31.   Chrysler rebuffed Kerkorian, leaving its cash untouched while agreeing to raise dividends and buy back stock.

32.   Chemical expects to use the money to buy back stock after it merges with Chase Manhattan Corp. next year, a spokesman said.

33.   Common stock dividends have also shriveled as more companies have decided they would rather reinvest earnings in their businesses or buy back stock than pay dividends to shareholders.

34.   Companies could issue millions of options to their executives, and then buy back stock to avoid diluting earnings.

35.   Companies get rid of the excess capital by buying back stock, paying dividends and making acquisitions.

36.   Companies that try to buy back stock to offset options that are issued do reduce the risk of dilution, but at a cost.

37.   Companies with excess cash flow are good deals, he said, because they have leftover money to raise dividends, buy back stock and ride out short-term problems.

38.   Corporate America went deeply into debt to buy back stock and obtain shares to issue to employees, confident that share prices would keep rising.

39.   Corporate managers, stressing growth ahead of income, are more likely to spend cash generated by their businesses on expanding, or buying back stock.

40.   Destec has since bought back stock.