PHRASE: for -nb- years , t. marshall hahn jr. has made corporate acquisitions in the george bush mode : kind and gentle . PHRASE: the question now : can he act more like hard-charging teddy roosevelt ? PHRASE: he earned his doctorate in nuclear physics from the massachusetts institute of technology . PHRASE: they call it `` photographic '' . PHRASE: mr. hahn also has engineered a surprising turnaround of georgia-pacific . PHRASE: the formula has paid off , so far . PHRASE: nekoosa would n't be a diversification . PHRASE: but can mr. hahn carry it off ? PHRASE: the sweeping nature of the bill draws a variety of special interest amendments , running from an import exemption for a california airplane museum to a small but intriguing struggle among sugar producing nations over the fate of panama 's quota of exports to the profitable u.s. market . PHRASE: beauty takes backseat to safety on bridges PHRASE: compromises are possible . PHRASE: tray bon ? PHRASE: drink carrier competes with cartons PHRASE: the new carrier can tote as many as -nb- cups at once . PHRASE: a few fast-food outlets are giving it a try . PHRASE: the company acknowledges some problems . PHRASE: while it breaks down in prolonged sunlight , it is n't recyclable . PHRASE: and unlike some trays , there 's no place for food . PHRASE: spirit of perestroika touches design world PHRASE: an exchange of u.s. and soviet designers promises change on both sides . PHRASE: an exhibition of american design and architecture opened in september in moscow and will travel to -nb- other soviet cities . PHRASE: the show runs the gamut , from a blender to chairs to a model of the citicorp building . PHRASE: dan droz , leader of the carnegie-mellon group , sees benefits all around . PHRASE: a spokesman for the state , however , calls the idea `` not effective or cost efficient . PHRASE: osha cited nearly -nb- alleged violations of federal electrical , crane-safety , record-keeping and other requirements . PHRASE: that settlement was in april -nb- . PHRASE: `` no consideration is more important than the health and safety of our employees . '' PHRASE: the company is contesting the fine . PHRASE: due to an editing error , a letter to the editor in yesterday 's edition from frederick h. hallett mistakenly identified the nrdc . PHRASE: it should be the natural resources defense council . PHRASE: we have made no such statement . PHRASE: the `` causes '' of homelessness are poorly understood and complex in any individual case . PHRASE: they suffered from malnutrition , chest diseases , cardiovascular disorders , skin problems , infectious diseases and the aftereffects of assaults and rape . PHRASE: homeless people not only lack safety , privacy and shelter , they also lack the elementary necessities of nutrition , cleanliness and basic health care . PHRASE: william r. breakey m.d. pamela j. fischer m.d. department of psychiatry johns hopkins university school of medicine baltimore PHRASE: leighton e. cluff m.d. president robert wood johnson foundation princeton , n.j . PHRASE: some of the homeless , obviously , had pre-existing mental illness or addiction . PHRASE: but many others have fallen through cracks in the economy into the grim , brutal world of our city streets . PHRASE: maxwell r.d. vos brooklyn , n.y . PHRASE: you dismiss as `` sentimental '' the view that the reduction of federal housing-assistance programs by -nb- % might have played a significant role in the increased number of men and women sleeping on our city streets during the reagan-bush years . PHRASE: robert s. jenkins cambridge , mass . PHRASE: i would predict that within a short time most of them would find thunderbird a satisfactory substitute for chivas regal and that their `` normal '' phobias , anxieties , depressions and substance abuse would increase dramatically . PHRASE: ruth k. nelson cullowhee , n.c . PHRASE: while the senate commerce committee has approved legislation similar to the house bill on airline leveraged buy-outs , the measure has n't yet come to the full floor . PHRASE: follow-up report : PHRASE: you can do all this even if you 're not a reporter or a researcher or a scholar or a member of congress . PHRASE: and my newspaper can print the text of those broadcasts . PHRASE: that was the law . PHRASE: it was censorship . PHRASE: it was outrageous . PHRASE: and it was stupid . PHRASE: the theory was that the voice is a propaganda agency and this government should n't propagandize its own people . PHRASE: that sounds neat , but this government -- any government -- propagandizes its own people every day . PHRASE: government press releases , speeches , briefings , tours of military facilities , publications are all propaganda of sorts . PHRASE: in june -nb- , i wrote in this space about this issue . PHRASE: it does a first-rate job . PHRASE: but a -nb- law barred the `` dissemination '' of that material in the u.s. . PHRASE: and , of course , there 's that word `` dissemination . '' PHRASE: what if i tune in my short-wave radio , transcribe an editorial or program , and print it in my newspaper ? PHRASE: a couple of weeks ago , i lost the case in federal district court in des moines . PHRASE: -- and the usia said that all of us could take extensive notes . PHRASE: but the court disagreed . PHRASE: so now the situation is this : PHRASE: this is not a trivial issue . PHRASE: the man was charles z. wick . PHRASE: at the time , he was director of the PHRASE: he had no answers then . PHRASE: now there are some . PHRASE: this democracy is suddenly a little more democratic . PHRASE: i feel pretty good about it . PHRASE: mr. gartner is editor and co-owner of the daily tribune in ames , iowa , and president of nbc news in new york . PHRASE: the board already has been searching for strong outside candidates , including food-industry executives with considerable international experience . PHRASE: wall street reacted favorably to mr. mcgovern 's departure and its implications . PHRASE: growth has fallen short of targets and operating earnings are far below results in u.s. units . PHRASE: however , neither mr. baum nor mr. harper has much international experience . PHRASE: in recent months , mr. dorrance 's children and other family members have pushed for improved profitability and higher returns on their equity . PHRASE: wednesday , november -nb- , -nb- PHRASE: the key u.s. