electricity rates by forty nine million dollars to pay for the plant.  (wsj8901732)
But state courts upheld a challenge by consumer groups to the commission's rate increase and found the rates illegal.  (wsj8901733)
The Illinois Supreme Court ordered the commission to audit Commonwealth Edison's construction expenses and refund any unreasonable expenses.  (wsj8901734)
The utility has been collecting for the plant's construction cost from its three .point one million customers subject to a refund since nineteen eighty six.  (wsj8901735)
"We didn't have much of a choice," Cray Computer's chief financial officer, Gregory Barnum, said in an interview.  (wsj8901881)
"The theory is that Seymour is the chief designer of the Cray three, and without him it could not be completed.  (wsj8901882)
Cray Research did not want to fund a project that did not include Seymour."  (wsj8901883)
Analysts noted yesterday that Cray Research's decision to link its ninety eight .point three million dollars promissory note to Mr. Cray's presence will complicate a valuation of the new company.  (wsj8901911)
"It has to be considered as an additional risk for the investor," said Gary P. Smaby of Smaby Group Incorporated, Minneapolis.  (wsj8901912)
"Cray Computer will be a concept stock," he said.  (wsj8901913)
"You either believe Seymour can do it again or you don't."  (wsj8901914)
Besides the designer's age, other risk factors for Mr. Cray's new company include the Cray three's tricky, unproven chip technology.  (wsj8901921)
The S. E. C. documents describe those chips, which are made of gallium arsenide, as being so fragile and minute they will require special robotic handling equipment.  (wsj8901922)
In addition, the Cray three will contain sixteen processors -- twice as many as the largest current supercomputer.  (wsj8901923)
Esso said the Whiting field started production Tuesday.  (wsj89011301)
Output will be gradually increased until it reaches about eleven thousand barrels a day.  (wsj89011302)
The field has reserves of twenty one million barrels.  (wsj89011303)
Reserves for the five new fields total fifty million barrels.  (wsj89011304)
The purchases show the strong interest of Japanese investors in U. S. mortgage-based instruments, Fannie Mae's chairman, David O. Maxwell, said at a news conference.  (wsj89011511)
He said more than ninety percent of the funds were placed with Japanese institutional investors.  (wsj89011512)
The rest went to investors from France and Hong Kong.  (wsj89011513)
Earlier this year, Japanese investors snapped up a similar, five hundred seventy million dollars mortgage-backed securities mutual fund.  (wsj89011521)
That fund was put together by Blackstone Group, a New York investment bank.  (wsj89011522)
The latest two funds were assembled jointly by Goldman, Sachs & Company of the U. S. and Japan's Daiwa Securities Company.  (wsj89011523)
Behind all the hoopla is some heavy-duty competition.  (wsj89011741)
As individual investors have turned away from the stock market over the years, securities firms have scrambled to find new products that brokers find easy to sell.  (wsj89011742)
And the firms are stretching their nets far and wide to do it.  (wsj89011743)
Financial planners often urge investors to diversify and to hold a smattering of international securities.  (wsj89011751)
And many emerging markets have outpaced more mature markets, such as the U. S. and Japan.  (wsj89011752)
Country funds offer an easy way to get a taste of foreign stocks without the hard research of seeking out individual companies.  (wsj89011753)
But it doesn't take much to get burned.  (wsj89011761)
Political and currency gyrations can whipsaw the funds.  (wsj89011762)
Another concern: The funds' share prices tend to swing more than the broader market.  (wsj89011763)
When the stock market dropped nearly seven percent October thirteen, for instance, the Mexico Fund plunged about eighteen percent and the Spain Fund fell sixteen percent.  (wsj89011764)
And most country funds were clobbered more than most stocks after the nineteen eighty seven crash.  (wsj89011765)
It's probably worth paying a premium for funds that invest in markets that are partially closed to foreign investors, such as South Korea, some specialists say.  (wsj89011781)
But some European funds recently have skyrocketed; Spain Fund has surged to a startling one hundred twenty percent premium.  (wsj89011782)
It has been targeted by Japanese investors as a good long-term play tied to nineteen ninety two's European economic integration.  (wsj89011783)
And several new funds that aren't even fully invested yet have jumped to trade at big premiums.  (wsj89011784)
Meanwhile, the National Association of Purchasing Management said its latest survey indicated that the manufacturing economy contracted in October for the sixth consecutive month.  (wsj89011921)
Its index inched up to forty seven .point six percent in October from forty six percent in September.  (wsj89011922)
Any reading below fifty percent suggests the manufacturing sector is generally declining.  (wsj89011923)
By most measures, the nation's industrial sector is now growing very slowly -- if at all.  (wsj89011981)
Factory payrolls fell in September.  (wsj89011982)
So did the Federal Reserve Board's industrial-production index.  (wsj89011983)
"This conforms to the  soft landing  scenario," said Elliott Platt, an economist at Donaldson, Lufkin & Jenrette Securities Corporation.  (wsj89012011)
"I don't see any signs that inventories are excessive."  (wsj89012012)
A soft landing is an economic slowdown that eases inflation without leading to a recession.  (wsj89012013)
The government's construction spending figures contrast with a report issued earlier in the week by McGraw-Hill Incorporated's F. W. Dodge Group.  (wsj89012091)
Dodge reported an eight percent increase in construction contracts awarded in September.  (wsj89012092)
The goverment counts money as it is spent; Dodge counts contracts when they are awarded.  (wsj89012093)
The government includes money spent on residential renovation; Dodge doesn't.  (wsj89012094)
The report offered new evidence that the nation's export growth, though still continuing, may be slowing.  (wsj89012111)
Only nineteen percent of the purchasing managers reported better export orders in October, down from twenty seven percent in September.  (wsj89012112)
And eight percent said export orders were down last month, compared with six percent the month before.  (wsj89012113)
They also said that vendors were delivering goods more quickly in October than they had for each of the five previous months.  (wsj89012131)
Economists consider that a sign that inflationary pressures are abating.  (wsj89012132)
When demand is stronger than suppliers can handle and delivery times lengthen, prices tend to rise.  (wsj89012133)
Items listed as being in short supply numbered only about a dozen, but they included one newcomer: milk and milk powder.  (wsj89012161)
"It's an odd thing to put on the list," Mr. Bretz noted.  (wsj89012162)
He said that for the second month in a row, food processors reported a shortage of nonfat dry milk.  (wsj89012163)
They blamed increased demand for dairy products at a time of exceptionally high U. S. exports of dry milk, coupled with very low import quotas.  (wsj89012164)
In Singapore, a new law requires smokers to put out their cigarettes before entering restaurants, department stores and sports centers or face a two hundred fifty dollars fine.  (wsj89012381)
Discos and private clubs are exempt from the ban, and smoking will be permitted in bars except during meal hours, an official said.  (wsj89012382)
Singapore already bans smoking in all theaters, buses, public elevators, hospitals and fast-food restaurants.  (wsj89012383)
A Beijing food-shop assistant has become the first mainland Chinese to get AIDS through sex, the People's Daily said.  (wsj89012481)
It said the man, whom it did not name, had been found to have the disease after hospital tests.  (wsj89012482)
Once the disease was confirmed, all the man's associates and family were tested, but none have so far been found to have AIDS, the newspaper said.  (wsj89012483)
The man had for a long time had" a chaotic sex life," including relations with foreign men, the newspaper said.  (wsj89012484)
The Polish government increased home electricity charges by one hundred fifty percent and doubled gas prices.  (wsj89012501)
The official news agency PAP said the increases were intended to bring unrealistically low energy charges into line with production costs and compensate for a rise in coal prices.  (wsj89012502)
In happier news, South Korea, in establishing diplomatic ties with Poland yesterday, announced four hundred fifty million dollars in loans to the financially strapped Warsaw government.  (wsj89012503)
The Artist has his routine.  (wsj89012631)
He spends his days sketching passers-by, or trying to.  (wsj89012632)
At night he returns to the condemned building he calls home.  (wsj89012633)
His life, including his skirmishes with a competing sketch artist, seems carefree.  (wsj89012634)
He is his own man.  (wsj89012635)
Who's telling the truth?  (wsj89012941)
Everybody -- and nobody.  (wsj89012942)
It's a classic situation of ads that are true but not always fully accurate.  (wsj89012943)
Mr. Giuliani's campaign chairman, Peter Powers, says the Dinkins ad is" deceptive."  (wsj89012961)
The other side, he argues," knows Giuliani has always been pro-choice, even though he has personal reservations.  (wsj89012962)
They know he is generally opposed to cop-killer bullets, but that he had some reservations about the language in the legislation."  (wsj89012963)
Asia's other cash-rich countries are following Japan's lead and pumping capital into the region.  (wsj89013181)
In Taiwan and South Korea, rising wages are forcing manufacturers to seek other overseas sites for labor-intensive production.  (wsj89013182)
These nations, known as Asia's" little tigers," also are contributing to Southeast Asia's integration, but their influence will remain subordinate to Japan's.  (wsj89013183)
Because of budget constraints in Washington, the U. S. encourages Japan to share economic burdens in the region.  (wsj89013201)
But it resists yielding political ground.  (wsj89013202)
In the coming decade, analysts say, U. S.-Japanese relations will be tested as Tokyo comes to terms with its new status as the region's economic behemoth.  (wsj89013203)
Japan's swelling investment in Southeast Asia is part of its economic evolution.  (wsj89013211)
In the past decade, Japanese manufacturers concentrated on domestic production for export.  (wsj89013212)
In the nineteen nineties, spurred by rising labor costs and the strong yen, these companies will increasingly turn themselves into multinationals with plants around the world.  (wsj89013213)
To capture the investment, Southeast Asian nations will move to accommodate Japanese business.  (wsj89013214)
She had seen cheating before, but these notes were uncanny.  (wsj89013341)
"A stockbroker is an example of a profession in trade and finance....  (wsj89013342)
At the end of World War two, Germany surrendered before Japan....  (wsj89013343)
The Senate-House conference committee is used when a bill is passed by the House and Senate in different forms."  (wsj89013344)
Virtually word for word, the notes matched questions and answers on the social-studies section of the test the student was taking.  (wsj89013351)
In fact, the student had the answers to almost all of the forty questions in that section.  (wsj89013352)
The student surrendered the notes, but not without a protest.  (wsj89013353)
"My teacher said it was O. K. for me to use the notes on the test," he said.  (wsj89013354)
The teacher in question was Nancy Yeargin -- considered by many students and parents to be one of the best at the school.  (wsj89013361)
Confronted, Mrs. Yeargin admitted she had given the questions and answers two days before the examination to two low-ability geography classes.  (wsj89013362)
