21.   Losses have stemmed from bureaucracy and falling lead and zink prices on world markets.

22.   Officials said losses stemmed from mismanagement and concluding disadvantageous contracts to lease western planes.

23.   The loss stemmed from higher operating costs and a one-time charge to pay workers who retired early under an existing plan to cut jobs.

24.   The loss stemmed primarily from charges absorbed to pay for office closures and other cost-cutting measures taken during the stock market slump.

25.   They say the losses stem from fund managers cashing in stocks in case they have to pay off clients bailing out of other markets in the region.

26.   The group said the loss stemmed mainly from continued problems at the Wilson and MacGregor golf units.