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japan 's benchmark no. N issue due N ended on brokers ' screens at N down N point to yield N N |
british government bonds were little changed as investors <unk> an address on economic policy by john major the new chancellor of the exchequer |
britain 's benchmark N N N bond due N rose N to N N to yield N N while the N N N notes due N were unchanged at N N to yield N N |
paramount communications inc. said it sold two simon & <unk> information services units to macmillan inc. a subsidiary of maxwell communication corp |
the two units are prentice hall information services which publishes tax financial planning and business law information among other services and prentice hall information network which electronically <unk> tax information |
terms were n't disclosed but industry executives said the units were sold for $ N million |
arthur h. <unk> previously president of the prentice hall tax and professional services division was named president of the newly formed macmillan professional and business reference division |
simon & <unk> retains the corporation law <unk> service which will become part of its prentice hall law & business unit |
a governing body of both the financial accounting standards board and the <unk> accounting standards board voted to give the fasb jurisdiction over accounting standards for certain government-owned entities |
the financial accounting foundation voted N that fasb accounting rules <unk> gasb rules in regard to utilities hospitals and colleges and universities owned by the government |
gasb rules still apply for other government units |
after the gasb was founded in N N years after the fasb the government-owned entities were supposed to follow fasb rules unless the gasb <unk> them |
the gasb had told governments they did n't have to follow fasb rules on depreciation making it difficult for <unk> agencies to compare private and state-owned schools which compete in the public bond market |
the foundation vote is effective for the affected government entities with fiscal years that begin starting next jan. N and makes the financial results of the hospitals colleges and schools easier to compare with <unk> businesses |
but it may lead to separate financial reports based on different rules for the government entities under fasb rules and those still under gasb rules |
managers of government entities are often more concerned with the political and legal structure and <unk> <unk> with <unk> businesses is n't always as high a priority a foundation spokesman said |
avery inc. said it completed the sale of uniroyal chemical holding co. to a group led by management of uniroyal chemical co. the unit 's main business |
it valued the transaction at $ N million |
avery which continues to operate a coal company it expects to sell at a loss said in proxy materials it intends to seek control of one or more companies |
after fees and repayment of debt avery is left with about $ N million in cash and securities from the uniroyal sale |
avery paid $ N million including various legal and financing fees to acquire uniroyal chemical <unk> conn. in N a move that <unk> avery with debt |
in over-the-counter trading avery shares were quoted yesterday at a bid price of N cents a share |
according to avery for the year ended sept. N N uniroyal chemical had sales of $ N million and a net loss of $ N million |
an avery spokesman said that the loss was magnified by accounting adjustments and that the company 's loss was smaller on a cash basis |
uniroyal has N employees and facilities in the u.s. canada brazil italy and taiwan |
in a related development avery said it completed a recapitalization in which its controlling shareholders and top officers nelson <unk> and peter w. may surrendered warrants and preferred stock in exchange for a larger stake in avery 's common shares |
on a fully diluted basis the two raised their stake to N N from N N |
in december N messrs. <unk> and may sold their stock in <unk> industries inc. a packaging company they controlled to <unk> corp. of france |
the executives had <unk> <unk> by building american national can co. <unk> 's chief asset |
in january N the two men acquired the <unk> assets of <unk> including a controlling stake in avery and by extension uniroyal chemical |
in the august proxy material avery said that unless it sold uniroyal its ability to service debt would be hurt and avery 's shareholder value would continue to erode |
until avery makes an acquisition messrs. <unk> and may will waive their direct salaries and bonuses the company said |
for at least the next six months however avery will continue to pay $ N a month for management services to a company controlled by messrs. <unk> and may according to the proxy material |
<unk> inc. said a plan to sell its <unk> clark inc. subsidiary to a group headed by anderson industries inc. for $ N million has been terminated |
<unk> a maker of packaging and <unk> products said the two companies could n't agree on terms of a definitive agreement |
the sale price of the unit which makes packaging products was to consist of cash notes and an amount to be determined by the unit 's future performance |
<unk> said it is inviting proposals from other prospective purchasers of the unit |
both <unk> and anderson are based in <unk> ill |
rally 's inc. said it adopted a shareholders rights plan to protect shareholders from an <unk> priced takeover offer |
the plan provides for the distribution of one common <unk> right as a dividend for each share of common outstanding |
each right <unk> shareholders to buy one-half share of common for $ N |
earlier this month a group led by three of the company 's directors burt sugarman james m. trotter iii and <unk> e. trotter ii indicated it had a N N stake in the louisville ky. fast-food company and that it planned to seek a majority of seats on rally 's <unk> board |
the company said it was concerned about the announced intent to acquire control of the company by a <unk> group |
fujitsu ltd. said it wants to withdraw its controversial <unk> bid to design a waterworks computer system for the city of hiroshima |
meanwhile japan 's fair trade commission said it was considering launching an investigation into whether the bid the equivalent of less than a penny violates <unk> laws |