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . PHRASE: prime rate : -nb- -nb- % . PHRASE: the base rate on corporate loans at large u.s. money center commercial banks . PHRASE: source : fulton prebon -lrb- u.s.a . -rrb- inc . PHRASE: discount rate : -nb- % . PHRASE: the charge on loans to depository institutions by the new york federal reserve bank . PHRASE: call money : -nb- -nb- % . PHRASE: the charge on loans to brokers on stock exchange collateral . PHRASE: certificates of deposit : -nb- % -nb- month ; -nb- % -nb- months ; -nb- % -nb- months ; -nb- % -nb- months ; -nb- % -nb- year . PHRASE: typical rates in the secondary market : -nb- % -nb- month ; -nb- % -nb- months ; -nb- % -nb- months . PHRASE: bankers acceptances : -nb- % -nb- days ; -nb- % -nb- days ; -nb- % -nb- days ; -nb- % -nb- days ; -nb- % -nb- days ; -nb- % -nb- days . PHRASE: negotiable , bank-backed business credit instruments typically financing an import order . PHRASE: london interbank offered rates -lrb- libor -rrb- : -nb- -nb- % -nb- month ; -nb- -nb- % -nb- months ; -nb- -nb- % -nb- months ; -nb- -nb- % -nb- year . PHRASE: foreign prime rates : canada -nb- % ; germany -nb- % ; japan -nb- % ; switzerland -nb- % ; britain -nb- % . PHRASE: these rate indications are n't directly comparable ; lending practices vary widely by location . PHRASE: federal home loan mortgage corp . -lrb- freddie mac -rrb- : posted yields on 30-year mortgage commitments for delivery within -nb- days . PHRASE: -nb- % , standard conventional fixed-rate mortgages ; -nb- % , -nb- % rate capped one-year adjustable rate mortgages . PHRASE: source : telerate systems inc . PHRASE: source : telerate systems inc . PHRASE: merrill lynch ready assets trust : -nb- % . PHRASE: annualized average rate of return after expenses for the past -nb- days ; not a forecast of future returns . PHRASE: sometimes you just go with your gut . '' PHRASE: mr. newhouse , meanwhile , insisted that he is n't unhappy with mr. bernstein or the performance of random house , the largest trade publishing house in the u.s. . PHRASE: `` the company is doing well , it 's stable , it 's got good people . PHRASE: bob has an agenda and this seemed like the natural time . '' PHRASE: as a private company , random house does n't report its earnings . PHRASE: speculation on his successor centers on a number of division heads at the house . PHRASE: possible candidates include susan petersen , president of ballantine\/del rey\/fawcett , random house 's huge and successful paperback division . PHRASE: it is not supported by the text or history of the constitution . PHRASE: the framers hardly discussed the appropriations clause at the constitutional convention of -nb- , according to madison 's notes . PHRASE: the supreme court 's decision in ins v. chadha held that legislative vetoes are unconstitutional . PHRASE: president reagan learned that lesson . PHRASE: the constitution does not expressly give the president such power . PHRASE: the question is whether his only means of defense is the veto . PHRASE: the excision of unconstitutional conditions in an appropriations bill would be a power of far more limited applicability . PHRASE: there is no downside if the president asserts a right of excision over unconstitutional conditions in the fiscal -nb- appropriations bills . PHRASE: if congress does nothing , president bush will have won . PHRASE: president bush should set things straight . PHRASE: mr. sidak served as an attorney in the reagan administration . PHRASE: most of those states set farm income records . PHRASE: the worst crop damage occurred in the midwestern corn belt and the northern great plains . PHRASE: to the surprise of some analysts , net cash income rose in some of the hardest-hit states , including indiana , illinois , nebraska and the dakotas . PHRASE: last year 's record net cash income confirms the farm sector 's rebound from the agricultural depression of the early -nb- . PHRASE: farmers also benefited from strong livestock prices , as the nation 's cattle inventory dropped close to a 30-year low . PHRASE: despite federal disaster relief , the drought of -nb- was a severe financial setback for an estimated -nb- to -nb- farmers , according to the department . PHRASE: many lost their farms . PHRASE: the demise of the 238,000-circulation herald , once the nation 's largest afternoon newspaper with circulation exceeding -nb- , turns the country 's second-largest city into a one-newspaper town , at least in some senses . PHRASE: the los angeles times , with a circulation of more than -nb- -nb- , dominates the region . PHRASE: nearby cities such as pasadena and long beach also have large dailies . PHRASE: the prospective buyers included investor marvin davis and the toronto sun . PHRASE: the death of the herald , a newsstand paper in a freeway town , was perhaps inevitable . PHRASE: hearst had flirted with a conversion to tabloid format for years but never executed the plan . PHRASE: william randolph hearst had kept an apartment in the spanish renaissance-style building . PHRASE: financially , it never recovered ; editorially , it had its moments . PHRASE: he and his successor , mary anne dolan , restored respect for the editorial product , and though in recent years the paper had been limping along on limited resources , its accomplishments were notable . PHRASE: for example , the herald consistently beat its much-larger rival on disclosures about los angeles mayor tom bradley 's financial dealings . PHRASE: the herald 's sports coverage and arts criticism were also highly regarded . PHRASE: the reaction in the newsroom was emotional . PHRASE: his wife also works for the paper , as did his father . PHRASE: `` it does n't make any difference now . PHRASE: or so the slogan might go . PHRASE: neither company would disclose the program 's cost . PHRASE: sales were roughly flat in the -nb- model year compared with a year earlier , though industry sales fell . PHRASE: but since the -nb- model year began oct. -nb- , buick sales have plunged -nb- % . PHRASE: american express has more than -nb- -nb- card holders in the u.s. , and over half have the green card . PHRASE: the vacation packages include hotel accommodations and , in some cases , tours or tickets to local attractions , but not meals . PHRASE: destinations are chicago ; honolulu ; las vegas , nev. ; los angeles ; miami