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Repository: jsuarez5341/Recurrent-Highway-Hypernetworks-NIPS
Branch: master
Commit: 564a8d1103cd
Files: 25
Total size: 117.8 MB
Directory structure:
gitextract_b_apdbvx/
├── HyperLinear.py
├── LanguageBatcher.py
├── MainHRHN.py
├── MainRHN.py
├── README.md
├── Run.py
├── data/
│ ├── ptb.test.txt
│ ├── ptb.train.txt
│ ├── ptb.valid.txt
│ └── vocab.txt
├── models/
│ ├── BaselineLSTM.py
│ ├── HyperRHN.py
│ └── RHN.py
├── nlp.py
├── saves/
│ ├── hrhn/
│ │ ├── ta.npy
│ │ ├── tl.npy
│ │ ├── va.npy
│ │ ├── vl.npy
│ │ └── weights
│ └── rhn/
│ ├── ta.npy
│ ├── tl.npy
│ ├── va.npy
│ ├── vl.npy
│ └── weights
└── utils.py
================================================
FILE CONTENTS
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================================================
FILE: HyperLinear.py
================================================
import math
import torch
from torch.nn.parameter import Parameter
from torch.nn import Module
from pdb import set_trace as T
class HyperLinear(Module):
def __init__(self, in_features, out_features):
super(HyperLinear, self).__init__()
self.in_features = in_features
self.out_features = out_features
self.weight = Parameter(torch.Tensor(out_features, in_features))
self.bias = Parameter(torch.Tensor(out_features))
self.reset_parameters()
def reset_parameters(self):
stdv = 1. / math.sqrt(self.weight.size(1))
self.weight.data.uniform_(-stdv, stdv)
if self.bias is not None:
self.bias.data.uniform_(-stdv, stdv)
def forward(self, input, z):
weight = self.weight
z = torch.cat((z,z), 1)
Wx = self._backend.Linear()(input, weight)*z
Wx += self.bias.expand_as(Wx)
return Wx
def __repr__(self):
return self.__class__.__name__ + ' (' \
+ str(self.in_features) + ' -> ' \
+ str(self.out_features) + ')'
================================================
FILE: LanguageBatcher.py
================================================
import numpy as np
from pdb import set_trace as T
import os
import nlp, utils
class LanguageBatcher():
def __init__(self, fName, vocabF,
batchSize, seqLen, minContext, rand=False):
self.seqLen = seqLen+1
self.minContext = minContext
self.batchSize = batchSize
self.rand = rand
self.pos = 0
self.vocab = utils.loadDict(vocabF)
self.invVocab = utils.invertDict(self.vocab)
realLen = self.seqLen - minContext
dat = open(fName).read()
dat = dat[:int(len(dat)/(realLen))*realLen]
dat = nlp.applyVocab(dat, self.vocab)
dat = np.asarray(list(dat))
dat = dat.reshape(-1, realLen)
dat = np.hstack((dat[:-1], dat[1:, :minContext]))
self.batches = int(np.floor(dat.shape[0] / batchSize))
self.dat = dat[:(self.batches*batchSize)]
self.m = len(self.dat.flat)
def next(self):
if not self.rand:
dat = self.dat[self.pos:self.pos+self.batchSize]
#s = nlp.applyInvVocab(dat[0], self.vocab)
self.pos += self.batchSize
if self.pos >= self.dat.shape[0]:
self.pos = 0
else:
inds = np.random.randint(0, self.m-self.seqLen, (self.batchSize, 1))
inds = inds + (np.ones((self.batchSize, self.seqLen))*np.arange(self.seqLen)).astype(np.int)
dat = self.dat.flat[inds]
return dat[:, :-1], dat[:, 1:]
================================================
FILE: MainHRHN.py
================================================
from pdb import set_trace as T
from Run import run
from models.BaselineLSTM import LSTMCell
from models.RHN import RHNCell
from models.HyperRHN import HyperRHNCell
saveName = 'saves/testme/'
load = True
test = True
cellFunc = HyperRHNCell
depth = 7
h = 1000
hCell = h
hCell = (128, h)
vocab = 50
embedDim = 27
batchSz = 200
context = 100
minContext = 50
eta = 1e-3
gateDrop = 1.0 - 0.65
embedDrop = 0.0
cell = cellFunc(embedDim, hCell, depth, gateDrop)
run(cell, depth, h, vocab, batchSz, embedDim, embedDrop,
context, minContext, eta, saveName, load, test)
================================================
FILE: MainRHN.py
================================================
from pdb import set_trace as T
from Run import run
from models.BaselineLSTM import LSTMCell
from models.RHN import RHNCell
from models.HyperRHN import HyperRHNCell
saveName = 'saves/rhn/'
load = True
test = True
cellFunc = RHNCell
depth = 7
h = 1000
hCell = h
#hCell = (128, h)
vocab = 50
embedDim = 27
batchSz = 200
context = 100
minContext = 50
eta = 5e-4
gateDrop = 1.0 - 0.65
embedDrop = 0.0
cell = cellFunc(embedDim, hCell, depth, gateDrop)
run(cell, depth, h, vocab, batchSz, embedDim, embedDrop,
context, minContext, eta, saveName, load, test)
================================================
FILE: README.md
================================================
Paper link: http://papers.nips.cc/paper/6919-language-modeling-with-recurrent-highway-hypernetworks.pdf
This is the official repo for my paper. Provided:
- Full source to reproduce HRHN/RHN performance
- Clean implementation of the RHN cell. Working on a recurrent architecture? Try it as a drop in LSTM replacement!
- Easy train/test interface for both models via MainHRHN.py and MainRHN.py. No command line args required.
- Pretrained HRHN and RHN. State of the art performance on Penn Treebank at time of submission to NIPS.
NOTE: Use pytorch for 1.12_2 for now. Has not been confirmed working with 2.0. If you're just interested in the clean RHN cell implementation, that should work, potentially with small API updates. I do plan on updating, but not until after the conference.
12/3/17: Final correctness checks. Had to drop the batch size to 200 due to memory constraints. Our model obtains 1.195 BPC after 650 epochs. The RHN takes 1020 epochs to converge and likely still has not converged--that said, the perplexity is constant to the third digit since epoch 650, so this is not a concern. Run the respective MainHRHN and MainRHN files to reproduce. Also updated poster (old version still in the repo) and fixed the inconsistent date labeling below.
11/28/17: Major code changes and correctness checks--final tests are running now and look good so far. This should be the second to last update. Added MainRHN.py and MainHRHN.py for easier running of separate models.
11/16/17: Added poster. This is a very abbreviated version of the full paper largely intended for a live audience, but it still serves as a fairly good bare-bones math-only representation of the project. The tests will take a few more days--the good new is, the code will be very clean and very short :)
11/8/17: Initial commit. Code cleaned from original repo. I still have some polishing to do on the utils/nlp libraries and train/test system. I have not yet tested consistency with the original repo; this will begin tomorrow, but runs take 2-3 days. Feel free to take a look at the core modules until then, but I don't advise cloning yet.
11/4/17: Stub repo for associated NIPS Paper. Code is currently being cleaned and tested for upload--give it 4 days to a week
================================================
FILE: Run.py
================================================
from pdb import set_trace as T
import sys, shutil
import time
import numpy as np
import torch
import torch as t
import torchvision
import torchvision.transforms as transforms
import torch.nn as nn
import torch.nn.init as init
import torch.nn.functional as F
from torch.autograd import Variable
import utils
from LanguageBatcher import LanguageBatcher
from HyperLinear import HyperLinear
#Load PTB
def dataBatcher(batchSz, context, minContext):
print('Loading Data...')
train = 'data/ptb.train.txt'
valid = 'data/ptb.valid.txt'
test = 'data/ptb.test.txt'
vocab = 'data/vocab.txt'
trainBatcher = LanguageBatcher(train, vocab,
batchSz, context, 0, rand=True)
validBatcher = LanguageBatcher(valid, vocab,
batchSz, context, minContext)
testBatcher = LanguageBatcher(test, vocab,
batchSz, context, minContext)
print('Data Loaded.')
return trainBatcher, validBatcher, testBatcher
class Network(nn.Module):
def __init__(self, cell, vocabDim, embedDim,
unembedDim, ansDim, context, embedDrop):
super(Network, self).__init__()
self.cell, self.context, self.drop = cell, context, embedDrop
self.embed = nn.Embedding(vocabDim, embedDim)
self.unembed = nn.Linear(unembedDim, ansDim)
def forward(self, x, trainable):
x, s, out = self.embed(x), 0, []
for i in range(self.context):
o, s, sMetrics = self.cell(x[:, i], s, trainable)
out += [o]
batchSz = x.size(0)
x = t.stack(out, 1).view(batchSz*self.context, -1)
return self.unembed(x).view(batchSz, self.context, -1)
def train(net, opt, trainBatcher, validBatcher, saver, minContext):
while True:
start = time.time()
#Run epochs
trainLoss, trainAcc = utils.runData(net, opt, trainBatcher,
trainable=True, verbose=True)
validLoss, validAcc = utils.runData(net, opt, validBatcher,
minContext=minContext)
trainLoss, validLoss = np.exp(trainLoss), np.exp(validLoss)
#Print statistics
print('\nEpoch: ', saver.epoch(), ', Time: ', time.time()-start)
print('| Train Perp: ', trainLoss,
', Train Acc: ', trainAcc)
print('| Valid Perp: ', validLoss,
', Valid Acc: ', validAcc)
if np.isnan(validLoss) or np.isnan(trainLoss):
print('Got a bad update. Resetting epoch')
saver.refresh(net)
else:
saver.update(net, trainLoss, trainAcc, validLoss, validAcc)
def test(net, batcher, minContext, name='Test'):
start = time.time()
loss, acc = utils.runData(net, None, batcher,
minContext=minContext)
loss = np.exp(loss)
#Print statistics
print('Time: ', time.time()-start)
print(name, ' Perp: ', loss, ', Acc: ', acc)
def modelDef(net, cuda=True):
if cuda: net.cuda()
utils.initWeights(net)
utils.modelSize(net)
return net
def run(cell, depth, h, vocabDim, batchSz, embedDim, embedDrop,
context, minContext, eta, saveName, load, isTest):
trainBatcher, validBatcher, testBatcher = dataBatcher(
batchSz, context, minContext)
net = modelDef(Network(cell, vocabDim, embedDim, h,
vocabDim, context, embedDrop))
opt = t.optim.Adam(net.parameters(), lr=eta)
saver = utils.SaveManager(saveName)
if load: saver.load(net)
if not isTest:
train(net, opt, trainBatcher, validBatcher, saver, minContext)
else:
#Up the test context
minContext = 95
test(net, validBatcher, minContext, name='Valid')
test(net, testBatcher, minContext, name='Test')
================================================
FILE: data/ptb.test.txt
================================================
no it was n't black monday
but while the new york stock exchange did n't fall apart friday as the dow jones industrial average plunged N points most of it in the final hour it barely managed to stay this side of chaos
some circuit breakers installed after the october N crash failed their first test traders say unable to cool the selling panic in both stocks and futures
the N stock specialist firms on the big board floor the buyers and sellers of last resort who were criticized after the N crash once again could n't handle the selling pressure
big investment banks refused to step up to the plate to support the beleaguered floor traders by buying big blocks of stock traders say
heavy selling of standard & poor 's 500-stock index futures in chicago <unk> beat stocks downward
seven big board stocks ual amr bankamerica walt disney capital cities\/abc philip morris and pacific telesis group stopped trading and never resumed
the <unk> has already begun
the equity market was <unk>
once again the specialists were not able to handle the imbalances on the floor of the new york stock exchange said christopher <unk> senior vice president at <unk> securities corp
<unk> james <unk> chairman of specialists henderson brothers inc. it is easy to say the specialist is n't doing his job
when the dollar is in a <unk> even central banks ca n't stop it
speculators are calling for a degree of liquidity that is not there in the market
many money managers and some traders had already left their offices early friday afternoon on a warm autumn day because the stock market was so quiet
then in a <unk> plunge the dow jones industrials in barely an hour surrendered about a third of their gains this year <unk> up a 190.58-point or N N loss on the day in <unk> trading volume
<unk> trading accelerated to N million shares a record for the big board
at the end of the day N million shares were traded
the dow jones industrials closed at N
the dow 's decline was second in point terms only to the <unk> black monday crash that occurred oct. N N
in percentage terms however the dow 's dive was the <unk> ever and the sharpest since the market fell N or N N a week after black monday
the dow fell N N on black monday
shares of ual the parent of united airlines were extremely active all day friday reacting to news and rumors about the proposed $ N billion buy-out of the airline by an <unk> group
wall street 's takeover-stock speculators or risk arbitragers had placed unusually large bets that a takeover would succeed and ual stock would rise
at N p.m. edt came the <unk> news the big board was <unk> trading in ual pending news
on the exchange floor as soon as ual stopped trading we <unk> for a panic said one top floor trader
several traders could be seen shaking their heads when the news <unk>
for weeks the market had been nervous about takeovers after campeau corp. 's cash crunch spurred concern about the prospects for future highly leveraged takeovers
and N minutes after the ual trading halt came news that the ual group could n't get financing for its bid
at this point the dow was down about N points
the market <unk>
arbitragers could n't dump their ual stock but they rid themselves of nearly every rumor stock they had
for example their selling caused trading halts to be declared in usair group which closed down N N to N N delta air lines which fell N N to N N and <unk> industries which sank N to N N
these stocks eventually reopened
but as panic spread speculators began to sell blue-chip stocks such as philip morris and international business machines to offset their losses
when trading was halted in philip morris the stock was trading at N down N N while ibm closed N N lower at N
selling <unk> because of waves of automatic stop-loss orders which are triggered by computer when prices fall to certain levels
most of the stock selling pressure came from wall street professionals including computer-guided program traders
traders said most of their major institutional investors on the other hand sat tight
now at N one of the market 's post-crash reforms took hold as the s&p N futures contract had plunged N points equivalent to around a <unk> drop in the dow industrials
under an agreement signed by the big board and the chicago mercantile exchange trading was temporarily halted in chicago
after the trading halt in the s&p N pit in chicago waves of selling continued to hit stocks themselves on the big board and specialists continued to <unk> prices down
as a result the link between the futures and stock markets <unk> apart
without the <unk> of stock-index futures the barometer of where traders think the overall stock market is headed many traders were afraid to trust stock prices quoted on the big board
the futures halt was even <unk> by big board floor traders
it <unk> things up said one major specialist
this confusion effectively halted one form of program trading stock index arbitrage that closely links the futures and stock markets and has been blamed by some for the market 's big swings
in a stock-index arbitrage sell program traders buy or sell big baskets of stocks and offset the trade in futures to lock in a price difference
when the airline information came through it <unk> every model we had for the marketplace said a managing director at one of the largest program-trading firms
we did n't even get a chance to do the programs we wanted to do
but stocks kept falling
the dow industrials were down N points at N p.m. before the <unk> halt
at N p.m. at the end of the cooling off period the average was down N points
meanwhile during the the s&p trading halt s&p futures sell orders began <unk> up while stocks in new york kept falling sharply
big board chairman john j. phelan said yesterday the circuit breaker worked well <unk>
i just think it 's <unk> at this point to get into a debate if index arbitrage would have helped or hurt things
under another post-crash system big board president richard <unk> mr. phelan was flying to <unk> as the market was falling was talking on an <unk> hot line to the other exchanges the securities and exchange commission and the federal reserve board
he <unk> out at a high-tech <unk> center on the floor of the big board where he could watch <unk> on prices and pending stock orders
at about N p.m. edt s&p futures resumed trading and for a brief time the futures and stock markets started to come back in line
buyers stepped in to the futures pit
but the <unk> of s&p futures sell orders weighed on the market and the link with stocks began to fray again
at about N the s&p market <unk> to still another limit of N points down and trading was locked again
futures traders say the s&p was <unk> that the dow could fall as much as N points
during this time small investors began ringing their brokers wondering whether another crash had begun
at prudential-bache securities inc. which is trying to cater to small investors some <unk> brokers thought this would be the final <unk>
that 's when george l. ball chairman of the prudential insurance co. of america unit took to the internal <unk> system to declare that the plunge was only mechanical
i have a <unk> that this particular decline today is something more <unk> about less
it would be my <unk> to advise clients not to sell to look for an opportunity to buy mr. ball told the brokers
at merrill lynch & co. the nation 's biggest brokerage firm a news release was prepared <unk> merrill lynch comments on market drop
the release cautioned that there are significant differences between the current environment and that of october N and that there are still attractive investment opportunities in the stock market
however jeffrey b. lane president of shearson lehman hutton inc. said that friday 's plunge is going to set back relations with customers because it <unk> the concern of volatility
and i think a lot of people will <unk> on program trading
it 's going to bring the debate right back to the <unk>
as the dow average ground to its final N loss friday the s&p pit stayed locked at its <unk> trading limit
jeffrey <unk> of program trader <unk> investment group said N s&p contracts were for sale on the close the equivalent of $ N million in stock
but there were no buyers
while friday 's debacle involved mainly professional traders rather than investors it left the market vulnerable to continued selling this morning traders said
stock-index futures contracts settled at much lower prices than indexes of the stock market itself
at those levels stocks are set up to be <unk> by index arbitragers who lock in profits by buying futures when futures prices fall and simultaneously sell off stocks
but nobody knows at what level the futures and stocks will open today
the <unk> between the stock and futures markets friday will undoubtedly cause renewed debate about whether wall street is properly prepared for another crash situation
the big board 's mr. <unk> said our <unk> performance was good
but the exchange will look at the performance of all specialists in all stocks
obviously we 'll take a close look at any situation in which we think the <unk> obligations were n't met he said
see related story fed ready to <unk> big funds wsj oct. N N
but specialists complain privately that just as in the N crash the <unk> firms big investment banks that support the market by trading big blocks of stock stayed on the sidelines during friday 's <unk>
mr. phelan said it will take another day or two to analyze who was buying and selling friday
concerning your sept. N page-one article on prince charles and the <unk> it 's a few hundred years since england has been a kingdom
it 's now the united kingdom of great britain and northern ireland <unk> <unk> northern ireland scotland and oh yes england too
just thought you 'd like to know
george <unk>
ports of call inc. reached agreements to sell its remaining seven aircraft to buyers that were n't disclosed
the agreements bring to a total of nine the number of planes the travel company has sold this year as part of a restructuring
the company said a portion of the $ N million realized from the sales will be used to repay its bank debt and other obligations resulting from the currently suspended <unk> operations
earlier the company announced it would sell its aging fleet of boeing co. <unk> because of increasing maintenance costs
a consortium of private investors operating as <unk> funding co. said it has made a $ N million cash bid for most of l.j. hooker corp. 's real-estate and <unk> holdings
the $ N million bid includes the assumption of an estimated $ N million in secured liabilities on those properties according to those making the bid
the group is led by jay <unk> chief executive officer of <unk> investment corp. in <unk> and a. boyd simpson chief executive of the atlanta-based simpson organization inc
mr. <unk> 's company specializes in commercial real-estate investment and claims to have $ N billion in assets mr. simpson is a developer and a former senior executive of l.j. hooker
the assets are good but they require more money and management than can be provided in l.j. hooker 's current situation said mr. simpson in an interview
hooker 's philosophy was to build and sell
we want to build and hold
l.j. hooker based in atlanta is operating with protection from its creditors under chapter N of the u.s. bankruptcy code
its parent company hooker corp. of sydney australia is currently being managed by a court-appointed provisional <unk>
sanford <unk> chief executive of l.j. hooker said yesterday in a statement that he has not yet seen the bid but that he would review it and bring it to the attention of the creditors committee
the $ N million bid is estimated by mr. simpson as representing N N of the value of all hooker real-estate holdings in the u.s.
