/ TIME: Almanac 1993 / TIME Almanac 1993.iso / time / 102389 / 10238900.011

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|00000050| 42 55 53 49 4e 45 53 53 | 2c 20 50 61 67 65 20 20 |BUSINESS|, Page  |
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|000029b0| 31 39 38 37 2c 22 0d 0a | 53 69 6d 6f 6e 20 6e 6f |1987,"..|Simon no|
|000029c0| 74 65 64 2c 20 22 61 6e | 64 20 49 20 61 6d 20 6d |ted, "an|d I am m|
|000029d0| 6f 72 65 20 77 61 72 79 | 20 74 6f 64 61 79 2e 22 |ore wary| today."|
|000029e0| 20 4e 6f 6e 65 74 68 65 | 6c 65 73 73 2c 20 68 65 | Nonethe|less, he|
|000029f0| 20 73 61 69 64 2c 0d 0a | 68 65 20 72 65 6d 61 69 | said,..|he remai|
|00002a00| 6e 65 64 20 61 73 20 68 | 65 61 76 69 6c 79 20 69 |ned as h|eavily i|
|00002a10| 6e 76 65 73 74 65 64 20 | 69 6e 20 73 74 6f 63 6b |nvested |in stock|
|00002a20| 73 20 61 73 20 68 65 20 | 77 61 73 20 74 77 6f 20 |s as he |was two |
|00002a30| 79 65 61 72 73 0d 0a 61 | 67 6f 2e 0d 0a 0d 0a 20 |years..a|go..... |
|00002a40| 20 20 20 53 6f 6d 65 20 | 6d 61 72 6b 65 74 20 77 |   Some |market w|
|00002a50| 61 74 63 68 65 72 73 20 | 76 69 65 77 65 64 20 74 |atchers |viewed t|
|00002a60| 68 65 20 64 72 6f 70 20 | 61 73 20 61 20 73 69 67 |he drop |as a sig|
|00002a70| 6e 61 6c 20 6f 66 20 61 | 0d 0a 63 6f 6d 69 6e 67 |nal of a|..coming|
|00002a80| 20 55 2e 53 2e 20 64 6f | 77 6e 74 75 72 6e 2e 20 | U.S. do|wnturn. |
|00002a90| 57 68 69 6c 65 20 74 68 | 65 20 65 63 6f 6e 6f 6d |While th|e econom|
|00002aa0| 79 20 61 76 6f 69 64 65 | 64 20 61 20 73 6c 75 6d |y avoide|d a slum|
|00002ab0| 70 20 61 66 74 65 72 0d | 0a 74 68 65 20 31 39 38 |p after.|.the 198|
|00002ac0| 37 20 63 72 61 73 68 2c | 20 74 68 65 73 65 20 6d |7 crash,| these m|
|00002ad0| 6f 6e 65 79 6d 65 6e 20 | 66 65 61 72 20 74 68 61 |oneymen |fear tha|
|00002ae0| 74 20 74 68 65 20 55 2e | 53 2e 20 6d 61 79 20 6e |t the U.|S. may n|
|00002af0| 6f 74 20 62 65 20 61 73 | 0d 0a 6c 75 63 6b 79 20 |ot be as|..lucky |
|00002b00| 61 67 61 69 6e 2e 20 22 | 49 20 62 65 6c 69 65 76 |again. "|I believ|
|00002b10| 65 20 61 20 72 65 63 65 | 73 73 69 6f 6e 20 6f 66 |e a rece|ssion of|
|00002b20| 20 73 6f 6d 65 20 73 6f | 72 74 20 69 73 20 69 6d | some so|rt is im|
|00002b30| 6d 69 6e 65 6e 74 2c 22 | 0d 0a 73 61 79 73 20 52 |minent,"|..says R|
|00002b40| 69 63 68 61 72 64 20 48 | 75 65 62 6e 65 72 2c 20 |ichard H|uebner, |
|00002b50| 61 20 73 65 6e 69 6f 72 | 20 76 69 63 65 20 70 72 |a senior| vice pr|
|00002b60| 65 73 69 64 65 6e 74 20 | 6f 66 20 74 68 65 20 48 |esident |of the H|
