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100 | The brokerage firms , which negotiate rates with the banks and thrifts whose CDs they sell , generally feel they have to offer clients more than they can get on T - bills or from banks and thrifts directly . | The brokerage firms , which negotiate rates with the banks and thrifts whose CDs they sell , generally feel they have to offer clients more than they can get on T - bills or from banks and thrifts directly . |
101 | T - bills sold at Monday 's auction yielded 7.90 % for six months and 7.77 % for three months , up from 7.82 % and 7.61 % , respectively , the week before . | T - bills sold at <date>Monday</date> 's auction yielded <percent>7.90 %</percent> for <date>six months</date> and <percent>7.77 %</percent> for <date>three months</date> , up from <percent>7.82 % and 7.61 %</percent> , respectively , <date>the week before</date> . |
102 | So - called jumbo CDs , typically in denominations of $ 90,000 and up , also usually follow T - bills and interest rate trends in general more than those aimed at small investors . | So - called jumbo CDs , typically in denominations of $ <money>90,000</money> and up , also usually follow T - bills and interest rate trends in general more than those aimed at small investors . |
103 | Some jumbos posted fractional changes in average yields this week , both up and down . | Some jumbos posted fractional changes in average yields <date>this week</date> , both up and down . |
104 | The average yield on threemonth jumbos rose to 8.00 % from 7.96 % , while the two - year average fell by the same amount to 7.89 % . | The average yield on <date>threemonth</date> jumbos rose to <percent>8.00 %</percent> from <percent>7.96 %</percent> , while the <date>two - year</date> average fell by the same amount to <percent>7.89 %</percent> . |
105 | Six - month and oneyear yields were unchanged , on average . | <date>Six - month</date> and <date>oneyear</date> yields were unchanged , on average . |
106 | `` The -LRB- CD -RRB- market is unsettled right now , '' said Banxquote 's Mr. Mehl . | `` The -LRB- CD -RRB- market is unsettled right now , '' said <org>Banxquote</org> 's Mr. <person>Mehl</person> . |
107 | `` It 's very easily influenced by changes in the stock market and the junk bond market . '' | `` It 's very easily influenced by changes in the stock market and the junk bond market . '' |
108 | The small changes in averages reflect generally unchanged yields at many major banks . | The small changes in averages reflect generally unchanged yields at many major banks . |
109 | Some , however , lowered yields significantly . | Some , however , lowered yields significantly . |
110 | At Chase Manhattan Bank in New York , for example , the yield on a small denomination six - month CD fell about a quarter of a percentage point to 8.06 % . | At <org>Chase Manhattan Bank</org> in <gpe>New York</gpe> , for example , the yield on a small denomination <date>six - month</date> CD fell <cardinal>about a quarter</cardinal> of a percentage point to <percent>8.06 %</percent> . |
111 | In California , Bank of America dropped the yield on both six - month and one - year `` savings '' CDs to 8.33 % from 8.61 % . | In <gpe>California</gpe> , <org>Bank of America</org> dropped the yield on both <date>six - month</date> and <date>one - year</date> `` savings '' CDs to <percent>8.33 %</percent> from <percent>8.61 %</percent> . |
112 | Yields on money - market deposits were unchanged at an average 6.96 % for $ 50,000 and less and down just a hundredth of a percentage point to 7.41 % for jumbo deposits . | Yields on money - market deposits were unchanged at an average <percent>6.96 %</percent> for $ <money>50,000</money> and less and down just a <cardinal>hundredth</cardinal> of a percentage point to <percent>7.41 %</percent> for jumbo deposits . |
113 | Lion Nathan Ltd. agreed to buy the franchise to bottle , distribute and market Pepsi - Cola soft - drink products in Australia , the company said . | <org>Lion Nathan Ltd.</org> agreed to buy the franchise to bottle , distribute and market <org>Pepsi - Cola</org> soft - drink products in <gpe>Australia</gpe> , the company said . |
114 | The New Zealand brewing and retail concern did n't disclose terms . | The <gpe>New Zealand</gpe> brewing and retail concern did n't disclose terms . |
115 | The agreement is effective Jan. 1 and is subject to approval from Australia 's Foreign Investment Review Board . | The agreement is effective <date>Jan. 1</date> and is subject to approval from <gpe>Australia</gpe> 's <org>Foreign Investment Review Board</org> . |
116 | Cadbury Schweppes Australia Ltd. has held the Australian Pepsi franchise for the past four years . | <org>Cadbury Schweppes Australia Ltd.</org> has held the <norp>Australian</norp> <org>Pepsi</org> franchise for <date>the past four years</date> . |
