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the program-trading issue is heating up on capitol hill as it is on wall street and several legislators want to grant the sec the power to shut off the programs when trading becomes too volatile |
sec chairman richard breeden has said he would be willing to consider circuit breakers that have <unk> trigger points but he does n't want discretionary power to stop programs |
a house aide suggested that mr. phelan was so vague and <unk> that it was the kind of meeting where people of all <unk> could come out feeling good |
at one point mr. phelan angered the subcommittee 's chairman rep. edward markey d. mass. by not going much beyond what already had been reported in the morning newspapers |
markey said we could have done this in public because so little sensitive information was disclosed the aide said |
mr. phelan then responded that he would have been happy just writing a report to the panel the aide added |
at another point during the hearing rep. markey asked mr. phelan what would be discussed at a new york exchange board meeting today |
mr. phelan said the big board is likely to study the program-trading issue |
that response <unk> rep. markey house aides said and the congressman snapped back that there had been enough studies of the issue and that it was time for action on the matter |
<unk> of the N subcommittee members attended the hearing most notably rep. john dingell d. mich. the full house energy and commerce committee chairman who has been willing to let mr. markey carry the legislation in recent months |
mr. dingell expressed concern sources said about <unk> problems in <unk> program trading which uses futures to offset stock trades |
the futures industry is regulated by the commodity futures trading commission which reports to the agriculture committees in both houses |
the art of <unk> is <unk> to the english and like most english <unk> <unk> to the rest of the world |
<unk> l. <unk> the nine <unk> |
<unk> england |
of all scenes that <unk> rural england this is one of the <unk> an ancient stone church stands amid the fields the sound of bells <unk> from its tower calling the <unk> to <unk> |
the <unk> of st. michael and all angels stop to <unk> at the church door as members here always have |
in the tower five men and women pull <unk> on ropes attached to the same five bells that first sounded here in N |
but there is also a <unk> modern note in <unk> though it ca n't be heard by the <unk> enjoying the <unk> of bells this cool autumn evening |
like most of the other N <unk> in britain with sets of bells st. michael once had its own band of ringers who would herald every sunday morning and evening service |
now only one local ringer remains <unk> <unk> hammond |
the others here today live elsewhere |
they belong to a group of N ringers including two <unk> and four youngsters in training who drive every sunday from church to church in a <unk> effort to keep the bells <unk> in the many <unk> of east <unk> |
to ring for even one service at this tower we have to <unk> says mr. hammond a retired <unk> worker |
we 've tried to train the youngsters but they have their <unk> and their <unk> and they just <unk> away |
mr. hammond worries that old age and the <unk> of youth will <unk> the ranks of the east <unk> group that keeps the <unk> bells <unk> |
history after all is not on his side |
according to a nationwide survey taken a year ago nearly a third of england 's church bells are no longer <unk> on <unk> because there is no one to ring them |
it is easy to see why the ancient art is on the ropes |
the less complicated version of playing <unk> on bells as do the <unk> of continental europe is considered by the english to be <unk> fit only for foreigners |
<unk> a <unk> exercise the english invented N years ago requires physical <unk> some bells weigh more than a ton combined with intense mental concentration |
proper english bells are started off in <unk> from the <unk> bell to the lowest a simple <unk> scale using in larger <unk> as many as N bells |
then at a signal the ringers begin <unk> the order in which the bells sound without <unk> the steady <unk> of the striking |
each <unk> or change can occur only once the rules state |
ringers <unk> patterns of changes known as methods which have <unk> names like kent <unk> bob major or <unk> <unk> |
a series of N or so changes is a <unk> and takes about three hours |
a look at a thursday night practice at st. mary <unk> church in the <unk> district of london gives an idea of the work involved |
ten <unk> ringers stand in a circle one foot ahead of the other in a <unk> 's stance each pulling a <unk> that disappears through a small hole in the high ceiling of the ringing chamber |
no one speaks and the <unk> of the ropes seems to make as much sound as the bells themselves <unk> by the ceiling |
totally absorbed the ringers <unk> straight ahead using peripheral vision they call it <unk> to watch the other ropes and thus time their pulls |
far above in the <unk> the huge <unk> bells mounted on wheels swing <unk> through a full N degrees starting and ending surprisingly in the <unk> or <unk> position |
skilled ringers use their <unk> to advance or <unk> the next swing so that one bell can swap places with another in the following change |
in a well-known <unk> involving church bells english novelist <unk> l. <unk> described ringing as a passion that finds its satisfaction in <unk> <unk> and mechanical <unk> |
ringers she added are filled with the <unk> <unk> that comes of <unk> <unk> <unk> performed |
ringing does become a bit of an <unk> admits <unk> <unk> master of the band at st. mary <unk> and one of england 's best female ringers |
it is a passion that usually stays in the tower however |
more often than not ringers think of the church as something stuck on the bottom of the <unk> |
when their changes are completed and after they have worked up a sweat ringers often <unk> off to the local <unk> leaving <unk> for others below |
this does not sit well with some <unk> |
with membership of the church of england steadily <unk> <unk> <unk> are pressing equally <unk> and often <unk> ringers to attend services |