|00002b70| 61 6e 69 66 65 6e 2c 0d | 0a 49 6d 68 6f 66 66 20 |anifen,.|.Imhoff |
|00002b80| 62 72 6f 6b 65 72 61 67 | 65 20 69 6e 20 44 65 6e |brokerag|e in Den|
|00002b90| 76 65 72 2e 20 22 49 74 | 20 64 69 64 6e 27 74 20 |ver. "It| didn't |
|00002ba0| 68 61 70 70 65 6e 20 69 | 6e 20 31 39 38 37 2c 20 |happen i|n 1987, |
|00002bb0| 62 75 74 20 74 68 69 73 | 0d 0a 74 69 6d 65 20 74 |but this|..time t|
|00002bc0| 68 65 20 65 6e 76 69 72 | 6f 6e 6d 65 6e 74 20 69 |he envir|onment i|
|00002bd0| 73 20 63 68 61 6e 67 65 | 64 2e 20 4f 75 72 20 65 |s change|d. Our e|
|00002be0| 63 6f 6e 6f 6d 79 20 77 | 61 73 20 6f 76 65 72 68 |conomy w|as overh|
|00002bf0| 65 61 74 65 64 0d 0a 74 | 68 65 6e 2e 20 54 68 69 |eated..t|hen. Thi|
|00002c00| 73 20 74 69 6d 65 20 69 | 74 20 69 73 20 73 6c 6f |s time i|t is slo|
|00002c10| 77 69 6e 67 20 64 6f 77 | 6e 2c 20 77 68 69 63 68 |wing dow|n, which|
|00002c20| 20 6d 61 6b 65 73 20 72 | 65 63 65 73 73 69 6f 6e | makes r|ecession|
|00002c30| 20 6d 6f 72 65 0d 0a 6c | 69 6b 65 6c 79 2e 20 54 | more..l|ikely. T|
|00002c40| 68 65 20 6d 61 72 6b 65 | 74 20 61 70 70 65 61 72 |he marke|t appear|
|00002c50| 73 20 74 6f 20 62 65 20 | 74 65 6c 6c 69 6e 67 20 |s to be |telling |
|00002c60| 75 73 20 74 68 61 74 20 | 69 74 20 69 73 20 73 69 |us that |it is si|
|00002c70| 78 20 74 6f 0d 0a 6e 69 | 6e 65 20 6d 6f 6e 74 68 |x to..ni|ne month|
|00002c80| 73 20 61 77 61 79 2e 22 | 0d 0a 0d 0a 20 20 20 20 |s away."|....    |
|00002c90| 42 75 74 20 6f 74 68 65 | 72 20 65 78 70 65 72 74 |But othe|r expert|
|00002ca0| 73 20 63 6f 6e 73 69 64 | 65 72 65 64 20 46 72 69 |s consid|ered Fri|
|00002cb0| 64 61 79 27 73 20 66 72 | 65 65 20 66 61 6c 6c 20 |day's fr|ee fall |
|00002cc0| 74 6f 20 62 65 20 66 61 | 72 0d 0a 6c 65 73 73 20 |to be fa|r..less |
|00002cd0| 77 6f 72 72 69 73 6f 6d | 65 2e 20 53 61 69 64 20 |worrisom|e. Said |
|00002ce0| 4a 61 6d 65 73 20 57 69 | 6c 63 6f 78 2c 20 61 6e |James Wi|lcox, an|
|00002cf0| 20 61 73 73 6f 63 69 61 | 74 65 20 70 72 6f 66 65 | associa|te profe|
|00002d00| 73 73 6f 72 20 6f 66 0d | 0a 62 75 73 69 6e 65 73 |ssor of.|.busines|
|00002d10| 73 20 61 64 6d 69 6e 69 | 73 74 72 61 74 69 6f 6e |s admini|stration|
|00002d20| 20 61 74 20 74 68 65 20 | 55 6e 69 76 65 72 73 69 | at the |Universi|
|00002d30| 74 79 20 6f 66 20 43 61 | 6c 69 66 6f 72 6e 69 61 |ty of Ca|lifornia|
|00002d40| 2c 0d 0a 42 65 72 6b 65 | 6c 65 79 3a 20 22 4d 79 |,..Berke|ley: "My|
|00002d50| 20 6f 77 6e 20 6f 70 69 | 6e 69 6f 6e 20 69 73 20 | own opi|nion is |
|00002d60| 74 68 61 74 20 74 68 65 | 20 6d 61 72 6b 65 74 20 |that the| market |
