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Created March 23, 2017 11:42
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import sys
import numpy as np
import random
sys.argv += ["--dynet-mem", "1000", "--dynet-seed", "10", "--dynet-gpu-ids" , "1" ]
from dynet import *
random.seed(10)
np.random.seed(20)
def extract_words_from_train(f_train):
words_count = {}
words = []
for l in open(f_train):
l = l.split()
for w in l:
if w not in words_count:
words_count[w] = 0
words_count[w] += 1
for w in words_count:
if words_count[w] > RARE_WORD:
words.append(w)
return words
def ff_all_sent_graph(sentence):
renew_cg()
f_init = builder.initial_state()
f_words = [lookup(lookup_words, w) for w in sentence[:-1]]
f = [x.output() for x in f_init.add_inputs(f_words)]
W = parameter(W_p)
b1 = parameter(b1_p)
U = parameter(U_p)
b2 = parameter(b2_p)
losses = []
for (vec, next_word) in zip(f, sentence[1:]):
mlp = U*(rectify((W*vec)+b1))+b2
losses.append(pickneglogsoftmax(mlp, next_word))
return esum(losses)
#TODO parameters
NUM_LAYERS = 1
INPUT_DIM = 300
HIDDEN_DIM = INPUT_DIM
W_DIM = 200
EPOCH = 1
RARE_WORD = 0
f_train = "train_short.txt"
f_test = "test_short.txt"
words = extract_words_from_train(f_train)
words.append("<s>")
words.append("<UNK>")
word_num = len(words)
words_to_num = {n:i for i,n in enumerate(words)}
UNK = words_to_num["<UNK>"]
model = Model()
trainer = AdamTrainer(model)
builder = VanillaLSTMBuilder(NUM_LAYERS, INPUT_DIM, HIDDEN_DIM, model)
lookup_words = model.add_lookup_parameters((word_num, INPUT_DIM))
b1_p = model.add_parameters((W_DIM,))
b2_p = model.add_parameters((word_num,))
W_p = model.add_parameters((W_DIM, INPUT_DIM))
U_p = model.add_parameters((word_num, W_DIM))
total_loss = 0
for i,s in enumerate(open(f_train),1):
sentence = s.split()
sentence = ["<s>"] + sentence
sentence = [words_to_num.get(w, UNK) for w in sentence]
loss = ff_all_sent_graph(sentence)
print loss.value()
total_loss += loss.value()
loss.backward()
trainer.update()
if i == 100: break
aer banknote berlitz calloway centrust cluett fromstein gitano guterman hydro-quebec ipo kia memotec mlx nahb punts rake regatta rubens sim snack-food ssangyong swapo wachter
pierre <unk> N years old will join the board as a nonexecutive director nov. N
mr. <unk> is chairman of <unk> n.v. the dutch publishing group
rudolph <unk> N years old and former chairman of consolidated gold fields plc was named a nonexecutive director of this british industrial conglomerate
a form of asbestos once used to make kent cigarette filters has caused a high percentage of cancer deaths among a group of workers exposed to it more than N years ago researchers reported
the asbestos fiber <unk> is unusually <unk> once it enters the <unk> with even brief exposures to it causing symptoms that show up decades later researchers said
<unk> inc. the unit of new york-based <unk> corp. that makes kent cigarettes stopped using <unk> in its <unk> cigarette filters in N
although preliminary findings were reported more than a year ago the latest results appear in today 's new england journal of medicine a forum likely to bring new attention to the problem
a <unk> <unk> 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 <unk> nor the researchers who studied the workers were aware of any research on smokers of the kent cigarettes
we have no useful information on whether users are at risk said james a. <unk> of boston 's <unk> cancer institute
dr. <unk> led a team of researchers from the national cancer institute and the medical schools of harvard university and boston university
the <unk> spokeswoman said asbestos was used in very modest amounts in making paper for the filters in the early 1950s and replaced with a different type of <unk> in N
from N to N N billion kent cigarettes with the filters were sold the company said
among N men who worked closely with the substance N have died more than three times the expected number
four of the five surviving workers have <unk> diseases including three with recently <unk> cancer
the total of N deaths from malignant <unk> lung cancer and <unk> was far higher than expected the researchers said
the <unk> rate is a striking finding among those of us who study <unk> diseases said dr. <unk>
the percentage of lung cancer deaths among the workers at the west <unk> mass. paper factory appears to be the highest for any asbestos workers studied in western industrialized countries he said
the plant which is owned by <unk> & <unk> co. was under contract with <unk> to make the cigarette filters
the finding probably will support those who argue that the u.s. should regulate the class of asbestos including <unk> more <unk> than the common kind of asbestos <unk> found in most schools and other buildings dr. <unk> said
the u.s. is one of the few industrialized nations that does n't have a higher standard of regulation for the smooth <unk> fibers such as <unk> that are classified as <unk> according to <unk> t. <unk> a professor of <unk> at the university of vermont college of medicine
more common <unk> fibers are <unk> and are more easily rejected by the body dr. <unk> explained
in july the environmental protection agency imposed a gradual ban on virtually all uses of asbestos
by N almost all remaining uses of <unk> asbestos will be outlawed
about N 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 <unk> was used
workers dumped large <unk> <unk> of the imported material into a huge <unk> poured in cotton and <unk> fibers and <unk> mixed the dry fibers in a process used to make filters
workers described clouds of blue dust that hung over parts of the factory even though <unk> fans <unk> the area
there 's no question that some of those workers and managers contracted <unk> diseases said <unk> phillips vice president of human resources for <unk> & <unk>
but you have to recognize that these events took place N 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
the average seven-day compound yield of the N taxable funds tracked by <unk> 's money fund report eased a fraction of a percentage point to N N from N N for the week ended tuesday
compound yields assume reinvestment of dividends and that the current yield continues for a year
average maturity of the funds ' investments <unk> by a day to N days the longest since early august according to donoghue 's
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 average maturity for funds open only to institutions considered by some to be a stronger indicator because those managers watch the market closely reached a high point for the year N days
nevertheless said <unk> <unk> <unk> editor of money fund report yields may <unk> up again before they <unk> down because of recent rises in short-term interest rates
the yield on six-month treasury bills sold at monday 's auction for example rose to N N from N N
despite recent declines in yields investors continue to pour cash into money funds
assets of the N taxable funds grew by $ N billion during the latest week to $ N 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 N N
dreyfus world-wide dollar the <unk> fund had a seven-day compound yield of N N during the latest week down from N N a week earlier
it invests heavily in dollar-denominated securities overseas and is currently <unk> management fees which boosts its yield
the average seven-day simple yield of the N funds was N N down from N N
the 30-day simple yield fell to an average N N from N N the 30-day compound yield slid to an average N N from N N
j.p. <unk> vice chairman of <unk> grace & co. which holds a N N interest in this <unk> company was elected a director
he succeeds <unk> d. <unk> formerly a <unk> grace vice chairman who resigned
<unk> grace holds three of grace energy 's seven board seats
pacific first financial corp. said shareholders approved its acquisition by royal <unk> ltd. of toronto for $ N a share or $ N million
the thrift holding company said it expects to obtain regulatory approval and complete the transaction by year-end
<unk> international inc. said its <unk> & <unk> unit completed the sale of its <unk> controls operations to <unk> s.p a. for $ N million
<unk> is an italian state-owned holding company with interests in the mechanical engineering industry
<unk> controls based in <unk> ohio makes computerized industrial controls systems
it employs N people and has annual revenue of about $ N 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 $ N trillion from $ N trillion
legislation to lift the debt ceiling is <unk> in the fight over cutting capital-gains taxes
the house has voted to raise the ceiling to $ N trillion but the senate is n't expected to act until next week at the earliest
the treasury said the u.s. will default on nov. N if congress does n't act by then
clark j. <unk> was named senior vice president and general manager of this u.s. sales and marketing arm of japanese auto maker mazda motor corp
in the new position he will oversee mazda 's u.s. sales service parts and marketing operations
previously mr. <unk> N years old was general marketing manager of chrysler corp. 's chrysler division
he had been a sales and marketing executive with chrysler for N years
when it 's time for their <unk> <unk> the nation 's manufacturing <unk> typically jet off to the <unk> <unk> of resort towns like <unk> <unk> and hot springs
not this year
the national association of manufacturers settled on the <unk> 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
the idea of course to prove to N corporate decision makers that the buckle on the <unk> belt is n't so <unk> after all that it 's a good place for a company to expand
on the receiving end of the message were officials from giants like du pont and <unk> along with lesser <unk> like <unk> steel and the valley queen <unk> factory
for <unk> the executives joined mayor william h. <unk> iii for an evening of the indianapolis <unk> <unk> and a guest <unk> victor <unk>
champagne and <unk> followed
the next morning with a police <unk> <unk> of executives and their wives <unk> to the indianapolis motor <unk> <unk> by traffic or red lights
the governor could n't make it so the <unk> governor welcomed the special guests
a buffet breakfast was held in the museum where food and drinks are banned to everyday visitors
then in the guests ' honor the <unk> <unk> out four drivers crews and even the official indianapolis N announcer for a <unk> exhibition race
after the race fortune N executives <unk> like <unk> over the cars and drivers
no <unk> the drivers pointed out they still had space on their machines for another sponsor 's name or two
back downtown the <unk> squeezed in a few meetings at the hotel before <unk> the buses again
this time it was for dinner and <unk> a block away
under the stars and <unk> of the <unk> indiana <unk> <unk> nine of the hottest chefs in town fed them indiana <unk> <unk> <unk> <unk> <unk> <unk> and <unk> <unk> with a <unk> <unk>
knowing a <unk> and free <unk> when they eat one the executives gave the chefs a standing <unk>
more than a few <unk> say the <unk> treatment <unk> them to return to a <unk> city for future meetings
but for now they 're looking forward to their winter meeting <unk> in february
south korea registered a trade deficit of $ N million in october reflecting the country 's economic <unk> according to government figures released wednesday
preliminary <unk> by the trade and industry ministry showed another trade deficit in october the fifth monthly setback this year casting a cloud on south korea 's <unk> economy
exports in october stood at $ N billion a mere N N increase from a year earlier while imports increased sharply to $ N billion up N N from last october
south korea 's economic boom which began in N stopped this year because of prolonged labor disputes trade conflicts and sluggish exports
government officials said exports at the end of the year would remain under a government target of $ N billion
despite the gloomy forecast south korea has recorded a trade surplus of $ N million so far this year
from january to october the nation 's accumulated exports increased N N from the same period last year to $ N billion
imports were at $ N billion up N N
newsweek trying to keep pace with rival time magazine announced new advertising rates for N and said it will introduce a new incentive plan for advertisers
the new ad plan from newsweek a unit of the washington post co. is the second incentive plan the magazine has offered advertisers in three years
plans that give advertisers discounts for maintaining or increasing ad spending have become permanent <unk> at the news <unk> and underscore the fierce competition between newsweek time warner inc. 's time magazine and <unk> b. <unk> 's u.s. news & world report
alan <unk> recently named newsweek president said newsweek 's ad rates would increase N N in january
a full <unk> page in newsweek will cost $ N
in mid-october time magazine lowered its guaranteed circulation rate base for N while not increasing ad page rates with a lower circulation base time 's ad rate will be effectively N N higher per subscriber a full page in time costs about $ N
u.s. news has yet to announce its N ad rates
newsweek said it will introduce the circulation credit plan which <unk> space credits to advertisers on renewal advertising
the magazine will reward with page bonuses advertisers who in N meet or exceed their N spending as long as they spent $ N in N and $ N in N
mr. <unk> said the plan is not an attempt to shore up a decline in ad pages in the first nine months of N newsweek 's ad pages totaled N a drop of N N from last year according to publishers information bureau
what matters is what advertisers are paying per page and in that department we are doing fine this fall said mr. <unk>
both newsweek and u.s. news have been gaining circulation in recent years without heavy use of electronic <unk> to subscribers such as telephones or watches
however none of the big three <unk> recorded circulation gains recently
according to audit bureau of <unk> time the largest <unk> had average circulation of N a decrease of N N
newsweek 's circulation for the first six months of N was N flat from the same period last year
u.s. news ' circulation in the same time was N down N N
new england electric system bowed out of the bidding for public service co. of new hampshire saying that the risks were too high and the potential <unk> too far in the future to justify a higher offer
the move leaves united illuminating co. and northeast utilities as the remaining outside bidders for ps of new hampshire which also has proposed an internal reorganization plan in chapter N bankruptcy proceedings under which it would remain an independent company
new england electric based in <unk> mass. had offered $ N billion to acquire ps of new hampshire well below the $ N billion value united illuminating places on its bid and the $ N billion northeast says its bid is worth
united illuminating is based in new haven conn. and northeast is based in hartford conn
ps of new hampshire <unk> n.h. values its internal reorganization plan at about $ N billion
john rowe president and chief executive officer of new england electric said the company 's return on equity could suffer if it made a higher bid and its forecasts related to ps of new hampshire such as growth in electricity demand and improved operating <unk> did n't come true
when we <unk> raising our bid the risks seemed substantial and persistent over the next five years and the rewards seemed a long way out
that got hard to take he added
mr. rowe also noted that political concerns also worried new england electric
no matter who owns ps of new hampshire after it emerges from bankruptcy proceedings its rates will be among the highest in the nation he said
that attracts attention
it was just another one of the risk factors that led to the company 's decision to withdraw from the bidding he added
wilbur ross jr. of rothschild inc. the financial adviser to the troubled company 's equity holders said the withdrawal of new england electric might speed up the reorganization process
the fact that new england proposed lower rate increases N N over seven years against around N N boosts proposed by the other two outside bidders complicated negotiations with state officials mr. ross asserted
now the field is less <unk> he added
separately the federal energy regulatory commission turned down for now a request by northeast seeking approval of its possible purchase of ps of new hampshire
northeast said it would <unk> its request and still hopes for an <unk> review by the ferc so that it could complete the purchase by next summer if its bid is the one approved by the bankruptcy court
ps of new hampshire shares closed yesterday at $ N off N cents in new york stock exchange composite trading
norman <unk> N years old and former president and chief operating officer of toys r us inc. and frederick <unk> jr. N chairman of <unk> banking corp. were elected directors of this consumer electronics and appliances retailing chain
they succeed daniel m. <unk> retired circuit city executive vice president and robert r. <unk> u.s. treasury undersecretary on the <unk> board
commonwealth edison co. was ordered to refund about $ N million to its current and former <unk> for illegal rates collected for cost overruns on a nuclear power plant
the refund was about $ N million more than previously ordered by the illinois commerce commission and trade groups said it may be the largest ever required of a state or local utility
state court judge richard curry ordered edison to make average refunds of about $ N to $ N each to edison customers who have received electric service since april N including about two million customers who have moved during that period
judge curry ordered the refunds to begin feb. N and said that he would n't <unk> any appeals or other attempts to block his order by commonwealth edison
the refund pool may not be held <unk> 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 <unk> made until dec. N of this year
commonwealth edison said the ruling could force it to slash its N earnings by $ N a share
for N commonwealth edison reported earnings of $ N million or $ N a share
a commonwealth edison spokesman said that tracking down the two million customers whose addresses have changed during the past N N years would be an administrative nightmare
in new york stock exchange composite trading yesterday commonwealth edison closed at $ N down N cents
the $ N billion <unk> N plant near <unk> ill. was completed in N
in a disputed N ruling the commerce commission said commonwealth edison could raise its electricity rates by $ N million to pay for the plant
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 <unk> expenses
the utility has been collecting for the plant 's construction cost from its N million customers subject to a refund since N
in august the commission ruled that between $ N million and $ N million of the plant 's construction cost was <unk> and should be <unk> plus interest
in his ruling judge curry added an additional $ N million to the commission 's calculations
last month judge curry set the interest rate on the refund at N N
commonwealth edison now faces an additional <unk> refund on its <unk> rate <unk> <unk> that the illinois appellate court has estimated at $ N million
and consumer groups hope that judge curry 's <unk> N order may set a precedent for a second nuclear rate case involving commonwealth edison 's <unk> N plant
commonwealth edison is seeking about $ N million in rate increases to pay for <unk> N
the commission is expected to rule on the <unk> N case by year end
last year commonwealth edison had to refund $ N million for poor performance of its <unk> i nuclear plant
japan 's domestic sales of cars trucks and buses in october rose N N from a year earlier to N units a record for the month the japan automobile dealers ' association said
the strong growth followed year-to-year increases of N N in august and N N in september
the monthly sales have been setting records every month since march
october sales compared with the previous month inched down N N
sales of passenger cars grew N N from a year earlier to N units
sales of medium-sized cars which benefited from price reductions arising from introduction of the consumption tax more than doubled to N units from N in october N
texas instruments japan ltd. a unit of texas instruments inc. said it opened a plant in south korea to manufacture control devices
the new plant located in <unk> about N miles from seoul will help meet increasing and diversifying demand for control products in south korea the company said
the plant will produce control devices used in motor vehicles and household appliances
the survival of spinoff cray computer corp. as a fledgling in the supercomputer business appears to depend heavily on the creativity and <unk> of its chairman and chief designer seymour cray