hiroshima last week held an auction to pick the contractor expecting to pay about N million yen for the project |
eight companies submitted bids but fujitsu won the contract by essentially saying it would do the job for free |
news of the bid drew sharp criticism from other computer companies and industry observers |
fujitsu itself which said the bid had n't been approved by its headquarters was clearly embarrassed |
the bid was n't <unk> acceptable a company spokeswoman said |
hiroshima officials said they still consider the contract in effect and had no immediate plans to cancel it |
they said they wanted to wait for the outcome of any government investigation before deciding what to do |
the city 's department of consumer affairs charged <unk> & lewis inc. with failing to deliver on its promise of lowering prices |
in a civil suit <unk> in state supreme court in new york the agency alleged that the <unk> and <unk> <unk> chain engaged in deceptive advertising by claiming to have lowered every price on every item as part of an advertising campaign that began june N |
the agency said it monitored <unk> & lewis 's advertised prices before and after the ad campaign and found that the prices of at least N different items either increased or stayed the same |
in late may <unk> & lewis announced a plan to cut prices N N to N N and eliminate what it called a standard <unk> practice of negotiating individual deals with customers |
the consumer agency also disputed <unk> & lewis 's continuing strategy of advertising new lower prices when <unk> there have n't been price reductions since june N |
richard d. lewis president of the <unk> chain defended the company 's pricing campaign saying it did n't use the misleading expression reduced from original prices |
mr. lewis said the company marked price <unk> and advertised at its lowest possible prices for all its merchandise to reduce public confusion |
mr. lewis said the company gave the consumer affairs department volumes of documents to <unk> its statements and made every effort to comply with all the agency 's policies |
in its suit the consumer agency seeks fines of $ N per violation of the city 's consumer protection law costs of investigation and an injunction to prevent <unk> & lewis from continuing its allegedly deceptive advertising |
wary investors have been running for the stock market 's equivalent of bomb shelters buying shares of <unk> and utility companies |
those two groups have recently been leading the list of stocks setting new highs |
on friday when only a dozen common stocks hit 52-week highs on the new york stock exchange five were <unk> issues and another four were utilities |
on monday when a mere seven common stocks managed new highs six were utilities or <unk> |
at first <unk> gold and utilities seem strange <unk> |
after all gold prices usually soar when inflation is high |
utility stocks on the other hand <unk> on <unk> because the fat dividends utilities pay look more attractive when prices are falling or rising slowly |
but the two groups have something very important in common they are both <unk> for scared money stocks for people who hate stocks |
it 's as if investors the past few days are betting that something is going to go wrong even if they do n't know what |
if the stock market and the economy catch their breath and show that they 're on firmer footing these stocks might well fall back |
indeed that happened to some extent yesterday as industrial stocks rebounded partly on news of takeovers in the paper industry |
still a lot of investors clearly have revived their interest in gold and utility shares |
the primary <unk> thing is that people are frightened says martin <unk> a new york money manager |
the aftershocks of oct. N when the dow jones industrial average dropped N points are still <unk> |
certainly the oct. N sell-off did n't settle any <unk> |
beyond that money managers and analysts see other problems |
inventories are creeping up car inventories are already high and big auto makers are <unk> plants |
takeover fever has cooled removing a major horse from the market 's <unk> |
britain 's unsettled political scene also worries some investors |
the gyrations in the british government add political uncertainty on top of high inflation and a <unk> stock market says john hoffman assistant director of research at smith barney harris upham & co |
one of the three major markets in the world is getting <unk> up pretty bad |
if the fed does not come to the rescue and produce lower short-term interest rates over the next N days the market 's going to <unk> says larry <unk> a market analyst with prudential-bache securities |
with this sort of sentiment common it 's natural for investors to seek out defensive investments |
utilities are a classic example even in recessions people continue to use electric power water and gas at a fairly steady rate |
such defensive issues as food tobacco and drug stocks have been in favor for some time |
but many of these stocks have now become expensive |
mr. <unk> points to coca-cola co. and pepsico inc. as examples they 're selling for N to N times estimated N per-share earnings |
gold stocks are n't cheap on this basis either with many selling for N times earnings or more |
even utility stocks are n't all that <unk> at an average of N times earnings |
but the two groups represent a further step in <unk> |
if gold stocks and utilities continue to lead it may signal that the market is in for rough times |
that 's just what joseph <unk> expects |
we are going to <unk> lower says the flamboyant market <unk> who had a huge following a few years back |
anyone telling you to buy stocks in this market is technically irresponsible |
you do n't want to own anything long except gold stocks |
one reason for his <unk> is a weekly tally he keeps of stocks within a point of hitting new highs or lows |
last friday N stocks on the big board hit new 12-month lows |
but by mr. <unk> 's count N issues were within one point of such lows |
robert <unk> a veteran new york money manager and president of <unk> securities has money in both gold and utility issues |
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