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Date: 10 September 1994
By Russell Baker
Russell Baker
These letters piled here denounce me as an elitist. My humility makes them hard to answer. They are all written in such -- well, such an elitist tone. Annoyed by some half-baked opinion voiced in this column, or irritated by some idle criticism of their favorite novelist or sitcom, their writers mount the high epistolary bench to condemn me as an elitist, hence unfit to address the common man.
Date: 11 September 1994
By Marc Mappen
Marc Mappen
BACK in the 1890's, a New York newspaper discovered a way to add a splash of color to the comics by using yellow ink, and so the "yellow press" was born. But the term came to stand for more than just a printing gimmick; it was used to describe a sensationalistic journalistic style of screaming headlines and slashing articles, in which the press claimed the role of defender of the public against evil. You could say this for yellow journalism: it sure sold newspapers. The circulation of some big-city papers soared into the hundreds of thousands. So it was inevitable that local papers outside the big cities adopted the same crusading tone of voice, although not the yellow ink.
Date: 10 September 1994
By Bloomberg News
Bloomberg News
Eli Lilly & Company said yesterday that it had completed the acquisition of all remaining shares of the Sphinx Pharmaceuticals Corporation for $6 each, or about $72 million. Lilly expects to record a charge of about $60 million, or 14 cents a share, against third-quarter earnings in connection with the acquisitin. Lilly, an Indianapolis-based pharmaceutical company, owned 680,000 Sphinx shares, or about 5.4 percent of its 12.6 million shares outstanding, before the acquisition. Lilly acquired its Sphinx stake in 1991 for $4 million, or about $5.88 a share, as part of a collaboration to develop drugs for diabetes, heart problems and inflammatory diseases like arthritis. Sphinx's focus is on rapid production and screening of thousands of potential drugs.
Date: 10 September 1994
By Bloomberg News
Bloomberg News
The McDonnell Douglas Corporation said yesterday that AOM French Airlines had ordered four MD-80 twin jets to be delivered in the next few months. AOM is buying the long-range MD-83 model, which will seat up to 165 people and can fly up to 2,880 miles without refueling. The airline's new jets will be used for flights throughout Europe, the Mediterranean area and Africa. The McDonnell Douglas Aircraft Company, a unit of St. Louis-based McDonnell Douglas, will deliver the first two planes in October, with the other two to be delivered in November and December. Each aircraft will be powered by two Pratt & Whitney JT8D-219 turbofans. Paris-based AOM also added options to buy four additional MD-80's. The MD-83 is one of five models in the MD-80 twin jet line.
Date: 10 September 1994
By Bloomberg News
Bloomberg News
A group of the New Valley Corporation's bondholders offered yesterday to invest $215 million in the bankrupt company, which is the parent of Western Union Financial Services. Gotham Capital and Cerberus Partners offered the money in return for $115 million in new 12 percent preferred shares and $100 million in senior debt of New Valley, said John Walters, a New Valley spokesman. "This represents an investment in the company rather than a sale of Western Union," Mr. Walters said. Officials from Gotham were not immediately available for comment. The offer comes as three other companies seek the assets of Western Union in a bankruptcy-court auction.
Date: 10 September 1994
By Bloomberg News
Bloomberg News
The dollar fell two pfennigs against the German mark and tumbled against other currencies yesterday after a sharp rise in producer prices sent bond prices plunging. "The dollar got slaughtered," said Alfonso Alejo, senior proprietary trader at Sakura Bank Ltd. "People got scared because they see inflation eroding the value of U.S. assets."
Date: 11 September 1994
International 3-14 CUBAN EXODUS SURGE The number of people fleeing Cuba surged again as people tried to beat a 72-hour deadline, even though those picked up at sea are not eligible for refugee status. 1 AD-LIBBING ON CUBA News analysis: The victory in talks with Cuba on Friday came about as a result of a policy that was ad-libbed even more than usual for the Clinton Administration. 8
Date: 10 September 1994
International 2-5 ACCORD ON CUBA EXODUS Cuba agreed to stop the exodus of its citizens in return for a United States promise to accept 20,000 Cuban refugees a year, but those who have been picked up by the Coast Guard may not be accepted. 1
Date: 10 September 1994
By Andrea Adelson
Andrea Adelson
The Mercantile Stores Company, which has had a run-up in its stock price recently amid rumors of a possible merger, confirmed yesterday that it was holding discussions but did not identify any prospective suitors. Although the department store company, which is based in Fairfield, Ohio, said in a statement that its board had not authorized a merger and gave no assurance that any would occur, its shares rose $7.625, to $54.50, in active trading yesterday on the New York Stock Exchange, surpassing the $50-a-share level for the first time in five years.
Date: 10 September 1994
By Kenneth N. Gilpin
Kenneth Gilpin
Moving to expand greatly its share of the worldwide travel business, the American Express Company will announce on Monday that it has agreed to acquire large chunks of the Thomas Cook Group, people close to American Express said yesterday. The terms of the transaction were not discussed, but people with knowledge of the negotiations said the purchase price was in the hundreds of millions of dollars.