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+ no it was n't black monday 
+ but while the new york stock exchange did n't fall apart friday as the dow jones industrial average plunged N points most of it in the final hour it barely managed to stay this side of chaos 
+ some circuit breakers installed after the october N crash failed their first test traders say unable to cool the selling panic in both stocks and futures 
+ the N stock specialist firms on the big board floor the buyers and sellers of last resort who were criticized after the N crash once again could n't handle the selling pressure 
+ big investment banks refused to step up to the plate to support the beleaguered floor traders by buying big blocks of stock traders say 
+ heavy selling of standard & poor 's 500-stock index futures in chicago <unk> beat stocks downward 
+ seven big board stocks ual amr bankamerica walt disney capital cities\/abc philip morris and pacific telesis group stopped trading and never resumed 
+ the <unk> has already begun 
+ the equity market was <unk> 
+ once again the specialists were not able to handle the imbalances on the floor of the new york stock exchange said christopher <unk> senior vice president at <unk> securities corp 
+ <unk> james <unk> chairman of specialists henderson brothers inc. it is easy to say the specialist is n't doing his job 
+ when the dollar is in a <unk> even central banks ca n't stop it 
+ speculators are calling for a degree of liquidity that is not there in the market 
+ many money managers and some traders had already left their offices early friday afternoon on a warm autumn day because the stock market was so quiet 
+ then in a <unk> plunge the dow jones industrials in barely an hour surrendered about a third of their gains this year <unk> up a 190.58-point or N N loss on the day in <unk> trading volume 
+ <unk> trading accelerated to N million shares a record for the big board 
+ at the end of the day N million shares were traded 
+ the dow jones industrials closed at N 
+ the dow 's decline was second in point terms only to the <unk> black monday crash that occurred oct. N N 
+ in percentage terms however the dow 's dive was the <unk> ever and the sharpest since the market fell N or N N a week after black monday 
+ the dow fell N N on black monday 
+ shares of ual the parent of united airlines were extremely active all day friday reacting to news and rumors about the proposed $ N billion buy-out of the airline by an <unk> group 
+ wall street 's takeover-stock speculators or risk arbitragers had placed unusually large bets that a takeover would succeed and ual stock would rise 
+ at N p.m. edt came the <unk> news the big board was <unk> trading in ual pending news 
+ on the exchange floor as soon as ual stopped trading we <unk> for a panic said one top floor trader 
+ several traders could be seen shaking their heads when the news <unk> 
+ for weeks the market had been nervous about takeovers after campeau corp. 's cash crunch spurred concern about the prospects for future highly leveraged takeovers 
+ and N minutes after the ual trading halt came news that the ual group could n't get financing for its bid 
+ at this point the dow was down about N points 
+ the market <unk> 
+ arbitragers could n't dump their ual stock but they rid themselves of nearly every rumor stock they had 
+ for example their selling caused trading halts to be declared in usair group which closed down N N to N N delta air lines which fell N N to N N and <unk> industries which sank N to N N 
+ these stocks eventually reopened 
+ but as panic spread speculators began to sell blue-chip stocks such as philip morris and international business machines to offset their losses 
+ when trading was halted in philip morris the stock was trading at N down N N while ibm closed N N lower at N 
+ selling <unk> because of waves of automatic stop-loss orders which are triggered by computer when prices fall to certain levels 
+ most of the stock selling pressure came from wall street professionals including computer-guided program traders 
+ traders said most of their major institutional investors on the other hand sat tight 
+ now at N one of the market 's post-crash reforms took hold as the s&p N futures contract had plunged N points equivalent to around a <unk> drop in the dow industrials 
+ under an agreement signed by the big board and the chicago mercantile exchange trading was temporarily halted in chicago 
+ after the trading halt in the s&p N pit in chicago waves of selling continued to hit stocks themselves on the big board and specialists continued to <unk> prices down 
+ as a result the link between the futures and stock markets <unk> apart 
+ without the <unk> of stock-index futures the barometer of where traders think the overall stock market is headed many traders were afraid to trust stock prices quoted on the big board 
+ the futures halt was even <unk> by big board floor traders 
+ it <unk> things up said one major specialist 
+ this confusion effectively halted one form of program trading stock index arbitrage that closely links the futures and stock markets and has been blamed by some for the market 's big swings 
+ in a stock-index arbitrage sell program traders buy or sell big baskets of stocks and offset the trade in futures to lock in a price difference 
+ when the airline information came through it <unk> every model we had for the marketplace said a managing director at one of the largest program-trading firms 
+ we did n't even get a chance to do the programs we wanted to do 
+ but stocks kept falling 
+ the dow industrials were down N points at N p.m. before the <unk> halt 
+ at N p.m. at the end of the cooling off period the average was down N points 
+ meanwhile during the the s&p trading halt s&p futures sell orders began <unk> up while stocks in new york kept falling sharply 
+ big board chairman john j. phelan said yesterday the circuit breaker worked well <unk> 
+ i just think it 's <unk> at this point to get into a debate if index arbitrage would have helped or hurt things 