not only is development of the new company 's initial machine tied directly to mr. cray so is its balance sheet
documents filed with the securities and exchange commission on the pending spinoff disclosed that cray research inc. will withdraw the almost $ N million in financing it is providing the new firm if mr. cray leaves or if the <unk> project he heads is scrapped
the documents also said that although the <unk> mr. cray has been working on the project for more than six years the cray-3 machine is at least another year away from a fully operational prototype
moreover there have been no orders for the cray-3 so far though the company says it is talking with several prospects
while many of the risks were anticipated when <unk> cray research first announced the spinoff in may the <unk> it attached to the financing had n't been made public until yesterday
we did n't have much of a choice cray computer 's chief financial officer gregory <unk> said in an interview
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 <unk> perhaps another $ N million in financing beginning next september
but mr. <unk> called that a <unk> scenario
the filing on the details of the spinoff caused cray research stock to jump $ N yesterday to close at $ N in new york stock exchange composite trading
analysts noted yesterday that cray research 's decision to link its $ N million <unk> note to mr. cray 's presence will complicate a valuation of the new company
it has to be considered as an additional risk for the investor said gary p. <unk> of <unk> group inc. minneapolis
cray computer will be a concept stock he said
you either believe seymour can do it again or you do n't
besides the designer 's age other risk factors for mr. cray 's new company include the cray-3 's tricky <unk> chip technology
the sec documents describe those chips which are made of <unk> <unk> as being so fragile and minute they will require special <unk> handling equipment
in addition the cray-3 will contain N processors twice as many as the largest current supercomputer
cray computer also will face intense competition not only from cray research which has about N N of the world-wide supercomputer market and which is expected to roll out the <unk> machine a direct competitor with the cray-3 in N
the spinoff also will compete with international business machines corp. and japan 's big three hitachi ltd. nec corp. and fujitsu ltd
the new company said it believes there are fewer than N potential customers for <unk> priced between $ N million and $ N million presumably the cray-3 price range
under terms of the spinoff cray research stockholders are to receive one cray computer share for every two cray research shares they own in a distribution expected to occur in about two weeks
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 $ N a share
along with the note cray research is <unk> about $ N million in assets primarily those related to the cray-3 development which has been a drain on cray research 's earnings
<unk> balance sheets clearly show why cray research favored the spinoff
without the cray-3 research and development expenses the company would have been able to report a profit of $ N million for the first half of N rather than the $ N million it posted
on the other hand had it existed then cray computer would have incurred a $ N million loss
mr. cray who could n't be reached for comment will work for the new colorado springs colo. company as an independent contractor the arrangement he had with cray research
regarded as the father of the supercomputer mr. cray was paid $ N at cray research last year
at cray computer he will be paid $ N
besides messrs. cray and <unk> other senior management at the company includes neil <unk> N president and chief executive officer joseph m. <unk> N vice president engineering malcolm a. <unk> N vice president software and douglas r. <unk> N vice president hardware
all came from cray research
cray computer which currently employs N people said it expects a work force of N by the end of N
john r. stevens N years old was named senior executive vice president and chief operating officer both new positions
he will continue to report to donald <unk> president and chief executive officer
mr. stevens was executive vice president of this <unk> holding company
arthur a. hatch N was named executive vice president of the company
he was previously president of the company 's eastern edison co. unit
john d. <unk> N was named to succeed mr. hatch as president of eastern edison
previously he was vice president of eastern edison
robert p. <unk> N was named senior vice president of eastern utilities
he was previously vice president
the u.s. claiming some success in its trade <unk> removed south korea taiwan and saudi arabia from a list of countries it is closely watching for allegedly failing to honor u.s. patents <unk> and other <unk> rights
however five other countries china thailand india brazil and mexico will remain on that so-called priority watch list as a result of an interim review u.s. trade representative carla hills announced
under the new u.s. trade law those countries could face accelerated <unk> investigations and stiff trade sanctions if they do n't improve their protection of intellectual property by next spring
mrs. hills said many of the N countries that she placed under <unk> degrees of scrutiny have made genuine progress on this touchy issue
she said there is growing <unk> around the world that <unk> of <unk> rights <unk> all trading nations and particularly the creativity and <unk> of an <unk> country 's own citizens
u.s. trade negotiators argue that countries with inadequate <unk> for <unk> rights could be hurting themselves by discouraging their own scientists and authors and by <unk> u.s. high-technology firms from investing or marketing their best products there
mrs. hills <unk> south korea for creating an <unk> task force and special enforcement teams of police officers and prosecutors trained to pursue movie and book <unk>
seoul also has instituted effective <unk> procedures to aid these teams she said
taiwan has improved its standing with the u.s. by <unk> a <unk> copyright agreement <unk> its trademark law and introducing legislation to protect foreign movie producers from unauthorized <unk> of their films
that measure could <unk> taipei 's growing number of small <unk> <unk> to pay movie producers for showing their films
saudi arabia for its part has vowed to enact a copyright law compatible with international standards and to apply the law to computer software as well as to literary works mrs. hills said
these three countries are n't completely off the hook though
they will remain on a <unk> list that includes N other countries
those countries including japan italy canada greece and spain are still of some concern to the u.s. but are deemed to pose <unk> problems for american patent and copyright owners than those on the priority list
gary hoffman a washington lawyer specializing in <unk> cases said the threat of u.s. <unk> combined with a growing recognition that protecting intellectual property is in a country 's own interest prompted the improvements made by south korea taiwan and saudi arabia
what this tells us is that u.s. trade law is working he said
he said mexico could be one of the next countries to be removed from the priority list because of its efforts to craft a new patent law
mrs. hills said that the u.s. is still concerned about disturbing developments in turkey and continuing slow progress in malaysia
she did n't elaborate although earlier u.s. trade reports have complained of videocassette <unk> in malaysia and <unk> for u.s. pharmaceutical patents in turkey
the N trade act requires mrs. hills to issue another review of the performance of these countries by april N
so far mrs. hills has n't deemed any cases bad enough to merit an accelerated investigation under the so-called special N provision of the act
argentina said it will ask creditor banks to <unk> its foreign debt of $ N billion the <unk> in the developing world
the declaration by economy minister <unk> <unk> is believed to be the first time such an action has been called for by an <unk> official of such <unk>
the latin american nation has paid very little on its debt since early last year
argentina <unk> to reach a reduction of N N in the value of its external debt mr. <unk> said through his spokesman <unk> <unk>
mr. <unk> met in august with u.s. assistant treasury secretary david mulford
<unk> negotiator carlos <unk> was in washington and new york this week to meet with banks
mr. <unk> recently has said the government of president carlos <unk> who took office july N feels a significant reduction of principal and interest is the only way the debt problem may be solved
but he has not said before that the country wants half the debt <unk>
during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history
three computers that changed the face of personal computing were launched in N
that year the apple ii commodore pet and tandy <unk> 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 <unk> data on <unk>
but apple ii was a major advance from apple i which was built in a garage by stephen <unk> and steven jobs for <unk> such as the <unk> computer club
in addition the apple ii was an affordable $ N
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
but the new N pcs unlike earlier <unk> types such as the <unk> <unk> and <unk> had <unk> and could store about two pages of data in their memories
current pcs are more than N times faster and have memory capacity N times greater than their N counterparts
there were many pioneer pc <unk>
william gates and paul allen in N developed an early <unk> system for pcs and gates became an industry billionaire six years after ibm adapted one of these versions in N
alan f. <unk> currently chairman of seagate technology led the team that developed the disk drives for pcs
dennis <unk> and dale <unk> two atlanta engineers were <unk> of the internal <unk> that allow pcs to share data via the telephone
ibm the world leader in computers did n't offer its first pc until august N as many other companies entered the market
today pc shipments annually total some $ N billion world-wide
<unk> <unk> & co. an australian pharmaceuticals company said its <unk> inc. affiliate acquired <unk> inc. for $ N million
<unk> is a new <unk> pharmaceuticals concern that sells products under the <unk> label
<unk> said it owns N N of <unk> 's voting stock and has an agreement to acquire an additional N N
that stake together with its convertible preferred stock holdings gives <unk> the right to increase its interest to N N of <unk> 's voting stock
oil production from australia 's bass <unk> fields will be raised by N barrels a day to about N barrels with the launch of the <unk> field the first of five small fields scheduled to be brought into production before the end of N
esso australia ltd. a unit of new york-based exxon corp. and broken hill <unk> operate the fields in a joint venture
esso said the <unk> field started production tuesday
output will be gradually increased until it reaches about N barrels a day
the field has reserves of N million barrels
reserves for the five new fields total N million barrels
the <unk> and <unk> fields are expected to start producing early next year and the <unk> and <unk> fields later next year
esso said the fields were developed after the australian government decided in N to make the first N million barrels from new fields free of <unk> tax
<unk> <unk> corp. said it completed the $ N million sale of its southern optical subsidiary to a group led by the unit 's president thomas r. sloan and other managers
following the acquisition of <unk> <unk> by a buy-out group led by shearson lehman hutton earlier this year the maker of <unk> <unk> decided to <unk> itself of certain of its <unk> businesses
the sale of southern optical is a part of the program
the white house said president bush has approved duty-free treatment for imports of certain types of watches that are n't produced in significant quantities in the u.s. the virgin islands and other u.s. <unk>
the action came in response to a petition filed by <unk> inc. for changes in the u.s. <unk> system of preferences for imports from developing nations
previously watch imports were denied such duty-free treatment
<unk> had requested duty-free treatment for many types of watches covered by N different u.s. tariff <unk>
the white house said mr. bush decided to grant duty-free status for N categories but turned down such treatment for other types of watches because of the potential for material injury to watch producers located in the u.s. and the virgin islands
<unk> is a major u.s. producer and seller of watches including <unk> <unk> watches assembled in the philippines and other developing nations covered by the u.s. tariff preferences
u.s. trade officials said the philippines and thailand would be the main beneficiaries of the president 's action
imports of the types of watches that now will be eligible for duty-free treatment totaled about $ N million in N a relatively small share of the $ N billion in u.s. watch imports that year according to an aide to u.s. trade representative carla hills
magna international inc. 's chief financial officer james mcalpine resigned and its chairman frank <unk> is stepping in to help turn the <unk> manufacturer around the company said
mr. <unk> will direct an effort to reduce overhead and curb capital spending until a more satisfactory level of profit is achieved and maintained magna said
stephen <unk> 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
magna recently cut its quarterly dividend in half and the company 's class a shares are <unk> far below their 52-week high of N canadian dollars us$ N
on the toronto stock exchange yesterday magna shares closed up N canadian cents to c$ N
mr. <unk> founder and controlling shareholder of magna resigned as chief executive officer last year to seek unsuccessfully a seat in canada 's parliament
analysts said mr. <unk> wants to resume a more influential role in running the company
they expect him to cut costs throughout the organization
the company said mr. <unk> will personally direct the restructuring <unk> by <unk> <unk> 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 <unk> <unk> chairman of english china <unk> plc was named a nonexecutive director of this british chemical company
japanese investors nearly <unk> bought up two new mortgage <unk> mutual funds totaling $ N million the u.s. federal national mortgage association said
the purchases show the strong interest of japanese investors in u.s. <unk> instruments fannie mae 's chairman david o. maxwell said at a news conference
he said more than N N 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 $ N 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
the new seven-year funds one offering a fixed-rate return and the other with a floating-rate return linked to the london interbank offered rate offer two key advantages to japanese investors
first they are designed to eliminate the risk of prepayment mortgage-backed securities can be retired early if interest rates decline and such prepayment forces investors to <unk> their money at lower rates
second they channel monthly mortgage payments into semiannual payments reducing the administrative burden on investors
by addressing those problems mr. maxwell said the new funds have become extremely attractive to japanese and other investors outside the u.s.
such devices have boosted japanese investment in mortgage-backed securities to more than N N of the $ N billion in such instruments outstanding and their purchases are growing at a rapid rate
they also have become large purchasers of fannie mae 's corporate debt buying $ N billion in fannie mae bonds during the first nine months of the year or almost a <unk> of the total amount issued
james l. <unk> <unk> executive vice president was named a director of this oil concern expanding the board to N members
ltv corp. said a federal bankruptcy court judge agreed to extend until march N N the period in which the steel aerospace and energy products company has the exclusive right to file a reorganization plan
the company is operating under chapter N of the federal bankruptcy code giving it court protection from creditors ' lawsuits while it attempts to work out a plan to pay its debts
italian chemical giant montedison <unk> through its montedison acquisition n.v. indirect unit began its $ <unk> tender offer for all the common shares outstanding of erbamont n.v. a maker of pharmaceuticals incorporated in the netherlands
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 N N of erbamont 's common shares outstanding
the offer is being launched <unk> to a previously announced agreement between the companies
japan 's reserves of gold convertible foreign currencies and special drawing rights fell by a hefty $ N billion in october to $ N billion the finance ministry said
the total marks the sixth consecutive monthly decline
the <unk> downturn reflects the intensity of bank of japan <unk> intervention since june when the u.s. currency temporarily surged above the N yen level
the announcement follows a sharper $ N billion decline in the country 's foreign reserves in september to $ N billion
pick a country any country
it 's the latest investment craze sweeping wall street a rash of new closed-end country funds those publicly traded portfolios that invest in stocks of a single foreign country
no fewer than N country funds have been launched or registered with regulators this year triple the level of all of N according to charles e. simon & co. a washington-based research firm
the turf recently has ranged from chile to <unk> to portugal
next week the philippine fund 's launch will be capped by a visit by philippine president <unk> aquino the first time a head of state has kicked off an issue at the big board here
the next province
anything 's possible how about the new guinea fund <unk> george foot a managing partner at <unk> management associates of <unk> mass
the recent explosion of country funds <unk> the closed-end fund mania of the 1920s mr. foot says when narrowly focused funds grew wildly popular
they fell into <unk> after the N crash
unlike traditional <unk> mutual funds most of these <unk> portfolios are the closed-end type issuing a fixed number of shares that trade publicly
the surge brings to nearly N 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
people are looking to stake their claims now before the number of available nations runs out says michael porter an analyst at smith barney harris upham & co. new york
behind all the <unk> is some <unk> competition
as individual investors have turned away from the stock market over the years securities firms have scrambled to find new products that brokers find easy to sell
and the firms are stretching their <unk> far and wide to do it
financial planners often urge investors to diversify and to hold a <unk> of international securities
and many emerging markets have <unk> 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 <unk> the funds
another concern the funds ' share prices tend to swing more than the broader market
when the stock market dropped nearly N N oct. N for instance the mexico fund plunged about N N and the spain fund fell N N
and most country funds were clobbered more than most stocks after the N crash
what 's so wild about the funds ' frenzy right now is that many are trading at historically fat premiums to the value of their underlying portfolios
after trading at an average discount of more than N N in late N and part of last year country funds currently trade at an average premium of N N
the reason share prices of many of these funds this year have climbed much more sharply than the foreign stocks they hold
it 's probably worth paying a premium for funds that invest in markets that are partially closed to foreign investors such as south korea some specialists say
but some european funds recently have skyrocketed spain fund has surged to a startling N N premium
it has been targeted by japanese investors as a good long-term play tied to N '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 <unk> says smith barney 's mr. porter
the newly <unk> premiums reflect the increasingly global marketing of some country funds mr. porter suggests
unlike many u.s. investors those in asia or europe seeking <unk> exposure may be less <unk> 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 <unk> at the <unk> trading levels of some country funds
they argue that u.s. investors often can buy american depositary receipts on the big stocks in many funds these so-called adrs represent shares of foreign companies traded in the u.s.