not included in the bid are <unk> teller or b. altman & co. l.j. hooker 's department-store chains
the offer covers the massive N <unk> forest fair mall in cincinnati the N <unk> <unk> fashion mall in columbia s.c. and the N <unk> <unk> town center mall in <unk> <unk>
the <unk> mall opened sept. N with a <unk> 's <unk> as its <unk> the columbia mall is expected to open nov. N
other hooker properties included are a <unk> office tower in <unk> atlanta expected to be completed next february vacant land sites in florida and ohio l.j. hooker international the commercial real-estate brokerage company that once did business as merrill lynch commercial real estate plus other shopping centers
the consortium was put together by <unk> <unk> the london-based investment banking company that is a subsidiary of security pacific corp
we do n't anticipate any problems in raising the funding for the bid said <unk> campbell the head of mergers and acquisitions at <unk> <unk> in an interview
<unk> <unk> is acting as the consortium 's investment bankers
according to people familiar with the consortium the bid was <unk> project <unk> a reference to the film <unk> in which a <unk> played by actress <unk> <unk> is saved from a <unk> businessman by a police officer named john <unk>
l.j. hooker was a small <unk> company based in atlanta in N when mr. simpson was hired to push it into commercial development
the company grew modestly until N when a majority position in hooker corp. was acquired by australian developer george <unk> currently hooker 's chairman
mr. <unk> <unk> to launch an ambitious but <unk> $ N billion acquisition binge that included <unk> teller and b. altman & co. as well as majority positions in merksamer jewelers a sacramento chain <unk> inc. the <unk> retailer and <unk> inc. the southeast department-store chain
eventually mr. simpson and mr. <unk> had a falling out over the direction of the company and mr. simpson said he resigned in N
since then hooker corp. has sold its interest in the <unk> chain back to <unk> 's management and is currently attempting to sell the b. altman & co. chain
in addition robert <unk> chief executive of the <unk> chain is seeking funds to buy out the hooker interest in his company
the merksamer chain is currently being offered for sale by first boston corp
reached in <unk> mr. <unk> said that he believes the various hooker <unk> can become profitable with new management
these are n't mature assets but they have the potential to be so said mr. <unk>
managed properly and with a long-term outlook these can become investment-grade quality properties
canadian <unk> production totaled N metric tons in the week ended oct. N up N N from the preceding week 's total of N tons statistics canada a federal agency said
the week 's total was up N N from N tons a year earlier
the <unk> total was N tons up N N from N tons a year earlier
the treasury plans to raise $ N million in new cash thursday by selling about $ N billion of 52-week bills and <unk> $ N billion of maturing bills
the bills will be dated oct. N and will mature oct. N N
they will be available in minimum denominations of $ N
bids must be received by N p.m. edt thursday at the treasury or at federal reserve banks or branches
as small investors <unk> their mutual funds with phone calls over the weekend big fund managers said they have a strong defense against any wave of withdrawals cash
unlike the weekend before black monday the funds were n't <unk> with heavy withdrawal requests
and many fund managers have built up cash levels and say they will be buying stock this week
at fidelity investments the nation 's largest fund company telephone volume was up sharply but it was still at just half the level of the weekend preceding black monday in N
the boston firm said <unk> redemptions were running at less than one-third the level two years ago
as of yesterday afternoon the redemptions represented less than N N of the total cash position of about $ N billion of fidelity 's stock funds
two years ago there were massive redemption levels over the weekend and a lot of fear around said c. bruce <unk> who runs fidelity investments ' $ N billion <unk> fund
this feels more like a <unk> deal
people are n't <unk>
the test may come today
friday 's stock market sell-off came too late for many investors to act
some shareholders have held off until today because any fund exchanges made after friday 's close would take place at today 's closing prices
stock fund redemptions during the N debacle did n't begin to <unk> until after the market opened on black monday
but fund managers say they 're ready
many have raised cash levels which act as a buffer against steep market declines
mario <unk> for instance holds cash positions well above N N in several of his funds
windsor fund 's john <unk> and mutual series ' michael price said they had raised their cash levels to more than N N and N N respectively this year
even peter lynch manager of fidelity 's $ N billion <unk> fund the nation 's largest stock fund built up cash to N N or $ N million
one reason is that after two years of monthly net redemptions the fund posted net inflows of money from investors in august and september
i 've let the money build up mr. lynch said who added that he has had trouble finding stocks he likes
not all funds have raised cash levels of course
as a group stock funds held N N of assets in cash as of august the latest figures available from the investment company institute
that was modestly higher than the N N and N N levels in august and september of N
also persistent redemptions would force some fund managers to dump stocks to raise cash
but a strong level of investor withdrawals is much more unlikely this time around fund managers said
a major reason is that investors already have sharply scaled back their purchases of stock funds since black monday
<unk> sales have rebounded in recent months but monthly net purchases are still running at less than half N levels
there 's not nearly as much <unk> said john <unk> chairman of vanguard group inc. a big valley forge pa. fund company
many fund managers argue that now 's the time to buy
vincent <unk> manager of the $ N billion wellington fund added to his positions in bristol-myers squibb woolworth and dun & bradstreet friday
and today he 'll be looking to buy drug stocks like eli lilly pfizer and american home products whose dividend yields have been bolstered by stock declines
fidelity 's mr. lynch for his part snapped up southern co. shares friday after the stock got <unk>
if the market drops further today he said he 'll be buying blue chips such as bristol-myers and kellogg
if they <unk> stocks like that he said it presents an opportunity that is the kind of thing you dream about
major mutual-fund groups said phone calls were <unk> at twice the normal weekend pace yesterday
but most investors were seeking share prices and other information
trading volume was only modestly higher than normal
still fund groups are n't taking any chances
they hope to avoid the <unk> phone lines and other <unk> that <unk> some fund investors in october N
fidelity on saturday opened its N <unk> investor centers across the country
the centers normally are closed through the weekend
in addition east coast centers will open at N edt this morning instead of the normal N
t. rowe price associates inc. increased its staff of phone representatives to handle investor requests
the <unk> group noted that some investors moved money from stock funds to money-market funds
but most investors seemed to be in an information mode rather than in a transaction mode said steven <unk> a vice president
and vanguard among other groups said it was adding more phone representatives today to help investors get through
in an unusual move several funds moved to calm investors with <unk> on their <unk> phone lines
we view friday 's market decline as offering us a buying opportunity as long-term investors a recording at <unk> & co. funds said over the weekend
the <unk> group had a similar recording for investors
several fund managers expect a rough market this morning before prices stabilize
some early selling is likely to stem from investors and portfolio managers who want to lock in this year 's fat profits
stock funds have averaged a staggering gain of N N through september according to lipper analytical services inc
<unk> <unk> who runs shearson lehman hutton inc. 's $ N million sector analysis portfolio predicts the market will open down at least N points on technical factors and some panic selling
but she expects prices to rebound soon and is telling investors she expects the stock market wo n't decline more than N N to N N from recent highs
this is not a major crash she said
nevertheless ms. <unk> said she was <unk> with phone calls over the weekend from nervous shareholders
half of them are really scared and want to sell she said but i 'm trying to talk them out of it
she added if they all were bullish i 'd really be upset
the backdrop to friday 's slide was <unk> different from that of the october N crash fund managers argue
two years ago unlike today the dollar was weak interest rates were rising and the market was very <unk> they say
from the investors ' standpoint institutions and individuals learned a painful lesson by selling at the lows on black monday said stephen boesel manager of the $ N million t. rowe price growth and income fund
this time i do n't think we 'll get a panic reaction
newport corp. said it expects to report <unk> earnings of between N cents and N cents a share somewhat below analysts ' estimates of N cents to N cents
the maker of scientific instruments and laser parts said orders fell below expectations in recent months
a spokesman added that sales in the current quarter will about equal the <unk> quarter 's figure when newport reported net income of $ N million or N cents a share on $ N million in sales
<unk> from the strike by N machinists union members against boeing co. reached air carriers friday as america west airlines announced it will postpone its new service out of houston because of delays in receiving aircraft from the seattle jet maker
peter <unk> vice president for planning at the phoenix ariz. carrier said in an interview that the work <unk> at boeing now entering its 13th day has caused some turmoil in our scheduling and that more than N passengers who were booked to fly out of houston on america west would now be put on other airlines
mr. <unk> said boeing told america west that the N it was supposed to get this thursday would n't be delivered until nov. N the day after the airline had been planning to <unk> service at houston with four daily flights including three <unk> to phoenix and one <unk> to las vegas
now those routes are n't expected to begin until jan
boeing is also supposed to send to america west another N <unk> aircraft as well as a N by year 's end
those too are almost certain to arrive late
at this point no other america west flights including its new service at san antonio texas newark n.j. and <unk> calif. have been affected by the delays in boeing deliveries
nevertheless the company 's reaction <unk> the <unk> effect that a huge manufacturer such as boeing can have on other parts of the economy
it also is sure to help the machinists put added pressure on the company
i just do n't feel that the company can really stand or would want a prolonged <unk> tom baker president of machinists ' district N said in an interview yesterday
i do n't think their customers would like it very much
america west though is a smaller airline and therefore more affected by the delayed delivery of a single plane than many of its competitors would be
i figure that american and united probably have such a hard time counting all the planes in their fleets they might not miss one at all mr. <unk> said
indeed a random check friday did n't seem to indicate that the strike was having much of an effect on other airline operations
southwest airlines has a boeing N set for delivery at the end of this month and expects to have the plane on time
it 's so close to completion boeing 's told us there wo n't be a problem said a southwest spokesman
a spokesman for amr corp. said boeing has assured american airlines it will deliver a N on time later this month
american is preparing to take delivery of another N in early december and N more next year and is n't anticipating any changes in that timetable
in seattle a boeing spokesman explained that the company has been in constant communication with all of its customers and that it was impossible to predict what further disruptions might be triggered by the strike
meanwhile supervisors and <unk> employees have been trying to finish some N aircraft mostly N and N jumbo jets at the company 's <unk> wash. plant that were all but completed before the <unk>
as of friday four had been delivered and a fifth plane a N was supposed to be <unk> out over the weekend to air china
no date has yet been set to get back to the bargaining table
we want to make sure they know what they want before they come back said doug hammond the federal mediator who has been in contact with both sides since the strike began
the investment community for one has been anticipating a <unk> resolution
though boeing 's stock price was battered along with the rest of the market friday it actually has risen over the last two weeks on the strength of new orders
the market has taken two views that the labor situation will get settled in the short term and that things look very <unk> for boeing in the long term said howard <unk> an analyst at <unk> j. lawrence inc
boeing 's shares fell $ N friday to close at $ N in composite trading on the new york stock exchange
but mr. baker said he thinks the earliest a pact could be struck would be the end of this month <unk> that the company and union may resume negotiations as early as this week
still he said it 's possible that the strike could last considerably longer
i would n't expect an immediate resolution to anything
last week boeing chairman frank <unk> sent striking workers a letter saying that to my knowledge boeing 's offer represents the best overall three-year contract of any major u.s. industrial firm in recent history
but mr. baker called the letter and the company 's offer of a N N wage increase over the life of the pact plus bonuses very weak
he added that the company <unk> the union 's resolve and the workers ' <unk> with being forced to work many hours overtime
in separate developments talks have broken off between machinists representatives at lockheed corp. and the <unk> calif. aerospace company
the union is continuing to work through its expired contract however
it had planned a strike vote for next sunday but that has been pushed back indefinitely
united auto workers local N which represents N workers at boeing 's helicopter unit in delaware county pa. said it agreed to extend its contract on a <unk> basis with a <unk> notification to cancel while it continues bargaining
the accord expired yesterday
and boeing on friday said it received an order from <unk> <unk> for four model N <unk> <unk> valued at a total of about $ N million
the planes long range versions of the <unk> <unk> will be delivered with <unk> & <unk> <unk> engines
<unk> & <unk> is a unit of united technologies inc
<unk> <unk> is based in amsterdam
a boeing spokeswoman said a delivery date for the planes is still being worked out for a variety of reasons but not because of the strike
<unk> <unk> contributed to this article
<unk> ltd. said its utilities arm is considering building new electric power plants some valued at more than one billion canadian dollars us$ N million in great britain and elsewhere
<unk> <unk> <unk> 's senior vice president finance said its <unk> canadian utilities ltd. unit is reviewing <unk> projects in eastern canada and conventional electric power generating plants elsewhere including britain where the british government plans to allow limited competition in electrical generation from private-sector suppliers as part of its privatization program
the projects are big
they can be c$ N billion plus mr. <unk> said
but we would n't go into them alone and canadian utilities ' equity stake would be small he said
<unk> we 'd like to be the operator of the project and a modest equity investor
our long suit is our proven ability to operate power plants he said
mr. <unk> would n't offer <unk> regarding <unk> 's proposed british project but he said it would compete for customers with two huge british power generating companies that would be formed under the country 's plan to <unk> its massive water and electric utilities
britain 's government plans to raise about # N billion $ N billion from the sale of most of its giant water and electric utilities beginning next month
the planned electric utility sale scheduled for next year is alone expected to raise # N billion making it the world 's largest public offering
under terms of the plan independent <unk> would be able to compete for N N of customers until N and for another N N between N and N
canadian utilities had N revenue of c$ N billion mainly from its natural gas and electric utility businesses in alberta where the company serves about N customers
there seems to be a move around the world to <unk> the generation of electricity mr. <unk> said and canadian utilities hopes to capitalize on it
this is a real thrust on our utility side he said adding that canadian utilities is also <unk> projects in <unk> countries though he would be specific
canadian utilities is n't alone in exploring power generation opportunities in britain in anticipation of the privatization program
we 're certainly looking at some power generating projects in england said bruce <unk> vice president corporate strategy and corporate planning with enron corp. houston a big natural gas producer and pipeline operator
mr. <unk> said enron is considering building <unk> power plants in the u.k. capable of producing about N <unk> of power at a cost of about $ N million to $ N million
pse inc. said it expects to report third earnings of $ N million to $ N million or N cents to N cents a share
in the year-ago quarter the designer and operator of <unk> and waste heat recovery plants had net income of $ N or four cents a share on revenue of about $ N million
the company said the improvement is related to additional <unk> facilities that have been put into operation
<unk> <unk> flights are $ N to paris and $ N to london
in a centennial journal article oct. N the fares were reversed
diamond <unk> offshore partners said it had discovered gas offshore louisiana
the well <unk> at a rate of N million cubic feet of gas a day through a N <unk> opening at <unk> between N and N feet
diamond <unk> is the operator with a N N interest in the well
diamond <unk> offshore 's stock rose N cents friday to close at $ N in new york stock exchange composite trading
<unk> & broad home corp. said it formed a $ N million limited partnership subsidiary to buy land in california suitable for residential development
the partnership <unk> & broad land development venture limited partnership is a N joint venture with a trust created by institutional clients of <unk> advisory corp. a unit of <unk> financial corp. a real estate advisory management and development company with offices in chicago and beverly hills calif
<unk> & broad a home building company declined to identify the institutional investors
the land to be purchased by the joint venture has n't yet received <unk> and other approvals required for development and part of <unk> & broad 's job will be to obtain such approvals
the partnership runs the risk that it may not get the approvals for development but in return it can buy land at wholesale rather than retail prices which can result in sizable savings said bruce <unk> president and chief executive officer of <unk> & broad
there are really very few companies that have adequate capital to buy properties in a raw state for cash
typically developers option property and then once they get the administrative approvals they buy it said mr. <unk> adding that he believes the joint venture is the first of its kind
we usually operate in that conservative manner
by setting up the joint venture <unk> & broad can take the more aggressive approach of buying raw land while avoiding the negative <unk> to its own balance sheet mr. <unk> said
the company is putting up only N N of the capital although it is responsible for providing management planning and processing services to the joint venture
this is one of the best ways to assure a pipeline of land to fuel our growth at a minimum risk to our company mr. <unk> said
when the price of plastics took off in N quantum chemical corp. went along for the ride
the timing of quantum 's chief executive officer john <unk> <unk> appeared to be nothing less than inspired because he had just increased quantum 's reliance on plastics
the company <unk> much of the chemical industry as annual profit grew <unk> in two years
mr. <unk> said of the boom it 's going to last a whole lot longer than anybody thinks
but now prices have <unk> and quantum 's profit is <unk>
some securities analysts are looking for no better than break-even results from the company for the third quarter compared with year-earlier profit of $ N million or $ N a share on sales of $ N million
the stock having lost nearly a quarter of its value since sept. N closed at $ N share down $ N in new york stock exchange composite trading friday
to a degree quantum represents the new times that have arrived for producers of the so-called commodity plastics that <unk> modern life
having just passed through one of the most profitable periods in their history these producers now see their prices eroding
pricing cycles to be sure are nothing new for plastics producers
and the financial decline of some looks steep only in comparison with the <unk> period that is just behind them
we were all wonderful heroes last year says an executive at one of quantum 's competitors
now we 're at the bottom of the <unk>
at quantum which is based in new york the trouble is magnified by the company 's heavy <unk> on plastics
once known as national <unk> & chemical corp. the company <unk> the wine and spirits business and <unk> more of its resources into plastics after mr. <unk> took the chief executive 's job in N
mr. <unk> N years old declined to be interviewed for this article but he has consistently argued that over the long haul across both the <unk> and the <unk> of the plastics market quantum will <unk> through its new direction
quantum 's lot is mostly tied to polyethylene <unk> used to make garbage bags milk <unk> <unk> toys and meat packaging among other items
in the u.s. polyethylene market quantum has claimed the largest share about N N
but its competitors including dow chemical co. union carbide corp. and several oil giants have much broader business interests and so are better <unk> against price swings
when the price of polyethylene moves a mere penny a pound quantum 's annual profit <unk> by about N cents a share provided no other <unk> are changing
in recent months the price of polyethylene even more than that of other commodity plastics has taken a dive
benchmark grades which still sold for as much as N cents a pound last spring have skidded to between N cents and N cents
meanwhile the price of <unk> the chemical building block of polyethylene has n't dropped nearly so fast
that <unk> <unk> quantum badly because its own plants cover only about half of its <unk> needs
by many accounts an early hint of a price rout in the making came at the start of this year
china which had been putting in huge orders for polyethylene abruptly halted them
<unk> that excess polyethylene would soon be <unk> around the world other buyers then bet that prices had peaked and so began to draw down inventories rather than order new product
kenneth mitchell director of dow 's polyethylene business says producers were surprised to learn how much inventories had swelled throughout the distribution chain as prices <unk> up
people were even <unk> bags he says
now producers hope prices have hit bottom
they recently announced increases of a few cents a pound to take effect in the next several weeks
no one knows however whether the new posted prices will stick once producers and customers start to <unk>
one <unk> is george <unk> a <unk> analyst at oppenheimer & co. and a bear on plastics stocks
noting others ' estimates of when price increases can be sustained he remarks some say october
some say november
i say N
he argues that efforts to firm up prices will be undermined by producers ' plans to expand production capacity
a quick turnaround is crucial to quantum because its cash requirements remain heavy
the company is trying to carry out a three-year $ N billion <unk> program started this year
at the same time its annual payments on long-term debt will more than double from a year ago to about $ N million largely because of debt taken on to pay a $ <unk> special dividend earlier this year
quantum described the payout at the time as a way for it to share the <unk> with its holders because its stock price was n't reflecting the huge profit increases
some analysts saw the payment as an effort also to <unk> takeover speculation
whether a cash crunch might eventually force the company to cut its quarterly dividend raised N N to N cents a share only a year ago has become a topic of intense speculation on wall street since mr. <unk> <unk> dividend questions in a sept. N meeting with analysts
some viewed his response that company directors review the dividend regularly as nothing more than the standard line from executives
but others came away thinking he had given something less than his usual <unk> performance
in any case on the day of the meeting quantum 's shares slid $ N to $ N in big board trading
on top of everything else quantum <unk> a disaster at its plant in morris ill
after an explosion <unk> the plant in june the company <unk> in september to within N hours of completing the <unk> process of <unk> it
then a second explosion occurred
two workers died and six remain in the hospital
this human toll adds the most painful <unk> yet to the sudden change in quantum 's fortunes
until this year the company had been steadily lowering its accident rate and picking up <unk> safety <unk>
a prolonged production halt at the plant could introduce another <unk> into quantum 's financial future
when a plant has just been running flat out to meet demand <unk> lost profit and thus claims under <unk> insurance is <unk>
but the numbers become <unk> and subject to <unk> between insured and insurer when demand is shifting
you say you could have sold x percent of this product and <unk> percent of that recalls <unk> <unk> an analyst at shearson lehman hutton who went through this exercise during his former career as a chemical engineer
and then you still have to negotiate
quantum hopes the morris plant where limited production got under way last week will resume full operation by year 's end
the plant usually accounts for N N to N N of quantum 's polyethylene production and N N of its <unk> production
not everything looks grim for quantum
the plant expansion should strengthen the company 's <unk> in the polyethylene business where market share is often taken through sheer capacity
by lifting <unk> production the expansion will also lower the company 's raw material costs
quantum is also tightening its grip on its one large business outside chemicals propane marketing
through a venture with its investment banker first boston corp. quantum completed in august an acquisition of <unk> inc. in a transaction valued at $ N billion
<unk> is the second-largest propane distributor in the u.s.