She had gone so far as to display the questions on an overhead projector and underline the answers.  (wsj89013363)
Mrs. Yeargin was fired and prosecuted under an unusual South Carolina law that makes it a crime to breach test security.  (wsj89013371)
In September, she pleaded guilty and paid a five hundred dollars fine.  (wsj89013372)
Her alternative was ninety days in jail.  (wsj89013373)
Mrs. Ward resolved to clean out" deadwood" in the school's faculty and restore safety, and she also had some new factors working in her behalf.  (wsj89013511)
One was statewide school reform, which raised overall educational funding and ushered in a new public spirit for school betterment.  (wsj89013512)
Another was Nancy Yeargin, who came to Greenville in nineteen eighty five, full of the energy and ambitions that reformers wanted to reward.  (wsj89013513)
Mrs. Yeargin admits she made a big mistake but insists her motives were correct.  (wsj89013611)
"I was trying to help kids in an unfair testing situation," she says.  (wsj89013612)
"Only five of the forty questions were geography questions.  (wsj89013613)
The rest were history, sociology, finance -- subjects they never had."  (wsj89013614)
Mr. Watson says Mrs. Yeargin never complained to school officials that the standardized test was unfair.  (wsj89013641)
"Do I have much sympathy for her?"  (wsj89013642)
Mr. Watson asks.  (wsj89013643)
"Not really.  (wsj89013644)
I believe in the system.  (wsj89013645)
I believe you have to use the system to change it.  (wsj89013646)
What she did was like taking the law into your own hands."  (wsj89013647)
To the astonishment and dismay of her superiors and legal authorities -- and perhaps as a measure of the unpopularity of standardized tests -- Mrs. Yeargin won widespread local support.  (wsj89013661)
The school-board hearing at which she was dismissed was crowded with students, teachers and parents who came to testify on her behalf.  (wsj89013662)
Supportive callers decried unfair testing, not Mrs. Yeargin, on a local radio talk show on which she appeared.  (wsj89013663)
But several teachers also say the incident casts doubt on the wisdom of evaluating teachers or schools by using standardized test scores.  (wsj89013701)
Says Gayle Key, a mathematics teacher," The incentive pay thing has opened up a can of worms.  (wsj89013702)
There may be others doing what she did."  (wsj89013703)
The Nasdaq one hundred index of the biggest nonfinancial stocks gained one .point three nine to four hundred forty six .point six two.  (wsj89014031)
The index of the one hundred largest Nasdaq financial stocks rose modestly as well, gaining one .point two eight to four hundred forty nine .point oh four.  (wsj89014032)
But the broader Nasdaq bank index, which tracks thrift issues, jumped three .point two three to four hundred thirty six .point oh one.  (wsj89014033)
Attorneys have argued since nineteen eighty five, when the law took effect, that they cannot provide information about clients who don't wish their identities to be known.  (wsj89014231)
Many attorneys have returned incomplete forms to the I. R. S. in recent years, citing attorney-client privilege.  (wsj89014232)
Until last week, the I. R. S. rarely acted on the incomplete forms.  (wsj89014233)
Lawyers worry that if they provide information about clients, that data could quickly end up in the hands of prosecutors.  (wsj89014301)
Prosecutors need court permission to obtain the tax returns of an individual or a business.  (wsj89014302)
But they have obtained eight thousand, three hundred forms without court permission and used the information to help develop criminal cases.  (wsj89014303)
Often, judges ease into more lucrative private practice with little fanfare, but not federal Judge Raul A. Ramirez in Sacramento, California.  (wsj89014341)
On Tuesday, the judge called a news conference to say he was quitting effective December thirty one to join a San Francisco law firm.  (wsj89014342)
The reason: the refusal of Congress to give federal judges a raise.  (wsj89014343)
Judge Ramirez, forty four, said it is unjust for judges to make what they do.  (wsj89014361)
"Judges are not getting what they deserve.  (wsj89014362)
You look around at professional ballplayers or accountants... and nobody blinks an eye.  (wsj89014363)
When you become a federal judge, all of a sudden you are relegated to a paltry sum."  (wsj89014364)
But Fujitsu, Japan's Number one computer maker, isn't alone.  (wsj89014621)
N. E. C., one of its largest domestic competitors, said it bid one yen in two separate public auctions since nineteen eighty seven.  (wsj89014622)
In both cases, N. E. C. lost the contract to Fujitsu, which made the same bid and won a tie-breaking lottery.  (wsj89014623)
All the contracts were for computer-system-design contracts and involved no hardware or software.  (wsj89014624)
The fire is also fueled by growing international interest in Japanese behavior.  (wsj89014681)
So far there have been no public overseas complaints about the issue.  (wsj89014682)
But in one of the auctions in question, International Business Machines Corporation made a bid substantially higher than the Fujitsu offer, according to the municipality.  (wsj89014683)
The low-ball bids touch on issues central to the increasingly tense trade debate.  (wsj89014684)
The thirty five .point seven million dollars net loss equals eighty six cents a share.  (wsj89014921)
Not counting the extraordinary charge, the company said it would have had a net loss of three .point one million dollars, or seven cents a share.  (wsj89014922)
A year earlier, it had profit of seven .point five million dollars, or eighteen cents a share.  (wsj89014923)
Revenue rose forty two percent to one hundred thirty three .point seven million dollars from ninety four million dollars. en  (wsj89014924)
The charge partly reflects a switch from older five-inch to more-efficient six-inch silicon wafers with which to fabricate chips.  (wsj89014931)
Related to that decision, the company said it was converting its Santa Clara, California, factory to a research and development facility.  (wsj89014932)
A spokesman declined to speculate about possible reductions in force.  (wsj89014933)
But some of the T. V. stations that bought" Cosby" reruns for record prices two years ago aren't laughing much these days.  (wsj89015161)
The reruns have helped ratings at many of the one eighty seven network affiliates and independent T. V. stations that air the shows.  (wsj89015162)
But the ratings are considerably below expectations, and some stations say they may not buy new episodes when their current contracts expire.  (wsj89015163)
Viacom denies it's using pressure tactics.  (wsj89015181)
"We're willing to negotiate," says Dennis Gillespie, executive vice president of marketing.  (wsj89015182)
"We're offering this plan now because we feel it's the right time."  (wsj89015183)
Garbage editors have dumped considerable energy into a whirling rampage through supermarket aisles in a bid to identify corporate America's good guys and bad boys.  (wsj89015301)
In one feature, called" In the Dumpster," editors point out a product they deem to be a particularly bad offender.  (wsj89015302)
From an advertising standpoint, the problem is these offenders are likely to be some of the same folks that are major magazine advertisers these days.  (wsj89015303)
That one hundred thirty million dollars, Mr. Sherwood said," gives us some flexibility in case Temple raises its bid.  (wsj89015511)
We are able to increase our price above the seventy dollars level if necessary."  (wsj89015512)
He declined to say, however, how much Sea Containers might raise its price.  (wsj89015513)
The department's roof-crush proposal would apply to vehicles weighing ten thousand pounds or less.  (wsj89015661)
The roofs would be required to withstand a force of one .point five times the unloaded weight of the vehicle.  (wsj89015662)
During the test, the roof couldn't be depressed more than five inches.  (wsj89015663)
Despite the economic slowdown, there are few clear signs that growth is coming to a halt.  (wsj89016091)
As a result, Fed officials may be divided over whether to ease credit.  (wsj89016092)
Several Fed governors in Washington have been pushing for easier credit; but many of the regional Fed presidents have been resisting such a move.  (wsj89016093)
--DASH ten billion dollars of thirty-year bonds, to be auctioned Thursday and to mature August fifteen, two thousand, nineteen.  (wsj89016261)
The Treasury also said it plans to sell ten billion dollars in thirty six-day cash management bills on Thursday.  (wsj89016262)
They will mature December twenty one.  (wsj89016263)
Economic news had little effect on financial markets.  (wsj89016361)
As expected, a national purchasing managers' report indicated the nation's manufacturing sector continues to contract modestly.  (wsj89016362)
The Federal Reserve's Beige Book, a summary of economic conditions across the country, indicated that the overall economy remains in a pattern of sluggish growth.  (wsj89016363)
Stock prices rose fractionally in moderate trading.  (wsj89016381)
Big Board volume totaled one hundred fifty four .point two million shares.  (wsj89016382)
Bond prices were up.  (wsj89016383)
The Treasury's benchmark thirty-year bond gained about a quarter of a point, or two dollars and fifty cents for each one thousand dollar of face amount.  (wsj89016384)
The yield fell to seven .point eight eight percent.  (wsj89016385)
Late yesterday, Georgia Gulf said it reviewed the N. L. proposal as well as interests from" third parties" regarding business combinations.  (wsj89016461)
Georgia Gulf said it hasn't eliminated any alternatives and that" discussions are being held with interested parties, and work is also continuing on other various transactions."  (wsj89016462)
It didn't elaborate.  (wsj89016463)
Analysts saw the latest offer as proof that Mr. Simmons, an aggressive and persistent investor, won't leave Georgia Gulf alone until some kind of transaction is completed.  (wsj89016471)
"He has clamped on their ankle like a pit bull," says Paul Leming, a vice president with Morgan Stanley & Company.  (wsj89016472)
"He appears to be in it for the long haul."  (wsj89016473)
Mr. Simmons and N. L. already own a nine .point nine percent stake in Georgia Gulf.  (wsj89016474)
That process of sorting out specifics is likely to take time, the Japanese say, no matter how badly the U. S. wants quick results.  (wsj89016761)
For instance, at the first meeting the two sides couldn't even agree on basic data used in price discussions.  (wsj89016762)
Since then, a team of about fifteen M. I. T. I. and U. S. Commerce Department officials have crossed the globe gauging consumer prices.  (wsj89016763)
By Monday, they hope to have a sheaf of documents both sides can trust.  (wsj89016764)
In a joint-venture deal, Mitsui guided Candela through Tokyo's bureaucratic maze.  (wsj89016831)
It eventually secured Ministry of Health import approval for two Candela laser products -- one that breaks up kidney stones and another that treats skin lesions.  (wsj89016832)
At last count, Candela had sold four million dollars of its medical devices in Japan.  (wsj89016833)
The deal also gave Mitsui access to a high-tech medical product.  (wsj89016841)
"They view this as a growth area so they went about it with a systematic approach," says Richard Olsen, a Candela vice president.  (wsj89016842)
Indeed, for many Japanese trading companies, the favorite U. S. small business is one whose research and development can be milked for future Japanese use.  (wsj89016843)
A host of electronics firms in California's Silicon Valley were financed with trading-company venture capital.  (wsj89016951)
Profit, at least in the short term, is usually a secondary goal.  (wsj89016952)
"Strategic objectives, not financial return, drive many of the deals," says a Venture Economics spokesman.  (wsj89016953)
