Pierre Vinken , 61 years old , will join the board as a nonexecutive director Nov. 29 .
Mr. Vinken is chairman of Elsevier N.V. , the Dutch publishing group .
A Lorillard spokewoman said , `` This is an old story .
We 're talking about years ago before anyone heard of asbestos having any questionable properties .
There is no asbestos in our products now . ''
Neither Lorillard nor the researchers who studied the workers were aware of any research on smokers of the Kent cigarettes .
Dr. Talcott led a team of researchers from the National Cancer Institute and the medical schools of Harvard University and Boston University .
From 1953 to 1955 , 9.8 billion Kent cigarettes with the filters were sold , the company said .
Among 33 men who worked closely with the substance , 28 have died -- more than three times the expected number .
Four of the five surviving workers have asbestos-related diseases , including three with recently diagnosed cancer .
The total of 18 deaths from malignant mesothelioma , lung cancer and asbestosis was far higher than expected , the researchers said .
`` The morbidity rate is a striking finding among those of us who study asbestos-related diseases , '' said Dr. Talcott .
The plant , which is owned by Hollingsworth & Vose Co. , was under contract with Lorillard to make the cigarette filters .
More common chrysotile fibers are curly and are more easily rejected by the body , Dr. Mossman explained .
In July , the Environmental Protection Agency imposed a gradual ban on virtually all uses of asbestos .
By 1997 , almost all remaining uses of cancer-causing asbestos will be outlawed .
About 160 workers at a factory that made paper for the Kent filters were exposed to asbestos in the 1950s .
Areas of the factory were particularly dusty where the crocidolite was used .
Workers described `` clouds of blue dust '' that hung over parts of the factory , even though exhaust fans ventilated the area .
`` But you have to recognize that these events took place 35 years ago .
It has no bearing on our work force today .
Yields on money-market mutual funds continued to slide , amid signs that portfolio managers expect further declines in interest rates .
Compound yields assume reinvestment of dividends and that the current yield continues for a year .
Longer maturities are thought to indicate declining interest rates because they permit portfolio managers to retain relatively higher rates for a longer period .
Shorter maturities are considered a sign of rising rates because portfolio managers can capture higher rates sooner .
The yield on six-month Treasury bills sold at Monday 's auction , for example , rose to 8.04 % from 7.90 % .
Despite recent declines in yields , investors continue to pour cash into money funds .
Assets of the 400 taxable funds grew by $ 1.5 billion during the latest week , to $ 352.7 billion .
Typically , money-fund yields beat comparable short-term investments because portfolio managers can vary maturities and go after the highest rates .
The top money funds are currently yielding well over 9 % .
It invests heavily in dollar-denominated securities overseas and is currently waiving management fees , which boosts its yield .
The average seven-day simple yield of the 400 funds was 8.12 % , down from 8.14 % .
He succeeds Terrence D. Daniels , formerly a W.R. Grace vice chairman , who resigned .
W.R. Grace holds three of Grace Energy 's seven board seats .
The thrift holding company said it expects to obtain regulatory approval and complete the transaction by year-end .
Finmeccanica is an Italian state-owned holding company with interests in the mechanical engineering industry .
Bailey Controls , based in Wickliffe , Ohio , makes computerized industrial controls systems .
It employs 2,700 people and has annual revenue of about $ 370 million .
The federal government suspended sales of U.S. savings bonds because Congress has n't lifted the ceiling on government debt .
Until Congress acts , the government has n't any authority to issue new debt obligations of any kind , the Treasury said .
The government 's borrowing authority dropped at midnight Tuesday to $ 2.80 trillion from $ 2.87 trillion .
Legislation to lift the debt ceiling is ensnarled in the fight over cutting capital-gains taxes .
The Treasury said the U.S. will default on Nov. 9 if Congress does n't act by then .
In the new position he will oversee Mazda 's U.S. sales , service , parts and marketing operations .
Previously , Mr. Vitulli , 43 years old , was general marketing manager of Chrysler Corp. 's Chrysler division .
He had been a sales and marketing executive with Chrysler for 20 years .
Not this year .
The National Association of Manufacturers settled on the Hoosier capital of Indianapolis for its fall board meeting .
And the city decided to treat its guests more like royalty or rock stars than factory owners .
Champagne and dessert followed .
The governor could n't make it , so the lieutenant governor welcomed the special guests .
A buffet breakfast was held in the museum , where food and drinks are banned to everyday visitors .
After the race , Fortune 500 executives drooled like schoolboys over the cars and drivers .
No dummies , the drivers pointed out they still had space on their machines for another sponsor 's name or two .
Back downtown , the execs squeezed in a few meetings at the hotel before boarding the buses again .
This time , it was for dinner and dancing -- a block away .
Knowing a tasty -- and free -- meal when they eat one , the executives gave the chefs a standing ovation .
More than a few CEOs say the red-carpet treatment tempts them to return to a heartland city for future meetings .
But for now , they 're looking forward to their winter meeting -- Boca in February .
Government officials said exports at the end of the year would remain under a government target of $ 68 billion .
Despite the gloomy forecast , South Korea has recorded a trade surplus of $ 71 million so far this year .
From January to October , the nation 's accumulated exports increased 4 % from the same period last year to $ 50.45 billion .
Imports were at $ 50.38 billion , up 19 % .
Alan Spoon , recently named Newsweek president , said Newsweek 's ad rates would increase 5 % in January .
A full , four-color page in Newsweek will cost $ 100,980 .
U.S. News has yet to announce its 1990 ad rates .
Newsweek said it will introduce the Circulation Credit Plan , which awards space credits to advertisers on `` renewal advertising . ''
However , none of the big three weeklies recorded circulation gains recently .
According to Audit Bureau of Circulations , Time , the largest newsweekly , had average circulation of 4,393,237 , a decrease of 7.3 % .
Newsweek 's circulation for the first six months of 1989 was 3,288,453 , flat from the same period last year .
U.S. News ' circulation in the same time was 2,303,328 , down 2.6 % .
United Illuminating is based in New Haven , Conn. , and Northeast is based in Hartford , Conn .
PS of New Hampshire , Manchester , N.H. , values its internal reorganization plan at about $ 2.2 billion .
That got hard to take , '' he added .
Mr. Rowe also noted that political concerns also worried New England Electric .
`` That attracts attention ...
`` Now the field is less cluttered , '' he added .
PS of New Hampshire shares closed yesterday at $ 3.75 , off 25 cents , in New York Stock Exchange composite trading .
`` The refund pool ... may not be held hostage through another round of appeals , '' Judge Curry said .
Commonwealth Edison said it is already appealing the underlying commission order and is considering appealing Judge Curry 's order .
The exact amount of the refund will be determined next year based on actual collections made until Dec. 31 of this year .
Commonwealth Edison said the ruling could force it to slash its 1989 earnings by $ 1.55 a share .
For 1988 , Commonwealth Edison reported earnings of $ 737.5 million , or $ 3.01 a share .
In New York Stock Exchange composite trading yesterday , Commonwealth Edison closed at $ 38.375 , down 12.5 cents .
The $ 2.5 billion Byron 1 plant near Rockford , Ill. , was completed in 1985 .
But state courts upheld a challenge by consumer groups to the commission 's rate increase and found the rates illegal .
The Illinois Supreme Court ordered the commission to audit Commonwealth Edison 's construction expenses and refund any unreasonable expenses .
The utility has been collecting for the plant 's construction cost from its 3.1 million customers subject to a refund since 1986 .
In his ruling , Judge Curry added an additional $ 55 million to the commission 's calculations .
Last month , Judge Curry set the interest rate on the refund at 9 % .
Commonwealth Edison is seeking about $ 245 million in rate increases to pay for Braidwood 2 .
The commission is expected to rule on the Braidwood 2 case by year end .
Last year Commonwealth Edison had to refund $ 72.7 million for poor performance of its LaSalle I nuclear plant .
The strong growth followed year-to-year increases of 21 % in August and 12 % in September .
The monthly sales have been setting records every month since March .
October sales , compared with the previous month , inched down 0.4 % .
Sales of passenger cars grew 22 % from a year earlier to 361,376 units .
Texas Instruments Japan Ltd. , a unit of Texas Instruments Inc. , said it opened a plant in South Korea to manufacture control devices .
The plant will produce control devices used in motor vehicles and household appliances .
Not only is development of the new company 's initial machine tied directly to Mr. Cray , so is its balance sheet .
Moreover , there have been no orders for the Cray-3 so far , though the company says it is talking with several prospects .
`` The theory is that Seymour is the chief designer of the Cray-3 , and without him it could not be completed .
Cray Research did not want to fund a project that did not include Seymour . ''
The documents also said that Cray Computer anticipates needing perhaps another $ 120 million in financing beginning next September .
But Mr. Barnum called that `` a worst-case '' scenario .
`` Cray Computer will be a concept stock , '' he said .
`` You either believe Seymour can do it again or you do n't . ''
In addition , the Cray-3 will contain 16 processors -- twice as many as the largest current supercomputer .
The spinoff also will compete with International Business Machines Corp. and Japan 's Big Three -- Hitachi Ltd. , NEC Corp. and Fujitsu Ltd .
No price for the new shares has been set .
Instead , the companies will leave it up to the marketplace to decide .
Cray Computer has applied to trade on Nasdaq .
Analysts calculate Cray Computer 's initial book value at about $ 4.75 a share .
Pro-forma balance sheets clearly show why Cray Research favored the spinoff .
On the other hand , had it existed then , Cray Computer would have incurred a $ 20.5 million loss .
Regarded as the father of the supercomputer , Mr. Cray was paid $ 600,000 at Cray Research last year .
At Cray Computer , he will be paid $ 240,000 .
All came from Cray Research .
Cray Computer , which currently employs 241 people , said it expects a work force of 450 by the end of 1990 .
John R. Stevens , 49 years old , was named senior executive vice president and chief operating officer , both new positions .
He will continue to report to Donald Pardus , president and chief executive officer .
Mr. Stevens was executive vice president of this electric-utility holding company .
Arthur A. Hatch , 59 , was named executive vice president of the company .
He was previously president of the company 's Eastern Edison Co. unit .
John D. Carney , 45 , was named to succeed Mr. Hatch as president of Eastern Edison .
Previously he was vice president of Eastern Edison .
Robert P. Tassinari , 63 , was named senior vice president of Eastern Utilities .
He was previously vice president .
Seoul also has instituted effective search-and-seizure procedures to aid these teams , she said .
That measure could compel Taipei 's growing number of small video-viewing parlors to pay movie producers for showing their films .
These three countries are n't completely off the hook , though .
They will remain on a lower-priority list that includes 17 other countries .
`` What this tells us is that U.S. trade law is working , '' he said .
Mrs. Hills said that the U.S. is still concerned about `` disturbing developments in Turkey and continuing slow progress in Malaysia . ''
The 1988 trade act requires Mrs. Hills to issue another review of the performance of these countries by April 30 .
Argentina said it will ask creditor banks to halve its foreign debt of $ 64 billion -- the third-highest in the developing world .
The Latin American nation has paid very little on its debt since early last year .
Mr. Rapanelli met in August with U.S. Assistant Treasury Secretary David Mulford .
Argentine negotiator Carlos Carballo was in Washington and New York this week to meet with banks .
But he has not said before that the country wants half the debt forgiven .
THREE COMPUTERS THAT CHANGED the face of personal computing were launched in 1977 .
That year the Apple II , Commodore Pet and Tandy TRS-80 came to market .
The computers were crude by today 's standards .
Apple II owners , for example , had to use their television sets as screens and stored data on audiocassettes .
In addition , the Apple II was an affordable $ 1,298 .
Crude as they were , these early PCs triggered explosive product development in desktop models for the home and office .
Big mainframe computers for business had been around for years .
Current PCs are more than 50 times faster and have memory capacity 500 times greater than their 1977 counterparts .
There were many pioneer PC contributors .
Alan F. Shugart , currently chairman of Seagate Technology , led the team that developed the disk drives for PCs .
IBM , the world leader in computers , did n't offer its first PC until August 1981 as many other companies entered the market .
Today , PC shipments annually total some $ 38.3 billion world-wide .
F.H. Faulding & Co. , an Australian pharmaceuticals company , said its Moleculon Inc. affiliate acquired Kalipharma Inc. for $ 23 million .
Kalipharma is a New Jersey-based pharmaceuticals concern that sells products under the Purepac label .
Faulding said it owns 33 % of Moleculon 's voting stock and has an agreement to acquire an additional 19 % .
Esso Australia Ltd. , a unit of New York-based Exxon Corp. , and Broken Hill Pty. operate the fields in a joint venture .
Esso said the Whiting field started production Tuesday .
Output will be gradually increased until it reaches about 11,000 barrels a day .
The field has reserves of 21 million barrels .
Reserves for the five new fields total 50 million barrels .
The Perch and Dolphin fields are expected to start producing early next year , and the Seahorse and Tarwhine fields later next year .
The sale of Southern Optical is a part of the program .
Previously , watch imports were denied such duty-free treatment .
Timex had requested duty-free treatment for many types of watches , covered by 58 different U.S. tariff classifications .
U.S. trade officials said the Philippines and Thailand would be the main beneficiaries of the president 's action .
Stephen Akerfeldt , currently vice president finance , will succeed Mr. McAlpine .
An ambitious expansion has left Magna with excess capacity and a heavy debt load as the automotive industry enters a downturn .
The company has reported declines in operating profit in each of the past three years , despite steady sales growth .
On the Toronto Stock Exchange yesterday , Magna shares closed up 37.5 Canadian cents to C$ 9.625 .
Analysts said Mr. Stronach wants to resume a more influential role in running the company .
They expect him to cut costs throughout the organization .
The company said Mr. Stronach will personally direct the restructuring , assisted by Manfred Gingl , president and chief executive .
Neither they nor Mr. McAlpine could be reached for comment .
Magna said Mr. McAlpine resigned to pursue a consulting career , with Magna as one of his clients .
Lord Chilver , 63-year-old chairman of English China Clays PLC , was named a nonexecutive director of this British chemical company .
Japanese investors nearly single-handedly bought up two new mortgage securities-based mutual funds totaling $ 701 million , the U.S. Federal National Mortgage Association said .
He said more than 90 % of the funds were placed with Japanese institutional investors .
The rest went to investors from France and Hong Kong .
Earlier this year , Japanese investors snapped up a similar , $ 570 million mortgage-backed securities mutual fund .
That fund was put together by Blackstone Group , a New York investment bank .
The latest two funds were assembled jointly by Goldman , Sachs & Co. of the U.S. and Japan 's Daiwa Securities Co .
Second , they channel monthly mortgage payments into semiannual payments , reducing the administrative burden on investors .
James L. Pate , 54-year-old executive vice president , was named a director of this oil concern , expanding the board to 14 members .
The offer , advertised in today 's editions of The Wall Street Journal , is scheduled to expire at the end of November .
Montedison currently owns about 72 % of Erbamont 's common shares outstanding .
The offer is being launched pursuant to a previously announced agreement between the companies .
The total marks the sixth consecutive monthly decline .
The announcement follows a sharper $ 2.2 billion decline in the country 's foreign reserves in September to $ 86.12 billion .
Pick a country , any country .
The turf recently has ranged from Chile to Austria to Portugal .
The next province ?
They fell into oblivion after the 1929 crash .
The surge brings to nearly 50 the number of country funds that are or soon will be listed in New York or London .
These funds now account for several billions of dollars in assets .
Behind all the hoopla is some heavy-duty competition .
And the firms are stretching their nets far and wide to do it .
Financial planners often urge investors to diversify and to hold a smattering of international securities .
And many emerging markets have outpaced more mature markets , such as the U.S. and Japan .
Country funds offer an easy way to get a taste of foreign stocks without the hard research of seeking out individual companies .
But it does n't take much to get burned .
Political and currency gyrations can whipsaw the funds .
Another concern : The funds ' share prices tend to swing more than the broader market .
And most country funds were clobbered more than most stocks after the 1987 crash .
The reason : Share prices of many of these funds this year have climbed much more sharply than the foreign stocks they hold .
But some European funds recently have skyrocketed ; Spain Fund has surged to a startling 120 % premium .
It has been targeted by Japanese investors as a good long-term play tied to 1992 's European economic integration .
And several new funds that are n't even fully invested yet have jumped to trade at big premiums .
`` I 'm very alarmed to see these rich valuations , '' says Smith Barney 's Mr. Porter .
The newly fattened premiums reflect the increasingly global marketing of some country funds , Mr. Porter suggests .
Unlike many U.S. investors , those in Asia or Europe seeking foreign-stock exposure may be less resistant to paying higher prices for country funds .
`` There may be an international viewpoint cast on the funds listed here , '' Mr. Porter says .
Nonetheless , plenty of U.S. analysts and money managers are aghast at the lofty trading levels of some country funds .
That way investors can essentially buy the funds without paying the premium .
If the debts are repaid , it could clear the way for Soviet bonds to be sold in the U.S. .
Coincident with the talks , the State Department said it has permitted a Soviet bank to open a New York branch .
The branch of the Bank for Foreign Economic Affairs was approved last spring and opened in July .
The U.S.S.R. belongs to neither organization .
Moscow has settled pre-1917 debts with other countries in recent years at less than face value .
The State Department stressed the pre-1933 debts as the key to satisfying the Johnson Act .
Its index inched up to 47.6 % in October from 46 % in September .
Any reading below 50 % suggests the manufacturing sector is generally declining .
The purchasing managers , however , also said that orders turned up in October after four months of decline .
If not for a 59.6 % surge in orders for capital goods by defense contractors , factory orders would have fallen 2.1 % .
Private construction spending was down , but government building activity was up .
The figures in both reports were adjusted to remove the effects of usual seasonal patterns , but were n't adjusted for inflation .
Kenneth Mayland , economist for Society Corp. , a Cleveland bank , said demand for exports of factory goods is beginning to taper off .
At the same time , the drop in interest rates since the spring has failed to revive the residential construction industry .
`` What sector is stepping forward to pick up the slack ? '' he asked .
`` I draw a blank . ''
By most measures , the nation 's industrial sector is now growing very slowly -- if at all .
Factory payrolls fell in September .
So did the Federal Reserve Board 's industrial-production index .
Yet many economists are n't predicting that the economy is about to slip into recession .
They cite a lack of `` imbalances '' that provide early warning signals of a downturn .
Inventories are closely watched for such clues , for instance .
Economists say a buildup in inventories can provoke cutbacks in production that can lead to a recession .
`` I do n't see any signs that inventories are excessive . ''
A soft landing is an economic slowdown that eases inflation without leading to a recession .
Orders for durable goods were up 0.2 % to $ 127.03 billion after rising 3.9 % the month before .
The department previously estimated that durable-goods orders fell 0.1 % in September .
Factory shipments fell 1.6 % to $ 234.4 billion after rising 5.4 % in August .
Shipments have been relatively level since January , the Commerce Department noted .
Excluding these orders , backlogs declined 0.3 % .
Spending on private , nonresidential construction was off 2.6 % to an annual rate of $ 99.1 billion with no sector showing strength .
Government construction spending rose 4.3 % to $ 88 billion .
After adjusting for inflation , the Commerce Department said construction spending did n't change in September .
For the first nine months of the year , total construction spending ran about 2 % above last year 's level .
The government 's construction spending figures contrast with a report issued earlier in the week by McGraw-Hill Inc. 's F.W. Dodge Group .
Dodge reported an 8 % increase in construction contracts awarded in September .
The goverment counts money as it is spent ; Dodge counts contracts when they are awarded .
The government includes money spent on residential renovation ; Dodge does n't .
He said the index would have to be in the low 40 % range for several months to be considered a forecast of recession .
The report offered new evidence that the nation 's export growth , though still continuing , may be slowing .
Only 19 % of the purchasing managers reported better export orders in October , down from 27 % in September .
And 8 % said export orders were down last month , compared with 6 % the month before .
The purhasing managers ' report also added evidence that inflation is under control .
For the fifth consecutive month , purchasing managers said prices for the goods they purchased fell .
The decline was even steeper than in September .
They also said that vendors were delivering goods more quickly in October than they had for each of the five previous months .
Economists consider that a sign that inflationary pressures are abating .
When demand is stronger than suppliers can handle and delivery times lengthen , prices tend to rise .
The purchasing managers ' report is based on data provided by more than 250 purchasing executives .
For the first time , the October survey polled members on imports .
Items listed as being in short supply numbered only about a dozen , but they included one newcomer : milk and milk powder .
`` It 's an odd thing to put on the list , '' Mr. Bretz noted .
He said that for the second month in a row , food processors reported a shortage of nonfat dry milk .
Pamela Sebastian in New York contributed to this article .
Here are the Commerce Department 's figures for construction spending in billions of dollars at seasonally adjusted annual rates .
Here are the Commerce Department 's latest figures for manufacturers in billions of dollars , seasonally adjusted .
Although set in Japan , the novel 's texture is almost entirely Western , especially American .
Characters drink Salty Dogs , whistle `` Johnny B. Goode '' and watch Bugs Bunny reruns .
They read Mickey Spillane and talk about Groucho and Harpo .
They worry about their careers , drink too much and suffer through broken marriages and desultory affairs .
This is Japan ?
That 's not to say that the nutty plot of `` A Wild Sheep Chase '' is rooted in reality .
It 's imaginative and often funny .
He has in tow his prescient girlfriend , whose sassy retorts mark her as anything but a docile butterfly .
The 40-year-old Mr. Murakami is a publishing sensation in Japan .
But he is just one of several youthful writers -- Tokyo 's brat pack -- who are dominating the best-seller charts in Japan .
Their books are written in idiomatic , contemporary language and usually carry hefty dashes of Americana .
As Mr. Whiting describes it , Nipponese baseball is a `` mirror of Japan 's fabled virtues of hard work and harmony . ''
`` Wa '' is Japanese for `` team spirit '' and Japanese ballplayers have miles and miles of it .