the largest suburban propane was already owned by quantum
still quantum has a crisis to get past right now
some analysts speculate the weakening stock may yet attract a suitor
the name <unk> in rumors is british petroleum co. which is looking to expand its polyethylene business in the u.s.
asked about a bid for quantum a <unk> spokesman says we pretty much have a policy of not commenting on rumors and i think that falls in that category
rjr nabisco inc. is <unk> its division responsible for buying network advertising time just a month after moving N of the group 's N employees to new york from atlanta
a spokesman for the new york-based food and tobacco giant taken private earlier this year in a $ N billion leveraged buy-out by kohlberg kravis roberts & co. confirmed that it is <unk> down the rjr nabisco broadcast unit and <unk> its N employees in a move to save money
the spokesman said rjr is discussing its <unk> plans with its two main advertising firms <unk> katz and <unk> <unk>
we found with the size of our media purchases that an ad agency could do just as good a job at significantly lower cost said the spokesman who declined to specify how much rjr spends on network television time
an executive close to the company said rjr is spending about $ N million on network television time this year down from roughly $ N million last year
the spokesman said the broadcast unit will be <unk> dec. N and the move wo n't affect rjr 's print radio and <unk> buying practices
the broadcast group had been based in new york until a year ago when rjr 's previous management moved it to atlanta the company 's headquarters before this summer
one employee with the group said rjr moved N employees of the group back to new york in september because there was supposed to be a future
he said the company hired three more buyers for the unit within the past two weeks wooing them from jobs with advertising agencies
the rjr spokesman said the company moved the N employees to new york last month because the group had then been in the midst of purchasing ad time for the networks ' <unk> season
the studies on closing the unit could n't be completed until now he said
the group 's president peter <unk> was n't in his office friday afternoon to comment
the u.s. which is <unk> its <unk> quotas is <unk> a larger share of its steel market to developing and newly industrialized countries which have relatively <unk> steel industries
meanwhile the u.s. has negotiated a significant cut in japan 's steel quota and made only a minor increase to the steel <unk> for the european community
brazil similar to mexico and south korea is expected to negotiate a somewhat bigger share of the u.s. market than it had under the previous five-year steel quotas which expired sept. N
brazil and venezuela are the only two countries that have n't completed steel talks with the u.s. for the year ending oct. N N
in recent years u.s. steelmakers have supplied about N N of the N million tons of steel used annually by the nation
of the remaining N N needed the <unk> negotiations <unk> about N N to foreign suppliers with the difference supplied mainly by canada which is n't included in the quota program
other countries that do n't have formal steel quotas with the u.s. such as taiwan sweden and argentina also have supplied steel
some of these countries have in recent years made informal agreements with the u.s. that are similar to quotas
the bush administration earlier this year said it would extend steel quotas known as voluntary restraint agreements until march N N
it also said it would use that <unk> year period to work toward an international consensus on <unk> up the international steel trade which has been <unk> managed subsidized and protected by governments
the u.s. termed its plan a trade <unk> program despite the fact that it is merely an extension
mexico which was one of the first countries to conclude its steel talks with the u.s. virtually doubled its quota to N N of the u.s. steel market from N N under the previous quotas
south korea which had N N under the previous quotas is set to get a small increase to about N N
that increase rises to slightly more than N N of the u.s. market if a joint <unk> steel project is included
meanwhile brazil is expected to increase its allowance from the N N share it has had in recent years
the ec and japan the u.s. 's largest steel suppliers have n't been filling their quotas to the full extent
the ec steel industry which has been coping with strong european demand has been supplying about N N of the u.s. market compared with recent quotas of about N N
japan has been shipping steel to total about N N of the u.s. market compared with a quota of N N
in the recent talks the ec had its quota increased about N tons to N N of the u.s. market from N N in N
but its quota has been as high as N N in N
japan however has agreed to cut its quota to about N N from N N previously
japan the ec brazil mexico and south korea provide about N N of the steel imported to the u.s. under the quota program
the balance is supplied by a host of smaller exporters such as australia and venezuela
the u.s. had about an extra N N of the domestic steel market to give to foreign suppliers in its quota talks
that was essentially made up of a N N increase in the overall quota program and N N from cutting japan 's allowance
negotiators from the white house trade office will repeat these quota negotiations next year when they will have another N N of the u.s. steel market to <unk>
these <unk> <unk> increases to the steel quota program are built into the bush administration 's <unk> program to give its negotiators leverage with foreign steel suppliers to try to get them to withdraw subsidies and <unk> from their own steel industries
<unk> inc. expects fiscal second-quarter earnings to trail N results but anticipates that several new products will lead to a much stronger performance in its second half
<unk> a telecommunications company had net income of $ N or five cents a share in its year-earlier second quarter ended sept. N
revenue totaled $ N million
george <unk> chairman and chief executive officer said in an interview that earnings in the most recent quarter will be about two cents a share on revenue of just under $ N million
the lower results mr. <unk> said reflect a 12-month decline in industry sales of privately owned pay telephones <unk> 's primary business
although mr. <unk> expects that line of business to strengthen in the next year he said <unk> will also benefit from moving into other areas
<unk> among those is the company 's <unk> into the public facsimile business mr. <unk> said
within the next year <unk> expects to place N fax machines made by <unk> in japan in hotels municipal buildings <unk> and other public <unk> around the country
<unk> will provide a credit-card reader for the machines to collect store and forward billing data
mr. <unk> said <unk> should realize a minimum of $ N of <unk> net earnings for each machine each month
<unk> has also developed an automatic call <unk> that will make further use of the company 's system for <unk> and handling credit-card calls and collect calls
automatic call processors will provide that system for virtually any telephone mr. <unk> said not just phones produced by <unk>
the company will also be producing a new line of convenience telephones which do n't accept coins for use in hotel <unk> office <unk> <unk> <unk> and similar <unk>
mr. <unk> estimated that the processors and convenience phones would produce about $ N of <unk> net earnings for each machine each month
britain 's retail price index rose N N in september from august and was up N N for the year the central statistical office said
<unk> medical inc. said it adopted a shareholders ' rights plan in which rights to purchase shares of common stock will be distributed as a dividend to shareholders of record as of oct. N
the company said the plan was n't adopted in response to any known offers for <unk> a maker and marketer of hospital products
the rights allow shareholders to purchase <unk> stock at a discount if any person or group acquires more than N N of the company 's common stock or <unk> a tender offer
measuring <unk> may soon be replaced by <unk> in the <unk> room
procter & gamble co. plans to begin testing next month a <unk> detergent that will require only a few <unk> per <unk>
the move stems from <unk> learned in japan where local competitors have had <unk> success with concentrated <unk>
it also marks p&g 's growing concern that its japanese rivals such as <unk> corp. may bring their <unk> to the u.s.
the cincinnati consumer-products giant got clobbered two years ago in japan when <unk> introduced a powerful detergent called attack which quickly won a N N stake in the japanese markets
they do n't want to get caught again says one industry <unk>
retailers in phoenix ariz. say p&g 's new <unk> detergent to be called <unk> with color guard will be on shelves in that market by early november
a p&g spokeswoman confirmed that shipments to phoenix started late last month
she said the company will study results from this market before expanding to others
<unk> are n't entirely new for p&g
the company introduced a <unk> <unk> <unk> in japan after watching the success of attack
when attack hit the shelves in N p&g 's share of the japanese market fell to about N N from more than N N
with the help of <unk> <unk> p&g 's share is now estimated to be N N
while the japanese have embraced the compact packaging and convenience of concentrated products the true test for p&g will be in the $ N billion u.s. detergent market where growth is slow and <unk> have gained <unk> over <unk>
the company may have chosen to market the product under the <unk> name since it 's already expanded its <unk> tide into N different <unk> including this year 's big hit tide with <unk>
with <unk> however it is n't always easy to persuade consumers that less is more many people tend to dump too much detergent into the <unk> machine <unk> that it takes a cup of <unk> to really clean the <unk>
in the early 1980s p&g tried to launch here a concentrated detergent under the <unk> brand name that it markets in europe
but the product which was n't as concentrated as the new <unk> <unk> in a market test in denver and was dropped
p&g and others also have tried repeatedly to hook consumers on detergent and fabric <unk> <unk> in <unk> but they have n't sold well despite the convenience
but p&g contends the new <unk> is a unique formula that also offers an <unk> that prevents colors from <unk>
and retailers are expected to <unk> the product in part because it will take up less shelf space
when shelf space was cheap bigger was better says <unk> <unk> an analyst at salomon <unk>
but with so many brands <unk> for space that 's no longer the case
if the new <unk> sells well the trend toward smaller packaging is likely to accelerate as competitors follow with their own <unk>
then retailers will probably push the <unk> brands out altogether he says
competition is bound to get tougher if <unk> <unk> a product like attack in the u.s.
to be sure <unk> would n't have an easy time taking u.s. market share away from the mighty p&g which has about N N of the market
<unk> officials previously have said they are interested in selling <unk> in the u.s. but so far the company has focused on acquisitions such as last year 's purchase of andrew <unk> co. a cincinnati <unk> maker
it also has a <unk> facility in california
some believe p&g 's interest in a <unk> detergent goes beyond the concern for the japanese
this is something p&g would do with or without <unk> says mr. <unk>
with economic tension between the u.s. and japan worsening many japanese had feared last week 's visit from u.s. trade representative carla hills
they expected a new <unk> of demands that japan do something quickly to reduce its trade surplus with the u.s.
instead they got a discussion of the need for the u.s. and japan to work together and of the importance of the long-term view
mrs. hills ' first trip to japan as america 's chief trade negotiator had a completely different tone from last month 's visit by commerce secretary robert a. mosbacher
mr. mosbacher called for concrete results by next spring in negotiations over fundamental japanese business practices that supposedly inhibit free trade
he said such results should be <unk> in dollars and cents in reducing the u.s. trade deficit with japan
but mrs. hills speaking at a breakfast meeting of the american chamber of commerce in japan on saturday stressed that the objective is not to get definitive action by spring or summer it is rather to have a blueprint for action
she added that she expected perhaps to have a down payment some small step to convince the american people and the japanese people that we 're moving in <unk>
how such remarks translate into policy wo n't become clear for months
american and japanese officials offered several theories for the difference in approach <unk> mr. mosbacher and mrs. hills
many called it simply a contrast in styles
but some saw it as a classic negotiating <unk>
others said the bush administration may feel the rhetoric on both sides is getting out of hand
and some said it reflected the growing debate in washington over pursuing free trade with japan <unk> some kind of managed trade
asked to compare her visit to mr. mosbacher 's mrs. hills replied i did n't hear every word he spoke but as a general proposition i think we have a very consistent trade strategy in the bush administration
yet more than one american official who sat in with her during three days of talks with japanese officials said her tone often was surprisingly <unk>
i think my line has been very consistent mrs. hills said at a news conference saturday afternoon
i am painted sometimes as <unk> perhaps because i have a <unk> list of statutes to implement
i do n't feel very <unk>
i do n't feel either hard or soft
i feel committed to the program of opening markets and expanding trade
when she met the local press for the first time on friday mrs. hills firmly reiterated the need for progress in removing barriers to trade in forest products <unk> and <unk> three areas targeted under the <unk> N provision of the N trade bill
she <unk> <unk> business practices that the u.s. government has identified
but her main thrust was to promote the importance of world-wide free trade and open competition
she said the trade <unk> was mainly due to <unk> factors and should n't be <unk> by setting <unk> targets
at her news conference for japanese reporters one economics journalist <unk> up the japanese sense of relief
my impression was that you would be a scary old lady he said drawing a few nervous <unk> from his colleagues
but i am relieved to see that you are beautiful and <unk> and <unk> and a person of integrity
mrs. hills ' remarks did raise questions at least among some u.s. officials about what exactly her stance is on u.s. access to the japanese semiconductor market
the u.s. share of the japanese market has been stuck around N N for years
many americans have interpreted a N agreement as <unk> u.s. companies a N N share by N but the japanese have denied making any such promise
at one of her news conferences mrs. hills said i believe we can do much better than N N
but she stressed i am against managed trade
i will not enter into an agreement that <unk> to a percentage of the market
traditional industries inc. said it expects to report a net loss for the fourth quarter that ended june N and is seeking new financing
the seller of photographic products and services said it is considering a number of financing alternatives including seeking increases in its credit lines
traditional declined to estimate the amount of the loss and would n't say if it expects to show a profit for the year
in the year ended june N N traditional reported net income of $ N million or $ N a share
the company did n't break out its fourth-quarter results
in the latest nine months net income was $ N million or $ N a share on revenue of $ N million
separately the company said it would file a delayed <unk> report with the securities and exchange commission within approximately N days
it said the delay resulted from difficulties in <unk> its accounting of a settlement with the federal trade commission
under an agreement filed in federal court in august to settle ftc objections to some traditional sales practices traditional said it would establish a $ N trust fund to provide refunds to certain customers
information international inc. said it was sued by a buyer of its computerized <unk> system alleging that the company failed to correct deficiencies in the system
a spokesman for information international said the lawsuit by two units of morris communications corp. seeks <unk> of the system 's about $ N million purchase price and cancellation of a software license provided by the morris units to information international for alleged failure to pay royalties
information international said it believes that the complaints filed in federal court in georgia are without merit
closely held morris communications is based in <unk> <unk>
the units that filed the suit are <unk> newspapers corp. and florida publishing co
<unk> corp. completed the sale of its a. <unk> & co. subsidiary a men 's luxury <unk> to <unk> investments
terms were n't disclosed
as <unk> 's core business of <unk> retailing grows a small subsidiary that is <unk> unrelated becomes a difficult <unk> said <unk> <unk> president of the parent in a statement
a spokeswoman said <unk> operates a total of seven stores in the u.s. and overseas
<unk> operates N <unk> apparel stores in the u.s.
the oil industry 's <unk> profits could <unk> through the rest of the year
major oil companies in the next few days are expected to report much less robust earnings than they did for the third quarter a year ago largely reflecting deteriorating chemical prices and gasoline profitability
the gasoline picture may improve this quarter but chemicals are likely to remain weak industry executives and analysts say reducing chances that profits could equal their year-earlier performance
the industry is seeing a softening somewhat in volume and certainly in price in petrochemicals glenn cox president of phillips petroleum co. said in an interview
that change will obviously impact third and fourth quarter earnings for the industry in general he added
he did n't forecast phillips 's results
but securities analysts say phillips will be among the companies <unk> by weak chemical prices and will probably post a drop in third-quarter earnings
so too many analysts predict will exxon corp. chevron corp. and amoco corp
typical is what happened to the price of <unk> a major commodity chemical produced in vast amounts by many oil companies
it has plunged N N since july to around N cents a pound
a year ago <unk> sold for N cents <unk> at about N cents last december
a big reason for the chemical price retreat is <unk>
beginning in <unk> prices began accelerating as a growing u.s. economy and the weak dollar spurred demand
companies added capacity <unk>
now greatly increased supplies are on the market while the dollar is stronger and domestic economic growth is slower
third-quarter profits from gasoline were weaker
refining margins were so good in the third quarter of last year and generally not very good this year said william <unk> a securities analyst at first boston corp
oil company refineries ran flat out to prepare for a robust holiday driving season in july and august that did n't <unk>
the excess supply pushed gasoline prices down in that period
in addition crude oil prices were up some from a year earlier further <unk> profitability
refiners say margins picked up in september and many industry officials believe gasoline profits will rebound this quarter though still not to the level of N 's fourth quarter
during the N second half many companies posted record gasoline and chemical profits
crude oil production may turn out to be the most surprising element of companies ' earnings this year
prices averaging roughly $ N a barrel higher in the third quarter than a year earlier have stayed well above most companies ' expectations
demand has been much stronger than anticipated and it typically <unk> in the fourth quarter
we could see higher oil prices this year said <unk> <unk> an analyst at painewebber inc
that will translate into sharply higher production profits particularly compared with last year when oil prices steadily fell to below $ N a barrel in the fourth quarter
while oil prices have been better than expected natural gas prices have been worse
in the third quarter they averaged about N N less than they were in N
the main reason remains weather
last summer was notable for a heat wave and drought that caused utilities to <unk> more natural gas to feed increased electrical demand from air <unk> use
this summer on the other hand had <unk> weather than usual
we 've been very disappointed in the performance of natural gas prices said mr. cox phillips 's president
the lagging gas price is not going to assist fourth quarter performance as many had expected
going into the fourth quarter natural gas prices are anywhere from N N to N N lower than a year earlier
for instance natural gas currently produced along the gulf coast is selling on the spot market for around $ N a thousand cubic feet down N N from $ N a thousand cubic feet a year ago
the bush administration trying to blunt growing demands from western europe for a <unk> of controls on exports to the soviet bloc is questioning whether italy 's <unk> c. olivetti & co. supplied <unk> valuable technology to the soviets
most of the western european members of <unk> committee on <unk> export controls the <unk> forum through which the u.s. and its allies <unk> their <unk> policies are expected to argue for more liberal export rules at a meeting to be held in paris oct. N and N
they plan to press specifically for a <unk> of rules governing exports of machine tools computers and other high-technology products
but the bush administration says it wants to see evidence that all cocom members are <unk> fully with existing <unk> procedures before it will support further <unk>
to make its point it is challenging the italian government to explain reports that olivetti may have supplied the soviet union with sophisticated computer-driven devices that could be used to build parts for combat aircraft
the london sunday times which first reported the u.s. concerns cited a u.s. intelligence report as the source of the allegations that olivetti exported $ N million in <unk> <unk> flexible manufacturing systems to the soviet aviation industry
olivetti reportedly began shipping these tools in N
a state department spokesman acknowledged that the u.s. is discussing the allegations with the italian government and cocom but declined to confirm any details
italian president <unk> <unk> promised a quick investigation into whether olivetti broke cocom rules
president bush called his attention to the matter during the italian leader 's visit here last week
olivetti has denied that it violated cocom rules <unk> that the reported shipments were properly licensed by the italian authorities
although the <unk> of these sales is still an open question the disclosure could n't be better <unk> to support the position of <unk> <unk> in the pentagon and the intelligence community
it seems to me that a story like this breaks just before every important cocom meeting said a washington lobbyist for a number of u.s. computer companies
the bush administration has sent <unk> signals about its <unk> policies reflecting <unk> divisions among several competing agencies
last summer mr. bush moved the administration in the direction of gradual <unk> when he told a north atlantic treaty organization meeting that he would allow some exceptions to the cocom <unk> of strategic goods
but more recently the pentagon and the commerce department openly <unk> over the extent to which cocom should <unk> exports of personal computers to the bloc
however these agencies generally agree that the west should be cautious about any further <unk>
there 's no evidence that the soviet program to illegally acquire western technology has diminished said a state department spokesman
salomon brothers international ltd. a british subsidiary of salomon inc. announced it will issue warrants on shares of hong kong telecommunications ltd
the move closely follows a similar offer by salomon of warrants for shares of <unk> & shanghai banking corp
under the latest offer hk$ N million us$ N million of three-year warrants will be issued in london each giving buyers the right to buy one hong kong telecommunications share at a price to be determined friday
the N million warrants will be priced at hk$ N each and are expected to carry a premium to the share price of about N N
in trading on the stock exchange of hong kong the shares closed wednesday at hk$ N each
at this price the shares would have to rise above hk$ N for subscribers to salomon 's issue to profitably convert their warrants
while hong kong companies have in the past issued warrants on their own shares salomon 's warrants are the first here to be issued by a third party
salomon will cover the warrants by buying sufficient shares or options to purchase shares to cover its entire position
bankers said warrants for hong kong stocks are attractive because they give foreign investors wary of volatility in the colony 's stock market an opportunity to buy shares without taking too great a risk