So it goes in the competitive world of consumer banking these days.  (wsj89017061)
For nearly a decade, banks have competed for customers primarily with the interest rates they pay on their deposits and charge on their loans.  (wsj89017062)
The competitive rates were generally offset by hefty fees on various services.  (wsj89017063)
Still, bankers expect packaging to flourish, primarily because more customers are demanding that financial services be tailored to their needs.  (wsj89017201)
"These days, banking customers walk in the door expecting you to have a package especially for them," Ms. Moore says.  (wsj89017202)
Some banks are already moving in that direction, according to Alvin T. Sale, marketing director at First Union Corporation in Charlotte.  (wsj89017203)
First Union, he says, now has packages for seven customer groups.  (wsj89017204)
Soon, it will split those into thirty.  (wsj89017205)
As a Foster Corporate Parent, you'll be helping a neighborhood S. & L. in areas crucial to its survival.  (wsj89017321)
Like healthy regulatory capital.  (wsj89017322)
A steady deposit base.  (wsj89017323)
Performing loans.  (wsj89017324)
At the same time, you'll give your Foster Savings Institution the gift of hope and freedom from the federal regulators who want to close its doors -- for good.  (wsj89017325)
A final modification was made to the five-point opening limit for the contract.  (wsj89017491)
The Merc said that five-point limit will remain in effect for the first ten minutes of trading.  (wsj89017492)
The limit lapses under current exchange rules if contracts trade above the limit price during the opening ten minutes of trading.  (wsj89017493)
Vicar Marshall admits to mixed feelings about this issue, since he is both a vicar and an active bell-ringer himself.  (wsj89017771)
"The sound of bells is a net to draw people into the church," he says.  (wsj89017772)
"I live in hopes that the ringers themselves will be drawn into that fuller life."  (wsj89017773)
Put another way, the decline in the yield suggests stocks have gotten pretty rich in price relative to the dividends they pay, some market analysts say.  (wsj89017921)
They are keeping a close watch on the yield on the S. & P. five hundred.  (wsj89017922)
The figure is currently about three .point three percent, up from three .point two percent before the recent market slide.  (wsj89017923)
Some analysts say investors should run for the exits if a sustained market rebound pushes the yield below three percent.  (wsj89017924)
One indicator investors might want to watch is the monthly tally from Standard & Poor's of the number of public companies adjusting their dividends.  (wsj89018041)
A total of one hundred thirty nine companies raised dividends in October, basically unchanged from one hundred thirty eight a year ago, S. & P. said Wednesday.  (wsj89018042)
That followed four straight months in which the number of increases trailed the year-earlier pace.  (wsj89018043)
Mr. Nixon is traveling in China as a private citizen, but he has made clear that he is an unofficial envoy for the Bush administration.  (wsj89018291)
Mr. Nixon met Mr. Bush and his national security adviser, Brent Scowcroft, before coming to China on Saturday.  (wsj89018292)
And he plans to brief the president at the end of the week, U. S. sources said.  (wsj89018293)
Mr. Nixon was to leave China today.  (wsj89018294)
But the guards there retained their pistols, and a large contingent of plainclothes police remained nearby in unmarked cars.  (wsj89018341)
Moreover, police and soldiers continue to harass Americans, who have filed several protests with the Foreign Ministry in the past week.  (wsj89018342)
Several times, Chinese guards have pointed their automatic rifles at young children of U. S. diplomats and clicked the trigger.  (wsj89018343)
The rifles weren't loaded.  (wsj89018344)
Unfortunately, Japanese manufacturers have neither good working conditions nor good compensation packages.  (wsj89018371)
I get the impression that some Japanese managers believe working harder for less money is beautiful.  (wsj89018372)
I visited a lot of major Japanese manufacturers, but I never felt I would want to be employed by any of them.  (wsj89018373)
The statistics imply that three-quarters of blacks approve of Mr. Bush's job performance and eighty five percent of blacks approve of Mrs. Bush.  (wsj89018431)
If the assumption is that it is surprising that so few blacks find Mr. and Mrs. Bush distasteful, the positive view is even more newsworthy.  (wsj89018432)
Such an editorial point of view perpetuates an insidious, stereotyped perspective.  (wsj89018433)
Why are we blacks continually defined by our minority and the lowest common denominator.  (wsj89018434)
First Commonwealth Securities Corporation, of New Orleans, and its president, Kenneth J. Canepa, also of New Orleans, consented to a ten thousand dollars fine.  (wsj89018521)
Also, Mr. Canepa received a two-week suspension" in a principal capacity."  (wsj89018522)
Without admitting or denying wrongdoing, they consented to findings that they had inaccurately represented the firm's net capital, maintained inaccurate books and records, and made other violations.  (wsj89018523)
Mr. Canepa confirmed he had consented to the sanctions but declined to comment further.  (wsj89018524)
The British also are scrutinizing program trades.  (wsj89018741)
Index-arbitrage trading is" something we want to watch closely," an official at London's Stock Exchange said.  (wsj89018742)
"We don't think there is cause for concern at the moment."  (wsj89018743)
Britain has two main index-arbitrage instruments.  (wsj89018781)
A Financial Times-Stock Exchange one hundred-share index option contract is traded on the London Stock Exchange's Traded Options Market.  (wsj89018782)
And an F. T.-S. E. futures contract is traded on the London International Financial Futures Exchange.  (wsj89018783)
Both contracts have gained a following since the nineteen eighty seven global market crash.  (wsj89018784)
But Mr. Hahn rose swiftly through the ranks, demonstrating a raw intelligence that he says he knew he possessed early on.  (wsj89019061)
The son of a physicist, Mr. Hahn skipped first grade because his reading ability was so far above his classmates.  (wsj89019062)
Moving rapidly through school, he graduated Phi Beta Kappa from the University of Kentucky at age eighteen, after spending only two and one half years in college.  (wsj89019063)
He earned his doctorate in nuclear physics from the Massachusetts Institute of Technology.  (wsj89019064)
The formula has paid off, so far.  (wsj89019101)
Georgia-Pacific's sales climbed to nine .point five billion dollars last year, compared with six billion dollars in nineteen eighty three, when Mr. Hahn took the reins.  (wsj89019102)
Profit from continuing operations has soared to four hundred sixty seven million dollars from seventy five million dollars.  (wsj89019103)
Mr. Hahn attributes the gains to the philosophy of concentrating on what a company knows best.  (wsj89019104)
Nekoosa wouldn't be a diversification.  (wsj89019121)
It would be a good match, Mr. Hahn and many analysts say, of two healthy companies with high-quality assets and strong cash flows.  (wsj89019122)
The resulting company would be the largest forest-products concern in the world with combined sales of more than thirteen billion dollars.  (wsj89019123)
Inventor Claire Marvin says his design virtually eliminates spilling.  (wsj89019391)
Lids aren't even needed.  (wsj89019392)
He also claims the carrier costs less and takes up less space than most paper carriers.  (wsj89019393)
A few fast-food outlets are giving it a try.  (wsj89019394)
The company acknowledges some problems.  (wsj89019401)
A driver has to find something to hang the carrier on, so the company supplies a window hook.  (wsj89019402)
While it breaks down in prolonged sunlight, it isn't recyclable.  (wsj89019403)
And unlike some trays, there's no place for food.  (wsj89019404)
A U. S. X. spokesman said the company hadn't yet received any documents from OSHA regarding the penalty or fine.  (wsj89019611)
"Once we do, they will receive very serious evaluation," the spokesman said.  (wsj89019612)
"No consideration is more important than the health and safety of our employees."  (wsj89019613)
Some of the homeless, obviously, had pre-existing mental illness or addiction.  (wsj89019861)
But many others have fallen through cracks in the economy into the grim, brutal world of our city streets.  (wsj89019862)
Once there, what ways of escape are open to them other than drink, drugs or insanity?  (wsj89019863)
It was censorship.  (wsj890110121)
It was outrageous.  (wsj890110122)
And it was stupid.  (wsj890110123)
A couple of weeks ago, I lost the case in federal district court in Des Moines.  (wsj890110191)
At least, that's the way it was reported.  (wsj890110192)
And, indeed, the lawsuit was dismissed.  (wsj890110193)
In August, the company took a three hundred forty three million dollars pretax charge against fiscal nineteen eighty nine earnings when it announced a world-wide restructuring plan.  (wsj890110491)
The plan calls for closing at least nine plants and eliminating about three thousand, six hundred jobs.  (wsj890110492)
But analysts said early results from the reorganization have been disappointing, especially in Europe, and there were signs that the board became impatient.  (wsj890110493)
For fiscal nineteen eighty nine, Mr. McGovern received a salary of eight hundred seventy seven thousand, six hundred sixty three dollars.  (wsj890110531)
He owns about forty five thousand shares of Campbell stock and has options to buy more than one hundred thousand additional shares.  (wsj890110532)
He will be eligible for an annual pension of more than two hundred forty four thousand dollars with certain other fringe benefits.  (wsj890110533)
Mr. Baum said he and Mr. Harper both advocated closing some plants as long ago as early nineteen eighty eight.  (wsj890110551)
"You've got to make the restructuring work," said Mr. Baum.  (wsj890110552)
"You've got to make those savings now."  (wsj890110553)
Mr. Harper expressed confidence that he and Mr. Baum can convince the board of their worthiness to run the company.  (wsj890110561)
"We look upon this as a great opportunity to prove the fact that we have a tremendous management team," he said.  (wsj890110562)
He predicted that the board would give the current duo until early next year before naming a new chief executive.  (wsj890110563)
In the interview at headquarters yesterday afternoon, both men exuded confidence and seemed to work well together.  (wsj890110581)
"You've got two champions sitting right before you," said Mr. Baum.  (wsj890110582)
"We play to win."  (wsj890110583)
FEDERAL FUNDS: nine and one half percent high, eight and three quarters percent low, eight and three quarters percent near closing bid, nine percent offered.  (wsj890110621)
Reserves traded among commercial banks for overnight use in amounts of one million dollars or more.  (wsj890110622)
Source: Fulton Prebon (LEFT-PAREN U. S. A. )

In an interview, Mr. Bernstein said his departure" evolved out of discussions with Si Newhouse and that's the decision I reached."  (wsj890110781)
He declined to elaborate, other than to say," It just seemed the right thing to do at this minute.  (wsj890110782)
Sometimes you just go with your gut."  (wsj890110783)
Mr. Bernstein said he will stay until December thirty one and work with his successor, who is to be named soon.  (wsj890110784)
Mr. Newhouse, meanwhile, insisted that he isn't unhappy with Mr. Bernstein or the performance of Random House, the largest trade publishing house in the U. S..  (wsj890110791)
The company said the publisher's annual sales volume increased to eight hundred million dollars from forty million dollars during Mr. Bernstein's tenure.  (wsj890110792)
"Bob has handled the extraordinary growth of the company quite brilliantly," said Mr. Newhouse.  (wsj890110793)