A player 's commitment to practice and team image is as important as his batting average .
`` Funny Business '' -LRB- Soho , 228 pages , $ 17.95 -RRB- by Gary Katzenstein is anything but .
Some of his observations about Japanese management style are on the mark .
It 's a shame their meeting never took place .
Mr. Katzenstein certainly would have learned something , and it 's even possible Mr. Morita would have too .
Ms. Kirkpatrick , the Journal 's deputy editorial features editor , worked in Tokyo for three years .
More and more corners of the globe are becoming free of tobacco smoke .
Singapore already bans smoking in all theaters , buses , public elevators , hospitals and fast-food restaurants .
South Korea has different concerns .
In Seoul , officials began visiting about 26,000 cigarette stalls to remove illegal posters and signboards advertising imported cigarettes .
South Korea has opened its market to foreign cigarettes but restricts advertising to designated places .
A marketing study indicates that Hong Kong consumers are the most materialistic in the 14 major markets where the survey was carried out .
A major concern about the current plan is whether the new center can be built in such a short time .
A Beijing food-shop assistant has become the first mainland Chinese to get AIDS through sex , the People 's Daily said .
It said the man , whom it did not name , had been found to have the disease after hospital tests .
The man had for a long time had `` a chaotic sex life , '' including relations with foreign men , the newspaper said .
The Polish government increased home electricity charges by 150 % and doubled gas prices .
In a victory for environmentalists , Hungary 's parliament terminated a multibillion-dollar River Danube dam being built by Austrian firms .
The Nagymaros dam was designed to be twinned with another dam , now nearly complete , 100 miles upstream in Czechoslovakia .
Mr. Nemeth said in parliament that Czechoslovakia and Hungary would suffer environmental damage if the twin dams were built as planned .
Czechoslovakia said in May it could seek $ 2 billion from Hungary if the twindam contract were broken .
The Czech dam ca n't be operated solely at peak periods without the Nagymaros project .
A painting by August Strindberg set a Scandinavian price record when it sold at auction in Stockholm for $ 2.44 million .
`` Lighthouse II '' was painted in oils by the playwright in 1901 ...
but the number of weddings last year @number@ was still well below the @number@ registered in @number@ , the last year of increasing marriages .
The warrants expire Nov. 30 , 1990 .
Lead underwriters for the issue are Scotia McLeod Inc. and RBC Dominion Securities Inc. , both Toronto-based investment dealers .
Bramalea said it expects to complete the issue by the end of the month .
As an actor , Charles Lane is n't the inheritor of Charlie Chaplin 's spirit .
Steve Martin has already laid his claim to that .
Of course , if the film contained dialogue , Mr. Lane 's Artist would be called a homeless person .
So would the Little Tramp , for that matter .
I say `` contained dialogue '' because `` Sidewalk Stories '' is n't really silent at all .
Filmed in lovely black and white by Bill Dill , the New York streets of `` Sidewalk Stories '' seem benign .
On Wall Street men and women walk with great purpose , noticing one another only when they jostle for cabs .
The Artist hangs out in Greenwich Village , on a strip of Sixth Avenue populated by jugglers , magicians and other good-natured hustlers .
The Artist has his routine .
He spends his days sketching passers-by , or trying to .
At night he returns to the condemned building he calls home .
His life , including his skirmishes with a competing sketch artist , seems carefree .
He is his own man .
This cute child turns out to be a blessing and a curse .
She gives the Artist a sense of purpose , but also alerts him to the serious inadequacy of his vagrant life .
The beds at the Bowery Mission seem far drearier when he has to tuck a little girl into one of them at night .
Mr. Lane 's final purpose is n't to glamorize the Artist 's vagabond existence .
He has a point he wants to make , and he makes it , with a great deal of force .
The French film maker Claude Chabrol has managed another kind of weird achievement with his `` Story of Women . ''
Marie-Louise , a small-time abortionist , was their woman .
She became an abortionist accidentally , and continued because it enabled her to buy jam , cocoa and other war-rationed goodies .
She was untrained and , in one botched job killed a client .
Her remorse was shallow and brief .
But she did n't deserve to have her head chopped off .
There is very little to recommend `` Old Gringo , '' a confused rendering of the Carlos Fuentes novel of the Mexican Revolution .
Most of the picture is taken up with endless scenes of many people either fighting or eating and drinking to celebrate victory .
The three Japanese companies build the body sections of the 767 , accounting for a combined 15 % of the aircraft .
Japanese press reports have speculated that the Japanese contribution could rise to between 20 % and 25 % under the new program .
If Boeing goes ahead with the larger 767 , the plane could hit the market in the mid-1990s .
This is the year the negative ad , for years a secondary presence in most political campaigns , became the main event .
And , unlike a few years ago , you do n't even have to worry whether the ad is truthful . ''
In 1989 , as often as not , the principal fights in the major campaigns are prompted by the ads themselves .
New York City :
The screen fills with a small , tight facial shot of David Dinkins , Democratic candidate for mayor of New York City .
`` David Dinkins failed to file his income taxes for four straight years , '' says a disembodied male voice .
`` David Dinkins , '' says the kicker , `` Why does he always wait until he 's caught ? ''
The screen shows two distorted , unrecognizable photos , presumably of two politicians .
`` Compare two candidates for mayor , '' says the announcer .
`` One says he 's for banning cop-killer bullets .
The other has opposed a ban on cop-killer bullets .
One claims he 's pro-choice .
The other has opposed a woman 's right to choose . ''
`` Funny thing , '' says the kicker , `` both these candidates are named Rudolph Giuliani . ''
Who 's telling the truth ?
Everybody -- and nobody .
It 's a classic situation of ads that are true but not always fully accurate .
He was on the board of an insurance company with financial problems , but he insists he made no secret of it .
The city 's Campaign Finance Board has refused to pay Mr. Dinkins $ 95,142 in matching funds because his campaign records are incomplete .
The campaign has blamed these reporting problems on computer errors .
And , says Mr. Dinkins , he did n't know the man his campaign paid for a get-out-the-vote effort had been convicted of kidnapping .
But , say Mr. Dinkins 's managers , he did have an office and his organization did have members .
Mr. Giuliani 's campaign chairman , Peter Powers , says the Dinkins ad is `` deceptive . ''
The other side , he argues , `` knows Giuliani has always been pro-choice , even though he has personal reservations .
They know he is generally opposed to cop-killer bullets , but that he had some reservations about the language in the legislation . ''
Virginia :
The Coleman counterattack featured a close-up of a young woman in shadows and the ad suggested that she was recalling an unpleasant courtroom ordeal .
A voice says , `` C'mon , now , do n't you have boyfriends ? ''
So the next time Mr. Wilder talks about the rights of women , ask him about this law he tried to pass . ''
New Jersey :
`` Remember Pinocchio ? '' says a female voice .
`` Consider Jim Courter . ''
And then this commercial , produced by Bob Squier , gets down to its own mean and dirty business .
And the nose on Mr. Courter 's face grows .
In this one , the screen fills with photographs of both candidates .
`` Who 's really lying ? '' asks a female voice .
Mr. Courter 's long nose shrinks while Mr. Florio 's grows .
Who 's telling the truth ?
Even so , according to Mr. Salmore , the ad was `` devastating '' because it raised questions about Mr. Courter 's credibility .
But it 's building on a long tradition .
A seat on the Chicago Board of Trade was sold for $ 350,000 , down $ 16,000 from the previous sale last Friday .
Seats currently are quoted at $ 331,000 , bid , and $ 350,000 , asked .
The record price for a full membership on the exchange is $ 550,000 , set Aug. 31 , 1987 .
Japanese investment in Southeast Asia is propelling the region toward economic integration .
But Japan 's power in the region also is sparking fears of domination and posing fresh policy questions .
In the past five years , Japanese companies have tripled their commitments in Asia to $ 5.57 billion .
Japan 's commitment in Southeast Asia also includes steep increases in foreign assistance and trade .
Asia 's other cash-rich countries are following Japan 's lead and pumping capital into the region .
In Taiwan and South Korea , rising wages are forcing manufacturers to seek other overseas sites for labor-intensive production .
For recipient countries such as Thailand and Malaysia , the investment will provide needed jobs and spur growth .
Because of budget constraints in Washington , the U.S. encourages Japan to share economic burdens in the region .
But it resists yielding political ground .
Japan 's swelling investment in Southeast Asia is part of its economic evolution .
In the past decade , Japanese manufacturers concentrated on domestic production for export .
To capture the investment , Southeast Asian nations will move to accommodate Japanese business .
Japanese money will help turn Southeast Asia into a more cohesive economic region .
But , analysts say , Asian cooperation is n't likely to parallel the European Common Market approach .
Countries in the region also are beginning to consider a framework for closer economic and political ties .
The Baker proposal reasserts Washington 's intention to continue playing a leading political role in the region .
`` In Asia , as in Europe , a new order is taking shape , '' Mr. Baker said .
`` The U.S. , with its regional friends , must play a crucial role in designing its architecture . ''
But maintaining U.S. influence will be difficult in the face of Japanese dominance in the region .
While U.S. officials voice optimism about Japan 's enlarged role in Asia , they also convey an undertone of caution .
`` If they approach it with a benevolent , altruistic attitude , there will be a net gain for everyone . ''
Many Asians regard a U.S. presence as a desirable counterweight to Japanese influence .
`` No one wants the U.S. to pick up its marbles and go home , '' Mr. Hormats says .
Cathryn Rice could hardly believe her eyes .
She had seen cheating before , but these notes were uncanny .
`` A stockbroker is an example of a profession in trade and finance ... .
At the end of World War II , Germany surrendered before Japan ... .
The Senate-House conference committee is used when a bill is passed by the House and Senate in different forms . ''
Virtually word for word , the notes matched questions and answers on the social-studies section of the test the student was taking .
In fact , the student had the answers to almost all of the 40 questions in that section .
The student surrendered the notes , but not without a protest .
`` My teacher said it was OK for me to use the notes on the test , '' he said .
The teacher in question was Nancy Yeargin -- considered by many students and parents to be one of the best at the school .
Confronted , Mrs. Yeargin admitted she had given the questions and answers two days before the examination to two low-ability geography classes .
She had gone so far as to display the questions on an overhead projector and underline the answers .
Mrs. Yeargin was fired and prosecuted under an unusual South Carolina law that makes it a crime to breach test security .
In September , she pleaded guilty and paid a $ 500 fine .
Her alternative was 90 days in jail .
Her story is partly one of personal downfall .
She was an unstinting teacher who won laurels and inspired students , but she will probably never teach again .
The 1987 statute Mrs. Yeargin violated was designed to enforce provisions of South Carolina 's school-improvement laws .
Prosecutors alleged that she was trying to bolster students ' scores to win a bonus under the state 's 1984 Education Improvement Act .
The bonus depended on her ability to produce higher student-test scores .
`` So efforts to beat the tests are also on the rise . ''
And most disturbing , it is educators , not students , who are blamed for much of the wrongdoing .
Evidence of widespread cheating has surfaced in several states in the last year or so .
California 's education department suspects adult responsibility for erasures at 40 schools that changed wrong answers to right ones on a statewide test .
After numerous occurrences of questionable teacher help to students , Texas is revising its security practices .
And sales of test-coaching booklets for classroom instruction are booming .
Use of Scoring High is widespread in South Carolina and common in Greenville County , Mrs. Yeargin 's school district .
Experts say there is n't another state in the country where tests mean as much as they do in South Carolina .
And South Carolina says it is getting results .
Critics say South Carolina is paying a price by stressing improved test scores so much .
Friends of Education rates South Carolina one of the worst seven states in its study on academic cheating .
South Carolina 's reforms were designed for schools like Greenville High School .
But by the early 1980s , its glory had faded like the yellow bricks of its broad facade .
`` It was full of violence and gangs and kids cutting class , '' says Linda Ward , the school 's principal .
`` Crime was awful , test scores were low , and there was no enrollment in honors programs . ''
Mrs. Ward took over in 1986 , becoming the school 's seventh principal in 15 years .
Her immediate predecessor suffered a nervous breakdown .
Prior to his term , a teacher bled to death in the halls , stabbed by a student .
One was statewide school reform , which raised overall educational funding and ushered in a new public spirit for school betterment .
Another was Nancy Yeargin , who came to Greenville in 1985 , full of the energy and ambitions that reformers wanted to reward .
I loved the school , its history .
I even dreamt about school and new things to do with my students . ''
While Mrs. Ward fired and restructured staff and struggled to improve curriculum , Mrs. Yeargin worked 14-hour days and fast became a student favorite .
In 1986-87 and 1987-88 , she applied for and won bonus pay under the reform law .
She says that because of Mrs. Yeargin she gave up ambitions in architecture and is studying to become a teacher .
Mary Beth Marchand , a Greenville 11th grader , also says Mrs. Yeargin inspired her to go into education .
On weekends , she came to work to prepare study plans or sometimes , even to polish the furniture in her classroom .
`` She just never gave it up , '' says Mary Marchand , Mary Beth 's mother .
`` You 'd see her correcting homework in the stands at a football game . ''
Some fellow teachers , however , viewed Mrs. Yeargin as cocky and too yielding to students .
Mrs. Ward says she often defended her to colleagues who called her a grandstander .
Pressures began to build .
Friends told her she was pushing too hard .
Because of deteriorating hearing , she told colleagues she feared she might not be able to teach much longer .
Mrs. Yeargin 's extra work was also helping her earn points in the state 's incentive-bonus program .
But the most important source of points was student improvement on tests .
Winning a bonus for a third year was n't that important to her , Mrs. Yeargin insists .
But others at Greenville High say she was eager to win -- if not for money , then for pride and recognition .
Indeed , Mrs. Yeargin was interested in a possible job with the state teacher cadet program .
Mrs. Yeargin admits she made a big mistake but insists her motives were correct .
`` I was trying to help kids in an unfair testing situation , '' she says .
`` Only five of the 40 questions were geography questions .
The rest were history , sociology , finance -- subjects they never had . ''
`` These kids broke my heart , '' she says .
`` A whole day goes by and no one even knows they 're alive .
They desperately needed somebody who showed they cared for them , who loved them .
The last thing they needed was another drag-down blow . ''
School officials and prosecutors say Mrs. Yeargin is lying .
Mrs. Yeargin concedes that she went over the questions in the earlier class , adding : `` I wanted to help all '' students .
Mr. Watson says Mrs. Yeargin never complained to school officials that the standardized test was unfair .
`` Do I have much sympathy for her ? '' Mr. Watson asks .
`` Not really .
I believe in the system .
I believe you have to use the system to change it .
What she did was like taking the law into your own hands . ''
Mrs. Ward says that when the cheating was discovered , she wanted to avoid the morale-damaging public disclosure that a trial would bring .
She says she offered Mrs. Yeargin a quiet resignation and thought she could help save her teaching certificate .
Mrs. Yeargin declined .
`` She said something like ` You just want to make it easy for the school . '
I was dumbfounded , '' Mrs. Ward recalls .
`` It was like someone had turned a knife in me . ''
The school-board hearing at which she was dismissed was crowded with students , teachers and parents who came to testify on her behalf .
Supportive callers decried unfair testing , not Mrs. Yeargin , on a local radio talk show on which she appeared .
Editorials in the Greenville newspaper allowed that Mrs. Yeargin was wrong , but also said the case showed how testing was being overused .
The radio show `` enraged us , '' says Mrs. Ward .
And legal authorities cranked up an investigation worthy of a murder case .
Over 50 witnesses , mostly students , were interviewed .
At Greenville High School , meanwhile , some students -- especially on the cheerleading squad -- were crushed .
`` It 's hard to explain to a 17-year-old why someone they like had to go , '' says Mrs. Ward .
Soon , T-shirts appeared in the corridors that carried the school 's familiar red-and-white GHS logo on the front .
On the back , the shirts read , `` We have all the answers . ''
Many colleagues are angry at Mrs. Yeargin .
`` She did a lot of harm , '' says Cathryn Rice , who had discovered the crib notes .
But several teachers also say the incident casts doubt on the wisdom of evaluating teachers or schools by using standardized test scores .
Says Gayle Key , a mathematics teacher , `` The incentive pay thing has opened up a can of worms .
There may be others doing what she did . ''
Mrs. Ward , for one , was relieved .
Since chalk first touched slate , schoolchildren have wanted to know : What 's on the test ?
It also asks them to add two-sevenths and three-sevenths .
In many other instances , there is almost no difference between the real test and Learning Materials .
Close parallels between tests and practice tests are common , some educators and researchers say .
Test-preparation booklets , software and worksheets are a booming publishing subindustry .
But some practice products are so similar to the tests themselves that critics say they represent a form of school-sponsored cheating .
He and other critics say such coaching aids can defeat the purpose of standardized tests , which is to gauge learning progress .
Standardized achievement tests are given about 10 million times a year across the country to students generally from kindergarten through eighth grade .
Sales figures of the test-prep materials are n't known , but their reach into schools is significant .
About 20,000 sets of Learning Materials teachers ' binders have also been sold in the past four years .
The materials in each set reach about 90 students .
Scoring High and Learning Materials are the best-selling preparation tests .
He also asserted that exact questions were n't replicated .
When referred to the questions that matched , he said it was coincidental .
But Learning Materials matched on 66.5 of 69 subskills .
Scoring High matched on 64.5 .
Learning Materials for the fifth-grade contains at least a dozen examples of exact matches or close parallels to test items .
He said authors of Scoring High `` scrupulously avoid '' replicating exact questions , but he does n't deny that some items are similar .
When Scoring High first came out in 1979 , it was a publication of Random House .
McGraw-Hill was outraged .
But in 1988 , McGraw-Hill purchased the Random House unit that publishes Scoring High , which later became part of Macmillan\/McGraw .
Messrs. Brownell and Kean say they are unaware of any efforts by McGraw-Hill to modify or discontinue Scoring High .
New York-based Alleghany is an insurance and financial services concern .
The purchase price includes two ancillary companies .
The Department of Health and Human Services plans to extend its moratorium on federal funding of research involving fetal-tissue transplants .
But anti-abortionists oppose such research because they worry that the development of therapies using fetal-tissue transplants could lead to an increase in abortions .
James Mason , assistant secretary for health , said the ban on federal funding of fetal-tissue transplant research `` should be continued indefinitely . ''
He said the ban wo n't stop privately funded tissue-transplant research or federally funded fetal-tissue research that does n't involve transplants .
The department placed a moratorium on the research , pending a review of scientific , legal and ethical issues .
Several candidates have withdrawn their names from consideration after administration officials asked them for their views on abortion and fetal-tissue transplants .
Antonio Novello , whom Mr. Bush nominated to serve as surgeon general , reportedly has assured the administration that she opposes abortion .
Dr. Novello is deputy director of the National Institute of Child Health and Human Development .
Some researchers have charged that the administration is imposing new ideological tests for top scientific posts .
But the administration 's handling of the fetal-tissue transplant issue disturbs many scientists .
Yale is one of the few medical institutions conducting privately funded research on fetal-tissue transplants .
But Dr. Genel warns that Dr. Mason 's ruling may discourage private funding .
Despite the flap over transplants , federal funding of research involving fetal tissues will continue on a number of fronts .
The NIH currently spends about $ 8 million annually on fetal-tissue research out of a total research budget of $ 8 billion .
The Nasdaq composite index added 1.01 to 456.64 on paltry volume of 118.6 million shares .
In terms of volume , it was an inauspicious beginning for November .
Yesterday 's share turnover was well below the year 's daily average of 133.8 million .
In October , the busiest month of the year so far , daily volume averaged roughly 145 million shares .
The Nasdaq 100 index of the biggest nonfinancial stocks gained 1.39 to 446.62 .
The index of the 100 largest Nasdaq financial stocks rose modestly as well , gaining 1.28 to 449.04 .
But the broader Nasdaq bank index , which tracks thrift issues , jumped 3.23 to 436.01 .
The two banks merged in 1985 .
Bank of New England 's shares are traded on the New York Stock Exchange .
The biggest beneficiary was Northeast Bancorp , which surged 7 3\/4 to 69 .
Mr. Jennison said Northeast Bancorp also fared well because takeover stocks have returned to favor among investors .
Another OTC bank stock involved in a buy-out deal , First Constitution Financial , was higher .
It rose 7\/8 to 18 1\/4 .
The Pennsylvania bank agreed to be acquired in a merger with Univest Corp. of Pennsylvania for $ 25.50 a share .
He said the company 's core business remains strong .
Since the British auto maker became a takeover target last month , its ADRs have jumped about 78 % .
Rally 's lost 1 3\/4 to 21 3\/4 .
The restaurant operator said it has redeemed its rights issued Monday under its shareholder rights plan .
SCI Systems slipped 7\/8 to 10 on volume of 858,000 shares .
Many attorneys have returned incomplete forms to the IRS in recent years , citing attorney-client privilege .
Until last week , the IRS rarely acted on the incomplete forms .
Mr. Sonnett said that clients who pay cash may include alleged drug dealers who do n't have domestic bank accounts .
These individuals may not necessarily be under investigation when they hire lawyers .
Filling out detailed forms about these individuals would tip the IRS off and spark action against the clients , he said .
The American Bar Association 's House of Delegates passed a resolution in 1985 condemning the IRS reporting requirement .
Mr. Ross said IRS officials opposed the Justice Department 's moderate stance on the matter .
In some cases , the IRS asked for information dating back to forms it received in 1985 .
Lawyers worry that if they provide information about clients , that data could quickly end up in the hands of prosecutors .
Prosecutors need court permission to obtain the tax returns of an individual or a business .
But they have obtained 8300 forms without court permission and used the information to help develop criminal cases .
Some criminal lawyers speculated that the IRS was sending the letters to test the issue .