117 | Lion Nathan and PepsiCola Australia , a unit of PepsiCo Inc. of the U.S. , did n't say why Cadbury Schweppes will no longer hold the franchise . | <org>Lion Nathan</org> and <org>PepsiCola Australia</org> , a unit of <org>PepsiCo Inc.</org> of the <gpe>U.S.</gpe> , did n't say why <org>Cadbury Schweppes</org> will no longer hold the franchise . |
118 | Wang Laboratories Inc. has sold $ 25 million of assets and reached agreements in principle to sell an additional $ 187 million shortly , Richard Miller , president , said at the annual meeting . | <org>Wang Laboratories Inc.</org> has sold <money>$ 25 million</money> of assets and reached agreements in principle to sell <money>an additional $ 187 million</money> shortly , <person>Richard Miller</person> , president , said at the <date>annual</date> meeting . |
119 | He said Wang had reached an agreement with a `` major financial firm '' to sell for $ 150 million its domestic equipment lease portfolio and that of its Wang Credit Corp. subsidiary . | He said <org>Wang</org> had reached an agreement with a `` major financial firm '' to sell for <money>$ 150 million</money> its domestic equipment lease portfolio and that of its <org>Wang Credit Corp.</org> subsidiary . |
120 | He said it also agreed to sell a portion of its European real estate unit for $ 37 million . | He said it also agreed to sell a portion of its <norp>European</norp> real estate unit for <money>$ 37 million</money> . |
121 | Mr. Miller said that Wang has already sold some $ 12 million of miscellaneous assets and disclosed that it had received $ 13 million from Compaq Computer Corp. , Houston , in the previously announced sale of its Stirling , Scotland , plant . | Mr. <person>Miller</person> said that <org>Wang</org> has already sold <money>some $ 12 million</money> of miscellaneous assets and disclosed that it had received <money>$ 13 million</money> from <org>Compaq Computer Corp.</org> , <gpe>Houston</gpe> , in the previously announced sale of its <gpe>Stirling</gpe> , <gpe>S... |
122 | Mr. Miller repeated that in the next six months he plans to sell another $ 200 million to $ 300 million of assets to repay debt and reduce interest costs at Wang , a minincomputer maker in Lowell , Mass . | Mr. <person>Miller</person> repeated that in <date>the next six months</date> he plans to sell another <money>$ 200 million to $ 300 million</money> of assets to repay debt and reduce interest costs at <org>Wang</org> , a minincomputer maker in <gpe>Lowell</gpe> , <gpe>Mass</gpe> . |
123 | In response to questions after the annual meeting , Mr. Miller said the company is no longer looking for an equity investor . | In response to questions after the <date>annual</date> meeting , Mr. <person>Miller</person> said the company is no longer looking for an equity investor . |
124 | During the summer , Wang executives had said they might seek outside investment . | During <date>the summer</date> , <org>Wang</org> executives had said they might seek outside investment . |
125 | Murata Mfg. Co. said it is establishing a subsidiary in Britain to produce electric parts , including ceramic condensers . | <org>Murata Mfg. Co.</org> said it is establishing a subsidiary in <gpe>Britain</gpe> to produce electric parts , including ceramic condensers . |
126 | The Tokyo maker of ceramic capacitors said it purchased a plant in Plymouth . | The <gpe>Tokyo</gpe> maker of ceramic capacitors said it purchased a plant in <gpe>Plymouth</gpe> . |
127 | The company did n't disclose a purchase price or capitalization figures . | The company did n't disclose a purchase price or capitalization figures . |
128 | Murata said , however , it will invest about 1.4 billion yen -LRB- $ 9.9 million -RRB- in the new company . | <org>Murata</org> said , however , it will invest <money>about 1.4 billion yen</money> -LRB- <money>$ 9.9 million</money> -RRB- in the new company . |
129 | Production is slated to begin in April . | Production is slated to begin in <date>April</date> . |
130 | The company , which has a European foothold , Murata Europe Management G.m.b . H. in Germany , said the latest venture is designed to meet demand for electric parts in European Community countries ahead of the creation of the unified market by the end of 1992 . | The company , which has a <norp>European</norp> foothold , <org>Murata Europe Management G.m.b . H.</org> in <gpe>Germany</gpe> , said the latest venture is designed to meet demand for electric parts in <org>European Community</org> countries ahead of the creation of the unified market by <date>the end of 1992</date> . |
131 | Murata expects sales at the unit of about 1.5 billion yen in the first year . | <org>Murata</org> expects sales at the unit of <money>about 1.5 billion yen</money> in <date>the first year</date> . |
