The Arizona UNKA Commission authorized an 11.5 % rate increase at Tucson Electric Power Co. , substantially lower than recommended last month by a commission hearing officer and barely half the rise sought by the utility . The ruling follows a host of problems at Tucson Electric , including major write-downs , a 60 % slash in the common stock dividend and the departure of former Chairman UNKA UNKA during a company investigation of his stock sales . The Arizona regulatory ruling calls for $ 42 million in added revenue yearly , compared with a $ 57 million boost proposed by the commission hearing officer . The company had sought increases totaling $ UNKA million , or 22 % . The decision was announced after trading ended . Tucson Electric closed at $ UNKA a share , down 25 cents , in New York Stock Exchange composite trading . A Tucson Electric spokesman said the utility was disappointed by the commission 's decision and `` concerned about the financial integrity of the company . South Korean President UNKA UNKA UNKA , UNKA aside suggestions that the won be UNKA again , said the currency 's current level against the dollar is `` appropriate . '' His comments , made in response to reporters ' questions at the National Press Club here , signaled that Seoul is UNKA U.S. pressure for a further rise in the currency 's value . The U.S. wants a higher won to make South Korea 's exports more expensive and help trim Seoul 's trade surplus . Many South Korean business people want a devaluation instead , arguing that the won 's recent gains already have weakened the country 's export performance . Mr. UNKA also said South Korea is taking steps that would free the won to respond to market forces . Seoul has pointed to its lack of a foreign exchange market as one reason the won 's value remains heavily controlled . Mr. UNKA said a U.S. demand for the removal of South Korean import quotas on beef will be resolved `` UNKA '' but gave no UNKA when that will happen . UNKA to a joint meeting of Congress earlier , he said South Korea ca n't move quickly on such agricultural trade issues `` without causing political and social UNKA . Great American Bank said its board approved the formation of a holding company enabling the savings bank to pursue UNKA banking activities under a new federal law . The proposed holding company 's primary purpose would be to allow Great American to continue engaging in real estate development activities , it said . Those activities generated $ UNKA million in operating profit last year . But according to Great American , such profits do n't count toward meeting the San Diego savings bank 's new capitalization requirements under 1989 federal law . The new real estate unit would have a separate capital structure to comply with the law . The proposed holding company would also consolidate Great American Bank in San Diego and its Tucson , Ariz. , savings bank into a single , federally chartered institution in San Diego . The consolidation is expected to save $ 1 million a year in administrative costs , a Great American spokesman said . Dale Lang , who this week completed the acquisition of the publisher of Ms. and UNKA , is UNKA about the challenge he is taking on . Mr. Lang admits that Ms. is `` in dire UNKA '' and that UNKA needs big promotional dollars to keep it alive . But the UNKA publisher has moved quickly and UNKA to deal with the magazines ' problems . Last Friday , he told the staff of Ms. that the magazine in January would begin publishing without advertising . Mr. Lang will do away with expensive circulation drives , not to mention sales staff , and attempt to publish the UNKA magazine supported by circulation revenue alone . `` Any fool can publish a money-losing magazine . I want to publish one that succeeds , '' said Mr. Lang . `` For Ms. , it 's time to publish for the reader , not the UNKA . '' As for UNKA , which UNKA directly with News Corp. 's UNKA magazine , Mr. Lang says that in the next two years he will spend $ 6 million promoting and improving the magazine . Though UNKA has grown quickly since its debut in March 1988 , it has been the target of conservative lobbyists and UNKA advertisers who UNKA at its UNKA editorial matter on UNKA problems . Mr. Lang said the former Australian owners of UNKA were `` UNKA by the UNKA Majority ... . Their reaction was to do nothing and ride it out . '' He said UNKA will keep its UNKA tone , but added , `` We will keep a close watch on the editorial content of the magazine . '' UNKA already has recovered ; circulation has quickly passed the 500,000 mark and advertising pages have UNKA this year at more than 300 . What 's more , Mr. Lang says he has what all publishers wish for : a UNKA UNKA niche . `` UNKA is written more for UNKA , not their daughters , '' said Mr. Lang . `` But UNKA has a different spirit . It gets more mail in a month than UNKA 's got in a year , and it 's not from UNKA . I feel about UNKA like I did about UNKA UNKA 10 years ago . '' Mr. Lang took on Ms. and UNKA with the acquisition of UNKA Publications Inc. by his newly formed Lang Communications . Lang owns 70 % of UNKA , while Citicorp owns the rest through its Citicorp Venture Capital Partners . Two weeks ago , Citicorp and Mr. Lang UNKA $ 800,000 into UNKA just to keep the doors open . Industry observers have UNKA Mr. Lang on what some call his `` UNKA '' handling of Ms. , but his track record in magazine publishing in general has gotten mixed reviews . Besides Ms. and UNKA , closely held Lang Communications includes UNKA , a magazine for entrepreneurs and small businesses , and UNKA UNKA and UNKA UNKA , two monthly magazines . UNKA UNKA , with circulation near one million , and UNKA UNKA , with UNKA circulation , are legitimate magazine success stories . The magazine UNKA , however , was for years lackluster and UNKA . Only recently has it been UNKA UNKA and its editorial product improved . UNKA is expected to gain at least because of the recent UNKA of rival Venture , another magazine for growing companies . UNKA UNKA and UNKA UNKA have operated as part of UNKA UNKA 's Group , a UNKA joint venture between Mr. Lang and Time Warner Inc . The joint venture is being UNKA , with UNKA 's magazine being sold last summer to the New York Times Co. 's Magazine Group for about $ 80 million , and Time Warner agreeing to sell back its 50 % interest in UNKA UNKA and UNKA UNKA to Mr. Lang . Executives at Time Inc . Magazine Co. , a subsidiary of Time Warner , have said the joint venture with Mr. Lang was n't a good one . The venture , formed in 1986 , was supposed to be Time 's low-cost , safe entry into women 's magazines . Mr. Lang surprised Time soon after joining forces when he said he would negotiate rates UNKA with advertisers , a practice common in broadcasting but considered UNKA by magazine publishers . In addition , UNKA 's put in a less than UNKA performance . Until a recent comeback , it saw steep losses in ad pages and circulation . Time executives complained about the UNKA editorial quality , and in the end , one Time executive who asked not to be identified said , `` Frankly , UNKA 's and the joint venture were an embarrassment . '' Mr. Lang feels that Time 's priorities changed . `` Their management changed right after -LCB- the venture was formed -RCB- , and I do n't think they were comfortable getting into the competitive wars of women 's service magazines . '' Today , Mr. Lang believes his magazines will offer what many women 's magazines do n't . `` We write straight for women on their level , '' he said . `` We do n't have passive readers . '' Mr. Lang points out that even UNKA , in part , fits the company 's image , since about 30 % of its UNKA is female . Mr. Lang has named Carol UNKA , 43 , as group publisher of New York-based Lang Communications . She will oversee UNKA UNKA , UNKA UNKA and UNKA magazines , and retain her post as publisher of UNKA UNKA . The sale price of UNKA 's -- twice what Mr. Lang originally paid for it -- will finance Lang Communications ' buy-back of Time Warner 's 50 % interest in UNKA UNKA and UNKA UNKA . Mr. Lang says he is n't UNKA new acquisitions , at least for now . `` We would have to go outside to banks to get the money and I am not ready to do that , '' he said . `` Besides , we have enough on our plate . There is plenty of work to be done on what we have . Britain 's UNKA and UNKA Commission Wednesday cleared UNKA S.A. 's purchase of a specialty UNKA unit from Monsanto Co. , saying the purchase was unlikely to have any lasting impact on U.K. industrial consumers . The commission , which was asked to study the deal by the Department of Trade and Industry after its announcement in February , said the UNKA of global supply of chemicals used in making UNKA drugs was great enough to offset the dominant U.K. market share UNKA would gain through the acquisition . The French chemical giant would hold an 80 % share of the U.K. market for UNKA acid , UNKA UNKA and bulk UNKA . The commission found that if the British government attempted to block the merger , UNKA would likely respond by closing the UNKA plant Monsanto operates in UNKA , removing the matter from U.K. jurisdiction . Morrison UNKA Corp. posted third-quarter net income of $ UNKA million , or 69 cents a share , continuing a rebound from steep year-ago losses . In the third quarter a year-earlier , the construction and engineering concern posted a loss of $ UNKA million , or $ UNKA a share . Revenue in the latest quarter rose 14 % to $ UNKA million from $ UNKA million . In composite trading on the New York Stock Exchange , Morrison gained $ 2.25 to $ UNKA . Morrison said the engineering and construction segment performed well , with the mining and UNKA operations making important contributions . UNKA , UNKA Morrison had losses totaling $ UNKA million over the two years ended in December , but it has surged back to profitability as a result of cost-cutting and shedding of unprofitable operations . In the nine months , the company 's net income was $ 21.5 million , or $ UNKA a share , compared with a year-earlier loss of $ UNKA million , or $ UNKA a share . Revenue rose 17 % to $ UNKA billion from $ UNKA billion . The House UNKA Committee officially cited Rep. Jim Bates -LRB- D. , Calif . -RRB- for UNKA UNKA two female employees , but did n't recommend formal disciplinary action . Rep. Bates said he accepted the finding , but one of the victims , UNKA UNKA , denounced the ethics panel 's action as `` UNKA . '' UNKA more than a year after Ms. UNKA filed a complaint , the panel issued a `` letter of UNKA '' saying Rep. Bates had admitted conduct that violated a House rule UNKA discrimination against employees on account of their sex . It ordered Rep. Bates to write letters of UNKA to Ms. UNKA and to a second UNKA , Karen UNKA . Rep. Bates said he would write the letters as ordered . `` I accept the resolution of the matter by the UNKA Committee , '' he said . The panel also warned Rep. Bates that any further violations `` may result in a recommendation that disciplinary action be considered . '' But Ms. UNKA asked , `` Who in their right mind is going to file another complaint with the UNKA Committee ? '' Rep. Bates has publicly UNKA for UNKA from voters and was UNKA with 60 % of the vote last November . Mesa Airlines said the takeover offer it received earlier this week from StatesWest Airlines is for a combination of cash and securities valued by StatesWest at $ 10 a Mesa share . Both companies are regional carriers in the Southwest . When it made the offer , StatesWest declined to disclose details and asked Mesa to do the same . But UNKA , UNKA Mesa said the offer was for $ 7 in cash and unspecified StatesWest securities valued at $ 3 a share . Based on the number of Mesa shares outstanding not already owned by StatesWest , the proposed takeover would have a value of about $ UNKA million . StatesWest owns 7.25 % of Mesa . Last week , Mesa rejected a general proposal from StatesWest that the two carriers combine . In response to the specific offer , Gary UNKA , Mesa vice president , said management will ask directors to employ a financial consultant to advise them . UNKA UNKA Group PLC , a U.K. engineering company , reported a 16 % jump in pretax profit for the six-month period ending June 30 . Pretax profit rose to # UNKA million -LRB- $ UNKA million -RRB- from # UNKA million -LRB- $ UNKA million -RRB- , matching analysts ' expectations , which ranged from # 90 million to # 95 million . Profit after taxes and minority interests increased 16 % to # UNKA million from # UNKA million in the year-earlier period , while earnings per share rose 16 % to UNKA pence -LRB- 44 cents -RRB- from UNKA pence -LRB- 38 cents -RRB- . UNKA UNKA said its core electrical products division enjoyed strong growth , with a 20 % rise in operating profit during the period . UNKA Financial Group reported a 12 % increase in net income in the third quarter , led by a 43 % gain in its financial services group . UNKA 's net was $ UNKA million , or 86 cents a primary share , compared with $ UNKA million , or 79 cents a share , a year earlier . The Providence , R.I. , financial services group , which includes UNKA , leasing and UNKA operations , contributed $ UNKA million to net , up from last year 's $ UNKA million . UNKA also noted that , unlike other banking companies in the Northeast , it has been only marginally hurt by nonperforming loans that have resulted from the UNKA regional real estate market . UNKA reported nine-month net of $ UNKA million , or $ UNKA a primary share , up from $ UNKA million , or $ UNKA a share , a year earlier . UNKA . Franklin Federal Savings & Loan Association said it expects to post a third-quarter net loss of about $ 8 million , or $ 1.04 a share , as a result of adding $ 11 million in loan-loss reserves . The UNKA , Ore. , thrift , which has $ 5.2 billion of assets , had net income in last year 's third quarter of $ 1.8 million , or 23 cents a share . Franklin said it expects to report earnings for the latest quarter next week . The additional reserves UNKA to possible write-downs of certain assets held by Franklin and its subsidiaries and the default of a bond in its investment portfolio , the thrift said . According to a spokeswoman , they also UNKA to changes Franklin will have to make in its accounting procedures to comply with new federal capitalization requirements for thrifts . The company 's shares closed yesterday at $ 4.25 , off 25 cents , in national over-the-counter trading . UNKA Inc. said that as part of a program to improve profitability it will take a total of $ UNKA million in after-tax charges by year end . It also announced an initial public offering of 18 % of its gas exploration and production subsidiary . The UNKA , UNKA , natural gas company said the charges , though partially offset by a one-time gain from the offering , will result in a full-year after-tax loss . Last year , the company had net income of $ UNKA million , or $ UNKA a share . UNKA said it will report $ 179 UNKA in one-time charges against continuing operations for the third quarter , reflecting settlement of certain natural gas contracts . It said it will take a $ 10 million fourth-quarter charge against discontinued operations , reflecting certain write-downs and the planned sale of a unit . UNKA said its initial offering of 18 % of UNKA Exploration Co. is expected to result in a net gain of about $ 90 million , which will be used to pay down UNKA debt . UNKA Exploration owns sizable gas and UNKA reserves in the South and Southwest . South Africa negotiated a new debt agreement with its major foreign creditors for about $ 8 billion of its foreign debt outstanding , said Chris UNKA , governor of the Reserve Bank and the country 's chief debt UNKA . The new agreement will last for 3 1\/2 years starting July 1 , 1990 , when the current agreement expires . The announcement UNKA with the start of the Commonwealth UNKA Conference in Kuala Lumpur , where proposals for renewed sanctions against South Africa , including moves to block settling of a new debt agreement , were scheduled to be discussed . As with the previous pact , the new agreement covers the country 's debt `` inside the net , '' which applies mainly to UNKA due to overseas creditor banks by the private sector . The agreement calls for South African UNKA to make UNKA in eight UNKA , starting in December of next year . The redemption then would be at 1.5 % of the total debt , increasing to 2.5 % in February 1991 , and to 3 % at six-month UNKA thereafter . A revised provision would be included for the conversion of short-term claims inside the net to long-term loans outside the net . These claims would be UNKA over a 10-year period . Foreign debt falling outside the net of affected UNKA -- which Mr. UNKA estimated at $ 12 billion -- would remain not subject to the debt arrangements . New York Times Co. said net income rose in the third quarter because of a one-time gain on the sale of the company 's cable-TV system . Net surged to $ UNKA million , or $ UNKA a share , from $ UNKA million , or 33 cents a share , a year earlier . The latest quarter included a gain of $ UNKA million , or $ UNKA a share , from the sale of New York Times Cable , completed in August . UNKA of the gain , operating profit declined 35 % to $ UNKA million , or 21 cents a share , from $ UNKA million , or 31 cents a share . The decline primarily reflected the UNKA from acquiring UNKA 's , UNKA World -LRB- U.S. -RRB- and UNKA World magazines ; lower equity earnings from the forest-products group because of price discounting and an unfavorable exchange rate , and an 8.7 % decline in advertising UNKA at the New York Times , the company 's flagship newspaper . Advertising volume at the company 's 35 regional newspapers decreased 1.1 % . The company said the negative factors are expected to continue into next year . Revenue rose 6.4 % to $ UNKA million from $ UNKA million . Democrat UNKA Taylor won a special election to fill the congressional seat vacated by the death of Republican UNKA Smith , taking back the GOP 's UNKA UNKA in Mississippi 's House delegation . Mr. Taylor 's overwhelming victory against Republican Tom Anderson UNKA a seat the Republicans had held for 17 years and gives the Democrats their fifth victory in the seven special House elections held this year . Mr. Taylor , a UNKA state senator from Bay St. Louis , won 65 % of the vote in a district that has voted Republican in the past five presidential elections and that was once represented by Republican U.S. Sen. UNKA UNKA . Mr. Taylor 's victory was an embarrassment for both state and national Republicans . Mr. Anderson , a former UNKA aide , received campaign assistance from the senator and from President Bush , who visited the district last week . Even so , Mr. Taylor carried all but one of the district 's dozen counties . Rep. Smith died in a plane crash on Aug. 13 . Wall Street Journal reporters called companies with headquarters or facilities in the Bay area in a bid to assess the damage to their operations caused by Tuesday 's earthquake . The calls reached many , but certainly not all , of the publicly held companies with operations in the area . In most cases damage to company facilities and operations was minimal . UNKA UNKA UNKA , UNKA Park , temporary personnel agency , annual sales of $ UNKA million , OTC , said all 30 offices in Bay area were working , but in various states of disarray . Business was slow because many companies were closed yesterday . UNKA UNKA UNKA UNKA , Sunnyvale , integrated circuit maker , annual sales of $ 1.12 billion , NYSE , had only minor structural damage . Most of its UNKA workers were at work yesterday , and no production slowdown was anticipated as long as electricity remains available . UNKA UNKA , Sunnyvale , computer maker , annual sales of $ 1.8 billion , Amex , was closed yesterday and no damage estimates were available . UNKA UNKA UNKA UNKA Inc. , San Francisco , provider of maintenance services , annual revenue of $ UNKA million , NYSE , had some damage to headquarters and lost phone service , but operations were moved to a branch office and are running smoothly thanks to a UNKA computer system the company had developed before the quake . UNKA UNKA UNKA , Oakland , shipping concern , annual sales of $ 2.2 billion , NYSE , had little damage to the UNKA , UNKA or rail track at its UNKA facility near the collapsed UNKA 880 UNKA . The company expects to work a ship due in today with minimal delays , despite sporadic power . UNKA UNKA , Indianapolis , NYSE , said its UNKA Corp. unit , a Sunnyvale maker of computer disks and UNKA with annual sales of $ UNKA million , had only minor damage and is fully operational . UNKA UNKA UNKA , San Jose , distributor of electronic parts , annual sales of about $ 300 million , NYSE , sustained very little damage , anticipated being `` in 100 % operating condition '' by midday . UNKA UNKA UNKA , UNKA , computer maker , annual sales of $ UNKA billion , OTC , sustained some structural damage . UNKA were closed yesterday . UNKA UNKA UNKA , Santa Clara , maker of UNKA machine systems , annual sales of $ UNKA million , OTC , had slight damage to headquarters , no damage to manufacturing plants . Company , with UNKA workers in area , is fully UNKA . UNKA UNKA , Sunnyvale , maker of personal computers and software , annual sales of $ 700 million , Amex , had minor damage and expects to be fully operational by tomorrow . UNKA Corp. , San Francisco , bank holding company , annual revenue of $ 10.2 billion , NYSE , yesterday had no power at its headquarters , 80 of its UNKA Northern California branches were closed and 250 of 750 automatic UNKA machines were closed in the area . Securities trading was conducted in a backup facility in Concord . UNKA UNKA , San Francisco , engineering and construction concern , annual sales of $ 4 billion , had only minor structural damage at its three buildings in the city , but its computers were knocked out . UNKA computer tapes were UNKA to an IBM office in Philadelphia , and the company expects its mainframe to be up in a few days . Workers , except for senior management , were asked not to report for work yesterday . UNKA UNKA UNKA , UNKA , UNKA research and UNKA leader , $ 200 million in annual sales , Amex , said its Richmond UNKA north of San Francisco was closed because of debris and fallen UNKA . It expects to be fully operational by next week . UNKA UNKA , UNKA Valley , personal computer and software designer , annual sales of $ 72 million , had heavy damage to its headquarters and was conducting business from its parking lot . The company does n't expect any shipping delays . UNKA UNKA , San Jose , computer retail company , annual sales of $ 1.1 billion , NYSE , said all 16 corporate office and stores in the area were open with the exception of a retail center in San Francisco 's business district . That facility should reopen today . UNKA UNKA UNKA UNKA Inc. , Los Angeles , retailer , annual sales of $ UNKA billion , NYSE , said nine of its 22 UNKA stores in the area were closed because of water damage , broken windows and fallen displays . A spokesman said sales are expected to be hurt , but the losses are covered by insurance . UNKA UNKA , San Francisco , oil company , annual sales of $ UNKA billion , NYSE , had minor damage to downtown headquarters , but structural damage closed two of its seven buildings in San UNKA industrial park . Company expects to be fully operational by next week . UNKA Co. , Oakland , consumer products , annual sales of $ 1.36 billion , NYSE , was closed yesterday but plans to reopen today or tomorrow . Meanwhile , orders are being UNKA through UNKA Products unit in Louisville , Ky. , but computer problems mean they must be processed UNKA . UNKA to be fully operational early next week . UNKA UNKA , Palo Alto , laser maker , annual sales of $ UNKA million , was closed yesterday but expects to reopen today . UNKA UNKA UNKA , UNKA Park , trucking company , $ UNKA billion in annual sales , NYSE , had structural damage to UNKA Motor UNKA subsidiary 's office in Palo Alto , no damage in UNKA Park . UNKA UNKA UNKA , Palo Alto , medical products maker , annual sales of $ UNKA million , NYSE , had little damage and was in full operation yesterday . UNKA UNKA UNKA , Minneapolis , retailer , annual sales of $ UNKA billion , NYSE , closed seven of its 13 UNKA UNKA discount stores and nine of its 20 UNKA 's department stores because of pending reviews by structural engineers or requests from authorities , who were trying to keep shoppers off the UNKA . The company expects to reopen three UNKA stores and all but two UNKA 's today or tomorrow . UNKA UNKA , South San Francisco , maker of magnetic UNKA UNKA equipment , annual sales of $ UNKA million , Amex , had minor damage , mostly in a UNKA . The company plans to be fully operational today . UNKA UNKA UNKA , Maynard , Mass. , computer maker , annual sales of $ 12.7 billion , NYSE , had structural damage at its San Francisco sales office but no UNKA damage elsewhere in the area , including its UNKA plant . UNKA UNKA UNKA UNKA UNKA , Oakland , ice UNKA maker , annual sales of $ 225 million , OTC , said it is delivering ice UNKA UNKA roads are UNKA . UNKA UNKA UNKA , UNKA , maker of personal computers and UNKA , annual sales of $ UNKA million , OTC , had minor damage and was almost fully operational yesterday . UNKA Corp. , New York , oil company , NYSE , said its refinery UNKA of San Francisco was operating at a slightly reduced rate as a UNKA in case of aftershocks . UNKA UNKA UNKA , Dearborn , Mich. , auto maker , annual sales of $ UNKA billion , NYSE , said its three Ford Aerospace unit facilities in the Bay area , including a UNKA operation in Palo Alto , had no major damage . UNKA Inc. , San UNKA , clothing retailer , annual sales of $ 1.25 billion , NYSE , expects most of its stores to return to full operation and all 2,500 of its UNKA workers to be back at work by today . UNKA UNKA , South San Francisco , biotechnology company , annual sales of $ UNKA million , NYSE , sustained no major damage and expects to be fully operational today . UNKA UNKA UNKA , Fairfield , Conn. , consumer , industrial products and broadcasting concern , annual sales of $ 50 billion , NYSE , said its GE Nuclear Energy unit , with UNKA UNKA employees , had only minor damage at its San Jose headquarters . Business was n't disrupted . UNKA UNKA UNKA , Detroit , auto maker , annual sales of $ UNKA billion , NYSE , sustained about 10 injuries to workers and some UNKA water UNKA at its New United Motor Manufacturing Inc. facility in UNKA , a joint venture with Toyota Motor Corp . There was limited production of some models yesterday , but it was n't clear when the normal UNKA pace will resume . Plant officials are still assessing damage to parts suppliers and Port of Oakland facilities that handle shipments to the plant . UNKA UNKA UNKA UNKA , Oakland , savings and loan , annual revenue of $ 1.4 billion , NYSE , had only minor damage to a few branches and no injured employees . UNKA Co. , Palo Alto , personal computer and electronic equipment maker , annual sales of $ 9.8 billion , NYSE , said there will be a `` minimal suspension '' of manufacturing for an UNKA period . The computer system was operating , so orders could be taken . The company has 18,000 employees and more than 70 buildings in the Bay area . One building in Palo Alto may be damaged beyond repair . Others had lesser damage and there were no injuries among workers . UNKA will be `` easily in the millions , '' the company said . UNKA Corp. , UNKA , manufacturer of engineered parts , annual sales of $ UNKA million , NYSE , had little damage beyond some phone trouble . UNKA UNKA UNKA , San Francisco , gold and general UNKA , annual sales of $ UNKA million , NYSE , said its headquarters was closed yesterday because of power failures and lack of water , but that it may reopen today . It expects any impact on its business to be slight . UNKA UNKA UNKA , UNKA , financial services concern , annual revenue of $ UNKA million , OTC , said three of its 17 UNKA branches were closed yesterday . The company expects all branches to reopen today . UNKA UNKA , Santa Clara , maker of computer accessories , annual sales of $ 250 million , OTC , said UNKA were out at its headquarters but service should be restored by today . The company said it was doing a brisk business in computer UNKA UNKA , UNKA and UNKA power sources . UNKA Corp. , Santa Clara , semiconductor maker , annual sales of $ 2.87 billion , OTC , had some damage and few people were at work yesterday . UNKA UNKA UNKA Corp , Armonk , N.Y. , maker of business machines , NYSE , said flooding caused by broken water pipes closed its San Jose plant , which makes high-end UNKA devices . The plant and its UNKA employees gradually will resume operations over the next several days , the company said . Also closed yesterday were the company 's Santa UNKA UNKA lab and the UNKA research center . The concern 's National Service Division opened a center for emergency service in UNKA Creek as part of its UNKA plan . UNKA UNKA & UNKA , Oakland , metal and chemical maker , annual sales of $ UNKA billion , had slight structural damage to its UNKA headquarters building and employees stayed home yesterday to allow crews to clean up . UNKA UNKA , UNKA , aerospace and defense concern , annual sales of $ UNKA billion , NYSE , said its Lockheed UNKA & Space division closed its Santa UNKA test facility because of power UNKA and UNKA . The closing , affecting UNKA employees , will continue at least until roads are cleared . It was n't known to what extent , if any , the facility was damaged . It also was n't known what the impact will be on the division 's work , which includes the Navy 's UNKA UNKA missile program and the Air Force 's Strategic Defense Initiative . The division had only minor damage at its Sunnyvale headquarters and plant in Palo UNKA , and no delays in deliveries are expected . UNKA UNKA UNKA UNKA , UNKA Creek , UNKA chain , annual sales of $ 1.9 billion , NYSE , had only minor damage and only four of its 75 UNKA stores , all in the Santa UNKA area , were closed . All are expected to reopen soon . LSI UNKA UNKA , UNKA , maker of UNKA integrated circuits , annual sales of $ 550 million , NYSE , has halted manufacturing at its three plants in the area while they are UNKA for structural damage . The company expects to resume full operations by today . UNKA UNKA & Co. , New York , retailer , annual sales of $ 7 billion , said there was minor damage to its 24 Macy stores and nine I. UNKA stores in the Bay area . UNKA UNKA , UNKA , maker of computer integrated manufacturing processes , annual sales of $ UNKA million , NYSE , had only minor damage but workers spent most of yesterday cleaning up . NATIONAL UNKA UNKA , Santa Clara , semiconductor maker , annual sales of $ 1.65 billion , NYSE , said it had no major structural damage at its 30 UNKA buildings , but two workers were injured . Production resumed yesterday . UNKA in a UNKA plant needed immediate repairs . UNKA UNKA , Seattle , retailer , annual sales $ UNKA billion , OTC , five of this UNKA chain 's nine stores in the Bay Area were closed yesterday , damage appears primarily cosmetic , hopes to reopen four of the stores by today and the fifth by Saturday . UNKA UNKA UNKA , UNKA , provider of computer programming and software services , annual sales $ UNKA million , four of 12 offices and buildings in the UNKA and San Mateo areas were closed , 95 % of computer and telephone systems are operating , expects to be back to full operation by the end of the week . UNKA UNKA & UNKA UNKA , San Francisco , electric , gas and water supplier , annual sales $ 7.6 billion , some minor damage to headquarters , UNKA damage to four nearby UNKA , severe structural damage to a major power plant at UNKA UNKA , extensive damage to gas lines and electric lines , 400,000 UNKA without electricity and UNKA without gas , can not UNKA electricity until it is certain there are no gas leaks , no predictions on when this will happen . UNKA UNKA UNKA , San Francisco , telecommunications holding company , annual sales of $ 9.5 billion , no damage to headquarters , but no power , the power failure has caused a delay in the release of the company 's earnings report , major concern is subsidiaries , Pacific Bell and Pacific Telesis Cellular , both of which sustained damage to buildings , structural damage to several cellular sites in Santa UNKA , volume of calls on cellular phones 10 times the usual , causing a big slowdown . UNKA & UNKA UNKA , UNKA company 's UNKA UNKA plant in South San Francisco was closed following the earthquake , no injuries or major damage , other plants around country can make up for any lost production . UNKA UNKA , UNKA , manufactures rigid UNKA drives for small business computers , word processors , annual sales $ UNKA million , OTC , open for business , minor structural damage . UNKA UNKA , UNKA Park , plastics manufacturer , annual sales $ 1 billion , no major damage and no production slowdown is anticipated . UNKA UNKA UNKA , Newark , discount apparel chain , annual sales $ UNKA million , two of 28 stores in Bay Area closed , both could open as early as today . UNKA UNKA UNKA , Oakland , retail food chain , annual sales of $ UNKA billion , some structural damage to headquarters and no power ; major problems UNKA products to those stores that remained open ; no numbers on how many stores closed . UNKA UNKA & UNKA , San Francisco , discount brokerage firm , annual sales of $ UNKA million , had only minor damage to headquarters building and was up and running for yesterday 's market open . UNKA will not , however , resume UNKA service until power in city is restored . Office closed yesterday at UNKA p.m. EDT . UNKA UNKA , UNKA Valley , maker of hard disk drives for computers , annual sales of $ UNKA billion , OTC , closed to assess what appeared to be minor damage to some of its 20 buildings . UNKA UNKA UNKA UNKA , San Francisco , railroad , annual sales of $ UNKA billion , had only minor damage to headquarters and tracks , and expects to be fully operational tomorrow . St. Louis UNKA UNKA Co. unit halted all service Tuesday night but has since restored some freight lines and limited UNKA service between San Francisco and San Jose . UNKA UNKA UNKA , Mountain View , maker of desktop computers , annual sales $ UNKA billion , OTC , no injured employees and very little damage to buildings . UNKA yesterday due to power difficulties . UNKA UNKA UNKA , UNKA , computer maker , annual sales of $ 1.6 billion , NYSE , said it had no significant damage and should be fully operational within a week . Many employees stayed home yesterday , but customer service was being maintained . UNKA UNKA , San Francisco , financial services and insurance company , annual sales of $ UNKA billion , NYSE , said its headquarters , the well-known downtown UNKA building , was intact but closed yesterday . UNKA UNKA UNKA , Palo Alto , UNKA and semiconductor equipment company , annual sales of $ 1.3 billion , had only minor damage and no UNKA were anticipated . UNKA UNKA UNKA , San Jose , maker of semiconductor products , annual sales $ UNKA million , OTC , minimal damage to facilities , no injuries , expected operations to return to normal late yesterday . UNKA UNKA , UNKA electronics manufacturer , annual sales $ UNKA million , NYSE , minor damage to headquarters and plant in Palo Alto , no damage to San Jose plant , `` still assessing '' damage at UNKA Valley plant , where main product is UNKA for semiconductor production . UNKA UNKA & UNKA , San Francisco , bank holding company , annual revenue $ 4.9 billion , NYSE , minor damage at headquarters , 12 branches out of 170 in Northern California sustained structural damage that will UNKA them from opening in the near future , 45 locations with at least one automatic UNKA machine UNKA , central computer systems are operating , no injuries . UNKA UNKA UNKA , San Jose , maker of video display terminals and workstations and UNKA compatible computers , annual sales of $ UNKA million , slight structural damage at headquarters , no injuries , expects to be back to full operation today . UNKA UNKA , Santa Clara , maker of computer communications systems , annual sales of $ 386 million , OTC , slight structural damage to headquarters , communications systems already fully operational . UNKA the collapse of UNKA have been prevented ? That was the question structural engineers and California transportation officials were asking themselves yesterday as rescue workers began the UNKA task of trying to UNKA as many as 250 victims from beneath the concrete UNKA of the UNKA UNKA UNKA in Oakland that UNKA in during Tuesday 's temblor . After UNKA the area , California Gov. George Deukmejian late yesterday called for an inquiry into the freeway 's collapse , UNKA the disaster on UNKA construction , the Associated Press reported . The impact of the destruction of this UNKA stretch of highway was UNKA measured in lost lives . But there are other long-term effects that raise serious questions about the ability of California 's infrastructure to withstand a major temblor . It could easily be two years before the UNKA artery that helps UNKA Oakland with San Francisco is reopened , and the cost to build a new stretch of highway could soar to more than $ 250 million , said Charles J. UNKA , deputy district director in Los Angeles of the California Department of Transportation , UNKA UNKA . UNKA in Sacramento said total damage from the collapsed highway is estimated at around $ 500 million . The aftershocks of the highway tragedy are UNKA in Los Angeles as well , as local politicians spoke yesterday against plans to bring UNKA to Los Angeles UNKA by 1994 . UNKA plans to add a second deck for buses and car pools above the UNKA of a UNKA stretch of the UNKA UNKA just south of Los Angeles , near the UNKA UNKA . Los Angeles County UNKA Kenneth Hahn yesterday vowed to fight the introduction of UNKA in the area . UNKA abandoned UNKA in the early 1970s , following the 1971 UNKA earthquake that destroyed freeway sections just north of Los Angeles , Mr. UNKA explained . That temblor measured 6.1 on the Richter scale ; Tuesday 's was So why even consider UNKA UNKA now ? `` We 've run out of places to build UNKA in L.A. , and the only place to go is up , '' Mr. UNKA said , although he acknowledges there are many obstacles , including cost . But as for safety , he says UNKA UNKA built today with the heavily UNKA concrete and UNKA columns required after the UNKA quake should withstand a UNKA temblor of 7.5 to 8 on the Richter scale . UNKA for the collapse of the UNKA UNKA were UNKA yesterday . But most structural engineers attributed the destruction to improper UNKA of the columns that supported the UNKA , and the fact that the ground beneath the highway is largely UNKA and can become UNKA , or `` UNKA , '' in a major quake . The UNKA roadway , designed in the UNKA and completed in UNKA , was supported by columns that apparently lacked the kind of steel UNKA used in highways today . While the UNKA did have long metal bars running UNKA through them for UNKA , they apparently lacked an adequate number of metal `` ties '' that run UNKA through the column , said Leo Parker , a structural engineer in Los Angeles . UNKA today uses a UNKA of the design Mr. Parker describes , with UNKA steel UNKA inside . But in the case of the UNKA UNKA , the lack of such support caused the core of the columns to UNKA and buckle under the weight of the second deck , UNKA UNKA who were lined up in UNKA UNKA traffic on the lower deck nearly 15 feet below . Officials of the state agency did n't have any immediate explanation why the UNKA did n't hold up . UNKA UNKA the highway in 1977 as part of a $ 55 million statewide project , using steel UNKA to tie the UNKA of the freeway to the columns and prevent the structure from UNKA in a quake . UNKA spokesman Jim UNKA in Sacramento declined to identify the engineering firm that did the UNKA work . UNKA in the bridge and road UNKA will UNKA around whether government took `` reasonable care '' to build and maintain the structures , says John UNKA , a UNKA , Wash. , personal-injury attorney who specializes in highway design and maintenance cases . The firm brought in to strengthen the structure could be liable as well . The results of the quake certainly raise questions about whether reasonable care was taken , Mr. UNKA says . Given the UNKA history of the Bay Area , `` it seems to me that a 6.9 earthquake is a foreseeable event . '' UNKA ' Mr. UNKA defended the agency 's work on the UNKA UNKA . `` The work was done properly , '' he said . `` UNKA , we had a severe earthquake of significant UNKA and it was just something the structure could n't withstand . '' Ironically , UNKA this year began working on a second round of UNKA UNKA of UNKA around the state , this time UNKA freeway columns in `` steel UNKA '' to reinforce them . But only bridges supported with single UNKA of columns were top priority , and the UNKA UNKA , supported by double UNKA , was left out , Mr. UNKA explained . `` The reason is that the technology is such that we 're not able to UNKA UNKA structures , '' he said . Charles UNKA in San Francisco and John R. UNKA in Los Angeles contributed to this article . UNKA Corp. 's board unanimously rejected a tender offer of $ 8 a share , or $ UNKA million , for as much as 90 % of UNKA by a group with a 9.9 % stake in the toy retailer . UNKA also urged holders of its stock and debt not to tender their securities , saying it wants to remain independent to pursue its business strategy . UNKA also said the offer by Robert I. UNKA Limited Partnership is inadequate , and full of conditions that leave it `` subject to substantial uncertainty . '' In addition , UNKA began a lawsuit in federal District Court in New York seeking to UNKA the offer , alleging , among other things , violations of federal securities law and fraudulent manipulation of the market for UNKA 's securities . Robert I. UNKA , general partner of the investment group , said the UNKA response reflected management 's entrenched position , saying officials had failed to come up with a better alternative to his group 's offer . Mr. UNKA said he would respond to UNKA 's suit after his lawyers review it . UNKA by a federal mediator to UNKA talks between Boeing Co. and the Machinists union apparently failed , and no further meetings are scheduled . Company officials and union representatives did n't meet face to face , but the mediator UNKA between the two groups . In a statement issued after the meeting , the aerospace giant said it wo n't increase its offer although adjustments within the proposed UNKA mix are possible . Machinists already have rejected a proposal that called for a 4 % pay increase and 8 % bonus in the first year . In the second year , workers would receive a 3 % wage boost and a 3 % bonus , followed by a 3 % increase without a bonus in the third year . `` The company will not UNKA on anything , '' said a spokesman for the union . As the strike enters its UNKA day today , some members are getting nervous , the spokesman conceded , but the majority of the 55,000 Machinists are prepared to `` wait it out as long as it takes . United UNKA & Manufacturers Inc. said its president , UNKA UNKA , withdrew his proposal to acquire control of the New York textile and clothing company . Last month , Mr. UNKA proposed , among other things , to buy 3.5 million shares , or 38 % , for $ 4 apiece . UNKA with his current 1.2 million shares and 4 % held by an associate , the stake would have given him control of 55 % of the concern . In a Securities and Exchange Commission filing , Mr. UNKA had said that holders of the other 45 % of United UNKA would receive UNKA share of a new preferred stock for each of their shares . A special committee of United UNKA directors said that in view of uncertainties regarding various legal and financial considerations , it could n't recommend the plan to the full board . The company is exploring , with a major financial institution , the development of a plan to boost the value of the company for its holders , Mr. UNKA said . In a separate SEC filing , Albert UNKA , who holds UNKA % of United UNKA , said he retained investment bank Lazard UNKA & Co. for advice as he UNKA the possibility of making a bid for the textile maker . On Friday , Mr. UNKA , a Newark , N.J. , textile businessman , signed a UNKA agreement under which United UNKA would provide him with UNKA information . The White House is making sure nobody will accuse it of taking this crisis UNKA . In the aftermath of the California earthquake , President Bush and his aides flew into a UNKA of earthquake-related activity yesterday morning . Some of it was necessary to get federal help flowing to victims , but some seemed designed mostly to project an image of a White House in action . Mr. Bush and his aides were accused of responding too slowly after the Exxon UNKA oil tanker split open in Alaskan waters and Hurricane Hugo struck the Carolina coast , and they clearly do n't want a repeat of those charges now . So the White House announced that Mr. Bush got his first earthquake briefing of the day at UNKA a.m. from chief of staff John UNKA . By noon , Mr. Bush had taken two phone calls from Vice President Dan Quayle , who was in California ; made a televised statement of concern ; signed a disaster UNKA ; received a written report from the Federal Emergency Management Agency ; and visited FEMA headquarters . Mr. Bush himself essentially acknowledged that he and his aides were trying to head off criticism . On his FEMA visit , Mr. Bush said that he hoped there would be `` less UNKA '' about the emergency office 's performance this time , adding that the agency `` took a hit '' for its reaction to Hurricane Hugo . The White House already is talking of Mr. Bush visiting the California earthquake site this weekend . He visited the Hugo devastation but not until after local leaders urged him to do so . UNKA PLC , a major British building materials and construction concern , reported a 24 % jump in pretax profit for its latest financial year , helped largely by contributions from its U.S. unit , UNKA Co . Pretax profit for the year to June 30 rose to # UNKA million -LRB- $ UNKA million -RRB- from # UNKA million -LRB- $ UNKA million -RRB- , broadly matching analysts ' expectations . Profit after taxes and minority interests but before extraordinary items increased 22 % to # UNKA million from # UNKA million a year earlier , while fully diluted earnings per share rose to UNKA pence -LRB- 47 cents -RRB- from UNKA pence -LRB- 39 cents -RRB- . The UNKA UNKA that UNKA the San Francisco Bay Area -- rated a 6.9 on the Richter scale -- did n't match the great earthquake of 1906 , rated at 8.25 . The difference of just 1.35 points on the scale , designed by Charles Richter of UNKA in the 1930s , means the older quake was `` 10 to 20 times stronger , '' says Lane Johnson , director of the University of California Berkeley UNKA UNKA . The ground UNKA along a UNKA stretch of the San UNKA UNKA on Tuesday , Mr. Johnson added . In 1906 , the UNKA was 300 miles long and a couple feet wide . Though the epicenter of Tuesday 's temblor was located 10 miles north of the town of Santa UNKA , and 50 miles south of San Francisco , its UNKA UNKA up the coast in seemingly random fashion . But the greatest damage was visited on buildings and roadways UNKA upon UNKA , as were the Marina District of San Francisco and the Bay Bridge -- two areas of maximum devastation . `` UNKA -- loose and unconsolidated earth -- may feel like rock but it UNKA like liquid when you shake it , '' said Douglas UNKA , professor of UNKA at San Francisco State University in a televised interview . `` It UNKA in a UNKA UNKA pattern . Our quake UNKA much like the Mexico City earthquake , where great damage was miles from the epicenter . '' Mr. Johnson , of the Berkeley UNKA station , said : `` UNKA can be done if it 's properly UNKA . You can drive UNKA on it and build on it . '' He cited the example of San Francisco 's financial district , where many new glass UNKA survived almost UNKA . But the public policy issues raised by earthquake damage will be difficult to address , Mr. Johnson predicted . `` The attention span of the public is short , '' he said . `` We 've known for years and years we 've got lots of old -LCB- UNKA -RCB- UNKA brick and UNKA buildings . '' One old building , the Golden State Bank Building on UNKA Street , had its yellow brick UNKA UNKA off by the shock of the quake , leaving a wedge of its third floor open to the air , while UNKA of UNKA bricks tumbled to the street below narrowly missing UNKA UNKA and cars . UNKA such old building stock , Mr. Johnson said , `` comes down to money . It 's a danger . We know it 's there . And sooner or later , we have to do something about it . '' The urgency is heightened because this week 's earthquake -- while major and followed by hundreds of aftershocks -- did n't release enough UNKA energy tension along the UNKA to UNKA more and bigger UNKA soon . `` The big one is still due , '' Mr. Johnson predicted in an interview . `` The Bay Area has three very dangerous UNKA , the San UNKA , the UNKA fault and the UNKA fault . It -LCB- Tuesday 's quake -RCB- has n't solved our problem . In California , this is the reality . Coca-Cola Co. may be about to intensify the UNKA wars . Coke said it will test market a UNKA version of its flagship brand , Coca-Cola UNKA , beginning next week in Charlotte , N.C . Other , as yet UNKA , cities will follow . If all goes well , the product will be rolled out for national sales sometime next year , a Coke spokesman said . After the confusion surrounding the change of the Coke formula in 1985 , Coca-Cola was reluctant to clutter the UNKA name with a brand extension . But now , the soft-drink giant appears willing to take the risk . `` The name UNKA Coke has tremendous value , and they have n't UNKA that name before , '' says UNKA UNKA , publisher of the trade journal UNKA Digest . The Coke spokesman said a UNKA UNKA should help increase volume of the original brand . Indeed , analysts have said that the absence of new products , among other factors , has limited sales growth throughout the industry . Coke now leads UNKA in market share in UNKA UNKA UNKA but UNKA UNKA in sales of UNKA UNKA UNKA , according to UNKA Digest . Coke introduced a UNKA UNKA UNKA based on its original formula in 1983 . It switched to a UNKA formula using its new Coke in 1985 . Coke has been studying the possibility of introducing a UNKA UNKA for a year , a company spokesman said . He said large increases in sales of other UNKA soft drinks make the timing right now . UNKA UNKA with the aftermath of a Bay area earthquake . As aftershocks shook the San Francisco Bay area , UNKA UNKA through rubble for UNKA of Tuesday 's temblor , and residents picked their way through UNKA streets . In Oakland , hopes faded for finding any more UNKA within the concrete and steel from the collapse of an interstate highway . At least 270 people were reported killed and UNKA injured in the UNKA tremor that caused billions of dollars of damage along 100 miles of the San UNKA fault . Bush declared the region a major disaster area and the military was UNKA to prevent UNKA . The baseball commissioner said the third game of the World Series between the Giants and the UNKA would be played Tuesday in Candlestick Park . UNKA UNKA UNKA as leader of East Germany amid growing unrest . The UNKA official , who UNKA the building of the Berlin Wall , was removed during a meeting of the UNKA Communist Party Central Committee in East Berlin . Honecker , who was reported ill following UNKA surgery in August , said he was resigning for health reasons . He was succeeded by UNKA chief Egon Krenz , 52 , a UNKA who quickly ruled out any sharing of power with pro-democracy groups . Honecker 's departure came after weeks of street protests and an exodus to the West of East Germans who had become UNKA with his rule . UNKA UNKA constitutional changes to form a democratic system . At a nationally televised legislative session in UNKA , the Parliament UNKA approved changes formally ending UNKA domination in the country , UNKA free elections by next summer and establishing the office of state president to replace a UNKA council . The country was renamed the Republic of Hungary . Like other Soviet bloc nations , it had been known as a `` people 's UNKA '' since The voting for new laws followed UNKA of Hungary 's Communist Party this month and its replacement by a UNKA Socialist Party . The space shuttle Atlantis UNKA into UNKA from UNKA UNKA , Fla. , and its crew of five UNKA launched the UNKA Galileo space probe on a flight to the planet Jupiter . The $ 1.4 billion robot spacecraft 's UNKA mission is to take six years . The shuttle is slated to return Monday to California . South Korea 's President UNKA addressed a joint House-Senate meeting and urged UNKA over U.S. demands for the opening of Seoul 's markets to more American goods , saying trade issues would be `` resolved to mutual satisfaction . '' He also said UNKA results could follow any `` UNKA of weakening '' of the U.S. defense commitment to Seoul . The Census Bureau reported that 13.1 % of the U.S. population , or UNKA million people , were living in poverty in 1988 . Last year 's figure was down from 13.4 % in 1987 and marked the fifth consecutive annual decline in the poverty rate . UNKA capita income rose 1.7 % to $ UNKA , but UNKA family income fell 0.2 % . The Bush administration accused Israeli Prime Minister Shamir of UNKA peace efforts in the Mideast with `` UNKA '' and disappointing statements . Shamir said Tuesday that he was prepared to risk a policy conflict with the U.S. over an Egyptian plan to hold direct UNKA talks , which the premier 's UNKA bloc opposes . Cuba was elected to the U.N. Security Council for the first time since its UNKA revolution 30 years ago . The election was by secret ballot in the General Assembly . The U.S. did n't openly oppose Cuba 's UNKA as the Latin American council UNKA . Britain 's Prime Minister Thatcher told a Commonwealth summit in Kuala Lumpur , Malaysia , that sanctions against South Africa were `` utterly irresponsible , '' officials said . But other nations at the opening of the UNKA meeting of Britain and its former UNKA pressed for continued or stronger UNKA in an effort to end apartheid . Arab officials in Saudi Arabia said UNKA talks by UNKA lawmakers aimed at ending Lebanon 's civil war appeared about to collapse . Christian legislators are insisting on a Syrian troop UNKA from Lebanon before agreeing to political changes giving the nation 's UNKA a greater role in UNKA 's government . Colombia 's judges launched a UNKA strike to press security demands following Tuesday 's murder of a High Court justice in UNKA . The country 's UNKA UNKA claimed responsibility for the UNKA . Most of the country 's 20,000 judges and judicial employees joined the work UNKA . Charles S. Mitchell , a vice president with UNKA Development Co. , the real estate development subsidiary of Sears , Roebuck & Co. , was named president of UNKA UNKA , a real estate development unit . He succeeds William UNKA , who resigned earlier this year . Also , Richard A. UNKA , a former marketing executive with UNKA Corp. , was appointed president of Continental Container Systems , a producer of can closing machinery that UNKA acquired late last year . UNKA is a fire protection , electronics and industrial products concern . Dow Chemical Co. said third-quarter net income slipped 6.8 % from a record year-ago quarter . The decline broke a UNKA of 10 quarters in which Dow posted earnings increases . Dow 's third-quarter net fell to $ UNKA million , or $ UNKA a share , from $ UNKA million , or $ UNKA a share , a year ago . Sales in the latest quarter rose 2 % to $ 4.25 billion from $ UNKA billion a year earlier . Dow closed at $ UNKA a share , up 75 cents , in New York Stock Exchange composite trading . A spokeswoman said Dow is comfortable with Wall Street expectations that full-year earnings will total about $ UNKA a share , compared with last year 's record net of $ 2.4 billion , or $ UNKA a share . But that signal on full-year profit UNKA doubt on whether Dow will improve on its year-ago fourth-quarter net of $ UNKA a share , or $ UNKA million . Dow would earn $ UNKA a share for the year if it UNKA that year-ago fourth-quarter performance . Dow officials were UNKA that the company would earn less than $ 15 a share this year even before they announced in July a plan to acquire 67 % of UNKA Laboratories Inc . That acquisition could further UNKA earnings per share this year , the company spokeswoman said . Dow has n't said exactly what impact the UNKA acquisition will have on 1989 earnings . Dow blamed the third-quarter earnings drop on several factors , including softer prices for polyethylene and other basic chemicals , a slower U.S. economy and a stronger dollar , which made Dow 's exports from the U.S. more expensive to overseas customers . Another problem was a 7 % increase in operating costs at a time when revenue was rising by only 2 % . For the first nine months of the year , Dow earned $ UNKA billion , or $ UNKA a share , up 17 % from $ 1.76 billion , or $ UNKA a share , a year ago . Sales for the latest nine months rose 7.7 % to $ UNKA billion from $ UNKA billion in the year-ago period . Whether or not `` great cases make UNKA '' -- as Justice Holmes asserted -- who can doubt that when great confirmation hearings turn on the UNKA 's response to these great cases they make bad judicial history ? UNKA UNKA 's `` Battle for Justice : How the UNKA UNKA UNKA America '' -LRB- Norton , UNKA pages , $ UNKA -RRB- is a UNKA UNKA of the UNKA of these hearings , done with UNKA UNKA , but with a flawed legal philosophy . While the book UNKA justifies its UNKA , the title itself is dubious . What shook America was not a battle for justice but for UNKA power , in which an army of judicial activists rolled over a judge they had UNKA . In its basic structure and style the book is UNKA , with UNKA character UNKA , UNKA action and UNKA UNKA of the sort more likely to be encountered in a Washington UNKA than in a constitutional history . Mr. UNKA seems to believe that the hearings could have gone either way . I doubt that . Given Democratic frustration with the Reagan UNKA and Court appointments , the UNKA plans in place , and Mr. UNKA 's paper trail of vulnerable UNKA , it was pretty clear that Judge UNKA never stood much chance of being confirmed . As Mr. UNKA himself says , the UNKA of `` raw meat '' was in the air . Perhaps because they won , Mr. UNKA 's UNKA come through more UNKA than his UNKA . Ralph UNKA was the organizing UNKA , UNKA a conglomerate of pressure groups into an UNKA UNKA force . Harvard 's Laurence Tribe was the constitutional heavy , laying out legal strategies for the senators and witnesses to follow . But it was Ted Kennedy who scored most effectively with his UNKA UNKA of `` Robert UNKA 's America '' -- the UNKA of UNKA UNKA that would follow UNKA , he claimed , from the positions Mr. UNKA had taken over the space of two decades . Sen. Kennedy , never mind his dubious credentials for the moral high ground , UNKA UNKA . I add two others . Republican Sen. UNKA Specter of Pennsylvania engaged the UNKA in a UNKA contest aimed at showing that Mr. UNKA was willing to stretch the Constitution in one area -LRB- free speech -RRB- while remaining rigid in all the others . It achieved a good media play , and enabled Sen. Specter and others to vote against Mr. UNKA out of `` UNKA . '' Further UNKA came from left legal UNKA Ronald UNKA , who in the New York Review of UNKA painted a picture of a constitutional UNKA UNKA reading his personal UNKA into the Constitution , particularly in the area of `` original intent . '' The charge of being `` outside the mainstream '' of legal thought UNKA undercut Mr. UNKA 's UNKA standing , leaving him bleeding on the platform . The nomination still might have been UNKA if a number of Democratic UNKA in the South and Southwest had broken party lines . But Democratic Sen. Bennett Johnson of Louisiana reminded the little band that UNKA blacks and women could UNKA the margin to punish them in their next Senate elections . UNKA UNKA with `` mainstream '' and UNKA to seal Robert UNKA 's fate . The UNKA ? Mr. UNKA 's opponents chose the UNKA , held it and kept it . Yet with the smooth confirmation of Anthony Kennedy , an `` 80 UNKA '' only slightly less supportive of judicial restraint than Mr. UNKA , the Democrats may have won the battle but lost the war . Another UNKA , however , was the UNKA message the UNKA hearings sent into the judicial culture from which the Supreme Court draws its talent . The word went forth to every law school that those with federal court ambitions must travel a safe constitutional UNKA , with no paper trail and no UNKA to their UNKA or UNKA . Unfortunately , the author simply does n't supply the UNKA frame to sustain his UNKA UNKA . He has too readily UNKA the case for the activist law school culture . UNKA more deeply into the UNKA of `` judicial restraint , '' he would have found a long history going back to the great decisions of Justice Holmes . He would discover it also in Alexander UNKA , a UNKA constitutional scholar , Mr. UNKA 's UNKA friend at Yale , whose influence on the judge goes well beyond Mr. UNKA 's reporting . Still , the long view of Robert UNKA as constitutional UNKA must be a UNKA one . His strength lies in his UNKA UNKA , which keeps the Court clear of UNKA group pressures and leaves most decisions in a democracy to elected UNKA and executives . Unfortunately , Mr. UNKA failed to UNKA between such pressures and the UNKA of great issues critical to a society that must be settled UNKA if it is to UNKA . The question of UNKA schools , in Brown vs. Board of Education , was such an issue . In our time abortion has become another , best left to a line of Supreme Court decisions rather than to the chaos of 50 state UNKA . A UNKA and growing consensus of Americans clearly wishes to apply the right to privacy in contraceptive matters -LRB- decided in the UNKA case -RRB- to abortion as well . One can understand Mr. UNKA 's fear that the new right to privacy will become UNKA stretched , though a Supreme Court composed of men and women with UNKA , UNKA and a sense of limits should be able to manage it . What is certain is that if Americans allow another happening like the UNKA UNKA confirmation UNKA , it will be at their UNKA . Mr. UNKA is a writer and UNKA living in New York . Sotheby 's Inc. , the world 's biggest auction house , is taking a huge Wall UNKA risk on the outcome of the sale of art from the estate of John T. Dorrance Jr. , the Campbell Soup Co. heir . The Financial Services division has guaranteed the Dorrance family that it will receive a minimum of $ 100 million for the collection , regardless of what the bids for the art works total , people close to the transaction say . The collection , which includes two early UNKA , a van UNKA , a UNKA , other paintings , furniture and UNKA , went on sale last night in the first of six auctions . What Sotheby 's is doing closely resembles an underwriting by an investment bank . A corporation that wants to sell stock or bonds goes to a Wall Street firm , which purchases the securities outright , accepting the financial risk of finding buyers . If the investment bank can sell the securities at a higher price than it paid the issuer , it makes a profit . At the initial sale last night , for example -- the sale featuring the UNKA masters -- bids totaled $ UNKA million . That was slightly above Sotheby 's UNKA estimate of $ 111 million . UNKA , Sotheby 's would have earned 20 % of the total in commissions . Instead , people familiar with the transaction said , the auction house opted to UNKA that percentage in order to obtain the collection and in exchange for taking a bigger chunk of proceeds exceeding $ 100 million . Art dealers say that while auction houses occasionally guarantee the seller of a highly desirable work of art a minimum price , a financial commitment of this size is unprecedented . UNKA D. Brooks , president of Sotheby 's North America division , UNKA denies it offered the Dorrance UNKA a UNKA guarantee , calling such reports `` inaccurate . '' UNKA in the UNKA UNKA catalog for the sale , however , appears the statement , `` Sotheby 's has an interest in the property in this catalog . '' UNKA a Sotheby 's spokeswoman , the statement `` means exactly what it says . We have some level of financial interest '' in the collection . `` We do n't disclose UNKA . '' Frank UNKA , a lawyer for the Dorrance estate with the Philadelphia law firm of Morgan , Lewis & UNKA , declines to comment on the financial arrangements . Sotheby 's made the $ 100 million guarantee to keep the Dorrance collection away from its archrival , auction house Christie 's International PLC ; Christie 's has handled smaller sales for the Dorrance family over the years . When Christie 's officials asked why the firm was n't picked to sell the Dorrance collection , representatives of the Dorrance family `` told us it was a question of financial considerations , '' said Michael UNKA , Christie 's head of UNKA and modern paintings . UNKA who have made their money on Wall Street have become an increasingly important part of the art business and their money has helped fuel the art boom , but recently it appears Sotheby 's has been returning the UNKA . In November 1987 , Sotheby 's essentially offered a Wall UNKA `` bridge loan '' of about $ 27 million to Australian businessman Alan Bond to enable him to purchase Vincent van UNKA 's `` UNKA '' for $ UNKA million . It was the highest bid in history for a work of art . But two weeks ago , Sotheby 's said that it has the painting under lock and key because the loan had not been fully repaid . Sotheby 's is offering such deals because it 's an art sellers ' market , at least where the best works are concerned , says Ralph UNKA , an attorney and author of the book `` Art Law . '' `` There seems to be a lot of art for sale , but there 's more competition . The competition gives the seller the ability to cut a better deal , '' he says . The Dorrance family will still receive a substantial portion of the auction proceeds above $ 100 million , people familiar with the transaction said . But it 's likely that Sotheby 's will take a higher than usual commission , called an override , on the amount exceeding the guarantee . Sotheby 's has been aggressively promoting the Dorrance sale . At a news conference last May announcing plans for the auction , Sotheby 's estimated its value in excess of $ 100 million . More recently , Sotheby 's has predicted the collection will fetch $ 140 million . That 's the highest estimate for a single collection in auction history . The decision to put the entire collection on the block stunned many , since Mr. Dorrance had served as chairman of the Philadelphia Museum of Art , and it had been assumed many of the works would be donated to the institution . At last night 's sale , 13 of 44 works that sold were purchased by UNKA International UNKA , the UNKA unit of Aichi Financial , a Japanese conglomerate that owns 7.5 % of Christie 's . Meanwhile , Sotheby 's guarantee is raising UNKA in the art world . `` The consumer has to throw out the idea that the auction house is a UNKA UNKA , '' says New York art dealer David UNKA . While he adds that he has no problem with auction houses who sell works in which they have a financial interest , `` It ought not to be hidden in some small print . '' In such situations , he says , the house `` is going to put the best light on things . '' For example , an auction house 's comments on the condition of a work of art that is up for sale should be looked at with `` very open eyes , '' he says . `` There 's more and more of this UNKA going on at every level , '' says Bruce Miller , president of Art Funding Corp. , an art lender . Dealers and auction houses `` know if they do n't lay out a half a million for this , another one will ; it 's that competitive . '' In January , two small New York UNKA , the UNKA UNKA UNKA and UNKA Fine Arts , UNKA a major art collection owned by the UNKA family away from rival UNKA bidders with an UNKA payment of about $ 25 million . A Christie 's spokeswoman said that while the auction house sometimes UNKA its seller 's commission to attract art works -- it still gets a commission from the buyer -- Christie 's wo n't offer financial guarantees because `` Christie 's believes its primary role is as an auction house , and therefore as an agent -LCB- for buyer and seller -RCB- , not as a bank . Egon Krenz , the man tapped yesterday to become East Germany 's new leader , faces the same task that has fallen to neighboring socialist colleagues : UNKA a country in crisis . But unlike the other new leaders in the East Bloc , Mr. Krenz will face an immediate threat to his nation 's very existence : German reunification . Mr. Krenz , age 52 , is known as an UNKA UNKA , one likely to continue the method of running a country that the Berlin Wall made famous . Even if he were to change his UNKA and become another Milton UNKA , however , he would still stand a good chance of losing a country . Mr. Krenz almost certainly will be a younger version of Erich Honecker , his rigid predecessor as dictator . Mr. Krenz has followed much the same career path as Mr. Honecker : Both spent years overseeing the UNKA Deutsche UNKA , the youth group that is the communist regime 's principal tool for UNKA young Germans into socialist citizens . More recently , Mr. Krenz has been in charge of East German security , and is the youngest member of the ruling Politburo . Faced with another Mr. Honecker , so many UNKA East Germans are likely to UNKA that the two German UNKA will get their reunification , de UNKA , on West German ground . But if East Germany 's UNKA Politburo does loosen up enough to permit Mr. Krenz to make serious efforts at reform , he will face a challenge just as fundamental . UNKA socialism means UNKA the East German state 's reason for existence , and with it the UNKA for its UNKA and its Wall . In this scenario it 's hard to imagine that a pale UNKA of the Federal Republic could avoid being pulled into some kind of tie -- economic , federal or stronger -- with West Germany . Mr. Krenz may need a bit of time to consolidate his empire , which would do a lot to promote UNKA UNKA One . UNKA in West Germany have already UNKA the exodus by UNKA an UNKA placed by Mr. Honecker : `` UNKA : one people . '' The West German UNKA in UNKA , UNKA and Warsaw are continuing to find refugees at their UNKA . Of course East Germany , true to its tradition , could UNKA its borders yet further . Two of the last gestures of the Honecker regime were to close the border to Czechoslovakia and install UNKA lights in some spots along the UNKA . But with world-wide opinion -- even , apparently in Moscow -- against East Germany , the country would have to turn itself into an UNKA to UNKA down further on refugees . There have been some reports that Mr. Krenz is moving to `` UNKA '' his reputation , notably rumors that it was he who kept East Germany 's state police off protesters ' backs at the country 's dismal UNKA anniversary UNKA earlier this month . But even if he effects a UNKA UNKA , he will face a serious ideological crisis and UNKA UNKA Two . The problem is one that East Germany shares with other UNKA , such as North Korea , but one it must shoulder alone in the East Bloc . When Poland moves to reform , it can at least lean on its past : However flawed and UNKA Joseph UNKA 's UNKA UNKA , it was a UNKA democracy . UNKA reformers can recall the UNKA UNKA of the same period in their country . Even the Soviet Union has Peter the Great to UNKA , should it choose to . But East Germany is merely `` the land of truly existing socialism . '' Beyond that , it has to compete with West Germany for a claim to the German identity . Up to now , the main weapon of the `` worker and UNKA state '' has been the UNKA of socialism . With talk today of a second economic UNKA in West Germany , East Germany no longer can content itself with being the economic star in a UNKA league . Without Moscow 's military and party behind it , East Germany runs the risk of UNKA . If it goes capitalist , and increases trade with West Germany , it will convert itself , UNKA , into an economic UNKA of the Federal Republic . There 's a certain UNKA logic at work here : It 's particularly appropriate -- and UNKA -- that the land that produced UNKA UNKA should prove socialism 's failure in an experiment that uses its own people as controls . There may be forces that would delay this scenario . UNKA are the last to surrender , and Germans are an ideological people . The protesters who greeted Mikhail Gorbachev at East Berlin 's airport earlier this month were n't shouting `` UNKA U.S.A '' -- they were UNKA `` UNKA , UNKA UNKA . '' UNKA on the other side of the border can also slow the process . Helmut Kohl 's governing conservative coalition is proving UNKA true to the West German constitution by making more than 500,000 people of German UNKA automatic citizens this year alone . But within the government and in the think tanks outside it , many West Germans maintain that they do n't want immediate reunification . UNKA , this currently is wisdom -- particularly given a nervous neighboring France . But it would be ironic if Germany 's reunification , just like its division , eventually were the result of actions in centers of power other than Bonn and Berlin . In a statement that was as close as East Germany gets to practicing `` glasnost '' , UNKA UNKA , an East German party UNKA , actually acknowledged the reunification dilemma . `` The main problem , '' Mr. UNKA said in an East German radio interview monitored by Radio Free Europe in UNKA , stems from the fact that `` the UNKA is different '' from other East European states . `` What kind of right to exist , '' he asked , `` would a capitalist German Democratic Republic have UNKA a capitalist Federal Republic ? '' That 's a question East Germany ca n't answer easily , no matter what its new leader does . Miss UNKA is editorial features editor of The Wall Street UNKA . UNKA UNKA UNKA billions of dollars in damage claims from the California quake . But most businesses in the Bay area , including Silicon Valley , were n't greatly affected . Computer and software companies in the region are expecting virtually no long-term disruption in shipments . Also , investors quickly singled out stocks of companies expected to profit or suffer from the disaster . UNKA buy-outs may be UNKA by two rules in pending congressional legislation . The provisions , in deficit-reduction bills recently passed by the House and Senate , could raise the price UNKA of such deals by up to 10 % and cool the takeover boom . A bill giving the Transportation Department the power to block airline leveraged buy-outs cleared a House panel . But Secretary Skinner said he would urge Bush to veto the bill . Housing starts sank 5.2 % in September to a seven-year low . The drop , following a 6.2 % decline in August , indicates the industry is still being hurt by the Fed 's UNKA battle . IBM plans to buy back $ 1 billion of its common shares , a move likely to help the computer giant 's battered stock . The buy-back , which was n't a complete surprise , was announced after the stock market had closed . A capital-gains tax cut plan has been worked out by Senate Republicans . A similar proposal may be introduced soon by Senate Democrats . British Airways said it is seeking improved terms and a sharply lower price in any revised bid for United Air 's parent . The British carrier also confirmed it is n't committed to going forward with any new bid . UAL 's stock fell $ 6.25 , to $ UNKA . Stock prices rose slightly as trading slowed , while bonds ended little changed despite a UNKA dollar . The Dow Jones industrials gained UNKA , to UNKA . But investors remain wary about stocks , partly because of turmoil in the junk-bond market . B.A.T Industries may delay part of its defensive restructuring plan , including the sale of its Saks Fifth Avenue and Marshall Field units . The British conglomerate cited the recent turmoil in financial markets . WCRS Group announced a major restructuring that largely UNKA it from the advertising business . The London-based concern will sell most of its ad unit to France 's Eurocom . Commodore International expects to post its second consecutive quarterly loss because of weak personal computer sales in some markets . Jaguar hopes to reach a friendly accord with General Motors within a month that may involve producing a cheaper executive model . Sears is negotiating to UNKA its Sears Tower for close to $ 850 million , sources said . The retailer was unable to find a buyer for the building . Whitbread of Britain put its spirits division up for sale , setting off a scramble among UNKA . The business includes Beefeater gin . Markets -- Stocks : Volume UNKA shares . Dow Jones industrials UNKA , up UNKA ; transportation UNKA , off UNKA ; utilities UNKA , off UNKA . Bonds : Shearson Lehman Hutton Treasury index UNKA , off Commodities : Dow Jones futures index UNKA , up UNKA ; spot index UNKA , up UNKA . Dollar : 141.45 yen , off UNKA ; UNKA marks , off UNKA . The dollar finished softer yesterday , UNKA lower by continued concern about the stock market . `` We 're trading with a very wary eye on Wall Street , '' said UNKA UNKA , chief corporate trader at Harris Trust & Savings Bank in New York . `` No one is willing to place a firm bet that the stock market wo n't take another tumultuous ride . '' News of the major earthquake in California Tuesday triggered a round of dollar sales in early Asian trade , but most foreign-exchange dealers said they expect the impact of the quake on financial markets to be UNKA . Despite the dollar 's lackluster performance , some foreign-exchange traders maintain that the U.S. unit remains relatively well bid . Harris Trust 's Mr. UNKA noted that the unit continues to show UNKA in the face of a UNKA of `` headline UNKA '' in recent weeks , including rate increases in Europe and Japan , aggressive central bank intervention , a 190-point plunge in New York stock prices , an unexpectedly poor U.S. trade report and action by the Federal Reserve to UNKA U.S. rates lower . While Mr. UNKA does n't predict a significant climb for the U.S. unit in light of recent moves in interest rates around the world , he noted that `` its downside potential is surprisingly and -- for dollar UNKA -- `` UNKA '' limited . In late New York trading yesterday , the dollar was quoted at UNKA marks , down from UNKA marks late Tuesday , and at 141.45 yen , down from UNKA yen late Tuesday . Sterling was quoted at $ UNKA , up from $ UNKA late Tuesday . In Tokyo Thursday , the U.S. currency opened for trading at UNKA yen , down from Wednesday 's Tokyo close of UNKA yen . Since Friday 's dive in stock market prices , the Fed has UNKA reserves into the banking system in an effort to UNKA the markets and UNKA a repeat of 1987 's stock market debacle . Some analysts note that after last week 's stock market tailspin and Tuesday 's California earthquake , it 's hard to gauge where the central bank wants the key federal funds rate . They say that the earthquake , by preventing many banks from operating at full capacity , has given the Fed an additional reason to keep liquidity at a high level . The Fed did , in fact , execute $ 1.5 billion of UNKA customer repurchase agreements , the third set of repurchase orders in three days . Analysts said the additional liquidity should tend to reduce the federal funds rate . For now , traders say the foreign exchange market is UNKA both federal funds and events on Wall Street . They note that the dollar remains extremely vulnerable to the UNKA bad news from the stock exchange . Indeed , the U.S. unit edged lower as the Dow Jones Industrial Average dropped about 13 points in early trading . A slight recovery in the stock market gave currency traders confidence to push the dollar higher before the unit dropped back by day 's end . Some dealers noted that UNKA over the recent sharp dive in stock prices could intensify following suggestions by Bank of Japan UNKA UNKA UNKA that appeared to advise Japanese investors to be very careful in investing in U.S. leveraged buy-outs . Dealers suggest that the only positive news on the horizon that could UNKA attention from equities transactions is September 's U.S. consumer price data . The figures , due for release Friday , are expected to show an uptick in inflation to 4.8 % from 4.7 % in August . If the figures show a hefty rise in inflation , they could UNKA against easing by the Fed . On the Commodity Exchange in New York , gold for current delivery rose $ UNKA to $ UNKA an ounce in moderate trading . Estimated volume was three million ounces . In early trading in Hong Kong Thursday , gold was at $ UNKA an ounce . Crude prices UNKA upward in brisk trading on the assumption that heavy earthquake damage occurred to San Francisco area refinery UNKA , but the rise quickly UNKA when it became apparent that oil operations were n't severely curtailed . Trading on little specific information , market players overnight in Tokyo began bidding up oil prices . The rally spread into European markets , where traders were still betting that the earthquake disrupted the San Francisco area 's large oil refining plants . By yesterday morning , much of the world was still unable to reach San Francisco by telephone . West Texas Intermediate was bid up more than 20 cents a barrel in many overseas markets . At the opening of the New York Mercantile Exchange , West Texas Intermediate for November delivery shot up 10 cents a barrel , to $ UNKA , still on the belief that the UNKA were damaged . In the San Francisco area , roughly 800,000 barrels a day of crude , about a third of all the refining capacity in California , is processed daily , according to industry data . For more than the past year , even the rumor of a major West Coast refinery shutdown has been enough to spark a futures rally because the gasoline market is so tight . But yesterday , as the morning wore on , some major West Coast refinery operators -- including Chevron Corp. , Exxon Corp. and the Shell Oil Co. unit of Royal UNKA Group -- said their UNKA were n't damaged and were continuing to operate normally . Most said they shut down their petroleum pipeline operations as a UNKA but did n't see any immediate damage . UNKA terminals were also largely UNKA , they said . `` It 's hard to imagine how the markets were UNKA , given that nobody could get through to San Francisco , '' said one UNKA oil company executive . As the news spread that the UNKA were intact , crude prices plunged , ending the day at $ UNKA a barrel , down 19 cents . UNKA for November delivery was off 1.26 cents a UNKA to UNKA cents . UNKA oil finished at UNKA cents , down UNKA cent . `` The market was basically acting on two UNKA forces , '' said UNKA UNKA of Shearson Lehman Hutton Inc . `` One is the panic , the earthquake in San Francisco , which is positive . '' But once that factor was eliminated , traders took profits and focused on crude oil inventories , Mr. UNKA said . After the market closed Tuesday , the American Petroleum Institute had reported that crude stocks increased by 5.7 million barrels in the week ended Friday , which traders viewed as bearish . But some market players still think earthquake speculation could have more impact on the oil markets . `` The problem is that while on the surface everything is all right , the question is , '' said Mr. UNKA , `` was there any structural damage to the UNKA or anything else . '' In other commodity markets yesterday : UNKA : Futures prices eased on indications of improvement in the industry 's labor situation . The December contract declined 1.85 cents a pound to $ UNKA . According to one analyst , workers at the Cananea copper mine in Mexico , which has n't been operating since it was