the hong kong telecommunications warrants should be attractive to buyers in europe the bankers added because the group is one of a handful of blue-chip stocks on the hong kong market that has international appeal
financial corp. of santa barbara filed suit against former stock <unk> ivan f. boesky and drexel burnham lambert inc. charging they <unk> the thrift by <unk> their relationship when <unk> it to buy $ N million in high-yield high-risk junk bonds
in a suit filed in federal court thursday the s&l alleged that a disproportionate number of the bonds it purchased in N declined in value
financial corp. purchased the bonds the suit alleged after mr. boesky and drexel negotiated an agreement for <unk> hotels to purchase a N N stake in the thrift for about $ N million
<unk> hotels was controlled by mr. boesky who currently is serving a prison term for securities violations
officials at drexel said they had n't seen the suit and thus could n't comment
in addition to $ N million <unk> damages the suit seeks $ N million in punitive damages
also named in the suit is ivan f. boesky corp. and <unk> corp. the successor company to <unk> hotels
<unk> officials could n't be located
financial corp. said it agreed to buy the bonds after a representative of ivan f. boesky corp. visited it in november N and said financial corp. could improve its financial condition by purchasing the bonds
shortly before the visit mr. boesky and drexel <unk> had met with financial corp. officials and had signed a letter of intent to acquire the N N stake in the company
however the agreement was canceled in june N
financial corp. purchased the bonds in at least N different transactions in N and since then has realized $ N million in losses on them the company said
ideal basic industries inc. said its directors reached an agreement in principle calling for <unk> north america inc. to combine its north american cement holdings with ideal in a transaction that will leave ideal 's minority shareholders with N N of the combined company
<unk> the north american holding company of swiss concern <unk> financiere <unk> ltd. previously proposed combining its N N stake in st. lawrence cement inc. and its N N stake in <unk> cement co. with its N N stake in ideal
but <unk> 's first offer would have given ideal 's other shareholders about N N of the combined company
ideal 's directors rejected that offer although they said they endorsed the merger proposal
under the agreement <unk> will own N N of the combined company
ideal 's current operations will represent about N N of the combined company
the transaction is subject to a definitive agreement and approval by ideal shareholders
ideal said it expects to complete the transaction early next year
while corn and soybean prices have slumped well below their <unk> <unk> of N wheat prices remain <unk> high
and they 're likely to stay that way for months to come analysts say
for one thing even with many farmers <unk> more winter wheat this year than last tight wheat supplies are likely to support prices well into N the analysts say
and if rain does n't fall soon across many of the great plains ' <unk> areas yields in the crop now being planted could be reduced further <unk> supplies
also supporting prices are expectations that the soviet union will place substantial buying orders over the next few months
by next may N stocks of u.s. wheat to be carried over into the next season before the winter wheat now being planted is <unk> are projected to drop to N million <unk>
that would be the lowest level since the early 1970s
stocks were N million <unk> on may N of this year
in response to <unk> domestic supplies agriculture secretary <unk> <unk> last month said the u.s. government would slightly increase the number of acres farmers can plant in wheat for next year and still qualify for federal support payments
the government estimates that the new plan will boost production next year by about N million <unk>
it now estimates production for next year at just under N billion <unk> compared with this year 's estimated N billion and a <unk> N billion in N
but the full effect on prices of the winter wheat now being planted wo n't be felt until the second half of next year
until then limited stocks are likely to keep prices near the $ <unk> level analysts say
on the chicago board of trade friday wheat for december delivery settled at $ N a bushel unchanged
in theory at least tight supplies next spring could leave the wheat futures market susceptible to a <unk> squeeze said daniel <unk> a futures analyst with <unk> co. in chicago
such a situation can <unk> havoc as was shown by the emergency that developed in soybean futures trading this summer on the chicago board of trade
in july the <unk> ordered <unk> <unk> s.p a. to liquidate futures positions equal to about N million <unk> of soybeans
the exchange said it feared that some members would n't be able to find enough soybeans to deliver and would have to default on their <unk> obligation to the italian conglomerate which had refused requests to reduce its holdings
<unk> has denied it was trying to manipulate the soybean futures market
<unk> hot dry weather across large portions of the great plains and in <unk> areas in washington and oregon is threatening to reduce the yield from this season 's winter wheat crop said <unk> leslie a futures analyst and head of leslie analytical in chicago
for example in the oklahoma <unk> N N or more of the <unk> is short of <unk>
that figure <unk> to about N N in <unk> portions of kansas he said
the soviet union has n't given any clear indication of its wheat purchase plans but many analysts expect moscow to place sizable orders for u.s. wheat in the next few months further supporting prices
wheat prices will increasingly <unk> off of soviet demand in coming weeks predicted richard <unk> vice president research for <unk> inc. in chicago
looking ahead to other commodity markets this week
orange <unk> traders will be watching to see how long and how far the price decline that began friday will go
late thursday after the close of trading the market received what would normally have been a bullish u.s. department of agriculture estimate of the N florida orange crop
it was near the low range of estimates at N million <unk> boxes compared with N million boxes last season
however as expected brazil waited for the crop estimate to come out and then cut the export price of its <unk> concentrate to about $ N a pound from around $ N
friday 's <unk> selling of futures contracts erased whatever supportive effect the u.s. report might have had and sent the november orange <unk> contract down as much as N cents a pound at one time
it settled with a loss of N cents at $ N a pound
brazilian <unk> after a delay caused by drought at the start of its crop season is beginning to arrive in the u.s. in large quantities
brazil wants to stimulate demand for its product which is going to be in <unk> supply
the price cut one analyst said appeared to be aimed even more at europe where consumption of brazilian <unk> has fallen
it 's a <unk> product and the strong dollar has made it more expensive in europe the analyst said
new york futures prices have dropped significantly from more than $ N a pound at midyear
barring a cold <unk> or other crop problems in the growing areas downward pressure on prices is likely to continue into january when <unk> and processing of <unk> in florida reach their peak the analyst said
energy
although some analysts look for profit-taking in the wake of friday 's leap in crude oil prices last week 's rally is generally expected to continue this week
i would continue to look for a stable crude market at least in futures trading said william <unk> an energy futures broker with <unk> & co
friday capped a week of steadily rising crude oil prices in both futures and spot markets
on the new york mercantile exchange west texas intermediate crude for november delivery finished at $ N a barrel up N cents on the day
on european markets meanwhile spot prices of north sea <unk> were up N to N cents a barrel
this market still wants to go higher said <unk> <unk> a first vice president at shearson lehman hutton inc
he predicted that the november contract will reach $ N a barrel or more on the new york mercantile exchange
there has been little news to account for such <unk> in the oil markets
analysts generally cite a lack of bearish developments as well as rumors of a possible tightening of supplies of some fuels and <unk>
there also are <unk> reports that the soviet union is having difficulties with its oil exports and that <unk> has about reached its production limit and ca n't produce as much as it could sell
many traders <unk> a tightening of near-term supplies particularly of high-quality <unk> such as those produced in the north sea and in <unk>
if a hostile <unk> emerges for saatchi & saatchi co. <unk> charles and maurice saatchi will lead a management buy-out attempt an official close to the company said
financing for any takeover attempt may be <unk> in the wake of friday 's stock-market sell-off in new york and turmoil in the junk-bond market
but the beleaguered british advertising and consulting giant which last week named a new chief executive officer to replace maurice saatchi has been the subject of intense takeover speculation for weeks
last week saatchi 's largest shareholder <unk> asset management said it had been approached by one or more third parties interested in a possible restructuring
and carl spielvogel chief executive officer of saatchi 's big backer spielvogel bates advertising unit said he had offered to lead a management buy-out of the company but was rebuffed by charles saatchi
mr. spielvogel said he would n't launch a hostile bid
the executive close to saatchi & saatchi said that if a bidder came up with a <unk> high offer a crazy offer which saatchi knew it could n't beat it would have no choice but to recommend it to shareholders
but otherwise it would undoubtedly come back with an offer by management
the executive said any buy-out would be led by the current board whose chairman is maurice saatchi and whose strategic <unk> force is believed to be charles saatchi
mr. spielvogel is n't part of the board nor are any of the other heads of saatchi 's big <unk> ad agencies
the executive did n't name any price but securities analysts have said saatchi would fetch upward of $ N billion
the executive denied speculation that saatchi was bringing in the new chief executive officer only to clean up the company financially so that the brothers could lead a buy-back
that speculation <unk> friday as industry executives <unk> the appointment of the new chief executive robert <unk> who joins saatchi and becomes a member of its board on jan. N
mr. <unk> formerly chief executive of the pharmaceutical research firm <unk> international inc. has a reputation as a <unk> financial manager and will be charged largely with <unk> saatchi 's poor financial state
asked about the speculation that mr. <unk> has been hired to <unk> the way for a buy-out by the brothers the executive replied that is n't the reason dreyfus has been brought in
he was brought in to turn around the company
separately several saatchi agency clients said they believe the company 's management <unk> will have little affect on them
it has n't had any impact on us nor do we expect it to said a spokeswoman for miller brewing co. a major client of backer spielvogel
john <unk> director of advertising at painewebber inc. a saatchi & saatchi advertising client said we have no problem with the announcement because we do n't know what change it 's going to bring about
we are n't going to change agencies because of a change in london
executives at backer spielvogel client <unk> inc. as well as at saatchi client <unk> lighting co. also said they saw no effect
executives at prudential-bache securities inc. a backer spielvogel client that is reviewing its account declined comment
mr. spielvogel had said that prudential-bache was prepared to finance either a management buy-out and restructuring or a buy-out of backer spielvogel alone led by him
ad notes
new account
california 's <unk> federal bank awarded its $ N million to $ N million account to the los angeles office of <unk> group 's <unk> agency
the account was previously handled by davis ball & <unk> advertising inc. a los angeles agency
account review
royal crown <unk> co. has ended its relationship with the boston office of hill <unk> <unk> <unk>
the account had billed about $ N million in N according to leading national advertisers
<unk> plea
as expected young & rubicam inc. along with two senior executives and a former employee pleaded not guilty in federal court in new haven conn. to conspiracy and racketeering charges
the government has charged that they <unk> <unk> officials to win the jamaica tourist board ad account in N
a spokesman for the u.s. attorney 's office said <unk> proceedings are just beginning for the other two defendants in the case eric anthony <unk> former <unk> tourism minister and <unk> businessman arnold <unk> jr
korean agency
the <unk> group and bozell inc. agreed to establish a joint venture advertising agency in south korea
bozell <unk> corp. as the new agency will be called will be based in seoul and is N N owned by <unk> and N N owned by bozell
<unk> already owns korea first advertising co. that country 's largest agency
bozell joins backer spielvogel bates and ogilvy group as u.s. agencies with interests in korean agencies
citing a payment from a supplier and strong sales of certain <unk> products <unk> corp. said earnings and revenue jumped in its second quarter ended sept. N
the maker of <unk> products said net income rose to $ N million or N cents a share from year-earlier net of $ N million or five cents a share
revenue soared to $ N million from $ N million
<unk> said its results were boosted by $ N million in payments received from a supplier for a certain line of products that <unk> is n't going to sell anymore
<unk> said effects from <unk> the line may have a positive effect on future earnings and revenue
a spokeswoman would n't elaborate but the company said the discontinued product has never been a major source of revenue or profit
<unk> <unk> benefited from robust sales of products that store data for high-end personal computers and computer workstations
in the fiscal first half net was $ N million or N cents a share up from the year-earlier $ N million or N cents a share
revenue rose to $ N million from $ N million
robert g. <unk> N years old was elected a director of this provider of advanced technology systems and services increasing the board to eight members
he retired as senior vice president finance and administration and chief financial officer of the company oct. N
southmark corp. said that it filed part of its <unk> report with the securities and exchange commission but that the filing does n't include its <unk> financial statements and related information
the real estate and thrift concern operating under bankruptcy-law proceedings said it told the sec it could n't provide financial statements by the end of its first extension without <unk> burden or expense
the company asked for a <unk> extension sept. N when the financial reports were due
southmark said it plans to <unk> its <unk> to provide financial results as soon as its audit is completed
alan <unk> N years old was named chairman of this <unk> of prescription claims succeeding thomas w. field jr. N who resigned last month
mr. field also had been chairman of <unk> corp. resigning that post after a dispute with the board over corporate strategy
mr. <unk> is executive vice president and chief financial officer of <unk> and will continue in those roles
pcs also named <unk> r. <unk> N executive vice president at <unk> as a director filling the seat vacated by mr. field
messrs. <unk> and <unk> are directors of <unk> which has an N N stake in pcs
<unk> products inc. said a u.s. district court in boston ruled that a challenge by <unk> to the <unk> of a u.s. patent held by <unk> inc. was without merit
<unk> based in <unk> sweden had charged in a lawsuit against <unk> that <unk> 's <unk> product line <unk> on the <unk> patent
the patent is related to <unk> acid a <unk> extract used in eye surgery
in its lawsuit <unk> is seeking unspecified damages and a preliminary injunction to block <unk> from selling the <unk> products
a <unk> spokesman said the products contribute about a third of <unk> 's sales and N N to N N of its earnings
in the year ended aug. N N <unk> earned $ N million or N cents a share on sales of $ N million
<unk> said the court 's ruling was issued as part of a <unk> trial in the <unk> proceedings and concerns only one of its defenses in the case
it said it is considering all of its options in light of the decision including a possible appeal
the <unk> company added that it plans to <unk> its other defenses against <unk> 's lawsuit including the claim that it has n't infringed on <unk> 's patent
<unk> said that the court scheduled a conference for next monday to set a date for proceedings on <unk> 's motion for a preliminary injunction
newspaper publishers are reporting mixed third-quarter results aided by favorable newsprint prices and hampered by flat or declining advertising <unk> especially in the northeast
adding to <unk> in the industry seasonal retail ad spending patterns in newspapers have been upset by shifts in ownership and general <unk> within the retail industry
in new york the <unk> teller and b. altman & co. department stores have filed for protection from creditors under chapter N of the federal bankruptcy code while the r.h. macy & co. bloomingdale 's and saks fifth avenue department-store chains are for sale
many papers throughout the country are also faced with a slowdown in <unk> spending a booming category for newspapers in recent years
until recently industry analysts believed <unk> in retail ad spending had <unk> out and would in fact increase in this year 's third and fourth quarters
all bets are off analysts say because of the shifting ownership of the retail chains
improved paper prices will help offset weakness in <unk> but the retailers ' problems have affected the amount of ad <unk> they usually run said edward j. <unk> industry analyst for salomon brothers inc
retailers are just in disarray
for instance <unk> co. posted an N N gain in net income as total ad pages dropped at usa today but advertising revenue rose because of a higher circulation rate base and increased rates
<unk> 's N daily and N <unk> newspapers reported a N N increase in advertising and circulation revenue
total advertising <unk> was modestly lower as <unk> volume increased while there was softer demand for retail and national ad <unk> said john <unk> <unk> 's chief executive officer
at usa today ad pages totaled N for the quarter down N N from the N period which was helped by increased ad spending from the summer olympics
while usa today 's total paid ad pages for the year to date totaled N a decrease of N N from last year the paper 's ad revenue increased N N in the quarter and N N in the nine months
in the nine months <unk> 's net rose N N to $ N million or $ N a share from $ N million or $ N a share
revenue gained N N to $ N billion from $ N billion
at dow jones & co. third-quarter net income fell N N from the year-earlier period
net fell to $ N million or N cents a share from $ N million or N cents a share
the year-earlier period included a one-time gain of $ N million or four cents a share
revenue gained N N to $ N million from $ N million
the drop in profit reflected in part continued softness in financial advertising at the wall street journal and barron 's magazine
ad <unk> at the journal fell N N in the third quarter
affiliated publications inc. reversed a year-earlier third quarter net loss
the publisher of the boston globe reported net of $ N million or N cents a share compared with a loss of $ N million or N cents a share for the third quarter in N
william o. taylor the parent 's chairman and chief executive officer said earnings continued to be hurt by softness in ad volume at the boston newspaper
third-quarter profit estimates for several companies are being strongly affected by the price of newsprint which in the last two years has had several price increases
after a supply crunch caused prices to rise N N since N to $ N a metric ton analysts are encouraged because they do n't expect a price increase for the rest of this year
companies with daily newspapers in the northeast will need the stable newsprint prices to ease damage from weak ad <unk>
mr. <unk> at salomon brothers said he estimates that times mirror co. 's earnings were down for the third quarter because of soft advertising levels at its long island <unk> and hartford <unk> newspapers
trouble on the east coast was likely offset by improved ad <unk> at the los angeles times which this week also unveiled a <unk>
new york times co. is expected to report lower earnings for the third quarter because of continued weak advertising levels at its flagship new york times and deep discounting of newsprint at its affiliate forest products group
times co. 's regional daily newspapers are holding up well but there is little sign that things will improve in the new york market said alan <unk> an analyst with shearson lehman hutton
washington post co. is expected to report improved earnings largely because of increased cable revenue and publishing revenue helped by an improved retail market in the washington area
according to analysts profits were also helped by successful cost-cutting measures at newsweek
the <unk> has faced heightened competition from rival time magazine and a relatively flat magazine advertising market
knight-ridder inc. is faced with continued uncertainty over the pending joint operating agreement between its detroit free press and <unk> 's detroit news and has told analysts that earnings were down in the third quarter
however analysts point to positive advertising spending at several of its major daily newspapers such as the miami herald and san jose mercury news
the miami market is coming back strong after a tough couple of years when knight-ridder was starting up a hispanic edition and circulation was falling said bruce <unk> an analyst for <unk> national bank
general motors corp. in a series of moves that angered union officials in the u.s. and canada has signaled that as many as five north american assembly plants may not survive the mid-1990s as the corporation struggles to cut its excess <unk> capacity
in announcements to workers late last week gm effectively signed death <unk> for two <unk> van assembly plants and cast serious doubt on the futures of three u.s. car factories
gm is under intense pressure to close factories that became unprofitable as the giant auto maker 's u.s. market share skidded during the past decade
the company currently using about N N of its north american vehicle capacity has vowed it will run at N N of capacity by N
just a month ago gm announced it would make an aging assembly plant in <unk> ga. the eighth u.s. assembly facility to close since N
now gm appears to be stepping up the pace of its factory consolidation to get in shape for the 1990s
one reason is mounting competition from new japanese car plants in the u.s. that are pouring out more than one million vehicles a year at costs lower than gm can match
another is that united auto workers union officials have signaled they want tighter <unk> provisions in the new big three national contract that will be negotiated next year
gm officials want to get their strategy to reduce capacity and the work force in place before those talks begin
the problem however is that gm 's moves are coming at a time when <unk> leaders are trying to <unk> <unk> who charge the union is too passive in the face of gm layoffs
against that backdrop <unk> vice president stephen p. <unk> who recently became head of the union 's gm department issued a statement friday <unk> gm 's <unk> <unk> toward union members
the auto maker 's decision to let word of the latest <unk> and product <unk> <unk> out in separate <unk> to the affected plants showed disarray and an inability or <unk> to provide consistent information mr. <unk> said
gm officials told workers late last week of the following moves production of <unk> vans will be consolidated into a single plant in <unk> mich
that means two plants one in <unk> ontario and the other in <unk> ohio probably will be shut down after the end of N
the <unk> will idle about N canadian assembly workers and about N workers in ohio
robert white canadian auto workers union president used the impending <unk> shutdown to <unk> the <unk> free trade agreement and its champion prime minister brian <unk>
but canadian auto workers may benefit from a separate gm move that affects three u.s. car plants and one in quebec
workers at plants in van <unk> calif. oklahoma city and <unk> mich. were told their facilities are no longer being considered to build the next generation of the <unk> <unk> and chevrolet <unk> muscle cars
gm is studying whether it can build the new <unk> profitably at a plant in st. <unk> quebec company and union officials said
that announcement left union officials in van <unk> and oklahoma city uncertain about their futures
the van <unk> plant which employs about N workers does n't have a product to build after N
jerry <unk> <unk> local president said the facility was asked to draw up plans to continue working as a <unk> plant which could build several different types of products on short notice to satisfy demand
at the oklahoma city plant which employs about N workers building the <unk> <unk> <unk> cars steve <unk> <unk> local vice president said the plant has no new product lined up and none of us knows when the <unk> cars will die