132 | Safeway Stores Inc. reported a 69 % decline in profit for the fiscal third quarter , but said operating improvements were masked by unusual gains in the year - earlier period . | <org>Safeway Stores Inc.</org> reported a <percent>69 %</percent> decline in profit for <date>the fiscal third quarter</date> , but said operating improvements were masked by unusual gains in the <date>year - earlier</date> period . |
133 | The Oakland grocery retailer , closely held since a $ 4.2 billion leveraged buy - out in 1986 , said profit for the three months ended Sept. 9 was $ 7.1 million , compared with $ 23 million a year earlier . | The <gpe>Oakland</gpe> grocery retailer , closely held since a <money>$ 4.2 billion</money> leveraged buy - out in <date>1986</date> , said profit for <date>the three months ended Sept. 9</date> was <money>$ 7.1 million</money> , compared with <money>$ 23 million</money> <date>a year earlier</date> . |
134 | But it said the year - earlier results included gains of $ 23.5 million from divestitures . | But it said the <date>year - earlier</date> results included gains of <money>$ 23.5 million</money> from divestitures . |
135 | Sales rose 4.2 % to $ 3.31 billion from $ 3.2 billion . | Sales rose <percent>4.2 %</percent> to <money>$ 3.31 billion</money> from <money>$ 3.2 billion</money> . |
136 | For the nine months , the company said profit fell 49 % to $ 23.5 million from $ 46 million in the year - earlier quarter , which included divestiture - related gains of $ 50.6 million . | For <date>the nine months</date> , the company said profit fell <percent>49 %</percent> to <money>$ 23.5 million</money> from <money>$ 46 million</money> in <date>the year - earlier quarter</date> , which included divestiture - related gains of <money>$ 50.6 million</money> . |
137 | Sales increased 5.5 % to $ 9.81 billion from $ 9.3 billion . | Sales increased <percent>5.5 %</percent> to <money>$ 9.81 billion</money> from <money>$ 9.3 billion</money> . |
138 | Britain 's current account deficit dropped to 1.6 billion -LRB- $ 2.56 billion -RRB- in September from an adjusted 2 billion -LRB- $ 3.21 billion -RRB- the previous month , but the improvement comes amid increasing concern that a recession could strike the U.K. economy next year . | <gpe>Britain</gpe> 's current account deficit dropped to 1.6 billion -LRB- <money>$ 2.56 billion</money> -RRB- in <date>September</date> from <money>an adjusted 2 billion</money> -LRB- <money>$ 3.21 billion</money> -RRB- <date>the previous month</date> , but the improvement comes amid increasing concern that a recessio... |
139 | The Confederation of British Industry 's latest survey shows that business executives expect a pronounced slowdown , largely because of a 16 - month series of interest - rate increases that has raised banks ' base lending rates to 15 % . | The <org>Confederation of British Industry</org> 's latest survey shows that business executives expect a pronounced slowdown , largely because of a <date>16 - month</date> series of interest - rate increases that has raised banks ' base lending rates to <percent>15 %</percent> . |
140 | `` The outlook has deteriorated since the summer , with orders and employment falling and output at a standstill , '' said David Wigglesworth , chairman of the industry group 's economic committee . | `` The outlook has deteriorated since <date>the summer</date> , with orders and employment falling and output at a standstill , '' said <person>David Wigglesworth</person> , chairman of the industry group 's economic committee . |
141 | He also said investment by businesses is falling off . | He also said investment by businesses is falling off . |
142 | Of 1,224 companies surveyed , 31 % expect to cut spending on plant equipment and machinery , while only 28 % plan to spend more . | Of <cardinal>1,224</cardinal> companies surveyed , <percent>31 %</percent> expect to cut spending on plant equipment and machinery , while <percent>only 28 %</percent> plan to spend more . |
143 | But despite mounting recession fears , government data do n't yet show the economy grinding to a halt . | But despite mounting recession fears , government data do n't yet show the economy grinding to a halt . |
144 | Unemployment , for example , has continued to decline , and the September trade figures showed increases in both imports and exports . | Unemployment , for example , has continued to decline , and the <date>September</date> trade figures showed increases in both imports and exports . |
145 | As a result , Prime Minister Margaret Thatcher 's government is n't currently expected to ease interest rates before next spring , if then . | As a result , Prime Minister <person>Margaret Thatcher</person> 's government is n't currently expected to ease interest rates before <date>next spring</date> , if then . |