|00002d70| 77 61 73 20 6f 76 65 72 | 76 61 6c 75 65 64 20 62 |was over|valued b|
|00002d80| 79 0d 0a 61 74 20 6c 65 | 61 73 74 20 32 30 30 20 |y..at le|ast 200 |
|00002d90| 70 6f 69 6e 74 73 20 61 | 6e 64 20 74 68 61 74 20 |points a|nd that |
|00002da0| 62 61 73 69 63 61 6c 6c | 79 20 74 68 69 73 20 69 |basicall|y this i|
|00002db0| 73 20 61 20 72 65 76 65 | 72 73 69 6f 6e 20 74 6f |s a reve|rsion to|
|00002dc0| 0d 0a 73 61 6e 69 74 79 | 2e 20 49 20 6c 6f 6f 6b |..sanity|. I look|
|00002dd0| 20 75 70 6f 6e 20 69 74 | 20 61 73 20 61 20 62 72 | upon it| as a br|
|00002de0| 65 61 74 68 20 6f 66 20 | 74 68 6f 75 67 68 74 66 |eath of |thoughtf|
|00002df0| 75 6c 20 66 72 65 73 68 | 20 61 69 72 2e 22 0d 0a |ul fresh| air."..|
|00002e00| 50 65 74 65 72 20 4c 79 | 6e 63 68 2c 20 6d 61 6e |Peter Ly|nch, man|
|00002e10| 61 67 65 72 20 6f 66 20 | 74 68 65 20 24 31 31 20 |ager of |the $11 |
|00002e20| 62 69 6c 6c 69 6f 6e 20 | 46 69 64 65 6c 69 74 79 |billion |Fidelity|
|00002e30| 20 4d 61 67 65 6c 6c 61 | 6e 20 66 75 6e 64 2c 0d | Magella|n fund,.|
|00002e40| 0a 77 61 73 20 75 70 62 | 65 61 74 20 74 6f 6f 2e |.was upb|eat too.|
|00002e50| 20 22 41 6d 65 72 69 63 | 61 20 69 73 20 6e 6f 74 | "Americ|a is not|
|00002e60| 20 61 20 62 61 73 6b 65 | 74 20 63 61 73 65 2c 22 | a baske|t case,"|
|00002e70| 20 4c 79 6e 63 68 20 73 | 61 69 64 2e 20 22 54 68 | Lynch s|aid. "Th|
|00002e80| 65 0d 0a 6f 6e 6c 79 20 | 74 68 69 6e 67 20 74 68 |e..only |thing th|
|00002e90| 61 74 20 63 6f 75 6c 64 | 20 62 72 69 6e 67 20 61 |at could| bring a|
|00002ea0| 20 6d 61 6a 6f 72 20 64 | 65 63 6c 69 6e 65 20 69 | major d|ecline i|
|00002eb0| 73 20 69 66 20 69 6e 66 | 6c 61 74 69 6f 6e 20 77 |s if inf|lation w|
|00002ec0| 65 6e 74 0d 0a 62 61 63 | 6b 20 69 6e 74 6f 20 64 |ent..bac|k into d|
|00002ed0| 6f 75 62 6c 65 20 64 69 | 67 69 74 73 2e 22 0d 0a |ouble di|gits."..|
|00002ee0| 0d 0a 20 20 20 20 49 6e | 20 43 6f 6e 67 72 65 73 |..    In| Congres|
|00002ef0| 73 20 74 68 65 20 73 74 | 6f 63 6b 20 64 72 6f 70 |s the st|ock drop|
|00002f00| 20 72 65 6b 69 6e 64 6c | 65 64 20 66 65 61 72 73 | rekindl|ed fears|
|00002f10| 20 6f 66 20 61 20 66 69 | 6e 61 6e 63 69 61 6c 0d | of a fi|nancial.|
|00002f20| 0a 63 6f 6c 6c 61 70 73 | 65 20 74 68 61 74 20 68 |.collaps|e that h|
|00002f30| 61 76 65 20 66 6c 69 63 | 6b 65 72 65 64 20 73 69 |ave flic|kered si|
|00002f40| 6e 63 65 20 74 68 65 20 | 31 39 38 37 20 63 72 61 |nce the |1987 cra|
|00002f50| 73 68 2e 20 4d 69 63 68 | 69 67 61 6e 0d 0a 44 65 |sh. Mich|igan..De|
|00002f60| 6d 6f 63 72 61 74 20 44 | 6f 6e 61 6c 64 20 52 69 |mocrat D|onald Ri|
