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					                                                                                                                                                                                                         CHICAGO TRIBUNE Ô                   BUSINESS           Ô SECTION 3 Ô WEDNESDAY, NOVEMBER 14, 2007                  9




                                                               YOUR MONEY
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S U B P R I M E FA L LO U T
                                                        Tuesday’s market roundup                                                                                                                                                                                Market watch                                 Market
                                                                                                                                                                                                                                                                                                             movers
T-bill rates’                                             INDEX
                                                          CHANGE/
                                                          CLOSE
                                                                                            +319.54
                                                                                                              DJIA
                                                                                                                       13,307.09                   +89.52
                                                                                                                                                                  NASDAQ
                                                                                                                                                                               2673.65                     +41.87
                                                                                                                                                                                                                         S&P 500
                                                                                                                                                                                                                                        1481.05
                                                                                                                                                                                                                                                                Apple
                                                                                                                                                                                                                                                                Daily closes
                                                                                                                                                                                                                                                                $200




drop signals
                                                                                           13,400                                                  2700                                                    1480
                                                                                                                   Mon. close:                                       Mon. close:                                             Mon. close:
                                                          TUESDAY’S                        13,300                  12,987.55                       2670              2584.13                               1470              1439.18                             175
                                                          INTRADAY                                                                                                                                                                                                                                                 $18.33
                                                          (5-minute                        13,200                                                  2640                                                    1460                                                                                                    8.5%


credit fears
                                                                                                                                                                                                                                                                 150
                                                          intervals)                       13,100                                                  2610                                                    1450
                                                                                                                                                                                                                                                                                                             Shares of
                                                                                           13,000                                                  2580                                                    1440
                                                                                                                                                                                                                                                                               Tuesday: $169.96              Goldman
                                                                                                                                                                                                                                                                 125
                                                                                                                                                                                                                                                                                                             Sachs Group
    By William Sluis      Tribune staff reporter                                           12900                                                  2550                                                    1430                                                                                              Inc. climbed to
                                                                                                          9 10 11 N 1            2    3                           9 10 11 N 1             2   3                         9 10 11 N 1               2    3
                                                                                                                                                                                                                                                                  100“S”
                                                                                                                                                                                                                                                                   SEPT.         “O”
                                                                                                                                                                                                                                                                                OCT.              “N”
                                                                                                                                                                                                                                                                                                 NOV.
                                                                                                                                                                                                                                                                                                             $233.04. The
  While Wall Street was hailing huge gains                HIGH • LOW                            13,319.45 • 12,975.11                                    2673.65 • 2613.37                                         1481.37 • 1441.35                                                                         nation’s biggest
                                                                                                                                                                                                                                                                                    2007
Tuesday, with the Dow Jones industrial aver-                                                                                                                                                                                                                                                                 securities firm
                                                                                                                                                                                                                                                                Source: Bloomberg          Chicago Tribune
age soaring nearly 320 points, a glum group                                                                                                                                                                                                                                                                  by market
stood to the side, worrying about dangers in            3-month trends                                                                                                                                                               SINCE                                                                   value doesn’t
                                                                                                                                                                                                                                                                                                             plan to take
the credit markets.
  As stocks recovered from four days of
                                                                      AUG. 13                  DJIA                Nasdaq            S&P 500                                                                                         AUG. 13:
                                                                                                                                                                                                                                     DJIA:
                                                                                                                                                                                                                                                                Apple stock jumps                            any significant
losses, interest rates for short-term Treasury          12 %                                                                                                                                                                                                                                                 write-downs on
debt fell to the lowest levels since August,
                                                          8
                                                                                                                                                                                                                                     +0.53%                     on talks with China                          mortgage-
when global markets were roiled by worries of                                                                                                                                                                                        Nasdaq:                                                                 related assets,
a credit crunch. The rate for six-month Treas-            4                                                                                                                                                                          +5.17%                        Shares of Apple Inc. rose                 its CEO said.
ury debt fell to the lowest level in more than                                                                                                                                                                                                                  the most in more than a year
two years.                                                0                                                                                                                                                                          S&P 500:                   Tuesday after China Mobile
  Analysts said such low rates, far beneath                                                                                                                                                                                          +1.94%                     Ltd., the world’s biggest wire-
the targets set by the Federal Reserve, indi-            -4                                                                                                                                                                                                     less operator, said it’s in talks
cate credit worries remain and could mean                                                                                                                                                                                                                       to sell the iPhone.