THE WAR OVER FEDERAL JUDICIAL SALARIES takes a victim .
Often , judges ease into more lucrative private practice with little fanfare , but not federal Judge Raul A. Ramirez in Sacramento , Calif .
On Tuesday , the judge called a news conference to say he was quitting effective Dec. 31 to join a San Francisco law firm .
The reason : the refusal of Congress to give federal judges a raise .
Federal judges make $ 89,500 annually ; in February , Congress rejected a bill that would have increased their pay by 50 % .
Judge Ramirez , 44 , said it is unjust for judges to make what they do .
`` Judges are not getting what they deserve .
You look around at professional ballplayers or accountants ... and nobody blinks an eye .
When you become a federal judge , all of a sudden you are relegated to a paltry sum . ''
The judge declined to discuss his salary in detail , but said : `` I 'm going to be a high-priced lawyer . ''
DOONESBURY CREATOR'S UNION TROUBLES are no laughing matter .
The dispute involves Darkhorse Productions Inc. , a TV production company in which Mr. Trudeau is a co-owner .
The guild began a strike against the TV and movie industry in March 1988 .
In his lawsuit , Mr. Trudeau says the strike illegally included Darkhorse , and the cartoonist refused to honor the strike against the company .
A spokesman for the guild said the union 's lawyers are reviewing the suit .
He said disciplinary proceedings are confidential and declined to comment on whether any are being held against Mr. Trudeau .
Mr. Samnick said a guild disciplinary hearing is scheduled next Monday in New York .
In addition to the damages , the suit seeks a court order preventing the guild from punishing or retaliating against Mr. Trudeau .
ABORTION RULING UPHELD :
The rule also prohibits funding for activities that `` encourage , promote or advocate abortion . ''
INQUIRY CLEARS TEXAS JUDGE of bias in comments on homosexual murder victims .
Mr. Murray also said Judge Hampton 's comments did n't discredit the judiciary or the administration of justice .
The report is subject to review by the State Commission on Judicial Conduct , which is empowered to impose sanctions .
GAF TRIAL goes to round three .
Attorneys in the third stock-manipulation trial of GAF Corp. began opening arguments yesterday in the Manhattan courtroom of U.S. District Judge Mary Johnson Lowe .
The first two GAF trials ended in mistrials earlier this year .
This trial is expected to last five weeks .
SWITCHING TO THE DEFENSE :
A former member of the prosecution team in the Iran\/Contra affair joined the Chicago firm of Mayer , Brown & Platt .
He will specialize in white-collar criminal defense work .
Terms were n't disclosed .
The tire maker said the buildings consist of 1.8 million square feet of office , manufacturing and warehousing space on 353 acres of land .
Fujitsu said it bid the equivalent of less than a U.S. penny on three separate municipal contracts during the past two years .
The company also disclosed that during that period it offered 10,000 yen , or about $ 70 , for another contract .
But Fujitsu , Japan 's No. 1 computer maker , is n't alone .
NEC , one of its largest domestic competitors , said it bid one yen in two separate public auctions since 1987 .
In both cases , NEC lost the contract to Fujitsu , which made the same bid and won a tie-breaking lottery .
All the contracts were for computer-system-design contracts and involved no hardware or software .
`` These cases lead to the loss of the firms ' social and international credibility , '' a ministry statement said .
Japan 's Fair Trade Commission has said it is considering investigating the bids for possible antitrust-law violations .
The bids , he added , were `` contrary to common sense . ''
Japanese companies have long had a reputation for sacrificing short-term profits to make a sale that may have long-term benefits .
The fire is also fueled by growing international interest in Japanese behavior .
So far there have been no public overseas complaints about the issue .
The low-ball bids touch on issues central to the increasingly tense trade debate .
Foreigners complain that they have limited access to government procurement in Japan , in part because Japanese companies unfairly undercut them .
The U.S. government in recent years has accused Japanese companies of excessively slashing prices on semiconductors and supercomputers -- products Fujitsu and NEC make .
Asked whether the bidding flap would hurt U.S.-Japan relations , Mr. Yamamoto said , `` this will be a minus factor . ''
The city had expected to pay about 11 million yen -LRB- $ 77,000 -RRB- , but Fujitsu essentially offered to do it for free .
Then Wednesday , Fujitsu said it made a similar bid to win a library contract in Nagano prefecture two weeks earlier .
The company said it has offered to withdraw its bids in Hiroshima and Nagano .
The municipalities said they have n't decided whether to try to force the company to go through with the contracts .
Fujitsu and NEC said they were still investigating , and that knowledge of more such bids could emerge .
Mr. Yamamoto insisted that headquarters had n't approved the bids , and that he did n't know about most of the cases until Wednesday .
Other major Japanese computer companies contacted yesterday said they have never made such bids .
`` One yen is not ethical , '' Michio Sasaki , an official at Keidanren , the Japan Federation of Economic Organizations , said .
`` Profit may be low , but at least costs should be covered .
PAPERS :
Backe Group Inc. agreed to acquire Atlantic Publications Inc. , which has 30 community papers and annual sales of $ 7 million .
Terms were n't disclosed .
Backe is a closely held media firm run by former CBS Inc. President John Backe .
TV :
NTG was formed by Osborn Communications Corp. and Desai Capital .
Sales in stores open more than one year rose 3 % to $ 29.3 million from $ 28.4 million .
The company said it made the purchase in order to locally produce hydraulically operated shovels .
Last October , the company also bought a wheel-loader manufacturing plant in Heidelberg , West Germany , from Dresser .
Furukawa said the purchase of the French and German plants together will total about 40 billion yen -LRB- $ 280 million -RRB- .
@
Money Market Deposits-a 6.21 %
a - Average rate paid yesterday by 100 large banks and thrifts in the 10 largest metropolitan areas as compiled by Bank Rate Monitor .
b - Current annual yield .
Guaranteed minimum 6 % .
`` In addition , recent industry forecasts for 1990 indicate a slow environment , at least until midyear . ''
As a result , the company said it decided to phase out its oldest capacity and `` make appropriate reductions '' in operating expenses .
The $ 35.7 million net loss equals 86 cents a share .
A year earlier , it had profit of $ 7.5 million , or 18 cents a share .
Revenue rose 42 % to $ 133.7 million from $ 94 million .
The charge partly reflects a switch from older five-inch to more-efficient six-inch silicon wafers with which to fabricate chips .
Related to that decision , the company said it was converting its Santa Clara , Calif. , factory to a research and development facility .
A spokesman declined to speculate about possible reductions in force .
`` I think the stock is dead money for a while . ''
Yesterday 's announcement was made after markets closed .
U.S. chip makers are facing continued slack demand following a traditionally slow summer .
Part of the problem is that chip buyers are keeping inventories low because of jitters about the course of the U.S. economy .
INGERSOLL-RAND Co . -LRB- Woodcliff Lake , N.J . -RRB- --
The dollar posted gains against all major currencies yesterday , buoyed by persistent Japanese demand for U.S. bond issues .
Who knows what will happen down the road , in three to six months , if foreign investment starts to erode ? ''
Sterling was quoted at $ 1.5755 , down from $ 1.5805 late Tuesday .
In Tokyo Thursday , the U.S. currency opened for trading at 143.93 yen , up from Wednesday 's Tokyo close of 143.08 yen .
It remains unclear whether the bond issue will be rolled over .
Meanwhile , traders in Tokyo say that the prospect of lower U.S. interest rates has spurred dollar buying by Japanese institutions .
Dealers said the dollar merely drifted lower following the release Wednesday of the U.S. purchasing managers ' report .
But most said the index had no more than a minimal effect on trade .
On the Commodity Exchange in New York , gold for current delivery settled at $ 374.20 an ounce , down 50 cents .
Estimated volume was a moderate 3.5 million ounces .
In early trading in Hong Kong Thursday , gold was quoted at $ 374.19 an ounce .
But some of the TV stations that bought `` Cosby '' reruns for record prices two years ago are n't laughing much these days .
The reruns have helped ratings at many of the 187 network affiliates and independent TV stations that air the shows .
But the ratings are considerably below expectations , and some stations say they may not buy new episodes when their current contracts expire .
Viacom denies it 's using pressure tactics .
`` We 're willing to negotiate , '' says Dennis Gillespie , executive vice president of marketing .
`` We 're offering this plan now because we feel it 's the right time . ''
Viacom 's move comes as the syndication market is being flooded with situation comedies that are still running on the networks .
Mr. Gillespie at Viacom says the ratings are rising .
`` At the prices we were charged , there should have been some return for the dollar .
There was n't . ''
But he adds , `` I feel pressured , disappointed , uncomfortable and , frankly , quite angry with Viacom .
The Life Insurance Co. of Georgia has officially opened an office in Taipei .
David Wu , the company 's representative in Taiwan , said Atlanta-based Life of Georgia will sell conventional life-insurance products .
Life of Georgia is part of the Nationale Nederlanden Group , based in the Netherlands .
So can a magazine survive by downright thumbing its nose at major advertisers ?
Garbage magazine , billed as `` The Practical Journal for the Environment , '' is about to find out .
In one feature , called `` In the Dumpster , '' editors point out a product they deem to be a particularly bad offender .
With only two issues under its belt , Garbage has alienated some would-be advertisers and raised the ire of others .
Campbell Soup , for one , is furious its Souper Combo microwave product was chastised in the premiere `` In the Dumpster '' column .
`` It 's precisely the kind of product that 's created the municipal landfill monster , '' the editors wrote .
He says Campbell was n't even contacted by the magazine for the opportunity to comment .
He admits , though , it is n't one of Campbell Soup 's better products in terms of recyclability .
Campbell Soup , not surprisingly , does n't have any plans to advertise in the magazine , according to its spokesman .
Some media experts question whether a young magazine can risk turning off Madison Avenue 's big spenders .
`` The economics of magazine publishing pretty much require that you have a pretty solid base '' of big-time ad spenders , he adds .
`` We do n't spend much on print advertising , '' she says .
But Ms. Poore , the magazine 's editor and publisher , contends Garbage can survive , at least initially , on subscription revenues .
Individual copies of the magazine sell for $ 2.95 and yearly subscriptions cost $ 21 .
-LRB- It is , of course , printed on recycled paper . -RRB-
According to Ms. Poore , Old-House Journal Corp. , her publishing company , printed and sold all 126,000 copies of the premiere issue .
The first and second issues sold out on newsstands , she says , and the magazine has orders for 93,000 subscriptions .
Ad Notes ... .
INTERPUBLIC ON TV :
It said that volume makes it the largest supplier of original TV programming in Europe .
It plans to sell the ad time to its clients at a discount .
NEW ACCOUNT :
The business had been handled by VanSant Dugdale , Baltimore .
AT&T FAX :
Billings were n't disclosed for the small account , which had been serviced at Young & Rubicam , New York .
FIRST CAMPAIGN :
Enterprise Rent-A-Car Inc. breaks its first national ad campaign this week .
The St. Louis firm specializes in replacement-car rentals , those provided by insurance companies for cars damaged in accidents .
LANDOR ASSOCIATES :
Young & Rubicam said it completed its acquisition of Landor Associates , a San Francisco identity-management firm .
ACQUISITION :
Ketchum Communications , Pittsburgh , acquired Braun & Co. , a Los Angeles investor-relations and marketing-communications firm .
Terms were n't disclosed .
The move is designed to ward off a hostile takeover attempt by two European shipping concerns , Stena Holding AG and Tiphook PLC .
In August , Temple sweetened the offer to $ 63 a share , or $ 963 million .
About $ 490 million of that would be allocated to the buy-back , leaving about $ 130 million , he said .
That $ 130 million , Mr. Sherwood said , `` gives us some flexibility in case Temple raises its bid .
We are able to increase our price above the $ 70 level if necessary .
'' He declined to say , however , how much Sea Containers might raise its price .
-LCB- The court has indicated it will rule on the case by the end of the month . -RCB-
Temple also said Sea Containers ' plan raises `` numerous legal , regulatory , financial and fairness issues , '' but did n't elaborate .
Mr. Sherwood said reaction to Sea Containers ' proposal has been `` very positive . ''
In New York Stock Exchange composite trading yesterday , Sea Containers closed at $ 62.625 , up 62.5 cents .
The department proposed requiring stronger roofs for light trucks and minivans , beginning with 1992 models .
Such belts already are required for the vehicles ' front seats .
They did n't have much luck during the Reagan administration .
`` We 're in a very different regulatory environment . ''
`` We could prevent many of these fatalities with minimum roof-crush standards , '' he said .
The department 's roof-crush proposal would apply to vehicles weighing 10,000 pounds or less .
The roofs would be required to withstand a force of 1.5 times the unloaded weight of the vehicle .
During the test , the roof could n't be depressed more than five inches .
He said Chrysler fully expects to have them installed across its light-truck line by the Sept. 1 , 1991 , deadline .
Chrysler said its trucks and vans already meet the roof-crush resistance standard for cars .
Ford began installing the rear-seat belts in trucks with its F-series Crew Cab pickups in the 1989 model year .
The new Explorer sport-utility vehicle , set for introduction next spring , will also have the rear-seat belts .
Mr. Leinonen said he expects Ford to meet the deadline easily .
Consolidated Rail Corp. said it would spend more than $ 30 million on 1,000 enclosed railcars for transporting autos .
This year , the railroad holding company acquired 850 such railcars .
Sir Peter will succeed Sir John Milne , 65 , who retires as Blue Circle nonexecutive chairman on June 1 .
sir peter will succeed sir john milne , @number@ , who retires as blue circle nonexecutive chairman on @date@ .
Later yesterday , a Massachusetts senate committee approved a bill to allow national interstate banking by banks in the state beginning in 1991 .
He added , `` There 's nothing very hot . ''
Mr. Driscoll did n't elaborate about who the potential partners were or when the talks were held .
GOODY PRODUCTS Inc. cut its quarterly dividend to five cents a share from 11.5 cents a share .
The reduced dividend is payable Jan. 2 to stock of record Dec. 15 .
In the year-ago quarter , the company reported net income of $ 1.9 million , or 29 cents a share .
The company also adopted an anti-takeover plan .
Mr. Butler will remain on the board as a nonexecutive director .
Rally 's Inc. said it has redeemed its rights outstanding issued Monday in its shareholder rights plan .
The company said holders of stock of record Nov. 10 will receive 1\/10th of one cent a share as the redemption payment .
The price is a new high for California Cabernet Sauvignon , but it is not the highest .
Diamond Creek 1985 Lake Vineyard Cabernet weighed in this fall with a sticker price of $ 100 a bottle .
These first magnitude wines ranged in price from $ 40 to $ 125 a bottle .
In the last year or so , however , this exclusive club has taken in a host of flashy new members .
France can boast the lion 's share of high-priced bottles .
These prices seem rather modest , however , in light of other French wines from current vintages .
In Champagne , some of the prestige cuvees are inching toward $ 100 a bottle .
The first Champagne to crack that price barrier was the 1979 Salon de Mesnil Blanc de Blancs .
The '82 Salon is $ 115 .
The great reds of the Rhone Valley have soared in price as well .
E. Guigal 's 1982 Cote Rotie La Landonne , for example , is $ 120 .
None of France 's wine regions can steal a march on Burgundy , however .
With the 1985 vintage , they soared higher : La Tache , $ 195 ; Richebourg , $ 180 ; Romanee-Conti , $ 225 .
Another small Burgundy estate , Coche-Dury , has just offered its 1987 Corton-Charlemagne for $ 155 .
`` What 's different is that it is happening with young wines just coming out .
We 're seeing it partly because older vintages are growing more scarce . ''
Some of the newer wines , even at $ 90 to $ 100 a bottle or so , almost offer a bargain . ''
Take Lake Vineyard Cabernet from Diamond Creek .
We got our two six-packs -- and they 're gone . ''
Even if there is consumer resistance at first , a wine that wins high ratings from the critics will eventually move .
`` It 's just sort of a one-upsmanship thing with some people , '' added Larry Shapiro .
Producers have seen this market opening up and they 're now creating wines that appeal to these people . ''
That explains why the number of these wines is expanding so rapidly .
But consumers who buy at this level are also more knowledgeable than they were a few years ago .
`` They wo n't buy if the quality is not there , '' said Cedric Martin of Martin Wine Cellar in New Orleans .
`` Or if they feel the wine is overpriced and they can get something equally good for less . ''
It 's interesting to find that a lot of the expensive wines are n't always walking out the door .
With the biggest wine-buying period of the year looming as the holidays approach , it will be interesting to see how the superpremiums fare .
By January it should be fairly clear what 's hot -- and what 's not .
Ms. Ensrud is a free-lance wine writer in New York .
`` The economy is clearly slowing , '' says Robert Black , president of the Richmond Federal Reserve Bank .
Nevertheless , both Mr. Guffey and Mr. Black say the slowdown so far is no cause for concern .
Bush administration officials are looking to the Fed to bring down rates , and financial markets seem to be expecting easier credit as well .
The report from the Fed found that manufacturing , in particular , has been weak in recent weeks .
The Philadelphia Fed , for instance , reported that manufacturing activity `` continues to decline '' for the fourth month in a row .
And construction also was described as slow in most areas .
Despite the economic slowdown , there are few clear signs that growth is coming to a halt .
As a result , Fed officials may be divided over whether to ease credit .
Under the offer , shareholders will receive one right for each 105 common shares owned .
The rights , which expire Nov. 21 , can be exercised for $ 100 each .
Hallwood , a Cleveland merchant bank , owns about 11 % of Integra .
The previous contract between Copperweld 's Ohio Steel Tube division and the union expired at midnight Tuesday .
The union vote to reject the proposed pact was 230-215 .
Copperweld said it does n't expect a protracted strike .
It said it has taken measures to continue shipments during the work stoppage .
Without congressional action , the Treasury ca n't sell any new securities -- even savings bonds .
`` To avoid these costs , and a possible default , immediate action is imperative . ''
The securities to be sold next week will raise about $ 10 billion in cash and redeem $ 20 billion in maturing notes .
The new securities , part of the federal government 's regular quarterly refunding , will consist of :
-- $ 10 billion of three-year notes , to be auctioned Tuesday and to mature Nov. 15 , 1992 .
-- $ 10 billion of 10-year notes , to be auctioned Wednesday and to mature Nov. 15 , 1999 .
-- $ 10 billion of 30-year bonds , to be auctioned Thursday and to mature Aug. 15 , 2019 .
The Treasury also said it plans to sell $ 10 billion in 36-day cash management bills on Thursday .
They will mature Dec. 21 .
Auctions held in October and those scheduled for next week will raise a total of $ 25.6 billion .
Lancaster Colony Corp. said it acquired Reames Foods Inc. in a cash transaction .
Terms were n't disclosed .
Investors took advantage of Tuesday 's stock rally to book some profits yesterday , leaving stocks up fractionally .
Bond prices and the dollar both gained modestly .
The Dow Jones Industrial Average finished less than a point higher to close at 2645.90 in moderate trading .
But advancing issues on the New York Stock Exchange were tidily ahead of declining stocks , 847 to 644 .
Long-term bond prices rose despite prospects of a huge new supply of Treasury debt this month .
Continuing demand for dollars from Japanese investors boosted the U.S. currency .
The industrial average jumped more than 41 points Tuesday as speculators rushed to buy shares of potential takeover targets .
Economic news had little effect on financial markets .
As expected , a national purchasing managers ' report indicated the nation 's manufacturing sector continues to contract modestly .
In major market activity :
Stock prices rose fractionally in moderate trading .
Big Board volume totaled 154.2 million shares .
Bond prices were up .
The yield fell to 7.88 % .
The dollar rose .
In late afternoon New York trading the currency was at 1.8500 marks and 143.80 yen compared with 1.8415 marks and 142.85 yen .
Net income more than tripled to 4.898 billion yen from 1.457 billion yen a year earlier .
Eaton Corp. said it sold its Pacific Sierra Research Corp. unit to a company formed by employees of that unit .
Terms were n't disclosed .
Pacific Sierra , based in Los Angeles , has about 200 employees and supplies professional services and advanced products to industry .
Eaton is an automotive parts , controls and aerospace electronics concern .
Georgia Gulf rebuffed that offer in September and said it would study other alternatives .
However , it has n't yet made any proposals to shareholders .
Late yesterday , Georgia Gulf said it reviewed the NL proposal as well as interests from `` third parties '' regarding business combinations .
It did n't elaborate .
`` He appears to be in it for the long haul . ''
Mr. Simmons and NL already own a 9.9 % stake in Georgia Gulf .
Mr. Simmons owns 88 % of Valhi Inc. , which in turn owns two-thirds of NL .
NL is officially making the offer .
However , the junk-bond market has collapsed in recent weeks , lessening the likelihood that such a transaction would succeed .
In a letter to Georgia Gulf President Jerry R. Satrum , Mr. Martin asked Georgia Gulf to answer its offer by Tuesday .
It was n't clear how NL and Mr. Simmons would respond if Georgia Gulf spurns them again .
In other transactions , Mr. Simmons has followed friendly offers with a hostile tender offer .
Sales fell to $ 251.2 million from $ 278.7 million .
Dr. Kligman patented the medicine while employed by the University , but later licensed the Retin-A to a division of Johnson & Johnson .
In New Brunswick , N.J. , a Johnson & Johnson spokesman declined comment .
Criticism in the U.S. over recent Japanese acquisitions is looming ever larger in the two countries ' relations .
Where they disagree is on the subject of U.S. direct investment in Japan .
The U.S. wants the removal of what it perceives as barriers to investment ; Japan denies there are real barriers .
`` We have a long history of maintaining an open direct-investment policy , '' Mr. Dallara says .
`` U.S. investors should have a greater opportunity at direct investment '' in Japan .
The Japanese fret openly about the U.S. public 's rancor .
The Texas oilman has acquired a 26.2 % stake valued at more than $ 1.2 billion in an automotive-lighting company , Koito Manufacturing Co .