beach , fla. ; new orleans ; new york ; orlando , fla. ; san francisco ; and washington , d.c. PHRASE: in lieu of the vacation , buyers can choose among several prizes , including a grandfather clock or a stereo videocassette recorder . PHRASE: if they test-drive a buick , they get an american express calculator . PHRASE: this is n't buick 's first travel-related promotion . PHRASE: a few years ago , the company offered -nb- round-trip tickets on trans world airlines to buyers of its riviera luxury car . PHRASE: 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 . PHRASE: as interest rates rose , municipalities owed the banks more than the banks were paying them . PHRASE: the council backed the audit commission 's stand that the swap transactions are illegal . PHRASE: although the hammersmith and fulham council was by far the most active local authority engaging in such capital-markets transactions , the court decision could set a precedent for similar transactions by -nb- other local councils . PHRASE: the target of their wrath ? PHRASE: their own employer , kidder peabody . PHRASE: but the heated fight over program trading is about much more than a volatile stock market . PHRASE: the evidence indicates that program trading did n't , in fact , cause the market 's sharp fall on oct. -nb- , though it may have exacerbated it . PHRASE: these are the main proponents of program trading . PHRASE: some , such as traditional money manager neuberger & berman , have taken out national newspaper advertisements demanding that market regulators `` stop the numbers racket on wall street . '' PHRASE: its new products and trading techniques have been highly profitable . PHRASE: last week , robert m. bradley , -nb- of the big board 's most respected floor traders and head of a major traders ' organization , surrendered . PHRASE: at kidder , a unit of general electric co. , and other big brokerage firms , stockbrokers battle their own firm 's program traders a few floors away . PHRASE: the big board -- the nation 's premier stock exchange -- is sharply divided between its floor traders and its top executives . PHRASE: its entrenched -nb- stock specialists firms are fighting tooth and nail against programs . PHRASE: but we are not going back to -nb- . '' PHRASE: again and again , program-trading 's critics raise the `` casino '' theme . PHRASE: the program traders , on the other hand , portray old-fashioned stock pickers as the neanderthals of the industry . PHRASE: `` just a blind fear of the unknown is causing them to beg the regulators for protection . '' PHRASE: for all the furor , there is nothing particularly complex about the concept of stock-index arbitrage , the most controversial type of computer-assisted program trading . PHRASE: but many experts and traders say that program trading is n't the main reason for stock-market gyrations . PHRASE: like virtually everything on wall street , the program-trading battle is over money , and the traditionalists have been losing out on bundles of it to the new guard in recent years . PHRASE: the specialists see any step to electronic trading as a death knell . PHRASE: meanwhile , specialists ' trading risks have skyrocketed as a result of stock-market volatility . PHRASE: no one is more unhappy with program trading than the nation 's stockbrokers . PHRASE: stockbrokers ' business and pay has been falling . PHRASE: `` do you make sweatshirts or sparkplugs ? PHRASE: by this september , program traders were doing a record -nb- % of the big board 's average daily trading volume . PHRASE: stock futures trading has minted dozens of millionaires in their -nb- and -nb- . PHRASE: now , on a good day , chicago 's stock-index traders trade more dollars worth of stock futures than the big board trades in stock . PHRASE: the anti-programmers are getting some helpful thunder from congress . PHRASE: you will not panic , PHRASE: you will not put the financial system in jeopardy . ' '' PHRASE: program trading critics also want the federal reserve board , rather than the futures industry , to set such margins . PHRASE: a reinstatement of the uptick rule for program traders would slow their activity considerably . PHRASE: program traders argue that a reinstatement of the rule would destroy the `` pricing efficiency '' of the futures and stock markets . PHRASE: james a. white contributed to this article . PHRASE: fundamentalists jihad PHRASE: thus the band-wagon psychology of recent days picks up new impetus . PHRASE: index arbitrage is a common form of program trading . PHRASE: in index arbitrage , the widget is the s&p -nb- , and its price is constantly compared between the futures market in chicago and the stock markets largely in new york . PHRASE: but many of these reforms are unneeded , even harmful . PHRASE: arbitrage does n't cause volatility ; it responds to it . PHRASE: if not chicago , then in new york ; if not the u.s. , then overseas . PHRASE: volatility surrounding his trades occurs not because of index arbitrage , but because his is a large addition or subtraction to a widget market with finite liquidity . PHRASE: the ultimate goal of any investor is a profit motive , and regulators should not concern themselves with whether investors are sufficiently focused on the long term . PHRASE: could rising volatility possibly be related to uncertainty about the economics of stocks , instead of the evil deeds of program-trading goblins ? PHRASE: mr. allen 's pittsburgh firm , advanced investment management inc. , executes program trades for institutions . PHRASE: some democrats in congress are warning that a complicated new funding device for the -nb- federal antitrust agencies could result in further cutbacks in a regulatory area already reduced sharply in recent years . PHRASE: currently , the government charges nothing for such filings . PHRASE: fall ballot issues set a record for off-year elections . PHRASE: odd-year elections attract relatively few ballot issues . PHRASE: mr. mcguigan cites -nb- completed efforts in oklahoma . PHRASE: photograph collecting gains new stature as prices rise . PHRASE: price records are being set at auctions this week . PHRASE: other works also have been exceeding price estimates . PHRASE: most in demand : classic photographs by masters such as stieglitz and man ray . PHRASE: charities test the waters , but they face legal barriers to