"The company is doing well, it's stable, it's got good people.  (wsj890110794)
Bob has an agenda and this seemed like the natural time."  (wsj890110795)
This species of congressional action is predicated on an interpretation of the appropriations clause that is erroneous and unconstitutional.  (wsj890110861)
The appropriations clause states that" No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law...."  (wsj890110862)
The prevailing interpretation of the clause on Capitol Hill is that it gives Congress an omnipresent veto over every conceivable action of the president through the ability to withhold funding.  (wsj890110863)
This interpretation was officially endorsed by Congress in nineteen eighty seven in the Iran-Contra Report.  (wsj890110864)
Section six hundred five also imposes unconstitutional conditions on the president's ability to nominate candidates of his choosing.  (wsj890110921)
The language of the appropriations rider implies that any nomination to any position of a rejected nominee will result in the president being denied funding to pay that person's salary.  (wsj890110922)
The president could probably not avoid this restriction by choosing people willing to serve without pay, because the Anti-Deficiency Act prohibits voluntary service to the government.  (wsj890110923)
If President Bush loses at the court, it might be disappointing, as Morrison v..  (wsj890111021)
Olson was for the Reagan administration.  (wsj890111022)
But the presidency would be no worse off than it is now.  (wsj890111023)
Moreover, the electorate would have received a valuable civics lesson in how the separation of powers works in practice.  (wsj890111024)
Hearst said it would provide employees with a placement service and pay them for sixty days.  (wsj890111291)
Some long-tenured employees will receive additional benefits, the company said.  (wsj890111292)
Hours after the announcement, representatives of the Orange County Register were in a bar across the street recruiting.  (wsj890111293)
Outside, a young pressman filling a news box with an extra edition headlined" Herald Examiner Closes" refused to take a reader's quarter.  (wsj890111331)
"Forget it," he said as he handed her a paper.  (wsj890111332)
"It doesn't make any difference now."  (wsj890111333)
The companies are giving four-day vacations for two to Buick buyers who charge all or part of their down payments on the American Express green card.  (wsj890111391)
They have begun sending letters explaining the program, which began October eighteen and will end December eighteen, to about five million card holders.  (wsj890111392)
Neither company would disclose the program's cost.  (wsj890111393)
Buick has been seeking for the past few years to restore its reputation as" the doctor's car" -- a product for upscale professionals.  (wsj890111411)
Sales were roughly flat in the nineteen eighty nine model year compared with a year earlier, though industry sales fell.  (wsj890111412)
But since the nineteen ninety model year began October one, Buick sales have plunged thirty three percent.  (wsj890111413)
In lieu of the vacation, buyers can choose among several prizes, including a grandfather clock or a stereo videocassette recorder.  (wsj890111511)
Card holders who receive the letter also are eligible for a sweepstakes with Buick cars or a Hawaii vacation as prizes.  (wsj890111512)
If they test-drive a Buick, they get an American Express calculator.  (wsj890111513)
This isn't Buick's first travel-related promotion.  (wsj890111521)
A few years ago, the company offered two round-trip tickets on Trans World Airlines to buyers of its Riviera luxury car.  (wsj890111522)
The promotion helped Riviera sales exceed the division's forecast by more than ten percent, Buick said at the time.  (wsj890111523)
When two parties engage in an interest-rate swap, they are betting against each other on future rates.  (wsj890111571)
Thus, an institution obligated to make fixed-rate interest payments on debt swaps the payments with another making floating-rate payments.  (wsj890111572)
In most of the British transactions, the municipalities agreed to make floating-rate payments to banks, which would make fixed-rate payments.  (wsj890111573)
As interest rates rose, municipalities owed the banks more than the banks were paying them.  (wsj890111574)
The battle has turned into a civil war at some firms and organizations, causing internal contradictions and pitting employee against employee.  (wsj890111781)
At Kidder, a unit of General Electric Company, and other big brokerage firms, stockbrokers battle their own firm's program traders a few floors away.  (wsj890111782)
Corporations like Contel denounce program trading, yet Contel has in the past hired pension fund managers like Bankers Trust Company that are also big program traders.  (wsj890111783)
The Big Board -- the nation's premier stock exchange -- is sharply divided between its floor traders and its top executives.  (wsj890111791)
Its entrenched forty nine stock specialists firms are fighting tooth and nail against programs.  (wsj890111792)
But the Big Board's leadership -- over the specialists' protests -- two weeks ago began trading a new stock" basket" product designed to facilitate program trading.  (wsj890111793)
"A lot of people would like to go back to nineteen seventy," before program trading, Mr. Phelan said this week.  (wsj890111794)
"I would like to go back to nineteen seventy.  (wsj890111795)
But we are not going back to nineteen seventy."  (wsj890111796)
Such program trades, which can involve the purchase or sale of millions of dollars of stock, occur in a matter of seconds.  (wsj890111841)
A program trade of five million dollars of stock typically earns a razor-thin profit of twenty five thousand dollars.  (wsj890111842)
To keep program-trading units profitable in the eyes of senior brokerage executives, traders must seize every opportunity their computers find.  (wsj890111843)
Meanwhile, specialists' trading risks have skyrocketed as a result of stock-market volatility.  (wsj890111921)
"When the sell programs hit, you can hear the order printers start to go" on the Big Board trading floor, says one specialist there.  (wsj890111922)
"The buyers walk away, and the specialist is left alone" as the buyer of last resort for his stable of stocks, he contends.  (wsj890111923)
Too much money is at stake for program traders to give up.  (wsj890111961)
For example, stock-index futures began trading in Chicago in nineteen eighty two, and within two years they were the fastest-growing futures contract ever launched.  (wsj890111962)
Stock futures trading has minted dozens of millionaires in their twenties and thirties.  (wsj890111963)
Now, on a good day, Chicago's stock-index traders trade more dollars worth of stock futures than the Big Board trades in stock.  (wsj890111964)
But the prospects for legislation that targets program trading is unlikely anytime soon.  (wsj890111981)
Many people, including the Big Board, think that it's too late to put the genie back in the bottle.  (wsj890111982)
The Big Board's directors meet today to approve some program-trading restrictions, but a total ban isn't being considered, Big Board officials say.  (wsj890111983)
A large investor will likely cause the futures market to decline when he sells his futures.  (wsj890112141)
Arbitrage simply transfers his selling pressure from Chicago to New York, while functioning as a buyer in Chicago.  (wsj890112142)
The start of the whole process is the key-someone must fundamentally increase or decrease his ownership in widgets to make widget prices move.  (wsj890112143)
Volatility surrounding his trades occurs not because of index arbitrage, but because his is a large addition or subtraction to a widget market with finite liquidity.  (wsj890112161)
Eliminate arbitrage and liquidity will decline instead of rising, creating more volatility instead of less.  (wsj890112162)
The speed of his transaction isn't to be feared either, because faster and cleaner execution is desirable, not loathsome.  (wsj890112163)
If slowing things down could reduce volatility, stone tablets should become the trade ticket of the future.  (wsj890112164)
Some of the proposed fixes for what is labeled" program-trading volatility" could be far worse than the perceived problem.  (wsj890112191)
In using program trading as a whipping boy, fundamentalist investors stand to gain the high ground in wooing small investors for their existing stock-selection products.  (wsj890112192)
They may, however, risk bringing some damaging interference from outside the markets themselves.  (wsj890112193)
How does a nice new tax, say five percent, on any financial transaction sound?  (wsj890112194)
That ought to make sure we're all thinking for the long term.  (wsj890112195)
So what is next for program trading?  (wsj890112241)
Left to its own devices, index arbitrage will become more and more efficient, making it harder and harder to do profitably.  (wsj890112242)
Spreads will become so tight that it won't matter which market an investor chooses -- arbitrage will prevent him from gaining any temporary profit.  (wsj890112243)
The offsetting fees would apply to filings made under the Hart-Scott-Rodino Act.  (wsj890112341)
Under that law, parties proposing mergers or acquisitions valued at fifteen million dollars or more must notify F. T. C. and Justice Department antitrust regulators before completing the transactions.  (wsj890112342)
Currently, the government charges nothing for such filings.  (wsj890112343)
Ballot watchers say attention already is focused on the nineteen ninety elections.  (wsj890112411)
In California, two petition drives for next year's election are" essentially finished," says David Schmidt, author of" Citizen Lawmakers."  (wsj890112412)
Mr. McGuigan cites three completed efforts in Oklahoma.  (wsj890112413)
Hot ballot topics are expected to be abortion, the environment and insurance reform.  (wsj890112414)
The National Association of Diaper Services, Philadelphia, says that since January it has gotten more than six hundred seventy two inquiries from people interested in starting diaper services.  (wsj890112551)
Elisa Hollis launched a diaper service last year because State College, Pennsylvania, where she lives, didn't have one.  (wsj890112552)
Diaper shortages this summer limited growth at Stork Diaper Services, Springfield, Massachusetts, where business is up twenty five percent in nineteen eighty nine.  (wsj890112553)
But he blames program trading for only some of the market's volatility.  (wsj890112611)
He also considers the market overvalued and cites the troubles in junk bonds.  (wsj890112612)
He adds:" The market may be giving us another message, that a recession is looming."  (wsj890112613)
Also in New York, Israel Silverman, an insurance-company lawyer, comments that program trading" increases volatility, but I don't think it should be banned.  (wsj890112681)
There's no culprit here.  (wsj890112682)
The market is just becoming more efficient."  (wsj890112683)
Arbitraging on differences between spot and futures prices is an important part of many financial markets, he says.  (wsj890112684)
He adds that his shares in a company savings plan are invested in a mutual fund, and volatility, on a given day, may hurt the fund.  (wsj890112685)
But" I'm a long-term investor," he says.  (wsj890112686)
"If you were a short-term investor, you might be more leery about program trading."  (wsj890112687)
"My stocks are all blue chips," she says.  (wsj890112741)
"If the market goes down, I figure it's paper profits I'm losing.  (wsj890112742)
On the other hand, if it goes way sky high, I always sell.  (wsj890112743)
You don't want to get yourself too upset about these things."  (wsj890112744)
Mr. van Dover added that researchers are trying to determine precisely what crystal changes solved the problem.  (wsj890112841)