further rate cuts by the Fed.                            -8                                                                                                                                                                                                        Apple’s surge helped the
                                                                        17           24          31            7        14           21          28           5          12          19           26           2           9                                                                                       $1.45
  “Despite the amazing rally in the stock mar-                                                                                                                                                                                                                  Nasdaq composite index post
                                                        -12                  AUG.                                        SEPT.                                                OCT.                                         NOV.                                                                                    40.8%
ket, this indicates that there still is a lot of ner-                                                                                                                                                                                                           its biggest gain in four years.
vousness out there,” said Chicago investment                                                                                                                                                                                                                    The gauge jumped 89.52 points,               Shares of
manager William Hummer.                                                                                                                                                                                                                                         or 3.5 percent, to 2673.65.                  E-Trade Fi-
  The problem stems from the inability to sell          > > > Look for a listing of the 600 largest mutual funds in Saturday’s Business section                                                                                                                    Apple, rebounding after four              nancial Corp.
securities related to debts, especially those                                                                                                                                                                                                                   days of declines, added $16.20,              jumped to
tied to subprime mortgages, a situation that            Most active stocks                                                                               NYSE (N), Nasdaq (Q) gainers and losers                                                                or 10.5 percent, to $169.96, the             $5.00. The
could take months to resolve, said Hummer, of           New York Stock Exchange                         NASDAQ stock market                              Top 20 gainers                             %      Top 20 losers                                %       most since July 2006.                        online bro-
                                                                                                        STOCK                    CLOSE      CHG          STOCK                 XCH CLOSE          CHG      STOCK                    XCH CLOSE         CHG
Wayne Hummer Investments.                               STOCK                      CLOSE      CHG                                                                                                                                                                  An agreement would give                   kerage, whose
  “These assets aren’t worthless, but they              Citigrp C                35.90 +2.33            PwShs QQQQ      50.74 +2.01                      ETrade ETFC             Q     5.00 +40.8          AkeenaS n AKNS Q 5.50 -24.7                          Apple access to a market with                shares plunged
still aren’t finding buyers, as investors freeze        EMC Cp EMC               19.72 +0.89            ETrade ETFC      5.00 +1.45                      ETrade un ETFCP         Q     8.12 +35.3          PokerTek PTEK    Q 6.18 -22.1                        523 million subscribers, more                59 percent
                                                        FordM F                   8.00 +0.13            Microsoft MSFT  34.46 +1.19                      Constar CNST            Q     3.16 +31.1          QuebWrld IQW     N 4.18 -19.8                        than the combined population                 Monday, is
out certain elements of risk and seek the safe-
                                                        GenElec GE               39.21 +0.96            SiriusS SIRI     3.63 +0.22                      TriadGty TGIC           Q     9.27 +30.0          CTI Inds CTIB    Q 3.47 -19.2
ty of short-term Treasuries,” he said. “These           BkofAm BAC               46.27 +2.29            Cisco CSCO      30.14 +1.03                                                                                                                             of the European Union.                       “highly un-
                                                                                                                                                         GigaMed GIGM            Q    21.10 +28.4          PranaBio PRAN    Q 2.15 -18.9