146 | Chancellor of the Exchequer Nigel Lawson views the high rates as his chief weapon against inflation , which was ignited by tax cuts and loose credit policies in 1986 and 1987 . | Chancellor of the Exchequer <person>Nigel Lawson</person> views the high rates as his chief weapon against inflation , which was ignited by tax cuts and loose credit policies in <date>1986</date> and <date>1987</date> . |
147 | Officials fear that any loosening this year could rekindle inflation or further weaken the pound against other major currencies . | Officials fear that any loosening <date>this year</date> could rekindle inflation or further weaken the pound against other major currencies . |
148 | Fending off attacks on his economic policies in a House of Commons debate yesterday , Mr. Lawson said inflation `` remains the greatest threat to our economic well - being '' and promised to take `` whatever steps are needed '' to choke it off . | Fending off attacks on his economic policies in a <org>House of Commons</org> debate <date>yesterday</date> , Mr. <person>Lawson</person> said inflation `` remains the greatest threat to our economic well - being '' and promised to take `` whatever steps are needed '' to choke it off . |
149 | The latest government figures said retail prices in September were up 7.6 % from a year earlier . | The latest government figures said retail prices in <date>September</date> were up <percent>7.6 %</percent> from <date>a year earlier</date> . |
150 | Many economists have started predicting a mild recession next year . | Many economists have started predicting a mild recession <date>next year</date> . |
151 | David Owen , U.K. economist with Kleinwort Benson Group , reduced his growth forecast for 1990 to 0.7 % from 1.2 % and termed the risk of recession next year `` quite high . '' | <person>David Owen</person> , <gpe>U.K.</gpe> economist with <org>Kleinwort Benson Group</org> , reduced his growth forecast for <date>1990</date> to <percent>0.7 %</percent> from <percent>1.2 %</percent> and termed the risk of recession <date>next year</date> `` quite high . '' |
152 | But he said the downturn probably wo n't become a `` major contraction '' similar to those of 1974 and 1982 . | But he said the downturn probably wo n't become a `` major contraction '' similar to those of <date>1974</date> and <date>1982</date> . |
153 | Still , Britain 's current slump is a cause for concern here as the nation joins in the European Community 's plan to create a unified market by 1992 . | Still , <gpe>Britain</gpe> 's current slump is a cause for concern here as the nation joins in <org>the European Community 's</org> plan to create a unified market by <date>1992</date> . |
154 | Compared with the major economies on the Continent , the U.K. faces both higher inflation and lower growth in the next several months . | Compared with the major economies on the <loc>Continent</loc> , the <gpe>U.K.</gpe> faces both higher inflation and lower growth in <date>the next several months</date> . |
155 | As a result , Mr. Owen warned , investment will be more likely to flow toward the other European economies and `` the U.K. will be less prepared for the single market . '' | As a result , Mr. <person>Owen</person> warned , investment will be more likely to flow toward the other <norp>European</norp> economies and `` the <gpe>U.K.</gpe> will be less prepared for the single market . '' |
156 | Britain 's latest trade figures contained some positive news for the economy , such as a surge in the volume of exports , which were 8.5 % higher than a year earlier . | <gpe>Britain</gpe> 's latest trade figures contained some positive news for the economy , such as a surge in the volume of exports , which were <percent>8.5 %</percent> higher than <date>a year earlier</date> . |
157 | But while September exports rose to 8.43 billion , imports shot up to 10.37 billion . | But while <date>September</date> exports rose to 8.43 billion , imports shot up to 10.37 billion . |
158 | The resulting 1.9 billion merchandise trade deficit was partly offset by an assumed surplus of 300 million in so - called invisible items , which include income from investments , services and official transfers . | The resulting 1.9 billion merchandise trade deficit was partly offset by an assumed surplus of 300 million in so - called invisible items , which include income from investments , services and official transfers . |
159 | Despite the narrowing of the monthly trade gap , economists expect the current account deficit for all of 1989 to swell to about 20 billion from 14.6 billion in 1988 . | Despite the narrowing of the <date>monthly</date> trade gap , economists expect the current account deficit for all of <date>1989</date> to swell to <money>about 20 billion</money> from 14.6 billion in <date>1988</date> . |