Determining that may enable them to develop better ways to introduce the needed crystal-lattice patterns.  (wsj890112842)
The AT & T. team also is trying to combine their latest superconductor process with" melt-textured growth," a process discovered earlier at Bell Laboratories.  (wsj890112843)
The combined processes may significantly raise the current-carrying capacity of multi-crystal samples.  (wsj890112844)
The appointment takes effect November thirteen.  (wsj890112861)
He succeeds James A. Taylor, who stepped down as chairman, president and chief executive in March for health reasons.  (wsj890112862)
Edward L. Kane succeeded Mr. Taylor as chairman.  (wsj890112863)
The latest results include some unusual write-downs, which had an after-tax impact of four .point nine million dollars.  (wsj890112881)
Those included costs associated with the potential Valley Federal Savings and Loan Association acquisition, which was terminated on September twenty seven, nineteen eighty nine.  (wsj890112882)
In addition, operating results were hit by an increase in loan and real estate loss reserves.  (wsj890112883)
Although his team lost the World Series, San Francisco Giants owner Bob Lurie hopes to have a new home for them.  (wsj890113001)
He is an avid fan of a proposition on next week's ballot to help build a replacement for Candlestick Park.  (wsj890113002)
Small wonder, since he's asking San Francisco taxpayers to sink up to one hundred million dollars into the new stadium.  (wsj890113003)
As San Francisco digs out from The Pretty Big One, opponents say the last thing the city can afford is an expensive new stadium.  (wsj890113004)
A stadium craze is sweeping the country.  (wsj890113011)
It's fueled by the increasing profitability of major-league teams.  (wsj890113012)
Something like one-third of the nation's sixty largest cities are thinking about new stadiums, ranging from Cleveland to San Antonio and Street Petersburg.  (wsj890113013)
"These two exposures alone represent a very substantial portion of C. S. First Boston's equity," Moody's said.  (wsj890113271)
"Total merchant banking exposures are in excess of the firm's equity."  (wsj890113272)
C. S. First Boston, however, benefits from the backing of its largest shareholder, Credit Suisse, Switzerland's third largest bank.  (wsj890113273)
A Shearson spokesman said the firm isn't worried.  (wsj890113291)
"A year ago, Moody's also had Shearson under review for possible downgrade," he said.  (wsj890113292)
"After two months of talks, our rating was maintained."  (wsj890113293)
Drexel, meanwhile, already competes at a disadvantage to its big Wall Street rivals because it has a slightly lower commercial paper rating.  (wsj890113294)
The collapse of junk bond prices and the cancellation of many junk bond financings apparently have taken their toll on closely held Drexel, the leading underwriter in that market.  (wsj890113301)
The firm also has been hit with big financial settlements with the government stemming from its guilty plea to six felonies related to a big insider-trading scandal.  (wsj890113302)
Drexel this year eliminated its retail or individual customer business, cutting the firm's workforce almost in half to just over five thousand.  (wsj890113303)
D. E. S. daughters and other victims of drugs would be better off if their cases were taken out of the courts.  (wsj890113451)
Congress could create a compensation program to help such victims while protecting the national interest in encouraging new drugs.  (wsj890113452)
But a nineteen eighty six law that supposedly replaced lawsuits over children's vaccines with a compensation fund has predictably led to even more litigation.  (wsj890113453)
Everyone by now understands that Congress is utterly incapable of writing legislation to help deserving people without its becoming some billion-dollar morass.  (wsj890113461)
We have no doubt this is one reason judges in New York and justices on the Supreme Court are willing to trash the law in the D. E. S. cases.  (wsj890113462)
They must figure that justice has to get done by somebody, but know it won't be done by Congress.  (wsj890113463)
Drug companies in the key index also notched gains as market-makers searched for stock in anticipation of demand due to the sector's defensive qualities.  (wsj890113981)
Wellcome gained eighteen to six hundred sixty six on a modest one .point one million shares.  (wsj890113982)
Glaxo, the U. K.'s largest pharmaceutical concern, advanced twenty three to fourteen pounds and thirteen pence.  (wsj890113983)
Stock prices closed higher in Stockholm, Amsterdam and Frankfurt and lower in Zurich.  (wsj890113991)
Paris, Brussels, and Milan were closed for a holiday.  (wsj890113992)
South African gold stocks closed marginally lower.  (wsj890113993)
Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.  (wsj890114021)
To make them directly comparable, each index is based on the close of nineteen sixty nine equaling one hundred.  (wsj890114022)
The percentage change is since year-end.  (wsj890114023)
Mr. Lieberman said the diverse showing in yesterday's reports" only enhances the importance of the employment data."  (wsj890114461)
The employment report, which at times has caused wide swings in bond prices, is due out tomorrow.  (wsj890114462)
The average estimate of twenty two economists polled by Dow Jones Capital Markets Report was that non-farm payrolls expanded by one hundred fifty two thousand in October.  (wsj890114463)
The economists forecast a zero .point one percent rise in the unemployment rate to five .point four percent.  (wsj890114464)
Although final details weren't available, sources said the Dingell plan would abandon the president's proposal for a cap on utilities' sulfur-dioxide emissions.  (wsj890114931)
That proposal had been hailed by environmentalists but despised by utilities because they feared it would limit their growth.  (wsj890114932)
It also would junk an innovative market-based system for trading emissions credits among polluters.  (wsj890114933)
Stock-index arbitrage -- Buying or selling baskets of stocks while at the same time executing offsetting trades in stock-index futures or options.  (wsj890115061)
Traders profit by trying to capture fleeting price discrepancies between stocks and the index futures or options.  (wsj890115062)
If stocks are temporarily" cheaper" than futures, for example, an arbitrager will buy stocks and sell futures.  (wsj890115063)
U. A. L.'s announcement came after the market closed yesterday.  (wsj890115191)
In composite New York Stock Exchange trading, the shares closed at one hundred seventy seven dollars, up one dollar and fifty cents.  (wsj890115192)
U. A. L. wouldn't elaborate on a statement that it had been notified of the filing by Reliance.  (wsj890115193)
Reliance confirmed the filing but wouldn't elaborate.  (wsj890115194)
Williams, Duluth, Georgia, is an insurance and financial-services holding company.  (wsj890115261)
Its subsidiaries' services are marketed by closely held A. L. Williams & Associates.  (wsj890115262)
Primerica, as expected, also acquired certain assets of the agency and assumed certain of its liabilities.  (wsj890115263)
Terms weren't disclosed.  (wsj890115264)
Dunkin' has set November ten as the deadline for the receipt of any competing bids.  (wsj890115901)
D. D. Acquisition said the extension is to allow this process to be completed.  (wsj890115902)
Dunkin' is based in Randolph, Massachusetts.  (wsj890115903)
Cara, a food services chain operator and Unicorp, a holding company, are based in Toronto.  (wsj890115904)
Transamerica said third-quarter investment gains were ten .point two million dollars, compared with six .point four million dollars the year earlier.  (wsj890116431)
It said insurance profit reflected a six million dollars loss from Hurricane Hugo.  (wsj890116432)
It also estimated that losses from the October seventeen earthquake in California would be no more than six million dollars, and would be included in fourth-quarter results.  (wsj890116433)
A second ship is now expected to be delivered late next year or early in nineteen ninety one.  (wsj890116591)
Carnival had expected that ship to be delivered next fall.  (wsj890116592)
A planned third ship still may be built in the Finnish shipyard, or may be built elsewhere, Carnival said.  (wsj890116593)
Valley Federal is currently being examined by regulators.  (wsj890116641)
New loans continue to slow; they were six .point six million dollars in the quarter compared with three hundred sixty one .point eight million dollars a year ago.  (wsj890116642)
The thrift has assets of three .point two billion dollars.  (wsj890116643)
Thousands of East Germans fled to Czechoslovakia after the East Berlin government lifted travel restrictions.  (wsj890116771)
The ban on cross-border movement was imposed last month after a massive exodus of emigres to West Germany.  (wsj890116772)
Also, a Communist official for the first time said the future of the Berlin Wall could be open to discussion.  (wsj890116773)
Health officials plan to extend a moratorium on federal funding of research involving fetal-tissue transplants.  (wsj890116791)
The assistant H. H. S. secretary said the ban" should be continued indefinitely."  (wsj890116792)
While researchers believe such transplants could help treat diseases like Alzheimer's, anti-abortionists oppose the research.  (wsj890116793)
South Africa accused armed Namibian nationalist guerrillas of crossing from bases in neighboring Angola, violating U. N.-supervised peace plans for the territory's independence from Pretoria.  (wsj890116851)
South African troops were placed on alert.  (wsj890116852)
Guerrilla leaders said Pretoria was attempting to sabotage next week's elections in Namibia.  (wsj890116853)
Still unresolved is Sony's effort to hire producers Jon Peters and Peter Guber to run the studio.  (wsj890117031)
Sony's planned acquisition of Guber/Peters Entertainment Company for two hundred million dollars is scheduled to close Monday.  (wsj890117032)
Guber/Peters has been locked in litigation with Warner Communications Incorporated in an attempt to get out of an exclusive production contract with Warner.  (wsj890117033)
Both sides are in talks to settle the dispute.  (wsj890117034)
Sales rose eleven percent to two hundred ninety two .point three two billion yen from two hundred sixty three .point oh seven billion yen.  (wsj890117101)
Net income surged thirty one percent to seven .point six three billion yen from five .point eight two billion yen.  (wsj890117102)
Per-share net rose to seven .point eight four yen from six .point five three yen.  (wsj890117103)
ECONOMIC GROWTH APPEARS to be leveling off, latest reports suggest.  (wsj890117141)
Factory orders and construction outlays were largely flat in September, while purchasing agents said manufacturing shrank further in October.  (wsj890117142)
Still, many economists aren't predicting a recession anytime soon.  (wsj890117143)
But in recent days, Columbia has edged up, closing at five and one quarter, up three eighths, yesterday on revived speculation that the thrift might restructure.  (wsj890117511)
Mr. Spiegel's fans say Columbia's Southern California branches are highly salable, and the thrift has four hundred fifty eight million dollars of shareholders equity underlying its assets.  (wsj890117512)
That's almost ten dollars of equity for each Columbia share, including convertible preferred shares, though more junk markdowns would reduce the cushion.  (wsj890117513)
Columbia has only about ten million common shares in public hands.  (wsj890117521)
The Spiegel family has twenty five percent of the common and seventy five percent of the votes.  (wsj890117522)
Other big common holders are Carl Lindner's American Financial, investor Irwin Jacobs and Pacific Financial Research, though the latter cut its stake this summer.  (wsj890117523)
Columbia won't comment on all the speculation.  (wsj890117541)
But like other thrifts, it's expected to seek regulators' consent to create a distinct junk-bond entity.  (wsj890117542)