|00002f70| 65 67 6c 65 2c 20 63 68 | 61 69 72 6d 61 6e 20 6f |egle, ch|airman o|
|00002f80| 66 20 74 68 65 20 53 65 | 6e 61 74 65 20 42 61 6e |f the Se|nate Ban|
|00002f90| 6b 69 6e 67 0d 0a 43 6f | 6d 6d 69 74 74 65 65 2c |king..Co|mmittee,|
|00002fa0| 20 73 61 69 64 20 74 68 | 65 20 46 72 69 64 61 79 | said th|e Friday|
|00002fb0| 20 64 65 63 6c 69 6e 65 | 20 6d 69 67 68 74 20 69 | decline| might i|
|00002fc0| 6e 64 69 63 61 74 65 20 | 22 61 20 6d 61 72 6b 65 |ndicate |"a marke|
|00002fd0| 64 0d 0a 63 68 61 6e 67 | 65 20 69 6e 20 6d 61 72 |d..chang|e in mar|
|00002fe0| 6b 65 74 20 70 73 79 63 | 68 6f 6c 6f 67 79 22 20 |ket psyc|hology" |
|00002ff0| 61 62 6f 75 74 20 74 68 | 65 20 76 61 6c 75 65 20 |about th|e value |
|00003000| 6f 66 20 73 74 6f 63 6b | 73 20 74 68 61 74 0d 0a |of stock|s that..|
|00003010| 22 77 6f 75 6c 64 20 62 | 65 20 61 20 76 65 72 79 |"would b|e a very|
|00003020| 20 69 6d 70 6f 72 74 61 | 6e 74 20 64 65 76 65 6c | importa|nt devel|
|00003030| 6f 70 6d 65 6e 74 2c 20 | 74 6f 20 73 61 79 20 74 |opment, |to say t|
|00003040| 68 65 20 6c 65 61 73 74 | 2e 22 0d 0a 52 69 65 67 |he least|."..Rieg|
|00003050| 6c 65 2c 20 77 68 6f 20 | 74 68 69 73 20 6d 6f 6e |le, who |this mon|
|00003060| 74 68 20 63 61 6c 6c 65 | 64 20 66 6f 72 20 61 20 |th calle|d for a |
|00003070| 47 6f 76 65 72 6e 6d 65 | 6e 74 20 73 74 75 64 79 |Governme|nt study|
|00003080| 20 6f 66 20 74 68 65 20 | 72 6f 6c 65 0d 0a 6f 66 | of the |role..of|
|00003090| 20 6a 75 6e 6b 20 62 6f | 6e 64 73 20 69 6e 20 6c | junk bo|nds in l|
|000030a0| 65 76 65 72 61 67 65 64 | 20 62 75 79 6f 75 74 73 |everaged| buyouts|
|000030b0| 2c 20 73 61 69 64 20 74 | 68 65 20 70 6c 75 6e 67 |, said t|he plung|
|000030c0| 65 20 69 6e 64 69 63 61 | 74 65 64 0d 0a 74 68 61 |e indica|ted..tha|
|000030d0| 74 20 22 74 68 65 72 65 | 27 73 20 61 20 6c 6f 74 |t "there|'s a lot|
|000030e0| 20 6d 6f 72 65 20 61 74 | 20 77 6f 72 6b 20 68 65 | more at| work he|
|000030f0| 72 65 20 74 68 61 6e 20 | 74 68 65 20 4c 42 4f 20 |re than |the LBO |
|00003100| 73 74 6f 72 79 2e 22 20 | 42 75 74 0d 0a 61 20 73 |story." |But..a s|
|00003110| 65 6e 69 6f 72 20 57 68 | 69 74 65 20 48 6f 75 73 |enior Wh|ite Hous|
|00003120| 65 20 6f 66 66 69 63 69 | 61 6c 20 69 6e 73 69 73 |e offici|al insis|
|00003130| 74 65 64 20 74 68 65 20 | 64 72 6f 70 20 73 69 6d |ted the |drop sim|
|00003140| 70 6c 79 20 72 65 66 6c | 65 63 74 65 64 0d 0a 22 |ply refl|ected.."|
|00003150| 74 68 65 20 66 61 6c 6c | 69 6e 67 20 74 68 72 6f |the fall|ing thro|