he said he believes gm has plans to keep building <unk> cars into the mid-1990s
at <unk> however the <unk> decision appears to <unk> <unk> hopes that gm would reopen the <unk> assembly plant that last built the <unk> <unk> <unk> <unk> model
the <unk> plant was viewed as a model of <unk> cooperation at gm before slow sales of the <unk> forced the company to close the factory last year
union officials have taken a beating politically as a result
dissident <unk> members have used the <unk> plant as a symbol of labor-management cooperation 's failure
<unk> merieux s.a. of france said the canadian government raised an obstacle to its proposed acquisition of connaught <unk> inc. for N million canadian dollars us$ N million
merieux said the government 's minister of industry science and technology told it that he was n't convinced that the purchase is likely to be of net benefit to canada
canadian investment rules require that big foreign takeovers meet that standard
the french company said the government gave it N days in which to submit information to further support its takeover plan
both merieux and connaught are biotechnology research and vaccine manufacturing concerns
the government 's action was unusual
alan <unk> executive vice president of investment canada which oversees foreign takeovers said it marked the first time in its four-year history that the agency has made an adverse <unk> decision about the acquisition of a publicly traded company
he said it has reached the same conclusions about some attempts to buy closely held concerns but eventually allowed those acquisitions to proceed
this is n't a change in government policy this provision has been used before said <unk> redmond press secretary for <unk> <unk> canada 's minister of industry science and technology
mr. <unk> issued the ruling based on a recommendation by investment canada
spokesmen for merieux and connaught said they had n't been informed of specific areas of concern by either the government or investment canada but added they hope to have more information early this week
investment canada declined to comment on the reasons for the government decision
<unk> mehta a partner with mehta & <unk> a new york-based pharmaceutical industry research firm said the government 's ruling was n't unexpected
this has become a very <unk> deal concerning canada 's only large <unk> <unk> or pharmaceutical company mr. mehta said
mr. mehta said the move that could allow the transaction to go ahead as planned could be an <unk> settlement of connaught 's dispute with the university of toronto
the university is seeking to block the acquisition of connaught by foreign interests citing concerns about the amount of research that would be done in canada
the university is considering a settlement proposal made by connaught
while neither side will disclose its <unk> mr. mehta expects it to contain more specific guarantees on research and development spending levels in canada than merieux offered to investment canada
some analysts such as murray <unk> of toronto-based <unk> <unk> inc. believe the government ruling leaves the door open for other bidders such as switzerland 's ciba-geigy and chiron corp. of <unk> calif
officials for the two concerns which are bidding c$ N a share for connaught could n't be reached for comment
french state-owned rhone-poulenc s.a. holds N N of merieux
<unk> international inc. said it canceled plans for a <unk> swap but may resume payment of dividends on the stock and added that it expects to publicly offer about N million common shares
the company said it planned to offer an <unk> number of common shares in exchange for the N shares of its preferred stock outstanding
the exchange ratio was never established
<unk> said market conditions led to the cancellation of the planned exchange
the <unk> concern said however that in january N it may resume payments of dividends on the preferred stock
<unk> suspended its <unk> payment in october N and said it has n't any plans to catch up on dividends in <unk> about $ N million but will do so some time in the future
additionally the company said it filed with the securities and exchange commission for the proposed offering of N million shares of common stock expected to be offered in november
the company said salomon brothers inc. and howard weil <unk> <unk> inc. underwriters for the offering were granted an option to buy as much as an additional N million shares to cover <unk>
proceeds will be used to eliminate and restructure bank debt
<unk> currently has approximately N million common shares outstanding
earnings for most of the nation 's major pharmaceutical makers are believed to have moved ahead <unk> in the third quarter as companies with newer <unk> prescription drugs fared especially well
for the third consecutive quarter however most of the companies ' revenues were battered by adverse foreign-currency <unk> as a result of the strong dollar abroad
analysts said that merck & co. eli lilly & co. warner-lambert co. and the squibb corp. unit of bristol-myers squibb co. all benefited from strong sales of relatively new <unk> <unk> that provide wide profit margins
less robust earnings at pfizer inc. and upjohn co. were attributed to those companies ' older products many of which face <unk> competition from generic drugs and other <unk>
joseph <unk> an analyst with bear stearns & co. said that over the past few years most drug makers have shed their <unk> businesses and instituted other cost savings such as consolidating manufacturing plants and administrative staffs
as a result major new products are having significant impact even on a company with very large revenues mr. <unk> said
analysts said profit for the dozen or so big drug makers as a group is estimated to have climbed between N N and N N
while that 's not spectacular neil <unk> an analyst with prudential <unk> said that the rate of growth will look especially good as compared to other companies if the economy turns downward
mr. <unk> estimated that merck 's profit for the quarter rose by about N N propelled by sales of its <unk> of fast-growing prescription drugs including its <unk> drug <unk> a high blood pressure medicine <unk> <unk> an <unk> and <unk> an <unk> medication
profit climbed even though merck 's sales were reduced by one to three percentage points as a result of the strong dollar mr. <unk> said
in the third quarter of N merck earned $ N million or N cents a share
in <unk> n.j. a merck spokesman said the company does n't make earnings projections
mr. <unk> said he estimated that lilly 's earnings for the quarter jumped about N N largely because of the performance of its new <unk> <unk>
the drug introduced last year is expected to generate sales of about $ N million this year
it 's turning out to be a real blockbuster mr. <unk> said
in last year 's third quarter lilly earned $ N million or $ N a share
in indianapolis lilly declined comment
several analysts said they expected warner-lambert 's profit also to increase by more than N N from $ N million or $ N a share it reported in the like period last year
the company is praised by analysts for sharply lowering its costs in recent years and shedding numerous companies with low profit margins
the company 's lean operation analysts said allowed <unk> sales from its cholesterol drug <unk> to power earnings growth
<unk> sales are expected to be about $ N million this year up from $ N million in N
in morris plains n.j. a spokesman for the company said the analysts ' projections are in the <unk>
squibb 's profit estimated by analysts to be about N N above the $ N million or $ N a share it earned in the third quarter of N was the result of especially strong sales of its <unk> drug for treating high blood pressure and other heart disease
the company was officially merged with bristol-myers co. earlier this month
bristol-myers declined to comment
mr. <unk> of bear stearns said that schering-plough corp. 's expected profit rise of about N N to N N and <unk> 's expected profit increase of about N N are largely because those companies are really managed well
<unk> earned $ N million or N cents a share while bristol-myers earned $ N million or N cents a share in the like period a year earlier
in madison n.j. a spokesman for schering-plough said the company has no problems with the average estimate by a analysts that third-quarter earnings per share rose by about N N to $ N
the company expects to achieve the N N increase in full-year earnings per share as it projected in the spring the spokesman said
meanwhile analysts said pfizer 's recent string of lackluster quarterly performances continued as earnings in the quarter were expected to decline by about N N
sales of pfizer 's important drugs <unk> for treating <unk> and <unk> a heart medicine have <unk> because of increased competition
the strong dollar hurt pfizer a lot too mr. <unk> said
in the third quarter last year pfizer earned $ N million or $ N a share
in new york the company declined comment
analysts said they expected upjohn 's profit to be flat or rise by only about N N to N N as compared with $ N million or N cents a share it earned a year ago
upjohn 's <unk> drugs are <unk> a <unk> and <unk> a <unk>
sales of both drugs have been hurt by new state laws restricting the <unk> of certain <unk> <unk> and adverse publicity about the excessive use of the drugs
also the company 's <unk> drug <unk> is selling well at about $ N million for the year but the company 's profit from the drug has been reduced by upjohn 's expensive print and television campaigns for advertising analysts said
in <unk> mich. upjohn declined comment
amid a crowd of <unk> stocks <unk> technology inc. 's stock fell particularly hard friday dropping N N because its problems were compounded by disclosure of an unexpected loss for its fiscal first quarter
the <unk> software company said it expects a $ N million net loss for the fiscal first quarter ended sept. N
it said analysts had been expecting a small profit for the period
revenue is expected to be up modestly from the $ N million reported a year ago
<unk> technology reported net income of $ N million or N cents a share in the year-earlier period
while our international operations showed strong growth our domestic business was substantially below expectations said paul <unk> president and chief executive officer
a spokesman said the company 's first quarter is historically soft and computer companies in general are experiencing slower sales
mr. <unk> said he accepted the resignation of thomas wilson vice president of corporate sales and that his marketing responsibilities have been <unk>
the company said mr. wilson 's resignation was n't related to the sales <unk>
<unk> technology went public in may N at $ N a share
it fell $ N a share friday to $ N a new low in over-the-counter trading
its high for the past year was $ N a share
in the previous quarter the company earned $ N million or N cents a share on sales of $ N million
the bronx has a wonderful <unk> garden a great <unk> its own <unk> little italy on arthur avenue and of course the <unk>
however most people having been <unk> to news <unk> of the <unk> south bronx look at the borough the way tom <unk> 's sherman <unk> did in <unk> of the <unk> as a wrong turn into hell
but <unk> <unk> 's bronx her <unk> bronx of the <unk> is something else altogether
in a lovely <unk> <unk> sleeping arrangements <unk> N pages $ N she <unk> an exotic <unk> <unk> mainly by jewish <unk> and the <unk> catholic real <unk> like her <unk> friend the <unk> <unk> age five
ms. <unk> a novelist and playwright has a vivid and dramatically <unk> sense of recall
she <unk> her bronx of the <unk> a place where the <unk> of <unk> are only relieved by steep <unk> into <unk> into the <unk> bronx a world <unk> with sex and death and <unk>
in the <unk> bronx jewish <unk> people lived in <unk> <unk> buildings <unk> with names like <unk> towers after owners <unk> and morris <unk> whose <unk> and <unk> were <unk> with <unk> of ancient <unk> and <unk> <unk> of <unk>
for ms. <unk> the architectural <unk> matched the <unk> she felt living in the <unk> towers as a little girl <unk> ordinary <unk> <unk> <unk> all <unk> to <unk> <unk>
<unk> and funny but never mean she 's a <unk> a bit like <unk> <unk> if he 'd been jewish and female and less <unk>
little <unk> as ms. <unk> calls herself in the book really was n't ordinary
she was raised for the first eight years by her mother <unk> whom she <unk> as a <unk> <unk> who <unk> history to explain why <unk> 's father did n't live with them
<unk> <unk> this man who may or may not have known about his child as a war hero for <unk> 's benefit
<unk> died young and <unk> has remembered her as a romantic figure who did n't interfere much with her child 's education on the streets
the games bronx children played holding kids down and <unk> them for example seem <unk> by today 's crack standards but ms. <unk> makes it all sound like a great <unk>
without official knowledge of sex or death we <unk> with both she writes
she <unk> families by their sleeping arrangements
her friend susan whose parents kept <unk> her she was unwanted <unk> on a narrow bed <unk> into her parents ' <unk> as though she were a temporary <unk>
her friend <unk> 's father was a professional thief they did n't seem to have any <unk> at all
maybe <unk> became so <unk> with where people <unk> and how because her own arrangements kept shifting
when <unk> died her <unk> moved in and let her make the sleeping and other household arrangements
they painted the apartment orange <unk> and white according to her instructions
with <unk> detail she recalls her uncle <unk> an orthodox <unk> and song <unk> who <unk> river with <unk> in a love song and uncle <unk> a <unk> <unk> investigator who looked like lincoln and carried a change of clothing in a manila <unk> like an <unk> president on a <unk> mission
they came by their <unk> <unk>
<unk> 's <unk> no <unk> baker <unk> the heads of <unk> <unk> from the family <unk> and <unk> around her <unk> <unk> philosophy for women
the book loses some momentum toward the end when <unk> becomes more <unk> with dating boys and less with her <unk> weird family
for the most part though there 's much pleasure in her <unk> <unk> probe into the <unk> of the <unk> bronx
the bronx also figures in bruce jay <unk> 's latest novel which <unk> back to the new york of the <unk>
but both the past and present <unk> of the current climate atlantic monthly press N pages $ N feel <unk> and <unk>
for his sixth novel mr. <unk> tried to <unk> the <unk> of his N work about harry towns
harry is now a <unk> writer whose continuing <unk> with drugs and marginal types in hollywood and new york seems <unk> <unk>
harry <unk> <unk> the old days of the early <unk> when people like his friend <unk> would take a <unk> on a date to analyze what <unk> was doing wrong
an l.a. solution explains mr. <unk>
line by line mr. <unk> 's <unk> <unk> can be amusing especially when he 's <unk> on the hollywood social scheme the way people size each other up immediately <unk> the desperate ones who merely almost made it
harry has avoided all that by living in a long island suburb with his wife who 's so <unk> to soap <unk> and mystery novels she barely seems to notice when her husband disappears for <unk> <unk> into manhattan
but it does n't take too many lines to figure harry out
he 's a <unk>
gulf resources & chemical corp. said it agreed to pay $ N million as part of an accord with the environmental protection agency regarding an environmental cleanup of a <unk> <unk> the company formerly operated in idaho
in N the epa notified gulf resources which was a <unk> of the <unk> that it was potentially liable for sharing cleanup costs at the site under the federal superfund program
the <unk> area is <unk> with lead <unk> and other metals
gulf resources earlier this year proposed a reorganization plan that would make it a unit of a <unk> concern potentially <unk> it from liability for the <unk> 's cleanup costs
the company said that as part of its agreement with the epa it made certain voluntary <unk> with respect to <unk> transactions entered into after the reorganization
the company which issued a statement on the agreement late friday said that $ N million of the payment was previously provided for in its financial statements and that $ N will be recognized in its N third-quarter statement
the agreement and consent <unk> are subject to court approval the company said
gulf resources added that it will seek to recover equitable contribution from others for both the amount of the settlement and any other liabilities it may incur under the superfund law
under the agreement gulf must give the u.s. government N days ' advance written notice before issuing any dividends on common stock
the company 's net worth can not fall below $ N million after the dividends are issued
the terms of that agreement only become effective the date of gulf 's reorganization which we anticipate will occur sometime in early N said lawrence r. mehl gulf 's general counsel
in addition gulf must give the government N days ' advance written notice of any loans exceeding $ N million that are made to the <unk> holding company
gulf 's net worth after those transaction must be at least $ N million
separately the company said it expects to hold a special meeting for shareholders in early N to vote on its proposed reorganization
many of the nation 's <unk> executives <unk> friday 's market plunge as an overdue <unk> for speculators and takeover players
assuming that the market does n't head into a <unk> free fall some executives think friday 's action could prove a <unk> of good news as a sign that the leveraged buy-out and takeover frenzy of recent years may be <unk>
this is a reaction to <unk> lbo <unk> rather than to any fundamentals said john young chairman of hewlett-packard co. whose shares dropped $ N to $ N
if we get rid of a lot of that nonsense it will be a big plus
a few of the executives here for the fall meeting of the business council a group that meets to discuss national issues were only too happy to <unk> their criticism
people wish the government would do something about leveraged buy-outs do something about takeovers do something about donald trump said rand <unk> chairman of itt corp. whose stock dropped $ N
where 's the leadership
where 's the guy who can say enough is enough
the executives were <unk> <unk> by the plunge even though it <unk> billions of dollars off the value of their companies and millions off their personal fortunes
i 'm not going to worry about one day 's decline said kenneth <unk> digital equipment corp. president who was <unk> <unk> through the bright orange and yellow leaves of the <unk> here after his company 's shares plunged $ N to close at $ N
i did n't bother calling anybody i did n't even turn on tv
there has n't been any fundamental change in the economy added john <unk> whose procter & gamble co. took an $ N slide to close at $ N
the fact that this happened two years ago and there was a recovery gives people some comfort that this wo n't be a problem
of course established corporate <unk> often tend to <unk> the setbacks of stock speculators and takeover artists
indeed one chief executive who was downright <unk> by friday 's events was robert crandall chairman of amr corp. the parent of american airlines and the target of a takeover offer by mr. trump
asked whether friday 's action could help him avoid being <unk> by the new york real estate <unk> mr. crandall <unk> broadly and said no comment
on friday morning before the market 's sell-off the business leaders issued a report predicting the economy would grow at roughly an inflation-adjusted N N annual rate through next year then accelerate <unk> in N
of the N economists who worked on the business council forecast only two projected periods of decline in the nation 's output over the next two years and in both <unk> the declines are too modest to warrant the phrase recession said lewis <unk> chairman of j.p. morgan & co. and vice chairman of the business council
the real estate slump that 's pushing down the price of new york office space and housing is also affecting the city 's retail real estate market
in manhattan <unk> store sites sit vacant and newly constructed space has been slow to fill
retail real estate brokers say tenants are reluctant to sign leases because of uncertainty about the local economy turmoil in their own industries and a belief that <unk> have not yet hit bottom
there is an <unk> amount of space available says faith <unk> senior vice president at <unk> associates store leasing inc
there are about N stores for rent up from a more typical range of N to N
this further <unk> retailers she says
they wonder should they sign a lease if prices are still coming down
is this the wrong time to open a store
who is going to be in the space next door
in addition ms. <unk> says tenants usually can negotiate to pay <unk> that are about <unk> lower than <unk> ' initial asking price
a handful of hot retail locations such as the <unk> street and madison and fifth avenue areas have been able to sustain what many see as <unk> <unk>
and in some neighborhoods <unk> have merely hit a <unk>
but on average manhattan retail <unk> have dropped N N to N N in the past six months alone experts say
that follows a more <unk> decline in the prior six months after manhattan <unk> had run up rapidly since N
the same factors limiting demand for office space have affected retailing
as businesses contract or <unk> the number of employees who might use retail services <unk> says edward a. <unk> senior vice president of helmsley <unk> inc
he says financial problems <unk> electronics fur and furniture companies key categories in the local retail economy have further <unk> the market
hardest hit are what he calls secondary sites that primarily serve neighborhood residents
in these locations mr. <unk> says retailers are increasingly cautious about expanding and <unk> have remained steady or in some cases have declined
weakness in the restaurant industry which is leaving retail space vacant <unk> the problem for <unk>
it is also no comfort to <unk> and small new york retailers when the future of larger department stores which <unk> retail neighborhoods are in doubt
hooker corp. parent of <unk> teller and b. altman 's is mired in bankruptcy proceedings and bloomingdale 's is for sale by its owner campeau corp
the trend toward lower <unk> may seem surprising given that some communities in new york are <unk> the loss of favorite local businesses to high <unk>
but despite the recent softening for many of these retailers there 's still been too big a jump from the rental rates of the late 1970s when their leases were signed
certainly the recent drop in prices does n't mean manhattan comes cheap
new york retail <unk> still run well above the going rate in other u.s. cities
madison and fifth <unk> and east <unk> street can command <unk> of up to $ N a square foot and $ N is not uncommon
the thriving <unk> street area offers <unk> of about $ N a square foot as do <unk> locations along lower fifth avenue
by contrast <unk> in the best retail locations in boston san francisco and chicago rarely top $ N a square foot
and <unk> on beverly hills ' <unk> drive generally do n't exceed about $ N a square foot
the new york stock exchange said two securities will begin trading this week
precision <unk> corp. <unk> ore. will begin trading with the symbol <unk>
it makes investment <unk> and has traded over-the-counter
royal bank of scotland group plc an <unk> scotland financial services company will list american depositary shares representing preferred shares with the symbol <unk>
it will continue to trade on the international stock exchange london
the american stock exchange listed shares of two companies
aim telephones inc. a <unk> n.j. telecommunications equipment supply company started trading with the symbol aim
it had traded over-the-counter
columbia laboratories inc. miami began trading with the symbol <unk>
the pharmaceuticals maker had traded over-the-counter
the national market system of the nasdaq over-the-counter market listed shares of one company
employee benefit plans inc. a minneapolis health-care services company was listed with the symbol <unk>
when justice william <unk> marks the start of his <unk> year on the supreme court today the occasion will differ sharply from previous <unk> of his tenure
for the first time the <unk> justice finds his influence almost exclusively in dissent rather than as a force in the high court 's majority
this role reversal holds true as well for his three liberal and moderate allies justices <unk> marshall harry <unk> and john stevens
but are these four players three of them in their <unk> ready to assume a different role after N years <unk> of service on the high court
every indication is that the four are prepared to accept this new role and the <unk> that go with it but in different ways
justices <unk> and stevens appear <unk> about it justices marshall and <unk> appear fighting mad
the four justices are no newcomers to dissent often joining forces in the past decade to <unk> the court 's conservative <unk>
but always in years past they have <unk> the trend and have been able to pick up a fifth vote to <unk> out a number of major victories in civil rights and <unk> cases
now however as the court 's new <unk> conservative majority continues to <unk> victories for the liberals are rare
the change is most dramatic for justice <unk> the last <unk> of the <unk> liberal majority under chief justice <unk> warren