that way investors can essentially buy the funds without paying the premium
for people who insist on jumping in now to buy the funds <unk> 's mr. foot says the only advice i have for these folks is that those who come to the party late had better be ready to leave quickly
the u.s. and soviet union are holding technical talks about possible repayment by moscow of $ N million in <unk> russian debts owed to the u.s. government the state department said
if the debts are repaid it could clear the way for soviet bonds to be sold in the u.s.
however after two meetings with the soviets a state department spokesman said that it 's too early to say whether that will happen
<unk> 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
but a soviet bank here would be <unk> unless moscow found a way to settle the $ N million debt which was lent to the country 's short-lived democratic <unk> government before the communists seized power in N
under a N law the johnson debt default act as amended it 's illegal for americans to extend credit to countries in default to the u.s. government unless they are members of the world bank and international monetary fund
the u.s.s.r. belongs to neither organization
moscow has settled <unk> debts with other countries in recent years at less than face value
the state department stressed the <unk> debts as the key to satisfying the johnson act
but the soviets might still face legal obstacles to raising money in the u.s. until they settle hundreds of millions of dollars in additional debt still outstanding from the world war ii <unk> program
in another reflection that the growth of the economy is <unk> off the government said that orders for manufactured goods and spending on construction failed to rise in september
meanwhile the national association of purchasing management said its latest survey indicated that the manufacturing economy contracted in october for the sixth consecutive month
its index inched up to N N in october from N N in september
any reading below N N suggests the manufacturing sector is generally declining
the purchasing managers however also said that orders turned up in october after four months of decline
factories booked $ N billion in orders in september nearly the same as the $ N billion in august the commerce department said
if not for a N N surge in orders for capital goods by defense contractors factory orders would have fallen N N
in a separate report the department said construction spending ran at an annual rate of $ N billion not significantly different from the $ N billion reported for august
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 <unk> economist for society corp. a cleveland bank said demand for exports of factory goods is beginning to <unk> 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 <unk> fell in september
so did the federal reserve board 's <unk> 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 <unk> cutbacks in production that can lead to a recession
but yesterday 's factory orders report had good news on that front it said factory inventories fell N N in september the first decline since february N
this <unk> to the soft landing scenario said elliott <unk> an economist at donaldson lufkin & jenrette securities corp
i do n't see any signs that inventories are excessive
a soft landing is an economic slowdown that <unk> inflation without leading to a recession
the department said orders for <unk> goods those intended to last fewer than three years fell N N in september to $ N billion after climbing N N the month before
orders for durable goods were up N N to $ N billion after rising N N the month before
the department previously estimated that <unk> orders fell N N in september
factory shipments fell N N to $ N billion after rising N N in august
shipments have been relatively level since january the commerce department noted
manufacturers ' backlogs of unfilled orders rose N N in september to $ N billion helped by strength in the defense capital goods sector
excluding these orders backlogs declined N N
in its construction spending report the commerce department said residential construction which accounts for nearly half of all construction spending was off N N in september to an annual rate of $ N billion
david <unk> economist for the mortgage bankers association predicted the drop in interest rates eventually will boost spending on single-family homes but probably not until early next year
spending on private <unk> construction was off N N to an annual rate of $ N billion with no sector showing strength
government construction spending rose N N to $ N 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 N N 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 <unk> dodge group
dodge reported an N N increase in construction contracts awarded in september
the <unk> counts money as it is spent dodge counts contracts when they are awarded
the government includes money spent on residential <unk> dodge does n't
although the purchasing managers ' index continues to indicate a slowing economy it is n't <unk> an imminent recession said robert <unk> chairman of the association 's survey committee and director of materials management at pitney bowes inc. stamford conn
he said the index would have to be in the low N N 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 N N of the purchasing managers reported better export orders in october down from N N in september
and N N said export orders were down last month compared with N N the month before
the <unk> 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 <unk> 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 <unk> pressures are <unk>
when demand is stronger than suppliers can handle and delivery times <unk> prices tend to rise
the purchasing managers ' report is based on data provided by more than N purchasing executives
each of the survey 's indicators <unk> the difference between the number of purchasers reporting improvement in a particular area and the number reporting a worsening
for the first time the october survey polled members on imports
it found that of the N N who import N N said they imported more in october and N N said they imported less than the previous month
while acknowledging one month 's figures do n't prove a trend mr. <unk> said it does lead you to suspect imports are going down or at least not increasing that much
items listed as being in short supply numbered only about a dozen but they included one <unk> milk and milk <unk>
it 's an odd thing to put on the list mr. <unk> noted
he said that for the second month in a row food processors reported a shortage of <unk> dry milk
they blamed increased demand for dairy products at a time of exceptionally high u.s. exports of dry milk coupled with very low import quotas
<unk> <unk> 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
judging from the <unk> in <unk> <unk> 's a wild sheep chase <unk> N pages $ N baby boomers on both sides of the pacific have a lot in common
although set in japan the novel 's <unk> is almost entirely western especially american
characters drink <unk> dogs <unk> <unk> b. <unk> and watch bugs bunny reruns
they read <unk> <unk> and talk about <unk> and <unk>
they worry about their careers drink too much and suffer through broken <unk> and <unk> affairs
this is japan
for an american reader part of the <unk> of this engaging novel should come in recognizing that japan is n't the <unk> society of contemporary american <unk>
it 's also <unk> to read a japanese author who clearly does n't belong to the <unk> <unk> school of writers who <unk> the notion of the unique japanese <unk> by outsiders
if a wild sheep chase carries an implicit message for international relations it 's that the japanese are more like us than most of us think
that 's not to say that the <unk> plot of a wild sheep chase is rooted in reality
it 's <unk> and often funny
a <unk> <unk> <unk> hero sets off for snow country in search of an <unk> sheep with a star on its back at the <unk> of a <unk> <unk> <unk> with a stanford degree
he has in <unk> his <unk> girlfriend whose sassy <unk> mark her as anything but a <unk> <unk>
along the way he meets a <unk> christian <unk> who offers the hero god 's phone number and the sheep man a sweet <unk> figure who wears what else a <unk>
the 40-year-old mr. <unk> is a publishing <unk> in japan
a more recent novel norwegian wood every japanese under N seems to be <unk> in <unk> <unk> has sold more than four million copies since <unk> published it in N
but he is just one of several <unk> writers tokyo 's <unk> pack who are <unk> the <unk> charts in japan
their books are written in <unk> contemporary language and usually carry hefty <unk> of <unk>
in robert <unk> 's you <unk> have macmillan N pages $ N the <unk> give way to baseball in the <unk> version we would be hard put to call a game
as mr. <unk> describes it <unk> baseball is a mirror of japan 's <unk> <unk> of hard work and harmony
<unk> is japanese for team spirit and japanese <unk> have miles and miles of it
a player 's commitment to practice and team image is as important as his <unk> average
polls once named tokyo giants star <unk> <unk> a <unk> <unk> <unk> soul as the male symbol of japan
but other than the fact that <unk> is played with a ball and a bat it 's <unk> fans <unk> return <unk> balls to stadium <unk> the strike zone <unk> depending on the size of the <unk> ties are permitted even welcomed since they <unk> <unk> the shame of defeat players must <unk> by strict rules of conduct even in their personal lives players for the tokyo giants for example must always wear ties when on the road
you <unk> have <unk> is the often amusing <unk> of how american <unk> <unk> to two per team fare in japan
despite the enormous sums of money they 're paid to stand up at a japanese plate a good number decide it 's not worth it and run for home
funny business <unk> N pages $ N by gary <unk> is anything but
it 's the <unk> complaint of an <unk> american whom sony <unk> for a year while he was on a <unk> <unk> in tokyo to the regret of both parties
in sometimes amusing more often <unk> even vicious <unk> mr. <unk> describes how sony <unk> even the most mundane aspects of its workers ' lives at the <unk> office where employees are assigned lunch partners and at home in the <unk> company <unk> run by a <unk> <unk>
some of his <unk> about japanese management style are on the mark
it 's probably true that many <unk> put in <unk> overtime just for the <unk> of solidarity that the system is so <unk> that only the assistant manager can talk to the manager and the manager to the general manager and that sony was <unk> of letting a young short-term american employee take on any responsibility
all of this must have been <unk> frustrating to mr. <unk> who went to sony with degrees in business and computer science and was <unk> to <unk> another <unk>
but sony ultimately took a lesson from the american management books and fired mr. <unk> after he committed the social crime of making an appointment to see the venerable <unk> <unk> founder of sony
it 's a shame their meeting never took place
mr. <unk> certainly would have learned something and it 's even possible mr. <unk> would have too
ms. <unk> 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
in singapore a new law requires smokers to put out their cigarettes before entering restaurants department stores and sports centers or face a $ N fine
<unk> and private clubs are exempt from the ban and smoking will be permitted in bars except during <unk> hours an official said
singapore already bans smoking in all theaters buses public elevators hospitals and fast-food restaurants
in malaysia <unk> <unk> <unk> a deputy minister in the prime minister 's office launched a <unk> week at the <unk> institute of technology near kuala lumpur and urged other schools to ban <unk> smoking
south korea has different concerns
in seoul officials began visiting about N cigarette <unk> to remove illegal <unk> and <unk> 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 <unk> in the N major markets where the survey was carried out
the study by the backer spielvogel bates ad agency also found that the colony 's consumers feel more pressured than those in any of the other surveyed markets which include the u.s. and japan
the survey found that nearly half of hong kong consumers <unk> what it identified as <unk> values compared with about one-third in japan and the u.s.
more than three in five said they are under a great deal of stress most of the time compared with less than one in two u.s. consumers and one in four in japan
the <unk> cabinet endorsed finance minister <unk> <unk> 's proposal to build a $ N million conference center for a joint meeting of the world bank and international monetary fund two years from now
the meeting which is expected to draw N to <unk> was going to be held at the central plaza hotel but the government balked at the hotel 's conditions for undertaking necessary expansion
a major concern about the current plan is whether the new center can be built in such a short time
<unk> arafat has written to the chairman of the international olympic committee asking him to back a palestinian bid to join the committee the <unk> liberation organization news agency <unk> said
an official of the palestinian olympic committee said the committee first applied for membership in N and renewed its application in august of this year
the plo in recent months has been trying to join international organizations but failed earlier this year to win membership in the world health organization and the world tourism organization
a beijing <unk> assistant has become the first <unk> 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
once the disease was confirmed all the man 's associates and family were tested but none have so far been found to have aids the newspaper said
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 N N and doubled gas prices
the official news agency <unk> said the increases were intended to bring <unk> low energy charges into line with production costs and compensate for a rise in coal prices
in <unk> news south korea in establishing diplomatic ties with poland yesterday announced $ N million in loans to the financially strapped warsaw government
in a victory for environmentalists hungary 's parliament terminated a multibillion-dollar river <unk> dam being built by <unk> firms
the <unk> dam was designed to be <unk> with another dam now nearly complete N miles <unk> in czechoslovakia
in ending hungary 's part of the project parliament authorized prime minister <unk> <unk> to modify a N agreement with czechoslovakia which still wants the dam to be built
mr. <unk> said in parliament that czechoslovakia and hungary would suffer environmental damage if the <unk> <unk> were built as planned
czechoslovakia said in may it could seek $ N billion from hungary if the <unk> contract were broken
the <unk> dam ca n't be operated solely at peak periods without the <unk> project
a painting by august <unk> set a <unk> price record when it sold at auction in stockholm for $ N million
<unk> ii was painted in oils by the playwright in N
after years of decline <unk> in france showed a N N <unk> last year with N more couples <unk> <unk> in N than in the previous year the national statistics office said
but the number of <unk> last year N was still well below the N registered in N the last year of increasing <unk>
<unk> ltd. said it agreed to issue N million canadian dollars us$ N million of N N senior debentures due nov. N N together with N bond purchase warrants
the toronto-based real estate concern said each bond warrant <unk> the holder to buy c$ N principal amount of debentures at par plus accrued interest to the date of purchase
the warrants expire nov. N N
the issue will be <unk> into fixed-rate u.s. dollars at a rate the company said is less than N N a spokesman declined to elaborate
lead underwriters for the issue are <unk> <unk> inc. and <unk> dominion securities inc. both toronto-based investment dealers
<unk> said it expects to complete the issue by the end of the month
as an actor charles lane is n't the <unk> of charlie <unk> 's spirit
steve martin has already laid his claim to that
but it is mr. lane as movie director producer and writer who has been <unk> with <unk> <unk> 's little tramp in a contemporary way
in N as a film student at the purchase campus of the state university of new york mr. lane shot a place in time a <unk> black-and-white film about a <unk> artist a man of the streets
now N years later mr. lane has revived his artist in a <unk> movie called sidewalk stories a <unk> piece of work about a <unk> tramp
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
<unk> marc <unk> a college friend of mr. lane 's who earns his living playing the double bass in classical music <unk> has prepared an exciting <unk> score that tells you what the characters are thinking and feeling far more precisely than <unk> or even words would
much of mr. lane 's film takes a highly <unk> view of life on the streets though probably no more <unk> than mr. <unk> 's notion of the tramp as the <unk> free spirit
<unk> in lovely black and white by bill <unk> the new york streets of sidewalk stories seem benign
on wall street men and women walk with great purpose <unk> one another only when they <unk> for <unk>
the artist hangs out in greenwich village on a strip of sixth avenue <unk> by <unk> <unk> and other <unk> <unk>
this clearly is not real life no crack dealers no <unk> men selling four-year-old copies of <unk> no one <unk> up in a <unk> box
the artist has his routine
he spends his days <unk> <unk> or trying to
at night he returns to the <unk> building he calls home
his life including his <unk> with a competing <unk> artist seems <unk>
he is his own man
then just as the tramp is given a blind girl to cure in city lights the artist is put in charge of returning a <unk> <unk> <unk> <unk> whose father has been murdered by <unk> to her mother
this <unk> child turns out to be a blessing and a <unk>
she gives the artist a sense of purpose but also <unk> him to the serious <unk> of his <unk> life
the <unk> at the <unk> mission seem far <unk> when he has to <unk> a little girl into one of them at night
to further load the stakes mr. lane <unk> up a highly <unk> <unk> for the artist with a young woman who owns her own children 's shop and who lives in an expensive <unk> apartment building
this story line might <unk> more strongly if mr. lane had as strong a presence in front of the camera as he does behind it
mr. lane 's final purpose is n't to <unk> the artist 's <unk> existence
he has a point he wants to make and he makes it with a great deal of force
the movie ends with sound the sound of street people talking and there is n't anything <unk> or <unk> in those rough beaten voices
the french film maker <unk> <unk> has managed another kind of weird achievement with his story of women
he has made a harsh brilliant picture one that 's <unk> about a character who viewed from the most sympathetic <unk> would seem <unk>
yet this woman <unk> <unk> carries historical significance both as one of the last women to be executed in france and as a symbol of the <unk> government 's <unk>
while <unk> <unk> with the germans during world war ii in the deaths of thousands of resistance <unk> and <unk> its officials needed a <unk> <unk> <unk>
<unk> a <unk> <unk> was their woman
she became an <unk> <unk> and continued because it enabled her to buy <unk> cocoa and other <unk> <unk>
she was <unk> and in one <unk> job killed a client
her <unk> was <unk> and brief
although she was kind and <unk> to her children she was <unk> to her <unk> husband she openly brought her <unk> into their home
as presented by mr. <unk> and played with <unk> intensity by <unk> <unk> <unk> called <unk> <unk> in the film was not a nice person
but she did n't deserve to have her head <unk> off
there is very little to recommend old <unk> a confused <unk> of the carlos <unk> 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 <unk> victory
i mention the picture only because many bad movies have a bright spot and this one has gregory peck in a <unk> loose and energetic portrayal of an old man who wants to die the way he wants to die
video tip before seeing sidewalk stories take a look at city lights <unk> 's tramp at his <unk>
boeing co. said it is discussing plans with three of its regular japanese suppliers to possibly help build a larger version of its popular N <unk>