declared bankrupt by the Mexican government in late August , are set to return to work . The analyst said it will take about two to three months before the mine begins to produce copper in significant quantities . He added that , while there has n't been any official announcement as yet , the Highland Valley mine strike in British Columbia , which has UNKA more than three months , is regarded as settled . Another analyst said the Cananea return to operation may not be as near as some expect . `` There are still negotiations taking place on whether there will be a loss of jobs , which has been a critical issue all along , '' he said . Nevertheless , the increasing likelihood that these two major supply disruptions will be resolved weighed on the market , the analysts agreed . Both of these mines are normally major suppliers of copper to Japan , which has been buying copper on the world market . The first analyst said that the Japanese , as well as the Chinese , bought copper earlier in the week in London , but that this purchasing has since UNKA as the supply situation , at least over the long term , appears to have improved . `` The focus for some time has been on the copper supply , and good demand has been taken for granted , '' he said . `` Now that the supply situation seems to be improving , it would be best for traders to switch their concentration to the demand side . '' He noted the Commerce Department report yesterday that housing starts in September dropped 5.2 % from August to 1.26 million units on an annualized basis , the lowest level in seven years . `` Along with these factors , other economic reports suggest a slowing of the economy , which could mean reduced copper usage , '' he said . UNKA : Futures prices extended Tuesday 's gains . The March delivery ended with an advance of UNKA cent a pound to UNKA cents , for a two-day gain of 0.3 cent . According to one dealer , Japan said it has only 40,000 tons of sugar remaining to be shipped to it this year by Cuba under current commitments . The announcement was made because of reports Tuesday that Cuba would delay shipments to Japan scheduled for later this year , into early next year . The dealer said the quantity mentioned in the Japanese announcement is so small that it 's UNKA . One analyst said he thought the market continued to be supported to some degree by a delay in the Cuban sugar harvest caused by adverse weather . The dealer said India might be the real factor that is keeping futures prices firm . That country recently bought 200,000 tons of sugar and had been expected to seek a like quantity last week but did n't . `` It 's known they need the sugar , and the expectation that they will come in is apparently giving the market its principal support , '' the dealer said . UNKA AND UNKA : The Agriculture Department is expected to announce tomorrow that the number of cattle in the 13 major UNKA states slipped 4 % to UNKA million on Oct. 1 compared with the level a year earlier , said Tom Morgan , president of Sterling Research Corp. , Arlington Heights , Ill . UNKA prices have risen in recent weeks on speculation that the government 's quarterly report will signal tighter supplies of beef . Among other things , the government is expected to report that the number of young cattle placed on UNKA during the quarter slipped 3 % . UNKA UNKA cattle for UNKA , so a drop indicates that the production of beef will UNKA this winter . Indeed , some analysts expect the government to report that the movement of young cattle onto UNKA in the month of September in seven big UNKA states dropped 8 % compared with the level for September 1988 . The following issues were recently filed with the Securities and Exchange Commission : Health Care Property Investors Inc. , offering of UNKA shares of common stock , via Merrill Lynch Capital Markets , Alex . Brown & Sons Inc. and Dean Witter Reynolds Inc . Union Pacific Corp. , shelf offering of up to $ 500 million debt securities and warrants . United Technologies Corp. , shelf offering of up to $ 500 million UNKA UNKA unsecured debt securities . A new drug to prevent the rejection of UNKA UNKA has been successfully used on more than 100 patients at the University of Pittsburgh , according to researchers . The drug , which is still in the experimental phase , has n't been approved yet by the Food and Drug UNKA , and its long-term effects are unknown . But researchers say the drug , called UNKA , could UNKA the UNKA field by reducing harmful side effects and by lowering rejection rates . UNKA has been the major obstacle in the approximately 30,000 UNKA transplants performed world-wide each year . Researchers began using the drug in February on patients who had received kidney , UNKA , heart and UNKA transplants . Only two of 111 transplants have been rejected . The drug , discovered in 1984 , is UNKA from soil UNKA found in Japan . The Pittsburgh patients are the first humans to be given the drug , which is made by UNKA Pharmaceutical Co . `` We 're shocked by it , because it 's worked so fast , '' said Dr. Thomas E. UNKA , director of the University of Pittsburgh UNKA Program , at a news conference here yesterday . `` We consider it a UNKA drug , like one for AIDS , '' said Dr. John UNKA , an UNKA at the University of Pittsburgh . Researchers say they believe UNKA is 100 times more effective than the traditional UNKA drug , UNKA , made by Swiss pharmaceutical giant UNKA Ltd . They are also encouraged by the relatively mild side effects of UNKA , compared with UNKA , which can cause UNKA failure , UNKA , UNKA and other problems . `` The side effects -LCB- of UNKA -RCB- have made the penalty for its success rather high , '' Dr. UNKA said . Dr. UNKA said that UNKA would not be available in the market for at least a year , and that the FDA approval process usually takes three years to five years . There are no firm plans to expand the experimental program beyond the University of Pittsburgh , whose hospital UNKA the most transplants in the world . Researchers could n't estimate the cost of the drug when it reaches the market , but they said UNKA will enable patients to cut hospital stays by 50 % and reduce the number of blood tests used to monitor the UNKA of UNKA and other drugs among transplant recipients . Dr. UNKA said the research has been largely financed by the National Institute of Health and by university funds , and that UNKA did n't give the hospital any grants . He said that the research team had no financial stake in the drug . `` We 've known for six months the effect of this drug , and our advice to our people has been not to buy the company 's stock , '' Dr. UNKA said , adding that UNKA from UNKA would n't be ethical . UNKA David N. UNKA 's Sept. 27 editorial-page article , `` In Hugo 's UNKA , a UNKA UNKA , '' UNKA the control of price UNKA , swiftly ordered by South Carolina 's governor after Hurricane Hugo . According to Mr. UNKA , `` UNKA '' for price controls occurs when income UNKA `` threatens to hit home . '' To be sure , the threat has hit home down here . Yet in Mr. UNKA 's UNKA of free-market logic , human UNKA and UNKA are the only UNKA psychological reactions . UNKA UNKA prices for UNKA would indeed UNKA the lines at stores , as he contends . But not because resources are going to their most efficient use , leaving scarce goods `` allocated to those buyers who place the highest value on them . '' Rather , lines would UNKA because at higher prices many victims could not afford UNKA such as food and medical supplies . It is UNKA to UNKA that a poor , UNKA woman can not receive immediate relief for her family at fair prices because she does not have as much to protect as a rich family . Moreover , essential relief supplies such as ice must be distributed throughout the population because of potential health problems from UNKA food and possible UNKA of disease . Such UNKA effects give the state a right to UNKA in the marketplace and temporarily coordinate allocation of resources . Fortunately , UNKA and charities are not motivated by UNKA , but by UNKA . Why should they have to UNKA with UNKA rushing in to turn a quick profit ? These UNKA UNKA would be UNKA to take advantage of the situation , if they ever expect to face the people of South Carolina again . The government is actually protecting UNKA UNKA and other UNKA who can not see beyond their own short-term gain . South Carolina deserves an A for its quick and timely relief efforts . Mr. UNKA , meanwhile , gets an A for his UNKA UNKA of UNKA arguments . Give him an UNKA for his failure to understand the ethics of economic equity . UNKA by 25 students Of Douglas UNKA 's UNKA Economics Class , University of South Carolina Columbia , S.C . Mr. UNKA gives us an idea why economists ' predictions are usually wrong . They set up UNKA situations , UNKA from reality , and then try to reason from them . I 'm surprised he did n't advocate letting people UNKA , since that behavior can also be UNKA in a disaster and `` every individual has an incentive to alter the distribution of income in his favor . '' Price controls were `` so UNKA embraced by Charleston '' because price UNKA in this situation is equivalent to UNKA . UNKA Foster UNKA , Va . Mr. UNKA described one of the more UNKA threats we face when dealing with disasters such as Hugo -- UNKA UNKA such as that by the Charleston City Council as it UNKA about trying to Do UNKA . Since he concentrated on the economic UNKA of such UNKA , he did n't mention certain other of their effects . They UNKA law-enforcement resources at a time they are most needed for protecting lives and property . Also , rather than increase supplies , they reduce them and encourage UNKA . And they , or even the prospect of them , discourage disaster UNKA in the form of speculative advance UNKA of supplies by merchants . N. Joseph UNKA Miami UNKA , Fla . Would Mr. UNKA also suggest that the Red Cross , UNKA Army , military units , police , fire departments , rescue units and individual citizens cease their efforts to assist Hugo 's victims because they interfere with his concept of the `` free market '' ? What about those UNKA people all over the country who are donating food , water and other UNKA of life to these people who could be any of us ? Should they , too , stop `` UNKA with '' his free market ? Maybe he thinks they should also sell to the highest bidder . And what about insurance firms ? Should they be required to pay claims based on UNKA costs for labor and materials ? Mr. UNKA should UNKA , since he lives in South Carolina . In a free market , his insurance rates can be raised to recover UNKA losses . John W. UNKA UNKA , UNKA . Having been through several UNKA and UNKA , I have a different perspective . UNKA comes from seeing thriving communities UNKA -- but only temporarily . Their recovery came surprisingly fast , and always with the help of neighbors . The shock of seeing homes destroyed and city services disrupted may cause some to UNKA priorities such as the true economic value of a UNKA full of meat . In Texas after Hurricane UNKA , major grocery chains used their truck UNKA to ship essential goods to Houston , no UNKA , just good will . Tom UNKA UNKA , Texas We here in the affected areas were UNKA by Mr. UNKA 's analysis of time values and his comparisons of effectiveness concerning research and development . His theoretical approach and its publication in this venerable paper are no doubt a UNKA UNKA for him . Too bad theory fails in practice . We consumers tend to have long memories . The businesses UNKA to Mr. UNKA 's effective price system will be remembered when UNKA returns . Perhaps , considering the value of our time , we will be unable to UNKA their UNKA in the UNKA era . I have a question for Mr. UNKA : How do I explain to the single mother of three standing in line next to me for the past three hours that the two bags of ice she needs to keep her children 's food UNKA will take her last $ 20 ? I 'm sure she 'll appreciate what an efficient reaction to her problems the price system has created . Chris Edgar UNKA Beach , S.C . This seems to be the season for UNKA in Chicago . Though the UNKA ' UNKA season ended with the National League UNKA , a revival of the UNKA UNKA 's production of `` UNKA UNKA , '' a play in nine UNKA set in the UNKA Field UNKA , continues within UNKA distance of the UNKA . UNKA of a different sort also are being offered by our two major theater UNKA , the UNKA and UNKA . Each is more UNKA than an unexpected UNKA baseball UNKA , but both help explain why Chicago remains a vital center of this country 's regional theater movement . The UNKA is offering a UNKA version of UNKA 's `` The UNKA '' through Nov. 4 . The original is a comedy about UNKA , a man who sees UNKA and UNKA in everyone except himself . He is the UNKA friend of UNKA , and the UNKA UNKA of UNKA . The play is filled with UNKA , UNKA and UNKA . UNKA years ago the UNKA Richard UNKA UNKA this UNKA comedy merely by avoiding `` the UNKA sort of thing , '' as he wrote in his introduction . Otherwise , the scene remained UNKA 's house in UNKA . UNKA modern audiences readily understand that UNKA 's social indictment covers their world as well as UNKA Paris , Mr. UNKA concentrated his UNKA UNKA on UNKA the UNKA French UNKA into UNKA and theatrical English UNKA UNKA . The UNKA UNKA is remarkable -- well worth a read and even better seen in the theater if you ever have the opportunity . But if you happen to be coming to Chicago in the next few weeks , do n't fail to have a look at Robert UNKA 's `` The UNKA '' at the UNKA . If Mr. UNKA 's UNKA is a UNKA ground lens through which we see the UNKA and corruption of UNKA Paris , Mr. UNKA 's production is a mirror in which we see ourselves . Mr. UNKA , the UNKA 's artistic director , took a recent UNKA by Neil Bartlett and significantly adapted it . Mr. Bartlett had UNKA UNKA 's cast of characters to six and set them in the London media world of UNKA Britain . Mr. UNKA transfers the setting to Hollywood , and UNKA the characters into what passes for UNKA there -- agents , producers , actors , writers and UNKA . It works . Mr. Bartlett managed to more or less maintain UNKA 's UNKA UNKA form , 12 UNKA lines in UNKA UNKA . Mr. UNKA kept the form , but UNKA it with Mr. Bartlett 's further help . With a UNKA cast led by David UNKA as UNKA , UNKA UNKA as UNKA and , especially , William Brown as a UNKA who plays the Hollywood game but UNKA UNKA values and feelings , the UNKA production barrels through an UNKA Hollywood party with UNKA and UNKA . If this version , with its UNKA to Steven UNKA , UNKA and `` UNKA '' attracts younger audiences who might stay away from the UNKA version , then Messrs. Bartlett and UNKA are justified in UNKA Mr. UNKA . A UNKA play may be easier to revive than one merely 25 . The UNKA UNKA Company , back from a critical and box office success in London with its UNKA of UNKA 's `` The UNKA of UNKA , '' opened the new season with Harold UNKA 's `` The UNKA , '' first produced by the Royal Shakespeare Company in 1965 . Back then , Mr. UNKA was not only the angry young British playwright , but also the first to use UNKA and sentence UNKA and UNKA UNKA , almost to the exclusion of what we previously understood to be theatrical dialogue . When `` The UNKA '' was first produced on this side of the Atlantic , actors and directors were UNKA . UNKA were lengthy -- nobody moved or UNKA . Nobody UNKA UNKA , and nobody in the audience was encouraged to UNKA . This kind of theater was new to us . Also , it was not a funny time over here , what with the Vietnam War , the UNKA Democratic convention , assassinations and UNKA . But under Jerry UNKA 's direction the current UNKA production , scheduled to play through Nov. 19 , breaks through the flat and boring UNKA that `` The UNKA '' had become . UNKA by a UNKA performance by Alan Wilder as Max , the father , the play is at once an UNKA and UNKA UNKA of a family 's UNKA , UNKA , fear and UNKA . UNKA by Mr. Wilder 's UNKA UNKA , embarrassed UNKA and UNKA UNKA , the audience gets the joke and begins to UNKA before the end of the first act . Three of the family members , Max and his two UNKA , UNKA and UNKA , live off the UNKA : Max is a retired UNKA , UNKA a UNKA and UNKA an UNKA UNKA . Sam , Max 's brother , has escaped the UNKA by working as a UNKA UNKA and never seeking a wife . Teddy , the UNKA of Max 's UNKA , has made the most dramatic escape by becoming a professor of philosophy at an American university . Though it 's clearly Max 's wife who held UNKA here until her death , now none of the other male residents of this UNKA household can challenge Max . The play concerns Teddy 's UNKA with his wife of six years , Ruth . UNKA , UNKA UNKA as Teddy seems the only cast member unable to get beyond the UNKA approach to a UNKA character . As Ruth , UNKA Harris , a large and beautiful woman who may be our next UNKA UNKA , begins almost immediately to UNKA each of the men . In the end , Teddy returns alone to America , leaving Ruth in Max 's chair . We have seen her develop within a few hours from a shy and unknown UNKA to a UNKA of the UNKA who will replace the dead mother , and then some . While UNKA was in London with `` The UNKA of UNKA , '' Bruce UNKA , the president of its board of directors , quietly returned to Chicago to buy a piece of real estate in the city 's rapidly UNKA North UNKA Street restaurant and theater district . Within a year he hopes UNKA will move into a new UNKA theater on that site . The UNKA currently UNKA in a converted dairy that seats UNKA and provides little capacity for staging anything beyond a simple UNKA production . `` If we wanted to stage ` UNKA of a UNKA , ' `` Mr. UNKA says , `` UNKA UNKA would have to live in a UNKA house because of the low ceiling . '' UNKA needs the extra seats even more than the fly space . It 's currently forced to turn away many potential subscribers beyond the UNKA who can be UNKA in its present digs . For all the attention that Chicago theater has received during the past decade , not one new building has been devoted to it . Mr. UNKA , a former publisher and real estate developer , has put together an $ 8 million financial package that includes approximately $ 4 million of tax exempt bonds issued by the State of Illinois -LRB- the first time that a state has used its educational facilities authority to support construction of a theater -RRB- , and approximately $ 1 million in grants from the National UNKA for the Arts , the UNKA Foundation , and a few other deep pockets . The rest , he is confident , can be raised . His board members alone have pledged $ 800,000 and he is just beginning to UNKA local foundations and corporations . Mr. UNKA compares the importance of UNKA with UNKA UNKA 's Mercury UNKA in the UNKA . But UNKA 's theater company turned out to have a brief -- one might say a UNKA -- existence . What will Mr. UNKA do with his new theater building if the UNKA of Hollywood and UNKA proves too much for such UNKA UNKA as John UNKA -LRB- `` UNKA UNKA '' -RRB- , Joan Allen -LRB- `` The UNKA UNKA '' -RRB- , and UNKA UNKA -LRB- `` UNKA UNKA '' -RRB- , and the company UNKA ? `` That 's OK , '' Mr. UNKA replies . `` Let this building be UNKA 's UNKA to Chicago theater . '' Mr. UNKA is a Chicago-based law firm management consultant and a writer . After UNKA three days of heavy selling , the UNKA Nasdaq over-the-counter market finally rebounded , rising sharply in UNKA trading . The Nasdaq Composite Index jumped 0.7 % , or 3.35 , to UNKA . It rose more than the New York Stock Exchange Composite , which improved 0.2 % . Among bigger stocks , the Nasdaq 100 Index rose 1 % , or UNKA , to UNKA , while the Dow Jones Industrial Average was up 0.2 % . Richard UNKA , head of OTC trading at PaineWebber , said the OTC market has a habit of lagging big moves on the New York Stock Exchange . While the industrial average rallied on Monday following last Friday 's collapse , the OTC market , which did n't suffer too badly during the correction , tumbled . `` Our market got hit a lot harder on Monday than the listed market , '' Mr. UNKA said . `` We 're just recovering and getting back to business as usual . I 'm encouraged by the action . '' The trading pace was busy , with UNKA issues and UNKA million shares changing hands . UNKA issues beat declining ones , UNKA to UNKA . Much of the UNKA by OTC traders and investors UNKA on shares of companies that might be financially affected by damage from the devastating earthquake in northern California . As investors speculated about the long - and short-term implications , shares of a number of companies that might either profit or face problems because of the disaster were actively traded . UNKA the list : insurance , construction and technology companies located in the San Francisco Bay Area . UNKA stocks were mixed as investors tried to figure out how to assess the impact of the property damage and deaths on those concerns . Traders said UNKA companies with the UNKA exposure in the San Francisco area include the OTC 's UNKA and Ohio Casualty . Frank UNKA , a trader who follows insurance stocks for UNKA UNKA , said his strategy was to sell early . Then , if the stocks fell sharply , he planned to begin buying them aggressively , on the theory that the companies that insure against property damage and UNKA will have to raise rates eventually to compensate for the claims they will pay to earthquake victims and victims of last month 's Hurricane Hugo . As well , UNKA and insurance brokerage companies will have improved profits . Many investors expected damage from the hurricane to be the catalyst for higher rates in the industry , which has been depressed because of low rates UNKA from intense competition . But Mr. UNKA said the hurricane damage was n't extensive enough to prompt premium boosts . `` The companies just gave back what they had reserved for , '' he said . `` Now , they 'll have to increase their UNKA to protect for the future and that means rate increases . '' Overall OTC insurance issues were mixed . UNKA fell 1\/8 to 32 5\/8 on UNKA shares . Ohio Casualty rose 1\/4 to 51 3\/4 on UNKA shares . St. Paul Cos. jumped 2 to 59 3\/4 on UNKA shares . Academy Insurance fell UNKA to 1 UNKA ; but volume totaled 1.2 million shares . The Nasdaq Insurance Index jumped UNKA to UNKA on the day , while the barometer of big insurance and banking issues climbed UNKA to UNKA . Investors expect UNKA Data Systems , a company that provides disaster recovery services for UNKA businesses , to profit from the earthquake . UNKA 's stock rose 1 3\/4 to 21 1\/4 on UNKA shares . Shares of UNKA , a California road and bridge UNKA , were heavily traded , jumping 2 1\/8 to 9 7\/8 on 1.3 million shares . Guy F. UNKA added 7\/8 to 16 7\/8 , on UNKA shares . The company , based in San Francisco , provides industrial infrastructure engineering and construction services . Traders were initially nervous about shares of companies , including many leading OTC computer companies , such as Apple Computer with offices in the UNKA of the area damaged by the quake . But most of those stocks fared well . Apple Computer gained 1 to 48 1\/4 ; UNKA rose 3\/8 to 10 3\/8 . Intel also added 3\/8 to 33 7\/8 . But Sun Microsystems slipped 1\/4 to 17 1\/4 . Shares of biotechnology companies in the area were also higher . Chiron was up 1\/2 to 27 and UNKA gained 1\/2 to 16 3\/8 . The stocks of UNKA companies located outside California improved , too . Microsoft advanced 1 7\/8 to 80 1\/2 and Lotus Development added 1 1\/4 to 32 1\/2 . In other earthquake-related news , Hambrecht & Quist 's OTC market makers were UNKA from trading yesterday and its positions were frozen for the day by the National Association of Securities Dealers . Power could n't be restored at the company 's San Francisco headquarters to allow trading yesterday morning . In New York , Roger UNKA , a Hambrecht executive vice president , said he expects OTC trading at the company to resume this morning , either in New York or in San Francisco . In other trading , UNKA UNKA Services gained 7\/8 to 15 on 1.9 million shares after reporting a loss for the first quarter , which ended Sept. 30 . The company earned $ 6.6 million in the year-earlier quarter . Jaguar 's American depositary receipts added 3\/8 to 10 3\/4 on volume of 1.1 million . Analysts in London believe investors , despite their UNKA to dump takeover stocks , should hold on tight to their Jaguar shares , this newspaper 's UNKA on the Street column said yesterday . Amgen rose 1 1\/2 to 50 3\/4 in heavy trading . Analysts figure Amgen could benefit as a result of troubles facing its competitor , Genetics Institute , over the UNKA drug EPO . Genetics Institute disclosed recently that it is UNKA in a dispute with UNKA UNKA , which distributes the drug , regarding the UNKA of some UNKA . Ciba-Geigy Ltd. and Chiron Corp. said they extended their offer for Connaught UNKA Inc. , valued at UNKA million Canadian dollars -LRB- US$ UNKA million -RRB- to Oct. 27 . The companies earlier said they did n't want to raise their offer to match a rival bid by UNKA Merieux S.A. of C$ 37 a share , or C$ UNKA million . But they said the C$ UNKA bid , which was due to expire Monday , may still be extended or UNKA . Merieux , a vaccine manufacturer based in UNKA , France , is UNKA by French state-owned UNKA S.A . Ciba-Geigy is a major pharmaceutical concern based in UNKA , Switzerland . Chiron , another pharmaceutical concern , is based in UNKA , Calif . Connaught is a biotechnology research and vaccine manufacturing concern . UNKA Merieux 's bid for Toronto-based Connaught has run into problems with the Canadian government , which told Merieux last week that it was n't convinced that the proposed acquisition would be of `` net benefit '' to Canada . Merieux officials are expected to meet with federal officials in UNKA today to discuss the decision . Within minutes after the stock market closed Friday , I called Sen. Bill Bradley of New Jersey , advised him that the Dow Jones Industrial Average had declined by 190 points late that afternoon , and UNKA informed him that he and his fellow Democrats were to blame . They had UNKA a major setback that afternoon to President Bush 's capital-gains tax cut proposal , which had seemed in the bag after it passed the House UNKA earlier in the month . Sen. Bradley has it in his mind that such a tax cut would UNKA the tax reform he helped engineer in 1986 . But he knows that as many as 20 of his fellow Democrats are UNKA to vote for the cut , popular among their constituents . As a result , he took the lead in arguing that the cut should be blocked on procedural grounds . He helped persuade 10 of these senators to support him and Majority Leader George Mitchell on these grounds . The budget UNKA had to be UNKA with by the Oct. 15 deadline , and these Senate Democrats refused to agree to allow a vote to UNKA capital gains to the budget bill , knowing it would pass . UNKA a vote on substance , the GOP leadership in the Senate on Friday morning was UNKA with a hard choice . It could throw in the towel and hope to win on capital gains late this month , or it could follow the White House strategy , to veto UNKA unless capital gains was UNKA . The U.S. Chamber of Commerce has been in the UNKA in supporting the Bush proposal . It endorsed the White House strategy , UNKA it to be the UNKA way to victory . At noon Friday , a senior White House official advised Richard UNKA , the Chamber 's chief economist , that the White House would not agree to a budget UNKA bill unless it had firm UNKA that a vote on substance would be permitted in the Senate . Two hours later , the first word emerged on Capitol Hill that the administration had agreed to UNKA with no such UNKA from Senate Democrats . Mr. UNKA was shocked , UNKA the office of Richard Darman , director of the Office of Management and Budget , and the administration 's chief strategist on this issue . He left a message UNKA Mr. Darman of selling out . It was the Senate Republicans , though , who had edged away from the veto strategy . The stock market reacted as Mr. UNKA did , crumbling as it absorbed the news that Mr. Darman 's strategy had been abandoned . The stock market , after all , represents the collective expectations about the value of the future income stream of the nation 's capital stock , discounted to present value . Why should it be so surprising that a 30 % cut in the capital-gains tax would have such an enormous impact on the value of the nation 's capital stock ? The total value of privately held assets is easily more than $ 15 trillion . The value traded on the exchanges is close to $ 3 trillion . If the tax on any gain to those assets was doubled , would n't the value fall to the owners of the assets ? Is n't it reasonable to assume that the asset you own would be worth more if the government suddenly announced that if you sold it , you would be able to keep 30 % more of its gain than you previously believed ? Indeed , the stock market 's steady advance this year tracked with President Bush 's success in advancing his capital-gains proposal . A 30 % cut in this year 's capital gains alone amounts to roughly $ 50 billion . We 're talking real money . When Richard UNKA advised the financial press that the market crash was caused by the setback to capital gains , he was generally ignored and mildly UNKA . Instead , the press UNKA readily accepted the notion that a UNKA in the takeover financing of United Airlines instantly knocked 7 % off the value of the nation 's capital stock and caused UNKA around the world . Mr. UNKA was pointing out an UNKA UNKA through Wall Street while conventional wisdom had UNKA on the UAL UNKA . Why is this happening ? For one thing , quite a number of the leading spokesmen on Wall Street are not portfolio managers , who understand that the value of assets is greatly affected by how government taxes those assets . They are economists and financial reporters who UNKA with the view that a capital-gains tax cut benefits the rich . Yet they somehow think that Wall Street is UNKA to losing the tax cut that seemed so close Friday morning and is now UNKA . The market rebound Monday followed weekend UNKA from Mr. Darman that the administration has other plans to win the cut , which is alive and well . Sen. Bradley 's argument is that a capital-gains tax cut would be bad for the economy in the longer run . It would inevitably lead to an increase in marginal income-tax rates in 1990 , he thinks , when the White House is forced to ask for higher taxes to meet budget targets . That is , with capital gains cut , the UNKA of the 1986 accord will be gone , and political realities will push up income-tax rates . The UNKA , which he has heard , is that if he and his fellow Democrats are successful in killing the president 's proposal , the revenue gap will open up UNKA in 1990 because of the weakened economy . In this atmosphere , there would be no serious consideration of tax increases . If Sen. Bradley would permit a vote on capital gains , though , it would pass , Christmas retail sales would be strong instead of UNKA by a falling stock market , the 1990 economy would be robust , and the revenue gains at every level of government , including New Jersey 's , would be surprisingly high . No tax increases would be necessary . The struggle over capital gains is the most important game in town . In Washington and on Wall Street . Mr. UNKA is president of UNKA Inc. , of UNKA , N.J . Federal prosecutors said they have obtained a guilty plea from another person in the government 's ongoing probe of illegal payments in the record industry . William Craig , an independent record UNKA , pleaded guilty to UNKA and criminal tax charges , according to a statement issued by Gary UNKA , the U.S. attorney here . UNKA is the practice of making illegal , undisclosed payments to radio station personnel in return for getting the stations to play certain UNKA over the air . As part of his plea agreement with the government , the UNKA Mr. Craig faces a maximum of three years in prison . In return , Mr. Craig agreed to cooperate in the government 's continuing UNKA probe , says a spokeswoman for the U.S. attorney 's office . Mr. Craig and three others were indicted last year as part of that UNKA probe . Two other defendants previously pleaded guilty , and charges against the third were dropped . Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . Estimated and actual results involving losses are omitted . The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . Otherwise , actual profit is compared with the 300-day estimate . Grumman Corp. was awarded a $ UNKA million Navy contract for advanced acquisition of six UNKA tactical control aircraft . LTV Corp. won a $ 25 million Army contract for missile test equipment . Unisys Corp. received a $ UNKA million Air Force contract for computer programming . Ford Aerospace & Communications Corp. , a unit of Ford Motor Co. , was awarded a $ UNKA million Air Force contract for computer improvements . Rockwell International Corp. was issued a $ 12.5 million Air Force contract for changes in the National Aerospace UNKA . The Tennessee Valley Authority issued $ 4 billion in bonds in the federal utility 's first public debt offering in 15 years . Proceeds from the bonds , with coupon rates in the 8 % range , will be used to replace bonds with an average interest rate of 13.1 % . The UNKA said the refinancing should save $ 75 million a year in interest payments . The refinancing is part of the UNKA 's strategy of dealing with what has been an UNKA problem : its staggering $ UNKA billion debt , most of which is owed to the Treasury Department 's Federal Financing Bank . The UNKA currently plans to issue a total of $ 6.7 billion in bonds to UNKA its UNKA debt . The $ 4 billion bond issue also will help the UNKA meet its goal of not raising rates for another year , said William F. UNKA , the agency 's chief financial officer . The bond issue is UNKA 's first public offering since the Financing Bank was created in 1974 , primarily to finance the UNKA . But the offering almost did n't happen . The UNKA , in fact , decided to proceed with the bond offering following an agreement last week with the Financing Bank , which allows UNKA to keep borrowing short term from the bank for two years after it goes to the public market . The Treasury contended that UNKA could n't borrow from both it and the public debt market . The $ 4 billion in bonds break down as follows : $ 1 billion in five-year bonds with a coupon rate of 8.25 % and a yield to maturity of UNKA % ; $ 1 billion in 10-year bonds with a coupon rate of 8.375 % and a yield to maturity of UNKA % ; $ 2 billion in 30-year bonds with five-year call protection , a coupon rate of 8.75 % and a yield to maturity of UNKA % . UNKA the bond issue is a group of investment banks headed by First Boston Corp. and UNKA by Goldman , Sachs & Co. , Merrill Lynch Capital Markets , Morgan Stanley & Co. , and Salomon Brothers Inc . UNKA UNKA John M. UNKA has put his money where his UNKA is , pouring $ 1.4 million into one of his own funds , the UNKA Value Fund . Mr. UNKA owns shares in several of the 33 funds that his firm manages , but only in three of the 10 available to U.S. investors , according to filings with the Securities and Exchange Commission . Those are UNKA Global Income , UNKA UNKA Markets and now the Value Fund . Why did he add the Value Fund to the list ? Because he 's very bullish on the emerging growth stocks that make up the fund 's portfolio , Mr. UNKA said from his UNKA UNKA . `` UNKA growth stocks have n't been popular in America for years , they 've been neglected , '' he said , and their prices often trail the market as a whole . Mr. UNKA 's UNKA purchase in the closed-end fund came before the U.S. stock market 's plunge last Friday , but still proved slightly profitable . Mr. UNKA bought his shares in several separate purchases between Aug. 30 and Sept. 28 , according to reports with the SEC . He bought at share prices ranging from $ UNKA to $ UNKA . The fund closed yesterday in New York Stock Exchange composite trading at $ UNKA , up 12.5 cents . In addition , Mr. UNKA received a dividend of 22 cents a share Oct. 5 . UNKA UNKA : A senior vice president and a vice president at James River Corp. sold the majority of their shares in the Richmond , Va. , UNKA concern in late August and early September , reports filed with the SEC show . The executives , who got $ UNKA a share for the stock , showed good timing . In Big Board trading yesterday , James River shares closed at $ UNKA , down 12.5 cents . On Sept. 6 , Robert Joseph UNKA , the firm 's senior vice president of employee and public relations , sold 4,000 shares , leaving himself with UNKA shares of James River . UNKA a sale of stock last February , Mr. UNKA has sold 88 % of his stake in the company this year , according to SEC filings . Mr. UNKA declined to comment when asked about the sales . James A. UNKA , a vice president , sold 1,500 shares Aug. 28 . He still has UNKA shares , according to SEC files . Mr. UNKA also declined to comment . UNKA UNKA : Cincinnati Gas & Electric Co. tops the companies portion of the accompanying UNKA Trading table this week . Three of the utility 's directors have at least doubled their holdings in the company since July . The largest purchase was by UNKA UNKA , who bought UNKA shares for $ UNKA . Mr. UNKA , who is also president of UNKA Broadcasting Co. , said he bought the shares because he keeps a utility account at the brokerage firm of Salomon Brothers Inc. , which had recommended the stock as a good buy . Salomon Brothers confirmed that it has had a buy recommendation on the stock for about two years . `` Cincinnati Gas & Electric is in good shape , '' Mr. UNKA said , and utilities are `` a good investment because interest rates are going down . '' Mr. UNKA paid an average of $ UNKA for each share . The stock closed yesterday on the Big Board at $ UNKA , down 12.5 cents . The two other directors bought 1,000 and UNKA shares , respectively , at prices between $ UNKA a share and $ UNKA a share , filings with the SEC show . The two could n't be reached for comment . A company spokesman said he could n't explain their sudden UNKA . `` I do n't know of any news or anything unusual happening here , '' said Bruce UNKA , director of media services . Peter UNKA in Pittsburgh contributed to this article . T. Rowe Price Associates Inc. said directors recommended stockholders approve a 2-for-1 stock split and an increase in authorized shares to 25 million from 10 million . UNKA will vote on the proposal at a meeting Dec. 13 . T. Rowe Price is an investment adviser to mutual funds , institutions and individuals . In one of the first UNKA UNKA cases to go to trial , a UNKA jury decided in favor of the defendant , Burlington Industries Inc . The verdict , reached late last week in Cincinnati , may end an UNKA legal battle for the UNKA , N.C. , carpet maker . Glenn and Sharon UNKA of Cincinnati had sued the UNKA - UNKA in 1981 after UNKA Burlington UNKA in their office . The UNKA alleged that toxic UNKA from the UNKA made them sick . As a result of their illness , the UNKA said , they lost $ 1.8 million in wages and earnings . In addition , they said that months of exposure to the chemicals has left them sensitive to a wide range of commonly used UNKA . The case had been closely watched because attorneys anticipate increasing litigation nationally over the so-called UNKA syndrome . UNKA ' lawyers say that buildings become `` sick '' when inadequate fresh air and poor UNKA systems lead UNKA to build up inside . Anthony J. UNKA , a lawyer for Burlington , said the company believes the UNKA ' symptoms were not related to the UNKA . He said that ill effects from new UNKA UNKA themselves immediately but that the UNKA ' symptoms appeared months later . UNKA Adams , the UNKA ' lawyer , said the verdict would not discourage other plaintiffs from filing such suits . Scientists are only beginning to understand what causes UNKA syndrome and much of that research was unavailable when the UNKA filed the case , she said . The UNKA now believe that a prime UNKA for their injuries was UNKA from an UNKA used in the UNKA . But the UNKA did n't come to that conclusion until time limits had UNKA for adding the UNKA maker as a defendant in the case , Ms. Adams said . The UNKA have not yet decided whether to appeal . UNKA UNKA development opponents are UNKA setback . The UNKA Division of New York State Supreme Court dismissed six lawsuits attempting to block a $ 2.5 billion project planned for UNKA Street in Manhattan . UNKA of the project had claimed that the city and the state of New York , which are UNKA the project , had failed to UNKA to environmental guidelines . All but two of the 40 or so lawsuits that have been filed since the project 's 1984 approval have been dismissed before the trial stage . The two that remain have n't yet reached the pre-trial UNKA stage . State officials said the court 's ruling clears the way for proceedings to condemn buildings in the area . `` This project is ready to move , '' said State Urban Development Corp. Chairman Vincent UNKA . But developers of four planned office UNKA cautioned that obstacles still remain . As part of the agreement with the state , the developers -- a partnership of Park Tower Realty and Prudential Insurance Co. of America -- said they would not proceed with UNKA proceedings while there was `` significant litigation '' pending . Park Tower General UNKA UNKA Mayer said the development team will have to review two additional lawsuits before putting up a $ 155 million letter of credit to cover UNKA costs . Also , he said , the partnership is waiting to see whether the appellate division 's ruling will be appealed . The plan , which has been plagued with delays and UNKA setbacks , seeks to transform the area from a UNKA UNKA to a more UNKA office and theater district . State and city officials are still negotiating with developers to UNKA historic theaters and build and operate a merchandise mart and hotel . FEDERAL UNKA UNKA role of U.S. courts in UNKA decisions . U.S. District Judge Jack B. UNKA of Brooklyn , N.Y. , ruled that a man UNKA in an attack on an Israeli passenger bus in 1986 can be UNKA to Israel for trial . A UNKA had initially refused the request , ruling that the attack had been a political act for which the man , UNKA UNKA UNKA , would be exempt from UNKA . However , Judge UNKA wrote in his opinion late last month that terrorism and acts of war against UNKA can not be defined as political acts . Judge UNKA also ruled that judges must consider prior to UNKA whether the defendant will be treated fairly in a foreign court . To do so , the judge said , the U.S. courts must review the judicial process in the foreign country UNKA of the State Department 's assessment . He said that in this case he UNKA with the State Department 's decision that Mr. UNKA should be UNKA . Mr. UNKA 's lawyer said he would appeal . Lawyers close to the case said they believed the ruling was unprecedented . `` Up until now the courts have said it is not their role to UNKA the foreign country 's courts , '' said UNKA UNKA , the assistant U.S. attorney on the case . UNKA UNKA UNKA to the U.S. UNKA E. UNKA has joined the Philadelphia law firm of UNKA , Hamilton & UNKA as a consultant . Mr. UNKA , who serves as a consultant to UNKA , Elliott , one of Canada 's biggest law firms , is advising UNKA Hamilton 's Washington office on legal matters related to UNKA investment , corporate finance and international transactions . UNKA : In a speech prepared for delivery in New York yesterday , retired Justice Lewis UNKA UNKA the notion that the last Supreme Court term marked a turn toward UNKA : `` UNKA who agreed on little else unanimously proclaimed a ` shift in direction ' on the court ... . I take these UNKA , like many that have UNKA them in past years , with a grain of UNKA . In an era of ` sound UNKA ' and instant opinion polls it is dangerous to apply broad labels to a single term . -LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- THE UNKA UNKA UNKA , UNKA UNKA UNKA into Israel on Oct. 6 , 1973 , the UNKA day in the Jewish calendar , UNKA barely a month . But one UNKA effect is still with us . The Arab states , always bitterly UNKA of U.S. support toward Israel , realized they held an UNKA weapon -- oil . Early in October , six Arab nations in the UNKA Gulf UNKA up prices sharply . On Oct. 22 , led by Saudi Arabia , the world 's largest exporter , they UNKA oil shipments to the U.S. and to the Netherlands , Israel 's UNKA European ally . The timing was perfect . The UNKA had tried UNKA before . In UNKA , when Britain , France and Israel UNKA UNKA to seize the Suez UNKA , Arab producers cut off supplies to Europe . Texas simply UNKA harder . U.S. oil supplies , however , had peaked in 1970 and 1971 and by 1973 were declining . Imports , then six million barrels a day , came primarily from Venezuela and Canada . But Middle East supplies were growing in importance . By 1973 , the U.S. was bringing in two million barrels of Arab oil a day , more than 10 % of the UNKA million barrels consumed daily . UNKA and economics UNKA . Japan and Europe , far more dependent on Mideast oil than the U.S. , would n't UNKA the UNKA or trade off their precious supplies . The U.S. did manage to supply the Dutch with oil by UNKA supplies ; once oil is shipped , no one can tell its source . But UNKA Americans UNKA , and so did the U.S. and other UNKA governments . `` UNKA '' and `` crisis '' became UNKA words , although neither really applied . The spot UNKA that showed up were largely the result of confusion -LRB- much of it in Washington -RRB- , though that was cold comfort for drivers waiting in UNKA lines at the gas UNKA . The UNKA UNKA only six months , but the price UNKA became a fact of life . What the UNKA started , inflation finished . Once and for all , $ UNKA crude oil and UNKA gasoline were history . Times may be tough on Wall Street for some , but a few bosses are making as much as ever -- or more . At Bear Stearns Cos. , for example , the 15 executive officers led by Chairman Alan `` UNKA '' Greenberg got a pay increase to $ UNKA million for the UNKA period ended June 30 from $ UNKA million for the 12 months ended April 30 , 1988 . The figures do n't include substantial dividends on holdings of Bear Stearns stock . Mr. Greenberg himself was paid $ 4.5 million , before an estimated $ 1.5 million in dividends , up from $ 2.4 million the year before . The increase is noted in the brokerage firm 's latest proxy statement filed with the Securities and Exchange Commission . Because it operates on a fiscal year , Bear Stearns 's yearly filings are available much earlier than those of other firms . The latest period includes 14 months instead of 12 because Bear Stearns changed to a fiscal year ending in June instead of April . Meanwhile , Bear Stearns 's 650 stock and bond salesmen saw UNKA UNKA over the past year , which the company says reflected lower commission revenue caused by a decline in investor activity in the markets . However , Bear Stearns on Monday reported improved earnings for its first quarter , ended Sept. 29 , partly because of a 31 % increase in commissions during the quarter . William J. UNKA , chief financial officer , defended the UNKA salaries at Bear Stearns . `` All of us are on a base salary of $ 200,000 if the firm makes nothing -- and that 's pretty low as far as Wall Street goes , '' Mr. UNKA said . However , Bear Stearns has never had an unprofitable year since its founding 65 years ago . Four Bear Stearns executives besides the UNKA Mr. Greenberg were paid $ 3 million or more before dividends for the 14 months ended in June . According to the proxy statement , James E. UNKA , 55 , Bear Stearns 's president , made $ 3.9 million ; an executive vice president , Michael L. UNKA , 53 , made nearly $ 3.4 million ; and two executive vice presidents , Vincent J. UNKA , 44 , and William J. UNKA , 42 , made about $ 3.3 million each . Mr. UNKA said the firm has a `` straight UNKA formula '' for determining compensation , based on the firm 's earnings . `` Just because a particular element of the firm is down , '' such as UNKA , `` does n't mean the executive committee should be paid less , '' he said . Morgan Grenfell Group PLC said John UNKA , group chief executive officer , is taking over the UNKA of the merchant banking group from Sir Peter UNKA , who is retiring . Mr. UNKA will remain a member of the merchant bank 's board . Mr. UNKA is widely credited with UNKA Morgan Grenfell 's UNKA on its core corporate finance , fund management and banking activities over the past year . Last year , Morgan Grenfell shut down its ailing U.K. securities operations . Mr. UNKA said his move to the UNKA means he will take a less active role in the day-to-day management of the group , but he added that the merchant bank 's strategic focus remains unchanged . Mr. UNKA joined Morgan Grenfell as group chief executive in May 1987 , a few months after the resignations of former Chief Executive Christopher UNKA and other top officials because of the merchant bank 's role in Guinness PLC 's controversial takeover of UNKA 's Co. in 1986 . Morgan Grenfell had advised Guinness on the bid , which was UNKA by allegations that Guinness used UNKA means to support the bid 's value . Morgan Grenfell said Michael UNKA , currently group deputy chief executive , will assume the chief executive position . The merchant bank also announced that finance director David UNKA is taking early retirement for personal reasons . His duties will be taken over by Anthony UNKA , who has been elected deputy chairman . News of Mr. UNKA 's retirement comes one day after Morgan said that Christopher Whittington resigned as chairman of Morgan 's banking subsidiary to join a financial services firm . Mr. UNKA said both Messrs. UNKA and Whittington had planned to leave the bank earlier , but Mr. UNKA had persuaded them to remain until the bank was in a healthy position . `` If there 's any UNKA about the departures it 's that they are leaving at a time when the business is in reasonably good shape and going forward very well . '' Last month , Morgan Grenfell announced its pretax profit rose UNKA % to # UNKA million in the first half , boosted by a healthy growth in its domestic and international corporate finance business . The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : Lockheed Corp. -- $ 300 million of 9 3\/8 % notes due Oct. 15 , 1999 , priced at UNKA to yield UNKA % . The issue was priced at a spread of UNKA basis points above the Treasury 's 10-year note . Rated single-A-3 by Moody 's Investors Service Inc. and single-A by Standard & Poor 's Corp. , the issue will be sold through underwriters led by Goldman , Sachs & Co . California Health UNKA Financing Authority -- $ UNKA million of revenue bonds for Kaiser UNKA , due UNKA , 2004 , 2008 , UNKA and 2019 , tentatively priced by a PaineWebber Inc. group to yield from 6.25 % in 1993 to UNKA % in UNKA . Serial bonds were priced to yield to UNKA % in 1999 . There are about $ 10 million of 7 % bonds priced at 99 1\/4 to yield UNKA % in 2004 ; about $ 15 million of 7 % bonds priced at 98 1\/2 to yield UNKA % in 2008 ; about $ UNKA million of 7 % bonds priced at 97 1\/4 to yield UNKA % in UNKA ; and about $ 15 million of 6 3\/4 % bonds priced to yield 7.15 % in 2019 . The bonds are rated UNKA by Moody 's and double-A by S&P , according to the lead underwriter . Pennsylvania Higher Education UNKA Authority -- approximately $ UNKA million of revenue bonds for UNKA University , Series 1989 , due UNKA , 2009 and 2019 , priced late Monday by a Merrill Lynch Capital Markets group to yield from 6 % in 1990 to UNKA % in 2019 . Serial bonds were priced to yield from 6 % in 1990 to 7.10 % in UNKA . There are about $ UNKA million of 7.2 % term bonds due 2009 , priced to yield 7.25 % , and about $ UNKA million of 7.2 % term bonds due 2019 , priced at 99 to yield UNKA % . The bonds are insured and rated triple-A by Moody 's and S&P . Connecticut -- $ UNKA million of general obligation capital appreciation bonds , College Savings Plan , 1989 Series B , priced by a Prudential-Bache Capital Funding group . The zero-coupon bonds were priced to yield to maturity from 6.25 % in 1994 to 6.90 % in UNKA , 2007 and 2009 . The bonds have received a rating of UNKA from Moody 's , and a UNKA rating is expected from S&P , the underwriter said . Oregon -- $ 100 million of general obligation UNKA ' tax notes , Series 1989 , dated Nov. 1 , 1989 , and due Nov. 1 , 1990 , through a Chemical Securities Inc. group . The group is offering the notes priced as 6 3\/4 % securities to yield 6.25 % . The notes are rated UNKA by Moody 's and UNKA by S&P . University of Medicine and UNKA of New Jersey -- $ UNKA million of Series C bonds priced by a Prudential-Bache Capital Funding group . The bonds , rated single-A by Moody 's and double-A by S&P , were priced to yield from 6.20 % in 1992 to UNKA % in 2019 . All UNKA bonds are being offered at par except those due UNKA . Federal Home Loan Mortgage Corp. -- $ 500 million of Remic mortgage securities being offered in eight classes by Salomon Brothers Inc . The offering , Series 104 , is backed by Freddie Mac 9 % securities . The issue used UNKA pricing . Federal National Mortgage Association -- $ 350 million of Remic mortgage securities being offered in 11 classes by Greenwich Capital Markets . The offering , Series UNKA , is backed by Fannie Mae 9 1\/2 % securities and used UNKA pricing . The issue brings Fannie Mae 's 1989 Remic issuance to $ UNKA billion and its total volume to $ UNKA billion since the program began in April 1987 . UNKA Electric UNKA Co . -LRB- Japan -RRB- -- $ 150 million of bonds due Nov. 2 , 1993 , with equity-purchase warrants , indicating a 4 % coupon at par , via Nomura International Ltd . Each $ 5,000 bond carries one warrant , exercisable from Nov. 16 , 1989 , through Oct. 19 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 24 . UNKA Co . -LRB- Japan -RRB- -- $ 150 million of bonds due Nov. 1 , 1993 , with equity-purchase warrants , indicating a 4 % coupon at par , via Daiwa Europe Ltd . Each $ UNKA bond carries one warrant , exercisable from Nov. 15 , 1989 , to Oct. 18 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 23 . UNKA Steel Co . -LRB- Korea -RRB- -- $ 50 million of bonds due Nov. 8 , 1994 , with equity-purchase warrants , indicating a 1 1\/4 % to 1 3\/4 % coupon at par , via Merrill Lynch International Ltd. and UNKA UNKA Securities Co . Each $ 5,000 bond carries one warrant , exercisable from May 8 , 1991 , through Oct. 8 , 1994 , to buy company shares at an expected premium of 75 % to 85 % to the closing share price when terms are fixed Oct. 18 . UNKA International Funding PLC -LRB- U.K. parent -RRB- -- 150 million Australian dollars of 15 3\/8 % bonds due Nov. 8 , 1996 , priced at 101 3\/4 to yield UNKA % less full fees , via UNKA Morgan Securities Ltd . Guaranteed by UNKA PLC . Fees 2 . Tennessee Valley Authority -- A $ 4 billion , UNKA offering of power bonds priced through an underwriting group led by First Boston Corp . The size of the issue was increased from an originally planned $ 3 billion . The first part , consisting of $ 2 billion of bonds due Oct. 1 , 2019 , with a five-year UNKA provision , was priced as 8 3\/4 % securities at UNKA to yield UNKA % . The 30-year issue was priced at a spread of 105 basis points above the Treasury 's 30-year bellwether bond . The second part , consisting of $ 1 billion of noncallable bonds due Oct. 1 , 1999 , was priced as 8 3\/8 % securities at UNKA to yield UNKA % . The 10-year issue was priced at a spread of 43 basis points above the Treasury 's 10-year note . The third part , consisting of $ 1 billion of noncallable bonds due Oct. 1 , 1994 , was priced as 8 1\/4 % securities at UNKA to yield UNKA % . The five-year issue was priced at a spread of 43 basis points above the Treasury 's comparable note . The issue is rated triple-A by Moody 's and triple-A by S&P . UNKA Pharmaceutical Inc. said it named its interim president and chief executive officer , Kenneth I. UNKA , to those posts UNKA , and elected him to the board . UNKA also said it was advised by the U.S. attorney for Maryland that it is one of a number of companies being investigated by a federal grand jury for alleged violations of the federal Food , Drug and UNKA Act . UNKA , a UNKA maker that has been plagued by management problems , was already the subject of a federal criminal inquiry into the UNKA process and a Food and Drug Administration investigation . A UNKA spokesman said he understood the criminal investigation in Maryland UNKA to matters UNKA disclosed in July , when UNKA said it filed false drug information with the FDA . At the time , the company said it was UNKA one of its drugs and had stopped selling two others . The spokesman said he also understood that the inquiry related to the existence of an `` UNKA '' production book . The book noted changes made at the manufacturing level that were n't disclosed to the FDA . UNKA said it is UNKA in the investigation . Also yesterday , UNKA Patel , a former UNKA official who pleaded guilty to providing an FDA employee an illegal UNKA of $ 3,000 , was sentenced by a federal judge in Baltimore to one year of community service and a $ 150,000 fine . Mr. Patel also was placed on three years ' UNKA . Mr. Patel resigned as senior vice president of UNKA in April . In July , UNKA and a UNKA unit agreed to plead guilty in that inquiry , as did another former UNKA official . Mr. UNKA began running the company on an interim basis in late September . UNKA said it selected him for the posts of president and chief executive on a permanent basis because of his experience in the industry and his performance at UNKA . UNKA Levine , chairman , said Mr. UNKA had `` taken significant steps '' to restore the company 's credibility and sense of UNKA and integrity . Just after midnight Monday , federal spending started to drop by $ 16 billion . What do you say we all close down the UNKA game , go home and bank the $ 16 billion ? That 's essentially what budget director Richard Darman is suggesting , and we think he deserves as much support as he can get . If human beings ca n't cut federal spending UNKA -- and they ca n't -- let the computers do it . Congress , with a measure of White House UNKA , has been UNKA the spending accounts for years under the cover of omnibus appropriations bills . -LRB- Indeed without earlier UNKA , the current UNKA of $ 16 billion would have been even larger . -RRB- We suspect voters are fed up with the UNKA . Consider , for instance , that even yesterday 's widely publicized UNKA is likely to be UNKA if business as usual is allowed to prevail . Under the law , Gramm-Rudman 's UNKA in federal programs are supposed to be permanent . Social Security and spending for poor people are UNKA . However , the Associated Press 's account of the Monday UNKA order signed by President Bush UNKA captured the UNKA Congress shows toward the notion of a legally UNKA commitment : `` Lawmakers have been saying for weeks that they plan to roll back the cuts as soon as they agree to a compromise on a UNKA bill . '' Mr. Darman 's UNKA to save the UNKA was backed up yesterday by White House Press Secretary Marlin Fitzwater : `` There is some feeling here that the cuts are the way to go . It will reduce spending in a very effective fashion . '' This attitude is being UNKA away by UNKA around Washington as little more than tough talk . It looks to us like a golden opportunity for George Bush to UNKA off at the UNKA all this talk about a UNKA , UNKA presidency . Mr. Bush would be acting in the public interest if he let the Washington UNKA who manipulate these budgets -- the bureaucrats , the lobbyists , the congressional staffers -- live for just one year on a restricted UNKA . UNKA UNKA UNKA ; thin is in . Senator Phil UNKA pointed out Monday that in the 20 years before Gramm-Rudman was enacted in 1985 , federal spending grew by about 11 % a year ; since the law , it 's grown at under 5 % annually . Another major factor in this positive trend was Ronald Reagan 's decision early in his presidency to fight the budget war on the expenditure side rather than raising taxes . George Bush 's continued support of the tax dam UNKA this strategy of UNKA Congress to make choices among competing priorities , rather than just saying yes to all the UNKA special-interest UNKA that fill the UNKA trough . If Washington 's UNKA ever succeed in UNKA the tax dam , Americans will be UNKA in a red sea of new spending programs , such as UNKA child care . UNKA care was one of the many `` UNKA '' bills pulled out of the Senate 's UNKA bill last Friday . Others were the capital-gains cut , Section 89 repeal , the disabled workers bill , and the unprecedented UNKA of the catastrophic health act . All this stuff still is in the House 's UNKA UNKA bill , and many Members say they 're reluctant to pull out UNKA bills , just to see them die . Republicans especially want a guarantee from the House leadership that they 'll get an UNKA vote on the bills . House Speaker Foley ought to deliver that promise . This is the way government is supposed to work , with politicians taking responsibility for votes that their constituents can identify , instead of UNKA them in the great UNKA UNKA truck . We have as much UNKA as anyone for those UNKA , UNKA days in Washington when UNKA men and women UNKA over budgets and even UNKA a bit to see that the bridges got build , roads UNKA , soldiers paid or that the desperately poor were UNKA for . Those days are gone . Nor do we see any reason to believe that a metropolitan Washington that has gotten fat and rich and UNKA in the shadow of the federal UNKA will change much on its own initiative . UNKA the UNKA , and let Washington UNKA . The New York Stock Exchange said a seat sold for $ UNKA , down $ 39,000 from the previous sale Oct. 4 . Seats are currently quoted at $ UNKA bid and $ UNKA offered . The $ UNKA sale price earlier this month was the lowest in nearly three years . Exchange seats hit a peak of $ UNKA in September 1987 . The Canadian government auctioned 750 million Canadian dollars -LRB- US$ UNKA million -RRB- of UNKA % bonds due Dec. 15 , 1994 . The average accepted yield bid was UNKA % for a price equivalent of UNKA . Proceeds of the sale will be used to redeem C$ UNKA million of government bonds maturing Nov. 1 and for general government purposes . Northern Trust Corp. said its board adopted a shareholder rights plan aimed at UNKA unwanted takeover bids , but said it 's not aware of any plan to acquire the banking concern . Under Northern Trust 's plan , shareholders were issued rights that , in the event of certain attempted takeovers , allow holders to buy shares in the company at half price . National UNKA Development Corp. said it plans to purchase as many as 200,000 common shares of its UNKA UNKA Sciences Inc. unit in periodic , UNKA purchases . The 200,000 shares are about 23 % of UNKA 's common shares outstanding , excluding National UNKA 's stake . Noting the recent Food and Drug Administration approval of UNKA 's UNKA UNKA treatment , National UNKA said it believes UNKA 's stock is undervalued . Japanese investors , UNKA by Monday 's strong rally on Wall Street , UNKA most of that day 's losses on the Tokyo Stock Exchange . But analysts said the rebound did n't remove the cautious mood from the market . In London , stocks closed lower in volatile trading as an opening rally was UNKA by UNKA U.S. trade figures . Paris shares had a similar reaction , but most other European UNKA posted gains , as did all major Asian and Pacific stock markets . Tokyo 's Nikkei Index of 225 stocks jumped UNKA points to close at UNKA . The rise came a day after the year 's biggest drop on Monday , when the Nikkei fell UNKA , or 1.8 % , in response to Friday 's 6.9 % plunge on Wall Street . In early trading Wednesday in Tokyo , the Nikkei index rose UNKA points to UNKA . On Tuesday , the UNKA Tokyo Stock Price Index of issues listed in the first section , which fell UNKA Monday , rose UNKA , or UNKA % , to UNKA . Trading was relatively thin at an estimated 650 million shares , though UNKA than Monday 's UNKA million . UNKA issues outnumbered decliners UNKA , with 103 unchanged . `` We 're back to square one , '' said Simon UNKA , an analyst in Japan for Kleinwort Benson International Inc . Japanese domestic institutions , including trust banks and investment management firms , that had been on the sidelines during Monday 's fall were back in the market , analysts said . Foreign investors reportedly started off selling but later joined in the buying . The Tokyo rally seemed to confirm the view , frequently expressed in Japan in the past few days , that the drop in New York was a local problem related to merger and acquisition activity in the U.S. . `` This time we do n't really have to worry about Tokyo , '' said an official at Daiwa Securities Co . `` Nothing has changed fundamentally in the Tokyo market . '' But even though Tokyo appears UNKA by recent market volatility , analysts and traders say there are still a few concerns on the horizon . In particular , Japanese investors will be keeping a wary eye on Wall Street to see whether Monday 's UNKA rally holds up as fresh U.S. economic data are released . `` People are UNKA small UNKA . There 's no huge buying , '' said Stephen Hill , head of equity sales at UNKA Fleming Securities Ltd. in Tokyo . `` UNKA UNKA views right now would be UNKA . '' Yesterday 's buyers favored real estate , construction and other UNKA issues , reflecting the fact that many Tokyo investors now feel safer with UNKA UNKA stocks , analysts said . They also are concerned about the persistent strength of the dollar against the yen , as a weaker yen leads to higher import prices in Japan and adds to domestic UNKA pressures . Currency concerns also weigh heavily on interest UNKA stocks such as banking and other financial issues because of fears that Japanese interest rates might have to rise to keep the dollar in check . Among steel shares , UNKA rose 19 to UNKA yen -LRB- $ UNKA -RRB- a share , and Nippon Steel gained 17 to UNKA . Construction shares that gained included UNKA , which rose 130 to UNKA . In the real estate sector , Mitsui Real Estate Development was up 100 at UNKA , and Mitsubishi Estate gained 80 to UNKA . London 's Financial Times-Stock Exchange 100-share index fell UNKA points to UNKA . It was down more than 40 points a half-hour before the close , marking a UNKA turnaround from its high , reached in the first 15 minutes of trading . The narrower Financial Times 30-share index fell UNKA to UNKA . Volume was an active UNKA million shares , about double the recent levels but down from UNKA million the previous day , which U.K. traders have dubbed `` Manic Monday . '' Prices opened strongly on the basis of Monday 's Wall Street rally and yesterday 's gains in Tokyo . But the advance faltered as UNKA traders and investors UNKA about the U.K. economic outlook took over . The unexpectedly wide U.S. August trade deficit of $ UNKA billion hit an already UNKA U.K. market in UNKA . Michael UNKA , who manages sales and trading for brokerage concern Societe Generale UNKA UNKA , said : `` It 's a nervous market . It was all over the place . If you bought , you wish you had n't , and if you sold , you wish you had n't . '' He said the current market `` is all about sentiment , and the sentiment in London is 90 % anxiety and worry . '' Britain 's economic fundamentals , he said , `` do n't look very bright . '' Dealers said London showed signs of UNKA in UNKA after Wall Street avoided sharp losses despite the trade report , but a wave of futures-related selling later in the session sent buyers back to the sidelines . Still , some sectors found buying interest after being actively sold in recent weeks . UNKA banks were stronger across the board . Morgan Grenfell , which has been mentioned in takeover rumors , rose 20 to UNKA pence -LRB- $ UNKA -RRB- a share . UNKA Warburg , a rumored target of some European banking concerns , finished 22 higher at 400 . UNKA rose 5 to UNKA , and UNKA rose 25 to # UNKA . On the corporate front , Ford Motor announced that it raised its stake in U.K. luxury car maker Jaguar to 10.4 % from 5 % . Jaguar shares jumped 23 before easing to close at UNKA , up 6 . UNKA , a British computer hardware and communications equipment maker , eased 4 to 47 . It announced a 52 % plunge in pretax profit for the latest year . UNKA stocks were firm to higher on talk of early UNKA , but most ended below their UNKA . Bass ended up 3 higher at UNKA , Guinness closed at UNKA , down 7 , and Scottish & UNKA dropped 11 to UNKA , but Whitbread Class A shares rose 17 to UNKA . Dealers said there was late talk of a Whitbread sale of brewing operations to Scottish & UNKA . The most active shares were major UNKA , particularly oils and utilities such as British Gas and British Telecommunications . Traders attributed the action in them largely to defensive UNKA in a volatile market . British Gas finished at UNKA , down 2 , on 13 million shares , British Petroleum fell 8 to UNKA on 9.4 million shares , and British UNKA was 4 lower at UNKA on turnover of 10 million shares . Cable & UNKA fell 20 to UNKA . Also in active trading , British Steel fell 1 to UNKA as 20 million shares changed hands . UNKA Electric , which traded 11 million shares , declined 12 to UNKA . In other European markets , share prices closed sharply higher in Frankfurt and Zurich and posted moderate rises in Stockholm , Amsterdam and Milan . Paris closed lower , and most Brussels shares were unable to trade for a second consecutive day because of technical problems . South African gold stocks closed higher . Elsewhere , share prices rebounded in Hong Kong , Sydney , Singapore , Wellington , Taipei , Manila and Seoul . In Hong Kong , Sydney and Singapore -- the largest of those exchanges -- stocks recovered one-third to UNKA of the ground they lost in Monday 's plunge , with major market indexes posting gains of 3.6 % to 4.4 % . Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . To make them directly comparable , each index is based on the close of 1969 equaling 100 . The percentage change is since year-end . UNKA Industries Inc. said it received approval to proceed on four separate projects with a total contract value of $ 59 million . The projects include construction of a UNKA UNKA UNKA plant for UNKA UNKA UNKA , UNKA , Mich. ; a steam generating plant at Ontario , Calif. , that UNKA will own and operate , and two UNKA control projects in Orange County , Calif . UNKA Corp. and UNKA Corp. said they completed the previously reported sale of UNKA 's San UNKA UNKA UNKA division to UNKA . UNKA , a New York-based maker of passive electronic products , paid $ 11 million in cash to UNKA , a UNKA maker of semiconductor products . UNKA UNKA makes UNKA and filters used to protect electronics . Consolidated UNKA Inc. said it plans to spend $ UNKA million on new UNKA equipment and facilities . The producer of paper used in magazines and by commercial printers said spending on the expansion is planned to begin in the first quarter of 1990 . The expansion is subject to approval by federal and Wisconsin environmental regulators . THE UNKA of Applied Power Inc. , which split 2-for-1 in May , has risen since August 1988 . In yesterday 's edition , it was incorrectly stated that the company 's share price has UNKA since August 1988 . The stock market 's dizzying gyrations during the past few days have made a lot of individual investors wish they could buy some sort of insurance . After all , they wo n't soon forget the stock bargains that became available after the October 1987 crash . But while they want to be on the alert for similar buying opportunities now , they 're afraid of being UNKA by another UNKA plunge . The solution , at least for some investors , may be a hedging technique that 's well known to players in the UNKA market . UNKA a `` married put , '' the technique is carried out by purchasing a stock and simultaneously buying a put option on that stock . It 's like `` fire insurance , '' says Harrison Roth , the senior options strategist at UNKA & Co . Because a put option gives its owner the right , but not the obligation , to sell a fixed number of shares of the stock at a stated price on or before the option 's expiration date , the investor is protected against a sudden drop in the stock 's price . But most investment advisers do n't recommend using married puts all the time . That 's because the cost of buying put options UNKA into an investor 's profit when stock prices rise . `` This is the type of fire insurance you only buy when the nearby UNKA are on fire , '' says Mr. Roth . `` You always want your house insured , but you do n't always feel the need for your investments to be insured . '' In addition to hedging new stock purchases , the UNKA technique can be used to protect stocks that an investor already owns . In either case , the investor faces three possible UNKA : -- If the stock goes up in price between now and the put 's expiration date , the put will probably expire UNKA . The investor will be out the cost of the put , which is called the `` premium , '' and this loss will reduce the stock-market profit . -- If the stock stays at the same price between now and the put 's expiration date , the investor 's loss will be limited to the cost of the put , less any amount realized from a closing sale of the put . The UNKA scenario would be if the put expires UNKA . -- If the price of the stock declines , the put will increase in value . Once the stock price is less than the exercise price , or `` strike price , '' of the put , the gain will match the loss on the stock dollar for dollar . The put UNKA a minimum selling price for the stock during its life . When a stock falls below the put 's strike price , the investor simply sells the stock at a loss and simultaneously sells the put at a profit . Or , the investor can exercise the put , by UNKA the stock to his or her broker in return for payment from another investor who has sold a put on the same stock . Brokers handle such transactions through the Options Clearing Corp. , which guarantees all option trades . The accompanying table shows how this strategy would work for three stocks . Though not reflected in the table , an investor should know that the cost of the option insurance can be partially offset by any dividends that the stock pays . For example , Tenneco Inc. pays a quarterly dividend of 76 cents , which would be received before the February option expires and , thus , reduce the cost of using the technique by that amount . In this case , the investor 's risk would n't exceed 3.6 % of the total investment . To UNKA the calculations , commissions on the option and underlying stock are n't included in the table . There are more than 650 stocks on which options may be bought and sold , including some over-the-counter stocks . But some investors might prefer a UNKA strategy then hedging their individual holdings . They can do this by purchasing `` index puts , '' which are simply put options on indexes that match broad baskets of stocks . For instance , the most popular index option is the S&P 100 option , commonly called the UNKA . It is based on the stocks that make up Standard & Poor 's UNKA index . Unlike options on individual issues , index options are settled only in cash , and no stock is ever tendered . But while index options are convenient , they have several UNKA . For one thing , an investor 's portfolio might not closely match the S&P 100 . As a result , the UNKA insurance may or may not fully protect an investor 's holdings in the event of a market decline . In addition , UNKA options were suspended from trading last Friday afternoon , after the stock-market sell-off got under way and trading in the UNKA futures contract was halted . So an investor who wanted to realize a profit on UNKA puts after the trading suspension would have been out of luck . On the other hand , only a handful of individual issues were suspended from trading on Friday . UNKA , once the underlying investment is suspended from trading , the options on those investments also do n't trade . UNKA , whether the insurance provided by purchasing puts is UNKA depends on the cost of the options . That cost rises in times of high market volatility . But it still might be cheaper than taking a major hit . The protection from using married puts is clearly superior to that UNKA by another options strategy some investors consider using during troubled times : selling call options on stocks the investor owns . A call option is similar to a put , except that it gives its owner the right to buy shares at a stated price until expiration . UNKA a call option gives an investor a small UNKA against a stock-market decline . That 's because it reduces the cost of the stock by the amount of premium received from the sale of the call . But if the price of the stock rises above the strike price of the option , the stock is almost certain to be called away . And in that case , the investor misses out on any major upside gain . These calculations exclude the effect of commissions paid and dividends received from the stock . All prices are as of Monday 's close . UNKA for quick enactment of pending deficit-reduction legislation faded as efforts to streamline the House version in advance of a House-Senate conference broke down . House leaders had hoped to follow the Senate 's lead by getting an agreement from House committee chairmen under which they would drop items that would n't reduce the fiscal 1990 budget deficit from the House-passed bill before the negotiations with the Senate began . But the effort became UNKA on the question of what would become of other issues , ranging from cutting the capital-gains tax to child care to repeal of UNKA insurance . `` Many members feel there are important features of the House bill that should be enacted , '' Speaker Thomas Foley -LRB- D. , Wash . -RRB- said . `` If there is any support for reducing the bill , it is UNKA on their desire to see them passed in another form . '' Now those items will be discussed in a House-Senate conference , which could begin as soon as today , with the expectation that they could either be resolved there or placed into other legislation . `` You 've got to give these chairmen the opportunity to see if they can work things out , '' said House Budget Committee Chairman Leon UNKA -LRB- D. , Calif . -RRB- . `` This is a democratic process -- you ca n't UNKA anything around here . '' White House Budget Director Richard Darman has said he would continue to press to keep the capital-gains provision in the final version of the bill unless the House drops many of its costly provisions . Senate leaders had hoped to be able to send a compromise version of the measure to President Bush by the end of the week , but Speaker Foley said that was n't likely . Failure to pass the bill meant that $ UNKA billion in across-the-board spending cuts took effect Monday under the Gramm-Rudman budget law . The bill must be enacted before the cuts can be restored . UNKA UNKA in Standard & Poor 's 500 stock-index futures contracts on the Chicago Mercantile Exchange Monday totaled UNKA contracts . Yesterday 's edition incorrectly reported Monday 's trading volume as a record for the S&P 500 contract . NCNB Corp. raised $ 1 billion in new capital during the third quarter . In yesterday 's edition , the amount of new capital was misstated . McCormick Capital Inc. said its tender offer to buy back as many as 1.1 million , or 44 % , of its common shares at $ 3 apiece , which expired Friday evening , was oversubscribed . The developer and manager of UNKA limited partnerships said preliminary results indicate that about UNKA shares had been tendered , giving a preliminary UNKA factor of UNKA . The final UNKA factor will be announced Monday . UNKA Exploration Ltd. said it is proposing to UNKA four of its associated companies . Under a proposed UNKA UNKA involving share swaps , ABM Gold Corp. , a gold exploration and management company , will merge with UNKA Resources Corp. , United Gold Corp. and UNKA Resources Inc . ABM will also increase its stake in UNKA Gold Corp. to 42 % from 26 % . UNKA said it will own about 50 % of the equity and 81 % of the votes of ABM after the UNKA . The UNKA are subject to regulatory approval and require approval by shareholders of ABM , UNKA , United and UNKA at special meetings on Nov. 10 . Steven C. Walker , senior vice president of this bank holding company , was named president , chief executive officer and a director of both Commercial National and Commercial National Bank . He succeeds James E. Burt III , who resigned from all three posts to pursue other interests . Cincinnati UNKA Inc. said it introduced two radar detectors . One unit , called the UNKA , uses a new digital UNKA technology to detect radar signals much sooner than was previously possible , the company said . The other , called the UNKA , is battery operated and is the first UNKA radar UNKA that does n't need a power UNKA , the company said . A surprising surge in the U.S. trade deficit raised fears that the nation 's export drive has stalled , and caused new turmoil in financial markets . The merchandise trade deficit widened in August to $ UNKA billion , the Commerce Department reported , a sharp deterioration from July 's $ UNKA billion and the largest deficit of any month this year . Exports fell for the second month in a row , while imports rose to a record . `` This is one of the worst trade releases we 've had since the dollar UNKA out in 1987 , '' said UNKA Dennis , chief international economist at James Capel Inc . Like most analysts , Mr. Dennis was UNKA to read too much into one month 's numbers ; but he said , `` It indicates perhaps that the balance in the U.S. economy is not as good as we 've been led to believe . '' The number had a troubling effect on Wall Street , suggesting that more fundamental economic problems may UNKA last Friday 's stock market slide . The Dow Jones Industrial Average tumbled more than 60 points after the report 's release , before recovering to close UNKA points lower at UNKA . `` This bad trade number raises some deeper issues about the market decline , '' said Norman Robertson , chief economist for Mellon Bank . `` It raises questions about more UNKA problems , the budget deficit and the trade deficit and the UNKA lack of ability to come to UNKA with them . '' The trade report drew yet another UNKA parallel to October 1987 . On Oct. 14 of that year , the announcement of an unusually large August trade deficit helped trigger a steep market decline . The slide continued until the record UNKA market drop on Oct. 19 . In 1987 , however , the news was the latest in a string of disappointments on trade , while the current report comes after a period of improvement . The bleak trade report was played down by the Bush administration . Commerce Secretary Robert Mosbacher called the worsening trade figures `` disappointing after two very good months . '' And White House spokesman Marlin Fitzwater said the deficit was `` an unwelcome increase , '' adding that `` we 're hopeful that it simply is a UNKA situation and will turn around . '' But the figures UNKA the view of many private analysts that the improvement in the U.S. trade deficit has run out of steam . `` The figures today add further evidence to support the view that the improvement in the U.S. trade deficit has essentially stalled out at a level of about a $ 110 billion annual rate , '' said Jeffrey Scott , a research fellow at the Institute for International Economics here . `` That 's still an improvement over last year , but it leads one to conclude that basically we 've gotten all the UNKA we can out of past dollar depreciation and past marginal cuts in the federal budget deficit . '' Exports declined for the second consecutive month in August , slipping 0.2 % to $ UNKA billion , the Commerce Department reported . Imports , on the other hand , leaped 6.4 % to a record $ UNKA billion . Not only was August 's deficit far worse than July 's , but the government revised the July figure substantially from the $ UNKA billion deficit it had initially reported last month . Many economists contend that deep cuts in the U.S. budget deficit are needed before further trade improvement can occur . That 's because the budget deficit UNKA an enormous appetite in this country for both foreign goods and foreign capital , overwhelming the nation 's capacity to export . `` People are sick and UNKA of hearing about these deficits , but the imbalances are still there and they are still a problem , '' said Mr. Robertson . In addition , the rise in the value of the dollar against foreign currencies over the past several months has increased the price of U.S. products in overseas markets and hurt the country 's UNKA . Since March , exports have been virtually flat . At the same time , William T. UNKA , international vice president at the U.S. Chamber of Commerce , notes : `` Clearly the stronger dollar has made imports more attractive '' by causing their prices to decline . Most economists expect the slowing U.S. economy to curb demand for imports . But they UNKA little substantial progress in exports unless the dollar and the federal budget deficit come down . `` The best result we could get from these numbers would be to see the administration and Congress get serious about putting the U.S. on an internationally competitive economic footing , '' said Howard Lewis , vice president of international economic affairs at the National Association of Manufacturers . `` That must start with cutting the federal budget deficit . '' August 's decline in exports reflected UNKA in sales of industrial supplies , capital goods and food abroad and increases in sales of motor vehicles , parts and engines . The jump in imports stemmed from across-the-board increases in purchases of foreign goods . The numbers were adjusted for usual seasonal fluctuations . Alan Murray contributed to this article . -LRB- In billions of U.S. dollars , not seasonally adjusted -RRB- \* UNKA industrialized countries : Singapore , Hong Kong , Taiwan , South Korea Steve UNKA took a step back from the UNKA of UNKA technology in an effort to spur sales of Next Inc. 