Most striking was the productivity surge in capital, as Milken ... and others took the vast sums trapped in old-line businesses and put them back into the markets.

Inventories in the auto industry and other old-line businesses have started to fall recently, according to Economy.com, a consulting firm in West Chester, Pa.

Philip Morris Companies Inc. is under pressure to pare back as sales from its old-line business of cigarettes erode in the face of health concerns and changing life styles.

Though Verizon and AT&T are emphasizing high-growth services like wireless, investors remain concerned about their old-line business, providing local phone lines.

One of the last old-line businesses to arrive was Pollack Graphics, a printing, jobbing, graphic design and office supply concern.

Mr. Sowinski, however, said that a number of execution problems had arisen as the company tried to transform from its old-line business - credit reports - to newer businesses.

Like other brash European business executives, Mr. Messier has financed part of his expansion with the cash thrown off by the old-line businesses.

I found Stanhope Framers, an old-line business with a store at 411 Marlborough Street.

Aside from the large number of competitors, Mr. Sergon said the decision to phase out of old-line businesses "is based on our strength in derivative products."

But Internet companies are also open to a wider array of backgrounds for top managers than old-line businesses are.