the discussions are still in preliminary stages and the specific details have n't been worked out between the seattle aerospace company and <unk> heavy industries ltd. mitsubishi heavy industries ltd. and fuji heavy industries ltd
the three japanese companies build the body sections of the N accounting for a combined N N of the aircraft
japanese press reports have speculated that the japanese contribution could rise to between N N and N N under the new program
if boeing goes ahead with the larger N 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
the irony is that the attack commercial after getting a boost in last year 's presidential campaign has come of age in an <unk> election year with only a few <unk> scattered across the country
but in the three leading political <unk> of N the negative ads have reached new levels of <unk> raising fears that this kind of <unk> empty of significant issues is <unk> in a new era of campaigns without content
now says joseph <unk> a pioneer in political television the idea is to attack first last and always
a trend that started with the first <unk> of politics accelerated with the <unk> of the television age and became a <unk> art form in N has reached an entirely new stage
to get people 's attention these days says douglas <unk> a political consultant your tv ad needs to be bold and entertaining and more often than not that means <unk>
and unlike a few years ago you do n't even have to worry whether the ad is <unk>
in N as often as not the principal fights in the major campaigns are prompted by the ads themselves
take a look then at the main attack commercials that set the tone for tuesday 's elections in new york city new jersey and virginia
new york city
the screen <unk> with a small tight <unk> 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 <unk> male voice
and then this television commercial paid for by republican rudolph giuliani 's campaign and produced by roger <unk> the master of negative tv ads really gets down to business
mr. dinkins the ad charges also failed to report his campaign contributions accurately <unk> his links to a failing insurance company and paid a convicted <unk> through a phony organization with no members no receipts and no office
david dinkins says the <unk> why does he always wait until he 's caught
nasty <unk> says john <unk> mr. dinkins 's issues director designed to <unk> a case of political corruption that simply does n't exist
<unk> by the giuliani ads mr. dinkins 's tv consultants robert <unk> and david <unk> finally <unk> a negative ad of their own
the screen shows two distorted <unk> photos presumably of two politicians
compare two candidates for mayor says the announcer
one says he 's for banning <unk> bullets
the other has opposed a ban on <unk> bullets
one claims he 's pro-choice
the other has opposed a woman 's right to choose
funny thing says the <unk> 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
mr. dinkins did fail to file his income taxes for four years but he insists he voluntarily admitted the oversight when he was being considered for a city job
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 $ N 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 <unk> effort had been convicted of <unk>
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 <unk> bullets but that he had some reservations about the language in the legislation
virginia
democratic <unk> gov. douglas wilder opened his gubernatorial battle with republican marshall coleman with an abortion commercial produced by frank <unk> that analysts of every political <unk> agree was a tour de force
against a shot of <unk> <unk> on an american flag an announcer talks about the strong tradition of freedom and individual liberty that <unk> have <unk> for generations
then just as an image of the <unk> of thomas jefferson <unk> from the screen the announcer continues on the issue of abortion marshall coleman wants to take away your right to choose and give it to the politicians
that commercial which said mr. coleman wanted to take away the right of abortion even in cases of rape and incest a charge mr. coleman denies changed the dynamics of the campaign <unk> it at least in part into a <unk> on abortion
the ad prompted mr. coleman the former virginia attorney general to launch a series of advertisements created by bob goodman and designed to shake mr. wilder 's support among the very women who were attracted by the abortion ad
the coleman <unk> featured a <unk> of a young woman in <unk> and the ad suggested that she was <unk> an <unk> courtroom <unk>
a voice says <unk> now do n't you have <unk>
then an announcer <unk> it was douglas wilder who introduced a bill to force rape victims age N and younger to be <unk> about their private lives by lawyers for accused <unk>
so the next time mr. wilder talks about the rights of women ask him about this law he tried to pass
mr. wilder did introduce such legislation N years ago but he did so at the request of a <unk> a common legislative technique used by lawmakers
the legislation itself noted that it was introduced by request and in N mr. wilder introduced a bill to protect rape victims from <unk> <unk>
people have grown tired of these ads and coleman has gotten the <unk> of being a negative <unk> says mark <unk> a political scientist at mary washington college
wilder has managed to get across the idea that coleman will say anything to get elected governor and more important has been able to put the <unk> for all the negative <unk> on coleman
mr. coleman said this week that he would devote the remainder of the political season to positive <unk> but the truce lasted only hours
by tuesday night television stations were carrying new ads featuring mr. coleman himself raising questions about mr. wilder 's <unk> to rape victims
new jersey
the attacks began when democratic rep. james florio aired an ad featuring a drawing of <unk> and a photograph of mr. florio 's rival republican rep. jim courter
remember <unk> says a female voice
consider jim courter
and then this commercial produced by bob <unk> gets down to its own mean and <unk> business
pictures of <unk> oil <unk> <unk> into focus and the female voice <unk> that hazardous waste on his mr. courter 's property the neighbors are suing for consumer fraud
and the nose on mr. courter 's face grows
the only fraud involved cry mr. courter 's <unk> is the florio commercial itself and so the courter campaign has responded with its own <unk> commercial produced by mr. <unk>
in this one the screen <unk> with photographs of both candidates
who 's really lying asks a female voice
florio 's lying the voice goes on because the barrel on courter 's land contained heating oil was <unk> up and caused no pollution
mr. courter 's long nose <unk> while mr. florio 's grows
who 's telling the truth
stephen <unk> a political scientist at new jersey 's <unk> institute says it 's another example of an ad that 's true but not fully accurate
barrels were dumped on the courter property a complaint was made but there is no evidence the barrels were a serious threat to the environment
even so according to mr. <unk> the ad was devastating because it raised questions about mr. courter 's credibility
but it 's building on a long tradition
in N on route to a re-election rout of democrat frank <unk> gop gov. nelson rockefeller of new york appeared in person saying if you want to keep the crime rates high <unk> is your man
a seat on the chicago board of trade was sold for $ N down $ N from the previous sale last friday
seats currently are quoted at $ N bid and $ N asked
the record price for a full membership on the exchange is $ N set aug. N N
japanese investment in southeast asia is <unk> the region toward economic integration
interviews with analysts and business people in the u.s. suggest that japanese capital may produce the economic cooperation that southeast asian politicians have pursued in fits and starts for decades
but japan 's power in the region also is <unk> fears of domination and <unk> fresh policy questions
the flow of japanese funds has set in motion a process <unk> these economies will be <unk> together by the great japanese investment machine says robert <unk> vice chairman of goldman sachs international corp
in the past five years japanese companies have tripled their commitments in asia to $ N billion
in thailand for example the government 's board of investment approved $ N million of japanese investment in N N times the u.s. investment figure for the year
japan 's commitment in southeast asia also includes steep increases in foreign assistance and trade
asia 's other <unk> 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 <unk> production
these nations known as asia 's little <unk> also are contributing to southeast asia 's integration but their influence will remain subordinate to japan 's
for <unk> countries such as thailand and malaysia the investment will provide needed jobs and spur growth
but asian nations ' harsh memories of their military domination by japan in the early part of this century make them fearful of falling under japanese economic <unk> now
because of budget constraints in washington the u.s. encourages japan to share economic burdens in the region
but it <unk> yielding political ground
in the coming decade analysts say <unk> relations will be tested as tokyo comes to terms with its new status as the region 's economic <unk>
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
in the 1990s spurred by rising labor costs and the strong yen these companies will increasingly turn themselves into <unk> with plants around the world
to capture the investment southeast asian nations will move to accommodate japanese business
these nations ' internal decisions will be made in a way not to <unk> their largest aid <unk> largest private investor and largest lender says richard <unk> director of the international business and research program at the university of southern california 's graduate school of business
japanese money will help turn southeast asia into a more <unk> economic region
but analysts say asian cooperation is n't likely to parallel the european common market approach
rather japanese investment will spur integration of certain sectors says kent <unk> a specialist in east asian economies at the <unk> wilson school for public and <unk> affairs at princeton university
in electronics for example a japanese company might make television picture <unk> in japan <unk> the sets in malaysia and export them to indonesia
the effect will be to pull asia together not as a common market but as an integrated production zone says goldman sachs 's mr. <unk>
countries in the region also are beginning to consider a <unk> for closer economic and political ties
the economic and foreign ministers of N asian and pacific nations will meet in australia next week to discuss global trade issues as well as regional matters such as transportation and telecommunications
participants will include the u.s. australia canada japan south korea and new zealand as well as the six members of the association of southeast asian nations thailand malaysia singapore indonesia the philippines and <unk>
in addition the u.s. this year offered its own plan for cooperation around the pacific <unk> in a major speech by secretary of state james baker following up a proposal made in january by australian prime minister bob <unk>
the baker proposal <unk> 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
japan not only <unk> the u.s. in investment flows but also <unk> it in trade with most southeast asian countries although the u.s. remains the leading trade partner for all of asia
moreover the japanese government now the world 's largest aid <unk> is pumping far more assistance into the region than the u.s. is
while u.s. officials voice optimism about japan 's <unk> role in asia they also convey an <unk> of caution
there 's an understanding on the part of the u.s. that japan has to expand its functions in asia says j. michael <unk> undersecretary of commerce for trade
if they approach it with a <unk> <unk> attitude there will be a net gain for everyone
some asian nations are <unk> about washington 's demand that tokyo step up its military spending to ease the u.s. security burden in the region
the issue is further complicated by uncertainty over the future of the u.s. 's leases on military bases in the philippines and by a possible u.s. troop reduction in south korea
many <unk> regard a u.s. presence as a desirable <unk> to japanese influence
no one wants the u.s. to pick up its <unk> and go home mr. <unk> says
for their part taiwan and south korea are expected to step up their own investments in the next decade to try to slow the japanese <unk>
they do n't want japan to <unk> the region and <unk> it up says <unk> lee professor of east asian politics at the university of pennsylvania
<unk> rice could hardly believe her eyes
while giving the comprehensive test of basic skills to ninth <unk> at greenville high school last march N she spotted a student looking at <unk> sheets
she had seen cheating before but these notes were <unk>
a <unk> is an example of a profession in trade and finance
at the end of world war ii germany surrendered before japan
the <unk> 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 <unk> section of the test the student was taking
in fact the student had the answers to almost all of the N 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 <unk> geography classes
she had gone so far as to display the questions on an overhead <unk> and <unk> 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 $ N fine
her alternative was N days in jail
her story is partly one of personal <unk>
she was an <unk> teacher who won <unk> and inspired students but she will probably never teach again
in her wake she left the <unk> and anger of a principal who was her friend and now calls her a <unk> of colleagues who say she brought them shame of students and parents who defended her and insist she was treated <unk> and of <unk> officials stunned that despite the <unk> nature of her actions she became something of a local <unk>
mrs. yeargin 's case also <unk> some light on the dark side of school reform where pressures on teachers are growing and where <unk> testing has enhanced the temptation to <unk>
the N statute mrs. yeargin violated was designed to enforce provisions of south carolina 's <unk> laws
prosecutors alleged that she was trying to bolster students ' scores to win a bonus under the state 's N education improvement act
the bonus depended on her ability to produce higher <unk> scores
there is incredible pressure on school systems and teachers to raise test scores says walt <unk> an education professor and testing specialist at boston college
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
a <unk> study released in september by friends for education an <unk> n.m. <unk> group concluded that outright cheating by american educators is common
the group says standardized achievement test scores are greatly inflated because teachers often teach the test as mrs. yeargin did although most are never caught
evidence of widespread cheating has surfaced in several states in the last year or so
california 's education department suspects adult responsibility for <unk> at N schools that changed wrong answers to right ones on a statewide test
after numerous <unk> of questionable teacher help to students texas is <unk> its security practices
and sales of <unk> booklets for classroom instruction are booming
these materials including <unk> school publishing co. 's scoring high and learning materials are nothing short of sophisticated <unk> sheets according to some recent academic research
by using them teachers with administrative blessing telegraph to students <unk> the precise areas on which a test will concentrate and sometimes give away a few exact questions and answers
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
under the state 's education improvement act low test scores can block students ' promotions or force entire districts into <unk> <unk> <unk> that can mean <unk>
high test scores on the other hand bring recognition and extra money a new computer lab for a school grants for special projects a bonus for the <unk>
and south carolina says it is getting results
since the reforms went in place for example no state has posted a higher rate of improvement on the <unk> <unk> test than south carolina although the state still posts the lowest average score of the about N states who use the sat as the primary college <unk> examination
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
says the organization 's founder john <unk> <unk> mrs. yeargin is a way for administrators to protect themselves and look like they take cheating seriously when in fact they do n't take it seriously at all
paul <unk> director of testing for the south carolina department of education says mr. <unk> 's allegations of cheating are <unk> without foundation and based on unfair <unk>
partly because of worries about potential abuse however he says the state will begin keeping closer track of <unk> preparation booklets next spring
south carolina 's reforms were designed for schools like greenville high school
standing on a <unk> hill in a <unk> area of this old textile city the school has educated many of south carolina 's best and <unk> including the state 's last two governors nobel prize winning <unk> charles <unk> and actress <unk> <unk>
but by the early 1980s its glory had faded like the yellow bricks of its broad <unk>
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 <unk> in <unk> programs
mrs. ward took over in N becoming the school 's seventh principal in N years
her immediate predecessor suffered a nervous breakdown
prior to his term a teacher <unk> to death in the halls <unk> by a student
<unk> mrs. ward says the school was having trouble serving in harmony its two <unk> and evenly split student groups a <unk> white elite from old <unk> neighborhoods and blacks many of them poor from <unk> inner city neighborhoods
mrs. ward resolved to clean out <unk> in the school 's faculty and restore safety and she also had some new factors working in her behalf
one was statewide school reform which raised overall educational funding and <unk> in a new public spirit for school <unk>
another was nancy yeargin who came to greenville in N full of the energy and ambitions that reformers wanted to reward
being a teacher just became my life says the <unk> mrs. yeargin a teacher for N years before her dismissal
i loved the school its history
i even <unk> about school and new things to do with my students
while mrs. ward fired and restructured staff and struggled to improve <unk> mrs. yeargin worked <unk> days and fast became a student favorite
in N and N she applied for and won bonus pay under the reform law
encouraged by mrs. ward mrs. yeargin taught honor students in the state teacher <unk> program a reform creation designed to encourage good students to consider teaching as a career
she won grant money for the school advised <unk> ran the <unk> club proposed and taught a new cultural <unk> class in western <unk> and was chosen by the school <unk> as teacher of the year
she was an <unk> lady she had it all together says <unk> <unk> a freshman at the university of south carolina who had mrs. yeargin in the <unk> class last year
she says that because of mrs. yeargin she gave up ambitions in architecture and is studying to become a teacher
mary beth <unk> a greenville <unk> <unk> also says mrs. yeargin inspired her to go into education
she taught us more in western <unk> than i 've ever learned in other classes says <unk> green a greenville senior
in the classroom students say mrs. yeargin distinguished herself by <unk> teaching approaches forcing kids to pair up to complete classroom work or using <unk> type <unk>
on <unk> 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 <unk> mary beth 's mother
you 'd see her <unk> <unk> in the stands at a football game
some fellow teachers however viewed mrs. yeargin as <unk> and too yielding to students
mrs. ward says she often defended her to colleagues who called her a <unk>
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 <unk> program
but the most important source of points was student improvement on tests