's new machine . Mr. UNKA moved to remedy a couple of his computer 's UNKA yesterday by lowering the UNKA price for a Next machine by $ 1,500 , or 23 % , if the buyer chooses a hard-disk drive as an alternative to Next 's UNKA device . The hard drive , which is the storage device of choice for virtually every desktop computer user , also now will supplement Next 's UNKA optical device if buyers pay full price . Mr. UNKA , UNKA of Apple Computer Inc. , founded Next four years ago in the hopes of UNKA a revolution in the way desktop computers are designed and used . His Next computer , introduced about a year ago and aimed primarily at university computer users , sports UNKA graphics , digital sound , UNKA UNKA and a UNKA black design . But the computer was proving a hard sell because of its high price , a lack of software and an optical UNKA device that was too slow . The machine began shipping at the end of last year . The closely held company has n't disclosed sales . However , most universities that have bought the machines say they are buying small numbers for evaluation purposes . UNKA can now buy a Next computer without an optical storage device for $ UNKA . A computer with the optical device will still cost $ UNKA , but from now on Next will UNKA every computer with a hard drive and supply one at no cost to those who have already bought Next machines . Commercial customers can purchase the same system through UNKA Inc. , a computer retailer based in San Jose , Calif. , for roughly $ 3,000 more . Mr. UNKA said the changes were prompted by requests from customers who are frustrated with the performance of the optical device , which is n't offered as standard equipment by any rivals . Another factor was that customers were asking , `` Why do n't you give us a cheaper system ? '' Mr. UNKA said at a conference on university computing here . UNKA devices can handle very large amounts of data and make it far easier to UNKA film UNKA or audio UNKA with a computer . But the technology , while UNKA , is far slower than the widely used hard drives . To get around the delays caused by the optical device , UNKA , which is Next 's exclusive dealer to corporations , has for months been advising customers to purchase hard drives with the machines . Next 's decision to rely on the UNKA hard drive in every Next computer does n't signal a retreat from optical storage , said Mr. UNKA , who for years has said this technology will play a crucial role in the next decade . `` We 're extremely committed to optical storage technology '' he said . `` We think everything will go this way in a few years . '' He said that the next generation of optical drives will be as fast as hard drives , but he depends on outside suppliers for the devices . But university computer specialists , who welcomed the move , called it a necessary retreat from the cutting edge of technology and one that 's likely to increase Next 's sales on UNKA . `` From the UNKA of being on the UNKA of technology , this is a step UNKA , '' said Jerry W. UNKA , a senior computing manager for the California state university system . `` But it will definitely boost Next 's sales . '' UNKA , however , say Next 's prices must go even lower before large numbers of students purchase the machine . `` We 'd still like to see a student model , '' priced at about $ 3,500 , said Ronald Johnson , director of academic computing at Minnesota 's UNKA UNKA College , which has bought eight Next machines . Broad acceptance of Next 's computer also is UNKA by difficulty in UNKA software for it . Most software is distributed on cheap UNKA disks , but the Next computer does n't come with a device that reads them . Next 's computer also needs more software applications , but Mr. UNKA said he expects more soon . He said he expects Lotus Development Corp. to introduce a Next version of its popular UNKA UNKA program in 1990 . UNKA added that Next needs to soon offer a color version of its computer . Every major maker offers computers with color displays . Next wo n't comment on when it will do the same , but is believed to have a color model under development . Donald J. UNKA , 37 years old , was named president and chief operating officer of this owner and operator of hospitals , nursing centers and retirement hotels . He succeeds as president , Don UNKA , who remains chairman and chief executive officer . The position of chief operating officer is new . UNKA Corp. reported a net loss of $ UNKA million , or 74 cents a share , for the third quarter , which was UNKA by severance costs and the expense of UNKA its UNKA software inventories . The software company said revenue slid 28 % to $ UNKA million . This UNKA with the year-ago quarter , when the company had net income of $ 11.7 million , or 45 cents a share , on revenue of $ UNKA million . For the nine months , UNKA had a loss of $ UNKA million , or $ 1.05 a share . In the year-ago period , the company had profit of $ UNKA million , or $ 1.32 a share . Revenue in the period slid almost 8 % to $ UNKA million from about $ 220 million last year . Edward M. UNKA , chairman , president and chief executive officer , attributed the decline to reduced domestic revenue because of $ 4.9 million spent to upgrade existing software inventories to the new UNKA UNKA UNKA 1.1 , and $ 1.8 million spent on the recent reduction in work force . He said the company was `` encouraged by UNKA '' it received from selected customers now testing UNKA 1.1 . The red ink came as no surprise to Wall Street , but analysts said they saw UNKA UNKA of a further delay in volume shipments of UNKA 1.1 , a UNKA of continued losses in the fourth quarter . `` The loss is in line with our expectations , '' said John C. Maxwell III , an analyst with UNKA , UNKA & Co. in New York . He added gross margins and operating profit `` eroded quite dramatically '' from the prior quarter , along with sales of existing software product lines like UNKA and UNKA . `` The success of a new product in the UNKA line is needed . And while the company has n't made a UNKA statement , it now looks like that 's not going to be anytime soon , '' Mr. Maxwell said . The company said in a statement that it expects to ship new products `` during the next two quarters . '' `` It now looks like UNKA UNKA UNKA 1.1 is n't going to be -LCB- widely -RCB- available until the first quarter of 1990 , '' said David UNKA , an analyst with Montgomery Securities in San Francisco . `` This is the second delay now in getting the product out the door . It does UNKA the pain somewhat . '' Mr. Maxwell said unless the company can start shipments of the new product sometime this quarter , the fourth-quarter loss is likely to be `` comparable to the third quarter 's . '' If the company can start to ship during this quarter , it could stem some , if not all of the red ink , he said . In national over-the-counter trading , UNKA closed yesterday at $ 10 a share , up 62.5 cents . Tuesday , October 17 , 1989 The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . PRIME RATE : 10 1\/2 % . The base rate on corporate loans at large U.S. money center commercial banks . FEDERAL FUNDS : 8 11\/16 % high , 8 5\/8 % low , 8 5\/8 % near closing bid , 8 11\/16 % offered . Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . DISCOUNT RATE : 7 % . The charge on loans to depository institutions by the New York Federal Reserve Bank . CALL MONEY : 9 3\/4 % to 10 % . The charge on loans to brokers on stock exchange collateral . COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.40 % 30 to 44 days ; UNKA % 45 to 59 days ; UNKA % 60 to 89 days ; 8 % 90 to 119 days ; UNKA % 120 to 149 days ; UNKA % 150 to 179 days ; UNKA % 180 to 270 days . COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : 8.50 % 30 days ; 8.40 % 60 days ; 8.375 % 90 days . CERTIFICATES OF DEPOSIT : 8.05 % one month ; 8.02 % two months ; 8 % three months ; 7.98 % six months ; 7.95 % one year . Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s , usually on amounts of $ 1 million and more . The minimum unit is $ 100,000 . Typical rates in the secondary market : 8.50 % one month ; 8.50 % three months ; 8.45 % six months . BANKERS ACCEPTANCES : UNKA % 30 days ; UNKA % 60 days ; UNKA % 90 days ; UNKA % 120 days ; 8.03 % 150 days ; 7.93 % 180 days . Negotiable , bank-backed business credit instruments typically financing an import order . LONDON LATE EURODOLLARS : 8 5\/8 % to 8 1\/2 % one month ; 8 9\/16 % to 8 7\/16 % two months ; 8 9\/16 % to 8 7\/16 % three months ; 8 1\/2 % to 8 3\/8 % four months ; 8 7\/16 % to 8 5\/16 % five months ; 8 7\/16 % to 8 5\/16 % six months . LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 5\/8 % one month ; 8 9\/16 % three months ; 8 7\/16 % six months ; 8 7\/16 % one year . The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . FOREIGN PRIME RATES : Canada 13.50 % ; Germany 8.50 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . These rate indications are n't directly comparable ; lending practices vary widely by location . TREASURY BILLS : Results of the Monday , October 16 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : UNKA % 13 weeks ; UNKA % 26 weeks . FEDERAL HOME LOAN MORTGAGE CORP . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . UNKA % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . Source : Telerate Systems Inc . FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- UNKA % , standard conventional fixed-rate mortgages ; 8.70 % , 6\/2 rate capped one-year adjustable rate mortgages . Source : Telerate Systems Inc . MERRILL LYNCH READY ASSETS TRUST : 8.50 % . Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . UNKA Corp. reported that third-quarter net income fell 12 % from a year-earlier quarter helped by a gain from discontinued operations . Profit from continuing operations rose 19 % . The chemicals and insurance company said net in the latest quarter was $ UNKA million , or 45 cents a share . In the year-earlier quarter , net was $ UNKA million , or 51 cents a share . The UNKA quarter included $ UNKA million from businesses spun off as UNKA Industries Inc . Revenue was $ UNKA million , up 18 % from $ UNKA million a year ago . UNKA said pretax profit from its insurance segment , excluding investment gains , rose 28 % in the latest quarter to $ UNKA million from $ UNKA million . In the chemicals segment , pretax profit rose 7 % to $ UNKA million from $ UNKA million . The company 's chemicals interests include , among other things , petroleum UNKA , pharmaceuticals UNKA and UNKA used by the semiconductor industry . For the nine months , UNKA said net fell 2 % to $ UNKA million , or $ UNKA a share , from $ UNKA million , $ UNKA a share , a year ago . Net in the latest period included $ UNKA million from discontinued operations and a charge of $ 6.2 million from a plant closing . In the year-ago period , net included $ UNKA million from discontinued operations . Revenue was $ UNKA billion , up 18 % from $ UNKA billion a year earlier . In New York Stock Exchange composite trading , UNKA closed at $ UNKA a share , up 12.5 cents . Tribune Co. , helped by a hefty boost in performance at its broadcasting and entertainment operations , said net income jumped 21 % in its third quarter ended Sept. 24 on a 3 % increase in revenue . The broadcasting and newspaper concern , based in Chicago , said net was $ UNKA million , or 77 cents a primary share , up from $ UNKA million , or 69 cents a share . Per-share figures this year reflect $ 6.8 million in UNKA dividends ; the 1988 quarter did n't have such a payout . Revenue rose to $ UNKA million from $ UNKA million . UNKA net climbed 19 % to $ UNKA million , or $ UNKA a primary share , from $ UNKA million , or $ UNKA a share . UNKA per-share figures for 1989 reflect $ 12.9 million in preferred dividends that had no counterpart in the year-earlier quarter . Revenue rose 4 % to $ UNKA billion . In New York Stock Exchange composite trading Friday , Tribune closed at $ UNKA , down $ 4.75 . UNKA Corp. said about 12 million , or 93 % , of the publicly traded units of its limited partnership , UNKA Exploration Partners Ltd. , were tendered in response to an offer that expired Monday . UNKA said the tendered units will raise its ownership of the partnership to more than 99 % from 87 % . About UNKA units will continue to be publicly traded on the New York Stock Exchange , UNKA said . UNKA had offered UNKA a share of its common and $ 1 in cash for each unit . The public sector borrowing requirement , the most widely used measure of Britain 's government deficit or surplus , showed a deficit of # 200 million in September , compared with a deficit of # UNKA million in August and a deficit of # UNKA billion in September 1988 , the Treasury said . In the six months since the current fiscal year began April 1 , the surplus totaled # 500 million , compared with a surplus of # 3.6 billion in the year-earlier period . The government is projecting a # 14 billion surplus for the fiscal year . The reported figures for the public sector borrowing requirement include receipts from the sale of state-owned industries . Excluding those receipts , the government deficit would have totaled about # 2.5 billion in the first six months , compared with # 1.3 billion a year earlier , the Treasury said . French UNKA production in September was UNKA metric tons , unchanged from a year earlier , according to the National Steel Manufacturers ' Association . The association said the September total brought French output for the first nine months this year to UNKA tons , up 4.5 % from a year earlier . UNKA Group Inc. , whose recent hostile tender offer for UNKA Equipment Inc. failed for lack of financing , apparently has gained a measure of control over the troubled company anyway . As part of what a UNKA spokeswoman termed an `` UNKA agreement , '' UNKA Group will wind up with control of top management posts and an increased stake in the maker of data management equipment . In a management restructuring , Thomas L. UNKA resigned as chairman , chief executive and a director , while Israel UNKA resigned as a director . Mr. UNKA remains as executive vice president . Thomas M. UNKA and Robert A. UNKA , who had been designated to take over UNKA 's top spots had UNKA 's tender offer succeeded , were named co-chief executives and directors . Mr. UNKA was formerly a vice president and general manager of an Avery International division ; Mr. UNKA was a former group vice president of Pitney Bowes Inc . In addition , the agreement calls for UNKA H. UNKA , chairman of UNKA Group 's executive committee , to be named chairman of a restructured board that will include four new independent directors . Also named to the revised board was Thomas A. UNKA , UNKA 's senior vice president and general counsel . UNKA , a New York-based leveraged buy-out firm , also agreed to invest $ 15 million in UNKA , which in turn agreed to repurchase as much as $ 20 million of its stock . That would increase UNKA 's ownership of the company 's UNKA shares outstanding to 20 % from UNKA % . Under the agreement , UNKA is permitted to increase its stake in UNKA to 30 % . Beyond that , UNKA said it would n't offer to acquire additional shares for less than $ 11.25 a share during the next year or less than $ UNKA a share during the subsequent two years . UNKA also said it obtained a commitment from Chemical Bank and Bank of Boston to convert an estimated $ 18 million in bank debt to a new , UNKA secured term loan to be repaid through the sale of certain assets . In August , UNKA said it was in violation of certain terms of its debt agreements with bank lenders because of a $ 3.9 million loss for the third quarter ended July 31 . The company attributed the loss to declining revenue and litigation costs relating to criminal charges against the company and two former executives , William G. Moore Jr. and Robert W. UNKA . The former executives were indicted last October on charges of fraud , theft and conspiracy related to efforts by the company to win $ 400 million in Postal Service contracts . UNKA Equipment said it expected to put the agreement with UNKA to a vote of its stockholders at a special meeting in January . In New York Stock Exchange composite trading , UNKA rose 87.5 cents to $ UNKA . UNKA slipped 25 cents to $ UNKA in national over-the-counter trading . General Motors Corp. 's Chevrolet division , reacting to slow sales , said it will offer $ 800 rebates on its 1990 UNKA , the UNKA version of its core UNKA line . UNKA sales of the UNKA , and its UNKA sister car , the UNKA , prompted GM to idle the two plants that build the automobiles for a total of three weeks this month . The UNKA and UNKA make up the UNKA car line at Chevrolet , but sales of the vehicles are off 9.6 % for the year , and fell a steep 34 % during early October . Chevrolet already is offering an $ 800 UNKA on the UNKA UNKA . The latest UNKA is good for all UNKA models . Chevrolet buyers can take the UNKA , or get discount financing at rates ranging from 6.9 % on UNKA loans to UNKA % on UNKA loans . StatesWest Airlines said it submitted an offer to the directors of Mesa Airlines to acquire the UNKA , N.M. , carrier . Except to UNKA its offer as `` fair and generous and in the best interests of Mesa shareholders , '' StatesWest declined to discuss details of its proposal . It also asked Mesa to keep the proposal confidential . A Mesa official confirmed UNKA of the offer and said directors would meet to consider it . Last week , Mesa rejected a proposal by StatesWest to acquire it or merge . StatesWest has a 7.25 % stake in Mesa , which operates 20 UNKA and two UNKA UNKA among 42 cities in New Mexico , Arizona , Wyoming , Colorado and Texas . StatesWest operates four UNKA UNKA aircraft , connecting 10 cities in California , Arizona and Nevada . The carrier has n't yet turned a profit . The former president of UNKA UNKA , a UNKA Arkansas thrift , pleaded guilty to UNKA to UNKA the institution 's earnings by UNKA UNKA loan guarantees . Roderick D. Reed III , who was also chief operating officer of UNKA , could receive a maximum sentence of five years in federal prison and a $ 250,000 fine . A sentencing date has n't been set . Mr. Reed admitted he UNKA to UNKA an agreement not to enforce loan guarantees executed by Dallas real-estate developers A. UNKA Taylor III and George S. Watson , both of whom were UNKA stockholders . Neither Mr. Taylor nor Mr. Watson have been charged with criminal wrongdoing . By UNKA the UNKA agreement , certain transactions with Messrs. Taylor and Watson were entered on UNKA 's books as loans , allowing the thrift to report fees and interest as current income , according to the U.S. attorney 's office in Little Rock , Ark . The conspiracy was part of an effort by Mr. Reed to hide UNKA 's shaky financial condition from federal regulators , according to federal prosecutors and regulators . The $ UNKA billion thrift was declared insolvent and closed in December 1986 . UNKA 's former chairman and chief executive officer , Howard UNKA , is also charged with UNKA to UNKA the agreements with Messrs. Watson and Taylor . Mr. UNKA is scheduled for trial Jan. 3 before federal Judge Stephen UNKA of Little Rock . I approached `` UNKA , '' Larry UNKA 's new comedy at the UNKA Center , with considerable UNKA . Nothing , I assumed , would be more UNKA dated than a political UNKA on the Iran-Contra affair . I had UNKA , however , both Mr. UNKA 's UNKA and the UNKA of scandal in Washington . Though the play clearly is UNKA around the events of Iran-Contra , it takes in the wide sweep of scandals over the past 30 years . In fact , at one point UNKA Chase -LRB- UNKA Mullins -RRB- , a cool , carefully UNKA television announcer , UNKA a list of a dozen or more scandals of recent years , concluding with those affecting the Department of Housing and Urban Development and the savings and loan industry . UNKA , a congressional hearing is in progress , complete with UNKA crystal UNKA overhead and a UNKA UNKA of the signing of the Constitution in the background . The witness table is center stage and below it , the UNKA for the UNKA media , in this case UNKA , the Total News Network . Not only are there camera operators on all sides , but the proceedings are shown on monitors throughout the theater . The UNKA of theater is not entirely UNKA . Mr. UNKA clearly feels that all the participants in a congressional hearing -- the witnesses , the lawyers , the UNKA and the news media -- are performers . As the story of `` UNKA '' UNKA , we learn that the Internal Revenue Service confiscated one of the properties of a foreign financier who owes the government millions in taxes . The man , it seems , has a UNKA corporation , licensed in UNKA and UNKA in the UNKA . He himself lives in a `` consecutive series of UNKA houses in a town in Switzerland . '' The property seized by the IRS is a Hollywood film studio , UNKA Pictures UNKA -LRB- UNKA -RRB- . UNKA the IRS will sell off the assets of UNKA , but before it can , a UNKA IRS agent is called into the hospital room of UNKA UNKA , the UNKA head of the Central Intelligence Agency . The UNKA agent , UNKA UNKA , who as you might guess , is being led to the UNKA , is ordered to take over the studio . Soon the studio is producing a $ 40 million picture called `` UNKA , the UNKA UNKA , '' to UNKA it from `` UNKA , the UNKA , '' as well as `` UNKA , the Book '' and `` UNKA , the UNKA . '' The picture , to be made in the Central American country of San UNKA , is a cover for sending $ 800 million of arms to Los UNKA , the rebel group attempting to regain neighboring UNKA , which has been taken over by the leftist dictator Dr. UNKA , a former UNKA , who leads a revolutionary band of foot soldiers . The man handling all this for the UNKA UNKA is Major UNKA Battle , Mr. UNKA 's stand in for UNKA Oliver North . Director Michael UNKA has assembled a UNKA cast to carry out the UNKA of well-known political figures and to play the stock characters who UNKA show up at congressional hearings . Daniel von UNKA is UNKA but totally assured as Major Battle , UNKA just the right brand of UNKA and UNKA ; Jeff Weiss is fire , UNKA and UNKA UNKA as the UNKA senator who serves as a friendly UNKA of Major Battle ; UNKA UNKA is UNKA UNKA playing a succession of lawyers ; Joseph Daly has the perfect `` UNKA , UNKA '' UNKA of George Bush in his UNKA of the vice president ; and Ann McDonough is UNKA as a succession of witnesses ' wives . With one she is pregnant , with Major Battle she is UNKA an American flag , and as the vice president 's wife she UNKA in with white hair , wearing a UNKA suit and UNKA , UNKA Barbara Bush 's gestures down to the last detail . Though it 's clear that Mr. UNKA 's UNKA do not lie with the far right , it 's also true that he is UNKA in UNKA his UNKA UNKA , taking sharp aim at senators and congressmen of all UNKA and particularly at the media . Mr. UNKA also has fun with language . `` UNKA '' is UNKA `` a play on words , '' and Mr. UNKA plays that game as well as anyone . He describes a UNKA UNKA as one who experienced a `` UNKA disappearance '' and found himself `` handling blanket appeals at the Bureau of Indian Affairs . '' This interest in words goes beyond UNKA and UNKA , however . Mr. UNKA UNKA the UNKA , the UNKA and the UNKA of language he sees on all sides . As the hearings begin , the UNKA Sen. UNKA -LRB- UNKA UNKA -RRB- UNKA : `` Let me UNKA one thing at the UNKA : We are not looking for UNKA to skin nor UNKA to UNKA . '' Major Battle himself speaks in pure UNKA : `` Without further UNKA aid , scores of UNKA freedom UNKA , who had gone way out on their life and UNKA for us , were literally cut off at the UNKA without a UNKA . '' At another point he UNKA : `` UNKA is a small price to pay for UNKA . '' The evening is short -- 95 minutes without an UNKA -- but even so , as the play UNKA the thrust of Mr. UNKA 's UNKA loses its UNKA as his targets pop up ever more UNKA . Most of the evening , though , is filled with rare and welcome UNKA . In `` UNKA , '' Mr. UNKA has provided us not just one but two commodities that have all but disappeared from the UNKA theater : sharp political UNKA and an even sharper appreciation of the value of language . The Federal National Mortgage Association set up a UNKA office of the chairman and elected James A. Johnson as vice chairman , effective Jan. 1 . Mr. Johnson has been a managing director at Shearson Lehman Hutton since 1985 , and before that was president of Public UNKA , a Washington consulting firm . He is well-known in Democratic circles , having been executive assistant to Vice President Walter UNKA and chairman of Mr. UNKA 's 1984 presidential campaign . At Fannie Mae , he will take responsibility for the corporation 's financial and legal areas and will work with David Maxwell , chairman and chief executive officer , and Roger UNKA , president and chief operating officer , on strategic planning . Mr. Johnson , 45 years old , has been a consultant on strategy to Fannie Mae for the past 3 1\/2 years . In an interview , he said Fannie Mae faces a number of challenges with the restructuring of the thrift industry and the push to broaden its activities overseas . `` There 's no shortage of major things to do , '' he said . Fannie Mae also said James A. UNKA , chairman of First Federal of Michigan and a director since 1985 , moved up the date of his retirement from the board to accommodate Mr. Johnson 's election as a director . The board has 13 members elected by holders and five presidential UNKA . Fannie Mae , a federally chartered , UNKA corporation , operates a secondary market for mortgage loans , buying loans from lenders , packaging some into securities for sale to investors and keeping the rest in its portfolio . `` The New UNKA '' by UNKA UNKA UNKA and Barry J. UNKA -LRB- Little , Brown , UNKA pages , $ UNKA -RRB- , describes the UNKA of the old `` our crowd '' Jewish Wall Street banking UNKA by such new business UNKA as Saul Steinberg , Carl Icahn , Sanford UNKA and Bruce UNKA . Its many UNKA stories include the UNKA holiday UNKA UNKA . These two New UNKA families lived in the same apartment building , with the UNKA UNKA UNKA on top of the UNKA UNKA . The UNKA UNKA started up from the UNKA landing , and Susan UNKA used to turn off its light , to give the impression that there was no higher floor . Eventually , Mr. UNKA broke his UNKA in the dark . Then the UNKA determined to put up a UNKA Christmas tree , weighing a quarter of a ton , to UNKA their holiday guests . For this , a UNKA needed to be mounted on the UNKA ' UNKA . The UNKA did not give permission . But the UNKA workers went ahead anyway , only to be captured `` in UNKA '' by Joan UNKA , who called the police . Before the UNKA finally left this unfriendly environment for a UNKA UNKA on Fifth Avenue and an UNKA UNKA with a specially UNKA $ 1 million UNKA in Paris , the UNKA had obtained an injunction to prevent any future UNKA of trees , and in a UNKA spirit hit both the UNKA and the building with a $ 35 million lawsuit . Nothing less , it seemed , could UNKA them for their UNKA . Where had all the money come from ? The young John UNKA had been discovered by UNKA Salomon of Salomon Bros. when he was still a UNKA liberal , and put to work as a trader , and then as a UNKA UNKA . `` ` Get off your ... , ' he would UNKA , '' say the authors . UNKA in the firm , he became powerful and UNKA , though his new wife , Susan , made him UNKA in the UNKA columns with her UNKA spending habits and UNKA UNKA . After he had been head of the company for 3 1\/2 years , he and his partners sold it to UNKA , a powerful commodity trading UNKA , for $ 550 million in UNKA stock . Limited partner UNKA Salomon , whose family name had been on the firm 's door for 70 years and who had hoped it would be there forever , was not UNKA . Mr. UNKA collected $ 32 million , while UNKA Salomon got $ 10 million , much less than if he had conducted the sale . `` I felt UNKA , '' he later said . Worse , Salomon 's timing had been off . Its profits , unlike UNKA 's , soared over the next two years , and had it held out , Salomon could have gotten an even bigger UNKA . The book also UNKA the not UNKA UNKA surrounding the changing of the guard at Lehman Bros. and other grand old firms . Often the UNKA , conservative , UNKA investment bankers were UNKA by crude traders : `` When angered , he UNKA so UNKA that his face UNKA and his UNKA eyes narrowed into tiny UNKA , '' the authors say of Lehman 's Lewis UNKA . The earlier generation of `` our crowd '' bankers -- UNKA , UNKA , UNKA , UNKA and UNKA -- had stressed above all UNKA , tradition , UNKA and reputation . They were old-fashioned UNKA UNKA , who happened to be of German Jewish UNKA . But in the harsh world of today 's Wall Street they have lost out to more aggressive and sometimes less UNKA UNKA . The UNKA prefers the UNKA of other UNKA and UNKA out their eggs . But the old guard hired the New UNKA people : It brought in its own UNKA . So , as the Old UNKA UNKA from the branch , it should n't have been too surprised . The old guard had every right , however , to UNKA the newcomers ' new ways of making money , such as UNKA . -LRB- A UNKA article on Saul Steinberg was entitled , `` UNKA and UNKA in the Corporate UNKA . '' -RRB- Their other UNKA has been corporate takeovers , often hostile and financed by junk bonds . UNKA takeovers are quite a new phenomenon . Sometimes they are UNKA , but often not . First , by making management focus on short-term results , they inhibit building for the future -- just the opposite of Japan . Second , a long-term shareholder of a good company need n't worry too much when the stock price drops temporarily : It will bounce back . But if a raider takes over when the stock is weak , the shareholder never gets his recovery . The raiders , meanwhile , have UNKA their own pattern for spending their new millions . As described in `` The New UNKA , '' they take on ambitious new wives , move to Greenwich , Conn. , or UNKA , N.Y. , buy OK pictures , and let their wives share the wealth with UNKA . Having donated heavily to UNKA , they demand a place on their boards . The book is UNKA about this UNKA UNKA struggle for UNKA , which has its UNKA aspects . However , on balance , the charity game helps America . If those who have the money do n't get involved with the UNKA and the charities , then City Hall will do it , badly . It has been UNKA observed that the main thing wrong with UNKA money is , UNKA ai UNKA enough of it . A handful of the New UNKA operators have crossed the line from the UNKA to the illegal , and have ended up in the UNKA or paying huge fines : Ivan Boesky , Dennis Levine , Martin UNKA , Victor and Steven Posner , and now Michael UNKA and perhaps UNKA Helmsley . The UNKA office that Ivan Boesky vacated for a prison cell had previously contained commodity operators UNKA Rich and `` UNKA '' Green , today UNKA from a potential century apiece of jail sentences . The Old UNKA is deeply concerned by the UNKA from all this . However , the phenomenon is not specifically Jewish . It has always been true that those outside the club want to climb in , and that a few will cut corners in the process . Some pretty UNKA stuff built the UNKA families ' Fifth Avenue and Newport UNKA and UNKA their daughters ' UNKA to foreign UNKA . Mr. Boesky was a UNKA compared to Jay Gould and Jim UNKA , and Commodore UNKA thought nothing of UNKA judges and legislators . So who knows ? In a generation or two some of the New UNKA may UNKA true UNKA , perhaps to be UNKA in turn by a later UNKA of unscrupulous UNKA . Or perhaps Wall Street , when it has suffered enough , will realize that finance is a service industry , and change its UNKA . Mr. UNKA is president of UNKA , Smith Investment UNKA , New York . Dallas investor Harold C. Simmons said he raised his stake in Lockheed Corp. to UNKA % from UNKA % of the aerospace and electronics concern 's common shares . In a Securities and Exchange Commission filing , Mr. Simmons said he and companies he controls , NL Industries Inc. and NL UNKA Inc. , hold UNKA shares of Lockheed , of UNKA , Calif . They include UNKA shares bought Friday for between $ UNKA and $ 48 each . In composite trading on the New York Stock Exchange , Lockheed closed at $ UNKA a share , down 12.5 cents . Earlier this week , Mr. Simmons UNKA to published reports UNKA him as saying he planned to sell his Lockheed stake because `` the defense industry seems to be getting more uncertain . '' UNKA Inc. , another of Mr. Simmons ' companies , responded to an article Monday in The Wall Street Journal , which credited a story in the Sunday Los Angeles Daily News . UNKA said the articles did n't accurately reflect UNKA and its affiliates ' intentions toward Lockheed . Instead , UNKA said , they may increase , decrease or retain their Lockheed holdings , depending on a number of conditions . Canada , which is preparing to speed up UNKA cuts with the U.S. , recorded a 47 % narrowing in its trade surplus with the U.S. in August , Statistics Canada , a federal agency , reported . U.S. exports to Canada jumped UNKA % in August from July while U.S. imports from Canada rose only 2.7 % . As a result , Canada 's trade surplus with the U.S. narrowed to C$ UNKA million -LRB- US$ UNKA million -RRB- in August from C$ 1.23 billion -LRB- US$ 1.04 billion -RRB- in July . U.S. exports benefited in August from heavy Canadian spending on new plant and equipment and a pickup in Canadian auto demand , Canadian officials said . The U.S. and Canada , which do more trade than any other pair of nations , are to meet next month to arrange an UNKA of planned UNKA cuts under the UNKA free trade agreement . Industries in both countries have requested a UNKA of UNKA cuts on hundreds of products . Some tariffs were eliminated when the trade pact took effect Jan. 1 . The remainder were to be phased out in five or 10 annual UNKA , with all tariffs eliminated by January 1998 . The two countries aim to reach an agreement by early December on a package of accelerated UNKA cuts that would take effect early next year . Canadian officials said the trade pact has UNKA an export interest among many small Canadian companies that previously had little or no foreign sales . For such businessmen , the Canadian government is organizing 55 UNKA this year to U.S. states UNKA on Canada . The businessmen are introduced to potential agents and distributors and instructed in trade procedures . The U.S. Commerce Department is planning to try out similar trips on U.S. businessmen in coming months under its Canada First ! UNKA Program . UNKA in the U.S. UNKA to Canada are to be UNKA by members of the Service Corps of UNKA Executives , a volunteer group , in dealing with their export challenges . The Canadian government also has recently opened new trade offices in San Diego ; San UNKA , Puerto Rico ; Miami ; Princeton , N.J. , and Denver , bringing the total number of such Canadian offices in the U.S. to 27 . The U.S. has six trade promotion offices in Canada . Canada 's export effort has been UNKA by robust home market demand and by an 18 % appreciation of the Canadian dollar against its U.S. counterpart in the past three years that has made Canadian goods more costly in the U.S. . Canada 's trade surplus with all countries narrowed to C$ UNKA million in August from C$ UNKA million in July , Statistics Canada said . Loral Corp. said it received a $ 325 million order from Turkey 's Ministry of Defense , the largest contract the company ever has received . Loral will provide to Turkey an electronic UNKA system for its fleet of UNKA aircraft . The system provides UNKA warning and electronic UNKA UNKA . The defense electronics maker said delivery will begin in October 1991 and run through UNKA . Loral said the contract with Turkey will provide opportunities for Loral to supply that country with other defense systems . UNKA Resources Corp. said it reached a definitive agreement to acquire the Gold Texas Resources Ltd. shares it does n't already own . Under the proposed agreement , Gold Texas holders will receive UNKA UNKA shares for each of the 1.1 million Gold Texas shares not owned by UNKA , which already owns 65 % . The arrangement is subject to approval by the Supreme Court of British Columbia province , UNKA said . Gold Texas is based in Vancouver , British Columbia , and UNKA Resources is based in Denver . Both are mining concerns . UNKA UNKA Inc. said its board extended until Feb. 1 the exercise period of UNKA 's existing stock purchase warrants outstanding . The expiration date had been Nov. 3 . Each of the UNKA warrants UNKA the holders to purchase one share of UNKA common stock for $ 2.25 . UNKA was quoted in the over-the-counter market yesterday at $ 2 bid . Bank of New England Corp. , seeking to streamline its business after a year of weak earnings and mounting loan problems , said it will sell some operations and lay off 4 % of its work force . The bank holding company also reported that third-quarter profit dropped 41 % , to $ UNKA million , or 61 cents a share , from the year-earlier $ UNKA million , or $ 1.04 a share . Among its restructuring measures , the company said it plans to sell 53 of its UNKA branch offices and to lay off 800 employees . UNKA , employment is expected to decline to less than 16,000 from the current level of about 18,000 . Walter UNKA , chairman , said in an interview that the company expects to record pretax gains of $ 100 million to $ 125 million from the sale of its leasing operations and of certain financial processing services . In a prepared statement , the company said it expects to realize those gains before year end . UNKA assets continued to pile up in the latest quarter , rising to $ 900 million , or UNKA % of loans and leases , from $ UNKA million , or UNKA % , at the end of the second quarter . Some $ 170 million of the $ UNKA million increase in nonperforming loans was related to real estate , and roughly UNKA of that was in the troubled New England market , according to Richard UNKA , vice chairman . Mr. UNKA said that , despite continued weakness in the region 's real estate market , Bank of New England expects the rate of increase in nonperforming assets to slow in coming quarters . Mr. UNKA noted that net third-quarter UNKA , at $ 63 million , improved slightly from the $ 67 million in the second quarter . And he indicated that more substantial improvement is expected in the next couple of quarters . The company increased its loan loss reserve to $ UNKA million from $ UNKA million at the end of the second quarter . Total assets slipped to $ UNKA billion , from $ 32 billion as of June 30 . Among other restructuring measures , the bank said it will close its loan production offices in Chicago , New York and Philadelphia . The Chicago office figured UNKA in the bank 's problems earlier this year , when $ 65 million in loans to Chicago businessman William UNKA went sour . In an internal memorandum to employees , Messrs. UNKA and UNKA described the restructuring as an effort to continue UNKA operations assembled during a series of mergers over the past five years . Italy 's wholesale price index rose 0.4 % in August from July and was up 6.1 % from a year earlier , the state statistical institute reported . The index registered UNKA in August , compared with UNKA in July and with UNKA in August 1988 . The UNKA rise in August was slightly down from the 6.4 % rate in July . The index has a base of 100 set in 1980 and is n't seasonally adjusted . U.S. steel imports in August fell 14 % from a year earlier to UNKA tons , according to the American Iron and Steel Institute . The trade group 's UNKA of Commerce Department data showed that August imports , the second largest monthly total of the year , were up 5 % from July 's UNKA tons but below last year 's high of UNKA tons in June 1988 . August imports claimed UNKA % of the U.S. market , compared with UNKA % in July and 20.5 % in August 1988 . The latest month 's figures show that imports of steel from European Community nations fell to UNKA tons from UNKA a month earlier , while imports from Japan rose to UNKA tons from UNKA in July . Imports from Canada rose to UNKA tons in August from UNKA in July . The American Institute for UNKA Steel said imports for the first eight months of 1989 were below the level allowed by the UNKA UNKA Agreement program . The institute said that , excluding UNKA steel products , UNKA imports represented UNKA % of consumption , compared with a permitted maximum of UNKA % . Japanese machinery makers received orders totaling UNKA trillion yen -LRB- $ UNKA billion -RRB- in August , up 14 % from a year earlier , the Economic UNKA Agency said . `` Equipment orders on the domestic side were particularly strong in shipping and power utilities , '' said an agency official . The latest report compares with a modest 9.9 % increase in July machinery orders from a year earlier . In August , soon after Wang Laboratories Inc. reported a staggering $ UNKA million loss and replaced its president , two Boston sales representatives sent customers a letter saying : `` We fully expect that you will soon be reading stories in the press reporting the ` UNKA UNKA at Wang . ' '' How soon Wang will stage a comeback , or if it will at all , are still matters of debate . But Wang UNKA are trying to cope with the biggest challenge any marketer can face : selling the products of a company that is on the ropes . `` If your prospect is feeling risk the whole time and you 're not feeling as if you 're backed up by a stable company , you 've lost it before you 've begun , '' says Mary Ann UNKA , a UNKA , Mass. , sales UNKA and consultant who works with high technology companies . It can happen in any industry . Consider the difficulties faced by UNKA UNKA when the car was UNKA by false charges of sudden UNKA , or Exxon dealers ' problems in the wake of the UNKA oil spill . Like thousands of UNKA before them , Wang 's are finding ways to combat the bad news . `` It 's very important that we UNKA confidence , even though within the family we know there 's a lot of hard work ahead , '' said Richard Miller , the UNKA , Mass. , computer concern 's new president , in a video message to UNKA a month after he took over . Wang got into financial trouble because of UNKA overhead and overly optimistic sales forecasts . Its UNKA minicomputers and word processors have lost ground to cheaper personal computers . Last year it funded its high employment by heavy borrowing , and it suffered huge losses when sales turned down instead of rising . After the company reported red ink for the fiscal third quarter , Wang 's marketing department provided the sales force answers to questions such as `` How could you not have known you were going to lose $ 55 million ? '' and `` Is Wang still a viable company ? '' UNKA try to push their products and avoid discussions of finances . UNKA to such questions is `` defensive , '' says Kenneth UNKA , Wang 's vice president , marketing . `` That 's UNKA to the art of selling . '' Moreover , he notes that analyzing financial results `` UNKA a problem for a salesman who is n't particularly familiar with a balance sheet . '' At one sales strategy meeting , an executive suggested ordering UNKA to become experts on the annual report . Mr. Miller vetoed that : `` Even I ca n't understand all the UNKA , '' he says . Instead , he says , if the UNKA can get the customers to consider Wang 's products on their merits , he or a top financial officer will try to UNKA the fears about finances . Mike UNKA , a salesman in Wang 's Austin , Texas , office , has a UNKA method : `` We tell them $ 3 billion companies do n't go out of business . We tell them all the major companies are having financial difficulties . '' UNKA computer companies are having sales UNKA and earnings declines , but very few have had losses comparable to Wang 's or are carrying such a large debt load . Mr. Miller says that after a sharp sales slump in July and August , sales UNKA in September . Although Wang will report a loss for the first quarter ended Sept. 30 and the full fiscal year , Mr. Miller says he expects the company will return to profitability by the fourth quarter . Experts on sales technique say anyone representing a troubled company must walk a fine line . `` If a salesman UNKA his credibility in this time of trouble , it will be a problem for the long run , '' says George UNKA , a UNKA , Nev. , sales consultant and author of `` The Marketing UNKA . '' Still , says John Sullivan , a management UNKA with Daniel Roberts Inc. of Boston , who has held senior sales positions at UNKA and UNKA : `` The customer will react to strength . UNKA the present condition . Show it 's business as usual . '' That is n't easy . Wang 's customers are data processing managers who want to be sure that their suppliers are stable , UNKA companies that will be around to fix bugs and upgrade computers for years to come . For buyers , `` these are UNKA decisions , '' says UNKA UNKA , who UNKA a network of Wang computers in the UNKA department at Boston University . The university is considering UNKA a $ 250,000 system to store applications UNKA . `` Before the really bad news , we were looking at Wang fairly seriously , '' she says . But `` their present financial condition means I 'd have a hard time convincing the vice president in charge of purchasing . '' Ms. UNKA adds : `` At some point we 'd have to ask , ` How do we know that in three years you wo n't be in Chapter 11 ? ' '' During the past year , Wang has developed new products and a new strategy and hired a new president . Wang 's overall product line is `` still not as good as other vendors , but they 've come a long way , '' says Steven UNKA , a consultant with market researcher UNKA Group , Stamford , Conn . `` They were on the road to recovery in terms of customer attitudes until this bad quarter happened . '' The first priority for Wang 's sales force is to make sure it holds on to existing customers . Wang 's installed base is one of its greatest assets , and many of those customers remain extremely loyal . But even before Wang 's latest financial troubles surfaced , some customers `` were trying to wall off their Wang installations '' so other departments would n't add Wang , says Chris UNKA , a former Wang marketer who is now a market analyst with UNKA Group , a market research firm in Stamford , Conn . One Wang salesman who left the company in July recalls that when he tried to sell products to Eastman Kodak , he worked `` to UNKA support from internal allies , '' but `` those allies became skeptical as they saw the UNKA . The more recent losses were really devastating . '' New customers , the source of higher commissions for UNKA and the key to Wang 's long-term UNKA , are even tougher . Rick Lynch , a former top salesman in Wang 's Boston office , referring to Wang 's mainstay computer line , says : `` You ca n't sell a UNKA to a new customer . '' Mr. Lynch left Wang this summer for UNKA Systems Inc. , a software vendor . The financial problems are particularly UNKA for UNKA pushing Wang 's image systems , which convert paper forms to electronic documents . Consultants say that Wang 's technology is among the best available in the image market . But UNKA often found that news of Wang 's problems UNKA their sales efforts . William UNKA , a former sales manager in Indianapolis , says that his office had all but sold a $ 1.5 million image system to pharmaceutical maker Eli Lilly & Co . `` When they were making the decision , all hell broke loose with the finances . '' He says the Lilly executives told him they could n't take the risk with Wang . Mr. UNKA say he does n't blame Lilly . UNKA have to rely on a supplier `` continually UNKA and replacing the product , '' he says . `` When a company UNKA that , it 's hard to go with Wang . '' For Mr. UNKA , who says he used to earn as much as $ 150,000 a year at Wang , it was one more reason to quit . He is now president of UNKA Homes Inc. , an Indianapolis contractor . It can be hard for a UNKA to fight off feelings of UNKA . Brian UNKA , a former Wang salesman in UNKA New York , says : `` You have pride in your job . You think you can go out and turn things around . It 's a tough thing when you ca n't . The reason does n't UNKA to your selling skills . '' UNKA UNKA on itself . `` The problem is , if people get down in the UNKA , they stop selling , '' says Mike UNKA , a UNKA sales manager in Wang 's Austin office . One key for UNKA is to boost their own morale . Paul UNKA , a UNKA , Mass. , sales and management consultant and author of `` UNKA , UNKA , You 're UNKA , '' says : `` The bad news is , you 'll be rejected more . The good news is , it 's not your fault . '' So , he advises , make goals UNKA . For instance , he suggests that UNKA making telephone calls should say to themselves : `` All I want to do today is get 50 UNKA . '' But Mr. Miller , Wang 's new president , recently warned his UNKA about UNKA . `` Our customers watch us for the hidden message , '' he said . `` Look a customer right in the eye and say , ` I 'm glad to be at Wang . UNKA International Enterprises Inc. , the parent of UNKA UNKA UNKA , Robinson & Co. , said its shareholders approved a previously announced name change to UNKA Enterprises Inc . `` The parent company is diversifying into other industries around the world , '' said president UNKA UNKA in explaining the name change . `` UNKA we talked about UNKA International , -LCB- people -RCB- thought it was the brokerage house . '' Mr. UNKA said the change was n't related to the brokerage 's recent troubles , which have included sharp declines in earnings , UNKA with the securities regulators and lawsuits by former customers . The company said it expects the name change to take effect within a week . UNKA Corp. said third-quarter net income rose 26 % on the strength of its chemical business . Net was $ 24 million , or $ 1.15 a share , up from $ 19 million , or 90 cents a share , a year earlier . Sales rose 7.4 % to $ UNKA million from $ UNKA million . UNKA said its chemical segment had profit of $ 22 million , up from $ 15 million a year ago , largely because of gains in UNKA such as UNKA UNKA . The company said the gains were tied to volume increases and higher prices . The market for UNKA include the paper , UNKA and textile industries . The chemical segment had a $ 6 million gain on the sale of UNKA and UNKA businesses , which was offset by a $ 6 million charge for future environmental expenditures . Profit in UNKA 's defense and UNKA segment rose to $ 8 million from $ 7 million . The metals segment , hurt by a strike , had break-even results , against $ 3 million a year ago . In the first nine months , net rose 21 % to $ 93 million , or $ UNKA a share , from $ 77 million , or $ UNKA a share a year ago . Sales rose 13 % to $ UNKA billion from $ UNKA billion . In New York Stock Exchange composite trading , UNKA closed at $ UNKA a share , down 25 cents . GTE Corp. and MCI Communications Corp. reported strong earnings gains to record levels for the third quarter . UNKA Bell Corp. and Cincinnati Bell posted slight declines . GTE Corp . GTE said net income rose 18 % , aided by higher long-distance calling volumes and an increase in telephone lines in service . Pretax operating profit from telephone operations rose 8.2 % but profits from telecommunications products and electrical products were flat . UNKA rose 8.8 % to $ UNKA billion from $ UNKA billion . The company said the quarter included a 10 % increase in UNKA usage for long-distance calling and a 5 % increase in the number of access lines in service . Earlier rate reductions in Texas and California reduced the quarter 's revenue and operating profit $ 55 million ; a year earlier , operating profit in telephone operations was reduced by a similar amount as a result of a provision for a reorganization . Revenue in the telecommunications products and services unit rose 27 % to $ UNKA million , but operating profit was unchanged at $ UNKA million , partly because of start-up expenses . UNKA products ' sales fell to $ UNKA million from $ UNKA million with higher world-wide UNKA volume offset by lower domestic prices and the impact of weaker currencies in Europe and South America . Operating profit of $ UNKA million was unchanged . In composite trading on the New York Stock Exchange , GTE rose $ 1.25 to $ UNKA . MCI Communications Corp . MCI , which stepped up efforts to sell long-distance telephone service to residential customers , reported a 59 % jump in earnings . Revenue rose 23 % to $ UNKA billion from $ 1.36 billion . Operating profit grew 57 % to $ UNKA million from $ UNKA million , while operating margins rose to UNKA % from UNKA % the previous quarter and 12.6 % a year ago . Daniel UNKA , MCI chief financial officer , said the company sees further improvements in operating margins . `` We think we can take it to the 18 % range over next 18 to 24 months , '' he said . In national over-the-counter trading , MCI fell $ UNKA to $ UNKA . Charles UNKA , an analyst with Smith Barney , Harris Upham & Co. , said some investors apparently expected slightly better revenue growth . The company said that residential traffic grew faster than business traffic and attributed that to its new UNKA calling plan that UNKA with American Telephone & Telegraph 's UNKA Out America plan . MCI claims about 12 % of the overall long-distance telephone market but just under 10 % of the $ 23 billion residential market . It has been trying to improve its share of the residential market . The company wants its business mix to more closely match that of AT&T -- a step it says will help prevent cross UNKA . Mr. UNKA said MCI recorded `` another solid cash positive quarter , '' its fourth in a row , but declined to comment on whether the company is considering a dividend or is planning any acquisition . The current quarter , he said , `` looks fine . We think revenue will continue to grow and that we can control costs and thus improve profitability . '' UNKA Bell Corp . UNKA Bell Corp. said net dropped 8.7 % , mainly the result of four extraordinary items : a franchise tax refund that its UNKA Bell Telephone Co. unit received last year ; a production shift of several UNKA UNKA UNKA to the fourth quarter from the third ; a rate refund in Missouri and a one-time adjustment to phone company revenues . Revenue slipped 1.2 % to $ UNKA billion from $ UNKA billion . The earnings drop had been expected . Chairman UNKA E. UNKA said UNKA Bell 's `` businesses are healthy and are continuing to grow . '' The company reported a 3.1 % increase in the number of access lines in service , and also said its UNKA Bell UNKA Systems unit added 30,000 new customers , with a current total of about UNKA . UNKA shares fell 50 cents to $ UNKA in composite trading on the New York Stock Exchange . Cincinnati Bell Inc . Cincinnati Bell Inc. said net declined 1.8 % . The company noted that the year-ago period was particularly strong , with an increase of nearly 70 % . Revenue jumped nearly 17 % to $ UNKA million from $ UNKA million . In composite trading on the New York Stock Exchange , Cincinnati Bell fell 25 cents to $ 29 . The company said that the number of access lines dropped slightly in the quarter , a decline attributed to seasonal fluctuations . For the year , however , access lines in service have increased 5.5 % . Chairman UNKA UNKA said the company has set a new five year goal of doubling revenues to about $ 1.8 billion while steadily increasing net . Rockwell International Corp. 's UNKA unit said it signed a tentative agreement extending its contract with Boeing Co. to provide structural parts for Boeing 's 747 UNKA . Rockwell said the agreement calls for it to supply 200 additional so-called UNKA for the planes . These include , among other parts , each jetliner 's two major UNKA , a pressure floor , UNKA box , fixed leading UNKA for the wings and an UNKA UNKA UNKA . Under the existing contract , Rockwell said , it has already delivered UNKA of the UNKA to Boeing . Rockwell , based in El UNKA , Calif. , is an aerospace , electronics , automotive and graphics concern . Frank UNKA III was named to this telecommunications company 's board , filling the vacancy created by the death of William UNKA last May . Mr. UNKA , 59 years old , served as defense secretary in the Reagan administration . In January , he accepted the position of vice chairman of UNKA Group , a merchant banking concern . UNKA UNKA UNKA Inc . Thomas E. UNKA , 42 years old , was named president and chief operating officer of UNKA Co. , a UNKA , Ill. , subsidiary of this New York investment banking firm . UNKA , which has interests in real estate , said the position is newly created . Mr. UNKA had been executive vice president of UNKA . In addition to his previous real-estate investment and UNKA duties , Mr. UNKA takes responsibility for development and property management . Those duties had been held by Van UNKA , 44 , who resigned as an executive vice president . Shearson is about UNKA by American Express Co . Great American Bank , citing depressed Arizona real estate prices , posted a third-quarter loss of $ UNKA million , or $ UNKA a share . A year earlier , the savings bank had earnings of $ 8.1 million , or 33 cents a share . For the nine months , it had a loss of $ UNKA million , or $ UNKA a share , after earnings of $ UNKA million , or $ 1.20 a share , in the 1988 period . Great American said it increased its loan-loss reserves by $ 93 million after reviewing its loan portfolio , raising its total loan and real estate reserves to $ UNKA million . Before the loan-loss addition , it said , it had operating profit of $ 10 million for the quarter . The move followed a round of similar increases by other lenders against Arizona real estate loans , reflecting a continuing decline in that market . In addition to the increased reserve , the savings bank took a special charge of $ 5 million representing general and administrative expenses from staff reductions and other matters , and it posted a $ 7.6 million reduction in expected mortgage UNKA fees , reflecting the fact that more borrowers are UNKA their mortgages . UNKA were n't the only big losers in the collapse of UAL Corp. stock . Look at what happened to UAL 's chairman , Stephen M. Wolf , and its chief financial officer , John C. UNKA . On a day some United Airlines employees wanted Mr. Wolf fired and takeover stock speculators wanted his UNKA , Messrs. Wolf and UNKA saw their prospective personal fortunes continue to UNKA as shares of UAL , United 's parent company , UNKA $ UNKA on the Big Board to close at $ UNKA . UNKA Monday 's plunge , that has given the two executives paper losses of $ UNKA million , based on what they would have realized had the pilots and management-led buy-out of UAL gone through at $ 300 a share . When bank financing for the buy-out collapsed last week , so did UAL 's stock . Even if the banks UNKA a financing package at $ 250 a share , the two executives would still get about $ 25 million less than they stood to gain in the initial transaction . Mr. Wolf owns 75,000 UAL shares and has options to buy another 250,000 at $ UNKA each . In the $ 300-a-share UNKA , that totaled about $ UNKA million . By yesterday 's close of trading , it was good for a UNKA $ UNKA million . Of course , Mr. Wolf , 48 years old , has some savings . He left his last two jobs at Republic Airlines and UNKA Tiger with combined UNKA gains of about $ 22 million , and UAL gave him a $ 15 million bonus when it hired him . His 1988 salary was $ UNKA , with a $ UNKA bonus . The UNKA old Mr. UNKA has n't changed jobs enough -- at least the right ones -- to UNKA away that kind of money . United paid him a $ UNKA bonus to lure him away from American Airlines , and he was paid a salary of $ UNKA last year with a $ UNKA bonus . Mr. UNKA owns 10,000 UAL shares and has options to buy another 150,000 at $ 69 each . That came to a combined $ UNKA million under the $ 300-a-share buy-out , but just $ UNKA million at yesterday 's close . Of the combined $ UNKA million the two men were scheduled to reap under the buy-out , they agreed to invest in the buy-out just $ 15 million , UNKA many of the thousands of workers asked to make pay concessions so the buy-out would be a success . United 's directors voted themselves , and their spouses , lifetime access to the UNKA UNKA -- free UNKA travel , and $ 20,000 a year for life as well . UNKA , in a UNKA buy-out , they could be UNKA back to coach seats for life . Thomas H. Johnson , president of the UNKA division of Mead Corp. , was named president of Manville Forest Products Corp. , a Manville unit , and senior vice president of Manville Corp . Mr. Johnson succeeds Harry W. Sherman , who resigned to pursue other interests , in both positions . Manville is a building and forest products concern . US UNKA Corp. said Robert J. UNKA agreed to step down as vice chairman of the insurance holding company . `` There was a difference of opinion as to the future direction of the company , '' a spokeswoman said . Mr. UNKA declined to comment . In a statement , US UNKA said Mr. UNKA 's employment contract calls for him to act as a consultant to the company for two years . He will also remain a director , US UNKA said , but wo n't serve on any board committees . Mr. UNKA will be succeeded on an interim basis by George UNKA , US UNKA chairman and president . In the same statement , US UNKA also said it had bought back UNKA of its common shares in a private transaction . Terms were n't disclosed . The buy-back represents about 3 % of the company 's shares , based on the 3.7 million shares outstanding as of Sept. 30 . In national over-the-counter trading yesterday , US UNKA closed at $ UNKA , unchanged . Three leading drug companies reported robust third-quarter earnings , bolstered by strong sales of newer , UNKA UNKA drugs that provide hefty profit margins . UNKA & Co. reported a 25 % increase in earnings ; UNKA Co. 's profit rose 22 % and Eli Lilly & Co. 's net income rose 24 % . The results were in line with analysts ' expectations . UNKA & Co . UNKA , UNKA , N.J. , continued to lead the industry with a strong sales performance in the human and animal UNKA segment . A stronger U.S. dollar reduced third-quarter and UNKA sales growth 2 % and 3 % , respectively . International sales accounted for 47 % of total company sales for the nine months , compared with 50 % a year earlier . Sales for the quarter rose to $ UNKA billion from $ UNKA billion . UNKA , UNKA 's new UNKA drug , had higher sales than any other prescription medicine has ever achieved in the U.S. in the year following introduction , the company said . The drug was introduced in West Germany this year . UNKA competition , however , led to unit sales declines for a group of UNKA 's established human and UNKA products , including UNKA and UNKA . In New York Stock Exchange composite trading yesterday , UNKA shares closed at $ UNKA , up 50 cents . UNKA Co . UNKA , Morris Plains , N.J. , reported sales that were a record for any quarter and the eighth quarter in a row of 20 % or more per-share earnings growth . UNKA by growth in world-wide sales of the company 's prescription drugs , UNKA said 1989 will be the best year in its history , with per-share earnings expected to increase more than 20 % to about $ UNKA . Sales for the quarter rose to $ 1.11 billion from $ 1.03 billion . UNKA world-wide sales rose 9 % in the quarter to $ UNKA million ; U.S. sales rose 15 % . The segment 's growth was led by sales of the UNKA drugs UNKA , a UNKA regulator , and UNKA , a UNKA channel UNKA . UNKA sales of UNKA 's UNKA health-care products , such as UNKA cough UNKA , UNKA UNKA , and UNKA skin UNKA , increased 3 % to $ UNKA million in the third quarter ; U.S. sales rose 5 % . UNKA products sales also had strong growth in the quarter . UNKA sales of UNKA gum , UNKA breath UNKA , and UNKA gum and breath UNKA , increased 12 % to $ UNKA million . UNKA shares closed at $ UNKA a share , up $ 1.50 , in Big Board composite trading yesterday . Eli Lilly & Co . Lilly attributed record third-quarter and nine-month results to world-wide gains for pharmaceuticals , medical instruments and UNKA products despite poor exchange rates for the dollar that slowed sales abroad . Earnings continued to pace sales because of a lower tax rate , profit from the UNKA of the debt instrument received from Faberge Inc. in connection with Lilly 's sale of Elizabeth UNKA Inc. in 1987 , and net proceeds from the settlement of patent litigation at Lilly 's UNKA Inc. unit . Third-quarter sales of the Indianapolis , Ind. , company rose 11 % to $ UNKA billion from $ UNKA million . UNKA sales grew 12 % to $ UNKA billion from $ UNKA billion a year earlier . Sales of UNKA , an UNKA , led UNKA increases . Higher sales of pesticides and other UNKA products more than offset a slight decline in the sales of UNKA products to fuel the increase in world-wide agricultural product sales , Lilly said . Advanced UNKA Systems Inc. and UNKA UNKA Inc. units led growth in the UNKA systems division . Lilly shares closed yesterday in composite trading on the Big Board at $ UNKA , down 12.5 cents . UNKA Mark , chairman of Colgate-Palmolive Co. , said he is `` comfortable '' with analysts ' estimates that third-quarter earnings rose to between 95 cents and $ 1.05 a share . That compares with per-share earnings from continuing operations of 69 cents the year earlier ; including discontinued operations , per-share was 88 cents a year ago . The per-share estimates mean the UNKA company 's net income , increased to between $ UNKA million and $ 76 million , from $ UNKA million the UNKA period . Analysts estimate Colgate 's world-wide third-quarter sales rose about 8 % to $ 1.29 billion . Mr. Mark attributed the earnings growth to strong sales in Latin America , Asia and Europe . Results were also bolstered by `` a very meaningful '' increase in operating profit by Colgate 's U.S. business , Mr. Mark said . Operating profit at Colgate 's U.S. household products and UNKA businesses jumped 25 % in the quarter , Mr. Mark added . He said the improvement was a result of cost savings achieved by consolidating manufacturing operations , UNKA two sales organizations and focusing more carefully the company 's promotional activities . The estimated improvement in Colgate 's U.S. operations took some analysts by surprise . Colgate 's household products business , which includes such brands as UNKA UNKA UNKA and UNKA UNKA , has been a weak UNKA . Analysts estimate Colgate 's sales of household products in the U.S. were flat for the quarter , and they estimated operating margins at only 1 % to 3 % . `` If you could say their business in the U.S. was UNKA , but great everywhere else , that would be fine , '' says UNKA Austin , an analyst with Wertheim Schroder & Co . `` But it 's not UNKA , it 's a real problem . '' Mr. Mark conceded that Colgate 's domestic business , apart from its highly profitable Hill 's UNKA Products unit , has lagged . `` We 've done a lot to improve -LCB- U.S. . -RCB- results , and a lot more will be done , '' Mr. Mark said . `` UNKA profitability of U.S. operations is an extremely high priority in the company . '' To focus on its global UNKA business , Colgate sold its UNKA health-care business in 1988 . H. Anthony UNKA was elected a director of this company , which primarily has interests in radio and television stations , increasing the number of seats to five . UNKA also operates UNKA UNKA , entertainment properties and small UNKA systems . Mr. UNKA is executive , special projects , at UNKA Group Holdings Inc. , which is controlled by Manufacturers Hanover Corp . The Boston Globe says its newly UNKA pages have a `` UNKA '' look with revamped UNKA aimed at making the paper `` more consistent '' and `` easier to read . '' Maybe so -- if you can find where your favorite writer went . UNKA UNKA , who spare no UNKA when taking on local UNKA such as Michael `` UNKA UNKA '' UNKA , or New England UNKA UNKA Raymond `` Rev. Ray '' Berry , yesterday poured UNKA on new UNKA of Globe UNKA that replaced old photos in the revamped pages this week . By late last night , Globe UNKA UNKA Thomas UNKA , UNKA to the will of his troops , scrapped the new UNKA . For a few days at least , he says , no pictures or UNKA of any kind will UNKA the columns . UNKA was , nobody thought they looked right . Globe columnist Mike UNKA -- in the second attack on his employer in as many weeks -- UNKA that his UNKA UNKA was so bad , it looked `` like a face you 'd find on a bottle of UNKA UNKA that promises to do away with UNKA in our lifetime . '' Mr. UNKA reminded readers that he still has n't UNKA Globe management for questioning a $ 20 expense UNKA he submitted for parking his car while chasing a story . `` I thought -LCB- the drawing -RCB- a cross between someone you 'd spot UNKA open his UNKA UNKA ... or a guy who UNKA he 'd been Charles UNKA 's UNKA for the last 19 years , '' he said . Mr. UNKA was hardly UNKA to the UNKA of colleagues Michael UNKA -LRB- `` appears to be a UNKA '' -RRB- , Will McDonough -LRB- `` looks as if he drove for UNKA Lincoln '' -RRB- or UNKA English , whose `` little girl now UNKA UNKA every time she sees a newspaper . '' Lynn UNKA , the Globe 's assistant managing editor for design , acknowledges that the UNKA were `` on the low end of the UNKA spectrum . '' UNKA Boston Herald columnist UNKA UNKA , who usually UNKA at UNKA `` UNKA '' and UNKA , argued that the new UNKA were designed to hide Mr. UNKA 's `` rapidly growing UNKA '' and the UNKA defects of `` UNKA '' Dan UNKA , a Globe sports columnist . `` But think of the money you , the reader , will save on Halloween , '' said Mr. UNKA . `` Instead of buying UNKA for your kids , just cut out the UNKA ' pictures ... . UNKA UNKA in both the book review `` UNKA UNKA UNKA '' by Stephen MacDonald -LRB- UNKA & Arts , Sept. 27 -RRB- and the books reviewed is the assumption that global warming is entirely a result of human activity . Is such a view justified ? In the absence of humans , would the Earth enjoy a constant climate over the long term ? Clearly not . About 20,000 years ago the last ice age ended . UNKA ice sheets retreated from the face of North America , northern Europe and Asia . This global warming must have been entirely natural -- nobody would blame it on a few hundred thousand UNKA UNKA UNKA and UNKA around in UNKA . Furthermore , no bell has yet UNKA to announce the end of this UNKA episode of natural global warming . It is probably continuing and may well account for most of , or all of , UNKA global warming . I UNKA to no one in my regard for our UNKA UNKA , but if we are serious about global warming we must look at the big picture and not allow the UNKA UNKA to lock us into the UNKA - warming scenario as the sole model for discussion . UNKA UNKA UNKA Department University of The Internal Revenue Service plans to restructure itself more like a private corporation . In addition , the UNKA agency says that it will take the unusual step of looking to the private sector to fill two new UNKA positions to guide the UNKA agency : a comptroller to oversee daily finances and a chief information officer to UNKA the information system , which includes probably the largest computer data base in the world . The IRS also said that it would create the position of chief financial officer , who will be hired from within the agency . IRS Commissioner Fred T. Goldberg said the changes are intended to bring `` accountability '' to the agency , which has an annual budget of more than $ 5 billion and UNKA about $ 1 trillion a year . `` My assessment and everyone 's assessment is that we do not have the kinds of information that let us UNKA and effectively UNKA and execute our budget , '' Mr. Goldberg said . `` And we do n't have internal controls and discipline that we need to have to spend $ 5 billion properly . '' Mr. Goldberg , who took over as head of the IRS in July , has been UNKA by what he considers the UNKA , waste and lack of UNKA among the branches of the vast federal agency . The IRS operates on a computer system designed in 1961 , which it has been trying to modernize for years . And the agency , which operated throughout fiscal 1989 with a $ 360 million budget UNKA , has been under a hiring freeze since last fall . The new commissioner says that closer scrutiny of how the agency uses its resources will go a long way toward UNKA its ability to collect more tax revenue . `` I think that you will see a significant improvement in the budget UNKA and execution process which , in turn , I believe will result in a significant increase in revenue , '' he said . The IRS hopes to fill the new positions soon . UNKA , it would UNKA career civil UNKA from within the agency , but Mr. Goldberg said he plans to `` UNKA the world '' for the chief information officer and the comptroller . Although the jobs will probably pay between $ 70,000 and $ 80,000 a year , IRS officials are confident that they can attract UNKA candidates from the private sector . `` You 're telling someone they can spend the next three or four or five or six years of their life bringing about the most difficult and costly modernization of an information system on the civil side ever , '' Mr. Goldberg said . `` On the comptroller side , you 're developing and making work financial controls governing a $ 6 billion budget . When UNKA UNKA UNKA , the leader of the UNKA coup in Panama , was buried , his body UNKA several UNKA UNKA , a UNKA UNKA and broken UNKA and UNKA . They were the signature of his adversary , Panamanian leader Manuel Antonio Noriega . The rebel officer 's slow and painful death , at the headquarters of Panama 's UNKA UNKA , was personally UNKA by Gen. Noriega , says a U.S. official with access to intelligence reports . UNKA into UNKA , sinking into UNKA of UNKA and UNKA , Mr. Noriega has put to death some 70 of his troops involved in the coup , according to U.S. officials monitoring UNKA and UNKA UNKA in Panama City . He is now changing the place he UNKA every night , sometimes more than once a night . His meals are most often prepared by women he trusts -- his full-time UNKA , UNKA UNKA , and her mother , UNKA . And he is collecting the names of those who UNKA the UNKA to UNKA them during their brief time in control of his headquarters . More enemies to be UNKA with . In the two weeks since the UNKA , which the U.S. UNKA backed , Mr. Noriega has been at his most UNKA - and efficient - in maintaining power . Yet , while the failed coup is a major U.S. foreign policy embarrassment , it is merely the latest chapter in a UNKA relationship between Mr. Noriega and Washington that UNKA back three decades . America 's war on the dictator over the past two years , following his indictment on drug charges in February 1988 , is the UNKA of that relationship . Before American foreign policy set out to destroy Noriega , it helped create him out of the UNKA of Panama 's long history of UNKA and UNKA . For most of the past 30 years , the marriage was one of convenience . In 1960 , for example , when Mr. Noriega was both a UNKA at an UNKA military UNKA in Peru and a UNKA for the U.S. Defense Intelligence Agency , he was UNKA by UNKA authorities for allegedly UNKA and UNKA beating a UNKA , according to a U.S. Embassy cable from that period . The woman had nearly died . But U.S. intelligence , rather than rein in or cut loose its new spy , merely filed the report away . Mr. Noriega 's UNKA on emerging UNKA at his school were deemed more important to U.S. interests . From that point on , the U.S. would make a practice of UNKA the Panamanian 's UNKA . The U.S. has UNKA and later turned against many UNKA , but none quite so UNKA . The UNKA Mr. Noriega is n't as smooth as the UNKA of Iran , as UNKA as Nicaragua 's UNKA UNKA , as UNKA as Ferdinand Marcos of the Philippines or as bloody as UNKA 's Baby UNKA UNKA . Yet he has proved more UNKA than any of them . And out of necessity : The U.S. can make mistakes and still hope to remove him from power , but a single error on his part could cost him his life . `` The U.S. UNKA Noriega all along , '' says UNKA UNKA , a former Ambassador to Panama . `` He has UNKA the art of survival . '' In keeping with America 's long history of UNKA up Mr. Noriega , recent U.S. actions have extended rather than UNKA his survival . Mr. Noriega might have fallen of his own weight in 1988 because of Panama 's dire economic situation , says Mr. UNKA , but increasing external pressure has only given him additional UNKA for repression , and a UNKA for his own UNKA . `` If the U.S. had sat back and done nothing , he might not have made it through 1988 , '' Mr. UNKA contends . Perhaps most important , Mr. Noriega 's allies have UNKA to encourage -- in some cases , to demand -- that the dictator maintain his grip of the UNKA . One Colombian drug boss , upon hearing in 1987 that Gen. Noriega was negotiating with the U.S. to abandon his command for a comfortable UNKA , sent him a UNKA UNKA UNKA UNKA with his name . `` He is UNKA , '' says the Rev. Fernando UNKA , who has led Catholic Church opposition against Noriega . `` The Americans have left him without a way out . It is easy to fight when you do n't have any other option . '' His chief advantage in the fight : his intimate knowledge of American ways and weaknesses . Mr. Noriega often tells friends that UNKA is the best weapon against the UNKA , who have a short attention span and little UNKA for lasting confrontation . The U.S. discovered the young Tony Noriega in late UNKA , when he was in his second year at the UNKA UNKA Academy in UNKA , according to former U.S. intelligence officials . The contact occurred through Mr. Noriega 's UNKA , a Panamanian diplomat based in Peru named UNKA Carlos Noriega UNKA . UNKA Carlos , knowing that helping the Americans could advance the career of any Panamanian officer , UNKA Tony 's reports on the leftist UNKA he observed among his fellow students and , more important , among his officers and UNKA . A spy was born . It was a UNKA experience for the UNKA and slightly built Mr. Noriega , who was known to his friends as UNKA la UNKA -- UNKA face . UNKA the UNKA son of his father 's UNKA , he was raised on the mean streets of the central market district of Panama City . Tony was four years older than most of his fellow UNKA , and gained admission to the UNKA because his brother had UNKA his birth certificate . He considered himself UNKA superior to his UNKA UNKA , many of whom were UNKA UNKA sent by their UNKA families to the highly disciplined , UNKA UNKA as a sort of reform school . In his peaked military cap and UNKA pressed , UNKA uniform , Noriega felt more respected and powerful than ever in his UNKA life , friends from the period say . `` He had an UNKA uniform with gold UNKA in a country where there was a UNKA of UNKA , where officers were the UNKA with special UNKA , '' recalls UNKA UNKA , a fellow student in Peru and a UNKA friend . Mr. Noriega 's relationship to American intelligence agencies became UNKA in either 1966 or 1967 , intelligence officials say . His commanding officer at the UNKA UNKA UNKA , Major UNKA UNKA , gave him an intriguing UNKA : Mr. Noriega would UNKA the province 's first intelligence service . The spy network would serve two clients : the Panamanian government , by monitoring political opponents in the region , and the U.S. , by tracking the growing Communist influence in the unions organized at United UNKA Co. 