+ under another post-crash system big board president richard <unk> mr. phelan was flying to <unk> as the market was falling was talking on an <unk> hot line to the other exchanges the securities and exchange commission and the federal reserve board 
+ he <unk> out at a high-tech <unk> center on the floor of the big board where he could watch <unk> on prices and pending stock orders 
+ at about N p.m. edt s&p futures resumed trading and for a brief time the futures and stock markets started to come back in line 
+ buyers stepped in to the futures pit 
+ but the <unk> of s&p futures sell orders weighed on the market and the link with stocks began to fray again 
+ at about N the s&p market <unk> to still another limit of N points down and trading was locked again 
+ futures traders say the s&p was <unk> that the dow could fall as much as N points 
+ during this time small investors began ringing their brokers wondering whether another crash had begun 
+ at prudential-bache securities inc. which is trying to cater to small investors some <unk> brokers thought this would be the final <unk> 
+ that 's when george l. ball chairman of the prudential insurance co. of america unit took to the internal <unk> system to declare that the plunge was only mechanical 
+ i have a <unk> that this particular decline today is something more <unk> about less 
+ it would be my <unk> to advise clients not to sell to look for an opportunity to buy mr. ball told the brokers 
+ at merrill lynch & co. the nation 's biggest brokerage firm a news release was prepared <unk> merrill lynch comments on market drop 
+ the release cautioned that there are significant differences between the current environment and that of october N and that there are still attractive investment opportunities in the stock market 
+ however jeffrey b. lane president of shearson lehman hutton inc. said that friday 's plunge is going to set back relations with customers because it <unk> the concern of volatility 
+ and i think a lot of people will <unk> on program trading 
+ it 's going to bring the debate right back to the <unk> 
+ as the dow average ground to its final N loss friday the s&p pit stayed locked at its <unk> trading limit 
+ jeffrey <unk> of program trader <unk> investment group said N s&p contracts were for sale on the close the equivalent of $ N million in stock 
+ but there were no buyers 
+ while friday 's debacle involved mainly professional traders rather than investors it left the market vulnerable to continued selling this morning traders said 
+ stock-index futures contracts settled at much lower prices than indexes of the stock market itself 
+ at those levels stocks are set up to be <unk> by index arbitragers who lock in profits by buying futures when futures prices fall and simultaneously sell off stocks 
+ but nobody knows at what level the futures and stocks will open today 
+ the <unk> between the stock and futures markets friday will undoubtedly cause renewed debate about whether wall street is properly prepared for another crash situation 
+ the big board 's mr. <unk> said our <unk> performance was good 
+ but the exchange will look at the performance of all specialists in all stocks 
+ obviously we 'll take a close look at any situation in which we think the <unk> obligations were n't met he said 
+ see related story fed ready to <unk> big funds wsj oct. N N 
+ but specialists complain privately that just as in the N crash the <unk> firms big investment banks that support the market by trading big blocks of stock stayed on the sidelines during friday 's <unk> 
+ mr. phelan said it will take another day or two to analyze who was buying and selling friday 
+ concerning your sept. N page-one article on prince charles and the <unk> it 's a few hundred years since england has been a kingdom 
+ it 's now the united kingdom of great britain and northern ireland <unk> <unk> northern ireland scotland and oh yes england too 
+ just thought you 'd like to know 
+ george <unk> 
+ ports of call inc. reached agreements to sell its remaining seven aircraft to buyers that were n't disclosed 
+ the agreements bring to a total of nine the number of planes the travel company has sold this year as part of a restructuring 
+ the company said a portion of the $ N million realized from the sales will be used to repay its bank debt and other obligations resulting from the currently suspended <unk> operations 
+ earlier the company announced it would sell its aging fleet of boeing co. <unk> because of increasing maintenance costs 
+ a consortium of private investors operating as <unk> funding co. said it has made a $ N million cash bid for most of l.j. hooker corp. 's real-estate and <unk> holdings 
+ the $ N million bid includes the assumption of an estimated $ N million in secured liabilities on those properties according to those making the bid 
+ the group is led by jay <unk> chief executive officer of <unk> investment corp. in <unk> and a. boyd simpson chief executive of the atlanta-based simpson organization inc 
+ mr. <unk> 's company specializes in commercial real-estate investment and claims to have $ N billion in assets mr. simpson is a developer and a former senior executive of l.j. hooker 
+ the assets are good but they require more money and management than can be provided in l.j. hooker 's current situation said mr. simpson in an interview 
+ hooker 's philosophy was to build and sell 
+ we want to build and hold 
+ l.j. hooker based in atlanta is operating with protection from its creditors under chapter N of the u.s. bankruptcy code 
+ its parent company hooker corp. of sydney australia is currently being managed by a court-appointed provisional <unk> 
+ sanford <unk> chief executive of l.j. hooker said yesterday in a statement that he has not yet seen the bid but that he would review it and bring it to the attention of the creditors committee 
+ the $ N million bid is estimated by mr. simpson as representing N N of the value of all hooker real-estate holdings in the u.s. 