huge gains by her students in N and N meant a total of $ N in bonuses over two years a meaningful addition to her annual salary of $ N
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
mary elizabeth <unk> another <unk> teacher says she believed mrs. yeargin wanted to keep her standing high so she could get a new job that would n't demand good hearing
indeed mrs. yeargin was interested in a possible job with the state teacher <unk> program
last march after attending a teaching <unk> in washington mrs. yeargin says she returned to greenville two days before annual testing feeling that she had n't prepared her <unk> geography students adequately
when test booklets were passed out N hours ahead of time she says she <unk> questions in the social studies section and gave the answers to students
mrs. yeargin admits she made a big mistake but insists her <unk> were correct
i was trying to help kids in an unfair testing situation she says
only five of the N questions were geography questions
the rest were history <unk> finance subjects they never had
mrs. yeargin says that she also wanted to help lift greenville high school 's overall test scores usually near the bottom of N district high schools in <unk> carried annually by local newspapers
mostly she says she wanted to prevent the damage to <unk> that her <unk> students would suffer from doing badly on the test
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 <unk> for them who loved them
the last thing they needed was another <unk> blow
school officials and prosecutors say mrs. yeargin is lying
they found students in an advanced class a year earlier who said she gave them similar help although because the case was n't tried in court this evidence was never presented publicly
that pretty much <unk> any <unk> that she was out to help the poor <unk> child says joe watson the prosecutor in the case who is also president of greenville high school 's <unk> association
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 <unk> 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 <unk> 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 <unk> mrs. ward recalls
it was like someone had turned a <unk> in me
to the <unk> and <unk> of her <unk> and legal authorities and perhaps as a measure of the <unk> of standardized tests <unk> yeargin won widespread local support
the <unk> hearing at which she was dismissed was crowded with students teachers and parents who came to testify on her behalf
supportive callers <unk> unfair testing not mrs. yeargin on a local radio talk show on which she appeared
the show did n't give the <unk> of mrs. yeargin 's <unk> saying only that she helped students do better on the test
the message to the board of education out of all this is we 've got to take a serious look at how we 're doing our <unk> and our testing policies in this state said the <unk> host
<unk> in the greenville newspaper allowed that mrs. yeargin was wrong but also said the case showed how testing was being <unk>
the radio show <unk> us says mrs. ward
partly because of the show mr. watson says the district decided not to recommend mrs. yeargin for a first-time offenders program that could have <unk> the charges and the conviction from her record
and legal authorities <unk> up an investigation worthy of a murder case
over N witnesses mostly students were interviewed
at greenville high school meanwhile some students especially on the <unk> <unk> were crushed
it 's hard to explain to a <unk> why someone they like had to go says mrs. ward
soon <unk> appeared in the <unk> that carried the school 's familiar <unk> <unk> <unk> 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 <unk> rice who had discovered the <unk> notes
we work damn hard at what we do for damn little pay and what she did cast unfair <unk> on all of us
but several teachers also say the incident <unk> doubt on the wisdom of evaluating teachers or schools by using standardized test scores
says <unk> key a <unk> teacher the incentive pay thing has opened up a can of <unk>
there may be others doing what she did
mrs. yeargin says she pleaded guilty because she realized it would no longer be possible to win <unk> and because she was afraid of further charges
mrs. ward for one was relieved
despite the strong evidence against mrs. yeargin popular sentiment was so strong in her favor mrs. ward says that i 'm afraid a jury would n't have convicted her
since <unk> first touched slate <unk> have wanted to know what 's on the test
these days students can often find the answer in <unk> <unk> and <unk> their teachers give them in the weeks prior to taking standardized achievement tests
the <unk> section of the widely used california achievement test asks fifth <unk> what is another name for the roman <unk> <unk>
it also asks them to add <unk> and <unk>
<unk> in a <unk> <unk> called learning materials sold to schools across the country by <unk> school publishing co. contain the same questions
in many other <unk> there is almost no difference between the real test and learning materials
what 's more the test and learning materials are both produced by the same company <unk> a joint venture of mcgraw-hill inc. and macmillan 's parent britain 's maxwell communication corp
close parallels between tests and practice tests are common some educators and researchers say
<unk> booklets software and <unk> are a booming publishing <unk>
but some practice products are so similar to the tests themselves that critics say they represent a form of <unk> cheating
if i took these preparation booklets into my classroom i 'd have a hard time <unk> to my students and parents that it was n't cheating says john <unk> a <unk> city mich. teacher who has studied test <unk>
he and other critics say such <unk> aids can defeat the purpose of standardized tests which is to gauge learning progress
it 's as if france decided to give only french history questions to students in a european history class and when everybody <unk> the test they say their kids are good in european history says john <unk> an <unk> n.m. <unk> and founder of an educational research organization friends for education which has studied standardized testing
standardized achievement tests are given about N million times a year across the country to students generally from <unk> through eighth grade
the most widely used of these tests are <unk> 's cat and comprehensive test of basic skills the iowa test of basic skills by <unk> <unk> co. and <unk> <unk> <unk> inc. 's metropolitan achievement test and stanford achievement test
sales figures of the <unk> materials are n't known but their reach into schools is significant
in arizona california florida louisiana maryland new jersey south carolina and texas educators say they are common classroom tools
<unk> says well over N million of its scoring high <unk> books have been sold since their introduction N years ago with most sales in the last five years
about N sets of learning materials teachers ' <unk> have also been sold in the past four years
the materials in each set reach about N students
scoring high and learning materials are the <unk> preparation tests
michael kean director of marketing for <unk> <unk> the <unk> division that publishes learning materials says it is n't aimed at improving test scores
he also asserted that exact questions were n't <unk>
when referred to the questions that matched he said it was <unk>
mr. <unk> the <unk> and william <unk> a michigan state university education professor concluded in a study last june that cat test versions of scoring high and learning materials should n't be used in the classroom because of their similarity to the actual test
they devised a <unk> scale <unk> one point for each <unk> measured on the cat test to rate the <unk> of test <unk> to the <unk> cat
because many of these <unk> the <unk> of <unk> figures metric measurement of volume or pie and bar <unk> for example are only a small part of the total <unk> <unk> mr. <unk> says the preparation <unk> would n't <unk> too many if their real intent was general instruction or even general <unk> with test procedures
but learning materials matched on N of N <unk>
scoring high matched on N
in cat sections where students ' knowledge of <unk> <unk> sounds is tested the authors noted that scoring high concentrated on the same sounds that the test does to the exclusion of other sounds that fifth <unk> should know
learning materials for the <unk> contains at least a dozen examples of exact matches or close parallels to test items
rick <unk> senior editor of scoring high says that messrs. <unk> and <unk> are ignoring the need students have for becoming familiar with tests and testing format
he said authors of scoring high <unk> avoid <unk> exact questions but he does n't deny that some items are similar
when scoring high first came out in N it was a publication of random house
mcgraw-hill was <unk>
in a N advisory to educators mcgraw-hill said scoring high should n't be used because it represented a parallel form of the cat and <unk> tests
but in N mcgraw-hill purchased the random house unit that publishes scoring high which later became part of <unk>
messrs. <unk> and kean say they are <unk> of any efforts by mcgraw-hill to modify or <unk> scoring high
<unk> corp. said it completed the acquisition of sacramento savings & loan association from the <unk> & <unk> c. <unk> foundation for $ N million
the <unk> s&l which has N branch offices in north central california had assets of $ N billion at the end of september
new york-based <unk> is an insurance and financial services concern
the purchase price includes two <unk> companies
the department of health and human services plans to extend its <unk> on federal funding of research involving fetal-tissue transplants
medical researchers believe the <unk> of small amounts of <unk> tissue into humans could help treat <unk> <unk> and such <unk> diseases as <unk> 's <unk> 's and <unk> 's
but anti-abortionists oppose such research because they worry that the development of <unk> 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 <unk> research or federally funded fetal-tissue research that does n't involve transplants
department officials say that hhs secretary louis sullivan will support dr. mason 's ruling which will be issued soon in the form of a letter to the acting director of the national institutes of health
both dr. mason and dr. sullivan oppose federal funding for abortion as does president bush except in cases where a woman 's life is threatened
the controversy began in N when the national institutes of health aware of the policy implications of its research asked for an hhs review of its plan to <unk> <unk> tissue into the brain of a patient suffering from <unk> 's disease
the department placed a <unk> on the research pending a review of scientific legal and ethical issues
a majority of an <unk> panel recommended late last year that the research continue under carefully controlled conditions but the issue became <unk> in politics as anti-abortion groups continued to oppose federal funding
the dispute has hampered the administration 's efforts to recruit prominent doctors to fill prestigious posts at the helm of the nih and the centers for disease control
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 <unk> 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
earlier this week dr. sullivan tried to <unk> these charges by stressing that candidates to head the nih and the <unk> will be <unk> by standards of scientific and administrative <unk> not politics
but the administration 's handling of the fetal-tissue transplant issue <unk> many scientists
when scientific progress moves into <unk> ground there has to be a role for society to make judgments about its applications says <unk> <unk> associate dean of the yale medical school
the disturbing thing about this abortion issue is that the debate has become <unk> so that no mechanism exists for finding a middle ground
yale is one of the few medical institutions conducting privately funded research on fetal-tissue transplants
but dr. <unk> warns that dr. mason 's ruling may discourage private funding
the <unk> of federal funds and the climate in which the decision was made certainly do n't provide any incentive for one of the more visible foundations to provide support he said
despite the <unk> over transplants federal funding of research involving <unk> <unk> will continue on a number of fronts
such research may ultimately result in the ability to <unk> damaged <unk> or to turn off genes that cause cancer or to regulate genes that cause down 's syndrome the leading cause of mental <unk> according to an nih summary
the nih currently spends about $ N million annually on fetal-tissue research out of a total research budget of $ N billion
<unk> hope that two new england states will allow broader interstate banking boosted nasdaq 's bank stocks but the over-the-counter market was up only slightly in lackluster trading
the nasdaq composite index added N to N on <unk> volume of N million shares
in terms of volume it was an <unk> beginning for november
yesterday 's share turnover was well below the year 's daily average of N million
in october the busiest month of the year so far daily volume averaged roughly N million shares
the nasdaq N index of the biggest <unk> stocks gained N to N
the index of the N largest nasdaq financial stocks rose modestly as well gaining N to N
but the broader nasdaq bank index which tracks thrift issues jumped N to N
the bank stocks got a boost when connecticut bank & trust and bank of new england said they no longer oppose pending legislation that would permit banks from other regions to merge with connecticut and massachusetts banks
the two banks merged in N
bank of new england 's shares are traded on the new york stock exchange
the stocks of banking concerns based in massachusetts were n't helped much by the announcement traders said because many of those concerns have financial problems tied to their real-estate loan portfolios making them <unk> takeover targets
but speculators anticipating that connecticut will approve a law permitting such interstate banking soon immediately bid up shares of connecticut banks on the news
a lot of the stocks that have been under water finally saw a reason to uptick said george <unk> head trader of banking issues in shearson lehman hutton 's otc department
the biggest <unk> was northeast bancorp which surged N N to N
the stamford conn. concern has agreed to a buy-out by bank of new york in a transaction with an indicated value of about $ N a share that expires next august
ed <unk> a <unk> conn. money manager who follows bank stocks said the announcement effectively gives the deal the green light
mr. <unk> 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 N to N N
first constitution has signed a merger agreement with <unk> l.p. and <unk> corp. under which all of its common shares will be acquired for $ N each or $ N million
among other connecticut banks whose shares trade in the otc market society for savings bancorp based in hartford saw its stock rise N N to N N
<unk> added N to N N shares of <unk> a new london-based bank holding company rose N to N N
among other banking issues <unk> savings association <unk> more than N N with a gain of N N to N N
the pennsylvania bank agreed to be acquired in a merger with <unk> corp. of pennsylvania for $ N a share
valley federal savings & loan a california thrift issue gained N to N N after reporting a third-quarter loss of $ N million after an $ N million pretax charge mostly related to its mobile home financing unit
dan e. <unk> valley federal 's president and chief executive officer said the one-time charge substantially <unk> future losses associated with the unit
he said the company 's core business remains strong
he also said that after the charges and assuming no dramatic <unk> in interest rates the company expects to achieve <unk> earnings in N
weisfield 's surged N N to N N and ratners group 's american depositary receipts or adrs gained N to N N
the two concerns said they entered into a definitive merger agreement under which ratners will begin a tender offer for all of weisfield 's common shares for $ N each
also on the takeover front jaguar 's adrs rose N to N N on turnover of N million
since the british auto maker became a takeover target last month its adrs have jumped about N N
after troubled heritage media proposed acquiring pop radio in a stock swap pop radio 's shares tumbled N to N N
heritage media which already owns about N N of pop radio proposed paying pop radio shareholders with shares of a new class of heritage media preferred stock that would be convertible into four shares of heritage media 's common
rally 's lost N N to N N
the restaurant operator said it has redeemed its rights issued monday under its shareholder rights plan
the fast-food company said its decision was based on discussions with a shareholder group giant group ltd. in an effort to resolve certain disputes with the company
giant group is led by three rally 's directors burt sugarman james m. trotter iii and william e. trotter ii who earlier this month indicated they had a N N stake in rally 's and planned to seek a majority of seats on rally 's <unk> board
sci systems slipped N to N on volume of N shares
the <unk> ala. electronic products maker said it expects to post a significant loss for its fiscal first quarter ended sept. N
in the year-earlier period sci had net income of $ N million or N cents a share on revenue of $ N million
the internal revenue service has threatened criminal sanctions against lawyers who fail to report detailed information about clients who pay them more than $ N in cash
the warnings issued to at least N criminal defense attorneys in several major cities in the last week have led to an outcry by members of the organized bar who claim the information is protected by <unk> privilege
the irs warnings stem from a N law that requires anyone who receives more than $ N in cash from a client or customer in one or more related transactions in the course of trade or business to report the payment on a document known as form N
the form asks for such details as the client 's name social security number <unk> number and details about the services provided for the payment
failure to complete the form had been punishable as a <unk> until last november when congress determined that the crime was a felony punishable by up to N years in prison
attorneys have argued since N when the law took effect that they can not provide information about clients who do n't wish their <unk> to be known
many attorneys have returned incomplete forms to the irs in recent years citing <unk> privilege
until last week the irs rarely acted on the incomplete forms
this form forces a lawyer to become in effect a witness against his client said neal r. <unk> president of the national association of criminal defense lawyers
the irs is asking lawyers to <unk> a criminal problem to the government added mr. <unk> a miami lawyer who has heard from dozens of attorneys who received letters in recent days and has himself received the <unk> irs forms sent by certified mail
mr. <unk> 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
mr. <unk> said there also may be other circumstances under which individuals would n't want the government to know they had retained criminal defense lawyers
filling out detailed forms about these individuals would tip the irs off and spark action against the clients he said
the defense lawyers ' group formed a task force this week <unk> by new york attorney gerald <unk> to deal with the matter
the american bar association 's house of delegates passed a resolution in N <unk> the irs reporting requirement
michael ross a new york lawyer who heads the aba 's grand jury committee said that lawyers are prohibited by the aba 's code of ethics from disclosing information about a client except where a court orders it or to prevent the client from committing a criminal act that could result in death
mr. ross said he met with officials of the irs and the justice department which would bring any enforcement actions against taxpayers to discuss the issue last may
at that meeting he said the justice department assured him that enforcement procedures would n't be threatened against attorneys without further review and advance notice
mr. ross said irs officials opposed the justice department 's moderate stance on the matter