's UNKA UNKA in UNKA del UNKA and Puerto UNKA . United UNKA was one of the two largest UNKA to Panama 's national income . UNKA its interests was a priority for any Panamanian leader . Mr. Noriega 's initial UNKA was only $ 50 to $ 100 a month , plus UNKA gifts of liquor or UNKA from the American UNKA , a former intelligence official says . It was modest pay by American standards , but a healthy boost to his small military salary , which fellow officers remember as having been $ 300 to $ 400 monthly . `` He did it very well , '' recalls UNKA UNKA , a former Panamanian UNKA who managed Mr. Noriega and his operation . `` He started building the files that helped him gain power . '' A National Guard job assumed by UNKA Noriega in UNKA -- as chief of the UNKA police in David City , capital of the UNKA UNKA -- was UNKA for an UNKA UNKA . By UNKA taxi and bus drivers who needed licenses , he gained a ready UNKA of information . He knew which local UNKA had been caught driving UNKA , which had been found with their UNKA . This proved particularly valuable to the Panamanian government in 1967 , when union leaders were planning a May Day march that the government feared could turn violent . Mr. Noriega had learned that a local union leader was UNKA with the wife of his deputy . So he UNKA the information on UNKA that he distributed throughout the UNKA city of Puerto UNKA , which was ruled by United UNKA Co . The campaign so divided union leaders that the government found them far easier to control . `` It was like a play on UNKA , '' recalls Mr. UNKA . `` Noriega managed the whole thing . He was UNKA . Noriega was an expert at UNKA and UNKA people . '' During his years in UNKA , however , Mr. Noriega also revealed himself as an officer as UNKA as he was UNKA . UNKA UNKA , a local lawyer and human-rights monitor , recalls an UNKA Noriega visiting UNKA in their cells at the UNKA UNKA Garrison headquarters in David , where he had his offices . Mr. Noriega would order them all to take off their clothes and run around the UNKA UNKA , laughing at them and then retreating to his office . `` People started wondering if something was wrong with him , '' Mr. UNKA recalls . But through this period , so far as the U.S. military was concerned , Mr. Noriega was a model UNKA . He signed up for intelligence and UNKA training under American officers at Fort UNKA in Panama in July 1967 , according to a copy of a 1983 resume with details Mr. Noriega has since classified as secret . He flew to Fort UNKA , N.C. , in September of that year for a course in psychological operations , returning to the School of the UNKA in Panama for a UNKA course called `` military intelligence for officers . '' Some American officers interpreted his eagerness and UNKA as a sign of loyalty , but they did so UNKA . He rose to chief of intelligence in Panama 's UNKA UNKA in 1970 after providing UNKA dictator UNKA the critical support to defeat a coup attempt against him a year earlier . He became Gen. UNKA 's UNKA shadow , and the holder of all Panama 's secrets . Mr. Noriega , by now a UNKA UNKA , expanded his contacts to include the UNKA -- not to mention the UNKA , the Taiwanese and any other intelligence service that came knocking . When U.S. diplomats complained to the CIA of UNKA Noriega 's UNKA , intelligence experts always insisted that his UNKA was first to the Americans . `` Early on in the State Department , we took to calling him the UNKA , in UNKA to his ability to simultaneously milk the UNKA intelligence services of Cuba and the United States , '' recalls Francis J. UNKA , who , as deputy assistant secretary of state for UNKA affairs , first ran across reports about Mr. Noriega in 1977 . `` Some of us UNKA how our intelligence people could put so much stock in his information when he was just as close to the UNKA . '' Even at this early stage , drugs caused additional concerns . During the Nixon administration , the Drug Enforcement Administration became UNKA at the extent of the UNKA 's UNKA to arrested drug UNKA . One UNKA agent drew up a list of five options for dealing with UNKA Noriega , one of which was assassination . The head of the UNKA at the time , John Ingersoll , UNKA the assassination plan . But he did fly to Panama to UNKA dictator UNKA on the drug ties of Panamanian officials , including Mr. Noriega . Mr. Ingersoll later recalled that Gen. UNKA seemed afraid to act on the concerns of the U.S. . `` Everybody was afraid of him , '' Mr. Ingersoll says . Mr. Noriega became an even greater threat in 1976 , when U.S. intelligence services discovered that he had been buying UNKA of UNKA monitored conversations from three UNKA working for the U.S. Army 's UNKA UNKA Intelligence Group . The tapes included UNKA of Gen. UNKA 's own phone , according to American intelligence officials . `` We caught him with his hands on our UNKA UNKA , '' says former CIA Director UNKA Turner . For the first time , the U.S. considered cutting Mr. Noriega from its intelligence payroll -- and the UNKA were intense , Mr. Turner says . `` In the world of intelligence , if you want to get information , you get it from UNKA characters . The question is how much you get tied in with UNKA characters so they can UNKA you . '' Intelligence officials to this day worry whether Mr. Noriega sold sensitive information on the UNKA to the UNKA or others . Mr. Turner was troubled enough to cancel the U.S. contract with the UNKA at the beginning of the Carter administration . The U.S. soon found new cause for concern : UNKA . Prosecutors in Southern Florida indicted five UNKA on charges of illegally running arms to Sandinista rebels trying to UNKA the Nicaraguan government of Mr. UNKA . They included one of Mr. Noriega 's UNKA friends and business partners , Carlos UNKA . And the investigators were quickly closing in on Mr. Noriega himself . At the time , though , in 1979 , the U.S. was once again UNKA with its longtime Latin American spy . Mr. Noriega made plans to fly to Washington for a meeting with his counterpart at the Pentagon . UNKA County and federal authorities , learning that he intended to fly through Miami , made plans to arrest him on the UNKA charges as soon as he hit U.S. soil . It was a Friday in June . The Pentagon UNKA the plan . According to military officers at the time , word was passed to Mr. Noriega by his American hosts that the police would be waiting . On Monday , U.S. officials received a routine , UNKA message from the military group UNKA in Panama . `` Due to health reasons , UNKA UNKA Noriega has elected to postpone his visit to Washington , '' it read . Prosecutors in Miami received yet another setback . Their original indictment against Mr. UNKA , the friend of Mr. Noriega , and the other four was dismissed on a UNKA . But now , along with UNKA Mr. Noriega 's UNKA , they intended to charge Mr. Noriega himself , on allegations that he was involved in the illegal trading of some $ 2 million in arms . In January 1980 , UNKA Sanford , as assistant U.S. attorney , was summoned to a meeting with a Federal Bureau of Investigation agent assigned to the Bureau of UNKA , UNKA and UNKA in Miami . Panamanian dictator UNKA , he was told , had granted the UNKA of Iran UNKA in Panama as a favor to Washington . Mr. Sanford was told Mr. Noriega 's friend , Mr. UNKA , would be handling the UNKA 's security . It would n't be a good idea to UNKA him -- much less Mr. Noriega , the prosecutor was told . After UNKA from Mr. Sanford , U.S. Attorney Jack UNKA pleaded with Justice Department officials in Washington to let the indictment proceed . `` Unfortunately , '' Mr. UNKA wrote in a letter , `` those of us in law enforcement in Miami find ourselves frequently attempting to enforce the laws of the United States but simultaneously being caught between foreign policy considerations over which we have no control . '' The letter , along with a detailed prosecution memo , sat on the desks of Justice officials for months before the case died a quiet death . `` I think if we had been allowed to go ahead then we would n't have the problems we have now , '' Mr. Sanford says . `` If he had been found guilty , we could have stopped him . '' In August 1983 , Mr. Noriega took over as General and UNKA dictator of Panama , having UNKA his way to the top only two years after the UNKA death in a plane crash of his old boss UNKA UNKA . Soon , the military became a UNKA UNKA controlling legal and illegal businesses . The Reagan administration also put Mr. Noriega 's UNKA back on the U.S. payroll . UNKA averaged nearly $ 200,000 a year from the U.S. Defense Intelligence Agency and the CIA . Although working for U.S. intelligence , Mr. Noriega was hardly helping the U.S. exclusively . During the Reagan years he expanded his business and intelligence contacts with the UNKA and the Sandinistas . He allegedly entered into Panama 's first formal business arrangement with Colombian drug bosses , according to UNKA UNKA , a pilot who once worked for Mr. Noriega and who testified before the U.S. grand jury in Miami that would ultimately UNKA the Panamanian on drug charges . But Mr. Noriega was convinced the Reagan White House would n't act against him , recalls his close ally Jose UNKA , because he had an insurance policy : his involvement with the Contra rebels in Nicaragua . Mr. UNKA says the general allowed the Contras to set up a secret training center in Panama . Mr. Noriega also UNKA intelligence from his spy operation inside the Nicaraguan capital of UNKA . And on at least one UNKA , in the spring of 1985 , he helped arrange a sabotage attack on a Sandinista UNKA in Nicaragua . Although , his help for the Contra cause was limited , it was enough to win him important UNKA in the Reagan administration , says Sen. Patrick UNKA , a Vermont Democrat who then served on the Senate Intelligence Committee . `` Noriega played U.S. intelligence agencies and the U.S. government like a violin , '' he says . An incident in 1984 suggested one additional means by which Mr. Noriega might have maintained such influence with Washington -- by UNKA U.S. officials . UNKA UNKA , then the ambassador to Costa Rica , recalls being invited to Panama by Mr. Noriega 's brother UNKA Carlos for a weekend of deep sea fishing and `` quiet , serious conversation '' on the UNKA UNKA . Mr. UNKA notified UNKA E. UNKA , the U.S. ambassador to Panama , of the invitation . `` UNKA UNKA , '' Mr. UNKA recalls . He says Mr. UNKA told him he was being set up for a `` UNKA trap , '' in which Mr. Noriega would try to involve him in an UNKA and then record the event `` with sound and video . '' Mr. UNKA , on vacation after resigning his position at the National Security Council , could n't be reached for comment . As Mr. Noriega 's political troubles grew , so did his offers of assistance to the Contras , an apparent attempt to UNKA more favor in Washington . For instance , he helped steal the May 1984 Panamanian elections for the ruling party . But just one month later , he also contributed $ 100,000 to a Contra leader , according to documents released for Oliver North 's criminal trial in Washington , UNKA . Yet , his political setbacks mounted . Mr. Noriega was accused of ordering in 1985 the UNKA of Hugo UNKA , his most outspoken political opponent and the first man to publicly finger Mr. Noriega on drug UNKA charges . He then ousted President Nicholas UNKA UNKA , a former World Bank official with close ties to the U.S. , after Mr. UNKA tried to create a commission to investigate the murder . And , all the while , Panama 's debt problems continued to grow . Mr. Noriega was growing desperate . In late 1986 , he made an offer he thought the U.S. could n't refuse . As UNKA in a UNKA that UNKA government documents released for the North trial , Mr. Noriega offered to UNKA the Sandinista leadership in exchange `` for a promise to help clean up Noriega 's image and a commitment to lift the -LCB- U.S. . -RCB- ban on military sales to the Panamanian Defense UNKA . '' `` North , '' the document went on , referring to Oliver North , `` has told Noriega 's representative that U.S. law UNKA such actions . The representative responded that Noriega had numerous assets in place in Nicaragua and could accomplish many essential things , just as Noriega had helped -LCB- the U.S. . -RCB- the previous year in UNKA up a Sandinista UNKA . '' UNKA North UNKA the request to his UNKA and to Assistant Secretary of State UNKA UNKA , who UNKA it to Secretary of State George UNKA . Mr. Noriega 's proposal was turned down . And Mr. UNKA UNKA told Mr. UNKA that the general should be told that only he could repair his UNKA image . The end of the marriage was at hand . Within weeks the UNKA Iran-Contra scandal took away Mr. Noriega 's insurance policy . The death of CIA Director William UNKA and resignation of Oliver North allowed UNKA political forces to gain influence . Public protests against him were triggered in June 1987 due to charges by UNKA UNKA , his former chief of staff , that Mr. Noriega had stolen the 1984 election and had ordered the killing of Messrs. UNKA and UNKA . Few American officials were willing any longer to defend him . Lawyers in Miami -- this time working virtually without UNKA -- prepared to have him indicted on drug charges in February 1988 . During negotiations with American officials in May 1988 over proposals to drop the U.S. UNKA in exchange for his resignation , Mr. Noriega often asked almost UNKA how the Americans , whom he had helped for so many years , could turn against him . Now , neither side -- the U.S. nor Mr. Noriega -- has an easy out . President Bush has sworn to bring him to justice . Mr. Noriega believes he has n't any alternative but to continue UNKA to power . It is a UNKA battle -- perhaps to the death . In the end , is Mr. Noriega the political equivalent of UNKA 's UNKA , created by a UNKA but UNKA foreign power ? Not quite , Sen. UNKA contends . `` For short-term gains , people were willing to put up with him . That allowed him to get stronger and stronger , '' he says . `` I do n't think we created him as much as we fed him , UNKA him and let him grow up to be big and strong . UNKA Co. reported that third-quarter net income rose to $ 96 million , or 52 cents a share , from $ UNKA million , or 49 cents a share , a year earlier . Yesterday 's edition provided analysts ' estimates for the company when actual earnings were available . Industrial production declined 0.1 % in September , UNKA other signs that the manufacturing sector continues its slowing trend . The Federal Reserve Board said output of the nation 's factories , mines and utilities expanded at an annual rate of 1.3 % in the third quarter , substantially slower than the 3.3 % annual rate in the second quarter . `` Capital spending and exports , which have been the driving force in this expansion , are showing clear signs of having the steam taken out of them , '' said Robert UNKA , economist for Northern Trust Co. in Chicago . The new reports of UNKA , which were UNKA by an earlier Labor Department report that manufacturing UNKA dropped by UNKA in September , give the Fed another reason to further ease its grip on credit and lower interest rates . `` They need to do something about this , '' said UNKA Harris , economist at PaineWebber Group Inc . The Fed also said U.S. industry operated at UNKA % of capacity last month , down from UNKA % in August . UNKA of manufacturing activity fell more than the overall measures . Factory output dropped 0.2 % , its first decline since February , after having been unchanged in October . UNKA operated at UNKA % of capacity , the lowest rate in more than a year and down from UNKA % in September . The declines mainly reflected widespread weakness in durable goods , those intended to last more than three years . The biggest drop was recorded by primary metals producers , a category that includes the steel industry . Output of business equipment was unchanged in September . Production of factory equipment , one indication of the strength of manufacturers ' investment spending , fell 0.3 % . Some economists expect further declines in investment spending . `` UNKA corporate profits are weak that means capital spending is going to UNKA subsequently , '' Mr. Harris said . `` You have n't seen the full effect of that yet . '' A decline in truck production more than offset a sharp rise in auto UNKA , the Fed noted . Analysts do n't expect the September surge in auto production to be repeated in the coming months . Here is a summary of the Federal Reserve Board 's report on industrial production in September . The figures are seasonally adjusted . UNKA % of the 1977 average . Robin UNKA , president and chief executive officer of this bank holding company , was elected to the additional posts of chairman , president and chief executive of the company 's New England Savings Bank subsidiary . William R. UNKA resigned those posts , as well as a seat on UNKA 's board . UNKA is also the parent of UNKA . UNKA UNKA rates for people under 45 years of age have begun to decline , federal researchers report . The drop is particularly large for white UNKA , although black UNKA and white and black women also show lower UNKA rates . A report in this week 's issue of the Journal of the National Cancer Institute also projects that overall U.S. UNKA rates from lung cancer , the leading cause of cancer death , should begin to drop in several years if cigarette smoking continues to UNKA . The report , which comes 25 years after the U.S. UNKA General issued a report warning against the dangers of smoking , is the strongest indication to date that the reduction in smoking is leading to lower death rates from lung cancer . `` What this is saying is that the UNKA general 's message is having an impact , '' said UNKA UNKA , an UNKA at the Johns Hopkins School of UNKA and Public Health in Baltimore . The National Cancer Institute report compares UNKA rates of two groups of people between the UNKA of 35 and 44 a decade apart . The death rate from lung cancer of white UNKA aged 35 to 44 in the mid-1970s was 13.4 per 100,000 , but the UNKA rate of the same age group in the mid-1980s was 9.6 , a decline of UNKA % . UNKA the same way , the decline for black UNKA was UNKA % . The drop in UNKA rates for women was less steep -- 8.9 % for blacks and 5.3 % for whites . The study , by Susan UNKA , William UNKA and Joseph UNKA of the institute 's staff , also shows that the UNKA of lung cancer as well as the death rate declined over the decade for all groups in the UNKA age UNKA , except black men . Although UNKA UNKA rates are increasing for the nation as a whole , the report projects that death rates will begin to decline in the 1990s for men and after the year 2000 for women . UNKA UNKA rates increase with age and are continuing to rise for all age groups over 55 , with sharp increases for everybody but white men . But Dr. UNKA , one of the authors of the report , said `` the declining rates we 're seeing for younger people we believe may be a UNKA of declining UNKA in the future . '' However , he stressed that the improvement depends on a continued reduction in smoking . `` Even though these favorable trends in UNKA UNKA affect all sex and race groups , they ca n't be taken for granted , '' the report says . `` UNKA prevention programs should reach larger segments of the population , especially children , UNKA and minorities . '' An editorial in the UNKA Journal says the report of declining UNKA UNKA `` among young men and women in the U.S. indicates that we finally may be winning the battle -- this even in a country where the tobacco industry spends over $ 2 billion a year for promotion of the UNKA habit of smoking . '' But the editorial , by UNKA UNKA of the World Health Organization , notes that tobacco consumption and UNKA UNKA rates are rising in developing countries . `` UNKA should be established as the UNKA of social behavior '' around the world , the editorial says , through the enactment of laws that limit advertising , boost tobacco prices and promote UNKA education . Asked for comment , Walker UNKA , a vice president of the UNKA Institute , said new efforts to restrict tobacco advertising in the U.S. could violate the First Amendment protection of free speech . According to the American Cancer Society , smoking is responsible for 85 % of the UNKA cases among men and 75 % among women . The UNKA report attributes the differences in UNKA rates by race to different smoking patterns . A higher proportion of black men smoke than white men . While nearly equal UNKA of black and white women currently smoke , in both UNKA more whites have given up smoking than blacks . In UNKA changes in UNKA rates over the past decade , the UNKA study looked only at blacks and whites . UNKA and native Americans were n't studied ; Hispanics were included with whites . Recent changes in average annual UNKA UNKA rates per 100,000 population by race and sex . White UNKA White UNKA Black UNKA Black UNKA UNKA elected R. Marvin UNKA , currently vice UNKA supply , purchasing , to head the company 's Washington , D.C. , office . As vice UNKA relations , Mr. UNKA will work with P&G 's top management and with the company 's UNKA staff `` to represent P&G 's interests at the federal level , '' said John G. UNKA , chairman and chief executive officer . Mr. UNKA said the appointment `` recognizes the growing influence of government on our business . '' Mr. UNKA , 53 years old , has been with the big producer of household products , food and pharmaceuticals for 30 years . Traders trying to profit from the recent volatility in financial markets UNKA the Nasdaq over-the-counter market , prompting even more swings in stock prices . After gaining strength during a brief UNKA when trading began , the Nasdaq Composite Index weakened under selling pressure . The forces at work included computer-guided trading , as well as UNKA market makers and institutional investors who had bought stock on the cheap during the recent correction . During the last two hours of trading , the composite almost drew even on the day before slipping again . The Nasdaq Composite closed down 1.05 , or 0.2 % , to UNKA . The action was confined to Nasdaq 's biggest and most liquid stocks , traders said . The Nasdaq 100 Index began the day at UNKA , lost 2 % at one point , and was up 0.4 % at another . The barometer of the biggest UNKA stocks settled at UNKA , off UNKA . Its counterpart , the Nasdaq Financial Index , was weak for most of the day , sliding UNKA to UNKA by the end of trading . The volatility was dizzying for traders . `` The market must have turned up and down 15 different times , '' UNKA UNKA UNKA , head of OTC trading at Kidder Peabody . `` Every time you thought it was going into a rally it gave up , and every time you thought it would rally it came down . This is a tough market . '' Mr. UNKA said the market is still settling down after the recent correction . Most of trading action now is from professional traders who are trying to take advantage of the price swings to turn a quick profit , he and other traders said . `` Everybody 's UNKA and no one has an opinion that lasts longer than 30 seconds , '' said Mr. UNKA . `` A lot of the professional traders are just going back and forth . They 're just as UNKA . '' William UNKA , head of OTC trading at Alex . Brown & Sons , in Baltimore , said program trading is keeping the markets unsettled . He believes that the volatile conditions created by program trading has `` UNKA UNKA '' investors about where the market is headed . Program trading is `` benefiting a few to the UNKA of many and I wish someone would do something about it , '' he complained . Trading activity cooled off from Monday 's UNKA pace . Share turnover UNKA to UNKA million . UNKA and declining issues finished about even . Of the UNKA stocks that changed hands , UNKA declined and UNKA advanced . One big technology issue , UNKA , UNKA the UNKA UNKA . The stock , which finished Monday at 29 1\/2 , traded as high as 29 3\/4 and as low as 28 3\/4 before closing at 29 1\/4 , down 1\/4 . It was a UNKA day for investors in Genetics Institute . The stock tumbled 2 3\/4 on news that it might have to take a charge against earnings if it ca n't successfully resolve a dispute with its European UNKA , UNKA UNKA , over its UNKA drug , EPO . The stock recovered somewhat to finish 1 1\/4 lower at 26 1\/4 . In a statement , Genetics Institute said the dispute with UNKA centers on questions of the UNKA of certain UNKA of EPO material valued at $ UNKA million . Earlier this week , Genetics Institute reported wider losses in its fiscal third quarter ended Aug. 31 . Price Co. jumped 2 1\/4 to 44 on 1.7 million shares . The UNKA of cash and carry merchandise reported fiscal UNKA earnings that were better than analysts had expected . The company also pleased analysts by announcing four new store UNKA planned for fiscal 1990 , ending next August . That will bring the total for the year to 10 , from five during fiscal 1989 . `` Every year we 've been waiting for UNKA expansion from the company . The news could n't have been better , '' said Linda UNKA , a Dean Witter Reynolds analyst , in an interview . UNKA , a maker of optical UNKA devices , also reported higher third-quarter earnings . Its shares added 3\/4 to 30 3\/4 . But favorable earnings was n't a guarantee that a stock 's price would improve yesterday . MCI Communications tumbled 2 5\/8 to 42 3\/8 on 4.7 million shares even though the telecommunications giant reported a 63 % increase in third-quarter profit . UNKA Financial slipped 3\/8 to 43 1\/8 in active trading after reporting that third-quarter earnings improved to $ 1.27 a share from $ 1.15 a share a year earlier . However , the bank holding company 's loan-loss reserves rose to $ UNKA million from $ UNKA million a year earlier . UNKA Brands lost 1\/4 to 27 . But its UNKA earnings rose to 26 cents a share from 18 cents a share last year . Capital Associates dropped 1 to 5 3\/8 . The company , which leases technology equipment , reported substantially lower net income for its fiscal first quarter , which ended Aug. 31 . Robert M. UNKA , 39 , was named president and chief operating officer of this closely held publisher . The post had been vacant for more than a year . Mr. UNKA had been executive vice president for operations . In addition , Ralph Ingersoll II , 43 , chairman and chief executive , said he would take on additional responsibilities as editor in chief of the company . John UNKA resigned as editor in chief . Mr. Ingersoll remains editor in chief of the company 's recently launched daily , the St. Louis Sun . Also , UNKA B. UNKA , 28 , was named executive vice president , treasurer and chief financial officer . Michael UNKA resigned after less than a year in the posts . Ms. UNKA had been executive financial assistant to the chairman . Certainly conservative environmentalists can defend their limited government position by UNKA between Old UNKA and New UNKA -LRB- `` UNKA and Others for UNKA the UNKA , '' by David Brooks , editorial page , Oct. 5 -RRB- . Old UNKA involved UNKA UNKA and UNKA . It started with improvements in UNKA made possible by affordable soap and UNKA underwear during the Industrial Revolution . Then UNKA UNKA UNKA and the UNKA toilet were followed by UNKA - and UNKA plants toward the end of the UNKA century . Medicine in the UNKA century was dedicated mostly to UNKA UNKA and diagnostic analysis . Then the 20th century saw the evolution of private-sector wonder drugs , which UNKA medical therapy . The process dramatically increased our average life UNKA , eliminated much pain and constantly improved health and UNKA . Most UNKA measures were handled at the local level . New UNKA probably started in UNKA with the publication of UNKA Carson 's book `` UNKA UNKA . '' Shortly thereafter , UNKA articles began to appear predicting that advanced industrial UNKA would produce a UNKA , UNKA planet possibly by the turn of the century . These UNKA predictions were advanced by such UNKA as Paul UNKA , Barry UNKA , UNKA UNKA and George UNKA . UNKA in the 1960s Ms. Carson suggested that the human race could be eliminated in 20 years , and Mr. UNKA suggested that life on earth might end by 1985 . Mr. UNKA predicted unprecedented UNKA by 1980 . There were many more . Thousands of chemical products were UNKA as UNKA , with recommendations that they be banned from industrial use because they produced malignant UNKA in UNKA UNKA . UNKA before 1960 were the UNKA effects of acid rain , greenhouse warming and ozone depletion , all of which required UNKA political power and UNKA expense . Meanwhile , the New UNKA UNKA opposed the methods of the Old UNKA . Local pollution problems require cheap energy and capital for their solution . But the New UNKA oppose private wealth creation -LRB- which , they claim , UNKA natural resources -RRB- and nuclear power -LRB- even though it would UNKA the greenhouse effect -RRB- . They are in the UNKA of opposing the search for new UNKA and methods of UNKA and even oppose new methods of research such as genetic engineering . New UNKA is an emotional attack on proven methods of improving our quality of life and a bid for political power . Let 's UNKA our priorities by UNKA pollution problems at the local level as UNKA . Harry Lee Smith UNKA , UNKA . Your story missed some essential points of the conference on `` The Global UNKA : Are We UNKA ? '' First and UNKA , the UNKA presented by the various scientists represent a general consensus among specialists working in the respective aspects of the global environment . Consider , for example , the greenhouse effect and climate change ; numerous UNKA scientific committees , including one from the National Academy of Science , judge there is a greater than 50 % probability of a grave problem in the UNKA . The point was to answer the question in the conference title , not to try to create news stories for the event itself . Nor was it intended to UNKA a set of UNKA solutions , although various points were raised . Each speaker was asked to address a specific topic , not deliver a point of view . Each scientist UNKA concluded society and government are UNKA when it comes to UNKA policy change . This leads to a very special sense of urgency . If the media decide to work harder at UNKA the public about these complex and technical issues , that hardly can be termed UNKA journalism . The environment can no longer be a normal issue , to be UNKA with on a UNKA basis with comfortable UNKA of change . We have literally altered the chemistry and UNKA of our planet 's atmosphere . This UNKA consequences from what we have already done that will be very UNKA to social and economic systems . The problems of the environment are so UNKA , so UNKA UNKA with our current way of life and so large that it is unlikely we will be able to address them effectively unless major changes are made in less than 10 years . The consensus from the scientific community is that there is sufficient evidence to advise major policy changes . No , we are not UNKA . Thomas E. UNKA Assistant Secretary for UNKA Affairs UNKA Institution Coca-Cola Enterprises Inc. , UNKA its dismal earnings forecast for 1989 , said its third-quarter net income fell 68 % on flat revenue . UNKA by higher marketing costs and slowing volume growth , the giant Coke UNKA operation said net fell to $ 12.7 million , or six cents a share , from $ UNKA million , or 26 cents a share , the year earlier . The results met estimates of analysts , who had already slashed their projections after the company said in late August that its 1989 earnings could tumble as much as 37 % . A company spokesman said yesterday that Coca-Cola Enterprises UNKA by its 1989 forecast . Third-quarter revenue was flat at $ 1.02 billion . The year-ago results , however , included the operations of a UNKA business , which was sold last December . Excluding that UNKA business , Coca-Cola Enterprises ' volume , measured by cases of UNKA , rose only 1 % . The volume is well below the industry 's 4 % to 5 % growth rate of recent years , but in line with other soft-drink companies for the third quarter . The latest third-quarter volume also compares with a very strong 10 % growth in the year-ago quarter . Coca-Cola Enterprises blamed the lower volume on its soft-drink prices , which were about 3 % higher in the third quarter . Consumers have been UNKA to buying UNKA at discounted prices for several years . Coca-Cola Enterprises said it had to boost spending for trade and dealer incentives to try to keep volumes from slipping . The company said it expects consumers will adjust to UNKA soft drinks . A spokesman attributed the bulk of a 14 % increase in selling , administrative and general expenses -- to $ UNKA million -- to marketing costs . `` They 're out there promoting like crazy , trying to get prices up by promotion , '' said Roy UNKA , an analyst with Kidder , Peabody & Co . For the nine months , Coca-Cola Enterprises ' net fell 31 % to $ 65 million , or 39 cents a share , from $ UNKA million , or 63 cents a share . Revenue was flat at about $ UNKA billion . Coca-Cola Enterprises , which is UNKA by Coca-Cola Co. , also said it UNKA about 1.2 million of its common shares during the third quarter . The buy-back is part of a UNKA repurchase plan , under which Coca-Cola Enterprises so far has acquired a total of 9.7 million shares . Separately , UNKA , UNKA PepsiCo Inc. , as expected , said fiscal third-quarter net rose 11 % to $ UNKA million , or $ 1.02 a share , from $ UNKA million , or 91 cents a share . Sales rose 25 % to $ UNKA billion from $ UNKA billion . The year-ago quarter 's results include an after-tax charge of $ 5.9 million from the sale of a UNKA in Spain . In composite trading on the New York Stock Exchange , Coca-Cola Enterprises closed at $ UNKA a share , down 62.5 cents . PepsiCo closed at $ UNKA a share , up $ UNKA . L.J. Hooker Corp. is expected to reach an agreement in principle this week to sell Merksamer UNKA Inc. to management , say executives familiar with the talks . L.J. Hooker , based in Atlanta , filed for Chapter 11 bankruptcy protection earlier this year . Currently , its parent company , Hooker Corp. of Sydney , Australia , is being managed by a UNKA UNKA . It is expected that GE Capital Corp. , a financial-services subsidiary of General Electric Co. , will provide much of the funding for the proposed leveraged buy-out of Merksamer , based in Sacramento , Calif . A spokesman for GE Capital declined to comment . GE Capital has a working relationship with L.J. Hooker . It is providing $ 50 million in emergency financing to the company and has agreed to buy as much as $ 75 million in receivables from B. Altman & Co. and UNKA UNKA , L.J. Hooker 's two fully owned department-store chains . Sam Merksamer , chief executive officer of the nationwide jewelry chain , and Sanford UNKA , chief executive of L.J. Hooker Corp. , both declined to comment . Currently , Mr. Merksamer owns 20 % of the company ; L.J. Hooker acquired its 80 % interest in the firm in May 1986 . At the time , the Merksamer chain had 11 stores in operation . Today , there are 77 units , all located in shopping UNKA . In recent weeks Mr. Merksamer has approached a number of his suppliers and asked them to provide letters of intent saying they will continue shipping merchandise to the chain following the buy-out , say those familiar with the situation . This year , a number of retail leveraged UNKA have failed , causing jitters among suppliers , and Mr. Merksamer apparently wanted UNKA that he wo n't have delivery problems . For the year ended June 30 , 1989 , Merksamer UNKA had $ 62 million of revenue and operating profit of $ 2.5 million . The UNKA chain was put up for sale in June . According to those familiar with the situation , other bidders included Ratners Group PLC of London and UNKA UNKA Inc . First Boston Corp. is advising L.J. Hooker on the sale of the Merksamer business . Merksamer was the first in a series of retail acquisitions made by L.J. Hooker . The company was founded in Sacramento in 1929 by two brothers , Ralph and Walter Merksamer , who operated as UNKA 's UNKA . In 1979 , the pair split the company in half , with Walter and his son , Sam , agreeing to operate under the Merksamer UNKA name . The sale of Merksamer UNKA is subject to approval by Judge UNKA UNKA of U.S. Bankruptcy Court . As earlier reported , L.J. Hooker this week received a $ UNKA million bid for its three shopping UNKA , plus other properties from a consortium led by UNKA real-estate investor Jay UNKA and A. Boyd Simpson , an Atlanta developer and former L.J. Hooker senior executive . The offer , which did n't include the Merksamer chain , is being reviewed by Mr. UNKA . Robert J. UNKA was named president and chief executive officer of this company 's UNKA Corp. unit . Mr. UNKA had been president and chief executive of UNKA Industries Inc . Robert H. UNKA , previous president and chief executive of UNKA , will assume the title of chairman of the unit , a UNKA maker . The days may be numbered for UNKA shows featuring UNKA , the UNKA UNKA and the UNKA . NBC , a leader in morning , prime-time and late night programs but an UNKA on Saturday UNKA , when children rule the TV set , is contemplating getting out of the UNKA business . Instead , network officials say , it may `` UNKA '' with shows for an audience that is virtually ignored in that time period : adults . `` There is talk of some revamping and we 're certainly heading in the direction of less and less UNKA , '' said Joseph S. UNKA , vice president of finance and administration for National Broadcasting Co. , a unit of General Electric Co . Mr. UNKA said that NBC Entertainment president UNKA UNKA , who declined to be interviewed , is `` looking at options now and may put some things into the schedule by UNKA . '' He declined to elaborate . NBC 's options could range from UNKA programming to sports shows , although the network declined to comment . One major NBC affiliate , UNKA in Sacramento , plans to cancel the NBC Saturday morning UNKA as of January and replace it with a local UNKA . The one-hour program will be repeated with UNKA throughout Saturday UNKA . `` We feel there is an opportunity for an audience that is not being served by any network , so we want to take the lead , '' says UNKA 's general manager , John UNKA . `` We do n't need UNKA anymore . They only accounted for 5 % , at best , of the station 's total revenues . '' An NBC spokesman says the network will `` closely monitor '' the Sacramento situation , and says it is the only station to UNKA . UNKA for the television networks of CBS Inc. and Capital Cities\/ABC Inc. , say there are no plans to alter the children 's UNKA on Saturday UNKA . The UNKA audience for Saturday programming is no longer dependent on the networks . There has been a surge in UNKA children 's shows to independent stations , as well as competition from UNKA for kids and from cable outlets such as UNKA and the Disney Channel . At the same time , there appears to be a market for UNKA programming ; Turner Broadcasting System Inc. 's Cable News Network has its highest ratings , outside of prime time , on Saturday UNKA . NBC has on previous occasions considered replacing UNKA with a Saturday version of `` Today , '' which is produced by NBC News . The network 's own production company , NBC Productions , supplies a half-hour UNKA show titled `` UNKA By The Bell . '' NBC Productions or NBC News could supply the network with other Saturday morning shows , a move that would control costs . UNKA shows , which are made by outside production companies , cost the network about $ 300,000 per episode . UNKA & UNKA Co. said third-quarter net income skidded 35 % to $ UNKA million , or 49 cents a share . In the year-earlier quarter , the chemicals company had net of $ UNKA million , or 75 cents a share . Sales were $ UNKA million , up 0.5 % from $ UNKA million a year ago . UNKA & UNKA , which plans to start operating seven new production units this year , attributed the profit slide partly to higher start-up expense . The company also cited the stronger dollar , which cuts the value of overseas profit when it is translated into dollars . In addition , the company said , it was hurt by higher than UNKA costs for raw materials , though those costs have declined since the second quarter . UNKA higher production of those chemicals which remain in heavy demand also has forced up costs , such as overtime pay . For the nine months , UNKA & UNKA net totaled $ 155 million , or $ UNKA a share , down 17 % from $ UNKA million , or $ UNKA a share , a year ago . Sales rose 5.2 % to $ UNKA billion from $ UNKA billion the previous year . In New York Stock Exchange composite trading , UNKA & UNKA closed at $ 33 a share , down $ 1.75 . Michael A. UNKA , 55 years old , was named president and chief executive officer of this manufacturer of industrial UNKA , succeeding Walter K. UNKA . Mr. UNKA , 49 , resigned as president and chief executive and will work on special projects , said John J. UNKA , chairman . Mr. UNKA formerly was president and chief executive of Taylor & UNKA Inc. and was a director of UNKA UNKA since 1985 . Stephen N. UNKA was named managing director and group head of investment banking in Asia , based in Tokyo . Mr. UNKA , 38 years old , had been a first vice president in the industrial group in investment banking . He succeeds UNKA UNKA , who resigned in May . This is written to correct a UNKA in your Oct. 3 article `` UNKA From Advanced UNKA Cancer Can Be UNKA by Using Two UNKA . '' In this article , I was alleged to have said , `` Any patient with high-risk colon cancer is really getting short UNKA if he 's not getting this therapy . '' I did n't say this , and I 'm totally opposed to the philosophy expressed by the quote . I have not offered and will not offer routine therapy with the two drugs , UNKA and UNKA , to any of my UNKA patients . With this treatment we have reduced deaths in high-risk colon cancer by one-third -- but this leaves the two-thirds who are UNKA of cancer . This is not nearly good enough . I believe any physician who truly UNKA about cancer patients , both today and tomorrow , should offer the hope of something better than that . My statement , read UNKA from a printed text available to all reporters attending the National Cancer Institute news conference , was the following : `` New clinical trials are already in operation seeking to improve these results . These research UNKA offer to the patient not only the very best therapy which we have established today but also the hope of something still better . I feel any patient with high-risk cancer is getting short UNKA if he is not offered this opportunity . '' We have very exciting prospects for far more impressive advances in the treatment of colon cancer during the years immediately ahead . This hope , however , will never be realized if we use UNKA and UNKA as a UNKA point . Charles G. UNKA UNKA . UNKA UNKA Rochester , UNKA . The oil and auto industries , UNKA in their dislike of President Bush 's proposal for cars that run on alternative fuels , announced a joint research program that could turn up a UNKA gasoline . Officials of the Big Three auto makers and 14 petroleum companies said they are setting out to find the most UNKA fuel for reducing cities ' UNKA problems , with no bias toward any fuel in particular . However , their search notably wo n't include natural gas or pure UNKA -- the two UNKA alternative fuels -- in tests to be completed by next summer . Instead , the tests will focus heavily on new UNKA of gasoline , which are still undeveloped but which the petroleum industry has been UNKA as a solution for automobile pollution that is UNKA urban areas . UNKA criticized the program as merely a public-relations attempt to head off a White House proposal to require a million cars a year that run on UNKA fuels by 1997 . While major oil companies have been UNKA with UNKA gasoline UNKA for years , only Atlantic Richfield Co. is now marketing a UNKA gasoline for older cars currently running on UNKA fuel . The initial $ 11 million research program will conduct the most extensive testing to date of UNKA UNKA , said Joe UNKA , head of fuels and lubricants at General Motors Corp. research laboratories . It will compare 21 different UNKA of UNKA with three UNKA of up to 85 % UNKA . A second phase of research , which is still being planned , will test UNKA UNKA on newer engine technologies now being developed for use in 1992 or 1993 cars . There was no cost estimate for the second phase . `` The whole idea here is the automobile and oil companies have joint customers , '' said Keith UNKA , a senior vice president of technology at Amoco Corp . `` And we are looking for the most UNKA way to clean up the air . '' But David UNKA , an environmental lawyer with the Natural Resources Defense Council , said the research appears merely to be a way to promote UNKA gasoline . Oil and auto companies supported a move on Capitol Hill last week to UNKA Mr. Bush 's plans to require auto makers to begin selling UNKA cars by 1995 . Instead , a House subcommittee adopted a UNKA program that specifically UNKA UNKA gasoline as an alternative . The Bush administration has said it will try to UNKA its plan when the House Energy and Commerce Committee takes up a comprehensive clean-air bill . William Seidman , chairman of the Federal Deposit Insurance Corp. , said Lincoln Savings & Loan Association should have been seized by the government in 1986 to contain losses that he estimated will cost taxpayers as much as $ 2 billion . Mr. Seidman , who has been the nation 's top bank regulator , inherited the problems of Lincoln , based in Irvine , Calif. , after his regulatory role was expanded by the new savings-and-loan bailout law . He made his comments before House Banking Committee hearings to investigate what appears to be the biggest thrift disaster in a UNKA industry . The inquiry also will cover the actions of Charles Keating Jr. , who is chairman of American Continental Corp. , Lincoln 's parent , and who contributed heavily to several U.S. senators . Mr. Seidman told the committee that the Resolution Trust Corp. , the agency created to sell sick thrifts , has studied Lincoln 's examination reports by former regulators dating back to 1986 . `` My staff indicated that had we made such findings in one of our own institutions , we would have sought an immediate UNKA order to stop the hazardous operations , '' Mr. Seidman said . When Lincoln was seized by the government , for example , 15 % of its loans , or $ 250 million , were to borrowers who were buying real estate from one of American Continental 's 50 other subsidiaries , according to Mr. Seidman . But the government did n't step in until six months ago , when thrift officials put Lincoln into conservatorship -- the day after American Continental filed for Chapter 11 bankruptcy protection from creditors . The bankruptcy filing , the government has charged in a $ 1.1 billion civil lawsuit , was part of a pattern to shift insured deposits to the parent company , which used the deposits as a UNKA for real-estate deals . The deposits that have been transferred to other subsidiaries are now under the jurisdiction of the bankruptcy court . `` I think it 's fairly clear -LCB- Mr. Keating -RCB- knew , '' that regulators were set to seize Lincoln , Mr. Seidman said . Further investigation , he said , may result in further actions against Lincoln 's executives , said Mr. Seidman , `` including fraud actions . '' Mr. Keating , for his part , has filed suit alleging that regulators UNKA seized the thrift . Leonard UNKA , an attorney in Washington for Mr. Keating , declined to comment on the hearings , except to say , `` We will be responding UNKA in several UNKA to each of these allegations at the appropriate time . '' Lincoln 's treatment by former thrift regulators , in an agency UNKA by the new law , has proved embarrassing for five senators who received thousands of dollars in campaign contributions from Mr. Keating . Mr. Seidman said yesterday , for example , that Sen. Dennis UNKA -LRB- D. , Ariz. -RRB- , who received $ UNKA in contributions from Mr. Keating , UNKA Mr. Seidman to request that he push for a sale of Lincoln before it would be seized . After the government lawsuit was filed against Lincoln , Sen. UNKA returned the campaign contributions . The senator 's spokesman said yesterday that he pushed for the sale of Lincoln because `` hundreds of Arizona jobs -LCB- at Lincoln -RCB- were on the line . '' Senate Banking Committee Chairman Donald UNKA -LRB- D. , Mich . -RRB- has also returned contributions he received from Mr. Keating a year ago . Sens. John Glenn -LRB- D. , Ohio -RRB- , John UNKA , -LRB- R. , Ariz. -RRB- and Alan Cranston -LRB- D. , Calif. -RRB- also received substantial contributions from Mr. Keating and sought to UNKA on behalf of Lincoln . House Banking Committee Chairman Henry Gonzalez -LRB- D. , Texas -RRB- said Sen. Cranston UNKA to appear before the House committee , if necessary . But a committee staff member said the panel is unlikely to pursue closely the role of the senators . At the hearing , Mr. Seidman said the RTC has already UNKA $ UNKA million into Lincoln for liquidity . He also held out little hope of UNKA for purchasers of $ 225 million in American Continental subordinated debt . Some of those UNKA have filed a suit , saying they believed they were buying UNKA certificates of deposit . `` We have no plans at this time to pay off those notes , '' he said . Eastern Airlines ' creditors committee , unhappy with the carrier 's plans for emerging from bankruptcy-law proceedings , asked its own experts to devise UNKA approaches to a reorganization . Representatives of the accounting firm of Ernst & Young and the securities firm of Goldman , Sachs & Co. , hired by creditors to UNKA on Eastern 's financial plans , told the committee in a private meeting yesterday that Eastern 's latest plan to emerge from bankruptcy-law protection is far riskier than an earlier one which won the creditors ' approval . According to one person present at the meeting , Eastern 's new plan is financially `` overly optimistic . '' Asked about the consultants ' reports , an Eastern spokeswoman said `` we totally disagree . '' She said they have `` UNKA and made some UNKA assumptions that make their analysis completely UNKA . '' At a later news conference here , Frank Lorenzo , chairman of Eastern 's parent Texas Air Corp. , said Eastern was exceeding its goals for getting back into operation and predicted it would emerge from Chapter 11 protection from creditors early next year , operating with more service than it originally had scheduled . He insisted , as he has before , that creditors would be paid in full under the plan . Mr. Lorenzo made no mention of creditors ' negative response to his plan . `` We 're in the process of discussing an amended plan with the creditors and anticipate filing that amended plan shortly , '' Mr. Lorenzo told reporters . `` We 're meeting and UNKA our goals , '' he added . In July , Eastern and its creditors agreed on a reorganization plan that called for Eastern to sell $ 1.8 billion in assets and to emerge from bankruptcy-law protection at two-thirds its former size . But after selling off pieces such as its East Coast shuttle , its Philadelphia hub and various planes , Eastern hit a UNKA block . It could n't sell its South American routes , one of the major assets marked for disposal . Those routes , valued by the creditors ' professionals at about $ 400 million , were to be sold to AMR Corp. 's American Airlines . A last-minute UNKA in negotiations with AMR , over an unrelated lawsuit between American and another Texas Air unit , caused the deal to collapse . Eastern ultimately decided it would have to keep and operate the routes itself , which would leave it with less cash for its reorganization . It also would leave Eastern a bigger carrier than the UNKA one proposed under the initial plan . Those changes in its condition meant the reorganization plan previously presented to creditors would have to be revamped . Since then , Eastern has been negotiating with creditors over revisions , but the creditors committee has been having problems with the revisions . The committee has two groups of experts it calls on to analyze Eastern 's plans . Both said the new plan would n't work . Ernst & Young said Eastern 's plans will miss its projections of earnings before interest , tax and depreciation by $ 100 million , and that Eastern 's plan presented no comfort level , according to a source present at yesterday 's session . Experts from Goldman Sachs estimated Eastern would miss the same mark by $ 120 million to $ 135 million , the source said . The experts said they expected Eastern would have to issue new debt to cover its costs , and that it would generate far less cash than anticipated . Other costs also would increase , including maintenance , because Eastern has an older fleet . At the news conference , Mr. Lorenzo and Eastern President Phil UNKA presented a far UNKA assessment . UNKA by flight attendants , pilots and UNKA agents dressed in UNKA new blue UNKA , they said Eastern has exceeded its operational goals and is filling its seats . UNKA next month , Eastern will begin flying UNKA flights daily instead of the previously announced 700 , they said . Mr. UNKA declined to give out Eastern 's daily losses , but said he did n't expect Eastern would have to UNKA into the cash from asset sales currently held in escrow . These accounts hold several hundred million dollars , primarily from asset sales . The plan Eastern hopes to pursue , he said , calls for Eastern to have $ UNKA million in cash by year 's end . Both he and Mr. Lorenzo predicted that plan might be confirmed in January . As to negotiations with creditors , Mr. Lorenzo said in remarks after the conference `` we 'll have to see how they -LCB- talks -RCB- come along . '' However , he added , `` it 's not a requirement that the plan be accepted by creditors . It must be accepted by the court . '' Under bankruptcy law , Eastern has exclusive rights for a certain period to develop its own reorganization plan . That deadline has been extended once and could be extended again . If Eastern can get creditor support , court confirmation of its plan could be relatively swift . But creditors are free to press for court approval of their own plan , or the court could ignore both sides and draw its own . In any event , some people familiar with the case question whether the court will act by January as forecast by Mr. Lorenzo and Mr. UNKA . Eastern sought bankruptcy-law protection a few days after a UNKA strike began March 4 . Mr. Lorenzo told reporters the reorganization Eastern is pursuing would create a carrier 85 % to 90 % of the size of the UNKA Eastern . He projected it would be operating about 1,000 flights a day by late spring , only slightly fewer than the carrier 's old volume of UNKA a day . UNKA OF UNKA the corporate minimum tax before 1990 are weakening . The method of UNKA the 20 % tax , paid if it exceeds tax figured the regular way , is due for a change in 1990 , thanks to 1986 's tax act . But most experts agree that the concept that is to be introduced UNKA in great UNKA ; they have been trying to head it off this year . Ways and Means Chairman UNKA backed a UNKA plan in the pending House tax bill , but the plan turns out to be a big revenue UNKA . Now the Senate 's UNKA bill UNKA any proposal to deal with the corporate tax . UNKA of UNKA fear that the chances of getting it into the final bill are UNKA . `` We hear it has low priority on the House side , '' says Samuel UNKA of Coopers & UNKA , UNKA . If the law is n't changed , he says , `` we are left UNKA at rules that are almost impossible to implement , because there are so many complex depreciation calculations to do . '' But Congress still could resolve the issue with other legislation this year or next , UNKA adds . UNKA 'S UNKA may be offset by immediate claims for tax refunds . This law aids UNKA UNKA named by the president as disaster areas , as well as regions so designated after other 1989 disasters . It UNKA victims UNKA to UNKA casualty losses on either 1989 or amended 1988 returns , whichever offers the larger tax benefit ; they have until April 16 to choose . UNKA a 1988 return to claim a refund brings cash faster ; but for personal losses , there are other factors to consider , notes publisher Prentice Hall . A loss -- after insurance UNKA -- is deductible only to the extent that it exceeds $ 100 and that the year 's total losses exceed 10 % of adjusted gross income ; victims may pick the year when income is lower and deductions higher . In filing an original -LRB- not amended -RRB- return , a couple should consider whether damaged property is owned jointly or separately and whether one UNKA has larger income ; that may determine whether they should file jointly or separately . THE IRS UNKA several deadlines for Hugo 's victims . UNKA for 1988 from people with six-month filing UNKA were due Monday , but the IRS says people in the disaster areas wo n't be UNKA for late filing if their returns are marked `` Hugo '' and UNKA by Jan. 16 . Interest will be imposed on unpaid taxes , but UNKA penalties on the returns will be UNKA if the balance due and paid is 10 % or less of the liability . IRS UNKA UNKA describes this and other deadline relief for Hugo 's victims . Among the provisions : UNKA taxpayers with returns due last Monday wo n't be UNKA if they file -- or request an extension -- and pay tax due by Nov. 15 . UNKA returns due by Oct. 31 or Nov. 30 may be delayed to Jan. 16 . UNKA ca n't be granted for filing UNKA returns due Oct. 31 or for UNKA withheld taxes , but late penalties will be UNKA for deposits made by Nov. 15 . The notice also grants relief for certain UNKA returns . UNKA UNKA in a chartered boat were UNKA for permanent staffers of American Business Service Corp. , a Costa Mesa , Calif. , supplier of temporary workers . The IRS denied cost deductions because few of the UNKA got to go aboard . But the Tax Court said the limitations were reasonable and realistic and allowed the deductions . UNKA UNKA who try to avoid sales tax by UNKA prices paid in private deals are the targets of a New York drive . UNKA that the state may lose $ 15 million a year , officials announced the filing of 15 criminal actions and `` hundreds '' of civil penalties . UNKA AN IRA UNKA UNKA , the trustee of the individual retirement account must file forms UNKA reporting market values relating to the UNKA and each UNKA , with copies to the UNKA and beneficiaries . IRS Revenue UNKA UNKA describes the reporting requirements . UNKA UNKA A UNKA was this cash UNKA 's reputation for UNKA . People often cite UNKA and UNKA of banks to justify cash UNKA to the IRS . UNKA UNKA Brown of UNKA , Calif. , a UNKA , UNKA young UNKA , told that story to the Tax Court . But judges usually find the real aim is to escape tax on hidden income ; and the IRS said Brown must have had such income -- although it uncovered no source -- because he UNKA $ UNKA in a bank account in UNKA while reporting income of only $ UNKA . Brown 's story : The deposits came from savings kept in a UNKA UNKA ; he saved $ UNKA in UNKA by living with family members and UNKA pennies and $ 45,000 of secret gifts from his UNKA father , who had abandoned the family in UNKA . Brown had no proof ; but testimony of his mother and UNKA about his father and of an UNKA about his UNKA and habits satisfied a judge that Brown was UNKA and his tale of gifts was possible . The IRS offered no evidence of hidden sources of taxable income , so Judge UNKA rejected its claims . BRIEFS : Asked how he made charitable gifts of $ UNKA out of reported two-year income of $ UNKA , Thomas H. UNKA of UNKA , Texas , told the Tax Court he had UNKA his income . The court rejected his UNKA claims , denied his deductions , and imposed a negligence penalty ... . Rep. UNKA -LRB- R. , Colo. -RRB- entered a bill to exempt from tax rewards for UNKA leading to the arrest of violent criminals . UNKA Peterson UNKA her UNKA and UNKA up yet another steep , UNKA path seemingly suitable only for mountain UNKA . After a UNKA climb , she is UNKA by a UNKA UNKA : a UNKA of golden UNKA under an UNKA UNKA sky . This place is 12 miles into the back country -- a UNKA UNKA for a UNKA , but reached by Ms. Peterson and six others in a mere two hours of UNKA UNKA mountain bikes . `` This , '' says Ms. Peterson , `` is what it 's all about . '' UNKA hundred miles away , UNKA at a UNKA County , Calif. , state park are among the many who do n't quite share the enthusiasm . This summer , speeding UNKA were blamed for an accident in the UNKA County park , in which a horse -- UNKA on a trail that was closed to UNKA -- broke its leg . The animal had to be destroyed ; the UNKA fled and were never found . In numerous UNKA near San Francisco , UNKA have been forced to close UNKA , set up speed UNKA and use radar UNKA to curb fast and reckless riding . They have even sent UNKA in pursuit of UNKA after UNKA and UNKA complained they were being driven from UNKA . `` We were being UNKA , '' says Steve UNKA , UNKA coordinator of the East Bay UNKA Park District . Two years ago , the district decided to limit the bikes to fire roads in its UNKA UNKA acres . From about 200,000 six years ago , the number of mountain bikes in the U.S. is expected to grow to 10 million in 1990 . At least half that growth will have come in the past three years alone . The controversy kicked up by the proliferation of these UNKA UNKA is one of the most UNKA UNKA to blow through the national UNKA movement in recent memory . UNKA -- many of them UNKA environmentalists -- UNKA their sport an efficient , safe , UNKA way to get back to nature , while UNKA a right , as taxpayers , to UNKA on public UNKA . But the bikes ' UNKA numbers , safety concerns and fear that they damage fragile UNKA have prompted UNKA , from the UNKA to the Eastern UNKA , to ban them from the back country . UNKA to the issue is that the bikes , in UNKA hands , can go virtually anywhere , and in reckless hands can become vehicles of UNKA . An UNKA UNKA can leap from a dead stop to the top of a UNKA table without losing balance . Such skills allow riders to fly down UNKA mountain grades at speeds of up to 40 miles an hour -- a UNKA for the UNKA but a nightmare for UNKA UNKA or UNKA . For UNKA UNKA managers across the nation , the response is increasingly to shut the UNKA . The state of California , following the lead of some regional UNKA , recently adopted regulations that closed nearly all UNKA UNKA in state UNKA to mountain UNKA . The move largely UNKA them to roads used by UNKA vehicles . Most other states have enacted similar bans . The bikes are unwelcome on UNKA in national UNKA . Even the U.S. Forest Service , whose UNKA `` UNKA '' philosophy permits UNKA vehicles on thousands of miles of its UNKA across the U.S. , has begun to close some UNKA to the bikes , including major portions of the popular Pacific UNKA UNKA , which UNKA from California to Canada . Often these closings come after vigorous UNKA lobbying by UNKA organizations , the politically UNKA Sierra Club among them . Sierra has been instrumental in UNKA a number of the California bans . It has been UNKA an UNKA campaign to beat back a proposal , pushed by Utah bike groups , to allow the cycles in federally designated UNKA areas , where they are now prohibited . Yet Sierra 's hard-line stance has created something of a UNKA in the organization , which estimates that 17 % of its 500,000 members own mountain bikes . UNKA from these members prompted the club recently to UNKA its UNKA rhetoric ; it no longer , for example , UNKA the bikes into the same category as UNKA and other UNKA UNKA vehicles . But the club still insists that public UNKA ought to be closed to the bikes unless studies indicate the bikes wo n't UNKA the environment or other users . `` I have a mountain bike , yet as a UNKA I 've been run off the road by kids UNKA down a fire trail on them , '' says UNKA UNKA , an official at Sierra 's headquarters in San Francisco , UNKA the concerns of many members . `` People who feel that UNKA should be banned from an area are n't looking at the whole picture , '' complains Mark UNKA , associate editor of Mountain and City UNKA magazine in UNKA Park , Calif . Mr. UNKA is among the UNKA of UNKA who got their first taste of UNKA as UNKA or UNKA . He says fellow UNKA show the same concern for the land that they demonstrated as UNKA ; many are UNKA that the UNKA community would suddenly consider them the enemy . To fight back , activists such as Mr. UNKA are forming groups to lobby land managers over access issues and UNKA education programs to show that the bikes can UNKA share UNKA . Mr. UNKA 's group , Concerned UNKA UNKA Association , mounted petition drives to help keep open certain Santa UNKA Mountain UNKA designated for closing . UNKA groups in UNKA , Idaho , Michigan and Massachusetts have won similar concessions , says Tim UNKA , mountain bike editor of UNKA magazine . These groups have been trying to improve the mountain UNKA 's image ; in the San UNKA park district where a UNKA was clobbered by a UNKA this summer UNKA have formed a volunteer UNKA to help UNKA enforce regulations , and to school riders in proper trail UNKA . Even UNKA UNKA Sierra members concede that 10 % of all riders cause most of the problems . While some are UNKA riders who simply UNKA regulations , much bad riding simply reflects ignorance that can be corrected through `` education and UNKA pressure , '' says Jim UNKA , a director of the International Mountain UNKA Association . `` I think we 're making progress . '' Few would have UNKA such a furor when , a decade ago , some UNKA County UNKA UNKA created a hybrid bike using fat tires , UNKA UNKA and UNKA technology . They wanted a machine that would allow them to UNKA into UNKA UNKA then UNKA to cycles . They got a machine more responsive , more stable and in many ways easier to ride than the UNKA racing bikes that then were the UNKA . When the bikes first entered mass production in 1981 , they were dismissed as a UNKA . Last year , 25 % of the 10 million UNKA sold in the U.S. were mountain bikes . In California , a bellwether market , they accounted for more than 80 % of all bike sales . The majority of the bikes never even make it into the high country . City UNKA love them because they shift smoothly in traffic , bounce easily over curbs and roll through road glass with far fewer flat tires than racing bikes . UNKA UNKA , population 1,200 , is a UNKA of the sport . By one estimate , everyone here under 50 owns at least one bike . The town is home to the Mountain UNKA Hall of Fame and it hosts the annual UNKA Tire UNKA Week . This summer , the UNKA attracted more visitors than the busiest week of the town 's winter ski season . David UNKA , chairman of the UNKA Tire UNKA celebration , UNKA that the bike 's popularity may be a combination of technology and UNKA . `` The mountain bike feels as comfortable as the ` UNKA ' bike you had as a UNKA , but it can do so much more , '' he says . The following issues were recently filed with the Securities and Exchange Commission : Canada 's UNKA of UNKA UNKA , shelf offering of up to $ 550 million of debentures . UNKA Gas Holding Co. , a subsidiary of UNKA UNKA Corp. , offering of $ 280 million first preferred ship mortgage notes , via Merrill Lynch Capital Markets . H.F. Ahmanson & Co. , offering of four million shares of UNKA convertible preferred stock , Series B. , via Goldman , Sachs & Co , First Boston Corp. , and Merrill Lynch . UNKA Technologies Inc. , offering of 2.5 million common shares , via UNKA , Van UNKA & UNKA Inc. and Oakes , UNKA & Co . UNKA tremors again shook bond prices , while the dollar turned in a mixed performance . Early yesterday , investors scrambled to buy Treasury bonds for safety as stock prices plummeted and fears mounted of a UNKA of Friday . But stocks later recovered , UNKA most of their early declines . That cut short the rally in Treasury bonds and depressed prices moderately below late Monday 's levels . The Dow Jones Industrial Average , down more than UNKA points early in the day , finished UNKA points lower at UNKA . Long-term Treasury issues declined about half a point , or $ 5 for each $ 1,000 face amount . `` The stock market clearly is leading the bond markets , '' said Jack UNKA , an executive vice president at Nikko Securities . `` People are breathing a major UNKA of relief that the world did n't end Monday morning '' or yesterday . Gold , a closely watched barometer of investor anxiety , was little changed . The dollar initially fell against other major currencies on news that the U.S. trade deficit surged in August to $ UNKA billion . But the dollar later rebounded , finishing slightly higher against the yen although slightly lower against the mark . Federal Reserve officials sent another signal of their determination to shore up investor confidence . In an apparent attempt to keep a UNKA on short-term interest rates , the Fed once again UNKA money into the banking system . But the Fed move was a small UNKA , traders said . Fed officials appear reluctant to ease their credit grip any further because a bold move does n't appear necessary , several investment managers said . The Fed has allowed a key short-term interest rate to decline about UNKA percentage point . The federal funds rate on overnight loans between banks has been UNKA around 8 3\/4 % , down from 9 % previously . Although stocks have led bonds this week , some traders predict that relationship will reverse during the next few weeks . Nikko 's Mr. UNKA fears a huge wave of Treasury borrowing early next month will drive down Treasury bond prices . That , coupled with poor third-quarter UNKA comparisons , `` will make trouble for the equity market for the next two to three months , '' he says . But several other traders contend investors have UNKA to junk-bond jitters , and that stock prices will continue to recover . `` They shot the whole UNKA just because the UNKA player hit a bad note , '' said UNKA UNKA , president of UNKA Associates Inc. , referring to the stock market 's plunge Friday on news of trouble in financing the UAL Corp . buy-out . In major market activity : Treasury bond prices fell . The yield on 30-year Treasury bonds climbed back above 8 % , ending the day at 8.03 % . The dollar was mixed . Late yesterday in New York , the dollar rose to UNKA yen from UNKA yen Monday , but fell to UNKA marks from UNKA marks . The Consumer News and Business Channel cable network and U.S. News & World Report have formed a joint venture to produce cable program versions of special issues of the magazine . The programs will run on the cable network the Sunday evening immediately prior to the release of the special issue of U.S. News & World Report . UNKA is a joint venture of the National Broadcasting Co. , a unit of General Electric Co. , and UNKA System Corp . Advertisers will be offered an advertising package , which for a single price , will include time on the UNKA program and ad pages in the special UNKA . UNKA will produce six , one-hour programs , beginning in April 1990 . The first program scheduled in the joint venture is `` The 1990 UNKA 's UNKA . '' Other programs and special issues will be based on themes of health , jobs , personal finance , the best colleges , and investments . The programs will be written and produced by UNKA , with background and research provided by staff from U.S. News & World Report . UNKA UNKA I 've learned the hard way that too much UNKA UNKA UNKA the next day about nine ; No wonder I say , `` I drink to your health '' -- It certainly is n't to mine ! -- George O. UNKA . UNKA Out Those supermarket UNKA Make me feel slow Because I still have n't seen -- Bruce UNKA . Daffynition UNKA : UNKA control . -- UNKA Brown . Weyerhaeuser Co. reported a one-time gain and strong UNKA sales that offset weakness in pulp and paper to fuel a 15 % jump in third-quarter net income to $ UNKA million , or 78 cents a share . In the 1988 third quarter , the forest-products company reported profit of $ UNKA million , or 69 cents a share . Sales rose 9 % to $ UNKA billion from $ UNKA billion . For the nine months , the company posted a 14 % rise in profit to $ UNKA million , or $ UNKA a share , from $ UNKA million , or $ UNKA a share . Sales rose 9 % to $ UNKA billion from $ UNKA billion . Results for the 1989 third quarter and nine months include a pretax loss of $ 33 million from the company 's business improvement and UNKA program , and a gain of $ 49 million on the sale of a subsidiary 's common stock . UNKA operations strengthened in the third quarter , while paper operations were UNKA by higher costs , soft newsprint exports and a strong Japanese yen . Some competing forest-products firms have recently reported improved results due to strong pulp and paper business . Weyerhaeuser 's pulp and paper operations were up for the nine months , but full-year performance depends on the balance of operating and maintenance costs , plus pricing of certain products , the company said . Looking ahead to the fourth quarter , the company said export UNKA and UNKA markets will be weak , while panel and UNKA markets will be stronger . UNKA and paper performance depends on cost and price UNKA , the company said . Bankers Trust New York Corp. became the latest major U.S. bank to increase reserves for its loans to less-developed countries , making a $ 1.6 billion third-quarter addition to its provision . The bank also said it expects to report a $ UNKA billion loss for the third quarter and a loss for the full year . The new reserves bring the company 's provision for loans to Third World countries to $ 2.6 billion , or 85 % of Bankers Trust 's medium and long-term loans to these countries . `` UNKA up to the plate and take the big swing . Get the problem behind you and do n't look back , '' said James J. UNKA , analyst at UNKA , UNKA & UNKA , in UNKA of the move . Bankers Trust `` has had the capacity to do this for some time , '' the analyst said . He expects Citicorp to take a similar step this year . Citicorp yesterday reported a 9 % third-quarter earnings drop , which analysts called a bit disappointing , while Manufacturers Hanover Corp. posted a $ UNKA million loss for the quarter after adding $ UNKA million to its reserve for loans to less-developed countries . Three other major U.S. banks posted earnings increases . Wells Fargo & Co. of San Francisco posted a 17 % jump . UNKA Financial Corp. , the parent of Pittsburgh National Bank , reported net income climbed 9.8 % , while net for Banc One Corp. of Columbus , Ohio , grew 3.8 % . Citicorp Analysts were only slightly disappointed by Citicorp 's numbers . `` There 's nothing in here that 's horrible and nothing to make you think they 're setting the world on fire , '' said UNKA UNKA , analyst for UNKA Lawrence , Morgan Grenfell Inc . Earnings from the bank 's global consumer business grew 27 % . `` The consumer business continues to drive the earnings stream , '' said Mr. UNKA of UNKA , UNKA & UNKA . Corporate finance and trading results in member countries of the Organization for Economic UNKA and Development were `` relatively flat , sometimes UNKA , '' the bank said , and profit for the area sank 27 % . The cross-border loan portfolio reflected `` adjustment problems and UNKA payment patterns , '' the bank said no interest payments from Argentina in the nine months and none from Brazil in the third quarter , while Venezuela brought itself `` substantially current . '' Overall , the portfolio narrowed its quarterly loss to $ 70 million from $ 80 million a year earlier . `` People were waiting to see if we would take an additional provision '' for UNKA and long-term loans to less-developed countries , a Citicorp spokesman said . But he reiterated the bank 's position that it is comfortable with the current level of $ 2.6 billion , covering about 30 % of the $ 8.9 billion of such loans outstanding . Ronald I. UNKA , analyst at Sanford C. Bernstein & Co. , called Citicorp 's venture-capital gains of $ 93 million before taxes `` strong . '' A `` concerning '' item the analyst cited was the 10 % jump in expenses , which the bank attributes to costs of expanding both its consumer credit-card operations and its overseas branch business . Citicorp 's spokesman said , however , that the bank is maintaining those expenses in proportion to revenue growth . Wells Fargo Wells Fargo continued to generate one of the highest profit margins among major banks , UNKA a drop in net interest margin with 13 % third-quarter growth in UNKA business loans and similar growth in mortgages . Its margin fell only seven basis points , or UNKA of a percentage point , from a year ago , compared with a UNKA drop at Security Pacific Corp. and much larger declines among banks in other parts of the country . As a result , Wells Fargo 's net interest income rose $ UNKA million , or 7 % , to $ UNKA million for the quarter . UNKA income fell slightly to $ UNKA million from $ UNKA million , while Wells Fargo continued to UNKA control UNKA expense , which was almost flat at $ UNKA million . The combination of solid loan growth with tight expense control gave Wells Fargo a 1.25 % return on average assets for the quarter , about 40 % higher than Security Pacific 's and a profit ratio matched by only two or three other major banks in the U.S. . Wells Fargo 's return on equity increased to UNKA % from UNKA % . Wells Fargo has sold all of its UNKA loans made to less-developed countries , and managed to partly reverse the sharp rise in domestic UNKA loans , which fell 8 % from the previous quarter to $ UNKA million from $ UNKA million . But the amount was still 39 % higher than the year-ago level , and 25 % higher as a percentage of total loans . That trend , and Wells Fargo 's heavy exposure to leveraged buy-outs , are about the only worries analysts have about Wells Fargo 's financial picture . Wells Fargo is rebuilding its loan-loss reserve , which increased to $ UNKA million at Sept. 30 from $ UNKA million the previous quarter but was down from $ UNKA million a year ago , when the bank still had some shaky foreign loans . Manufacturers Hanover Manufacturers Hanover said that excluding the addition to its reserves , certain tax benefits , and a one-time $ 16 million gain on the sale of an interest in a foreign leasing company , third-quarter earnings were $ 75 million . The comparable year-earlier number was $ 56 million , a spokesman said . The bank 's additional provisions brought reserves for loans to less-developed countries to $ 2.4 billion , covering 36 % of its medium and long-term loans outstanding to these nations . The net interest margin - the difference between the bank 's cost of funds and what it receives as interest payments -- improved in the quarter , as did certain areas of wholesale banking . Fees from UNKA loans dropped 48 % , to $ 21 million . `` We did n't take part in a lot of deals '' in the quarter `` because their credit quality was poor , '' the spokesman said . UNKA unrelated to interest rose 5.4 % , to $ UNKA million . UNKA Financial UNKA Financial cited higher income from sources unrelated to interest and said it continues to cut costs . Net interest income in the third quarter edged up 1.4 % , to $ UNKA million . Trust income grew 15 % , to $ UNKA million , while service charges , fees and commissions increased 22 % , to $ UNKA million . The bank 's total allowance for credit losses was $ UNKA million , or 1.82 % of total loans . Prime Minister UNKA Gandhi set a date next month for general elections that some analysts say could cost him and his ruling Congress -LRB- I -RRB- Party control of the government . Other analysts say the Indian leader could retain control with a slim majority or be forced to rule as the dominant partner in a coalition with other parties . UNKA in this large , diverse and UNKA nation are always hard to predict . Much depends on the opposition , a loose group of regional and ideological parties led by former Gandhi cabinet minister UNKA UNKA UNKA . The biggest UNKA is that the elections will be a vote for or against Mr. Gandhi and his five years in power -- five years of UNKA and UNKA , promises and disappointments and wide fluctuations in popularity . Yesterday , four days after an unusual parliamentary defeat for the ruling party , Mr. Gandhi called elections for the lower house of Parliament on Nov. 22 and 24 . The elections will be held in different states on one of the two days . -LRB- The lower house 's five-year term expires in January ; the Parliament 's upper house is appointed . -RRB- The elections will be a UNKA test for the UNKA prime minister and Congress -LRB- I -RRB- , which in various forms has ruled for 40 of India 's 42 years of independence . After a UNKA win in 1984 in polls held after the assassination of his mother , UNKA Gandhi , Mr. Gandhi saw his popularity begin a UNKA UNKA ride . His early promises to make India a modern nation remain UNKA down in UNKA bureaucracy . His pledge to clean up local administration and Indian politics , including his own party , went UNKA . His `` Mr. Clean '' image was UNKA by an UNKA scandal , which will be a major campaign issue . Some analysts predict that disappointment in Mr. Gandhi 's spent pledge to reduce corruption and UNKA local government will UNKA at the polls . `` There 's a wide feeling of UNKA across the country , '' says UNKA Sen UNKA of the Center for Policy Research , in New UNKA . `` I think the people will be UNKA the regime by a UNKA UNKA , by a UNKA revenue UNKA . This could be a big protest against an administrative failure . '' Even if the Congress -LRB- I -RRB- retains control of the government , Mr. Gandhi 's ability to push through major initiatives might be UNKA by a UNKA majority . Economic analysts call his UNKA UNKA of the Indian economy incomplete , and many are hoping for major new UNKA if he is returned firmly to power . The UNKA UNKA , or lower house of Parliament , has UNKA elected and two appointed seats . In 1984 , the Congress -LRB- I -RRB- captured UNKA seats , the largest victory in the history of Indian democracy . The UNKA was fueled by panic that prevailed in India at the time . Mrs. Gandhi had been UNKA by UNKA UNKA , and many UNKA feared their country might split apart . In the previous three general elections , similar national issues UNKA the vote . In 1971 , the Congress Party won after India 's victory in the UNKA war . In 1977 , Mrs. Gandhi was thrown out of office after her UNKA emergency rule , and in 1980 , after her UNKA made a mess of their three years in power , she was restored to office . Most political analysts say that if Mr. Gandhi 's opposition UNKA to field single candidates in most UNKA , the Congress -LRB- I -RRB- will lose big . But if the opposition remains UNKA , the Congress -LRB- I -RRB- could win a small majority , or lead a coalition government . UNKA UNKA , a UNKA and former Gandhi ally , predicts Congress -LRB- I -RRB- will win only 150 seats , a quarter of the house , if the opposition fields single candidates in 80 % of the races . Analysts say the opposition will struggle this week to UNKA , and its success will be clear only when it UNKA its final list of parliamentary candidates . The UNKA scandal is likely to be one of the big talking points in the campaign , but it 's unclear how it is viewed by average Indian voters . In 1986 , India signed a $ 1.4 billion contract with AB UNKA , a unit of Nobel Industries Sweden AB , to purchase 400 UNKA pieces . The contract was negotiated by the countries ' two prime ministers , and was supposed to be free of commissions or agents ' costs . In April 1987 , evidence surfaced that commissions were paid . The opposition charged that the money was used to bribe Indian government officials , an UNKA denied by Mr. Gandhi 's administration . But many of his statements on the issue in Parliament subsequently were proven wrong by UNKA evidence . The scandal has faded and UNKA , but recent disclosures propelled it back onto the front pages , and that has helped UNKA the opposition , which last week blocked passage of two constitutional amendment bills . It was the first time in 20 years that such government bills were defeated . In a country where a bribe is needed to get a phone , a job , and even into a school , the name UNKA has become a UNKA UNKA cry against the government . That illustrates the kind of disappointment many UNKA feel toward Mr. Gandhi , whom they UNKA elected and UNKA supported in his first two years in power . His term has produced no spectacular failures in politics , in the economy or on the military front , and has UNKA up some successes . But the average Indian had tremendous hope in the UNKA leader and his promise to make both government and the ruling party more effective and less UNKA . His failures in those two areas deeply , and sometimes bitterly , disappointed many UNKA . `` We do n't like the Congress -LRB- I -RRB- , '' says UNKA UNKA , a farmer in the western state of UNKA . `` The Congress government is taking the farmers ' bread and not giving us any support . When there are well problems , light problems , road problems , the government tells us to forget it . '' The greatest thing going for Mr. Gandhi and the Congress -LRB- I -RRB- Party is the poor reputation of the opposition . Even if it UNKA for the elections , its UNKA is likely to be temporary . When the Congress -LRB- I -RRB- lost the 1977 election , following Mrs. Gandhi 's UNKA emergency rule , a similar coalition took power and then UNKA . Many UNKA fear a repeat of that experience . March 24 , 1986 : AB UNKA , a unit of Nobel Industries Sweden AB , enters into a $ 1.4 billion contract with India 's Defense Ministry to supply 400 UNKA UNKA UNKA field UNKA UNKA . In 1985 , Prime Minister UNKA Gandhi , in his talks with then Swedish Prime Minister UNKA UNKA , imposed the condition that the contract have no UNKA . April 16 , 1987 : Swedish National Radio reports that about $ 40 million -- nearly 3 % of the total contract -- was paid by UNKA as commissions to UNKA . June 1 , 1987 : Sweden 's National UNKA Bureau releases its report UNKA payment of about $ 40 million to unidentified UNKA . The report says that investigations were severely hampered by lack of cooperation from UNKA . UNKA says it ca n't disclose the names of the UNKA because it would jeopardize industrial UNKA . A portion of the report containing names of the UNKA is withheld by officials citing bank UNKA requirements . Aug. 6 , 1987 : Prime Minister Gandhi tells the Indian Parliament , `` ... neither I nor any member of my family has received any consideration in these transactions . That is the truth . '' Aug. 26 , 1987 : UNKA admits payments of $ 41 million to UNKA . April 22 , 1988 : The UNKA newspaper publishes UNKA of bank documents for foreign-exchange UNKA and letters between UNKA and certain private companies related to the sale of the UNKA to India . April 26 , 1988 : A parliamentary UNKA committee dominated by the Congress -LRB- I -RRB- Party concludes that there were no UNKA in the deal and no payment to any Indian individual or company . July 18 , 1989 : The comptroller and UNKA of India reports serious UNKA in the government 's technical and financial evaluation of the UNKA deal . Sept. 15 , 1989 : UNKA army Chief of Staff UNKA UNKA UNKA in an interview that he suggested in May 1987 that the government cancel the UNKA contract . According to Gen. UNKA , that would have forced UNKA to disclose the names of the UNKA who received UNKA from the company . His recommendation was rejected by the government . Oct. UNKA 1989 : The UNKA newspaper publishes the withheld portion of the Swedish National UNKA Bureau 's report . The disclosures state that commissions were paid by UNKA to an Indian agent of the arms company . UNKA Partnership Ltd. and UNKA Partners UNKA said they may seek proposals from third parties relating to a sale or restructuring of UNKA International Inc . In a filing with the Securities and Exchange Commission , UNKA and UNKA , which together hold UNKA % of UNKA 's common shares , said they think it is in the best interest of UNKA stockholders that the company be sold . UNKA , based in Arlington , Va. , said it had n't seen the filing by UNKA and UNKA and therefore had no comment . The partnerships said they may seek board representation , and they may seek the support of UNKA 's board and other major shareholders in connection with their plans . According to the filing , UNKA and UNKA are based in UNKA , Neb. , and are controlled by the same general partner , Alan S. UNKA . Their combined stake consists of UNKA UNKA common shares , including UNKA shares bought in the past 60 days at $ UNKA to $ UNKA a share . UNKA shares may be bought or sold in the open market , in private transactions or otherwise , depending on market conditions and other factors . The UNKA trading relationship between bonds and stocks was UNKA yesterday as bonds fell despite a modest decline in stock prices . But bond investors continue to keep a close watch on the UNKA stock market . In early trading , investors were bidding bond prices higher as stocks tumbled and fears mounted that Friday 's stock market debacle would be repeated . But a partial recovery in the Dow Jones Industrial Average , which had been down more than 60 points in UNKA , UNKA those expectations . Treasury bonds also were hurt late in the day by a $ 4 billion offering by the Tennessee Valley Authority and the prospect of a huge amount of new agency debt . `` Bond investors were hoping that stock prices would continue to fall , '' said Roger Early , a vice president at Federated Investors Inc. , Pittsburgh . `` When stocks UNKA , that was a disappointment . '' Meanwhile , for the second straight day , the bond market paid little attention to the Federal Reserve 's open market operations . Fed officials UNKA more cash into the banking system by arranging $ 1.5 billion of repurchase agreements during the usual UNKA intervention period . The move was meant to keep a UNKA on interest rates and to boost investor confidence . `` The intervention has been friendly , meaning that they really did n't have to do it , '' said Maria UNKA Ramirez , money-market economist at Drexel Burnham Lambert Inc . She said a more aggressive move was n't needed . The Fed also appears reluctant to ease credit conditions further . It already has allowed the closely watched federal funds rate to decline 1\/4 percentage point to about 8 3\/4 % from its previous target level of about 9 % . The rate , which banks charge each other on overnight loans , is considered an early signal of changes in Fed policy . It ended at about 8 11\/16 % yesterday , but was as low as 8 1\/2 % Monday . The Treasury 's benchmark 30-year bond fell more than 1\/2 point , or over $ 5 for each $ 1,000 face amount , while the yield moved above 8 % for the first time since Thursday . UNKA corporate , municipal and mortgage-backed securities also fell . But most junk bonds closed unchanged after opening slightly higher on UNKA by institutional investors . Some so-called high-quality junk issues , such as UNKA Macy & Co. 