|00003160| 75 67 68 20 6f 66 20 74 | 68 65 20 55 41 4c 20 64 |ugh of t|he UAL d|
|00003170| 65 61 6c 2e 22 20 48 65 | 20 61 64 64 65 64 3a 20 |eal." He| added: |
|00003180| 22 57 65 27 72 65 0d 0a | 63 6f 6e 66 69 64 65 6e |"We're..|confiden|
|00003190| 74 20 74 68 65 20 6d 61 | 72 6b 65 74 20 77 69 6c |t the ma|rket wil|
|000031a0| 6c 20 73 74 72 61 69 67 | 68 74 65 6e 20 69 74 73 |l straig|hten its|
|000031b0| 65 6c 66 20 6f 75 74 2e | 22 0d 0a 0d 0a 20 20 20 |elf out.|"....   |
|000031c0| 20 57 61 6c 6c 20 53 74 | 72 65 65 74 2c 20 57 61 | Wall St|reet, Wa|
|000031d0| 73 68 69 6e 67 74 6f 6e | 20 61 6e 64 20 69 6e 76 |shington| and inv|
|000031e0| 65 73 74 6f 72 73 20 61 | 72 6f 75 6e 64 20 74 68 |estors a|round th|
|000031f0| 65 20 77 6f 72 6c 64 20 | 77 69 6c 6c 0d 0a 62 65 |e world |will..be|
|00003200| 20 77 61 74 63 68 69 6e | 67 20 74 68 65 20 6d 61 | watchin|g the ma|
|00003210| 72 6b 65 74 20 77 69 74 | 68 20 6e 65 72 76 6f 75 |rket wit|h nervou|
|00003220| 73 20 61 6e 74 69 63 69 | 70 61 74 69 6f 6e 20 74 |s antici|pation t|
|00003230| 6f 20 73 65 65 20 77 68 | 65 74 68 65 72 0d 0a 69 |o see wh|ether..i|
|00003240| 74 20 63 61 6e 20 73 68 | 61 6b 65 20 6f 66 66 20 |t can sh|ake off |
|00003250| 69 74 73 20 61 6e 78 69 | 65 74 79 20 61 74 74 61 |its anxi|ety atta|
|00003260| 63 6b 2e 20 54 68 65 20 | 46 65 64 65 72 61 6c 20 |ck. The |Federal |
|00003270| 52 65 73 65 72 76 65 20 | 77 69 6c 6c 0d 0a 6d 6f |Reserve |will..mo|
|00003280| 6e 69 74 6f 72 20 65 76 | 65 6e 74 73 20 63 61 72 |nitor ev|ents car|
|00003290| 65 66 75 6c 6c 79 20 74 | 6f 20 64 65 74 65 72 6d |efully t|o determ|
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|000032b0| 68 6f 75 6c 64 20 63 6f | 6d 65 20 74 6f 0d 0a 74 |hould co|me to..t|
|000032c0| 68 65 20 72 65 73 63 75 | 65 20 77 69 74 68 20 61 |he rescu|e with a|
|000032d0| 20 64 6f 73 65 20 6f 66 | 20 65 61 73 69 65 72 20 | dose of| easier |
|000032e0| 6d 6f 6e 65 79 2c 20 61 | 73 20 69 74 20 64 69 64 |money, a|s it did|
|000032f0| 20 69 6e 20 31 39 38 37 | 20 74 6f 0d 0a 72 65 73 | in 1987| to..res|
|00003300| 74 6f 72 65 20 63 6f 6e | 66 69 64 65 6e 63 65 2e |tore con|fidence.|
|00003310| 20 4f 6e 65 20 66 65 72 | 76 65 6e 74 20 68 6f 70 | One fer|vent hop|
|00003320| 65 20 77 61 73 20 74 68 | 61 74 20 68 69 67 68 2d |e was th|at high-|
|00003330| 72 6f 6c 6c 69 6e 67 0d | 0a 69 6e 76 65 73 74 6f |rolling.|.investo|
|00003340| 72 73 20 77 6f 75 6c 64 | 20 63 6f 6d 65 20 72 6f |rs would| come ro|
|00003350| 61 72 69 6e 67 20 62 61 | 63 6b 20 69 6e 74 6f 20 |aring ba|ck into |