low rates are unhinged from other rates and             WalMart WMT              45.97 +2.65            Intel INTC      26.14 +0.85                      E-House n EJ            N    27.44 +27.4          Encorium ENCO Q 2.17 -18.7                              “It would be a big boost for              likely” to de-
serve as a barometer of global fear.”                   Pfizer PFE               23.55 +0.53            Apple Inc AAPL 169.96+16.20                      Xerium XRM              N     5.85 +23.2          FstBcMiss FBMS Q 17.90 -18.6                         Apple to be in China,” said Tif-             clare bank-
  In the face of intense credit worries, some           JPMorgCh JPM             45.05 +2.66            Oracle ORCL     20.52 +1.08                      Hill Intl wt HINTW      Q     6.10 +22.5          IncrdMail MAIL   Q 6.50 -16.7                        fany Feng, an analyst with Gu-               ruptcy and
investors crowd into short-term Treasuries,             HomeDp HD                29.12 +0.66            RschMot s RIMM 112.55 +9.95                      Navios wt NM/WS         N    11.16 +22.0          FoodTech VIFL    Q 2.70 -15.9                        otai Junan Securities Ltd. in                would attract
                                                        Mylan MYL                14.35 -0.68            Comcast s CMCSA 19.92 +0.98                      Bidz.com n BIDZ         Q    17.80 +21.9          FrankCred FCMC Q 2.50 -15.3
seeking refuge.                                         CntwdFn CFC              13.72 +0.53            Yahoo YHOO      26.10 +1.32
                                                                                                                                                                                                                                                                Hong Kong.                                   several poten-
                                                                                                                                                         NashF NAFC              Q    40.73 +21.5          Nastech NSTK     Q 4.87 -15.2
                                                        ExxonMbl XOM             86.88 +2.34            AdobeSy ADBE    40.86 -1.33                      Insight NSIT            Q    21.10 +20.8          DynacqHlt DYII   Q 4.63 -14.3
                                                                                                                                                                                                                                                                   The iPhone could help China               tial buyers
‘Deeper, darker, scarier’                               CVRD s RIO               35.26 +2.41            Level3 LVLT      3.05 +0.16                      Hill Intl un HINTU      Q    23.21 +19.6          EDAP TMS EDAP Q 4.86 -13.2                           Mobile lure higher-income                    under a worst-
   Unease over the credit crunch deepened on            iShEmMkt EEM            155.35+10.25            RF MicD RFMD     6.30 +0.33                      CleanDsl n CDTI         Q    17.00 +19.3          GeoPharm GORX Q 3.15 -12.5                           users, after the carrier added               case scenario,
Tuesday when BlackRock Inc. Chief Execu-                MerrillLyn MER           56.95 +3.76            Dell Inc DELL   28.21 +1.04                      EncoreEn n ENP          N    20.00 +19.3          SmartBl un SMBLUQ 17.00 -12.3                        record customers in Septem-                  BMO Capital
tive Laurence Fink, who helped create the               AT&T Inc T               39.85 +1.20            Qualcom QCOM 39.16 +1.87                         AmbasIntl AMIE          Q    17.67 +18.9          etrials un ETWCU Q 3.50 -11.8                        ber by focusing on rural areas               Markets said.
                                                        WellsFargo WFC           33.89 +1.54            ApldMatl AMAT   18.61 +0.36                      SilcLtd SILC            Q    14.38 +18.9          IstaPh ISTA      Q 5.59 -11.7
mortgage-backed securities market, said                 Corning GLW              23.54 +2.14            eBay EBAY       33.23 +0.34                                                                                                                             and cutting prices. The carrier
                                                                                                                                                         DianaShip DSX           N    33.25 +18.6          AlliancB ABVA    Q 7.45 -11.6
credit losses that have already cost banks and          FannieMae FNM            49.20 +2.14            Nvidia s NVDA   32.68 +2.65                      CashSys CKNN            Q     5.50 +18.5          Channell CHNL    Q 2.43 -11.6                        already has an agreement to
securities firms $45 billion will steepen.              Wachovia WB              43.74 +3.11            BEA Sys lf BEAS 16.89 +0.31                      PerfectW n PWRD         Q    27.83 +18.5          BOE Fncl BSXT    Q 24.10 -11.4                       sell Research In Motion Ltd.’s
   “It’s going to get a lot worse,” Fink, 55, said                                                                                                                                                                                                              BlackBerry handsets.