's 14 1\/2 % subordinated debentures , rose . The Macy 's issue closed up about one point at a bid price of 97 . The UNKA 's public debt offering was its first in 15 years . Strong investor demand prompted it to boost the size of the issue from $ 3 billion . Traders said hedging related to the UNKA pricing also pressured Treasury bonds . `` UNKA of the UNKA bonds reduced their market risk by selling Treasurys to cover at least part of their -LCB- UNKA -RCB- holdings , '' said James R. UNKA , a senior vice president at Shearson Lehman Government Securities Inc . The UNKA bonds also `` served to UNKA the market that there will be even more new supply , '' said Lawrence N. UNKA , a managing director at UNKA Warburg Securities & Co . Today the Treasury will announce the size of its next two-year note sale and Resolution Funding Corp. will announce details of its first bond offering . Some traders estimate $ 9.75 billion of new two-year Treasurys will be sold next week , and they expect Refcorp to offer $ 4 billion to $ 6 billion of long-term `` bailout '' bonds . Refcorp was created to help fund the thrift bailout . Another agency issue came to market yesterday . The Office of Finance of the Federal Home Loan Banks said it priced a UNKA $ UNKA billion bond offering for the banks to yield from UNKA % to 8.375 % . The release of several economic reports had little impact on the market , including a report that the U.S. trade deficit expanded to a surprisingly wide $ UNKA billion in August , up from a revised $ UNKA billion in July . The August gap was expected to have expanded to $ UNKA billion . Treasury Securities Treasury securities were essentially flat to about 1\/2 point lower . The benchmark 30-year bond was quoted late at 100 UNKA to yield 8.04 % , compared with 101 UNKA to yield UNKA % Monday . The latest 10-year notes were quoted late at 99 UNKA to yield UNKA % , compared with 100 UNKA to yield UNKA % . Short-term rates increased . The discount rate on three-month bills rose to 7.52 % for a UNKA yield of 7.75 % . The rate on six-month bills rose to UNKA % for a UNKA yield of 7.92 % . Corporate , Other Issues UNKA corporate bonds ended 1\/4 to 1\/2 point lower , while most junk bonds ended unchanged . The UNKA 's huge $ 4 billion offering dominated attention in the new-issue market . UNKA offered $ 2 billion of 30-year bonds priced to yield UNKA % ; $ 1 billion in 10-year notes priced to yield UNKA % ; and $ 1 billion in five-year notes priced to yield UNKA % . The UNKA , which operates one of the nation 's largest electric power systems , is a corporation wholly owned by the U.S. government . Yesterday 's bond sale was part of a $ 6.7 billion refinancing plan to pay off UNKA debt the UNKA owes the Federal Financing Bank , an arm of the Treasury . Meanwhile , Lockheed Corp. priced a $ 300 million note offering to yield UNKA % . Mortgage-Backed Securities The derivative mortgage-backed market revived after a brief UNKA as two new UNKA totaling $ 850 million were offered and talk circulated about two more issues that could be priced today . The revival of the real estate mortgage investment UNKA market reflected the relative UNKA in the mortgage market after two days of volatile trading . Dealers noted that it 's difficult to structure new UNKA when prices are moving widely . The two UNKA priced were a $ 500 million Federal Home Loan Mortgage Corp. issue underwritten by Salomon Brothers Inc. and a $ 350 million Federal National Mortgage Association deal underwritten by Greenwich Capital Markets . The Remic issuance supported prices of Freddie Mac and Fannie Mae securities , which held up better than Government National Mortgage Association securities during an afternoon sell-off . Ginnie Mae 9 % securities for November delivery ended at 97 UNKA , down 7\/32 ; 9 1\/2 % securities at 99 UNKA , down UNKA ; and 10 % securities at 101 UNKA , down 5\/32 . Freddie Mac 9 % securities were at 97 5\/32 , down 3\/32 . The Ginnie Mae 9 % issue was yielding UNKA % to a 12-year average life assumption , as the spread above the Treasury 10-year note held at UNKA percentage points . Municipals UNKA over the near-term trend for rates dominated the municipal arena , as gyrations in the stock market continued to UNKA bonds . Long tax-exempt dollar bonds were mostly flat to 3\/8 point lower after a UNKA session of moving UNKA to stocks in modest UNKA trading . Prices of UNKA municipal bonds were capped by news that Chemical Securities Inc. , as agent for a customer , will accept bids today for two large lists of bonds that include many such issues . The lists total $ UNKA million . UNKA bonds are called at their earliest call date with the UNKA proceeds of another bond issue . Meanwhile , several new issues were priced . UNKA led by PaineWebber Inc. set preliminary pricing for $ UNKA million of California Health UNKA Financing Authority revenue bonds for Kaiser UNKA . UNKA UNKA yields were set from 6.25 % in 1993 to UNKA % in UNKA . As part of its College Savings Plan , Connecticut offered $ UNKA million of general obligation capital appreciation bonds priced to yield to maturity from 6.25 % in 1994 to 6.90 % in UNKA , 2007 and 2009 . A Chemical Securities group won a $ 100 million Oregon general obligation UNKA ' tax note issue due Nov. 1 , 1990 . The 6 3\/4 % notes yield 6.25 % . Foreign Bonds West German government bond prices took a wild UNKA ride , pulled down by Monday 's U.S. stock market gains then up by a UNKA U.S. trade deficit and falling U.S. stock prices . West Germany 's 7 % bond due October 1999 was at UNKA late yesterday , off UNKA point from Monday , to yield UNKA % . The 6 3\/4 % notes due April 1994 were up UNKA point to UNKA to yield UNKA % . British government bonds surged on renewed volatility in the stock market . The Treasury 11 3\/4 % bond due 2003\/2007 rose UNKA to 112 UNKA to yield UNKA % . But Japanese bonds ended weaker . The benchmark No. 111 4.6 % bond due 1998 ended on brokers ' screens at a price of 96 , off UNKA point to yield UNKA % . A House-Senate conference approved an estimated $ 67 billion fiscal 1990 spending bill that provides a 28 % increase for space research and development and UNKA far-reaching provisions affecting the federal mortgage market . The current ceiling on home loans insured by the Federal Housing Administration would be increased to $ UNKA . Separately , the bill gives authority to the Bush administration to facilitate the refinancing of federally subsidized loans for low-income and UNKA homeowners . The second provision , affecting so-called UNKA mortgages , has met strong opposition from investment bankers represented by the Public Securities Association . And a UNKA of influential former Senate aides employed by the Wall Street firm Salomon Brothers came to the Capitol in a UNKA attempt to strip the provision . By an UNKA margin , Senate negotiators voted to preserve the UNKA mortgage refinancing plan , and despite powerful allies , the opposition found itself undercut by an unusual alliance of liberals and conservatives . The government currently is UNKA an estimated UNKA loans above 11 % under the UNKA program , and however UNKA to private investors , the refinancing is expected to yield at least $ 15 million in savings in fiscal 1990 . This sum has been UNKA UNKA by UNKA anxious to offset spending elsewhere , and conservative Sen. Phil UNKA cast the fight as a UNKA stand against UNKA interests . `` We are UNKA here , not of the mortgage companies , but the taxpayers , '' said the Texas Republican . The action came as the administration won final congressional approval of $ 9 million in assistance for elections scheduled in Nicaragua in February . The bulk of the money would be UNKA through the National UNKA for UNKA , but the legislation is so UNKA written that it has been UNKA by questions regarding the money 's true purpose and its ultimate UNKA . The Senate had refused late Friday to UNKA UNKA and limit debate , but behind the bipartisan leadership , a solid majority took shape yesterday and UNKA aside amendments seeking to cut the total package or steer it away from direct aid to political parties . UNKA approval -- on a UNKA roll call -- was never in doubt , but the opposition drew an unusual mix of senators , including Republicans UNKA UNKA and Warren UNKA and Democrats Bill Bradley and John Glenn . The money will be applied for UNKA registration and election monitoring , but more than half is likely to go to the Union UNKA UNKA party . Critics warned such cash contributions may only undercut the opposition party 's standing , and one irony is that under Nicaraguan law a major portion of the opposition party 's funds must be shared with the government 's Supreme UNKA Council . Within the appropriations conference yesterday , the $ 67 billion measure is the second largest of the annual domestic spending bills and covers a UNKA collection of accounts for science , housing , UNKA and the environment . The decision to raise the ceiling on FHA home loans still faces strong opposition in the House . But it is driven by the same fiscal pressures that have forced lawmakers to resort to various UNKA devices to UNKA as much as $ 1 billion in spending that would otherwise put the bill over budget . These costs will complicate the budget picture in fiscal 1991 , and the measure further UNKA Congress to a set of costly projects , including the first construction funds for the space station . The station is promised $ 1.8 billion within the $ UNKA billion provided for research and development in the National Aeronautics and Space Administration , and the nation 's UNKA aerospace plane -- cut by the Senate -- could receive as much as $ 60 million in new funds or transfers . Similarly , the House agreed to add back $ 62 million to continue work on the advanced communications technology satellite , being developed by General Electric Co . And while setting a statutory limit of $ 1.6 billion on the automated space probe , the conference appropriated $ 30 million for the start-up of the UNKA mission , a successor to the UNKA space probe . Among major domestic agencies , the Environmental Protection Agency stands to receive increases significantly beyond those sought by the administration , with pollution UNKA and control accounts growing by 14 % to about $ UNKA million . An estimated $ UNKA billion is separately allocated for the National Science Foundation , and within the Housing and Urban Development Department , more than $ 9.2 billion is provided for federally UNKA housing , including an expanded effort to modernize public housing units that serve the poorest families . To an unusual degree , the massive bill has become a vehicle for lawmakers to UNKA funds for projects in home states . While the practice was UNKA in the past , the conference agreement is UNKA with UNKA ' hospitals , environmental projects and urban grants designated for specific communities . The most striking example yesterday may have been in community development funds , where the two houses had separately approved a total of 27 projects valued at $ 20 million , and the conference added 15 more valued at $ 8 million to UNKA preserve `` balance '' between the House and Senate . Yesterday 's conference agreement is the second major bill to emerge from negotiations this week , as UNKA approved a fiscal 1990 transportation bill late Monday that includes a sweeping ban on smoking on most domestic airline flights . An exemption will remain for flights longer than six hours to Hawaii and Alaska , but estimates by the tobacco industry yesterday indicate all but about 30 flights would be covered . Separately , a third conference report covering an $ UNKA billion Treasury and Postal Service bill was sent to the Senate after passing the House on a UNKA roll call yesterday . And after weeks of delay , the appropriations process is beginning to take some final shape . Defense and foreign aid are the two most critical areas remaining from the administration 's UNKA . And among domestic programs , the most serious threat is White House opposition to abortion riders attached to separate bills funding the District of Columbia and Department of Health and Human Services . The same issue threatens to spill over to the foreign aid debate , and Mr. Bush also is threatening to veto any agreement that UNKA UNKA provisions renewing U.S. support for the United Nations Fund for UNKA UNKA . In a sharply written letter , Rep. David UNKA , chairman of the House appropriations subcommittee for foreign operations , warned Mr. Bush that the result of his `` UNKA '' could weaken efforts to accommodate the administration elsewhere . `` As a result of your UNKA , '' writes the Wisconsin Democrat , `` I guess there is no longer any point in taking administration views into account on other items in conference , UNKA regardless of their resolution you apparently intend to veto this bill . Markets usually get noticed because they soar or plunge . Gold , which has n't risen or fallen significantly in quite some time , yesterday achieved what may be a new level of UNKA : The most actively traded futures contracts closed unchanged despite nervous fluctuations in both the dollar and the stock market . The settlement prices of the December , February and April gold contracts were even with Monday 's final prices . The December 1989 contract , which has the greatest trading volume , ended at $ UNKA an ounce . The other months posted advances of 10 cents to 20 cents an ounce . According to one analyst , Bernard Savaiko of PaineWebber , New York , the stock market 's ability on Monday to rally from last Friday 's decline -- which seemed to indicate that the economy was n't going to fall either -- took the UNKA out of precious metals prices , and out of gold 's , in particular . Yesterday , gold traded within a narrow range . Gold tried to rally on Monday but ran into the same situation that has UNKA gold prices for more than a year : selling by gold producers , who want to fix the highest possible price for their gold . `` December delivery gold is trading in a range of $ UNKA to $ 375 -LCB- an ounce -RCB- and is having difficulty breaking out above that , '' Mr. Savaiko said . `` Producers at the moment regard that area a good one in which to sell gold . '' Also , Mr. Savaiko noted , stock market investors seeking greater safety are UNKA toward buying bonds rather than precious metals because `` we are UNKA more toward a UNKA economy that does n't make gold and precious metals attractive . '' Jeffrey UNKA , president of UNKA Canada , Toronto precious metals advisers , said there is little to UNKA gold traders to buy the metal . `` Investors in the U.S. and Europe are comfortable with the actions of the -LCB- Federal Reserve -RCB- in its willingness to supply liquidity to financial system , which helped the stock market rebound on Monday , '' he said . There is n't any rush on the part of investors in the West to buy gold , he said . `` They still bear the memory of October 1987 , when they bought gold after the stock market UNKA and ended up losing money because gold prices subsequently fell , '' Mr. UNKA said . `` It 's an experience they do n't want to repeat . '' At the moment gold traders are n't concerned about inflation , he said , and as for the dollar , `` gold 's association with the currency has been UNKA recently so drops in the currency are n't having much impact on gold . '' UNKA UNKA , chief bullion trader for Chase Manhattan Bank , said : `` There is little incentive on the part of traders to sell gold because the stock market may go lower and gold may retain some of its ` flight to safety ' quality . There is little incentive to buy gold because if the stock market goes higher , it may be just a false alarm . This is keeping the gold traders UNKA . '' The most remarkable feature about yesterday 's action was that the price of roughly $ 370 an ounce was regarded as attractive enough by gold producers around the world to aggressively sell gold , Mr. UNKA said . `` I do n't know what it means over the long run , but for the short term , it appears that gold producers are UNKA for the $ 10 or so that gold has risen over the past week or so , '' he said . Previously , he noted , gold producers UNKA to back off from a rising gold market , letting prices rise as much as possible before selling . Mr. UNKA observed that the U.S. merchandise trade deficit , which rose sharply in August , according to yesterday 's report , has been having less and less impact on the gold market . `` The dollar has n't reacted much to it , so gold has n't either , '' he said . In other commodity markets yesterday : ENERGY : Crude oil prices rose slightly in lackluster activity as traders in the UNKA tried to assess action in the stock market . Since stock market indexes plummeted last Friday , participants in all markets have been wary . When traders become confident that the stock market has UNKA , oil prices are expected to rise as supply and demand fundamentals once again become the major consideration . Crude oil for November delivery edged up by 16 cents a barrel to $ UNKA a barrel . UNKA oil prices also rose . November gasoline slipped slightly . UNKA : Futures prices rose on a report that Cuba may seek to postpone some sugar shipments . The March contract advanced UNKA cent a pound to UNKA cents . According to an analyst , Cuba ca n't meet all its UNKA commitments and has asked Japan to accept a delay of shipments scheduled for later this year , into early next year . `` Japan is perceived as a wealthy nation that can turn elsewhere in the world market and buy the sugar , '' the analyst said . It was the possibility of this demand that helped firm prices , the analyst said . Another analyst noted that Cuba has been deferring shipments in recent years . `` To the professionals in the trade it did n't cause much surprise . The March futures contract traded as high as UNKA cents , but could n't sustain the advance , '' he said . UNKA AND UNKA : The prices of cattle , UNKA and pork UNKA futures contracts rebounded as UNKA traders shook off fears that the Friday stock market plunge would UNKA consumer spending , which in turn would hurt retail sales of beef and pork . The prices of most UNKA futures contracts had dropped sharply Monday . UNKA futures prices were also supported yesterday by signs that supermarket chains are making plans to increase their promotions concerning beef . GRAINS AND SOYBEANS : The prices of most soybean and UNKA futures contracts rose amid rumors that the Soviet Union is interested in buying from the U.S. or South America about 250,000 metric tons of soybeans and as many as 400,000 metric tons of soybean UNKA . Traders are especially sensitive to reports of possible U.S. soybean sales because U.S. exports are lagging . Since Sept. 1 , about 13 million fewer UNKA of U.S. soybeans have been sold overseas than for the same period last year . UNKA futures prices rose slightly while wheat prices settled mixed . Moody 's Investors Service Inc. , UNKA about increasing competitive pressure on Ryder , placed about $ 2.8 billion in company securities under review for possible downgrade . UNKA under review are Ryder 's UNKA collateral trust debentures , UNKA senior notes and bonds , UNKA preferred stock and the company 's UNKA rating for commercial paper . Moody 's said it is assessing the strategies Ryder 's management may follow in addressing significant challenges in some major markets . The rating agency said it is focusing especially on the transportation service company 's efforts to control costs , improve margins and enhance its competitive position in its primary business , vehicle leasing and rental . The nations of southern Africa know a lot about managing UNKA ; their UNKA are thriving . But the nations of Europe and North America have decided they know better . At this week 's U.N. conference in UNKA , they imposed a global UNKA ban that seeks to UNKA local policies . A UNKA UNKA argued that the ban would `` guarantee the UNKA of the UNKA . '' UNKA UNKA , who have an interest in preserving the UNKA , would go out of business . UNKA would control the underground trade . Many UNKA were willing to UNKA a compromise , but U.S. UNKA UNKA UNKA and others UNKA that down . The UNKA from the First World wanted a UNKA play , not a negotiation . Fortunately , the nations of southern Africa have n't totally surrendered their sovereignty . Five countries announced they would not honor what one UNKA UNKA UNKA called the `` made in Switzerland '' solution . In fact , they seemed a UNKA UNKA . The director of UNKA 's UNKA Department described American UNKA as `` fat little UNKA from urban environments who do n't know a thing about Africa . '' That 's not fair ; they 're not all fat . UNKA UNKA generates UNKA for aid from South Carolina small businesses . The Small Business Administration has received more than 5,000 formal requests for disaster loans because of the hurricane . About 45 % of requests for UNKA relief loans , which also are available to homeowners , come from small businesses , compared with a 25 % business share after most disasters . The UNKA expects to make about $ 1 billion in Hurricane Hugo loans . The disaster fund is UNKA by loan UNKA . UNKA hit by Hugo in South Carolina were small retailers tied to the tourist industry and businesses in agriculture and UNKA UNKA . The State Development Board set up a Hugo UNKA to accept UNKA help . After NBC weather man UNKA Scott broadcast the UNKA number , it was flooded with 10,000 calls . Last week , the U.S. Chamber of Commerce began using its national TV show to seek help , such as equipment , for business owners . Local bankers and accountants help applicants fill out forms . `` It helps us , and people feel better talking to someone who 's gone through the same thing , '' an UNKA official says . UNKA UNKA remain a central lobbying effort , even as Section 89 UNKA . The Senate , after UNKA Section 89 repeal from its deficit-reduction bill , still is expected to join the House in voting to kill the law , which forces companies to provide comparable benefits to UNKA and executives alike . In lobbying on other UNKA topics , the National Federation of Independent Business will press for legislation that would give self-employed people a 100 % tax deduction for their own health plans , up from 25 % currently . And the group will urge that the federal government UNKA state rules on what must be covered by employers ' health insurance . UNKA groups also will fight the UNKA provision of legislation that would expand parental leaves . And they still oppose as too costly an UNKA health insurance bill sponsored by Sen. Edward Kennedy -LRB- D. , Mass . -RRB- despite his proposal to phase in small business only gradually . There is also worry that the UNKA Commission studying long-term health care will again push lawmakers toward UNKA solutions . The Section 89 victory could have a downside by making it harder to oppose lawmakers on other health proposals . `` With the repeal of Section 89 , we can no longer say they 're discouraging businesses from offering health plans , '' says UNKA Russell , the Chamber of Commerce 's small-business advocate . UNKA THE UNKA : Sen. Lloyd UNKA -LRB- D. , Texas -RRB- was UNKA after a private word to John UNKA , lobbyist for the National Federation of Independent Business , resulted in a news release saying that the Senate Finance Committee chairman would recommend repeal of Section 89 . Even though the announcement was true in the end , it was issued without the senator 's permission . `` I UNKA it , '' Mr. UNKA says UNKA . `` It was a timing mistake . '' UNKA UNKA : Sen. UNKA Thurmond -LRB- R. , S.C . -RRB- protests pending legislation to end the preference that the federal prison system gets in selling UNKA furniture and other goods to government agencies . UNKA suppliers want UNKA to stop getting high priority , especially as prison production grows with swelling UNKA UNKA . Last year , the UNKA ' sales to the Pentagon totaled $ UNKA million . UNKA UNKA UNKA for more access to work on UNKA systems . UNKA representing some independent UNKA shops join a compromise on the Clean Air legislation worked out between environmentalists and Rep. Henry Waxman -LRB- D. , Calif . -RRB- . The plan would increase the UNKA on UNKA systems to eight years or 80,000 miles from five years or 50,000 for major parts . But the UNKA on UNKA parts would be lowered to two years or UNKA miles . The UNKA owners say they would benefit because car owners would be less likely to go back to dealers for the UNKA repairs after two years . The repair shops are n't UNKA , however . Shops represented by the Automotive Service Industry Association and the Motor Equipment Manufacturers Association oppose any increase in UNKA length . They say the longer the UNKA , the longer customers will automatically return to UNKA dealers , which then find UNKA work that might otherwise go to repair shops . The House Energy Committee will debate the issue later this month . UNKA UNKA , an Atlanta UNKA owner who opposes a longer UNKA , estimates that the current plan costs him as much as $ 15,000 a year in lost business . UNKA UNKA : Some 70 % of UNKA who recently earned an UNKA degree say they 'd prefer to work in or own a small company , yet most take jobs with large concerns , says a survey by the Foster UNKA Group , a New York recruiting firm ... . UNKA Scientific Inc. of UNKA , Md. , seeks a Small Business UNKA Research grant to produce a `` UNKA assembly for an Army mass UNKA UNKA . Banc One Corp. said Frank E. UNKA plans to retire as the bank holding company 's president effective Jan. 12 . Banc One said `` it is contemplated '' that John B. UNKA , chairman and chief executive officer , will assume the additional position of president upon Mr. UNKA 's retirement . Mr. UNKA , 50 years old , was chairman and chief executive of American Fletcher Corp. , Indianapolis , when that bank holding company merged into Banc One in January 1987 . The company said Mr. UNKA plans to retire because the process of UNKA American Fletcher into Banc One `` is considered completed . '' Mr. UNKA will continue as chairman of the board and chairman of the executive committee of Banc One Indiana Corp. , the successor company to American Fletcher Corp. , but will no longer be active in day-to-day management . He will remain on the Banc One board . The Treasury plans to raise $ 1.55 billion in new cash with the sale Monday of about $ 15.6 billion in short-term bills to redeem $ UNKA billion in maturing bills . The offering will be divided evenly between 13-week and UNKA bills maturing on Jan. 25 , 1990 , and April 26 , 1990 , respectively . Tenders for the bills , available in minimum $ 10,000 denominations , must be received by 1 p.m. EDT Monday at the Treasury or at Federal Reserve banks or branches . Moody 's Investors Service Inc. said it lowered ratings on about $ 650 million of Beatrice Co. debt , citing the closely held Chicago food concern 's proposed recapitalization . The ratings concern said it downgraded Beatrice notes , UNKA and certain industrial revenue bonds to UNKA from UNKA and the company 's subordinated debentures to UNKA from UNKA . Moody 's said the proposed UNKA may `` limit the company 's ability to realize its profit potential '' and that paying dividends from a new series of preferred could squeeze `` basic business operations . '' A Beatrice spokesman did n't return calls seeking comment . Beatrice , which went private in an $ 8.2 billion leveraged buy-out in 1986 , said last month that it might borrow again to help pay investors as much as $ UNKA million in preferred stock and debt securities . When the Soviets announced their last UNKA had left Afghanistan in February , the voices of skepticism were all but UNKA out by an international chorus of UNKA . It was `` the Soviets ' Vietnam . '' The UNKA regime would fall . UNKA of refugees would rush home . A resistance government would walk into UNKA . Those who bought that illusion are now UNKA . Eight months after Gen. UNKA UNKA walked across the bridge into the U.S.S.R. , a UNKA regime remains in UNKA , the refugees sit in their camps , and the restoration of UNKA freedom seems as far off as ever . But there never was a chance that the UNKA resistance would UNKA the UNKA regime quickly and easily . Soviet leaders said they would support their UNKA clients by all means necessary -- and did . The U.S. said it would fully support the resistance -- and did n't . With the February 1987 U.N. UNKA `` relating to Afghanistan , '' the Soviet Union got everything it needed to consolidate permanent control . The terms of the Geneva UNKA leave Moscow free to provide its clients in UNKA with assistance of any kind -- including the return of Soviet ground forces -- while requiring the U.S. and Pakistan to cut off aid . The only fly in the Soviet UNKA was the last-minute addition of a UNKA American UNKA , that U.S. aid to the resistance would continue as long as Soviet aid to UNKA did . But as soon as the UNKA were signed , American officials sharply reduced aid . In February 1989 , when the Soviets said they had completed their UNKA , the U.S. cut it further . Not so the Soviets . Gen. UNKA himself said Soviet troops expected to leave behind more than $ 1 billion of military equipment and installations for the UNKA regime . Since the troop withdrawal , Moscow has poured in an additional $ 200 to $ 300 million worth per month -- nearly $ 2 billion since February , equivalent to the total U.S. aid to the resistance in nine years . This includes what Deputy Foreign Minister UNKA UNKA UNKA called `` new peaceful UNKA weapons , '' including more than 800 UNKA missiles . By early May , Moscow had delivered , for example , 1,000 trucks , about 100 tanks , UNKA and hundreds of other combat vehicles . Later that month , it added an entire tank UNKA , including 120 UNKA tanks and more than 40 UNKA UNKA UNKA fighting vehicles . By September , a new UNKA UNKA UNKA UNKA with an additional 300 combat vehicles , 1,000 more trucks and 10,000 UNKA UNKA troops had arrived in UNKA . In the last few weeks , Moscow has added UNKA missiles , the bomber version of the UNKA , UNKA UNKA aircraft , UNKA , which can UNKA Pakistan 's UNKA UNKA , and UNKA UNKA UNKA , which can UNKA the UNKA . Moscow claims this is all needed to protect the UNKA regime against the UNKA resistance . It is well-known that the regular UNKA UNKA is filled with reluctant UNKA . But this is not the entire UNKA army , and it is no longer UNKA 's only military force . UNKA units have been trained and UNKA in the U.S.S.R. and other East bloc nations ; 30,000 to 40,000 of these troops have returned . In addition , the regime has established UNKA UNKA forces totaling more than 100,000 , including 35,000 UNKA troops of the Interior Ministry -LRB- UNKA -RRB- , which still is directed by 1,500 Soviet KGB officers . Even if not all these forces are committed to the regime , they are now dependent on it . And thousands of UNKA children have been taken to the Soviet Union , where they are UNKA for the behavior of their families . Since 1981 , Indian military advisers have been UNKA the UNKA regime . In preparation for the withdrawal , Moscow , UNKA and New UNKA signed two agreements for several hundred newly civilian Indian experts to replace some of the more visible Soviet military personnel . Cuban military personnel also have been active in Afghanistan since 1979 . The Soviets cut a deal with Iran : a future Iranian role in Afghanistan in exchange for Iranian support of Soviet policy . The deal was UNKA by the restoration of the UNKA UNKA UNKA UNKA to the UNKA prime ministry . Moreover , serious questions have been raised about the claimed withdrawal of Soviet forces . Before his assassination in 1988 , President UNKA of Pakistan repeatedly stated that fresh Soviet troops were being inserted into Afghanistan even as others were UNKA withdrawn . Rep. Bill UNKA -LRB- R. , Fla. -RRB- reports that these included 20,000 to 30,000 Soviet Central Asian KGB UNKA UNKA , UNKA UNKA from UNKA and wearing UNKA UNKA . Meanwhile , the UNKA regime is increasingly successful at portraying the resistance as UNKA UNKA . In this they are aided by years of American , European , UNKA and Saudi support for the most extreme UNKA -- radical UNKA UNKA with leaders whose policies are UNKA to the UNKA public . This heavy outside support for the worst has undermined better , moderate leaders . In autumn last year , for example , the regime UNKA at UNKA was prepared to surrender the city to resistance UNKA . At the last minute , however , UNKA officials sent in UNKA UNKA , perhaps the most UNKA and feared of the UNKA , with a demand that the surrender be made to his forces . The deal fell through , and UNKA remains a major regime base . The resistance lacks not only air power , UNKA and expertise but often such UNKA as UNKA , mine detectors , or even winter UNKA . UNKA resistance UNKA wanted to use UNKA action and UNKA tactics to wear down the regime . Instead , they were pressured by Pakistan 's UNKA , the channel for their support , into UNKA UNKA . They took more than 25 % UNKA ; journalists report that they faced UNKA without mine detectors . The wonder is not that the resistance has failed to topple the UNKA regime , but that it continues to exist and fight at all . Last summer , in response to congressional criticism , the State Department and the CIA said they had resumed military aid to the resistance months after it was cut off ; but it is not clear how much is being sent or when it will arrive . For months the resistance has been UNKA against air attack . Thus far there is no indication that they have been UNKA with UNKA or other UNKA weapons . Indeed , U.S. officials have indicated to the press that the UNKA of aid depends on what success the weakened resistance UNKA by the end of this year . Moscow and UNKA must have found that information useful . For a decade U.S. policy has been UNKA , based on UNKA and the defense of bureaucratic and political turf . No settlement negotiated by others can force the UNKA people to give up their struggle . A UNKA of U.S. military aid would merely abandon them to die in UNKA . UNKA of a new , realistic U.S. policy is long overdue . Ms. UNKA , editor and co-author of `` Afghanistan : The Great Game UNKA '' -LRB- Freedom House -RRB- , directs the Freedom House program on UNKA Asia . Nothing UNKA the UNKA of Ronald Reagan and his UNKA as much as the UNKA to aid Nicaragua 's Contra rebels , or the dream of building a UNKA defense shield to UNKA out Soviet nuclear missiles . Yet under Mr. Reagan 's preferred successor , President Bush , those two UNKA UNKA causes are UNKA on the UNKA . And , surprisingly , little more than a UNKA of protest is being heard , even though UNKA once UNKA fire supporting the Contras and the Strategic Defense Initiative . `` The programs have UNKA , '' says Rep. Henry UNKA , a conservative Republican from Illinois . Yet , he asserts , `` you look around ... and you say , ` Who are the leaders ? Who is going to carry the water ? ' '' It is n't surprising that President Bush has n't led a UNKA to pump up the Contras or UNKA . Though he UNKA supports both programs , Mr. Bush has n't been a UNKA champion of either cause , as Mr. Reagan was . What 's surprising is that there is n't more of a conservative outcry as the Bush administration UNKA the programs slip down the UNKA list . A combination of factors -- a UNKA among some conservatives , a decline in the perception of a Soviet threat and a UNKA with other issues -- seem to explain the strange UNKA . UNKA all , though , conservative Republicans who have UNKA both the Contras and UNKA are reluctant to attack a Republican president for failing to do more -- though that reluctance may be UNKA . `` We want to complain , we want to say something about it , and we 're going to as it gets worse , '' says Rep. Dan Burton , an Indiana Republican who has been a UNKA Contra UNKA . `` But it 's like UNKA your father in the UNKA . You hate to do it because he 's your father . '' Mr. Burton says conservatives ' UNKA with Mr. Bush 's cautious handling of the recent unsuccessful coup in Panama will make them more willing to speak out . Of course , neither President Bush nor the Congress has actually abandoned the Contras or UNKA . Mr. Bush has struck a deal with congressional leaders to provide UNKA aid to the Contras until Nicaragua holds national elections next February . But the administration has dropped any effort to win military aid for the rebels . And the administration 's deal with Congress gives several congressional committees the right to cut off even humanitarian aid next month , though the committees are likely to let aid continue until February . Most analysts think there 's little prospect the Contras can be a significant fighting force without U.S. arms , and after the February election their future in any form will be UNKA at best . Instead of focusing on the Contras , Mr. Bush has switched to urging members of Congress -- most recently in a White House meeting yesterday -- to approve financing for the election campaign of political opponents of Nicaragua 's Sandinista government . The administration continues to support UNKA , or Star UNKA , and it recently UNKA to persuade the Senate to restore some of the funds it planned to cut from the program . And just last week , Defense Secretary Dick Cheney gave a strong speech listing `` compelling reasons '' to push ahead with UNKA and saying he 'd urge President Bush to veto a defense bill with `` inadequate '' funding for the program . But the strong pitch by Mr. Cheney may be too little too late to prevent damage to UNKA . The House has already voted for a deep cut in funding , and in the end the program 's backers will be hard pressed to head off some reduction in spending next year . And while the defense secretary is speaking out , President Bush himself has n't launched any UNKA campaign to UNKA up support , as President Reagan did . The administration also acknowledges that it is n't pursuing Mr. Reagan 's original vision of an `` UNKA shield '' protecting the whole U.S. , but rather a more modest version . More UNKA to UNKA supporters , the Bush administration appears to have UNKA accepted a new arms-control proposal from the Soviet Union that UNKA long-term trouble for Star UNKA . The Soviets have agreed to complete a treaty cutting strategic weapons without including restrictions on UNKA defenses . But the Soviets also are insisting that they will reserve the right to withdraw from the completed UNKA treaty later on if the U.S. does UNKA testing or UNKA that the Soviets think violates the existing UNKA treaty . It will be hard down the road to persuade Congress to approve money for UNKA plans if lawmakers fear those plans could scuttle a completed treaty . As a result , Frank UNKA , a former Reagan Pentagon aide who now heads the Center for Security Policy , charges that the administration 's `` UNKA of continued commitment to development and UNKA of the UNKA program strain UNKA . '' Still , proponents may be UNKA away from more UNKA because they sense political UNKA have turned against UNKA the Nicaraguan rebels or boosting spending on UNKA -- particularly when the public UNKA the Soviet threat is declining under Mikhail Gorbachev . In fact , because UNKA seems to be beating a global retreat , some conservatives may simply be so pleased that their UNKA philosophy is UNKA that they do n't have the fire at the moment to push controversial programs . `` The short of it is that the most UNKA among us can not get into too sour a mood with UNKA UNKA , '' says Mitchell UNKA , a former Reagan White House aide who now is president of the Hudson Institute . Some activists are UNKA to raise the profile of the two causes . But they say they ca n't make much UNKA because of a lack of willing leaders in a position to turn the UNKA . One longtime champion of these programs in Congress , Republican UNKA UNKA UNKA of Georgia , is UNKA by questions about his ethics , conservatives note . Other conservative UNKA , like Wyoming Republican Sen. Malcolm UNKA , a longtime UNKA advocate , do n't have the clout with the Bush White House that they enjoyed with President Reagan . UNKA all , though , proponents say neither the Contra nor the UNKA cause can be pushed much further without more presidential support . `` For there to be wind in the UNKA of any program , the chief executive has to be UNKA in the UNKA , '' says Rep. Burton . All this causes Rep. UNKA to UNKA about an UNKA way to UNKA up more enthusiasm . `` What I 'd like to see , if he is up to it , is for Reagan to take to the UNKA to UNKA enthusiasm for UNKA , '' the congressman says . We 're sorry to report that on Monday President Bush accepted the resignation of William Allen as chairman of the U.S. Civil Rights Commission . Mr. Allen , appointed by President Reagan , grew UNKA UNKA of dealing with the UNKA tactics of his enemies . His recent speech , UNKA titled `` UNKA ? UNKA ? UNKA ? What is a UNKA ? '' caused an UNKA when its title UNKA out . Mr. Allen 's commissioners voted to call his UNKA speech `` UNKA , UNKA and UNKA UNKA . '' Commissioner Mary Francis Berry said it was `` another sad episode in the UNKA of the UNKA missile who is chairman . '' Rep. Don Edwards , the California Democrat , warned Mr. Allen that the speech would be `` outside the scope of the commission 's jurisdiction . '' Thomas UNKA , head of the UNKA Legal Defense Fund , called the prospect of the speech `` UNKA UNKA . '' We 've actually read the speech . Mr. Allen began it with a warning to his hosts , a California church group that opposes rights for UNKA . He said that other participants in the conference `` do not believe that the rights of Americans should be guaranteed to citizens who are homosexual , '' but that `` I mean to persuade you to the opposite view . '' He recalled to the audience a `` strange , UNKA '' UNKA he once heard arguing `` now that we have finally recognized that American blacks have rights , we need to do the same for animals . '' Mr. Allen UNKA to this UNKA because it seems to `` UNKA the status of blacks to that of animals -- as a mere project of charity , of UNKA . '' Rights on such a basis , whether for blacks or UNKA , are `` mere UNKA , '' he said , subject to being taken back . He says the title of his speech was to make his point that Americans have rights as individuals , not as members of certain select groups . His speech criticized the `` UNKA of UNKA of protected groups in society '' as opposed to individual UNKA or , as he put it , in `` a common UNKA as Americans . '' Instead of lobbying for special treatment , Mr. Allen said that UNKA and others should try to ensure equal treatment under the law and not aim for special UNKA that would risk `` UNKA UNKA with government UNKA . '' This hardly sounds like an UNKA UNKA . What 's really going on here ? The three most important things to understand about Mr. Allen is that he is a black conservative intellectual -- a triple threat to the liberal establishment . Mr. Allen , who teaches government at prestigious UNKA UNKA College in California and will remain a member of the commission , has spent years arguing that civil rights are individuals ' rights . He last made waves when he UNKA to defend an Indian girl who had been adopted by UNKA parents off her UNKA . Mr. Allen quickly ran up against the liberal establishment again , which somehow UNKA the vague concept of `` Indian rights '' above the rights of individual UNKA . There is a huge divide between Mr. Allen 's UNKA view and the UNKA litigation approach of the civil rights groups . Indeed , the gap is so large that Mr. Allen 's critics refuse to engage the debate . Their UNKA of him is no substitute for argument . Their effort to run him out of Washington is an embarrassment to the original purpose of their own movement . We hope the next head of the Civil Rights Commission will be as UNKA as Mr. Allen in making the case for UNKA of civil rights . UNKA Inc. said its chairman , John R. UNKA , will retire as an officer of the company on Jan. 2 . George L. UNKA , president and chief executive officer , will become chairman and chief executive upon Mr. UNKA 's retirement . John C. UNKA , executive vice president and chief operating officer , will become president and chief operating officer . Mr. UNKA , 65 years old , was chief executive of the distributor of bearings and UNKA products from 1982 to 1988 . He will continue as a director . Mr. UNKA , 63 , a UNKA veteran at UNKA , has been president since 1983 . Mr. UNKA , 51 , joined UNKA in August 1988 from Leaseway Transportation Corp. , where he was president and chief operating officer . He has been a UNKA director since 1985 . The appointments are part of a planned succession at the company . Soviet leader Mikhail Gorbachev opened a major U.S. trade exhibition in Moscow and spent two hours UNKA some of the 150 UNKA representing such blue-chip companies as General Motors Corp. , International Business Machines Corp. and Johnson & Johnson . At the UNKA Co. stand , Mrs. Nelson Rockefeller , a board member , offered him a UNKA UNKA . He did n't UNKA . The exhibition by the UNKA Trade and Economic Council UNKA the growing U.S. interest in that nation 's market , though trade between the two countries is a UNKA $ 3 billion . The Soviet president and his prime minister , UNKA UNKA , spent the longest time , about 15 minutes , at the IBM stand , where they got UNKA UNKA key UNKA . At the GM UNKA , they barely looked at a UNKA Cadillac , UNKA to talk about cooperation possibilities . In Beijing , meantime , China opened an international aviation show , but the West 's UNKA on military deals and uncertainty about the nation 's stability kept many foreign UNKA away . Officials said 91 companies from 14 countries , including the U.S. , had displays , down from about 260 firms from more than 20 countries at the last show in Japanese UNKA maker UNKA Industries Ltd. was fined two million yen -LRB- $ UNKA -RRB- for UNKA to the Soviet Union a chemical solution that could be used in UNKA systems . A UNKA executive in charge of exports when the UNKA UNKA UNKA was sold to the Soviets in 1986 received a suspended UNKA jail sentence . Judge UNKA UNKA told the Osaka District Court UNKA 's `` responsibility is heavy because illegal exports lowered international trust in Japan . '' UNKA of the solution in concentrated form to Communist countries is prohibited by Japanese law and by international agreement . A Soviet legislative panel rejected as not radical enough a government proposal on UNKA economic control . The newspaper UNKA UNKA said the committee decided the plan to UNKA out economic powers previously exercised by Moscow to the country 's 15 republics `` does n't reflect the radical changes in the Soviet federation . '' The committee gave the government until Nov. 15 to UNKA the proposal . The move reflected the growing confidence of the revamped Supreme Soviet . Scott Paper Co. said it is UNKA a proposed $ 650 million UNKA project in Indonesia because it no longer expects to use as much UNKA pulp as previously anticipated . The UNKA UNKA and pulp mill , which would have covered about UNKA acres in the UNKA UNKA region , had been approved by Indonesia 's investment board . But it was opposed by some environmentalists as a threat to UNKA UNKA 's UNKA and a potential source of social unrest for the UNKA UNKA who UNKA them . UNKA UNKA Co. of Japan is moving its UNKA headquarters and holding company to Hong Kong to gain from the British colony 's economic advantages and tax structure . With funds of UNKA billion Hong Kong dollars -LRB- US$ UNKA million -RRB- , the new company , UNKA International Co. , plans to acquire 10 of Hong Kong 's top restaurants . It also intends to set up an international wholesale market with the Singapore government next May and to open a department store in UNKA and shopping centers in Malaysia , Taiwan , Canada , Chicago and Seattle by December 1990 . The chain currently has 90 retail outlets in Japan , seven in the U.S. , three in Hong Kong and a dozen more scattered around the globe . Major European auction houses are turning increasingly to specialized sales . Christie 's will soon have a sale of UNKA and UNKA art while Sotheby 's is UNKA UNKA with sales of Swiss , German , Spanish , Australian and Canadian paintings . In Brussels , Hotel de UNKA UNKA auctioned UNKA and UNKA - along with paintings and UNKA . Berlin 's UNKA UNKA will auction art works with UNKA estimates of less than $ UNKA on Nov. 25 . The auction house , known for its sales of UNKA UNKA and 20th century works , is providing `` a service to clients who do n't want to sell just their UNKA oil paintings , '' says UNKA UNKA 's UNKA UNKA . UNKA UNKA UNKA is less concerned with market UNKA than with Belgium 's UNKA tax and UNKA burden . `` Everything has to be the same between countries , '' says UNKA 's UNKA UNKA , who is asking clients to sign protest UNKA . `` Then there 'll be fair competition . '' UNKA tax-free shopping in the European Community after 1992 could threaten more than 3,000 jobs , the International UNKA Free UNKA said . Instead of banning such shopping , the UNKA proposed UNKA controls to be sure the privilege is n't abused ... . British and UNKA diplomats opened talks in Madrid aimed at restoring ties UNKA because of their 1982 war over the UNKA Islands . Britain 's U.N. representative and delegation head UNKA UNKA called the first meeting `` good , interesting and UNKA . UNKA Corp. , benefiting from UNKA savings , reported a strong gain in third-quarter operating results and net income of $ UNKA million , or 40 cents a share , after UNKA requirements . Analysts said the numbers were better than expectations , partly because of strong profit margins and a positive foreign-currency UNKA . However , they said the company 's flat revenue was a disappointment , and an indication that sales of UNKA 's new conventional film in the U.S. have been sluggish . Revenue in the third quarter was $ UNKA million , almost unchanged from $ UNKA million a year earlier . UNKA reported operating profit before taxes and interest costs of $ UNKA million for the third quarter , more than double the UNKA $ 24 million . UNKA for staff cuts and other restructuring produced a net loss of $ UNKA million , or 77 cents a share , in 1988 's third quarter . `` I 'm somewhat skeptical about the underlying demand '' for UNKA products , said Michael UNKA , an analyst with Wertheim Schroder & Co . `` If you believe that a good performance next year is contingent on an UNKA of revenue , there is n't a lot here to base optimism on . '' Alex Henderson , an analyst with Prudential-Bache , says UNKA officials told him yesterday that U.S. sales of the company 's new conventional film product , introduced in the second quarter , have been `` disappointing '' after a promising start . Sam UNKA , a UNKA spokesman , said `` I do n't know about disappointing , '' but added that the company has n't been able to get the product on the UNKA of some UNKA , discount retailers that it had hoped would be carrying the product already . Mr. UNKA said the film , One Film , is currently carried at about 15,000 retail outlets , including UNKA and UNKA . For the nine months , UNKA reported earnings of $ UNKA million , or $ 1.27 a share . Last year , the company had a nine-month loss of $ UNKA million , or 23 cents a share . In New York Stock Exchange composite trading , UNKA closed at $ 47 , up $ 1.125 . Why is the stock market suddenly so volatile ? Yesterday , the Dow Jones Industrial Average did a now familiar dance : It plunged UNKA points before lunch , with most of the drop occurring in 25 minutes . Then , it rebounded to finish down only UNKA points . And those swings UNKA UNKA Friday 's UNKA plunge and Monday 's UNKA recovery . `` It 's UNKA -- that in an hour you can UNKA off so much value , '' says Stanford UNKA , chairman of Trinity Investment Management Corp. , Boston . And , apparently , it is here to stay . Richard Bernstein , senior UNKA analyst at Merrill Lynch & Co , says , `` My UNKA feel is that we 'll live with those swings for a while . '' There are many reasons for the market 's UNKA : new trading vehicles such as stock-index futures and options ; computer-driven strategies like program trading ; and crowd psychology . But most are linked by a single theme : liquidity -- the ability to get in and out of the market quickly . Prices are moving up and down so fast because investors are UNKA ways to turn over shares at UNKA rates and increasingly acting in UNKA . `` Institutions are UNKA animals , '' says Peter Anderson , who heads the UNKA management arm of UNKA Financial Services Inc . `` We watch the same indicators and listen to the same UNKA . Like UNKA , we tend to move in the same direction at same time . '' And that , naturally , UNKA price movements . Institutions -- who now account for most trading -- count on being able to buy and sell big blocks of stock at an UNKA . But when they discover that markets are n't always as liquid as they supposed -- markets jump . On Monday , for instance , Howard Ward , a principal at UNKA , Stevens & Clark , found that `` you could n't buy UNKA at quoted prices without paying up . '' And when many firms had to `` pay up , '' Monday 's sudden rally was sparked . Trading in futures and options , some people believe , can add to volatility . Investors believe they can can rely on such derivative securities to get in and out of the stock market without actually selling any stocks ; that is , a way of staying liquid even when they own stocks . These and other modern trading methods `` tend to promote dramatic UNKA in assets , '' says George Douglas , first vice president at Drexel Burnham Lambert Inc . `` It 's the idea that what goes in easy can come out easy '' -- so that UNKA of higher volatility get built into the stock market . One new investment style called `` asset allocation '' UNKA portfolio UNKA between stocks , bonds and cash when computer models say one is more attractive . For instance , First UNKA Corp. , an asset UNKA based in UNKA , N.J. , said it quickly boosted stock positions in its `` aggressive '' accounts to 75 % from 55 % to take advantage of plunging prices Friday . It added another 5 % Monday before stocks rallied . When they did , the firm reduced those stock holdings to about 70 % . A classic example of institutions ' UNKA for liquidity is portfolio insurance , now widely UNKA . Before the 1987 crash , an estimated $ 60 billion in institutional money was managed under this hedging technique . The idea was to `` insure '' the value of a portfolio by selling futures when stock prices dropped -- eliminating the need to sell the stocks themselves . But in October 1987 , when portfolio insurers rushed to sell at the same time , they UNKA both the stock and futures markets . Yet even today , institutions are quietly practicing forms of portfolio insurance by UNKA rushing to and UNKA in the markets . Others are doing `` index arbitrage '' a strategy of taking advantage of price discrepancies between stocks and futures . Unlike traditional UNKA strategies , all of the above require that market makers be on hand to provide liquidity by buying and selling stocks in a crunch . But institutions say Wall Street brokerage firms are less willing to make markets . Brokers do n't deny that . Wall Street traders say that , with institutional brokerage commissions far lower than in the 1970s , securities firms ca n't afford to take the risk of buying too much stock . `` I think everyone 's a little more leery , '' says Jack Baker , head of equity trading at UNKA Lehman Hutton Inc . `` The institutions have driven -LRB- commission -RRB- rates down to the point where it makes no sense to commit capital , '' says Tom UNKA , senior executive vice president in charge of institutional trading at Oppenheimer & Co . `` Why should I risk money for a guy for who 's paying me five cents a dance ? All you get is risk . '' UNKA of liquidity can also result from exchange `` reforms . '' Many traders say that `` circuit breakers '' put in place to damp volatility after the 1987 crash actually added to volatility when the stock market plunged Friday . The circuit breakers caused a UNKA shutdown in trading in Standard & Poor 's 500-stock index futures contract as the markets were falling . `` With the UNKA halt , you could only sell stocks '' to cut exposure to the market , says a money manager . `` It was UNKA to people thinking that they could n't get their trades off . '' `` It was like they put you in a room with a UNKA and told you there were three doors to UNKA , '' said one Chicago-based futures trader . `` Then they said , ` By the way , two of the doors are locked . ' '' The takeover mania also adds to volatility . UAL Corp. is a good example . UNKA as a buy-out target , the airline stock was trading at nearly $ 280 a share . When the deal ran into trouble , the stock tumbled ; it closed at $ UNKA yesterday . UNKA , UAL is now trading closer to its value based on earnings . By contrast , traditional UNKA investors are unlikely to generate sudden price moves . Scott Black , a UNKA money manager who heads UNKA Management Inc. , points out that for those who invest on fundamentals , `` the value of a stock from day to day does n't change all that much . '' Some experts say markets are n't as volatile as widely assumed . UNKA Stoll , finance professor at UNKA University , says the current volatility in U.S. markets UNKA in comparison to the 1930s , decades before derivative instruments such as options and futures were introduced . `` I just ca n't believe that the UNKA in the financial market are causing any of this volatility , '' he says . And Robert D. UNKA , president of asset UNKA First UNKA , notes that before Friday 's tailspin , daily volatility on the New York Stock Exchange in recent weeks had reached `` historically low levels . '' Some people tend to ignore that a UNKA move is less in percentage terms than it was when the stock market was lower . John J. Phelan Jr. , chairman of the Big Board , asserts that `` 1988 and 1989 have been two of the least volatile years in the last 30 or 40 years . '' But the low average volatility Mr. Phelan is talking about is n't any comfort in a period of rapid stock-market moves like the past week . In addition , Sanford UNKA , a UNKA School finance professor , says volatile UNKA in stock prices will continue as long as liquidity falls short of the UNKA demands of institutions `` who can go out and say ` I have a billion dollars of stocks to sell . ' '' Some people think the search for liquidity is UNKA . In UNKA , John Maynard UNKA wrote that `` of the UNKA of orthodox finance none , surely , is more UNKA than the UNKA of liquidity . '' It leads investors to focus on short-term price movements -- `` a game of musical chairs , '' he called it -- rather than on long-term fundamental valuation . James A. White contributed to this article . The National Aeronautics and Space Administration said a computer virus has infected one of its networks and is spreading UNKA messages related to its Galileo space probe , which is to be launched today . Charles UNKA , a NASA spokesman , said the agency discovered the virus on Monday on the collection of computer networks UNKA called UNKA and expected 100 university centers to be infected by today . Although the network is n't connected to the computer systems that operate either Galileo or the shuttle , part of the network will carry UNKA of Galileo data once the UNKA gets UNKA . Mr. UNKA said the UNKA had n't yet done any harm but the agency feared `` UNKA data could be UNKA for real data . '' He estimated it could take a day for a computer security manager to UNKA the virus from a computer system . The UNKA , among the UNKA yet to hit a research network , appeared to affect only Digital Equipment Corp. hardware that uses Digital 's UNKA operating system . It is unrelated to the UNKA virus that last year infected UNKA , a much larger network used by researchers at universities , laboratories and government agencies around the world . In the UNKA of computer security , the NASA UNKA is technically a computer UNKA , Mr. UNKA said . A UNKA UNKA in the operating system of a computer and spreads by boring into other computers contacted through networks . The Galileo UNKA apparently was UNKA on a computer in France UNKA up to NASA 's Space UNKA UNKA Network , Mr. UNKA said . NASA said the Galileo UNKA had n't affected its computers or the computers of other government agencies because they had UNKA their systems to reject UNKA . But Mr. UNKA said the UNKA hit universities that had n't elected to make the changes . Michael Alexander , a senior editor at UNKA , a trade publication , said he was told that the UNKA gets into a computer center by looking for obvious UNKA -- such as ones that are the same as the user 's name . If it finds one and gets into the system , it will display a screen when a user UNKA on that says , `` UNKA Against Nuclear UNKA ... . You talk of times of peace for all , and then prepare for war . '' In addition , Mr. Alexander said , the UNKA sends strange messages to other machines at the center -- such as , `` George UNKA was an UNKA , '' or `` Do n't feed the UNKA tonight . '' The UNKA also looks for UNKA UNKA that UNKA more UNKA on the user . The UNKA are included in the system software when it is installed but are supposed to be replaced as soon as the system is up and running . If it finds one of those UNKA , Mr. Alexander said , the UNKA will do such things as change users ' UNKA to a series of random numbers , preventing them from signing on to the network . NASA estimated that , on Monday , about four computer centers were affected . Yesterday , the number grew to 40 ; today the number is expected to grow to 100 . NASA said it will take about a week before it knows exactly how many centers of the 6,000 connected to UNKA were affected and the extent of the damage , if any . UNKA activists have UNKA the launch of the Galileo space probe to Jupiter because it uses UNKA to generate the electricity needed to run the UNKA . UNKA fear that if the shuttle carrying Galileo into UNKA should UNKA , or if Galileo itself crashes into the Earth during the two times it flies close to the planet , fatal levels of UNKA would be released into the atmosphere . So far Galileo has been delayed twice , once because of a computer UNKA connected with a UNKA engine , and yesterday because of the weather . NASA said the Galileo UNKA had nothing to do with either delay . Mr. Alexander of UNKA said UNKA have gone after UNKA before . He said the UNKA Computer Club , of West Germany , once managed to UNKA UNKA and do such things as change the value of UNKA , UNKA up some calculations . It is now a UNKA that prosecutors are bringing criminal UNKA in cases where until a few years ago only a civil action at most would have been brought . Yet it is also UNKA that the power to create new crimes belongs only to the legislature , and not to courts . Beginning in the early UNKA century , with U.S. v. Hudson and UNKA , the Supreme Court has repeatedly held that a judicial power to declare conduct to be against the public interest and hence criminal , while well established in British law , would UNKA legislative authority under the UNKA of separation of powers . That 's the conventional theory anyway . In practice , however , the line between interpretation and UNKA of the criminal law long ago began to UNKA . In particular , a common law of white-collar crime has developed with surprising UNKA over the past decade . For example , although insider trading has long been criminal , it has never been UNKA defined . In 1983 , the Supreme Court tried to supply a UNKA definition in the UNKA v. SEC decision , which found that liability UNKA on whether the UNKA had UNKA his UNKA duty to the corporation in order to obtain `` some personal gain '' and whether the UNKA knew or UNKA UNKA this fact . UNKA , however , lower courts and prosecutors have pushed this definition to its breaking point . Consider the facts underlying the 1989 conviction of Robert UNKA . Prior to a tender offer by UNKA for UNKA Inc. in 1986 , the founder of the UNKA 's supermarket chain called an elderly relative to tell her to UNKA her stock certificates for delivery . She called her daughter to take her to the bank , who , in turn , persuaded her husband , a Mr. UNKA , to run this UNKA . UNKA of this information , the husband discussed it with his broker , Mr. UNKA , and Mr. UNKA then bought for his own account and other clients . UNKA , Mr. UNKA was a UNKA UNKA . UNKA Mr. UNKA , his UNKA , breach a UNKA duty -LRB- and , if so , to whom -RRB- ? UNKA Mr. UNKA seek personal gain -LRB- and if so , how -RRB- ? Or did Mr. UNKA only hear a market rumor -LRB- which one may UNKA trade upon -RRB- ? The line seems UNKA thin for UNKA purposes . A second illustration is supplied by the recent guilty plea entered by Robert Freeman , formerly head of arbitrage at Goldman , Sachs & Co . UNKA , Mr. Freeman had invested heavily in the Beatrice leveraged buy-out , when he was told by another prominent trader , Bernard `` UNKA '' UNKA , that the deal was in trouble . After UNKA orders to sell , Mr. Freeman called Martin UNKA , an investment banker at Kidder , Peabody & Co. , who was advising on the deal , to confirm these rumors . Mr. UNKA asked Mr. Freeman who his source was and , on hearing that it was UNKA UNKA , responded : `` Well , your UNKA has a good nose . '' The illegal `` tip '' of the UNKA 's good nose was then largely a confirmation of rumors already known to many in the market . Had the case gone to trial the same issues would have surfaced : UNKA there a UNKA breach in order to obtain personal gain ? UNKA Mr. Freeman have notice of this ? Finally , was the information material ? Yet , all these issues are subsidiary to a more central issue : Who is and who should be making the criminal law here ? It is not my UNKA that either Mr. UNKA or Mr. Freeman was an innocent victim of prosecutorial UNKA . UNKA , both were on notice that their behavior was at least risky . But even if they UNKA UNKA , reasons still exist to fear and resist this steady process of UNKA judicial extension of the law of insider trading . UNKA and UNKA make decisions in very different ways and are each susceptible to very different kinds of errors . UNKA judicial examination of an actor 's conduct has always been the common law 's method . When only civil liability is involved , this method has the UNKA strengths of UNKA UNKA and UNKA of UNKA . Still , UNKA UNKA decision making of this sort is vulnerable to the UNKA vision caused by a UNKA on ad UNKA -LRB- and usually UNKA -RRB- UNKA . When a court decides that a particular actor 's conduct was UNKA and so UNKA the definition of insider trading to reach this conduct , it does not see the potentially enormous number of other cases that will be covered by the expanded rule . Thus , a court is poorly positioned to make judgments about the social utility of the expanded rule . For example , in focusing on Mr. Freeman 's attempt to gain UNKA information about a deal 's collapse , one does not naturally think about the reverse side of the UNKA : What if the rumor had been false ? Can a security analyst call an investment banker to make certain that a seemingly UNKA rumor is in fact false ? In the past , not only would reputable professionals have rushed to check out such rumors with the company , but companies listed on the major stock exchanges were encouraged by the exchanges to respond openly to such inquiries from securities analysts . Today , after Mr. Freeman 's plea , there is an uncertainty that is both unfair and inefficient . In this light , the UNKA advantages of legislative UNKA become clear : -LRB- 1 -RRB- Before it acts , the legislature typically will hear the views of representatives of all those affected by its decision , not just the immediate parties before the court ; and -LRB- 2 -RRB- the legislature can frame `` bright line '' standards that create less uncertainty than the UNKA decisions of courts . Although legislative lines can result in UNKA -LRB- which explains why the SEC has long resisted a legislative definition of insider trading -RRB- , judicial UNKA inevitably creates uncertainty because of the UNKA outer UNKA and implications of most judicial decisions . At least when the stakes are high , uncertainty in turn results in UNKA , as individuals do not UNKA to approach an uncertain line closely . The federal mail and wire fraud UNKA provide even better UNKA of the rapid evolution of a federal common law of white-collar crime . In 1987 , the Supreme Court attempted in UNKA v. U.S. to halt the UNKA expansion of these UNKA by adopting a rule of strict construction for UNKA criminal UNKA . Yet , late last year , Congress effectively reversed this decision by UNKA a UNKA statute that defined fraud to include any scheme to UNKA another of `` the UNKA right of honest services . '' At a UNKA , this may UNKA all UNKA UNKA -LRB- and possibly all UNKA by an agent or employee -RRB- . Such a statute illustrates the fundamental problem : Congress finds it is easier to pass UNKA UNKA UNKA , which the courts must thereafter interpret , than to engage in the difficult UNKA UNKA that are UNKA its responsibility . We are UNKA less with a judicial power grab than with a legislative UNKA . UNKA , when UNKA with morally dubious behavior , prosecutors will exploit the UNKA such UNKA UNKA give them . Over the long run , however , UNKA cases will make bad law . Mr. UNKA is a professor at Columbia Law School . Corning Inc. posted a 38 % decline in third-quarter net income to $ UNKA million , or 80 cents a share , from $ UNKA million , or $ UNKA a share , a year earlier . The year-earlier figure included a one-time gain of $ UNKA million from the sale of Corning 's stakes in Japanese businesses . Without the gain , operating profit was $ 64 million , or 71 cents a share . The telecommunications , specialty glass , ceramic products and UNKA concern said the latest quarter included a tax-loss UNKA of $ 600,000 . A year earlier , net included a $ UNKA UNKA UNKA . Sales rose 14 % to $ UNKA million from $ UNKA million . Corning 's chairman and chief executive officer , James R. UNKA , said operating performance continued to be strong in the telecommunications and health and science segments . But the UNKA segment slowed somewhat and consumer products continued below expectations . As for joint ventures , Mr. UNKA said profit was `` essentially flat '' due primarily to a slow recovery at UNKA Co. in Korea following a strike at a major customer and the disruption of shipments to China . Also , profit was hurt by the strength of the dollar overseas which UNKA affected the company 's UNKA rate . In New York Stock Exchange composite trading , Corning closed at $ UNKA , down 75 cents . UAL , the UNKA stock that exploded Friday 's market UNKA , briefly UNKA traders again yesterday . Within 10 minutes after an UNKA a.m. trading halt in UAL , parent of United Airlines , the Dow Jones Industrial Average plunged nearly 27 points to a UNKA deficit . UNKA buying then kicked in , and the industrials regained 27 points in five minutes . The UNKA moves show that the stock market remains fragile and volatile -- ready to jump at the UNKA rumor -- a few days after its UNKA UNKA plunge . UNKA investors continued to limit their buying to blue-chip stocks while UNKA UNKA issues . The industrial average closed down UNKA , to UNKA . New York Stock Exchange volume was a heavy UNKA shares . UNKA on the Big Board outnumbered UNKA , UNKA to UNKA . UAL was watched closely and traded heavily . The stock tumbled 24 7\/8 to UNKA on volume of 2.8 million shares . The market is still very touchy about rumors and news on pending takeovers . UAL , which is trying to UNKA a buy-out bid that banks would n't finance , represents the future of one of the most powerful UNKA in the bull market - corporate restructuring . An important element of this phenomenon -- the UNKA market for junk bonds , used often to finance UNKA and takeovers -- continued to cast a pall over stocks . `` It was a very nervous day , '' said John UNKA , partner of the Big Board specialist firm UNKA , UNKA . The volatility wo n't end soon . This Friday brings the `` double UNKA hour , '' Wall Street 's UNKA for the monthly simultaneous expiration of a variety of stock index futures , index options and options on individual stocks . Traders are already UNKA their seat belts . UNKA monthly UNKA of the Major Market Index futures and Standard & Poor 's UNKA index options have produced spectacular volatility . `` We are in one of those UNKA where you are going to get a lot of volatile expiration action , '' said Donald UNKA , head of stock-index research at Prudential-Bache Securities . Investors were buying yesterday , but they were running scared to premier blue chips such as Procter & Gamble , which jumped 3 3\/8 to UNKA . Investors `` are buying stocks that have predictable earnings , '' said Edward J. UNKA , head of block trading at Kidder Peabody . Along the way , investors dumped takeover stocks and shares of banks that have UNKA debt and risky real estate loans on their books . `` These loans are more of a focus than UNKA debt now , '' said William UNKA , senior block trader at Prudential-Bache Securities . Chase Manhattan , which sold 14 million additional shares at 40 1\/8 Monday through an underwriting group led by Goldman Sachs , closed down 1\/8 to 40 . Citicorp fell 1\/2 to 32 , and Manufacturers Hanover slipped 3\/8 to 40 1\/4 . Chase and Citicorp 's Citibank are involved in the UAL buy-out financing . Both Citicorp and Manufacturers Hanover reported earnings yesterday . In the first hour of trading , about one million shares a minute changed hands on the Big Board as big stock-index arbitrage sell programs pushed prices lower . -LRB- In stock-index arbitrage , traders buy or sell big baskets of stocks against offsetting positions in futures . -RRB- Traders said many of the sell programs are positions being established ahead of this Friday 's expiration . Aside from computer-guided selling , airline stocks took a beating as well . The Dow Jones Transportation Average fell UNKA to close at UNKA . AMR , the parent of American Airlines , continued to retreat in the wake of New York developer Donald Trump 's decision to withdraw his $ UNKA takeover bid . The stock fell 3 1\/4 to 73 1\/4 on 3.4 million shares . Delta Air Lines fell 1 7\/8 to 67 7\/8 , USAir Group dropped 3\/4 to 40 1\/4 , Southwest Airlines dipped 1\/2 to 25 and Alaska Air Group slid 3\/8 to 24 1\/4 . But Texas Air , the owner of Continental and Eastern airlines , UNKA the group 's decline by rising 7\/8 to 14 5\/8 in American Stock Exchange trading . Eastern said it is ahead of schedule in UNKA its operations after filing earlier this year for Chapter 11 bankruptcy protection , from which it expects to emerge early next year . Philip Morris , the most active Big Board issue for the second consecutive session , was unchanged at 43 1\/4 on 3.9 million shares . Other blue-chip consumer issues also fared relatively well : PepsiCo rose 1 3\/8 to 58 1\/2 ; Coca-Cola Co. was unchanged at 66 3\/4 ; McDonald 's also closed unchanged at 30 1\/2 , and UNKA rose 1\/2 to 75 1\/4 . UNKA averages also fell . Standard & Poor 's 500-stock index fell UNKA to UNKA , and the New York Stock Exchange Composite Index fell UNKA to UNKA . Among the UNKA stocks that sold off yesterday were Disney , which closed down 2 1\/8 to UNKA 1\/4 . UNKA Industries tumbled 3\/8 to 22 7\/8 ; Hilton UNKA fell 2 1\/2 to 92 and Holiday Corp. fell 2 1\/8 to 69 7\/8 . Among other blue chips , Exxon gained 1\/8 to 45 1\/2 . International Paper fell 1 3\/8 to 51 1\/2 , Union Carbide eased 7\/8 to 25 , Chevron gained 1\/8 to 64 , and Eastman Kodak closed down 3\/4 to 44 1\/4 . The only industry group to show a gain from the industrial average 's record high on Oct. 9 is restaurants . Among the three UNKA groups , with declines of 10 % to 20 % , are airlines , casinos and securities brokers . Trading also was heavy in the over-the-counter market . The Nasdaq composite index closed down 1.05 to UNKA on volume of UNKA million shares . `` The environment is a lot more UNKA , '' said Gary UNKA , manager of equity trading at the OTC stock firm Needham & Co. in New York . `` Because there is a lot more volatility now , if guys see that they can make a quick 10 % or 15 % profit , they 'll take it . '' Compaq Computer gained 2 1\/8 to 103 3\/4 on two million shares , reflecting market optimism about the prospects for its newly introduced UNKA computer . UNKA UNKA dropped 1 3\/8 to 49 1\/8 . The company 's third-quarter earnings were below both analysts ' forecasts and the year-earlier level . Blue UNKA added 1\/2 to 17 1\/4 . The British company plans to change its name to UNKA , the name of its U.S. unit , and write off part of nearly $ 1.2 billion in good will as a possible prelude to UNKA in the U.S. . UNKA rose 5\/8 to 16 1\/8 . Shearson Lehman Hutton began its coverage of the company with favorable ratings . UNKA jumped 2 1\/4 to 56 7\/8 . The company reported that earnings from operations for the September quarter were up about 25 % from a year earlier . Bay Financial , which said it may be forced to file under Chapter 11 if it ca n't reach an agreement with its lenders to relieve its debt burden , plunged 1 3\/8 to 2 1\/8 . The Amex Market Value Index fell 1.25 to UNKA . Volume totaled UNKA shares . Among active Amex issues , the American depositary receipts of B.A.T Industries fell 1\/4 to 11 3\/4 on turnover of UNKA . Investment bankers and retailers said the turmoil on Wall Street may benefit managers who plan to bid for U.S. retailing units of the British firm because takeover prices may not be as high as before the recent correction . UNKA of the UNKA slipped 1\/8 to 12 3\/8 on UNKA shares . UNKA Corp. jumped 1 1\/4 to 15 on UNKA shares . Carnival Cruise Lines Class A dropped 1 to 21 1\/8 on UNKA shares . Amex issues with big percentage price gains included two Eastern Air Lines preferred stocks , reacting to the news about improved recovery in flight schedules after the company filed for bankruptcy protection . Eastern 's Class UNKA preferred rose 12 % , or 1 1\/4 , to 11 3\/4 ; the Class UNKA preferred gained 7 % , or 5\/8 , to 10 1\/4 . The biggest percentage UNKA on the Amex was Enviropact , which jumped 23 % , or 5\/8 , to 3 3\/8 on volume of UNKA shares . On Monday , the company , a provider of environmental consulting services , reported a wider fiscal fourth-quarter loss and predicted a loss for its fiscal 1990 first quarter , but said a profit is expected for all of fiscal 1990 . But its UNKA , Ernst & Young , said Enviropact 's financial situation raises `` substantial doubt about its ability to continue as a going concern . '' UNKA UNKA Partners advanced 8 % , or 1 3\/8 , to 18 7\/8 . UNKA UNKA and David Wilson contributed to this article . UNKA UNKA UNKA Inc. declared a dividend of 40 cents a share on its $ UNKA cumulative convertible preferred stock , payable Jan. 2 to stock of record Dec. 8 . But directors of the Great UNKA , N.Y. , real estate investment trust did n't act on the common stock dividend . And they wo n't consider such a dividend , the trust added , before results are available for the first quarter of 1990 . In part , the trust cited the need to retain cash for possible acquisitions . According to a spokesman , One Liberty will have paid out as dividends the required amount of its taxable income to maintain its legal status as a real estate investment trust . Banks are continuing to go after individual investors , despite falling interest rates . Yields on UNKA certificates of deposit fell at about half the rate of so-called jumbo CDs this week , according to Banxquote Money Markets , an information service based here . Investors can get slightly higher yields on deposits below $ 50,000 than they can on deposits of $ UNKA and up . `` Banks want to remain competitive , '' said UNKA UNKA , chairman of Banxquote . `` October is a big UNKA month and perhaps they anticipate greater demand ... among people leaving the stock market . '' Some bankers are reporting more inquiries than usual about CDs since Friday . `` Reports from branches are that there has been greater interest in the last day or so , '' said Steven UNKA , a vice president at Chemical Bank in New York . Chemical said deposits Monday were about $ 5 million higher than usual and it expects more activity as investors receive the proceeds from sales of stock . `` This is no time to be playing in the street ... the Dow has more UNKA and UNKA than an UNKA , '' proclaimed an UNKA Monday in New York newspapers , UNKA Lincoln Savings Bank 's one-year CD . Harold Jones , Lincoln 's chief retail banking officer , said there has n't yet been `` a UNKA response , '' although the ad included a coupon that could arrive later in the week . Friday 's market UNKA came UNKA in the middle of the UNKA month for CD UNKA , when a number of banks and thrifts already have promotions under way . First National Bank of Boston , for example , is offering certain new UNKA an extra quarter of a percentage point on six-month and 12-month CDs . Some banks actually boosted yields on the UNKA term CDs in the latest week . New York 's Citibank , for instance , increased the yield on UNKA three-month CDs to 8 % from UNKA % . On average , however , three-month CDs at major banks are yielding a UNKA of a percentage point less than they were a week ago . Average yields on CDs aimed at individual investors fell less than half as much as yields on Treasury bills sold at Monday 's auction . UNKA CDs of $ 50,000 and less yielded an average 8.02 % in the week ended Tuesday , down from UNKA % , according to Banxquote . The yield on six-month UNKA fell to UNKA % on Monday , from UNKA % the week before . Meanwhile , the average yield on six-month CDs of more than $ UNKA fell to 7.93 % in the latest week , according to Banxquote , from UNKA % the week before . Mr. UNKA noted that actual rates are almost identical on small and UNKA CDs , but yields on CDs aimed at the individual investor are boosted by more frequent UNKA . CDs sold by major brokerage houses , which like jumbo CDs tend to closely follow interest rate trends , also posted larger drops in yields . A six-month , UNKA CD , for example , was yielding an average 8.09 % in the latest week , a fifth of a percentage point lower than the week before . In late April , when interest rates were at their recent highs , short-term CDs sold by brokers were offering yields half a percentage point or more higher than banks . CD yields are generally expected to fall further in coming weeks . `` What happened in the stock market and the bigger trade deficit '' reported yesterday `` make it unlikely that short-term interest rates will rise '' any time soon , said Mr. UNKA of Banxquote . `` Even before the market drop , rates were down about half a percentage point , '' said Robert J. Hutchinson , senior vice president for retail marketing at Manufacturers Hanover Trust Co. in New York . `` That puts pressure on CD rates . Conservatives have an important decision to make this fall . At the recent meetings of the World Bank and International Monetary Fund , the Bush administration announced its intention to decide by UNKA the size of the next increase in the UNKA 's capital base . While the U.S. share of the increase probably will not reach the $ 12 billion or more implicit in the UNKA 's request for a doubling of its $ 90 billion capital , the administration probably will agree to a multibillion-dollar increase . This would be consistent with its UNKA support for the Brady Plan and UNKA exchange-rate intervention , and with its financial commitment to Mexico , Poland and others . The UNKA has several reasons for UNKA the increase . Its role in the economies of developing countries has grown steadily since the 1970s . The size and pace of UNKA will accelerate further under the Brady Plan , which promises larger and earlier UNKA to approved countries . At least three other factors have encouraged the UNKA to insist on increased capital . First , it argues that its capital base must be increased in order to maintain its size relative to world financial markets , for which it feels some responsibility . Second , the World Bank 's recent $ 75 billion capital increase -- $ 14 billion from the U.S. -- has left the UNKA feeling less than first UNKA among international financial institutions . Third , the UNKA would like to meet Japan 's request for increased ownership -LRB- currently 4.5 % -RRB- . Japan has supported a larger role for the UNKA in UNKA debt issues , and is an important financial UNKA for UNKA programs in developing countries . While international politics may argue for the capital increase , there is a clear economic case against it . UNKA of the increase argue that the UNKA practices central planning while supporting UNKA governments . They question whether the UNKA has any role in developing countries , given its original mandate to assist industrial countries in UNKA UNKA . UNKA show that there are already more funds available than UNKA reform efforts . They worry that new UNKA funding of developing countries will simply end up UNKA UNKA debt for UNKA commercial bank debt , a bad trade all around . They believe UNKA , which addresses the problems of markets , investment climate and management practices , is the key to UNKA growth , not the UNKA 's UNKA focus on trade deficits , quarterly targets and government debt . They point at the numerous UNKA governments that have inflated , taxed and regulated themselves into UNKA under UNKA UNKA programs . UNKA on increases in the UNKA 's capital base traditionally are made by the administration , with subsequent authorization by Congress . The last U.S. congressional authorization , in 1983 , was a political UNKA and carried a $ 6 billion housing program along with it to secure adequate votes . The politics of the 1990 congressional authorization are likely to be similar to those of previous UNKA . UNKA may support the stabilizing , UNKA role of the UNKA on two conditions : that the administration give UNKA that liberal Democrats ' support will not be used against them in congressional re-election campaigns ; and that the legislation address -- with dollars -- social and environmental concerns . Conservative Republicans will be given the choice of supporting or fighting their party 's popular president in an election year . A U.S. decision to refuse the UNKA its capital increase , or limit it to 25 % , would bring a major change in international economic policy , and could not be taken UNKA . UNKA would UNKA over the implications for the UNKA UNKA process and the stability of world financial markets . Because commercial banks and the UNKA governments believe they will get a piece of any capital increase , a UNKA UNKA mission would leave both feeling UNKA . Furthermore , a U.S. rejection of the capital increase -LRB- and transfer of shares to Japan -RRB- would give Japan an argument against future calls for economic UNKA . On the other hand , a decision to increase the UNKA 's capital would reinforce the central economic role of UNKA institutions in developing countries . With the increase , even more UNKA energy and talent would be diverted from creating profitable economic systems to setting up economic planning ministries that generate UNKA economic plans . UNKA the UNKA could slow economic development even further , as countries delay UNKA steps in anticipation of richer UNKA support . Conservatives should take a position prior to the administration 's year-end deadline . The issues are too important to be left to the financial and budget ministries fighting over the size of the capital increase , rather than its purpose . If conservatives do n't support an increase in the UNKA 's capital , then it is incumbent on them to speak up now and explain the alternative . Mr. UNKA directs the Republican staff of the Joint Economic Committee of Congress . The Chicago Mercantile Exchange fined and suspended two commodities traders accused of making UNKA trades with each other that allegedly UNKA a customer . Merc officials said Gary N. Roberts was disciplined following the exchange 's investigation of his trading in several commodities UNKA from July to November 1988 . The Merc said Mr. Roberts withheld from the market certain orders in cooperation with another trader , David Stein . The Merc fined Mr. Roberts $ 15,000 and suspended his trading membership for three years . Also , he and Mr. Stein were ordered to make UNKA of $ 35,000 to a customer . Mr. Stein was fined $ 25,000 and suspended for three years . Messrs. Roberts and Stein could n't be reached for comment . The Merc said that as part of the disciplinary settlement , neither man admitted , nor denied the alleged violations . Neither was among the 46 traders indicted last August in a federal investigation of traders at both the Merc and the Chicago Board of Trade . In a move that could pose a new competitive challenge to Time Warner Inc. 