Plans to do this are due to be filed in a week or so.  (wsj890117543)
According to Upjohn's estimates, only fifty percent to sixty percent of the one thousand, one hundred eligible employees will take advantage of the plan.  (wsj890118011)
Upjohn further estimated that about fifty percent of the employees who leave for early retirement may be replaced.  (wsj890118012)
As a result, Upjohn will likely trim only about two hundred seventy five to three hundred fifty of its more than twenty one thousand jobs world-wide.  (wsj890118013)
Companies listed below reported quarterly profit substantially different from the average of analysts' estimates.  (wsj890118401)
The companies are followed by at least three analysts, and had a minimum five-cent change in actual earnings per share.  (wsj890118402)
Estimated and actual results involving losses are omitted.  (wsj890118403)
And it isn't clear that the Soviet Union will stay on its record buying pace.  (wsj890118631)
The Soviet orders were compressed into the month of October because of delays.  (wsj890118632)
The Soviet Union usually begins buying U. S. crops earlier in the fall.  (wsj890118633)
But its purchases apparently were delayed by a reorganization of its agricultural bureaucracy as well as budget problems.  (wsj890118634)
ENERGY: Crude oil futures prices increased in moderate trading, but much of the action was in heating oil.  (wsj890118651)
Prices rose on the news that a sizable West German refinery was damaged in a fire, tightening an already tight European market.  (wsj890118652)
Heating oil for November delivery ended at fifty eight .point six four cents a gallon, up one cent on the New York Mercantile Exchange.  (wsj890118653)
West Texas Intermediate for December delivery advanced twenty two cents to nineteen dollars and ninety four cents a barrel.  (wsj890118654)
Gasoline futures continued a sell-off that began Monday.  (wsj890118655)
Among segments that continue to operate, though, the company's steel division continued to suffer from soft demand for its tubular goods serving the oil industry and other markets.  (wsj890118731)
Peter Marcus, an analyst with PaineWebber Incorporated, said that a downturn in the appliance industry, coupled with sluggish automotive sales, hurt U. S. X. results.  (wsj890118732)
Moreover, U. S. X. exports more than other steelmakers, and the overseas market has been under more severe pricing pressure.  (wsj890118733)
The energy segment, with a fifteen percent rise in operating profit, is clearly the company's strongest.  (wsj890118781)
Higher crude oil prices helped boost operating profit for the Marathon Oil Company unit to one hundred ninety eight million dollars from one hundred eighty million dollars.  (wsj890118782)
The Texas Oil & Gas division continues to operate in the red, although losses narrowed to nine million dollars from fifteen million dollars.  (wsj890118783)
U. S. X. announced in October that it was soliciting bids to sell T. X. O.'s oil and gas reserves.  (wsj890118784)
BELL INDUSTRIES Incorporated increased its quarterly to ten cents from seven cents a share.  (wsj890118961)
The new rate will be payable February fifteen.  (wsj890118962)
A record date hasn't been set.  (wsj890118963)
Bell, based in Los Angeles, makes and distributes electronic, computer and building products.  (wsj890118964)
Many investors wrote asking the S. E. C. to require insiders to report their purchases and sales immediately, not a month later.  (wsj890119111)
But Mr. Lane said that while the S. E. C. regulates who files, the law tells them when to do so.  (wsj890119112)
Investors who want to change the required timing should write their representatives in Congress, he added.  (wsj890119113)
The S. E. C. would likely be amenable to legislation that required insiders to file transactions on a more timely basis, he said.  (wsj890119114)
Both funds are expected to begin operation around March one, subject to Securities and Exchange Commission approval.  (wsj890119141)
For its employees to sign up for the options, a college also must approve the plan.  (wsj890119142)
Some four thousand, three hundred institutions are part of the pension fund.  (wsj890119143)
The new" social choice" fund will shun securities of companies linked to South Africa, nuclear power and in some cases, Northern Ireland.  (wsj890119161)
Also excluded will be investments in companies with" significant" business stemming from weapons manufacture, alcoholic beverages or tobacco.  (wsj890119162)
Sixty percent of the fund will be invested in stocks, with the rest going into bonds or short-term investments.  (wsj890119163)
The clash is a sign of a new toughness and divisiveness in Japan's once-cozy financial circles.  (wsj890119591)
Not only are Japan's financial institutions putting their enormous clout to work; increasingly they're squaring off against one another in unprecedented public fashion.  (wsj890119592)
Already, the consequences are being felt by other players in the financial markets -- even governments.  (wsj890119593)
John A. Conlon Junior, forty five, was named a managing director at this investment-banking company.  (wsj890119721)
He will be in charge of research, equity sales and trading, and the syndicate operation of Rothschild.  (wsj890119722)
Mr. Conlon was executive vice president and director of the equity division of the international division of Nikko Securities Company.  (wsj890119723)
FEDERAL FUNDS: nine percent high, eight and thirteen sixteenths percent low, eight and seven eighths percent near closing bid, eight and fifteen sixteenths percent offered.  (wsj890120141)
Reserves traded among commercial banks for overnight use in amounts of one million dollars or more.  (wsj890120142)
Source: Fulton Prebon (LEFT-PAREN U. S. A. )

In a statement, Jaguar's board said they" were not consulted about the (LEFT-PAREN Ridley decision )

The statement emphasized that holders representing seventy five percent of the shares voting at a special shareholders' meeting must agree to lift the takeover restrictions.  (wsj890120462)
Jaguar officials in the U. S. noted that Ford, as Jaguar's largest shareholder, now has the power to call for such a meeting.  (wsj890120463)
Ford officials in the U. S. declined to comment on the British government's action or on any plans to call a special Jaguar shareholders meeting.  (wsj890120481)
But G. M. officials said they, too, were surprised by the move, which left them to" consider all our options and explore matters further."  (wsj890120482)
Although G. M. has U. S. approval to buy up to fifteen percent of Jaguar's stock, it hasn't yet disclosed how many shares it now owns.  (wsj890120483)
At the same time, the government didn't want to appear to favor G. M. by allowing a minority stake that might preclude a full bid by Ford.  (wsj890120531)
Mr. Ridley hinted at this motive in answering questions from members of Parliament after his announcement.  (wsj890120532)
He said he was giving up the golden share" to clear the way so the playing field is level between all contestants."  (wsj890120533)
A fund manager at a life-insurance company said three factors make it difficult to read market direction.  (wsj890120801)
First, he said, domestic interest rates are likely to stay at higher levels as increased anticipation of inflation followed rising consumer prices reported last week.  (wsj890120802)
Second, the dollar is showing persistent strength despite a slowdown in the U. S. economy shown by economic indicators.  (wsj890120803)
The topic that attracted participants' attention was Mitsubishi Estate's purchase of fifty one percent of Rockefeller Center Properties, announced late Monday in New York.  (wsj890120821)
Mitsubishi Estate ended the day at two thousand, six hundred eighty, up one hundred fifty.  (wsj890120822)
The gains also sparked buying interest in other real-estate companies, traders said.  (wsj890120823)
Sumitomo Realty & Development rose forty to two thousand, one hundred seventy.  (wsj890120824)
Heiwa Real Estate gained forty to two thousand, two hundred ten.  (wsj890120825)
Here are price trends on the world's major stock markets, as calculated by Morgan Stanley Capital International Perspective, Geneva.  (wsj890120981)
To make them directly comparable, each index is based on the close of nineteen sixty nine equaling one hundred.  (wsj890120982)
The percentage change is since year-end.  (wsj890120983)
A breakdown showed that food prices were the most active part of growth with a rise of zero .point six percent.  (wsj890121011)
An official linked the gain essentially to higher prices for beef and pork.  (wsj890121012)
He said summer drought problems that had hit several southern agricultural regions had stopped being a major source of price pressure in September.  (wsj890121013)
"This week was uneventful for the C. D. market," said Norberto Mehl, chairman of Banxquote.  (wsj890121161)
"The major banks haven't even reacted to sharp rises in the three-month Treasury bill rates" in the past two weeks.  (wsj890121162)
Banks that adjusted payouts on C. D.s in the most recent week made only fractional moves, he said.  (wsj890121163)
The C. D. trend runs counter to the direction of short-term interest rates at the Treasury bill auction Monday.  (wsj890121171)
The average six-month bill was sold with a yield of eight .point oh four percent, up from seven .point nine oh percent.  (wsj890121172)
The average three-month issue rose to eight .point oh five percent from seven .point seven seven percent.  (wsj890121173)
However, C. D.s sold through major broker-dealer networks were up slightly almost across the board.  (wsj890121201)
The average six-month C. D. in that category added zero .point zero five percentage point to eight .point three five percent, for example.  (wsj890121202)
Mr. Mehl attributed the rise specifically to the Treasury bill increase.  (wsj890121203)
Among the major banks surveyed by Banxquote in six regions of the country, eight .point three three percent is the highest yield available.  (wsj890121211)
It is offered by the flagship banks of New York's Manufacturers Hanover Corporation in the one-year maturity only.  (wsj890121212)
The yield is offered across a range of maturities at San Francisco's BankAmerica Corporation and Wells Fargo & Company.  (wsj890121213)
Just two weeks ago, BankAmerica's yields in many of those maturities was eight .point six one percent.  (wsj890121214)
The index of leading indicators got a major boost in September from a surge in consumer expectations as measured by the University of Michigan.  (wsj890122321)
This measure had dropped sharply in August.  (wsj890122322)
The Commerce Department said that as a result of a new adjustment to the formula used to calculate the index, the influence of this component has been reduced.  (wsj890122323)
Bids totaling four hundred seventy five million dollars were submitted.  (wsj890122451)
Accepted bids ranged from eight percent to eight .point oh one nine percent.  (wsj890122452)
The bank holding company will auction another fifty million dollars in each maturity next Tuesday.  (wsj890122453)
The F. B. I. initially showed little interest, and he had the impression other federal security agencies were tangled up in legal red tape.  (wsj890122531)
The C. I. A. told him it does not do domestic counterespionage.  (wsj890122532)
One learns a lot from this book, or seems to, about crippling federal bureaucracy.  (wsj890122533)
"Seems to" because it's possible that the C. I. A. and the National Security Agency were more interested than they let on to Mr. Stoll.  (wsj890122534)
The new Mips machine, called the R. C. sixty two eighty, will cost one hundred fifty thousand dollars for a basic system.  (wsj890122601)
The computer processes fifty five million instructions per second and uses only one central processing chip, unlike many rival machines using several processors.  (wsj890122602)