+ not included in the bid are <unk> teller or b. altman & co. l.j. hooker 's department-store chains 
+ the offer covers the massive N <unk> forest fair mall in cincinnati the N <unk> <unk> fashion mall in columbia s.c. and the N <unk> <unk> town center mall in <unk> <unk> 
+ the <unk> mall opened sept. N with a <unk> 's <unk> as its <unk> the columbia mall is expected to open nov. N 
+ other hooker properties included are a <unk> office tower in <unk> atlanta expected to be completed next february vacant land sites in florida and ohio l.j. hooker international the commercial real-estate brokerage company that once did business as merrill lynch commercial real estate plus other shopping centers 
+ the consortium was put together by <unk> <unk> the london-based investment banking company that is a subsidiary of security pacific corp 
+ we do n't anticipate any problems in raising the funding for the bid said <unk> campbell the head of mergers and acquisitions at <unk> <unk> in an interview 
+ <unk> <unk> is acting as the consortium 's investment bankers 
+ according to people familiar with the consortium the bid was <unk> project <unk> a reference to the film <unk> in which a <unk> played by actress <unk> <unk> is saved from a <unk> businessman by a police officer named john <unk> 
+ l.j. hooker was a small <unk> company based in atlanta in N when mr. simpson was hired to push it into commercial development 
+ the company grew modestly until N when a majority position in hooker corp. was acquired by australian developer george <unk> currently hooker 's chairman 
+ mr. <unk> <unk> to launch an ambitious but <unk> $ N billion acquisition binge that included <unk> teller and b. altman & co. as well as majority positions in merksamer jewelers a sacramento chain <unk> inc. the <unk> retailer and <unk> inc. the southeast department-store chain 
+ eventually mr. simpson and mr. <unk> had a falling out over the direction of the company and mr. simpson said he resigned in N 
+ since then hooker corp. has sold its interest in the <unk> chain back to <unk> 's management and is currently attempting to sell the b. altman & co. chain 
+ in addition robert <unk> chief executive of the <unk> chain is seeking funds to buy out the hooker interest in his company 
+ the merksamer chain is currently being offered for sale by first boston corp 
+ reached in <unk> mr. <unk> said that he believes the various hooker <unk> can become profitable with new management 
+ these are n't mature assets but they have the potential to be so said mr. <unk> 
+ managed properly and with a long-term outlook these can become investment-grade quality properties 
+ canadian <unk> production totaled N metric tons in the week ended oct. N up N N from the preceding week 's total of N tons statistics canada a federal agency said 
+ the week 's total was up N N from N tons a year earlier 
+ the <unk> total was N tons up N N from N tons a year earlier 
+ the treasury plans to raise $ N million in new cash thursday by selling about $ N billion of 52-week bills and <unk> $ N billion of maturing bills 
+ the bills will be dated oct. N and will mature oct. N N 
+ they will be available in minimum denominations of $ N 
+ bids must be received by N p.m. edt thursday at the treasury or at federal reserve banks or branches 
+ as small investors <unk> their mutual funds with phone calls over the weekend big fund managers said they have a strong defense against any wave of withdrawals cash 
+ unlike the weekend before black monday the funds were n't <unk> with heavy withdrawal requests 
+ and many fund managers have built up cash levels and say they will be buying stock this week 
+ at fidelity investments the nation 's largest fund company telephone volume was up sharply but it was still at just half the level of the weekend preceding black monday in N 
+ the boston firm said <unk> redemptions were running at less than one-third the level two years ago 
+ as of yesterday afternoon the redemptions represented less than N N of the total cash position of about $ N billion of fidelity 's stock funds 
+ two years ago there were massive redemption levels over the weekend and a lot of fear around said c. bruce <unk> who runs fidelity investments ' $ N billion <unk> fund 
+ this feels more like a <unk> deal 
+ people are n't <unk> 
+ the test may come today 
+ friday 's stock market sell-off came too late for many investors to act 
+ some shareholders have held off until today because any fund exchanges made after friday 's close would take place at today 's closing prices 
+ stock fund redemptions during the N debacle did n't begin to <unk> until after the market opened on black monday 
+ but fund managers say they 're ready 
+ many have raised cash levels which act as a buffer against steep market declines 
+ mario <unk> for instance holds cash positions well above N N in several of his funds 
+ windsor fund 's john <unk> and mutual series ' michael price said they had raised their cash levels to more than N N and N N respectively this year 