but in the letters sent in recent days christopher j. <unk> of the irs computing center in detroit told attorneys that failing to voluntarily submit the requested information could result in <unk> enforcement action being initiated
in some cases the irs asked for information dating back to forms it received in N
a spokesman for the irs confirmed that there has been <unk> <unk> about incomplete <unk> but he declined to say why the letters were sent to lawyers now
individuals familiar with the justice department 's policy said that justice officials had n't any knowledge of the irs 's actions in the last week
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 N 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
in a number of recent cases federal courts have refused to recognize attorneys ' <unk> that information relating to fees from clients should be confidential
the war over federal judicial salaries takes a victim
often judges ease into more lucrative private practice with little fanfare but not federal judge <unk> a. ramirez in sacramento calif
on tuesday the judge called a news conference to say he was <unk> effective dec. N to join a san francisco law firm
the reason the refusal of congress to give federal judges a raise
a couple of my law <unk> were going to pass me in three or four years and i was afraid i was going to have to ask them for a loan the judge <unk> in an interview
federal judges make $ N annually in february congress rejected a bill that would have increased their pay by N N
judge ramirez N said it is <unk> for judges to make what they do
judges are not getting what they deserve
you look around at professional <unk> or accountants and nobody <unk> an eye
when you become a federal judge all of a sudden you are <unk> to a <unk> sum
at his new job as partner in charge of federal litigation in the sacramento office of <unk> <unk> & <unk> he will make out much better
the judge declined to discuss his salary in detail but said i 'm going to be a high-priced lawyer
<unk> <unk> union troubles are no laughing matter
<unk> <unk> trudeau is suing the writers guild of america east for $ N million alleging it mounted a campaign to <unk> and punish him for crossing a <unk> ' picket line
the dispute involves <unk> productions inc. a tv production company in which mr. trudeau is a <unk>
mr. trudeau a writers guild member also was employed as a writer for <unk> which was covered by a guild <unk> agreement
the guild began a strike against the tv and movie industry in march N
in his lawsuit mr. trudeau says the strike illegally included <unk> and the <unk> 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. trudeau 's attorney norman k. <unk> said the <unk> consists mainly of the guild 's <unk> threats of disciplinary action
mr. <unk> said a guild disciplinary hearing is scheduled next monday in new york
mr. <unk> who will go before the disciplinary panel said the proceedings are unfair and that any punishment from the guild would be <unk>
in addition to the damages the suit seeks a court order preventing the guild from <unk> or <unk> against mr. trudeau
abortion ruling upheld
a federal appeals court upheld a lower court ruling that the u.s. can bar the use of federal funds for <unk> programs that include <unk> services
a department of health and human services rule adopted in N prohibits the use of so-called title x funds for programs that assist a woman in obtaining an abortion such as abortion counseling and <unk>
the rule also prohibits funding for activities that encourage promote or advocate abortion
title x funds are the single largest source of federal funding for <unk> services according to the opinion by the second u.s. circuit court of appeals in new york
the panel ruled that the restrictions do n't violate the freedom of speech of health care <unk> and that the limits on counseling services do n't violate the rights of pregnant women
inquiry clears texas judge of bias in comments on homosexual murder victims
dallas district judge jack <unk> had sparked calls for a judicial inquiry with his remarks to the press last december two weeks after sentencing an <unk> defendant to N years in state prison for killing two homosexual men in a city park
the judge was quoted as referring to the victims as <unk> and saying they would n't have been killed if they had n't been <unk> the streets picking up <unk> boys
but robert r. murray a special master appointed by the texas supreme court said judge <unk> did n't breach any judicial standards of fairness although he did violate the state 's judicial code by commenting publicly on a pending case
<unk> that the judge has never <unk> any bias or <unk> mr. murray concluded that he would be <unk> in any case involving a homosexual or <unk> as a victim
mr. murray also said judge <unk> 's comments did n't <unk> the judiciary or the administration of justice
the report is subject to review by the state commission on judicial conduct which is <unk> to impose sanctions
gaf trial goes to round three
attorneys in the third <unk> trial of gaf corp. began opening arguments yesterday in the manhattan courtroom of u.s. district judge mary johnson lowe
in an <unk> indictment the government has charged gaf a wayne n.j. specialty chemical maker and its vice chairman james t. sherwin with attempting to manipulate the common stock of union carbide corp. in advance of gaf 's planned sale of a large block of the stock in november N
the first two gaf trials ended in <unk> earlier this year
this trial is expected to last five weeks
switching to the defense
a former member of the prosecution team in the <unk> affair joined the chicago firm of mayer brown & <unk>
michael r. <unk> a member since january N of the <unk> trial team in the prosecution of oliver north became a partner in the washington d.c. office of the <unk> firm
he will specialize in white-collar criminal defense work
mr. <unk> N also has served as deputy chief and chief of the narcotics unit for the u.s. attorney 's office for the southern district of new york based in manhattan
<unk> tire & rubber co. said it has reached an agreement in principle to buy buildings and related property in albany ga. from <unk> inc
terms were n't disclosed
the tire maker said the buildings consist of N million square feet of office manufacturing and <unk> space on N acres of land
fujitsu ltd. 's top executive took the unusual step of publicly <unk> for his company 's making bids of just one yen for several local government projects while computer rival nec corp. made a written <unk> for <unk> in the same practice
meanwhile business and government leaders <unk> the computer makers and <unk> about the broader statement the companies ' actions make about japanese <unk> pricing
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 N yen or about $ N for another contract
but fujitsu japan 's no. N computer maker is n't alone
nec one of its largest domestic competitors said it bid one yen in two separate public auctions since N
in both cases nec lost the contract to fujitsu which made the same bid and won a <unk> <unk>
all the contracts were for <unk> contracts and involved no hardware or software
the ministry of international trade and industry summoned executives from the companies to make sure they understood the concern about such practices according to a government spokesman
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 <unk> violations
we would like to <unk> for having caused huge trouble fujitsu president <unk> <unk> read from a prepared statement as he stood before a packed news conference at his company 's downtown headquarters
the bids he added were contrary to common sense
nec released a statement saying we feel sorry for having caused trouble to society a form of <unk> common in japan for companies caught in embarrassing situations
japanese companies have long had a reputation for <unk> short-term profits to make a sale that may have long-term benefits
but the growing controversy comes as many practices historically accepted as normal here such as politicians accepting substantial gifts from businessmen or having <unk> affairs are coming under close ethical scrutiny
the fire is also fueled by growing international interest in japanese behavior
so far there have been no public overseas complaints about the issue
but in one of the auctions in question international business machines corp. made a bid substantially higher than the fujitsu offer according to the <unk>
the <unk> bids touch on issues central to the increasingly <unk> 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 <unk> slashing prices on semiconductors and <unk> products fujitsu and nec make
asked whether the bidding <unk> would hurt <unk> relations mr. <unk> said this will be a minus factor
the <unk> controversy first came to a head last week when the city of hiroshima announced that fujitsu won a contract to design a computer system to <unk> its waterworks
the city had expected to pay about N million yen $ N but fujitsu essentially offered to do it for free
then wednesday fujitsu said it made a similar bid to win a library contract in <unk> <unk> two weeks earlier
it also said that in july it bid N yen to design a system for the <unk> <unk> library and two years ago it bid one yen to plan the telecommunications system for <unk> <unk>
the company said it has offered to withdraw its bids in hiroshima and <unk>
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. <unk> 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 <unk> <unk> an official at <unk> the japan federation of economic organizations said
profit may be low but at least costs should be covered
papers
<unk> group inc. agreed to acquire atlantic publications inc. which has N community papers and annual sales of $ N million
terms were n't disclosed
<unk> is a closely held media firm run by former cbs inc. president john <unk>
tv
price communications corp. completed the sale of four of its tv stations to <unk> inc. for $ N million in cash and notes retaining a N N equity stake in the new concern
<unk> was formed by <unk> communications corp. and <unk> capital
<unk> stores inc. which owns and operates a chain of specialty retail stores said october sales rose N N to $ N million from $ N million a year earlier
sales in stores open more than one year rose N N to $ N million from $ N million
furukawa co. of japan said it will acquire two construction machinery plants and a sales unit in france formerly <unk> to <unk> industries inc. of the u.s.
the company said it made the purchase in order to locally produce <unk> operated <unk>
last october the company also bought a <unk> manufacturing plant in <unk> west germany from <unk>
furukawa said the purchase of the french and german plants together will total about N billion yen $ N million
structural dynamics research corp. which makes <unk> engineering software said it introduced new technology in mechanical design <unk> that will improve mechanical engineering productivity
<unk>
money market <unk> N N
a average rate paid yesterday by N large banks and thrifts in the N largest metropolitan areas as compiled by bank rate monitor
b current annual yield
guaranteed minimum N N
lsi logic corp. reported a surprise $ N million third-quarter net loss including a special restructuring charge that reflects a continuing <unk> slowdown in semiconductor demand
in september the <unk> maker said excess capacity and lagging billings would result in an estimated $ N million to $ N million net loss for the third quarter
but company officials said yesterday that they decided to take a $ N million pretax charge for the period to cover a restructuring of world-wide manufacturing operations citing extended weakness in the market as well as a decision to switch to more <unk> production techniques
over the summer months there has been a slowing in the rate of new orders from the computer sector our primary market said wilfred j. <unk> chairman and chief executive officer
in addition recent industry forecasts for N 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 $ N million net loss <unk> N cents a share
not counting the extraordinary charge the company said it would have had a net loss of $ N million or seven cents a share
a year earlier it had profit of $ N million or N cents a share
revenue rose N N to $ N million from $ N million
the charge partly reflects a switch from older <unk> to <unk> <unk> silicon <unk> with which to <unk> 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
this is a company that has invested in capacity additions more aggressively than any other company in the industry and now the industry is growing more slowly and they are suddenly poorly positioned said michael stark chip analyst at robertson <unk> & co
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
<unk> co <unk> lake n.j
william g. <unk> former chairman and chief executive officer of general public utilities corp. was elected a director of this maker of industrial and construction equipment increasing board membership to N
the dollar posted gains against all major currencies yesterday buoyed by persistent japanese demand for u.s. bond issues
while market sentiment remains cautiously bearish on the dollar based on sluggish u.s. economic indicators dealers note that japanese demand has helped <unk> the dollar against the yen and has kept the u.s. currency from plunging below key levels against the mark
at the same time dealers said the u.s. unit has been locked into a relatively narrow range in recent weeks in part because the hefty japanese demand for dollars has been offset by the mark 's strength resulting in a <unk>
jay <unk> with capital insight inc. reasons that while the mark has posted significant gains against the yen as well the mark climbed to N yen from N yen late tuesday in new york the strength of the u.s. bond market compared to its foreign counterparts has helped lure investors to dollar-denominated bonds rather than mark bonds
<unk> trade is the driving force in the market said tom <unk> a vice president with banque paribas in new york but i 'm not convinced it will continue
who knows what will happen down the road in three to six months if foreign investment starts to erode
in late new york trading yesterday the dollar was quoted at N marks up from N marks late tuesday and at N yen up from N yen late tuesday
sterling was quoted at $ N down from $ N late tuesday
in tokyo thursday the u.s. currency opened for trading at N yen up from wednesday 's tokyo close of N yen
douglas madison a corporate trader with bank of america in los angeles <unk> the dollar 's recent solid performance against the yen to purchases of securities by japanese insurance companies and trust banks and the sense that another wave of investment is waiting in the wings
he contends that the perception in japan of a <unk> u.s. response to sony corp. 's announcement of its purchase of columbia pictures entertainment inc. has been temporarily <unk>
he cites the recent deal between the mitsubishi estate co. and the rockefeller group as well as the possible white knight role of an undisclosed japanese company in the georgia-pacific corp. takeover bid for great northern nekoosa corp. as evidence
the <unk> maturity in november of a 10-year japanese government <unk> bond issue valued at about $ N billion has prompted speculation in the market that investors <unk> the bonds will diversify into dollar-denominated instruments according to mr. madison
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
they point out that these institutions want to lock in returns on high-yield u.s. treasury debt and suggest demand for the u.s. unit will continue <unk> until rates in the u.s. <unk>
the market again showed little interest in further evidence of a slowing u.s. economy and traders note that the market in recent weeks has taken its <unk> more from wall street than u.s. economic indicators
dealers said the dollar merely drifted lower following the release wednesday of the u.s. purchasing managers ' report
the managers ' index which measures the health of the manufacturing sector stood at N N in october above september 's N N and also above average forecasts for the index of N N
some dealers said the dollar was pressured slightly because a number of market participants had boosted their expectations in the past day and were looking for an index above N which indicates an expanding manufacturing economy
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 $ N an ounce down N cents
estimated volume was a moderate N million ounces
in early trading in hong kong thursday gold was quoted at $ N an ounce
the cosby show may have <unk> turned around ratings at nbc since its debut in N and the <unk> family still keeps millions of viewers laughing thursday night on the network
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 N 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
meanwhile stations are <unk> because many of them say the show 's distributor viacom inc. is giving an <unk> either sign new long-term commitments to buy future episodes or risk losing cosby to a competitor
at the same time viacom is trying to persuade stations to make commitments to a different world a <unk> of cosby whose reruns will become available in N
viacom denies it 's using pressure tactics
we 're willing to negotiate says dennis <unk> executive vice president of marketing
we 're offering this plan now because we feel it 's the right time
but says the general manager of a network affiliate in the midwest i think if i tell them i need more time they 'll take cosby across the street
viacom 's move comes as the <unk> market is being flooded with situation <unk> that are still running on the networks
one station manager says he believes viacom 's move is a <unk> strike because the company is worried that cosby ratings will continue to drop in <unk> over the next few years
cosby is down a full ratings point in the week of oct. N over the same week a year ago according to a.c. nielsen co
mr. <unk> at viacom says the ratings are rising
and executives at stations in such major markets as washington <unk> r.i. cleveland <unk> n.c. minneapolis and louisville ky. say they may very well not renew cosby
dick <unk> the general manager of <unk> the <unk> station in miami for example says the show has been a major disappointment to us
at the prices we were charged there should have been some return for the dollar
there was n't
neil <unk> the general manager of <unk> the cbs affiliate in louisville says cosby gets the station 's highest ratings and he 's pleased
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 <unk> 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 <unk> <unk> group based in the netherlands
in this era of <unk> competition for ad dollars a lot of <unk> magazines are getting pretty <unk> with advertisers <unk> over them in articles and offering pages of <unk> space
so can a magazine survive by downright <unk> its nose at major advertisers
garbage magazine billed as the practical journal for the environment is about to find out
founded by brooklyn n.y. publishing entrepreneur <unk> <unk> garbage made its debut this fall with the promise to give consumers the straight <unk> on the u.s. waste crisis
the magazine combines <unk> pieces on topics like <unk> <unk> <unk> <unk> on such things as what happens after you flush your toilet and <unk> pieces on alleged environmental offenders
garbage editors have dumped considerable energy into a <unk> <unk> through supermarket <unk> in a bid to identify corporate america 's good guys and bad boys
in one feature called in the <unk> editors point out a product they <unk> to be a particularly bad <unk>
from an advertising standpoint the problem is these offenders are likely to be some of the same folks that are major magazine advertisers these days
with only two issues under its belt garbage has <unk> some would-be advertisers and raised the <unk> of others
campbell soup for one is <unk> its <unk> <unk> microwave product was <unk> in the premiere in the <unk> column
the magazine 's editors ran a giant <unk> of the product with <unk> pointing to the packaging 's <unk> foam <unk> and <unk> film all plastic items they say are <unk>
it 's precisely the kind of product that 's created the municipal landfill monster the editors wrote
i think that this magazine is not only called garbage but it is practicing <unk> garbage <unk> a spokesman for campbell soup
