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To: Bobby Yellin who wrote (10677)	4/26/1998 11:29:00 AM
From: Lucretius	Respond to of 116791

just pulled this quote fromt this week's Business Week. On the cover is a story called "The NEW STOCK TRADERS" and is about on-line traders that are joining up w/ these scams called e-trade and Datek. Here was the ominous ending to the story w/ the last sentence being the key contrary indicator in my eyes..... "In the midst of a raging bull market, investors are stepping up to the challenge of managing more of their money. If the bull stumbles or turns into the unthinkable--a bear market--all of this empowerment may not be viewed as the great blessing that it is today. For the time being, however, the enthusiasm of the new traders is, like the stock market, reaching new highs."

To: Bobby Yellin who wrote (10677)	4/26/1998 12:05:00 PM
From: Terry Rose	Read Replies (5) \| Respond to of 116791

Bobby, I suspect when the current mania either runs out of steam or crashes and burns, the amount of fraud committed by some of these brokers, mutual fund managers, and/or hedge-funds will be an eye-opener. These investment brokers are under tremendous pressure to maintain 15-25% annual returns which the investment public perceives as a reasonable return. If they can't provide it, investors will transfer to someone else. An example of fraud committed by a large U.S. mutual fund in this cut-troat environment happened last summer during the Asian stock market meltdown. With the losses escalating this fund which also has an international fund chose not to book their losses. Instead they marked the value of these Asian stocks at what they considered their perceived value, and not the current market value at that time. Also, some of these funds are borrowing money to buy stock in order to support stock prices and/or pay redemptions during market corrections. This may explain why the stock market has not had a serious correction over the past few years. Terry,

To: Bobby Yellin who wrote (10677)	4/26/1998 1:32:00 PM
From: goldsnow	Respond to of 116791

Consequences of mine closures on the World... Tsumeb mine closure seen harming Namibia's budget 05:17 a.m. Apr 24, 1998 Eastern By Frauke Jensen WINDHOEK, April 24 (Reuters) - The closure of Tsumeb Corp Ltd's (TCL) copper mines in Namibia will seriously affect the country's 1998/99 budget currently under discussion in parliament, an independent analyst warned on Friday. ''If the mines are closed down completely, this will directly affect the budget, because there will be a less favourable balance of trade,'' Henning Melber, Director of the Economic Policy Research Unit (NEPRU), told Reuters. Mineowners Gold Fields of Namibia Ltd (GNMJ.J) announced last week it had halted operations at its three Tsumeb mines and planned to apply to Namibia's High Court for their liquidation. Melber said if TCL were to shut, there would be a marked decline in the export of copper ore and other by-products as well as additional costs for other mining companies. The consequences are already becoming clear. Rossing Uranium mine, which currently receives all of its pyrite from Tsumeb, has announced it will have to go to the world market and import at considerably higher prices in future. The Transnamib railroad, which carried ore from Rosh Pinah to the smelter in Tsumeb, has also announced that it will have to retrench workers as a direct result of TCL's closure. The Mineworkers Union of Namibia (MUN) is opposing Gold Fields application for liquidation, and has called on the government to nationalise TCL's operations to ensure continued production. Melber said even if TCL continued operations at a loss, the copper exports would secure foreign currency needed to balance budgetary expenditure. He also pointed to the loss of tax revenue and earnings to the economy, saying the 2,000 workers would lose N$7.0 million (US$1.4 million) in salaries. ''The closure of the mines would result in unemployment of one quarter of the labour force in the mining sector,'' Melber said. This would in turn negatively affect wholesale and retail shops, especially in Tsumeb, and other business partners. Finance Minister Nangolo Mbumba had predicted in his 1998/9 budget statement in March that ''a slightly better performance is also expected from base metal industries, thus maintaining overall mineral output growth.'' But Melber said if TCL was declared insolvent, there would be no overall mineral output growth for the current financial year. ''Thus the whole scenario on which this annual budget, in terms of revenue income, is based is invalid within four weeks of being presented,'' he said. In 1997 income from mining of copper, lead, pyrite, sulphur and cadmium at TCL mines in Tsumeb, Kombat and Otjihase was US$45.5 million. ($ - 5.049 Namibian Dollars) ^REUTERS@ Copyright 1998 Reuters Limited.