But he has failed to gain any influence at the company .
Mr. Pickens made considerable political hay with his troubles in Japan .
Among them are differences in savings and investment rates , corporate structures and management , and government spending .
Each side has a litany of recommendations for the other .
The U.S. says it is anxious for results .
But they have n't clarified what those might be .
The Japanese retort that the first round was too early to make concessions .
`` Just to say the distribution system is wrong does n't mean anything , '' says a Ministry of International Trade and Industry official .
`` We need to clarify what exactly is wrong with it . ''
For instance , at the first meeting the two sides could n't even agree on basic data used in price discussions .
Since then , a team of about 15 MITI and U.S. Commerce Department officials have crossed the globe gauging consumer prices .
By Monday , they hope to have a sheaf of documents both sides can trust .
`` Little by little , there is progress , '' says the MITI official .
`` Both sides are taking action . ''
Elisabeth Rubinfien contributed to this article .
For Japan , the controversial trend improves access to American markets and technology .
But for small American companies , it also provides a growing source of capital and even marketing help .
In a joint-venture deal , Mitsui guided Candela through Tokyo 's bureaucratic maze .
At last count , Candela had sold $ 4 million of its medical devices in Japan .
The deal also gave Mitsui access to a high-tech medical product .
Japanese companies have financed small and medium-sized U.S. firms for years , but in recent months , the pace has taken off .
The Needham , Mass. , concern tracks investments in new businesses .
In addition , of course , some of the Japanese investments involved outright purchase of small U.S. firms .
While the small deals are far less conspicuous , they add to Japanese penetration of the U.S. market .
As the deals also improve Japanese access to American technology and market knowledge , they feed American anxieties in this area , too .
Even a low-tech product like plate glass can catch a trading company 's fancy if there 's a strategic fit .
Free State Glass Industries of Warrenton , Va. , a small fabricator of architectural glass , was foundering under its original management .
`` It 's not just a simple investment in a small company , '' Mr. Wakui says .
`` We want to see the glass market from the inside , not the outside . ''
Mitsubishi 's investment in Free State is `` very small ... less than $ 4 million , '' Mr. Wakui says .
Mr. Bodner declines to comment on the arrangement .
They operate ships and banks .
A host of electronics firms in California 's Silicon Valley were financed with trading-company venture capital .
Profit , at least in the short term , is usually a secondary goal .
`` Strategic objectives , not financial return , drive many of the deals , '' says a Venture Economics spokesman .
They want assets , they want a balance sheet , which has no relation to the business a company can generate . ''
Sales by these subsidiaries in the fiscal year ending last March were more than $ 17 billion .
A 1 % to 2 % return on $ 17 billion `` ai n't hay , '' Mr. Klauser says .
Hudson General Corp. 's president and chief executive officer , Alan J. Stearn , resigned .
Mr. Stearn , 46 years old , could n't be reached for comment .
A company spokesman declined to elaborate on the departure .
His duties as chief executive will be assumed by Chairman Jay B. Langner .
For 10 years , Genie Driskill went to her neighborhood bank because it was convenient .
But in August , First Atlanta National Bank introduced its Crown Account , a package designed to lure customers such as Ms. Driskill .
among other things , it included checking , safe deposit box and credit card all for free plus a good deal on installment loans .
`` I deserve something for my loyalty , '' she says .
She took her business to First Atlanta .
So it goes in the competitive world of consumer banking these days .
The competitive rates were generally offset by hefty fees on various services .
But many banks are turning away from strict price competition .
Instead , they are trying to build customer loyalty by bundling their services into packages and targeting them to small segments of the population .
NCNB Corp. of Charlotte , N.C. , recently introduced its Financial Connections Program aimed at young adults just starting careers .
For some time , banks have been aiming packages at the elderly , the demographic segment with the highest savings .
Those efforts are being stepped up .
`` Varying age , geography and life-style differences create numerous sub-markets , '' Ms. MacDonald says .
Banks have tried packaging before .
The concept begot a slew of copycats , but the banks stopped promoting the packages .
One big reason : thin margins .
As banks ' earnings were squeezed in the mid-1970s , the emphasis switched to finding ways to cut costs .
But now computers are enabling more banks to analyze their customers by age , income and geography .
They are better able to get to those segments in the wake of the deregulation that began in the late 1970s .
`` So people who were n't even thinking about targeting 10 years ago are scrambling to define their customer base . ''
The competition has cultivated a much savvier consumer .
`` This much fragmentation makes attracting and keeping today 's rate-sensitive customers costly . ''
Packages encourage loyalty by rewarding customers for doing the bulk of their banking in one place .
For their troubles , the banks get a larger captive audience that is less likely to move at the drop of a rate .
That can pay off down the road as customers , especially the younger ones , change from borrowers to savers\/investors .
Packaging has some drawbacks .
The additional technology , personnel training and promotional effort can be expensive .
`` It 's not easy to roll out something that comprehensive , and make it pay , '' Mr. Jacob says .
Still , bankers expect packaging to flourish , primarily because more customers are demanding that financial services be tailored to their needs .
`` These days , banking customers walk in the door expecting you to have a package especially for them , '' Ms. Moore says .
Some banks are already moving in that direction , according to Alvin T. Sale , marketing director at First Union Corp. in Charlotte .
First Union , he says , now has packages for seven customer groups .
Soon , it will split those into 30 .
IRAs .
Currently , ShareData has about 4.1 million common shares outstanding .
ShareData develops and markets low-cost software , peripheral equipment and accessories for computers .
Five things you can do for $ 15,000 or less :
1 . Buy a new Chevrolet .
2 . Take a Hawaiian vacation .
3 . Send your child to a university .
4 . Buy a diamond necklace .
5 . Make a lasting difference in the regulatory life of an American savings-and-loan association through the Foster Corporate Parents Plan .
Americans today spend $ 15,000 like pocket change -- they do n't think much about it .
but for an ailing savings-and-loan association teetering on insolvency it can lead to safety from imminent demise and to a future full of promise .
Your $ 15,000 will help keep a needy savings and loan solvent -- and out of the federal budget deficit .
As a Foster Corporate Parent , you 'll be helping a neighborhood S&L in areas crucial to its survival .
Like healthy regulatory capital .
A steady deposit base .
Performing loans .
That builds confidence , self sufficiency , not to mention critical regulatory net worth .
Do n't wait -- a savings institution needs your help now !
Every day you delay , a savings institution 's health -- and the federal budget deficit -- grows worse .
Then send your support to a savings institution that has taken a bad rap in the press and on its bottom line .
Mr. Baris is a lawyer in New York .
The Chicago Mercantile Exchange said it plans to institute an additional `` circuit breaker '' aimed at stemming market slides .
Leo Melamed , Merc executive committee chairman , said that the 12-point limit appeared to lessen the selling panic Oct. 13 .
All of the changes require regulatory approval , which is expected shortly .
A final modification was made to the five-point opening limit for the contract .
The Merc said that five-point limit will remain in effect for the first 10 minutes of trading .
The limit lapses under current exchange rules if contracts trade above the limit price during the opening 10 minutes of trading .
He said that firms could get around the collar by executing trades manually .
`` Markey said we could have done this in public '' because so little sensitive information was disclosed , the aide said .
Mr. Phelan then responded that he would have been happy just writing a report to the panel , the aide added .
At another point during the hearing , Rep. Markey asked Mr. Phelan what would be discussed at a New York exchange board meeting today .
Mr. Phelan said the Big Board is likely to study the program-trading issue .
Mr. Dingell expressed concern , sources said , about jurisdictional problems in regulating program trading , which uses futures to offset stock trades .
The futures industry is regulated by the Commodity Futures Trading Commission , which reports to the Agriculture committees in both houses .
The art of change-ringing is peculiar to the English , and , like most English peculiarities , unintelligible to the rest of the world .
-- Dorothy L. Sayers , `` The Nine Tailors ''
ASLACTON , England
The parishioners of St. Michael and All Angels stop to chat at the church door , as members here always have .
In the tower , five men and women pull rhythmically on ropes attached to the same five bells that first sounded here in 1614 .
Now , only one local ringer remains : 64-year-old Derek Hammond .
The others here today live elsewhere .
History , after all , is not on his side .
It is easy to see why the ancient art is on the ropes .
Each variation , or change , can occur only once , the rules state .
Ringers memorize patterns of changes , known as `` methods , '' which have odd-sounding names like Kent Treble Bob Major or Grandsire Caters .
A series of 5,000 or so changes is a `` peal '' and takes about three hours .
Ringers , she added , are `` filled with the solemn intoxication that comes of intricate ritual faultlessly performed . ''
It is a passion that usually stays in the tower , however .
More often than not , ringers think of the church as something stuck on the bottom of the belfry .
This does not sit well with some clerics .
With membership of the Church of England steadily dwindling , strong-willed vicars are pressing equally strong-willed and often non-religious ringers to attend services .
`` They were a self-perpetuating club that treated the tower as sort of a separate premises , '' the Vicar Hummerstone says .
An entirely new band rings today at Great Torrington , several of whom are members of the congregation .
But there still are n't enough ringers to ring more than six of the eight bells .
At St. Mary 's Church in Ilminster , Somerset , the bells have fallen silent following a dust-up over church attendance .
The vicar , W.D. Jones , refuses to talk about it , saying it would `` reopen the wound . ''
Vicar Marshall admits to mixed feelings about this issue , since he is both a vicar and an active bell-ringer himself .
`` The sound of bells is a net to draw people into the church , '' he says .
`` I live in hopes that the ringers themselves will be drawn into that fuller life . ''
Says Mr. Baldwin , `` We recognize that we may no longer have as high a priority in church life and experience . ''
Mr. Baldwin is also attacking the greater problem : lack of ringers .
One survey says that of the 100,000 trained bellringers in England today , only 40,000 of them still ring .
Also , ringers do n't always live where the bells need to be rung -- like in small , rural parishes and inner-city churches .
But the council 's program to attract and train ringers is only partly successful , says Mr. Baldwin .
`` Right now , we 're lucky if after five years we keep one new ringer out of 10 , '' he adds .
They are n't accepted everywhere , however .
I have seen one or two men die , bless them .
Investors unsettled by the stock market 's gyrations can take some comfort in the predictable arrival of quarterly dividend checks .
That has been particularly true this year with many companies raising their payouts more than 10 % .
But do n't breathe too easy : Those dividend increases may signal trouble ahead for stock prices , some analysts warn .
In the past , they say , the strongest dividend growth has often come at times when the stock-market party was almost over .
That can be a trap for unwary investors , says Richard Bernstein , senior quantitative analyst at Merrill Lynch & Co .
`` Invariably , those strong periods in the economy give way to recessionary environments , '' he says .
`` And recessionary environments are n't hospitable to the stock market . ''
Indeed , analysts say that payouts have sometimes risen most sharply when prices were already on their way down from cyclical peaks .
That pattern has n't always held , but recent strong growth in dividends makes some market watchers anxious .
Many people believe the growth in dividends will slow next year , although a minority see double-digit gains continuing .
They are keeping a close watch on the yield on the S&P 500 .
The figure is currently about 3.3 % , up from 3.2 % before the recent market slide .
Some analysts say investors should run for the exits if a sustained market rebound pushes the yield below 3 % .
In fact , `` the market has always tanked .
Always .
The last time the S&P 500 yield dropped below 3 % was in the summer of 1987 .
Stockholders who took the hint and sold shares escaped the October debacle .
And in each case , he says , a sharp drop in stock prices began within a year .
Still , some market analysts say the current 3.3 % reading is n't as troublesome as it might have been in years past .
So , while stock prices may look fairly high relative to dividends , they are not excessive relative to the underlying corporate strength .
He factors that into the market yield to get an adjusted yield of about 3.6 % .
That is just a tad below the average of the past 40 years or so , he says .
What will happen to dividend growth next year ?
Common wisdom suggests a single-digit rate of growth , reflecting a weakening in the economy and corporate profits .
Dividend growth on the order of 12 % is expected by both Mr. Coxon of Cigna and Mr. Einhorn of Goldman Sachs .
A total of 139 companies raised dividends in October , basically unchanged from 138 a year ago , S&P said Wednesday .
That followed four straight months in which the number of increases trailed the year-earlier pace .
Such is hardly the case .
This is where Bell 's patents went .
Western Union indeed wanted to get into the telephone business .
Oliver Berliner Beverly Hills , Calif .
The company 's work force will fall to about 400 people .
Further , he said , the company does n't have the capital needed to build the business over the next year or two .
`` We flat ran out of financing resources , '' Mr. Jerritts said .
`` We had to do something structurally and radically different . ''
The company currently offers a word-processing package for personal computers called Legend .
In New York Stock Exchange composite trading yesterday , NBI common closed at 93 cents a share , up 31 cents .
It was Richard Nixon 's first visit to China in 1972 that set in motion the historic rapprochement between Beijing and Washington .
The Chinese , in turn , took aim at American `` interference '' in China 's domestic affairs .
`` The events of April through June damaged the respect and confidence which most Americans previously had for the leaders of China . ''
The Chinese responded in an equally undiplomatic fashion .
China was the real victim and it is unjust to reprove China for it . ''
In his return toast to Mr. Nixon , Mr. Yang said the relationship had reached a `` stalemate . ''
Mr. Nixon met Mr. Bush and his national security adviser , Brent Scowcroft , before coming to China on Saturday .
And he plans to brief the president at the end of the week , U.S. sources said .
Mr. Nixon was to leave China today .
These included China 's economic policies , human rights and the question of Mr. Fang .
Mr. Nixon also proposed that China restore its participation in the Fulbright Program , a U.S. government-funded academic exchange .
China pulled out of the program in July .
There are no signs , however , of China 's yielding on key issues .
But in one minor matter , Mr. Nixon appears to have gained a concession .
But the guards there retained their pistols , and a large contingent of plainclothes police remained nearby in unmarked cars .
Moreover , police and soldiers continue to harass Americans , who have filed several protests with the Foreign Ministry in the past week .
Several times , Chinese guards have pointed their automatic rifles at young children of U.S. diplomats and clicked the trigger .
The rifles were n't loaded .
The Japanese industrial companies should know better .
They are barking up the wrong tree , because it is basically their fault they ca n't attract new employees .
Takuma Yamamoto , president of Fujitsu Ltd. , believes `` the ` money worship ' among young people ... caused the problem . ''
He is just passing the buck to young people .
What 's wrong with asking for more money ?
Money is not everything , but it is necessary , and business is not volunteer work .
It is not unethical to choose a higher-salaried job .
Unfortunately , Japanese manufacturers have neither good working conditions nor good compensation packages .
I get the impression that some Japanese managers believe working harder for less money is beautiful .
I visited a lot of major Japanese manufacturers , but I never felt I would want to be employed by any of them .
Hiroshi Asada
Among professionals , 76 % have a favorable opinion of her , compared to 62 % who approve of her husband 's performance .
The statistics imply that three-quarters of blacks approve of Mr. Bush 's job performance and 85 % of blacks approve of Mrs. Bush .
Such an editorial point of view perpetuates an insidious , stereotyped perspective .
Why are we blacks continually defined by our minority and the lowest common denominator .
Preston G. Foster Birmingham , Ala .
Two firms were expelled from the NASD , three were suspended or barred and nine were fined .
Also , Mr. Vargas was barred from association with any NASD member .
Neither First Securities , of Beverly Hills , nor Mr. Vargas could be reached for comment .
A telephone-information operator had no listing for either party .
Also , Mr. Otero was barred from association with any NASD member .
J.L. Henry has n't any Miami telephone listing , an operator said .
Mr. Otero , who apparently has an unpublished number , also could n't be reached .
Biscayne has n't any telephone listing , an operator said .
Mr. Rosenblum , who apparently has an unpublished phone number , also could n't be reached .
While neither admitting nor denying wrongdoing , Triton and Mr. Chase consented to findings of violations in connection with limited-partnership sales .
Officials of Triton could n't be reached for comment .
Mr. Chase did n't return a telephone call to his office .
Without admitting or denying wrongdoing , they consented to findings of violations of escrow and record-keeping rules .
Mr. Crane did n't return a call seeking comment .
Also , Mr. Canepa received a two-week suspension `` in a principal capacity . ''
Mr. Canepa confirmed he had consented to the sanctions but declined to comment further .
The firm and Mr. Whelen allegedly sold securities to the public at unfair prices , among other alleged violations .
Mr. Whelen denied the firm had sold securities at unfair prices and suggested that the examination practices of the NASD need improvement .
The firm and the NASD differ over the meaning of markup and markdown , he added .
Shearson Lehman Hutton Inc. , New York , which is 62%-owned by American Express Co. , consented to a $ 10,000 fine .
A Shearson spokesman had no comment .
The following individuals were fined as indicated and barred from association with NASD members , or , where noted , suspended .
Except where noted , none of these people could be reached for comment or had any comment .
The matter `` did n't involve anybody 's securities transactions , '' he added .
`` I was n't ever actively engaged in any securities activities , '' said Mr. Cutrer .
`` I never had any clients at all .
Program traders are fond of predicting that if they are blocked in the U.S. , they will simply emigrate to foreign stock markets .
But in London and Tokyo , where computer-driven trading now plays a small but growing role , traders say a number of hurdles loom .
U.S. stock-index futures are n't even traded in Japan now .
And because of the time difference , the Japanese and the U.S. markets ' trading hours do n't overlap .
Yet it is difficult to imagine Japan racing to introduce Chicago-style stock-index futures .
But regulators are wary .
`` Maybe it was n't enough , '' a Finance Ministry official noted after the Dec. 7 surge .
Japan 's regulators have since tightened controls on index-related stock purchases .
Tokyo 's leading program traders are the big U.S. securities houses , though the Japanese are playing catch-up .
-LRB- Morgan Stanley last week joined a growing list of U.S. securities firms that have stopped doing index arbitrage for their own accounts . -RRB-
They do n't have plans to cut back .
`` It has not been disruptive in the markets here , '' Mr. Maughan said .
The British also are scrutinizing program trades .
Index-arbitrage trading is `` something we want to watch closely , '' an official at London 's Stock Exchange said .
`` We do n't think there is cause for concern at the moment . ''
London serves increasingly as a conduit for program trading of U.S. stocks .
Market professionals said London has several attractions .
First , the trading is done over the counter and is n't reported on either the U.S. or London stock trading tapes .
Britain has two main index-arbitrage instruments .
A Financial Times-Stock Exchange 100-share index option contract is traded on the London Stock Exchange 's Traded Options Market .
And an FT-SE futures contract is traded on the London International Financial Futures Exchange .
Both contracts have gained a following since the 1987 global market crash .
The average number of FT-SE option contracts traded on the London exchange has surged nearly tenfold since the contract 's launch in 1984 .
This year , the average of daily contracts traded totaled 9,118 , up from 4,645 a year earlier and from 917 in 1984 .
This compares with estimates that the U.S. `` derivatives '' market is perhaps four times as large as the underlying domestic market .
The vote came after a debate replete with complaints from both proponents and critics of a substantial increase in the wage floor .
Under the measure passed yesterday , the minimum wage would rise to $ 3.80 next April .
The Senate plans to take up the measure quickly and is expected to pass it .
But `` because it 's all we 've got , I 'm going to vote for it . ''
Adopting a training-wage policy means `` getting beyond the nickel and diming of the minimum wage , '' Mrs. Roukema said .
Labor unions and Democrats long fought the idea , but recently acceded to it in the face of Bush administration insistence .
The training wage covers only workers who are 16 to 19 years old .
Rockwell International Corp. won a $ 130.7 million Air Force contract for AC-130U gunship replacement aircraft .
Martin Marietta Corp. was given a $ 29.9 million Air Force contract for low-altitude navigation and targeting equipment .
Federal Data Corp. got a $ 29.4 million Air Force contract for intelligence data handling .
For six years , T. Marshall Hahn Jr. has made corporate acquisitions in the George Bush mode : kind and gentle .
The question now : Can he act more like hard-charging Teddy Roosevelt ?
So far , Mr. Hahn is trying to entice Nekoosa into negotiating a friendly surrender while talking tough .
`` We are prepared to pursue aggressively completion of this transaction , '' he says .
But a takeover battle opens up the possibility of a bidding war , with all that implies .
He also is a consensus manager , insiders say .
Associates say Mr. Hahn picked up that careful approach to management as president of Virginia Polytechnic Institute .
But he also showed a willingness to take a strong stand .
In 1970 , Mr. Hahn called in state police to arrest student protesters who were occupying a university building .
But Mr. Hahn rose swiftly through the ranks , demonstrating a raw intelligence that he says he knew he possessed early on .
The son of a physicist , Mr. Hahn skipped first grade because his reading ability was so far above his classmates .
He earned his doctorate in nuclear physics from the Massachusetts Institute of Technology .
Mr. Hahn agrees that he has a `` retentive '' memory , but friends say that 's an understatement .
They call it `` photographic '' .
Mr. Hahn also has engineered a surprising turnaround of Georgia-Pacific .
Mr. Hahn began selling non-core businesses , such as oil and gas and chemicals .
He even sold one unit that made vinyl checkbook covers .
The idea was to buffet building products from cycles in new-home construction .
The formula has paid off , so far .
Profit from continuing operations has soared to $ 467 million from $ 75 million .
Mr. Hahn attributes the gains to the philosophy of concentrating on what a company knows best .
`` The record of companies that have diversified is n't all that impressive , '' he says .
Nekoosa would n't be a diversification .
The resulting company would be the largest forest-products concern in the world with combined sales of more than $ 13 billion .
But can Mr. Hahn carry it off ?
In this instance , industry observers say , he is entering uncharted waters .
Says Kathryn McAuley , an analyst at First Manhattan Co. : `` This is the greatest acquisition challenge he has faced .