electronic fund raising . PHRASE: family pets are improving recovery rates of patients at columbia hospital , milwaukee . PHRASE: medicine transplant : growth of japanese trade and travel prompts beth israel medical center , new york , to set up a bilingual medical practice . PHRASE: diaper services make a comeback amid growing environmental concerns . PHRASE: in syracuse , n.y. , dydee service 's new marketing push stresses environmental awareness . PHRASE: briefs : PHRASE: but he blames program trading for only some of the market 's volatility . PHRASE: he also considers the market overvalued and cites the troubles in junk bonds . PHRASE: he adds : `` the market may be giving us another message , that a recession is looming . '' PHRASE: or , as dorothy arighi , an interior decorator in arnold , calif. , puts it : `` all kinds of funny things spook the market these days . '' PHRASE: but she believes that `` program trading creates deviant swings . PHRASE: it 's not a sound thing ; there 's no inherent virtue in it . '' PHRASE: she adds that legislation curbing it would be `` a darned good idea . '' PHRASE: at the charles schwab & co. office in atlanta 's buckhead district , a group of investors voices skepticism that federal officials would curb program trading . PHRASE: yet he is n't in favor of new legislation . PHRASE: `` i 'd much rather see them dealing with interest rates and the deficit . '' PHRASE: he adds that program trading `` increases liquidity in the market . PHRASE: you ca n't hold back technology . '' PHRASE: there 's no culprit here . PHRASE: the market is just becoming more efficient . '' PHRASE: `` if you were a short-term investor , you might be more leery about program trading . '' PHRASE: jim enzor of atlanta defends program trading because he believes that it can bring the market back up after a plunge . PHRASE: `` if you could get the rhythm of the program trading , you could take advantage of it . '' PHRASE: scott taccetta , a chicago accountant , is going into money-market funds . PHRASE: lucille gorman , an 84-year-old chicago housewife , has become amazingly immune to stock-market jolts . PHRASE: on the other hand , if it goes way sky high , i always sell . PHRASE: the underwood family said that holders of more than a majority of the stock of the company have approved the transaction by written consent . PHRASE: their report appears in today 's issue of the journal nature . PHRASE: he added that the current-carrying capacity of multi-crystal samples of superconductors remains too low for most practical uses because of so-called weak links between crystals . PHRASE: the combined processes may significantly raise the current-carrying capacity of multi-crystal samples . PHRASE: the appointment takes effect nov. -nb- . PHRASE: edward l. kane succeeded mr. taylor as chairman . PHRASE: international business machines corp. -- PHRASE: detroit -- PHRASE: the bonds are insured and triple-a-rated . PHRASE: santa ana community redevelopment agency , calif. -- PHRASE: maryland community development administration , department of housing and community development -- PHRASE: they mature -nb- , -nb- and -nb- . PHRASE: they mature in -nb- , -nb- and -nb- . PHRASE: the underwriters expect a double-a rating from moody 's . PHRASE: heiwado co . -lrb- japan -rrb- -- PHRASE: fees -nb- -nb- . PHRASE: svenska intecknings garanti aktiebolaget -lrb- sweden -rrb- -- PHRASE: fees -nb- -nb- . PHRASE: takashima & co . -lrb- japan -rrb- -- PHRASE: -nb- -nb- swiss francs of privately placed convertible notes due march -nb- , -nb- , with a fixed -nb- % coupon at par via yamaichi bank -lrb- switzerland -rrb- . PHRASE: fees -nb- -nb- . PHRASE: mitsubishi pencil co . -lrb- japan -rrb- -- PHRASE: -nb- -nb- swiss francs of privately placed convertible notes due dec. -nb- , -nb- , with a fixed -nb- % coupon at par via union bank of switzerland . PHRASE: fees -nb- -nb- . PHRASE: koizumi sangyo corp . -lrb- japan -rrb- -- PHRASE: guarantee by dai-ichi kangyo bank ltd . PHRASE: fees -nb- -nb- . PHRASE: a stadium craze is sweeping the country . PHRASE: pepperdine university economist dean baim scoffs at that . PHRASE: san francisco voters rejected a new ballpark -nb- years ago . PHRASE: miami dolphins owner joe robbie disagrees , and he can prove it . PHRASE: an egyptian pharaoh could n't have justified his pyramids any better . PHRASE: but civilization has moved forward since then . PHRASE: reed is paying an interim dividend of -nb- pence , up -nb- % from -nb- pence a year earlier . PHRASE: the reason : risks from the firms ' new `` merchant banking '' activities are rising as revenue from the industry 's traditional business erodes . PHRASE: the biggest firms still retain the highest ratings on their commercial paper . PHRASE: shearson is 62%-owned by american express co . PHRASE: `` a sweeping restructuring of the industry is possible . '' PHRASE: `` total merchant banking exposures are in excess of the firm 's equity . '' PHRASE: cs first boston , however , benefits from the backing of its largest shareholder , credit suisse , switzerland 's third largest bank . PHRASE: shearson also has been an aggressive participant in the leveraged buy-out business . PHRASE: drexel , meanwhile , already competes at a disadvantage to its big wall street rivals because it has a slightly lower commercial paper rating . PHRASE: the collapse of junk bond prices and the cancellation of many junk bond financings apparently have taken their toll on closely held drexel , the leading underwriter in that market . PHRASE: drexel remains confident of its future creditworthiness . PHRASE: `` and as a leading investment and merchant banking firm , the fact that we are no longer subject to the uncertainties and vicissitudes of the retail business is a major plus in our view . PHRASE: most recently , mr. veraldi , -nb- years old , has been vice president of product and manufacturing engineering at ford motor co . PHRASE: under the so-called team taurus approach , mr. veraldi and other ford product planners sought the involvement of parts suppliers , assembly-line workers , auto designers and financial staff members from the initial stages of the development cycle . PHRASE: too often now , a single court decision becomes the precedent for other , less compelling cases . PHRASE: in the -nb- , scientists reported cancer cases among the