The machine employs reduced instruction-set computing, or RISC, technology.  (wsj890122603)
Mips will start shipping its new machine in the first quarter of nineteen ninety, he said.  (wsj890122681)
The machine uses a single processor, which makes it easier to program than competing machines using several processors.  (wsj890122682)
The computer can process thirteen .point three million calculations called floating-point operations every second.  (wsj890122683)
The machine can run software written for other Mips computers, the company said.  (wsj890122684)
The R. T. C. has projected that it will require between fifty billion dollars to one hundred billion dollars in temporary working capital.  (wsj890122731)
The borrowing to raise these funds would be paid off as assets of sick thrifts are sold.  (wsj890122732)
The new S. & L. law allows the R. T. C. to issue notes for as much as eighty five percent of the value of the assets it holds.  (wsj890122733)
Baskets of roses and potted palms adorned his bench.  (wsj890123091)
The local American Legion color guard led the way.  (wsj890123092)
As the judge marched down the center aisle in his flowing black robe, he was heralded by a trumpet fanfare.  (wsj890123093)
To many, it was a ceremony more befitting a king than a rural judge seated in the isolated foothills of the southern Allegheny Mountains.  (wsj890123101)
But then Judge O'Kicki often behaved like a man who would be king -- and, some say, an arrogant and abusive one.  (wsj890123102)
While his case may be extreme, it reflects the vulnerability of many small communities to domineering judges.  (wsj890123103)
Some of the allegations are simply bizarre.  (wsj890123151)
Two former secretaries told the grand jury they were summoned to the judge's chambers on separate occasions to take dictation, only to find the judge in his bikini underwear.  (wsj890123152)
One secretary testified that the judge once called her to his office while wearing nothing at all.  (wsj890123153)
Certainly not the lawyers.  (wsj890123261)
Johnstown attorney Richard J. Green Junior shelled out five hundred dollars in loans to the judge over five years, he said in testimony to the grand jury.  (wsj890123262)
"The judge never made a pretense of repaying the money," said Mr. Green.  (wsj890123263)
Eventually, Mr. Green testified, he began ducking out of his office rather than face the judge when he visited.  (wsj890123264)
Appalled, Mr. Green never paid the money, he testified.  (wsj890123291)
But he didn't complain to the state's Judicial Inquiry and Review Board, either, saying later that he feared retribution.  (wsj890123292)
Mr. O'Kicki said he will respond to Mr. Green's allegation at his trial.  (wsj890123293)
The incident wasn't the only time the judge got special treatment from his local bank.  (wsj890123451)
Two years later, he wrote to complain that the interest he was paying on an unsecured ten thousand dollars loan was" absolutely onerous."  (wsj890123452)
Paul L. Kane, Laurel's president at the time, quickly responded.  (wsj890123453)
The bank, he wrote back, was" immediately" lowering the rate by three .point five percent," as a concession to you."  (wsj890123454)
The judge says he is confident he will return to his old bench.  (wsj890123471)
Already, he notes, the seventy six charges originally filed against him have been trimmed to twenty seven.  (wsj890123472)
Most of the allegations no longer pending were ethics charges withdrawn by state prosecutors as part of a pre-trial agreement.  (wsj890123473)
The heart of the case --" official oppression" -- remains intact.  (wsj890123474)
Federal Home Loan Mortgage Corporation -- five hundred million dollars of Remic mortgage securities is being offered in eleven classes by a Morgan Stanley group.  (wsj890123631)
The offering, Series one hundred nine, is backed by Freddie Mac ten percent securities.  (wsj890123632)
Complete details weren't immediately available.  (wsj890123633)
But there is a risk, which the Japanese discovered when they first dipped their toes into the market nearly five years ago.  (wsj890123911)
Since most mortgages can be prepaid or refinanced at any time, issuers of mortgage securities retain the right to buy back their bonds before maturity.  (wsj890123912)
That's a headache for long-term investors, since it forces them to reinvest their money -- usually at lower rates than the original mortgage securities carried.  (wsj890123913)
Compounding the trouble to Japanese investors, mortgage securities pay interest monthly, since most mortgages require homeowners to make monthly payments.  (wsj890123931)
But Japanese institutional investors are used to quarterly or semiannual payments on their investments, so the monthly cash flow posed administrative problems.  (wsj890123932)
As a result, Japanese investors steered clear of the mortgage securities.  (wsj890123933)
If the answers to these questions are affirmative, then institutional investors are likely to be favorably disposed toward a specific poison pill.  (wsj890124011)
However, the problem is that once most poison pills are adopted, they survive forever.  (wsj890124012)
Although the current management team may be outstanding, who will be the C. E. O. in ten years?  (wsj890124013)
Although the five-year strategy may be excellent, what will be the strategy in twenty five years?  (wsj890124014)
Another interesting example is the poison pill adopted recently by Pittsburgh-based National Intergroup Incorporated, a diversified holding company.  (wsj890124041)
The State of Wisconsin Investment Board, which owned about seven percent of the company's voting stock, worked with management to devise a time-limited poison pill.  (wsj890124042)
This pill automatically expires after three years unless continued by a vote of the shareholders.  (wsj890124043)
Enfield is a holding company with interests in manufacturing concerns.  (wsj890124141)
It is thirty eight .point five percent owned by Canadian Express, another holding company.  (wsj890124142)
Hees is a merchant bank controlled by Toronto financiers Peter and Edward Bronfman.  (wsj890124143)
All the concerns are based in Toronto.  (wsj890124144)
But to Mitsubishi Estate, the acquisition has just the elements that should win support from both sides.  (wsj890124241)
First of all, it is a friendly acquisition in which Rockefeller sought out Mitsubishi Estate and asked it to buy a majority share.  (wsj890124242)
Secondly, the two companies found a similarity in their business and development philosophies and intend to cooperate in a range of activities from real estate to telecommunications.  (wsj890124243)
Finally, Mitsubishi Estate has no plans to interfere with Rockefeller's management beyond taking a place on the board.  (wsj890124244)
Rockefeller isn't the first overseas purchase for Mitsubishi Estate -- it has already played a leading role in designing Los Angeles's Citicorp Plaza.  (wsj890124321)
But the Rockefeller investment is its largest.  (wsj890124322)
Nonetheless, it will barely make a dent in Mitsubishi Estate's finances, analysts say.  (wsj890124323)
Sony is acquiring Columbia and Guber-Peters Entertainment Company in two separate transactions valued at more than five billion dollars.  (wsj890124391)
Warner Communications Incorporated, which is being acquired by Time Warner, has filed a one billion dollars breach-of-contract suit against Sony and the two producers.  (wsj890124392)
Warner has a five-year exclusive contract with Mr. Guber and Mr. Peters that requires them to make movies exclusively at the Warner Brothers studio.  (wsj890124393)
Both Warner and Sony declined to comment on the terms of the settlement discussions.  (wsj890124411)
But the people familiar with the talks said that Warner isn't expected to get any cash in the settlement.  (wsj890124412)
Instead, Sony is likely to agree to let Warner participate in certain of its businesses, such as the record club of Sony's C. B. S. Records unit.  (wsj890124413)
Warner has surpassed Sony as the largest record company, but it doesn't have a powerful world-wide record club like C. B. S..  (wsj890124414)
In a statement, Southern Company President Edward L. Addison said," We believe our decision to plead (LEFT-PAREN guilty )

And our action today will allow Gulf Power to avoid prolonged, distracting legal proceedings."  (wsj890124552)
He did not say what effect, if any, the five hundred thousand dollars fine would have on the company's earnings.  (wsj890124553)
But at a time of mounting concern over alcohol abuse, some liquor marketers consider Seagram's frequent buyer promotion risky.  (wsj890124651)
"I'm surprised they're doing this," says Penn Kavanagh, president of Schieffelin & Somerset Company, which markets Johnnie Walker scotches.  (wsj890124652)
"I would be very leery of anything that says if you drink more, you get more."  (wsj890124653)
Chivas Class isn't the first such promotion.  (wsj890124671)
Last year, J. & B. Scotch offered five hundred T. W. A. frequent flier miles in exchange for a label.  (wsj890124672)
And Dewar's gave discounts on Scottish merchandise to people who sent in bottle labels.  (wsj890124673)
Seagram says the promotion is designed to build brand loyalty rather than promote heavy drinking.  (wsj890124691)
Seagram asks customers to buy only two or three bottles over a twelve-month period, says Richard Shaw, vice president of U. S. direct marketing.  (wsj890124692)
"We're not asking them to save up fifty proof-of-purchases.  (wsj890124693)
We're not saying drink more, we're saying trade up."  (wsj890124694)
FOR YEARS, costume jewelry makers fought a losing battle.  (wsj890124781)
Jewelry displays in department stores were often cluttered and uninspired.  (wsj890124782)
And the merchandise was, well, fake.  (wsj890124783)
The South Korean government is signing a protocol today establishing formal diplomatic relations with Poland.  (wsj890125291)
The two are also signing a trade agreement.  (wsj890125292)
South Korean government officials said they don't expect that Seoul can loan money to Warsaw, but it can" offer experience."  (wsj890125293)
Poland is the second Communist nation to recognize the Seoul government; South Korea established diplomatic relations with Hungary in February nineteen eighty nine.  (wsj890125294)
Nissan's market share in Japan had been dropping year by year since the beginning of the decade.  (wsj890125721)
Its U. S. sales sagged, partly because of price increases due to the rising yen.  (wsj890125722)
Worst of all, Nissan was preoccupied with management infighting, cronyism and corporate rigidity.  (wsj890125723)
But Nissan expects to earn only one hundred twenty billion yen in the current fiscal year, a modest increase of four .point seven percent.  (wsj890125911)
The big reason: For all its cost-cutting, Nissan remains less efficient than Toyota.  (wsj890125912)
In its last fiscal year, Nissan's profit represented just two .point three percent of sales, compared with four .point three percent at Toyota.  (wsj890125913)
To help close the gap, Nissan recently established a top-level cost-cutting committee.  (wsj890125914)
Perhaps the biggest challenge, however, will be to prevent a return to its former corporate rigidity as its recovery continues.  (wsj890125951)
Already, personnel officials are talking about the need for a" Phase Two" cultural-reform effort of some sort.  (wsj890125952)
"We are still only half way through the turnaround of this company, and there are many more things to do," President Kume says.  (wsj890125953)
He adds, however, that" the momentum we have generated is unstoppable."  (wsj890125954)
Despite the informal nature of the session and the calculated effort to hold down expectations, the meeting could pay significant political dividends for both leaders.  (wsj890126031)
Mr. Gorbachev badly needs a diversion from the serious economic problems and ethnic unrest he faces at home.  (wsj890126032)