+ even peter lynch manager of fidelity 's $ N billion <unk> fund the nation 's largest stock fund built up cash to N N or $ N million 
+ one reason is that after two years of monthly net redemptions the fund posted net inflows of money from investors in august and september 
+ i 've let the money build up mr. lynch said who added that he has had trouble finding stocks he likes 
+ not all funds have raised cash levels of course 
+ as a group stock funds held N N of assets in cash as of august the latest figures available from the investment company institute 
+ that was modestly higher than the N N and N N levels in august and september of N 
+ also persistent redemptions would force some fund managers to dump stocks to raise cash 
+ but a strong level of investor withdrawals is much more unlikely this time around fund managers said 
+ a major reason is that investors already have sharply scaled back their purchases of stock funds since black monday 
+ <unk> sales have rebounded in recent months but monthly net purchases are still running at less than half N levels 
+ there 's not nearly as much <unk> said john <unk> chairman of vanguard group inc. a big valley forge pa. fund company 
+ many fund managers argue that now 's the time to buy 
+ vincent <unk> manager of the $ N billion wellington fund added to his positions in bristol-myers squibb woolworth and dun & bradstreet friday 
+ and today he 'll be looking to buy drug stocks like eli lilly pfizer and american home products whose dividend yields have been bolstered by stock declines 
+ fidelity 's mr. lynch for his part snapped up southern co. shares friday after the stock got <unk> 
+ if the market drops further today he said he 'll be buying blue chips such as bristol-myers and kellogg 
+ if they <unk> stocks like that he said it presents an opportunity that is the kind of thing you dream about 
+ major mutual-fund groups said phone calls were <unk> at twice the normal weekend pace yesterday 
+ but most investors were seeking share prices and other information 
+ trading volume was only modestly higher than normal 
+ still fund groups are n't taking any chances 
+ they hope to avoid the <unk> phone lines and other <unk> that <unk> some fund investors in october N 
+ fidelity on saturday opened its N <unk> investor centers across the country 
+ the centers normally are closed through the weekend 
+ in addition east coast centers will open at N edt this morning instead of the normal N 
+ t. rowe price associates inc. increased its staff of phone representatives to handle investor requests 
+ the <unk> group noted that some investors moved money from stock funds to money-market funds 
+ but most investors seemed to be in an information mode rather than in a transaction mode said steven <unk> a vice president 
+ and vanguard among other groups said it was adding more phone representatives today to help investors get through 
+ in an unusual move several funds moved to calm investors with <unk> on their <unk> phone lines 
+ we view friday 's market decline as offering us a buying opportunity as long-term investors a recording at <unk> & co. funds said over the weekend 
+ the <unk> group had a similar recording for investors 
+ several fund managers expect a rough market this morning before prices stabilize 
+ some early selling is likely to stem from investors and portfolio managers who want to lock in this year 's fat profits 
+ stock funds have averaged a staggering gain of N N through september according to lipper analytical services inc 
+ <unk> <unk> who runs shearson lehman hutton inc. 's $ N million sector analysis portfolio predicts the market will open down at least N points on technical factors and some panic selling 
+ but she expects prices to rebound soon and is telling investors she expects the stock market wo n't decline more than N N to N N from recent highs 
+ this is not a major crash she said 
+ nevertheless ms. <unk> said she was <unk> with phone calls over the weekend from nervous shareholders 
+ half of them are really scared and want to sell she said but i 'm trying to talk them out of it 
+ she added if they all were bullish i 'd really be upset 
+ the backdrop to friday 's slide was <unk> different from that of the october N crash fund managers argue 
+ two years ago unlike today the dollar was weak interest rates were rising and the market was very <unk> they say 
+ from the investors ' standpoint institutions and individuals learned a painful lesson by selling at the lows on black monday said stephen boesel manager of the $ N million t. rowe price growth and income fund 
+ this time i do n't think we 'll get a panic reaction 
+ newport corp. said it expects to report <unk> earnings of between N cents and N cents a share somewhat below analysts ' estimates of N cents to N cents 
+ the maker of scientific instruments and laser parts said orders fell below expectations in recent months 