in the seven supreme court terms from the fall of N through the spring of N the <unk> of the warren court 's power justice <unk> cast only N <unk> votes in N cases decided by the court
last term alone he cast N <unk> votes in N decisions with the contentious <unk> ruling as his only big victory
but justice <unk> <unk> his new role strongly defending the importance of <unk> in a N speech
each time the court <unk> an issue the justices will be forced by a dissent to reconsider the fundamental questions and to <unk> the result he said
moreover in recent months he has said that when he was on the winning side in the 1960s he knew that the tables might turn in the future
he has said that he now knows how justice john <unk> felt a reference to the late conservative justice who was the most frequent <unk> from the warren court 's opinions
associates of <unk> justice marshall say he was depressed about the court 's direction last spring but is <unk> about his role and determined to speak out against the court 's cutbacks in civil rights
we could sweep it under the <unk> and hide it but i 'm not going to do it he said in a speech last month
he like justice <unk> considers <unk> highly important for the future a point that has n't escaped legal scholars
harvard law school professor laurence tribe says there is a <unk> flavor to current <unk>
the <unk> in the warren court he says appeared to be writing for the short-term suggesting that the court 's direction might change soon
<unk> and marshall are speaking in their <unk> to a more distant future he says
justice <unk> who will turn N next month also seems <unk> about his new role
associates say he takes some <unk> more personally than his colleagues especially attempts to curtail the right to abortion first recognized in his N opinion roe vs. wade
friends and associates who saw justice <unk> during the summer said he was no more discouraged about the court than in recent years
and his outlook improved after successful <unk> surgery in august
but his level of frustration showed in a recent <unk> speech to a group of hundreds of lawyers in chicago
he concluded his remarks by <unk> <unk> and at some length according to those present the late martin <unk> king 's famous i have a dream speech from the N march on washington
justice stevens N is probably the most <unk> of the <unk> about his role in part because he may be the least liberal of the four but also because he enjoys the intellectual challenge of arguing with the majority more than the others
if the role these four <unk> are assuming is a familiar one in modern supreme court history it also <unk> in an important way from recent history court watchers say
the <unk> of the warren court were often defending a legal <unk> that they inherited says prof. <unk> dick howard of the university of virginia law school but the <unk> today are defending a <unk> that they created
the government sold the deposits of four savings-and-loan institutions in its first wave of sales of big sick thrifts but low bids prevented the sale of a fifth
the four s&ls were sold to large banks as was the case with most of the N previous transactions initiated by the resolution trust corp. since it was created in the s&l bailout legislation two months ago
two of the four big thrifts were sold to ncnb corp. charlotte n.c. which has aggressively expanded its markets particularly in texas and florida
a canadian bank bought another thrift in the first rtc transaction with a foreign bank
under these deals the rtc sells just the deposits and the healthy assets
these <unk> transactions leave the bulk of bad assets mostly real estate with the government to be sold later
in these four for instance the rtc is stuck with $ N billion in bad assets
<unk> paid premiums ranging from N N to N N for the deposits and branch systems roughly in line with what analysts were expecting
the buyers will also be locked into deposit rates for just two weeks as has been the case with previous deals
after that the buyers may <unk> the rates paid by the former thrifts
but it 's uncertain whether these institutions will take those steps
ncnb for example has been one of the highest rate <unk> in the texas market and in florida rates are especially sensitive in retirement communities
the rtc had previously targeted five thrifts for quick sales in order to spend cash by certain budgetary deadlines but the delays illustrate the tough <unk> facing the agency
these thrifts are <unk> <unk> said <unk> <unk> an industry consultant based in <unk> va
for example the delay in selling people 's heritage savings <unk> kan. with $ N billion in assets has forced the rtc to consider selling off the thrift <unk> instead of as a whole institution
ncnb continued its <unk> into the florida and texas markets
ncnb will acquire university federal savings association houston which had assets of $ N billion
ncnb texas national bank will pay the rtc a premium of $ N million for $ N billion in deposits
as a measure of the <unk> to which the texas real estate market has <unk> the rtc will pay $ N billion to ncnb to take $ N million of bad assets
ncnb also acquired freedom savings & loan association tampa fla. which had total assets of $ N million
ncnb will pay the rtc a premium of $ N million for $ N billion in deposits
ncnb will also acquire $ N million of freedom 's assets from the rtc which will require $ N million in assistance
meridian bancorp inc. reading pa. will acquire hill financial savings association red hill pa. which had $ N billion in assets
meridian will pay a premium of $ N million to assume $ N billion in deposits
it will also purchase $ N million of the thrift 's assets with $ N billion in rtc assistance
in the first rtc transaction with a foreign buyer royal <unk> ltd. toronto will acquire pacific savings bank costa mesa calif. which had $ N million in assets
royal <unk> will pay the rtc $ N million to assume $ N million in deposits
it will also purchase $ N million in assets and receive $ N million in assistance from the rtc
the following issues were recently filed with the securities and exchange commission
american <unk> co. offering of N common shares via merrill lynch capital markets
limited inc. offering of up to $ N million of debt securities and warrants
<unk> california performance plus municipal fund inc. initial offering of five million common shares via alex brown & sons inc. john <unk> & co. prudential-bache capital funding and <unk> <unk> hill <unk>
<unk> health systems inc. proposed offering of N million common shares of which N shares will be offered by <unk> and N shares by <unk> america inc <unk> 's N N via dillon read & co. inc. goldman sachs & co. and dean witter reynolds inc
<unk> inc. offering of one million new shares of common stock and N shares by holders via drexel burnham lambert inc. and j.c. bradford & co
trans world airlines inc. offering of $ N million senior notes via drexel burnham
time magazine in a move to reduce the costs of wooing new subscribers is lowering its circulation guarantee to advertisers for the second consecutive year increasing its subscription rates and cutting back on merchandise <unk>
in an announcement to its staff last week executives at time warner inc. 's weekly magazine said time will dramatically <unk> its use of electronic <unk> such as telephones in television subscription drives cut the circulation it guarantees advertisers by N to four million and increase the cost of its annual subscription rate by about $ N to $ N
in a related development the <unk> for the fourth year in a row said it wo n't increase its advertising rates in N a full <unk> page in the magazine costs about $ N
however because the guaranteed circulation base is being lowered ad rates will be effectively N N higher per subscriber according to richard <unk> time associate publisher
time is following the course of some other <unk> magazines that in recent years have challenged the publishing <unk> that maintaining artificially high and expensive <unk> is the way to draw advertisers
in recent years reader 's digest new york times co. 's mccall 's and most recently news corp. 's tv guide have cut their massive circulation rate bases to eliminate marginal circulation and hold down rates for advertisers
deep discounts in <unk> and offers of free <unk> <unk> and watches have become accepted forms of attracting new subscribers in the <unk> world of magazine <unk>
but time as part of the more <unk> time warner wants to <unk> itself away from expensive <unk>
besides time executives think selling a news magazine with a <unk> radio is <unk>
<unk> just give people the wrong image said mr. <unk>
that perception takes the focus off the magazine
time magazine executives predictably <unk> the circulation cut as a show of strength and actually a benefit to advertisers
what we are doing is <unk> out the readers who are only <unk> related to the magazine and do n't really read it said mr. <unk>
we are trying to create quality and involvement
however time executives used the same explanation when in october N the magazine cut its guaranteed circulation from N million to N million
and time 's paid circulation according to audit bureau of <unk> dropped N N to N in the six months ended june N N
still time 's move is being received well once again
it 's <unk> for advertisers to know the reader will be paying more said michael <unk> national media director at bozell inc. ad agency
a few drops in circulation are of no consequence
it 's not a show of weakness they are improving the quality of circulation while <unk> their profits
mr. <unk> said the changes represent a new focus in the magazine industry a magazine 's net revenue per subscriber or the actual revenue from subscribers after discounts and the cost of premiums have been stripped away
the question is how much are we getting from each reader said mr. <unk>
time 's rivals <unk> washington post co. 's newsweek and u.s. news & world report are less <unk> on electronic <unk> and in recent years both have been increasing their circulation rate bases
both magazines are expected to announce their ad rates and circulation levels for N within a month
when the news broke of an attempted coup in panama two weeks ago sen. christopher dodd called the state department for a briefing
they said follow <unk> he told reporters
that shows how far ted turner 's cable news network has come since its birth nine years ago when it was considered the <unk> of television news
it is bigger faster and more profitable than the news divisions of any of the three major broadcast networks
its niche as the network of record during major crises draws elite audiences around the world
but for all its success <unk> has hit a <unk>
although <unk> <unk> when big news breaks it <unk> during periods of calm
<unk> executives worry that the network 's <unk> but <unk> news format may be getting <unk> and wo n't keep viewers coming back as the alternatives <unk> for news and information on cable-tv
just the fact we 're on N hours is no longer <unk> says ed turner <unk> 's executive vice president news gathering and no <unk> to ted turner
you ca n't live on that
so <unk> a unit of atlanta-based turner broadcasting system inc. is trying to <unk> itself as a primary channel or what people in the television industry call a top of mind network
tonight to kick off the effort <unk> will premiere its first prime-time <unk> in years an <unk> show at N p.m eastern time to air <unk> against the network <unk>
the show will be <unk> by bernard shaw and <unk> <unk> a <unk> former texas judge and campus beauty queen who has never held a job in television or journalism
the new show is perhaps the <unk> in a number of steps the network is taking to build audience loyalty by shifting away from its current format toward more <unk> signature programming with <unk> stars
to <unk> itself <unk> is also expanding international coverage and adding a second <unk> program
it is paying higher salaries after years of <unk> to lure and keep experienced staffers
and it is <unk> on an expensive gamble to break major stories with a large <unk> team
the next stage is to get beyond the opinion leaders who use us as a point of reference to become a point of reference at ordinary dinner tables says jon <unk> executive vice president of headline news <unk> 's sister network
but that wo n't be easy
networks like other consumer products develop images in peoples ' minds that are n't easy to change
it also takes money that <unk> has been reluctant to spend to make programs and hire talent that viewers will tune in specially to see
and the cable-tv operators <unk> 's distributors and part owners like things just the way they are
the <unk> bid is aimed at <unk> 's <unk> <unk> and what may happen to it as the cable-tv news market grows more competitive
already <unk> is facing stronger competition from financial news network inc. and general electric co. 's consumer news and business channel both of which are likely to pursue more general news in the future
in addition many cable-tv systems themselves are airing more local and regional news programs produced by local broadcast stations
<unk> wants to change its viewers ' habits
its watchers are on the whole a <unk> group of <unk> <unk> and news <unk> who spend an average of just N minutes a day watching <unk> according to audience research
that 's less than one-third the time that viewers watch the major broadcast networks
the brief attention viewers give <unk> could put it at a disadvantage as ratings data and advertising become more important to cable-tv channels
<unk> 's <unk> habits have been <unk> by its format
its strategy in the past has been to serve as a tv wire service
it focused on building up its news bureaus around the world so as events took place it could go live <unk> and longer than other networks
it filled its daily schedule with <unk> called <unk> <unk> <unk> and <unk> but the shows <unk> little in content <unk> or look
now the push is on for <unk> shows
our goal is to create more programs with an individual identity says paul <unk> <unk> executive vice president for programming
<unk> <unk> is adding a <unk> show in the morning because surveys show its <unk> hour in the afternoon is among its most <unk> programs in viewers ' minds says mr. <unk>
and it is exploring other original programs similar to its larry king live and <unk> talk shows which executives hope will keep people <unk> in
then there 's the world today the prime-time <unk> featuring mr. shaw and ms. <unk>
until now <unk> has featured its hollywood <unk> show during the key evening period
but N N of the <unk> households that watch news do so between N p.m. and N p.m. the network discovered so <unk> wants in
mr. <unk> says the <unk> team will probably do two live interviews a day with most of the program at least for now appearing similar to <unk> 's other <unk>
some in the industry are skeptical
i find it hard to <unk> of people switching over to <unk> for what at least in the public 's mind is the same news says <unk> frank the former <unk> president of nbc news and <unk> of the <unk> report
the evening news is also slated as <unk> 's stage for its big push into <unk> journalism
in august the network hired <unk> producer <unk> hill the former head of news <unk> at abc
she 's <unk> a staff of about N <unk> reporters who will produce weekly <unk> segments with an eye toward breaking big stories
<unk> executives hope the <unk> created by such <unk> will generate excitement for its <unk> programs in the way N minutes did so well for cbs
that 's such a departure from the past that many in the industry are skeptical <unk> will follow through with its <unk> commitment especially after it sees the cost of producing <unk> pieces
they 've never shown any <unk> to spend money on production says michael <unk> a senior producer with <unk> <unk> who notes that <unk> is <unk> to his job
the network 's salaries have always ranged far below industry standards resulting in a <unk> work force
<unk> recently gave most employees raises of as much as N N but they 're still drastically <unk> compared with the networks
says mr. <unk> <unk> is my wire service they 're on top of everything
but to improve they 've really got to make the investment in people
in any case <unk> operators have reason to fear any <unk> with <unk> 's format
they market cable-tv on the very <unk> opportunities <unk> seeks to discourage
we would obviously be upset if those kinds of services <unk> into more <unk> <unk> programming says robert <unk> senior vice president programming of continental <unk> inc. which holds a N N stake in turner broadcasting
the second u.s. circuit court of appeals opinion in the <unk> <unk> case did not <unk> the position pennzoil co. took in its dispute with texaco contrary to your sept. N article court backs texaco 's view in pennzoil case too late
the fundamental rule of contract law applied to both cases was that courts will not enforce agreements to which the parties did not intend to be bound
in the <unk> litigation the courts found pennzoil and <unk> oil intended to be bound in <unk> <unk> they found there was no intention to be bound
<unk> the principle in the cases is the same
but the outcome of a legal dispute almost always turns on the facts
and the facts as found by the various courts in these two lawsuits were different
when you suggest otherwise you leave the <unk> of reporting and enter the <unk> of speculation
charles f. <unk>
valley federal savings & loan association said imperial corp. of america withdrew from regulators its application to buy five valley federal branches leaving the transaction in limbo
the broken purchase appears as additional evidence of trouble at imperial corp. whose spokesman said the company withdrew its application from the federal office of thrift supervision because of an informal notice that imperial 's thrift unit failed to meet community reinvestment act requirements
the community reinvestment act requires savings and loan associations to lend money in amounts related to areas where deposits are received
the transaction announced in august included about $ N million in deposits at the five outlets in california 's san <unk> valley
terms were n't disclosed but valley federal had said it expected to post a modest pretax gain and to save about $ N million in operating costs annually
valley federal said friday that it is considering whether to seek another buyer for the branches or to pursue the transaction with imperial corp. which said it is attempting to meet community reinvestment act requirements
valley federal with assets of $ N billion is based in van <unk>
imperial corp. based in san diego is the parent of imperial savings & loan
in the first six months of the year it posted a net loss of $ N million
call it the we 're too broke to fight defense
lawyers for dozens of insolvent savings and loan associations are trying a new <unk> in their efforts to <unk> suits filed by borrowers developers and creditors
the thrifts ' lawyers claim that the suits <unk> N to N in texas alone should be dismissed as <unk> because neither the s&ls nor the <unk> federal savings and loan insurance corp. has the money to pay judgments
though the argument may have a <unk> ring to it even the s&l lawyers concede there 's little precedent to back their position
still one federal appeals court has signaled it 's willing to <unk> the notion and the lawyers have renewed their arguments in texas and eight other states where the defense is permitted under state law
the dismissal of the pending suits could go a long way toward clearing court <unk> in texas and reducing the <unk> 's massive legal bills which topped $ N million last year
the s&l lawyers were encouraged last month by an <unk> ruling in two cases brought against <unk> <unk> savings & loan association of dallas by the developers of the valley ranch best known as the training center for the dallas cowboys football team
<unk> foreclosed on the ranch
<unk> and the <unk> argued to the fifth u.s. circuit court of appeals that there will never be any assets with which to satisfy a judgment against <unk> savings nor any means to collect from any other party including <unk>
if true the court wrote this <unk> would justify dismissal of these actions on prudential grounds
but the court said it lacked enough financial information about <unk> and the <unk> and sent the cases back to federal district court in dallas
charles <unk> a lawyer for <unk> says he plans to file a brief this week urging the district judge to dismiss the suits because <unk> 's liabilities exceeded its assets by about $ N billion when federal regulators closed it in august N
this institution is just brain dead says mr. <unk> a partner in the dallas office of <unk> & <unk> a houston law firm
but a lawyer for <unk> investment group the developer of valley ranch <unk> such arguments as a defense du <unk>
attorney richard jackson of dallas says a judgment for <unk> could be satisfied in ways other than a monetary award including the reversal of <unk> 's <unk> on valley ranch
we 're asking the court for a number of things he can grant in addition to the <unk> of victory he says
we 'd take the valley ranch free and clear as a <unk> prize
kenneth j. <unk> who was named president of this thrift holding company in august resigned citing personal reasons
mr. <unk> said he had planned to travel between the job in denver and his san diego home but has found the commute too difficult to continue
a new president was n't named
south africa freed the anc 's sisulu and seven other political <unk>
thousands of supporters many <unk> flags of the outlawed african national congress gave the <unk> activists a tumultuous reception upon their return to black <unk> across the country
most of those freed had spent at least N years in prison
the <unk> sisulu sentenced to life in N along with black <unk> nelson <unk> for <unk> to <unk> the government said <unk> for blacks in south africa was in reach
the releases announced last week by president de <unk> were viewed as pretoria 's <unk> <unk> of the anc
<unk> considered the most prominent leader of the anc remains in prison
but his release within the next few months is widely expected
the soviet union reported that thousands of tons of goods needed to ease widespread shortages across the nation were <unk> up at ports and rail <unk> and food shipments were <unk> because of a lack of people and equipment to move the cargo
strikes and <unk> were cited and premier <unk> warned of tough measures
bush indicated there might be room for flexibility in a bill to allow federal funding of abortions for poor women who are <unk> of rape and incest
he reiterated his opposition to such funding but expressed hope of a compromise
the president at a news conference friday also renewed a call for the <unk> of panama 's noriega
the white house said <unk> have n't any right to abortion without the consent of their parents
the administration 's policy was stated in a <unk> brief urging the supreme court to give states more <unk> to restrict abortions
ten of the nation 's governors meanwhile called on the justices to reject efforts to limit abortions
the justice department announced that the fbi has been given the authority to seize u.s. <unk> overseas without the permission of foreign governments
secretary of state baker emphasized friday that the new policy would n't be <unk> by the bush administration without full consideration of <unk> implications
nasa <unk> the space shuttle atlantis ready for launch tomorrow following a <unk> <unk> of the flight because of a <unk> engine computer
the device was replaced
the spacecraft 's five <unk> are to <unk> the galileo space probe on an exploration mission to jupiter
south korea 's president roh traveled to the u.s. for a <unk> visit that is expected to focus on ties between washington and seoul
roh who is facing calls for the reduction of u.s. military forces in south korea is to meet with bush tomorrow and is to address a joint session of congress on wednesday
china 's communist leadership voted to <unk> the party of hostile and <unk> elements and wealthy private businessmen whom they called <unk>
the decision reported by the official <unk> news agency indicated that the crackdown prompted by <unk> pro-democracy protests in june is <unk>
hundreds of east germans <unk> to bonn 's embassy in warsaw bringing to more than N the number of <unk> expected to <unk> to the west beginning today
more than N others escaped to west germany through hungary over the weekend
in leipzig activists vowed to continue street protests to demand internal change
<unk> 's president <unk> met in southern france with <unk> rebel leader <unk> and a senior u.s. <unk> in a bid to revive an accord to end <unk> 's civil war
details of the talks described by a <unk> official as very delicate were n't disclosed
plo leader arafat insisted on guarantees that any elections in the <unk> <unk> would be <unk>
he made his remarks to a plo gathering in <unk>
in the occupied <unk> underground leaders of the arab <unk> rejected a u.s. plan to arrange <unk> talks as shamir opposed holding such discussions in cairo
<unk> christian lawmakers presented to arab <unk> at talks in saudi arabia proposals for a new timetable for the withdrawal of <unk> 's forces from lebanon
a plan currently under study gives <unk> two years to pull back to eastern lebanon starting from the time <unk> 's legislature increases political power for <unk>
hurricane jerry threatened to combine with the highest <unk> of the year to <unk> the <unk> coast