's powerful Home UNKA Office , cable giant Tele-Communications Inc. agreed to buy half of Showtime UNKA Inc. from Viacom Inc. for $ 225 million . The purchase comes after nearly three years of UNKA UNKA talks between UNKA and Viacom , which has also discussed the sale of an interest in Showtime with other cable operators . Showtime is a distant No. 2 to Home UNKA Office , and in May filed a $ 2.5 billion antitrust suit against Time Warner , charging the company and its HBO and American Television cable units with UNKA to UNKA the pay TV business . HBO has close to 24 million subscribers to its HBO and UNKA networks , while Showtime and its sister service , The UNKA Channel , have only about 10 million , according to Paul UNKA Associates , a UNKA , Calif. , research firm . For UNKA , the investment in Showtime puts it in an unusual position ; as the largest cable operator , with control of close to 12 million of the nation 's 52 million cable subscribers , UNKA is HBO 's largest customer . But UNKA President John UNKA has long been concerned about HBO 's dominance of the pay TV business , and has been eager to keep Showtime as a healthy competitor . `` It is important to the cable industry that we have a UNKA and competitive UNKA marketplace , '' Mr. UNKA said in a statement . In a telephone interview , Robert Thomson , UNKA senior vice president , said Showtime 's suit against HBO `` does n't involve us , and nothing we 're doing here bears any relationship to that . '' He added , `` We do n't intend to be drawn into it , '' noting that UNKA wo n't play any active role in the management of Showtime . UNKA up Showtime with the largest cable operator in the U.S. could sharply boost its subscribers . UNKA said it may bring in other cable operators as investors , a practice it has employed in the past with investments in other cable networks , such as The UNKA Channel . UNKA cable partners could boost subscribers even further . Time Warner declined comment . In addition to owning HBO , Time Warner owns American Television & Communications Inc. , the nation 's second largest cable operator after UNKA . Viacom also owns cable systems , but it is the UNKA largest operator of such systems , with less than one million subscribers . The UNKA investment is a big victory for Viacom 's chief executive officer , Frank UNKA , and UNKA H. UNKA , president of the Showtime unit . `` This takes any question of Showtime 's UNKA and puts it away once and for all , '' Mr. UNKA said in a telephone interview . The fight between HBO and Showtime is particularly UNKA because Mr. UNKA is the former chief executive of HBO , and Mr. UNKA served as chief of marketing for the service . They were both hired by UNKA UNKA , the Boston billionaire who took control of Viacom three years ago in a leveraged buy-out . Time Warner has vigorously denied all of Viacom 's allegations . Boeing Co. , already struck by its Machinists union , briefly called off contract talks with its engineers and labeled their demands `` UNKA excessive . '' Later , however , the company agreed to meet on Monday with the Seattle Professional Engineering Employees Association after a federal mediator UNKA , according to the union . A spokesman for the engineers said the company asked the union to reduce its demands , which included a 19 % pay UNKA in the first year and 8 % in the second and third years . The union represents about UNKA engineers and technical workers . Its contract expires Dec. 1 . Meanwhile , a federal mediator is scheduled to meet today with Boeing officials and representatives of 55,000 striking Machinists . `` It will take several meetings to resolve this , '' said a spokesman for the Machinists union . `` We do n't want to bring back something the members will reject . '' Machinists already have rejected a package that would have provided a 10 % pay raise plus bonuses over the three-year life of the contract . It also would have reduced mandatory overtime . Investor UNKA Edelman increased his stake in Intelogic UNKA Inc. and cleared the way for additional purchases . It was n't clear , however , whether the actions were related to a battle between the corporate raider and New York attorney Martin Ackerman for control of Datapoint Corp. , a San Antonio , UNKA UNKA systems maker . Intelogic UNKA , a computer services company , was spun off to Datapoint holders in 1985 , after Mr. Edelman gained control . After Mr. Ackerman announced he was soliciting UNKA from shareholders in order to UNKA control of Datapoint from Mr. Edelman , the corporate raider purchased 30 % of Datapoint 's shares . In a Securities and Exchange Commission filing , Mr. Edelman said from Sept. 29 to Oct. 13 , he acquired UNKA shares of Intelogic common shares for $ 2.25 to $ UNKA each . The purchases increased his stake to 16.2 % of the shares outstanding . The filing also said certain provisions which apply to persons acquiring 20 % or more of Intelogic common stock , were UNKA by Intelogic for Mr. Edelman , who is chairman of the company . Mr. Edelman could n't be reached for comment . The federal government should make free , voluntary testing for the AIDS virus the UNKA of an expanded campaign to stop the spread of acquired immune UNKA syndrome , the Hudson Institute recommended . `` By encouraging massive , routine , voluntary testing we can enable society to voluntarily UNKA itself UNKA into two groups : those who carry the virus and those who do not , '' the Indianapolis research organization said in a new report . The report takes a more alarmed view of AIDS and recommends a more sweeping response than many other UNKA . It warns that the AIDS UNKA `` may reduce the rate of growth of the work force , curb productivity gains and slow economic growth . '' It contends that current government policy is failing to stem the AIDS UNKA because it suggests the use of UNKA can make sex `` safe . '' But the report says : `` The only safe sex is sex between UNKA partners , '' and testing is the only way to learn of infection . Hudson 's researchers estimated that it would cost less than $ 650 million a year to test the entire population between the UNKA of 12 and 65 years old . In addition , the report recommends that federal and state governments provide free treatment to all who test positive . An unexpectedly sharp widening in the U.S. trade gap for August dragged the dollar lower Tuesday , but profit-taking on short positions helped the currency rebound to close mixed against major counterparts . While the market kept careful UNKA on Wall Street 's gyrations , it UNKA off a modest downturn in equities to bid the dollar well above the day 's lows . Soon after the release of the U.S. trade figures , the dollar plunged to an intraday low of UNKA yen . It also declined against the mark but did n't reach its intraday low of UNKA marks until two hours later . The unit UNKA about midday New York time at around 1.85 marks and UNKA yen , prompting UNKA rumors that the U.S. Federal Reserve had UNKA to UNKA the unit 's tumble . The dollar finished at its intraday highs . Dealers noted that the foreign exchange market 's initial bearish reaction to the U.S. trade figures was UNKA later by a `` UNKA UNKA of the data . '' The U.S. Commerce Department reported a $ UNKA billion deficit in August , compared with a revised July deficit of $ UNKA billion . Economists had expected a $ UNKA billion gap . The August figure reflected a 6.4 % rise in imports and a 0.2 % drop in exports . UNKA M. UNKA , an economist with Manufacturers Hanover Trust in New York , said that while the figures appear to indicate a UNKA deteriorating U.S. trade performance , there 's still enough positive news in the data to justify buying dollars . He said that while the U.S. trade gap with Canada has widened significantly , the trade deficit with Western Europe and Japan continues to narrow . And he added that manufactured goods exports are still rising . The dollar 's near-term path remains UNKA , according to UNKA analysts , who UNKA the market as `` UNKA . '' In late New York trading yesterday , the dollar was quoted at UNKA marks , down from UNKA marks late Monday , and at UNKA yen , up from UNKA yen late Monday . Sterling was unchanged at $ UNKA . In Tokyo Wednesday , the U.S. currency opened for trading at UNKA yen , unchanged from Tuesday 's Tokyo close . Later , the U.S. currency fell to about UNKA yen on news reports of the San Francisco earthquake . Some analysts remain bullish and point out that the dollar continues to be well bid despite key rate increases in Europe and Japan , several weeks of aggressive dollar sales by the world central banks -- some traders estimate that the UNKA of sales topped $ 12 billion -- and a 190-point plunge on the New York Stock Exchange . They note that the U.S. unit is trading at the upper end of the presumed target UNKA established by the Group of UNKA trading partners . The UNKA UNKA West Germany , the U.S. , France , the U.K. , Italy , Canada and Japan . The so-called UNKA accord was seen to have set ranges of UNKA marks to UNKA marks and 120 yen to 140 yen . They say that the recent injection of liquidity into the U.S. banking system has been modest , and they do n't anticipate significant easing by the U.S. Federal Reserve . The Fed arranged $ 1.5 billion of customer repurchase agreements Tuesday , the second repurchase agreement in two days . The move , which UNKA capital into the system , is seen as an effort to UNKA the UNKA markets that the U.S. central bank is ready to provide the ample liquidity . But other analysts contend that while the Fed 's move to loosen credit has n't been aggressive , it nevertheless sends a clear signal that , at least for now , the Fed has UNKA its grip on credit . They add that the Fed has allowed the key federal funds interest rate to UNKA to about 8 5\/8 % from its levels of just below 9 % last week . The federal funds rate is the overnight lending rate that banks charge each other . Market participants said that the mark continues to post the most significant gains against the dollar . On the Commodity Exchange in New York , gold for current delivery settled at $ UNKA an ounce , up 10 cents . Estimated volume was a moderate 3.5 million ounces . In early trading in Hong Kong Wednesday , gold was at $ UNKA an ounce . National Semiconductor Corp. said it settled a four-year-old patent UNKA case against UNKA Technology Corp. by accepting a $ 3 million payment from UNKA in exchange for granting UNKA UNKA licenses for all products involved . The two companies also agreed to settle any future property rights issues over the next 10 years through UNKA arbitration , both companies said . The products are so-called UNKA integrated circuits that have applications in the consumer electronics , automobile and electronic UNKA markets . UNKA Technology , UNKA , Calif. , called the settlement `` positive , '' since products covered by the disputed patents account for about 20 % of its annual sales . The electronics concern said it already has paid $ 2 million of the settlement to National Semiconductor , Santa Clara , Calif. , and will pay the remaining $ 1 million in equal UNKA over the next eight quarters . The payments are n't expected to have an impact on coming operating results , UNKA added . NBC 's winning UNKA has been canceled . The National Broadcasting Co. , a unit of General Electric Co. , had its UNKA UNKA UNKA as the prime-time ratings leader snapped yesterday by UNKA , a subsidiary of Capital Cities\/ABC Inc . In the ratings compiled by the A.C. Nielsen Co. , ABC , which broadcast the World Series , topped the competition with a UNKA rating and 25 share . NBC was second with a UNKA rating and 24 share followed by CBS Inc. 's television network with a 12.5 rating and 21 share . -LRB- A ratings point represents UNKA television households ; shares indicate the percentage of sets in use . -RRB- The first two games of the World Series between the Oakland UNKA and San Francisco Giants did n't finish in the top 10 ; instead they landed in UNKA and UNKA place . The UNKA show continues to be ABC 's `` UNKA . '' NBC had five of the top 10 shows ; ABC had four and CBS had one . CBS held the previous record for consecutive No. 1 UNKA -- 46 weeks -- during the UNKA season . Procter & Gamble Co. , Cincinnati , expanding its presence in the food service market , said it acquired Maryland Club Foods , a coffee supplier , from an investor group led by F. Philip UNKA of Winter Park , Fla . Terms were n't disclosed . UNKA Maryland Club Foods , which had sales of about $ 200 million last year , sells coffee under the Maryland Club and UNKA brands to restaurants , hotels , offices and airlines . The acquisition `` gives us additional production capacity for the food service coffee business and a stronger distribution network , '' a P&G spokesman said . P&G already sells its UNKA ground UNKA coffee to food service concerns , but not to as many markets as Maryland Club . For example , P&G up until now has n't sold coffee to airlines and does only limited business with hotels and large restaurant chains . Maryland Club also distributes tea , which fits well with P&G 's UNKA UNKA brand , and hot cocoa products . The company said the acquisition has been completed and reviewed by the Federal Trade Commission . The purchase includes a UNKA plant in Omaha , Neb. , and a leased facility in Houston . UNKA UNKA Ltd. said it borrowed UNKA million Dutch guilders -LRB- US$ 102 million -RRB- from a group of Dutch institutional investors . UNKA UNKA , a Vancouver , British Columbia , forest products concern , said the 8.1 % loan is due Oct. 16 , 1996 . Funds will be used to repay existing short-term debt and to finance capital spending , it said . President Bush will veto a bill funding the UNKA of Labor , Education and Health and Human Services because it would allow federal funding of abortions for victims of rape and incest , the White House said . Mr. Bush had threatened a veto previously . But he put off a firm decision while his aides and legislators UNKA for a compromise that would UNKA requirements for such abortions in a way acceptable to the president . White House Press Secretary Marlin Fitzwater said negotiations between Bush aides and lawmakers ended Monday without success . Most lawmakers think it will be extremely difficult for Mr. Bush 's opponents on the abortion issue to round up the votes needed to override the veto . But there still may be prolonged debate and political UNKA that holds up the $ UNKA billion funding bill for the fiscal year that began Oct. 1 . Mr. Bush has said he personally approves of abortions in the cases of rape , incest and danger to the life of the mother . But he has opposed Medicaid funding of abortions for poor women who say they are victims of rape and incest , arguing that those exceptions are UNKA so UNKA that they open the way for abortions for other women . UNKA : Media General Inc. intends to sell two of its West Coast weekly newspaper chains , Golden West Publishing Inc. and UNKA Publications , which together UNKA 31 papers . Media General said it has had inquiries from potential buyers and expects to complete a sale in 1989 . It would n't discuss a price . Lee UNKA & Associates is to sell the chains . J.P. Morgan & Co. , New York , will help the statutory managers of UNKA New Zealand Ltd. to evaluate the failed investment bank 's condition . Earlier this month , the Reserve Bank of New Zealand , the country 's central bank , appointed the managers to run the investment bank and pay creditors . UNKA asked the central bank to UNKA managers after it revised loan-loss provisions to around the same level of shareholders ' funds of 180 million New Zealand dollars -LRB- US$ UNKA million -RRB- . UNKA is held 80 % by National UNKA Fund , New Zealand 's largest pension fund , and 20 % by Salomon Brothers Inc. , the UNKA and UNKA subsidiary of Salomon Inc. in New York . A spokeswoman for J.P. Morgan , parent of the bank Morgan Guaranty Trust Co. , confirmed its appointment to assist the managers but declined to elaborate . The managers said in a brief statement yesterday that Morgan will help evaluate UNKA 's position and help determine alternatives . The managers do n't expect to complete the evaluation until Nov. 30 . An experimental vaccine can alter the immune response of people infected with the AIDS virus , a prominent U.S. scientist said . However , that does n't mean they can benefit from the vaccine . Its effectiveness ca n't be determined until a large clinical trial is undertaken by the Army in January , according to Robert UNKA , chief of acquired immune UNKA syndrome research at Walter Reed Army Institute of Research . Dr. UNKA 's report on early experiments using an AIDS vaccine made by UNKA Inc. of West Haven , Conn. , came at a meeting of AIDS vaccine researchers in Florida late Monday . The vaccine , UNKA UNKA , has been UNKA given to 14 people , some of whom are experiencing substantial increases in certain UNKA . `` The conventional wisdom used to be that you could n't modify the immune response of an infected individual '' by UNKA them with synthetic UNKA proteins , Dr. UNKA said . `` We 've demonstrated that you can . '' He said certain UNKA developed kinds of UNKA associated with early AIDS . Other UNKA sparked by the preparation are of a sort rarely present in large quantities in infected or ill individuals , he added . One of the UNKA of AIDS remains why infected people produce large quantities of UNKA , but UNKA nonetheless . Cross & UNKA Corp. said it reached an agreement to sell its UNKA division to recently created UNKA UNKA Inc. , a U.S. affiliate of UNKA UNKA Ltd. of UNKA , Japan . The agreement also includes the purchase of Cross & UNKA 's Warner & UNKA -LRB- Switzerland -RRB- AG unit by a European affiliate of UNKA UNKA . Cross & UNKA is also selling its equity interest in a Japanese joint venture , UNKA Warner UNKA , to UNKA UNKA . Cross & UNKA , a UNKA Hills , Mich. , UNKA maker , said the net sales price of the total transaction is $ 24 million . The UNKA division was one of three businesses put up for sale in Cross & UNKA 's restructuring program announced in July . Cross & UNKA said negotiations are under way for the sale of another company , UNKA . The average interest rate fell to UNKA % at Citicorp 's $ 50 million weekly auction of UNKA commercial paper , or corporate UNKA , from UNKA % at last week 's sale . UNKA totaling $ UNKA million were submitted , and accepted bids were at UNKA % . Citicorp also said that the average rate fell to UNKA % at its $ 50 million auction of UNKA commercial paper from UNKA % at last week 's sale . UNKA totaling $ UNKA million were submitted , and accepted bids were at UNKA % . The bank holding company will auction another $ 50 million of commercial paper in each maturity next Tuesday . UNKA S.A. reported its 1989 first-half profit soared 88 % , and indicated that its previous estimate of a 50 % rise in earnings for all of 1989 will be exceeded by a wide margin . The French electronics and defense group said UNKA consolidated net profit for the first six months of 1989 totaled UNKA million francs -LRB- $ UNKA million -RRB- , compared with 130 million francs -LRB- $ 20.5 million -RRB- in the corresponding period of Operating profit climbed 51 % , to UNKA million francs from UNKA million in the first half of 1988 . UNKA said the sharp improvement in net profit partly reflected a decline of 59 million francs in the group 's net loss from nonrecurring items in the first half of this year to 104 million francs from UNKA million a year earlier . There was also a decline in the group 's net financial costs to 25 million francs from 50 million a year before . These movements were offset , however , by a steep rise in corporate income tax payments to UNKA million francs from 35 million in the first six months of 1988 . UNKA said the sharp rise in its first-half earnings was based on a 15 % gain in consolidated revenue to UNKA billion francs from UNKA billion a year earlier . Rep. Lee Hamilton -LRB- D. , UNKA . -RRB- said he and Rep. UNKA UNKA -LRB- D. , UNKA . -RRB- are backing away from their proposal to make the Treasury Secretary a voting member of the Federal Reserve panel that sets monetary policy . Rep. Hamilton said the bill will be UNKA substantially to call for two meetings each year between the Fed 's open market committee and the Treasury Secretary , the chairman of the Council of Economic Advisers and the director of the Office of Management and Budget . The original bill was strongly opposed by the Fed and publicly criticized by friends of the Fed as an attempt to undermine the central bank 's independence . Fed critics , however , hailed it as a long overdue attempt to bring a measure of openness and democracy to the setting of monetary policy . Rep. Hamilton said the purpose of the meetings would be to `` improve communications and perhaps UNKA between the executive branch and the Fed . '' Fed Chairman Alan Greenspan meets regularly for lunch with Treasury Secretary Nicholas Brady and talks frequently with Budget Director Richard Darman and Michael UNKA , chairman of the Council of Economic Advisers . The administration officials do n't ordinarily meet with the entire membership of the open market committee . UNKA UNKA Co. said third-quarter profits dropped 34 % because of lower prices for UNKA UNKA materials , the company 's largest product group . Net fell to $ 40.1 million , or $ 1.50 a share , from $ UNKA million , or $ UNKA a share , a year earlier . Sales for the quarter slipped 2.7 % to $ UNKA million from $ UNKA million . UNKA UNKA capacity `` has UNKA demand and we are experiencing reduced profit margins as a result , '' said John D. UNKA , chairman and chief executive . Prices for UNKA UNKA UNKA have dropped more than 15 % since last December , he said . The plastic UNKA is used in a wide range of products , including UNKA , UNKA and electrical wire UNKA . UNKA 's UNKA segment reported operating profit for the quarter of $ UNKA million , less than half the $ UNKA million of the year-earlier quarter . Third-quarter operating profit of the UNKA group declined slightly to $ UNKA million from $ UNKA million . But operating profit from aerospace products rose nearly 50 % to $ 15 million from $ 10.1 million . In New York Stock Exchange composite trading , shares of the UNKA , UNKA company fell $ UNKA to $ UNKA . Fiat S.p . A. , Italy 's leading industrial group , is conducting `` concrete '' talks with West Germany 's Daimler-Benz AG on a series of projects in the aerospace sector , Fiat officials said . However , the officials said it was too early to disclose the nature of the proposed projects or indicate when the talks might be concluded . Daimler-Benz Chairman UNKA UNKA told Milan 's financial daily UNKA UNKA 24 UNKA that talks are taking place between both companies ' aerospace units . `` While Mr. UNKA 's comments please us very much , there currently are no talks in progress regarding the automotive industry , '' a Fiat spokeswoman said . In the interview , Mr. UNKA said he is thinking UNKA of cooperation in the truck sector , but `` in the long run , I do n't want to rule out that we can also come a bit closer in personal cars . '' UNKA UNKA , Italy analyst for County UNKA Securities in London , said that right now `` the market is n't being influenced by that kind of news , '' referring to the conditional nature of the talks mentioned by Mr. UNKA and by the uncertainty surrounding world stock exchanges this week . Paul UNKA was named president , chief executive officer and chairman of this oil and natural gas company . He succeeds John A. UNKA , who resigned for personal reasons . Mr. UNKA had been president of Penn Pacific 's National Southwest Capital Group subsidiary . Mr. UNKA will remain with Penn Pacific as a director and a member of the executive committee . He has also agreed to become president of a new subsidiary to be formed to make future acquisitions , the company said . UNKA investors , despite their UNKA to dump takeover stocks , should hold on tight to their Jaguar shares . That 's the view of some analysts here who argue that Britain 's leading maker of luxury cars still may have two U.S. auto giants UNKA for it . Yesterday , Ford Motor disclosed that it has raised its holding in Jaguar to 10.4 % from 5 % . Both Ford and its rival General Motors recently set their sights on UNKA significant minority stakes in the British company . Ford 's latest move increases the pressure on GM to complete its current talks with Jaguar quickly . GM is likely to reach the cooperative operating pact it has been seeking in about two weeks , knowledgeable individuals say . At that point investors may face a long , UNKA ride . A UNKA in the fight for Jaguar may not emerge until after the expiration late next year of British government takeover restrictions . The curbs prevent a buyer from purchasing more than 15 % of Jaguar shares without permission . `` This is an exceptionally odd takeover battle , '' says London analyst Christopher Will of Shearson Lehman Hutton . Jaguar 's American depositary receipts were up 3\/8 yesterday in a down market , closing at 10 3\/8 . -LRB- Jaguar 's ADRs make the company one of the most widely held United Kingdom stocks in the U.S. , with more than UNKA of its shares owned there . -RRB- Jaguar topped the UNKA list for the U.S. over-the-counter market Monday . And on London 's Stock Exchange Monday , UNKA million shares were traded , far above the usual volume . Ford 's share purchases UNKA accounted for much of Monday 's heavy trading . Last week , many Jaguar shareholders took their money and ran . UNKA that Ford 's UNKA might be cooling put Jaguar shares into reverse after GM confirmed its friendly negotiations with Jaguar . But yesterday 's announcement indicates that Ford has n't lost interest . Both Shearson 's UNKA . Will and Stephen UNKA , European auto analyst at the London brokerage firm UNKA & Drew , recently switched their Jaguar recommendations to hold from buy . `` Sit tight '' through the coming volatility , Mr. UNKA suggests , though he concedes that many small investors will find Jaguar 's UNKA `` too hard to UNKA . '' But a crucial point is how Ford UNKA when GM , the world 's largest auto maker , firms up its proposed deal with Jaguar . At the moment , Ford executives will say little beyond UNKA their desire to raise Ford 's Jaguar stake to about 15 % . GM is expected to UNKA roughly # 200 million -LRB- $ UNKA million -RRB- by acquiring some Jaguar shares , and then win Jaguar management 's promise of an eventual 30 % stake . Analysts believe the car makers also will create joint ventures to develop new executive models , doubling Jaguar 's yearly output of 50,000 cars . Jaguar shareholders would have to UNKA such a far-reaching accord . Ford might challenge the proposal by offering a full bid if holders and the U.K. government agreed to drop the anti-takeover barrier early . `` I think Ford is going to come out with full UNKA UNKA , '' Mr. UNKA says . `` Ford wants -LCB- Jaguar -RCB- very much . '' U.S. takeover-stock speculators , who may own between 20 % and 30 % of Jaguar , could give Ford enough votes to block the GM deal . GM might UNKA . Then , UNKA . Will says , `` you get a bidding war between two very rich , very determined international companies . '' He believes Jaguar 's share price could UNKA to between # 8 and # 10 -LRB- $ UNKA to $ UNKA -RRB- . `` There 's quite a bit of value left in the -LCB- Jaguar -RCB- shares here even though they have run up '' lately , says Doug Johnson , a fund manager for UNKA UNKA Asset Management . At the moment , he intends to keep the firm 's UNKA Jaguar shares . The risk is that Jaguar 's share price could slump if GM 's agreement with Jaguar effectively UNKA out its U.S. rival . `` Ford 's appetite to attack -LCB- Jaguar -RCB- could gradually UNKA over time , particularly if Saab is a reasonably attractive UNKA , '' says John Lawson , an auto analyst at London 's Nomura Research Institute . He thinks Saab-Scania AB on Friday will announce the sale of 50 % of its car division to Ford ; the companies have been discussing closer cooperation for months . UNKA UNKA , president and chief investment officer of UNKA Capital UNKA Inc. , two weeks ago sold his Cincinnati firm 's UNKA Jaguar ADRs at about 10 each , making a UNKA profit on a holding purchased at 4 7\/8 in early May . `` I thought the UNKA of -LCB- a bidding war -RCB- happening were less , '' he says . Of course , that was before Ford 's latest move . Jaguar -LRB- OTC ; Symbol : UNKA -RRB- Business : UNKA cars Year ended Dec. 31 , 1988 : Revenue : $ 1.71 billion Net income : $ UNKA million ; or 25 cents a share First half ended , June 30 , 1989 : Net loss : $ 1.7 million vs. net income : $ UNKA million ; or 12 cents a share UNKA daily trading volume : UNKA shares outstanding : UNKA million UNKA : All figures are translated into U.S. dollars based on current exchange rates . UNKA Sloan , 60 years old , announced that he will retire next April as chairman and chief executive officer of this UNKA food and UNKA products maker . No replacement was immediately named . Mr. Sloan plans to remain on the board until his current term expires in April 1991 , a UNKA spokesman said . Newport Electronics Inc. of Santa Ana , Calif. , said Milton B. Hollander , who holds a UNKA % stake , requested a special shareholders ' meeting next Wednesday to remove four current directors and UNKA an alternative slate . Mr. Hollander 's High Technology Holding Co. of Stamford , Conn. , acquired most of its stake last August in an $ UNKA tender offer for Newport , a maker of UNKA devices . Newport said Mr. Hollander is asking shareholders to retain only one director , James R. UNKA , a Newport vice president . The board is n't proposing a slate of its own and the other four current directors do n't want to serve beyond the special meeting date , Newport said . Mr. Hollander `` is the new owner and wants to exercise control , '' said UNKA B. Weekes , Newport 's chairman . UNKA AG , a major Swiss chemical and pharmaceutical group , said that its group sales rose 25 % to UNKA billion francs -LRB- $ UNKA billion -RRB- in the first nine months of this year , with strong gains in all divisions . A year earlier sales totaled UNKA billion francs . UNKA currency rates and strong sales growth led to a substantial rise in consolidated profit in the period , although the company did n't provide figures , as is UNKA with Swiss companies . UNKA said it expects a `` substantial increase '' in consolidated profit for the full year , barring major currency rate changes . UNKA PLC , a British maker of computer hardware and communications equipment , posted a 52 % plunge in pretax profit for the latest year . The # UNKA million -LRB- $ UNKA million -RRB- in pretax profit for the 12 months to June 30 was down from # 160 million -LRB- $ UNKA million -RRB- a year earlier and below market expectations of # 80 million and # 90 million . The slump in profit , which came despite steady sales , was attributed to increased costs for parts and problems with model UNKA . UNKA 's profit after taxes fell a similarly steep 51 % , to # UNKA million from # 105 million a year earlier . Sales edged up fractionally to # UNKA million from # UNKA million a year earlier . Microsoft Corp. 's earnings growth continued to UNKA that of most of its competitors and customers in the UNKA industry , as it reported a 36 % jump in fiscal first-quarter earnings on a 33 % revenue gain . The UNKA , Wash. company , a bellwether provider of operating systems and software for UNKA makers and users , reported net income for the quarter ended Sept. 30 of $ UNKA million , or 87 cents a share , up from $ UNKA million , or 65 cents a share , in the year-ago period . Revenue rose to $ UNKA million , from $ UNKA million . Microsoft previously indicated it would have a strong quarter by forecasting its revenue gain on Oct. 4 , causing a $ UNKA a share jump in its stock . But its stock jumped again yesterday as it disclosed surprisingly strong margins on those sales . Microsoft 's stock rose $ UNKA a share in national over-the-counter trading to $ UNKA . The stock had hit a high of $ 81 a share early last week but collapsed to $ UNKA in the Friday stock plunge . The company had been experiencing softening margins because of increased sales of software applications , which have lower margins than do operating systems . But the company said that trend was offset in the first quarter by better economies of scale and UNKA in manufacturing . As a result , Microsoft 's cost of goods , as a percentage of sales , fell 17 % from the year-ago quarter and 13 % from the previous period . The trend drove up the UNKA margin -- net income as a percentage of revenues -- to UNKA % in the quarter , compared with UNKA % a year earlier . Microsoft officials said the strong results also reflected continuing high demand for its software applications and operating systems . While it has predicted that overall growth in unit sales of personal computers is slowing to about a 10 % yearly rate , its own products are selling at a much faster rate because many are UNKA to the UNKA end of the market . That segment continues to post strong UNKA gains , while the UNKA , or commodity segment , of the industry is experiencing sluggish growth or even sales declines . UNKA with its previous quarter , the final period of its 1989 fiscal year , net rose 9 % , and sales rose 7 % . Control Data Corp. , Minneapolis , signed a joint development agreement with UNKA Computer Systems Inc. to UNKA an emerging computing architecture in future machines . UNKA is a leader in what is known as UNKA set computing , or RISC , a technology combining UNKA and sophisticated software . In joining UNKA , Control Data follows several competitors in UNKA RISC as a new design approach . Digital Equipment Corp. , Tandem Computers Inc. , NEC Corp. and Group UNKA , among others , have similar arrangements with UNKA , based in Sunnyvale , Calif . Control Data said it expects its first UNKA mainframe machine to be introduced next year . The accord with UNKA calls for Control Data to share its expertise in data storage , the companies said . Control Data also said it is developing what it called a `` UNKA '' computer , the UNKA 2000 , intended for scientists , engineers and other users of UNKA UNKA computers . UNKA UNKA UNKA an additional $ UNKA , to $ UNKA , as British Airways indicated it may UNKA at any UNKA revised version of the UNKA $ 6.79 billion buy-out of United Air 's parent . UAL has fallen $ UNKA , or 31 % , in the three trading days since disclosure of the buy-out 's collapse jolted the stock market . Meanwhile , investor Marvin Davis said he remains interested in UAL , but he dropped his earlier $ 300-a-share UNKA bid . Stock prices fell broadly in heavy trading , dominated by futures-related program selling and further declines by UAL and other airline stocks . The Dow Jones industrials closed off UNKA points , at UNKA , after plunging over UNKA points in the morning . Bond prices ended lower after an early rally , while the dollar was mixed . The U.S. trade deficit swelled to $ UNKA billion in August , prompting worries that the nation 's export drive had stalled . Exports declined for the second month in a row , while imports rose to a record . An analyst called it one of the worst trade reports since the dollar UNKA out in Industrial output fell 0.1 % in September , the latest sign manufacturing is slowing . An analyst cited weaker capital spending and exports . Bankers Trust added $ 1.6 billion to reserves for Third World loans , the latest big bank to take such a step . It expects a $ UNKA billion quarterly loss . Citicorp posted a 9 % drop in quarterly profit . Manufacturers Hanover had a loss due to a big reserve addition . Bank of New England plans to sell some operations and lay off 4 % of its work force after a year of weak earnings and mounting loan problems . Eastern Airlines ' creditors have begun exploring alternative approaches to a Chapter 11 reorganization because they are unhappy with the carrier 's latest proposal . Tele-Communications agreed to buy half of Showtime UNKA from Viacom for $ 225 million . The move could pose a new challenge to Time Warner 's Home UNKA Office . The UNKA plans to curb dual trading on commodities markets , in which traders buy and sell both for their own account and for clients . The move is likely to anger traders . FDIC Chairman Seidman said that Lincoln Savings & Loan of California should have been seized in 1986 to contain losses he estimated will cost taxpayers as much as $ 2 billion . A $ 67 billion spending bill was approved by House-Senate conferees that includes major provisions affecting the federal mortgage market . Hooker 's U.S. unit is expected to agree in principle this week to sell its Merksamer UNKA chain to management , according to executives . The deficit-reduction bill became UNKA over efforts to streamline the House version of the legislation in advance of a House-Senate conference . Integrated Resources said talks have ended with another potential buyer of its core businesses . Three big drug makers posted robust third-quarter earnings . UNKA 's profit climbed 25 % , UNKA 's 22 % and Eli Lilly 's 24 % . Markets -- Stocks : Volume UNKA shares . Dow Jones industrials UNKA , off UNKA ; transportation UNKA , off UNKA ; utilities UNKA , off UNKA . Bonds : Shearson Lehman Hutton Treasury index UNKA , off Commodities : Dow Jones futures index UNKA , unchanged ; spot index UNKA , off UNKA . Dollar : UNKA yen , up UNKA ; UNKA marks , off UNKA . Paul UNKA , general partner of UNKA Partners , a venture-capital firm based in UNKA Park , Calif. , was named a director of this computer company . Mr. UNKA , 57 years old , temporarily increases the board to seven members . However , director Thomas UNKA has said he wo n't seek re-election at the company 's annual meeting next month . UNKA Associates Inc. , the Los Angeles investment partnership whose $ UNKA bid for UNKA Manufacturing Co. was topped recently by a competing offer from a Swedish concern , disclosed that it sold its entire 7 % UNKA stake . UNKA , a UNKA , Ind. , UNKA manufacturer , had rebuffed UNKA 's proposal . It has since asked holders not to immediately tender their shares under a recent $ UNKA , or $ 104 million , bid from AB SKF of Sweden , until UNKA directors have completed their evaluation . In a Securities and Exchange Commission filing , UNKA said it sold the UNKA UNKA shares for $ 7.3 million in a private transaction on Oct. 12 . UNKA did n't identify the buyer of the shares , but the date of the UNKA followed by one day the Swedish concern 's tender offer , and the indicated price of the shares sold UNKA SKF 's $ UNKA tender offer price . A UNKA spokeswoman said the company sold the stock in the open market and thus could n't identify the buyer or buyers . UNKA UNKA , 45 years old , has been elected to the board of this brewer . Mr. UNKA , former president of United Press International and the UNKA UNKA network , most recently UNKA UNKA UNKA Partners , a UNKA media acquisition firm . Mr. UNKA , the first Hispanic person to serve as a Coors director , is an addition to the board , increasing its membership to nine . UNKA S.A. , a European media and publishing group , reported a small rise in its UNKA first-half group profit , excluding UNKA items , to UNKA million francs -LRB- $ UNKA million -RRB- from UNKA million francs a year earlier . The UNKA group said its earlier projection -- that group profit for all of 1989 would be close to the UNKA million francs posted for 1988 -- remains valid . UNKA into account nonrecurring gains and losses , UNKA 's group net income for the first six months of this year totaled UNKA million francs , practically double the year-earlier figure of UNKA million francs . Analysts said UNKA 's earnings in the second half might be boosted by a capital gain from the sale of the Paris headquarters of a UNKA company that is 49 % owned by UNKA . UNKA Inc. , UNKA , Md. , said it received approval from the U.S. Food and Drug Administration to market a genetic test that will assist in UNKA and treatment of UNKA and UNKA cancer . The UNKA gene UNKA test is more accurate than existing tests for UNKA the type of cancer , whether it has spread or whether there is a UNKA following treatment , said UNKA President Stephen Turner . Mr. Turner said the test initially will be used in UNKA with UNKA and other tests , but eventually might become the benchmark for tumor analysis . Mr. Turner said the test will be shipped in 45 days to hospitals and clinical laboratories . Dr. UNKA Wilson , a cancer treatment specialist at the National Cancer Institute , said the test is widely used in research centers but is n't having a major impact because it is only occasionally useful in choosing the most effective treatment . But the test may prove to be more sensitive in determining whether a tumor has spread or returned following treatment , Dr. Wilson said . `` We do n't know yet how useful it 's going to be , '' he said . UNKA , a UNKA developer of genetic medical tests , projects that the cancer test will help it to post its UNKA profit during the first quarter of 1990 , Mr. Turner said . The company will charge $ 35 for a test and projects about $ 2 million in revenue from the test during the first 12 months of marketing , he said . UNKA Corp. , UNKA , Ga. , said it acquired the clinical laboratories of closely held Central UNKA Laboratory Inc. in a cash and securities transaction valued at $ 85 million . UNKA said its wholly owned UNKA Inc. unit paid $ 25 million in cash , provided $ 30 million in notes and $ 30 million in preferred stock to acquire Central 's labs in the Western U.S. . UNKA , which provides clinical laboratory services , UNKA with Central , based in UNKA , Calif. , in a number of areas . Beyond removing a competitor , the combination should provide `` UNKA , '' said Fred UNKA , UNKA 's chief financial officer . It also will hand UNKA new markets . In Los Angeles , for example , Central has had a strong market position while UNKA 's presence has been less prominent , according to Mr. UNKA . Consumers may want to move their UNKA a little closer to the TV set . UNKA UNKA watching ABC 's `` Monday Night Football '' can now vote during UNKA for the greatest play in 20 years from among four or five UNKA UNKA . Two weeks ago , viewers of several NBC UNKA consumer segments started calling a 900 number for advice on various UNKA issues . And the new UNKA `` reality '' show `` UNKA UNKA '' records viewers ' opinions for possible airing on the next day 's show . UNKA telephone technology has taken a new leap in UNKA , and television UNKA are racing to exploit the possibilities . Eventually viewers may grow UNKA with the technology and UNKA the cost . But right now UNKA are figuring that viewers who are busy UNKA up a range of services may put down their UNKA control UNKA and stay UNKA . `` We 've been spending a lot of time in Los Angeles talking to TV production people , '' says Mike UNKA , president of Call UNKA , which supplied technology for both ABC Sports and NBC 's consumer minutes . `` With the UNKA of the television market these days , everyone is looking for a way to get viewers more excited . '' One of the leaders behind the expanded use of 900 numbers is Call UNKA , a joint venture of giants American Express Co. and American Telephone & Telegraph Co . UNKA in August , the venture UNKA AT&T 's newly expanded 900 service with 200 UNKA computers in American Express 's Omaha , Neb. , service center . Other long-distance carriers have also begun marketing enhanced 900 service , and special consultants are UNKA up to exploit the new tool . Blair Entertainment , a New York firm that advises TV stations and sells ads for them , has just formed a subsidiary -- 900 Blair -- to apply the technology to television . The use of 900 toll numbers has been expanding rapidly in recent years . For a while , UNKA UNKA lines and services that UNKA children to dial -LRB- and UNKA -RRB- movie or music information earned the service a somewhat UNKA image , but new legal restrictions are aimed at trimming excesses . The cost of a 900 call is set by the UNKA -- ABC Sports , for example -- with the cheapest starting at 75 cents . UNKA is included in a UNKA 's regular phone bill . From the fee , the local phone company and the long-distance carrier UNKA their costs to carry the call , passing the rest of the money to the UNKA , which must cover advertising and other costs . In recent months , the technology has become more flexible and able to handle much more volume . Before , UNKA of 900 numbers would just listen and not talk , or they 'd vote `` yes '' or `` no '' by calling one of two numbers . -LRB- People in the phone business call this technology `` 900 UNKA . '' -RRB- Now , UNKA are led through complex UNKA of choices to retrieve information they want , and the hardware can process 10,000 calls in 90 seconds . Up to now , 900 numbers have mainly been used on local TV stations and cable channels . UNKA used one to give away the house that rock star Jon UNKA UNKA grew up in . For several years , Turner Broadcasting System 's Cable News Network has invited viewers to respond UNKA to UNKA issues -LRB- `` Should the U.S. military UNKA in Panama ? '' -RRB- , but even the hottest UNKA on UNKA UNKA only about 10,000 calls . The newest uses of the UNKA technology demonstrate the growing variety of applications . Capital Cities\/ABC Inc. , CBS Inc. and General Electric Co. 's National Broadcasting Co. unit are expected to announce soon a joint campaign to raise awareness about UNKA . The subject will be written into the UNKA of prime-time shows , and viewers will be given a 900 number to call . UNKA will be sent educational booklets , and the call 's modest cost will be an immediate method of raising money . Other network applications have very different goals . ABC Sports was looking for ways to lift UNKA UNKA ratings for `` Monday Night Football . '' Kurt UNKA , ABC Sports 's marketing director , says that now `` tens of thousands '' of fans call its 900 number each week to vote for the best UNKA return , UNKA UNKA , UNKA . Profit from the calls goes to charity , but ABC Sports also uses the calls as a sales tool : After UNKA UNKA for voting , Frank UNKA offers a football UNKA for $ UNKA , and 5 % of UNKA stay on the line to order it . UNKA may be sold next . Meanwhile , NBC Sports recently began `` UNKA UNKA , '' a UNKA , UNKA 900 line providing a complex array of scores , analysis and fan news . A spokesman said its purpose is `` to bolster the impression that NBC Sports is always there for people . '' NBC 's `` UNKA '' consumer minutes have increased UNKA spending during the day , the network 's weakest period . Each UNKA matches a sponsor and a topic : On UNKA , Unilever N.V. 's UNKA Bros. sponsors UNKA on UNKA and exercise , followed by a UNKA UNKA Bros. commercial . UNKA can call a 900 number for additional advice , which will be UNKA to their needs based on the numbers they UNKA -LRB- `` Press one if you 're pregnant , '' UNKA . -RRB- . If the UNKA stays on the line and leaves a name and address for the sponsor , coupons and a newsletter will be UNKA , and the sponsor will be able to gather a list of desirable potential customers . UNKA UNKA , an UNKA vice president , says NBC has been able to charge premium rates for this ad time . She would n't say what the premium is , but it 's believed to be about 40 % above regular UNKA rates . `` We were able to get advertisers to use their promotion budget for this , because they get a chance to do UNKA , '' says Ms. UNKA . `` And we were able to attract some new advertisers because this is something new . '' Mr. UNKA of Call UNKA says TV executives are considering the use of 900 numbers for `` talk shows , game shows , news and opinion surveys . '' Experts are predicting a big UNKA of new shows in 1990 , when a service called `` automatic number information '' will become widely available . This service UNKA each UNKA 's phone number , and it can be used to generate instant mailing lists . `` UNKA UNKA , '' the new UNKA tabloid show from Paramount Pictures , will use its 900 number for additional purposes that include research , says executive producer Mark B. von S. UNKA . `` For a piece on local heroes of World War II , we can ask people to leave the name and number of anyone they know who won a UNKA , '' he says . `` That 'll save us time and get people involved . '' But Mr. UNKA sees much bigger changes ahead . `` These are just baby steps toward real UNKA video , which I believe will be the biggest thing yet to affect television , '' he says . Although it would be costly to shoot multiple versions , TV UNKA could let audiences vote on different UNKA for a movie . Fox Broadcasting UNKA with this concept last year when viewers of `` UNKA ... With UNKA '' voted on whether Al should say `` I love you '' to UNKA on UNKA 's Day . UNKA , viewers may also choose different UNKA of news coverage . `` A UNKA by phone could let you decide , ` I 'm interested in just the beginning of story No. 1 , and I want story No. 2 in UNKA , '' Mr. UNKA says . `` You 'll start to see shows where viewers program the program . Integrated Resources Inc. , the troubled financial-services company that has been trying to sell its core companies to restructure debt , said talks with a potential buyer ended . Integrated did n't identify the party or say why the talks failed . Last week another potential buyer , UNKA Financial Group -- which had agreed in August to purchase most of Integrated 's core companies for $ UNKA million -- ended talks with Integrated . Integrated said that it would continue to pursue `` other alternatives '' to sell the five core companies and that a group of senior executives plans to make a proposal to purchase three of the companies -- Integrated Resources Equity Corp. , Resources Trust Co. and Integrated Resources Asset Management Corp . A price was n't disclosed . Integrated also said it expects to report a second-quarter loss wider than the earlier estimate of about $ 600 million . The company did n't disclose the new estimate but said the change was related to Integrated 's failure to sell its core businesses , as well as `` other events , '' which it did n't detail , that occurred after its announcement last week that it was in talks with the unidentified prospective buyer . Meanwhile , a number of top sales producers from Integrated Resources Equity will meet this afternoon in Chicago to discuss their options . The unit is a UNKA constructed group of about UNKA independent brokers and financial planners who sell insurance , annuities , limited partnerships , mutual funds and other investments for Integrated and other firms . The sales force is viewed as a critical asset in Integrated 's attempt to sell its core companies . UNKA cited concerns about how long Integrated would be able to hold together the sales force as one reason its talks with Integrated failed . In composite trading on the New York Stock Exchange yesterday , Integrated closed at $ 1.25 a share , down 25 cents . Integrated has been struggling to avoid a bankruptcy-law filing since June , when it failed to make interest payments on nearly $ 1 billion of debt . Integrated senior and UNKA creditors are owed a total of about $ 1.8 billion . AN UNKA UNKA Northern California , killing more than 50 people . The violent temblor , which UNKA about 15 seconds and registered 6.9 on the Richter scale , also caused the collapse of a UNKA section of the San UNKA Bay Bridge and shook Candlestick Park . The tremor was UNKA near UNKA , UNKA of San Francisco , and was felt as far as 200 miles away . UNKA injuries were reported . Some buildings collapsed , gas and water lines UNKA and fires UNKA . The quake , which also caused damage in San Jose and Berkeley , knocked out electricity and UNKA , UNKA roadways and disrupted UNKA service in the Bay Area . Major injuries were n't reported at Candlestick Park , where the third game of baseball 's World Series was canceled and fans UNKA from the stadium . Bush vowed to veto a bill allowing federal financing for abortions in cases of rape and incest , saying tax dollars should n't be used to `` compound a violent act with the taking of an UNKA life . '' His pledge , in a letter to Democratic Sen. Byrd , came ahead of an expected Senate vote on spending legislation containing the provision . East Germany 's Politburo met amid speculation that the ruling body would oust hard-line leader Honecker , whose rule has been challenged by mass UNKA and calls for democratic freedoms . Meanwhile , about 125 refugees flew to UNKA , West Germany , from Warsaw , the first UNKA in East Germany 's UNKA exodus . The World UNKA Association voted at an UNKA UNKA to UNKA UNKA the Soviet Union . Moscow , which left the group in 1983 to avoid UNKA over allegations that political UNKA were being UNKA as UNKA , could be suspended if the UNKA of UNKA against UNKA is discovered during a review within a year . NASA postponed the UNKA of the space shuttle Atlantis because of rain near the site of the launch UNKA in UNKA UNKA , Fla . The flight was UNKA for today . The spacecraft 's five UNKA are to UNKA the UNKA Galileo space probe on an UNKA mission to Jupiter . Senate Democratic leaders said they had enough votes to defeat a proposed constitutional amendment to ban flag burning . The amendment is aimed at UNKA a Supreme Court ruling that threw out the conviction of a Texas UNKA on grounds that his freedom of speech was violated . Federal researchers said UNKA UNKA rates for people under 45 years of age have begun to decline , particularly for white UNKA . The National Cancer Institute also projected that overall U.S. UNKA rates from lung cancer should begin to drop in several years if cigarette smoking continues to UNKA . Bush met with South Korean President UNKA , who indicated that Seoul plans to further ease trade rules to ensure that its economy becomes as open as the other industrialized nations by the mid-1990s . Bush assured UNKA that the U.S. would stand by its security commitments `` as long as there is a threat '' from Communist North Korea . The Bush administration is seeking an understanding with Congress to ease restrictions on U.S. involvement in foreign coups that might result in the death of a country 's leader . A White House spokesman said that while Bush would n't alter a longstanding ban on such involvement , `` there 's a UNKA needed '' on its interpretation . India 's Gandhi called for parliamentary elections next month . The balloting , considered a test for the prime minister and the ruling Congress -LRB- I -RRB- Party , comes amid charges of UNKA leadership and government corruption . Gandhi 's family has ruled independent India for all but five years of its UNKA history . The Soviet Union UNKA from a U.N. General Assembly vote to reject Israel 's credentials . It was the first time in seven years that Moscow has n't joined efforts , led by UNKA nations , to UNKA Israel from the world body , and was viewed as a sign of improving UNKA ties . Israel was UNKA by a vote of UNKA , with 15 UNKA . Black activist Walter Sisulu said the African National Congress would n't reject violence as a way to pressure the South African government into concessions that might lead to negotiations over apartheid . The UNKA Sisulu was among eight black political activists UNKA Sunday from prison . London has concluded that UNKA President UNKA was n't responsible for the execution of six British UNKA in World War II , although he probably was aware of the UNKA . The report by the Defense Ministry also rejected allegations that Britain covered up evidence of UNKA 's activities as a German army officer . An international group approved a formal ban on UNKA trade despite objections from southern African governments , which threatened to find alternative channels for selling UNKA UNKA . The move by the UNKA on Trade in UNKA UNKA , meeting in Switzerland , places the UNKA on the UNKA list . An UNKA in Colombia killed a federal judge on a UNKA street . An UNKA UNKA to a local radio station said cocaine UNKA had UNKA the UNKA in UNKA for the UNKA of UNKA wanted on drug charges in the U.S. . UNKA leader UNKA met with UNKA 's President UNKA , and the two officials pledged to respect each other 's laws , security and stability . They stopped short of UNKA diplomatic ties , UNKA in 1979 . The UNKA talks in the UNKA desert town of UNKA followed a meeting Monday in the Egyptian resort of UNKA UNKA . UNKA Group Inc. revised its exchange offer for $ UNKA million face amount of 13.5 % senior subordinated debt due 1996 and extended the offer to Oct. 27 from Oct. 12 . The UNKA , N.J. , company said holders would receive for each $ 1,000 face amount , $ 750 face amount of a new issue of secured senior subordinated notes , convertible into common stock at an initial rate of $ UNKA a share , and 50 common shares . The new notes will bear interest at 5.5 % through July 31 , 1991 , and thereafter at 10 % . Under the original proposal , the maker of specialty coatings and a developer of UNKA technologies offered $ 400 of notes due 1996 , 10 common shares and $ 175 in cash for each $ 1,000 face amount . UNKA of the exchange offer is subject to the tender of at least 80 % of the debt , among other things . UNKA , which said it does n't plan to further extend the offer , said it received $ UNKA face amount of debt under the original offer . The stock of UAL Corp. continued to be UNKA amid signs that British Airways may UNKA at any UNKA UNKA of the UNKA $ 6.79 billion buy-out of United Airlines ' parent . UAL stock plummeted a further $ UNKA to $ UNKA on volume of more than 2.8 million shares in New York Stock Exchange composite trading . The plunge followed a drop of $ UNKA Monday , amid indications the takeover may take weeks to be revived . The stock has fallen $ UNKA , or 31 % , in the three trading days since announcement of the collapse of the $ 300-a-share takeover jolted the entire stock market into its UNKA plunge ever . `` This is a total UNKA '' for takeover-stock traders , one investment banker said . Los Angeles financier Marvin Davis , who put United in play with a $ 5.4 billion bid two months ago , last night UNKA both a UNKA of hope and an extra element of uncertainty by saying he remains interested in acquiring UAL . But he dropped his earlier $ 300-a-share UNKA bid , saying he must first explore bank financing . Even as Citicorp and Chase Manhattan Corp. scrambled to line up bank financing for a revised version of the UNKA labor-management bid , British Airways , a 15 % partner in the buying group , indicated it wants to start from UNKA . Its partners are United 's pilots , who were to own 75 % , and UAL management at 10 % . UNKA UNKA to injury , United 's UNKA Machinists ' union , which helped scuttle financing for the first bid , yesterday asked UAL Chairman Stephen Wolf and other UAL directors to resign . A similar demand was made by a group that represents some of United 's UNKA UNKA employees . John UNKA , Machinists union general vice president , attacked Mr. Wolf as `` greedy and irresponsible '' for pursuing the buy-out . Although Mr. Wolf and John UNKA , UAL 's chief financial officer , stood to UNKA $ UNKA million for stock and options in the buy-out , UAL executives planned to reinvest only $ 15 million in the new company . The blue-collar machinists , longtime rivals of the white-collar pilots , say the UNKA would load the company with debt and weaken its finances . UNKA about the two banks ' UNKA efforts to round up financing for a new bid that the UAL board has n't even seen yet helped send UAL stock UNKA downward . And rumors of forced selling by takeover-stock traders triggered a UNKA UNKA in the Dow Jones Industrial Average around UNKA a.m. EDT yesterday . Yesterday 's selling began after a Japanese news agency reported that Japanese banks , which balked at the first bid , were ready to reject a revised version at around $ 250 a share , or $ UNKA billion . Several reports as the day UNKA gave vague or UNKA indications about whether banks would sign up . Citicorp , for example , said only that it had `` UNKA of interest of a transaction from both the borrowers and the banks , '' but did n't have an agreement . Late in the day , Mr. Wolf issued a UNKA statement calling Mr. UNKA 's blast `` UNKA and UNKA for . '' But he gave few details on the progress toward a new bid , saying only , `` We are working toward a revised proposal for majority employee ownership . '' Meanwhile , in another sign that a new bid is n't imminent , it was learned that the UAL board held a telephone meeting Monday to hear an UNKA on the situation , but that a formal board meeting is n't likely to be UNKA until early next week . In London , British Airways Chairman Lord King was quoted in the Times as declaring he is `` not prepared to take my shareholders into a UNKA deal . '' UNKA said it appeared that British Air was angered at the way the bid has UNKA into confusion , as well as by the banks ' effort to round up financing for what one called `` a deal that is n't a deal . '' The effort to revive the bid was complicated by the UNKA nature of the UNKA buying group . The pilots were meeting outside Chicago yesterday . But British Air , which was to have supplied $ 750 million out of $ UNKA million in equity financing , apparently was n't involved in the second proposal and could well reject it even if banks obtain financing . A group of United 's UNKA employees said in a statement , `` The fact that Wolf and other officers were going to line their pockets with literally millions of dollars while UNKA severe pay cuts on the UNKA employees of United is not only UNKA but UNKA . '' The machinists also asked for an investigation by the Securities and Exchange Commission into possible UNKA violations in the original bid for UAL by Mr. Davis , as well as in the response by UAL . Last week , just before the bank commitments were due , the union asked the U.S. Labor Department to study whether the bid violated legal standards of fairness governing employee investment funds . In his statement , Mr. Wolf said , `` We continue to believe our approach is sound , and that it is far better for all employees than the alternative of having an outsider own the company with employees paying for it just the same . '' Mr. Wolf has UNKA merger advice from a major Wall Street securities firm , relying instead only on a takeover lawyer , Peter UNKA of UNKA UNKA UNKA UNKA & Flom . The huge drop in UAL stock prompted one takeover stock trader , George UNKA , managing partner of UNKA , UNKA & Co. , to deny publicly rumors that his firm was going out of business . Mr. UNKA said that despite losses on UAL stock , his firm 's health is `` excellent . '' The stock 's decline also has left the UAL board in a UNKA . Although it may not be legally obligated to sell the company if the buy-out group ca n't revive its bid , it may have to explore alternatives if the buyers come back with a bid much lower than the group 's original $ 300-a-share proposal . At a meeting Sept. 1 to consider the labor-management bid , the board also was informed by its investment adviser , First Boston Corp. , of interest expressed by buy-out funds including Kohlberg Kravis Roberts & Co. and UNKA Little & Co. , as well as by Robert Bass , Morgan Stanley 's buy-out fund , and Pan Am Corp . The takeover-stock traders were hoping that Mr. Davis or one of the other interested parties might UNKA with the situation in disarray , or that the board might consider a recapitalization . Meanwhile , Japanese bankers said they were still UNKA about accepting Citicorp 's latest proposal . Macmillan Inc. said it plans a public offering of 8.4 million shares of its UNKA International Inc. unit at $ 19 to $ 21 a share . The offering for the language school unit was announced by Robert Maxwell , chairman and chief executive officer of London-based Maxwell Communication Corp. , which owns Macmillan . After the offering is completed , Macmillan will own about 56 % of the UNKA common stock outstanding . Five million shares will be offered in the U.S. , and 3.4 million additional shares will be offered in UNKA international offerings outside the U.S. . Goldman , Sachs & Co. will manage the offering . Macmillan said UNKA intends to pay quarterly dividends on the stock . The company said it expects to pay the first dividend , of 12.5 cents a share , in the 1990 first quarter . UNKA will borrow an amount equal to its expected net proceeds from the offerings , plus $ 50 million , in connection with a credit agreement with lenders . The total borrowing will be about $ UNKA million , the company said . Proceeds from the borrowings under the credit agreement will be used to pay an $ 80 million cash dividend to Macmillan and to lend the remainder of about $ UNKA million to Maxwell Communications in connection with a UNKA note . Proceeds from the offering will be used to repay borrowings under the short-term parts of a credit agreement . UNKA , which is based in Princeton , N.J. , provides language instruction and UNKA services through more than 260 language centers in 25 countries . In the past five years , more than 68 % of its sales have been outside the U.S. . Macmillan has owned UNKA since 1966 . In the first six months of this year , UNKA posted net income of $ 7.6 million on sales of $ UNKA million , compared with net income of $ 8.2 million on sales of $ UNKA million . Right away you notice the following things about a Philip Glass UNKA . It attracts people with funny hair -LRB- or with no hair -- in front of me a girl with UNKA UNKA sat UNKA a boy who had UNKA his -RRB- . UNKA constitute the local UNKA Bank come out in force , dressed in black , along with a UNKA of UNKA who want to be on the cutting edge . People in Glass houses tend to look UNKA . And , if still UNKA at the evening 's end , you notice something else : The audience , at first UNKA and UNKA by the music , releases its UNKA feelings in collective UNKA . Currently in the middle of a UNKA , UNKA tour as a solo UNKA , Mr. Glass has left behind his UNKA , equipment and UNKA in favor of going it alone . He UNKA down at the UNKA and plays . And plays . Either one likes it or one does n't . The typical Glass audience , which is more likely to be composed of music students than their teachers , certainly does . The work , though , sounds like UNKA for UNKA . Philip Glass is the UNKA , and his music the new clothes , of the UNKA . His success is easy to understand . UNKA introducing and explaining his pieces , Mr. Glass looks and sounds more like a UNKA UNKA describing his work than a UNKA UNKA playing a UNKA . The UNKA UNKA , which have been labeled UNKA as UNKA , UNKA , UNKA , cyclical , UNKA and UNKA , are UNKA UNKA -LRB- therefore UNKA -RRB- , UNKA UNKA -LRB- therefore UNKA -RRB- , and UNKA UNKA but UNKA -LRB- therefore both pretty and UNKA -RRB- . It is music for people who want to hear something different but do n't want to work especially hard at the task . It is UNKA listening for the now generation . Mr. Glass has UNKA the famous UNKA UNKA `` less is more . '' His more is always less . Far from being UNKA , the music UNKA UNKA us with apparent UNKA not so UNKA UNKA in the UNKA of UNKA time , UNKA UNKA , and UNKA or UNKA UNKA UNKA . But the music has its UNKA , and Mr. Glass has constructed his solo program around a move from the simple to the relatively complex . `` UNKA '' -LRB- 1981 -RRB- , from UNKA , UNKA the audience to the Glass technique : Never UNKA too far from the UNKA 's center , Mr. Glass works in the two UNKA on either side of middle C , and his UNKA seldom leave the UNKA . There is a UNKA musical style here , but not a particular performance style . The music is not especially UNKA ; indeed , it 's hard to imagine a bad performance of it . Nothing UNKA , no UNKA , no UNKA UNKA problems challenge the UNKA . We hear , we may think , inner voices , but they all seem to be saying the same thing . With `` UNKA News , '' music meant to UNKA UNKA of Allen UNKA 's `` UNKA UNKA UNKA , '' Mr. Glass gets going . His hands sit UNKA apart on the UNKA . UNKA UNKA make you feel as though he may break into a -LRB- very slow -RRB- UNKA UNKA . The UNKA UNKA , but there is little UNKA even though his UNKA begin to UNKA over more of the UNKA . UNKA UNKA UNKA : First the music is UNKA , then it becomes soft , then -LRB- you realize -RRB- it becomes UNKA again . `` The UNKA UNKA UNKA , '' an UNKA from `` UNKA on the Beach , '' is like a UNKA but it does n't seem to move much beyond its UNKA ground in `` Three UNKA UNKA . '' When Mr. Glass decides to get really fancy , he UNKA his hands and hits a UNKA UNKA note with his right hand . He does this in at least three of his solo pieces . You might call it a UNKA or a UNKA UNKA . In `` UNKA UNKA , '' which came from a commission to write a piece of UNKA length -LRB- Mr. Glass UNKA , and UNKA , confessed that `` this was no problem for me '' -RRB- , an A section UNKA with a B section several times before the piece ends UNKA . Not only is the typical UNKA UNKA , it is also often multiple in its context -LRB- s -RRB- . `` UNKA UNKA '' began its life as the UNKA to the UNKA Lama 's first public address in the U.S. , when Mr. Glass played it on the UNKA at New York 's UNKA of St. John the UNKA . Later it was performed on Radio UNKA in Germany , and then UNKA UNKA took it for one of her dance pieces . The point is that any piece can be used as background music for virtually anything . The evening ended with Mr. Glass 's `` UNKA , '' another multiple work . UNKA 1 , 2 , and 5 come from the UNKA of UNKA Morris 's UNKA film , `` The UNKA Blue Line , '' and the two other parts from UNKA music to two separate UNKA of the UNKA story of the same name . When used as background in this way , the music has an appropriate UNKA , as when a UNKA phrase , a UNKA minor third , UNKA the seemingly endless UNKA of reports , interviews and UNKA of witnesses in the Morris film . UNKA up as a solo , however , the music lacks the UNKA provided by a context within another medium . UNKA of Mr. Glass may agree with the critic Richard UNKA 's sense that the 1974 `` UNKA in UNKA UNKA '' is as UNKA and UNKA as `` The UNKA UNKA . '' But while making the obvious point that both UNKA develop variations from themes , this comparison UNKA the UNKA UNKA nature of Mr. Glass 's music . Its supposedly UNKA UNKA UNKA a UNKA that makes one UNKA for the UNKA of UNKA UNKA , the UNKA radical UNKA of UNKA and UNKA , and what in UNKA even seems like UNKA in UNKA . Mr. UNKA is professor of English at Southern UNKA University and editor of the Southwest Review . Honeywell Inc. said it hopes to complete shortly the first of two sales of shares in its Japanese joint venture , UNKA , for about $ 280 million . The company would n't disclose the buyer of the initial 16 % stake . Proceeds of the sale , expected to be completed next week , would be used to repurchase as many as 10 million shares of Honeywell stock , the company said . Honeywell said it is negotiating the sale of a second stake in UNKA , but indicated it intends to hold at least 20 % of the joint venture 's stock long term . A 20 % stake would allow Honeywell to include UNKA earnings in its results . Honeywell previously said it intended to reduce its holding in the Japanese concern as part of a restructuring plan which also calls for a reduction of UNKA on weapons sales . Yesterday a spokeswoman said the company was `` pleased with our progress '' in that regard and `` hopes to provide additional details soon . '' Honeywell said its Defense and Marine Systems group incurred delays in shipping some undisclosed contracts during the third quarter , resulting in lower operating profit for that business . Overall , Honeywell reported earnings of $ UNKA million , or $ UNKA a share , for the three months ended Oct. 1 compared with a loss of $ UNKA million , or 98 cents a share , a year earlier . The previous period 's results included a $ 108 million pretax charge related to UNKA contract costs and a $ 12.3 million pretax gain on real estate sales . Sales for the latest quarter were flat , at $ UNKA billion . For the nine months , Honeywell reported earnings of $ UNKA million , or $ UNKA a share , compared with earnings of $ UNKA million , or $ UNKA a share , a year earlier . Sales declined slightly to $ UNKA billion . Once again , your editorial page UNKA the law to conform to your almost UNKA UNKA . In an UNKA of little UNKA to his central point about private enforcement suits by environmental groups , Michael S. UNKA UNKA your readers , `` ... the Clean Water Act is written upon the UNKA -- the UNKA , rather -- that nothing but zero risk will do ; it UNKA a legal standard of zero UNKA '' -LRB- `` UNKA Environmental UNKA , '' Sept. 18 -RRB- . This statement surely UNKA your editorial viewpoint that environmental protection is generally silly or excessive , but it is simply wrong . The Clean Water Act contains no `` legal standard '' of zero UNKA . It requires that `` UNKA of UNKA '' into the `` waters of the United States '' be authorized by permits that reflect the UNKA limitations developed under section UNKA . Whatever may be the problems with this system , it UNKA reflects `` zero risk '' or `` zero UNKA . '' Perhaps Mr. UNKA was UNKA by Congress 's UNKA statement of `` the national goal '' in section 101 , which indeed calls for the elimination of UNKA -- by 1985 , no less . This UNKA statement was not taken seriously when enacted in 1972 , and should not now be UNKA with the UNKA provisions of the statute . Thus , you do the public a great UNKA when Mr. UNKA suggests , even UNKA , that the Clean Water Act prohibits the preparation of a UNKA and water ; your UNKA readers may be led to believe that nothing but chance or oversight protects them , as they UNKA in the night with their UNKA and waters , from the UNKA UNKA of the Sierra Club at their doors . Robert J. UNKA National UNKA , the UNKA U.S. magazine , is attracting more readers than ever and offers the UNKA , UNKA pages that upscale advertisers love . So why did advertising pages plunge by almost 10 % and ad revenue by 7.2 % in the first half ? To hear advertisers tell it , the magazine just has n't kept up with the times . Despite renewed interest by the public in such topics as the environment and the Third World , it has n't been able to shake its reputation as a magazine boys like to UNKA through in search of UNKA UNKA women . Worse , it lagged behind competitors in offering UNKA UNKA , from regional editions to discounts for frequent advertisers . But now , the magazine is attempting to fight back , with an ambitious plan including a revamped sales strategy and a surprisingly aggressive ad campaign . Advertisers do n't think of the magazine first , says Joan UNKA , who joined in April as national advertising director . `` What we want to do is take a more aggressive stance . People did n't believe we were in tune with the marketplace , and in many ways we were n't . '' The UNKA magazine has never had to woo advertisers with quite so much UNKA before . It largely UNKA on its UNKA UNKA : UNKA million subscribers in the first half , up from 10.5 million a year ago ; an average age of 42 for readers -- at the UNKA of their UNKA years ; loyalty to the tune of an 85 % average UNKA renewal rate . The magazine had its best year yet in 1988 , when it UNKA its centennial and racked up a 17 % gain in ad pages , to UNKA . But this year , when the UNKA surrounding its centennial died , so too did some UNKA interest . The reason , ad executives say , is that the entire magazine business has been soft -- and National UNKA has some UNKA that make it especially UNKA during a soft market . Perhaps the biggest of those factors is its high ad prices -- $ UNKA for a UNKA page , vs. $ UNKA for the UNKA , a comparable publication with a far smaller circulation . When ad dollars are tight , the high page cost is a major UNKA for advertisers , who generally want to appear regularly in a publication or not at all . Even though National UNKA offers far more readers than does a magazine like UNKA , `` the page costs you an arm and a leg to develop any frequency , '' says Harry Glass , New York media manager for UNKA Inc . To combat that problem , National UNKA , like other magazines , began offering regional editions allowing advertisers to appear in only a portion of its magazines -- for example , ads can run only in the magazines sent to subscribers in the largest 25 markets . But the magazine was slower than its competitors to come up with its regional editions , and until last year offered fewer of them than did competitors . Time magazine , for example , has more than 100 separate editions going to different regions , top management , and other groups . Another sticking point for advertisers was National UNKA 's tradition of UNKA its ads together , usually at the beginning or end of the magazine , rather than spreading ads out among its articles , as most magazines do . And National UNKA 's UNKA size means extra production costs for advertisers . But Ms. UNKA says the magazine is fighting back . It now offers 30 regional editions , it very recently began running ads adjacent to articles , and it has been UNKA up its sales force . And it just launched a promotional campaign to tell chief executives , marketing directors , and media executives just that . The centerpiece of the promotion is its new ad campaign , into which the magazine will pour about $ 500,000 , mostly in the next few weeks . The campaign , created by UNKA Group 's DDB Needham agency , takes advantage of the UNKA UNKA that National UNKA is known for . In one ad , a photo of the interior of the UNKA in Paris is UNKA with the headline , `` The only book more respected than UNKA does n't accept advertising . '' Another ad pictures a tree UNKA , magnified 80 times , with the headline , `` For impact far beyond your size consider our regional editions . '' Ms. UNKA says she wants the campaign to help attract advertisers in 10 categories , including corporate , financial services , consumer electronics , insurance and food . Her goal : to top 300 ad pages in 1990 , up from about UNKA this year . Whether she can meet that ambitious goal is still far from certain . `` The ad campaign is meant to UNKA the thought of National UNKA , '' she says . `` We want it to be a UNKA kind of image . '' WCRS Plans UNKA UNKA WCRS Group hopes to announce , perhaps today , an agreement to sell the majority of its ad unit to UNKA Eurocom , a European ad executive said . WCRS has been in discussions with Eurocom for several months . However , when negotiations UNKA down recently , WCRS 's chief executive , Peter Scott , met in Paris with another French firm , UNKA UNKA UNKA UNKA , or UNKA . According to the executive , UNKA 's involvement prompted renewed UNKA in the UNKA talks and the two agencies were hoping to UNKA out details by today . Executives of the two agencies could n't be reached last night . Ad Notes ... . NEW ACCOUNT : Procter & Gamble Co. , Cincinnati , awarded the ad accounts for its line of Professional UNKA UNKA UNKA and oil products to UNKA , UNKA , UNKA , Cincinnati . UNKA were n't disclosed . Professional UNKA products are specially made for the UNKA industry . WHO 'S UNKA : Stephen UNKA , 49 , was named executive vice president , deputy creative director at Grey Advertising , New York . He was executive vice president , director of broadcast production . The Commodity Futures Trading Commission plans to restrict dual trading on commodity exchanges , a move almost certain to UNKA exchange officials and traders . The UNKA said it will propose the restrictions after the release of a study that shows little economic benefit resulting from dual trading and cites `` problems '' associated with the practice . UNKA trading gives an exchange trader the right to trade both for his own account and for customers . The issue exploded this year after a Federal Bureau of Investigation operation led to charges of widespread trading abuses at the Chicago Board of Trade and Chicago Mercantile Exchange . While not specifically mentioned in the FBI charges , dual trading became a focus of attempts to UNKA industry regulations . Critics contend that traders were putting buying or selling for their own accounts ahead of other traders ' customer orders . Traders are likely to oppose such restrictions because dual trading provides a way to make money in slower markets where there is a shortage of customer orders . The exchanges contend that dual trading improves liquidity in the markets because traders can buy or sell even when they do n't have a customer order in hand . The exchanges say liquidity becomes a severe problem for UNKA traded contracts such as those with a long time remaining before expiration . The UNKA may take those arguments into account by allowing exceptions to its restrictions . The agency did n't cite specific situations where dual trading might be allowed , but smaller exchanges or contracts that need additional liquidity are expected to be among them . Wendy UNKA , the agency 's chairman , told the Senate Agriculture Committee that she expects the study to be released within two weeks and the rule changes to be completed by UNKA . The study , by the UNKA 's division of economic analysis , shows that `` a trade is a trade , '' a member of the study team said . Whether a trade is done on a dual or UNKA basis , the member said , `` does n't seem to have much economic impact . '' Currently , most traders on commodity exchanges specialize in trading either for customer accounts , which makes them brokers , or for their own accounts as UNKA UNKA . `` The tests indicate that dual and UNKA traders are similar in terms of the trade executions and liquidity they provide to the market , '' Mrs. UNKA told the Senate panel . Members of Congress have proposed UNKA dual trading in bills to UNKA UNKA operations . The House 's bill would prohibit dual trading in markets with daily average volume of UNKA contracts or more , UNKA those considered too difficult to track without a sophisticated computer system . The Senate bill would force the UNKA to suspend dual trading if an exchange ca n't show that its oversight system can detect UNKA abuses . So far , one test of UNKA dual trading has worked well . The Chicago Merc banned dual trading in its Standard & Poor 's 500-stock index futures pit in 1987 . Under the rules , traders decide before a session begins whether they will trade for their own account or for customers . Traders who stand on the pit 's top step , where most customer orders are executed , ca n't trade for themselves . A Merc spokesman said the plan has n't made much difference in liquidity in the pit . `` It 's too soon to tell ... but people do n't seem to be unhappy with it , '' he said . He said he would n't comment on the UNKA plan until the exchange has seen the full proposal . But at a meeting last week , Tom UNKA , the Board of Trade 's president , told commodity lawyers : `` UNKA trading is definitely worth saving . It adds something to the market . Japanese Firms UNKA UNKA Car UNKA UNKA luxury-car makers are trying to set strict design standards for their dealerships . But some dealers are negotiating UNKA terms , while others decline to deal at all . Nissan Motor Co. 