in a presentation to investors in New York.                                                                                                                                                                                                                        “Our customers like this
“Many institutions don’t understand what                Of local interest                                               15 most widely held*                               Top 25 mutual funds                                                   YTD
                                                                                                                                                                                                                                                                kind of fashionable product,”                      $0.87
the credit crunch is going to do to earnings            25 largest Illinois and northwest Indiana                       STOCK                         CLOSE       CHG      FUND                                                 NAV       CHG. % RTN            said China Mobile Chairman                         11.4%
and their balance sheet.”                               companies, arranged alphabetically and                                                                                                                                                                  Wang Jianzhou, referring to
                                                        ranked by market capitalization                                 AT&T Inc T                39.85       +1.20        American Funds: GrowAmerA m                       36.75       +0.86     +11.8
   On Monday, Tony James, president of Black-           STOCK                                 CLOSE           CHG       AlcatelLuc ALU             8.34       +0.31        American Funds: CpWldGrIA m                       48.73       +1.28     +18.4        the iPod.                                    Orbitz World-
stone Group, told the Financial Times, “the                                                                             BkofAm BAC                46.27       +2.29        American Funds: CapIncBuA m                       66.54       +1.26     +11.8           Jill Tan, an Apple spokes-                wide Inc. stock
mortgage black hole is, I think, worse than             Abbott Laboratories ABT 55.11 +0.44                             Cisco CSCO                30.14       +1.03        Fidelity: Contra                                  76.15       +2.10     +18.0        woman in Hong Kong, declined                 advanced to
anyone saw. Deeper, darker, scarier.”                   Allstate ALL             54.66 +1.48                            Citigrp C                 35.90       +2.33        American Funds: InvCoAmA m                        35.32       +0.79      +6.9        to comment. The company will                 $8.50. Late
                                                        Aon AOC                  47.40 +1.62                            Disney DIS                33.01       +0.99        American Funds: WAMutInvA m                       36.26       +0.90      +5.5
   Because some debt securities products have                                                                                                                                                                                                                   begin selling the iPhone in                  Monday, the
                                                        ArchDan ADM              37.37 +1.27                            ExxonMbl XOM              86.88       +2.34        American Funds: IncAmerA m                        20.78       +0.33      +5.4
been so numerous and complicated, “inves-               Baxter Intl. BAX         58.21 +1.12                            GenElec GE                39.21       +0.96        Dodge & Cox: Stock                               153.20       +4.39      +1.7        Asia next year, she said.                    Chicago-based
tors didn’t have a good understanding of what           Boeing BA                93.70 +0.84                            HewlettP HPQ              49.50       +1.96        Vanguard: 500                                    136.71       +3.91      +6.0           The iPod went on sale in the              Internet travel
they were investing in,” said Madelyn Anton-            CME Grp CME             647.50 +14.70                           Intel INTC                26.14       +0.85        American Funds: EurPacGrA m                       55.95       +1.56     +20.2        U.S. in June. Last week, Apple               agency posted
cic, who does risk management at Lehman                 CNA Financial CNA        35.44 +1.20                            IBM IBM                  105.27       +3.82        PIMCO: TotRetIs                                   10.60       -0.02      +6.8        began selling the iPhone                     a 20 percent
Brothers.                                               Caterpillar CAT          71.07 +1.47                            JohnJn JNJ                67.31       +1.00        Fidelity: DivrIntl                                43.31       +0.83     +17.2        through partners in Britain                  increase in
                                                        Deere DE                145.87 +4.03                            Microsoft MSFT            34.46       +1.19        Dodge & Cox: IntlStk                              49.01       +1.50     +12.3
   Deutsche Bank AG said Monday that such               Discover n DFS           19.00 +0.99                            Pfizer PFE                23.55       +0.53        American Funds: NewPerspA m                       37.25       +0.97     +17.4
                                                                                                                                                                                                                                                                and Germany. The device goes                 third-quarter
losses may reach $400 billion as Wall Street’s          R.R. Donnelley RRD       38.77  -0.34                           ProctGam PG               71.57       +0.80        Vanguard: TotStIdx                                35.79       +0.99      +6.2        on sale in France this month.                revenue.
largest banks and brokers write down $130 bil-          Equity Residential EQR   39.35 +1.67                                                                               Vanguard: InstIdx                                135.69       +3.89      +6.1           “China Mobile wants to sell
lion. Lehman Brothers Holdings Inc. last                Exelon EXC               79.23 +0.52                            Treasury yields                                    Fidelity: Magellan                                99.61       +3.06     +17.6        the iPhone and BlackBerry
                                                        Fortune Brands FO        81.00 +1.34                            DURATION                 YEST.        PREV.        American Funds: FundmInvA m                       44.75       +1.08     +12.9
week predicted losses would reach $250 billion                                                                                                                                                                                                                  handsets for the same reason,
                                                        General Growth Prop GGP 49.90 +2.95                             3-month disc             3.43             3.17     American Funds: BalA m                            19.98       +0.35      +7.1
over the next five years.                                                                                                                                                                                                                                       and that’s to get people to
                                                        Illinois Tool Works ITW  55.70 +0.87                            6-month disc             3.63             3.52     Fidelity: GrowCo                                  82.72       +2.56     +18.7
   Certain structured investment vehicles,              Kraft KFT                33.33 +0.62                            2-year                   3.53             3.41     Vanguard: 500Adml                                136.73       +3.91      +6.1        spend more money,” Feng said.