daughters of des users . PHRASE: this has some logic . PHRASE: but courts quickly tumbled down a slippery slope . PHRASE: just as all plaintiffs are not alike , it turns out that des defendants marketed the drugs differently and may have offered different warranties . PHRASE: the california justices noted that the fear of litigation already forced the only remaining anti-morning-sickness drug , bendectin , off the u.s. market . PHRASE: may stores , st. louis , runs such well-known department stores as lord & taylor . PHRASE: last year , dsm had -nb- -nb- guilders of extraordinary charges for the restructuring program and other transactions . PHRASE: cataracts refer to a clouding of the eye 's natural lens . PHRASE: rep. gary ackerman noted that past food aid had harmed farmers in el salvador and egypt . PHRASE: it should be constantly stressed that poland 's farmers mostly need a real market for their products . PHRASE: oshkosh truck attributed the downturn in its earnings to higher start-up costs of its new chassis division , a softer motor-home market and higher administrative costs of compliance with government contractor regulations . PHRASE: tokyo stocks edged up wednesday in relatively active but unfocused trading . PHRASE: london shares finished moderately higher . PHRASE: in early trading in tokyo thursday , the nikkei index fell -nb- points to -nb- . PHRASE: declining issues slightly outnumbered advancing issues , -nb- to -nb- . PHRASE: speculation , on the other hand , sparked buying in certain incentive-backed issues , though rumors underlying such shares eventually proved untrue . PHRASE: institutions mostly remained on the sidelines because of uncertainty regarding interest rates and the dollar . PHRASE: akio yamamoto , managing director of nomura investment trust management , said that if the u.s. federal funds rate declines to around -nb- % , institutions would acquire a clearer idea regarding the direction of the market and thus more comfortably participate in active buying . PHRASE: showa shell gained -nb- to -nb- and mitsubishi oil rose -nb- to -nb- . PHRASE: sumitomo metal mining fell -nb- yen to -nb- and nippon mining added -nb- to -nb- . PHRASE: marubeni advanced -nb- to -nb- . PHRASE: the financial times-stock exchange 100-share index closed -nb- points higher at -nb- . PHRASE: also , several key blue chips were pushed higher in thin volume because of a technical squeeze among market makers . PHRASE: the ft 30-share index settled -nb- points higher at -nb- . PHRASE: volume was -nb- -nb- shares , up from -nb- -nb- on tuesday . PHRASE: they cited wall street 's recent volatility and the lack of a clear indication over the market 's short-term direction as factors in the institutional caution . PHRASE: like jaguar , b.a.t also eased off its highs in afternoon dealings . PHRASE: drug companies in the key index also notched gains as market-makers searched for stock in anticipation of demand due to the sector 's defensive qualities . PHRASE: wellcome gained -nb- to -nb- on a modest -nb- -nb- shares . PHRASE: stock prices closed higher in stockholm , amsterdam and frankfurt and lower in zurich . PHRASE: paris , brussels , and milan were closed for a holiday . PHRASE: south african gold stocks closed marginally lower . PHRASE: elsewhere , share prices closed higher in singapore , taipei and wellington , were mixed in hong kong , lower in seoul and little changed in sydney . PHRASE: manila markets were closed for a holiday . PHRASE: the percentage change is since year-end . PHRASE: intermec corp. , offering of -nb- common shares , via goldman , sachs & co. and piper , jaffray & hopwood inc . PHRASE: middlesex water co. , offering of -nb- shares of common stock , via legg mason wood walker inc. and howard , weil , labouisse , friedrichs inc . PHRASE: nylev municipal fund inc. , offering of -nb- -nb- common shares . PHRASE: service fracturing co. , proposed offering of -nb- -nb- shares of common stock , via lovett mitchell webb & garrison , inc. , and blunt ellis & loewi inc . PHRASE: -- pat d'amico . PHRASE: the los angeles county district attorney 's office filed -nb- felony and -nb- misdemeanor counts charging that late last year and early this year the irvine , calif.-based circuit-board manufacturer illegally disposed of acid , caustic and heavy metals into the sewer system , and stored hazardous materials in leaky , unlabeled or open-top containers . PHRASE: `` the company does not feel that it or any of the individuals violated any criminal statute and the company expects full vindication in court . '' PHRASE: consumer confidence stayed strong in october , despite the unsettling gyrations of the stock market . PHRASE: the index was -nb- in october -nb- and in the past year has ranged from a low of -nb- to a high of -nb- . PHRASE: it uses a base of -nb- in -nb- . PHRASE: an equal number in each month said that employment conditions were good . PHRASE: home purchase plans increased to -nb- % from -nb- % in the -nb- recent months . PHRASE: despite a deluge of economic news , the treasury market remained quiet but the corporate market was abuzz over international business machines corp. 's huge debt offering . PHRASE: money managers ranked ibm 's offering as the most significant investment-grade sale of the year because large issues of long-term debt by companies with triple-a credit are infrequent . PHRASE: the government reported that orders for manufactured goods were essentially unchanged in september while construction spending was slightly lower . PHRASE: a survey by the federal reserve 's -nb- district banks and the latest report by the national association of purchasing management blurred that picture of the economy . PHRASE: among other things , the survey found that manufacturing activity varied considerably across districts and among industries . PHRASE: the philadelphia and cleveland districts , for example , reported declines in manufacturing activity while the boston , dallas and san francisco banks noted that business expanded . PHRASE: the purchasing managers index of economic activity rose in october , although it remains below -nb- % . PHRASE: a reading below -nb- % indicates that the manufacturing sector is slowing while a reading above -nb- % suggests that the industry is expanding . PHRASE: the economists forecast a -nb- % rise in the unemployment rate