's Infiniti division likes to insist that every dealer construct and UNKA a building in a Japanese style . UNKA include a UNKA UNKA UNKA at the center of each UNKA and a UNKA bridge UNKA a stream that flows into the building from outside . `` Infiniti has it down to the UNKA , '' says Jay UNKA , a partner at UNKA Power & Associates , an auto research firm . Toyota Motor Corp. 's Lexus division also provides specifications . But only two-thirds of Lexus dealers are UNKA new buildings according to the Lexus UNKA . Some are even coming up with their own novel designs . In Louisville , Ky. , for example , David Peterson has built a Lexus dealership with the UNKA on the second floor . Yet some dealers have turned down Infiniti or Lexus UNKA because they were unwilling or unable to meet the design requirements . Lee Seidman of Cleveland says Infiniti `` was a bear on UNKA '' but at least let him UNKA an existing building -- without the stream . Mr. Seidman says he turned down a Lexus franchise in part because `` the building was UNKA but very expensive . '' To head off arguments , Infiniti offers dealers cash bonuses and UNKA construction loans . UNKA UNKA 's UNKA UNKA Back a UNKA UNKA UNKA have to be first to be winners . That 's the lesson offered through one case study featured in a design exhibit . UNKA Corp. was caught off guard in 1974 when its main competitor , UNKA Office Products of Japan , introduced a UNKA UNKA UNKA half the size of standard UNKA devices . UNKA by patent protection from following suit , UNKA decided to go a step further and cut the UNKA in half again -- down to the length of a UNKA . By 1979 , designers and engineers at UNKA , a Pitney Bowes subsidiary , had produced a working model of a `` UNKA '' UNKA . By 1982 , however , the patent status of the UNKA UNKA had changed , permitting UNKA to develop its own competitive UNKA system , which it did . Marketing and sales departments then urged UNKA of the UNKA project . But others said UNKA should proceed . Both were right . UNKA went ahead and introduced the UNKA in 1985 , but it has n't sold well . To date , says UNKA UNKA , a UNKA vice president , it has `` broken even or shown a small loss . '' Nevertheless , the device has been successful in other ways . It helped UNKA attract better engineers , and it provided new technology for other company products . The UNKA UNKA also helped transform the company 's reputation from UNKA to UNKA UNKA . `` It gave me great pride to see the UNKA of the UNKA in Japan look at the UNKA and shake his head and say ` UNKA , ' '' says Mr. UNKA . UNKA 's UNKA UNKA is one of 13 case studies in the UNKA UNKA Project , sponsored by the UNKA Management Institute of Boston and Harvard Business School . The studies are on exhibit at Harvard this month and will travel to Chicago 's Institute of UNKA and the University of California at Berkeley . A UNKA 's UNKA Means UNKA Out UNKA UNKA Carl UNKA of UNKA , Ala. , was UNKA some UNKA leaves , but the UNKA kept riding up over the UNKA . The harder he tried to push them into large UNKA , the closer he came to breaking the UNKA and UNKA his back . So Mr. UNKA , then vice president of the Alabama UNKA Association , took a UNKA garden UNKA and taped it to the UNKA of a UNKA UNKA about nine inches up . His crude device worked : The lower teeth gathered the leaves into a pile , while the higher , harder teeth moved the top of the pile . Now incorporated into a UNKA UNKA , the UNKA UNKA , or `` UNKA , '' also are supposed to aid in picking up leaves . One customer , Donald UNKA of UNKA , says the UNKA UNKA allowed him to do his lawn in 2 1\/2 hours , two hours less than usual . But other UNKA makers have their doubts . Richard Mason , president of UNKA Co. in UNKA , W. Va. , says the UNKA UNKA `` makes sense , '' but it would be `` tough '' to explain to consumers . John UNKA , marketing director for True UNKA Corp. , a subsidiary of Black & Decker , says people do n't want to move a UNKA pile . `` They either pick it up , '' he says , `` or they start pulling from a fresh direction . '' Odds and Ends UNKA UNKA UNKA UNKA or UNKA UNKA , promises UNKA Corp. of UNKA , Ind. , the designer of a bed support to replace traditional UNKA . Four UNKA steel `` UNKA , '' each roughly in the shape of a `` UNKA , '' are attached to the bottom of the box spring in a UNKA position ... . Nearly half of U.S. consumers say they 'll pay up to 5 % more for packaging that can be recycled or is UNKA , according to a survey commissioned by the Michael Peters Group , a design consultant . The Pentagon is a UNKA house . UNKA there for six years was really UNKA . The ghosts of the past are everywhere : They are kept at bay only by UNKA them vast quantities of our defense budget . Some can be bought off relatively UNKA . During the Korean War , Gen. Douglas UNKA demanded and got , in addition to his U.N. command in Korea , his own naval command in Japan , UNKA . Those UNKA operations cost less than $ 2 billion a year , and keep Mac 's ghost quiet . That 's about all it costs to UNKA Adm. Erich UNKA 's ghost . In UNKA , UNKA and the German navy threatened to attack the Panama UNKA , so we created the Southern UNKA in Panama . The Southern UNKA has grown even bigger since the war because UNKA 's ghost sometimes runs through the UNKA ring dressed like Gen. Noriega . The UNKA 's huge bureaucracy is needed to analyze whether leaders of coups against Gen. Noriega meet the War Powers Act 's six points , UNKA UNKA 's seven points , the Intelligence Committee 's 32 points and UNKA Wilson 's 14 points necessary to justify U.S. support . So far no one has . The ghost of the Soviet UNKA discovered in Cuba back in the UNKA costs just a few hundred million : the price of the Caribbean UNKA in UNKA West that President Carter created in 1980 . The UNKA has n't been heard from since , but we keep the staff around just in case . George Marshall 's ghost is much more difficult to keep happy . We keep a lot of UNKA to him around the Pentagon : UNKA , UNKA , UNKA and such . The Army headquarters on the third deck of the Pentagon used to UNKA a lot of UNKA to him , but the Navy headquarters on the fourth deck made them stop it . You see , Marshall had this thing about the Navy and the UNKA -- he wanted to make them part of the Army but Secretary of the Navy James UNKA blocked him . Now his ghost wo n't let up UNKA it 's done . To keep him quiet we UNKA a new unified command every year or so run by the Army or the Air Force and put more of the Navy and UNKA under it . But we still hear him UNKA at night because the Navy has a few ships left , and to satisfy him the Navy 's sea lift forces were given to a new Air Force bureaucracy in Illinois , its space operations to another command in Colorado , the UNKA to a new Army bureaucracy in Fort UNKA , and the Navy 's Indian Ocean and UNKA Gulf forces to an Army bureaucracy in Florida . Which brings up the worst and UNKA ghost of all -- the ghost of the UNKA of Iran . When the UNKA died , President Carter was so scared that the UNKA 's ghost would blame him for UNKA him out to make way for the UNKA that he declared the Carter UNKA . Mr. Carter said he would go to war to stop anyone from trying to grab Iran . But that ghost would n't settle for words , he wanted money and people -- lots . So Mr. Carter formed three new Army divisions and gave them to a new bureaucracy in Tampa called the Rapid UNKA Force . But that ghost was n't UNKA ; he knew the UNKA was neither rapid nor UNKA nor a force -- even though it cost $ 8 billion or $ 10 billion a year . After Mr. Carter was defeated in 1980 , the UNKA 's ghost claimed the credit and then went after President Reagan and UNKA UNKA . I saw what he did to them UNKA . It made my UNKA dance with UNKA . Why , he used to lay in wait for UNKA ; suddenly he 'd leap from behind some UNKA of Marshall onto UNKA 's UNKA and grab him by the UNKA and UNKA him UNKA he UNKA up an additional $ 2 billion or so . UNKA added four more divisions to the Army , two active and two reserve ; two carrier groups to the Navy ; a division -- equivalent to the UNKA ; and the UNKA , UNKA , UNKA and a thousand tactical aircraft to the Air Force . He bought $ 4 billion in UNKA ships and $ 7 billion in UNKA and equipment to fill them , and UNKA them at a new $ 6 billion base at Diego Garcia in the middle of the Indian Ocean . He dedicated all these new forces to the UNKA Gulf . One night both Marshall 's ghost and the UNKA 's ghost together caught UNKA and threw him to the ground . Before they let him go he added a thousand bureaucrats to the UNKA in Tampa and renamed it Central UNKA . He gave those bureaucrats charge of all naval operations in the UNKA Gulf and Indian Ocean . Marshall figured it would be good training for those soldiers -- someday maybe they would get the whole Navy . They had fun moving the carriers around , but it turned out that they had forgotten all about mine UNKA . But the UNKA still kept UNKA out at UNKA , so UNKA bought a hundred merchant ships more and $ 7 billion of UNKA UNKA , UNKA , UNKA , in order that those seven new Army divisions and three Marine UNKA could unload from all those new ships and aircraft and go to war in the UNKA UNKA . Then suddenly UNKA 's ghost came to visit and said , `` What the hell are you doing planning for a land war in Asia UNKA miles away ? We 'd get our UNKA kicked . '' UNKA for UNKA , UNKA was UNKA and soon went away , while the UNKA -- he kept coming back . So the U.S. found itself paying about $ 2 billion in UNKA to various Arab UNKA for UNKA rights around the Indian Ocean . We had great success in Somalia . But then it turned out that President UNKA UNKA was not at all a nice person and the Navy pointed out that the base he promised us in UNKA had UNKA up about a hundred years ago and anyway was UNKA miles from the mouth of the Gulf . -LRB- But who 's counting . -RRB- Still , UNKA was the best we could get , so we stay in bed with President UNKA . All these reports about him committing UNKA are probably UNKA anyway . But would n't you know , now that we are spending UNKA of dollars , and have built those new divisions and new air wings , and have positioned all these ships and supplies to fight the Russians in Iran , the Russians seem to have lost interest in the whole subject . Meanwhile , Congress is cutting huge chunks out of the rest of the defense budget . UNKA , some Navy guys said : `` Do we still need to keep all 18 Army divisions on active duty and all those extra UNKA aircraft without bases and all those Army guys playing UNKA in Tampa ? UNKA n't we save $ 20 billion or $ 30 billion a year by shifting that stuff to the reserves ? And why not save the costs of a thousand bureaucrats by UNKA Central UNKA and putting responsibility for Gulf naval operations back where it belongs , UNKA with the task force UNKA in the Gulf ? And where were all our UNKA paid Indian Ocean allies last year when our UNKA were being attacked ? '' UNKA like that really UNKA up Marshall 's ghost . He appeared late one night in the UNKA of the new defense secretary , Dick Cheney . Marshall came UNKA in like UNKA 's ghost dragging those chains of UNKA and air wings and links with Arab UNKA . He would n't leave until Mr. Cheney promised to do whatever the Pentagon systems analysts told him . So next day Mr. Cheney went out and did just that : He canceled the UNKA Navy and cut back one carrier and 20 UNKA . Then he canceled production of the Navy 's most important carrier aircraft , the F-14 and the UNKA . On the other hand , Mr. Cheney retained all those new land forces . Marshall 's ghost is satisfied for now , but he 'll be back . What with Halloween coming and bigger defense cuts looming , more and more Pentagon bureaucrats are UNKA under their desks . They know that they can hold off the ghosts only a little while longer by cutting carriers and ships . Then the whole thing will start to collapse , just as it did in the 1970s , and the ghosts and UNKA will be UNKA through the place turning people 's hair white . UNKA me the UNKA just thinking about it . Mr. Lehman , a Reagan Navy secretary , is a managing director of PaineWebber . The metal and marble lobby of UNKA Bank 's headquarters is UNKA than your average savings and loan . For one thing , there is an old master on the wall -- `` Samuel UNKA David , '' a big UNKA UNKA painted by UNKA UNKA , a UNKA UNKA . At the moment , however , the painting is a UNKA reminder of the problems that have UNKA UNKA and its UNKA chairman and chief executive , David L. Paul . In an international buying spree that began barely two years ago , Mr. Paul UNKA a collection of about 30 UNKA works , including the UNKA , at a total cost of $ 28 million . By midnight Oct. 6 , all of the paintings were supposed to have been sold off , under orders from Florida 's comptroller , whose office UNKA the state 's S&Ls . UNKA did n't meet the deadline . The collection was at the heart of a UNKA plan Mr. Paul had in which the art was to do double duty -- as an investment for UNKA and as UNKA for the S&L 's new office tower , designed by UNKA UNKA . The UNKA is that the $ 28 million was UNKA from the funds of this federally insured institution even as UNKA was losing money hand over UNKA . Mr. Paul had no right to buy art for the S&L in the first place -- it is n't on the comptroller 's `` UNKA '' list -- without seeking a special UNKA , which he did not do . Besides that , some of the paintings that were to grace the walls of UNKA actually ended up hanging in the chairman 's estate on La UNKA UNKA off Miami Beach . Last spring , the comptroller 's office called a halt to Mr. Paul 's UNKA , giving him six months to sell the paintings . The acquisitions , officials said in a letter to Mr. Paul , were `` UNKA , UNKA and unauthorized . '' So far , Mr. Paul has UNKA but three of his UNKA , he wo n't say to whom . The comptroller 's office says it is `` monitoring the situation . '' Though the agency could remove Mr. Paul , it has no current intention to do that . `` It 's not like selling UNKA , '' Mr. Paul says , as he takes a drag on a UNKA St. UNKA cigarette . `` The last six months has established the quality of the collection . There 's no fire sale here . '' Despite Mr. Paul 's characteristic UNKA , the UNKA , UNKA UNKA is finding that getting UNKA -- Florida 's largest thrift institution -- out of its UNKA investments is much tougher than getting into them had been . UNKA are just part of the picture . Although Mr. Paul has UNKA a $ 1.35 billion junk-bond portfolio to less than $ 900 million since April , the high-yield debt market has plummeted . UNKA itself of what is left , as is required of all thrift institutions by July 1994 under the new federal S&L bailout law , may well prove difficult . And UNKA has other problems . Late last week federal regulators ordered the thrift institution to stop paying dividends on its preferred stock -- a move that suggests deep concern about an institution . Mr. Paul has a plan to bring in $ 150 million by selling off 63 of UNKA 's 71 branches , but it has yet to be approved by regulators . It is Mr. Paul 's art venture , however , that has drawn the most attention from investors and regulators , not to mention UNKA throughout the world . UNKA shareholders -LRB- some of whom are suing -RRB- say the chairman and his collection UNKA the excesses of speculation that set off the national S&L crisis . -LRB- UNKA shares have fallen sharply in price from a high of $ UNKA in 1986 to close yesterday at $ UNKA . -RRB- UNKA directors , meanwhile , say Mr. Paul and others of his UNKA have left an UNKA mark on the art world -- and not for the better . UNKA do n't say `` It 's a van UNKA '' anymore , UNKA Harry Brooks , the president of UNKA & Co. , a New York gallery . `` They say , ` UNKA UNKA got $ 53 million for his , so certainly $ 10 million is n't too much for mine . ' The great UNKA we UNKA on , such as Paul Mellon or Norton Simon , have stopped buying , and the new buyers are brilliant men who made money in the stock market or in takeovers and rushed into collecting ... . '' Mr. UNKA , an art dealer and UNKA , sold Vincent van UNKA 's `` UNKA '' at a Sotheby 's auction in November 1987 to Australian businessman Alan Bond . -LRB- UNKA is , Mr. Bond has yet to pay up , and until he does , Sotheby 's has the painting under lock and key . -RRB- When Mr. Paul moved in on the art market , he let it be known that virtually no piece was too costly to be considered by UNKA . He established his reputation as a UNKA in January last year at Sotheby 's auction of the Linda and Gerald UNKA collection in New York . There , on one of his first shopping trips , Mr. Paul picked up several paintings at stunning prices . He paid $ 2.2 million , for instance , for a still life by UNKA UNKA UNKA UNKA that was expected to fetch perhaps $ UNKA . The price paid was a record for the artist . -LRB- Some 64 % of items offered at the UNKA auction were sold , at an average price of $ UNKA . The rest were withdrawn for lack of acceptable bids . -RRB- UNKA , Mr. Paul is said by Mr. UNKA to have UNKA Mr. UNKA , the New York developer selling the collection , and UNKA . `` He says he ` UNKA them , ' '' recalls Mr. UNKA . `` And he tells me , ` If you want to see your paintings , you 'll have to come to my house in Florida . ' '' Mr. Paul denies UNKA and UNKA . `` It 's just not true , '' he says . Mr. Paul quickly became more aggressive in his collecting , with the help of George UNKA , a Sotheby 's expert in old masters whom he met at an exhibition of the UNKA items . Mr. UNKA , who became his principal adviser , UNKA UNKA in London , Paris and UNKA . And , according to one dealer , Mr. UNKA had a UNKA for introducing Mr. Paul with the phrase : `` He can buy anything . '' Nicholas Hall , the president of the UNKA U.S.A. Ltd. gallery in New York , sold Mr. Paul `` UNKA and UNKA in the UNKA '' by Giovanni UNKA UNKA . Mr. Hall says Mr. Paul `` was known to spend a lot of money . People were interested in seeing him , but it was recognized that the route was through Sotheby 's and particularly George UNKA . '' Mr. Paul thus developed a close , UNKA relationship with Sotheby 's . Mr. Paul was eager to UNKA a collection for the headquarters UNKA has been moving into for the greater part of a year . Sotheby 's , the auction house founded in London UNKA and now under the UNKA of Sotheby 's Holdings Inc. , was hoping to UNKA up interest in old masters as it UNKA to build its U.S. business . European dealers continued to dominate the action in old masters , which Sotheby 's North America had lately been UNKA in this country . For several months , there was optimism all around . Last October , Mr. Paul paid out $ 12 million of UNKA 's cash -- plus a $ 1.2 million commission -- for `` UNKA of a Man as UNKA . '' The painting , attributed to UNKA artist Peter Paul UNKA , was purchased privately through Sotheby 's , not at auction . In March 1989 , just 15 months into his campaign , Mr. Paul was named by Art & UNKA magazine as one of the top 100 individual UNKA in the U.S. . `` An unknown quantity to most of the art world , Paul is no UNKA to UNKA spending , '' the magazine said , noting that he does n't stop at UNKA on UNKA but also spends big on art you can eat . `` He recently bid $ 30,000 at a Paris charity auction for a dinner UNKA by six of the world 's great chefs , but the final party cost closer to $ 100,000 . '' -LRB- Mr. Paul says it was n't that high . -RRB- The art collection might have come to rival the UNKA ' had the Florida comptroller 's office not got wind of Mr. Paul 's UNKA UNKA . In its letter to him , dated March 2 and shared with reporters , Alex UNKA , the chief of the UNKA bureau in the comptroller 's office , expressed UNKA that the S&L could be so UNKA when it had reported losses of more than $ 13 million in its two preceding quarters . The state gave UNKA 30 days to sell the UNKA . The comptroller 's office eventually extended the deadline to six months but UNKA its demands , ordering that the `` book value of the collection -LCB- be -RCB- reduced to zero . '' In other words : Get rid of all the pictures . The state UNKA noted that UNKA banking practices are grounds for removing an officer or director and closed with the UNKA to Mr. Paul : `` UNKA yourself UNKA . '' The state agency was particularly UNKA to learn that the UNKA and a UNKA other paintings listed among the bank 's `` furniture and UNKA , '' were actually hanging in the chairman 's house . Mr. Paul says that at one point he did indeed have eight or nine of the paintings at home and that the rest were in storage at Sotheby 's . He explains that he was `` merely UNKA the paintings at home -- with some display -- because of the special UNKA environment '' required for their UNKA , until UNKA 's new building was ready for them . Still , the incident was embarrassing . It came on the heels of a number of local newspaper articles suggesting that Mr. Paul has benefited UNKA from his association with UNKA . For instance , he got a $ 3 million loan from the S&L , negotiated at a UNKA rate . He owns 43 % of UNKA 's shares . UNKA to Mr. Paul 's problems , dealers -LRB- some with vested interests -RRB- insist that he , relying rather too heavily on Sotheby 's advice , paid much too much for several pieces in the UNKA collection . The $ 12 million UNKA on the UNKA , for example , was a record price for the artist and maybe twice its value , given a dispute among scholars about its UNKA . David UNKA , the president of David UNKA Inc. , a New York gallery , says scholars question the UNKA of the UNKA . It may have been painted instead by a UNKA associate . `` The feeling among many experts on the commercial side is that the price paid at the time was excessive in any event , '' Mr. UNKA says . `` It sounds like with the UNKA he got absolutely taken to the UNKA . '' Victor UNKA , the executive director of the UNKA Association of America , agrees that Mr. Paul paid very UNKA for the UNKA and adds that getting rid of it any time soon for a similar sum would be quite a feat . `` It 's not beyond credibility the UNKA will someday be worth $ 12 million , but whether it could be sold for that amount tomorrow remains to be seen . '' Still , predicting is tricky . `` I 'm forever UNKA by what I see making these high prices . '' Jonathan H. UNKA , the son of the painting 's former owner , Mrs. UNKA UNKA , UNKA the price talk as `` sour UNKA . '' Dealers UNKA of the purchase price , he says , were themselves interested in buying the UNKA but lost out . Mr. Paul , for his part , UNKA the UNKA price , saying a lot of the experts have never seen the thing itself . `` Most of them were n't even born the last time the painting was displayed publicly , '' he says . Art prices are UNKA , but a good deal of UNKA is involved in UNKA statistics on sales . Salomon Brothers Inc. , the investment-banking firm , in its annual tally of investment returns , reported that old masters UNKA 51 % in the year ended June 1 , the greatest return of any of 13 assets it tracked . -LRB- UNKA and modern paintings , not tracked by Salomon , are ranked even higher at 74 % by Sotheby 's . -RRB- Salomon , moreover , gets its data on art appreciation from Sotheby 's , whose prices go up with clients like Mr. Paul in its UNKA . The UNKA UNKA from consideration the many paintings that go UNKA at auction . Art indexes track winners , not losers . But art that has fallen sharply in value is rarely put up for sale . Also , at any of Sotheby 's auctions of old masters , roughly one-third to UNKA of what is offered does n't sell at any price . It 's not that there are n't any bids , but the bids do n't meet the minimum `` reserve '' prices set by the sellers . In January , the UNKA painting that now hangs at UNKA was expected to bring no more than $ UNKA at auction until Mr. Paul came along with his $ 1.15 million . Mr. Hall of the UNKA gallery says $ 1.15 million `` would have been an impossible price for anyone to ask for a UNKA four years ago . '' But from his UNKA point , it is n't that Mr. Paul , a customer of his too , UNKA for the work , `` a UNKA painting by an artist who is not a household word . '' -LRB- The painting is 10 feet wide , seven feet high . -RRB- Rather , `` It just shows things have changed . '' Mr. Paul boasts that he spotted bargains in old masters just before they took an upward turn . `` They went up 51 % last year , and they 'll do it again this year , '' he declares . `` They were a UNKA . Everybody was out buying UNKA . '' Sotheby 's vice president UNKA UNKA says the auction house has been `` UNKA '' Mr. Paul in selling the paintings . And while Sotheby 's chief rivals in the art world , private art dealers , `` wo n't be happy to hear it , '' she adds , `` a number of -LCB- the UNKA -RCB- have already been sold , and at a substantial profit . '' Mr. Paul claims to have sold three paintings , at more than a 10 % profit . That is n't 51 % , and the claim is n't UNKA . He UNKA denies that he relied too heavily on Sotheby 's or Mr. UNKA . Mr. Paul says he had not one but four advisers and that he never bid UNKA . After all , he had the counsel of `` UNKA from the most reputable UNKA in the world . '' He says he expects to sell the collection -- including the controversial UNKA -- `` carefully and UNKA , just as it was put together . '' But in UNKA UNKA , Mr. Paul 's holdings are `` UNKA . '' That is , he is being UNKA to put them on the market too soon , and has already gotten offers that are less than he paid for some of the art works . `` After a few years , you can argue there has been natural appreciation , '' says Susan UNKA , the publisher of Leonard 's UNKA Price Index of Art UNKA . But quick turnover in UNKA is `` like UNKA your jewelry -- you end up with 50 % . People hold out and try to get a bargain . '' Sotheby 's UNKA itself and Mr. Paul in the matter . Mr. UNKA says Mr. Paul was a quick study who worked UNKA and bought the best pictures available at the moment . `` On UNKA , he paid a high price , '' Mr. UNKA concedes , but he says those who bid less and dropped out were dealers who would then have marked up the paintings to UNKA them at a profit to UNKA . UNKA UNKA UNKA , a UNKA UNKA at UNKA Associates in San Francisco , considers it `` UNKA conflict of interest for an auction house to both advise a client on purchases and to set price estimates on the paintings to be purchased . '' Sotheby 's , she says , is `` wearing both hats . '' `` I ca n't see why there would be a conflict of interest , '' says Sotheby 's Ms. UNKA . `` Estimates are based on the previous price of similar works sold at auction and current market conditions , and are not affected by any knowledge of who the potential buyer could be . '' UNKA , clients express interest in paintings but do n't end up bidding , she adds , `` so we do n't know who the potential buyer will be . '' Mr. Paul , in selling off his paintings , is seeking at least a 15 % return on the bank 's investment , so as to prove that the venture was sound . Mr. Paul says that he has UNKA out over much of the globe and that potential buyers from as far away as Japan and Italy have examined the collection . Because of the pressure on UNKA to sell , dealers and UNKA have been trying to get the paintings at UNKA prices . But so far , Mr. Paul and his advisers are holding fast . One dealer , Martin UNKA of French & Co. in New York , says he `` would have loved to buy '' a UNKA UNKA de UNKA painting from the bank . `` I tried to steal the picture -- to buy it UNKA -- and -LCB- Sotheby 's -RCB- would n't do it . They were protecting his interests . '' Meanwhile , Mr. Paul and UNKA executives are getting UNKA about UNKA . Mr. Paul has been characterized as `` the Great UNKA or something , '' complains Karen E. UNKA , an executive vice president of UNKA . The media , she says , have distorted his personal life . Mr. Paul UNKA in agreement . `` I do n't think I have a life style that is , UNKA , so UNKA , '' he says . But at just that moment , he is UNKA in his office by a UNKA in UNKA who UNKA coffee from silver into a cup of UNKA and UNKA the UNKA with UNKA . Mr. Paul says , yes , the ceiling in his executive UNKA is UNKA UNKA . The offices are done in UNKA and UNKA UNKA , UNKA books and , of course , a $ 12 million UNKA . But he UNKA that the UNKA be played down . `` Do n't say it 's a gold ceiling . Just say the offices are UNKA appointed , '' he says . `` Otherwise , the regulators will take it for UNKA , and UNKA everything 's got to be UNKA . '' UNKA do n't include taxes or transaction costs . Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . Estimated and actual results involving losses are omitted . The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . Otherwise , actual profit is compared with the 300-day estimate . -LCB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RCB- UNKA UNKA , mostly by UNKA , forced UNKA to change their way of setting standards to be followed by corporations reporting financial results , standards that had become all too flexible . The new Financial Accounting UNKA Board -LRB- FASB -RRB- was created in 1972 to replace the Accounting UNKA Board of the American Institute of UNKA Public UNKA . All of the former board 's members were UNKA , UNKA UNKA criticism because they were writing rules while handling clients ' books at the same time . The new board 's UNKA structure kept four UNKA , but the others were from industry and UNKA . Francis M. Wheat , a former Securities and Exchange Commission member , headed the panel that had studied the issues for a year and proposed the FASB on March 30 , 1972 . The former board had produced `` 21 opinions and 1,000 critics '' in its 12-year life , its chairman had conceded . The climate was right for the new FASB . In the late 1960s some UNKA failed to correct such abuses as clients picking UNKA rules that UNKA earnings and stock prices . And in November 1970 Congress had passed a special act to UNKA one board rule . Also , James Needham , an SEC commissioner , in April 1972 had warned that the industry might face a `` federal agency writing accounting rules '' if they rejected the FASB idea . UNKA of the books , dubbed `` figure UNKA , '' UNKA the threat . The FASB had its initial meeting on March 28 , 1973 . On Dec. 13 , 1973 , it issued its first rule ; it required companies to disclose foreign currency UNKA in U.S. dollars . The FASB since then has issued 102 rules , and some still UNKA industry . Since late 1987 , for example , it has put off a rule dealing with deferred income taxes because of the continuing controversy over the issue . UNKA Industrial Corp. said it plans to repurchase 500,000 shares , or about 7 % of its shares outstanding , in open market transactions . The metal products concern currently has 7.2 million common shares outstanding . UNKA previously had said it planned to repurchase shares , but did n't disclose when or how many shares it intended to buy back . The company named UNKA UNKA & Co. as its exclusive agent for the stock buy-back program . A seat on the Chicago Board of Trade was sold for $ UNKA , down $ 5,000 from the previous sale last Tuesday . Seats currently are quoted at $ UNKA bid , $ UNKA asked . The record price for a full membership on the exchange is $ 550,000 , set Aug. 31 , 1987 . An associate member seat was sold for $ UNKA , up $ 8,000 from the previous sale Oct. 4 . UNKA member seats currently are quoted at $ UNKA bid , $ UNKA asked . The record price for associate membership is $ UNKA , set Aug. 30 , 1988 . UNKA Industries Ltd. said its UNKA UNKA UNKA division was awarded a contract by the U.S. Army for two helicopter UNKA , which the company valued at as much as 37 million Canadian dollars -LRB- US$ UNKA million -RRB- . UNKA said the fixed price for the first of the UNKA UNKA combat mission UNKA is C$ 19 million . It is scheduled for delivery in late 1991 . The price of the second UNKA ranges between C$ UNKA million and C$ 18 million , UNKA said , depending on when the Army exercises its option . UNKA is a Toronto-based maker of commercial and military aircraft UNKA and training equipment . UNKA Inc. said it agreed to team with a unit of UNKA Honeywell Inc. to provide power UNKA for a new military UNKA system being proposed by Honeywell . Total value of the contract could be $ 100 million , UNKA said , and work on the project would be about evenly divided . As previously reported , UNKA emerged from Chapter 11 bankruptcy-law protection in February . This Los Angeles company and its Union Federal Savings Bank subsidiary said more than 99 % of their 7 1\/4 % convertible subordinated debentures due UNKA were tendered for conversion into UNKA common stock . The conversion increased total equity capital by about $ 38.5 million to a total of $ UNKA million . Union Federal , a federally insured savings bank , has $ 2.4 billion in assets . David D. UNKA was appointed president and chief operating officer of this maker of building materials for manufactured homes and recreational vehicles . As president , Mr. UNKA , 42 years old , succeeds his father , UNKA D. UNKA , 66 , who founded the company in UNKA . UNKA UNKA remains chairman and chief executive officer . David UNKA has been with Patrick since 1970 , and has served as vice president for administration and purchasing since 1987 . General Dynamics Services Co. , a unit of General Dynamics Corp. , won a $ UNKA million Army contract to establish maintenance facilities for tracked vehicles in Pakistan . Grumman Corp. was given a $ 15 million Navy contract for UNKA improvements . Hughes Aircraft Co. , a unit of General Motors Corp. , got a $ 10.3 million Air Force contract for UNKA equipment . Reynolds UNKA Co. said third-quarter net income dropped nearly 10 % to $ UNKA million , or $ UNKA a share , from $ UNKA million , or $ UNKA a share , a year earlier . The latest earnings reflect an increase of about 5.5 million in common shares outstanding . Revenue rose 3 % to $ UNKA billion from $ 1.48 billion . Reynolds is the third big aluminum company since Friday to report disappointing earnings . The No. 1 domestic aluminum producer , Aluminum Co. of America , Friday said its earnings fell 3.2 % to $ UNKA million , or $ UNKA a share . And UNKA UNKA Ltd. yesterday reported net income slid 30 % to $ 180 million , or 77 cents a share , from $ UNKA million , or $ 1.07 a share . Analysts on average had been expecting about $ UNKA for UNKA and $ 1 for UNKA . `` It 's a good indication that level of profitability has peaked for the industry , '' says UNKA UNKA , metals analyst with UNKA , Ball & UNKA Inc. , who had estimated Reynolds would earn about $ UNKA a share . The nation 's No. 2 aluminum company said earnings were hurt by lower prices for certain UNKA aluminum products , which typically follow price fluctuations of primary UNKA . The base metal price has dropped UNKA % from a year earlier to 78 cents a pound . Much of the price decline has been blamed on a slowing economy and the third quarter is typically the industry 's UNKA period . But William O. UNKA , chairman and chief executive officer , said the UNKA price `` appears to have UNKA out . '' He said shipments are continuing at a `` healthy '' pace and the company has no excess inventory . Aluminum shipments of UNKA metric tons were nearly equal to the year-earlier period , the company said . Nevertheless , the company said that in the latest quarter there were increased material and labor costs , including a new employee UNKA plan . In composite trading on the New York Stock Exchange , Reynolds closed at $ UNKA , up $ 1.25 . No UNKA , but certainly no home run . That 's how the UNKA game is shaping up for the months ahead , according to money managers and a few brokers . Yesterday 's UNKA recovery from Friday 's UNKA in the Dow Jones industrials had many brokerage houses UNKA that stocks are a good bargain again . But quite a few money managers are n't buying it . UNKA corporate earnings , they say , are no prescription for a bull market . `` The stock market ai n't going to do much of anything '' for a while , says John UNKA of Wellington Management , who runs the $ 8.3 billion UNKA Fund . He suspects that Friday 's market decline may have a second leg , perhaps a 10 % to 15 % drop later on . Mr. UNKA says the stock market has lost some powerful driving forces , namely earnings growth and the `` LBO UNKA '' -- buy-out fever that UNKA investors to bid up whole groups of stocks , such as media and airlines . After sitting with 20 % of his fund in cash before Friday 's sell-off , Mr. UNKA says he bought `` a narrow list of stocks '' yesterday . With flat corporate profits on the horizon for 1990 , money managers say price-earnings multiples that look cheap today might go on being cheap for a long time . `` This is not a UNKA UNKA market , but it 's not cheap either , '' says George Collins , president of the mutual fund company T. Rowe Price Associates in Baltimore . According to Institutional Brokers UNKA System , Wall Street market strategists see only a 2.4 % jump in company profits in 1990 -- unlike in 1987 , when profits a year out looked good -LRB- they did soar 36 % in 1988 -RRB- . UNKA say the market is an UNKA bargain , priced at only about 12 times estimated 1989 earnings for stocks in the Standard & Poor 's 500 index . Before the 1987 crash , the UNKA was more than 20 . The common view , says UNKA Cohen , strategist for Drexel Burnham Lambert , is that there will be `` mild economic growth , modest profit expansion , and things are going to be UNKA . Our view is that we may see a profit decline . '' Some think investors should sell into rallies . The market `` is going to wind down , '' says Gerald W. UNKA , a Chicago money manager . `` Things are a little less UNKA '' after Friday 's jolt in the market . He expects stocks to decline an additional 5 % to 30 % , with the Dow perhaps UNKA out between 2000 and UNKA `` between now and June . '' After Friday 's decline , Mr. UNKA 's firm ran statistical tests on 100 high-quality stocks , using old-fashioned value criteria devised by Benjamin Graham , an analyst and author in the 1930s and UNKA who is widely considered to be the father of modern securities analysis . He found 85 still UNKA and 15 fairly valued . Nicholas UNKA , a New York money manager , expects the market to decline about 15 % . `` I 've been two-thirds in cash since July , and I continue to think that having a defensive position is appropriate , '' he says . Companies that UNKA on debt in leveraged buy-outs during the past two years `` will continue to surface as business problems . '' `` UNKA about value are n't useful , '' says New York money manager John UNKA of Delta Capital Management . For instance , he says , International Business Machines and Unisys might look cheap , but investors might continue to do better with stocks like Walt Disney , Procter & Gamble and Coca-Cola , strong performers in recent years . Money manager Robert Ross , head of UNKA Ross Associates Ltd. in Vancouver , British Columbia , says stocks would have to fall 15 % to 20 % before they are competitive with less risky investment alternatives . UNKA Russell , a money manager in UNKA , Okla. , says Friday 's UNKA `` is going to have more of a permanent impact on the UNKA of many investors than Wall Street would want to admit . '' There are still UNKA out there . `` I still think we will have a UNKA Dow , whether it 's six months or 12 months from now I do n't know , '' says David UNKA , managing partner of UNKA Value Management in New York . `` We 're doing a little buying '' in some stocks `` that have really been UNKA down . '' Many brokerage house officials also are optimistic . Yesterday , Goldman Sachs , Merrill Lynch and Dean Witter all increased the proportion of assets they recommend investors commit to stocks . Dean Witter now recommends 85 % , Goldman 65 % and Merrill Lynch 50 % . Some investors say Friday 's sell-off was a good thing , because it UNKA a lot of crazy takeover speculation . `` It was a healthy UNKA , '' says Michael UNKA , who runs Salomon Brothers Asset Management in New York . From here out , these investors see a return to old-fashioned investing , based on a company 's ability to show profit growth . `` The fundamentals are pretty strong , '' Mr. UNKA says . `` I do n't see this as a bear market at all . It 's a recognition that there was much too much UNKA in the LBO market . '' Friday 's big fall was `` just a UNKA by the stock market , '' says John UNKA , chief strategist for Dean Witter . `` It was an UNKA to an event -LCB- the failure of a management and union group to get bank financing for a takeover of UAL -RCB- that does n't mean that much to lots of stocks . '' Many investors have UNKA worries , however . UNKA are full of UNKA about companies UNKA on their debts and banks writing off real estate loans . That UNKA investors ' confidence in the economy and stocks . Not even all the brokerage firms see clear UNKA ahead . `` UNKA profits are likely to get worse in the next two quarters , '' says Mary UNKA , a market strategist at PaineWebber . She thinks the market could drop about 10 % in the next few months , then recover and go higher . Companies with steady earnings growth could do well , she says , while others with high debt or poor earnings could see their shares decline far more than 10 % . The turmoil on Wall Street may benefit some retailers attempting to lead leveraged buy-outs of their specialty and department-store chains , investment bankers and retailers said . Managers at five chains have said in recent weeks that they intend to bid for their companies . The chains include Bloomingdale 's , owned by Campeau Corp. , Toronto ; Saks Fifth Avenue and Marshall Field 's , owned by B.A.T Industries PLC , London ; and B. Altman & Co. and UNKA Inc. , owned by Hooker Corp. , which is now being managed by a UNKA provisional UNKA . Hooker is based in Sydney , Australia . The combination of so many chains available for sale , the recent failures of such retailing LBO 's as Miller & UNKA Inc. and declining investor confidence will drive down prices , retailing observers said . `` The pricing will become more realistic , which should help management , '' said Bruce UNKA , a New York investment banker with Nathan S. UNKA & Co . `` Investors are n't going to be throwing money at any of the proposed LBOs , but doing deals on the basis of ridiculous assumptions never made sense , either . '' Earlier this year , bankers and other investors were willing to provide financing because they assumed there would be major gains in both profitability and sales , Mr. UNKA added . Those days are over now , he believes . `` Competition from third parties who have cash and are prepared to buy has always existed and will continue , '' added Mr. UNKA . `` But when prices were crazy , it was even harder to do an LBO . Bankers believed in the UNKA theory that says somebody else is always willing to pay more . This is no longer true today . '' At Saks Fifth Avenue , Paul UNKA , senior vice president , marketing , agreed that lower prices will help his management team in their proposed LBO . `` Having to take on less debt would certainly be an advantage , '' said Mr. UNKA . `` It would also help us in our search for equity partners . To make an LBO work , now we are going to need more than just junk bonds . '' None believe the proposed management LBOs will be easy to complete , especially at B. Altman & Co. , which is under Chapter 11 bankruptcy protection . Not only could the Wall Street gyrations damp Christmas sales if consumers lose confidence in the economy , but potential junk-bond buyers are sure to demand even stronger UNKA and greater management equity participation . Further , many institutions today holding troubled retailers ' debt securities will be UNKA to consider additional retailing investments . `` It 's called bad money driving out good money , '' said one retailing UNKA . `` Institutions that usually buy retail paper have to be more concerned . '' However , the lower prices these retail chains are now expected to bring should make it easier for managers to raise the necessary capital and pay back the resulting debt . In addition , the fall selling season has generally been a good one , especially for those retailers dependent on apparel sales for the majority of their revenues . `` What 's encouraging about this is that retail chains will be sold on the basis of their sales and earnings , not liquidation values , '' said Joseph E. Brooks , chairman and chief executive officer of Ann Taylor Inc. , a specialty chain . `` UNKA who had good track records of producing profits will have a better chance to buy back their companies . '' Still , most retailing observers expect that all the proposed retailing LBOs will depend partly on the sale of junk bonds , a market already in UNKA , in part because of concerns associated with bonds issued by the Federated and Allied units of Campeau . `` Prices for retail chains are lower today than they were last week , which will help management , '' said UNKA Harrison , chairman of UNKA Inc. , an investment-banking firm specializing in retailing acquisitions . `` But the hurdle of financing still has to be resolved . UNKA bondholders will either look for greater equity participation on behalf of management , or insist the equity component of the deals be substantially greater than in the past . Sony Corp. won a pretrial order blocking U.S. sales of UNKA Products Inc. 's `` My UNKA '' line of portable audio players for children . Judge John E. UNKA issued the order in Manhattan federal court , where Sony has accused the tiny company of illegally knocking off the `` My First Sony '' line . The judge held that the combination of colors used for the Sony products is distinctive and subject to protection under New York state law , rather than federal law . The legal fight was the subject of a Wall Street Journal story yesterday . UNKA 's attorney , Charles E. UNKA , said UNKA would ask an appeals court to set aside the order temporarily , pending an UNKA appeal . He also repeated UNKA 's UNKA of Sony 's charges . `` Their likelihood of UNKA us is very slim , '' said Lewis H. UNKA , Sony 's attorney , who said he doubts UNKA will go ahead with a trial . UNKA MORTGAGE & UNKA TRUST said it will resume dividend payments with a UNKA payout on Nov. 6 to shares of record Oct. 25 . The Dallas real estate investment trust last paid a dividend on Dec. 31 , 1987 , when shareholders received $ 1 a share . Despite continuing troubles with problem assets and nonperforming loans , the trust said it expects to be able to maintain or increase the rate of distributions because of operations of joint-venture properties . A federal appeals court struck down a natural-gas regulation that had prevented pipeline companies from passing to customers part of $ 1 billion in costs from controversial `` UNKA '' contracts . The court , in a UNKA ruling , threw out a deadline set by the Federal Energy Regulatory Commission for settling old contract disputes over gas that the pipeline companies reserved but did n't use . UNKA 's regulation had given UNKA until March 31 , 1989 , to pass on to customers as much as 50 % of the costs of buying out their broken contracts , which were made with producers when gas prices were high and supplies short . A majority of old contracts were UNKA by the deadline and settled at steep discounts . But pipeline companies estimate they still face $ 2.4 billion in liabilities from UNKA disputes , including $ 1 billion they fear they wo n't be able to pass on to customers . According to industry lawyers , the ruling gives pipeline companies an important second chance to resolve remaining disputes and take advantage of the UNKA mechanism . The court left open whether UNKA could UNKA a new deadline later . The court , agreeing with pipeline companies , found the March 31 deadline was `` UNKA and UNKA '' and `` highly UNKA to the bargaining power of UNKA '' that were forced to negotiate settlement of the old UNKA contracts to meet the deadline . A report last month by the Interstate Natural Gas Association of America found that UNKA ' settlement costs had jumped in the three months before the deadline to 39 cents on the dollar , from 22 cents on the dollar in 1988 . The court ordered UNKA to justify within 60 days not only its UNKA deadline , but other major elements of its proposed regulation for introducing more competition into natural-gas transportation . The court also questioned a UNKA mechanism that could be used to resolve UNKA liabilities . The complex regulation , known in the industry as Order 500 , has been UNKA UNKA by all sides , including natural-gas producers , UNKA , local distribution companies and consumers . The court 's decision would allow UNKA to change some of its provisions , but UNKA it will be reviewed again quickly by the court . UNKA Corp. said it voluntarily prepaid $ 7 million on its original $ 75 million term loan , bringing the total debt reduction for the year to $ 18 million . After the payment , the Cleveland company owes $ 57 million on the loan . The cement producer said the payment was made from excess cash flow . NATIONAL UNKA UNKA TRUST said it will resume dividend payments with a UNKA dividend to be paid Nov. 6 to shares of record Oct. 25 . The mortgage and equity real estate investment trust last paid a dividend on Aug. 1 , 1988 , when holders received 75 cents a share . Despite continuing troubles with problem properties and nonperforming loans , the Dallas trust said it has UNKA reserves , abandoned properties with little potential and experienced improved operating results from joint ventures . UNKA Corp. said it reached a preliminary agreement with senior lenders to its UNKA and UNKA group to restructure the $ UNKA million of credit facilities the lenders provide to the group . UNKA , which also makes aircraft and UNKA truck parts , said the debt was accumulated during its acquisition of nine businesses that make up the group , the biggest portion of which was related to the 1986 purchase of a UNKA Co. unit . Among other things , the restructured facilities will substantially reduce the group 's required amortization of the term loan portion of the credit facilities through September 1992 , UNKA said . UNKA details of the restructured facilities remain to be negotiated . The agreement is subject to completion of a definitive amendment and appropriate approvals . William P. UNKA , UNKA chairman and chief executive , said the pact `` will provide UNKA with the additional time and flexibility necessary to complete the restructuring of the company 's capital structure . '' UNKA has filed a registration statement with the Securities and Exchange Commission covering a proposed offering of $ 120 million in long-term senior subordinated notes and warrants . Dow Jones & Co. said it acquired a 15 % interest in UNKA Corp. , a subsidiary of Oklahoma Publishing Co. , Oklahoma City , that provides electronic research services . Terms were n't disclosed . UNKA of either UNKA or Dow Jones UNKA are able to access the information on both services . Dow Jones is the publisher of The Wall Street Journal . UNKA Industries Inc. said it will report a charge of eight cents to 10 cents a share for its fiscal first quarter , ended Sept. 23 , from the sale of two UNKA , in High UNKA , N.C. , and UNKA , UNKA . The UNKA company said it sold the UNKA to Mills Family UNKA for an undisclosed amount . It said the sales were part of a 1983 Federal Trade Commission UNKA Order . A year earlier , UNKA had fiscal first-quarter net income of $ 8 million , or 23 cents a share , on revenue of $ UNKA million . UNKA production by the nation 's mills decreased UNKA % last week to UNKA tons from UNKA tons the previous week , the American Iron and Steel Institute said . Last week 's output rose 1.4 % from the UNKA tons produced a year earlier . The industry used UNKA % of its capability last week , compared with UNKA % the previous week and 84 % a year ago . The capability utilization rate is a UNKA designed to indicate at what percent of its production capability the industry is operating in a given week . UNKA B. UNKA was named executive director of the commission , effective early November . Mr. UNKA , 52 years old , succeeds UNKA UNKA , 36 , who resigned to join Hong Kong 's Securities and Futures Commission . Mr. UNKA was vice president and director , corporate finance , of UNKA Thomson UNKA Inc. , a Toronto investment dealer . Dun & Bradstreet Corp. 's Market Data UNKA unit said it acquired School and College Construction Reports service from Intelligence for Education Inc . Terms were n't disclosed . The service supplies weekly reports on school and college construction plans . Market Data UNKA is a UNKA of educational information and provides related services . UNKA held Intelligence in Education , of UNKA , N.Y. , is an educational publisher and consultant . A battle is UNKA in Venice over plans to have the UNKA Italian city be the site for a universal UNKA in 2000 . The plans include a UNKA system , a UNKA center , floating trees , UNKA UNKA -- and as many as 60,000 additional tourists a day . UNKA UNKA argue that holding the fair would attract businesses , create jobs and help UNKA abandoned sections of town . But opponents fear UNKA . `` This city already has too many tourists , and it ca n't hold them all , '' says UNKA UNKA , the president of the Venice UNKA association . About 40 Italian businesses , including Fiat S.p . A. and UNKA . C. Olivetti & Co. , have formed a consortium to lobby for holding the UNKA in Venice . Three gambling casinos have opened in Poland . The three UNKA -- two in Warsaw and one in UNKA -- accept only foreign currency and are joint ventures between Polish firms and Western companies . Not all Poles are pleased . `` What do we want casinos for when we have n't got anything in the shops ? '' one UNKA asked . But UNKA UNKA , who runs the casino at Warsaw 's UNKA Hotel , said the ventures would help Poland service its $ 39 billion foreign debt by pouring dollars into the state firms in the joint ventures -- the UNKA airline and UNKA tourist organization . UNKA plans to increase natural-gas sales to Europe and the U.S. . According to the Middle East Economic Survey , the North African nation is holding talks with Italy for adding a fourth UNKA to a section of the UNKA pipeline , expanding capacity by up to six billion cubic UNKA a year from 12.5 billion . UNKA also wants to build a pipeline through UNKA and across the UNKA of UNKA to supply Spain , France and West Germany with up to 15 billion cubic UNKA a year by the late 1990s . South Africa 's National Union of UNKA agreed to suspend the strike by diamond workers and resume negotiations with De Beers Consolidated Mines Ltd. over their wage dispute , De Beers said . It also said the union had agreed to meet the company for further talks tomorrow . The strike at five De Beers mines began last Thursday , with UNKA out of a total 10,000 UNKA members employed on De Beers mines participating , according to the union , while De Beers said there were UNKA participants . The union has demanded a UNKA % increase in the minimum wage while De Beers 's final offer was an increase of 17 % . A UNKA environmental conference opened in UNKA , UNKA . The gathering is expected to focus on curbing the UNKA of UNKA and UNKA , limiting damage from industrial UNKA and improving the handling of harmful chemicals . West German UNKA Minister UNKA UNKA said Bonn is convinced of the need for cooperation , `` especially with our neighbors in the East , because we are directly affected by their ecological progress or lack of it . '' The U.S. and Canada joined every European country except UNKA at the meeting . The Swedish publishers of a new UNKA newspaper rushed an extra edition across the UNKA on Oct. 10 after the first run sold out in one day . UNKA UNKA UNKA said plans had called for UNKA copies of the monthly Are UNKA -LRB- Business Paper -RRB- to be sold at UNKA and an additional 3,000 promotion issues to be sent by direct mail . He said UNKA more copies were sent to UNKA because of strong sales . The Swedish publishing company UNKA owns 51 % of Are UNKA , and the UNKA management company UNKA owns 49 % . UNKA UNKA , Mexico 's top debt UNKA , said the country 's creditor banks are responding UNKA to Mexico 's UNKA package . Mr. UNKA 's optimism UNKA with some bankers ' views that the deal may require a lot of arm UNKA by the U.S. Treasury in order to succeed . Mr. UNKA , Mexico 's UNKA of the ministry of finance , met yesterday with European bankers in London , at the UNKA point on a so-called road show to market the package around the world . An increasing number of banks appear to be considering the option under the deal UNKA they can swap their Mexican loans for 30-year bonds with a face value discounted by 35 % , Mr. UNKA said . The other two options consist of UNKA loans for bonds with 6.25 % interest rates , or providing fresh loans . The accord , which covers $ UNKA billion of Mexico 's medium - and long-term debt , is expected to go into effect in early China 's top film actress , UNKA UNKA , paid $ UNKA in back taxes and fines in UNKA province , the People 's Daily reported . The amount is equal to about 30 years earnings for the average UNKA , who makes $ 145 a year ... . China will spend $ UNKA million for UNKA maintenance on UNKA 's UNKA UNKA , former home of the UNKA Lama , the China News Service said . The UNKA Lama , who was just awarded the Nobel UNKA UNKA , lives in UNKA in India . George W. Koch , 63 years old , president and chief executive officer of UNKA Manufacturers of America Inc. , was elected a director of this maker of UNKA , UNKA and specialty foods , succeeding UNKA N. White Jr. , 65 , who resigned . American Business Computer Corp. said it privately placed UNKA common shares at $ 2.50 a share . The placement was made through Gray UNKA Securities , New York , to institutional investors . Proceeds will be used to UNKA recently UNKA technology and support the company 's international expansion . The company develops and markets products for the food service industry . THE UNKA UNKA & UNKA . department-store chain is n't for sale . In yesterday 's edition , it was incorrectly included with a list of New York chains up for sale . Korean car exports have slid about 40 % so far this year , but auto makers here are n't UNKA . They are enjoying domestic sales that are more than making up for lost overseas sales . South Korean consumers are expected to buy almost 500,000 passenger cars this year , up 60 % from 1988 . In fact , some auto executives suggest that UNKA demand for their cars in the U.S. and Canada is a blessing ; otherwise they would n't be able to keep up with demand in the more profitable local market . `` We are very lucky to easily change an export loss to domestic plus , '' says Hong UNKA UNKA , managing director of domestic marketing for Hyundai Motor Co . As it is , waiting lists of a month are n't unusual for popular models . Demand is so strong that all of the domestic makers -- Hyundai , UNKA Motors Corp. , UNKA Motor Co. and even UNKA UNKA Motor Co. -- plan to build more factories . Industry analysts predict that by 1995 , South Korea will be building three million cars a year -- about half of that for export . It 's an optimistic move in a industry already facing world-wide overcapacity . But South Korean auto makers are confident that the export market will bounce back and that demand in Korea will stay strong . Currently only one in 38 South Koreans owns a car , up from one in 200 a decade ago . `` In the year 2000 it will be one car per family . At that point domestic sales will slow down , '' says Kim UNKA UNKA , director of marketing for UNKA Motor . The reason for the tremendous demand is simple : South Koreans suddenly have a lot more money . `` We never thought we 'd own a car , '' says UNKA UNKA UNKA , who just bought a UNKA UNKA on a five-year loan . She and her husband started a small printing business and need the car for work as well as for weekend UNKA . UNKA raises of 60 % over the past three years have given many South Koreans the money to enjoy the things they were supplying the rest of the world . The success of UNKA UNKA Motor shows the strength of the auto market and its growing UNKA . A part of the UNKA conglomerate UNKA Group , it took over the UNKA UNKA Motor Co. in 1986 . UNKA began making variations of the UNKA `` UNKA '' vehicle . -LRB- UNKA had had a technology agreement with Jeep maker American Motors Corp. , now a part of Chrysler Corp . -RRB- The most popular style is the stretched `` Family , '' which resembles a Ford UNKA or Chevy UNKA . The UNKA vehicles start at $ 15,000 ; a Family can cost over $ 25,000 . UNKA , which has only about 3 % of the domestic market , will sell about 18,000 of its models this year , twice as many as last year . It sees sales rising 45 % to UNKA units next year . The company plans to expand plant capacity 50 % by 1991 . By then it also hopes to begin producing a passenger car based on the UNKA 240 and selling for about $ 20,000 . Hyundai and UNKA seem UNKA about the UNKA threat , but UNKA , the UNKA UNKA auto maker , is selling UNKA vehicles through its Asia unit . It plans to sell UNKA units in 1989 . UNKA , the only Korean car maker that has seen its overseas sales grow in 1989 , aims at Korea 's common man . Its advantage has been the UNKA little UNKA , sold as the Ford UNKA in the U.S. . At 3.8 million won , or $ UNKA , the UNKA is the UNKA car in South Korea . Along with two larger models , the company claims 18 % of the domestic market . Ford Motor Co. and Japan 's Mazda Motor Corp. have equity interests in UNKA . UNKA is the most aggressive of the Korean Big Three in offering financing . UNKA for as long as five years make the cars very accessible , with monthly payments as low as 80,000 won , or $ 120 . UNKA Motor , a 50-50 joint venture with General Motors Corp. and the UNKA Group conglomerate , is the only auto maker that appears to be hurting . UNKA of its UNKA to GM 's UNKA division are off about 65 % from a year ago , UNKA a 44 % decline for Hyundai and an 18 % increase for UNKA . Moreover , UNKA 's domestic sales have grown half as fast as sales of its rivals . The big problem for UNKA , which holds about 21 % of the market , is the long series of labor disruptions it suffered this year . But UNKA is expanding too . In fact , a sister company , UNKA UNKA and Heavy UNKA , plans to build UNKA UNKA by the mid-1990s . Hyundai , the Korean market leader with a 58 % share , also plans to jump into UNKA at the same time . It has a similar project for 200,000 cars a year . UNKA is reportedly also considering such a plan . Even giant UNKA Group is rumored in the Korean press to be considering getting into the UNKA business ; a company spokesman had no comment . Robert P. UNKA , 44 years old , was named president and chief administrative officer of this regional commercial bank . Both posts had been vacant . Robert UNKA , 51 , was named to the new positions of vice chairman and chief credit officer . Many UNKA mutual fund investors picked up the phone yesterday , but decided not to cash in their chips after all . As the stock market bounced back , withdrawals of money from stock funds amounted to a mere UNKA compared with Black Monday , when investors dumped $ 2.3 billion , or about 2 % of UNKA assets . Fidelity Investments , the nation 's largest fund company , said phone volume was more than double its typical level , but still half that of Oct. 19 , 1987 . Net outflows from Fidelity 's stock funds stood at less than $ 300 million , or below 15 % of the $ 2 billion cash position of the firm 's stock portfolios . Much of the money was switched into the firm 's money market funds . UNKA since the close of trading Friday remain below one-third their level of two years ago , Fidelity said . Other mutual fund companies reported even lighter withdrawal requests . And some investors at Fidelity and elsewhere even began buying stock funds during the day . `` Two years ago , there was a lot of redemption activity and trouble with people getting through on the phone , '' said UNKA UNKA , head of the investment management division of the Securities and Exchange Commission . This time , `` We do n't have that at all . '' Of course , the relative UNKA could be jolted if the market UNKA again . And any strong surge in redemptions could force some funds to dump stocks to raise cash , as some did during Black Monday . But funds generally are better prepared this time around . As a group , their cash position of 10.2 % of assets in August -- the latest figure available -- is 14 % higher than two years earlier . Many fund managers have boosted their cash levels in recent weeks . The biggest flurry of investor activity came early in the day . Vanguard Group Inc. saw heavy exchanges from stock funds into money market funds after the telephone lines opened at UNKA a.m . `` In the first hour , the real nervous folks came along , '' a spokesman said . `` But the UNKA pace of call volume in the first half-hour slowed considerably . '' At UNKA , Stevens & Clark Inc. , phone calls came in at 40 % more than the normal pace through early afternoon . Most of that increase came in the first hour after the phone lines opened at 8 a.m . As stocks rose , in fact , some investors changed course and reversed their sell orders . Many funds allow investors to UNKA orders before the close of trading . At UNKA and at the smaller Ivy funds group in UNKA , Mass. , for instance , some shareholders called early in the morning to switch money from stock funds to money market funds , but later called back to reverse the switches . Because mutual fund trades do n't take effect until the market close -- in this case , at 4 p.m. -- these shareholders effectively stayed put . At Fidelity 's office in downtown Boston , Gerald Sherman walked in shortly after UNKA a.m. and placed an order to switch his retirement accounts out of three stock funds and into a money market fund . But by UNKA p.m. , with the market UNKA ahead for the day , Mr. Sherman was preparing to undo his switch . `` It 's a nice feeling to know that things UNKA , '' said Mr. Sherman , the UNKA UNKA of a discount department store . But some investors continued to switch out of high-risk , high-yield junk funds despite yesterday 's rebound from that market 's recent price declines . Shareholders have been steadily UNKA out of several big junk funds the past several weeks as the $ 200 billion market was jolted by a cash crunch at Campeau Corp. and steadily declining prices . Much of the money has been switched into money market funds , fund executives say . Instead of selling bonds to meet redemptions , however , some funds have borrowed from banks to meet withdrawal requests . This UNKA knocking down prices further . The $ 1.1 billion T. Rowe Price High Yield Fund was among the funds that borrowed during the Campeau crisis , says George J. Collins , president of T. Rowe Price Associates Inc . That way , Mr. Collins says , `` We did n't have to sell securities in a sloppy market . '' When the market UNKA , he added , the firm sold the bonds and quickly paid the loans back . Tom UNKA contributed to this article . UNKA Financial Inc. said it agreed to acquire Central of Illinois Inc. in a stock swap . Shareholders of Central , a bank holding company based in Sterling , Ill. , will receive UNKA stock equal to 10 times Central 's 1989 earnings , UNKA said . For the first nine months of 1989 , Central earned $ 2 million . UNKA , also a bank holding company , has assets of $ 1.06 billion . Central 's assets are $ 240 million . -LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- UNKA UNKA UNKA UNKA federal blessing on March 18 , 1971 , and quickly became eye UNKA for their makers . The Food and Drug Administration that day said UNKA & UNKA could start selling them in the U.S. . The UNKA product was more comfortable and less prone to falling out than hard contact UNKA , which had been around since UNKA . UNKA & UNKA sold the UNKA under a UNKA from National UNKA Development , which had gained the rights from the Czechoslovakia Academy of Sciences . UNKA UNKA , a UNKA , invented them in UNKA . The plastic lens UNKA itself over the UNKA , UNKA eye UNKA while permitting UNKA to pass through . But the new lens became the eye of a storm . In September 1971 California officials seized `` UNKA '' UNKA -- made by UNKA companies -- after some showed UNKA of bacteria . In October doctors were UNKA the product 's safety , some claiming it caused UNKA . And there were Senate hearings on the questions in July 1972 . The product UNKA the bad publicity and kept UNKA . The early soft UNKA , which cost $ 300 a set , were expected to last for a year . In 1983 `` extended wear '' versions , designed to be UNKA for 30 days at a time , UNKA offered . UNKA months ago a `` disposable '' seven-day model bowed ; a year 's supply costs about $ 500 . Last month the FDA and UNKA UNKA Institute cautioned users that serious eye UNKA could result from wearing UNKA more than seven days at a stretch . Today 20 million of the 25 million Americans using contact UNKA are using the soft type . UNKA the UNKA eye care products , contacts account for $ 2 billion in annual retail sales . Although UNKA remains the leader among the six UNKA , Johnson & Johnson , with its new UNKA , is coming on fast . The UNKA stock market is making life tougher for small companies trying to raise money . In the wake of Friday 's plunge and yesterday 's rebound , some companies are already UNKA deals , and others wish they could . As in other UNKA times , many small businesses expect a particularly rough time raising funds as investors UNKA risky deals , seeking safety in bigger companies . Even if stock prices fully recover from Friday 's sharp decline , the unsettled conditions will UNKA many investors . `` The implication of an unsettled situation is that the thing could drop dramatically , '' says Henry UNKA Jr. , chairman of UNKA Corp. , a four-year-old biotechnology company that is planning a private placement of stock . `` The more UNKA that indicate risk , the more the investor is going to drive a hard bargain . '' Earlier this month , UNKA Inc. , a UNKA , Mass. , UNKA UNKA , said it would accelerate expansion plans nationwide and offer more of its stock to the public . At the time , its shares were selling above their initial offering price of $ 19 , and bankers believed UNKA would sell new stock without a UNKA . But with the company 's shares standing at $ 15 yesterday , a new offering seems unlikely , company officials say . Business , however , continues to be `` robust , '' and the stock market has n't affected the concern 's expansion plans , says UNKA UNKA , a senior executive . Other companies figure they ca n't avoid the market . `` We have capital requirements , '' says Mr. UNKA , `` so we have to go ahead '' with a planned $ 1.5 billion private placement . Unless the market goes right back up , he says , `` it may take us six to nine months to find the money , instead of three . '' And the Columbia , Md. , company may have to settle for a lower price , he adds . Life is particularly UNKA for companies that had planned to go public this week . UNKA is becoming an investment-banking job requirement . Robertson , UNKA & Co. , a San Francisco investment banking concern , has a client that looked forward to making its initial public offering yesterday . UNKA of the company , a health-care concern , `` were very UNKA on Friday and felt they should n't go public ; we felt they should , '' says Sanford Robertson , partner in the banking concern . As the market dropped Friday , Robertson UNKA slashed the value of the offering by 7 % . Yesterday , when similar securities rebounded , it UNKA the valuation up again . As of late yesterday , the UNKA was still on . For many , the situation is especially discouraging because the market for UNKA was showing signs of strengthening after several years of weakness . `` We were just beginning to look at the increase in UNKA , seeing the light at the end of the UNKA , '' says Frank UNKA Jr. , partner in UNKA Funds , a Beverly Hills , Calif. , venture capital concern . `` But the UNKA 's just gotten longer . '' Companies planning to go public `` are definitely taking a second look , '' says Allen UNKA , senior analyst at the Institute for UNKA Research , Fort UNKA , Fla. , which publishes the New Issues newsletter on UNKA . He UNKA that the recent market slide translated into a 5 % to 7 % reduction in UNKA proceeds to companies . Many companies are UNKA . UNKA Corp. had been planning to sell 10 % of its stock this week in an UNKA that would raise up to $ UNKA million . But now , Peter UNKA , president , says , `` We 're making decisions on a day-to-day basis . '' UNKA and profitable , the UNKA , Colo. , UNKA concern could borrow funds if it decides against an UNKA now , he says . UNKA Inc. , an Atlanta UNKA concern , says it is still planning to go ahead with its UNKA this week or next -- unless conditions change . `` It 's a UNKA situation right now , '' says Terry UNKA , president . UNKA financings also would affect the operations of many companies . Sierra Tucson Cos. , a Tucson , Ariz. , operator of UNKA centers , has a planned doubling of capacity riding on an UNKA scheduled for next week . William UNKA , president , says he still thinks the UNKA will succeed . If it does n't , he says , the company would have to change its expansion timetable . But the market turmoil could be partially beneficial for some small businesses . In a sagging market , the Federal Reserve System `` might flood the market with funds , and that should bring interest rates down , '' says Leonard T. UNKA , vice president of the Bank of New England , Boston . James G. UNKA , president of UNKA Savings Bank , UNKA , Mass. , says the market turmoil `` is an UNKA UNKA for small business . '' For small companies , he says , interest rates are far more important than what happens on stock exchanges . Mr. UNKA thinks rates are heading down , helping small companies . Peter UNKA , biotechnology analyst for UNKA Securities International , Chicago , thinks market uncertainty may encourage small companies to form more strategic alliances with big corporations . Partly because the 1987 market crash made it harder for them to find financing , many high-technology concerns have made such alliances recently . Some even see a silver UNKA in the dark clouds . Alan Wells , president of UNKA , Wells , UNKA & Co. , a New York merger specialist , thinks UNKA investors may lose their enthusiasm for leveraged buy-out and giant takeover deals . Instead , they could turn to investing in smaller deals involving smaller companies , he says . And William E. UNKA Jr. , a University of New Hampshire management professor and director of Venture Capital Network Inc. , says the market 's gyrations will UNKA the investors ' lack of control in big stock investments . This will add to the appeal of small business , he says , where investors often have a degree of influence . Bay Financial Corp. , hurt by high debts and deteriorating real estate investments , reported a wider loss