which also invest in mortgage-backed securi-            McDnlds MCD              57.10 +0.06                            10-year                  4.25             4.22     Fidelity: LowPriStk                               43.50       +1.13      +5.0           Until heading down last                         $1.32
ties, have defaulted on debt, forcing managers          Motorola MOT             16.89 +0.50                            30-year                  4.60             4.60     FrankTemp-Frank: Income A m                        2.66       +0.01      +5.0        week, tech stocks had offset                       5.3%
including Bank of America Corp. and Legg                Northern Trust NTRS      80.21 +3.33                                                                               Vanguard: WndsrII                                 36.21       +0.92      +5.3        losses by shares in the housing
Mason Inc. to prop up their money-market                Sara Lee SLE             16.00 +0.33                            Interest rates                                     Fidelity: EqInc                                   58.82       +1.69      +3.3        and financial-services indus-                Yahoo Inc.
                                                        SearsHldgs SHLD         125.98 +3.32                            Prime Rate                                7.50
funds in recent days to cushion them from               Walgreen WAG             39.10 +0.66
                                                                                                                                                                           FOOTNOTES: b - fee covering market costs paid from fund assets; d - de-              tries. But they regained their               stock rose to
                                                                                                                        Discount Rate Primary                     5.00     ferred sales charge or redemption fee; f - front load (sales charges); m - multi-
possible losses.                                        Wm. Wrigley Jr. WWY      62.07 +1.34                            Fed Funds close                           4.56     ple fees charged, usually marketing fee and either sales or redemption fee;          luster Tuesday.                              $26.10. The
                                                                                                                                                                           NA - not available; p - previous day’s net asset value; s - fund split shares
   Such efforts to assist money market funds                                                                            Money Mkt 30-day avg                      4.79     during week; x - fund paid distribution during week                                     Yahoo Inc., owner of the                  Internet giant
are very unusual, because money market in-              State’s biggest employers, not based                                                                                                                                                                    most popular U.S. Web site, in-              had its stock
struments, often called commercial paper,               in Illinois or northwest Indiana                                                                                                                                                                        creased $1.32, or 5.3 percent, to            rating raised to
normally are described as “sleep-tight mon-             AMR AMR                               23.20        +1.88
                                                                                                                        Futures                                                                               Metals                                            $26.10. CIBC raised its recom-               “sector out-
                                                                                                                        MONTH             OPEN         HIGH          LOW        SETTLE            CHG.                           PREV               CLOSE
ey,” equivalent to the safety of cash.                  AT&T Inc T                            39.85        +1.20                                                                                                                                                mendation on the shares to                   perform” from
   “The fallout is spreading wherever sub-              JPMorgCh JPM                          45.05        +2.66        WHEAT (CBOT) 5,000 bu min- cents per bushel                                           Gold     803.50                    804.25         “sector outperformer” from                   “sector per-
prime mortgages have been bought,” said Pe-             Safeway SWY                           31.89        +1.17        Dec       750.50       765    745.50        748    -13                                Silver   14.590                    14.510         “sector performer.” It cited its             former” by a
                                                        Supvalu SVU                           39.37        +1.68        CORN (CBOT) 5,000 bu min- cents per bushel                                            Platinum 1437.00                  1392.00
ter Cohan, president of a consulting firm in                                                                                                                                                                                                                    21 percent drop over the previ-              CIBC World
                                                        Target TGT                            59.60        +2.97        Dec       376.75       382        374    374.75 -4.25
Marlborough, Mass. “I think hedge funds will            UPS B UPS                             74.00        +1.35                                                                                                                                                ous five days and the rising val-            Markets ana-
get hit, but their disclosure will be hard to dis-      WalMart WMT                           45.97        +2.65
                                                                                                                        SOYBEANS (CBOT) 5,000 bu min- cents per bushel
                                                                                                                        Nov         1044     1049 1031.50 1044.25+11.50
                                                                                                                                                                                                              Foreign exchange                                  ue of Yahoo’s stakes in compa-               lyst.