160 | Increasingly , economists say the big deficit reflects the slipping competitive position of British industry . | Increasingly , economists say the big deficit reflects the slipping competitive position of <norp>British</norp> industry . |
161 | `` When the country gets wealthier , we tend to buy high - quality imports , '' Mr. Owen said . | `` When the country gets wealthier , we tend to buy high - quality imports , '' Mr. <person>Owen</person> said . |
162 | If bluebloods wo n't pay high prices for racehorses anymore , who will ? | If bluebloods wo n't pay high prices for racehorses anymore , who will ? |
163 | Breeders are betting on the common folk . | Breeders are betting on the common folk . |
164 | The Thoroughbred Owners and Breeders Association , a Lexington , Ky. - based trade group , has launched `` seminars '' for `` potential investors '' at race tracks around the country . | <org>The Thoroughbred Owners and Breeders Association</org> , a <gpe>Lexington</gpe> , <gpe>Ky.</gpe> - based trade group , has launched `` seminars '' for `` potential investors '' at race tracks around the country . |
165 | The group , which has held half a dozen seminars so far , also is considering promotional videos and perhaps a pitch to Wall Street investment bankers . | The group , which has held <cardinal>half a dozen</cardinal> seminars so far , also is considering promotional videos and perhaps a pitch to Wall Street investment bankers . |
166 | `` People in this business have been insulated , '' says Josh Pons , a horse breeder from Bel Air , Md . | `` People in this business have been insulated , '' says <person>Josh Pons</person> , a horse breeder from <gpe>Bel Air</gpe> , <gpe>Md</gpe> . |
167 | `` But the real future of this game is in a number of people owning a few horses . '' | `` But the real future of this game is in a number of people owning a few horses . '' |
168 | At the Laurel race track , the breeders are romancing people like Tim Hulings , a beer packaging plant worker . | At the <gpe>Laurel</gpe> race track , the breeders are romancing people like <person>Tim Hulings</person> , a beer packaging plant worker . |
169 | Right now , Mr. Hulings is waving his racing program , cheering for Karnak on the Nile , a sleek thoroughbred galloping down the home stretch . | Right now , Mr. <person>Hulings</person> is waving his racing program , cheering for Karnak on the Nile , a sleek thoroughbred galloping down the home stretch . |
170 | Mr. Hulings gloats that he sold all his stocks a week before the market plummeted 190 points on Oct. 13 , and he is using the money to help buy a 45 - acre horse farm . | Mr. <person>Hulings</person> gloats that he sold all his stocks <date>a week</date> before the market plummeted <cardinal>190</cardinal> points on <date>Oct. 13</date> , and he is using the money to help buy a <quantity>45 - acre</quantity> horse farm . |
171 | `` Just imagine how exciting that would be if that 's your horse , '' he says . | `` Just imagine how exciting that would be if that 's your horse , '' he says . |
172 | But experts caution that this is n't a game for anyone with a weak stomach or wallet . | But experts caution that this is n't a game for anyone with a weak stomach or wallet . |
173 | `` It 's a big - risk business , '' warns Charles C. Mihalek , a Lexington attorney and former Kentucky state securities commissioner . | `` It 's a big - risk business , '' warns <person>Charles C. Mihalek</person> , a <gpe>Lexington</gpe> attorney and former <gpe>Kentucky</gpe> state securities commissioner . |
174 | `` You have to go into it firmly believing that it 's the kind of investment where you can lose everything . '' | `` You have to go into it firmly believing that it 's the kind of investment where you can lose everything . '' |
175 | And many have done just that . | And many have done just that . |
176 | Consider Spendthrift Farm , a prominent Lexington horse farm that went public in 1983 but hit hard times and filed for bankruptcy - court protection last year . | Consider <org>Spendthrift Farm</org> , a prominent <gpe>Lexington</gpe> horse farm that went public in <date>1983</date> but hit hard times and filed for bankruptcy - court protection <date>last year</date> . |
177 | A group of investors recently bought the remaining assets of Spendthrift , hoping to rebuild it . | A group of investors recently bought the remaining assets of <org>Spendthrift</org> , hoping to rebuild it . |
178 | Other investors have lost millions in partnerships that bought thoroughbred racehorses or stallion breeding rights . | Other investors have lost <cardinal>millions</cardinal> in partnerships that bought thoroughbred racehorses or stallion breeding rights . |
179 | One big problem has been the thoroughbred racehorse market . | <cardinal>One</cardinal> big problem has been the thoroughbred racehorse market . |