to -nb- % . PHRASE: treasury securities PHRASE: meanwhile , treasury bonds ended modestly higher in quiet trading . PHRASE: the discount rate on three-month treasury bills was essentially unchanged at -nb- % , while the rate on six-month bills was slightly lower at -nb- % compared with -nb- % tuesday . PHRASE: corporate issues PHRASE: meanwhile , most investment-grade bonds ended unchanged to as much as -nb- point higher . PHRASE: in its latest compilation of performance statistics , moody 's investors service found that investment-grade bonds posted a total return of -nb- % in october while junk bonds showed a negative return of -nb- % . PHRASE: total return measures price changes and interest income . PHRASE: junk bonds trailed the group again . PHRASE: mortgage-backed issues PHRASE: mortgage securities ended slightly higher but trailed gains in the treasury market . PHRASE: ginnie mae 's -nb- % issue for november delivery finished at -nb- -nb- , up -nb- , and its -nb- -nb- % issue at -nb- -nb- , also up -nb- . PHRASE: the ginnie mae -nb- % securities were yielding -nb- % to a 12-year average life . PHRASE: municipal issues PHRASE: municipal bonds were mostly unchanged to up -nb- point in light , cautious trading prior to tomorrow 's unemployment report . PHRASE: foreign bond PHRASE: elsewhere : PHRASE: the british department of trade and industry ordered an investigation of the competitive impact of michelin tyre plc 's planned acquisition of national tyre service ltd . PHRASE: michelin tyre is a unit of france 's michelin s.a . PHRASE: the proposal comes as a surprise even to administration officials and temporarily throws into chaos the house 's work on clean-air legislation . PHRASE: as chairman of the house energy and commerce committee , mr. dingell has almost single-handed control over clean-air legislation . PHRASE: also , the reforms allow the big board to halt trading for -nb- hour if the dow jones industrial average falls -nb- points , and for -nb- more hours if the dow slides an additional -nb- points on the same day . PHRASE: program trading -- a wide range of computer-assisted portfolio trading strategies involving the simultaneous purchase or sale of -nb- or more stocks . PHRASE: if stocks are temporarily `` cheaper '' than futures , for example , an arbitrager will buy stocks and sell futures . PHRASE: for stock indexes , the underlying investment may be a stock-index futures contract or the cash value of a stock index . PHRASE: for example , there are options on the s&p -nb- futures contract and on the s&p -nb- index . PHRASE: uptick -- an expression signifying that a transaction in a listed security occurred at a higher price than the previous transaction in that security . PHRASE: ual 's announcement came after the market closed yesterday . PHRASE: reliance confirmed the filing but would n't elaborate . PHRASE: mr. wolf 's success in that job helped him land the top job with ual in december -nb- . PHRASE: the financial-services company will pay -nb- share for each williams share . PHRASE: williams , duluth , ga. , is an insurance and financial-services holding company . PHRASE: telerate 's -nb- independent directors have rejected the offer as inadequate . PHRASE: telerate provides an electronic financial information network . PHRASE: dow jones publishes the wall street journal , barron 's magazine , and community newspapers and operates financial news services and computer data bases . PHRASE: rockwell international corp. reported flat operating earnings for the fourth quarter ended sept. -nb- . PHRASE: the aerospace , automotive supply , electronics and printing-press concern also indicated that the first half of fiscal -nb- could be rough . PHRASE: mr. beall said that he was generally pleased with the latest numbers and cited a particularly strong showing by the company 's electronics segment . PHRASE: all -nb- areas had higher revenue for the -nb- months ended sept. -nb- . PHRASE: aerospace earnings sagged -nb- % for the quarter and -nb- % for the year , largely due to lower b-1b program profit ; the last of the bombers rolled out in april -nb- . PHRASE: the company also took hits in the fourth quarters of -nb- and -nb- on a fixed-price weapons-modernization development program -- probably the c-130 gunship , according to analysts . PHRASE: world sugar futures prices soared on rumors that brazil , a major grower and exporter , might not ship sugar this crop year and next . PHRASE: the march and may contracts rose to fresh life-of-contract highs of -nb- cents and -nb- cents at their best levels of the day . PHRASE: the july delivery rose its daily permissible limit of -nb- cent a pound to -nb- cents , while other contract months showed near-limit advances . PHRASE: -nb- analyst , arthur stevenson , of prudential-bache securities , new york , estimated that -nb- % or more of brazil 's newly made automobiles run on alcohol and ca n't use gasoline . PHRASE: thomas oxnard , sugar analyst for painewebber in hackensack , n.j. , said : `` i am highly skeptical that brazil will curtail sugar exports , particularly with the price of sugar at over -nb- cents a pound . '' PHRASE: mr. oxnard observed that the situation in brazil is also very complicated . PHRASE: in other commodity markets yesterday : PHRASE: energy : PHRASE: petroleum futures were generally higher with heating oil leading the way . PHRASE: gasoline futures were mixed to unchanged . PHRASE: grains and soybeans : PHRASE: continued export demand also supported prices . PHRASE: copper : PHRASE: it operates stores mostly in iowa and nebraska . PHRASE: mr. reupke , -nb- years old and a 27-year reuters veteran , had been the information-services company 's general manager for only -nb- months . PHRASE: i would be very surprised if his departure signals any change in strategy or change in profit expectations . '' PHRASE: peter holland , -nb- , deputy general manager , becomes director of corporate affairs . PHRASE: and patrick mannix , -nb- , international technical manager , becomes director of group quality programs . PHRASE: dd acquisition corp. , a partnership of unicorp canada corp. 