cern,” he said. “Same thing for pension                                                                                                                                                                       Currency against U.S. dollar                      nies including Alibaba.com
                                                        FOOTNOTES: cld–issue called for redemption; d–new               SOYBEAN OIL (CBOT) 60,000 lbs- cents per lb                                           COUNTRY (Currency)                      VS. $
funds.”                                                 52-week low; ec–formerly listed on Amex’s Emerging
                                                                                                                        Dec         44.25    44.95      44.11     44.23 -.23                                                                                    Ltd., operator of China’s larg-
                                                        Company Marketplace; g–dividends, earnings in Canadi-                                                                                                 Australia (Dollar)                 1.1210         est online trading site for com-
                                                        an dollars; h–does not meet continued-listing standards;        SOYBEAN MEAL (CBOT) 100 tons- $ per ton
2 million mortgages to reset                            lf–late filing with SEC; n–new issue in last year, 52-week
                                                        high, low calculated from start date; pf–preferred stock        Dec       285.40 286.90       280.00     285.00 +4.90
                                                                                                                                                                                                              Brazil (Real)
                                                                                                                                                                                                              Britain (Pound)
                                                                                                                                                                                                                                                 1.7555
                                                                                                                                                                                                                                                  .4837         panies.
  Problems in the mortgage market cannot be             issue; pr– preferences; pp–holder owes installments of
                                                                                                                        LIGHT SWEET CRUDE (NYMX) 1,000 bbl.- $ per bbl.                                       Canada (Dollar)                     .9640            The Bloomberg Silicon Val-
                                                        purchase price; rs–reverse stock split, decreasing out-
resolved quickly, said Peter Morici, a profes-          standing shares by at least 50 percent in past year; rt–        Dec         90.57    94.70      90.13     91.17 -3.45                                 China (Yuan)                       7.4344         ley index of 32 stocks increased
sor at the University of Maryland.                      right to buy security at specified price; s–stock split, in-                                                                                          Euro (Euro)                         .6851         3.6 percent, the highest per-
                                                        creasing outstanding shares by at least 20 percent in past      NATURAL GAS (NYMX) 10,000 mm btu’s, $ per mm btu
                                                                                                                                                                                                              India (Rupee)                      39.225
  “Over the next 18 months, 2 million adjust-           year; wi–trades settled when stock is issued; wd–when
                                                        distributed; wt–warrant, allowing purchase; u–new 52-
                                                                                                                        Dec         8.001    8.123      7.882     7.949 -.012                                 Japan (Yen)                        110.69         centage gain since Oct. 28,
able-rate mortgages will reset to higher inter-         week high; un–unit, including more than one security;
                                                        v–trading halted; vj–in bankruptcy, receivership or be-
                                                                                                                        NY HARBOR GAS (NYMX) 42,000 gallons- $ per gallon                                     Mexico (Peso)                     10.8690         2003.
est rates, and many homeowners cannot af-               ing reorganized under bankruptcy                                Dec       2.3130 2.4129       2.3040     2.3167 -.0998                                Poland (Zloty)                        2.49                      —Bloomberg News
                                                                                                                                                                                                                                                                                                                   -$1.33
ford the payments,” he said. “Without viable
                                                        * List reflects stocks held by the largest number of accounts at Charles Schwab & Co. Inc. as of Sept. 30. The list will be updated quarterly beginning in January.                                                                                        3.1%
refinancing options, many homes will go on
the market, and the recent decline in home                                                                                                                                                                                                                                                                   Shares of
prices could become a rout. The negative con-           SMART INVESTING                                                                                                                                                                                                                                      Adobe Sys-
sequences for consumer spending and unem-                                                                                                                                                                                                                                                                    tems Inc. fell


                                                        An artistic approach to market pressures
ployment are obvious.”                                                                                                                                                                                                                                                                                       to $40.86. Late
  In Tuesday’s auction, the Treasury Depart-                                                                                                                                                                                                                                                                 Monday, CEO
ment auctioned $20 billion in three-month                                                                                                                                                                                                                                                                    Bruce Chizen
bills at a discount rate of 3.43 percent, down                                                                                                                                                                                                                                                               unexpectedly
from 3.55 percent last week. An additional $19
billion in six-month bills was auctioned at a
                                                        Gauguin would have                                                                                  Whether artwork or a home, a
                                                                                                                                                            possession is worth only what
                                                                                                                                                                                                                                                                 Sotheby’s Holdings Inc. has
                                                                                                                                                                                                                                                               been getting its own dose of
                                                                                                                                                                                                                                                                                                             resigned, and
                                                                                                                                                                                                                                                                                                             the firm pro-
discount rate of 3.625 percent, down from 3.78
percent last week.
                                                        understood value of                                                                                 someone is willing to pay you
                                                                                                                                                            for it.
                                                                                                                                                                                                                                                               financial reality.