|00003360| 74 68 65 20 6d 61 72 6b | 65 74 2c 20 6c 6f 6f 6b |the mark|et, look|
|00003370| 69 6e 67 20 66 6f 72 0d | 0a 62 61 72 67 61 69 6e |ing for.|.bargain|
|00003380| 73 2e 20 42 75 74 20 77 | 68 69 6c 65 20 69 74 20 |s. But w|hile it |
|00003390| 77 61 73 20 65 61 73 79 | 20 74 6f 20 61 74 74 72 |was easy| to attr|
|000033a0| 69 62 75 74 65 20 6c 61 | 73 74 20 77 65 65 6b 27 |ibute la|st week'|
|000033b0| 73 20 63 68 69 6c 6c 65 | 72 0d 0a 74 6f 20 65 76 |s chille|r..to ev|
|000033c0| 65 72 79 74 68 69 6e 67 | 20 66 72 6f 6d 20 70 72 |erything| from pr|
|000033d0| 6f 67 72 61 6d 20 74 72 | 61 64 69 6e 67 20 74 6f |ogram tr|ading to|
|000033e0| 20 73 75 70 65 72 73 74 | 69 74 69 6f 6e 20 61 62 | superst|ition ab|
|000033f0| 6f 75 74 20 46 72 69 64 | 61 79 0d 0a 74 68 65 20 |out Frid|ay..the |
|00003400| 31 33 74 68 2c 20 74 68 | 65 72 65 20 77 61 73 20 |13th, th|ere was |
|00003410| 61 20 64 65 65 70 65 72 | 20 6d 65 73 73 61 67 65 |a deeper| message|
|00003420| 3a 20 63 6f 6e 66 69 64 | 65 6e 63 65 20 69 6e 20 |: confid|ence in |
|00003430| 74 68 65 20 53 74 6f 63 | 6b 0d 0a 6d 61 72 6b 65 |the Stoc|k..marke|
|00003440| 74 20 77 69 6c 6c 20 72 | 65 6d 61 69 6e 20 73 68 |t will r|emain sh|
|00003450| 61 6b 79 20 61 73 20 6c | 6f 6e 67 20 61 73 20 74 |aky as l|ong as t|
|00003460| 68 65 20 55 2e 53 2e 20 | 65 63 6f 6e 6f 6d 79 20 |he U.S. |economy |
|00003470| 72 65 73 74 73 20 6f 6e | 0d 0a 61 20 6d 6f 75 6e |rests on|..a moun|
|00003480| 74 61 69 6e 20 6f 66 20 | 64 65 62 74 20 74 68 61 |tain of |debt tha|
|00003490| 74 20 6e 65 69 74 68 65 | 72 20 70 6f 6c 69 74 69 |t neithe|r politi|
|000034a0| 63 69 61 6e 73 20 69 6e | 20 57 61 73 68 69 6e 67 |cians in| Washing|
|000034b0| 74 6f 6e 20 6e 6f 72 0d | 0a 62 75 73 69 6e 65 73 |ton nor.|.busines|
|000034c0| 73 20 6c 65 61 64 65 72 | 73 20 6f 6e 20 57 61 6c |s leader|s on Wal|
|000034d0| 6c 20 53 74 72 65 65 74 | 20 73 65 65 6d 20 77 69 |l Street| seem wi|
|000034e0| 6c 6c 69 6e 67 20 74 6f | 20 63 6f 6e 66 72 6f 6e |lling to| confron|
|000034f0| 74 2e 0d 0a 0d 0a 0d 0a | 2d 2d 20 42 65 72 6e 61 |t.......|-- Berna|
|00003500| 72 64 20 42 61 75 6d 61 | 6f 68 6c 2c 20 46 72 65 |rd Bauma|ohl, Fre|
|00003510| 64 65 72 69 63 6b 20 55 | 6e 67 65 68 65 75 65 72 |derick U|ngeheuer|
|00003520| 20 61 6e 64 20 20 20 20 | 4a 61 6e 65 20 56 61 6e | and    |Jane Van|
|00003530| 0d 0a 54 61 73 73 65 6c | 2f 4e 65 77 20 59 6f 72 |..Tassel|/New Yor|
|00003540| 6b 20 1a 0d 0a 0d 0a    |                         |k ..... |        |
+--------+-------------------------+-------------------------+--------+--------+