+ a spokesman added that sales in the current quarter will about equal the <unk> quarter 's figure when newport reported net income of $ N million or N cents a share on $ N million in sales 
+ <unk> from the strike by N machinists union members against boeing co. reached air carriers friday as america west airlines announced it will postpone its new service out of houston because of delays in receiving aircraft from the seattle jet maker 
+ peter <unk> vice president for planning at the phoenix ariz. carrier said in an interview that the work <unk> at boeing now entering its 13th day has caused some turmoil in our scheduling and that more than N passengers who were booked to fly out of houston on america west would now be put on other airlines 
+ mr. <unk> said boeing told america west that the N it was supposed to get this thursday would n't be delivered until nov. N the day after the airline had been planning to <unk> service at houston with four daily flights including three <unk> to phoenix and one <unk> to las vegas 
+ now those routes are n't expected to begin until jan 
+ boeing is also supposed to send to america west another N <unk> aircraft as well as a N by year 's end 
+ those too are almost certain to arrive late 
+ at this point no other america west flights including its new service at san antonio texas newark n.j. and <unk> calif. have been affected by the delays in boeing deliveries 
+ nevertheless the company 's reaction <unk> the <unk> effect that a huge manufacturer such as boeing can have on other parts of the economy 
+ it also is sure to help the machinists put added pressure on the company 
+ i just do n't feel that the company can really stand or would want a prolonged <unk> tom baker president of machinists ' district N said in an interview yesterday 
+ i do n't think their customers would like it very much 
+ america west though is a smaller airline and therefore more affected by the delayed delivery of a single plane than many of its competitors would be 
+ i figure that american and united probably have such a hard time counting all the planes in their fleets they might not miss one at all mr. <unk> said 
+ indeed a random check friday did n't seem to indicate that the strike was having much of an effect on other airline operations 
+ southwest airlines has a boeing N set for delivery at the end of this month and expects to have the plane on time 
+ it 's so close to completion boeing 's told us there wo n't be a problem said a southwest spokesman 
+ a spokesman for amr corp. said boeing has assured american airlines it will deliver a N on time later this month 
+ american is preparing to take delivery of another N in early december and N more next year and is n't anticipating any changes in that timetable 
+ in seattle a boeing spokesman explained that the company has been in constant communication with all of its customers and that it was impossible to predict what further disruptions might be triggered by the strike 
+ meanwhile supervisors and <unk> employees have been trying to finish some N aircraft mostly N and N jumbo jets at the company 's <unk> wash. plant that were all but completed before the <unk> 
+ as of friday four had been delivered and a fifth plane a N was supposed to be <unk> out over the weekend to air china 
+ no date has yet been set to get back to the bargaining table 
+ we want to make sure they know what they want before they come back said doug hammond the federal mediator who has been in contact with both sides since the strike began 
+ the investment community for one has been anticipating a <unk> resolution 
+ though boeing 's stock price was battered along with the rest of the market friday it actually has risen over the last two weeks on the strength of new orders 
+ the market has taken two views that the labor situation will get settled in the short term and that things look very <unk> for boeing in the long term said howard <unk> an analyst at <unk> j. lawrence inc 
+ boeing 's shares fell $ N friday to close at $ N in composite trading on the new york stock exchange 
+ but mr. baker said he thinks the earliest a pact could be struck would be the end of this month <unk> that the company and union may resume negotiations as early as this week 
+ still he said it 's possible that the strike could last considerably longer 
+ i would n't expect an immediate resolution to anything 
+ last week boeing chairman frank <unk> sent striking workers a letter saying that to my knowledge boeing 's offer represents the best overall three-year contract of any major u.s. industrial firm in recent history 
+ but mr. baker called the letter and the company 's offer of a N N wage increase over the life of the pact plus bonuses very weak 
+ he added that the company <unk> the union 's resolve and the workers ' <unk> with being forced to work many hours overtime 
+ in separate developments talks have broken off between machinists representatives at lockheed corp. and the <unk> calif. aerospace company 
+ the union is continuing to work through its expired contract however 