180 | From 1974 to 1984 , prices for the best yearlings at the summer sales rose 918 % to an average of $ 544,681 . | <date>From 1974 to 1984</date> , prices for the best yearlings at the <date>summer</date> sales rose <percent>918 %</percent> to an average of $ <money>544,681</money> . |
181 | Since then , prices have slumped , to an average of $ 395,374 this summer . | Since then , prices have slumped , to an average of $ <money>395,374</money> <date>this summer</date> . |
182 | But that 's for the best horses , with most selling for much less -- as little as $ 100 for some pedestrian thoroughbreds . | But that 's for the best horses , with most selling for much less -- <money>as little as $ 100</money> for some pedestrian thoroughbreds . |
183 | Even while they move outside their traditional tony circle , racehorse owners still try to capitalize on the elan of the sport . | Even while they move outside their traditional tony circle , racehorse owners still try to capitalize on the elan of the sport . |
184 | Glossy brochures circulated at racetracks gush about the limelight of the winner 's circle and high - society schmoozing . | Glossy brochures circulated at racetracks gush about the limelight of the winner 's circle and high - society schmoozing . |
185 | One handout promises : `` Pedigrees , parties , post times , parimutuels and pageantry . '' | <cardinal>One</cardinal> handout promises : `` Pedigrees , parties , post times , parimutuels and pageantry . '' |
186 | `` It 's just a matter of marketing and promoting ourselves , '' says Headley Bell , a fifth - generation horse breeder from Lexington . | `` It 's just a matter of marketing and promoting ourselves , '' says <person>Headley Bell</person> , a <ordinal>fifth</ordinal> - generation horse breeder from <gpe>Lexington</gpe> . |
187 | Maybe it 's not that simple . | Maybe it 's not that simple . |
188 | For starters , racehorse buyers have to remember the basic problem of such ventures : These beasts do n't come with warranties . | For starters , racehorse buyers have to remember the basic problem of such ventures : These beasts do n't come with warranties . |
189 | And for every champion , there are plenty of nags . | And for every champion , there are plenty of nags . |
190 | Katherine Voss , a veteran trainer at the Laurel , Md. , track , offers neophytes a sobering tour of a horse barn , noting that only three of about a dozen horses have won sizable purses . | <person>Katherine Voss</person> , a veteran trainer at the <gpe>Laurel</gpe> , <gpe>Md.</gpe> , track , offers neophytes a sobering tour of a horse barn , noting that <cardinal>only three</cardinal> of <cardinal>about a dozen</cardinal> horses have won sizable purses . |
191 | One brown two - year - old filly was wheezing from a cold , while another had splints on its legs , keeping both animals from the racetrack . | <cardinal>One</cardinal> brown <date>two - year - old</date> filly was wheezing from a cold , while another had splints on its legs , keeping both animals from the racetrack . |
192 | `` You can see the highs and lows of the business all under one roof , '' she tells the group . | `` You can see the highs and lows of the business all under <cardinal>one</cardinal> roof , '' she tells the group . |
193 | `` There are n't too many winners . '' | `` There are n't too many winners . '' |
194 | Perhaps the biggest hurdle owners face is convincing newcomers that this is a reputable business . | Perhaps the biggest hurdle owners face is convincing newcomers that this is a reputable business . |
195 | Some badly managed partnerships have burned investors , sometimes after they received advice from industry `` consultants . '' | Some badly managed partnerships have burned investors , sometimes after they received advice from industry `` consultants . '' |
196 | So owners have developed a `` code of ethics , '' outlining rules for consultants and agents , and disclosure of fees and any conflicts of interest . | So owners have developed a `` code of ethics , '' outlining rules for consultants and agents , and disclosure of fees and any conflicts of interest . |
197 | But some are skeptical of the code 's effectiveness . | But some are skeptical of the code 's effectiveness . |
198 | `` The industry is based on individual honesty , '' says Cap Hershey , a Lexington horse farmer and one of the investors who bought Spendthrift . | `` The industry is based on individual honesty , '' says <person>Cap Hershey</person> , a <gpe>Lexington</gpe> horse farmer and one of the investors who bought <org>Spendthrift</org> . |
199 | Despite the drop in prices for thoroughbreds , owning one still is n't cheap . | Despite the drop in prices for thoroughbreds , owning one still is n't cheap . |
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