thousands of residents of <unk> areas were ordered to <unk> as the storm headed north in the gulf of mexico with N mph <unk>
a group of arby 's franchisees said they formed an association to oppose miami beach financier victor posner 's control of the restaurant chain
the decision is the latest move in an <unk> battle between the franchisees and mr. posner that began in august
at the time a group called <unk> partners ltd. consisting of eight of arby 's largest franchisees offered more than $ N million to buy arby 's inc. which is part of <unk> corp
<unk> is a holding company controlled by mr. posner
one week later leonard h. roberts president and chief executive officer of arby 's was fired in a dispute with mr. posner
friday N franchisees announced the formation of an association called a.p. association inc. to preserve the integrity of the arby 's system
the franchisees owners or operators of N of the N <unk> arby 's in the u.s. said we have concluded that continued control of arby 's by victor posner is totally <unk> to us because it is extremely likely to cause <unk> damage to the arby 's system
we support all efforts to remove victor posner from control of arby 's inc. and the arby 's system
the group said it would consider among other things <unk> royalty payments and <unk> a class-action lawsuit seeking court approval for the <unk>
in florida <unk> <unk> a senior vice president at <unk> responded we do n't think any individual or group should disrupt a winning system or illegally interfere with existing <unk> relationships for their own <unk> <unk>
september 's steep rise in producer prices shows that inflation still <unk> and the <unk> over interest rates caused by the new price data contributed to the stock market 's plunge friday
after falling for three consecutive months the producer price index for finished goods shot up N N last month the labor department reported friday as energy prices jumped after tumbling through the summer
although the report which was released before the stock market opened did n't trigger the 190.58-point drop in the dow jones industrial average analysts said it did play a role in the market 's decline
analysts immediately viewed the price data the <unk> inflation news in months as evidence that the federal reserve was unlikely to allow interest rates to fall as many investors had hoped
further fueling the belief that pressures in the economy were sufficient to keep the fed from easing credit the commerce department reported friday that retail sales grew N N in september to $ N billion
that rise came on top of a N N gain in august and suggested there is still healthy consumer demand in the economy
i think the friday report combined with the actions of the fed weakened the belief that there was going to be an imminent easing of monetary policy said robert <unk> chief economist at northern trust co. in chicago
but economists were divided over the extent of the inflation threat signaled by the new numbers
the overall N N increase is serious in itself but what is even worse is that excluding food and energy the producer price index still increased by N N said gordon <unk> an economist at the national association of manufacturers
but sung won <unk> chief economist at <unk> corp. in minneapolis blamed rising energy prices and the annual autumn increase in car prices for most of the september jump
i would say this is not bad news this is a <unk> he said
the core rate is not really out of line
all year energy prices have <unk> the producer price index which measures changes in the prices producers receive for goods
inflation <unk> has fallen back from its <unk> pace last winter when a steep <unk> in world oil prices sent the index surging at double-digit annual rates
energy prices then plummeted through the summer causing the index to decline for three consecutive months
overall the index has climbed at a N N compound annual rate since the start of the year the labor department said
while far more <unk> than the pace at the beginning of the year that is still a <unk> rise than the N N increase for all of N
moreover this year 's good inflation news may have ended last month when energy prices <unk> up N N after plunging N N in august
some analysts expect oil prices to remain relatively stable in the months ahead leaving the future pace of inflation uncertain
analysts had expected that the climb in oil prices last month would lead to a substantial rise in the producer price index but the N N climb was higher than most anticipated
i think the <unk> in inflation is going to continue for a few months said john <unk> chief economist at bell <unk> <unk> a washington economic forecasting firm
he predicted that inflation will moderate next year saying that credit conditions are fairly tight world-wide
but <unk> van <unk> president of the national association of <unk> said that last month 's rise is n't as bad an <unk> as the N N figure suggests
if you examine the data carefully the increase is concentrated in energy and motor vehicle prices rather than being a broad-based advance in the prices of consumer and industrial goods he explained
passenger car prices jumped N N in september after climbing N N in august and declining in the late spring and summer
many analysts said the september increase was a one-time event coming as dealers introduced their N models
although all the price data were adjusted for normal seasonal fluctuations car prices rose beyond the <unk> autumn increase
prices for capital equipment rose a hefty N N in september while prices for home electronic equipment fell N N
food prices declined N N after climbing N N in august
meanwhile the retail sales report showed that car sales rose N N in september to $ N billion
but at least part of the increase could have come from higher prices analysts said
sales at general merchandise stores rose N N after declining N N in august while sales of building materials fell N N after rising N N
producer prices for intermediate goods grew N N in september after dropping for three consecutive months
prices for crude goods an array of raw materials jumped N N after declining N N in august and <unk> up N N in july
here are the labor department 's producer price indexes N <unk> N for september before seasonal adjustment and the percentage changes from september N
<unk> financial corp. said it expects to report a loss of at least $ N million to $ N million for the third quarter
in the year-earlier period <unk> had net income of $ N but no per-share earnings
<unk> 's president and chief executive officer john <unk> said the loss stems from several factors
he said nonperforming assets rose to slightly more than $ N million from $ N million between june and september
approximately N N of the total <unk> of nonperforming commercial real estate assets
<unk> <unk> estimated that it will provide between $ N million and $ N million for credit losses in the third quarter
<unk> added that significant additional loan-loss provisions may be required by federal regulators as part of the current annual examination of city federal savings bank <unk> 's primary subsidiary based in <unk> n.j
city federal operates N banking offices in new jersey and florida
mr. <unk> said <unk> will also mark its portfolio of high-yield corporate bonds to market as a result of federal legislation requiring that savings institutions <unk> themselves of such bonds
that action <unk> said will result in a charge against third-quarter results of approximately $ N million
<unk> also said it expects to shed its remaining mortgage loan <unk> operations outside its principal markets in new jersey and florida and as a result is taking a charge for discontinued operations
all these actions mr. <unk> said will result in a loss of $ N million to $ N million for the third quarter
he added however depending on the resolution of certain accounting issues relating to mortgages <unk> and the outcome of the annual examination of city federal currently in progress with respect to the appropriate level of loan loss reserves the total loss for the quarter could significantly exceed this range
centrust savings bank said federal thrift regulators ordered it to suspend dividend payments on its two classes of preferred stock indicating that regulators ' concerns about the troubled institution have heightened
in a statement miami-based centrust said the regulators cited the thrift 's operating losses and apparent losses in its junk-bond portfolio in ordering the suspension of the dividends
regulators also ordered centrust to stop buying back the preferred stock
david l. paul chairman and chief executive officer criticized the federal office of thrift supervision which issued the <unk> saying it was inappropriate and based on insufficient reasons
he said the thrift will try to get regulators to reverse the decision
the suspension of a preferred stock dividend is a serious step that signals that regulators have deep concerns about an institution 's health
in march regulators labeled centrust a troubled institution largely because of its big junk-bond holdings and its operating losses
in the same month the office of thrift supervision ordered the institution to stop paying common stock dividends until its operations were on track
for the nine months ended june N centrust had a net loss of $ N million compared with year-earlier net income of $ N million
centrust which is florida 's largest thrift holds one of the largest junk-bond portfolios of any thrift in the nation
since april it has <unk> its high-yield bond holdings to about $ N million from $ N billion
mr. paul said only about $ N million of the current holdings are <unk> securities registered with the securities and exchange commission
the remainder he said are commercial loan <unk> or private <unk> that are n't filed with the sec and do n't have a ready market
centrust and regulators have been in a dispute over market <unk> for the junk bonds
the office of thrift supervision has been <unk> centrust to provide current market values for its holdings but centrust has said it ca n't easily obtain such values because of the relative <unk> of the bonds and lack of a ready market
regulators have become increasingly <unk> about centrust 's and other thrifts ' junk-bond holdings in light of the recent federal thrift bailout legislation and the recent deep decline in the junk-bond market
the legislation requires thrifts to <unk> themselves of junk bonds in the new <unk> regulatory climate
in american stock exchange composite trading friday centrust common shares closed at $ N down N cents
in a statement friday mr. paul challenged the regulators ' decision saying the thrift 's operating losses and apparent junk-bond losses have been substantially offset by gains in other activities of the bank
he also said substantial reserves have been set aside for possible losses from the junk bonds
in the third quarter for instance centrust added $ N million to its general reserves
mr. paul said the regulators should instead move ahead with <unk> centrust 's request to sell N of its N branches to great western bank a unit of great western financial corp. based in beverly hills calif
the branch sale is the centerpiece of centrust 's strategy to transform itself into a traditional s&l from a <unk> institution that relied heavily on securities trading for profits according to mr. paul
most analysts and thrift executives had expected a decision on the proposed transaction which was announced in july long before now
many interpret the delay as an indication that regulators are skeptical about the proposal
branches and deposits can be sold at a premium in the event federal regulators take over an institution
centrust however <unk> the branch sale saying it would bring in $ N million and reduce the thrift 's assets to $ N billion from $ N billion
it said the sale would give it positive tangible capital of $ N million or about N N of assets from a negative $ N million as of sept. N thus bringing centrust close to regulatory standards
centrust said the branch sale would also reduce the company 's large amount of good will by about $ N million
critics however say the branch sale will make centrust more dependent than ever on <unk> deposits and junk bonds
mr. paul <unk> that he intends to further <unk> the size of centrust by not renewing more than $ N billion of <unk> certificates of deposit when they come due
the thrift is also working to unload its junk-bond portfolio by continuing to sell off the bonds and it plans to eventually place some of them in a separate affiliate as required under the new thrift law
on a recent saturday night in the midst of west germany 's most popular prime-time show a <unk> bet the host that she could name any of N different <unk> after just one <unk> while <unk>
the woman won the bet
but perhaps even more remarkable the <unk> <unk> <unk> make a bet regularly wins the top <unk> in the country 's tv ratings sometimes drawing as many as N N of west german households
as the N economic integration approaches europe 's cultural <unk> have taken to the <unk> against american cultural <unk> threatening to impose quotas against such pop <unk> as dallas miami vice and l.a. law
but much of what the europeans want to protect seems every bit as <unk> as what they are trying to keep out
the most <unk> opposition to american tv imports has come from french television and movie producers who have demanded quotas ensuring that a full N N of europe 's tv shows be produced in europe
so far the french have failed to win enough broad-based support to prevail
a <unk> through the television listings and a few <unk> of the european television dial suggest one reason why
while there are some popular action and drama series few <unk> the high culture and <unk> production values one might expect
more european air time is filled with <unk> game shows variety hours movies and talk shows many of which are authorized <unk> of their american counterparts
one of france 's most popular saturday night programs features <unk> seeking out their <unk> <unk> for <unk> <unk>
a <unk> game show has as its host a belgian <unk> to be italian
one of italy 's favorite shows <unk> a <unk> variety show is so popular that viewers <unk> to buy a <unk> product <unk> <unk> whose <unk> were sung each week by <unk> <unk> even though the product did n't exist
<unk> the <unk> <unk> on another typical evening of fun on <unk> <unk> a <unk> won a bet with the show 's host thomas <unk> that he could identify N german <unk> over the telephone
a celebrity guest u.s. ambassador to west germany richard burt also won a bet that someone could pile up $ N worth of quarters on a <unk> coin
mr. burt nonetheless paid the penalty as if he had lost agreeing to spend a day with west german foreign minister <unk> <unk> <unk> and selling their combined weight in potato <unk>
if this seems like pretty weak stuff around which to raise the <unk> barriers it may be because these shows need all the protection they can get
european programs usually target only their own local audience and often only a small portion of that
<unk> in germany or italy rarely make it even to france or great britain and almost never show up on u.s. screens
attempts to produce <unk> programs have generally resulted in disappointment
one annual <unk> the <unk> <unk> song contest featuring <unk> <unk> from each of N european countries has been described as the world 's most boring tv show
another <unk> <unk> <unk> where <unk> from <unk> european countries make <unk> of themselves performing <unk> tasks is a hit in france
a <unk> <unk> under the title almost anything goes <unk> fast
for the most part what 's made here stays here and for good reason
the <unk> of the british crop the literary <unk> that are shown on u.s. public television as <unk> theater make up a relatively small part of british air time
most british programming is more of an acquired taste
there is for instance one man and his dog a <unk> contest among sheep dogs
also <unk> to the british are hours of <unk> <unk> even more hours of lawn bowling <unk> and still more hours of <unk> <unk>
european drama has had better though still mixed fortunes
the most popular such shows focus on narrow national concerns
a french <unk> of dallas called <unk> and set in a french <unk> had a good run in france which ended after the female lead was injured in a <unk> auto accident
<unk> black forest clinic a kind of german <unk> elsewhere set in a health <unk> is popular in germany and has spread into france
italy 's most popular series is a drama called la <unk> or the <unk> which <unk> the fight of an <unk> young investigator in <unk> against the mafia
it was <unk> news in italy earlier this year when the <unk> inspector was <unk> down in the series
spain 's most popular <unk> this year was <unk> the story of an aging <unk>
the trend is pretty well established now that local programs are the most popular with american programs second says brian <unk> a former director of programs for the british broadcasting corp
given a choice everybody will watch a <unk> show
but frequently there is n't much choice
thus europe has begun the recent crusade to produce more worthy shows of its own programs with broader appeal
we 've basically got to start from <unk> to train writers and producers to make shows that other people will want to see concedes <unk> young head of britain 's national film theatre school
while some in the u.s. contend that advertising is the <unk> of television here many believe that its absence is to blame for the european tv industry 's sluggish development
until recently national governments in europe controlled most of the air time and allowed little or no advertising
since production costs were guaranteed it did n't matter that a program could n't be sold abroad or put into <unk> as most american programs are
but not much money was spent on the shows either a situation that encouraged <unk> talk and game shows while discouraging <unk> <unk>
now however commercial channels are coming to most european countries and at the same time satellite and cable technology is spreading rapidly
just last week greece authorized two commercial channels for the first time spain earlier began to allow commercial television alongside its state channels
the result is a new and huge appetite for programming
but perhaps to the <unk> of those calling for quotas most of this <unk> is likely to be filled with the cheapest and most <unk> programming now available reruns usually of shows made in the u.s.
sky channel a <unk> venture of <unk> press <unk> rupert murdoch offers what must be a <unk> cultural mix to most of its audience
the financially struggling station offers programs obviously made available <unk> from its boss 's other ventures
in a madrid hotel room recently a <unk> caught the end of a badly acted series about a fishing boat on australia 's great barrier <unk> only to be urged by the british announcer to stay <unk> for the further <unk> of <unk> the <unk>
<unk> <unk> in bonn <unk> <unk> in milan tim <unk> in london and <unk> <unk> in madrid contributed to this article
british aerospace plc and france 's <unk> s.a. said they are <unk> an agreement to merge their <unk> divisions greatly expanding collaboration between the two defense contractors
the N joint venture which may be dubbed <unk> would have combined annual sales of at least # N billion $ N billion and would be among the world 's largest missile makers
after two years of talks plans for the venture are sufficiently advanced for the companies to seek french and british government clearance
the companies hope for a final agreement by year-end
the venture would strengthen the rapidly growing ties between the two companies and help make them a leading force in european defense contracting
in recent months a string of cross-border mergers and joint ventures have <unk> the <unk> world of european arms manufacture
already british aerospace and french <unk> <unk> <unk> on a british missile contract and on an <unk> control radar system
just last week they announced they may make a joint bid to buy ferranti international signal plc a smaller british defense contractor rocked by alleged accounting fraud at a u.s. unit
the sudden <unk> of british aerospace and <unk> traditionally bitter competitors for middle east and third world weapons contracts is <unk> controversy in western europe 's defense industry
most threatened by closer british <unk> ties would be their respective national rivals including <unk> s.a. in france and britain 's general electric co. plc
but neither <unk> nor <unk> unrelated to stamford <unk> general electric co. are sitting quietly by as their competitors join forces
yesterday a source close to <unk> confirmed that his company may join the ferranti fight as part of a possible consortium that would bid against british aerospace and <unk>
companies with which <unk> has had talks about a possible joint ferranti bid include <unk> britain 's <unk> group plc west germany 's daimler-benz ag and france 's dassault group
but it may be weeks before <unk> and its potential partners decide whether to bid the source indicated
<unk> plans first to study ferranti 's financial accounts which auditors recently said included # N million in <unk> contracts at a u.s. unit international signal & control group with which ferranti merged last year
also any <unk> bid might be blocked by british antitrust regulators ferranti is <unk> 's main competitor on several key <unk> contracts and its purchase by <unk> may <unk> british defense ministry worries about concentration in the country 's defense industry
a consortium bid however would <unk> <unk> 's direct role in ferranti and might consequently <unk> ministry officials
a british aerospace spokeswoman appeared <unk> by the prospect of a fight with <unk> for ferranti competition is the name of the game she said
at least one potential <unk> partner <unk> insists it is n't interested in ferranti
we have nothing to say about this affair which does n't concern us a <unk> official said sunday
the missile venture the british aerospace spokeswoman said is a needed response to the new environment in defense contracting
for both thomson and british aerospace earnings in their home markets have come under pressure from increasingly <unk> defense ministries and middle east sales a traditional mainstay for both companies ' exports have been hurt by five years of weak oil prices
the venture 's importance for thomson is great
thomson feels the future of its defense business depends on building cooperation with other europeans
the european defense industry is consolidating for instance west germany 's siemens ag recently joined <unk> in a takeover of britain 's <unk> co. and daimler-benz agreed to buy <unk> <unk> g.m.b <unk>
in missiles thomson is already <unk> by british aerospace and by its home rival france 's <unk> s.a. to better compete thomson officials say they need a partnership
to justify N ownership of the planned venture thomson would make a cash payment to british aerospace
annual revenue of british aerospace 's missile business is about # N million a thomson spokesman said
british aerospace 's chief missile products include its <unk> family of <unk> <unk> missiles
thomson missile products with about half british aerospace 's annual revenue include the <unk> <unk> missile family
<unk> pipe line co. said it will delay a proposed <unk> N million <unk> us$ N million expansion of its system because canada 's output of crude oil is shrinking
<unk> canada 's biggest oil pipeline operator and a major <unk> of crude to the u.s. said revised industry forecasts indicate that canadian oil output will total about N million barrels a day by N N N lower than a previous estimate
canadian crude production averaged about N million barrels a day during N 's first half about N N below the N level
the capability of existing fields to deliver oil is dropping and oil exploration activity is also down dramatically as many producers shift their emphasis to natural gas said ronald <unk> vice president for government and industry relations with <unk> 's parent <unk> energy inc
mr. <unk> said volume on <unk> 's system is down about N N since january and is expected to fall further making expansion unnecessary until perhaps the mid-1990s
there has been a swing of the <unk> back to the gas side he said
many of canada 's oil and gas producers say the outlook for natural gas is better than it is for oil and have shifted their exploration and development budgets <unk>
the number of active drilling <unk> in canada is down N N from a year ago and the number of completed oil wells is down more than that due to the increasing focus on gas exploration said robert <unk> manager of crude oil with calgary 's independent petroleum association of canada an industry group
mr. <unk> said the main reason for the production decline is shrinking output of light crude from mature conventional fields in western canada
<unk> <unk> about N N of all crude produced in western canada and almost N N of <unk> 's total volume consists of light crude
nearly all of the crude oil that canada exports to the u.s. is <unk> on <unk> 's system whose main line runs from <unk> to major u.s. and canadian cities in the great <unk> region including chicago <unk> toronto and montreal
canada 's current oil exports to the u.s. total about N barrels a day or about N N of net u.s. crude imports said john <unk> president of the new york-based petroleum industry research foundation
that ranks canada as the <unk> source of imported crude behind saudi arabia <unk> and mexico