+ it had planned a strike vote for next sunday but that has been pushed back indefinitely 
+ united auto workers local N which represents N workers at boeing 's helicopter unit in delaware county pa. said it agreed to extend its contract on a <unk> basis with a <unk> notification to cancel while it continues bargaining 
+ the accord expired yesterday 
+ and boeing on friday said it received an order from <unk> <unk> for four model N <unk> <unk> valued at a total of about $ N million 
+ the planes long range versions of the <unk> <unk> will be delivered with <unk> & <unk> <unk> engines 
+ <unk> & <unk> is a unit of united technologies inc 
+ <unk> <unk> is based in amsterdam 
+ a boeing spokeswoman said a delivery date for the planes is still being worked out for a variety of reasons but not because of the strike 
+ <unk> <unk> contributed to this article 
+ <unk> ltd. said its utilities arm is considering building new electric power plants some valued at more than one billion canadian dollars us$ N million in great britain and elsewhere 
+ <unk> <unk> <unk> 's senior vice president finance said its <unk> canadian utilities ltd. unit is reviewing <unk> projects in eastern canada and conventional electric power generating plants elsewhere including britain where the british government plans to allow limited competition in electrical generation from private-sector suppliers as part of its privatization program 
+ the projects are big 
+ they can be c$ N billion plus mr. <unk> said 
+ but we would n't go into them alone and canadian utilities ' equity stake would be small he said 
+ <unk> we 'd like to be the operator of the project and a modest equity investor 
+ our long suit is our proven ability to operate power plants he said 
+ mr. <unk> would n't offer <unk> regarding <unk> 's proposed british project but he said it would compete for customers with two huge british power generating companies that would be formed under the country 's plan to <unk> its massive water and electric utilities 
+ britain 's government plans to raise about # N billion $ N billion from the sale of most of its giant water and electric utilities beginning next month 
+ the planned electric utility sale scheduled for next year is alone expected to raise # N billion making it the world 's largest public offering 
+ under terms of the plan independent <unk> would be able to compete for N N of customers until N and for another N N between N and N 
+ canadian utilities had N revenue of c$ N billion mainly from its natural gas and electric utility businesses in alberta where the company serves about N customers 
+ there seems to be a move around the world to <unk> the generation of electricity mr. <unk> said and canadian utilities hopes to capitalize on it 
+ this is a real thrust on our utility side he said adding that canadian utilities is also <unk> projects in <unk> countries though he would be specific 
+ canadian utilities is n't alone in exploring power generation opportunities in britain in anticipation of the privatization program 
+ we 're certainly looking at some power generating projects in england said bruce <unk> vice president corporate strategy and corporate planning with enron corp. houston a big natural gas producer and pipeline operator 
+ mr. <unk> said enron is considering building <unk> power plants in the u.k. capable of producing about N <unk> of power at a cost of about $ N million to $ N million 
+ pse inc. said it expects to report third earnings of $ N million to $ N million or N cents to N cents a share 
+ in the year-ago quarter the designer and operator of <unk> and waste heat recovery plants had net income of $ N or four cents a share on revenue of about $ N million 
+ the company said the improvement is related to additional <unk> facilities that have been put into operation 
+ <unk> <unk> flights are $ N to paris and $ N to london 
+ in a centennial journal article oct. N the fares were reversed 
+ diamond <unk> offshore partners said it had discovered gas offshore louisiana 
+ the well <unk> at a rate of N million cubic feet of gas a day through a N <unk> opening at <unk> between N and N feet 
+ diamond <unk> is the operator with a N N interest in the well 
+ diamond <unk> offshore 's stock rose N cents friday to close at $ N in new york stock exchange composite trading 
+ <unk> & broad home corp. said it formed a $ N million limited partnership subsidiary to buy land in california suitable for residential development 
+ the partnership <unk> & broad land development venture limited partnership is a N joint venture with a trust created by institutional clients of <unk> advisory corp. a unit of <unk> financial corp. a real estate advisory management and development company with offices in chicago and beverly hills calif 
+ <unk> & broad a home building company declined to identify the institutional investors 
+ the land to be purchased by the joint venture has n't yet received <unk> and other approvals required for development and part of <unk> & broad 's job will be to obtain such approvals 