's kingsbridge capital group and cara operations ltd. , extended to nov. -nb- its $ 45-a-share offer for all dunkin' donuts inc. shares outstanding . PHRASE: dunkin' has set nov. -nb- as the deadline for the receipt of any competing bids . PHRASE: the company also cited interest costs and amortization of goodwill as factors in the loss . PHRASE: standard & poor 's 500-stock index added -nb- to -nb- ; the rise was equivalent to a gain of about -nb- points in the industrial average . PHRASE: the dow jones equity market index gained -nb- to -nb- and the new york stock exchange composite index went up -nb- to -nb- . PHRASE: advancing stocks led decliners on the new york stock exchange by -nb- to -nb- . PHRASE: big board volume amounted to -nb- shares , down from -nb- -nb- tuesday . PHRASE: campbell soup jumped -nb- -nb- to -nb- -nb- as the resignation of r. gordon mcgovern as president and chief executive officer sparked a revival of rumors that the company could become a takeover target . PHRASE: upjohn , a rumored target within the drug industry , advanced -nb- to -nb- -nb- . PHRASE: ual rose -nb- -nb- to -nb- . PHRASE: mead rose -nb- to -nb- -nb- , federal paper board added -nb- to -nb- -nb- and scott paper gained -nb- to -nb- -nb- , while international paper fell -nb- to -nb- -nb- , champion international lost -nb- to -nb- -nb- and louisiana-pacific dropped -nb- to -nb- -nb- . PHRASE: texaco rose -nb- to -nb- -nb- as -nb- -nb- shares changed hands . PHRASE: santa fe pacific dropped -nb- -nb- to -nb- -nb- . PHRASE: gencorp tumbled -nb- to -nb- . PHRASE: the company forecast that fourth-quarter income from continuing operations would be `` significantly '' lower than a year earlier . PHRASE: allergan went up -nb- to -nb- -nb- . PHRASE: the american stock exchange market value index gained -nb- to -nb- . PHRASE: volume totaled -nb- shares . PHRASE: old spaghetti warehouse rose -nb- to -nb- -nb- . PHRASE: its net income for the september quarter rose about -nb- % from a year ago . PHRASE: freeport-mcmoran , the parent company , holds roughly -nb- % of the units outstanding . PHRASE: nissan cited strong domestic sales against the backdrop of continuous economic expansion . PHRASE: profit surged -nb- % to -nb- -nb- yen , or -nb- yen a share , from -nb- -nb- yen , or -nb- yen a share . PHRASE: nissan scheduled a seven-yen interim dividend payment , unchanged . PHRASE: heritage owns and operates television and radio stations and in-store advertising and promotion programs . PHRASE: the results reflected a -nb- % gain in income from its finance businesses , and a -nb- % slide in income from insurance operations . PHRASE: rms distributes electronic devices and produces power supplies and plastic literature displays . PHRASE: the sale represents -nb- % of meridian 's shares outstanding . PHRASE: the other concern was n't identified . PHRASE: the acquisition of 87-store weisfield 's raises ratners 's u.s. presence to -nb- stores . PHRASE: while he reaffirmed support for the country 's feb. -nb- elections , ortega indicated that renewed u.s. military aid to the contras could thwart the balloting . PHRASE: thousands of east germans fled to czechoslovakia after the east berlin government lifted travel restrictions . PHRASE: beijing 's rulers complained to the former president about u.s. `` interference '' in china 's domestic affairs . PHRASE: died : james a. attwood , -nb- , retired chairman and president of mutual life insurance co. of new york , tuesday , in new york city , of an acute anemic condition . PHRASE: sony corp. completed its tender offer for columbia pictures entertainment inc. , with columbia shareholders tendering -nb- % of all common shares outstanding by the tuesday deadline . PHRASE: xerox corp. has told employees in its crum & forster personal insurance operations that it is laying off about -nb- people , or -nb- % of the staff . PHRASE: property\/casualty insurance has been a tough business in recent quarters , as pricing has been cutthroat and natural disasters such as hurricane hugo and the california earthquake have resulted in huge payments . PHRASE: komatsu ltd. , a large integrated maker of construction machinery , posted a -nb- % unconsolidated gain in first-half pretax profit . PHRASE: sales rose -nb- % to -nb- -nb- yen from -nb- -nb- yen . PHRASE: net income surged -nb- % to -nb- -nb- yen from -nb- -nb- yen . PHRASE: per-share net rose to -nb- yen from -nb- yen . PHRASE: brisk domestic demand due to increasing capital investment pushed up sales sharply in construction and industrial machinery divisions . PHRASE: domestic sales of construction machinery , such as power shovels and bulldozers rose to -nb- -nb- yen from -nb- -nb- yen . PHRASE: demand from europe and southeast asia also grew , but due to increasing production at local plants , overseas sales edged down -nb- % . PHRASE: still , many economists are n't predicting a recession anytime soon . PHRASE: light trucks and vans will face the same safety requirements as automobiles under new proposals by the transportation department . PHRASE: markets -- PHRASE: stocks : volume -nb- shares . PHRASE: dow jones industrials -nb- , up -nb- ; transportation -nb- , up -nb- ; utilities -nb- , up -nb- . PHRASE: bonds : shearson lehman hutton treasury index -nb- , up PHRASE: commodities : dow jones futures index -nb- , up -nb- ; spot index -nb- , up -nb- . PHRASE: dollar : -nb- yen , up -nb- ; -nb- marks , up -nb- . PHRASE: junk-bond markdowns , an ongoing securities and exchange commission investigation , a drexel burnham lambert connection , a fizzled buy-out rumor . PHRASE: bears have targeted columbia 's stock because of the thrift 's exposure to the shaky junk market . PHRASE: and some investors fault mr. spiegel 's life style ; he earns millions of dollars a year and flies around in columbia 's jet planes . PHRASE: columbia has only about -nb- -nb- common shares in public hands . PHRASE: the spiegel family has -nb- % of the common and -nb- % of the votes . PHRASE: other big common holders are carl lindner 's american financial , investor irwin jacobs and pacific financial research , though the latter cut its stake this summer . PHRASE: columbia wo n't comment on all the speculation . PHRASE: new rules force thrifts to write down their junk to market value , then sell the bonds over -nb- years . PHRASE: but if columbia could keep its junk bonds separate from the thrift till they mature -- at full value , unless the issuer goes bust or restructures -- the junk portfolio might do all right . PHRASE: columbia , a longtime drexel client , wo n't provide current