he says campbell was n't even contacted by the magazine for the opportunity to comment
modifications had been made to the <unk> <unk> product at the time the issue was printed he says making it less an <unk> than was portrayed
he admits though it is n't one of campbell soup 's better products in terms of <unk>
campbell soup not surprisingly does n't have any plans to <unk> in the magazine according to its spokesman
some media experts question whether a young magazine can risk turning off madison avenue 's big <unk>
you really need the campbell <unk> of the world to be interested in your magazine if you 're going to make a run of it says mike white senior vice president and media director at ddb needham chicago
the economics of magazine publishing pretty much require that you have a pretty solid base of big-time ad <unk> he adds
the first two issues featured ads from only a handful of big advertisers including general electric and <unk> coors but the majority were from companies like waste management inc. and <unk> international firms that do n't spend much money advertising and ca n't be relied on to support a magazine over the long haul
a waste management spokeswoman says its ad in the premiere issue was a one-time purchase and it does n't have any plans to <unk> in future issues
we do n't spend much on print advertising she says
but ms. <unk> the magazine 's editor and publisher contends garbage can survive at least initially on subscription revenues
individual copies of the magazine sell for $ N and yearly <unk> cost $ N
it is of course printed on recycled paper
according to ms. <unk> <unk> journal corp. her publishing company printed and sold all N copies of the premiere issue
the first and second issues sold out on <unk> she says and the magazine has orders for N <unk>
asked whether potential advertisers will be scared away by the magazine 's direct policy ms. <unk> replies i do n't know and i do n't care
i 'm not saying advertising revenue is n't important she says but i could n't sleep at night if the magazine bowed to a company because they once took out an ad
ad notes
interpublic on tv
interpublic group said its television programming operations which it expanded earlier this year agreed to supply more than N hours of original programming across europe in N
it said the programs largely game shows will be provided by its <unk> television unit along with <unk> international a producer and distributor of game shows of which it recently bought N N
it said that volume makes it the largest supplier of original tv programming in europe
interpublic is providing the programming in return for advertising time which it said will be valued at more than $ N million in N and $ N million in N
it plans to sell the ad time to its clients at a discount
new account
<unk> financial corp. philadelphia named <unk> palmer brown & <unk> philadelphia as agency of record for its $ N million account
the business had been handled by <unk> <unk> baltimore
at&t fax
american telephone & telegraph 's general business systems division new york awarded the ad account for its fax product line to ogilvy & mather new york a wpp group agency
billings were n't disclosed for the small account which had been <unk> at young & rubicam new york
first campaign
enterprise <unk> inc. breaks its first national ad campaign this week
the st. louis firm specializes in <unk> <unk> those provided by insurance companies for cars damaged in <unk>
developed by <unk> free & <unk> new york the $ N million campaign pitches enterprise 's <unk> service and its free <unk> and <unk> service
<unk> associates
young & rubicam said it completed its acquisition of <unk> associates a san francisco <unk> firm
acquisition
<unk> communications pittsburgh acquired <unk> & co. a los angeles <unk> and <unk> firm
terms were n't disclosed
sea containers ltd. said it might increase the price of its $ <unk> buy-back plan if pressed by temple holdings ltd. which made an earlier tender offer for sea containers
sea containers a hamilton <unk> shipping concern said tuesday that it would sell $ N billion of assets and use some of the proceeds to buy about N N of its common shares for $ N apiece
the move is designed to ward off a hostile takeover attempt by two european shipping concerns <unk> holding ag and <unk> plc
in may the two companies through their jointly owned holding company temple offered $ N a share or $ N million for sea containers
in august temple sweetened the offer to $ N a share or $ N million
yesterday sea containers ' chief executive officer james <unk> said in an interview that under the <unk> plan sea containers would end up with a cash surplus of approximately $ N million
about $ N million of that would be allocated to the buy-back leaving about $ N million he said
that $ N million mr. <unk> said gives us some flexibility in case temple raises its bid
we are able to increase our price above the $ N level if necessary
he declined to say however how much sea containers might raise its price
mr. <unk> speculated that the <unk> that sea containers has means that temple would have to substantially increase their bid if they 're going to top us
temple however <unk> criticized sea containers ' plan yesterday <unk> it as a highly conditional device designed to <unk> management <unk> shareholders and prevent them from accepting our superior cash offer
a spokesman for temple estimated that sea containers ' plan if all the asset sales <unk> would result in shareholders receiving only $ N to $ N a share in cash
the lower figures the spokesman said would stem from preferred shares being converted to common stock and the possibility that sea containers ' subsidiaries might be required to place their shares in the open market
temple added that sea containers is still mired in legal problems in <unk> where the supreme court has temporarily barred sea containers from buying back its own stock in a case brought by <unk> and <unk>
the court has indicated it will rule on the case by the end of the month
temple also said sea containers ' plan raises numerous legal regulatory financial and fairness issues but did n't elaborate
mr. <unk> said reaction to sea containers ' proposal has been very positive
in new york stock exchange composite trading yesterday sea containers closed at $ N up N cents
the transportation department responding to pressure from safety advocates took further steps to impose on light trucks and vans the safety requirements used for automobiles
the department proposed requiring stronger <unk> for light trucks and minivans beginning with N models
it also issued a final rule requiring auto makers to <unk> light trucks and minivans with <unk> belts for rear seats beginning in the N model year
such belts already are required for the vehicles ' front seats
today 's action transportation secretary samuel skinner said represents another <unk> in the ongoing program to promote vehicle <unk> safety in light trucks and minivans through its extension of passenger car standards
in september the department had said it will require trucks and minivans to be equipped with the same <unk> <unk> that have long been required on passenger cars
the big three auto makers said the rule changes were n't surprising because bush administration officials have long said they planned to impose car safety standards on light trucks and vans
safety advocates including some members of congress have been urging the department for years to extend <unk> requirements to light trucks and vans which now account for almost one-third of all vehicle sales in the u.s.
they say that many vehicles <unk> as commercial light trucks actually carry more people than cargo and therefore should have the same safety features as cars
they did n't have much luck during the reagan administration
but now there seems to be a fairly <unk> effort to address the problem said chuck <unk> vice president of communications for the insurance institute for highway safety
we 're in a very different regulatory environment
sen. john <unk> r. <unk> praised the department 's actions noting that <unk> crashes account for almost half of all <unk> deaths
we could prevent many of these <unk> with minimum <unk> standards he said
sen. <unk> and others also want the department to require additional safety equipment in light trucks and minivans including air bags or automatic seat belts in front seats and improved <unk> protection
the department 's <unk> proposal would apply to vehicles weighing N pounds or less
the <unk> would be required to withstand a force of N times the <unk> weight of the vehicle
during the test the <unk> could n't be depressed more than five inches
in detroit a chrysler corp. official said the company currently has no <unk> <unk> and shoulder belts in its light trucks but plans to begin <unk> them in by the end of the N model year
he said chrysler fully expects to have them installed across its <unk> line by the sept. N N deadline
chrysler said its trucks and vans already meet the <unk> resistance standard for cars
john <unk> executive engineer of ford motor co. 's <unk> office said ford trucks have met car standards for <unk> resistance since N
ford began <unk> the <unk> belts in trucks with its <unk> crew <unk> <unk> in the N model year
the new <unk> <unk> vehicle set for introduction next spring will also have the <unk> belts
mr. <unk> said he expects ford to meet the deadline easily
consolidated rail corp. said it would spend more than $ N million on N <unk> <unk> for <unk> autos
the <unk> <unk> scheduled for delivery in N will be made by <unk> manufacturing co. a chicago heights ill. division of closely held <unk> industries inc. <unk> ill
this year the railroad holding company acquired N such <unk>
sir peter walters <unk> chairman of british petroleum co. until next march joins the board of this cement products company on dec. N
sir peter will succeed sir john <unk> N who <unk> as blue circle nonexecutive chairman on june N
bank of new england corp. said it has held talks with potential merger partners outside new england although it added that nothing is imminent and it has n't received any formal offers
the discussions were disclosed as the bank holding company said that it has dropped its longstanding opposition to full interstate banking bills in connecticut and in massachusetts
later yesterday a massachusetts senate committee approved a bill to allow national interstate banking by banks in the state beginning in N
currently both massachusetts and connecticut where most of bank of new england 's operations are allow interstate banking only within new england
richard <unk> vice chairman of bank of new england told the dow jones professional investor report certainly there are those outside the region who think of us <unk> as a good partner
we have and i 'm sure others have considered what our options are and we 've had conversations with people who in the future might prove to be interesting partners
he added there 's nothing very hot
mr. <unk> did n't elaborate about who the potential partners were or when the talks were held
a bank spokeswoman also declined to comment on any <unk> matters but said the company decided to drop its opposition to the interstate banking legislation because prevailing sentiment is in favor of passage
bank of new england has been hit hard by the region 's real-estate slump with its net income declining N N to $ N million or N cents a share in the first nine months of N from the year-earlier period
the company recently said it would sell some operations and lay off N N of its work force altogether reducing employment to less than N from about N
it recently signed a preliminary agreement to negotiate exclusively with the bank of tokyo ltd. for the sale of part of its leasing business to the japanese bank
<unk> products inc. cut its quarterly dividend to five cents a share from N cents a share
the reduced dividend is payable jan. N to stock of record dec. N
the <unk> <unk> maker of hair accessories and other cosmetic products said it cut the dividend due to its third-quarter loss of $ N or N cents a share
in the year-ago quarter the company reported net income of $ N million or N cents a share
the company also adopted an anti-takeover plan
michael henderson <unk> group chief executive of this u.k. metals and industrial materials maker will become chairman in may succeeding ian butler N who is retiring
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. N will receive <unk> of one cent a share as the redemption payment
the fast-food company said its decision was based upon discussions with a shareholder group giant group ltd. in an effort to resolve certain disputes with the company
giant group is led by three rally 's directors burt sugarman james m. trotter iii and william e. trotter ii who last month indicated they hold a N N stake in rally 's and plan to seek a majority of seats on rally 's <unk> board
when warren <unk> <unk> of <unk> 's leap wine <unk> in <unk> valley announced a $ N price tag for his N <unk> N cabernet this fall few wine shops and restaurants around the country balked
this is the peak of my <unk> experience mr. <unk> declared when he introduced the wine at a dinner in new york and i wanted to single it out as such
it is in my <unk> the best wine <unk> 's leap has produced and with fewer than N cases available it is sure to sell quickly
the price is a new high for california cabernet <unk> but it is not the highest
diamond creek N lake <unk> cabernet weighed in this fall with a <unk> price of $ N a bottle
one of the fastest growing segments of the wine market is the category of <unk> wines limited in production of <unk> quality or so perceived at any rate and with <unk> high prices
for years this group included a stable of <unk> <unk> first <unk> <unk> <unk> <unk> <unk> grand <unk> <unk> <unk> and la <unk> <unk> <unk> <unk> <unk> or <unk> <unk> <unk> sweet wines <unk> <unk> or <unk> <unk> from germany and <unk> <unk> <unk> from <unk>
these first magnitude wines ranged in price from $ N to $ N a bottle
in the last year or so however this exclusive club has taken in a host of flashy new members
the <unk> have <unk> in price to meet the competition and it almost seems that there 's a race on to come up with the <unk> single bottle among current releases from every major wine region on the globe
france can <unk> the lion 's share of high-priced bottles
<unk> 's first <unk> from N and N are $ N to $ N each except for the smallest in terms of production <unk> <unk> which costs around $ N
these prices seem rather modest however in light of other french wines from current <unk>
<unk> <unk> the leading <unk> now goes for well over $ N a bottle for a lighter vintage like N the <unk> rich N runs $ N
in champagne some of the prestige <unk> are <unk> toward $ N a bottle
the first champagne to crack that price barrier was the N salon de <unk> <unk> de <unk>
the <unk> salon is $ N
<unk> <unk> at $ N a bottle sells out around the country and <unk> 's <unk> de champagne <unk> de <unk> is <unk> upon that level
the great <unk> of the <unk> valley have soared in price as well
e. <unk> 's N <unk> <unk> la <unk> for example is $ N
none of france 's wine regions can steal a march on <unk> however
the six wines of the <unk> de la <unk> N of the most precious acres of <unk> anywhere in the world have <unk> <unk> price <unk> for several years now
with the N vintage they soared higher la <unk> $ N <unk> $ N <unk> $ N
another small <unk> estate <unk> has just offered its N <unk> for $ N
from italy there is angelo <unk> <unk> at $ N a bottle <unk> <unk> 's la <unk> a $ N cabernet from <unk> and <unk> <unk> at $ N
spain 's <unk> <unk> <unk> N released only in its <unk> year is $ N as is australia 's <unk> <unk> N
there are certain <unk> wines that can command these higher prices says larry shapiro of <unk> 's one of the largest wine shops in dallas
what 's different is that it is happening with young wines just coming out
we 're seeing it partly because older <unk> are growing more scarce
wine auctions have almost exhausted the limited supply of those wines mr. shapiro continued we 've seen a dramatic decrease in demand for wines from the <unk> and <unk> which go for $ N to $ N a bottle
some of the newer wines even at $ N to $ N a bottle or so almost offer a bargain
take lake <unk> cabernet from diamond creek
it 's made only in years when the <unk> <unk> perfectly the last was N and comes from a single <unk> of <unk> that yielded a mere N cases in N
owner al <unk> originally planned to sell it for $ N a bottle but when a retailer in southern california asked is that wholesale or retail he <unk> the matter
offering the wine at roughly $ N a bottle wholesale $ N retail he sent merchants around the country a form asking them to check one of three answers N no the wine is too high N responses N yes it 's high but i 'll take it N responses N i 'll take all i can get N responses
the wine was shipped in <unk> cases instead of the usual N but even at that it was spread thin going to N retailers in N states
we thought it was <unk> expensive said sterling <unk> wine director at <unk> 's in <unk> ill. one of the top stores in suburban chicago but there are people out there with very different opinions of value
we got our two <unk> and they 're gone
mr. <unk> <unk> that he thinks <unk> prices have come about because producers do n't like to see a hit wine dramatically increase in price later on
even if there is consumer resistance at first a wine that wins high ratings from the critics will eventually move
there may be <unk> reaction initially said mr. <unk> but as the wine is talked about and starts to sell they eventually get excited and decide it 's worth the <unk> price to add it to their collection
it 's just sort of a <unk> thing with some people added larry shapiro
they like to talk about having the new red rock <unk> one of diamond creek 's <unk> or the dunn N cabernet or the <unk>
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 <unk> martin of martin wine <unk> in new orleans
or if they feel the wine is <unk> and they can get something equally good for less
mr. martin has increased prices on some wines like <unk> hills <unk> now $ N just to slow down movement but he is beginning to see some resistance to high-priced red <unk> and <unk> and <unk> in the $ N to $ N range
image has of course a great deal to do with what sells and what does n't and it ca n't be forced
wine merchants ca n't keep <unk> <unk> in stock but they have to push salon <unk> <unk> even lowering the price from $ N to $ N
it 's hardly a question of quality the N salon is a beautiful wine but as mr. <unk> noted people have their own ideas about value
it 's interesting to find that a lot of the expensive wines are n't always walking out the door
in every major market in the u.s. for instance you can buy <unk> la <unk> or <unk> virtually all of the first growth <unk> except <unk> as well as <unk> one and <unk> from california and at the moment the <unk> 's leap N <unk> N
with the biggest <unk> period of the year looming as the holidays approach it will be interesting to see how the <unk> fare
by january it should be fairly clear what 's hot and what 's not
ms. <unk> is a free-lance wine writer in new york
signs of a slowing economy are increasing pressure on the federal reserve to cut short-term interest rates but it is n't clear whether the central bank will do so
a survey by the fed 's N district banks shows economic growth has been sluggish in recent weeks while upward pressures on prices have <unk>
the economy is clearly slowing says robert black president of the richmond federal reserve bank
if you look at the third quarter as posting roughly N N growth i do see some slowing in the fourth quarter agrees kansas city fed president roger <unk>
nevertheless both mr. <unk> and mr. black say the slowdown so far is no cause for concern
we 're coming closer to <unk> the stated objective of slowing the economy to a point where hopefully some downward trend in prices will occur said mr. <unk>
bush administration officials are looking to the fed to bring down rates and financial markets seem to be expecting easier credit as well
i think the market had been expecting the fed to ease sooner and a little more than it has to date said robert johnson vice president of global markets for bankers trust co
the fed cut the key federal funds interest rate by about N percentage point to N N after the oct. N stock market plunge but has shown no sign of movement since