for the fourth quarter and said it might be forced to seek a bankruptcy-court reorganization if it ca n't UNKA its borrowings . Bay said a `` substantial part '' of its debt outstanding is in default as a result of inability to sell certain properties quickly and lower-than-expected prices for sales made . The company said its real estate portfolio is `` highly leveraged , '' while about two-thirds of its investments are n't UNKA . Thus it is coming up short on a big bet that quick sales at higher prices would enable it to keep up with mortgage and other debt payments . According to its latest annual report , about a quarter of the company 's holdings are in Massachusetts , in the midst of a real-estate slump . The company said it had a net loss in its fourth quarter ended June 30 of $ UNKA million , or $ UNKA a share , on revenue of $ 13.1 million . A year earlier , the company had a loss of $ UNKA million , or $ UNKA a share , on revenue of $ UNKA million . For the year , it had a net loss of $ 62 million , or $ UNKA a share , on revenue of $ UNKA million . In the previous year , it had a loss of $ 22.5 million , or $ UNKA a share , on revenue of $ UNKA million . Although it is having serious UNKA problems , Bay said the UNKA value of its holdings , minus debt , was equal to $ UNKA a share at June 30 based on a recent UNKA . Book value per share , which is based on investments at cost , was a negative $ UNKA a share . A year earlier , UNKA value per share was $ UNKA and book value was $ UNKA a share . Annualized interest rates on certain investments as reported by the Federal Reserve Board on a UNKA basis : 1989 and Wednesday October 4 , 1989 . UNKA , adjusted for constant maturity . UNKA Inc. reported a 12 % decline in third-quarter net income , but the company said that excluding unusual gains in both quarters , operating profit rose 16 % . The electronics , automotive and aerospace concern said third-quarter net was $ 60 million , or 98 cents a share , down from $ 68 million , or $ 1.11 a share , a year earlier . Share earnings are reported on a fully diluted basis , by company tradition . Results for the 1988 quarter included a gain of $ 1.05 a share from sale of the UNKA UNKA and UNKA Cable units , partly offset by a charge of 69 cents a share for recall of UNKA truck UNKA systems . The latest quarter included a gain of 11 cents a share as a partial reversal of the recall charge , because the reserve established last year exceeded the actual recall costs . Sales for the quarter rose 8.3 % to $ UNKA billion , from $ 1.65 billion , with all three major product groups reporting gains . The company said aerospace and defense sales were up 2 % for the quarter to $ UNKA million , and operating profit climbed 6 % to $ 61 million , mainly because of improved program performance in spacecraft and UNKA contracts . Automotive sales jumped 16 % to $ UNKA million , mainly because of higher sales of air bags and other passenger restraint systems , UNKA said . The group had an operating profit of $ 65 million , against a loss of $ 13 million a year earlier . However , excluding the year-earlier charge for recall of UNKA gear , operating profit in the latest quarter declined 14 % , reflecting higher start-up and product development expenses in UNKA systems . Materials and production costs also rose , UNKA said . The information systems segment had a 44 % jump sales to $ UNKA million . An acquisition accounted for half the sales rise , UNKA said . Operating profit rose UNKA to $ 18 million , from $ 6 million . For the nine months , UNKA 's net was $ UNKA million , or $ UNKA a share , down 3 % from $ UNKA million , or $ UNKA a share , a year earlier . Sales rose 2.9 % to $ UNKA billion , from $ UNKA billion . a UNKA UNKA by an UNKA , not UNKA , though UNKA UNKA English UNKA in his UNKA -- proceeds as if the realistic English novel of UNKA , like UNKA herself , still ruled the waves . In fact , UNKA UNKA 's `` The UNKA of the Day '' -LRB- UNKA , UNKA pages , $ 18.95 -RRB- is both an UNKA to traditional English forms and a dramatic UNKA of them . It implies that the British UNKA was rooted in its subjects ' minds , UNKA and UNKA , and argues , UNKA , that its UNKA flaws were UNKA in the defensive UNKA , UNKA UNKA , UNKA and especially the UNKA of its domestic UNKA . As the UNKA Stevens , the UNKA UNKA of UNKA Hall , UNKA over such UNKA terms as `` UNKA , '' `` UNKA , '' `` service '' and `` loyalty , '' we see how UNKA UNKA UNKA the UNKA . Stevens 's UNKA UNKA of the public and private UNKA -- like his UNKA master 's -- UNKA all it was designed to preserve . Such UNKA UNKA the UNKA . The UNKA cuts to the quick . It 's UNKA , the year the Suez crisis marked the final end of UNKA . As he stands on a UNKA at the beginning of a UNKA motor UNKA from UNKA to UNKA , where a former UNKA UNKA , perhaps the victim of an unhappy 20-year marriage , perhaps -LRB- he hopes with more UNKA than he will ever acknowledge -RRB- not UNKA to return to domestic service , Stevens surveys the view and thereby provides a UNKA , a UNKA and the author 's UNKA for the UNKA of the novel we 're reading : `` We call this land of UNKA Great Britain , and there may be those who believe this a somewhat UNKA practice . Yet I would venture that the landscape of our country alone would justify the use of this UNKA UNKA ... . It is the very lack of obvious drama or UNKA that sets the beauty of our land apart . What is UNKA is the UNKA of that beauty , its sense of restraint . It is as though the land knows of its own beauty , of its own UNKA , and feels no need to UNKA it . In comparison , the sorts of sights offered in such places as Africa and America , though UNKA very exciting , would , I am sure , strike the objective UNKA as UNKA on account of their UNKA UNKA . '' An UNKA landscape ? An UNKA mountain ? But let Stevens continue in his UNKA comic manner -LRB- his UNKA efforts at `` UNKA '' always fail -- most UNKA -RRB- : `` This whole question is very UNKA to the question that has caused much debate in our profession over the years : what is a ` great ' UNKA ? '' His answer is one `` UNKA of a UNKA in keeping with his position . '' Such UNKA `` has to do UNKA with a UNKA 's ability not to abandon the professional being he UNKA . '' He `` will not be shaken out by external events , however surprising , UNKA or UNKA ... . UNKA are unable to be UNKA because they are as a breed UNKA of the emotional restraint which only the English race are capable of . '' Despite his racial advantage , to be a great UNKA is a UNKA calling ; one 's UNKA is `` not unlike general 's headquarters during a battle . '' If , for example , in the midst of a great social UNKA -LRB- such as an international conference on UNKA the UNKA Treaty in UNKA -RRB- , one 's UNKA father , himself a great UNKA once , should happen to die of a UNKA , one must continue to serve the port : `` UNKA do n't think me UNKA improper in not UNKA to see my father in his UNKA condition just at this moment . You see , I know my father would have UNKA me to carry on just now . '' It is this kind of UNKA and restraint that allows Stevens to declare : `` For all its sad associations , whenever I recall that evening today , I find I do so with a large sense of UNKA . '' We note the UNKA public word used to deny private UNKA and UNKA . That Stevens himself is not UNKA or UNKA , but funny and sad and UNKA , is entirely the author 's UNKA . Mr. UNKA 's ability to create a UNKA UNKA voice that permits him to explore such UNKA domestic , cultural and political themes was UNKA clear in his previous novel , `` An Artist of the UNKA World , '' set in Japan after the war . Now shifting his scene from the country he left at five to the England he has lived in for nearly 30 years , he has UNKA a novel in the mode of Henry James and UNKA UNKA . With great UNKA he considers not only UNKA UNKA and -LRB- utterly UNKA -RRB- sexual love , but British UNKA , the UNKA 's UNKA with democracy and support of UNKA , and the moral UNKA of loyalty : `` It is , in practice , simply not possible to adopt such a critical attitude UNKA an employer and at the same time provide good service ... . ` This employer UNKA all that I find UNKA and UNKA . I will UNKA devote myself to serving him . ' This is loyalty UNKA UNKA . '' In the end , after meeting with the former UNKA , Stevens UNKA by the UNKA at UNKA , thinking of her and of his employer , and declares `` I UNKA . I UNKA in his UNKA 's wisdom ... . I ca n't even say I made my own mistakes . UNKA -- one has to ask UNKA -- what UNKA is there in that ? '' The loyal UNKA has come full circle . What is UNKA ? What is UNKA ? We understand such UNKA wisdom must be UNKA : The UNKA of UNKA only spreads her wings at UNKA . But as `` The UNKA of the Day '' so UNKA demonstrates with quiet UNKA , such wisdom can be UNKA UNKA in art . Mr. UNKA teaches English and UNKA literature at Columbia University . UNKA Corp. said its UNKA subsidiary completed the previously announced sale of its air separation plant and related assets in UNKA , Wis. , to UNKA Gas Inc. , Cleveland . The price was n't disclosed . The transaction is part of UNKA 's continuing program to shed UNKA 's industrial gas interests and expand the subsidiary 's UNKA business . Since June , UNKA has UNKA more than $ 100 million from industrial gas UNKA and reinvested more than $ 50 million to acquire three UNKA distributors . UNKA is a gas and electric utility and distributes UNKA nationally through its UNKA subsidiary . UNKA UNKA , who represents the Soviet airline UNKA here , has some UNKA that are wild even by the current standards of perestroika . In his office UNKA the runway of Shannon Airport , Mr. UNKA UNKA throws out what he calls `` just ideas '' : First , he suggests , UNKA Group Ltd. , the international aircraft leasing company based in Ireland , could lease some of its Boeing UNKA to the Soviet airline . Then UNKA UNKA , the UNKA flag carrier , could teach UNKA pilots to fly the UNKA , and the fleet could be based here at Shannon Airport . That 's not all , he says . UNKA UNKA , the UNKA airport authority , could build a cargo terminal in the Soviet Union . UNKA could lease some of its cargo planes to UNKA UNKA , through UNKA , for a joint-venture cargo airline . And then there is his notion of an UNKA charter airline to ferry UNKA to Los Angeles via Shannon . Have the freedoms of glasnost gone to Mr. UNKA 's head ? UNKA . The UNKA aviation connection is alive and well here at Shannon Airport . UNKA is indeed talking about leasing Western planes to UNKA and even about buying UNKA UNKA UNKA . UNKA UNKA is in discussions with the Soviet carrier about a cargo venture and other possibilities . UNKA UNKA already has so many ventures with UNKA that its chief executive is studying Russian . UNKA as it may seem , tiny , politically neutral Ireland has UNKA the mighty Soviet airline bureaucracy . And as UNKA struggles to boost its service standards , upgrade its fleet and pursue commercial opportunities , the UNKA aviation industry seems poised to benefit . `` UNKA and Soviet people are similar , '' says Mr. UNKA . `` They look the same . They 're very friendly . '' Moreover , he says , UNKA companies are small but UNKA . `` We have to study their experience very well , '' he says . `` We must find any way to get business . '' The two groups have been working together since the late 1970s , long before Soviet joint ventures were the UNKA in the West . UNKA carried about 125 million passengers last year , and Shannon Airport , the airline 's largest UNKA airport outside the Soviet Union , saw UNKA UNKA flights and 250,000 passengers pass through . An apartment complex down the road is the UNKA and staging area for more than 130 UNKA pilots and flight attendants . The airport 's biggest supplier of aircraft fuel is the Soviet Union . UNKA from the UNKA port of UNKA each year unload 25 million gallons of fuel into a special tank farm at the airport . What UNKA does n't pour into its own UNKA UNKA is UNKA to the airport authority , which UNKA it to 11 Western carriers including Air France , Trans World Airlines and Pakistan International Airlines . UNKA thus pays its landing fees , UNKA and UNKA bills with fuel , preserving its hard currency . That is n't all . Last year , the UNKA airport authority , in a joint venture with UNKA , opened four UNKA duty-free shops at Moscow 's UNKA Airport . UNKA UNKA now manages duty-free sales on all UNKA international flights out of Moscow . UNKA shops in UNKA 's UNKA Airport opened in July , and UNKA shops in UNKA hotels and on the UNKA UNKA are coming soon . UNKA UNKA is talking about similar joint ventures in UNKA and in UNKA , a Black Sea resort , and even has a UNKA project cooking with the UNKA city of UNKA . UNKA 's international fleet of UNKA planes is being UNKA and UNKA at Shannon Airport . UNKA to a new UNKA agreement and the ability of UNKA travel agents to issue UNKA tickets , tourists here are taking advantage of UNKA 's reasonable prices to board flights in Shannon for holidays in UNKA , UNKA and Mexico City . The UNKA fare to UNKA is UNKA UNKA UNKA -LRB- $ UNKA -RRB- . Jamaica costs UNKA UNKA . A formal blessing of sorts was UNKA on this friendship in April when Mikhail and UNKA Gorbachev stopped here for talks with UNKA Prime Minister Charles UNKA . New trade UNKA were signed . It all started with geography . When it opened in UNKA , Shannon was the first UNKA in Europe for UNKA airplanes flying from North America . UNKA in aircraft fuel efficiency over the years made a Shannon stop unnecessary for most Western air UNKA , but UNKA still flies inefficient UNKA that ca n't make it from Moscow to UNKA on one UNKA . As a result , Ireland did n't UNKA the Soviets after they shot down a Korean Air Lines jetliner over the Sea of Japan in 1983 , though it suspended direct UNKA flights for two months . In fact , UNKA UNKA started UNKA Russians from Shannon to New York when Washington stripped UNKA of its U.S. landing rights . Today , UNKA UNKA is making a UNKA of money from its Soviet friendship . And , with those contacts in place , it could be relatively simple to add UNKA UNKA and UNKA to the team . Then , perhaps , Mr. UNKA 's ideas would n't sound like so much UNKA . Britain 's industrial production rose 1.5 % in August from July and was up 0.9 % from August 1988 , according to provisional data from the Central UNKA Office . Output in the energy sector , which can vary greatly with swings in the oil market , rose 3.8 % in August from May but was down 7.1 % from a year earlier . The latest figures compare with July 's 4.5 % UNKA rise and UNKA % year-to-year fall . When UNKA Corp. begins shipping steel from the world 's first UNKA plant this month , it will begin testing the competitive UNKA of its giant competitors . The new technology , which creates a very thin piece of steel , UNKA reduces the costs of making UNKA sheets . An UNKA Kenneth Iverson , UNKA 's chairman , says the company 's plant eventually will make a ton of steel in 1.5 man hours , compared with four to six man hours at a conventional mill . `` We 've had the Russians and Chinese , and people from India visiting us , '' Mr. Iverson UNKA . `` Everyone in the world is watching us very closely . '' UNKA his neighbors , the major U.S. steelmakers . Already , USX Corp. and Armco Inc. are studying UNKA 's technology to see if they can adopt it . Says the chief executive officer of a major Midwest steel company : `` It 's damn worrisome . '' The UNKA steel industry is about to be turned UNKA by a 1990s technology revolution . New , efficient and sophisticated processes make it easier for smaller , less UNKA companies to make steel at a fraction of what Big Steel paid decades ago . It also enables UNKA finally to get a UNKA in the UNKA steel market -- the major steelmakers ' largest , most UNKA , and until now , UNKA , market . But such UNKA technology is only the beginning . UNKA engineers UNKA UNKA and direct casting , which by the end of the 1990s will enable production without UNKA UNKA and blast UNKA . Those massive structures , while UNKA cost and environmental UNKA , effectively locked out all but UNKA giants from UNKA . `` There 's a revolution ahead of us that will ultimately change the way we market and distribute steel , '' says William Dennis , vice president , manufacturing and technology , for the American Iron UNKA and Steel Institute . It is n't that major steelmakers have UNKA ignored high technology . In fact , they 've spent billions of dollars to boost the percentage of UNKA cast steel to UNKA % in 1988 , from UNKA % five years before . Moreover , their balance sheets are rich with UNKA , their old plants UNKA , and work forces lean . But that wo n't UNKA . `` It 's no longer enough to beat the guy down the street . You have to beat everyone around the world , '' says Mr. Dennis . He wants to see steelmakers more involved in computers and UNKA intelligence . The problem : They 're UNKA with huge plants that require costly maintenance . And try UNKA new dollars free in a market that is softening , hurt by a strong dollar and concerned about overcapacity -- the industry 's UNKA UNKA . `` The technology revolution is going to be very threatening to established producers , '' says Peter Marcus , an analyst with PaineWebber Inc . `` They 've got too much invested in the old stuff and they ca n't get their workers to be flexible . '' No one expects UNKA to UNKA major integrated steelmakers , who remain the UNKA UNKA of UNKA steel used for autos and refrigerators . UNKA 's plant in UNKA , Ind. , ultimately will produce only one million tons annually , a drop in the UNKA UNKA steel UNKA , and it will be years before such plants can compete in the UNKA market . Still , UNKA is the steel industry 's bread and butter , representing about half of the 80 million tons of steel expected to be shipped this year . Moreover , the process is n't without its UNKA . Because all operations are connected , one equipment failure forces a complete plant shutdown . On some days , the UNKA plant does n't produce anything . `` At this point , the UNKA capacity wo n't make a great UNKA in the integrated market , but it does challenge them to develop new markets , '' says James UNKA , vice president , materials , at UNKA , a technology and UNKA giant based in Columbus , Ohio . Indeed , with demand for steel not growing fast enough to absorb capacity , steelmakers will have to change the way they do business . In the past , says Armco 's chief economist John UNKA , steelmakers made a product and set it out on the UNKA UNKA . `` We said : ` We 've got a product : if you want it , you can buy it , ' '' he says , adding : `` Now we 're figuring out what people need , and are going back to make it . '' Armco 's sales representatives visit the General Motors Corp. 's UNKA assembly plant in Kansas City , Mo. , two or three days a week . When they determined that GM needed parts more quickly , Armco convinced a steel service center to build a processing plant nearby so shipments could be delivered within 15 minutes . UNKA such relationships with major clients -- car and UNKA makers -- is a means of survival , especially when those key clients are relying on a smaller pool of producers and UNKA with plastic and aluminum makers . For example , when Detroit began talking about UNKA cars , the American Iron and Steel Institute began a major lobbying effort to show auto makers how they could use steel more efficiently by simply UNKA how a car door is assembled . But steelmakers must also find new markets . After letting UNKA take the recycling lead , a group of the nation 's largest steelmakers started a recycling institute to promote steel cans to an UNKA UNKA nation . UNKA 's Mr. UNKA thinks steelmakers should concentrate more on construction . UNKA Steel Corp. , UNKA , W. Va. , for example , is UNKA to homeowners fashionable steel doors , with UNKA glass UNKA , as a secure and UNKA alternative to wooden or aluminum ones . Other steelmakers UNKA steel UNKA covering UNKA . Still others are looking at overseas markets . USX is UNKA drilling UNKA to UNKA Soviet Union . This year , the nation 's largest steelmaker UNKA its overseas sales operation . Producers also are trying to UNKA by concentrating on UNKA output , such as coated and UNKA products , which remain beyond the reach of UNKA . Almost all UNKA programs announced by major steelmakers within the past year involve building UNKA lines , used to produce steel for such products as household appliances and car doors . But unfortunately , that segment is much smaller than the bread-and-butter UNKA steel . `` It 's like everyone climbing out of the UNKA II and getting into a UNKA , '' says John Jacobson , an analyst with UNKA Consultants . `` After a while , someone has to go over the side . '' Although he does n't expect any UNKA , he does see more plants being sold or closed . Robert UNKA , with the UNKA Institute , agrees . `` Unless there is an enormous rate of economic growth or a further drop in the dollar , it 's unlikely that consumption of U.S. produced steel will grow sufficiently to offset the growth of UNKA . '' Not to mention the UNKA of imports . Japanese and European steelmakers , which have led the recent technology developments , are UNKA awaiting the lifting of trade restraints in 1992 . Moreover , the U.S. can expect more competition from low-cost producing Pacific UNKA and Latin American countries . A Taiwanese steelmaker recently announced plans to build a UNKA plant . `` People think of the steel business as an old and mundane UNKA business , '' says Mr. Iverson . `` They 're dead wrong . '' \* USX , LTV , Bethlehem , Inland , Armco , National Steel \*\* UNKA UNKA Corp. 's UNKA damages case against Eastman Kodak Co. , one of the highest stakes corporate trials ever , is getting UNKA attention on Wall Street . After 78 days of UNKA testimony in federal court in Boston , the trial is being all but ignored by analysts and patent attorneys . Most have read the pre-trial documents , however , and estimate Kodak will be ordered to pay $ 1 billion to $ 1.5 billion for UNKA on seven UNKA patents . That may be the largest patent award ever , but it is well below the $ 12 billion UNKA seeks . The highest patent damage award to date was in 1986 , when Smith International Inc. was ordered to pay $ UNKA million to Baker Hughes Inc. for UNKA on a patent on an oil drilling bit seal . The two companies later agreed to settle for $ 95 million . Few analysts think it is worth their time to UNKA through the UNKA trial testimony . `` It 's like UNKA for gold outside of Grand Central UNKA . You might find something , but the chances are low , '' said Michael UNKA , an analyst at Wertheim Schroder & Co . And Eugene Glazer , an analyst at Dean Witter Reynolds Inc. , said : `` If you hired an attorney to be there all the time and give you a -LRB- UNKA -RRB- of the eventual award , I would be willing to bet that he would be off '' by a lot . A UNKA trial in the early 1980s determined that Kodak , based in Rochester , N.Y. , UNKA on patents of UNKA , of Cambridge , Mass . The main issues remaining are how to UNKA damages and whether the UNKA was `` UNKA and UNKA . '' If so , the damages could be tripled . Two analysts who have read the UNKA , David Nelson of Shearson Lehman Hutton Inc. and UNKA D. UNKA , a litigation analyst at UNKA , Simpson & Co. , think Judge A. David UNKA will decide in Kodak 's favor on the `` UNKA and UNKA '' issue . Mr. UNKA said testimony by Kodak 's patent counsel , Francis T. UNKA of UNKA & UNKA , showed that `` he worked with Kodak UNKA from the UNKA of the project '' in an effort to avoid UNKA . `` UNKA told Kodak on many occasions to avoid various features because of UNKA 's patent positions , '' and Kodak followed his advice in every instance , Mr. UNKA said . But Irving UNKA , a patent expert at George Mason University School of Law who is familiar with the case , said the fact that seven patents were UNKA `` suggests that UNKA was UNKA . It 's difficult to be that consistently wrong . '' UNKA also wonder whether Judge UNKA will use the UNKA method of determining damages , which UNKA favors because it would result in a larger award , or the reasonable royalty method . UNKA claims it could have manufactured and sold all the instant cameras and film sold by Kodak if Kodak had n't entered the market . Moreover , UNKA contends it could have sold them at a higher price -- and thus made higher profits -- because it would n't have been forced to match Kodak 's lower prices . Each side has called a Harvard Business School professor to testify on that issue . Kodak hired Robert UNKA and UNKA brought in Robert J. UNKA . `` There 's nothing that says that people at Harvard Business school have to agree with each other , '' said Mr. UNKA . UNKA is expected to continue until early December . A decision is n't expected until some time next year . International Business Machines Corp. said earnings tumbled 30 % in the third quarter , even a bit further than expected , UNKA the outlook doubtful for the next few quarters . The main reason was a delay in UNKA of new high-end disk drives , a business that accounts for some 10 % of IBM 's $ 60 billion of annual revenue . IBM , which UNKA the poor results three weeks ago , also cited an increase in its leasing business , which tends to lock in business long-term but cut revenue in the near term . In addition , IBM noted that the stronger dollar has cut the value of overseas revenue and earnings when they are translated into dollars . Earnings fell to $ UNKA million , or $ UNKA a share , somewhat below securities analysts ' revised expectations of around $ UNKA a share . That compared with the year-earlier $ 1.25 billion , or $ UNKA a share -- which was inflated by a UNKA gain from the sale of some MCI Communications Corp. stock and by an unspecified amount from a payment by Fujitsu Ltd. relating to a software dispute . Revenue climbed 4.3 % to $ UNKA billion from $ UNKA billion . IBM , Armonk , N.Y. , remained upbeat . The computer giant , whose U.S. results have been dismal for years , noted that revenue rose again in the U.S. in the third quarter , following an increase in the second period . The company said in a statement that `` demand for IBM products and services continues to be good world-wide . We do not see anything in the fundamentals of our business that would cause us to change our strategy of investing for profitable growth . '' Securities analysts , however , remained UNKA . `` I think 1990 will be another UNKA year , '' said Steve UNKA of First Boston . Jay Stevens of Dean Witter actually cut his per-share earnings estimate to $ 9 from $ UNKA for 1989 and to $ UNKA from $ UNKA in 1990 because he decided sales would be even weaker than he had expected . Both estimates would mark declines from the 1988 net of $ UNKA billion , or $ UNKA a share , which itself was well below the record IBM set in 1984 . Mr. Stevens said he kept a `` UNKA '' recommendation on the stock only because `` all the damage has been done . '' He said the stock has n't traded below 1 1\/2 times book value over the past 10 years , which at the moment UNKA to a stock price of $ 100 . The stock closed yesterday at $ 103 a share , up just $ 1 in composite trading on the New York Stock Exchange as the market surged . Analysts worry that the disk-drive and leasing problems will last at least through the first quarter . `` A key part of the question is , how soon does this disk-drive come and how soon does production UNKA up ? '' said Steve Cohen at UNKA Financial Group . `` And the input I 've had from customers is that it still could be a while . '' On leasing , Bob UNKA at UNKA Research said he thinks IBM has hurt itself UNKA . He said IBM has priced its leases aggressively , thinking that would help win business . But he said IBM would have won the business anyway as a sale to a third party that would have then leased the equipment to the customer . He said IBM has not only hurt its short-term revenue outlook but has also been losing money on its leases . Bob UNKA , executive vice president of marketing at UNKA Inc. , a huge leasing firm , said : `` To put it mildly , IBM Credit has been doing some of the worst economic deals of any leasing company we have ever seen . '' IBM is expected to get a boost soon when it UNKA some new versions of its mainframes . But the basic technology in the line is almost five years old , which means it is long in the UNKA , and competitors are rolling out strong products of their own . IBM is gaining momentum in the UNKA market , and is expected to introduce some impressive workstations early next year . But it 's hard to squeeze much profit out of the UNKA business these days , and the workstation market , while important , is too small to rely on for much growth . The disk drives will UNKA sell well when they finally become available . But the UNKA , IBM 's highly successful UNKA line , is losing its momentum , and some analysts said sales could even decline in the fourth quarter . In addition , IBM 's growth in software in the third quarter was just 8.8 % , well below historical levels even when adjusted to reflect last year 's payment from Fujitsu and the stronger dollar . And expenses , up UNKA % in the quarter , have stayed UNKA high . In the nine months , IBM earned $ UNKA billion , or $ UNKA a share , down 8.4 % from the year-earlier $ UNKA billion , or $ UNKA a share . Revenue increased 6.5 % to $ UNKA billion from $ UNKA billion . PepsiCo Inc. 's chairman said he is `` more than comfortable with '' analysts ' estimates that third-quarter earnings rose to at least 98 cents to $ 1 a share from 91 cents the year earlier . D. Wayne UNKA , also chief executive officer of the company , indicated that he expects analysts to raise their forecasts for 1989 after the company releases its earnings today . So far , analysts have said they are looking for $ UNKA to $ 3.35 a share . After today 's announcement , that range could increase to $ 3.35 to $ UNKA a share . The official said he also would be comfortable with that new range . In 1988 , the soft-drink giant earned $ UNKA a share . Results for 1989 will include about 40 cents a share from the UNKA effects of UNKA and UNKA company acquisitions . In composite trading on the New York Stock Exchange , the company closed yesterday at $ UNKA a share , up $ UNKA . The company said third-quarter sales are expected to increase 25 % from $ UNKA billion of last year 's third quarter . Domestic soft-drink UNKA case sales are estimated to have risen only 1 % in the third quarter -- well below the 4 % to 5 % growth of recent years -- but about in line with the rest of the soft-drink industry . Mr. UNKA blamed the slower volume on UNKA weather , a UNKA of new products in the industry and -- to a much lesser extent -- pricing . PepsiCo said its soft-drink prices were about 2 % higher in the quarter . Mr. UNKA also noted that soft-drink volume rose a hefty 9 % in last year 's third quarter , making the comparison more difficult . International soft-drink volume was up about 6 % . UNKA UNKA increased a strong 7 % in the third quarter , while domestic profit increased in double UNKA , Mr. UNKA said . Excluding the British UNKA business acquired in July , UNKA international UNKA jumped 40 % , with sales strong in Spain , Mexico and Brazil . Total UNKA profit rose 30 % . UNKA by UNKA UNKA and UNKA Bell , restaurant earnings increased about 25 % in the third quarter on a 22 % sales increase . UNKA sales for UNKA UNKA rose about 13 % , while UNKA Bell 's increased 22 % , as the chain continues to benefit from its UNKA strategy . UNKA Bell has turned around declining customer counts by UNKA lowering the price of its UNKA . UNKA UNKA for Kentucky Fried UNKA , which has struggled with increased competition in the fast-food UNKA market and a lack of new products , rose only 1 % . The operation , which has been slow to respond to consumers ' shifting UNKA away from UNKA foods , has been developing a UNKA product that may be introduced nationally at the end of next year . The new product has performed well in a market test in Las Vegas , Nev. , Mr. UNKA said . After a four-year , $ 7.7 billion acquisition binge that brought a major soft-drink company , UNKA UNKA , a fast-food chain and an overseas UNKA giant to UNKA , Mr. UNKA said he does n't expect any major acquisition in the next year or so . But , `` You never can tell , '' he added , `` you have to take advantage of opportunities . President Bush chose Martin UNKA , a longtime friend from Texas , to be chairman of the Federal Energy Regulatory Commission . Mr. UNKA would succeed UNKA UNKA , who is resigning . The White House said Ms. UNKA , a Chicago UNKA who previously held posts at the Energy Department and UNKA , is leaving to become a vice president of First Chicago Corp . Mr. UNKA , an attorney in Midland , Texas , has been UNKA at the Interior Department . He met Mr. Bush in the 1950s , when the president was a young oil man in Midland and Mr. UNKA was a lawyer for an oil firm . The UNKA is a UNKA commission that UNKA billions of dollars of interstate wholesale energy transactions . Mr. UNKA 's appointment is subject to confirmation by the Senate . Administration officials said a date for Ms. UNKA 's departure has n't been set . UNKA UNKA UNKA UNKA Corp. said its directors declared a dividend of five cents per Class A common stock payable Nov. 6 to stock of record Oct. 16 . The dividend represents the balance of its regular quarterly payout of 10 cents a share , of which half was paid July 17 in a final distribution prior to its merger with UNKA Real Estate Investment Corp. , also in July . The company said it hopes to resume its schedule of regular quarterly dividends at the end of this year . UNKA said it notified Central Maine Power Co. it will cancel a $ 4 billion contract to supply electricity to the Maine utility . The UNKA owned utility said it is UNKA up the deal because `` the contract 's objectives ca n't be UNKA . '' UNKA said Maine regulators ' refusal to approve the contract earlier this year halted work on UNKA lines and stopped negotiations for resale of electricity carried through Maine to other utilities . `` It would now be UNKA impossible to begin deliveries in 1992 , '' a UNKA official said . The contract was to run from 1992 to UNKA . Under the contract UNKA was to supply 400 UNKA of power to Central Maine Power starting in 1992 , 600 UNKA starting in 1995 and 900 UNKA starting in UNKA said Maine regulators ' refusal to approve the contract means Central Maine Power has lost its place in line . `` We wo n't sign any new contracts -LCB- with deliveries -RCB- beginning earlier than 2000 , '' the UNKA official said . He said UNKA already has some `` customers in mind '' for the power that was to be delivered to Maine . `` Nothing has happened since we signed the contract to undermine our conviction that UNKA was the UNKA , most UNKA acceptable choice for meeting a part of our customers ' energy needs through the year UNKA , '' said Central Maine senior vice president Donald F. Kelly . Central Maine said it is evaluating `` many energy options '' to make up for the lost future power , including new energy generation and management proposals from New England , and possibly new Canadian purchases . UNKA - Options traders were among the big victims of Friday 's plunging stock market , including one small firm that required an emergency $ 50 million bailout . While Monday 's UNKA markets helped other investors recoup losses , many options customers and professional traders in stock-index options and the options on takeover stocks were left with multimillion-dollar losses , traders here and in New York said . Options traders were hurt worse than others on Friday because of the highly volatile nature of options , which often rise or fall in value several times the amount of the price change in the individual stock or index of stocks on which they are based . Thus , options traders Friday were stuck with losses that also were several times larger than those suffered by many stock traders in New York . Jeffrey Miller of Miller UNKA UNKA & Co. said that given the high degree of leverage in the options market , it is `` very easy for these guys to get wiped out . That may just be the nature of these highly leveraged little creatures . '' An options contract gives the holder the right to buy -LRB- call -RRB- or sell -LRB- put -RRB- a specific amount of stock , or in this case the value of a stock index , based on a UNKA price within a given time period . Options traders who , in return for a small fee , or premium , had previously sold put options on stocks or stock indexes were forced on Friday to buy those contracts back at the previously agreed prices , which were substantially above those in the market as it was falling . They then had no choice in many cases but to sell the contracts at UNKA prices -- in most cases at a substantial loss . The latest round of losses is likely to be a serious blow to the Chicago Board Options Exchange , which has never fully recovered from the UNKA of Black Monday , when investors fled the market because of huge losses . UNKA matters worse was the fact that late Friday afternoon the CBOE halted stock-index options trading in step with the Chicago Mercantile Exchange 's halt in stock-index futures . But while the Merc reopened a half hour later , the CBOE remained closed , leaving many options traders unable to make trades that might have reduced the losses . CBOE Chairman UNKA `` Duke '' UNKA , said that , unlike the futures market , the options exchange has to open in a UNKA that allows each different options series to trade . Exchange officials UNKA that they would n't have been able to make such a UNKA with the time remaining Friday afternoon , and with the stock-index futures on the verge of closing for a second and final time , the CBOE UNKA that its best course was to remain closed . The damage was so bad at UNKA Corp. , an options trading firm here , that it was forced to transfer its accounts to First Options of Chicago , a unit of Continental Bank Corp. , as a result of options trading losses . UNKA so far is the only member of a financial exchange to be forced to be taken over by another firm as a result of Friday 's UNKA . UNKA still had several million dollars in capital left after Friday 's close of trading , but not enough that regulators , worried about another potential market plunge yesterday , would let it reopen for trading , options exchange officials said . Thus , in an unprecedented arrangement UNKA the UNKA of the transfer , the CBOE , the American Stock Exchange and the Options Clearing Corp. , as well as the firm 's owner , Stephen UNKA , put up a total of $ 50 million to guarantee the customer positions being transferred to the bank holding company subsidiary in case the market plunged again yesterday . S. UNKA UNKA III , vice chairman of Continental Bank , First Options ' parent company , said the firm took on about 160 accounts formerly held by UNKA , almost all of them UNKA to professional floor traders . `` Steve and his firm were still worth a lot of money , '' Mr. UNKA said . `` A package of credit support was put together -- including the assets of Steve and his firm . '' The bailout was UNKA together over the weekend , with officials from the Federal Reserve Board , Securities and Exchange Commission , Comptroller of the Currency and Treasury as well as the options exchanges . `` It was great to have the luxury of time , '' Mr. UNKA said . At one point , an options industry official had to talk the Federal Reserve Bank of Chicago 's night UNKA into giving him the home phone number of UNKA UNKA , Chicago Fed president . First Options did n't have to put any money into the bailout . Yesterday 's rally in the stock , futures and options markets led CBOE and Amex officials to conclude that the $ 50 million in guarantees almost certainly wo n't need to be tapped by First Options . The UNKA firm had some losses and liquidity problems during the October 1987 crash as well , Mr. UNKA said . A federal official said that Continental Bank worked with securities and banking regulators over the weekend to fashion the UNKA bailout , but that conditions were n't UNKA by those agencies . `` It was their business decision , '' the official said . Officials at Options Clearing Corp. , which processes all options trades for U.S. exchanges , said that the $ 50 million guarantee was unprecedented , but was necessary to help insure the integrity of the options markets . `` It was an extraordinary situation that needed extraordinary steps , '' said Paul Stevens , UNKA president and chief operating officer . Mr. Stevens declined to give the specific contributions to the $ 50 million guarantee from each participant . But CBOE and Amex officials said that Options Clearing Corp. contributed $ 20 million to the guarantee , the CBOE put up $ 8 million , the Amex added $ 4 million and $ 18 million came from Mr. UNKA 's own assets . Mr. UNKA could n't be reached to comment . UNKA Foster takes off her UNKA , UNKA herself on a UNKA chair and gently UNKA forward . With a UNKA tape playing UNKA in the background , the UNKA hands of UNKA UNKA begin to work on Ms. Foster 's neck and UNKA . `` It 's like an UNKA in this room , '' Ms. Foster UNKA . The room in question is the directors ' UNKA of UNKA UNKA Co. , 60 floors above the UNKA of Pittsburgh . There , amid oil paintings and marble tables , UNKA are UNKA every Wednesday . `` On days that I 'm really busy , '' says Ms. Foster , who works in public relations for the company , `` it seems UNKA to take time off for a UNKA . '' Although such sessions may never replace coffee breaks , UNKA UNKA , as it is known in the trade , is certainly UNKA corporate America . In some companies middle managers UNKA UNKA UNKA into the office , fearful that UNKA executives wo n't approve . Ms. Foster 's UNKA is nothing like the UNKA , UNKA UNKA enjoyed by UNKA visitors . Nor does it at all resemble -LRB- despite what some executives think -RRB- the more intimate variety offered at specialty UNKA in bad parts of town . On the contrary , office UNKA usually take place in UNKA UNKA conference rooms , where UNKA employees relax in specially designed chairs , fully UNKA . The UNKA last 15 minutes and typically cost about $ 10 . Some companies , including UNKA , even pay part of the fee . Ms. UNKA has been seeing some 15 clients a visit since the program was started at UNKA last year . Anthony UNKA UNKA , the company 's chairman , UNKA by her firm touch , saying regular UNKA are a UNKA for his old football injuries . UNKA advocates say that UNKA the head , UNKA , neck and back can go a long way toward easing tension and improving morale . They also insist that UNKA is a basic need , as powerful as the need for food or sleep , and that the office is as good a place as any to do it . `` The blood flows to your head , you feel UNKA and you do n't feel tension around the head or neck , '' says UNKA UNKA , an operations supervisor at the Social Security office in Grand UNKA , Mich. , where UNKA began last month . `` When you leave the room after your UNKA , people say you look like you 're UNKA . '' Adds UNKA UNKA , the UNKA UNKA who UNKA her trade in the Grand UNKA office , `` They fall in love with my hands . '' Not everyone , however , is at ease with office UNKA . Three years ago , the Internal Revenue Service 's office in San Jose , Calif. , opened its doors to UNKA UNKA . And even though employees paid the bill , taxpayers UNKA . `` Sometimes , with the release of stress , you hear ` UNKA ' and ` UNKA ' coming out of the room , '' explains Morgan Banks , the agency 's health specialist . `` And you ca n't have taxpayers coming into an audit hearing ` UNKA ' and ` UNKA . ' '' Last month , the complaints UNKA and the UNKA ended . `` Now we 're looking for a room with UNKA walls , '' Ms. Banks says . UNKA also has an image problem to contend with . Some UNKA have tried to get around this by calling themselves `` UNKA '' and describing their office visits as `` UNKA breaks . '' But UNKA , no matter how UNKA , is still associated in many minds with UNKA fronts for UNKA , and that makes some executives nervous . Last year , the research and development division of Weyerhaeuser Co. , the large UNKA concern , invited a UNKA to its UNKA , Wash. , offices . Phil UNKA , a software engineer , was an eager customer . `` You build up a lot of tension working at a terminal all day , '' he says . But after about eight months , the vice president of the division , Ed UNKA , learned about the sessions and brought them to a halt . Mr. UNKA says his only beef was that the UNKA were being given in a company conference room ; the department 's UNKA health facility would have been fine . `` In my view , -LCB- UNKA -RCB- should be managed with an appropriate UNKA of UNKA and UNKA around , '' he says . Given such attitudes , some corporate UNKA prefer to go about their business quietly . Russell UNKA of Park UNKA , N.J. , says he has been working for the past year at a huge chemical and manufacturing concern in New York -- UNKA to the company 's executives . He visits the same department every two or three weeks . His UNKA chair is kept in a UNKA , and a secretary UNKA him past security . `` This is common with a lot of large companies , '' says Mr. UNKA , who worked for American Telephone & Telegraph Co. for 23 years before choosing his current trade . Managers , he contends , `` are afraid how they 're going to look in the eyes of their UNKA . My vision is to change human UNKA UNKA touch . My attitude is : Let 's come out of the UNKA . '' UNKA , all that 's needed is a little UNKA . UNKA UNKA , a St. Louis UNKA , won over officials at Emerson Electric Co. , a maker of electrical and electronic equipment , by providing documents and other articles UNKA the UNKA benefits of UNKA . She notes that she also UNKA UNKA during her weekly visits . `` I pull my hair back , wear a little makeup and look corporate , '' says Ms. UNKA , who has been visiting Emerson since January . `` If I go in there as I normally dress , they 'd ask , ` Who is this UNKA ? ' '' The UNKA father of UNKA UNKA is David UNKA , a UNKA San Francisco UNKA whose mission is to save the UNKA UNKA . To help do this , Mr. UNKA developed a portable UNKA chair three years ago that he hopes will bring `` structured UNKA '' into mainstream America . `` The culture is not ready to take off its clothes , lie down and be touched for an hour for $ 45 , '' he says . `` The idea is to keep the clothes on and to keep people UNKA . The chair is a way to package UNKA . '' UNKA in one of Mr. UNKA 's chairs , which cost $ UNKA and have since been UNKA by others , is a bit like UNKA a UNKA . UNKA lean forward , rest their UNKA on side supports and UNKA their face in UNKA on the back of the chair . -LRB- Ms. UNKA , the Grand UNKA UNKA , says she has heard the UNKA UNKA compared to something out of the Spanish UNKA . -RRB- Mr. UNKA , who serves as president of the UNKA UNKA Association and writes an industry newsletter , says some 4,000 practitioners -- out of about 50,000 UNKA UNKA across the country -- now use UNKA chairs in the workplace , as well as on street corners , in airports and UNKA , and at UNKA and other UNKA where UNKA people can be found . UNKA UNKA , a UNKA in UNKA , Colo. , had a UNKA experience while UNKA a man in a UNKA supermarket as part of a store promotion . Three minutes into the UNKA , the man UNKA up , began shaking and turned red . UNKA were called . A week later , the man told Mr. UNKA he had suffered a mild heart attack unrelated to the UNKA . `` It was a powerful point in my career , '' says the UNKA Mr. UNKA , who has since taken out a $ 1 million liability policy for his business . `` But he pulled through , and after the UNKA left , there were still six people in line waiting for a UNKA . The next woman was older , and I was afraid to touch her . But it 's like falling off a horse and getting back on . '' Despite the number of fans that office UNKA has won , some UNKA look down on it , arguing that UNKA , UNKA UNKA are the only way to go . Linda UNKA , who does UNKA work in Pittsburgh , says that while UNKA UNKA is better than nothing , UNKA workers should realize it is only the tip of the UNKA . `` UNKA areas of their bodies are neglected , '' she says , adding that clothes UNKA the experience . `` There 's nothing like skin to skin . In what is believed to be the first UNKA of a loan to China since the June 4 killings in Beijing , an international bank syndicate has terminated a $ 55 million credit for a Shanghai property project . The syndicate , led by UNKA Asia Ltd. , agreed last November to provide the loan to Asia Development Corp. , a U.S. property developer . But several weeks ago , in the wake of the Beijing killings , the loan was canceled , according to bankers and executives close to the project . Asia Development and UNKA declined to comment on the move . UNKA had doubts about the project even before June 4 , but the harsh crackdown , which caused many businesses to UNKA their China transactions , `` gave the banks the out they wanted , '' says an official close to the Shanghai venture . The decision to cancel the loan UNKA the tough attitude bankers have taken toward China since June 4 . While some commercial lending has resumed , international lenders remain nervous about China 's economic troubles and foreign debt -- $ 40 billion at the end of 1988 . Many loans are being UNKA , especially those tied to the hotel sector , which has been hit hard by a UNKA 4 tourism slump . Many bankers view UNKA loans as particularly risky . The canceled Shanghai loan leaves Asia Development , a small concern , UNKA with a UNKA UNKA apartment building and heavy debts . The company owes $ 11 million to the UNKA On Group , the project 's Hong Kong contractor , and a significant , though unspecified , amount in legal fees to UNKA Brothers , a U.S. law firm , the sources say . The project , known as Lotus UNKA , has been mired in controversy . When the loan agreement was announced , it was hailed as one of the first UNKA financing transactions ever used in China . Unlike most loans to China , there was no Chinese UNKA . Instead , the banks secured a promise from state-owned Bank of Communications that it would lend Asia Development the entire $ 55 million at maturity to finance repayment of the original borrowing . The loan was to have UNKA in just two to three years , as soon as construction was completed . But in a letter sent in August to Asia Development , UNKA said the loan was terminated because the developer had failed to deliver adequate financial data and pay certain fees to the UNKA committee on time , according to officials close to the project . UNKA involved in the project contend , however , that the UNKA actually had nothing to do with these technical violations . Instead , the creditors say , the loan fell victim to UNKA about China 's political turmoil , as well as to concern about the loan 's security . The bank syndicate is made up mostly of European banks , but it includes China 's state-owned UNKA Industrial Bank . The 11 banks in the syndicate sustained no monetary losses because none of the credit facility had been drawn down . K mart Corp. agreed to acquire UNKA UNKA UNKA Inc. for $ 23 a share , or $ UNKA million , in a move to expand its presence in the rapidly growing UNKA business . The proposed merger comes as K mart 's profit is declining and sales at its core discount stores are rising more slowly than at such competitors as UNKA Stores Inc . K mart , based in UNKA , Mich. , recently said net income would fall for the third consecutive quarter , after a 16 % drop in the first half of its current fiscal year . `` The membership UNKA concept has great potential , '' the company 's chairman , Joseph E. UNKA , said in a statement . UNKA clubs typically carry general merchandise and food products , which they sell for close to wholesale prices in UNKA stores . UNKA , many of whom operate small businesses , pay annual membership fees , which provide an income base for the stores . K mart tested the UNKA sector last year with its acquisition of a 51 % interest in UNKA Inc . But the UNKA chain , which operates as a joint venture between K mart and UNKA Holdings N.V. of the Netherlands , has only six stores and annual sales that one analyst estimated at about $ 300 million . UNKA UNKA , based in UNKA , Colo. , operates 41 UNKA stores . The company had losses for several years before turning profitable in fiscal 1988 . In the year ended Jan. 31 , UNKA UNKA up profit of $ 9.4 million , or 72 cents a share , after a tax-loss UNKA , on sales of $ 1.3 billion , and analysts expect its results to continue to improve . `` The company turned the corner fairly recently in profitability , '' said UNKA UNKA of PaineWebber Inc. , who had been forecasting a 46 % jump in UNKA 's net income from operations this year and another 42 % increase next year . `` UNKA productivity is really beginning to take off . '' But some analysts contend K mart has agreed to pay too much for UNKA . `` Even if you look at it as a turnaround situation , it 's expensive , '' said Wayne UNKA of Prudential-Bache Securities Inc . `` In my opinion , you would only pay that kind of price if you were getting a premier player in the industry . '' Ms. UNKA of PaineWebber raised a more fundamental question about the deal . `` If K mart ca n't get its act together in discounting , why is it spending time worrying about other growing markets ? '' She said , `` I would say K mart 's number one job is to address its market-share loss -LCB- in discount stores -RCB- , which longer-term will lead to improved profit margins . At that point , perhaps diversification would be appropriate . '' But K mart 's Mr. UNKA is intent on pushing the company into new retail businesses . For instance , K mart is opening big food and general merchandise stores , called UNKA , and UNKA stores specializing in office products and UNKA goods . It also operates UNKA , UNKA UNKA Drug Stores and UNKA Square home improvement stores . In composite trading on the New York Stock Exchange , K mart closed yesterday at $ 36 a share , up 12.5 cents . UNKA rose $ UNKA to close at $ UNKA a share in national over-the-counter trading . A K mart spokesman said the acquisition would be financed with short-term borrowings . Under terms of the agreement , a K mart subsidiary will soon make a tender offer for UNKA shares . Among the conditions of the offer is that UNKA shareholders tender a majority of the company 's shares outstanding . The companies said UNKA would ill continue to operate under its present management . G. William UNKA , president of UNKA UNKA , was named chief executive officer of the unit of this media company , effective Jan. 1 . He will succeed Joel UNKA , who will remain a vice president of the company and continue to represent UNKA stations in several industry organizations , the company said . literally . Traders UNKA watching their Quotron UNKA machines yesterday morning were stunned to see the Dow Jones Industrial Average UNKA 99 points in seconds . A minute later it soared UNKA points , then UNKA back down UNKA points , 69 below Friday 's close . `` It was crazy , '' said Neil UNKA , general partner of UNKA Capital Corp . `` It was like flying without a pilot in the front of the plane . '' But those who said `` This ca n't be happening '' were right . The UNKA were wrong . Quotron Systems Inc. , a Citicorp unit , blamed the UNKA UNKA on `` a timing problem in our software '' caused by the enormous early volume -- about 145 million shares in the first hour of New York Stock Exchange trading . The prices of the individual stocks that make up the average were correct , Quotron said , but the average was wrong . Meanwhile , there was an awful lot of confusion . At about UNKA a.m. on the over-the-counter trading desk at a major brokerage firm , a veteran trader who buys and sells some of the most active stocks looked at a senior official and asked , `` What 's going on ? Is the market up or down ? '' At the time , Quotron was reporting that the industrial average was down 70 points . In fact , it was up 24 . UNKA UNKA , a vice president who heads the trading desk at UNKA UNKA Capital Corp. , said that once she figured out the Quotron numbers were wrong , she called brokers to tell them . `` It 's been kind of UNKA , to say the least , '' she said . To UNKA matters further , when UAL Corp. stock finally opened on the New York Stock Exchange at UNKA a.m. , the price was listed at $ UNKA a share , up about $ 45 from Friday ; in fact , its true price was $ UNKA , down $ 55 . That was the New York Stock Exchange 's UNKA . A spokesman cited a `` technical error '' and declined to elaborate . And there were other UNKA . When the market opened at 9:30 a.m. EST , a reporter for the Reuters UNKA UNKA the industrial average 's drop as a 4 % decline when it really was down 0.7 % . `` It was a case of human error , which we found almost immediately and corrected , '' a spokesman for UNKA in New York said . Meanwhile , some currency traders at West German banks in Frankfurt said they sold dollars on the news and had to buy them back later at higher prices . But it was the Quotron problems that had UNKA effects . UNKA UNKA 's Ms. UNKA said in early afternoon that she was still UNKA prices and other data as subject to UNKA , and she said portfolio managers continued to question the numbers they saw on the screen . It was the second time in less than a week that Quotron has had problems UNKA the industrial average . At the start of trading last Wednesday , the average appeared to plunge more than 200 points . Actually , it was down only a few points at the time . Quotron said that UNKA , which UNKA nine minutes , resulted from a failure to adjust for a UNKA stock split at Philip Morris UNKA . A Quotron spokeswoman said recent software changes may have contributed to yesterday 's problems . She said Quotron switched to a backup system until the problems were corrected . `` Today of all days , '' she UNKA . `` The eyes of the world were watching us . Steven F. UNKA was named a senior vice president of this graphics equipment company . He retains his current positions as chief strategic officer of AM International and president of AM Ventures . Houston attorney Dale UNKA , representing a UNKA in a damage suit , says he has negotiated a settlement that will strike a blow for his client . UNKA . It turns out Mr. UNKA 's client , UNKA UNKA of Cincinnati , did n't like the way defense attorney Tom Alexander acted during the legal proceedings . So she has agreed to UNKA monetary damages against Mr. Alexander 's client in return for the right to UNKA the attorney . Ms. UNKA 's mother also gets to UNKA Mr. Alexander . So does Mr. UNKA and his law partner , UNKA UNKA . The bizarre arrangement grows out of Mr. Alexander 's representation of UNKA Construction Co. , one of several defendants in a UNKA death lawsuit brought by Ms. UNKA , the widow of a construction worker killed in January 1987 while working on a new Houston convention center . Last month , Mr. UNKA says , Mr. Alexander 's associate agreed that UNKA would pay $ 50,000 as part of an overall settlement . But Mr. Alexander UNKA the deal at the last minute , UNKA the UNKA 's side . `` I never agreed to it , '' Mr. Alexander says , adding that `` it 's not necessary to pay these UNKA settlements . '' When Ms. UNKA and her mother heard about what had happened , Mr. UNKA says , they UNKA that they would like to give Mr. Alexander a good UNKA . Mr. UNKA says he passed that along to his adversary , and soon they were talking about the ground rules under which UNKA could keep its money and the plaintiffs could take a shot at Mr. Alexander . Although time and place have yet to be determined , some details are in place . Mr. UNKA says he agreed to strike Mr. Alexander above the UNKA . Ms. UNKA and her mother indicated they want to `` catch him UNKA from behind , '' he says . Mr. Alexander , for his part , insisted that the UNKA ca n't UNKA their UNKA rights to anyone else , ca n't use a UNKA instrument and ca n't take a running start . Mr. Alexander says he UNKA the agreement , which has n't been submitted to a judge , as something of a joke . However , he acknowledges they `` have the option of taking a UNKA at me if they really want to . '' Mr. UNKA says his side is `` dead serious . '' Although they do n't UNKA delivering any UNKA UNKA , he says that Mr. Alexander will be asked to sign a release from liability , just in case . After two years of drought , it UNKA money in the stock-index futures markets yesterday . As financial markets rebounded , trading volume in the Chicago Mercantile Exchange 's huge Standard & Poor 's 500 stock-index futures pit soared , reaching UNKA levels for the first time since October 1987 . The sudden UNKA of liquidity enabled several traders to reap UNKA UNKA in a matter of minutes as prices soared , traders said . `` UNKA were UNKA money in there today , '' said John UNKA , a futures broker for Elders Futures Inc. in Chicago . The S&P 500 futures contract , which moves in UNKA of an index point under normal conditions , jumped two to three points in seconds early yesterday after an initial downturn , then moved strongly higher the rest of the day . Each index point represents a $ 500 profit for each S&P 500 contract held . For the first time since the 1987 crash , traders said that they were able to trade several hundred S&P 500 contracts at a time in a highly liquid market . Many institutions and individual investors have UNKA away from stock-index futures , UNKA them for speeding the stock market crash on Black Monday two years ago . Since the crash , many futures traders have n't assumed large positions for fear that the S&P 500 market , with much of its customer order flow missing , would dry up if prices turned against them . More than 400 traders UNKA the S&P 500 futures pit to await the opening bell . Traders were shouting bids and offers a full five minutes before the start of trading at UNKA am The contract fell five points at the open to UNKA , the maximum opening move allowed under UNKA adopted by the Merc to stem a market slide . But several traders quickly stepped up and bid for contracts , driving prices sharply higher . The market UNKA near Friday 's closing price of UNKA for about a half hour , moving several index points higher or lower in seconds , then broke higher and did n't look back . The S&P 500 contract that expires in December closed up a record UNKA points on volume of nearly 80,000 contracts . `` Traders five feet from each other were making bids and offers that were a full point apart , '' said one S&P 500 broker . `` You could buy at the bid and sell at the offer and make a fortune , '' he UNKA . Several of Wall Street 's largest securities firms , including Salomon Brothers Inc. and PaineWebber Inc. , were also large buyers , traders said . Salomon Brothers was among the largest sellers of stock-index futures last week , traders said . UNKA firms as a rule do n't comment on their market activity . Unlike the week following Black Monday two years ago , individual traders in the S&P 500 pit were also being UNKA UNKA about their one-day profits . `` With the FBI around here , UNKA rights are a thing of the past , '' said one trader , referring to the federal investigation of futures trading that so far has resulted in 46 UNKA UNKA against individuals on the Merc and the Chicago Board of Trade . The market for $ 200 billion of high-yield junk bonds regained some of its footing as the Dow Jones Industrial Average rebounded from Friday 's plunge . But the junk recovery , led by the bellwether RJR Holdings bonds , was UNKA . No trading existed for the vast majority of junk bonds , securities industry officials said . On Friday , trading in practically every issue ground to a halt as potential buyers fled and brokerage firms were unwilling to provide bid and offer prices for most issues . `` Nothing traded on Friday , and people were n't really sure where the market should have opened '' yesterday , said Raymond UNKA , UNKA of merchant banking at Merrill Lynch & Co . `` But we had a fairly active day yesterday . '' At Drexel Burnham Lambert Inc. , the leading underwriter of junk bonds , `` I was prepared to be in a very bad mood tonight , '' said David UNKA , a junk bond trader . `` Now , I feel maybe there 's a little bit of UNKA . '' But before the stock market rebounded from a sharp early sell-off yesterday , he said , `` You could n't buy -LCB- junk bonds -RCB- and you could n't give them away . '' Yesterday 's rally was led by RJR Holdings 13 3\/4 % bonds , which initially tumbled three points , or $ 30 for each $ 1,000 face amount , to 96 1\/4 before UNKA to 99 3\/4 . Bonds issued by UNKA , UNKA , UNKA and American Standard also showed big gains , recovering almost all their losses from Friday and early yesterday . But traders said the junk bond market increasingly is UNKA into a UNKA group , in which trades can be executed easily , and a larger group of UNKA bonds in which liquidity -- or the ability to trade without too much difficulty -- has steadily deteriorated this year . `` UNKA has n't returned to the vast middle ground of the market , '' said Mr. UNKA of Merrill . `` The UNKA are still UNKA , '' said Mr. UNKA of Drexel . Analysts are concerned that much of the high-yield market will remain UNKA for investors . Paul UNKA , associate professor at the Massachusetts Institute of Technology 's Sloan School of Management , citing a pattern of junk-bond default rates that are low in the early years after issuance and rise later , says , `` We 're now in a period where we 're starting to see defaults from the big issue years of 1984 to 1986 . '' Mark UNKA , a senior vice president at Standard & Poor 's Corp. , confirms that there is `` increasing concern about the future liquidity of the junk bond market . '' `` UNKA bonds are a highly UNKA market , '' said Lewis UNKA , vice chairman of Smith Barney , Harris Upham & Co . `` There 's a whole bunch of stuff that 's money good and a whole bunch of stuff that 's not so good . '' Analysts at Standard & Poor 's say junk bond offerings by `` tightly stretched '' issuers seem to be growing . Almost $ 8 billion of junk bonds that are considered UNKA include issues from SCI TV , Gillette Holdings -LRB- not related to Gillette Co. -RRB- , UNKA , UNKA UNKA , Allied Stores , Federated Department Stores , National UNKA , UNKA Holdings , UNKA , Leaseway Transportation and Price Communications . `` You could still have some very bad times ahead , '' said Mr. UNKA . `` It 's possible to have a 10 % default rate in one year , because we 're already seeing big problems in the midst of a pretty strong economy . I 'm certainly not comfortable saying we 've seen the bottom . '' But yesterday 's rally among `` good '' junk was a badly needed UNKA for the market . Many issues `` bounced off the floor , '' Mr. UNKA said , and benchmark junk issues `` recovered all of their losses '' from Friday and early yesterday . In contrast , he says , `` The stock market gained back only about half what it lost Friday , and the -LCB- government -RCB- bond market lost about half what it gained Friday . '' Traders said yesterday 's rally was fueled by insurance companies looking for bargains after a UNKA slide in prices the past month . In addition , mutual funds did n't appear to be major sellers of high-yield securities as was expected . `` Sometimes a UNKA is healthy , '' said Drexel 's Mr. UNKA . `` People will learn to be more UNKA . If they do good credit analysis , they will avoid the hand UNKA . I think the market is in good shape . Should you really own stocks ? That 's a question a lot of people are asking , following the stock market 's stunning display of volatility . UNKA financially and UNKA by Friday 's UNKA 190-point drop in the Dow Jones Industrial Average and yesterday 's UNKA rebound , they 're wondering if an individual has any business being in the market . The answer , say academic researchers , money managers and investment specialists , is yes -- as long as you approach the stock market as an investor . But , they say , people should n't try to be traders , who buy and sell in an effort to ride the latest economic trend or catch the next hot stock . The case for owning stocks over the long-term is compelling . `` If you look at 75 years worth of investment history -- including the Great UNKA and every bear market since -- stocks have outperformed almost everything an individual could have owned by a long shot , '' says Barry Berlin , vice president at First Wachovia Capital Management . A dollar invested in the stock market in UNKA would have grown to $ UNKA by the end of last June , according to Laurence UNKA , managing director at UNKA Associates Inc . But a dollar invested in long-term bonds in UNKA would have grown to only $ UNKA , and a dollar put in Treasury bills would equal a UNKA $ UNKA . The longer the time period , the less risk there is of losing money in the stock market . Over time , the odds increasingly favor the investor with a diversified portfolio . For instance , Ken UNKA , a San Francisco money manager , UNKA that if an investor holds a basket of stocks that tracks the Standard & Poor 's 500-stock index , the chance of losing money is 3 % to 4 % over a 10-year period , compared with 15 % over three years and 30 % over one year . `` If you do n't need the money for 10 years , there 's a UNKA case for sticking to a steady core of stocks , '' Mr. UNKA says . UNKA investments also help balance the other assets an individual owns , says John UNKA Jr. , president of the Institute of UNKA Financial UNKA . Stocks have a place in an investors ' portfolio along with real estate , bonds , international securities and cash , he says . There are some important UNKA : Before investing in stocks , individuals should have at least three to six months of living expenses set aside in the bank , most investment advisers say . Individuals also should focus on building equity in a home , which provides some protection against inflation , as well as a UNKA that can be UNKA in late in life to help cover the cost of retirement living . People also should n't invest money in stocks that they 'll need in the near future -- for example , for college tuition payments or retirement expenses . `` You may have to sell your stocks at a time when the market takes a plunge , '' says Mr. UNKA , a Del UNKA , Calif. financial planner . But once the UNKA are covered , `` then I would start to invest , even if it 's as little as $ 1,000 , '' says Michael Lipper , president of Lipper Analytical Services Inc . He says individuals should consider not just stocks , but other long-term investments , such as high-quality bonds . Despite the strong case for stocks , however , most pros warn that individuals should n't try to profit from short-term developments . `` It 's very difficult to do , '' says Donald Holt , a market strategist for UNKA Morgan Securities , a Los Angeles brokerage firm . `` Our markets move so fast and they are so volatile , there 's no way the average investor can compete with the pros . '' Individual investors face high transaction costs of moving in and out of the market . The cost of executing stock orders UNKA from brokerage to brokerage and with the size of the order , but 2 % of the order 's value is an average , says Stephen Boesel , manager of T. Rowe Price 's Growth and Income mutual fund . And assuming their first investment is successful , investors will have to pay taxes on their gains . That can reduce returns by a third or more , once local taxes are included , Mr. Lipper says . After that , individual traders face the risk that the new investment they choose wo n't perform well -- so their trading costs could be sustained for nothing . `` It 's very tough for most individuals to UNKA the mutual funds or the market , '' says Mr. Lipper . `` You should really think twice if you think you can UNKA the system . '' Then , too , many individual investors lack the UNKA emotional makeup professionals say is needed to plunge in and out of the market . So what 's the best way to buy stocks ? `` Unless an individual has a minimum of between $ 50,000 and $ 100,000 to invest in stocks , he 's still better off in mutual funds than in individual stocks , in terms of getting enough attention from a competent broker , '' says Mr. Lipper . Still , he adds , `` I could see owning both , given that individuals often have an advantage over big investors in UNKA special situations based on their own UNKA , '' he adds . George Douglas , first vice president at Drexel Burnham Lambert Inc. , says that individuals have a particular edge now in `` small to UNKA niche companies with exciting earnings prospects '' -- a traditional UNKA ground for small investors . This growth sector , which usually carries a UNKA multiple about twice that of the Standard & Poor 's 500 , happens to include some of the market 's most attractive bargains right now . `` It 's now selling at a multiple about even with the market , '' says Mr. Douglas . Moreover , Mr. Douglas sees a revival of institutional interest in smaller growth stocks that could boost the performance of these stocks in the medium term . Many big Wall Street brokerage firms who eliminated their research effort in stocks of emerging growth companies a few years ago are now UNKA coverage of this area , he notes . `` We 're seeing a real turnaround in interest in small growth stocks , '' he says . The pros UNKA advise individuals to stay away from the latest investment UNKA . They say that 's especially important this late in the growth phase of the economic cycle , when there 's no robust bull market to bail investors out of their mistakes . Friday 's correction presents `` a pretty good buying opportunity , but let 's not speculate at this point in the business cycle , '' says UNKA UNKA , chief equity portfolio strategist at First Boston Corp . `` UNKA stocks on weakness for their long-term fundamentals , '' he says . In the long run , investment advisers say , most investors will be better off using the UNKA averaging method of buying stocks . In this method , a person invests a regular amount every month or quarter into the stock market whether the market is up or down . That cuts the risk , Mr. UNKA , the San Francisco money manager , points out . `` When the market is low , you are buying more shares , and when it 's high , you 're buying fewer shares , '' he says . Otherwise , if you put all your money in at one time , by sheer bad luck , you might pick a terrible time , and have to wait three years to get even , Mr. UNKA says . A disciplined program will work the best , Mr. Boesel says . `` One of the hardest things to do is to buy stocks when the market is down , '' he says . `` But that 's just the time when you should be buying them . '' UNKA annual returns , including price changes and income from interest and dividends \* UNKA performance , not annualized Source : UNKA Associates Inc . The following issues were recently filed with the Securities and Exchange Commission : UNKA Co. , initial public offering of two million shares of common stock , of which UNKA shares are being offered by the company and UNKA shares by holders , via UNKA , Ellis & UNKA Inc. and Robert W. UNKA & Co . Giant Industries Inc. , initial public offering of UNKA common shares , of which UNKA will be sold by the company , and the rest by holders , via Shearson Lehman Hutton Inc. and UNKA , UNKA Inc . UNKA Fund Inc. , initial offering of five million common shares , via Smith Barney , Harris Upham & Co . UNKA Overseas Ltd. , initial offering of four million common shares , of which 3.2 million will be sold in the U.S. , and the balance outside the U.S. , via Smith Barney , Harris Upham & Co. and UNKA , UNKA & Co . Donald Trump , who faced rising doubt about his bid for American Airlines parent AMR Corp. even before a United Airlines buy-out came apart Friday , withdrew his $ UNKA billion offer . Separately , bankers representing the group trying to buy United 's parent UAL Corp. met with other banks about UNKA that purchase at a lower price , possibly around $ 250 a share , or $ UNKA billion . But a lower bid could face rejection by the UAL board . Mr. Trump , who vowed Wednesday to `` go forward '' with the bid , said he was dropping it `` in light of the recent change in market conditions . '' He said he might now sell his AMR stake , buy more shares , or make another offer at a lower price . The Manhattan real-estate developer acted after the UAL buyers failed to obtain financing for their earlier $ 300-a-share bid , which sparked a selling panic among that UNKA into a 190-point drop Friday in the Dow Jones Industrial Average . News about UAL and AMR , whose shares never reopened after trading was halted Friday for the UAL announcement , sent both stocks UNKA in composite trading on the New York Stock Exchange . UAL tumbled $ UNKA to $ UNKA on volume of 2.3 million shares , and AMR declined by $ UNKA to $ UNKA as 4.7 million shares changed hands . UNKA , the two stocks UNKA UNKA among takeover stock traders , and caused a 7.3 % drop in the Dow Jones Transportation Average , second in size only to the stock-market crash of Oct. 19 , 1987 . Some said Friday 's market debacle had given Mr. Trump an excuse to bail out of an offer that showed signs of UNKA even before problems emerged with the UAL deal . After reaching an intraday high of $ UNKA the day Mr. Trump disclosed his bid Oct. 5 , AMR 's stock had retreated as low as $ UNKA last week . Some takeover stock traders had been betting against Mr. Trump because he has a record of disclosing stakes in companies that are potential takeover targets , then selling at a profit without making a bid . `` He still has n't proven his UNKA as a UNKA UNKA artist , '' said airline analyst Kevin Murphy of Morgan Stanley & Co . `` He 's done this thing where he 'll buy a little bit of a company and then trade out of it . He 's written this book , ` The Art of the Deal . ' Why does n't he just follow through on one of these things ? '' Mr. Trump withdrew his bid before the AMR board , which is due to meet tomorrow , ever formally considered it . AMR had weighed a wide range of possible responses , from flat rejection to UNKA and leveraged buy-outs that might have included either employees , a UNKA buyer such as Texas billionaire Robert Bass , or both . AMR had also sought to UNKA Mr. Trump in Congress by lobbying for legislation that would have bolstered the authority of the Transportation Department to reject airline buy-outs . Yesterday , Mr. Trump tried to put the blame for the collapse of the UAL deal on Congress , saying it was rushing through a bill to protect AMR executives . `` I believe that the perception that legislation in this area may be UNKA approved contributed to the collapse of the UAL transaction , and the resulting disruption in the financial markets experienced this past Friday , '' Mr. Trump wrote members of Congress . AMR declined to comment , and Mr. Trump did n't respond to requests for interviews . Mr. Trump never said how much AMR stock he had bought , only that his holdings were `` substantial . '' However , he only received federal clearance to buy more than $ 15 million of the stock on Sept. 20 , when the price rose $ 2 a share to $ UNKA . Between then and his bid on Oct. 5 , the price UNKA between $ UNKA and $ UNKA . In an attempt to persuade investors that his bid was n't just `` a stock play , '' Mr. Trump promised last week to notify the market before selling any shares . AMR was trading at around $ 84 yesterday before his withdrawal announcement , then immediately fell to about $ 76 . UNKA that he paid a rough average price of $ 80 a share , and assuming he did n't sell before his announcement reached the market , Mr. Trump could be sitting with a modest loss with the stock at $ UNKA . Some analysts said AMR Chairman Robert UNKA might seize the opportunity presented by the stock price drop to protect the nation 's largest airline with a defensive transaction , such as the sale of stock to a friendly holder or company employees . However , other knowledgeable observers said they believed Mr. UNKA and the AMR board might well decide to tough it out without taking any extra steps . Some analysts said they believed Mr. Trump , whose UNKA UNKA had been viewed by some as a reason to believe he would n't back out , might come back with a lower bid . Ray UNKA of UNKA UNKA & Co. said Mr. Trump `` is stepping back and waiting for the dust to settle . I 'm sure he still wants AMR . '' But others remained skeptical . `` I was never sure Donald Trump really wanted to take AMR , '' said John UNKA , a bond analyst with Shearson Lehman Hutton Inc . `` What happened with United was a UNKA way for him to UNKA out . '' Mr. Trump never obtained financing for his bid . That skepticism would leave him with an even greater credibility problem should he return that would UNKA him in any effort to oust the board in a proxy fight . Meanwhile , Citicorp and Chase Manhattan Corp. , the two lead lenders on the UAL buy-out , met with other banks yesterday to determine if they would be willing to finance the buy-out at a lower price . Officials familiar with the talks said Citicorp had discussed lowering the offer to $ 250 a share , but said that price was a talking point and that no decision has been made . At $ 250 a share , the group would have to borrow about $ 6.1 billion from banks . The first UAL deal unraveled after Citibank and Chase could n't raise $ 7.2 billion . Citibank and Chase had agreed to commit $ 3 billion , and said they were `` highly confident '' of raising another $ 4.2 billion . UNKA , Citicorp and Chase received $ 8 million in fees to raise the rest of the financing . But other banks balked at the low interest rate and banking fees the UAL group was willing to pay them . Officials familiar with the bank talks said the UAL buy-out group -- UAL pilots , management , and British Airways PLC -- is now willing to pay higher bank fees and interest , but is n't likely to boost its $ UNKA million equity contribution . Nor is the group likely to come forward with a revised offer within the next 48 hours despite the hopes of many traders . The group 's advisers want to make certain they have firm bank commitments the second time around . Even if the buy-out group is able to obtain financing , the transaction still faces obstacles . UAL 's board could reject the new price as too low , especially since there are n't any competing bids . Los Angeles investor Marvin Davis , whose $ UNKA offer was rejected by UAL 's board , has n't shown signs of pursuing a $ 300-a-share UNKA bid he made last month . In addition , the coalition of labor and management , longtime enemies who joined forces only under the threat of Mr. Davis 's bid , could break apart now . The group 's UNKA gets its first test today when 30 top pilot union leaders UNKA outside Chicago in a previously scheduled meeting . Union Chairman UNKA . -LRB- Rick -RRB- UNKA faces the tough task of explaining why banks refused to finance a buy-out the members approved UNKA last week . The pilot union is UNKA to pursue an acquisition whatever the board decides . But if the board UNKA a reduced bid and decides to explore other alternatives , it could transform what has been a UNKA process into an UNKA one . The pilots could play UNKA by noting they are crucial to any sale or restructuring because they can refuse to fly the airplanes . If they were to insist on a low bid of , say $ 200 a share , the board might n't be able to obtain a higher offer from other bidders because banks might hesitate to finance a transaction the pilots oppose . Also , because UAL Chairman Stephen Wolf and other UAL executives have joined the pilots ' bid , the board might be forced to exclude him from its UNKA in order to be fair to other bidders . That could cost him the chance to influence the outcome and perhaps join the winning bidder .