data on its junk . PHRASE: these were allied stores , western union telegraph , gillett holdings , sci television and texas air , though many other bonds in columbia 's portfolio also have lost value . PHRASE: but columbia 's good bank would be a regulated thrift , while the bad bank would be a private investment company , holding some of columbia 's junk bonds , real estate and equity investments . PHRASE: but `` the concept is workable . PHRASE: mr. spiegel 's next career move is a subject of speculation on wall street . PHRASE: pauline yoshihashi in los angeles contributed to this article . PHRASE: columbia savings & loan -lrb- nyse ; symbol : csv -rrb- PHRASE: business : savings and loan PHRASE: average daily trading volume : -nb- shares PHRASE: common shares outstanding : -nb- -nb- PHRASE: note : all per-share figures are fully diluted . PHRASE: sandoz ltd. has licensed certain manufacturing and marketing rights for interleukin-3 from genetics institute and is conducting preclinical studies with it . PHRASE: mr. thomas , currently chairman of the equal employment opportunity commission , would add another conservative voice to the closely divided court . PHRASE: the sale comes in place of a planned initial public offering of lentjes stock . PHRASE: the u.s. international trade commission issued preliminary rulings under the u.s. anti-dumping act that imports of sweaters from hong kong , taiwan and south korea may be injuring a domestic industry . PHRASE: the law defines unfairly low prices as ones below the cost of production or below prices in an exporter 's home market . PHRASE: in addition , upjohn is offering a one-time retirement bonus equal to -nb- months of base pay . PHRASE: as a result , upjohn will likely trim only about -nb- to -nb- of its more than -nb- jobs world-wide . PHRASE: inter-tel inc . -lrb- chandler , ariz. -rrb- -- PHRASE: he increases the board to -nb- . PHRASE: right up front in the preface , co-author william sternberg gives us an example of his own integrity . PHRASE: instead of -nb- it became , on paper only , two-thirds mariotta , one-third neuberger , and they were in the program and off to the races . PHRASE: wedtech did n't just use old fashioned bribery . PHRASE: when necessary , it sought and received assistance from organized crime . PHRASE: sometimes the bribed became partners in the company . PHRASE: wedtech management used the merit system . PHRASE: if you were especially helpful in a corrupt scheme you received not just cash in a bag , but equity . PHRASE: but despite the sensational nature of the revelations and the breezy , easy-to-read tabloid writing style , `` feeding frenzy '' often falls short of gripping reading . PHRASE: none of the scams show much ingenuity : auditors found crookery the first day on the job . PHRASE: wedtech 's scammers simply bribed them to shut up . PHRASE: among the lot of them , not -nb- is wrestling with good and evil , or especially intelligent or even temporarily insane . PHRASE: numerous other scandals , among them the ones at hud , have the same characteristics as wedtech . PHRASE: `` feeding frenzy '' does provide a few clues . PHRASE: mr. stern was chairman and chief executive officer of the new york state urban development corp. , -nb- . PHRASE: `` the situation is that the bankruptcy court will get out of the shipbuilding business . PHRASE: waertsilae marine 's biggest creditor is miami-based carnival cruise lines inc . PHRASE: waertsilae marine 's bankruptcy proceedings began tuesday in a helsinki court . PHRASE: mr. karns continues as chairman . PHRASE: its cereal division realized higher operating profit on volume increases , but also spent more on promotion . PHRASE: the record corn-buying binge by the soviet union is causing serious bottlenecks in the u.s. grain pipeline . PHRASE: river barge rates have soared -nb- % this fall from a year earlier . PHRASE: railroad companies and some ports are reaping a sudden windfall of business . PHRASE: similar levels hamstrung barge shipments last year in the wake of the worst drought in -nb- years . PHRASE: so far , the grain industry 's budding logistical problems have n't been a major factor in the trading of corn contracts at the chicago board of trade . PHRASE: because the drought reduced u.s. stockpiles , they have more than enough storage space for their new crop , and that permits them to wait for prices to rise . PHRASE: although u.s. corn stockpiles shrank by roughly half in the wake of the drought , the agriculture department projects that nearly one-fifth of the harvest will still be in storage before the -nb- corn harvest begins . PHRASE: ports in the great lakes and atlantic coast can also relieve pressure on new orleans . PHRASE: -nb- railroad , for example , is already increasing its grain hauling service from indiana to baltimore . PHRASE: in other commodity markets yesterday : PHRASE: energy : crude oil futures prices increased in moderate trading , but much of the action was in heating oil . PHRASE: heating oil for november delivery ended at -nb- cents a gallon , up -nb- cent on the new york mercantile exchange . PHRASE: precious metals : futures prices eased as increased stability and strength came into the securities markets . PHRASE: yesterday , these stocks rose by -nb- ounces to a record of -nb- ounces , according to an exchange spokesman . PHRASE: the purchasing management association of chicago 's october index rose to -nb- % after -nb- previous months of readings below -nb- % . PHRASE: the september index was -nb- % . PHRASE: a reading below -nb- % generally indicates a slowing in the industrial sector of the economy , while a reading above -nb- % points to expansion . PHRASE: the chicago report raised the possibility that the october survey of the national association of purchasing management would also show a reading above -nb- % . PHRASE: moreover , usx exports more than other steelmakers , and the overseas market has been under more severe pricing pressure . PHRASE: the rise in the stock 's price may also reflect the fact that usx 's steel segment fared better than some other steelmakers ' . PHRASE: the energy segment , with a -nb- % rise in operating profit , is clearly the company 's strongest . PHRASE: the -nb- professors represent different ends of the political spectrum -- mr. kurland is a conservative and mr. tribe is a liberal .