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 in the chicago district the report said a manufacturer of capital goods noted slower orders for some types including defense equipment petroleum equipment food packaging machinery and material handling equipment
retail sales also were reported slow in most districts particularly for discretionary <unk> items such as furniture home appliances and consumer electronics
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
several fed governors in washington have been pushing for easier credit but many of the regional fed presidents have been <unk> such a move
mr. black said he is pleased with the economy 's recent performance and does n't see a lot of excesses out there that would tilt us into recession
there is always a chance of recession added mr. <unk> but if you ask me to put a percentage on it i would think it 's well below a N N chance
<unk> hotel & restaurant co. said its planned rights offering to raise about $ N million was declared effective and the company will begin mailing materials to shareholders at the end of this week
under the offer shareholders will receive one right for each N common shares owned
each right <unk> the shareholder to buy $ N face amount of N N bonds due N and warrants to buy N common shares at N cents a share
the rights which expire nov. N can be exercised for $ N each
<unk> which owns and operates hotels said that <unk> group inc. has agreed to exercise any rights that are n't exercised by other shareholders
<unk> a cleveland merchant bank owns about N N of <unk>
<unk> corp. a specialty steelmaker said N workers at a plant in <unk> ohio began a strike after the united steelworkers local N rejected a new contract on tuesday
the previous contract between <unk> 's ohio steel tube division and the union expired at midnight tuesday
the union vote to reject the proposed pact was N
<unk> said it does n't expect a <unk> strike
it said it has taken measures to continue shipments during the work <unk>
the treasury said it plans to sell $ N billion in notes and bonds next week but said the auctions will be postponed unless congress acts quickly to lift the federal debt ceiling
michael <unk> deputy assistant secretary for federal finance said the treasury may wait until late monday or even early tuesday to announce whether the <unk> are to be <unk>
unless it can raise money in financial markets mr. <unk> said the federal government wo n't have the cash to pay off $ N billion in treasury bills that mature on thursday
without congressional action the treasury ca n't sell any new securities even savings bonds
but despite <unk> <unk> over the debt ceiling which has become <unk> in the fight over cutting capital-gains taxes congress is almost certain to act in time to avoid default
each day that congress fails to act will cause additional disruption in our borrowing schedule possibly resulting in higher interest costs to the taxpayer treasury secretary nicholas brady said in a speech prepared for delivery last night to a group of bankers
to avoid these costs and a possible default immediate action is <unk>
the securities to be sold next week will raise about $ N billion in cash and redeem $ N billion in maturing notes
the new securities part of the federal government 's regular quarterly refunding will consist of
$ N billion of three-year notes to be auctioned tuesday and to mature nov. N N
$ N billion of 10-year notes to be auctioned wednesday and to mature nov. N N
$ N billion of 30-year bonds to be auctioned thursday and to mature aug. N N
the treasury also said it plans to sell $ N billion in <unk> cash management bills on thursday
they will mature dec. N
none of the securities will be eligible for when-issued trading until congress approves an increase in the debt ceiling clearing the way for a formal offering mr. <unk> said
the treasury said it needs to raise $ N billion in the current quarter in order to end december with a $ N billion cash balance
auctions held in october and those scheduled for next week will raise a total of $ N billion
the remaining $ N billion could be raised through the sale of short-term treasury bills two-year notes in november and five-year notes in early december the treasury said
in the first three months of N the treasury estimates that it will have to raise between $ N billion and $ N billion assuming that it decides to aim for a $ N billion cash balance at the end of march
lancaster colony corp. said it acquired <unk> foods inc. in a cash transaction
terms were n't disclosed
<unk> a maker and marketer of frozen <unk> and <unk> pasta based in <unk> iowa has annual sales of about $ N million lancaster said
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 N in moderate trading
but advancing issues on the new york stock exchange were <unk> ahead of declining stocks N to N
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
analysts were disappointed that the enthusiasm investors showed for stocks in the wake of georgia-pacific 's $ N billion bid for great northern nekoosa <unk> so quickly
the industrial average jumped more than N points tuesday as speculators rushed to buy shares of potential takeover targets
but with the end of the year in sight money managers are eager to take profits and cut their risks of losing what for many have been exceptionally good returns in
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
the federal reserve 's <unk> book a summary of economic conditions across the country indicated that the overall economy remains in a pattern of sluggish growth
in major market activity
stock prices rose fractionally in moderate trading
big board volume totaled N million shares
bond prices were up
the treasury 's benchmark 30-year bond gained about a quarter of a point or $ N for each $ N of face amount
the yield fell to N N
the dollar rose
in late afternoon new york trading the currency was at N marks and N yen compared with N marks and N yen
mitsui mining & <unk> co. posted a N N rise in pretax profit to N billion yen $ N million in its fiscal first half ended sept. N compared with N billion yen a year earlier
net income more than tripled to N billion yen from N 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 N employees and supplies professional services and advanced products to industry
eaton is an automotive parts controls and aerospace electronics concern
investor harold simmons and nl industries inc. offered to acquire georgia gulf corp. for $ N a share or about $ N billion stepping up the pressure on the commodity chemicals concern
the offer follows an earlier proposal by nl and mr. simmons to help georgia gulf restructure or go private in a transaction that would pay shareholders $ N a share
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 <unk>
georgia gulf said it has n't eliminated any alternatives and that discussions are being held with interested parties and work is also continuing on other various transactions
it did n't elaborate
analysts saw the latest offer as proof that mr. simmons an aggressive and persistent investor wo n't leave georgia gulf alone until some kind of transaction is completed
he has <unk> on their <unk> like a pit bull says paul <unk> a vice president with morgan stanley & co
he appears to be in it for the long haul
mr. simmons and nl already own a N N stake in georgia gulf
mr. simmons owns N N of valhi inc. which in turn owns two-thirds of nl
nl is officially making the offer
mr. <unk> was n't surprised by the lower price cited by nl saying he believes that $ N a share is the most you can pay for georgia gulf before it becomes a bad acquisition
georgia gulf stock rose $ N a share yesterday to close at $ N a share while nl shares closed unchanged at $ N and valhi rose N cents to $ N all in new york stock exchange composite trading
j. <unk> martin nl president and chief executive officer said nl and mr. simmons cut the price they were proposing for georgia gulf because they initially planned a transaction that included about $ N million in equity and a substantial amount of high-yield subordinated debt
however the junk-bond market has collapsed in recent weeks <unk> the likelihood that such a transaction would succeed
now he said the group plans to put in several hundred million dollars in equity and finance the remainder with bank debt
he also said that the group reduced its offer because it was n't allowed to see georgia gulf 's confidential financial information without agreeing that it would n't make an offer unless it had georgia gulf 's consent
in a letter to georgia gulf president jerry r. <unk> 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 <unk> them again
mr. martin said they have n't yet decided what their next move would be but he did n't rule out the possibility of a consent solicitation aimed at replacing georgia gulf 's board
in other transactions mr. simmons has followed friendly offers with a hostile tender offer
although georgia gulf has n't been eager to negotiate with mr. simmons and nl a specialty chemicals concern the group apparently believes the company 's management is interested in some kind of transaction
the management group owns about N N of the stock most purchased at nominal prices and would stand to gain millions of dollars if the company were sold
in the third quarter georgia gulf earned $ N million or $ N a share down from $ N million or $ N a share on fewer shares outstanding
sales fell to $ N million from $ N million
a licensing company representing the university of pennsylvania added johnson & johnson to its lawsuit challenging a university faculty member over rights to <unk> <unk> medicine
university patents inc. based in <unk> conn. said it seeks johnson & johnson 's profits from sales of <unk> estimated at $ N million a similar amount of punitive damages and the right to license <unk> elsewhere
in may university patents filed a suit in federal court in philadelphia against albert m. <unk> a researcher and professor at the university of pennsylvania school of medicine who developed <unk> in the 1960s to combat <unk>
dr. <unk> <unk> the medicine while employed by the university but later licensed the <unk> to a division of johnson & johnson
in new <unk> 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
officials from both nations say the u.s. public 's <unk> about japanese investment could color a second round of <unk> economic talks scheduled for next week in washington
not that washington and tokyo disagree on the japanese acquisitions indeed each has come out in favor of <unk> investment in the u.s.
where they disagree is on the subject of u.s. direct investment in japan
the u.s. wants the removal of what it <unk> as barriers to investment japan denies there are real barriers
the <unk> talk <unk> up by recent japanese investments in the u.s. is focusing attention on the differences in investment climate even though it 's only one of many subjects to be covered in the <unk> talks known as the structural <unk> initiative
the japanese should see this rhetoric as a signal of the need for a change in their own economy says charles <unk> u.s. assistant treasury secretary who has been in tokyo this week <unk> discussing the impending negotiations with government and business leaders
we have a long history of maintaining an open <unk> policy mr. <unk> says
u.s. investors should have a greater opportunity at direct investment in japan
the japanese <unk> openly about the u.s. public 's <unk>
one clear sign of japan 's nervousness came this week when a spokesman for japan 's foreign ministry devoted nearly all of a regular half-hour briefing for foreign journalists to the subject of recent japanese investments in the u.s.
we believe that it is <unk> important for those japanese business interests in the u.s. to be more aware of the <unk> and concerns of the american people said the spokesman <unk> <unk>
at the same time though he <unk> the media for paying such close attention to japanese investment when other foreign countries notably britain are acquiring more american assets
fears that japanese investors are buying up america have <unk> sharply in the past several weeks with sony corp. 's purchase of columbia pictures entertainment inc. from coca-cola co. and mitsubishi estate co. 's acquisition of a N N holding in rockefeller group the owner of some of <unk> manhattan 's most exclusive real estate
even before those moves added fuel the fires of <unk> had been well <unk> by the highly publicized experience in japan of one u.s. investor t. boone pickens jr
the texas <unk> has acquired a N N stake valued at more than $ N billion in an <unk> company <unk> manufacturing co
but he has failed to gain any influence at the company
<unk> has refused to grant mr. pickens seats on its board <unk> he is a <unk> trying to pressure <unk> 's other shareholders into buying him out at a profit
mr. pickens made considerable political <unk> with his troubles in japan
the senate finance committee <unk> by a fellow <unk> democratic sen. lloyd <unk> last month urged u.s. trade representative carla hills to use mr. pickens 's experience in talks with tokyo to highlight this problem facing americans who seek access to the japanese capital markets
while mr. <unk> and japanese officials say the question of investors ' access to the u.s. and japanese markets may get a disproportionate share of the public 's attention a number of other important economic issues will be on the table at next week 's talks
among them are differences in savings and investment rates corporate structures and management and government spending
each side has a <unk> of recommendations for the other
the u.s. says it is anxious for results
we feel very strongly that we really need action across the full range of issues we 've identified and we need it by next spring mr. <unk> says
both sides have agreed that the talks will be most successful if negotiators start by focusing on the areas that can be most easily changed
but they have n't <unk> what those might be
after the first set of meetings two months ago some u.s. officials complained that japan had n't come up with specific changes it was prepared to make
the japanese <unk> 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
that process of <unk> out <unk> is likely to take time the japanese say no matter how badly the u.s. wants quick results
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 N <unk> and u.s. commerce department officials have crossed the globe <unk> consumer prices
by monday they hope to have a <unk> of documents both sides can trust
little by little there is progress says the <unk> official
both sides are taking action
<unk> <unk> contributed to this article
while worry grows about big japanese investments in the u.s. japan 's big trading companies are rapidly increasing their stake in america 's smaller business
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
take the deal with candela laser corp. a <unk> mass. manufacturer of high-tech medical devices which three years ago set its sights on japan as an export market
partly to help clear the <unk> obstacles facing any overseas company trying to <unk> japan tiny candela turned to mitsui & co. one of japan 's largest trading companies for investment
in a joint-venture deal mitsui <unk> candela through tokyo 's bureaucratic <unk>
it eventually secured ministry of health import approval for two candela laser products one that breaks up kidney stones and another that <unk> skin <unk>
at last count candela had sold $ N million of its medical devices in japan
the deal also gave mitsui access to a high-tech medical product
they view this as a growth area so they went about it with a <unk> approach says richard <unk> a candela vice president
indeed for many japanese trading companies the favorite u.s. small business is one whose research and development can be <unk> for future japanese use
the japanese companies <unk> many small u.s. companies with promising products or ideas frequently putting their money behind projects that commercial banks wo n't touch
japanese companies have financed small and medium-sized u.s. firms for years but in recent months the pace has taken off
in the first half of N alone japanese corporations invested $ N million in minority positions in u.s. companies a N N rise from the figure for all of N reports venture economics inc
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
heightened japanese interest in american small business parallels an acceleration of investments giving japanese companies control of large highly visible u.s. corporations such as columbia pictures entertainment inc
only this week it was announced that mitsubishi estate co. had acquired a N N stake in rockefeller group which owns new york 's prestigious rockefeller center
while the small deals are far less <unk> they add to japanese <unk> of the u.s. market
as the deals also improve japanese access to american technology and market knowledge they feed american <unk> in this area too
even a <unk> product like plate glass can catch a trading company 's fancy if there 's a strategic fit
free state glass industries of <unk> va. a small <unk> of architectural glass was <unk> under its original management
last year mitsubishi international corp. the new york-based arm of mitsubishi corp. bought controlling interest in the glass company in a joint venture with ronald <unk> a glass industry executive and mitsubishi consultant
the deal is <unk> designed to give mitsubishi a window on the u.s. glass industry says <unk> <unk> an executive in mitsubishi 's general merchandise department in new york
it 's not just a simple investment in a small company mr. <unk> 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 $ N million mr. <unk> says
mr. <unk> declines to comment on the arrangement
trading companies such as mitsubishi mitsui c. <unk> & co. and <unk> corp. which make many of the japanese investments in small u.s. concerns have no u.s. counterpart
these <unk> integrated combines some of which got their start in japan 's <unk> period deal <unk> in commodities construction and manufacturing
they operate ships and banks
all the <unk> are looking for new business says arthur <unk> adviser to the president of mitsui u.s.a. using the japanese term for the largest of the global trading houses
adds <unk> <unk> senior vice president of c. <unk> america inc. we have a great interest in making investments particularly in new ventures
a host of electronics firms in california 's silicon valley were financed with <unk> 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
in investing on the basis of future transactions a role often performed by merchant banks trading companies can cut through the <unk> that <unk> owners often face with their local commercial banks
it 's the classic problem of the small businessman says malcolm <unk> managing director of trading alliance corp. of new york
people are <unk> at the door to take his product but he does n't have the working capital to make the thing and commercial banks are very <unk>
they want assets they want a balance sheet which has no <unk> to the business a company can generate
adds mitsui 's mr. <unk> unlike corporations in this country trading companies are n't so much interested in a high return on investment as they are on increasing trade flows
to the extent they can do this they 're quite content to get a return on investment of N N to N N
mr. <unk> says mitsui has N u.s. subsidiaries in which it holds N N interest or more and the trading company hopes to double the number of its u.s. affiliates in N
sales by these subsidiaries in the fiscal year ending last march were more than $ N billion
a N N to N N return on $ N billion ai n't <unk> mr. <unk> says
hudson general corp. 's president and chief executive officer alan j. <unk> resigned
mr. <unk> N years old could n't be reached for comment
a company spokesman declined to elaborate on the departure
hudson general which provides maintenance fueling and other services to airlines and airports reported a loss for its most recent fiscal year and last month omitted the semiannual dividend on its common shares
mr. <unk> who had been with the company more than N years and had been president since N will act as a consultant to hudson general
his duties as chief executive will be assumed by chairman jay b. <unk>
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