two years ago the rev. <unk> <unk> vicar of great <unk> <unk> got so fed up with ringers who did n't attend service he <unk> the entire band the ringers promptly set up a picket line in protest |
they were a <unk> club that treated the tower as sort of a separate premises the vicar <unk> says |
an entirely new band <unk> today at great <unk> several of whom are members of the <unk> |
but there still are n't enough ringers to ring more than six of the eight bells |
at st. mary 's church in <unk> <unk> the bells have fallen silent following a <unk> over church attendance |
the vicar <unk> jones refuses to talk about it saying it would reopen the wound |
but <unk> marshall vicar of a nearby church feels the fault is in the <unk> from the bell tower that are located next to the <unk> |
so crunch crunch crunch bang bang bang here come the ringers from above making a very obvious exit while the <unk> is at <unk> he says |
vicar marshall admits to mixed feelings about this issue since he is both a vicar and an active <unk> himself |
the sound of bells is a net to draw people into the church he says |
i live in hopes that the ringers themselves will be drawn into that <unk> life |
the central council of church bell ringers a sort of parliament of ringing groups aims to improve relations with <unk> says john c. baldwin president |
it hopes to speak to students at <unk> colleges about the <unk> of bell ringing and will shortly publish a <unk> for every vicar in the country entitled the bells in your care |
says mr. baldwin we recognize that we may no longer have as high a priority in church life and experience |
mr. baldwin is also attacking the greater problem lack of ringers |
one survey says that of the N trained <unk> in england today only N of them still ring |
also ringers do n't always live where the bells need to be <unk> like in small rural <unk> and inner-city <unk> |
but the council 's program to attract and train ringers is only partly successful says mr. baldwin |
right now we 're lucky if after five years we keep one new ringer out of N he adds |
one bright sign is that a growing number of women have entered the once <unk> field more than a third of the ringers today are women |
they are n't accepted everywhere however |
the oldest <unk> group in the country the ancient society of college <unk> founded in N remains <unk> a fact that 's particularly <unk> to women because the group is the sole source of ringers for britain 's most prestigious <unk> st. paul 's <unk> and <unk> <unk> |
this being britain no woman has filed an <unk> suit but the extent of the problem surfaced this summer in a series of letters to the ringing world a weekly newspaper for ringers |
one writer signing his letter as <unk> balanced male <unk> on the frequency of women <unk> in <unk> and suggested that they settle back into their traditional role of making tea at meetings |
in the <unk> of replies that followed one woman ringer from <unk> observed that the average male ringer leaves quite a lot to be <unk> badly dressed <unk> with <unk> and a large <unk> frequently <unk> and <unk> <unk> in <unk> |
another women wrote from <unk> to say that in her N years of ringing i have never known a lady to <unk> in the <unk> |
i have seen one or two men die <unk> them |
investors unsettled by the stock market 's gyrations can take some comfort in the predictable <unk> of quarterly dividend checks |
that has been particularly true this year with many companies raising their payouts more than N N |
but do n't <unk> too easy those dividend increases may signal trouble ahead for stock prices some analysts warn |
in the past they say the strongest dividend growth has often come at times when the stock-market party was almost over |
that can be a trap for <unk> investors says richard bernstein senior <unk> analyst at merrill lynch & co |
strong dividend growth he says is the black widow of valuation a reference to the female <unk> that attract males and then kill them after <unk> |
stephen boesel president of t. rowe price growth and income fund explains that companies raise their payouts most <unk> only after the economy and corporate profits have been growing for some time |
invariably those strong periods in the economy give way to <unk> environments he says |
and <unk> environments are n't <unk> to the stock market |
indeed analysts say that payouts have sometimes risen most sharply when prices were already on their way down from cyclical <unk> |
in N for example dividends on the stocks in standard & poor 's 500-stock index soared N N following much slower growth the year before |
the s&p index started sliding in price in september N and fell N N in N despite a N N expansion in dividends that year |
that pattern has n't always held but recent strong growth in dividends makes some market watchers anxious |
payouts on the s&p N stocks rose N N in N according to standard & poor 's corp. and wall street estimates for N growth are generally between N N and N N |
many people believe the growth in dividends will slow next year although a minority see double-digit gains continuing |
meanwhile many market watchers say recent dividend trends raise another warning flag while dividends have risen <unk> their expansion has n't kept pace with even stronger advances in stock prices |
as a result the market 's dividend yield dividends as a percentage of price has slid to a level that is fairly low and <unk> by historical standards |
put another way the decline in the yield suggests stocks have gotten pretty rich in price relative to the dividends they pay some market analysts say |
they are keeping a close watch on the yield on the s&p N |
the figure is currently about N N up from N N before the recent market slide |
some analysts say investors should run for the <unk> if a sustained market rebound <unk> the yield below N N |
a drop below that N N benchmark has always been a strong warning sign that stocks are fully valued says mr. boesel of t. rowe price |
in fact the market has always <unk> |
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