+ the partnership runs the risk that it may not get the approvals for development but in return it can buy land at wholesale rather than retail prices which can result in sizable savings said bruce <unk> president and chief executive officer of <unk> & broad 
+ there are really very few companies that have adequate capital to buy properties in a raw state for cash 
+ typically developers option property and then once they get the administrative approvals they buy it said mr. <unk> adding that he believes the joint venture is the first of its kind 
+ we usually operate in that conservative manner 
+ by setting up the joint venture <unk> & broad can take the more aggressive approach of buying raw land while avoiding the negative <unk> to its own balance sheet mr. <unk> said 
+ the company is putting up only N N of the capital although it is responsible for providing management planning and processing services to the joint venture 
+ this is one of the best ways to assure a pipeline of land to fuel our growth at a minimum risk to our company mr. <unk> said 
+ when the price of plastics took off in N quantum chemical corp. went along for the ride 
+ the timing of quantum 's chief executive officer john <unk> <unk> appeared to be nothing less than inspired because he had just increased quantum 's reliance on plastics 
+ the company <unk> much of the chemical industry as annual profit grew <unk> in two years 
+ mr. <unk> said of the boom it 's going to last a whole lot longer than anybody thinks 
+ but now prices have <unk> and quantum 's profit is <unk> 
+ some securities analysts are looking for no better than break-even results from the company for the third quarter compared with year-earlier profit of $ N million or $ N a share on sales of $ N million 
+ the stock having lost nearly a quarter of its value since sept. N closed at $ N share down $ N in new york stock exchange composite trading friday 
+ to a degree quantum represents the new times that have arrived for producers of the so-called commodity plastics that <unk> modern life 
+ having just passed through one of the most profitable periods in their history these producers now see their prices eroding 
+ pricing cycles to be sure are nothing new for plastics producers 
+ and the financial decline of some looks steep only in comparison with the <unk> period that is just behind them 
+ we were all wonderful heroes last year says an executive at one of quantum 's competitors 
+ now we 're at the bottom of the <unk> 
+ at quantum which is based in new york the trouble is magnified by the company 's heavy <unk> on plastics 
+ once known as national <unk> & chemical corp. the company <unk> the wine and spirits business and <unk> more of its resources into plastics after mr. <unk> took the chief executive 's job in N 
+ mr. <unk> N years old declined to be interviewed for this article but he has consistently argued that over the long haul across both the <unk> and the <unk> of the plastics market quantum will <unk> through its new direction 
+ quantum 's lot is mostly tied to polyethylene <unk> used to make garbage bags milk <unk> <unk> toys and meat packaging among other items 
+ in the u.s. polyethylene market quantum has claimed the largest share about N N 
+ but its competitors including dow chemical co. union carbide corp. and several oil giants have much broader business interests and so are better <unk> against price swings 
+ when the price of polyethylene moves a mere penny a pound quantum 's annual profit <unk> by about N cents a share provided no other <unk> are changing 
+ in recent months the price of polyethylene even more than that of other commodity plastics has taken a dive 
+ benchmark grades which still sold for as much as N cents a pound last spring have skidded to between N cents and N cents 
+ meanwhile the price of <unk> the chemical building block of polyethylene has n't dropped nearly so fast 
+ that <unk> <unk> quantum badly because its own plants cover only about half of its <unk> needs 
+ by many accounts an early hint of a price rout in the making came at the start of this year 
+ china which had been putting in huge orders for polyethylene abruptly halted them 
+ <unk> that excess polyethylene would soon be <unk> around the world other buyers then bet that prices had peaked and so began to draw down inventories rather than order new product 
+ kenneth mitchell director of dow 's polyethylene business says producers were surprised to learn how much inventories had swelled throughout the distribution chain as prices <unk> up 
+ people were even <unk> bags he says 
+ now producers hope prices have hit bottom 
+ they recently announced increases of a few cents a pound to take effect in the next several weeks 
+ no one knows however whether the new posted prices will stick once producers and customers start to <unk> 
+ one <unk> is george <unk> a <unk> analyst at oppenheimer & co. and a bear on plastics stocks 
+ noting others ' estimates of when price increases can be sustained he remarks some say october 