The most recent example was a nearly $ 17.3 billion fiscal 1990 bill funding the State , Justice and Commerce departments .
Beauty Takes Backseat To Safety on Bridges
EVERYONE AGREES that most of the nation 's old bridges need to be repaired or replaced .
But there 's disagreement over how to do it .
Highway officials insist the ornamental railings on older bridges are n't strong enough to prevent vehicles from crashing through .
But other people do n't want to lose the bridges ' beautiful , sometimes historic , features .
He and others prefer to install railings such as the `` type F safety shape , '' a four-foot-high concrete slab with no openings .
In Richmond , Ind. , the type F railing is being used to replace arched openings on the G Street Bridge .
In Hartford , Conn. , the Charter Oak Bridge will soon be replaced , the cast-iron medallions from its railings relegated to a park .
Compromises are possible .
Tray Bon ?
Drink Carrier Competes With Cartons
PORTING POTABLES just got easier , or so claims Scypher Corp. , the maker of the Cup-Tote .
The new carrier can tote as many as four cups at once .
Inventor Claire Marvin says his design virtually eliminates spilling .
Lids are n't even needed .
He also claims the carrier costs less and takes up less space than most paper carriers .
A few fast-food outlets are giving it a try .
The company acknowledges some problems .
A driver has to find something to hang the carrier on , so the company supplies a window hook .
While it breaks down in prolonged sunlight , it is n't recyclable .
And unlike some trays , there 's no place for food .
Spirit of Perestroika Touches Design World
AN EXCHANGE of U.S. and Soviet designers promises change on both sides .
An exhibition of American design and architecture opened in September in Moscow and will travel to eight other Soviet cities .
The show runs the gamut , from a blender to chairs to a model of the Citicorp building .
The event continues into next year and includes an exchange program to swap design teachers at Carnegie-Mellon and Leningrad 's Mutchin Institute .
Dan Droz , leader of the Carnegie-Mellon group , sees benefits all around .
Americans will learn more about making products for the Soviets .
Mr. Droz says the Soviets could even help U.S. designers renew their sense of purpose .
`` They got us thinking maybe we should be helping U.S. companies improve existing products rather than always developing new ones . ''
Seed for Jail Solution Fails to Take Root
IT 'S A TWO BIRDS with one stone deal : Eggers Group architects propose using grain elevators to house prisoners .
It would ease jail overcrowding while preserving historic structures , the company says .
But New York state , which is seeking solutions to its prison cell shortage , says `` no . ''
Many are far enough from residential areas to pass public muster , yet close enough to permit family visits .
Besides , Eggers says , grain elevators are worth preserving for aesthetic reasons -- one famed architect compared them to the pyramids of Egypt .
A number of cities -- including Minneapolis , Philadelphia and Houston -- have vacant grain elevators , Eggers says .
A spokesman for the state , however , calls the idea `` not effective or cost efficient .
OSHA cited nearly 1,500 alleged violations of federal electrical , crane-safety , record-keeping and other requirements .
OSHA said there have been three worker fatalities at the two plants in the past two years and 17 deaths since 1972 .
That settlement was in April 1987 .
A USX spokesman said the company had n't yet received any documents from OSHA regarding the penalty or fine .
`` Once we do , they will receive very serious evaluation , '' the spokesman said .
`` No consideration is more important than the health and safety of our employees . ''
USX said it has been cooperating with OSHA since the agency began investigating the Clairton and Fairless works .
He said that , if and when safety problems were identified , they were corrected .
The USX citations represented the first sizable enforcement action taken by OSHA under Mr. Scannell .
USX has 15 working days to contest the citations and proposed penalties , before the independent Occupational Safety and Health Review Commission .
The company is contesting the fine .
Due to an editing error , a letter to the editor in yesterday 's edition from Frederick H. Hallett mistakenly identified the NRDC .
It should be the Natural Resources Defense Council .
We have made no such statement .
It is clear that most mentally ill people and most alcoholics do not become homeless .
The `` causes '' of homelessness are poorly understood and complex in any individual case .
In quoting from our research you emphasized the high prevalance of mental illness and alcoholism .
They suffered from malnutrition , chest diseases , cardiovascular disorders , skin problems , infectious diseases and the aftereffects of assaults and rape .
The interactions between health and homelessness are complex , defying sweeping generalizations as to `` cause '' or `` effect . ''
If we look to the future , preventing homelessness is an important objective .
William R. Breakey M.D. Pamela J. Fischer M.D. Department of Psychiatry Johns Hopkins University School of Medicine Baltimore
A study by Tulane Prof. James Wright says homelessness is due to a complex array of problems , with the common thread of poverty .
Leighton E. Cluff M.D. President Robert Wood Johnson Foundation Princeton , N.J .
Some of the homeless , obviously , had pre-existing mental illness or addiction .
But many others have fallen through cracks in the economy into the grim , brutal world of our city streets .
Once there , what ways of escape are open to them other than drink , drugs or insanity ?
Maxwell R.D. Vos Brooklyn , N.Y .
Your research stopped when a convenient assertion could be made .
Robert S. Jenkins Cambridge , Mass .
But is n't the desire for profit the driving force behind those who subscribe to , and advertise in , your paper ?
As for the findings on the 203 Baltimore homeless who underwent psychiatric examinations , I suggest you conduct your own survey .
Ruth K. Nelson Cullowhee , N.C .
Perpetual preferred shares are n't retractable by the holders , the company said .
He declined to discuss other terms of the issue .
The House passed legislation designed to make it easier for the Transportation Department to block airline leveraged buy-outs .
The final vote came after the House rejected Republican efforts to weaken the bill and approved two amendments sought by organized labor .
The broader question is where the Senate stands on the issue .
Follow-up report :
You can even take notes -- extensive notes , for the Voice folks wo n't look over your shoulder -- about what you read .
You can do all this even if you 're not a reporter or a researcher or a scholar or a member of Congress .
And my newspaper can print the text of those broadcasts .
That was the law .
And I apparently had no right to print hither what the Voice was booming to yon .
It was censorship .
It was outrageous .
And it was stupid .
The theory was that the Voice is a propaganda agency and this government should n't propagandize its own people .
That sounds neat , but this government -- any government -- propagandizes its own people every day .
Government press releases , speeches , briefings , tours of military facilities , publications are all propaganda of sorts .
In June 1988 , I wrote in this space about this issue .
Assuming it was n't one of those columns that you clipped and put on the refrigerator door , I 'll review the facts .
It does a first-rate job .
Its budget $ 184 million -- is paid for by you .
But a 1948 law barred the `` dissemination '' of that material in the U.S. .
And , of course , there 's that word `` dissemination . ''
How 's that again ?
What if I tune in my short-wave radio , transcribe an editorial or program , and print it in my newspaper ?
`` Nor are you free to reprint such material , '' I was advised .
That sounded a lot like censorship , so after years of letters and conversations that went nowhere , I sued .
A couple of weeks ago , I lost the case in federal district court in Des Moines .
At least , that 's the way it was reported .
And , indeed , the lawsuit was dismissed .
But I -- I like to think of it in terms of we , all of us -- won the point .
-- The USIA said that , on reflection , of course I could print anything I could get my hands on .
The word dissemination , it decided , referred only to itself .
-- And the USIA said that all of us could take extensive notes .
But the court disagreed .
`` The First Amendment proscribes the government from passing laws abridging the right to free speech , '' Judge Donald O'Brien ruled .
`` The First Amendment does not prescribe a duty upon the government to assure easy access to information for members of the press . ''
So now the situation is this :
i have a right to print those scripts if i go there and laboriously but no longer surreptitiously copy them out in long hand .
But neither of us can copy the material on a Xerox machine or have it sent to us .
So the next step , I suspect , is to try to get the law changed .
This is not a trivial issue .
The man was Charles Z. Wick .
At the time , he was director of the
He had no answers then .
Now there are some .
This democracy is suddenly a little more democratic .
I feel pretty good about it .
Mr. Gartner is editor and co-owner of the Daily Tribune in Ames , Iowa , and president of NBC News in New York .
The board already has been searching for strong outside candidates , including food-industry executives with considerable international experience .
Wall Street reacted favorably to Mr. McGovern 's departure and its implications .
In heavy trading on the New York Stock Exchange , Campbell 's shares rose $ 3.375 to close at $ 47.125 .
Mr. McGovern was widely seen as sales , and not profit , oriented .
`` New managers would think a little more like Wall Street , '' Mr. McMillin added .
Campbell 's international businesses , particularly in the U.K. and Italy , appear to be at the heart of its problems .
Growth has fallen short of targets and operating earnings are far below results in U.S. units .
Similarly , Campbell 's Italian biscuit operation , D. Lazzaroni & Co. , has been hurt by overproduction and distribution problems .
Such problems will require considerable skill to resolve .
However , neither Mr. Baum nor Mr. Harper has much international experience .
In an joint interview yesterday , both men said they would like to be the company 's next chief executive .
In recent months , Mr. Dorrance 's children and other family members have pushed for improved profitability and higher returns on their equity .
In August , the company took a $ 343 million pretax charge against fiscal 1989 earnings when it announced a world-wide restructuring plan .
The plan calls for closing at least nine plants and eliminating about 3,600 jobs .
Campbell officials said Mr. McGovern was n't available yesterday to discuss the circumstances of his departure .
But people familiar with the agenda of the board 's meeting last week in London said Mr. McGovern was fired .
For fiscal 1989 , Mr. McGovern received a salary of $ 877,663 .
He owns about 45,000 shares of Campbell stock and has options to buy more than 100,000 additional shares .
He will be eligible for an annual pension of more than $ 244,000 with certain other fringe benefits .
Mr. Baum said he and Mr. Harper both advocated closing some plants as long ago as early 1988 .
`` You 've got to make the restructuring work , '' said Mr. Baum .
`` You 've got to make those savings now . ''
Mr. Harper expressed confidence that he and Mr. Baum can convince the board of their worthiness to run the company .
`` We look upon this as a great opportunity to prove the fact that we have a tremendous management team , '' he said .
He predicted that the board would give the current duo until early next year before naming a new chief executive .
In the interview at headquarters yesterday afternoon , both men exuded confidence and seemed to work well together .
`` You 've got two champions sitting right before you , '' said Mr. Baum .
`` We play to win .
Wednesday , November 1 , 1989
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions .
PRIME RATE : 10 1\/2 % .
The base rate on corporate loans at large U.S. money center commercial banks .
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more .
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc .
DISCOUNT RATE : 7 % .
The charge on loans to depository institutions by the New York Federal Reserve Bank .
CALL MONEY : 9 3\/4 % .
The charge on loans to brokers on stock exchange collateral .
The minimum unit is $ 100,000 .
Typical rates in the secondary market : 8.60 % one month ; 8.55 % three months ; 8.35 % six months .
Negotiable , bank-backed business credit instruments typically financing an import order .
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks .
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 9 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % .
These rate indications are n't directly comparable ; lending practices vary widely by location .
FEDERAL HOME LOAN MORTGAGE CORP . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days .
9.82 % , standard conventional fixed-rate mortgages ; 8.25 % , 2 % rate capped one-year adjustable rate mortgages .
Source : Telerate Systems Inc .
Source : Telerate Systems Inc .
MERRILL LYNCH READY ASSETS TRUST : 8.64 % .
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns .
Abrupt departures are n't unheard of within the Newhouse empire .
He declined to elaborate , other than to say , `` It just seemed the right thing to do at this minute .
Sometimes you just go with your gut . ''
Mr. Bernstein said he will stay until Dec. 31 and work with his successor , who is to be named soon .
`` Bob has handled the extraordinary growth of the company quite brilliantly , '' said Mr. Newhouse .
`` The company is doing well , it 's stable , it 's got good people .
Bob has an agenda and this seemed like the natural time . ''
Crown Publishing Group , acquired last year , is said to be turning in disappointing results .
As a private company , Random House does n't report its earnings .
Mr. Bernstein , who succeeded Bennett Cerf , has been only the second president of Random House since it was founded in 1925 .
Speculation on his successor centers on a number of division heads at the house .
Some say Anthony Cheetham , head of a recently acquired British company , Century Hutchinson , could be chosen .
Mr. Mehta is widely viewed as a brilliant editor but a less-than-brilliant administrator and his own departure was rumored recently .
This phrase once again is found throughout the many appropriations bills now moving through Congress .
This species of congressional action is predicated on an interpretation of the appropriations clause that is erroneous and unconstitutional .
This interpretation was officially endorsed by Congress in 1987 in the Iran-Contra Report .
It is not supported by the text or history of the Constitution .
The framers hardly discussed the appropriations clause at the Constitutional Convention of 1787 , according to Madison 's notes .
To the extent they did , their concern was to ensure fiscal accountability .
The 1990 appropriations legislation attempts to strip the president of his powers to make certain appointments as provided by Article II .
Section 605 also imposes unconstitutional conditions on the president 's ability to nominate candidates of his choosing .
The 1990 appropriations bills also contain a number of `` muzzling '' provisions that violate the recommendation clause in Article II of the Constitution .
The Supreme Court 's decision in INS v. Chadha held that legislative vetoes are unconstitutional .
What becomes custom in the Bush administration will only become more difficult for future presidents , including Democrats , to undo .
President Reagan learned that lesson .
The Constitution does not expressly give the president such power .
However , the president does have a duty not to violate the Constitution .
The question is whether his only means of defense is the veto .
Excision of appropriations riders that trespass on the president 's duties and prerogative under Article II would be different from the line-item veto .
The excision of unconstitutional conditions in an appropriations bill would be a power of far more limited applicability .
There is no downside if the president asserts a right of excision over unconstitutional conditions in the fiscal 1990 appropriations bills .
If Congress does nothing , President Bush will have won .
If Congress takes the dispute to the Supreme Court -LRB- assuming it can establish standing to sue -RRB- , President Bush might win .
If President Bush loses at the court , it might be disappointing , as Morrison v. Olson was for the Reagan administration .
But the presidency would be no worse off than it is now .
Moreover , the electorate would have received a valuable civics lesson in how the separation of powers works in practice .
As it stands now , Congress presumes after the Reagan administration that the White House will take unconstitutional provisions in appropriations bills lying down .
President Bush should set things straight .
Mr. Sidak served as an attorney in the Reagan administration .
His longer analysis of executive power and the appropriations clause is to appear in the Duke Law Journal later this year .
The previous record was $ 57.7 billion in 1987 , according to the Agriculture Department .
Most of those states set farm income records .
The worst crop damage occurred in the Midwestern Corn Belt and the northern Great Plains .
In less parched areas , meanwhile , farmers who had little or no loss of production profited greatly from the higher prices .
Analysts attributed the increases partly to the $ 4 billion disaster-assistance package enacted by Congress .
Last year 's record net cash income confirms the farm sector 's rebound from the agricultural depression of the early 1980s .
At the same time , export demand for U.S. wheat , corn and other commodities strengthened , said Keith Collins , a department analyst .
Farmers also benefited from strong livestock prices , as the nation 's cattle inventory dropped close to a 30-year low .
`` All of these forces came together in 1988 to benefit agriculture , '' Mr. Collins said .
Iowa and Minnesota were among the few major farm states to log a decline in net cash income .
Many lost their farms .
Department economists do n't expect 1989 to be as good a year as 1988 was .
Indeed , net cash income is likely to fall this year as farm expenses rise and government payments to farmers decline .
Last year , government payments to farmers slipped to less than $ 14.5 billion from a record $ 16.7 billion in 1987 .
Payments are expected to range between $ 9 billion and $ 12 billion this year .
The Los Angeles Times , with a circulation of more than 1.1 million , dominates the region .
Nearby cities such as Pasadena and Long Beach also have large dailies .
In July , closely held Hearst , based in New York , put the paper on the block .
The prospective buyers included investor Marvin Davis and the Toronto Sun .
The death of the Herald , a newsstand paper in a freeway town , was perhaps inevitable .
The Herald was left in limbo .
Hearst had flirted with a conversion to tabloid format for years but never executed the plan .
Many felt Hearst kept the paper alive as long as it did , if marginally , because of its place in family history .
Its fanciful offices were designed by architect Julia Morgan , who built the Hearst castle at San Simeon .
William Randolph Hearst had kept an apartment in the Spanish Renaissance-style building .
Analysts said the Herald 's demise does n't necessarily represent the overall condition of the newspaper industry .
`` The Herald was a survivor from a bygone age , '' said J. Kendrick Noble , a media analyst with PaineWebber Inc .
`` Actually , the long deterioration in daily newspapers shows signs of coming to an end , and the industry looks pretty healthy . ''
Financially , it never recovered ; editorially , it had its moments .
In 1979 , Hearst hired editor James Bellows , who brightened the editorial product considerably .
For example , the Herald consistently beat its much-larger rival on disclosures about Los Angeles Mayor Tom Bradley 's financial dealings .
The Herald 's sports coverage and arts criticism were also highly regarded .
Hearst said it would provide employees with a placement service and pay them for 60 days .
Some long-tenured employees will receive additional benefits , the company said .
Hours after the announcement , representatives of the Orange County Register were in a bar across the street recruiting .
The reaction in the newsroom was emotional .
`` So Long , L.A. '' was chosen as the paper 's final headline .
His wife also works for the paper , as did his father .
`` Forget it , '' he said as he handed her a paper .
`` It does n't make any difference now .
The radio-station owner and programmer said it was trying to obtain additional working capital from its senior secured lenders and other financial institutions .
It said it needs to make the payment by Dec. 1 to avoid a default that could lead to an acceleration of the debt .
In September , the company said it was seeking offers for its five radio stations in order to concentrate on its programming business .
If you 'd really rather have a Buick , do n't leave home without the American Express card .
Or so the slogan might go .
ey have begun sending letters explaining the program , which began @date@ and will end @date@ , to about five million card holders .
Neither company would disclose the program 's cost .
American Express also represents the upscale image `` we 're trying to project , '' she adds .
Sales were roughly flat in the 1989 model year compared with a year earlier , though industry sales fell .
But since the 1990 model year began Oct. 1 , Buick sales have plunged 33 % .
Traditionally , the card has been used mainly for travel and entertainment expenses .
In addition , Buick is a relatively respected nameplate among American Express card holders , says an American Express spokeswoman .
American Express has more than 24 million card holders in the U.S. , and over half have the green card .
Some 3.8 million of the five million who will get letters were preapproved for credit with GMAC .
The vacation packages include hotel accommodations and , in some cases , tours or tickets to local attractions , but not meals .
In lieu of the vacation , buyers can choose among several prizes , including a grandfather clock or a stereo videocassette recorder .
Card holders who receive the letter also are eligible for a sweepstakes with Buick cars or a Hawaii vacation as prizes .
If they test-drive a Buick , they get an American Express calculator .
This is n't Buick 's first travel-related promotion .
A few years ago , the company offered two round-trip tickets on Trans World Airlines to buyers of its Riviera luxury car .
The promotion helped Riviera sales exceed the division 's forecast by more than 10 % , Buick said at the time .
The United Kingdom High Court declared illegal a variety of interest-rate swap transactions and options deals between a London borough council and commercial banks .
An appeal is expected .
At one point , Hammersmith is reported to have accounted for as much as 10 % of the sterling market in interest-rate swap dealings .
When two parties engage in an interest-rate swap , they are betting against each other on future rates .
Thus , an institution obligated to make fixed-rate interest payments on debt swaps the payments with another making floating-rate payments .
In most of the British transactions , the municipalities agreed to make floating-rate payments to banks , which would make fixed-rate payments .
As interest rates rose , municipalities owed the banks more than the banks were paying them .
The council backed the audit commission 's stand that the swap transactions are illegal .
Already , 10 local councils have refused to honor fees and payments to banks incurred during various swaps dealings .
Banks could seek to recover payments to local authorities in instances where the banks made net payments to councils .
The banks have 28 days to file an appeal against the ruling and are expected to do so shortly .
The target of their wrath ?
Their own employer , Kidder Peabody .
But the heated fight over program trading is about much more than a volatile stock market .
The real battle is over who will control that market and reap its huge rewards .
These are the main proponents of program trading .
A few , such as giant Merrill Lynch & Co. , now refuse even to do index arbitrage trades for clients .
`` They said universally , without a single exception : Do n't even compromise .
Kill it , '' he says .
Wall Street 's New Guard is n't likely to take all this lying down for long , however .
Its new products and trading techniques have been highly profitable .
He said the exchange is `` headed for a real crisis '' if program trading is n't curbed .
`` I do not want my money invested in what I consider as nothing more than a casino , '' Mr. Bradley wrote .
The battle has turned into a civil war at some firms and organizations , causing internal contradictions and pitting employee against employee .
The Big Board -- the nation 's premier stock exchange -- is sharply divided between its floor traders and its top executives .
Its entrenched 49 stock specialists firms are fighting tooth and nail against programs .
`` A lot of people would like to go back to 1970 , '' before program trading , Mr. Phelan said this week .
`` I would like to go back to 1970 .
But we are not going back to 1970 . ''
Again and again , program-trading 's critics raise the `` casino '' theme .
The program traders , on the other hand , portray old-fashioned stock pickers as the Neanderthals of the industry .
`` Just a blind fear of the unknown is causing them to beg the regulators for protection . ''
That divergence is what stock index traders seek .
Such program trades , which can involve the purchase or sale of millions of dollars of stock , occur in a matter of seconds .
A program trade of $ 5 million of stock typically earns a razor-thin profit of $ 25,000 .
To keep program-trading units profitable in the eyes of senior brokerage executives , traders must seize every opportunity their computers find .
But many experts and traders say that program trading is n't the main reason for stock-market gyrations .
Says the Big Board 's Mr. Phelan , `` Volatility is greater than program trading . ''
Unable to unload UAL and other airline shares , takeover-stock speculators , or risk arbitragers , dumped every blue-chip stock they had .
