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THE EPIDEMIC THAT WASN'T
    This country was founded in terror. The 17th-century Puritan settlers
confronted the New England winter and King Philip's braves. They lived in
fear of the pope and his legions of Frenchmen. In the summer of the signing
of the Declaration of Independence, smallpox posed a greater danger to
American patriots than the redcoats did. . . .

AT ANY RATE
    On the train from Narita Airport to downtown Tokyo, a uniformed girl
sells drinks from a cart. Reaching the end of an aisle, she pauses, turns to
face the inattentive passengers, smiles broadly, performs a deliberate, steep
bow and wheels her drinks into the next car. Commerce works differently in a
society in which rank and deference sometimes precede supply and demand.


YIELDS WITH HAIR
    The bear market in credit has created opportunity as well as loss,
distress, apprehension and a general flu-like malaise. Following are some
interest-generating investment ideas contributed by knowledgeable high-yield
practitioners, starting with one from Anand Iyer, head of convertible-bond
research at Morgan Stanley.


CROSSED UP
    Not one visionary expected that anything so pedestrian as debt would
thwart the technological destiny of Global Crossing, the Western Union of the
21st century. Yet the company hangs by a thread.


DATING GUIDE
    Asserting that the U.S. has entered a new age of productivity growth,
defenders of the bullish faith are fond of citing the 2.5% annual growth rung
up in the golden years, 1995-2000. This record they compare to the lamentable
1.3% annual growth posted in 1973-95.





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