+ some say november 
+ i say N 
+ he argues that efforts to firm up prices will be undermined by producers ' plans to expand production capacity 
+ a quick turnaround is crucial to quantum because its cash requirements remain heavy 
+ the company is trying to carry out a three-year $ N billion <unk> program started this year 
+ at the same time its annual payments on long-term debt will more than double from a year ago to about $ N million largely because of debt taken on to pay a $ <unk> special dividend earlier this year 
+ quantum described the payout at the time as a way for it to share the <unk> with its holders because its stock price was n't reflecting the huge profit increases 
+ some analysts saw the payment as an effort also to <unk> takeover speculation 
+ whether a cash crunch might eventually force the company to cut its quarterly dividend raised N N to N cents a share only a year ago has become a topic of intense speculation on wall street since mr. <unk> <unk> dividend questions in a sept. N meeting with analysts 
+ some viewed his response that company directors review the dividend regularly as nothing more than the standard line from executives 
+ but others came away thinking he had given something less than his usual <unk> performance 
+ in any case on the day of the meeting quantum 's shares slid $ N to $ N in big board trading 
+ on top of everything else quantum <unk> a disaster at its plant in morris ill 
+ after an explosion <unk> the plant in june the company <unk> in september to within N hours of completing the <unk> process of <unk> it 
+ then a second explosion occurred 
+ two workers died and six remain in the hospital 
+ this human toll adds the most painful <unk> yet to the sudden change in quantum 's fortunes 
+ until this year the company had been steadily lowering its accident rate and picking up <unk> safety <unk> 
+ a prolonged production halt at the plant could introduce another <unk> into quantum 's financial future 
+ when a plant has just been running flat out to meet demand <unk> lost profit and thus claims under <unk> insurance is <unk> 
+ but the numbers become <unk> and subject to <unk> between insured and insurer when demand is shifting 
+ you say you could have sold x percent of this product and <unk> percent of that recalls <unk> <unk> an analyst at shearson lehman hutton who went through this exercise during his former career as a chemical engineer 
+ and then you still have to negotiate 
+ quantum hopes the morris plant where limited production got under way last week will resume full operation by year 's end 
+ the plant usually accounts for N N to N N of quantum 's polyethylene production and N N of its <unk> production 
+ not everything looks grim for quantum 
+ the plant expansion should strengthen the company 's <unk> in the polyethylene business where market share is often taken through sheer capacity 
+ by lifting <unk> production the expansion will also lower the company 's raw material costs 
+ quantum is also tightening its grip on its one large business outside chemicals propane marketing 
+ through a venture with its investment banker first boston corp. quantum completed in august an acquisition of <unk> inc. in a transaction valued at $ N billion 
+ <unk> is the second-largest propane distributor in the u.s. 
+ the largest suburban propane was already owned by quantum 
+ still quantum has a crisis to get past right now 
+ some analysts speculate the weakening stock may yet attract a suitor 
+ the name <unk> in rumors is british petroleum co. which is looking to expand its polyethylene business in the u.s. 
+ asked about a bid for quantum a <unk> spokesman says we pretty much have a policy of not commenting on rumors and i think that falls in that category 
+ rjr nabisco inc. is <unk> its division responsible for buying network advertising time just a month after moving N of the group 's N employees to new york from atlanta 
+ a spokesman for the new york-based food and tobacco giant taken private earlier this year in a $ N billion leveraged buy-out by kohlberg kravis roberts & co. confirmed that it is <unk> down the rjr nabisco broadcast unit and <unk> its N employees in a move to save money 
+ the spokesman said rjr is discussing its <unk> plans with its two main advertising firms <unk> katz and <unk> <unk> 
+ we found with the size of our media purchases that an ad agency could do just as good a job at significantly lower cost said the spokesman who declined to specify how much rjr spends on network television time 
+ an executive close to the company said rjr is spending about $ N million on network television time this year down from roughly $ N million last year 
+ the spokesman said the broadcast unit will be <unk> dec. N and the move wo n't affect rjr 's print radio and <unk> buying practices 
+ the broadcast group had been based in new york until a year ago when rjr 's previous management moved it to atlanta the company 's headquarters before this