Many arbs are `` overleveraged , '' she says , and they `` have to sell when things look like they fall apart . ''
Take the traditional money managers , or `` stock pickers , '' as they are derisively known among the computer jockeys .
The indexers charge only a few pennies per $ 100 managed .
Today , about $ 200 billion , or 20 % of all pension-fund stock investments , is held by index funds .
The new Wall Street of computers and automated trading threatens to make dinosaurs of the 49 Big Board stock-specialist firms .
The specialists see any step to electronic trading as a death knell .
And they believe the Big Board , under Mr. Phelan , has abandoned their interest .
Meanwhile , specialists ' trading risks have skyrocketed as a result of stock-market volatility .
No one is more unhappy with program trading than the nation 's stockbrokers .
They are still trying to lure back small investors spooked by the 1987 stock-market crash and the market 's swings since then .
Stockbrokers ' business and pay has been falling .
Last year , the average broker earned $ 71,309 , 24 % lower than in 1987 .
Corporate executives resent that their company 's stock has been transformed into a nameless piece of a stock-index basket .
`` Do you make sweatshirts or sparkplugs ?
By this September , program traders were doing a record 13.8 % of the Big Board 's average daily trading volume .
But then came Oct. 13 and the negative publicity orchestrated by the Old Guard , particularly against index arbitrage .
The indexers ' strategy for the moment is to hunker down and let the furor die .
`` There 's a lynch-mob psychology right now , '' says the top program-trading official at a Wall Street firm .
Too much money is at stake for program traders to give up .
For example , stock-index futures began trading in Chicago in 1982 , and within two years they were the fastest-growing futures contract ever launched .
Stock futures trading has minted dozens of millionaires in their 20s and 30s .
Now the stage is set for the battle to play out .
The anti-programmers are getting some helpful thunder from Congress .
`` We have to have a system that says to those largest investors :
` Sit down !
You will not panic ,
you will not put the financial system in jeopardy . ' ''
But the prospects for legislation that targets program trading is unlikely anytime soon .
Many people , including the Big Board , think that it 's too late to put the genie back in the bottle .
Program trading is here to stay , and computers are here to stay , and we just need to understand it . ''
Program trading critics also want the Federal Reserve Board , rather than the futures industry , to set such margins .
Futures traders respond that low margins help keep their markets active .
Higher margins would chase away dozens of smaller traders who help larger traders buy and sell , they say .
The Big Board 's uptick rule prevents the short sale of a stock when the stock is falling in price .
A reinstatement of the uptick rule for program traders would slow their activity considerably .
Program traders argue that a reinstatement of the rule would destroy the `` pricing efficiency '' of the futures and stock markets .
James A. White contributed to this article .
Fundamentalists Jihad
Big Board Chairman John Phelan said yesterday that he could support letting federal regulators suspend program trading during wild stock-price swings .
Thus the band-wagon psychology of recent days picks up new impetus .
Index arbitrage is a common form of program trading .
As more managers pursue the index-arbitrage strategy , these small opportunities between markets will be reduced and , eventually , eliminated .
But many of these reforms are unneeded , even harmful .
Reducing volatility .
An index-arbitrage trade is never executed unless there is sufficient difference between the markets in New York and Chicago to cover all transaction costs .
Arbitrage does n't cause volatility ; it responds to it .
A large investor will likely cause the futures market to decline when he sells his futures .
Arbitrage simply transfers his selling pressure from Chicago to New York , while functioning as a buyer in Chicago .
Why does this large hypothetical seller trade in Chicago instead of New York ?
If not Chicago , then in New York ; if not the U.S. , then overseas .
Eliminate arbitrage and liquidity will decline instead of rising , creating more volatility instead of less .
The speed of his transaction is n't to be feared either , because faster and cleaner execution is desirable , not loathsome .
If slowing things down could reduce volatility , stone tablets should become the trade ticket of the future .
Encouraging long-term investing .
We must be very cautious about labeling investors as `` long-term '' or `` short-term . ''
A free market with a profit motive will attract each investor to the liquidity and risks he can tolerate .
Could rising volatility possibly be related to uncertainty about the economics of stocks , instead of the evil deeds of program-trading goblins ?
Some of the proposed fixes for what is labeled `` program-trading volatility '' could be far worse than the perceived problem .
They may , however , risk bringing some damaging interference from outside the markets themselves .
How does a nice new tax , say 5 % , on any financial transaction sound ?
That ought to make sure we 're all thinking for the long term .
Getting a level playing field .
The loudest of these reformers are money managers who cater to smaller investors .
They continually advise their clients on which individual stocks to buy or sell , while their clients continue to hope for superior performance .
Yet our efforts are somehow less noble than those of an investment expert studiously devouring press clippings on each company he follows .
If spreads available from index arbitrage are so enormous , surely any sizable mutual-fund company could profit from offering it to small investors .
Each new trading roadblock is likely to be beaten by institutions seeking better ways to serve their high-volume clients , here or overseas .
Legislating new trading inefficiencies will only make things harder on the least sophisticated investors .
So what is next for program trading ?
Left to its own devices , index arbitrage will become more and more efficient , making it harder and harder to do profitably .
spreads will become so tight that it wo n't matter which market an investor chooses arbitrage will prevent him from gaining any temporary profit .
Instead , we ought to be inviting more liquidity with cheaper ways to trade and transfer capital among all participants .
Mr. Allen 's Pittsburgh firm , Advanced Investment Management Inc. , executes program trades for institutions .
But Justice Department and FTC officials said they expect the filing fees to make up for the budget reductions and possibly exceed them .
The administration had requested roughly the same amount for antitrust enforcement for fiscal 1990 as was appropriated in fiscal 1989 .
The offsetting fees would apply to filings made under the Hart-Scott-Rodino Act .
Currently , the government charges nothing for such filings .
Any money in excess of $ 40 million collected from the fees in fiscal 1990 would go to the Treasury at large .
Corporate lawyers said the new fees would n't inhibit many mergers or other transactions .
FALL BALLOT ISSUES set a record for off-year elections .
Odd-year elections attract relatively few ballot issues .
He says the 10 citizen-sparked issues on state ballots this fall represent the most in any odd-year this decade .
Ballot questions range from a Maine initiative on banning Cruise missiles to a referendum on increasing the North Dakota income tax .
Ballot watchers say attention already is focused on the 1990 elections .
Mr. McGuigan cites three completed efforts in Oklahoma .
Hot ballot topics are expected to be abortion , the environment and insurance reform .
Taking a cue from California , more politicians will launch their campaigns by backing initiatives , says David Magleby of Brigham Young University .
PHOTOGRAPH COLLECTING gains new stature as prices rise .
Price records are being set at auctions this week .
Other works also have been exceeding price estimates .
In part , prices reflect development of a market structure based on such variables as the number of prints .
This information used to be poorly documented and largely anecdotal , says Beth Gates-Warren of Sotheby 's .
`` There is finally some sort of sense in the market , '' she says .
Corporations and museums are among the serious buyers , giving greater market stability , says Robert Persky of the Photograph Collector .
Most in demand : classic photographs by masters such as Stieglitz and Man Ray .
But much contemporary work is also fetching `` a great deal of money , '' says Miles Barth of the International Center of Photography .
DIALING 900 brings callers a growing number of services .
But more serious applications are in the wings , and that is where the future growth is expected .
Colleges , she says , are eyeing registration through 900 service .
Charities test the waters , but they face legal barriers to electronic fund raising .
`` The thing that will really break this market right open is merchandising , '' Ms. West says .
FAMILY PETS are improving recovery rates of patients at Columbia Hospital , Milwaukee .
TIRED OF TRIMMING ?
Hammacher Schlemmer & Co. offers a fiber-optic Christmas tree that eliminates the need to string lights .
The $ 6,500 tree is designed to send continuously changing colored light to dozens of fiber-end bunches .
DIAPER SERVICES make a comeback amid growing environmental concerns .
Concerned about shrinking landfills and the safety of chemicals used in super-absorbent disposables , parents are returning to the cloth diaper .
Tiny Tots Inc. , Campbell , Calif. , says business is up 35 % in the past year .
`` We 're gaining 1,200 new customers each week , '' says Jack Mogavero of General Health Care Corp. , Piscataway , N.J .
In Syracuse , N.Y. , DyDee Service 's new marketing push stresses environmental awareness .
Among its new customers : day-care centers that previously spurned the service .
Elisa Hollis launched a diaper service last year because State College , Pa. , where she lives , did n't have one .
Diaper shortages this summer limited growth at Stork Diaper Services , Springfield , Mass. , where business is up 25 % in
Also spurring the move to cloth : diaper covers with Velcro fasteners that eliminate the need for safety pins .
BRIEFS :
FreudToy , a pillow bearing the likeness of Sigmund Freud , is marketed as a $ 24.95 tool for do-it-yourself analysis .
But although he thinks that it is hurting him , he doubts it could be stopped .
Mr. Egnuss 's dislike of program trading is echoed by many small investors interviewed by Wall Street Journal reporters across the country .
But like Mr. Egnuss , few expect it to be halted entirely , and a surprising number doubt it should be .
`` I think program trading is basically unfair to the individual investor , '' says Leo Fields , a Dallas investor .
But he blames program trading for only some of the market 's volatility .
He also considers the market overvalued and cites the troubles in junk bonds .
He adds : `` The market may be giving us another message , that a recession is looming . ''
But she believes that `` program trading creates deviant swings .
It 's not a sound thing ; there 's no inherent virtue in it . ''
She adds that legislation curbing it would be `` a darned good idea . ''
Those who still want to do it `` will just find some way to get around '' any attempt to curb it .
Yet he is n't in favor of new legislation .
`` I think we 've got enough securities laws , '' he says .
`` I 'd much rather see them dealing with interest rates and the deficit . ''
`` I do n't want to denounce it because denouncing it would be like denouncing capitalism , '' he explains .
And surprising numbers of small investors seem to be adapting to greater stock market volatility and say they can live with program trading .
He adds that program trading `` increases liquidity in the market .
You ca n't hold back technology . ''
There 's no culprit here .
The market is just becoming more efficient . ''
Arbitraging on differences between spot and futures prices is an important part of many financial markets , he says .
But `` I 'm a long-term investor , '' he says .
`` If you were a short-term investor , you might be more leery about program trading . ''
Jim Enzor of Atlanta defends program trading because he believes that it can bring the market back up after a plunge .
`` If we have a real bad day , the program would say , ` Buy , ' '' he explains .
`` If you could get the rhythm of the program trading , you could take advantage of it . ''
What else can a small investor do ?
Scott Taccetta , a Chicago accountant , is going into money-market funds .
Mr. Taccetta says he had just recouped the $ 5,000 he lost in the 1987 crash when he lost more money last Oct. 13 .
Now , he plans to sell all his stocks by the first quarter of 1990 .
She believes that the only answer for individuals is to `` buy stocks that 'll weather any storm . ''
Lucille Gorman , an 84-year-old Chicago housewife , has become amazingly immune to stock-market jolts .
mrs. gorman took advantage of low prices after the @number@ crash to buy stocks and has hunted for other bargains since the @date@ plunge .
`` My stocks are all blue chips , '' she says .
`` If the market goes down , I figure it 's paper profits I 'm losing .
On the other hand , if it goes way sky high , I always sell .
You do n't want to get yourself too upset about these things .
The Underwood family said that holders of more than a majority of the stock of the company have approved the transaction by written consent .
The scientists said they made the advance with yttrium-containing superconductors cooled to liquid-nitrogen temperature , or minus 321 degrees Fahrenheit .
Their report appears in today 's issue of the journal Nature .
Superconductors conduct electricity without resistance when cooled .
The AT&T advance shows how one aspect of the current-carrying problem can be overcome .
Such multi-crystal materials will probably be needed for commercial applications .
The problem involves the motion of small magnetic fields within superconductor crystals , limiting their current-carrying capacity .
Mr. van Dover said the crystal changes his team introduced apparently pins the magnetic fields in place , preventing them from lowering current-carrying capacity .
Mr. van Dover added that researchers are trying to determine precisely what crystal changes solved the problem .
Determining that may enable them to develop better ways to introduce the needed crystal-lattice patterns .
The combined processes may significantly raise the current-carrying capacity of multi-crystal samples .
The appointment takes effect Nov. 13 .
He succeeds James A. Taylor , who stepped down as chairman , president and chief executive in March for health reasons .
Edward L. Kane succeeded Mr. Taylor as chairman .
The latest results include some unusual write-downs , which had an after-tax impact of $ 4.9 million .
Those included costs associated with the potential Valley Federal Savings and Loan Association acquisition , which was terminated on Sept. 27 , 1989 .
In addition , operating results were hit by an increase in loan and real estate loss reserves .
In American Stock Exchange composite trading , Citadel shares closed yesterday at $ 45.75 , down 25 cents .
International Business Machines Corp. --
$ 750 million of 8 3\/8 % debentures due Nov. 1 , 2019 , priced at 99 to yield 8.467 % .
The size of the issue was increased from an originally planned $ 500 million .
Detroit --
There is $ 81.8 million of 7.20 % term bonds due 2009 priced at 99 1\/4 to yield 7.272 % .
Serial bonds are priced to yield from 6.20 % in 1991 to 7 % in 2000 .
The bonds are insured and triple-A-rated .
Santa Ana Community Redevelopment Agency , Calif. --
Serial bonds are priced at par to yield from 6.40 % in 1991 to 7.15 % in 1999 .
The bonds are rated single-A by S&P , according to the lead underwriter .
Maryland Community Development Administration , Department of Housing and Community Development --
There is $ 30.9 million of fourth series bonds , the interest on which is not subject to the federal alternative minimum tax .
They mature 1992-1999 , 2009 and 2017 .
Fourth series serial bonds are priced at par to yield from 6.25 % in 1992 to 7 % in 1999 .
There is $ 49.9 million of fifth series bonds , which are subject to the federal alternative minimum tax .
They mature in 2005 , 2009 and 2029 .
Bonds due in 2005 have a 7 1\/2 % coupon and are priced at par .
The underwriters expect a double-A rating from Moody 's .
Heiwado Co . -LRB- Japan -RRB- --
Fees 2 1\/4 .
Svenska Intecknings Garanti Aktiebolaget -LRB- Sweden -RRB- --
Guaranteed by Svenska Handelsbanken .
Fees 1 7\/8 .
Takashima & Co . -LRB- Japan -RRB- --
Put option March 31 , 1992 , at a fixed 107 7\/8 to yield 3.43 % .
Fees 1 3\/4 .
Mitsubishi Pencil Co . -LRB- Japan -RRB- --
Put option on Dec. 31 , 1991 , at a fixed 106 7\/8 to yield 3.42 % .
Fees 1 5\/8 .
Koizumi Sangyo Corp . -LRB- Japan -RRB- --
Guarantee by Dai-Ichi Kangyo Bank Ltd .
Fees 1 3\/4 .
Although his team lost the World Series , San Francisco Giants owner Bob Lurie hopes to have a new home for them .
He is an avid fan of a proposition on next week 's ballot to help build a replacement for Candlestick Park .
Small wonder , since he 's asking San Francisco taxpayers to sink up to $ 100 million into the new stadium .
A stadium craze is sweeping the country .
It 's fueled by the increasing profitability of major-league teams .
Most boosters claim the new sports complexes will be moneymakers for their city .
Pepperdine University economist Dean Baim scoffs at that .
Stadiums tend to redistribute existing wealth within a community , not create more of it .
Voters generally agree when they are given a chance to decide if they want to sink their own tax dollars into a new mega-stadium .
San Francisco voters rejected a new ballpark two years ago .
Last month , Phoenix voters turned thumbs down on a $ 100 million stadium bond and tax proposition .
In San Francisco , its backers concede the ballpark is at best running even in the polls .
He says he had Candlestick built because the Giants claimed they needed 10,000 parking spaces .
Stadium boosters claim that without public money they would never be built .
Miami Dolphins owner Joe Robbie disagrees , and he can prove it .
He did n't see why the taxpayers should help build something he would then use to turn a healthy profit .
`` This stadium shows that anything government can do , we can do better , '' Mr. Robbie says .
`` The Superdome is an exercise in optimism , a statement of faith , '' he has said .
`` It is the very building of it that is important , not how much of it is used or its economics . ''
An Egyptian Pharaoh could n't have justified his pyramids any better .
But civilization has moved forward since then .
And while there was no profit this year from discontinued operations , last year they contributed # 34 million , before tax .
Reed is paying an interim dividend of 4.6 pence , up 15 % from 4 pence a year earlier .
Sales fell 20 % to # 722 million .
Earnings were hurt by disposal of operations in its restructuring , Reed said .
Wall Street 's big securities firms face the prospect of having their credit ratings lowered .
Securities firms are among the biggest issuers of commercial paper , or short-term corporate IOUs , which they sell to finance their daily operations .
The biggest firms still retain the highest ratings on their commercial paper .
Shearson is 62%-owned by American Express Co .
`` A sweeping restructuring of the industry is possible . ''
That 's a departure from their traditional practice of transferring almost all financing risks to investors .
`` Wall Street is facing a Catch-22 situation , '' says Mr. Mahoney of Moody 's .
It said that the `` temptation for managements to ease this profit pressure by taking greater risks is an additional rating factor . ''
`` These two exposures alone represent a very substantial portion of CS First Boston 's equity , '' Moody 's said .
`` Total merchant banking exposures are in excess of the firm 's equity . ''
CS First Boston , however , benefits from the backing of its largest shareholder , Credit Suisse , Switzerland 's third largest bank .
Shearson also has been an aggressive participant in the leveraged buy-out business .
Shearson `` really only has $ 300 million of capital , '' says Mr. Bowman of S&P .
A Shearson spokesman said the firm is n't worried .
`` A year ago , Moody 's also had Shearson under review for possible downgrade , '' he said .
`` After two months of talks , our rating was maintained . ''
Drexel , meanwhile , already competes at a disadvantage to its big Wall Street rivals because it has a slightly lower commercial paper rating .
Drexel this year eliminated its retail or individual customer business , cutting the firm 's workforce almost in half to just over 5,000 .
Recently , Drexel circulated a private financial statement among several securities firms showing that its earnings performance has diminished this year from previous years .
Drexel remains confident of its future creditworthiness .
`` We 're well positioned with $ 1.7 billion of capital , '' a Drexel spokesman said .
Most recently , Mr. Veraldi , 59 years old , has been vice president of product and manufacturing engineering at Ford Motor Co .
The concept 's goal was to eliminate bureaucracy and make Ford 's product development more responsive to consumer demands .
It was later applied to other new-car programs , including those that produced the Ford Thunderbird and Mercury Cougar .
Ford Chairman Donald E. Petersen said yesterday that Mr. Veraldi has `` helped to change the world 's perception of American-made cars . ''
Mr. Veraldi worked at Ford for 40 years , holding a variety of car and parts-engineering positions .
Too often now , a single court decision becomes the precedent for other , less compelling cases .
From the 1940s until 1971 , some two million women took the synthetic hormone diethylstilbestrol -LRB- DES -RRB- to prevent miscarriages and morning sickness .
The drug was approved by the Food and Drug Administration and marketed by some 300 pharmaceutical companies , often under generic labels .
In the 1970s , scientists reported cancer cases among the daughters of DES users .
The cases quickly went to court , but the mothers of several thousand DES plaintiffs could n't recall whose brand they used .
This has some logic .
Drug makers should n't be able to duck liability because people could n't identify precisely which identical drug was used .
But courts quickly tumbled down a slippery slope .
Just as all plaintiffs are not alike , it turns out that DES defendants marketed the drugs differently and may have offered different warranties .
The big problem , however , is that there 's no guarantee that this reasoning will be limited to DES or to drugs .
The problem here goes well beyond twisting legal doctrine .
The court rejected strict liability for prescription drugs , citing the huge , hidden social costs .
The California justices noted that the fear of litigation already forced the only remaining anti-morning-sickness drug , Bendectin , off the U.S. market .
This raises the key issue : What to do about people who suffer serious injuries from beneficial drugs ?
DES daughters and other victims of drugs would be better off if their cases were taken out of the courts .
Congress could create a compensation program to help such victims while protecting the national interest in encouraging new drugs .
But a 1986 law that supposedly replaced lawsuits over children 's vaccines with a compensation fund has predictably led to even more litigation .
Everyone by now understands that Congress is utterly incapable of writing legislation to help deserving people without its becoming some billion-dollar morass .
They must figure that justice has to get done by somebody , but know it wo n't be done by Congress .
Caldor , based in Norwalk , Conn. , operates 118 stores in the Northeast ; it reported revenue of $ 1.6 billion last year .
May Stores , St. Louis , runs such well-known department stores as Lord & Taylor .
The charges were offset in part by a gain from the sale of the company 's construction division .
Last year , DSM had 71 million guilders of extraordinary charges for the restructuring program and other transactions .
The earnings growth also was fueled by the company 's ability to cut net financing spending by half to around 15 million guilders .
Also , substantially lower Dutch corporate tax rates helped the company keep its tax outlay flat relative to earnings growth , the company added .
Sales , however , were little changed at 2.46 billion guilders , compared with 2.42 billion guilders .
Cataracts refer to a clouding of the eye 's natural lens .
The committee 's members are worried what all this free food might do to the economic prospects of Poland 's own farmers .
Rep. Gary Ackerman noted that past food aid had harmed farmers in El Salvador and Egypt .
The First World has for some time had the bad habit of smothering other people 's economies with this kind of unfocused kindness .
It should be constantly stressed that Poland 's farmers mostly need a real market for their products .
The company said its industrial unit continues to face margin pressures and lower demand .
In fiscal 1989 , Elco earned $ 7.8 million , or $ 1.65 a share .
The company 's stock fell $ 1.125 to $ 13.625 in over-the-counter trading yesterday .
The truck maker said the significant drop in net income will result in lower earnings for the fiscal year .
