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in washington the senate voted to condemn ortega 's threat to cancel the truce and bush said he would review u.s. policy toward managua including the possibility of renewing military aid to the rebels |
chinese leader deng told former president nixon that the u.s. was deeply involved in the turmoil and <unk> <unk> that <unk> beijing last spring |
nixon on the fourth day of a private visit to china said that damage to <unk> relations was very great calling the situation the most serious since N |
afghanistan 's troops broke through a guerrilla <unk> on the strategic <unk> highway allowing trucks carrying food and other <unk> to reach kabul after a missile attack on rebel <unk> |
the <unk> of about N vehicles was the first to make deliveries to the capital in about N days |
turkey 's legislature elected prime minister <unk> as the country 's first civilian president since N opening the way for a change of government under a new premier he will select |
the vote in <unk> was <unk> by opposition politicians who vowed to oust <unk> |
he begins his seven-year term nov. N succeeding <unk> <unk> |
south africa 's government dismissed demands by <unk> conservatives the nation 's main opposition party for emergency talks on pretoria 's recent <unk> of dissent |
the government also urged whites to <unk> from panic over growing black protests such as the massive <unk> rally sunday on the <unk> of <unk> |
researchers in belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of crops such as cotton soybeans and rice |
the scientists at plant genetic systems n.v. isolated a gene that could lead to a generation of plants <unk> a <unk> <unk> |
a bomb exploded at a leftist union hall in san salvador killing at least eight people and <unk> about N others including two americans authorities said |
the blast which <unk> the opposition labor group 's offices was the latest in a series of attacks in el salvador 's <unk> civil war |
hungary 's parliament voted to hold a national <unk> on an election to fill the new post of president |
the balloting to decide when and how to fill the position which <unk> a collective presidency under a pact signed by the ruling <unk> and opposition groups is to be held <unk> |
the state department denied <unk> to a vietnamese man who escaped from his <unk> by <unk> himself to the <unk> housing of a tanker for two days in <unk> <unk> |
a spokesman for democratic sen. <unk> of <unk> island said however that the <unk> and <unk> service would review the <unk> 's request |
ogden projects inc. said net income jumped to $ N million or N cents a share in the third quarter |
the fairfield n.j. company which is <unk> by ogden corp. new york had net of $ N million or four cents a share a year ago |
revenue soared to $ N million from $ N million |
ogden projects whose shares began trading on the new york stock exchange in august closed yesterday at $ N down N cents |
the stock began trading this summer at $ N apiece |
ogden projects which has interests in <unk> recovery and <unk> cleanup said it has N facilities in operation up from seven a year ago |
meanwhile ogden corp. which also has interests in building maintenance and management reported third-quarter net income of $ N million or N cents a share more than twice the $ N million or N cents a share a year earlier |
revenue rose N N to $ N million from $ N million |
under attack by its own listed companies and powerful floor traders the new york stock exchange is considering <unk> a collar on program trading that it abandoned last year according to people familiar with the big board |
the exchange also may step up its disclosure of firms engaged in program trading these people said |
big board officials would n't comment publicly |
but in an interview in which he called the stock market 's volatility a national problem big board chairman john j. phelan jr. said we are going to try to do some things in the short intermediate term to help the situation |
mr. phelan has been viewed by many exchange members as being <unk> to <unk> swings caused by program trades |
he said he is very surprised by the furor over program trading and the exchange 's role in it that has <unk> in recent days |
mr. phelan said that the big board has been trying to deal quietly with the issue but that banning <unk> trading strategies entirely as some investors want would be like taking everybody out of an automobile and making them ride a horse |
the exchange has a board meeting scheduled for tomorrow and it is expected that some public announcement could be made after that |
big board officials have been under <unk> from both investors and the exchange 's own floor traders since the dow jones industrial average 's 190-point tumble on oct. N |
mr. phelan has n't been making public remarks in recent days and many people have urged him to take more of a leadership role on the program trading issue |
what the big board is considering is <unk> a collar on program trading when the market moves significantly |
early last year after a <unk> one-day drop in the dow the big board instituted the collar which banned program trading through the big board 's computers whenever the dow moved N points up or down in a day |
it did n't work |
the collar was <unk> on a number of occasions meaning securities firms figured out ways to conduct program trades to <unk> the collar and use the big board 's electronic trading system mr. phelan said |
that was when the exchange took a new <unk> by publishing monthly statistics listing the top N program trading firms |
exchange officials emphasized that the big board is considering a variety of actions to deal with program trading |
people familiar with the exchange said another idea likely to be approved is expanding the monthly reports on program trading to cover specific days or even hours of heavy program trading and who was doing it |
meanwhile another big wall street brokerage firm joined others that have been pulling back from program trading |
american express co. 's shearson lehman hutton inc. unit said it <unk> all index-arbitrage program trading for client accounts |
