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plans that give advertisers discounts for maintaining or increasing ad spending have become permanent <unk> at the news <unk> and underscore the fierce competition between newsweek time warner inc. 's time magazine and <unk> b. <unk> 's u.s. news & world report |
alan <unk> recently named newsweek president said newsweek 's ad rates would increase N N in january |
a full <unk> page in newsweek will cost $ N |
in mid-october time magazine lowered its guaranteed circulation rate base for N while not increasing ad page rates with a lower circulation base time 's ad rate will be effectively N N higher per subscriber a full page in time costs about $ N |
u.s. news has yet to announce its N ad rates |
newsweek said it will introduce the circulation credit plan which <unk> space credits to advertisers on renewal advertising |
the magazine will reward with page bonuses advertisers who in N meet or exceed their N spending as long as they spent $ N in N and $ N in N |
mr. <unk> said the plan is not an attempt to shore up a decline in ad pages in the first nine months of N newsweek 's ad pages totaled N a drop of N N from last year according to publishers information bureau |
what matters is what advertisers are paying per page and in that department we are doing fine this fall said mr. <unk> |
both newsweek and u.s. news have been gaining circulation in recent years without heavy use of electronic <unk> to subscribers such as telephones or watches |
however none of the big three <unk> recorded circulation gains recently |
according to audit bureau of <unk> time the largest <unk> had average circulation of N a decrease of N N |
newsweek 's circulation for the first six months of N was N flat from the same period last year |
u.s. news ' circulation in the same time was N down N N |
new england electric system bowed out of the bidding for public service co. of new hampshire saying that the risks were too high and the potential <unk> too far in the future to justify a higher offer |
the move leaves united illuminating co. and northeast utilities as the remaining outside bidders for ps of new hampshire which also has proposed an internal reorganization plan in chapter N bankruptcy proceedings under which it would remain an independent company |
new england electric based in <unk> mass. had offered $ N billion to acquire ps of new hampshire well below the $ N billion value united illuminating places on its bid and the $ N billion northeast says its bid is worth |
united illuminating is based in new haven conn. and northeast is based in hartford conn |
ps of new hampshire <unk> n.h. values its internal reorganization plan at about $ N billion |
john rowe president and chief executive officer of new england electric said the company 's return on equity could suffer if it made a higher bid and its forecasts related to ps of new hampshire such as growth in electricity demand and improved operating <unk> did n't come true |
when we <unk> raising our bid the risks seemed substantial and persistent over the next five years and the rewards seemed a long way out |
that got hard to take he added |
mr. rowe also noted that political concerns also worried new england electric |
no matter who owns ps of new hampshire after it emerges from bankruptcy proceedings its rates will be among the highest in the nation he said |
that attracts attention |
it was just another one of the risk factors that led to the company 's decision to withdraw from the bidding he added |
wilbur ross jr. of rothschild inc. the financial adviser to the troubled company 's equity holders said the withdrawal of new england electric might speed up the reorganization process |
the fact that new england proposed lower rate increases N N over seven years against around N N boosts proposed by the other two outside bidders complicated negotiations with state officials mr. ross asserted |
now the field is less <unk> he added |
separately the federal energy regulatory commission turned down for now a request by northeast seeking approval of its possible purchase of ps of new hampshire |
northeast said it would <unk> its request and still hopes for an <unk> review by the ferc so that it could complete the purchase by next summer if its bid is the one approved by the bankruptcy court |
ps of new hampshire shares closed yesterday at $ N off N cents in new york stock exchange composite trading |
norman <unk> N years old and former president and chief operating officer of toys r us inc. and frederick <unk> jr. N chairman of <unk> banking corp. were elected directors of this consumer electronics and appliances retailing chain |
they succeed daniel m. <unk> retired circuit city executive vice president and robert r. <unk> u.s. treasury undersecretary on the <unk> board |
commonwealth edison co. was ordered to refund about $ N million to its current and former <unk> for illegal rates collected for cost overruns on a nuclear power plant |
the refund was about $ N million more than previously ordered by the illinois commerce commission and trade groups said it may be the largest ever required of a state or local utility |
state court judge richard curry ordered edison to make average refunds of about $ N to $ N each to edison customers who have received electric service since april N including about two million customers who have moved during that period |
judge curry ordered the refunds to begin feb. N and said that he would n't <unk> any appeals or other attempts to block his order by commonwealth edison |
the refund pool may not be held <unk> through another round of appeals judge curry said |
commonwealth edison said it is already appealing the underlying commission order and is considering appealing judge curry 's order |
the exact amount of the refund will be determined next year based on actual <unk> made until dec. N of this year |
commonwealth edison said the ruling could force it to slash its N earnings by $ N a share |
for N commonwealth edison reported earnings of $ N million or $ N a share |
a commonwealth edison spokesman said that tracking down the two million customers whose addresses have changed during the past N N years would be an administrative nightmare |
in new york stock exchange composite trading yesterday commonwealth edison closed at $ N down N cents |
the $ N billion <unk> N plant near <unk> ill. was completed in N |
in a disputed N ruling the commerce commission said commonwealth edison could raise its electricity rates by $ N million to pay for the plant |