                                                                                                                                                                                                                                                                 The auction house had a net
                                                                                                                                                                                                                                                                                                             moted Presi-
                                                                                                                                                                                                                                                                                                             dent and Chief
  The Fed’s overnight target for short-term             piece in eye of buyer                                                                                 Whatever the market, even                                                                        loss of $20.9 million in the third            Operating
lending remains at 4.5 percent, after a pair of                                                                                                             modest-budget individuals                                                                          quarter, though that is better                Officer Shanta-


                                                        I
rate cuts that began when the credit markets               mpressionist artist Paul                                                                         should buy something they                                                                          than the loss of $30.7 million a              nu Narayen to
began having problems. The Fed’s latest move               Gauguin would have under-                                                                        truly like, because they may                                                                       year earlier. President and                   replace him.
to reduce its short-term target came on Hal-               stood.                                                        Andrew Leckey                      wind up holding it a long time.                                                                    Chief Executive Bill Ruprecht
loween, less than two weeks ago.                          He began his professional life                                                                    In art, that holds true even if                                                                    said, “We remain positive for
  The three-month Treasury bill rate was the            as a stockbroker at the Paris                                    tian women bathing was below you thoroughly researched the                                                                            the remainder of the year.”
lowest since the bills averaged 2.85 percent on         Stock Exchange. While attend-                                    Sotheby’s presale estimate of      artist, importance of the art,                                                                       After gaining 69 percent last
Aug. 20, at the height of the global credit crisis.     ing art classes at night as a                                    $40 million to $60 million. At     authenticity and price. It holds                                                                   year and rising much of this
                                                                                                                                                                                                                                                                                                                   $3.90
The six-month rate was the lowest since these           hobby, he shelled out his hard-                                  the auction, only 56 of 76 pieces true whether you bought it at a                                                                     year, the volatile stock has been
                                                                                                                                                                                                                                                                                                                   15.2%
bills averaged 3.57 percent on Sept. 6, 2005.           earned francs to buy paintings                                   from various artists found buy- fair, a gallery or online.                                                                            hit hard recently. In 2002, it
  Investment manager Hummer said evi-                   by Manet, Monet, Renoir and                                      ers. Some works by Van Gogh,         Gauguin understood finan-                                                                        dropped 46 percent but rose 52                Shares of Bob
dence of fear in credit markets poses no imme-          others.                                                          Picasso and Monet went unsold, cial reality and paper profit. An                                                                      percent the next year. At the                 Evans Farms
diate danger to the economy, unless the wor-              Gauguin had his ups and                                        and prices of pieces that did sell 1882 stock market crash that                                                                       current reduced price, Sothe-                 Inc. surged to
ries spread to consumers. “We will know after           downs in the stock market, so it                                 often were 25 percent or more      decimated his finances prompt-                                                                     by’s stock receives two “buy”                 $29.60. The
the holidays whether the credit crunch has              probably would not have                                          below expectations.                ed him to try to support his                                                                       and three “hold” recommenda-                  restaurant
curbed spending, which would be a threat to             shocked him to find out that                                       Reduced prices and fewer         family by painting.                                                                                tions from Wall Street analysts,              owner reported
the economic expansion,” he said.                       the $39.2 million price tag for                                  sales have prompted despair          He eventually left his family                                                                    according to Thomson Finan-                   third-quarter
                                                        his oil on canvas painting “Te                                   over a potential downturn in       and sold a number of his paint-                                                                    cial.                                         earnings, ex-
Tribune news services contributed to this re-           Poipoi (The Morning)” that                                       the art market.                    ings at auction to obtain money                                                                      Gauguin might have consid-                  cluding some
port.                                                   recently sold at a Sotheby’s                                       Experts point out that even      to travel to Tahiti. There he                                                                      ered this a buying opportunity                items, of 43
  wsluis@tribune.com                                    auction in New York was a                                        fabulously wealthy art collec-     painted some of his most fa-                                                                       for aggressive investors.                     cents a share,
                                                        disappointment.                                                  tors, individuals or corpora-      mous works, such as the “Two                                                                                                                     topping esti-
Bill Barnhart, whose column appears Tuesday               The sale price of the colorful                                 tions, feel the chill of the sub-  Tahitian Women” and “Where                                                                         Andrew Leckey is a Tribune                    mates by 4
through Friday, is on assignment.                       painting depicting two Tahi-                                     prime loan and credit debacle.     Do We Come From?”                                                                                  Media Services columnist.                     cents a share.

				
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