in stock-index arbitrage traders buy and sell large amounts of stock with offsetting trades in stock-index futures to profit from fleeting price discrepancies between the two markets |
shearson which in september was the <unk> program trader on the big board had already suspended stock-index arbitrage for its own account |
also cs first boston inc. 's first boston corp. unit the <unk> program trader in september is preparing a response to the program-trading outcry officials of the firm said |
first boston is one of the few major wall street firms that have n't pulled back from program trading in recent days |
mr. phelan is an <unk> diplomat who normally appears to be <unk> in control of the big board 's <unk> |
but he has been getting heat from all sides over program trading |
mr. phelan 's recent remarks that investors simply must get used to the stock-market volatility from program trading have drawn criticism from both the exchange 's stock specialists who make markets in individual stocks and from many companies that have shares listed on the big board |
mr. phelan said that his predicting continued volatility is just how the world is |
if bringing the message is a crime i 'm guilty of it |
but he said this does n't mean he is satisfied with the market 's big swings |
we 're trying to take care of a <unk> of a lot of constituents mr. phelan said |
each one has a different agenda |
for example in a special meeting monday with mr. phelan senior officials of some of the big board 's N stock specialist firms complained that the exchange is no longer representing their interests |
we are looking for representation we have n't had a specialist said |
we 've had <unk> |
after another session mr. phelan held yesterday with major brokerage firms such as morgan stanley & co. goldman sachs & co. painewebber group inc. and first boston all of which have engaged in program trading an executive of a top brokerage firm said clearly the firms want the exchange to take leadership |
many specialist firms <unk> the big board 's new basket product that allows institutions to buy or sell all stocks in the standard & poor 's 500-stock index in one shot |
ultimately the specialists view this as yet another step toward electronic trading that could eventually destroy their franchise |
his phelan 's own interests are in building an electronic marketplace said a market maker |
the basket product while it has got off to a slow start is being supported by some big brokerage firms another member of mr. phelan 's <unk> constituency |
mr. phelan has had difficulty convincing the public that the big board is serious about curbing volatility especially as the exchange clearly <unk> its role as the home for $ N billion in stock-index funds which buy huge baskets of stocks to mimic popular stock-market indexes like the standard & poor 's N and which so... |
the big board wants to keep such index funds from <unk> to overseas markets but only as long as it handles it <unk> mr. phelan said |
despite what some investors are suggesting the big board is n't even considering a total ban on program trading or stock futures exchange officials said |
most revisions it will propose will be geared toward slowing down program trading during <unk> periods said officials working with the exchange |
computers have made trading more rapid but that can be fixed with some <unk> |
i think if you can speed things up you can slow them down mr. phelan said |
that 's different than <unk> them |
while volatility wo n't go away he said volatility is greater than program trading |
what i 'm trying to say to people is it 's proper to worry about program trading but it 's only a piece of the business |
for example mr. phelan said that big institutions have so much control over public investments that they can cause big swings in the market regardless of index arbitrage |
a lot of people would like to go back to N before program trading he said |
i would like to go back to N |
but we 're not going back to N |
indeed mr. phelan said that if stock-market volatility <unk> the u.s. may lose its edge as being the best place to raise capital |
japan 's markets are more stable he said |
if that continues a significant number of u.s. companies will go over there to raise money |
in coming days when the big board <unk> its responses to the program-trading problem mr. phelan may take a more public role in the issue |
lewis l. <unk> vice chairman of smith barney harris upham & co. said this is a problem that 's taking on a life of its own |
the program trading situation seems to have driven individual investors as well as others out of the market and even europeans are <unk> |
the exchange should take a <unk> position |
for now however mr. phelan said i refuse to get out there and tell everybody everything is <unk> |
we have a major problem and that problem is volatility |
craig <unk> contributed to this article |
a new minimum-wage plan has been worked out by congress and bush opening the way for the first increase in over nine years |
the compromise proposal ending a long <unk> between democrats and the president would boost the minimum wage to $ N an hour by april N from $ N now |
the legislation also includes a lower training wage for new workers who are <unk> |
the big board is considering <unk> a curb on program trading when the market is volatile |
the exchange which abandoned such a collar last year because it did n't prevent sharp price swings has been under attack recently for not taking action against program trading |
great northern nekoosa reacted <unk> to georgia-pacific 's takeover bid of $ N a share or $ N billion though the suitor said all terms are negotiable |
great northern 's stock soared $ N to $ N on speculation that a higher bid would emerge |
stock prices rallied as the georgia-pacific bid broke the market 's recent <unk> |
the dow jones industrials finished up N at N |
the dollar and bond prices also closed higher |
leading indicators rose a slight N N in september a further indication the economy is slowing but without any clear sign of whether a recession looms |
meanwhile new-home sales plunged N N in the month |
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