but state courts upheld a challenge by consumer groups to the commission 's rate increase and found the rates illegal |
the illinois supreme court ordered the commission to audit commonwealth edison 's construction expenses and refund any <unk> expenses |
the utility has been collecting for the plant 's construction cost from its N million customers subject to a refund since N |
in august the commission ruled that between $ N million and $ N million of the plant 's construction cost was <unk> and should be <unk> plus interest |
in his ruling judge curry added an additional $ N million to the commission 's calculations |
last month judge curry set the interest rate on the refund at N N |
commonwealth edison now faces an additional <unk> refund on its <unk> rate <unk> <unk> that the illinois appellate court has estimated at $ N million |
and consumer groups hope that judge curry 's <unk> N order may set a precedent for a second nuclear rate case involving commonwealth edison 's <unk> N plant |
commonwealth edison is seeking about $ N million in rate increases to pay for <unk> N |
the commission is expected to rule on the <unk> N case by year end |
last year commonwealth edison had to refund $ N million for poor performance of its <unk> i nuclear plant |
japan 's domestic sales of cars trucks and buses in october rose N N from a year earlier to N units a record for the month the japan automobile dealers ' association said |
the strong growth followed year-to-year increases of N N in august and N N in september |
the monthly sales have been setting records every month since march |
october sales compared with the previous month inched down N N |
sales of passenger cars grew N N from a year earlier to N units |
sales of medium-sized cars which benefited from price reductions arising from introduction of the consumption tax more than doubled to N units from N in october N |
texas instruments japan ltd. a unit of texas instruments inc. said it opened a plant in south korea to manufacture control devices |
the new plant located in <unk> about N miles from seoul will help meet increasing and diversifying demand for control products in south korea the company said |
the plant will produce control devices used in motor vehicles and household appliances |
the survival of spinoff cray computer corp. as a fledgling in the supercomputer business appears to depend heavily on the creativity and <unk> of its chairman and chief designer seymour cray |
not only is development of the new company 's initial machine tied directly to mr. cray so is its balance sheet |
documents filed with the securities and exchange commission on the pending spinoff disclosed that cray research inc. will withdraw the almost $ N million in financing it is providing the new firm if mr. cray leaves or if the <unk> project he heads is scrapped |
the documents also said that although the <unk> mr. cray has been working on the project for more than six years the cray-3 machine is at least another year away from a fully operational prototype |
moreover there have been no orders for the cray-3 so far though the company says it is talking with several prospects |
while many of the risks were anticipated when <unk> cray research first announced the spinoff in may the <unk> it attached to the financing had n't been made public until yesterday |
we did n't have much of a choice cray computer 's chief financial officer gregory <unk> said in an interview |
the theory is that seymour is the chief designer of the cray-3 and without him it could not be completed |
cray research did not want to fund a project that did not include seymour |
the documents also said that cray computer anticipates <unk> perhaps another $ N million in financing beginning next september |
but mr. <unk> called that a <unk> scenario |
the filing on the details of the spinoff caused cray research stock to jump $ N yesterday to close at $ N in new york stock exchange composite trading |
analysts noted yesterday that cray research 's decision to link its $ N million <unk> note to mr. cray 's presence will complicate a valuation of the new company |
it has to be considered as an additional risk for the investor said gary p. <unk> of <unk> group inc. minneapolis |
cray computer will be a concept stock he said |
you either believe seymour can do it again or you do n't |
besides the designer 's age other risk factors for mr. cray 's new company include the cray-3 's tricky <unk> chip technology |
the sec documents describe those chips which are made of <unk> <unk> as being so fragile and minute they will require special <unk> handling equipment |
in addition the cray-3 will contain N processors twice as many as the largest current supercomputer |
cray computer also will face intense competition not only from cray research which has about N N of the world-wide supercomputer market and which is expected to roll out the <unk> machine a direct competitor with the cray-3 in N |
the spinoff also will compete with international business machines corp. and japan 's big three hitachi ltd. nec corp. and fujitsu ltd |
the new company said it believes there are fewer than N potential customers for <unk> priced between $ N million and $ N million presumably the cray-3 price range |
under terms of the spinoff cray research stockholders are to receive one cray computer share for every two cray research shares they own in a distribution expected to occur in about two weeks |
no price for the new shares has been set |
instead the companies will leave it up to the marketplace to decide |
cray computer has applied to trade on nasdaq |
analysts calculate cray computer 's initial book value at about $ N a share |
along with the note cray research is <unk> about $ N million in assets primarily those related to the cray-3 development which has been a drain on cray research 's earnings |
<unk> balance sheets clearly show why cray research favored the spinoff |
without the cray-3 research and development expenses the company would have been able to report a profit of $ N million for the first half of N rather than the $ N million it posted |
on the other hand had it existed then cray computer would have incurred a $ N million loss |
mr. cray who could n't be reached for comment will work for the new colorado springs colo. company as an independent contractor the arrangement he had with cray research |
regarded as the father of the supercomputer mr. cray was paid $ N at cray research last year |