In fiscal 1988 , the company earned $ 17.3 million , or $ 1.92 a share , on revenue of $ 352.9 million .
The company said it is in the process of phasing out John Deere , its current source of production for midsized motor home chassis .
Tokyo stocks edged up Wednesday in relatively active but unfocused trading .
London shares finished moderately higher .
At Tokyo , the Nikkei index of 225 selected issues , which gained 132 points Tuesday , added 14.99 points to 35564.43 .
In early trading in Tokyo Thursday , the Nikkei index fell 63.79 points to 35500.64 .
Wednesday 's volume on the First Section was estimated at 900 million shares , in line with Tuesday 's 909 million .
Declining issues slightly outnumbered advancing issues , 454 to 451 .
Investors switched trading focus quickly as they did Tuesday , reflecting uncertainty about long-term commitments to any issue or sector , traders said .
Speculation , on the other hand , sparked buying in certain incentive-backed issues , though rumors underlying such shares eventually proved untrue .
Dealers led the market Wednesday by actively trading for their own accounts , observers said .
Institutions mostly remained on the sidelines because of uncertainty regarding interest rates and the dollar .
The Second Section index , which added 6.84 points Tuesday , was up 5.92 points , or 0.16 % , to close at 3648.82 .
Volume in the second section was estimated at 18 million shares , up from 14 million Tuesday .
Tokyu Group , Mitsubishi Estate and Bridgestone\/Firestone , which advanced Tuesday , declined on profit-taking .
Wednesday 's dominant issue was Yasuda Fire & Marine Insurance , which continued to surge on rumors of speculative buying .
It ended the day up 80 yen -LRB- 56 cents -RRB- to 1,880 yen -LRB- $ 13.15 -RRB- .
Teikoku Oil , also stimulated by rumors of speculative buying , advanced 100 yen to 1,460 .
Showa Shell gained 20 to 1,570 and Mitsubishi Oil rose 50 to 1,500 .
Sumitomo Metal Mining fell five yen to 692 and Nippon Mining added 15 to 960 .
Among other winners Wednesday was Nippon Shokubai , which was up 80 at 2,410 .
Marubeni advanced 11 to 890 .
London share prices were bolstered largely by continued gains on Wall Street and technical factors affecting demand for London 's blue-chip stocks .
The Financial Times-Stock Exchange 100-share index closed 17.5 points higher at 2160.1 .
It rose largely throughout the session after posting an intraday low of 2141.7 in the first 40 minutes of trading .
The index ended the day near its session high of 2163.2 , which was posted within the last half-hour of trading .
Dealers said most investor interest was focused on defensive blue-chip stocks , particularly those with limited U.K. exposure .
Also , several key blue chips were pushed higher in thin volume because of a technical squeeze among market makers .
There were concerns early in the day that Wall Street 's sharp gains on Tuesday were overdone and due for a reversal .
The FT 30-share index settled 16.7 points higher at 1738.1 .
Volume was 372.9 million shares , up from 334.5 million on Tuesday .
Dealers said institutions were still largely hugging the sidelines on fears that the market 's recent technical rally might prove fragile .
Dealers said that interpretation sparked expectations of an imminent bid by Ford .
Like Jaguar , B.A.T also eased off its highs in afternoon dealings .
Reed International , a U.K. publishing group , gained 15 to 397 despite reporting a 3.7 % drop in interim pretax profit .
Dealers said the market agreed .
Stocks boosted by market-makers shopping to cover book requirements in FT-SE 100 shares included Carlton Communications , which climbed 32 to 778 .
Wellcome gained 18 to 666 on a modest 1.1 million shares .
Glaxo , the U.K. 's largest pharmaceutical concern , advanced 23 to # 14.13 .
Stock prices closed higher in Stockholm , Amsterdam and Frankfurt and lower in Zurich .
Paris , Brussels , and Milan were closed for a holiday .
South African gold stocks closed marginally lower .
Manila markets were closed for a holiday .
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva .
To make them directly comparable , each index is based on the close of 1969 equaling 100 .
The percentage change is since year-end .
The following issues were recently filed with the Securities and Exchange Commission :
Intermec Corp. , offering of 1,050,000 common shares , via Goldman , Sachs & Co. and Piper , Jaffray & Hopwood Inc .
Midwesco Filter Resources Inc. , initial offering of 830,000 common shares , to be offered by the company , via Chicago Corp .
Nylev Municipal Fund Inc. , offering of five million common shares .
Occidental Petroleum Corp. , shelf offering of $ 1.5 billion in senior debt securities .
Hold the Putty !
-- Pat D'Amico .
Criminal charges were filed against Diceon Electronics Inc. and two company officials alleging waste disposal violations in its Chatsworth , Calif. , facility .
The company said local authorities held hearings on the allegations last spring and had returned the plant to `` routine inspection '' in August .
Arraignments are scheduled for Nov. 14 .
Consumer confidence stayed strong in October , despite the unsettling gyrations of the stock market .
The nonprofit , industry-supported group said its Consumer Confidence Index was 116.4 in October , barely changed from a revised 116.3 in September .
The index was 116.9 in October 1988 and in the past year has ranged from a low of 112.9 to a high of 120.7 .
It uses a base of 100 in 1985 .
In October , more people said that present business conditions were `` good '' than in September .
An equal number in each month said that employment conditions were good .
And 19.6 % of consumers contacted believed business conditions will improve in the coming six months , compared with 18.3 % in September .
Also , more people said conditions will worsen in the period .
-LRB- Fewer said conditions wo n't change . -RRB-
In October 1988 , 21.1 % said business conditions would improve .
Only 26.8 % in October , compared with 28.5 % in September and 26.8 % in October 1988 , said income would increase .
In October , 6.7 % of respondents said they will buy a car , easing from September when 8.1 % anticipated a purchase .
In October 1988 , 7.3 % said they would buy a car .
Home purchase plans increased to 3.3 % from 3.1 % in the two recent months .
In October 1988 , 3.7 % said they would buy a house .
In 1989 , home purchase plans have ranged monthly from 2.9 % to 3.7 % of respondents .
`` So the focus turned to other fixed-income markets , corporate and mortgages in particular , '' she said .
The government reported that orders for manufactured goods were essentially unchanged in September while construction spending was slightly lower .
Both indicators were viewed as signs that the nation 's industrial sector is growing very slowly , if at all .
Among other things , the survey found that manufacturing activity varied considerably across districts and among industries .
The purchasing managers index of economic activity rose in October , although it remains below 50 % .
A reading below 50 % indicates that the manufacturing sector is slowing while a reading above 50 % suggests that the industry is expanding .
Mr. Lieberman said the diverse showing in yesterday 's reports `` only enhances the importance of the employment data . ''
The employment report , which at times has caused wide swings in bond prices , is due out tomorrow .
The average estimate of 22 economists polled by Dow Jones Capital Markets Report was that non-farm payrolls expanded by 152,000 in October .
The economists forecast a 0.1 % rise in the unemployment rate to 5.4 % .
Treasury Securities
The Treasury said the refunding is contingent upon congressional and presidential passage of an increase in the federal debt ceiling .
Until such action takes places , the Treasury has no ability to issue new debt of any kind .
Meanwhile , Treasury bonds ended modestly higher in quiet trading .
The benchmark 30-year bond about 1\/4 point , or $ 2.50 for each $ 1,000 face amount .
Corporate Issues
IBM 's $ 750 million debenture offering dominated activity in the corporate debt market .
Meanwhile , most investment-grade bonds ended unchanged to as much as 1\/8 point higher .
Moody 's said those returns compare with a 3.8 % total return for longer-term Treasury notes and bonds .
Total return measures price changes and interest income .
Junk bonds trailed the group again .
`` Little wonder that buyers for junk have been found wanting , '' he said .
Moody 's said the average net asset value of 24 junk-bond mutual funds fell by 4.2 % in October .
Mortgage-Backed Issues
Mortgage securities ended slightly higher but trailed gains in the Treasury market .
The Ginnie Mae 9 % securities were yielding 9.32 % to a 12-year average life .
Activity was light in derivative markets , with no new issues priced .
Municipal Issues
Municipal bonds were mostly unchanged to up 1\/8 point in light , cautious trading prior to tomorrow 's unemployment report .
The issue could be relaunched , possibly in a restructured form , as early as next week , according to the lead underwriter .
The Santa Ana bonds were tentatively priced to yield from 6.40 % in 1991 to 7.458 % in
They were tentatively priced to yield from 6.20 % in 1991 to 7.272 % in
Foreign Bond
West German dealers said there was little interest in Treasury bonds ahead of Thursday 's new government bond issue .
It is generally expected to be the usual 10-year , four billion mark issue .
Elsewhere :
-- In Japan , the benchmark No. 111 4.6 % issue due 1998 ended on brokers screens unchanged at 95.09 to yield 5.435 % .
The 12 % notes due 1995 fell 9\/32 to 103 3\/8 to yield 11.10 % .
Standard & Poor 's Corp. lowered to double-C from triple-C the rating on about $ 130 million of debt .
Travelers Corp. 's third-quarter net income rose 11 % , even though claims stemming from Hurricane Hugo reduced results $ 40 million .
But revenue declined to $ 3 billion from $ 3.2 billion .
Travelers estimated that the California earthquake last month will result in a fourth-quarter pre-tax charge of less than $ 10 million .
In the first nine months , net was $ 306 million , compared with a loss of $ 195 million in the 1988 period .
The year-ago results included a $ 415 million charge in the 1988 second quarter for underperforming real estate and mortgage loans .
Michelin Tyre is a unit of France 's Michelin S.A .
Michelin officials could n't immediately comment on the referral , but they noted the purchase from BTR has already been concluded .
National Tyre , which has 420 branches throughout the U.K. , had 1988 pretax profit of # 8.5 million .
The administration 's plan could cost utilities , mainly those that use coal , up to $ 4 billion a year .
The proposal comes as a surprise even to administration officials and temporarily throws into chaos the House 's work on clean-air legislation .
As chairman of the House Energy and Commerce Committee , Mr. Dingell has almost single-handed control over clean-air legislation .
Mr. Bush 's legislative package promises to cut emissions by 10 million tons -- basically in half -- by the year 2000 .
That proposal had been hailed by environmentalists but despised by utilities because they feared it would limit their growth .
It also would junk an innovative market-based system for trading emissions credits among polluters .
The administration , sticking to its vow of avoiding tax increases , has staunchly opposed cost-sharing .
A nickname for measures to stop the market from plunging too far too fast .
On the Big Board , a `` side car '' is put into effect when the S&P futures rise or fall 12 points .
The side car routes program trades into a special computer file that scans for imbalances of buy and sell orders .
A faster version , the SuperDot , was launched in 1984 .
Most contracts are simply nullified by an opposite trade before they come due .
Many institutional index funds are active program traders , swapping their stocks for futures when profitable to do so .
Program trading -- A wide range of computer-assisted portfolio trading strategies involving the simultaneous purchase or sale of 15 or more stocks .
Quant -- Generally , any Wall Street analyst who employs quantitive research techniques .
Stock-index arbitrage -- Buying or selling baskets of stocks while at the same time executing offsetting trades in stock-index futures or options .
Traders profit by trying to capture fleeting price discrepancies between stocks and the index futures or options .
If stocks are temporarily `` cheaper '' than futures , for example , an arbitrager will buy stocks and sell futures .
Stock-index futures -- Contracts to buy or sell the cash value of a stock index by a certain date .
The cash value is determined by multiplying the index number by a specified amount .
For stock indexes , the underlying investment may be a stock-index futures contract or the cash value of a stock index .
For example , there are options on the S&P 500 futures contract and on the S&P 100 index .
Uptick -- An expression signifying that a transaction in a listed security occurred at a higher price than the previous transaction in that security .
Such an application for federal antitrust clearance is necessary for any investor that might seek control .
but some investors have used such filings to boost the value of their stock holdings , which without buying more stock they then sold .
Takeover stock traders were puzzled by the Reliance filing and cautioned that it does n't mean Mr. Steinberg will definitely seek control .
`` Maybe he just wants to make something happen , '' said one takeover expert .
Mr. Steinberg , he suggested , could replace British Airways PLC , which has withdrawn from the buy-out group .
But the exact amount of Reliance 's current holding has n't been formally disclosed .
Speculation about Coniston has caused the stock to rebound from a low of $ 145 .
UAL 's announcement came after the market closed yesterday .
In composite New York Stock Exchange trading , the shares closed at $ 177 , up $ 1.50 .
UAL would n't elaborate on a statement that it had been notified of the filing by Reliance .
Reliance confirmed the filing but would n't elaborate .
Mr. Steinberg is thought to be on friendly terms with UAL 's Mr. Wolf .
The investor was instrumental in tapping Mr. Wolf to run the air cargo unit of Tiger International Inc .
Mr. Wolf 's success in that job helped him land the top job with UAL in December 1987 .
The financial-services company will pay 0.82 share for each Williams share .
Primerica closed at $ 28.25 , down 50 cents .
Williams , Duluth , Ga. , is an insurance and financial-services holding company .
Its subsidiaries ' services are marketed by closely held A.L. Williams & Associates .
Primerica , as expected , also acquired certain assets of the agency and assumed certain of its liabilities .
Terms were n't disclosed .
Mr. Ackerman already is seeking to oust Mr. Edelman as chairman of Datapoint Corp. , an Intelogic affiliate .
In New York Stock Exchange composite trading yesterday , Intelogic shares rose 37.5 cents to close at $ 2.75 .
But Mr. Ackerman said the buy-back , and the above-market price paid , prove that Mr. Edelman is running scared .
Dow Jones & Co. said it extended its $ 18-a-share offer for Telerate Inc. common stock until 5 p.m. EST Nov. 9 .
Telerate 's two independent directors have rejected the offer as inadequate .
In composite trading on the New York Stock Exchange , Telerate shares closed at $ 19.50 , up 12.5 cents .
Telerate provides an electronic financial information network .
Rockwell International Corp. reported flat operating earnings for the fourth quarter ended Sept. 30 .
The aerospace , automotive supply , electronics and printing-press concern also indicated that the first half of fiscal 1990 could be rough .
For fiscal 1989 's fourth quarter , Rockwell 's net income totaled $ 126.1 million , or 50 cents a share .
That compares with operating earnings of $ 132.9 million , or 49 cents a share , the year earlier .
Sales rose 4 % to $ 3.28 billion from $ 3.16 billion .
Overall , pretax electronics earnings soared 12 % to $ 107.9 million from $ 96.4 million .
All four areas had higher revenue for the three months ended Sept. 30 .
For the year , bolstered by the introduction of the Colorliner newspaper-printing press , graphics earnings almost doubled .
That was partially offset by the resumption of space shuttle flights and increased demand for expendable launch-vehicle engines .
Sales for the year rose 5 % to $ 12.52 billion from $ 11.95 billion in fiscal 1988 .
Dell Computer Corp. said it cut prices on several of its personal computer lines by 5 % to 17 % .
That package now sells for about $ 2,099 .
Although traders rushed to buy futures contracts , many remained skeptical about the Brazilian development , which could n't be confirmed , analysts said .
The March and May contracts rose to fresh life-of-contract highs of 14.54 cents and 14.28 cents at their best levels of the day .
The March delivery , which has no limits , settled at 14.53 cents , up 0.56 cent a pound .
The May contract , which also is without restraints , ended with a gain of 0.54 cent to 14.26 cents .
The July delivery rose its daily permissible limit of 0.50 cent a pound to 14.00 cents , while other contract months showed near-limit advances .
`` This is a demand that must be met , regardless of the price of oil , '' said Mr. Stevenson .
Brazil is the third-largest producer and the fifth-largest exporter of sugar in the world .
Its 1989-90 exports were expected to total 645,000 tons in contrast to shipments of 1.5 million tons in
More than a half of all sugar produced in Brazil goes for alcohol production , according to Ms. Ganes .
Above all , Mr. Oxnard noted , the situation is extremely confused .
Mr. Oxnard observed that the situation in Brazil is also very complicated .
Mexico , which is normally a sugar exporter , has had production problems in the past two years , analysts said .
Last year , it had to buy sugar on the world market to meet export commitments , they noted .
In other commodity markets yesterday :
ENERGY :
Petroleum futures were generally higher with heating oil leading the way .
On the New York Mercantile Exchange , heating oil for December delivery increased 1.25 cents to settle at 60.36 cents a gallon .
Gasoline futures were mixed to unchanged .
But the strength in heating oil helped push up crude oil .
West Texas Intermediate crude for December delivery rose 13 cents a barrel to settle at $ 20.07 .
GRAINS AND SOYBEANS :
Trading was muted in part because of the observance of All Saints ' Day across much of Europe .
Continued export demand also supported prices .
That designation would , among other things , provide more generous credit terms under which the Soviets could purchase grain .
The Soviets are widely believed to need additional supplies , despite running up record one-month purchases of 310 million bushels of corn in October .
COPPER :
Futures prices rose , extending Tuesday 's gains .
The December contract advanced 2.50 cents a pound to $ 1.1650 .
However , some workers have n't yet accepted the new contract and are continuing negotiations , the analyst said .
The Bougainville copper mine has been inoperative since May 15 because of attacks by native landowners who want Bougainville to secede from Papua-New Guinea .
Younkers rang up sales in 1988 of $ 313 million .
It operates stores mostly in Iowa and Nebraska .
He said Equitable hopes to eventually reduce its stake in Younkers to less than 50 % .
Previously , it offered $ 13.65 a share in cash , or $ 29 million .
The stock would be redeemed in five years , subject to terms of the surviving company 's debt .
Neither Equus nor Tony Lama gave a reason for the changed offer and Tony Lama could n't be reached for comment .
However , Tony Lama said it would promptly submit the offer to a special committee of the company 's board .
No successor was named , and Mr. Reupke 's duties will be split among three other senior Reuters executives , the company said .
In a telephone interview , Mr. Reupke said his departure was for `` personal reasons , '' which he declined to specify .
`` There is no business reason for my departure , '' nor any disagreement over policy , he added .
A Reuters spokesman said the departure reflects `` no change in strategy or profits . ''
I would be very surprised if his departure signals any change in strategy or change in profit expectations . ''
On London 's Stock Exchange , Reuters shares rose five pence to 913 pence -LRB- $ 14.43 -RRB- .
Peter Holland , 45 , deputy general manager , becomes director of corporate affairs .
And Patrick Mannix , 46 , international technical manager , becomes director of group quality programs .
DD Acquisition said 2.2 million shares , or about 38.5 % of the shares outstanding , have been tendered under its offer .
The partners said they already hold 15 % of all shares outstanding .
Dunkin' has set Nov. 10 as the deadline for the receipt of any competing bids .
DD Acquisition said the extension is to allow this process to be completed .
Dunkin' is based in Randolph , Mass .
Cara , a food services chain operator and Unicorp , a holding company , are based in Toronto .
The charges were partly offset by a $ 2 million gain on the sale of investments of two joint ventures , he said .
Revenue declined 8 % to $ 85.7 million , from $ 93.3 million a year earlier .
Savin cited `` a general softening in the demand for office products in the market segments in which Savin competes .
The company also cited interest costs and amortization of goodwill as factors in the loss .
A year earlier , net income was $ 2.1 million , or six cents a share , on revenue of $ 169.9 million .
The Dow Jones Equity Market Index gained 0.99 to 319.75 and the New York Stock Exchange Composite Index went up 0.60 to 188.84 .
Advancing stocks led decliners on the New York Stock Exchange by 847 to 644 .
Big Board volume amounted to 154,240,000 shares , down from 176.1 million Tuesday .
The October survey of corporate purchasing managers , as expected , provided evidence that economic growth remains subdued .
`` This market 's still going through its pains , '' said Philip Puccio , head of equity trading at Prudential-Bache Securities .
Upjohn , a rumored target within the drug industry , advanced 7\/8 to 38 7\/8 .
The company said it plans a fourth-quarter charge , which it did n't specify , for an early-retirement program .
Mr. Trump withdrew a $ 120-a-share bid last month .
UAL rose 1 1\/2 to 177 .
NL , which closed unchanged at 22 3\/4 , has a stake of just under 10 % .
Georgia-Pacific , which went down 2 1\/2 Tuesday , lost another 1\/2 to 50 3\/8 .
Other paper and forest-products stocks closed mixed .
Texaco rose 3\/4 to 53 3\/8 as 4.4 million shares changed hands .
Santa Fe Pacific dropped 1 1\/8 to 17 3\/4 .
GenCorp tumbled 2 to 14 .
The company forecast that fourth-quarter income from continuing operations would be `` significantly '' lower than a year earlier .
Allergan went up 1\/2 to 19 3\/8 .
The Food and Drug Administration allowed the company to begin marketing a new lens for use in cataract patients .
The American Stock Exchange Market Value Index gained 1.56 to 372.14 .
Volume totaled 11,390,000 shares .
Old Spaghetti Warehouse rose 1 to 16 1\/8 .
Its net income for the September quarter rose about 41 % from a year ago .
The company said the restructuring is n't expected to have any impact , adverse or otherwise , on its financial results .
Freeport-McMoRan , a New Orleans-based diversified energy conglomerate , said the partnership will exchange its assets for common shares of a yet-to-be-formed entity .
Freeport-McMoRan Energy Partners will be liquidated and shares of the new company distributed to the partnership 's unitholders .
Unitholders will receive two additional 55 cents-a-unit distribution payments before the trust is liquidated in early 1990 , the company said .
Freeport-McMoRan , the parent company , holds roughly 80 % of the units outstanding .
Nissan cited strong domestic sales against the backdrop of continuous economic expansion .
profit surged @number@ % to @number@ billion yen , or @time@ a share , from @number@ billion yen , or @number@ yen a share .
Sales totaled 1.916 trillion yen , climbing 17 % from 1.637 trillion yen in the year-earlier period .