mr. <unk> said canada 's declining crude output combined with the <unk> output of u.s. crude will help intensify u.s. reliance on oil from overseas particularly the middle east
it 's very much a growing concern
but when something is inevitable you learn to live with it he said
mr. <unk> stressed that the delay of <unk> 's proposed expansion wo n't by itself increase u.s. <unk> on offshore crude however since canadian imports are limited in any case by canada 's falling output
under terms of its proposed <unk> expansion which would have required regulatory approval <unk> intended to add N barrels a day of additional capacity to its system beginning with a modest expansion by N
the system currently has a capacity of N million barrels a day
inland steel industries inc. expects to report that third-quarter earnings dropped more than N N from the previous quarter as a result of reduced sales volume and increased costs
in the second quarter the steelmaker had net income of $ N million or $ N a share including a pretax charge of $ N million related to the settlement of a suit on sales of $ N billion
the company said normal seasonal softness and lost orders caused by prolonged labor talks reduced shipments by N tons in the latest quarter compared with the second quarter
at the same time the <unk> business was hurt by continued increases in materials costs and repair and maintenance expenses as well as higher labor costs under its new contract
the <unk> business was hurt by reduced margins and start-up costs associated with its joseph t. <unk> & son unit
the company said it is beginning to see some <unk> improvements in both the <unk> and <unk> segments which should result in improved results for the fourth quarter
inland said its third-quarter results will be announced later this week
in the year-earlier third quarter when the industry was in the midst of a boom the company had net of $ N million or $ N a share on sales of $ N billion
predicting the financial results of computer firms has been a tough job lately
take microsoft corp. the largest maker of personal computer software and generally considered an industry bellwether
in july the company stunned wall street with the prediction that growth in the personal computer business overall would be only N N in N a modest increase when compared with the <unk> expansion of years past
investors taking this as a sign that a broad industry slump was in the <unk> reacted by selling the company 's stock which lost $ N that day to close at $ N in national over-the-counter trading
but that was all of three months ago
last week microsoft said it expects revenue for its first quarter ended sept. N to increase N N
the announcement caused the company 's stock to surge $ N to close at $ N a share
microsoft 's surprising strength is one example of the difficulty facing investors looking for <unk> about the financial health of the computer firms
it 's hard to know what to expect at this point said peter rogers an analyst at robertson <unk> & co
the industry <unk> <unk>
to illustrate mr. rogers said that of the N <unk> firms he follows half will report for their most recent quarter earnings below last year 's results and half above those results
among those companies expected to have a down quarter are hewlett-packard co. <unk> corp. and sun microsystems inc. generally solid performers in the past
international business machines corp. also is expected to report disappointing results
apple computer inc. meanwhile is expected to show improved earnings for the period ended <unk>
another <unk> message comes from businessland inc. a computer retailer
in july the company reported that booming sales of new personal computers from apple and ibm had resulted in net income more than doubling for its fourth quarter ended june N to $ N million or N cents a share
this month however businessland warned investors that results for its first quarter ended sept. N had n't met expectations
the company said it expects earnings of N to N cents a share down from N cents a share in the year-earlier period
while the earnings picture <unk> observers say the major forces expected to shape the industry in the coming year are <unk>
companies will continue to war over standards
in computer publishing a battle over <unk> is hurting adobe systems inc. which sells software that controls the image produced by printers and displays
until recently adobe had a lock on the market for image software but last month apple adobe 's biggest customer and microsoft <unk>
now the two firms are <unk> on an alternative to adobe 's approach and analysts say they are likely to carry ibm the biggest seller of personal computers along with them
the short-term outlook for adobe 's business however appears strong
the company is beginning to ship a new software program that 's being <unk> as a <unk> for owners of <unk> printers sold by apple
the program is aimed at improving the quality of printed material
john <unk> adobe 's chief executive officer said the mountain view calif. company has been receiving N calls a day about the product since it was demonstrated at a computer publishing conference several weeks ago
meanwhile competition between various operating systems which control the basic functions of a computer <unk> trouble for software firms generally
it creates uncertainty and usually <unk> down sales said <unk> <unk> an analyst at <unk> financial group
mr. <unk> said this probably is behind the expected weak performance of <unk> corp. maker of a widely used computer publishing program
he expects <unk> to report earnings of N cents a share on revenues of $ N million for its third quarter compared with earnings of N cents a share on revenue of N million in the year-earlier period
<unk> officials could n't be reached for comment
on the other hand the battle of the bus is expected to grow increasingly irrelevant
a bus is the data highway within a computer
ibm is backing one type of bus called <unk> while the nine other leading computer makers including <unk> and compaq computer corp. have chosen another method
users do n't care about the bus said daniel benton an analyst at goldman sachs & co
he said apple 's family of <unk> computers for instance uses four different buses and no one seems to mind
the gap between winners and <unk> will grow
in personal computers apple compaq and ibm are expected to tighten their hold on their business
at the same time <unk> firms will continue to lose ground
some lagging competitors even may leave the personal computer business altogether
<unk> technology for instance is considered a candidate to sell its troubled operation
<unk> has done well establishing a distribution business but they have n't delivered products that sell said <unk> brown an analyst at prudential-bache securities
mr. brown estimates <unk> whose terminals business is strong will report a loss of N cents a share for its quarter ended <unk>
personal-computer makers will continue to eat away at the business of more traditional computer firms
<unk> powerful <unk> computers designed with one or more microprocessors as their brains are expected to increasingly take on functions carried out by more expensive minicomputers and mainframes
the guys that make traditional hardware are really being <unk> by <unk> machines said mr. benton
as a result of this trend longtime <unk> <unk> ibm and digital equipment corp. are scrambling to <unk> with <unk> systems of their own
but they will have to act quickly
mr. benton expects compaq to unveil a family of high-end personal computers later this year that are powerful enough to serve as the hub for communications within large networks of <unk> machines
a <unk> of new computer companies also has targeted this <unk> market
population drain ends for midwestern states
iowa is making a comeback
so are indiana ohio and michigan
the population of all four states is on the <unk> according to new census bureau estimates following declines throughout the early 1980s
the gains to be sure are rather small
iowa for instance saw its population grow by N people or N N between N and N the census bureau says
still even that modest increase is good news for a state that had n't grown at all since N
between N and N north <unk> was the only state in the midwest to lose population a loss of N people
six of the N midwestern states have been growing steadily since N illinois kansas minnesota missouri south <unk> and wisconsin
the northeast has been holding its own in the population race
seven of nine states have grown each year since N including new york which lost N N of its population during the 1970s
and although pennsylvania and massachusetts suffered slight declines earlier in the decade they are growing again
at the same time several states in the south and west have had their own population turnaround
seven states that grew in the early 1980s are now losing population west virginia mississippi louisiana oklahoma <unk> wyoming and alaska
overall though the south and west still <unk> the northeast and midwest and fast-growing states like florida and california ensure that the pattern will continue
but the growth gap between the sun belt and other regions has clearly started narrowing
more elderly maintain their independence
thanks to modern medicine more couples are growing old together
and even after losing a spouse more of the elderly are staying independent
a new census bureau study of the <unk> population shows that N N of people aged N to N were living with a spouse in N up from N N in N
this does n't mean they 're less likely to live alone however
that share has remained at about N N since N
what has changed is that more of the young elderly are living with spouses rather than with other <unk> such as children
in N N N of those aged N to N lived with <unk> other than spouses down from N N in N
as people get even older many become <unk>
but even among those aged N and older the share living with a spouse rose slightly to N N in N from N N in N
like their younger counterparts the older elderly are less likely to live with other <unk>
only N N of those aged N and older lived with <unk> other than spouses in N down from N N in N
the likelihood of living alone beyond the age of N has increased to N N from N N
more people are remaining independent longer presumably because they are better off <unk> and financially
careers count most for the <unk>
many affluent people place personal success and money above family
at least that 's what a survey by ernst & young and <unk> <unk> <unk> indicates
two-thirds of respondents said they strongly felt the need to be successful in their jobs while fewer than half said they strongly felt the need to spend more time with their families
being successful in careers and spending the money they make are top priorities for this group
unlike most studies of the affluent market this survey excluded the <unk>
average household income for the sample was $ N and average net assets were reported as $ N
the goal was to learn about one of today 's fastest-growing income groups the <unk> class
although they represent only N N of the population they control nearly one-third of discretionary income
across the board these consumers value quality buy what they like rather than just what they need and appreciate products that are distinctive
despite their considerable incomes and assets N N of the respondents in the study do n't feel financially secure and <unk> do n't feel that they have made it
<unk> percent do n't even feel they are financially well off
many of the affluent are n't comfortable with themselves either
about N N do n't feel they 're more able than others
while <unk> feel some <unk> about being affluent only N N give $ N or more to charity each year
<unk> percent attend <unk> services regularly at the same time N N feel that in life one sometimes has to compromise one 's principles
odds and ends
the number of women and minorities who hold jobs in top management in the nation 's largest banks has more than doubled since N
the american bankers association says that women make up N N of officials and managers in the top N banks up from N N in N
the share of minorities in those positions has risen to N N from N N
<unk> personal income in the u.s. grew faster than inflation last year according to the bureau of economic analysis
the amount of income <unk> up for each man woman and child was $ N in N up N N from $ N in N
per capita personal income ranged from $ N in mississippi to $ N in connecticut
there are N million students in college this fall up N N from N the national center for education statistics estimates
about N N are women and N N are <unk> students
this small dallas suburb 's got trouble
trouble with a capital <unk> and that <unk> with <unk> and that stands for pool
more than N years ago prof. harold hill the con man in meredith <unk> 's the music man warned the citizens of river city iowa against the game
now <unk> spirits on <unk> 's town council have barred the town 's <unk> hotel the grand <unk> from <unk> three free pool tables in its new <unk>
mayor lynn <unk> and two members of the council said they were worried about setting a precedent that would permit pool halls along <unk> 's main street
and the mayor in an <unk> that bears a <unk> <unk> to prof. hill 's warned that alcohol leads to betting which leads to fights
the council 's action is yet another blow to a sport that its fans claim has been <unk> <unk> for years
obviously they 're not in touch with what 's going on says tom <unk> vice president of the national <unk> <unk> association
pool is hot in new york and chicago he insists where upscale <unk> places are adding tables
with today 's tougher drunk driving laws he adds people do n't want to just sit around and drink
besides <unk> behavior seems unlikely at the grand <unk> where rooms average $ N a night and the cheap mixed drinks go for $ N a pop
at the <unk> manager elizabeth <unk> wo n't admit <unk> in jeans <unk> or tennis shoes
but a majority of the <unk> council did n't buy those arguments
introducing pool argued <unk> <unk> <unk> would be dangerous
it would open a can of <unk>
<unk> is no <unk> to cans of <unk> either
after its previous mayor committed <unk> last year an investigation disclosed that town officials regularly voted on their own projects gave special favors to developer friends and dipped into the town 's <unk> for trips and <unk>
the <unk> embarrassed town officials although they argued that the problems were n't as severe as the media suggested
now comes the pool <unk>
i think there 's some people worried about something pretty ridiculous <unk> john <unk> says
i thought this was all taken care of in the music man
the only thing robert goldberg could <unk> about cbs 's new show island son leisure & arts sept. N was the local color unfortunately neither he nor the producers of the show have done their <unk>
for instance <unk> white is not the ultimate <unk> <unk> <unk> is
richard <unk> <unk> as a <unk> <unk> <unk> in a <unk> <unk> and rolling up its long <unk>
and the local expression for brother is <unk> not <unk>
and even if a <unk> would wear flowers in her hair while on duty if she were engaged she would know to wear them behind her left not right <unk>
sorry the show does not even have the one <unk> quality of genuine local color
<unk> davis
of all the ethnic <unk> in america which is the most troublesome right now
a good bet would be the tension between blacks and <unk> in new york city
or so it must seem to <unk> mason the veteran jewish <unk> appearing in a new abc <unk> airing on tuesday nights N p.m. edt
not only is mr. mason the star of chicken soup he 's also the <unk> of a <unk> tradition dating back to duck soup and he 's currently a man in hot water
here in neutral language is the <unk> of mr. mason 's remarks quoted first in the village voice while he was a paid spokesman for the rudolph giuliani mayoral campaign and then in newsweek after he and the campaign <unk> company
mr. mason said that many jewish voters feel guilty toward blacks so they support black candidates <unk>
he said that many black voters feel bitter about racial discrimination so they too support black candidates <unk>
he said that <unk> have contributed more to black causes over the years than vice <unk>
of course mr. mason did not use neutral language
as a <unk> of ethnic humor from the old days on the <unk> belt live television and the <unk> circuit mr. mason <unk> reached for the <unk>
he said <unk> were sick with <unk> and he called david dinkins mr. giuliani 's black opponent a fancy <unk> with a <unk>
if mr. mason had used less <unk> language to <unk> his <unk> analysis of the voting behavior of his fellow new <unk> would the water be quite so hot
it probably would because few or none of the people upset by mr. mason 's remarks have bothered to <unk> between the substance of his comments and the fact that he used <unk> language
in addition some of mr. mason 's critics have implied that his type of ethnic humor is itself a form of <unk>
for example the new york state counsel for the <unk> said that mr. mason is like a <unk>
people are fast leaving the place where he is stuck
these critics fail to <unk> between the type of ethnic humor that aims at <unk> another group such as polish jokes and the type that is <unk> aiming <unk> as well as <unk>
the latter typically is the humor of the <unk> and it was <unk> by both blacks and <unk> on the <unk> and <unk> stage as a means of <unk> their white and <unk> audiences along with themselves
in the hands of a <unk> like <unk> bruce this <unk> <unk> could cut both the <unk> and the audience to <unk>
but <unk> by a pro like <unk> mason it is a <unk> form of <unk>
why <unk>
because despite all the media <unk> about comedy and poli
gitextract_b_apdbvx/ ├── HyperLinear.py ├── LanguageBatcher.py ├── MainHRHN.py ├── MainRHN.py ├── README.md ├── Run.py ├── data/ │ ├── ptb.test.txt │ ├── ptb.train.txt │ ├── ptb.valid.txt │ └── vocab.txt ├── models/ │ ├── BaselineLSTM.py │ ├── HyperRHN.py │ └── RHN.py ├── nlp.py ├── saves/ │ ├── hrhn/ │ │ ├── ta.npy │ │ ├── tl.npy │ │ ├── va.npy │ │ ├── vl.npy │ │ └── weights │ └── rhn/ │ ├── ta.npy │ ├── tl.npy │ ├── va.npy │ ├── vl.npy │ └── weights └── utils.py
SYMBOL INDEX (56 symbols across 8 files)
FILE: HyperLinear.py
class HyperLinear (line 7) | class HyperLinear(Module):
method __init__ (line 8) | def __init__(self, in_features, out_features):
method reset_parameters (line 16) | def reset_parameters(self):
method forward (line 22) | def forward(self, input, z):
method __repr__ (line 29) | def __repr__(self):
FILE: LanguageBatcher.py
class LanguageBatcher (line 6) | class LanguageBatcher():
method __init__ (line 7) | def __init__(self, fName, vocabF,
method next (line 31) | def next(self):
FILE: Run.py
function dataBatcher (line 19) | def dataBatcher(batchSz, context, minContext):
class Network (line 36) | class Network(nn.Module):
method __init__ (line 38) | def __init__(self, cell, vocabDim, embedDim,
method forward (line 45) | def forward(self, x, trainable):
function train (line 55) | def train(net, opt, trainBatcher, validBatcher, saver, minContext):
function test (line 79) | def test(net, batcher, minContext, name='Test'):
function modelDef (line 90) | def modelDef(net, cuda=True):
function run (line 96) | def run(cell, depth, h, vocabDim, batchSz, embedDim, embedDrop,
FILE: models/BaselineLSTM.py
class LSTMCellLayer (line 7) | class LSTMCellLayer(nn.Module):
method __init__ (line 9) | def __init__(self, embedDim, h, gateDrop):
method forward (line 14) | def forward(self, x, s, trainable):
class LSTMCell (line 35) | class LSTMCell(nn.Module):
method __init__ (line 36) | def __init__(self, embedDim, h, depth, gateDrop):
method initializeIfNone (line 43) | def initializeIfNone(self, s, batchSz):
method forward (line 50) | def forward(self, x, s, trainable):
FILE: models/HyperRHN.py
class HyperCell (line 9) | class HyperCell(nn.Module):
method __init__ (line 10) | def __init__(self, embedDim, h, depth, gateDrop):
method forward (line 17) | def forward(self, x, s, z, trainable):
class HyperRHNCell (line 27) | class HyperRHNCell(nn.Module):
method __init__ (line 29) | def __init__(self, embedDim, h, depth, gateDrop):
method initializeIfNone (line 37) | def initializeIfNone(self, s):
method forward (line 41) | def forward(self, x, s, trainable):
FILE: models/RHN.py
function highwayGate (line 6) | def highwayGate(Ws, s, gateDrop, trainable):
class RHNCell (line 14) | class RHNCell(nn.Module):
method __init__ (line 15) | def __init__(self, embedDim, h, depth, gateDrop):
method forward (line 22) | def forward(self, x, s, trainable):
FILE: nlp.py
function buildVocab (line 5) | def buildVocab(fName):
function applyVocab (line 13) | def applyVocab(line, vocab):
function applyInvVocab (line 19) | def applyInvVocab(x, vocab):
FILE: utils.py
function invertDict (line 11) | def invertDict(x):
function loadDict (line 14) | def loadDict(fName):
function norm (line 19) | def norm(x, n=2):
class CMA (line 23) | class CMA():
method __init__ (line 24) | def __init__(self):
method update (line 28) | def update(self, x):
function modelSize (line 33) | def modelSize(net):
function list (line 41) | def list(module, *args, n=1):
function initWeights (line 45) | def initWeights(net, scheme='orthogonal'):
class SaveManager (line 56) | class SaveManager():
method __init__ (line 57) | def __init__(self, root):
method update (line 63) | def update(self, net, tl, ta, vl, va):
method load (line 82) | def load(self, net, raw=False, statsOnly=False):
method refresh (line 93) | def refresh(self, net):
method epoch (line 97) | def epoch(self):
function runMinibatch (line 100) | def runMinibatch(net, batcher, cuda=True, volatile=False, trainable=False):
function timeGrads (line 109) | def timeGrads(net, cell, batcher, criterion=nn.CrossEntropyLoss(), cuda=...
function gradCheck (line 132) | def gradCheck(net, batcher, criterion=nn.CrossEntropyLoss(), cuda=True):
function runData (line 154) | def runData(net, opt, batcher, criterion=nn.CrossEntropyLoss(),
Condensed preview — 25 files, each showing path, character count, and a content snippet. Download the .json file or copy for the full structured content (6,022K chars).
[
{
"path": "HyperLinear.py",
"chars": 1073,
"preview": "import math\nimport torch\nfrom torch.nn.parameter import Parameter\nfrom torch.nn import Module\nfrom pdb import set_trace "
},
{
"path": "LanguageBatcher.py",
"chars": 1394,
"preview": "import numpy as np\nfrom pdb import set_trace as T\nimport os\nimport nlp, utils\n\nclass LanguageBatcher():\n def __init__("
},
{
"path": "MainHRHN.py",
"chars": 567,
"preview": "from pdb import set_trace as T\nfrom Run import run\nfrom models.BaselineLSTM import LSTMCell\nfrom models.RHN import RHNCe"
},
{
"path": "MainRHN.py",
"chars": 560,
"preview": "from pdb import set_trace as T\nfrom Run import run\nfrom models.BaselineLSTM import LSTMCell\nfrom models.RHN import RHNCe"
},
{
"path": "README.md",
"chars": 2308,
"preview": "![Alt text](poster.png?raw=true \"Title\")\n\nPaper link: http://papers.nips.cc/paper/6919-language-modeling-with-recurrent-"
},
{
"path": "Run.py",
"chars": 3583,
"preview": "from pdb import set_trace as T\nimport sys, shutil\nimport time\nimport numpy as np\nimport torch\nimport torch as t\nimport t"
},
{
"path": "data/ptb.test.txt",
"chars": 449945,
"preview": " no it was n't black monday \n but while the new york stock exchange did n't fall apart friday as the dow jones industria"
},
{
"path": "data/ptb.train.txt",
"chars": 5101618,
"preview": " aer banknote berlitz calloway centrust cluett fromstein gitano guterman hydro-quebec ipo kia memotec mlx nahb punts rak"
},
{
"path": "data/ptb.valid.txt",
"chars": 399782,
"preview": " consumers may want to move their telephones a little closer to the tv set \n <unk> <unk> watching abc 's monday night fo"
},
{
"path": "data/vocab.txt",
"chars": 443,
"preview": "{'\\n': 0, ' ': 1, '#': 2, '$': 3, '&': 4, \"'\": 5, '*': 6, '-': 7, '.': 8, '/': 9, '0': 10, '1': 11, '2': 12, '3': 13, '4"
},
{
"path": "models/BaselineLSTM.py",
"chars": 1619,
"preview": "from pdb import set_trace as T\nimport torch as t\nimport torch.nn.functional as F\nfrom torch import nn\nfrom torch.autogra"
},
{
"path": "models/HyperRHN.py",
"chars": 1621,
"preview": "from pdb import set_trace as T\nimport torch as t\nfrom torch import nn\n\nfrom HyperLinear import HyperLinear\nfrom models.R"
},
{
"path": "models/RHN.py",
"chars": 944,
"preview": "from pdb import set_trace as T\nimport torch as t\nimport torch.nn.functional as F\nfrom torch import nn\n \ndef highwayGate"
},
{
"path": "nlp.py",
"chars": 521,
"preview": "import numpy as np\nimport utils\n\n#Generic text vocab generator\ndef buildVocab(fName):\n dat = open(fName).read()\n cha"
},
{
"path": "utils.py",
"chars": 5456,
"preview": "import numpy as np\nimport sys\nfrom pdb import set_trace as T\n\nimport torch as t\nfrom torch import nn\nfrom torch.autograd"
}
]
// ... and 10 more files (download for full content)
About this extraction
This page contains the full source code of the jsuarez5341/Recurrent-Highway-Hypernetworks-NIPS GitHub repository, extracted and formatted as plain text for AI agents and large language models (LLMs). The extraction includes 25 files (117.8 MB), approximately 1.5M tokens, and a symbol index with 56 extracted functions, classes, methods, constants, and types. Use this with OpenClaw, Claude, ChatGPT, Cursor, Windsurf, or any other AI tool that accepts text input. You can copy the full output to your clipboard or download it as a .txt file.
Extracted by GitExtract — free GitHub repo to text converter for AI. Built by Nikandr Surkov.