American officials have said that a meeting with the leader of the U. S. could help bolster his stature among Soviet politicians and academics, whose support he needs.  (wsj890126033)
Instead, this official said," This is vintage George Bush.  (wsj890126131)
This was George Bush's own idea.  (wsj890126132)
It's George Bush wanting to meet a foreign leader and talk to him directly."  (wsj890126133)
Where non-violent civil disobedience is the centerpiece, rather than a lawful demonstration that may only attract crime, it is difficult to justify.  (wsj890126311)
Some find no harm in the misdemeanors of trespass, minor property destruction, blocking traffic and the like.  (wsj890126312)
They say these are small prices to pay for galvanizing action for the all-important cause.  (wsj890126313)
The crimes may appear small, but the prices can be huge.  (wsj890126314)
Here are two cases to illustrate.  (wsj890126315)
Assume a neighborhood demonstration to protest speeding on a certain road or a careless accident involving a police car.  (wsj890126321)
The protesters lie down in the street, blocking traffic, and will not move until the authorities carry them away.  (wsj890126322)
Assume that someone caught in the jam has a heart attack.  (wsj890126323)
There is no way to get an ambulance in quickly to move him to a hospital.  (wsj890126324)
He dies.  (wsj890126325)
The demonstration was non-violent and involved only a simple misdemeanor, but its impact on that individual was violent and terminal.  (wsj890126326)
Long-debated proposals to simplify the more than one hundred fifty civil penalties and make them fairer and easier to administer are in the House tax bill.  (wsj890126551)
But they were stripped from the Senate bill after staffers estimated penalty revenue would fall by two hundred sixteen million dollars over five years.  (wsj890126552)
Still, congressional aides say penalty reform is a strong candidate for enactment, even if not this time around, although some provisions may be modified.  (wsj890126553)
I. R. A. BALANCES could be used to qualify for bank services under a bill entered by Reps.  (wsj890126621)
Chandler (LEFT-PAREN R., Washington )

The bill would thwart a recent Labor Department opinion that investing individual-retirement-account funds to earn free checking violates the law.  (wsj890126623)
That may leave a lot of leeway for U. S. Bankruptcy Judge Burton R. Lifland to decide what, if anything, the pilots actually collect.  (wsj890126741)
In August, he issued the ruling that let the pilots pursue their back-pay grievance before the arbitrator.  (wsj890126742)
The pilots' contract with Eastern calls for a mutually acceptable private arbitrator to resolve such grievances.  (wsj890126743)
Eastern and its creditors are in the final, delicate stages of negotiating a second reorganization plan to pay off the airline's debts.  (wsj890126781)
An earlier plan, which had received the creditors' approval in July, fell apart when Eastern changed its business plan.  (wsj890126782)
It isn't known whether the pilot claim was figured into either plan.  (wsj890126783)
Shortly after Texas Air took control of Eastern, some Machinists union supervisors received a twenty percent pay raise.  (wsj890126801)
The pilots argued that this triggered a pay raise for them.  (wsj890126802)
Eastern has disputed the claim, but a federal district court, an appeals court and now the arbitrator have all sided with the pilots.  (wsj890126803)
Now, after beating them, Mr. Achenbaum is joining them.  (wsj890126851)
Backer Spielvogel Bates Worldwide named Mr. Achenbaum, sixty two, vice chairman of professional services, reporting directly to Carl Spielvogel, chairman and chief executive officer.  (wsj890126852)
He joins November thirteen, dissolving his consulting firm, Canter, Achenbaum Associates.  (wsj890126853)
Ad agencies typically earned a straight fifteen percent commission; if a client spent one hundred million dollars on T. V. time, the agency made fifteen million dollars.  (wsj890126941)
But Mr. Achenbaum pioneered negotiated fees, which often worked out to less than fifteen percent.  (wsj890126942)
More recently, he negotiated" indemnification" clauses in which an ad agency in some cases must pay a client if it drops the account.  (wsj890126943)
He ultimately became so well-known for cutting compensation, however, that clients didn't seek him out for anything else.  (wsj890126951)
"I was very frustrated," he said.  (wsj890126952)
"The fact of the matter is, I am a marketer.  (wsj890126953)
That's another reason {LEFT-BRACE for the Backer Spielvogel job }RIGHT-BRACE.  (wsj890126954)
It struck me as a way to get back to what I really want to do."  (wsj890126955)
Mr. Spielvogel said Mr. Achenbaum will work with clients to determine the mix of promotion, merchandising, publicity and other marketing outlets, and to integrate those services.  (wsj890126971)
He will concentrate on, among others, J. P. Morgan and Hyundai.  (wsj890126972)
Mr. Achenbaum helped Morgan in its recent agency search, and he has a long relationship with Hyundai, which is having severe troubles, including declining sales.  (wsj890126973)
"The trail of revenue is increasingly going away from pure advertising, and going towards other services," Mr. Spielvogel said.  (wsj890126981)
Instead of being just an ad agency, he said:" We have redefined our mission here.  (wsj890126982)
Our mission is to help our clients grow, and to use every tool of marketing communications to accomplish that."  (wsj890126983)
Mr. Mingo was chief executive officer of the Mingo Group, which he founded in nineteen seventy seven and which created ads for the black market.  (wsj890127101)
Clients include Miller Brewing Company and General Motors.  (wsj890127102)
Mr. Mingo was hospitalized September twenty three and died Monday, according to Samuel J. Chisholm, the agency's president and chief operating officer.  (wsj890127103)
On military alternatives if the U. S. pulls back:" The Soviets already are present.  (wsj890127251)
I suppose sooner or later, the Japanese would have to fill up a large part of the gap on the naval side.  (wsj890127252)
Maybe the Chinese, maybe even the Indians."  (wsj890127253)
"What is the way forward?  (wsj890127281)
To get the Khmer Rouge as part of a process for elections.  (wsj890127282)
And when they lose, then we can expect China to stop aid.  (wsj890127283)
Let's put it bluntly.  (wsj890127284)
The Chinese cannot be seen to have made use of the Khmer Rouge and then discard them."  (wsj890127285)
Doctor Levy's answer may come with a new kind of magnetic brain probe, a device that he and dozens of U. S. researchers are studying with great hope.  (wsj890127351)
Besides holding the promise of safer spinal surgery, the probe could improve the diagnosis of brain and nerve disorders such as strokes and multiple sclerosis.  (wsj890127352)
Perhaps most exciting, the device is thrusting open a window to the workings of the brain.  (wsj890127353)
The field took off in nineteen eighty five after scientists at Britain's Sheffield University developed a handy, compact magnet for brain stimulation.  (wsj890127391)
Since then, at least two commercial versions have been put on the U. S. market, and an estimated five hundred have been sold.  (wsj890127392)
In August, a Chicago conference on such devices attracted more than one hundred researchers, who reported studies on everything from brain mapping to physical therapy.  (wsj890127393)
The latest research pact bolsters Du Pont's growing portfolio of investments in superconductors.  (wsj890127541)
The Wilmington, Delaware, chemicals concern previously signed research superconductor agreements with Oak Ridge National Laboratory and with Argonne National Laboratory.  (wsj890127542)
Last year, Du Pont agreed to pay four .point five million dollars for rights to superconductor work at the University of Houston.  (wsj890127543)
But Japanese investors say that their reluctance to invest stems not only from concerns about Mexico's economic outlook, but also reservations about Mexico's recently revamped investment law.  (wsj890127681)
Unable to get a new law through a congress with a strong leftist bloc, Mexico jury-rigged the existing law's regulations.  (wsj890127682)
It created special twenty-year trusts to allow foreigners one hundred percent ownership in some once-closed industries.  (wsj890127683)
It also made artful use of semantics, redefining as non-strategic industries some that had been in the national domain.  (wsj890127684)
Indeed, in early October the West German central bank raised its discount and Lombard rates by a full percentage point.  (wsj890127851)
Several other European central banks, notably in Britain, followed the West German Bundesbank's lead by raising their own key rates.  (wsj890127852)
And a week later, Japan raised its official discount rate by a half point to three .point seven five percent.  (wsj890127853)
The Japanese discount rate is the central bank's base rate on loans to commercial banks.  (wsj890127854)
Started three years ago, Chemical's interest-rate options group was a leading force in the field.  (wsj890128211)
From nineteen eighty seven to nineteen eighty eight, the value of Chemical's option contracts outstanding mushroomed to thirty seven billion dollars from seventeen billion dollars.  (wsj890128212)
More importantly, the volume of options written exceeded those purchased by almost two-to one.  (wsj890128213)
With such a lopsided book of options, traders say, Chemical was more vulnerable to erroneous valuation assumptions.  (wsj890128214)
Five years of rapid expansion under American Brands, with an emphasis on marketing the agency's services instead of improving them, had hurt Pinkerton's profits, Mr. Wathen claims.  (wsj890128321)
He says his team couldn't tell whether accounts receivable had been paid or not.  (wsj890128322)
Pinkerton's had locked itself into low-price contracts to win new business, with no hope of profitability until the contracts expired, he adds.  (wsj890128323)
And regional offices were" egregiously overstaffed," he claims.  (wsj890128324)
One office had nineteen people doing the work of three," and half of the employees had company automobiles."  (wsj890128325)
You'd think all the stories about well-heeled communities and developers getting HUD grants would prompt Congress to tighten up on upscale housing subsidies.  (wsj890128651)
No way.  (wsj890128652)
Congress has just made it easier for the affluent to qualify for insured loans from the deficit-ridden Federal Housing Administration.  (wsj890128653)
It appears that the only thing Congress is learning from the HUD story is how to enlarge its control of the honey pot going to special interests.  (wsj890128654)
But the higher mortgage ceiling is only the starter kit for what Senator Alan Cranston and Majority Leader George Mitchell have in mind for housing.  (wsj890128671)
The Senate Banking Committee will begin hearings next week on their proposal to expand existing federal housing programs.  (wsj890128672)
Other Senators want to lower the down payments required on F. H. A.-insured loans.  (wsj890128673)
Of course, self-reform is about the last thing this Congress is interested in.  (wsj890128721)
Proponents of expanding F. H. A. programs say they merely want to help home buyers who are frozen out of high-priced markets.  (wsj890128722)
But the F. H. A. program is hemorrhaging bad loans.  (wsj890128723)
Jack Kemp has submitted a package of reforms, and they are surely headed for the Capitol Hill sausage-grinder.  (wsj890128724)
Like the S. & L. mess before it, this is a problem Congress should be solving, not ignoring.  (wsj890128725)
At eleven .point one percent of gross national product, U. S. health costs already are the highest in the world.  (wsj890129061)
By contrast, Japan's equal six .point seven percent of G. N. P., a nation's total output of goods and services.  (wsj890129062)
Management and labor worry that the gap makes U. S. companies less competitive.  (wsj890129063)