Nissan scheduled a seven-yen interim dividend payment , unchanged .
`` It can be said that the trend of financial improvement has been firmly set , '' he added .
In national over-the-counter trading yesterday , POP plunged $ 4 to $ 14.75 .
Heritage owns and operates television and radio stations and in-store advertising and promotion programs .
The Fairlawn , Ohio-based company also said that full-year profit from continuing operations will be far below last year 's $ 148 million .
Last year 's figures include a one-time loss of $ 12 million for restructuring and unusual items .
Transamerica Corp. , San Francisco , said third-quarter profit was essentially flat despite a large one-time gain a year earlier .
The results reflected a 24 % gain in income from its finance businesses , and a 15 % slide in income from insurance operations .
Transamerica said third-quarter investment gains were $ 10.2 million , compared with $ 6.4 million the year earlier .
It said insurance profit reflected a $ 6 million loss from Hurricane Hugo .
The company said that because of softening sales it is n't in compliance with requirements that it maintain $ 3 million in working capital .
RMS distributes electronic devices and produces power supplies and plastic literature displays .
Sales rose to $ 3 million from $ 2.9 million .
Sales rose to $ 9.8 million from $ 8.9 million .
The sale represents 10.2 % of Meridian 's shares outstanding .
That amount is convertible into shares of Meridian common stock at $ 2 a share during its one-year term .
The other concern was n't identified .
Ratners 's chairman , Gerald Ratner , said the deal remains of `` substantial benefit to Ratners . ''
The sweetened offer has acceptances from more than 50 % of Weisfield 's shareholders , and it is scheduled for completion by Dec. 10 .
The acquisition of 87-store Weisfield 's raises Ratners 's U.S. presence to 450 stores .
About 30 % of Ratners 's profit already is derived from the U.S. .
Carnival Cruise Lines Inc. said potential problems with the construction of two big cruise ships from Finland have been averted .
Yesterday , Carnival said a new company has been formed in Finland that will carry on Waertsilae 's shipbuilding operations .
Carnival said it will be an 11 % shareholder in the new company .
Carnival said the Fantasy , a 2,050-passenger ship that was slated to be delivered this month , will be delivered in January .
A second ship is now expected to be delivered late next year or early in 1991 .
Carnival had expected that ship to be delivered next fall .
A planned third ship still may be built in the Finnish shipyard , or may be built elsewhere , Carnival said .
The Van Nuys , Calif. , thrift had net income of $ 132,000 , or three cents a share , a year ago .
The company said the one-time provision would substantially eliminate all future losses at the unit .
Valley Federal also added $ 18 million to realestate loan reserves and eliminated $ 9.9 million of good will .
Valley Federal is currently being examined by regulators .
New loans continue to slow ; they were $ 6.6 million in the quarter compared with $ 361.8 million a year ago .
The thrift has assets of $ 3.2 billion .
First of America Bank Corp. said it completed its acquisition of Midwest Financial Group Inc. for about $ 250 million .
Midwest Financial has $ 2.3 billion in assets and eight banks .
Kalamazoo , Mich.-based First of America said it will eliminate the 13 management positions of the former Midwest Financial parent company .
First of America said some of the managers will take other jobs with First of America .
In addition , they will receive stock in the reorganized company , which will be named Ranger Industries Inc .
After these payments , about $ 225,000 will be available for the 20 million common shares outstanding .
But Coleco bounced back with the introduction of the Cabbage Patch dolls , whose sales hit $ 600 million in 1985 .
But as the craze died , Coleco failed to come up with another winner and filed for bankruptcy-law protection in July 1988 .
The plan was filed jointly with unsecured creditors in federal bankruptcy court in New York and must be approved by the court .
ORTEGA ENDED a truce with the Contras and said elections were threatened .
The Nicaraguan president , citing attacks by the U.S.-backed rebels , suspended a 19-month-old cease-fire and accused Bush of `` promoting death . ''
He said U.S. assistance should be used to demobilize the rebels .
A White House spokesman condemned the truce suspension as `` deplorable '' but brushed off talk of renewing military funding for the insurgents .
The Contra military command , in a statement from Honduras , said Sandinista troops had launched a major offensive against the rebel forces .
The Communist Party chief , in Moscow for talks with Soviet officials , also said East Germany would follow Gorbachev 's restructuring plans .
Thousands of East Germans fled to Czechoslovakia after the East Berlin government lifted travel restrictions .
The ban on cross-border movement was imposed last month after a massive exodus of emigres to West Germany .
Also , a Communist official for the first time said the future of the Berlin Wall could be open to discussion .
Health officials plan to extend a moratorium on federal funding of research involving fetal-tissue transplants .
The assistant HHS secretary said the ban `` should be continued indefinitely . ''
While researchers believe such transplants could help treat diseases like Alzheimer 's , anti-abortionists oppose the research .
House-Senate conferees approved major portions of a package for more than $ 500 million in economic aid for Poland .
The plan relies heavily on $ 240 million in credit and loan guarantees in fiscal 1990 in hopes of stimulating future trade and investment .
South African troops were placed on alert .
Guerrilla leaders said Pretoria was attempting to sabotage next week 's elections in Namibia .
Also in Beirut , a Moslem group vowed to kill Americans if the U.S. implements a policy to seize suspects abroad .
Beijing 's rulers complained to the former president about U.S. `` interference '' in China 's domestic affairs .
Mexico 's President Salinas said the country 's recession had ended and the economy was growing again .
The White House said the shipboard meetings next month between Bush and Soviet leader Gorbachev will take place in the waters off Malta .
The location was disclosed as the U.S. began planning the issues to be discussed at the Dec. 2-3 tete-a-tete .
Bush unveiled a package of trade initiatives to help establish `` economic alternatives to drug trafficking '' in the Andean nations of South America .
The president 's plan includes a commitment to help negotiate a new international coffee agreement .
The airline is attempting to show that Israel and West Germany warned the U.S. about the impending attack .
Sony is paying $ 27 a share , or $ 3.55 billion , cash and is assuming $ 1.4 billion of long-term debt .
Still unresolved is Sony 's effort to hire producers Jon Peters and Peter Guber to run the studio .
Sony 's planned acquisition of Guber\/Peters Entertainment Co. for $ 200 million is scheduled to close Monday .
Both sides are in talks to settle the dispute .
She said the move would result in a after-tax charge of less than $ 4 million to be spread over the next three quarters .
Komatsu Ltd. , a large integrated maker of construction machinery , posted a 32 % unconsolidated gain in first-half pretax profit .
Sales rose 11 % to 292.32 billion yen from 263.07 billion yen .
Net income surged 31 % to 7.63 billion yen from 5.82 billion yen .
Per-share net rose to 7.84 yen from 6.53 yen .
Brisk domestic demand due to increasing capital investment pushed up sales sharply in construction and industrial machinery divisions .
Domestic sales of construction machinery , such as power shovels and bulldozers rose to 142.84 billion yen from 126.15 billion yen .
Demand from Europe and Southeast Asia also grew , but due to increasing production at local plants , overseas sales edged down 2.8 % .
Net is expected to rise to 17 billion yen from 12.82 billion yen a year earlier .
ECONOMIC GROWTH APPEARS to be leveling off , latest reports suggest .
Factory orders and construction outlays were largely flat in September , while purchasing agents said manufacturing shrank further in October .
Still , many economists are n't predicting a recession anytime soon .
The Fed is coming under pressure to cut short-term interest rates due to the apparent slowing of the economy .
But it is n't clear yet whether the central bank will make such a move .
Campbell 's stock rose $ 3.375 , to $ 47.125 , in reaction .
The Chicago Merc plans an additional `` circuit breaker '' to stem sharp drops in the market .
The offer , which follows a $ 55-a-share bid that was rejected in September , steps up pressure on the chemicals concern .
The minimum-wage bill worked out by Congress and Bush won easy approval in the House .
The compromise plan , which boosts the minimum wage for the first time since 1981 , is expected to clear the Senate soon .
Steinberg sought clearance to buy more than 15 % of United Air 's parent , saying he may seek control .
Takeover experts said they doubted the financier would make a bid by himself .
An airline buy-out bill was approved by the House .
The measure would make it easier for the Transportation Department to block leveraged buy-outs in the industry .
Random House Chairman Robert Bernstein said he is resigning from the publishing house he has run for 23 years .
A successor was n't named .
Light trucks and vans will face the same safety requirements as automobiles under new proposals by the Transportation Department .
U.S. farmers ' net income rose to a record $ 59.9 billion last year despite one of the worst droughts ever .
Two antitrust agencies may face further cutbacks because of a complicated new funding device , some Democrats in Congress are warning .
Markets --
Stocks : Volume 154,240,000 shares .
Dow Jones industrials 2645.90 , up 0.82 ; transportation 1206.26 , up 1.25 ; utilities 220.45 , up 1.26 .
Bonds : Shearson Lehman Hutton Treasury index 3436.58 , up
Commodities : Dow Jones futures index 129.91 , up 0.28 ; spot index 131.01 , up 1.17 .
Dollar : 143.80 yen , up 0.95 ; 1.8500 marks , up 0.0085 .
Junk-bond markdowns , an ongoing Securities and Exchange Commission investigation , a Drexel Burnham Lambert connection , a fizzled buy-out rumor .
Bears have targeted Columbia 's stock because of the thrift 's exposure to the shaky junk market .
Columbia has only about 10 million common shares in public hands .
The Spiegel family has 25 % of the common and 75 % of the votes .
Columbia wo n't comment on all the speculation .
But like other thrifts , it 's expected to seek regulators ' consent to create a distinct junk-bond entity .
Plans to do this are due to be filed in a week or so .
New rules force thrifts to write down their junk to market value , then sell the bonds over five years .
That 's why Columbia just wrote off $ 130 million of its junk and reserved $ 227 million for future junk losses .
Columbia , a longtime Drexel client , wo n't provide current data on its junk .
But its 17 big junk holdings at year end showed only a few bonds that have been really battered .
Possibly offsetting that , Columbia recently estimated it has unrealized gains on publicly traded equity investments of more than $ 70 million .
It also hopes for ultimate gains of as much as $ 300 million on equity investments in buy-outs and restructurings .
The thrift surely could be sold for more than the value of its equity , financial industry executives say .
It is n't clear how much a restructuring would help Columbia stockholders .
But `` the concept is workable .
Mr. Spiegel 's next career move is a subject of speculation on Wall Street .
Few people think Mr. Spiegel wants to run a bread-and-butter thrift , which current rules would force Columbia to become .
`` They are n't really a thrift , '' says Jonathan Gray , a Sanford C. Bernstein analyst .
Of course , regulators would have to approve Columbia 's reorganization .
And some investment bankers say a restructuring is n't feasible while the SEC still is scrutinizing Mr. Spiegel 's past junk-bond trades .
Pauline Yoshihashi in Los Angeles contributed to this article .
Columbia Savings & Loan -LRB- NYSE ; Symbol : CSV -RRB-
Business : Savings and loan
Year ended Dec. 31 , 1988 : Net income : $ 65 million ; or $ 1.49 a share
Third quarter , Sept. 30 , 1989 : Net loss : $ 11.57 a share vs. net income : 37 cents a share
Average daily trading volume : 83,206 shares
Common shares outstanding : 19.6 million
Note : All per-share figures are fully diluted .
Genetics Institute Inc. , Cambridge , Mass. , said it was awarded U.S. patents for Interleukin-3 and bone morphogenetic protein .
The patent for Interleukin-3 covers materials and methods used to make the human blood cell growth factor via recombinant DNA technology .
Sandoz Ltd. has licensed certain manufacturing and marketing rights for Interleukin-3 from Genetics Institute and is conducting preclinical studies with it .
Interleukin-3 may help in treating blood cell deficiencies associated with cancer treatment , bone marrow transplants and other blood-cell disorders , Genetics Institute said .
The second patent describes bone morphogenetic protein-1 , a substance that can induce formation of new cartilage .
The patent covers BMP-1 type proteins and pharmaceutical compositions and methods for treating bone or cartilage defects , Genetics Institute said .
BMP products may be useful in fracture healing and in treating bone loss associated with periodontal disease and certain cancers , the company said .
Mr. Thomas , currently chairman of the Equal Employment Opportunity Commission , would add another conservative voice to the closely divided court .
Groups have accused him of advocating policies that narrowed rights of older workers and of ignoring discrimination by large companies .
A senior Justice Department official , however , said the administration is n't worried about the ABA rating .
The ABA gives a `` qualified '' rating to nominees it believes would perform `` satisfactorily '' on the bench .
Metallgesellschaft AG said it agreed to acquire 51 % of Lentjes AG from the Ferdinand Lentjes Foundation .
Terms were n't disclosed .
Lentjes had 1988 sales of 800 million marks -LRB- $ 434.4 million -RRB- and has a current order backlog of 2.5 billion marks .
The sale comes in place of a planned initial public offering of Lentjes stock .
A plan to bring the stock to market before year end apparently was upset by the recent weakness of Frankfurt share prices .
The law defines unfairly low prices as ones below the cost of production or below prices in an exporter 's home market .
ITC officials said final Commerce Department and ITC rulings wo n't come until next March or later .
These imports totaled about $ 17 million last year .
In addition , Upjohn is offering a one-time retirement bonus equal to six months of base pay .
But some analysts questioned how much of an impact the retirement package will have , because few jobs will end up being eliminated .
`` It 's a cosmetic move , '' said Jonathan S. Gelles of Wertheim Schroder & Co .
According to Upjohn 's estimates , only 50 % to 60 % of the 1,100 eligible employees will take advantage of the plan .
Upjohn further estimated that about 50 % of the employees who leave for early retirement may be replaced .
As a result , Upjohn will likely trim only about 275 to 350 of its more than 21,000 jobs world-wide .
In composite trading on the New York Stock Exchange yesterday , Upjohn shares rose 87.5 cents to $ 38.875 apiece .
The company earlier this year adopted a shareholder-rights plan to ward off unwanted suitors .
The spokesman said it is the first early retirement plan offered under its two-year cost-control strategy .
Earlier staff-reduction moves have trimmed about 300 jobs , the spokesman said .
INTER-TEL Inc . -LRB- Chandler , Ariz. -RRB- --
Jerry Chapman , managing director of WayMar Associates , was elected a director of this business telecommunications software and systems concern .
He increases the board to seven .
Right up front in the preface , co-author William Sternberg gives us an example of his own integrity .
This is a Johnson-era , Great Society creation that mandates certain government contracts be awarded noncompetitively to minority businesses .
The two partners merely had to falsify the true ownership of the corporation .
Wedtech did n't just use old fashioned bribery .
When necessary , it sought and received assistance from organized crime .
Sometimes the bribed became partners in the company .
Wedtech management used the merit system .
If you were especially helpful in a corrupt scheme you received not just cash in a bag , but equity .
None of the scams show much ingenuity : Auditors found crookery the first day on the job .
Wedtech 's scammers simply bribed them to shut up .
The scammers themselves were garden-variety low lifes , conspicuous consumers who wanted big houses , Mercedes cars , beautiful women , expensive clothes .
Among the lot of them , not one is wrestling with good and evil , or especially intelligent or even temporarily insane .
He enters the story toward the end , just in time to get arrested .
They do at least come around to saying that the courts might want to end `` rigid affirmative action programs . ''
Numerous other scandals , among them the ones at HUD , have the same characteristics as Wedtech .
They take place in government programs that seem tailor-made for corruption .
Why are programs like this not eliminated ?
`` Feeding Frenzy '' does provide a few clues .
They are our version of the East bloc 's Nomenklatura and they have absolutely no wish to see anything change .
How many government programs and policies exist because they line the pockets of political insiders ?
This is the real issue raised by the Wedtech scandal .
Mr. Stern was chairman and chief executive officer of the New York State Urban Development Corp. , 1983-85 .
The new company will attempt to limit the shipyard 's losses , participants said .
`` The situation is that the bankruptcy court will get out of the shipbuilding business .
Waertsilae Marine 's biggest creditor is Miami-based Carnival Cruise Lines Inc .
Waertsilae Marine 's bankruptcy proceedings began Tuesday in a Helsinki court .
Mr. Karns continues as chairman .
In composite trading on the New York Stock Exchange yesterday , Comprehensive Care closed at $ 3.75 a share , up 12.5 cents .
Ralston Purina Co. reported a 47 % decline in fourth-quarter earnings , reflecting restructuring costs as well as a more difficult pet food market .
Sales in the latest period were $ 1.76 billion , a 13 % increase from last year 's $ 1.55 billion .
This year 's results included a gain of $ 70.2 million on the disposal of seafood operations .
Sales for the full year were $ 6.6 billion , up 13 % from $ 5.8 billion .
For the year , pet food volume was flat , the company said .
Its cereal division realized higher operating profit on volume increases , but also spent more on promotion .
The Continental Baking business benefited from higher margins on bread and on increased cake sales , it added .
Ralston said its Eveready battery unit was hurt by continuing economic problems in South America .
Ralston shares closed yesterday at $ 80.50 , off $ 1 , in New York Stock Exchange composite trading .
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates .
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share .
Estimated and actual results involving losses are omitted .
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days .
Otherwise , actual profit is compared with the 300-day estimate .
First Chicago Corp. said it completed its $ 55.1 million cash-and-stock acquisition of closely held Ravenswood Financial Corp. , another Chicago bank holding company .
The record corn-buying binge by the Soviet Union is causing serious bottlenecks in the U.S. grain pipeline .
River barge rates have soared 40 % this fall from a year earlier .
Railroad companies and some ports are reaping a sudden windfall of business .
The Soviet Union wants much of it delivered by January , which would be a strain in most years .
`` It is going to be real tight . ''
Barge rates on the Mississippi River sank yesterday on speculation that widespread rain this week in the Midwest might temporarily alleviate the situation .
But the Army Corps of Engineers expects the river level to continue falling this month .
Similar levels hamstrung barge shipments last year in the wake of the worst drought in 50 years .
Farmers are in the best position of many years to push up corn prices .
In parts of Iowa , for example , some grain elevators are offering farmers $ 2.15 a bushel for corn .
It is n't clear , however , who would win a waiting game .
Ports in the Great Lakes and Atlantic Coast can also relieve pressure on New Orleans .
One railroad , for example , is already increasing its grain hauling service from Indiana to Baltimore .
And it is n't clear that the Soviet Union will stay on its record buying pace .
The Soviet orders were compressed into the month of October because of delays .
The Soviet Union usually begins buying U.S. crops earlier in the fall .
But its purchases apparently were delayed by a reorganization of its agricultural bureaucracy as well as budget problems .
In other commodity markets yesterday :
ENERGY : Crude oil futures prices increased in moderate trading , but much of the action was in heating oil .
Prices rose on the news that a sizable West German refinery was damaged in a fire , tightening an already tight European market .
Heating oil for November delivery ended at 58.64 cents a gallon , up one cent on the New York Mercantile Exchange .
West Texas Intermediate for December delivery advanced 22 cents to $ 19.94 a barrel .
Gasoline futures continued a sell-off that began Monday .
PRECIOUS METALS : Futures prices eased as increased stability and strength came into the securities markets .
December delivery gold fell $ 3.20 an ounce to $ 377.60 .
December silver declined 6.50 cents an ounce to $ 5.2180 .
January platinum was down $ 5.70 an ounce at $ 494.50 .
`` The recent rally in precious metals was a result of uncertainty and volatility in equities , '' he said .
Yesterday , the stock market rose strongly , creating a more defensive attitude among precious metals traders , he said .
Silver and platinum , which have more of an industrial nature than gold , were even weaker , he said .
Silver is also under pressure of `` extremely high '' inventories in warehouses of the Commodity Exchange , he said .
Yesterday , these stocks rose by 170,262 ounces to a record of 226,570,380 ounces , according to an exchange spokesman .
COPPER : Futures prices partially recovered Monday 's declines because Chilean miners voted to strike .
The December contract rose 1.20 cents a pound to $ 1.14 .
Reasons for the walkout , the analyst said , included a number of procedural issues , such as a right to strike .
The analyst noted that also inherent in all metal markets was a sympathetic reaction to stocks .
The Purchasing Management Association of Chicago 's October index rose to 51.6 % after three previous months of readings below 50 % .
The September index was 47.1 % .
The new software is based on Novell Inc. 's NetWare network operating system software .
In the 1988 period , USX also had a $ 71 million after-tax gain from a tax dispute settlement .
Sales rose 5 % to $ 4.4 billion from $ 4.2 billion .
Moreover , USX exports more than other steelmakers , and the overseas market has been under more severe pricing pressure .
In the steel division , operating profit dropped 11 % to $ 85 million .
The energy segment , with a 15 % rise in operating profit , is clearly the company 's strongest .
Higher crude oil prices helped boost operating profit for the Marathon Oil Co. unit to $ 198 million from $ 180 million .
The Texas Oil & Gas division continues to operate in the red , although losses narrowed to $ 9 million from $ 15 million .
USX announced in October that it was soliciting bids to sell TXO 's oil and gas reserves .
Proceeds of that sale are to be used to reduce debt and buy back shares .
USX has about $ 5.5 billion in long-term debt and 257 million shares outstanding .
Mr. Icahn has said he believes USX would be worth more if broken up into steel and energy segments .
Sales rose 10 % to $ 13.8 billion from $ 12.5 billion .
Two leading constitutional-law experts said President Bush does n't have the legal authority to exercise a line-item veto .
Mr. Bush has said he would like to be able to use this procedure .
The two professors represent different ends of the political spectrum -- Mr. Kurland is a conservative and Mr. Tribe is a liberal .
The two professors said the Constitution authorizes the president to veto entire bills , not partial measures .
Trinity Industries Inc. said it reached a preliminary agreement to sell 500 railcar platforms to Trailer Train Co. of Chicago .
Terms were n't disclosed .
Trinity said it plans to begin delivery in the first quarter of next year .